The Weekly Journal - Wednesday, March 9, 2022

Wednesday, March 9-15, 2022 - // no. 150

Puerto Rico and the Caribbean

www.theweeklyjournal.com

CNE evaluates the pitfalls of the Adjustment Plan P6 Bitcoins and the war in Europe P9 Lessons to be learned from Ukraine P10

Credit unions set

their sights on helping SMEs Co-ops are willing to provide the necessary support

C

Brenda A. Vázquez Colón and Juan A. Hernández, The Weekly Journal

Sully Díaz, she is a “Rican” P14

o-ops are turning their attention to small and medium-sized entrepreneurs (SMEs) seeking help for their businesses through commercial loans, since this economic segment –which has been significantly impacted by the pandemic– has shown interest in the services offered by these financial institutions.

“Commercial loans have had a growth of 6.68%. We are looking for more tools and resources to help small

businesses, and we also want to attract young entrepreneurs to learn about and participate in the credit union system,” said Mabel Jiménez Miranda, executive president of the Puerto Rico Public Corporation for Co-op Supervision and Insurance (Cossec, for its Spanish acronym).

Jiménez Miranda explained SMEs have great business potential for co-ops, which are willing to provide the necessary support, so they can get ahead during the economic crisis the island is experiencing.

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The Weekly Journal > Wednesday, March 9, 2022 >

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La verdad es que los celos y el control también son ma rato

La verdad te necesita para cambiar realidades.

La verdad no tiene precio.

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a week in review Denny’s Opens on Calle Loíza Denny’s Restaurant, the leader in Puerto Rico’s family casual dining sector, is set to open a new location on Calle Loíza in San Juan. The new 3,400 square-foot restaurant will be able to seat 145 guests.

Additionally, it will host a full bar and outdoor seating area. “We continue to expand our commitment to Puerto Rico with more than 1,400 employees. We are focused on opening more stores and continuing our growth. We have been operating our stores as a purely Puerto Rican family business for more than three decades,” said Phillip Faigenblat, CEO of the Marpor Corporation, which owns and operates all of the island’s Denny’s restaurant.

World Central Kitchen Collaborates with Marc Anthony Foundation World Central Kitchen (WCK) has teamed up with the Maestro Cares Foundation, established by singer Marc Anthony and businessman Henry Cárdenas, to offer grants of between $30,000 and $50,000 to help organizations build or remodel community kitchens and dining rooms intending to serve youth under 18 years of age. Organizations serving children and youth under the age of 18, non-profit organizations classified under 501(c)3, and community groups with a 501(c)3 classification are welcome to apply for this grant. “This initiative will create a network of community kitchens capable of addressing the daily nutritional and food needs of young people around Puerto Rico, and of providing a food response in times of emergency,” said Mikol Hoffman, director of WCK Food Producers. The deadline for applications is April 5, 2022.

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

Spirit Airlines Launches Non-Stop Route from Ponce to Orlando Spirit Airlines is now offering non-stop service between Orlando, Florida, and Ponce, Puerto Rico. The direct flight, which was announced a few months ago, between the Orland International Airport (MCO) and the Mercedita International Airport in Ponce (PSE) will run daily. The new route is projected to have an economic impact of approximately $8.7 million and 44,370 seats by December of this year. Airbus A319 aircraft - with a capacity of 140 passengers, equipped with ergonomic seats, WiFi, and updated interiors - will serve this route. From March 1 to May 4, Ponce and Orlando residents can take advantage of a promotional launch price starting at $99 one-way. Tickets must be purchased 21 days in advance to be eligible.

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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Zoimé Álvarez Rubio, Executive Vice President at Puerto Rico Bankers Association. >File

CONTINUED FROM PAGE 1

is without taking into consideration SBA (Small Business Administration) benefits to start-ups and She also recognized that, by the end of 2021, small entrepreneurs,” said Álvarez Rubio. savings and loans co-ops (CACs for their Spanish Questioned about the non-recurring nature acronym) in Puerto Rico experienced a significant of the federal assistance programs, the PRBA increase in their deposits, shares, loans’ portfolio official said that although the specific amount and the total number of associates now being part of funding always has a multiplying factor, of the island’s co-op sector. financial institutions also look for sustainability.

“Everybody is rooting in favor Bankers Association’s Two of economic development… in Cents favor of the permanence of the Zoimé Álvarez Rubio, Executive economic transformations Puerto As of Vice President at Puerto Rico Rico needs,” Álvarez Rubio said, December 31, 2021, Bankers Association (PRBA) said referring to the modernization the credit unions’ that all financial institutions in of the island’s electrical network loans portfolio was Puerto Rico are experiencing high and the redeveloping of the 39.44% personal liquidity thanks to the influx of transportation infrastructure. loans, 25.53% cash federal funds provided in Furthermore, interest rates in mortgages and the form of individual economic co-ops are significantly lower for 23.68% car loans. benefits to offset the effects members, than in commercial of the Covid-19 pandemic, banks, thus presenting a very hurricanes Irma and María, and attractive alternative to the the 2020 earthquakes. borrower.

“Federal benefits programs Co-ops’ financial data shows that, as of have provided an increase in deposits between December 31, 2021, the total amount of loans $60 and $80 billion, which in turn makes loaning in their portfolio was exceeding $5.6 billion, an more attractive for financial institutions… That

In fact,

Commercial loans have had a growth of 6.68%. We are looking for more tools and resources to help small businesses, and we also want to attract young entrepreneurs to learn about and participate in the credit union system.

Mabel Jiménez Miranda Executive president, COSSEC

increase of 8.02% ($419 million), when compared to 2020. In the loans’ portfolio, 39.44% were personal loans, 25.53% were mortgages and 23.68% were car loans.

Industry’s outlook

Estudios Técnicos, Inc. (ETI), a planning, research

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There is no doubt that the results of the third quarter for the credit union sector continue to show a good performance. They continue to expand their client base, maintain the quality of their assets, and remain committed to providing low-income communities with access to financial products and services to foster community development.

Leslie Adames Director of ETI’s Economic Analysis and Policy Division

and economic advisory firm, published in January the Financial Stability Index for the island’s credit union industry. Co-ops in Puerto Rico received a 0.71 rate for the third quarter of 2021, a 0.22 increase from the third quarter of 2020.

Economist Leslie Adames, Director of ETI’s Economic Analysis and Policy Division, explained that the index fluctuates between 0 (financial fragility) and 1 (financial strength). The index measures the financial health of the credit union industry regarding four criteria: liquidity (total loans to deposits, or LtD), solvency (capital to total assets, or E / A), asset quality (nonperforming loans or NPL to Total Loans) and profitability (return on assets, or ROA).

“There is no doubt that the results of the third quarter for the credit union sector continue to show a good performance. They continue to expand their client base, maintain the quality of their assets, and remain committed to providing low-income communities with access to financial products and services to foster community development. At the end of December 31, 2021, there were already 66 cooperatives certified by the Community Development Financial Institution Fund to provide such services compared to 9 cooperatives in 2019,” said Adames.

It must be noted that co-ops have an outstanding claim against the government of Puerto Rico for unpaid interests from government bonds the co-ops were forced to buy between 2009 and 2012. At least six credit unions have filed a claim against Cossec, the Treasury Department and the now extinct Governmental Development Bank (GDB), charging that all three entities conspired in a “fraud scheme” to forced co-ops to buy government bonds knowing the Commonwealth was in a state of insolvency.

The group of co-ops is currently appealing continues to be individual deposit accounts, with the federal court’s recent decision on the 70.07%, followed by savings certificates with Commonwealth’s Debt Adjustment Plan arguing 14.75%. their claim did not receive adequate protection in Jiménez also indicated that Cossec works to the bankruptcy process. develop and simplify co-op structures, which in In a financial statement from June 2020, Cossec turn would allow the productive sectors of Puerto reported that, as of fiscal 2018, the amortized cost Rico to integrate into the savings and credit of the acquired government bonds was $43.18 system. million, with a market value of “We offer training to cojust $17.44 million. ops boards of directors and Still, for Cossec’s president, supervisory committees the industry is thriving. According to maximize the informed to Jiménez Miranda, statistics decision-making process and confirmed that, as of December improve the fiscal health of the Federal 31, 2021, the 109 co-ops insured institutions. We started this year benefits programs and regulated by Cossec with the certainty that the cohave provided an increased their membership by op movement is still strong and increase in deposits 11.79%, when compared to 2017. through the solvency of the CACs between $60 and “Co-ops started 2022 with this we will continue to contribute $80 billion, which in extraordinary news that validated positively to the socioeconomic turn makes loaning the trust of our people in the development of Puerto Rico,” said more attractive for cooperative system,” she said.

Cossec’s executive president. financial institutions.

The increase registered in the Regarding the competition past four years by co-ops –which of federal co-ops, which have currently have almost 3,200 now ventured into the island employees– translates into a total with very competitive interest of 116,524 new associates. rates, Jiménez Miranda said, “savings and credit Álvarez Rubio admitted co-ops are “a very co-ops regulated by Cossec are being able to important part of our financial system, and they compete, and certainly direct service, personalized are ready to present very good offers in favor of treatment and the freedom the associate has their members.” to sit down with the managers and executives Cossec report also highlights that the highest and discuss financing alternatives, makes the proportion in the distribution of deposits difference”.

In fact,

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The Center for a New Economy’s Take on 2022

Think tank experts assess the pitfalls of the FOMB’s Plan of Adjustment

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Zoe Landi Fontana, The Weekly Journal

arely three months in, and 2022 has brought plenty of new developments on both the local and global stages. The Financial Oversight and Management Board’s new Plan of Adjustment (POA), certified on Jan. 27 of this year, is one such development.

The Center for a New Economy, Puerto Rico’s foremost policy think tank, evaluated the highlights of the POA and gave its assessment of the plan’s feasibility – which was not always in line with the FOMB’s nor the current administration’s. “[We] shouldn’t make the mistake of equating

a set of quite disparate and perhaps marginally effective structural reforms with an economic strategy. Simply stated, the structural reforms favored by the FOMB and set forth in the Fiscal Plan are second-order issues and will not generate the economic growth Puerto Rico requires, both for increasing the living standards of its people and to pay off its restructured debt, unless they are embedded or framed within a larger economic strategy or vision,” warned Sergio Marxuach, Director for Public Policy at the CNE.

Debt Restructuring

The POA decreases the Puerto Rico government’s debt obligations by nearly 48%, but total debt relief may not be as high as the FOMB claims because it does not take into account potential recoveries made through payments on the Contingent Value Instruments (CVIs).

The Plan of Adjustment reduced debt services from an annual average of $1.33 billion to $666 million. Additionally, it put into place multiple

measures to limit falling further into debt in the future based on the assumption that the island will not borrow for any reason over the next five years.

Medicaid

The CNE does not approve of the Centers for Medicare and Medicaid Services (CMS) interpretation of the Medicaid funding cap provision for Puerto Rico. The new interpretation, under Section 1108(g) of the Social Security Act, raised the allotted cap for FY2022 from $406 million to $2.943 billion.

While the FOMB regards this new interpretation as a long-term solution to provide Medicaid funding to the island, the CNE does not agree, referring to the fact that the CMS letter is not a binding administrative order.

Pensions

The CNE found that the true cost of the retirement system this year will be $5.146 billion,

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Simply stated, the structural reforms favored by the FOMB and set forth in the Fiscal Plan are second-order issues and will not generate the economic growth Puerto Rico requires, both for increasing the living standards of its people and to pay off its restructured debt.

Sergio Marxuach Director for Public Policy, CNE

made up of the System 2000 Settlement ($1.376 billion, one time), Fiscal Year 2022 Deposit to Pension Reserve Trust ($1.420 billion), and PayGo payments to current retirees ($2.350 billion).

The Fiscal Plan prevents an 8.5% reduction in pension benefits for current retirees and will create a pension reserve trust to ensure university’s budget was reduced by 48% - from that beneficiaries will continue to be supported $911 million in 2017 to $466 million in 2022. regardless of the island’s economic situation. This “[If] the FOMB is really counting on improving reserve trust is to be funded by contributions human capital in Puerto Rico as an engine for of current government workers and a formula growth in the future, then dismantling the UPR based on the Commonwealth’s expected annual surpluses, at a rate of $1.03 billion annually for the next decade, according to the FOMB. The CNE points out that pension related payments will be in the neighborhood of $3 billion, thus becoming the largest single General Fund expenditure item during the next decade. It is Marxuach’s understanding that this $3 billion payment represents the price the people of Puerto Rico will have to pay for “decades of mismanagement, for the many years government agencies failed to make The University the required pensions of Puerto Rico is contributions and for the facing the largest multiple times the central budget cuts of all, government ‘borrowed’ in comparison to from the retirement fund other government and never repaid the agencies. ‘loan’.” Marxuach also emphasized this should not be construed as an argument in favor of reducing pension benefits.

It must be noted that PayGo plans, unlike defined-benefit plans, there is no guarantee of how much money employees will get at the moment of their retirement.

In fact,

University Of Puerto Rico

The University of Puerto Rico is facing the largest budget cuts of all, in comparison to other government agencies. From 2017 to 2022, enrollment has dropped by 23%, a number that some cite as justification for the reduction in UPR’s General Fund. The CNE, however, does not agree because while enrollment decreased by 23%, the

is outright counterproductive. Therefore, we recommend that, if the projected savings in the Commonwealth’s contribution to the operation of the Medicaid program are, in fact, realized, at least a portion of the funds that become available to the Commonwealth be allocated to the University of Puerto Rico,” stated Marxuach.

Six issues To watch In 2022

How the new Plan of Adjustment ends up playing out is dependent on global trends as well as local. With that in mind, here are six themes that the CNE will be keeping its eye on in 2022.

1) Covid-19. The pandemic still affects everyday life, and scientists are uncertain as to when it will become endemic like the flu. For the time being, it could continue to develop and present further challenges.

2) Puerto Rico’s debt restructuring.

“Everything depends on jumpstarting economic growth,” said Marxuach.

3) Post-Hurricane María Reconstruction.

This year will see federal spending in action on reconstruction projects, especially in the housing and energy sectors.

4) The U.S. Mid-term Elections. Any pending federal legislation to increase federal spending in Puerto Rico could be jeopardized if the Republicans, as forecasted, take control of a Congressional chamber. The CNE recommends that Puerto Rico aggressively push its agenda in Washington D.C. before the summer break.

5) Inflation. Consumer prices continue to rise at rates not seen in decades, the mitigation of which depends on the Fed’s monetary policies.

6) Geopolitics. Even prior to Russia’s invasion of Ukraine, the Council on Foreign Relations’ most recent Preventative Priorities Survey found that there was “…an alarming trend: severe food shortages, diminished foreign aid, political instability, and deteriorating economic conditions are accelerating humanitarian and refugee crises around the world.”

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What Makes Women the Cornerstone of Homes and Offices?

between women and men has nearly doubled in the past year. In 2021, 42% of women said they had been often or almost always burned out, compared to 32% a year before.

In addition to the burden of responsibilities and caretaking at home, women in the workplace play an essential role in mitigating burnout and fatigue Zoe Landi Fontana, The Weekly Journal for their colleagues – a phenomenon called “office housekeeping”.

“The role that they’re playing is really ver the past few years, working instrumental, frankly, to keep a lot of companies women with school-age or going. Women senior leaders do more to help their younger children have been employees navigate work-life challenges, relative disproportionately negatively to their male peers. Similarly, they affected by spend that additional time helping the COVID-19 manage workloads, and they’re pandemic, 60% more likely to be focusing according to the Organisation on emotional support,” explained for Economic Co-operation and Alexis Krivkovich, Senior Partner While Development’s (OECD) 2020 Risks at McKinsey & Company. almost 70% of that Matter (RTM) survey.

Women’s emotional labor in the companies agree that The report found that due to workplace is taken for granted. the work employees school and childcare facilities While almost 70% of companies do to support closures, mothers were three agree that the work employees do employee well-being times more likely than fathers to to support employee well-being is extremely critical, take on the majority of unpaid is extremely critical, less than a less than a quarter care work. Conversely, RTM 2020 quarter actually recognize this actually recognize data showed that in cases where work in formal evaluations, like this work in formal the father was unemployed, but performance reviews. evaluations, like the mother was employed, he did Women in senior leadership performance reviews. not complete any more household are outnumbered by men two to work. one, yet employees are equally Dynamics like these contribute likely to say that both women to the ever-perpetuated myth that and men leaders have supported women are unfit for career promotions and senior them in their careers. What this means is that leadership positions because of their inability to women in senior leadership take on roughly balance a full-time career with child-rearing. double the mentorship and sponsorship load as men leaders do.

Burnout In The office

Women shoulder unpaid labor at home and emotional labor at work

O

In fact,

For women who remain in the workplace stress is at an all-time high.

According to McKinsey’s Women in the Workplace 2021 research, the burnout gap

Steps forward

From a social policy perspective, government leaders should invest more in improving the

Women senior leaders do more to help their employees navigate work-life challenges, relative to their male peers.

Alexis Krivkovich Senior partner, McKinsey & Company

quality of public childcare, education, and outof-school support. According to the OECD, social policies to increase the length, and incentivizing the use of fathers’ parental leave would also facilitate gender mainstreaming. Gender mainstreaming is a strategy of implementing public policies with a gender equality perspective at each stage in the process.

Companies need to ensure that they apply the same best practices across hiring and performance reviews, focusing on reducing bias in hiring. They also need to track representation throughout the company in order to determine at what rates women, and especially women of color, are being hired and promoted compared to other employees.

“Very often I hear from male leaders, ‘well I’m not sure if I’m the right person to support this woman of color because I don’t have that experience. I won’t know what it’s like to be a mother, to be Hispanic, in some cases to have a disability, or some other form of intersectionality as well’. And my answer’s always, ‘if you are a leader, you are the person because if you don’t, then you leave all of that to someone else, and, disproportionately, what we see, to women,” said Krivkovich.

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Bitcoin again viewed as safe haven amid geopolitical tension Other cryptocurrencies have also soared

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Matt Ott The Associated Press

itcoin prices have surged as investors again appear to view the volatile cryptocurrency as a safe haven for their money and Russians and Ukrainians seek alternatives to their country’s financial institutions.

After initially falling to around $34,000 following Russia’s advance into Ukraine last week, bitcoin pushed about 10% higher early last week and is now up more than 25% in the previous week, to $43,900 last Wednesday afternoon. Other cryptocurrencies have also soared.

Russians are exchanging their rapidly devalued rubles for bitcoin to attempt to mitigate the impact of the economic sanctions imposed by the international communities for their country’s attack on Ukraine. The Ukrainian government has recent days, but such trading still only represents limited its citizens’ ability to conduct electronic a small fraction of the overall volume. Translation: fund transactions, so Ukrainians are also turning investors at large are viewing bitcoin and other to bitcoin and other cryptocurrencies. They’re also cryptocurrencies as a good place to store assets buying stablecoins whose values are pegged to the again.

U.S. dollar.

Kyle Waters, a research analyst at Coin Prior to the Russian invasion, bitcoin had been Metrics, said crypto trading data confirms trading in a way similar to other riskier assets such that recent geopolitical events have “more as technology stocks. Investors generally” increased demand have been expecting the Federal for cryptocurrency, which can Reserve to soon begin raising be transferred anywhere and interest rates in response to high without the need for a third inflation. They moved money out party. of more speculative investments “This could go for anyone, and Prior to the Russian such as bitcoin and bought stocks certainly could include everyday invasion, bitcoin had of other industries that tend to Russian and Ukrainian citizens been trading in a perform well when rates are trying to escape a devaluing local way similar to other rising. currency,” Waters said.

In fact,

Safe Haven

riskier assets such as technology stocks.

That changed after the invasion, when Western countries responded with a series of steps that limit the ability of Russia’s government and the country’s oligarchs to access the financial systems. Those moves have spillover effects for Russia’s citizens, who have been lining up at banks and ATMs to withdraw money.

Blockchain data and analytics firm Coin Metrics says trading volume in bitcoin in exchange for both rubles and Ukrainian hryvnia has spiked in

Some analysts and media reports have speculated that Russian oligarchs could use cryptocurrencies to avoid sanctions. The Justice Department said it is creating a task force that would, among other things, attempt to thwart any efforts to use cryptocurrency to get around sanctions.

Some analysts suggest this bitcoin surge may already be nearing its ceiling as prices for energy jump as the Russia-Ukraine conflict rages. Bitcoin mining, where computers are used to verify bitcoin transactions, consumes an enormous amount of

Bitcoin has had a nice run, but exhaustion in this rally will likely settle in as surging energy costs will likely impact some mining abroad.

-Edward Moya OANDA

energy.

“Bitcoin has had a nice run, but exhaustion in this rally will likely settle in as surging energy costs will likely impact some mining abroad,” said Edward Moya of Oanda in a markets summary report.

In addition to both the heightened regional and broader crypto market activity, millions of dollars’ worth of cryptocurrency have been donated to Ukraine since the invasion.

Elliptic, a firm that tracks cryptocurrency transactions, says $33.8 million worth of digital currency has been donated to Ukraine’s government and non-governmental organizations there since the start of Russia’s invasion.

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Kenneth Davison McClintock 22nd Secretary of State of Puerto Rico

Kenneth Davison McClintock 22nd Secretary of State of Puerto Rico

Lessons from Ukraine

FT

The Right to Life

After thirty years of independence from the old USSR, most Ukrainians, especially those born in freedom, know no other system than a solidly institutionalized democracy. In just two weeks, they have discovered its fragility.

or the past two weeks, Puerto Ricans have he Right to Life” is a been observing phrase from used in the afar the horrendous national discourse only in the context of the invasion by Vladimir beginning Putin’s Russia of its of life when discussing women’s neighboring country, right to choose or the Ukraine, expressing solidarity with end of life and euthanasia.

However, at least once Ukrainians and the direct effects athat person is born, he or she has an enduring right it has been triggering in our of survival throughout life. In designing several pocketbooks. It remains to be seen important federal programs since as far back as if Puerto Rico has been discerning, the nineteenth century, the Federal government within the terrible fog of war, multiple has sought to help Americans prolong their lives. lessons beCivil learned our people. self-sufficient.’ If we can do it, then it Duringtothe War, by President Abraham Lincoln First of all, are we learning the should be done.” saw the need to create a system, now known as lessons of democracy’s fragility?

After In order to reduce our dependence the Department of Veteran Affairs, to provide thirty who years of independence fromwith the medical on gasoline, we should follow a those fought in America’s wars old USSR, most Ukrainians, two-pronged strategy. First, have services that would help themespecially live and receive those born in freedom, knowprovide no other the Pierluisi administration develop medical services.

Few nations those who have served level ofinstitutionalized health services as America. system thanthe a solidly the support network necessary to During theIn Depression, as partthey of the New democracy. just two weeks, increase the use of electric, as well as Deal, federal government have the discovered its fragility. saw the need to hybrid plug-in, vehicles on our roads. help Americans afford basic health even notifying the Venezuelan coal and non-United States natural gas, They thoughtwho thatcould their not democratic Puerto Rico’s Energy Bureau, services, andrespected began to provide the federal be over $4 billion, and and its putative president America supports, but on international crude oil. treasury would system was by theirsome assistance. its chairman Edison Avilés In the 1960s, President Lyndon Johnson the federal share would be 83%.

President Guaidó, could an American The second lesson is that we must immediate neighbor, Russia, and that four commissioners, have begun spearheaded efforts to create Medicare the While those are automatic in aand state, also backstab Puerto Rico learn to be much less dependent onbenefits they would be strongly defended by for president pressuring PREPA LUMA to elderly and the disabled and Medicaid for the Puerto Rico’s non-voting representative Jenniffer if it’s diplomatically convenient in fossil fuels we don’t produce and can’t another world behemoth from afar, modify our network to support medically indigent.

González, Governor Pedro Pierluisi, and their As Congress struggles to and learn to be they not already control, more selfthe United States, the main beneficiary the future? Have electric vehicle (EV) chargers.

Unfortunately, federally subsidized medical predecessors for generations, have to devote repeatedly ignored the will of our reliant energywise. We’ve heard that of Ukraine’s willingness to give up its The administration has received assistance has not been made available to all legislate and keep America a lot of time and lobbying efforts to plead with people as to our future relationship? one before.

Fourteen years ago, one nuclear warheads over two decades millions of federal Americans in a non-discriminatory fashion.

Congress and every President from LBJ ondollars to seekto start fiscally stable past Friday, Learning that first lesson should of the world’s strongest renewable ago, in exchange for America’s treaty installing EV chargers throughout the As for veterans, VA facilities are doled out, not the equality that would guarantee residents of lead us to insist, more forcefully energy advocates, Bill Clinton, stated: promise to defend Ukraine’s territorial island.

It’s time to use Fast. This strictly on the basis of need, but as a result of Puerto Rico the “right to life” that is automaticit.on February 18, Puerto“In Ricans on than ever, for Puerto Rico’s status to the United States,the themainland. most integrity and sovereignty. could include providing subsidies patronage or political influence. Partisan politics the as wellcompelling as their beitresolved.

That mainland is a decision that candidate for complete only has Russia invaded its in when to private households, andNot seniority in Congress is factored is There are many reasons why an absolute apartment depends less on us and more on energy independencemajority is Puerto Rico neighbor, but the aUnited hasor clinic determined where new VAStates hospital will buildings and private of Puerto Ricans in Puerto Rico wantparkings to representatives in Congress Congress because they have tostatehood. import 100According install be located.

In that a state-like that and the President. found excuses tocase, partially renegejurisdiction on for-pay EVover chargers. to multiple polls, 75% should have two voting senators andatwo voting Among the multiple make partial sure inpercent of their energy.

The Congress should the next of Puerto Ricans in Florida, 60% of of Puerto its treaty promises to fully defend Ourover Secretary Housing could representatives doesn’t, up gettingsanctions the in New York and probably absolute the West has imposed battled, for yearsRicans and years, about former nuclearbut power thatends changed use federalan funds at his disposal few days to include has language short end of stick. majority the two thirds of America’s Puerto on Russia lies our second lesson to what kind of tax incentives weofought its status asthe such at its prodding. to install EV chargers in our public Regarding Medicare, that same state-likebe learned: “Oil to liveprojects in the states rules”. the thetoRight give to Puerto to get who new have chosen that willNeither protect to RicoRicans The first lesson for Puerto Rico? housing that are home to jurisdiction representation in United the and not in discriminated Puerto Rico, also want EVs are not States nor the West have manufacturing jobs down there so that 56,000 As much aslacking we’ve voting been citizens of families because Life in Puerto Rico, providing national legislature as well as in the Electoral statehood for the territory.

However, because of well-off closed Russia’s oil spigot, the second they will not be so desperately worse the United States for 105 years, we only for the economically College that elects that jurisdiction’s president and the discrimination in extending federally financed oil producerequal in the world.

For 124under offMedicare than the rest of us. A lot of the benefits must always be aware that there anymore. vice president, Congress has built in mechanisms health services it is also a life or years, America has made Puerto incentives that have been given and to the island, are forces in our hemisphere that The second prong is to use our tax to extend Medicare services almost equally, but and Medicaid to its citizens in death issue, a denial of the Right to Life.

Rico dependent on fossil fuels. As a lower labor costs that are enjoyed have system to promote the sale of EVs. want toWhen breakI turned up that65 relationship, almost. last month, I qualified As Congress struggles to legislate and keep result, Puerto Rico has become the been totally wiped away in Puerto Rico our territory. regardless of the chronic lack of votes every car should for the Medicare coverage that I’d been paying America fiscally stableWhile past Friday, February 18,pay a minimal American jurisdiction most affected by the fact that they have to import for independence in our ballot boxes, excise tax, EVs that currently pay $0 premiums for 47 years. However, if I didn’t ask Puerto Ricans on the mainland as well as their by energy inflation triggered by 100 percent of their energy.

And they such as the powerful São Paulo should see a very gradual increase, particularly for “Part B”, one of the most important representatives in Congress should make sure Putin’s invasion ofto Ukraine. pay throughout much more for itin than Forum and the Puebla both conventional gasoline benefits, I wouldn’t get it.Group, Anywhere else in the the the nextrest fewofdays towhile include language that will vehicles services all the medically indigent Not onlyAmerica, are our the gasoline and diesel usstatutorily do. So, why doesn’t America avowed supporters independence should see aRico, less-than-gradual nation I would get thatofbenefit automatically. That protect thesay, Right to Life in Puerto providing cost in Puerto Rico is prices as fastatas in the of million the ‘That’s part of the United States, andunder Medicare for Puerto Rico.

In a time theRico, discriminatory rule---“opt in”inifwhich in Puerto “opt rising increase to motivate equal benefits and Medicaidthe to market to capped less thanrest $400 and the federal nation, butshare electric rates are goingofto we’re to figure its outcitizens a way through out” if anywhere else--was devised United States sent a delegation tofor Medicare purchase EVs. be our in our territory.

That should is limited to 55% the total cost,going requiring to be less for Maduro the federal government in rise much higher because Puerto Rico to the sun, through wind, through agenda for the next America’s poorest jurisdiction cover 45% of the the urgent meet withexpensive the Nicolás regime Weweek, have seeking to learnthe the second Puerto Rico, only Puerto Rico. full extension The Right to triggered Life in Puerto RicoPutin invasion In a state with demographics similar tothrough the is the onlycost. jurisdiction that produces efficiency, closing landfills,of and to potentially liftinsanctions and lesson by the Concerning Medicaid, program to provide through and statehood. nation’sentirely, most populated territory, the total electricity almost over 95%, on through allcost the to stuff we talkedequality about to enable the purchase ofthe Venezuelan and reduce our dependence on oil. a fossil fuel mix that includes not only make Puerto Rico completely energy oil and enrich its dictator without Fast.

“

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< The Weekly Journal > Wednesday, March 9, 2022

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/ Wednesday, March 9, 2022

Amazon is closing all of its physical bookstores, as well as its 4-star shops and pop up locations, as the online behemoth reworks its physical footprint. >AP Photo/Ted Shaffrey

Amazon shuttering its physical bookstores and 4-star shops term physical retail experiences and technologies, and we’re working closely with our affected employees to help them find new roles within Amazon,” the company said in a statement.

It couldn’t be learned immediately how many Anne D’Innocenzi, The Associated Press Amazon workers are being affected.

Amazon opened its first brick-and-mortar mazon is closing all of its brickbookstore in 2015, two decades after it began and-mortar bookstores, as well selling books online and helped drive a number as its 4-star shops and pop up of shops out of business. Amazon’s 4-star shops, locations, which first made their debut in as the 2018, carry a limited selection online retail of best-selling products from behemoth top categories that Amazon. reworks its physical footprint. com sells, including devices, The Seattle-based company consumer electronics, toys said that the move, which and games.

Amazon opened affects 66 stores in the U.S. and The move comes as its first brick-andtwo in the United Kingdom, Amazon.com Inc.’s overall mortar bookstore in will enable it to concentrate its revenue growth is slowing, and 2015, two decades efforts on Amazon Fresh, Whole it’s looking for new ways to after it began selling Foods Market, its convenience reignite sales. books online. concept called Amazon Go and Neil Saunders, managing its upcoming Amazon Style director of GlobalData Retail, stores. Amazon Style, which will said the strategy comes as a sell fashion and accessories, is surprise. He said he believes it’s set to open in a Southern California mall later this an acknowledgment that the bookstores weren’t year. delivering the returns Amazon was looking for.

“We remain committed to building great, longSaunders said he thinks the main problem with

The company will concentrate its efforts on other projects

A

In fact,

They [Amazon stores] were designed for people to pop in and browse, rather than as destinations where people would head on a mission to buy something.

Neil Saunders Managing director, GlobalData Retail

Amazon’s non-food stores is that they lacked a real purpose, even though the merchandise was wellpresented.

“They were designed for people to pop in and browse rather than as destinations where people would head on a mission to buy something,” he wrote in a note. He noted that ultimately that wasn’t good for driving customer traffic, especially in an era where people are visiting shops less.

Saunders added that the other problem is the assortment which, in many locations, was disjoined and unfocused.

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/ Wednesday, March 9, 2022

States launch probe into TikTok’s effect on kids’ health

It has been criticized for practices and promotion of content that can endanger young users

S

MARCY GORDON - The Associated Press

tate attorneys general have launched a nationwide investigation into TikTok and its possible harmful effects on young users’ mental health, widening government scrutiny of the wildly popular video platform.

The investigation was announced last week by a number of states led by California, Florida, Kentucky, Massachusetts, Nebraska, New as screen-time management, to TikTok has an Jersey, Tennessee and Vermont. help young people and parents estimated 1 billion U.S. lawmakers and federal moderate how long children monthly users and regulators have criticized TikTok, spend on the app and what they is especially popular citing practices and computersee. with teens and driven promotion of content they “We care deeply about younger children. say can endanger the physical building an experience that and mental health of young helps to protect and support the users. The platform has an well-being of our community, estimated 1 billion monthly users and appreciate that the state and is especially popular with teens and younger attorneys general are focusing on the safety children. of younger users,” the company said. “We look Last month, Texas opened an investigation into forward to providing information on the many TikTok’s alleged violations of children’s privacy and safety and privacy protections we have for teens.” facilitation of human trafficking.

Early last year, after federal regulators ordered “Our children are growing up in the age of social TikTok to disclose how its practices affect children media — and many feel like they need to measure and teenagers, the platform tightened its privacy up to the filtered versions of reality that they see practices for users under 18. on their screens,” California Attorney General Rob As its popularity has swelled, TikTok has Bonta said in a news release. “We know this takes come under a barrage of criticism from state a devastating toll on children’s mental health and officials, federal regulators, consumer advocates well-being.” and lawmakers of both parties. Republicans Bonta said the investigation aims to determine if have especially homed in on the company’s TikTok is violating the law in promoting its platform ties to China. TikTok is owned by Beijing-based to young people.

ByteDance.

Government officials and child-safety advocates “TikTok threatens the safety, mental health maintain that TikTok’s computer algorithms and well-being of our kids,” Rep. Cathy McMorris pushing video content to users can promote eating Rodgers of Washington, the senior Republican on disorders and even self-harm and suicide to young the House Energy and Commerce Committee, said viewers. at a hearing last week.

Late last year, a similar coalition of state attorneys general began an investigation into TikTok’s Response the Instagram photo-sharing platform, owned by TikTok has said it focuses on age-appropriate Facebook parent Meta Platforms, and its effects experiences, noting that some features, such as on young people. The action came after former direct messaging, are not available to younger Facebook product manager Frances Haugen users. The company says it has tools in place, such

In fact,

Our children are growing up in the age of social media – and many feel like they need to measure up to the filtered versions of reality that they see on their screens.

Rob Bonta California Attorney General

revealed internal company research showing apparent harm to some teen users of Instagram.

In his State of the Union address last week, President Joe Biden asked Congress to bolster privacy protections for children, including by banning advertising targeted at them and with measures aimed at reducing the promotion of content that contributes to addiction.

Critics of TikTok have pointed, for example, to incidents around the country that came to light last fall in which students vandalized school bathrooms and other equipment, and stole supplies — apparently in response to a viral TikTok challenge called “devious licks.” Also last fall, The Wall Street Journal reported that teenage girls had been seeking medical care for the sudden onset of tics, such as jerky motions and verbal outbursts; doctors said TikTok videos on Tourette syndrome could be a factor.

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/ Wednesday, March 9, 2022

Sully Díaz: from soap

opera star to being “a Rican” The actress now ventures into the stand-up comedy circuit

L

Juan A. Hernández, The Weekly Journal

ooking for something different to do Sunday night?

Look no further, go to a standup comedy show. But not just any show. Go to see Sully Díaz at the Fairmont San Juan Hotel.

Yes, I’m talking about that Sully Díaz… you know… Coralito, the girl from the famous “telenovela” from the 1980s.

Of course, now that she tours the stand-up circuit she goes by Sully D., which sounds more like a rapper’s name, but “a rose by any other name is still a rose.”

For those who don’t know her, or are too young to remember, Sully quickly became a household name in the 1980s after she debuted as “Coralito,” (little coral) the leading character in the telenovela by the same name. A modern-day Cinderella story (Caribbean style), Coralito was a hit and started Sully’s career in show business.

Fast forward to the current roaring twenties, Sully is now venturing in stand-up comedy with her show “I am Rican”.

“I was born in Puerto Rico’s largest barrio, the Bronx, in New York. But my parents were Puerto Ricans, so… throw that together and you get a ‘Nuyorican.’ So, I am Rican,” asserts Sully right of the bat at the beginning of her show.

Like any other ‘Rican’ Sully’s on stage personae is quick to offer her take on just about anything, from the hardships/boredom of the pandemic lockdown, pop artists, marriage, growing up Nuyorican and her career.

“Do you know that they still call me Coralito?

I could be like standing in line at the bank or the supermarket, and they go ‘you are Coralito, ‘verdad…’ You know what… I’ve done many things after that telenovela,” her character recalls.

Sully also questions why Americans make such a big fuss about cooking, arguing about the reasons for having cooking shows on TV. “Did you know they even have a show where famous chefs cook against not so famous chefs?

The worst of them is Bobby Flay. Did you know this guy goes to your restaurant to cook your dish, and he cooks it better than you?,” she denounces to the audience, while squarely saying no one cooks better than Puerto Rican grandmothers.

The cozy Chico Cabaret at The Lobby in the Fairmont is the perfect venue for Sully’s show

I was born in Puerto Rico’s largest barrio, the Bronx, in New York. But my parents were Puerto Ricans, so… throw that together and you get a ‘Nuyorican.’

Sully Díaz Actress and comedian

because it allows her to interact with the audience

without any filter.

“I’ve always liked having that direct communication with the audience… it is great connection,” the artist said.

Like any other full-blooded Rican, Sully addresses her audience in ‘Spanglish,’ the official language of Nuyoricans, and while it could be argued that the language barrier might limit communication, the fact is, it doesn’t. After countless years spent with our Nuyorican cousins coming to Puerto Rico for their summer or Christmas vacations, we are all too familiar with the lingo, and clearly understand the nuances and double entendre of Spanglish.

Sully D’s “I am Rican” show is on Sundays, at 7:00pm on the Chico Cabaret at the Fairmont San Juan Hotel.

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/ Wednesday, March 9, 2022

Puerto Rican artist competes for the Oscar for best animated film The animator is Head of Story for “The Mitchells vs The Machines”

T

Jan Figueroa Roqué The Weekly Journal

he animations that the Puerto Rican artist Guillermo Martínez fell in love with when he was a child, has brought him today close to winning an Academy Award.

“The Mitchells vs. The Machines,” nominated for an Oscar in the category of best animated film, had Martínez, born and raised in Bayamón, as the Head of Story for the Sony Pictures production.

“We never make films thinking that they will be nominated, but the fact that we are being recognized is really cool… I think that regardless of what happens, the studio (Sony Pictures) is happy,” he said during a recent interview about his expectations for March 27th, when the 94th Academy Awards ceremony will take place.

The Head of Story in an animated film is the one who helps the director and screenwriter to translate the script into drawings.

The Mitchells vs. The Machines >Netflix The film tells the story of Katie Mitchell, a young woman who wants to study cinema and who, along The road to reach this position was not easy. with her family, has to battle thousands of robots He received multiple rejections since he arrived in that threaten humanity. Martínez explained that the United States in 2009, seeking an opportunity although they expected the film to be released in animation. Back then, Laika Studios recruited in theaters, the release was him to do storyboards. He had moved to Netflix due to the completed his degree at the Puerto pandemic and other situations Rico School of Fine Arts and Design, affecting the industry. before moving to California, where “Many parents are super he entered an arts school to delve The film tells happy, and a lot of kids who into animation. the story of a young are LGBTQ identify with Katie. If “…it wasn’t until I got to that woman who wants we don’t win, it doesn’t matter. school that I discovered what to study cinema Look at what we’ve achieved: storyboarding was. I took a and who, along with the fans, the parents and class with a teacher who was a her family, has to their children are all talking to storyboard artist at Pixar (Toy Story, battle thousands of each other because they saw Monsters, Inc.) and he told us that robots that threaten a movie they can relate to,” he storyboarding is animation, acting, humanity. added. cinematography, editing… and that Martínez is not sure whether concept blew my mind” said the he will be able to go to the father of two girls. award ceremony because of The Bayamón native is also a the restrictions that persist due writer and part of the storyboard to the Covid-19 pandemic, but he assured that, if team of the animated series “We Bare Bears”, he can’t go, he will meet with members of the team from The Cartoon Network. Precisely, this was the at his house to await the result. job that connected him with the director of “The

In fact,

We never make films thinking that they will be nominated, but the fact that we are being recognized is really cool.

Guillermo Martínez

Mitchells vs. The Machines.”

He was hired by Sony Pictures five years ago.

“They have supported me in everything and have allowed me to do many things that other studios probably wouldn’t have allowed me to do,” Martínez said.

The Puerto Rican artist announced he is now working on a new film, for which he was the screenwriter and will be its director. He’s also working on other animated projects with the company.

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