2004 – Page 228

Adriano Miguel Tejada speculates today in Diario Libre that the surprising appointment of two new members to the National Council of Magistrates, the body responsible for in turn appointing judges to the Supreme Court, is likely to be politically motivated. He speculates that the move is suspect by some who believe the plan could be …

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Bankers Alejandro Grullon (Banco Popular) and Luis Molina Achecar (BHD) warned yesterday that the Central Bank’s announced plan to increase interest rates from 34% to 45-50% on its savings deposits will have an immediate effect on the cost of borrowing money in the country. Grullon told Hoy newspaper that in the coming days there would …

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Franco Uccelli of Bear Stearns speculates that the DR payment on the PDIs may not be made on time, and that the Mejia administration may resort to the grace period again to strategize its nearly-due bond payments. In a communique today, Uccelli, who follows the DR market for the Wall Street firm, explains that the …

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According to the February Gallup poll conducted nationwide, 86.1% of the Dominican population believes its economic situation is worse today than when President Mejia took office in August 2000. Only 6.2% say they are better off today, while 7.8% say their situation is the same. Of the low-wage earners, 86.9% say they are worse off, …

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The Gallup poll showed that 70.5% of the Dominican population doubts the Mejia administration will be able to significantly lower the exchange rate. Only 22% believes the exchange rate will drop. The cynics even include 44.7% of those who described themselves as supporters of the PRD government, while 70.3% of those who back the PRSC …

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US Ambassador Hans Hertell took aim at President Hipolito Mejia in his speech yesterday at the luncheon of the American Chamber of Commerce. Hertell addressed matters such as democracy as conceived by Dominican founding father Duarte, the use of power for reasons other than the wellbeing of the public, the importance of Dominican institutions and …

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According to Hoy reporter Fior Gil, the governmental Corporacion Dominicana de Empresas Electricas Estatales (CDEEE) is losing in excess of RD$3 billion a year. CDEEE vice-president Cesar Sanchez confirmed this news, saying that a 10-year plan that would entail an investment of RD$2.5 billion is needed to resolve the issue. The money would be used …

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The Corporacion Dominicana de Empresas Electricas Estatales (CDEEE) has announced the opening of a public tender to select a firm to establish a fiber-optic network in the Dominican Republic. The CDEEE said that it has carried out the technical and feasibility studies for the project and invited firms to prequalify for the tender. The prequalification …

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With only two days left in the legislative session, the Chamber of Deputies ratified US$200.1 million in new loans yesterday. The sessions, nevertheless, resume on 27 February. These credits, previously approved by the Senate, survived the Chamber session and the resistance of the PLD deputies, who declared through their spokesperson, Teodoro Reyes, that “Hipolito Mejia …

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The government-intervened Listin Diario reports today that the Monetary Board continued to support the demonetization policy currently in effect by authorizing the Central Bank to place or renew investment certificates with the public at interest rates of 45% or 50%, depending on the length of the contract. The new measure allows for the renewal of …

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