Cuba Approves New Foreign Investment Law: The Cuban government on Saturday unanimously approved a law that provides new incentives for foreign investment in the island. The law will reduce taxes on profits from 30 to 15 percent in most areas, will speed up the approval process for foreign investment, and will exempt new investors from paying taxes for eight years, among other incentives. The government hopes that the new law, which will come into force in three months, will help triple the country’s economic growth. However, the law will not become official until the full text is published in the Gazeta Oficial, which is expected to happen sometime this week.
Troops Clear Venezuelan Protest City: Venezuelan troops retook control of the western city of San Cristóbal this weekend, according to a top military commander. General Vladimir Padrino said that troops cleared barricades throughout the city and reported that no one was hurt in the operation. Meanwhile, San Cristóbal’s mayor, opposition member Daniel Ceballos, has been removed from office and sentenced to 12 months in prison for failing to order the removal of the barricades himself. The countrywide protests began in San Cristóbal nearly two months ago, and since then, at least 39 people have been killed. Last Friday, the Vatican said that it was willing to help facilitate a dialogue between the Venezuelan government and the opposition to resolve the crisis.
Solís Lacks Opponent in Costa Rican Presidential Runoff: Costa Rican presidential candidate Luis Guillermo Solís still has no opponent in Sunday’s presidential runoff between the ruling Partido de Liberación Nacional (National Liberation Party—PLN) and Solis’ Partido de Acción Ciudadana (Citizen Action Party—PAC). PLN candidate Johnny Araya dropped out of the race on March 5 due to financial troubles and a poor showing in the polls, where PAC candidate Solís enjoyed a 44 percent lead. However, Araya’s name will still remain on the ballot, and he said he would accept the presidency if voters gave him a majority—though Solís’ victory seems assured.
Brazilian Troops Occupy Maré Favela: Brazilian security forces raided the Maré favela in Rio de Janeiro on Sunday in an effort to take control of the neighborhood, which is home to 130,000 people. More than 1,000 troops entered with tanks and reportedly took control of the area in 15 minutes, seizing guns and drugs. But later that day, more violence erupted between rival gangs, a 15-year-old boy died, and three other people were taken to a hospital. Maré is located near Galeão/ Antônio Carlos Jobim International Airport, a major transit hub that will bring thousands of tourists into the country for the FIFA World Cup in June.
Chinese Mining Company Halts Toromocho Project in Peru: Chinalco Mining Corp. International has halted its operations at the Toromocho copper project after the national environmental agency said on March 28 that the company had failed to adhere to environmental standards. Inspections carried out by the Organismo de Evaluación y Fiscalización Ambiental (Environmental Evaluation and Fiscalization Organism—OEFA) earlier this month detected contaminants in Lake Huacrococha and Lake Huascacocha, which are located near the mine. Mining work, which began in December 2013, will be suspended until the issues are resolved.
