Opposition candidate blames president for FTZ losses
Domican-Today
12/9/2007
Source: The Dominican Today

Santiago de los Caballeros.- Presidential candidate for the main opposition PRD party, Miguel Vargas Maldonado, stated that "the loss of over 70,000 direct jobs in the Free Trade Zones is the result of inertia and lack of sensitivity on the part of president Leonel Fernández, who has said that he does not believe in that business model".

Vargas, who was on a campaigning trip to the country's second-largest city, said that Fernández "did nothing to prevent the FTZ companies from being hit by internal and external factors".

He went on to say that when he becomes president he plans to launch "a strategy geared at strengthening the most competitive elements and providing the support needed for these industrial parks to diversify and become export platforms for goods and services in which we can be successful".
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Dominican consumers spared electricity rate rise
Domican-Today
12/9/2007
Source: The Dominican Today

Santo Domingo.- The Electricity Superintendence is promising that it will not pass on recent increases in the cost of generating electricity to the consumer, and will keep electricity rates stable this December.

According to a statement from the government body, customers will not be subject to increased charges for their electricity supply, although generation costs have gone up due to the price rise in fuel oil number 6, which has gone up by 11.70% from US$57 to US$63.6 in recent months.The change in the dollar-peso exchange rate from RD$33.48 at the beginning of the year to RD$33.55 is also being blamed for the increased cost.

As a result, electricity rates for December should go up by 5.05 %, equivalent to RD$527.16 million. This increase will be absorbed by the government.
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Cap Cana presents new project
Domican-Today
12/8/2007
Source: The Dominican Today

Santo Domingo.- NH Hoteles and Caja Duero, the main movers behind the east coast Cap Cana luxury tourism and residential project, presented "Sotogrande at Cap Cana", a new and exclusive project, strategically located by the Las Iguanas golf course, which carries the Jack Nicklaus signature and design, and with 500 meters of private coastline.Total investment in the project and its shares totals US$80 million and total investment in construction amounts to US$160 million."Sotogrande at Cap Cana" will provide hotel accommodation of the highest quality, with exclusive amenities and multiple residential options, with a built-up area of approximately 124,000 square meters. The residential and hotel development will be built in three phases, in partnership between three companies: Cap Cana, Grupo NH Hoteles and Caja Duero.The launch was announced at a press conference at Punta Espada Golf Club at the exclusive Cap Cana project, with the attendance of main executives from the companies involved.
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Largest Domincan bank's auto fair nets RD$1.0B, becomes a tradition
Domican-Today
12/6/2007
Source: The Dominican Today

Santo Domingo.- Sales of RD$1.0 billion from the more than 10,000 square meters of cars on exhibit, let motorists leave "behind the wheel," of a vehicle of their choice, with fixed one and two-year rates of 12.95 and 14.95 percent, and with financing of up to 80 percent of the automobile's total cost.

Once again the "Auto Feria Popular" attracted throngs, to its latest version staged in the parking lot of the Popular's main office building.

This fair, which has become the country's most important automobile sales event, ended 10 p.m. Sunday night. "850 million pesos were financed and 997 loan requests approved" were the the fair's numbers until 5 p.m. Sunday, said public relations representative Kennedy Roman. The figure rose to RD$1.0 billion after the final tally was taken.

The fairs of the bank Popular –the country's largest bank- have become a tradition where the country's major auto dealers offer their cars in in an event geared for the entire family.

"Most important was the public's acceptance, that whenever we announce the Car Fair the family attends," said Roman.
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Dominican special interest groups reject "special interests" in Refinery
Domican-Today
12/6/2007
Source: The Dominican Today

SANTO DOMINGO.- The presidents of two of the country's business groups are on opposite sides of the controversial purchase by the government of the shares of the company Shell in the Dominican Refinery (Refidomsa).

While the president of the young businesspersons grouped in Anje defended the fuel market's liberalization to spur competition, with the private sector and not the government purchasing the Refinery, the head of the country's largest gasoline retailers group favors it.

Jose Santos said they agree with former National Business Council (Conep) president Elena Viyella, who's also against the State buying the company Shell's shares in the Refinery.

But gasoline retailers (Anadegas) president Juan Ignacio Espaillat defended the Government's tight to control the Refinery, though not to operate it, to prevent special interest groups from "kidnapping" the fuel business. "In fuels there's never free trade, that's an activity where the oligopolies become the market's owners and sack the population."
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Dominican Government's subsidy on diesel opens a can of worms
Domican-Today
12/6/2007
Source: The Dominican Today

SANTO DOMINGO.- Bus and truck owners today said they reject the 32 pesos-per-gallon subsidy on diesel if the government allows its sale in gas stations, warning that corruption could affect the provisional program to be in effect for three months.

Antonio Marte, of Conatra; Ramon Perez Figuereo, of the CNTU; Alfredo Linares (Cambita), of Mochotran, and Blas Peralta, of Fenatrado, said in tomorrow's meeting with the Hacienda and Industry and Commerce ministers they'll request that the sale take place in depots.

The Government will provide a subsidy of about 32 pesos per gallon on diesel, though the transporters are agaisnt the program being run through the gas stations, arguing malfeasance and corruption.

"We've been buying diesel directly from suppliers for 15 years because we have deposits. We are not ready to accept the subsidy if it's through the gas stations," Marte said. He said if the subsidized diesel is sold in all gas stations "confabulations" could arise and the fuel would end up in all types of vehicles.

Perez said for the process to be transparent the regulation should verify the use of each and every gallon. He said the monthly diesel consumption is more than 3 million gallons, "and the one million gallons which will subsidized to us must go directly to the organizations' depot tanks, whose sale Government inspectors must supervise until the last gallon."

Linares said the subsidized diesel must go to the tanks in the unions' depots for a better control. "We cannot allow that fuel to be sold to SUVs, pickup trucks; we don't want irregularities in the diesel subsidy to arise."

For his part, Peralta agrees with the other unionists that the diesel subsidy must go directly to that sector.

President Leonel Fernandez issued a decree to subsidize $31.69 per gallon of diesel for use in passenger and freight vehicles, to prevent fare and rate increases.
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Dominican Government, Shell start refinery sale negotiations today
Domican-Today
12/6/2007
Source: The Dominican Today

Santo Domingo.- Government officials will meet with executives of the company Shell again today, this time to negotiate the sale of the Anglo-Dutch company's shares in the Dominican Petroleum Refinery.

Three Shell executives arrived in the country yesterday, who'll meet with Hacienda minister Vicente Bengoa, said the company's representative, Rafael Maradiaga.

Three weeks ago President Leonel Fernandez said the Government would purchase Shell's stake in the refinery, a transaction he said would provide more benefits from the country's oil deal with Venezuela, Petrocaribe.
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Humberto Pereyra is Cisco's new General Manager for the region
Domican-Today
12/6/2007
Source: The Dominican Today

Santo Domingo.- The technology company Cisco today announced the designation of Humberto Pereyra as the new General Manager for the Bahamas, Bermuda and the Caribbean region.

Cisco said Pereyra's mission is to continue supporting the adoption of network technology which improves productivity and competitiveness. It said he'll to continue strengthen the company's presence and growth in the region.
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IFC to expand its Global Trade Finance Program to the Caribbean
Domican-Today
12/6/2007
Source: The Dominican Today

PORT OF SPAIN, Trinidad & Tobago.- The IFC, a member of the World Bank Group, is looking to expand its Global Trade Finance Program in the Caribbean to help local banks grow their trade finance operations. IFC will host a three-day training seminar in Port of Spain, targeting high-level officials from regional banks that focus on international trade. The objective is to promote tools for managing risk associated with trade finance products and services, as well as to foster commercial linkages that help establish agreements among banks in the region.

Given that most Caribbean islands rely heavily on imports, the IFC Global Trade Finance Program can be an important catalyst to help local banks expand their operations in the trade finance sector. The program provides access to a network of over 115 confirming banks, which allows local importers to reach other export markets.

The IFC seminar in Port of Spain was designed in collaboration with Global Trade Interactive, a leading international trade training provider in Europe and principal consultant to the International Chamber of Commerce. Participants will analyze sovereign risk in trade finance transactions, learn about the different kinds of international documentary credit and their use and benefits, explore international trade finance rules such UCP 600, gain knowledge of the different international guarantee instruments, and become familiar with the process of applying the IFC guarantee to the different financing structures in trade finance, under the Global Trade Finance Program.

Participants will represent 15 banks from the region, including ABI Bank (Antigua and Barbuda); Caribbean Union Bank and Barbados National Bank (Barbados); Belize Bank (Belize); National Bank of Dominica (Dominica); Republic Bank (Grenada); Citizens Bank Guyana (Guyana); First Global Bank (Jamaica); Demerara Bank and St. Kitts and Nevis Anguilla National Bank (St. Kitts and Nevis/Anguilla); Bank of St. Lucia (St. Lucia); and AIC Financial Group, Clico Investment Bank, National Mortgage Financial, and Republic Bank (Trinidad and Tobago).

The next regional seminar will be held during the first quarter of 2008 and will target the francophone countries in the Caribbean.

Launched in 2005, the IFC Global Trade Finance Program supports trade with the emerging markets worldwide. It aims to increase developing countries' share of global trade and promote South-South flows of goods and services. The program provides trade guarantees to banks in over 70 countries. In Latin America and the Caribbean, IFC has issued guarantees for $426 million, which constitutes 28 percent of the guarantees issued worldwide, a total of $1.5 billion. In the Caribbean, Banco Leon in the Dominican Republic and Capital Bank in Haiti have already joined the program.

IFC will expand the program to new markets in Chile, Guatemala, Honduras, Jamaica, Paraguay, and St. Lucia. It also expects to expand the program in countries where it already operates, including Argentina, Bolivia, Brazil, Dominican Republic, Ecuador, Haiti, Mexico, Nicaragua, and Uruguay.

IFC also looks to develop its advisory services for the program, an integral component that is designed to help participating banks build their capacity in trade finance and international trade operations.

On November 2007, IFC received the Best Multilateral of the Year Award from Latin Finance magazine. In 2006, IFC's Global Trade Finance Program received Trade Finance magazine's Best Development Bank in Trade award.
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The Economist to host roundtable in Dominican capital
Domican-Today
12/6/2007
Source: The Dominican Today

SANTO DOMINGO.- The financial publication The Economist will host the Business Roundtable in the Dominican Republic: Modernization and integration with the global economy, in the Hotel Hilton Santo Domingo, Santo Domingo, on Thursday February 21, 2008.

The following is the introduction posted on their Web site:

"The government of President Leonel Fernández has presided over a strong economic recovery and restoration of stability since taking office in 2004. The country has achieved one of the highest growth rates in Latin America in 2005-07 as well as price and exchange-rate stability. The investment climate today is attractive, and foreign direct investment is expected to reach a new record of US$1.4bn this year, encouraged by opportunities in tourism, telecommunications and exports to the US market thanks to the Dominican Republic-Central America Free-Trade Agreement.

Despite these impressive advances, the government still faces significant challenges to improve socio-economic conditions, overcome the energy crisis and strengthen institutions at a time when the entry into force of DR-CAFTA has exerted additional pressures. Progress on all these fronts and the continuity of this government's priorities will be shaped by the outcome of the presidential elections to be held on May 16th 2008.

Some of the key issues to be discussed at the Business Roundtable are:

· Strengthening the Dominican Republic's position in the global market

· Regional and global integration: DR-CAFTA and beyond

· Upgrading the country's infrastructure to meet growing demands

· Developing a modern service-based economy

This high-level, interactive Business Roundtable will offer a unique opportunity for discussion among President Fernández, key cabinet ministers and senior executives from companies interested in consolidating, establishing or expanding their operations in Dominican Republic."
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