Nuestra Escuela Students create new space for agricultural production
June 18, 2019
Students of the alternative and personalized education organization, Nuestra Escuela in Caguas, over the weekend began an agricultural project at a farm in the mountain town of Orocovis. A group of students and teachers that founded Nuestra Escuela and members of the Toro Negro community, started the sowing of some 5,000 sweet potato seeds, which […]
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Oversight Board reaches agreement on framework to restructure $35B in debt
June 17, 2019
The Financial Oversight and Management Board for Puerto Rico announced it reached an agreement with certain Commonwealth bondholders on the framework for a plan of adjustment to resolve $35 billion worth of debt and non-debt claims against the government. The agreement will reduce the amount of Commonwealth-related bonds outstanding to less than $12 billion, a […]
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New car sales skid 3.1% in May, as demand for vehicles drops
June 17, 2019
New car sales in Puerto Rico reflected a drop in May, when a total of 8,865 units were sold, representing a 3.1% drop in comparison to the 9,152 units sold during the same month last year. Statistics released by the United Automobile Importers Group (known as GUIA for its initials in Spanish,) also said the […]
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JLL report says P.R.’s hotel industry rebounding after back-to-back challenges
June 17, 2019
Following the negative impact caused by the events of the past few years — the Zika virus scare in the Caribbean and Hurricanes Irma and María — Puerto Rico’s hotel industry is facing a wide range of opportunities for development and growth. That was the main conclusion reached by JLL Research in its “Hotel Destinations […]
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36 Puerto Rican companies to participate in upcoming pre18 accelerator program
June 17, 2019
Parallel18 (P18), a global business accelerator operating since 2015, announced the selection of 36 Puerto Rican companies that will participate in its pre-acceleration program, pre18. The companies will be part of a 12-week training curriculum, and each will receive a $20,000 grant for their projects. This initiative that was created after Hurricane María to support […]
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JetBlue Foundation enlightens students about aviation careers at LMM Airport
June 17, 2019
The JetBlue Foundation, in collaboration with the Organization of Black Aerospace Professionals, recently sponsored a visit by ACE Academy students to the Luis Muñoz Marín International Airport in San Juan to introduce them to available aviation careers. Students from different regions of the island visited JetBlue’s Carolina operations from June 10-14. The initiative introduces aviation […]
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San Juan Marriott Resort & Stellaris Casino’s owner hosts visit of Chinese investors
June 17, 2019
To promote investment in the hospitality sector, the San Juan Marriott Resort & Stellaris Casino and its owner Jun Zhang, recently invited 30 investors from China to explore economic development opportunities and incentives for Puerto Rico’s tourism sector. The group visited La Fortaleza and participated in the “Puerto Rico Hospitality & Tourism Industry: Investment Opportunities […]
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P.R. housing market on the mend after Hurricane María
June 14, 2019
Puerto Rico’s housing market improved between 2017 and 2018, after recovering from the impact of Hurricane María, showing a 78% increase in new homes sale and an 17% increase in previously owned homes, a study by the Estudios Técnicos research firm showed. However, despite the current improvement, Puerto Rico’s housing market will have to create […]
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Community Health Centers were lifesavers after hurricane, but gov’t didn’t count on them
June 14, 2019
By Mc Nelly TorresCenter for Investigative Journalism Three days after Hurricane María, Isolina Miranda stared in disbelief at what was left of the two-story building where a community health center once stood in the heart of San Lorenzo, a town of 37,000 people in the eastern central region of the island. Miranda is the executive […]
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PRIDCO reaches deal to restructure $165M in debt with bondholders
June 14, 2019
The government of Puerto Rico announced it has entered into a restructuring support agreement for $165 million in Puerto Rico Industrial Development Company debt with GoldenTree Asset Management, holder of over two-thirds of the agency’s outstanding revenue bonds. The RSA contemplates a financial restructuring of the PRIDCO Bonds through a Qualifying Modification under Title VI […]
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Dept. of Agriculture to require expiration date for imported, local egg starting in July
June 14, 2019
With the consensus of the island’s organized egg production sector, Agriculture Secretary Carlos Flores-Ortega, signed a new administrative order to require that all local and imported egg containers carry an expiration date effective July 1, 2019. At present, the imported product only contains the date when the eggs were packaged, with no expiration date for […]
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FirstBank’s 1Éxito program announces last day to apply
June 14, 2019
After successfully training 70 business owners late last year, FirstBank and INprende announced the return of the 1Éxito program, a partnership designed to train and develop entrepreneurs, with the goal of helping small businesses already in operation across the island grow stronger. Those interested in participating in the free training sessions have until today to […]
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Metropol restaurant opens its doors at the Luis Muñiz Marín Int’l Airport
June 14, 2019
With an investment of $1.3 million and the creation of 70 jobs, the Metropol restaurant has opened at the Luis Muñoz Marín Airport, operator Management Group Investor announced. It is the first restaurant of the Metropol chain that will operate under the franchise concept. It spans 5,000 square feet and has a capacity to seat […]
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Hotel room tax collections reach ‘record levels’ in April at almost $7M
June 13, 2019
Hotel room tax collections reached nearly $7 million in April, the highest in the history of the levy for that month, Puerto Rico Tourism Company Executive Director Carla Campos said. In April 2019, collections totaled $6.96 million, a figure that reflects an increase of more than $500,000 when compared to collections for April 2018, and […]
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Famous Dave’s restaurants disappearing from P.R. market
June 13, 2019
Grupo Colón Gerena, franchise license holders for the Famous Dave’s restaurants in Puerto Rico, confirmed that the chain will disappear from the local market, and will be transformed into Olive Garden eateries. The transformation is the result of recent market assessments and studies, which revealed consumers’ desire for more Olive Garden on the island, said […]
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