The Weekly Journal - Wednesday, October 19, 2022

Wednesday, October 19-25, 2022 - // no. 182

Puerto Rico and the Caribbean

Puerto Rico is too expensive For business P7

The very sophisticated business of

Bank CEOs worry about U.S. economy

P8

The future of the UPR P10

www.theweeklyjournal.com

CYBERATTACKS Vulnerability increases as things become more digitally enabled and interconnected

C

Zoe Landi Fontana, The Weekly Journal

The Mustang goes electric P14

yberattacks are a business. ‘Threat actors’, a person or group intending to cause harm in cyberspace, continue to invest and do more damage in cyberspace because it’s a business where the return on investment (ROI) can be tremendous – it’s a business model that’s always evolving.

As Cybersecurity Awareness Month gets underway, people should protect themselves and their businesses

by getting familiarized with the most pressing issues in cybersecurity, said Chetan Bhatia, Managing Director of Cyber Resilience and Engagement Management within Aon’s Global Cyber Solutions practice (formerly known as Stroz Friedberg) in an interview with THE WEEKLY JOURNAL. “Back in the day, we saw attacks happening where they were affecting very small parts of the environment. The amount of impact to an organization, back in the day, was not as significant as it is today. As we’ve implemented GO TO PAGE 4

The Weekly Journal > Wednesday, October 19, 2022 >

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/ Wednesday, October 19, 2022

a week in review Medalla Light Refreshes Georgia With the arrival of Medalla Light to Georgia, Medalla products are now available in 15 U.S. states. Starting this week, Puerto Ricans and fans of the popular Mayagüez beer can enjoy its flavor and freshness in one more U.S. state. An estimated 90,000 Puerto Ricans live in Georgia. “As our product makes its way into the North American market, more expectation is created in other states, which are looking forward to it. That fills us with great joy and pride,” said Jorge Bracero, Chief Marketing Officer for Cervecera de Puerto Rico. In addition to Georgia, Medalla Light is available in Florida, Connecticut, New Jersey, Pennsylvania, Massachusetts, Virginia, Maryland, Washington D.C., New York, Rhode Island, Wisconsin, New Hampshire, Tennessee and Illinois.

Nissan Makes Moves Toward Redefining Vehicle Design

Parmalat Launches Lactose-free Chocolate Milk

Nissan is on a constant mission of innovation, which leads the brand to find the perfect balance between performance and style, as well as versatility and avant-garde.

With this in mind, Nissan, through its product line, prioritizes designs that adapt to the needs of consumers and combines style with concepts and design lines that integrate the DNA of the brand. “For more than one decade, Leaf has represented the company’s commitment in bringing mobility electric power to the masses.

And proof of this approach is the arrival of the Leaf 2023,” said Juan Santana Chea, Nissan’s commercial director at Motorambar, distributor of the brand in Puerto Rico. The Nissan Leaf 2023 reflects the features and technologies most requested by customers. ThemLeaf 2023 updates include exterior design improvement, a renewed front grille, trim on the back of the vehicle, spotlights with a black interior finish and 17-inch aluminum alloy hoops.

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

Parmalat launched Zymil chocolate, the only lactose-free milk of its kind in the Puerto Rican market. Zymil Chocolate is a new option for lactose-intolerant people who crave the delicious flavor of chocolate. Zymil improves digestion, is rich in proteins, carbohydrates, vitamins and electrolytes, which makes it ideal for muscle recovery and toning. Thanks to the high content of vitamin C and minerals, lactose-free Zymil milk strengthens the body’s immune system and natural defenses, helping to prevent infections and other diseases. In addition, the chocolate flavor has proven to help the stimulation and improvement of memory functions and learning ability, both in children and adults.

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 Rafelli González Cotto rgonzalez@elvocero.com

Customer Service: 787-622-7480

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/ Wednesday, October 19, 2022

You have to identify risk and understand what are your critical assets and vulnerabilities. What are the attackers doing, how are they compromising information?

Chetan Bhatia, Director of Cyber Resilience at Aon

CONTINUED FROM PAGE 1

it’s all about risk management,” explained Bhatia.

Clearly, risk for a manufacturer will be very different from that of a healthcare system or other entity. Of course, it’s difficult to manage risk if you don’t know the major exposures to your business. What are the actual threat actors doing in your particular industry? Here are Bhatia’s recommendations to begin understanding and addressing potential risks to your business.

Following the tips below is critical as cyberattacks continue to evolve in complexity and frequency.

The first step is to identify risk. “You have to identify risk and understand what are your critical assets and

more technology and things become more digitally enabled and interconnected there is so much more complexity,” Bhatia stated.

According to the cybersecurity expert, ransomware, business email compromises, and identity theft are some of the most common cyber threats for both the private and government sectors. Additionally, a new issue has surfaced as a result of movement in the workforce, a more recent trend over the past couple of years.

“There’s a lot of movement in the workforce. We see a lot of insider threat issues where people are taking data An organization or intellectual property from needs to quantify its an organization to their new risk and understand employer,” said Bhatia. On what the financial their way out, employees may effect would be if email themselves company any cyberattack were information or export it to an to occur. external cloud storage device, taking with them sales lists or client specific information. This is considered a cyber-related breach of data and should follow the same advice as for other cyber threats.

In fact,

Risk Management

Risk management looks different for different companies and varies between industries. It isn’t enough to buy the newest prevention system or control because it’s touted as the best. “What we see a lot of organizations doing is buying the best or shiniest new tool that is out there. They tend to buy that because they feel it will do the job. What we tell our clients to do is to understand your risk –

vulnerabilities. What are the attackers doing, how are they compromising information? That’s the first step in cyber-preparedness,” said Bhatia.

Second –as an organization begins to deploy strategies and programs to leverage people, processes and technology to address cyber risk– they need to ensure that what they’re doing is actually effective by testing. “They need to simulate what attackers are doing –tools, methodologies, tactics– and leverage those things in a proactive manner to determine if there are weaknesses in their environment,” continued Bhatia.

But it isn’t enough to implement a strategy once. This makes up the third step – continuous improvement within the organization. Bhatia advises clients to simulate an incident or conduct a tabletop to get everyone talking about how they would approach and handle different possible scenarios.

The fourth step is to quantify the risk. An organization needs to understand what the financial effect would be if any cyberattack were to occur. This measures the organization’s ability to respond and requires understanding the financial exposures of cyberattacks particular to your industry, investing enough to mitigate that risk to what your company deems an acceptable

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level, and having an effective response strategy to limit the amount of business interruption because, as Bhatia reminded, “It’s not a matter of if, but a matter of when.”

Industries At Risk

Every industry is a potential victim for a threat actor. Industries such as finance and banking, healthcare, or retail are fairly regulated, meaning that they’re required to have cybersecurity programs with controls and maintain good “cybersecurity hygiene”.

Industries like manufacturing or construction now rely on technology more than before, but they have not caught up in terms of being regulated. Thus, if an attacker can affect a global manufacturer, they can often get what they demand.

“Say they’re losing $1 million a day, and the attacker is asking for a $10 million ransom amount [to restore functionality]. On the fourth day or so, the executive leadership team will consider paying the extortion amount if it will help solve the issue,” Bhatia offered as a very possible scenario.

The recent ransomware attack on CommonSpirit Health was a scare for the healthcare industry as a whole, jolting leaders into action to check in on their own cybersecurity programs. “These types of attacks happen to the best of us. The attacker only has to be right once. And in a lot of cases, unfortunately, someone will click on something –a mistake will be made– or there will be a configuration issue, and if the attacker is determined, they will continue the course until they get in,” said Bhatia.

That a certain system gets successfully attacked isn’t an indication that they weren’t taking the correct preventative measures, as defined earlier.

We see a lot of insider threat issues where people are taking data or intellectual property from an organization to their new employer.

Chetan Bhatia, Director of Cyber Resilience at Aon

“It’s imperative that organizations – in any industry – are constantly aware of what’s going on in their industry,” Bhatia warned.

Organizations need to maintain relationships with incident response firms and monitor threat intelligence sources to know what’s happening.

attacks get more expensive. Just a few years ago it was fairly inexpensive to get cyber insurance due to a lack of claims or significant losses and insurance was offered at an affordable price, but that has changed.

“The cyber insurance market now requires that an organization do a lot to have the If an attacker can right defenses. Now insurance Costs Of A Cyberattack affect a global carriers want organizations to The cost of defending against manufacturer, they have certain controls in place cyberattacks varies with any can often get what before they qualify,” said Bhatia. potential financial impacts that they demand.

“Markets are really tough right could be incurred. A company now. If you don’t have the right should determine what the controls that underwriters financial effects of a successful are focused on to mitigate attack would be in order to ransomware and other cyber related risks –and securely insure themselves against it. don’t have ability to respond quickly– that could Taking out cyber insurance is a necessary yield an unfavorable result for the organization.” protective measure, but premiums are rising as

In fact,

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Holiday season not expected to bring needed revenues

Big retailers promote extending their holiday season deals

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Madison Choudhry, Special to The Weekly Journal

n a world that seems to change, sometimes drastically on a monthly basis, business owners are waiting with bated breath to see what this year’s profit margins hold.

The retail holiday season has gone through several peaks and valleys beginning with the Covid-19 pandemic. With another unpredictable holiday season soon approaching With more priceWith more price-sensitive business owners have once sensitive consumers, consumers, the growing trend again found themselves on the growing trend amongst major retailers such unsteady ground. amongst major a Walmart, Amazon and Target At the beginning of the retailers such a is to extend their holiday sales year, it seemed promising to Walmart, Amazon in hopes to entice customers to anticipate a return to normalcy and Target is to buy. by the holiday season with extend their holiday Katie Thomas, who leads the easing of supply chain sales in hopes to Kearney Consumer Institute, pressures. However, this year entice customers to said “we went from supply has traversed to be anything buy. chain issues last year to dealing but normal. with rising inflation this year, Where collective anxieties in response to this retailers are revolved around the pandemic trying to give people that longer in 2020 and supply chain issues window to shop. The length of the holiday season in 2021, this year the concern is around the price — I think that will be sticky for at least a few more of goods and services.

Evidence of consumers’ struggles can be seen in years.”

Looking through the consumers’ point of view credit card debt which has ballooned, posting the largest year-over-year percentage increase in more this may come as good news.

With the extension of the holiday season Bill than two decades according to data upturned by Krogstad, a managing director for FTI Consulting’s the U.S Census Bureau. retail and consumer products practice explained According to an AlixPartners survey, 39% of consumers plan to buy at least half of their holiday “there’s an excess inventory on the market, so we’re going to see a lot of discounting and bargain purchases on sale and 40% said they plan to buy shopping.” more affordable brands.

Still, Thomas cautioned that, while “in many “Consumers were comfortable with their ways the consumers are at an advantage when expenses last year, they had pretty substantial it comes to the extension of the holiday season, wallets thanks to government subsidies. The in some instances they may not be. They are sentiment has shifted drastically this year, relative positioned at an advantage because, in theory, to the years prior … and that’s mostly driven it is a longer shopping window, but you, as the because of economics. Inflation has impacted the consumer, never really know when to pull the affordability of items, and consumers are very trigger.” concerned about the current economy and where Along with the extension of holiday shopping, the economy will be a year from now,” said Alexa businesses are expecting to see a sharp increase in Driansky, a director in AlixPartner’s retail practice.

In fact,

We went from supply chain issues last year to now dealing with rising inflation this year.

In response to this, retailers are trying to give people that longer window to shop.

Katie Thomas, Kearney Consumer Institute

digital shopping.

According to AlixPartners, 40% of survey consumers plan to do the majority of their holiday shopping online, which is up 10 percentage points from its pre-pandemic survey in 2019.

In addition, roughly three-fourths of consumers will research a product online before buying according to Driansky. This correlates to consumers relying less on brick and mortar businesses and their employees for information and recommendations.

“That is something that is here forever. When consumers can now have things shipped to them for free, they really prefer the convenience of that.

There’s really no reason for them to use curbside pickup or avenues such as that, unless they need to pick something up last minute,” Driansky explained.

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Manuel Cidre, Secretary of the Department of Economic Development and Commerce >Nahira Montcourt/The Weekly Journal

The cost of doing business “threatens” Puerto Rico’s economy

permitting processes, access to [economic] incentives, workforce training, talent retention, the cost of energy, and yes —why not?— the cost of labor,” said Cidre.

The Secretary was referring to the impossibility of business owners to offer more competitive wages given the cost of essential services such as Efraín Montalbán Ríos, The Weekly Journal electricity and water.

“It hurts me —as it hurts each one of you— that, instead of putting the profits into providing t a time when the island’s much more attractive payroll [benefits] for our business sector has suffered employees, we have to invest much of our money an increase in its operating in into paying 30 cents per kilowatt/hour and in a expenses as a result of the higher water cost,” said the secretary of the DDEC. spiraling inflation, the cost of “When I started out in business 48 years ago, doing business in Puerto Rico I was very upset to go to the continues parking lot of my businesses and to threaten the country’s see that the most dilapidated cars businesses, said Manuel Cidre, there belonged to my employees, Secretary of the Department because I couldn’t pay them more. of Economic Development I couldn’t, because electricity was Among the and Commerce (DDEC, for its expensive, because the regulations factors making Spanish acronym). were difficult, because I had to pay it more expensive to Cidre assured that among an agent to get me a permit,” Cidre do business in the the factors making it more recalled. island are the high expensive to establish and The Secretary assured his cost of energy, the maintain a business on the agency is committed to promoting difficulty in obtaining island are the high cost of the creation of new businesses permits and access to energy, the difficulty in obtaining in Puerto Rico.

“That is what economic incentives. permits, access to economic you [restaurant and hospitality incentives and employee entrepreneurs] are demanding training. from me today... to make Puerto “A big threat —and the Rico an attractive place to do governor is very aware of it— is the cost of doing business,” he said. business in Puerto Rico. Many times we believe Cidre’s remarks came after the presentation that the cost of doing business in Puerto Rico of the Puerto Rico Restaurant Association (Asore, are specialized conditions… but the cost of doing for its Spanish acronym) study on consumer business impacts, among many other things, trends and the inauguration of its Bakery &

The high cost of energy, the difficulty in obtaining permits among top concerns

A

In fact,

…the cost of doing business impacts, among many other things, permitting processes, access to [economic] incentives, workforce training, talent retention, the cost of energy, and the cost of labor.

Manuel Cidre, DDEC Secretary

Restaurant Show.

Asore’s president, Mateo Cidre, a vocal critic of the administration of which his father is the Economic Development Secretary, has consistently denounced that more often than not, the industry feels as if the government is hindering the business activity of the sector, especially when the cost of living is at its highest, and urged that the objectives of both be aligned.

“I definitely think that food businesses have to go hand in hand with the government, and the government has to be a facilitator and not a hindrance, as we often feel [it is]. Right now we are living a historic moment, with electricity, water, gas, the food you buy to resell at their highest… and if on top of that, you legislate to continue making it more expensive to do business in Puerto Rico… Well, the only one am worried about is the consumer,” a distrustful president of Asore said.

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In fact, Reflecting the dimmer macroeconomic view, Citigroup, Wells Fargo and JPMorgan socked away cash in their loan-loss reserves.

Bank CEOs increasingly turning pessimistic on economy

Many CEOs that trumpeted the strength of U.S. economy are now cautious Ken Sweet – The Associated Press

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EW YORK — The outlook for the U.S. economy from Wall Street’s biggest banks is getting gloomier, with many top executives saying they’re preparing for a potential downturn or a recession.

Following the short but potent pandemic recession in 2020, many bank CEOs have spent the past year and a half trumpeting the strength of the U.S. economy and the resilience of the U.S. consumer. Many did so again Friday after reporting their quarterly results, but this time with an overriding sense of caution.

“We recognize the pressure points are building in several areas of the economy that could lead to stress in the future,” said Andy Cecere, CEO of U.S. Bank.

Such comments reflect the growing evidence that the U.S. and global economy is weakening in the face of worldwide inflation and the war in Ukraine. On Tuesday, the International Monetary Fund lowered its forecast for 2023 global economic growth to 2.7% from 2.9%.

Half a dozen banks reported their quarterly results on Friday, ranging from behemoths JPMorgan Chase and Citigroup to super regional banks like U.S. Bank and PNC Financial. In calls with journalists and investors, bank executives painted a bifurcated picture of the economy.

On one hand, they noted a low level of delinquencies, solid consumer spending and healthy activity among their business clients. At the same time, they acknowledged multi-decade high

levels of inflation, a housing market that is slowing down quickly, and a Federal Reserve that is raising rates at an unprecedented pace, which will make it more difficult for businesses to borrow.

“Inflation is casting a long shadow on these banks’ future outlooks,” said Peter Torrente, U.S. national sector leader for banking and capital markets at accounting giant KPMG. Inflation has been persistently high for months, with last week’s reading of consumer prices showing an 8.2% rise in costs in September from a year earlier. Fed officials have pushed up their short-term rate by a hefty three-quarters of a percentage point three times in a row, bringing it to a range of 3% to 3.25%, the highest in 14 years.

Wall Street is expecting another 0.75 percentage point hike in November.

Reflecting the dimmer macroeconomic view, Citigroup, Wells Fargo and JPMorgan socked away cash in their loan-loss reserves. These reserves are set aside to cover potentially bad loans. During the pandemic, banks put tens of billions of dollars into these reserves but had released the bulk of those funds in 2021 reflecting the improvement in the economy.

Now the banks are again fortifying the reserves.

JPMorgan set aside roughly a $1 billion in its loan loss reserves, while Citigroup and Wells both roughly put $400 million into their reserves this quarter. The pace of additions is slower than at the onset of pandemic when, for example, JPMorgan put more than $10 billion into its reserves in one quarter.

The goal of the Fed’s rate increases is to slow the economy and bring down inflation. The possibility of going too far and causing a recession is a big concern for economists, Wall Street analysts and bank executives.

Wells Fargo CEO Charlie Scharf told investors on a conference call that the bank expects broader economic conditions to weaken, resulting in increases in delinquencies and credit losses.

Cecere, the U.S. Bank CEO, said, “While the backdrop is favorable today, it would not be

We recognize the pressure points are building in several areas of the economy that could lead to stress in the future.

Andy Cecere, CEO of U.S. Bank.

surprising to us to see an economic slowdown develop at some point driven by lower confidence levels, which may lead to reduced spending and business investment.”

JPMorgan Chase CEO Jamie Dimon made headlines Monday when he said a “very, very serious” mix of concerns could lead to a recession in the next six to nine months.

On Friday, Dimon talked up the fact U.S. consumer health remains strong. Investors pushed to get clarity.

“I’m trying to reconcile your comments before and now,” Mike Mayo, an analyst with Wells Fargo Securities, said to Dimon.

In response, Dimon described the current economic environment as “odd,” reflecting the fact delinquencies are low and consumer spending remains strong despite the inflationary headwinds.

But he predicted that the extra savings U.S. households socked away during the pandemic would likely be exhausted by mid 2023, if inflation is not brought under control.

One thing supporting Dimon’s comments is the amount of spending consumers are doing with their credit cards. Wells Fargo, Citigroup and JPMorgan all reported double-digit increases in consumer credit card spending compared to a year earlier.

While JPMorgan executives said that some of that spending might be consumers returning to pre-pandemic spending trends, inflation might simply be stretching household budgets.

l alcanzó % respecó 28.05, y rarse con

de mayor importancia para el Fondo General y /ya el Departamento del Tesoro de Wednesday, October 19, 2022 Estados Unidos otorgó un año de transición adicional a las empresas bajo la Ley 1542010. Dicha ley representa alrededor nde $1,700 millones anuales al erario. ro Francisco Rodríguez-Castro President andapremiante CEO of Birling Capital Advisors, LLC. Resulta proteger la base la contributiva que representan estas sempresas. La clave no es ver más imda puestos; la idea debe enfocarse en es migrar lo que produce el impuesto to de la Ley 154 a otro tipo de impuescto, que sean similares en recaudo y a de markets began the new quarter on a more positive e can safely state that la vezhave pueda sernoteacreditable por lassignificant twoas S&P 500 recorded its most investors been es day rise since April 2020. rattled to their core. empresas a su tributación ra Francisco With While the strong jobfederal; growth could steer the high volatile swings in both the gain and loss Fed directly into an additional 75 basis points así sethereminimiza la pérdida de emal Rodríguez- column, rate increase, there is mounting evidence that the is little economy is slowing faster than expected. This room for most of them presas y empleos.

Castro could provide the Fed with a basis to slow down to maneuver. consenso en materia contrior We saw a week that swung inFalta its aggressive interest rate campaign. But, while both directions, >frc@birlingcapital. the Fed is expected to pivot into a change in policy ending with more losses amid continued strong butiva. falta de establecer sis-due to the still de job growthcom to avert a recession, thisun is unlikely in the U.S. This news turned La out was high inflation rate la in the U.S. opposite of what investors wanted.

The very tema holístico que alivie política er- the As the interest rate yields on the U.S. treasury second the U.S. Bureau of Labor Statistics reported closed this week 4.30%, the highest 263,000 new jobsgobierno and 2-year note pública del en todos losat tete that the private sector added in the last ten years, we also saw most stock that the unemployment rate had dropped to 3.5% mas the demarket índole contributivo y con la realidad erto–quite Rico, valuations down with double-digit negative yearunexpectedly– tanked.

Not only to-date returns. Even though the market did not did the U.S. economy created more jobs, but the económica del País, puede provocar una os dejobejeexpect, but rather hoped, for the Fed to pivot into growth was also ahead of estimates by 4.94% an easing mode, this would not be likely since the or 13,000 jobs.mayor So far this year, the U.S. economy presión inflacionaria. portantes Fed pledged to fight inflation until it reaches its 2% has added 3,778 million new jobs, an average of 419,777 per month. target rate. de Puer-

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What used to be Good News is Now Bad News; taking Another Look at Markets

While jobs were broadly above expectations, which typically is excellent news, in this case is bad news because markets had hoped for a contraction in job growth. But, since it did not happen, it could be expected rates will increase, by at least 75 basis points, during the next FOMB meeting.

However, the week was not a total loss; when compared to the previous week. Overall, the

ación del ) —$612 diez años sos infemplemen—$1,500 s años o or contriaumento ncia Nuta a unos

covid-19, n sin hae los más ción. Toovid-19 y tifique, y rio como un gran

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The Fed is expected to pivot into a change in policy to avert a recession, but this is unlikely due to the still high inflation rate in the U.S.

La ayuda no después de

So, the unexpected job growth was the last nail in the coffin for those hopeful souls wishing for the Fed to steer away from further increasing rates. Still, we see rates peaking next year between 4.25% to 4.50%, and the possibility of the Fed taking a break, should the economy record three consecutive months of decreasing inflation.

One last nugget to consider is that, while

Riesgos que impactarán la economía: Reducción en el ingreso por la terminación de las ayudas relacionadas a la pandemia.

Los altos niveles de inflación están afectando a todos los consumidores, afectando sus ya ajustados presupuestos, e impacta a todos los micro y pequeñas empresas mayoritariamente.

Los cambios en la política monetaria del Banco de la Reserva Federal, el cual ya aumentó 25 puntos base, y se estima que ahora en mayo aumente otros 50 puntos base, lo que encarecerá los costos de créditos comerciales y del consumidor.

La disminución de la población de Puerto 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-

unemployment unexpectedly dropped to 3.5% – matching a fifty-year low– we also saw a gradual decrease in job growth. The total Nonfarm job openings fell from 11.17 million to 10.05 million, a decrease of 1.12 million or 10%. Meanwhile, the number of job seekers fell from 5.39 million to 4.99

million, a 7.31% decrease. However, there is still a deficit between job openings and job seekers of 50.25%.

In other interest rate cycles, unemployment tends to rise more than a year after the Fed’s first rate increase, showing the long overhang between rate increases and Fed action to spread thru the economy.

La Cruz Roja American atiende un promedio de Tu apoyo a la Cruz Roja familias no enfrenten est

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Eduardo Burgos-Suazo,

COO of ABEXUS Analytics and Professor at UPRCA

UPR: Where do we go from here?

A

s most of us know, Puerto Rico has experienced fundamental demographic changes in the past decade. Fertility rates have followed a substantial downward trend, we’ve seen multiple periods of migration, and the remaining population keeps growing older. This has left the island with a population that instead of looking like a healthy pyramid, looks inverted, more like a cone. In other words, the younger population cohorts are getting smaller while the older cohorts are getting larger.

Recently, the governing board of the University of Puerto Rico announced that fundamental alterations to the admissions process will be taking place to, as they say, tackle the decline in student enrollment. Mainly, the strategy revolves around lessening admission criteria while recalibrating the relationship between how much grades and entrance exams weigh in on acceptance probability. One might ask: are lower enrollment rates a direct result of local population decline?

And, if so, can a mechanical solution be the best approach to a complex problem?

Back in 1970, a highly controversial figure named Ivan Illich published a book called “Deschooling Society”. In it, the author proclaims the end of the school system as we know it today.

Now, where did he get that idea? As he himself says on the first page of his book: “I owe my interest in public education to Everett Reimer. Until we first met in Puerto Rico in 1958, I had never questioned the value of extending obligatory schooling to all people.”

Even though Illich’s ideas were relatively rejected by the international community, one can reflect on the basis of his arguments and question the core purpose of education, its relationship with any learning process, and the value that the consumer (in this case, a student) sees in the service (in this case, a college education). I humbly believe that the Institution is in dire need of a profound reflection. By design, Academia should take a scientific approach to problem solving. Any real solution or method must be multidisciplinary, taking into account all possible aspects that could potentially explain the problem at hand (low enrollment rates). The solution must, therefore, be complex by nature.

It seems from the surface that what has been proposed is a short-term, somewhat automated “solution” that, in one way or another, will inevitably sacrifice quality to pursue quantity.

Has the research been done to assess students’ needs, their preferences when it comes to public

I humbly believe that the Institution is in dire need of a profound reflection. By design, Academia should take a scientific approach to problem solving. vs. private colleges, career path choices, etc.? What about leveraging how attracting students from other countries could mitigate low enrollment rates? Is the Institution offering what this new generation of students demands and needs from the Academia? And, if these questions were in fact answered, how does the actual proposed “solution” reflect those conclusions?

I believe these are fairly simple questions that could serve as a starting point to produce a shortto middle-term plan that is both realistic and prepares our University for more than just survival

mode. They could even help build the foundations for stability and future demand. A data driven approach is needed.

In that same spirit, I also recognize that there is no perfect solution; a real plan most likely provides multiple solutions that meet the mass of challenges that our Institution faces.

Let’s keep in mind that providing a proficient work environment, groundbreaking research opportunities, stable electric services and valuable experiences is as important in retaining students (if not more so) as providing a more flexible access to the Institution.

Unfortunately, all trends point to a continuous decline in the Puerto Rican population. Therefore, one must ask: where do we go from here? What are the next steps to ensure that the heritage that the University of Puerto Rico has built for the past decades does not decay? Maybe our educational legacy system is in fact outdated. Maybe, just maybe, what Illich (and others like him) forecasted more than 40 years ago is already (in some way or another) taking place. Maybe we need a serious reflection of what constitutes one of the most basic and elementary parts of our species, which is learning. Time will tell…

11

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< The Weekly Journal > Wednesday, October 19, 2022

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12

/ Wednesday, October 19, 2022

11 more crash deaths are linked to automated-tech vehicles Ten of the deaths involved vehicles made by Tesla

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Tom Krisher – The Associated Press

ETROIT — Eleven people were killed in U.S. crashes involving vehicles that were using automated driving systems during a four-month period earlier this year, according to newly released government data, part of an alarming pattern of incidents linked to the technology.

Ten of the deaths involved vehicles made

by Tesla, though it is unclear from the National Highway Traffic Safety Administration’s data whether the technology itself was at fault or whether driver error might have been responsible.

The 11th death involved a Ford pickup. The automaker said it has to report fatal crashes to the government quickly, but it later determined that the truck was not equipped with its partially automated driving system.

The deaths included four crashes involving motorcycles that occurred during the spring and summer: two in Florida and one each in California and Utah. Safety advocates note that the deaths of motorcyclists in crashes involving Tesla vehicles using automated driver-assist systems such as Autopilot have been increasing.

The new fatal crashes are documented in a database that NHTSA is building in an effort to broadly assess the safety of automated driving systems, which, led by Tesla, have been growing in use. Tesla alone has more than 830,000 vehicles on U.S. roads with the systems. The agency is requiring auto and tech companies to report all crashes involving self-driving vehicles as well as autos with driver assist systems that can take over some driving tasks from people.

The 11 new fatal crashes, reported from midMay through September, were included in statistics that the agency released Monday. In June, the agency released data it had collected from July of last year through May 15.

The figures that were released in June showed that six people died in crashes involving the automated systems, and five were seriously hurt. Of the deaths, five occurred in Teslas and one a Ford. In each case, the database says that advanced driver assist systems were in use at the time of the crash.

Michael Brooks, executive director of the

nonprofit Center for Auto Safety, said he is baffled by NHTSA’s continued investigations and by what he called a general lack of action since problems with Autopilot began surfacing back in 2016.

“I think there’s a pretty clear pattern of bad behavior on the part of Tesla when it comes to obeying the edicts of the (federal) safety act, and NHTSA is just sitting there,” he said. “How many more deaths do we need to see of motorcyclists?”

Brooks noted that the Tesla crashes are victimizing more people who are not in the Tesla vehicles.

“You’re seeing innocent people who had no choice in the matter being killed or injured,” he said.

A message was left Tuesday seeking a response from NHTSA. Tesla’s crash number may appear elevated because it uses telematics to monitor its vehicles and obtain real-time crash reports. Other automakers lack such capability, so their crash reports may emerge more slowly or may not be reported at all, NHTSA has said.

NHTSA has been investigating Autopilot since August of last year after a string of crashes since

2018 in which Teslas collided with emergency vehicles parked along roadways with flashing lights on. That investigation moved a step closer to a recall in June, when it was upgraded to what is called an engineering analysis.

In documents, the agency raised questions about the system, finding that the technology was being used in areas where its capabilities are limited and that many drivers weren’t taking steps to avoid crashes despite warnings from the vehicle.

NHTSA also reported that it has documented 16 crashes in which vehicles with automated systems in use hit emergency vehicles and trucks that were displaying warning signs, causing 15 injuries and one death.

The National Transportation Safety Board, which also has investigated some of the Tesla crashes dating to 2016, has recommended that NHTSA and Tesla limit Autopilot’s use to areas where it can safely operate. The NTSB also recommended that NHTSA require Tesla to improve its systems to ensure that drivers are paying attention. NHTSA has yet to act on the recommendations. (The NTSB can make only recommendations to other federal agencies.)

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/ Wednesday, October 19, 2022

Chef Carol’s Lamb Duo. >Courtesy

Bóveda’s dinning room. >Courtesy

Bóveda: Hato Rey’s key back into Puerto Rico’s culinary scene

An haute Spanish cuisine project tempered by contemporary trends

S

Juan A. Hernández, The Weekly Journal

eeking to revive Hato Rey’s financial district as one of Puerto Rico’s epicenters of fine dining, Bóveda / Chef Carol Reyes is now open for lunch and dinner on the lobby of the Popular Center, in Hato Rey. “Bóveda was conceived as an haute Spanish cuisine project tempered by current contemporary gastronomic trends,” said Chef Carol, an alumnus of the prestigious Culinary Institute of America (CIA).

Bóveda occupies the space left by the legendary Il Perugino, which left Hato Rey’s culinary scene after Hurricane Maria hit the island, and has taken advantage of the Arctic birch décor of its predecessor.

“After Maria, bank execs had no alternatives for their regular business lunches. So, we made some minor improvements to the locale and made it ready for business. And we were able developed an alliance with Chef Carol for her to be the creative culinary talent responsible for Bóveda’s menu,” said José “Peco” Suárez, president of BluHost.

“Even though Bóveda is oriented to provide a fine dining experience, it does so in a casual setting.

What’s on the plate is haute cuisine, the table is a relax environment,” said Suárez when characterizing the restaurant.

And relaxed it is. Recognizing that not every Hato Rey exec has the time for the quintessential

executive lunch, Chef Carol has designed a light menu which includes from pasta to the ubiquitous burger that they can enjoy either at the bar or in the dining room. But don’t jump to any hasty conclusions… these are not your basic pasta or burger.

The Bóveda Burger is designed with chorizo, crispy onions, Tetilla cheese, tomato-piquillo ketchup and roasted garlic mayonnaise. While the pasta, could very well be a delightful gnocchi with ricotta, duck confit, roasted mushrooms, truffle emulsion and duck cracklings.

But mind you, while you can opt to enjoy your meal either at the bar or the dining room, not all the entrées are available at either venue, or for lunch

“Mamaví” cocktail. >Photo: Juan A. Hernández

Even though Bóveda is oriented to provide a fine dining experience, it does so in a casual setting.

José “Peco” Suárez, president BluHost

and dinner.

Firmly rooted in her fine dining experience, Chef Carol conceived some specific dishes for dinner. One such dish is the Lamb Duo, a lamb loin accompanied by red pepper glazed ribs, charred eggplant and roasted shallots.

Of course, there is a wide variety of wines to go with your meal –before, during or after, you decide– but for those preferring some stronger spirits, there is a surprisingly creative cocktail menu that is sure to impress the most demanding guests. You will definitely find the true and tried classics –Gin &Tonic, Manhattan, and Negroni– but also the very unexpected House Cocktails. On this list you will find the Bóveda 208 (Bourbon, crème de cacao, clove and cinnamon syrup and cacao bitters) and the “Que llueva la güita” (Vodka, lime juice, honey, cucumber and melon soda).

Despite all of these cocktails being delicious, the hands down favorite is the “Mamaví,” a wonderful concoction made from aged rum, pineapple puree, lime, “maví” (Puerto Rican root beer) and orange bitters.

When guests enter Bóveda, they are not just getting a meal. Be ready to be surprised. ¡Buen provecho!

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/ Wednesday, October 19, 2022

The fully “charged” evolution of the pony car Ford seeks to reignite the adrenaline rush of the Mach1

W

Juan A. Hernández, The Weekly Journal

hen the Ford Mustang made its debut in car dealerships across the U.S. in April, 1964, almost 22,000 Mustangs were sold in the first couple of days. By the end of its first production year, Ford had sold more than 400,000 Mustangs.

If a car ever needed some help to meet its sales numbers, it sure wasn’t the Mustang. But, if the popularity of the first pony car – and millions of units sold– were not enough, enter Steve McQueen and its legendary Mustang Mach 1 in the 1968 action-packed movie “Bullit.” After a little less of

11 minutes of the “first high “Aside from getting a zero speed car chase in Hollywood’s emissions vehicle, people want history,” the Mustang became a car that is exciting to drive, cemented as the quintessential that looks good and that can “muscle car” in American pop easily adapt to their lifestyles.

The Mustang Mach-E culture.

The Mustang Mach-E offers all is Ford’s first fully Fast forward 54 years since that with unparalleled style.” electric sports SUV that car chase, and the Ford Ford claims the new Mach-E and heir to the Motor Company is seeking “personifies the Mustang spirit, original Mustang’s from its sporty silhouette to reignite the adrenaline legacy of speed, and muscular curves to its rush McQueen’s high speed rebelliousness and stimulating driving experience.” hard driving experience car freedom.

But, truth be told, even the enthusiasts lived for almost most seasoned car enthusiast 11 minutes of that chapter of will need a little imagination to automobile history. Enter the see the Mustang hiding in this new Mustang Mach-E, Ford’s iteration of the classic pony car, first fully electric sports SUV, which resembles more a crossover vehicle than heir to the original Mustang’s legacy of speed, an SUV. Of course there are the obvious telltale rebelliousness and freedom. Or, is it?

“The Mustang Mach-E challenges the notion that signs, such as the iconic pony silhouette (on the fake front grid), the three-bars stop lights, and the electric vehicles are only good to save gas,” said Rosángela Guerra, Ford’s managing director for not so steep sloping aerodynamic trunk hood. And just to state the obvious; could anyone have ever Puerto Rico, Central America and the Caribbean.

In fact,

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/ Wednesday, October 19, 2022

Aside from getting a zero emissions vehicle, people want a car that is exciting to drive, that looks good and that can easily adapt to their lifestyles.

Rosángela Guerra, Ford’s director for Puerto Rico, Central America and the Caribbean.

imagined a Mustang SUV? Having said that, where the Mach-E really shows its DNA is in the driving.

The Mustang Mach-E GT Performance Edition launches the driver from 0 to 60 mph in a mere 3.5 seconds making use of its 480 horsepower and 634 lbs./ft. of almost instantaneous torque. And, contrary to McQueen’s Mach 1 roaring 5.8-liter V8 engine, the Mach-E’s engine is reminiscent of Simon and Garfunkel’s hit, The Sound of Silence.

Like with any electric vehicle, the drivers’ biggest concern is range. In the case of the Mach-E that will depend on the model you choose. The Premium RWD (rear-wheel drive) has a range of 306 miles, while the Premium eAWD (all-wheel drive) has a 290 mile-range. The GT is the one with the shortest, but still very impressive 260-mile range.

The other significant concern among drivers is the recharging period. The Mach-E comes with a Ford Mobile Charger that could be used with 120V or 240V plugs. Charging times will vary depending on the specific connection. With a 240V connection charging from near zero would take up to eight hours. With a 120V connection charging could take up to 90 hours.

Conceived as “the working man’s Thunderbird,” according to Ford, the 1964 Mustang carried a starting price tag of around $2,300. In 2022, the pony’s electric version carries a price tag of $64,995. While Guerra assured that Ford’s vision is to produce an EV that is affordable to everyone, she admitted that is not the case right now.

“We are looking to launch first our iconic vehicles and getting people to drive them. There

are great concerns about range and recharging.

We are working with that, and that is why we decided to launch first the Mustang Mach-E, the E-Transit and the F-150 Lightning,” Guerra said.

“For the time being we are going to focus on these three iconic vehicles, strengthen our distributors’ network and continue educating our customers on the need to protect the environment and how to be prepared to meet the needs of having an EV. Legislation in the U.S. requires American car manufacturers that at least half of their new cars production be fully electric or plug-in hybrid by

the year 2030.

Death of the muscle car?

With all American automakers having to move to EVs, is this the end of the muscle car?

“Absolutely not! Not for Ford. The Mustang will go on and the proof is the 2024 Mustang Dark Horse we unveiled last summer in Detroit. The Dark Horse has a sleeker, more modern exterior and a 5-liter V8 engine with 500 horsepower to cater to those who love speed,” said Guerra.

“Speed and performance are in our DNA.”

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