Friday, September 18, 2015

U.S. opens up business with Cuba, eases embargo

(Reuters) The United States on Friday issued regulations easing restrictions on American companies seeking to do business in Cuba and opening up travel in the latest action to weaken the U.S. trade embargo amid warming relations with the Communist country.

The rules, which take effect on Monday, Sept. 21, target travel, telecommunications, Internet-based services, business operations and banking, and allow U.S. companies to establish a presence in Cuba. They also eliminate limits on the amount of money people can send back to the Caribbean nation.

"A stronger, more open U.S.-Cuba relationship has the potential to create economic opportunities for both Americans and Cubans alike," U.S. Treasury Secretary Jacob Lew said in a statement.

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