The Weekly Journal - Wednesday, December 15, 2021

Puerto Rico and the Caribbean

Wednesday, December 15-21, 2021 - // no. 138

Start-ups position Puerto Rico as business, technology hub P7

LatAm’s rebound from Covid-19

Income is up, but so is inflation P9 Luxury properties put Puerto Rico In new global map P10

www.theweeklyjournal.com

marked by uncertainty

A 25% increment in the value of the region’s exports is projected

I

Juan A. Hernández, The Weekly Journal

Still looking where to order your Christmas dinner? P13

jhernandez@wjournalpr.com

nternational trade in Latin America and the Caribbean is expected to experience a significant rebound after last year’s thunderous crash, according to the United Nations Economic Commission for Latin America and the Caribbean (ECLAC) annual report.

Nevertheless, the document states the region’s economic recovery would be “asymmetrical” and within the context of uncertainty created by the Covid-19 pandemic.

In its report, ECLAC projects a 25% increment in the

value of the region’s exports driven by a 17% increase in export prices and an eight percent expansion in the volume of exported goods. In contrast, the region’s services exports have yet to recover after the drop caused by the pandemic.

“This situation should prompt a reflection about the urgency for widening regional economic integration. Moving towards an integrated regional market is indispensable, not only to generate an efficient production and promote diverse production and export processes, but also to achieve greater autonomy in strategic sectors.

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The Weekly Journal / Wednesday . December 15, 2021 >

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What could be better than visiting Puerto Rico?

Living here.

Puerto Rico has a new name in real estate.

1055 ASHFO RD AVE N U E | S A N J U A N , P R | 9 3 9 . 4 7 8 . 6 0 2 8 | C OR C OR A N . C OM/C ORC ORA N- PU ERT O- RIC O

©2021 Corcoran Group LLC. All rights reserved. Corcoran® and the Corcoran Logo are registered service marks owned by Corcoran Group LLC. Corcoran Group LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each franchise is independently owned and operated.

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/ Wednesday, December 15, 2021

a week in review San Juan among the fastest growing vacation destinations The city of San Juan ranked 10th among the fastest growing destinations among American tourists in a recent study from ParkSleepFly, a website that compares and books airport, hotel, park, sleep, and fly vacation packages. According to the study, Puerto Rico is the most popular destination for Americans searching for vacations, with 1.6 million searches in the last six months.

Also, Puerto Rico ranked number one among the most in-demand countries for a vacation abroad, and 4th among the countries increasing in travel popularity. ParkSleepFly states in its study that “since Puerto Rico is a US territory, US citizens traveling to the island via domestic flights can enter without restrictions.

Unvaccinated travelers must produce a negative PCR test and vaccinated passengers must show vaccination proof upon arrival.”

Spirit Airlines to fly between Aguadilla and Philadelphia Spirit Airlines will start flying directly to Philadelphia from the Rafael Hernández Airport in Aguadilla next April. The air route will be serviced

by A310 airplanes seating 145 passengers. Flights are schedule for Wednesdays, Fridays, Saturdays and Sundays departing from Philadelphia at 7:00am and departing Aguadilla at 12:04pm. “The Puerto Rico Tourism Company (PRTC) efforts to bring more airlines and increase the number of available seats and flight frequency keep bearing fruit,” said PRTC executive director Carlos Mercado. According to Mercado, the new air route presents an excellent opportunity for tourism development with its additional 30,243 seats. The route is expected to have a $15 million impact on the region.

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

Ford introduces the new Maverick pickup Ford Puerto Rico announced the arrival of the all-new Maverick pickup, a truck for those who never knew they wanted (or needed) a truck. The Maverick comes as a standard five-passenger, four-door pickup with ingenious design and storage solutions that enable easy customization.

The tough rebranding of Ford’s successful compact muscle car, today’s Maverick is compact like its predecessor, but mighty and packed with clever technology and features. Sporting an unibody design with a standard payload of 1,500 pounds and the volume to carry a standard ATV, the Maverick drives like a car, with a smooth ride that could make almost any driver forget he is driving a pickup truck.

President Salvador Hasbún shasbun@elvocero.com

VP of Accounting Félix A. Rosa frosa@elvocero.com

Human Resources Director Arlene Rolón, PHR arolon@elvocero.com

Vp of Marketing and Business Operations Michelle Pérez Miperez@elvocero.com

VP of Production Eligio Dekony edekony@elvocero.com

VP of Editorial Content Juan Miguel Muñiz Guzmán jmuniz@elvocero.com

Multi-Platform Graphic and Technology Director Héctor L. Vázquez hvazquez@elvocero.com

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

Multi-Plataform Digital Director María Arce marce@elvocero.com

Customer Service: 787-622-7480

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Trade recovery in Latin America and the Caribbean is due to three main factors: — The increase in prices for several main export goods — Increased demand for exports from China, the United States and the European Union — The region’s own economic recovery

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Mixed Economic Outlook For The Rest

In contrast to the outlook for South American countries, trade in the subregions and countries that depend heavily on imports of fuels and other raw materials are projected to deteriorate. This is the case for Central America, most Caribbean countries South America Will Lead and Mexico. Still, the value The Way of Mexican exports –mainly South America is expected manufactured goods– has to have the biggest increase experienced an increment of The region’s exports in the value of its exports, 17% (half of that of the region), are driven by the particularly because of the mainly due to a greater volume. increase in prices higher cost of commodities Central America faces a similar rather than by an (minerals, hydrocarbons, agroscenario. increase in export’s industrial products, etc.). Said According to ECLAC’s annual volume increase –approximately 34%– report, trade recovery in Latin is also driven by its exporting America and the Caribbean specialization. is due to three main factors: In South American 1) the increase in prices for countries, the faster rise in several main export goods; 2) the prices of export goods, compared to those increased demand for exports from China, the of imports, signals an improvement in terms of United States and the European Union and; 3) the trade. This will mainly be the case for countries region’s own economic recovery. exporting hydrocarbons, where trade conditions Among Latin America and the Caribbean’s main are projected to rise by 15%, followed by trading partners, the most dynamic trade flows are exporters of agro-industrial products (Argentina, projected to be those with Asia and those within Uruguay and Paraguay) and mining products the region itself. The projected 35% increase in (Chile and Peru). Brazil is likely to benefit the the value of exports to China is consistent with most, as a result of higher prices for iron ore and the structure of shipments to that country. These other minerals, oil and various agro-industrial consist almost exclusively of raw materials and products. processed natural resources, so the export value

This last goal is particularly relevant in light of the disruptions in global supply chains caused by the pandemic,” said ECLAC’s Executive Secretary Alicia Bárcena.

In fact,

Moving towards an integrated regional market is indispensable, not only to generate an efficient production and promote diverse production and export processes, but also to achieve greater autonomy in strategic sectors.

- Alicia Bárcena, Executive Secretary, ECLAC

is increasing because of the higher prices of these products.

Exports within the region itself are estimated to reach a 33% increase, while exports to the European Union will increase by 23%.

Declining Service Exports

On the other hand, the region’s service exports decreased much more sharply than its goods exports in 2020 (-36% and -10% in value, respectively). This mainly reflected the slump in the tourism sector (-64%), which was hit hard by

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the restrictions in mobility imposed during the pandemic. The recovery has not yet extended to service exports, the value of which was down by 9.9% year-on-year, during the first half of 2021.

Their performance in the coming months will depend on how the region’s reopening of tourism progresses. As of August, international tourist arrivals were still well below their peak level in 2019.

By comparison, this has not been the case for Puerto Rico, where the tourism sector has experienced an outstanding recovery. According to Discover Puerto Rico (the island’s Destination Marketing Organization), the expected occupancy rate for the last week of the year is 41% higher than in 2019 for the same period. The statistic is based on hotel bookings. It must be noted that ECLAC did not include Puerto Rico in its report because the island is considered a political jurisdiction of the United States.

ECLAC’s report asserts regional service exports have not yet recovered from the decline suffered as a result of the pandemic. Specifically, the region’s dependence on tourism is much greater than the global average, which means the uncertainty surrounding the reopening of this sector negatively affects the prospects of various economies, especially those in the Caribbean, ECLAC warns. It would be safe to assume then, that the recovery of regional trade in 2021 shows

Advancing towards an integrated regional market is essential to achieve greater self-sufficiency in strategic sectors, particularly in the context of the disruptions to the global supply chains caused by the pandemic.

- ECLAC’s report

significant weaknesses.

The Uncertainties

In fact, ECLAC’s report indicates there are several factors creating uncertainty for global trade, among them: an uneven pace of vaccination and new variants of the virus; inflationary pressures and difficulties in keeping fiscal stimulus; trade tensions and risks in China’s real estate sector; disruptions in supply chains, and increased freight costs.

On this last point, it is calculated that the average global cost of maritime container shipping

has risen by more than 660% since June 2019.

Regional trade recovery displays similarities with the recent trend in world trade, and its short-term prospects are subject to similar risks.

However, there are specific factors that determine the evolution of trade in the region, which stem from its export specialization pattern. The recovery in the shipment of trade goods will be driven, to a much greater extent, by exogenous factors (the rise in commodity prices), rather than by the region’s ability to increase the volume for export.

The pandemic caused a substantial erosion of the business fabric, particularly affecting micro, small and medium-sized enterprises that export to the regional market. This is consistent with the shrinking of intraregional trade observed since early 2019, which in turn worsened as a result of the pandemic.

This situation highlights the urgent need to broaden regional economic integration, especially in a global context in which the major economic powers are already seeking to advance their own processes of regionalization in trade and production. “Advancing towards an integrated regional market is essential to achieve greater self-sufficiency in strategic sectors, particularly in the context of the disruptions to the global supply chains caused by the pandemic,” concluded ECLAC.

In fact, There are several factors creating uncertainty for global trade: uneven pace of vaccination; inflationary pressures, and disruptions in supply chains.

Unlike other regions, the tourism sector in Puerto Rico has experienced an outstanding recovery. The expected occupancy rate for the last week of the year is 41% higher than in 2019 for the same period. >Carlos Rivera Giusti

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Experts Make Economic Predictions for 2022 E-commerce remains and the experience economy returns

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Zoe Landi Fontana, The Weekly Journal

022 is just two weeks away. To put it all into perspective, this Dec. 31st will mark two years since the first detection of COVID-19 in Wuhan, China.

Since then, the world has changed drastically, with an emphasis on digitization.

Mastercard, Deloitte, JP Morgan, and the McKinsey Global Institute all recently published their own predictions for next year, taking into account potential COVID-19 variants. As always, any developments in the pandemic’s course could drastically alter these predictions.

As COVID-19 recedes, world leaders have an opportunity to focus on improving lives and livelihoods by pursuing three enormous goals: growth, sustainability, and inclusion.

- McKinsey Global Institute

Households drive growth

There could be above trend growth going into 2022 following soaring household savings rates in 2021. JP Morgan released their “Economic Trends to Watch in 2022” report, which explained there is currently about $2.5 trillion in excess household savings in the US. The ratio of disposable income to household net worth is also nearing a record high.

How these savings are spent will have a ripple effect on the global economy, elaborated Mastercard’s own Economic Outlook 2022 report.

If the savings are spent quickly, global GDP could potentially increase by 4.5 percentage points.

This, of course, is all accompanied by inflation and rising prices. “If inflation keeps rising, it will dent real earnings growth, thereby weighing on the consumer’s spending,” stated Deloitte, in its State of the US Consumer report for December. Luckily, economists at JP

Morgan don’t see inflated prices persisting past mid-2022.

E-commerce and subscription service

For the past two years, organizations have been faced with challenges revolving around maintaining operations while working remotely –an accomplishment coined “digital resilience”

by Mastercard. “Acceleration of digitization and automation and other operational adjustments that businesses made to adapt during the pandemic could enhance productivity and economic growth,” McKinsey’s Global Institute explained.

This trend extends into everyday life, as is seen in the case of retail. There is a growing trend in e-commerce - subscriptions for products such as weekly grocery deliveries, clothing, and wine. An estimated 88% of countries across 32 markets experienced growth in subscription services in 2021. 20% of this digital shift in retail is predicted to stick, according to Mastercard.

Online healthcare and grocery shopping have

persisted, but some things, like education, have proved to fare better in-person. Next year, digital businesses will flourish, consumer demand and spending will grow, and the experience economy will reemerge.

Possibilities for 2022

Deloitte reported increased spending on hotels and air travel in the last quarter of 2021 - travelers having been reassured of their safety by rising vaccination and decreasing infection rates. Flights of all distances will increase in 2022, Mastercard predicts, with governments responding to new pandemic threats with increased security measures, instead of closing off key travel corridors.

“As COVID-19 recedes, world leaders have an opportunity to focus on improving lives and livelihoods by pursuing three enormous goals: growth, sustainability, and inclusion,” encouraged the McKinsey Global Institute. Implementing all three at once results in counteractions, making it necessary to focus on trade-offs while also addressing the counteracting forces.

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Global Startups Gain Traction in Puerto Rico

33 startups presented their businesses at Parallel18 event

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Zoe Landi Fontana, The Weekly Journal

ith only four minutes to pitch, 33 startups hopped to the stage presenting novel ways to improve life and business. The venue, Parallel18, is part of the Puerto Rico Science, Technology, and Research Trust that gives support to global startups, while positioning Puerto Rico as a hub for innovative business and technology. Participating entrepreneurs gain access to training, funding, and networking opportunities.

At the intersection of science, business, and government

A business using science to predict the future and prepare against catastrophes, the aptly named TerraFirma, provides solid ground in the form of informed scientific predictions, for individuals, businesses, and government.

“Act instead of react,” said Fabiola Guzmán, founder of the company, regarding TerraFirma’s goals for Puerto Rico. The company has compiled information from the National Oceanic and Atmospheric Administration (NOAA) data sets since 1944 and soil sets from the US Department of Agriculture (USDA) to create algorithms that visualize potential weather patterns on the island.

TerraFirma’s founders were born and raised in Puerto Rico and understand how climate change will disproportionately affect the island.

They recently received funding for another

business accelerator program, winning the first prize of $135k. TerraFirma software is working to establish connections to the government –FEMA, in particular– to provide crucial research necessary to make informed decisions in allocating disaster relief funds. The team is currently looking to scale their software development team.

Perfecting global business

How do you connect with a team that isn’t centralized? Managing an international team or remote workers is a demanding task. The following startups provide solutions to ensure consistent productivity and improve workplace health from anywhere.

Zen

participants accumulate points for not using their mobile device during work, and gives them a shot at winning a prize –money, a TV, etc.– chosen by the employer.

PRYZE isn’t a gimmick or trend - it’s a way to bridge the gap between employees and employer, showing that both value their work. Fewer distractions results in increased revenue, lower costs, and increased employee retention.

Co-founder Natalia Micheletti, a University of Puerto Rico alum, recently moved back to the island. Regarding the Puerto Rican market, Natalia says it’s “a small, tight-knit community... a place to make a good impact.”

Everyday life made easier

A number of businesses at the event were aimed at making everyday life simpler. From Zen team is an example of the very businesses finding caretakers for every need (Evocare), to it was made to serve –global companies that need grocery delivery in under an to connect through different time hour (Jetson), to technicians for zones and currencies, and deal home appliances and hard-towith the barriers of remote work. find parts (Piezas Rush), and even Founder Niraj Kumar commented for natural pet products (Pawls), that Zen Team “...connects Puerto there is a startup developing Rico to the rest of the world in a Parallel18 is to make mundane tasks less very easy way.” The company is part of the Puerto bothersome. based out of Puerto Rico while its Rico Science, And, protecting it all, is co-founder is located in Ukraine.

Technology, and Privacywall - a search engine that Zen team manages contracts Research Trust that blocks unwanted data collection and payments, automates gives support to that, usually, we aren’t aware is operations, and completes HR global startups. even happening. Their mission is tasks, like evaluating employee to “...put consumers, businesses, satisfaction, all on one digital and governments back in control platform. “It’s easier than ever to of their data privacy and protect have a team scattered across the their most sensitive data.” globe with Zen team,” the website states.

Founders, brothers and Stanford University engineers, Jonathan and Christopher Wu moved PRYZE to Puerto Rico in 2014 after a conversation with An essential part of maintaining a healthy the Secretary For Economic Development and workplace is minimizing distractions. PRYZE gets Commerce who saw the potential in their company employees off their phones, and back to work. By and the opportunity provided by Act 20. installing the PRYZE program onto their phones,

In fact,

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2021 is now the highest-winning year ever for US casinos

The total surpassed the record set in all of 2019

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The Associated Press

TLANTIC CITY, N.J. — America’s casinos have won more money this year than ever before, according to figures released from a national gambling trade association.

The American Gaming Association said U.S. casinos have already broken the record for most money won in a single year at $44.15 billion.

Those figures are based on reports through October, as well as on a handful of states that have released results from November.

The total surpassed the record set in all of 2019, which was $43.65 billion.

And with many more states still to report November revenue figures, as well as all the December reports, that number will climb even higher. The figures do not include tribal casinos.

October highlights nationwide include inperson gambling continuing to drive the industry’s recovery, with brick-and-mortar activity generating $3.97 billion, topping pre-pandemic totals by 16% from October 2019.

Americans wagered a record $7.05 billion on

In fact, Internet gambling generated $357 million in revenue, up 129% from October 2020

sports in 25 jurisdictions in October, bringing the year-to-date total amount bet to $42.19 billion.

That is nearly double the amount wagered in all of 2020 when just 17 markets were operating.

With some data yet to be reported, commercial sports books kept nearly $408 million after paying out winning bets and other expenses in October, surpassing the previous monthly record of $405 million set in September, Internet gambling generated $357 million in revenue, up 129% from October 2020, which is also a new monthly record.

And Colorado, Iowa, Massachusetts, Michigan,

Pennsylvania and South Dakota surpassed annual state revenue records. Connecticut launched sports betting and internet gambling in October.

Combined October revenue from traditional casino gambling, sports betting and internet betting was $4.75 billion, the second-highest monthly total ever and an increase of 30.7% compared to October 2019.

The industry has now surpassed $4 billion in monthly gambling revenue for eight consecutive months. Before this year, monthly revenue had never topped that amount.

Average US long-term mortgage rates hold firm another week hinted that the central bank would shift toward tightening credit more quickly than it previously suggested. Powell said it would be “appropriate” for the central bank to consider accelerating the reduction of its bond purchases. That could lead to the Fed hiking its benchmark interest rate as early as spring.

The Associated Press

SILVER SPRING, Md. — The average interest rate on a long-term mortgage in the U.S. held firm again last week.

Mortgage buyer Freddie Mac reported that the average rate on the benchmark 30-year, fixed rate home loan ticked down to 3.10% from 3.11%. A year ago, the rate stood at 2.71%.

The average rate on a 15-year mortgage also dipped slightly, to 2.38% from 2.39%. One year ago, that rate was 2.26%.

Expected to Raise

Many economists expect U.S. interest rates to rise in coming months as the Fed pivots from the easy money policies it adopted after the

Hot Housing Market

coronavirus outbreak ravaged the U.S. economy in the spring of 2020.

Recently, Federal Reserve Chair Jerome Powell

The U.S. housing market has seen a surge in demand during the pandemic as people seek more space after spending a big chunk of the past two years working from home.

Lured by low-interest rates, many prospective homebuyers have been thwarted due to a limited supply of homes for sale and rapidly rising prices. Builders have struggled to keep up with demand as supply chain snarls delay projects.

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Poll: Income is up,

but Americans focus on inflation Fast-rising prices have forced many Americans to change their spending habits

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The Associated Press

ASHINGTON — Americans’ overall income has accelerated since the pandemic, but so has inflation — and a new poll finds that far more people are noticing the higher prices than the pay gains.

Two-thirds say their household costs have risen since the pandemic, compared with only about a quarter who say their incomes have increased, according to a poll by The Associated Press-NORC Center for Public Affairs Research. Half say their incomes have stayed the same. Roughly a quarter report that their incomes have dropped.

Impact on Spending Habits

The fast-rising prices that have been surging through the economy have forced many Americans to change their spending habits. About one-third said, for example, that they’re driving less often, and roughly 3 in 10 Americans say they’re buying less meat than they usually do. In the past year, gas prices have jumped nearly 50%, and the cost of meat is up 15%.

Most people say the sharply higher prices for goods and services in recent months have had at least a minor effect on their financial lives, including about 4 in 10 who say the hit has been substantial. The poll confirms that the burden has been especially hard on low-income households.

The findings in the AP-NORC poll underscore the

financial pressures that this year’s spike in inflation has imposed on many Americans’ finances. Still, as they have since before the pandemic struck in March 2020, a majority say their own finances remain good.

pandemic. Wages and salaries grew 4.2% in September compared with a year earlier, the largest annual increase in two decades of records.

And the government provided a $1,400 stimulus check to all households in March as well as a $300-a-week unemployment aid supplement from March to September. Most households with Perceptions On The Economy children began receiving the $300 monthly child Yet, many Americans have soured on the tax credit in July. economy in the past year, even though most Those government measures, combined economic indicators point to a still-steady with higher paychecks, lifted Americans’ overall recovery, with near-record job openings, solid household incomes by 5.9% in retail spending and a rebound October compared with a year in manufacturing. Only about earlier. Yet inflation jumped to one-third said the economy is 6.2% that month, the highest “good,” down from about half reading in three decades, who said so in March. That negating the income gain. may illustrate why President 85% of Americans Jason Furman, President Joe Biden hasn’t benefited surveyed say they Barack Obama’s former top politically from positive paid higher-than-usual economic adviser, suggested readings on the economy. prices for food and gas that many people don’t think The poll, though, finds a in recent months. about government payments, sharp partisan split: Only about such as stimulus checks, when 1 in 10 Republicans describe Source: The Associated considering their own incomes the economy as “good”; more Press-NORC Center for Public because those payments are than half of Democrats say so.

Affairs Research generally one-time windfalls.

Yet when asked about their own A likely factor in Americans’ financial situations, people are worries about inflation is that more positive and less divided rising prices have been concentrated in highly along party lines. About two-thirds of Americans visible categories: The poll finds that 85% say they say their personal finances are in good shape. paid higher-than-usual prices for food and gas Roughly 7 in 10 Democrats and about 6 in 10 in recent months. Nearly 6 in 10 say the same Republicans say so. about electricity. About 4 in 10 say they bought Analysts generally expect the economy to appliances recently and that the prices were higher grow at a brisk 7% annual rate in the final three than normal. months of this year, boosting growth for all of The effect is even more pronounced among 2021 to its fastest calendar-year pace since 1984. middle- and lower-income Americans: Half of The unemployment rate has dwindled to 4.2%, people in households earning less than $50,000 from 6.7% a year ago. And with many employers a year say the price increases have had a major struggling to hire, the economy still has nearly 4 million fewer jobs than it did before the pandemic. impact on their finances. Only a third of those in households earning more than $50,000 say the U.S. households, on average, are earning same. higher incomes than they did before the

In fact,

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Luxury real estate market grows stronger in Puerto Rico High-end properties is the only segment that has experienced “substantial” price increases this year

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Juan A. Hernández, The Weekly Journal

he Corcoran Group announced last week another milestone in the firm’s expansion with the launching of Corcoran Puerto Rico, its newest affiliate and its official entrance to the Puerto Rico’s real estate market.

“Continuing to create more opportunities for all of our affiliated agents and clients is at the center of this growth, and I have no doubt that this new talented team will bring the Corcoran brand to the region in a strong and exciting way,” said Pamela Liebman, president and CEO of the Corcoran Group.

The new Corcoran affiliate is the product of an alliance with local Gramercy Real Estate Group, led

by Puerto Rican entrepreneur Blanca H. López.

“We are thrilled to put Puerto Rico on the map with this new endeavor as Corcoran Puerto Rico.

This is such a prime opportunity for growth, particularly given the current booming real estate here on the island,” said López during the inauguration of Corcoran Puerto Rico new offices.

beach area range between $1,400 to $1,500 per square-foot, depending on their location and characteristics. If the property is on the beach and inside high-end resorts such as the Saint Regis in Río Grande or the Dorado Beach Resort in Dorado, prices can reach $3,000 per square foot.

Corcoran Puerto Rico currently has in its inventory a 10,880 square-foot home in Guaynabo with a price tag of $7.7 million.

Luxury Properties Are A Also, they have a condo in the Hot Item Condado area with an asking price of $4.2 million.

A former Corcoran affiliated “Property prices in Puerto agent in New York, López has Rico compete favorably specialized in high-end home Average prices for with prices in cities like San sales and rentals and reported luxury properties Francisco and Hong Kong,” $50 million in sales this year. around the Condado added the real estate broker.

Questioned about how beach area range Also influencing this segment significant the luxury segment between $1,400 to of the real estate market can be for the real estate $1,500 per squarein Puerto Rico are the tax market in Puerto Rico, López foot. said properties in this segment incentives offered by acts 20, 22 have experienced “substantial” and 60. price increases this year “Relocating has become “Demand for these easier nowadays. You can now properties has increased work remotely; Puerto Rico’s substantially, that is why prices go up. And given [geographic] location and its relation to the US, the the high demand for these properties, inventory is climate, the vibrant culture… are also incentives for running low,” López said. a family to relocate,” argued López.

According to the real estate broker, average But, are prospective buyers looking for primary prices for luxury properties around the Condado housing or a second home?

In fact,

Property prices in Puerto Rico compete favorably with prices in cities like San Francisco and Hong Kong.

- Blanca H. López, entrepreneur

According to López, both types of buyers are interested in coming to Puerto Rico.

“Many are buying second homes or vacation homes, but there are also clients interested in buying a home to take advantage of what Puerto Rico has to offer,” said López.

Aside from the real estate sales division, Corcoran Puerto Rico will also have a Sales and Marketing division and a Professional Consulting Department. The latter two concentrating in services for the development of new construction projects, including price setting, marketing strategies and construction project management.

“We think it is important to be with every project from the beginning in order to develop a strategic plan covering all aspects,”López said.

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opinion Eduardo Hilera, M.P.S.

Emergency Management and Homeland Security Expert

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he Council of Supply Chain Management Professionals defines supply chain management as: “… the planning and management of all activities involved in sourcing and procurement, conversion, and all logistics management activities. Importantly, it also includes coordination and collaboration with channel partners, which can be suppliers, intermediaries, third party service providers, and customers. In essence, supply chain management integrates supply and demand management within and across companies.”

To sum it up, the supply chain is basically everything that needs to happen for us to get anything that we need. Supply chain disruptions caused by the effects of the COVID pandemic have brought the concept to the forefront of reporting and conversation, forcing us to face the realities of the complex set of factors that bring our food to our tables and cars to our driveways.

If you are a parent Christmas shopping for your children right now, you may have noticed that you are having a hard time finding a popular gaming console or the latest tablet. This phenomenon may seem small or insignificant, but it represents a larger challenge facing the world during crises like the COVID-19 pandemic.

In Puerto Rico, as well as many other areas in the United States, natural and man-made disasters of different kinds are common. The Caribbean sees regular hurricanes, California and Oregon see regular wildfires, Texas and other southern states have even seen freezing storms in recent years. Yet, many times, we are caught ill-prepared for these disasters and emergencies until it is too late, and we end up lacking supplies we know in advance we need.

We saw supply chain disruptions four years ago in Puerto Rico, when after Hurricane Maria the island experienced a shortage in bottled water, largely due to a logistics and supply chain mishap.

Puerto Rico had no shortage of actual water, or of the plastics needed to make containers.

The problem was the operational ability of the plants that bottled the water, and the distribution network that could get it to people throughout the island.

At the beginning of the pandemic, paper towel and toilet paper were nowhere to be found and baking products like yeast and flour were scarce.

As the pandemic approaches its third year, the products that we place value on have changed, and as the global economy struggles to normalize, interruptions in the processes that bring us many

COVID Has Broken the Chain and Limited Supplies

of the goods we use daily have caused disruptions across many sectors—from food production, to clothing, to computers and cellphones, to vehicles.

Some of us are so used to having easy access to the products we use and buy that we forget the production process—endless hours of work, time, and effort that goes into every single object we purchase. We forget that there are raw materials like cotton and wool that go into the production of our clothing, that transporting packaged foods across the world is extremely costly, and that the products that we use from computers to cell phones to clothes are manufactured in factories, where employees and companies are impacted by the very same problems that are impacting the end consumers of those products.

Important sectors such as the motor vehicle industry have scarce inventory because new

vehicles fresh off the production line are stuck in warehouses because they are missing one or two essential parts.

Corporations have tried to pivot to keep from collapsing as they lack necessary materials for their products. Some gigantic corporations have sought vertical integration of their supply chains, purchasing their own shipping vessels and as a result, the control of distribution routes for the products and services they sell. But solutions like these cannot be adopted by every company in every sector, nor should they.

As we consider ways to prevent crises like the COVID-19 pandemic from disrupting the global supply chain in the future, we need to ensure that local supply chains are protected, and global supply chains diversified, so we’re not caught without essential products, and to ensure we are not a burden to our own supply ecosystem.

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“Lechoneras” 101: a roadmap to your Christmas dinner

U

Juan A. Hernández, The Weekly Journal

nlike a homemade Thanksgiving dinner, which we characterized in November as a “daunting task,” a homemade Christmas dinner –beyond roasting a pork leg (which is equally daunting)– is nearly impossible for mere

mortals to make.

As you have already noticed, in Puerto Rico pork is king. So, turkey for Christmas –even if it is “pavochón”– is for the weak of heart. Nevertheless, just thinking about the sheer size of a pork carcass on your kitchen table is enough to make the blood curdle in the veins of a grown man.

In Puerto Rico, pork is roasted “a la vara” (literally in a hardwood pole over an open pit).

Roasting is a slow process that usually takes anywhere between six and eight hours, depending on the size of the pig, and a serious amount of elbow grease to hand turn that “vara”.

Then, how in the world the non-initiated are going to roast a 100-pound, five-foot long pork at home? Long story short, even if you own a small mansion with a huge backyard, and an equally huge fire pit, it is impossible. This is something your average weekend BBQ master better leave to the professionals.

Of course, you can always decide to embrace at least part of the Christmas tradition and home cook all, or some, of the traditional dishes of the holiday meal –rice with pigeon peas (“arroz con gandules”), “pasteles,” boiled and/or pickled green bananas (“guineítos en escabeche”), blood sausages (“morcillas”), and sweet rice pudding (“arroz con dulce”) for dessert. And while this is a somewhat intimidating project, if you manage to get the necessary ingredients it is certainly doable.

But who are these so-called pork roasting professionals, and where can they be found, you might ask? Enter the “lechoneras,” the quintessential roasting establishments that enjoy a Christmas long “Black Friday” windfall thanks to Puerto Ricans’ love for everything pork.

These quaint businesses can be found just about everywhere throughout the island, all of them sticking to their tried-and-true menu of “lechón,” sausages, green bananas, rice and “pasteles.” The menu may include one or two additional delicacies, depending on the “lechonera,” but it is basically the same for most.

There you can order your roasted pork by the pound, and all the complementary dishes for your dinner. And, depending on the size of your Christmas shindig, you can even order the whole pig.

Below is a list of some “lechoneras” you can find within the San Juan Metroplex, so you don’t have to go far to procure your family’s Christmas dinner.

Bayamón

Lechonera El Piterre – On Road 167, this is certainly one of the best “lechonera” on the island.

It opens Friday through Sunday, from 9:00 a.m. to 3:00 p.m. They serve “lechón,” rice and beans, pickled bananas, pork feet and even “pavochón.”

Guaynabo

Lechonera El Paso – On Road 173, Km. 29.5.

The specialty here is stuffed roasted pork. It is usually stuffed with rice with pigeon peas or beans, but it can be stuffed with root vegetables (sweet potatoes, yucca, yams, taro, etc.) among other things. They also offer “pastelillos” (turnovers) stuffed with sausage. This “lechonera” has been doing business for more than 70 years, and three generations of the López family have been at its

helm. Opens Friday through Sunday.

San Juan

Lechonera El Cuerito Tostao – 243 Eleanor Roosevelt Ave. in Hato Rey. Aside from the regular fare of any “lechonera,” their specialty is the pork stuffed “alcapurria” (a delicacy of their own invention), and pork rennet, which they only offer on weekends. They also have an impressive variety of custards for dessert. Opens seven days a week, from 11:00 a.m. to 7:00 p.m.

Trujillo Alto

Angelito’s Place – On Road 175, Km. 4.8 in Barrio Carraízo, this “lechonera” has been known for its delicious pork accompanied by rice with pigeon peas and “pasteles,” and sweet potatoes. Opens seven days a week, from 8:00 a.m. to 5:30 p.m.

If you’d like to tread the less traveled path, you can always embark on the classic road trip across the island in search for the best “lechonera”. A word of advice though; try to get to the lechonera the earliest in the day because “lechón” sells fast and if you get there a little after 12:00 p.m., you might only get the pig’s “rabito tostao” (crunchy tail).

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/ Wednesday, December 15, 2021

A look back at a

classic

“It’s a Wonderful Life” was released Dec. 20, 1946

I

The Associated Press

t was just another job for child actor Karolyn Grimes. She was 6 and had already done four movies by the summer of 1946 when filming began on “It’s a Wonderful Life.” The only thing she recalls about the biggest movie of her career was being delighted to play in snow on the set. film his scenes.

That single job would “I have vivid memories of become very memorable to doing that film,” he says. “On The film wasn’t a lot of other people. “It’s a the set, Capra would squat initially intended to Wonderful Life,” which marks down, eye-to-eye, tell me what be released over the its 75th anniversary this year, is he wanted me to do and did I holidays. now a beloved holiday tradition understand it. I said, ‘Oh, yes, across the globe. sir.’”

“It’s a once-a-year pick-meGrimes and Hawkins are up for the humanity of America among the last surviving and the world,” Grimes told members of the cast and have The Associated Press. “It’s a good impetus to really chosen to represent the film’s legacy and spread keep us going in a positive direction.” its lesson of doing good.

An Everlasting Story

In fact,

“It’s a Wonderful Life” was released in late 1946, produced and directed by Frank Capra and starring Jimmy Stewart and Donna Reed. It takes place on Christmas Eve in a small town.

The film centers on the character of George Bailey, played by Stewart, who considers suicide until his guardian angel intervenes and shows him all the people whose lives he has touched and the difference he has made in the community.

One memorable character is Zuzu, played by Grimes. She gets to say, “Every time a bell rings, an angel gets his wings.” And the petals from Zuzu’s rose — stuffed into a pants pocket by Stewart’s Bailey as he comforts his sickly daughter — become a symbol of life.

If Grimes is sort of fuzzy on the filming details, Jimmy Hawkins, another former child actor who played Tommy in the film, is the opposite. He recalls as a 4-year-old getting up while it was dark and taking buses and streetcars to Culver City to

New Limited Edition Release

Paramount Home Entertainment has released a limited-edition two-disc Blu-ray set with a colorized version of the film in high definition as well as the original, digitally remastered black-and-white movie in high definition. The set includes over 45 minutes of bonus content.

The movie was nominated for five Oscars and has been recognized by the American Film Institute as one of the 100 best American films ever made. The movie also earned first place for most inspirational American Film of All Time by the AFI. “It gives us such an optimistic view of what our lives can be. And we have the power to make that.

We can make a difference, and we can make things happen,” said Grimes.

Hawkins recalls Capra with a strong vision for the film — faith, hope and life renewed. The movie he made might be sentimental, but on the set, the director was not at all.

The film — now closely associated with

“It’s a Wonderful Life” is celebrating its 75th anniversary. >Paramount Home Entertainment via AP

Christmas — wasn’t initially intended to be released over the holidays. But RKO’s scheduled Christmas movie in 1946 — “Sinbad the Sailor” — wasn’t ready, so the studio asked Capra to rush production of “It’s a Wonderful Life.” It was released Dec. 20 at the Globe Theatre in New York, a little late for a traditional Christmas rollout.

It gives us such an optimistic view of what our lives can be.

And we have the power to make that. We can make a difference, and we can make things happen.

- Karolyn Grimes, Actress

“They did a beautiful job of getting it out there, and then it bombed more or less. It was not a hit,” says Grimes. “But then in the early ‘70s, it became public domain, and it was on every channel every year.”

Grimes still gets letters from all over the globe and from generations of viewers. “I get a lot of fan mail from Great Britain and even the Mideast and all kinds of places,” she says. “It’s reaching a lot of people, and I think people will want to make a difference.”

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/ Wednesday, December 15, 2021

How Christmas became an

American holiday tradition potential to pull people together.

For both Ticknor and Brace, this holiday tradition provided the emotional glue that could bring families and members of a nation together. In 1843 Ticknor invited several prominent friends to join him in a Christmas celebration with a Christmas tree and gift-giving in his Boston home.

Ticknor’s holiday party was not the first Christmas celebration in the United States that featured a Christmas tree. German-American families had brought the custom with them and put up Christmas trees before. However, it was Ticknor’s social influence that secured the spread and social acceptance of the alien custom to put up a Christmas tree and to exchange gifts in American society.

With a Santa Claus, gifts and a tree

E

Thomas Adam, University of Arkansas

ach season, the celebration of Christmas has religious leaders and conservatives publicly complaining about the commercialization of the holiday and the growing lack of Christian sentiment. Many people seem to believe that there was once a way to celebrate the birth of Christ in a more spiritual way.

Such perceptions about Christmas celebrations have, however, little basis in history. As a scholar of transnational and global history, I have studied the emergence of Christmas celebrations in German towns around 1800 and the global spread of this holiday ritual.

While Europeans participated in church services and religious ceremonies to celebrate the birth of Jesus for centuries, they did not commemorate it as we do today. Christmas trees and gift-giving on Dec. 24 in Germany did not spread to other European Christian cultures until the end of the 18th century and did not come to North America until the 1830s.

Charles Haswell, an engineer and chronicler of everyday life in New York City, wrote in his “Reminiscences of an Octoganarian” that in the 1830s German families living in Brooklyn dressed up Christmas trees with lights and ornaments.

Haswell was so curious about this novel custom that he went to Brooklyn in a very stormy and wet night just to see these Christmas trees through the windows of private homes.

The Introduction Of Santa Claus

Thomas Nast, the creator of the image of Santa Claus as we know it today, drew this sketch in 1881. >Courtesy

tree in a German household when he reported in 1799 about having seen such a tree in a private home in Ratzeburg in northwestern Germany. In 1816 German poet E.T.A. Hoffmann published his famous story “Nutcracker and Mouse King.” This story contains the very first literary record of a Christmas tree decorated with apples, sweets and lights.

From the onset, all family members, including children, were expected to participate in the giftgiving. Gifts were not brought by a mystical figure, but openly exchanged among family members – symbolizing the new middle-class culture of egalitarianism.

In fact,

The First Christmas Trees In Germany

The tradition of Christmas trees and gift-giving on Dec. 24 was born in Germany in the late 1790s.

Only in the late 1790s did the new custom of putting up a Christmas tree decorated with wax candles and ornaments and exchanging gifts emerge in Germany. This new holiday practice was completely outside and independent of Christian religious practices.

The idea of putting wax candles on an evergreen was inspired by the pagan tradition of celebrating the winter solstice with bonfires on Dec. 21. These bonfires on the darkest day of the year were intended to recall the sun and show her the way home. The lit Christmas tree was essentially a domesticated version of these bonfires.

The English poet Samuel Taylor Coleridge gave the very first description of a decorated Christmas

From German Roots To American Soil

American visitors to Germany in the first half of the 19th century realized the potential of this celebration for nation building. In 1835 Harvard professor George Ticknor was the first American to observe and participate in this type of Christmas celebration and to praise its usefulness for creating a national culture. That year, Ticknor and his 12-year-old daughter Anna joined the family of Count von Ungern-Sternberg in Dresden for a memorable Christmas celebration.

Other American visitors to Germany – such as Charles Loring Brace, who witnessed a Christmas celebration in Berlin nearly 20 years later – considered it a specific German festival with the

For most of the 19th century, the celebration of Christmas with Christmas trees and gift-giving remained a marginal phenomenon in American society. Most Americans remained skeptical about this new custom. Some felt that they had to choose between older English customs such as hanging stockings for presents on the fireplace and the Christmas tree as proper space for the placing of gifts. It was also hard to find the necessary ingredients for this German custom. Christmas tree farms had first to be created. And ornaments needed to be produced.

The most significant steps toward integrating Christmas into popular American culture came in the context of the American Civil War. In January 1863 Harper’s Weekly published on its front page the image of Santa Claus visiting the Union Army in 1862. This image, which was produced by the German-American cartoonist Thomas Nast, represents the very first image of Santa Claus.

In the following years, Nast developed the image of Santa Claus into the jolly old man with a big belly and long white beard as we know it today. In 1866 Nast produced “Santa Claus and His Works,” an elaborate drawing of Santa Claus’ tasks, from making gifts to recording children’s behavior. This sketch also introduced the idea that Santa Claus traveled by a sledge drawn by reindeer.

Declaring Christmas a federal holiday and putting up the first Christmas tree in the White House marked the final steps in making Christmas an American holiday. On June 28, 1870, Congress passed the law that turned Christmas Day, New Year’s Day, Independence Day, and Thanksgiving Day into holidays for federal employees.

And in December 1889 President Benjamin Harrison began the tradition of setting up a Christmas tree at the White House.

Christmas had finally become an American holiday tradition.

This article is republished from The Conversation under a Creative Commons license.