"If things go on for a number of years, in addition with growth of 10 to 15%, tourism will be Iceland's industry number one, in terms of foreign currency earnings, " he says.
Under the new rules, investors will not require approval for opening foreign currency accounts or for re-investing foreign exchange earnings.
What would really help the market, and stocks like Canon, whose earnings are largely in foreign currency, is depreciation of the yen.
The company notes that based on current foreign-exchange rates, particularly with the euro, it expects foreign currency translation to have a negative impact on earnings per share for the full year, even though the currency impact in the second quarter is expected to be minimal or null.
The New York-based soap, detergent, and oral hygiene producer delivered record revenues and earnings last quarter despite a negative foreign currency translation.
The company notes that based on current foreign-exchange rates, particularly with the euro, it expects foreign-currency translation to have a negative impact on earnings per share for the full year, even though the currency impact in the second quarter is expected to be minimal or null.
Like Moscow's two-strand Siberian gas pipeline deal in the early 1980's, the Cienfuegos complex is an unprecedented "national project" with potentially decisive implications for the country's long-term energy viability, hard currency earnings structure, attraction of other foreign direct investment, access to international financial institutions and, of course, nationalistic pride.
CENTERFORSECURITYPOLICY: CUBA AND THE JURAGUA NUCLEAR POWER COMPLEX
Excluding the impact of foreign currency gains related to its 20% stake in the Westinghouse Group, earnings rose to only 57 cents per share.
This U.S. statute was predicated on the notion that foreign development of Iran's energy sector would bolster Tehran's hard currency earnings which would, in turn, help provide the means for Iran to procure components for weapons of mass destruction, ballistic missile delivery systems and other proscribed items.
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