PREPA spent $192M on unused lands, unfinished projects, Comptroller’s audit says
October 1, 2020
The Puerto Rico Electric Power Authority spent $192 million to buy land or to develop projects that were not built or completed, according to an audit by the Puerto Rico Office of the Comptroller. The report reveals that PREPA spent $62.2 million in the cancellation of the Gasoducto del Sur natural gas pipeline project, disbursed […]
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OBoard flags $80M in payments from Education Dept. to ex-staffers
October 1, 2020
The Financial Oversight and Management Board for Puerto Rico announced that the Puerto Rico Education Department made at least $80 million in payments over 13 years to employees who had resigned, are retired, are deceased, on vacation, or otherwise not working because the agency “lacks an automated system that ensures only employees who are working […]
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FEMA assigns $9.5M to repair Roberto Clemente Municipal Sports Complex
October 1, 2020
The Roberto Clemente Municipal Sports Complex in Carolina will be rebuilt with help of an obligation of nearly $9.5 million from the Federal Emergency Management Agency. The facility consists of several structures built between 1988 and 2009. These include a playground for children with access and functional needs, the Guillermo Angulo Coliseum and a Sports Hall of […]
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Businessman Bravo keynote speaker at public relations execs annual convention
October 1, 2020
The Puerto Rico Public Relations Association announced that its 33rd annual convention under the theme “#REBOOT2020: Communications Perspectives in the Face of a New Model,” will feature Puerto Rican businessman Orlando Bravo as keynote speaker to deliver the event’s closing lecture on Oct. 17th at 12:30 p.m. via the ZOOM platform. Born in Mayagüez, Bravo, […]
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Espacios Abiertos unveils virtual lab to empower communities
October 1, 2020
As part of its mission to develop civic capacities, Puerto Rico-based nonprofit Espacios Abiertos created the Community Laboratory, an empowerment and leadership project aimed at helping communities strengthen their recovery and sustainability skills, through a virtual platform. Project Coordinator, Carla J. Alonso, said the online site gathers tools to support the communities developed since the […]
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Puerto Rico gets $3.2M reimbursement from U.S. Dept. of Transportation
September 30, 2020
The U.S. Department of Transportation announced it will reimburse Puerto Rico some $3.2 million under the Emergency Relief for Road and Bridge Repairs program. The money was used to repair roads and bridges damaged by by storms, floods, and other unexpected events. In Puerto Rico’s case, the federal agency allocated three funding assignments: $2.2 million […]
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CTA names parallel18 graduate re: 3D as ‘Company of the Year’
September 30, 2020
The Consumer Technology Association (CTA), a trade association representing the United States consumer technology industry, announced the new group of honorees in its 2020 Consumer Technology Hall of Fame, naming parallel18 graduate, re: 3D Inc., as “Company of the Year” for 2020. The association celebrates leaders in the technology industry who advance innovation and develop, […]
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Liberty Communications gets ‘B+’; Outlook Stable rating from Fitch
September 30, 2020
Upon confirming Liberty Communications of Puerto Rico LLC’s recovery from the 2017 hurricanes, including the improvement of its financial profile, and the restoration of service, Fitch Ratings has affirmed all of the company’s ratings, including the Long-Term Foreign Currency Issuer Default Rating (IDR) at ‘B+’. Fitch also affirmed the ‘BB-‘/’RR3’ ratings on the company’s secured […]
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Op-Ed: A new threat to land use and food security in Puerto Rico
September 30, 2020
The Joint Regulation for the Evaluation and Issuance of Permits Related to Development, Use of Land and Business Operation (Joint Regulation 2020) proposed by the current administration and whose public hearings were held last week, would allow, among other things, the combination of uses in the same soil. This would put at risk many agricultural […]
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Bureau of Economic Analysis releases 1st prototype of GDP estimates for Puerto Rico
September 29, 2020
The U.S. Department of Commerce’s Bureau of Economic Analysis released prototype annual estimates of gross domestic product (GDP) for Puerto Rico for the years 2012 to 2018, the agency announced. This publication “represents another major step by the Bureau to develop comprehensive economic accounts for Puerto Rico that are consistent with international guidelines and that are […]
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USDA-NRCS opens call for ’21 environmental quality incentives program
September 29, 2020
The U.S. Department of Agriculture’s Natural Resources Conservation Service (NRCS) Caribbean announced the first sign-up period for Fiscal 2021 Environmental Quality Incentives Program (EQIP) funding to address farmers’ natural resource concerns. EQIP is a voluntary conservation program that provides financial and technical assistance to farmers and ranchers to help install and implement conservation practices on […]
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U.S. Treasury assigns $6M to 32 Puerto Rico-based credit unions
September 25, 2020
A group of 32 credit unions in Puerto Rico received about $6 million in assignments from the U.S. Department of Treasury’s Community Development Financial Institutions Fund (CDFI Fund) to expand their services to economically disadvantaged communities. The allocation constitutes the largest amount granted by the U.S. Treasury to co-ops in Puerto Rico, reaching $10 million […]
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Puerto Rico Federal Credit Union donates $100K to nonprofits
September 25, 2020
Puerto Rico Federal Credit Union (PRFCU), in conjunction with the Federal Home Loan Bank of New York (FHLBNY), granted $100,000 in financial assistance to a number of local nonprofits that were affected by the COVID-19 pandemic. The capital injection came from the Small Business Recovery Grant Program, the institutions said. Among the entities that received […]
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Centros Sor Isolina Ferré students get tablets for distance learning
September 25, 2020
Aware of the need that students have given the challenges presented by the need for distance learning that the COVID-19 pandemic has brought, the Sor Isolina Ferré Centers (CSIF, in Spanish) delivered tablets to students of its alternative schools in Ponce, Caimito and Guayama who did not have this tool for their education. About 100 […]
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Moody’s: $13B federal injection for power, education is ‘credit positive’
September 24, 2020
The announcement last week that Puerto Rico will receive almost $13 billion in new disaster aid from the Federal Emergency Management Agency, primarily to rebuild the island’s power grid, is credit positive, Moody’s Investors Service said. “The announcement is credit positive for both Puerto Rico Electric Power Authority (PREPA: Ca, Neg) and the Commonwealth of […]
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