1996 – Page 19

After President Leonel Fernandez received families from the impoverished areas known as Los Guandules and La Cienaga, and promised to improve their living conditions, the National Palace and its surroundings have turned into a place of protest for others in similar predicaments. Two days after the families from La Cienaga and Los Guandules were received, …

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The National Comptroller’s Office is currently conducting an audit of the Consejo Estatal del Azucar (CEA), whose new director Antonio Isa Conde says there could be “terrible things” found in the records under previous directors. He commented that many people “have abused the CEA”, referring to former administrators and employees. He told the hosts of …

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Early last week the Monetary and Financial Bill was approved. The bill was passed after 40 amendments were made to the original document. Among the amendments was one reducing the terms in office for the Central Bank governor and members of the Monetary Board from six to four years.

The creation of new free zone companies has decreased by 35%, because of the absence of a textile parity arrangement between the Dominican Republic and the United States. According to Eddy Martinez, executive director of the Asociación Dominicana de Zonas Francas (ADOZONA), only 25 free zone companies have been started during the first 8 months …

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By the second half of November, the Bank for Small Enterprise will open its doors, with RD$38 million in start-up capital. The bank has RD$14 million from the private sector and RD$16 million from the Fondo para el Financiamiento de la Microempresa, Inc. (FONDOMICRO) and the Interamerican Development Bank (IDB). The announcement was made by …

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According to a report by the economic consulting firm Despradel y Asociados (DASA), the imports of vehicles, electric appliances, alcoholic beverages, cigarettes, and other non-essential products totaled US$551 million in 1995. Imports of materials required for agriculture, cultural goods, and medicines were valued at US$170 million during the same period.

The price of unleaded fuel registered a RD$0.50 increase last week, due to the Iraq/United States conflict. ESSO and TEXACO managers, Juan Jose Gomez and Juan Velazquez, also said that the increase of international unleaded fuel prices affected imports made by the Refinería Dominicana de Petróleo (REFIDOMSA), which transfers the price increase onto the distributing …

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Victor Mendez Capellan, president of Remesas Vimenca-Western Union, revealed that the remittances of foreign currency by Dominicans living abroad reaches US$1,200 million annually. He added that such remittances are the second most important source of foreign currency after tourism.

Petroleum based fuel consumption during the period January-August 1996 increased by 7% when compared to the same period in 1995, according to the figures published by the Refinería Dominicana de Petróleo (REFIDOMSA). Last year, 14,959,900 barrels were consumed, while this year the figure is 15,999,200.

The mining company, Falconbridge Dominicana (FALCONDO), will export 68 million pounds of nickel this year, but it will sell at a lower price than last year. James Corrigan, president of FALCONDO, made the announcement and added that the increased price for petroleum is affecting the company’s production costs.