July 1, 2022

Puerto Rico fiscal board’s revitalization coordinator resigns

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By PHILIPE SCHOENE ROURA & EVA LLORÉNS VÉLEZ From Caribbean Business As previously reported, Noel Zamot, the man who holds the charge of revitalization coordinator under the Puerto Rico Oversight, Management & Economic Stability Act (Promesa), will be moving on. Caribbean Business ahd previously learned of his resignation from two sources who spoke about his […]

P.R. CofC has misgivings about proposed incentives to US corporations P.R. CofC has misgivings about proposed incentives to US corporations

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By Eva Lloréns Vélez From Caribbean Business SAN JUAN – The Puerto Rico Chamber of Commerce (CofC) is not on board yet with other business groups on a proposal to be submitted to the congressional Task Force on Economic Growth that would grant tax incentives to U.S. corporations in Puerto Rico because they could be […]

Donahue’s Alix Gets $6.7M contract extension

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BY PHILIPE SCHOENE ROURA AND EVA LLORENS VÉLEZ From Caribbean Business SAN JUAN – On the heels of what was described as a rather drawn-out meeting punctuated by several sticking points, the Puerto Rico Electric Authority’s (Prepa) board voted to extend the contract of AlixPartners, headed by Lisa Donahue, to the tune of $6.713 million. The […]

La Fortaleza: GDB interest payment wasn’t made

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By Luis J. Valentín From Caribbean Business SAN JUAN — After hours of much deliberation among Gov. Alejandro García Padilla and his administration’s fiscal team, a $28 million interest payment on Government Development Bank (GDB) debt due Aug. 1 failed to be authorized before midnight. “The GDB interest payment was not made. The GDB has requests […]

Puerto Ricans won’t accept US-imposed austerity without a fight

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From Caribbean News Now SAN JUAN, Puerto Rico — June 30 was a historic day for Puerto Rico, albeit an unhappy one. US President Barack Obama signed into law the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA), which imposes a fiscal control board with extraordinary emergency powers over the government of Puerto Rico. […]