Puerto Rico News Digest For August 30, 2016

PERELLO RESIGNS AS HOUSE SPEAKER

From Caribbean Business:

"Jaime Perelló resigned from his position as Speaker of the Puerto Rico House
of Representatives Monday afternoon. He announced his resignation in the Ca-
pitol rotunda next to an original text of the Puerto Rico Constitution...Perelló
left his position after meeting with 16 lawmakers at the Capitol to discuss a tr-
ial underway in federal court of three former House employees under his dire-
ct supervision who were charged in a pay-for-play scheme to benefit the form-
er speaker’s fundraiser, Anaudi Hernández. During the trial Monday, Hernán-
dez said he raised more than $60,000 in cash for Perelló as part of a pyramid
scheme organized by attorney Irvin Faccio in which he was required to raise
$75,000 for the House leader..."

PUIG HEADS TO US OPEN AFTER GOLD MEDAL

From Bloomberg:

"Tennis player Monica Puig, who won the commonwealth’s first Olympic gold
medal in Rio de Janeiro earlier this month, competes Monday in her first match
this year at the U.S. Open in Queens, New York. Puig’s Olympic victory comes
amid dire Puerto Rico headlines of escalating debt, a broke pension system, a Zi-
ka outbreak, and a 10-year economic recession. Thousands of cheering fans gree-
ted her at the airport in San Juan when she arrived on Aug. 20, a week after her
win..."

BERNABE: AGRICULTURAL REFORM "URGENT"

From The San Juan Daily Star:

"Working People’s Party (PPT by its Spanish acronym) Rafael Bernabe said
late last week that the destruction of the island’s agriculture has been one of the
greatest tragedies in Puerto Rico’s recent history. Speaking at a forum sponsored
by the Puerto Rico Agriculture Association during its annual assembly, Bernabe
laid out some of the PPT’s proposals for the agricultural sector. “It’s a scandal that
today we import 85 percent of our food and that with the ability to export much
more and having a much broader food industry, we don’t do the first, and we don’t
have the second,” he said, according to an Inter News Service report. He added that
the reconstruction of island agriculture, with an agro-ecological emphasis, “is an ur-
gent and crucial task...”

LIBERTY GOES SOLAR AT LUQUILLO HQ

From News Is My Business:

"Oak Leaf Solar X LLC, a Yarotek entity, has installed 2,444 solar panels at Li-
berty Puerto Rico’s facility in Luquillo, making the provider’s operations more
sustainable and “reaffirming the companies’ respective commitments to Puerto
Rico and the environment,” the company announced Monday. Liberty entered
into a long-term power purchase agreement to buy its solar power from Oak Le-
af Solar X, an independent power producer and developer focused on solar energy..."

Puerto Rico News Digest for April 4, 2016

BOXER DE JESUS KILLED IN HATO REY

Boxer Alex 'El Pollo' De Jesus was murdered at approximately 5:46 AM on
Sunday on Belmonte Street, located in the San Jose neighborhood of Hato
Rey, as reported by Metro PR. Police came to the area after receiving calls
reporting gunshots in the area. When they arrived, they found De Jesus's bo-
dy, which showed several bullet wounds. The motive and perpetrators are so
far unknown. De Jesus was 33 years old and left prison in 2014 after serving
four years for a domestic violence conviction.

UNION PREZ ALLEGES GDB PRIVATIZATION

From The San Juan Daily Star:

"The president of the Independent Union of the Government Development
Bank of Puerto Rico, María Teresa Rodríguez, said Thursday that an orches-
trated agenda has existed since last year to privatize the bank with a “delivery
of accounts of the Government Development Bank to Banco Popular.” “The
Government Development Bank [GDB] is one of the most important public
corporations in the country and a motor of economic development on the is-
land,” Rodríguez said in a press release. “The GDB was always a profi table
and sustainable corporation. But the operational part of the bank has been
neglected to such a degree that it has fallen into a liquidity problem because
it has $6.5 billion in accounts receivable and lines of credit to agencies and
corporations as of December 31, 2015...”

SANDERS CAMPAIGN HAS FIRST PR MEETING

From Caribbean Business:

"The first meeting in Puerto Rico of campaign volunteers for Democratic
presidential hopeful Sen. Bernie Sanders was held Saturday night with the
presence of hundreds of supporters from all over the island. During a pre-
sentation led by Betsy Franceschini, regional director for Voto Latino Ber-
nie 2016, a video on Sanders’ campaign principles was played. “As a Bori-
cua, I am proud to return to the island for this campaign. We have been im-
migrants and have learned to fight to protect our rights. For Puerto Rico, San-
ders represents the struggle for a just economy, with the creation of jobs, rai-
sing the minimum wage, health care excellence and educational opportunities
for all,” Franceschini said. She said Sanders “has financed his campaign with
funds from ordinary people, not special interests. The average donation is $27
per donor. That shows who is Bernie...”

PR AGRICULTURE SECTOR A BRIGHT SPOT

From News Is My Business:

"Mired in recession and awaiting a fix for its huge debt crisis, Puerto Rico has
one bright spot in the local economy: Agriculture. With help from the govern-
ment, this sector is contributing new jobs, income, and agricultural products
that are boosting the island’s tenuous food security. Gross agricultural income
rose 24 percent from $739 million in Fiscal Year 2012 to $919 million in Fiscal
2014, the highest income ever reported, according to Secretary of Agriculture
Myrna Comas Pagan. In 2015, “we reached 8,000 new jobs in agriculture. That
sets a precedent,” she said..."

Puerto Rico News Digest For August 31, 2015

RESERVOIR LEVELS GO UP AGAIN

Rains produced by Tropical Storm Erika and a low pressure  system that
passed over the island yesterday have helped  boost water levels at the
Carraízo and La Plata reservoirs. La Plata, the reservoir most affected by
the drought, was  up seven centimeters this morning. Carraízo increased
by 4 centimeters, with a total gain over the last several days of 2.67 me-
ters. Due to the increase, the water rationing plan for users served by Ca-
rraízo has been changed to two days without service and one day with wa-
ter from the recent three-days-off/one-day-on plan. The rationing plan for
users served by La Plata remains unchanged.

ERIKA LEAVES $20M IN AGRICULTURE LOSSES

From Caribbean Business:

After estimating preliminary losses at about $6 million in damaged agricul-
tural crops after Tropical Storm Erika’s passage through the island, these
estimates have soared to as much as $20 million, according to Puerto Rico
Agriculture Secretary Myrna Comas. Among the most damaged crops, par-
ticularly due to Erika’s winds, are plantains and bananas, while losses have
also been reported in coffee and orange plantations. Affected municipalities
include Yabucoa, Maunabo, Salinas, Adjuntas, Lares, Maricao and other
towns in the island’s mountainous region. Erika also ruined hydroponic
greenhouses and other shade-house projects.

CUOMO TO LEAD PR ECONOMIC DELEGATION

From NY Daily News:

In the midst of the economic crisis in Puerto Rico, Gov. Cuomo is set to ann-
ounce he’ll soon be leading a delegation to the troubled island,  sources tell the
Daily News. The “solidarity” trip is expected to take place in early September
and involve a group of “financial experts” and elected leaders, including City
Council Speaker and Puerto Rico native Melissa Mark-Viverito, said one sour-
ce familiar with the developing plans. “New York is home to more Puerto Ri-
cans than any other state in the country, and the governor believes we have a
responsibility to support our  friends in times of need,” the source said.

PUERTO RICO DELAYS FISCAL PLAN

From Reuters:

Puerto Rico News Digest For February 19, 2015

THREE DEAD IN COROZAL SHOOTINGS

According to El Nuevo Dia, three individuals died last night as

a result of two separate shootings in the central rural town of 

Corozal. The town's mayor, Sergio Torres Torres, states that he

believed the shootings were related to a "quarrel among groups",

but no clear motive has emerged yet. Juan Eddie Rosado Burgos, 

age 28, was shot in front of a business in the Maria del Carmen

neighborhood at 9:11 PM, while a 24 year old man was wounded in

the same incident. Two hours later, another shooting broke out

in front of another business in the Enrique Landrón housing 

project. Jonathan Avilés Adorno, age 25, and Nuvia Vázquez 

Estrada, age 30, died as a result of that shooting, while two

others were injured. Police are investigating.

PR-CUBA FLIGHTS TO BEGIN THIS SUMMER

From Caribbean Business:

Puerto Rico Secretary of State David Bernier said a company involved 

in tourism is preparing to offer some 12 non-stop charter flights from the 

island to Cuba this summer. Bernier said Turismo Tony Pérez will provide 

charter flights to those who fit into the 12 categories established by the 

U.S., which include trips dedicated to culture, education and religion among 

others.

TOURIST DIES WHILE SURFING IN PR

From The Seattle Times:

A 28-year-old tourist from Washington state died while surfing 

along Puerto Rico’s west coast, the U.S. Coast Guard said Wednesday.

Travis Forney lived in North Bend and had flown to Puerto Rico on 

Feb. 15, according to his Facebook page. He worked as a construction 

manager for Huber Architects in Seattle, the company’s president, 

Kevin Huber, told The Associated Press.

HOUSE SPEAKER DEFENDS TAX REFORM

From The San Juan Daily Star:

House Speaker Jaime Perelló hit the airwaves Tuesday to defend the 

proposed Tax Reform and the implementation of a 16 percent value-

added tax (IVA by its Spanish acronym) “because the new tax system 

will bring much needed fi nancial relief to island’s salaried middle 

class.” In a radio interview, Perelló said that citizens’ various 

concerns, specifi cally private schools not being exempt from paying 

the IVA, will be considered during public hearings. Another concern 

is having to pay the IVA for a medical appointment, a cost that is

usually paid by health insurance providers, sometimes in total, while 

other times patients pay a low deductible.

FEDS ANNOUNCE GREEN ENERGY FUNDING

From News Is My Business:

U.S. Agriculture Secretary Tom Vilsack announced Tuesday that rural 

agricultural producers and small business owners across the mainland 

and Puerto Rico can now apply for resources to purchase and install 

renewable energy systems or make energy efficiency improvements.

These efforts help farmers, ranchers and other small business owners 

save money on their energy bills, reduce the country’s dependence on 

foreign oil, support the clean energy economy, and cut carbon 

pollution. The 2014 Farm Bill makes the resources possible.

Puerto Rico News Digest For February 10, 2015

FARMERS WORRIED OVER IVA TAX

From The San Juan Daily Star:

Puerto Rico Farmers Association President Héctor Cordero lashed
out against the proposed valued-added tax (IVA by its Spanish
acronym) late last week, saying it poses a threat to the local
agronomy sector if it is approved without exempting agricultural
products. Cordero said the way the IVA is being proposed for
implementation, without exempting farm products, “would be a
mortal blow to the island’s farming sector.”

“The government is promoting a sustainable agriculture platform,
but imposing taxes on agricultural products would increase costs,
making it more diffi cult to farm,” Cordero said, adding that 89
percent of the food consumed in Puerto Rico is imported. Currently
and during the past 20 years, the farming sector has been exempted
from paying taxes on agricultural purchases, as disposed by Law 225
of 1995.

JUDGE THREATENS RESTRUCTURING PLAN

From The New York Times:

Critical elements of Puerto Rico’s plan to avert financial disaster
are in jeopardy, after a federal judge struck down a law that
allowed the government to restructure certain debts. The law, known
as the Recovery Act, was meant to give Puerto Rico’s public corpo-
rations protections similar to bankruptcy. Unlike American cities
like Detroit, which used federal bankruptcy law to  sort out its
finances, Puerto Rico, a United States commonwealth, is not
permitted to declare bankruptcy.

In his decision on Friday night, Judge Francisco A. Besosa of the
United States District Court in San Juan, Puerto Rico, said the
Recovery Act overstepped federal law, and he enjoined common-
wealth officials from enforcing it. The government said on Monday
that it planned to appeal the judge’s ruling.

RADIO SHACK CLOSING 44 STORES IN PR

From Voxxi:

A week after Puerto Rico is declared bankrupt by its biggest daily 

newspaper, electronics giant Radio Shack announced it will be closing 

44 stores across the island. Calls to Radio Shack’s Puerto Rico 

central office about how many jobs will be lost were unanswered and 

store employees are not authorized to comment.

Five Radio Shack locations will remain open on the island, according 

to “El Nuevo Dia.”  This is all part of a deal made last week with 

investment firm Standard General.  The firm is buying out between 

1,500 and 2,400 of Radio Shack’s 4,000 doors.  Up to 1,750 of those 

stores will house a Sprint Wireless shop in-house, a deal also announced 

last week.

PR TECH SECTOR RANKS POORLY

From News Is My Business:

Puerto Rico’s technology sector offers the lowest average pays nation-

wide and is lagging when it comes to job opportunities, according to 

this year’s Computing Technology Industry Association’s “Cyberstates: 

State-by-State analysis of the U.S. Tech Industry” report, to be made 

public later today.

The 16th annual edition of the study, which examines the size and 

scope of the tech industry in terms of jobs, wages, and other factors 

across the 50 states, the District of Columbia and Puerto Rico, shows 

that the island placed 52nd regarding wages and 40th in terms of 

employment.