September 8, 2000
Noticias you don't see in the `other' media:
Mexico Pays Off International Monetary Fund Debt of 3 Billion!
Mexico, with its soaring economy paid its outstanding debt with the International Monetary Fund (IMF) with a $3 billion prepayment by the Finance Ministry. It closed the books ahead of schedule on two lending packages from 1995 and 1999.These loans were not due to be paid off until September of this year and March 2005. The country's international reserves stood at $32.5 billions at the end of this past week. (Reuters)
Workers At Volkswagen of Mexico Win Pay Raises
Mexican Workers at Volks-wagen of Mexico autoplant won a 21% overall increase, that was substantially higher than the rate of inflation. 13% will be in an immediate wage hike, 5% increase in productivity incentives, 2% in loans, and 1% in aid for school supplies for the worker's school children. The 12,600 members of the Union went on strike on August 18th, 2000 halting production. The Unions and their workers have been fighting to recover the buying power they had lost after more than 10 years of austerity policies.
Hispanic Magazine Lists Top Ten Cities For Hispanics
According to Valerie Menard in Hispanic Magazine, Latino/Hispanos choose to live in cities where other Latinos live around them to share their culture and heritage. They look for cities where diversity is self-evident and where they are welcomed at the work place as well as at the city hall. In order of preference:
(It should be noted that "Hispanic" magazine is published in Florida. As a Golden Son of the Golden West and a resident of San Diego since the 40's, I must say "These folks don't know what they are talking about!)
Latino Web Sites in Cyber Land Having a Bad Time
Many of the early Latino web startups have been shot-down in flames and are no longer on their web sites. Their down fall was the same one that kills most brick and mortar start-ups `familiar to make a profit.' Que Pasa.com has laid off over 30 percent of its staff from the original 90 that were on board. Its stock fell from an original high of $27.00 to a low of $2.00. If you were one of the early investors when their IPO offering was made, you have lost a bundle. Quepasa.com is looking for a buyer. Many stars of song and dance based in Miami took a bath on this little venture.
Yupi.com has seen its stock plunge from $42 to $7 per share. $15 million of other people's monies lost in this venture. Starmedia Network.inc has seen its net worth drop from $70 a share to $14.12. They all are suffering along with hundreds of other web ventures because the public won't pay for what they see on the little computer screens.
Latino Business Expo Kicks off Sept. 11 in L.A
Over 5000 Latino Business owners are expected to attend the Latino Business Associa-tion's EXPO at the Los Angeles Convention Center Sept. 11 & 12. On tap: Trade show featuring 500 exhibitors, Procurement Pavilion, Latino Artist Alcove, Breakfast honoring Latino Entrepreneurs, Technology Pavilion, and an International Pavilion. Call NBA at (323) 721-4000 for more information.