In terms
of currency effects, the Australian dollar appreciated against all the major currencies that the Fund has exposure to.
Even net
of any currency effects European markets have been a bit disappointing in the last year or so,» said Kevin Gardiner, global investment strategist at Rothschild Wealth Management.
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.
The
currency effect is calculated by applying the foreign exchange rates
of the prior period to the figures for the period under review.
The
currency effect was a negative 6.6 %, primarily attributable to the appreciation
of the euro versus the US dollar.
According to Thomas, exchanges dislike forks because it undercuts the network
effects that increase the value
of digital
currencies like bitcoin.
Spotify reported first - quarter revenue
of 1.139 billion euros ($ 1.36 billion), up 26 percent from a year earlier, or 37 percent excluding
currency effects.
Organic revenue growth is defined as U.S. GAAP revenue growth excluding the impact
of divestitures, acquisitions and
currency effects
«Derivatives should have the
effect of bringing a deeper liquidity to the market which should reduce volatility,» said Alistair Milne, chief investment officer and co-founder
of Altana Digital
Currency Fund that is based in Monaco.
In
effect, these countries filed false prospectuses; they fluffed up their assets, disguised the liabilities in their pension and benefit schemes, and managed to adopt the euro at a rate
of exchange that exaggerated the value
of their
currencies.
The Swedish company, which began trading in an unorthodox initial public offering a month ago, reported first - quarter revenue
of 1.139 billion euros ($ 1.36 billion), up 26 percent from a year earlier, or 37 percent excluding
currency effects.
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.
He said the latest and toughest sanctions resolutions against North Korea «are working, having an
effect on the situation... on the capacity
of the regime to obtain hard
currency because to go along with the military programs or missile or nuclear (programs) you need money, and that's the objective.»
Kodak is just the latest to see the potential halo
effect of crypto -
currencies after bitcoin soared some 14-fold in 2017.
Earnings before interest, taxes and one - time items rose 20 % to 4.13 billion kroner ($ 652 million), beating estimates
of 3.82 billion kroner Sales rose 2 % on a basis that excludes
currency and acquisition
effects, compared with analysts projections for growth
of 3.2 % Debt reduced by 14 % to 21.9 billion kroner Carlsberg reduced its full - year forecast for gains from
currency shifts to 50 million kroner from 300 million kroner.
Without it, however, AECOM's organic revenue growth was flat last year, restrained in part by the
effects of currency - exchange rates.
L'Oreal, the world's biggest cosmetics firm, said group sales grew 6.8 percent from a year earlier on a like - for - like basis, which removes the
effect of currency swings and acquisitions or disposals.
History has many examples
of currencies that have failed and been relegated to the dustbin, usually because
of run on their value in the other direction: down, with a devastating inflationary
effect.
Last year PepsiCo delivered 4 % organic revenue growth (the company's favorite non-GAAP metric, it removes the
effects of acquisitions and
currency fluctuations) for the second year in a row.
Constant
currency percentage changes exclude the
effects of foreign
currency exchange rates.
The Swedish company, which began trading in an unorthodox direct listing on the New York Stock Exchange in April, reported first - quarter revenue
of 1.139 billion euros ($ 1.36 billion), up 26 percent from a year earlier, or 37 percent excluding
currency effects.
Regardless, the immediate
effect is downward pressure on the value
of currency and assets linked to housing and the banking industry.
We analyze key operating metrics on a constant
currency basis as this helps identify underlying business trends, without distortion from the
effects of currency movements.
System - wide sales growth and comparable sales are measured on a constant
currency basis, which means that results exclude the
effect of foreign
currency translation and are calculated by translating prior year results at current year monthly average exchange rates.
For the first quarter
of 2015, Ford said 70 percent
of its global revenue decline was due to the
effects of currency - exchange fluctuations.
Counted in greenbacks, in other words, it was a wash, unless you held something like the db X-trackers MSCI Japan Hedged ETF (NYSE: DBJP), which muffled the
effects of the
currency drop.
The indictment stated that the company's virutal
currency «was designed so that criminals could
effect financial transactions under multiple layers
of anonymity and thereby avoid apprehension by law enforcement.»
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 (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.
Because we hold significant assets and liabilities in
currencies other than our Russian ruble operating
currency, and because foreign exchange fluctuations are outside
of our operational control, we believe that it is useful to present adjusted net income and related margin measures excluding these
effects, in order to provide greater clarity regarding our operating performance.
Changes in
currency, net
of lower fuel prices and derivatives, is expected to have a $ 0.03 — a $ 0.03 negative
effect on Q3's earnings.
In
effect, we've replaced Bitcoins (which represent
currency), with tokens
of our own, which represent votes.
Record - low yields obtained from QE are suspected to have an impact on the solvency
of pension funds and life insurers, potentially undermining demand in the
currency area and thus provoking a counter-productive
effect on growth and inflation.
I agree that the regulation will have a positive overall
effect on virtual
currency markets, giving
currencies like Bitcoin an increased air
of legitimacy and likely boosting its market.
Such risks and uncertainties include, but are not limited to: our ability to achieve our financial, strategic and operational plans or initiatives; our ability to predict and manage medical costs and price effectively and develop and maintain good relationships with physicians, hospitals and other health care providers; the impact
of modifications to our operations and processes; our ability to identify potential strategic acquisitions or transactions and realize the expected benefits
of such transactions, including with respect to the Merger; the substantial level
of government regulation over our business and the potential
effects of new laws or regulations or changes in existing laws or regulations; the outcome
of litigation, regulatory audits, investigations, actions and / or guaranty fund assessments; uncertainties surrounding participation in government - sponsored programs such as Medicare; the effectiveness and security
of our information technology and other business systems; unfavorable industry, economic or political conditions, including foreign
currency movements; acts
of war, terrorism, natural disasters or pandemics; our ability to obtain shareholder or regulatory approvals required for the Merger or the requirement to accept conditions that could reduce the anticipated benefits
of the Merger as a condition to obtaining regulatory approvals; a longer time than anticipated to consummate the proposed Merger; problems regarding the successful integration
of the businesses
of Express Scripts and Cigna; unexpected costs regarding the proposed Merger; diversion
of management's attention from ongoing business operations and opportunities during the pendency
of the Merger; potential litigation associated with the proposed Merger; the ability to retain key personnel; the availability
of financing, including relating to the proposed Merger;
effects on the businesses as a result
of uncertainty surrounding the proposed Merger; as well as more specific risks and uncertainties discussed in our most recent report on Form 10 - K and subsequent reports on Forms 10 - Q and 8 - K available on the Investor Relations section
of www.cigna.com as well as on Express Scripts» most recent report on Form 10 - K and subsequent reports on Forms 10 - Q and 8 - K available on the Investor Relations section
of www.express-scripts.com.
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
currency.
This paper examines the day
of the week
effect in the crypto
currency market using a variety
of statistical techniques (average analysis, Student's t - test, ANOVA, the Kruskal - Wallis test, and regression analysis with dummy variables) as well as a trading simulation approach.
Our incentive plans require that reported results be adjusted to remove the
effects of currency exchange rate fluctuations.
The
effect was to depress the value
of foreign
currencies against the dollar, supporting its exchange rate and hence the U.S. terms
of trade.
The improvement for the nine months ended July 31, 2011 was driven primarily by lower litigation costs and lower
currency transaction losses, the
effect of which was partially offset by certain asset impairment charges.
Part
of the attraction
of bitcoin is that it's not a fiat
currency: It can't be inflated or «manipulated» by central banks; it's like gold in its limited, exogenous supply and its deflationary
effects.
Gross margin for the Coach brand is projected to be in the area
of 70 % on a constant
currency basis with negative foreign
currency effects expected to impact gross margin by 80 basis points to 100 basis points.
The floating
currency is absorbing more
of the softer oil price
effect than was the case in January...
Funds which try to hedge to a reference
currency can mitigate the direct impact
of currency movements but can not completely isolate the indirect
effects of foreign exchange movements
- Altice said on Nov. 2 it generated 5.8 billion euros
of revenue in the three months to the end
of September, up 0.3 percent from a year earlier after stripping out the
effects of currency movements.
About the author: JS Kim is the Managing Director and Founder
of SmartKnowledgeU, a fiercely independent research, consulting and education firm that focuses on gold and silver asset investment strategies as a means
of countering the damaging
effects of rapidly devaluing fiat
currencies worldwide and price - distorted stock market and asset bubbles created by Central Bankers.
The
effect of this Bitcoin Cash hard fork will be visible on the
currency's price as the date approaches.
If Greece walks away from its debts, an exit from the euro
currency would be likely, and the
effects would ripple through the rest
of Europe and its struggling economies.
BT reported a 0.2 percent fall in revenue for the full year, stripping out the
effects of one - offs,
currency moves and its acquisition
of mobile operator EE.
The indirect
effects are larger, though, because the
currencies of America's two largest export markets — Mexico and Canada — tend to weaken when the Chinese economy slows and pushes global commodity prices lower.