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The CLA and World First to launch new currency service for members The CLA has teamed up with foreign exchange experts World First to enable its members to save money when making or receiving payments in foreign currencies. The service, offered as a CLA member benefit, provides foreign exchange solutions including commercial exchange rates, often up to two percent better than the banks, access to products allowing members to fix exchange rates in advance and a consultative service to manage exposure to exchange rate fluctuations. CLA Director General Adrian Gane said: "Our members will no longer have to play foreign exchange roulette with their overseas payments. World First will make sure they get the best possible exchange rate available, and allow them to budget in advance for future transactions. "We are delighted to launch a partnership with a market leader that will save our members money and ensure they avoid risk caused by currency exchange rate fluctuations." Chris Birts, Head of Corporate Partnerships at World First, said: "World First will provide a bespoke foreign currency service, providing a consultancy and trade platform for the CLA membership. We will save CLA members money on basic exchange rates and introduce them to hedging products that will not only prevent them from being on the wrong end of currency market volatility but also help them to benefit should exchange rates move in their favour. "The partnership between the CLA and World First shows that foreign currency risk is now recognised as a pivotal factor in the agriculture sector - often meaning the difference between profit and loss. "This partnership will give the agricultural sector access to a bespoke currency service, focussed on providing professional advice on hedging currency risk." He added: "The effects of the weakening of sterling have been in the most part negative. The euro has strengthened dramatically, and importers, machinery importers or the suppliers of fertilisers and crop seed, for example, who have not protected themselves, have had to increase prices as their basic unit costs have dramatically gone up. This has had repercussions across the sector as it is the customers who shoulder the burden of the extra cost. "The positive effects have been enjoyed by those receiving the Single Farm Payment who have benefitted from the rise of the euro and have locked in the strong rate for the next two years, as well as owners of overseas farms and property who've seen values rise substantially." World First executives will attend The CLA Game Fair today (Friday) and will be available for interview. |
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More articles and documents [News Archive] [27 June 2007] GN13-07 Single Payment Scheme (SPS) Appeals Procedure [Guidance notes] [14 May 2007] EU Common Agriculture Policy: 2008 Health Check [Consultation response archive] [18 February 2008] |
Rupert leads the CLA regional staff and has overall responsibility for the CLA regions including their sales and retention strategy to achieve sustainable growth in membership income and numbers.
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