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Monday, November 23, 2015

Puerto Rico News Digest For November 23, 2015


From Caribbean Business:

"Canelo Álvarez made a case for himself as boxing's next star Saturday
night, landing the bigger punches to take a unanimous decision over Mi-
guel Cotto and win a piece of the middleweight title. Álvarez took the fi-
ght to Cotto from the opening bell, winning rounds with big right hands
and uppercuts. Cotto tried to box and had his moments, but Álvarez was
clearly ahead as the crowd stood on its feet as both fighters traded pun-
ches in the final rounds. Álvarez won the WBC version of the title that
Cotto vacated days earlier for not paying sanctioning fees. His win set up
a possible megafight with Gennady Golovkin, the middleweight champion
who was watching at ringside...Álvarez won by scores of 117-11, 119-109
and 118-110. The Associated Press had him ahead 116-112..."


"Nancy Vélez-Arroyo, Senior Executive Assistant to the Chief Executive Offi-
cer and Board of Directors of Doral Bank was indicted on November 18, 2015, 
for obstruction of justice and knowingly making false statements while under 
oath and testifying before a federal grand jury, announced U.S. Attorney Ro-
sa Emilia Rodríguez-Vélez of the District of Puerto Rico. The indictment in-
cludes three perjury charges and two obstruction of justice charges. During 
her testimony before the grand jury, Nancy Vélez-Arroyo disavowed her in-
volvement in a vendor’s contract with Doral Bank, its terms, payment sche-
dule, and the participants involved in a scheme to defraud. However, e-mails, 
telephone records, and other evidence showed that Vélez-Arroyo had, not on-
ly knowledge, but played an active role and participated in those dealings. Ra-
ther than provide complete and truthful testimony before the grand jury, Vé-
lez-Arroyo endeavored to corruptly influence, obstruct, and impede the fede-
ral investigation..."


"Local communities in Puerto Rico reported that a total of 4,518 people, in-
cluding veterans, have experienced homelessness, representing a 9 percent 
increase since 2010, the year President Obama launched Opening Doors, the 
nation’s first-ever comprehensive strategy to prevent and end homelessness, 
the U.S. Department of Hous-ing and Urban Development (HUD) announ-
ced Thursday. Puerto Rico is experiencing a fiscal crisis that has aff ected 
the economy as a whole, leading to home foreclosures and layoffs..."


"What with new airline connections, more cruise ships docking into port 
and demand for hotel rooms, things are looking up for Puerto Rico’s tour-
ism industry as the winter season goes into high gear next month. “The in-
dustry is forecasting a good season,” said Ingrid Rivera-Rocafort, executi-
ve director of the Tourism Co. and Puerto Rico’s premier marketer. Alrea-
dy for some hotels, she said, “there are sold out periods like Christmas...


"Some of Puerto Rico’s most influential creditors are for the first time sig-
naling support for the broad outline of a government proposal to overhaul 
the island’s crushing debts. The San Juan government, squeezed by $72 bi-
llion in debt and a stagnant local economy, has been weighing whether to
keep paying bondholders or  defaulting, a move that could trigger dozens 
of lawsuits by creditors  and drag out Puerto Rico’s fiscal problems for ye-
ars. A $354 million  payment is due on Dec. 1. Seeking to avoid protracted 
legal skirmishes, Puerto Rico officials have been trying to engage various 
creditors in  deals that would avert default. In meetings with advisers to cre-
ditor groups on Friday, the government’s chief adviser,  Jim Millstein, pre-
sented a proposal to exchange the island’s existing bonds for new debt that 
would be less burdensome to Puerto Rico..."

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