Tuesday, April 29, 2014

Cuba gives state-run companies more autonomy

Posted on Monday, 04.28.14

Cuba gives state-run companies more autonomy

HAVANA -- Cuba has approved several measures giving state-run businesses
more autonomy.

The changes include giving government-run enterprises more leeway to
conduct secondary commercial operations.

For example, a factory that specializes in canned vegetables could get
into a side business such as candy-making or recycling.

Previously, such entities were mostly barred from doing anything outside
of their primary activity.

They will also be allowed to sell any excess goods at market prices.

The measures published Monday in the government's Official Gazette say
state companies can keep up to 50 percent of their profits, 20 percent
more than before.

The changes are the latest in a package of reforms that seek to revive
Cuba's weak economy.

Source: HAVANA: Cuba gives state-run companies more autonomy - Business
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