Business & Economy

The Foreign Ministry today denounced a new sanction laid down by the Office of Foreign Assets Control (OFAC) of the US Treasury Department, which will negatively impact Cuba.

A multipurpose cargo ship (the second of its type built in Cuba) arrived at the Venezuelan port of La Guaira on Tuesday. Based on agreements between the two countries, this is the second Cuban-built Damen Stan Lander 5612 ship delivered to Venezuela since this past March, while two more are expected to be constructed next year.

Cuban diplomats registered their complaints on Monday before the Dispute Settlement Body (OSD) of the World Trade Organization in Geneva about the illegal use of the Havana Club label on rum sold in the United States.

In accordance with the decision of the Cuban legislature in its recently held last session, not all taxes included in the new tax law will be applied when that legislation comes into effect on January 1, 2013, reported the official Cubadebate website.

The Cuban government will call a referendum on the new draft Labor Code, regulations that will including standards for cuentapropistas (self employed workers) on the island.

The newly arriving oil rig, “Songa Mercur,” is now situated in an area to the north of the island and will start up drilling operations “in the next few days” for the Russian energy firm Zarubezhneft, according to reports from the state-owned Cubapetroleo agency.

Cuban President Raul Castro said on Friday that economic reforms on the island are proceeding “steadily” and that these will begin to “delve into issues of broader scope, complexity and depth.”

A few of the communities located in the Viñales National Park, an area of Cuba officially designated as a “world heritage site,” will be illuminated beginning in 2013 with photovoltaic panels supplied as part of a United Nations-sponsored project.

Cuba is ending 2012 with a favorable trade balance and a steady growth in its high value-added export services, said deputy minister of Foreign Trade and Investment, Oscar Perez Oliva, when speaking before the Cuban parliament.

The new cooperatives (about 230 in the first phase) will not operate under the control of state enterprises and the prices of their products and services will be determined by market forces.