2003 – Page 278

Political kingpin of the East Amable Aristy Castro has been unanimously re-elected as secretary general of the Dominican Municipal League (LMD) for another four years. The Mejia government had given carte blanche to the PRSC to select the candidate and Aristy was appointed to the post in an internal election. The LMD provided an all-expenses-paid …

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The opening of a large warehouse operated by Super Products Company in Hunts Point, New York is making it possible for Dominican produce exporters to attempt to penetrate the ethnic market of New York City. For years, this effort has remained in the planning stages, with disagreements among the competing grocery stores in New York …

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The president of the Dominican Association of Industries, Lisandro Macarrulla, in an interview with Hoy newspaper, says the high interest rates on loans given in pesos and the high cost of power are the two major obstacles to doing profitable business in the Dominican Republic.  Macarrulla said that Dominican businesses cannot sustain the high interest …

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TV journalist Huchi Lora expressed his concern that the media in the Dominican Republic is controlled by too few hands. He said this should be regulated as it is in more developed countries, referring to the example of the United States, where no person is allowed to simultaneously own multiple newspapers, TV channels, radio stations …

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The ?guilas Cibae?as are up three games to zero over Leones del Escogido after kicking off the Championship round of the Dominican Winter League Season on Friday. The winner of the series will represent the Dominican Republic in the Caribbean World Series beginning next week in Carolina, Puerto Rico. The ?guilas came out on top …

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President Hipolito Mejia announced during the Government Council meeting that the governmental bank Banreservas has received a US$597,660,000 transfer of the US$600-million sovereign bond placement money. The difference is attributable to the commission for the placement.  Diario Libre reports that 70 percent of the bonds were placed in the United States and 30 percent in …

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Bond: 9.04 Interest and matures in 1/23/13 MOODY?S Outlook: Stable Long term Foreign Bank Deposits: Ba3 Long term current debt: Ba2 Local Currency Current Issuer Rating: Ba2 Foreign Currency Current Issuer Rating: Ba2 Foreign Currency Long term debt: Ba2 STANDARD AND POOR?S Outlook: Stable Foreign Currency Long term debt: BB- Local Currency Long term debt: …

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In return for the RD$22.5 billion generated by the sovereign bond issuance, Dominican taxpayers will owe a sum of RD$75 billion ? a figure that does not take into account any future peso devaluations and almost equals the government budget for 2003 of RD$83 billion. The phenomenon of using sovereign bonds as a financing mechanism …

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?The sovereign bonds are here,? said President Hipolito Mejia to a Cadena de Noticia reporter?s question regarding whether the Games cost more than budgeted and whether he will cover any discrepancy. As reported in El Caribe, the President said: ?If more money is needed, there will be more money.? Meanwhile, the newspaper reports that a …

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As of Friday morning, the Euro was being traded at US$1.076725 in the world markets and yet the Central Bank of the Dominican Republic is maintaining exchange rates that make the Euro considerably less attractive. The Central Bank?s rate for the Euro currently stands at RD$17.41, while the US Dollar is being traded at RD$22.50. …

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