What will happen to tourism in Cuba? Inside GAESA, the military conglomerate on Washington's radar
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What will happen to tourism in Cuba? Inside GAESA, the military conglomerate on Washington's radar
A shoulder-tapping gesture with two fingers refers to the epaulet of a military uniform, reflecting decades of censorship. In Cuba, people often avoid saying “government” or “party” and instead refer to the country’s leadership, linked to the Revolutionary Armed Forces (FAR). GAESA, headquartered on Avenida del Puerto in Havana Bay, controls practically half of Cuba’s GDP and runs a parallel economy with multimillion-dollar reserves in tax havens. Its portfolio spans hotels, transport, gas stations, construction, wholesale and retail trade, telecommunications, remittances, foreign trade, and the Mariel Special Development Zone. The Banco Financiero Internacional (BFI) manages Cuba’s international transactions, including accounts for diplomatic staff, embassies, foreign corporations, and earnings from medical missions. U.S. moves to fine Spanish companies trading with GAESA are framed as an invitation to leave and as a shift toward a market-based economy.
"It is the Grupo de Administracion Empresarial, SA (GAESA), a military conglomerate that controls practically half of the island's GDP. In one of his latest speeches, U.S. Secretary of State Marco Rubio pointed directly at the holding company: Cuba is controlled by GAESA. The olive-green corporate empire monopolizes almost everything."
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