Trade horror movie of 2010?
“Here’s a start for your horror movie,” Roger Cunningham, president and owner of United Risk Consultants tells me as we begin to talk about political risks for exporters in North Texas. He tells me that we are seeing ”unprecedented” worldwide insolvencies in 2009 that are continuing into 2010. This means that companies are in a lot of financial trouble.
Some may ask, ‘how does this impact me? I have great relationships with my buyers.” Contracts signed three years ago under the best of intentions are now facing extraordinary uncertainties. Buyers are unable to follow through.
Are you doing business with Greece, Iceland, Ireland, Italy, Portugal or Spain? Many executives are beginning to worry about the enormous debts of these and other governments around the world. Will they be able to support their own obligations, much less support their business communities in a time of need?
“Political Risk includes military wars, but in my experience, many people don’t think about trade wars which happen much more often,” Roger tells me. “The cancellation of an import or an export permit can certainly stop payment on an order; not to mention any and all future orders.”
An example is the provision in the Stimulus Act of 2009 that prohibits Canadian, and other foreign-owned businesses, from competing for U.S. government projects. It also prohibits U.S. companies that source a percentage of their products from foreign-owned companies. Buying Canadian lumber? Chinese steel? You are likely out of the game for these procurement opportunities. Selling to these same companies? Many governments are retaliating, making it much less attractive for foreign-owned businesses to buy U.S.-made products.
Global Commerce can be a risky business if you’re not prepared and the Dallas Regional Chamber’s International Business Council wants to help you prepare. The fourth installment of the Navigating Global Risk Series will host a panel of experts to discuss ways to not be fooled this April fool’s day. “Insuring” You Get Paid in Global Commerce will be held Thursday, April 1, 2010.
The April 1 seminar focuses on banking, public and private sector insurance tools for risk management and discusses building these tools into an international sales contract. Confirmed panelists include Roger Cunningham, president and owner of United Risk Consultants and Kelly Kemp, business development officer at the Export-Import Bank of the United States. Other speakers will represent legal, corporate experience and the banking sector.
CPE- Accounting and MCLE (pending) continuing education credits are available for this course, with no course prerequisites.
The April 1 event will be held at the Westin Galleria Dallas. Prices for each seminar are $45 for Chamber members and $55 general admission. International Business Council members receive an additional discount.
Visit www.dallaschamber.org/global for more information or contact Kelle Marsalis at (214) 712-1901 or kmarsalis@dallaschamber.org to register.
Chamber Hosted Successful Orientation
At last week’s member orientation, over 75 business professionals kicked off the new year learning how to take advantage of their partnership with the Dallas Regional Chamber. This interactive forum featured remarks by Chamber staff outlining our 2010 programs and initiatives, a review of the annual video which highlighted a year of accomplishments for the Dallas Regional Chamber and the North Texas business community, and an opportunity for members to make quality connections by promoting their products and services.
As the region’s premier business alliance, the chamber represents virtually every size and type of business in the DFW area. Membership offers instant access to a network of nearly 2,500 businesses and their 600,000 employees. We are dedicated to serving our members and their business needs through our sound public policy advocacy efforts, our focused economic development initiatives and our outstanding member services.
To find out how your business or organization can join the Chamber and be a part of the in-crowd, click here to submit a membership form.
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Chamber Hosted Successful Annual Meeting
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- Dallas Mayor Tom Leppert, Amb. James C. Oberwetter, David R. Corrigan and Robert W. Best pose for a photo op following the luncheon.
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- 2009 DRC Chairman of the Board, Bob Best, presents the 2009 Chairman’s Award to Ernst & Young’s Clint McDonnough.
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- Amb. James C. Oberwetter, David R. Corrigan and Robert W. Best following the presentation to the outgoing Chairman.
The Chamber’s Annual Meeting, on January 14th at the Fairmont Hotel, gathered the business leadership of the region to review the accomplishments of 2009 and to outline initiatives for the future. The meeting featured remarks by 2009 DRC Chairman of the Board, Robert W. Best, Chairman of the Board and CEO, Atmos Energy Corporation; 2010 DRC Chairman of the Board, David R. Corrigan, President & CEO, Corrigan Investments Inc.; 2011 DRC Chairman elect, W. Mike Baggett, Chairman Emeritus, Winstead PC; and Ambassador James C. Oberwetter, President of the Dallas Regional Chamber.
The annual video, which highlights a year of accomplishments for the Dallas Regional Chamber and the North Texas business community, was showcased.
The 2009 Dallas Regional Chamber Chairman of the Board, Bob Best, presented the Chairman’s Award which is annually given to an outstanding individual who has actively contributed in supporting the Chamber and the community throughout the year. The Chamber would like to congratulate the 2009 Chairman’s Award recipient, Clint McDonnough, Office Managing Partner for Ernst & Young LLP. In his role McDonnough serves as the face and voice of E&Y in the Dallas community.
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A Letter From DRC Chairman Best and President Oberwetter
Dear Chamber Members and Strategic Partners:
A year ago we reported that the Chamber’s 100th year was going to be a very special one, both challenging and productive – and it was. From a well received centennial celebration to important successes in matters of public policy and economic development, your Chamber helped set the stage for future growth.
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Chamber Ends Year with Successful Orientation and Networker
Over 80 business professionals attended yesterday’s orientation and business after hours designed to educate new and current members about the Chamber’s value-added programs and initiatives, as well as, provide a forum for member’s to network and promote their products and services.
As the area’s leading membership driven business organization, the Dallas Regional Chamber, continues to promote prosperity through sound public policies, focused economic development, member education and engagement. Our membership consists of approximately 3,000 businesses across twelve counties representing nearly 600,000 employees. To find out how your business or organization can join the Chamber and be a part of the in-crowd, click here to submit a membership form.
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2010 Economic Outlook
Yesterday, the Dallas Regional Chamber hosted Dr. Ray Perryman, as he kicked off his annual tour presenting his economic outlook for the coming year.
His outlook for our region was what I would say cautiously optimistic. Dr. Perryman pointed out that by most measures an economic recovery is now under way. The nation’s Gross Domestic Product (GDP) grew in the third quarter by 3.5%, unofficially ending the recession. We are seeing signs of changing inventories and manufacturers are showing a willingness to replenish low supplies in anticipation of a recovery. But we still have tremendous hurdles to face, and as Dr. Perryman put it, “there’s no free lunch for all the government spending.” And expect to see more stimulus, but in little pieces. Wages will be stable for a while, but slightly suppressed. In the end, Dr. Perryman predicted we should expect to see job growth return in the late spring or summer of 2010, albeit a slow growth. And the Tech industry will likely lead this recovery.
What I saw were a lot of heads nodding in agreement that things are beginning to look up. We have the things in place to have a significant recovery including maintaining a strong presence in the fundamental industry sectors, and continuing to foster strong economic development. We have already seen signs of recovery, including the recent announcement that Texas Instruments was finally opening its huge chip manufacturing plant in Richardson. Here at the Chamber, prospect activity is beginning to pick up as well, as companies from California to Florida are testing the waters for possible relocations and expansions in the Dallas/Fort Worth area.
Finally, Perryman pointed out that the Texas is adding an estimated 1,000 persons a day, with many of them coming to the Dallas/Fort Worth region! Of course this shows what many of us already know. That this is a great place to live and do business. And relative to the rest of the country, this area is widely recognized, and will continue to be, one the top performing metro areas in the country.
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In Trying Times the Metroplex Sees Tremendous Economic Development Opportunities
Contrary to popular belief, it’s not all bad. The headlines referring to troubles in states such as California, Florida, New York and Nevada are endless, and a testament to a tremendous opportunity here in our area.
Last week the Associated Press highlighted the strengths of the North Texas region, ”The AP Economic Stress Index — a score based on a county’s unemployment, foreclosure and bankruptcy rates — shows that the nation’s 100 fastest-growing counties have, as a whole, fared worse than the national average since the start of the recession.
Yet 42 of those 100 counties are bucking that boom-then-doom trend, including one west of Des Moines, some in northern Virginia and the Texas counties outside Austin, Dallas, Houston and San Antonio, according to the AP’s analysis.
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TODAY is Election Day!
Today is Election Day! This is your chance to vote for Proposition 4 to improve higher education in Texas. Hear Ebby Halliday explain the importance of this legislation and how it will benefit you. Listen to Ebby Halliday!
For more information on the Chamber’s support of Prop 4, please click here.
Also, other local elections will be decided today including 3 Dallas ISD trustee seats.
Polling places will be open throughout Texas from 7:00 a.m. to 7:00 p.m. Voters must bring their voter registration certificate or another form of identification in order to vote at the polls. Don’t know where your polling place is located? Click here to find your polling location.
You can find more information about voting procedures, propositions on the ballot, elected officials, and more at www.dallaschamber.org or www.txprosperity.com Voting is your right and the ultimate expression of your freedom. Be sure to exercise that right, as every vote can make a difference.
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North Texas Chambers of Commerce unite in support of Proposition 4
North Texas Chambers of Commerce teamed with Texans For Tier One in support of Proposition 4
Senator Shapiro, James Huffines, Jim Oberwetter, Representatives Branch, Alonzo and Turner
On Tuesday, October 20th the Dallas Regional Chamber hosted a press conference where North Texas Chambers of Commerce representatives joined Senator Florence Shapiro, State Representatives Dan Branch, Roberto Alonzo and Chris Turner to support passage of Proposition 4 which will be decided in the upcoming November 3rd election.
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Foreign Currency Fluctuation and Risk Management – How Does THAT Impact MY Business?
Every time I listen to KERA, I hear something about how China or OPEC or other countries are considering investing more in the Euro and purchasing fewer U.S. Dollars. As we all have heard, China now holds about $800 billion of our $1.58 trillion deficit. It can be quite confusing to navigate all of these related issues and may lead some North Texas business executives asking themselves “how does this affect my company?”.
The answer is a lot, especially if you are competing in the global marketplace (even if you aren’t doing international business, you are likely going to be impacted).
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