Progreso and American Express Expand Agreement

Progreso and American Express Expand Agreement

The Banco del Progreso renewed for another 10 years, their exclusivity contract with the credit card firm American Express, for acquisition and issuance of products under the Centurion Line in the Dominican Republic.

The agreement was signed by the CEO of Banco del Progreso, Mark Silverman, Helio L. Magalhaes, executive VP and GM of the Global Services Network for American Express, and Carlos Pascual, VP for Latin America and the Caribbean, during a cocktail hosted at the Olivo Restaurant.

Silverman thanked American Express for the trust bestowed once more by the banking entity, in order to continue representing the firm inland. “For over a decade of representing American Express, the Banco del Progreso has fortified their presence of the brand, at the same time that it has constituted as a tool of economic growth for Dominican companies”, stated the executive.

On his end, Magalhaes ensures that the renovation of the agreement will permit the consolidation and further incentive of a vaster growth brand-wise in the Dominican Republic.

About Banco del Progreso:

Banco del Progreso is a company in the Financial Services portfolio of assets administered by VICINI.

The VICINI family has invested in different economic sectors in the Dominican Republic for over 140 years. VICINI is one of the companies that has contributed significantly to the development and industrialization of the country.

Source: Listin Diario

A Forum to Analyze Investment in Local Film with Indomina

A Forum to Analyze Investment in Local Film

With the aim of analyzing the most relevant aspects of Law 108-10 of July 29, 2010 and the investment opportunities that they represent to the Dominican Republic, the consulting firm OMG organized the Forum: “Film Law: Investment perspective”.

The local and foreign film producers met at The Garden Tent of the Hotel El Embajador, where they discussed a new series of incentives which supported by a solid institutional infrastructure promises to promote activities aimed at developing the film industry.

Topics on the background, general aspects and organizational schematics of the Film Law were developed by Laura Castellanos, of FUNGLODE; meanwhile the Incentives Regime: Innovations by the Film Law and comparative jurisdictional study, headed by Mónika Melo Guerrero and Marianna Vargas Gourilova, from OMG.

The panel on the Legal Framework, featured the participation of Leticia Tonos, producer, Jaime Pina, from Indomina; and Peyi Guzmán, of the Dominican Association of Film Industry Professionals (ADOCINE).

Producer José Pintor (Pinky) analyzed the “Changes in the film industry: New ways to make business”. While Omar De la Cruz, from FUNGLODE, focused on the topic: “Development and promotion of Dominican culture through film”.

About INDUVECA:

Induveca is a company in the Food and Beverage portfolio of assets managed by VICINI.

The VICINI family has invested in different economic sectors in the Dominican Republic for over 140 years. VICINI is one of the companies that has contributed significantly to the development and industrialization of the country.

Source: Hoy

No Doubt About it, More Movies will be Made

“No Doubt About It, More Movies Will Be Made”

The Film Law is already among us, and all the stakeholders involved in local film production are eager and positive. Producers and filmmakers celebrate together the enforcing of Presidential Decree 370-11, and see with much optimism the future of an activity, that thanks to this push, they hope to turn into an industry.

“No doubt about it, more movies will be made” said Manuel Corripio during his participation in the Forum: “Film Law: Investment Perspective”, hosted last Tuesday. Producer of films such as “Perico Ripiao’”, “Mi novia está….. de madre”, and “LotoMan”, Corripio favors the production of comedies for their capacity towards return on investment, but made a calling to improve the quality of same.

He understands also that the expansion in viewers’ audience must be one of the goals to attain starting now. The businessman reminded that film, asides being a cultural and artistic activity, is also an entertainment option for the public and that only local productions are what cause for viewers whom don’t usually go to the movies, to decide to attend.

The good incentives offered to all those whom wish to invest in inland film production will cause for other impresarios to want “their slice of pie”. In that aspect, Corripio suggested that those whom wish to invest, to do so because they feel a true passion for film and not just simply thinking of their cut of the proceeds.

The Film Law allows the State to take 25% of the duties of private companies in order to invest in film production, thus stopping this activity from being seen as a business, as was stated by José Enrique “Pinky” Pintor,  by two “mad men”, one with the money and the other one with the talent, to be a thing of the past. At the activity, hosted by the consulting firm OMG which took place at The Garden Tent of the Hotel El Embajador, participated also impresario Juan Vicini and filmmakers José Enrique Pintor, Leticia Tonos and Jaime Pina, among others.

INVESTMENT PERSPECTIVE

The consulting firm OMG hosted the Forum: “Film Law: Investment Perspective”, amid which aspects of law 108-10 were analyzed and the investment opportunities for the Dominican Republic.

The event took place at The Garden Tent of the Hotel El Embajador, from 2:30- 7:00pm, featuring the attendance of local and foreign filmmakers, and members of the public and private sectors, as well as potential film investors.

The forum agenda included a section called “Legal Framework, background and incentives regime”, headed by Laura Castellanos of FUNGLODE, Mónika Melo and Marianna Vargas from OMG, and Peyi Guzmán of the Dominican Association of Film Professionals (ADOCINE). The second section of this forum dealt with the “Development of the Film Industry and investment perspective: headed by José Pintor, producer; Omar De la Cruz, of Funglode; Antonio Genari of Indomina Group and Aguie Lendor of the Center of Exports and Investment Promotion of the Dominican Republic (CEI-RD). Also present as guests panelists were Alfonso Rodríguez, local director and businessmen Manuel Corripio, Juan Vicini and Ricardo Hazoury.

About Indomina:

Indomina is a company in the Real State and Tourism portfolio of assets managed by VICINI.

The VICINI family has invested in different economic sectors in the Dominican Republic for over 140 years. VICINI is one of the companies that has contributed significantly to the development and industrialization of the country.

Source: Listin Diario

Agreement Renewal

Agreement Renewal

The Banco del Progreso renewed their agreement with the international credit card brand American Express, for exclusivity in issuance on all products of the Centurion Line in Dominican Republic, thus consolidating their position in the Dominican financial market with a world class credit card.

The renewal agreement was initialed by the CEO of Banco del Progreso, Mark Silverman, together with Helio L. Magalhaes, executive VP and GM of the American Express Global Services Network.

About Banco del Progreso:

Banco del Progreso is a company in the Financial Services portfolio of assets administered by VICINI.

The VICINI family has invested in different economic sectors in the Dominican Republic for over 140 years. VICINI is one of the companies that has contributed significantly to the development and industrialization of the country.

Source: El Dia

 

Indomina: Film Would Generate USD$ 375MM in Five Years

INDOMINA: Film Would Generate USD$ 375MM in Five Years

The results of a comparative investigation ordered by the Indomina Group administration, foresee in five years that the film industry of the DR will generate an investment of USD$375MM, and approximately 24,000 high-quality jobs in different sectors. Within the framework of the Forum “FilmLaw: Investment Perspective”, the Corporate Finance VP of Indomina, Anthony Smith, explained that the economic flux would be supposed to the realization of at least ten films per year, with an average investment of USD$7.5million per production. “Evidently, with this impact, the national reserves would increase significantly; and the country would have high capital importation”, he said, from the hypothetical framework designed alongside Great Britain and New Mexico, as well as the USA, as references.

Anthony Smith participated yesterday during the third panel of the Film Law Forum, hosted by the OMG Consulting Firm. Upon presenting the dissertation “Impact of the Film Industry in the Economy”, he shared the floor with Juan Vicini, of Indomina Group; Manuel Corripip, of Grupo Comunicaciones Corripio; Ricardo Hazoury of Cap Cana; and producer Alfonso Rodríguez. All of them fort part of the Film Law Managing Committee with their organizations.

The Business

Manuel Corripio explained that the development of the film industry inland, will generate, due to training requirements for special skills, high quality jobs as well as of high compensation. The business, according to the impresario, has several windows it can be explored from; there are screening projections, production, and cable as well as television contracting, video, internet feed, and other spaces that also generate important levels of revenue. “Film has a particular condition, that is not just the amount of people it incorporates, but their work is a very well paid work”. “Movies do not generate jobs with minimum wages. And evidently, the impact in the economy of a person earning only RD$10,000 is not the same as the one of a person earning RD$100,000:, said Corripio prior to sharing some of his views on the Film Law with artists, producers and investors whom attended the event. To elaborate on his views, he pointed out the case of the movie theaters located in the country which only existed until recently only in Santiago and Santo Domingo. Now, with the surging of the law, “there are movie theaters in San Francisco de Macorís, La Romana and Higuey”. When the industry develops, there will be a massive amount of other provincial towns that will also feature movie theaters”.

DEMAND FOR LOCAL TALENT AND QUALITY

Businessman Manuel Corripio considers that, in order to not that to assume the costs that would imply hiring foreign artists for strengthening the national film segment, the nation would need to focus on the professional training of local talent.  Asides he also understands that the overseeing organism will need to make sure that the works to be screened in the national and foreign movie theaters meet predetermined requirements, so that few productions do not affect the quality seal the Dominican Republic wishes to be known for. In response to this inquiry, producer Alfonso Rodríguez ensured that Dominican Republic features the best technical and artistic staff to make movies, but not in the necessary amounts. “We have people to make three movies at the same time. Now when you add one, then there can be imitations”, said Rodríguez, one of the filmmakers present at the Forum.

About Indomina:

Indomina is a company in the Real State and Tourism portfolio of assets managed by VICINI.

The VICINI family has invested in different economic sectors in the Dominican Republic for over 140 years. VICINI is one of the companies that has contributed significantly to the development and industrialization of the country.

Source: Listin Diario

Indomina: “Film Law Forum: Investment Perspective” is Celebrated

“Film Law Forum: Investment Perspective” is Celebrated

SANTO DOMINGO. Last Wednesday, the Hotel El Embajador served as rendezvous point for the hosting of the “Film Law Forum: Investment Perspective” which covered different aspects of the legal framework included in the recently enforced Film Law, called “Law for the promotion of Film Activity in the Dominican Republic”. Law No. 108-10, which includes the modifications of Law 257-10, of November 2010, which was vastly explained in the forum organized by OMG. This company was appointed by President Leonel Fernández, as part of a commission that worked every aspect related to the approved Law, last Tuesday June 14th.

Businessmen from the film sector in the country, artists, representatives of the current Dominican government, served as panelists as this gathering hosted by OMG, company which was chosen to work alongside all interested parties, given their relationship with all the different clients that have been investing in the film industry in the Dominican Republic.

The panel began highlighting the precedents, general aspects and organizational schematic of the Film Law, in charge of attorney and journalist, Laura Castellanos, whom working for Grupo Legalia and in representation of Funglode, worked all aspects related to the legal framework encompassed in the law. According to Castellanos, developing this project was complex due to not wanting to impose burdens on the film sector, given that the aim was to create tools to benefit the country and at the same time maintain attractive incentives for the sector. Castellanos highlighted that the greatest achievement of this law is the transferrable fiscal credit to all industry investors, which incentivizes greatly all principal producers and owners of movie theaters of the Dominican Republic.

Mónika Melo Guerrero and Marianna Vargas on behalf of OMG, continued explaining other legal aspects of the law, among them they pointed out the return of the invested remnant by international production companies when any film is produced in the country. Likewise they made emphasis that via several incentives to the industry, they guarantee the investment of new projects for determined periods of time. The moderator of this panel was Leonel Melo Guerrero, president of OMG, whom when providing different tips on what was involved in order to materialize said law, he presented the panelists Leticia Tonos, producer of the film “the natural daughter”, Jaime Pina, VP Production of Pinewood Indomina Studios, and Pedro (Peyi) Guzmán, Film director representing AdoCine.

They pointed out the difficulties that prevailed in order to make proper films inland, something that despite of, did not impede for productions to continue, and which hereinafter would change with the already implemented law. Pina pointed out that the film sector was stuck in a void for 10years, reason why this Law must be abided by and loved.

At the same time of pointing out that “unsteady” films were being produced without any backing in the country, they also pointed out the importance of educating generations of filmmakers. “We are in the gateway of the major leagues” he added. The second phase of the panel covered the promotion and development of the seventh art industry, wher producer and director José Enrique Pintor mentioned in a humorous tone the changes experienced by the local film industry, where new ways of making business benefit all stakeholders thanks to the new law. Omar De la Cruz of Funglode, and Anthony Smith of Indomina Group, spoke about the importance of maintaining a good international image through films and the advantages they will offer tax-wise in all Dominican invoiced movies as well as international films that are partially or totally produced inland.

About Indomina:

Indomina is a company in the Real State and Tourism portfolio of assets managed by VICINI.

The VICINI family has invested in different economic sectors in the Dominican Republic for over 140 years. VICINI is one of the companies that has contributed significantly to the development and industrialization of the country.

Source: Diario Libre

 

Forum on Local Film is Hosted

Forum on Local Film is Hosted

The main personalities responsible for  placing this mechanism in motion regarding the film industry in the country, met last Wednesday at the forum “Film law: Investment perspective”, organized by the consulting firm OMG.

Businessmen, actors, directors, producers and screenwriters, among other personalities analyzed thoroughly the beneficial aspects of said law, as well as the enforcing of Presidential Decree 370-11, which establishes its application regulation framework.

Among other panelists whom seized the floor, were producer José Enrique Pintor, whom during the panel on Promotion and Development of Film, presented the topic “Changes in the movie industry: New ways to make business”. Pintor reflected that the conditions via which Dominican film was made and the economic difficulties that were experienced, prior to the creation of the Film Law. With this legislation we will rely on many facilities, which is not the same as a change in the rules of the game.

If there are going to be many new ways to make business that will be sustained especially in aid and facilities, affirmed the Corporate Director of Corripio Media. Meanwhile during the panel on the Film Industry, was also present businessman Manuel Corripio, whom valued the development of the  activity. This forum provides clarity and shows how the best advantage can be seized and gained from this instrument that is the law. During his dissertation, Corripio spoke of the management within the film industry prior to the law and its perspective towards the future now that the regulation exists. We are all highly enthused but we need to pay much attention to details.

ZOOM

More about the forum

Other participants

Also present at the forum were filmmaker Alfonso Rodríguez, businessmen Ricardo Hazoury and Juan Vicini, while representing INDOMINA, was Anthony Smith; from FUNGLODE, Omar De la Cruz anf Aguie Lendor from CEI-RD, among other personalities.

President Fernández was missed

The attendance of President Leonel Fernández was expected.

About INDUVECA:

Induveca is a company in the Food and Beverage portfolio of assets managed by VICINI.

The VICINI family has invested in different economic sectors in the Dominican Republic for over 140 years. VICINI is one of the companies that has contributed significantly to the development and industrialization of the country.

Source: Hoy

 

Businessmen Highlight Righteousness of Film Law

Businessmen Highlight Righteousness of Film Law

 

Businessmen Manuel Corripio, Juan Vicini and Ricardo Hazoury highlighted last night the righteousness of the Film Law towards the development of the film industry in the country. By participating in the Forum “Film Law: Investment perspective” ,  Corripio, Vicini and Hazoury pondered the opportunities that the law represents for investment. At the forum were also present, José Pintor, whom made reference to new ways of making business; Anthony Smith of Indomina Group, and filmmakers Alfonso Rodríguez, among others.

According to Corripio, the Law will make possible for the film business to improve in the country, due to the production of movies that Dominicans will feel proud of. He pointed out that this new regulation will increase production costs, because everyone will want a “slice of this pie”. He expressed that the law has awakened a great interest from members of different sectors. He acknowledged that film is a risky and difficult business.

He believes the film industry is a chain that requires a harmonious development. Corripio considered that film does not escape a commercial dynamic. He believes that movies, if not duly tended to budget-wise, can result an unproductive business. He maintained that the fact of being incentive beneficiaries “does not entitle us to expend money unwisely”.

He pointed out that if comedic films are working in the country, what needs to be done is to produce quality comedy film in order to reach higher viewer audiences.

He expressed that there are two important issues in film: the story being told, and the budget.

On his end, Vicini stated that the country needs to preserve the comparative advantages of film. He held that the Law will strengthen and catalyze the growth of the local film industry.

He said that if fiscal credit is transferable to the point of becoming a fiscal burden for the State would become a specialized fund to promote the country internationally. Meanwhile Hazoury said that the Law can create a new industry for film in the country. He considered that the incentive laws do work if properly taken advantage of, as has occurred with others.

About Indomina:

Indomina is a company in the Real State and Tourism portfolio of assets managed by VICINI.

The VICINI family has invested in different economic sectors in the Dominican Republic for over 140 years. VICINI is one of the companies that has contributed significantly to the development and industrialization of the country.

Source: Hoy

Agua Planeta Azul Launches “Knowledge Classroom” Program

Agua Planeta Azul Launches “Knowledge Classroom” Program

In order to continue their social responsibility program, Agua Planeta Azul (APA) inaugurated their “Knowledge Classroom” (Aula SaBer) which seeks to contribute by training young girls, adolescents and adults on the importance of caring for the environment and natural resources.

About Planeta Azul:

Planeta Azul is a company in the Food and Beverage portfolio of assets managed by VICINI.

The VICINI family has invested in different economic sectors in the Dominican Republic for over 140 years. VICINI is one of the companies that has contributed significantly to the development and industrialization of the country.

Source: El Dia

 

Indomina: Forum “Film Law: Investment Perspective” will be Hosted

INDOMINA: Forum “Film Law: Investment Perspective” Will be Hosted

Santo Domingo. The consulting firm OMG will host next Wednesday the Forum  “Film Law: Investment Perspective”, during which the most relevant aspects of the Law 109-10 will be analyzed and the investment opportunities for Dominican Republic.

The event will take place at  The Garden Tent of the Hotel El Embajador, from 2.30pm till 7pm, featuring the participation of local and foreign developers, of the public and private sectors, as well as potential investors from the film industry.

The forum agenda includes a section titled: “Legal Framework, Background and Incentives regime”, headed by Laura Castellanos, of Funglode; Mónika Melo and Marianna Vargas from OMG.

Panelists in this section will feature Jasbinder Singh, from Indomina Group; Leticia Tonos, producer; Marco Herrera, of Funglode; and Peyi Guzmán, of the Dominican Association of Film Industry Professionals (ADOCINE).

The second section of this form is titled: “Development of the Film Industry and Investment Perspective” , led by José Pintors, producer; Omar De la Cruz, of Funglode; Antonio Gennari, of Indomina Group; and Aguie Lendor, of the Center of Export and Investment (CEI-RD).

Also participating as panelists in the matter will be Alfonso Rodríguez, producer; Manuel Corripio, of Grupo Comunicaciones Corripio, and Ricardo Hazoury from Cap Cana. Leonel Melo, managing director of OMG, will serve as panel moderator. The event is free and limited seating. Interested parties can make their reservation by calling 809-381-0505, or by Email: r.ramon@omg.com.do

About Indomina:

Indomina is a company in the Real State and Tourism portfolio of assets managed by VICINI.

The VICINI family has invested in different economic sectors in the Dominican Republic for over 140 years. VICINI is one of the companies that has contributed significantly to the development and industrialization of the country.

Source: Listin Diario