BCR Publishing
We are the leading provider of news, market intelligence, events and training for the global receivables finance industry.
Working with industry leading organisations, experts, governments and universities, BCR Publications delivers expertise in factoring, receivables and supply chain finance to a global audience.
BCR has long been a beacon of innovation and excellence in the realm of receivables finance, playing an instrumental role in shaping the industry’s international landscape. Through its comprehensive conferences, insightful publications, and thought leadership, BCR has facilitated crucial dialogues and connections among industry professionals, driving forward the development of receivables finance globally.
Follow BCR Publishing
Free passes
For corporate treasurer roles/functions!
New Community Manager
| 17-11-2016 | treasuryXL |
I can proudly say that while being your community manager I’ve learned a lot about the treasury world and certainly made some new friends! I’m really proud of what we have reached so far but I also think it’s time start a new fase with a new community manager. I’m taking on a new challenge in another start-up and would like to thank you all for the support and the pleasant cooperation we have had so far. So, I’ll step aside…
…and present to you our new community manager: Annette Gillhart!
treasuryXL has informed you about all kind of news around treasury issues. Next to daily news and actualities you were informed about interesting topics such as treasurer vacancies and upcoming events. In the start-up fase the site became known to you as a platform to all kind of news about the treasury market and community.
In the meantime many of you know how to find us and this is the moment to enter a new fase and emphasize the website’s value even more. That means that we want to increase the number of visitors and provide a platform for even more companies, institutions and experts of the treasury habitat.
This will be my task, taking the website to the next level, make it even more attractive and expand the community. So that we can provide you with even more diversity and interesting content. In the meantime a number of companies found their way to our website, and are using it very successfully as a platform to promote their own businesses. It goes without saying that we want to provide this unique possibility to even more companies and institutions. It is our aim to keep improving the site and stay as lively and attractive as possible to all of you.
I’m hoping for a pleasant and fruitful cooperation!
[separator type=”” size=”” icon=””]
Stephanie Derkse & Annette Gillhart – Community Managers treasuryXL
Uitgelicht: Pensioenfondsen moeten meer kasgeld aanhouden
| 15-11-2016 | Douwe Dijkstra, Erna Erkens |
Geld renderend wegzetten, voor pensioenfondsen lijkt het een ontzettend moeilijke opgave te zijn. René van de Kieft, voorzitter van pensioenuitvoerder MN stelt in het Financieele Dagblad dat het beter zou zijn voor pensioenfondsen om hun geld in kas te houden, anticiperend op een renteomslag. Van De Kieft : ‘Geld in kas houden levert weliswaar niets op — of kost zelfs geld — maar op obligaties kunnen de verliezen veel hoger oplopen als de rente weer gaat stijgen zoals de afgelopen dagen.’ (bron: FD.nl)
Wij vroegen onze experts Douwe Dijkstra en Erna Erkens naar hun mening over deze manier van geld wegzetten.
“Ik ben het met de schrijver eens dat het bezit of uitbreiden van de positie in obligaties steeds hachelijker wordt. We denken al jaren dat de rente de bodem heeft bereikt, hetgeen vaak onterecht is gebleken, maar een stevige opwaartse rentebeweging (het geen ik overigens niet snel verwacht) zou funest zijn voor de beleggingen in obligaties. Het meer betrekken van de deelnemers bij de uitgangspunten van het pensioenstelsel lijkt mij geen meerwaarde te hebben. Afhankelijk van de status van de deelnemer (gepensioneerd, slapend, actief, jong of oud) zal hij/zij zijn/haar standpunt innemen.”
Dat is een mogelijkheid, maar er zijn ook andere mogelijkheden. Andere mogelijkheid is opties of trackers kopen om je belang te beschermen.
Ik snap de pensioenfonds beleggers niet. Misschien moeten die beleggers is vervangen worden.
Als de rente stijgt hebben ze weer een probleem. Nu weer met hun beleggingen in obligaties. Als ze hierin belegd hebben op de huidige lage niveaus van de laatste tijd zonder deze beleggingen te beschermen zijn ze niet capabel genoeg en dat is al meer aangestipt. Hier zitten vaak niet de meest slimme beleggers. Daar moet iets aan gebeuren.
Probleem zit niet in de marktbewegingen maar in de kwaliteit van de verantwoordelijke pensioenbeleggers. Die moeten kwaliteit getoetst worden en misschien ook meer toezicht hierop.
Where does America go from here – what are Trump’s policies and how will they affect the economy?
| 14-11-2016 | Lionel Pavey |
Infrastructure – a massive investment programme (a trillion dollar rebuilding programme).Trade – renegotiating NAFTA, opposition to TTP AND TTIP. Increase in tariffs on Chinese goods. Taxes – reduce and simplify taxes for individuals. Reduce corporate tax to 15%. Repatriate corporate cash held overseas with a one off 10% tax and then close all the existing loopholes. Spending – increase in Defence spending. Reduce current Government spending through efficiencies. Economy – increase annual GDP growth to 4%.
So how does it add up?
Investment in infrastructure is a positive – it leads to extra jobs and improvements in the country. Taking a more restrictive stance on trade treaties, whilst protecting America, could lead a reciprocal trade wars. Simplification and reduction in direct taxes will increase wealth and should lead to higher expenditure. Would be perfect if that money was used to buy American goods. Increasing annual GDP by 4% is very ambitious – has rarely been achieved in the last 40 – 50 years.
These policies would lead to a large increase to the Budget deficit – it would be a huge risk to expect increases in American productivity to be more than enough to cover the gap. We could expect to see interest rate rise, though the market was already expecting that.Trade wars would have a negative effect on the dollar.
The big problem is that Trump is a “known unknown”, a maverick and not someone that can be easily read by political experts.
If his actual stance is as strong as his political campaign then there could be serious consequences for global growth and trade. Interest rates will rise and the dollar will be volatile for the foreseeable future, and things will change. Whether it leads to improved growth in Europe – we shall have to wait and see.
Lionel Pavey
Cash Management and Treasury Specialist – Flex Treasurer