2003 – Page 302

The Ministry of Finance, in an advertisement in today?s newspapers, states that the government is fulfilling its commitments under the Pact for Stability and Economic Development signed with National Council of Business (CONEP) in December 2002. In signing the pact, the government agreed not to increase any taxes without consultation with the business sectors. With …

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El Caribe highlights that imports were dwindling long before the presidential decision to impose the 10-percent surcharge on all imports not classified as raw materials, food, medicines or capital goods. As more pesos were needed to purchase a dollar, importers began buying fewer goods abroad, in anticipation of a decline in demand occasioned by the …

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President Hipolito Mejia and the president of the PRD political party, Hatuey de Camps, have said that they will file a lawsuit against the two drug enforcement agents who maintain that they were illegally transferred in 1996 after uncovering a drug-trafficking ring involving Dominicans and the former leader of the PRD, the late Jose Francisco …

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Now that a judge has ruled in favor of disgruntled neighbors and ordered the demolition of a 10-storey apartment building that was irregularly constructed in a Naco neighborhood, El Millon neighbors feel they have a stronger case. The El Millon neighbors object to the construction of a three-storey building in a single family home area …

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The Ministry of Tourism announced that the Sixth International Golf Travel Market (IGTM) will take place in the Dominican Republic from 8 to 11 December 2003. The event, organized by Reed Travel Exhibitions, will be held at the Barcel? B?varo Resort Convention Center. ”The Dominican Republic is delighted to host IGTM 2003 and invites all …

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Hotel occupancy averaged 80.8 percent in January, which is 26.3 percent more than the numbers for January 2002. The National Hotel & Restaurant Association statistics indicate that travel is definitely recovering in the Dominican Republic and forecasts, which do not take into account the possible effects of a war in the Middle East, are predicting …

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On Saturday 15 February it will be carnival time for Santo Domingo. 10 nights of merengue have been planned leading up to the closing parade on 2 March, in which 1,000 dance groups and 50 floats have registered their participation.  The National Carnival Commission will organize the Santo Domingo Carnival this year and sponsors include …

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The Sandcastle Building Contest is scheduled for the weekend of 14-15-16 February 2003 with prizes of RD$25,000 (1st), RD$10,000 (2nd) and RD$5,000 (3rd).  On Saturday from 10:30am to 3pm, the children?s competition will be held for sandcastle builders of up to 14 years of age. There will be live music, art exhibits and theater on …

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The 100-percent rise in the reserves of hard currencies required by the latest Monetary Board resolutions will make dollar transactions more expensive, according to Hector Linares of the Listin Diario. This will wither transactions of hard currencies, which accounted for nearly 50 percent of all ongoing loan transactions. Another factor likely to probably shrink the …

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If a person were to have US$50,000 deposited to a dollar savings account in the Dominican financial market at a hypothetical rate of 5 percent per annum, the money would earn in one year US$2,500.00, or, at an exchange of RD$60,000. However, if that money were to be exchanged to Dominican pesos at a rate …

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