Aug 15, 2018

Some Puerto Ricans spent 11 months without power

Tourists in Old San Juan in April. Photo: Jose Jimenez/Getty Images

After 11 months, the last residential customers of the Puerto Rico Electric Power Authority are being reconnected. But the island's electricity system isn't in much better condition than it was before Maria cut power to every home and business, the N.Y. Times' Frances Robles reports from Ponce, P.R.

The big picture: After $3.2 billion, 52,000 new electrical poles and 6,000 miles of wire, "many billions of dollars more must still be spent to reconstruct the system." And José Ortiz, the new chief executive of the power authority, known as Prepa, "estimates that up to one-quarter of the work done hurriedly to illuminate Puerto Rico after the storm will have to be redone."

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Special report: Health care workers vs. coronavirus

Photo Illustration: Sarah Grillo/Axios. Photos: Angela Weiss/AFP via Getty Images, Bruce Bennett/Getty Images, and Europa Press News/Europa Press via Getty Images

Health care workers are at an especially high risk of catching the coronavirus, because of their prolonged exposure to patients who have it. Making matters worse, the U.S. doesn't have enough of the protective equipment, like masks and gloves, that keeps them safe.

  • And yet these workers, with loved ones of their own, keep showing up at hospitals across the country, knowing that more Americans than they can possibly care for are depending on them.

Backed by the Fed, bond investors get bullish

Illustration: Sarah Grillo/Axios

The Fed's massive injections of liquidity have reopened much of the bond market, and after back-to-back weeks in which more than $100 billion flowed out of bond funds, investors have regained their bearings and now see opportunity.

What's happening: But after the hemorrhaging outflows relented last week, bulls may now be sticking their heads out a bit too far. Junk bond funds took in more than $7 billion for the week ended April 1, according to Refinitiv Lipper, setting a new weekly record.

What top CEOs fear telling America about the coronavirus shutdown

Illustration: Eniola Odetunde/Axios

Top CEOs, in private conversations and pleas to President Trump, are warning of economic catastrophe if America doesn't begin planning for a phased return to work as soon as May, corporate leaders tell Axios.

Why it matters: The CEOs say massive numbers of companies, big and small, could go under if business and government don't start urgent talks about ways groups of workers can return.