International Treasurer – June 2010

Why Might US MNCs Not Be Hedging Dollar-Euro?

Despite bailouts and fears of a European Lehman weighing on the euro—and even speculation of euro exits or outright collapse—there has been no rush to hedge.

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• The Treasury Centralization Pendulum 

  Much like a pendulum, management trends tend to swing back and forth.

• More Change Coming for Treasury Accounting 

  FASB’s proposed new accounting guidance on financial instruments is out for comment.

• Peer Insight: E&C TPG 2010 Pilot Meeting 

  Members at the 2010 pilot meeting of the E&C Treasurers’ Peer Group February discussed such themes as 1) The Importance of BRIC Support; 2) Counterparty Risk Management; 3) Capital Markets; 4) FX Exposure; and 5) Long-term economic outlook.

• Correlating the Company’s Many Risks 

  Multiple risk impacts in succession can end a firm, so ERM programs should flag them.

• US FTC Regime Change to Tax Foreign Earnings 

  On May 31, the US House of Representatives passed its latest extender’s Bill, the American Jobs and Closing Tax Loopholes Act, which true to its name extends unemployment benefits and certain jobs stimulating tax provisions.

• City Financials Goes to Wall Street 

  Continuing in its strategy to consolidate and create a dominant position itself in the treasury management system market, Wall Street Systems announced the purchase of City Financials on June 2.

• Making Sure the Routes are Smooth 

  Global transactions are a swirl of numbers and data bouncing between banks and companies and vendors.

• A Simple Approach to Enterprise Risk 

  It’s often true in these high-tech times that people over-equip for most tasks.

• Corporate Debt Issuance Dwindles 

  The month of May saw the least amount of bonds sold by corporates in a decade, after a period of repeated records set for issuance.