October 2nd, 2017 - Curated over the past week.These are the other business reports for the week.
The Hispanic unemployment rate stood at 4. 7% in the second quarter of 2017, about the same as in the second quarter of 2006 (4. 9%). The improving labor market prospects for Latinos mirror trends for U. S. workers overall. The national unemployment rate in the second quarter of 2017 was 4. 2%, compared with 4. 6% in the second quarter of 2006. (Estimates are non-seasonally adjusted, but seasonally adjusted data show the same trend. )
A suburban Philadelphia tree-trimming company whose orange trucks are a familiar sight in communities throughout the United States will pay a record fine after pleading guilty in a scheme to employ thousands of people in the country illegally. Asplundh Tree Expert Co. of Willow Grove, a utility contractor best known for pruning and removing trees around power lines, pleaded guilty Thursday to a federal criminal charge and was ordered to pay a total of $95 million. Prosecutors called it the largest monetary penalty ever levied in an immigration case.
NAFTA 2. 0 – indeed, any modern trade agreement – needs to cover issues that weren’t part of the original deal. That includes significant considerations in data and privacy protection, cyber-security, e-commerce, robotics, and artificial intelligence. Further, it must consider how all of these will affect consumer behavior, corporate strategies, job creation and skill development. A few examples illustrate the point. Through the 1990s, IT companies outside the U. S. imported large, bulky computers from the U. S. for their data centers, requiring specialized personnel and facilities at their corporate buildings to maintain the equipment. Today that equipment is being replaced by cloud computing platforms – the corporate datacenter is no longer a place, but a service. The need to move powerful computing equipment across the border has been replaced by data that flows freely over the internet.
If somebody gave you an opportunity to correct 60 essays of Spanish 101 in one sitting, the first thing you would notice is that 50 out of 60 students would hand in their essays perfectly printed out. Ten students out of those 60 would hand in handwritten essays. And 30 of the 50 perfectly printed out essays would have accent marks added here and there with a black pen.
While Puerto Rico suffers after Hurricane Maria, much of the U. S. media (FiveThirtyEight not excepted) has been occupied with other things: a health care bill that failed to pass, a primary election in Alabama, and a spat between the president and sports players, just to name a few. Last Sunday alone, after President Trump’s tweets about the NFL, the phrase “national anthem” was said in more sentences on TV news than “Puerto Rico” and “Hurricane Maria” combined.
It’s no secret that the U. S. retail landscape is experiencing one of the most seismic shifts in decades. Each day brings new challenges to navigate such as consolidation, price wars, channel fragmentation and major shifts in when, where and how consumers shop. Drug stores are not immune to these dynamics, either, and in many cases are hard at work to keep up with the changes in the industry.
The song is her first foray into singing in Spanish in several years, but it is far from her only musical venture in the language. In fact, there was an entire period of Bey’s career where it was clear she was reaching out to her Spanish-speaking fans around the world, and that she was looking to leave her mark on the Latin music industry, just as she had been doing to the English sector for over a decade. At the time, it seemed to go only so-so (especially by typical Beyoncé standards), but this time around, she may enjoy the success she was looking for all along. A decade ago (almost exactly), she dropped her only Spanish collection, Irreemplazable, an EP that initially served as part of a deluxe edition of her album B’Day, and which was eventually sold on its own. The 8-track release featured mostly Spanish reworkings of a handful of her hits—“Irreemplazable” (“Irreplaceable”), “Bello Embustero" (“Beautiful Liar”) and “Oye” (“Listen” from the film Dreamgirls)—as well as a few remixes and an additional collaboration with Alejandro Fernández.
To Borja Echevarria, vp and digital editor in chief of Univision, the video was a prime example of how the broadcaster serves an audience that finds itself increasingly vulnerable in the Trump era and is often directly impacted by the headlines that come out of the White House. “This is a moment when service journalism becomes so important for us. We were talking with lawyers about what we should do, to the community about their problems and telling personal stories,” Echevarria said. “As any journalist, I love to get a scoop. I’d love to have a lot of insights from the White House. But that is not the No. 1 priority when I think about how to serve our audience. ”
Steelmaker ArcelorMittal said Thursday it plans to invest $1 billion in Mexico, pursuing its expansion in the country as the government launched the first of its planned special economic zones in southern Mexico.
The PREPA (Puerto Rico Electric Power Authority) Bondholder Group made the offer on Wednesday, which included $1 billion in new loans, and a swap of $1 billion in existing bonds for another $850 million bond. These new bonds would have jumped to the front of the line for repayment, and between that increased value and interest payments after the first two years, the bondholders would have likely come out ahead on the deal, despite a nominal $150 million in debt relief. Indeed, the offer was worse in terms of debt relief than one the bondholder group made in April, well before hurricanes destroyed much of the island’s critical infrastructure.
In reality, most of that money is owed to everyday investors. Less than 25% of Puerto Rican debt is held by hedge funds, according to estimates by Cate Long, founder of research firm Puerto Rico Clearinghouse. The rest of the debt is owned by individuals and mutual funds that are held by mom-and-pop investors. "For the most part, Main Street America owns this debt," Long said. "It's not as though these are vultures circling around the island. "
The nine-year deal, which expands on a 1944 water treaty between the two countries, would see the United States spend $31. 5 million on conservation efforts in Mexico, according to water agencies that are familiar with the plan. That effort would, in turn, generate access to more water for about 27 million people in several states, including California, Nevada and Arizona.
Federal contractors are working on eight versions of a proposed border wall to divide the U. S. and Mexico. Although the wall, one of President Trump's chief campaign promises, has yet to be funded the contractors are essentially auditioning for the full government contract.
Puerto Rico continues to deal with the devastation brought by hurricane Maria. Much of the power is still out on the island, and infrastructure has extensive damage. While the human cost is showing itself, so is the cost to a major industry in the island — drug manufacturing.
The Latin Grammy Academy has announced the nominations for the 18th Latin Grammys, and to the surprise of few handicappers, the Puerto Rican singer Luis Fonsi's smash hit "Despacito" has snagged nods in the two top song categories, record of the year and song of the year.
Catalonia accounts for nearly a fifth of Spain's economy, and leads all regions in producing 25% of the country's exports. It contributes much more in taxes (21% of the country's total) than it gets back from the government.
Lizzie Dipp Metzger isn’t just the best financial advisor on her block or even in the city – she was recently named New York Life’s top agent in the country. Dipp Metzger, an El Paso native and the president and founder of Crown Wealth Strategies, surpassed more than 12,000 agents in sales achievement and client service “while adhering to the highest standards of ethics and professionalism” to become the company’s top advisor.
NAFTA negotiators wonder why wages for Mexican auto workers are flat or worse
A strategist at Nomura says the costs from Mexico's recent earthquakes could run as high as $4 billion, and has lowered his forecast for 2017 GDP growth.
After 11 years at AEG Presents / Goldenvoice, Rebeca Leon is leaving her post as senior vp of Latin talent to focus full time on her own management company, Lionfish Entertainment. Lionfish already manages two major names in Latin music -- Juanes (who she has managed for the past five years) and J Balvin -- and has recently signed emerging acts. Leon will also focus on non-music content projects including film and TV.
Hurricane Maria could cost Puerto Rico $45 billion to $95 billion in damage -- a devastating blow to the island's already ailing economy. The high end of the range, released Thursday by Moody's Analytics, represents almost an entire year's economic output for Puerto Rico.
Thousands of Puerto Ricans coming to Orlando suddenly will have a definite impact on the economy and jobs market, economists and local officials said. And the issue is not if they will come, but when — and how many. While the impact might cause difficulty at first, and a higher unemployment rate, the end result might be economic expansion in Central Florida.
Twenty major metropolitan areas with 50,000 or more Hispanics of Puerto Rican origin will likely absorb the influx of climate refugees from the island. These cities will need to prepare for new residents who have full US citizenship but several unique characteristics that differentiate them from the general US population and other Hispanics. Examining likely impact of Hurricane Maria on internal migrations, research firm EurekaFacts identified the key cities likely to receive an influx of new residents.
These Hispanic-owned businesses and the people they employ will uniquely benefit from tax cuts because of their expanding footprint in the U. S. economy. This is especially true when the U. S. has some of the highest tax rates in the world, specifically for pass through small businesses — which can pay federal rates as high as 40 percent. The economic impact of Hispanic-owned businesses and the spending power of their employees is already sizable, so imagine the growth that could occur if these business owners could keep more of what they earned and reinvest it back into their businesses and staff.
It’s not uncommon for U. S. companies to plant roots in Mexico, where lower wages and loose regulations have allured manufacturers for years. Last year the Washington Post reported on the tech boom south of the border, with major global companies like IBM, Oracle and Intel setting up shop in Guadalajara, also known as country’s “Digital Creative City. ”
Mexican registered a wider-than-expected $2. 73 billion trade deficit in August as imports of petroleum and other goods outpaced gains in factory exports.
José A. Rivera, a farmer on the southeast coast of Puerto Rico, stood in the middle of his flattened plantain farm on Sunday and tried to tally how much Hurricane Maria had cost him. “How do you calculate everything?” Mr. Rivera said. For as far as he could see, every one of his 14,000 trees was down. Same for the yam and sweet pepper crops.
Seven credit unions representing 95,000 members from Connecticut to California have received grants to help them reach more Hispanics in their communities. The 2017 Warren Morrow Hispanic Growth Fund Grants mark the first year for the cash grants from CUNA, the National Credit Union Foundation and the Hispanic marketing firm Coopera based in Des Moines, Iowa. The grants are for up to $1,500 for initiatives focused on Hispanic membership growth.
Female voices were front and center this weekend at the Academy of Motions Picture Arts and Sciences. As part of its ongoing series, From Latina America to Hollywood, the people behind the Oscars put together a symposium titled, “How Do Latinas Experience Hollywood?” and invited some of the most recognizable Latina female talent in the industry to dish on that complicated question.
Geisha Williams, a 56-year-old Cuban immigrant who helms PG&E, became the first Latina CEO to make the Fortune 500, the magazine announced on Friday. In March, Williams took the reins of the 17. 7 billion electric utility company after heading its electric operations for ten years.
In short, the Magic Valley’s dairy boom is a contemporary rural American success story—the kind that President Donald Trump railed as a candidate is too often missing across the country. Unemployment here was less than 3 percent this summer, about as good as it gets, and optimism should be high. Yet on dairy farms, among both owners and workers, a sense of dread hangs in the dry southern Idaho air.
That’s what Richard Betts saw when he first stepped into the mezcal industry in 2006. An environmental lawyer turned sommelier and liquor company founder, Betts was looking to expand his already successful wine business into tequila. He ended up being drawn instead to its smoky cousin, mezcal, and its epicenter in Oaxaca, Mexico. But as he began to work with various small distilleries in Oaxaca, who prided themselves on long histories of traditional manufacturing, Betts began to build out a list of things he would do differently.