New car sales up 28.4% in ’18, when 107K+ units rolled off P.R. lots
January 18, 2019
Puerto Rico’s new car sales received a significant boost last year, when a total of 107,941 units sold, compared to the 84,080 units sold in 2017, representing a 28.4 percent increase. However, the United Automobile Importers Group, known as GUIA for its initials in Spanish, predicted that this year, the industry will see a reduction […]
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P3 Authority confirms selection of 4 proponents for PREPA transformation
January 18, 2019
The Puerto Rico Public Private Partnership Authority announced the selection of four proponents that have the necessary experience to manage and operate all aspects of the Puerto Rico Electric Power Authority’s electricity distribution and transmission system. P3 Authority Executive Director Omar Marrero confirmed the qualified proponents: Duke Energy Corporation; Exelon Corporation; PSEG Services Corporation; and […]
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U.S. House approves Velázquez P.R. amendments to Disaster Funding Bill
January 17, 2019
Washington, DC – The U.S. House of Representatives has approved two proposals authored by Rep. Nydia M. Velázquez (D-NY) aimed at assisting Puerto Rico, as the island continues recovering from economic hardship and historically catastrophic hurricanes. The amendments were approved as part of H.R. 268, a supplemental spending bill that appropriates additional funding for disaster […]
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JetBlue report: Caribbean depends on tourism, which ‘relies heavily’ on healthy coral reefs
January 17, 2019
The Dominican Republic and Puerto Rico, where JetBlue is the largest airline to both islands, benefit from tourist spending of more than $1 billion per year — revenue that is directly linked to healthy coral reefs. Furthermore, the Bahamas, Cayman Islands and Puerto Rico receive more than one million visitors per year whose visits are […]
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Op-Ed: P.R’s per capita debt load is ‘far lower’ than that of mainland states
January 17, 2019
Recent discussions of Puerto Rico’s debt levels by both Puerto Rico officials and the Financial Oversight and Management Board for Puerto Rico represent that the island’s per capita debt levels are far higher than the average per capita levels of mainland states in the U.S. mainland. However, that analysis compares only state-level debt and ignores […]
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FirstBank promotes program to help furloughed federal employees
January 17, 2019
Following the partial shutdown of the U.S. government and its possible consequences on the financial responsibilities of its employees in Puerto Rico, FirstBank has launched an assistance program with solutions for loan and credit card payments. The financial institution is urging its clients to call to discuss payment options for personal and auto loans, and […]
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Special Report: How Trump’s anti-immigrant policies separate families in P.R.
January 16, 2019
By Mc Nelly Torres | Center for Investigative Journalism Johnny Santana moved to Puerto Rico in the early 1990s in search of a better life than the one he had in his hometown of Higüey in the Dominican Republic. He worked in construction, as a cook, and later delivering vegetables to restaurants, a job he’s […]
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World Central Kitchen unveils ‘Plow to Plate’ program to boost local agriculture
January 16, 2019
World Central Kitchen Puerto Rico unveiled an integral support platform to promote sustainable agriculture projects on the island, called “Plow to Plate.” The program, supported by World Central Kitchen — a nonprofit, non-governmental organization dedicated to fighting world hunger and poverty founded in 2010 by Chef José Andrés — offers financial support and training to […]
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GM Security Technologies buys 1st Secure IT
January 16, 2019
GM Security Technologies, a company dedicated to cybersecurity, governance and compliance solutions and services focused on managing digital risk, announced the acquisition of 1st Secure IT, a company specialized in auditing and certification of information security and fraud prevention. The financial terms of the transaction were not disclosed. This acquisition boosts the expansion of GM […]
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P.R. Education Foundation grants $10K to 5 schools to promote projects
January 16, 2019
The Puerto Rico Education Foundation, a nonprofit organization dedicated to providing resources for the strengthening, strategic innovation and transformation of local public schools, recently granted $2,000 to five schools through its “Lift your School” program. PREF opened a call in November so that Puerto Rico’s 856 public schools would present proposals for the development of […]
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Popeyes Louisiana Kitchen opens 17th store at former El Zipperle location
January 15, 2019
After three years of abandonment, the corner of Roosevelt Avenue and Teniente César González has a renewed purpose with the inauguration of Popeyes Louisiana Kitchen’s 17th restaurant in Puerto Rico. The 3,000 square-foot restaurant known for its Cajun-style cooking, is generating a mix of 50 full- and part-time jobs, and entailed an investment of $3.5 […]
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Oversight Board, creditors’ committee challenge $6B of P.R. debt
January 15, 2019
The Special Claims Committee of the Financial Oversight Board for Puerto Rico announced that it and the Official Committee of Unsecured Creditors in Puerto Rico’s debt restructuring have filed an objection to more than $6 billion of Puerto Rico’s bonded debt. The objection asserts that the invalid debt was issued in clear violation of the […]
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Espacios Abiertos, debt restructuring expert, warn about implications of COFINA deal
January 15, 2019
Nonprofit organization Espacios Abiertos exposed a number of “suspicious elements” of the proposed agreement to restructure the Puerto Rico Sales Tax Financing Corporation (known as COFINA by its initials in Spanish) debt, which U.S. District Court Judge Laura Taylor Swain will review this week. “We said it last year and we stand by it today,” […]
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Popular consolidates auto, leasing operations at Roosevelt Ave. building
January 15, 2019
As part of its strategy to offer “modern and innovative” facilities for its clients, Popular announced the consolidation of its auto and leasing services at the former Doral building on Roosevelt Ave., the financial institution announced. Effective Jan. 19, the Popular Auto customer service division formerly located at Popular’s Altamira location, and Reliable Auto, formerly […]
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Comprehensive Cancer Center, Molina Healthcare partner to benefit patients
January 15, 2019
Molina Healthcare of Puerto Rico will have access to the services offered by the Comprehensive Cancer Center Hospital, following a negotiation of an agreement that will benefit more than 1,000 patients. “Since day one, our goal has been to expand access and with the Molina/CCC agreement, we are now able to provide specialized cancer care […]
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