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Improving the lighting in Santo Domingo Santo Domingo Mayor Roberto Salcedo said that the illumination of city streets will have the same priority as garbage collection. He said that work has begun replacing bulbs and repairing underground systems on the Malecon (Av. George Washington) and Avenida del Puerto (Av. Francisco Alberto Caamaño Deño). The work will continue on 27 de Febrero, Winston Churchill avenues moving on to other of the principal thoroughfares of the104-square kilometer capital city. |
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US$25 million+ to issue social security cards The hidden costs of the new nationwide medical and pension plan system are now coming to the surface. El Caribe newspaper reports the implementation of the cards alone for the Social Security system could cost more than US$25 million. The Consejo Nacional de Seguridad Social (CNSS) is studying proposals from companies interested in issuing the ID card for an estimated eight million affiliates. The system is based on Law 87-01. The new system, effective in November, would exclude foreigners residing illegally in the Dominican Republic from social security benefits, although emergency services would continue to be available to these. |
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24% interest on power company loans to affiliates El Caribe reports that the leading executive of Union Fenosa traveled to the DR at the request of the Embassy of Spain. The Embassy was concerned for cost padding within the accounting practices of the Edenorte and Edesur power distributors in the Dominican Republic, local affiliates of the Spanish company. El Caribe points out that among the irregularities is the lending from an affiliated company - in US currency - at a 24% interest rate. According to the newspaper, the meeting with President Hipolito Mejia and the leading executive was tense. The Spanish company trades on the Spanish bourse, and is not interested in a scandal regarding its operations in Santo Domingo. The newspaper says that if the matter goes to international arbitrage these practices would be in the open. El Caribe says that Union Fenosa would like to crucify Cross (Julio Cross is the Superintendent of Power), an honest and capable government officer. Cross oversaw the preparation and eventual passing of the new power regulations that are to go into effect on 1 September, and take from the distributors their present absolute power over consumers. The power distributors have requested revisions. President Mejia sent the ruling to the National Power Commission for review. |
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Peace Corps director visits Gaddi Vasquez, director of the Peace Corps, visited the Dominican Republic yesterday as part of the US government organization’s 40th year anniversary celebrations. The Peace Corps began operations in the Dominican Republic in 1962. Over the years, some 3,600 young adult volunteers in their 20s and 30s have volunteered for two years to live and work to help with development, small business, health and education projects. Some 130 are working in the DR at the present time. The program costs the US government US$3 million a year. Vasquez told the press that after the 11 September events, applications to serve in the Peace Corps have increased 17%. During his visit, he met with President Hipolito Mejia and Vice President Milagros Ortiz Bosch. |
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Carvajal insists on managing dump Santo Domingo North Mayor Daniel Lois Carvajal insists on his right to manage the Duquesa waste disposal site. He accepted President Mejia’s decision that the dump belongs to all the municipalities that make up the former area of the National District. The National District was split, and now the mayor of the municipality where it is geographically located, Santo Domingo North, claims the right to operate the landfill. We accept the suggestion of President Mejia, says Carvajal. He said that at no time has he banned other municipalities from using the site. But he said that his people could operate the landfill at a much lower cost. He says it could be operated for RD$4 million per month, instead of the RD$6 million paid to Doamsa for the service. Carvajal said that a final decision would be reached when the five mayors meet with Santo Domingo city mayor Roberto Salcedo. |
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9% more in petroleum tax revenues The government reaped 9% more in taxes during the first semester of this year when compared to the same period last year. Ministry of Finance data shows that the government received RD$3.9 billion or RD$325.6 million more than RD$3.7 billion collected for the first half of 2001. |
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Banks favor change in commission management The president of the Association of Commercial Banks, Jose Manuel Lopez Valdez favors the Monetary Board measure that passed to the Customs Department at the Dominican air and maritime ports the application of the exchange commission on transactions. In the past all exchange transactions were penalized with the 4.75% duty. Now only the import of goods at ports will pay this tax. Services will now be exempt. The measure comes at a time when the government seeks to relieve the upward pressures that are causing a run on the dollar. |
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Dollar breaks RD$19 to US$1 mark It’s good news for travelers to the Dominican Republic and those living in the DR that have US income. Some exchange houses yesterday were paying RD$19 to the US$1. This is the first time the peso falls so low. News reports say that commercial banks were paying RD$18.22 on the dollar yesterday. According to the Central Bank, the rate is RD$18.52 for buying and RD$18.73 for selling. This is up 10 points when compared to the Friday rate. So far this year, the dollar has devaluated 9%. Yesterday alone, the peso was said to have lost more than 30 centavos. While the government backed the peso in past months, the monetary authorities are now allowing it to float. |
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Placer Dome update Placer Dome announced it has launched a feasibility study on the Pueblo Viejo gold deposit in the Dominican Republic and hopes to reach a decision on whether or not to exploit the mine in two years. Following the ratification of its Special Lease Agreement by the Congress of the DR, Placer Dome has an initial four-year period in which to reach a production decision, during which time it must spend US$10 million. Based on publicly available data, a preliminary estimate of the scope of the project envisions annual gold production of 400,000 ounces using conventional and bioleach processing and a workforce of 350 to 450 employees, subject to feasibility. The government has placed the potential exploitable sulphide resource at over 14 million ounces of gold, which holds the potential for a 33-year mine life. Under the terms of the agreement, the Dominican Republic would receive a combination of a net smelter return, a net profits interest and corporate taxes based on varying profit levels. The Pueblo Viejo site presents an existing environmental challenge in the form of acid rock drainage from past operations. The oxide portions of the deposit were mined between 1979 and 1999, producing 5 million ounces of gold and 22 million ounces of silver. The DR remains responsible for all historic environmental liabilities while Placer Dome will assume responsibility for environmental effects resulting from its operations. This situation is of concern to environmentalists in the Dominican Republic given the negative track record of the company abroad. In the Philippines the company literally walked away after a company in which it had 40% ownership and managed caused a major environmental damage endangering the lives of hundreds. See http://www.moles.org/ and http://www.probeinternational.org Placer Dome President and CEO Jay Taylor is optimistic the company will fare better in the Dominican Republic. He calls the Placer Dome lease a win-win situation for the company and the country. “For an attractive cost of entry we have access to a high-grade resource with a very high potential for development. The Dominican Republic receives the benefit of an environmentally responsible operator who will work in partnership to create economic benefits,” he announced. |
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Hok and Ellerbe Becket vie for Quisqueya redesign Two US companies based in Kansas City are the contenders for the contract to redesign the Quisqueya Ball Park and make it a world-class facility. Ellerbe Becket and HOK seek to win the contract. A Dominican engineering firm, Dimsa has been awarded the construction contract. According to a report in the Listin Diario, Dimsa executives will travel to Kansas City to learn more about the companies. Ellerbe is behind the redesign of the stadiums for the Seattle Mariners, Atlanta Braves and Diamondbacks. HOK is responsible for Turner Field (Atlanta Braves) and BankOne Ballpark (Arizona Diamondbacks). See http://www.ellerbebecket.com HOK, the second largest architectural firm in the world, has designed parks for the Baltimore Orioles, San Diego Padres, St. Louis Cardinals, Houston Astrodome, Phillies Ballpark, Detroit Tigers, San Francisco Giants, among others. See http://www.hok.com Reviewing the company bids are Jose Daniel Calzada, Dominican Baseball Commissioner; Leonardo Matos Berrido, president of the Dominican Winter Baseball League; Junior Noboa, sports advisor to the President, and Roberto Torres, assistant to the Minister of Public Works. |
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