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LA migrant workers remittances

Slumping economies in the United States, Spain and Japan are causing reverberations in the countries of Latin America as migrant workers send less money home.

Latin America

Latin America

The Inter-American Development Bank reported that for the first time since they began tracking remittances in 2000, remittances to Latin America declined in the fourth quarter of 2008, dropping 2% relative to the fourth quarter of 2007.

In January, remittances declined further, with Colombia experiencing a 16% drop relative to 2008, Brazil suffering a 14% decline, Mexico 12%, and Guatemala and El Salvador each falling 8%.

These numbers come as 2008 saw an average 10% increase in remittances. Nearly US$70 billion was sent back to families in those areas in 2008. Read More…

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40th Ariane 5 rocket launch

An Ariane 5ECA rocket has successfully launched two satellites. The European carrier rocket lifted off from ELA-3 (Launch Area 3) at the Guiana Space Centre in French Guiana, South America, at 21:47 GMT this evening, carrying the ProtoStar-1 and Badr-6 spacecraft.

ProtoStar-1 is the first satellite to be operated by ProtoStar Corporation, a Bermuda-based US/Asian communications company.

It will be positioned at 98.5° East longitude, in a geosynchronous orbit, around 36,000 kilometres above the Equator. It was built by Space Systems Loral, based on the LS-1300 bus.

It will provide direct-to-home high definition broadcasting and internet services to South-East Asia. Read More…