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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, 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)
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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