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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Yahoo
5 hours ago
- Yahoo
TOTAL PLAY ANNOUNCES 6% EBITDA GROWTH TO Ps.5,399 MILLION IN THE SECOND QUARTER OF 2025
—Gross profit increased 11% to Ps.9,921 million, and gross margin grew six percentage points to 86%— —EBITDA less Capex and interest grew 9% to Ps.1,006 million in the quarter— MEXICO CITY, July 23, 2025 /PRNewswire/ -- Total Play Telecomunicaciones, S.A.P.I. de C.V. ("Total Play"), a leading telecommunications company in Mexico, which offers internet access, pay television and telephony services, through one of the largest 100% fiber optic networks in the country, announced today financial results for the second quarter of 2025. "Growing revenue, together with significant cost reductions — in the context of strict financial discipline and solid initiatives that drive operational efficiencies — continued to drive the upward trend in gross profit and EBITDA during the period," commented Eduardo Kuri, CEO of Total Play. "Higher profitability, along with Capex representing 23% of revenue this quarter, were key drivers behind the increase in cash flow generation — defined as EBITDA less Capex and interest paid — reaching Ps.1,006 million, marking the company's sixth consecutive quarter of solid cash generation." "The increased revenue is driven by growing subscriber satisfaction, thanks to the migration, starting this quarter, of 100% of our base of more than five million customers to next-generation symmetrical telecommunications services, offering superior quality and speed," added Mr. Kuri. "In terms of resource efficiency, complementary to our strong cost-reduction initiatives, we are focusing on a more intensive use of our fiber optic network, which achieved optimal geographic coverage in 2023. This enables us to grow our user base without additional network investments, boosting penetration and enhancing our solid financial results." Second quarter Results Revenue for the quarter was Ps.11,551 million, representing a 4% increase compared to Ps.11,150 million for the same period last year. Total costs and expenses were Ps.6,152 million, 2% higher than Ps.6,055 million in the prior year. As a result, Total Play's EBITDA grew 6%, reaching Ps.5,399 million, up from Ps.5,095 million a year ago. EBITDA margin for the quarter was 47%, one percentage point higher than the same quarter 2024. The company recorded operating profit of Ps.495 million, compared to Ps.888 million the previous year. Total Play reported a net income of Ps.180 million, from a net loss of Ps.3,733 million for the same quarter 2024. Q2 2024 Q2 2025 Change Ps. %Revenue from services $11,150 $11,551 $401 4 %EBITDA $5,095 $5,399 $304 6 %Operating income $888 $495 $(393) (44) %Net result $(3,733) $180 $3,913 -----Amounts in millions of pesos. EBITDA: Earnings before interest, taxes, depreciation, and amortization. Revenue from services The company's revenue increased 4%, driven by an 8% growth in residential revenue and a 16% decrease in enterprise revenue. Totalplay Residential's revenue grew to Ps.9,906 million, up from Ps.9,196 million a year earlier, driven by a 7% increase in the number of subscribers compared to the same quarter last year, reaching 5,359,675 — of which 67,631 were small and medium-sized businesses this quarter. The company attributes this growth to its strong ability to deliver technologically advanced internet services — offering superior stability and speed — along with continuous innovation in its entertainment platform and a commitment to service excellence. Average revenue per subscriber (ARPU) for the quarter was Ps.607, compared to Ps.612 a year ago and Ps.597 the previous quarter. The higher ARPU compared to the previous quarter results from price adjustments in the residential customer service packages — both double-play and triple-play — in line with inflation during the period. The number of homes passed through Total Play in Mexico at the end of this period was 17,626,554, a figure with minor variations compared to 17,590,606 a year ago. This reflects the company's strategy of not investing in geographic expansion, in order to further strengthen its cash flow generation. Penetration — the proportion of homes passed by Total Play that have the company's telecommunications services — was 30.4% at the end of the quarter, up from 28.5% a year ago. Revenue from the enterprise segment was Ps.1,645 million, compared to Ps.1,954 million in the previous year. The decrease is due to the completion of predetermined-duration projects scheduled to conclude this period. Costs and expenses Total costs and expenses increased 2%, reflecting a 17% increase in general expenses and a 25% reduction in service costs. The reduction in costs, from Ps.2,187 million in the previous year to Ps.1,630 million, is primarily driven by a decrease in enterprise projects' costs, which are operating with increasing efficiency. Additionally, lower content costs were achieved due to a higher proportion of double-play users within the residential service user base and the negotiation of terms, in an optimal way, with production companies. The increase in expenses, to Ps.4,522 million, from Ps.3,868 million, reflects higher maintenance and licensing expenses, partially offset by lower personnel expenses. EBITDA and net result Total Play's EBITDA was Ps.5,399 million, up 6% from Ps.5,095 million the previous year. The relevant variations below EBITDA were as follows: An increase of Ps.697 million in depreciation and amortization, driven by the revaluation of the company's fixed assets in the previous quarter, as well as costs associated with acquiring subscribers, including telecommunications equipment, labor, and installation expenses. A growth of Ps.180 million in accrued interest expense, consistent with an increase in the financial debt balance. A reduction of Ps.619 million in changes in the fair value of financial instruments, resulting from the prepayment made a year ago of costs related to the issuance of Senior Notes due 2025, following the completion of the exchange offer for those notes. A gain of Ps.1,947 million in foreign exchange this quarter, compared to a foreign exchange loss of Ps.2,473 million a year ago, as a result of a net liability monetary position in foreign currency, together with the appreciation of the peso against the basket of currencies in which the company's monetary liabilities are denominated this quarter, compared to exchange rate depreciation last year. The provision for income taxes increased Ps.737 million, consistent with the period's results. Total Play reported a net income of Ps.180 million, compared to a net loss of Ps.3,733 million in the same period in 2024. Balance sheet As of June 30, 2025, the company's total financial debt with cost was Ps.57,030 million, up from Ps.52,919 million in the prior year. This increase was primarily driven by the issuance of an additional US$255 million as part of the exchange of US$821 million Senior Secured Notes due 2032, announced last February, as well as the issuance of US$200 million in Additional Notes to those Senior Secured Notes, announced in April. This was partially offset by amortizations of financial debt and leases during the period. Lease liabilities were Ps.3,503 million, 33% lower than the previous year's Ps.5,210 million. Cash and cash equivalents, as well as restricted cash held in trusts, was Ps.7,416 million, compared to Ps.5,225 million a year ago. As a result, the company's net debt was Ps.53,117 million, compared to Ps.52,904 million a year ago. The debt ratio — Net Debt / EBITDA for the last two quarters, annualized — was 2.53 times. Total Play's fixed assets — comprising accumulated investments in fiber optics, telecommunications equipment, subscriber acquisition costs, and other assets — were Ps.84,216 million, compared to Ps.61,775 million a year ago. The increase is related to the periodic recognition of the fair value of fixed assets — revaluation — under both the Multi-Period Excess Earnings Method and the Market Approach, done in the prior quarter. Six-month results Revenue for the first six months of 2025 was Ps.22,393 million, compared to Ps.22,237 million for the previous year, reflecting a 7% increase in residential revenue and a 26% decrease in enterprise revenue. Total costs and expenses decreased 2% to Ps.11,912 million, from Ps.12,154 million, driven by a 28% reduction in service costs and a 13% increase in general expenses. Total Play reported EBITDA of Ps.10,481 million, 4% higher than Ps.10,083 million a year ago; EBITDA margin for the period was 47%, two percentage points higher than the previous year. Operating income was Ps.1,257 million, up from Ps.1,724 million in the same period 2024. The company recorded net loss of Ps.1,781 million, compared to net loss of Ps.4,897 million a year ago. 6M 2024 6M 2025 Change Ps. %Revenue from services $22,237 $22,393 $156 1 %EBITDA $10,083 $10,481 $398 4 %Operating income $1,724 $1,257 $(467) (27) %Net result $(4,897) $(1,781) $3,116 64 %Amounts in millions of pesos. EBITDA: Earnings before interest, taxes, depreciation, and amortization. About Total Play Total Play is a leading Triple Play provider in Mexico that, thanks to the widest direct-to-home fiber optic network in the country, offers entertainment and technologically advanced services with the highest quality and speed in the market. For the latest news and updates about Total Play, visit: Total Play is a Grupo Salinas company ( a group of dynamic, fast-growing, and technologically advanced companies focused on creating economic value through market innovation and goods and services that improve standards of living; social value to improve community well-being; and environmental value by reducing the negative impact of its business activities. Created by Mexican entrepreneur Ricardo B. Salinas ( Grupo Salinas operates as a management development and decision forum for the top leaders of member companies. Each of the Grupo Salinas companies operates independently, with its own management, board of directors, and shareholders. Grupo Salinas has no equity holdings. The group of companies shares a common vision, values, and strategies for achieving rapid growth, superior results, and world-class performance. Except for historical information, the matters discussed in this press release are concepts about the future that involve risks and uncertainty that may cause actual results to differ materially from those projected. Other risks that may affect Total Play and its subsidiaries are presented in documents sent to the securities authorities. Investor Relations:Bruno Rangel Rolando Villarreal + 52 (55) 1720 9167 + 52 (55) 1720 9167 jrangelk@ rvillarreal@ Relations:Luciano Pascoe Tel. +52 (55) 1720 1313 ext. 36553 lpascoe@ TOTAL PLAY TELECOMUNICACIONES, S.A.P.I. DE Quarterly Income Statements (Millions of Mexican pesos) 2Q 24 2Q 25 Change$ % $ % $ %Revenue from services 11,150 100 % 11,551 100 % 401 4 %Cost of services (2,187) (20 %) (1,630) (14 %) 557 25 %Gross profit 8,963 80 % 9,921 86 % 958 11 %General expenses (3,868) (35 %) (4,522) (39 %) (654) (17 %)EBITDA 5,095 46 % 5,399 47 % 304 6 %Depreciation and amortization (4,207) (38 %) (4,904) (42 %) (697) (17 %)Operating profit 888 8 % 495 4 % (393) (44 %)Financial cost: Interest revenue 74 1 % 60 1 % (14) (19 %) Accrued interest expense (1,565) (14 %) (1,745) (15 %) (180) (12 %) Change in fair value of financial instruments (717) (6 %) (98) (1 %) 619 86 % Other financial income 101 1 % 299 3 % 198 196 % Foreign exchange (loss) gain - Net (2,473) (22 %) 1,947 17 % 4,420 ---(4,580) (41 %) 463 4 % 5,043 ---(Loss) profit before income tax provisions (3,692) (33 %) 958 8 % 4,650 ---Income tax provision (41) (0 %) (778) (7 %) (737) n.m. Net (loss) profit for the period (3,733) (33 %) 180 2 % 3,913 --- TOTAL PLAY TELECOMUNICACIONES, S.A.P.I. DE Accumulated Income Statements (Millions of Mexican pesos) 6M 24 6M 25 Change$ % $ % $ %Revenue from services 22,237 100 % 22,393 100 % 156 1 %Cost of services (4,482) (20 %) (3,227) (14 %) 1,255 28 %Gross profit 17,755 80 % 19,166 86 % 1,411 8 %General expenses (7,672) (35 %) (8,685) (39 %) (1,013) (13 %)EBITDA 10,083 45 % 10,481 47 % 398 4 %Depreciation and amortization (8,359) (38 %) (9,224) (41 %) (865) (10 %)Operating profit 1,724 8 % 1,257 6 % (467) (27 %)Financial cost: Interest revenue 143 1 % 116 1 % (27) (19 %) Accrued interest expense (3,042) (14 %) (3,516) (16 %) (474) (16 %) Change in fair value of financial instruments (1,014) (5 %) (1,022) (5 %) (8) (1 %) Other financial income 59 0 % 102 0 % 43 73 % Foreign exchange (loss) gain - Net (2,063) (9 %) 1,906 9 % 3,969 ---(5,917) (27 %) (2,414) (11 %) 3,503 59 %Loss before income tax provisions (4,193) (19 %) (1,157) (5 %) 3,036 72 %Income tax provision (704) (3 %) (624) (3 %) 80 11 %Net loss for the period (4,897) (22 %) (1,781) (8 %) 3,116 64 % TOTAL PLAY TELECOMUNICACIONES, S.A.P.I. DE C.V. Consolidated Statements of Financial Position (Millions of Mexican pesos)As of Jun 2024 As of Jun 2025 Cambio$ % $ % $ %ASSETS Current Assets: Cash and cash equivalents 2,728 3 % 4,509 4 % 1,781 65 % Restricted cash in trusts 2,497 3 % 2,907 3 % 410 16 % Customers - net 4,869 6 % 2,958 3 % (1,911) (39 %) Recoverable taxes 4,057 5 % 2,890 3 % (1,167) (29 %) Inventories 2,581 3 % 2,257 2 % (324) (13 %) Other current assets 1,208 1 % 795 1 % (413) (34 %) Total current assets 17,940 21 % 16,316 15 % (1,624) (9 %)Non-Current Assets: Property, plant and equipmente - Net 61,775 71 % 84,216 80 % 22,441 36 % Rights-of-use assets -Net 4,129 5 % 2,434 2 % (1,695) (41 %) Trademarks and other assets 2,731 3 % 2,444 2 % (287) (11 %) Total non-current assets 68,635 79 % 89,094 85 % 20,459 30 %Total assets 86,575 100 % 105,410 100 % 18,835 22 %LIABILITIES AND STOCKHOLDERS' EQUITY Short-Term Liabilities Financial debt 4,212 5 % 6,814 6 % 2,602 62 % Lease liabilities 2,604 3 % 2,131 2 % (473) (18 %) Trade payables 16,401 19 % 11,356 11 % (5,045) (31 %) Reverse factoring 1,452 2 % 1,349 1 % (103) (7 %) Other short-term liabilities 4,044 5 % 2,906 3 % (1,138) (28 %) Total short-term liabilities 28,713 33 % 24,556 23 % (4,157) (14 %)Long-Term Liabilities Financial debt 48,707 56 % 50,216 48 % 1,509 3 % Lease liabilities 2,606 3 % 1,372 1 % (1,234) (47 %) Employee benefits 92 0 % 109 0 % 17 18 % Deferred income tax 6,259 7 % 13,728 13 % 7,469 119 % Total long-term liabilities 57,664 67 % 65,425 62 % 7,761 13 % Total liabilities 86,377 100 % 89,981 85 % 3,604 4 %EQUITY: Capital stock 8,201 9 % 8,201 8 % - 0 % Retained earnings (7,257) (8 %) (15,656) (15 %) (8,399) (116 %) Other comprehensive income (746) (1 %) 22,884 22 % 23,630 --- Total equity 198 0 % 15,429 15 % 15,231 liabilities and equity 86,575 100 % 105,410 100 % 18,835 22 % TOTAL PLAY TELECOMUNICACIONES, S.A.P.I. DE C.V. Consolidated Statements of Cash Flows (Millions of Mexican pesos)6M 24 6M 25$ $ Operating activities: Loss before income tax provision (4,193) (1,157) Items not requiring the use of resources: Depreciation and amortization 8,359 9,224 Employee benefits 18 17 Items related to investing or financing activities: Accrued interest income (143) (116) Accrued interest expense 3,042 3,516 Other financial transactions 1,073 921 Unrealized exchange loss (gain) 2,268 (2,120)10,424 10,285Resources (used in) generated by operating activities: Customers and unearned revenue (836) 160 Other receivables 15 - Related parties, net 291 (32) Taxes to be recovered 84 828 Inventories 345 451 Advance payments (200) (211) Trade payables 2,578 (2,418) Other payables 675 (25)Cash flows generated by operating activities 13,376 9,038Investing activities: Acquisition of property, plant and equipment (5,961) (5,298) Other assets (390) 145 Collected interest 143 116Cash flows used in investing activities (6,208) (5,037)Financing activities: Loans (paid) received (1,267) 2,613 Leasing cash flows (1,217) (1,349) Restricted Cash in Trusts 880 (519) Reverse factoring (782) (241) Derivative financial instruments (1,474) 240 Interest payment (2,957) (3,591)Cash flows used in financing activities (6,817) (2,847)Net increase in cash and cash equivalents 351 1,154 Cash and cash equivalents at the beginning of the year 2,377 3,355Cash and cash equivalents at the end of the year 2,728 4,509 View original content: SOURCE Total Play Telecomunicaciones, S.A.P.I. de C.V. 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Bloomberg
7 hours ago
- Bloomberg
New Fortress Energy Taps Houlihan for Advice Amid Bond Rout
Billionaire investor Wes Edens' New Fortress Energy Inc. has tapped Houlihan Lokey for advice in anticipation of talks with creditors to cut its debt load, according to people with knowledge of the situation who asked not to be identified because they're not authorized to speak publicly. The liquefied natural gas company has been struggling with delayed projects that have dented its cash flow, resulting in even greater pressure on its already distressed debt pile. Its stock and bonds were roiled again Wednesday after Puerto Rico said it was ending negotiations over a 15-year deal to supply the island with LNG worth an estimated $20 billion.
Yahoo
8 hours ago
- Yahoo
Trump Says Countries Will Face Tariffs Ranging From 15% to 50%
(Bloomberg) -- US President Donald Trump suggested that he would not go below 15% as he sets so-called reciprocal tariff rates ahead of an Aug. 1 deadline, an indication that the floor for the increased levies was rising. Trump Awards $1.26 Billion Contract to Build Biggest Immigrant Detention Center in US Why the Federal Reserve's Building Renovation Costs $2.5 Billion The High Costs of Trump's 'Big Beautiful' New Car Loan Deduction Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom Milan Corruption Probe Casts Shadow Over Property Boom 'We'll have a straight, simple tariff of anywhere between 15% and 50%,' Trump said Wednesday at an AI summit in Washington. 'A couple of — we have 50 because we haven't been getting along with those countries too well.' Trump's comment declaring that the tariffs would begin at 15% represented the latest twist in his effort to impose duties on nearly every US trading partner, and the latest indication that Trump was looking to more aggressively impose the levies on exports from countries outside the small group that so far has been able to broker trade frameworks with Washington. Trump earlier this month said that more than 150 countries would receive a letter including a tariff rate of 'probably 10 or 15%, we haven't decided yet.' Commerce Secretary Howard Lutnick told CBS News on Sunday that small countries including 'the Latin American countries, the Caribbean countries, many countries in Africa' would have a baseline tariff of 10%. And at the first announcement of the tariffs in April, Trump unveiled a universal tariff of 10% on nearly every country. While Trump and his advisers initially expressed hopes of securing multiple deals, the president has been touting the tariff letters themselves as 'deals' and suggesting that he is uninterested in back-and-forth negotiations. Still, he has left the door open for countries to make agreements that could lower those rates. On Tuesday, Trump announced he was reducing a threatened 25% tariff on Japan to 15% in exchange for the country removing restrictions on some US products as well as offering to back a $550 billion investment fund. Other nations, including South Korea, India, and members of the European Union, are still pushing for an agreement before the heightened tariffs go into effect. On Wednesday, Trump said he would 'have a very, very simple tariff for some of the countries' because there were so many nations that 'you can't negotiate deals with everyone.' He said talks with the European Union were 'serious.' 'If they agree to open up the union to American businesses, then we will let them pay a lower tariff,' Trump said. Elon Musk's Empire Is Creaking Under the Strain of Elon Musk Burning Man Is Burning Through Cash A Rebel Army Is Building a Rare-Earth Empire on China's Border What the Tough Job Market for New College Grads Says About the Economy How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
