The island’s employment levels are stabilizing due to the fast growth rates of startups across business sectors, the US Bureau of Labor Statistics data collected by the Puerto Rico Economic Development Bank shows. The local agency’s Center for Economic Studies suggests that there has been improvement, since in 2020 the levels approached pre-pandemic averages during […]
The Fiscal Agency and Financial Advisory Authority (AAFAF, in Spanish) has opened a Request for Qualifications cycle looking for firms that can firms that can assist the government meet the requirements of getting and maintaining insurance coverage for some public assets, following the parameters established by the Federal Emergency Management Agency (FEMA). AAFAF Executive Director […]
Seeking to promote the strengthening of existing small businesses, FirstBank, together with INprende, are launching the third edition of the 1Éxito program, to offer training and strategic business strategies to 100 local entrepreneurs for free. Those interested in participating in the program must complete the application on or before Sept. 3rd. “[The year] 2020 was […]
FirstBank Puerto Rico recently filed a lawsuit seeking to collect $1.9 million from the owners of Pizza City, a long-standing, popular eatery with tourists on the Isla Verde strip in Carolina, claiming non-payment of an existing loan. It is also pursuing foreclosure and the sale of the iconic restaurant through public auction. In the lawsuit […]
The Municipality of Caguas announced the integration of the town’s small and medium-sized businesses into the Google My Business platform to guarantee greater visibility for them in the digital universe, in addition to boosting the city’s economy. Mayor William Miranda-Torres said the initiative’s goal is to increase sales for municipal businesses by 1%, which would […]
The Agriculture Department announced that more than $9 million has been assigned for the Regional Incentive Program, through which farmers will be able to increase and maximize agricultural production on the island. The funding will be available until Oct. 31 through agency’s regional offices as established by Administrative Order 2021-27A. “We have maintained a firm […]
Gov. Pedro Pierluisi unveiled the concept and timeline for what will be a new full-service hospital on the island municipality of Vieques. The cost of the project that will break ground by year’s end has an associated investment of $56 million. The facilities will be constructed in phases starting in 2022 and finishing in 2024, […]
The Puerto Rico Ports Authority has initiated a Request For Interest (RFI) process for the lease, development, operation, administration and improvements of the M, N, and O docks in the Puerto Nuevo Port Zone, agency Executive Director Joel A. Pizá announced. He explained that after a negotiation process, the Ports Authority recovered these piers late last […]
When will the bitcoin speculative bubble burst? Like all speculative investment euphoria bubbles, there is a time when a herd of investors enamored with huge returns will begin to invest or consider investing in asset classes they don’t fully understand or comprehend. Such is the case with bitcoin, which is the name of the most […]
Puerto Rico’s Economic Activity Index (EDB-EAI) reached a maximum level of 118.9 points, a number that represents a year-over-year increase of 8%, Economic Development Bank President Luis Alemañy confirmed. “This is the fourth year-over-year increase after 12 consecutive decreases. If compared to the previous month, the EDB-EAI growth rate decreased 0.5%. The interannual results reflect […]
PASH Global (PASH) and Oriental Bank in Puerto Rico have closed on a $15 million financing for a joint venture between PASH and PUMA Energy that will enable 200 PUMA gas stations in Puerto Rico to produce and consume solar energy. This project is the first of its kind and scale on the island, the […]
The maritime connection between Puerto Rico and the island municipalities of Vieques and Culebra will see the arrival of several additional passenger and cargo vessels — expanding the fleet to nine — by year’s end, Matt Miller, president of HMS Puerto Rico, confirmed. In an interview with News is my Business, Miller also said the […]
Technology services company 7 Eagle Group Caribe ViPR-SOC (7EGC) will be the first “Quantum-Resistant” cybersecurity operation in the United States and Puerto Rico and will be established in the island starting in the first quarter of 2022. As part of its upstart, the firm received $6.6 million in incentives which will be directed toward construction, […]
The pace at which Puerto Rico’s tourism sector has been recovering since the start of the pandemic has been “astounding,” exceeding the Caribbean and US averages, said Discover Puerto Rico CEO Brad Dean during the organization’s monthly industry update. Citing its internal data, the DMO confirmed that June and July’s lodging demand pushed the year-to-date […]
At a virtual event on Aug. 17, ESPN and partners officially opened a newly transformed multifunctional sports space dedicated to the local community and its residents. The site is the 10th in the global “Built to Play” project series, led by ESPN. Partners on the project include the local community, with love.fútbol, Coaches Across Continents, […]
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