The Weekly Journal - Wednesday, April 27, 2022

Wednesday, April 27-May 3, 2022 - // no. 157

Banks must notify threats to customers P7 Floridians seeking to Invest in Ponce P8 A different tune for Creator Economy P13

Puerto Rico and the Caribbean

www.theweeklyjournal.com

Financial institutions plan to

develop their own

cryptocurrencies Nine countries have already launched a central bank digital currency

A unique podcast P15

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Juan A. Hernández, The Weekly Journal

here are nine countries that have fully launched a central bank digital currency (CBDC). Eight of these countries are located in the Caribbean, as reported by the Investopedia website.

The central banks of the island nations of Montserrat, St. Kitts and Nevis, Antigua and Barbuda, Dominica, St. Lucia, St. Vincent and the Grenadines, Grenada and the Bahamas, all have launched their own CBDCs for wholesale or retail payments, or both. There are two other nations

(Jamaica and Anguilla) where the CBDCs are in an experimental phase.

“All these institutions are exploring, if not implementing, their own CBDCs because of the technology supporting them, which allows them to be immutable, decentralized and traceable,” said Eduardo Burgos, Chief Operating Officer at Abexus Analytics.

Burgos pointed out that while most of these initiatives are still in the research and development stages, “this is something that will not go away.”

“It will take some time for the banks and GO TO PAGE 4

The Weekly Journal > Wednesday, April 27, 2022 >

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The primary cause of the United Way of Puerto Rico is early childhood. That is why we are working with the United Ways of Poland, Romania and Hungary to support children and families displaced by the violence in Ukraine.

The efforts include the provision of resources such as transportation, shelter, food, medicines, personal hygiene products, child care supplies, such as formulas and diapers, among other aids.

Your donation is very important, no matter the distance. Donate now to this vital cause by visiting unitedwaypr.org/ukraine or call us at 2-1-1 of Puerto Rico (787-268-5353).

You can also send your donation to United Way de PR, PO Box 191914, San Juan, PR 00919

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a week in review Cape Air goes electric Cape Air, an airline with headquarters in Massachusetts with a strong presence in the Caribbean, is going to become electric.

The company wants to establish a regional electric fleet, taking one step towards pioneering an era of sustainable aviation. The company has signed a letter of intent to acquire 75 completely electric airliners from manufacturer Alice. Cape Air’s Caribbean network includes destinations like Saint Thomas, Tortola, Virgin Gorda, Saint Croix, Culebra, and Vieques. “Truly sustainable aviation not only reduces the environmental impact of air travel, but it also makes sense from a business perspective,” said Jessica Pruss, Vice president of sales for Eviation Alice.

University of Puerto Rico’s Doctors Receive Award for Excellence As part of the Doctors Choice Awards 2022 published by Buena Vida Magazine, 16 doctors from the Dr. Federico Trilla Hospital (managed by the University of Puerto Rico) were selected among the best health professionals within their specialties. The award recognizes the quality and expertise of the island’s medical specialists. The distinguished faculty includes doctors Albert Suárez Domínguez and Eduardo Chinea of the Bariatric Surgery Program; Fernando L. Soto Torres and Juan A. González Sánchez, of Adult and Pediatric Emergency Care, and Vanessa Sepúlveda Rivera and Ivonne Z. Jiménez Velázquez from Geriatrics. The award also highlighted the work of doctors Rosario N. Méndez Rivera and Rebecca Rodríguez Negrón of adult and pediatric Sports Medicine; Juan A. Rivera González of Neonatology; María del Milagro Álvarez Montes of Pneumology; Vilma T. McCarthy Nazario of Adult Psychiatry, and Noelia Rodríguez Pérez of Adult Rheumatology.

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

New App Provides Information on Public Schools The School Community Profile: Interactive Map (Perfil Comunitario Escolar: El mapa interactivo in Spanish), is a new app designed by the Puerto Rico Institute of Statistics in collaboration with the Department of Education. The app’s main function consists of an interactive map that allows users to look up schools within the Puerto Rico public school system, to know their traits and student body makeup. Furthermore, the map displays information on the sociodemographic characteristics of the schools’ surrounding communities. The app can be accessed through the Puerto Rico Institute of Statistics website, estadisticas.pr.

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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CONTINUED FROM PAGE 1

the other hand, allow to resolve liquidity and counterparty risk issues and improves the speed and security of financial transactions. the different governments to insert a form of “The immutability of the transactions – cryptocurrency into their financial systems to meaning that, once completed, the transaction make them more efficient, but it is going to cannot be altered or erased– is one of the happen,” he said. characteristics financial institutions are looking into to make their own systems more efficient,” What Are CBDCs? Burgos said.

Central bank digital currencies are a form of According to the economist, the blockchain electronic money that citizens can use to make technology behind CBDCs and cryptocurrencies payments or store value. This should not be considered kind of electronic money is as an interchangeable term. issued by a central bank and is “Cryptocurrencies are not universally accessible. blockchains, but an application While CBDCs are generally of the blockchain, onto which considered a form of other applications could be cryptocurrency they differ Central bank digital integrated,” he explained. because governments currencies are a form recognized them as legal tender of electronic money Why CBDCs Need within the issuing central bank’s that citizens can use jurisdiction. This means that To Be Issued? to make payments or individuals and businesses in It only begs the question: store value. general are compelled to accept why should another form of them as a form of payment. legal tender (CBDCs) should be There are two kinds of CBDCs issued if a country already has depending on the use they will its own physical cash? Are they receive. Retail CBDCs are based on distributed not used for the same purpose – to pay for goods ledger technology and there is a possibility for and services? interest rate applications. Wholesale CBDCs, on It cannot be denied that CBDCs make paying for

In fact,

All these institutions are exploring, if not implementing, their own CBDCs because of the technology supporting them, which allows them to be immutable, decentralized and traceable.

Eduardo Burgos Chief Operating Officer, Abexus Analytics

good and services, both at the retail and wholesale levels, safer and more efficient. Consider it similar to the average employee receiving his salary via a direct deposit transaction to his bank account.

It cannot be denied either that the private e-money (Bitcoins, Litecoins, Ethereums, etc.) is in high demand. Should any of these currencies become a standard, its users would be at the expense of its providers whose only interest is to

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maximize their profits instead than private cryptocurrencies, of the best interest of the CBDCs’ volatility is still public. Still, it is argued that the significantly enough to be standardization of CBDCs will used, preferably, as an help “boost crypto adoption investment tool rather than as as people will have access a fiat currency.

Nine countries have to the platforms to convert Burgos argued that central already launched a cryptocurrencies into legal banks can use CBDCs as a central bank digital tenders,” (www.hedera.com). mechanism to provide access currency. Eight of On this subject, to people who do not have these countries governments would have a access to traditional banking. are located in the “competitive lead” over private “Of course, access to digital Caribbean. cryptocurrencies. banking would depend on For Burgos, CBDCs were the possibility of accessing not conceived to exclude the internet, and that in itself or displace hard cash, but poses a specific hurdle. Still, admitted the issuing of an additional fiat currency there is a general tendency for the gap [digital could have an impact on the countries’ economy, divide] to close,” he anticipated. and the world’s.

Aside from providing access to banking “There is a possibility for an unfair competition services, governments would be bringing people between the two forms of currency… the who had been previously “bankless” into the main argument being: which is the best formal economy, and via the CBDCs would start way for transferring value?,” Burgos mused. generating revenue for the governments via their “Nevertheless, they could safely coexist.” taxes.

For economist Adrián Alós, and CEO of Abexus According to www.hedera.com, an openAnalytics, CBDCs would not have the same impact source public distributed ledger, “CBDCs will Bitcoins or Ethereums have. “They would be just have far-reaching implications on the future of another form of legal tender,” he said. finance, including the buying and selling of digital Alós highlighted the fact that CBDCs are assets and securities.” While the website does mainly used in assets’ markets and their value not venture a timetable for the standardization is dollar-based. And, despite being less volatile of CBDCs, it does mention the conditions that

In fact,

CBDCs will have far-reaching implications on the future of finance, including the buying and selling of digital assets and securities. www.hedera.com, an open-source public distributed ledger

must be met for this to happen. “This answer will rely on the foundations of a dedicated legal framework to facilitate the transparency, distribution, and issuance of a digital form of money by global governments. As regulators and central banks take concrete steps in the direction of establishing CBDCs, the world will begin to embrace digital currencies as a standard.”

Burgos on his part, warns that the future of CBDCs will depend on the governments’ adoption of regulations and policies that bring stability to them without “killing the industry”.

“Regulation brings stability to the market, but that stability cannot be at the expense of the industry’s innovation,” Burgos said.

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A Successful Year in Numbers What Puerto Rico Offers to the International Tourism Market

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Zoe Landi Fontana, The Weekly Journal

@Landi_Zoe

he island has seen astonishing growth in its tourism sector over the past year, especially considering that top destinations like Aruba, the Bahamas, and Miami did not experience similar upturns in their numbers.

2021 set a record for the highest non-resident visitor spending at $4.5 billion, which was 11% higher than in 2019. In relation to the growing numbers of visitors, the average daily rate for hotels and short-term rentals increased, with 15% higher hotel rates and 23% higher short-term rental rates than in 2019.

The Community Development Block Grant – Disaster Recovery Program (CDBG – DR) funds have supported Discover Puerto Rico’s outreach and marketing efforts in the U.S., with the goal of supporting disaster recovery activities that will enrich the island’s economic infrastructure, longterm growth, and revitalization.

CDBG-DR-funded media has proven to be effective in its reach. Consumers exposed to the CDBG-DR’s media booked almost one million nights, paying an average of $323 per night - 28%

higher than average. Their campaigns have also influenced potential future visitors’ perceptions of the island as an appealing and safe place to visit.

Overall, data collected by Discover Puerto Rico revealed that rental revenue was 90% higher than in 2019. Some of this success comes back to the island as taxes. There was a 115% increase in collections from short-term rental platforms, a 34% increase from hotels without casinos, and a 30% increase from 2019 in total taxes collected.

UK-based travel PR agency Hills Balfour, in collaboration with Discover Puerto Rico, identified the following five trends for 2022: wellness trips; the use of travel agents and tour operators (especially for the Gen-Z demographic); naturefocused trips; cruise vacations, and sustainable travel.

Wellness, in the context of a vacation, describes a trip made with the intention of looking after one’s physical and mental health - something like a yoga or meditation retreat. Similarly, naturefocused trips allow vacationers to disconnect Puerto Rico’s International Appeal from everyday life and connect to the great Sentiments within the international travel outdoors, with hikes, kayak market have grown positive as trips, or days spent roaming the various governments reduce beach. Adorned with rainforests, restrictions across Europe. The caves, bioluminescent bays, European market differs from and beaches, Puerto Rico is the the U.S. in a variety of ways, but a optimal place for an outdoorssignificant factor - that could drive Non-resident focused traveler. increased tourism to Puerto Rico visitor spending in Having extensive vacation time - is its sizable vacation allowance, Puerto Rico was $4.5 translates into longer vacations, usually around four weeks per billion in 2021, an allallowing for slow travel, the basis year. time high. of a sustainable vacation. Slow Puerto Rico differentiates travel is an approach to tourism itself from other Caribbean that emphasizes connecting with destinations by the fact that local people, culture, food, and tourism isn’t actually a huge music. The emphasis is on having economic driver - it makes up an impactful and educational experience that is only 7% of the island’s GDP. What this creates, sustainable for the environment and ensuring however, is an authentic landscape of stays and that agency stays in the hands of the local experiences that goes far beyond the all-inclusive community. packages offered by other Caribbean islands.

In fact,

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FDIC Rule to Notify Customers After Breach of Systems

Financial malware hits institutions and individuals

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Zoe Landi Fontana, The Weekly Journal

@Landi_Zoe

s of May 1, the Federal Deposit Insurance Corporation (FDIC) will require that all banks notify their customers of any breach or hack of their systems within 36 hours. This move follows an increase in regulatory and federal efforts to standardize the procedures and time frames in which institutions report incidents.

Among banks and businesses alike, rates of digitization have been increasing. With this comes the necessity to address all possible implications for the future of cybersecurity.

It is important that, regardless of any notification by the institutions about a cyber attack, the client carries out a constant monitoring of their accounts to report any suspicious activity that is reflected in them, Zoimé Álvarez Rubio Executive Vice President, Puerto Rico Bank Association

“One of the key steps FDIC-sponsored organizations can do other than monitoring the amendment status is to take inventory of their current incident reporting processes and timelines,” said Davie Murphy, Manager of Cybersecurity at Schneider Downs. “While the amendment is in the proposal state, these organizations need to know where they stand now so they can gauge the number of work/changes they will need if the amendment is approved.”

A 2022 report by McKinsey & Company predicts annual costs related to cybercrime to increase

by 15% annually - reaching $10.5 trillion a year Kaspersky Labs, a cybersecurity and antivirus by 2025. The same report projects spending on provider, detected on user computers over cybersecurity providers to hit $101.5 billion by 250 million attempts to follow a phishing link.

2025 as well.

Of these, an estimated 41.8% targeted users’ Zoimé Álvarez Rubio, Executive Vice President finances - online banking, payment systems, and of the Puerto Rico Bank Association (Spanish e-commerce. acronym, ABPR) expressed the following to THE To avoid fraud and scams, the FDIC WEEKLY JOURNAL: “Puerto Rico has a strong, recommends the following tips: transparent, and highly regulated commercial Be wary of emails or text messages that require banking industry. Our bank is following a link. Clicking the link federated and is governed by the could lead to the installation of laws and regulations applicable malware, which allows thieves at the federal level, as well as to gain access to sensitive state. Many of these regulations information. respond to consumer protection Any email or phone requests A 2022 report and the healthy administration of to update personal information

by McKinsey & institutions, ensuring the safety, should be treated with suspicion.

Company predicts soundness and liquidity of the Legitimate organizations will annual costs related banking system.” not ask for information using to cybercrime to an unsecured method, as they increase by 15% already have the user’s personal Protecting Users annually, reaching information in their system.

“It is important that, regardless $10.5 trillion a year If an offer seems too good to of any notification by the by 2025. be true, requires fast action, or institutions about a cyber attack, asks for funds to be sent quickly the client carries out a constant by wire transfer - it is most likely monitoring of their accounts to a scam. report any suspicious activity that Be on the lookout for disaster-related is reflected in them,” commented Álvarez. financial scams. These types of scams Financial malware, a term used to describe target victims of catastrophic events - fires, malicious software that targets financial hurricanes, earthquakes - by pretending to be institutions, can take many forms, yet phishing representatives of a charitable organization, remains one of the most common. Although the while in reality, they endeavor to steal money or tactic may seem overly simplistic, it is exactly that personal information. quality that makes it such an effective technique.

In fact,

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Florida entrepreneurs seek to extend their businesses to Ponce

businesses that attend to the needs of each other.

Business professionals from the education, technology, construction and health sectors are among the ones coming to Puerto Rico.

“Since after the hurricanes, back in 2018, we have been advising business owners in Puerto Rico who wanted to establish their businesses in Juan A. Hernández, The Weekly Journal Central Florida after they had to shut down or lost everything,” said Ortigoni. “We are aware of the constant traffic between Puerto Rico and Florida, group of business owners and which, indeed, makes Puerto Rico a natural place entrepreneurs from Central to look to strengthen business ties, but in those Florida seeking to extend its specific cases we recommended it was best for business interests to Puerto them to reopen in Puerto Rico than to start from Rico, are scheduled to arrive zero in Florida.” to southern town of Ponce “If Puerto Rico is economically strong we also next week. The group, which is sponsored by the Hispanic Chamber of Commerce benefit from that strength,” she added. Those business owners would have the opportunity now (HCC), will be received by its counterpart, the to expand to Florida.”

Puerto Rico’s Southern According to the HCC Chamber of Commerce (SCC). president, there are about 1,000 “Some of the most important people a week considering business sectors from moving to Florida. Even she Central Florida, particularly didn’t have specific statistics from Orange County, will be The municipal for the state’s demographics, coming to the island looking government of Ponce Ortigoni said more than 50% for business opportunities in has an investment of the Hispanic population in Ponce and other municipalities. incentive program Orange County is of Puerto Also, several government –Ponce Onboarding– Rican descent. officials from the city, county, that offers credits “What we want is for Puerto state and federal levels will be and incentives to Rican businesspeople to not accompanying the group,” said investors. only focus on that 50% of HCC president Gabi Ortigoni.

Puerto Ricans, but also to “This visit comes after more broaden their focus to include than a year of conversations the other 50% of Hispanics with the Southern Chamber of in their offer. We want to Commerce and its president teach companies how to navigate through the Salvador Rovira.” opportunities available to them and expand their Both Rovira and Ortigoni coincided that this customer base”, Ortigoni, explained. is a bilateral effort to “strengthen the business By the same token, she would like to help ecosystem of each city –Ponce and Orlando companies in Central Florida to learn about (Orange County)– and help entrepreneurs develop

The group is sponsored by the Hispanic Chamber of Commerce

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In fact,

Some of the most important business sectors from Central Florida will be coming to the island, looking for business opportunities in Ponce and other municipalities.

Gabi Ortigoni President, Hispanic Chamber of Commerce

investment opportunities in Puerto Rico so they can benefit from the advantages Act 22 and Act 60 have to offer to foreign investors.

On that subject, Francisco Rodríguez, CEO of investment advisory firm Birling Capital, explained that the municipal government of Ponce offers an investment incentive program –Ponce Onboarding– that offers credits and incentives on building taxes, rent, etc., to investors. The program also includes incentives for small and medium businesses (SMBs).

For SCC’s president it is necessary to “diversify the sources of income and be able to cross into such an important border as Central Florida is.”

“What we are looking for is for both entrepreneurs —those from Puerto Rico and those from Florida— to be in contact with each other…

The importance of this mission is to identify the person who can help here, or there. It is time for the private industry and businesses to support these initiatives. Government and business organizations cannot do everything. We must make this meet work...,” Rovira said.

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U.S. airlines say they have reached a turning point in recovery They expect to be profitable as Americans return to travel

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David Koenig, The Associated Press

ALLAS — U.S. airlines say they have hit a turning point: after a lousy first quarter, they expect to be profitable as Americans return to travel in the biggest numbers since the start of the pandemic.

American Airlines is the latest carrier to give a rosy outlook for the rest of 2022. American said that although it lost $1.64 billion in the first quarter, sales hit a record in March, and the company expects to earn a profit in the second quarter.

“Demand is as strong as we have ever seen it,” American Airlines lost $1.64 billion in the first quarter, which was marred by thousands of flight cancellations, American CEO Robert Isom told analysts. many of them because pilots and flight attendants were out with COVID-19. >AP Photo/Steven Senne, File American’s upbeat view echoed similar comments from Delta Air Lines and United Airlines, however, that corporate bookings are the highest they have been since the start of the pandemic, which both predicted in recent days that they will “and we expect that to continue as more earn full-year profits despite big losses in the first companies reopen their offices.” quarter.

Along with higher revenue, however, airlines Air travel was subdued in January and February face higher costs for fuel and labor. American’s by the Omicron variant that caused an increase in fuel bill more than doubled from a year earlier, COVID-19 cases among both travelers and airline and payroll costs rose more than 15%. employees. But travelers came back in March, and Airlines struggled with a nascent recovery in airline executives believe that Americans are eager Vasu Raja travel last summer, as understaffing contributed to travel this summer and won’t be discouraged Chief commercial officer, to thousands of canceled flights. by another, smaller uptick in Now, facing a much bigger boom American Airlines coronavirus cases and higher — the number of people going airfares. through checkpoints at U.S. Industry officials attribute airports is up more than 50% rising airfares to a combination American said it has hired 1,100 pilots since from a year ago to 2.1 million a Air travel was of covering higher fuel costs, the start of last year. Many of those came from day in April — it’s unclear whether smaller, regional airlines, leaving those carriers subdued in January a limited number of flights airlines have done enough hiring and February compared with schedules before with shortages. As a result, American will trim its to avoid bigger disruptions this by the Omicron the pandemic, and strong American Eagle schedule in the second quarter. summer. variant that caused demand.

Isom said American will adjust its schedule to an increase in “We are encouraged that match the number of available planes and pilots.

COVID-19 cases Pilot Shortage indeed month to month we He said American executives “have tremendous among both A major challenge will be the are seeing a greater increase in confidence” that the airline will operate smoothly travelers and limited supply of pilots, which fares,” said Vasu Raja, American’s through the summer. airline employees. could limit the ability of airlines chief commercial officer. “We are Alaska Air Group, the parent of Alaska Airlines, to operate as many flights as they said Thursday that it lost $143 million in the first seeing a lot of strength in the fare would like. environment.” quarter, compared with a $131 million loss a year “The pilot shortage for the The recovery is being powered earlier. Revenue more than doubled to $1.68 industry is real, and most airlines are simply not by leisure travelers, but the airlines say they are billion but was down 10% from the same quarter going to be able to realize their capacity plans seeing more business travelers. in 2019. because there simply aren’t enough pilots, at least American said overall business travel is 80% of The Seattle-based carrier forecast that secondnot for the next five-plus years,” United CEO Scott pre-pandemic levels, dragged down by corporate quarter revenue will be 5% to 8% higher than in Kirby told analysts Thursday. travel, which is only 50% of 2019 levels. Isom said, the same quarter of 2019.

We are encouraged that indeed month to month we are seeing a greater increase in fares.

In fact,

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opinion Zoimé Álvarez Rubio, Esq.

Executive Vice President at Puerto Rico Bankers Association

If it smells fishy, it’s fishy

W

e have all been in situations where our gut feeling has tried to communicate something to us that perhaps our mind and our heart have not yet grasped, and surely, we have all been told at some point to trust it. This is the message that the Puerto Rico Bankers Association wants to convey in the second phase of its educational effort against fraud, “It’s fishy.”

A year ago, when we launched “It’s fishy,” the focus was to educate the consumer on the most common signs of various fraud schemes to help them avoid falling for the tricks of scammers.

We alerted them about the pressure tactics used by scammers through phone calls, the danger of clicking on suspicious links, text messages and emails that urge an urgent action, and the importance of not giving out personal or financial information, especially when they were not the ones who initiated the call or communication. This time, under the slogan “if it smells fishy, it’s fishy” the effort focuses only on one sign, the one we have inside and is infallible: our instinct.

Through graphic pieces and videos, this second phase seeks to awaken in the population a sense of suspicion and premonition that makes them think twice before answering or replying to calls, text messages, emails, documents or electronic links from non-legitimate sources. It also calls for caution in the face of offers that are too good to be true and prizes from contests in which the person has not participated.

Under the slogan “if it smells fishy, it’s fishy,” the effort focuses only on one sign, the one we have inside and is infallible: our instinct.

Although the campaign is aimed at the entire population, we call on the elderly community as they are more likely to be the victim of fraud under any of the schemes described. The Puerto Rico Elderly Affairs Office reported between October 2020 and September 2022, 156 complaints regarding the

crime of fraud towards a person of elderly age, 613 for illegal appropriation and 14 for theft.

Fraud will always be present. It has existed for thousands of years. In fact, the first documented fraud occurred in the year 300 BC. After so many years of coexisting with it, we would think that we all know how to identify it and avoid it, but unfortunately this is not the case. In 2021, the Puerto Rico Police Bureau dealt with 2,803 fraud complaints, 485 of them being telephone fraud, and as of mid-March 2022, 629 fraud complaints had already been received, 88 of them related to phone scams as well. In addition to the classic sketchy phone calls, some of the most common

fraud schemes seen on the island are also carried out through social media networks; through the cloning of credit cards; and through mobile money transfer apps by asking the consumer to pay in advance for a product or service that they will soon discover they will not receive.

And it is that fraud, in the same way that water adapts to its container, adapts to the times and current issues and trends, always finding new ways to deceive people. Therefore, it can be hard to keep up with its new modalities. Nevertheless, remember that you already have the best tool to combat fraud: your instinct. Trust it. If it smells fishy, it’s fishy.

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Hong Kong Disney opens as COVID eases

Visitors ran into Disneyland the moment the gates opened

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Zen Soo and Ken Moritsugu, The Associated Press

EIJING — Hong Kong relaxed pandemic restrictions last week, with Disneyland and museums reopening and nighttime restaurant dining resuming as the city’s worst COVID-19 outbreak appears to be fading.

Enthusiastic visitors ran into Disneyland the moment the gates opened after a three-month closure.

Popular theme parks were ordered to close in January as Hong Kong’s fifth wave of the coronavirus took hold. Nearly 1.2 million people in the city of 7.4 million were infected in less Visitors wearing face masks take photos at the Hong Kong Disneyland. > AP Photo/Kin Cheung than four months, and nearly The relaxation of 9,000 have died. measures before prevention areas, the least restrictive zone, would Theme parks can now “Since Christmas we haven’t Hong Kong has no longer be able to venture into the surrounding operate at 50% capacity, and been back here, my daughter’s reached zero neighborhood. visitors must show proof of really happy, she’s been waiting COVID-19 cases In Hong Kong, a semi-autonomous Chinese vaccination. Disney employees so long,” said Joyce Mak, marks a shift from region, attractions such as Ocean Park and M+ held up signs reminding people 36, who brought her young the city’s earlier museum reopened last Thursday. Gyms, beauty to keep social distance. daughter to Disneyland. “Last strategy, which was night she was so excited, she aligned to mainland didn’t want to go to sleep.”

Surge in Shanghai China’s zeroThe city was caught off guard In mainland China, the death tolerance for any as the surge, driven by highly toll rose to 25 in an outbreak outbreaks. transmissible Omicron variant, in Shanghai that has all but overwhelmed hospitals. At the shut down the country’s largest peak of the outbreak, bodies city. The relatively low number were stored in refrigerated of reported deaths highlights containers because mortuaries were overwhelmed. China’s use of much narrower criteria than the rest The easing of restrictions came after officials of the world for its pandemic statistics. acknowledged that people were getting frustrated Shanghai has eased the lockdown somewhat in Joyce Mak with the measures, and that there must be a areas that have not reported new cases in seven 36-year-old mother visiting the park balance between fighting the epidemic and to 14 days, allowing residents out of their homes resumption of normal activities. but still restricting them to their compounds or The relaxation of measures before Hong neighborhoods. Some said on social media that Kong has reached zero COVID-19 cases marks a they dare not venture out anyway, wary of entering salons and massage parlors were also allowed to resume business. Customers must have at least shift from the city’s earlier strategy, which was nearby areas that have had recent cases. one dose of a COVID-19 vaccine and scan a QR aligned to mainland China’s zero-tolerance for any Officials said last week that 12.3 million people code upon entry for contact-tracing purposes. outbreaks. Previously, authorities were reluctant to in the city of 25 million are now in “control” or Restaurants, which had been barred from ease measures until it was clear that outbreaks in “prevention” areas, which are less restrictive than providing dine-in service after 6 p.m., can reopen the city were stamped out. lockdown zones in a three-tier system. That is 4 in the evening, although each table is capped at A 15-year-old student, Cynthia Cheung, said million more than 10 days ago, they said. four guests.

Disneyland was her “happiest place.”

However, one of the city’s 16 districts Hong Kong reported 603 locally spread “It’s been such a long time since coming here, announced a week ago that no residents would infections last Thursday, down more than 99% last time was in December,” she said. “I really be allowed to leave their compounds. The Jing’an from the peak of more than 30,000 in March. missed it.” district in central Shanghai said that even those in

In fact,

Since Christmas, we haven’t been back here, my daughter’s really happy, she’s been waiting so long.

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In fact, Spanish-language music is growing like never before in the US. It accounts for 6% of the entire U.S. music market.

Alternative Routes in the Creator Economy Social media gives equal access to the music industry

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Zoe Landi Fontana, The Weekly Journal

@Landi_Zoe

ccess to the music industry is being democratized, and those who can leverage social media to their advantage are at the forefront of the revolution.

Whereas in the past the music industry was based on three main players - Sony, Warner, and Universal - the music industry has experienced rapid changes over the past few years that have empowered the independent artist. As the creator movement grows, artists are able to reach their fans directly through social media.

One of the main struggles that independent artists face is making money through their royalties, of which streaming revenue makes up the biggest share, with Spotify being the largest platform.

“For the next evolution of the music industry, it’s more of a music creator type of independent artist.

You can use both the creative industry business model and music to combine them and make more money. For example, an artist can have a course on being an artist, show how to play an instrument, [sort] of becoming like influencers on their social media platform,” explained Alexiomar Rodríguez to THE WEEKLY JOURNAL. Rodríguez is a Puerto Rico-based music lawyer and founder of the startup Seed, a music business education platform.

While contracts with the big three recording companies give a burgeoning musician reach and access to capital, artists are now more inclined to stay independent, to maintain control of their creative processes - they want to own their intellectual property.

“The traditional route is closed right now because labels know that anyone can just start making content and developing their own following. So, they’re not going to invest in an artist who they think is going to be the next star because anyone could be the next star. They’re hanging tight, looking at

the market, then [they’ll] approach them with an offer,” said Rodríguez.

So, what has driven these changes?

One of the concepts that the industry talks about is the bedroom artist - the SoundCloud artist, a creator who uploads authentic content directly to an audience. This is a person who starts to record their work, uploads it to SoundCloud, goes on TikTok, and dances to their original tune.

“Data shows that TikTok is the main artist discovery platform right now. Suddenly, you become a DojaCat, you’re in the Grammys,” Rodríguez explained of the power that social media has for giving creators visibility.

We’re not mercenaries, we’re missionaries trying to bring out a new gospel - that it’s possible to live off your passion for music without surrendering your rights or soul in exchange.

Alexiomar Rodríguez Founder of Seed

The shift is towards a creator economy, in which a musician isn’t just a musician, but a brand, a creator. Not only do they need to be good at their craft, they need to know how to increase their exposure through social media - TikTok, Instagram, YouTube, SoundCloud - musicians barely even need a stage anymore.

Consumption habits evolve with technology. The music industry is part of the entertainment industry, and with each evolution in technology that occurs in the consumer marketplace, the music industry adapts.

Puerto Rico: A Major Player In The Music Industry

In 2021, Latin America was one of the best-

performing music markets, whose revenue grew by 31.2% year over year, according to the Recording Industry Association of America (RIAA).

“Billboard estimates that Puerto Rico is the third leading exporting country of music hits, behind the U.S. and the UK. They had to separate Puerto Rico from the U.S. because we were giving them a lot of points in the research. Spanish [language] music is growing like never before in the U.S. It accounts for 6% of the entire music market in the U.S.,” Rodríguez recounted.

Puerto Rico is positioned as the bridge between Latin America and the U.S., not only geographically, but also culturally. Rodríguez’s goal is to make Puerto Rico a mecca for the world in the area of music business education as well.

An Educational Platform For Independent Artists

In 2019, Alexiomar Rodríguez founded Seed, a music business education platform that educates users on how to manage digital marketing, royalties, copyrights, contracts, and anything involved in becoming a music entrepreneur. They’re currently looking to recruit top music business talent to share knowledge on the platform.

Rodríguez is a musician himself. He grew up studying music after school, playing different instruments in church, and singing and writing songs, but he was afraid of not being able to live off his music. “[Seed] is a very personal mission for me,” he said of the startup.

Instead, Rodríguez studied economics, then law at the University of Puerto Rico, Mayagüez campus.

After working at one of the island’s top three law firms, he quit and started his own firm, dedicated to helping creative entrepreneurs organize their projects in a business-minded way. This eventually led to the creation of Seed.

“Throughout the last three years, we’ve built a 65K person following. Our current customer base is independent artists, producers, and labels. We’re helping them build a full-time music business no matter their background and location,” said Rodríguez, “We’re not mercenaries, we’re missionaries trying to bring out a new gospel - that it’s possible to live off your passion for music without surrendering your rights or soul in exchange.”

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/ Wednesday, April 27, 2022

St. Augustine,

Shrine of Our Lady of La Leche at Nombre de Dios Mission, in St. Augustine, Fla.

a city for the pious and the lay It’s the oldest and the longest continually inhabited European-founded city in the U.S.

H

Juan A. Hernández, The Weekly Journal

ow many times have we heard that “Florida is Puerto Rico’s largest overseas township?”

Definitely, plenty of times.

But, despite the assertion being geographically and politically wrong, the fact is that, historically, several thousands of Puerto Rico have been migrating to Florida in search of jobs and better opportunities for them and their families.

Some 40 miles southeast from Jacksonville, St. Augustine lays claim to being the oldest and the longest continually inhabited European-founded city in the U.S. Founded in 1565 –yes, it is even older than Plymouth (1620)– by Spanish Admiral Don Pedro Menéndez de Avilés, after defeating a French garrison (Fort Caroline) that had settled there, St. Augustine developed like San Juan did here (around a military installation). So, walking through the streets of St. Augustine feels very much like strolling down Old San Juan; fort, Spanish colonial buildings and church included.

The city is also home to the Shrine of Our Lady of La Leche at Mission Nombre de Dios. The shrine was originally built in 1620 as the Chapel of Our Lady of La Leche and Good Birth, as is the oldest Marian Shrine in the U.S. After the chapel was built, a statue of the Virgin Mary lovingly lactating baby Jesus was brought and it quickly became the focus of the

Virgin to heal their infertility, intercede for the safe deliver of their children and protect them from disease. The original statue was lost and it has been replaced several times throughout history, but nevertheless, devout Catholics still visit the shrine to pray to Our Lady of La Leche. These pilgrimages tend to be more frequent around Mother’s Day. Many times, pilgrims come with a “La Leche baby” in their arms to present to the Virgin’s image.

Also For The Lay

If you happen to be in St. Augustine around Mother’s Day, you might also be interested to take advantage of the city’s Food and Wine Festival, a Paella is one of the favorite entries into the 16th culinary showcase highlighting celebrity guest chefs, Century Cooking Contest that is part of the annual St. celebrity winemakers, and local chefs, artisans and Augustine Birthday Celebration events. local craft spirits brewers and distillers. parishioners’ devotion.

Featured culinary presenters include Iron Chef Legend has it that, close to where the Church of Cat Cora; Rebecca Lang, Southern Living Chef; the Nativity is now located on Palestine’s West Bank, Robert Owens, BBQ Grand Champion Hari Pulapaka, there is a small chapel in a grotto where the Virgin Global Cooking School; along with many of Florida’s Mary supposedly hid to breastfeed newly born Historic Coast best known culinarians like Chef Matt baby Jesus before the family Brown of Lena, Chef Barry Honan escaped to Egypt. Legend says of Lotus Noodle Bar, Philip that, while she was lactating her McDaniel, St. Augustine Distillery; child, a drop of her milk fell on Brian Whittington, Preserved and a rock and turned it completely Chop Shop; Chef DeeAnn Hobbs, white. The devotion extended Renaissance World Golf Resort, St. Augustine’s Food to Europe and then to the and many others. and Wine Festival is Americas through the Spanish Events start May 4th with a culinary showcase conquest.

“River Walk Tastings” at San highlighting celebrity Last October, Our Lady of La Sebastian Winery, followed by guest chefs and Leche was crowned through a a “Winemaker’s Dinner” on May winemakers.

Canonical Coronation, a rare 5th at the World Golf Hall of honor granted by the Pope. The Fame and “Epicurean Master canonical coronation places a Classes” at the St. Johns County “papal stamp” on a particular Convention Center on May 6th. devotion of the church, in this The St. Augustine Food and case, to the Blessed Virgin Mary under the title of Wine Festival takes place May 4th to the 8th and Our Lady of La Leche. offers a wide variety of events for all taste buds, Like in the Grotto of Our Lady, young women from wine dinners and tasting events, to master came to the shrine in St. Augustine to pray to the classes.

In fact,

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/ Wednesday, April 27, 2022

Bosses and Babes

A blog to empower businesswomen

W

Juan A. Hernández, The Weekly Journal

hen Celina Nogueras hears the term “jeva” (a babe, in English) she immediately thinks of an empowered woman, a self-confident woman who is comfortable making decisions and leading.

“Most of the time, the notion that a ‘jeva’ is just an attractive woman, and nothing else, is generally accepted, even by women, without realizing it is not flattery but a form of diminishing them,” said Nogueras, a successful businesswoman and founder of the “Jefas y Jevas” (Bosses and Babes) podcast.

Launched in 2019, the podcast strives to financially Nogueras not empower women, particularly only offers advice had met their savings goal. The second edition of According to the podcaster, businesswomen, based on on how to invest in the Savings Challenge is set to start in May, some of her followers don’t know Nogueras’ own personal and the stock market, but participants will be challenged to how to devise a strategy to professional experiences in the or in real estate, save money. save for a period of three months. process of developing her own but also bring The amounts would the same “You would be business -Muuaaa Design Studioother successful as January: $500, $1,000 and amazed of how a branding agency. Nogueras businesswomen $1,500 per month. many people admitted the podcast got into her podcast “Throughout the have no idea started in a “somewhat organic to share their challenge, participants will of what are fashion” and its contents and experiences. be receiving information on their regular recommendations are based in which are the best savings expenses. her own experience invoicing $1 account, the best interest These are million a year in her agency. rates and investment the women “The recommendations I make strategies via webinars, who go to the are based on the actions and changes I have worksheets, WhatsApp supermarket, to Costco, done myself personally and professionally. I can alerts…,” Nogueras to Walgreens without communicate these because I relate to those explain. a groceries list… they actions, and I communicate that,” Nogueras said One of Nogueras go with their children while recalling a previous event she had attended goals now is the and they end up buying and feeling “as if the speaker was talking to creation of an what they don’t need, someone else.” It is her contention that women and then some more,” investment fund for need to be addressed directly so they can relate to she added. women so they can actions that are being proposed to them.

With that in mind, have a seed capital Nogueras not only offers advice on how to Nogueras developed to start up their invest in the stock market, or in real estate, but last January what businesses. also bring other successful businesswomen into she calls the “Savings “Financial her podcast to share their experiences “in their Challenge,” a monthindependence is journey to the $1 million mark in their businesses.” long savings program the ultimate form that encourage women of empowerment for women,” argued to organize their A Challenge Celina Nogueras Nogueras, who refuses personal finances “Among the people who follow the podcast Founder, “Jefas y Jevas” podcast so they could save a to consider herself an there is a strong core of women between 35 and predetermined amount influencer. “I didn’t start 55 year-olds, professionals, business owners of money from $500 this because I wanted or who want to start a business. This is a very to start a business. I want to let others know about to $1,500 in that four-week period. According interesting segment… they do have money, my experience and let them take whatever may be to her, the challenge was so successful that 90 but they don’t know what to do to multiply it,” useful for them.” percent of those who participated, reported that it Nogueras said.

In fact,

Most of the time, the notion that a ‘jeva’ is just an attractive woman, and nothing else, is generally accepted, even by women, without realizing it is not flattery but a form of diminishing them.

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