Business & Economy

The Cuban Telecommunications Company (ETECSA) has reduced its international call rates through December 15 by over 40 percent, informed that Cuban-Italian company. Under the promotion all calls will now cost US $1.00 per minute compared to the previous US $1.80 to the United States and $3.80 to Spain, the two countries with the most Cuban immigrants.

The governments of Cuba and Ecuador signed in Quito a reciprocal preferential tariffs agreement that includes 400 products from both countries. The accord follows up on with what was agreed by President Rafael Correa during his visit to the Caribbean country last January.

The Iranian company Wagon Pars sold 550 train freight cars to its Cuban counterpart Ferrocarriles de Cuba for the transport of containers, fuel and cement. The purchase price is estimated at US $60 million.

The Cuban-Venezuelan oil refinery located in Cienfuegos, 230 kilometers southeast of Havana, has processed 35 million barrels of oil since its inauguration in 2007, announced Venezuelan Pedro Villarroel, general manager of the plant, which has a capacity to refine 65,000 barrels a day.

Cuba’s new Comptroller’s Office has its leader, Gladys Maria Brejerano Portela, voted in at the parliament session held over the weekend. Administrative deficiencies, a lack of controls and chains of theft have hampered the Cuban economy, -dominated by the State sector- for many years, keeping its performance way below potential.

The formula of giving land to agricultural producers should be extended to other sectors such as retail trade, said journalist Ariel Terrero, a specialist in economic issues of Cuba’s state-run television. According to Terrero, the diversity of forms of production makes it necessary to raise again the topic of forms of ownership in the Caribbean country.

The Central Bank of Cuba took the lock off some 600 accounts belonging to foreign suppliers with funds estimated at US $1 billion that had been frozen since the beginning of the year. The action will allow the firms to continue operations on the island.

Cuba’s Labiofam Business Group acquired all the shares of Bio Vietnam, part of which belonged to a British partner. With this the firm hopes to expand its production and services capacity, reported the China’s People’s Daily. Labiofam’s most important products include the Bativec larvicide and Biorat, to eliminate rats.

The Cuban government has decided to decentralize expenditures in hard currency for imports, which will now be managed by the individual ministries instead of a single centralized super account, reported Mexico’s La Jornada newspaper on Monday.