First BanCorp. closes acquisition of Santander BanCorp Puerto Rico
September 2, 2020
Nearly a year after announcing its plans, First BanCorp. announced the completion of its acquisition of Santander BanCorp in Puerto Rico. In connection with the acquisition, Santander BanCorp and Banco Santander will be merged into FirstBank, with FirstBank being the surviving entity, officials said. In July, First BanCorp. got the regulatory go-ahead to complete its […]
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Federal Aviation Administration assigns $14.5M to 3 Puerto Rico airports
September 2, 2020
The Federal Aviation Administration announced the assignment of infrastructure grants that represent a combined $14.5 million for upgrades to three Puerto Rico airports. The Luis Muñoz Marín International Airport will receive $6 million, the Benjamin Rivera Noriega Airport will receive $7.3 million, and the José Aponte de la Torre Airport will get a little more […]
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EC Waste buys Republic Services de Puerto Rico
September 2, 2020
Solid waste management company EC Waste, announced the acquisition of Republic Services de Puerto Rico, a subsidiary of Republic Services Inc., as well as the integration of its employees, management, client portfolio and landfills in Ponce and Salinas, as of Sept 1. The financial terms of the transaction were undisclosed. “The acquisition of Republic Services […]
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Puerto Rico’s manufacturing activity index drops to 58.8 in July
September 2, 2020
The Purchasing Managers Index (PMI) for Puerto Rico’s manufacturing sector decreased slightly to 58.8 in July. However, numbers released by the Puerto Rico Institute of Statistics show that a reading above the threshold level of 50 suggests an expansion in the manufacturing sector with respect to the previous month. The new orders and employment sub-indexes […]
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34 parties participate in Puerto Rico Ports Authority RFP videoconference
September 2, 2020
Some 34 individual, as well as local and international company representatives interested in submitting a Request for Proposals for the Isla Grande dry dock project participated in an informative videoconference sponsored by the Puerto Rico Ports Authority, agency Executive Director Joel A. Pizá-Batiz. “The videoconference…allowed Ports Authority representatives to address any doubts or concerns that […]
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EPA officials speak at FL State Hispanic CofC forum on Puerto Rico recovery efforts
September 2, 2020
U.S. Environmental Protection Agency and White House senior officials participated in a forum hosted by the Florida State Hispanic Chamber of Commerce and Latino Leadership to discuss ongoing efforts to help Puerto Rico recover from natural disasters dating back to Hurricanes Irma and María in 2017 and recent earthquakes. EPA Associate Deputy Administrator Doug Benevento, […]
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FEMA names Baquero as permanent federal coordinator for Puerto Rico recovery operations
September 1, 2020
The Federal Emergency Management Agency announced the appointment of José G. Baquero as the Federal Disaster Recovery Coordinator for disaster recovery operations in Puerto Rico and the U.S. Virgin Islands. Baquero will permanently lead disaster recovery coordination and collaboration between the federal interagency and the government of Puerto Rico, the private sector and voluntary, faith-based […]
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PenFed Credit Union opens $1.9M branch in Ponce
September 1, 2020
PenFed Credit Union announced the opening of its new financial center at Plaza Del Caribe Mall in Ponce, after a $1.9 million investment. The new 4,500-square-foot financial center creates 11 jobs in the Ponce community and provides “tens of thousands of residents in south-central Puerto Rico access to some of the best checking, savings, certificate and loan […]
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Op-Ed: Workers’ claims against employers on the rise, exposing their businesses
September 1, 2020
Founded or unfounded, the number of complaints filed against companies alleging employment related claims are on the rise. Due to the duality of jurisdictions under which our employer-employment laws operate, the multiplicity of rules and regulations, and a continually changing environment, there is ample room for labor complaints to come forward, exposing employers to significant […]
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Puerto Rican Endowment for the Humanities awards $265K to 27 nonprofits hit by pandemic
September 1, 2020
Committed to alleviating the economic impact of the COVID-19 pandemic, the Puerto Rican Endowment for the Humanities (FPH, in Spanish) awarded a total of $265,000 in special donations to 27 cultural organizations with humanistic purposes that have been affected by the crisis. The allocated funds were provided by a special CARES Act allocation, channeled through […]
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PRASA gets approval for up to $163M in capital improvement loans
August 31, 2020
The Puerto Rico Aqueduct and Sewer Authority announced it has received approval to receive up to $163 million for 28 capital improvement projects through a loan agreement with the Department of Natural and Environmental Resources and the Infrastructure Financing Authority’s State Revolving Fund (SRF). The projects include improvements for sanitary infrastructure in the municipalities of […]
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Vázquez signs law to enable use of e-docs in gov’t billing, payments
August 31, 2020
Gov. Wanda Vázquez has signed Senate Bill 1649 to amend the Puerto Rico Government Accounting Act to allow the use of electronic documents in the billing, processing and payment of a government obligation. This measure is consistent with the approval and implementation of the laws on the evolution of new information technologies and telecommunications, which […]
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UPR-Mayagüez’s NSF I-Corps seeks researchers, entrepreneurs
August 31, 2020
The National Science Foundation’s Innovation-Corps Site based at the University of Puerto Rico’s Mayagüez campus is looking for researchers, engineers, scientists, and general entrepreneurs who have research-based technology, product ideas, or technology applications and want to evaluate the potential to go commercial. The goal is to help them lock down entrepreneurial skills through training in the […]
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Hard Rock Café to open in Ponce, as fate of San Juan location unconfirmed
August 28, 2020
The new Hard Rock Café under construction in Ponce is slated to open in November, inside the Aloft Hotel — which will debut as the second to fly the flag owned by Marriott in Puerto Rico and entailed a $15 million investment. The 125,000 square-foot property will feature 152 guestrooms, 15,000 square feet of convention […]
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Puerto Rico’s Economic Activity Index reflects YoY drops in May and June
August 28, 2020
Puerto Rico’s Economic Activity Index for May and June 2020, which reached levels of 109.7 and 108.8, respectively, reflect month-on-month reductions of 3.5% and 0.8% and decreases of 10.2% and 10.8% when compared with the same months of the previous year. The separate monthly reports published by the Puerto Rico Economic Development Bank are the […]
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