Dominican News

Major highway's cost ballooned by expansion, official says

Thu, 2 Sep 2010 14:16:00 GMT
Santo Domingo.- Public Works minister Victor Diaz Rúa on Wednesday said the cost for the construction of the Coral Highway increased by US$88 million because the size of the work duplicated

Egg glut scrambles farmers' profits, benefits consumers

Tue, 31 Aug 2010 13:21:00 GMT
Santo Domingo.- Egg producers report a monthly surplus of more than 15 million, an overproduction they affirm benefits consumers with significantly lower prices, as the colmados (small grocery stores) continue to sell them at five pesos each.

Private construction spurs Dominican economy 7.5% first half growth

Tue, 31 Aug 2010 12:17:00 GMT
SANTO DOMINGO.- Dominican Republic's economy grew 7.5% in the first half, a notable recovery compared with the same year ago period when the Gross Domestic Product reached 1.4 percent.

Dominican Republic's oldest newspaper is sold 7 years after bank collapse

Tue, 31 Aug 2010 11:45:00 GMT
Santo Domingo.- A group of local moguls headed by Juan Bautista Vicini, the brothers Héctor and Samir Rizek, Mícalo Bermúdez and Jose Luis Coripio (Pepín), has bought the 121 year old newspaper Listin Diario for US$38.5 million, seven years after the fraudulent collapse of its owner the bank Intercontinental (Baninter).

Fitch affirms Banco de Reservas' long-term IDR at 'B'

Mon, 30 Aug 2010 15:48:00 GMT

Wartsila to supply floating power plant to Dominican Republic

Mon, 30 Aug 2010 15:39:00 GMT
Santo Domingo.- Wartsila,

Brazil mulls making ammo, military gear in Dominican Republic

Thu, 2 Sep 2010 13:27:00 GMT
Santo Domingo. - Brazil's weapons industry mulls the possibility of setting up shop in the country with an ammunitions factory and other military gear, for which a delegation will come to Santo Domingo, revealed ambassador Joao Carneiro Da Cunha yesterday.

Cap Cana resort group to issue US$20M in bonds

Thu, 2 Sep 2010 12:53:00 GMT
Punta Cana, Dominican Republic.- The Securities Superintendence (SV) authorized the resort group Cap Cana to issue US$20 million in corporate bonds, an offer to be applied in four sections of 5 million dollars, with a fixed coupon rate with a three year maturity.

Haitians displace Dominicans in most informal jobs

Thu, 2 Sep 2010 12:01:00 GMT
Santo Domingo.- For decades many Haitians work in jobs with much lower pay than most Dominicans would accept, but now the foreigners are taking over other activities and displacing the natives, despite their illegal status.

Dominican Republic advances trade pacts with Canada, Taiwan

Wed, 1 Sep 2010 15:02:00 GMT
SANTO DOMINGO.- Dominican Republic advances its negotiations with Canada and Taiwan to reach a Free Trade Agreement, revealed Industry and Commerce Ministry Foreign Trade director Yahaira Sosa on Wednesday.

The Government earmarks RD$560M yearly for healthy livestock

Wed, 1 Sep 2010 14:34:00 GMT
Santo Domingo.- The Government allocates 560 million pesos yearly in programs to improve and promote the health of farm animals, through the Livestock Agency, whose director Angel Faxas revealed that the entity recently invested RD$1.2 million to clean up the milk production facilities of one of the sub-sector's top leaders.

Barriers against money laundering are in place, top banker says

Wed, 1 Sep 2010 13:20:00 GMT
Santo Domingo.- Commercial Banks Association president Jose Manuel Lopez Valdez affirmed Tuesday that the financial sector is the one which has applied the toughest measures to protect against money laundering, making it difficult for funds from drug trafficking to enter its operations.

Cost of major Dominican highway skyrockets to US$360.7M

Wed, 1 Sep 2010 12:29:00 GMT
SANTO DOMINGO.- President Leonel Fernandez submitted to the Senate, two amendments to the construction and financing contracts of the Coral Highway, which raises the cost of the work from US$272.3 million to US$360.7 million.