Tuesday, May 08, 2007

Capitalism at work

Thinking of investing your hard-earned cash in Cuba?

Well, here is some handy advice from the experts: it may be better (and safer) to simply buy stock in companies that are already entrenched on the island.

That is the view of Dale Baker, who is described as a private client portfolio manager and former US diplomat.

Writing in the online stock advisory newsletter The Motley Fool, Mr Baker argues that there are more “creative” ways of making money “from the inevitable demise of Fidel Castro and his 48-year stranglehold on Cuba's economy”.

And that’s by putting your money in Sherritt International, the publicly-listed Canadian energy giant.

The very optimistic Mr Baker says Sherritt has been in Cuba since 1994 when the company signed one of those ever-popular joint venture agreements with the Castro regime, to mine nickel.

The company then moved into power generation and other metals, such as cobalt.

In fact, Sherritt is now the largest foreign energy producer on the island – with 40 per cent of its revenues last year coming from its extensive Cuban operations.

Unfortunately, no word on such little details as how much the company pays its Cuban workers. Or whether they get paid in hard currency or worthless Cuban pesos. Or whether the company is free to publicly comment on Cuban policy issues, much as it would comment on Canadian matters.


Blogger Henry Gomez said...

Companies that are "entrenched" in Cuba today may find themselves dislodged in a free Cuba tomorrow. At least they will if there is any justice in this world. As for the name of the site giving the advice, it's quite appropriate since a fool and his money are soon parted.

1:34 pm  
Anonymous Anonymous said...

Never mind dislodged. All their assets in Cuba should be confiscated, and they should be held liable for completely unethical business practices (read blatant exploitation) and complicity with a criminal totalitarian regime.

2:40 am  
Blogger Fidel pro democracy said...

Sherrit fate is one that will spoken off for years after, the execs. from sherritt are baned from travel to the US, God bless Bush, and they pay shit to the Cuban workers, they operate Moa's nickel mine with was stolen from a US firm. if they are getting 40% from Cuba they are in big trouble.

6:09 am  

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