Business & Economy Archives - Page 117 of 216

Raul Castro at Cuban Parliament Session

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.

Russia Cuts Cuba’s Debt to US $3.5 Billion

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.

Cuba Criticizes Europe for Leaving US Embargo Unchecked

The Cuban government has condemned the record fine that the United States applied on the French bank BNP Paribas for conducting transactions with the island and criticized European laws for being powerless before the US embargo on Cuba, DPA reported.

Cuba: Another Harvest Below Expectations

Today, Cuba produces as much sugar as it did a century ago, when Mario Garcia Menocal, nicknamed “the foreman of Chaparra” (a well-known factory he owned in the province of Las Tunas), was president of the country. This year’s harvest officially reported a little over 1.6 million tons of sugar, 12% below the planned amount.

Cuba Car Sales Fail over Sky High Prices

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.

Cuba’s New Foreign Investment Law Takes Effect

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.

Panama Court Absolves North Korean Crew Carrying Cuban Weapons

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.

Google Execs Meet in Cuba with Blogger Yoani Sanchez

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.

Red Bull Fined for Filming in Cuba

The Red Bull North America beverage company was fined US $89,775 on Friday for having filmed a documentary in Cuba, in violation of the more than half century embargo Washington maintains against the island, reports Granma newspaper.

Cuba Cuts Growth Forecast to 1.4%

The Cuban government cut its prediction for economic growth in 2014 to only 1.4% down from 2.2 %, reported dpa news on Monday. The figures reflect a “higher than expected slowdown, Economy Minister Adel Yzquierdo told a cabinet meeting.