May 2 2008
Ann Bruce kindly sent me an article full of depressing news. Thanks, Ann. Harlequin’s profits are down 12% for the quarter. Harlequin is part of Torstar, an entertainment conglomerate headquartered in Canada. It usually is a “cash cow” but the forex effect (which needed to be explained to me because it sounded like something painful a woman would endure at the gynecologist’s office) is having a negative impact. Because the US dollar is declining in value against the Canadian dollar, the value of goods sold in the US is decreasing. The fluctuating currency exchange rate is not working in Harlequin’s favor.
Via Report on Business.