HashFlare

Saturday, 26 November 2016

Former Cuban leader Fidel Castro dies aged 90


Fidel Castro, the Cuban revolutionary leader who built a communist state on the doorstep of the United States and for five decades defied U.S. efforts to topple him, died on Friday. He was 90.

A towering figure of the second half of the 20th Century, Castro stuck to his ideology beyond the collapse of Soviet communism and remained widely respected in parts of the world that had struggled against colonial rule.

He had been in poor health since an intestinal ailment nearly killed him in 2006. He formally ceded power to his younger brother Raul Castro two years later.

Wearing a green military uniform, a somber Raul Castro, 85, appeared on state television on Friday night to announce his brother's death.

"At 10.29 at night, the chief commander of the Cuban revolution, Fidel Castro Ruz, died," he said, without giving a cause of death.

"Ever onward, to victory," he said, using the slogan of the Cuban revolution.

Tributes came in from around the world.

Venezuela's Socialist President Nicolas Maduro said "revolutionaries of the world must follow his legacy," while Pope Francis said he was grieving and praying for the repose of the professed atheist, whom he met in Cuba last year.

China's president, Xi Jinping, said "the Chinese people have lost a close comrade and a sincere friend". U.S. President-Elect Donald Trump said on Twitter: "Fidel Castro is dead!", without elaborating.

DECADES OF HOSTILITY

Raul Castro, who always glorified his older brother, has nevertheless changed Cuba since taking over by introducing market-style economic reforms and agreeing with the United States in December 2014 to re-establish diplomatic ties and end decades of hostility.

It remains unclear if Trump will continue efforts to normalize relations with Cuba or fulfill a campaign promise to close the U.S. embassy in Havana once again.

Fidel Castro himself offered only lukewarm support for the 2014 deal with Washington, raising questions about whether he approved of ending hostilities with his longtime enemy. Some analysts believed his mere presence kept Raul from moving further and faster, while others saw him as either quietly supportive or increasingly irrelevant.

He did not meet Barack Obama when he visited Havana earlier this year, the first time a U.S. president had stepped foot on Cuban soil since 1928.

Days later, Castro wrote a scathing newspaper column condemning Obama's "honey-coated" words and reminding Cubans of the many U.S. efforts to overthrow and weaken the Communist government.

The news of Castro's death spread slowly among Friday night revelers on the streets of Havana. One famous club that was still open when word came in quickly closed.

Some residents reacted with sadness to the news.

"I'm very upset. Whatever you want to say, he is a public figure that the whole world respected and loved," said Havana student Sariel Valdespino.

But in Miami, where many exiles from Castro's government live, a large crowd waving Cuban flags cheered, danced and banged on pots and pans.

Castro's body will be cremated, according to his wishes. Cuba declared nine days of mourning, during which time the ashes will be taken to different parts of the country. A burial ceremony will be held on Dec. 4.

The bearded Fidel Castro took power in a 1959 revolution and ruled Cuba for 49 years with a mix of charisma and iron will, creating a one-party state and becoming a central figure in the Cold War.

He was demonized by the United States and its allies but admired by many leftists around the world, especially socialist revolutionaries in Latin America and Africa.

Nelson Mandela, once freed from prison in 1990, repeatedly thanked Castro for his firm efforts in helping to weaken apartheid.

In April, in a rare public appearance at the Communist Party conference, Fidel Castro shocked party apparatchiks by referring to his own imminent mortality.

"Soon I will be like all the rest. Our turn comes to all of us, but the ideas of the Cuban communists will remain," he said.

Castro was last seen by ordinary Cubans in photos showing him engaged in conversation with Vietnamese President Tran Dai Quang earlier this month.

MILITARY FATIGUES, CIGARS

Transforming Cuba from a playground for rich Americans into a symbol of resistance to Washington, Castro crossed swords with 10 U.S. presidents while in power, and outlasted nine of them.

He fended off a CIA-backed invasion at the Bay of Pigs in 1961 as well as countless assassination attempts.

His alliance with Moscow helped trigger the Cuban Missile Crisis in 1962, a 13-day showdown with the United States that brought the world the closest it has been to nuclear war.

Wearing green military fatigues and chomping on cigars for many of his years in power, Castro was famous for long, fist-pounding speeches filled with blistering rhetoric, often aimed at the United States.

At home, he swept away capitalism and won support for bringing schools and hospitals to the poor. But he also created legions of enemies and critics, concentrated among the exiles in Miami who fled his rule and saw him as a ruthless tyrant.

"With Castro’s passing, some of the heat may go out of the antagonism between Cuba and the United States, and between Cuba and Miami, which would be good for everyone," said William M. LeoGrande, co-author of a book on U.S.-Cuba relations.

Castro's death -- which would once have thrown a question mark over Cuba's future -- seems unlikely to trigger a crisis as Raul Castro is firmly ensconced in power.

In his final years, Fidel Castro no longer held leadership posts. He wrote newspaper commentaries on world affairs and occasionally met foreign leaders but he lived in semi-seclusion.

Still, the passing of the man known to most Cubans as "El Comandante" -- the commander -- or simply "Fidel" leaves a huge void in the country he dominated for so long. It also underlines the generational change in Cuba's communist leadership.

Raul Castro vows to step down when his term ends in 2018 and the Communist Party has elevated younger leaders to its Politburo, including 56-year-old Miguel Diaz-Canel, who is first vice-president and the heir apparent.

Others in their 50s include Foreign Minister Bruno Rodriguez and economic reform czar Marino Murillo.

The reforms have led to more private enterprise and the lifting of some restrictions on personal freedoms but they aim to strengthen Communist Party rule, not weaken it.

REVOLUTIONARY ICON

A Jesuit-educated lawyer, Fidel Castro led the revolution that ousted U.S.-backed dictator Fulgencio Batista on Jan 1, 1959. Aged 32, he quickly took control of Cuba and sought to transform it into an egalitarian society.

His government improved the living conditions of the very poor, achieved health and literacy levels on a par with rich countries and rid Cuba of a powerful Mafia presence.

But he also tolerated little dissent, jailed opponents, seized private businesses and monopolized the media.

Castro's opponents labeled him a dictator and hundreds of thousands fled the island.

"The dictator Fidel Castro has died, the cause of many deaths in Cuba, Latin American and Africa," Jose Daniel Ferrer, leader of the island's largest dissident group, the Patriotic Union of Cuba, said on Twitter.

Many dissidents settled in Florida, influencing U.S. policy toward Cuba and plotting Castro's demise. Some even trained in the Florida swamps for the disastrous Bay of Pigs invasion.

But they could never dislodge him.

Castro claimed he survived or evaded hundreds of assassination attempts, including some conjured up by the CIA.

In 1962, the United States imposed a damaging trade embargo that Castro blamed for most of Cuba's ills, using it to his advantage to rally patriotic fury.

Over the years, he expanded his influence by sending Cuban troops into far-away wars, including 350,000 to fight in Africa. They provided critical support to a left-wing government in Angola and contributed to the independence of Namibia in a war that helped end apartheid in South Africa.

He also won friends by sending tens of thousands of Cuban doctors abroad to treat the poor and bringing young people from developing countries to train them as physicians

'HISTORY WILL ABSOLVE ME'

Born on August 13, 1926, in Biran in eastern Cuba, Castro was the son of a Spanish immigrant who became a wealthy landowner.

Angry at social conditions and Batista's dictatorship, Castro launched his revolution on July 26, 1953, with a failed assault on the Moncada barracks in the eastern city of Santiago.

"History will absolve me," he declared during his trial for the attack.

He was sentenced to 15 years in prison but was released in 1955 after a pardon that would come back to haunt Batista.

Castro went into exile in Mexico and prepared a small rebel army to fight Batista. It included Argentine revolutionary Ernesto "Che" Guevara, who became his comrade-in-arms.

In December 1956, Castro and a rag-tag band of 81 followers sailed to Cuba aboard a badly overloaded yacht called "Granma".

Only 12, including him, his brother and Guevara, escaped a government ambush when they landed in eastern Cuba.

Taking refuge in the rugged Sierra Maestra mountains, they built a guerrilla force of several thousand fighters who, along with urban rebel groups, defeated Batista's military in just over two years.

Early in his rule, at the height of the Cold War, Castro allied Cuba to the Soviet Union, which protected the Caribbean island and was its principal benefactor for three decades.

The alliance brought in $4 billion worth of aid annually, including everything from oil to guns, but also provoked the 1962 Cuban Missile Crisis when the United States discovered Soviet missiles on the island.

Convinced that the United States was about to invade Cuba, Castro urged the Soviets to launch a nuclear attack.

Cooler heads prevailed. Soviet leader Nikita Khrushchev and U.S. President John F. Kennedy agreed the Soviets would withdraw the missiles in return for a U.S. promise never to invade Cuba. The United States also secretly agreed to remove its nuclear missiles from Turkey.

'SPECIAL PERIOD'

When the Soviet Union collapsed in 1991, an isolated Cuba fell into an economic crisis that lasted for years and was known as the "special period". Food, transport and basics such as soap were scarce and energy shortages led to frequent and long blackouts.

Castro undertook a series of tentative economic reforms to get through the crisis, including opening up to foreign tourism.

The economy improved when Venezuela's late socialist leader Hugo Chavez, who looked up to Castro as a hero, came to the rescue with cheap oil. Aid from communist-run China also helped, but Venezuelan support for Cuba has been scaled down since Chavez's death in 2013.

Plagued by chronic economic problems, Cuba's population of 11 million has endured years of hardship, although not the deep poverty, violent crime and government neglect of many other developing countries.

Cubans earn on average the equivalent of $20 a month and struggle to make ends meet even in an economy where education and health care are free and many basic goods and services are heavily subsidized.

For most Cubans, Castro has been the ubiquitous figure of their entire life.

Many still love him and share his faith in a communist future, and even some who abandoned their political belief still view him with respect.

"For everyone in Cuba and outside his death is very sad," said Havana resident Luis Martinez. "It is very painful news."

Source: www.reuters.com

5 Predictions to Guide Your Marketing Plan in 2017

There’s never been a better time to be a trep. That's because the ability to sell and create brand awareness never has been more robust. At the same time, this is the worst time for entrepreneurial marketers to sell products and services. Consumers are more fickle-minded and more distracted than ever before. Brands and marketers alike face the bigger challenge of capturing the consumer's attention without breaking the marketing budget.

Here are five predictions to keep in mind as you prepare and finalize your marketing plan for the coming year.

1. Consumers will prefer convenient online transactions.
Millennials will buy through Instagram shops or Amazon. Boomers will continue to buy from the comfort of their homes, relying on television and newspapers. Shoppers are shoppers, and they'll still come out to stores.

In 2017, maximize product sales and fend off the competition by being more than a Google advertiser or an Amazon seller. Cater to the way consumers want to buy, recommends Charlie Fusco -- CEO and creative visionary of Synergixx, a marketing and media agency. "2017 will be about making customers feel comfortable about your purchasing your product/service, however they prefer. Start reworking your marketing channels now.”

2. TV isn't going away.
You’ve heard people say, “Everything is going online. In a year, no one will order anything on television or in a store: It all will be an app on your phone." That's simply not true. Millennials are changing buying behavior and that necessarily influences how we market. But millennials alone aren't powerful enough to break old habits.

Consider that Baby Boomers and older generations have been watching TV for 50 years and listening to radio even longer. They trust these media, and they've created habits around each. These consumers seek the credibility of a celebrity testimonial.  A fancy new app, Facebook livestream or Instagram post isn't going to nudge their comfort levels. Google any product name. You’ll find 10 or 20 products, each offering a better deal and a better price. Which brand or company do you trust? Credibility is how a brand thrives.

In 2017, look to use TV as a credibility driver for direct sales, online traffic and retail engagement. “A client will come to Synergixx and they may already have a product in stores, on television or on Amazon," Fusco says. "We step in and come up with marketing strategies and advertising campaigns that allow them to generate more customers for less money. How do we accomplish this? TV infomercials, personal endorsements, national talk radio hosts, Facebook and video ads. Our business is built around adding customers to the bottom line. We analyze a client’s budget, and from there we create and deliver."

3. You won't be able to afford crunching numbers only at year's end. 
Be adamant about knowing your business' numbers. Marketers very often are so excited about selling the product they forget about the important costs and metrics that determine success.

Do you know and understand the impact of your media costs, your customer acquisition costs, the customers repurchase rate and the lifetime customer value (LCV) against your cost of goods?

I recommend entrepreneurs understand these number sets or give good estimates against their values before committing to any sales channel or marketing budget. Break down those numbers, and the math will reveal how you can get into marketing channels you never thought you could afford.

4. The focus will be on lifetime customer value, not attracting new clients. 
There's that phrase again: lifetime customer value (LCV). Every prospect has an LCV that represents how much money he or she will spend with your business. LCV is the backbone of any product-driven business. Somewhere, people are wanting and willing to make a purchase. It doesn't matter whether you're a lawyer or a pitch wizard selling steak knives on TV for $19.95 apiece.

Be sure you ask these critical questions:

-What is your customer's LCV?

-Do you know where that number stops? It is in your direct database, in retail or online?

-When do you give up on that customer?

-How can you increase LCV?

It's cheaper to keep a customer than to acquire a new one. Don’t "gamble in Vegas,” as the saying goes. You can't establish a budget on Day One without knowing how much money that customer is going to generate for you 18 months from now. Work your LCV into your cash-flow models. Then determine the most profitable advertising channels based on LCV, not Day-One revenue.

5. Influencers will keep their status.
If you're launching a new product or service, think about where a buying community exists. Who are the major influencers? If you're selling to moms, for example, identify a few established Facebook or Instagram communities and seek to partner with their largest contributing voice. Financial products or aging products should be in communities centered around personalities from political-news radio channels. Don’t pay for tweets. Cut through the clutter by attaching your product to celebrities and voices that speak to controlled communities.

Source: www.entrepreneur.com

Iran optimistic on OPEC deal, to give view on curbs at meeting

Iran is optimistic about OPEC reaching an agreement and plans to announce its own decision about any output curbs at the group's meeting next week, Iranian Oil Minister Bijan Zanganeh said on the ministry's official website SHANA.

"The proposal of Algerian Energy Minister (Nouredine Bouterfa) on the production of each country was presented today and carefully studied," Zanganeh was quoted as saying on Saturday after meeting Bouterfa in Tehran.

"We are to present our views about this proposal at the ... Nov. 30 OPEC meeting. The general trend and public statements suggest that OPEC can reach a viable agreement for its production and market management," Zanganeh said.

"If we can agree, and I am optimistic, (oil) prices will increase and this is also what the world economy demands."

The Organization of the Petroleum Exporting Countries is moving closer toward finalizing its first deal since 2008 to limit oil output, but Iran has been a stumbling block because Tehran wants exemptions as it tries to regain oil market share after the easing of Western sanctions in January.

Source: www.reuters.com

Colorado's Marijuana Industry Is an Economic Powerhouse

More than 18,000 people in Colorado now have full-time jobs because of the legalized marijuana industry, which has generated a $2.39 billion impact on the Rocky Mountain State’s economy.

Those are two of the findings in a new report that attempts to quantify the impact of the marijuana industry in Colorado, one of the first states to legalize cannabis for both medical and recreational use.

The “Economic Impact of Marijuana Legalization in Colorado” report, created by the Marijuana Policy Group in Denver, uses a new model for measuring the economic importance of marijuana called the “marijuana impact model.”

The group claims it is the first to fairly calculate how legalized marijuana has impacted Colorado’s economy. Among areas considered for the first time are secondary marijuana industries such as warehousing, cash-management, security, testing, legal services and the engineering needed to cultivate marijuana indoors.

A new economic engine.
The study found that the marijuana industry, which is still growing, already outstrips the economic output of most industries in Colorado. Among the report’s findings from all of 2015:

- All marijuana industry-related activities generated $2.39 billion in state economic output.

The marijuana industry created 18,005 new full-time jobs in Colorado.

Because it is confined within the state, the Colorado marijuana industry already creates more economic output and employment per dollar spent than 90 percent of all Rocky Mountain State industries.

The marijuana industry generated $121 million in combined sales and excise tax revenues, which is three times more than those generated by alcohol sales and 14 percent more than casino revenue.

The future of marijuana industry in Colorado.
As the one of the first states to legalize marijuana for recreational use (along with Alaska, Colorado has led the way in regulating legalized marijuana sales. It also has provided an example of the impact legalized marijuana can have on an economy. The report estimates that the marijuana industry will grow by 11.3 percent each year through 2020.

“This growth is driven by a demand shift away from the black market and by cannabis-specific visitor demand,” the report states.

Total sales are expected to peak at about $1.52 billion annually in Colorado. So many “cannabis tourists” are visiting Colorado that the total amount of marijuana needed for them is projected to increase from 14 metric tons to 55 metric tons by 2020.

The huge growth has been driven through Colorado’s early movement into legalized marijuana, making it a magnet for businesses working in marijuana sales, manufacturing and testing and earning it the nickname “Silicon Valley of Cannabis.”

Source: www.entrepreneur.com

Wall Street finishes at record highs consumer staples, techs gain

Wall Street's three main indexes closed at record highs on Friday, helped by gains in consumer staples and technology stocks as investors hunted for bargains in a post-election rally.

The stock markets closed early for Black Friday, while trading volumes were thin.

The three major indexes closed higher for the third week in a row, extending their rally since the U.S. election. The S&P 500 marked its seventh record close since Nov. 8.

However, the defensive consumer staples and utilities sectors have been the worst performers in that period.

The consumer staples sector gave the S&P 500 the biggest boost on Friday, closing up 0.79 percent, led by gains in Procter & Gamble and Coca-Cola.

"People are looking for value in the market. While many stocks have risen quite briskly, investors are looking for some forgotten names in the rally," said Andre Bakhos, managing director at Janlyn Capital in Bernardsville, New Jersey.

"These orphaned stocks are being hunted today."

The Dow Jones Industrial Average rose 68.96 points, or 0.36 percent, to 19,152.14.

The S&P 500 gained 8.63 points, or 0.39 percent, to 2,213.35 and the Nasdaq Composite added 18.24 points, or 0.34 percent, to 5,398.92.

For the week, the Dow and the Nasdaq gained 1.5 percent and the S&P 500 gained 1.4 percent.

Ten of the 11 major S&P sectors closed higher Friday, led by a 1.43 percent rise in utilities.

The technology sector rose 0.37 percent, boosted by Cisco and Apple.

The energy sector closed down 0.39 percent, due to a 2.8 percent drop in oil prices amid uncertainty that the OPEC would arrive at a decision to cut production during a meeting next week. [O/R]

Johnson & Johnson closed up about 1 percent after the company confirmed that it was in talks to acquire Swiss biotechnology company Actelion.

About 2.96 billion shares changed hands on U.S. exchanges on Friday compared with the 7.88 billion average for the last 20 sessions.

Advancing issues outnumbered decliners on the NYSE by 1,840 to 999. On the Nasdaq, 1,728 issues rose and 965.

The S&P 500 index posted 46 new 52-week highs and no new lows, while the Nasdaq recorded 276 new highs and 12 new lows.

Source: www.reuters.com

Monday, 21 November 2016

Swiss president says open to discussions on Britain joining EFTA

Switzerland's president said on Monday his country would consider letting Britain join the European Free Trade Association when it eventually leaves the European Union following June's Brexit referendum.

"I told my colleagues if the U.K. approaches EFTA to explore the possibility of joining EFTA, Switzerland would be open to discussions," Johann Schneider-Ammann told the Geneva Press Club after an EFTA ministerial meeting.

Another solution would be a free trade agreement between Britain and EFTA - the organization which includes Norway, Iceland, Liechtenstein and Switzerland, Schneider-Ammann said.

A country-to-country arrangement could also be considered, Schneider-Ammann said. "Switzerland has all interest in avoiding a legal void when the UK leaves the EU," he said. "Therefore all possibilities are open."

Source: www.reuters.com

Dollar dips, stocks fall as Trumpflation trade pauses

The dollar edged lower against major currencies and global stocks were on the defensive on Monday as a "Trumpflation"-fuelled rally paused and political risks came to the fore in Europe.

U.S. Treasury yields, which have risen since Republican Donald Trump won the U.S. presidential election on a platform seen likely to raise U.S. growth and inflation and lead to higher interest rates, fell from 2016 highs hit on Friday.

The dollar fell 0.3 percent against a basket of six peers .DXY but still held close to its highest levels since early 2003. The Japanese yen rose 0.3 percent to as high as 110.51 per dollar JPY=, having earlier fallen to 111.19 yen, its weakest since early June.

The euro EUR= rose 0.5 percent to $1.0649, with analysts saying the move reflected the abundant political risks facing Europe over the coming year.

A surprisingly strong showing by conservative former premier Francois Fillon in a weekend French presidential primary was expected to heighten uncertainty. Some suggested that his unpopularity among left-wing voters could raise far-right, anti-euro leader Marine Le Pen's chance of victory in an election to be held in April and May.

However, German Chancellor Angela Merkel's announcement on Sunday that she would seek a fourth term in next September's election removed another source of political uncertainty, which has intensified since Britain's vote in June to leave the European Union and Trump's election on Nov. 8.

Yields on lower-rated euro zone government bonds rose while those on German benchmarks edged lower.

In Italy, which faces a referendum on which Prime Minister Matteo Renzi has staked his job, 10-year yields IT10YT=TWEB rose 2.4 basis points to 2.05 percent, while German equivalents DE10YT=TWEB dipped 0.3 bps to 0.28 percent.

"Indirectly, the French primary vote could reinforce concern about an anti-establishment backlash in Europe," said Martin Van Vliet, senior rates strategist at ING. "Even if the sell-off in core bonds is fading, we still see pressure on the periphery."

European shares fell, following most Asian markets lower. The pan-European STOXX 600 index lost 0.7 percent.

For Reuters new Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarkets

MSCI's main Asia-Pacific, excluding Japan, stock index .MIAPJ0000PUS fell 0.1 percent and Australia's S&P/ASX200 index retreated 0.2 percent.

Japanese shares closed up 0.8 percent .N225, lifted by yen weakness against the dollar before the currency turned.

"The markets driven by Trump may be just about to have run their course for now," said Toru Ohara, chief investment officer at Okasan Asset Management.

"A rise in interest rates is, generally speaking, not good thing for stocks, especially for emerging markets. But if you think that U.S. bond yields, which have been falling since 1982, may be bottoming out, that could mean the end of a low-growth/ low-inflation regime," he said.

Oil prices rose on expectations that producers in the Organization of the Petroleum Exporting Countries will agree later this month to curb output.

"I think there will be some kind of agreement next week," said Matt Stanley, a fuel broker at Freight Investor Services in Dubai, although he added that a post-agreement rally would be unlikely to last as any cut would probably not be big enough to bring oil production back in line with consumption.

Brent crude LCOxc1 last traded at $47.34 a barrel, up 48 cents, or 1 percent.

Copper prices, which have risen on Trump's promise to spend heavily on infrastructure, were up 2.5 percent CMCU3 at $5,560 a tonne on the prospect of better demand in top consumer China and a smaller growth in supply.

Source: www.reuters.com