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☆ See inside this 6-bedroom seaside mansion in Puerto Rico that just sold for $20 million
▼ + stars: | 2024-11-19 | by ( Maria Noyen | ) www.businessinsider.com time to read: +2 min

AdvertisementA $20 million six-bedroom seaside mansion sold in Puerto Rico this month. The 14,000-square-foot home is the most expensive property sold in Puerto Rico this year. A sprawling six-bedroom mansion has become the most expensive property sold in Puerto Rico this year. Blanca Hebe Lopez Pierluisi, boss of Corcoran Puerto Rico, the real estate agency that represented the buyer of the $20 million mansion, told Business Insider via email that Puerto Rico has "seen an incredible boom in real estate during these last five years as well as numerous new development projects that speak to the healthy demand across the island." "This record-breaking sale is a strong indicator that the real estate market in Puerto Rico is thriving and resilient," she added.

Persons: It's, Shou Zi Chew, —, Mainlanders, Blanca Hebe Lopez Pierluisi, Corcoran Organizations: Ritz Carlton Reserve, Puerto Rico —, Reuters, Puerto Locations: Puerto Rico, Dorado, San Juan, Singapore, Puerto, Corcoran Puerto Rico

Four years after the radio telescope at the Arecibo Observatory in Puerto Rico collapsed, a report from the National Academies of Sciences, Engineering and Medicine is shining a light on the unprecedented failures that caused its destruction. The zinc gradually lost its hold on the cables suspending the telescope’s main platform over the reflector dish. The telescope was built in the 1960s with money from the Defense Department amid a push to develop anti-ballistic missile defenses. Following a few other cable failures, the federal agency decided to begin a plan to decommission the telescope in November 2020. In 2022, the National Science Foundation said it would not rebuild Puerto Rico's renowned radio telescope.

Persons: Roger L, McCarthy Organizations: Arecibo, National Academies of Sciences, Engineering, Medicine, University of Central, National Science Foundation, Arecibo Observatory, Defense Department Locations: Puerto Rico, University of Central Florida, Puerto

☆ I moved my family to Puerto Rico for a job. They were miserable — and we returned to Pennsylvania after just a year.
▼ + stars: | 2024-11-10 | by ( Juan Cruz Jr | ) www.businessinsider.com time to read: +5 min

I moved my family to Puerto Rico for my job — we were excited about the warm weather and beaches. Once we moved, we struggled to adjust and we felt a lot of loneliness being far from family. AdvertisementIn 2015, the opportunity to move from Pennsylvania to Puerto Rico presented itself by way of a job offer with a med-tech company. AdvertisementReally, living in Puerto Rico was a lonely experience for all of us. AdvertisementAfter about a year of stress and tension, we returned to the StatesWe lasted in Puerto Rico for about a year until my family and our belongings headed back to Pennsylvania.

Persons: —, I'd, hadn't, We'd Organizations: Service Locations: Puerto Rico, Pennsylvania, Cataño, Puerto

Bad Bunny is recognized globally for establishing reggaeton as a mainstream music genre and exporting Puerto Rican culture to the world. Puerto Rico has given an organic endorsement,” Bad Bunny told the thousands at the rally. It’s you, the people of Puerto Rico, who have told me that on Nov. 5th, we must vote for Juan Dalmau and the ‘Alianza’” (Alliance). Bad Bunny's message connects with young voters in Puerto Rico who have never lived in a Puerto Rico that’s not riddled with crisis, said Jorge Schmidt Nieto, a political science professor at the University of Puerto Rico in Mayagüez. Bad Bunny talks about his upbringing — and makes it politicalIn his 20-minute speech Sunday, Bad Bunny opened up about his upbringing in Puerto Rico — and linked it to Puerto Rico's recent political turmoil.

Persons: Bunny, Zers, “, ”, It’s, Juan Dalmau, Dalmau, Bad Bunny, Pedro Pierluisi, Puerto Rico that’s, Jorge Schmidt Nieto, Apagón, Una Velita, Carlos Vargas, Ramos, Vargas, —, Benito Antonio Martínez Ocasio, Pedro Rosselló, Vega Baja, Luis Fortuño, Schmidt Nieto, Hurricane Maria, Charles Venator, There's, ” Venator, theis, Rosselló, Santiago, García, Sin Suela Organizations: Puerto, Alianza ’ ”, Puerto Rican Independence Party, Citizens, Puerto Rico's, New Progressive Party, Gov, Popular Democratic Party, University of Puerto, Puerto Rican, Ricans, Center, Puerto Rican Studies, Hunter College, Puerto Rico —, Alliance, Islanders, Hurricane, University of Connecticut, Puerto Ricans Locations: Puerto Rican, Puerto Rico, Puerto, University of Puerto Rico, Mayagüez, New York, Vega, Santiago, Puerto Rico’s

Over the past seven decades, Puerto Rico has been governed by the pro-statehood New Progressive Party, currently in office held by Gov. This year, however, the candidate from the Puerto Rican Independence Party, a minority party that advocates for the island’s independence from the U.S., has had a breakthrough. Independence Party candidate Juan Dalmau has gained enough momentum to have a fighting chance at defeating Jenniffer Gonzalez, the candidate from the incumbent pro-statehood party, and relegating the candidate from the Popular Democratic Party, Jesús Manuel Ortiz, to third place. As a result, Congress passed the PROMESA law in 2016 to create a federally appointed fiscal oversight board to allow Puerto Rico to restructure its debt. In addition to this, Puerto Rico was hit by devastating natural disasters that include 2017’s Hurricane María and a series of earthquakes in 2020 and the pandemic.

Persons: Pedro Pierluisi, Juan Dalmau, Jenniffer Gonzalez, Jesús Manuel Ortiz, he's, Carlos Vargas, Ramos, Puerto Ricans, Ricardo Rosselló, Cristina Rodríguez, “, Rodriguez, Ortiz, Miguel Hernández, there's, Castro, ”, González, Jorge Schmidt Nieto, Schmidt Nieto, Pierluisi, Kamala Harris, Donald Trump, Harris, Tony Hinchcliffe’s, Puerto, Dalmau, Charles Venator, wouldn't, Javier Jiménez Organizations: New Progressive Party, Gov, Popular Democratic Party, Puerto Rican Independence Party, Independence Party, Puerto Ricans, Alianza, Citizens, Center, Puerto Rican Studies, Hunter College, Puerto Rican, Islanders, Puerto Rico, “ Alianza ”, Avid, Housing, U.S, University of Puerto, González, Puerto Rico's Center, Investigative Journalism, of Justice, Puerto Rico’s nonvoting, Popular Democratic, Trump, University of Connecticut Locations: Puerto Rico, U.S, Puerto, New York, Puerto Rican, Puerto Ricans, Alianza, Cuba, University of Puerto Rico, Mayagüez, Dalmau, Santiago, Venator

"The people of Puerto Rico trust you and we have high hopes," said Zoraida Buxo. Before Trump arrived on stage, some of the speakers also took pains to celebrate Puerto Rico. In Pennsylvania, a crucial battleground state, the Puerto Rican population amounts to nearly 500,000 people, according to census estimates. People of Puerto Rican descent comprise the biggest share of Latino eligible voters in Pennsylvania. In a visit to Puerto Rico after the storm Trump tossed rolls of paper towels to residents of the stricken island.

Persons: Donald Trump, Trump, vouched, Tony Hinchcliffe, Zoraida, Tim Ramos, ”, Buxo, God, Sen, Marco Rubio, Rubio, Kamala Harris, Matt Tuerk, Bad Bunny, Harris, Joe Biden, Susan Wild, I’ve, hadn’t, Vance, ” Sen, Bob Casey, Enid Santiago, Santiago, ” Tairy, Hurricane Maria, ” Pagan, “ Organizations: Puerto Rico, Madison Square Garden, Puerto Ricans, Hispanic, Puerto, Republican, Trump, Democratic, Puerto Rican, Reuters, NBC News, CNBC, Telemundo, Democrat, ABC News, Madison, Hurricane Locations: ALLENTOWN, Pa, —, Puerto, Madison Square, Puerto Rico, New York City, Allentown, Puerto Rican, Manhattan, Pennsylvania, Madison, “, Trump, Allentown ., Hurricane

The comedian who let loose a series of racist jokes, some about Puerto Rico, at former President Donald Trump’s Madison Square Garden rally on Sunday night workshopped the material the night before at a local comedy club. I love Puerto Rico and vacation there." There, Puerto Rican voters stand to be a deciding electorate. More than half of the nearly 580,000 eligible Latino voters in Pennsylvania are of Puerto Rican descent. The Republican Party of Pennsylvania is leading efforts to engage Latino and Puerto Rican voters in the state.

Persons: Donald Trump’s, Tony Hinchcliffe, Hinchcliffe, Trump, Vianca Rodríguez, Danielle Alvarez’s, ” Hinchcliffe, Hurricane Maria, Rafael Collazo, Puerto Ricans, Kamala Harris, Harris, Collazo, ”, Bunny, Marc Anthony, Trump “, Maria, “, Donald Trump, Peter W, Stevenson, Jennifer Lopez, Ricky Martin, Lin, Manuel Miranda, “ Despacito, Luis Fonsi, María Elvira Salazar, Sen, Rick Scott, Jenniffer González Organizations: New, Trump, NBC, Noticias Telemundo, Republican National Committee, Puerto Rico, Hurricane, Puerto Rican, Puerto Ricans, Mexican, Puerto, Reading, of Housing, Urban Development Office, Madison, Washington, Getty, Michigan, Latino, Politics Institute, UCLA, Republican Party of Pennsylvania, Republican Party, GOP Locations: Puerto Rico, New York City, Madison, Spanish, Puerto, Puerto Rican, U.S, Pennsylvania, Philadelphia, New York, America

☆ Trump headlines Madison Square Garden rally after vulgar, racist remarks from allies
▼ + stars: | 2024-10-28 | by ( ) www.cnbc.com time to read: +4 min

Republican presidential nominee and former U.S. President Donald Trump speaks during a rally at Madison Square Garden, in New York, U.S., October 27, 2024. Andrew Kelly | ReutersRepublican presidential candidate Donald Trump headlined a rally at New York's Madison Square Garden on Sunday that began with a series of vulgar and racist remarks by allies of the former president. Danielle Alvarez, a senior adviser to the Trump campaign, told Reuters that the joke about Puerto Rico "does not reflect the views of President Trump or the campaign." Harris's campaign in an email said the Madison Square Garden rally was "mirroring the same dangerously divisive and demeaning message" as Trump. Trump's 2016 presidential opponent, Democrat Hillary Clinton, has accused him of "re-enacting" a pro-Nazi rally that was held at Madison Square Garden in 1939 on the eve of World War Two.

Persons: Donald Trump, Andrew Kelly, Trump, Billy Joel, Kamala Harris, Harris, Hulk Hogan, Rudy Giuliani, Eric, Don Jr, Giuliani, Tony Hinchcliffe, Ricky Martin, Danielle Alvarez, Harris's, Hillary Clinton, Donald Trump's, Elon Musk, Elon, Musk Organizations: Madison, Reuters Republican, New, Knicks, Democratic, Republican, New York City, Reuters, Puerto Ricans, Trump, Nazi, Garden, Congressional, Office Locations: New York, U.S, Caribbean U.S, Puerto Rico, Puerto Rican, Puerto, United States, Pennsylvania, Philadelphia, Madison, York, America

Tropical Storm Ernesto is expected to strengthen into a hurricane in the Atlantic by Thursday, according to the National Hurricane Center. Tropical Storm Ernesto on Tuesday. Puerto Rico has already activated the National Guard and canceled the start of classes in public schools, The Associated Press reported. A hurricane watch was issued for the U.S. and British Virgin Islands and Puerto Rico's Vieques and Culebra. Tropical storm warnings have been issued for Puerto Rico, St. Kitts and Nevis, St. Martin and St. Maarten, Guadeloupe, and St. Barts.

Persons: Ernesto, Storm Ernesto, Martin, St Organizations: National Hurricane Center, Virgin, NOAA, Getty, Virgin Islands, U.S, British Virgin Islands, National Guard, Associated Press Locations: Caribbean, San Juan , Puerto Rico, Puerto Rico, Atlantic, Cuba, Jamaica, Leeward Islands, Virgin, British Virgin, British Virgin Islands . Puerto Rico, Puerto, Vieques, Culebra, St, Kitts, Nevis, Maarten, Guadeloupe, Barts

☆ Feral cats have taken over Puerto Rico's Old San Juan. But residents are rolling their eyes at a plan to remove them.
▼ + stars: | 2024-06-09 | by ( John L. Dorman | ) www.businessinsider.com time to read: +1 min

Feral cats have long been a part of the landscape in the historic areas of Old San Juan. But the National Park Service is forging ahead with a plan to remove the cats. The advocacy organization Alley Cat Allies in March sued the park service over the plan. AdvertisementFor generations, feral cats have wandered the historic Old San Juan neighborhood in San Juan, Puerto Rico — attracting their share of local fans. The US National Park Service, however, is not one of them.

Persons: —, Castillo, Castillo San Felipe del Morro, Castillo San Cristóbal Organizations: National Park Service, Allies, Service, San Juan , Puerto Rico, San Juan, Historic, Business Locations: Old San Juan, San Juan, San Juan , Puerto, Castillo San Felipe, Castillo San

☆ 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.

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