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.
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…
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.
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…