Latest news with #Cuban
Time of India
an hour ago
- Politics
- Time of India
Cuba fires labour minister for calling all beggars fakes
A woman searches through a dumpster looking for useful items, in Havana, Cuba. (Picture credit: AP) HAVANA: The Cuban government fired its labour minister after she was publicly rebuked by the president for saying Cuba's beggars were all phonies in disguise. A brief announcement Tuesday evening said labour and social security minister Marta Elena Feito had demonstrated a lack of 'objectivity and sensitivity on topics that are currently central to political and governmental policy'. The minister's remarks on live television Monday were circulated on social media and became a lightning rod for popular frustration with years of economic crisis. 'We have seen people who appear to be beggars, but when you look at their hands, when you look at the clothes they wear, they are disguised as beggars ... In Cuba, there are no beggars,' she said. President Miguel Diaz-Canel said the comments showed a lack of understanding of the roots of poverty. 'The vulnerable are not our enemies.' REUTERS
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Miami Herald
6 hours ago
- Business
- Miami Herald
Cuba announces new rules for investing in hotels and a hike in state pensions
Facing worsening economic prospects, the Cuban government will allow joint ventures between state enterprises and local private companies, as well as what it calls 'selective swap' operations with foreign companies, involving hotels and real estate, the country's prime minister said in a speech before the National Assembly on Wednesday. The measures, he said, are part of a government plan to boost hard currency revenue and foreign investments, and increase production in the country, though their real impact cannot be measured until related regulations are published. Prime Minister Mario Marrero did not elaborate on the swap operations, but in the past, several Latin American countries have implemented so-called debt-for-equity swaps to reduce their foreign debt. In these transactions, a country reduces its foreign debt by giving a company an equity stake in a local company or property. Marrero said those transactions 'will be approved without ceding sovereignty. We already approved the first leased hotel by a foreign company, and there are several under analysis to switch them to this very beneficial model for our country.' The minister also mentioned forthcoming regulations that would eliminate the requirement for foreign hotel chains to enter into a joint venture or a similar contract with a Cuban government entity in order to lease a hotel. Several international hotel chains have signed contracts with Cuban tourism companies, including some owned by the island's military, to lease and manage hotels on the island. Some of those properties — or the land on which they were built —have been the subject of lawsuits under the U.S. law known as the Helms-Burton Act because they were expropriated from U.S. citizens by the Cuban government without compensation shortly after it took power 1959. Many urban hotels owned by a Cuban military conglomerate known as GAESA are included in a list of sanctioned entities kept by the U.S State Department. Private sector imports over $1 billion Marrero's tone regarding private enterprises was notably softer than a previous address to the National Assembly last year, when he announced several new restrictions on micro, small, and medium enterprises as well as the self-employed. He provided figures revealing the extent of a crackdown on the private enterprises, including 2 billion pesos in fines for not following price control restrictions on certain food items, as well as the closure of over 8,000 points of sale for the same reason. Still, he at times explicitly referred to these enterprises as 'private companies,' and said the government is seeking partnerships beyond the current leasing of empty facilities, and would allow joint ventures. He said that already there are 2,741 partnerships between government entities and private enterprises to produce food. Notably, the government has so far rejected expanding the privatization to agriculture, and he mentioned only 55 such partnerships in that sector. Figures shared earlier this week by the country's economy minister, Joaquín Alonso, show that the private sector, including the self-employed and non-agricultural cooperatives, has imported over a billion dollars in goods and raw materials in the first six months this year. Without providing details, Marrero also announced several new measures to be implemented before the end of the year, including reducing red tape and simplifying the approval process for foreign investment, changes to the official currency exchange system, steps to promote remittances from abroad, and additional controls on electronic commerce. He also said the government is seeking partnerships with foreign companies to address the ongoing trash collection problem in the country's largest cities. But nothing in Marrero's speech signaled undertaking significant changes at the speed required by the country's colossal economic problems. His speech was followed by an address from the economy minister, Alonso, who described the collapse of the island's economy, which has contracted by 11% since 2019. Alonso said that while there have been some improvements in the repair of electrical plants and the production of certain crops, he acknowledged that the country still lacks the resources to purchase the oil needed to meet the country's electricity needs and feed the population. He said that continuing to import food to distribute to the public via the decades-old ration-card system is 'economically unsustainable.' Last week, the minister of energy and mines, Vicente de la O Levy, implied that Cuba no longer relies on oil shipments from Venezuela, which had been its principal provider. 'We don't have a stable fuel supply like we used to,' he said. 'We're turning to the international market to buy fuel, and the country's oil bill is over $4 billion.' Money for health and pensions Many of the measures Marrero announced Wednesday have been under discussion for several years, and some entail small changes that economists have been advocating for a long time. For example, he said 29 state entities have been approved to use the hard currency they earn to boost their own production, rather than passing the dollars to the central government. He mentioned the Ministry of Health is among those that would be allowed to 'retain 100% of what they earn in foreign currency for the services they export.' That statement implies that the money collected by the government as payment for its medical missions abroad was not spent mostly on maintaining the public health system. Health Minister José Ángel Portal told members of the National Assembly on Monday that the 'self-financing scheme' had been in place since last December, and the additional funds had been used to pay debts, purchase antibiotics and medical supplies. 'We had practically hit rock bottom, but these resources have been vital in prioritizing the most urgent needs,' he said. Still, Portal said, currently, only '30% of the basic medications list' is available in the country. The prime minister also announced a modest increase in state pensions, which will double the amount earned by those receiving the minimum (1,528 pesos monthly). However, the boost will barely add the equivalent of $4 a month. Those receiving more than 4,000 pesos a month will see no increase. The measure, he said, will benefit 1.3 million Cubans.
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First Post
13 hours ago
- Politics
- First Post
How Cuba's beggars led to the fall of its labour minister
Cuban Minister for Labour and Social Security resigned after claiming Cuba, a communist-run nation around 150 kilometres from Florida, has no beggars. But what happened exactly? Why have her remarks sparked such a backlash? read more A woman searches through a dumpster looking for useful items, in Havana, Cuba. Cuban Minister for Labour and Social Security resigned after claiming Cuba, a communist-run nation around 150 kilometres from Florida, has no beggars. AP Cuba's labour minister has been forced to resign. And it's all because of the country's beggars. Cuban Minister for Labour and Social Security resigned after claiming Cuba, a communist-run nation around 150 kilometres from Florida, has no beggars. But what happened exactly? Why have her remarks sparked such a backlash? Let's take a closer look: What happened? Marta Elena Feitó-Cabrera, Cuba's Minister for Labour, said there were no such things as beggars in Cuba. Cabrera claimed that people were begging and going through rubbish in order to make 'easy money'. Feitó-Cabrera made the remarks during a session of Cuba's National Assembly. STORY CONTINUES BELOW THIS AD 'We have seen people, apparently beggars, (but) when you look at their hands, look at the clothes these people are wearing, they are disguised as beggars, they are not beggars,' she said. 'There are no beggars in Cuba. There are people pretending to be beggars to make easy money', she said. She said that those cleaning windshields use the money to 'drink alcohol.' She accused those of going through the garbage as being 'illegal participants in the recycling service'. She said they are recovering materials 'to resell and not pay tax.' Feitó-Cabrera's remarks went viral in no time. She was heavily criticised by both people in Cuba and Cubans abroad. Many even called for her to be removed from office. Even Cuban President Miguel Díaz-Canel took aim at her – albeit not by name. Vendors wait for customers next to the trunk of their American classic car stuffed with homemade crisps and bread, in Havana, Cuba. The economic situation in Cuba is going from bad to worse. AP Díaz-Canel succeeded Raul Castro in 2019, though Castro remains a huge influence both within the party and the country. He said Cuba's representatives cannot 'act with condescension' or be 'disconnected from the realities' of the Cuban people. 'The lack of sensitivity in addressing vulnerability is highly questionable. The revolution cannot leave anyone behind; that is our motto, our militant responsibility', Díaz-Canel later wrote on X. STORY CONTINUES BELOW THIS AD Cuban economist Pedro Monreal wrote on X: 'It must be that there are also people disguised as 'ministers''. Some Cuban activists and intellectuals also published an open letter demanding her impeachment. The letter said her remarks were 'an insult to the Cuban people'. Feitó-Cabrera resigned on Tuesday. Her resignation has been accepted by the Cuban Communist Party and the government. Cuba's Presidency wrote on X that she 'acknowledged her errors and submitted her resignation' over a 'lack of objectivity and sensitivity' for issues that are 'at the centre of political and governmental management'. Why such a backlash? Her remarks came at an extremely unfortunate time. The situation in communist Cuba, which has been under US sanctions for decades, is getting from bad to worse. America imposed sanctions on Cuba in 1960 after the revolution led by Fidel Castro. The US in 1961 launched a failed invasion of Cuba known as the 'Bay of Pigs'. The operation, authorised by the John F Kennedy administration, is widely seen as one of the biggest foreign policy blunders in America's history. STORY CONTINUES BELOW THIS AD The US over the years also made numerous attempts to eliminate Castro. While Barack Obama tried to thaw relations with Cuba during his time in office, his successor Donald Trump reversed the policy. The sanctions on Cuba remain widely unpopular throughout the world. Though 185 of 193 countries at the UN have voted to condemn US sanctions, Cuba remains under embargo. Poverty levels are rising and food shortages are increasing. The crisis has resulted in some people, particularly the elderly, being seen begging or going through garbage. Some are even cleaning windshields at corners for change. Fidel Castro was sworn in as premier of Cuba in 1959. America imposed sanctions on Cuba after the revolution led by Photo Cuba's GDP in 2024 fell by 1.1 per cent. Over the past five years, it has shrunk by 11 per cent. Travel and tourism remains a vital part of Cuba's economy. The island nation sees millions of tourists visit every year. While many over the years praised Cuba for providing several benefits to its citizens including universal healthcare and pensions, the government has since cut back on several essential services. STORY CONTINUES BELOW THIS AD This isn't even enough to buy a single carton of eggs. Those who have families abroad can survive on what they send back. Others simply go without. 'They are elderly people who count on a pension that does not exist. They cannot even buy a carton of eggs. It is the reality we are living in Cuba,' Enrique Guillén, who is self-employed, said. With inputs from agencies
Time of India
13 hours ago
- Business
- Time of India
AI could create world's first trillionaire, and it might be just 'a dude in a basement': Shark Tank's Mark Cuban
Mark Cuban believes artificial intelligence can generate immense wealth. He says AI has the potential to create the world's first trillionaire. This person will harness AI in a novel way. Cuban compares AI's potential to the early days of PCs and the internet. He predicts AI will significantly improve lives. People will wonder how they ever lived without it. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Artificial intelligence isn't just transforming industries — it could also make someone the richest person in history. Billionaire investor Mark Cuban believes that AI holds the key to creating the world's first trillionaire, thanks to its immense wealth-generating speaking during a recent episode of 'High Performance," Cuban said that person will be someone who is able to harness AI in a yet-to-be-discovered way, he added.'We haven't seen the best, or the craziest, of what [AI] is going to be able to do,' said the 66-year-old former 'Shark Tank' star. 'Not only do I think it'll create a trillionaire, but it could be just one dude in the basement. That's how crazy it could be.''Remember the early days of PCs and people were like, 'I don't need that. ... What's this internet thing? Why do we need it?' Then it was smartphones,' said Cuban. 'We'll find something equivalent for AI and then, five years [later] ... people will be like, 'How did I live without it?' People will make a lot of money.''I'm not saying we're going to get the Terminator,' he added. 'I'm not saying that all of a sudden, there are going to be robots that are smarter than people ... But we'll find ways to make our lives better.'Tech giants are in a fierce battle for top-tier AI talent, with companies like Meta and OpenAI offering eye-popping compensation packages to secure the brightest minds in the has significantly ramped up its AI investments, focusing on generative AI and its Reality Labs division. In 2023, CEO Mark Zuckerberg called advanced AI development the company's 'single largest investment area.' Senior AI researchers at Meta are reportedly being offered total compensation packages ranging from $600,000 to over $1 million, including stock and bonuses, according to several media backed by Microsoft, has also become a major player in the race. Senior research engineers there receive base salaries between $200,000 and $370,000, with total compensation — including equity — often reaching $800,000 to $1 million ( The Information). Many of these roles come with profit-sharing and early equity options, especially enticing as OpenAI's valuation continues to sharp surge in pay underscores a broader scramble among Big Tech firms to secure the talent driving advances in large language models, generative AI, and other emerging technologies. Analysts say these aggressive offers are not just about recruitment, but also about retaining key talent amid escalating poaching efforts across the industry.
Yahoo
16 hours ago
- Politics
- Yahoo
Cuban minister resigns after saying country has no beggars
Cuban Minister for Labour Marta Elena Feitó Cabrera has been forced to resign after she made comments denying the existence of beggars on the Communist-run island. The minister had said there was no such thing as "beggars" in Cuba and people going through rubbish were, in essence, doing so out of choice to make "easy money", as she put it. Her comments, made in a parliamentary session, were widely criticised by Cubans at home and abroad, and prompted a response from the island's president, Miguel Díaz-Canel. She resigned soon after. Poverty levels and food shortages have worsened in Cuba as it continues to grapple with a severe economic crisis. Both the public criticism her comments triggered and the public rebuke the minister received are unusual in Cuba, a country where anti-government protests are banned by law and open dissent can land critics in jail. Feitó Cabrera made the comments earlier this week at a session of the National Assembly. "There are no beggars in Cuba. There are people pretending to be beggars to make easy money," she said. Furthermore, Feitó Cabrera accused people searching through the rubbish of being "illegal participants in the recycling service". The minister clearly misjudged the outrage and anger her comments would cause and the extent to which they portrayed the country's leadership as unfeeling, authoritarian and deeply removed from the dire economic struggles of ordinary Cubans. President Díaz-Canel criticised Feitó Cabrera at the parliamentary session - albeit without mentioning her by name - saying the leadership could not "act with condescension" or be "disconnected from the realities" of the people. With food and housing shortages becoming more acute in Cuba's current economic crisis, the sight of people rummaging through rubbish bins for food and sleeping in doorways has become more common. Daily life is further disrupted by fuel shortages and frequent power cuts. Many Cubans also have to hunt for basic medicines, going from pharmacy to pharmacy in the hope of tracking down the medication they need. In response to her claim that there were no beggars in Cuba, but people disguised as beggars, Cuban economist Pedro Monreal wrote on X: "It must be that there are also people disguised as 'ministers'". A number of Cuban activists and intellectuals also published a letter calling for her removal, saying the comments were "an insult to the Cuban people". Feitó Cabrera's resignation was accepted by the Cuban Communist Party and the government. Cuba asks UN for help as food shortages worsen Cubans endure days without power as energy crisis hits hard
