The Weekly Journal - Wednesday, December 7, 2022

the downside of the much awaited

As new technologies are developed and start to gain traction in local and international economies there is always the matter of trust in such “untested” technologies. Case in point; the recent crypto crash, where major digital assets had to give back the gains following a string of high-profile implosions.

While the fallout from the crash is still ongoing, so far exchanges FTX, FTX.US and BlockFi have all filed for Chapter 11 bankruptcy less than a month ago.

But, despite serious setbacks, such as the crypto crash there is still enough confidence in these technologies to push them forward. One of such technologies is Blockchain – an advanced database mechanism, or immutable ledger that facilitates the process of recording transactions and tracking assets in a business network.

A blockchain database stores data (assets) in blocks that are linked together in a chain. Each “block” in a blockchain contains a record of transactions in a decentralized ledger. Taken together, the blocks form a “chain” in a peer-to-

Efraín

“After arriving to this beautiful Island that my family and I now call home, we have worked directly with local charities in different philanthropic areas. Once hurricane Fiona strike us I took action to help families in great need through an economic donation to United Way of Puerto Rico. Just as I did, we urge the Act 20 and 22 grant recipients and the foreign investors community to contribute to other many important causes that United Way of Puerto Rico supports through its 123 non-profit partner organizations that service our community, our help is very necessary. ”

At United Way of Puerto Rico we acknowledge, witness, and very much appreciate the 20/22 Act Society commitment to giving back to Puerto Rico in full appreciation for the benefits living here provides. They are very sensitive to the needs clearly seen, and we look forward for them to continue to provide and fulfill those areas of need through our charitable arm.

a week in review

go shopping for loCal brands at madmi

For the third consecutive year, the Miramar Museum of Art and Design (MADMi), joins the local brands collective “Modo Consciente” –a collective that brings together successful and creative brands led by women– to celebrate its Holiday Pop Up. The seasonal venue provides a space for locally designed brands to promote their products and boost local commerce, and is quickly becoming a local tradition. During the event, people will be able to purchase fashion pieces for children, women and men, shoes, jewelry, personal care items, and items for the home. The event will take place during the first three weekends of December, on Friday and Saturday 2 & 3, 9 & 10, and 16 & 17, from 10:00 am to 5:00 pm. There is no charge for admission.

Coquito

goes mediCinal with thC

Five years ago, the medical cannabis industry revolutionized the local market by launching Coquito KUNI, a medicinal version of the traditional Christmas drink. This medicinal product was created with the intent of curating THC products to Puerto Rican palates. Coquito KUNI is infused with standardized formulations of pharmaceuticalgrade THC and does not contain any alcohol. Like any medicinal product, Coquito KUNI has specifications regarding its time of use and effects. The recommended quantity to consume per serving is just one ounce, a dose which contains approximately 12 mg of THC. Once the product is ingested, it can take up to two hours to feel its effects, which can last between six to eight hours after it is consumed. Coquito KUNI is available at dispensaries across the island and is a seasonal exclusive.

President Salvador Hasbún shasbun@elvocero.com

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

Pérez Miperez@elvocero.com

sea Cloud Cruises arriving to san Juan

The three-masted sailboat Sea Cloud Spirit has arrived at the port of San Juan for the first time. The cruise ship has a maximum capacity of 51 passengers and 85 crew members and is the largest in the Sea Cloud cruise line’s fleet. It stands out from its sister boats by offering balconies, spacious cabins with panoramic windows, among other amenities. For more than 40 years, the Sea Cloud cruise line has been offering luxury cruises on its windjammer boats. Its fleet consists of three sailboats: the four-masted Sea Cloud, and the three-masted Sea Cloud II and Sea Cloud Spirit. The three ships combine the atmosphere of a private yacht with the traditional sailing experience to create an extraordinary journey through the Caribbean.

Phone: 787-622-2300, 787-721-2300

Customer Service: 787-622-7480

In fact,

A report from Pricewaterhouse Coopers (PwC) in 2020 estimated “blockchain technology has the potential to boost global gross domestic product (GDP) by $1.76 trillion over the next decade.

CONTINUED FROM PAGE 1

peer network.

A report from PricewaterhouseCoopers (PwC) in 2020 estimated “blockchain technology has the potential to boost global gross domestic product (GDP) by $1.76 trillion over the next decade. This could have been one of the aspects that may have prompted the government to legislate a series of tax incentives and benefits to attract crypto and blockchain developers and investors to move to Puerto Rico: advancing the island’s economy. The fact is the government expects that, with their

Without a doubt, I feel that Puerto Rico could very well become a ‘hub’ (Blockchain center), but becoming a ‘hub’ comes with a specific set of problems.

Alana Mediavilla, founder and CEO of Filmkik

move into Puerto Rico their businesses would increase economic activity and create jobs.

But the arrival of big investors from the Blockchain market to Puerto Rico, in search of the benefits and tax incentives offered by the

government, could further compound the cost of living situation currently affecting island residents. Particularly in the housing market of the island’s economy.

According to Alana Mediavilla, founder and

CEO of Filmkik, a Blockchain production company, a rapid economic growth driven by investments could cause property prices to increase as there are more people with greater resources and a greater purchasing power.

“Without a doubt, I feel that Puerto Rico could very well become a ‘hub’ (Blockchain center), but becoming a ‘hub’ comes with a specific set of problems, such as the ones affecting Silicon Valley (in California), where the houses are very expensive. Many things are happening there because lots of people are making money. That is why they increased rent. We already have a similar problem in Puerto Rico,” said Mediavilla.

“It would be good for Puerto Rico to be aware that this is a potential problem… with that kind of growth, rents will go up,” she added.

Mediavilla, who relocated her business from California to Puerto Rico to benefit from the tax incentives, acknowledged that so far, she has not experience the promised economic relief because of the high cost of living in the island.

“It hasn’t been as cost effective as I thought it would be. Last year I ended up paying federal taxes in California and state taxes in Puerto Rico, because the incentive was not in effect until this year,” Mediavilla said. “To be honest, I haven’t seen it [an economic relief], what’s more, things here are more expensive in the supermarket. It is not cheap to live here.”

However, the businesswoman assured Puerto Rico has the potential to attract investors from Web3 or Blockchain, and Puerto Ricans have the ability to work with international markets while staying in the island.

The entrepreneur urged the government to take measures to promote economic growth and social development by guaranteeing access to affordable housing to residents.

Despite acknowledging the incentives have attracted investors to the island, digital marketing and social media strategist Juan Carlos Pedreira, highlighted the importance of train local youth for the world of Blockchain.

“Certainly, these tax incentives have helped many people working on Blockchain projects to relocate to Puerto Rico. But, the most important thing to be done still remains: how can we include local youth, who are currently studying, so that they can be part of that ecosystem,” Pedreira questioned.

Pedreira further argued that the government, in alliance with investors, should promote the development of local start-up companies.

“While through these tax incentives the government made it possible for a large number of these Blockchain entrepreneurs to come and live in Puerto Rico, it is still important to see how to go beyond these people just relocating here and promote they invest in companies that are being developed in Puerto Rico,” Pedreira said

He went on to say that “beyond companies moving to

Web3 or Blockchain, capital needs to come in and invest in companies that are being developed in Puerto Rico. I don’t think we are at that point yet, but that is an area of opportunity for economic development.”

Meanwhile, Department of Economic Development and Commerce (DDEC, for its Spanish acronym) Undersecretary Iris Santos, said Puerto Rico has already in the process of becoming an international center for Blockchain development.

“Puerto Rico has great potential for becoming an international hub in the Blockchain industry. This is possible thanks to initiatives already in place providing unique tax advantages are provided. From what I can see, I think it’s already started,” Santos said.

The government official’s remarks came as part of the first edition of the Puerto Rico Blockchain Week, sponsored by the Puerto Rico Blockchain Business Association (PRBTA), in collaboration with Metaverso, CoinAgenda Caribbean, Limitless, and Invest PR.

It is still important to see how to go beyond these people just relocating here and promote they invest in companies that are being developed in Puerto Rico.

Juan Carlos Pedreira, social media strategist

A rapid economic growth driven by investments could cause property prices to increase as there are more people with greater resources and a greater purchasing power.

In fact,

Will our virtual lives fuse with our physical lives?

The Godmother of the Metaverse explained the possibilities

Zoe Landi Fontana, The Weekly Journal

“T

he Metaverse is not ‘Ready Player One’ and it’s not just one company,” said Godmother of the Metaverse, Cathy Hackl in a recent conference. “Web3 connects people, places, and things.”

Meet Cathy Hackl, the Godmother of the Metaverse. Hackl is a Web3 strategist, tech futurist, business executive, speaker and media personality. In June of 2022, Hackl rang Nasdaq’s opening bell— in real life and virtually. She’s the Chief Metaverse Officer —a title that in the coming years may become more common— and co-founder of Journey, an innovation and design consultancy firm whose services include taking companies to the Metaverse.

“Today, the Metaverse is a shared virtual space where people are represented by digital avatars. The virtual world constantly grows and evolves based on the decisions and actions of the society within it,” Hackl wrote in a 2020 article published in Forbes. “Eventually, people will be able to enter the Metaverse, completely virtual or interact with parts of it in their physical space with the help of augmented and mixed reality.”

The term ‘Metaverse’ was coined in 1992 by sciencefiction author Neal Stephenson, whose novel Snow Crash in part detailed a dystopia in which users could access a virtual reality urban environment, appearing as avatars of their choosing. Despite the name coming from the 90s, the manifestation of the Metaverse is being built right now and has ample room for alternative visions.

Though sometimes used interchangeably, Web3 and the Metaverse are not one and the

same, they’re linked. While Web3 describes the interconnectivity between virtual technologies and our physical lives, the Metaverse relates more to the future of the internet within its virtual realm.

“Web3 connects people, places, and things,” says Hackl. Not everyone has an Apple Watch or similar wearable, but virtually everyone carries a smartphone. Our phones collect immense amounts of data about us that can be used to develop new ways to integrate innovative technologies into our daily lives.

The entry points to Web3 and the Metaverse are augmented reality (AR), virtual reality (VR) and our mobile devices. Other enabling technologies include spatial computing, gaming, 5G and Wifi, blockchain and NFTs, artificial intelligence (AI), and cloud and edge computing.

As these foundational technologies improve, the resulting products may become integral to our daily lives — as everyday as fixtures like a television or computer, or our dependence on Google Maps to get anywhere. This, Hackl explains, is the convergence of people, places, and things inherent to Web3.

The Metaverse will open a whole new realm for commerce. Those in the gaming industry will already be familiar with the concept of how virtual and physical commerce overlap, but not everyone

grasps just how huge the Metaverse economy could be. The gaming economy is worth more than the entertainment economy. Metaverse commerce will involve the following types of transactions: physical to physical, e-commerce, virtual to virtual, physical to virtual, and virtual to physical.

According to Hackl, the Metaverse economy could be worth $2.5 to $16 trillion by the end of the decade. That range leaves lots of flexibility for the Metaverse to grow, but regardless of how much the industry is worth at any given time, there will be new risks, challenges, and opportunities in melding our physical and virtual lives.

Will there be ethical and geopolitical implications in having intertwined physical and virtual lives? Hackl says yes, but offers the following words of encouragement: “Don’t seek to define it. Build it.”

Virtual house tour. Young woman using a VR headset and joystick while making a real estate immersive tour.

The entry points to Web3 and the Metaverse are augmented reality (AR), virtual reality (VR) and our mobile devices.

In fact,

Eventually, people will be able to enter the Metaverse, completely virtual or interact with parts of it in their physical space with the help of augmented and mixed reality.

Cathy Hackl, the Godmother of the Metaverse

Technology spurs e-commerce across Latin America

Increased connectivity sets the stage for fintech players

Zoe Landi Fontana, The Weekly Journal

As global trends in digitization rapidly move forward, Latin America has emerged as an area of opportunity for fintechs and startups.

Penetration of smartphones in Latin America has reached 77% as of 2023 and will continue to increase, bringing the region to 85% by 2025 — on par with developed countries in other regions.

The proliferation of connected devices has, in a sense, democratized the payment space. With enhanced telecommunications bandwidth, more people have the opportunity to make secure digital payments and partake in e-commerce.

Earlier this year www.forbes. com argued this scenario had begun with the COVID-19 pandemic. According to the financial website “more trustworthy payment methods and store pickup options have convinced a historically reluctant consumer sector to do more of their shopping online.”

E-commerce Booms

“E-commerce [in Latin America] has grown by 30% year-over-year (YoY) for the last five years and

is expected to continue at a similar rate for the next five years,” said Walter Pimenta, Executive Vice President of Products and Engineering for Mastercard Latin America and the Caribbean.

According to a 2022 report by J.P. Morgan, after Southeast Asia, Latin America is the second fastest growing market for e-commerce.

Not only has e-commerce grown, but so has mobile commerce. Shoppers often browse online and make purchases directly from their mobile devices. Going forward, businesses will use consumer data to better personalize app experiences and refine their approach to the diverse and varying localities within Latin America.

The Decline of Cash Payments

Although it may seem cheaper for businesses, especially small and medium-sized enterprises (SMEs), accepting cash generates additional costs. IHL Group, a research and advisory firm, estimated that cash transactions could actually cost somewhere between 4.7% to 15.3% of the transaction’s cash value. These costs are made up of time spent handling and balancing cash transactions, securely transporting cash, the risk of theft, and the fact that customers will typically spend less if paying with cash.

Cash point-of-sale (POS) payments in the region declined 5.3% YoY in 2021 and are projected to drop 33% through 2025. The popularity of, and access to, cards and mobile wallets is weakening cash’s dominance in the region.

According to a 2021 Nilson Report, Mastercard accounted for 40.7% of all card payments in

Latin America. In October of this year Mastercard partnered with US-based fintech Inswitch –a cloud-based fintech that lets businesses create and manage digital wallets as well as accept digital payments both locally and globally. They can issue cards, offer customer financing, and implement compliance solutions.

Opportunity

As Latin America rapidly digitizes, fintechs like Inswitch could position themselves for success. While startups begin taking advantage of the increased connectivity infrastructure, venture capital funding can support and accelerate the region’s market cap. In the first six months of 2021, startups raised $9.3 billion, according to J.P. Morgan.

Concerning cryptocurrencies, Pimenta highlighted that there is a need to build trust in the crypto ecosystem. Crypto enthusiasts could facilitate this, as well as central banks that may be interested in developing their own digital currency.

E-commerce [in Latin America] has grown by 30% year-overyear (YoY) for the last five years and is expected to continue at a similar rate for the next five years.

Walter Pimenta, Executive, VP for Mastercard Latin America and

The popularity of, and access to, cards and mobile wallets is weakening cash’s dominance in the region.

In fact,

In fact,

The countries that received the most FDI inflows were Brazil (33% of the total), Mexico (23%), Chile (11%), Colombia (7%), Peru (5%) and Argentina (5%).

Latin America and the Caribbean still lagging in Foreign Direct Investment

In the Caribbean, Guyana was the country that exhibited the greatest growth in inflows, surpassing the Dominican Republic, which in prior years had been the leading recipient of investments in that subregion.

the part of investors in developing new projects in developed economies, mainly the European Union and the United States.

The Weekly Journal

While global inflows of Foreign Direct Investment (FDI) increased by 64% in 2021, reaching approximately $1.6 trillion dollars, Latin America and the Caribbean, as a destination for global investments, saw its share decline.

The region’s share from global FDIs in 2021 was 9%, one of the lowest proportions in the last ten years and far below the 14% recorded in 2013 and 2014.

In a context of weak economic recovery, Latin America and the Caribbean received $142.794 billion in FDI in 2021, which was 40.7% more than in 2020, but this growth was not enough to achieve the levels seen prior to the pandemic, according to a report from the United Nations’ Economic Commission for Latin America and the Caribbean (ECLAC) on Foreign Direct Investment in Latin America and the Caribbean 2022.

According to the report, the reactivation of investments in 2021 occurred in all subregions. The countries that received the most FDI inflows were Brazil (33% of the total), Mexico (23%), Chile (11%), Colombia (7%), Peru (5%) and Argentina (5%).

In Central America, Costa Rica ranked as the subregion’s top recipient for the second consecutive year. In Guatemala, a large acquisition in the telecommunications sector accounted for the considerable increase seen there. Panama, meanwhile, managed to recover after investments took a major hit in 2020.

Puerto Rico is not included in this subregion because it is considered to be part of the United Sates.

Services and natural resources sectors, with increases of 39% and 62%, respectively, were the most dynamic sectors, the report says. In the manufacturing sector, the decline in FDI inflows in 2021 (-14%) was attributable to decreased investments in Brazil.

“In a region with low overall investment levels, foreign direct investment is critical for designing production policy,” said ECLAC’s Executive Secretary, José Manuel Salazar-Xirinachs.

“For foreign direct investment to have a positive impact, it is necessary to coordinate productive development policies with the attraction of highproductivity investments, in activities that would support virtuous development processes in terms of inclusivity, employment quality, environmental sustainability, innovation and technological complexity. The cascading crises that the region is experiencing force us to define strategies to position Latin American and Caribbean countries on the world’s investment stage,” Salazar-Xirinachs warned.

The second chapter of the report, which is dedicated to Foreign Direct Investment in the pharmaceutical industry in the region, poses that FDI constitutes a strategic tool for capacity development in this sector in Latin America and the Caribbean. Transnational companies are the ones that make the biggest investments in Research and Development (R&D) and patents, which means that the transfer of technology and knowledge plays a key role in the development of local industrial capacities.

The European Union and the US were the main investors in the region in 2021, representing 36% and 34% of the total, respectively.

Telecommunications and renewable energy held firm as the sectors that spark the most interest among foreign investors for carrying out new projects; however, the announcements of new investment projects did not rebound in 2021 and are at their lowest point since 2007 ($51.500 billion dollars). This coincides with greater interest on

According to the document, Latin America and the Caribbean, with 660 million inhabitants, is projected as the market that will have the world’s greatest growth in the sale of pharmaceutical products between 2021 and 2026. The pharmaceutical industry in the region is small (0.4% of the region’s GDP and 0.2% of employment), but it has high productivity, it employs skilled workers, and the salaries are higher than in the rest of the manufacturing industry. For these reasons, the region needs sectoral strategies and mechanisms for identifying quality investments, complemented by stimulus for domestic investment and local research and development, ECLAC underscores.

The region has not reach pre-pandemic investment levels

For foreign direct investment to have a positive impact, it is necessary to coordinate productive development policies with the attraction of high-productivity investments…

José Manuel Salazar-Xirinachs, Executive Secretary, ECLAC

Jobs are up! Wages are up! So why am I, as an economist, so gloomy?

Rosy employment figures come despite repeated efforts by the FED against inflation

(THE CONVERSATION) – In any other time, the jobs news that came down on Dec. 2, 2022, would be reason for cheer.

The U.S. added 263,000 nonfarm jobs in November, leaving the unemployment rate at a low 3.7%. Moreover, wages are up – with average hourly pay jumping 5.1% compared with a year earlier.

So why am I not celebrating? Oh, yes: inflation.

The rosy employment figures come despite repeated efforts by the Federal Reserve to tame the job market and the wider economy in general in its fight against the worst inflation in decades. The Fed has now increased the base interest rate six times in 2022, going from a historic low of about zero to a range of 3.75% to 4% today. Another hike is expected on Dec. 13. Yet inflation remains stubbornly high, and currently sits at an annual rate of 7.7%.

The economic rationale behind hiking rates is that it increases the cost of doing business for companies. This in turn acts as brake on the economy, which should cool inflation.

But that doesn’t appear to be happening. A closer dive into November’s jobs report reveals why.

It shows that the labor force participation rate – how many working-age Americans have a job or are seeking one – is stuck at just over 62.1%. As the report notes, that figure is “little changed” in November and has shown “little net change since early this year.” In fact, it is down 1.3 percentage points from preCOVID-19 pandemic levels.

This suggests that the heating up of the labor market is being driven by supply-side issues. That is, there aren’t enough people to fill the jobs being advertised.

Companies still want to hire –as the above-expected job gains indicate. But with fewer people actively looking for work in the U.S., companies are having to go the extra yard to be attractive to job seekers. And that means offering

higher wages. And higher wages – they were up 5.1% in November from a year earlier – contribute to spiraling inflation.

This puts the Fed in a very difficult position. Simply put, there is not an awful lot it can do about supply-side issues in the labor market. The main monetary tool it has to affect jobs is rate hikes, which make it more costly to do business, which should have an impact on hiring. But that only affects the demand side – that is, employers and recruitment policies.

So where does this leave the possibility of further rate hikes? Viewing this as an economist, it suggests that the Fed might be eyeing a base rate jump of more than 75 basis points on Dec. 13, rather than a softening of its policies as Chair Jerome Powell had suggested as recently as Nov. 30. Yes, this still would not ease the labor supply problem that is encouraging wage growth, but it might serve to cool the wider

economy nonetheless.

The problem is, this would increase the chances of also pushing the U.S. economy into a recession – and it could be a pretty nasty recession.

Wage growth still trails behind inflation, and for one reason or another people have been opting out of the labor market. The logical assumption to make is that to make up for both these factors, American families have been dipping into their savings.

Statistics back this up. The personal saving rate – that is, the chunk of income left after paying taxes and spending money – has fallen steeply, down to 2.3% in December from 9.3% before the pandemic. In fact, it is at its lowest rate since 2005.

So, yes, employment is robust. But the money being earned is eroded by soaring inflation.

Meanwhile, the safety net of savings that families might need is getting smaller.

In short, people are not prepared for the recession that might be lurking around the corner.

And this is why I am gloomy.

*(The Conversation is an independent and nonprofit source of news, analysis and commentary from academic experts.)

Edouard Wemy, Clark University

The heating up of the labor market is being driven by supply-side issues. That is, there aren’t enough people to fill the jobs being advertised.

In fact,

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Rodríguez-Castro

The key to adjusting to any culture is just one word: “ethnocentrism”

Traditions matter

On Thanksgiving night, our nephew Carlos called us from Tennessee, where he spent Thanksgiving. He wanted to talk with his aunt and me simultaneously. Once we were both on the phone, he said to us; “you know, my friends here spend Thanksgiving differently than we do at your house in Puerto Rico.” He went on to say that in their case, people began to show up by noon with different foods, and once they had lunch, by 5:00 pm, everyone was gone. He shared with his friends how he used to spend Thanksgiving at his uncle’s house. “My aunt will prepare the home two weeks in advance with all kinds of preparations. The cooking process would begin two days before, with everything being homemade; two turkeys, Puerto Rican style stuffing, gratinated sweet potato, homemade cranberry sauce, gravy, rice, several salads, vegetables, and “pasteles.” But that is not all; “my aunt would convert the formal dining room table into a smörgåsbord of tapas of all kinds with a collection of wines, beer, and a vast five-gallon traditional homemade sangria”.

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.

Falta consenso en materia contri butiva. La falta de establecer un sis tema holístico que alivie la política pública del gobierno en todos los te mas de índole contributivo y con la realidad económica del País, puede provocar una mayor presión inflacionaria.

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

called Introductory Sociology. The course presented ethnocentrism, which means the evaluation of other cultures according to preconceptions originating in the standards and customs of one’s own culture.

“So, everyone would begin arriving past 2:00 pm with no set time to leave, and our family would enjoy each other and have a grand time. Once we say grace and have dinner, we all gather in the family room to watch the David Foster and Friends concert and sing along until late at night, a family tradition. Some would eat again or drink more until everyone said their goodbyes, often quite late or very late”.

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.

La ayuda no después de

Ethnocentrism is simply applying your cultural beliefs and traditions to measure another culture.

Measuring another culture by your own parameters often leads to incorrect assumptions about others’ behavior, based on those standards, principles, and credence.

blood sausage consumed heavily at parties year-round but a lot more at Christmas. And lastly, you are invited to taste the pig being roasted on a stick in the backyard. If you apply your own cultural beliefs, you may find the “morcilla” and the roasted pig bizarre. However, if you have an open mind and genuinely want to taste the flavors of your new country, you will relish the experience and have lots of fun.

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

For a twenty-seven-year-old millennial, a mechanical engineer who runs his own company, to consider these traditions vital to him and to tell us how much he missed us made our Thanksgiving memorable.

Understanding Ethnocentrism

What my nephew shared; reminded me of a class I took at LSU

Suppose you move from the U.S. to Puerto Rico, and one of your new neighbors invites you to a traditional Puerto Rican Christmas Party. That sounds lovely. However, a Puerto Rican Christmas party differs significantly in food, music, drinks, and outlook from a regular U.S. party.

Embracing our Christmas food fare, “parrandas,” and other elements unique to us would be a good example of how to avoid ethnocentrism.

If you apply your own cultural beliefs, you may find the ‘morcilla’ and the roasted pig bizarre.

Cruz Roja Americana

Puerto Rico has the most extended Christmas in the world. It begins on Thanksgiving and ends after the San Sebastian Street party on January 23, a total of 60 days.

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.

While there are many similarities, the differences could be startling. First thing; at a Christmas Party in Puerto Rico we drink copious amounts of “coquito” –a coconut and rum drink served chilled during Christmas (never to be confuse with eggnog). Then you are offered “morcilla,” a

We measure driving speed in miles per hour, measure road distances in kilometers and hectometers, and fill our cars with liters of gas. We take our temperature using Celsius, not Fahrenheit. Finally, we measure land in “cuerdas,” or meters. Confused? Great, there is more. We have been part of the U.S. for 124 years, and we still speak, read and write Spanish; while some U.S. customs, such as Thanksgiving and Christmas, have made it into our culture, we’ve made our own versions. For example,

This beautiful mixture of concepts, foods, and celebrations exemplifies the richness of Puerto Rican culture and creates some of the most funloving people in the world.

So whether living here or traveling abroad, having an open mind will help you enjoy all cultures.

Dona

Francisco RodríguezCastro >frc@birlingcapital. com

La

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

Francisco

President and CEO of Birling Capital Advisors, LLC.

>Photo: Melissa Cruz, The Weekly Journal

Francisco Rodríguez-Castro, President & CEO Birling Capital

Navidad

Messi fans from Asia cheer on Argentina at World Cup

Argentina is finding a legion of passionate superfans in Asian countries

Ciarán Fahey and Lujain Jo – The Associated Press

DOHA, Qatar — On their way to Argentina’s decisive game against Poland, Mohit Daga and Aayush Verma approached the stadium carrying a massive painting of their heroes Lionel Messi and Diego Maradona with the World Cup trophy.

Daga had spent 17 days painting it. It weighed 5 kilograms (11 pounds). An offering. Anything for Messi, whom he described as a “God.”

“He is the epitome of everything. He is the source of inspiration and happiness,” said Daga, who is from Kolkata, India. “He brings happiness to our life.”

Argentina is finding a legion of passionate superfans from India, Bangladesh and other Asian countries at the World Cup in Qatar.

Thousands have traveled to the Gulf nation specifically to see Messi and his team with their own eyes, while many others are among migrant workers that make up about 90% of the emirate’s population of 3 million.

Other fans cheered from afar. In Indonesia, social media showed hundreds of people celebrating Argentina’s team’s 2-0 win over Poland after watching the game on large screens. They paraded on motorbikes waving flags after Argentina secured progress to the knockout

stages. A newsreader wore an Argentina shirt during a broadcast.

Smitha Issac, originally from India, now living in Qatar, was attending the game with her family, including two sons who were “too excited” to see Messi.

“He is something like Messiah,” Isaac said. “We are expecting that he will just make something like magic today.”

Outside Stadium 974 shortly before kickoff on Wednesday, Argentina fans were still scrambling for any spare tickets to see the game. Demand far outstripped supply for the 44,000-capacity stadium.

Mohammed Haque from Bangladesh, now living in Australia, was one of the lucky ticket holders. He waved a large Argentina flag as he walked toward the flood-lit stadium made of shipping containers, approaching it like a holy shrine.

Bangladesh, India and Pakistan — where cricket is king — have never played a World Cup. So when the tournament comes along, many soccer fans typically root for Argentina or Brazil, soccer powerhouses admired for their attacking style of play and a long line of international stars, including Messi, Maradona and Pele.

In fact,

Thousands have traveled to the Gulf nation specifically to see Messi and his team with their own eyes.

Fans who had traveled from Argentina to support their team in Qatar were delighted with the support from non-Argentines.

“We love to see other countries showing their love for Messi and Maradona,” said Mauricio Neraj from Mendoza, Argentina. He posed for pictures next to the Messi and Maradona painting by Daga outside the stadium.

Argentina’s soccer federation praised the support from Bangladeshis on social media on Thursday.

“It’s unbelievable,” Haque said of seeing Messi for the first time. “I’ve actually been preparing for the last two or three weeks for this. I had a sleepless night last night.”

Argentina has had a big following in Bangladesh since the days of Maradona, one of the greatest to play the game, and an icon to fans around the world.

“Diego Maradona, he was exceptional. And from then I just loved this country and especially the soccer every time,” Haque said. “Then later, (Gabriel) Batistuta, (Hernan) Crespo, every Argentine player, and now Messi is the legend.”

“Thank you for supporting our team. You are as crazy as we are!” the federation said in a Twitter post with photos showing Bangladeshi fans wearing Argentina’s sky blue and white jersey.

Argentina has a following among Arab soccer fans, too. Messi-devotion brought Ahmed Qassim Nasher from Yemen to see his favorite player as Argentina advanced.

“Football is a festival, joy, celebrations. It connects people from different nationalities, different languages, and different ethnicities,” Nasher said. “You will find Arabs and non-Arabs coming to cheer for Messi. It’s common sense that he will have the best audience and fans, because he is the best player throughout history.”

An Argentina soccer fan from Singapore waits outside before the World Cup group C soccer match between Poland and Ar gentina. >AP Photo/Natacha

Wines to entice the novice palate

These wines were inspired by the “apotheca,” a place where wine was stored

Apothic Wines recently introduced its two newest wines to Puerto Rico’s wine community –Merlot and Pinot Noir– during the “And Things Just Got Interesting” event as a showcase for the wines’ characteristic bodies and aromas.

“Apothic Wines continues to innovate in the affordable, high-quality wines. The expansion of our portfolio of varietals seeks to meet the demanding palate of wine lovers in Puerto Rico, a group that is not shy when it comes to enjoying sublime new experiences. That is what the Apothic Wines range is all about, expanding the horizons of good living”, said Richard Nieves, Brand Manager.

Conceived to cater to the palate of the novice wine drinker, Apothic wines’ aroma, taste and body could be characterized as “more subdued” than their counterparts from other winemakers. These wines are inspired by the “apotheca,” a place where wine, spices and herbs were stored in 13th century Europe.

“These are wines designed for the person that is new to wine drinking and wants to taste the broader aspects of the experience,” said Nieves. “And for the people who might prefer accompanying their meals at home with a good affordable wine, instead of a soft drink.”

The Merlot is described as a silky, approachable red wine grown in California with notes of blackberry and boysenberry underscored by hints of toasted oak and shaved chocolate. A touch of

Richard

Teroldego grapes are used to enhance the Merlot’s “untamed character” with layers of wild blueberry and split fig.

Nevertheless, for anyone somewhat familiarized with wine and its different grapes, Apothic’s Merlot might not necessarily have an “untamed character” but a rather drier than usual taste for a merlot.

On the other hand, Apothic’s Pinot Noir is made from selected grapes from the Lodi region of Central California for their red fruit profiles and soft, approachable tannins. Destemmed and lightly crushed Graciano grapes are blended into the Pinot Noir to promote the extraction of the fruit’s “alluring color and tannins.”

This Pinot Noir is described as showing “vibrant acidity and concentrated flavor,” which some may consider as over-the-top for a pinot noir. Yet, compared to its sibling –the Merlot– its flavor is fuller and bolder.

Both the Merlot and the Pinot Noir were presented during the “And Things Just Got Interesting” event by themselves and paired with other spirits in the form of well-known cocktails with an “apothecary twist.”

The cocktail suggestion for the Apothic Merlot was the sophisticated Cosmopolitan with the wine playing a starring role in the drink. The Apothic Merlot Cosmo combines the wine with New

Amsterdam Vodka, Cointreau and some simple syrup in a shaker with ice. After shaking well, strain into a cocktail glass. The citrusy taste of the Cointreau makes this a very refreshing drink that could be easily associated with a day at the beach.

For its Pinot Noir, Apothic suggested a Margarita –with a lime wedge, of course– but with a twist. In a shaker with ice combine Apothic Pinot Noir with Tequila Camerana Silver and simple syrup. Shake well, strain into a cocktail glass or a low tumbler and garnish with a lime wedge. Salt, as with the traditional Margarita, is optional. But beware, salt and wine don’t pair well in the bar… it may be different in the kitchen.

Juan A. Hernández, The Weekly Journal

[These wines are] for the people who might prefer accompanying their meals at home with a good affordable wine, instead of a soft drink.

Nieves, Apothic Wines brand manager

Both the Merlot and the Pinot Noir were presented by themselves and paired with other spirits in the form of well-known cocktails with an “apothecary twist.”

In fact,

Diana Ross, center, as Dorothy, Michael Jackson, right, as Scarecrow, and Nipsey Russell as Tinman perform during filming of the musical “The Wiz” in New York on Oct. 4, 1977.

>AP Photo, File

New version of ‘The Wiz’ to tour and end up on Broadway

The show was adapted from “The Wonderful Wizard of Oz”

by L. Frank Baum

Mark Kennedy – The Associated Press

NEW YORK — A new production of “The Wiz” is heading out on a national tour next year before following the yellow brick road to Broadway, with its director hoping the show becomes a “touchstone for a new generation.”

Director Schele Williams tells The Associated Press that it’s a very personal musical for her, creating possibilities in her mind as a girl when she saw it.

“It was the first time I was able to ever imagine myself on Broadway. It was because of ‘The Wiz.’” she said. “I’m really excited to awaken those dreams in other little Black girls like me.”

The tour launches in the fall in Baltimore, home of the 1974 world premiere of the musical. Following its run at the Hippodrome Theatre in Baltimore, the tour will cross the country before

it starts its limited engagement on Broadway in spring 2024.

“My goal with this show is for it to be an extraordinary celebration of Black culture, for it to be a touchstone for a new generation in the way that it was for my generation,” said Williams.

The new show will be choreographed by JaQuel Knight and music supervision, orchestrations and music arrangements are by Joseph Joubert.

The show was adapted from “The Wonderful Wizard of Oz” by L. Frank Baum, with a book by William F. Brown, and music and lyrics by Charlie Smalls.

“The Wiz” opened on Broadway in 1975 and won seven Tonys, including best musical. It has such classic songs as “What Would I Do If I Could Feel” and “Ease On Down the Road.”

“I don’t want ‘The Wiz’ to become anything that it’s not. But I am excited for it to become a more timeless score. So we’re going to look at how do we do that while also honoring where it came from and the sound that it originally had,” said Williams.

She will be making her Broadway directorial debut with “The Wiz.” Previously, she was the associate director of “Motown: The Musical,” and reconceived and directed the recent national tour of the show. She is currently in London directing

“Mandela,” a new musical inspired by the life of anti-apartheid activist Nelson Mandela.

A 1978 movie version of “The Wiz” starred Diana Ross, Lena Horne and Richard Pryor. Michael Jackson co-starred as the Scarecrow, with Nipsey Russell as the Tin Man and Ted Ross as the Lion.

NBC televised a live version in 2015 with Queen Latifah, Ne-Yo and David Alan Grier.

The original Broadway production featured Stephanie Mills as Dorothy, Dee Dee Bridgewater as good witch Glinda and Andre De Shields as the Wiz. Mills returned as Dorothy in a 1984 revival.

“I’m mostly excited more than anything that this is going to be a show that my kids are going to enjoy. My daughters are 11 and 12, and this is now going to be their show, and I’m really excited about that,” said Williams.

“The Wiz” opened on Broadway in 1975 and won seven Tonys, including best musical.

In fact,

My goal with this show is for it to be an extraordinary celebration of Black culture, for it to be a touchstone for a new generation in the way that it was for my generation,”

Schele Williams, director of The Wiz

British Museum reportedly in talks on Parthenon Sculptures

Talks stem from concerns about the way ancient artifacts were acquired

Danica Kirka – The Associated Press

LONDON — The British Museum has pledged not to dismantle its collection, following a report that the institution’s chairman has held secret talks with Greece’s prime minister over the return of the Parthenon Sculptures, also known as the Elgin Marbles.

The report by the Greek newspaper Ta Nea is the latest twist in the long-running dispute over ownership of the ancient sculptures, which originally stood on the Acropolis in Athens and have been a centerpiece of the British Museum’s collection since 1816.

Ta Nea reported Saturday that negotiations between museum Chairman George Osborne and Greek Prime Minister Kyriakos Mitsotakis have been taking place since November 2021 and are at an advanced stage.

While the museum didn’t deny that talks have taken place, a spokesman refused to discuss the specifics of the Ta Nea story. The museum said it was prepared to “talk to anyone, including the Greek government’’ about a new Parthenon “partnership.’’

“As the chair of trustees said last month, we operate within the law and we’re not going to dismantle our great collection as it tells a unique story of our common humanity,’’ the museum said in a statement released Saturday. “But we are seeking new positive, long-term partnerships with countries and communities around the world, and that of course includes Greece.”

The Greek government offered no comment on the report.

Although British authorities have rebuffed efforts to return the sculptures to Greece since at least 1941, there has been a change of tone recently as museums around the world seek to address concerns about the way ancient artifacts were acquired during periods of imperial domination and colonial expansion.

In July, Jonathan Williams, the British Museum’s deputy director, said the institution wanted to “change the temperature of the debate” around the marbles.

“What we are calling for is an active ‘Parthenon partnership’ with our friends and colleagues in Greece,’’ he told the Sunday Times. “I firmly believe there is space for a really dynamic and positive conversation within which new ways of working

together can be found.”

On its website, the museum says it is willing to consider loaning the sculptures to Greece, but that successive Greek government’s have refused to acknowledge the museum’s ownership. There are no current negotiations about the issue, the museum says.

The issue is complicated by an act of Parliament that prohibits the museum from selling, giving away or otherwise disposing of any items in its collection unless they are duplicates or not needed for study.

The marbles are remnants of a 160-meter-long (520-foot) frieze that ran around the outer walls of the Parthenon Temple on the Acropolis, dedicated to Athena, goddess of wisdom. Much was lost in a 17th-century bombardment, and about half the remaining works were removed in the early 19th century by a British diplomat, Lord Elgin.

They ended up in the British Museum, which has repeatedly rebuffed Greek demands for their return.

Speaking during a visit to London on Nov. 28, Greek PM Mitsotakis implied that some talks have taken place.

“I don’t want to speak publicly about the discussions that we have had,” he said. “But I think there is a better sense of understanding that maybe a win-win solution can be found that will result in a reunification of the Parthenon Sculptures in Greece, while at the same time also taking into consideration concerns that the British Museum may have.”

Successive Greek governments have lobbied for the return of the British Museum’s share of the works, which include statues from the Parthenon’s pediments — the all-marble building’s gables. They argue that Elgin illegally sawed off the sculptures, exceeding the terms of a questionable permit granted by Turkish authorities while Greece was an unwilling part of the Ottoman Empire.

The British Museum rejects that stance — despite indications that public opinion in the U.K. favors the Greek demand — and has shown little willingness to permanently return the works.

The Parthenon was built between 447-432 B.C. and is considered the crowning work of classical architecture. The frieze depicted a procession in honor of Athena. Some small bits of it — and other Parthenon sculptures — are in other European museums.

What we are calling for is an active ‘Parthenon partnership’ with our friends and colleagues in Greece.

Jonathan Williams, deputy director of the British Museum