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Wednesday, March 15, 2017

Puerto Rico News Digest For March 15, 2017


FINANCIAL BOARD SAYS: CUT PENSIONS!


















From El Nuevo Dia:

"The Puerto Rico Fiscal Oversight Board (FOB), a panel tasked by Congress
to manage the territory’s ailing finances, unanimously certified the latest turn-
around plan by Governor Ricardo Rosselló to pull the island out of its fiscal
crisis, although with some amendments. Chief among the board’s changes, set
forth during a decisive meeting in New York City on Monday, is implementing
a 10% progressive reduction in retirement pension benefits by fiscal year 2020.
FOB officials said the cuts would have to be carried out in a way that would
prevent any retiree from being pushed below the federal poverty line..."


WOMAN RUN OVER, KILLED BY OWN CAR


A 22-year-old Carolina woman, identified by police as Tatiana N. Negrón Sie-
rra, was killed yesterday in a freak accident after her own flaming 2005 Chrys-
ler Neon ran her over and ripped off her leg. After a mild accident on Roberto
Clemente Avenue in which she rear-ended another motorist, Negrón backed up
her car. As she did so, the car struck the concrete fence of a residence, after wh-
ich her vehicle burst into flames. After she got out of the car to check the dama-
ge, the Neon lurched forward as Negrón stood in front of it, fatally injuring her.


PR ADVANCES IN WORLD BASEBALL CLASSIC


From The Chicago Tribune:

"Javier Baez will miss at least another week with his Cubs teammates, but he
has a valid reason. Baez helped his native Puerto Rico advance to the next ro-
und of play in the World Baseball Classic by collecting two hits and driving
in a run Sunday in a 9-3 victory over Italy. Baez drove in five runs in three
games of Pool D play at Jalisco, Mexico. Puerto Rico will advance to the
next round at San Diego on March 14-19..."

UPDATE: Puerto Rico advanced further in the tournament after defeating
2013 champions the Dominican Republic last night. Puerto Rico won 3-1
at Petco Field in San Diego.


FIRST BANK SELLS PREPA LOAN


From News Is My Business:

"First BanCorp. announced Monday that its subsidiary, FirstBank Puerto Ri-
co, sold on March 10, 2017 its outstanding participation in a line of credit to
the Puerto Rico Electric Power Authority (PREPA), reducing its direct expo-
sure to Puerto Rico government related credits. Gross proceeds from the sale
have resulted in a slight incremental loss of approximately $570,000 as com-
pared to the adjusted book balance, net of reserves, the bank said..."


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