Daily Briefing – June 18, 2018

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Fedex Asks to Delay Cuba Service: Memphis-based logistics and delivery giant Fedex has asked the U.S. government for another extension to start cargo service to Cuba. The company was originally scheduled to be the first all-cargo airline to commence regular flights to Cuba in April 2017. That start date was given a first extension to October 2017 by the U.S. DOT, and then a second extension to June 15, 2018. Fedex has now requested a further extension to Dec. 15, 2018, citing “operational challenges in the Cuban market.” American Airlines has, in the meantime, started mail and package delivery services to Cuba. (Memphis Business Journal)

Cuba Will Invest for Canadian Tourists: The Cuba Tourist Board says it will continue to accelerate the development of new hotel facilities to lure additional Canadian tourists. Despite a recent fall off in U.S. visitors, Cuba is still moving forward with its target to add 100,000 rooms, 24 golf courses and 47 other entertainment facilities by 2030. In order to meet this goal, which will require 8,000 new rooms annually, Cuba has announced 87 management and development contracts with 19 global firms. About 1 million Canadians vacation in Cuba annually. (Travelweek)

Spanish Companies to Expand Cuban Operations: Representatives from 250 Spanish companies now participating in the Spanish-Cuban Business Committee conference in Havana say they will continue to invest in Cuba despite recent financial difficulties on the island. Alfredo Bonet told EFE that “Spanish companies have to be first in line” when Cuba finally integrates into the global economy. Spain is currently Cuba’s No. 3 trading partner after China and Venezuela. In order to overcome current financial restraints, Spain has developed credit lines for small and mid-sized Cuban firms, and a parity fund created with the $400 million of Cuban debt that Spain forgave in 2015. (Latin American Herald Tribune)

Jamaica Set to Export Paper Products to Cuba: Cuba’s Ambassador to Jamaica and its commercial attaché are in discussions with Jamaica’s Sanmerna Paper Products company to supply the socialist island with tissues and napkins, reports the Jamaican press. According to Ambassador Ines Fors Fernandez, Cuba’s objective is to stimulate trade between the countries, including the use of Cuban medical services for poor Jamaicans. For Jamaica, selling products to Cuba means entering a new and larger market. (Jamaica Observer)

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