Foreign investment in Cuba will only be expropriated for “public or social interest,” according to text of a new law published in the official gazette. * Companies on the Caribbean island can be wholly-foreign owned, with health and education off limits to outside investment * Joint ventures can use foreign credit while workers to be paid in pesos * Foreign companies can hire Cubans directly in “exceptional cases,” law states, without specifying * NOTE: Cuba’s National Assembly approved the foreign investment law last month. * NOTE: President Raul Castro has initiated measures to open Cuba’s economy after he assumed the presidency from his brother in 2008, including loosening of property laws and controls prohibiting private enterprise.
Cuban lawmakers approved a law that allows for full foreign ownership of companies and reduces taxes for overseas investors in President Raul Castro’s latest bid to open up the communist island’s economy.
Venezuela’s opposition has scaled back protests that have killed 18 people in the past three weeks as government supporters marked the one-year anniversary of the death of former President Hugo Chavez.
Ever since Fidel Castro seized power in Cuba in 1959, the U.S. has sought to undermine his rule. It hasn’t worked. Perhaps officials in Washington should consider adapting the more successful strategy pursued to undermine communism in Eastern Europe.
Former Cuban President Fidel Castro ’s request for an extraordinary session of parliament to discuss foreign affairs was granted today, signaling the retired leader of the 1959 revolution may be taking a greater role in government and recent efforts to open up the economy.