First, the Multi-Fibre Agreement of international textile quotas expired at the beginning of the year, exposing the industry to the full force of cheaper labour competition from Asian countries such as China.
Second, the industry continued to suffer a long-running secular trend. To maintain the business of US fashion manufacturers,
“Confidence in the daily operations of the bank survived because of the way the business elite has covered the deficit with their own resources,” President Fernández told the FT.
Even so Banco del Progreso’s difficulties have been an uncomfortable reminder of the crisis in 2003 at Baninter, then the country’s
Tobacco, in the form of premium hand-rolled cigars with an aroma certain to mellow any mood, and cocoa beans processed into velvety chocolate guaranteed to liberate endorphins galore, are giving the Dominican Republic a new reputation.
Amid gently swaying royal palms and green rolling hills 80km northwest of Santo Domingo,