Off Topic Trumpy pumpy.

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Hundreds of thousands of Iranians protesting some chanting "Death to America".

Well done Trump for making the US safer. The next generation of ISIS has been created.
 
The Republicans are in a 127 hours type scenario

Their long term survival depends on how quickly they're willing to cut off their own hand and turn on Trump

They're dead in the 2018 elections if they do nothing
 
Think of it as FAKE NEWS, only 1800s-style: President Trump on Sunday marked the birthday of Abraham Lincoln by posting a picture of the Lincoln monument and an inspiring quote from our 16th president.
Nice thought. But the quote, “And in the end, it’s not the years in our life, it’s the life in our years,” almost certainly didn’t come from Lincoln. At first scan, the tip-off should have been that it sounds like something you’re more likely to see on a sappy retirement card than in the papers of the Great Emancipator.
And a quick Internet search would have revealed that it’s one of those quotes that is widely misattributed to Lincoln, and in fact, probably originated in some 1940s ad copy. Such misquotes are rampant on social media: One collection of “Ridiculous Misquotes” on Pinterest includes gems like Oscar Wilde talking about people with fancy cars (he died before such a thing existed) and self-helpy advice from the notoriously unsentimental Ernest Hemingway.
Looks like the Republican National Committee was the first to post the image to social media, and Trump picked it up a bit later. His son, Donald Jr., followed suit. A White House spokeswoman did not immediately respond to a request for comment. But all the postings remained — well after the fact-check-hashtag-mocking cycle that followed.
Twitter wags posted their own made-up Lincoln sayings:
"Never get high on your own supply." -A. Lincoln
— southpaw (@nycsouthpaw) February 12, 2017
There is no evidence that Abraham Lincoln ever said this. https://t.co/3AHyxWDghy https://t.co/z4y5m9J45Z
— Jake Tapper (@jaketapper) February 12, 2017
 
this is an ouch moment

A bribery settlement and the fall in the pound have pushed engineering giant Rolls-Royce to a record loss.

The jet engine maker reported a loss before tax of £4.6bn for 2016.

However, once one-off costs have been stripped out, the company's underlying profit was better than many experts had predicted.

Rolls-Royce agreed to pay £671m to settle corruption cases with UK and US authorities and it has written off £4.4bn from currency related contracts.

Underlying profits, which ignore these factors, fell to £813m, down from £1.4bn the previous year, although the fall was much less than many analysts had forecast.

so... hmmm they got absolutely mullered over the pound but they also contracted in constant currency by some.

Profits of this left would mean they hardly need to really worry about their hedging unless they locked in bad rate for 2 years or something but where did they lose the profits? less business?
 
moreinjuredthanowen said:
Profits of this left would mean they hardly need to really worry about their hedging unless they locked in bad rate for 2 years or something but where did they lose the profits? less business?
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I do a lot of work with R-R. The oil and gas sector is huge fore them and everyone in that sector have taken huge hits. <ok>
 
moreinjuredthanowen said:
this is an ouch moment

A bribery settlement and the fall in the pound have pushed engineering giant Rolls-Royce to a record loss.

The jet engine maker reported a loss before tax of £4.6bn for 2016.

However, once one-off costs have been stripped out, the company's underlying profit was better than many experts had predicted.

Rolls-Royce agreed to pay £671m to settle corruption cases with UK and US authorities and it has written off £4.4bn from currency related contracts.

Underlying profits, which ignore these factors, fell to £813m, down from £1.4bn the previous year, although the fall was much less than many analysts had forecast.

so... hmmm they got absolutely mullered over the pound but they also contracted in constant currency by some.

Profits of this left would mean they hardly need to really worry about their hedging unless they locked in bad rate for 2 years or something but where did they lose the profits? less business?
Click to expand...

Yeah, i really don't understand this article.

They report in GBP, their revenue is in Dollars and their costs are in GBP.

If they were perfectly FX hedged, they wouldn't have reported a loss as they shouldn't be affected by currency fluctuations.

If they weren't hedged, then they should have made money based on the article of costs in GBP and Revenue in USD (provided raw materials stayed the same) as they now get more GBP for their USD.

We aren't getting a full picture of Rolls Royce or it might be that they are writing down their FX losses from an accounting perspective (can you even do that?) whilst keeping the USDs which they plan on receiving in the future open.
 
BobbyD said:
Yeah, i really don't understand this article.

They report in GBP, their revenue is in Dollars and their costs are in GBP.

If they were perfectly FX hedged, they wouldn't have reported a loss as they shouldn't be affected by currency fluctuations.

If they weren't hedged, then they should have made money based on the article of costs in GBP and Revenue in USD (provided raw materials stayed the same) as they now get more GBP for their USD.

We aren't getting a full picture of Rolls Royce or it might be that they are writing down their FX losses from an accounting perspective (can you even do that?) whilst keeping the USDs which they plan on receiving in the future open.
Click to expand...

most of the costs they incur are not really the sterling costs of making engines. by the sound of it at least.

They hedged and lost their shirts.
 
The Milk is not enough said:
You're alive and around. We thought Zingy had offended you with his general offensiveness and offensively chased you away.

Glad you're here!
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I have been all week but busy, most of the dicks on here are just dicks and make comments like that... dickishly. you can see my comments on member page. most of them are so self absorbed they have no clue what goes on with other people's lives.
 
moreinjuredthanowen said:
most of the costs they incur are not really the sterling costs of making engines. by the sound of it at least.

They hedged and lost their shirts.
Click to expand...

That's my point. Their revenues are in USD. A hedge on that would be to convert the USD to GBP so that they would know what their profit and loss is so that if FX turns into USD favour, they would lose on their FX hedge but make on the USD revenue so in effect be flat.

Unless they overhedged by shorting the dollar and going long GBP (if we are not looking at their business as a whole i.e. less sales, rising raw material costs) then it's not because of FX directly that has caused them such large losses unless it was related to creative accounting.
 
BobbyD said:
That's my point. Their revenues are in USD. A hedge on that would be to convert the USD to GBP so that they would know what their profit and loss is so that if FX turns into USD favour, they would lose on their FX hedge but make on the USD revenue so in effect be flat.

Unless they overhedged by shorting the dollar and going long GBP (if we are not looking at their business as a whole i.e. less sales, rising raw material costs) then it's not because of FX directly that has caused them such large losses unless it was related to creative accounting.
Click to expand...

It depends on whats going on

Utd lost their shirts on exchange too.

The stock market location is a matter of... well... convenience to these companies.

they must sell most engines to boeing?? that sort of thing? I dunno.. anyway they locked the pound to dollar pre brext or something probably and ended up with the dollar strengthening? Maybe you are right about over hedge or something


the constant currently profits were down but not as much as predicted so that would suggest there has to be a loss of business in there someplace too... but they said 600mil for anti corruption fines and then 4 bil on currency but would have made 800 odd mil in constant currency.

Really it depends on how complex their arrangement and funneling of finances are.
 
Just cannot watch Sean Spicer now without expecting him to charge his lectern into the press, and to get out a box of props to explain himself. <doh>
 
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astro said:
Trump in [HASHTAG]#meltdown[/HASHTAG]

He will be impeached and at least one of his staff imprisoned within a year
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[HASHTAG]#calledit[/HASHTAG]

Any bookies offering odds on the first Trump member of staff to go to jail?
 
astro said:
[HASHTAG]#calledit[/HASHTAG]

Any bookies offering odds on the first Trump member of staff to go to jail?
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So far none.

Flynn won't go to jail..no one has been prosecuted under Logan Act..Current FBI chief won't prosecute any possible felony for lying to FBI because he's in Trump's pocket.

Conway will only get censured.

Trump won't get impeached or more likely Article 25 unless the 2018 elections are a disaster as Ryan and McConnell have sold their souls and have to go with it now. All investigations will be thwarted for the 2 years in the hope they get their act together.

But hey, Trump could triple down to the point nobody can go lalalala anymore. I still think it'll take a lot for the GOP leadership to take their fingers out of their ideas.

Complete mental breakdown...that's the one I'd bet on.
 
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