The planned elimination of the dual currency on the island will not cause a price increase or affect the “purchasing power” of the population, guaranteed Marino Murillo, the chief of Cuba’s economic reforms. He added that having one-currency will not in itself solve the problems of the economy.
Read MoreCuban 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.
Read MoreThe 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.
Read MoreThe 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.
Read MoreToday, 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.
Read MoreCubans 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.
Read MoreThe 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.
Read MoreThe 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.
Read MoreThe 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.
Read MoreThe 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.
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