1996 – Page 47

The administration of the new Gigantes del Nordeste (San Francisco de Macoris) baseball team has assured its participation in the 1996-97 professional winter season by giving the league a check for RD$5,000,000, the last step required by the league’s administration. “With the payment of this deposit, the Gigantes have completed all requirements to become the …

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The European Union has prepared a proposal for a free trade agreement with Mexico. Negotiations towards this end are scheduled to commence in October. The pact is expected to be signed in 1997. Negotiations are said to move along swiftly as Europe is anxious to correct the drop in exports to Mexico. These declined by …

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Engineers Amilcar Romero, administrator of the Corporación Dominicana de Electricidad (CDE) and Temístocles Montás, a renowned energy expert, and a member of the transition team from the Partido de la Liberación Dominicana (PLD), have agreed on the importance of Congress passing the Ley General de Electricidad, the bill that would provide the legal framework for …

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The president of the Asociación de Industrias, the organization that groups industries in the country, Celso Marranzini, joined the opposition to the proposed sale of 30 million meters of land by the State Sugar Council (CEA) on the eastern bank of the Ozama River, adjacent to the Ave. Charles De Gaulle extension. President Balaguer had …

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President elect Leonel Fernandez Reyna said that the Dominican foreign service will be subject to restructuring. “We have spoken of the need for the Dominican Republic to become part of the globalization phenomenon and that will necessarily imply a process of modernizing our foreign service,” he said.

On Saturday, 6 July, President Balaguer opened the Complejo Hidroeléctrico Río Blanco, a mega hydroelectric complex, built at a cost of R$1,536 million. The combination of three dams can generate up to 25,000 kilowatts of electricity when at full capacity. The dams are in the Cordillera Central mountains on the Río Blanco, Arroyo Tireito and …

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McDonald’s, a U.S. hamburger cafeteria chain will open in Santo Domingo this November. The initial investment is estimated as above US$850,000 and includes the cost of purchasing the franchise. McDonald’s will open three cafeterias in its first year. According to a news story in the Listin Diario, the McDonald Corporation feels this country could become …

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The Foreign Investment Law, expected to be a strong support to economic reform in the country, which was approved more than a year ago, could finally go into effect. The president of the Asociación de Empresas de Inversión Extranjera told the press last week that work is advancing on the merging of the rulings suggested …

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Coffee prices on the world markets are up, due to the expectations of a freezing weather in Brazil. World market prices have increased to US$121 per 100 pounds, four points more than last week. The increases could benefit Dominican coffee exports that stand at 550 thousand bags per annum, generating US$65 million dollars last year. …

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The newspaper Hoy has reported that President-elect Leonel Fernández could rely on a trio of economic advisors. The body would be made up of two Dominican advisors and a third, a foreigner with experience in restructuring and modernization in the economies of Latin America. The foreign member would not have to be permanently resident in …

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