CARRAIZO RESERVOIR KEEPS RISING
The Carraízo water reservoir, which serves a large part of the San Juan
metropolitan area, registered a level this morning of 38.52 meters, only
48 centimeters away from reaching "Observation Level". That level is
the goal that Puerto Rico's water utility, AAA, had set for ending the
water rationing plan that thousands of users in the metro area have been
enduring for several months. Water rationing is currently on a 24 hour
alternating schedule. The other major reservoir in the area, La Plata,
saw gains of 2 inches overnight, but it's levels are considerably lower
than Carraízo's and rationing for La Plata users is not expected to end
any time soon.
GOVERNMENT MAY HAVE TO SHUT DOWN
The Puerto Rico government will have to decide in favor of a partial
government shutdown or go into default on its general obligations due
in January if the projections of a report by financial advisers materiali-
ze. “If Conway MacKenzie’s forecast materializes, then there is a sig-
nificant risk of at least a partial government shutdown before the end
of 2015,” Center for the New Economy (CNE) Public Policy Director
Sergio Marxuach said. The report of the advisory firm Conway Mac
Kenzie states that the government may have a bank cash deficit of
$29.8 million in November and a peak cash defi cit of $511.6 million
in June. However, it states the commonwealth Treasury single account
will have a deficit of $612 million or $1.788 billion, the last number in
the event of all risks occurring.
GOVERNOR MEETS WITH US TREASURY SECRETARY
From Caribbean Business:
Gov. Alejandro García Padilla held several meetings this week in Wa-
shington, D.C., with Obama administration officials and members of
Congress, with the discussions focusing on fiscal and economic deve-
lopment issues, including access to Chapter 9 bankruptcy protection,
Medicare funding, infrastructure projects and corporate tax treatment.
García Padilla met with Treasury Secretary Jacob J. Lew and National
Economic Council Director Jeffrey Zients Thursday. The group discu-
ssed the recently released Fiscal & Economic Growth Plan. According
to a statement released by Treasury, Lew and Zients "commended the
governor for producing a serious and comprehensive accounting of the
Commonwealth’s overall fiscal position and proposal for how the Co-
mmonwealth can achieve financial sustainability over the next five
years.”
MALL OF SAN JUAN OPENS 18 NEW STORES
From News Is My Business:
The Mall of San Juan announced Thursday that 18 new stores, including
Puerto Rico’s only Williams-Sonoma and Pottery Barn, along with luxury
brands Bulgari and Gustavo Arango and the 100th Oil & Vinegar store
will join its shopping and dining lineup this month — the majority of
which are exclusive to the market. “Our lineup of premium retailers and
restaurants will become even more distinctive this month,” said Marnie
Marquina, marketing and sponsorship director, The Mall of San Juan.
“From talented Puerto Rican designers to stores exclusive to the island,
we’re excited to offer our customers a truly unique shopping and dining
experience.”
64,000 PEOPLE LEFT PR LAST YEAR
From ABC News:
A record 64,000 Puerto Ricans left the island last year for the U.S. main-
land, the highest number in the past decade, officials said Thursday. The
exodus represents a 31 percent increase from 2013, when some 49,000
people left, according to the island's Institute of Statistics. The surge in
departures comes as the U.S. territory of 3.5 million people struggles with
a nearly decade-long economic slump. The island has a 12 percent unem-
ployment rate, higher than any U.S. state, and has a labor participation ra-
te of less than 40 percent, compared to 62 percent on the U.S. mainland.
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