The collapse of the Dominican Republic in the global ranking of competitiveness, carried out by the Global Economic Forum, is staggering, slipping from 41st in 2001 to 112th in 2005. The 2001 ranking took into account the four years of President Fernandez´ first term, 1996-2000. The significantly lower 2005 rankings coincide with President Mejia´s term in office.

Mexican President Vicente Fox said his government will spend about 5 billion pesos ($463 million) to repair flood damage to houses, roads, bridges and other infrastructure caused by Hurricane Stan. Heavy rains in the southern states of Chiapas and Oaxaca last week killed at least 15 people in Mexico, and brought floods that affected as many as 2 million. In neighboring Guatemala, a mudslide stemming from Stan´s heavy rains in the villages of Panabaj and Tzanchaj may kill as many as 1,400 people.

Authorities in the Dominican Republic has sent out a governmental mission to Venezuela, headed by the country´s Secretary of Industry and Commerce and Dominican Ambassador to Venezuela Miguel Mejia, to tie up loose ends and smooth troubled waters over the PetroCaribe deal. Secretary of the Presidency Danilo Medina said sectors linked to the fuel business had barred the execution of the PetroCaribe agreement. He said the DR had been on the point of firming up the deal, but now has to start from scratch.

The Consumer Prices Index soared 1,2 percent during September in Argentina accumulating 8,9 percent in nine months according to the latest release from the Argentine Statistics and Census Institute. The September index is four times August´s 0,4 percent and pushes the annual projection dangerously close to the 2005 target of 10,5 percent. The 1.2 percent index surprised most analysts who had forecasted a September increase in the range of 0.7 percent, according to a market expectations poll taken by the Central Bank during the last week of the month.

Venezuela´s state oil firm PDVSA will start building a $100 million natural gas pipeline in June 2006 to provide a long-term solution to Nueva Esparta state´s electricity woes, Jose del Carmen Millan, president of the state´s electricity and gas service regulator Megane, said this week. The gas would come from onshore and offshore oil and gas fields in eastern Venezuela including the onshore Yucal Placer field operated by the Ypergas joint venture in northern Guarico state, Millan said.

The World Economic Forum rated Finland as the most competitive economy in the World, followed by United States. In Latin America and the Caribbean, Chile leads the pack with a distant Uruguay as runner-up, Mexico, El Salvador and Colombia behind, according to the latest release from the organization. Mercosur´s two main economies had a disappointing performance: Argentina managed to advance to place 72 and Brazil dropped from 57 to 65.