12 June Miguel Figueras, adviser to the Cuban Ministry of Foreign Investment and Economic Cooperation, says that a letter of intent was signed with the Domos Company for the purpose of creating the first industrial park in Cuba. This form of investment would allow foreign companies to install factories, the production of which generally requires the intensive use of manpower.

13 June Canada's International Trade Minister, Roy MacLaren, says the Canadian government will protect Canadian firms whose business activities could be threatened by their potential blacklisting by the U.S. Treasury Department.

17 June Cuban officials say a draft of Cuba's new foreign-investment law allows up to 100 percent foreign ownership of island enterprises; Ismael Sene, an official of Cuba's Ministry of Foreign Investment and Economic Collaboration says that "there will also be very strong guarantees protecting foreign investors against nationalization and expropriation of property."

19 June STET of Italy and Grupo Domos of Mexico complete the purchase of a 49% stake in Etecsa, the Cuban telecom company. The deal values Etecsa at US $1.44 billion, the largest foreign investment so far in Cuba.

20 June The Brazilian subsidiary of British American Tobacco says it will undertake a $10 million joint venture to make cigarettes in Cuba. The new company, Brascuba Cigarrillos S.A., will be owned half-and-half by Brazil's Souza Cruz S.A. and Cuba's government-owned Union de Empresas de Tabaco de Cuba. Souza Cruz's executives expect Brascuba to start operation in January, with production eventually reaching 500 million cigarettes a year.

22 June Canada says the U.S. Treasury Department is putting four of its mining joint ventures on a blacklist for doing business with Cuba; Treasury Department in Washington confirms the statement.

27 June German Federal Deputy Chancellor Dieter Spoeri arrives to Havana for a two-day visit to cuba. At the invitation of Cuban Economic Minister Jose Luis Rodriguez, the German Deputy Chancellor, leads a delegation of parliamentarians and businessmen to the caribbean island country to seek closer cooperation with it.

26 June The U.S. Treasury Department adds four Canadian-Cuban joint ventures to a list subjecting them to the same sanctions Cuba faces under the U.S. embargo making it illegal for U.S. companies to engage in business with these firms unless licensed by Treasury. The four joint ventures affected are Cobalt Refinery Co. Inc., International Cobalt Co., La Compania General de Niquel, and MOA Nickel S.A. The first two firms are based in Alberta, Canada, and the latter two are based in Cuba. The Treasury Department's Office of Foreign Assets Control publishes the new additions to the list of "blocked persons and specially designated nationals" in a June 26 Federal Register notice (60 FR 33029, 6/26/95).

27 June Octavio Castilla, deputy minister of foreign investment and economic cooperation, says that the new law on investment in Cuba was completed and is undergoing review. During a meeting with businessmen held at Heredia Convention Center in Santiago de Cuba at the Expo-Caribe 95 fair, Castilla explains that the new law was more attractive than the previous law because it was more open to competitiveness, offered clearer and simpler tracks for business relationships, simplified the investment approval process and introduced new types of associations such as industrial parks and real estate ventures.

29 June Joutel Resources Limited (JTL-TSE) announces that it has entered into an agreement with Gordon Capital Corporation...Proceeds from financing will be used to continue exploration on Joutel's mineral holdings in the Republic of Cuba. Emphasis will be concentrated on the development drilling of La Zona Barita located in the Sierra Maestra concession near Santiago de Cuba.

10 July Cuba reports it has attracted more than $ 2.1 billion in foreign investment following a high-level government meeting in which it was heard that up until last May 31, Cuba had 212 economic associations, including joint ventures, formed with foreign partners from 63 nations. The meeting included Fidel Castro, Vice President Carlos Lage and the Ministers of Economy and Planning, Foreign Trade, Foreign Investment, Labor, Finance and the president of the Central Bank and was reported on in the Trabajadores weekly.

13 July Cuban officials from the Ministry of Finance and Prices announce that the implementation of a new tax law implies greater independence for Cuban enterprises and forces them to be profitable. It is explained that the payment of taxes would gradually be extended to all commercial businesses on the island, including state-owned companies.

19 July Officials from Cuba's Ministry of Foreign Investment say the passage of the proposed foreign investment law in Cuba was postponed and that the National Assembly is expected to approved the law in August or September.

26 July Banking officials say Cuba opened its first two foreign exchange houses offering hard currency transactions and credit card services. The exchange houses will buy and sell foreign currencies for U.S. dollars, cash travellers' checks and process cash withdrawals by holders of Visa and Mastercard which will be made only from bank accounts outside the United States because of the U.S. economic embargo against Cuba.

26 July In his speech Fidel Castro says Cuba's economy grew by 2 percent in the first half of this year but faces an acute shortage of hard currency to buy essential imports.

1 August Prensa Latina reports that Cuba's oil production increased to 726,300 tons during the first half of 1995, guaranteeing 30.1 per cent of the island's electricity. According to data from the Basic Industry Ministry's (Minbas) work report for this period, production is expected to surpass the estimated 1.4m tons of crude by the end of the year.

8 August It is reported that Parkcrest Explorations Ltd. has confirmed that it has entered into an agreement with Canfield Resources Limited, a private company. Pursuant to the agreement with Canfield, the Corporation has the right to earn an interest in a production sharing arrangement between Canfield and the Cuban national oil company, Union Cubapetroleo ("Cupet"), in respect to a 500,000 acre area situated in western Cuba.

8 August French fashion designer, Paco Rabanne, is reported to have announced his plans to open a luxury vacation resort in Cuba.

17 August The Association of Caribbean States holds its first summit meeting in Trinidad and Tobago bringing together a host of regional leaders including Cuba's Fidel Castro. Through August 18, the meeting features discussions among heads of government of the Caribbean and Central American countries on economic integration and cooperation among member states. It culminates in the adoption of a declaration of principles and action plan, which includes undertakings in trade, and a decision to hold a ministerial level meeting in Guatemala in November.

18 August Cuba's government, stepping up efforts to reduce money held by the public and revalue the peso, offers discounts to allow citizens to buy their homes through lump sum purchases instead of installments; the official newspaper Granma says that the accumulated total of house purchase debts owed to the state savings bank, Banco Popular de Ahorro, stood at more than 1 billion Cuban pesos.

21 August Foreign Ministry sources say Argentina will sign an investment promotion agreement with Cuba making a significant advance in the renegotiation of the $ 1.28 billion in debt owed it by the island.

23 August It is reported that Argentina and Cuba have drawn up an investment promotion and protection agreement. The agreement is expected to be initialled by a senior Argentine official, Secretary of State for International Economic Relations Jorge Campbell. The Argentine government delegation already in Cuba included Rafael Iznieta, a subsecretary of the Economy Ministry, who held talks with Cuba's Deputy Foreign Investment Minister, Raul Taladrid and officials from the Banco Nacional de Cuba.

23 August Britain, in another move to boost British trade and investment links with the Caribbean, says it is funding projects to support a new tax office and the teaching of market economics. The two projects together are worth $121,000. Britain's ambassador to Havana, Philip McLean says the projects target two areas of economic policy -- taxation and the theory of market economics -- that were a novelty for Cuba as it introduced reforms to the Soviet-style command economy it had operated in the past. Financing for the projects will be drawn from a British Partnership Scheme set up to support development projects in Cuba created when an Investment Promotion and Protection Agreement between Britain and Cuba was signed in London.

28 August Officials in Cuba say the sharp rise of the Cuban peso on the black market is a direct consequence of the economic reforms that the government has implemented; Raul Taladrid, deputy minister of foreign investment and economic collaboration, attributes the recovery of the national currency against the dollar to the restructuring of the country's financial system that got underway slightly over a year ago.

28 August Joutel Resources Limited (JTL-TSE) provide an update on its exploration activities in Cuba.

30 August Cuba and Chile sign an agreement in Havana to promote tourism; the agreement is signed by Cuban tourism minister Osmany Cienfuegos and Chilean national tourism director Ramon Cesar Gomez Viveros. The accord is aimed to facilitate and encourage the operations of tourism operators, travel agencies, hotel chains and other tourism-related businesses. It also calls for closer cooperation in personnel training, exchange of information, promotion of advertising and encouragement of investment in this sector.

5 Sept After heated debate, Cuba's parliament passes a new law aiming to lure badly needed foreign investment. The proposal, approved without opposition by the more than 500 deputies, is the first major overhaul of foreign investment laws since Cuba cracked the door to outside business in 1982.

9 Sept In a new move to attract foreign capital, Cuba says that its citizens, including non-residents, can deposit convertible Cuban pesos or foreign currency in interest-earning saving accounts in Cuba. Under the initiative, the National Bank of Cuba will allow Cubans adults, both residents and non-residents, to deposit convertible Cuban currency or foreign currency in savings accounts and certificates of deposit with time periods of three, six, nine and 12 months.

9 Sept In a speech to the New England-Canada Business Council in Boston, Canada's International Trade Minister Roy MacLauren says Canada may seek international arbitration to protect its interests in the face of mounting trade restrictions proposed by the U.S. Congress.

9 Sept Former Canadian prime minister Pierre Trudeau and representatives of 16 prominent Canadian companies arrive in Cuba on a four-day mission to investigate investment opportunities.

10 Sept A Mexican Energy Secretariat delegation, which negotiated an energy cooperation package between Cuba and Mexico, returns home after three working days on the island. The delegation discussed with Cuban officials the postponed 200m-dollar joint investment to operate Cuba's largest refinery in Cienfuegos, 297 km southeast of Havana.

12 Sept Cuban Vice-President Carlos Lage, Cuba's chief economic strategist, concludes an official visit to Mexico by assuring Cuba's desire to strengthen cooperation and commercial ties with Mexico and continue economic reform.

13 Sept Reports say Mexico's booming oil exports to Cuba have turned the Caribbean island into Mexico's second largest trading partner in Latin America; it is said that oil exports to Cuba reached $100 million in the first quarter of 1995, up four times from the same period in 1994.

13 Sept #9; Representatives from 20 Mexico State businesses end an official visit to Cuba in search of business opportunities; Carlos Fuentes, the commercial adviser to the Mexican embassy in Cuba, says that during the three-day visit the delegation held more than 150 meetings with Cuban businessmen.

17 Sept British Minister for Science and Technology Ian Taylor begins a four-day visit to Cuba to explore opportunities for scientific and technical trade and cooperation between the two countries; during the visit, Taylor criticizes U.S. moves to extend the economic embargo on Cuba and tells Vice President Carlos Lage of the British government's increased commitment to relations with Cuba; new offices in Havana for the British Embassy and for a British agrochemicals company, Zeneca, are inaugurated; and an agreement between the two countries opens the way for a British development finance institution, the Commonwealth Development Corporation (CDC), to back investment projects on the communist-ruled Caribbean island.

18 Sept It is reported that senior government officials in Cuba have said that Cuban government is planning a set of reforms to modernize its banking system and create a stand-alone central bank.

21 Sept Cuban President Fidel Castro is quoted as saying that tough new taxes would be imposed on private restaurateurs and hoteliers who receive hard currency for their services; the official Communist Party newspaper Granma says Castro had told a national strategy meeting last week that private hard currency business was competing with state tourist hotels, shops and restaurants.

27 Sept It is reported that the Spanish hotel chain Guitart Hotels is selling a large investment in Cuba, in the amount of $6.6 million, amid reports that the firm overextended itself financially and found doing business in Cuba too difficult. Guitart has a 50-50 joint venture with Cuba's Cubanacan tourism agency to manage hotels in Havana, Varadero and Cayo Coco.

1 October The newspaper Juventud Rebelde reports that Cuba has forecast record domestic oil output for 1995 as a result of exploration and drilling by foreign investors expected to reach 1,450,000 tons.

4 October CaribGold Resources Inc. reports that the company's Regional Exploration programs in the Republic of Cuba have identified at least three extensive areas of significant mineral potential within its concessions that will be retained for detailed exploration following the conclusion of Regional programs. The areas are Tuinicu, Santa Cruz region; Santa Clara, Guadalupe; and Sierra Maestra Oriental, La Cantera/Sigua region.

7 October Senior executives from more than 40 major U.S. business corporations dine with President Fidel Castro in Havana and ask him with questions about politics, economics and his own personal views; Chief executives from U.S. companies including Sears, Hyatt Corp., General Motors, Samsonite Luggage, Kmart, Tandy Corp., the Gap, Lowes, Rockwell and Harley-Davidson take part.

14 Oct It is reported that Cuba and Russia have agreed to complete the Juragua nuclear reactor at Cienfuegos. Of the $750 million needed to complete the first reactor, Russia agrees to invest $349 million and Cuba $208 million. The rest is to be sought from other financial sources.

19 Oct By a vote of 74-24, the U.S. Senate approves the Cuba Liberty and Democratic Solidarity Act (HR 927) after Senate Foreign Relations Committee Chairman Jesse Helms (R-NC) agrees to delete a provision that would have allowed U.S. citizens whose property was confiscated by the Castro regime to sue persons or entities that are knowingly benefiting from use of the property. The Clinton administration opposed the provision and warned that it would create friction with U.S. allies and increase litigation risks for U.S. companies abroad. Supporters of the provision argued that it would dry up foreign investment in Cuba, while opponents claimed that it would clog up the U.S. court systems and violate international obligations.

21 Oct The Cuban government announces that it has allowed the opening of the first free-market currency exchange houses since 1959; Cubans may now buy and sell pesos and dollars legally.

24 Oct Cuba hosts a two-day round table for more than 200 international businessmen, including several from the U.S., which focuses on the island's current economic reforms and the new investment opportunities they create. The conference, entitled "Cuba - A Caribbean Tiger in the Making?" is sponsored by the British business magazine, the Economist, and the Canadian mining company Sherritt Inc., which has extensive nickel mining and oil exploration interests in Cuba.

25 Oct National Bank of Cuba President Francisco Soberon says the country's recent economic reforms should be followed by a reorganization of the country's banking sector and that the demand for financial services has grown in the wake of privatization and investment reforms.

27 Oct The Cuban government opens sixteen more potential oil fields to exploration by foreign investors with the offer to split the proceeds from successful drilling.

21 Nov Cuba says it has signed agreements with banks from five countries to operate on the island or to provide credits; Banco Bilbao Vizcaya of Spain is to offer $ 8.5 million in credits over five years for rice production in eastern Cuba and the ING bank of Holland is to provide credit for rice and nickel production. Other signed agreements are with the Banco Nacional de Comercio Exterior of Mexico, Societe Generale of Paris, France and Spain's Banco Sabadell.

21 Nov The Inter Press Service reports that Cuban self-employed workers may establish official unions. Pedro Ross Leal, the general secretary of the Confederation of Cuban Workers (Confederacion de Trabajadores Cubanos--CTC), adds that self-employed workers may join the national union beginning in December.

22 Nov Sherritt Inc., says it is planning to create a separate public company to hold its Cuban assets; Sherritt International Corp., will become a Toronto-based company holding Sherritt Inc.'s mining, oil and gas and other interests in Cuba.

25 Nov Cuba's Finance and Prices Ministry says that well to do Cubans will have to pay income tax on hard-currency earnings starting January 1. The ministry says that the new taxes will "permit a just redistribution of income to finance social programs that benefit all the population, with a greater contribution from those who have a superior economic capability."