It's a familiar saying among exporters -- South Florida is the shopping cart for Latin America.
From cell phones to gold, medicine to aircraft parts, it all leaves the United States from South Florida destined for overseas markets. While the pace of trade is down from a year ago, according to trade media company WorldCity, the seaports and airports here maintain a trade surplus.
A recent survey by Prudential Financial advisors reveals the Hispanic American community places a priority on funding near-term goals, making it more difficult for Hispanics to prepare for retirement.
From Oct. 28 to Nov. 18 last year, the study polled 1,023 Americans who identify as "Hispanic." It covered several financial topics and what the driving force is behind making financial decisions in Hispanic American households.
Originally published on Tue October 22, 2013 4:09 pm
Cuba will end the two-currency system it has used for nearly 20 years. Since the collapse of the Soviet Union, Cuba has used either American currency or a peso that's pegged to the dollar alongside its national peso.
The monetary unification will phase out a system that has become a symbol of exclusivity and foreign wealth. Many products that are imported into the country can be bought only with the dollar-based convertible peso. But most Cubans are paid in the standard peso, which is worth just a fraction of the other currency.
The debate in Congress over raising the debt ceiling was focused on the $16.7 trillion borrowing limit. That's a huge number that has been increasing rapidly since the Great Recession. The chart above from the U.S. Federal Reserve shows the federally reported public debt jumping from $6 trillion after the 2001 recession to almost $17 trillion this fall.
Click the play button above and listen to this segment from WLRN's hour-long episode, "The Sunshine Economy: Public Debt," with host Tom Hudson. The episode is part of an ongoing series examining key industries of the South Florida economy. Shows air Mondays at 9:00 a.m. on 91.3 FM.
The federal government may be partially shut down and flirting with an unprecedented debt default but the Broward County Aviation Department had no trouble borrowing $450 million this month.
Miami hopes to lure hedge funds out of New York with an updated twist on a familiar message: Come south for warm winters, zero state or city income tax and -- finally -- a downtown worthy of Wall Street’s elite.
“It’s really showing the maturity of our city,’’ said Nitin Motwani, a Miami developer and board member of the Downtown Development Authority. “The more people get familiar with what is happening in Miami — the real Miami — the more people are going to say, ‘I’m going to give Miami a shot.”
Originally published on Thu September 19, 2013 11:39 am
JPMorgan Chase has agreed to acknowledge that it violated federal securities laws and will pay $920 million in penalties assessed by regulators in the U.S. and U.K. to settle charges related to the huge trading losses racked up by its London traders last year, the Securities and Exchange Commission announced Thursday morning.
Originally published on Thu September 12, 2013 11:30 am
It's been five years since Lehman Brothers collapsed and touched off a banking crisis that is still being felt by the global economy. Today, the banking industry is a lot stronger than it was, but some critics say efforts to reform banking regulations have fallen short of their potential.