Dominican Republic economy draws Bloomberg’s attention

Santo Domingo.- Financial newsgiant Bloomberg.com has been keeping s close tab on the Dominican Republicduring the last few months, reporting on various economic fronts of the Caribbeannation, where it publishes a daily brief in newspaper El Dia.

“Local bonds have provided ahaven from the rout in Latin American government notes,” the outlet reports Monday.

“The stability of the Dominicanpeso — it lost just 1.7 percent in that span as an index for regionalcurrencies tumbled 24 percent — has protected overseas investors.” Bloomberg said.

It also reports on U.S. SenatorRobert Menendez, who “failed in his legal bid to have his bribery case tossedout even as a federal judge threw out four of the 22 counts in the indictmentagainst the New Jersey Democrat and a campaign donor.” Menendez corruption allegationsstem pertly from his close ties with wealthy Dominican eye doctor SalomonMelgen, and local politicos.

Bank bid

In its report Monday that the Canada-basedBank of Nova Scotia, “is weighing a bid for Dominican Republic’s BancoDominicano del Progreso SA, according to people familiar with the matter.”

The Vicini sugar, real estate andbanking group has a majority stake in Progreso, which “has held early-stageinformal talks with Toronto-based Scotiabank, said the people, who asked not tobe identified because the matter is private,” Bloomberg said, adding that “nofinal decision has been made and there’s no guarantee a deal will be reached,they said.”