Latest news with #foreigncurrency
Bloomberg
6 days ago
- Business
- Bloomberg
Currency Inflows to Russia Dwindle as Trade Shifts to Rubles
The flow of foreign currency into Russia is drying up as trade increasingly shifts to ruble payments, reflecting the impact of Western efforts to limit Russian cross-border transactions. More than half of Russian exports are paid for in rubles, according to Bank of Russia data published late Wednesday. Payments in so-called friendly currencies — mainly the Chinese yuan — now account for just a third of receipts, down from nearly half at their peak a year earlier, while 'unfriendly' currencies make up only 15%.
Yahoo
7 days ago
- Business
- Yahoo
A weak dollar is boosting firms with high overseas sales. Goldman Sachs shares 13 stocks to take advantage of the trend.
A Goldman Sachs report shows firms with global sales are benefitting from teh US dollar decline. Trump's tariffs have weakened the US dollar, boosting foreign currency earnings for firms. Internationally-exposed companies outperform domestic-focused ones 11% to 4%, respectively. As President Donald Trump ramps up his global trade war, one might think that American companies that do ost of their business in the US would be the top beneficiaries, but a recent Goldman Sachs report reveals it's just the opposite. Thanks to the falling value of the US dollar relative to other major currencies due to Trump's tariffs, companies that do most of their sales outside of the US are getting a major boost. That's because when they sell their products in exchange for a foreign currency, that money is now worth more in dollar terms. Year-to-date, the US dollar index is down almost 9%. The impact on stock prices has been noticeable, Goldman found. So far this year, its basket of stocks with high international sales is outperforming its group with high domestic sales 11% to 4%, respectively. The basket of 50 internationally-exposed companies has a median share of overseas sales of 70%. The list has stocks from all 11 market sectors, though it's most heavily weighted toward information technology, which has 17 stocks. Below, we've compiled the 13 firms on the list that have at least 80% of their sales coming from other countries. Their sectors, total sales, and share of overseas sales are also included. Las Vegas Sands Ticker: LVS Sector: Consumer discretionary Sales: $11.2 billion Non-US sales: 100% Booking Holdings Ticker: BKNG Sector: Consumer discretionary Sales: $23.7 billion Non-US sales: 90% Philip Morris Ticker: PM Sector: Consumer staples Sales: $37.8 billion Non-US sales: 100% Schlumberger Ticker: SLB Sector: Energy Sales: $36 billion Non-US sales: 85% Monolithic Power Systems Ticker: MPWR Sector: Information technology Sales: $2.2 billion Non-US sales: 97% Lam Research Ticker: LRCX Sector: Information technology Sales: $14.9 billion Non-US sales: 93% NXP Semiconductors Ticker: LRCX Sector: Information technology Sales: $14.9 billion Non-US sales: 93% KLA Ticker: KLAC Sector: Information technology Sales: $9.8 billion Non-US sales: 89% Teradyne Ticker: TER Sector: Information technology Sales: $2.8 billion Non-US sales: 87% Applied Materials Ticker: AMAT Sector: Information technology Sales: $27.1 billion Non-US sales: 86% Jabil Ticker: JBL Sector: Information technology Sales: $28.8 billion Non-US sales: 83% ON Semiconductor Ticker: ON Sector: Information technology Sales: $7 billion Non-US sales: 82% Newmont Ticker: NEM Sector: Materials Sales: $18.6 billion Non-US sales: 100% Read the original article on Business Insider
Bloomberg
15-07-2025
- Business
- Bloomberg
Chinese Investors' FX Pile Hits $1 Trillion Amid Low Local Rates
Chinese corporates and households boosted their foreign-currency deposits last month to the highest in three years, as they shunned the yuan on bets domestic interest rates will remain low. Total foreign-currency deposits onshore rose to $1.02 trillion in June, the highest since March 2022, according to data from the People's Bank of China released Monday. The net increase in the first half of the year was $165.5 billion, the biggest jump in data going back to 2005.
Reuters
14-07-2025
- Business
- Reuters
US court delays turnover of Argentina's 51% YPF stake
NEW YORK, July 14 (Reuters) - A U.S. judge on Monday temporarily halted enforcement of an order requiring Argentina to turn over its 51% stake in oil and gas company YPF ( opens new tab to partially satisfy a $16.1 billion court judgment. The decision by U.S. District Judge Loretta Preska in Manhattan affords temporary relief to for the cash-strapped South American country, which has warned its economy could be destabilized if it were forced to give up the YPF stake. A turnover had been scheduled for Monday, but Preska extended the deadline to July 17 to allow time to appeal. Argentine President Javier Milei has been seeking to bolster foreign currency reserves and rein in soaring inflation while dealing with a heavy government debt burden. The dispute arose from Argentina's 2012 decision to seize the YPF stake from Spain's Repsol ( opens new tab without making a tender offer to minority shareholders Petersen Energia Inversora and Eton Park Capital Management. Those shareholders are represented by litigation funder Burford Capital (BURF.L), opens new tab, which has said it expected to receive 35% and 73% of Petersen's and Eton Park's respective damages. In September 2023, Preska ordered Argentina to pay $14.39 billion to Petersen and $1.71 billion to Eton Park. Argentina has not paid the judgment while it appeals. On June 30, Preska ordered the government to turn over the YPF stake within 14 days. The country has argued that the YPF shares were immune from turnover under the U.S. Foreign Sovereign Immunities Act, while Burford said a commercial activity exception and years of evasion by Argentina justified a turnover. In a court filing on Thursday seeking to delay the turnover, Argentina told the appeals court "the stakes could not be higher." It warned that requiring a turnover would irreparably harm its sovereignty, interfere with foreign relations, violate international law and wrongly expand U.S. courts' power. Argentina likened a turnover to a foreign court ordering the U.S. government to ship gold reserves stored at Fort Knox outside the country because that court misinterpreted U.S. law. The country also said it would be unfair to give up its controlling stake in the country's largest energy company now, because doing so would likely be irrevocable even it ultimately won the case. (This story has been corrected to remove reference to 'appeals' court in the headline)
Russia Today
13-07-2025
- Business
- Russia Today
Russian companies losing interest in foreign currency
Demand for foreign currency among Russian companies has sharply declined, with corporate purchases in June falling to the lowest level in nearly a year, according to a report from the Bank of Russia. The central bank attributed the drop to the continued strength of the ruble. The ruble has been on a steady upward trajectory, strengthening for seven consecutive months against the US dollar. According to the central bank, the currency's appreciation began in December 2024, marking a sustained rally amid tighter monetary conditions. On Thursday, it briefly surged to a two-year high, trading below 75 to the dollar, before pulling back to 77.89 as of Friday. The regulator credited the ruble's resilience to its tight monetary policy – particularly the elevated key interest rate, which continues to boost the appeal of Russian assets for both businesses and individuals. It also noted that currency market volatility has been declining, despite the tense geopolitical backdrop. In June, corporate clients purchased 1.6 trillion rubles' worth of foreign currency ($20.5 billion), according to the Bank of Russia's Financial Market Risk Review. This is around half the average monthly volume recorded in 2024 and marks the lowest level since July of that year. The June figure is also slightly lower than in May. 'The decline in demand is occurring against the backdrop of the Bank of Russia's tight monetary policy,' the central bank stated. Household demand for foreign currency has also slowed. According to the regulator, net purchases by individuals across both exchange and over-the-counter markets dropped by 32% in June, totaling 77.9 billion rubles ($1 billion), down from 111.0 billion rubles in May. The central bank attributed the decline in retail demand to seasonal factors, noting that purchases during the same period fell by 33% in 2024 and by 58% in 2023. Since the beginning of the year, individuals have made net purchases of foreign currency totaling 464 billion rubles ($5.95 billion) – nearly half the amount recorded during the same period in 2024.
