1998News

Government overspending affects business sector

The government overspending in December is one of the main reasons for the informal devaluation of the Dominican peso. The National Budget execution figures for December reveal that the government spent RD$813.59 million on Christmas bonuses alone. The government gave full Christmas bonuses to everyone on its payroll. The Fernández administration had given government employees …
1998News

Sports agreements signed

The Dominican Republic signed six bilateral sports agreements with Latin American nations. Ministers of sports and deputy ministers from Latin America, Portugal and Spain were in Santo Domingo for the IV Ordinary General Assembly of the Iberoamerican Sports Council (CID). The D.R. signed agreements with Portugal (organization of sports events), Argentina (boxing), Peru (volleyball), Costa …
1998News

Burri and leading banks seek to capitalize CDE

Five financial groups, head by Ernest Burri, former president of the Compañía Dominicana de Teléfonos (Codetel), the largest telecommunications company in the country, have formed a consortium to capitalize and privatize the Corporación Dominicana de Electricidad (CDE), the state electricity utility. The Consorcio Ecoenergético Dominicana is made up by the Grupo Financiero Popular, Intercontinental, Gerencial …