ECU Oft HOT CU.
Page 50
If you've noticed an error in this article please click here to report it so we can fix it.
Large operators say it may be year before they con move to ecus—or the euro as it will be after the single European currency is launched in 1999.
brict..ort, managing director of Norbert Dentressongle Holdings, says the Europe-wide group is structured so that it gets paid and has costs in the currency it is working in. Even for larger customer accounts which are paid in several different currencies, the group simply invoices in the currency of the customer's choice and pays the currency into its bank accounts, keeping it there unconverted until that particular currency is needed. For Dentressangle and its nearest rival GBE, the Lest way to insure
against Currency ildetuations is to attract the largest customers who tend to be less spooked by a year or two's blip in a currency's fortunes. Jeff Duval: 'Very large worldwide corporations--the petrochemical giants, electronics multinationals—are able to view variations in currency values in the context of world trade. We have chosen to deal with such companies and concentrate on the motor and petrochemical industries rather than retail or foods. Look at beef—these can change overnight if the price gets too high or there's a scare. We have got as far away as we can from the hauliers' notion of 'Have you got a load mate?'. We have been very careful to choose who we do business with."