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 Company is also subject to a number
of additional risks associated with its business outside the United States, including foreign
currency exchange fluctuations and restrictive regulations as well as the risks and uncertainties associated with the United Kingdom's withdrawal from the European Union;
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;
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.
This is a far less volatile way
of doing things than using
exchange rates: for example, the price
of a hamburger doesn't jump 27 % simply because
of currency fluctuations.
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»).
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.
For the first quarter
of 2015, Ford said 70 percent
of its global revenue decline was due to the effects
of currency -
exchange fluctuations.
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.
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.
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.
It relates that in light
of cryptocurrency price
fluctuations, the attack on the South Korean
exchange Youbit, and that platform's consequent decision to declare bankruptcy, «It is necessary... to be vigilant about virtual
currency trading.»
Fluctuations in the
exchange rates between the U.S. dollar and those other
currencies could result in the dollar equivalent
of such expenses being higher and / or the dollar equivalent
of such foreign - denominated revenue being lower than would be the case if
exchange rates were stable.
Special risks are associated with investing in foreign securities, including risks associated with political and economic developments, trading practices, availability
of information, limited markets and
currency exchange rate
fluctuations and policies.
Given our significant international operations, which contribute approximately 30 %
of our total revenues,
fluctuations in
currency exchange rates, which are generally out
of our management's control, often have a significant impact on our financial results.
Our incentive plans require that reported results be adjusted to remove the effects
of currency exchange rate
fluctuations.
An adjustment for the impact
of currency exchange rate
fluctuations, which was also mandated at the time goals were established.
We do, however, anticipate entering into foreign
currency exchange contracts for purposes
of hedging foreign
exchange rate
fluctuations on our business operations in future operating periods as our exposures are deemed to be material.
Accordingly,
fluctuations in foreign
currency exchange rates, most notably the strengthening
of the U.S. dollar against the
Wars, periods
of high inflation, lapse
of the gold standard, introduction and lapse
of the Bretton Woods agreements and adoption
of the current floating
exchange rate system in 1973 drove
currency fluctuations.
These risks and uncertainties include:
fluctuations in U.S. and international economies and
currencies, our ability to preserve, grow and leverage our brands, potential negative effects
of material breaches
of our information technology systems if any were to occur, costs associated with, and the successful execution
of, the company's initiatives and plans, the acceptance
of the company's products by our customers, the impact
of competition, coffee, dairy and other raw material prices and availability, the effect
of legal proceedings, and other risks detailed in the company filings with the Securities and
Exchange Commission, including the «Risk Factors» section
of Starbucks Annual Report on Form 10 - K for the fiscal year ended September 28, 2014.
It is possible to trade offshore, however, any trader doing so would need to consider the
exchange rate factors because
of the
fluctuations that arise due to funding your account in other
currencies besides the Australian
currency.
L&H is into the business
of offering the traders chance to speculate on the
fluctuations of the
exchange rate
of any financial instrument, that includes crypto
currencies and crypto coins also.
Exchange traded funds, such as the iShares
Currency Hedged MSCI EMU ETF (HEZU) and the iShares
Currency Hedged MSCI Germany ETF (HEWG), can provide access to the eurozone market and Germany, respectively, while potentially mitigating exposure to
fluctuations between the value
of the euro and the U.S. dollar.
Examples
of these risks, uncertainties and other factors include, but are not limited to the impact
of: adverse general economic and related factors, such as fluctuating or increasing levels
of unemployment, underemployment and the volatility
of fuel prices, declines in the securities and real estate markets, and perceptions
of these conditions that decrease the level
of disposable income
of consumers or consumer confidence; adverse events impacting the security
of travel, such as terrorist acts, armed conflict and threats thereof, acts
of piracy, and other international events; the risks and increased costs associated with operating internationally; our expansion into and investments in new markets; breaches in data security or other disturbances to our information technology and other networks; the spread
of epidemics and viral outbreaks; adverse incidents involving cruise ships; changes in fuel prices and / or other cruise operating costs; any impairment
of our tradenames or goodwill; our hedging strategies; our inability to obtain adequate insurance coverage; our substantial indebtedness, including the ability to raise additional capital to fund our operations, and to generate the necessary amount
of cash to service our existing debt; restrictions in the agreements governing our indebtedness that limit our flexibility in operating our business; the significant portion
of our assets pledged as collateral under our existing debt agreements and the ability
of our creditors to accelerate the repayment
of our indebtedness; volatility and disruptions in the global credit and financial markets, which may adversely affect our ability to borrow and could increase our counterparty credit risks, including those under our credit facilities, derivatives, contingent obligations, insurance contracts and new ship progress payment guarantees;
fluctuations in foreign
currency exchange rates; overcapacity in key markets or globally; our inability to recruit or retain qualified personnel or the loss of key personnel; future changes relating to how external distribution channels sell and market our cruises; our reliance on third parties to provide hotel management services to certain ships and certain other services; delays in our shipbuilding program and ship repairs, maintenance and refurbishments; future increases in the price of, or major changes or reduction in, commercial airline services; seasonal variations in passenger fare rates and occupancy levels at different times of the year; our ability to keep pace with developments in technology; amendments to our collective bargaining agreements for crew members and other employee relation issues; the continued availability of attractive port destinations; pending or threatened litigation, investigations and enforcement actions; changes involving the tax and environmental regulatory regimes in which we operate; and other factors set forth under «Risk Factors» in our most recently filed Annual Report on Form 10 - K and subsequent filings by the Company with the Securities and Exchange Com
exchange rates; overcapacity in key markets or globally; our inability to recruit or retain qualified personnel or the loss
of key personnel; future changes relating to how external distribution channels sell and market our cruises; our reliance on third parties to provide hotel management services to certain ships and certain other services; delays in our shipbuilding program and ship repairs, maintenance and refurbishments; future increases in the price
of, or major changes or reduction in, commercial airline services; seasonal variations in passenger fare rates and occupancy levels at different times
of the year; our ability to keep pace with developments in technology; amendments to our collective bargaining agreements for crew members and other employee relation issues; the continued availability
of attractive port destinations; pending or threatened litigation, investigations and enforcement actions; changes involving the tax and environmental regulatory regimes in which we operate; and other factors set forth under «Risk Factors» in our most recently filed Annual Report on Form 10 - K and subsequent filings by the Company with the Securities and
Exchange Com
Exchange Commission.
Recent wild
fluctuations in the
exchange rate
of Bitcoins can be traced in part to the role
of digital middlemen, he said, including the emergence
of the
currency exchanges that buy and sell Bitcoins.
Important factors that could cause actual results to differ materially from those expressed or implied by such forward - looking statements include, without limitation, possible product defects and product liability, risks related to international sales and potential foreign
currency exchange fluctuations, the initiation or outcome of litigation, acts or potential acts of terrorism, international conflicts, significant fluctuations of quarterly operating results, changes in Canadian and foreign laws and regulations, continued acceptance of RIM's products, increased levels of competition, technological changes and the successful development of new products, dependence on third - party networks to provide services, dependence on intellectual property rights, and other risks and factors detailed from time to time in RIM's periodic reports filed with the United States Securities and Exchange Commission, and other regulatory auth
exchange fluctuations, the initiation or outcome
of litigation, acts or potential acts
of terrorism, international conflicts, significant
fluctuations of quarterly operating results, changes in Canadian and foreign laws and regulations, continued acceptance
of RIM's products, increased levels
of competition, technological changes and the successful development
of new products, dependence on third - party networks to provide services, dependence on intellectual property rights, and other risks and factors detailed from time to time in RIM's periodic reports filed with the United States Securities and
Exchange Commission, and other regulatory auth
Exchange Commission, and other regulatory authorities.
However, inherent risks such as contingent liability (where your liability may be greater than the initial purchase price
of the investment), margining requirements (where you are required to make a series
of payments against the purchase price, depending on whether the underlying investment or index is moving in your favour) and international
exchanges (which can mean a reduced level
of investor protection, as well as
currency fluctuation if the investment is not traded in sterling) meant these were out
of reach.
The purpose
of currency swaps is to hedge against risk exposure associated with
exchange rate
fluctuations, ensure receipt
of foreign monies, and to achieve better lending rates.
The
fluctuation of foreign
currency exchange rates will impact your investment returns.
There are special risks associated with investing in securities
of foreign countries such as erratic market conditions, economic and political instability and
fluctuations in
currency exchange rates.
CC: Do you make any attempt to account for
currency fluctuations (ie: If $ US appears to be on upward or downward trajectory - some still think the day
of reckoning has not come for the US and its dollar) or is F / X risk just part and parcel
of your foreign holdings and your global diversification accounts for portfolio allocation and
exchange risk?
More than US$ 1.4 billion has flowed into
exchange - traded funds that protect against
currency fluctuations in developing nations this year, 64 per cent more than in all
of 2014.
Visa sets the rate daily for buying pesos, but prices for dollars may fluctuate modestly at the
exchange houses over the course
of a day.Thus, most or all
of the spread is likely not due to
currency fluctuations.
Therefore, changes in the
exchange rate will cause
fluctuations of the value
of investments denominated in other
currencies.
Investing in securities
of foreign companies involves risks generally not associated with investments in the securities
of U.S. companies, including the risks associated with
fluctuations in foreign
currency exchange rates, unreliable and untimely information about issuers, and political and economic instability.
Currency Trading is mainly speculative in nature and is mostly carried out by the institutions, individuals and funds who want to gain money and make profits due to their opinion about the price
fluctuations in the foreign
exchange as an effect
of world events and economy.
In a detailed post last week (see post Why
Currency Hedging is Necessary), reader Avon explained how foreign stocks are much riskier when one considers the effect
of exchange rate
fluctuations.
FCNR Account: (Foreign
Currency Non Resident Account): To park your overseas earnings in Foreign
Currency Fixed deposits account and mitigate the risk
of exchange rate
fluctuations.
Seek personal advice about the opportunities and risks
of adding some exposure to international bonds, property and shares, including the extra risks
of fluctuations in
currency exchange rates.
A foreign
exchange trader is a person or a company that trades in Forex market using the strategies, indicators and multitude analysis
of states
of fluctuations in
currency values, afterwards making decisions about selling or buying
currencies securities or investments.
Certain types
of market where the participants have a right to
exchange, buy, sell or speculate on
currencies and earn profits from those
fluctuations and turnovers.
It is a term which is used in financial markets with the act or an instance
of buying and selling
currency with the aim
of receiving some profits from the
exchange rate between two
currencies when the trader is trying to predict how much one
currency is worth in terms
of the other and what
fluctuations may appear on the market.
Forex EA means an expert advisor which may resolve and decide what
currency from the
currency pair should have to be bought and what the
fluctuations may influence on the rate
of exchange.
It is a certain fore
of speculation where the trader stakes on the
fluctuations in the
exchange rates
of the pairs
of currencies.
Global
currency trading involves trillions
of dollars to make profits from
fluctuations in
exchange rates and in speculating on
currency variations.
The value
of international investments traded in foreign
currencies may be adversely impacted by
fluctuations in
exchange rates.
However, as the
exchange rate fluctuates, so does the value
of the
currency trading account, and such
fluctuations correspond exactly to
currency gains and losses.
Risks and uncertainties include but are not limited to, general industry conditions and competition; general economic factors, including interest rate and
currency exchange rate
fluctuations; the impact
of pharmaceutical industry regulation and health care legislation in the United States and internationally; global trends toward health care cost containment; technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approval; Merck's ability to accurately predict future market conditions; manufacturing difficulties or delays; financial instability
of international economies and sovereign risk; dependence on the effectiveness
of Merck's patents and other protections for innovative products; and the exposure to litigation, including patent litigation, and / or regulatory actions.