Texas crude oil closes down 2.6% at US$107.67 per barrel. What is stagflation? The Dominican Republic is one of Ukraine's main export destinations to Latin America. Bancamérica customer deposits will be transferred to Banreservas. The 84 call centers in the Free Trade Zone provide nearly 28,000 jobs. Banesco and Seguros Crecer are negotiating a long-term alliance. Fernando Hazoury highlights government strategies that have revived tourism and stabilized the economy. Users transacted RD$624,792 million through ATMs in 2021. More than 200 women have benefited from Habitat for Humanity's Women Entrepreneurs program. Haina becomes the Dominican Republic's first industrial district. Abinader increased the pensions of 113 retired police generals to RD$100,000 per month. The Dominican Republic has the most climate change projects in the Caribbean. The Malecón will be closed. This Saturday for the National Carnival Parade 2022.
Texas crude oil closed down 2.6% at US$107.67 per barrel
The price of West Texas Intermediate (WTI) crude oil closed yesterday, Thursday, with a 2.6% drop and stood at $107.67 a barrel, putting the brakes on after several days of increases stemming from the war in Ukraine.
Whatis stagflation?
For now, everyone is talking about inflation, and very few are pointing to the possibility of stagflation in the global or Dominican economy. However, for this effect to occur, the first requirement is stagnation in economic activity coupled with high inflation. So far, the Dominican economy continues to grow. Several economists have weighed in on this. And recently, the Central Bank reported that economic activity (IMAE) grew 6.3% in January of this year compared to the same month in 2021, indicating continued growth. According to economist Luis Manuel Piantini, stagflation is the combination of economic stagnation with high levels of unemployment and inflation. This happened in the US economy between the late 1970s and early 1980s when the price of a barrel of oil reached US$125 in 1980 (it reached US$40 per barrel in nominal terms).
The Dominican Republic is one of the main destinations for Ukrainian exports to Latin America
The Dominican Republic is one of the main Latin American countries that receive imported products from Ukraine and, at least in 2020, it was the main one, which is why the Minister of Industry, Commerce and MSMEs, Víctor -Ito- Bisonó, is already anticipating a scenario of pressure for the Dominican economy due to the war situation that country is experiencing with Russia.
Bancamérica customer deposits will be transferred to Banreservas
The Superintendency of Banks (SB) awarded Banreservas the assets and liabilities of Bancamérica, so the clients of this entity, which is in the process of dissolution, will now go to the State bank.
The 84 call centers in the Free Trade Zone provide approximately 28,000 jobs
The president of the Dominican Association of Call Centers, David Crown, expressed his satisfaction with the dismantling of illicit activities from clandestine centers and affirmed that the sector he represents is regulated by the National Council of Export Free Zones (CNZFE) and contributes with jobs and payments in services in the country.
Banesco and Seguros Crecer negotiate a long-term alliance
Banesco Banco Múltiple and Seguros Crecer announced they are negotiating a 10-year strategic alliance that will allow Banesco to focus on its banking business and Seguros Crecer on the insurance market. Their goal is to strengthen the value proposition for their clients and expand their business volume .
Fernando Hazoury highlights government strategies that have revivedtourism and stabilized the economy
Fernando Hazoury, president of the Cap Cana Board of Directors, positively assessed the achievements of the central government during its year and a half in office, as highlighted in President Luis Abinader's accountability address on February 27th at the National Congress. Hazoury applauded the work of all members of the cabinet, despite the fact that the country, like the rest of the world, is only now emerging from the COVID-19 health crisis, which has resulted in a large-scale international economic crisis.
Users transacted RD$624,792 million through ATMs in 2021
In an effort to facilitate in-person transactions for citizens, multiple banks increased their customer service channels between 2010 and 2021, including branches, ATMs, and banking sub-agents.
More than 200 women have benefited from Habitat for Humanity's Women Entrepreneurs program
Thanks to the efforts of Habitat for Humanity Dominican Republic, more than 200 women entrepreneurs have been able to develop their business ideas from their homes through the Building Hope Step by Step project and its Women Entrepreneurs program. This program, an initiative implemented since 2018, provides microloans to women heads of household or single mothers living in vulnerable conditions to improve their home infrastructure, transforming it into a productive home that contributes to generating the income necessary for the sustenance and development of their children.
Haina becomes the Dominican Republic's first industrial district
Haina, home to important industries in the Dominican Republic, received its certification as the country's First Industrial District, which was presented by the Minister of Industry and Commerce and MSMEs (MICM), Víctor Bisonó, and the director of Pro-Industria, Ulises Rodríguez.
Abinader increased the pension of 113 retired police generals to RD$100,000 per month
President Luis Abinader increased the pensions of 113 retired brigadier generals from the National Police to 100,000 pesos per month.
The Dominican Republic has the most climate change projects in the Caribbean
The Dominican Republic has the largest number of registered projects to mitigate the impact of climate change in the Caribbean.
The boardwalk will be closed this Saturday for the 2022 National Carnival Parade
The Ministry of Culture announced that the Santo Domingo boardwalk will remain closed from 12:30 am this Saturday, May 5, until 12:30 am on Monday, May 7, on the occasion of the 2022 National Carnival Parade
RUSSIA/UKRAINE
Ukraine and Russia cease fighting, but the war is not over
Ukrainian presidential advisor Mykhailo Podoliak announced on his Telegram channel that an agreement had been reached with Russia for a temporary ceasefire and the establishment of humanitarian corridors. “The parties have reached an understanding on the joint creation of humanitarian corridors with a temporary ceasefire,” Podoliak stated on his Telegram channel.
Russians on their way to a large nuclear plant
Russian forces sought to seize control of a crucial energy-producing city in southern Ukraine on Thursday and gained ground in their effort to cut the country off from its coast, while Ukrainian authorities urged the population to use guerrilla tactics against the invaders.
The US sanctions Putin's "front man," his spokesman, and other Russian oligarchs
The United States yesterday announced sanctions against eight Russian oligarchs and their relatives, including President Vladimir Putin's alleged "front man," Alisher Usmanov, and Kremlin spokesman Dmitry Peskov.
