The Weekly Journal – Wednesday, January 19, 2022

Wednesday, January 19-25, 2022 - // no. 143

Puerto Rico and the Caribbean

www.theweeklyjournal.com

Costlier home improvements P7 Why is inflation so high P9 Cheaper power with next-gen nuclear reactors P10

Development Bank

to provide additional financing to SMEs in 2022 From a $109 million allocation by the U.S. Department of the Treasury

P

Juan A. Hernández, The Weekly Journal

Pandemic reaches into churches’ collection plate P13

jhernandez@wjournalpr.com

uerto Rico’s Economic Development Bank (EDB) received a $109 million allocation from the U.S. Department of the Treasury for the financing of small and medium-sized enterprises (SMEs) under the State Small Business Credit Initiative (SSBCI).

The funds are to be matched with similar investments from Puerto Rico’s private banking sector and the government, effectively making the original allocation double its total for the 2022 calendar year.

“We have been talking to representatives from the private banking sector and the local and federal governments, and we expect the first release of these funds to take place by next April. Initially, the Department of the Treasury is expected to disburse $45 million,” said EDB president Luis Alemañy González.

According to the EDB president, as federal aid programs to mitigate the effects of the pandemic are phasing out and COVID-19 cases are spiking, local entrepreneurs and small business owners are still in need of financing and credit.

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The Weekly Journal > Wednesday, January 19, 2022 >

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La verdad es que no podemos ensenarles a ser buenos, tratandolos mal.

La verdad te necesita para cuidar el futuro.

La verdad no tiene precio.

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/ Wednesday, January 19, 2022

a week in review Federal judge approves debt adjustment plan The Debt Adjustment Plan for the Commonwealth of Puerto Rico, the Public Buildings Authority and the Public Employees Retirement Systems was approved Tuesday

by U.S. district Judge Laura Taylor Swain, thus resolving the restructuring of $33 billion in outstanding obligations from Puerto Rico’s government. The Commonwealth government will resume payments to its creditors after a $7.4 billion reduction of the debt. The scope of the judge’s rule obligates the Commonwealth to pay $1,500 million a year, for the next three decades. The Plan also imposes restrictions on government borrowing, limiting debt issuance to 7.94% of the previous year’s tax collections. Puerto Rico reported its first public debt default at the end of 2015, and defaulted on its first constitutionally guaranteed debt by the summer of 2016.

Trade Mission to Spain

Free COVID-19 Tests Available by Mail Starting this week, you can order COVID-19 test kits by mail. The rapid tests will be available online at the COVIDtest.gov website for free, including shipping. Each household will receive a maximum of four tests, which will be sent out within seven to 12 days after the request. Demand for athome COVID-19 tests soared over the holidays, as people visited family and attended gatherings while the highly contagious Omicron variant gained dominance. The CDC recommends testing yourself at the first sign of COVID-19 symptoms: fever, cough, headache, respiratory symptoms, muscle pains, and/or five days after possible exposure to someone with COVID-19.

Powered BY El Vocero de Puerto Rico, 1064 Ave Ponce de León 2nd floor San Juan, PR Postal Address: PO Box 15074, San Juan, PR 00902

The Trade and Export Program of the Department of Economic Development and Commerce will carry out a trade mission to Spain from April 4-8.

The deadline to apply is Feb. 4.

The agenda will include business appointments with potential customers for their product or service, a workshop on the Spanish and European markets (including its legal and logistics aspects), as well as other international trade issues. Participants will study the business climate, explore the market, make new contacts, and establish export strategies.

The Spanish market offers opportunities mainly in the beverage and food, chemical and pharmaceutical, plastic products, and medical and surgical instruments sectors. The challenge of this effort is to increase market share for products manufactured in Puerto Rico with 100 percent Puerto Rican capital.

Puerto Rico’s exports to Spain totaled $1,541 million in 2020, while imports registered a total of $156 million. This represents a positive trade balance of $1,386 million with a 45% growth in exports.

President Salvador Hasbún shasbun@elvocero.com

VP of Accounting Félix A. Rosa frosa@elvocero.com

Human Resources Director Arlene Rolón, PHR arolon@elvocero.com

Vp of Marketing and Business Operations Michelle Pérez Miperez@elvocero.com

VP of Production Eligio Dekony edekony@elvocero.com

VP of Editorial Content Juan Miguel Muñiz Guzmán jmuniz@elvocero.com

Multi-Platform Graphic and Technology Director Héctor L. Vázquez hvazquez@elvocero.com

Phone: 787-622-2300, 787-721-2300

Multi-Plataform Digital Director María Arce marce@elvocero.com

Customer Service: 787-622-7480

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/ Wednesday, January 19, 2022

CONTINUED FROM PAGE 1 “That is the Bank’s reason to exist, to offer financing alternatives to SMEs,” Alemañy González added.

Reviving The Program

The SSBCI was conceived to provide funding to states, territories, and eligible municipalities to expand existing or to create new investment programs, including state capital access programs, collateral support, loan participation, loan guarantee, and venture capital programs. But the SSBCI was a one-time program of limited duration and the authorities and duties of the Secretary of Treasury to implement and administer the program terminated in September 2017.

But on March 2021, President Joe Biden signed The American Rescue Plan Act, which provided

The federal Department of the Treasury is expected to disburse $45 million next April.

– Luis Alemañy González President, Economic Development Bank

$10 billion to fund the SSBCI to promote, now in the aftermath of the pandemic, the funding and development of state, territory, and tribal government small business credit support and investment programs.

affected by the pandemic or had to work remotely.

Many realized they could develop a business idea instead of working for a salary,” argued Alemañy González, who specified the EDB serves about 500,000 small and medium entrepreneurs.

Loans To Businesses in The EDB has developed specific financing products Puerto Rico focusing on the needs of The EDB has already different business areas. disbursed about $61 million in The EDB has already “For small independent loans to local SMEs between disbursed about business we offer a $25,000 2020 and 2021, with about $50 $61 million in loans loan at a very competitive 4% million dispensed the last year. to SMEs between interest.

When the Federal “In 2021 we doubled the 2020 and 2021, with Reserve has announced its number of loans emitted about $50 million intention to increase the during 2019. We are using dispensed in the last interest rate more than once the numbers from the year year. this year, this rate is very before the pandemic because attractive,” said Alemañy 2020 was particularly difficult González. for everyone because of the Tourism and restaurant lockdown. But if we are to entrepreneurs can also benefit compare our 2021 performance from these funds through a financing product that with that of 2020, we approved six times more lends up to $200,000. loans this last year,” Alemañy González said.

“This product is targeted to restaurant owners According to the EDB executive the business who seek to improve their businesses or people sector with the greatest growth, in terms of the interested in establishing a food truck,” said the number of loans requested, is the service sector, EDB president, who also assured these loans are followed by manufacture and tourism. guaranteed by the Small Business Administration “There has been a resurgence in local (SBA). entrepreneurship, mainly because of the The Bank has signed collaboration agreements pandemic. Many new business entrepreneurs had with numerous organizations representing been salaried employees that had their incomes

In fact,

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There has been a resurgence in local entrepreneurship, mainly because of the pandemic. Many new business entrepreneurs… realized they could develop a business idea for themselves instead of working for a salary.

– Luis Alemañy González President, Economic Development Bank

different business sectors, such as the Puerto Rico Franchise Association, the Restaurant Association, the Builders Association and the Association of Certified Public Accountants.

“Aside from offering financing alternatives to our entrepreneurs, it is essential to give them support and provide them the necessary tools to develop their businesses,” said Alemañy González, who also highlighted that collaboration agreements facilitate

communication through digital platforms between the Bank and private entities.

rejected by commercial banks. Nevertheless, we are very judicious in our case evaluations… And, of course, these loans are 75% Other Initiatives Puerto Rico’s guaranteed by the SBA,” he Other funds will be available Economic said. this year, including some $90 Development Bank Alemañy González insisted million under the Regrow received a $109 the EDB, which is a public program for urban and million allocation corporation, “offers extremely rural agricultural projects, from the U.S. competitive loans,” (which could and $800 million under the Department of amount to up to $500,000 for Economic Portfolio for Growth, the Treasury for start-ups and up to $1,000,000 which seeks to alleviate the the financing of for credit lines), direct loans economic impacts of hurricanes small and mediumand a program for Women Irma and Maria through largesized enterprises Entrepreneurs. scale development projects (SMEs) under the “In 2021 we also created the that create or retain low-toState Small Business Center for Economic Studies, moderate income.

Credit Initiative which regularly publishes “This last program is (SSBCI). economic and financial data to aimed at the development of improve the business decisioninfrastructure: roads, bridges, making process of local hotels, etc.” entrepreneurs.”

Regarding loan delinquency, “It was necessary for the Alemañy González assured the Economic Development Bank to evolve in light of EDB has a “reasonable” rate between seven and the economic transformation of our island. Our eight percent. mission is to offer financing alternatives to small “Indeed we are very flexible with the and medium-sized entrepreneurs”, Alemañy entrepreneurs who come to us searching González reiterated. for assistance, even when they have been

In fact,

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PR’s Automobile Industry Recorded High Sales Volume in 2021

The upward trend in sales is projected to slow down this year

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Zoe Landi Fontana, The Weekly Journal

xcellent deals, financing and federal economic incentives to consumers drove new car sales to prepandemic numbers amid an industry plagued by inventory shortages, and dislocated distribution and supply chains.

But, despite all the hoopla, economic consultants anticipate this may not repeat this year.

According to the United Auto Importers Group (GUIA, for its Spanish acronym), 2021 saw a 35.91% increase in automobile sales from the year before.

Last year ended with a total of 129,145 units sold, a distinct increase from 2020, which saw just 95,020 units sold in Puerto Rico.

Fleet sales, or sales of vehicles to corporations,

The projection is that only 111,000 new units will be sold [in 2022] and it would still be the third best year in sales in the past two decades.

– José Ordeix president, GUIA

decreased 18.3% from 2020, accounting for 5% of will be sold [in 2022] and it would still be the third total vehicle sales in 2021. best year in sales in the past two decades,” GUIA That means retail sales made up 95% of total president José Ordeix argued. sales, a 40.8% increase from 2020. Demand in 2021 was distributed between passenger vehicles Electric Vehicles (25.6%), SUVs (58.4%), and light commercial vehicles With President Biden’s “Build Back Better” (16.0%). framework in place, electric vehicles (EV) may Among the sub-segments that showed an start gaining broader popularity. His goal to increase in sales were full-sized and premium have EVs make up half of all automobile sales by sedans, with an increase of 2030 is accompanied by an 114.82%. Minivans followed with infrastructure plan to develop a 56.95% increase, and finally, a nationwide charging network, with 48.20%, pick-up trucks. though funds are currently Japanese brands are the stalled in Congress. most popular, making up In attempts to combat climate 66,667 of the 129,145 total change, the Environmental Inflation, the units sold on the island in 2021.

Protection Agency announced projected increase Of them, Toyota takes the new fuel economy standards in interest rates, lead, accounting for half of all in December 2021. By 2026, the decrease in Japanese vehicle sales. Hyundai manufacturers must produce inventory, the follows close behind with 20,394 cars with, at least, a 40 miles per continued problems units sold. gallon mileage. in the distribution “The final rule for light-duty chain and the Projections for 2022 vehicles reflect core principles of shortages in the GUIA - based on estimates this Administration: We followed production process, provided by the company the science, we listened to are among the Intelligent Economy - projects stakeholders, and we are setting reasons for the that this year will see a decrease robust and rigorous standards anticipated sales in sales. The total volume of that will aggressively reduce decline in 2022. new automobiles sold might the pollution that is harming reach 111,000 units - which people and our planet – and would represent a 14% save families money at the decrease from 2021. same time,” Michael Regan, EPA The situation of the labor market, inflation, Administrator, said in a statement. the projected increase in the interest rates, the With the rising cost of fossil fuels, electric vehicles decrease in inventory, the continued problems would offer residents of Puerto Rico great ecoin the distribution chain and the shortages in the friendly transportation. Unfortunately, until the production process, are among the reasons for the island’s power-grid recovers and becomes reliable, anticipated sales decline. a large-scale transition to electric vehicles will not be “The projection is that only 111,000 new units feasible.

In fact,

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Building materials have become more expensive due to pandemic

Builders and hardware stores blame shortages, cost of transportation and taxes

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Brenda A. Vázquez Colón

Bárbara Sepúlveda

onsumers planning to do home improvements are paying more at the hardware store, with an accelerated increase in prices of many construction materials, forcing them to change or adjust building plans.

According to the Puerto Rico Builders Association (PRBA) and several hardware store owners, the situation is mainly due to the higher cost of transporting containers with imported merchandise, the worldwide shortage of products and materials, and the taxes imposed by the Trump administration to merchandise purchased outside the United States. Neither group expects the situation to change in the short term.

Business owners and contractors say the situation is causing distress to their clients, who constantly complain to them about price increases.

They also agree that the suppliers of these materials have no other choice but to pass on the China that was $5,000, is now $19,000 or $20,000. cost along the supply chain.

A short-term change cannot be expected. So, “Customers complain about prices all the time; prices will continue to impact the contractor, but and many do not understand what is happening. more so the average person. It is the same thing Every time we buy materials, prices go up a little as with supermarkets… The contractor passes the more,” said Juan Maldonado, owner of Ferretería cost to the consumer when he sells the house, Vanessa, in Guaynabo. but the common citizen cannot necessarily afford Most items in hardware stores—such as tools, that,” Rivera argued. wood paneling, rebar, paint, light According to PRBA president bulbs, padlocks, rope, screws, Vanessa De Mari, the problem locks, cement, tiles, etc.— are now with materials coming from China, more expensive than they were is the additional tax imposed by prior to the pandemic. the Trump administration.

Cement prices “PVC tubing costs more and “There is aluminum coming have risen 20%, steel the price of wood continues from China that is more expensive rods 50%, aluminum to increase more than 7%,” because of this tax, but also the 32%, PVC 27% and Maldonado said. According to the containers, that used to cost wood 53%. business owner, security devices $3,000 now are $12,000. Cost has (padlocks and locks) prices have quadrupled!” she said. increased by 7%, some paints 15%, For De Mari, the increase and, “sand and gravel costs now has been exponential in most $2.00 more per cubic meter.” materials also impacting the home Ace Hardware Store manager Juan Rivera building sector. admitted price increases affect both the contractor “There is a great demand for materials and their and the average do-it-yourself customer who seeks prices have increased. In Puerto Rico, everything to repair or make improvements to his or her arrives by ship and Covid-19 has greatly impacted house or business. maritime transportation… deliveries take longer.

“Everything has gone up, everything… cement Cement has risen 20%, steel rods 50%, aluminum about 10%... wood and PVC pipes. Freight from 32%, PVC 27% and wood 53%. This affects the

In fact,

Customers complain about prices all the time; and many do not understand what is happening. Every time we buy materials, prices go up a little more.

Juan Maldonado Owner, Ferretería Vanessa

construction of affordable housing,” she said.

De Mari pointed out that federal incentives help the first time home buyer, since lowering the cost of building at this time is not possible.

“You try to adjust, but the suppliers tell you ‘take it or leave it’. Many materials are brought here from the United States… wood and aluminum from South America and floor tiles from Italy and Spain,” she said about the impossibility of building low cost housing units.

De Mari believes the cost of materials and transportation will eventually go down as the pandemic recedes.

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/ Wednesday, January 19, 2022

Inflation will continue to be a regional headache coupled with a lack of investment according to a forecast offered by the Economic Commission for Latin America and the Caribbean. >AP Photo/ Martín Mejía

U.N. anticipates minimal world economic growth for 2022

combination of monetary and fiscal policies to stimulate growth and contain inflation.

“The expected slowdown in the region in 2022, combined with the problems of low investment and productivity, poverty and inequality, calls for growth and employment creation to be central elements of public policy-making while at the same time addressing inflationary pressures,” Zoe Landi Fontana, The Weekly Journal stated Alicia Bárcena, ECLAC Executive Secretary.

Throughout the pandemic, women have been put he United Nations’ Economic under more pressure, having to care for children Commission for Latin America whose school had been canceled or transitioned to and the Caribbean (ECLAC), remote teaching. ECLAC projects unemployment which does not include Puerto for women to be 11.5% in 2022. Pre-pandemic, Rico in its calculations, predicts unemployment for women was at 9.5%. the region’s growth to be minimal In general, the labor market has been going into 2022. recovering slowly. An estimated 30% of those who While last year’s average economic growth lost their job in 2020 had not recuperated by 2021. amounted to approximately a 6.2%, increment from According to ECLAC, recovery necessitates 2020, this year it is predicted to increased tax collection and fall drastically to 2.1%. improved tax structure to Growth hinges on individual provide fiscal sustainability countries’ ability to implement as countries take on recovery fiscal, social, monetary, and measures, which will health and vaccination policies inevitably demand more fiscal to recover from the pandemic. expenditures.

The Caribbean is The “Preliminary Overview of expected to grow 6.1% the Economies of Latin America (excluding Guyana), UN’s Warnings For The and the Caribbean 2021” report Central America highlighted the complexities of Global Economy by 4.5%, and South the region.

The United Nations has America by 1.4%.

The 2.1% prediction is a identified identical trends. Latin combination of highly differing America and the Caribbean countries and sub-regions: will struggle more than other the Caribbean is expected to regions, such as East and grow 6.1% (excluding Guyana), Central America by South Asia, in returning to pre-pandemic levels of 4.5%, and South America by 1.4%. The Caribbean is output. Compared to East and South Asia, which expected to recover faster than South and Central is estimated to be at a gap of 1.7%, Latin America America, as tourism resumes. and the Caribbean will still fall about 4.2% short in ECLAC expressed that the solution lies in a output levels.

Growth will depend on fiscal, social, monetary, and health and vaccination policies to recover from the pandemic

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In fact,

In this fragile and uneven period of global recovery, the World Economic Situation and Prospects 2022 [report] calls for better targeted and coordinated policy and financial measures…

– António Guterres, Secretary-General, United Nations.

Still considered to be “far from over,” the UN considers economic the world’s growth will still be hindered by the pandemic. Developing countries and transition economies face limited access to vaccines. In these countries, per 100 people there were about 23.9 vaccine doses –a stark contrast to 147.4 in developed countries.

COVID-19 will leave behind a legacy of increased inequality. Globally, developing countries will take at least until 2023 to recover their pre-pandemic GDPs. Developed countries, on the other hand, could see a full recovery by the end of 2022.

“In this fragile and uneven period of global recovery, the World Economic Situation and Prospects 2022 [report] calls for better targeted and coordinated policy and financial measures at the national and international levels. The time is now to close the inequality gaps within and among countries. If we work in solidarity – as one human family – we can make 2022 a true year of recovery for people and economies alike,” expressed António Guterres, Secretary-General of the United Nations.

/ Wednesday, January 19, 2022

Why U.S. inflation is so high, and when it may ease

Economists expect consumer inflation to remain elevated at least through this year

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Paul Wiseman, The Associated Press

t first, it didn’t even register as a threat. Then it seemed like a temporary annoyance.

Now, inflation is flashing red for the Federal Reserve’s policymakers — and delivering sticker shock to Americans at the used car lot, the supermarket, the gas station, the rental office.

Last week, the Labor Department reported that consumer prices jumped 7% in December compared with 12 months earlier — the hottest year-over-year What Cause The Spike In Inflation inflation since June 1982. Excluding volatile energy At first, Fed Chair Jerome Powell and others and food prices, what is called “core” inflation rose characterized higher consumer prices as merely 5.5% over the past year, the fastest such pace since a “transitory” problem — the result, mainly, of 1991. shipping delays and temporary shortages of supplies Bacon prices are up nearly 19% from a year and workers as the economy rebounded from the ago, men’s coats and suits nearly 11%, living and pandemic recession much faster than anyone had dining room furniture more than 17%. Renting a car anticipated. will cost you 36% more, on average, than it did in Now, many economists expect consumer inflation December 2020. to remain elevated “Prices are increasing at least through this broadly throughout year, with demand the economy, and outstripping supplies in the Federal Reserve numerous areas of the has been caught offeconomy. guard by the extent Much of the surge is of inflation,’’ said Gus actually a consequence Faucher, chief economist of healthy economic at PNC Financial. trends. When the It wasn’t supposed pandemic paralyzed the to be this way — not economy in the spring – Gus Faucher with the coronavirus of 2020 and lockdowns pandemic keeping kicked in, businesses Chief economist at PNC Financial. people hunkered down closed or cut hours and at home and triggering consumers stayed home a devastating recession as a health precaution, beginning in March 2020. Barely more than a year employers slashed a breathtaking 22 million jobs. ago, the Fed had forecast that consumer prices Economic output plunged at a record-shattering 31% would end 2021 only about 1.8% higher than they annual rate in last year’s April-June quarter. were a year earlier, below even its annual 2% Everyone braced for more misery. Companies inflation target. cut investment. Restocking was postponed. A brutal Yet after having been an economic afterthought recession ensued. for decades, high inflation reasserted itself last year But instead of sinking into a prolonged downturn, with astonishing speed. In February 2021, the Labor the economy staged an unexpectedly rousing Department’s consumer price index was running just recovery, fueled by vast infusions of government aid 1.7% ahead of a year earlier. From there, the yearand emergency intervention by the Fed, which slashed over-year price increases accelerated steadily — 2.6% interest rates, among other things. By spring this year, in March, 4.2% in April, 4.9% in May, 5.3% in June. By the rollout of vaccines had emboldened consumers to October, the figure was 6.2%, by November 6.8%. return to restaurants, bars, shops and airports.

Prices are increasing broadly throughout the economy, and the Federal Reserve has been caught off-guard by the extent of inflation.

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In fact, Bacon prices are up nearly 19%, men’s coats and suits nearly 11%, living and dining room furniture more than 17%.

Suddenly, businesses had to scramble to meet demand. They couldn’t hire fast enough to fill job openings — a near record 10.6 million in November — or buy enough supplies to meet customer orders.

As business roared back, ports and freight yards couldn’t handle the traffic. Global supply chains became snarled.

Costs rose. And companies found that they could pass along those higher costs in the form of higher prices to consumers, many of whom had managed to sock away a ton of savings during the pandemic.

But critics, including former Treasury Secretary Lawrence Summers, blamed in part President Joe Biden’s $1.9 trillion coronavirus relief package, with its $1,400 checks to most households, for overheating an economy that was already sizzling on its own.

How Long Will It Last?

Elevated consumer price inflation will likely endure as long as companies struggle to keep up with consumers’ demand for goods and services.

A recovering job market — employers added a record 6.4 million jobs last year — means that many Americans can continue to splurge on everything from lawn furniture to electronics.

Many economists see inflation staying well above the Fed’s 2% target this year. But relief from higher prices might be coming. Jammed-up supply chains are beginning to show some signs of improvement, at least in some industries. The Fed’s sharp pivot away from easy-money policies toward a more hawkish, anti-inflationary policy could slow the economy and reduce consumer demand. There will be no repeat of last year’s COVID relief checks from Washington.

Inflation itself is eating into household purchasing power and might force some consumers to shave back spending.

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New generation of nuclear reactors considered for energy production They are safer, less expensive and a lot smaller

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Rafael Santiago Medina, InterNews

maller next generation nuclear reactors in the United States and Europe are now being considered as a potential solution to pollution from burning fossil fuels for electric power.

Unlike power generation by the giant nuclear reactors of yesteryear, with their large cooling towers and labyrinths of cooling pipes that protect against the possibility of a catastrophic collapse, the new reactors are designed to be simpler, safer, less expensive and a lot smaller.

A small reactor the size of a school bus could power a nearby city or factory. Several of these reactors could be assembled for serial generation, so they would match the output of a giant nuclear power plant.

Not only are they expected to be safer and produce electricity at a cheaper price than conventional nuclear power plants, but these reactors could do so without ever emitting a whiff of greenhouse gases.

Experts estimate that in the shift to renewable energy, small nuclear weapons could play an important role. Solar and wind power alone California-based company that develops clean may not be enough to meet the growing demand power plants to provide affordable, reliable and for energy in the coming decades. In 2019 and emission-free energy using advanced fission, 2020, nations around the world added 270 indicates that “a totally different wave of nuclear gigawatts of solar and wind power to their grids, energy innovation is coming.” but these renewable sources However, many critics of have yet to be supplemented by nuclear power remain skeptical conventional electrical systems. about the chance this new Various new high-tech technology could outpace the small reactors are now being industry’s history of safety commercially development by problems and cost overruns.

Last more than a dozen companies.

“It’s not about saving the November, U.S. The first round of mini reactors is environment… it’s about saving President Joe Biden scheduled to roll out in the United the industry by redesigning old signed into law a States and elsewhere within the concepts,” said Shaun Burnie, bill earmarking $2.5 next three years.

Senior Nuclear Specialist at billion for advanced The bipartisan $1.2 trillion Greenpeace East Asia. nuclear power jobs and infrastructure bill With climate change development. championed by U.S. President increasingly looking like a time Joe Biden and signed into law last bomb across the globe, the November, includes $2.5 billion economics of energy may be earmarked for advanced nuclear shifting in favor of nuclear power. power development, some of Small nuclear plants, in particular, which will go to mini-nuclear plants. may also be poised to take advantage of this Jacob DeWitte, founder and CEO of Oklo, a change.

In fact,

A History of Mishaps

Nuclear power used to have a promising future.

Then, in 1979, the Three Mile Island nuclear plant in Pennsylvania suffered a partial core collapse, leading to a massive cancellation of orders for new plants in the United States. Hopes for a recovery were dashed in 1986 when the Chernobyl nuclear plant in Ukraine suffered a meltdown and reactor rupture.

…nuclear energy is becoming increasingly competitive as technological advances make atomic mini-reactors a cleaner and safer energy alternative.

Jess Gehin Idaho National Laboratory

Nevertheless, the industry slowly rebuilt its credibility. By 2010, 104 nuclear plants were running smoothly in the U.S., and there are plans for dozens, prompting talks of a “nuclear renaissance.” Then, in 2011, a tsunami struck the Fukushima nuclear plant in Japan, causing a collapse and the evacuation of more than 150,000 residents.

Japan, which once embraced nuclear power, has closed the vast majority of its nuclear power plants. In Germany, once a nuclear-power nation, the decidedly anti-nuclear Green Party has had great political wins in recent elections.

Nowadays, nuclear power plants generate about a tenth of the world’s electricity, down from a fifth in the 1990s.

“However, nuclear energy is becoming increasingly competitive as technological advances make atomic energy mini-reactors a cleaner and safer energy alternative,” argued Jess Gehin, associate director of the nuclear science and technology laboratory at the Idaho National Laboratory.

Nuclear power has gained additional traction as an alternative since its costs have been slowly declining, due to improvements made at power plants that have increased their efficiency by nearly 30%, when compared to 15 years ago.

New designs for larger nuclear power plants are expected to further reduce costs and improve safety and reliability.

IPR_GCWH_TECH_Print_WJ_01.19.22.pdf

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Víctor Rodríguez

Public Affairs Specialist (Puerto Rico and the USVI), Social Security Administration

Representative payees help you manage your Social Security benefits Social service agencies, nursing homes and other organizations could be qualified as representative payees

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ome people receiving monthly Social Security benefits may need help managing their money. Whenever the Social Security Administration receives information showing you need help, we’ll work with you to find the most suitable representative payee to manage your benefits.

A representative payee receives your monthly benefit payment on your behalf and must use the money to pay for your current needs, including: * Housing and utilities * Food * Medical and dental expenses * Personal care items * Clothing * Rehabilitation expenses (if you have a disability) If you require help managing your benefits, you should contact a Social Security representative and tell him/her you want someone to be your representative payee. This person should be someone you trust and see regularly, and who clearly understands your needs. Social service agencies, nursing homes, or other organizations are also qualified to be representative payees. Ask Collectively, these beneficiaries received about them to contact us. Social Security must always $830.7 million a month. interview, appoint, and authorize The most recent statistic the person –or entity– who will available for representative payees perform these representative dates from 2019, when eight payee duties. percent of all beneficiaries in the You can write us within United States had been assigned 60 days of being assigned a one.

Until last representative payee if you We also offer an option called December, don’t agree that you need Advance Designation, which there were 824,336 one or if you want a different allows you to designate now up Social Security representative payee. to three persons –in order of beneficiaries in PR Until last December, there preference– to be considered as receiving more than were 824,336 Social Security your representative payee in case $830.7 million in cash beneficiaries receiving a that you need one in the future. In benefits. monthly check from the Social the event you can no longer make Security Administration, your own financial decisions, you including children whose and your family will have peace of parents receive disability or mind knowing that someone you retirement benefits or who are trust may be appointed to manage deceased; retired adults and disabled persons. your benefits for you.

In fact,

You can submit your advance designation request when you apply for benefits, or after you are already receiving benefits. You may do so through your personal “my Social Security” account at www.ssa.gov/myaccount or by calling and speaking to a Social Security representative.

You can find more information at www.ssa.gov/ payee.

Due to the COVID-19 pandemic, Social Security offices could not receive visitors except for previously arranged appointments on special limited critical situations. However, we continue to provide our services by phone and internet. If you have questions about Social Security benefits and services, please access www.socialsecurity.gov.

You can also access our automated services at 1-800-772-1213 or call your local Social Security office Monday through Friday from 9:00 a.m. to 4:00 p.m. To locate the telephone number of your local field office, please input your residential zip code at www.ssa.gov/locator/.

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/ Wednesday, January 19, 2022 Many churches across the U.S. are facing financial hardship 2 years into the Covid-19 pandemic. > Photo by Rev. Lucy Robbins via AP

In fact, At least half of the nearly 15,300 congregations surveyed reported a weekly attendance of 65 or less.

Pandemic hits collection plates at many churches Congregations across the country are struggling financially

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Holly Meyer and Haleluya Hadero, The Associated Press

iltmore United Methodist Church of Asheville, North Carolina, is for sale.

Already financially strapped because of shrinking membership and a struggling preschool, the congregation was dealt a crushing blow by the coronavirus.

Attendance plummeted, with many staying home or switching to other churches that stayed open the whole time. Gone, too, is the revenue the church formerly got from renting its space for events and meetings.

“Our maintenance costs are just exorbitant,” said the Rev. Lucy Robbins, senior pastor. “And we just don’t have the resources financially that we used to have to be able to do the kind of ministry work that we would like.”

A Sobering Reality

Biltmore is just one of an untold number of congregations across the country that have struggled to stay afloat financially and minister to their flocks during the pandemic, though others have managed to weather the storm, often with help from the federal government’s Paycheck Protection Program, or PPP, and sustained levels of member donations.

The coronavirus hit at a time when already fewer Americans were going to worship services — with at least half of the nearly 15,300 congregations surveyed in a 2020 report by Faith Communities Today reporting weekly attendance of 65 or less — and exacerbated the problems at smaller churches

where increasingly lean budgets often hindered them from things like hiring full-time clergy.

“The pandemic didn’t change those patterns, it only made them a little bit worse,” said Scott Thumma, director of the Hartford Institute for Religion Research and co-chair of Faith Communities Today.

Attendance has been a persistent challenge. As faith leaders moved to return to in-person worship, first the highly transmissible Delta variant and now the even faster-spreading Omicron have thrown a wrench into such efforts, with some churches going back online and others still open reporting fewer souls in the pews.

At Biltmore, for example, attendance at weekly services are down from around 70 pre-pandemic to just about 25 today, counting both in-person and online worship.

After congregants voted last May to put the church property, a - Rev. Lucy Robbins two-building campus perched on a verdant knoll just off Interstate 40, on the market, church leaders are still figuring out what comes next, including where the congregation will call home. But they hope to use some of the proceeds from the property sale to support marginalized communities and causes like affordable housing.

said the Rev. Kevin Riggs, the church’s pastor.

Still, it has been a battle. During the 15 months that services at Franklin went online-only, some members left for other congregations or got out of the habit of giving, according to Riggs. Weekly attendance is down from around 100 to less than 40, and the Omicron spike recently forced the church to go virtual again.

The impact is felt in the collection plate: The money coming in now is just about a third of what it was before the pandemic, the pastor said. The church has cut spending where it could, turned to grants to try to make up the difference and worked to raise more money from community members who don’t attend but support the church’s ministries, such as serving homeless people.

“We’re surviving. …

But we have felt the hurt,” Riggs said.

During the pandemic, experts said many congregations embraced online giving, which could boost contributions by $300 per person annually, according to The Faith Communities Today report.

More broadly, various other surveys and reports show a mixed picture on congregational giving nationwide.

Gifts to religious organizations grew by 1% to just over $131 billion in 2020, a year when Americans also donated a record $471 billion overall to charity, according to an annual report

by GivingUSA. Separately, a September survey of 1,000 protestant pastors by the evangelical firm Lifeway Research found about half of congregations received roughly what they budgeted for last year, with 27% getting less than anticipated and 22% getting more.

Our maintenance costs are just exorbitant, and we just don’t have the resources to be able to do the kind of ministry work we would like.

Less Donations

Unlike Biltmore, Franklin Community Church, about 20 miles outside of Nashville, Tennessee, doesn’t have its own sanctuary, holding services instead at a public school. That turned out to be a blessing during the pandemic, with no need to worry about a mortgage, upkeep, insurance or utilities.

“We wouldn’t have survived if we’d had all that,”

14

/ Wednesday, January 19, 2022

Netflix to increase prices in U.S. and Canada

Prices are going up by $1 to $2, depending on the plan Tali Arbel, The Associated Press

N

etflix is raising prices for its video streaming customers in the U.S. and Canada, less than a year and a half since its last price increase, as competition from other streaming services

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increases.

The Los Gatos, California, company revealed last week that prices are going up by $1 to $2, depending on the plan.

The “standard” plan million subscribers, some 74 The “standard” plan that most will increase by million are in the U.S. and people take is increasing by $1.50, to $15.50 in Canada. It got an influx of $1.50, to $15.50. The Canadian the U.S. global subscribers early in the version is going up by the same pandemic, but is investing in amount in local currency, to video games as it looks beyond $16.50 Canadian dollars. movies and TV for growth.

Price increases are becoming In the U.S., Netflix’s most expensive plan is more of a regular feature at Netflix, which is facing increasing by $2, to $20; its basic plan is up $1, saturation in the U.S. market. Of Netflix’s 213.5

to $10. The plans vary based on variables like the number of screens users can watch Netflix on at the same time and the number of phones or tablets that can have downloads. The company still mails out DVDs in a service that requires a separate plan.

The price increase is effective as of this Friday, Jan. 21st. Netflix will tell customers by email and inside the Netflix app before the new price is applied to them.

Customers in New York, Alabama and Louisiana also got hit with a new local sales tax bill, which Netflix says was because of the addition of video games to the service.

Raising prices carries the risk that people will cancel. Netflix remains the dominant U.S. streaming service, but others, such as HBO Max and Disney+, have increased in popularity.

Netflix shares gained in late trading after news of the price increase came out. The stock closed up $6.49, or 1.3%, to $525.69. The company reports its fourth-quarter financial results tomorrow.

555.55-carat black diamond lands in Dubai The Associated Press

Auction house Sotheby’s Dubai has unveiled a diamond that’s literally from out of this world.

Sotheby’s calls the 555.55-carat black diamond — believed to have come from outer space — “The Enigma.” The rare gem was shown off to journalists as part of a tour in Dubai and Los Angeles before it is due to be auctioned off in February in London.

Sotheby’s expects the diamond to be sold for at least 5 million British pounds ($6.8 million). The auction house plans to accept cryptocurrency as a possible payment as well.

Sophie Stevens, a jewelry specialist at Sotheby’s Dubai, told The Associated Press that the number five bears an importance significance to the diamond, which has 55 facets as well.

“The shape of the diamond is based on the Middle-Eastern palm symbol of the Khamsa,

five running throughout the diamond,” she added.

Stevens also Black diamonds are said the black extremely rare and diamond is likely are found naturally from outer space. only in Brazil and “With the Central Africa. carbonado diamonds, we believe that they were formed through extraterrestrial origins, with meteorites colliding with the Earth and either forming chemical vapor disposition or indeed coming The 555.55-carat black diamond, “The Enigma”, will be auctioned in from the meteorites themselves,” she said.

London in February. >AP Photo/Kamran Jebreili Black diamonds, also known as carbonado, which stands for strength, and it stands for are extremely rare, and are found naturally protection,” she said. Khamsa in Arabic means only in Brazil and Central Africa. The cosmic five. origin theory is based on their carbon isotopes “So there’s a nice theme of the number and high hydrogen content.

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15

/ Wednesday, January 19, 2022

A journalist takes images of pictures of Anne Frank at the renovated Anne Frank House Museum in Amsterdam, Netherlands. >AP Photo/Peter Dejong

Cold case team shines new light on betrayal of Anne Frank Over 30 suspects in 20 different scenarios were investigated to identify the most likely scenario

A

Mike Corder The Associated Press

cold case team that combed through evidence for five years in a bid to unravel one of World War II’s enduring mysteries has reached what it calls the “most likely scenario” of who betrayed Jewish teenage diarist Anne Frank and her family.

Their answer, outlined in a new book called “The Betrayal of Anne Frank, A Cold Case Investigation,”

by Canadian academic and author Rosemary Sullivan, is that it could have been a prominent Jewish notary called Arnold van den Bergh, who disclosed the secret annex hiding place of the Frank family to German occupiers to save his own family from deportation and murder in Nazi concentration camps.

“We have investigated over 30 suspects in 20 different scenarios, leaving one scenario we like to refer to as the most likely scenario,” said filmmaker Thijs Bayens, who had the idea to put together the cold case team, that was led by retired FBI agent Vincent Pankoke, to forensically examine the evidence.

Bayens was quick to add that, “we don’t have

100% certainty.”

The note was an overlooked part of a decades“There is no smoking gun because betrayal is old Amsterdam police investigation that was circumstantial,” Bayens told The Associated Press reviewed by the team, which used artificial on Monday. intelligence to analyze and draw links between The Franks and four other Jews hid in the archives around the world. annex, reached by a secret staircase hidden The Anne Frank House museum in the canal-side behind a bookcase, from July 1942 until they Amsterdam building that includes the secret annex were discovered in August 1944 and deported to welcomed the new research, but said it also leaves concentration camps. questions unanswered. The Only Anne’s father, Otto Frank, museum gave the researchers survived the war. Anne and her access to its archives for the cold sister died in the Bergen-Belsen case project. concentration camp. Anne was 15.

“No, I don’t think we can say The diary Anne wrote while in that a mystery has been solved Jewish hiding was published after the war now. I think it’s an interesting notary Arnold van and became a symbol of hope and theory that the team came up den Bergh could resilience that has been translated with,” said museum director have disclosed the into dozens of languages and read Ronald Leopold. “I think they secret annex hiding by millions. come up with a lot of interesting place of the Frank information, but I also think family to German The Investigation there are still many missing occupiers to save But the identity of the person pieces of the puzzle. And those his own family who gave away the location of pieces need to be further from deportation their hiding place has always investigated in order to see how and murder in remained a mystery, despite we can value this new theory.”

Nazi concentration previous investigations.

Bayens said the hunt for camps.

The team’s findings suggest the betrayer was also a way that Otto Frank was one of the of looking for an explanation first to hear about the possible of how the horror of the involvement of Van den Bergh, a Nazi occupation forced some prominent member of the Jewish community in members of a once close-knit Amsterdam Amsterdam. community to turn on one another.

A brief note, a typed copy of an anonymous tip How did fascism bring people “to the desperate delivered to Otto Frank after the war, names Van point of betraying each other, which is an awful, den Bergh, who died in 1950, as the person who really awful situation?” he said. informed German authorities in Amsterdam where “We went looking for a perpetrator, and we to find the Frank family, the researchers say. found a victim,” Bayens said.

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