Even Bloomberg admits there are implications for the U.S. dollar's well - established role
as the global currency of the oil market, as Sungwoo Park sums up some of the key questions...
Not exact matches
Important factors that could cause actual results to differ materially from those reflected in such forward - looking statements and that should be considered in evaluating our outlook include, but are not limited to, the following: 1) our ability to continue to grow our business and execute our growth strategy, including the timing, execution, and profitability
of new and maturing programs; 2) our ability to perform our obligations under our new and maturing commercial, business aircraft, and military development programs, and the related recurring production; 3) our ability to accurately estimate and manage performance, cost, and revenue under our contracts, including our ability to achieve certain cost reductions with respect to the B787 program; 4) margin pressures and the potential for additional forward losses on new and maturing programs; 5) our ability to accommodate, and the cost
of accommodating, announced increases in the build rates
of certain aircraft; 6) the effect on aircraft demand and build rates
of changing customer preferences for business aircraft, including the effect
of global economic conditions on the business aircraft market and expanding conflicts or political unrest in the Middle East or Asia; 7) customer cancellations or deferrals
as a result
of global economic uncertainty or otherwise; 8) the effect
of economic conditions in the industries and markets in which we operate in the U.S. and globally and any changes therein, including fluctuations in foreign
currency exchange rates; 9) the success and timely execution
of key milestones such
as the receipt
of necessary regulatory approvals, including our ability to obtain in a timely fashion any required regulatory or other third party approvals for the consummation
of our announced acquisition
of Asco, and customer adherence to their announced schedules; 10) our ability to successfully negotiate, or re-negotiate, future pricing under our supply agreements with Boeing and our other customers; 11) our ability to enter into profitable supply arrangements with additional customers; 12) the ability
of all parties to satisfy their performance requirements under existing supply contracts with our two major customers, Boeing and Airbus, and other customers, and the risk
of nonpayment by such customers; 13) any adverse impact on Boeing's and Airbus» production
of aircraft resulting from cancellations, deferrals, or reduced orders by their customers or from labor disputes, domestic or international hostilities, or acts
of terrorism; 14) any adverse impact on the demand for air travel or our operations from the outbreak
of diseases or epidemic or pandemic outbreaks; 15) our ability to avoid or recover from cyber-based or other security attacks, information technology failures, or other disruptions; 16) returns on pension plan assets and the impact
of future discount rate changes on pension obligations; 17) our ability to borrow additional funds or refinance debt, including our ability to obtain the debt to finance the purchase price for our announced acquisition
of Asco on favorable terms or at all; 18) competition from commercial aerospace original equipment manufacturers and other aerostructures suppliers; 19) the effect
of governmental laws, such
as U.S. export control laws and U.S. and foreign anti-bribery laws such
as the Foreign Corrupt Practices Act and the United Kingdom Bribery Act, and environmental laws and agency regulations, both in the U.S. and abroad; 20) the effect
of changes in tax law, such
as the effect
of The Tax Cuts and Jobs Act (the «TCJA») that was enacted on December 22, 2017, and changes to the interpretations
of or guidance related thereto, and the Company's ability to accurately calculate and estimate the effect
of such changes; 21) any reduction in our credit ratings; 22) our dependence on our suppliers,
as well
as the cost and availability
of raw materials and purchased components; 23) our ability to recruit and retain a critical mass
of highly - skilled employees and our relationships with the unions representing many
of our employees; 24) spending by the U.S. and other governments on defense; 25) the possibility that our cash flows and our credit facility may not be adequate for our additional capital needs or for payment
of interest on, and principal
of, our indebtedness; 26) our exposure under our revolving credit facility to higher interest payments should interest rates increase substantially; 27) the effectiveness
of any interest rate hedging programs; 28) the effectiveness
of our internal control over financial reporting; 29) the outcome or impact
of ongoing or future litigation, claims, and regulatory actions; 30) exposure to potential product liability and warranty claims; 31) our ability to effectively assess, manage and integrate acquisitions that we pursue, including our ability to successfully integrate the Asco business and generate synergies and other cost savings; 32) our ability to consummate our announced acquisition
of Asco in a timely matter while avoiding any unexpected costs, charges, expenses, adverse changes to business relationships and other business disruptions for ourselves and Asco
as a result
of the acquisition; 33) our ability to continue selling certain receivables through our supplier financing program; 34) the risks
of doing business internationally, including fluctuations in foreign current exchange rates, impositions
of tariffs or embargoes, compliance with foreign laws, and domestic and foreign government policies; and 35) our ability to complete the proposed accelerated stock repurchase plan, among other things.
Much ink has been spilled about the
global tide
of nationalism, but these leaders, raised with the freedom to zip around Europe without passports, using a common euro
currency, see their individual nations» interests
as inextricably bound to the state
of the whole world.
Higher U.S. yields can put pressure on the
currencies of emerging market countries that run current account deficits such
as Indonesia and India, said Satoshi Okagawa, senior
global markets analyst for Sumitomo Mitsui Banking Corporation in Singapore.
That helps take care
of a long - standing problem, and the only way it could be managed was if we hedged the
currency as a
global company.
Byrne is a trained economist and a longtime advocate for bitcoin, which he regards
as a
global currency beyond the control
of central banks and governments.
The Japanese
currency has been mostly on the rise against the U.S. dollar
as investors look for a safe haven amid fears
of a
global trade war.
The price
of bitcoin, the world's most well - known virtual
currency, lost almost one fifth
of its value to $ 15,800 this week after peaking
as high
as $ 19,666 on Sunday,
as feverish demand ebbed slightly after the exchange giant CME Group and its rival Cboe
Global Markets listed bitcoin futures.
And while the industry is seeing some dividend increases, cash is increasingly the
currency of choice for acquisitions,
as equity multiples have been crushed by
global macroeconomic trends.
Such risks, uncertainties and other factors include, without limitation: (1) the effect
of economic conditions in the industries and markets in which United Technologies and Rockwell Collins operate in the U.S. and globally and any changes therein, including financial market conditions, fluctuations in commodity prices, interest rates and foreign
currency exchange rates, levels
of end market demand in construction and in both the commercial and defense segments
of the aerospace industry, levels
of air travel, financial condition
of commercial airlines, the impact
of weather conditions and natural disasters and the financial condition
of our customers and suppliers; (2) challenges in the development, production, delivery, support, performance and realization
of the anticipated benefits
of advanced technologies and new products and services; (3) the scope, nature, impact or timing
of acquisition and divestiture or restructuring activity, including the pending acquisition
of Rockwell Collins, including among other things integration
of acquired businesses into United Technologies» existing businesses and realization
of synergies and opportunities for growth and innovation; (4) future timing and levels
of indebtedness, including indebtedness expected to be incurred by United Technologies in connection with the pending Rockwell Collins acquisition, and capital spending and research and development spending, including in connection with the pending Rockwell Collins acquisition; (5) future availability
of credit and factors that may affect such availability, including credit market conditions and our capital structure; (6) the timing and scope
of future repurchases
of United Technologies» common stock, which may be suspended at any time due to various factors, including market conditions and the level
of other investing activities and uses
of cash, including in connection with the proposed acquisition
of Rockwell; (7) delays and disruption in delivery
of materials and services from suppliers; (8) company and customer - directed cost reduction efforts and restructuring costs and savings and other consequences thereof; (9) new business and investment opportunities; (10) our ability to realize the intended benefits
of organizational changes; (11) the anticipated benefits
of diversification and balance
of operations across product lines, regions and industries; (12) the outcome
of legal proceedings, investigations and other contingencies; (13) pension plan assumptions and future contributions; (14) the impact
of the negotiation
of collective bargaining agreements and labor disputes; (15) the effect
of changes in political conditions in the U.S. and other countries in which United Technologies and Rockwell Collins operate, including the effect
of changes in U.S. trade policies or the U.K.'s pending withdrawal from the EU, on general market conditions,
global trade policies and
currency exchange rates in the near term and beyond; (16) the effect
of changes in tax (including U.S. tax reform enacted on December 22, 2017, which is commonly referred to
as the Tax Cuts and Jobs Act
of 2017), environmental, regulatory (including among other things import / export) and other laws and regulations in the U.S. and other countries in which United Technologies and Rockwell Collins operate; (17) the ability
of United Technologies and Rockwell Collins to receive the required regulatory approvals (and the risk that such approvals may result in the imposition
of conditions that could adversely affect the combined company or the expected benefits
of the merger) and to satisfy the other conditions to the closing
of the pending acquisition on a timely basis or at all; (18) the occurrence
of events that may give rise to a right
of one or both
of United Technologies or Rockwell Collins to terminate the merger agreement, including in circumstances that might require Rockwell Collins to pay a termination fee
of $ 695 million to United Technologies or $ 50 million
of expense reimbursement; (19) negative effects
of the announcement or the completion
of the merger on the market price
of United Technologies» and / or Rockwell Collins» common stock and / or on their respective financial performance; (20) risks related to Rockwell Collins and United Technologies being restricted in their operation
of their businesses while the merger agreement is in effect; (21) risks relating to the value
of the United Technologies» shares to be issued in connection with the pending Rockwell acquisition, significant merger costs and / or unknown liabilities; (22) risks associated with third party contracts containing consent and / or other provisions that may be triggered by the Rockwell merger agreement; (23) risks associated with merger - related litigation or appraisal proceedings; and (24) the ability
of United Technologies and Rockwell Collins, or the combined company, to retain and hire key personnel.
The usual proxies for
global growth — oil and other commodities, emerging market
currencies, energy and mining stocks — are almost all sharply lower
as investors bail out
of any kind
of trade predicated on growth in China and the rest
of the emerging world, which accounts for 85 %
of the world's population.
The dollar index, which compares it to a basket
of global currencies, was down around 10 percent last year after several years
of gains
as the U.S. economy improved following the
global economic crash.
An anonymous respondent commented, «With the rise
of bitcoin or other virtual
currencies people may switch to these entirely
as global currencies,
as the dollar and euro may see too many ups and downs.»
Figuring out ways to regulate trading by sophisticated investors in derivatives, which go by exotic names such
as «
currency forwards» and «credit default swaps,» is a hot topic in international policy circles, largely because failures on this murky side
of the market are blamed for the 2008
global credit meltdown and the recession that followed.
A number
of factors — such
as rising US interest rates, the recurrence
of big fluctuations in
global currencies, and the widening dispersion
of equity returns across sectors and regions — may have helped to create an increasingly conducive environment for hedge - fund strategies, which have seen a positive turnaround in performance in recent quarters.
«Most people are buying Bitcoin, not because
of a belief in its future
as a
global currency, but because they expect it to rise in value,» a note from economists at Capital Economics said on Wednesday.
Chinese authorities had been propping up the yuan, contributing to an almost $ 300 billion drop in foreign - exchange reserves over the last four quarters,
as policy makers sought to deter capital outflows and encourage
global usage
of the
currency.
NEW YORK (Reuters)- Alphabit, a
global fund that invests in digital
currencies, has been launched with a target
of $ 300 million, co-founder Liam Robertson said in an interview,
as managers seek to tap growing demand for virtual assets that allow for instant, borderless transactions.
As volatile
currencies toy with the bottom lines
of global companies, corporate treasurers are paying a lot more attention to foreign exchange.
As I've already noted, Fed policies have significant effects internationally, given the central place of U.S. markets in the global financial system and the dollar's status as the leading global reserve currenc
As I've already noted, Fed policies have significant effects internationally, given the central place
of U.S. markets in the
global financial system and the dollar's status
as the leading global reserve currenc
as the leading
global reserve
currency.
A weaker U.S. dollar, relative to other
global currencies, deserves a lot
of the credit
as well.
Based on the overwhelming popularity
of the Dollar among the G20 nations, it's highly unlikely the greenback will be dethroned
as the
global reserve
currency.
Since 2001 the silver and gold markets have gone up substantially
as a reaction to the 20 year precious metals bear market from 1980 — 2000, massive increases in military spending, weakening
global economies that REQUIRE Quantitative Easing to avoid deflation, the rise
of competing
currencies that weaken the dollar's trading status, excessive debts in Europe, Japan, the United Kingdom, and the United States, and so much more.
So is this the end
of the hype about bitcoin
as the future
of global currencies?
Today, it's perched atop
global currency markets
as Canada wins acclaim for its economic outlook and handling
of the public debt, a point driven home Wednesday when a Russian Central Bank official confirmed that the Canadian dollar would be added to its international reserves.
The RTI — calculated by Crypto Facilities — is sourced in the same manner
as the BRR, however, data is sampled from major exchanges (Bitfinex, Bitstamp, Coinbase, Genesis
Global Trading, itBit, Kraken) every second and aggregated into one giant order book that will serve as an indicator of global supply / demand for the digital cur
Global Trading, itBit, Kraken) every second and aggregated into one giant order book that will serve
as an indicator
of global supply / demand for the digital cur
global supply / demand for the digital
currency.
What led to the demise
of the gold standard has relevance to today's challenge to the dollar
as the
global reserve
currency.
Due to the massive debt being amassed by government spending, the role
of the dollar
as the
global reserve
currency is threatened.
For much
of my career I pretty much accepted the consensus, but
as I started to think more seriously about the components
of the balance
of payments, I realized that when Keynes at Bretton Woods argued for a hybrid
currency (which he called «bancor») to serve
as the
global reserve
currency, and not the US dollar, he wasn't only expressing his dismay about the transfer
of international status from Britain to the US.
It could also increase Beijing's bargaining power to convince Aramco to accept yuan payments for its oil instead
of U.S. dollars,
as China is trying to make its
currency a
global one.
As a
currency it enjoys
global recognition, is not bound by the FX exchanges or interest rates
of any country and transaction fees are very low.
Oil plunged another 4 percent, while safe - haven government U.S. and German bonds, and the yen and the euro, rallied
as widespread fears
of a China - led
global economic slowdown and
currency war kicked in.
The future
of the US dollar
as the
global reserve
currency is one
of the special topics tackled in great detail this year,
as is the rise
of populist politics, and potential «black swans» or «gray swans», which continue to lurk in the
global financial landscape, awaiting discovery by the unwary.
However, it is mandatory for law enforcement agencies to continue their pursuit towards finding digital criminals, and cleaning the bitcoin market,
as an effort
of making the digital
currency be used for its true purpose: decentralized
global payments.
2017 was the year
of cryptocurrencies
as interest in the
global monetary system started to move from fiat
currencies to crypto.
As the USD is the largest component in the basket of global currencies against which other currencies» purchasing power are measured, and the ruble lost 58 % in valuation versus the USD just from June 2014 to January 2016, I would dare claim that a 58 % devaluation qualifies as a cras
As the USD is the largest component in the basket
of global currencies against which other
currencies» purchasing power are measured, and the ruble lost 58 % in valuation versus the USD just from June 2014 to January 2016, I would dare claim that a 58 % devaluation qualifies
as a cras
as a crash.
Institutional investors rarely invest in the precious metal, let alone crypto -
currencies for that matter, and according to them, investments in gold are generally carried out by retail investors in countries such
as India and China, with central banks contributing to the rest
of the
global demand.
Anticipating
global acceptance
of Bitcoin, should you want to denominate and / or settle payments in Bitcoin, we treat Bitcoin
as a foreign
currency.
In a 6/25/15 address to the London Bullion Market Association (LBMA) forum (brought to our attention by Luke Gromen in his newsletter, The Forest for the Trees), Dr.Yao Yudong
of the People's Bank
of China stated, «Main reserve
currency issuers may either fail to adequately meet the demand
of a growing
global economy for liquidity
as they try to ease inflation pressures at home, or create excess liquidity in the
global markets by overly stimulating domestic demand.»
I agree with the Accumulator's points about
Global Index linkers but would point out that a
Global Equity fund would also give a measure
of protection against home - grown inflation via
currency depreciation
as well
as capital / income growth.
This partnership marks another major milestone in the acceptance
of bitcoin worldwide,
as larger and more
global companies embrace the digital
currency.
As the
global security system unravels — with echoes
of 1914 — the premium on the world's safe - haven
currency must rise.
In an effort to forestall any discussion
of Japan
as a
currency manipulator, the Japanese are offering all sorts
of investment ideas in the context
of getting Trump the negotiator to soften his stance on tariffs for Japanese goods, or sourced material from Asia for assembly in the U.S. Japan is a paramount promoter
of the
global supply chain paradigm.
Chinese stock market gyrations impact
global equity markets and all type
of commodities and foreign
currencies as traders «guess» what assets the Chinese might be selling to raise cash to meet stock market losses.
On the political front, «Denominating oil contracts in yuan would promote the use
of China's
currency in
global trade, one
of the country's key long - term goals
as an alternative to the dollar — making this even more appealing to sanctions - threatened countries relying on the dollar,» Ramady wrote in The National.
The world's first yuan - denominated oil contracts launched today,
as part
of China's drive to turn its
currency into a
global force in markets.
While the official goal
of the new futures contract is to establish a regional benchmark for more useful pricing
of the crude grades prevalent on the Chinese market, analysts see the yuan oil futures
as a step toward China seeking wider acceptance
of its
currency in
global trade, including the oil trade, and establishing a petro - yuan that could challenge, in the future, the dominance
of the petrodollar.
As a function
of this dynamic, we are seeing large movements in foreign exchange and
global currencies, again creating tangible long - versus - short trading opportunities for relative value strategies.
A bigger fall would clash with China's aim
of promoting the renminbi
as a strong
global reserve
currency, says Jessop.
With the inability to control, monitor, legislate and print,
global governments will always likely oppose cyber
currency as a way
of evading taxes and their legal system.