End of the Castro era in Cuba; Raúl Castro to step down

The 60-year family monopoly over Cuba is coming to an end with Raul Castro announcing his decision to step down as the Cuban Communist Party's first secretary.

Cuban leader Raúl Castro has announced that he will be stepping down as leader of Cuba's Communist Party, thus handing over the country's leadership to a new generation.

Raúl Castro, who will turn 90 in June this year, reiterated his long-expected intention to step down in a speech kicking off the Communist Party congress on Friday. 

This will be the first time in six decades Cubans will not have a Castro at the helm of affairs.

Even though Castro hasn't announced who would replace him, speculation is rife over 60-year-old Miguel Diaz-Canel assuming that role.

Miguel is perceived to be among a younger generation of loyalists whose single-point focused has been on expediting the pace of economic reforms. As Cuban president, Miguel has aggressively pushed for investments. He opened the doors to a broader range of private enterprise, permitting Cubans to legally operate self-run businesses from homes.