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Thread: Recession of 2008 and impact on the DR

  1. #2971
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    Florida companies eye Dominican Republic




    Miami.– Two companies with headqaurters in Florida, J&J Produce Inc. and Weis-Buy Farms Inc., are expanding their involvement with Dominican Republic vegetables.

    In late September, buying broker Weis-Buy started importing a large crop of hothouse peppers, including red, yellow and orange colors.

    According to a press report, Chuck Weisinger, president and chief executive officer, said Weis-Buy plans to pack its own cucumber slicers as well as English cucumbers, a variety of hothouse peppers and hothouse grape, romas and round tomatoes.

    J&J is increasing its offshore volume this season, transitioning its sourcing from Honduras to the Dominican Republic, said Brian Rayfield, vice president of sales and marketing.
    http://www.dominicantoday.com/dr/eco...nican-Republic



    Puerto Rico companies coming for business opportunities


    San Juan. - A delegation of 15 Puerto Rican companies will visit Dominican Republic from November 13 to 18 to analyze business opportunities between the two Caribbean countries, Efe reports.

    The companies in the chemicals, manufacturing, construction, energy and services sectors will have representatives in the delegation hosted by the Commerce and Export Company (EEC) organization, and the Enlace Empresarial Dominican-Puerto Rican and Caribbean Business Connection.

    Puerto Rico Economic Development and Commerce Department (DDEC) Jose R. Perez-Rivera said the initiative is part of the Government efforts to secure a national place in the global economy for his country, through the promotion of exports, services and products.

    In that regard Business Connection president Luis Torres Llompart said it’s the first of his organization’s several initiatives aimed at expanding the opportunities of the Puerto Rican industries in the Caribbean and the rest of Latin America.

    http://www.dominicantoday.com/dr/eco...-opportunities
    One Dominican at a time please!


  2. #2972
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    Dominican Republic: EU and US main importers of organic bananas




    Organic bananas from the Dominican Republic are exported mainly to Europe. The main export destinations are Spain, France, United Kingdom and Portugal. 70% of exports are to Europe, and the remaining 30% to the United States. "We are exporting about 1,500 tons per year of organic banana," confirms Martin Camacho to FreshPlaza.

    In addition to exporting organic bananas, the Dominican Republic is characterized by the production and export of chilli pepper, peppers, tomatoes, cucumbers, tropical and Asian fruits and vegetables. One of the characteristics of fresh produce in the Dominican Republic is the use of greenhouses, which have been used much more during the past six years. At the moment, the Dominican Republic has five million square meters of greenhouses, which produce approximately 75 million pounds of which 80% are exported.

    The major consumer of Dominican products due to proximity is the United States. "We're just 2 hours from the United States. We can harvest now and in 4 to 5 hours the product can be found in fresh form in different American markets. We can even bring our product to the U.S. much faster than a transfer from one state to another within the United States." says Martin Anibal Camacho.

    Dominican Republic: EU and US main importers of organic bananas
    One Dominican at a time please!


  3. #2973
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    While Pick posts pretty pictures, the world around us continues to disintegrate. Pick reminds me of Nero fiddling while Rome burned. Pick like Nero couldn't see any problems around him even when all hell was breaking loose. I wonder what Pick will say when the world like Rome begins to burn economically speaking. Will he show us more pictures of some silly mall being built or a couple of bananas being sold here and there?

    This excerpt comes from the IMF, the very entity which has permitted the DR to continue forward as a going concern. For if it were not for the IMF, then the DR would have folded on itself. The economy would have collapsed with the Baninter fiasco. Bank deposits would have evaporated. In other words, everyone with money in the banks would have lost it and the knock-off effects would have been of Zimbabwean proportions.

    The IMF came along and saved the day. Now you have guys like Pick asserting that it was just another loan as if the DR was operating from a position of power. That's what happens when bust and broke countries like the DR cop an attitude as if they are invincible to ruin because there will always be some shlep like the IMF that will bail them out. The IMF became the lender of last resort since the Baninter collapse shut off the DR from all other credit agencies, private lenders, etc.

    Then you have bond offerings that not only see a speedy sale as mentioned but have the capacity for eight time over as if that is such a good thing. The DR should have placed not 250 million but 250 billion. The world is so crazy today that they might have gotten it and as for paying it back so what. Investors are not concerned with such trivialities. They have an implicit guarantee from the IMF that if the DR fails as it has over and over again in its lending history the IMF will bail it out, forgive its loans and renegotiate any deal that comes its way.

    Well here's the excerpt from the IMF a.k.a. the DR's SUGAR-DADDY
    Christine Lagarde, head of the International Monetary Fund, told a financial forum in Beijing that Europe's debt crisis risked plunging the global economy into a Japan-style "lost decade."

    "If we do not act boldly and if we do not act together, the economy around the world runs the risk of downward spiral of uncertainty, financial instability and potential collapse of global demand."


    There you have it folks. Finally the IMF has jumped on O&C's bandwagon of DOOM-n-GLOOM. It finally hit them. The reality of global collapse because without demand, LOL, you have nothing. See you can have an edifice, a gargantuan mountain of debt and loans sustained by ever smaller slivers of actual real production and demand. But it comes to a point that if those slivers of real tangible stuff become too small- minimal debt service is not met, a crisis of confidences emerges and another Lehman event occurs.

    The IMF has finally realized where we are right now. You have Greece and now Italy is joining in. Before, it was billions and now with Italy we are looking at potential losses of trillions and if events keep picking up speed it'll be quadrillions. For now it's the Humpty Dumpty game being played. They will keep holding it together until they can't no more and then it's game over.

    We live in a Humpty Dumpty global economy until it falls and even if they try to fix, they won't be able to.

  4. #2974
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    [QUOTE]
    Quote Originally Posted by PICHARDO View Post
    It could be 100T and still the DR would pay in services and goods produced at home and the money used stays HERE! That's to say the DR buys 100 million USD$ in oil from Chavez, sells the oil in the home market at the markup of profits we now have in place *(which is above and beyond that of the U.S. and other places). The money from the sales gets re-introduced into our local economy and part to external interests (using external money to pay external debtor), the rest goes to the local CB to be used as cash on hand for internal banks on overnight lending (again at a profit over LIBOR). When the debt of the sold oil is up for payment to Chavez, instead of looking for foreign currency (US$), the DR gov sends goods and services purchased from the local biz sectors and industry (again the money stays here).
    Pichardo:

    Go back and re-read what your own finance minister said. You owe Venezuela 2 billion and you have paid 57 million (presumably in those goods and services you tout). As I stated before, at 57 million per year you are making minimum payments on the Chavez credit card......and still receiving more oil...and thus your debt....even on soft terms....continues to climb.

    It will climb until you either run out of ways to borrow ($250 million just the other day to pay bills), your dynamic economy starts to be based on things other than borrowed money, or Chavez or Venezuela demands payment. (Chavez is not long for this world and when that government changes the free lunch for the D.R. may well be over). In spite of what you might think or like to show us, your economy does not operate in isolation to the rest of the world.



    The DR is using the Petro oil ease of payments to induce the investment of green and renewable energy sources long term for the DR. It has been estimated that by the end of the last Petro barrel paid back to Chavez or Venezuela (whichever outlives the other), the DR will be generating over 75% of the energy it uses from local renewable sources and hydro power. The rest will be based on clean fuels that are stable markets like Natural Gas... We're working in a deal to outgrow our exports to our Natural Gas source by 500% in the next 5 years. With the aim of creating a swap table like the one with Chavez, or more like Gas for goods that the little nation needs badly at cheaper rates over the competition and food security.
    The cold hard facts are that foreign investment funding for these projects is drying up as the economic crisis deepens in Europe. The cost of wind and solar are actually higher per kwh than fossil fuels....and since the government cannot pay those bills, how do you expect them to pay for wind and solar at a higher rate per kwh.


    The DR's first Ethanol plant is only a short period from getting turned on. Once that's done not only will the DR become independent for transportation fuel, but a minor exporter to the region (mainly Haiti and PR)...
    Because you build an ethanol plant, you will shortly become independent for transportation fuels? Unless you pass a law outlawing only flex fuel vehicles...how likely is that?.....the automobiles, buses, taxis currently in use can probably only accept e-10 or e-85. That is a blend of ethanol to gas at 10 or 15%....and to be blended...your ethanol would first need to be exported to be blended...as the current refinery in the D.R. is incapable of handling the process.

    All this comes at a price. Ethanol would then be more expensive than gasoline and a vehicles miles per gallon would decrease.

    Brazil has been at it for 40 years now....and they are now net energy independent. However, to do this they required Petrobras the huge Brazilian oil company to purchase a required percentage of ethanol production, the government provided large loans to stimulate ethanol production, and because of cost...the government further subsidized and still subsidizes the pump price so that it would be less than a gallon of 100% gas.

    You neither have the oil company to order to buy a percentage of your ethanol production, the money to stimulate that production, the money to subsidize the pump price, nor a sufficient number of vehicles that could operate on it. You may have a future for ethanol, but it won't be "shortly."

    But, you are on the right track with natural gas. It is cheap, abundant, and the costs for vehicle conversion are very reasonable. Too bad the U.S. government cannot figure that out. Heck, they do not even have a real energy policy with goals and benchmarks.


    Respectfully,
    Playacaribe2

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  6. #2975
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    Playacaribe; It is amazing how resilient the economy in the D.R. is now days to large increases in world oil prices. Back in the early 90's I saw sporadic gas shortages (may be the bills did not get paid) The economy of D.R. and E.U. is so much different than even 10 years ago. And they are riding a Huge bubble and nothing seems to dampened the ongoing party. U.S. took it in the shorts back in 08, and not really recovered and D.R. keeps going (more or less) in comparison to traditional economic conditions.

  7. #2976
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    Quote Originally Posted by porkman100 View Post
    Playacaribe; It is amazing how resilient the economy in the D.R. is now days to large increases in world oil prices. Back in the early 90's I saw sporadic gas shortages (may be the bills did not get paid) The economy of D.R. and E.U. is so much different than even 10 years ago. And they are riding a Huge bubble and nothing seems to dampened the ongoing party. U.S. took it in the shorts back in 08, and not really recovered and D.R. keeps going (more or less) in comparison to traditional economic conditions.
    The DR has always had much higher than average fuel prices. It's the #1 cash cow the gubmint has!

    I fear what will happen if/when Chavez dies and Venezuela starts asking for their $$ back, or asks changes the deal going forward....

    http://www.miamiherald.com/2011/11/0...ogressing.html

  8. #2977
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    Quote Originally Posted by cobraboy View Post
    The DR has always had much higher than average fuel prices. It's the #1 cash cow the gubmint has!

    I fear what will happen if/when Chavez dies and Venezuela starts asking for their $$ back, or asks changes the deal going forward....

    Noriega: Chávez cancer progressing faster than expected - Venezuela - MiamiHerald.com
    Don't get rid of the back up gen sets yet!!!
    LOL!!!
    One Dominican at a time please!


  9. #2978
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    Quote Originally Posted by cobraboy View Post
    The DR has always had much higher than average fuel prices. It's the #1 cash cow the gubmint has!

    I fear what will happen if/when Chavez dies and Venezuela starts asking for their $$ back, or asks changes the deal going forward....

    Noriega: Chávez cancer progressing faster than expected - Venezuela - MiamiHerald.com
    The DR would die alongside Chavez if Venezuela demanded to be paid in dollars on a timely basis. Not piecemeal as the DR is accustomed to but "toma chocolate y paga lo que debe" style. It means pay as you use the product, not use the product and then pay as you feel like it as stipulated by some ridiculous terms in a crappy contract. The deal that the DR got from Venezuela benefits the DR and does nothing for Chavez Venezuela. It's basically Chavez giving the DR oil for nothing.

  10. #2979
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    Yes..when Chavez is no more, the sucking sound will be heard as far as the adjacent Island. Not only toma chocolate, pero le van a cortar el agua y la luz.

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  12. #2980
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    Quote Originally Posted by porkman100 View Post
    Yes..when Chavez is no more, the sucking sound will be heard as far as the adjacent Island. Not only toma chocolate, pero le van a cortar el agua y la luz.
    Exactly, with the installment of a right wing ultra-conservative fiscally responsible limited gov't structure placed in Venezuela, the shenanigans can come to an end and the game playing will stop. You obtain products for which you have paid for in hard currencies not black beans and Ragu spaghetti sauce.

    If I were in the Dominican gov't I would be thoroughly embarrassed by such beggar terms. Pero se perdio la verguenza. It's anything goes over there with a complacent upper class reaping the rewards from cheap Haitian labor and money being thrown at them via all types of loans funneled in by the gov't thanks to cheap credit and money not knowing where to go.

    And then the upper classes who benefit from cheap Haitian labor complain about it! Go figure!!!

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