http://dr1.com/trade en-us N/A robert@dr1.com Fri, 29 Aug 2008 19:11:13 EDT 20 http://dr1.com/trade/articles/776/1/Falcondo-closing/Page1.html The Swiss-British company Xstrata has announced the temporary closing of its nickel plant Falcondo. The company says that its costs have risen due to escalating petroleum prices at a time when the market prices for nickel has declined. Falcondo, located 80 kilometers from Santo Domingo, in Bonao, will continue maintenance and reparation projects during the temporary closing. The company will also switch from petroleum to coal-based energy use, said Ian Pearce, Xstrata company spokesman. He said that only 10% of the jobs will be cut. Falcondo presently employs 1,800 workers.

19 August 2008 - DR1 Daily News
]]> no@spam.com (Lu Olivero) Wed, 20 Aug 2008 14:10:48 EDT http://dr1.com/trade/articles/776/1/Falcondo-closing/Page1.html http://dr1.com/trade/articles/769/1/Deficit-on-the-rise/Page1.html
14 August 2008 - DR1 Daily News
]]> no@spam.com (Lu Olivero) Thu, 14 Aug 2008 16:03:45 EDT http://dr1.com/trade/articles/769/1/Deficit-on-the-rise/Page1.html http://dr1.com/trade/articles/771/1/Economic-secrets/Page1.html Economist Miguel Ceara-Hatton of the United Nations Human Development Office estimates the deficit of the central government at RD$52.7 billion during 2008, to which the quasi-fiscal deficit (of the Central Bank) would have to be added bringing this to RD$75 billion. Ceara-Hatton recalls that the government on several occasions has said that the public finances are balanced.
Clave newspaper says that the lack of transparency has spread to the Central Bank. As of 12 August, the Central Bank had only published a report for the first quarter of 2008 and the definitive for 2007. The Central Bank website indicates that the updates would be available at most 45 days after the period expired.

14 August 2008 - DR1 Daily News
]]> no@spam.com (Lu Olivero) Thu, 14 Aug 2008 16:03:16 EDT http://dr1.com/trade/articles/771/1/Economic-secrets/Page1.html http://dr1.com/trade/articles/770/1/Marranzini-on-dollarization/Page1.html
14 August 2008 - DR1 Daily News
]]> no@spam.com (Lu Olivero) Thu, 14 Aug 2008 16:02:40 EDT http://dr1.com/trade/articles/770/1/Marranzini-on-dollarization/Page1.html http://dr1.com/trade/articles/768/1/Textile-exports-are-down/Page1.html According to the latest report from the Major Shippers Report, the Dominican Republic exported 180.7 million square meters of apparel to the US market during the first half of the year, a 12.7% decrease from a year ago. (Costa Rica also registered a loss of 21.7%).
The report also states that on a worldwide level there was a 3.84% fall in volume and a 4% drop is value in the textile trade. Of the countries associated with the DR-CAFTA agreement, only Honduras, El Salvador and Nicaragua increased their textile exports. Of interest to the sector is the fact that the report states that China faced increasing workers' demands for higher wages, and saw their volume and value fall, although by only 7% and 6% respectively.

13 August 2008 - DR1 Daily News
]]> no@spam.com (Lu Olivero) Thu, 14 Aug 2008 16:00:17 EDT http://dr1.com/trade/articles/768/1/Textile-exports-are-down/Page1.html http://dr1.com/trade/articles/767/1/Inflation-up-162/Page1.html http://www.bancentral.gov.do/publicaciones_economicas/cipcm/cipcm2008-07.pdf

13 August 2008 - DR1 Daily News
]]> no@spam.com (Lu Olivero) Thu, 14 Aug 2008 15:59:40 EDT http://dr1.com/trade/articles/767/1/Inflation-up-162/Page1.html http://dr1.com/trade/articles/766/1/Supplementary-budget-approved/Page1.html The Chamber of Deputies fast-tracked the approval for the supplementary budget in time for the 16 August inaugural ceremonies. Members of the opposition PRD party were not in the chamber and there was a vote against from the bloc of PRSC deputies, but their presence made the needed quorum to pass the bill. The approved legislation now goes to the Executive Branch for signing and publication.

13 August 2008 - DR1 Daily News
]]> no@spam.com (Lu Olivero) Thu, 14 Aug 2008 15:51:44 EDT http://dr1.com/trade/articles/766/1/Supplementary-budget-approved/Page1.html http://dr1.com/trade/articles/765/1/Fiscal-surplus-needed/Page1.html Bernardo Vega comments in Hoy on what needs to be tackled to avoid serious balance of payment problems and the depreciation of the peso. Vega concludes a devaluation will be avoided only if the government can achieve a budgetary surplus. He blamed the strong budgetary deficit on the re-election campaign overspending. He called for transparency. He complained that the government is keeping a secret the deficit numbers, that previously were published on the Ministry of Hacienda website.
Vega said the government is taking a big risk by counting on a continued decline in imported oil and food prices. He said that if that does not happen, the budgetary deficit would have to be met by the government printing money. He explained the country is before a situation of rising costs and volume of imports, while foreign exchange receipts have not kept the same pace.

12 August 2008 - DR1 Daily News

]]> no@spam.com (Lu Olivero) Thu, 14 Aug 2008 15:50:20 EDT http://dr1.com/trade/articles/765/1/Fiscal-surplus-needed/Page1.html http://dr1.com/trade/articles/763/1/Excuses-delay-negotiations/Page1.html Celebration of the recent Dominican Presidential elections is the latest excuse as to why a free trade agreement between Taiwan and the DR hasn't been signed. Taiwanese Vice economic Minister Eric Chiang says that Dominican officials blamed the presidential elections for limiting time for negotiations between both countries. This is not the first time Dominican authorities have failed to continue trade talks, which originally began in 2006. Taiwanese officials say that Dominican officials say they want to prioritize trade talks with Mexico and Canada. Chiang claims that some in the Dominican business sector rejected an agreement with Taiwan because it would affect business. Bilateral trade totaled US$415.19 million last year, with only US$55.7 million Dominican exports to Taiwan. Taiwan argues that it could be the port of entry for Dominican products to Asia, including Continental China. Chiang says Taiwan has already signed FTAs with Panama, Nicaragua, Guatemala, Honduras and El Salvador.
According to former Taiwanese ambassador in the DR Eduardo Chen, the rejection by the business sector was key in paralyzing the bilateral trade talks. Taiwanese authorities say that recently the parties met with a view to reinitiating the process. Chiang says it is likely that talks will resume after Taiwanese President Ma Ying-Jeou visits the country for President Leonel Fernandez's 16 August inaugural.
www.dr1.com/trade/categories/Trading-Partners/Asia/Taiwan/

08 August 2008 - DR1 Daily News
]]> no@spam.com (Lu Olivero) Tue, 12 Aug 2008 13:55:38 EDT http://dr1.com/trade/articles/763/1/Excuses-delay-negotiations/Page1.html http://dr1.com/trade/articles/761/1/Moving-towards-the-dollar/Page1.html Hacienda Minister Vicente Bengoa believes that the dollarization of the Dominican economy is a distinct possibility. The minister, speaking to reporters after a meeting at Congress, explained that the Dominican economy is practically dollarized. "Everyone thinks in dollars," Bengoa said. He explained that when someone goes to buy an apartment, the sale and the contract are calculated in dollars, as is the sale of cars or the import/export of goods and services. The Minister said that contracts are based on dollars. "Considering this, I would imagine the only thing left is for the dollar to circulate as legal tender instead of the peso." Bengoa's comments aren't far from truth as some establishments have already begun to mark their items with US dollar prices and accept dollars for the purchase of these items. However, for full dollarization, the Constitution would have to be reformed. ]]> no@spam.com (Lu Olivero) Fri, 08 Aug 2008 14:14:12 EDT http://dr1.com/trade/articles/761/1/Moving-towards-the-dollar/Page1.html