2003 – Page 271

The Superintendence of Power announced it had authorized a 6.6% increase in power bills for April, to appear on May invoices. Resolution 24-2003 establishes a rate of RD$2.87 for the first 300 kWh consumed. The rate for consumption above that level is RD$4.05.  The government revises the power bill rates on a monthly basis. Indexes …

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Diario Libre reports that the Puerto Rican company that was handpicked by the Mejia government to build the Haina-Santiago railway has subcontracted an Indian company to carry out the construction. The Puerto Rican company had been allotted the US$325-million concession despite having zero experience in railway construction. The company?s ethics were further called into question …

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The National Department of Drug Control (DNCD) announced that it confiscated assets valued at RD$100 million and arrested Juan Antonio Flete and his Dominican wife, Lourdes Ivelisse Machuca. Flete holds dual nationalities, in the US and the DR, and the couple stands accused of money laundering, car theft, document forgery, tax evasion and illegal arms …

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The city government barred vehicular traffic from the Malecon on Sunday, from M?ximo Gomez to Calle Louis Pasteur, and thousands of Dominicans took advantage of the day. It was a time to play basketball, ride bicycles, skateboard, skate and fly kites along the strip. In the evening, Kinito Mendez, Los Toros Band, and Pavel Nu?ez …

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The Dominican Chamber of Insurance Companies (Cadoar) is concerned about the high rate of unresolved car thefts in the Dominican Republic. As reported in El Caribe, during 2002 there were 780 thefts reported, of which the police recovered only 111 vehicles, or 14.2%. The whereabouts of the other cars are unknown. 

Former governor of the Central Bank and ambassador in Washington, Bernardo Vega, presents arguments in an article in El Caribe today, writing that the International Monetary Fund estimates that from 2001 to 2002 the external shocks which affected the growth of tourism, remittances and exports cut revenues by US$1.9 billion. He argues that the country …

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Hoy newspaper reports that of the total national production of coffee of about 560,000 quintals last year, Dominicans consumed 90%. Producer Hector Jos? Rizek said that in 2002, exports totaled about 80,000 quintals and that he expects production this year to increase to 600,000.  Rizek also explained that cacao production yielded approximately 48,000 metric tons …

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Diario Libre reports that lending rates for personal loans have zoomed in recent months, with short-term personal loan rates of 36% considered normal. Interest rates in the Dominican Republic fluctuate, so people who could have contracted loans last year at 20% now need to pay much higher rates. Some consumer loans are at 40%, and …

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Pediatrician Armando Armenteros says that 70% of the government?s budget for health services in the border provinces is used to assist illegal Haitian aliens, as reported in Hoy newspaper. Armenteros spoke during a seminar sponsored by the Association of Journalists and Writers (ADPE), where he said that the situation is worsening because of the lack …

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In his first day on the job as the Central Bank?s new governor, Jose Lois Malkum told Hoy newspaper in an extensive interview published today that he favors opening the doors of banking in the DR to foreign invesmtent. Malkum feels the entrance of foreign players will bring internal competition and strengthen regulation mechanisms.  Otherwise, …

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