Showing posts with label Ricardo Rossello. Show all posts
Showing posts with label Ricardo Rossello. Show all posts
Thursday, September 7, 2017
Hurricane Irma leaves 11 dead as it tears through Caribbean
SAN JUAN, PUERTO RICO — Hurricane Irma plowed past the Dominican Republic on Thursday after devastating a string of Caribbean islands and killing at least 11 people as one of the most powerful Atlantic storms in a century took aim at Florida.
With winds of around 290 kph, the storm lashed several small islands in the northeast Caribbean, including Barbuda, St. Martin and the British Virgin Islands, tearing down trees, flattening homes and causing widespread damage.
The eye of the hurricane passed north of Puerto Rico early Thursday, battering the US territory with high winds and heavy rains and leaving nearly 70% of the population without electricity, Governor Ricardo Rossello said.
The eye of Irma was moving west-northwest off the northern coast of the Dominican Republic on Thursday morning, the National Hurricane Center (NHC) said.
Irma's precise course remained uncertain but it was likely to be downgraded to a Category-4 storm by the time it makes landfall in Florida, according to the NHC.
Irma has become a little less organized over the past few hours but the threat of a direct hurricane impact in Florida over the weekend and early next week was increasing, the NHC said.
Authorities in the Dominican Republic ordered the evacuation of towns along the northern Atlantic coast, as the storm ground toward the port and tourist destination of Puerto Plata.
"There is a lot of wind and rain," Puerto Plata Assistant District Attorney Juan Carlos Castro Hernandez told Reuters by telephone. "We expect things to get worse."
At least 8 people were killed in the tiny French-Dutch island of Saint Martin, with 23 others injured, and the toll was likely to rise as emergency services reached isolated communities, officials said.
"ENORMOUS DISASTER"
"It is an enormous disaster. Ninety-five percent of the island is destroyed. I am in shock," Daniel Gibbs, chairman of a local council on Saint Martin, told Radio Caribbean International.
Television footage from the island showed a damaged marina with boats tossed into piles, submerged streets and flooded homes. French President Emmanuel Macron spoke with British Prime Minister Theresa May on Thursday to coordinate an emergency humanitarian response.
Amid criticism from many residents that the British government could have done more to help its territories, Foreign Office Minister Alan Duncan said a Royal Navy ship would reach the affected islands on Thursday with tents, vehicles and other relief equipment.
"Anguilla received the hurricane's full blast. The initial assessment is that the damage has been severe and in places critical," he told parliament.
One person was killed on the island and roads were blocked, with damage to the hospital and airport, power and phone service, Anguilla emergency service officials said.
In Puerto Rico, Rossello was due to fly to the worst effected areas of the island on Thursday but said it was to early to estimate the cost of the damage. The streets of the capital San Juan were littered with downed tree limbs and signs, with many street lights out.
Juan Pablo Aleman, a restaurant owner, said he had ridden out the storm in his 11th-floor apartment.
"The building moved, shook a few times. A lot of shingles came off and some windows broke," he told Reuters. "If it had gone a little more to the south, it would have been catastrophic."
Irma was the strongest hurricane ever recorded in the Atlantic Ocean and one of the five most forceful storms to hit the Atlantic basin in 82 years, according to the NHC.
The hurricane was on track to reach Florida on Saturday or Sunday, and would become the second major hurricane to hit the US mainland in as many weeks after Hurricane Harvey.
Florida Governor Rick Scott said it was unclear whether Irma would hit the state's east or west coast but told residents to beware of the surge from the powerful winds.
"The storm surge can kill you," Scott said on the "CBS This Morning" program on Thursday. He urged people to heed local officials and be ready when the call came to leave their area, promising the government would provide transportation to those who need it.
"YOU'RE ON YOUR OWN"
Florida emergency management officials began evacuations in advance of Irma's arrival, ordering tourists to leave the Florida Keys.
Roman Gastesi, the administrator of Monroe County, which encompasses the Florida Keys, told CNN that streets were empty in Key West and 90 percent of businesses were closed. County officials, including police and emergency workers, would be leaving, he said.
"If you're going to stay, you're on your own," Gastesi said.
US President Donald Trump was monitoring Irma's progress. The president owns the waterfront Mar-a-Lago estate in Palm Beach, Florida.
Trump approved emergency declarations for the state, Puerto Rico and the US Virgin Islands, mobilizing federal disaster relief efforts.
The island of Barbuda, one of the first hit by the storm, was a scene of "total carnage," said Gaston Browne, prime minister of Antigua and Barbuda, adding that the tiny two-island nation will seek international assistance.
Browne told the BBC that about half of Barbuda's population of some 1,800 were homeless while nine out of 10 buildings had suffered some damage and many were destroyed.
"We flew into Barbuda only to see total carnage. It was easily one of the most emotionally painful experiences that I have had," Browne said in an interview on BBC Radio Four, adding that it would take months or years to restore some level of normalcy to the island.
Browne said one person was killed on Barbuda. A surfer was also reported killed on Barbados.
Hurricane warnings were in effect for the Bahamas and the British overseas territory of the Turks and Caicos, the NHC said.
In Cuba, 145 kilometers south of the Florida Keys, a hurricane alert was issued for the central and eastern regions, as residents in Havana waited in lines to stock up on food, water and gasoline.
Two other hurricanes formed on Wednesday.
Katia in the Gulf of Mexico posed no threat to the United States, according to US forecasters. Hurricane Jose was about 1,310 kilometers east of the Caribbean's Lesser Antilles islands, and could eventually threaten the U.S. mainland.
The storm activity comes after Harvey claimed about 60 lives and caused property damage estimated to be as much as $180 billion in Texas and Louisiana.
(Reporting by Jorge Pinedo in Santo Domingo, Makini Brice in Port au Prince, Susan Heavey and Ian Simpson in Washington, Brendan O'Brien in Milwaukee, Estelle Shirbon in London, Matthias Blamont and Jean-Baptiste Vey in Paris, Toby Sterling in Amsterdam; Writing by Daniel Flynn; Editing by Matthew Mpoke Bigg and Jeffrey Benkoe)
source: news.abs-cbn.com
Thursday, May 4, 2017
Puerto Rico files for bankruptcy
Puerto Rico announced a historic restructuring of its public debt on Wednesday, touching off what may be the biggest bankruptcy ever in the $3.8 trillion U.S. municipal bond market.
While it was not immediately clear just how much of Puerto Rico's $70 billion of debt would be included in the bankruptcy filing, the case is sure to dwarf Detroit's insolvency in 2013.
The move comes a day after several major creditors sued Puerto Rico over defaults its bonds.
Bankruptcy may not immediately change the day-to-day lives of Puerto Rico's people, 45 percent of whom live in poverty, but it may lead to future cuts in pensions and worker benefits, and possibly a reduction in health and education services.
The island's economy has been in recession for nearly 10 years, with an unemployment rate of about 11.0 percent, and the population has fallen by about 10 percent in the past decade.
The bankruptcy process will also give Puerto Rico the legal ability to impose drastic discounts on creditor recoveries, but could also spook investors and prolong the island's lack of access to debt markets.
BANKRUPTCY UNDER PROMESA LAW
The debt restructuring petition was filed by Puerto Rico's financial oversight board in the U.S. District Court in Puerto Rico on Wednesday, and was made under Title III of last year's U.S. Congressional rescue law known as PROMESA.
The Title III provision allows for a court debt restructuring process akin to U.S. bankruptcy protection. Puerto Rico is barred from a traditional municipal bankruptcy protection under Chapter 9 of the U.S. code.
The filing includes only Puerto Rico's central government, which owes some $18 billion in debt backed by the island's constitution.
On paper, it does not include $17 billion of sales tax-backed debt, known as COFINA debt, or debt from other agencies.
But those debts are likely to be pulled into the bankruptcy, or included in separate bankruptcy proceedings in coming days, Elias Sanchez, an adviser to Governor Ricardo Rossello, told Reuters on Wednesday.
Puerto Rico's massive pension debts will also likely get restructured in the bankruptcy.
"Title III was especially compelled by the commonwealth’s need to restructure $49 billion of pension liabilities," the oversight board said in Wednesday's filing.
BIGGER BANKRUPTCY THAN DETROIT
The previous largest U.S. public bankruptcy, Detroit's in 2013, covered some $18 billion in debt. The city was able to reach an agreed debt restructuring with stakeholders, in part by soliciting huge contributions from philanthropic foundations so it did not need to sell the city's art collection.
But "unlike Detroit, there isn’t billions of unencumbered artwork to fund a restructuring" in Puerto Rico, said David Tawil, whose fund, Maglan Capital, held Puerto Rico general obligation debt but has since sold it.
The legal proceeding does not mean negotiations toward a compromise must stop, Governor Rossello said in a statement on Wednesday.
"It is my hope that the Government’s Title III proceedings will accelerate the negotiation process," the governor said in the statement.
Rossello's fiscal plan for the island, approved by the oversight board in March, forecasts Puerto Rico having only $800 million a year to pay debt, less than a quarter of what it owes. The low figure alienated creditors and negotiations toward an out-of-court restructuring foundered.
Andrew Rosenberg, a lawyer for the general obligation bondholders, criticized the Title III filing, saying in a statement a consensual deal could have been reached.
"Just as a deal was within reach [on Tuesday], we understand that the oversight board intervened to block it," Rosenberg said in a statement. "For months, the oversight board has made every effort to sabotage consensual negotiations."
Francisco Cimadevilla, a spokesman for the board, denied the allegation, saying in an interview, "I can understand that might be a narrative on the other side, but it's just not the case."
Conversely, Susheel Kirpalani, a lawyer for COFINA bondholders, called bankruptcy "sound public policy," saying in a statement it "enables Puerto Rico to freeze numerous lawsuits" and "maintain essential services."
Analysts and experts agreed the case is likely to take time.
"It will be an orderly process that should be better for creditors in the aggregate than a chaotic and uncertain period involving proliferating lawsuits," said Moody's Investor Services analyst Ted Hampton.
Some expect creditors to challenge the filing, arguing the board did not meet requirements under PROMESA to conduct good faith negotiations out of court.
"We would agree there is a case to be made here," said Keefe Bruyette & Woods analyst Chas Tyson, who follows Puerto Rico.
source: news.abs-cbn.com
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