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In lugnet.loc.uk, Larry Pieniazek writes:
> Two announcements
>
> First, as it is well after 1 May... Japan factoring is shut down, Ali is too
> close to his move at this point. Until and unless I get another Japanese
> factoree, no traffic to or from Japan. The need hasn't been that great, • really.
>
> Second, I am pleased to announce resumption of limited UK bidirectional
> service. As you recall, we suspended UK seller- non UK buyer, while allowing • UK
> buyer- non UK seller service to run in hopes of building up a bit of a • positive
> balance of payments.
>
> Which we now have. So, UK sellers are invited to once again factor via Simon.
> However, non UK buyers will have a surcharge of 6% of the transfer amount to
> cover exchange rate losses imposed. We reserve the right to limit amounts and
> or to require particular sellers to generate corresponding offsetting traffic
> before we factor their deal, if we too quickly get another imbalance. If you
> have a big deal under consideration, please check with me and or Simon before
> committing to your buyer.
>
> As you recall, Collins traffic (the Collins family is a huge net seller of • Lego
> on the international market) has been running uninterrupted. But that's
> because, as sellers themselves, they are swallowing the losses. Also, I have
> been paying them in USD which they are using stateside (I gave them 2500 USD • to
> pay for their condo and 4000 for some walking around money while they are on
> holiday here in the states this month).
>
> As a note, if we develop exchange rate problems in other countries we may
> impose the same 6% surcharge. So far, most currencies other than the pound • have
> been moving favorably against the dollar,
I'd expect the current £/$ rate to stay as it is for a while, as I expect UK
interest rates have peaked (more or less). It may even get better (from a US
buyer perspective) if US interest rates rise - but I'm not sure what the chance
of that is(?).
> making it to the advantage of the
> factoree to get paid in dollars somewhat after the deal completes, because • they
> are then worth more. (all Euro currencies currently are experiencing this
> effect, I think)
By virtue, all Eruo currencies move together against any currency. Right now 1
euro gets you $0.9. I very much doubt it'll stay that low for much longer. Now
is the time (if you are thinking long-term), if you live outside euro zone, to
buy into it - or vise versa.
Scott A
>
> Everyone keep your fingers crossed about John Hayward's paypal experiments • (see
> lugnet.loc.uk...) as I can hardly wait to be out of business.
>
> ++Lar
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