Business & Economy

Cuban President Raul Castro acknowledged on Saturday that, despite his government’s recent market reforms, the island’s economy has had only a “modest” performance in 2014.

The planned elimination of the dual currency on the island will not cause a price increase or affect the “purchasing power” of the population, guaranteed Marino Murillo, the chief of Cuba’s economic reforms. He added that having one-currency will not in itself solve the problems of the economy.

Cuban President Raul Castro attends a closed-door session of the island’s one chamber parliament on Saturday with the fight against corruption expected to be one of the topics of discussion.

The Russian Parliament approved today the cancellation of 90% of Cuba’s 35 billion dollar debt (26,000 million euros) from Soviet times, the same day the Kremlin announced a visit by President Vladimir Putin to the island on July 11.

Cubans purchased only 50 cars and four motorbikes after the reform last January that allows for the state car dealers to “freely” sell new and used vehicles. Howevrer, market liberalization has caused unrest in the population due to the sky-high prices, which multiplied by up to eight times the price of the autos on the international market.The profits are supposed to go to improving the island’s public transportation.

The new investment law Cuba has passed to draw capital to the island and refloat its economy came into effect this past Saturday, DPA reported. It also offers potential investors tax prerogatives, such as a profit tax cut anywhere from 15 to 30 percent and tax exemptions for hired personnel.

The controversial case of North Korea’s Chong Chon Gang vessel came to its conclusion before the courts this Friday when a Panamanian judge absolved the three North Korean crew members accused of crimes against collective security and ordered the return of the 10 thousand tons of sugar confiscated by the country’s authorities.

The president of Google, Eric Schmidt, and three other executives of the US multinational company visited Cuba this past week where some met with blogger Yoani Sanchez, states a news item published by the online newspaper 14ymedio, edited by the dissident.