Puerto Rico utility debt restructuring will benefit bondholders, hurt ratepayers

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first_imgPuerto Rico utility debt restructuring will benefit bondholders, hurt ratepayers FacebookTwitterLinkedInEmailPrint分享NBC News:Puerto Rico residents, who already pay almost twice as much for electricity as U.S. customers, are facing a 13 percent spike under an agreement government officials made to repay bondholders who own the debt of the island’s bankrupt power authority.The average residential household in Puerto Rico would start seeing an increase of approximately $11 per month by the summer of 2020, increasing costs to more than $130 a year, according to an analysis from the Institute for Energy Economics and Financial Analysis (IEEFA), a nonprofit that conducts research and analyses on financial and economic issues related to energy and the environment.“This deal doesn’t acknowledge the fundamental reality that the Puerto Rico economy is declining,” Cathy Kunkel, an energy analyst at IEEFA, told NBC News. “I don’t understand how they expect people to pay for this.”These increased costs come as Puerto Rico continues to struggle to recover from the wallop Hurricane Maria delivered in 2017, resulting in the total collapse of the island’s power grid and the world’s second-longest blackout.Rates are expected to gradually increase this year until fiscal year 2043 if the island’s legislature and bankruptcy courts approve the deal by the end of June. In almost 25 years, Puerto Ricans would be paying almost $20 more a month than they pay now — up to about $220 more a year per household until bondholders are paid off.IEEFA analysts estimate that, under the new deal, Puerto Ricans will pay more than $23 billion over the next 48 years, plus an additional $100 million to $200 million to cover the deal’s administrative expenses. “This is a great deal for the consultants and the financial and legal counselors involved, not for Puerto Ricans,” Kunkel said.More: Puerto Ricans already pay high energy prices. They could go higher.last_img read more


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first_imgToday’s trailer is for a feature film called Deep Powder, set in the early 80’s. The trailer starts off with the age old tale of well-off, good looking girl falling for the boy from the wrong side of the tracks, or in this case the wrong side of the ski lift. Obviously, this story has been played to death and we can see the ending coming a mile away. But then the trailer takes a sharp right turn into the land of double entendre at the :45 mark, when cocaine comes onto the scene. Like I said, set in the early 80’s.It seems our two heroes head for the greener pastures of financial independence via a backpacking/ski trip down to South America to bring back drugs. The trailer’s information section reveals a little more of the backstory:“Privileged and reckless boarding school senior Natasha Tabor (Haley Bennett) is tapped by her secret society to make its annual drug run to Ecuador. She in turn chooses a working-class local boy (Shiloh Fernandez) as her partner in crime, launching a journey with devastating outcomes for everyone involved. Inspired by true events from the early ’80s, Deep Powder is an intense and sexy drama that speaks to the character that is revealed when you find yourself trapped.”From there it’s jump cuts between danger and ecstasy with some drug dogs, scooter shots, DEA agents, and machetes thrown in for good measure. Will they get away with it? Will they stay together? Will they shred deep powder? Will the secret society be revealed?Guess we’ll have to see the movie to find out, but since it’s based on true events you can probably just Google it.last_img read more


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first_imgTopics : The companies said they expect to be ready to seek some form of regulatory approval as early as October, if the ongoing studies are successful.Pfizer and BioNTech currently expect to manufacture up to 100 million doses globally by the end of 2020, and potentially more than 1.3 billion doses by the end of 2021, subject to final dose selection from their clinical trial.Pfizer’s shares rose 4%, while BioNTech’s US-listed shares were up about 6% before the bell. More than 150 coronavirus vaccines using a variety of technologies are in development globally, with some two dozen already in human trials. Governments have signed deals with drugmakers to secure the supply of various vaccine candidates.The aim is to produce vaccines that can end the pandemic by protecting billions of people from infection or severe illness.Pfizer and BioNTech’s vaccine candidate is among those that are set to be tested in a large trial. The vaccine has shown promise in early-stage small studies in humans.Pfizer will deliver the doses if the product receives Emergency Use Authorization or licensure from the US Food and Drug Administration, after completing demonstration of safety and efficacy in a large Phase 3 clinical trial.center_img Pfizer Inc and German biotech firm BioNTech SE will get $1.95 billion from the US government to produce and deliver 100 million doses of their COVID-19 vaccine candidate, the companies said on Wednesday.The agreement allows the US government to acquire an additional 500 million doses, the Department of Health and Human Services and the Department of Defense said.The Trump administration has agreed to spend billions of dollars for the development and procurement of a potential vaccine. The administration launched ‘Operation Warp Speed’ — a joint HHS and Department of Defense program — to accelerate the development of coronavirus vaccines, treatments and diagnostics.last_img read more


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first_img Facebook Twitter Google+ Published on January 9, 2017 at 9:42 pm After winning two straight Atlantic Coast Conference games at home, Syracuse (10-6, 2-1 ACC) heads back on the road to take on Virginia Tech (12-3, 1-2). The Orange lost its only previous road game in conference play, an 96-81 beatdown against Boston College. Virginia Tech is coming off a 93-78 loss at Florida State on Saturday.Here’s what our beat writers think will happen on Tuesday night.Connor Grossman (8-8)Buzz cutVirginia Tech 72, Syracuse 70After barely edging North Florida on Dec. 3, Jim Boeheim said he’d play only five guys if that’s what he had to do. It took him about a month to reach that point, but it’s here. SU is essentially down to a rotation of six. It’s worked thus far, but I’m not willing to believe (yet) that Syracuse has suddenly deviated from the dysfunction that plagued it throughout the nonconference slate. Virginia Tech is truly a team with depth — five players averaging 10 or more points, six players averaging 20-plus minutes — and the Hokies are going to engage SU in a close match on Tuesday. It’s going to leave the Orange still seeking that elusive road win.Matt Schneidman (9-7)Buzz killSyracuse 71, Virginia Tech 60AdvertisementThis is placeholder textThe Hokies are desperate for a conference win after losing two straight following a double-digit win against Duke while Grayson Allen served his one-game suspension. But this Syracuse team is clicking on both ends of the court, and the Orange is finding other avenues of offense aside from Andrew White and Tyler Lydon. That spells doom for Virginia Tech, a team that has allowed an average of 98.5 points per game in the last two contests. And oh, Boeheim has his team playing some pretty decent defense these days, too.Paul Schwedelson (10-6)To infinity and beyondSyracuse 76, Virginia Tech 72Syracuse is playing its best basketball of the season and the team most people envisioned at the start of the season (albeit with a much smaller rotation) is beginning to emerge. The Orange needs to steal a road win before traveling to take on North Carolina and Notre Dame next week. A win in Blacksburg is much more likely that against those other two teams. Buzz Williams’ Hokies are reeling after two losses by a combined 41 points. It’s a perfect storm for SU and the Orange must blast off while it has the chance.center_img Commentslast_img read more