Business & Economy News Bureau
Just like the negative thinking behind population boom, which was once considered a doom for India and its growth, faced a face down with the rise of BPO industry. So is the fact that skilled labourers are going abroad and settling there. It not only helps in earning foreign exchange (preliminary figures in the RBI annual report for the year ended June 2006 show that non resident Indian deposits were the third largest contributor to the total capital flows in 2005-06), it also helped in making India the country which receives the largest remittance in the world. According to World Bank numbers, India gets over 10 percent of the USD230 billion global remittance market.[Read more]
Monday, 27 August 2007
Sunday, 26 August 2007
Jamaica National (JN) remittance fees waived…all JN Money transfers to Jamaica at no cost
All JN Money transfers to Jamaica at no cost
KINGSTON, Jamaica - All fees charged for sending remittances to Jamaica via JN Money Transfer have been waived for the next four days. This waiver is in effect for all remittances sent from the United States, Canada, the United Kingdom, St. Vincent and Cayman, and expires on Saturday, August 25, 2007.
The announcement was made Monday, August 20 by Emile Spence, General Manager of JN Money Services (JNMS), a subsidiary of the Jamaica National Building Society (JNBS).“We recognize that persons may wish to provide financial help for their family and loved ones in Jamaica to get back on track, and we decided to assist them in doing so by waiving the transfer fees,” he stated. [Read more]
KINGSTON, Jamaica - All fees charged for sending remittances to Jamaica via JN Money Transfer have been waived for the next four days. This waiver is in effect for all remittances sent from the United States, Canada, the United Kingdom, St. Vincent and Cayman, and expires on Saturday, August 25, 2007.
The announcement was made Monday, August 20 by Emile Spence, General Manager of JN Money Services (JNMS), a subsidiary of the Jamaica National Building Society (JNBS).“We recognize that persons may wish to provide financial help for their family and loved ones in Jamaica to get back on track, and we decided to assist them in doing so by waiving the transfer fees,” he stated. [Read more]
Friday, 24 August 2007
Philippines: Housing loan applications now available at NAIA for OFWs
By Tarra QuismundoInquirerLast updated 08:49pm (Mla time) 08/24/2007
MANILA, Philippines -- For the benefit of migrant workers, Manila's airports are going POP.
The Pag-Ibig Overseas Program (POP), a project that seeks to extend the fund's housing loan program to migrant workers, may now be accessed through counters at the Ninoy Aquino International Airport (NAIA) Terminals 1 and 2.
The Manila International Airport Authority (MIAA) has partnered with Pag-Ibig Fund (Home Development Mutual Fund) to make POP services available to Overseas Filipino Workers right at the airport. [Read more]
MANILA, Philippines -- For the benefit of migrant workers, Manila's airports are going POP.
The Pag-Ibig Overseas Program (POP), a project that seeks to extend the fund's housing loan program to migrant workers, may now be accessed through counters at the Ninoy Aquino International Airport (NAIA) Terminals 1 and 2.
The Manila International Airport Authority (MIAA) has partnered with Pag-Ibig Fund (Home Development Mutual Fund) to make POP services available to Overseas Filipino Workers right at the airport. [Read more]
Philippines: Housing loan applications now available at NAIA for OFWs
By Tarra QuismundoInquirerLast updated 08:49pm (Mla time) 08/24/2007
MANILA, Philippines -- For the benefit of migrant workers, Manila's airports are going POP.
The Pag-Ibig Overseas Program (POP), a project that seeks to extend the fund's housing loan program to migrant workers, may now be accessed through counters at the Ninoy Aquino International Airport (NAIA) Terminals 1 and 2.
The Manila International Airport Authority (MIAA) has partnered with Pag-Ibig Fund (Home Development Mutual Fund) to make POP services available to Overseas Filipino Workers right at the airport. [Read more]
MANILA, Philippines -- For the benefit of migrant workers, Manila's airports are going POP.
The Pag-Ibig Overseas Program (POP), a project that seeks to extend the fund's housing loan program to migrant workers, may now be accessed through counters at the Ninoy Aquino International Airport (NAIA) Terminals 1 and 2.
The Manila International Airport Authority (MIAA) has partnered with Pag-Ibig Fund (Home Development Mutual Fund) to make POP services available to Overseas Filipino Workers right at the airport. [Read more]
Tuesday, 21 August 2007
Obama Supports Family Travel and Remittances to Cuba
August 21, 2007
Beth Reinhard -- The Miami Herald
MIAMI - Democratic presidential candidate Barack Obama is calling for "unrestricted rights" for Cuban Americans to visit and send money to family in Cuba, just days before his first pilgrimage to Little Havana as a presidential candidate.
President Bush clamped down on family travel and remittances to Cuba in an effort to squeeze dictator Fidel Castro. The policy has become a flash point in the Cuban-American community, which traditionally leans toward the GOP. [Read more]
Beth Reinhard -- The Miami Herald
MIAMI - Democratic presidential candidate Barack Obama is calling for "unrestricted rights" for Cuban Americans to visit and send money to family in Cuba, just days before his first pilgrimage to Little Havana as a presidential candidate.
President Bush clamped down on family travel and remittances to Cuba in an effort to squeeze dictator Fidel Castro. The policy has become a flash point in the Cuban-American community, which traditionally leans toward the GOP. [Read more]
Migrant Cash Is World Economic Giant
By WILLIAM J. KOLE (Associated Press Writer)
From Associated PressAugust 18, 2007 11:13 PM EDT
TIRANA, Albania - Josif Poro pats his new sofa, points with pride to his carpets and runs a wrinkled hand over a gleaming white refrigerator. He and his wife barely scrape by on their $220 monthly pension. They'd have to do without many of the items in their cramped apartment if their son, a factory worker in Greece, didn't faithfully send home part of his earnings.
"We call him our golden boy," said Poro, 83, a retired textile mill worker.
Around the world, millions of immigrants are sending billions of dollars back home.
One sweaty wad of bills or $200 Western Union moneygram at a time, they form what could be called Immigration, Inc. - one of the biggest businesses on the planet. [Read more]
From Associated PressAugust 18, 2007 11:13 PM EDT
TIRANA, Albania - Josif Poro pats his new sofa, points with pride to his carpets and runs a wrinkled hand over a gleaming white refrigerator. He and his wife barely scrape by on their $220 monthly pension. They'd have to do without many of the items in their cramped apartment if their son, a factory worker in Greece, didn't faithfully send home part of his earnings.
"We call him our golden boy," said Poro, 83, a retired textile mill worker.
Around the world, millions of immigrants are sending billions of dollars back home.
One sweaty wad of bills or $200 Western Union moneygram at a time, they form what could be called Immigration, Inc. - one of the biggest businesses on the planet. [Read more]
Remittances, Free Trade and Cross-Border Banking Examined in Dallas Fed Report
DALLAS, Aug 20, 2007 /PRNewswire via COMTEX/ -- Remittances to Mexico, free trade and cross-border banking are the focus of the Federal Reserve Bank of Dallas' latest issue of Southwest Economy.
Find the July/August issue online at http://www.dallasfed.org/.
Lower money-transfer costs and better measurement techniques likely explain the post-2000 growth in remittances from the United States to Mexico, according to Dallas Fed assistant economists Jesus Canas and Roberto Coronado and senior economist and policy adviser Pia Orrenius.
In "Explaining the Increase in Remittances to Mexico," the authors assert that the growth in the Mexican migrant population and their income alone can't account for the increase in remittances. [Read more]
Find the July/August issue online at http://www.dallasfed.org/.
Lower money-transfer costs and better measurement techniques likely explain the post-2000 growth in remittances from the United States to Mexico, according to Dallas Fed assistant economists Jesus Canas and Roberto Coronado and senior economist and policy adviser Pia Orrenius.
In "Explaining the Increase in Remittances to Mexico," the authors assert that the growth in the Mexican migrant population and their income alone can't account for the increase in remittances. [Read more]
U.S. remittances to Mexico on the rise
U.S. remittances to Mexico grew rapidly in a five-year period from 2000 to 2005 because the Mexican migrant population is embracing traditional banking channels, according to a new report by the Dallas Federal Reserve.
"Real remittances grew 170 percent from 2000 to 2005, but in the U.S., the Mexican-born population grew only 20 percent," the Fed said in its latest issue of Southwest Economy.
The issue focuses on remittances to Mexico, free trade and cross-border banking.
Lower money-transfer costs and better measurement techniques likely explain the post-2000 growth in remittances, according to Dallas Fed assistant economists Jesus Canas and Roberto Coronado and senior economist and policy adviser Pia Orrenius. [Read more]
"Real remittances grew 170 percent from 2000 to 2005, but in the U.S., the Mexican-born population grew only 20 percent," the Fed said in its latest issue of Southwest Economy.
The issue focuses on remittances to Mexico, free trade and cross-border banking.
Lower money-transfer costs and better measurement techniques likely explain the post-2000 growth in remittances, according to Dallas Fed assistant economists Jesus Canas and Roberto Coronado and senior economist and policy adviser Pia Orrenius. [Read more]
The price of remittances
RODEL RODIS, Philippine News08/15/2007 04:43 PM
Perhaps the major accomplishment of the current Philippine government is the impressive improvement of the economy which has seen the peso increase in value from 54 to 1 under the previous government to the current 45 pesos to 1 dollar, requiring the government to expend less of its resources to pay off its foreign debt, and leaving more money for infrastructure improvements.By all accounts, this improvement in the economy is owed chiefly to the $15-B in remittances that overseas Filipino workers (OFW) annually send back to the Philippines.
But what is the price that OFWs have to pay for these Philippine economy-saving remittances? Two reports about the Philippines, which appeared this past week in the mainstream media, provide us with the answer.
[Read more]
Perhaps the major accomplishment of the current Philippine government is the impressive improvement of the economy which has seen the peso increase in value from 54 to 1 under the previous government to the current 45 pesos to 1 dollar, requiring the government to expend less of its resources to pay off its foreign debt, and leaving more money for infrastructure improvements.By all accounts, this improvement in the economy is owed chiefly to the $15-B in remittances that overseas Filipino workers (OFW) annually send back to the Philippines.
But what is the price that OFWs have to pay for these Philippine economy-saving remittances? Two reports about the Philippines, which appeared this past week in the mainstream media, provide us with the answer.
[Read more]
Dallas Fed Explores Remittances to Mexico, Cross-Border Banking
Remittances to Mexico, free trade and cross-border banking are the focus of the Federal Reserve Bank of Dallas'latest issue of Southwest Economy (PDF). According to the Fed, "over the last decade or so, inflation-adjusted remittances [to Mexico] have grown at an average annual rate of 15.6 percent. Since 2000, the rate has risen to 20.4 percent."
Lower money-transfer costs and better measurement techniques likely explain the post-2000 growth in remittances from the United States to Mexico, according to Dallas Fed assistant economists Jesus Canas and Roberto Coronado and senior economist and policy adviser Pia Orrenius.
In "Explaining the Increase in Remittances to Mexico," the authors assert that the growth in the Mexican migrant population and their income alone can't account for the increase in remittances. [Read more]
Lower money-transfer costs and better measurement techniques likely explain the post-2000 growth in remittances from the United States to Mexico, according to Dallas Fed assistant economists Jesus Canas and Roberto Coronado and senior economist and policy adviser Pia Orrenius.
In "Explaining the Increase in Remittances to Mexico," the authors assert that the growth in the Mexican migrant population and their income alone can't account for the increase in remittances. [Read more]
Dhaka to sign deal with Doha to safeguard workers’ rights
Raheed Ejaz
Dhaka is set to sign an additional deal with Doha for protecting the rights of the Bangladeshis working in the gulf country. The government has taken the initiative as the existing deal does not fully ensure the rights of Bangladeshi workers in Qatar and the other South Asian countries, including India and Pakistan, have already signed such agreements, officials in the ministry of foreign affairs and expatriate and overseas employment said.
‘Also, our recent negative experience in some of the Middle Eastern countries, especially Kuwait’s decision to deport illegal workers, has made it necessary to sign such deal,’ said an official of the expatriate welfare and overseas ministry. ‘We have finalised the draft of the agreement and hope to sign it very shortly,’ Md Abdul Matin Chowdhury, acting secretary of the expatriate welfare and overseas employment ministry told New Age on Thursday. He said that the draft of the deal, styled ‘Additional Protocol to the Agreement between Qatar and Bangladesh on the Regulation of the Employment of Bangladesh Citizens’, was finalised in an inter-ministerial meeting headed by him on Monday.
The secretary said that the draft was sent to the law ministry for vetting and afterwards it would be placed before the cabinet for approval. Two clauses were incorporated in the protocol. One states that before any deportation, Bangladeshi workers should be compensated following the labour laws of the Gulf state that safeguards all basic rights of workers. ‘To avoid such deportation, initiative should be taken so that the workers could be provided with job there,’ the other clause said. The initial agreementl was signed between the two countries in 1998. An official of the ministry said that the Qatar authorities recently told Bangladesh to revise it like India and Pakistan if it required doing so. ‘Later, Qater sent the copies of the deals it signed with India and Pakistan to us. After going through those deals, we have decided to follow the Pakistani deal as there are similarities between our situations,’ the official added.
At present some 80,000 Bangladeshis are working in Qatar and the country fetched $ 233.17 million as remittance in 2006-07 fiscal from the Gulf state. Earlier this year the Kuwaiti authorities decided to deport illegal migrants staying in the Gulf country by September. According to official estimate, some 30,000 undocumented Bangladeshis are staying in the Gulf state.
Source
Dhaka is set to sign an additional deal with Doha for protecting the rights of the Bangladeshis working in the gulf country. The government has taken the initiative as the existing deal does not fully ensure the rights of Bangladeshi workers in Qatar and the other South Asian countries, including India and Pakistan, have already signed such agreements, officials in the ministry of foreign affairs and expatriate and overseas employment said.
‘Also, our recent negative experience in some of the Middle Eastern countries, especially Kuwait’s decision to deport illegal workers, has made it necessary to sign such deal,’ said an official of the expatriate welfare and overseas ministry. ‘We have finalised the draft of the agreement and hope to sign it very shortly,’ Md Abdul Matin Chowdhury, acting secretary of the expatriate welfare and overseas employment ministry told New Age on Thursday. He said that the draft of the deal, styled ‘Additional Protocol to the Agreement between Qatar and Bangladesh on the Regulation of the Employment of Bangladesh Citizens’, was finalised in an inter-ministerial meeting headed by him on Monday.
The secretary said that the draft was sent to the law ministry for vetting and afterwards it would be placed before the cabinet for approval. Two clauses were incorporated in the protocol. One states that before any deportation, Bangladeshi workers should be compensated following the labour laws of the Gulf state that safeguards all basic rights of workers. ‘To avoid such deportation, initiative should be taken so that the workers could be provided with job there,’ the other clause said. The initial agreementl was signed between the two countries in 1998. An official of the ministry said that the Qatar authorities recently told Bangladesh to revise it like India and Pakistan if it required doing so. ‘Later, Qater sent the copies of the deals it signed with India and Pakistan to us. After going through those deals, we have decided to follow the Pakistani deal as there are similarities between our situations,’ the official added.
At present some 80,000 Bangladeshis are working in Qatar and the country fetched $ 233.17 million as remittance in 2006-07 fiscal from the Gulf state. Earlier this year the Kuwaiti authorities decided to deport illegal migrants staying in the Gulf country by September. According to official estimate, some 30,000 undocumented Bangladeshis are staying in the Gulf state.
Source
Sunday, 19 August 2007
Banks charge too much for overseas money transfers
By Honesto General
Inquirer
Last updated 03:53am (Mla time) 08/15/2007
Modern-day banking started on the sidewalks of medieval Milan, Italy. Money was actually traded from benches, hence “banco,” or bank. At that time, bankers were considered only a head above murderers, robbers and thieves.
Today, bankers have become respectable. But there are pockets of sheer greed.
When I was in Los Angeles recently, I had to send $500 to my son in Makati City. Philippine National Bank has a subsidiary that handles money transfers. I was charged a fee of three percent, or $15. [Read more]
Inquirer
Last updated 03:53am (Mla time) 08/15/2007
Modern-day banking started on the sidewalks of medieval Milan, Italy. Money was actually traded from benches, hence “banco,” or bank. At that time, bankers were considered only a head above murderers, robbers and thieves.
Today, bankers have become respectable. But there are pockets of sheer greed.
When I was in Los Angeles recently, I had to send $500 to my son in Makati City. Philippine National Bank has a subsidiary that handles money transfers. I was charged a fee of three percent, or $15. [Read more]
RP expected to benefit from 'reverse migration'
y Doris DumlaoInquirer
Last updated 03:49pm (Mla time) 08/19/2007
THE CHIEF economist of Deutsche Bank has cited the Philippines' potential to benefit from the same phenomenon of reverse migration that bailed Ireland out of the poverty trap three decades ago.
In a briefing last week, visiting Deutsche Bank chief economist Norbert Walter said he was upbeat on the Philippines and its ability to catch up with Asia's fast-growing economies.
"In our analysis, the rating has improved for this very country. I've never seen such good economic and political weather in the Philippines," he said.
[Read more]
Last updated 03:49pm (Mla time) 08/19/2007
THE CHIEF economist of Deutsche Bank has cited the Philippines' potential to benefit from the same phenomenon of reverse migration that bailed Ireland out of the poverty trap three decades ago.
In a briefing last week, visiting Deutsche Bank chief economist Norbert Walter said he was upbeat on the Philippines and its ability to catch up with Asia's fast-growing economies.
"In our analysis, the rating has improved for this very country. I've never seen such good economic and political weather in the Philippines," he said.
[Read more]
Philippines: 17 death sentences on OFWs commuted
But 2 executions final and executory
By Veronica UyINQUIRER.netLast updated 06:39pm (Mla time) 08/17/2007
MANILA, Philippines -- Seventeen of 49 overseas Filipino workers (OFWs) facing the death penalty have been spared from the sentence.
But the sentence on two of the OFWs is final and executory.
But Foreign Affairs Undersecretary for Migrant Workers’ Affairs Esteban Conejos, whose office has been working on the cases of these OFWs since January last year, said the bad news is not so bad because the child of the two OFWs’ murder victim has still not reached the age of majority, by which time she may be able to forgive the convicts and spare their lives.
[Read more]
By Veronica UyINQUIRER.netLast updated 06:39pm (Mla time) 08/17/2007
MANILA, Philippines -- Seventeen of 49 overseas Filipino workers (OFWs) facing the death penalty have been spared from the sentence.
But the sentence on two of the OFWs is final and executory.
But Foreign Affairs Undersecretary for Migrant Workers’ Affairs Esteban Conejos, whose office has been working on the cases of these OFWs since January last year, said the bad news is not so bad because the child of the two OFWs’ murder victim has still not reached the age of majority, by which time she may be able to forgive the convicts and spare their lives.
[Read more]
Philippines: DOLE to teach OFWs how to invest
By Jerome Aning
InquirerLast updated 09:23pm (Mla time) 08/18/2007
MANILA, Philippines -- The Department of Labor and Employment said there was a need to teach returning overseas Filipino workers and families of OFWs still abroad how to spend or invest their dollar earnings.
Labor Secretary Arturo Brion said the National Reintegration Center for OFWs, a newly-created DOLE agency, would be going around the provinces to teach OFWs and their families how they can engage in livelihood and small- and medium-enterprises using their earnings. [Read more]
InquirerLast updated 09:23pm (Mla time) 08/18/2007
MANILA, Philippines -- The Department of Labor and Employment said there was a need to teach returning overseas Filipino workers and families of OFWs still abroad how to spend or invest their dollar earnings.
Labor Secretary Arturo Brion said the National Reintegration Center for OFWs, a newly-created DOLE agency, would be going around the provinces to teach OFWs and their families how they can engage in livelihood and small- and medium-enterprises using their earnings. [Read more]
Saturday, 18 August 2007
GCMT Conference 29–30 october 2007 Dorchester Hotel, London
IAMTN's 3rd Annual Global Consumer Money Transfers Conference is the leading industry conference addressing the new regulatory, business, structural and technological changes transforming the money transfers market.
This conference is a must for industry CEOs, COO's, CFO's and other professionals responsible for market regulation, legal and compliance, business development, IT solutions and also for technology providers and investment bankers. The conference provides a unique networking opportunity in the luxurious environment of the Dorchester Hotel, located in the heart of London's West End.
The conference will address the following issues:
- Major trends in money transfer markets
- Regional developments in money transfers
- Remittances formal vs informal
- New technologies
- Money transfers startups
- Successful business models
- Compliance for international money transfer companies
- Remittances as an investment opportunity
- Global Regulatory Issues
[Read more]
This conference is a must for industry CEOs, COO's, CFO's and other professionals responsible for market regulation, legal and compliance, business development, IT solutions and also for technology providers and investment bankers. The conference provides a unique networking opportunity in the luxurious environment of the Dorchester Hotel, located in the heart of London's West End.
The conference will address the following issues:
- Major trends in money transfer markets
- Regional developments in money transfers
- Remittances formal vs informal
- New technologies
- Money transfers startups
- Successful business models
- Compliance for international money transfer companies
- Remittances as an investment opportunity
- Global Regulatory Issues
[Read more]
EVENT: International Conference: Cooperation and Development
Through the Valencian University Board for International Relations and Cooperation (CUVRIC), and the Valencian Regional Government (Generalitat Valenciana), through its Ministry for Cooperation and Participation, the five Valencian state universities (Universitat de València, Universitat Jaume I de Castellón, Universitat Politècnica de València, Universitat d’Alacant, and Universitat Miguel Hernández de Elche), would like to announce that they are organising the II International Conference on Cooperation for Development: Migration and Co-development.
The Conference will be held in Alicante, from 15th to 17th November 2007, as part of the Region of Valencia’s annual Solidà ria awareness-raising programme.
Objectives
The main aim of this Conference is to reflect on the situation, factors, project methodology and results related to Migration and Co-development. Equally, it is hoped that conclusions will be reached which may, in the near future, make it possible for the different social agents involved in cooperation to establish specific lines of action, particularly those related to the public or non-profit-making sectors, which may contribute towards creating specific policies or projects.
The aims of the Conference are divided into two areas:
a) To carry out a scientific analysis in order to obtain conclusions to improve cooperation set up and financed by public and private funds.
b)To carry out a social awareness campaign on the (current and necessary) impact of international cooperation on the promotion of co-development.
[Read more]
The Conference will be held in Alicante, from 15th to 17th November 2007, as part of the Region of Valencia’s annual Solidà ria awareness-raising programme.
Objectives
The main aim of this Conference is to reflect on the situation, factors, project methodology and results related to Migration and Co-development. Equally, it is hoped that conclusions will be reached which may, in the near future, make it possible for the different social agents involved in cooperation to establish specific lines of action, particularly those related to the public or non-profit-making sectors, which may contribute towards creating specific policies or projects.
The aims of the Conference are divided into two areas:
a) To carry out a scientific analysis in order to obtain conclusions to improve cooperation set up and financed by public and private funds.
b)To carry out a social awareness campaign on the (current and necessary) impact of international cooperation on the promotion of co-development.
[Read more]
Philippines: Losing the workforce
The Philippine StarWhile the nation suffers from an acute lack of schoolteachers and deteriorating English proficiency, Thai students are learning English – from thousands of Filipino teachers.
A recent report said about 3,000 Filipinos are currently teaching in Thailand, receiving salaries ranging from the equivalent of P17,000 to P43,000 a month. That’s higher than the basic monthly pay of government doctors in this country - enough incentive for Filipinos to move to a neighboring country that was once at the same development stage as the Philippines, but which has since inched ahead. [Read more]
A recent report said about 3,000 Filipinos are currently teaching in Thailand, receiving salaries ranging from the equivalent of P17,000 to P43,000 a month. That’s higher than the basic monthly pay of government doctors in this country - enough incentive for Filipinos to move to a neighboring country that was once at the same development stage as the Philippines, but which has since inched ahead. [Read more]
Friday, 17 August 2007
GHANA: GCB launches MoneyGram
Business/Finance of Thursday, August 16, 2007
Ms. Nikki Spottiswoode, Regional Director Africa, MoneyGram, on Wednesday said the collaboration in establishing GCB Moneygram was an obvious choice since the bank has the largest branch network across Ghana and it would make it convenient for customers to have access to the service. She said MoneyGram had firmly established itself as one of the leading money transfer services in Ghana for the past six years and the demand for the service had encouraged them to expand their agent network to cover more locations in the country.
"We share similar values and a commitment to quality customer service and extremely competitive fees," she said.Ms. Spottiswoode stated that the MoneyGram service allowed customers to safely send money around the world in as little as ten minutes, subject to agent availability and hours of operations. (Read more]
Ms. Nikki Spottiswoode, Regional Director Africa, MoneyGram, on Wednesday said the collaboration in establishing GCB Moneygram was an obvious choice since the bank has the largest branch network across Ghana and it would make it convenient for customers to have access to the service. She said MoneyGram had firmly established itself as one of the leading money transfer services in Ghana for the past six years and the demand for the service had encouraged them to expand their agent network to cover more locations in the country.
"We share similar values and a commitment to quality customer service and extremely competitive fees," she said.Ms. Spottiswoode stated that the MoneyGram service allowed customers to safely send money around the world in as little as ten minutes, subject to agent availability and hours of operations. (Read more]
INDIA: New Investment & Remittance Schemes Launched for NRIs in Gulf
s per an agreement between Fidelity International and ICICI Bank, NRIs in the Gulf will have access to Fidelity’s complete range of offshore investment products and services through one of India’s leading banks.
US based Fidelity is an established name in international investment managing assets worth USD 280.7 billion. Fidelity offers investment products to individuals and institutional investors in major markets of the world, and has been functioning in the Middle East for the last 5 years. FIL has a team of 800 professionals covering 95% of the world’s stock markets and have an array of products to suit every requirement. [Read more]
US based Fidelity is an established name in international investment managing assets worth USD 280.7 billion. Fidelity offers investment products to individuals and institutional investors in major markets of the world, and has been functioning in the Middle East for the last 5 years. FIL has a team of 800 professionals covering 95% of the world’s stock markets and have an array of products to suit every requirement. [Read more]
Thursday, 16 August 2007
EVENT: AFRICAN DIASPORA IN EUROPE REGIONAL CONSULTATIVE CONFERENCE
DATE: September 11-12, 2007
More information:
The Africa Union Summit of January 2006 held in Khartoum, Sudan, endorsed South Africa as the host of the African Diaspora Summit to be held during the first quarter of 2008. This includes the preceding Ministerial Conference, Senior Officials Meeting, a National Consultative Conference and an AU Consultative Conference. Pursuant to this decision, Paris, United Kingdom, Latin America, North America and the Caribbean have been designated as the nodal points that would host Regional Consultative Conferences in preparation for the aforesaid Summit. Following extensive discussions, it was decided that the Africa – African Diaspora in Europe Consultative Conference will be held in Paris on 11 – 12 September 2007.
A meeting of the Swedish Africa Diaspora, under the auspices of the South African embassy in Stockholm, was held in Stockholm on Friday, August 3. This site is being sponsored by the coordinating committee of the Swedish African Diaspora. [Read more]
AFRICAN DIASPORA IN EUROPE REGIONAL CONSULTATIVE CONFERENCE
IDENTIFICATION OF COMMISSIONS AND THEMES FOR THE AFRICA UNION - AFRICAN DIASPORA IN EUROPE REGIONAL CONSULTATIVE CONFERENCE
1. The Themes and Commissions for the RCC were discussed at the Preparatory Workshop of 25 June 2007. At the workshop the participants made suggestions for changes and amendments to these Themes and Commissions, and also elaborated on some of the important aspects related to the Commissions. The Secretariat had subsequently reviewed the outcomes of the discussions as well as other inputs received and has compiled the following revised document for the RCC.
2. It is requested that the Steering Committee of 4 July 2007 review the final draft with a view to its adoption such that background information, speakers, and marketing materials and other such details may be accomplished in good time in preparation for the RCC, confirmed to take place on 11 and 12 September 2007.
3. All the main elements of the draft submitted to the Workshop have been retained and are included in either one of the two Conference Plenary sessions or in one of the six Commissions. [Read more]
More information:
The Africa Union Summit of January 2006 held in Khartoum, Sudan, endorsed South Africa as the host of the African Diaspora Summit to be held during the first quarter of 2008. This includes the preceding Ministerial Conference, Senior Officials Meeting, a National Consultative Conference and an AU Consultative Conference. Pursuant to this decision, Paris, United Kingdom, Latin America, North America and the Caribbean have been designated as the nodal points that would host Regional Consultative Conferences in preparation for the aforesaid Summit. Following extensive discussions, it was decided that the Africa – African Diaspora in Europe Consultative Conference will be held in Paris on 11 – 12 September 2007.
A meeting of the Swedish Africa Diaspora, under the auspices of the South African embassy in Stockholm, was held in Stockholm on Friday, August 3. This site is being sponsored by the coordinating committee of the Swedish African Diaspora. [Read more]
AFRICAN DIASPORA IN EUROPE REGIONAL CONSULTATIVE CONFERENCE
IDENTIFICATION OF COMMISSIONS AND THEMES FOR THE AFRICA UNION - AFRICAN DIASPORA IN EUROPE REGIONAL CONSULTATIVE CONFERENCE
1. The Themes and Commissions for the RCC were discussed at the Preparatory Workshop of 25 June 2007. At the workshop the participants made suggestions for changes and amendments to these Themes and Commissions, and also elaborated on some of the important aspects related to the Commissions. The Secretariat had subsequently reviewed the outcomes of the discussions as well as other inputs received and has compiled the following revised document for the RCC.
2. It is requested that the Steering Committee of 4 July 2007 review the final draft with a view to its adoption such that background information, speakers, and marketing materials and other such details may be accomplished in good time in preparation for the RCC, confirmed to take place on 11 and 12 September 2007.
3. All the main elements of the draft submitted to the Workshop have been retained and are included in either one of the two Conference Plenary sessions or in one of the six Commissions. [Read more]
GHANA: Rural Banks declare ¢88.71bn profit
RURAL BANKS made a fabulous contribution to the economy last year by way of a declaration of a cumulative profit before tax of ¢88.71 billion.Mr. Godfried Odame Asare, Chief Executive Officer of Atwima Kwanwoma Rural bank attributed this to a marked improvement in all key financial indicators from the financial performance of all 124 rural banks in 2006.
Referring to ARB Apex Bank data, Mr. Odame Asare, said rural banks have impacted positively on the economy having mobilized ¢2,264.61 billion in deposits from 2,493 customers in 2006.He said the figure represented 7.6% of the total deposits in the entire banking sector. He as well pointed to a total investment of ¢846.25 billion in treasury bills in the same year.
CEO Odame Asare said loans granted out of mobilized funds amounted to ¢1,151.00 billion as at December 2006. He said in spite of problems rural banks have increased to 124 with a total of 560 offices through the country.Following the positive impact the banker that efforts suggested at development must be focused in rural areas where 70% of the Ghanaian population lives to make the difference. [Read more]
He said with a collaboration with eight financial institutions 95 rural banks are un undertaking foreign funds transfer under which remittances grew by 76% from ¢126 billion in 2005 to ¢222 billion in 2006.
Referring to ARB Apex Bank data, Mr. Odame Asare, said rural banks have impacted positively on the economy having mobilized ¢2,264.61 billion in deposits from 2,493 customers in 2006.He said the figure represented 7.6% of the total deposits in the entire banking sector. He as well pointed to a total investment of ¢846.25 billion in treasury bills in the same year.
CEO Odame Asare said loans granted out of mobilized funds amounted to ¢1,151.00 billion as at December 2006. He said in spite of problems rural banks have increased to 124 with a total of 560 offices through the country.Following the positive impact the banker that efforts suggested at development must be focused in rural areas where 70% of the Ghanaian population lives to make the difference. [Read more]
All banks to connect to E-ZWICH
Accra, Aug. 15, GNA - The Deputy Governor of the Bank of Ghana, Dr Mahamudu Bawumia on Wednesday asked all banks to link their ATMs and Point of Sale (POS) device to the National Switch, the E-ZWICH by March 31, 2008.
The E-ZWICH, a brand name for the National Switch, under the new Universal Electronic Payments (UEPS) technology is to ensure that all commercial banks, rural banks and savings and loans institutions implemented a common payment platform and biometric Smartcard. Speaking at the launch of the Ghana Commercial Bank (GCB) MoneyGram, Dr Bawumia said banks with existing switches were expected to upgrade them to make them compatible with the National Switch by July 1, 2008.The GCB MoneyGram service would be operated through all its 133 branches. [Read more]
The E-ZWICH, a brand name for the National Switch, under the new Universal Electronic Payments (UEPS) technology is to ensure that all commercial banks, rural banks and savings and loans institutions implemented a common payment platform and biometric Smartcard. Speaking at the launch of the Ghana Commercial Bank (GCB) MoneyGram, Dr Bawumia said banks with existing switches were expected to upgrade them to make them compatible with the National Switch by July 1, 2008.The GCB MoneyGram service would be operated through all its 133 branches. [Read more]
INDIA: CBoP launches new remittance scheme for UAE clients
New Delhi, Aug. 15 (PTI): New generation private sector lender Centurion bank of Punjab (CBoP) on Tuesday launched a remittance option scheme 'SmartRemit - Gulf' for its non- resident Indian (NRI) clients in the UAE.
For easy and fast remittances service, the bank has entered into remittance agreement with exchange houses like UAE Exchange Centre and Alukkas Exchange, CBoP said in a release.
As per the agreement, NRI clients of the bank would be able to remit funds from any of the branches of these exchange houses which would be transferred to their accounts in CBoP across India within a day, it added.
"Our bank is also in discussion with other exchange houses to extend SmartRemit - Gulf to other countries such as Sultanate of Oman, Bahrain, Kuwait, Qatar and Saudi Arabia," CBoP Business Director Harpreet Singh said. [Source]
For easy and fast remittances service, the bank has entered into remittance agreement with exchange houses like UAE Exchange Centre and Alukkas Exchange, CBoP said in a release.
As per the agreement, NRI clients of the bank would be able to remit funds from any of the branches of these exchange houses which would be transferred to their accounts in CBoP across India within a day, it added.
"Our bank is also in discussion with other exchange houses to extend SmartRemit - Gulf to other countries such as Sultanate of Oman, Bahrain, Kuwait, Qatar and Saudi Arabia," CBoP Business Director Harpreet Singh said. [Source]
Investing in the Philippines: A negative experience for OFWS
By LOUI GALICIAABS-CBN Europe News BureauOverseas Filipino workers (OFWs) in the Netherlands are discouraged from investing in the Philippines because of the bad experiences suffered by some OFWs here, reported ABS-CBN Europe News Bureau.
To help overcome the negative attitudes of these Filipinos towards doing business in their home country, the Philippine Embassy hosted an informal forum in The Hague, presided by five representatives of the Philippine Consortium on Migration and Development or PhilComDev.
Estrella Dizon-Anonuevo of Atikha, Jonas George Soriano and Salvador Umengan of Ploughshares Inc., Lurina Gargarita of Philippine Social Enterprise Network and Julyn Ambito of IDEALS represented PhilComDev, which is a coalition of more than thirty non-profit organizations in the Philippines formed to lure remittances for social-enterprise initiatives.
[Read more]
To help overcome the negative attitudes of these Filipinos towards doing business in their home country, the Philippine Embassy hosted an informal forum in The Hague, presided by five representatives of the Philippine Consortium on Migration and Development or PhilComDev.
Estrella Dizon-Anonuevo of Atikha, Jonas George Soriano and Salvador Umengan of Ploughshares Inc., Lurina Gargarita of Philippine Social Enterprise Network and Julyn Ambito of IDEALS represented PhilComDev, which is a coalition of more than thirty non-profit organizations in the Philippines formed to lure remittances for social-enterprise initiatives.
[Read more]
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