News World

President Leonel Fernandez met with US Commerce Secretary Carlos Gutierrez at the Presidential Palace yesterday. After a private meeting with Gutierrez, President Fernandez held discussions with the business mission that accompanied him, US Ambassador to the DR Robert Fannin and Dominican Labor Minister Jose Ramon Fadul. Gutierrez visited heading a business mission that included representatives from Best Buy, Cell Gate USA, Waitex Group of Companies and Home Depot. These companies have shown an interest in establishing branches in the DR.

Original post by WP-AutoBlog Import

The DR is the leading US trading partner among the DR-CAFTA member nations and was the sixth largest in Latin America in 2007, according to US Commerce Secretary Carlos Gutierrez. According to Gutierrez, exports from DR-CAFTA nations increased by 18.5% and bilateral trade between the US and Central America towards the DR increased by US$10 billion since the implementation of the agreement. Gutierrez highlighted the DR’s trade growth since 2005, adding that it is difficult to find another country with a comparable growth rate during that same period.

However, Gutierrez says the trade deficit between the DR-CAFTA nations and the US was US$3 billion in 2007. The DR shows the highest trade deficit among the agreement’s signatories. Gutierrez attributed the large deficit to the decline that textile exports have been experiencing since 2005, saying that this is linked to the shift in apparel manufacturing to China, and not a [...]

Original post by WP-AutoBlog Import

US Commerce Secretary Carlos Gutierrez has urged the DR to redouble efforts to increase transparency and consistent application of the law as a way of enhancing the nation’s attractiveness for foreign capital. The Secretary explained that as the economic crisis develops, competition for foreign capital would become fiercer. Gutierrez did highlight the silver lining in this financial crisis, saying that a rise in fuel prices would benefit the DR as manufacturing companies would prefer the proximity of the DR to shipping from Asia. Gutierrez made his comments during speeches as part of a business development mission to the DR. The mission seeks to highlight regional opportunities under the DR-CAFTA agreement. Gutierrez is leading a business delegation of nine US exporters from eight cities in seven states representing a wide range of industries that will travel the region from 28 September to 2 October 2008.

In related news, President Leonel [...]

Original post by WP-AutoBlog Import

Economist Bernardo Vega is in favor of the Dominican government signing an agreement with the International Monetary Fund as a way of demonstrating willingness to tighten its belt in order to tackle the difficulties that the economic crisis in the US will bring. “There is no real perception that the government is tightening its belt to confront the situation in the United States,” he told Huchi Lora’s CDN Radio talk show. He said the signing would restore confidence and reiterated the need for the government to reduce public spending.

Vega does not foresee problems with Dominican banking, despite the US financial crisis. He said that after the Baninter bank fraud scandal, rigorous regulations were instated aimed at keeping banking in order. He did say, however, that banks should be wary of receiving “hot money,” and lending this out. Nevertheless, he predicted that there would be a decline in investment [...]

Original post by WP-AutoBlog Import

Codetel, in cooperation with the Dominican Telecommunications Institute’s (INDOTEL) Rural Broadband Connectivity Program, will expand broadband internet service to 509 rural communities throughout the DR. Indotel director Jose Rafael Vargas says that within 343 days communities in Arenoso, Castillo, Villa Riva, Duarte, Comendador, Moca, Punta Cana, La Vega, Bonao, Monte Plata, Yamasa and Puerto Plata will have broadband service. Codetel president Oscar Pena Chacon says that so far the program has brought broadband to over forty communities. According to Vargas the goal is to bring broadband service to 2,000 communities across the country.

Original post by WP-AutoBlog Import

During celebrations in honor of the Archangel St Michael, President Leonel Fernandez asked the Army to continue fighting against drug trafficking. St Michael is the patron saint of the Army. Fernandez’s words were read during a mass celebrated at Santo Domingo Cathedral. Also attending the mass were Vice President Rafael Alburquerque, Armed Forces Chief Pedro Rafael Pena Antonio, Army Chief Joaquin Virgilio Perez Feliz, Navy Chief Julio Cesar Ventura Bayonet, Air Force Chief Carlos R. Altina Tezanos and Police Chief Rafael Guillermo Guzman Fermin.

Original post by WP-AutoBlog Import

The increase in drug activity in the DR can be attributed to an increased presence of Colombian drug cartels using the country as a springboard for drug operations. During the first ten months of the year, 83 flights were detected entering the DR illegally with the aim of dropping drugs on national territory. According to Diario Libre, an average of 15 illegal flights enter Dominican airspace each month. The newspaper reports that during this same period the authorities arrested 403 Colombian nationals with ties to drug trafficking and 32 Colombians have been murdered in drug related incidents. This includes the four men who died in a plane crash in the mountains of Pedernales last week. Diario Libre states that this increase in drug trafficking activity is putting national security at risk.

Original post by WP-AutoBlog Import

Over the weekend drug control agents seized over 154 kilos of drugs in separate drug raids. Thirty-three packets of drugs were found in Higuey after a gun battle between the authorities and suspected dealers. One man was shot dead in the violent exchange. A further 75 packets of drugs were found during an operation at Las Americas International Airport (Santo Domingo), while twelve packets were found at Punta Cana International Airport. Officials say the drugs originated from Colombia. Drugs raids continued across the DR including Azua, where 23 packets of drugs were found. The Navy reported the dismissal of three officers for ties to individuals linked to drug trafficking - Genaro Silverio Balbuena, Felix Acosta and Pena Figueroa, as reported in Hoy.

Original post by WP-AutoBlog Import

Toronto stocks were up by more than 530 points in early afternoon trading Tuesday, suggesting that some people thought Monday’s record 840.93 point drop was a bit overdone.

Original post by WP-AutoBlog Import

Toronto’s benchmark stock index gained more than 467 points Tuesday, suggesting that some people thought Monday’s record 840.93-point drop was overdone.

Original post by WP-AutoBlog Import