Free fund transfers to Mexico offered
Bank of America has teamed with several Mexican banks and government-run agencies to offer free money transfers for Mexicans living in the United States.
Bank officials said last week the business aim of the transfer service - called SafeSend - is to gain customers among a sector of the population in which relatively few people have bank accounts.
“We don’t see ourselves in the remittances market,” said Eduardo Vergara, senior vice president in charge of international remittances at Bank of America. He said that 41 percent of Hispanic households in the U.S. have accounts at the bank.
The entry of commercial banks into the remittance business in recent years has lowered considerably the commissions and exchange losses that migrant workers were paying to send money to their families.
Officials of the receiving banks said they also expect the service to benefit them by contributing to the growing use of bank services in Mexico.
Ultimately, the idea is to get people to conduct account-to-account transactions, which are cheaper to process, said Banorte Chief Executive Luis Pena.
Source: theeagle.com
Money transfers to Mexico targeted by scam artists
The Texas Attorney General’s office issued a warning for anyone sending money to Mexico with a wire transfer
Anyone thinking of sending money to their family in Mexico should be very careful. The Texas Attorney General’s office issued an alert to make sure people don’t become the target of scams. They say you should choose a money transfer company carefully.
These are red flags that the money transfer company may be scamming you:
The exchange rate is different from the one advertised or printed on the receipt.
The person receiving the money is forced to pay an
The Mexico Equity and Income Fund, Inc. Announces Expiration of, and Subscription Price of the Rights Offering
The Mexico Equity and Income Fund, Inc. (NYSE:MXE) (the "Fund") announced today the successful completion of nontransferable rights offering (the "Offer") conducted by the Fund, which commenced on November 17, 2005, expired on December 28, 2005. The Offer entitled shareholders to subscribe for an aggregate of 1,855,128 shares of preferred stock of the Fund ("Shares"), of which, based on a preliminary count 1,429,268 Shares will be issued raising $25,683,946. The Fund has determined that it will not be necessary to issue additional Shares to
Mexicos Urbi sells $150 mln in 10-yr bonds
Mexican homebuilder Urbi (URBI.MX: Quote, Profile, Research) on Monday said it has placed $150 million in 10-year senior bonds in the U.S. market.
Urbi, one of Mexicos largest house construction firms, said it planned to use proceeds from the 8.5 percent, 2016 maturing bond to refinance debt and fund other corporate activities.
The bonds, offered to institutional investors in the United States and other countries, have been rated BB by Standard and Poors and Fitch ratings and BA3 by Moodys.
More: today.reuters.com
The Mexico Fund, Inc. Declares Largest Dividend in its History; Announces Terms of Upcoming In-Kind Repurchase Offer
The Mexico Fund, Inc. (NYSE: MXF - News) announced that the Board of Directors has declared the payment of the Fund's largest cash distribution per share since its inception in June 1981. The Board has declared a cash dividend of $2.909 per share, payable on January 23, 2006 to stockholders of record on December 21, 2005. The dividend is comprised of $0.8461 ordinary income, which includes $0.2213 of short-term capital gains and $2.0629 of long-term capital gains. This dividend is equivalent to 10.4%
Project Mexico auction planned for Wednesday
Project Mexico will be holding its annual auction tomorrow, from 4 p.m. to 8 p.m. in McGuire Hall, with all proceeds going to fund the Project Mexico team's trip to Tijuana in January. The goal for the team is to go and serve communities in Mexico, but also to bring the spirit of Mexico back with them.
With 240 items this year, Project Mexico is auctioning off the largest amount of items ever. Items students have come to expect at the auction such as a car raffle and puppy will be there, as well as
Mexico bank chief backsoil windfalls fund initiative
Mexico's central bank governor has thrown his weight behind an initiative to use windfall oil revenues to buttress economic stability.
Guillermo Ortiz told the Financial Times this week that plans promoted by President Vicente Fox to set up a stabilisation fund along the lines of an existing - and highly successful - Chilean model would significantly reduce uncertainty ahead of Mexico's presidential election next July.
"It would be an important piece of legislation to have in place particularly with an election and would go a long way to reducing the uncertainty and risks associated with a
4 arrested in Mexico on child selling charges
Four people - including a U.S. citizen and a legal American permanent resident - have been arrested in this border city and charged with child selling after a couple offered $5,000 to a father in exchange for his 3-year-old son, police said Saturday.
Jose Luis Garcia told authorities he was walking with his son on Octava street in Tijuana on Friday when he was approached by a couple who said they wanted to purchase the youngster, who would then be sent to the United States by a couple who ran a child-selling
MEXICO CITY – Leaders of a movement fighting to win compensation for former "bracero" migrant workers on Friday asked the U.S. Embassy to help in winning the release of those jailed in a protest this week.
In a handwritten note presented to the Embassy here, Braceroproa group leader Ventura Gutierrez said he was being held "for political reasons" and said that if transferred to prison, "I fear for my physical security."
Gutierrez was among 10 people arrested on Wednesday when windows were broken during a protest at the federal Interior Department, which is overseeing a newly created fund to compensate
FUND VIEW-Mexico protests may be buying opportunity
Political uncertainty created by mass protests in Mexico may present investors with more of an opportunity than a threat, according to the head of global emerging markets equities at Aberdeen Asset Managers.
Our experience has shown over the years that political uncertainty is a good opportunity to buy companies cheaply, Devan Kaloo said in an interview on Monday.
Mexicos IPC index of shares was down on Monday after supporters of leftist candidate Andres Manuel Lopez Obrador vowed to shut down Mexico Citys main business district to push for a recount after a tight presidential election.
But Mexican
Mexico's Telmex boosts fund to buy back shares
Dominant Mexican fixed-line telephone company Telmex, controlled by billionaire Carlos Slim, said on Wednesday it will set aside an additional $930 million to buy back its lagging shares.
Telmex (TELMEXL.MX: Quote, Profile, Research) (TMX.N: Quote, Profile, Research), once one of Mexico's main technology players but now weighed down by competition from cheap mobile service providers, said the plan would be presented to shareholders for approval at a Nov. 28 meeting.
Hurt by tighter profit margins in its fixed-line and long-distance businesses, Telmex's stock has risen about 5 percent so far in 2005, way
