It is probably fair to say that certain banks, fund managers, traders and other corporates will have been glad to put February behind them, in the wake of a turbulent week mid-month that saw stock indices plunge downwards, rally to a degree, but fail to recover ground overall. European bank stocks have not fared well since the start of 2016, but they are far from the only beleaguered parties on the world stage. In an increasingly interconnected environment, February’s mid-month incident wasn’t the only notable event – far from it. China reported falls in its import and export figures, Japan’s economy contracted for the fourth quarter on the bounce, Greece reported deflation in consumer prices and hopes of an increase in US interest rates were put on hold, as Federal Reserve chair Janet Yellen murmured that the stock-market drama had contributed to less-favourable conditions within the world’s largest economy. Central banks that now resort to negative interest rates, meanwhile, increased in number, and any notion about oil prices rallying seems further off than ever. As ever, our message is that treasurers are better placed than most to put across clear, independent analysis of the situation and to suggest ways for their organisations to tread steadfastly forward. For instance, award-winning journalist and author Ian Fraser takes us through the challenges that lie ahead for policymakers and treasurers in Europe – and finds treasurers on the whole sanguine about the task of risk-managing corporates through possible disengagement in the eurozone. His feature begins on page 26. Elsewhere in the issue, we talk to Alison Wilson, innocent drinks’ head of treasury and governance, about how those two disciplines fit together, and the joys of getting involved with any and all aspects of life at the high-profile UK smoothie brand, on page 22. We also take a look at trends in treasury for 2016, the intricacies of the petrochemical supply and value chain, and the advent of IFRS 16, Leases, which has been billed as the biggest change in corporate reporting since the introduction of international accounting standards in 2005. Something for all finance professionals to take on board. Importantly, we also celebrate our winners of The Treasurer’s Deals of the Year Awards on page 12, in a visual round-up of the celebratory dinner held last month. I hope you enjoy the issue.
