(BQ) Part 2 book "International business - Environments and operations" has contents: Factors that influence exchange rates, factors that influence exchange rates, ethics and social responsibility, evaluation of countries for operations,.and other contents. | Find more at The Global Monetary Environment Part Four Chapter 8 Markets for Foreign Exchange Objectives After studying this chapter, you should be able to 1. Learn the fundamentals of foreign exchange 2. Identify the major characteristics of the foreignexchange market and how governments control the flow of currencies across national borders 3. Describe how the foreign-exchange market works 4. Examine the different institutions that deal in foreign exchange 5. Understand why companies deal in foreign exchange MyManagementLab® Improve Your Grade! When you see this icon , visit for activities that are applied, personalized, and offer immediate feedback. Another man’s trade costs money. Source: © albertocc311 - —Por tuguese Proverb 339 01/04/14 3:05 PM Find more at CASE Going Down to the Wire in the Money-Transfer Market Long known as “the fastest way to send money,” Western Union controls nearly 80 percent of the moneytransfer market and is widely acknowledged as the world leader in wire transfers—electronic transfers of funds from one financial institution to In this case, it’s a transfer from one Western Union office to another. Now, however, Western Union is facing stiff competition from banks threatening to encroach on its market share of the electronic money-transfer business. Western Union was started in 1851 when a group of businessmen in Rochester, New York, formed the New York and Mississippi Valley Printing Telegraph Company. The name was changed to Western Union in 1861 when the first transcontinental telegraph line was completed. Western Union introduced its money-transfer service in 1871; in 1989 it began offering it outside North America. Today, more than half a million Western Union agent locations are found in over 200 countries and territories around the world. Money transfers make up 85 percent
