Word: sugar
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Dates: during 1950-1959
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...restrictively limited." Last week Prime Minister Fidel Castro enforced Article 90 with a vengeance. His agrarian-reform decree, signed in the six-hut eastern village of La Plata, scene of one of the first guerrilla attacks in Castro's revolution, outlawed the $300 million U.S. investment in Cuban sugar...
...Sugar-company lawyers puzzled over the law's 66 sections all week, but the key language was unequivocal and plunged Cuba down a land-reform road where many Latin American hopes have been dashed (see box). No corporation can own land in Cuba unless all stockholders are Cuban; no foreigner may buy or inherit land. If U.S. sugar companies do not sell out within a year, their land will be expropriated and paid off in 20-year government bonds bearing 4.5% interest. According to Castro's estimate, made on a television show, the bond payments would range from...
...Sort of Sick." Hardest hit U.S. companies are Atlantica del Golfo (with 500,000 acres), the Rionda group (500,000), Cuban-American Sugar Co. (330,000), United Fruit Co. (270,000). But since the law also prohibits anyone from owning more than 995 acres of farm land or 3,316 acres of ranch land, many Cuban operators will suffer. Castro promised that he will reduce his own family's 2,178-acre farm to the new legal limit...
...companies were officially silent, privately frantic. "This isn't expropriation," cried one sugar executive. "It's confiscation!" Said another: "We're sort of sick here." Sugarmen talked hopefully about one provision in the law: the newly created National Agrarian Reform Institute can let foreigners own land when "beneficial for the development of the national economy." This loophole may permit the companies to stay on until they can find buyers for the land. But losses will be heavy. The price of sugar land has already dropped by half from a year ago, and shares of the affected companies...
...films of the late '40s won rave reviews but lost money. In this picture, made in 1956, the ablest of the neorealists-Director Vittorio De Sica and Scriptwriter Cesare Zavattini, who together produced Shoeshine and The Bicycle Thief-sweeten their pill to the public taste. Yet under the sugar-coating of a story of young love, there is still strong medicine: a calmly factual picture of how ordinary working people live in the midst of Rome's (and much of the world's) housing shortage...