Puerto Rico should “start from scratch” rebuilding its already outdated power infrastructure after deadly Hurricane Maria last year devastated it and left citizens marooned, the U.S. central banker overseeing the island territory said on Thursday, Reuters reported. New York Fed President William Dudley did not comment on U.S.
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Fluor Corp.’s work repairing hurricane damage to Puerto Rico’s still-hobbled electrical grid is winding down as its federal funding runs out, the U.S. Army Corps of Engineers said yesterday, WSJ Pro Bankruptcy reported. The Army Corps had tapped Fluor to repair electric lines damaged in Hurricane Maria under an $840 million contract.
A U.S. regulator yesterday filed a lawsuit against 16 U.S. and international banks alleging they had manipulated bbaLIBOR, which is a series of interest-rate benchmarks, leading to the collapse of Puerto Rico’s Doral Bank, Reuters reported.
A federal judge approved an emergency $300 million loan that will keep Puerto Rico’s troubled electric utility in operation, averting a threat of more power outages at a time when the island is trying to recover from last summer’s devastating hurricanes, the Wall Street Journal reported. Judge Laura Taylor Swain of U.S.
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This wiki is a repository for members of the U.S. Congress, other policy makers, academics, investors, the media and the general public to understand the challenges facing Puerto Rico in 2016 and to provide data and information to begin crafting long term sustainable solutions. Click here to view.