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2011年4月19日星期二

Cuba to allow the purchase, the sale of property

A day after the Cuban media has revealed that a Summit of the Communist Party had endorsed radical economic changes and elected a new leadership - without saying what changes or Cubans who are now supported - hope to get the details in a speech by President Raul Castro Tuesday closing.

With Raul should largely take over his brother Fidel as first Secretary of the party, all eyes will be on the selection of its new No. 2, which could be a possible successor to the favorite.

The delegates approved approximately 300 economic proposals during a vote unanimous Monday - including a measure which apparently recommends legalization of purchase and sale of private property.

A proposal to possibly eliminate the monthly ration book, which provides Cubans with a basket of base of heavily subsidized food and other goods was also on the table. Other boot for aspiring entrepreneurs capital covered measures and eliminating the unique dual-currency system of the island.

"Economic policy (approved here) follows the principle that only socialism can preserve the victories of the revolution," said Marino Murillo, an ex-économie Minister who has been in charge of implementing reforms.

The Cubans were treated to a two-hour broadcast late Monday of members of Committee of Communist Party discuss details finer a document which has not yet been rendered public, even if it is based on proposals which have been extensively in recent months.

The Congress of the party does not have the power to enact change in legislation, but the suggestions are intended to be acted upon quickly by the National Assembly on the days and weeks.

Officials called the rally to set a new course for the economy of Cuba and rejuvenate a class politics of aging, composed largely of octogenarians who led the revolution of 1959 Cuba.

Monday, an official photograph turned inside the spacious convention where the party confab unfolded showed Castro, placing his vote in a ballot box. "Nominations for members of the Central Committee," it read. A box that says "Vote for all" has been confirmed on the ballot, which indicates that Castro had approved a slate of candidates as a whole, although their names were not visible.

Fidel and Raul Castro held the top two spots in the Communist Party since its creation in 1965. But sixth Congress this year, the party, there is an air of mystery that surrounds the leadership vote.

In March, Fidel, 84, announced that he had resigned as first Secretary of the party when he ceded the Presidency to Raul several years previously, although the party's website still lists him as its Chief.

Cuba's President Raul Castro addresses the audience during the inauguration of the Sixth Congress of Cuban Communist Party in Havana on April 16. President Raul Castro of Cuba addressed to the public at the opening of the Congress-sixth of the Cuban Communist Party in Havana on 16 April. (Enrique De La Osa / Reuters)In a speech to Congress this weekend, Raul warned that a new generation is required to take charge when the old guard has disappeared.

He even proposed warrants for officials including the President - a taboo subject in the half of the century in which Cuba was governed by him or his brother. The objective is to create opportunities for younger politicians to gain experience, said Raul.

The speech has intensified employment could go to someone as Lazaro Exposito, the Communist Party young chef at Santiago de Cuba, or Murillo, the Minister of the ex-économie which took a leading role at the Congress of speculation.

Officials stressed that the changes are intended to "update" economic model for Cuba. State TV repeated Monday night that their objective is to "ensure the continuity of socialism in Cuba."

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2011年4月16日星期六

Renren files China to collect as much as $ 584 million in intellectual property offices

April 15, 2011, 6: 55 pm EDT by Joseph Galante and Brian Womack

April 15 (Bloomberg) - Renren Inc., the largest social networking service of China, filed to collect as much as 584 million in an initial public offering to finance the expansion.

Renren expects to sell American depositary 53.1 million from $9 to 11 $ receipts each in an initial public offer, according to a filing with the U.S. Securities and Exchange Commission. ADR represents 159.3 million common shares of class A, according to the filing.The company expects this product of the OPI 508 million and will use to woo more visitors that it is in competition with local rival Tencent Holdings Ltd. and Baidu Inc. in the market of the Internet the most populous of the world. Renren - a name which means "everyone" in Chinese - a similar characteristics such as Facebook Inc., which is blocked China.No U.S. social networking sites have gone public, then even that their popularity and revenue advertising soar. That created a pent-up among investors demand. LinkedIn Corp., which announced in January to raise 175 million in an IPO, may become the first.Renren has over 160 million registered users, according to Analysys International in Beijing. Advertising has more than doubled each year since the site began selling space in 2008, the company said. The online advertising market will triple almost 13 billion dollars in China in 2014, estimates Susquehanna International Group LLP.Morgan Stanley, Deutsche Bank AG and the Credit Switzerland Group AG will lead the introduction on the stock exchange. ADRS will be be included in the New York Stock Exchange under the symbol RENN, prospectus showed. "School inside ' Renren has its roots date back to 2005, when the graduates of the University of Tsinghua in Beijing founded Xiaonei.com, or"school inside ". This was the year after the creation of Mark Zuckerberg, chief executive officer of Facebook, its service for fellow students of the University of Harvard.En 2006, Xiaonei was acquired by closed Oak Pacific Interactive Corp., which renames the Renren service in 2009. Softbank Corp., a carrier of the phone Japan the fastest-growing, is the largest shareholder of oak Pacific.Facebook Beijing-based has some Chinese users who circumvent censorship through virtual private networks supposedly, according to data compiled by Socialbakers.com, a website dedicated to the analysis of the statistics of Facebook.La company based in Palo Alto, California talks with potential partners on how to establish a foothold in China, a person familiar with the issue, said earlier this month. Entry into the country would give access to the largest Internet in the world market for Facebook, with more than 457 million users Web.Facebook will begin reporting financial results in April 2012, even if it does not make public, according to a document sent to potential investors. The company would be required to make disclosures because he expects to have at least 500 shareholders later this year, a threshold which makes the results necessary reports under SEC rules, a person who has examined the document said in January.

-Editors: Elizabeth Wollman, Nicholas Turner

To contact the reporters on this story: Joseph Galante in San Francisco at jgalante3@bloomberg.net; Brian Womack in San Francisco at bwomack1@bloomberg.net

To contact the editor responsible for this story: Thomas Giles in the tgiles5@bloomberg.net


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