US and Cuban Embassies Set to Reopen in Havana and Washington.
July 02, 2015
The U.S. and Cuban embassies are set to reopen in Havana and Washington
• The U.S. and Cuban embassies are set to reopen in Havana and Washington. This move will mark the formal reestablishment of diplomatic relations between the two nations after a half-century freeze. President Obama, who has championed engagement with Cuba since his first presidential campaign in 2008, says the U.S. will boost its personnel at the American embassy and continue to raise human rights concerns. Secretary of State John Kerry will travel to Cuba for the U.S. embassy opening on July 20. The President also has plans to visit Cuba, and will be the first sitting American president to do so in more than 60 years. [WSJ]
• The Obama Administration will begin cutting off the financial lifeline of for-profit colleges whose graduates can’t find well-paying jobs. The move is likely to trigger the closure of 1,400 programs and accelerate a wave of shutdowns for an industry taking assaults from all sides. Reining in the multibillion-dollar industry has been the administration’s goal for most of President Obama’s term in office, fueled by complaints that for-profit colleges lure students with misleading promises, then saddle them with debts they can’t pay back despite their new degrees. Its latest tool is the Education Department’s long-debated “gainful-employment” rule, which requires colleges to track their graduates’ performance in the workforce and eventually will cut off funding for career training programs that fall short. [Politico]
Economic Indicators & News
• Wall Street opened higher following gains in European markets. United States markets were higher in early trading as investors hoped Greece could find a way to remain in the Eurozone. Greece’s government appeared to be softening its stance toward its creditors, but European officials ruled out any deal before a Greek referendum this weekend. The Dow Jones industrial average rose 0.86 percent and the Standard & Poor’s 500-stock index was up 0.74 percent. The Nasdaq composite index gained 0.82 percent. [NYTimes]