Donald Trump to announce plan to stop cash flow to Cuban military

Agencies
June 16, 2017

Washington, Jun 16: Stopping short of a complete turnabout, President Donald Trump is expected Friday to announce a revised Cuba policy aimed at stopping the flow of US cash to the country’s military and security services while maintaining diplomatic relations and allowing U.S. airlines and cruise ships to continue service to the island.

Cubany

In a speech Friday at a Miami theater associated with Cuban exiles, Trump will cast the policy moves as fulfillment of a promise he made during last year’s presidential campaign to reverse then-President Barack Obama’s diplomatic re-engagement with the island after decades of estrangement.

Senior White House officials who briefed reporters Thursday on the coming announcement said Obama’s overtures had enriched Cuba’s military while repression increased on the island. The officials spoke on condition of anonymity to discuss the policy before Trump announces it, despite the president’s regular criticism of the use of anonymous sources.

The moves to be announced by Trump are only a partial reversal of Obama’s policies, however. And they will saddle the U.S. government with the complicated task of policing U.S. travel to Cuba to make sure there are no transactions with the military-linked conglomerate that runs much of the Cuban economy.

By restricting individual U.S. travel to Cuba, the new policy also risks cutting off a major source of income for Cuba’s private business sector, which the policy is meant to support.

Under the expected changes, the U.S. will ban American financial transactions with the dozens of enterprises run by the military-linked corporation GAESA, which operates dozens of hotels, tour buses, restaurants and other facilities.

Most U.S. travelers to Cuba will again be required to visit the island as part of organized tour groups run by American companies. The rules also require a daylong schedule of activities designed to expose the travelers to ordinary Cubans. But because Cuban rules requires tour groups to have government guides and use state-run tour buses, the requirement has given the Cuban government near-total control of travelers’ itineraries and funneled much of their spending to state enterprises.

Obama eliminated the tour requirement, allowing tens of thousands of Americans to book solo trips and spend their money with individual bed-and-breakfast owners, restaurants and taxi drivers.

The U.S. Embassy in Havana, which reopened in August 2015, will remain as a full-fledged diplomatic outpost. Trump isn’t overturning Obama’s decision to end the “wet foot, dry foot” policy that allowed most Cuban migrants who made it onto U.S. soil to stay and eventually become legal permanent residents.

Also not expected are any changes to U.S. regulations governing what items Americans can bring back from Cuba, including the rum and cigars produced by state-run enterprises.

More details about the changes are expected to be released Friday, when the new policy is set to take effect. But none of the changes will become effective until the Treasury Department issues new regulations, which could take months. That means that any U.S. traveler currently booked on a flight to Cuba in the next few weeks, or even months, could go ahead and make the trip.

Critics said the changes would only hurt everyday Cubans who work in the private sector and depend on American visitors to help provide for their families. Supporters expressed appreciation for Trump’s emphasis on human rights in Cuba.

Obama announced in December 2014 that he and Cuban leader Raul Castro were restoring diplomatic ties between their countries, arguing that the policy the U.S. had pursued for decades had failed to bring about change and that it was time to try a new approach.

The U.S. severed diplomatic relations with Cuba in 1961 after Fidel Castro’s revolution. It spent subsequent decades trying to either overthrow the Cuban government or isolate the island, including toughening an economic embargo first imposed by President Dwight D. Eisenhower. The embargo remains in place and unchanged by Trump’s policy. Only the U.S. Congress can lift the embargo, and lawmakers, especially those of Cuban heritage, like Sen. Marco Rubio, R-Fla., have shown no interest in doing so.

The son of a Cuban immigrant, Rubio opposed Obama’s re-engagement with Cuba, saying Obama was making concessions to an “odious regime.”

Trump aides said Thursday that Rubio was “very helpful” to the administration as it spent months reviewing the policy. The senator, who challenged Trump for the Republican presidential nomination, was expected to travel with the president aboard Air Force One and appear with him at Friday’s announcement.

The change in the U.S. posture toward Cuba under Trump marks the latest policy about-face by the president.

While campaigning last year in Miami, which is home to a large Cuban-American population, Trump pledged to reverse Obama’s efforts to normalize relations with Cuba unless it met certain “demands,” including granting Cubans religious and political freedom, and releasing all political prisoners. He said he would “stand with the Cuban people in their fight against communist oppression,” and went on to win about half the Cuban vote in Florida in the presidential election.

Trump had previously said he supported restoring diplomatic relations but wished the U.S. had negotiated a better deal.

For the announcement, the White House chose to have Trump speak at the Manuel Artime Theate in Miami. The theater is named for an exile leader of the Bay of Pigs veterans’ association that endorsed Trump last October.

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News Network
June 17,2020

Vienna, Jun 17: Austrian police fined a man 500 euros for loudly breaking wind after officers stopped him earlier this month to check his identity.

The police defended the massive fine saying he had deliberately emitted a "massive flatulence," lifting his backside from the bench where he was sitting.

The accused complained of what he called the disproportionate and unjustified fine when he gave his account of the June 5 events on the O24 news website.

In reply to social media commentaries that followed, the police in the Austrian capital justified their reaction on Twitter.

"Of course, nobody is put on the spot if one slips out by accident," the police said.

However, in this case, the police said, the young man had appeared "provocative and uncooperative" in general.

He then "slightly raised himself from the bench, looked at the officers and patently, in a completely deliberate way, emitted a massive flatulence in their immediate proximity."

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News Network
February 14,2020

London, Feb 14: Five years ago Britain’s new finance minister Rishi Sunak wasn’t even a member of parliament and now he is running the world's fifth largest economy.

The 39-year-old former Goldman Sachs banker was appointed in dramatic fashion on Thursday when incumbent Sajid Javid unexpectedly quit — in a row over advisers — during what Downing Street had cast as a routine ministerial reshuffle.

Sunak is married to the daughter of Infosys co-founder NR Narayana Murthy, and was hand-picked to take over an ultra-safe seat in northern England, previously represented by former Conservative Party leader William Hague. The Murthy family was not reachable for comment.

In July, when he was promoted chief secretary to the Treasury, Murthy had said: “Our advice to our children, including Rishi, has been to work hard, be honest, and do good for society…We wish him well.”

After Thursday’s announcement, Sunak said: “Delighted to be appointed... Lots to get on with.”

Tipped for Promotion

As Boris Johnson moves to increase control of the finance ministry, one of the youngest chancellors in history will face a prime minister who wants to increase government spending on everything from infrastructure and police to health and education.

Sunak, seen as a rising star in the ruling Conservative Party since he entered Parliament in 2015, had been tipped for promotion to a senior post in the ministerial rejig as Johnson put together his post-Brexit cabinet.

But, despite an already rapid ascent through the ranks of government, few expected the Oxford University Politics, Philosophy and Economics graduate to ascend to one of the highest offices in the land.

Sunak had been serving as Javid’s deputy in the finance ministry since Johnson promoted him upon taking office in July 2019. Prior to that he had served as a junior housing minister.

“From working in my mum’s tiny chemist shop to my experience building large businesses, I have seen first-hand how politicians should support free enterprise and innovation to ensure our future prosperity,” Sunak says on his website.

Smooth and loyal

Seen as a smooth media performer and ultra-loyal member of the Conservative Party, Sunak has been used by the government to present and defend their policies in television interviews — a sign of trust from Johnson, who has a fraught relationship with Britain’s media.

Sunak takes control at a critical juncture for Britain’s $2.7 trillion economy. He will have to steer the economy through the turbulence of leaving the European Union and the forging of new trade links that will define Britain’s new relationship with the world.

However, the power struggle that forced his predecessor Javid to quit hints at a more diminished role for what is the second most powerful position in the government — with Johnson’s office wanting to centralise control and minimise dissent.

Sunak is one of the three ministers of Indian origin in Johnson’s cabinet, the other two being Priti Patel and Alok Sharma. Patel remains the interior minister after the cabinet reshuffle while Sharma, a former minister for international development, was appointed the new minister for business. Sunak’s father was a doctor and his mother ran a chemist shop. Before entering politics he worked for Goldman Sachs and a hedge fund, then co-founded an investment firm. He also has an MBA from Stanford University.

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News Network
June 25,2020

Jun 25: Tencent Holdings Ltd.'s $40 billion surge this week and the recent ascent of Pinduoduo Inc. have reshuffled the ranking of China's richest people.

The country's largest game developer has surpassed Alibaba Group Holding Ltd. as Asia's most-valuable company, with its shares rising above HK$500 in intraday trading Wednesday for the first time. Pinduoduo, a Groupon-like shopping app also known as PDD, has more than doubled this year.

The rallies have propelled the wealth of their founders, with an added twist: Tencent's Pony Ma, worth $50 billion, has surpassed Jack Ma's $48 billion fortune, becoming China's richest person. And Colin Huang of PDD, whose net worth stands at $43 billion, has squeezed real estate mogul Hui Ka Yan of China Evergrande Group out of the top three earlier this year, according to the Bloomberg Billionaires Index.

The coronavirus pandemic has accelerated the digitization of the workplace and changed consumers' habits, boosting shares of many internet companies. Now tech tycoons are dominating the ranks of China's richest people. They occupy four of the top five spots: Ding Lei of Tencent peer NetEase Inc. follows China Evergrande's Hui.

‘Perform Strongly'

Tencent has come a long way since hitting a low in 2018, when China froze the approval process for new games. Since then, the stock has almost doubled, and last month the tech giant reported a 26 per cent jump in first-quarter revenue.

“Tencent's online games segment will probably perform strongly through the Covid-19 pandemic, and most of its other businesses are relatively unscathed,” said Vey-Sern Ling, a Bloomberg Intelligence analyst.

That has been a boon for Pony Ma, 48, who owns a 7 per cent stake in the company and pocketed about $757 million from selling some 14.6 million of his Tencent shares this year, data complied by Bloomberg show.

The native of China's southern Guangdong province studied computer science at Shenzhen University and was a software developer at a supplier of telecom services and products before co-founding Tencent with four others in the late 1990s. At the time, the company focused on instant-messaging services.

It has been a long comeback for Pony Ma. He overtook real estate tycoon Wang Jianlin as China's second-richest person in 2013 and topped Baidu Inc.'s Robin Li as the wealthiest in early 2014. Later that year, Alibaba went public in the U.S., catapulting Jack Ma's fortune.

Bloomberg Intelligence's Ling notes, however, that Tencent's jump this year has lagged behind some internet peers, especially those in e-commerce, games and online entertainment. Just consider: Tencent shares have climbed 31 per cent in 2020, while PDD's American depositary receipts have more than doubled. Alibaba, meanwhile, has advanced just 6.9 per cent.

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