For more information on the effects
of changes in the exchange rate on the domestic economy, see Explainer: Exchange Rates and the Australian Economy.
It is a unit
of change in an exchange rate or currency pair.
Excluding the impact
of changes in exchange rates (+6.0 %) and acquisitions, total sales were up 6.9 %.
Excluding the impact
of changes in exchange rates and the integration -LSB-...]
For a currency exchange, if you have a gain on a personal foreign currency transaction because
of changes in exchange rates, you do not have to include that gain in your income unless it is more than $ 200.00.
The Portfolio's net asset value could decline as a result
of changes in the exchange rates between foreign currencies and the U.S. dollar.
Although the illustration above shows an extreme example
of a change in exchange rates, the table below shows the year - over-year volatility of the Canadian - U.S. dollar exchange rate over time, which can also be significant over shorter periods of time.
It is a unit
of change in an exchange rate or currency pair.
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.
Research by the Bank
of Canada that Poloz unveiled
in his lecture suggests that if Canada's companies have spread out across the globe, rather than simply doing the bulk
of their work at home, then the domestic economy will be much less responsive to subtle
changes in borrowing costs and the
exchange rate.
the impact
of investment (including
changes in interest
rates), economic (including inflation, recent
changes in tax law, rapid
changes in commodity prices and fluctuations
in foreign currency
exchange rates) and underwriting market conditions;
«When you
change your trading relationship and population movements with the world, it has to
change everything from the cost and supply
of labour, the cost
of good (
exchange rate), the availability
of market access (
in and out), government finances (fiscal policy) or as we know very well monetary policy.
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.
Not only do credit cards have fraud protections
in place
in the event
of theft, but they also offer some
of the best currency
exchange rates around — much better than you'd get
changing bills at a bank or
exchange kiosk.
Factors that will have an impact on credit quality
of companies include domestic consumption trends, exports, commodity price risks, sensitivity to
changes in interest
rates, working capital risk, capital expenditure and sensitivity to foreign
exchange volatility.
Among the factors that could cause actual results to differ materially are the following: (1) worldwide economic, political, and capital markets conditions and other factors beyond the Company's control, including natural and other disasters or climate
change affecting the operations
of the Company or its customers and suppliers; (2) the Company's credit
ratings and its cost
of capital; (3) competitive conditions and customer preferences; (4) foreign currency
exchange rates and fluctuations
in those
rates; (5) the timing and market acceptance
of new product offerings; (6) the availability and cost
of purchased components, compounds, raw materials and energy (including oil and natural gas and their derivatives) due to shortages, increased demand or supply interruptions (including those caused by natural and other disasters and other events); (7) the impact
of acquisitions, strategic alliances, divestitures, and other unusual events resulting from portfolio management actions and other evolving business strategies, and possible organizational restructuring; (8) generating fewer productivity improvements than estimated; (9) unanticipated problems or delays with the phased implementation
of a global enterprise resource planning (ERP) system, or security breaches and other disruptions to the Company's information technology infrastructure; (10) financial market risks that may affect the Company's funding obligations under defined benefit pension and postretirement plans; and (11) legal proceedings, including significant developments that could occur
in the legal and regulatory proceedings described
in the Company's Annual Report on Form 10 - K for the year ended Dec. 31, 2017, and any subsequent quarterly reports on Form 10 - Q (the «Reports»).
«The history
of currency pegs is that they are susceptible to
changes in economic fundamentals that warrant a completely different level
in the
exchange rate,» said Neil MacKinnon, global macro strategist at VTB Capital.
Yandex's Russian operating subsidiaries» functional currency is the Russian ruble, and therefore
changes due to
exchange rate fluctuations
in the ruble value
of these subsidiaries» monetary assets and liabilities that are denominated
in other currencies are recognized as foreign
exchange gains or losses within the Other loss, net line
in the condensed consolidated statements
of income.
These risks and uncertainties include: Gilead's ability to achieve its anticipated full year 2018 financial results; Gilead's ability to sustain growth
in revenues for its antiviral and other programs; the risk that private and public payers may be reluctant to provide, or continue to provide, coverage or reimbursement for new products, including Vosevi, Yescarta, Epclusa, Harvoni, Genvoya, Odefsey, Descovy, Biktarvy and Vemlidy ®; austerity measures
in European countries that may increase the amount
of discount required on Gilead's products; an increase
in discounts, chargebacks and rebates due to ongoing contracts and future negotiations with commercial and government payers; a larger than anticipated shift
in payer mix to more highly discounted payer segments and geographic regions and decreases
in treatment duration; availability
of funding for state AIDS Drug Assistance Programs (ADAPs); continued fluctuations
in ADAP purchases driven by federal and state grant cycles which may not mirror patient demand and may cause fluctuations
in Gilead's earnings; market share and price erosion caused by the introduction
of generic versions
of Viread and Truvada, an uncertain global macroeconomic environment; and potential amendments to the Affordable Care Act or other government action that could have the effect
of lowering prices or reducing the number
of insured patients; the possibility
of unfavorable results from clinical trials involving investigational compounds; Gilead's ability to initiate clinical trials
in its currently anticipated timeframes; the levels
of inventory held by wholesalers and retailers which may cause fluctuations
in Gilead's earnings; Kite's ability to develop and commercialize cell therapies utilizing the zinc finger nuclease technology platform and realize the benefits
of the Sangamo partnership; Gilead's ability to submit new drug applications for new product candidates
in the timelines currently anticipated; Gilead's ability to receive regulatory approvals
in a timely manner or at all, for new and current products, including Biktarvy; Gilead's ability to successfully commercialize its products, including Biktarvy; the risk that physicians and patients may not see advantages
of these products over other therapies and may therefore be reluctant to prescribe the products; Gilead's ability to successfully develop its hematology / oncology and inflammation / respiratory programs; safety and efficacy data from clinical studies may not warrant further development
of Gilead's product candidates, including GS - 9620 and Yescarta
in combination with Pfizer's utomilumab; Gilead's ability to pay dividends or complete its share repurchase program due to
changes in its stock price, corporate or other market conditions; fluctuations
in the foreign
exchange rate of the U.S. dollar that may cause an unfavorable foreign currency exchange impact on Gilead's future revenues and pre-tax earnings; and other risks identified from time to time in Gilead's reports filed with the U.S. Securities and Exchange Commission (t
exchange rate of the U.S. dollar that may cause an unfavorable foreign currency
exchange impact on Gilead's future revenues and pre-tax earnings; and other risks identified from time to time in Gilead's reports filed with the U.S. Securities and Exchange Commission (t
exchange impact on Gilead's future revenues and pre-tax earnings; and other risks identified from time to time
in Gilead's reports filed with the U.S. Securities and
Exchange Commission (t
Exchange Commission (the SEC).
These risks include,
in no particular order, the following: the trends toward more high - definition, on - demand and anytime, anywhere video will not continue to develop at its current pace or will expire; the possibility that our products will not generate sales that are commensurate with our expectations or that our cost
of revenue or operating expenses may exceed our expectations; the mix
of products and services sold
in various geographies and the effect it has on gross margins; delays or decreases
in capital spending
in the cable, satellite, telco, broadcast and media industries; customer concentration and consolidation; the impact
of general economic conditions on our sales and operations; our ability to develop new and enhanced products
in a timely manner and market acceptance
of our new or existing products; losses
of one or more key customers; risks associated with our international operations;
exchange rate fluctuations
of the currencies
in which we conduct business; risks associated with our CableOS ™ and VOS ™ product solutions; dependence on market acceptance
of various types
of broadband services, on the adoption
of new broadband technologies and on broadband industry trends; inventory management; the lack
of timely availability
of parts or raw materials necessary to produce our products; the impact
of increases
in the prices
of raw materials and oil; the effect
of competition, on both revenue and gross margins; difficulties associated with rapid technological
changes in our markets; risks associated with unpredictable sales cycles; our dependence on contract manufacturers and sole or limited source suppliers; and the effect on our business
of natural disasters.
Commentary: «Revenues were up 8.3 % for the third quarter versus the prior - year period, due primarily to higher commodity prices impacting the Company's supply chain revenues, higher same store sales
in both domestic and international stores, store count growth
in international markets and the positive impact
of changes in foreign currency
exchange rates.»
Actual results could differ materially from those expressed
in or implied by the forward - looking statements contained
in this release because
of a variety
of factors, including conditions to, or
changes in the timing
of, proposed real estate and other transactions, prevailing interest
rates and non-recurring charges, store closings, competitive pressures from specialty stores, general merchandise stores, off - price and discount stores, manufacturers» outlets, the Internet, mail - order catalogs and television shopping and general consumer spending levels, including the impact
of the availability and level
of consumer debt, the effect
of weather and other factors identified
in documents filed by the company with the Securities and
Exchange Commission.
2 The percentage
change has been calculated using actual
exchange rates in use during the comparative prior year period to enhance the visibility
of the underlying business trends by excluding the impact
of translation arising from foreign currency
exchange rate fluctuations, which is considered a non-GAAP financial measure.
Indeed,
in a classic paper written
in the early 1960s, Mundell (Mundell, 1963) showed how,
in a world
of complete asset substitutability and perfect capital mobility, real interest
rates would be largely determined by international market forces with the
exchange rate moving
in response to
changes in domestic monetary policy to provide most
of the desired accommodation or tightening.
The authors find that knowing the direction
of the
change in the net position
in a particular currency, one would have a 75 percent chance
of correctly guessing the
exchange rate's direction over that same week.
Exchange Rate Changes and Net Positions of Speculators in the Futures Market Research by Thomas Klitgaard and Laura Weir finds a strong and stable contemporaneous relationship between weekly changes in the net positions of futures market speculators and exchange rate movements, but that such data do not appear to be useful in anticipating such changes over the followi
Exchange Rate Changes and Net Positions of Speculators in the Futures Market Research by Thomas Klitgaard and Laura Weir finds a strong and stable contemporaneous relationship between weekly changes in the net positions of futures market speculators and exchange rate movements, but that such data do not appear to be useful in anticipating such changes over the following w
Rate Changes and Net Positions of Speculators in the Futures Market Research by Thomas Klitgaard and Laura Weir finds a strong and stable contemporaneous relationship between weekly changes in the net positions of futures market speculators and exchange rate movements, but that such data do not appear to be useful in anticipating such changes over the followin
Changes and Net Positions
of Speculators
in the Futures Market Research by Thomas Klitgaard and Laura Weir finds a strong and stable contemporaneous relationship between weekly
changes in the net positions of futures market speculators and exchange rate movements, but that such data do not appear to be useful in anticipating such changes over the followin
changes in the net positions
of futures market speculators and
exchange rate movements, but that such data do not appear to be useful in anticipating such changes over the followi
exchange rate movements, but that such data do not appear to be useful in anticipating such changes over the following w
rate movements, but that such data do not appear to be useful
in anticipating such
changes over the followin
changes over the following week.
Factors that could cause or contribute to actual results differing from our forward - looking statements include risks relating to: failure
of DBRS to
rate the Notes at the anticipated
ratings levels, which is a closing condition, or at all;
changes in the financial markets, including
changes in credit markets, interest
rates, securitization markets generally and our proposed securitization
in particular; the willingness
of investors to buy the Notes; adverse developments regarding OnDeck, its business or the online or broader marketplace lending industry generally, any
of which could impact what credit
ratings, if any, are issued with respect to the Notes; the extended settlement cycle for the scheduled closing on April 17, 2018, which may exacerbate the foregoing risks; and other risks, including those described
in our Annual Report on Form 10 - K for the year ended December 31, 2017 and
in other documents that we file with the Securities and
Exchange Commission from time to time which are or will be available on the Commission's website at www.sec.gov.
But a prolonged continuation
of the
exchange rate arrangements that have given rise to the large increase
in foreign official investments
in U.S. financial assets is unlikely to be consistent with the domestic requirements
of those economies, and for this reason many are already
in the process
of change.
Factors that could cause actual results to differ include general business and economic conditions and the state
of the solar industry; governmental support for the deployment
of solar power; future available supplies
of high - purity silicon; demand for end - use products by consumers and inventory levels
of such products
in the supply chain;
changes in demand from significant customers;
changes in demand from major markets such as Japan, the U.S., India and China;
changes in customer order patterns;
changes in product mix; capacity utilization; level
of competition; pricing pressure and declines
in average selling prices; delays
in new product introduction; delays
in utility - scale project approval process; delays
in utility - scale project construction; delays
in the completion
of project sales; continued success
in technological innovations and delivery
of products with the features customers demand; shortage
in supply
of materials or capacity requirements; availability
of financing;
exchange rate fluctuations; litigation and other risks as described
in the Company's SEC filings, including its annual report on Form 20 - F filed on April 27, 2017.
Factors that could cause actual results to differ include general business and economic conditions and the state
of the solar industry; governmental support for the deployment
of solar power; future available supplies
of high - purity silicon; demand for end - use products by consumers and inventory levels
of such products
in the supply chain;
changes in demand from significant customers;
changes in demand from major markets such as Japan, the U.S., India and China;
changes in customer order patterns;
changes in product mix; capacity utilization; level
of competition; pricing pressure and declines
in average selling prices; delays
in new product introduction; delays
in utility - scale project approval process; delays
in utility - scale project construction; continued success
in technological innovations and delivery
of products with the features customers demand; shortage
in supply
of materials or capacity requirements; availability
of financing;
exchange rate fluctuations; litigation and other risks as described
in the Company's SEC filings, including its annual report on Form 20 - F filed on April 20, 2016.
So it's better to think about
changes in commodity prices
in terms
of the terms
of trade than on the
exchange rate.
Moreover, the sense that a higher
exchange rate might not just be a temporary phenomenon may be leading to a pick - up
in the pace
of structural
change in the economy.
Factors that could cause actual results to differ include general business and economic conditions and the state
of the solar industry; governmental support for the deployment
of solar power; future available supplies
of high - purity silicon; demand for end - use products by consumers and inventory levels
of such products
in the supply chain;
changes in demand from significant customers;
changes in demand from major markets such as Japan, the U.S., India and China;
changes in customer order patterns;
changes in product mix; capacity utilization; level
of competition; pricing pressure and declines
in average selling prices; delays
in new product introduction; delays
in utility - scale project approval process; delays
in utility - scale project construction; cancelation
of utility - scale feed -
in - tariff contracts
in Japan; continued success
in technological innovations and delivery
of products with the features customers demand; shortage
in supply
of materials or capacity requirements; availability
of financing;
exchange rate fluctuations; litigation and other risks as described
in the Company's SEC filings, including its annual report on Form 20 - F filed on April 27, 2017.
Commodity prices may be affected by a variety
of factors at any time, including but not limited to, (i)
changes in supply and demand relationships, (ii) governmental programs and policies, (iii) national and international political and economic events, war and terrorist events, (iv)
changes in interest and
exchange rates, (v) trading activities
in commodities and related contracts, (vi) pestilence, technological
change and weather, and (vii) the price volatility
of a commodity.
Changes in the
rates of exchange between currencies may cause the value
of investments to fluctuate.
[5]
Of course, just how the
exchange rate reacts to a
change in commodity prices will depend, among other things, on how monetary policy is expected to respond.
Important factors that may affect the Company's business and operations and that may cause actual results to differ materially from those
in the forward - looking statements include, but are not limited to, increased competition; the Company's ability to maintain, extend and expand its reputation and brand image; the Company's ability to differentiate its products from other brands; the consolidation
of retail customers; the Company's ability to predict, identify and interpret
changes in consumer preferences and demand; the Company's ability to drive revenue growth
in its key product categories, increase its market share, or add products; an impairment
of the carrying value
of goodwill or other indefinite - lived intangible assets; volatility
in commodity, energy and other input costs;
changes in the Company's management team or other key personnel; the Company's inability to realize the anticipated benefits from the Company's cost savings initiatives;
changes in relationships with significant customers and suppliers; execution
of the Company's international expansion strategy;
changes in laws and regulations; legal claims or other regulatory enforcement actions; product recalls or product liability claims; unanticipated business disruptions; failure to successfully integrate the Company; the Company's ability to complete or realize the benefits from potential and completed acquisitions, alliances, divestitures or joint ventures; economic and political conditions
in the nations
in which the Company operates; the volatility
of capital markets; increased pension, labor and people - related expenses; volatility
in the market value
of all or a portion
of the derivatives that the Company uses;
exchange rate fluctuations; disruptions
in information technology networks and systems; the Company's inability to protect intellectual property rights; impacts
of natural events
in the locations
in which the Company or its customers, suppliers or regulators operate; the Company's indebtedness and ability to pay such indebtedness; the Company's dividend payments on its Series A Preferred Stock; tax law
changes or interpretations; pricing actions; and other factors.
Changes in global demand for Canadian assets are no less genuine causes of exchange - rate fluctuations than changes in global demand for Canadian exported goods and se
Changes in global demand for Canadian assets are no less genuine causes
of exchange -
rate fluctuations than
changes in global demand for Canadian exported goods and se
changes in global demand for Canadian exported goods and services.
«These strong year - over-year results were fueled by an acceleration
in our Americas» business led by the US and Canada, our 25th consecutive quarter
of double - digit growth
in Germany, continued meaningful progress
in Asia - Pacific and
changes in foreign currency
exchange rates.
Important factors that may affect the Company's business and operations and that may cause actual results to differ materially from those
in the forward - looking statements include, but are not limited to, operating
in a highly competitive industry;
changes in the retail landscape or the loss
of key retail customers; the Company's ability to maintain, extend and expand its reputation and brand image; the impacts
of the Company's international operations; the Company's ability to leverage its brand value; the Company's ability to predict, identify and interpret
changes in consumer preferences and demand; the Company's ability to drive revenue growth
in its key product categories, increase its market share, or add products; an impairment
of the carrying value
of goodwill or other indefinite - lived intangible assets; volatility
in commodity, energy and other input costs;
changes in the Company's management team or other key personnel; the Company's ability to realize the anticipated benefits from its cost savings initiatives;
changes in relationships with significant customers and suppliers; the execution
of the Company's international expansion strategy; tax law
changes or interpretations; legal claims or other regulatory enforcement actions; product recalls or product liability claims; unanticipated business disruptions; the Company's ability to complete or realize the benefits from potential and completed acquisitions, alliances, divestitures or joint ventures; economic and political conditions
in the United States and
in various other nations
in which we operate; the volatility
of capital markets; increased pension, labor and people - related expenses; volatility
in the market value
of all or a portion
of the derivatives we use;
exchange rate fluctuations; risks associated with information technology and systems, including service interruptions, misappropriation
of data or breaches
of security; the Company's ability to protect intellectual property rights; impacts
of natural events
in the locations
in which we or the Company's customers, suppliers or regulators operate; the Company's indebtedness and ability to pay such indebtedness; the Company's ownership structure; the impact
of future sales
of its common stock
in the public markets; the Company's ability to continue to pay a regular dividend;
changes in laws and regulations; restatements
of the Company's consolidated financial statements; and other factors.
Important factors that may affect the Company's business and operations and that may cause actual results to differ materially from those
in the forward - looking statements include, but are not limited to, increased competition; the Company's ability to maintain, extend and expand its reputation and brand image; the Company's ability to differentiate its products from other brands; the consolidation
of retail customers; the Company's ability to predict, identify and interpret
changes in consumer preferences and demand; the Company's ability to drive revenue growth
in its key product categories, increase its market share or add products; an impairment
of the carrying value
of goodwill or other indefinite - lived intangible assets; volatility
in commodity, energy and other input costs;
changes in the Company's management team or other key personnel; the Company's inability to realize the anticipated benefits from the Company's cost savings initiatives;
changes in relationships with significant customers and suppliers; execution
of the Company's international expansion strategy;
changes in laws and regulations; legal claims or other regulatory enforcement actions; product recalls or product liability claims; unanticipated business disruptions; failure to successfully integrate the business and operations
of the Company
in the expected time frame; the Company's ability to complete or realize the benefits from potential and completed acquisitions, alliances, divestitures or joint ventures; economic and political conditions
in the nations
in which the Company operates; the volatility
of capital markets; increased pension, labor and people - related expenses; volatility
in the market value
of all or a portion
of the derivatives that the Company uses;
exchange rate fluctuations; risks associated with information technology and systems, including service interruptions, misappropriation
of data or breaches
of security; the Company's inability to protect intellectual property rights; impacts
of natural events
in the locations
in which the Company or its customers, suppliers or regulators operate; the Company's indebtedness and ability to pay such indebtedness; tax law
changes or interpretations; and other factors.
These risks and uncertainties include food safety and food - borne illness concerns; litigation; unfavorable publicity; federal, state and local regulation
of our business including health care reform, labor and insurance costs; technology failures; failure to execute a business continuity plan following a disaster; health concerns including virus outbreaks; the intensely competitive nature
of the restaurant industry; factors impacting our ability to drive sales growth; the impact
of indebtedness we incurred
in the RARE acquisition; our plans to expand our newer brands like Bahama Breeze and Seasons 52; our ability to successfully integrate Eddie V's restaurant operations; a lack
of suitable new restaurant locations; higher - than - anticipated costs to open, close or remodel restaurants; increased advertising and marketing costs; a failure to develop and recruit effective leaders; the price and availability
of key food products and utilities; shortages or interruptions
in the delivery
of food and other products; volatility
in the market value
of derivatives; general macroeconomic factors, including unemployment and interest
rates; disruptions
in the financial markets; risk
of doing business with franchisees and vendors
in foreign markets; failure to protect our service marks or other intellectual property; a possible impairment
in the carrying value
of our goodwill or other intangible assets; a failure
of our internal controls over financial reporting or
changes in accounting standards; and other factors and uncertainties discussed from time to time
in reports filed by Darden with the Securities and
Exchange Commission.
However, if the ordinary shares or ADSs are treated as traded on an «established securities market» and you are either a cash basis taxpayer or an accrual basis taxpayer that has made a special election (which must be applied consistently from year to year and can not be
changed without the consent
of the IRS), you will determine the U.S. dollar value
of the amount realized
in a non U.S. dollar currency by translating the amount received at the spot
rate of exchange on the settlement date
of the sale.
Accordingly,
changes in exchange rates, and
in particular a strengthening
of the U.S. dollar, would negatively affect our revenue and other operating results as expressed
in U.S. dollars.
The confidence
in Bitcoin may break as a result
of unexpected
changes such as: unfavorable legal regulations, banning electronic legal tenders, introducing the prohibition on trading
in virtual currency
in specific areas, imposing high taxes, creating competitive alternative currencies, deflation, and other factors which may significantly affect the shaping
of the
exchange rate of Bitcoin against other currencies.
M - DAQ is a game -
changing platform that prices and trades
exchange - traded products
in a multitude
of choice currencies by blending «executable» FX
rates into equities and futures products.
There has, therefore, been little net
change in net holdings
of foreign
exchange reserves, apart from valuation effects arising from
exchange rate changes.
In doing so, investors are taking on a range of risks such as exposure to changes in the shape of the yield curve, credit spreads or exchange rate
In doing so, investors are taking on a range
of risks such as exposure to
changes in the shape of the yield curve, credit spreads or exchange rate
in the shape
of the yield curve, credit spreads or
exchange rates.
«Clients need to be mindful
of changes in the
rates» market dynamics,» says Antoine Jacquemin, deputy head
of Western - Europe foreign
exchange and interest -
rate derivatives corporate sales at Societe Generale,
in Paris.
The amount
of return you receive on an
exchange traded note depends on and is based on the performance
of a specific market index; whereas, the value
of the
exchange traded note is affected by
changes in credit
ratings...