The Weekly Journal - Wednesday, October 19, 2022

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

Zoe Landi Fontana, The Weekly Journal

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

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.

PaRMalat launches lactose-fRee chocolate Milk

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.

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 or intellectual property from an organization to their new employer,” said Bhatia. On their way out, employees may email themselves company information or export it to an 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.

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 –

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

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

CONTINUED FROM

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

An organization needs to quantify its risk and understand what the financial effect would be if any cyberattack were to occur.

In fact,

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.

“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.

Costs Of A Cyberattack

The cost of defending against cyberattacks varies with any potential financial impacts that could be incurred. A company should determine what the financial effects of a successful attack would be in order to securely insure themselves against it.

Taking out cyber insurance is a necessary protective measure, but premiums are rising as

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 right defenses. Now insurance carriers want organizations to have certain controls in place before they qualify,” said Bhatia. “Markets are really tough right now. If you don’t have the right controls that underwriters are focused on to mitigate ransomware and other cyber related risks –and don’t have ability to respond quickly– that could yield an unfavorable result for the organization.”

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

If an attacker can affect a global manufacturer, they can often get what they demand.

In fact,

Holiday season not expected to bring needed revenues

Big retailers promote extending their holiday season deals

Madison Choudhry, Special to The Weekly Journal

In 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 business owners have once again found themselves on unsteady ground.

At the beginning of the year, it seemed promising to anticipate a return to normalcy by the holiday season with the easing of supply chain pressures. However, this year has traversed to be anything but normal.

In fact,

With more pricesensitive consumers, the growing trend amongst major retailers such a Walmart, Amazon and Target is to extend their holiday sales in hopes to entice customers to buy.

Where collective anxieties revolved around the pandemic in 2020 and supply chain issues in 2021, this year the concern is around the price of goods and services.

Evidence of consumers’ struggles can be seen in credit card debt which has ballooned, posting the largest year-over-year percentage increase in more than two decades according to data upturned by the U.S Census Bureau.

According to an AlixPartners survey, 39% of consumers plan to buy at least half of their holiday purchases on sale and 40% said they plan to buy more affordable brands.

“Consumers were comfortable with their expenses last year, they had pretty substantial wallets thanks to government subsidies. The sentiment has shifted drastically this year, relative to the years prior … and that’s mostly driven because of economics. Inflation has impacted the affordability of items, and consumers are very concerned about the current economy and where the economy will be a year from now,” said Alexa Driansky, a director in AlixPartner’s retail practice.

With more price-sensitive consumers, the growing trend amongst major retailers such a Walmart, Amazon and Target is to extend their holiday sales in hopes to entice customers to buy.

Katie Thomas, who leads Kearney Consumer Institute, said “we went from supply chain issues last year to dealing with rising inflation this year, in response to this retailers are trying to give people that longer window to shop. The length of the holiday season — I think that will be sticky for at least a few more years.”

Looking through the consumers’ point of view this may come as good news.

With the extension of the holiday season Bill Krogstad, a managing director for FTI Consulting’s retail and consumer products practice explained “there’s an excess inventory on the market, so we’re going to see a lot of discounting and bargain shopping.”

Still, Thomas cautioned that, while “in many ways the consumers are at an advantage when it comes to the extension of the holiday season, in some instances they may not be. They are positioned at an advantage because, in theory, it is a longer shopping window, but you, as the consumer, never really know when to pull the trigger.”

Along with the extension of holiday shopping, businesses are expecting to see a sharp increase in

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.

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

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

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

Efraín Montalbán Ríos, The Weekly Journal

At a time when the island’s business sector has suffered an increase in its operating expenses as a result of the spiraling inflation, the cost of doing business in Puerto Rico continues to threaten the country’s businesses, said Manuel Cidre, Secretary of the Department of Economic Development and Commerce (DDEC, for its Spanish acronym).

Cidre assured that among the factors making it more expensive to establish and maintain a business on the island are the high cost of energy, the difficulty in obtaining permits, access to economic incentives and employee training.

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 electricity and water.

“It hurts me —as it hurts each one of you— that, instead of putting the profits into providing much more attractive payroll [benefits] for our employees, we have to invest much of our money in into paying 30 cents per kilowatt/hour and in a higher water cost,” said the secretary of the DDEC.

In fact,

“When I started out in business 48 years ago, I was very upset to go to the parking lot of my businesses and see that the most dilapidated cars there belonged to my employees, because I couldn’t pay them more. I couldn’t, because electricity was expensive, because the regulations were difficult, because I had to pay an agent to get me a permit,” Cidre recalled.

Restaurant Show.

“A big threat —and the governor is very aware of it— is the cost of doing business in Puerto Rico. Many times we believe that the cost of doing business in Puerto Rico are specialized conditions… but the cost of doing business impacts, among many other things,

The Secretary assured his agency is committed to promoting the creation of new businesses in Puerto Rico. “That is what you [restaurant and hospitality entrepreneurs] are demanding from me today... to make Puerto Rico an attractive place to do business,” he said.

Cidre’s remarks came after the presentation of the Puerto Rico Restaurant Association (Asore, for its Spanish acronym) study on consumer trends and the inauguration of its Bakery &

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.

…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

Among the factors making it more expensive to do business in the island are the high cost of energy, the difficulty in obtaining permits and access to economic incentives.

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

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.

Ken Sweet – The Associated Press

NEW 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

“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.

Many CEOs that trumpeted the strength of U.S. economy are now cautious

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Pedro la Ajus deuda millones descuento reduc de millones ahorra anual gobernador de inver altamente Puerto Rico, cientos de eje importantes de Puer implementación del (EITC) —$612

Francisco Rodríguez-Castro

President and CEO of Birling Capital Advisors, LLC.

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.

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

e can safely state that investors have been rattled to their core. With high volatile swings in both the gain and loss column, there is little room for most of them to maneuver.

markets began the new quarter on a more positive note as S&P 500 recorded its most significant twoday rise since April 2020.

WFalta 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.

We saw a week that swung in both directions, ending with more losses amid continued strong job growth in the U.S. This news turned out was the opposite of what investors wanted. The very second the U.S. Bureau of Labor Statistics reported that the private sector added 263,000 new jobs and that the unemployment rate had dropped to 3.5% –quite unexpectedly– the market tanked. Not only did the U.S. economy created more jobs, but the job growth was also ahead of estimates by 4.94% or 13,000 jobs. So far this year, the U.S. economy has added 3,778 million new jobs, an average of 419,777 per month.

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.

diez años ingresos infe implemen —$1,500 seis años o por contri aumento Asistencia Nu aumenta a unos covid-19, vacunación sin hade los más administración. To covid-19 y justifique, y necesario como un gran sitúa en

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

While the strong job growth could steer the Fed directly into an additional 75 basis points rate increase, there is mounting evidence that the economy is slowing faster than expected. This could provide the Fed with a basis to slow down its aggressive interest rate campaign. But, while the Fed is expected to pivot into a change in policy to avert a recession, this is unlikely due to the still high inflation rate in the U.S.

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

As the interest rate yields on the U.S. treasury 2-year note closed this week at 4.30%, the highest in the last ten years, we also saw most stock valuations down with double-digit negative yearto-date returns. Even though the market did not expect, but rather hoped, for the Fed to pivot into an easing mode, this would not be likely since the Fed pledged to fight inflation until it reaches its 2% target rate.

Riesgos que impactarán la economía:  Reducción en el ingreso por la termina ción de las ayudas relacionadas a la pande mia.

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.

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.

One last nugget to consider is that, while

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.

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

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.

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.

Francisco RodríguezCastro >frc@birlingcapital. com Dona

La ayuda no después de

La Cruz Roja Americana atiende un promedio de Tu apoyo a la Cruz Roja familias no enfrenten estas

Eduardo Burgos-Suazo, COO of ABEXUS Analytics and Professor at UPRCA

UPR: Where do we go from here?

As 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

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…

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.

11 more crash deaths are linked to automated-tech vehicles

Ten of the deaths involved vehicles made by Tesla

Tom Krisher – The Associated Press

DETROIT — 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.)

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

An haute Spanish cuisine project tempered by contemporary trends

Seeking 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

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!

Juan A. Hernández, The Weekly Journal

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

José “Peco” Suárez, president BluHost

Chef Carol’s Lamb Duo. >Courtesy

“Mamaví” cocktail.

>Photo: Juan A. Hernández

Bóveda’s dinning room. >Courtesy

The fully “charged” evolution of the pony car

Ford seeks to reignite the adrenaline rush of the Mach1

Juan A. Hernández, The Weekly Journal

When 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 speed car chase in Hollywood’s history,” the Mustang became cemented as the quintessential “muscle car” in American pop culture.

Fast forward 54 years since that car chase, and the Ford Motor Company is seeking to reignite the adrenaline rush McQueen’s high speed hard driving experience car enthusiasts lived for almost 11 minutes of that chapter of automobile history. Enter the new Mustang Mach-E, Ford’s first fully electric sports SUV, heir to the original Mustang’s legacy of speed, rebelliousness and freedom. Or, is it?

In fact,

The Mustang Mach-E is Ford’s first fully electric sports SUV and heir to the original Mustang’s legacy of speed, rebelliousness and freedom.

“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. The Mustang Mach-E offers all that with unparalleled style.”

“The Mustang Mach-E challenges the notion that electric vehicles are only good to save gas,” said Rosángela Guerra, Ford’s managing director for Puerto Rico, Central America and the Caribbean.

Ford claims the new Mach-E “personifies the Mustang spirit, from its sporty silhouette and muscular curves to its stimulating driving experience.” But, truth be told, even the most seasoned car enthusiast will need a little imagination to see the Mustang hiding in this iteration of the classic pony car, which resembles more a crossover vehicle than an SUV. Of course there are the obvious telltale signs, such as the iconic pony silhouette (on the fake front grid), the three-bars stop lights, and the not so steep sloping aerodynamic trunk hood. And just to state the obvious; could anyone have ever

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.”

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.

Constant