Harold James, Princeton: The Euro is a great idea
At a time when the euro is still under heavy fire and the United Kingdom is threatening more aggressively than ever to leave the European Union, Harold James, a professor of history and international relations at Princeton University, praises the common currency and the achievements of globalisation. False myths surrounding the euro make resolving its problems unnecessarily hard, he says, and phases of de-globalisation are always accompanied by massive destructions of value. Watch our first session in a series of two episodes with Professor Harold James.
A Period of De-Globalisation
In our second session with Professor Harold James of Princeton University, CFO Insight-TV discusses implications the current crisis has on globalisation in the wider perspective. “I think we see some clear signs of a de-globalisation framework,” Professor James says. For example, the debates in Europe are typically antagonistic. Southern European countries think the north is suffocating them with calls for austerity, and northern European countries feel that those in the south are exploiting their generosity.
Alexey Kornya, CFO of Mobile TeleSystems: Global risk perception is skewed
"Russia's dependence on natural resources is not much different than Western economies' dependence on their ability to print money," says the CFO of one of Russia's largest telecoms operators during the CFO Summit Emerging Europe & CIS. More generally, he says, international investors and rating agencies grossly overestimate the risks in emerging markets. The CFO admits that soft factors such as political risks should not be neglected, but argues that economic fundamentals of companies and governments alike would justify much better risk assessments. And with low leverage in households and governments, he still sees a lot of growth potential in emerging markets.
"Private markets will outperform public ones by 10%," Steffen Meister of Partners Group says.
Investment management firm Partners Group is bullish about the prospects of private market investments, namely private equity, private real estate and private infrastructure. “Over the course of the next five years, private market investments will outperform those in public markets by up to 10%,” CEO Steffen Meister says. As non-listed companies are traditionally orienting their management strategy towards the long term, short-term market fluctuations, such as those currently resulting from the euro zone debt crisis, are having fewer effects on their business. However, challenges remain for private companies as well, Meister says. “In emerging markets, reporting, controlling and transparency are still big issues,” he says. In developed markets, however, it is often hard to replace members of the management team, even if necessary and warranted. Nevertheless, Meister says that Partners Group has no problems finding interesting investment opportunities even in the current macro-economic environment.
Emerging Markets: Furcht vor einer neuen Asienkrise
Die Tigerstaaten Ostasiens ächzen unter rekordhohen Zuflüssen spekulativen Kapitals. Noch hält der Abwehrdamm, den die Zentralbanken aufgebaut haben Doch die Weltbank warnt vor einer Destabilisierung der ganzen Region, falls der Druck nicht nachlässt. Markus Ackermann, Asienexperte von HSBC Global Asset Management, ordnet diese Gefahr und die Schlagkraft möglicher Gegenmaßnahmen wie Kapitalverkehrskontrollen im FINANCE-TV-Interview ein und analysiert, wie gut Thailand mit seinen 2010 eingeführten moderaten Kapitalverkehrskontrollen gefahren ist.
Jay Nibbe, Ernst & Young, on how today’s CFOs help set the strategy of their organisations
In recent years, accounting firm Ernst & Young has commissioned a string of CFO surveys that look at every aspect of the expanding role for CFOs, from their career paths to their role in external communications and their involvement in shaping corporate strategy. The results speak for themselves. In an interview with CFO Insight TV, Jay Nibbe, managing partner EMEIA Markets at Ernst & Young, explained that most CFOs spend 50% or more of their time on strategy, which is “almost necessary” in the current economic environment. The growing importance of strategy is underpinned by a staff of “world-class” and highly specialised individuals who support the CFO, including treasurers, controllers and accountants. “While it may seem they should spend more time on the operational and financial side of things, they now lead much larger and much more professional teams,” Nibbe says. “This has allowed the CFOs to step out of the details and get much more involved in the strategy.”
M&A-Berater Melville Mummert: „Wir kommen nach Frankfurt und London“
Die nächste Runde im beinharten Wettbewerb zwischen den etablierten M&A-Beratungshäusern und den frisch fusionierten Herausforderern ist eingeläutet: Das US-Haus Raymond James forciert seine Expansion auf dem alten Kontinent, wie Deutschlandchef Melville Mummert bei FINANCE-TV ankündigt: „Wir starten in Kürze mit einem starken Team in Frankfurt, im Herbst eröffnen wir ein Büro in London.“ Damit erhöht Raymond James – ähnlich wie die Wettbewerber Capitalmind, N+1 und Clearwater – den Druck auf die deutschen Platzhirsche. Was Raymond James in die Waagschale wirft, um sich zu behaupten, und warum eine klare Sektorstrategie erfolgsentscheidend ist, das verrät der Deutschlandstatthalter Melville Mummert zum Auftakt der Themenwoche M&A-Berater bei FINANCE-TV.