2001 – Page 81

The Senate passed a bill that bans the use of mobile phones while driving. Studies have shown that driver distraction has caused several accidents. The bill, nevertheless, allows for hands free mobile phone conversations. A maximum penalty of 25% of minimum salary is established, or RD$854 right now. The bill is pending the signature of …

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The Senate passed in a first reading the bill that creates the legal framework for the electricity sector. The framework for the electricity sector was debated in Congress for eight years, as interested parties fought for advantages. The senators passed the bill with the advantages to private companies the deputies recently incorporated. Seventeen of 24 …

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The government is investing in projects to produce energy, improve transmission lines and expand the electricity service for RD$4,664.8 million, El Siglo reports. The Dominican electrical authority (CDE) is developing new transmission lines and substations, installing 163 new megawatts in hydroelectric projects, and has approved 65 rural electrification projects for RD$60 million. It will also …

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Economist Andres Dauhajre, upon whom the government has entrusted the placement of US$500 million in sovereign bonds, said the issuing of the bonds would be postponed for September. He said that the Argentine and Brazilian economic crisis have raised the probable interest rate cost of a Dominican bond placement.

Banker Andres Aybar Baez, president of the American Chamber of Commerce, said that the private sector is borrowing less this year than last year. He said despite interest rates having dropped six points in the past semester, borrowing has not resumed to previous levels. He urged the government to take measures to reactivate investor confidence. …

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More than one million credit cards have been issued to residents in the DR. The issuing of credit cards is probably the most profitable chapter in Dominican banking. Credit card financing is probably the most expensive for consumers, as a 7% interest rate is normal in the system. And until now, banks were allowed to …

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El Caribe newspaper focuses today on the government deal with private investors for the construction of the 720 apartments that will be used as the athletes village for the 2003 Pan American Games. El Caribe concludes the deal is a win-win situation for both the state and the developers. According to the report, the government …

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A surprise operation, Plan Centella, held to confiscate illegally held weapons caused major traffic upheavals causing around two hour delays in people getting to work on Monday nationwide. OMSA buses and minibuses were allowed to go through, but private vehicles were searched as the Police and military sought to create a psychological effect against crime, …

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Ignacio Mendez, president of the Federation of Industrial Associations, criticized the surprise operation carried out by the military to clamp down on illegal gun possession. Mendez said that the decision to frisk vehicles on Monday morning increased production costs when thousands of people were caught in the bottlenecks. He said normal company purchases and sales …

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