Oriental Financial group reports $16.2M in 2Q18 net income
July 23, 2018
OFG Bancorp revealed that for the second quarter ended June 30, 2018, it had net income available to shareholders of $16.2 million, or $0.35 per fully diluted share, compared to the first quarter’s $13.5 million and $13.6 million, equal to $0.30 per share, for the second quarter of 2017.
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Federal gov’t extends credit line to P.R. gov’t for disaster loans
July 20, 2018
Puerto Rico Gov. Ricardo Rosselló confirmed that the federal government, through the Federal Emergency Management Agency (FEMA), signed the agreement to have access to Community Disaster Loans.
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IEEFA: Effects of oil-purchase scandal undermine PREPA privatization, contract-reform initiatives
July 19, 2018
A long-running practice in which Puerto Rico’s public utility bought low-quality oil at high-quality prices has been mostly ignored in Gov. Ricardo Rosselló’s privatization of the Puerto Rico Electric Power Authority (PREPA), the Institute for Energy Economics and Financial Analysis claimed.
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Rosselló taps former PRASA chief Ortiz to head Puerto Rico Electric Power Authority
July 19, 2018
Puerto Rico Gov. Ricardo Rosselló announced the appointment of José Ortiz as the new executive director of the Puerto Rico Electric Power Authority.
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Report finds retail prices in P.R. unaffected by Jones Act
July 19, 2018
Economists from Boston-based Reeve & Associates and San Juan-based Estudios Técnicos Inc. released a joint report, “The Impact of the Jones Act on Puerto Rico,” that concluded the Jones Act has no impact on either retail prices or the cost of living in Puerto Rico.
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Facebook shows social media tools to help P.R’s SMEs grow their businesses
July 18, 2018
Although the financial crisis in Puerto Rico has not yet taken a drastic swing of balance in a positive direction, that hasn’t stopped Facebook from identifying opportunities that are available on its plaform for small and medium businesses to expand their operations.
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5 new stores opening at Plaza Las Américas this year; 1 at Plaza del Caribe
July 18, 2018
With a combined investment exceeding $1 million, five new retailers will make their debut at Plaza Las Américas — three international and two local businesses, mall officials confirmed.
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USDA taking applications from P.R. farmers recovering from Hurricane María
July 18, 2018
The U.S. Department of Agriculture announced that agricultural producers in Puerto Rico affected by Hurricane María in 2017 may now apply for assistance to help recover and rebuild their farming operations.
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Gardien Alert device warns when child is left behind in vehicle
July 18, 2018
Puerto Rican firm Momentum Creative Lab LCC announced the launching of a disruptive technology, Gardien Alert, designed to send an alert when a child is left behind in a car, as well as the protective seat that also meets this need.
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FEMA approves another $140M for recovery in P.R.
July 17, 2018
The Federal Emergency Management Agency awarded more than $140 million in Public Assistance grants for Hurricane María recovery in Puerto Rico, the agency announced..
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FirstBank grants $6.7M in financing to Print 1 in Las Piedras
July 17, 2018
Print 1, a commercial printing business in Las Piedras, recently received a $6.7 million line of credit from FirstBank for the purchase of assets and working capital to expand their facilities, the company stated.
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News is my Business redesigns website and logo; launches podcast
July 16, 2018
It has been nearly eight years since News is my Business was launched as Puerto Rico’s first online-only, English-language newspaper, to give a voice to individual entrepreneurs and large multinational corporations looking to push the island’s economy forward.
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P.R.-based investment firm buys bioscience laboratory in Georgia
July 16, 2018
The Strategic Group, P.R., a private equity firm based in Dorado Beach, Puerto Rico, has announced it has acquired all outstanding interest it did not previously own in Alpharetta, Georgia-based Ascenda BioSciences, LLC (formerly DRG Laboratory) through an affiliated special purpose acquisition vehicle.
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P.R. Community Foundation, Oxfam America, Bosque Modelo launch partnership to strengthen community aqueducts
July 11, 2018
The Puerto Rico Community Foundation (PRCF), Oxfam America, and Bosque Modelo have joined to launch a project to strengthen approximately 10 rural community aqueducts in the island’s central area that were affected by Hurricanes Irma and María in 2017.
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IEEFA: PREPA privatization law invites more contracting scandals
July 10, 2018
The law that Puerto Rico enacted last month to privatize the Puerto Rico Electric Power Authority has many flaws, including labor protections that are too weak, an unnecessary restructuring of the Puerto Rico Energy Commission and a lack of commitment to strong energy planning, the Institute for Energy Economics and Financial Analysis affirmed.
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