President Leonel Fernandez announced that the DR will propose exchanging foreign debt in return for fulfilling the millennium objectives during the XV Ibero-American Summit which begins tomorrow in Salamanca, Spain, just before departing on Iberia flight 6500 together with First Lady Margarita Cedeno de Fernandez, Chief Military Aide Major General Ramon Aquino Garcia, and Presidency Press Director Rafael Nunez. Diario Libre reports that Fernandez also informed that he would be attending a meeting in Seville after the summit, with the Presidents of Central America and Mexican President Vicente Fox, to discuss petroleum-related issues. The President is anticipating a Mexican proposal for supplying oil. During his stay in Spain, Fernandez will also meet with potential investors interested in the energy and tourism sectors.
According to Listin Diario, Fernandez stated that he expects the country to obtain good results in terms of oil during his meeting with Fox, and denied he will be meeting with the Haitian Prime Minister. He understands that during the meeting with Fox, Mexico will be making proposals relating to oil and energy facilities for Central American countries and the DR.
El Caribe observes that this is the President's 16th trip abroad during this term. Also traveling with the President are the Director of the National Library, Diomedes Nunez, the President of the National Private Business Council, Elena Viyella de Paliza, the Ministers of Foreign Relations and Education, Carlos Morales Troncoso and Alejandrina German. The President's agenda includes the circulation of a book called "Pentagonism, Substitute to Imperialism" and the swearing in of a Consulting Committee of Dominicans living in Spain. He will also hold bilateral meetings with several Latin American Presidents.
During a visit to the President of the Senate yesterday, the president of the Dominican Petroleum Refinery (REFIDOMSA) asked Congress to revise the contracts signed by SHELL and the Dominican State. Aristides Fernandez Zucco believes that the contract, which was signed 36 years ago, must be revised to adjust it to the present times. He said the contract was obsolete.
Fernandez Zucco also informed that REFIDOMSA and SHELL have agreed to approve the 50,000 barrels of oil per day within the Petro-Caribbean Agreement framework, which he said would begin on 12 November 2005.
President Leonel Fernandez has appointed Ruben Jimenez Bichara as Director of the Industrial Promotion Corporation, as a replacement for Ramon Rodriguez, who in turn was appointed Assistant General Administrator of Banco de Reservas. Rodriguez replaces Augusto Vargas, who resigned, and is one of the main PLD leaders in Santiago.
EdeNorte electricity distribution company is spending almost one million pesos a month on the salaries of six technicians - five Peruvians and one Dominican. Diario Libre obtained copies of their contracts, according to which Marco Portocarrero Rodriguez earns RD$210,000 per month as the company's logistics manager. Daniel Ascencio Angulo earns RD$150,000 as commercialization advisor and specialist, and Juan Jose Carhuarupay earns RD$150,000 plus RD$69,000 in per diems, acting as specialist in reorganization of industrial clients. Walter Quispe Ferrel earns RD$180,000 as specialist in energy loss, whereas Eric Baca Sanchez earns RD$210,000 as sales and telecommunications manager. In contrast, Dominican technician Omar Eduardo Alba Hernandez, who works in the circuit technical recovery program, earns RD$58,000 per month.
Assistant Director of the Migration Department, Victor Soto, was arrested last night on suspicion of involvement in the fraudulent passport case, after nine hours of questioning at the Attorney General's department. He was questioned by assistant AGs Frank Soto and Bolivar Sanchez and joint DA Luis Gonzalez, according to a report in Diario Libre. Hours prior to his arrest, Migration Department director Carlos Amarante Baret had announced his suspension during a press conference. Soto is a member of PLD and was in charge of the Department of Certifications and Haitian Affairs. He has also served as council member and Deputy, the latter during the 1998-2002 term. Others suspended from the Migration Department are Lieutenant Colonel Francisco Romer Lopez, who was in charge of investigations, and retired captain Eugenio Dario Diaz Fajardo, in charge of the Consular Section. Amarante Baret warned that he will fire anyone found to be involved in the case as this "mafia" has done a lot of harm to the country.
Listin Diario learned that Soto claims he has nothing to hide and will always tell the truth. The official is said to have helped a friend with air tickets, which ended up being for a group of people who traveled to Europe with official passports obtained irregularly. Listin Diario also learned that the owners of the travel agency that sold the tickets have already been questioned at the Attorney General's Department. Also, the files for 800 passports issued by the Ministry of Foreign Relations have been taken to the AG department for investigation.
Temple University professor Rosario Espinal has urged Dominicans to concentrate their energies on demanding substantial changes in the way the country is governed, and better living conditions for all, that instead of playing at politics. Writing in Wednesday's Hoy newspaper, she says that there is a widespread epidemic of discredit for politicians that bases itself on a perverse glee over failure. "The failure of each government is seen as a social conquest," she says. But she goes on to highlight that "the government's failure is the nation's failure, because it impoverishes many of its citizens, while government officials and politicians, even despite the adversities, end up enriching themselves and receiving protection from their own adversaries, who look the other way so as to preserve the corrupt systems that benefit them all. She called for a significant change in the way the country is governed, saying that if this does not happen, each new generation of politicians will never be able to resolve the country's problems either. "Critical activism is an inherent part of democracy and needs to be preserved. But the liberty that democracy grants should not be used up to wait for the failure of each government and vote for the next, because without government successes the ones who suffer the most are the citizens, not the politicians nor their courtesans," she writes in Hoy newspaper.
The President of the American Chamber of Commerce's Legal Committee, Mary Fernandez, explained that several bills must be passed in Congress before DR-CAFTA comes into effect, in order for the country to benefit from the agreement. Diario Libre reports that the bills aim to achieve the most transparent commercial exchange between the nations for the benefit of all participants. Among the bills that AmCham would like to see ratified are several international treaties which have been signed by the DR, the approval of the commercial arbitration law, and the modification of law 173-66 on protection of importers of commodities and products. AmCham President Kevin Manning, who is also the President of ITABO electric generating company, said that the sector is willing to discuss the renegotiation of IPP contracts with the government (see DR1 Daily News 12 October 2005), but that there were elements that needed to be clarified such as the US$400 million the government owes the generating companies. Manning favors the promotion of alternative energy sources, such as hydroelectric and wind generators, as a way of reducing costs.
El Caribe reports that Manning spoke to the press after visiting the President of the Chamber of Deputies, Alfredo Pacheco, together with AmCham Vice President William Malamud, and Mary Fernandez.
A consultancy panel of the World Trade Organization (WTO) is studying a complaint filed by Costa Rica on 12 September, stating that the application of the 13% exchange rate commission affects their imports to the DR, as reported in Listin Diario. According to the WTO webpage, there are three cases concerning the DR's trade activities with Honduras and Costa Rica: two are related to the application of a 2% tariff on the imports of cigarettes from Honduras and this one about the exchange rate commission.
Monetary authorities are attributing the increase in the foreign exchange rate to a "bubble" of apprehension and speculation, whereas representatives from the financial sector say it is the result of the higher demands placed by importers wanting to replace their inventories before December. Yesterday, the US dollar was selling for RD$33.50 and RD$33.80 on the exchange market and some agencies were selling at RD$34.00 to one, according to Diario Libre. Banks and exchange agencies also reported that the currency was scarce. There are no monetary, macro-economic, fiscal or structural reasons for the increase, according to Central Bank governor Hector Valdez Albizu. Both Albizu and Finance Minister Vicente Bengoa agreed that some press media are devoting excessive attention to information regarding foreign exchange, creating apprehension for economic agents.
Listin Diario adds that transcactions under US$5,000 in the exchange market were being done at RD$33.80. That included credit cards. Transactions above that amount were being done at RD$34.00 to one. The Central Bank reported that yesterday, the average exchange rate fluctuated between a maximum of RD$33.00 and a minimum of RD$32.80. The Euro was being sold in commercial banks at between RD$39.00 and RD$40.00, and was being bought at RD$38.65.
A merger between Falconbridge and Inco has been announced by the Boards of Directors of both companies. The new global company will by based in Canada. The definite agreement, whereby Inco will purchase all Falconbridge's circulating stock, prior to the approval of all shareholders, will be called Inco Limited. The announcement was made by Derek Pannell, President and CEO of Falconbridge Limited, who said that the merger would allow for excellent positioning in an extremely competitive world industry. The new company will be much larger and more solid, and will become the main nickel and the eighth copper producer worldwide, stated Pannel. The merger will convert the new company into one of the leading mining and metals companies in the world, with operations in four continents. It will also include business in zinc and aluminum. The Public Relations Director for Falconbridge Dominicana, Luis Rosario, said that Falconbridge subsidiaries, such as the local branch, are not expected to change names and will continue operating normally as it is a company that was constituted and is ruled by Dominican law.
TRICOM has announced it is implementing an energy project which will allow it to produce direct current to operate telecommunications equipment. The project is based on hydrogen, according to a report in Diario Libre. This energy solution is being implemented in Lomas de las Petacas, Bahoruco Province, as that location does not have a mains electricity supply and their operation depends on diesel generators which are difficult to keep running due to the site's inaccessibility. Valeriano Valerio, vice president of Engineering and Operations, said that this hydrogen solution guarantees the operation of equipment for 72 hours without an external electricity supply, and contributes to saving energy in the country.
The Director of the Dominican Telecommunications Institute (INDOTEL) has stated that the new 829 area code will come into use on 1 November 2005, for wireless and conventional communication. During a press conference, Jose Rafael Vargas said that the new code is going to be implemented because the current 809 code is not sufficient to handle all numbers. The manner in which the new code is to be assigned was not disclosed.
The Autofuturo 2006 car fair will take place from the 20th to the 23rd of October in the Ferreteria Americana parking area. During the fair, new 2006 models will be offered at introductory prices and 2005 models will be on sale. It will be open from 10:00 am to 11:00 pm. The leading concession firms will be participating in the fair. Buyers will have the best financing rates at their disposal through Banco de Reservas, Banco Caribe and Banco Leon.
Cinemateca Dominicana has been showing a cycle of films called "100 years, 100 movies: Hollywood Memoirs", which it has decided to extend until 26 October 2005. The cinema had chosen 28 films for the original cycle and now a further 28 films will be screened. "Psycho" and "The Silence of the Lambs" will be showing tonight at 6:00 and 8:00 pm. Other films showing this weekend are "The Graduate", "The Godfather" parts I and II. All are considered classics of world cinema.
JLo's participation in the Presidente Latin Music Festival has become the entertainment news of the day. The actress and singer of Puerto Rican origin, Jennifer Lopez, will share 'moments of fame" with her husband Marc Anthony on the opening night of the festival. Her performance is said to be two songs, or approximately five minutes, at US$10,000 the minute. As of last Tuesday, 11 October 2005, over 50,000 tickets had been sold. Last August, when Marc Anthony was announced as one of the festival's main attractions, information leaked that he had requested white rose-petals - a known whim of JLo's - as part of his accommodation requirements. Marc Anthony's performance will close the show on the first night of the festival.
The organizers said that the rains will not stop the performances.
The forecast is for rains throughout the weekend, so those attending the Presidente Latin Music Festival should go prepared. DR1 Weather & Beyond's Current Weather thread explains that the soft penetrating rain will continue for a few days yet. The thread explains that the main problem continues to be heavy rain with abundant moisture being advected over this island, and neighboring Puerto Rico and Virgin Islands. The forecast for next week is not much better. Nevertheless, there will be some sunny spots starting to appear from Saturday onwards.
See http://dr1.com/forums/showthread.php?t=40978&page=15
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