Economist Gustavo Vélez, president of Economic Intelligence advisory firm, estimated the losses generated by Hurricane Fiona add up to more than $2 billion, including damages to infrastructure, private property and business interruption, a figure he
Ileanexis Vera Rosado, The Weekly Journal
believes could continue to increase.
I
Wednesday, September 21-27, 2022 - // no. 178 www.theweeklyjournal.comPuerto Rico and the Caribbean GO TO PAGE 4 Fiona devastated all crops P7 a proFile oF puerto rico’s visitor P8 u.s. tconsideringtreasuryogodigital P9 the Queen’s Funeral: a global event P15 JournalWeeklyThe/GómezBrunoE.>Josian Fiona ranotherdealtblowtopuertoico’seconomy Losses are estimated to reach up to $2 billion
n the aftermath of Hurricane Fiona, Puerto Rico’s business sector has been unable to resume full operations due to the lack of power and water service, and the floods that, 48 hours after storm made landfall, still affect the island.
In the case of gas stations, although there is sufficient supply to cover demand, many retailers have not received the product due to problems in distribution logistics, which keeps a high percentage of the stations inoperative, said Carlos Crespo, president of the Gas Stations Committee from the United Retailers Center (CUD, for its Spanish acronym).
Oro / Gold Plata / Silver Bronce / Bronze 3er TORNEO DE GOLF DEL MAPR TOURNAMENT BAHIA RESORTBEACH&GOLF CLUB Registration/Registro: 7:30 am Shotgun: 8:30 amOCTUBREOCTOBER7 Four person scramble. Sponsorship and individual players / Auspicios y jugadores Forindividualesinformation, please call / para información, comunicarse al 787 977-4449 / mperez@mapr.org Voceroel de Puerto Rico www.elvocero.com Voceroel de Puerto Rico www.elvocero.com Voceroel de Puerto Rico www.elvocero.com 2 202221,SeptemberWednesday,>JournalWeeklyThe >
a week in review
“As for the quality and product confidence that we all know, its legacy of innovation, none of that changes. Neither do the products, Shell Regular, Shell V-Power Nitro+ and Shell diesel, nor the loading and dispatch operations at the Shell terminal in Yabucoa nor the supply chain across the island,” said Hiram V. Acevedo, sales manager at Toral. 787-721-2300
The collection consists of six products including a shampoo, a hair mask, a pre-base without rinsing, a cream to enhance the curls, a cream for abundant curls and a gel to style. The products are made with ingredients rich in vitamins and antioxidants such as aloe vera, coconut and carrot extracts, and olive oils, castor and argan oils, among others.
PetroleuM BeginS diStriButing Shell gaSoline
Laura OM has become the first Puerto Rican to create a professional line of curly hair products. The line, named “Maranta Power,” seeks to help people feel proud of their curly hair. The “Maranta Power” product line is distributed in Laura OM’s own beauty salons and through her website, where customers orders are served in Puerto Rico and the United States.
Laura OM is a specialist in curly hair and developed a movement in Puerto Rico to maintain natural curly hair.
Customer Service: 787-622-7480
Power:MarantaShowYourCurlYhairPridetoral
President Salvador shasbun@elvocero.comHasbún Vp of Marketing and Business Operations Michelle Miperez@elvocero.comPérez VP of Accounting Félix A. frosa@elvocero.comRosa VP of Production Eligio edekony@elvocero.comDekony Human Resources Director Arlene Rolón, arolon@elvocero.comPHR VP of Editorial Content Juan Miguel Muñiz jmuniz@elvocero.comGuzmán Multi-Platform Graphic and Technology Director Héctor L. hvazquez@elvocero.comVázquez Multi-PlataformDigitalDirector Rafelli González rgonzalez@elvocero.comCotto 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 Phone: 787-622-2300,
SMotorola’SneweStMartPhonehaSarrived
/ Wednesday, September 21, 2022 3
It also offers sharper and brighter photos with the 50 MP camera system with optical image stabilization (OIS) that ensures blur-free images and prevents all kinds of unwanted camera movement. The 16 MP front camera is also ideal for low light environments, offering up to four times the sensitivity for clear, sharp selfies at any time of day.
Stylist and businesswoman
The new Moto G Stylus 5G (2022), a smartphone with an advanced camera system and long-lasting battery, has arrived. The Moto G Stylus 5G (2022) has an extremely precise level of control with the integrated stylus that allows you to take notes, edit photos, sketch artistic works, write titles and draw in social media applications.Thebuilt-in Moto Note app allows you to start typing without unlocking your phone and favorite apps will be available as soon as your pen is removed.
This month, Toral Petroleum, LLC (Toral) began operating as the exclusive distributor of Shell gasoline in Puerto Rico. Through this effort, the Puerto Rican company is responsible for licensing the brand on the island for a period of 15 years. With this initiative, Toral ensures that Shell will not only remain in Puerto Rico, but also carry out a strategic growth process and provide a greater value proposition to consumers, retailers and business partners.
Most of shopping centers, on the other hand, remain closed due to the lack of electricity. According to Adolfo González, president of the
González also acknowledged that keeping shopping centers closed represents a considerable loss in daily sales.
On her part, CUD president Lourdes Aponte said few small and medium-sized businesses have been able to resume operations, due to the lack of electricity and the large losses that many have suffered.
She admitted that, although on
In fact,
…we are able to continue working through phone orders and delivery… albeit during limited hours, because operating with generators is too expensive.
JournalWeeklyThe/GonzálezCruz>Brandon
“Our inventory is available. Merchants prepurchased supplies needed for peak hurricane season. We placed the emergency orders since March, so we could meet the demand and adequately attend to the situation. What we need now is for the government to be more proactive and re-establish the island’s energy system as soon as possible, in order [for us] to continue operating,” said Báez, while emphasizing that the cost of operating using power generators is very high.
Shopping Centers Association, only the retailers with the ability to operate power generators in their facilities have restarted operations. These include some restaurants and pharmacies.
Only retailersthe with the ability to operate power generators in their facilities have restarted operations.
“There is enough inventory, but many stations, particularly Texaco and Puma brands, do not have gas due to problems in distribution,” Crespo informed.
In the case of retailers, with the exception of Walmart, which is operating at 95%, most remain closed.
CONTINUED FROM PAGE 1
Iván Báez, president of the Retail Trade Association and corporate director of Walmart, highlighted that the lack of energy, once again, is the reason why it has been impossible to stabilize the island’s commercial operations.
Gadiel Lebrón, executive director Puerto Rico Restaurant Association
“It is worrying when we see such a low power generation being reported. The fact that we depend on our employees, many of which live outside the San Juan Metro Area, where Fiona’s impact was greater, is also worrying. Many have suffered significant damage [to their homes] that makes it impossible for them to return to work immediately,” González said, before admitting that five years after Hurricane Maria, no progress has been made in rebuilding the island’s energy system.
/ Wednesday, September 21, 20224
“On Friday, before Fiona arrived, the ships were able to enter and leave without any problems, which guaranteed the entry of the merchandise to the island. Today [Tuesday], merchandise is leaving the ports without any major problems, so the supply chain has not been affected. There is no reason to worry,” said Díaz.
acronym), those supermarkets that are still closed, for the most part, are located in areas highly impacted by the hurricane.
The Supply Chain Is Not Affected
What we need now is for the government to be more proactive and re-establish the island’s energy system as soon as possible, in order [for us] to continue operating.
Of supermarketsbusinesses,all were among the first to open on regular hours.
this occasion merchants were more prepared with electric generators and sufficient inventory, Fiona’s emergency was a setback in the progress made by the sector five years after Maria. Aponte said that in the face of a massive floods, there is very little that could be saved.
/ Wednesday, September 21, 2022 5 JournalWeeklyThe/GonzálezCruz>Brandon
“Previsions can be made, but what can be done against a surge of water that destroys everything in its path? Merchants were prepared, but the magnitude of the phenomenon caused a lot of damage to the sector,” she pointed out.
“Our industry works against adversity for the good of the people of Puerto Rico. We are in solidarity with the suffering in our country”, said Manuel Reyes, Executive Vice President of MIDA.
Díaz explained that Mondays and Fridays are usually the days when most ships come to port, particularly domestic ones, which represent 70% of the merchandise that arrives to the island.
According to Shipping Association president Clarivette Díaz, only three foreign ships were not able to enter the island during the weekend. However, she assured those ships were to return by Wednesday.
“We learned from María and COVID-19 that we are able to continue working through phone orders and delivery. Many restaurants have opted for those methods of operation, albeit during limited hours, because operating with generators is too expensive. In many restaurants there are also problems with the water tanks,” Lebrón explained.
Puerto Rico Restaurant Association executive director Gadiel Lebrón pointed out that a high percentage of restaurants are still closed due to the lack of electricity, water and employees who have not been able to return to work. Those who were able to reopen their businesses, did so on limited schedules and with limited menus.
All commercial sectors agreed that during the emergency caused by Hurricane Fiona, the supply chain was not affected, since within hours after the hurricane, the Coast Guard evaluated the docks and allowed the opening of the ports for the ships that were scheduled to arrive to the island.
Iván Báez, president PR Retail Trade Association
In fact,
Of all businesses, supermarkets were among the first, to open on regular hours. According to data provided by the Marketing, Industry and Food Distribution Chamber (MIDA, for its Spanish
SAN JUAN, Puerto Rico (AP) — Forty eight hours after devastating Puerto Rico, where most people remained without electricity or running water and rescuers used heavy equipment to lift survivors to safety, Hurricane Fiona blasted the Turks and Caicos Islands on Tuesday as a Category 3 storm.
Cruz said 670 people have been rescued in Puerto Rico, including 19 people at a retirement home in the northern mountain town of Cayey that was in danger of collapsing.
The storm’s eye passed close to Grand Turk, after the government urged people to flee flood-prone areas
Fiona was not expected to threaten the U.S. mainland.IntheDominican Republic, authorities reported one death: a man hit by a falling tree. The storm displaced more than 12,400 people and cut off at least two communities.
The storm’s eye passed close to Grand Turk, the small British territory’s capital island, last Tuesday morning after the government imposed a curfew and urged people to flee floodprone areas. Storm surge rose water levels there by as much as 5 to 8 feet above normal, according to the U.S. National Hurricane Center.Fiona had maximum sustained winds of 115 mph (185 kph) and was moving north-northwest at 9 mph (15 kph), according to the Hurricane Center, which said the storm would likely strengthen further into a Category 4 hurricane as it approaches Bermuda on Friday.Itwas forecast to weaken before running into easternmost Canada over the weekend.
In
After devastating Puerto Rico, Fiona continued its path of destruction
Water service was cut to more than 837,000 customers — two thirds of the total on the island — because of turbid water at filtration plants or lack of power, officials said.
Some people were rescued via kayaks and boats while others nestled into the massive shovel of a digger and were lifted to higher ground.Helamented that some people initially refused to leave their homes, adding that he understood why.
Brig. Gen. Narciso Cruz, PR National Guard
The broad storm kept dropping copious rain over the Dominican Republic and Puerto Rico, where a 58-year-old man died after police said he was swept away by a river in the central mountain
The blow from Fiona was made more devastating because Puerto Rico has yet to recover from Hurricane Maria, which destroyed the power grid in 2017. Five years later, more than 3,000 homes on the island are still covered by blue tarps.
anniversary of Hurricane Hugo, which slammed into the island in 1989 as a Category 3 storm.
There were communities that flooded in the storm that didn’t flood under Maria… I’ve never seen anything like this.
By Tuesday morning, authorities said they had restored power to more than 285,000 of the island’s 1.47 million customers. Puerto Rico’s governor, Pedro Pierluisi, warned it could take days before everyone has electricity.
The Dominican president, Luis Abinader, said authorities would need several days to assess the storm’s effects.
Parts of the island had received more than 25 inches of rain and more was still falling on Tuesday.National Guard Brig. Gen. Narciso Cruz described the resulting flooding as historic.
“The rivers broke their banks and blanketed communities,” he said.
Homes are flooded on Salinas Beach after Hurricanepassingtheof Fiona in Salinas. >AP
“There were communities that flooded in the storm that didn’t flood under Maria,” he said, referring to the 2017 hurricane that caused nearly 3,000 deaths. “I’ve never seen anything like this.”
The blow from Fiona was made more destroyedMaria,fromhasbecausedevastatingPuertoRicoyettorecoverHurricanewhichthepower fact,
The hurricane left several highways blocked, and a tourist pier in the town of Miches was badly damaged by high waves. At least four international airports were closed, officials said.
/ Wednesday, September 21, 20226
Fiona triggered a blackout when it hit Puerto Rico’s southwest corner on Sunday, the
“It’s human nature,” he said. “But when they saw their lives were in danger, they agreed to leave.”
Dánica Coto – The Associated Press
town of AnotherComerío.death was linked to a power blackout — a 70-year-old man was burned to death after he tried to fill his generator with gasoline while it was running, officials reported.
Authorities said Monday at least 2,300 people and some 250 pets remained in shelters across the island.
Fiona previously battered the eastern Caribbean, killing one man in the French territory of Guadeloupe when floodwaters washed his home away, officials said.
Brenda A. Vázquez Colón, The Weekly
Secretary González on his part, assured the claims process has already begun and that it will be expedited.
Damage reported to all types of crops
Losses are estimated at 90% for the plantains and bananas crops, after almost 7,300 acres were reported as damaged, according to Department of Agriculture Secretary Ramón González. Nevertheless, he did acknowledge that while the effects of the hurricane have been devastating, they were not greater than those caused by Hurricane Maria in 2017.
F
“This situation definitely sets back what we had achieved for the past years in agriculture. But we are going to recover much faster than when [Hurricane] María, and insurance claims will be processed quickly. Farmers have already received an email with the necessary forms to fill out to receive federal aid,” González added.
TheCoffeeextent of the damages to coffee plantations is still undetermined, but it is expected to be significant.
Meanwhile, Héctor Cordero, president of the Puerto Rico Farmers Association, did agree major flooding had affected plantains and bananas crops but argued it is premature to account for all that was lost, since flooding had also affected other vegetables and hydroponic crops.
armers from all agricultural sectors –crops, livestock, diary and even seafood– seem to be the most affected after Hurricane Fiona passed over Puerto Rico Sunday causing heavy flooding and damages from wind.
“The roads are still blocked by landslides, fallen trees and it is still raining where most plantations are located. It is still too early to know the impact. I understand it will not be worse than Hurricane Maria, because that one uprooted trees and now the problem has been rain,” said Germán Negrón, general manager of Puerto Rico Coffee Roasters.
For his part, José Hiram Soto, the mayor of Adjuntas, confirmed the devastation of the coffee crops in his town, which was precisely about to celebrate the largest coffee harvest after almost five years.
The only hope for farmers, according to Cordero, is that insurance policies are supposed to cover the damage to crops caused by atmospheric events. Damage by minor events has not been covered.
“It has been very difficult to obtain data due to the loss of cellular coverage, especially in the Maricao area, which is one of the most affected municipalities. What we know is that there are coffee berries and trees on the ground in towns like Jayuya, Adjuntas, and Lares,” he said about the plantations that supply the company’s coffee.
Agricultural sector severely affected by the hurricane
“We got in touch with the American Farm Bureau Federation to start processing requests for farmers’ aid. Agricultural insurance is supposed to cover the losses because a hurricane caused them,” Cordero said.
“This has been a strong blow, but not the same as [Hurricane] Maria, when no structure was left standing. Still the impact will cost millions… it is a catastrophe. In Yabucoa, a river flooded and several cattle heads have not been found yet,” González said. “Fishermen have also taken a hit and they will not be able to go out to sea for the next few days,” he added.
Negrón pointed out that it has not been possible to access remote rural areas due to the destruction of roads, and cellular communication has not been reliable.
There are plantations affected by the floods in towns like Arecibo, Lares and Corozal, where there is a diversity of crops that won’t reach supermarket shelves. This another economic challenge for farmers.“Welost papayas, vegetables and many nurseries in different parts of the island. What we know about coffee is that mature berries fell to the ground. Some banana plants may be replanted, but I think we’ll need to import them… the same goes for plantains,” the Secretary said, anticipating a scarcity of these staples for the Christmas season, when demand for them increases.
The Department of Agriculture reported a surplus of more than 500,000 liters of milk had been confiscated.
“There is no communication with the mountainous area. There is a lot of damage in towns like Añasco, Lajas and Cabo Rojo. For me, [damage] is comparable to Hurricane Maria. The greatest damage was caused by the accumulation of water,” Cordero said. “Even milk [production] had to be seized because there is no access to dairies,” he added.
/ Wednesday, September 21, 2022 7
OneCruisesofthe slower tourism segments to recover, cruises have yet to return to prepandemic levels. In 2019, the cruise segment made up 33% of non-resident visitors to the island, reported Discover Puerto Rico. In 2021, this number was a mere 9%. On the bright side, Tourism Economics predicts that the Caribbean will recapture an estimated 50%
multicultural images and iconic imagery in marketing various destinations.
Business Travel
Zoe Landi Fontana, The Weekly Journal
Destination Analysts breaks down per-day trip spending into multiple categories (listed in order of greatest to least spent): lodging, restaurants, retail store purchases, sightseeing and entertainment, car rental, gas, parking and local transport (the last three are included in one category), other expenses, and casinos.
Do it for the culture
Visitors can be grouped into distinct categories
Although vacationing tourists are the easiest to spot, usually making the biggest visual impact, business and convention visitors are also essential to the island’s visitor economy. Business and convention visitors had the highest per-person, per-day trip spending at $284. According to Skift, business travel isn’t expected to recover to prepandemic levels until 2026, yet this segment provides a benchmark for Puerto Rico’s performance. While in the US business travel has stayed relatively stagnant, Puerto Rico has seen an increase of 75% in group bookings for June 2022 compared to June 2019 as reported by the US Travel Association.
A
Tourists arriving at Pier 1 in Old San Juan. >Josian E. Bruno Gómez / The Weekly Journal
A study conducted by Brand USA, the official destination marketing organization (DMO) for the US and Puerto Rico, evaluated the impact of culture in travel advertising by focusing on how travelers responded differently to iconic imagery versus a mix of
Puerto Rico’s tourist profile: a tool for catering to our visitors
International travelers enjoy a mix of activities, from fulfilling a personal dream of visiting an iconic landmark, to connecting with nature. The study also revealed that using multicultural images creates a ‘multicultural multiplier’ in determining trip spending, meaning that those exposed to this marketing were likely to spend more than those who had seen traditional imagery of the location.
/ Wednesday, September 21, 20228
ssembling a visitor profile of the Island’s typical tourist is useful to guide marketing decisions and allows businesses to better cater to their customers, but it isn’t simple. In Puerto Rico, visitors can be split into three broad groups: leisure travelers, business travelers, and cruise
of the 2019 operating capacity by the end of 2022. Locally, San Juan is predicted to receive 46% of 2019’s passenger volume by the end of the year, and 79% in 2023.
Accordingpassengers.todatacollected by Discover Puerto Rico, visitors interviewed in the first half of 2022 spent an average of $190 per-day, per-person. Taking into account that visitors spent an average of 6.3 nights on the island, average trip spending per part is $2,870.
“Right now, some aspects of our current payment system are too slow or too expensive,” Yellen said on a Thursday call with reporters laying out some of the findings of the reports.
Treasury recommends exploring creation of a digital dollar
W
United States can promote its burgeoning crypto industry, including job creation, improvements to the financial system, and expanded access for all Americans.”OnCapitol Hill, lawmakers have submitted various pieces of legislation to regulate cryptocurrency and other digital assets.
The director of the National Economic Council, Brian Deese, told reporters that “we’ve seen in recent months substantial turmoil in cryptocurrency markets and these events really highlight how, without proper oversight, cryptocurrencies risk harming everyday Americans’ financial stability and our national security.”
“It is why this administration believes that now more than ever,” he said, “prudent regulation of cryptocurrencies is needed.”
According to the Atlantic Council nonpartisan think tank, 105 countries representing more than 95% of global gross domestic product already are exploring or have created a central bank digital currency.
Prasad, a trade professor at Cornell who studies the digitization of currencies, said Treasury’s report “takes a positive view about how a digital dollar might play a useful role in increasing payment options for individuals and businesses” while acknowledging the risks of its development.Hesaidthe report sets the stage for the creation of agency regulations and legislation “that can improve the benefit-risk tradeoff associated with cryptocurrencies and related technologies.”TheBlockchain Association, which lobbies lawmakers on Capitol Hill, said in a statement that the White House reports are “a missed opportunity to cement U.S. crypto leadership.”“Thesereports focus on risks — not opportunities,” the statement reads, “and omit recommendationssubstantiveonhowthe
>AP Photo/Alex Bran don, File
ASHINGTON (AP) – The Biden administration is moving one step closer to developing a central bank digital currency, known as the digital dollar, saying it would help reinforce the U.S. role as a leader in the world financial system.
report “seem to kick the can down the road” she said, “we don’t see clear recommendations.”
[Treasury’s report] takes a positive view about how a digital dollar might play a useful role in increasing payment options for individuals and businesses…
Sheila Warren, CEO of the Crypto Council for Innovation, said in an emailed statement that the
105 currency.centraloralreadydomesticofmorerepresentingcountriesthan95%globalgrossproductareexploringhavecreatedabankdigital In fact,
The council found that the U.S. and the U.K. are far behind in creating a digital dollar or its equivalent.Treasury, the Justice Department, the Consumer Finance Protection Bureau, the Securities and Exchange Commission and other agencies were tasked with contributing to reports that would address various concerns about the risks,
Treasury Secretary Janet Yellen.
/ Wednesday, September 21, 2022 9
The White House said last Friday that after President Joe Biden issued an executive order in March calling on a variety of agencies to look at ways to regulate digital assets, the agencies came up with nine reports, covering cryptocurrency impacts on financial markets, the environment, innovation and other elements of the economic system.Treasury
Secretary Janet Yellen said one Treasury recommendation is that the U.S. “advance policy and technical work on a potential central bank digital currency, or CBDC, so that the United States is prepared if CBDC is determined to be in the national interest.”
Central bank digital currencies differ from existing digital money available to the general public, such as the balance in a bank account, because they would be a direct liability of the Federal Reserve, not a commercial bank.
development and usage of digital assets. Several reports will come out in the next weeks and months.Eswar
Eswar Prasad, trade professor at Cornell University
He said on Friday that the Administration plans to “execute a comprehensive action plan with priority steps to mitigate key risks of cryptocurrencies — among others, money laundering and financing for terrorism.”
Fatima Hussein – The Associated Press
A variety of agencies have looked at ways to regulate digital assets
automakers get the technology for it to be in new vehicles, McCook said.
Once the technology is ready, it will take years for it to be in most of the roughly 280 million vehicles on U.S. roads.
highway
“We need NHTSA to act. We see the numbers,” NTSB Chairman Jennifer Homendy said. “We need to make sure that we’re doing all we can to save lives.”
Anothersaid.company is working on light technology that could test for blood alcohol in a person’s finger, he said. Breath technology could be ready by the end of 2024, while the touch technology would come about a year later.
We also know that it’s going to take time for NHTSA to evaluate what technologies are available and how to develop a standard.
The recommendation also calls for systems to monitor a driver’s behavior, making sure they’re alert. She said many cars now have cameras
In 2020, the most recent figures available, 11,654 people died in alcohol-related crashes, according to NHTSA data. That’s about 30% of all U.S. traffic deaths, and a 14% increase over 2019 figures, the last full year before the coronavirus pandemic, the NTSB said.
A message was left Tuesday seeking comment fromTheNHTSA.agency and a group of 16 automakers have been jointly funding research on alcohol monitoring since 2008, forming a group called Driver Alcohol Detection System for Safety.
The new push to make roads safer was included in a report released last Tuesday about a horrific crash last year in which a drunk driver collided head-on with another vehicle near Fresno, California, killing both adult drivers and seven children.NHTSA said this week that roadway deaths in the U.S. are at crisis levels. Nearly 43,000 people were killed last year, the greatest number in 16 years, as Americans returned to roads after pandemic stay-at-home orders.
/ Wednesday, September 21, 202210
ETROIT (AP) — The National Transportation Safety Board is recommending that all new vehicles in the U.S. be equipped with blood alcohol monitoring systems that can stop an intoxicated person from driving.Therecommendation, if enacted by the National Highway Traffic Safety Administration, could reduce the number of alcohol-related crashes, one of the biggest causes of highway deaths in the U.S.
It could take one or two more model years after
The legislation doesn’t specify the technology, only that it must “passively monitor” a driver to determine if they are impaired.
Under last year’s bipartisan infrastructure law, Congress required NHTSA to make automakers install alcohol monitoring systems within three years. The agency can seek an extension. In the past it has been slow to enact such requirements.
Early estimates show fatalities rising again through the first half of this year, but they declined from April through June, which authorities are hoping is a trend.
NTSB wants all new vehicles to check drivers for alcohol use of the biggest causes of deaths in the U.S.
Alcohol-related crashes are one
The NTSB, which has no regulatory authority and can only ask other agencies to act, said the recommendation is designed to put pressure on NHTSA to move. It could be effective as early as three years from now.
Tom Krisher – The Associated Press a group of fact,
The agency and
16 automakers have been jointly funding research on alcohol monitoring since 2008. In
-Jennifer Homendy, Chairman NTSB
The NTSB, she said, has been pushing NHTSA to explore alcohol monitoring technology since 2012. “The faster the technology is implemented the more lives that will be saved,” she said.
pointed at the driver, which have the potential to limit impaired driving.
The group has hired a Swedish company to research technology that would automatically test a driver’s breath for alcohol and stop a vehicle from moving if the driver is impaired, said Jake McCook, spokesman for the group. The driver wouldn’t have to blow into a tube, and a sensor would check the driver’s breath, McCook
D
But Homendy says she also understands that perfecting the alcohol tests will take time. “We also know that it’s going to take time for NHTSA to evaluate what technologies are available and how to develop a standard.”
La Cruz Roja Americana Capítulo de Puerto Rico atiende un promedio de 20 fuegos al mes en la isla. Tu apoyo a la Cruz Roja ayuda a garantizar que estas familias no enfrenten estas emergencias solos. La ayuda no puede esperar después de un desastre. Dona en: /CruzRojaPRcruzrojapr.net 11 < 202221,SeptemberWednesday,>JournalWeeklyThe
its fight to tame inflation, the FOMC began an aggressive catch-up campaign to fight inflation, to the surprise of most market observers.
• Dow Jones Industrial Average was at 36,338.30.
Dona
At the close of September 9, 2022, these were the results:
With the year’s end in focus, we look at the five pillars of the economy to determine 2022’s final expectations.1.
de mayor importancia para el Fondo Ge neral y ya el Departamento del Tesoro de Estados Unidos otorgó un año de transición adicional a las empresas bajo la Ley 1542010. Dicha ley representa alrededor de $1,700 millones anuales al erario. Resulta apremiante proteger la base contributiva que representan estas empresas. La clave no es ver más im puestos; la idea debe enfocarse en migrar lo que produce el impuesto de la Ley 154 a otro tipo de impues to, que sean similares en recaudo y a la vez pueda ser acreditable por las empresas a su tributación federal; así se minimiza la pérdida de em presas y empleos.
contracted (-1.60% for Q1, and -0.60% for Q2). The GDP estimated for the Q3 is now 1.4%, still far from the 2.3% projection. With two consecutive quarters of negative growth, the economy is technically in recession. We expect the economy to record positive GDP in the third and fourth quarters of 2022. However, it remains to be seen if it happens, as the change in monetary policy may further slow the economy.
• S&P 500 was at 4,067.36 points, losing a total of -698.82 points and -14.66% year-to-date.
• Dow Jones Industrial Average closed at 32,151.71 points, down -4186.59 points and -11.52% year-todate.
• Birling Puerto Rico Stock Index was at 2,694.96 points, losing -184.17 points and -5.09% year-to-date.
The U.S. GDP growth projection for 2022 was 2.3%, and during the first two quarters of 2022 the economy
The Markets began the year as follows:
Riesgos que impactarán la economía:
Out of control inflation - The narrative from the Fed was that inflation was a temporary occurrence from global supply chain disruptions and pent-up demand from the pandemic. The Fed did not begin to increase rates until March 2022. By then, the CPI was at 8.54%, or some 327% above the Fed’s target rate of 2%. The CPI was at 4.99% in May of 2021, and due to its temporary inflation narrative the Fed waited 11 months to begin increasing rates. The Russia-Ukraine war made inflation worse on two fronts –food and energy prices– further complicating the scenario. As of late, we have seen some relief in pricing that will surely help moderate inflation.
(FOMC) come out clearly stating expectations of where the Federal Reserve Bank stands within its fight to tame inflation, and all have expressed their intention of not stopping until the inflation target rate of 2% is reached. With the Consumer Price Index (CPI) at 8.5%, and estimates of it reaching 8.1% by the time this column publishes, inflation is 325% above the Fed’s target. Should the CPI decrease materialize, it would be welcome news and a reduction of 4.70%.
2022 GDP economic growthAs the year began, expectations was that the economic growth rate would continue and the global supply chain disruptions and temporary inflation would dissipate. They did not.
openings, the labor market remains healthy.3.
La disminución de la población de Puer to Rico es motivo de gran preocupación, ya que la tasa de mortalidad hoy día es más alta que la de natalidad. Se proyecta que la población para 2025 ronde los 3.1 millones de acuerdo con la encuesta de la Comuni dad del Censo federal.
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>frc@birlingcapital. com
Usually, during a period of increasing interest rates, the job market tends to moderate, and we expect some of that to happen. However, with 11.24 million job
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/ Wednesday, September 21, 202212
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The Fed’s changing monetary policy - 2022 began with interest rates at 025%. However, the CPI was at 7.48%, and the Fed did not act until March 22, when it finally began increasing rates by 25 basis points. So far, it has taken rates to 2.50%.
uring the last two weeks, we have seen several key members of the Federal Open CommitteeMarket
The Five Pillars of the Economy to end 2022
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The strong asset rotation and correction experienced so far, began early in the year. The market’s peaks and valleys with out-of-control inflation, high energy prices, and aggressive changes in monetary policy have created a perfect storm scenario, taking equities to bear market territory more than once. We see a market that has priced a good amount of pessimism. Also, the market has bottomed, and it will most likely perform a u-shape recovery to finish the year in the black. We state this since the U.S. economy is performing quite well, despite many bumps on the road. con de implementaciónimportanteseje-dePuerdel(EITC)—$612diezañosingresosinfeimplemen-—$1,500seisañosoporcontri-aumentoAsistenciaNuaumentaaunoscovid-19,vacunaciónsinhadelosmásadministración.To-covid-19yjustifique,ynecesariocomoungransitúaen
• NASDAQ Composite was at 12,112.31 points, losing -3532.66 points and -22.58% year-to-date.
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• S&P 500 was at 4,766.18.
Data we have reviewed indicates inflation has peaked and will gradually begin its downward trend, allowing for much-needed price relief.4.
Falta consenso en materia contri butiva. La falta de establecer un sis tema holístico que alivie la política pública del gobierno en todos los te mas de índole contributivo y con la realidad económica del País, puede provocar una mayor presión inflacionaria.
Since the Fed was quite late in
FOMC members include Fed Chair Jerome Powell, NY Fed President John C.Williams, Cleveland Fed President Loretta J. Mester, and Fed Vice-Chair Lael Brainard, among others. While participating in the Cato Institute’s Monetary Conference last Sept. 9, Powell reaffirmed the bank’s focus on curbing inflation to the 2% target rate. He then stated that “history cautions strongly against prematurely loosening policy and were a critical reason why inflation was so persistent in the 1970s and ‘80s.”We are about to enter the fourth quarter of 2022, and the year has not turned out to be as economically expansive as most had hoped. With that in mind, we are updating our expectations for the year’s end.
• Birling Puerto Rico Stock Index was at 2,879.13.
5. Wall Street - Expectations for 2022 were cautiously optimistic, especially following 2021, which was an excellent year for markets.
We should expect another 75 to 100 basis points increase following the September 20-21 FOMC meeting. If the Fed acts like in other periods, it may take rates to 4%, at a wait-andsee how inflation is tamed.
2. Labor markets - The broader labor markets have performed relatively well during the year. As 2022 began, the unemployment rate stood at 4%, and it gradually fell month after month until July, when it matched the pre-pandemic rate of 3.50%. It rose back to 3.70% in August, which is slightly up from the 50-year low of 3.50%. However, we must comment that an odd occurrence has prevented unemployment from falling further: the total nonfarm job openings stand at 11.24 million, and the total job seekers stand at just 5.39 million, a 52% deficit.
• NASDAQ Composite was at 15,644.97.
Reducción en el ingreso por la termina ción de las ayudas relacionadas a la pandemia.Los altos niveles de inflación están afec tando a todos los consumidores, afectando sus ya ajustados presupuestos, e impacta a todos los micro y pequeñas empresas ma yoritariamente. Loscambios en la política monetaria del Banco de la Reserva Federal, el cual ya aumentó 25 puntos base, y se estima que aho ra en mayo aumente otros 50 puntos base, lo que encarecerá los costos de créditos comerciales y del consumidor.
Francisco Rodríguez-Castro
President and CEO of Birling Capital Advisors, LLC.
Michael Faulhaber and Daniel Niemann – The Associated Press
UNICH (AP) – Oktoberfest is back in Germany after two years of knuckles,mugs,bicep-challengingcancellationspandemic–thesamebeerfat-drippingporkpretzelsthesize
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Oktoberfest, first held in 1810 in honor of the marriage of Crown Prince Ludwig of Bavaria to Princess Therese, has been canceled dozens of times during its more than 200-year history due to wars and pandemics.
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The event opened last Saturday, when Munich’s mayor tapped the first keg and announced “O’zapft is,” or “It’s tapped” in Bavarian dialect.
Brewing equipment is often fueled by natural gas, and prices for barley malt – or grain that has been allowed to germinate by moistening it – have more than doubled, to over 600 euros a ton. Glass bottles have risen by 80%, as glassmakers pay more for energy. Bottle caps are up 60%, and even glue for labels is in short supply.
Oktoberfest is back but inflation hits brewers, cost of beer
Oktoberfest is on tap again in Germany after a two-year pandemic interruption. >AP Photo/Matthias Schrader, File
Some 487 beer breweries, restaurants, fish and meat grills, wine vendors and others will serve revelers at Oktoberfest, and opening hours will be even longer than in the past, with the first beer tents opening at 9 a.m. and closing at 10:30 p.m. The last orders will be taken at 9:30 p.m.
“Prices for everything have changed significantly this year,” said Sebastian Utz, head technician at
people buy, and those higher prices cut into their purchasing power.
All that gets built into the prices of things
For Germany’s brewers, rising costs go much deeper than simply the price of a round at the festival’s long wooden benches. They are facing higher prices all along their chain of production, from raw ingredients like barley and hops to finishing touches such as beer caps and packing material.
Inflation is “running red hot in Germany” and could approach 10% by year’s end, said Carsten Brzeski, chief eurozone economist at ING bank. The rate should fall next year as consumer demand weakens — but that is small consolation today.
It’s a mirror of the inflation running across the economy: Sky-high natural gas prices caused by Russia’s war in Ukraine are boosting what businesses and consumers have to pay for energy, while recovering demand from the pandemic is making parts and raw materials hard to come by.
Munich’s historic Hofbraeu Brewery, which traces its roots in the city to 1589. “To brew beer you need a lot of energy ... and for refrigeration. And at the same time, we need raw materials – barley malt, hops – where procurement has increased in price.”
“It’s beautiful,” Mayor Dieter Reiter said. “You can see the enthusiasm has returned.” He downplayed concerns about such a big event during the pandemic, saying the spread of COVID-19 is “no longer the decisive factor” and adding, “Let’s see how it goes.”
“These are prices that the German brewing industry has never seen before,” said Ulrich Biene, spokesman for the historic family-owned Veltins Brewery in Grevenstein, which is not one of the brands sold at Oktoberfest.
Inflation hit an annual 7.9% in Germany in August, and a record 9.1% in the 19 countries that use the euro currency. Rising consumer prices in Europe have been fueled above all by Russia restricting supplies of natural gas, driving prices through the roof. That feeds through to electricity, because gas is used to generate power, and to the cost of a host of industrial processes that run on gas, such as making fertilizer, glass and steel. Farmers also are seeing higher costs for heating buildings and fertilizing crops.
For one thing, the 1-liter (2-pint) mug of beer will cost between 12.60 and 13.80 euros ($12.84 and $14.07) this year, which is an increase of about 15% compared with 2019, according to the official Oktoberfest homepage.
The 1-liter (2-pint) mug of beer will cost between $12.84 and $14.07
The costs of everything –cardboard, stainless steel for barrels, wood pallets, cleaning supplies to keep the brewing tanks spotless – have gone up.
In any case, Oktoberfest is a much-needed boost for Munich’s hotels and food service industry.
In the years before COVID-19, about 6 million people visited the celebrations annually, many of them dressed in traditional Bavarian garb – the women in Dirndl dresses, the men in Lederhosen, or knee-length leather trousers.
/ Wednesday, September 21, 2022 13
of dinner plates, men in leather shorts and women in cleavage-baring traditional dresses.
But while brewers are more than glad to see the return of the Bavarian capital’s sudsy tourist centerpiece, both they and visitors are under pressure from inflation in a way that could scarcely be imagined the last time it was held in 2019.
Biden relied on celebrities during his 2020 presidential campaign, when in-person schmoozing was largely suspended because of the coronavirus. A parade of movie and TV stars, pop icons and sports standouts stepped up to help Biden raise money and energize supporters.
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Since taking office during a pandemic, which put a pause on too much togetherness, the 79-year-old Biden has also opened the White House to teen singer Olivia Rodrigo, to talk about young people
The 75-year-old British singer is among celebrities who avoided the Trump White House, starting with the Republican’s 2017 inauguration. John had declined an invitation to play at Trump’s inaugural festivities, saying he didn’t think it was appropriate for someone with British heritage to play at the swearing-in of an American president.
-White House official statement.
John is among a slew of entertainers who refused to perform for then-President Donald Trump.
Celebrities coming back to White House after Trump drought
and COVID-19 vaccinations, and the South Korean boy band BTS, to discuss Asian inclusion and representation.Lastyear,the Democratic president resumed the tradition of hosting an in-person White House reception for the artists receiving honors from the Kennedy Center.
John’s concert is called “A Night When Hope and History Rhyme,” a reference to a poem by Irishman Seamus Heaney that Biden often quotes. The performance is part of a collaboration with A+E Networks and the History Channel that “will celebrate the unifying and healing power of music, commend the life and work of Sir Elton John and honor the everyday history-makers in the audience,” the White House said. Guests will include teachers, medical professionals, students, LGBTQ+ advocates and others.
Rocker Elton John is bringing his farewell tour to the South Lawn on Friday, the White House announced Tuesday, one week after singer James Taylor and hosts Jonathan and Drew Scott, of HGTV’s “Property Brothers,” helped celebrate a new health care and climate change law.
Actor Jennifer Garner accompanied first lady Jill Biden to West Virginia last year to visit a schoolbased COVID-19 vaccination site in Charleston. Garner also hosted a PBS “In Performance” special celebrating the holidays at the White House.
Taylor sang and strummed his guitar to open last week’s event while the Scotts were among hundreds of people in the audience. They also joined second gentleman Doug Emhoff, Vice President Kamala Harris’ husband, to film a snazzy video promoting the law’s climate change provisions.
For the inauguration of Democrat Biden, singers Lady Gaga, Jennifer Lopez and Garth Brooks were among those who performed.
Aretha Franklin and Beyoncé were among celebrities who turned out in a huge show of force for Democrat Barack Obama, from fundraising to his two inaugurations to performances inside the White House or on the grounds.
John and Stevie Wonder performed together at a 1998 state dinner hosted by Democratic President Bill Clinton honoring British Prime Minister Tony Blair. They performed under a tent on the West Colonnade roof.
/ Wednesday, September 21, 202214
Trump had included high praise for John in a few of his books and played John’s songs at his presidential campaign rallies, including “Rocket Man” and “Tiny Dancer.” Trump had also nicknamed North Korean leader Kim Jong Un “rocket man” because of Kim’s habit of test-firing missiles.
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[The concert] will celebrate the unifying and healing power of music, commend the life and work of Sir Elton John and honor the everyday history-makers in the audience.
ASHINGTON (AP) — Celebrities are back at the White House following a pop-culture backlash during the Trump years, when just about anyone considered high-wattage refused to show up.
The White House will become a concert venue Friday, Sept. 23, when Elton John performs. > AP Photo/Matt Rourke, File
In fact,
Darlene Superville – The Associated Press
Rocker Elton John is bringing his farewell tour to the South Lawn
They disappeared under Trump, but are returning for Biden.
Nicholas Paphitis – The Associated Press
“I remember I was at Princess Diana’s funeral. I was at the Queen Mother’s funeral. To feel the level of grief and loss, but not to be able to be part of it, makes it harder,” he said.
In Germany, public broadcasters ARD and ZDF dedicated hours of detailed live coverage and commentary, as did private all-news channels — though at least one of those later switched to a live shot of the hearse on one side of the screen while
THENS, Greece (AP) — In movie theatres and pubs, on giant screens and smartphones, people watched and pundits droned on as Queen Elizabeth II’s funeral in London flooded the airwaves live across time zones and continents.
Spanish national public broadcaster RTVE offered almost minute-by-minute coverage. But what grabbed viewers’ attention was an issue of domestic concern — the sight of former King Juan Carlos and his wife, former Queen Sofía, sitting in the church next to Spain’s current king and queen, their son Felipe and his wifeTheLetizia.fourhad not been seen together since before Juan Carlos unexpectedly left Spain in 2020 amid financial scandals. Since then, the royal family has made obvious efforts to distance themselves from his legacy.
business as usual resumed on the rest of it.
In Britain, 125 movie theaters opened their doors to broadcast Monday’s funeral live.
Queen Elizabeth II’s funeral flooded the airwaves live across continents
-Natalie Dotson, Manchester resident
/ Wednesday, September 21, 2022 15
A family watches television coverage of the state funeral of Britain’s Queen Elizabeth II, at their home in the low-income Kibera neighborhood of Nairobi, Kenya. >AP Photo/Brian Inganga
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In former British colony of Hong Kong, many among the hundreds of mourners who gathered with candles and flowers outside the British Consulate on Monday night watched the live broadcast on shared devices.
In central Paris, locals mingled with British tourists at The Cricketer pub to catch the ceremony on screens more accustomed to sports coverage.“It’sahistorical moment ... and I didn’t want to miss it,” said Manchester area resident Natalie Dotson. “So we found an English pub on Google. And then we’ve just come in today to watch (the funeral).”Sipping her drink, Parisian Martine Paranthoen said she had “a little bit of a tight heart ... because for me the queen was immortal.”
Some of the coverage was accompanied by discussions on the legacy of colonialism.British
Tom Fell, a 42-year-old British citizen living in Hong Kong for the past three years, said it was “so hard” to be away for the funeral.
South Africa’s national television broadcaster SABC carried the funeral live as its headline story, even amid rolling electricity cuts across the country that have dominated the news for days. Radio stations also led with news of the procession.
Some of the coverage was accompanied, however, by discussions on the legacy of British colonialism and how — or even whether — the queen’s life should be celebrated in a former British colony like South Africa.
It’s a historical moment ... and I didn’t want to miss it. So we found an English pub on Google. And then we’ve just come in today to watch (the funeral).
In fact,
‘I didn’t want to miss it’: Royal funeral on global live TV
On the other side of the English Channel in staunchly republican France, broadcasters scrapped normal programming to carry up to 12 hours of live footage Monday.
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