2004 – Page 34

Divers are charging as much as RD$7,000 to recover a body from the very high surf off the North Coast, west of Luperon, where a stolen sailboat reportedly capsized and took the lives of most of its around 40 passengers. According to El Caribe and the Listin Diario, these local rescue teams operate with little …

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A preliminary draft of the letter of intent to resume the stand-by arrangement with the International Monetary Fund commits the government to perform a second fiscal reform in June 2005, which would require congressional approval by October 2005. The reform would encompass a gradual elimination of the exchange surcharge, a reduction of taxes on financial …

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The Department of Customs announced that, in coordination with the new authorities at the Dominican Institute of Telecommunications (Indotel), they will implement certain mechanisms to assess taxes owed for the irregular import of mobile phones in the past. Miguel Cocco, as the Customs director, said that millions of pesos in official revenue were evaded with …

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President Leonel Fernandez said yesterday that the 25% tax on corn syrup imports should be eliminated to avoid becoming an obstacle to the free trade agreement with the United States. Fernandez was speaking at the Dialogue Work Shop for the Preparation of the Strategy and Agenda of the Electronic Government 2005-2008 that is taking place …

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The Chamber of Deputies yesterday approved the second reading of the bill that would increase the wages of public employees by 30% and bring the minimum wage on the government payroll to RD$4,000 per month. While the wage increase in the private sector will benefit only those who earn less than RD$20,000 a month, the …

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The PRD-majority Senate has voted to replace another of its members. The new senator-elect is Roberto Rodriguez, who although elected to the Senate in 2002 to represent the province of El Seibo chose not to accept the seat because the government post he occupied as director of the nationwide aqueducts department was presumably more convenient. …

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Diario Libre reports today that the local affiliate of the AES Corporation has sold its shares in the AES Ede-Este power distribution company to TCW Energy Advisors, LLC. The newspaper describes the firm as one of the largest holding companies in the world and speculates that this could have implications for the DR’s sovereignty. TCW …

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While supermarkets were adjusting their prices upwards on a daily basis when the peso was losing value against the US dollar, the reverse has happened now that the peso has appreciated and, for the most part, the elevated prices are being maintained. But as supermarkets vie to attract consumers by being the store with the …

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The director of the National Budget Office (Onapres) said that the government expects an average exchange rate of between RD$27-RD$31 to the US dollar for next year. Ruben Pena stated that they had used a rate of RD$37.50 for next year’s national budget in order to gauge income and spending and to have a buffer …

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News reports say that only ten of the presumed 40 illegal boat travelers were rescued yesterday after their boat went adrift while attempting to reach Miami, Florida. The boat left the DR from Luperon, in the western part of the province of Puerto Plata on the North Coast. Most of the ill-fated travelers were from …

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