11 minute read
opinion: suppoRting pRepa’s RestRuctuRing is the Right thing to do
Justin Peterson,
Financial Oversight and Management Board Member
Lawmakers: Enabling PREPA’s RSA is the Right Choice
Puerto Rico is poised to exit bankruptcy this year. This is an excellent development, and something that I’m particularly proud of as a member of the Financial Oversight and Management Board for Puerto Rico (FOMB). The Plan of Adjustment significantly reduces the amount of debt owed by Puerto Rico, protects pensions and prevents overborrowing by future governments. Ending bankruptcy will also supercharge the flow of outside investment into the island. This investment will bring jobs, raise income levels and expand the tax base, providing more funds for investment into teachers, police, and Puerto Rico’s future.
This is all good news, but there is still more work to be done. The biggest task the FOMB and the elected leaders of Puerto Rico now face is the Puerto Rico Electric Power Authority (PREPA). PREPA remains in bankruptcy, and, along with the Highways and Transportation Authority (HTA), represents the last major restructuring needing to be undertaken by the FOMB. PREPA’s bankruptcy and its record of abject failure was brought about by years of mismanagement and neglect. Puerto Rico’s citizens deserve more reliable, more affordable and cleaner energy. Unfortunately, PREPA hasn’t provided this. The utility has systematically ignored the maintenance of its asset base and has been more focused on responding to crises than preventing them.
The Restructuring Support Agreement (RSA) was developed by the FOMB to provide a pathway out of bankruptcy for PREPA and to transform Puerto Rico’s power sector. The RSA provides for a 32% cut in the debt owed by PREPA, resulting in annual savings of $375 million for Puerto Rico’s ratepayers. Notably, one of the most important features of the RSA for consumers in Puerto Rico is that it will lock in the transition charge, the mechanism by which PREPA will pay the debt that it owes, so that any decline in demand for electricity will be borne entirely by the bondholders – not by ratepayers. Like the Commonwealth’s Plan of Adjustment, the RSA is a good deal for Puerto Rico, which still provides a mechanism for bondholders to be paid what they are legally owed. Despite the RSA’s many benefits, some of its critics have resorted to demagoguery by falsely labeling it a “sun tax.” As I publicly stated last fall at a public meeting of the FOMB, this is nothing more than propaganda that ultimately hurts Puerto Rico by hindering the restructuring and transformation of PREPA. In fact, ending bankruptcy at PREPA is a necessary component of this transformation that will bring more reliable, affordable, and clean energy.
Currently, Puerto Rico utilizes highly inefficient bunker fuel for much of its power generation. It’s hard to overstate the economic impact of this on Puerto Rico’s consumers in an era of rising fuel costs, let alone the impact to Puerto Rico’s environment by delaying a transition to cleaner forms of energy. Savings from power generation could reach $25 million annually in the near term, and $175 million annually in the medium to longer term. These savings will translate into lower energy bills for Puerto Rico’s consumers. But none of this will happen if the demagogues who are opposing the RSA get their way.
Right now, the Puerto Rico Legislature is considering legislation that would enable the RSA. It’s my sincere hope that Legislators will ignore the unscrupulous individuals peddling fake news about a “sun tax,” rise above politics and stand up for Puerto Rico’s power consumers by approving the legislation. A failure to do so won’t stop the FOMB from finishing the job of restructuring PREPA and paying bondholders who have received nothing for eight years. But it will make the process more expensive for Puerto Rico. As my favorite president Ronald Reagan once said, it’s time for choosing. Let’s hope Puerto Rico’s leaders choose well.
*The Financial Oversight and Management Board for Puerto Rico was created under the bipartisan Puerto Rico Oversight, Management and Economic Stability Act (PROMESA) of 2016. The purpose of the Oversight Board is to provide a method for Puerto Rico to achieve fiscal responsibility and access to the capital markets.
Tips for caring for your dog’s skin and hair
Dr. José Arce, DVM
Apet’s fur is the first thing you see or touch, and its condition may be a reflection of its health. The quality of the coat is influenced by several factors, the most important being genetic, nutritional, proper grooming and the absence of diseases that can affect it. The better hair the parents of the pet have, the better their offspring will have. Genetics also influences the amount, thickness and length of the hair. In general, since Puerto Rico’s climate is always hot, dogs tend to regenerate and shed their hair throughout the year. However, in countries where there are notable seasonal changes, dogs usually have 2 changes per year, during which all the hair falls out and a new coat comes out again, almost always in autumn and spring. These hair changes are influenced by factors such as temperature, the number of hours of light per day, food, etc. There are dogs that spend a lot of time inside the house in air conditioning and exposed to more hours of light than what would naturally correspond, therefore their body detects that a complete change of hair is not so necessary and, therefore, they do it gradually throughout the year. Other dogs lose their hair more often than normal because they are bathed excessively, or with products not recommended for dogs, or even due to excessive hair drying after bathing. Healthy hair reflects proper nutrition. Hair is made of a protein called keratin, which needs a correct intake of amino acids in order to be synthesized. Fatty acids, vitamins and minerals also play an important role. There are many nutritional anomalies, such as sudden changes in diet, giving excessive viscera, homemade diets that are generally poor in fatty acids, and giving raw or excessively cooked cereals or vegetables. These foods cause such an imbalance that the pet’s body will not have enough nutrients to produce a healthy coat of hair. Under these conditions, we will have an animal with matte and opaque hair. The best nutrition for pets is well-balanced food made specifically for them, since it will have all the necessary components to keep their fur in good health. My recommendation is to consult your veterinarian about what would be the most appropriate nutrition for your pet.
Grooming
As for grooming the hair, each breed would need special care, depending on the type of hair their pet has. We cannot list the specific care that each one carries, but we can discuss general rules for all of them. For the bath, we must use warm water and a shampoo designed specifically for dogs. We must rub their fur vigorously and then rinse abundantly so that there are no traces of soap that could cause skin irritation. We must be careful that neither water nor soap enters the eyes and ears. After bathing, dogs should be towel-dried and blow-dried while brushing, especially those with thick or long fur. All must be protected from the cold during the bath until they are completely dry. Bathing frequency varies by breed, coat length and
In fact,
The best nutrition for pets is a wellbalanced food made specifically for them, since it will have all the necessary components to keep their fur in good health. thickness, and lifestyle. It is not true that a dog smells when not bathed. The dog’s odor comes from the areas of the mouth, ears, feet and anus. In the rest of the body, it does not have sweat glands, so it does not generate an odor. To avoid odor, those areas should be cleaned following your veterinarian’s recommendations and using products specifically designed to clean those areas, and you should brush them frequently. Don’t bathe your pet excessively, as this can upset the balance of natural oils in their skin and coat, causing them to itch. If you have questions about how often your pet should be bathed, any skin or coat condition, the type of shampoo to use, or what food you can give him to improve the condition of its skin or coat, consult your veterinarian. The author is a veterinary advisor for Royal Canin.
Models wear creations as part of the Dior Ready To Wear Fall/Winter 2022-2023 fashion collection, unveiled during the Fashion Week in Paris. > Photo Vianney Le Caer/Invision/AP
Dior
Reimagines Feminist Fashion in History in Paris Show
Thomas Adamson, The Associated Press
PARIS — Dior’s affirmed feminist designer Maria Grazia Chiuri used the male gaze, as reflected in female oil portraits across the centuries, to make a fashion statement on female empowerment and subjugation.
But Tuesday’s feisty ready-to-wear display in Paris, set in the splendid Tuileries Gardens, was also just a beautifully conceived collection — one of the
Italian designer’s finest — which served to start
Paris Fashion Week on strong creative footing. As editors entered, filing past myriad masterpieces, many expressed relief that the
French government has ruled the face mask to no longer be obligatory at fashion shows. Yet despite the glamour and optimistic moments, the conflict in Ukraine was still not far from fashion insiders’ minds, and the Paris Fashion
Federation offered a rare statement in support of freedom. Here are some highlights of fall-winter ready-towear shows.
DIOR
An installation of Leonardo da Vinci’s masterpiece “Lady with an Ermine” hanging in the entrance led fashion insiders, including popstar Rihanna, model Elle Macpherson and tennis ace Maria Sharapova, inside the venue to discover wallto-wall paintings. Though the art at first seemed more at home at the nearby Louvre Museum, on closer inspection the female subjects sported contemporary jarring double eyes and seemed to symbolize a sort of new female vision. This, the work of Italian contemporary artist Mariella Bettineschi, was Chiuri’s starting block — one she used with flair to explore and deconstruct historic female fashions. Corsetry, the 1940s bar jacket (the house signature), as well as sheer layering reimagined the codes of yesteryear. But this time for Dior they were all about protection or armor against the world. Head hung down combatively, the first model sported a fierce, minimalist black bodysuit with white lines — both like a skeleton and a cutting pattern. Bright multicolor leather gloves evoked the form of 18th century styles to the elbow, imagined in contrasting biker styles with padding at the knuckles. A silver bar jacket had dark sporty ribs. Corset-like tops had fastenings made of plastic toggles, in one of a multitude of fashion forward touches. A black perforated corset was stiff and impenetrable. There were many perfectly executed moments, some of which even evoked a Japanese warrior. Chiuri was trying to say: Women have been subjugated for so long, so now we’re going to use those same clothes to empower ourselves.
THOUGHTS FOR UKRAINE
It’s the elephant in the room at Paris Fashion Week. As bombs fall in Europe, what is the justification for exclusive fashion collections with perfume wafting in the air? There is none. However, Paris’s fashion body has tried to address this thorny point with a statement sent to AP of solidarity with Ukraine. Ralph Toledano, President of the Fédération de la Haute Couture et de la Mode, said that as “the greater fashion family gathers for Paris Fashion Week, war has brutally hit Europe and plunged the Ukrainian people into fear and upheaval.” He suggested that the show continue as creation itself is “based on principles of freedom, under any circumstances. And fashion has always contributed to individual and collective emancipation and expression across our societies.” The federation issued a caveat — that you “experience the shows of the coming days with solemnity, and in reflection of these dark hours.”
STARS TURN OUT FOR OFF-WHITE
The death of respected U.S. designer Virgil Abloh last year still casts a shadow over the Paris fashion industry. Since his passing in November there have been two fashion tributes to him at Louis Vuitton, where he was menswear designer — the first in Miami, and the second during the Paris men’s collections. On Monday evening, his personal brand Off-White showed its fall-winter show yet it seemed to be more of a celebration of him that anything else. The posthumous show designed by him was entitled “Spaceship Earth” — and in tune with the interstellar theme the stars turned out in constellations: A$AP Rocky, Rihanna, Idris Elba and Pharrell Williams to name but a few. The signature hoodies, urban cargo pants, utilitarian toggles, fluorescent colors and statement branding were here in droves, often in black and set against the decor of a giant chandelier. But there were also bittersweet moments that seemed to reference the designer’s private battle with a rare form of cancer. Handbags came out featuring the print “more life” and one replete with red and white pill capsules.
Rihanna poses for photographers upon arrival at the event. >Photo Vianney Le Caer/ Invision/AP
