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Friday, 26 October 2007
Between Here and There: How Attached Do Latino Immigrants Remain to Their Native Country?
Summary
Most Latino immigrants maintain some kind of connection to their native country by sending remittances, traveling back or telephoning relatives, but the extent of their attachment varies considerably. Only one-in-ten (9%) do all three of these so-called transnational activities; these immigrants can be considered highly attached to their home country. A much larger minority (28%) of foreign-born Latinos is involved in none of these activities and can be considered to have a low level of engagement with the country of origin. Most Latino immigrants (63%) show moderate attachment to their home country; they engage in one or two of these activities. [Read more]
Most Latino immigrants maintain some kind of connection to their native country by sending remittances, traveling back or telephoning relatives, but the extent of their attachment varies considerably. Only one-in-ten (9%) do all three of these so-called transnational activities; these immigrants can be considered highly attached to their home country. A much larger minority (28%) of foreign-born Latinos is involved in none of these activities and can be considered to have a low level of engagement with the country of origin. Most Latino immigrants (63%) show moderate attachment to their home country; they engage in one or two of these activities. [Read more]
Dominican Republic: Remittances for development
Inter Press Service. Oct 25, 2007
Most money sent from abroad is used to purchase food.
Civil society organizations suggest that a plan be designed so that the money sent home by Dominicans abroad, known as remittances, will be used to foment development instead of simply going towards daily expenses.
The idea is “to deepen public reflection and debate to optimise the impact of remittances on the development of the national economy,” says a document by the Asociación Tú, Mujer, or “You, Woman” Association, in English, which is carrying out the Proyecto Remesas y Codesarrollo (Remittances and Co-development Project) under the sponsorship of international organizations.Legislators, ministers, the representative of the United Nations Population Fund (UNFPA) and delegates of civil society groups met Tuesday in a conference organized by the Association.
“We have to find mechanisms so that remittances are used more efficiently towards social development, and in the fight against poverty,” said Carmen Julia Gómez, the Association’s director of research and the head of the Remittances and Co-development Project. [Read more]
Most money sent from abroad is used to purchase food.
Civil society organizations suggest that a plan be designed so that the money sent home by Dominicans abroad, known as remittances, will be used to foment development instead of simply going towards daily expenses.
The idea is “to deepen public reflection and debate to optimise the impact of remittances on the development of the national economy,” says a document by the Asociación Tú, Mujer, or “You, Woman” Association, in English, which is carrying out the Proyecto Remesas y Codesarrollo (Remittances and Co-development Project) under the sponsorship of international organizations.Legislators, ministers, the representative of the United Nations Population Fund (UNFPA) and delegates of civil society groups met Tuesday in a conference organized by the Association.
“We have to find mechanisms so that remittances are used more efficiently towards social development, and in the fight against poverty,” said Carmen Julia Gómez, the Association’s director of research and the head of the Remittances and Co-development Project. [Read more]
Remittances hit by political and economic uncertainty in U.S.
By Elisabeth Malkin
Published: October 25, 2007
http://www.iht.com/articles/2007/10/25/business/remit.php
EL RODEO, Mexico: Villages across Mexico are feeling the twin chills of a faltering economy in the United States and the crackdown there on illegal immigration.
For decades, the migrants who have left these villages have sent money home to their families. But now, some workers are returning to Mexico, unable to find work or fearful they will be caught. Those that remain in the United States are sending less money back.
This year, for the first time since Mexico began keeping records at the beginning of the decade, the money that migrants send back here - collectively known as remittances - has been virtually flat.
Published: October 25, 2007
http://www.iht.com/articles/2007/10/25/business/remit.php
EL RODEO, Mexico: Villages across Mexico are feeling the twin chills of a faltering economy in the United States and the crackdown there on illegal immigration.
For decades, the migrants who have left these villages have sent money home to their families. But now, some workers are returning to Mexico, unable to find work or fearful they will be caught. Those that remain in the United States are sending less money back.
This year, for the first time since Mexico began keeping records at the beginning of the decade, the money that migrants send back here - collectively known as remittances - has been virtually flat.
Mexicans Miss Money From Relatives Up North
EL RODEO, Mexico — For years, millions of Mexican migrants working in the United States have sent money back home to villages like this one, money that allows families to pay medical bills and school fees, build houses and buy clothes or, if they save enough, maybe start a tiny business.But after years of strong increases, the amount of migrant money flowing to Mexico has stagnated.
From 2000 to 2006, remittances grew to nearly $24 billion a year from $6.6 billion, rising more than 20 percent some years. In 2007, the increase so far has been less than 2 percent.
Migrants and migration experts say a flagging American economy and an enforcement campaign against illegal workers in the United States have persuaded some migrants not to try to cross the border illegally to look for work. Others have decided to return to Mexico. And many of those who are staying in the United States are sending less money home. [Read more]
From 2000 to 2006, remittances grew to nearly $24 billion a year from $6.6 billion, rising more than 20 percent some years. In 2007, the increase so far has been less than 2 percent.
Migrants and migration experts say a flagging American economy and an enforcement campaign against illegal workers in the United States have persuaded some migrants not to try to cross the border illegally to look for work. Others have decided to return to Mexico. And many of those who are staying in the United States are sending less money home. [Read more]
Tuesday, 23 October 2007
IFAD Forum on Remittances 2007: News Articles
The International Fund for Agricultural Development (IFAD) and the Multilateral Investment Fund (MIF) of the Inter-American Development Bank (IDB) are pleased to host the 2007 International Forum on Remittances at the IDB Conference Center in Washington DC, on 18-19 October 2007.
Remittances are part of the centuries-old pattern of migration from rural to urban areas. Nowadays, remittances represent the human face of globalization, in which millions of people migrate in search of a better life and in order to provide for their loved ones back home. One person out of every ten in the world is personally affected by the hundreds of billions of US dollars in remittances that are sent every year by migrants to families back home. These flows of human and financial capital have profound implications for the economies and societies of the sending and the receiving countries. [Read more]
Remittances are part of the centuries-old pattern of migration from rural to urban areas. Nowadays, remittances represent the human face of globalization, in which millions of people migrate in search of a better life and in order to provide for their loved ones back home. One person out of every ten in the world is personally affected by the hundreds of billions of US dollars in remittances that are sent every year by migrants to families back home. These flows of human and financial capital have profound implications for the economies and societies of the sending and the receiving countries. [Read more]
Sending money home: Worldwide remittance flows to developing countries
150 million migrants worldwide sent more than US$300 billion to thier families in developing countries during 2006
Remittances, the portion of migrant workers’ earnings sent back home to their families, have been a critical means of financial support for generations. But, for the most part, these flows have historically been “hidden in plain view”, often uncounted and even ignored. All that is now changing – as the scale of migration increases, the corresponding growth in remittances is gaining widespread attention.
Today, the impact of remittances is recognized in all developing regions of the world, constituting an important flow of foreign currency to most countries and directly reaching millions of households, totaling approximately 10 per cent of the world’s population. The importance of remittances to poverty alleviation is obvious, but the potential multiplier effect on economic growth and investment is also significant.
[Read more]
Remittances, the portion of migrant workers’ earnings sent back home to their families, have been a critical means of financial support for generations. But, for the most part, these flows have historically been “hidden in plain view”, often uncounted and even ignored. All that is now changing – as the scale of migration increases, the corresponding growth in remittances is gaining widespread attention.
Today, the impact of remittances is recognized in all developing regions of the world, constituting an important flow of foreign currency to most countries and directly reaching millions of households, totaling approximately 10 per cent of the world’s population. The importance of remittances to poverty alleviation is obvious, but the potential multiplier effect on economic growth and investment is also significant.
[Read more]
World's Largest Poverty Alleviation Program Comes From Migrant Workers
aul Icamina - AHN News Writer
New York, NY (AHN) - The more than $300 billion that some150 million migrants sent to their families in poor countries in 2006 is now the world's largest poverty alleviation program, a new United Nations study says.
More than 1.5 billion separate financial transactions sent home were typically $100, $200 or $300 at a time.
But it surpassed the $104 billion provided by donor nations in foreign aid to developing countries last year, the United Nations International Fund for Agricultural Development (IFAD) said on its website. [Read more]
New York, NY (AHN) - The more than $300 billion that some150 million migrants sent to their families in poor countries in 2006 is now the world's largest poverty alleviation program, a new United Nations study says.
More than 1.5 billion separate financial transactions sent home were typically $100, $200 or $300 at a time.
But it surpassed the $104 billion provided by donor nations in foreign aid to developing countries last year, the United Nations International Fund for Agricultural Development (IFAD) said on its website. [Read more]
Remittances from Spain hit one-month record of $1 bn
Madrid, Oct 21 (EFE).- Remittances from emigrants in Spain surged 25.38 percent between January and July, compared to the same period in 2006, and hit a record $1 billion in July, the Bank of Spain said.
During the first seven months of this year, emigrants sent $6.48 billion home, including $1.03 billion in July alone. [Read more]
During the first seven months of this year, emigrants sent $6.48 billion home, including $1.03 billion in July alone. [Read more]
Afghanistan receives $3.3b remittances from expats
ajhwok;21/10/2007;By Lalit K. Jha;NEW YORK - Afghanistan has received over $3.3 billion from its expatriate community in 2006, says a fresh UN report released here.Emerging from the shadow of the nearly three-decades of civil war, this is for the first time that any study has come out with a figure of remittances being received by the country.
Though, Afghanistan has a long way to go as far as ranking among nations for receiving remittances are concerned, the country received more than Nepal among the South Asian countries and closely touched that of Sri Lanka.
The report released by the UN International Fund for Agricultural Development said Nepal received $1.1 billion and Sri Lanka $3.4 billion. India with $24.5 billion ranks tops among all the nations, while neighboring Pakistan received $6.2 billion last year. [Read more]
Though, Afghanistan has a long way to go as far as ranking among nations for receiving remittances are concerned, the country received more than Nepal among the South Asian countries and closely touched that of Sri Lanka.
The report released by the UN International Fund for Agricultural Development said Nepal received $1.1 billion and Sri Lanka $3.4 billion. India with $24.5 billion ranks tops among all the nations, while neighboring Pakistan received $6.2 billion last year. [Read more]
USA : Together, migrants sent home over $300 bn in 2006
October 19, 2007
A new United Nations study reveals that migrants working in industrialized countries sent home more than $300 billion to their families in 2006 – surpassing the $104 billion provided by donor nations in foreign aid to developing countries.
“This figure, which is a conservative estimate, shows that the seemingly small sums sent home by migrant workers when added together dwarf official development assistance,” said Kevin Cleaver, Assistant President of the UN International Fund for Agricultural Development, which co-authored the study with the Inter-American Development Bank (IDB).
According to Sending money home: Worldwide remittances to developing countries, Asia received the largest share of the remittances – more than $114 billion – followed by Latin America and the Caribbean with $68 billion, Eastern Europe with $51 billion, Africa with $39 billion and the Near East with $29 billion. [Read more]
A new United Nations study reveals that migrants working in industrialized countries sent home more than $300 billion to their families in 2006 – surpassing the $104 billion provided by donor nations in foreign aid to developing countries.
“This figure, which is a conservative estimate, shows that the seemingly small sums sent home by migrant workers when added together dwarf official development assistance,” said Kevin Cleaver, Assistant President of the UN International Fund for Agricultural Development, which co-authored the study with the Inter-American Development Bank (IDB).
According to Sending money home: Worldwide remittances to developing countries, Asia received the largest share of the remittances – more than $114 billion – followed by Latin America and the Caribbean with $68 billion, Eastern Europe with $51 billion, Africa with $39 billion and the Near East with $29 billion. [Read more]
Pakistan: Remittances keep on rising, up $267.66m
KARACHI: Remittances sent home by overseas Pakistanis continued their rising trend as the country received $1.501 billion in the first quarter (July-September 2007) of the current fiscal year 2007-08, showing an increase of $267.66 million or 21.70 percent over the same period of last fiscal year.
According to latest figures released by the State Bank of Pakistan (SBP) on Monday, the amount of $1.501 billion includes $0.63 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).
The monthly average of remittances for the period July-September, 2007 comes out to $500.42 million as compared to $411.20 million during the same period of the last fiscal year. [Read more]
According to latest figures released by the State Bank of Pakistan (SBP) on Monday, the amount of $1.501 billion includes $0.63 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).
The monthly average of remittances for the period July-September, 2007 comes out to $500.42 million as compared to $411.20 million during the same period of the last fiscal year. [Read more]
RP is 4th largest recipient of remittances in Asia
The Philippines ranked as fourth top recipient of overseas remittances in Asia, receiving $14.65 billion in 2006, a United Nations report showed.The report, released in time for the Oct 19 opening of the International Forum on Remittances in Washington DC, said the $14.65 billion remittances sent to the Philippines was based on "a conservative estimate.
"The amount includes the $12.8 billion remittances coursed through the banks, as reported by the Bangko Sentral ng Pilipinas, plus OFW earnings sent through informal channels such as door-to-door delivery. [Read more]
"The amount includes the $12.8 billion remittances coursed through the banks, as reported by the Bangko Sentral ng Pilipinas, plus OFW earnings sent through informal channels such as door-to-door delivery. [Read more]
Asia Gets Lion Share Of Remittance Jackpot
Paul Icamina - AHN News Writer
New York, NY (AHN) -
Remittances from migrant workers to their families in rural areas is among the highest in Asia, which receives the world's largest share with $114 billion annually, a new United Nations study says.
"The impact of remittances among Asian developing countries is greater than in other parts of the world: in Asian countries that are 65 per cent or more rural, the ratio of remittances per capita to per capita GDP is 23 percent and the highest in the world," says the UN International Fund for Agricultural Development (IFAD).
IFAD co-authored the study with the Inter-American Development Bank (IDB). The study was released ahead of the International Forum on Remittances 2007 co-hosted by IFAD and IDB that starts on Saturday in Washington. [Read more]
New York, NY (AHN) -
Remittances from migrant workers to their families in rural areas is among the highest in Asia, which receives the world's largest share with $114 billion annually, a new United Nations study says.
"The impact of remittances among Asian developing countries is greater than in other parts of the world: in Asian countries that are 65 per cent or more rural, the ratio of remittances per capita to per capita GDP is 23 percent and the highest in the world," says the UN International Fund for Agricultural Development (IFAD).
IFAD co-authored the study with the Inter-American Development Bank (IDB). The study was released ahead of the International Forum on Remittances 2007 co-hosted by IFAD and IDB that starts on Saturday in Washington. [Read more]
OFW’s on global remittance map
Tuesday, October 23, 2007
BIZZ FIZZ By Rene Martel
NOT wasting any time on the back of the comforting economic news that the Philippines has emerged as the world’s fourth-biggest receiver of money sent home by migrant workers who are now officially classified by the government as modern day heroes, Sen. Loren Legarda is asking that Malacañang look into the possibility of initiating legislature to bring down the excessive remittance charges made by rapacious banks that are the conduit of these mostly dollar-denominated billions.
The report—by the United Nations’ International Fund for Agricultural Development (IFAD) and released at last week’s International Forum on Remittances in Washington D.C.—noted that that based on “a conservative estimate,” migrant workers remitted to the Philippines a total of $14.6 billion in 2006 alone. [Read more]
BIZZ FIZZ By Rene Martel
NOT wasting any time on the back of the comforting economic news that the Philippines has emerged as the world’s fourth-biggest receiver of money sent home by migrant workers who are now officially classified by the government as modern day heroes, Sen. Loren Legarda is asking that Malacañang look into the possibility of initiating legislature to bring down the excessive remittance charges made by rapacious banks that are the conduit of these mostly dollar-denominated billions.
The report—by the United Nations’ International Fund for Agricultural Development (IFAD) and released at last week’s International Forum on Remittances in Washington D.C.—noted that that based on “a conservative estimate,” migrant workers remitted to the Philippines a total of $14.6 billion in 2006 alone. [Read more]
Money flowing to immigrants' countries slows
By Perla TrevizoStaff Writer
Some local money-transfer businesses are reporting a slowdown in the amount of dollars sent by immigrants back to their home countries, mirroring a nationwide trend.
"They come as often as usual, but they send less money," Mario Espinoza, owner of Carniceria La Michoacana, a Mexican store in Dalton, Ga., said in Spanish. "If there's no work, how are they going to keep sending money?"
Mr. Espinoza, whose clients are mostly Mexicans and Guatemalans, said he believes people are sending less money home because they are having a more difficult time finding jobs due to tougher immigration laws.
[Read more]
Some local money-transfer businesses are reporting a slowdown in the amount of dollars sent by immigrants back to their home countries, mirroring a nationwide trend.
"They come as often as usual, but they send less money," Mario Espinoza, owner of Carniceria La Michoacana, a Mexican store in Dalton, Ga., said in Spanish. "If there's no work, how are they going to keep sending money?"
Mr. Espinoza, whose clients are mostly Mexicans and Guatemalans, said he believes people are sending less money home because they are having a more difficult time finding jobs due to tougher immigration laws.
[Read more]
Saturday, 13 October 2007
Event: First global map of remittances: how much money are migrants sending home
News conference on Oct. 17 to present data on money sent by migrant workers to developing countries
WHAT: News conference on global remittances flows
WHERE: National Press Club, Washington, DC
WHEN: Wednesday, October 17, 12:30 PM
WHO: Kevin Cleaver, IFAD, and Donald Terry, IDB
The International Fund for Agricultural Development (IFAD) and the Inter-American Development Bank (IDB) will hold a news conference on Wednesday, October 17 in Washington, DC to present the first-ever global map of migrant remittance flows.
The map is based on a new study, Sending Money Home: Worldwide Remittances to Developing Countries, conducted by the Rome-based IFAD and the Washington-based IDB. The study shows that the total amount of money sent by migrant workers in rich countries such as the United States to their homelands is much higher than previously estimated.
The news conference will be held at 12:30 PM at the National Press Club (529 14th Street, NW, 13th floor, Zenger Room). The map and the study will be presented by IFAD Assistant President Kevin Cleaver and Donald F. Terry, general manager of the IDB’s Multilateral Investment Fund.
IFAD, a specialized United Nations agency, is an international financial institution dedicated to eradicating poverty and hunger in rural areas of developing countries.
The IDB’s Multilateral Investment Fund, which promotes microfinance and small business development in Latin America and the Caribbean, has been studying remittance flows since 2000.
Source:
WHAT: News conference on global remittances flows
WHERE: National Press Club, Washington, DC
WHEN: Wednesday, October 17, 12:30 PM
WHO: Kevin Cleaver, IFAD, and Donald Terry, IDB
The International Fund for Agricultural Development (IFAD) and the Inter-American Development Bank (IDB) will hold a news conference on Wednesday, October 17 in Washington, DC to present the first-ever global map of migrant remittance flows.
The map is based on a new study, Sending Money Home: Worldwide Remittances to Developing Countries, conducted by the Rome-based IFAD and the Washington-based IDB. The study shows that the total amount of money sent by migrant workers in rich countries such as the United States to their homelands is much higher than previously estimated.
The news conference will be held at 12:30 PM at the National Press Club (529 14th Street, NW, 13th floor, Zenger Room). The map and the study will be presented by IFAD Assistant President Kevin Cleaver and Donald F. Terry, general manager of the IDB’s Multilateral Investment Fund.
IFAD, a specialized United Nations agency, is an international financial institution dedicated to eradicating poverty and hunger in rural areas of developing countries.
The IDB’s Multilateral Investment Fund, which promotes microfinance and small business development in Latin America and the Caribbean, has been studying remittance flows since 2000.
Source:
Remittances raise OFW families' economic status
Thanks to remittances from Filipinos working abroad, some 265,000 Filipino families have now joined the middle class, the latest study by the media research firm Nielsen Media Research Philippines showed.
Jay Bautista, executive director of Nielsen Media Research - Philippines, said some 25 percent of the official 1,063 OFWs deployed in 2006 have now been lifted from poverty.The number of OFWs came from the Philippine Overseas Employment Agency. However, estimates have placed overseas Filipino population at around 12 million, including the undocumented workers.“In effect, they are the real heroes.
We have lesser number of poor Filipinos because of them," Bautista said.The study had a sample size of 300 OFW families located in key cities in the country. [Read more]
Jay Bautista, executive director of Nielsen Media Research - Philippines, said some 25 percent of the official 1,063 OFWs deployed in 2006 have now been lifted from poverty.The number of OFWs came from the Philippine Overseas Employment Agency. However, estimates have placed overseas Filipino population at around 12 million, including the undocumented workers.“In effect, they are the real heroes.
We have lesser number of poor Filipinos because of them," Bautista said.The study had a sample size of 300 OFW families located in key cities in the country. [Read more]
Friday, 5 October 2007
Bangladesh: Remittance grows 24pc in 3 monthsStar Business Report
Star Business Report
Remittance inflow into the country recorded a 24 percent growth in the first three months of the current fiscal year.The non-resident Bangladeshis (NRBs) sent US$ 1645.55 million during July-September period of 2007-08 compared to $ 1330.02 million during the same period of the previous fiscal year.
Banking sources said Bangladesh received a handsome amount of remittance during the period because of the upcoming Eid-ul-Fitr festival. During Eid festivals, expatriate Bangladeshis usually send more money to the country.The country received $ 542.28 million remittance in September, $ 483.66 million in August and $ 567.11 million in June of the current fiscal year. [Read more]
Remittance inflow into the country recorded a 24 percent growth in the first three months of the current fiscal year.The non-resident Bangladeshis (NRBs) sent US$ 1645.55 million during July-September period of 2007-08 compared to $ 1330.02 million during the same period of the previous fiscal year.
Banking sources said Bangladesh received a handsome amount of remittance during the period because of the upcoming Eid-ul-Fitr festival. During Eid festivals, expatriate Bangladeshis usually send more money to the country.The country received $ 542.28 million remittance in September, $ 483.66 million in August and $ 567.11 million in June of the current fiscal year. [Read more]
International Forum on Remittances 2007
Start:October 18, 2007 - 00:00
Web address: www.ifad.org/remittances - www.iadb.org/mif
International Forum on Remittances 2007Washington DC, 18-19 October 2007
Remittances represent one of the human faces of globalization, with millions migrating each year in search of a better life and the ability to provide for their loved ones back home. These flows of human and financial capital have profound implications for the economies and societies of the sending and the receiving countries. In fact, one person out of every ten in the world is personally affected by the approximately US$350 billion in remittances that are sent every year by migrants to families back home.
The International Fund for Agricultural Development (IFAD) and the Multilateral Investment Fund (MIF) of the Inter-American Development Bank (IDB) are pleased to host the 2007 International Forum on Remittances at the IDB Conference Center in Washington DC, on 18-19 October 2007.
The Forum will bring together key players to raise awareness of the challenges and opportunities of remittances and to shed light on the rural dimension of these flows, estimated at 40 per cent of total flows. The main sessions will focus on financial inclusion, migrant investments with a gender dimension, technology and innovation, and remittances and development.
Web address: www.ifad.org/remittances - www.iadb.org/mif
International Forum on Remittances 2007Washington DC, 18-19 October 2007
Remittances represent one of the human faces of globalization, with millions migrating each year in search of a better life and the ability to provide for their loved ones back home. These flows of human and financial capital have profound implications for the economies and societies of the sending and the receiving countries. In fact, one person out of every ten in the world is personally affected by the approximately US$350 billion in remittances that are sent every year by migrants to families back home.
The International Fund for Agricultural Development (IFAD) and the Multilateral Investment Fund (MIF) of the Inter-American Development Bank (IDB) are pleased to host the 2007 International Forum on Remittances at the IDB Conference Center in Washington DC, on 18-19 October 2007.
The Forum will bring together key players to raise awareness of the challenges and opportunities of remittances and to shed light on the rural dimension of these flows, estimated at 40 per cent of total flows. The main sessions will focus on financial inclusion, migrant investments with a gender dimension, technology and innovation, and remittances and development.
Western Union Opens Biggest Remittance Outlet
October 3, 2007 10:07 p.m. EST
ittorio Hernandez - AHN News Writer
Singapore (AHN) - The world's largest money transfer company opened Wednesday its biggest remittance outlet in Singapore, amid Asia's emergence as a growth engine for the U.S. firm.
Western Union chief executive officer Christina Gold, on an Asian tour, opened the Singapore center expected to handle S1.48 billion USD in remittances to various parts of the world.
The outlet is located at the Luck Plaza mall, one of Western Union's 99,000 Asian units. Western Union's operations in the region comprise a third of its 312,000 centers around the world.
In the past, the bulk of the company's remittance business was from Asian workers in the west, but there is an ongoing shift toward intra-Asia transfer. [Read more]
ittorio Hernandez - AHN News Writer
Singapore (AHN) - The world's largest money transfer company opened Wednesday its biggest remittance outlet in Singapore, amid Asia's emergence as a growth engine for the U.S. firm.
Western Union chief executive officer Christina Gold, on an Asian tour, opened the Singapore center expected to handle S1.48 billion USD in remittances to various parts of the world.
The outlet is located at the Luck Plaza mall, one of Western Union's 99,000 Asian units. Western Union's operations in the region comprise a third of its 312,000 centers around the world.
In the past, the bulk of the company's remittance business was from Asian workers in the west, but there is an ongoing shift toward intra-Asia transfer. [Read more]
Thursday, 4 October 2007
Microcredit movement tackling poverty one tiny loan at a time
Patricia Yollin, Chronicle Staff Writer
Sunday, September 30, 2007
A Peruvian widow borrowed $64 and bought a few pigs. For $55, a villager in Ghana went into the mineral-water trade. A mother of nine in Guatemala upgraded her grocery store with $250.
These women from three continents have something in common: They are beneficiaries of microcredit - very small loans to very poor people for very small businesses. The benefactors, in many cases, are ordinary individuals inspired by a movement that is reshaping philanthropy and making it as accessible as the click of a mouse or a visit to a house party.
More and more of us are becoming convinced that lending even tiny amounts of money to destitute people in the developing world can transform lives - theirs and ours [Read more]
Sunday, September 30, 2007
A Peruvian widow borrowed $64 and bought a few pigs. For $55, a villager in Ghana went into the mineral-water trade. A mother of nine in Guatemala upgraded her grocery store with $250.
These women from three continents have something in common: They are beneficiaries of microcredit - very small loans to very poor people for very small businesses. The benefactors, in many cases, are ordinary individuals inspired by a movement that is reshaping philanthropy and making it as accessible as the click of a mouse or a visit to a house party.
More and more of us are becoming convinced that lending even tiny amounts of money to destitute people in the developing world can transform lives - theirs and ours [Read more]
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