Fidel Castro, who defied 10 US presidents in his 50 year rule, dies aged 90

November 26, 2016

Havana, Nov 26: Former President Fidel Castro, who led a rebel army to improbable victory in Cuba, embraced Soviet-style communism and defied the power of 10 US presidents during his half century rule, has died at age 90.

fc

With a shaking voice, his younger brother, Raul Castro, announced on state television that his brother died at 10:29 p.m. on Friday night.

Castro's reign over the island-nation 90 miles from Florida was marked by the US-backed Bay of Pigs invasion in 1961 and the Cuban Missile Crisis a year later that brought the world to the brink of nuclear war.

The bearded revolutionary, who survived a crippling US trade embargo as well as dozens, possibly hundreds, of assassination plots, died eight years after ill health forced him to formally hand power over to Raul.

Castro overcame imprisonment at the hands of dictator Fulgencio Batista, exile in Mexico and a disastrous start to his rebellion before triumphantly riding into Havana in January 1959 to become, at age 32, the youngest leader in Latin America. For decades, he served as an inspiration and source of support to revolutionaries from Latin America to Africa.

His commitment to socialism was unwavering, though his power finally began to fade in mid-2006 when a gastrointestinal ailment forced him to hand over the presidency to Raul in 2008, provisionally at first and then permanently.

His defiant image lingered long after he gave up his trademark Cohiba cigars for health reasons and his tall frame grew stooped. "Socialism or death" remained Castro's rallying cry even as Western-style democracy swept the globe and other communist regimes in China and Vietnam embraced capitalism, leaving this island of 11 million people an economically crippled Marxist curiosity.

He survived long enough to see Raul Castro negotiate an opening with US President Barack Obama on December 17, 2014, when Washington and Havana announced they would move to restore diplomatic ties for the first time since they were severed in 1961.

He cautiously blessed the historic deal with his lifelong enemy in a letter published after a month-long silence. "It's a tragedy," said Dayan Montalvo, a 22-year-old nurse. "We all grew up with him. I feel really hurt by the news that we just heard."

Fidel Castro Ruz was born August 13, 1926, in eastern Cuba's sugar country, where his Spanish immigrant father worked first recruiting labor for US sugar companies and later built up a prosperous plantation of his own.

Castro attended Jesuit schools, then the University of Havana, where he received law and social science degrees. His life as a rebel began in 1953 with a reckless attack on the Moncada military barracks in the eastern city of Santiago. Most of his comrades were killed and Fidel and his brother Raul went to prison.

Castro cobbled revolutionary groups together into the new Cuban Communist Party, with him as first secretary. Labor unions lost the right to strike. The Catholic Church and other religious institutions were harassed. Neighborhood "revolutionary defence committees" kept an eye on everyone.

Castro exported revolution to Latin American countries in the 1960s, and dispatched Cuban troops to Africa to fight Western-backed regimes in the 1970s. Over the decades, he sent Cuban doctors abroad to tend to the poor, and gave sanctuary to fugitive Black Panther leaders from the US.

But the collapse of the Soviet bloc ended billions in preferential trade and subsidies for Cuba, sending its economy into a tailspin. Castro briefly experimented with an opening to foreign capitalists and limited private enterprise.

As the end of the Cold War eased global tensions, many Latin American and European countries re-established relations with Cuba. In January 1998, Pope John Paul II visited a nation that had been officially atheist until the early 1990s.

Aided by a tourism boom, the economy slowly recovered and Castro steadily reasserted government control, stifling much of the limited free enterprise tolerated during harder times.

As flamboyant as he was in public, Castro tried to lead a discreet private life. He and his first wife, Mirta Diaz Balart, had one son before divorcing in 1956. Then, for more than four decades, Castro had a relationship with Dalia Soto del Valle. They had five sons together and were said to have married quietly in 1980.

By the time Castro resigned 49 years after his triumphant arrival in Havana, he was the world's longest ruling head of government, aside from monarchs. In retirement, Castro voiced unwavering support as Raul slowly but deliberately enacted sweeping changes to the Marxist system he had built.

His longevity allowed the younger brother to consolidate control, perhaps lengthening the revolution well past both men's lives. In February 2013, Raul announced that he would retire as president in 2018 and named newly minted Vice President Miguel Diaz-Canel as his successor.

"I'll be 90 years old soon," Castro said at an April 2016 communist party congress where he made his most extensive public appearance in years. "Soon I'll be like all the others.

The time will come for all of us, but the ideas of the Cuban Communists will remain as proof that on this planet, if one works with fervor and dignity, they can produce the material and cultural goods that human beings need and that need to be fought for without ever giving up."

Comments

Congi Shan
 - 
Saturday, 26 Nov 2016

The whole nation suffered because of this man. Not different from dictators Saddam, Gaddafi & Kim Kong Un

Fawad
 - 
Saturday, 26 Nov 2016

CIA tried 500 times to kill him .....Americans are real terrorists

Fedrick
 - 
Saturday, 26 Nov 2016

Red salute to fidel castro and his revolution!

karthik
 - 
Saturday, 26 Nov 2016

Indians can expect the biggest party in the world issuing membership to the expired revolutionary.

Kavya
 - 
Saturday, 26 Nov 2016

Real communism was followed by Karl Marx who envisaged an egalitarian society unlike the Ambanis and Mallyas of today.

Veerendra Hegde
 - 
Saturday, 26 Nov 2016

He kept an enviable and long record as the only leader who ruled a state for more than 50 years! He fought the mighty US and was recognised as one of the tall leaders in the world, with his demise, it is the end of an era! RIP comrade!

Jayaraj
 - 
Saturday, 26 Nov 2016

it is the end of a long innings.. made colorful by his continued anti US stance...... his cigar and the beard made him a recognizable figure who it is said has survived many number of attempts on his life ....MAY HIS SOUL REST IN PEACE......

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
March 23,2020

Singapore, Mar 23: Oil prices fell at the open in Asia on Monday after a trillion-dollar Senate proposal to help the coronavirus-hit American economy was defeated and death tolls soared across Europe and the US.

US benchmark West Texas Intermediate initially tumbled more than three percent but then pulled back some ground to trade 1.5 percent lower, at $22 a barrel.

Brent crude, the international benchmark, fell 4.9 percent to $25 a barrel.

Prices have fallen to multi-year lows in recent weeks as lockdowns and travel restrictions to fight the virus hit demand, and top producers Saudi Arabia and Russia engage in a price war.

The latest drop came after a trillion-dollar Senate proposal to rescue the US economy was defeated after receiving zero support from Democrats, and with five Republicans absent from the chamber because of virus-related quarantines.

The bill had proposed funding for American families, thousands of shuttered or suffering businesses and the nation's critically under-equipped hospitals.

Coronavirus deaths soared across Europe and the United States at the weekend despite heightened restrictions.

The death toll from the virus -- which has upended lives and closed businesses and schools across the planet -- surged to more than 14,300 Sunday, according to an AFP tally.

AxiCorp chief markets strategist Stephen Innes said that "total demand devastation" had set it.

"Oil markets collapsed out of the gate this morning as prices react... to stringent containment lockdown measures," he said.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 29,2020

Karachi, May 29: Investigators and rescue officials have found around Rs 3 crore in cash in the wreckage of the Pakistan International Airlines' aircraft that crashed wth 99 people on board, killing 97 people, including nine children.

Flight PK-8303 from Lahore to Karachi crashed in a residential area near Karachi International Airport on Friday, with only two passengers miraculously surviving the crash.

Investigators and rescue officials have found currencies of different countries and denominations worth around Rs 30 million from the aircraft's wreckage, an official said on Thursday.

"An investigation has been ordered into how such a huge amount of cash got through airport security and baggage scanners and found its way into the ill-fated flight," the official said.

He said that the amount was recovered from two bags in the wreckage.

"The process of identifying the bodies and their luggage which will be handed over to their families and relatives is going on," he said.

A total of 97 people including the aircraft crew died in the crash, one of the most catastrophic aviation disasters in Pakistan's history.

A government official said on Thursday that the identification of 47 bodies had been completed, while 43 bodies were handed over for burial.

Friday's accident was the first major aircraft crash in Pakistan after December 7, 2016 when a PIA ATR-42 aircraft from Chitral to Islamabad crashed midway. The crash claimed the lives of all 48 passengers and crew, including singer-cum-evangelist Junaid Jamshed.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
April 21,2020

New York, Apr 21: Oil prices plunged below zero on Monday as demand for energy collapses amid the coronavirus pandemic and traders don't want to get stuck owning crude with nowhere to store it.

Stocks were also slipping on Wall Street in afternoon trading, with the S&P 500 down 0.9%, but the market's most dramatic action was by far in oil, where benchmark U.S. crude for May delivery plummeted to negative $3.70 per barrel, as of 2:15 pm. Eastern time.

Much of the drop into negative territory was chalked up to technical reasons — the May delivery contract is close to expiring so it was seeing less trading volume, which can exacerbate swings. But prices for deliveries even further into the future, which were seeing larger trading volumes, also plunged.

Demand for oil has collapsed so much due to the coronavirus pandemic that facilities for storing crude are nearly full.

Tanks could hit their limits within three weeks, according to Chris Midgley, head of analytics at S&P Global Platts.

Benchmark U.S. crude oil for June delivery, which shows a more ”normal” price, fell 14.8% to $21.32 per barrel, as factories and automobiles around the world remain idled. Big oil producers have announced cutbacks in production in hopes of better balancing supplies with demand, but many analysts say it's not enough.

“Basically, bears are out for blood,” analyst Naeem Aslam of Avatrade said in a report. “The steep fall in the price is because of the lack of sufficient demand and lack of storage place given the fact that the production cut has failed to address the supply glut.”

Halliburton swung between gains and sharp losses, even though it reported stronger results for the first three months of 2020 than analysts expected. The oilfield engineering company said that the pandemic has created so much turmoil in the industry that it “cannot reasonably estimate” how long the hit will last. It expects a further decline in revenue and profitability for the rest of 2020, particularly in North America.

Brent crude, the international standard, was down $1.78 to $26.30 per barrel. .

In the stock market, the mild drops ate into some of the big gains made since late March, driven lately by investors looking ahead to parts of the economy possibly reopening as infections level off in hard-hit areas.

Pessimists have called the rally overdone, pointing to the severe economic pain sweeping the world and continued uncertainty about how long it will last.

The Dow Jones Industrial Average was down 364 points, or 1.5%, to 23,887. The Nasdaq was down 0.1%..

More gains from companies that are winners in the new stay-at-home economy helped limit the market's losses Amazon rose 1.4%, and Netflix jumped 3.8% as people shut in at home buy staples and look to fill their time. Clorox likewise rose toward a new record and was up 1% as households and businesses that remain open look to stay clean.

In Tokyo the Nikkei 225 fell 1.1% after Japan reported that its exports fell nearly 12% in March from a year earlier as the pandemic hammered demand in its two biggest markets, the U.S. and China.

The Hang Seng index in Hong Kong lost 0.2%, and South Korea's Kospi fell 0.8%.

European markets were modestly higher The German DAX was up 0.5%, the French CAC 40 was up 0.7% and the FTSE 100 in London gained 0.7%.

In a sign of continued caution in the market, Treasury yields remained extremely low. The yield on the 10-year Treasury slipped to 0.64% from 0.65% late Friday. It started the year near 1.90%. Bond yields drop when their prices rise, and investors tend to buy Treasurys when they're worried about the economy.

Stocks have been on a generally upward swing recently, and the S&P 500 just closed out its first back-to-back weekly gain since the market began selling off in February. Promises of massive aid for the economy and markets by the Federal Reserve and U.S. government ignited the rally, which sent the S&P 500 up as much as 28.5% since a low on March 23.

More recently, countries around the world have tentatively eased up on business-shutdown restrictions put in place to slow the spread of the virus.

But health experts warn the pandemic is far from over and new flareups could ignite if governments rush to allow ”normal” life to return prematurely.

The S&P 500 remains about 15% below its record high in February as millions more U.S. workers file for unemployment every week amid the shutdowns.

Many analysts also warn that a significant part of the recent recovery in stocks is due to the expectation among some investors that the economy will rebound sharply once economic quarantines are lifted. They're essentially predicting that a line chart of the economy will ultimately resemble the letter “V,” with a wild ride down but then a quick pivot to a vigorous recovery.

That may be to optimistic. “We caution that a U-shaped recovery is also quite likely,” where the economy bottoms out and stays at that low level for a while before recovering, strategists at Barclays warned in a recent report.

Without strong testing programs for COVID-19, businesses likely won't feel comfortable bringing back their full workforces for a while.

”With risk assets now overbought, the chance for a correction has increased,” Morgan Stanley strategists wrote in a report.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.