Bjarne Tellmann is senior vice president and general counsel at GSK Consumer Healthcare, a joint venture that combines the consumer brands of GSK and Pfizer. He speaks to Global Finance about the intersectionality of his work.
Household saving is defined as the difference between a household’s disposable income and its expenditures on goods and services. During the pandemic it rose to historical highs everywhere.
On October 27, Global Finance conducted a Sub-custody Roundtable, moderated by publisher and editorial director Joseph Giarraputo. The Roundtable agenda covered crucial topics in the sub-custody sector including: the global and regional impact on the COVID-19 pandemic on sub-custodians; the effect ...
SIBOS 2012 - Corporates Pay Too Much For Cross-Currency Payments
SIBOS 2012 - Corporates Pay Too Much For Cross-Currency Payments
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The cost of cross-currency payments is more than it need be, contends Rocky Motwani, MD at J. P. Morgan. He noted that most cross-currency payments are done via wire, which is essentially a high-value solution to a low-value problem. “You get immediacy, but at high cost. But typical cross-currency payments don’t need that immediacy.” He advocates using ACH for non-domestic payments—particularly in Asia. As companies can often forecast out a few days for cross-border payments (hence removing the need for immediacy), ACH can reduce transaction fees.
For MNCs with renminbi exposures, many are now evaluating the advantages of offering Chinese counterparties RMB settlement. But Michael Hogan, head of trade, Asia, at National Australia Bank, noted that much-hyped RMB payments are still a challenge for offshore corporates that do not have a natural RMB liquidity base to provide a natural hedge. It can be hard to hedge and ultimately much more expensive than dollar settlement. One participant added: “The forward market in RMB is still thin, so any large transaction can still move the market. The US dollar will continue to lead on the global stage.”