This chapter discusses international cash management for multi-national corporations. It covers analyzing cash flows from the perspective of subsidiaries and the parent company. Techniques for optimizing cash flows include accelerating cash inflows, minimizing currency conversion costs, and managing inter-subsidiary transfers. Complications can arise from government restrictions, banking systems, and company characteristics. The chapter also discusses investing excess cash across currencies and managing risks through hedging strategies.
Introduction to Exchange Rate Mechanism: Spot- Forward Rate, Exchange Arithmetic. -- Deriving the Actual Exchange Rate: Forwards, Swaps, Futures and Options. Guarantees in Trade: Performance, Bid Bond etc.
explain about techniques for hedging transaction exposure, how to used hedge future, option, money market for payable and receivable, comparing techniques for hedging vs not-hedging
Introduction to Exchange Rate Mechanism: Spot- Forward Rate, Exchange Arithmetic. -- Deriving the Actual Exchange Rate: Forwards, Swaps, Futures and Options. Guarantees in Trade: Performance, Bid Bond etc.
explain about techniques for hedging transaction exposure, how to used hedge future, option, money market for payable and receivable, comparing techniques for hedging vs not-hedging
here we are trying to explain how firms can benefit from forecasting exchange rate, to describe common technique that used to forecast, how to evaluate forecasting performance
This material takes a pragmatic look at how the risks in the Treasury operations of a Bank can best be managed. It identifies the risks in the treasury function of a bank and highlights the need for an ERM approach for optimality.
Fixed Income securities- Analysis and Valuation. Very useful for CFA and FRM level 1 preparation candidates. For a more detailed understanding, you can watch the webinar video on this topic. The link for the webinar video on this topic is https://www.youtube.com/watch?v=r9j6Bu3aUNI
here we are trying to explain how firms can benefit from forecasting exchange rate, to describe common technique that used to forecast, how to evaluate forecasting performance
This material takes a pragmatic look at how the risks in the Treasury operations of a Bank can best be managed. It identifies the risks in the treasury function of a bank and highlights the need for an ERM approach for optimality.
Fixed Income securities- Analysis and Valuation. Very useful for CFA and FRM level 1 preparation candidates. For a more detailed understanding, you can watch the webinar video on this topic. The link for the webinar video on this topic is https://www.youtube.com/watch?v=r9j6Bu3aUNI
Managing balance sheet liquidity & long term funding Dr Rajeev Jain
Managing balance sheet liquidity and long term funding
• Do the company have the right cash management processes?
• The importance of accurately forecast company cash flow with liquidity management
• Looking at your balance sheet frequently: Do the company has sufficient funding sources?
• Ensuring the right balance of credit and non-credit service utilisation for funding process
• Learning about rebuilding the balance sheet and turning their problem into growth
• Establishing long term stability and security of our funding in turn helps protect our liquidity position in the crisis
• Building necessary tools and methods to achieve properly structured balance sheet
• Managing complex situations precisely through flexible values (general direction), values with longer lifespan than goals or objectives and past and present corporate actions
Here is all about what you seek on Working Capital Management.類類
Wide Areas about : Introduction,Meaning,Definition,Components,Factors influencing,
Working Capital management: Cash management(, Inventory management, Receivables Management, Inventory management and about factoring.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
2. Chapter Objectives
To explain the difference between a subsidiary
perspective and a parent perspective in analyzing cash
flows;
To explain the various techniques used to optimize cash
flows;
To explain common complications in optimizing cash
flows; and
To explain the potential benefits and risks of foreign
investments.
3. Cash Flow Analysis:
Subsidiary Perspective
The management of working capital has a direct
influence on the amount and timing of cash flow :
inventory management
accounts receivable management
cash management
liquidity management
4. Cash Flow Analysis:
Subsidiary Perspective
Subsidiary Expenses
International purchases of raw materials or supplies are
more likely to be difficult to manage because of
exchange rate fluctuations, quotas, etc.
If the sales volume is highly volatile, larger cash
balances may need to be maintained in order to cover
unexpected inventory demands.
5. Cash Flow Analysis:
Subsidiary Perspective
Subsidiary Revenue
International sales are more likely to be volatile
because of exchange rate fluctuations, business cycles,
etc.
Looser credit standards may increase sales (accounts
receivable), though often at the expense of slower cash
inflows.
6. Cash Flow Analysis:
Subsidiary Perspective
Subsidiary Dividend Payments
Forecasting cash flows will be easier if the dividend
payments and fees (royalties and overhead charges) to
be sent to the parent are known in advance and
denominated in the subsidiary’s currency.
7. Cash Flow Analysis:
Subsidiary Perspective
Subsidiary Liquidity Management
After accounting for all cash outflows and inflows, the
subsidiary must either invest its excess cash or borrow
to cover its cash deficiencies.
If the subsidiary has access to lines of credit and
overdraft facilities, it may maintain adequate liquidity
without substantial cash balances.
8. Centralized Cash
Management
While each subsidiary is managing its own working
capital, a centralized cash management group is needed
to monitor, and possibly manage, the parent-subsidiary
and intersubsidiary cash flows.
International cash management can be segmented into
two functions:
optimizing cash flow movements, and
investing excess cash.
9. Centralized Cash
Management
The centralized cash management division of an MNC
cannot always accurately forecast the events that may
affect parent- subsidiary or intersubsidiary cash flows.
It should, however, be ready to react to any event by
considering
any potential adverse impact on cash flows, and
how to avoid such adverse impacts.
10. Techniques to Optimize
Cash Flows
Accelerating Cash Inflows
The more quickly the cash inflows are received, the
more quickly they can be invested or used for other
purposes.
Common methods include the establishment of
lockboxes around the world (to reduce mail float) and
preauthorized payments (direct charging of a
customer’s bank account).
11. Techniques to Optimize
Cash Flows
Minimizing Currency Conversion Costs
Netting reduces administrative and transaction costs
through the accounting of all transactions that occur
over a period to determine one net payment.
A bilateral netting system involves transactions
between two units, while a multilateral netting system
usually involves more complex interchanges.
12. Techniques to Optimize
Cash Flows
Managing Blocked Funds
A government may require that funds remain within the
country in order to create jobs and reduce
unemployment.
The MNC should then reinvest the excess funds in the
host country, adjust the transfer pricing policy (such
that higher fees have to be paid to the parent), borrow
locally rather than from the parent, etc.
13. Techniques to Optimize
Cash Flows
Managing Intersubsidiary Cash Transfers
A subsidiary with excess funds can provide financing by
paying for its supplies earlier than is necessary. This
technique is called leading.
Alternatively, a subsidiary in need of funds can be
allowed to lag its payments. This technique is called
lagging.
14. Complications
in Optimizing Cash Flows
Company-Related Characteristics
When a subsidiary delays its payments to the other
subsidiaries, the other subsidiaries may be forced to
borrow until the payments arrive.
Government Restrictions
Some governments may prohibit the use of a netting
system, or periodically prevent cash from leaving the
country.
15. Complications
in Optimizing Cash Flows
Characteristics of Banking Systems
The abilities of banks to facilitate cash transfers for MNCs
may vary among countries.
The banking systems in different countries usually differ
too.
16. Investing Excess Cash
Excess funds can be invested in domestic or foreign
short-term securities, such as Eurocurrency deposits,
bills, and commercial papers.
Sometimes, foreign short-term securities have higher
interest rates. However, firms must also account for the
possible exchange rate movements.
17. Investing Excess Cash
Centralized Cash Management
Centralized cash management allows for more efficient
usage of funds and possibly higher returns.
When multiple currencies are involved, a separate pool
may be formed for each currency. The investment
securities may also be denominated in the currencies
that will be needed in the future.
18. Investing Excess Cash
Determining the Effective Yield
The effective rate for foreign investments
rf = ( 1 + if ) ( 1 + ef ) – 1
where if = the quoted interest rate on the
investment
ef = the % D in the spot rate
If the foreign currency depreciates over the investment
period, the effective yield will be less than the quoted
rate.
19. Investing Excess Cash
Implications of Interest Rate Parity (IRP)
A foreign currency with a high interest rate will
normally exhibit a forward discount that reflects the
differential between its interest rate and the investor’s
home interest rate.
However, short-term foreign investing on an uncovered
basis may still result in a higher effective yield.
20. Investing Excess Cash
Use of the Forward Rate as a Forecast
If IRP exists, the forward rate can be used as a break-
even point to assess the short-term investment
decision.
The effective yield will be higher if the spot rate at
maturity is more than the forward rate at the time the
investment is undertaken, and vice versa.
21. Investing Excess Cash
Use of Exchange Rate Forecasts
Given an exchange rate forecast, the expected
effective yield of a foreign investment can be
computed, and then compared with the local
investment yield.
It may be useful to use probability distributions instead
of point estimates, or to compute the break-even
exchange rate that will equate foreign and local yields.
22. Investing Excess Cash
Diversifying Cash Across Currencies
If an MNC is not sure of how exchange rates will change
over time, it may prefer to diversify its cash among
securities that are denominated in different currencies.
The degree to which such a portfolio will reduce risk
depends on the correlations among the currencies.
23. Investing Excess Cash
Use of Dynamic Hedging to Manage Cash
Dynamic hedging refers to the strategy of hedging when
the currencies held are expected to depreciate, and not
hedging when they are expected to appreciate.
The overall performance is dependent on the firm’s
ability to accurately forecast the direction of exchange
rate movements.
25. Chapter Review
Techniques to Optimize Cash Flows
Accelerating Cash Inflows
Minimizing Currency Conversion Costs
Managing Blocked Funds
Managing Intersubsidiary Cash Transfers
Complications in Optimizing Cash Flows
Company-Related Characteristics
Government Restrictions
Characteristics of Banking Systems
26. Chapter Review
Investing Excess Cash
How to Invest Excess Cash
Centralized Cash Management
Determining the Effective Yield
Implications of Interest Rate Parity
Use of the Forward Rate as a Forecast
Use of Exchange Rate Forecasts
Diversifying Cash Across Currencies
Use of Dynamic Hedging to Manage Cash
