Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     

FUEGO ENTERPRISES, INC.

(FUGI)
Delayed OTC Markets  -  12:32:46 2023-01-23 pm EST
0.3000 USD   +426.32%
2022Cuba hosts first U.S. business conference in years, seeks investment
RE
2022Fuego Enterprises : 2020-2021
PU
2021Fuego Enterprises : Fuego Enterprises, Inc.
AQ
SummaryQuotesChartsNewsCompanyFunds 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Cuba hosts first U.S. business conference in years, seeks investment

10/26/2022 | 12:37pm EST
Communist-run Cuba issued new laws allowing private businesses to incorporate

HAVANA (Reuters) - A few dozen U.S. entrepreneurs braved tough U.S. sanctions and Cuba's worst economic crisis in decades to attend a conference in Havana on Wednesday focusing on the new private sector and aimed at boosting flagging engagement between the Cold War-era foes.

The Cuban Chamber of Commerce and Washington-based consultancy FocusCuba, which are hosting the gathering, said the three day event was the first such forum since at least 2018 when former U.S. President Donald Trump piled new sanctions on top of the decades-old trade embargo.

Both the Cuban and the U.S. delegations criticized the sanctions - most of which are still in place - and called on Democrat U.S. President Joseph Biden to drop his Republican predecessor's policies.

Cuban Chamber of Commerce President Antonio Luis Carricarte called the gathering in the famous Hotel Nacional an "historic day," praising the persistence of representatives in attendance from both side of the Straits of Florida.

During a brief thaw in relations under former President Barack Obama, hundreds of U.S. businesses arrived to explore opportunities on the all but forbidden Communist-run island nation.

Some, from cruise ship companies to Western Union Co and Starwood Hotels inked groundbreaking agreements, only to have new U.S. sanctions force them to renege. Others continue to do business.

The government has licensed Cubans to operate nearly 5,500 private small and medium sized businesses over the last year, in a first since Fidel Castro's 1959 Revolution, opening new possibilities for partnerships with foreign investors.

"Almost everything we do is with the new booming private sector," said Cuban-American Hugo , whose Miami-based Fuego Enterprises Inc operates an online food market that processes 4,000 orders in Cuba per day.

"It is important American businesses see this for themselves," said Cancio, who was attending the conference.

U.S. entrepreneurs in attendance represent a range of industries from food services to online shopping, digital money transfers, shipping, and finance.

"I think participants are seeking clarity in terms of what is possible with investment on the Cuban side in this new private sector, though any agreements must also be approved by U.S. regulators," said Phil Peters, founder of FocusCuba told Reuters. "We need more clarity there as well."

The White House did not immediately respond to a request for comment.

The Biden administration has loosened some restrictions on Cuba around remittances, tourism and migration. It has also expressed interest in supporting Cuba's private sector.

(Reporting by Marc Frank; Additional reporting by Nelson Acosts in Havana and Steve Holland in Washington.; Editing by Marguerita Choy)

By Marc Frank


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
FUEGO ENTERPRISES, INC. 426.32% 0.3 Delayed Quote.426.32%
THE WESTERN UNION COMPANY -0.56% 14.18 Delayed Quote.2.98%
All news about FUEGO ENTERPRISES, INC.
2022Cuba hosts first U.S. business conference in years, seeks investment
RE
2022Fuego Enterprises : 2020-2021
PU
2021Fuego Enterprises : Fuego Enterprises, Inc.
AQ
2021Fuego Enterprises, Inc. : Other Events (form 8-K)
AQ
2021Fuego Enterprises, Inc. Reports It Has Received a License to Operate as a U.S. Business..
CI
2020Fuego Enterprises, Inc. cancelled the transaction announced on October 16, 2019
CI
2019Fuego Enterprises, Inc. announced a financing transaction
CI
2019Fuego Enterprises, Inc. Announces Earnings Results for the Year Ended December 31, 2018
CI
2019Fuego To Seek Investments
CI
2016Fuego Enterprises, Inc. Reports Revenue Results for the Nine Months Period Ended Februa..
CI
More news
Chart FUEGO ENTERPRISES, INC.
Duration : Period :
Fuego Enterprises, Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Managers and Directors
Hugo M. Cancio Chairman, President, CEO & Treasurer
Gisselle Pinares Director-Finance & Human Resources
Fabiana Brunetta Director-Research & Development
Ariel Machado Chief Operating Officer, Secretary, Director & VP
Jorge Ruiz Vice President-Business Development
Sector and Competitors
1st jan.Capi. (M$)
FUEGO ENTERPRISES, INC.426.32%7
NEWS CORPORATION12.75%11 852
PEARSON PLC-1.11%8 212
THE NEW YORK TIMES COMPANY6.78%5 733
CHINA LITERATURE LIMITED33.99%5 259
SCHIBSTED ASA16.98%4 956