2005 – Page 156

President Leonel Fernandez referred to Venezuela’s experience when he suggested that constitutional reform in the DR could include the possibility of revoking elected officials in a plebiscite or referendum. This could extend to the President, as well as to members of congress and mayors. The President was speaking at the opening of an international seminar …

Read more…

A Canadian company, Sociedad Canadiense Santo Domingo Re-Development, Ltd. has been awarded the concession contract authorizing it to start building an artificial island off the shore along Ave. George Washington (the Malecon) in Santo Domingo, a project with an estimated cost of US$450 million. The contract establishes that the government will receive 5% of the …

Read more…

The dredging and reconstruction of the port in Santo Domingo will allow cruise ships and large liners to dock again at the harbor within seven months. They had been suspended for several years. Diario Libre reports that Jorge Suncar, spokesman for Inversiones Turisticas Sans Souci said that the area would be converted into a sort …

Read more…

One hundred 12-storey residential buildings with a total of 1,000 apartments will make up the real estate portion of the revitalization and expansion of the Santo Domingo port project, which will also include a 200-room business hotel. El Caribe reports on statements by Jorge Suncar, public relations director of the project, who explained that the …

Read more…

The Director of the Tax Department (DGII), Juan Hernadez has announced that his department’s anti-evasion plan has added 10,000 VAT (ITBIS) payers between January and May this year, which has increased the income from this tax by 47%, according to Diario Libre. Hernandez made his statement during a meeting with the directors of the National …

Read more…

Only 4.4% of private banks’ clients receives 85% of loans issued, whereas 95% of the clientele receives 4% Banking Superintendent, Rafael Camilo told Hoy newspaper in an interview today. This data reflects the level of concentration of wealth and income in the country. In 2004, loans were made to 46,451 clients out of which 44,418 …

Read more…

The Ministry of Environment has released findings of a July 2002-2004 survey, DR Hotel Sector Environmental Diagnosis that puts the pressure on the hotel industry to step up investment in environmental conservation matters. El Caribe newspaper reports findings of the survey that showed that out of 140 hotels surveyed by the Ministry of Environment in …

Read more…

According to El Caribe, the Senate has approved its priority agenda yesterday, including bills such as the Civil Code, the Consumer Defense Law, and others, yet not including the Dominican Republic – Central American Free Trade Agreement (DR-CAFTA) with the US. Senators have made the approval of the treaty conditional on the passing of compensatory …

Read more…

The International Monetary Fund (IMF) is demanding that the government establish a defined expense plan to avoid deviations from what is already programmed. The government’s economic team is discussing two alternatives with the IMF: the negotiation of a new expense goal or the substitution of expense increases with the reduction of expenses in other areas. …

Read more…

UK Ambassador Andy Ashcroft has said that British companies are showing a lot of interest in investing in the country due to the stability that is evident in the Dominican economy. According to Listin Diario, Ashcroft said that the country’s international credit rating has improved, which sends an important message to UK investors and companies …

Read more…