Latest Industry Sectors Articles

Case Study: Siemens Introduces CNY as a Global Invoicing Currency

Stefan Harfich, Siemens AG | 22 August

This case study, which is based upon an entry that won the Payments category at the gtnews Awards 2014, explains how Siemens AG now offers Chinese yuan (CNY), also referred to as renminbi or CNH in Hong Kong, as an additional currency so that its group companies outside of China can pay third party suppliers and collect from third party customers in China and within Siemens. As well as making CNY a global invoicing currency, Siemens has eliminated its old hedging programme and is moving its exposure offshore to a more competitive environment.

Interview: Emerging Stronger from Tough Times at Aleris

Ellen Cornelissen , Aleris | 8 August

Ellen Cornelissen has been director of treasury, Europe, at Aleris - one of the world's major processors of aluminium - since 2009 and is also a member of the gtnews editorial board. In this wide-ranging interview with gtnews, she recounts how the company survived and ultimately emerged stronger from the glbal financial crisis of 2008-09 and the prospects for Alerirs now that the economic background appears to be brightening.

Case Study: Texhong RMB International Liquidity Management

Tsz Wai Hui, Texhong Textile Group | 7 August

This case study, which is based upon an entry that won the Global Treasury category at the gtnews Awards 2014, explains how Texhong, a Chinese cotton textile manufacturer with operations in Vietnam, Macao, Hong Kong and elsewhere, introduced a cross-border renminbi (RMB) automated sweeping solution so that it could manage its Chinese liquidity and its overseas working capital requirements. Working with a Citi solution the corporate treasury can now mobilise cash generated in China and send it to global subsidiaries on the same day.

Case Study: SAP Refinances €2bn Revolving Credit Facility

Steffen Diel, SAP SE | 6 August

This case study, which is based upon an entry that won the Funding the Organisation category at the gtnews Awards 2014, explains how SAP SE successfully renegotiated its ongoing credit facility. The company established a two-tiered funding structure, segregating its banks into two different credit commitment levels. The aim is to optimise SAP treasury’s bank relationship management practices, instituting a leaner approach which has reduced the corporate’s credit margin from 45 basis points (bps) to 22.5bps and cut its yearly credit fee by 50%. The backup facility’s value has also increased from €1.5bn to €2bn.

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