It’s not every day that I get to meet the Archbishop of Canterbury. That’s why it was a real honour for me to be invited to the ACT’s Annual Dinner in November, where he was a guest speaker.
Sadly, I wasn’t seated next to him – that privilege fell to well-known BBC sports presenter Clare Balding – but we did exchange words. I also enjoyed hearing his views on how we can all make a positive difference to the world in which we live. He expounds further on this theme in his special Christmas message to ACT members, on page 16.
During his speech at the ACT Dinner, the Archbishop also touched on the thorny subject of corporate cash piles. The large sums of cash that some businesses are sitting on never seem to be far from the headlines, but the issue is far more complex than it appears, not least because it is a huge generalisation to assume that all big companies are swimming in cash right now. Many are in a net debt position with lean cash reserves. It tends to be multinationals in particular industry sectors, such as natural resources and mining, that have the most money in the bank, and that is because they have to fund long-term, extortionately expensive capex that cannot be turned on and off like a tap. We explore the topic in depth in our special cash and liquidity management supplement, on page 32.
I don’t know about you, but China absolutely fascinates me. For me, China is a bit like having a flashy new neighbour who has moved into the street. All the smart cars parked on the driveway have transformed the neighbourhood, but you can’t help wondering what goes on behind the closed doors. It’s all a bit mysterious – or is it? China is actually quite open about its strategy to internationalise and liberalise its currency, the renminbi, and it is making great strides in this respect all the time. We take a look at the latest developments treasurers need to be aware of in our lead feature, starting on page 20.
Finally, if you’ve ever wondered what it would be like to work as a treasurer stateside, this is the issue in which you have a chance to find out. We meet the dedicated team that manages the cash of US media and technology giant Comcast, on page 26.
I hope you enjoy the issue and I wish you a very happy Christmas and New Year. See you again in 2014!
