Cuban president addresses anger over 'there are no beggars' claim
Labor Minister Marta Elena Feito on Monday told a parliamentary committee meeting about measures to address poverty that people rummaging for food in garbage bins are in fact "disguised as beggars."
"When you look at their hands, when you look at the clothes those people are wearing, they are disguised as beggars, they are not beggars. In Cuba, there are no beggars," she said in statements broadcast live on state television.
Social media users in the communist nation reacted with outrage, posting photos of people eating out of trash cans, while economist Pedro Monreal commented on X that there are "people disguised as 'ministers'" in Cuba.
President Miguel Diaz-Canel entered the fray on X Tuesday to lambast Feito's "lack of sensitivity."
He later told a parliamentary session that "none of us can act with arrogance, act with pretense, disconnected from the realities we live in."
Beggars, added Diaz-Canel, are "concrete expressions of social inequalities and the problems" Cuba faces.
Poverty levels have increased sharply as the Caribbean country reckons with its worst economic crisis in three decades, marked by shortages of food, medicine and fuel and daily power blackouts.
Observers blame a combination of US sanctions, domestic mismanagement of the economy, and the Covid-19 pandemic tanking the nation's vital tourist industry.
Last year, the government said there were 189,000 families and 350,000 individuals out of a population of 9.7 million living in "vulnerable" conditions and benefiting from social assistance programs.
AFP has observed a marked increase in the last two years of homeless people and beggars on the streets of a country where the average monthly salary is less than $20 at the unofficial exchange rate.
Cuba's economy shrunk for the second consecutive year in 2024, contracting 1.1 percent compared to 1.9 percent in 2023.
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Associated Press
a minute ago
- Associated Press
Bureau Veritas Partners with IFC's Building Resilience Index to Expand Resilience Verification Services Globally
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Our network of experts will add a layer of trust so that stakeholders can rely on Building Resilience Index to evaluate vulnerability and effectiveness of adaptation strategies, worldwide.' In recent years, physical risks such as floods, cyclones, heatwaves, fires, earthquakes and landslides have posed major threats to business operations, disrupting supply chains, displacing workers and jobs, hurting productivity, and impacting insurance and financing terms. The BRI-Bureau Veritas partnership responds to a growing demand from businesses and governments for reliable tools that support risk mitigation, asset protection, and long-term economic stability. 'As businesses face increased risks to assets and infrastructure from natural disasters, the ability to assess and verify resilience is becoming a crucial element of operational and investment strategy,' said Diep Nguyen-van Houtte, Senior Manager of Climate Business at IFC. 'This partnership with Bureau Veritas strengthens the Building Resilience Index by ensuring that more clients—particularly in high-risk geographies—can benefit from credible, independently-verified insights into the resilience of their properties, adding a new tool to their climate adaptation arsenal.' By offering third-party verification through Bureau Veritas, the Building Resilience Index helps stakeholders: This partnership builds on IFC's broader commitment to integrating adaptation into private sector development and enabling practical, market-driven solutions for climate resilience. BRI is funded by the Australian Government and was developed and piloted with seed funding from the Government of the Netherlands and the Rockefeller Foundation, in cooperation with leading organizations including the ARISE Private Sector Alliance for Disaster Resilient Societies, Build Change, FM Global, the Global Facility for Disaster Reduction and Recovery, Miyamoto International, and Resilience Action Fund. About Bureau Veritas: Bureau Veritas is a world leader in inspection, certification, and laboratory testing services with a powerful purpose: to shape a world of trust by ensuring responsible progress. With a vision to be the preferred partner for customers' excellence and sustainability, the company innovates to help them navigate change. Created in 1828, Bureau Veritas' 84,000 employees deliver services in 140 countries. The company's technical experts support customers to address challenges in quality, health and safety, environmental protection, and sustainability. Bureau Veritas is listed on Euronext Paris and belongs to the CAC 40, CAC 40 ESG, SBF 120 indices and is part of the CAC SBT 1.5° index. Compartment A, ISIN code FR 0006174348, stock symbol: BVI. For more information, visit and follow us on LinkedIn. About IFC: IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2024, IFC committed a record $56 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet. 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Associated Press
2 hours ago
- Associated Press
Chilean investigators close in on the notorious Venezuelan gang targeted by Trump
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While Trump's supporters cheer the expulsions, investigators see missed opportunities to gather evidence aimed at uprooting the criminal network that has gained momentum across the region as migration from Venezuela surges and global cocaine demand spreads. 'With the U.S. snatching guys off the streets, they're taking out the tip of the iceberg,' said Daniel Brunner, president of Brunner Sierra Group security firm and a former FBI agent. 'They're not looking at how the group operates.' Transnational mafias have fueled an extraordinary crime wave in once-peaceful nations like Chile and consolidated power in countries like Honduras and Peru, infiltrating state bureaucracies, crippling the capacities of law enforcement and jeopardizing regional stability. The new developments are testing democracies across Latin America. 'This is not your typical corruption involving cash in envelopes,' said former Peruvian Interior Minister Ruben Vargas of the impunity in his country. 'It's having criminal operators wield power in the political system.' Chile, long considered one of Latin America's safest and wealthiest nations, is also among its least corrupt, according to watchdog Transparency International, giving authorities an edge in fending off this kind of organized crime. But with no experience, the country was caught unprepared as abductions, dismemberments and other grisly crimes reshaped society. Now, three years later, experts hold out Arica as a case study in wider efforts to combat the gang. While some see El Salvador President Nayib Bukele'scrackdown on criminal gangs as a model, critics see an authoritarian police state that has run roughshod over due process. 'Criminal prosecution, financial intelligence, witness protection and cooperation with other countries, that's what it takes to disrupt criminal networks,' said Pablo Zeballos, a Chilean security consultant and former intelligence officer. 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Yahoo
3 hours ago
- Yahoo
Alicorp SA (LIM:ALICORC1) Q2 2025 Earnings Call Highlights: Strong EBITDA Growth Amid Market ...
Adjusted Gross Profit: PEN782 million, a 13% increase year-over-year. Adjusted EBITDA: PEN450 million, a 22% increase year-over-year. Adjusted EBITDA Margin: Improved by 0.4 percentage points to 15.1%. Consumer Goods Peru Sales Volume: 13% year-over-year increase. Consumer Goods Peru Adjusted EBITDA: Declined 18% to PEN170 million. International Business Adjusted EBITDA: PEN41 million, a 13% increase year-over-year. B2B Business Volume Growth: 27% year-over-year increase. B2B Business Adjusted EBITDA: PEN105 million, a 22% increase year-over-year. Aquafeed Adjusted EBITDA: $40 million, a threefold increase year-over-year. Leverage Ratio: Improved from 2.8x in June 2024 to 1.9x in June 2025. Available Cash Position: PEN1,521 million, an increase of PEN494 million year-over-year. Revenue Growth Guidance for 2025: Between 10% and 12%. Adjusted EBITDA Growth Guidance for 2025: Mid- to high single-digit growth. CapEx Projection for 2025: $70 million. Warning! GuruFocus has detected 8 Warning Signs with LIM:ALICORC1. Release Date: July 25, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Alicorp SA (LIM:ALICORC1) successfully issued a PEN1,530 million international bond with a 7.40% coupon, reflecting strong market confidence. The Aquafeed business showed significant growth, contributing PEN88 million to the year-over-year improvement in gross profit. Adjusted EBITDA increased by 22% year-over-year, driven by growth in adjusted gross profit. The company repurchased 44.6 million shares, representing 7.23% of total issued common shares, demonstrating a commitment to shareholder value. Alicorp SA (LIM:ALICORC1) maintained a strong cash position, with available cash covering 1.2x debt maturities over the next 12 months. Negative Points The Consumer Goods Peru unit faced challenges, particularly in the detergents and edible oils categories, leading to a PEN38 million decline in adjusted EBITDA. Bolivia's challenging economic environment and social tensions impacted Alicorp's operations, with currency volatility affecting financial costs. The edible oils category experienced pressure due to rising raw material costs and increased competition from new entrants. The company anticipates challenges in EBITDA growth expectations in the second half of the year due to Bolivia's foreign exchange environment. Intense competition in the detergents market, particularly from Chinese imports, required strategic repricing and adjustments. Q & A Highlights Q: We've noticed that the only business unit showing a slight lag compared to the others is Consumer Goods Peru. What is the current outlook, and how do you expect both markets to evolve? A: The lag is due to increased competition from imported detergents, particularly from China. We have repriced and improved our value brands and core brands to address this. The outlook is positive, with volumes and market share starting to increase. We expect better dynamics for core brands in the coming quarters. - Alvaro Correa, CEO Q: Considering the company's strong cash flow generation, should we expect an increase in the dividend payout for next year? A: Our priority is to maintain financial strength and leverage within a range. While paying more dividends is an option, we are also considering growth opportunities, including the acquisition of Jaboneria Wilson in Ecuador. We aim to maintain our current dividend policy but remain open to discussions about additional dividends. - Alvaro Correa, CEO Q: Can you provide your views about consumer health in Peru and the macro situation in Bolivia? A: In Peru, consumption remains strong, supported by stable employment and economic growth of around 3-3.5%. In Bolivia, the situation is challenging due to upcoming elections, foreign exchange issues, and liquidity constraints. We are managing these challenges with stringent liquidity and foreign exchange management. - Luis Banchero Picasso, VP of Finance and Transformation Q: Could you elaborate on what has triggered the high-end competition in the oils segment in Consumer Goods Peru? A: The competition is due to increased imports of crude oil by smaller local refineries and discounters. Additionally, oil from Bolivia is entering the market. We are managing these challenges by leveraging our production capabilities in Bolivia and adjusting our strategies accordingly. - Alvaro Correa, CEO Q: What is your current strategy for hedging raw materials, and have you taken advantage of current low prices and volatility? A: We maintain a hedging strategy of three to nine months, depending on the commodity. Our approach is to mitigate volatility rather than speculate on commodity prices. We believe this provides a competitive advantage and stability in our cost structure. - Luis Banchero Picasso, VP of Finance and Transformation Q: Are the margins in the Aquafeed business sustainable, and do you plan to invest in increasing production? A: The Aquafeed business is volatile, influenced by shrimp demand and weather conditions. While margins were favorable due to good weather and controlled costs, we expect some pressure in the third quarter. We have spare capacity and will consider further investments based on demand growth. - Alvaro Correa, CEO For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
