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Chapter 11 - Managing TE
Raul Susmel FINA 4360 – International Financial Management Dept. of Finance Univ. of Houston 4/16 Chapter 11 - Managing TE Last Lecture Managing TE Receivables-Sell forward future, buy put Payables- Buy forwards future, buy call Receivables-MMH borrow FC Payables-MMH borrow DC Last Lecture We will explore the choices that options provide. In our case: different strike prices. Hedging with Options We have more instruments to choose from => different strike prices (X): 1. Out of the money (cheaper) 2. In the money (more expensive) • Review: Reading Newspaper Quotes Typical Newspaper Quote PHILADELPHIA OPTIONS (PHLX is the exchange) Wednesday, March 21, 2007 (Trading Date) Calls Puts =>(Contracts traded) Vol. Last Vol. Last =>(Vol.=Volume, Last=Premium) Australian Dollar 79.92 =>(St=.7992 USD/AUD) 50,000 Australian Dollars-cents per unit. =>(AUD 50,000=Size, prices in 78 June 9 3.37 20 1.49 USD cents) 79 April 20 1.79 16 0.88 80 May 15 1.96 8 2.05 80 June 11 2.29 9 2.52 82 June 1 1.38 2 3.61 ↑ ↑ ↑ ↑ X=Srike T=Maturity Call Premium Put Premium Price Example: Payable AUD 100M in Mid-June St= .7992 USD/AUD Xcall-June = .78 USD/AUD, P = USD .0337 Xput-June = .78 USD/AUD, P = USD .0149 Xcall-June = .80 USD/AUD. P = USD .0229 Xput-June = .80 USD/AUD. P = USD .0252 Xcall-June = .82 USD/AUD, P = USD .0138 Xput-June = .82 USD/AUD. P = USD .0361 1. Out-of-the-money: Xcall-June = 0.82 USD/AUD (or Xcall-June = .80 USD/AUD, almost ATM) Xcall-June = 0.82 USD/AUD, Premium = USD .0138 Cost = Total premium = AUD 100M * USD .0138/AUD = USD 1.38M Cap = AUD 100M x 0.82 USD/AUD = USD 82M (Net cap = USD 83.38M) Xcall-June = 0.80 USD/AUD, Premium = USD .0229 (almost ATM) Cost = Total premium = AUD 100M * USD .0229/AUD = USD 2.29M Cap = AUD 100M x 0.82 USD/AUD = USD 80M (Net cap = USD 82.29M) 2. -
Ooking Back At·Laker Task Force II Moving On
VOLUME 45 NUMBER 6 MARCH 15, 1982 The Latest Headline News! Award of Task Force II_ Excellence MoVing On President Ed Meyer and top com !. pany officials will honor 119 em With its first task behind it- selection of ployees at TWA's annual Award of. the bumping priority system favored by Excellence dinner in New York on most passenger ·service employees. -, April2. The reception will be he)~ at TWA's newly instituted Task Force pro Hilton International's Vista Interna gram is moving on to tackle its next_chore. tional Hotel in the World Trade Five members of the original task force Center. Roster of those selected for served as a transition team to prepare the outstanding individual performance way for the program's continuation. On during 1981 is on page 8. February 24, they met in New York to take the first step in selection of Task Force II's · membership and agree on the area of -.ooking Back concern it will cover. Members of the transition group were · Richard Ebright, customer service agent At·Laker in-charge, CMH; Deborah Irons, reserva Travel Weekly points out that the passing tions agent, S TL; Sandy Torre, from the scene of Laker Airways was reservations agent, LAX; and Jerry Stanhi- . accompanied by a lot of nonsense in the bel, customer service agent, JFK. media perpetrating "myths" about that Their first order of business was to pick operation. locations at random in each of the three One was The New York Times' assertion TWA regions; passenger· service em that "Laker accounted for 25% of all air ployees at those locations will choose, traffic between Britain and America" -a from among those who have volunteered to gross exaggeration, by a factor of five or serve, the representatives who will make so. -
February 2021
DAC - MDC - Boeing Retirees Ron Beeler- Editor (562) 296-8958 of California HEADQUARTERS: P.O. BOX 5482, FULLERTON, CA, 92838, (714) 522-6122 Newsletter No. 199 www.macdacwestretirees.org February 2021 to make this a feature with each issue of the Jim’s Corner ROUNDUP. Hello to all Retiree Association members. I Some of the things to be thankful for as 2020 hope this finds you and your loved ones closed out: that the vaccine for the COVID healthy and safe. Glad to leave 2020 behind virus is at hand, the presidential election is us and am hopeful that 2021 will be much behind us, and the 737MAX finally gets the improved for us, our country, and the world. clearance from the FAA to return to the skies. However, we are certainly not out of the Some of the things I am hopeful for in 2021: woods by any means. Our Luncheon venue, the COVID virus is eradicated, that our The Sycamore Centre, is shut down with no frontline workers get a rest from the heroic planned or anticipated date as to when they job they have done, that our government can will be allowed to hold events. With that said, function in a way that brings all of our we will NOT be having a Luncheon at our divergent ways together and that we see our traditional first Tuesday in March. That said, travel industry, and those that support it, start we do not know when we might have our next an amazing recovery. get together. At the last Board Meeting it was decided that we would still try to hold two In the meantime, please take all the necessary Luncheons in 2021. -
363 Part 238—Contracts With
Immigration and Naturalization Service, Justice § 238.3 (2) The country where the alien was mented on Form I±420. The contracts born; with transportation lines referred to in (3) The country where the alien has a section 238(c) of the Act shall be made residence; or by the Commissioner on behalf of the (4) Any country willing to accept the government and shall be documented alien. on Form I±426. The contracts with (c) Contiguous territory and adjacent transportation lines desiring their pas- islands. Any alien ordered excluded who sengers to be preinspected at places boarded an aircraft or vessel in foreign outside the United States shall be contiguous territory or in any adjacent made by the Commissioner on behalf of island shall be deported to such foreign the government and shall be docu- contiguous territory or adjacent island mented on Form I±425; except that con- if the alien is a native, citizen, subject, tracts for irregularly operated charter or national of such foreign contiguous flights may be entered into by the Ex- territory or adjacent island, or if the ecutive Associate Commissioner for alien has a residence in such foreign Operations or an Immigration Officer contiguous territory or adjacent is- designated by the Executive Associate land. Otherwise, the alien shall be de- Commissioner for Operations and hav- ported, in the first instance, to the ing jurisdiction over the location country in which is located the port at where the inspection will take place. which the alien embarked for such for- [57 FR 59907, Dec. 17, 1992] eign contiguous territory or adjacent island. -
Flight Physician - December, 2012
Wright State University CORE Scholar Browse all Civil Aviation Medical Association Civil Aviation Medical Association Records Newsletters (MS-526) 12-2012 Flight Physician - December, 2012 Civil Aviation Medical Association Follow this and additional works at: https://corescholar.libraries.wright.edu/special_ms526_newsletter Part of the Aviation Safety and Security Commons, and the Medicine and Health Sciences Commons Repository Citation Civil Aviation Medical Association (2012). Flight Physician - December, 2012. This Newsletter is brought to you for free and open access by the Civil Aviation Medical Association Records (MS-526) at CORE Scholar. It has been accepted for inclusion in Browse all Civil Aviation Medical Association Newsletters by an authorized administrator of CORE Scholar. For more information, please contact library- [email protected]. VOL 15, NO. 3 ECEMBER 2012 President's Report La Jolla is a "Home Run" BY HUGH J. O'NEILL, BY DAVID P. MILLETT, M.D., MPH M.D., M.H.Sc, D.AV.MED„ F.F.O.M.I EXECUTIVE VICE PRESIDENT OOKING BACK over 2012, one has a sense of sat• HE 58TH CAMA Annual Scientific Meet• In This Issue L isfaction and achievement with the workings ing held October 4-6, 2012, in La Jolla, of CAMA. Starting with a good board meeting TCalifornia, was a great success! Attendance in Dallas, we moved on to produce an excellent was very good with 120 full-time attendees, 12 participating staff, and 34 guests. The Educational CAMA Sunday in Atlanta. EXECUTIVE VP'S REPORT..,,3 Program Chairman, Dr. Clay Cowl, organized a The international focus and large attendance world-class program. -
The Impacts of Globalisation on International Air Transport Activity
Global Forum on Transport and Environment in a Globalising World 10-12 November 2008, Guadalajara, Mexico The Impacts of Globalisation on International Air Transport A ctivity Past trends and future perspectives Ken Button, School of George Mason University, USA NOTE FROM THE SECRETARIAT This paper was prepared by Prof. Ken Button of School of George Mason University, USA, as a contribution to the OECD/ITF Global Forum on Transport and Environment in a Globalising World that will be held 10-12 November 2008 in Guadalajara, Mexico. The paper discusses the impacts of increased globalisation on international air traffic activity – past trends and future perspectives. 2 TABLE OF CONTENTS NOTE FROM THE SECRETARIAT ............................................................................................................. 2 THE IMPACT OF GLOBALIZATION ON INTERNATIONAL AIR TRANSPORT ACTIVITY - PAST TRENDS AND FUTURE PERSPECTIVE .................................................................................................... 5 1. Introduction .......................................................................................................................................... 5 2. Globalization and internationalization .................................................................................................. 5 3. The Basic Features of International Air Transportation ....................................................................... 6 3.1 Historical perspective ................................................................................................................. -
Carter Sets Meetings with His Chosen Team
The Daily Register VOL.99 NO. 144 SHREWSBURY, N J. MONDAY, DECEMBER 27, 1976 15 CENTS Carter sets meetings with his chosen team PLAINS, Ga (AP) - Presi- the federal government with An Informal buffet «nprr n dent-elect Carter Is convening Carter on Jan 10, were planned for all the appointees a series of prcinauguration planned as freewheeling and tonight They will meet with meetings of his prospective informal Carter aides said Caller as a group tomorrow cabinet at a secluded island they were designed to let the and Wednesday for working plantation, with discussions of President-elect and his ap- possible tax cuts and the pointees discuss policies and The President-elect is general state of the economj get to know each other. scheduled also to discuss Ike expected to be high on the "This is the start of his financial problems of New agenda treatment of the cabinet offi- York Slate and New York Carter was scheduled to fly cers as the principal staff and City witk Gov. Hugh Carey to St. Simon's Island near the main means of carrying and Mayor Abraham Beame Brunswick, Ga , aboard a out what he hopes to do in his I* a private meeting tomor- commercial chartered air- administration. ' said Rex row liner today after spending a Granum, a Carter spokes- Lance attended Sunday quiet Christmas with his fam- man. school with Carter al Ike ily in Plains. But the man Carter de- Plains Methodist Church to Vice President-elect Walter feated in last month's election bear a sermon by Methodist Mondale and most of the new says Carter probably will Bishop William R Cannon of cabinet members were to fly have trouble fulfilling his Atlanta, who has been chosen to the island estate from campaign promises to offer a prayer at Carter's Washington on an Air Force inauguration on the steps of Jet President Ford said in an the US Capitol ABC-TV interview to be aired Jimmy Carter Carter begins his three-day Carter told the Sunday Jan. -
The Current and Future Climate of Airline Consolidation
View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by Southern Methodist University Journal of Air Law and Commerce Volume 64 | Issue 2 Article 9 1998 The urC rent and Future Climate of Airline Consolidation: The oP ssible Impact of an Alliance of Two Large Airlines and an Examination of the Proposed American Airlines-British Airways Alliance Jeff oM steller Follow this and additional works at: https://scholar.smu.edu/jalc Recommended Citation Jeff osM teller, The Current and Future Climate of Airline Consolidation: The Possible Impact of an Alliance of Two Large Airlines and an Examination of the Proposed American Airlines-British Airways Alliance, 64 J. Air L. & Com. 575 (1998) https://scholar.smu.edu/jalc/vol64/iss2/9 This Comment is brought to you for free and open access by the Law Journals at SMU Scholar. It has been accepted for inclusion in Journal of Air Law and Commerce by an authorized administrator of SMU Scholar. For more information, please visit http://digitalrepository.smu.edu. THE CURRENT AND FUTURE CLIMATE OF AIRLINE CONSOLIDATION: THE POSSIBLE IMPACT OF AN ALLIANCE OF TWO LARGE AIRLINES AND AN EXAMINATION OF THE PROPOSED AMERICAN AIRLINES-BRITISH AIRWAYS ALLIANCE JEFF MOSTELLER TABLE OF CONTENTS I. INTRODUCTION .................................. 576 II. THE HISTORY OF AIRLINE REGULATION AND CONSOLIDATION ................................ 577 A . BEFORE 1978 ................................... 577 B. AFTER DEREGULATION: 1978-1989 ............... 578 C . THE 1990s ...................................... 579 III. THE PRESENT PRO-CONSOLIDATION ENVIRONM ENT ................................... 580 A. THE CURRENT PRO-CONSOLIDATION CLIMATE ... 581 1. The Economic Climate........................ 582 2. Non-Economic Reasons ....................... 583 3. -
Airlines Codes
Airlines codes Sorted by Airlines Sorted by Code Airline Code Airline Code Aces VX Deutsche Bahn AG 2A Action Airlines XQ Aerocondor Trans Aereos 2B Acvilla Air WZ Denim Air 2D ADA Air ZY Ireland Airways 2E Adria Airways JP Frontier Flying Service 2F Aea International Pte 7X Debonair Airways 2G AER Lingus Limited EI European Airlines 2H Aero Asia International E4 Air Burkina 2J Aero California JR Kitty Hawk Airlines Inc 2K Aero Continente N6 Karlog Air 2L Aero Costa Rica Acori ML Moldavian Airlines 2M Aero Lineas Sosa P4 Haiti Aviation 2N Aero Lloyd Flugreisen YP Air Philippines Corp 2P Aero Service 5R Millenium Air Corp 2Q Aero Services Executive W4 Island Express 2S Aero Zambia Z9 Canada Three Thousand 2T Aerocaribe QA Western Pacific Air 2U Aerocondor Trans Aereos 2B Amtrak 2V Aeroejecutivo SA de CV SX Pacific Midland Airlines 2W Aeroflot Russian SU Helenair Corporation Ltd 2Y Aeroleasing SA FP Changan Airlines 2Z Aeroline Gmbh 7E Mafira Air 3A Aerolineas Argentinas AR Avior 3B Aerolineas Dominicanas YU Corporate Express Airline 3C Aerolineas Internacional N2 Palair Macedonian Air 3D Aerolineas Paraguayas A8 Northwestern Air Lease 3E Aerolineas Santo Domingo EX Air Inuit Ltd 3H Aeromar Airlines VW Air Alliance 3J Aeromexico AM Tatonduk Flying Service 3K Aeromexpress QO Gulfstream International 3M Aeronautica de Cancun RE Air Urga 3N Aeroperlas WL Georgian Airlines 3P Aeroperu PL China Yunnan Airlines 3Q Aeropostal Alas VH Avia Air Nv 3R Aerorepublica P5 Shuswap Air 3S Aerosanta Airlines UJ Turan Air Airline Company 3T Aeroservicios -
Volume 12 March 1986 Number 2 Gifts to Headquarters
OFFICIALffleffffnms PUBLICATION OF THE INTERNATIONAL WOMEN PILOTS ORGANIZATION VOLUME 12 MARCH 1986 NUMBER 2 GIFTS TO HEADQUARTERS BUILDING FUND Top of Texas Chapter El Cajon Valley Chapter Indiana Dunes Chapter Florida Spaceport Chapter Eastern New England Chapter Santa Barbara Chapter NOTAM TO SECTION GOVERNORS Sacramento Valley Chapter AND INTERNATIONAL COMMITTEE CHAIRMEN Orange County Chapter The International Board of Directors spring meeting will be held at El Paso Chapter Headquarters in Oklahoma City. April 10-14 Each International Carolinas Chapter Committee Chairman should provide a report, if appropriate, for that Wyoming Chapter meeting so that the Board will be updated on activities. Mr. and Mrs. Richard Buzbee, Memorial lor Pat Gettle Chairmen and governors who have agenda items to be placed Achsa Barnwell Donnels, Charter Member, Bakersfield Chapter before the Board should submit requests to President Hazel Jones at Mary Anh Hamilton, Greater Kansas City Chapter her home in Dallas prior to March 21. This lead time is required for Ardell Hinn, Monterey Bay Chapter reproduction of all submissions to be in the hands of International Marjorie Gorman, All-Ohio Chapter Directors for review prior to the meeting. Harvella Johnson, South Central Section In addition', please note on your calendar the June 1 deadline for International Committee and section annual reports for the Hawaii Ardath McCreery, Tip ol Texas Chapter Convention. These reports should review and summarize Inter Peggy Ong, Texas Dogwood Chapter national Committee and section activities for the year, and they will Mary Pinkney, Long Beach Chapter be placed in Convention packets. Because they will NOT be retyped Jean Schulz, Santa Rosa Chapter upon receipt, they must be camera-ready and limited to one Virginia Showers, Los Angeles Chapter 8V4"x11" page. -
“TWA– the Building of an Airline, As Revealed in the Private Collection of Co-Founder Paul Ernest Richter, Jr.” 1924 - 1949
“TWA– The Building of an Airline, as revealed in the private collection of co-founder Paul Ernest Richter, Jr.” 1924 - 1949 “The Three Musketeers of Aviation” Walt Hamilton, Jack Frye, Paul Richter ̶ 1 ̶ Overview TWA, The Airline Run by Flyers The Real story 1924 - 1949 Three young aviators with a common vision become the founders of “Trans World Airlines” A Documentary It was the 1920s, the “Golden Age of Aviation”, a time when pilots flew through barns and walked on wings. In this age of barnstorming and daring feats, three young pilots- Paul Richter, Jack Frye and Walter Hamilton took a chance with their life savings and purchased an airplane for the purpose of starting their own flight school. Within a short time, that one airplane grew to an airline fleet that pioneered the first passenger route system throughout the Southwest and forged the framework for modern air travel. Known then as the “Three Musketeers of Aviation”, these three young aviators with a common vision became better known as the founding fathers of Trans World Airlines. Trans World Airline set the standards throughout “the Golden Age of Aviation”. TWA was unique because TWA was founded by flyers. Jack Frye, Paul Richter and Walt Hamilton were visionaries of aviation; three men passionate about flying; always striving to reach for the impossible. From 1924 through 1947 their partnership and dedication to creating the best, established TWA as the leader in commercial aviation. This is the true story of the early years of TWA as told by Ruth Richter Holden, daughter of TWA founder Paul E. -
Solving 9-11
Solving 9-11 An Independent Investigation of the Crime that Changed the World By Christopher Bollyn Table of Contents (As of May 30, 2009) Preface by Author Forward by Dr. Steven E. Jones (preferably) Chapters 1. 9-11 Through the Eyes of an American Skeptic (5150) As a journalist and skeptic of the unproven official version, I have examined the facts and evidence and concluded that the U.S. government and controlled media have engaged in a conspiracy to deceive the world about what really happened on 9-11. 2. The Planes of 9-11 (6340) A foreign and privately-owned aircraft leasing company is connected to the airport security and passenger screening company at the center of the terror attacks of 9-11. 3. America the Target: 9-11 and the History of False Flag Terrorism (9985) An examination of key events in the history of false-flag terror attacks and the people behind them. 4. The Terror Drills That Became Real: 9-11, the London Bombings & the Sinking of Estonia (6077) The past two decades have been marked by a number of terror events which occurred during security exercises in which the scenario was identical to the real-life terror attack. 5. How Did Spy Software Get Onto FAA Computers? (2841) 9-11 was also a sophisticated computer crime, carried out through long-term foreign infiltration of the most sensitive U.S. military and government computer networks. 6. Who Controls Our Elections? (2860) The stealing of American elections is primarily a computer crime, as were the terror attacks of 9-11.