"Immigration, Inc. - one of the biggest businesses on the planet."
From the Associated Press.
By WILLIAM J. KOLE
Associated Press Writer
TIRANA, Albania (AP) -- 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.
Experts tracking the phenomenon told The Associated Press they have gotten a much clearer picture since the 9/11 attacks, when authorities trying to cut the flow of cash to jihadists began taking a harder look at how immigrants move their money around.
Click here to read the rest.
Friday, August 31, 2007
Remittances, Free Trade and Cross-Border Banking
From AOL Money and Finance via PR Newswire.
DALLAS, Aug. 20 /PRNewswire/ -- 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.
"Real remittances grew 170 percent from 2000 to 2005, but in the U.S., the Mexican-born population grew only 20 percent," they write.
Instead, they find that more migrants are turning to formal channels to send remittances due to reduced fees and that the Banco de Mexico has modernized procedures for collecting and recording remittance data.
"Spurred by declining costs for both senders and receivers, migrants increasingly have been transmitting remittances through formal channels rather than informal channels, such as carrying cash back home," according to the authors.
Many Americans get only the protectionist viewpoint on free trade, says Blake Hastings in this issue's "On the Record" conversation. "They rarely hear how protectionism distorts the economy, leads to higher prices, breeds mediocrity in service and product quality, and reduces variety," says Hastings, vice president in charge of the Dallas Fed's San Antonio Branch and former executive director of the Free Trade Alliance in San Antonio.
Hastings points out that South Texas cities, including San Antonio and McAllen, are reaching out to China, Brazil, Canada and Europe for trade opportunities. "All these communities are learning that you can't just wait for trade to come to you," he says.
In "Banking Industry Evolution Along the Texas-Mexico Border," economic analyst Joaquin Lopez and senior economist and policy adviser Keith Phillips review presentations from a recent Dallas Fed conference, "Cross-Border Banking." They report that as opportunities for banking increase along the border, the divide between U.S. and Mexican financial systems will continue to fade.
Speakers at the conference included Dallas Fed international financial analyst Edward Skelton, who said that explosive growth in the securitization and mortgage market in Mexico will boost the nation's economy by encouraging higher-quality housing, increased savings and greater wealth creation. SOURCE Federal Reserve Bank of Dallas
DALLAS, Aug. 20 /PRNewswire/ -- 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.
"Real remittances grew 170 percent from 2000 to 2005, but in the U.S., the Mexican-born population grew only 20 percent," they write.
Instead, they find that more migrants are turning to formal channels to send remittances due to reduced fees and that the Banco de Mexico has modernized procedures for collecting and recording remittance data.
"Spurred by declining costs for both senders and receivers, migrants increasingly have been transmitting remittances through formal channels rather than informal channels, such as carrying cash back home," according to the authors.
Many Americans get only the protectionist viewpoint on free trade, says Blake Hastings in this issue's "On the Record" conversation. "They rarely hear how protectionism distorts the economy, leads to higher prices, breeds mediocrity in service and product quality, and reduces variety," says Hastings, vice president in charge of the Dallas Fed's San Antonio Branch and former executive director of the Free Trade Alliance in San Antonio.
Hastings points out that South Texas cities, including San Antonio and McAllen, are reaching out to China, Brazil, Canada and Europe for trade opportunities. "All these communities are learning that you can't just wait for trade to come to you," he says.
In "Banking Industry Evolution Along the Texas-Mexico Border," economic analyst Joaquin Lopez and senior economist and policy adviser Keith Phillips review presentations from a recent Dallas Fed conference, "Cross-Border Banking." They report that as opportunities for banking increase along the border, the divide between U.S. and Mexican financial systems will continue to fade.
Speakers at the conference included Dallas Fed international financial analyst Edward Skelton, who said that explosive growth in the securitization and mortgage market in Mexico will boost the nation's economy by encouraging higher-quality housing, increased savings and greater wealth creation. SOURCE Federal Reserve Bank of Dallas
Go Green with Your Green
From the Payroll News Wire and the American Payroll Association.
Click here to watch video or listen to audio in several formats.
"Don't have a bank account? Ask your employer to pay you with a paycard." Getting paid electronically is not only quicker and more convienient, it can also help save the environment.
Every year, more than 146 million workers in America receive a paycheck. That's more than 3.5 billion paychecks per year. For many employees, a trip to the bank on payday is a favored tradition. But that innocent trip to cash your check costs more than just wasted time. In fact, the way you're paid could be damaging the environment.
Most American companies offer a number of free and easy ways to make how you're paid more environmentally friendly. The American Payroll Association offers these tips to "go green with your green."
Direct deposit – Only 71% of workers in America take advantage of this "green" payment method. When you sign up to receive your paycheck electronically via direct deposit, your pay goes straight into your bank account. No waiting in line at the bank drive-thru, idling your car and releasing dangerous ozone-depleting emissions. Plus, your money is always there on payday, even when you're on vacation.
Paycard – Don't have a bank account? Ask your employer to pay you with a paycard. You'll get the same conveniences and "green" benefits as with direct deposit. Your pay will be deposited into an account that's accessed by a pin protected card, similar to an ATM card. You can use the card to make purchases, get cash back at retailers and withdraw money from an ATM. Plus, no more paper as you can keep track of your pay online.
IRS e-file - This IRS program provides a way for many workers to file their income tax using a paper-free method. In fact, 70% of workers can have their taxes prepared and filed completely free using e-file! Use this "green" method to file your tax return and you will get your tax refund weeks faster. Additionally, you can choose to get your refund sent directly into your bank account via direct deposit, saving paper, stamps and delivery costs.
Direct deposit, paycards and IRS e-file are all easy, safe, secure and environmentally friendly. For more information on how you too can go "green" with your green, visit www.nationalpayrollweek.com.
Click here to watch video or listen to audio in several formats.
"Don't have a bank account? Ask your employer to pay you with a paycard." Getting paid electronically is not only quicker and more convienient, it can also help save the environment.
Every year, more than 146 million workers in America receive a paycheck. That's more than 3.5 billion paychecks per year. For many employees, a trip to the bank on payday is a favored tradition. But that innocent trip to cash your check costs more than just wasted time. In fact, the way you're paid could be damaging the environment.
Most American companies offer a number of free and easy ways to make how you're paid more environmentally friendly. The American Payroll Association offers these tips to "go green with your green."
Direct deposit – Only 71% of workers in America take advantage of this "green" payment method. When you sign up to receive your paycheck electronically via direct deposit, your pay goes straight into your bank account. No waiting in line at the bank drive-thru, idling your car and releasing dangerous ozone-depleting emissions. Plus, your money is always there on payday, even when you're on vacation.
Paycard – Don't have a bank account? Ask your employer to pay you with a paycard. You'll get the same conveniences and "green" benefits as with direct deposit. Your pay will be deposited into an account that's accessed by a pin protected card, similar to an ATM card. You can use the card to make purchases, get cash back at retailers and withdraw money from an ATM. Plus, no more paper as you can keep track of your pay online.
IRS e-file - This IRS program provides a way for many workers to file their income tax using a paper-free method. In fact, 70% of workers can have their taxes prepared and filed completely free using e-file! Use this "green" method to file your tax return and you will get your tax refund weeks faster. Additionally, you can choose to get your refund sent directly into your bank account via direct deposit, saving paper, stamps and delivery costs.
Direct deposit, paycards and IRS e-file are all easy, safe, secure and environmentally friendly. For more information on how you too can go "green" with your green, visit www.nationalpayrollweek.com.
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