According to a report by Reuters, a statement issued by Cuba’s Council of Ministers this week said Economy Minister Marino Murillo explained to Council members the country’s economic situation and restrictions being adopted for the rest of the year, without giving details. The restrictions apply to some state firms and joint ventures and include reductions … Read more
Cuba made its first US soyoil purchase in more than five years this month with the purchase of 7,600 tonnes, according to the US Department of Agriculture. The transaction made headlines because the trend in exports from the US to Cuba has been declining since it peaked in 2008. Also, drought and heavy rains in … Read more
The Cuban telecom services market, measured by revenues derived from voice, data, and video services, grew 10% in 2014 to $918 million, slightly slower than the average annual growth rate of 12% during the preceding four years. The industry is tightly controlled by the government, with ETECSA operating as the monopoly provider in both the … Read more
The Cuban constitution establishes two types of property rights, those guaranteed to Cuban citizens and those guaranteed to the state. According to Cuba’s constitution, all Cuban citizens are granted the right to own their homes as well as, “other possessions and objects which serve to satisfy one’s material and cultural needs.” Likewise, Cubans are allowed … Read more
Despite the global success of the U.S. industry and the passage of the Cuban Democracy Act (CDA), which has permitted U.S. medical goods sales to Cuba since 1992, the level of medical device exports to Cuba has remained low. The challenges associated with complying with the CDA, the limited opportunities to commercialize and sell devices … Read more
President Obama, Pope Francis, and the Rolling Stones have all visited Cuba in the past year, and many US consumer goods companies want to be next. As Cuba begins to liberalize its economy, the country’s population of 11 million people and GDP of $82 billion are increasingly attractive. The Boston Consulting Group (BCG) analyzed the … Read more
Cuba’s transition to an economy driven by private sector employment is creating attractive opportunities for the emerging consumer base in the country’s population of 11 million people and GDP of $82 billion. The Boston Consulting Group (BCG) analyzed the country’s market for consumer goods and found that it will present a growing opportunity over the … Read more
Spain and Cuba signed an agreement earlier this month to restructure Cuban debt, according to the Spanish ministry of economy. The ministry noted that medium and long term debts owed by Cuba totals 2.44 billion euros (US$2.81 billion) by the end of last October, and none of these amounts have been repaid. The agreements between … Read more
Cuba announced yesterday the next step in its economic transition by allowing private businesses to have legal status. Previously, the communist government permitted individuals to operate as self-employed workers under several hundred clearly-defined roles such as taxi driver. The latest announcement will likely take months to become law. “Private property in certain means of production … Read more
The wreckage in the US retail landscape is growing. Virtually every segment of the industry is feeling the impact of being squeezed between two intensely heated plates of steel. On the one side is e-commerce – dominated by Amazon – and on the other side a profound shift in consumer behavior. Research has long suggested … Read more
