Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 43
n'est
pas
Google
«
FAANG--‐tastic Five
».
NEWS
n'arrêteront
pas
la
croissance
des
FAANG's.
«
Money, money, money
Strait
par
contre
aurait
dit
«
Money for nothing...
».
C
le
haut,
«
Super
troupers
»
von
de
l'histoire
folle
que
nous
vivons.
employees of what we might call more "normal"
companies. "Normal" companies are companies
belonging to old industry as it was before the 4th
industrial revolution. Those industries that existed
before what Alvin Toffler might perhaps have called
the "fourth wave". We should also bear in mind that
some of these monsters are able to produce and sell
at a loss, here again completely skewing the market.
It is not with "Amazon Prime" that Amazon plans to
rake in fat profits in the future. Quite the opposite, this
product is perhaps the means of winning customers'
loyalty by giving them packages that are ever more
feature-packed, packages that they can't refuse. These
titans often muscle in indirectly or to wear down the
competition. This looks like an unpromising way forward.
Where will it take them? This course of action is alarming
if we think about it a bit more carefully. Consumers, on
the other hand, receive the full benefit of it, and prices
are very competitive even when they are not "bargain
basement". Unfortunately the economy is globalised and
there is no sign of anything that could reverse this crazy
development and de-globalise it.
growth of the FAANGs. "Money, money, money" ABBA,
too, used to sing. Dire Straits, on the other hand, might
have said "Money for nothing". Of course, the FAANGs
are driving the world economy onwards and upwards,
«
On and on and on
pour
es
grands
connaisseurs
but
to a certain extent»,
we
are lpaying
a heavy
price in d'ABBA
et
pour
reste
suédoises,
ou
encore
the name of the game
collateral damage.
The«"Super
Troupers" will play their
part in shaking up the world of business. I fear that this
may not
beeilleur
the end
state
of affairs
that we
pour
le
m
ou
ofpthe
our
crazy
le
pire
?
Nous
le
verrons
à
moyen
terme.
are currently experiencing.
deviennent
trop
gros
pour
couler.
Rien
ne
semble
leur
être
interdit
exemple,
Apple
ne
devient--‐il
pas
une
banque
de
paiement
et
Facebook
une
institution
consommation
?
Je
vous
l'affirmer
à
«
Faang--‐tastic
,
rien
d'impossible
!
».
JAN 2018
Ces
firmes
superstars
seraient--‐elles
des
arbres
qui
cachent
la
forêt
?
Peut--‐être...
-
N°99
- NOV / DEC /
économiques
telles
que
par
exemple
le
déclin
durable
des
taux
d'intérêt.
N'est--‐
aussi
terrifiant
?
Lorsque
voix
et
admiratifs.
Qui
dit
mieux
?
«
Les jeux sont fait
»
dirait
le
croupier.
Demandons--‐
grand
signifie
plus
solide
et
meilleur,
dans
un
monde
capitaliste
o
«
big
five
»,
monstres
de
la
savane
et
liqui
"On and on and on", for real ABBA connoisseurs, and
Surely
we need to bring in a more aggressive
to stay with
our Swedish
references,
name of the
François
asquelier,
of
A"the
anti-trust
policy to
avertrthis
threat?
plus
encore.
Elles
éinvestissent
en
tout,
y
cMompris
dChairman
ans
des
aTEL
ctifs
financiers,
game" might be good as a conclusion to this article. Big
LE MAGAZINE DU TRESORIER / TREASURER MAGAZINE
grands
deviendront
encore
plus
grands
et
les
autres
attraperont
ce
qui
reste.
Ces
faibles
taux
d'intérêt
tech stocks have made a permanent change to the world
The
European Union
tried d
toes
resist,
but
n'arrêteront
pas
has
la
certainly
croissance
FAANG's.
«
M
oney, money, money »
chantonnait
aussi
ABBA.
Dire
(of business) for the long-term. Will this be for the better
without much success. It is as if we were back in the
elle
p
as
à
a
ccentuer
l
es
i
négalités
d
e
r
evenus
et
les
de
richesses
elntre
entreprises
pays
Strait
p
ar
c
ontre
a
urait
d
it
«
M
oney for nothing...
».
the
Certes
Fshall
AANG's
irent
'économie
mondiale
evt
ers
or for
worse?
We
see in tthe
medium
term.
era before 1929. However, the story will not end in the
le
haut,
ous
en
sure
payons
'une
ertaine
same
way, m
weais
cannbe
quite
of that.dThe
bigcboys
will manière
le
prix
fort
en
conséquences
collatérales.
Les
become
even
bigger and
others
will grab whatever
«
Super
troupers
»
the
vont
contribuer
à
bousculer
le
monde
économique.
Je
crains
que
ce
ne
soit
pas
la
fin
is left over. d
These
interest
willles
not halt
feront
es
jlow
aloux
prates
armi
«
sthe
imples
François Masquelier,
de
l'histoire
folle
que
nous
vivons.
ème
of ATEL
Les
entreprises
«
normales
»
sont
celles
de
la
vieille
industrie
Chairman
d'avant
la
4
industries
qui
existaient
avant
ce
qu'Alvin
Toffler
aurait
qualifié
de
«
quatrième
vague
Pensons
aussi
que
certains
de
ces
«
monstres
»
là
aussi
de
fausser
complètement
un
marché.
Ce
n'est
pas
avec
«
Amazon
Prime
dégager
de
gros
profits
futurs.
Par
contre,
ce
produit
est
peut--‐
leur
offrir
des
«
packages
course
en
avant.
Où
les
conduira--‐t--‐elle
?
Cette
course
Par
contre,
les
consommateurs
en
p
rofitent
pleinement
sont
pas
«cassés
».
L'économie
s'est
hélas
envolée
et
la
« déglobaliser
».
Ne
faudrait--‐il
pas
déployer
une
politique
anti--‐
«
On and on and on
»,
pour
les
grands
connaisseurs
d'ABBA
et
pour
rester
dans
nos
références
prévenir
ce
risque
43
suédoises,
ou
encore
«
the name of the game
»
pourrait
servir
de
conclusion
à
cet
article.
Les
grandes
Table des matières de la publication Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018
COUVERTURE
SOMMAIRE
EDITORIAL
FINANCIAL HIGHLIGHTS Luxembourg Tax News
INTERVIEW with Dick Oskam, Head of Sales for Transaction at ING
FOCUS
Value generation - How to create (more) value for the company with a better capital allocation
Managing bank accounts, the Cinderella of treasury management
Treasury on the Digital Front Line
FORUM
Implementation of EU Tax Rules
Innovative payments solution
Construction de portefeuille : combiner gestion active et passive
Decision Time: Investing in Money Funds after EU Reforms
Payments as a Strategy
Are asia’s corporates ready to repo?
The evolving role of treasurers
THE FINANCIAL RISK OBSERVATORY
NEWS
LIFE BEYOND NUMBERS
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - COUVERTURE
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 2
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - SOMMAIRE
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 4
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - EDITORIAL
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - FINANCIAL HIGHLIGHTS Luxembourg Tax News
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 7
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - INTERVIEW with Dick Oskam, Head of Sales for Transaction at ING
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 9
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - Value generation - How to create (more) value for the company with a better capital allocation
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 11
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 12
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 13
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - Managing bank accounts, the Cinderella of treasury management
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 15
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 16
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 17
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 18
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - Treasury on the Digital Front Line
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 20
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 21
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - Implementation of EU Tax Rules
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 23
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - Innovative payments solution
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 25
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - Construction de portefeuille : combiner gestion active et passive
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 27
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - Decision Time: Investing in Money Funds after EU Reforms
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 29
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - Payments as a Strategy
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 31
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - Are asia’s corporates ready to repo?
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 33
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - The evolving role of treasurers
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 35
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 36
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - THE FINANCIAL RISK OBSERVATORY
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 38
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 39
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 40
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - NEWS
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 42
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 43
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 44
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 45
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 46
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 47
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 48
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 49
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 50
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 51
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 52
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - LIFE BEYOND NUMBERS
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 54
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 55
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 56
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