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Murky Outlook: Treasurers Not Taking on Risk Although the recent AFP Corporate Cash Indicators™ suggests that corporate treasurers have become more willing to spend some of their excess cash, many do not anticipate a large uptick in spending on capital investments for some time. Treasurers at a recent roundtable in New York co-hosted by BlackRock and the AFP Corporate Treasurers Council indicated they are still very hesitant to take on more risk and spend more money.
May 13, 2013
AFP CCI™ for 1Q2013: Treasurers Growing More Confident U.S. businesses are growing increasingly confident about their intermediate and longer-term prospects, according to the AFP Corporate Cash Indicators™ (AFP CCI™), underwritten by State Street Global Advisors. The forward indicator measuring expectations for the second quarter of 2013 was at -5, following a -4 reading during the previous quarter and only the third negative reading in the history of the survey.
Apr 29, 2013
Regional Treasury Centers Need the Right Legal Structure When corporates set up a regional treasury center (RTC), they often focus on how their bank can support them, but is also crucial to put the right legal structure in place.
Apr 18, 2013
AFP Board Member Profile: Ferdinand Jahnel Ferdinand Jahnel, Vice President and Treasurer at Henry Schein Inc. and AFP Board Member, discusses the challenges and opportunities he has faced throughout his career. A member of AFP since 2005, Jahnel has been a speaker at various AFP events.
Apr 17, 2013
Case Study: Streamlining Bank Relationships in Record Time In 2010, Bombardier’s treasury group was presented with an all-too-common challenge: migrate a global banking infrastructure for a legal entity holding restructuration. And, they wanted results in one calendar year.
Apr 03, 2013
Cash Reserves Up 10 Percent in 2012, Continue to Grow Abroad U.S. companies’ cash reserves rose 10 percent at the end of last year, according to a new report from Moody’s. Moreover, the rating agency noted that more than half of that money is stashed overseas.
Mar 20, 2013
Best Practices: Driver-Based Forecasting Current annual budgeting, in most companies, is a time-consuming task that lasts anywhere from six to nine months (or even more), and the budget is usually not accurate by the time the budgeted year begins. Forecasting is an ongoing core management process, not an annual event.
Mar 19, 2013
Case Study: Microsoft’s Treasury Mines Big Data and FP&A Data overload, or big data, can quickly turn from a blessing into a curse if you do not have the capability to mine it for useful information. This is where FP&A procedures and business intelligence data mining tools can come to the aid of a treasury team seeking useful information from the huge data volumes common in business today.
Mar 13, 2013
Case Study: Building a Treasury Team from Scratch Three years ago, Cardinal Health spun off its $4 billion medical device subsidiary. As a newly independent conglomerate of semi‐integrated businesses with a global manufacturing and sales footprint, CareFusion had all the complexities of a major multinational corporation. The challenge and opportunity was setting up an effective but lean treasury function within uncompromising deadlines.
Mar 06, 2013
Basel III Update: EU Agrees to Bank Bonus Cap It was a big week for Basel III news. The European Union agreed to cap bank bonuses, the Banco Central do Brasil announced its new capital rules, and the U.S. Federal Reserve made clear its intent to finalize rules.
Mar 01, 2013
Sequester Fears: Corporate Treasurers Brace for the Worst Although consumer confidence rebounded in February, those positive attitudes could sour quickly as federal spending cuts begin to take effect. What do treasurers think about the sequester? Those whose business depends on consumers fear the worst, as do firms that work directly with the federal government.
Feb 27, 2013
Many Roles Can Lead to an FP&A Position AFP recently spoke with Ricardo Losada Revol, Director of Corporate Finance at World Fuel Services. Like many of his contemporaries, Losada Revol worked in a number of roles before taking on FP&A.
Feb 21, 2013
Credit Risk is Changing Canadian Corporate-Bank Relationships A persistent theme that emerged during a series of recent SCT roundtables was how the challenges of the banking sector are affecting bank relationships, counterparty credit and investment policies. The implementation of Basel III has caused banks to be much more concerned about the credit risk of their customers.
Feb 18, 2013
AFP of Canada Member Profile: Rashid Maqsood Rashid Maqsood of Rexel Canada Electrical Inc. joined AFP of Canada in 2001 and is currently a member of The Society of Canadian Treasurers. He serves as Vice Chairman and Secretary of the AFP of Canada Board of Directors, which he has been a member of since 2008.
Feb 15, 2013
Keeping Treasury Operations Running Smoothly After an Acquisition Merger and acquisition activities present a unique set of challenges to treasury professionals for a number of reasons. It is incumbent on the treasury professional to prepare for this situation.
Feb 14, 2013
What do Corporates Want? Plenty, say Banks Several banks and financial services providers recently revealed to AFP what they are hearing from their corporate clients—what they are concerned about, and what they want.
Feb 13, 2013
This Week in Corporate Finance: Signs of Stability The world has been a relatively stable place for the past two weeks, quite a change from the environment of most of the past five years. The stock market has grown comfortable at its current lofty heights, while at the same time, we have witnessed no mass exodus out of the fixed-income market.
Feb 11, 2013
Constructing an Award-Winning Transfer Pricing Methodology Toyota Financial Services (TFS) faced the tall order of pricing competitively while maintaining profitability. Utilizing resources already in place, the TFS treasury department created a comprehensive transfer pricing methodology for all of its core products. The collaborative effort won TFS the 2012 AFP Pinnacle Grand Prize.
Feb 08, 2013
Overcoming Low Interest Rates, Reduced FDIC Coverage One of the guard rails of short-term investing disappeared on New Year’s Day when the FDIC’s coverage of deposits shrunk to $250,000 from its previous unlimited level for noninterest-bearing accounts. Treasurers now must rethink any practices that were based on the previous deposit insurance.
Feb 06, 2013
Survey: Customer Satisfaction the Top Concern for Finance Pros What will be the biggest threat to companies’ earnings in the next three years? The second annual AFP/Oliver Wyman risk survey asked that of more than 500 senior financial professionals and the answer was surprising.
Feb 05, 2013
Using Rolling Forecasts to Eliminate Annual Budgets Many organizations are finding better ways to plan and control by eliminating budgets and replacing them with a series of more effective processes. This article examines one aspect of the movement—rolling forecasts.
Jan 09, 2013
Liquidity Management Takes Talent and Leadership Vanguard global operations manages a broad lineup of more than 170 mutual funds, ETFs, and other products. Vanguard’s corporate culture and is wholeheartedly embraced by the treasury department, which is constantly working to drive innovation and move the organization forward.
Jan 08, 2013
This Week in Corporate Finance: A Risk-On Start to the Year It was a rather exciting way to start off a new year: a congressional “patch” to get us over the “Fiscal Cliff” (at least in the short-term), the Fed raising the specter of the end of governmental bond-buying in order to stimulate the economy, and an employment report reinforcing the narrative of a growing economy (albeit slowly).
Jan 07, 2013
Cash Forecasting Tips from the Airline Industry Over 60 treasury and finance professionals were in attendance at the International Air Transport Association (IATA) Treasury Conference. The top three topics that airline treasury professionals feel could add more value to their organizations going forward are cash forecasting, working capital management and bank relationship management.
Jan 01, 2013
What the Board and CFOs Expect Treasurers to Deliver Meeting with the board of directors or producing a deliverable for the CFO can be stressful undertakings for any treasurer. In a panel discussion at the Executive Institute and the recent 2012 AFP Annual Conference in Miami, experts looked at what board members and CFOs expect from their treasury departments.
Dec 31, 2012

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