December 23, 2014 by T. Parker Host Admin.

Staying up-to-date on the latest industry news is important in all aspects of T. Parker Host, Inc.'s business as it allows us to proactively serve our clients.  One of Host's eight Core Principles states that "We are Detectives." As detectives, we must understand all activities within our market by staying current on all industry news worldwide.

Last week, U.S. President Barack Obama and Cuba President Raul Castro announced to their respective citizens that the two countries had restored their diplomatic relationship that had been severed more than 50 years ago. By re-establishing this relationship between the United States and Cuba, it allows banks to open accounts in Cuba, loosens some travel restrictions, and allows certain exports such as construction materials, farm equipment and telecommunications to be sent to Cuba.

Re-establishing this relationship could further impact trade between the U.S. and Cuba. Currently, an embargo imposed in the 1960's prohibits trade between the U.S. and Cuba. As ties strengthen between the U.S. and Cuba, it could bring the possibility of having the embargo lifted in the future with Congress' approval. With the embargo lifted, the U.S. could earn an additional $1 billion from sales and exports with Cuba.

Check out this article from the Virginian Pilot for more information on these current industry developments by clicking here.