2005 – Page 150

The Presidente Latin Music Festival is held every two years in Santo Domingo and the next is scheduled for mid-October. To date, confirmed singers include Franco de Vita, Marc Anthony, Diego Torres, Julieta Venegas and Chayanne. This will be the first time de Vita, Diego Torres and Julieta Venegas will be presented at the festival …

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President Leonel Fernandez has commissioned the government’s economic team to study and evaluate a group of proposals together with the private sector and Congress, aimed at honing the productive system to the effects anticipated when the Dominican Republic – Central American Free Trade Agreement (DR-CAFTA) with the US comes into effect. They are to quantify …

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The Dominican and Canadian governments signed a Treaty on the Transfer of Prisoners at the Ministry of Foreign Relations in Santo Domingo yesterday. Secretary of the Presidency Danilo Medina made the announcement during a press conference. According to Diario Libre, the treaty will allow citizens of both countries who have been found guilty of a …

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Inter-American Development Bank (IDB) representative in the DR, Moises Pineda, urged Congress to approve international loan contracts for approximately US$300 million during a meeting with Senate and Chamber of Deputies presidents and government representatives. These loans are included in the agreement with the International Monetary Fund (IMF) and include US$5.6 million for the Superintendence of …

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The managers of electric distributors Edesur and Edenorte are blaming the 8 to 15-hour power outages that have been affecting a large part of the country over the past several weeks, on the heat wave, as reported in El Caribe. Ruben Bichara said that the heat wave has increased their purchase of energy by 38% …

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Approximately US$2 billion is the total foreign investment in more than 50 projects to be developed this year. They will generate 20,000 new jobs and increase the country’s exports according to Center for Export and Investment (CEI-RD) Executive Director Eddy Martinez Manzueta. Listin Diario reports that Martinez was the guest speaker at a breakfast hosted …

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The Central Bank announced that 10 capital and finance companies of international and national reputation presented their credentials last Monday to participate in the tender for the acquisition and/or operation of three packages of loan portfolios representing a total of US$150 million corresponding to the banks rescued from the crisis in 2003. The news appears …

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Daniel Toribio Marmolejos, general manager of Banco de Reservas, has announced that the assets for this financial institution reached a record level of RD$100 billion in June. This, he says, is unprecedented in the national financial system. In relative terms the increase was 26% when compared with September 2004. He said the growth in US …

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The president of the National Private Business Council (CONEP), Elena Viyella de Paliza, has informed that the national business sector is demanding the application of a development strategy that will allow the internal adjustments that the economy requires to reach reciprocity in the DR-CAFTA treaty with the US. The business sector is also suggesting the …

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Interest rates being paid by banks on deposits are reaching such a low level that economic agents could decide to transfer their funds into dollars. Clave Digital reports that the lower rates are a result of the Central Bank’s monetary policy. According to Central Bank statistics, interest rates on 90-day deposits was 8.80% but Clave …

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