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Showing posts with label fiscal control board. Show all posts
Showing posts with label fiscal control board. Show all posts

Monday, December 10, 2018

Puerto Rico News Digest For December 10, 2018

ARREST WARRANT SOUGHT FOR PEDOPHILE TEACHER


The federal probations office has asked the Department of Justice to issue an arrest warrant for former teacher Yaira Cotto Flores, who earlier this year was found guilty of having sexual relations with a 14-year-old student in 2016. She began communicating online with the student in 2015, and early the following year took him to a motel, where they had intercourse.

Cotto Flores was due to turn herself in to the federal Bureau of Prisons today so that she could start serving her 10-year prison sentence in Alabama, which would be followed by 8 years of probation. The teacher has failed to turn herself in on more than one occasion, and according to her husband, she has been seeking mental health treatment.


ROSSELLO NOT SAYING HOW HE'S PAYING FOR BONUS

From El Nuevo Dia:

"Governor Ricardo Rosselló Nevares said that the Christmas bonus to public employees will not threaten the government payroll spend during the last months of the fiscal year. However, the  governor offered little or no information regarding the "savings" that his administration reached to offset this $ 85.3 million disbursement..."

NO PROBABLE CAUSE AGAINST WANDA VAZQUEZ

From The San Juan Daily Star:

"In an unprecedented process, First Instance Court Judge Yazdel Ramos late Friday dismissed all three charges presented by the Independent Special Prosecutor Panel (PFEI, its Spanish acronym) against Secretary of Justice Wanda Vázquez, indicating the evidence presented did not show probable cause for arrest..."


PR HOUSE TO REQUEST JONES ACT EXEMPTION

From Caribbean Business:

"Puerto Rico Rep. José Aponte Hernández will ask the new U.S. Congress to study a request made this weekend by the National Hispanic Caucus of State Legislators (NHCSL), that Puerto Rico, Hawaii and Alaska be permanently exempted from the cabotage law known as the Jones Act..."


Thursday, June 28, 2018

Puerto Rico News Digest for June 28, 2018


PUERTO RICAN SOCIALIST HEADED TO CONGRESS?



Alexandria Ocasio-Cortez's Tuesday night victory over congressman Joe Crowley in the Democratic Party primary election for New York's 14th House District puts the young victor of Puerto Rican descent within striking distance of becoming the youngest woman ever elected to the U.S. House of Representatives. Ocasio-Cortez, who was outspent by Crowley during the campaign by a ratio of 10 to 1, has espoused democratic socialist ideas and was able to garner strong grassroots support in the 14th district, which includes parts of The Bronx and Queens. As her congressional district is solidly Democratic, Ocasio-Cortez is the favorite to win the seat in November's general election.



MAN SHOT TO DEATH FOUND IN OROCOVIS


As reported by El Vocero, a murder was reported shortly before 10 PM last night on road PR-156, in the Las Marianas sector of the mountain town of Orocovis. A 911 call alerted police to the shooting, and upon arriving, they found the body of 35 year old Edwin López Rosario, who was a local resident. The victim had been shot several times in different parts of his body.


NUMBER OF GOVERNMENT WORKERS DROPS BY OVER 12K

From El Nuevo Dia:

"In one year, the number of public servants in Puerto Rico was reduced by 12,033 workers, according to the most recent Registry of Occupied Positions prepared by the Office of the Comptroller. This figure  represents a 6 percent decrease in the government's workforce..."


LAW 80 FIGHT CONTINUES BETWEEN GOVERNOR, LEGISLATURE

From Caribbean Business:

"Gov. Ricardo Rosselló said Thursday that dialogue over the repeal of Act 80 of 1976–on compensation for dismissals without just cause–remains open. “I want to reach a resolution that benefits the people of Puerto Rico. And I will use all the mechanisms that are available: Call for an extraordinary session,  dialogue or whatever to be able to find a solution that can comply with the agreement [with the island’s fiscal oversight board]. I hope all colleagues are willing to have that conversation,” the governor told the media..."


TRANSPORTATION DEPT TO OFFER SERVICES THROUGH APP

From News Is My Business:

"The Puerto Rico Department of Transportation has launched the CESCO Digital Mobile application to enable users to conduct transactions that until Monday could only be done in person at Driver Services Centers (CESCO,) the Treasury Department or via complicated websites. The tool was developed by students from the University of Puerto Rico in Bayamón, Gov. Ricardo Rosselló confirmed upon unveiling the new mobile technology..."



Tuesday, August 8, 2017

Puerto Rico News Digest For August 8, 2017


FAMILY KILLED IN DORADO NIGHTMARE

Fall victim to shooting between crooks; Feds may take over

















A young married couple, Zuleika Rivera Negrón, age 27 and her partner Angel Pérez Polanco, age 30 were killed along with three of their children last Friday in the town Dorado as the result of a shooting on the same road, with only the couple's 12-year-old daughter surviving. Jaime Joel Ferrer Rivera, a 38-year-old man with an extensive criminal record, was shot at by unidentified assailants as he drove his Land Rover, causing him to lose control of his vehicle, which then crashed into the family's 1992 Toyota Tercel. The family's vehicle then violently smashed against a tree, killing the five victims. Ferrer Rivera died at the scene due to the shooting, after which the perpetrators escaped. Due to Ferrer Rivera being a federal convict, having been sentenced to 30 months in prison in 2004 for stealing shipments of air conditioners, US Attorney for the District of Puerto Rico Rosa Emilia Rodríguez stated that her office may take over the investigation.


PUERTO RICO SUED OVER CONTOL BOARD'S POWERS


From Caribbean Business:

"Puerto Rico was hit with two lawsuits Monday that for the first time challenge the constitutionality of a federal control board overseeing the island’s finances and its power to start a bankruptcy-like court process for some of  the U.S. territory’s more than $70 billion public debt..."


FEMA OK'S FUNDS FOR SALINAS AQUIFER PROJECT


From News Is My Business:

"The Federal Emergency Management Agency has approved a $2.8 million hazard mitigation project for the island’s  southern coastal area, which considers its adaptive capacity, and uses surface and ground water to reduce the need for future water rationing in the town of Salinas..."


PPD PROPOSES UNITED FRONT TO FIGHT FURLOUGHS


From The San Juan Daily Star:

"Popular Democratic Party (PDP) President Héctor Ferrer announced on Friday that he is willing to join efforts and accompany Gov. Ricardo Rosselló Nevares to the courts if he decides to sue the federal Financial Oversight and Management Board if the reduction of public workers is implemented..."


JOINT VENTURE TO MANUFACTURE POT PRODUCTS IN PR


From Area Development:

"Tropizen, a grower and manufacturer of medical marijuana in Puerto Rico, will partner with WonderLeaf, a Colorado company that makes raw cannabis concentrates and oils, to establish a cannabis manufacturing plant  in Puerto Rico..."

Monday, July 17, 2017

Puerto Rico News Digest For July 17, 2017


WEEKEND BLOODBATH

12 DEAD BETWEEN FRIDAY AND SUNDAY ACROSS PUERTO RICO
















Twelve people across Puerto Rico died in suspected homicides between Friday morning and Sunday morning, according to police. Three separate murders were registered in Río Piedras, Humacao and the Hato Rey area of San Juan on Friday. The Humacao victim has been identified as 27-year-old Luis O. Fontanez  López. On Saturday, one murder each took place in Toa Alta and in the Puerto Nuevo section of San Juan. In the Toa Alta case, three masked men in a white car gunned down Ángel Joel Vázquez Hernández age 34, killing him. The victim's 13-year-old daughter was also injured in the brazen attack. Later that day, a decomposing body was found in a field in Caguas, near Road 175.

On Sunday, two young men were executed just past midnight near the Liborio Ortiz housing project in Aibonito, while another man was shot to death less than two hours later at a basketball court in the Piñones sector of  the town of Loíza. The victim was identified as César Orlando González Correa, age 32. He had just left a niece's birthday party at the court; several individuals followed him out to the facility's parking lot and shot him with various firearms, including an assault rifle, over 70 times. Another murder took place at 3:28 that same morning in Ponce, where the bullet-riddled body of  Walter Sánchez de Jesús was found inside a car.

Daylight provided no respite from the parade of horrors, as a woman's body was found in a field close to 10:00 AM on the grounds of Maria Auxiliadora Church in Santurce's gritty Cantera neighborhood. The victim's body showed signs of head trauma, and a bloodied cinderblock was found nearby. Scarcely half an hour after this gruesome discovery, a bullet-riddled body was found inside a white Acura SUV in the Jardines de Country Club neighborhood of Carolina. The victim was identified as Eduardo Luis Mercedes Carrión, a 27-year-old man from San Juan. The murder tally for the year now totals 361, one more than at this time last year.


ECONOMIC CRISIS HITS MAYAGÜEZ ZOO



"The economic crisis afflicting Puerto Rico for the last decade has also taken a toll on the island’s only zoo, with critics saying it is sorely understaffed and struggling to care for its animals on a limited budget..."


EPA PROPOSES CLEANUP FOR UTUADO SUPERFUND SITE



"The U.S. Environmental Protection is proposing a cleanup plan to address sources of chemical contamination at the Papelera Puertorriqueña Inc. Superfund site, a paper and plastic goods manufacturer in Utuado, the agency confirmed..."


BOARD APPROVES LIQUIDATION OF GDB


From Reuters:

"Puerto Rico's financial oversight board late on Friday approved a plan to wind down the island's Government Development Bank (GDB), bringing the defunct fiscal agent a step closer to settling more than $5 billion in debt..."


Thursday, June 29, 2017

Puerto Rico News Digest For June 29, 2017


DRUG DEALER KILLED IN BROAD DAYLIGHT















Police have identified a man gunned down yesterday morning in a Loíza alley as 39-year-old Jose R "Tatín" Quiñones Ayala, who was allegedly responsible for drug distribution in the local area. Ayala was walking down Melilla alley near 10:40 AM when two males approached him in a small gray car, stepped out of the vehicle and opened fire, leaving him for dead.


FIRST PR BANKRUPTCY MEDIATION DATE SET

From Caribbean Business:

"During the first half of Wednesday’s omnibus hearing over Puerto Rico’s bankruptcy cases, a July 12 date was announced for the first mediation session between creditors and the commonwealth..."


NORMANDIE HOTEL NEEDS $20 MILLION IN REPAIRS

From News Is My Business:

"The iconic Normandie Hotel, located at the entrance of the San Juan islet, needs an investment of some  $20 million to be brought back to its former glory, Tourism Co. Executive Director José Izquierdo said during confirmation hearings on Tuesday..."


LEGAL AID FOR LOW INCOME CITIZENS TO BECOME LAW

From The San Juan Daily Star:

"House Speaker Carlos “Johnny” Méndez Núñez recently has filed legislation to provide greater access to legal services for low income citizens, particularly in civil cases, by developing the Fund for Access to Justice and thereby creating greater access to financial resources..."



GOVERNOR: TRUMP WOULDN'T BLOCK STATEHOOD

From The Washington Examiner:

"Puerto Rican Gov. Ricardo Rossello says he disagrees with Rep. Luis Gutierrez, D-Ill., who said President Trump would block the U.S. territory from becoming a state because of its Latino population..."

Tuesday, October 4, 2016

Puerto Rico News Digest For October 4, 2016


WEATHER SYSTEM COULD BECOME STORM




F
















From The National Hurricane Center:

"Showers and thunderstorms continue in association with a low pressure area 
located about 500 miles northeast of Puerto Rico. Satellite wind data indicate 
that the low is producing winds to gale force, and the system could become su-
fficiently well organized to result in the formation of a tropical storm later today.  
The low is expected to move generally northwestward at 10 to 15 mph over the 
next few days, and upper-level winds are forecast to become less conducive for 
development. Formation chance through 48 hours...high...80 percent. Formation 
chance through 5 days...high...80 percent..."


BOARD SETS DEADLINE FOR TURNAROUND PLAN


From The San Juan Daily Star:

"Puerto Rico’s newly created federal oversight board on Friday set an Oct.14
deadline for the island’s governor to draft a fiscal turnaround plan, as protesters
at its first public meeting compared the board to “slavery” and said it was “pilla-
ging Puerto Rico.” The board asked Gov. Alejandro García Padilla to present a
plan laying out his vision for stabilizing Puerto Rico, which is grappling with $70
billion in debt, a 45 percent poverty rate and a decade-long recession..."


DONAHUE TO TESTIFY ABOUT BLACKOUT


From Caribbean Business:

"The Senate Committee on Energy and Water Resources has summoned the ch-
ief restructuring officer of the Puerto Rico Electric Power Authority (Prepa), Li-
sa Donahue, to appear Tuesday as part of the hearings that began last week to in-
vestigate the possible reasons that led to the collapse the electrical system on Sep-
tember 21 and the delay in the restoration of electrical service. The president of the
committee, Popular Democratic Party Sen. Ramón Luis Nieves, said that Donahue
should give details before the Senate panel about the work done by her firm, Alix
Partners, since it was hired by Prepa in September 2014 to restructure the utility’s
debt and transform the operations of the public corporation..."



CUSTOMS SEIZES $1.5M IN COUNTERFEIT GOODS


From News Is My Business:


"U.S. Customs and Border Protection San Juan Field Operations announced today
that 206 seizures where made of counterfeit products, valued at $1.5 million, wh-
ich were illegally imported into Puerto Rico via international mail. A wide range
of counterfeited products was seized during the enforcement effort, called “Oper-
ation Silver Snake 2,” to include: consumer products, apparel, footwear, textiles,
pharmaceuticals, and more, the agency said. Various international mail packages
inspected by CBP officers at the San Juan International Mail Branch revealed pro-
ducts that infringedintellectual property rights. The majority of the seized products
originated in China, the agency said..."


Thursday, August 11, 2016

Puerto Rico News Digest For August 11, 2016


GOV'T TO HAVE FISCAL PLAN READY FOR BOARD




















From News Is My Business:

"Puerto Rico Gov. Alejandro García-Padilla confirmed Tuesday that his admi-
nistration will have a new fiscal plan ready shortly after the federal fiscal over-
sight board is “appointed and operational.” The seven-member board, which is
a component of the Puerto Rico Oversight, Management and Economic Stabil-
ity Act (PROMESA), should be appointed by Sept. 15, when the García-Padilla
administration expects to “hit the ground running in complying with PROME-
SA’s requirements,” he said speaking to reporters and experts who took part in
a special one-day seminar entitled “What’s next for Puerto Rico?” hosted by the
Ravitch Fiscal Reporting Program at the CUNY Graduate School of Journalism
in Manhattan..."


MAN MURDERED IN CANOVANAS


Police are investigating the murder of a man whose bullet-riddled body was
found Wednesday morning in the San Isidro district of  Canóvanas. Police fo-
und the deceased man on Calle #1 at around 5:09 AM yesterday. He has been
described as dark-skinned and approximately 30 to 35 years of age. At the time
of this writing, he was yet to be identified.


NPP BLASTS BERNIER OVER PERFORMANCE


From The San Juan Daily Star:

"For the second consecutive day, the leadership of the New Progressive Party
(NPP) has fi red its canons against the Popular Democratic Party (PDP) candi-
date David Bernier considering him unqualified “for his lack of capacity as se-
cond in command.” “The poor performance and the lack of ability to achieve
results characterize the record of David Bernier in his governmental work and
it is the best example of the negligence with which Puerto Rico has been gov-
erned,” said Miguel Romero, NPP Senate candidate for the district of San Juan..."


COLISEUM OF PR ANNOUNCES RECORD YEAR


From Caribbean Business:

"SMG, manager of the Coliseo of Puerto Rico Jose Miguel Agrelot, announ-
ced fiscal 2015-2016 as one of the most successful years in the 12 years of its
existence. In the fiscal year ending June 30, 2016, Coliseo de Puerto Rico hos-
ted 103 events, which accounted for a total attendance of more than 700,000
guests and more than $35 million in gross ticket sales. The Coliseo de Puerto
Rico is ranked #13th in the world in Pollstar’s mid-year 2016 rankings of Top
100 arenas worldwide..."


Friday, May 27, 2016

Puerto Rico News Digest For May 27, 2016



PROMESA ADVANCES TO HOUSE FLOOR



















From News Is My Business:

"The PROMESA Act (H.R. 5278), the bill aimed to address Puerto Rico’s
debt crisis, passed in the U.S. House Natural Resources Committee Wednes-
day with bipartisan support from lawmakers. The final vote tally was 29 in fa-
vor and 10 opposed. Of the 24 Republicans on the Committee that voted, 14 --
or nearly 60 percent — voted “yes.” Of the 16 Democrats on the Committee that
voted, 15 voted “yes” and one voted “present.”..The measure was approved with
amendments that Pierluisi said will “strengthen the bill or are technical  in nature...”


PREPA RATE INCREASE SPARKS OUTRAGE


From The San Juan Daily Star:

"Puerto Rico’s heavily indebted electric company announced Tuesday that it is
seeking a more than 20 percent increase in the island’s already high power bills,
sparking outrage among many who note the agency faces numerous corruption
allegations. The Puerto Rico Electric Power Authority (PREPA) said the increa-
se would allow it to keep operating and help boost its dwindling liquidity. Offic-
ials said the additional revenue also would let the company restructure its $9 bill-
ion debt load, reduce its dependence on petroleum and renovate obsolete infras-
tructure..."


SENATE OVERRIDES GOVERNOR'S TAX VETOES


From Caribbean Business:

"The Senate on Thursday agreed to override Gov. Alejandro Garcia Padilla’s
veto on the bill that would repeal the hike to the business-to-business (B2B)
tax and the value-added tax (VAT) or IVA in Spanish. The B2B was slated to
go into effect next week. The lawmakers’ decision was made in part because
of a request made by Popular Democratic Party gubernatorial candidate David
Bernier..."


US SWIMMING DUMPS PR OVER ZIKA


From Tribu Magazine:

"Frank Busch, the U.S. national team director, sent out a letter Thursday to all
national team athletes and coaches telling them of the change. The camp will
now be held in Atlanta instead of Puerto Rico in late July. "As part of our prepa-
rations for the Olympic Games this summer, we have been closely monitoring the
current situation with the Zika virus", Busch wrote in his letter, which was obtai-
ned by The Associated Press...The U.S. team is still scheduled to hold a training
camp in San Antonio from July 11-21..."

___________________________________________________________________


The Puerto Rico Monitor will be on break for the Memorial Day holiday until 
Wednesday, June 1st. See you then and have a great weekend.




Tuesday, May 24, 2016

Puerto Rico News Digest For May 24, 2016


VOTE ON CONTROL BOARD TOMORROW



















From The San Juan Daily Star:

"The U.S. House of Representatives Natural Resources Committee confir-
med that it will hold a hearing Wednesday to vote on legislation that impo-
ses a fiscal control board on Puerto Rico. In an official statement issued late
last week by the committee chaired by Rep. Rob Bishop (R-Utah), the comm-
ittee established that it would begin the mark-up of the bill on Tuesday at 5
p.m. and the process would extend until Wednesday between 10 a.m. and
12:30 p.m., according to a report by CyberNews..."


'LOS LOBOS' GANGSTERS CAUGHT NEAR MEX BORDER


From Breitbart:

"Two members of a dangerous Puerto Rican gang that operates in a manner
similar to a drug cartel  have been arrested near the Texas border. Federal au-
thorities recently arrested Carlos E.  “El Negro” Carrion Nieves and Orlando
“Elvin” Martinez Nunez near this border city. The two men are named in a six-
count federal indictment out of Puerto Rico, accusing 17 members of the group
with multiple crimes in furtherance of the criminal organization. While federal
authorities do not refer to the Puerto Rican criminal organization as a cartel, a
close look at the indictment reveals that their method of operation is very simi-
lar to those used by drug cartels in Mexico..."


SAN JUAN MAYOR GETS 'F' ON FINANCES


From Caribbean Business:

"Puerto Rico Comptroller Yesmín Valdivieso blasted San Juan Mayor Car-
men Yulín Cruz on Monday, giving a grade of “F” to the mayor’s handling
of the capital city’s finances and refuting the mayor’s claims of having a sur-
plus in the municipal coffers. During an AM news radio interview in Notiuno
630, Valdivieso said that Cruz had earned a failing grade because “she is car-
rying a debt of [around] $888 million as of June 2014.” The comptroller added
that the mayor’s claims of a surplus were “not real because the so-called surplus
is the result of a loan...”


GOVERNOR PITCHES $9.1 BILLION BUDGET


From News Is My Business:

"Puerto Rico Gov. Alejandro García-Padilla on Monday unveiled a proposed
budget for Fiscal 2017 of $9.1 billion, down $700 million from the original
budget that was approved last year and $192 million less than the adjusted cu-
rrent budget. The proposed budget — which must be approved by the Legisla-
ture by June 30, the end of the current fiscal year — is based on an actual pro-
jection of revenues and includes a reduction in the government’s operating ex-
penses of nearly $3 billion, compared with the last spending budget filed by
the previous administration..."


Monday, April 18, 2016

Puerto Rico News Digest For April 18, 2016


COPS SUSPENDED OVER WHEELCHAIR INCIDENT



















From The Daily Mail:

"Authorities in Puerto Rico have suspended two police officers after one was
caught on video throwing a man in a wheelchair to the ground while the other
looked on without intervening. Police say Victor Muniz Martinez and Juan Ri-
vera Zayas were notified Saturday of their immediate suspension with intention
to expel them from the force. Police Superintendent Jose Caldero says the offi-
cers could also face criminal charges once the internal investigation has conclu-
ded..."


CAROLINA MAYOR BACKS FISCAL BOARD


From Caribbean Business:

"Carolina Mayor José Carlos Aponte justified the implementation of a
federal fiscal control board on Puerto Rico amid what he called the ine-
fficiency of the commonwealth government in providing solutions to
the island’s problems or in channeling efforts toward economic growth.
“I think controls are needed; I believe the debt must always be paid,” the
mayor said as an aside during the the celebration of Children’s Day in Ca-
rolina. While agreeing with the establishment by the U.S. Congress of “a
regulating entity that intervenes in with the composition, approval and im-
plementation of the budget of Puerto Rico,” the municipality’s leader stre-
ssed that “the central government has failed to solve the island’s fiscal cri-
sis..."


CLARO FINED $155K FOR CRAMMING


From News Is My Business:

"The Puerto Rico Telecommunications Regulatory Board has issued a fine
against carrier Claro de Puerto Rico of more than $155,000 for apparent “cra-
mming” practices in its wireless and bundled Internet services. By definition
“cramming” is the practice of adding unauthorized charges to a customer’s
phone invoice, a practice that is prohibited by both the Federal Communica-
tions Commission’s “Truth-in-Billing” rules and the Puerto Rico Telecommu-
nications Act of 1996..."


PIERLUISI SAYS NO CONFLICT OF INTEREST


From The San Juan Daily Star:

"Resident Commissioner Pedro Pierluisi said a New York Times report about
the income earned by the company owned by his wife María Elena Carrión
since he arrived in Congress will not affect his candidacy for governor of Puer-
to Rico. He said the Times report, which appeared in the April 13 edition of the
STAR, will not affect him in the least because it does not contain complaints a-
gainst him and experts in congressional ethics have found no violation. Pierluisi
denied any conflict of interest between his work and that of his wife, who dedi-
cates herself to advising on financial matters..."


Tuesday, April 5, 2016

GDB Rejects Shutdown & Privatization Rumors
















Press Release

Government Development Bank

April 1st, 2016


Today, Melba Acosta Febo, President of the Government Development Bank
for Puerto Rico ("GDB" or the “Bank”), issued the following statement in res-
ponse to several rumors recently reported in the media:

“The Government Development Bank became aware of rumors claiming that
a bill will be introduced today to shut down the Bank. This rumor is false – the
GDB will neither shut down nor be privatized.

This irresponsible rumor is damaging to the Bank as an institution, as well as
needlessly harmful to our employees and their families. Bank management has
met with employees and informed them that, due to the fragility of the Bank’s
liquidity, all available options are currently being reviewed. These options will
responsibly address the issues facing the Bank and will not involve the dismi-
ssal of public employees. As we have for weeks, GDB representatives continue
to engage with a considerable group of our creditors about the restructuring of
the GDB’s debt. As we have stated publicly, the Government is also considering
additional measures to address this situation, such as declaring a temporary mo-
ratorium on payments, and amending the GDB charter.

I, and representatives of the Puerto Rico Electric Power Authority (“PREPA”),
were recently in London attending meetings regarding the GDB’s and PREPA’s
soon-to-expire insurance policies. This was a long scheduled trip – though these
policies are active, we are in the process of negotiating their renewal. During the-
se meetings, I provided an overview on the Commonwealth’s finances, covering
the Krueger report, the Fiscal Adjustment Plan, the public offer made to bondhol-
ders and the status of the Commonwealth’s and PREPA’s debtrestructuring nego-
tiation processes.

As I have stated publicly on multiple occasions, including this week, it is impor-
tant that everyone in Puerto Rico understand that the GDB’s fiscal standing, as
well as the Commonwealth’s fiscal standing, is delicate due to the fiscal crisis we
are confronting. For this reason, the GDB’s Board of Directors and management
continue to urgently evaluate all available options to safeguard public finances.
We will continue to move forward on several initiatives simultaneously as no
final decisions have been made at this time.”



Monday, March 28, 2016

Puerto Rico News Digest For March 28, 2016


MAN MURDERED IN DORADO OVERNIGHT

















A murder was reported this morning at about 2:23 AM on Road PR-165 in
Dorado. Police found a bullet-riddled body inside a white 2001 Mitsubishi 
Mirage at kilometer 22.6. The man is yet to be identified, but is white with 
black hair and was wearing a black shirt and pants when he was killed. PR-
165 was shut down during an investigation, but was reopened to traffic by 
6:30 AM.


SEC CERTIFIES ALEXANDRA LUGARO


From The San Juan Daily Star:

"Independent gubernatorial candidate Alexandra Lúgaro was officially certi-
fied by the State Election Commission (SEC), SEC Secretary Walter Vélez
announced Wednesday morning. “The Endorsements and Petitions Valida-
tions Unit has finished evaluating all of the requests and the candidates have
been duly certified,” Vélez said in an interview with Wapa Radio. Vélez said
Lúgaro picked up her certification Tuesday afternoon at SEC headquarters in
the Hato Rey sector of San Juan..."


NPP CANDIDATES DISAGREE ON FINANCIAL BOARD


From Caribbean Business:

"The president of the New Progressive Party (NPP), Pedro Pierluisi, welco-
med Gov. Alejandro García Padilla’s announcement that he will convene a
meeting with the island’s candidates for governor to unite in rejecting the Re-
publican-proposed financial oversight board...The other gubernatorial hope-
ful from the NPP, Ricardo Rosselló, said Sunday that “the commonwealth’s
financial crisis is not solved calling for a united front” and reiterated he does
not want to create the false premise that he agrees with the governor’s position..."


TONY FINAU WINS PUERTO RICO OPEN


From ESPN:

"Tony Finau won the Puerto Rico Open on Sunday for his first PGA Tour
title, beating Steve Marino with a birdie on the third hole of a playoff at
windy Coco Beach. The 26-year-old Finau won with his third straight bir-
die in the playoff on the par-5 18th, blasting out of the back bunker to 3
feet. "I think I'm still a little bit overwhelmed," Finau said. "It probably
hasn't all sunk in." Marino was just off the back edge of the green in two,
but left his putt from the fringe 4 1/2 short and missed his birdie try to the
right..."



Monday, March 21, 2016

Puerto Rico News Digest For March 21, 2016


BERNIER CALLS FOR DEBT MORATORIUM






















From Yahoo! News:

"The gubernatorial candidate for Puerto Rico's ruling Popular Democratic
Party is calling for a five-year debt payment moratorium, saying it's needed
to stabilize government operations and guarantee the delivery of essential
services. Former Secretary of State David Bernier made the call Friday weeks
after urging the administration to hasten the pace of debt restructuring talks
with creditors, which have been dragging on since Gov. Alejandro Garcia Pa-
dilla announced last June the U.S. Commonwealth's nearly $70 billion debt
is not payable..."


PR GOP CAUTIOUS ON PRESIDENTIAL RACE


From The San Juan Daily Star:

"Puerto Rico Republican Party Chairwoman Jenniffer González -- who
supported Florida Sen. Marco Rubio’s run for the GOP presidential
nomination -- said she will continue promoting the participation of
Republican voters in the remaining primary elections. Although she
didn’t say who she supports now that Rubio has withdrawn from the
race after losing the primary in his home state of Florida on Tuesday,
she said “...Since Marco Rubio has withdrawn from the presidential
campaign, we have to be attentive to all the developments of the primary
race,” González said in a written a statement. “On our part, we will
continue supporting participation in the process up to the Republican
Convention...”


SOVEREIGN UNION REJECTS FISCAL BOARD



"Sovereign Union Movement (MUS by its Spanish acronym) President 
María de Lourdes Guzmán urged Puerto Rico’s political sectors to 
unite to “defend our dignity as a people” and adamantly reject the 
imposition of a fiscal control board by the U.S. Congress. She also 
asked the island’s political leadership to carry out concerted actions
to request that the U.S. government “put forth a serious process of 
decolonization, to seek a solution to the centenarian issue that is 
Puerto Rico’s status, which keeps our people divided and hinders the 
design of a national plan that would lead to social justice, to our 
economic development and the well-being of all Puerto Ricans..."


GOV'T TO BE SOLE MEDICAL POT PROVIDER


From News Is My Business:

"Now that medical marijuana is legal in Puerto Rico, don’t count on local
farmers joining the green rush. At least not yet. Instead, growing high-
grade medical cannabis will initially be in hands of the government and
“maybe in the future, we can enter the market,” the man in charge of the
Puerto Rico Farm Bureau told News is my Business. “Right now, there are no
opportunities for farmers,” said Héctor Iván Cordero, who leads the group
founded in 1924..."




Wednesday, December 9, 2015

Fiscal Control Board Signed Into Law

















From Caribbean Business:


On Tuesday, Dec. 8, Gov. Alejandro García Padilla signed into law
the commonwealth’s self-imposed fiscal oversight board, a key part
of his administration’s five-year fiscal & economic recovery plan, La
Fortaleza announced.

In all, the governor signed five bills that resulted from the long-
term plan moments before he left the island for Washington, D.C.,
where he will lead the commonwealth’s last-minute efforts to secure
any type of action from Congress that can aid the island in getting
out of its fiscal and economic mess...[CONTINUE READING]