FEMA to reinstate manual drawdown process for P.R. hurricane recovery funding
July 25, 2019
Citing the “ongoing leadership changes within the Puerto Rican government,” the Federal Emergency Management Agency announced its decision to reinstate the manual drawdown process for the Commonwealth of Puerto Rico as an additional step to protect the federal investment. Effective immediately, the Commonwealth must receive approval from the agency to drawdown grant funds for Hurricanes […]
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Popular Inc. reports $171.1M in net income for 2Q19, vs. $167.9M for 1Q19
July 25, 2019
Popular Inc., parent company of Banco Popular de Puerto Rico, reported net income of $171.1 million for the quarter ended June 30, 2019, compared to net income of $167.9 million for the quarter ended March 31, 2019. But when compared quarter-to-quarter, the financial institution revealed a 39% drop this quarter when compared to the same […]
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P.R. Pathology invests $7.5M in new 50K square-foot, state-of-the-art lab
July 25, 2019
Puerto Rico Pathology, which has been serving the island for 65 years, has invested $7.5 million in a new state-of-the-art, 50,000 square-foot lab to continue offering services on the island and the Caribbean. In an interview on the “En Una Hora” program on 11Q 1140 AM, in which News is my Business participates, Víctor Carlo, […]
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Rosselló resigns after corruption scandal, chat leak rocks administration
July 24, 2019
Embattled Gov. Ricardo Rosselló-Nevares is resigning, becoming the first governor in Puerto Rico’s history not to end his term and to leave office pressured by hundreds of thousands of island residents and members of his own New Progressive Party. However, his resignation will be effective Aug. 2, 2019, at 5 p.m. he said in a […]
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FirstBank reports net income of $41.3M in 2Q19 as CEO remains optimistic
July 24, 2019
First BanCorp. reported net income of $41.3 million, or $0.19 per diluted share, for the second quarter of 2019, compared to $43.3 million, or $0.20 per diluted share, for the first quarter of 2019, and $31.0 million, or $0.14 per diluted share, for the second quarter of 2018. First BanCorp CEO Aurelio Alemán described the […]
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Oversight Board calls for swift resolution of P.R.’s governance crisis
July 24, 2019
The Financial Oversight and Management Board for Puerto Rico issued a statement calling for a swift resolution to the island’s current governance crisis so “Puerto Rico can move forward to rebuild trust and to focus government on those it is here to serve.” “The public outcry by residents of Puerto Rico over the last two […]
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CBP agent, officer recruitment orientation returns to Plaza del Caribe
July 24, 2019
U.S. Customs and Border Protection is recruiting for the positions of CBP Officer, Border Patrol Agent and Air Interdiction and Maritime Interdiction Agents in select localities throughout the continental United States, the agency announced. To answer questions and inquiries, CBP will have an orientation table at Plaza del Caribe in Ponce, July 25-27. The process […]
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Oriental CEO: Political crisis could have future ‘economic consequences’ for P.R.
July 23, 2019
Upon revealing a 3.3% net revenue increase to $99.2 million from $96 million during the second quarter, Oriental CEO José Rafael Fernández said the events of the past week have not had an economic impact so far but could create them in the long-run. In a call with analysts to discuss the results, Fernández said […]
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San Juan-based businesses closing today as thousands expected to march
July 22, 2019
A range of private-sector businesses — from malls to banks — will remain closed today, as thousands of Puerto Rico residents are expected to convene on one of the island’s main highways to demand the resignation of Gov. Ricardo Rosselló. The massive march is expected to begin at 9 a.m. on PR-18, known as the […]
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Op-Ed: Oversight Board admits scandal is a problem, but then ignores it
July 22, 2019
Author Cathy Kunkel ([email protected]) is an IEEFA energy analyst. Author Tom Sanzillo ([email protected]) is IEEFA’s Director of Finance. On Friday, July 12, José Carrión, chairman of the Financial Oversight and Management Board for Puerto Rico, noted that the recent corruption and other scandals over the past couple of weeks would negatively impact the island’s economic […]
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U.S. Dept. of Commerce invests $1.2M to stoke post-disaster business growth in P.R.
July 19, 2019
U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration is awarding a $1.2 million grant to Operation Hope Inc., to provide up to 300 technical assistance workshops in Puerto Rico to help small businesses and entrepreneurs “grow and succeed” following Hurricanes Irma and María in 2017. The project, to be located […]
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Treasury starts processes to reduce sales and use tax on prepared foods to 7%
July 19, 2019
The Puerto Rico Treasury Department has begun to implement the reduction of the Sales and Use Tax (IVU, for its initials in Spanish) on prepared foods from 11.5% to 7%, which will take effect in October. “We have already started conversations with the Puerto Rico Restaurants Association to delineate the parameters of the implementation and […]
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Open Spaces denounces ‘use and abuse’ of gov’t power
July 17, 2019
Nonprofit Organization Open Space warned that messages in the chat in which Gov. Ricardo Rosselló and others participated in could constitute serious ethical and legal violations through a conspiracy to limit citizen rights to demand transparency and accountability the government. During a sit-down with the media, Open Spaces Executive Director Cecille Blondet said the chat […]
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NY Fed to launch ‘Investment Connection’ program in P.R. this fall
July 17, 2019
The New York Fed announced it is launching its “Investment Connection” program to boost investments in regional community development financing. The program’s first phase will begin in Fall 2019 in Puerto Rico, where the New York Fed is working to rebuild the island’s economic resiliency in the aftermath of Hurricane María. The program will help […]
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New car sales show 6.3% increase in June, vs. same month in ’18, GUIA says
July 17, 2019
The United Automobile Importers Group announced that a total of 10,200 new cars were sold in Puerto Rico last month, representing a 6.3% increase vs. the 9,596 units sold during the same month in June 2018. GUIA, as the trade group is known by its initials in Spanish, said the increase so far this year […]
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