Business & Economy

Executives and academics from the Brookings Institution conducted an exploratory visit to Cuba to verify the changes promoted by President Raul Castro.

The Cuban government projects to lay off 170,000 workers this year as part of a reorganization plan aimed at “updating” the island’s socio-economic system. Large scale layoffs are a keystone of the government’s attempt to rescue the depressed economy. The only labor union federation, the CTC, fully supports the layoff program.

The transfers of ownership of motor vehicles and housing continues to rise after its legalization last year. Emerging from decades of prohibition of sales and transfers, the tendency is for such an increase in transactions to continue.

The Cuban state-run oil company Cupet began repairing its deteriorated Cardenas-Matanzas pipeline as part of gradual improvements being made in that industry on the island.

The chief operating officer of the Coral Capital Group Ltd., Stephen Purvis, was arrested in Havana as part of an investigation of bribery activities directed at governments officials by their foreign partners.

The Eighth International Conference on Agricultural Law begins today in Havana and is dedicated to “cooperatives as an engine of social development.”

Between 40 and 45 percent of economic activity in Cuba will shift to the non-state sector in the next five years, predicted Esteban Lazo, a vice president of the Cuban Council of State.

Cuba is placing its bets on health service exports, tourism and other fields such as academics and computer sciences – sectors which today generate 70 percent of the national income.

The oldest hydroelectric plant in Cuba is reaching its centenary as it goes through a renovation effort that will make it the largest generator in western Pinar del Rio province.

More than $48 million in contracts have been negotiated at the ninth International Construction Fair, which will be open through Saturday at the Havana PABEXPO center.