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The Asian growth story: can it continue?

Fri, 17 May 2013 09:49:00 GMT

The 19^th EuroFinance in Singapore, held from 15-17 May with more than 450 delegates, kicked off with an economic overview of the Asian situation. The market dynamism is attracting investment and corporate development in the region, but are there dangers lurking beneath the surface?

“And the winner is…”

Wed, 15 May 2013 13:08:00 GMT

The winners of the Adam Smith Awards 2013 have now been announced. We are now looking forward to the prestigious Awards Lunch at Plaisterers Hall in the City of London on 20^th June.

‘Stewardess’ Branson serves on AirAsia flight

Wed, 15 May 2013 12:13:00 GMT

Virgin boss Richard Branson can now add AirAsia flight attendant to his long list of career achievements, after honouring a bet lost to rival airline owner Tony Fernandes.

Finding a new home for cash

Tue, 14 May 2013 08:35:00 GMT

Fears are growing that Europe’s money market fund industry will be killed off if recent leaks of European Commission (EC) proposals prove to be accurate. Can short duration fixed-income ETFs fill the gap?

Globalising corporate liquidity structures to maximise potential funds

Mon, 13 May 2013 10:31:00 GMT

The shifting focus of global commerce and a changing and variable regulatory environment are driving businesses to look much closer at their liquidity and risk management processes. While many multinational organisations are currently flush with cash, they are concerned with optimising future sources of liquidity. This is forcing companies to focus on improving their approaches to be able to make use of internal funds, while optimising and controlling the deployment of excess cash. Given these dynamics, the distributed regional and currency specific liquidity structures are no longer in favour.

Treasury verdict: low-key optimism amidst treasury challenges

Fri, 10 May 2013 09:10:00 GMT

A majority of the 350 attendees at the EuroFinance Miami conference, held from 8-10^th May, feel more confident about their ability to do business in today’s environment, compared with 12 months ago. However, that confidence level did not quite extend to their view of global economic prospects. A panel session looked at the fact that centralisation and efficiency gains figure high on the treasurer’s agenda and explored how this is affecting their banking relationships.

Winners announced

Thu, 09 May 2013 12:54:00 GMT

Winning submissions for the 2013 Adam Smith Awards have now been notified and the full list is available.

More boom and bust? ‘Abenomics’ bra unveiled

Wed, 08 May 2013 15:26:00 GMT

This week lingerie maker Triumph International announced the ‘Abenomics’ bra – a light hearted take on Prime Minister Shinzo Abe’s ‘three-arrow’ economic revival plan.

The future starts on the fringes

Wed, 08 May 2013 15:14:00 GMT

Conferences come and go but the ACT’s annual event has been on the calendar for many years and this year’s event, held in Liverpool’s dockside ACC, saw around 700 delegates gather to hear speakers covering everything from stability to wild abandon. Treasury Today was in attendance.

SWIFT's BPO finally arrives as ICC outlines rules

Wed, 08 May 2013 09:56:00 GMT

Formal approval was given to the SWIFT Bank Payment Obligation (BPO) by the ICC last month. Now a set of uniform legal and technological standards has been agreed will we see a rush of businesses looking to leverage the benefits of this new payment method?

What do corporates want from their banks?

Fri, 03 May 2013 16:24:00 GMT

During a SWIFT Business Forum in London, Anne Coghlan, Head of Group Treasury at Dyson, talks about the realities of corporate banking and whether the banks are stepping up to the plate to deliver a home run in corporate customer experience.

Bank Interview
Jim Fuell, J.P. Morgan Asset Management

Fri, 03 May 2013 15:48:00 GMT

The short-term investment market is in a state of flux as central banks and other national and international bodies seek to influence its direction. With cash-rich corporate investors looking for risk-appropriate opportunities to add yield, a bank needs scale, imagination and investment expertise in equal measures if it is to differentiate itself from the pack. Treasury Today talks to Jim Fuell, Head of Global Liquidity for EMEA, J.P. Morgan Asset Management, about what it takes to be a leader in this dynamic space.

Corporate liquidity: the key to movement

Fri, 03 May 2013 15:35:00 GMT

In an environment where opportunities are beginning to open up, organisations – from sales managers to treasurers – have a renewed growth agenda, and are expanding where possible. Corporates are discovering that it’s important to look internally to ensure operations are optimised and safeguarded – and well-positioned for achieving this growth.

A hazy shade of banking

Fri, 03 May 2013 15:02:00 GMT

Just over four years ago, non-bank financial firms such as the Reserve Primary Fund were caught up in the storm wreaking havoc on the global financial markets. As a result the regulators are closing in. This article traces the reasons behind the rapid growth in shadow banking during the years leading up to the financial crisis, and then looks at the subsequent regulatory headwinds now shaping its future.

Corporate View
David Vermylen, BP

Fri, 03 May 2013 14:44:00 GMT

BP Petrochemicals’ David Vermylen explains how he has transformed credit management from a back office, filling out forms role to one that provides dynamic, responsive solutions stemming from much closer integration of credit management with business and commercial lines.

John Maynard Keynes

Fri, 03 May 2013 14:37:00 GMT

The 2007/8 global financial crisis shattered the dream of unfettered free market capitalist expansion, as countries around the world responded by switching to the default position of Keynesianism – deploying stimulus packages to help prop up their domestic economies. Treasury Today takes a look at the man behind the ‘ism’, John Maynard Keynes, and his contribution to economic theory.

Problem Solved
Tamer Karabulut, Türk Telekom

Fri, 03 May 2013 13:35:00 GMT

Türk Telekom wanted to improve the visibility, control and predictability of its cash flows. Citi developed an innovative solution that leveraged the bank’s partnership with Post Bank of Turkey (PTT), which has 4000 online branches countrywide, so that Türk Telekom treasury can see the amount in its accounts online, same day, as well as how much each office has deposited.

Flowing eastwards

Fri, 03 May 2013 13:24:00 GMT

It is not just China and India that represent opportunities in the East – South-East Asian markets are growing exponentially and are hungry for foreign investment. While these markets may not yet be a large part of an MNC’s P&L, they certainly will in the future.

End of the Eurozone in five fatal scenarios

Fri, 03 May 2013 13:18:00 GMT

Anyone predicting a positive outcome for the Eurozone crisis, which continues to rumble on without an end in sight, may be accused of reckless optimism. Much more likely is one of a number of ‘doom scenarios’ – but which one is worth betting on?

Counterparty credit risk

Fri, 03 May 2013 13:13:00 GMT

This months question

“What is the most effective way for corporates to measure and control counterparty credit risk?”

Jensen’s measure

Fri, 03 May 2013 08:38:00 GMT

Jensen’s measure is an important tool for treasurers who want to achieve the best possible return on any investment.

Short-term investments

Fri, 03 May 2013 08:15:00 GMT

In the current global economic environment, corporates are finding the task of capital preservation increasingly challenging. For corporates operating in tightly-controlled Asian markets the decision as to where to invest surplus cash is often even more complex. In this article, we examine these and some of the other issues surrounding short-term investments currently facing the corporate treasurer.

Corporate View
Mikko Sopanen, Lite-On Mobile

Thu, 02 May 2013 16:00:00 GMT

Based in Singapore, Mikko Sopanen is leading a project in order to consolidate and centralise the cash flows, for importing and exporting, from all companies to the Asian headquarters. He refers to having had three “cash planets” within China, as each cross-border transaction and cash transfer is so restricted.

Taxing times

Thu, 02 May 2013 15:19:00 GMT

Profit shifting and transfer pricing have been hot tax topics in Asia for many years. However, recent developments in tax policy in Australia, India and China in particular have highlighted the challenges facing corporate treasurers in the region.

Investing in the future

Thu, 02 May 2013 14:27:00 GMT

Sustainable and ethical investment instruments are not experiencing high demand from corporate treasurers, mainly due to a perceived trade-off between sustainability considerations and aspects that treasurers care most about: capital preservation, liquidity and yield.

Mitigating trade finance risk

Thu, 02 May 2013 14:16:00 GMT

This month's question

“How can corporates in Asia mitigate trade finance risk?”

Staff opt for tattoo in exchange for raise

Wed, 01 May 2013 15:20:00 GMT

Getting a permanent reminder of your company inked on your body may not seem to be the best idea in a precarious job market, but what if you were offered a pay raise in exchange for this public display of loyalty?

Is distributor finance coming of age?

Tue, 30 Apr 2013 08:45:00 GMT

Supply chain finance (SCF) programmes may take centre stage today, but waiting in the wings is distributor finance (DF). Corporates across the industrial spectrum are now looking at supporting downstream businesses in their supply chains via DF programmes, particularly in emerging markets (EMs).

Taking shared services to the next level

Fri, 26 Apr 2013 11:43:00 GMT

Talking about shared services is like opening Pandora’s Box – the debates over which processes a shared service centre (SSC) should include are endless. No matter what your definition is, the concept is evolving from solely a cost saving exercise to one that delivers value across the organisation.

Will SEPA fulfil its promise for the big billers?

Wed, 24 Apr 2013 15:57:00 GMT

The Single Euro Payments Area (SEPA) was sold as the process to finally bring an end to Europe’s fragmented payments infrastructure. But countries worried about the risks of cross-border payments are battening down the hatches. How damaging will this be to the harmonisation project?

Maturing assets bolster dairy firm pension fund

Wed, 24 Apr 2013 10:29:00 GMT

Employees of Cathedral City cheese maker, Dairy Crest have had their pensions secured by a £60m mountain of maturing cheddar.

Treasurers: more pay, bigger bonus, new job

Tue, 23 Apr 2013 10:56:00 GMT

The 2013 treasury pay survey from Robert Walters shows most treasurers feel they are due a pay rise and a bonus and most are thinking about a new job to further enhance their pay and prospects.

Lithuania

Thu, 01 Sep 2011 08:00:00 GMT

Situated in the geographical centre of Europe, Lithuania has moved on from communist rule to recognised independence through social and political reform. The highly literate society’s economy grew between 2004-2008 but suffered a drop of almost 15% in GDP in 2009. How has the country recovered and what does the future hold in store for this Baltic state?

Latvia

Thu, 01 Sep 2011 08:00:00 GMT

Fulfilling top foreign policy goals, Latvia joined both NATO and the EU in the spring of 2004. Four years later, Latvia’s second largest bank required a state bailout and the country turned to a group led by the European Commission and the IMF to secure a €7.5 billion loan. Under the conditions of the loan, the Latvian government has strict budget deficit targets to reach for 2012, but these may just aid the country in its long-term plan to adopt the euro.

Estonia

Thu, 01 Sep 2011 08:00:00 GMT

A forward-thinking and ambitious nation, Estonia has promoted both its economic and political ties with the west, since the last Russian troops left the country in 1994. The small economy has managed to assert itself with remarkable aptitude on the international stage and its membership of the Eurozone has helped to boost Estonia’s credibility and popularity with foreign investors.

Sweden

Thu, 01 Sep 2011 08:00:00 GMT

With low unemployment, a robust economy and a reputation for neutrality, Sweden is among the most highly developed post-industrial societies in the world today. The country experienced a surprisingly strong rebound from the global recession and in 2010, the Swedish government successfully managed to clear its deficit. Sweden is one of the few EU countries that has not adopted the single European currency.

Norway

Thu, 01 Sep 2011 08:00:00 GMT

With a coastline spanning over 25,000 kilometres, Norway draws much of its economic strength from the sea. In addition to exporting natural resources such as oil and gas, the country is responsible for the largest catches of fish in western Europe today. But what are the economic prospects for the country, how does the Norwegian banking sector compare to its peers?

Iceland

Thu, 01 Sep 2011 08:00:00 GMT

One of the most volcanically active countries in the world, Iceland is famous for its hot springs and geysers, as well as its high standards of living. The country has been beset by a series of crises in recent years, from the collapse of its banking sector in 2008 to the 3km high ash cloud that caused the European airspace to seize up in 2010. Could EU accession provide a turning point for the country?

Finland

Thu, 01 Sep 2011 08:00:00 GMT

Recognised by the World Economic Forum as having a well-managed economic policy, first class public institutions, and a private sector that adapts quickly to new technology and innovation, Finland is one of the world’s most competitive economies. Home to mobile telephone giant Nokia, Finland also has an advanced telecommunications sector, which contributes significantly to the country’s economy, together with the more traditional timber and metals industries.

Denmark

Thu, 01 Sep 2011 08:00:00 GMT

With few natural resources of its own, Denmark has traditionally relied on foreign trade and an ever-increasing domestic service industry to boost employment figures and maintain economic stability. Despite its relatively small size, Denmark is a country that has significant presence internationally and is renowned for its competitive edge, healthy economy and independent spirit.

Debt capital markets in Indonesia – part 2

Fri, 19 Apr 2013 09:00:00 GMT

Last week we looked at the growth of the bond markets in Indonesia and how the country’s government and corporate issuers have risen to the challenge of securing funding. This week, we talk to Ji Liu, a partner at Norton Rose in Hong Kong, and Ferzana Haq, Of Counsel at Norton Rose in Singapore, both specialists in debt in capital markets, about the importance of the Indonesian bond market in shaping the future prosperity of the country.

Tax on rain at the centre of a political storm in Maryland

Wed, 17 Apr 2013 11:27:00 GMT

Legislators in the US state of Maryland are introducing a controversial new tax – on rainwater. Needless to say, the policy has not been met with approval from everyone.

Finance professionals need partnership skills, says report

Wed, 17 Apr 2013 10:35:00 GMT

For key financial professionals, partnering with non-finance functions enables improved responsiveness throughout the company. But to succeed it also requires additional skills that are not always readily available. What is required and what can be done to improve matters?

IPS: where next for payments?

Mon, 15 Apr 2013 16:27:00 GMT

Now in its 21^st year, the International Payments Summit (IPS) in London last week provided representatives from the different corners of the payments community a forum to meet and discuss some of the issues currently at the forefront of their minds. Treasury Today was there to report on the event.

Debt capital markets in Indonesia: one to watch

Fri, 12 Apr 2013 11:36:00 GMT

The debt capital markets in Indonesia may not be as large or as developed as others in Asia but they are moving in the right direction. In this two-part special, Treasury Today talks to Ji Liu, a Partner at Norton Rose in Hong Kong, and Ferzana Haq, Of Counsel at Norton Rose in Singapore, both of whom specialise in debt capital markets, to learn how they are making progress.

Monkeys: smarter than the average market index

Wed, 10 Apr 2013 11:41:00 GMT

Yes, it is true. Two papers published by the Cass Business School in London has found that a monkey randomly picking stocks could easily beat the US stock market.

GE Japan streamlines multi-bank and multi-accounts yen payments

Wed, 10 Apr 2013 11:30:00 GMT

General Electric (GE), one of the largest and most diversified infrastructure and financial services corporations in the world, is seeking to consolidate its banking interfaces in Japan, thereby saving on transaction and maintenance costs, as well as freeing valuable manpower resources.

VW drives South American FX trading in new direction

Tue, 09 Apr 2013 11:18:00 GMT

Brazil’s largest automotive segment exporter, Volkswagen Brazil, is looking to a new foreign exchange (FX) trading platform to tackle local market conventions and drive further efficiency and transparency in its currency trading deals.

Cash flow forecasting

Mon, 08 Apr 2013 10:35:00 GMT

This month's question

How can treasurers improve the quality of their cash forecasts?

Are a weak pound and yen here to stay?

Mon, 08 Apr 2013 10:32:00 GMT

Japan and the UK have a few things in common. Both are islands that appear to be on a collision course with mainland China and Europe, respectively. Both economies are in desperate need of more stimulus. In both countries the head of the central bank has the title of Governor and both new Governors are expected to deliver a fresh dose of monetary stimulus. Not incidentally, that investors have pessimistic views on yen and sterling.

Corporate investments: still safety first

Mon, 08 Apr 2013 10:26:00 GMT

Despite large sums of cash on balance sheets, treasurers are remaining cautious when it comes to investments. In the current volatile economic climate and with a spate of regulatory changes on the horizon, research by Treasury Today indicates that security and liquidity remain top priorities for corporate investors – with yield coming in a distant third.

Problem Solved
Andreas Liebenow, Henkel

Mon, 08 Apr 2013 10:47:00 GMT

Henkel needed greater visibility and control over its entire banking structure and “wanted to see all balances of all accounts on a daily basis, at the press of a button”. The only solution was a web-based, bank-owned solution and Citi’s TreasuryVision liquidity portal stood out.

A blank canvas

Mon, 08 Apr 2013 10:19:00 GMT

The idea of building a treasury from scratch is a thrilling prospect. However, having a blank canvas in front of you can be a bit like standing at the edge of a cliff – the first step is a big one. How can treasurers avoid the pitfalls and implement a best practice treasury?

Alfred Marshall

Mon, 08 Apr 2013 10:16:00 GMT

Alfred Marshall belongs to an elite group of economists – Adam Smith, David Ricardo and John Maynard Keynes – who left a profound and permanent mark on the history of economic thought. His great achievement was to further our understanding of microeconomics to such an extent that even today his ideas are familiar to anyone who has taken an introductory course in economics.

Corporate View
Michael McGovern, Irish Dairy Board

Mon, 08 Apr 2013 10:11:00 GMT

The Irish Dairy Board (An Bord Bainne in Irish) is the country’s largest exporter of premium dairy products and a leading international food company with a global footprint extending to over 90 countries. Group Treasurer, Michael McGovern, tells Treasury Today about the changing face of the dairy industry and the pleasures and responsibilities of working within a co-operative.

Crunch time

Mon, 08 Apr 2013 10:02:00 GMT

2013 is being viewed as a crunch time for all number crunchers – from auditors to accountants and treasurers. Developments in the regulations governing the preparation of accounts will have far reaching consequences for all. Yet there are a number of outstanding questions that still need some answers before the dust settles.

Running in the family

Mon, 08 Apr 2013 09:57:00 GMT

SWIFT has been trying to engage with the corporate community for many years and yet membership has remained relatively low. By restructuring and bringing together core payments messaging and trade services functions, it hopes to generate a more inclusive environment for businesses, banks and vendors alike. What does the new structure look like and what does it mean for treasurers?

Bank Interview
Bank of America Merrill Lynch

Mon, 08 Apr 2013 09:40:00 GMT

What are the key trade issues for the coming year – and more importantly, how will they be managed? Global and Regional Heads of Trade from Bank of America Merrill Lynch engage with the topics that matter, providing insight for corporate treasurers the world over.

Creating and issuing a bank RFP

Mon, 08 Apr 2013 09:35:00 GMT

Replacing or establishing a major treasury relationship is not something to be taken lightly. In this second part of our look at the request for proposal (RFP) process we discuss the finer points of selecting a banking partner.

LIBOR: can the FCA restore confidence in the scandal-stricken benchmark?

Fri, 05 Apr 2013 15:26:00 GMT

This week marked the beginning of a new era for the London Inter-Bank Offer Rate (LIBOR). Following the recommendations set out by the Wheatley Review, the interest rate benchmark now comes for the first time under independent regulatory supervision by the newly established Financial Conduct Authority (FCA). But what will the change mean for the corporate treasurer who relies on the benchmark as a reference point for loan pricing?

“No time to lose,” banks tell clients as SEPA deadline looms

Wed, 03 Apr 2013 14:01:00 GMT

Last week, Treasury Insights highlighted alarming figures indicating that a large number of corporates have not yet begun their Single Euro Payments Area (SEPA) migration projects. This week we take a closer look and explore what your bank can do to help smooth the transition.

Barclaycard launches contactless payments for dogs

Wed, 03 Apr 2013 11:29:00 GMT

Ever wished you could give a credit card to your pet dog, but despaired about the lack of technology available on the market to facilitate this? Barclaycard thinks it has the answer. On 1^stApril the company unveiled PayWag – a new contactless payments solution designed specifically for dogs.

UK corporate tax – a voluntary arrangement?

Tue, 02 Apr 2013 14:15:00 GMT

Is paying corporate taxes in the UK becoming a voluntary exercise for the big multinational companies (MNCs)? Can companies opt not to pay? The UK Parliament is now taking a closer look at this issue.

Building a greenfield treasury

Mon, 01 Apr 2013 12:00:00 GMT

In this Q&A, Marjut Artimo, Treasury Manager at Lumene group, a Finnish skincare and colour cosmetics company, outlines a number of important considerations when building a treasury from the ground up.

EMIR: what corporates need to know

Tue, 26 Mar 2013 16:33:00 GMT

The recently published thresholds for centrally clearing over-the-counter (OTC) derivatives is another trigger point in a long line of legislation to address market risk through the European Markets Infrastructure Regulation (EMIR). Corporates need to sit up and take notice, for this affects them.

Developments at FXall

Fri, 01 Oct 2004 07:30:00 GMT

Five new liquidity providers have joined the online foreign exchange platform, FXall. The banks are:

Trema signs deal in Asia

Mon, 01 Nov 2004 08:30:00 GMT

Trema has entered into a strategic partnership with Gresham Computing. Gresham will help to implement Trema solutions to clients in the Asia-Pacific region. The first client to be served in this way is energy company Petronas.

Emerging markets need viable capital markets

Mon, 25 Mar 2013 09:14:00 GMT

The International Finance Corporation (IFC) strongly believes a deep, liquid domestic capital market is the foundation for lasting economic growth. It helps emerging countries develop their capital markets not just to meet the financing needs of domestic companies but also to woo foreign investors.

Building bridges: investing in infrastructure

Fri, 22 Mar 2013 09:47:00 GMT

For liquid investments, treasurers look to fixed income or equities. If liquidity is not an issue, infrastructure investment could be shaping up as a key part of your portfolio. Treasury Today looks at the benefits and drawbacks of investing in the big projects that keep the world turning.

Sweet dreams guaranteed at the world’s first cake hotel

Wed, 20 Mar 2013 15:21:00 GMT

This week the world’s first hotel made entirely of cake will open its doors … but only for one night.

‘Just looking’ gets more expensive at Brisbane food store

Wed, 27 Mar 2013 17:08:00 GMT

One health food retailer in Brisbane Australia has become so exasperated with customers walking around their store and not making any purchases that it has introduced a $5 fee for those who say they are ‘just looking’.

SEPA: still in the starting blocks

Wed, 20 Mar 2013 12:56:00 GMT

Earlier this week at a SEPA conference in Frankfurt, representatives from corporates, banks and technology vendors gathered to discuss the challenges they are facing in meeting the 2014 deadline. Treasury Today was there to report on proceedings.

On your marks... go SEPA

Mon, 18 Mar 2013 16:13:00 GMT

The year of implementation

Start now. If there is one thing that you should take away from this guide, it is that you need to start planning your Single Euro Payments Area (SEPA) migration now, if you haven’t already. The 1^st February 2014 deadline is swiftly approaching and the months leading up to it will fly by. This is a major project that can take six to nine months or even a year to complete, depending on your organisation’s complexity. You can’t just flick a switch to make it happen – it requires careful planning.

Boosting corporate governance in Asia

Fri, 15 Mar 2013 13:02:00 GMT

Development finance institutes from around the world, together with the Asian Development Bank (ADB) are seeking to increase collaboration and raise the bar on better enforcement of corporate governance rules, practices and procedures in Asia.

Small bonds a big hit in Germany

Fri, 15 Mar 2013 13:49:00 GMT

In Germany, you don’t have to be big to issue a bond. In recent years, an increasing number of small and mid-cap businesses have been turning to the bond markets for their funding needs. With bank finance in the UK becoming ever scarcer, what can we learn from the German experience?

Spoof ad for new pope attracts 30 applicants

Wed, 13 Mar 2013 13:07:00 GMT

A job advert offering the position of “Supreme Pontiff” was recently removed from the professional networking site LinkedIn – but not before 30 applicants made their submissions.

Service is king, global corporates tell their banks

Wed, 13 Mar 2013 12:05:00 GMT

According to an Ernst & Young (E&Y) survey, most large corporates think their banks are performing well. Yet there remains a disconnect between the corporates’ expectations and the banks’ delivery.

Lack of mobility leads to salary stagnation across treasury profession

Wed, 13 Mar 2013 12:10:00 GMT

The vast majority of treasurers at all levels of the profession are reporting that they are happy in their role, yet many are looking for new opportunities due to stagnating salaries over the past three years, according to MR Recruitment’s 2013 Treasury Salary Survey.

Market capitalisation

Fri, 08 Mar 2013 15:45:00 GMT

A measure of the total value of a company’s outstanding shares according to the stock market, market capitalisation is often referred to simply as ‘market cap’ or ‘capitalised value’.

Creating and issuing an RFP

Fri, 08 Mar 2013 15:39:00 GMT

When the time is right to introduce or replace a key part of your treasury technology, or to establish a major new banking relationship, the selection process can be daunting. Unless you know exactly what is required, issuing a request for proposal (RFP) may provide some valuable direction. What does it involve?

Corporate View
Honnus Cheung, Travelzoo

Fri, 08 Mar 2013 15:33:00 GMT

When Travelzoo expanded to Asia in 2007, CFO Honnus Cheung had set up seven offices in cities across the Asia Pacific region within a 12-month period. In addition, heading an e-commerce company meant having the support of a good and robust e-banking platform to support not just the collections side but also to give visibility to the company’s treasury activities in the region.

Trapped cash

Fri, 08 Mar 2013 15:00:00 GMT

This month's question

How can corporate treasurers best tackle the issue of trapped cash, especially in China?

London – the next city to have a RMB clearing bank?

Fri, 08 Mar 2013 11:14:00 GMT

The UK is set to become the next country with a currency swap line with China, one of the few developed countries to have such an arrangement in place. So what is the next step, a renminbi (RMB) clearing bank?

Commodity price risk

Thu, 07 Mar 2013 16:56:00 GMT

This month's question

Should corporate treasury be more concerned with managing commodity price risk?

Will Germany push the ECB to play its role in the currency wars?

Thu, 07 Mar 2013 16:52:00 GMT

The EMU may be comparable to gold standard, but ...

Treasurers get inventive

Thu, 07 Mar 2013 16:48:00 GMT

It’s no revelation that treasurers are currently facing a number of challenges – problems that seem to be increasing and expanding on an almost daily basis. An ever resilient lot, however, these professionals are living up to their potential by adopting flexible and innovative strategies in-house that allow them and their department to evolve with the unpredictable, volatile environment.

Chinese AAA MMFs: an ideal solution

Thu, 07 Mar 2013 16:35:00 GMT

As cash pools grow in China, treasurers are looking for secure, highly liquid investment solutions in line with corporate policy. The CIFM RMB Money Market Fund¹, pioneered by JPMAM, goes one step further.

Demystifying corporate pensions

Thu, 07 Mar 2013 16:31:00 GMT

The basic concept of a pension fund is simple, but there are many pressures applied to the different scheme-types and these make it a far more complex matter than most would care to tackle. What are the issues?

David Ricardo

Thu, 07 Mar 2013 16:29:00 GMT

The economist John Maynard Keynes once said of David Ricardo that he had “conquered England more completely than the Holy Inquisition conquered Spain”.

Heads in the cloud

Thu, 07 Mar 2013 16:24:00 GMT

Cloud computing offers treasurers the chance to revolutionise their workflow. The more technical aspects of the job can be outsourced and a treasurer can be sure they are always running the latest software version. But as with any new technology, there are plenty of questions that should be asked when selecting a vendor.

Corporate View
– Paul Pomroy, McDonald’s

Thu, 07 Mar 2013 16:18:00 GMT

As CFO of McDonald’s UK and Northern Europe operations, Paul Pomroy has a broad suite of responsibilities, with around £1 billion total annual spend at his disposal for company-owned and franchisee operations. Treasury needs to not only ensure the corporate function has the necessary funding, but also that all its franchisees can afford to get on board immediately with new initiatives.

Hedging your bets

Thu, 07 Mar 2013 16:12:00 GMT

The JPY’s 20% depreciation since November has stoked fears of increased FX volatility in 2013 and potentially a new era of currency wars. What tools can be used to protect companies from FX fluctuations? Is hedging always the answer?

How useful are treasury KPIs?

Thu, 07 Mar 2013 16:00:00 GMT

“If you cannot measure it, you cannot improve it,” the great mathematical physicist Lord Kelvin, William Thomson, once quipped. In corporate treasury measuring performance has become even more important since the financial crisis. Sophisticated financial KPIs are now commonplace within treasury and also increasingly expected at the executive level. This article looks at what KPIs are, how they can be used and some of the problems which arise when attempting to implement relevant KPIs for treasury.

Improving working capital: a Canadian conundrum

Wed, 06 Mar 2013 17:36:00 GMT

Effective working capital management is the key to successful financing of any enterprise. Yet a recent survey of Canadian financial executives found that a significant number of companies have no strategy for improving their working capital performance in 2013. Are these companies missing an opportunity?

Miners fired after dance craze goes underground

Wed, 06 Mar 2013 16:48:00 GMT

A dance craze which has been taking the internet by storm in recent weeks is again raising safety concerns.

Froth and bubbles in the lending zone

Mon, 04 Mar 2013 16:00:00 GMT

Loans with less stringent terms sound like a good thing for borrowers, but a whole lot of risk for lenders. Covenant-lite lending disappeared during the worst of the crisis, but now some borrowers are able to push for fewer rules, knowing that the debt markets are clamouring for these high-yield instruments. A case of history repeating?

EMEA corporate bond issuance hits new high in 2012

Fri, 01 Mar 2013 10:20:00 GMT

The amount raised through bond issuance in 2012 beat the peak reached in 2009, which is not surprising given the pent-up demand both by investors and issuers. Treasury Today talks to Fitch Ratings on the future financing plans of companies and the trend of bonds issuances going forward.

Immediate payments: state of play

Thu, 28 Feb 2013 10:00:00 GMT

Singapore, Sweden and Australia are planning to roll out immediate payment schemes in 2013, with India and the US not far behind. With the demand for real-time payments growing in the retail space, how much traction do they have with corporates?

Parts and labour: Mazda logistics

Thu, 28 Feb 2013 10:09:00 GMT

Keeping the network of Mazda dealerships across Europe running with spare parts is a major logistical task. It’s a process that also generates over 900,000 business critical transactional documents, from invoices and custom documents, to warehouse picking lists and financial reports each year. It’s run by one individual.

Treasury Today RSS feed

The Asian growth story: can it continue?

“And the winner is…”

‘Stewardess’ Branson serves on AirAsia flight

Finding a new home for cash

Globalising corporate liquidity structures to maximise potential funds

Treasury verdict: low-key optimism amidst treasury challenges

Winners announced

More boom and bust? ‘Abenomics’ bra unveiled

The future starts on the fringes

SWIFT's BPO finally arrives as ICC outlines rules

What do corporates want from their banks?

Bank InterviewJim Fuell, J.P. Morgan Asset Management

Corporate liquidity: the key to movement

A hazy shade of banking

Corporate ViewDavid Vermylen, BP

John Maynard Keynes

Problem SolvedTamer Karabulut, Türk Telekom

Flowing eastwards

End of the Eurozone in five fatal scenarios

Counterparty credit risk

This months question

Jensen’s measure

Short-term investments

Corporate ViewMikko Sopanen, Lite-On Mobile

Taxing times

Investing in the future

Mitigating trade finance risk

This month's question

Staff opt for tattoo in exchange for raise

Is distributor finance coming of age?

Taking shared services to the next level

Will SEPA fulfil its promise for the big billers?

Maturing assets bolster dairy firm pension fund

Treasurers: more pay, bigger bonus, new job

Lithuania

Latvia

Estonia

Sweden

Norway

Iceland

Finland

Denmark

Debt capital markets in Indonesia – part 2

Tax on rain at the centre of a political storm in Maryland

Finance professionals need partnership skills, says report

IPS: where next for payments?

Debt capital markets in Indonesia: one to watch

Monkeys: smarter than the average market index

GE Japan streamlines multi-bank and multi-accounts yen payments

VW drives South American FX trading in new direction

Cash flow forecasting

This month's question

Are a weak pound and yen here to stay?

Corporate investments: still safety first

Problem SolvedAndreas Liebenow, Henkel

A blank canvas

Alfred Marshall

Corporate ViewMichael McGovern, Irish Dairy Board

Crunch time

Running in the family

Bank InterviewBank of America Merrill Lynch

Creating and issuing a bank RFP

LIBOR: can the FCA restore confidence in the scandal-stricken benchmark?

“No time to lose,” banks tell clients as SEPA deadline looms

Barclaycard launches contactless payments for dogs

UK corporate tax – a voluntary arrangement?

Building a greenfield treasury

EMIR: what corporates need to know

Developments at FXall

Trema signs deal in Asia

Emerging markets need viable capital markets

Building bridges: investing in infrastructure

Sweet dreams guaranteed at the world’s first cake hotel

‘Just looking’ gets more expensive at Brisbane food store

SEPA: still in the starting blocks

On your marks... go SEPA

The year of implementation

Boosting corporate governance in Asia

Small bonds a big hit in Germany

Bank Interview
Jim Fuell, J.P. Morgan Asset Management

Corporate View
David Vermylen, BP

Problem Solved
Tamer Karabulut, Türk Telekom

Corporate View
Mikko Sopanen, Lite-On Mobile

Problem Solved
Andreas Liebenow, Henkel

Corporate View
Michael McGovern, Irish Dairy Board

Bank Interview
Bank of America Merrill Lynch

Corporate View
Honnus Cheung, Travelzoo

Corporate View
– Paul Pomroy, McDonald’s