2005 – Page 246

The Dominican Association of Administrators of Pension Funds (ADAFP) and the National Council for Social Security reported yesterday separately that pension fund money can only be invested where there is security, guarantees and ensured profitability of the investment, conditions that the metro does not meet. The Superintendent of the Stock Exchange, Haivanjoe Ng Cortinas on …

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Secretary of the Presidency Danilo Medina told Hoy newspaper said that the government of Brazil and a private bank have approved US$296 million in financing for the Santo Domingo Metro. Medina said that President Fernandez has wanted to build the metro since his past government.

President Leonel Fernandez vetoed and returned to the Senate the bill that modifies the Electoral Law and sets new guidelines for distributing taxpayer money to support political parties. In his statement, President Fernandez criticized that the funds be allotted indiscriminately to any party that obtained at least 5% of the electoral vote. In the past, …

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Secretary of the Presidency Danilo Medina said that the government is negotiating the installation of two power plants that are in operation in the state of Virginia, in the US, as reported in the Listin Diario. He said the power plants would produce 1.2 megawatts that would be sold at RD$0.04 the kWh down from …

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The RD$220 million remodeling of the Chamber of Deputies and Senate has become a major headache for those in charge of protocol. As reported in Hoy newspaper, the seating in the National Assembly where both legislative houses gather has been reduced from 1,200 to 681 because large seats have been installed. The reduction affects the …

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Child Safe Products, the US contractor for the controversial construction of 115 mult-iuse covered sports installations and other works, says they have completed the installation of 68 of the facilities nationwide. The company was awarded a US$56.9 million loan from the All First Bank of Baltimore, with the guarantee of the US export promotion agency …

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A legal dispute presented by Jose Michelen Stefan, who made headlines when he covertly left the DR after being accused of administrative corruption during the government of Salvador Jorge Blanco (1982-86), could affect plans by Globalia group to go ahead immediately with the construction of a 1,050 room resort in the environmentally fragile Park of …

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Mayor Roberto Salcedo is organizing the Congress of the City from 14-16 March. The event seeks to present alternatives for the long term planning of the city into 2015, and the development of a Strategic Plan for Santo Domingo. Mayor Salcedo has been visiting Dominican institutions to motivate participation in the event. Coming for the …

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RD$200 million is now available to the city of Santo Domingo for the remodeling of the Duarte Avenue commercial venue and the construction of a four-level underground parking below Enriquillo Park, announced Public Works Minister Freddy Perez and Santo Domingo Mayor Roberto Salcedo. The works will take 14 months and include the installation of Chinatown …

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Public Works Minister Freddy Perez backs the construction of tall buildings anywhere in the city, with the sole exception of the Colonial City. The city government is discussing a project for zoning that would enable the construction of tall towers in previously banned areas. Yesterday, neighborhood groups from Bella Vista, Renacimiento, Costa Verde, Las Praderas …

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