March 17, 2015 |
Every nation, it seems, is devaluing its currency. The governments of Japan, Canada, the eurozone, Sweden, the United Kingdom, Russia, and some South American countries are all debasing their currencies - deliberately, to help their economies. What it does is make imports from those countries significantly cheaper than U.S. products. You don't have to be a genius to figure out that, as a result, demand for American products will slow and foreign imports will displace homegrown goods.
January 29, 2015 |
Drugmaker Pfizer Inc. might grow, or break up, or some combination of both. Chief executive officer Ian Read said Tuesday that Pfizer will keep looking for companies to buy and is taking the next steps to see whether its pieces are worth more than the sum of its parts. Pfizer has said that it tried to buy AstraZeneca in 2014, and it reportedly inquired about buying Actavis and Teva Pharmaceutical Industries Ltd. AstraZeneca, Teva, and Actavis all have operations in the Philadelphia region.
January 25, 2015 |
COLUMBUS, Ohio - With each cent the Canadian dollar drops in relation to its American counterpart, so too may Ron Hextall's chances to hasten the Flyers' rebuild. At the NHL's Board of Governors meetings in Florida in early December, commissioner Gary Bettman suggested next season's salary cap might rise to $73 million from this year's $69 million limit. When he made that prediction, the Canadian loonie was trading at 89 cents to one American dollar. Yesterday, it closed at 80 cents on the market.
December 8, 2013 |
They met by night, in the glow of a Wells Fargo ATM. Twenty men ages 20 to (if you count me) 60. Some dark conspiracy? No. This was a meet-up of the Philly Bitcoin Society at 30th Street Station on Thursday. Announced on Meetup.com, Facebook, and elsewhere, this was a gathering of people excited by one thing: Bitcoin. Wait. What? Bitcoin is a Web-based system of monetary exchange. It went live in January 2009. Its inventor's pseudonym is Satoshi Nakamoto, one of the world's most famous fictional people.
August 5, 2013 |
John V. Gedeon, 101, of Abington, a retired printer and engraver who helped print the nation's currency, died of congestive heart failure Tuesday, July 23, at Abington Hospice at Warminster. He stayed vigorous and mentally sharp, writing his own checks until a week before his death, said his daughter, Kathy Gedeon Scott. Born in Cleveland, Mr. Gedeon graduated from West Technical High School in 1930. He worked for the Bureau of Engraving and Printing in Washington, where he managed and operated printing presses and engraving machinery to print money.
July 1, 2013 |
Processing a credit-card charge for overseas purchases used to be pretty simple. You swiped your card while on vacation, your bank changed the money from pesos or euros into greenbacks, and the amount you spent appeared on your bill. Maybe you paid a small conversion fee, but you also got a competitive exchange rate. Not anymore. Just ask Jae Cuadra, who recently tried to buy a round-trip train ticket between the Swiss cities of Interlaken and Lauterbrunnen. The purchase at a train station in Interlaken went on his Capital One Visa card, which doesn't charge to convert foreign currencies.
February 20, 2013 |
European Central Bank president Mario Draghi said he urged finance chiefs from the Group of 20 nations to be prudent when talking about currency movements. During a G-20 meeting in Moscow last week, "I urged all parties to very, very strong verbal discipline" because "the less we talk about it, the better it is," Draghi told European lawmakers in Brussels on Monday. "Exchange rates should reflect fundamentals" and "looking at the real and nominal exchange rates of the euro, it is by and large around its long-term averages," he added.
February 14, 2013 |
BRUSSELS - The Group of Seven leading industrial nations, which includes the United States, Japan, and Germany, warned Tuesday that volatile movements in exchange rates could adversely hit the global economy. There have been increasing concerns around the world that countries might manipulate their exchange rates through their domestic economic policies in order to gain an edge. A lower foreign exchange rate can make a country's exports cheaper, thereby boosting growth. But one currency can fall only if another rises - which in turn will create trade problems for other countries.
October 24, 2012 |
A Kingsessing baggage handler for US Airways was arrested by the FBI Tuesday for the theft of $20,000 in uncirculated hundred dollar bills at Philadelphia International Airport two weeks ago. Alex Price, 25, of the 5500 block of Malcom Street, confessed to the theft after completing a polygraph exam Tuesday. Price then led FBI agents to his two cars, parked near his house, and the FBI recovered the stolen cash from one of the cars. In an affidavit supporting a warrant for Price's arrest, FBI special agent John Deven Sermons gave the following account of events: A shipment of hundred dollar bills - a new design not yet in circulation - containing sixty packages of approximately $3.2 million each was being transported from Dallas to the Federal Reserve in East Rutherford, N.J. Between the landing of US Airways flight 1210 at 10:35 a.m. October 11 at Philadelphia International Airport and the shipment's arrival at East Rutherford, however, one package was opened.
September 3, 2012
Peter Vanham is a financial reporter and a Belgian fellow of the Pascal Decroos Fund for investigative journalism who is writing for The Inquirer this summer I felt sorry for the party organizers on that New Year's Eve of 2002, the night the euro was introduced. Everyone paid the entrance fee in Belgian francs. But the cashier had to give the change in euro. The poor man went crazy, unfamiliar as he was with the new currency. I went home with more money than I had coming in. I love the euro, I thought.