2004 – Page 135

Monetary authorities have reportedly discovered a previously undisclosed financial “hole” at the Banco Mercantil to the tune of RD$2.4 billion. This new amount would increase the total sum of missing funds at Mercantil to RD$8.9 billion. According to Emilio Ortiz of El Nacional, the recent discovery is causing the new owners, the Republic Bank of …

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Bear Stearns lowered the bond rating for the Dominican Republic because of doubts as to whether payment deadlines can be met when they fall due later this month. According to the report in El Caribe, the fact that the country has not managed to renew the IMF agreements has made the local situation worse, and …

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United States Ambassador Hans Hertell, speaking at the Fourth of July celebrations at the US Embassy in Santo Domingo, said that the United States will always be there for the Dominican Republic in its struggle to obtain a working democracy. Hertell pointed out that corruption is one of the great barriers to an effective democracy. …

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Investigative reporter German Marte of Hoy newspaper reports that there is a million-peso business being conducted at a supposed “consulate” operating in the San Carlos section of Santo Domingo. According to the reporter, hundreds of people arrive every weekend at the employment agency, where they pay RD$3,100 to apply for jobs in Europe. If employment …

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Young Brian Sanchez Grullon scored perfect 100s in his exams and garnered a Presidential certificate for “Outstanding Academic Excellence” in the United States. Sanchez Grullon, a public school student in Brooklyn, received perfect scores in Math, English, and Science. The award came as part of the President’s Educational Awards Program in recognition of outstanding scholastic …

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Two-time world champion, Dominican Felix Sanchez won his 37th consecutive victory during the MGK-Vis Golden Gala, the second of this summer’s six TDK Golden League meetings. The race took place in Rome’s Olympic stadium on Friday 2 July and marked the anniversary of the last time Sanchez was defeated, by Dai Tamesue of Japan in …

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President Hipolito Mejia has changed his mind again and now says he will submit a tax reform package if the PLD economic team does not do so in time to make the 15 July deadline in Congress. ?I have a commitment with the IMF,? said Mejia. Fulfilling commitments signed with the IMF has not been …

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Economists convened by the National Young Entrepreneurs? Association (ANJE) for a workshop to gather recommendations to solve the dilemma of the quasi-fiscal debt concluded yesterday that if measures to restrain the issuance of Central Bank savings certificates are not enacted, the quasi-fiscal debt could surpass RD$120 billion by December 2004. Diario Libre reports that the …

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Customs Department Director Alexis Henriquez said that the 5% tax on exports still has one week to go, as it expires on 6 July ? not on 1 July as was reported yesterday. Henriquez said the law came into effect on 6 January and therefore its six-month period expires next Tuesday.

President Mejia said yesterday he will not convene the National Council of Magistrates, the body that appoints the Supreme Court justices, as has been rumored. The unofficial word was that the council would be convened by the PPH-PRD majority Senate to replace judges of retirement age with judges who are more compliant to the outgoing …

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