3. Puerto Ricans have been hit with dozens of new taxes in the past four years and increases in utility bills as former Gov. Alejandro Garcia Padilla aimed to generate more revenue for a government he said was running out of money. Despite those and other measures, the island’s government has defaulted on millions of dollars’ worth of bond payments and declared a state of emergency at several agencies.
4. As supporters kept streaming toward the Capitol building, one yelled out, “Today, a new Puerto Rico begins!” to the cheers of others, including those holding U.S. flags.
3. Brands with the most to make up for in 2015:Volkswagen, whose stale product line depressed sales by 11%, thereby delaying Ferdinand Piech’s plans for global supremacy, and Volvo, down 17%, which has yet to make any progress under its Chinese owner.
4. Newly launched Eleven James is bringing collaborative consumption to men’s watches. With a membership program offering access to a curated collection of high-end watches, Eleven James is extending the membership model that has previously been associated with private jets, luxury cars and vacation homes. Beyond the watches, members are enrolled in a dedicated loyalty program which includes a concierge service, access to partner benefits and unique experiences like watch-themed events. Sounds a little bit like men’s watches meet a Net Jets experience? Founder Randy Brandoff has deep experience in luxury marketing, having previously served as the Senior Vice President and Chief Marketing Officer of Net Jets and the Executive Vice President and Chief Marketing Officer of Marquis Jets. Combining his expertise with a watch industry that’s grown year over year and a business model that’s proven successful in other markets, it looks like Eleven James could be hitting the market at just the right time.
2. In an effort to protect China's role in the global economy as a manufacturing hub, the central bank devalued the currency in August, in the biggest drop in decades. Later in the year, after the International Monetary Fund added the renminbi to its group of global reserve currencies, the value of the currency fell further, possibly reflecting capital outflows.