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.

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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Rally fueled to the arbitration of ninth stimulated by purchase: Mexico credit

05 April 2011, 6: 50 pm EDT by Jonathan j. Levin and Andres Martinez r.

April 5 (Bloomberg) - Ixe Grupo Financiero SAB, the Bank focused on Mexico City serves clients income high, is beaten peers on the market as its acquisition by Grupo Financiero Banorte SAB étincelles increases rating credit.

The 9th bonds dollar by 2020 returned 13.8% since their sale in October, compared to a gain of 0.3 per cent for the Mexican business notes and a loss of 0.5% for America Latin financial company debt, according to data compiled by BloombergJPMorgan Chase & Co. and Credit Switzerland Group AG. The obligations of the 9th yield 220 points base, or 2.2 percentage points, of the debt of more than similar maturity Banorte, down from 342 in October.Investors are betting that Fitch Ratings will follow Standard & Poor to raise 9th ranking after shareholders approved the purchase by third BanorteBanque 30 March of Mexico by and loans. Relaunched S & P rating two levels of the 9th of BBB - on this day, put online with Banorte. 9Th notes two rates lower than BB Fitch. "Whenever I see the links I their pick up", said Carlos Legaspy, which manages approximately $ 300 million in markets emerging debt, including debt 9th, based in San Diego, California said Investment Management. " "You get acquired by a bank big, evaluated more than high, so you'll converge towards a higher rating." It is pure ratings arbitration. "9Th yields fell 202 points from base to 7.23% in the months since they were issued in October, while yields of Banorte decreased from 59 to 6.37 percent. The average yield on Government dollar obligations roses 67 points based on the time of 4.9%, according to JPMorgan.Espresso BarsMexico antitrust agency gave companies leave February 4 to enter the market. "We expect that the other rating agencies will also raise their credit on 9th level ratings that Banorte,", said David Suarez, responsible for relations with investors to Banorte." "We would be surprised if it does not."Rene Ibarra, an analyst with Fitch Ratings in Monterrey, did not respond to four messages left with his Secretary.Banorte and 9th announced plans for the acquisition, October 19, the same month based in Monterrey Banorte appointed former Central Bank Governor Mexican Guillermo Ortiz as President. Control allows the smallest 9th take advantage of capital of the largest bank to expand its business model, which includes a custom home or Office customers and branches service equipped with espresso bars, according to Martin Gonzalez, an analyst with fairness at Invex Casa de Bolsa in Mexico City.Default swaps "This gives them the strength of a larger bank" Gonzalez said in an interview on the phone. "" "". At the end of the day, the risk will be the same. From Banorte, they're going into a niche market, they were not able to get in front. "9Th spokesman Rene Pimentel did not return telephone calls seeking comment.The extra yield investors demand to hold dollar corporate bonds rather than US Treasury rose 1 point base yesterday in 280, according to JPMorgan. The gap between the Mexican Government bonds dollar and treasures fell 1 point base yesterday to 132. the cost to protect the Mexican debt against non-payment for five years has dropped from 1 point base to 101, according to CMA. Credit-default swaps pay the buyer face value in exchange of underlying securities or the equivalent of cash if the issuer fails to comply with the agreements of the debt.The peso fell 0.1% to 11.8499 per dollar, reduce his lead this year to 4.1%. "Poor ' ProfitabilityIxe stock rallied to 14 percent since the announcement of the acquisition. Banorte stock won 16 percent in the period.Standard & Poor said on March 30 that it stimulated the rating because ninth that Bank gains "financial flexibility" of the acquisition and can see its "poor" profitability improve. "We anticipate that operational synergies within the new financial group, coupled with its active sound quality - demanding low provisioning - could bear fruit in 2011,"S & P analysts led by Arturo Sanchez has written."IXe has posted a net loss of 127.5 million pesos in the fourth quarter, compared to a profit of 521 million pesos a year earlier. Profit of 17 percent over the same period reached Banorte 1.76 billion pesos. "Banorte can really take the mark of the 9th and the niche that they have and expand,"said Legaspy. "Banorte is much more of a retail bank, then the 9th has been focused on higher-income clients." Banorte can really expand this brand where 9th could not do on its own. ?

-With the help of Jose Enrique Arrioja and Crayton Harrison in Mexico City. Editors: David Papadopoulos, Laura Zelenko

{To contact the reporters on this story: Jonathan j. Levin} to Mexico City, jlevin20@bloomberg.net; Andres r. Martinez in Mexico City at amartinez28@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos to papadopoulos@bloomberg.net

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