Birling Capital Advisors LLC

22/07/2026

July 22, 2026

Global Market Square

Firstbank Earnings Beat Expectations Net Income Rises 8.30%, Markets Paused as Higher Oil Prices Offset Strong Earnings; Investors Awaited Big Tech Earnings

The U.S. and European stock markets finished mixed Wednesday as a sharp increase in crude oil prices offset another solid day of corporate earnings. European equities advanced to fresh highs, while U.S. markets were little changed overall, with the Dow Jones Industrial Average ending essentially flat and the S&P 500 and Nasdaq Composite edging lower as investors weighed the inflationary implications of Brent crude climbing above $94 per barrel. Treasury yields remained elevated as markets reassessed the outlook for Federal Reserve policy, while attention shifted to highly anticipated quarterly results from Alphabet, Tesla, IBM, and Texas Instruments, expected to provide further insight into artificial intelligence spending, cloud demand, and corporate technology investment.

U.S. Markets
Wall Street ended little changed Wednesday as rising oil prices and renewed Middle East tensions offset another strong day of corporate earnings, leaving investors focused on whether artificial intelligence-driven growth can continue to outweigh inflation and geopolitical risks.
The Dow Jones Industrial Average slipped just 6.06 points, or 0.01%, to close at 52,218.58. The S&P 500 declined 10.24 points, or 0.14%, to 7,498.96, while the Nasdaq Composite fell 146.30 points, or 0.57%, to 25,690.90 as technology shares retreated ahead of earnings from several AI leaders.

Crude oil was the day’s primary market driver. Brent crude climbed above $94 per barrel, briefly topping $95, while West Texas Intermediate advanced above $86 per barrel after the eleventh consecutive round of U.S. strikes against Iranian targets. Secretary of State Marco Rubio reiterated that the United States would continue protecting commercial shipping through the Strait of Hormuz, reinforcing concerns that elevated energy prices could complicate the Federal Reserve’s efforts to bring inflation lower.

Corporate earnings remained the market’s focal point. Investors awaited results from Alphabet, Tesla, IBM, Texas Instruments, and ServiceNow for fresh insight into artificial intelligence investment, cloud computing demand, capital expenditures, and enterprise technology spending. Meanwhile, Super Micro Computer surged after raising its margin outlook and reporting more than $60 billion in new orders, underscoring continued strength in AI infrastructure demand. AT&T advanced after reporting better-than-expected quarterly earnings, while GE Vernova declined following weaker-than-expected results.

European Markets
European equities closed higher as gains in aerospace, defense, and energy shares outweighed weakness in technology stocks. The Stoxx Europe 600 advanced 0.58% to another record close, supported by higher crude oil prices and strong corporate news. Airbus was among the session's top performers after announcing a €5 billion share-repurchase program and raising its medium-term profit targets. At the same time, technology shares softened ahead of earnings from Alphabet and Tesla.
Technology stocks lagged as investors awaited quarterly results from major U.S. technology companies and reassessed valuations following the sector’s recent rally.
European markets continued to balance solid corporate earnings against concerns that persistently higher energy prices could revive inflation and compel the European Central Bank to maintain restrictive monetary conditions for longer.

Energy Markets
Oil prices rose sharply as the conflict involving the United States and Iran threatened two of the world’s most important maritime energy routes. Brent crude briefly traded above $95 per barrel, while West Texas Intermediate climbed toward $87 per barrel.
Shipping activity through the Strait of Hormuz remained severely constrained, with no very large crude carriers or liquefied-natural-gas tankers recorded among Tuesday’s limited crossings. Meanwhile, several tankers transporting Saudi crude reversed course in the Red Sea after Yemen’s Houthi movement announced a blockade affecting Saudi-linked shipping through the Bab al-Mandeb Strait.

The growing threat to both waterways intensified concerns over global energy supplies, transportation costs, and the inflationary consequences of a prolonged disruption.

Economic & Policy Outlook
Trade policy added another layer of uncertainty after President Trump announced plans to impose a 100% tariff on imported generic pharmaceuticals beginning in August 2028, giving manufacturers two years to relocate production to the United States. Under the announced framework, the tariff would subsequently increase to 200% after an additional year.

The administration also announced an additional 50% tariff on approximately $20 billion of selected Canadian products, scheduled to take effect August 19. Meanwhile, the temporary global tariff imposed under Section 122 of the Trade Act of 1974 was scheduled to expire Friday, July 24.
The administration was expected to rely on Section 301 investigations to establish replacement duties. Unlike the temporary Section 122 tariffs, Section 301 generally requires an investigation and a finding that a foreign government engaged in unfair trade practices.

First BanCorp. Delivers Robust Earnings as Alphabet’s AI Spending Takes Center Stage

Closer to Home, Puerto Rico-based First BanCorp. (FBP) delivered another strong quarter, reporting second-quarter 2026 revenues of $264.9 million, up 7.33% year over year. Net income reached $96.2 million, increasing 8.30% from the previous quarter and 19.92% from a year earlier. Diluted earnings per share rose to $0.62 from $0.57 in the first quarter and $0.50 a year ago.

Profitability and operating performance also strengthened. Net interest margin expanded to 4.87%, return on average assets reached 2.02%, and loan originations totaled $1.7 billion, up 21% year over year. First BanCorp. maintained a robust 16.96% Tier 1 capital ratio and returned 84% of quarterly earnings to shareholders through dividends and share repurchases, underscoring the strength of its earnings, capital position, and geographically diversified franchise.

Alphabet was scheduled to report its second-quarter results after the closing bell, placing artificial-intelligence spending and monetization at the center of investors’ attention. The results were expected to provide an important test of whether the unprecedented expansion in AI infrastructure was producing measurable financial returns. Investors were focused on capital expenditure guidance, Google Cloud growth, advertising performance, and management’s assessment of AI monetization.

Wall Street projected Alphabet’s 2026 capital expenditures at approximately $180 billion to $190 billion. Combined spending by Alphabet, Amazon, Microsoft, Meta, and Oracle was expected to approach $750 billion, supporting demand across semiconductors, data centers, networking equipment, and power infrastructure.

Corporate profit growth was expected to extend beyond the largest technology companies. Second-quarter technology-sector earnings were projected to rise approximately 65.5% year over year, while materials-sector profits were expected to increase 32.5%. Energy-sector earnings were projected to surge approximately 115%, aided by higher commodity prices, while financial companies continued to benefit from resilient economic activity and solid credit conditions.

Second-quarter earnings for U.S. mid-cap companies, as measured by the Russell Midcap Index, were projected to increase approximately 17%, compared with an estimate of nearly 13% at the beginning of April. Stable labor-market conditions, improving manufacturing activity, and resilient consumer spending continued to provide a constructive backdrop for corporate profitability.

The Final Word
Markets ended Wednesday balancing rising geopolitical and trade-policy risks against a still-supportive earnings environment. Although higher oil prices and tariff uncertainty could generate additional volatility, economic fundamentals and corporate profit growth remained constructive. Investors should maintain a disciplined, diversified strategy and avoid making long-term decisions in response to short-term headlines.

Corporate Earnings Parade:
1. First BanCorp (FBP): reported earnings for the second quarter of 2026 with revenues of $264.9 million, up 7.33%, with Net Income of $96,154 million, up 8.30%, and Earnings Per Share of $0.62. FBP has a Stock Price Target of $28.86 and a Tier 1 Capital Ratio of 16.96%. Check our report on FBP:https://birlingcapital.com/publications/Report.FBP.07.22.2026.pdf

Economic Data:
•US Crude Oil Stocks WoW: fell by -1.692M, down from 2.998M last week.

Eurozone Summary:
•Stoxx 600: closed at 646.93, up 3.74 points or 0.58%.
•FTSE 100: closed at 10,716.97, up 131.06 points or 1.24%.
•DAX Index: closed at 25,155.41, up 144.06 points or 0.58%.

Wall Street Summary:
•Dow Jones Industrial Average: closed at 52,218.58, down 6.06 points or 0.01%
•S&P 500: closed at 7,498.96, down 10.24 points or 0.14%.
•Nasdaq Composite: closed at 25,690.90, down 146.30 points or 0.57%.
•Birling Capital Puerto Rico Stock Index: closed at 5,058.05, up 60.11 points or 1.20%.
•Birling Capital U.S. Bank Index: closed at 10,383.79, up 226.44 points or 2.23%.
•U.S. Treasury 10-year note: closed at 4.67%.
•U.S. Treasury 2-year note: closed at 4.31%.

22/07/2026

http://eepurl.com/elS7IJsMCi

21/07/2026

21/07/2026

July 21, 2026

Global Market Square

Markets Rebounded as Chip Stocks Powered Wall Street Higher; Oriental Bank Reported a 13.46% Increase in Net Income as Earnings Took Center Stage

The U.S. and European stock markets closed higher Tuesday as a broad rebound in semiconductor stocks and better-than-expected corporate earnings helped Wall Street end a three-session losing streak. The Dow Jones Industrial Average gained nearly 400 points. At the same time, the S&P 500 and Nasdaq Composite advanced as investors shifted their attention from renewed Middle East tensions toward the strength of second-quarter corporate results. Treasury yields moved higher, with the 10-year U.S. Treasury note closing at 4.63% and the 2-year note at 4.26%, while West Texas Intermediate (WTI) crude oil traded near $85 per barrel amid continued volatility tied to the U.S.-Iran conflict. In Puerto Rico, Oriental Bank’s parent, OFG Bancorp, reported a 13.46% year-over-year increase in second-quarter net income, reinforcing the resilience of the island’s banking sector.

U.S. Markets

Wall Street closed solidly higher Tuesday as semiconductor stocks rallied and investors responded favorably to a strong start to the second-quarter earnings season. The Dow Jones Industrial Average rose 385.38 points, or 0.74%, to close at 52,224.64. The S&P 500 advanced 65.92 points, or 0.89%, to 7,509.20, while the Nasdaq Composite gained 329.13 points, or 1.29%, to finish at 25,837.20. All three major averages snapped three-day losing streaks.

Semiconductors provided the strongest lift to the broader market. The VanEck Semiconductor ETF climbed more than 4%, supported by sharp gains in Micron Technology, Intel, Marvell Technology, and Astera Labs. Micron surged approximately 12%, Intel rose about 8%, Marvell gained more than 6%, and Astera Labs advanced roughly 3%, reflecting renewed investor interest in the chip sector following its recent pullback.

Corporate earnings also strengthened market sentiment. Shares of 3M jumped more than 7% after the industrial company delivered better-than-expected second-quarter results, while General Motors rose nearly 5% after exceeding revenue and earnings estimates. With approximately 88% of S&P 500 companies reporting earnings exceeding analysts’ estimates, the reporting season has gotten off to a notably strong start.

Despite continued geopolitical uncertainty surrounding the U.S.-Iran conflict, investors largely looked beyond the conflict to focus on earnings. Crude oil remained elevated, with West Texas Intermediate trading near $85 per barrel and Brent crude around $91 per barrel, keeping inflation and global energy security concerns firmly in focus.

European Markets

European markets closed higher Tuesday, with all three benchmark indices posting gains as investors looked past elevated energy prices and trade uncertainty to focus on improving corporate earnings expectations. The Stoxx 600 closed at 643.39, up 3.59 points, or 0.56%. The FTSE 100 gained 61.15 points, or 0.58%, to finish at 10,585.91, while Germany’s DAX Index advanced 164.66 points, or 0.66%, to close at 25,011.35. Broad-based gains across most sectors reflected continued confidence in the region’s earnings outlook despite persistent geopolitical and trade-related headwinds.

Trade Policy

The Trump administration announced new 50% tariffs on approximately $20 billion of Canadian imports, primarily targeting automotive products, alcoholic beverages, and dairy products. The tariffs, imposed under Section 338 of the Tariff Act of 1930, are scheduled to take effect on August 19, although the implementation period leaves room for additional negotiations.

The measures exclude oil, natural gas, potash, critical minerals, and several other strategic commodities, limiting their immediate economic impact. Nevertheless, the announcement represents a meaningful escalation in U.S.-Canada trade tensions and could increase costs and supply-chain uncertainty for businesses operating in the affected industries.

Earnings Watch

Attention now turns to the next wave of corporate earnings, with Alphabet, IBM, and Tesla scheduled to report later this week. Investors will closely monitor Alphabet’s artificial intelligence monetization strategy, cloud growth, advertising trends, and capital spending plans. At the same time, Tesla’s results should provide additional insight into electric vehicle demand, pricing, margins, and profitability.

The broader earnings outlook remains constructive. Analysts expect S&P 500 earnings to grow approximately 23% year over year, with energy companies projected to lead profit growth, followed by technology and materials. Ten of the eleven S&P 500 sectors are expected to report year-over-year earnings growth, suggesting this earnings season could broaden market leadership beyond the mega-cap technology companies.

The Final Word
Markets closed Tuesday with renewed optimism as investors weighed encouraging corporate earnings against rising interest rates, escalating trade tensions, and ongoing geopolitical uncertainty. With several market-leading companies scheduled to report over the next two days, corporate earnings are likely to remain the primary catalyst shaping the market’s near-term direction.

Corporate Earnings Parade:
•OFG Bancorp (OFG): Reported second-quarter 2026 revenue of $190.3 million, up 4.45%, with net income of $58.8 million, up 13.46%, and earnings per share of $1.39. OFG maintains a Tier 1 Capital Ratio of 14.07%, and Birling Capital’s Stock Price Target remains $51.00. Check our report on OFG:
https://birlingcapital.com/publications/Report.OFG.07.21.2026.pdf

Economic Data:
•U.S. Retail Gas Price: rose to $4.131, up from $3.987 last week, a change of 3.61%.

Eurozone Summary:
•Stoxx 600: closed at 643.39, rose 3.59 points or 0.56%.
•FTSE 100: closed at 10,585.91, rose 61.15 points or 0.58%.
•DAX Index: closed at 25,011.35, up 164.66 points or 0.66%.

Wall Street Summary:
•Dow Jones Industrial Average: closed at 52,224.64, up 385.38 points or 0.74%.
•S&P 500: closed at 7,509.20, up 65.92 points or 0.89%.
•Nasdaq Composite: closed at 25,837.20, up 329.13 points or 1.29%.
•Birling Capital Puerto Rico Stock Index: closed at 4,997.95, up 14.80 points or 0.30%.
•Birling Capital U.S. Bank Index: closed at 10,157.35, down 120.39 points or 1.17%.
•U.S. Treasury 10-year note: closed at 4.63%.
•U.S. Treasury 2-year note: closed at 4.26%.

20/07/2026

July 20, 2026

Global Market Square

Wall Street Tanks as Iran Tensions Push Oil Higher, Chips Rebound and Sentiment Shifts


The U.S. and European stock markets traded mostly lower Monday as oil prices climbed following the latest round of military exchanges between the United States and Iran. The S&P 500 slipped 0.19%, the Nasdaq Composite eased 0.05%, and the Dow Jones Industrial Average dropped 307.16 points, or 0.59%, pressured by a decline of more than 2% in Apple shares. The U.S. carried out its ninth straight day of strikes on Iran overnight. However, sentiment firmed somewhat by midmorning in London after an Iranian Foreign Ministry spokesman signaled that back-channel communications remained active and that a negotiated path forward was still possible. Crude oil edged higher but stayed contained, with WTI near $83 a barrel and Brent near $89, both up roughly 1%. Technology and communication services led early gains, providing support for the broader market.

U.S. Markets
Wall Street opened the week on a mixed note as investors weighed geopolitical risk against one of the busiest stretches of the second-quarter earnings season. Approximately 80 S&P 500 companies are scheduled to report this week, highlighted by Alphabet and Tesla on Wednesday, two companies expected to provide critical insight into artificial intelligence spending, digital advertising demand, cloud computing, and electric vehicle trends.
Chipmakers clawed back some of last week's steep losses, helping cap the market's downside. Micron Technology led the recovery, climbing more than 1%, while Astera Labs added over 2%, Teradyne rose 3%, and Advanced Micro Devices gained around 2%; the VanEck Semiconductor ETF (SMH) was only marginally higher. Market strategists framed the pullback in AI and semiconductor names as a natural cooling-off period after an extraordinary run. However, several noted that technical damage has raised the odds of a deeper retreat toward longer-term support levels, even as an oversold bounce in the near term wouldn't be surprising.
Financial institutions largely exceeded expectations last week, reinforcing confidence that corporate America continues to demonstrate resilience despite higher interest rates and geopolitical uncertainty. Consensus forecasts continue to project robust second-quarter earnings growth, led by the technology and energy sectors. All three major indexes finished last week in negative territory, with chip-stock weakness a primary drag; the SMH logged its third weekly decline in four weeks.

Investors are also monitoring Treasury yields, with modest increases reflecting expectations that the Federal Reserve will likely remain patient until inflation shows additional progress toward its long-term target.

European Markets
European markets closed mixed on Monday as investors weighed escalating geopolitical tensions in the Middle East against the start of a pivotal earnings week. The STOXX Europe 600 declined 0.30% to 639.60, while London’s FTSE 100 fell 0.71% to 10,524.76, pressured by weakness in energy, mining, and financial shares. Germany’s DAX bucked the broader regional trend, edging 0.06% higher to 24,846.69, supported by gains in technology and industrial stocks. Investors remained cautious ahead of a heavy corporate earnings calendar. They continued to monitor developments between the United States and Iran, with hopes that diplomatic efforts could prevent a broader regional conflict despite the recent escalation in military activity.

Energy Markets
Oil prices softened modestly Monday morning after surging last week amid renewed military action involving the United States and Iran. While geopolitical tensions remain elevated and continue to pose risks to global energy supplies, reports that diplomatic channels remain active reduced immediate concerns over a significant disruption to oil exports through the Strait of Hormuz.
Energy markets are expected to remain highly sensitive to geopolitical headlines throughout the week, with volatility likely to persist until greater clarity emerges regarding regional security conditions.

Economic & Policy Outlook
This week’s primary focus will be corporate earnings rather than economic data, as investors assess whether strong profit growth can continue supporting historically elevated equity valuations. Markets will closely examine management commentary regarding artificial intelligence investment, consumer demand, labor costs, and the outlook for the second half of 2026.
Although geopolitical risks remain elevated, recent economic data continue to point toward a resilient U.S. economy. Strong consumer spending, moderating inflation, and stable labor market conditions have reinforced expectations that economic expansion can continue even amid heightened global uncertainty. Investors will also continue monitoring Federal Reserve communications for additional clues regarding the timing of future monetary policy decisions.

The Final Word
Markets continue to demonstrate that earnings growth remains the dominant driver of equity performance. While geopolitical events may generate short-term volatility, sustainable corporate profits, resilient economic fundamentals, and continued innovation—particularly in artificial intelligence—remain the foundation of the current bull market. This week’s earnings reports will provide the next major test of whether those fundamentals remain strong enough to support further gains.

Economic Data:
•Canada Consumer Price Index YoY: fell to 2.80%, compared to 3.23% last month.
•Canada Consumer Price Index MoM: fell to -0.12%, compared to 0.42% last month.
•Canada Core Consumer Price Index MoM: rose to 0.32%, compared to 0.26% last month.
•Canada Inflation Rate: fell to 2.80% from 3.23% last month.

Eurozone Summary:
•Stoxx 600: closed at 639.60, fell 1.93 points or 0.30%.
•FTSE 100: closed at 10,524.76, fell 75.61 points or 0.71%.
•DAX Index: closed at 24,846.69, up 15.71 points or 0.06%.

Wall Street Summary:
•Dow Jones Industrial Average: closed at 51,839.26, down 307.16 points or 0.59%
•S&P 500: closed at 7,443.28, down 14.41 points or 0.19%.
•Nasdaq Composite: closed at 25,508.07, down 12.17 points or 0.05%.
•Birling Capital Puerto Rico Stock Index: closed at 4,983.15, down 81.26 points or 1.60%.
•Birling Capital U.S. Bank Index: closed at 10,277.74, down 128.44 points or 1.23%.
•U.S. Treasury 10-year note: closed at 4.60%.
•U.S. Treasury 2-year note: closed at 4.21%.

20/07/2026

July 20, 2026


The Debt Illusion: Three Nations, Three Very Different Truths

We are pleased to share our latest Think Strategically column: "Think Strategically: The Debt Illusion: Three Nations, Three Very Different Truths", published weekly in WJournal Puerto Rico and The Caribbean, powered by El Vocero Newspaper.

Key takeaways from this edition:
•The FOMB wasn't Congress's first choice. Puerto Rico requested access to Chapter 9 bankruptcy (Pierluisi's H.R. 870, Feb. 2015); Congress instead passed PROMESA in 2016, creating a more interventionist Oversight Board.

•The restructuring, by the numbers: PROMESA cut Puerto Rico's bonded debt from $70B to $34B — a 51.4% haircut — and brought the debt-to-GNP ratio down from 93% to 67%.

•Three nations, three different debt stories: the U.S. (123% of GDP) has no forcing mechanism but reserve-currency backing; Singapore (175%) owes the debt to itself, so it's a non-issue; Puerto Rico's headline 67% looks the healthiest of the three — until pensions are added.

•The pension crisis changes everything. Puerto Rico's unfunded pension liability adds roughly 73 points to GNP, pushing the real combined burden to approximately 140% — worse than the U.S. and closer to Greece or Athens/Rome territory.

•The global ranking is misleading. At 67%, Puerto Rico wouldn't crack the world's top 10 debtors — but those ranking measures debt size, not risk, and hide the unresolved pension liability.

•Three independent indicators agree the economy is decelerating: the PR Planning Board, the FOMB's own projections, and the monthly Economic Activity Index all show slowing or contracting growth, with a brief "recovery" (Oct. 2025–Jan. 2026) proving to be a mirage before four more months of contraction.

•Ending the FOMB is a legal test, not a political one. PROMESA Section 209 requires (1) four consecutive balanced budgets under modified accrual accounting, and (2) reasonable access to credit markets.

•Puerto Rico now has two of the four required balanced budgets (certified in June 2025 and June 2026), with a narrower technical dispute over the FY2026 closeout still pending.
The real bottleneck is audits, not politics. Puerto Rico's audited financials are running about three years behind — meaning even a "balanced" budget can't be formally confirmed until years after the fact.

•Realistic timeline: the nominal fourth balanced budget could land by 2029, but formal certification of the Board's exit is more likely a 2031–2032 event given the audit backlog.

•The takeaway: Puerto Rico solved its debt crisis but not its pension crisis, and the same institution demanding fiscal discipline from the government can't yet prove its own numbers on time.

•You can read the full report by clicking here:
https://birlingcapital.com/publications/TS.TheDebtIllusion.ThreeNationsThreeVeryDifferentTruths.pdf https://birlingcapital.com/publications/

•To read the article,@ click here:
https://www.wjournalpr.com/opinion/think-strategically-the-debt-illusion-three-nations-three-very-different-truths/article_19b7bf38-4e3a-4498-bf80-d201d7fa49c6.html

As always, I welcome your thoughts.

Francisco Rodríguez-Castro
President & CEO
Birling Capital Advisors, LLC

18/07/2026

18 de julio de 2026

Hoy compartimos nuestro análisis más reciente en la serie Disruptalidades©: "PROMESA a diez años: Lo que se ha logrado, lo que falta y cómo evitar que Puerto Rico vuelva a la quiebra"; una versión editada de la misma se publicó hoy en el periódico El Vocero.

Este no es un balance más de la Ley PROMESA. Es un ejercicio que conecta el presente con un precedente que la mayoría ha olvidado: el Informe Tobin de 1975, que advirtió con una precisión casi profética sobre la insostenibilidad de la deuda pública de Puerto Rico, cuarenta años antes de que la crisis fiscal obligara al Congreso a actuar. La lección central del artículo es simple y urgente: las señales tempranas deben atenderse antes de que se conviertan en crisis, no después.

En el análisis abordo tres frentes:

1. Lo que se ha resuelto — incluyendo la reestructuración de más de $72,000 millones en deuda de bonos y $50,000 millones en pasivos pensionarios, con el matiz importante de que más de $15,000 millones de esos bonos estaban en manos de inversionistas locales, no solo de fondos especializados.

2. Lo que sigue sin resolverse — un sistema de pensiones aún subfinanciado, una infraestructura energética estancada, una crisis de gobernanza dentro de la propia Junta de Supervisión, y seis retos estructurales que Birling Capital identifica como frenos persistentes al crecimiento.

3. Cómo evitar que la historia se repita — cinco líneas de acción concretas, inspiradas en el modelo que dejó Nueva York tras la crisis fiscal de 1975: instituciones locales permanentes de vigilancia fiscal que sobrevivan el fin de PROMESA, en lugar de depender de una junta externa cuya propia estabilidad está hoy en entredicho.

La ventana para que Puerto Rico construya esa disciplina institucional, mientras la Junta todavía ejerce presión disciplinaria externa, se está cerrando. Este artículo explica por qué y qué hay que hacer al respecto.

•Para leer el reporte completo, pulse aquí:https://birlingcapital.com/publications/Promesaa10anos.Loquesehalogradoloquefalta.pdf

•Para leer la versión publicada en El Vocero, pulse aquí:https://www.elvocero.com/economia/promesa-deja-estabilidad-fiscal-pero-persisten-riesgos-en-la-isla/article_39861cff-e67e-43d5-a0c9-a97a7c040e1e.html

Quedo a la disposición de todos para conversar sobre cualquiera de los puntos planteados.

Atentamente,

Francisco Rodriguez-Castro, CHFP, CSBI
Presidente & CEO