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NEWS IS MY BUSINESS
BANKING. Popular reports $262.6M in 1Q21 net income, bullish on Puerto Rico’s economy. Puerto Rico’s credit union industry strengthened by 20% increase in total deposits. First BanCorp reports $58.9M in Y-O-Y net income growth during 1Q21. LUMA CONFIRMS CUSTOMER SERVICE CONTACT INFORMATION LUMA, the private consortium that will begin operating the Puerto Rico Electric Power Authority’s (PREPA) transmission and distribution system, offered details about its customer service options for clients. As of today, LUMA will have multiple channels for $200M LOOPLAND HOTEL BREAKS GROUND IN FORMER ROOSEY ROADS Construction of the LoopLand Hotel, a $200 million property that will become the first hotel that will open on the former Roosevelt Roads Naval Base in 2022, was announced Thursday. The proposal presented by the company behind the project, Brillembourg Group, calls for redeveloping about 750 former military homes on the former base inCeiba
FEMA GRANTS $79M TO SUPPORT CODE ENFORCEMENT IN P.R FEMA grants $79M to support code enforcement in P.R. FEMA’s Federal Coordinating Officer Mike Byrne. Puerto Rico is updating its building code and will use a $79 million grant from the Federal Emergency Management Agency to improve enforcement, the agency stated. The grant to the Puerto Rico Planning Board and the Office of Permits Management NEW RETAIL DEVELOPMENT PROJECT FOR AGUADILLA BREAKS GROUND Scheduled to open sometime next year, new commercial retail development project Plaza Noroeste Commercial Center began early construction this week in the municipality of Aguadilla with an initial investment of more than $5 million. The final figure is expected to be closer to $40 million once the project is completed, this media outlet confirmed. LANAIS AT MARÉ IN SAN JUAN ADDED TO LUXURY EXCHANGE The Registry Collection program, the world’s largest luxury exchange program, recently added the LANAIS at Maré in San Juan to its Caribbean network. LANAIS at Maré was originally part of the ESJ Towers complex in Isla Verde, one of North America’s first timeshares. Developer Keith St. Clair purchased the complex with thevision of
$120M HYATT REGENCY COCO BEACH RESORT TO OPEN IN THE FALL The Hyatt Regency Coco Beach Resort is part of a $120 million transaction that was made possible through an agreement with the Puerto Rico Tourism Company, in which tax credits were granted in accordance with the benefits available under Act 74. The Tourism Co. said it had been working on this transaction together with the groupof investors
7 NONPROFITS RECEIVE ANGEL RAMOS FOUNDATION’S TINA HILLS 7 nonprofits receive Angel Ramos Foundation’s Tina Hills ’18 awards. A representative from Casa Pueblo accepts the Tina Hills Award. For their leadership, scope and direct response after Hurricanes Irma and María, seven organizations, of different sizes and areas of action, were chosen winners of the Special Edition of theTina Hills Award
HONEYWELL OPENS $40M AEROSPACE TESTING LAB IN MOCA Honeywell Aerospace announced Tuesday the opening of a new environmental testing laboratory in Puerto Rico’s Las Américas Technology Park, which will create 335 new jobs on the island. The state-of-the-art lab located in Moca will test and research Honeywell’s cockpit electronics, or avionics, and related componentsand equipment.
PENINSULA, A LUXURY 18-STORY RESIDENTIAL CONDOMINIUM The Peninsula luxury condominium is being raised in the heart of San Juan’s Condado sector. The former mansion that once housed a Chilli’s restaurant in the Condado area of San Juan has been razed to make way for an 18-story residential building called the Peninsula. According to the project’s website, the Peninsula will featureNEWS IS MY BUSINESS
BANKING. Popular reports $262.6M in 1Q21 net income, bullish on Puerto Rico’s economy. Puerto Rico’s credit union industry strengthened by 20% increase in total deposits. First BanCorp reports $58.9M in Y-O-Y net income growth during 1Q21. LUMA CONFIRMS CUSTOMER SERVICE CONTACT INFORMATION LUMA, the private consortium that will begin operating the Puerto Rico Electric Power Authority’s (PREPA) transmission and distribution system, offered details about its customer service options for clients. As of today, LUMA will have multiple channels for $200M LOOPLAND HOTEL BREAKS GROUND IN FORMER ROOSEY ROADS Construction of the LoopLand Hotel, a $200 million property that will become the first hotel that will open on the former Roosevelt Roads Naval Base in 2022, was announced Thursday. The proposal presented by the company behind the project, Brillembourg Group, calls for redeveloping about 750 former military homes on the former base inCeiba
FEMA GRANTS $79M TO SUPPORT CODE ENFORCEMENT IN P.R FEMA grants $79M to support code enforcement in P.R. FEMA’s Federal Coordinating Officer Mike Byrne. Puerto Rico is updating its building code and will use a $79 million grant from the Federal Emergency Management Agency to improve enforcement, the agency stated. The grant to the Puerto Rico Planning Board and the Office of Permits Management NEW RETAIL DEVELOPMENT PROJECT FOR AGUADILLA BREAKS GROUND Scheduled to open sometime next year, new commercial retail development project Plaza Noroeste Commercial Center began early construction this week in the municipality of Aguadilla with an initial investment of more than $5 million. The final figure is expected to be closer to $40 million once the project is completed, this media outlet confirmed. LANAIS AT MARÉ IN SAN JUAN ADDED TO LUXURY EXCHANGE The Registry Collection program, the world’s largest luxury exchange program, recently added the LANAIS at Maré in San Juan to its Caribbean network. LANAIS at Maré was originally part of the ESJ Towers complex in Isla Verde, one of North America’s first timeshares. Developer Keith St. Clair purchased the complex with thevision of
$120M HYATT REGENCY COCO BEACH RESORT TO OPEN IN THE FALL The Hyatt Regency Coco Beach Resort is part of a $120 million transaction that was made possible through an agreement with the Puerto Rico Tourism Company, in which tax credits were granted in accordance with the benefits available under Act 74. The Tourism Co. said it had been working on this transaction together with the groupof investors
7 NONPROFITS RECEIVE ANGEL RAMOS FOUNDATION’S TINA HILLS 7 nonprofits receive Angel Ramos Foundation’s Tina Hills ’18 awards. A representative from Casa Pueblo accepts the Tina Hills Award. For their leadership, scope and direct response after Hurricanes Irma and María, seven organizations, of different sizes and areas of action, were chosen winners of the Special Edition of theTina Hills Award
HONEYWELL OPENS $40M AEROSPACE TESTING LAB IN MOCA Honeywell Aerospace announced Tuesday the opening of a new environmental testing laboratory in Puerto Rico’s Las Américas Technology Park, which will create 335 new jobs on the island. The state-of-the-art lab located in Moca will test and research Honeywell’s cockpit electronics, or avionics, and related componentsand equipment.
PENINSULA, A LUXURY 18-STORY RESIDENTIAL CONDOMINIUM The Peninsula luxury condominium is being raised in the heart of San Juan’s Condado sector. The former mansion that once housed a Chilli’s restaurant in the Condado area of San Juan has been razed to make way for an 18-story residential building called the Peninsula. According to the project’s website, the Peninsula will feature OP-ED: THE GREAT DANGER OF AN ANTI-TOURIST SENTIMENT, WITH During the past 12 months, I have observed unexpected reactions and behaviors in our people, which may indicate signs of an anti-tourist sentiment with some racist overtones. While there are reports of irreverent and reckless behavior from young African American visitors,our expressions and
PARADOR BOQUEMAR IN CABO ROJO UNDERGOING $150K REMODELING 21 hours ago · The Parador Boquemar hotel in Cabo Rojo is launching the first phase of a $150,000, six-month remodeling project that will be ready by year’s end, property officials announced. So far, 20 of its 75 rooms have been upgraded, as the property gets ready for “a great number of people during the PUERTO RICO COMMUNITY OPTS FOR SOLAR-PLUS-STORAGE 21 hours ago · The poor condition of Puerto Rico’s electric grid is common knowledge. After Hurricane María struck in 2017, many communities lost power for months. This long outage led to almost 3,000 deaths and an exodus of residents. Still recuperating from the $277M+ IN FEMA FUNDS DRIVING RECOVERY EFFORTS IN PUERTO There are currently 168 projects underway to rehabilitate the areas and structures that were affected by the 2020 earthquakes along Puerto Rico’s southern region, the Federal Emergency Management Agency (FEMA) said. Projects include allocations for the municipalities of PUERTO RICO PORTS AUTHORITY RELEASES RFQ TO BUILD NEW 21 hours ago · The Puerto Rico Ports Authority has opened a Request for Qualifications process to find candidates to rebuild the 11,700-foot Runway 8-26 at the Rafael Hernández Airport in Aguadilla, a $90 million project to be paid for with federal funding. In an interview with News is my Business, Ports ACAI EXPRESS INVESTING $2M+ TO DOUBLE ITS PUERTO RICO 21 hours ago · Acai Express announced plans to significantly expand its locations in Puerto Rico during 2021, to more than double the number of units operated under the brand at the beginning of last year. The company started 2020 with a total of 20 locations. The local franchise has already opened 31 PUERTO RICO’S RETAIL SALES DROP 2.4% AS COVID-19 PANDEMIC Puerto Rico’s retail sales were apparently affected by the COVID-19 pandemic in 2020, when activity decreased by 2.4%, when compared to the same 12-month period in 2019, according to data provided by the Department of Economic Development and Commerce. However, general sales registered for the month of December 2020 increased to $3.05billion
ESPACIOS ABIERTOS: OBOARD CUTS ONLY ESSENTIAL SERVICES The Financial Oversight and Management Board for Puerto Rico has spent five years cutting essential services, while staying away from the “deep pocket” of tax incentives that represent 67.7% of the total expenses related to the commonwealth’s General Fund, even though whether they produce some economic or social benefit is unknown, according to an analysis by nonprofit Espacios Abiertos. PUERTO RICO’S CONSUMER PRICE INDEX UP 1.4% IN APRIL VS Puerto Rico’s most recent Consumer Price Index report showed a 1.4% year-over-year increase in April, the Puerto Rico Economic Development Bank confirmed. “This report is revealed as part of the efforts of the EDB’s Center for Economic Studies to keep small and medium-sizedbusinesses
LIBERTY PUERTO RICO UNVEILS BUSINESS CONTINUITY, DISASTER Liberty Puerto Rico announced that its business continuity and disaster recovery plan is ready to face the upcoming 2021 hurricane season, as it has been “updated, tested, and exercised regularly” in collaboration with its parent company, Liberty Latin America. Skip to navigation Skip to contentSearch for:
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NEW!Calendar of EventsRecent News
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New York Fed announces new format for ‘High School Fed Challenge’May 28, 2020
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Labor groups present recommendations to governor to protect workersMay 28, 2020
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Op-Ed: Contracts in times of pandemicMay 28, 2020
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Popular Inc. wraps up $500M accelerated share repurchase transactionMay 28, 2020
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USDA grants $2.2M loan to town of Cabo Rojo to improve landfilloperation
May 28, 2020
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New York Fed announces new format for ‘High School Fed Challenge’May 28, 2020
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Labor groups present recommendations to governor to protect workersMay 28, 2020
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Op-Ed: Contracts in times of pandemicMay 28, 2020
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Popular Inc. wraps up $500M accelerated share repurchase transactionMay 28, 2020
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USDA grants $2.2M loan to town of Cabo Rojo to improve landfilloperation
May 28, 2020
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New York Fed announces new format for ‘High School Fed Challenge’May 28, 2020
Previous
Banking
Featured
__May 28, 2020__0__133 NEW YORK FED ANNOUNCES NEW FORMAT FOR ‘HIGH SCHOOL FED CHALLENGE’Featured Labor/HR
__May 28, 2020__0__89 LABOR GROUPS PRESENT RECOMMENDATIONS TO GOVERNOR TO PROTECT WORKERSEconomy Featured
__May 27, 2020__0__482 OVERSIGHT BOARD’S ’20 FISCAL PLAN PROPOSES 1-YR. PAUSE ON GOV’TRIGHTSIZING
Banking
Featured
__May 28, 2020__0__88 POPULAR INC. WRAPS UP $500M ACCELERATED SHARE REPURCHASE TRANSACTIONEnvironment
Featured
__May 28, 2020__0__95 USDA GRANTS $2.2M LOAN TO TOWN OF CABO ROJO TO IMPROVE LANDFILLOPERATION
Banking
Featured
__May 28, 2020__0__133 NEW YORK FED ANNOUNCES NEW FORMAT FOR ‘HIGH SCHOOL FED CHALLENGE’Featured Labor/HR
__May 28, 2020__0__89 LABOR GROUPS PRESENT RECOMMENDATIONS TO GOVERNOR TO PROTECT WORKERSEconomy Featured
__May 27, 2020__0__482 OVERSIGHT BOARD’S ’20 FISCAL PLAN PROPOSES 1-YR. PAUSE ON GOV’TRIGHTSIZING
Banking
Featured
__May 28, 2020__0__88 POPULAR INC. WRAPS UP $500M ACCELERATED SHARE REPURCHASE TRANSACTIONEnvironment
Featured
__May 28, 2020__0__95 USDA GRANTS $2.2M LOAN TO TOWN OF CABO ROJO TO IMPROVE LANDFILLOPERATION
Banking
Featured
__May 28, 2020__0__133 NEW YORK FED ANNOUNCES NEW FORMAT FOR ‘HIGH SCHOOL FED CHALLENGE’Featured Labor/HR
__May 28, 2020__0__89 LABOR GROUPS PRESENT RECOMMENDATIONS TO GOVERNOR TO PROTECT WORKERSEconomy Featured
__May 27, 2020__0__482 OVERSIGHT BOARD’S ’20 FISCAL PLAN PROPOSES 1-YR. PAUSE ON GOV’TRIGHTSIZING
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IN-BRIEF
__May 28, 2020__0__95 CBP IN SAN JUAN SEIZES SHIPMENT OF COUNTERFEIT ALLOY WHEELS __May 27, 2020__2__291 PRFAA FLORIDA LAUNCHES WEBSITE TO SUPPORT PUERTO RICAN RESIDENTS __May 26, 2020__0__406 LOCAL PERSONALITIES JOIN FOOD BANK OF PUERTO RICO FUNDRAISINGCAMPAIGN
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RETAIL
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Featured Retail
__May 8, 2020__0__3238 LAS BRISAS PROPERTY MANAGEMENT BUYS PASEO CARIBE IN SAN JUAN*
Featured Retail
__May 27, 2020__0__608 PUERTO RICO RESTAURANTS REBOOT OPERATIONS AS PHYSICAL DISTANCING SETSIN
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Featured Retail
__May 26, 2020__0__535 ESTEBAN MONTES SALON ACTIVATES SAFETY PROTOCOLS TO OPEN ITS 2LOCATIONS
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Featured Retail
__May 18, 2020__1__987 PUERTO RICO PRODUCTS ASSOC. HAS NEW PRESIDENT, BOARD*
Featured Retail
__May 8, 2020__0__3238 LAS BRISAS PROPERTY MANAGEMENT BUYS PASEO CARIBE IN SAN JUAN*
Featured Retail
__May 27, 2020__0__608 PUERTO RICO RESTAURANTS REBOOT OPERATIONS AS PHYSICAL DISTANCING SETSIN
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TECHNOLOGY
__May 27, 2020__0__744 LIBERTY PUERTO RICO ISSUES $90M IN DEBT TO FUND AT&T ACQUISITION Liberty Latin America Ltd. announced that its subsidiary, Liberty Puerto Rico has issued $90 million in senior secured notes to support the funding needed for its acquisition of A PUERTO RICAN AGENCIES LAUNCH SPYN.LIVE, A VIRTUAL CONCERT PLATFORMADVERTISEMENT
BRING TOURISM BACK!
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TOURISM
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Featured
Tourism/Transportation __May 11, 2020__0__8103 FAA REVOKES ECOLIFT CORP. OF PUERTO RICO’S REPAIR STATIONCERTIFICATE
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Featured
Tourism/Transportation __May 26, 2020__0__513 PORTS AUTHORITY OPENS BIDS FOR $11M IN IMPROVEMENT TO CULEBRA,ARECIBO AIRPORTS
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Tourism/Transportation __May 22, 2020__1__1128 PUERTO RICO HOTEL & TOURISM ASSOCIATION ASKS GOV’T FOR REOPENINGPLAN
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Tourism/Transportation __May 19, 2020__0__1141 PUERTO RICO PORTS AUTHORITY OPENS BID FOR $15M IN AIRPORTIMPROVEMENTS
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Tourism/Transportation __May 13, 2020__1__1168 PUERTO RICO TOURISM ALLIANCE FOR ASKS ‘FOR MORE CLARITY’ ON SECTOR’S REOPENING*
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Tourism/Transportation __May 11, 2020__0__8103 FAA REVOKES ECOLIFT CORP. OF PUERTO RICO’S REPAIR STATIONCERTIFICATE
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Tourism/Transportation __May 26, 2020__0__513 PORTS AUTHORITY OPENS BIDS FOR $11M IN IMPROVEMENT TO CULEBRA,ARECIBO AIRPORTS
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__May 26, 2020__0__513 PORTS AUTHORITY OPENS BIDS FOR $11M IN IMPROVEMENT TO CULEBRA,ARECIBO AIRPORTS
The Puerto Rico Ports Authority will open bidding processes to make needed improvements to the Cule*
__May 22, 2020__1__1128 PUERTO RICO HOTEL & TOURISM ASSOCIATION ASKS GOV’T FOR REOPENINGPLAN
The Puerto Rico Hotel & Tourism Association confirmed that tourism and organization members are*
__May 19, 2020__0__1141 PUERTO RICO PORTS AUTHORITY OPENS BID FOR $15M IN AIRPORTIMPROVEMENTS
The Puerto Rico Ports Authority will be opening bids to hire contractors to carry out necessary impView All
BIZ VIEWS
__May 28, 2020__0__83 OP-ED: CONTRACTS IN TIMES OF PANDEMIC __May 26, 2020__1__823 OP-ED: GLOBAL WARMING IS THE BIGGEST SECURITY THREAT FOR PUERTO RICO __May 20, 2020__0__738 OP-ED: THE MOMENT TO PREPARE FOR A HURRICANE SEASON DURING A PANDEMICIS NOW
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CORPORATE LADDER
* Climbing the Corporate Ladder__May 5, 2020
PRIVATE SECTOR, FEDERAL GOVERNMENT APPOINT NEW EXECUTIVES__January 27, 2020
PROFESSIONAL ORGANIZATIONS, NONPROFITS, AD AGENCY NAME NEW EXECS__December 10, 2019
CORPORATE LADDER: EXECS NAMED IN HEALTHCARE, FEDERAL GOV’T, TECHAUTO
__May 20, 2020__0__634 STUDY: AUTO INDUSTRY COULD SEE EFFECTS OF COVID-19 FOR YEARS TO COME __May 11, 2020__0__860 PUERTO RICO’S NEW CAR SALES PLUMMET BY 96.2% IN APRILENVIRONMENT
__May 28, 2020__0__95 USDA GRANTS $2.2M LOAN TO TOWN OF CABO ROJO TO IMPROVE LANDFILLOPERATION
__May 13, 2020__0__906 COVID-19 PANDEMIC BENEFITS COASTAL, MARINE ECOSYSTEMSEnvironment
Featured
USDA GRANTS $2.2M LOAN TO TOWN OF CABO ROJO TO IMPROVE LANDFILLOPERATION
May 28, 2020
Banking
Featured
NEW YORK FED ANNOUNCES NEW FORMAT FOR ‘HIGH SCHOOL FED CHALLENGE’May 28, 2020
Featured Labor/HR
LABOR GROUPS PRESENT RECOMMENDATIONS TO GOVERNOR TO PROTECT WORKERSMay 28, 2020
Banking
Featured
POPULAR INC. WRAPS UP $500M ACCELERATED SHARE REPURCHASE TRANSACTIONMay 28, 2020
Environment
Featured
USDA GRANTS $2.2M LOAN TO TOWN OF CABO ROJO TO IMPROVE LANDFILLOPERATION
May 28, 2020
Banking
Featured
NEW YORK FED ANNOUNCES NEW FORMAT FOR ‘HIGH SCHOOL FED CHALLENGE’May 28, 2020
Featured Labor/HR
LABOR GROUPS PRESENT RECOMMENDATIONS TO GOVERNOR TO PROTECT WORKERSMay 28, 2020
Banking
Featured
POPULAR INC. WRAPS UP $500M ACCELERATED SHARE REPURCHASE TRANSACTIONMay 28, 2020
Environment
Featured
USDA GRANTS $2.2M LOAN TO TOWN OF CABO ROJO TO IMPROVE LANDFILLOPERATION
May 28, 2020
Banking
Featured
NEW YORK FED ANNOUNCES NEW FORMAT FOR ‘HIGH SCHOOL FED CHALLENGE’May 28, 2020
MEDICINAL CANNABIS
__March 13, 2020__0__1129 TROPIZEN LAUNCHES PUERTO RICAN CANNABIS HOT SAUCE IN MASS. __November 21, 2019__0__1016 TROPIZEN SIGNS AGREEMENT TO LAUNCH CANNABIS HOT SAUCE, GUMMIES INU.S.
__October 25, 2019__0__1650 P.R.’S MEDICAL CANNABIS MARKET ON VERGE OF SATURATION, STUDY SHOWSView All
2020 EARTHQUAKE
__February 7, 2020__0__1149 FEMA INCLUDES 9 MORE P.R. TOWNS AS ELIGIBLE FOR INDIVIDUAL ASSISTANCE __February 4, 2020__0__1450 AIRBNB EXTENDS ‘OPEN HOMES’ PROGRAM THROUGH FEB. 9 AFTEREARTHQUAKES
__January 30, 2020__0__1494 STARTUP DATASCOPE OFFERS DIGITAL PLATFORM TO GATHER DATA ON P.R.’SSEISMIC EMERGENCY
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BANKING/INSURANCE
__February 3, 2020__0__1748 KEVANE GRANT THORNTON ACCOUNTING, ADVISORY FIRM MARKS 45TH YRS. INP.R.
__December 19, 2019__0__1576 FEDECOOP INVESTS $3.7M IN NEW HEADQUARTERS __December 17, 2019__0__3476 OFG GETS REGULATORY APPROVAL TO PICK UP SCOTIABANK’S USVIOPERATIONS
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NIMB RECOMMENDS
* Center for a New Economy * Puerto Rico Day Trips * Puerto Rico Institute of Statistics* Sin Comillas
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