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Firmer U.S. dollar boosts corporate interest in currency hedging

“Foreign currency earnings of U.S. multinational companies are worth less in dollars when the currency is stronger” writes Midwest Communications Inc for 95kqds.com. The company, which does not plan to change its stance on currency hedging, will try to move more of its costs offshore, to help create a natural hedge, a Netflix spokesman said.Interest rate differences between countries drive hedging costs, and as the Fed raises interest rates it can become more attractive to hedge.”This will be another wake-up call,” said Wolfgang Koester, chief executive at currency risk consulting…

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Norsk Hydro subsidiary signs world’s ‘longest’ corporate wind power contract

“The 29-year deal is thought to be the longest corporate wind power contract in the world, Norsk Hydro said in a statement Thursday” writes Guillaume Plisson for cnbc.com. Hydro Energi AS, a wholly-owned subsidiary of Norwegian aluminium business Norsk Hydro, has signed a long-term wind power contract with the Green Investment Group. The deal means that the tech giant will purchase all the wind energy produced at GE’s new, 37 MW Tullahennel wind farm in County Kerry. Source: cnbc.com Share This:

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Billionaire James Packer quits 22 boards, deepens corporate withdrawal

“Packer, whose net worth is estimated by Forbes at $4.1 billion, has quit 24 Australian company boards this year” writes Midwest Communications Inc for 95kqds.com. SYDNEY (Reuters) – Billionaire James Packer has resigned 22 Australian company directorships in the last few weeks and no longer holds any board seat in his home country, corporate records show, signaling his almost full retreat from public business life.He quit the board of his private company Consolidated Press Holdings (CPH) on June 27, and corporate records show he resigned from 19 other directorships on…

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The Rising Dollar Is Weighing on Corporate Earnings

“S&P 500 companies grew their earnings at the fastest pace since 2010 in the first quarter, boosted by one-time gains from the U.S. tax overhaul, global growth and a depreciating U.S. dollar” writes Akane Otani for wsj.com. So far in the earnings season, 89% of companies have reported stronger-than-expected earnings, according to FactSet.Carnival said on its June earnings call that a combination of higher fuel prices and a stronger dollar will likely shave 19 cents off 2018 per-share earnings. Source: wsj.com Share This:

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Facial recognition technology: The need for public regulation and corporate responsibility

“It seems especially important to pursue thoughtful government regulation of facial recognition technology, given its broad societal ramifications and potential for abuse” reports microsoft.com. We live in a nation of laws, and the government needs to play an important role in regulating facial recognition technology.No one benefits from the deployment of immature facial recognition technology that has greater error rates for women and people of color.In a similar vein, we’re committed to sharing more information with customers who are contemplating the potential deployment of facial recognition technology.Facial recognition technology raises…

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JPMorgan profit surges amid global trading tension, higher rates

“JPMorgan Chase, the largest U.S. lender, posted greater profit than expected in the three months through June as market volatility buoyed trading revenue and borrowers paid higher interest rates for loans” writes Frank Franklin Ii for washingtonexaminer.com. JPMorgan continued to benefit from that reduction in the three months through June, with its effective tax rate falling 7 percentage points to 21 percent. The company’s shares dipped 0.2 percent to $107.06 in New York trading early Friday. Source: washingtonexaminer.com Share This:

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Corporate welfare harms prosperity and grows government

“States like Hawaii and New Hampshire that have practically zero state corporate subsidies prove that states can embrace prosperity without state and local handouts to large businesses” reports washingtonexaminer.com. But taxes and government spending increased in states with “economic development” programs, undercutting the idea that corporate welfare makes the wider community more prosperous.The results underscore the need for state taxpayers to remain vigilant against shortsighted attempts to lure in industry.A recent study by Troy University scholars demonstrates that “economic development” aid rarely delivers the goods of higher state growth and…

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Markets News 

Global debt hits a new record at $247 trillion

“Global debt has hit another high, climbing to $247 trillion in the first quarter of 2018, according to a report published Wednesday” writes Natasha Turak for cnbc.com. This is amid record levels of corporate and household debt in many mature markets.Of that figure, the non-financial sector accounted for $186 trillion.The unprecedented debt load is one of several investor concerns, in addition to worries about the Federal Reserve’s monetary policy tightening and the impacts of a trade war.The debt-to-gross domestic product (GDP) ratio has exceeded 318 percent, marking its first quarterly…

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Markets News Stocks 

Dow industrials aim for first 4-day rise in about a month as stock market extends gains

“In corporate news, PepsiCo Inc.’s PEP, +3.73% posted better-than-expected earnings before the open Tuesday, sending its stock up” writes Mark Decambre for marketwatch.com. Investors are gearing up for a rush of corporate results, which are poised to extend a run of double-digit growth enjoyed in the previous quarter on the back of corporate tax cuts enacted at the end of 2017.On the data front, a May reading on job openings is scheduled for release at 10 a.m.Wall Street is trying to shake off linger concerns of market-disruptive trade disputes between…

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