It made no mention
of currency policy, an issue many trade experts had thought might be on the table.
«The Chinese government is set to announce a revision
of its currency policy in the coming days that will allow greater variation in the value of its currency, combined with a small but immediate jump in its value against the dollar, people with knowledge of the consensus emerging in Beijing said Thursday.»
Not exact matches
- Federal Reserve Bank
of Atlanta President Raphael Bostic, Federal Reserve Bank
of Kansas City President Esther George and Federal Reserve Bank
of Dallas President Robert Kaplan participate in «Monetary
Policy and Reform in Practice» panel before the Hoover Institution / Stanford University «
Currencies, Capital, and Central Bank Balances: a
Policy Conference,» - 0000 GMT.
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.
«
Policy divergence is expected to remain a prominent theme,» Canadian policy makers said in their December 2 statement, new language that read as a reminder to currency traders that the Bank of Canada sets policy independent of th
Policy divergence is expected to remain a prominent theme,» Canadian
policy makers said in their December 2 statement, new language that read as a reminder to currency traders that the Bank of Canada sets policy independent of th
policy makers said in their December 2 statement, new language that read as a reminder to
currency traders that the Bank
of Canada sets
policy independent of th
policy independent
of the Fed.
The nonprofit
policy advocate Coin Center, meanwhile, posted a handy tracker that compares digital
currency policies across different states to that
of New York.
China's
policy of devaluing its
currency to grab export market share from the West is now squarely in the crosshairs
of politicians in the U.S. and Europe.
In the days preceding the arrival
of Bitcoin Coin cash, Coinbase made clear it did not intend to support the new
currency and advised customers who objected to the
policy to withdraw their bitcoins.
As long as countries maintain weak -
currency policies, the risk
of other countries resorting to competitive devaluations will remain.
In
currency markets, the euro held at two - year highs following remarks by ECB President Mario Draghi last week, while the dollar remained weak ahead
of the U.S. Federal Reserve's
policy meeting later in the week.
But this day
of typical Easter activities was preceded by something considered an anomaly by any President except this one: several early morning tweets defending his decision not to label China a
currency manipulator — a
policy reversal from his campaign rhetoric — and criticizing the protesters in Saturday's tax marches who demanded he release his returns.
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.
As the economy continues its rocky recovery,
policy - makers are quick to point out that core inflation, the key measure upon which the Bank
of Canada depends to set monetary
policy and stave off destabilizing devaluations
of currency, remains in check.
«The
currency war is intensifying: the number
of participants is rising, fresh
policy tools are being used to fight, and the scale
of influence on the wider foreign exchange market is increasing,» wrote HSBC strategists, led by David Bloom, in a research note on Tuesday which ranks global
currencies» appetites for war.
Gold bugs like Sprott have long warned about the impact
of inflation, central bank
policy measures and government spending on the value
of fiat national
currencies.
A tightening monetary
policy is usually seen as positive for a
currency as it's a sign
of health in that region's economy and reduces that amount
of that
currency in circulation.
Sebastian Vos, co-chair
of global public
policy and government affairs team at legal firm Covington, warned
currency traders that they should expect lot
of uncertainty surrounding the negotiations in the coming months.
This development follows years
of IMF criticism
of China's managed
currency policy.
Trump's lack
of policy follow - through has certainly hindered the
currency, but it's far from the only driver.
Some online merchants that accept bitcoin as payment, according the FTC, may not deliver the product on time or may only offer refunds in the form
of store credit, not
currency: «That is why it is important to always know the seller and their
policies before making a purchase.»
In the
currency markets, the differing messages
of the world's major central banks on inflation and monetary
policy prodded the dollar higher against the yen ahead
of a series
of appearances by U.S. Federal Reserve officials this week.
An inconclusive election result in Italy that raises the specter
of policy deadlock in the euro zone's third largest economy, appears to have stopped a stellar euro rally and could mark a turnaround in the
currency's recent good fortunes, analysts said.
Michael Pettis, a professor
of finance and economics at Peking University, is an expert in the Chinese economy, and he has argued for years that China's trade surplus with the United States and the rest
of the world is driven by much stronger forces that the value
of the Chinese
currency or differences in tariff
policy.
The Swiss franc achieved a turbo - charged lift Thursday after the Swiss National Bank, or SNB, ditched an increasingly expensive
policy to limit the export - sapping rise
of the
currency.
He has also accused the Tokyo government
of using monetary
policy to devalue its
currency and has also lumped Japan with China and Mexico as big contributors to the U.S. trade deficit.
the stated value
of an investment at maturity; includes bonds, life insurance
policies, bank notes,
currency, some stocks, and other securities; typically $ 1,000 for a corporate bond
While the Fed's zero interest rate
policy has yet to lever much in the way
of a domestic spending rebound, no one can doubt its ability to drop the value
of its
currency.
Uncertainty about the U.S. presidential race in the near term may produce periods
of volatility for the U.S. dollar, yet RBC maintains that the U.S.
currency will post modest gains against the Euro, Canadian dollar and sterling as markets look for a U.S. Federal Reserve
policy rate increase in the first half
of 2017.
«What sparked the rally is a perception
of a shift in Canadian government
policy toward the dollar,» said Michael Malpede, a
currency analyst in Chicago with Refco Inc., adding that Mr. Dodge's comments put an end to the widely held perception in the market that Canada supported a weak
currency to help its exporters.
«There is a good chance the euro would weaken again,» he said, saying the
currency could reach $ 1.12 - 1.15 during the second half
of the year, likely bolstering corporate earnings, although any lift could be delayed by hedging
policies.
Figuring out ways to regulate trading by sophisticated investors in derivatives, which go by exotic names such as «
currency forwards» and «credit default swaps,» is a hot topic in international
policy circles, largely because failures on this murky side
of the market are blamed for the 2008 global credit meltdown and the recession that followed.
While the government's
policies have remained opaque, officials with the Russian Central Bank have talked about blocking the access
of people inside the country to virtual
currency websites, and Mr. Putin has pointed out the many potential illegal uses
of the technology.
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.
The creation
of the ZXBSDRI, in addition to helping sort the plethora
of distributed ledger research already being done in China, could specifically offer unique insights for
policy makers when combined with work being conducted by the People's Bank
of China's Digital
Currency Research Institute.
«Virtual
currencies... raise concerns
of consumer protection, market integrity and money laundering, among others,» the RBI said in a statement explaining its decision after its bimonthly monetary
policy meeting.
Control
of the short rate is possible because monetary
policy shifts the expected rate
of currency appreciation or depreciation.
The United States is pushing as
policy division
of the world into rival
currency camps — the dollar area on the one hand, and the Russia - Chinese - Shanghai Cooperation Organization group on the other, especially now that the IMF has changed its rules.
The ratings agency Moody's maintained the US's top - notch «Aaa» credit rating Thursday, saying, «The diversity, dynamism, and competitiveness
of the US economy, along with the US dollar's status as the preeminent international reserve
currency and very large size and depth
of the US Treasury market, offset rising fiscal pressures stemming from aging - related entitlement spending, higher debt - service payments, and recent
policy actions that will likely reduce future revenues and increase expenditures.»
Also, major
policy issues, including digital
currency and regulations
of distributed ledger technology, have been reviewed.»
The company would have to file a notice with the regulatory department; pay a registration fee
of $ 250; provide evidence
of registration with FinCEN as a money services business; agree to not invest or pledge virtual
currency in its custody or control on behalf
of others or to engage in the exchange or transfer
of legal tender; and prove its
policies for reporting, disclosures, and compliance.
«Virtual
currency is easier to trace, allowing the central bank to monitor its velocity and the whereabouts
of the money and improve its monetary
policies accordingly,» added Qian, calling digital legal tender the «jewel in [the] crown
of FinTech.»
The deal will also establish a side agreement between the United States and South Korea that is intended to deter «competitive devaluation»
of both countries»
currencies — which can artificially lower the cost
of imports bought by consumers — and to create more transparency on issues
of monetary
policy.
Chinese authorities had been propping up the yuan, contributing to an almost $ 300 billion drop in foreign - exchange reserves over the last four quarters, as
policy makers sought to deter capital outflows and encourage global usage
of the
currency.
Future
policies of these organizations are likely shape the future
of virtual
currencies in the United States as well as abroad.
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.
And Mr. Trump's frequent criticisms
of China's
currency policies — despite being outdated or sometimes incorrect — have heightened concerns about the value
of the renminbi.
Within his first week in office, he lifted capital controls that had prevented companies from repatriating dividends and devalued the peso, ending years
of a gradual - decline
policy that kept the
currency overvalued as inflation soared.
«PIAC is calling on
policy makers to define «loyalty
currency» as a form
of non-cash payment, with the intention
of having loyalty
currency enjoy protections similar to other forms
of payment under the payments system in Canada» added John Lawford, Executive Director
of PIAC.
While China is usually singled out for its
policies, other countries have behaved more irresponsibly, most notably rich Germany, whose surpluses, the largest in history, were built primarily on an undervalued
currency, after the creation
of the euro, and on weak wage growth, after the 2003 — 05 labor reforms.
In the 1950s in response to a global «dollar shortage» that had impeded the return
of international trade in the late 1940s and 1950s, Germany and other countries implemented
policies, including sharply undervalued
currencies, aimed at acquiring dollars by running large trade surpluses.