Expoopens with high sales expectations; Abinader projects foreign investment in the country of more than 3.5 billion dollars; Intec is the Dominican university best positioned in the QS World University Rankings; the price of oil closed at US$122.11 for July delivery, a 13-year high; May inflation was 0.49%, year-on-year at 9.47%; fuel subsidies amount to RD$18 billion; confidence in resorting to credit in the post-pandemic era is growing, but rates have risen; the United States recognizes the Dominican government in the fight against drug trafficking.
Expo Ferretera 2022 opens high sales expectations
The Dominican Association of Hardware Stores (Asodefe) inaugurated the 17th edition of “Expo Ferretera Dominicana 2022” last night, an event featuring the most important representatives of the sector, both national and international. The event, which will include more than 40 companies, will be held from today until Sunday at the Dominican Fiesta Hotel Convention Center in Santo Domingo, from 10:00 a.m. to 7:00 p.m.
Abinader projects foreign investments in the country of more than 3.5 billion dollars
President Luis Abinader predicted that foreign investment in the Dominican Republic this year could exceed $3.5 billion. While attending the IX Summit of the Americas in Los Angeles, the president shared information about the country and potential investments.
Oil prices closed at US$122.11 for July delivery, a 13-year high
The price of West Texas Intermediate (WTI) crude oil finished near its highest closing level in 13 years, driven by strong demand. The WTI barrel for July delivery closed up 2.26% at $122.11, approaching the $123.70 closing price in early March, which marked a peak since 2008.
Intec is the highest-ranked Dominican university in the QS World University Rankings
The Technological Institute of Santo Domingo ( Intec ) is the highest - ranked Dominican university in the QS World University Rankings, entering the rankings today in the 801-1000 range among the 1,400 best universities worldwide that made it into the rankings compiled by the British company Quacquarelli Symonds (QS). The announcement was made at the EduData Summit, held at the United Nations Building in New York from June 8-10, 2022, an annual event organized by QS to recognize the world's best universities.
May inflation was 0.49%, year-on-year at 9.47%
The Central Bank of the Dominican Republic (BCRD) reported that the Consumer Price Index (CPI) for May registered a variation of 0.49% compared to April 2022, the lowest monthly inflation since October 2021. According to the BCRD, this performance demonstrates that the measures adopted by the Government and the BCRD to mitigate the rate of price increases have begun to take effect.
Fuel subsidies amount to RD$18 billion
The fuel subsidy implemented by the Dominican government, as part of a series of measures aimed at counteracting inflation generated by the Russian-Ukrainian conflict, has allowed citizens to save RD$18.968 billion so far in 2022. This was announced by Finance Minister Jochi Vicente via his Twitter account, detailing that in the last week alone, Dominicans saved RD$90.83 for every gallon of regular gasoline they purchased and RD$92.14 for every gallon of regular diesel, thanks to the subsidy.
Confidence in accessing credit is growing in the post-pandemic era, but interest rates have risen
As economic activity has progressed in its recovery, business and household confidence in accessing credit strengthened in the first quarter of this year, reports the Superintendency of Banks. However, they face rising consumer loan interest rates, which increased compared to the previous quarter, reaching 16.2% annually.
The United States recognizes the Dominican government's efforts in the fight against drug trafficking
The U.S. State Department recognized President Abinader's government for its fight against drug trafficking and other illicit activities, demonstrating "a political will to reduce the flow of drugs into the country." The report highlights the considerable 116% increase in seizures of illicit substances during the first nine months of 2021 compared to the same period in 2020.
Logistics crisis affects local supply chain
Tensions in global supply chains, increased maritime freight costs, and conflicts between Russia and Ukraine are driving up the price of products from various sectors, especially those related to the country's agro-industrial chain.
Sources: Hoy, El Día, Listín Diario, Diario Libre.
