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 Supermodel 'rejects dollar pay'

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Number of posts : 440
Registration date : 2007-07-01

PostSubject: Supermodel 'rejects dollar pay'   Wed Nov 07, 2007 12:48 pm

Supermodel 'rejects dollar pay'

The model reportedly demanded euros for a Pantene

world's richest model has reportedly reacted in her own way to the sliding value
of the US dollar - by refusing to be paid in the currency.

Gisele BŁndchen is said to be keen to avoid the US currency because of
uncertainty over its strength.
The Brazilian, thought to have earned about $30m in the year to June, prefers
to be paid in euros, her sister and manager told the Bloomberg news agency.
However, Ms BŁndchen, 27, declined to comment on her pay arrangements.
Last week the dollar hit long-term lows against the euro, the British pound
and the Canadian dollar.
According to Brazil's weekly magazine Veja, when Ms BŁndchen signed a deal to
represent Pantene hair products, she demanded that the brand owner, Procter
& Gamble (P&G), paid her in euros.
P&G was reported as saying that it could not comment on details of the
More attractive
There are also reports that she will be paid in euros for a deal with Dolce
& Gabanna to promote its The One fragrance.
"Contracts starting now are more attractive in euros because we don't know
what will happen to the dollar," Patricia BŁndchen told Bloomberg in September.
But the supermodel's agent in New York, Anne Nelson, denied that there are
any special currency arrangements.
"When she works in Europe she gets paid in euros, when she works in the US
she gets paid in dollars, when she works in Brazil she gets paid in reias and so
on," she said.
She also pointed out that Ms BŁndchen lives in New York and so needs US
'Still negative'
Last month, billionaire investor Warren Buffett said that he was not
confident about the strength of the dollar.
"We are still negative on the dollar relative to most other currencies so we
bought stocks in companies that earn their money in other currencies," he said
of his Berkshire Hathaway investment vehicle.
And Jim Rogers, a former investor partner of George Soros, told the BBC that
if he was buying currency now it would be the Chinese renminbi, the Japanese yen
and the Swiss franc and not the US dollar.
The dollar has slipped amid US interest rate cuts which have been trimmed to
4.5% after standing at 5.25% in September.
This means that investors are looking to buy other currencies that will give
a higher rate of return.
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