2003 – Page 34

All clients of Segna, the insurance company intervened by the Insurance Superintendence this week, are being instructed to insure their properties with alternative insurance companies. Their policies will be canceled on the last day of this month, and clients should seek any payments due to them before that date, including those with pre-paid policies. Meanwhile, …

Read more…

The president of state oil refinery Refidomsa, Amaury Justo Duarte, warned that fuel prices would be increased at the weekend as a result of global oil price rises and the fall of the peso against the US dollar. A barrel of crude has gone up by 4.5% to US$33.28, while the dollar-peso rate now stands …

Read more…

The propane gas depot which exploded last week in the Santo Domingo residential district of Villas Agricolas has been closed down. The capital’s municipal authorities responded to pleas from the local community and ordered that the depot be shut down. A committee to evaluate the situation has been established. Last week’s gas tanker explosion caused …

Read more…

There are reports that the domestic (propane) gas shortage has reared its head once more. Yesterday, most propane supply depots were closed, affecting many households dependent on the fuel, and public transport drivers who have converted their vehicles to run on this cheaper alternative to gasoline. The few depots that were open for business were …

Read more…

With the dollar at RD$41 to RD$1, the papers continue to focus on the toll this is taking on the consumer. Diario Libre reports that family budgets have been completely altered by the price rises. Chicken prices have crossed the RD$30-per-lb mark and in some supermarkets is selling for almost RD$34. The newspaper focuses on …

Read more…

Following the Senate’s approval of the controversial 5% tax on export goods, the export sector has decided to suspend its voluntary fixed-rate monthly contributions to the government. The business community had agreed to make the contributions on 8 November, but now claims that the 5% tax goes against their agreement with the government, and that …

Read more…

The Listin Diario reports that the next legislative stage to impose the 5% tax on exports could be difficult. The Chamber of Deputies could pose a challenge to the controversial surcharge with the stiff opposition of PLD and PRSC deputies, as well as a PRD faction opposed to the levy. PLD spokesman Teodoro Reyes said …

Read more…

The Insurance Superintendence announced yesterday that insurance company Segna, originally part of the ailing Bancredito group, is to be dissolved. Rafael Santos Badia, insurance superintendent, assured that all clients’ funds would be guaranteed. The decision was made because the company has debts of RD$2 billion and a deficit of RD$1.2 billion, according to a government …

Read more…

The timing of the talks with the United States aimed at securing a regional free trade agreement in conjunction with the Central American nations could be disadvantageous for the Dominican Republic, warned economists from CIECA (Caribbean Center for Economic Research), in a report in Listin Diario. Miguel Ceara Hatton, Pavel Isa Contreras and Federico Cuello …

Read more…

El Caribe newspaper reports that the capital city is facing a serious shortage of funds. Inflation has reduced the value of its RD$680-million budget, of which 90% currently goes to refuse collection and salaries for its 4,700 municipal employees. Mayor Roberto Salcedo told the newspaper that some of these costs used to be covered by …

Read more…