A Senate panel approved the nomination of Thomas Perez to be labor secretary, advancing President Barack Obama’s pick to succeed Hilda Solis as the nation’s top labor-law enforcer to the full U.S. Senate where Republican opposition is building.
The Dominican Republic said it will free up 20 billion pesos ($487 million) to stimulate growth by lowering reserve requirements and expanding loans to companies and consumers in the Caribbean’s largest economy.
Barrick Gold Corp., the world’s biggest producer by sales, agreed in principle with the Dominican Republic on changes to the lease for its Pueblo Viejo mine that would give more revenue to the government.
Abel Martinez, pres. of Dominican Republic chamber of legislators, comments in statement. * Dominican President Danilo Medina said Feb. 27 that existing contract with Barrick at Pueblo Viejo mine is unacceptable and needs to be revised to provide more benefit to country * Medina says for every $100 of gold exports from Dominican Republic, Barrick receives $97; if contract can’t be revised, govt will back legislation to increase taxes on export earnings of mineral companies * NOTE: Pueblo Viejo $4b investment largest in nation’s history * Andy Lloyd, a Barrick spokesman, didn’t immediately respond to requests for comment made by phone and e-mail