Caribbean Realty Investment Group

11/24/2007

Source: The Dominican Today

PEDERNALES.- "Where are you going at this hour? You should be asleep."It's six a.m. on a Saturday in Pedernales, a quiet, dusty town of 18,000 on the southwest coast of the Dominican Republic that joins Haiti via a gated footbridge over a chalky river. Sunrise is still another hour away, and the stars are clear and diamond-hard in a sky just beginning to lighten. A woman watches me from the shadows beyond the glow of an orange streetlamp, wrapped in a heavy printed dress, one hand on her hip, the other steadying the tightly packed bundle of clothing balanced on her head. She has a point, I think ? it's been a long time since I last saw this side of the dawn, and my eyes are still bleary with sleep ? but we both have our reasons. I'm going to Cabo Rojo, I tell her, and later to the famous Bahia de Las Aguilas ? the Bay of Eagles. She nods and gives a small hum of approval before moving silently off into the darkness. Former Peace Corps volunteer and ornithologist Kate Wallace is waiting for me in the central park by an SUV loaded with five-gallon bottles of water and camping equipment. Wallace will be spending the night on the beach along with thirty youth from Pedernales, Jimani, and Villa Jaragua and their Peace Corps leaders after a day of exploration, wilderness education and cleanup. The weekend-long event is a collaborative effort on the part of several non-governmental organizations and non-profit community groups aimed at teaching the young Dominicans to appreciate and protect this lush, diverse frontier at a time when their country's development relies heavily on tourism, but often at a higher social and environmental cost than the individual communities can bear. Pedernales is a place out of time ? a woman can walk alone in the dark, the streets are swept clean of trash, no car horns interrupt the cool, pre-dawn peace. Instead, roosters announce the hour as the youth begin to arrive, dragging their rolled sleeping bags and backpacks, silent with exhaustion until they see their friends and break off into small chattering groups on the park benches and concrete flower beds. Wallace, a petite, lively woman in her 60s, springs into action, distributing plastic cards with illustrations of indigenous wetland birds on them. The three Peace Corps volunteers who co-organized the event take attendance and compare notes on sleeping and eating arrangements. The youth are divided up into four groups and asked to introduce themselves to someone from another city; together they come up with group names like Old Guagua and We Don't Even Have Potatoes, and the cheer that will later echo back and forth between them: "Gimme, gimme!" "Take it, take it!" The sun is visible above the rooftops as we pile gear and people into the backs of two pickup trucks. Also with us are two Colombian volunteers from the Organization of American States, a Chilean couple who have recently arrived in Pedernales to work with Plan, an organization building Dominican-Haitian solidarity on the border, and interpreters from the Pedernales Association of Nature Guides (Aguinape). Our knees are driven into our chins as we bounce over ruts in the road out of town. "Gimme, gimme!" shouts a young man perched on the tailgate. "Take it, take it!" comes the reply from the other truck, then laughter. The mountains of the Sierra de Bahoruco stretch endlessly west to east, parallel with the highway, looking like the crumpled skin of an ancient serpent in the sharp relief of the morning light. Hundreds of yellow and white butterflies float up from the prickly underbrush alongside the road. By midday, the mountains will be little more than shadows crowned with the heavy rain clouds that have allowed a wetland to flourish in this most improbable of landscapes, where the desert falls suddenly into the Caribbean Sea. People would pay big money for this view, and the privilege of swimming in some of the cleanest, clearest, warmest waters in the world. Hotel developers are counting on it, and to an extent so are the people of the southwest, one of the poorest regions in the country. But organizations like Aguinape are worried that developing conventional tourism infrastructure could have disastrous consequences for this rare and fragile ecosystem. 28 species of indigenous birds can be found in the wetlands of Cabo Rojo. The surrounding desert is home to 12 species of iguana. Endangered sea turtles come to lay their eggs on the beaches of Cabo Rojo and the Bahia de Las Aguilas, and pelicans roost in the petrified coral cliffs along the coast. With large numbers of tourists come spinoff revenues for the host community, but also pollution, drugs, prostitution, and crime. Aguinape believes there is another way to develop Pedernales without destroying it, a way that will give the locals more control over the fate of their town and the amazing wilderness that envelopes it. It starts with the shell of an interpretive center set back from the water's edge at Cabo Rojo beach, our second stop of the morning after hearing a talk by Kate Wallace beside a mangrove pond. Crabs scuttle across the sand, distracting the students as an Aguinape interpreter tells them about the organization's vision for the center. Ideally, tourists will be able to drive or take motoconchos here from Pedernales, take a swim, talk to interpreters about the geography and history of the region, and get information on guided tours and sightseeing opportunities offered in the area's two massive national parks, Sierra de Bahoruco to the north and Jaragua to the south. This kind of tourism development is called eco-tourism, and it will necessitate the hiring and training of guides and park wardens, the repairing of roads, the construction of new hotels and restaurants in the town itself, and the expansion of the existing transportation infrastructure, all of which will mean Pedernales could prosper from its natural environment while ensuring its protection for future generations ? like the youth now examining seashells and wading at the water's edge. A breakfast of cheese and crackers and juice is served in the back of one of the trucks, and then it's time to go. The sun is climbing high now, and wisps of cloud are beginning to slide down the mountain slopes. Our next stop is the village of Las Cuevas de Jaragua, where we will take lanchas (motorboats) to the Bahia and experience a side of the Dominican Republic few have seen. Battle lines have been drawn between those who would like to keep it that way and those who would have it opened to the world, but the human future of Pedernales depends on a balance between the two.

Author: Alexandra Pope

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Jamaican broker firm sees Dominican Republic as springboard into wider Central America

Domican-Today

11/18/2007

Source: The Dominican Today

Kingston.- According to Jamaican newspaper the Financial Gleaner, Jamaica Money Market Brokers (JMMB) has set sight on two Central American markets but is cagey about its plans ahead of research under way to determine entry.

But JMMB chief executive officer Keith Duncan told the paper in an interview that it's likely that he will be replicating strategy employed in the Dominican Republic - which straddles the Caribbean and Central America - where the brokerage bought controlling stake in BDI America, on which it has spent US$5 million to acquire and outfit.

"By the end of the year 2010, we intend to be in two other territories," said Duncan.

The explorations are currently being done in Costa Rica, Honduras and El Salvador, with indications that Costa Rica is likely to be one of the two.

The level of investment is also to be determined but assuming JMMB intends to maintain spend at the same levels as when it entered DR - its investments in Central America may top US$10 million.

However, much is dependent on market studies to determine the scope for business and existing opportunities.

"The successful launch of JMMB-BDI America in the Dominican Republic represents the entry point into the Central America free trade area," said Duncan.

Explaining his strategy being put into operation under the company's Vision 2010 plan, Duncan said he plans to establish a solid footing in the Dominican Republic to take advantage of the local market.

JMMB will use that market as spring board into other Spanish-speaking nations.

Essentially, JMMB BDI America is to be positioned as the hub of JMMB's operations in Central America.

Duncan said he would be targeting underdeveloped markets in an effort to share its Jamaican experience in the areas of securities trading, best practices and risk management.

In this way, Jamaica becomes the benchmark on which the group will judge the performance of its subsidiaries.

JMMB is capitalised at $7 billion while its assets at balance sheet date to March 30, were audited at $89 billion.

At home, JMMB is exploring entry into commercial banking.

Duncan said the spend in Dominican Republic was small compared to the US$25 million to US$100 million required to build out a bank or financial institution.

"We intend to start small then develop as with JMMB five years ago in Trinidad with an investment of US$1 million," remarked Duncan.

The company is already in the commercial banking sector in Trinidad and Tobago, with 80 per cent majority share of the small Intercommercial Bank Limited.

No acquisition plans are in the pipeline for the calendar year, but the company intends to start evaluating the market in Trinidad and Dom Rep for opportunities next financial year.

JMMB's broader 2010 plan is laid out in four areas - greenfield opportunities to drive its growth for the next three years, asset management growth, credit services, and expanded range of products.

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Most fuel prices up this week

Domican-Today

11/17/2007

Source: The Dominican Today

Santo Domingo.- The Ministry of Industry and Commerce has announced slight rises in the price of fuels this week, as a result of high international oil prices.

As of today, premium gasoline will cost RD$167.10, an increase of RD$1.70 per gallon, and regular will sell for RD$156.50 after being raised by RD$2.30 per gallon. Regular diesel will sell for RD$133.10, a slight increase of RD$1.20, and premium will cost RD$137.00, a rise of RD$1.30 per gallon.

Kerosene will cost RD$132.30, a rise of RD$3.60 per gallon, while both subsidized and unsubsidized propane (LPG) will remain at the same price, RD$59.95 and RD$81.71 per gallon, respectively. The exchange rate used to calculate this week's prices is RD$33.47 per US$1.

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Dominican Republic offers Shell US$183 million for refinery

Domican-Today

11/17/2007

Source: The Dominican Today

Santo Domingo.- The Dominican Republic has offered Royal Dutch Shell PLC US$183 million for its 50% stake in its Dominican oil refinery, according to officials. Treasury Minister Vicente Bengoa said that the government had US$77 million in 2006-07 profits from its half-share in the Dominican Petroleum Refinery to partially fund the deal.

"We have 60 days to make a decision about the purchase of Shell's shares," Bengoa said. He added that Shell had informed the government two weeks ago of the offers it had received for its stake in the plant, including one from Colombian state oil firm Ecopetrol, which was seeking a 25% share.

In an address to the nation on Thursday night, President Leonel Fernandez said that the deal would allow the Dominican Republic to process all 50,000 barrels of crude per day it is entitled to buy from Venezuela under the Petrocaribe agreement. He said that soaring oil prices meant the Dominican Republic would spend US$412 million more on oil this year than it did in 2006.

Shell has been seeking a buyer for its share in the refinery since putting it up for sale in January.

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Dominican capital expecting 70,000 cruise ship passengers

Domican-Today

11/17/2007

Source: The Dominican Today

Santo Domingo.- The capital is expecting to host at least 70,000 tourists this cruise ship season, which was launched at Santo Domingo port yesterday with the arrival of the Braemar with 1,800 passengers on board.

Luis Molina, executive director of the Sans Souci Group, said that they were making great efforts, together with the Dominican Ports Authority, the Port Special Security Corps and the Navy, to provide the greatest possible protection for visitors to the city.

The cruise season lasts until April 2008, said Molina. Weather conditions affecting the country and the port area in particular postponed the start of this year's season, which was scheduled to start on October 31.

"The Santo Domingo Port operator, despite the adversity caused by the recent heavy rains, has nevertheless worked to ensure that the 2007-2008 cruise season will be beneficial for the city of Santo Domingo", he said.

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Dominicans await fuel saving measures

Domican-Today

11/11/2007

Source: The Dominican Today

Santo Domingo.- The Dominican public is waiting for president Leonel Fern?ez to announce fuel-saving measures this week, in a response to rising oil prices.

The National Energy Savings and Efficiency Plan will cover transport, business hours in private and public offices, rational fuel and electricity use in the private sector, as well as energy saving recommendations.

Steep rises in the price of oil led Fern?ez to adopt a series of measures in 2005, including a reduction in public transport and opening hours at the country's gas stations.

The Dominican Republic consumes some 165,000 barrels per day, according to official sources.

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IMF mission to Dominican Republic left with no comment

Domican-Today

11/11/2007

Source: The Dominican Today

Santo Domingo.- The International Monetary Fund (IMF) mission that visited the country last week left on Friday without a statement on whether their disagreement with the Dominican government about this year's fiscal surplus in public funds had been resolved.

The IMF mission demanded that the income budget and public spending law for 2008 should register an income surplus of 2% of GDP, while the government wants it to be under 1%.

Treasury minister Vicente Bengoa recently said that this had led to a disagreement with the IMF representatives, and that a meeting had been set up to examine the issue, because the government needs to increase spending in order to tackle the damage caused by Tropical Storm Noel.

He added that the IMF visit was of a routine nature, as published in a report where Economy, Planning and Development minister Temistocles Mont?confirmed that the IMF mission was investigating government officials for the US$130 million Sun Land deal.

The purpose of the IMF mission's visit was also the eighth and last revision of the Stand-by agreement.

There has been no comment on the subject from the government's economic team, following the departure of the IMF representatives.

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Noel damage hits Dominican refineries

Domican-Today

11/11/2007

Source: The Dominican Today

Santo Domingo.- The Dominican Petroleum Refinery (Refidomsa) is having to import 30,000 barrels of oil a day from the spot market, as a result of damage to its refinery by Tropical Storm Noel.

Refidomsa president Ruben Mont?assured that although this was more expensive, fuel supplies and the local market prices would not be affected. He told the press that the damage, which consisted of damage to pipelines, would be mended within 15 days.

Fuel prices in the Dominican Republic reached record levels this weekend.

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Gas prices up this weekend

Domican-Today

11/10/2007

Source: The Dominican Today

Santo Domingo.- The Ministry of Industry and Commerce announced new price rises for all fuels as from today, as a result of the continuing increase in world petroleum prices, currently at US$94.91 a barrel.

Premium gasoline will sell for RD$165.40, an increase of RD$3.90 per gallon, and regular will cost RD$154.20, an increase of RD$4.60 per gallon. Premium as well as regular diesel will be subject to an increase of RD$4.80 per gallon, premium diesel costing RD$135.70 and regular RD$131.90, while kerosene will sell for RD$128.70, an increase of RD$5.60 per gallon.

Propane or Liquid Petroleum Gas LPG, subsidized and non-subsidized, will remain at their current prices of RD$59.95 and RD$81.71, respectively.

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Noel: Almost US$30M in damages to Dominican dams

Domican-Today

11/8/2007

Source: The Dominican Today

SANTO DOMINGO.- The head of the Hydraulic Recourses Institute (INDHRI) yesterday said Tropical Storm Noel's damages to the country's dams, channels drainage and irrigation systems are estimated at RD$963 million (US$29.2 million), and affirmed they will be resolved in a short time.

Hector Rodriguez Pimentel said the most severe damage was in the Nizao-Najayo channel, which is part of the Marcos A. Cabral irrigation canal, which supplies water to thousands of hectares in Peravia and San Cristobal provinces (south).

The official also reported damages in Azua's Ysura canal, which provides water to that valley; to the floodgates of the Barias dam and to the aqueducts of the towns of Paya and Ca?stol, in Peravia province.

He said the other irrigation structures seriously damaged are the Aglipo II system, in the Yuna river; the pumping systems of Peravia, Bahoruco and Barahona provinces, which he said would cause serious difficulties for agriculture, and to 9 INDRHI's 10 Irrigation Districts.

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