Posts Tagged ‘Money’
U.S. Embargo costs Cuba 4 billion
4:53 pm By Jennifer Woodard Maderazo · Controversia| Cuba| Money| Politics · 1 Comment
2 Oct 2006
According to AP, Cuba is recognizing that the U.S. embargo of the island has cost the nation over 4 billion dollars over the last year.
Cuba’s losses increased from July 2005 to July of this year because the administration of U.S. President George W. Bush has steadily tightened the embargo at the same time Cuba’s economy is growing and spending more money abroad, Vice Foreign Minister Bruno Rodriguez told a news conference.He cited tougher U.S. scrutiny of Cuban nickel exports and of Cuban use of dollars in international transactions. The government claimed a loss of US$2.8 billion for the mid-2004-2005 period.
The Cuban foreign minister calls the embargo “a policy which causes suffering”.
In addition to lost trade revenue, Cuba is also missing out on the potential boon of U.S. tourism to the island. Visits made by Cuban-Americans also fell this year by half, from 200,000 to roughly 100,000.
According to the Cuban government, the island has lost over 86 billion dollars in trade revenue since the embargo was first imposed in 1960.
Immigration, Money and a CEO’s demise
12:52 pm By Jennifer Woodard Maderazo · Immigration| business · Comments Off
29 Nov 2005
Most of you have probably never heard of First Data Corporation, a Denver-based company specializing in transaction services. But the brand name Western Union should ring a bell. Western Union, a company that makes billions of dollars yearly on the backs of Latino immigrants who send money to their home countries has long been criticized for exploiting customer with high fees for wiring funds. Now, a Colorado publication is speculating that the involvement of First Data CEO Charles Fote’s in the immigration debate is the issue that proved to be his demise:
Over the last two years Fote had become a champion of enlightened debate over immigration reform, and First Data has sponsored a series of public forums to discuss and explore the issue. In March 2004, First Data created a $10 million “Empowerment Fund” to support Hispanic immigrants and counter anti-immigration movements across the country. The Fund, whose advisory panel includes Raul Yzaguirre, CEO of the National Council of La Raza (“The Race”), had allocated $800,000 for a Denver pilot program to increase the number of Latino business owners via the local Hispanic Chamber.
Bank of America, Send Money to Mexico Promo
29 Sep 2005
Bank of America (BoA) is now offering a service they call SafeSend to send money to Mexico – at no cost for BoA account holders. Customers can send up to $1,500 at a time and up to $3,000 USD a month to up to 3 recipients in Mexico.
According to the Money/CNN article, BoA Waives Fees to Attract Hispanic Customers:
The changes raise the stakes in U.S. banks’ push to attract Hispanics, who this decade overtook blacks as the largest U.S. minority group. More than half of the roughly 40 million Hispanics in the United States are Mexicans.
Traditionally, remittances to Mexico made from family members working in the US, have been the #2 income for the country of Mexico. Estimated to total $12 Billion USD in 2003, surpassed only by oil sales, I have recently heard that remittances have now gained the #1 spot, but can not confirm that fact.
Although Bank of America is obviously running the promotion to pull in the Hispanic consumers, it might turn out to be a win-win situation. By requiring the customers to open a checking account, we could see a shift in savings habits of this population, which traditionally works completely on a cash basis with very limited or no funds available for emergencies.
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- Bay Area Community Members to Hold Vigil and Release Statement about Murders in Maryland and Puerto Rico
- Transgender Day of Remembrance and Latin@s
- Dear Troll(s):
- Puerto Rican, Latino Clergy, Theology Professors, Community Members To Condemn Brutal Hate Killing of Gay Puerto Rican Man
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- Russell Athletic rehires fired union organizers
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