THE MAGAZINE FOR FINANCIAL DIRECTORS AND TREASURERS
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CORPORATE STRATEGY

BAZAAR BEHAVIOR
India’s retailers prepare to compete for the country’s emerging consumer class. (September 2007)

SMOKE AND MIRRORS
China’s central government is serious about cleaning the environment. The problem is that local officials are not. (Jul/Aug 2007)

HEDGE FUND BULLIES
Activist fund managers can be brutal in targeting companies, but there are ways to fight back. (Jul/Aug 2007)

HOW SWEET THE RECOVERY?
Ten years after the Asian crisis. (Jul/Aug 2007)

HOW REAL IS IT?
Bankruptcy law in China.
(Jul/Aug 2007)

CHEAP TALK OR DEAF EARS?
Whistle-blowers in the US.
(Jul/Aug 2007)

LESS ALARMING
China’s labor law.
(Jul/Aug 2007)

TANGLED UP IN TASKS
How to deal with multitasking and frequent interruptions in the workplace. (Jul/Aug 2007)

THAT’S ENTERTAINMENT
Indian companies are vying to be at the leading edge of the media and entertainment industry’s digital wave. (June 2007)

POWER PLAY
Ethanol may be the fuel of the future. China Agri’s finance department is helping make that happen. (June 2007)

PLANES, TRAINS, AND TRUCKS
Infrastructure in India. (June 2007)

WAKING TO THE RISK
The risk of avian flu.
(June 2007)

NATIONAL CHAMPION
China’s ZTE is using cheap financing to secure its place in the world’s telecommunications markets. (May 2007)

MIX MASTERS
The litter of failed business partnerships in China notwithstanding, GE Money is betting it can make a go of its venture in Shenzhen. (Apr 2007)

DREAM FACTORY
Flush with new funding and financial acumen, India’s ‘corporatizing’ film industry is beginning to challenge Hollywood at its own game. (Mar 2007)

RETURN OF THE PHANTOM
Now under German ownership, iconic British car maker Rolls-Royce hopes to reclaim its former glory. (Mar 2007)

BLINDED BY THE LIGHT
Beware the halo effect, or the glow that financial performance casts on a company. It can create unreasonable expectations, or cast a pall. (Mar 2007)

CLEANING UP IN JAPAN
Kao kick-starts M&A in Japan – old-economy style – and gets noticed by the world’s money managers. (Feb 2007)

AGE DOESN’T MATTER
A new take on Japan’s ageing economy. (Feb 2007)

ARE YOU A TARGET?
M&A in Asia is at near-record levels – is your company a target? Check our list.
(Feb 2007)

WHEN SMALL IS NOT BEAUTIFUL
The central government is forcing consolidation in China’s steel industry – and almost everyone is unhappy about it. (Dec 2006/ Jan 2007)

FIELD OF DREAMS
Noble Group is successfully navigating its way to shareholder returns – if only it could articulate where it is going. (November 2006)

INDEPENDENCE DAY
Asia’s economies have matured to the point where they can rely more on each other and less on the West. (November 2006)

OIL’S WELL AGAIN
Falling oil prices impact Asia
(November 2006)

ALL IN THE FAMILY?
Scoring management

(November 2006)

RUSH TO JUDGMENT
Experts who maligned HP’s merger with Compaq are now eating their words.
(November 2006)

VIRTUE REWARDED
Environmental idealism has gone mainstream – and is paying dividends.
(November 2006)

DUBAI EXPRESS
Dubai’s businesses are investing in Asia, making CFOs in the booming Middle Eastern city a growing influence in the region. (October 2006)

UNTANGLING THE NET
Faced with an uphill battle in its market, China Netcom has chosen a rigorous program of internal reform as its best defense. (October 2006)

SUBMERGED IN SEA AND SMOG
Hong Kong’s pollution woes intensify (October 2006)

SOME DISTANCE TO GO YET
Asia’s proxy voting score: is fair-to-poor good enough?
(October 2006)

THE PRICE OF DOING GOOD
The trials of two Asian companies in the unending battle against environmental activists. (September 2006)

THE WEIGHT OF EXPECTATIONS
India’s biggest landlord prepares for an IPO – and to change its industry for good. (September 2006)

TRY BEFORE YOU BUY
Forming an alliance with a potential acquisition may be the best way to determine whether it is the right deal for your company. (July/August 2006)

GUIDANCE LITE
Quarterly forecasts are fading (July/August 2006)

PASSING ON INDIA?
Outsourcing to India
(July/August 2006)

CUTTING THE CLUTTER
India’s BPO companies are building strategies to address competition. (July/August 2006)

INNOCENTS ABROAD
US companies are seeking profits overseas earlier in their business cycle than ever. (July/August 2006)

CHANGES IN THE AIR
How India’s emerging airlines are redefining the way aviation companies traditionally do business. (June 2006)

PERILOUS EXPANSION
The liability regime awaiting Chinese companies abroad can prove hazardous unless they take preventive measures. (June 2006)

DESTINATION INDIA?
It’s one of Asia’s hottest growth stories. So why does India lag China in foreign direct investment? (May 2006)

DON’T MISS SAIGON
Vietnam is a roaring economic success story, and multinationals are taking notice. You should, too. (May 2006)

POPULAR AMBITION
Companies can make money serving Asia’s poor billions, but the challenges can be daunting. (Apr 2006)

THE WIZARD OF OZ?
Australia’s acquisitive Macquarie Bank rolls out an unusual business model with fast-paced growth. (Apr 2006)

THE SPITZER BACKLASH
US corporations fight back as attorneys general clamp down on corporate wrongdoing. (Apr 2006)

COLUMBIA BUSINESS SCHOOL’S R. GLENN HUBBARD
(Apr 2006)

AMERICA FOR SALE
Foreigners are buying US assets at the fastest clip in five years, and the politicians are getting restive. (Mar 2006)

IPO UPDATE
IPOs scorecard
(Mar 2006)

COUPLING AGAIN
Strategic alliances versus M&A
(Mar 2006)

THE MOTLEY COUP
Another coup in the Philippines
(Mar 2006)

A MATTER OF TRUST
Why managing the most advanced mobile phone company in the world is like walking on eggshells. (Feb 2006)

PETROCHINA’S TOXIC LESSON
Blasting PetroChina. (Feb 2006)

ARE DISPUTES WORTH IT?
Settling customer disputes.
(Feb 2006)

READY, SET, HIRE!
Hiring and compensation for the year ahead; CFOs on the move. (Feb 2006)

MARKET MAGIC
Internal markets let employees express preference and need through price. (Dec 2005)

WAR OF THE SNEAKERS
How leading sportswear company Li Ning is plotting to outrun, outthink, and outlast the invading global giants. (Nov 2005)

FROM WALLS TO BRIDGES
The Chinese are new to the art of the international deal. Armed with cash, mainland companies are on a shopping spree, and, increasingly, using their competitive advantages wisely. (Nov 2005)

CUSTOMER DISSERVICE
The many varieties of human capital management software allow companies to manage the employee life cycle. (Oct 2005)

COMING OF AGE
India’s fourth-largest IT outsourcing vendor prepares to vault into the nation’s billion-dollar club. (Oct 2005)

GROWING WITH INDIA
How Larsen & Toubro is making strides towards becoming an Indian multinational. (Sep 2005)

OLD DOGS, NEW CLICKS
Companies are taking a second look at e-commerce, and finding ways to overcome old problems and tap new opportunities. (Jul 2005)

FINANCE ON THE LINE
As the Philippines falls into another political crisis, CFOs are managing, but are on edge. (Jul 2005)

MAKING THE CASE FOR ASIA
Multinationals are returning to the region in a big way, but their strategies and the way they view risk and return have changed radically. (Jul 2005)

DESTINATION INDONESIA
Surviving the Asian financial crisis, dictatorship, corruption, and Islamic militants, the world’s most populous Muslim nation is back on foreign investors’ radar. (Jun 2005)

CALL WAITING
In bringing its cutting-edge wireless technology to mobile-phone laggard America, SK Telecom looks set to become South Korea’s next global brand. (May 2005)

ENEMY AT THE GATE
The fight between Shanghai Tire & Rubber and French giant Michelin illuminates the perils of unequal partnerships in China. (May 2005)

CHINA'S NEW GLOBALIZERS
Huawei Technologies, TCL, and Lenovo are at the vanguard of China’s next wave of would-be multinationals. Do they have what it takes to make it in the global markets? (May 2005)

THE FUTURE OF OUTSOURCING
India’s Gecis helped GE become one of the world’s most admired companies by taking care of its business processes. It’s now doing the same for other firms. (Apr 2005)

HIGH TECH, ACT TWO
The world’s leading maker of display ICs for mobile phones is chasing more global market share while containing expenses. (Apr 2005)

REX DIVIDEND
It feels good to be a shareholder in Asia these days, given the dividend wars that are heating up between companies. But are the unusually high payouts as good for the companies that are giving them? (Mar 2005)

ONE WAY STREET
Asian companies are finding Australia an attractive place to invest. Why isn’t Oz returning the favor? (Mar 2005)

PRICING PRESSURE
In a region-wide survey, CFO Asia discovers that profit margins across Asia are vanishing. What can CFOs do to restore pricing power? (Feb 2005)

FUTURE TENSE
The trends in Asia that will affect your business and shape financial strategy between now and 2015. (Dec 2004/ Jan 2005)

PAY RISE
CFO Asia surveys finance professionals in China about their pay packages, revealing a bubble market for jobs and a retention problem for finance chiefs. (Nov 2004)

STRONG MEDICINE
India's generic-drug companies make an audacious bid for global recognition. (Oct 2004)

ENTERPRISE RISK: WATCH YOUR BACK
Terrorist attacks and new governance rules heighten interest in enterprise risk management. (Oct 2004)

SUPPLY CHAIN: REACHING FOR NIRVANA
Treating suppliers as partners is good for the bottom line. (Oct 2004)

REINVENTING MALAYSIA INC.
Astro All Asia Networks, a crony company that has earned the respect of foreign investors, could serve as a benchmark for underperforming enterprises in the New Malaysia. (Jul/Aug 2004)

FAREWELL, FINANCE
Two companies show how offshore outsourcing renders the finance function obsolete. (Jun 2004)

PARADISE POSTPONED?
Sri Lanka is waging a troubled peace. For the CFOs of its enduring companies, seeking opportunity in a perilous market is business as usual. (May 2004)

FENCING WITH THE WEST
Trade relations between Asia and the US have never been rockier, but Asian companies now have a stronger hand. (Apr 2004)

TIGERS AND TITANS
India's IT companies have eroded their US competitors' market share in low-end technology services. Now they're moving into the high end - and the giants are fighting back. (Apr 2004)

BRAND AMBITION
Increasing competition is causing CFOs to reassess their strategies. For many that means it is time for brand-building. (Mar 2004)

PROFIT LEGENDS
Improving margins in difficult times is a masterstroke few finance chiefs in the region could lay claim to. With the help of Bain & Co, CFO Asia identifies these profit achievers, and explains how they reached a better position to ride the coming tide of recovery. (Feb 2004)

READY, SET, GROW
As the global economy gathers pace, CFOs in Asia are figuring out how to harness the growth - and manage the risk. (Dec 2003)

THE GREAT LEAP FORWARD
Having tackled the world's trickiest market with notable success, UTStarcom CFO Michael Sophie is preparing to duplicate the feat in India. (Dec 2003)

ASIAN BRANDS: HIGH TEA
A premium tea exporter from Sri Lanka has created a global brand without sacrificing control over quality. (Dec 2003)

THE RIGHT PRICE
Ford Motor Company has an ambitious revenue-management strategy, but can it save the ailing giant? (Nov 2003)

ENTER THE CLOCK-BUILDER
A management change at the Singapore Exchange is leading to a new take on pressing challenges. (Nov 2003)

IS BIG BEAUTIFUL?
Asian companies have to grow beyond their home markets to compete in an era of falling trade barriers and deepening globalization. But are Asian businesses growing fast enough, and should local CFOs be gunning for size to survive? (Sep 2003)

QUANTA'S LEAP
China's commodity production base has furnished Taiwan computer maker Quanta with a proxy site to maintain its old business while it develops higher-end products at home. (Sep 2003)

INDEPENDENTS' DAY?
The conflicts of interest between sell-side analysts and the banks that pay their salaries has been a focal point of the financial reform in the US. The impact of these reforms is now being felt in Asia, with the research-generating banks assessing the costs of compliance. (Jul/Aug 2003)

MINORITY REVOLT
Long-awaited signs of investor activism are popping up all over Asia, as agitators like David Gerald in Singapore, Jang Ha-Sung in South Korea, and David Webb in Hong Kong press for shareholder rights. For CFOs this means a lot more questions from, and facetime with, minority investors. (Jun 2003)

COMING CLEAN
Some companies are taking the war against sleaze into the ranks, aiming to bring integrity to corporate culture. Such efforts can't ensure that a company remains free of fraud, but they're not just window dressing. (Jun 2003)

NETSCRAPE
Sina, Sohu.com and NetEase all had near-death experiences, but, against the odds, they grew last year and have now taken their place among a mere handful of profitable portals worldwide. (Jun 2003)

STANDING UP TO SARS
Severe acute respiratory syndrome (Sars) may be putting risk management plans in global corporations to the test very soon. CFOs in Hong Kong, Singapore, and China were on the Sars' front line in late March. Among the hardest-hit companies is Cathay Pacific, the Hong Kong carrier owned by Swire Pacific. Swire CFO Martin Cubbon and others relate how they're shouldering the scourge and preparing for recovery. (May 2003)

MOST DANGEROUS GAME?
Customer financing seemed like a good idea during the roaring 1990s. But with economies worldwide in the doldrums, those companies that took on huge short-term liabilities to finance sales in the face of sagging demand are now facing the same basic challenge: how should they manage the risks associated with the questionable practice of extending credit to their buyers? (Apr 2003)

DEEP HOLE SYNDROME
How one CFO is digging his company out of "The Deep Hole Syndrome". By Ken Fowler. (Apr 2003)

SURREAL ESTATE
Far more than their counterparts overseas, Asian companies' financial well-being is lashed to real estate investment. An original study by CFO Asia and Singapore Management University shows just how much value this unholy tie has destroyed, compared to those that wisely opted out. (Mar 2003)

END OF THE AFFAIR
Back in the binge years, Asian groups wooed and won an unseemly number of non-core businesses. Now they must wave goodbye to all those unsuitable assets. (Mar 2003)

LIGHT AND SHADOW
Running a business in China's non-state sector is no longer a daunting uphill struggle. But, though the government now allows privately owned enterprises to operate out in the open, their CFOs still have a long way to go before they can sweep the corners clean of dark secrets. CFOs in these companies must operate in a shadow world between one order and another. (Feb 2003)

HOW COOL IS CASH?
Very, is the resounding cry from many Asian CFOs who are sitting on mountains of the stuff. The problem with hoarding money for a rainy day is that it gives investors the cold shoulder and destroys shareholder value. Carrying cash also comes at a price. (Dec 2002)

MORE BRICKS IN THE WALL
The classic church-and-state divide between investment banks and their research departments was never more abused than during the bull market of the late 1990s. Now, as regulators question the objectivity of analysts, calls for new rules to ensur a secular kind of independence are causing concern among CFOs worried about over-regulation. (Nov 2002)

FLEX TIME
Flextronics, the pioneering electronic manufacturing services (EMS) company, made Asia central to its globalized business strategy. Now the very model that gave it prominence is under attack by smaller, scrappier Taiwan manufacturers in China, the most prized market of all. (Oct 2002)

ON THE LOOKOUT
More and more, finance chiefs find corporate strategy a part of their remit. Michael Moy, CFO of Hong Kong property company Hysan Development, believes the benefits are twofold: more focused goal setting, certainly, but also better finances. (Sep 2002)

TAIWAN TO CHINA
A lower cost production base, once the key reason to move to China, has been supplanted by more urgent motives it is one of the world's biggest markets for electronics. Taiwan's companies now have direct access to that market, with the recent easing of a ban on key technology investments in the mainland. (Jul 2002)

SHOCK VALUE
Japanese companies, already suffering from ten years of recession, have taken an extra blow with the global economy's downturn. This, coupled with changes to Japan's corporate law requiring more accurate accounting, has sent them into panic mode. But in Japanese fashion, the changes are coming at a lumbering pace, and the question remains whether they will be enough to turn things around. (May 2002)

CHINA'S ENTRY INTO WTO
Joining the WTO will permanently change China's economic landscape as foreigners rush to boost investment in the mainland. (Mar 2002)

THE FOREIGN INVASION
We survey finance executives around the world and learn that interest in China continues to soar despite fears that China might not meet all of its WTO commitments. (Mar 2002)

PROVING IT
The main interface between a company and its shareholders is its annual report. And the evidence shows that a good annual report - one in which information is not just well-presented, but that reveals how a company does business - attracts more shareholders and that its share price rises as a result. Why? (Feb 2002)

WHERE TO SPEND IT
The weakness in the global economy has led many businesses to put revenue initiatives and strategic moves on hold. But they may be missing a great opportunity, as asset prices have fallen dramatically. One thing is for sure - those with decent enough cashflows are in a better position to capture future growth, either through acquisitions or by gobbling the market share of weaker competitor. (Feb 2002)

UNSAFE BETS
What are some of Hong Kong's family-owned conglomerates doing with investors' money? They are making low and no interest loans to parent companies, and taking value away from shareholders. And it's all legal under Hong Kong regulations. (Dec 2001)

INTERVIEW: DR YES
Roger Fisher is a master negotiator who has helped make international political history for more than 50 years. A Harvard Law School professor, he believes that the mechanics of all negotiations are essentially the same. (Dec 2001)

HIGH SPIRIT
With the economic downturn, cutting costs is the logical direction for CFOs to turn. But losing market share to competitors is a real danger if CFOs become too defensive. So many CFOs are becoming brand managers, sustaining growth in their companies, while not taking any unnecessary financial risk. (Nov 2001)

THE SEE-THROUGH CORPORATION
The Value Reporting Revolution (Sep 2001)

CHINA RULES
When it comes to China, CFOs are often called upon to set goals that seem insane in their home market. More than anywhere else in the world, they play catch-up to top-line dreamers. That's because China is still viewed as a trove in a world where the treasure has dried up. Yet two thirds of all multinationals are losing money in the People's Republic. Caught between delusions of grandeur and hard realities, CFOs become a different breed in China than their counterparts in the West, often more willing to 'push the grey line' in order to build the bottom line. (Jul 2001)

DARKNESS BEFORE THE DAWN
Japan seems unable to dig itself out of its self-made hole. Michael Porter of Harvard's Business School studied Japan's failures as well as its successes. His conclusion? Japan is not a special case among nations, but rather a country that has prospered in spite of its government's activist policies. (Jun 2001)

FEAR OF FLYING
As business conditions worsen, CFOs are tightening travel and entertainment budgets. Corporate road warriors are feeling the pinch. (May 2001)

MAKING DIVERSITY PAY
Stick to your knitting or expand your core competencies? Randy Myers takes a look at the options. (May 2001)

BREAKING AWAY
CFOs across the region are learning to unlock shareholder value by spinning off parts of their businesses. Here's how it's done. (Sep 2000)

JOINT VENTURES IN CHINA
China Unicom signed agreements with foreign companies to help develop cellular and wire-line networks throughout China. But now the government is forcing them out. Here's how one company plans to fight rather than take its money and run. (Apr 2000)

P.O.V.: BANKING ON FAITH
Banks advise their customers not to cross-subsidize low-yielding businesses with profitable ones. They should follow their own advice, argues one CFO. (Apr 2000)

CHINA'S NEW COLD WAR
With China's expected entry into the World Trade Organization, the real confrontation between multinationals and Chinese companies is about to begin. For the first time, the battle for market turf will be on equal terms. That's why CFOs in the companies making white goods - refrigerators and other appliances - are already engaged in a pitched battle to put competitors in cold storage. (Feb 2000)

GOOD GUYS FINISH FIRST
For Asian companies that have adopted strong internal controls since 1997, the bottom line is looking better and investors are paying higher premiums for their stocks. (Feb 2000)

PROTECT THOSE ASSETS
What CFOs can do to battle trademark and copyright infringers. (Jun 1999)

THE GAME OF THE NAME
A number of CFOs in Asia are finally starting to work with marketing heads to boost brand value. (Nov 1999)

RISKY BUSINESS
A new international treaty against bribery could land some finance managers in jail. (Mar 1999)