We are honored to present at the American Express Grow Global event in Baltimore on Tuesday, July 12th. I will be giving a talk on how foreign exchange and hedging works in the session titled: “Getting Paid: A Primer on Foreign Exchange, Payment Methods and Protecting Yourself”. It is free to attend, please stop by if you are in town, especially if you are an exporter.
With the shocking Brexit vote to leave the EU, markets are racked by the uncertainty. Expect a lot of volatility until the mechanics are worked out, which can take months. If you have payables / receivables, it might be a good time to use forwards to lock-in future profits. There are a lot moving pieces, but it universally looks bad for the UK.
Self-inflicted pain: $2 trillion lost in market sell off on Friday
A financial hurricane is approaching the coast of England. "Brexit" is the slang term for the referendum in the United Kingdom to stay in or leave the European Union. The vote is on Thursday, 6/23 and if they vote to leave, there will be large ramifications for financial markets. If you trade in British pounds or Euros, you probably want to hedge against a steep fall.
Will they vote to leave on 6/23?
We went to Mass Innovation Nights #87 at Bullhorn, here is a quick review of some teams.
Great time at #MIN87 at Bullhorn
Nonfarm Payrolls (NFP) was reported at 38,000 versus an expected 158,000. Needless to say, a big deviation from the norm causes market turbulance. Expect the value of dollars to drop as the market changes expectations of an interest rate increase in June. The bigger problem is the "Brexit" vote on the 23rd of June. Expect more on that next week.
Coming to a town near you?
On Wednesday, Citibank agreed to pay $425 million to settle civil charges that it was rigging interest rate and foreign exchange markets. They are not only over charging you for loans and foreign exchange, they frauduantly set the benchmark so it looks like you are getting a fair rate. Fire your "too big to fail" bank today! Use a local credit union or community bank to get all of the same services, help your local economy, and not have to worry about bailing them out.
Great time at #MIN86 at Google
In this three part series we will look at what how an ideal exporter would operate, how most exporters actually perform, and how various players help mitigate risk and grow profits. We will only be looking at exporters of physical goods. At a fundamental level, an exporter provides products across a national border. How they produce the goods, the size of their orders, and the ability to source inputs all contribute to how profictable the company will be. How would an ideal exporter operate?
Don't get lost while exporting...
We pitched a group of Irish business people and were chosen as a winner! Besides a nice bottle of Irish whiskey, we won office space, legal / accounting services, and airline miles. We would like to thank Traction Technology Partners, Laura Hamilton of MassBio, and EisnerAmper for throwing the Ireland Gateway to Europe Event. We will have a follow up post outlining some of the connections we made.
We showcased our ability to help small businesses identify global customers / suppliers, deal with international payments, and find expansion capital at the Mass Innovation Nights 85. It was a great event and the audiance chose us as a crowd favorite. We would like to thank the MIN team, MITRE for hosting, and our fans for voting for us. Check out the presentations, I am at 33 mins.