News Artcle

LONDON (MarketWatch) -- Cuban President Raul Castro reportedly announced Sunday that he will step down from power in 2018 when the five-year term he started yesterday comes to an end, marking the end of the Castro era. "This will be my last term," the 81-year-old president said in a 35-minute speech according to media reports. Castro further pointed to changes in the constitution, but ruled out efforts to end socialism, saying he had no intentions as president to destroy Cuba's systems, the reports said. Cuban lawmakers put 52-year-old Miguel Diaz-Canel Bermudez first in line for the presidency in 2018 by elevating him to the position as first vice president. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.