Business & Economy

After having reserved it to the national public sector since 1959, the Cuban government is opening its struggling sugar industry to foreign investment, reported Reuters. Today a contract will be signed with the Brazilian giant Odebrecht to manage a sugar mill on the island.

The Cuban government will charge fifty percent of the cost of building materials purchased by families affected by Hurricane Sandy, as of next Monday with previous purchases receiving a retroactive credit.

The governments of Cuba and Russia on Monday signed ten agreements for economic cooperation, trade and scientific technology at the closing of the Tenth Session of the Intergovernmental Commission, held in Havana.

The French government announced on Tuesday the sending of emergency aid totaling 220,000 euros to the people of Haiti, Cuba and Jamaica in the wake of Hurricane Sandy while other assistance was pledged for the longer term.

US businesspeople participating in the Havana International Trade Fair said on Tuesday that the presidential elections in their country would not lead to major changes in trade policy with Cuba.

A Venezuelan navy ship arrived in the port of Santiago de Cuba on Monday with a shipment of humanitarian aid to help mitigate the damage caused by hurricane Sandy.

The World Food Programme (WFP) announced today that it will give immediate assistance to half a million people in Cuba after Hurricane Sandy caused major devastation to the east of the island.

Cuba’s Minister of Foreign Trade and Investment, Rodrigo Malmierca, invited foreign capital to participate in “Special Development Zones,” during the inauguration of the International Trade Fair of Havana on Sunday.

The International Fair of Havana (FIHAV 2012) opened its doors this past Sunday and will keep them open until Saturday, November 10, at the EXPOCUBA fairgrounds in the capital city. It is being attended by over 3,000 exhibitors from 62 countries.

The hopes of Cuba to become oil self-sufficient and possibly export received a new jolt over the weekend with news that the super Scarabeo 9 drill rig will be leaving Cuban waters for West Africa.