something to smile about? - Euromoney Institutional Investor PLC

CONTENTSMARCH 2004Companiesin this issueABB 12Allegiane Telecom 5Alstom 12Amaar Properties 4AngloGold 5Ashanti Goldfields 5AstraZeneca 38Balfour Beatty 36Bank of America 35Belgacom 5BMW 34Cazenove 10Chanin Capital Partners 13China Green 4China Telecom 5Citibank 35Clydesdale Bank 41Coca-cola 24Commerzbank 32Credit Suisse 13DEPFA 37Eaton Corporation 40ExxonMobil 24France Telecom 18France Telecom 5Fujian Zijin Mining Industry 4Fujisawa 8Georgia Pacific 38GFI Group 31Gibson Guitars 19Giorgio Armani 4Goodyear 14Heidelberg Cement 8HSBC 10ING 13InvensysInvensys 12JT International 39KO Communications 5Latham & Watkins 41Lexmark 36Lloyds TSB 30Michelin 39MIDAS 38Novartis 24NTGI 35ONGC 10Pacific American Securities 13Petronus 5Philips 24ProxyMed 17ProxyMed 43Randgold 5RBoS 30S&Ps 34Sasol 5Scottish Development International 41SEB 33SG CIB 34Shanghai Forte 4Shell 23Shinsei 4Siemens 24Singapore Computer Systems 15Singapore Telecommunications 4Societe Generale 30ST Assembly Test Services 13Stern Stewart 24Tetra Pak 38The Final Test Reporter 13The Hackett Group 43The Loan Market Association 43TippingPoint 16Total 24Travelex 10Tyco 4, 35Veolia Water 4Visteon 14Wanadoo 5Weatherford 36Worldwide African 5Investment HoldingsYamanouchi 81231 Goodyear finds a brandnew assistant treasurerMoving On, page 142 Working capitalmanagementManaging Cash, page 343 Northern SSCsTreasury Location, page 3830 Managing Risk:FX Forecaster of the yearHow accurate are your forecasts: CF hascollated the results for its FX Forecaster of theyear survey. So which bank topped the tablefor FX forecasts? Jason Eden finds out.34 Managing Cash:Commercial Paper focusHow are you funding your working capitalneeds? The US commercial paper market hasundergone its largest contraction in 40-years.So how are corporates financing their shorttermneeds? Robert Pink looks at alternativeways of financing short-term debt, anddiscovers why CP is still the best financingsolution for corporates.38 Treasury Location:The UKThe Manchester and Glasgow scene:Corporates are increasingly open tosuggestion when it comes to the location oftheir shared service centres. Taking this onboard, Robert Pink and Jason Eden look toManchester and Glasgow as alternative SSCs.42 Cash & TechEurope’s corporate treasurers look to acentralised future.43 Legal BriefLMA launches LBO blueprint; SEC delaysSection 40444 M&A and Fee Analysis47 FX Forecastscorporatefinancemag.com March 2004 cf 3