2007 – Page 47

Fitch Ratings have given the Dominican Republic’s Banco de Reservas a short-term risk rating of F-1, which reflects the highest capacity of on-time payments of financial obligations. And for long term payments the rating was A+ for it low credit risk. Both ratings are based on the recent improvements in earnings indicators over a broad …

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The First Gastronomic Macadamia Festival has honored twelve Dominican companies and institutions for their support for macadamia production, which also helps the country’s reforestation. Banco Popular, Supermercados Nacional, Bravo and La Cadena, Mercatodo, Rancho Baiguate, Reposteria Miguelina, La Cuchara de Madera, Melia Santo Domingo and Melia Paradisus hotels, the Dominican Agro-Industrial Council (JAD) and the …

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All told, Juan Luis Guerra accounted for seven – count them – seven awards at the Latin Grammys. Guerra was awarded the Person of the Year award, and won six Grammys, according to Diario Libre. Guerra’s “La llave de mi corazon” (The key to my heart) won Album of the Year, Song of the Year, …

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In last night’s address to the nation, President Leonel Fernandez outlined an RD$8 billion National Recovery Plan for the damage caused by Tropical Storm Noel. Last week’s storm mainly affected rural areas away from the main cities and tourist areas. The plan focuses on reconstruction of housing, roads, schools, bridges, irrigation channels, aqueducts and electricity …

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As is often the case, Fernandez’s speech, and his plan, received a mixed response. Jorge Subero Isa, president of the Supreme Court felt that Fernandez’s speech was positive and is quoted in Diario Libre as saying that he hoped that the promises would be fulfilled. These sentiments were echoed by Monsignor Ramon Benito Angeles, who …

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The majority block of the ruling PLD in Congress and its allies have approved the emergency bill for the emission of RD$5 billion in bonds for use towards reconstruction in the wake of Tropical Storm Noel. The bonds issue was scheduled at the last minute. The PLD legislators passed the new loan in the absence …

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The Construction and Housing Cluster, sponsored by the National Competitiveness Council, is proposing the construction of low-cost dwellings nationwide. The cluster wants to build 5,000 dwellings at a cost of RD$300,000-RD$400,000 in a record time period. These rapid building methods enable the construction of a four-story building in just 14 days. Engineer Fernando Abreu, president …

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The US is sending medical preparedness and training exercise teams to the DR. They are scheduled to arrive today to support Dominican government efforts helping flood victims in vulnerable areas, now that most people have been evacuated to safe ground. As of 8 November, the US government had provided US$1.4 million in immediate aid to …

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The Ministry of Environment has announced that as of tomorrow the extraction of gravel and sand from the country’s rivers will be illegal. Hoy writes that companies that extract gravel from rivers have until 10 February 2008 to remove their equipment from the rivers. Companies that extract gravel include Grupo Modetso, Ernesto Lora, Agregados Consolidados …

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Hoy is reporting that the DR is developing an expanded tourism model that seeks to attract non-traditional markets and bring high-yield tourists to the country, complementing the present mass market tourism all-inclusive resorts model. Isabel Vasquez, director of the promotion department at the Tourism Ministry, said that the ministry is working closely with the private …

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