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☆ How 2 executives found success in Puerto Rico's booming business landscape
▼ + stars: | 2024-04-09 | by ( Sponsor Post | Sponsored Invest Puerto Rico | ) www.businessinsider.com time to read: +5 min

In 2023, more than 550 businesses and nearly 6,000 new job opportunities were established on the island, according to Invest Puerto Rico. More than ever, Puerto Rico is positioned to host entrepreneurs and executives considering establishing or expanding their business presence. When González cofounded the tech consultancy firm Wovenware in 2003, Puerto Rico's tech scene was virtually nonexistent. Fast forward two decades since its founding, and Wovenware stands as a testament to Puerto Rico's vibrant tech ecosystem, having grown into a key player. Learn more about establishing yourself in Puerto Rico's business landscape.

Persons: Luis Ramos, Christian González, González, might've, Ramos, it's, — Organizations: Invest, Honeywell Aerospace, Puerto, Puerto Rico, University of Puerto, Polytechnic University of Puerto Rico, Honeywell, González, Workers, Insider Studios Locations: Puerto Rico, Invest Puerto Rico, Puerto Rican, Puerto, University of Puerto Rico, Aguadilla, Puerto Rico's

☆ Moving to Puerto Rico comes with lifestyle perks and tax breaks. Trade-offs include healthcare, schools, and furniture.
▼ + stars: | 2024-02-08 | by ( Cork Gaines | ) www.businessinsider.com time to read: +7 min

Americans are moving to Puerto Rico for the climate, adventure, and tax breaks. Newcomers to Puerto Rico told Business Insider they've had difficulty navigating the complexities of healthcare, education, and even buying goods like furniture. From 2021 through 2022, about 27,000 people moved to Puerto Rico from the US states, according to data collected by the US Census Bureau. Lindsey noted that if somebody expressed interest in moving to Puerto Rico, she would first ask them about their health. "You must understand that in Puerto Rico, it's going to be a little laid back," he said.

Persons: —, they've, it's, Ricky Santana, Santana, Jessica Peterson, Sarah Lindsey, Sean Flynn, Hurricane Maria, Lindsey, Flynn, Kimberly Sue Walker Organizations: Service, Puerto Rico, Colectivo, US Census Bureau, Puerto Ricans, Getty, Hurricane, Collectivo Locations: Puerto Rico, Puerto, Caribbean, Miami, Dorado, San Juan, San Juan ., Humacao , Puerto Rico, Austin, New York, American, Dorado , Puerto Rico

☆ Google cofounder Larry Page quietly bought a Puerto Rico island for $32 million, records show
▼ + stars: | 2024-02-01 | by ( Hugh Langley | ) www.businessinsider.com time to read: +7 min

The Google cofounder purchased Cayo Norte, a large private island in Puerto Rico, in 2018, according to documents reviewed by Business Insider. Cayo Norte sits about 20 nautical miles east of Puerto Rico and just northeast of Culebra, another island that forms an archipelago. Cayo Norte is known for its white sandy beaches, surrounding coral reefs, and preserving a refuge for endangered sea turtles. Google cofounder Larry Page bought Cayo Norte, an island in Puerto Rico. Page purchased the Lollik islands, which sit 23 miles east of Cayo Norte, in 2014 for $23 million, BI previously reported.

Persons: —, Larry Page, Page, Lucinda Southworth, Cristina Rosado, Southworth, Dan Shelley, Hugh Langley, Shelley, Louis Padrón, Richard Gautier, Wayne Osborne, Great Hans Lollik, Hans Lollik, Osborne, Lucinda Southworth C, Mary Ann Lucking, Lucking, Sergey Brin, Kimberly White, Sundar Pichai, Brin, Kitty Hawk Organizations: Service, Google, Business, Virgin Island Properties, US Virgin, BI, LLC, Area, Cayo Norte, SVI Investments, Virgin Islands Locations: Cayo Norte, Puerto Rico, Caribbean, US, Puerto Rico's Fajardo, Cayo, Culebra, SVI, Padrón, Virgin, Great, Conservation, Kimberly White Cayo

☆ OFG Bancorp rises on earnings beat
▼ + stars: | 2024-01-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOFG Bancorp rises on earnings beatJose Rafael Fernandez, OFG Bancorp vice chair and CEO, joins 'The Exchange' to discuss OFG Bancorp's stock, Puerto Rico's economic recovery, and more.

Persons: Jose Rafael Fernandez Organizations: OFG Bancorp

☆ A semi-retired couple moved to Puerto Rico for an adventure and some tax benefits, but a healthcare crisis may soon change their plans
▼ + stars: | 2024-01-19 | by ( Cork Gaines | ) www.businessinsider.com time to read: +8 min

"We were looking for an adventure of some sort, a pirate adventure, and Puerto Rico was perfect." AdvertisementThe lure of Puerto Rico comes with some strict guidelinesFor Lindsey and Flynn, an incentive to move to Puerto Rico was the territory's tax incentive Act 60. AdvertisementThe catch is that to take advantage of these perks, you must be what Puerto Rico calls a "bonafide" resident. For example, if you are a mediocre golfer from outside Puerto Rico and are looking for similar people in Puerto Rico, there is a WhatsApp group for that. If you moved to Puerto Rico for tax incentives and want to share your experiences, contact this reporter at cgaines@businessinsider.com.

Persons: Puerto Rico, —, Sarah Lindsey, Sean Flynn, Flynn, Lindsey, Sarah Lindsey Additionally, Hurricane Maria, Sarah Lindsey Lindsey, Max Organizations: Service, Puerto Rico, AFI Technologies, Hurricane, AFP, Pillsbury, Supply Locations: Puerto, Texas, Austin, Puerto Rico, Humacoa , Puerto Rico

If the organization fails to remove the cats within six months, the park service said it would hire a removal agency. “All visitors will benefit from the removal of a potential disease vector from the park,” the park service plan stated. “These cats are unique to San Juan,” Danna Wakefield, a solar contractor who moved to Puerto Rico in 2020, said in an interview. The U.S. Park Service plan unveiled Tuesday calls for current cat feeding stations to be removed unless they’re being used temporarily to help trap the felines. The National Park Service noted that the six-month deadline to trap cats could be extended if it sees substantial progress.

Persons: Ana María Salicrup, ” Salicrup, “, El, San Juan Mayor Felisa Rincón de Gautier, ”, ” Danna, ” Wakefield, they’ll, that's, Salicrup, ’ ” Organizations: JUAN, U.S . National Park Service, San Juan, Historic, San Juan Mayor, U.S . Park Service, National Park Service Locations: Puerto Rico, Puerto Rico’s, Old San Juan ., El Morro, San Juan, Gato, Old San Juan, ” Danna Wakefield, U.S

☆ NY Fed can cut off Puerto Rican bank in Venezuela-related crackdown -US judge
▼ + stars: | 2023-10-27 | by ( Jonathan Stempel | ) www.reuters.com time to read: +3 min

[1/2] The entrance to The Federal Reserve Bank of New York is seen in New York City, U.S., March 13, 2023. The New York Fed agreed to keep the bank's master account open until Koeltl ruled on the preliminary injunction motion. The New York Fed declined to comment. In 2019, the New York Fed said it would stop approving new master accounts for Puerto Rican offshore banks because of sanctions aimed at ousting Venezuela's socialist President Nicolas Maduro. The case is Banco San Juan Internacional Inc v Federal Reserve Bank of New York et al, U.S. District Court, Southern District of New York, No, 23-06414.

Persons: Brendan McDermid, John Koeltl, BSJI, Koeltl, Nicolas Maduro, Jonathan Stempel, Diane Craft, Jonathan Oatis Organizations: Federal Reserve Bank of New, REUTERS, District, Banco San Juan Internacional, New York, New, Fed, New York Fed, Venezuela's, Banco San Juan Internacional Inc, Reserve Bank of New, Court, Southern District of, Thomson Locations: Federal Reserve Bank of New York, New York City, U.S, Puerto Rican, Venezuela . U.S, Manhattan, Venezuela, OPEC, Reserve Bank of New York, Southern District, Southern District of New York, New York

☆ NY Fed Can Cut off Puerto Rican Bank in Venezuela-Related Crackdown -US Judge
▼ + stars: | 2023-10-27 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +2 min

"Accepting deposits from and providing financial services to a financial institution with BSJI's record of noncompliance exposes the FRBNY and the financial system to risk," Koeltl wrote. The New York Fed agreed to keep the bank's master account open until Koeltl ruled on the preliminary injunction motion. The New York Fed did not immediately respond to similar requests. In 2019, the New York Fed said it would stop approving new master accounts for Puerto Rican offshore banks because of sanctions aimed at ousting Venezuela's socialist President Nicolas Maduro. The case is Banco San Juan Internacional Inc v Federal Reserve Bank of New York et al, U.S. District Court, Southern District of New York, No, 23-06414.

Persons: Jonathan Stempel, John Koeltl, BSJI, Koeltl, Nicolas Maduro, Diane Craft Organizations: Federal Reserve Bank of New, District, Banco San Juan Internacional, New York, New, Fed, New York Fed, Venezuela's, Banco San Juan Internacional Inc, Reserve Bank of New, Court, Southern District of Locations: U.S, Federal Reserve Bank of New York, Puerto Rican, Venezuela . U.S, Manhattan, Venezuela, OPEC, Reserve Bank of New York, Southern District, Southern District of New York, New York

☆ Hurricane Lee to bring dangerous surf conditions to U.S. East Coast
▼ + stars: | 2023-09-10 | by ( ) www.reuters.com time to read: +1 min

A composite image shows Hurricane Lee churning towards the Caribbean after intensifying into a major storm, September 8, 2023. National Oceanic and Atmospheric Administration (NOAA)/Handout REUTERS Acquire Licensing RightsSept 10 (Reuters) - Hurricane Lee was churning west-northwest in the tropical Atlantic Ocean and was expected to bring dangerous surf and rip currents to the U.S. East Coast from Sunday night into next week, the U.S. National Hurricane Center said. The storm, about 270 miles (535 km) northeast of the northern Leeward Islands, should pass north of Puerto Rico, the U.S. Virgin Islands and other Caribbean islands. Swells were affecting portions of the British and U.S. Virgin Islands, Puerto Rico, Hispaniola, Turks and Caicos, the Bahamas and Bermuda. The National Weather Service's office in Puerto Rico forecast waves of 6 to 10 feet, possibly higher, in some coastal areas.

Persons: Lee, Handout, Kelly Herrera, Herrera, Maria Caspani, Cynthia Osterman Organizations: Oceanic, Atmospheric Administration, Handout REUTERS, U.S ., U.S, National Hurricane Center, U.S . Virgin, British, Vanderbilt, Thomson Locations: U.S . East Coast, Leeward, Puerto Rico, U.S, U.S . Virgin Islands, U.S . Virgin Islands , Puerto Rico, Hispaniola, Turks, Caicos, Bahamas, Bermuda, Puerto Rico's, San Juan, San Juan's

Public schools with no air conditioning or whose cooling systems are inoperable due to power outages blamed on a hurricane-battered electric grid are seeking relief, but it’s unlikely they’ll find it soon. Pedro Pierluisi quietly vetoed a bill that called for air conditioning systems for public schools. But air conditioning remains rare at public schools, which depend on fans and trade winds that blow through windows with metal shutters. It's unknown how many public schools lack air conditioning or have air conditioners that don't work because of electrical problems. More than 50% of public schools also have reported a heat-related emergency.

Persons: Ángel Muñiz, ”, Puerto Rico, Odalys Martínez, Pedro Pierluisi, “, Yasim Sarkis, “ There’s, ” Sarkis, Hurricane Maria, Sheila Angleró, Edwin Morales, it's, Raúl González, they've, Ángel Matos García, Sarkis ’, Sarkis, you’ll Organizations: JUAN, —, National Weather Service, Puerto Rico, “, Gov, Hurricane, Associated Press, Department of Education, island’s Federation of Teachers, Puerto Rico’s Association of Teachers, Puerto Rico’s, Representatives Locations: Puerto Rico, U.S, Caribbean, Puerto, San Juan, saunas, Bermuda

☆ NY Fed defends cutoff of Puerto Rican bank after Venezuela-linked crackdown
▼ + stars: | 2023-08-23 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +2 min

The Federal Reserve Bank of New York building is seen in the Manhattan borough of New York, U.S., December 16, 2017. BSJI said it had improved compliance during a previous 22-month suspension of its master account between 2019 and 2020. In court papers on Wednesday, the New York Fed said BSJI processed transactions that had "multiple red flags for money laundering or other illicit activity." The New York Fed also said BSJI could still seek to access the U.S. financial system through a third-party correspondent bank. In 2019, the New York Fed said it would stop approving master accounts for some Puerto Rican banks because of U.S. sanctions aimed at ousting Venezuela's socialist President Nicolas Maduro, Reuters reported at the time.

Persons: Eduardo Munoz, BSJI, Marcelino Bellosta, Nicolas Maduro, Luc Cohen, Jonathan Oatis Organizations: Federal Reserve Bank of New, REUTERS, Banco San Juan Internacional, New York Fed, Venezuela's, Reuters, Thomson Locations: Federal Reserve Bank of New York, Manhattan, New York, U.S, Puerto Rican, Venezuela, Curacao, Venezuelan, United States, Europe

☆ Puerto Rican bank sues NY Fed for suspending account in Venezuela-linked crackdown
▼ + stars: | 2023-07-25 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +2 min

The bank asked the court to bar the New York Fed from terminating its master account, without which it said it "cannot effectively function as a depository institution." A spokesperson for the New York Fed declined to comment. Federal prosecutors dismissed a civil forfeiture complaint and returned $53 million in seized funds to the bank. The New York Fed in 2019 said it would stop approving master accounts for some Puerto Rican banks due to U.S. sanctions on Venezuela aimed at ousting socialist President Nicolas Maduro, Reuters reported at the time. The bank said its founder, Marcelino Bellosta, has lived in the United States and Europe for much of the last 25 years.

Persons: BSJI, Nicolas Maduro, Marcelino Bellosta, Luc Cohen, Grant McCool Organizations: Banco San Juan, Inc, New York Federal, Banco, Banco San Juan Internacional, New York, New York Fed, Reuters, Thomson Locations: Puerto Rican, U.S, Venezuela, Banco San, Manhattan, York, Puerto, Venezuelan, United States, Europe, New York

☆ Puerto Rico solar switch a life and death matter -US energy chief
▼ + stars: | 2023-03-31 | by ( Timothy Gardner | ) www.reuters.com time to read: +5 min

[1/4] Cars drive under a downed power pole in the aftermath of Hurricane Fiona in Santa Isabel, Puerto Rico September 21, 2022. Puerto Rico has not typically been a large focus of U.S. energy chiefs. Colon covets the solar power Granholm offered, as it could also lower electricity bills, typically twice those on the mainland. Granholm said some 400,000 homes need rooftop solar but the $1 billion is only enough for up to 50,000 homes. Puerto Rico only generates about 3% of its electricity from renewables and the rest from fossil fuels.

☆ Rapper Bad Bunny sued for $40 million over ex-girlfriend's voice recording
▼ + stars: | 2023-03-21 | by ( Stefan Sykes | ) www.cnbc.com time to read: +2 min

Puerto Rican rapper Bad Bunny is being sued by his ex-girlfriend for $40 million over claims he used a recording of her voice without permission or compensation. De la Cruz and Bad Bunny dated on and off starting in 2011, according to the lawsuit. She alleges in the court documents that Bad Bunny offered her $2,000 to buy the recording in 2022 but she declined. Bad Bunny rose to prominence in 2018 after being featured on the Cardi B chart-topper "I Like It." Bad Bunny is set to headline the 2023 Coachella music festival next month.

SAN JUAN, Puerto Rico — A new private company will take over power generation units owned by the Puerto Rico Electric Power Authority, the public corporation currently in charge of generating energy on the U.S. territory. The power generation equipment in Puerto Rico, plagued by ongoing blackouts and decaying infrastructure, is on average about 45 years old — twice the age of those on the U.S. mainland. The company and the Puerto Rico Electric Power Authority (PREPA) are currently undergoing a transition process set to last 100 days. Officials in Puerto Rico have been taking steps toward privatizing power generation for some time. Power customers in Puerto Rico have seen seven electric rate increases last year, even though people in Puerto Rico already pay about twice as much as mainland U.S. customers for unreliable service.

SAN JUAN, Puerto Rico — The governing board of the Puerto Rico Electric Power Authority, the public corporation currently in charge of energy generation on the island, approved a contract that brings the U.S. territory one step closer to privatizing power generation. Less than 4% of Puerto Rico’s power generation currently comes from renewable energy. Power generation units in Puerto Rico are on average about 45 years old, twice those of the U.S. mainland. As part of the ongoing privatization process, the Puerto Rico Electric Power Authority relinquished the island’s power transmission and distribution system to Luma Energy. It’s unclear whether privatizing power generation would have any impact on such efforts.

SAN JUAN, Puerto Rico — The government of Puerto Rico is a step closer to privatizing power generation on the island despite widespread skepticism among consumers, who crave a reliable source of electricity after decades of random power outages. The contract needs to be approved by the governing board of the Puerto Rico Electric Power Authority and signed by Gov. Power generation units in Puerto Rico are on average about 45 years old, twice those of the U.S. mainland. The system was previously managed by the Puerto Rico Electric Power Authority. The privatization process follows ongoing issues around Puerto Rico Electric Power Authority's bankruptcy.

He voted against the Puerto Rico Status Act on the floor last week, calling for "letting a full and robust legislative process take place." One of the bill’s main negotiators, Rep. Nydia Velázquez, D-N.Y., the first Puerto Rican woman elected to Congress, is confident about more congressional hearings on Puerto Rico's territorial status in the new year. That’s intentional, said Resident Commissioner Jenniffer González-Colón, a Republican nonvoting member of Congress representing Puerto Rico who favors statehood and helped negotiate the Puerto Rico Status Act. What’s next for Puerto Rico’s territorial status? Excluding Puerto Rico’s territorial status also gives Wicker and others pause.

It would assign over $17.6 billion in Medicaid funds to Puerto Rico over the next five years. That temporarily changed after the pandemic, when Congress passed legislation increasing Medicaid funding by 6% to states and U.S. territories. The current bill seeks to increase the federal government’s share of Medicaid costs paid to Puerto Rico to 76 cents. The bill's failure would also trigger a significant decrease in the allotment Puerto Rico gets to fund its Medicaid program. Since the start of the pandemic, Puerto Rico has received roughly $3 billion annually for its Medicaid program based on an interpretation of the Medicaid funding cap provision from Centers for Medicare and Medicaid Services.

The House voted Thursday in favor of the Puerto Rico Status Act, which seeks to resolve the U.S. territory's status and its relationship to the United States through a binding plebiscite. The Puerto Rico Status Act also lays out terms for a November 2023 binding plebiscite including all three nonterritorial status options. Lawmakers from both sides debated the merits of the Puerto Rico Status Act on the House floor Thursday. While Democrats insisted the legislation is a significant step toward Puerto Rico's decolonization, Republicans worried over the economic implications of changing Puerto Rico's status. Venator- Santiago, who has been tracking Puerto Rico legislation in Congress for years, said this is the first time since 2010 that the House votes in favor of legislation dealing with changes to Puerto Rico’s territorial status.

☆ Puerto Rico independence vote bill passes U.S. House
▼ + stars: | 2022-12-15 | by ( Moira Warburton | ) www.reuters.com time to read: +2 min

The Puerto Rico Status Act outlines terms for a binding referendum on the three options: full independence, U.S. statehood or sovereignty with formal U.S. association, similar to the Marshall Islands and Micronesia. Democratic Representative Raul Grijalva, the bill's original sponsor, said that whether the measure gets a vote in the Senate or not, it will still set "an important historical precedent" for Puerto Rico. The legislation "tells the people in Puerto Rico, our fellow U.S. citizens, that this election is going to be aboveboard and the consequences are going to be aboveboard," Grijalva told a House committee hearing on Wednesday night. Unless the Senate acts on the Puerto Rico bill this month, which is improbable, the legislation will expire. Puerto Rico, which has about 3.3 million people and high rates of poverty, became a U.S. territory in 1898.

☆ All but 16 House Republicans vote against bill to allow Puerto Rico to decide its future
▼ + stars: | 2022-12-15 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +2 min

The House passed a bill to allow Puerto Rico voters to choose independence, statehood, or free association. Republicans opposed the bill in part due to long-standing opposition to Puerto Rico's statehood. "At this point in time I'm not, you know, interested in going down that road," Republican Rep. Chip Roy of Texas told Insider. Republican Rep. Marjorie Taylor Greene of Georgia told Insider that she didn't think the bill was "the right way to go about something like that." "I'm just not interested in Puerto Rico being a state," she said, adding that she didn't believe people living in Puerto Rico should get to vote on that.

Puerto Rican singer and musician Lalo Rodríguez, best known for his salsa megahit "Ven devórame otra vez" (Come devour me again) has died. As fellow musicians and fans grapple with the uncertain circumstances surrounding his death, they're remembering Rodríguez as a talented artist who helped lift salsa music to new heights. Light and progress Lalo," salsa music icon Willie Colón, who is also credited for helping popularize the genre, lamented in Spanish on Twitter. Salsa music enthusiast Juana Peña described Rodríguez as a "versatile singer, capable of getting into any rhythm and doing it well" in a tweet. Puerto Rican writer Sandra Guzmán mourned the singer's passing with a touching post saying, "A virtuoso goes to music heaven to join Puerto Rican salsa Gods.

Luma Energy secured an extension on its temporary contract Wednesday following a 4-1 vote by the Puerto Rico Electric Power Authority’s board. Government officials promised Luma Energy and the partial privatization of the power grid would improve electric services. On other occasions, Luma Energy blamed outages on bad weather and sargassum, a type of seaweed. Still unresolved is the bankruptcy proceeding for the Puerto Rico Electric Power Authority, which owes nearly $9 billion, the largest debt of any government agency. As soon as a federal judge approves a debt restructuring plan for the power authority, Luma Energy's contract will become permanent for 15 years.

☆ Puerto Rico's iconic Arecibo Observatory won't be replaced after crashing to its doom 2 years ago. Dramatic photos and video show pieces of the broken telescope being overtaken by the jungle.
▼ + stars: | 2022-11-05 | by ( Paola Rosa-Aquino | ) www.businessinsider.com time to read: +1 min

Before-and-after images of the Arecibo Observatory show a dramatic collapse that ended an era in space research. For nearly 60 years, the Arecibo Observatory made significant contributions to astronomy. The Arecibo Observatory, a legendary radio telescope nestled in the lush mountains of Puerto Rico, has served as an essential lookout into the cosmos for nearly six decades. From tracking asteroids to discovering the first planets outside our solar system, Arecibo made fundamental contributions to our knowledge of space. The telescope's observing equipment hung from a platform strung over a 1,000-foot radio dish until December 1, 2020.

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