http://blog.caribbeanrealtyinvestment.com Caribbean Realty Investment 7/31/2010 http://www.hudsonhorizons.com/ en http://blog.caribbeanrealtyinvestment.com/Article/Dominican consumers spared electricity rate rise 12/9/2007 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.]]> http://blog.caribbeanrealtyinvestment.com/Article/Opposition candidate blames president for FTZ losses 12/9/2007 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".]]> http://blog.caribbeanrealtyinvestment.com/Article/Cap Cana presents new project 12/8/2007 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.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican transport unions agree on how to get diesel subsidy 12/6/2007 The Dominican Today

SANTO DOMINGO.- Public transport drivers and the Industry and Commerce Ministry agreed to provide the subsidy on diesel according to their routes, said Ramon Perez Figuereo, president of the of the union CNTU yesterday.

The regulation applies the Government's subsidy for up to one million gallons of tax-exempt fuel to drivers and which, according to Perez Figuereo, could be implemented by next week. On Monday, Juan Hubieres, president of the union Fenatrano, demanded this modality to supply the diesel as a way to prevent corruption.

Blas Peralta, head of the truckers union Fenatrado, said the diesel will be taken to the tanks the unions have to be sold there at 102 pesos per gallon to their routes' drivers, and supervised by Industry and Commerce personnel. "The license plate, hour and route of each vehicle will be written down and then we'll pass an invoice on to the Hacienda Ministry for the amount of gallons which we received."

The daily average consumption per route is from 30 to 40 gallons of diesel.

Although not one of the "allies of the Government," Hubieres will also have to meet with Industry and Commerce minister Melanio Paredes, to give him a list of his union's routes and vehicles, and insists that not one gallon of diesel should be given to the unions.]]> http://blog.caribbeanrealtyinvestment.com/Article/Largest Dominican bank to issue US$124.4M in 10-year bonds 12/6/2007 The Dominican Today

SANTO DOMINGO.- The Banco Popular, Dominican Republic's largest bank, said today it will issue US$124.4 million in bonds, after the country's securities and banking agencies authorized the offer.

The Popular's bonds will have a 10-year maturity and are issued to "widen its asset base," it said in an emailed statement. It said the bonds, offered to qualified local and international institutional investors, would give the Popular a solvency index of 15 percent, exceeding the country's regulatory requirements by 50 percent.

Fitch Ratings gave the operation an A (dom), and would allow the Popular to raise its assets by US$121 million, it said.

In March the Popular bank said its assets rose US$43.5 million in 2006, or 15.4 percent, to USRD$ 326.4 million, and posted 14.6 percent more deposits than the previous year.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican Bolsa's 2007, 500% jump in trades "spectacular," chief says 12/6/2007 The Dominican Today

SANTO DOMINGO.- This year the Dominican Bolsa's (stock market) volume jumped by more than 500 percent, with an average of RD$4.0 billion traded, at interest rates of around 12 and 14 percent, said its executive director Daris Estrella, who described this year's operations as "spectacular."

She said issuers went from five to, whereas trading in the secondary market rose from 7.0 percent to 75 percent.

Estrella said the Bolsa's entire trading is on fixed income notes, though expects to start offering shares of the different companies as early as two years from now, for which companies must meet the Superintendence of Securities' requirements.

For 2008 she expects a jump in the issuing of notes by the companies which seek to finance their operations via the Bolsa. "Now there's a time for a takeoff and finally people are understanding the importance for companies go to the market to access capital."

Estrella spoke to the press during the Regional Conference on Money Laundering in the Financial Market, hosted by the Superintendence of Securities, in coordination with the U.S. Securities and Exchange Commission and the U.S. Agency for International Development, to train on how to keep money from drug-trafficking from affecting the sector.]]> http://blog.caribbeanrealtyinvestment.com/Article/Popular wins best Dominican bank prize, its president says 12/6/2007 The Dominican Today

SANTO DOMINGO.- Banco Popular Dominicano president Manuel A. Grullon said last night that bank was awarded the prize "Dominican Republic's Best Bank in 2007," granted by the specialized prestigious magazines The Banker, Euromoney and Latin Finance.

The announcement came during the bank's traditional yearend cocktail hosted for the country's media executives and leaders of public opinion, in this occasion held in the Popular's main office building.

Grullon said in addition to the award for the bank, the magazine Mercado's yearend local survey found that the Popular continues being the financial company Dominicans most admire. "These repeated national and international recognitions to the Popular is due, fundamentally, to the constant support of our clients and to the tradition of service and efficiency which characterizes our financial organization's personnel."]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican government seeks contractor to assess refinery's worth 12/6/2007 The Dominican Today

SANTO DOMINGO.- After a meeting with the Shell executives for the purchase of that company's shares in the Dominican Petroleum Refinery, Hacienda minister Vicente Bengoa said a bidding would be held this week to contract a company that determines that stake's real value.

However, Shell's representative in the country, Rafael Maradiaga, reiterated that its value is 183 million dollars, and said in the meeting it was established the processes and operations to be carried out for the sale of the shares.]]> http://blog.caribbeanrealtyinvestment.com/Article/RD$11.37B traded in Dominican notes, bonds so far, Securities chief says 12/6/2007 The Dominican Today

SANTO DOMINGO.- Securities Superintendent Haivanjoe NG Cortiñas said the issuing of public offerings in Dominican Republic has reached RD$11.37 billion to date.

He said 3.5 billion has been traded in the Dominican Bolsa's Primary Market and 7.9 billion in the Secondary Market; whereas in the Central Bank notes Secondary Market the figure is 4.9 billion.

NG Cortiñas spoke before partners and associates of the Dominican-Spanish chamber of commerce and the Stock-exchange School, in the seminar "The market as a source of financing," aimed at promoting the stock exchange culture and to contribute with business.

The official said business must take part in the stock market, which for any economy is competitive, complementary, alternative and necessary for growth and development.

He cited Spain's case, where one third of the population is involved in the stock market as an alternative financing source.]]> http://blog.caribbeanrealtyinvestment.com/Article/Shell says its Dominican refinery stake is worth US$183M 12/6/2007 The Dominican Today

SANTO DOMINGO. - The president of the company Shell in Dominican Republic said before meeting with government officials to negotiate the sale of that company's stake in the Dominican Petroleum Refinery that its price is 183 million dollars.

Rafael Madariaga said the company is willing to sell their shares to the Dominican government. He said they'll listen to Hacienda minister Vicente Bengoa's position regarding the proposed sale and that they went to the meeting with a positive attitude.

Madariaga was accompanied by three of the company's international executives, who came to the country yesterday to take part in the talks.

Last week was held the first meeting between Shell's executives and the government's representatives, where it was agreed to contract, via an international bidding, to determine the real value of the company's shares.]]> http://blog.caribbeanrealtyinvestment.com/Article/The Economist to host roundtable in Dominican capital 12/6/2007 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."]]> http://blog.caribbeanrealtyinvestment.com/Article/IFC to expand its Global Trade Finance Program to the Caribbean 12/6/2007 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.]]> http://blog.caribbeanrealtyinvestment.com/Article/Humberto Pereyra is Cisco's new General Manager for the region 12/6/2007 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.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican Government, Shell start refinery sale negotiations today 12/6/2007 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.

]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican Government's subsidy on diesel opens a can of worms 12/6/2007 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.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican special interest groups reject "special interests" in Refinery 12/6/2007 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."]]> http://blog.caribbeanrealtyinvestment.com/Article/Largest Domincan bank's auto fair nets RD$1.0B, becomes a tradition 12/6/2007 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.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican business leaders slam 'discriminatory' gas subsidy 12/1/2007 The Dominican Today

Santo Domingo.- The government's plan to subsidize diesel for public transport and cargo vehicles, while welcomed by the transport sector has been criticized by business leaders, who describe the measure as discriminatory and politically motivated.

These were the views of the National Gasoline Retailers Association leader Juan Ignacio Espaillat and former National Private Business Council head Elena Viyella de Paliza, who said that the subsidy was contradictory and discriminatory, which could become a source of "tremendous administrative corruption".

Freddy Mendez, president of the Bus Owners' Union said that the subsidy should be analyzed to determine whether or not it was needed, while transport leader Juan Hubieres suggested that it could be applied according to route and not by organization or union.]]> http://blog.caribbeanrealtyinvestment.com/Article/Eco-tourism: the edge of nowhere 11/24/2007 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]]> http://blog.caribbeanrealtyinvestment.com/Article/Costa Rica signs DR-CAFTA agreement 11/24/2007 The Dominican Today

San Jose (Costa Rica).- The DR-CAFTA free trade pact between the Central American countries, the Dominican Republic and the United States was signed into law in Costa Rica on Wednesday amid protests and a large military deployment.

President Oscar Arias signed DR-CAFTA into law at the presidency while hundreds of demonstrators surrounded the building in protest, reported La Nacion newspaper. The issue is still mired in controversy after a narrow victory for the free trade agreement in an October 7 referendum.

Troops were deployed in 100m perimeter surrounding the presidential headquarters to contain protesters and for fear of a repeat of the huge protests that preceded the DR-CAFTA referendum.

The free trade agreement is scheduled to start in March 2008, but the legislature needs to pass 12 complementary laws in order for it to enter into effect.

Costa Rica is the last of the DR-CAFTA nations to sign the agreement, which has already taken effect in the Dominican Republic, Guatemala, Honduras, Nicaragua and El Salvador.

The White House pressed hard for the U.S. Congress to ratify the deal in 2005, when it passed the House of Representatives by just two votes.]]> http://blog.caribbeanrealtyinvestment.com/Article/Fuel prices up again 11/24/2007 The Dominican Today

Santo Domingo.- The Industry and Commerce Ministry has raised fuel prices again this week, as a result of the continual increase of international petroleum prices.

Premium gasoline will cost RD$167.40, following an increase of RD$0.30 per gallon, and regular sells for RD$157.60, an increase of RD$1.10. Regular diesel will cost RD$136.20, an increase of RD$3.10 per gallon, and premium diesel will sell for RD$140.00, an increase of RD$3.00 per gallon.

Kerosene will sell for RD$136.00 following an increase of RD$3.70 per gallon. The only fuel to remain at last week's prices is Liquid Petroleum Gas (propane). Subsidized LPG costs RD$59.95, and non-subsidized LPG remains at RD$81.71.]]> http://blog.caribbeanrealtyinvestment.com/Article/Jamaican broker firm sees Dominican Republic as springboard into wider Central America 11/18/2007 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.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican capital expecting 70,000 cruise ship passengers 11/17/2007 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.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican Republic offers Shell US$183 million for refinery 11/17/2007 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.]]> http://blog.caribbeanrealtyinvestment.com/Article/Most fuel prices up this week 11/17/2007 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.]]> http://blog.caribbeanrealtyinvestment.com/Article/Noel damage hits Dominican refineries 11/11/2007 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 Montás 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.]]> http://blog.caribbeanrealtyinvestment.com/Article/IMF mission to Dominican Republic left with no comment 11/11/2007 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 Montás 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.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominicans await fuel saving measures 11/11/2007 The Dominican Today

Santo Domingo.- The Dominican public is waiting for president Leonel Fernández 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 Fernández 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.]]> http://blog.caribbeanrealtyinvestment.com/Article/Gas prices up this weekend 11/10/2007 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.]]> http://blog.caribbeanrealtyinvestment.com/Article/World Bank's US$56M to help Dominican Government cope 11/8/2007 The Dominican Today

Santo Domingo.- The World Bank said on Wednesday it will place 56 million at the disposition of the Dominican Republic government for immediate support, which will be re-allocated from projects already underway. The money would be used for the urgent assistance to the population, after the passage of Tropical Storm Noel last week.

The World Bank will support long term reconstruction and recovery, including as much as 100 million in new emergency loans, and will be divert US$2 million more from an ongoing health project to help to buy urgent vaccines, medicines and other medical supplies, it said in a statement sent by e-mail.

"The personnel of the Bank is on the ground evaluating the damages together with the government, the United Nations, and other organizations, and will decide along with the authorities which is the best way to support the recovery efforts," said Pamela Cox, vice president of the World Bank for Latin America and the Caribbean.]]> http://blog.caribbeanrealtyinvestment.com/Article/I.D.B. taps Dominican Steven J. Puig for senior post 11/8/2007 The Dominican Today

SANTO DOMINGO. - The Inter-American Development Bank (I.D.B.) designated the Dominican Steven J. Puig as vice-president for the Private Sector and Operations without Sovereign Guarantee, it said in its Web site.

Puig is in charge of coordinating those programs fir the I.D.B. Group, in addition to the development. The Multilateral Investment Fund and the Inter-American Investments Corporation are part of I.D.B. Group, it said.

Puig's area of responsibility includes the to Structured Corporative and Financing Department (SCF) and to the Sector of Opportunities for Mayori'a (OMJ).

Before his designation in the I.D.B., Puig worked in Citigroup and Citibank in Miami, Colombia, El Salvador and Dominican Republic. He also held executive positions in Dominican groups Ambar and Reid & Perellano.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican AES power plant breaks its own output record 11/8/2007 The Dominican Today

Santo Domingo. - The AES Andres combined cycle plant once again broke its own annual generation record by reaching 1,582.69 Gigawatts on Sunday morning, which the power company attributes to a strong commitment by its human resources.

It said the company's output for a second consecutive year surpassed its own electricity production goals, after it reached the 1,582.42 Gigawatts in 2006.

"The teamwork has been fundamental to obtain these results. I want to especially mention the operational areas, Support, Maintenance and support units, which have added their efforts so today AES Andres has the most reliable generation of the entire system," said vice president for Generation, Angel Guastaferro.

The AES executive said the results were obtained despite the climatic conditions which affected the facilities, which just as when Hurricane Dean, were dealt with in record time, "and all this is thanks to the personnel we have."

The AES Andres combined cycle contributes 300 megawatts to the National Interconnected Electric System (SENI) with natural gas, the environment-friendlier fossil fuel used in the Dominican market and one of the most price-competitive.]]> http://blog.caribbeanrealtyinvestment.com/Article/Storm kills up to 9,000 cattle in Dominican Republic, agro official says 11/8/2007 The Dominican Today

SANTO DOMINGO. – Tropical Storm Noel devastated Dominican Republic's cattle industry, as up to 9,000 heads of steer perished in the floodwaters, according to preliminary estimates by the Agriculture Ministry's livestock agency (Digega) director, Angel Faxas, quoted by the newspaper Listin Diario.

He said the cattle ranch zones of the lower Yuna river basin, Bonao, Villa Altagracia, Bani, Barahona, Bahoruco, Jaquimeyes, Neyba and Cotui were the most severely affected, among others, though damages to the dairies were minimal.

Faxas said the emergency situation would lead to increased consumption and compensate for the current overproduction of pork, chicken and eggs.

Cattle ranchers organizations' projections place the losses from RD$180 to RD$200 million, excluding the effects to pasturelands by the flooding, estimated at 63,000 hectares.

The official said the country's "excellent" poultry and pig farm infrastructure kept the storm from inflicting considerable damages. "Dominicans can be totally confident that they won't have difficulties to get the protein from the meats, since there is even an overproduction in chickens, pigs and eggs.

In the case of Barahona, he said the floods damaged the facilities of San Antonio dairy, which he said is a model farm in the country for its high yield.

The country's largest dairy producer, Grupo Rica, said it would issue a statement on the storm's effects to its facilities.]]> http://blog.caribbeanrealtyinvestment.com/Article/Noel: Almost US$30M in damages to Dominican dams 11/8/2007 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 Cañafistol, 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.]]> http://blog.caribbeanrealtyinvestment.com/Article/Noel: Dominican tourist destinations escape the worst 11/3/2007 The Dominican Today

Santo Domingo.- The major tourist destinations in the Dominican Republic did not suffer damage following the passage of the tropical storm Noel, which allows hotels and resorts to operate in a normal way, according to the Dominican Ministry of Tourism (Sectur).

Minister of Tourism Felix Jimenez specified that in spite of the damages caused by Noel at the national level, tourist activities continue operating normally, since hotels and resorts did not suffer any damages in their infrastructure or accessibility.

Since everything is back to normal in the tourist areas, this coming weekend the Dominican Republic Jazz Festival is taking place as planned in Cabarete, Puerto Plata.

According to a dispatch by the Press Department of Sectur, no damage has been reported in hotels and resorts of Bavaro, Bayahibe, La Romana, Puerto Plata, Las Terrenas, Samana, Cabarete, Sosua, Puerto Plata, Constanza and Jarabacoa.

International flights had resumed by Monday afternoon, which allowed the hotel network to welcome guests according to schedule.

The National Weather Service indicated that the rainfall in the provinces of La Romana, La Altagracia and Samana were not considerable during the passage of Noel, which explains why these areas were not under flood alert.

Gloria Cevallos, Director of Meteorology indicated that the rainfall in these regions does not represent any danger, as it remains at a normal level.]]> http://blog.caribbeanrealtyinvestment.com/Article/Deutsche Bank sued over Dominican beach resort deal 11/3/2007 The Dominican Today

New York.- Deutsche Bank AG and a Dominican Republic-based developer were sued on Friday by a company that is seeking $200 million in damages over a failed financing deal for a beach resort project.

In a complaint filed in federal court in Manhattan, Plaintiff Praxi LLC said it was shut out of a project to develop the Las Iguanas resort property in the Dominican Republic by joint venture partner Cap Cana SA and Deutsche Bank.

New York-based Praxi said in the lawsuit that in June it had won a bid, valued at $85 million, to develop the resort and was negotiating financing with Deutsche Bank, but that the bank and Cap Cana agreed to cut out Praxi and work directly with one another.

The defendants "circumvented Praxi, cast aside the bidding process, and ceased working with Praxi in favor of a plan for Deutsche Bank to finance Cap Cana's development of Las Iguanas together with other parts of the Cap Cana resort without Praxi," according to the complaint.

Praxi said that Deutsche Bank had expressed interest in financing its project and assured it that it would work in good faith toward a definitive financing arrangement if Praxi was the bid winner.

]]> http://blog.caribbeanrealtyinvestment.com/Article/Fuel shortage leads to rationing in Dominican south west 11/3/2007 The Dominican Today

Santo Domingo.- Gasoline Retailers Association (Anadegas) president Juan Ignacio Espaillat says that fuel supplies are limited in the south west of the country, and diesel is being reserved for hospital and emergency use only, so that rescue and relief work can continue in the aftermath of Tropical Storm Noel.

In the most remote areas of the south west region, diesel sales are being limited to RD$500 per person, as a preventive measure until the authorities resolve the problem.

The president of Anadegas also called on all members to join in the relief efforts, starting by helping gas station employees who have experienced losses, as well as the country in general, by turning their stations into collection centers for food and supplies for the victims of Noel.

Espaillat strongly criticized Shell for holding back fuel sales until the weekly price increases were announced by the Ministry of Industry and Commerce.]]> http://blog.caribbeanrealtyinvestment.com/Article/Government absorbs most fuel price rises 11/3/2007 The Dominican Today

Santo Domingo.- The Dominican government says it has decided to absorb part of the costs of this week's fuel price increases due to the emergency situation the country is experiencing as a result of Tropical Storm Noel. Gasoline prices have experienced only a slight increase, while propane will be sold at the same price as last week.

Premium gasoline will cost RD$161.50 per gallon – an increase of RD$1.20, while regular will sell for RD$149.60 per gallon – an increase of RD$0.90.

Regular diesel will remain at the same price as last week, RD$127.10 per gallon, as well as premium - RD$130.90 per gallon.

Kerosene will sell for RD$123.10, with no change; and subsidized LPG (propane) for domestic use and for transport stays the same at RD$59.95 per gallon and non-subsidized propane for industrial and commercial use costs RD$81.71 per gallon.]]> http://blog.caribbeanrealtyinvestment.com/Article/Noel ravages Dominican agro regions, staple shortages feared 11/2/2007 The Dominican Today

Santo Domingo.- Agriculture minister Salvador Jimenez said just in the southwest province Barahona more than 112,500 hectares of plantains and other crops were lost, its entire production among them, and that the Government will take measures to avert price increases on staples and would penalize gougers harshly.

Jimenez, in a meeting with officials and representatives of most of the farming industry associations, said agribusiness' entire losses can't be tallied yet.

He said as part of the recovery 25 basic crops would be planted in thousands of hectares, agrochemicals, fertilizer and other materials, as well as the tilling of farm lands would be provided free of charge.

The Agriculture chief said farm machinery, tractors has been contracted to immediately begin tilling once floodwaters subside. He said cassava, sweet potato, plantains, corn, vegetables, among other crops would be planted once conditions allow it.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican Customs advances tax break to help storm victims 11/2/2007 The Dominican Today

SANTO DOMINGO.- The Dominican Customs agency director Miguel Cocco said as of today Dominicans who reside abroad can take advantage of the facilities for the holiday season given every year.

He said the disposition, which gives a tax break of up to US$2,500 on items, aims to help the thousands of Dominicans affected by the tropical storm. "What we want is that the thousands of families affected by this situation receive the support, the solidarity of relatives and friends who reside abroad."

Cocco said the measure, in addition to taking effect one month ahead, raises the exemption from 1,500 to 2,500 dollars, which equals more than 84,000 pesos at the current rate.]]> http://blog.caribbeanrealtyinvestment.com/Article/No official figures yet on "unprecedented" damages to Dominican agro 11/2/2007 The Dominican Today

SANTO DOMINGO.- Dominican authorities have yet to issue preliminary figures on Tropical Storm Noel's damages to the country's farming regions, called "unprecedented" by Agriculture minister Salvador Jimenez.

Producers asked the Government to allocate an additional RD$1.0 billion through the state-owned Agricola bank, to confront the potential price-gouging which the shortage of food staples could bring about.

Jimenez said rice, bananas, plantains, cassava, sweet potato, vegetables and dead livestock were the most affected areas and though the flooding was widespread, the country's eastern region was the least damaged. He said in the measure in which the dams are drained, adjacent zones would sustain addition damages.

"In the history of Dominican Republic I don't recall something similar. This has been something stronger than what occurred with Hurricane David and the storm Federico," the Agriculture minister he said.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican tourism industry is spared of storm's wrath 11/2/2007 The Dominican Today

SANTO DOMINGO.- Dominican Republic's Tourism Ministry (Sectur) and the association of hotels grouped in Asonahores said separately yesterday that Tropical Storm Noel hasn't affected the tourism industry.

In a statement sent to the local media, Sectur said the country's major hotels continue working normally in the resort towns Bavaro, Bayahibe, La Romana, Puerto Plata, Las Terrenas, Samaná, Cabarete, Sosúa, Constanza and Jarabacoa.

Asonahores said the tourism activity hasn't been affected by the storm, which according to the Agriculture Ministry caused "unprecedented" damages to agriculture in the country's southern provinces. It said the rains haven't disrupted traffic as the roads to the resort areas weren't affected.

The Tourism Ministry said the airports at Samaná, Puerto Plata and Punta Cana are operating normally, with the arrival of regular and charter flights from different parts of the world.]]> http://blog.caribbeanrealtyinvestment.com/Article/Free trade benefits Dominicans abroad, Industry and Commerce chief says 11/2/2007 The Dominican Today

BOSTON.- Dominican Industry and Commerce minister Melanio Paredes said the implementation of the DR-CAFTA trade deal gives Dominicans living abroad the opportunity to develop small and medium companies with ethnic and nostalgic products, as well as to serve as a bridge to create strategic alliances.

In the conference on DR-CAFTA for the Dominican community abroad held on Saturday in the University of Massachusetts, Paredes spoke about competitiveness and impact on foreign investment, potentialities and experiences, to a large number of investors, retailers, students and leaders of Dominican organizations.

He said since the agreement's implementation on March 1 a market of 301 million consumers was opened to Dominican exports, noting new items such as beef, farm products, chemicals and pharmaceuticals, textiles, footwear, machinery and electrical equipment.

The official said with the agreement 96.7 percent of Dominican goods enters the U.S. tariff free and the remaining 2 percent with duties lowered over 5, 10 and 15 year terms.

He said the Customs Agency's SIVUCEX system simplifies the exports procedure by reducing red tape and expenses from US$990 to US$575 and reduces the merchandise retrieval time to a maximum of 48 hours. He also cited the automation of ports and airports and the elimination of the Consular Invoice.

US$5.3 billion in exports to Dominican Republic

The Industry and Commerce chief said the New England and other states with Dominican population exported US$5.3 billion to Dominican Republic in 2006.

He said among the DR-CAFTA's first impacts are on products such as the tuna, which he said before DR-CAFTA, 1200 boxes paid RD$271,600 in tariff and ITBIS, and with the agreement the country saves RD$151,300. He also mentioned diapers, which paid RD$293,290 on 1200 boxes and now saves RD$173,531.

Paredes spoke in the activity organized by the nongovernmental organization Quisqueya Foundation, headed by the economists Frank Valenzuela and Hector Frias, president and executive director, respectively.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican procrastinators pay 200 pesos more to renew car plates 11/2/2007 The Dominican Today

SANTO DOMINGO.- The process to renew license plates and the sale of the sticker for vehicles will continue after Wednesday morning in the savings and loans associations and the BDI and Ademi banks, but with a 200 peso surcharge.

The Internal Taxes Agency (DGII) is slated to issue the official notice today and renewals by telephone and the Internet was suspended on Friday and the service in those financial entities will only continue, though it will now cost RD$1,400 for vehicles year model 2002 and older and RD$2,400 for those of 2003 and newer.

As of Saturday 375,187 stickers had been sold, or 69 percent of the orders processed compared with last year, and 60 percent of this year's expected renewals, with revenues of RD$523.2 million.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican Government sends wrong signals, business leaders warn 11/2/2007 The Dominican Today

Santo Domingo.- The council of former presidents of the Herrera Industrial Companies Association (AEIH), two officials of the current Government among them, warned of the "loss of confidence" from what they said are bad signals which the State powers are sending to the society.

The business leaders fear that the situation limits the stimuli to investment and economic stability, and might lead to a new crisis.

The position of the former heads of the AEIH is in a document signed by Ernesto Vilalta, Ignacio Mendez, Cesar Nicolas Penson and Antonio Isa Conde, the latter two are members of the Monetary Board and the Executive Branch's adviser on industry, respectively.

The unending row of the US$130 million contract with the company Sun Land, the controversy from the convictions in the cases of bank collapses, the discontinued judicial prosecution of the PEME corruption case, the acquittal senior police officers accused of the illegal use of recovered stolen vehicles and others, are among the occurrences they say create an atmosphere of distrust.

The business organization said Dominican Republic has an integrated economy which is observed by the world's eyes.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican, Venezuelan governments to improve Haiti-border highway 11/2/2007 The Dominican Today

SANTO DOMINGO. – The Dominican and Venezuelan governments agreed to seek a definitive solution to the problems of the International Highway that spans most of the border with Haiti, bolster the border crossings and expand health programs to control tropical diseases.

Border council ambassador Radhames Batista said initiatives develop the Dominican-Haiti border were drafted during a meeting held today, which needs only the signature of Foreign Relations minister Carlos Morales.

He said the Congress is ready to draft legislation to regulate the development the zone along the country's border, including allocations, and the creation of a Ministry of Borders, to manage the resources and follow up the projects being carried out.

Batista said the International Highway, which spans the country from north to south, sparks trade and cultural exchange between the country's western provinces.]]> http://blog.caribbeanrealtyinvestment.com/Article/Jamaica financial group begins operations in Dominican Republic 11/2/2007 The Dominican Today

Santo Domingo.- The financial Group Jamaica Money Market Brokers, Limited (JMMB) formally began its operations in Dominican Republic, as well as its alliance with the Bank BDI of America Credit Corporation, to form the JMMB BDI America Bolsa office.

"JMMB BDI America Bolsa office will bring with it innovation, but above all security and yield, elements that will guide our performance in this market," said Guillermo Arancibia, senior executive of the local office.

Representatives of the government, of the local financial sector, and of foreign investment-management companies attended the event, held in the restaurant Sofia.]]> http://blog.caribbeanrealtyinvestment.com/Article/Trinidad & Tobago accounts for 90% of Dominican imports in region; US$250M in propane annually 11/2/2007 The Dominican Today

SANTO DOMINGO.- Trinidad & Tobago's first ambassador in Dominican Republic yesterday said 90 percent of the country's imports from the Caribbean Community (Caricom) countries are from her nation, and that US$250 million in propane gas is imported annually.

Ivonne Gittens-Joseph, after presenting her diplomatic credentials to president Leonel Fernandez in a National Palace ceremony Wednesday morning, said her designation reflects Dominican Republic's importance for her country.

The diplomat said Dominican imports have increased in the last few years, especially fuels, agrochemicals and steel.

Speaking through the general consul of that country, Freddy Reyes, in a cocktail held in the Jaragua hotel, she said one of her immediate tasks is to bolster relations and trade between both countries, among others areas.

Gittens-Joseph said trade between both nations would be based on energy, since her country exports gas and different petroleum products

She added that her country signed agreements on drugs in March, together with other nations, to establish stricter controls on prohibited substances in the region.]]> http://blog.caribbeanrealtyinvestment.com/Article/Accord with private sector benefits Dominican exporters, Customs says 11/2/2007 The Dominican Today

SANTO DOMINGO.- The Dominican Customs agency (DGA) has made the merchandise retrieval process easier and bolstered the security guarantee the country requires in today's globalized world, among other benefits from the agreement signed with the Business Alliance for Safe Commerce (Basc).

Customs assistant director Eduardo Rodriguez, in the close of the Second Business Congress for Security and Competitiveness held in Santo Domingo, said the agreement with Basc gives the authorities and the country importers modern safety measures to guarantee safe trade. He said the authorities have obtained timely information to prevent and investigate fraud and contraband.

Speaking before representatives and customs agents grouped in ADAA and Ageport, Rodriguez said that the BASC provides security to the logistic chain, from the production or the industry, to local transporters, port and airports operators, consolidators, customs agents, cosignatory ships, to financial organizations.

The official said the World Organization Customs (WCO) will benefit the companies willing to bolster security, because they reduce operating risks. He said the DGA has a risk analysis system already operating in Boca Chica, aimed at complying with the country's commitments in the DR-CAFTA free trade agreement, to facilitate commerce.

He said a U.S. Customs and Border Security Service delegation visited the DGA in August, to verify and validate the East Haina port terminal reorganization process, in adherence to the standards of the new Secure Freight Initiative program.]]> http://blog.caribbeanrealtyinvestment.com/Article/"Unfair competition" forces Dominican hardware stores to import cement 11/2/2007 The Dominican Today

Santo Domingo.- In the next few months Dominican Republic's cooperative of hardware stores will place their brand of cement in the market, said the heads of that entity yesterday.

Luis Mejia, Luis Santos and Nelson Beltrán said they have always known that cement can be imported freely, but said the problem is unfair competition imposed by what they said is an oligopoly in the country's market. They said that alleged oligopoly's maneuvers include dumping and lobbying agaisnt authorizing competing cement's entry to the national territory.

They said they don't seek any type of tax breaks; ask that retrieval from Customs doesn't become a problem and request security to reduce the risk of sabotage.

The hardware merchants said cement import will contribute to transparency and competitiveness, "so that local prices reflect the international reality of the markets."

They said the import would be 4 percent of the national monthly production, or 350,000 bags of cement per month, which they say guarantees a lower and completive price. They said local cement prices don't reflect the international reality, since it costs 25 percent more here than abroad.]]> http://blog.caribbeanrealtyinvestment.com/Article/Latin America not capitalizing on potential of remittances 11/2/2007 The Dominican Today

Miami.- Latin America has been unable to capitalize on the spectacular growth in remittances to the region, which last year rose to a total of almost $70 billion, because most of these funds end up in the informal economy, said Fernando Pozo, president of the Latin American Federation of Banks (FELABAN), whose 41st Annual Assembly will be held in Miami from November 4 to 6.

"Unfortunately we're regrettably wasting the great potential of the remittances. The problem is that it's still a small number of people who receive and send remittances through the banks, (and thus people are) not capitalizing on the advantages of saving, credit, investment and financial advisory services that they offer. This situation is one of the factors that stems Latin America's growth," Pozo said.

The executive said that, according to a study on bank usage in Latin America, which will be presented during the assembly, the great challenge for banks is finding the mechanisms so that the $68.05 billion in remittances that arrive in the region can be channeled to promote saving and productive investment like micro-enterprises.

"It's important that banks are more incorporated into the process of sending money, which will allow the cost of the transfers to be reduced, benefiting the sender, the recipient and also the financial system," Pozo said, adding that banks are increasingly being used to send remittances.

According to Manuel Orozco, executive director of the Inter-American Dialogue's rural development and remittances project, over the past three years the percentage of Mexican immigrants using the banking system to send remittances from the United States has grown from two to six percent.

Pozo said that insofar as these figures increase, there is a greater "financial culture" and more people are drawn into the banking system, Latin America will have greater possibilities for growth. According to Pozo, bank usage rates in Latin America are very low relative to industrialized nations and this will be a main theme of FELABAN's upcoming assembly, during which a report will be presented titled "Promoting Access to Financial Services: What the Figures on Bank Usage in Latin America Tell Us," prepared by economist Liliana Rojas, president of the Latin American Shadow Financial Regulatory Committee.

Bankers conference

The Florida International Bankers Association (FIBA) will host the bi-annual Federation of Latin American Banks (FELABAN) Annual Assembly on November 3, 4, 5 in Miami. In its 41st edition, the conference brings together over 1,500 bankers from 40 different countries. The FELABAN Annual Assembly is the largest gathering of senior Latin American bankers outside the IMF and IDB meetings.

Most Latin America bank will be represented in Miami in 2007, as well as the major banks from Europe and the United States who do business in Latin America.]]> http://blog.caribbeanrealtyinvestment.com/Article/Groundbreaking set for construction of Dominican Atlantic coast's largest port 11/2/2007 The Dominican Today

SANTO DOMINGO. – Everything points to a groundbreaking to take place on January, 2008, to begin construction of Puerto Plata's Tourism and Commercial Port, said provincial governor Cesar de los Santos.

The commission to develop Puerto Plata's tourism and commercial port and the UN's Economic Commission for Latin America (Cepal) agreed to prepare the bidding for which four companies have already pre-qualified.

During a meeting in the Dominican Export and Investment Center (CEI-RD), Commission coordinator Eddy Martinez said the document will specify the technical and economic tenders, so the pre-qualified companies can prepare and guarantee their proposals. He said Cepal's participation guarantees a transparent process.

"Due to Cepal's experience in this type of initiative, the CEI-RD requested its advice to accomplish the bidding under a design of transparency and fairness," which would culminate with the remodeling, expansion and construction of the port complex, the CEI-RD director said.

Also present in the meeting were Dominican Port Authority director Jose Anibal Sanz, technical adviser Manuel Grisanty; Environment Ministry coordinator Jaime Lockward; Tourism Ministry sanitary adviser Francisco Pagan; Port Authority Governing Council president Luis Taveras; Cepal official Ricardo Sanchez, among others.]]> http://blog.caribbeanrealtyinvestment.com/Article/Fuel savings plan could include traffic restrictions, Dominican government says 11/2/2007 The Dominican Today

SANTO DOMINGO.- In the next few days president Leonel Fernandez will announce the plan to save and use energy more efficiently, which includes certain restrictions to transport, vehicle traffic in rush hours and the public and private office schedules, among other measures.

The information is contained in a document given to the press yesterday, after the chief executive's more than four hour-long meeting with the leaders of public and private institutions.

Fernandez heard the opinions of the various sectors on the savings plan which will be implemented to face the constant rise in oil prices. The Government also seeks for a rational use of fuel and electricity in government offices, and to adopt the private sector's recommendations.

In the meeting held in the National Palace, Fernandez also listed to the plans for the use of alternative energy and biofuels in the short term.

"President Fernandez showed great interest in the details of the National Energy Saving and Efficiency Plan, so the measures which will be announced in the next days have permanence and pursuit in its application and fundamentally, that they count on the support of different sectors involved," the document says.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican government to announce measures to save fuel today 11/2/2007 The Dominican Today

SANTO DOMINGO. - The Government is slated to disclose today Monday what it calls the "Contingency Plan" to face the record oil prices, and could include the elimination of or lowering the tax on each gallon of fuel by 16 percent.

The other main points in today's meeting with the economic team headed by president Leonel Fernandez are the re-distribution of some profit margins for intermediaries and to make the oil bill more transparent.

Another proposal is to create a Fuel Price Stabilization Fund in the reform to the Hydrocarbon Law.

Several agencies, headed by the National Commission of (CNE), drafted the energy-savings plan which includes proposals to save fuel, vary daily schedules, synchronize traffic lights, among others.

The chief executive received the plan last week, though he'll announce its application after the energy cabinet meeting slated for 11 a.m. today.]]> http://blog.caribbeanrealtyinvestment.com/Article/Stronger measures needed to bolster economy, Dominican industries say 11/2/2007 The Dominican Today

Santo Domingo.- Dominican industries want the Government to go beyond "simple palliatives" to face oil price increases and proposed to base the country's economic model into one which truly creates wealth.

The head of the association of companies in the Herrera industrial park (AEIH), Jesus Moreno, said the Power Contingency Plan the Government will announce today is positive, though the great challenge will be to produce the currencies to cover the increasingly higher oil bill. "Dominican Republic doesn't have to continue depending only on luck and foreign investment to maintain its economy" and instead base it on the production of goods and exports.

He lamented that the country depends almost entirely on activities of little aggregate value. "We have been exporting misery, and on that base it isn't possible to face the changes that appear in the world order."

The AEIH president said the manufacturing industry has been able to generate only 22,000 new jobs in ten years, while companies face increasingly higher costs, in surroundings where they can't be competitive.

According to the Central Bank, in the first half this year exports rose 9 percent or US$284.3 million, compared with the same period last year. Moreno said if the sales of minerals are excluded, which rose US$358.3 million on the price of nickel, the net result for exports falls to US$74.5 million.]]> http://blog.caribbeanrealtyinvestment.com/Article/State-owned Reservas bank posts US$80M profit annually 11/2/2007 The Dominican Today

SANTO DOMINGO.- In the last three years the Dominican State-owned bank Reservas has posted an average profit of US$80 million annually, for a total of US$240 million since September, 2004 to September this year.

In a press conference, Reservas administrator Daniel Toribio said to September this year the bank's assets reached US$4.10 billion. He said the Reservas is currently twice as big as when he began his tenure three years ago.

Toribio said this year Banreservas held several fairs for mortgages, autos, as well as programs to boost farm and commodities production.

He said the bank has provided more than US$100 million in credits for the housing industry.]]> http://blog.caribbeanrealtyinvestment.com/Article/Fuel price update 10/27/2007 The Dominican Today

Santo Domingo.- The Ministry of Industry and Commerce has announced its weekly fuel price update, with slight reductions in the price of gasoline and diesel, which Liquid Petroleum Gas (propane) has registered new increases.

The price of premium gasoline is down by RD$2.50 and now sells for RD$160.30 per gallon, while regular gasoline went down by RD$2.00 and now sells for RD$148.70.

The price of regular diesel is also down, although only by 70 cents, and now costs RD$127.10 per gallon, while premium diesel went down by 60 cents, selling at RD$130.90.

A gallon of subsidized LPG for domestic and vehicular use now sells for RD$59.95, and non-subsidized LPG for commercial and industrial use now costs RD$81.71, an increase of 11 cents.

The new prices were calculated using the official Central Bank exchange rate of RD$33.72 per U.S. dollar, and the reductions came as a result of fluctuations on the world market, despite the record price of US$90.00 per barrel.

These changes are usually announced by midday on Friday, but when an increase is going to be revealed, publication is delayed until after 6:00pm, often leading to public tension.]]> http://blog.caribbeanrealtyinvestment.com/Article/Record world oil price sends Dominican fuel prices soaring 10/22/2007 The Dominican Today

Santo Domingo.- Local fears that fuel prices would go through the ceiling as a result of the record international market price of US$90 per barrel came true last night when the Ministry of Industry and Commerce raised the price of premium gas by RD$8.60 per gallon and RD$7.90 per gallon in the case of regular gasoline. Diesel is up by RD$7.30 and LPG (propane) by 56 cents.

As of today a gallon of premium gasoline sells for RD$162.80, regular RD$150.70 and diesel RD$127.80 (regular) RD$131.50 for premium. Subsidized LPG for domestic and transport use costs RD$59.84 while non-subsidized now costs RD$81.60 a gallon.

Meanwhile, the Industry and Commerce Ministry and the National Energy Commission announced that the meeting to discuss fuel saving measures has been postponed until Monday.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican Republic to share organic success 10/22/2007 The Dominican Today

Santo Domingo.- The Inter-American Agricultural Cooperation Institute (IICA) in the Dominican Republic has been appointed to help other countries develop organic food production initiatives.

This is the result of the country's leadership as the world's leading exporter of organic cacao and bananas.

IICA representative Victor del Angel said that the Dominican Republic had attained this distinction thanks to the combined work of IICA and the Agriculture Ministry.

"Thanks to the leadership demonstrated by the Dominican Republic in the development of its exportation of organic products, our head office has designated us as the facilitating office for development initiatives in other Caribbean countries," he said.

He highlighted the evaluations that are carried out with German development agency GTZ and the European Union in order to develop a National Control System for certifying organic products.

IICA held a series of lectures on organic agriculture at the Dominican Fiesta Hotel yesterday, which included contributions from regional specialist Pedro Cussianovich, as well as from local experts. ]]> http://blog.caribbeanrealtyinvestment.com/Article/Philippines tourism bets on deadly volcanoes 10/14/2007 The Dominican Today

Manila.– Rickety old jeeps barrel through a dry northern Philippines riverbed, setting off a dust storm that coats the visitors bouncing around on the back seat.

The landscape around Mount Pinatubo is evolving again 16 years after a gigantic volcanic eruption killed more than 1,500 people and sent a cloud of ash into the atmosphere cooling world temperatures for years.

The fine sand deposited by the 1991 eruption over the surrounding countryside is being kicked up by sport utilities driven by adventure tourists coming to swim or ride kayaks on Pinatubo's large, mildly acidic crater lake.

"We have to appreciate the fact that our country has many volcanoes," said Perla de los Reyes of the government's volcanology and seismology institute. "They are beautiful attractions."

Of the 300 volcanos scattered throughout this Southeast Asian archipelago, 22 are active while 27 are classified as "potentially active".

Despite the danger the government is looking at ways of turning these dormant monsters into money-spinning tourist drawcards.

"People are fascinated by the phenomenon of volcanic eruptions," said Francois Dominique de Larouziere, scientific director of Vulcania, a volcano park that has drawn some 2.45 million paying visitors a year since its opening in 2002 on an extinct volcano in the remote Auvergne region of central France.

By contrast, total annual tourist arrivals in the Philippines have never passed the three million mark.

De los Reyes said people go out of their way to see the impact of eruptions. During last year's deadly eruptions of the Mayon volcano 340 kilometres (210 miles) southeast of Manila tourists flocked to the area to catch a glimpse of the eruptions

Mayon, with a perfect cone reminiscent of Japan's Mount Fuji, rises 2,420 metres (7,502 feet) above emerald rice fields near the city of Legaspi.

A deadly eruption in 1814 buried some 1,200 people alive in the village of Cagsawa. All that remains today is the church belfry. "Volcanos show how dynamic or dangerous they can be, and people appreciate it," de los Reyes said, adding that the unique shapes of land formations caused by volcanic eruptions themselves also draw people in.

In addition "geothermal lesions" including hot springs, fumeroles and fuming vents caused by melting rock could also serve as "interactive" attractions that generate income from spas or campsites.

Pinatubo and Taal, a volcano in Manila's southern suburbs that sits on a large lake, is attracting major developers who have filled the surrounding ridges with vacation homes and fancy restaurants.

But Iraya, Kanlaon, Bulusan, Banahaw, Hibok-Hibok, Isarog and Kalatungan, to name a few, are physically remote and inaccessible. Apo, the country's highest peak and a potentially active volcano on the southern island of Mindanao, is visited mainly by mountain climbers who hike up the 2,938-metre (9,639-foot) summit and back over three or more days.

"Volcanoes do not erupt every day," said Teresa Mundita Lim, head of the government's protected areas and wildlife bureau, one of the agencies involved in the project. Efforts to bring in tourist dollars must not result in the introduction of "invasive species," disturb native wildlife, or result in the destruction or collection of plant and animal species, Lim said.

The government vetoed a planned spa resort near the Taal crater in July and ordered the South Korean developer to restore excavated areas at its own expense, saying the project ran afoul of environmental restrictions.]]> http://blog.caribbeanrealtyinvestment.com/Article/Banks to set up $80 bln fund to limit credit crunch 10/14/2007 The Dominican Today

New York.– Major banks including Citigroup Inc are looking at setting up a roughly $80 billion fund to buy ailing mortgage securities and other assets, in a bid to prevent the credit crunch from further hurting the global economy, sources familiar with the matter said.

Representatives from the U.S. Treasury have organized conversations among top global banks, sources said, as financial institutions grow increasingly concerned that a certain type of investment fund linked to banks may have to dump billions of dollars of repackaged loans onto financial markets.

A fire-sale of assets could lift borrowing costs globally, trigger big losses from investors and force banks to further write down some holdings on their balance sheets. Such sales could trigger huge losses for banks, and in the worst-case scenario tip the U.S. or Europe into recession.

The fund is the latest response to a global credit hangover after at least three years of easy credit that fueled massive mortgage lending in the United States and spurred record levels of leveraged buyouts.

"Banks made unwise business decisions, and now they're scrambling to save themselves," said Steve Persky, chief executive at Dalton Investments in Los Angeles, which has $1.2 billion under management.

Citigroup, JPMorgan Chase & Co. and Bank of America Corp. are involved in the discussions, according to people familiar with the situation. The three banks declined to comment.

The U.S. Treasury is involved in the discussions, but taxpayer money is not expected to be used.

The Financial Services Authority, the U.K. market regulator, has suggested U.K. banks consider participating in the fund, the Wall Street Journal reported on Saturday, citing a person familiar with the situation.

A spokesman for the FSA declined to comment on Sunday. Swiss financial services regulator EBK also declined comment.

Spokesmen for British bank HSBC and Swiss bank UBS had no comment when asked about their involvement.

Details concerning the fund the banks are setting up, including its size, are still being hammered out and may change as other banks and investors become involved, sources said.

The fund that is being contemplated would bail out funds known as "structured investment vehicles," or SIVs.

SIVs bought assets like mortgage securities from banks, and financed their purchases using short-term debt known as commercial paper. They make money by earning more from their investments than they have to pay to fund them.

Reuters]]> http://blog.caribbeanrealtyinvestment.com/Article/Nobel Prizes look to economics 10/14/2007 The Dominican Today

Stockholm.– Given the churning turmoil of global markets sparked by the U.S. subprime crisis, soaring oil prices and a renewed strength by foreign currencies, it might seem appropriate that any of those issues could figure in determining the winner of this year's Nobel economics prize.

But, say watchers of the secretive prize, that's too tough a call to make given that the people who ultimately decide the winner –or, in years past, winners– tend to favor economic theories that have had time to take root, grow and prove resilient.

"It is so hard to predict. Last year it went to the labor market area, so perhaps it will be statistics this time, but then again the securities market hasn't won for about 10 years," said Hubert Fromlet, the chief economist of Swedbank in Stockholm.

Speculation on this year's prize has included economists who deal with international trade, macroeconomics and the labor market, among others.

Fromlet said Jagdish Bhagwati, a noted proponent of free trade and critic of opponents of globalization, was one of his favorites.

"International trade is probably worth a prize," he said, noting that the Indian-born Columbia University economics professor was an external adviser to the World Trade Organization and served as a special policy adviser on globalization to the United Nations.

Other potential candidates include macroeconomists Robert Barro and Paul Romer, as well as arbitrage pricing researcher Stephen Ross, and Europeans Jean Tirole in France and Assar Lindbeck in Sweden, Fromlet said.

Like the traditional Nobel science prizes –medicine, physics and chemistry– there is no precise formula for predicting whom the Royal Swedish Academy of Sciences will pick to win the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.

Previous winners of the prize, created in 1968 and not one of the original five outlined by Alfred Nobel in his will, have recognized research ranging from how the control of information affects markets to welfare economics used to explain the mechanisms behind famine and poverty]]> http://blog.caribbeanrealtyinvestment.com/Article/JetBlue adds another Dominican Republic destination 10/13/2007 The Dominican Today

Santo Domingo.– JetBlue Airways, famed for its low-cost but full-service flights, announced it is adding another Dominican Republic destination, with new New York-Puerto Plata flights commencing on Jan. 10, 2008.

JetBlue already flies to Santiago and Santo Domingo. Fares on the Puerto Plata flights will start at $109 one-way; the flights will provide more access to the Dominican Republic's north coast resorts.

The airline also announced that it will begin flying to the Dutch Caribbean island of St. Maarten beginning on Jan. 17, 2008.

The daily flights from New York to Princess Juliana Airport also will provide new access to the French side of the island, St. Martin. Fares will start at $159 each way.

Other JetBlue destinations in the Caribbean include Aruba; Bermuda; Cancun; Nassau, Bahamas; and Aguadilla, Ponce and San Juan, Puerto Rico.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican Republic, the perfect golf destination 10/13/2007 The Dominican Today

Santo Domingo.– Dominican Republic, with 23 courses golf courses and more under construction, has become the best golf destination in the Caribbean. Only four golf courses in the area made Golf Digest magazine's list of "100 Best Golf Courses Outside the U.S." in 2005, and two are the country.

Teeth of the Dog at the Casa de Campo resort is widely considered the best course in the Caribbean and was ranked 17th on the magazine's list. It is challenging and windy, says Peter Finch, a senior editor at Golf Digest.

He adds that two other Pete Dye-designed courses at the resort –the Links and the unfortunately named Dye Fore– are first-rate as well. The Dominican Republic is also home to Playa Dorada, part of the Wyndham resort in Puerto Plata.

Nearby, the Cap Cana development's Punta Espada course, designed by Jack Nicklaus near a dramatic coastline, is a new competitor. Two other Nicklaus-designed courses are planned at the site.

Jamaica has long been a popular golf spot, but the opening of the White Witch at the Ritz-Carlton in the past decade "really put the island on the golf map," Finch says.

Barbados is best known for its classic course, Royal Westmoreland. It was the only significant course there until the opening of three courses at Sandy Lane resort: the Green Monkey, the Old Nine and the Tom Fazio-designed Country Club Course. The resort is where Tiger Woods had his wedding.]]> http://blog.caribbeanrealtyinvestment.com/Article/Enterprising Dominicans make mark abroad 10/13/2007 The Dominican Today

New Jersey.– The Dominican Republic and Puerto Rico are in close proximity to each other and have maintained a historical exchange since the time before Christopher Columbus set sail from Spain.

Since 1917, the year Puerto Ricans were granted American citizenship, Dominicans have made the island of Puerto Rico the transition point for entrance into the United States.

The distance between these two countries is short but dangerous: in particular, La Mona Passage, where the sea is deep, the currents are strong and the waters are infested with sharks.

The migration of Dominicans through that channel was not as significant until the mid-20th Century. Thousands had to escape the bloody dictatorship of Jose Leonidas Trujillo, who ruled the Dominican Republic between 1930 and 1961, the year he was killed.

The strong migration of Dominicans to South Jersey is a more recent trend. Jose Fortuna, a leader within the Dominican community, said his compatriots started to arrive in significant numbers in this region at the end of the 1970s and 1980s.

Many stayed in New York and, faced with the hardships of city life with its high cost of living, lack of work and personal safety, came to South Jersey in search of better opportunities and safer communities. Like Puerto Ricans and Mexicans, Dominicans stay in touch with their families back home and show pride in their heritage.

One significant difference between Dominicans and other Hispanics in South Jersey is they actively engage in their country's politics. The campaign to elect a new Dominican president next May is under way.

Political committees have been organizing activities that motivate Dominicans here to vote since their country's laws allow them to elect a president in absentia.

Dominicans also are successful entrepreneurs. Small grocery stores, also known as bodegas, play an important role in urban centers because they supply the communities with food and other products at affordable prices.

Jose Fortuna said Dominicans are not interested in working for others, thus they put all their efforts into owning and operating their own businesses. In addition to grocery stores, Dominicans in Camden are running contracting firms and taxi lines. Fortuna is among the wealthiest taxi entrepreneurs in South Jersey.

When new Dominicans arrive in South Jersey and are willing to stay here and work hard, those who are already established help them. There are no official estimates, but it is thought that Dominicans make up the third largest group of Latinos in South Jersey, trailing behind Mexicans. Puerto Ricans rank highest in population.

The contributions of Dominicans to the Hispanic heritage in this region and the United States as a whole are many and substantial. One source of pride is baseball. So many Hispanic baseball players are Dominican and many play professionally. Sports journalist Enrique Rojas recently wrote there are 80 Dominican Soccer players in 27 of 30 national league teams.

Some Dominican athletes who come to mind are Sammy Sosa, Manny Ramirez, Alex Rodriguez and Jose Mesa. Juan Marichal, born in 1937, was one of the first to make it into the major leagues and was also one of the best, according to many.

Today, Marichal is in the Baseball Hall of Fame and is remembered as the greatest Hispanic pitcher of all times.

Printed from CourierPostOnline.com]]> http://blog.caribbeanrealtyinvestment.com/Article/Bush visits Miami to bolster Latin America trade 10/13/2007 The Dominican Today

Miami.– For more than a decade, free trade has been the linchpin of U.S. foreign policy in Latin America. But eroding public and political support for more open markets has the Bush administration scrambling to save a series of new trade deals awaiting approval from a reluctant Congress.

With that in mind, President Bush made a hastily arranged trip to Miami on Friday to extol the virtues of free trade to local politicians and business leaders, while warning that failure to pass the trade deals would "damage America's credibility" with its allies in the region.

Calling it "a historic opportunity to strengthen our economy at home and strengthen democracy and prosperity across the hemisphere," Bush said the three trade deals with Peru, Colombia and Panama were "essential to our economy ... our security ... and our moral interests."

All three trade deals have been signed and are awaiting congressional approval. Peru's is thought to be the least problematic and could be ratified this year.

Panama is considered a "no-brainer" by free trade advocates. The United States enjoys a huge trade surplus with Panama, whose 3-million residents import nearly half their goods from American companies. U.S. businesses also hope that a free trade agreement would put them in a better position to bid on a multibillion-dollar expansion of the Panama Canal.

The trade pact with Colombia is the one most in peril, due to concern in Congress over the slaughter of dozens of unionists by right-wing paramilitary warlords.

American labor unions have campaigned vehemently against the trade agreement, arguing that Colombia's government has failed woefully to protect union leaders and prosecute their murderers.

While Colombia's population of 44-million represents an important market for U.S. goods, the country's importance transcends economic factors.

U.S. officials highlight the close cooperation of Colombian President Alvaro Uribe in the drug war. "This is somebody who cast in his lot with partnership with the U.S., and it ought to mean something," Secretary of State Condoleezza Rice said this week.

During his Miami visit, Bush recognized that Colombia has problems. "Colombia's record is not perfect, but it is clearly headed in the right direction and is asking for our help," he said.

President Bill Clinton launched the free trade era in 1994 with the North American Free Trade agreement with Mexico and Canada.

Democrats have notably cooled toward the idea in recent years, citing concern for U.S. jobs and salaries, as well as human rights abuses in Latin America.

The issue has also lost steam among some Republicans. One poll by the Wall Street Journal and NBC published this week found that six in 10 Republicans believe free trade has harmed the U.S. economy by reducing demand for domestic goods, taking away American jobs and putting unsafe imported products on U.S. store shelves.

In Miami, Bush touted his free trade record, noting that the United States had free trade deals with only three countries when he took office in 2001. There are now deals with 14 countries, seven of them in Latin America.

Those include a free trade deal with Chile in 2003 and another with the five Central American nations and the Dominican Republic last year. However, the Chile deal took 11 years to be approved, and the Central American vote was a squeaker that Congress passed by two votes.

While Bush noted the rising protectionist sentiment in the country, he said Americans need to understand that free trade brought prosperity. "When trade expands, American workers gain," he said.

Exports to Chile have more than doubled in the last three years, he said. Exports have increased 13 percent with Central America and the Dominican Republic.

Printed from the St. Petersburg Times (www.sptimes.com)]]> http://blog.caribbeanrealtyinvestment.com/Article/IDB praises Dominican Republic's economic recovery 10/7/2007 The Dominican Today

La Romana.- Inter-American Development Bank (IDB) president Luis Alberto Moreno has described the Dominican Republic's economic recovery as "formidable" but called on the country to focus this on social issues in order to achieve sustainable growth.

Moreno added that the Dominican Republic ought to prioritize culture and create quality jobs in order to be successful in global competitiveness, while highlighting the country's technological progress.

Moreno's comments come five days after a national strike by popular organizations that called for social improvements.

The IDB president also said that the country should make the most of its membership of the DR-CAFTA agreement and welcomed the recovery plan the Dominican authorities are implementing with the Central Bank, which is affected by a quasi-fiscal crisis.

"The best word to describe the difference between the Dominican economic situation in 2004 and the present is ‘formidable'", said Moreno.

The IDB president's statements were made during a press conference held alongside Dominican president Leonel Fernández, with whom he had been analyzing the local economic situation at the Casa de Campo tourist complex in La Romana province.Fernández described the meeting as "magnificent" and ensured that the country has the hard currency needed to keep the exchange rate stable in the face of pressure from the constant fuel price rises on the international market.

"Although we have surpassed expectations for growth over the last three years, it is also true that we are facing new external challenges, and this is why we have been studying the Dominican economic situation", said the president.

Fernández said that the nine-hour meeting had covered all aspects of the national economy, including the power problem "where we still have a lot of work ahead to overcome the crisis in the sector".

The Dominican president added that the country also faces "huge opportunities" in production of biofuels such as ethanol, and defended the controversial Santo Domingo metro project.

"The metro is a transport system that will save fuel for the nation, as well as not polluting the environment, and will transport thousands of passengers to their places of work each day" said the president.]]> http://blog.caribbeanrealtyinvestment.com/Article/BHD buys out Republic Bank 10/6/2007 The Dominican Today

Santo Domingo.- The Banco Hipotecario Dominicano (BHD) has announced the acquisition of the Republic Bank (DR)'s assets, adding that the transaction was approved by the Monetary Board on 13 September.

BHD explained that this move comes as part of its growth strategy and openness to new business that it is developing in the country.

The bank said that this would consolidate its positioning in the Dominican Republic's commercial banking market.

In a press release, BHD said that the two banks "would be transferring their business clients' accounts, as well as the conversion of their operating systems, and these processes would be completed by October 8th 2007".

The bank reiterated its commitment to provide an agile, transparent and specialized service, based on the best international practices".

It highlighted the fact that this is the second operation it has held with Republic Bank in the Dominican Republic.

The previous operation was carried out in September 2006 when BHD acquired the bank's business portfolio.

This transaction includes current and savings accounts, financial certificates, credit cards, personal loans and the transfer of several branches.

BHD welcomed its new clients.]]> http://blog.caribbeanrealtyinvestment.com/Article/Government boost for banana exports 10/6/2007 The Dominican Today

Las Matas de Santa Cruz.- La Cruz de Manzanillo project director Alejandro Toribio says that the government plans to invest over RD$11 million to help with the company's recovery, with the aim of exporting 40,000 boxes on bananas a month.

Toribio was speaking during the inauguration of Dominican Telecommunications Institute (Indotel) community computer center in the northwestern town of Las Matas de Santa Cruz.

"This project has been neglected by previous administrations, but is now on the road to recovery, creating hundreds of new jobs in the northwestern frontier area", said Toribio.

He said that the project currently generates 200,000 jobs, making it the largest public administration employer in the area.

The project is helping banana farmers in the area recover their crops and resume exports. It also involves new yuca (cassava) plantations, and there are plans to cultivate cucumber, beets, sweet potato, eggplant and other crops.

The government has allocated a total of RD$11 million towards this purpose, he added, and expressed the hope that the company would recover its position as national leader in banana exports.

Farmers in the area have suffered from the effects of the Yaque River's flooding and a tornado that destroyed 75,000 banana plants. He said that there was great demand from abroad for bananas from the Dominican Republic.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican free zones await a free trade mechanism to lower costs 10/5/2007 The Dominican Today

SANTO DOMINGO. - The Dominican Free Zones Association (Adozona) expects the mechanism "Accumulation of textile origin" will take effect in the U.S. Office of the Trade Representative (USTR) this month, to help lower the operational costs of the industry in the Latin American region.

Adozona vice president Jose Torres said it's been 18 months since the Free Trade Agreement with the U.S. and Central America (Dr-Cafta) was implemented and the free zones have yet to benefit from that mechanism.

He said the textile accumulation language is "a little ambiguous" in the text of the Dr-Cafta, since the U.S. demands that all members must be ready for the accumulation to take effect.

The Accumulation of textile origin is a mechanism in the Dr-Cafta which allows garments can enter tariff free to the U.S. with materials made in the region, Mexico and Canada. It consists of garments manufactured with materials such as fabrics and threads acquired in Mexico, Canada, the U.S. and Central America.

In the first year free zones in Central America and Dominican Republic will be able to use 100 million square meters of raw materials to make garments, with a possibility of raising it to 200 million in the second year, without limits. The mechanism allows taking advantage of Mexican or Canadian textiles and threads tariff free, to make garments in this country and Central America, for their later export to United States.

The Adozona executive said that for all the Dr-Cafta countries to be ready to use the accumulation of origin mechanism they will have to modify their agreements with Mexico, and this nation to have made an administrative procedure, which Dominican Republic did more than two months ago.

In addition, the Central American countries and Mexico decided to modify their respective treaties (Nicaragua-Mexico, and El Salvador-Guatemala-Honduras, and Costa Rica and Mexico), though their congresses must still approve those agreements.

He said Nicaragua's Congress approved it, but the others haven't, excluding Costa Rica which isn't considered part of the Dr-Cafta, as it hasn't passed it into law.

Torres said that in different meetings in Washington, he was told in the USTR that it's possible the accumulation of origin would begin this month, which was ratified on September 18 in president Leonel Fernandez's presence. He said a meeting is also slated for the 15th and 16th of this month in Washington with the participation of all the Dr-Cafta members, to talk about the topic.

He said although the Central Americans requested the accumulation be distributed by countries, there is no consensus, and instead opted for a first-come-first basis in the use of the fund of the accumulation of textile origin quota.

Forty percent of the Dominican free zones' production is textiles, given the advance in the diversification process, which includes footwear and leather products, cigarettes, jewels, medical, and electronic products. Previously textiles reached 56 percent of the free zone's production.

In 2006 free zone exports reached US$4.5 billion, a fall of 5 percent compared with the US$4.7 billion in exports in 2005, attributed to the fall of 17 percent in garment exports.]]> http://blog.caribbeanrealtyinvestment.com/Article/Price of Gasoline falls, cooking gas rises in Dominican Republic 10/5/2007 The Dominican Today

SANTO DOMINGO. - The Industry and Commerce Ministry lowered the prices of gasoline and diesel, while Liquefied Petroleum Gas (LPG) will rise slightly as of Saturday.

Premium gasoline will cost 3.60 less to RD$152.80 the gallon; regular falls 3.80 to RD$143.60 the gallon, diesel will cost 90 centavos more, to 120 pesos the gallon.

Subsidized and non-subsidized LPG will cost 90 cents more, to 57.20 and 78.96 respectively.]]> http://blog.caribbeanrealtyinvestment.com/Article/Reconstruction begins in longest Dominican mountain highway 10/5/2007 The Dominican Today

Constanza.- After a delay of more three hours, president Leonel Fernandez headed the groundbreaking for the reconstruction of part of the 75 kilometer long Casabito- Constanza highway, the country's longest.

The cost for the reconstruction of a 51 kilometer span - which is part of the Pinalito Hydroelectric project - is about US$41.8 million and the route will be improved to make it easier to haul fruits and vegetables, which according to Agriculture minister Salvador Jimenez Constanza produces 80 percent of the country's output.

Dominican state electrical companies (CDEEE) executive vice president Radhames Segura said Pinalito's first generation unit will be operational no later than April, 2008.

He also said some Constanza districts will be provided electricity and the power lines will be changed at a cost of nearly 200 million pesos.

Public Works minister Victor Diaz said the road –whose contractor is the company Odebrecht of Brazil- will have two, three-meter wide lanes and a retaining wall against landslides. The ceremony, which included 3 minutes of fireworks, didn't have the traditional excessive flatteries to the President, although reelections slogans accompanied the speeches.]]> http://blog.caribbeanrealtyinvestment.com/Article/Responding to global challenges- 2nd International Conference on Climate Change and Tourism 10/2/2007 The Dominican Today

Davos. - More than 600 participants from over 100 countries and 20 international organizations are at the 2nd International Conference on Climate Change and Tourism in Davos, Switzerland which opened this Monday. Organized by UNWTO together with the United Nations Environment Program (UNEP), the World Meteorological Organization (WMO) and supported by the World Economic Forum (WEF) and the Swiss Government, the three-day Conference addresses the global challenge of climate change and action by the tourism sector in both adaptation of destinations and mitigation of its own impacts.

In opening the Conference, H.E. Dr. Eric Scheidegger, Deputy Director of the Swiss Secretariat of State for Economic Affairs, stressed the need for fostering the full use of the adaptation potential of the tourism sector and supporting market-based off-setting mechanisms. Dr. Scheidegger welcomed UNWTO's initiative to make the Conference carbon neutral.

To be consistent with UNWTO's commitment to sustainable travel, the Organization has asked participants to register with carbon offsetting organizations. Carbon offsetting mitigates greenhouse gas emissions and can involve renewable energy projects (such as solar, wind power and hydroelectricity or biomass and biofuels) and tree planting, among others.

In his opening speech, UNWTO Secretary-General Franceso Frangialli emphasized that "A revolution, not just economic or technological, but also cultural, is what climate change in calling for the tourism world to bring about." At the same time he underscored that "tourism is linked to poverty alleviation. It would be an error to take an overly simplistic approach in which apprehensions regarding climate would lead to losing sight of all other priorities."

Multi-Stakeholder Conference

Participants from public administrations, the private sector, the academic community and civil society at large are gathered to discuss particular issues around the response of the tourism sector to global warming, focusing on both destinations and activities.

The focus on destinations will consider:

- Coastal destinations and small islands;

- Mountain regions and winter tourism; and

- Nature-based destinations.

The response of the tourism sector also has to build around the various sectors and activities of this industry. This will be the subject of a final plenary session on mitigation with a special focus on:

- Transport;

- Tour operation and

- Accommodation.

Ongoing challenge

Climate change is not new to UNWTO's agenda. Since the 1st International Conference on Climate Change and Tourism, convened by UNWTO in Djerba, Tunisia in 2003, a growing body of knowledge has been generated addressing the complex relationships between the tourism sector and climate change with important research activities on this subject.

Just as climate change is being addressed globally under UN leadership, UNWTO has the responsibility of formulating how the tourism industry can adapt to and mitigate the climate challenge.

The results of the Conference will be summarized in the Davos Declaration to be presented at the closing session on 3 October. The outcome will be considered at a UNWTO Ministerial Summit in London on 13 November, with the support of the World Travel Market and the UK Government, and factored as appropriate into the overall UN Strategy for Climate Change Response to be discussed in Bali later in December.]]> http://blog.caribbeanrealtyinvestment.com/Article/Proposed port pits icon Dominican beach town, developers 10/2/2007 The Dominican Today

BAYAHIBE.- Though the community paradisiacal Bayahibe, located 25 kilometers east of La Romana (east), doesn't oppose the construction of a port, it rejects the point selected by the developers Embarcaderos Turisticos del Caribe, who signed a contract with the Tourism Ministry.

The some 70 meter long swath of beach available to the population after several hotels were built would be taken over by the company, along with adjacent lands whose owners have businesses they built with much effort.

Tourism development turned Bayahibe from a community which languished in poverty in the 1980s, into one of the east region's most coveted areas.

The port's proposed construction, through a 20 years management contract granted to the company, would drive hundreds of businesses into bankruptcy and the loss of more than 14,000 jobs.

The owners of boats, businesses, of small and even large hotels reject the site proposed for the facility. They said if the little area of beach left is closed off, Bayahibe would lose its attractiveness, its value and investments and suggest using the area of rocky shore instead.

"Bayahibe has been developed with a concerted effort of all the community and established a commercial area that now is tempting for economic sectors who haven't done any type of investment, to try to reap what others, with great sacrifices, have developed," said the representatives of the associations.

The natives Nercy Brito, Milvio Antonio Brito, Ramon Brito, Freddy Rijo, Lydia Morla the Italian Stefano Ciattone and their lawyer Juan Julio Báez said while they don't oppose the port's construction, they won't allow the company to expropriate the beach.]]> http://blog.caribbeanrealtyinvestment.com/Article/Jose Rafael Sosa wins the Dominican Tourism Press prize 10/2/2007 The Dominican Today

SANTO DOMINGO.- The journalist Jose Rafael Sosa, of the newspaper El Nacional, won the Grand Prize in the 4th Epifanio Lantigua Tourism Press Prize, sponsored by the chain Occidental Hotels and the Dominican Tourism Press Association (Aompretur).

Geraldino González won the television category; Yaniris Lopez won in online journalism, Javier Noguera took the prize in radio, and Augusto Vásquez won the special prize dedicated to Puerto Plata. The journalists William Rodriguez, Desiree Martinez, and Soranyi Campaña and the magazine Bohio received special mentions.

Adompretur president Manuel Quiterio Cedeño hosted the gala, which also marked the entity's 30th anniversary.

The award ceremony took place in the emblematic Occidental Hotel El Embajador, and the chain's executive Ventura Serra delivered the welcome speech.]]> http://blog.caribbeanrealtyinvestment.com/Article/Crisis management needs strategic approach, World Tourism Organization says 10/2/2007 The Dominican Today

Madrid.- The need for a more strategic approach to risk and crisis management has been confirmed by recent events such as the forest fires in Greece, hurricanes in Central America, and the earthquake in Indonesia. While these events are challenges to travelers and the tourism sector, they also reflect the number and kinds of natural and man-made disasters which affect the world as a whole.

Tourism authorities from Greece, Honduras and Indonesia informed UNWTO that recent events have not caused major changes in the schedules of travelers. While this reflects the resilience of the travel and tourism industry, it also underlines the need for a strategic and rapid response of the industry to the adversities.

In an effort to further increase its response mechanisms, UNWTO has allocated additional resources and realigned its general Program of Work for the years 2008/2009 to help better face these challenge.

UNWTO draws on its rich experience and proven capability in the work done so far for the recovery of tourism in the post tsunami Phuket Action Plan of February 2005 and the various efforts on Avian and Human Influenza pandemic.

Furthermore, the creation of the Tourism Emergency Response Network (TERN), simulation exercises, and the establishment of the dedicated website sos.travel, have all expanded the existing platform to counter the threat of human and man-made disasters that seem to challenge the world more and more.

The close collaboration with other UN bodies and agencies such as the UN System Influenza Coordination (UNSIC), the World Health Organization (WHO), the International Civil Aviation Organization (ICAO), to name a few, should reinforce UNWTO in its future endeavors to tackle all forms of crises to the tourism industry as a whole.

The Organization will be presenting its report on strengthening its crisis management activities for discussion at the forthcoming UNWTO General Assembly in Cartagena de Indias, Colombia, 22-29 November 2007, and hopes to receive full endorsement by its Members for its plans.]]> http://blog.caribbeanrealtyinvestment.com/Article/Two world chains to build hotels in Dominican Republic 10/2/2007 The Dominican Today

WASHINGTON. - International hoteliers told president Leonel Fernandez they are willing to make important investments in the country and will visit Dominican territory to continue in the coming months.

The chief executive spoke Tuesday with the representatives of hotel chains Ritz Carlton and Four Seasons,

Alfonso Paniagua, representative of the resort Casa de Campo, La Romana (east) said construction of a Four Seasons, 200 room luxury hotel will begin in the next few months.

As to the Ritz Carlton, Ellis Perez, executive of the group Cap Cana, said in the next 24 months that company will start to build a luxury hotel in that resort, located in Altagracia Province (east).

Fernandez spoke with the executives of the hotel chains as part of the activities of Dominican Week, in the U.S. capital. He was accompanied by the first lady, Margarita Cedeño and senior government officials.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican hoteliers want State-owned hotels to be privately run 10/2/2007 The Dominican Today

SANTO DOMINGO. - The National Hotels and Restaurants Association (Asonahores) said on Tuesday it supports the privatization of the Hotel Montaña, Jarabacoa (central), one day after the government's hotel holding agency Corphotels announced the lease.

Asonahores executive vice-president Arturo Villanueva said the Montaña had been in ruins for years and the agreement announced yesterday includes its remodeling and resumed operations.

He said the hoteliers also support privatizing the government-owned hotels in Samaná (northeast), San Jose de las Matas (northwest), Barahona (southwest), among others.

The Tourism Ministry, through Corphotel, leased the Montaña for US$2,000 monthly for 35 years to the company Pareatis, which agreed to spend RD$300 million in next 5 years. Preatis said it plans to reopen it in February with 43 rooms.

The Dominican Government owns 17 hotels located in the capital and in several provinces.]]> http://blog.caribbeanrealtyinvestment.com/Article/Developer aims to "change face" of little-known Dominican tourist destination 10/2/2007 The Dominican Today

LAS SALINAS, Dominican Republic.- A local developer aims to "change the face of Las Salinas" with a construction project he hopes will attract more tourists to the area. Jorge Domenech, president and owner of the Salinas Hotel, says the region, with its spectacular mountain views and clean beaches, has a lot to offer tourists looking for something off the beaten track. "It's a natural environment," he says. "It's exactly the same as it was when Christopher Columbus came to the island." Construction is already underway on an apartment and hotel complex across from the existing hotel, and is expected to finish next month. After that, pending approval from local authorities, Domenech plans to completely renovate the original hotel, building 40 condominiums and a new marina on the site that could be open as early as next year. But John Van Allen, an alternative energy consultant who has been coming to Las Salinas for forty years to enjoy its unspoiled beauty, says increased tourist traffic brings a multitude of problems along with its boost to the local economy, including trash, crime and prostitution. "Anytime you have development, tourism, foreigners, movement, you get problems," Van Allen says. "You see it in Boca Chica. Not so much in Juan Dolio, but it's there. Here, it's unheard of."Van Allen hopes Las Salinas will be able to maintain its reputation as a peaceful hideaway once the development is complete. Las Salinas is named for the salt flats that surround it. The area is also being explored as a potential site for a wind farm as an alternative source of energy to help ease the strain on the country's power grid.

Author: Alexandra Pope]]> http://blog.caribbeanrealtyinvestment.com/Article/Ritz-Carlton to build luxury hotel in Dominican Cap Cana complex 10/2/2007 The Dominican Today

SANTO DOMINGO.- The tourism and real estate complex Cap Cana yesterday signed an agreement with the exclusive U.S.-based chain Ritz-Carlton Hotels, to build a world class luxury hotel "The Ritz-Carlton, Cap Cana," along with a residential project "Residences At The Ritz-Carlton, Cap Cana."

The hotel will have 220 rooms, a 1,490 square meter spa, a private beach club, five restaurants and lounges.

"The Ritz-Carlton, Cap Cana" and the 194 private beach and golf residences in "The Ritz-Carlton, Cap Cana" is slated for opening in the beginning of 2010, at an estimated cost of US$1.0 billion, in real estate sales and construction. "The Ritz-Carlton, Cap Cana" will use materials of the Caribbean, large balconies with a view of the sea and natural lighting in each of its spaces.

It will also have 745 square meters of conferences areas including a 540 square meter salon for events and will provide individual guests or groups a variety of options for each occasion, such as corporative meetings, weddings and social gathering, said the Group Cap Cana in a statement.]]> http://blog.caribbeanrealtyinvestment.com/Article/Tourism's growth stalls, Dominican Central Bank figures show 10/2/2007 The Dominican Today

SANTO DOMINGO.- The number of tourist arrivals by air continues stalled, according to a Central Bank report published yesterday Tuesday. It said between January and August barely 7,163 more nonresident foreigners visited the country than in the same period last year.

This figure shows that tourist arrivals grew only 0.2 percent in the period, much lower than the previous growth rate of 6.9 percent in 2005 and 10.1 percent in 2006.

In the first eight months this year 2, 455,932 tourists came to the country, whereas 2,448,769 million visited in the same 2006 period. The fall in arrivals of nonresident Dominicans was even sharper (-6.1 percent), the Central Bank said.

The tourism industry is Dominican Republic's main generator of currency and has posted solid sustained growth since 1990, except this year.]]> http://blog.caribbeanrealtyinvestment.com/Article/Summit to gather major Spanish, Caribbean tourism leaders 10/2/2007 The Dominican Today

SANTO DOMINGO.- The Caribbean Hotel Association (CHA) and Caribbean Tourism Organization (CTO) will stage the "Summit for the Integration and Development of the Caribbean in the 21st Century" on September 14 in Palma de Mallorca, Spain, which will gather the 30 major tourism leaders of the Caribbean and Spain with hotel investments in the region.

CHA president elect Enrique De Marchena said the summit's agenda includes an analysis of the problems of tourism development in the Caribbean in this century and the challenges global competition poses for the region.

He said also analyzed will be the impact of Spanish investment in the Caribbean and the implications of the requirement of passports for Americans who travel by air to the region. The agenda includes taxes in the Caribbean, human resources and other subjects of interest for the hospitality industry, he said.

The event, originally proposed by De Marchena in its quality of President Electo of the Caribbean Association Hotel, counts on the organization of this organization and the Preferred Group of Spain, and the auspices of Bancaja and the Group Sun Meliá.

Current CTO president Meter Odle, Allen Chastenet, Alec Sanguinetti, Vincent Vanderpool-Wallace, and Spain's 30 top hoteliers, among others, Gabriel Escarrer, Miguel Fluxa, Abel Matutes, Simòn Pedro Barcelo, Pablo Piñero, Pepe Hidalgo and Carmen Riu confirmed their participation so far.

For Dominican Republic will attend Punta Cana Group president Frank Rainieri, Hilton Corporation Latin America representative Simon Suárez and Arturo Villanueva, of the National Hotels and Restaurants Association (Asonahores).]]> http://blog.caribbeanrealtyinvestment.com/Article/To compete Dominican tourism needs more security, industry expert says 10/2/2007 The Dominican Today

SANTO DOMINGO. - The Dominican tourism has been marred by weaknesses, including lack of safety for the tourist, from which the country risks losing its competitiveness as a preferred Caribbean destination. "Nowadays fears of insecurity are greater than ever from the difficulties that have appeared in different regions of the world," said ex Tourism minister Ellis Perez.

Other unfavorable factors are the high taxes and the United States Government passport requirement for its citizens to travel. He said people look for places to spend safe vacations where they have nothing to fear, where they feel calm, where their physical security isn't threatened.

Perez urged Dominicans to develop competitiveness to keep Dominican Republic a place where tourists aren't frightened. He said the Caribbean is currently in a critical time as statistics show that it's one of the declining tourism destinations from the less than expected tourist arrivals. "In such a competitive world as today's, especially in the tourism area, one does not compete by area or region, competition is in the global scope instead."

The tourism industry generates 0.8 direct jobs per hotel room, according to the National Hotels and Restaurants Association (Asonahores). The resorts in Bavaro, one of the country's major tourism regions, generate 16,900 jobs, whereas more than 2,500 people work in Cabarete (north), one of the country's fastest-growing areas.

According to the figures from official and private entities, 2006 was a good for the industry, which showed a continuous growth. According to the Central Bank in the first seven months this year the arrival of nonresident foreigners by air grew 0.03 percent compared with the same last year period.

Investments in tourism projects are expected to grow an annual average of 4% until 2015, until reaching US$2.34 billion, which would then represent 25.2% of the economy's total investments.

Tourism is expected to be a US$15.7 billion industry in 2015, with a 4.2% average annual growth starting this year.]]> http://blog.caribbeanrealtyinvestment.com/Article/Aggregates mine is "fatal" for tourism, the environment, Samana mayor says 10/2/2007 The Dominican Today

SAMANA. - The mayor, a deputy and the parish priest of the community Sanchez said if a foreign company is allowed to extract construction aggregates to be shipped abroad, it would be "fatal" for tourism and the environment.

Mayor Johnny Carrasco and deputy Demetrio Vicente said that company's executives visited them seeking to obtain a no-objection letter to obtain the operating permit. Carrasco said he refused to issue it operations because it would be fatal for the province, and especially for Sanchez's inhabitants.

The mayor said the Environment Ministry must determine the implications to the zone's environment and natural resources, before authorizing the works to extract limestone. "That company has visited me in two occasions to ask for a letter of no-objection, which I denied because it would affect the entrance to the town, since a large important strip for the promotion of tourism would be removed, which I understand would be fatal for the town of Samaná."

The municipal said no one from the Environment Ministry has spoken with him on the project, although one from the Mining Directorate did. "Given the magnitude and what the project implies, we have been careful on that, although I could have granted the authorization without the need of approval by the City Council."

Vicente said the operations to extract construction aggregates in the Sanchez and Samaná area would greatly affect the zone's ecotourism.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican Republic flaunts its beauty at Poland Tourism Fair 10/2/2007 The Dominican Today

WARSAW.- During three days Poland's capital become a center of world tourism, bosting the 15th International Travel Show TT Warsaw Tour & Travel. The widely known and prestigious event is among Central and Eastern Europe's biggest and most important.

The trade fair presents the tourism offer of countries and regions throughout the world and is oriented toward the sector and corporate customers as well as individuals.

Visitors have the opportunity to directly contact representatives of the tourist services industry and even discover lesser-known countries and destinations and closely experiencing some of their national cuisine, music and culture.

Every edition of the fair -held this year from September 20 to 22- is accompanied by dozens of performances and business meetings such a conferences, workshops, seminars and spectacular presentations.

Dominican Republic was represented by Samanda Fersobe, director of the Dominican Republic Tourism Office for Belgium, Luxembourg and The Netherlands.

The Dominican stand at the fair stood out with its caribbean colors, a dream-like wallpaper of white sand beach, coconut palms and turquoise water, to the funky beat of non-stop merengues or bachatas. Visitors were treated to some exclusive, profesionally-prepared promotional materials and could chat with the Dominican representative.

Polish vacationers increasingly travel to that popular exotic Caribbean country, with the all inclusive package the best selling holiday option and has a relatively lower price than most of the popular European destinations.



Author: Martin Wesoly. Europe correspondent]]> http://blog.caribbeanrealtyinvestment.com/Article/IFC addresses market gaps in Latin America, Caribbean with record year in FY 2007 10/2/2007 The Dominican Today

Washington D.C. –IFC, a member of the World Bank Group, had another record year of investments in the private sector in Latin America and the Caribbean region, with a strong emphasis on addressing market gaps and on sustainability, according to IFC's Annual Report released today.

This past fiscal year, which ended June 30, 2007, IFC committed $1.78 billion for 68 private sector projects in Latin America and the Caribbean and mobilized an additional $1.12 billion through syndicated loans and structured finance. IFC's financing was broadly distributed throughout the region, with the largest support for companies in Brazil, Colombia, Peru, Mexico, Central America and the Caribbean.

"Although market conditions have improved significantly, many segments of the region's economy continue to be underserved, including small and medium enterprises and people with lower and middle incomes. IFC is expanding its focus in these areas," said Atul Mehta, IFC's Director for Latin America and the Caribbean. "We also continue helping clients raise their environmental, social, and corporate governance standards to be more competitive in an increasingly global marketplace," he added.

This fiscal year, 43 % of IFC's commitments in the region were focused on micro, small and medium enterprises and housing finance, with a total investment of US $771 million in 30 projects. This includes IFC's support to SMEs in the export sector through 12 projects in IFC's Global Trade Finance program, which reached $221 million. Commitments for housing finance amounted to $375 million, while $175 million were focused on microfinance and SME financing.

With this strategy, IFC has increased its developmental impact in Latin America and the Caribbean. For example, in 2006 IFC's microfinance clients reached over 2,656,000 micro entrepreneurs with loans of up to $2.2 billion, while IFC's banking sector clients reached 99,320 SMEs, with loans of close to $7 billion. IFC's housing finance projects year supported the generation of over 170,000 mortgages for low and middle income people in the region.

IFC has also tripled its local currency financing in the region in just two years, with 30.3 % of commitments representing $540 million equivalent. This is especially important to borrowers whose business focuses on the domestic market and whose earnings are therefore mainly in domestic currency.

IFC's advisory services in the Latin America and the Caribbean have also expanded significantly with emphasis on improving the business environment by simplifying municipal regulations and procedures. This program has helped register more than 20,000 new firms across the region, bringing them into the formal economy and improving their access to finance. The IFC enabling business environment program is currently operating in 30 municipalities in eight countries: Brazil, Bolivia, Colombia, Ecuador, Honduras, Mexico, Nicaragua and Peru.

In FY07, IFC invested globally over $8 billion for its own account and mobilized nearly $4 billion more in its client countries. Expenditures for advisory services, funded by donors, IFC itself, and clients, reached nearly $197 million.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican court to rule on US$30M guarantee for Chinese power plants 10/2/2007 The Dominican Today

SANTO DOMINGO.- A court ruling on an injunction requested by the company HN Energy Solution could be handed down this week, which would void the Dominican Government's sovereign guarantee of US$30 million granted to the Chinese company Sichuan Power, as a condition to build two coal-fired plants in Montecristi (northwest).

The Dominican State power companies (CDEEE) asked the Court of Arbitration to refuse to hear HN Energy's claim, a motion rejected on September 17. The court's deadline to rule expires today Tuesday, though it could opt to extend it.

HN Energy filed the suit, claiming the CDEEE changed the terms of reference to bid on the plants.

Sichuan Power plans to build the two 300-megawatt plants in the port town Manzanillo, Montecristi province, at an estimated cost of US$800 million.]]> http://blog.caribbeanrealtyinvestment.com/Article/First commercial wind generator already operating in Dominican northeast 10/2/2007 The Dominican Today

SANTO DOMINGO.- After ten years of planning and work, the first wind generator for commercial use in the Dominican Republic has been installed in Las Galeras, Samaná province (northeast), to immediately produce 15 percent of that tourism community's energy demand.

Jose Oscar Orsini Bosch said the new generator puts out 20,000 kilowatt-hours per month of clean power and is the first of four 60 KW plants expected to be operating by June next year.

He said three more generators of 275 KW would be operational by mid 2009 in Samaná.

Orsini Bosch, whose company Luz y Fuerza operates power plants in the communities Las Terrenas, Las Galeras, El Limon, said president Leonel Fernandez would head the project's inaugural.

He said the site for the wind generator, located in the Las Guázumas section of las Galeras, was chosen some 10 years after the Agency for International Development (USAID) and the National Rural Electrical Cooperatives Association (NRECA) took the first measurements to map the country's prevailing winds.]]> http://blog.caribbeanrealtyinvestment.com/Article/Oil's high price prods Dominican Republic to expand pact with Venezuela 10/2/2007 The Dominican Today

Santo Domingo.- Hacienda minister Vicente Bengoa will go tomorrow Tuesday to Venezuela to meet with the president of state-owned oil producer PDVSA and with the minister of Energy and Mines, in an effort to obtain an extension of the fuels quota under the Petrocaribe pact's benefits.

The trip is one of the areas where the Government looks for ways to ease the pressure caused by oil's high price.

Through Petrocaribe, Venezuela finances 40 percent of the Dominican Government's maximum quota of 50,000 barrels daily and if the price of oil rises to US$100.00 the barrel, the financing increases to 50 percent.

Recently Bengoa said as an immediate alternative the Government could buy all the fuel the country consumes to benefit more from Petrocaribe. Since the country's average consumption is about 165,000 barrels daily and Petrocaribe's quota is only 50,000 barrels, the official said he will ask the Venezuelan authorities to finance a larger volume.

Bengoa said he's confident the Venezuelan government will agree to increase the Petrocaribe quota.

The payment is at a 1 percent annual interest for 20 years and a grace period for the first two years.

So far the Dominican Government's savings from Petrocaribe have been allocated to subsidize electricity, to avoid new increases in the billing as well as to cover the operating deficits of the power companies, which still post losses as high as 40 percent.]]> http://blog.caribbeanrealtyinvestment.com/Article/Gas prices down this week in Dominican Republic 10/2/2007 The Dominican Today

Santo Domingo.– The Industry and Commerce Ministry announced a drop in fuel prices despite the high oil prices on the international market.

As of today, premium gasoline sells for RD$156.40 and regular gas sells for RD$146.80 per gallon, a drop of RD$4.40 y RD$1.80 respectively.

Diesel will also drop by RD$0.70, and a gallon now sells for RD$124.50. Propane had a drop of RD$0.60 and now sells for RD$120.60.

On the contrary, the price for the subsidized price for domestic and vehicular use went up and is now RD$56.30, while the non-subsidized price for commercial and industrial use is RD$78.06.]]> http://blog.caribbeanrealtyinvestment.com/Article/Scotiabank would buy Banco de Ahorro y Credito Altas Cumbres 9/30/2007 The Dominican Today

Santo Domingo.– Bank of Nova Scotia, Canada's second-largest bank, may buy parts of lenders in Peru, Guatemala and the Dominican Republic owned by Chile's Altas Cumbres, Chile's newspaper Diario Financiero reported.

Scotiabank is negotiating to pay $200 million for Altas Cumbres' holdings in Banco del Trabajo in Peru, Banco de Antigua in Guatemala and Banco de Ahorro y Credito Altas Cumbres in the Dominican Republic, the newspaper reported, citing unidentified people in Peru.

The sale is part of a restructuring of Altas Cumbres after it sold part of its interests in Peru, Costa Rica and Ecuador. Toronto-based Scotiabank agreed earlier this month to buy a controlling stake in BBVA Crecer AFP for $50 million in cash to expand its operations in the Dominican Republic.]]> http://blog.caribbeanrealtyinvestment.com/Article/Chile investors will build a wind park in Dominican Republic 9/29/2007 The Dominican Today

Santo Domingo.– A group of Chilean investors will visit the Dominican Republic in October to study the possibility of building a wind park that could produce 100 MW of energy for the country.

According to Dionisio Sanchez, senator for Pedernales, the ideas he recently exchanged with technicians and investors in the Third Ibero-American Parliamentary Forum will lead to the possibilities about a wind park in the remote southwestern province.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominicans off to Arizona Teleservices Convention seeking investors 9/28/2007 The Dominican Today

SANTO DOMINGO.- A delegation of business leaders and officials of the Dominican Export and Investment Center (CEI-RD) will fly to United States this weekend contact potential investors interested in installing call centers, as part of the American Teleservices Association's National Convention, a group of more than 4,000 customer service centers.

"This convention is the perfect place for the call centers industry of Dominican Republic to attract new clients worldwide," said Stuart Cranston, executive vice-president of United Nearshore Operations, a Dominican company based in Santiago.

The attendance in the convention, slated from September 30 to October 3 in Scottsdale, Arizona, is part of the Dominican Government's plan to bolster the economy and, on the based o the favorable business climate, turning it into the most important country for investment in the Caribbean.

CEI director Eddy Martinez said the Government' participation in the event is "encouraging and stimulating. The private sector also has become jumbled in this initiative, which will benefit those same companies and therefore, the country in general."

There are 55 call center companies in Dominican Republic, with investments of over US$200 million.]]> http://blog.caribbeanrealtyinvestment.com/Article/Magic Blue Investments buys US$10.5M of former Dominican sugar lands 9/28/2007 The Dominican Today

SANTO DOMINGO.- Dominican Republic's Sugar Council (CEA) sold one million square meters of land to the company Magic Blue Investments and/or Hotel Bahia Principe, of La Romana (east) for US$10.5 million (RD$351.7 million).

CEA also said it negotiates the sale of 4.1 million square meters of land located in San Pedro province (east), at US$10.50 per square meter to that same company, for US$43.6 million (RD$1.46 billion).

In a statement, CEA director Enrique Martinez said the entity will sell a large amount of land in zones whose natural resources could contribute to the tourism industry's development.

Martinez said Magic Blue Investments representative Rafael Lopez has made an offer for CEA lands adjacent to the Hotel Santana Beach Resort, for the purpose of expanding that hotel with new rooms, golf courses and other facilities. He said the negotiations are conducted in accordance with a special power-of-attorney from the Presidency.]]> http://blog.caribbeanrealtyinvestment.com/Article/Women hold more than 60% of Dominican tourism industry's 250,000 jobs 9/28/2007 The Dominican Today

Santo Domingo.- In Dominican Republic women hold 65 percent (162,500) of its tourism industry's estimated 250,000 jobs, according to the World Tourism Organization.

The importance of women in this industry today has motivated the institution to celebrate World Tourism Day with the motto: "Tourism opens doors to women."

In countries where tourism is a consolidated and important industry, women's participation represents 50 percent of the labor force. It's also one of the main sources of jobs world-wide.

World Tourism Day is commemorated every September 27 because it was on that date in 1970 the OMT adopted its statutes.]]> http://blog.caribbeanrealtyinvestment.com/Article/It's now easier to start a Dominican business, World Bank study says 9/28/2007 The Dominican Today

WASHINGTON.– Latin America and the Caribbean are falling further behind other regions in the pace of regulatory reform. In 2006-07 it was the world's lowest reforming region, according to Doing Business 2008—the fifth in an annual series issued by the World Bank and IFC.

While the study says Dominican entrepreneurs can now start a business in 22 days, versus 72 before, it also notes that the total tax rate for businesses rose by 3.7 percentage points

Colombia was the regional standout: the sixth-fastest reformer worldwide, it sped up trade, enhanced investor protections, and eased tax burdens.

Overall, the region saw 26 positive reforms—but also six changes that made countries less friendly to business. Venezuela, with the most negative changes, slipped furthest in the rankings. The slowdown in reform across Latin America could be a result of a busy election year: 13 countries saw new governments sworn in. Earlier analysis by Doing Business suggests that the pace of reform may pick up next year, as nearly 85 percent of reforms take place during the first 15 months a new government is in office.

Worldwide the top 10 reformers are, in order, Egypt, Croatia, Ghana, FYR Macedonia, Georgia, Colombia, Saudi Arabia, Kenya, China, and Bulgaria.

Another 11 countries, including two in Latin America, had three or more reforms: Armenia, Bhutan, Burkina Faso, the Czech Republic, Guatemala,

Honduras, Mauritius, Mozambique, Portugal, Tunisia, and Uzbekistan.

"The report finds that equity returns are highest in countries that are reforming the most," said Michael Klein, World Bank/IFC Vice President for Financial and Private Sector Development. "Investors are looking for upside potential, and they find it in economies that are reforming—regardless of their starting point," he added. Large emerging markets are reforming fast: China, Egypt, India, Indonesia, Turkey, and Vietnam all improved in the ease of doing business. The report finds that as more countries simplify regulation to make it easier to do business, more entrepreneurs are going into business.

Hence some countries in Latin America may be missing out.

Latin American entrepreneurs continue to face many obstacles. "Starting a business in Latin America still takes 68 days on average, longer than in any other region. And the limited disclosure requirements for related-party transactions do not encourage investors," noted Sylvia Solf, one of the authors of the report. "Other obstacles are the region's slow courts and burdensome tax systems," she added. To comply with tax regulations in Bolivia, for example, a business could pay as much as 78 percent of its profits and spend as many as 1,080 hours a year.

Top reformers in the region

Colombia, the region's top reformer, has made great strides in easing trade. By extending port operating hours and adopting more selective customs inspections, it reduced the time for port and terminal handling activities by three days. The country strengthened investor protections by increasing disclosure requirements for related-party transactions. It introduced an electronic tax filing system, cutting the average time businesses must spend on tax compliance each year by 188 hours, or 41 percent. And it is progressively reducing the corporate income tax rate, from 35 to 34 percent in 2007 and 33 percent in 2008.

The Dominican Republic simplified company name registration and put tax registration online. Entrepreneurs can now start a business in 22 days, versus 72 before. Importing became easier, with consular notarization of import documents no longer required. New regulations and reform of the registry cut the time to register property from 107 days to 60. There was also a negative change: the total tax rate for businesses rose by 3.7 percentage points.

The top-ranking economies in Latin America and the Caribbean are Puerto Rico (28), Chile (33), St. Lucia (34), Antigua and Barbuda (41), and Mexico (44).

The rankings are based on 10 indicators of business regulation that track the time and cost to meet government requirements in business start-up, operation, trade, taxation, and closure. The rankings do not reflect such areas as macroeconomic policy, quality of infrastructure, currency volatility, investor perceptions, or crime rates. Since 2003 Doing Business has inspired or informed more than 113 reforms around the world.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican energy industry feels crude rise pinch 9/28/2007 The Dominican Today

SANTO DOMINGO.- International crude prices have prompted concern in the country's electricity distributors and generators, who, with the Government "freezing" the rate fear their wide profit margins could be affected with losses of almost 40 percent.

Analysts quoted by the newspaper Listin Diario say energy produced with coal and natural gas figures as an economic and competitive alternative for Dominican consumers.

Preliminary calculations show the use of those fuels saves the country around 22.6 million dollars monthly, due to the high prices of fuel-oil #6, the main fuel most Dominican power plants use.

Industry reports show that to generate a kilowatt hour of energy (KWH) with coal and natural gas takes on average 7.4 cents the dollar, cheaper than with fuel-oil #6. Currently, at least 33 percent of the electricity consumed in the country is generated with natural gas and coal, whereas around 60 percent is with fuel-oil #6.

For that reason if electricity production continues favoring those alternating sources of generation the country could save on the cost of fuel every year.

At current prices, one million British Thermal Units (BTU) with coal costs US$2.28; with natural gas US$6.43, whereas one with fuel-oil #6 costs US$9.30.

The country has a long term purchase agreement for a permanent natural gas and coal supply, as well as infrastructure for unloading and storage.]]> http://blog.caribbeanrealtyinvestment.com/Article/Brazil's Odebrecht, Merrill Lynch to build, manage Dominican highway 9/25/2007 The Dominican Today

SANTO DOMINGO. - Dominican Republic has hired the Brazilian builder Odebrecht, jointly with the company Merrill Lynch, for the construction and toll collection of the highway El Coral (east), with a financing of US$250 million, reports the news site Clave Digital today.

Both companies worked jointly in the concessions of toll highways in the south of Peru, using a model in which the government covers certain debts by handing projects over to investors.

In Dominican Republic the two companies could use the same model applied in Peru, which includes allowing the government to issue bonds specifically for the project, and in turn allows contractors to debit those funds to continue their work, reports Clave Digital, quoting LatinFinance Magazine.

The El Coral freeway project is 70 kilometers of new four lane roadway, with 2.5 meter shoulders and a 9.3 meter median for a future expansion to six lanes. The highway is designed to shorten the distance and time needed to travel between the capital Santo Domingo and the numerous resort towns in the country's east coast.]]> http://blog.caribbeanrealtyinvestment.com/Article/Too many Dominican bonds in foreign hands pose risk, economists say 9/25/2007 The Dominican Today

SANTO DOMINGO.- The bonds issued by the Central Bank are being snapped up more by international than by local investors, which according to some economists can be risky if these foreign capitals were massively withdrawn by any macroeconomic variation.

Meanwhile, local investors show little interest in the notes issued the Central Bank last week.

In the RD$5.0 billion auction held to attract the pension funds, there were offers for only RD$3.5 billion and it was necessary to increase the rates in terms of three, five and seven years, to make them more attractive.

Just two and a half years ago the Central Bank issues in the hands of international investors were barely RD$2.2 billion, only 2.1 percent of the total of certificates. Now those issues total RD$36.8 billion, 20 percent of the RD$183.7 billion the Central Bank issued until the 20th of this month.

According to economists consulted by the newspaper Diario Libre, any variation of the country's macroeconomic indicators (inflation, exchange rate, interest rates), could prompt the foreign investors to immediately withdraw their money and this would affect the local macroeconomic stability.

Any reluctance in the refund of those deposits would affect the country's rating, though the Central Bank has said that those funds have been obtained in the secondary market and wouldn't pose a risk for the institution.]]> http://blog.caribbeanrealtyinvestment.com/Article/Help for Dominican power sector 9/23/2007 The Dominican Today

Washington, D.C.- The Inter-American Development Bank (IDB) and the World Bank are considering special financial support for the Dominican electricity sector with the aim of making it more efficient. The IDB is also looking into supporting the national road infrastructure development.

This news came during a lunch meeting hosted by the IDB for the organizers of Dominican Week and a group of Dominican business representatives.

The IDB's Gustavo Romero said "We are willing to continue supporting the power sector. We have experience in this sector and want to continue supporting".

He added that they are also looking into the role of ethanol and biofuels as a way of contributing to the sector.

He said that the IDB had a one-million dollar fund donated by the South Korean government for the purpose of alternative energy research. Taking part in the meeting were Dominican Week organiser Luis Heredia Bonetti, Frank Moya Pons and Roberto Saladin, among others.]]> http://blog.caribbeanrealtyinvestment.com/Article/Fuel prices a national problem - official 9/22/2007 The Dominican Today

Santo Domingo.- The government says that the increases in fuel prices represents "a real problem" for the Dominican Republic, and that this is exacerbated by the fact that there are no medium-term contingency plans to deal with the situation.

Speaking yesterday, treasury minister Vicente Bengoa said that the only alternative was to buy all fuel from Venezuela, making the most of the PetroCaribe agreement in which Venezuela sells oil to a number of countries in the region under preferential terms.

The minister did not mention, however, that PetroCaribe is limited to a daily quota of 50,000 barriles, while the Dominican Republic consumes around 160,000 per day. This means that if all the country's fuel needs were to be met by sales from Venezuela, 110,000 barrels would be outside the terms of the accord.

Meanwhile, Dominican vice president Rafael Alburquerque said that the government would be discussing the problem of high fuel prices at a cabinet meeting.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican president welcomes White House tobacco veto news 9/22/2007 The Dominican Today

New York.- Dominican president Leonel Fernández has expressed his satusfaction at the news from the White House that the proposed taxes on tobacco would be vetoed.

The president said that this would come as a great relief to thousands of Dominican families who make a living from tobacco cultivation and cigar production and exports.

Fernández said that he felt extremely satisfied, especially as this concern had been one of the main reasons for his visit to Washington and his meeting with deputy secretary of state John Negroponte, trade representative Susan Schwab and congressman Elliot Engels.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican Republic signs farm produce export agreement 9/22/2007 The Dominican Today

New York.- The Dominican Republic has signed an agreement under which agricultural products will reach 20 million new consumers. President Leonel Fernández was a witness to the agreement between the Dominican government and the New York based company Hunts Point, the largest fruit and vegetable market representative in the United States.Dominican agriculture minister Salvador Jimenez and Eddy Martinez, from the Dominican Republic Center for Export and Investment (CEI-RD) signed on behalf of the Dominican Republic, while the company was represented by its president, Matthew D'Arrigo.President Fernández said that by signing the agreement, an immense number of opportunities have been opened for the Dominican agricultural sector, with the placement of Dominican farming products on the U.S. market.He said that at the same time they would benefit from high tech quality management methods, because U.S. advisers would visit the country to train Dominican farmers.Fernández said that in this way they would benefit from the advantages of the DR-CAFTA agreement between the United States, the Dominican Republic and the Central American countries.]]> http://blog.caribbeanrealtyinvestment.com/Article/Gas prices on the up 9/22/2007 The Dominican Today

Santo Domingo.- The Industry and Commerce Ministry has announced new increases in fuel prices as a result of the high oil prices on the international market.

As of today, premium gasoline sells for RD$160.80 per gallon, an increase of RD$2.90, while the price of regular gas went up by RD$2.60 and now sells for RD$148.60 per gallon.

Diesel also went up by RD$2.60, and a gallon now sells for RD$121.20. Propane was increased by RD$1.25, and the subsidized price for domestic and vehicular use is now RD$55.75 while the non-subsidized price for commercial and industrial use is RD$77.51.

The dollar-peso exchange rate used to calculate the increases was RD$33.61.

The ministry informed that these increases come as the result of fears of crude oil shortages during this quarter.]]> http://blog.caribbeanrealtyinvestment.com/Article/Summit in Dominican Republic to analyze Free Trade accord 9/21/2007 The Dominican Today

NEW YORK. - President Leonel Fernandez said a summit of the Dominican Republic, Central America and the United States Free Trade Agreement (Dr-Cafta) members will be held in his country at the start of 2008, to evaluate the first year of the treaty's application.

He said the agreement's results regarding economic growth and the possibility of expanding the initiative's advantage will be analyzed in the summit.

Fernandez also said that in his speech before the United Nations he will ask the superpowers to help to create conditions to spark economic growth in smaller countries, aimed at lowering immigration towards the more developed societies.

The chief executive spoke in a gathering of Dominican students with scholarships in New York.]]> http://blog.caribbeanrealtyinvestment.com/Article/New York subway's authorities will assist Dominican capital's Metro 9/21/2007 The Dominican Today

NEW YORK. - President Leonel Fernandez said yesterday New York's Metropolitan Transit Authority (MTA) is willing assist the Dominican government and to advise the personnel who'll work in the Metro (subway) being built in the capital Santo Domingo.

He said an agreement would be signed to allow the MTA to provide advice on the Santo Domingo Metro's operation.

He said a New York subway executive of Dominican origin, whose name he didn't say, made the proposal. "It would be interesting to take advantage of the experience of MTA workers for the Dominicans who will operate the train system that will cover part of the capital's transport."

Fernandez, speaking in the inaugural of the Dominican Industry and Commerce Office in Lower Manhattan, said the MTA employees' experience would be important for the Metro's maintenance, order, cleanliness, behavior, safety and business aspects.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican free zone association praises Fernandez's efforts 9/21/2007 The Dominican Today

Santo Domingo.- The president of the Dominican Association of Free Zone Companies (Adozona) said the Government is demonstrating with facts its commitment to improve the industry's situation.

Fernando Capellan said president Leonel Fernandez's efforts in the United States where he asked Trade representative Susan Schwab a better treatment for the local free zones.

In the last few months Adozona has pushed for approval of legislation and requests of better treatment, leaving aside the topic of the local currency's value. Capellan also praised the opening of Dominican Republic Trade Management Office in New York.

Adozona groups 44 members scattered in industrial parks and private operators, who account for some 132,000 direct jobs in technology, pharmaceuticals, jewelry, textiles, footwear and tobacco, among others.

Fernandez requested that the U.S. Department of Commerce provide facilities for the so called "short supply" and the "2x1," a mechanism which benefits the manufacture of trousers, as compensation to the change in the rule of origin of the cloth for pockets.

The local free zones have lost competitiveness since China began its dominance of the North American market.

The free zones companies, especially in the textile area, have lost about 63,000 jobs, which has caused a negative impact in the country's north-central zone, where most of the companies which produce garment pieces operate and export to the United States.]]> http://blog.caribbeanrealtyinvestment.com/Article/Cost of Dominican consular services, passport lowered to less than half 9/21/2007 The Dominican Today

SANTO DOMINGO.- The Foreign Relations Ministry will lower by more than 50 percent the cost of the different consular services provided in the Dominican consulates abroad, including passports, visas, and the legalization of documents.

The measure, to take effect October 1, would eliminate stamps and consular documents and seals won't be taxed. From now on the forms to request a visa and for consular collections will have new formats.

Foreign Relations minister Carlos Morales told reporters on Thursday, the new adjustments aim to improve and facilitate services for Dominicans abroad. He said diplomatic and consular offices abroad would be instructed to apply only the new tariffs included in the measure.

With the measure passports would be issued for a period of six years and their cost would fall from the current US$140 to US$60. The tourist visa will cost US$40 instead of 60 dollars, while the cost to notarize a document varies according to the type.]]> http://blog.caribbeanrealtyinvestment.com/Article/Coal plants threaten major Dominican banana region's exports 9/21/2007 The Dominican Today

Santo Domingo.- The European Union would ban Dominican bananas citing the pollution caused if two coal-fired plants are built in the port at Manzanillo, and the country would no longer receive US$54.26 million in conventional and organic banana exports.

Valverde province senator (northwest) Radhames Peña said the Europeans have warned that coal dust contaminates bananas. "The European representatives, who acquire all the organic bananas that we export, told us that if the mineral coal plants and deposit are established near the port of Manzanillo, the purchase of bananas would be immediately suspended."

He said the Northwest Line would be the banana zone most affected, which has the largest harvests.

He said the region exports more than US$2.0 million in bananas weekly. He said currently 300 containers of organic bananas are exported monthly, though the tornados and floods in the zone have lowered production by 250,000 boxes per month.

Dominican Republic has some 10,000 hectares of bananas, which provide about 16,000 jobs.

The country has become one of the world's top exporters of organic bananas, especially to the European Union, which buys around 85 of the production estimated at more than 160,000 tons.

Peña said the plants in Manzanillo should be installed where they won't affect the region's banana exports.]]> http://blog.caribbeanrealtyinvestment.com/Article/Oil price rise doesn't affect deal with Venezuela, Dominican official says 9/21/2007 The Dominican Today

SANTO DOMINGO.- A senior Dominican Government official said the rise in the price of oil will not affect the Petrocaribe agreement with Venezuela, as it contains a clause that increases financing up to 50 percent if the barrel reaches 100 dollars.

Miguel Mejia discarded that petroleum's price fluctuation would in any manner modify Petrocaribe's benefits for the country. "It's contemplated that if the price of oil reaches a price of US$100 the barrel, it automatically activates the financing and instead of 40 percent it would get to be 50 percent and that's within the Accord."

Nevertheless, Mejia said the rise still concerns the government and that the government's economic area officials should evaluate the situation.]]> http://blog.caribbeanrealtyinvestment.com/Article/Some 400,000 Dominicans to get IDs with World Bank US$19.4M 9/19/2007 The Dominican Today

Washington.- The World Bank will lend the Government US$19.4 million to issue documents to almost 400,000 Dominicans, so they can access the social assistance programs.

Hacienda minister Vicente Bengoa and World Bank director for the Caribbean, Caroline Anstey signed the agreement yesterday in Washington DC. The government would provide US$2.6 million in matching funds.

The project will contribute to rehabilitate and modernize the Office of the Civil Registrar, provide technical assistance and operate three mobile Civil Registrar offices. It will also provide legal support for the Justice Ministry and the Supreme Court, to improve the efficiency in issuing cedulas.

Through the "Social Protection Project" the coverage, focalization and effectiveness of the public social protection programs will be improved.

The World Bank had approved the loan on August 2 and the Dominican Congress must now ratify it. It has a 17 year term with a 5 year grace period.

"This important loan's objective is to include the poorest Dominicans," Anstey said.

The project is part of the "Assistance Strategy for the Dominican Republic," with projected credits of up to US$360 million between 2006 and 2009.]]> http://blog.caribbeanrealtyinvestment.com/Article/U.S. Baseball boom turns poor Dominicans into millionaires 9/19/2007 The Dominican Today

SANTO DOMINGO.- While the Dominican industrial free zones suffer their worse crises with facilities closing, massive layoffs and contracts cancelled, Major League Baseball's investments are turning poor youngsters into millionaires.

Major League teams now have 15 academies around the country, from just one in 1989.

The U.S. pastime has intensified its search for international talent, with Venezuela becoming the only threat to the Dominican dominance in player production.

At the start of 2005 only the Los Angeles Dodgers and Oakland A's owned their facilities, while the remaining 28 teams leased the lands. Currently, Boston, St Louis, Kansas City and the New York Yankees operate their own camps and by the end of next year the New York Mets, San Diego, Florida, Toronto and Pittsburgh will operate academies.

At the head of the boom is the village Jubey, Boca Chica (east), where the Toronto Bluejays, Florida Marlins and the Mets build modern complexes costing more than US$15 million and the Yankees expand their camp there.

In the southern part of the country, the San Diego Padres build their player "factory" near the city San Cristobal, at a cost of more than US$5 million.

The investments also create jobs in those communities, for accountants, plumbers, electricians, chefs, doctors and even messengers.

"(The teams) those which have yet to decide on becoming owners increasingly make long term contracts for lease," said Ronaldo Peralta, Major League Baseball representative in the country. He said everything is based on the country's talent, "it's an inexhaustible quarry. The talent is natural."

Source: Diariolibre.com]]> http://blog.caribbeanrealtyinvestment.com/Article/U.S., Brazil to help Dominican Republic produce biofuel 9/19/2007 The Dominican Today

Santo Domingo.- Dominican Republic is one of four countries the United States and Brazil selected to technically advise, finance and operate renewable energy projects.

The biofuel cooperation agreement began in March, with cooperation by the Inter-American Development Bank (I.D.B.), the Organization of American States (O.A.S.) and the United Nations Foundation. El Salvador, Haiti and San Kitts & Nevis are the other nations the U.S. and Brazil chose to identify their energy need and cooperate in their plans to produce biofuel.

The U.S. biofuel and alternative energy expert Johanna Mendelson Forman was contracted to interchange information with the local sectors interested in the topic.

A U.S. delegation will also arrive this week to evaluate the country's potential and provide technical assistance, conduct feasibility studies and advice on the biofuel industry in general.

Doctor Mendelson said Dominican Republic can use its large sugarcane plantations to produce ethanol and plant trees called white piñon, which grow in barren zones of the country's south and extract its oils to produce biodiesel to substitute diesel. She said Haiti has similar potential with that tree, where it could be massively cultivated.

The U.S. expert said the new Renewable Energies Law gives the country a legal framework to attract investors and get I.D.B. funding for projects to produce biofuel. As to sugarcane projects, the ethanol could be exported and jobs would be created.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican-U.S. trade is more than US$9B., US$4.8M. with Florida, Fernandez says 9/19/2007 The Dominican Today

SANTO DOMINGO. – Dominican President Leonel Fernandez yesterday said his country's current trade with the United States has grown to more than 9 billion dollars, of which 4.8 million is with the state of Florida.

He said Dominican Republic and Florida are two important strategic destinations for trade and industrial interchange, within the Free Trade Agreement with the U.S. and Central America (Dr-Cafta), whose application began in March.

Fernandez, in the first stop of a 10 day tour of the U.S., dictated the conference in the Hyatt hotel "Florida-Dominican Republic bilateral Agenda," hosted by the University of Miami.

He said Florida's main competitive advantage as his country's trade partner is the fact it has the third highest Dominican population of any state, with more than 122,000. "Its strategic location, its vanguard structure, the solid access to resources of corporate financing and a competitive and multilingual labor force give the state of Florida an important attraction so that our country develops a strategy to increase trade relations."

Fernandez said his government works to improve its customs, trade and investment agencies and the country's banking and financial systems. The agent chief executive spoke before about 400 guests the Training center Hemisfericos de Miami.]]> http://blog.caribbeanrealtyinvestment.com/Article/Shell has yet to provide details of sale of its Dominican refinery stake 9/19/2007 The Dominican Today

SANTO DOMINGO.- The Dominican Government is still waiting for the Company Shell to inform on the sale process of its assets in the Dominican Petroleum Refinery (Refidomsa) and other investments in the country.

Hacienda minister Vicente Bengoa, who heads the Government commission in charge that oversees the process, said he will ask Shell's representative in the country, Rafael Maradiaga, what's taking place with the offers for the oil company's stake.

It's already been two months since the Government officially received the last information as to the selection of three pre-qualified companies, one of which Shell would choose to sell 50 percent of its shares in Refidomsa, where it's an equal partner with the Dominican State.

In addition to 50 percent of Refidomsa's shares, Shell owns some 70 gas stations around the country.

Bengoa said the names of the companies pre-selected by Shell for the sale of its assets aren't known.

The newspaper Diario Libre said at least two important local business groups - associated with international energy interests- have stated an interest in Shell's local businesses.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican Senate studies bill to raise government workers' wages 25% 9/19/2007 The Dominican Today

SANTO DOMINGO.- The Senate studies a bill to raise the minimum wage of Dominican government workers to the level of the private sector.

The initiative, of ruling party senator Heinz Vieluf, would increase government workers' salaries from March to June and from September to December, 2008.

Vieluf said the government employees' wages isn't enough so the citizen can meet their family's needs. "It's propitious to raise the public minimum wage to the minimum amount of the private wage to maintain in that manner a balance between the wage-earners of our country and also protect the main source of income for their subsistence and of their relatives."

The initiative would include the wage increase in the 2008 Budget, to take effect starting March 1.]]> http://blog.caribbeanrealtyinvestment.com/Article/Central Bank says first 7-year bond auction shows investor confidence 9/19/2007 The Dominican Today

SANTO DOMINGO.- The Central Bank said on Monday in the auction of its seven-year bond held on Thursday, Set Yield certificates were placed for the first time, which it said shows investor confidence.

It said it received RD$3.2 billion in offers of purchase the titles, accepting offers of RD$3.6 billion, at an average annual yield of 13.5058 percent. It said RD$1.56 billion of the amount, are for a term of 3 years, at an average annual yield of 12.2 percent.

RD$950.0 million were also placed at 5 years at a average annual yield of 14.3079 percent and remaining RD$550.0 million at an average annual yield of 15.9091 percent.

In the auction the Central Bank manages to place titles for a term of 7 years for the first time in history, which it said is an example of investor confidence and expectations on Dominican economic performance in the short and medium term.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican tax Amnesty deadline expires Wednesday, the 19th 9/19/2007 The Dominican Today

SANTO DOMINGO. - The deadline to resort to the tax Amnesty for taxpayers in Dominican Republic, whether individuals or companies, expires on Wednesday the 19th.

On September 5 the Internal Taxes Agency (DGII) announced the terms to take advantage of this mechanism, through a statement published in the media.

Law 183-07, passed on July 24, gives the taxpayers 45 days to request the exemption, after it takes effect. With the tax amnesty taxpayers avoid audits in exchange for paying a flat amount for 2006 and previous years.

Taxpayers who have never declared must go to the nearest DGII office, file their income statement (ISR) for 2006 and those of the ITBIS tax for different periods since 2006.

Within 15 days of receiving the Amnesty request the DGII will have to respond indicating the amount to pay.

Tax experts say with the measure the DGII will have more control, as it forces the taxpayer to report and declare their activities and their assets.

The tax amnesty applies to taxes on the Transference of Industrialized Goods and Services (ITBIS); On Income (ISR); on Real Estate Property (IPI), among others.

The legislation stipulates that if the resulting payment doesn't coincide with the amount on the tax amnesty, the benefits are void.

Recently the DGII issued Norm 09-07 on the Application of the Tax Amnesty, a mechanism created so taxpayers make their operations more transparent and to avoid confusions in its interpretation.]]> http://blog.caribbeanrealtyinvestment.com/Article/El Salvador vice president says jobs creation is the best social policy 9/19/2007 The Dominican Today

Santo Domingo.- The vice-president of El Salvador, Ana Vilma Albanez de de Escobar the creation of jobs is the best social policy and said her country's government spurs tourism to improve its social and economic development.

"We feel that the role of the state should be to assist only those families and those vulnerable groups that don't have a way to get ahead on their own and for the others to provide platforms so that the people can advance with their own initiatives," said El Salvador's vice president in a gathering of the National Hotels and Restaurants Association (ASONAHORES).]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican Metro group to build US$300M tourism real estate 9/19/2007 The Dominican Today

SANTO DOMINGO. - The group Metro plans to spend up to US$300 million in a new tourism real estate project of apart-hotels, villas, and another golf course with holes on the coast at Marota beach, located in the zone Juan Dolio, San Pedro province (east), said its president Luis Jose Asilis yesterday.

In an interview for the newspaper Listin Diario, Asilis said the Marota beach project, called Costa Blanca, will reach the mouth of the Higuamo River and whose golf course is already designed.

Asilis said the ten-year project's funding of from US$250 million to US$300 million is close to completion. Of a total 3,000 apartments, he said 1,400 apartments would be built in the first stage.

He said the new project's investments are in addition to others already built and at more than US$100 million, specifically the three projects now under construction: Costa Sol, Costa Sol II, and Marbella, which don't include the private investments in 500 villas, a hotel, Club House and a golf course. He said just Metro alone employs 1,000 workers in the zone and more than 10,000 work in the construction of other tourist projects.

For 15 years the Metro group has been building beach condos, golf courses, hotels, apart-hotels, villas, beach clubs, townhouses, a marina and other projects in the Juan Dolio zone.]]> http://blog.caribbeanrealtyinvestment.com/Article/Fewer ex-pat Dominicans visiting 9/16/2007 The Dominican Today

Santo Domingo.- The number of expatriate Dominicans visiting the country during the January-August period this year saw a reduction of 25,2501 compared to the same period in 2006.According to figures from the Tourist Flow Report published by the Dominican Republic Central Bank, 387,464 non-resident Dominicans arrived in the country by air, compared to 412,965 who visited the country in the first eight months of 2006, a reduction of 6.18%.The decline is attributed to more expensive airfares, 30 and 35% of which is tax, according to the president of the Dominican Association of Travel and Tourism Agencies (Adavit), Jochi Mella.He described the situation as worrying for travel agents as well as airlines and the tourism sector, and said that travelers will choose to go to other countries where prices are not so high.A similar trend is reflected in the number of visitors from the United States, which is down by 44,839 for the same period, according to the Central Bank's National Accounting and Economic Statistics Department. The flow of visitors from the U.S. - including Puerto Rico - continues to decline mainly because of the new passport requirement for U.S. travelers to the Caribbean region.]]> http://blog.caribbeanrealtyinvestment.com/Article/President gives tax break to Dominican farmers 9/16/2007 The Dominican Today

Santo Domingo.- President Leonel Fernández has asked the Tax Department (DGII) to refund all farmers the ITBIS (VAT) paid on purchases of agricultural inputs and equipment.The president instructed DGII director Juan Hernández to abolish the 5% tax on agricultural inputs and products purchased by the state.The news was delivered by Agricultural Minister Salvador Jimenez during the closing speech of the Tenth Agricultural Leaders' Meeting, held over the weekend by the Dominican Agribusiness Board in Bávaro, on the east coast.Jimenez said that the measures announced by the president would lead to significant savings that would benefit all farmers.]]> http://blog.caribbeanrealtyinvestment.com/Article/Gas prices reflect international high 9/15/2007 The Dominican Today

Santo Domingo.- The Ministry of Industry and Commerce has announced this week's new fuel prices. Premium gasoline went up by RD$2.30 and now sells for RD$157.90 per gallon.

Regular gasoline went up by RD$2.10 and now costs RD$146.00, while regular diesel went up to RD$118.60, an increase of RD$2.40.

The increases were attributed the escalating cost of oil on the world market. This week the price of a barrel of crude reached the record level of US$80.

Propane is also RD$1.00 more expensive as from this weekend. Subsidized propane for domestic and vehicular use is RD$54.50 and non-subsidized propane for industrial and commercial use now costs RD$76.26 per gallon.

The Ministry used the Central Bank exchange rate of RD$33.64 to the U.S. dollar to make the calculations.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican president to lobby against taxes on his country's tobacco 9/13/2007 The Dominican Today

SANTO DOMINGO.- President Leonel Fernandez will ask the United States Congress and the Government not to apply more taxes on cigars from Dominican Republic, Nicaragua, Honduras and other Central America countries, said Agriculture minister Salvador Jimenez on Wednesday.

He said the chief executive will visit New York City, where he will meet with Representative Charles Rangel (D-New York) to explain the Dominican position to ahead of the application of new levies on cigars on the part of Congress.

He said Rangel has been very receptive to Dominican Republic's position in view of intention the U.S. Government to apply a new tax on cigars. The official spoke after meeting with members of the House of Representatives, a visit aimed at convincing Congress not to approve new tax on products derived from tobacco.

He said the tax would have a negative effect on impoverished zones where tobacco is cultivated and the country would lose some 54,000 jobs and more than 100 million dollars. Most of the tobacco is produced in depressed provinces of the Dominican north and northwest.

The Agriculture chief said if the United States Senate passes the legislation tobacco exports would fall 30 percent and affect more than 100,000 medium and small tobacco producers.

Jimenez headed a Dominican agribusiness delegation to the U.S. together with United States Embassy agriculture attache Jaime Rothschild and other personalities.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican clinics demand accord on fees, or else 9/13/2007 The Dominican Today

Santo Domingo.- The National Private Clinic Association gave the Risks Health Administrators (ARS) one week to reach an agreement on fees. It said once that deadline expires they will suspend the basic health plan services.

At once, the Dominican Health Risks Administrators Association rejected the ultimatum and said they'll comply with their part by attending patients even before getting any payment from the Government. They say only one of each 1,000 insured has complained about the service.

Moreover, the National Pharmacies Union said they will meet on Sunday to decide what steps they'll take regarding the impasse brought about with the unified prescription of the Family Health Insurance.]]> http://blog.caribbeanrealtyinvestment.com/Article/Scotiabank to expand operations in Dominican Republic 9/13/2007 The Dominican Today

SANTO DOMINGO.- Scotiabank Group is expanding its operations in the Dominican Republic, acquiring a controlling stake in BBVA Crecer AFP and its related insurance company BBVA Seguros, the bank group said yesterday.

The deal is still pending approval from regulatory bodies, but Senior Vice-President and Country Manager Nicole Reich de Polignac says the acquisition will broaden the range of services available to the bank's Dominican customers.

"The Scotiabank Group is optimistic about the future in the Dominican Republic and confident this acquisition will complement the financial services we currently offer our customers," Reich said in a statement yesterday.

Scotiabank has been a major presence in the Dominican Republic since 1920. The Canadian bank currently operates 58 branches across the country.

BBVA Crecer is one of the Dominican's largest pension fund administrators, managing RD$6.5 billion in assets. Together with BBVA Seguros, it employs about 100 people, the statement said.

Author: Alexandra Pope]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican free zones diversify to stay alive, profit 9/11/2007 The Dominican Today

SANTO DOMINGO. - To combine a structure which assembles garments with a sophisticated production chain ranging from the manufacture of plastics bags, medical components and aviation parts, auto collision test dummies, mattress liners, alcohol dehydration to produce ethanol, engine oil and the storage of petroleum derivatives, has been a slow though at once precise task for the Dominican free zone industry.

Since the 1980s when that type of production to export to the United States began in the country, garments has been the key. These days the panorama is very different and for that reason in the export free zones sophisticated manufactures jewelry, assembly of molds, bricks, blocks, terracotta tiles and cobblestones for construction and even the repacking and repair of disposable diapers and feminine napkins.

There are even companies which would make musical merry-go-rounds for children, design and develop software and other high technology components for greater added value. These are part of the free zones' diversification process and fill a void caused by China's entry to the U.S. market under the favorite-nation status.

The newspaper Listin Diario reports that to August this year operations for 43 free zones companies were approved. Of these only four will operate in the textile area (9%). The others are in services (14%), agribusiness (9%), informatics, footwear, jewelry, travel articles and others.

The Dominican free zones make items ranging from gas sensors, molded soles, jewels, footwear and trailers to wood pallets.

In the first 8 months this year the National Export Free Zones Council (CNZFE) approved 43 companies that would generate 4,245 jobs, with an investment of US$1.0 billion and produce US$38.1 million.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominicans abroad pump US$1.6B into economy so far this year 9/11/2007 The Dominican Today

SANTO DOMINGO.- Dominicans abroad contributed US$1.6 billion to their country's economy in the first half this year, sending US$1.4 billion to relatives and spending US$214.0 million in visits, said the nongovernmental organization Quisqueya Foundation, using data from the Dominican Central Bank report on the economy.

The economists Frank Valenzuela and Hector Frias, president and executive director of the organization, said this fueled a 7.0 percent growth compared with the same period last year.

They said the figures show that during the first half this year the Dominican community abroad financed 49.7 percent of the expenses of the government, whose total budget is RD$105.0 billion, a figure which represents 46.9 percent of the RD$113.5 billion in tax revenues collected by the Customs, Internal Taxes and Treasury agencies in the first six months this year.

The contributions of the Dominican community abroad in remittances to relatives and tourism expenses represents 26% of the country's total imports during the first half this year, they said.

They said foreign investment in Dominican Republic during the period was barely 37% of the Dominican diaspora's contributions, whereas free zone exports represented 77%.

They agree with a bill that would create the day of Dominicans abroad and the need to create the ministry of Dominicans abroad as a government agency for the planning of macro public policies within a integral development strategy, drafted with and maintained by our diaspora and linked to Dominican Republic's short, medium and long term national development objectives.]]> http://blog.caribbeanrealtyinvestment.com/Article/Vibrant Dominican region gets unfair treatment, industrialists say 9/11/2007 The Dominican Today

SANTO DOMINGO.- The Cibao region's industrialists said they are concerned about the authorities' disregard of projects the north zone needs, even when it contributes about 15 percent of the gross domestic product.

Luis Núñez, president of the Santiago Retailers and Industrialists Association (ACIS), said that reality doesn't receive a proportional response from the Government. "In fact, there is a strategic plan for the development and impulse of the city of Santiago, but the lack of support from the authorities has prevented its execution."

The ACIS demands that the government reorient its policies and action programs to confront the problems and limits to the region's development, as well as to decentralize the institutional authority and distribute the funds more fairly.

It said there's a need to improve the economic level of Santiago's population and make the city more inhabitable and better for its businesses, concerns it said are expressed in surveys carried out in the Cibao region.]]> http://blog.caribbeanrealtyinvestment.com/Article/Lower fuel prices, dollar's price keep Dominican inflation in check 9/11/2007 The Dominican Today

SANTO DOMINGO.- Inflation measured by the Consumer Prices Index (CPI) was a negative 0.6 percent during August, the Central Bank said yesterday. It said with last month's lower prices the accumulated CPI reached only 3.9 percent this year.

In a report the Central Bank said the August 2006 to August 2007 annualized inflation was 4.6 percent, with which will meet the goal agreed with the International Monetary Fund, of between 6 percent and 7 percent at year end.

It attributes this indicator's fall to the stability of the dollar's exchange rate and lower fuel prices last month. Moneychangers bought dollars at RD$33.10 for one and sold them at RD$33.60 for one.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican Republic will get US$118.3M of IMF $672.2M loan 9/11/2007 The Dominican Today

SANTO DOMINGO.- Dominican Republic will get a disbursement of US$118.3 million from the International Monetary Fund, approved on Friday as part of a $672.2 million loan program and said the country's economic performance was "commendable."

"Prudent policies in a generally favorable external environment have restored confidence and resulted in high growth, single-digit inflation, declining public debt ratios, and a robust external position," said IMF Deputy Managing Director Murilo Portugal quoted by the Reuters news service.

He said the Dominican Republic's "continued progress in program implementation should further reduce vulnerabilities and bolster medium-term growth prospects."

The IMF approved the program in January 2005 to help the Caribbean country out of the depth of an economic slump triggered by a banking crisis in 2003.

The country's central bank was hurled into deficit when the bailout of three major banks failed.

Portugal said monetary policy had kept inflation within single digits despite oil price increases. He said the central bank would need to keep an eye on signs of overheating.

The Dominican Congress approved a bill on July 11, allowing the government to issue bonds over 10 years to recapitalize the central bank.

Portugal said the central bank's recapitalization "will strengthen its financial independence, accountability and credibility." He said financial sector risks had also decreased and the banking system had strengthened "significantly."]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican Republic closer to EU trade agreement 9/9/2007 The Dominican Today

Santo Domingo.- The director of the National European Development Funds Office (ONFED), Onofre Rojas, has said that the Economic Partnership Agreement between the Dominican Republic and the European Union would be signed before the end of the year.

He said that it was not a typical free trade agreement, but one with a "development dimension" through which the European countries have to contribute to developing competitiveness in the ACP (Asia, Caribbean, Pacific) countries.

Rojas explained that it was not a bilateral agreement, but one between the EU and the Caribbean region.

"The Dominican Republic, in general, has been pressing for the signing of this agreement, because the country has certain competitive advantages that could benefit".

He said that ONFED was committed to the central tenet of the agreement's development dimension, and that the country together with the Caribbean region could benefit.

Rojas added that ONFED was carrying out activities to help the negotiation process as well as the agreement's implementation, with a regional budget of EUR5 million.

This program supports the Dominican Foreign Affairs Ministry, and its National Trade Negotiations Committee, of which ONFED is a member.

Rojas said that the program also supports the Overseas Promotion Office at the Industry and Commerce Ministry, and strengthens the Dominican Republic Center for Exports and Investment (CEI-RD).

He said that ONFED's priority in the coming months would be to highlight competitiveness, not just in the context of the European Partnership Agreement but with other free trade agreements signed by the Dominican Republic. This will entail support for the government's National Competitiveness Plan, which contains the fundamental basis for national development.

"We are going to support the electrical sector and we are doing this through several programs that the Europeans call the Energy Initiative", said Rojas.

He said that this consisted of some alternative energy projects, such as micro-hydro electric projects.

There are also plans to promote fruit cultivation and export to Europe, said Rojas.]]> http://blog.caribbeanrealtyinvestment.com/Article/Spanish companies plan Dominican Republic investments 9/9/2007 The Dominican Today

Santo Domingo.- Representatives of five companies from the Málaga Chamber of Commerce Trade Mission are arriving on Monday to hold a series of meetings with Dominican business leaders with a view to doing business in the country.

This trade mission will be formally presented by the Official Spanish Chamber of Commerce and Industries for the Dominican Republic (CAMACOES) at a ceremony due to take place on Wednesday 12 September at the Hotel Lina in the capital.

The event will be led by CAMACOES president Manuel Garcia Arevalo, along with members of the organization, Spanish Embassy representatives, prominent Dominican business leaders and special guests.

The visiting companies are real estate intermediaries Coma Comunicacion y Marketing, dried fruit and nuts producers Almendrera del Sur, housing promoters Adelmar, hairdressing industry suppliers Boutique del Peluquero, and Pinturas 2000, distributor of painting and decorating items.]]> http://blog.caribbeanrealtyinvestment.com/Article/Business sector welcomes IMF news 9/9/2007 The Dominican Today

Santo Domingo.- Business leaders and an economist have welcomed the approval of the seventh revision of the Stand-by arrangement with the International Monetary Fund (IMF), describing it as an unprecedented event in the history of the Dominican Republic.

Lisandro Macarrulla, president of the National Private Business Council (Conep) said that the country had fulfilled its commitments with the IMF "with flying colors". He said that, "we should congratulate all sectors because this accord represents a big national sacrifice".

In last Friday's announcement approving the seventh revision of the Stand-by agreement, the IMF highlighted the improvements in the Dominican economy.

"We think that it is unprecedented in the country's history that the government has been audited seven times and these Letters of Intent have been approved on all seven occasions. The government is on the right track and should not break off with the Fund", said Antonio Cruz Rojas, president of the National Traders and Business Federation.

Economist Porfirio Garcia Fernández, a former rector of Santo Domingo's UASD University, this approval is "a big step forward".

"The payment of US$114 will help maintain the exchange rate stability, which is the basis for the country's current economic stability", he said.

On the other hand, the president of the National Union Unity Council (CNUS), Rafael Abreu, this is not good news for the country, "because we have never believed in the IMF". He went on to say that the IMF was not sensitive to social issues and that its policies had an adverse effect on the poor.

"Since the Fund has intervened in the Dominican Republic and in other Latin American countries, poverty, instead of decreasing, has increased. We don't feel any joy at the news that the IMF has approved this Letter of Intent, although the government authorities must be very optimistic," he added.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican Republic attends Ecuador Tourism Fair 9/8/2007 The Dominican Today

Quito.– About 4,000 representatives from 30 nations attend Friday the Fifth International Tourism Fair (FITE 2007) in Guayaquil, 260 miles southeast of this capital.

Delegations from Colombia, Cuba and Dominican Republic are among participants in this fair, taking place at the Simon Bolivar Conference Center of that city, the country's most populated metropolis.



FITE executive president Jaime Rull said the country is expected to define about 486 business meetings.



He mentioned nearly 200,000 annual events to provide earnings valued over $60 million, of which Ecuador aims to obtain one percent of profits.



The Fair from Thursday through Sunday is the most important event of the sector in this Andean nation, whose aim is to boost the leisure industry.]]> http://blog.caribbeanrealtyinvestment.com/Article/Cafe Montez and Hotel Atarazana, two great choices in Dominican Republic 9/8/2007 The Dominican Today

Santo Domingo.– The 2-million-strong city of Santo Domingo in the Dominican Republic has one of those to-die-for climates: The average high year round is between 85 and 90 degrees. The Colonial Zone of the city is popular for visitors, and has plenty of good places to eat and sleep. But we like one place in particular.



If you feel like you need a celebrity encounter, Dominican style, then the place to eat is Cafe Montez on Calle Sanchez. Opened by a husband and wife team who are huge Maria Montez fans, this relatively new restaurant offers traditional food from the Barahona region in the southwest, where Montez was born. If you book ahead, you can also watch any Maria Montez film you want in the upstairs viewing room.

Nearby, you can crash for the night at the Hotel Atarazana at Vicente Celestino Duarte 19. It's a six-room, designer-decorated and service-focused hotel that always gets great reviews, and with its location in the Colonial Zone, you're not only near good eats but a stack of tourist attractions as well.

Printed from jaunted.com]]> http://blog.caribbeanrealtyinvestment.com/Article/Free Zone job loss claims "exaggerated" says minister 9/8/2007 The Dominican Today

Santo Domingo.- Economy, Planning and Development Minister Temistocles Montás says that the claim from some political and economic circles that 200,000 Free Trade Zone workers had lost their jobs under the present government was an exaggeration.The leading ruling PLD party member said that there were never that many jobs in the Free Trade Zones to start with.He said that the current administration puts the job loss figure at 60,000, but that this has been offset by the creation of 29,000 new jobs in other companies that have set up operations in the country in the last three years.The minister said that the adverse effects on industry dated back to before the current government took office, the reasons being the Multi-Fiber Agreement and China's unrestricted entry into the U.S. market."This was anticipated well in advance of the change of government, that at least 35,000 jobs would be lost in the Free Trade Zones with China's entry into the U.S. market", stated Montás.He assured that following president Leonel Fernández's recent meeting with FTZ representatives, the sector had recognized the authorities' goodwill to act in their interest.]]> http://blog.caribbeanrealtyinvestment.com/Article/Cerveceria Nacional Dominicana to extend expiration time in its tender offer 9/7/2007 The Dominican Today

Santo Domingo.– Cerveceria Nacional Dominicana, C. por A. announced today that it has elected to extend the expiration time of its previously announced tender offer for its 8.000% Senior Notes due 2014.

This extension will provide the Company with additional time to finalize the financing of the Tender Offer on terms and conditions reasonably satisfactory to it. The expiration time of the Tender Offer is now 5:00 p.m. on September 12, 2007.

No other terms or conditions of the Tender Offer have been changed. As of 5:00 p.m., New York City time, on Friday, September 7, 2007 (the previously announced expiration time), holders of approximately US$210,000,000 in aggregate principal amount of the Notes had tendered their Notes pursuant to the Tender Offer.

This represents approximately 82% of the outstanding principal amount of the Notes. Holders whose Notes have been validly tendered by the early tender time and whose Notes are accepted for payment will receive the total consideration US$1,035, which includes an early tender payment of US$35 per US$1,000 principal amount of Notes, plus accrued and unpaid interest on the Notes up to but not including the payment date.

Holders whose Notes are validly tendered after the early tender time but on or prior to the expiration time, as extended, and whose Notes are accepted for payment will receive US$1,000 per US$1,000 principal amount of the Notes plus accrued and unpaid interest.

The Company is offering to purchase up to US$50,000,000 aggregate principal amount of its Notes. Any investment or investment activity to which the Offer to Purchase and the Letter of Transmittal relate is available only to relevant persons and will be engaged in only with relevant persons. Any person who is not a relevant person should not act or rely on the Offer to Purchase and the Letter of Transmittal or any of their contents.]]> http://blog.caribbeanrealtyinvestment.com/Article/IMF approves $118.3 mln for Dominican Republic 9/7/2007 The Dominican Today

Santo Domingo.– The International Monetary Fund on Friday approved the disbursement of $118.3 million to the Dominican Republic under a $672.2 million IMF loan program and said the country's economic performance was "commendable."

According to IMF Deputy Managing Director Murilo Portugal, prudent policies in a generally favorable external environment have restored confidence and resulted in high growth, single-digit inflation, declining public debt ratios, and a robust external position.

"Continued progress in program implementation should further reduce vulnerabilities and bolster medium-term growth prospects," he added.

The IMF program for the Dominican Republic was approved in January 2005 to help the country out of the depth of an economic slump triggered by a banking crisis in 2003.

The central bank was left in the red after a botched banking sector bailout after the collapse of a major bank.

Portugal said monetary policy had kept inflation within single digits despite oil price increases, however he said the central bank would need to keep an eye on signs of overheating.

On July 11, the Dominican Republic's Congress approved a bill empowering the government to issue up to 320 million pesos, or $9.7 billion, of bonds over 10 years to recapitalize the central bank.

"The recapitalization of the central bank will strengthen its financial independence, accountability and credibility," Portugal said.

Financial sector risks had also decreased and the banking system had significantly strengthened, he added.



]]> http://blog.caribbeanrealtyinvestment.com/Article/AES: Power losses down in Latin America 9/7/2007 The Dominican Today

New York.– US power company AES has saved nearly US$50mn in Latin America by reducing the amount of non-technical power losses incurred during distribution, COO Andres Gluski said at the Lehman Brothers energy conference in New York.

"Any reduction in non-technical losses is something that drops directly to your bottom line," Gluski said.



"Over the last couple of years, we've dropped energy losses about two percent, which represents about US$50mn," he said.



AES achieved the reduction by creating working groups across company operations worldwide to exchange ideas.



"The use of what we call revenue management has been quite successful. We're also working to keep track of billing better to improve these non-technical losses," Gluski added.



Non-technical losses refer to the amount of energy lost during distribution due to fraud or billing problems.



The company's total energy loss, which includes technical loss, was 11% in 2007, down from 13.5% in 2004, according to Gluski's presentation.]]> http://blog.caribbeanrealtyinvestment.com/Article/Standard and Poor's raise Dominican Republic's rating to 'B+' from 'B' 9/6/2007 The Dominican Today

New York, NY.- Standard & Poor's Ratings Services said it has raised the long-term sovereign credit rating on Dominican Republic to 'B+' from 'B', with a stable outlook.

The ratings agency said the upgrade reflects continued passage and implementation of structural reforms aimed at improving governance and an improvement in general government fiscal balances due to tax reforms passed in 2006, the country's third since 2004.

S&P, however, kept the short-term sovereign credit rating of Dominican Republic at 'B'.

The ratings agency said the tax reforms include laws that criminalize electricity theft and a plan to recapitalize the central bank over a 10-year period.

S&P said the free-trade agreement between the US and Dominican Republic, effective March 2007, will help boost Dominican Republic's foreign direct investment.

The ratings agency said the stable outlook reflects continued strong economic prospects and better external liquidity due to rise in international reserves.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican Republic: Next Riviera? 9/5/2007 The Dominican Today

Punta Cana.- When Richard Knorr is not busy designing top-notch retail malls or office buildings in Latin America and the United States, he is focusing on his dream of creating a major Caribbean resort. He is the mastermind behind the $1 billion development of the Roco Ki resort in the Punta Cana region in southeastern Dominican Republic.

"We have sold several hundred properties to date [and] expect to continue on that path," he says. "Friendly people with smiles, beautiful beaches and a very diverse landscape provides a vast array of experiences."

The resort will span a total of 2,700 acres. The first part, scheduled to open next year, covers 500 acres and will include a Westin conference hotel, a 18-hole golf course designed by Nick Faldo, an 18,500-square-foot spa and a collection of Westin brand and Roco Ki residential products.

The golf course will include cliff-side and ocean view holes, tropical mangrove forest, lake, marsh and lagoon water hazards.

www.latinbusinesschronicle.com]]> http://blog.caribbeanrealtyinvestment.com/Article/Canadian company makes record acquisition in the Dominican Republic 9/4/2007 The Dominican Today

Brossard, Quebec, Canada – August 27, 2007 - DIAGNOS inc., a leader in the use of artificial intelligence ("AI") and advanced knowledge extraction techniques, has announced the acquisition, through its Natural Resources Division, of its largest claim (25,000 hectares) in the Dominican Republic.

Supported by CARDS system (Computer Aided Resources Detection Software), this acquisition, the most important to date, is at the final stage of the signature with the Ministry of Industry and Commerce of the host country.

DIAGNOS has successfully followed through all the process in order to acquire this exploration license. "At this very last stage, no exploration permit has ever been turned down in the history of the Dominican Republic", confirms Salvador B. Brouwer, consultant on this project for the Corporation.

"This transaction puts an end to a long process that will have had the advantage of giving DIAGNOS the opportunity to refine its model on gold, copper and nickel targets in this geological environment", explains Jacqueline Monfourny, Vice-President of the Natural Resources Division.

In addition, Mr Andre Larente, President of DIAGNOS, underlines the importance of this transaction. "We just made a great step to position DIAGNOS as a major player in the natural resources sector. CARDS will shortly become an essential tool for any company who wants to be more efficient, saving time and money in a very competitive environment."

DIAGNOS, a multidisciplinary corporation, can count on a 16-people team among which six professionals in geophysics, geology and geography; artificial intelligence specialists, mathematicians, imagery and remote sensing.

In addition to the data mining and the predictions of the best drilling targets, the Natural Resources Division acquires and sells properties and offers project management services. This horizontal integration makes DIAGNOS, the leader in its sector of industry.

For more information, visit www.diagnos.ca.]]> http://blog.caribbeanrealtyinvestment.com/Article/Vehicle plate fee increase officially canceled 9/4/2007 The Dominican Today

Santo Domingo.- The Chamber of Deputies has now passed the bill that modifies the Tax Rectification Law in order to reverse the planned increase in the vehicle registration plate renewal fee. Deputies unanimously approved the law in two consecutive readings. It will now be sent to the Executive Branch for implementation.The bill, which was submitted by president Leonel Fernández last week, modifies article 9 of the Tax Rectification Law that was approved in January this year. The tax on vehicle license plate renewal was to have increased by between RD$1,200 and RD$98,000, but this decision was reviewed following widespread criticism of the increasingly heavy tax burden.Vehicles over five years old will now pay RD$1,200 while vehicles less than five years old will pay RD$2,200. Drivers who have already paid the increased fee will receive a refund.The new law also states that the fee will be adjusted according to the rate of inflation every year, based on Central Bank figures.]]> http://blog.caribbeanrealtyinvestment.com/Article/Electricity law changes need time, say business leaders 9/4/2007 The Dominican Today

Santo Domingo.- The Dominican Republic Association of ndustries (AIRD) has expressed its concern at what it describes as attempts to hasten the drafting of the application of the modification to the Electricity Law, and preventing the National Energy Commission from taking the necessary time on the process.

AIRD president Manuel Diez Cabral said that there is an apparent attempt to violate article 8 of the General Electricity Law, which stipulates a 90-day period for drafting the regulations. This period expires on October 25th.

"Certain actors want to cook the rulings" says a press release from the industrialists, who state that everything connected to the power sector needs to be closely analyzed so that it does not affect productive sector costs any further.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican Republic to have ambitious thermal spa complex 9/3/2007 The Dominican Today

Santo Domingo.– The Dominican Republic is reportedly to gain one of the biggest thermal spa complexes in the world, according to its Tourism Minister Felix Jimenez.

Dominican Tourism Ministry and Spain's Salamandra Thermals Trade Corporation have agreed to build the spa project in Canoa, a small town in the region of Barahona.

Construction is estimated to take seven years to complete while the property will also include a luxury hotel with 1,000 bedrooms plus a sports facility and conference center.

The overall budget for the development is around US$769m and work will begin soon, pending planning approval from Dominican legislature, the National Congress.]]> http://blog.caribbeanrealtyinvestment.com/Article/Bahamas is the richest country in the Caribbean; Dominican Republic is 6th 9/3/2007 The Dominican Today

Nassau.– A popular Web site has compiled a list of the 10 richest independent countries in the Caribbean, and as expected, The Bahamas came out on top.

Aneki.com, a well-known independent Canadian Web site which derives its information from numerous sources, including United Nations agencies and the United States' Central Intelligence Agency's World Factbook, ranked The Bahamas at number one with a $21,300 per capita gross domestic product (GDP).

Oil-rich Trinidad and Tobago was ranked as the second richest with a GDP of $19,700, a position which would usually have been held by Barbados, which ranks at number three with a GDP of $18,200.

Antigua and Barbuda, St. Kitts and Nevis, Dominican Republic, St. Lucia, Jamaica, Cuba and Grenada were among the 10 in descending order. An interesting observation which can be made about the list, however, is the rise of Trinidad and Tobago as a regional economic power.

That country is now the fifth largest exporter of liquefied natural gas (LNG) in the world. The expansion of Atlantic LNG over the next four years could create the largest-single sustained phase of economic growth in the twin-island republic. It has become the leading exporter of LNG to the United States, supplying approximately 70% of the market.

In 2006, unemployment fell to 5% down from 6.7% in 2005. Trinidad and Tobago's economic growth in 2006 reached a staggering 12.6% as prices for oil, petrochemicals, and liquefied natural gas remained high, and foreign direct investment continued to grow to support expanded capacity in the energy sector.

According to the Department of Statistics, Bahamas' GDP grew by an estimated 4.2 per cent in current prices and 3.4 per cent in constant prices in 2006,

Gross Domestic Product (GDP) is the monetary value of all the finished goods and services produced within a country's borders in a specific time period.

In the category of richest countries in the world, Luxembourg came in first with $68,800 per capita. Equatorial Guinea, United Arab Emirates, Norway, Ireland, United States, Andorra, Iceland, Denmark and Austria were in descending order on the list.

Aneki.com is an independent, privately operated website based in Montreal, Canada. It is dedicated to promoting wider knowledge of the world's countries and regions. The website serves as a comprehensive source of continental and world rankings in an increasing number of categories.]]> http://blog.caribbeanrealtyinvestment.com/Article/Top Dominican chef defends controversial appointment 9/1/2007 The Dominican Today

Santo Domingo.- Dominican chef Mike Mercedes has responded to the critical comments surrounding his recent appointment as presidential gastronomical advisor.

He said that one of the first tasks he will carry out in his new capacity would be to supervise the food that is served in the country's hotels and resorts, as well as in the government's soup kitchens for poor people across the country.

Mercedes said that since he was appointed official gastronomical advisor, the Dominican Republic had been registered in the World Chefs' Organization, which ensures that the country would be represented at all international culinary events.

"This achievement will provide a great deal of support to the country's tourist industry, as a way of marketing the Dominican Republic's tourist destinations, the same way as in Mexico, Italy, France and other countries", he said.

Mercedes added that he would also be organizing the creation of the Dominican Chefs' Association, which will play a vital role in promoting Dominican gastronomy worldwide.

He said that another important aspect of the role would be to educate the Dominican public about healthy nutrition.

Mike Mercedes, who has just celebrated 50 years as a chef, has served a large number of international figures, including royalty, political leaders and dignitaries, religious leaders and international celebrities.]]> http://blog.caribbeanrealtyinvestment.com/Article/Gas prices up 9/1/2007 The Dominican Today

Santo Domingo.- The Ministry of Industry and Commerce has increased the price of fuels across the board this weekend.

Premium gasoline has gone up by RD$2.90 and now sells at RD$151.60, while a gallon of regular gasoline now costs RD$140.20, a RD$3.00 increase.

The authorities justified the increases by citing international market price rises as a result of the reduction in crude oil reserves in the United States.

Diesel also went up by RD$1.40, now selling for RD$113.20, while subsidized propane (Liquid Petroleum Gas) for household and vehicular use now costs RD$52.56 and non-subsidized propane for commercial and industrial use now costs RD$74.32. Both went up by 82 cents.

The exchange rate used for calculating the increases was RD$33.39 to the US dollar, according to the Ministry.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican Republic's ratings have a "positive outlook," Fitch says 8/31/2007 The Dominican Today

Santo Domingo.- Dominican Republic's ratings have a positive outlook, said Fitch Ratings, quoted by Thomson Financial and by the publication Forbes. The agency has foreign and local currency issuer default ratings of 'B', a country ceiling of 'B+' and 'B' short-term foreign currency of International Depository Receipt on the Caribbean nation.

Theresa Paiz Fredel, a senior director on Fitch's sovereign team, said Dominican Republic's ratings "are supported by the strength of the economic recovery, progress on the structural reform front, as well as a manageable debt service profile.

She said though the macroeconomic stability was achieved, a position of fragile liquidity can be exacerbated by a "less benign" external environment or loss of confidence and ensuing flight of capital. Paiz Fredel said the situation still "constrains the ratings to current levels at this time."

Fitch is concerned that as the country's stand-by arrangement with the IMF expires in Jan 2008, without the program as an anchor, it may be more challenging for the government to complete its structural reforms and "prudently" manage public finances, particularly in an election year, which could have implications for maintaining confidence.]]> http://blog.caribbeanrealtyinvestment.com/Article/Only US$19.5M to clean up gold mine, Dominican government says 8/31/2007 The Dominican Today

SANTO DOMINGO.- The Pueblo Viejo gold mine lease contract stipulates that the operating company is responsible for the environmental liabilities within the project, while the Dominican State assumes the environmental controls outside the area in concession.

Though the State complies with that part, studies show that the zone's environmental cleanup would cost the State only US$19.5 million, if the mine were to be exploited. If the mine were to be closed indefinitely, the environmental liabilities would cost US$87.5 million.

Jose Angel Rodriguez, the government official in charge of the environmental aspects of the mine, located in Cotui (northeast), said within the framework to DL that the Government has a US$17 million nonrefundable contribution from the European Economic Community for the Project "Sysmin II," which almost totality covers the environmental cost.

He said the lessee Barrick Gold proposed that the Government covers all environmental liabilities which correspond to the State, though estimates the cost at US$100 million, not US$20 million, as shown by an environmental study called "Pueblo Viejo," paid by the Industry and Commerce Ministry.

Barrick Gold has yet to decide if it would invest US$2.4 billion to exploit the mine, whose potential is 18.1 million ounces of gold.

Rodriguez said the Canadian company's decision would be announced before yearend.]]> http://blog.caribbeanrealtyinvestment.com/Article/Four Seasons to build US$120M luxury hotel in Dominican resort 8/30/2007 The Dominican Today

SANTO DOMINGO.- The group Central Romana yesterday announced the construction of the five star hotel Four Seasons de Casa de Campo Resort, at a cost of 120 million dollars.

Central Romana aims to establish the Caribbean region's best tourism complex and to attract high-end tourists to the country.

Eddy Creed, one of the hotel chain Four Seasons' founders, said the new, 200 room hotel would be built on 67 acres and have 3,100 feet of beachfront.

The "super suites" will cost 10,200 dollars per night and will have five rooms, a private swimming pool, gym, offices, spa and other amenities, the hotelier said.

Tourism minister Felix Jimenez said this investment is an accomplishment for the hotel industry and the country's image abroad, since it buries the vision that the country offers only low cost tourism, supported by the "all inclusive" system.

The architect Diego Villaseñor designed the exclusive hotel complex, said the magazine Architectural Design, which said it's among the world's 50 best. The complex is slated to open in the winter of 2009 more and will be one of that company's 74 hotels in 31 countries.

Creed said this investment was possible by the facilities which the Tourism Ministry provided.]]> http://blog.caribbeanrealtyinvestment.com/Article/World Tourism strengthens media programs 8/30/2007 The Dominican Today

Madrid.- The World Tourism Organization (UNWTO) is strengthening its media partners program to support its major events. It announced that eTurboNews and TravelMole had joined forces to help support the Organization with a leading edge communications platform.

The program will start with UNWTO's major conferences on Climate Change at Davos, Switzerland (October 1-3) and London, UK (November 13), as well as for the Organization's General Assembly in Cartagena, Colombia (November 22-29).

The support will cover three broad areas: Electronic promotion and online coverage of events involving strategic global tourism issues; Helping to engage the industry at large, in support of UNWTO actions to respond to major humanitarian crises; Promotion of strategic tourism and humanitarian response issues at major industry trade fairs.

UNWTO Assistant Secretary-General Geoffrey Lipman said "We welcome this initiative from our friends at eTurboNews and TravelMole, which allows us to strengthen our communications channels in areas of critical strategic importance to the industry as well as to better help the sector play its part in response to the humanitarian crises which affect tourists and destinations around the world."

Juergen Thomas Steinmetz, Publisher and Head of the eTurboNews Group, said "I have long been a believer in tourism as an important contributor to global social and economic well being and eTurboNews has always supported UNWTO actions designed to benefit the industry as a whole and to position it within the UN Family. So I am delighted to link our networks with my friend Charlie Kao and his TravelMole Team to strengthen that support. I hope that other media colleagues will join our efforts."

Charlie Kao Publisher of TravelMole added that "We increasingly live in an electronic, web based communications world. Together with eTurbo, we plan email and web site coverage with video, web-cast and pod-cast projection. By providing capacity in this area, TravelMole can help the industry more effectively participate, deliver and project its contribution."

Mr. Lipman concluded that "the launch of the program at the Davos Climate Change Conference reflects both strategic and humanitarian areas of focus and the London Ministerial helps us to project at one of the world's most significant Tourism Fairs. We are particularly pleased at the support that this gives to our emergency response portal www.sos.travel. We look forward to building on this program with other media partners."]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican hoteliers request tax breaks till 2020 8/30/2007 The Dominican Today

SANTO DOMINGO.- The National Hotels and Restaurants Association (Asonahores) proposed to the Government a fiscal pact until 2020 based on making tourism an export activity, and asked the authorities to acknowledge the increased taxes' negative effect on the industry's competitiveness and what they said is an overvalued peso.

Asonahores president Luis Lopez said the tourist who comes to Dominican Republic starts paying taxes from once they board the plane until they return to their country, though acknowledged the Government's support of tourism and the current harmony between the private and public sectors.

Tourism minister Felix Jimenez said he would support the hoteliers' proposal before the Government's economic team.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican textile exports to U.S. fall 24 percent, among region's worst 8/29/2007 The Dominican Today

Santo Domingo.- Dominican Republic is among the countries in the Central American region whose textile exports to United States fell most in volume, as well as in value in the first 5 months this year.

Of the 5 Central American countries only Guatemala and Costa Rica posted lower textiles exports, in 8.3 percent and 3.7 percent, respectively.

Dominican Republic's exports fell 24 percent, whereas those of Honduras, El Salvador, Haiti and Nicaragua grew from 5.4 to 22.2 percent, even with the strong competition by China, Vietnam and Indonesia.

Though the Dominican Central Bank says lower demand from United States jeopardized the textile free zones, the owners blame the setback mostly on the lack of competitiveness from the peso's rise against the dollar.

In the first 6 months last year Dominican free zones exported US$618.7 million worth of textiles to States United, compared with US$470 million in the same 2007 period, for a fall of 24 percent.

As to the volume exported, the situation was worse, with a fall of 25.7%, which shows the problem wasn't lower prices, rather less orders from buyers in the U.S., with which the country signed a Free Trade Agreement.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican Government must help clean up mine, Barrick Gold says 8/29/2007 The Dominican Today

SANTO DOMINGO.- The Dominican Government must help to clean up the pollution it left for miles around one of the Western Hemisphere's largest gold mines, said Barrick Gold Corp. chief executive Tuesday, quoted by the newspaper International Herald Tribune.

CEO Greg Wilkins said Barrick Gold's decision to proceed with digging on the site depends on the action of the Dominican government, which mined the Pueblo Viejo (Cotui-central) area since the early 1970s until it halted operations in 1999. He said the government must bear at least part of the responsibility for a cleanup estimated to cost at least US$100 million (€73 million).

Wilkins said he's confident Barrick and the government can agree on how to pay for the cleanup by February, when the mining giant said it must decide whether to proceed.

"We're very optimistic that we're going to be in a position to ... go ahead with the development of the project," he said, quoted by the Associated Press in a telephone interview.

Thousands of nearby villagers' lives have been affected by acid-filled rivers and fields of mineral waste, which must be contained before Barrick can begin mining an estimated 18 million ounces (513 million grams) of gold from Pueblo Viejo, in Dominican Republic's heavily forested central mountains.

The Canadian company took over the Pueblo Viejo mining rights in 2006, and plans to invest more than US$2 billion (€1.5 billion) to reopen the site. That sum, which includes a 40 percent stake by Vancouver-based Goldcorp Inc., would be one of the largest foreign direct investments in the history of the Caribbean country.

"The narrow Margajita River is now a reddish-brown trickle of acid that has killed the fish and forces the people of tiny Los Cacaos to travel more than 6 miles (10 kilometers) for safe drinking water," says the International Herald Tribune report.]]> http://blog.caribbeanrealtyinvestment.com/Article/Renewable energy projects of 600 megawatts start in 2008, official says 8/28/2007 The Dominican Today

SANTO DOMINGO. - National Energy Commission (CNE) president Aristides Fernandez Zucco said before year-end construction will begin on wind and solar energy projects of some 600 megawatts, in different parts of the country.

The official said when those 600 megawatts enter the system the country would save about 400 million dollars per year in fuel, and that until drilling for oil expands, the Dominican petroleum is the sun, water and wind.

He said 1,000 megawatts of alternative energy will enter the power grid by next year and an ambitious program of mini-power stations is being developed, to provide isolated communities with energy, taking advantage of the hydraulic resource.

He said since Dominican Republic has a wind potential to produce 10,000 megawatts, the CNE works so the country has over 20 percent of its power matrix originating from renewable energy in the next 15 years.

Fernandez Zucco speaking in the seminar "Programming on Renewable Energies," said European, United States and Asian companies will carry out those projects.]]> http://blog.caribbeanrealtyinvestment.com/Article/Hurdles could leave 700,000 out of Dominican social security 8/28/2007 The Dominican Today

SANTO DOMINGO.- The Social Security Treasury's (TSS) lack of registry could leave over 700,000 people, among card-holders and dependents, outside the social security system.

Health superintendent Fernando Caamaño said the lack of documents, changes of jobs and the reduced coverage of the Health Risk administrators are maong the circumstances contributing to the high number of people outside the system.

Whereas yesterday, the heads of pharmaceutical associations and pharmacy owners met with Health minister Bautista Rojas and vice president Rafael Alburquerque, to express their concern that imported generic medicines could lead to the collapse of their businesses.

They said they could disappear if brand-name drugs they import and market aren't included.]]> http://blog.caribbeanrealtyinvestment.com/Article/Samana offers the perfect honeymoon vacation 8/26/2007 The Dominican Today

Samana, Dominican Republic.– Somewhat removed from the typical tourist trail in the Dominican Republic, the luxuriant peninsula of Samana is a paradise for nature lovers to visit on a Caribbean honeymoon vacation.

Not only is it home to one of the most important mangrove reserves and rainforests in the Caribbean, but its crystal-clear coast offers some of the most divine diving found along the northern coast of the island.

Being able to see up to 150 feet in some spots affords spectacular views of the reefs and colorful tropical fish darting through the waters around you.

If your Caribbean honeymoon vacation to this location happens to fall during January, you might wish to try and catch the sight of thousands of humpback whales migrating south to Samana Bay during their mating season.

It's said you can find up to 300 whales at any given time, so take a gander at these magnificent mammals while you have a chance, and watch them frolic, sing and court one another. It's just one of many more delightful experiences you can have on your vacation.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican Tourism ad in top 3 "least fast-forwarded" in the U.S., report 8/26/2007 The Dominican Today

SANTO DOMINGO.- Dominican Republic's "Inexhaustible" tourism advertisement is among the three "least-fast-forwarded" by television viewers in the United States -according to a rating service called TiVo Stop||Watch- which said only the spots for CORT Furniture, and Hooters Restaurant fared better in that category.

The report, published by the prestigious publication BusinessWeek said the ads which top the list "aren't funny, they aren't touching, and they aren't clever. And they don't have big budgets," in reference to the top three overall in June, the latest month for which data are available.

TiVO examines the commercial-viewing habits of some 20,000 TiVo-equipped households, including which ad campaigns are fast-forwarded by the lowest percentage of viewers. It said so far, heavyweights such as Publicis-owned media agency Starcom and ad holding company Interpublic Group have subscribed to the data feed.

"What has marketers scratching their heads is that so many of the winning campaigns are direct ads," said the report, and notes that all of those ads are well-tailored to their audiences.

It cites as an example that during prime-time broadcast TV in June, the No.1 least-fast-forwarded campaign was for home-gym brand Bowflex. "Bowflex placed prime-time ads exclusively on professional wrestling on the CW Television Network--just the kind of show that might lead a viewer to reevaluate his or her own musculature and check out a home gym."

TiVo said smart media planning, not creative ads, seems to be key. "These advertisers put the product --whether it's a desk, a Dominican beach, or, ahem, the good food at Hooters--front and center in the most straightforward way."]]> http://blog.caribbeanrealtyinvestment.com/Article/American Eagle starts flights to lush Dominican province, Samana 8/26/2007 The Dominican Today

Santo Domingo.- American Eagle, the American Airlines regional affiliate carrier, said it will begin a new service from Samaná (northeast) to San Juan, Puerto Rico on December 13. The airline will fly from Samaná with a 64 passenger Super ATR plane.

"Our customers in the Dominican Republic were asking for this service," said Rafael Sanchez, of American Airlines in the Dominican Republic. "Samaná is a destination with an extraordinary potential and this new service will complement the development of the zone, which will result in a solid drive to the local economy."

Samaná is an attraction for nature lovers and those with a thirst for adventure. Its natural beauty makes it very attractive for newlyweds, who seek unexplored areas for diving and to watch the humpback whales that visit the area.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican Tourism chief requests lifting of booze limits in tourist areas 8/26/2007 The Dominican Today

SANTO DOMINGO.- Dominican Tourism minister Felix Jimenez today said he spoke with Interior and Police minister Franklin Almeyda Thursday night to request the extension of the schedule to sell alcohol in the country's tourist resorts, including the capital's Colonial Zone and Malecon seaside boulevard.

The official said given the fact "tourists come to the country to have fun, not to shut themselves in a room," those resort areas need the schedule extended. "When an Italian comes here he doesn't want to have to go to sleep early, he wants to have some fun."

Jimenez, interviewed by Cesar Medina in the program Hoy Mismo on Channel 9, said the ban which limited the sale of alcohol to 12 midnight Sunday to Thursday and to 2 AM Friday and Saturday was already lifted in Cabarete, Puerto Plata province (north).

Last week Almeyda said in exchange for allowing alcohol sales to 1 AM bar and restaurant owners in Cabarete had agreed to implement measures in their establishments to secure the safety of their customers, most of them tourists.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican Government has over US$250M to improve tourist destinations 8/26/2007 The Dominican Today

SANTO DOMINGO. - The Dominican Government will provide over 250 million dollars to improve the tourist destinations, of which 53 million dollars (RD$1.6 billion) will be spent to improve houses in Palenque and Najayo (San Cristobal-south), and in Los Cacaos, and Las Terrenas (Samaná-northeast).

Tourism minister Felix Jimenez said the money will also be sued to build a sewage system and highways in Montecristi (northwest), and in La Isabela, Luperon and Puerto Plata (north). He said the project to improve houses for inhabitants in those communities would improve their living conditions.

The official also blamed the opposition PRD party of trying to boycott the project implemented in the beaches at Palenque and Najayo, alleging that Tourism seeks to evict the families who live there.

"Dominican Republic must develop tourism and to obtain it it's necessary to improve the conditions in which the inhabitants live, the inhabitants of the tourist municipalities," he said.

Jimenez, speaking in the radio program "Government in the Morning," said the effort seeks to obtain progress for those towns with hotels and restaurants and to develop new jobs. "We don't want to evict anybody, what we want is for people to have better living conditions."]]> http://blog.caribbeanrealtyinvestment.com/Article/World Tourism climate change conference in Davos to be carbon neutral 8/26/2007 The Dominican Today

Madrid.- The World Tourism Organization (UNWTO) is asking all participants of the 2nd International Conference on Climate Change and Tourism (Davos, Switzerland, 1-3 October 2007) to register with carbon offsetting organizations. Carbon offsetting mitigates greenhouse gas emissions and can involve renewable energy projects such as solar, wind power and hydroelectricity or biomass and biofuels, and tree planting, among others.

The goal is to make all travel, accommodation and activity related to the Conference carbon neutral. Thanks to the support of its sponsors, UNWTO is not charging a registration fee for the 2nd International Conference on Climate Change and Tourism. Go to the Conference webpage climate.UNWTO.org for more information.

"We want to send a signal to our own industry that carbon offsetting is easy and that it will make a real difference over time, along with adaptation, mitigation and new technology. We also want to encourage a trend in the sector that carbon offset schemes will be used eventually by all meetings and events. Responding to the climate challenge will require substantial structural changes and take many years to implement, but there are some things we can do immediately," said UNWTO Assistant Secretary-General, Geoffrey Lipman.

UNWTO's commitment to sustainable development and the fight against poverty plays a crucial role when considering the wider implications of climate change. As the lead tourism organization in the UN family, the Organization wants to ensure that this important global sector plays an active and responsible part in this global challenge.

The 2nd International Conference on Climate Change and Tourism (Davos, Switzerland, 1-3 October) and the following Ministerial Summit in London (13 November), will help formulate UNWTO's input to the UN's Secretary General's strategy for the upcoming negotiations under the UN Climate Change Convention in December in Bali, Indonesia.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican fuel prices drop this week 8/26/2007 The Dominican Today

Santo Domingo.– After a few weeks of steady price hikes, premium and regulate gasoline will post a drop this week.

Premium gasoline will drop 3.50, while regular drops 3.20, with premium selling for RD$148.70 and regular for RD$137.20.

The price of diesel will also drop, to sell for RD$111.80 for a drop of 18 centavos.

Liquefied Petroleum Gas also will drop in price, as the subsidized and non-subsidized LPG will drop 18 cents in both cases, with the subsidized one going for RD$51.74 and the non-subsidized for RD$73.50.]]> http://blog.caribbeanrealtyinvestment.com/Article/China to become US third largest export market by year end 8/26/2007 The Dominican Today

Beijing.– China is likely to become the third biggest importer of goods from the United States within a year after five straight years as the fastest growing U.S. export market.

Chinese Vice Minister of Commerce Gao Hucheng said that China was expected to overtake Japan as the third largest U.S. export market at the end of this year or early next year.

China's foreign trade volume reached 1.17 trillion U.S. dollars in the first seven months of 2007, an increase of 24.4 percent over the same period last year, according to customs sources.

The European Union remained its largest partner with a trade value of 190.1 billion dollars, a growth of 28.5 percent over the same period of last year, followed by the United States with 167 billion dollars, up 17.5 percent, and Japan with 130 billion dollars, up 15.2 percent.

Trade between China and the U.S. reached 262.7 billion dollars in 2006 compared with 2.5 billion dollars in 1979 with farm produce and machinery registering fast growth, said Gao.

China stood as the ninth largest export market of the U.S. in 2001 and the fourth largest in 2005, while Canada was the largest in 2006, followed by Mexico and Japan.

The U.S. began to see a trade deficit with China in 1983. In 1991, China overtook Japan and became the second largest source of U.S. trade deficit. Since 2000, China had become the largest source of U.S. trade deficit, said Zhang Yansheng, director of the International Economic Research Institute under the National Development and Reform Commission.

Zhang said China's rocketing trade surplus unsettling the U.S., which keeps pressing China to ease currency controls and import barriers.

Official figures show China's trade surplus with the United States jumped by 22 times from 1993 to 2006 when it hit 144.2 billion dollars.

In the first seven months of 2007, China's exports to the U.S. topped 127.65 billion dollars while imports from the U.S. reached 39.35 billion dollars, according to official figures.]]> http://blog.caribbeanrealtyinvestment.com/Article/New posts will not increase payroll, says government 8/25/2007 The Dominican Today

Santo Domingo.- The government has denied that the recent presidential appointments would increase the public payroll, as has been suggested by opposition parties.

The president's press office stated that when Leonel Fernández took power the government's expenditure stood at 18.2% of the country's Gross Domestic Product (GDP), while income was just 16.4%.

According to the press office, in contrast, the current government is generating 19.7% more income than the figure for 2004, and during the last three years expenditure has been lower than income, because a rational austerity policy has been applied to salaries and wages, keeping this expenditure at 4% of GDP.]]> http://blog.caribbeanrealtyinvestment.com/Article/Poll: 58% of Dominicans can't afford the basics 8/25/2007 The Dominican Today



Santo Domingo.- According to the latest Hoy-Gallup poll, only 18% of Dominican families receive the income they need in order to fulfill the basics, treat themselves and live comfortably.

Forty per cent said that they could cover their costs, but only just. The rest, some 42%, said that their income did not cover their basic needs.

The poll found that the percentage of households in the last category was highest in the country's southern region – 49%. Less than 1% of southern households could say that they lived comfortably.

In the metropolitan region (Santo Domingo and National District) 35% could not cover the basics, 40% were able to, but with difficulty, 16% could cover them and treat themselves to extras from time to time, while 6% live comfortably.

In the north, 42.5% could not cover the basics, 39% can cover them with difficulty, 11% can cover their costs and treat themselves from time to time, and 8% say they live comfortably. In the east, 38% don't cover the basics, 38% only just manage to do so, 15% can afford small luxuries, and 10% live comfortably.

]]> http://blog.caribbeanrealtyinvestment.com/Article/Vehicle registration tax decision will cost RD$600 million 8/25/2007 The Dominican Today

Santo Domingo.- The government's decision to reduce the vehicle registration tax will lead to a RD$600 million reduction in income, according to estimates from the Tax Department (DGII).

This year the Tax Department expected to generate a little over RD$1,500 million, but now that the increase has been revoked, this year's income will be almost the same as last year's.

In 2005 the DGII raised RD$822 million from registration plate fees, which in 2006 went up by 9.7% to RD$902.4 million. This year's income, based on last year's rates (RD$1,200 y RD$2,200), will end up being a little less than RD$1,000 million.

The Tax Department is estimated to have raised some RD$40 million during the last eight days since the start of the vehicle registration renewal process.

]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican insurance firms say regulator lacks authority, 30 percent rise holds 8/25/2007 The Dominican Today

SANTO DOMINGO.- The Dominican Insurance and Underwriters Chamber (Cadoar) today said the Insurance Superintendence lacks the legal authority to regulate the full-coverage vehicle insurance market, and maintain its decision to raise the premiums by 30 percent.

Cadoar executive vice-president Miguel Villamán said article 125 of Law 146-02 states that the Insurances Superintendence will set those premiums on insurance which cover only civil liability and damages, usually known as "insurance of law."

As for the full-coverage insurance he said the insurers are free to modify their fees according to their costs.

This week when Cadoar announced increases in the price of premiums, it didn't specify that it was only full-coverage insurance. "The insurance companies have arranged increases of up to 30% in automobile insurance policies, especially in the full coverage, in relation to their current prices."

Villamán said the insurance industry had to confront its operating losses.

Yesterday the Insurance Superintendence said they hadn't authorized any increase in the full and semi full coverage insurances for motor vehicles. It said it's contradictory for those companies to have losses when the industry's combined first and second quarter growth was 20.34 in premium collections.]]> http://blog.caribbeanrealtyinvestment.com/Article/Fuel prices drop across the board; premium RD$3.50 cheaper 8/25/2007 The Dominican Today

Santo Domingo.- The Industry and Commerce Ministry will post lower prices on fuels which will be in effect as of Saturday morning, according to a source quoted by the newspaper El Nacional. Premium gasoline will cost 3.50 less; regular gasoline falls 3.20 pesos; premium diesel 90 cents lower and regular falls 80, and liquefied petroleum gas fell 0.18

Premium gasoline will cost 148.70 pesos per gallon and regular 137.20 pesos.

Premium diesel will cost 115.50 to and regular 111.80 pesos the gallon.

Subsidized liquefied petroleum gas will cost 51.74 for a drop of 18 centavos per gallon.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican Government warns Shell's buyers must pay capital gains taxes 8/25/2007 The Dominican Today

Santo Domingo.- The Dominican Government advised those interested in acquiring the company Shell's shares in the Dominican Petroleum Refinery, as well as other assets of that firm, that at the time of the purchase they'll have to pay the capital gains taxes.

Vicente Bengoa, Hacienda minister and coordinator of the official commission which is in charge of the sale process, said the warning aims to prevent repeating an impasse such as the one which occurred when Verizon sold its telephone company in the country. "A point which I concretely stated is that we must agree on it and to clearly explain to who's going to buy, that the Government must receive what is called capital gain, on the difference of what you bought and how you sold."

He said the tax payment is aside from the value of the sale and which is applied not only for 50% of Shell's shares in Refidomsa, but in the other assets which that company has in the country and maintains on sale.

The Government, through Internal Taxes, maintained a court battle lasting several months with Verizon, from which it demanded US$518 million in taxes on income from the sale of its assets here, though finally settled for US$170 million.]]> http://blog.caribbeanrealtyinvestment.com/Article/The Government met IMF requirements; expects US$114M, central banker says 8/23/2007 The Dominican Today

SANTO DOMINGO. - The Dominican Government met all requirements for the seventh revision of the International Monetary Fund, whose directory will meet for that purpose on September 5.

Central banker Hector Valdez Albizu said the revision corresponds to the first half of this year and once this letter of intent is made public the Government will receive 114 million dollars.

He said there'll be another payment of 57 million dollars in November.

Valdez provided the figures in a press conference held in the Central Bank Thursday noon, accompanied by the ministers of Economy, Temistocles Montás, of Hacienda Vicente Bengoa, and Banks superintendent Rafael Camilo.

The members of the economic team presented the Government's accomplishments regarding the IMF requirements, and said it's president Leonel Fernandez who has the last word on the possibility of extending the agreement with that organism.]]> http://blog.caribbeanrealtyinvestment.com/Article/Energy crisis costs Dominican taxpayers US$2B, solutions still sought 8/23/2007 The Dominican Today

SANTO DOMINGO.- Electricity superintendent Francisco Mendez said yesterday the electrical sector's crisis is such a political and economic burden that in the last three years has cost the Dominican taxpayers US$2.0 billion in subsidies. He said that's the reason the Government continues to seek a definitive solution to its financial difficulties.

As to the Electrical Billing Stabilization Fund, the official said it'll reach some US$60 million (RD$1.8 billion) by year-end. "The Government should be more than interested in solving the problems, since it represents a political and economic burden for it."

Mendez spoke in the Santo Domingo hotel during a gathering with the heads of the Association of Foreign Investment Companies (ASIEX), whose directors said they're concerned with the slowness in the search for solutions to the electrical sector's crisis.

ASIEX president Alfonso Paniagua cited the problems of high bills, prolonged blackouts and the financial deficit which affects the national budget, though the entity's members recognize the importance of the 24 hour programs which the distributors Edenorte, Edesur and EdeEste develop.]]> http://blog.caribbeanrealtyinvestment.com/Article/No need for new pact with the IMF, the Dominican Government says 8/23/2007 The Dominican Today

SANTO DOMINGO.- The Dominican economy doesn't suffer from any problems which merit that the Government neither sign a new, nor prolong the current agreement with the International Monetary Fund (IMF) beyond next January, said Hacienda minister Vicente Bengoa,.

"The national debt, external and internal, is up-to-date. There will be a fiscal surplus this year. The liquid reserves could reach 2 billion dollars and the rate of change has been stabilized," he said.

The official's statement was part of a dissertation "Economic analysis of the three years of government of Leonel Fernandez."

At 11 AM today the Government's economic team will hold a press conference in the Central Bank to provide details on the course of the stand-by agreement with the IMF.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican Republic joins Asian-Latin American trade bloc 8/23/2007 The Dominican Today

SANTO DOMINGO.- The East Asia-Latin America Cooperation Forum (FOCALAE) approved Dominican Republic as member of at the bloc's third ministerial meeting being held in the Brazilian capital Brasilia on Wednesday.

"We express our pleasure with the decision made by the ministers here present. We share FOCALAE's goals in giving priority to trade and investment to promote security and social inclusion," said Dominican Foreign minister Carlos Morales.

FOCALAE aims to bolster friendship and cooperation between its members, especially in trade and investment and with the Dominican membership now groups 33 nations: 15 from Asia and 18 from Latin America.

"No country can, by itself, fight the threats that face the international community. We favor an ample and strong cooperation between regions," Morales said.]]> http://blog.caribbeanrealtyinvestment.com/Article/River ban could lead to high prices, supply crunch, aggregate producers say 8/23/2007 The Dominican Today

SANTO DOMINGO. - The Aggregate Producers Association said yesterday since the authorities didn't plan the impact of closing their operations in the rivers, the measure can cause a shortage and higher prices of construction materials, and paralyze important works, which if it occurs, he said, wouldn't be their responsibility.

Teofilo Hernandez, the entity's executive director, said the Nizao river zone is the source of 80% of the materials used to make are high resistance concrete in the constructions in the metropolitan zone and part of the east region. He said 100% of the aggregates with which the total of 9 concrete-manufactures make concrete-asphalt also comes from Nizao.

"The radical prohibition of the extraction in that zone can leave those sectors in the market without supply and raises the price of the product, affect works such as the Metro and the San Cristobal-Bani highway, and distort the market prices," Hernandez said.

He said aggregate producers, who generate 900 direct jobs and have invested over RD$1.0 billion, are prepared to comply with the Environment Ministry's resolution, though have yet to suspend the preparation of material nor lower the normal pace to supply the market.

He said aggregate firms dispatch up to 15,000 cubic meters daily and producers don't know where they'll operate as mining permits for quarries had already been assigned long ago.

He cited as an example that in Azua (south) a quarry operator wants US$25.0 million to transfer their permit. "The first thing is to know where the mines are, where they are going to transfer us, who is going to provide the material that we no longer extract and place in the market. The transfer must be a rational, intelligent change."

Housing developers

Jaime González, head of the housing developers grouped in Acoprovi, said yesterday that although resolution 16-2007 affects the construction sector, they back the measure as timely. He said its impact on builders and promoters has yet to be felt, though its effect will be seen starting November. "Nevertheless we understand that it can have a minimum increase in costs."

He said though most of construction material which comes from quarries is up to RD$200 higher per cubic meter, it's of better quality.

He said about 40% of the construction materials used comes from quarries and 60% from rivers. "Since there is a high demand for materials, not everybody can buy from the rivers because they can't supply enough."]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican exports to U.S. fell 4.9 percent in Q2; trade grows, report 8/23/2007 The Dominican Today

MIAMI.- Dominican exports to the United States fell by 4.9 percent in the first half of the year, reaching a total of $2.1 billion. But, thanks to an increase in imports from the United States, total trade grew by 4.4 to $4.9 billion, according to an analysis from Latin Business Chronicle based on data from the US Census Bureau. Dominican imports of U.S. goods grew by 12.4 percent to $2.8 billion.

The growth in Dominican trade with the United States was better than the average growth for Latin America as a whole, which boosted its U.S. trade by 2.7 percent. However, it was weaker than the average within the CAFTA trade group, which saw U.S. trade growth of 6.8 percent. Within CAFTA only Nicaragua had weaker growth than the Dominican Republic when it came to trade in the first half.

All in all, U.S. trade with Latin America reached $266.5 billion in the first six months of 2007. While U.S. exports grew by 4.6 percent to $110.2 billion, imports from Latin America fell by 0.5 percent to $156.3 billion. The U.S. trade deficit with Latin America fell by 15.6 percent to $46.1 billion. Paraguay posted the strongest increase (24.5 percent), while Ecuador posted the worst decline (10.6 percent) in U.S. trade the first half of the year, according to Latin Business Chronicle.

The trade figures mark a strong slowdown compared with the first half of 2006, when U.S. trade with Latin America grew by 14.1 percent thanks to export growth of 16.1 percent and import growth of 12.7 percent. The slowdown is partly due to reduced economic growth in the United States. The U.S. economy expanded by a mere 0.6 percent in the first quarter before recovering in the second quarter with 3.4 percent growth. By comparison, GDP in the first and second quarters last year grew by 4.8 percent and 2.4 percent, respectively.

Full story...http://www.latinbusinesschronicle.com/app/article.aspx?id=1563]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican capital US$550M harbor project continues, centers on cruise ships 8/21/2007 The Dominican Today

SANTO DOMINGO.- Construction of the US$550 million Sans Souci Tourist Project, the most ambitious private mega-work ever undertaken in the Dominican capital, hasn't been detained and its rhythm remains as projected to conclude in 2010.

Luis Molina, executive director of Sans Souci Holding, said the works to refurbish and expand Santo Domingo Port have cost US$41 million (the original estimate was US$21 million).

Interviewed by the newspaper Diario Libre, Molina said at the heart of the port project is the creation of a destination for cruise ships. "If the port works well, the entire project will be a success; for those reasons we have concentrated ourselves in this and in other works that aren't seen."

He said with the port's reconstruction, the channel's improved navigability, the plan to control solid waste and the embellishment of adjacent areas, the Government collects over RD$350 million in taxes and doesn't have to provide subsidies.

To show that the works in the project continue, Molina said RD$4.4 million have been spend to re-condition the parks Cervantes and Plaza Ruben Dario; RD$966,754 on the Trujillo-Hull monument, and the embellishment of the Plaza Juan Baron are 30percent complete.

He said to improve navigability, a RD$9.8 million collection system that includes floating barriers was installed to control vegetation and which traps solid waste before reaching port. He said the U.S. based companies Alpha Boats and Aquamarine carried out the works.]]> http://blog.caribbeanrealtyinvestment.com/Article/Mortgage IT to provide $500M in residential mortgage financing in the Dominican Republic 8/21/2007 The Dominican Today

Santo Domingo.- MortgageIT, Inc., a subsidiary of Deutsche Bank, said on Saturday it has agreed to make available $500 million in residential mortgage financing to qualified purchasers of properties within Cap Cana, a luxury real estate and tourism destination located on the eastern shore of the Dominican Republic.

"This is a landmark transaction which will allow consumers to access long-term mortgage financing in the Dominican Republic for the first time," said Doug Naidus, Managing Director and Americas Head of Residential Mortgage Origination at Deutsche Bank. "We are extremely enthusiastic about bringing this kind of liquidity to the Latin American and Caribbean market."

"MortgageIT's commitment to the project underscores the appeal of Cap Cana to sophisticated investors," said Dr. Ricardo Hazoury, President of the Board of Cap Cana. "We are confident that this financing program will accelerate and increase our overall sales effort."]]> http://blog.caribbeanrealtyinvestment.com/Article/Fuel prices up again 8/18/2007 The Dominican Today

Santo Domingo.- The last two weeks' fuel price reductions were just a brief respite: the Ministry of Industry and Commerce has raised fuel prices again.

Premium gasoline will cost RD$152.20, an increase of RD$2.10 per gallon, while regular gas has gone up RD$3.40 and sells at RD$140.40.

Diesel has gone up RD$2.30 per gallon and now costs RD$112.60,and liquid petroleum gas (propane) has gone up by RD$0.77 and now sells at RD$51.92 (subsidized) and RD$73.68 (non-subsidized).

The Ministry attributed the changes to international market price fluctuations especially in the light of recent hurricane activity in the Gulf of Mexico, which leads to fuel price rises in the United States.]]> http://blog.caribbeanrealtyinvestment.com/Article/Leon bank reports 2Q profits of RD$101.8 million, a 76 percent growth 8/17/2007 The Dominican Today

Santo Domingo.-The Leon bank today released its second quarter results, with net profits of RD$101.8 million, a growth of 76 percent compared with the same 2006 period, figures which its president Manuel Peña-Morros said represent, "a new stage in its evolution.

To June 30, its loans portfolio was RD$15.60 billion, a 22.8 percent growth compared with the same period last year. Peña-Morros said the results were better than expected. "We paid attention to meet strategic targets, always pursuing business and operating excellence."

The Leon bank said the gains reflect the growth in the payment of personal, auto and mortgage loans, a rise of over 100% compared with the same 2006 period, for a total of over 3.60 billion pesos. It said its index of portfolio of loans in default remained below 4.2% and within its projections.

It said total deposits were of RD$22.63 billion, a 10.5 percent growth when compared with the same 2006 period.

"This result is to a great extent fruit of the actions which we have made in the areas of Personal and Corporative Banking to fortify the portfolio of customers," it said in the statement.

Leon bank said its total assets were of RD$26.50 billion, a 13 percent rise compared with the same 2006 period. It said the yield on capital was 11.3 percent to June, 4.5 percent over the target.

It reported a financial margin of RD$1.04 billion, a 78 percent growth compared with the same 2006 period.

"Another great accomplishment that the institution exhibits in this period is the recent approval on the part of the Banks Superintendence and the Securities Superintendence of the second issuing of a public offering of RD$400.0 million in long-term subordinated debt bonds, to be used in the continue support to bolster the loan portfolio," the Leon bank said.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican Popular bank says assets rose RD$12.6 billion in first-half, an 11 percent growth 8/17/2007 The Dominican Today

SANTO DOMINGO.- The Dominican Popular bank said in the first half the total assets rose RD$12.6 billion compared with the second half last year, a growth of 11 percent.

In a document the Popular said its net loans portfolio is the main drive behind that growth of RD$9.06 billion, a 16.4 percent increase to end the period with a balance of RD$64.31 billion. "It is important to emphasize that this growth of the portfolio of credits was obtained by maintaining low levels of loansin default , which reach just 2.7% of the total portfolio," it said in the statement.

It said net investments in issues and securities rose from RD$15.83 billion in December 2006 to RD$18.40 billion to the June 2007 close, a growth of 16 percent for the first half.

The Popular bank's total deposits grew RD$13.27 billion in the first half this year, to RD$105.70 billion, a growth of 14 percent compared with the 2006 close. The bank's paid-in capital rose RD$613 million, an 8 percent growth, to RD$11.14 billion at June close.

Sustained growth

The Popular also said it has maintained the capital required to sustain the growth of its loans portfolio, with a solvency index of 11.15 percent, which surpasses the limit of 10 percent stipulated in the Dominican banking norms.

The Popular bank's statement for the first half also said it accumulated RD$1.28 billion in earnings to June, RD$313 million more than the same 2006 period, for a 32 percent growth.]]> http://blog.caribbeanrealtyinvestment.com/Article/Aggregates miners say 90 day deadline "absurd," seek talks with Fernandez 8/16/2007 The Dominican Today

SANTO DOMINGO.- Producers of construction aggregates want to meet with president Leonel Fernandez to talk about the 90 day deadline issued by the Environment Ministry (Semarena) to cease their operations in the country's rivers.

According to Teofilo (Teddy) Hernandez, head of the association that groups them, they'll first speak with Semarena Grounds and Waters vice minister Ernesto Reyna, to that they will raise his desire to meet with the agent chief executive. "Reyna is an institutional approach, but the dialogue that we must have, and that is what we are going to propose to him, is that we want to meet with the president of the Republic, who is really the one who has the solution of the case."

Hernandez said Environment minister Max Puig's deadline to cease operations and dismantle the plants is "absurd," and that he has always made it "difficult" for them to meet with him. "It is not that we reject him. He rejects common sense and he rejects the very nature of the mining industry. Those are absurd terms, which I can already tell you this gentleman (Puig) adopted from ignorance, from taking advice from, people who say that they know much, though of these things they know very little."

In a press conference on Tuesday Reyna himself said 26 aggregate processors operate in the country's rivers or their proximities. Of that amount, 5 operate in the Nizao river, one of the most affected by the extraction of material.]]> http://blog.caribbeanrealtyinvestment.com/Article/Pension funds should be invested in Dominican financial system, expert says 8/16/2007 The Dominican Today

Santo Domingo.- A Chilean social security expert suggests investing the country's pension funds in the financial system, to increase and optimize the coverage and strength of this retirement system.

In particular, Jose Piñera said the funds should invested real estate projects, a formula which he said has obtained result in countries such as Chile, where according to his data, hundreds of thousands of houses are built annually with the Pension Fund capital.

The Chilean economist, speaking in the American Chamber of Commerce's monthly luncheon, said one of the guarantees for a Pensions System's success is to place them in the Central Bank in long term funds and favors the unremovability of its governorship during a 10-year period to keep it outside "political messes."

In a related topic, the Social Security adviser said in a future, when the United States establishes a modern pensions system, it will be possible to transfer the personal funds of each worker who emigrates to that country or vice versa, as a result of the Free Trade Agreement with the United States and Central America (RD-CAFTA). The same will occur with the "tariff 0" agreement to be signed with the European Union.

He said one of this system's problems is the "excessive attacks, the iniquity and violence with which the media has treated this topic."

To own one's house

The house a worker dreams of owning can be one of the projects which the Pensions System's funds could be invested in, to spark the economy and at the same time help workers obtain it. Piñera said this way the system's viability and sustainability are guaranteed, as when a person begins to pay for their house, they do everything possible not to lose it.]]> http://blog.caribbeanrealtyinvestment.com/Article/JetBlue to offer direct service from Boston to Dominican north city Santiago 8/15/2007 The Dominican Today

SANTO DOMINGO.- The airline JetBlue Airways Corp. will offer service from Boston to Santiago (north) between December 12 and January15, the only nonstop service available between those two cities. Those flights arrive and leave in the early morning hours.

The carrier said airfares start at $218 round trip, with tickets going on sale at noon today.

The JetBlue flights, on 150-seat jets, will leave Logan International Airport at 11:10 p.m., arrive at 3:55 a.m. in Santiago and leave for the return trip at 4:50 a.m., arriving in Boston at 7:50 a.m.

Travel from Boston to Santiago now normally requires changing planes at John F. Kennedy International Airport in New York or Miami International Airport.]]> http://blog.caribbeanrealtyinvestment.com/Article/Second largest Dominican city becomes a major tourist center 8/15/2007 The Dominican Today

SANTIAGO.- Santiago, Dominican Republic's second largest city, has lately become one of the major tourism centers of the country's north region, with the restoration of its historical center and the construction of new hotels to raise the total to over 2,500 rooms for tourists and visitors.

Most of the new hotels being built in different parts of the city have the comforts and facilities for 5 stars, and be finished shortly, among them the Hotel Gran Cibao (90% concluded) located on the Duarte highway; the Caballeros de Santiago (80%); the Crown Plaza, (88%), and others being built at a cost of over RD$3 billion.

These hotels have large swimming pools, conference halls, casinos, handicraft stores and other attractions for visitors.

The Marriot hotel was inaugurated several months ago, located in the Duarte highway, some 5 minutes from Santiago's historical center.

Given the high demand for rooms, the Aloha Sun Hotels, Platino, Century Plaza, Los Jardines, El Ambar, Colonial de Luz and Hotel La Rotonda are currently in an expansion process.

But this province's hotel offer and tourist development isn't limited only to its capital. In San Jose de las Matas, for example, the hotel La Mansion's expansion and remodeling was begun several weeks ago, with construction of new cabins to raise the number of its rooms to 52.

As to infrastructure, the Government also announced the start of construction of the Jarabacoa-Juncalito-Jánico-San Jose de las Matas-Moncion "tourism corridor" in the next few months.

Hotel rooms in the province:

Hotel Gran Cibao: 450; Los Caballeros de Santiago: 250; Crown Plaza: 125; Hotel Marriot: 200; Hoteles Alhoa Sol: 136; Century Plaza: 123; El Gran Almirante: 300; La Mansion: 52.]]> http://blog.caribbeanrealtyinvestment.com/Article/All rockash to be gone from Dominican tourist town in days 8/15/2007 The Dominican Today

SAMANA.- This tourism town could be rid of the pollutant rockash by month-end, said Environment minister Max Puig and the company Sotramotier, which works in the material's cleanup.

Yesterday in a visit to the port at Arroyo Barril (northeast), where the rockash was deposited in 2003, Puig said all material will have been removed by the 28th. After that the company Sotramotier will build an ecological park which has been conceived for the area.

The company's president Carlos Perez said an estimated 3,500 tons of rockash remain mixed with calcareous rock which can be taken to a furnace in San Pedro (east) in about 10 days.

In addition to the park, the Environment Ministry will expand the community's rural clinic, remodel two churches, a preschool and rebuild several local roads, though some in the community yesterday complained to the press that those weren't the works they had requested and that they weren't consulted.

To take the rockash to San Pedro and works cost some US$3 million.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican taxman loves luxury cars 8/15/2007 The Dominican Today

SANTO DOMINGO.- As of today the Internal Taxes Agency (DGII) begins to renew license plates, applying new rates by which some luxury vehicles will pay up to 104,900 pesos (US$3,200).

DGII director Juan Hernandez said 83% of the vehicles are over 10 years old and will pay just RD$1,500 for the plate sticker, RD$300 more than the previous year.

The car which will pay the most is the 2007 Rolls Royce (104,900 pesos), though the model has yet to be seen in the country. The 2007 Mercedes-Benz Maybach, which has been brought to Dominican Republic, will pay 98,300 pesos.

The DGII director said that the deadline to renew is until October 31.

"Vehicles made between 2003 and 1998 will pay a fixed amount of RD$3,000, whereas the vehicles whose years of manufacture are 2004 and 2005 will pay 0.75% on value of the CIF (cost, insurance and freight), the value paid for the sticker will never be less than RD$3,000.

The vehicles whose year of manufacture is 2006 from now on will pay one percent of the CIF value registered when it entered the country. In this case the amount paid for the sticker will be no less than RD$5,000.00.

In order to renew, vehicle owners will have to present only the copy of the vehicle registration, a copy and original of the cedula of the person who buys the sticker. To renew via Internet requires the use of a national credit card, and access the www.dgii.gov.do Web site.

Luxury cars

Luxury cars such as the 2007Bentley Brooklands pays 83,600 pesos, and the Ferrari Stradale, 75,300 pesos; the 2007 Acura Legend will pay to 8,900 pesos and the workhorse truck Daihatsu Delta Cargo, 5,000 pesos.]]> http://blog.caribbeanrealtyinvestment.com/Article/U.S. gives Dominican free zone industry a boost 8/15/2007 The Dominican Today

SANTO DOMINGO.- The United States government yesterday announced several facilities for the country, which would bolster the competitiveness of the Free Zones companies.

The agreements would support the industry, specifically in textiles, through incentives agreed in meetings which local and U.S. officials have been conducting for months.

Among the facilities is the flexibility for the textiles industry in the area of trousers, which allows the liberalization of the rules of origin to benefit Dominican Republic, and to facilitate the country's access from the other markets and to acquire unlimited amounts of raw material mainly from Mexico.

Through the agreement the free zones could acquire merchandise in the United States under the two for one modality, by which it could purchase an amount from any other country, and another from the U.S. textile industry.

The announcement was made in a press conference with U.S Trade Office representatives Everett Eissenstatt and Scout Quesenberry, Industry and Commerce minister Francisco Javier Garcia, Foreign Trade director Vilma Arbaje, and Free Zones Council president Luisa Fernandez, among others.

.]]> http://blog.caribbeanrealtyinvestment.com/Article/Aggregates aplenty in Dominican territory, experts say 8/15/2007 The Dominican Today

SANTO DOMINGO.- The Environment Ministry's (Semarena) resolution 16-07 which bans the extraction of aggregates in all of the country's rivers within 3 months is 1 of 4 measures announced in that regard in the last 36 years.

And while experts say the country has over 60,000 alternative sites to extract quality construction aggregates the Dominican Academy of Sciences and the Santo Domingo State University's (UASD) Environmental Commission back Semarena's decision.

In a document presented in a press conference, the organizations say those alternative places are located in zones which won't affect any river or the construction aggregates industry.

The document read by UASD Environmental Commission president Luis Carvajal asks compliance of the measure and urges the authorities not to be intimidated by sectors which for economic reasons and for over 30 years continue to exploit the rivers.

The geologist Osiris de Leon said Dominican Republic has 16,000 square kilometers of limestone which can be used in the construction industry.

He said there's limestone of excellent quality from Boca Chica to Bavaro (east), whereas in the zone between Pedro Brand and Villa Altagracia (central) volcanic rocks suitable for that purpose also exist.]]> http://blog.caribbeanrealtyinvestment.com/Article/Mexico-Dominican oil pact to be reviewed, US$250 million in credit so far 8/15/2007 The Dominican Today

MEXICO.- President Felipe Calderon instructed the Hacienda Ministry to review the San Jose Agreement signed with Dominican Republic, through which the country buys petroleum and stipulates a credit which has almost 250 million dollars accumulated.

The decision was made as part of the meeting yesterday between Calderon and Dominican president Leonel Fernandez.

Mexico's chief executive instructed Hacienda minister Agustin Carstens to ender a report to determine if everything has been met in this agreement as soon as possible.

Calderon also said he'll work to streamline a free trade agreement between both countries and promised president Leonel Fernandez that he'll visit Dominican Republic.

The Dominican chief executive also accepted to return to Mexico in an official visit.

In the meeting, which lasted some 45 minutes, both chief executives talked trade, investments, education and energy.]]> http://blog.caribbeanrealtyinvestment.com/Article/Costa Rica present in 21st Asonahores Exhibit '07 8/13/2007 The Dominican Today

SANTO DOMINGO.- A delegation of 7 companies in the electricity and foods industries will be part of the 21st Asonahores Commercial Exhibit2007, slated for August 29 to September 1 in the Dominican Fiesta Hotel.

Costa Rica's participation is organized by its Foreign Trade Promoter (PROCOMER) and its Trade Promotion Office in Dominican Republic, with the slogan "Costa Rica quality without borders."

The activity will feature product exhibits and present in inaugural event will be Costa Rica's ambassador in Dominican Republic, Marsa Núñez Madriz, as well as Procomer manager Alvaro Piedra.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican banks could attract RD$200B in Government revenues in 2008 8/13/2007 The Dominican Today

BAVARO, Dominican Republic.- Internal Taxes Agency (DGII) director Juan Hernandez said in 2008 the country's bank could attract the RD$200 billion in Government revenues, which will be collected through its electronic payment systems or windows.

He said though 3 years ago its relation with the banks was limited to the compliance of its tax obligations as just another taxpayer, the DGII's transformation has prompted an interrelation between that agency and the financial intermediation sector.

Hernandez made the statements in the conference "The tributary administration and the financial organizations: elements that link them," in the opening of the Second Congress on International Finances, held in the Bacerlo Bavaro Convention Center in Punta Cana, by the Commercial Banks Association and the Foundation Esenfa.

The official said banks need to see that it's good business to get taxpayers to pay the DGII through them, to have a more effective synergy.

He cited industry as an example of a relation to other sectors, where the added value is much higher, though the sectorial tax pressure, of 2.72%, is much lower.

He said the same behavior took place in 2006 when the added value rose over RD$46.0 billion and tax payments to RD$4 billion in terms of collection, a tax pressure with relation to the GDP of 9.07%.

In 2005 tax on checks and bank transfers reached RD$3.13 billion, equal to 3.81% of DGII's collections that year, which was RD$82.22 billion.

Other data

Currently 76.37% of the collections of income tax are paid through the banks, whereas the remaining 23.63% are paid in the DGII's offices. He said 97% of the retentions on wage-earners were paid directly in the banks.]]> http://blog.caribbeanrealtyinvestment.com/Article/Organizers of Dominican Week in the U.S. to focus on money 8/13/2007 The Dominican Today

SANTO DOMINGO.- The organizers of the Dominican Week in the United States said this year, as part of the event's 15th anniversary, it will stage a panel discussion on the "Development of the Dominican Mortgages Market via the local Capital and Stock Markets and the Pension Funds as an Instrument of Facilitation," organized by the group Dominicans in Wall Street (DOWS).

The participation by DOWS, a group of financial experts who take part in stock market, aims to contribute criteria to confront the housing deficit, promote the industry tourism as retirement residence, the adequate use of the pension funds, the issuing of corporative debt and mortgage letters to finance housing projects.

The event is slated for September and will feature analysts experienced in diverse areas of the United States mortgages sector.

Emmanuel E. Martinez, vice-president for Emergent Markets of Bear, Stearns & Co, Inc. and president of Dows coordinates the panel.

The members of the Dominican Week organizing committee are Luis Heredia Bonetti, president, Ellis Perez vice-president, ambassador Roberto Saladin, Pedro Diaz Ballester, Frank Moya Pons, Maureen Tejeda, Frederick Emam-Sade and Marcelino San Miguel II. Also William Malamud, Dennis Simo, Muriel Alfonseca, Guillermo Rivera, ambassador Roberto Alvarez and Rafael Ginebra.]]> http://blog.caribbeanrealtyinvestment.com/Article/Trailer Bridge begins new container service to Dominican Republic 8/13/2007 The Dominican Today

JACKSONVILLE, Fla.--(BUSINESS WIRE)--Trailer Bridge, Inc. (NASDAQ Global Market: TRBR) today announced the departure of the Triplestack Box Carrier® (TBC™) vessel BROOKLYN BRIDGE from Jacksonville on its inaugural voyage to the Dominican Republic, introducing the Company's unique 53' transportation system to this Caribbean nation.

This new service also incorporates expansion of the Company's existing Puerto Rico service increasing service frequency to three sailings per week. In addition to linking the ports of Jacksonville and Puerto Plata, Dominican Republic, the new service will connect San Juan with Puerto Plata and will provide additional service between Jacksonville and San Juan. The Company will begin recognizing revenues from this new service in the current third quarter of 2007.

This will be the only U.S. flag service operating between the US and Dominican Republic and the first service to offer the 53 foot long by 102 inch wide high cube containers with an interior capacity of 3,860 cubic feet. These will be the largest containers in the trade and the Company has ordered 1,000 new 53 foot containers and 850 new 53 foot chassis in preparation for this expansion. These 53 foot containers have 62% more interior capacity than the standard 40 foot container now available in the trade and by improving loadability will significantly reduce per unit transportation cost.

The Company will also employ its patented Vehicle Transportation Modules® (VTM®) for the transportation of new and used automobiles. The VTM® containers are uniquely designed for damage-free vehicle transport and offer multi-modal capability, including truck, rail, and water. They are available in different heights to accommodate regular passenger vehicles as well as larger trucks and sport utility vehicles. Combining the best features of roll-on, roll-off and lift-on, lift-off, the VTM® container has been successfully used in transporting over fifty thousand vehicles between U.S. mainland ports and Puerto Rico.

John D. McCown, Chairman and CEO, said, "This new service is a milestone in the evolution of Trailer Bridge. First, this augments our core Puerto Rico service by increasing our sailing frequency. It also opens three new service lanes for Trailer Bridge built upon our cost efficient 53 foot system. The Puerto Plata port call provides a much needed service for the North Coast in the Dominican Republic and our Jacksonville port call in the U.S. brings the Dominican Republic 300 miles closer to any shipper whose freight moves to or from inland points outside of Florida. These differences have our integrated 53 foot system well-positioned to offer a compelling value proposition to Dominican Republic shippers, just as it does to Puerto Rico shippers. The eye-opening particulate matter emissions differences of our system are a free-rider on top of our economic attributes and will become a differentiating factor as the health benefits from lower vessel PM emissions become more well known."

Trailer Bridge provides integrated trucking and marine freight service to and from all points in the lower 48 states, Puerto Rico, and the Dominican Republic bringing efficiency, service, security and environmental and safety benefits to these traffic lanes. This total transportation system utilizes its own trucks, drivers, trailers, containers and U.S. flag vessels to link the mainland with Puerto Rico and the Dominican Republic via marine facilities in Jacksonville, San Juan and Puerto Plata. Additional information on Trailer Bridge is available at the www.trailerbridge.com website.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican president meets with Mexico's Calderon today 8/13/2007 The Dominican Today

SANTO DOMINGO.- President Leonel Fernandez will meet today with his Mexican counterpart Felipe Calderon, to talk about bilateral topics of both nations.

Fernandez attended the Petrocaribe Summit in Venezuela on Saturday, where he obtained president Hugo Chávez's promise to install a gas treatment plant in the country.

The chief executive is slated to return to the country Tuesday noon.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican rivers get reprieve, no more aggregates 8/13/2007 The Dominican Today

SANTO DOMINGO.- In 90 days the Dominican Government will prohibit the extraction of construction aggregates from channels, shores and rivers and the companies which deal in those materials would be issued permits to continue operating, though only in dry quarries located far from the tributaries.

The Environment Ministry cited as an example of vulnerability the case of the Nizao river, in San Cristobal, where the degradation of life and the ecosystem from the extraction of gravel, sand and other materials has deteriorated it so much it would be difficult to revert.

The Environment Ministry said the operating permits issued for years to those companies to exploit shores and zones near the tributaries, lacked technical foundation.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican president praises Petrocaribe 8/12/2007 The Dominican Today



Caracas.- Dominican president Leonel Fernández praised the Petrocaribe accord yesterday, before leaving Venezuela on his way to Mexico on an official visit.

During the Third Petrocaribe summit in the Venezuelan capital, Fernandez listed the benefits Petrocaribe had brought to the Dominican Republic.

The president spoke of the volatility of international oil prices and said that in this context, the beneficial terms under which Venezuela supplies oil to the Dominican Republic under Petrocaribe had enabled his country to invest the money saved by not having to buy oil on the world market into programs aimed at improving power supplies to the Dominican public.

"The Dominican problem in the last few decades has been the electrical system, due to a financing problem, so the Petrocaribe program has helped sustain a subsidy in the electrical sector, to give us relief so that we can change the type of fuel we use for generating electricity, from diesel or fuel oil to natural gas", said Fernandez.]]> http://blog.caribbeanrealtyinvestment.com/Article/Authorities to improve food hygiene supervision 8/11/2007 The Dominican Today



Santiago.- The health authorities plan to improve food handling supervision in hotels on the country's north coast to prevent infections like the outbreak that affected tourists in the Hotel Bahia Principe in Gaspar Hernández province.

Regional health director Melchor Figuereo made this announcement, and said that his department had specialized staff who carried out periodic food inspections in hotels.

However, he said that supervision duties for Bahia Principe and other north coast resorts were the responsibility of a private company called Cristal.

Figuereo said that the symptoms appeared to indicate that the illness had been brought over by one of the affected tourists, whose medical insurance was managed by a Spanish company.

Several British doctors visited the country and said that the outbreak, which affected more than 200 tourists, had been caused by a norovirus, a low-risk illness, orally transmitted, whose symptoms include dehydration, diarrhea, and is caused by eating contaminated food.

The British medical team arrived in the Dominican Republic in the company of members of the World Federation of Tour Operators.



]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican hoteliers say outbreak won't affect tourism 8/11/2007 The Dominican Today

Santo Domingo.- The vice president of the Dominican National Hotels and Restaurants Association (ASONAHORES) says that the case of the food poisoning outbreak that affected more than 200 British tourists at a resort in Gaspar Hernández will not affect the flow of foreign visitors to the country, after learning that the situation was under control.

Arturo Villanueva said that the Dominican health and tourism authorities "have been taking absolute control, as requested by the international authorities".

The hotelier said that the owners of Hotel Bahia Principe had followed all the requirements, to the extent that they had closed down the resort to new arrivals.

Provincial governor Cesar Jose de los Santos commented that what had happened in the hotel would not affect the image of other hotels in the region.

The infection is believed to have been caused by a norovirus, which is low risk and can strike anywhere in the world, usually in cooler (non-tropical) climates, and it is believed therefore that it was brought over by one of the hotel guests.

Health ministry official Dr. Nelson Rodriguez said that people traveling to this part of the country should be aware of the problem, taking the necessary precautions to prevent infection.

This information was delivered during a tele-conference with health representatives from the United States, Great Britain, Canada and France.]]> http://blog.caribbeanrealtyinvestment.com/Article/Market rules not sole solution, says President 8/11/2007 The Dominican Today

Caracas.- President of the Dominican Republic Leonel Fernandez has said that it is impossible for poor countries to solve their problems under market rules alone and cited Venezuela's aid and solidarity as an example of cooperation. Interviewed by journalists upon his arrival to attend the third PETROCARIBE Summit in the Venezuelan capital on Friday, Fernandez said he proposed a tourism exchange to respond to Venezuela's oil support.

He noted that the Dominican Republic gets 25,000 oil barrels a day from Venezuela, 60 percent of which is paid for immediately and the rest over 25 years under good terms and with a two-year grace period.

"This is the way the world should work: although market rules must reign, solidarity is an element that needs to be taken into account for poor countries like the Dominican Republic.This is a great contribution made by Venezuela," he stressed.

Fernandez also touched upon the subject of the Dominican Republic's plans to produce ethanol from sugar cane, and said he did not expect this to cause conflict with president Chavez. The Venezuelan leader is a harsh critic of ethanol production.]]> http://blog.caribbeanrealtyinvestment.com/Article/Fuel prices down 2-5 pesos 8/11/2007 The Dominican Today



Santo Domingo.- Gasoline, diesel and propane prices were reduced significantly this weekend, according to the weekly rates set by the Ministry of Commerce and Industry.

A gallon of premium gasoline will cost RD$150.10, having been reduced by RD$2.40. A gallon of regular gasoline will go down by RD$3.90 and sells at RD$137.00. A gallon of diesel will cost RD$110.30, a RD$5.00 reduction compared to last week's price. Subsidized Liquid Petroleum Gas (propane) for household and vehicular use now costs RD$51.15 while non-subsidized LPG for commercial and industrial use costs RD$72.91, a reduction of RD$1.93.

One of the reasons given for these reductions was the stock market fall in Europe and the United States. The rate used to calculate the new prices was RD$32.82, the current Central Bank peso-dollar exchange rate.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican tourism to deversify, consolidate 8/10/2007 The Dominican Today

SANTO DOMINGO. - Dominican Republic would veer from the traditional "sun and beach" and instead develop its tourism offer of health, diving, golf, cultural, hunting, businesses and with integration of the communities.

Tourism minister Felix Jimenez, inteviewed by the newspaper Listin Diario, said RD$1.64 billion have already been spent in tourism infrastructure.

He said the amount comes from the US$5.0 which tourists pay to enter and exit and RD$1.64 billion have been allocated to build aqueducts and sanitary systems in Puerto Plata, Las Terrenas, Cabarete, Luperon and San Pedro. He said the investment includes beach regeneration, the studies, design and construction of highways; and the housing project in Sosúa.

Jimenez said the Government aims to regenerate beaches in the country´s southern coast and build the facilities needed to operate a ferry between Sabana de la Mar and Samana, which can even carry buses. He said in that manner it´s possible to link the Punta Cana, Bavaro tourism region with that of Samana.

Jimenez´s statements come just one week after Japan´s International Cooperation Agency (JICA) advised that Dominican tourism lacked diversity and was "fragile."]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican Pension Funds top US$1.2 billion, "wide horizon" predicted 8/10/2007 The Dominican Today

Santo Domingo.- Dominican Republic's Pension Funds reached RD$39.5 billion (US$1.2 billion) in June, said the Pensions Superintendence's (Sipen) quarterly bulletin.

It said 67% (RD$26.8 billion) of the total corresponds to individual capitalization funds, which is each worker's quota; 23% to the distribution plans; 5.2% to the social solidarity fund and 1.6% to the complementary plans.

Five Pension Administrators (AFP) manage the pension funds for individual capitalization so far, though the AFP Popular and BBVA Crecer group 62% of the affiliates.

Of the total pension funds, the AFP have invested only RD$20.9 billion, with 67% distributed in the investments portfolio; 17.9% in savings and loans associations; 7.5% in savings and credit banks; 5.3% in the National the Housing and Production Promotion Bank and 1.4% in debt instrument of companies.

The Sipen report said the population affiliated with the pensions system rose 11.9%, to 1,684,568, and the number of people who pay quotas also rose 9.9%, to 837,302.

Most affiliates in the individual quota regime (83%) are currently aged 44 or under, it said.

The report says the system's high proportion of young population gives it "a wide horizon of accumulation (that) favors the granting of pensions superior to the amounts at the time of retirement."]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican president to seek US$250 million in credits from Mexico 8/10/2007 The Dominican Today

SANTO DOMINGO. - President Leonel Fernandez today begins a whirlwind visit of 3 days to Venezuela and Mexico, main suppliers of crude and fuels under preferential conditions, to seek US$250 million in credits available for development projects in the "San Jose Agreement" with the former and renew the Petrocaribe Pact with the latter.

The Dominican chief executive will visit those nations, where he also expects to reach agreements with Mexican president Felipe Calderon, for the Dominican Republic to import up to 18,800 barrels of petroleum daily with a letter of credit of 30 million dollars per month.

As part of the Petrocaribe Summit held today and tomorrow, Fernandez will meet with Venezuelan president Hugo Chávez. Representatives from Cuba, Bahamas and Belize will be in Carcas for the conclave, among others.

He´ll fly from Caracas to Mexico City and then Monterrey, accompanied by Government officials.

Fernandez´s return is slated for Monday night.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican tourism industry is fragile, has little diversity, Japan says 8/9/2007 The Dominican Today

SANTO DOMINGO.- Most of the country's tourism and cultural activities violate the environmental procedures and have little diversification, which can stagnate and exhaust the industry, says a report of Japan's International Cooperation Agency (JICA).

JICA director Yuichiro Motomura said yesterday the offer of cultural values is often conducted in ecologically fragile zones where liquid and solid wastes are inadequately handled. He said that the operative structure of the "all inclusive" of the country's large hotels and casinos, stagnates tourism and limits its growth.

The study was used as starting point to draft a National Strategic Plan for Ecotourism Development in Dominican Republic, which the Dominican Government requested from Japan in 2004.

The project, drafted by the Tourism, Environment and Planning ministries, aims to take advantage of the protected areas and promote the tourism industry's sustainable economic growth, reduce the environmental impact, and improve the quality of life in rural communities, which will participate as guides, interpreters, the rent of mules, souvenirs sale and services.

The Spanish, United States and German cooperation international agencies also collaborate in the project.]]> http://blog.caribbeanrealtyinvestment.com/Article/Italians to build hot springs resort in Dominican southwest 8/9/2007 The Dominican Today

SANTO DOMINGO. - The Dominican Government yesterday signed a protocol with the firm Terma de la Salamandra, for a 99 year lease of over 180,000 square meters of land in Barahona province (southwest), to build a health tourism project of hot springs and mineral waters.

Tourism minister Felix Jimenez said the project will be built at a cost of US$25 million. "The hour of tourism development of Barahona province has arrived, but that contract will first have to have the approval of the National Congress."

He said the Italian company headed by Roberto Chetoni will pay the State US$500,000, in addition to US$350,000 to 52 land owners of the municipality Canoa, where the complex will be developed.

Chetoni said the project will provide jobs and construction would begin one year after Congress approves it. "Its construction will be totally concluded in 5 to 7 years and would include 1,000 rooms of 5 stars, 20 tennis courts for international tournaments, a 27-hole golf course, thermal pools, cataracts, a convention center, among other things."

Present in the ceremony were government and Barahona authorities, as well as hoteliers of that province, among others.]]> http://blog.caribbeanrealtyinvestment.com/Article/Amhsa Marina enters real estate tourism in Dominican Las Galeras resort town 8/9/2007 The Dominican Today

SAMANA.- The chain Amhsa Marina Hotels will begin tourism real estate operations this year in its property at Las Galeras, home to its Casa Marina Bay hotel, where it'll build 48 apartments, add 230 rooms to its current 336, as the first step in the important part the country development.

Casa Marina Bay is the ideal site for those who look for a fabulous beach and the rays of the Dominican sun framed by the exotic and virgin nature that characterizes this peninsula, making it the perfect place for those who prefer an ideal relaxed atmosphere for rest.

By just entering the facilities of this hotel, only 35 minutes from the Catey International Airport and 25 form the town Samaná, visitors will see for themselves that comfort is one of the basic objectives of this complex of 286 rooms and 50 bungalow style suites with 5 areas (bedroom, living room, loft, terrace and kitchenette).

It also has a Beach Club and the restaurant Sea Scape whose specialty is seafood, and the a la carte Italian restaurant Michelangelo.

The resort also has the buffet restaurant Aserradero, which has a wide variety of international foods and where guests are treated to a cooking show. For those who prefer a light lunch there is the Beach Club with a grill, sandwiches and fruits.

This complex also has 4 bars which has an extended schedule, including the El Buren Piscina Bar, Bar Cocoteros, Bar de Playa, Bar Areito the Sports Bar.

Nature is one of this hotel's greatest attractions, with a crystalline beach and white sands and shows in its Kaio Natural Aquarium, designed within the sea and where a large variety of fish swim freely.]]> http://blog.caribbeanrealtyinvestment.com/Article/Miches, in Dominican NE impresses U.S. investors 8/9/2007 The Dominican Today

MICHES, Dominican Republic.- Investors who visited this tourism region were fascinated with its overwhelming beauty, natural resources and the villagers' hospitality, and said it's ideal to develop environmentally-sustainable projects which contribute to improve the income of thousands of families and its inhabitants' standard of living.

"The true treasures of Miches are its natural beaches, rivers, mountains, the lagoons Redonda and Limon and all its resources. What exists here is a true natural wealth," said doctor Don Melnick, head of the Center of the Environment, Economy and Society of Columbia University, in New York.

The university professor spoke atop the over 1,000 feet high Redonda Mountain, overlooking Samaná Bay, the lagoons, and the coast's white-sand beaches, bordered with coconuts.

"I don't know another place like Miches in the Dominican Republic," said Robert Roskind, president of the group Crescent Hotels, a chain that includes the hotels Sheraton, Marriott, Hilton, Intercontinental, Crowne Plaza, Double Tree and Embassy Suites. "This is really wonderful," said the investor to his colleague Daniel Krupp, of the Krupp Family Foundation. "It's really a beautiful place, very beautiful."

Both investors came to the Dominican Republic with Melnick, invited by John R. Gagain, executive director of the Presidential Commission for the Objectives of the Millennium and Sustained Development (COPDES).

Before touring part of the municipality Miches, they stopped in the city El Seibo, where Gagain treated them to the famous Dominican root beer mabi seibano.

The group met with the community's mayor Cesar Hernandez, and walked along several of the town's streets and visited with fishermen, where they talked with poor families who live near the seashore.

"Mr. Roskind represents a very large group of businesspeople from the private sector that focuses mainly in tourism development, in the area of construction and development of hotels," said Melnick.

The group previously met with president Leonel Fernandez, and the ministers of Tourism Felix Jimenez and of the Environment, Max Puig.

The chief executive liked the idea of building in Miches an institute aimed at institutionalizing the scientific and technical advisory's office, in alliance with Columbia University, through the initiative "Environmentally Sustainable Economic Growth," which includes the use of the Municipality of Miches as a sustainable development model.

"Basically this initiative has the following aspects: The natural wealth, the infrastructure and the human capital. The idea is to join these three points and to work together so the impact, or final result, is an improvement in the quality of life for all, quality in the environment, an improvement in infrastructure, the highways and the development of human capital in the region" said Melnick in a brief interview.

The Columbia University professor said a project of this nature would not work in any form if it's not headed by the communities that conform Miches. "It's a project of Miches, for Miches and must be handled by the Miches community itself."

Several Government and private agencies, as well as Dominican and foreign universities are involved in the project, designed to develop initiative in Miches as model and take it to other localities in the country and other countries in the region and the world.

COPDES assistant director Vivian Sundset served as translator in the interview.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican goods, services could pay US$453.6M in Venezuela crude 8/9/2007 The Dominican Today

SANTO DOMINGO.- President Leonel Fernandez will meet with Venezuelan leader Hugo Chávez this weekend, as part of the Summit of Government and Heads of State in the Petrocaribe oil accord.

National Palace sources quoted yesterday by the newspaper Diario Libre said the leaders might talk about exchanging Dominican farm goods or services to pay the US$453.6 million owed Venezuela for its crude.

Fernandez will fly to Caracas tomorrow accompanied by several senior officials, and will next Monday. He'll fly to Mexico Saturday night, invited by that country's president Felipe Calderon.

He'll visit the Technological Institute of Monterrey where its executives will present diverse regional development projects and will tour several technological parks before returning to the country.

The 3rd Petrocaribe Summit will formally begin Saturday with Chávez's welcoming speech, and the chief executives present will speak later and sign a joint declaration.]]> http://blog.caribbeanrealtyinvestment.com/Article/Only 4.3% of Dominican Republic's NGOs pay taxes 8/9/2007 The Dominican Today

SANTO DOMINGO.- There are some 10,000 nongovernmental Organizations (NGO) registered in the country, but only 430 (4.3%) pay taxes, said yesterday Internal Taxes director Juan Hernandez.

During the round table Transparency and Governance, in which the NGOs' responsibility was debated, Hernandez said 98% of those organizations' personnel make below RD$24,000 pesos, the wage limit not to pay Income Tax.

During his presentation, Hernandez said all NGOs must learn about their fiscal responsibilities and of their obligations to comply with the stipulations and obtain the tax exemptions established in Law 122-05, which regulates these institutions.

The official said though the State cannot limit the activities of the foundations, it must also guard against those organizations becoming instruments for purposes different from not-for profit entities.

In the event some NGO representatives complained they've been refused tax exemptions, so a commission was formed to review these cases.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican official prefers Venezuela as partner in oil refinery 8/9/2007 The Dominican Today

SANTO DOMINGO.- A new twist has taken place in the scandal of the alleged alterations of fuel import manifests by the company Shell, as an influential official called on the Dominican Government to acquire that firm's shares in the refinery Refidomsa, and forge a partnership with an oil-producing nation under the condition of building a new facility.

Cabinet level minister Miguel Mejìa, who has close relationship with Venezuelan president Hugo Chavez, mentioned among those countries, Mexico, Brazil or the United States, in addition to Venezuela.

He said the Petrocaribe summit will take place this weekend in Caracas, which Venezuela's ambassador Francisco Belisario Landis confirmed.

Mejia, also questioned the international credentials of the transnational firm Trafigura, one of the firms taking part in the negotiations to acquire Shell's shares. He showed documents where Trafigura was supposedly involved recently in a bribery scandal which led to the resignation of Colin Campbell, a senior Jamaica government official.

According to those documents the Holland-based company also confronted problems in the Ivory Coast, Africa, where a toxic spill from its plants killed 10 people, intoxicated 20,000 and affected thousands more.]]> http://blog.caribbeanrealtyinvestment.com/Article/"Healthful" growth makes it easier for Dominicans to get a Visa card 8/9/2007 The Dominican Today

SANTO DOMINGO. – The card company Visa said Dominican Republic's "very healthful" growth levels will continue to grow and its card will reach local market segments whose purchasing power isn't among the highest.

Lorna Atiles, Visa first vice president for the Caribbean Region Businesses Development, said the issuing of new cards in segments which didn't have any banking relation before, has helped raise the levels of banking in Dominican Republic and other Caribbean and Latin American countries.

As far as security aspects, the executive said it's also a commitment of the company Visa, of financial entities and of consumers, who should be educated on the importance of the card's use and its safeguard.

Atiles, interviewed by the newspaper Listin Diario, said Dominican Republic is within the world statistics, that for each 100 dollars just 6 cents are part of a fraud. She said Visa helps the banks to have more permanent, proactive monitoring and educates consumers.

She said the volume of credit cards issued in Latin America grew 80 percent last year, a rise she attributes to Visa's close work with the region's banks, the focus on banking and the search of solutions adapted to the markets.

The Visa executive, of Dominican origin, said products such as Visa-Giro, which is used for money transfers, eliminates the need to carry cash, so remittance companies, instead of delivering it, deposits it in the card, so the card bearer has access to purchases or could withdraw the money from automatic tellers.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican tax Agency issues norm to apply tax amnesty 8/9/2007 The Dominican Today

Santo Domingo.- The Internal Taxes Agency yesterday issued a norm to correctly apply the tax amnesty relative to taxpayer debts, the addition of assets for legal persons with operations corresponding to 2006 and for the differences in assets caused by the addition of real property for physical persons.

General Norm 09-07 stipulates that debts created by tax declaration and non payment of taxes could pay the amount determined without the application of the surcharges, interests and fines applied on said debt. The telephone calling cards will not pay ITBIS.]]> http://blog.caribbeanrealtyinvestment.com/Article/Fernandez explains the Family Health Insurance to business leaders 8/9/2007 The Dominican Today

SANTO DOMINGO.- President Leonel Fernandez headed a meeting with business leaders in the National Palace on Monday, where he explained the reaches of the Family Health Insurance, aimed at seeking a consensus with the different sectors so it takes effect by September 1.

The industrialist Gianni Vicini, Jose Leon, Roberto Bonetti, Alejandro Grullon, Marino Ginebra, Jose Vitienes, Rafael Perello, Papo Menendez, Manuel Arsenio Urena, George Arzeno Brugal and Felix Garcia were present in the meeting.

Leon, Ureña and Vicini said the meeting was "interesting," in where the reach of the reform on the Social Security Law was clearly explained.

The other industrialists showed their interest in that the Family Health Insurance takes effect as soon as possible, and that the Social Security Law is already a mature project and its application is currently feasible.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican pump prices post major drops 8/9/2007 The Dominican Today

Santo Domingo.- The gallon de premium gasoline will be RD$7.20 lower starting tomorrow, and regular gasoline will be RD$7.10 less according to the Industry and Commerce Web site.

Regular diesel will be RD$2.40 per gallon less and propane gas will be 0.50 cents less.

Premium gasoline will cost RD$156.40 per gallon, and regular will be RD$144.30, and regular diesel will sell for RD$115.00.

Premium diesel will cost RD$2.50 less and sell for RD$118.00, whereas subsidezed propane gas will cost RD$51.58, and the non-subsidized will be RD$73.50, after a reduction of 50 cents.]]> http://blog.caribbeanrealtyinvestment.com/Article/U.S. Export & Import Bank officials visit the Dominican president 8/9/2007 The Dominican Today

SANTO DOMINGO. - President Leonel Fernandez received today Friday a delegation of executives of the United States Export and Import Bank (Eximbank) in the National Palace.

Fernandez spoke with the United States executives for several minutes, including the status of present and future investment projects which could be materialized in the country with that organization's financial support.

In their visit with the chief executive, Roland Bullen, U.S. Embassy Commercial attache in the country accompanied the Eximbank delegation, including vice president John McAdams, legal adviser Howard Schweitzer, relations manager for the Americas Dwight W. Herow, and Ellen Dunlap, economic area official of the U.S. diplomatic delegation in the country.]]> http://blog.caribbeanrealtyinvestment.com/Article/Word Trade's reprieve means little, Dominican Free Zones say 8/9/2007 The Dominican Today

SANTIAGO. - The World Trade Organization's (WTO) extension of the term of benefits for the textile companies doesn't mean anything, because the difficulties that caused the sector's setback are competitiveness and the high operational costs in the country, said the Santiago Free Zones Industries Association.

The organization said the WTO's extension of facilities until 2015 raises an opening to maintain a legal framework for the free zones.

Adozona said the forecast of a loss of 60,000 jobs and over 20,000 in the coming days is true and while a solution for those difficulties in competitiveness isn't found, the decision helps to extend a term, a regulatory framework, with financing, "though the essence of the problem, it's competitiveness, high costs." "We are receiving a dollar rate at 33, but to produce a dollar costs 36 and to pay costs produced are indexed at a rate of 60 to one."

It said that though the WTO's decision relieves Dominican Republic's textile industry, the Dr-Cafta trade deal's dispositions must be reviewed in that regard, because there are dispositions that set an equal period, which is January 1, 2010.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican leader's visit to Chavez would sweeten US$454 million oil deal 8/8/2007 The Dominican Today

SANTO DOMINGO. - President Leonel Fernandez will travel this weekend to Caracas, Venezuela, to participate in the 3rd Petrocaribe Summit and to meet with president Hugo Chávez, a visit expected to boslter the oil deal, with over US$453 million in credits so far .

The summit is slated from August 10 to 11 in Caracas with the participation of leaders and delegates from 14 countries, who'll seek to "widen the regional energy union and bolster multilateral relations."

Representatives from Antigua and Barbuda, Bahamas, Belize, Cuba, Dominica, Granada, Guyana, Jamaica, Dominican Republic, St Vincent and the Grenadines, St Lucia, St Kitts & Nevis, Surinam and Venezuela will meet in the Venezuelan Energy and Petroleum Ministry on Saturday.

Petrocaribe, signed in 2005, "aims to promote an equitable and fair interchange, under the principles of solidarity and complementariness, the total sovereignty on hydrocarbons in support of the socioeconomic development of the region."

Dominican Republic has obtained US$453.6 million in credits at 1 percent interest, for a period of 25 years.]]> http://blog.caribbeanrealtyinvestment.com/Article/New Dominican free zones to cost RD$2.01 billion, would create 1,129 jobs 8/8/2007 The Dominican Today

Santo Domingo.- The National Free Zones Council approved the corresponding permits to install 16 new industrial free zones in the country, at a cost of 2.01 billion pesos, and will create 1,129 new jobs.

The factories are expected to produce some 15.1 million dollars, according to Luisa Fernandez, executive director of the National Export Free Zones Council.

The companies will manufacture textiles, assemble electronic components, process coffee, age and distill rums and other and liquors, telecommunications products, computer systems, among others.

Fernandez said the fact these companies chose the country to operate results from the Government's economic policies.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican businesses slam the Government, seek guarantees of medical services 8/8/2007 The Dominican Today

SANTO DOMINGO.- Business organizations yesterday asked assurances from the Government for the implementation of the Family Health Insurance (SFS), which should begin September 1, and also demanded more information on the subject.

In a press conference the business leaders from different associations reiterated they don't oppose the SFS' implantation in the scheduled date, as long as the employees' health services are guaranteed.

They said so far no one has explained to them how the service is going to begin and the catalogues of services providers haven't even been given to the employees'.

"We are waiting for them to tell us how we are going to guarantee to our employees their health service which is the most important thing we have ahead," said Dominican Industries Association (AIRD) president Manuel Diez.

Dominican Employers Council (Copardom) president Maribel Gasso said the Social Security Law's changes force the Labor Health and Risks Superintendence (Silsaril) and the Health Risks Insurers (ARS) to guarantee medical services.

Dissidence

Although the business leaders tried to avoid answering questions relating to president Leonel Fernandez's meeting with some of that sector's leaders, the document they read said they lamented that the Government action "is to give the impression that the employer sector is not unified."

They also complained that official decisions were made in an "unilateral" manner, an action which they said is a "disservice to the institutionality and democratic traditions and the pluralist participation in the search of solutions to the great problems that Dominican Republic has ahead." They also accused the Labor Ministry of imposing the Government's goals on them.]]> http://blog.caribbeanrealtyinvestment.com/Article/More Canadians are coming, Dominican Tourism chief says 8/6/2007 The Dominican Today

SANTO DOMINGO.- The Dominican Tourism minister met yesterday with major tour operators of the Montreal, Canada French-speaking market, to discuss the details of the 2007 summer season and their expectations for next winter.

Felix Jimenez, who traveled to Canada last weekend, spoke with representatives of Air Transat, Tours Mont Royal and Go Travel Direct, and all agreed that given the number of arrivals from that country last winter was excellent for Dominican tourism. "We met with major Canadian tour operators and expectations for 2008 are quite encouraging, because they present numbers of increased flights for the Dominican Republic destination, including Santo Domingo as of next December."

The official said also confirmed in the meetings is Air Transat's collaboration in the Dominican merengue, cultural, gastronomical and crafts festival, slated for next year in Montreal and Toronto.

In that regard, the Tourism minister also met with Montreal City Council advisor Marcel Tremblay, who welcomed the proposal to stage the Dominican cultural event in that city. The Canadian official confirmed his collaboration and said he's pleased to stage an event of that type, and especially for a country he knows and gets along with.

Jimenez said Tremblay also stated his interest in cooperating with Dominican Republic in environmental cleanup and recycling projects, for which the official said he has experts in the matter.

The tourism chief also met with tour operators in Toronto, among them Air Canada Vacations, Sunwing Vacations, Signature Vacations and Thomas Cook Canada, to speak about the new infrastructure works being carried out in the country, such as the regeneration of beaches. He also met with members of that city's media, among them Toronto Star, Dwells Magazine, Toronto Sun, The Globe and Mail and The National Post.]]> http://blog.caribbeanrealtyinvestment.com/Article/Tourism can contribute to the UN's solution to climate change 8/6/2007 The Dominican Today

New York/Madrid.- The United Nations General Assembly meeting this week and the high-level meeting coming up when the new Assembly session starts in September are critically important in the development of a global position on climate change. According to UNWTO, the Tourism sector is an important part of the increasing awareness of climate change and the need to adapt to its consequences and mitigate the industry's impact.

As the lead UN Agency for Tourism, UNWTO underscores the urgency to promote the sustainable development of the sector, including what UN Secretary-General Ban Ki-moon has called a coherent strategy on climate and poverty.

While the developing world is only a marginal contributor to global warming, it is at the centre of the UN's Millennium Development goals which aim at fighting poverty and fostering durable development. Poor countries stem to benefit from Tourism as a crucial export growth and job driver. UNWTO believes that a coherent balance between the sectorial climate response and the need for economic development of these countries can be reached with policy imagination, technology innovation and financial support.

Attending the meeting at UN Headquarters in New York on behalf of UNWTO, Assistant Secretary-General Geoffrey Lipman said "tourism can and must play its part in responding to the global climate imperative and we can and must do this in a way that also advances the industry's contribution to poverty alleviation That will be a central task of our Conference in Davos."

The Second International Conference on Climate Change and Tourism (Davos, Switzerland, 1-3 October) and the following Ministerial Summit in London (13 November), will help formulate UNWTO's input to the UN Secretary-General's strategy for the upcoming negotiations under the UN Climate Change Convention in December in Bali, Indonesia.]]> http://blog.caribbeanrealtyinvestment.com/Article/Airlines complain of high fees, conditions in Dominican airports 8/6/2007 The Dominican Today

SANTO DOMINGO.- The Dominican Commercial Airlines Association (Alarcom) yesterday cautioned against implementing decree 225-07, starting September 1.

That Executive Branch's disposition raises and matches fees on passengers of the companies which provide charter flights, with those of regular flights.

Alarcom also complained that the management firm Aerodom charges high fees in the Higüero Airport, which even "reaches the regulation and control of the activities in the airport, which should be in the hands of the aeronautics authorities in the country."

Alarcom general secretary Hector M. Genao said another problem is the lack of lighting in the airport's access road, which is also used by the trash collection trucks to access the landfill at Duquesa.]]> http://blog.caribbeanrealtyinvestment.com/Article/Haiti is 3rd largest Dominican exports market, over US$147 million in 2006 8/6/2007 The Dominican Today

SANTO DOMINGO.- Haiti was Dominican Republic's third most important export market in 2006, with US$147.19 million in exports, an 18.80% growth compared with US$123.89 million in 2005.

A Dominican Republic Exports and Investments Center report says for the first time overall exports exceeded US$1.53 billion in 2006, compared with the previous year, with US$1.08 billion in exports.

Exports to Haiti with the highest values are steel rods and wheat flour, US$13.67 million and US$12.66 million, respectively. Also eggs, with US$8.65 million, gray cement with US$8.52 million and corrugated cardboard boxes with US$4.21 million.]]> http://blog.caribbeanrealtyinvestment.com/Article/Sector leader: S&Ls, cooperatives handle over RD$40B, need regulation 8/6/2007 The Dominican Today

SANTO DOMINGO. - The fact that the operations of the cooperatives and savings and loans organizations move over RD$40 billion and taking into account their not-for-profit social responsibility; a special law must regulate those organizations in order to bolster their commitment to the country's socioeconomic development.

National Cooperatives Council (Conacoop) president Julio Fulcar said the sector submitted a bill in the Chamber of Deputies, aimed at regulating and supervising the cooperatives which conduct operations of S&Ls in the Dominican Republic.

He said there are over 600 cooperatives and organizations of that type in the country, with over 700, 000 associates, which directly and indirectly benefit some 3 million Dominicans. He said those organizations facilitate loans to their associates without the requirements demanded in the other organizations of the national financial system, and for that reason the regulation must take into account their work to bolster the country's economy of solidarity.

Furcal said the legislation results from the consensus among Conacoop's organisms, which legally represents the cooperatives. He said supervisory norms would be drafted exclusively to regulate the S&L cooperatives.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican Government's markets aim to lower produce prices up to 40% 8/6/2007 The Dominican Today

SANTO DOMINGO.- President Leonel Fernandez instructed the allocation of funds for the National Price Stabilization Institute (Inespre), which will allow it to resume its produce markets as of next month, and could lower basic grocery products up to 40%.

A few weeks ago, Inespre director Jose Francisco Guaba Peña had reportedly submitted his resignation, for the allegedly disgruntled with the lack of funds assigned to that government entity.

He said he and his team will remain in that agency and that some 300 trucks will be used as of September to distribute high demand food products at reasonable prices for consumers.

He said Fernandez had already instructed Hacienda minister Vicente Bengoa to allocated the funds for Inespre and continue the plans it had programmed. "I believe that the President understands very clearly the role that Inespre has to play."

Peña Guaba, interviewed by Gregory Caimares in the program Pais 2008, said he has never criticized the Agriculture Ministry's, produce sales programs, though the farmers markets.]]> http://blog.caribbeanrealtyinvestment.com/Article/Gas price cuts - blink and you miss them 8/6/2007 The Dominican Today

Santo Domingo.- The Trade and Industry Ministry has reduced the prices of some fuels for the third week running.

Premium gasoline will sell for RD$152.50, a barely noticeable decrease of ten cents, while regular gasoline was reduced by 30 cents and now costs RD$140.90

Meanwhile, diesel has gone up by eighty cents and now costs RD$115.30.

Liquid petroleum gas (propane) will sell for RD$53.08 per gallon (subsidized) and RD$74.84 (unsubsidized) – a slight increase of 74 cents.

According to the Ministry, the relative stability of fuel reserves in the U.S. influenced Dominican domestic fuel prices.





]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican cigar industry asks the U.S. Congress to reject new tax 8/6/2007 The Dominican Today

SANTO DOMINGO.- The head of the Senate's Farm and Agribusiness Commission asked the Congress to reject a new tax on cigars, as it would "condemn the national tobacco industry."

Amilcar Romero (PLD-Duarte) said a new U.S. tax on cigars would cause losses of over US$100 million for the industry, in addition to the loss of jobs in one of the country's poorest zones.

He said he stays in touch with ambassador in Washington, Flavio Dario Espinal, to lobby on the Dominican producers' concern in the U.S. Senate.

The Cigar Producers Association (Procigar) stated their concern to Romero on the Dominican cigars' future, if the new tax is approved. They said they cultivate in the country's Cibao and Northwest regions close to 20,000 hectares, which can't be used for any other type of crop.

Procigar said if approved it the legislative piece -an initiative of New York representative Charles Rangel- would be a hard blow for the cottage industry's 25,000 direct jobs. "This would aggravate unemployment in the country, already affected from the reduction experienced by the free zones sector."

According to a source, tax on cigars is to partially fund the Children's Health Insurance a bill the US House passed Wednesday and the US Senate last night by a 68-31 vote, which protects it from a president George W. Bush veto, if he opts for that route.

The source said the current US tax on a cigar in is 5 cents per cigar, though would climb to 53% of the cigar's value at the time it enters the US, with a maximum tax of $10.00 per cigar.]]> http://blog.caribbeanrealtyinvestment.com/Article/Caucedo Port lowers Dominican freight costs, executive says 8/6/2007 The Dominican Today

SANTO DOMINGO. - The Caucedo Multimodal Port, located 30 kilometers from the capital at Boca Chica, has lowered freight costs by receiving large ships which couldn't previously dock in the country for the lack of adequate terminals.

According to a report published today by the newspaper Listin Diario, Caucedo Port, built at a cost of US$300 million and concluded in December 2003, lowers freight costs by reducing the number of transfers importers and exporters had to conduct to manage their merchandise.

"Before 2003 large ships that contained merchandise headed to our country had to arrive first a ports of other islands of the Antilles which had the capacity to receive them. That shipment was then placed or transferred on a smaller boat that would conform to the ports of the country," said Jose Nelton González, administrative general manager of the Caucedo operator firm DP World.

He said the port is a valuable instrument in the country's competitiveness strategy, regarding the Free Trade Agreement signed with the United States and Central America (DR-CAFTA).

The Caucedo terminal is privately held by DP World, with 35% of the shares, local partners have the majority 50%, and a Spanish group has the remaining 15%.

Caucedo's operations have had a favorable impact on the country's port activities, said González, since the other ports now unload merchandise which had to be transferred in the terminal closer to the resort town Boca Chica. "When the marine lines use Caucedo as a transfer port, the wait and costs can represent a saving for clients who move freight, as the mother ships arrive directly to Dominican Republic."

He said 65% of the freight that arrives at Caucedo is unloaded and transferred to other terminals in the country, and that it handles some 24 ships per week, 24 hours a day year-round.

The port executive said they received some 800,000, 20 foot containers in 12 months, and can store up to 36,000 in its yard, and can handle one million of that size of container per year.

He said Caucedo provides facilities for modern post-Panamax, or large ships, in its 622 meter pier, whose depth is 13.5 meters.]]> http://blog.caribbeanrealtyinvestment.com/Article/Barrick Gold says it discovered new ore body at its Dominican mine 8/6/2007 The Dominican Today

SANTO DOMINGO.- Barrick Gold Corp. has discovered a new ore body at its Pueblo Viejo mine at Monte Oculto, near the city Cotui (northeast), between two open pits at the 30-year-old project in Dominican Republic, according to a London Free Press report dated today Friday. It said the discovery won't alter its mining schedule or plans.

Barrick Gold chief executive Greg Wilkins said it wants to "keep to its timelines to take advantage of current high gold prices, adding enlarging the scope of the project could turn into a "trap" with additional delays."

The London Free Press report says some $20 million was spent in the second quarter on the Pueblo Viejo project to advance the project design and engineering, exploration, community development programs and evaluation of electric power sources.]]> http://blog.caribbeanrealtyinvestment.com/Article/Chamber of Deputies pass Social Security, powerplant bills 8/6/2007 The Dominican Today

SANTO DOMINGO.- The deputies yesterday voted 87 to 13 and 9 abstentions to approve the changes to the Social Security Law, in a session which made reference to a letter from the business sector. That proposal, and one submitted by lawmakers of the opposition PRSC party which sought to improve the bill, wasn't taken into account either.

The Chamber of Deputies also passed 4 commercial contracts for the Metro (subway) and a US$10 million loan negotiated with the Inter-American Development Bank (I.D.B.) to bolster the Real Property Jurisdiction.

They also approved a US$30 million a letter of credit, as a guarantee of the contract to build 2 coal fired powerplants, and also passed legislation so employers can pay their pending debts with the Social Security System.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican Economy: GDP winner 8/2/2007 The Dominican Today

MIAMI.- The Dominican Republic is among the top growth economies in Latin America this and next year, according to new forecasts from United Nations Economic Commission for Latin America and the Caribbean (ECLAC).

This year, the Dominican economy will likely grow by 7.5 percent, the same as Argentina, ECLAC says. Only Panama will have a better performance, growing at 8.5 percent.

Next year, Dominican GDP should expand another 6.0 percent, the same as Peru's GDP, ECLAC predicts. Again only Panama will have a better performance, with a GDP expansion of 7.5 percent.

All in all, Latin America is set for GDP growth of 5.0 percent this year and 4.6 percent next year, ECLAC forecasts. That means ECLAC is more bullish than the IMF, which in its latest outlook had predicted growth of 4.9 percent and 4.2 percent for 2007 and 2008.

"Against the backdrop of an extraordinary performance on the part of the world economy, which is enjoying solid, widespread growth, the Latin American and Caribbean countries are currently going through extremely favorable economic times," ECLAC said in its report, Economic Survey of Latin America and Caribbean 2006-2007.

If the forecasts are correct, Latin America's per capita GDP will have risen by 20.6 percent by the time it completes its sixth consecutive year of growth, ECLAC points out.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican business groups caution against Social Security reform 8/2/2007 The Dominican Today

SANTO DOMINGO.- Business associations yesterday cautioned the Chamber of Deputies that if the Social Security Law's reform is approved without consulting them, it would constitute a collapse of the tripartite system's dialogue and consensus process.

In a letter to Chamber president Julio Cesar Valentin, 38 business organizations, including the Business Council (Conep), ask the legislators not to approve unilaterally changes in that legislation in the contributing regime's cost and financing of insurance for the aged, the handicapped and survivors, as well as those the Family Health Insurance. "The referred legislative initiative without consulting the employer sector constitutes a collapse of the dialogue and consensus process that is required by tripartism, the system which the social dialogue is based on."

They ask the deputies to hold public hearings to hear the demands of the players in the Dominican Social Security System (SDSS).

They said changes don't propose a definition of the model of assistance under which the health system will operate, and would establish a contradiction with the legislation in effect.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican Republic: Latin America trade loser 8/2/2007 The Dominican Today

MIAMI.- Dominican Republic is among the five top losers in Latin America when it comes to trade growth, according to a Latin Business Chronicle analysis of new data from United Nations Economic Commission for Latin America and the Caribbean (ECLAC).

Dominican exports last year grew by 4.8 percent to $6.4 billion. That was the second-lowest growth rate in Latin America. Only El Salvador had lower growth (4.2 percent). Meanwhile, Dominican imports grew by 13.4 percent to $11.2 billion. That was the third-lowest growth rate in Latin America. Only Guetamala and El Salvador had lower growth rates.

Total exports from Latin America grew by 18.4 percent to $680.9 billion, while imports increased 18.2 percent to $588.2 billion, ECLAC estimates. Paraguay led the way in both export and import growth, measured by percentage change, according to a Latin Business Chronicle analysis of the ECLAC data. Other export winners include Chile (up 40.7 percent), Bolivia (38.4 percent), Peru (37.0 percent) and Ecuador (25.2 percent). On the import side, the second-largest winner after Paraguay was Venezuela (36.0 percent), followed by Uruguay (29.6 percent), Brazil (24.2 percent) and Colombia (23.5 percent), according to the analysis from Latin Business Chronicle.

"Fortunately, we are in a boom in Latin America, spurred by the demand...especially from China," says Isaac Cohen, former Washington director for ECLAC and president of consultancy Inverway.

In addition to demand from China, Latin America's exports have been helped by the steady expansion of the world economy, India's increasing importance in world demand and international capital markets' high levels of liquidity, accorfding to ECLAC. "These trends have driven up export volumes and improved the region's terms of trade, thereby helping to boost its trade surpluses," the commission says.

Full story

http://www.latinbusinesschronicle.com/app/article.aspx?id=1484]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican Government to spend RD$53.5B in 25 hydroelectric dams 8/1/2007 The Dominican Today

SANTO DOMINGO. - The Dominican Government plans to spend RD$53.5 billion to build 25 hydroelectric dams to manage the water in different regions, said on Wednesday National Hydraulic Resources Institute (INDRHI) director Frank Rodriguez.

He said the constructions are part of the National Hydrologic Plan, elaborated under the consensus of university experts, irrigation boards, unions, ex-INDRHI officials and representatives of the sector.

The official said over 100 people discussed the plan in INDRHI yesterday Tuesday, to incorporate their opinions. "The all agree that a long term program has to be applied to manage and regulate the water sot it isn't lost to the sea, to power dams and conserve it for use at the precise moment."

Rodriguez, interviewed in the Telemicro Matinal 5 program, said the dams will be of different sizes and will also be used for irrigation, the drinking water and to generate electricity.

The dams will be built in Alto Yuna, Monseñor Nouel; Monte Grande, Barahona; Guaigui, La Vega; Amina, Valverde; Chavon and Rio Soco, La Romana; El Cabao and Joca, Elias Piña; Guayubin, Santiago Rodriguez; Mijo, Rio Sonado and Los Baos, en San Juan de la Maguana; Capotillo, Loma de Cabrera, Don Miguel, and Los Cocos, Dajabon; Los Libores, Salcedo; La Gina, Peravia; Caonabo, and Rio Yásica, Puerto Plata; Boba, Maria Trinidad Sanchez; Anamuya, and Rio Sanate Altagracia; Rio San Juan, Samana; Rio Haina, Santo Domingo; Montemayor, San Juan de la Maguana.]]> http://blog.caribbeanrealtyinvestment.com/Article/Negative effects in U.S. could stall growth in remittances, could reach US$3.0 billion this year 8/1/2007 The Dominican Today

SANTO DOMINGO.- The negative effects of the migratory controls and the unemployment in the United States could stall the growth of remittances from Dominican who live abroad, a figure that could reach US$3.0 billion this year.

Freddy Ortiz, head of the money-transfer companies grouped in ADEREDI said this year the growth of remittances, instead of 10 or 8 percent posted in the las few years, would be no higher than 6.0%. "The rate of traditional growth of remittances, of 8 and 10 percent, is not foreseen this year from the rate of jobs lost in the United States and from the restrictions for Latin American manual labor and from the controls for immigrants."

Remittances from Dominicans abroad topped US$2.8 billion in 2006, a rise of some 10% compared with 2005.

Ortiz said another factor which influences remittances in cash, is that many people abroad prefer to send boxes of food, appliances, clothing, footwear and other products to their relatives, instead of cash. "In the last months an increase in the shipment of boxes with supermarket purchase has taken place, people who prefer to send it thus because if it's sent in cash they spend it in another thing."

He said 15% of the Dominican remittances enters "in pocket," or people who give to a relative or friend for delivery in the country, instead of resorting to a bank or a money transfer company.

According to the country's monetary authorities remittances from Dominicans in the United States and Europe could reach US$3.0 billion this year.]]> http://blog.caribbeanrealtyinvestment.com/Article/Shell to name buyer of 50 percent stake in Dominican Refinery on August 7 8/1/2007 The Dominican Today

SANTO DOMINGO.- On the 7th this month the company Shell will reveal to the Dominican Government the firm it chose to sell its shares in the Dominican Petroleum Refinery (Refidomsa).

In a letter dated July 26 Shell's local representative Rafael Maradiaga told the official commission that follows the process that it had yet to reach an agreement with any of the four groups interested in the business.

Shell owns 50% of Refidomsa's shares and the State owns the other 50%.

In the letter, quoted by the newspaper Diario Libre, Maradiaga said a confidentiality agreement prevented him from providing details on the offers and names of the four companies.]]> http://blog.caribbeanrealtyinvestment.com/Article/AES Dominicana shuts down 319 MW powerplants for maintenance 8/1/2007 The Dominican Today

Santo Domingo. – The Group AES Dominicana said its AES powerplant at Andres will be taken out of line starting Wednesday, until August 15, to carry out its annual major maintenance.

AES said its Andres 319 megawatt powerplant, run with natural gas, operated continuously for one year. The National Interconnected Electrical System's 2007 Maintenance Program includes the powerplant's routine maintenance. It said the Program is applied yearly between September and November and is communicated to the entire industry and government agencies.

"All powerplants require works of preventive maintenance which guarantee their safe and reliable operation during prolonged periods of time," AES said in a statement.

It also said it has just concluded unloading 93,000 cubic meters of natural gas at Andres to fuel its 2 Los Mina units, which provide 236 megawatts to the grid. "Dominican AES is the main private investor in the electrical sector, through the companies AES Andres, Dominican Power Partners and Itabo, S.A., whose contributions show our commitment with safe electricity provision when having powerplants with modern technology and low production cost, using natural gas and coal as fuel."]]> http://blog.caribbeanrealtyinvestment.com/Article/Hoteliers praise the Senate for approving new industry regulator 7/31/2007 The Dominican Today

SANTO DOMINGO.- The National Hotels and Restaurants Association (Asonahores) praised the Senate for approving the project that creates the National Tourism Development Institute (Indetur) and asked the Chamber of Deputies to approve it the soon as possible. It said Indetur is a step forward in tourism sustainability and development.

It also congratulated Tourism minister Felix Jimenez for the initiative.

Asonahores president Luis Lopez said the project is the result of a consensus between the Tourism Ministry and the hoteliers, and is part of the National Competitiveness Plan.

The hoteliers said the Government recognizes the private tourism initiative through Indetur, in whose governing board Asonahores will have 2 representatives and the Dominican Tourism Real Estate Companies Association (Adeti) 1.

The minister of Tourism, along with 2 other Government officials will head Indetur, whose main objective is to plan the tourism regions' development and their infrastructure. It will also be responsible for drafting and updating the National Tourism Development Plan, zoning, and formulating territorial regulations.]]> http://blog.caribbeanrealtyinvestment.com/Article/Tourism industry strengthens defenses agaisnt avian flu 7/31/2007 The Dominican Today

Jakarta/Madrid.- The second United Nations World Tourism Organization (UNWTO) regional Avian and Human Influenza Simulation (AHI) was actively supported by the government of Indonesia and the Association of Southeast Asian Nations (ASEAN). It attracted 70 participants from more than 15 countries and several UN Agencies.

The group modeled the impact of an evolving pandemic in the Asia Pacific region, replicating the roles of government departments, the tourism industry, international bodies and other stakeholders, including tourists themselves. It followed a similar exercise held in Paris in March, which focused on Europe, the Middle East and Africa.

In opening the event, the secretary general of the Indonesian Ministry of Culture and Tourism, Sapta Nirwandar, and the executive chairman of the Indonesian National Coordination Committee on Avian Flu, Bayu Khrisnamurti, stressed the value of international cooperation and its help in increasing the integration of Tourism issues in national coordination programs.

With an estimated 10 million people traveling abroad at any given time and many more within their own countries, UNWTO keeps a close watch on health risks generally and AHI specifically. While there has been no change in the level of AHI alerts issued by the World Health Organization, the Tourism sector is already taking action to be fully aware of the potential dangers and to prepare effectively.

The simulation helped to identify possible gaps in response systems and to understand the pressures and dynamics in a real-world situation. It underscored the need for: good planning, clear communications, a fully prepared and trained work force, and unambiguous procedures for customer and workplace safety.

UNWTO Assistant secretary general Geoffrey Lipman said "The Avian Flu threat does not diminish and like other sectors of the economy Tourism needs to strengthen its defenses. Every time we hold an awareness-building exercise of this nature we increase preparedness and strengthen our coordination mechanisms. It is particularly important for integrating the widespread use of our response portal www.sos.travel as a robust component of the global response system".

After conducting its next simulation exercise in Mexico from 19-20 September 2007 for the Americas, UNWTO will have trained together with governments and international agencies around the world. This will provide a solid base for intensified national simulations in 2008.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican Colonial City recovers its splendor, safety 7/31/2007 The Dominican Today

SANTO DOMINGO. – A tour of Santo Domingo's Colonial Zone on a Sunday is peaceful experience for anyone, framed by the calm of its ancient buildings and the flight of doves.

In the old city the hours "fly" and the visitor barely perceives it, because one day is too short to appreciate all its attractions and the municipal authorities' work seems to have uncovered treasures visitors previously ignored, for being buried under trash and bad smells.

The National District City Council and the Tourism Police brought the tranquility and security back to its streets, reason why holdups that were perpetrated there are no longer news. The entire Zone has improved and the informal commerce that was conducted on its streets eliminated.

Today the Colonial Zone is an option for families to enjoy as it's clean and because it's now possible to sit under a centennial shade tree to read the newspaper, for the children to play or even take a snooze on a bench.]]> http://blog.caribbeanrealtyinvestment.com/Article/Executive Branch creates a new entity to bolster Dominican tourism 7/31/2007 The Dominican Today

SANTO DOMINGO. - The private sector will be more active in the Dominican tourism industry's public policies, once the new National Tourism Development Institute (INDETUR) begins operating.

The organism, conceived by the Executive Branch and pending congressional approval, will have two representatives from the National Hotels and Restaurants Association (Asonahores) and from the Dominican Association of Tourism Real Estate Companies (ADETI) in its governing board. The minister of Tourism will preside it, and includes the head of Public Works, and of the National Potable Water institute (INAPA).

The Senate passed the bill on Tuesday and now goes to the Chamber of Deputies, and then to president Leonel Fernandez to sign it into Law.

INDETUR's functions range from the elaboration and approval of its annual operating budget, to designating its officials and administrative personnel. Its main purpose is the planning and development of the tourist regions and their infrastructure, as well as the promotion and development of a complementary lodging offer.]]> http://blog.caribbeanrealtyinvestment.com/Article/Boca Chica, a Dominican icon resort, lists its woes 7/31/2007 The Dominican Today

SANTO DOMINGO. – Boca Chica's beach pollution is to a large extent caused by the breakwater spigots that undermine the sand and induce erosion, and for that reason community leaders and local and foreign business owners ask the government "not to let the resort die drowned by indifference."

Hector Lopez, Petra Bertuzzi, Nicoletta Ferre, Rita de Vita and Bruno Andrioti, demand the removal of the breakwater spigots -which though designed to reduce swells and move the sand- allow contamination that increasingly lowers tourism.

Lopez said the breakwater spigots built by the large hotels in the area have contributed to the beach's degradation, which affects mall businesses from the decay, the sprawl and increasing pollution.

He said neither the large hotels nor the authorities have made any effort to rescue the tourist resort that he called unique in the world, for its coral barrier separating the "angry sea" from the beach.

Lopez said the beach's decline began in 1992 when the Boca Chica Beach Resort and Don Juan hotels dredged it, which converted the once tranquil lagoon into "what we see today," a channel whose extraction left the sea floor bare. He said the spigots cause whirlpools that also erode the sand. He the effects of the Caucedo multimodal port has also caused the formation of small mud beaches.

Nicoletta Ferre said she's concerned about what's occurring in what she said would be more than a gold mine if treated well, because its close to two airports and has an enviable climate. She said she disagrees with limiting the hours to sell alcohol.

They said the hoteliers' refusal to contribute half a million dollars stalled the Tourism Ministry's project to regenerate the beach. The said the hoteliers' only interest is to privatize the beach.

The hotels currently control the access to a part of the beach, keeping tourists out, measure visitors and vendors criticize.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican tourism potential largely untapped, experts say 7/31/2007 The Dominican Today

SANTO DOMINGO.- Although the Dominican tourism industry is one of the most important generators of currency and contributes 5.5% of the Gross Domestic Product (GDP), the south, southwest, the central mountains and the northwest line still remain unexploited, even with virgin attractions for new investments and represents half of the country's potential.

The country has had two laws of incentives to tourism which are in effect for Azua, Barahona, Bani, Palenque, Miches, Montecristi, Cabrera, San Juan de la Maguana, and Rio San Juan, but these regions have yet to start or develop.

With new investments in sun, sand and beach, as well as in mountain tourism, adventure and ecotourism are an opportunity for those depressed provinces to raise the quality of life of its inhabitants.

The Competitiveness Council is tracing complementary tourism strategies through networks of micro-industrialists who provide tourism services, which would add value and create new jobs in zones such as Barahona through that province's Ecotourism Cluster.

Competitiveness Council advisor Jaime Moreno said just like the country's other clusters, Barahona receives approximately US$200,000 from the Inter-American Development Bank. He said ecotourism in those zones can mean income for the protection of national parks and other natural places, and those funds couldn't be obtained from other sources.

He said the cases of Bani and Barahona, which also have sun and beach, have the disadvantage of few hotel rooms. Another of Barahona's options is thermal sulphur springs in Canoa.

UNESCO has declared the Jaragua, and the Bahoruco national parks a biosphere reserve, "which invites scientific and nature research tourism," said Pedernales Tourism Cluster president Marino Jose Dilomar. He said in order to take advantage of Pedernales' image; its settlers need some RD$20 million.

Dilomar said they've accepted support from the National Competitiveness Council, and the Spanish International Cooperation Agency, as part of the Araucaria Enriquillo project. "It's impossible to promote Pedernales because its services are not of international quality, because the supply of rooms isn't enough, all the hotel services, restaurants and have a quality standard based on natural diversity and proximity.

He said the Pedernales region's low population density can become a development model that serves as example for the Caribbean, which also has the greater endemism in that region, 75 percent of its territory is virgin, and the zone has a large variety of species.]]> http://blog.caribbeanrealtyinvestment.com/Article/Cibao industries leader rejects the Central Bank's reported boom 7/31/2007 The Dominican Today

SANTO DOMINGO. - The Santiago Retailers and Industrialists Association (ACIS) said on Tuesday that in contrast to the Central Bank's reported economic bonanza, the Cibao (north) region lost 40,000 jobs in the last 3 years, from the closings and bankruptcies in free zones and commerce.

ACIS president Luis Núñez Ramirez said as a result of businesses closing, over 25 million pesos no longer circulate on weekends in Santiago alone, corresponding to free zones employees' weekly paycheck. He said those employees spent their wages in commerce, bars and stores.

The Cibao business leader said that's the reason Central banker Hector Valdez Albizu can't talk of economic growth.

Núñez spoke after signing an agreement with the Santo Domingo State University UASD, of continuing education programs, in the businesses administration and social communication areas.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican Republic doesn't need new IMF pact, senior official says 7/31/2007 The Dominican Today

Santo Domingo.- The Presidency's Administrative minister said yesterday the Government doesn't have to sign a new agreement with the International Monetary Fund, and that Dominican Republic no longer needs "that straightjacket."

Luis Manuel Bonetti said the country met all of the IMF's requirements in the Stand By pact, which concludes January 31, 2008, and reached an economic growth that constitutes an example for Latin America.

"I believe that already we must retake our economic sovereignty, which we lost because of the Dominican Revolutionary Party and the PPH," he said in reference to the former administration.]]> http://blog.caribbeanrealtyinvestment.com/Article/Starting August, Dominicans have 17 taxes less to pay 7/30/2007 The Dominican Today

SANTO DOMINGO.- With the passing of the Tax Collecting Efficiency Law 173-07 the Internal Taxes Agency (DGII) will eliminate at least 17 minor taxes on Government services, in addition to lowering 4 levies in the areas of real estate, businesses and vehicles.

In a statement the DGII also said 23 certification services will now be issued free for the applicants.

Taxes on show tickets, documents, medical certificates, labels for national and imported alcohol and copies of extracts of civil acts and divorces are among the levies eliminated starting August.

The legislation also lowers the tax on real property transfers, from 4.3% to 3%, and from 3.3% to 2% on vehicle transfers. Taxes to form companies will crop from 1.83% to 1% on the agreed capital in the contract or agreement that gives rise to the incorporation. A similar reduction will also be applied to the taxes to raise company capital.

Also free will be the certifications of Statement Presentation, Taxes and Exemptions Payment, Real Estate Property Tax, Exemption IVSS, Motor Vehicles, Companies, Check Refund, Reimbursements and Deposits on Consignment and no-objection of Transfers of Furnishings and Real Estate Deeds.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican Republic surpasses 1st half goals agreed with the IMF 7/30/2007 The Dominican Today

SANTO DOMINGO.- The Dominican Government said that so far this year it has met and exceeded all the quantitative goals agreed with the International Monetary Fund (IMF).

In a report, the Central Bank said the prudent handling of the monetary and fiscal authorities and the commitment to maintaining the macroeconomic stability entailed the compliance "with comfort" of all the quantitative performance criteria. It said in the first half the balance of the non-financial public sector reached a RD$13.65 billion surplus, including the deposits from Verizon, with which it surpassed the RD$7.60 billion goal.

The Government had the commitment to transfer RD$2.90 billion to the Central Bank in the first half, though it surpassed that figure and provided RD$2.94 billion to lower the quasi-fiscal deficit.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominicans in New York are more financially active, survey 7/30/2007 The Dominican Today

Santo Domingo.- The Dominican community in New York is increasingly more familiar with the financial services and in doing business in that State.

A survey conducted by a coalition on the assets of New York's Dominican community, coordinated by Ramona Hernandez and Lincoln Restler, found that 72% of Dominicans constantly manages money; 54% conducts banking operations and 17% has direct deposits in the financial sector.

It indicates that 75% of New York's Dominican community always or sometimes sends remittances.

It found that 49% of Dominicans in New York has sought information to purchase a house, whereas one of every four Dominican has an interest in setting up small businesses; 19.6% worries about their credit standing, and 26.8% has a savings account.

Although the information on individual savings (IDA), the survey found that 84.6% doesn't know it, and just 15.4% is aware of it.

This study, first in its kind, looks into the financial behavior of the Dominican community in the U.S., aimed at having data to design any project related to these citizens. It also compiled data on taxes and other aspects.]]> http://blog.caribbeanrealtyinvestment.com/Article/Canada-Dominican Free Trade talks start in October 7/30/2007 The Dominican Today

SANTO DOMINGO.- Canada and Dominican Republic will begin talks for the Free Trade Agreement (FTA) in October and the process could last until May or June next year, and Foreign Relations minister Carlos Morales will head the Dominican negotiations.

National Trade Negotiations Commissioner Juan Guiliani said the first round of talks are from October 22 to 26 in Santo Domingo, and the second from December 10 to 14 this year in Canada's capital Ottawa.

Guiliani said the third meeting is slated for the third week of February, 2008, also in Santo Domingo. "The fourth and last round of negotiation was left without placing a date. It could be between April and June, but that will be decided during the course of the negotiations."

This year Canada agreed to begin negotiations to establish a Free Trade Agreement with Dominican Republic, Colombia and Peru. In the Dominican case, Canada's investments total US$1.80 billion, and trade of nearly US$600 million. Trade representatives of both countries said the FTA provides good opportunities, given the space available to raise the bilateral trade.

Dominicans can increase the export of melons, mangos, sugar and other products to Canada, and can import "northern" fruits from that country and attract tourism.]]> http://blog.caribbeanrealtyinvestment.com/Article/Florida companies move into Dominican market 7/30/2007 The Dominican Today

Naples, Fla.- In the wake of the real estate slump, a Southwest Florida engineering company is thinking outside the box - and outside the borders of the United States.

Bonita Springs-based Stafford Engineering will open the doors of a new office in downtown Santo Domingo, the capital of the Dominican Republic, on Tuesday and begin offering architectural, engineering, real estate, construction management and business relocation services.

The opening will be the Hispanic Chamber of Commerce's first ribbon-cutting outside of the United States, said Leonardo Garcia, the chamber's president.

Other Southwest Florida businesses also are moving into Central American and Caribbean markets, Garcia added: Cape Coral-based Bellagio Homes and SJR Development are developing a residential community in the Dominican Republic, and The Jack Parker Corp., a Fort Myers-based real estate development company, is building a mixed-use community in Costa Rica.

Bonita Springs resident Steven Stafford, owner of Stafford Engineering and chief financial officer of the new Dominican Republic-based Escoto Stafford Consulting Internacional, started his engineering business in 1999.

From day one, the business straddled the United States with one office in Groton, Mass., and another in Bonita Springs - and it thrived. Gross sales have doubled every year except this year, when they were half of last year's gross sales because of the real estate slump, Stafford said.

So when Raul Casanova, who then was Stafford's employee and now is partner and president, brought up the idea of doing business in the Dominican Republic, Stafford was intrigued.

For about a year and a half, the company had been tapping into the Hispanic market in Southwest Florida, Stafford said, and discovered a demand that other businesses weren't serving.

"When I started a company with two offices in geographically different areas, Massachusetts and Florida, people told me it could not be done, yet we have a thriving business," Stafford said. "Not too many people work with the Hispanic population, so why am I doing it? There's an opportunity there. It's the same thing with going to the Dominican Republic."

The economy for engineering services is down in Southwest Florida because of the lack of construction, Stafford said, while in the Dominican Republic construction continues at a higher pace.

"I told Steven that this was the place to be, that Santo Domingo was getting ready to grow up." Casanova said. "... I anticipated that we should be here at the right time and the right moment so that we could take advantage of the new progress and the new business."

The country is changing, Casanova said, and there is a need for businesses that will work with the local government to do feasibility studies and to ensure that developments are consistent with zoning and needs of the local areas.

Belgica Escoto de Casanova, Casanova's wife, is vice president of the company, and they'll be hiring additional employees in the Dominican Republic as it grows, Stafford said. He currently employs six people in Massachusetts and 10 in Florida.

Escoto Stafford Consulting Internacional is already talking with its first client - Dominican developer Group Metro - about working on one of the company's communities outside Santo Domingo, Casanova said.]]> http://blog.caribbeanrealtyinvestment.com/Article/Gas prices down again 7/30/2007 The Dominican Today

Santo Domingo.- Fuel prices have been reduced once again, for the second week running.

Premium gasoline goes down by RD$3.80, bringing the last two weeks' reductions to a total of RD$11.00, and now costs RD$152.60. Regular gasoline went down by RD$3.10, a total of RD$10.20 in two weeks. It now sells for RD$141.50 per gallon.

Regular diesel also went down in price, although only by 50 cents, and now sells for RD$114.50 per gallon.

These price reductions have been introduced despite the world oil barrel price of US$74.00.

Liquid petroleum gas (propane), in contrast, has gone up by 75 cents. Subsidized propane for domestic and vehicular use now costs RD$52.34 per gallon while non-subsidized propane for industrial and commercial use now costs RD$74.10. ]]> http://blog.caribbeanrealtyinvestment.com/Article/DR-CAFTA trade deal spurs Dominican economy's growth, official says 7/30/2007 The Dominican Today

SANTO DOMINGO.- Economy minister Temistocles Montás said yesterday the DR-CAFTA trade deal must impact economic growth positively and lower poverty in Dominican Republic, but advised that the country will have to continue implementing structural reforms.

He said according to studies, the Free Trade Agreement will spur and additionally Gross Domestic Product growth of at least 0.63% annually and lower the poverty level by 0.41 % every year.

Montás said DR-CAFTA will raise Dominican exports by an average 3.8% in the next eight years.

In a conference "DR-CAFTA and the future of the Dominican economy," the official said DR-CAFTA has improved the country's economic policy, stability in the rules of the game, guarantee of legal security, as well as transparency in public policies and professionalism Government administration. "It has also generated a favorable effect on the risk-country, increase in the yield of the investment, as well as in the scale of the investments, greater space for commercial alliances, to address the competition from Continental China and to take advantage of the Latin population resident in the U.S.A."]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican Free Zones want Labor Law change, higher dollar 7/30/2007 The Dominican Today

SANTO DOMINGO. - Dominican Free Zones Association (Adozona)president Fernando Capellan said yesterday the Labor Code must be modified to guarantee competitiveness by those companies and eliminate the mafias of "shark lawyers" who spur lawsuits from senior workers in Santiago province.

Capellan and Adozona's former president Carlos Manuel Alvarez, interviewed by the newspaper Listin Diario, said at least one third of the 60,000 jobs that were lost in Santiago resulted from the uncertainty created.

They said of the 60,000 jobs lost from 15,000 to 20,000 would've been saved if the problem of the labor liabilities originating in the work contracts had been corrected two years ago, which had been finalized and reinitiated annually in the free zones.

Capellan said some companies closed because the amounts they had to pay for workers lawsuits were greater than their working capital.

As to competitiveness, the business leaders said the local currency is overvalued and its true cost should be RD$37 per dollar, as established in the Budget.

They also complained of the high cost of energy and aspects such as labor legislation, which they said should be revised.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican Republic aims to lower export retentions in the U.S. 7/30/2007 The Dominican Today

SANTO DOMINGO.- The Export and Investment Center (CEI-RD) will send a delegation to the United States to look for a solution and to prevent the constant retention of Dominican merchandise exported to that nation.

CEI-RD director Eddy Martinez said most of the retained merchandise is allowed entrance after verification. "This very month, in August, Dominican officials will be visiting the city of Washington, to speak with the authorities of the United States in order to present the case."

In the last year United States Customs has retained 863 shipments of merchandise exported from Dominican Republic, for having components prohibited in that nation. The revelation was made initially by China in an effort to defend the quality of its products.

Martinez said China's decision to cite Dominican Republic among its arguments to defend its products sent to the U.S. was unfair.]]> http://blog.caribbeanrealtyinvestment.com/Article/Come August luxury car owners will pay up to RD$15,000 for tags 7/26/2007 The Dominican Today

SANTO DOMINGO. - Starting August luxury car owners will have to pay up to 15,000 pesos (US$500) to renew their license plate. The Internal Taxes Agency (DGII) also raised the price to renew plates for the other types of vehicles, from 300 to 3,000 pesos.

DGII director Juan Hernandez said proprietors of luxury vehicles that pay up to half a million dollars for them shouldn't complain about paying between 10,000 and 15,000 pesos to renew plates. Renewals for compact vehicles less than 5 years rose to 3,000 pesos.

Though the renewals are slated to begin in August, the DGII has yet to announce the traditional "invitation" to motorists to get their new plates, or labels.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican Government begins Constanza highway reconstruction 7/26/2007 The Dominican Today

Constanza, Dominican Republic.- The reconstruction of the highway that links Constanza with the Duarte highway near Bonao (central) began timidly in this Central Mountain city, where for years its inhabitants had asked the government to "patch" the treacherous roadway.

With graders, steamrollers, bulldozers and two work crews the repairs began Tuesday, after residents complained the road's deterioration had stalled progress in this fertile region.

Public Works minister Freddy Perez said its crews repair the Constanza-Casabito highway's most deteriorated parts to conclude its reconstruction, and install speed reduction features and protective barriers to prevent accidents.

The road is Constanza's only practical access, on which hundreds of trucks carry produce and flowers to the major cities daily.

The work is one of several projects the Government recently inaugurated, including the remodeling of the historical airport named 14 de Junio, at a cost of 90 million pesos.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican Tax Agency chief vows to halt off-the-books sales 7/26/2007 The Dominican Today

SANTO DOMINGO.- Internal Taxes Agency director Juan the Hernandez said he'll begin measures to control the so-called VFL (off-the-books sales), a practice which many businesses use to avoid the fiscal proof number and evade taxes.

In his speech in the American Chamber of Commerce's monthly luncheon the official said many businesses have complained that some suppliers and buyers guarantee large purchases from them if the fiscal proof number is obviated, to keep those sales off the books.

Hernandez said that faced with that situation, that tax evasion practice will be controlled within two months. "We are unwaveringly committed to tax fairness and evasion constitutes the crudest violation of this principle."]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican Senate approves US$374 million for contracts 7/25/2007 The Dominican Today

SANTO DOMINGO.- The Senate passed last night, after the opposition lawmakers walked out, four commercial contracts signed between the Transport Reform Office and the companies that will provide the Metro's (subway) regular and emergency energy, as well as the cars and tracks for its first line.

The contracts are backed by 238.4 million euros in loans approved in January together with this year's budget.

In a first roll call the senators approved the bill for a standby US$30 million letter of credit, to guarantee the contract to build two coal-fired power plants.

They also passed two loans of US$34 million for the Pinalito (central) Hydroelectric Dam and the Real Estate Jurisdiction Consolidation Program.]]> http://blog.caribbeanrealtyinvestment.com/Article/Over half of Dominican workers depend on informal activities 7/25/2007 The Dominican Today

Santo Domingo.- The sustenance of workers is highly dependency on informal labor activities, in micro and small companies as well as in particular businesses and independent tasks.

An estimated 54.1% of the occupied Dominican labor force is in informal activities, though that percentage reaches 65.3% when the informality is measured based on the quotas for social security.

The figures are in the studies "informality in the urban labor market in Dominican Republic" and "the informality, exit and exclusion." The Economy Ministry, the Central Bank and the World Bank conducted the former, whereas World Bank technicians coordinated by Guillermo Perry are responsible for the latter.

During the presentation, Central banker Hector Valdez Albizu also cited that entity's labor force survey, of April, which found that of 3.5 million workers occupied in the country, 56% are in the informal sector.

Informal work has various aspects, divided in two fundamental areas: wage-earning informal, who work in micro, and non-registered companies, and the independent informal worker, where owners of particular businesses are included, public transport drivers, taxi drivers, craftsmen, construction workers and others.

The Dominican informal wage-earner also represents some 40% within the informal area, whereas the other 60% are independent, informal workers.

Although many prefer informal work to have more independence, mainly women who wish to dedicate more time to their children, the studies found that the informality responds highly to the lack of confidence in the State, and for that reason sounds the alert, because it's perceived that there's a lack of suitable policies that favor formality.

The studiers were presented in the Central Bank's Auditorium.

The World Bank report:

LATIN AMERICA AND THE CARIBBEAN: INFORMALITY, A BARRIER FOR DEVELOPMENT

WASHINGTON, May 23, 2007 – The high levels of informality in Latin America and the Caribbean are a sign of institutional flaws and, at the same time, they restrict opportunities for growth and social welfare and undermine the integrity of the region's societies, according to a new World Bank report.

The report entitled Informality: Exit and Exclusion suggests that to reduce informality, policymakers should focus their efforts on improving the conditions that promote formal sector productivity and growth and addressing the barriers, costs and benefits for informal firms and workers to participate in the formal sector.

"A better investment climate would help formal businesses to grow and increase their wages, thus reducing the attractiveness of staying informal," said Guillermo Perry, Chief Economist of the Latin America and the Caribbean Region at the World Bank. "Improving skills among the poor will enable a greater number of workers to find better paid jobs in a more dynamic formal sector," he added.

At the same time, there is a need to use a combination of sticks (improved enforcement) and carrots (perceived benefits) to create the incentives that induce more workers and firms to become formal. For instance, through actions to facilitate new business registration, the simplification of tax laws, expansion of the benefits of formality (credit and market access, legal security, business development schemes), removal or reduction of labor market inflexibilities, improvement in the design and coverage of social security and social protection programs, with an evenhanded and determined law enforcement.

Based on the report, prepared by Perry and World Bank economists Omar Arias, Pablo Fajnzylber, William Maloney, Andrew Mason and Jaime Saavedra, while informality in the region is not considerably higher than in other developing countries with similar per capita income, it did increase remarkably during the nineties.

In some countries, informality increased due to a higher incidence of labor taxes, minimum wages or social security regulations, while there was an expansion of social protection schemes that did not require contributions from informal workers. In others, this was due to inadequate macroeconomic policies that led to artificial economic expansions in the early ‘90s in sectors prone to informality, to the use of ad-hoc temporary labor contracts, to the weakening of labor and tax enforcement, and, to a lesser extent, to the impact of trade reforms and the increasing participation of women in the labor market.

Informal employment (not registered with social security) accounts for 54 percent of urban employment in the region and comprises two groups:

Self-employed informal workers (the self-employed and owners of microenterprises) who account for 24 percent of urban jobs—from 20 percent or less in Argentina, Brazil, Chile and Uruguay, up to over 35 percent in Bolivia, Colombia, Peru, Dominican Republic and Venezuela. Wage-earning informal workers, who account for about 30 percent of urban jobs and more than half of total informal employment —and vary from 17 percent in Chile, up to a high of over 40 percent in Bolivia, Ecuador, Guatemala, Mexico, Nicaragua, Paraguay and Peru.

While most self-employed workers choose their jobs voluntarily and are not actively looking for a formal job, most informal wage-earners take those jobs because they did not find a position as a formal wage-earner or self-employed, and were reportedly willing to change their occupation.

The first group corresponds to the "exit" view of informality, by which workers and firms choose the extent of compliance with state mandates and institutions based on a cost-benefit analysis of becoming formal. This rationale also explains the behavior of many small firms and also of larger companies.

The exclusion view of informality applies to the second group, where companies and firms cannot access key state-provided benefits or those offered by the modern circuit of the economy, due to excessive regulations, labor market segmentation or lack of voice in the State affairs.

"Either due to absolute exclusion or market segmentation or due to a voluntary decision to exit formality, informality can lead to a social imbalance in which many workers become vulnerable to health- and employment related- shocks and to old age poverty. Many companies remain below their growth potential to avoid being detected," stated William Maloney, World Bank Economist. "In either case, there is a strong need for reform, but there is not a one-size-fits-all solution."

The informal sector in the region is extremely heterogeneous and exclusion and exit factors can have different weights across countries and over time. Regardless of whether informality stems from inadequate policies, exclusion mechanisms, or cost-benefit decisions by companies and workers, it represents an indictment of the Latin American state to the extent that it is failing to fulfill its expected duties of ensuring legal and economic security, equal opportunities and an adequate provision of public goods.

To reduce informality in the region, the report stresses the need to adopt an integrated approach that promotes aggregate productivity and improves the incentives for formality embedded in business, tax and labor regulations and in social security and protection schemes. Furthermore, the report calls for making progress in the process of building more accountable, efficient and inclusive states which are able to create the conditions for a social contract based on a generalized social norm of compliance with the law.

For more information on the Informality: Exit and Exlusion report visit: http://www.worldbank.org/lac]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican Banks chief says money glut only temporary 7/25/2007 The Dominican Today

SANTO DOMINGO.- The low interest rates are temporary because banks have an over-liquidity, and will soon return to higher levels, said Banks superintendent Rafael Camilo.

The official said in the measure the economy adapts, interest rates will find another level. "That is a transitory situation as the economy adjusts, because there has been an over-liquidity."

Camilo, speaking prior to the start of a meeting with the directors of the Dominican Republic Industries Association, said the country's bank interest rates have been traditionally high, but the glut of money which came after the rescue of the banks began a process that lowered the active as well as the passive ones. The money glut caused lower rates, currently averaging 24% annually for consumption loans.

As to the limitations to access credits caused by the Assets Evaluation Regulation (REA), the Banks superintendent said mechanisms of flexibility would be applied, though a modification of the Monetary and Financial Law must first be approved.

Among the flexibility is to raise the limit from RD$5 million to RD$10 million in credits for small companies, without the need to show payment capacity as the REA requires.]]> http://blog.caribbeanrealtyinvestment.com/Article/Venezuela invites Dominican Republic to 3rd Petrocaribe Summit 7/25/2007 The Dominican Today

SANTO DOMINGO.- Venezuela's government on Tuesday formally invited president Leonel Fernandez to the 3rd Petrocaribe Summit, slated for August 9 and 10 in that South American nation.

The program, a Venezuelan government initiative, finances oil to Caribbean nations.

In a press conference Venezuela's ambassador Francisco Belisario Landis said the Summit also includes a trade and investments fair "to project the unity and the principles of solidarity and fair trade," as the letter from the government of president Hugo Chávez states.

The "power integration" initiative arose on June 29 in Puerto la Cruz, Venezuela, with the participation of Dominican Republic and most of the Caribbean nations. A second meeting was held in Montego Bay, Jamaica, with the formal signing of the agreement, and this one is slated for Isla Margarita, Venezuela.]]> http://blog.caribbeanrealtyinvestment.com/Article/Euromoney awards the Dominican bank Popular 7/24/2007 The Dominican Today

Santo Domingo.- The financial magazine Euromoney said the Popular is the Dominican Republic's best bank, within the framework of its Awards for Excellence 2007.

The award is published in the July edition of that magazine, which every year classifies major financial entities on accomplishments and quality of service.

The magazine praises the Popular Bank's administration, headed by its president Manuel Grullon. It said Popular has marked to the difference with a performance surpassing the rest of the sector's entities in Central America and the Caribbean. "During 2007 the Popular bank has invested in new technology, promoting the Internet Banking services, in addition to new products and cards."]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican mountain farmers must resort to terraces, expert says 7/24/2007 The Dominican Today

SAN JOSE DE LAS MATAS, Dominican Republic.- The small and medium scale farmers of mountains, who own poor and unproductive lands, can have profitable crops on mountain ranges if they adopt soil technology in the form of a terrace and use organic fertilizers, said Andrea Brechelt, president of the Agriculture and Environment Foundation (FAMA).

For mountain and low income farmers, it's not difficult to build a compost heap and produce organic fertilizer with dry or green leaves, harvest waste, tree mulch, heavy weeds, fruit pulp, kitchen trash, animal dung, sawdust, straw or dry grass, green fertilizer from peanuts and wild radish, common beans, creepers, sweet potatoes and other materials found in those places, to fertilize degraded soil at a lower cost.

FAMA and the Farming and Forest Development Center (Cedaf) sponsor the transfer of technology for technicians and mountain farmers of organic crops, to train them to plant in gradients in the form of terraces, to prevent erosion, enrich sandy soils with organic fertilizer and harvest foods, wood and fruit.

One of the great difficulties for mountain farmers is that sandy or poor soils abound, though technology makes it possible to obtain profits.

The three types of soil are sandy, which is poorly fertilized and cannot retain water, but can be improved adding organic fertilizer; the sand-clay (argillaceous), also of poor structure, but well fertilized, and can be improved with organic matter, and clay, well fertilized, is slow to dry and retains water and is improved with organic matter and compost.

"The terraces in mountains are a methodology used by the old civilizations of Peru which are still in use today," said Brechelt.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican industries say present conditions make it hard to compete 7/24/2007 The Dominican Today

SANTO DOMINGO.- The Dominican Republic Industries Association (AIRD) questioned the Central Bank report on a drop in the unemployment rate, from 19.2% to 15.6%, and said the manufacturing industry's capacity is being seriously affected by the conditions in which is forced to compete in an open economy such as the Dominican Republic.

AIRD president Manuel Diez Cabral said the Central Bank's analysis recognizes the industrial free zones' limitations, especially in textiles, in the national as well as in the international plane.

Among the internal limitations, the Central Bank cites the problems in the textile free zones from the indexing of wages, a rise in the cost of electricity and the overland transport, the correction of the exchange rat, among others. It said the authorities fail to realize that many of those internal limitations also weigh on the local industry.

On the free zones, the AIRD said they are relieved by the announced extension of tax incentives and other facilities until 2015. "If for the free zones there seems to exist a breather, for the local industrial sector there is a context that is asphyxiating it," Diez said, and for the local industry to compete, Congress must approve the Competitiveness and Industrial Innovation Law.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican deputies approve US$150M I.D.B. loan for social efforts 7/24/2007 The Dominican Today

SANTO DOMINGO.- The Chamber of Deputies last night approved a US$150 million loan from the Inter-American Development Bank (I.D.B.), whose funds will be used to reform the program of social management and specifically for the program Solidarity, the school breakfast, the economic cafeterias and to distribute foods at low cost.

The loan was approved with 85 votes in favor and 6 against.

The Executive Branch submitted the initiative on December 7 and aims to provide the Hacienda Ministry with funds to support policies to improve effectiveness.

The organism executor will be the Presidency's Planning Ministry. The Dominican State and the I.D.B. signed the agreement on November 21, 2006.]]> http://blog.caribbeanrealtyinvestment.com/Article/No more delays on Family Health Insurance, Dominican Government says 7/24/2007 The Dominican Today

SANTO DOMINGO.- The Government said yesterday it'll not allow any sector involved in the Social Security System to postpone the Family Health Insurance's (SFS) contributing regime.

Vice president Rafael Alburquerque, head of the SFS Follow-up Commission, said that any sector which doesn't want to enter under the proposed conditions will simply not enter the system.

Interviewed in the offices of the National Social Security Council (CNSS), where he headed a meeting with that agency's members, Alburquerque said discrimination against health services providers (clinics) or doctors will not be allowed.

The vice president's statement supports the position of the Dominican Medical Association (CMD), the National Private Clinics Association (Andeclip) and the private laboratories, which denounced that the Universal ARS is allegedly canceling contracts with those entities and doctors, to pass them on to their figureheads, which would be installing primary attention centers.

In that regard, Alburquerque said the Health Superintendence convened the representatives of the CMD and Andeclip to meet at 4 PM today to listen to their complaints. "There is a firm, iron will, from the authorities to prevent the ARS from taking part in the market of health services providers and that the doctors are discriminated against, and any measure which is necessary, if the denunciation is verified, we are going to adopt it. The SFS will initiate September 1 and we have adopted all the pertinent measures so that it begins on that date."]]> http://blog.caribbeanrealtyinvestment.com/Article/Even with high oil prices, Dominican Government vows to freeze energy rate 7/23/2007 The Dominican Today

SANTO DOMINGO.- The Government and the electricity generators yesterday promised not to increase the energy rate regardless of petroleum's international prices.

Dominican State electrical group (CDEEE) vice-president Radhames Segura, during a meeting headed by president Leonel Fernandez with members of the energy sector in the National Palace, said the government has decided to freeze the electrical rate even when it's much more expensive with the rising oil prices.

He said regardless of that situation payments to generators and distributors and the CDEEE will continue, to keep the power supply at 85 percent. He said Fernandez is solving the country's electrical problem, and at the lowest possible cost to the population.

The official said to solve the power problem the Government will inaugurate the Pinalito (central) hydroelectric dam next year, the works continue at the Palomino site (southwest), and have begun at Las Placetas (northwest).

Also present in the meeting were Energy commissioner Ramon Jerez, Electricity Superintendent Francisco Mendez, among others.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican Customs to pay US$1.0 million to modernize 7/23/2007 The Dominican Today

Santo Domingo.- The Dominican Customs Agency (DGA) and Korea's Customs Unipass Internationalization Association (CUPIA) today signed a US$999,000 dollar consultancy contract, to implement the Customs Automation and Modernization Program, which will be funded with a 23 million dollar loan granted by South Korea's Exim Bank.

CUPIA president Jong-un Lee said his company has the responsibility of developing the modernization program, which would convert the DGA into one of the worlds' most efficient.]]> http://blog.caribbeanrealtyinvestment.com/Article/Fernandez to cut ribbon for Puerto Plata RD$116M aqueduct 7/23/2007 The Dominican Today

Santo Domingo.- President Leonel Fernandez will be in Puerto Plata province tomorrow to inaugurate the Villa Isabela aqueduct, built at a cost of over RD$116 million.

The system, built by the potable water agency INAPA), will benefit over 26,000 inhabitants. It will be fed by pumped underground waters that will be treated with chlorine.

The water will be piped to regulating deposits and to the population in 4,401 homes located in Villa Isabela, La Llanada, Laguna Grande, Gualetico and Dieguito.]]> http://blog.caribbeanrealtyinvestment.com/Article/Shell to reveal buyers of its stake in Dominican Refinery 7/23/2007 The Dominican Today

SANTO DOMINGO. - The company Shell will reveal in the next few days the buyer of its shares in the Dominican Petroleum Refinery (Refidomsa), after it notified its partner the Dominican State its intention to sell its stake 6 months ago, the newspaper Listin Diario reports, quoting a reliable source.

Shell has 50 percent of Refidomsa's shares and the State the other 50 percent, though the private company manages its day-to-day operations.

So far the only thing which he has come to the public light on the sale were declarations the, at the end a meeting with the governmental commission presided over by the secretary Property, Vicente Bengoa, named by president Leonel Fernandez to give pursuit to the negotiation.

Shell's general manager in the country, Rafael Maradiaga, said that after studying various proposals, it selected four groups of finalists and that in the coming days it would inform the Government commission which was the chosen group.

In a radio program Refidomsa president Ruben Montás said on Friday that Shell had yet to communicate on the winning group nor the price of the negotiation, and said the State will have 60 days to decide if it buys Shell's stake or if it would let the new partner have those shares, as stipulated in the agreement in effect.

At the end of last month, the Cabinet minister Angel Lockward said the final four groups were Sun Petroleum and the Vicini-Corripio group, Trafigura Beheer B.V. oil group based in Switzerland, with offices, terminals and refineries in 65 countries. It is represented in the country by the group Propagas.

Another group is from Santiago, comprised of industrialists from that province's free zones sector, the Bermúdez family, and the group Isla, headed by the oil baron John Moller.]]> http://blog.caribbeanrealtyinvestment.com/Article/Opposition candidate promises tourism development for south 7/22/2007 The Dominican Today

Pedernales.- Opposition PRD party presidential candidate Miguel Vargas Maldonado says that president Leonel Fernández has been incapable of allowing the south western region to benefit from the development of tourism in Bahia de las Águilas.

Vargas Maldonado was speaking to party faithful and supporters at a rally in Pedernales yesterday. He said that if elected he would start tourist development in the southern region, which would benefit Pedernales and all the towns in the country, always conserving natural resources and the environment.

He said he would seek to pay back the PRD's social debt to the people, establishing reforms that are being demanded by the populace. He said that he had been sorry to see the neglect that the southern region is suffering at the hands of the present government.]]> http://blog.caribbeanrealtyinvestment.com/Article/Power problems delay gold mining start-up 7/22/2007 The Dominican Today

Santo Domingo.- The Pueblo Viejo Dominicana Corporation (PVDC)mining project, a dependency of gold mining transnational Barrick, has not started work due to what its management describes as "technical problems" which they hope to resolve soon and start work before the end of the year.

The difficulties mentioned by the PVDC Corporate Affairs director Rodrigo Rivas are connected with the source of electrical power that the mine needs in order to be able to operate efficiently and to comply with all the safety requirements.

"Power is the issue that concerns us most at this stage. The mine needs a 24-hour electricity supply 365 day a year, and we have to find a way of solving this problem", stated Rivas.

The official did not exclude the possibility of installing an alternative power generating system as part of the project.

The Pueblo Viejo mining project with 18.1 million ounces of gold, will cost Barrick an estimated US$2.3 billion. Construction works are due to last for an estimated three years.

"We are investing over US$2 billion in the construction of the Pueblo Viejo Dominican Republic mine, which makes it one of the largest foreign investments in the Dominican Republic", said Rivas.]]> http://blog.caribbeanrealtyinvestment.com/Article/Barrick Gold starts US$2.3 billion Dominican mine digs 7/20/2007 The Dominican Today

SANTO DOMINGO.- Executives of Barrick Gold Corporation (BGC), one of the world's largest mining multinationals, yesterday toured the areas where it conducts geologic studies in the Pueblo Viejo (northeast) mine, to determine the US$2.3 billion project's yield.

Together with the gold extraction, the Canadian company has identified some 2.6 million pounds of zinc, 358 million pounds of copper and 88 million ounces of silver.

It expects to conclude the feasibility study in the next months, to decide before February if the extraction is profitable, said BGC general manager in the country Rodrigo Rivas Muñoz. He said the country's poor energy quality is a stumbling block for his company, as the activity needs uninterrupted energy.

The mine is considered the continent's oldest, as the Spaniards discovered it and began to remove the precious metal in 1505.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican Bolsa approves public issues, RD$700 million for ADAP S & L; RD$400 million for Leon bank 7/20/2007 The Dominican Today

SANTO DOMINGO.- Dominican Bolsa superintendent Haivanjoe NG Cortiñas said two new public issues were approved on Thursday, one of RD$700 million to the ADAP savings & loans, and one of RD$400 million to the Leon bank.

It's the first public issue approved to ADAP in corporative bonds, aimed at providing an investment alternative for its clients and improve its cash flow management. The public issues obtained the no-objection from the Banks Superintendence.

The Leon bank's public issues are long term Bonds of Subordinated Debt, which will be used to support the growth of its credit portfolio.

The Leon Bank will place the funds from the public issues in good yield, low risk products, for commercial loans, mortgages for housing, and consumption loans.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican real estate tourism boom: US$1.5 billion in 2007, US$3.0 billion in 3 years 7/19/2007 The Dominican Today

SANTO DOMINGO.- Dominican Republic's real estate tourism perspective's are upbeat with US$1.5 billion invested in projects this year alone, and it's expected to attract US$3.0 billion per year within three years.

The forecast is from Dominican Association of Real Estate Tourism Companies (ADETI) president Juan Bancalari; vice president Frank Rainieri; secretary Ricardo Hazoury, and the members Luis Jose Asilis and Nicholas Tawil.

Bancalari said the real estate tourism sector has a great growth and enormous future, with complementary offers such as marinas and golf courses, which makes tourism more attractive. He said the Dominican real estate tourism's competitors are Central America and Mexico, and what the country needs is to project an image of security for investment.

Frank Rainieri, of the Punta Cana Group, said tourism is moving towards the real estate tourism industry. "Before hotels were simply pure hotels. All the large chains of the world (...) are already entering the tourism real estate component. I believe that that already creates the new dynamics of investment in the tourism sector."

He said in the last five years there has been a tremendous boom in real estate tourism, and is among the country's five most important currency generators, aside from the tourism as a segment. He said real estate tourism will be among the first places in the next five years.

He said the more than one million houses property of foreigners in southern Spain's coast sparked the boom in the 1970s and 1980s, in one of that country's most depressed zones.

Rainieri said ADETI aims to organize itself to "try to do things well and not begin in a much disorganized manner."

Among ADETI's members figure Cap Cana, Roco Ki, Metro Group, Guavaberry, Las Terrenas Beach Resort, Playa Grande Group, Casa de Campo and Rincon Bay.

Cap Cana president Ricardo Hazoury said real estate tourism doesn't compete with hotel tourism, and instead benefits it. He said the two sectors' goals are different, as real estate tourism attracts investors through the construction of a second home, whereas hotel tourists change destinations, though often repeat.

Real estate tourism's advantage, Hazoury said, is the large amount of currencies it generates for the country.

Rainieri said the hotel component is needed to develop real estate tourism properly, since it's a segment within the tourism industry.

The tourism business leaders made their statements in the Corripio Communications Group's weekly luncheon.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican deputies pass the tax amnesty bill 7/19/2007 The Dominican Today

SANTO DOMINGO.- The Chamber of Deputies passed the tax amnesty bill, unchanged from the one passed by the Senate, after the Finances Commission issued a favorable report.

The fiscal amnesty legislation aims to assure the transparency in the application of the mechanism used in the proof-of-tax-payment receipt.

Those who seek the exemption will have to formalize their request before the Internal Taxes Agency no later than 45 days after the law takes effect, to avoid audits on the non-expired periods until fiscal year 2006.

The legislation now goes to the Executive Branch, where president Leonel Fernandez is expected to sign it into Law.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican Free Zones get an 8 year reprieve 7/19/2007 The Dominican Today

SANTO DOMINGO.- The World Trade Organization's (WTO) Subsidies Committee based in Geneva approved an 8 year extension for the incentives Dominican Republic grants the duty-free zone companies.

The exemptions would've expired December 31, 2009, though the efforts by Dominican authorities and from other countries managed to extend those facilities until 2017.

Luisa Fernandez, director of the National Export Free Zones Council, said the sector is happy because this extension of incentives will make those companies more dynamic.

She said four multinational companies interested in staring operations in the country already contacted the Council, no only as the result of the extension of incentives, but also because of the Free Trade Agreement with the U.S. and the facilities provided for investments.]]> http://blog.caribbeanrealtyinvestment.com/Article/The U.S. FDA did in fact retain Dominican products for pesticides 7/18/2007 The Dominican Today

Santo Domingo.- The over 800 retentions the United States conducted against shipments of Dominican products haven't been cumulative since 1987 as the Agriculture Ministry said last week, and instead since July 2006 to June this year.

The U.S. Food and Drug Administration's (FDA) Web site shows it detained 863 national shipments in the last year, with 226 held just in May and mostly farm products from the Cibao region.

According to the FDA report, the presence of prohibited pesticides in products led to the retentions. It also stopped shipments of beauty and pharmaceutical products for failing to meet that market's standards of quality.

The newspaper Diario Libre reports it reviewed a news article published in the U.S. last week, motivated by China, which stresses last year Dominican products were retained by the U.S. over 800 times. The Agriculture Ministry responded that these had been for analysis, and that the figure cited was for a period of 20 years.

National Competitiveness Council Agribusiness chief Jesus de los Santos said they work in coordination with the authorities to lower the retention of Dominican products.]]> http://blog.caribbeanrealtyinvestment.com/Article/Big business opposes changes in Dominican Electricity Law 7/18/2007 The Dominican Today

SANTO DOMINGO. - Dominican business leaders, represented in the National Business Council (Conep), rejected the proposal to modify the Law on Electricity. The prefer the creation of electrical transmission and re-transmission companies, the energy sector subsidy's focalization and to set collections goals for the distributing companies, as measures to confront the industry's problems.

Conep president Lisandro Macarrulla said they propose a public and private sector alliance to design a plan to immediately solve the energy problem, and bolster the sector by making it sustainable.

He requested the implementation of the technical electricity rate, to make the costs transparent; the promotion and facilities of alternative energy projects; to study the creation of electrical marketing and cooperatives, mainly in urban and suburban areas; and to generate a climate of confidence, legal security and fair competition in the private sector without direct Government contracts.

The business leaders oppose the modification of several articles of Law on Electricity, because they say the legislation, passed only 6 years ago, has yet to mature. Macarrulla said it's not just about criminalizing fraud.

He said the electrical sector crisis is one of Dominican Republic's major problems and that the law modifications aren't necessary for solving them.

He said political interests have caused the problem over the last 40 years, from fear of bearing the cost of its solution. He said the problem is the productive sector's main stumbling block for competitiveness, and that anyone who breaks the law must be penalized.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican lawmakers bicker over US$150 million I.D.B. loan 7/18/2007 The Dominican Today

SANTO DOMINGO. – Amid the rejection of the opposition PRD party's legislators, the Chamber of Deputies Finance Commission analyzed today Tuesday a loan agreement between the Dominican Government and the Inter-American Development Bank (I.D.B.).

The US$150 million loan for 20 years, with a 5-year grace period, would bolster the social programs, such as that of the assistance card "Solidarity."

PRD deputy Andres Henriquez said the PRD's deputies won't approve the piece when it's submitted to the chamber floor, because it's political and the additional Solidarity cards benefit president Leonel Fernandez's re-election bid.

"We reject the accusations by the PRD and we regret that they are politicking with a loan that will benefit the people of limited economic resources," said PLD deputy Dicepcio Núñez, of the proposed loan, denominated the Social Management Reform Program.]]> http://blog.caribbeanrealtyinvestment.com/Article/Prestigious Dominican magazine Mercado launches new Web site 7/18/2007 The Dominican Today

Santo Domingo.- The world of technology is one of the most important aspects in business life, in Dominican Republic as well as in the rest of the world. With this premise, Internet has become an essential tool in the daily affairs of professionals.

Mercado Media Network, aware of this circumstance, has sought to place itself at the height of its readers with a Web page, which will soon become the world reference on Dominican businesses.

The new proposal of Mercado includes a new world of opportunities where, through the Web, any one who requires it could be part of the Dominican and international business life, through articles, interviews, news and surveys.

Visitors will also be able to access each and every one of Mercado Media Network's regular and special contents, "Everything within reach of click."

Its launching took place July 16, 6 PM, in the restaurant Mitre, located in the avenue Abraham Lincoln, corner Gustavo Mejia Ricart, with the keynote speech by Mercado Media Network president Patricia de Moya.

The Mercado team of Gabriel Grau, Melissa Bisono and Adrian Morales manage the new Web site, developed by the Intenet specialy firm, Merit Designs.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican Congress gets bill to budget RD$11.5 billion tax windfall 7/18/2007 The Dominican Today

SANTO DOMINGO.- The Executive Branch will send to Congress the bill on the complementary budget on Tuesday morning. Hacienda minister Vicente Bengoa will personally take the legislative piece to Senate president Reinaldo Pared.

The initiative, which contains the details on how the Government would spend the RD$11.5 billion accumulated tax windfall, will be immediately placed in Tuesday's legislative agenda.

Bengoa said the RD$589 million would be used to pay the Christmas bonus for workers of decentralized agencies, RD$500 million for the Family Health Insurance and RD$600 million to the National Potable Water and Sewage System Institute, to confront its recent water supply problems.

Although the detail of the allocations will be announced tomorrow, several senators have already said they could modify the bill if it doesn't include the works their provinces demand.

Ruling party senators Tomy Galan , Charles Mariotti; the opposition PRD's Mario Torres and Cesar Diaz Filpo, and the PRSC's Adriano Sanchez Roa want the construction of schools, highways, bridges and other works for their respective provinces, and are expected to include them in the complementary piece.]]> http://blog.caribbeanrealtyinvestment.com/Article/Construction begins on major dam in Dominican Republic 7/18/2007 The Dominican Today

SAN JOSE DE LAS MATAS, Dominican Republic.- President Leonel Fernandez yesterday detonated artificial explosives in this Central Mountain city to start the construction of the US$285 million Las Placetas Hydroelectric Project.

Upon his arrival in the community Las Placetas, the chief executive was received by dozens of supporters of his re-election. The ceremony began to 12:15 PM.

The hydroelectric, to be built by Brazil's company Andrade Guterrez S. A., will produce 87 megawatts of energy.

In the activity, Jose Carlos Marques, the company's construction director for Central America and the Caribbean, said the hydroelectric's entry to the system will represent a savings of over 40 million dollars per year and will reduce the country's dependency on foreign fuel.]]> http://blog.caribbeanrealtyinvestment.com/Article/Power plants must be built now, Dominican energy czar says 7/18/2007 The Dominican Today

SANTO DOMINGO.- If several electrical power plants aren't installed now, there'll be a serious deficit in Dominican Republic in approximately 2 years, said today Radhames Segura, executive vice-president of the State group of electric companies (CDEEE).

He said that's the reason he defends the Government decision to contract the Sichuan and Emirates Power companies to build 2 coal fired plants, in Manzanillo, Montecristi (northwest) and Hatillo, in Azua (south).

Interviewed by Oscar Medina, Geomar Garcia and Cristian Jimenez in Color Vision, Channel 9, Segura said that he's willing to go wherever the senators of the opposition PRD party want him to, who object the 30 million dollar letter of credit the CDEEE submitted to Congress to meet a demand of the Sichuan firm.

He said Dominican Republic's best electric energy sales contract is the one signed with Sichuan, which will sell energy to the CDEEE at 2.9 cents the dollar, and that it doesn't charge for installed capacity.

The official said the letter of credit is a type of deposit which guarantees the payment to the company for the energy supplied in case the Government is late in payments.

He said the PRD senators' argument isn't sustained. He said after a Senate commission, with that organization's senators among them, approved the report on the initiative, another dissident report again appears.

Segura said the International Monetary Fund and the World Bank also agree on the need to install new powerplants, given the growing and constant demand. He said many power parks are in decay, in many cases with plants already obsolete and others are inoperable due to their high operating cost.

He said the electrical energy's current demand surpasses 2,000 megawatts, while current generation is 3,198 megawatts, though only 1,000 can be considered stable generation.

He said of those 3,198 megawatts, 700 are from gas turbines, which he said is untenable because the diesel used is over 80 dollars per barrel.

Segura said only 2 plants remain in the Haina power park, because of age and that even the Ege Haina company plans to dismantle their park to build a coal plant.

As far as the Itabo park, he said it's also battered, and puts out only 250 megawatts, or only half its capacity. He said the case of the hydroelectric dams –that contribute 455 megawatts – can't be considered as they aren't permanent energy, used only in peak hours, and are regulated for irrigation, potable water and lastly to produce energy.]]> http://blog.caribbeanrealtyinvestment.com/Article/Lower prices at Dominican farmers markets 7/18/2007 The Dominican Today

Santo Domingo. - The Agriculture Ministry continues its program of farmers markets located in different sectors of the capital and the interior, where Dominicans can get produce and other items at lower prices.

The markets have basic foods including potatoes, garlic, onion, beans, milk, meats and others. One is located around the Agriculture Ministry's offices in the capital.

In the one in Los Jardines rice is 12 pesos per pound, beans is 20, port is 35, garlic is 30, onions 14, bananas 50 pesos the cluster, yuca is 4 pesos, sweet potato 3, eggs two pesos each, frozen chicken is 22 to and 17 if fresh, potatoes is 8 pesos the pound, milk is 25 the liter among others.]]> http://blog.caribbeanrealtyinvestment.com/Article/For many Dominicans, electricity supply improves 7/18/2007 The Dominican Today

Santo Domingo.- The program 24 hours which the distributors Edenorte, Edesur and EdeEste conduct is supported by 58% of the customers, whereas 51% of the consumers say the electrical service has improved.

The data, in a survey of the U.S. company Latin Insights, found that 30% of the population said the economy is the most important problem, and the electrical service second (25%).

The poll interviewed 1,301 people around the country, with a 95% confidence index and a 2.7% statistical error. It found that 48% of the electrical service customers acknowledge an improvement in the last year; 21% said the situation remains the same, and 31% said it has gotten worse.

This most recognized improvement is among EdeEste customers (53%), followed by Edenorte with 42% and those of Edesur third, with 34%.

The image

Of the people interviewed 45% have a good opinion of the State's electrical group (CDEEE) and its chief Rahdames Segura.

As far as the manner in which the electrical market works, most of those polled (73%) said the distributing companies are now modern, whereas 61% praised the customer service. EdeEste has a good image according to 76% of those interviewed.]]> http://blog.caribbeanrealtyinvestment.com/Article/New Dominican airline ready to take flight 7/16/2007 The Dominican Today

SANTO DOMINGO. - The carrier Sol Dominican Airlines is ready to spread its wings in the open sky market and awaits only the formal approval and permits from the Dominican Aviation Civil Institute (IDAC) and the Civil Aviation Board.

Jose Jourdain, the airline's general manager in the country, said he's confident they'll be flying by next month. He said they already have most of the technical personnel, pilots, and the operations director, and are hiring Dominican flight assistants. "This airline comes to fill a very necessary space in Dominican aviation."

Jourdain, interviewed by the newspaper Listin Diario, said Dominican Sol Airline's major market is South America and the Caribbean. He said as a Dominican airline, aviation law stipulates that personnel must be local as long as they are trained, and will hire more than 700 employees.

The carrier is registered before the IDAC with 65 percent Brazilian, and 35 percent Dominican capital.

It will have weekly flights (Thursday and Sunday) to Sao Paulo, Brazil, New York, Mexico, Toronto and Buenos Aires. The first 2 destinies will be regular flights and the other is a charter flight.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dominican Republic has the region's priciest airfares 7/16/2007 The Dominican Today

SANTO DOMINGO. - The current reduced offers and taxes levied in Dominican Republic's market have made the fares from the Dominican destination the entire region's most expensive. Taxes make up 45.5% of the fare.

The price difference is reflected much more in fares to the United States and Puerto Rico.

In other nontraditional destinations, the difference is as high as 100%, because there are no airlines competing in those markets.

From Dominican Republic only American Airlines flies to Puerto Rico, whereas in the routes to New York the carriers, Spirit, Continental, Delta and Jet Blue provide service, in addition to American.

Though fliers to New York still pay high fares, many travelers expect the opening of the skies after the country reacquired the Category One status, the authorities will study that area of the economy.]]> http://blog.caribbeanrealtyinvestment.com/Article/Prices are up, though not as bad as in 2004, report says 7/16/2007 The Dominican Today

SANTO DOMINGO.- In the last month the prices of articles basic household articles posted rises which took them to levels higher than those of a year ago, though the increases don't surpass those reached in 2004.

A study quoted by the newspaper Diario Libre shows a rise in the base price variation of 33 products of mass consumption in the poorest sectors.

The report on prices in supermarkets and colmados in the capital found that products such as rice, chicken, beans, vegetables, milk, eggs, pastas, garlic, onion, juice, sardines and others, cost more than last year.

Yesterday the Central Bank also presented a report in which it affirms that in the last 2 years of the previous administration, prices went much higher than those of the first 3 years of current tenure.]]> http://blog.caribbeanrealtyinvestment.com/Article/Dollar exchange rate mustn't "slide," Dominican industries say 7/16/2007 The Dominican Today

Santo Domingo.- The Herrera Industrial Companies Association (AEIH) asked the Government to prevent a slide of the exchange rate, since the inflation created would most damage the small and medium companies (Mipymes) that depend on imported raw material.

The business group said the Mipymes shouldn't be affected because they create the most jobs and already have high operating costs with the taxes effect.

AEIH president Jesus Moreno said that instead of manipulating the currency to produce gains for certain sectors, in detriment of most Dominicans, it's more advisable to concentrate the efforts to make the country a competitive economy.

He proposed to bolster the export capacity as well as the competitive substitution of imports of the local industries, which implies "establishing an appropriate climate for businesses."]]> http://blog.caribbeanrealtyinvestment.com/Article/ Unions, retailers call for fuel law reform 7/15/2007 The Dominican Today

Santo Domingo.- Transport leaders and the National Association of Gasoline Retailers (Andegas) are calling for the modification of Law 112-00 on Hydrocarbons with the idea of reducing taxes and preventing further price rises.

Transport unions Fenatrano, led by Juan Hubieres, and the CNTU, led by Ramon Perez Figuereo, are saying that they are not planning fare rises so far, although this might have to happen if fuel prices continue on the up. This week's prices are at their highest level since August 2006.

A number of meetings are taking place over the weekend to discuss the proposed change to the law, between the unions and the National Federation of Dominican Transport and the Alternative Social Forum.



Figuereo said that the CNTU would be starting the process of asking for a modification to the law in Congress and at the Supreme Court of Justice. He said that the law has a "systematic violation" each week with its constant price hikes.

The Central Bank recently stated that the price increases in basic consumer items during the first six months of the year were due to fuel price rises.

Anadegas president Juan Ignacio Espaillat, emphasized that Law 112-00 had to be modified with input from all sectors, to prevent misleading the consumer. He added that the law is inflationary and that it affects every Dominican's pocket, and suggested that price variations should be set on a monthly, not weekly level, and that the methodology used for calculating the prices needed to be changed.

]]> http://blog.caribbeanrealtyinvestment.com/Article/Agriculture ministry denies pesticide report 7/14/2007 The Dominican Today

Santo Domingo.- The Ministry of Agriculture says that the national products that were retained by the United States were for studies, and that once they were analyzed they entered the market without any problems.

The ministry's reaction comes in response to a Chinese motivated report published in the U.S. claiming that in the last year Dominican products were prevented from entering the U.S. on 817 occasions because they were contaminated with prohibited pesticides.

Vegetable health department director at the agriculture ministry, Luis Garrido, said that these figures date back to 1987 and that the quantity amounts to just 1.2% or 1.3% (between 9 and 10 shipments) that were confiscated for pesticide contamination. He assured that the same procedure is carried out by Dominican customs with vegetable products imported from other countries.]]> http://blog.caribbeanrealtyinvestment.com/Article/All fuels up again 7/14/2007 The Dominican Today



Santo Domingo.- The Industry and Commerce Ministry has raised the prices of all fuels, which are at record highs. Premium gasoline went up by RD$2.20 and now sells for RD$163.60, while regular gasoline went up by RD$2.80, and now costs RD$151.40.

Regular diesel also went up by RD$1.60, and its record price is now RD117.40 per gallon. The ministry points out that world fuel prices are at their highest since August 2006.

Propane has also been increased by 89 centavos per gallon and subsidized gas for domestic and vehicular use now costs RD$52.09, while non-subsidized propane for commercial and industrial use now sells for RD$73.85]]> http://blog.caribbeanrealtyinvestment.com/Article/China counters, rails Dominican products 7/13/2007 The Dominican Today

TUSCALOOSA, Alabama.- "Black pepper with salmonella from India; crab paste from Mexico that is too contaminated to be eaten; candy from Denmark with an erroneous label," is how the news article begins with which the Chinese seek to cleanup their image of defective product exporters.

After those allegations the article continues: "At moments when Chinese imports are under fire for contaminants or for having defects, the federal record suggests China is not the only country with problems in their exports. In fact federal inspectors have stopped more food shipments from India and Mexico in the last year, than what they have done with the Chinese."

The article said despite the bad press given to Chinese products, United States authorities have more frequently rejected farm products from Dominican Republic and Denmark, than from China. As an example it cites that Dominican products were retained 817 times last year, usually for containing traces of illegal pesticides.

Although the article includes reactions by India and Mexico officials, it said those of Dominican Republic couldn't located to comment on the information. It said Chinese merchandise represented 288 billion dollars, compared with 198 million from Mexico, 22 million from India and 5.3 million from Dominican Republic.

The article said from July 2006 to June this year, U.S. inspectors stopped 2,723 shipments from China, followed by 2,620 from India; 1,876 from Mexico and 887 from Dominican Republic, though the note adds that China ships much more products than the other countries.]]> http://blog.caribbeanrealtyinvestment.com/Article/U.S. retail chains target Dominican department stores 7/11/2007 The Dominican Today

Santo Domingo.- Dominican Republic's entry in the Free Trade Agreement with the United States, as well as its preparations for opening trade with the European Union have attracted large departments stores chains to the country. Some have decided to open new locales here, while others want the local chains.

Globalization has also piqued the interest of local businesses to expand their operations by acquiring important merchandise companies related to construction.

The newspaper Diario Libre reports that at least two large local business groups negotiate the purchase of the Ochoa companies, specially the hardware stores. Though the transaction is almost concluded, the negotiations are strictly confidential.

It's known that the chains Wal-Mart, Home Depot and Sears have offered to acquire large local stores, the La Sirena department stores among them, including its many supermarkets around the country.

The proprietors of Plaza Lama have also been contacted to sell their companies, and it was reported that even Americana Departments have foreign chains interested, trying to close a deal.

The Swedish retailer Ikea, which isn't interested in buying stores already established here, aims to build its own outlet, and prepares supply its merchandise to the Caribbean and Central America from the locale it builds in the avenue John F. Kennedy.

The U.S. home furnishings chain Pier1 Import will also open in Santo Domingo, possibly in the avenue Sarasota, in the exclusive sector Bella Vista.

Famous brands, which to acquire them was traditionally necessary to go to Miami, are already available in Dominican Republic. Local entrepreneurs with capital in hand are acquiring the sale and distribution rights of famous brands in the exclusive stores. They are businesses that require fast money and under the present conditions bank credit for those transactions is difficult to come by.]]> http://blog.caribbeanrealtyinvestment.com/Article/Barrick presents Dominican gold mining project 7/11/2007 The Dominican Today

THIS INITIATIVE WILL BRING MULTIPLE BENEFITS TO THE COUNTRY, ESPECIALLY TO NEAR COMMUNITIES, BASED IN THE RESPONSIBLE MINING PHILOSOPHY THAT BARRICK APPLIES LOCAL AND WORLDWIDE AND THAT IN DOMINICAN REPUBLIC HAS BENEFIT MORE THAN 3,200 PEOPLE.

Santo Domingo.- Barrick, leading international gold mining company, who operates in this country the Pueblo Viejo Dominican Corporation (PVDC), participated today in the informative lunch of the Canadian-Dominican Chamber of Commerce, where they presented Pueblo Viejo Project, which will generate 3,500 jobs for its construction, more than 1,000 for operations during the next 20 years, and thousands more according to its impact to the country economy.

The executive manager of Corporate Affairs of the mining company, Rodrigo Rivas said that Barrick promotes the responsible mining philosophy worldwide and since last year in this country, and that it considers the use of proven technology, environmental management of excellence, a special care for the security of its employees and the contribution to the economic and social development of communities near its operations.

Also, he declared that PVDC is advancing toward a series of programs of communitarian improvement in subjects like health, employment, education, productive development, infrastructure, culture, and traditions that seek for the benefit of the provinces of Sanchez Ramirez, Monseñor Nouel and Barahona. These projects are executed with the collaboration of local and international authorities and the support of Provincial and Regional Directions of Public Health and Social Assistance, INFOTEP, the Civil Defense, among others.

Offering details about communitarian programs, Rivas said that Barrick, in order to accomplish the commitment of prioritize the local workers for the Project, had started programs of professional development and training opportunities for the local communities, to prepare the residents to take advantage of approximately 3.500 jobs that we foresee we're going to be needing during the construction phase of the project.

"We expect that Pueblo Viejo hires approximately 1,000 people during around 20 years of mining life that generates about 2,500 jobs. "This is the first step in a big effort of qualification that's going to be executed in the zone in the years to come, during this time we expect participation of thousands of people",