Tax and the treasury department

Article Abstract:

The key responsibilities and functions of a treasury department fall into one of three categories: cash management, the maximization and effective use of cash resources; funds management, the organization's investment and financing activities; and risk management, the management of exposure to fluctuations in foreign currency and interest rates. Companies wishing to implement an effective treasury department must define their treasury objectives and policies as regards risk and gain board approval for those policies; determine whether the treasury department will be operated as a cost center or as a profit center; and establish the most efficient organizational structure for the department. The example of a UK group with multiple operating units in the UK and abroad is presented in order to illustrate the implementation of a treasury function.

Laws, regulations and rules, Corporation reports, Company reports, Great Britain

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Revolution opens new frontiers for the professional

Article Abstract:

Several factors that have led to the creative financing techniques used by British corporations are discussed, including: the stock market problems of 1973-1974 in Britain, accelerated inflation, high oil prices and high nominal interest rates. The creative financing has, in turn, caused London's financial markets to boom, creating more work for (and more employment opportunities within) clearing banks, merchant banks, discount houses, leasing firms, finance houses, venture capitalists, insurance companies, investment trusts and pension fund investors. The economic boom in each of these segments of London's financial markets is described in detail, and analyzed from the standpoint of the employment opportunities afford chartered accountants.

Security brokers and dealers, Economic aspects, Financial services industry, Financial services, London, England, Employment, Accountants, London

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Middle East banks - crisis compounded

Article Abstract:

With the decrease in oil prices, banks in the Gulf states have found themselves with borrowers who are unable to repay their debts, and government oil revenues have dwindled. Bad debts have also attributed to the collapse of Kuwait's unofficial stock exchange. Suggested measures to correct the banking crisis include bank mergers, diversification of individual banks, and nonadherence to Islamic laws.

Analysis, Economic policy, Middle East, International banking, Bank loans, Islamic Empire

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