HAVANA, Oct 24- Some of Cuba's best-known economists are openly questioning the very core of the Soviet-style command economy and saying market reforms under way are too modest to boost weak growth. Their influence on government policy-makers is difficult to gauge due to the secretive nature of the ruling Communist Party, but they clearly have been given...
HAVANA, Oct 3- Dinners at fancy restaurants, week-long family vacations and a flat-screen TV: the bribes that Cuba accused Canadian businessman Cy Tokmakjian of giving Cuban officials were modest by corruption standards in many developing nations. Tokmakjian's company, the privately held Concord, Ontario- based Tokmakjian Group, says prosecutors failed to...
HAVANA, Oct 3- Dinners at fancy restaurants, week-long family vacations and a flat-screen TV: the bribes that Cuba accused Canadian businessman Cy Tokmakjian of giving Cuban officials were modest by corruption standards in many developing nations. His company, the privately held Concord, Ontario- based Tokmakjian Group, says prosecutors failed to prove any of...
The case has come under deep skepticism from Western diplomats who have considered the evidence weak and say it threatens to scare off foreign investors at a time when Cuba is actively seeking business partners from abroad.
Two aides received sentences of 12 and 8 years and Cuba seized about $100 million worth of the company's assets, the Ontario- based transportation firm said in a statement. The Tokmakjian Group, which did an estimated $80 million in business annually with Cuba, called the sentences "absurd" and the result of a "show trial."
HAVANA, Sept 2- Cuba's experiment with free-market reforms has unintentionally widened the communist-led island's racial divide and allowed white Cubans to regain some of the economic advantages built up over centuries.
HAVANA, Sept 1- Cuba has raised duties and restricted imports on consumer goods brought in by air travelers or sent by mail, imposing greater hardship for a fledgling private sector and angering people looking to counter chronic shortages.
HAVANA, Aug 21- Cuba has yet to attract new foreign investors despite launching two major initiatives in the past year, a sign of the lingering caution over doing business with the communist government and its own hesitancy to follow through on free-market-style reforms.
HAVANA, July 23- Chinese President Xi Jinping ended an eight-day trip through Latin America on Wednesday with a visit to eastern Cuba, where both the island's independence struggle against Spain and Fidel Castro's revolution began.
HAVANA, July 21- Chinese President Xi Jinping begins a two day visit to Cuba on Monday evening, stirring hopes on the island that China will finally invest in the country after a number of important deals never materialized.
HAVANA, July 11- Russian President Vladimir Putin pledged to help revive Cuba's struggling offshore oil exploration on Friday at the start of a six-day tour of Latin America as Russia aims to reassert its influence on the communist-ruled island.
HAVANA, July 7- Cuba has prosecuted and is likely to send Canadian businessman Cy Tokmakjian to prison after he denounced corruption in the Havana government's awarding of contracts, his company said on Monday. "Cy Tokmakjian spoke out against corruption as it was clear the company was losing contracts to others for unexplained reasons.
Prosecutors are also seeking a total of $91 million in fines or forfeitures from three Canadians and 14 Cubans in a case that has been closely watched by potential investors wary of how Cuba treats foreign executives.
HAVANA, June 18- A Canadian executive held in Cuba for nearly three years has gone on trial on bribery charges in a case closely watched by potential investors who are wary of how Cuba treats foreign executives.
HAVANA, May 29- The head of the U.S. Chamber of Commerce on Thursday urged Cuba to speed up and extend market-style economic reforms, saying world investors would respond and that it might be the best path toward better relations with the United States.
HAVANA, May 27- The head of the U.S. Chamber of Commerce praised the growth of free enterprise in Cuba upon his arrival in Havana Tuesday at the start of a three-day visit that was criticized by a leading supporter of the U.S. embargo in Washington.
HAVANA, May 9- In a land where the potato is scarce, black marketeers peddle tubers in hushed tones, like drug dealers on a big city street corner. Despite market-oriented reforms enacted by President Raul Castro, the communist-run country still encounters chronic shortages.
CARACAS, May 2- President Nicolas Maduro is introducing a controversial shopping card intended to combat Venezuela's food shortages but decried by critics as a Cuban-style policy illustrating the failure of his socialist policies.
CNBC's Michelle Caruso-Cabrera takes a look at Cuba's new foreign investment law which will allow the existence of foreign-owned businesses.
As Venezuela's economic woes deepen and violent clashes increase, Cuba's economy is walking on a tight rope.