Bacardi cancels fair.

Rum giant Bacardi Ltd. is canceling a popular annual artisans' fair at its Puerto Rico distillery due to the global recession, reports AP (Aug. 29, 2009). The Bacardi Artisans' Fair had been held each December at the company's plant in Catano, across the bay from San Juan, and has grown to become the largest festival of its type in the Caribbean over the past 33 years. It cost roughly US$500,000. Joaquin Bacardi, head of the Bermuda-based rum empire, said the decision was made after evaluating the company's "great challenges" due to the ongoing economic slowdown. Bacardi is a family-owned spirits conglomerate founded in Santiago, Cuba, in 1862. All of its rums are made in Puerto Rico.