Those brands they own got them great land deals, which they've parlayed into a REIT play
Question for anyone dealing with USD to CDN cash conversions in their offices do any of you use anyone outside of your normal corporate banking provider to move things over at a better rate? If so who?
Fantastic, thanks for that I will look into them. It is for corporate purposes not personal so I will skip on the chinatown recommendation but thanks for the thought on that anyhowwe use a foreign currency trader: https://www.afex.com/unitedstates/
they do significantly better than the corporate bank rate because (i) it's their business and (ii) they time trades to get the best rate in any given time period. they do especially well if you can leave the funds with them for a longer period of time (such as a week or a month), as they are good at predicting currency fluctuations based on scheduled world events such as scheduled releases of different countries' financial/employment/retail information, talks between countries, etc.
you have to set up an account with them, which costs $275 to create a "GMEI utility portal" which i believe is to protect the trader from claims that you are moving funds for a nefarious purpose.
if you are trading a smaller amount for personal use or travel, there is a foreign exchange place in chinatown that beats any bank rate. you can call your personal banker first, negotiate the best exchange rate you can get, and then go to the chinatown place which will beat it. i haven't used the place in a few years, ever since i opened a USD account, but i could try to find the name of it if you'd like.
So I just saw something about somebody making a $2 trillion bid for apple. First of all the company may actually be worth that much. Second who on this planet can get together $2 trillion dollars?! The budget of the U.S. Government is in that range I think but they're an outlier. Seriously even when you put all the rich guys in a room you just get bad jokes, not close to that amount of money. Maybe??
The top forecaster of the Canadian dollar said the currency will fall to a record 59 U.S. cents by the end of the year as further weakness in the energy sector saps growth in an economy already stretched by a heavily indebted consumer and the Bank of Canada cuts interest rates for a third time.
The call from Macquarie Group Ltd.’s David Doyle, the top-ranked forecaster for the U.S. versus Canadian dollar exchange rate last year according to Bloomberg rankings, comes as the currency fell below 70 U.S. cents Tuesday for the first time in almost 13 years. The currency’s tumble to levels last seen in the late 1990s came as crude continued to reach multiyear lows.
“You could imagine the situation is worse today than in the 1990s,” Doyle said.. “We’re much more dependent on oil now than we were in the past.”
Macquarie was among the first major forecasters to predict the currency would hit these levels. A 59 U.S. cent Canadian dollar would mean one U.S. dollar buys C$1.6949.
The currency fell as much as 0.6 per cent to 69.90 U.S. cents Tuesday in Toronto,, the first time it touched that level since May 2003, as crude oil fell to a 12-year low of US$29.93 per barrel in New York. The first time the Canadian dollar weakened below 70 U.S. cents was 1997, before the country’s oil industry took off and when its government was wrestling with a budget deficit.
It mostly traded below 70 U.S. cents between 1997 and 2003, a period when manufacturing made up a larger part of exports than oil. Its all-time low was 61.76 U.S. cents in 2002.
Canada’s newly elected Liberal government has pledged to run deficits to help stimulate an economy hindered by the collapse in prices for crude, until last year the country’s biggest export, and consumer spending held back by near-record debt levels.
Even though Doyle predicted Canada’s central bank will cut its benchmark rate to a record low 0.25 per cent on Jan. 20, a weakened manufacturing sector and more competition from Mexico in the U.S. market, Canada’s largest trading partner, mean it will take longer for the country to see an economic benefit with oil prices still depressed.
Once the loonie reaches its record low, it will stay depressed through the end of 2018, Doyle said.
“Manufacturing and non-energy exports have far less ability to propel the economic outlook than they have in the past,” Doyle said. “Many of our oil and oil-related sectors have grown, and a lot of our manufacturing sectors have not grown and remained low.”