Daily Briefing – July 6, 2018

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Cuban Property Fund to List on London Exchange: Aberdeen Standard Investments, a UK-based emerging markets closed-end fund manager, announced that it intends to list Ceiba Investments on the London Stock Exchange. Aberdeen is hoping to raise 100 million pounds sterling ($132 million) for the 17-year-old company, which is the largest fund investing exclusively in Cuba. Ceiba has about $170 million of assets in a portfolio of hotels and the Miramar Trade Centre in Havana. The money will be used to modernize its properties, which include the Meliá Habana and hotels next to Cuba’s only 18-hole golf course in Varadero. (City Wire)

State Oil Company to Launch Bid for Offshore Drilling: Cuba’s state-run oil company Cupet expects to release new seismic data in December with an eye toward launching an international drilling-bid round at the end of the year. The data will be provided from a seismic survey recently conducted by Chinese company BGP Pioneer of Cuba’s sector of the Gulf of Mexico. Previous deep-water wildcat drilling in Cuba’s gulf sector in 2012, by Spain’s Repsol and Russia’s Zarubezneft, came up dry, but adjacent waters under Mexican and U.S. control have seen substantial oil production. (UpStream)

Cuba Top Market for Goods from Trinidad: The Trade Ministry of the Caribbean nation Trinidad & Tobago reports that Cuba is its top market for goods. In a recent report published by Trinidad & Tobago News Day, exports to Cuba in 2016 crested $455 million, while imports from Cuba were about $37 million. Products exported to Cuba ranged from fertilizer and gas oils to toilet paper and aromatic bitters. A Cuban delegation representing 19 companies is in Trinidad and Tobago today for the start of the Trade and Investment Convention, hoping to expand exports from sectors such as biotechnology, sugar, health care, and consumer goods. (News DayPrensa Latina)

Travel + Leisure: Cuba’s Southern Coast a Sport-Fishing Paradise. In its July issue, Travel + Leisure magazine reports on the pristine fly-fishing conditions off the southern coast of Cuba, which it describes as a “dream” that should be on “every angler’s bucket list.” The prestigious travel magazine notes that despite recent changes in regulations, “U.S. citizens can still travel to Cuba easily,” provided they engage with Cuban culture and citizens. The mangrove forests and coral reefs on Cuba’s southern coast are among the few places in the Americas that “look virtually unchanged from the day the first humans arrived,” according to the magazine. (Travel + Leisure)

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