Corporate foreign exchange news

US 'should do more to attract corporate foreign exchange'

Tuesday, 11 October 2011 09:08:24 GMT

Published by Mark Smith-Halvorsen
The US economy would benefit from doing more to attract business from overseas, which may drive up the numbers conducting corporate foreign exchange.
That is according to a report put together by the chief executives of corporations including Boeing, Intel and GE, which also lent support to president Barack Obama's proposals to improve the nation's broadband networks, railways and airports to further boost businesses, reports Reuters.
Jeffrey Immelt, chair of the President's Council on Jobs and Competitiveness and chief executive of GE, told the newswire: "What we want to offer the president is a very broad set of ideas that can help move the economy forward. It's comprehensive and it's specific."
The advisory group was put together earlier this year to formulate ideas about how the US government can help the nation to overcome the ongoing global economic uncertainty.
Those who put it together, which also includes chiefs from DuPont and Facebook, stated that green cards should be offered to people from overseas who graduate with degrees in areas such as engineering, technology and science.
At present many individuals that fall into this category are choosing to move to other countries once their studies are completed, they noted.
"The US has an opportunity to recapture lost market share and grow jobs previously lost in tradable sectors," it said.
In a call to action, the report, which is set to be presented to the leader of the free world at a meeting in Pittsburgh today (October 11th), states: "If Washington can agree on anything, it should be this - and it should be now."
In foreign exchange markets yesterday the greenback slipped 0.6 per cent to $1.5655 versus sterling, Reuters reports.
Global head of FX strategy at RBC Capital Markets Adam Cole suggested that the euro versus dollar exchange rate is having an impact on the sterling versus dollar rate at present.
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