New York state pledges $20 Million for CENTRO

The State of New York will make a $20 Million investment in CENTRO, the Center for Puerto Rican Studies at the City University of New York (CUNY). The investment will support an expansion of the library and archives in El Barrio, the center of New York’s Puerto Rican community. Governor Kathy Hochul made the announcement during the 66^th Annual National Puerto Rican Day Parade last week in Manhattan. CENTRO is the largest university-based research institute in America dedicated to the Puerto Rican experience in the U.S. Besides research support, the $20 Million will be used to consolidate CENTRO from its two locations at the Hunter College Main Campus and in East Harlem into one expanded facility, which will also include a state-of-the-art exhibition space.

Bristol-Myers Squibb announces closure

Pharmaceutical giant Bristol-Myers Squibb has announced that it will close operations in Humacao, directly impacting 400 jobs and hundreds more indirectly. Bristol-Myers Squibb points to the high costs of energy on the Island as a reason for ceasing operations there, though they pledge to maintain primary operations in Manatí and its sales, marketing, and distribution office in Guaynabo. Some of the Humacao employees will be given the option to transfer to other corporate facilities on and off the Island while others will be offered retirement packages.

PREPA’s debt plan reduced

Citing steeper-than-expected declines in energy consumption across Puerto Rico, the Financial Oversight and Management Board (FOMB) is amending its plan to reduce PREPA’s $9 Billion debt. The proposed plan would reduce PREPA’s obligations to $5.68 Billion. The requested changes will likely delay a court hearing on the restructuring plan, currently on the docket for next month. PREPA has been in bankruptcy for the past six years but remains the primary supplier of energy on the island.

Leadership change at LUMA

LUMA Energy President Wayne Stensby has left his position leading the privatization of Puerto Rico’s energy market. The governor called for Stensby’s resignation a year ago when blackouts roiled the Island. Stensby will join another utility giant in Canada. Meanwhile, new LUMA President Juan Saca will take the reins, following a career that has taken him to leading corporations in Mexico, Chile, Peru, Israel, and across the United States.