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| Wed Oct 5, 2016 | 1:07am EDT Puerto Rico oversight board's success may hinge on the ballot box By Nick Brown | NEW YORK NEW YORK A forthcoming financial turnaround plan for Puerto Rico, which the territory's oversight board wants on its desk in nine days, will probably change after the island's November election. For the board, it could be a welcome scenario. The bi-partisan board, created by the Puerto Rico rescue law known as PROMESA, set Oct. 14 as a deadline for the territory's governor Alejandro Garcia Padilla to deliver a draft plan for how to boost island revenues and tackle its $70 billion debt. Garcia Padilla has unsettled Puerto Rico's creditors by insisting on deep debt cuts and defaulting on some payments, but he is not seeking a second term, so it will ultimately fall to his successor to work with the board to finalize the plan. Ricky Rossello, the leading candidate for his job, is seen as more likely to deliver a plan compatible with the philosophy of the board. Its members include bankruptcy experts and bankers - technocrats expected to push for long-term stability, not just a quick financial fix or a massive debt cut that might be appealing to Puerto Rican politicians. The 37-year-old Rossello, a member of the opposition party, told Reuters in an interview he wanted to shrink the territory's government to avoid further debt defaults, and in contrast to Garcia Padilla, opposed cuts to principal on the island's most senior debt. "My view is general obligation debt should not take a haircut, but the good news is they have seemed willing to renegotiate terms - to refinance or extend," he said, referring to the island's most senior debt and its holders. The board is largely reviled in Puerto Rico, where locals feel it infringes upon the U.S.

Its where companies are now desperately trying to make a profit. Honey for the Bears: I never add the rise of scrap to my forecasts largely as a fail-safe to my bearish outlook but I have seen very credible forecasts of it tripling to satisfy 200mt of Chinese steel demand within a decade. Needless to say, that would knock an huge hole in raw steel production [ Macrobusiness ]. The perils of 7 and 9 in Cantonese [ LanguageLog ]. As in Samsungs Galaxy On7. Todays Fear & Greed Index: 41 Fear (previous close: 50, Neutral) [ CNN ]. One week ago: 59 (Greed). (0 is Extreme Fear; 100 is Extreme Greed). Last updated Sep 29 at 12:56pm. Dear Old Blighty — Paul Mason (@paulmasonnews) September 28, 2016 Gaia A 10th of children have a monkey-like immune system that stops them developing Aids, a study suggests [ BBC ]. Class Warfare Worlds Greatest Newspaper: 1. The upshot isn't that 97K is a far cry from $2+ mil; rather, it's that NYT does't think 97K's a lot of money! — Jacob Bacharach (@jakebackpack) September 25, 2016 News of the Wired On Phone Numbers and Identity [ Medium ].

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