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Remittances

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WORLD
June 2, 2009 | Tracy Wilkinson
Mexico's reeling economy received another jolt of bad news Monday with reports of the largest monthly decline yet in the amount of money Mexicans working abroad send home. Remittances for the month of April totaled about $1.7 billion, 18.6% less than the $2.1 billion recorded in April 2008, Mexico's central bank said. After oil, remittances are Mexico's largest source of income, and their decline is certain to further erode the country's economic growth.
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WORLD
November 15, 2013 | By Carol J. Williams
The amount of money U.S. immigrants send to their families in Latin America has more than doubled since 2000, and the cash flow home -- except to Mexico -- has recovered from a considerable drop during the Great Recession, a 13-year survey of remittance trends shows. For years, remittances have far outpaced foreign aid in helping lift people out of poverty in Latin America, the study released Friday by Pew Research Center notes. In 2011, remittances totaled $53.1 billion, more than eight times the amount of official aid, the report says.
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OPINION
November 3, 2013 | By The Times editorial board
When Congress passed the Dodd-Frank law in 2010, it included a little-noticed provision requiring financial companies and banks to provide greater disclosure to customers sending money overseas. Last week, the new rules took effect, guaranteeing consumers much-needed protections and greater transparency. Until now, banks and money-transfer companies have been required to comply with federal laws aimed at curbing money laundering and fighting terrorism. But there have been no federal regulations in place mandating what they were required to disclose to consumers.
OPINION
November 3, 2013 | By The Times editorial board
When Congress passed the Dodd-Frank law in 2010, it included a little-noticed provision requiring financial companies and banks to provide greater disclosure to customers sending money overseas. Last week, the new rules took effect, guaranteeing consumers much-needed protections and greater transparency. Until now, banks and money-transfer companies have been required to comply with federal laws aimed at curbing money laundering and fighting terrorism. But there have been no federal regulations in place mandating what they were required to disclose to consumers.
WORLD
November 15, 2013 | By Carol J. Williams
The amount of money U.S. immigrants send to their families in Latin America has more than doubled since 2000, and the cash flow home -- except to Mexico -- has recovered from a considerable drop during the Great Recession, a 13-year survey of remittance trends shows. For years, remittances have far outpaced foreign aid in helping lift people out of poverty in Latin America, the study released Friday by Pew Research Center notes. In 2011, remittances totaled $53.1 billion, more than eight times the amount of official aid, the report says.
BUSINESS
July 3, 2012 | By Ricardo Lopez
Signaling an improved labor market, remittances to Mexico rose in May, its highest level since October 2008, Mexico's Central Bank reported this week. Remittances, or money wired abroad by immigrants, totaled $2.34 billion in May, up 7.8% from the previous May. And the average amount per transaction, $329.21, was up in May by 3.7% from a year before.  Remittance experts said May is a particularly busy month for wire transfer operators, as many Mexicans living abroad send money forMother's Day. Money wired abroad by immigrants is often seen as a barometer of the economy.
OPINION
December 16, 2011
It's hard to imagine what could make the situation in Somalia, a desperately poor failed state that hasn't had a functioning government since 1991 and is in the midst of a deadly drought, even worse. But a Minnesota bank may have found something. Minneapolis-based Franklin Bank is widely believed to be the last bank in the state, and probably the nation, that still facilitates wire transfers of money to Somalia. That may end Dec. 30, when it plans to stop. Somali immigrants in the U.S., who have settled in large numbers in Minnesota's Twin Cities, annually send an estimated $100 million back to their homeland.
WORLD
August 26, 2009 | John M. Glionna
Looking down the main drag of this farm town, Police Chief Eric Noble marvels at the modern conveniences -- byproducts of the fierce ties binding Philippine families. Sturdy houses with concrete foundations now replace the thatched huts of a generation ago. There are new cars, washing machines, children attending private schools and former sharecroppers who have purchased the farms where they once worked as lowly laborers. Such economic progress has come from remittances, the staggering $1 billion sent to families nationwide each month by Filipinos working overseas in an attempt to overcome extreme poverty and joblessness in their native land.
BUSINESS
December 2, 2008 | Times Staff and Wire Reports
The amount of dollars sent home by Mexicans living abroad jumped 13% in October as a weaker peso gave the greenback more buying power, Mexico's central bank said. Remittances rose to $2.4 billion in October, up from $2.2 billion for October 2007, the Bank of Mexico reported. The peso dropped to record lows in October, briefly trading at 14 to the dollar. A stronger U.S. currency means dollars sent home buy more in Mexico. Through October, total remittances for the year were down 1.9% at $20 billion.
WORLD
August 26, 2009 | Ken Ellingwood
Cash remittances from Mexicans living abroad keep tumbling, with a second-quarter drop of 17.9% compared with the same period last year, officials said Tuesday. Mexico's central bank said remittances for April through June fell to $5.6 billion, continuing a downward trend that has lasted more than a year. The money transfers are off 12% during the first six months of 2009, compared with the first half of 2008. The latest report was no surprise, but it spelled more gloomy news for Mexico's limping economy, which has been hammered by declining oil earnings, a sharp drop in exports and a flu crisis during the spring that put a big dent in tourism.
OPINION
October 18, 2012
For 50 years, Cubans have been prevented from leaving their country by an anachronistic and repressive travel policy that has aptly been compared to a paper version of the Berlin Wall. The government's announcement Tuesday that it plans to end this inhumane system was long overdue and more than welcome. Since shortly after Fidel Castro came to power in 1959, Cubans who wanted to leave the island (which is slightly smaller than Pennsylvania) have been required to obtain an exit visa that is not only too expensive for the average citizen but often denied for arbitrary or political reasons.
BUSINESS
July 3, 2012 | By Ricardo Lopez
Signaling an improved labor market, remittances to Mexico rose in May, its highest level since October 2008, Mexico's Central Bank reported this week. Remittances, or money wired abroad by immigrants, totaled $2.34 billion in May, up 7.8% from the previous May. And the average amount per transaction, $329.21, was up in May by 3.7% from a year before.  Remittance experts said May is a particularly busy month for wire transfer operators, as many Mexicans living abroad send money forMother's Day. Money wired abroad by immigrants is often seen as a barometer of the economy.
OPINION
December 16, 2011
It's hard to imagine what could make the situation in Somalia, a desperately poor failed state that hasn't had a functioning government since 1991 and is in the midst of a deadly drought, even worse. But a Minnesota bank may have found something. Minneapolis-based Franklin Bank is widely believed to be the last bank in the state, and probably the nation, that still facilitates wire transfers of money to Somalia. That may end Dec. 30, when it plans to stop. Somali immigrants in the U.S., who have settled in large numbers in Minnesota's Twin Cities, annually send an estimated $100 million back to their homeland.
NATIONAL
January 16, 2010 | By Richard Fausset
In an attempt to ensure the flow of remittances to devastated Haiti, Homeland Security Secretary Janet Napolitano announced Friday that the Obama administration would temporarily grant legal status to the tens of thousands of Haitian immigrants who were living in the United States illegally before this week's earthquake. But Napolitano emphasized that Haitians living in the island nation would not be eligible for temporary protected status, and would be repatriated if they attempted to enter the country, an implicit acknowledgment of the fear, thus far unrealized, that the earthquake could trigger a mass migration of Haitians to U.S. shores.
WORLD
August 26, 2009 | Ken Ellingwood
Cash remittances from Mexicans living abroad keep tumbling, with a second-quarter drop of 17.9% compared with the same period last year, officials said Tuesday. Mexico's central bank said remittances for April through June fell to $5.6 billion, continuing a downward trend that has lasted more than a year. The money transfers are off 12% during the first six months of 2009, compared with the first half of 2008. The latest report was no surprise, but it spelled more gloomy news for Mexico's limping economy, which has been hammered by declining oil earnings, a sharp drop in exports and a flu crisis during the spring that put a big dent in tourism.
WORLD
August 26, 2009 | John M. Glionna
Looking down the main drag of this farm town, Police Chief Eric Noble marvels at the modern conveniences -- byproducts of the fierce ties binding Philippine families. Sturdy houses with concrete foundations now replace the thatched huts of a generation ago. There are new cars, washing machines, children attending private schools and former sharecroppers who have purchased the farms where they once worked as lowly laborers. Such economic progress has come from remittances, the staggering $1 billion sent to families nationwide each month by Filipinos working overseas in an attempt to overcome extreme poverty and joblessness in their native land.
BUSINESS
March 12, 2008 | Marla Dickerson and Tiffany Hsu, Times Staff Writers
Slinging fish tacos at a stall in Grand Central Market on Broadway in downtown Los Angeles was never Ana Sanchez's idea of heaven. But the job pays enough so that she can wire money to her mother and daughter in Mexico, and last year she sent $1,500. This year Sanchez, 44, reckons they'll be lucky to receive half that. With her wages stagnant and the cost of living climbing, her family in Jalisco state will have to do without. "If it gets bad I won't be able to send any money anymore," Sanchez, a Commerce resident, said Tuesday.
OPINION
July 15, 2009
Re "Activists target state aid to immigrants' children," July 13 This article does a reasonably good job of addressing both sides of the cost issue of illegal immigrants. But it omits a very significant item in the net cost/benefit argument regarding illegal immigrants -- remittances. Remittances are a huge drain on the state and federal levels. The amount of money leaving the country is enormous. If this money were kept in the local economy, it would generate sales taxes, jobs and additional income taxes.
OPINION
July 15, 2009
Re "Activists target state aid to immigrants' children," July 13 This article does a reasonably good job of addressing both sides of the cost issue of illegal immigrants. But it omits a very significant item in the net cost/benefit argument regarding illegal immigrants -- remittances. Remittances are a huge drain on the state and federal levels. The amount of money leaving the country is enormous. If this money were kept in the local economy, it would generate sales taxes, jobs and additional income taxes.
WORLD
June 2, 2009 | Tracy Wilkinson
Mexico's reeling economy received another jolt of bad news Monday with reports of the largest monthly decline yet in the amount of money Mexicans working abroad send home. Remittances for the month of April totaled about $1.7 billion, 18.6% less than the $2.1 billion recorded in April 2008, Mexico's central bank said. After oil, remittances are Mexico's largest source of income, and their decline is certain to further erode the country's economic growth.
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