2003 – Page 85

Scotiabank announced last week that it will proceed with the purchase of 39 branches and the hiring of 460 employees of the intervened Baninter, a move that will make the Canadian institution the fifth largest private bank in the country. Peter Cardinal, Scotiabank’s executive vice-president for Latin America, said, “This announcement underscores our ongoing commitment …

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The largest earthquake in recent memory shook the northern half of the Dominican Republic early this morning. Experts had been saying that the Cibao and northern regions of the Dominican Republic were due for such an event after around 50 years of accumulating energy. The big quake occurred at 12:45am and registered 6.5 on the …

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DR1 members posted on the message board to inform that the supermarkets in Santiago and Puerto Plata, and other towns of the Cibao, suffered major losses from broken glass due to the collapse of shelves. These businesses were closed as management and insurance companies move in to evaluate the damages and clean up. The Hospital …

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Hans Dannenberg, director of the Puerto Plata Hotel Association, told CDN Radio that this morning’s earthquake mostly affected lamps and television sets that fell to the floor. He commended the tourists who grouped in hotel lobby areas, and the tour operators’ reps who arrived shortly after the shake. He said some tourists staying in second- …

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The Monetary Board postponed until 31 October the authorization for hard currency generators to sell directly to the market. The Monetary Board says that by October, the Exchange Ruling that will regulate exchange operations should be approved, eliminating any existing privileges. On 27 May the Monetary Board had authorized companies generating foreign exchange to sell …

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El Caribe shows two approaches to the problems of Union Fenosa (UF) and the power distributors (EDEs). The common thread, however, is that even with the government takeover of the electric distribution, consumers will not see a reduction in their bills. George Reinoso, the Superintendent of Power, says that service and client care will improve, …

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Bernardo Vega, former ambassador to the United States and former Central Bank governor, writes in today’s El Caribe that the Dominican government’s re-acquisition of the electrical distributors would only bring more blackouts, fiscal deficits, foreign debts and expenditures in hard currency, with fewer soft loans from international organizations. He says that the credit extended by …

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PRD president Hatuey De Camps and the party’s secretary-general Rafael Subervi Bonilla have called for a plebiscite on 12 October to gauge whether or not the party members favor the issue of presidential re-election. The party is calling on its 1.6 million members to cooperate with their secretary for elections. The plebiscite will contain one …

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Headlines from the Listin Diario and El Caribe today bemoan a deteriorating diplomatic situation resulting from Venezuelan President Hugo Chavez’ accusation of a coup attempt being coordinated from Dominican soil. President Hipolito Mejia has repeatedly refuted any such accusations, but the Chavez administration has insisted the allegations are true. From Spain, Mejia sent instructions to …

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