Latest news with #PuertoRico-based
Yahoo
a day ago
- Business
- Yahoo
KY could lose thousands of solar, battery jobs if GOP in Congress ends tax credits
A technician services photovoltaic cells. (Photo By Getty Images) A solar industry group is warning that Kentucky stands to lose out on thousands of jobs in manufacturing solar energy components and batteries if clean energy tax credits are cut short under a mega-bill moving through Congress. An analysis published in late May by the nationwide Solar Energy Industries Association (SEIA) says Republican-led efforts to curtail or sunset tax credits would cost more than 300,000 jobs across the country and sacrifice hundreds of billions of dollars of investment through the end of the decade. Some of the credits are technology neutral but benefit solar and battery manufacturing industries. Republicans in Congress axed the 'green new scam,' but it's a red state boon The U.S. House has approved the spending and tax bill, dubbed the 'big, beautiful bill' by President Donald Trump. It is now under consideration by the U.S. Senate. Republicans are using a process called reconciliation to move the bill with a simple majority of votes in the Senate, rather than the three-fifths majority usually required in the upper chamber. That means the package could become law without any Democrats' votes. The bill as it came out of the House would accelerate the phase down of tax credits benefiting clean energy production, low-emission hydrogen fuel production, components for renewable energy, carbon capture technologies and the purchase of electric vehicles. These tax credits were created under the Inflation Reduction Act in 2022 and championed by the former Biden administration. A States Newsroom analysis found the tax credits primarily benefitRepublican-controlled states. In Kentucky, where solar and battery manufacturing industries are growing though at a slower pace than in other states, the Solar Energy Industries Association estimates about 3,300 existing and potential jobs could be lost. Brenden Frazier, a board member for the advocacy organization Kentucky Solar Energy Society, said the sunsetting of tax credits could hamper the residential solar industry in the state. He said recent 'Solarize' campaigns, in which cities encourage residents to adopt solar energy in their homes and businesses, show the incentives are having a 'big impact' in terms of growing the industry in Kentucky. He said he worries about sustaining the business without the incentives. Frazier serves as the director of product and technology for the Puerto Rico-based solar panel manufacturer SOLX. Frazier said the loss of tax credits would set back solar and battery manufacturing as Kentucky, like much of the rest of the country, faces growing energy demands from prospective data centers coming onto the electricity grid. While the amount of electricity generated through solar energy in Kentucky is miniscule, the state has seen an influx of solar developers interested in setting up utility-scale solar installations. A Canadian company also announced last year it was investing over $700 million in a Shelby County manufacturing plant to build utility-scale battery storage systems. Republicans supportive of ending the tax credits have argued they are too expensive and that incentives give renewable energy an unfair advantage over fossil fuel production. Republican Kentucky U.S. Rep. Brett Guthrie in a Wall Street Journal op-ed in May said the reconciliation legislation would end spending on 'Green New Deal-style waste' and 'reverse the most reckless parts of the engorged climate spending in the misnamed Inflation Reduction Act.' Matt Partymiller, the president of the Kentucky Solar Energy Industries Association, told the Lantern the accelerated phase down of the tax credits is a 'real threat to manufacturing jobs' and to the United States' ability to compete with China on solar energy. 'We just started onshoring U.S, manufacturing of solar in earnest in the past couple of years,' Partymiller said. 'A lot of these incentives are really tied to that, and if they go away, I think this whole manufacturing industry that was just created largely stops with it.' Solar panel manufacturers across the country have significantly ramped up production in recent years to meet a boom in utility-scale solar energy development, producing enough solar panels to generate nearly 52 gigawatts of electricity. China has historically controlled much of the world's solar panel production as the country has subsidized production. The U.S. Senate will likely change the version of the reconciliation bill that passed the U.S. House in May. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
Associated Press
23-05-2025
- Business
- Associated Press
Madison Insurance Group Expands Leadership Team with Key Appointments
Madison Insurance names Humberto Torres, Armondo Torres, and LeAnn Rivera to key roles. Humberto Torres replaces Ricardo Rivera, who served as CFO until 2024 'We're strengthening our executive infrastructure to match the scale and sophistication of our business.'— Mark Sims, President, Madison Insurance Group SAN JUAN, PUERTO RICO, May 23, 2025 / / -- Madison Insurance Group has appointed Humberto Torres as Corporate and Financial Controller and promoted Armando Torres to Chief Compliance Officer, strengthening its executive structure to support continued growth and regulatory integrity. The firm also named LeAnn Rivera as Chief Operating Officer, Puerto Rico. Humberto Torres replaces Ricardo Rivera, who served as Chief Financial Officer from 2022 until his departure in November 2024. This appointment reflects Madison's shift to a distributed financial leadership model focused on enhancing internal controls, compliance, and operational efficiency. Humberto Torres will oversee financial reporting and control functions across Madison's domestic and international operations, working closely with auditors, regulators, and senior management. After two years at Madison, Armando Torres will now lead the company's compliance program, ensuring adherence to KYC (Know Your Customer), AML (Anti-Money Laundering) requirements, and other regulatory frameworks. His expanded role sharpens Madison's focus on risk management and enterprise transparency. LeAnn Rivera, with a strong background in financial operations across global markets, will manage execution and strategic development for Madison's Puerto Rico-based entities. 'We're strengthening our executive infrastructure to match the scale and sophistication of our business,' said Mark Sims, President of Madison Insurance Group. 'Humberto brings deep expertise in corporate finance and governance, Armondo sharpens our compliance posture, and LeAnn drives operational clarity as we grow.' These appointments underscore Madison's commitment to responsible expansion and regulatory excellence. For more information, visit Ania Kubicki Angles Communications +1 480-277-9245 email us here Legal Disclaimer: EIN Presswire provides this news content 'as is' without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
Yahoo
21-05-2025
- Business
- Yahoo
Mounir Kabche Leads the Charge in Sustainable Innovation Across Latin America and the Caribbean
Mounir Kabche continues to make waves in Latin America and the Caribbean with groundbreaking initiatives. New York, NY , May 21, 2025 (GLOBE NEWSWIRE) -- Visionary investor, entrepreneur, and strategist Mounir Kabche continues to make waves in Latin America and the Caribbean with groundbreaking initiatives that blend financial acumen, clean energy, manufacturing innovation, and a deep commitment to sustainable development. With over 20 years of experience across four major sectors—finance, energy, manufacturing, and real estate—Kabche's leadership is reshaping the region's industrial and environmental landscape. Mounir Kabche Currently based in Puerto Rico under the Act 60 incentive regime, Kabche has become a prominent force in advancing energy self-sufficiency and revitalizing obsolete infrastructure. His work spans several high-impact companies and projects, all aimed at fostering economic growth, energy resilience, and regional transformation. Kabche is the Managing Partner of Conexsol PR, a company specializing in custom solar solutions for industrial, commercial, and residential markets. Conexsol's flagship project in Humacao is converting unused industrial spaces into a regional solar energy hub—paving the way for cleaner power and job creation in Puerto Rico. As Chairman of SolarGrid Dynamics, he focuses on the integration of advanced energy systems that promote automation, operational efficiency, and smart resource use. Additionally, as President of InnovateTech, a Puerto Rico-based manufacturer of agricultural technologies, Kabche leads efforts to modernize agriculture with next-generation inputs such as hydroponic equipment and eco-friendly growing media. This initiative supports sustainable farming while boosting productivity across the Caribbean. Kabche's strategic influence extends to the financial sector, where he has played a key role in the restructuring of Banco Caroní, implementing modernization strategies that have strengthened the institution's market position in Venezuela. 'Purposeful innovation is not just a business goal—it's a moral imperative,' says Kabche. 'In today's world, where environmental challenges and economic disparities often go hand in hand, we have a responsibility to create solutions that are both intelligent and inclusive. We are transforming outdated infrastructures into engines of opportunity, not only generating clean energy but also breathing new life into communities that have long been overlooked. By investing in renewable energy and sustainable industrial practices, we're catalyzing economic growth, job creation, and resilience in regions that need it most. This is about more than business—it's about building a future where innovation serves people, the planet, and progress equally. Through strategic partnerships and bold action, we are working to ensure that sustainable development becomes the foundation of long-term prosperity across Latin America and the Caribbean.' His future-forward agenda includes the expansion of solar capacity in Humacao, market entry into the Dominican Republic and Virgin Islands, and the development of vertical urban farming systems. Energy storage innovations integrated with solar systems are also on the horizon, targeting greater resilience in disaster-prone areas. For press inquiries, strategic alliances, or more information on projects, please contact Mounir Kabche through: Email: contact@ Website or through Our reach out directly through Social Media: About Mounir Kabche Mounir Kabche is a investor with a strategic presence in Latin America and the Caribbean. Through companies like Conexsol PR, SolarGrid Dynamics, and InnovateTech, he drives innovation in renewable energy, sustainable agriculture, and financial modernization. Kabche's work is guided by a commitment to long-term impact and regional growth. ### Media Contact Mounir Kabchecontact@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
23-04-2025
- Business
- Yahoo
Popular: Q1 Earnings Snapshot
HATO REY, Puerto Rico (AP) — HATO REY, Puerto Rico (AP) — Popular Inc. (BPOP) on Wednesday reported first-quarter profit of $177.1 million. The Hato Rey, Puerto Rico-based bank said it had earnings of $2.56 per share. The company that runs Banco Popular and other banks in Puerto Rico and the U.S. posted revenue of $1.07 billion in the period. Its revenue net of interest expense was $757.7 million, exceeding Street forecasts. Popular shares have decreased roughly 5% since the beginning of the year. The stock has climbed 5% in the last 12 months. _____ This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on BPOP at
CBS News
19-04-2025
- Entertainment
- CBS News
New mural in Philadelphia celebrates Norris Square's Caribbean history
At the corner of Front and Susquehanna, a vibrant new mural project aims to honor the cultural significance of Philly's Norris Square. The mural entitled Nunca Olvides de Dónde Vienes (Never Forget Where You Come From) is part of a CAICU — a public art series through Mural Arts Philadelphia that highlights the Puerto-Rican themed gardens of Norris Square that were born out of the work of community organizers in the 1980s. Unveiled in a ribbon-cutting ceremony and block party on Saturday, the mural was a project between CAICU curator Marangeli Mejia-Rabell, Puerto Rico-based artist Celso Gonzalez and muralist Angurria. "What you see is a beautiful celebration of Caribbean life and unity, celebrating history, present and the potential of the future," Mejia-Rabell said. Five artists, including three local artists who had temporary murals, were part of the work. Mejia-Rabell said it was all a result of meaningful dialogue with the community. The mural dedication was followed by a block party with food and music and performances by dance troupe Grupo Alegria. For Councilmember Quetcy Lozada, Saturday's ribbon cutting was a way to celebrate the neighborhood's roots as well as her own. "The mural speaks to the history and culture of the community — the Norris Square community — on a block that I grew up at. My uncle raised all of his family on this block. So the fact that this is here and I am able to join in — to me — is an amazing day." Student tour guides of Norris Square launched by Mural Arts are set to continue throughout the year. "I want to welcome all of the community of Norris Square to our piece that we just finished," said artist Celso Gonzalez. "We are very excited to be sharing with all of the community our work that reflects the nostalgic look back at our community in the Caribbean." To learn more about the tours, visit Mural Arts Philadelphia .
