Boodor is Your Go-to Source for the Latest Business News, Stay Informed and Make Informed Decisions.
⎯ 《 Boodor • Com 》
Slovenia Assesses Rising Damage, Death Toll From Record Flooding
Slovenia Assesses Rising Damage, Death Toll From Record Flooding
Slovenia is beginning to assess the human and economic toll from flooding that’s inundated parts of the country
2023-08-07 18:52
Cuban entrepreneurs get business training from the US, and hope that Biden lifts sanctions
Cuban entrepreneurs get business training from the US, and hope that Biden lifts sanctions
Musicians Ana María Torres and María Carla Puga started making bracelets and necklaces at home in Cuba during the pandemic, and they now have a flourishing business. On an island that for decades prohibited private enterprise, they have had an unlikely adviser: the U.S. Embassy. Torres and Puga are part of a small group of entrepreneurs benefiting from a business training program the embassy is offering in Cuba, where many young entrepreneurs are less wary of the American government than those in previous generations. “We see it as a great opportunity,” says Torres, 25, who co-founded a store and workshop named Ama, which has a cafeteria and employs 12 people. Ama is one of almost 8,000 small- and medium-sized companies that were legally authorized to operate in Cuba over the past year and a half. The embassy training featured weekly online meetings covering everything from marketing tools and brand management to basic finances and the creation of web pages. The owners of Ama were among 30 entrepreneurs the embassy selected from 500 applicants. Torres and Puga recall the look of fear — and surprise — in an older driver’s face when, on their way to exhibit some of their products, they asked him to drop them at the U.S. Embassy. The driver suggested he drop them off one block away instead. “Our generation doesn't really have so much limitation with respect to daring to take part in these kinds of things with the U.S. embassy, because the context is different,” says Puga, 29. “We know there are some conflicts, but we also know there is a lot that is being tried, especially with Cuban entrepreneurs, and we’re really not afraid.” In 1968, the Cuban government shut down the few remaining private businesses that were left on the island after the 1959 revolution. In 2010, however, then-President Raúl Castro initiated a reform to boost the local economy and allowed independent workers to work in activities like rental houses, restaurants and transportation. These were further developed amid a 2014 rapprochement with the U.S. during the administration of President Barack Obama. Sanctions also were eased during that period. Policy towards the island hardened during the administration of President Donald Trump, and the economy has yet to recover from its 11% contraction in 2020. In tourism alone -- a mainstay for national income -- the island welcomed just 1.7 million visitors last year, less than half the amount of 2018. Cubans have been feeling the effects of yet another crisis, reflected by long lines to get fuel, shortages of basic goods, blackouts, inflation and record emigration. In September 2021, Cuba legalized the creation of small- and medium-sized businesses to help an economy in crisis, a decision that Cubans and observers of the nation's politics viewed as historic. Since then, 7,842 small- and medium-size companies were created, along with 65 non-agricultural cooperatives, generating some 212,000 jobs combined. However, decades living in a state-dominated economy led to the loss of business know-how, including financial administration, marketing strategies, publicity and customer relations. “I am very happy with the renewed willingness of the United States embassy to pave the way for us in terms of knowledge... that is something we were lacking,” says Adriana Heredia, a 30-year-old partner of Beyond Roots, a private enterprise that includes a clothing store, a beauty salon specializing in afro hair and various other cultural projects. Cuban entrepreneurs say they appreciate efforts like the U.S. embassy’s business training program, but they also express concern about the negative impact the U.S.-imposed sanctions have had on their economy. “There is a negative impact (of the sanctions) that is evident,” economist Ricardo Torres, a researcher at the Center for Latin American Studies at the American University in Washington, told the AP. “The United States is the dominant market, the dominant economy. So all the financial and commercial restrictions that... weigh on entities that are based in Cuba will negatively affect entrepreneurs.” Last month, representatives of 300 small- and medium-sized businesses sent a letter to President Joe Biden requesting, among other things, facilitation of financial transactions, the establishment of some sort of permit for U.S. businessmen to invest in Cuba and trade with private companies, They also requested removal of the island from U.S. list of countries that sponsor terrorism. Cuban entrepreneurs feel they are caught between two forces: U.S. sanctions and limitations within Cuba itself such as high taxes, a lack of financing and state control over imports and exports. The island also lacks permits for professionals to establish themselves as independent workers. “Unfortunately, Cuba’s private enterprises end up being subjected to a sort of crossfire,” Torres said. The Biden administration has promised several times to reverse some measures affecting the island and its fledgling entrepreneurs, but the Cuban government says Washington has yet to deliver. Benjamin Ziff, charge d’affairs at the U.S. embassy in Cuba, dismisses claims that the administration has implemented few changes. He pointed to the resumption of some flights and the sending of remittances, as well as a slew of educational and religious exchanges between both nations. The embassy's business training classes, while a small measure to boost the private sector, is one of them. “Cuba’s future lies in its private sector and those who say it is a necessary evil are completely wrong,” Ziff said in an interview. “It is an increasingly necessary good for the well-being of the people.” Read More Ukraine war’s heaviest fight rages in east - follow live Charity boss speaks out over ‘traumatic’ encounter with royal aide Sierra Leone's president wins second term without need for runoff, election commission announces Music Review: Kim Petras makes flirty Eurodance-pop in major-label debut Eni chief executive says plan for pipeline to move gas to Cyprus 'part of our discussion'
2023-06-28 01:22
Keysight EDA 2024 Integrated Software Tools Shift Left Design Cycles to Increase Engineering Productivity
Keysight EDA 2024 Integrated Software Tools Shift Left Design Cycles to Increase Engineering Productivity
SANTA ROSA, Calif.--(BUSINESS WIRE)--Sep 26, 2023--
2023-09-26 23:26
Japan Inflation Outpaces Expectations Ahead of BOJ Decision
Japan Inflation Outpaces Expectations Ahead of BOJ Decision
Japan’s consumer inflation outpaced expectations in data published hours ahead of the central bank’s policy decision, casting some
2023-09-22 09:26
Some ECB Officials Weigh Faster Reduction of Bond Portfolio
Some ECB Officials Weigh Faster Reduction of Bond Portfolio
Some hawkish European Central Bank officials are pondering options to speed up the reduction of the institution’s €5
2023-06-28 13:26
Stocks drop, Treasuries gain after Fitch downgrades US rating
Stocks drop, Treasuries gain after Fitch downgrades US rating
By Xie Yu HONG KONG Asian stocks and U.S. Treasury yields declined on Wednesday after ratings agency Fitch
2023-08-02 13:52
Asian markets fluctuate as rate-hope rally fades
Asian markets fluctuate as rate-hope rally fades
Asian markets struggled for direction on Tuesday as investors weighed signs of a slowing US economy against hopes the Federal Reserve's interest rate hiking cycle...
2023-07-04 11:25
Biden rule aims to reduce methane emissions, targeting US oil and gas industry for global warming
Biden rule aims to reduce methane emissions, targeting US oil and gas industry for global warming
The Biden administration on Saturday issued a final rule aimed at reducing methane emissions, targeting the U.S. oil and natural gas industry for its role in global warming as President Joe Biden seeks to advance his climate legacy
2023-12-02 16:45
Markon Spins Off from Anser Advisory to Launch New Government Services Firm
Markon Spins Off from Anser Advisory to Launch New Government Services Firm
WASHINGTON--(BUSINESS WIRE)--Jun 21, 2023--
2023-06-22 03:47
Japan’s Inflation Outpaces Forecast Amid Focus on BOJ Price View
Japan’s Inflation Outpaces Forecast Amid Focus on BOJ Price View
Japan’s consumer prices rose at a faster pace than economists expected in May, an outcome that could fuel
2023-06-23 08:29
Biden Seeks to Call McCarthy After Debt-Limit Talks Hit Impasse
Biden Seeks to Call McCarthy After Debt-Limit Talks Hit Impasse
President Joe Biden directed his aides to schedule a call on Sunday with House Speaker Kevin McCarthy, after
2023-05-21 12:51
Qosina Introduces RondelO™ Stopcock Manifolds
Qosina Introduces RondelO™ Stopcock Manifolds
RONKONKOMA, N.Y.--(BUSINESS WIRE)--Sep 21, 2023--
2023-09-22 05:24