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Surprisingly Strong US Economic Data Keeps Recession Fears at Bay
Surprisingly Strong US Economic Data Keeps Recession Fears at Bay
A flurry of data showed surprising strength in several corners of the US economy, painting a picture of
2023-06-28 01:24
Cuban entrepreneurs get business training from the US, and hope that Biden lifts sanctions
Cuban entrepreneurs get business training from the US, and hope that Biden lifts sanctions
Musicians Ana María Torres and María Carla Puga started making bracelets and necklaces at home in Cuba during the pandemic, and they now have a flourishing business. On an island that for decades prohibited private enterprise, they have had an unlikely adviser: the U.S. Embassy. Torres and Puga are part of a small group of entrepreneurs benefiting from a business training program the embassy is offering in Cuba, where many young entrepreneurs are less wary of the American government than those in previous generations. “We see it as a great opportunity,” says Torres, 25, who co-founded a store and workshop named Ama, which has a cafeteria and employs 12 people. Ama is one of almost 8,000 small- and medium-sized companies that were legally authorized to operate in Cuba over the past year and a half. The embassy training featured weekly online meetings covering everything from marketing tools and brand management to basic finances and the creation of web pages. The owners of Ama were among 30 entrepreneurs the embassy selected from 500 applicants. Torres and Puga recall the look of fear — and surprise — in an older driver’s face when, on their way to exhibit some of their products, they asked him to drop them at the U.S. Embassy. The driver suggested he drop them off one block away instead. “Our generation doesn't really have so much limitation with respect to daring to take part in these kinds of things with the U.S. embassy, because the context is different,” says Puga, 29. “We know there are some conflicts, but we also know there is a lot that is being tried, especially with Cuban entrepreneurs, and we’re really not afraid.” In 1968, the Cuban government shut down the few remaining private businesses that were left on the island after the 1959 revolution. In 2010, however, then-President Raúl Castro initiated a reform to boost the local economy and allowed independent workers to work in activities like rental houses, restaurants and transportation. These were further developed amid a 2014 rapprochement with the U.S. during the administration of President Barack Obama. Sanctions also were eased during that period. Policy towards the island hardened during the administration of President Donald Trump, and the economy has yet to recover from its 11% contraction in 2020. In tourism alone -- a mainstay for national income -- the island welcomed just 1.7 million visitors last year, less than half the amount of 2018. Cubans have been feeling the effects of yet another crisis, reflected by long lines to get fuel, shortages of basic goods, blackouts, inflation and record emigration. In September 2021, Cuba legalized the creation of small- and medium-sized businesses to help an economy in crisis, a decision that Cubans and observers of the nation's politics viewed as historic. Since then, 7,842 small- and medium-size companies were created, along with 65 non-agricultural cooperatives, generating some 212,000 jobs combined. However, decades living in a state-dominated economy led to the loss of business know-how, including financial administration, marketing strategies, publicity and customer relations. “I am very happy with the renewed willingness of the United States embassy to pave the way for us in terms of knowledge... that is something we were lacking,” says Adriana Heredia, a 30-year-old partner of Beyond Roots, a private enterprise that includes a clothing store, a beauty salon specializing in afro hair and various other cultural projects. Cuban entrepreneurs say they appreciate efforts like the U.S. embassy’s business training program, but they also express concern about the negative impact the U.S.-imposed sanctions have had on their economy. “There is a negative impact (of the sanctions) that is evident,” economist Ricardo Torres, a researcher at the Center for Latin American Studies at the American University in Washington, told the AP. “The United States is the dominant market, the dominant economy. So all the financial and commercial restrictions that... weigh on entities that are based in Cuba will negatively affect entrepreneurs.” Last month, representatives of 300 small- and medium-sized businesses sent a letter to President Joe Biden requesting, among other things, facilitation of financial transactions, the establishment of some sort of permit for U.S. businessmen to invest in Cuba and trade with private companies, They also requested removal of the island from U.S. list of countries that sponsor terrorism. Cuban entrepreneurs feel they are caught between two forces: U.S. sanctions and limitations within Cuba itself such as high taxes, a lack of financing and state control over imports and exports. The island also lacks permits for professionals to establish themselves as independent workers. “Unfortunately, Cuba’s private enterprises end up being subjected to a sort of crossfire,” Torres said. The Biden administration has promised several times to reverse some measures affecting the island and its fledgling entrepreneurs, but the Cuban government says Washington has yet to deliver. Benjamin Ziff, charge d’affairs at the U.S. embassy in Cuba, dismisses claims that the administration has implemented few changes. He pointed to the resumption of some flights and the sending of remittances, as well as a slew of educational and religious exchanges between both nations. The embassy's business training classes, while a small measure to boost the private sector, is one of them. “Cuba’s future lies in its private sector and those who say it is a necessary evil are completely wrong,” Ziff said in an interview. “It is an increasingly necessary good for the well-being of the people.” Read More Ukraine war’s heaviest fight rages in east - follow live Charity boss speaks out over ‘traumatic’ encounter with royal aide Sierra Leone's president wins second term without need for runoff, election commission announces Music Review: Kim Petras makes flirty Eurodance-pop in major-label debut Eni chief executive says plan for pipeline to move gas to Cyprus 'part of our discussion'
2023-06-28 01:15
Morgan Stanley-Backed Durango to Explore $1 Billion Sale
Morgan Stanley-Backed Durango to Explore $1 Billion Sale
Durango Midstream, an energy pipeline operator backed by Morgan Stanley Energy Partners, is preparing to launch a sale
2023-06-28 00:48
Netanyahu Announces China Invite While Awaiting White House Call
Netanyahu Announces China Invite While Awaiting White House Call
Israeli Prime Minister Benjamin Netanyahu said he’s been formally invited to visit China, a move commentators warned could
2023-06-27 23:16
Canada Inflation Slows, Easing Pressure for July Rate Hike
Canada Inflation Slows, Easing Pressure for July Rate Hike
Canadian inflation slowed to its weakest pace in two years and core measures edged lower, reducing pressure on
2023-06-27 21:25
These Are the Best Restaurants in Singapore, According to Michelin
These Are the Best Restaurants in Singapore, According to Michelin
The news in the Singapore restaurant world is that there’s not much news. There were no new three
2023-06-27 21:23
Nigeria could save $5.1 billion this year from reforms, says World Bank
Nigeria could save $5.1 billion this year from reforms, says World Bank
By Chijioke Ohuocha and Elisha Bala-Gbogbo ABUJA (Reuters) -Nigeria could save up to 3.9 trillion naira ($5.10 billion) this year
2023-06-27 20:26
Europe to Open Artificial Intelligence ‘Crash Test’ Centers
Europe to Open Artificial Intelligence ‘Crash Test’ Centers
The Europe Union is introducing “crash test” systems for artificial intelligence to ensure new innovations are safe before
2023-06-27 18:19
HDFC, HDFC Bank’s $173 Billion Merger Creates a ‘Lucrative’ Arbitrage Trade
HDFC, HDFC Bank’s $173 Billion Merger Creates a ‘Lucrative’ Arbitrage Trade
Fund managers in India have been jumping into a “lucrative” arbitrage trade ahead of a mega-merger that will
2023-06-27 17:50
BOE’s Dhingra Sees Promising Signs Inflation Will Fall
BOE’s Dhingra Sees Promising Signs Inflation Will Fall
Bank of England rate-setter Swati Dhingra expects the pressure on UK households from sticky inflation to ease after
2023-06-27 17:50
US Truck Startup Lordstown Files for Bankruptcy After Foxconn Deal Falls Through
US Truck Startup Lordstown Files for Bankruptcy After Foxconn Deal Falls Through
Lordstown Motors Corp. more than halved after the electric-vehicle maker, once hailed by former US President Donald Trump
2023-06-27 17:25
European Gas Edges Higher as Market Turns Focus to Hot July
European Gas Edges Higher as Market Turns Focus to Hot July
European natural gas rose as traders turned their attention to forecasts for hotter weather next month, which is
2023-06-27 17:16
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