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A hub of news on current industry and technical issues, advice and career development support.

How Long for Low Interest Rates?

The BIS has released its Annual Economic Report (https://www.bis.org/publ/arpdf/ar2018e.htm) in which it notes that the burden of resolving the GFC has been borne by central banks. They have acted to reduce short term interest rates by money market operations, and to reduce long interest rates by on market purchases through Quantitative Easing.  The latter is now being unwound but, to date, unwinding of central bank QE in the USA and the EUR block has had little effect on long term rates and expectations of future rates (see Graph 1.3 in the Report) remain low. However, BIS identifies potential problems due

Top tips for a treasury career

The first Future Leaders in Treasury Middle East Meeting took place in Abu Dhabi on 20 June. An intimate group of treasurers listened to Matthew Hurn (ACT Chair of the Middle East Advisory Panel and CFO, Alternative Investments and Infrastructure at Mubadala) talk about his career in treasury and the skills he felt were desirable in the industry to succeed. How treasury has evolved The discussion began with Matthew giving us insights into his career in both the public and private sector and explaining how the profession has evolved over the years. Treasury was previously known as back office and

Delaying Payments to Suppliers Helps Companies Unlock Cash?

Jack Large has brought to our attention a Wall Street Journal article titled Delaying Payments to Suppliers Helps Companies Unlock Cash. Jack argues the case for the suppliers caught funding their customers working capital. We all know the games played in the UK where budget holders sit on invoices until they want to pay them, then put them into the AP system and claim all paid on time. Well, on time from when they put them into the AP system. The attractions of the game are clear. The budget holder can massage budget compliance while claiming he is managing the

Never stop learning

Your career is in your hands. You are responsible for developing yourself and taking advantage of the opportunities available throughout your career journey. But there are some skills and characteristics that can help you on your way, and these were the topic of discussion at the Future Leaders careers evening on 20 June. Some key themes came out when senior treasurers were asked about what they look for when they recruit. For a treasury analyst role, they look for those with a technical expertise and for someone who can juggle different projects and priorities. For a treasury manager position, you

A first class CertBALM prizegiving ceremony

Celebrating the success of students achieving a qualification is definitely a perk of my job, and on Wednesday 23 May 2018, I attended the bi-annual CertBALM® prizegiving ceremony, held at the Virgin Money Lounge in the Haymarket. The Certificate of Banking Asset and Liability Management (CertBALM®) qualification was launched in 2016 by the UK’s Asset and Liability Management Association Limited (ALMA). From the very start, the ACT has worked with ALMA to develop and build their qualification, and subsequently we now accredit the qualification. The CertBALM® equips students with the fundamental techniques by which to be able to recognise, interpret

NACT Summer Conference 2018

THE National Association of Corporate Treasurers’ (NACT) summer conference in New York opened this year with a briefing from PwC on interest rates and other regulatory reform. It was my pleasure to join Tom Deas, Chairman, and NACT members at the conference for the interesting programme which included a full ‘open morning’ session with only corporate treasurers. But, back to regulatory reforms – Tom introduced the session and gave an overview of his involvement so far in terms of consultation. He has been there from the beginning, and the NACT is one of 27 financial organisations continuing the work in

The value of an environmental, social and corporate governance (ESG) strategy

Your correspondent attended a regularly held symposium at London Business School focused on all things PE. The event was held under the Chatham House rule. Unsurprisingly the world of business rarely changes irrespective of an ownership structure. Market volatility, investor fads, talent management are familiar of course, but what caught my eye was a weighty segment of the day devoted to ESG. The academic perspective featured some LBS research that was illuminating. Corporations not governments can be the agents of change (world’s 10 largest companies by revenue bigger than 180 smallest countries’ combined gdp) All the research suggests that using

Everyone has a mental health story…

Everyone has a mental health story. This was very clear from the frank and open discussion at the mental health and wellbeing fringe session at the recent ACT Annual Conference in Liverpool. This session was very timely as it coincided with Mental Health Awareness week in the UK and it was the latest in the ACT’s Diversity and Inclusion calendar which has already included events on Bridging the gender pay gap and Engaging LGBTQ+ Allies. It is estimated that 1 in 4 people in the UK will experience a mental health problem each year. Even if you think you will

 

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