2001 – Page 61

Felix Sanchez was received as a national hero upon arriving in Santo Domingo yesterday morning after winning a gold medal in the 400-meter hurdles at the World Athletics Championships in Edmonton, Canada. Shortly after, he met President Hipolito Mejia at the National Palace. Sanchez placed his gold medal around President Mejia’s neck. Sanchez is the …

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Businessman Jorge Abbott criticized the lenience of the government for allowing foreign companies to violate the foreign investment law. He accuses the foreign companies of deducting the royalties they pay to themselves as an expense. He said the companies should pay taxes on these profits prior to taking the money out of the country. He …

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Compañia Nacional de Seguros (the owners of Tricom) announced their consolidation with the La Antillana, Transglobal and Magna insurance companies. Recently, La Universal de Seguros (Banco Popular group) merged with Seguros America and La Americana.

Diario Libre reports that the Minister of Industry and Commerce Hugo Guiliani Cury favors the creation of a National Council on Productivity that would define strategies to foster production and exports. He said the global opening up of trade does not mean increasing the number of imports. “Opening means that our internal prices need to …

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The Mejia government has guaranteed US$150 million to finance the purchase of new vehicles for taxi drivers. The decision was reached after the taxi unions agreed not to increase their fares or protest when fuel prices went up upon the passing of the Petroleum Bill. Oneximo Gonzalez, director of the Metropolitan Transport Authority, explained that …

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El Siglo reports that despite the considerable increase in taxes in January, government income has not met estimates set in the 2001 National Budget. Income has only increased 10% in the first six months of the year, significantly below the 16.4% increase during the first six months of 2000, when taxes were lower. The Customs …

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The Department of Customs has authorized a reduction of the Selective Tax on Consumption for vehicle imports. The exemption was raised to US$15,000, up from US$10,000. The decision comes after vehicle imports fell 60% in the first six months of this year compared to last year. The increase in the taxes, plus the start of …

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The Central Bank reports that inflation was 2.28% from January to July of this year. El Siglo says inflation in July was down 0.24% when compared to the previous month. The Central Bank is forecasting a year end inflation rate of 7-8%. Inflation for the past 12 months was 10.43%.

Farm rancher Luis Yanguela is demanding an apology from the government for the abuse of power by the police commander of San Francisco de Macoris. General Luis Martin Rodriguez Florimon arrested Yanguela supposedly for having defamed President Hipolito Mejia during a TV show. The arrest was in violation of the law because the police had …

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Nuria Piera, the Dominican Republic’s leading investigative reporter, showed proof on TV that the National Institute for Housing (INVI) issued RD$4 million in five checks made out to five low-ranking employees of the institution that were cashed by five high-ranking employees. On her Saturday TV show, Piera showed the five checks. She also alleged that …

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