 Dear ICTF Members and Friends:
Welcome to the January edition of the ICTF Newsletter!
We trust 2014 is off to a great start! Hopefully you and your families enjoyed the holiday season and made some new year's resolutions, including getting more involved with ICTF, the leading association of international credit management professionals!
2013 was a great year of achievement for ICTF and we are even more excited and optimistic about the new year! The 2014 calendar is all set and we have already announced ICTF's world-class educational Spring symposium programs. I encourage you to take a look and make plans to join us in person - we'll be in New York February 13, London February 20, Chicago April 6-8, Barcelona May 11-13, Houston May 21, Prague October 19-21 and Ft. Lauderdale November 16-18.
Please review the ICTF Calendar of Events and mark your calendars!
If you are not yet a member of ICTF, now is the time to join. Start the New Year with an ICTF Membership and join the elite in international credit management. Don't settle for less!
There are only two days left to register for the ICTF/Thunderbird Online Courses as the next sessions start on February 3, 2014 - eight weeks online to learn the fundamental and more advanced concepts in international credit management, gain additional knowledge, equip yourselves with skills that will serve you well, and become a Registered Global Credit Professional (RGCP) or Certified Global Credit Executive (CGCE) - make a note: ICTF's designations are the only professional designations in the marketplace which are supported by a first-class educational institution and the #1 graduate school in international business. Distinguish yourself and raise to a higher level intellectually and professionally!
Not to be missed in this newsletter - information about the ICTF webinar discussing Mexico's new security instruments, Dr. Belcsak's commentary on Free Trade Hurdles, updates on Brazil, Germany, the U.S. consumer comeback, and more...!
We look forward to working with all of you and seeing you in 2014!
Best Regards,
 Aneta Spilman, CAE
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Make 2014 the Year You Increase Your Value as a Credit Professional -
The ICTF/Thunderbird Online Classes begin February 3rd!
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 Developed and administered by ICTF, the leading association of international credit professionals, in partnership with Thunderbird School of Global Management, ranked the #1 school in international business worldwide, the Registered Global Credit Professional (RGCP) designation and the Certified Global Credit Executive (CGCE) designation are sought and held by international trade and finance practitioners who possess the knowledge and experience to excel in today's complex global business environment.
Add your name to the prestigious list of designees by registering for the next session of either the Essentials of International Credit and Trade Finance Online Course or the Advanced International Credit and Trade Finance Online Course - both begin on February 3rd!
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| Upcoming Webinars: Mexico, Incoterms and LCs |
 Mexico: New Security Devices and Filings through the RUG System
Thursday, January 30th at 11:00 AM EST
(Duration: 60 minutes)
Gain a general understanding of the new security device available in Mexico known as the non-possessory pledge, and its easy recordation through the new electronic RUG system. Acquire the skills necessary to create and implement a plan for securing sales transactions in Mexico through the non-possessory pledge, along with the proper filings at the RUG system, all while reducing costs and fees and expediting such actions.
Presenter: Romelio Hernandez, President - HMH Legal, Credit & Collections, MexicoRegistration Fees: ICTF Members - $95; Non-Members - $195 
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ICTF's Global Intelligence Column by Dr. Hans Belcsak:
Free Trade Hurdles
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Fast track negotiating authority is usually required for a US government  to be able to work out international trade agreements, since it allows a deal to be inked and then presented to Congress, where a majority can vote it up or down, but not change it. This is critical to foreign partners in such talks, who have to have an assurance that what they agree to cannot be rewritten by the 535 members in the US legislature. It explains why Senate Finance Chairman Max Baucus and House Ways & Means Chairman Dave Camp are about to introduce legislation to grant so-called Trade Promotion (fast track) authority to the Obama Administration. READ MORE>>
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| ICTF's New York Global Trade Forum |
Thursday, February 13th - 12:00 - 3:30 pm - The Yale Club in New York City
 Join your fellow international credit and trade finance peers for a dynamic forum, focusing on critical global trade credit issues. Interact with your colleagues, exchange experience and benchmark your performance - the best way to gain insight into how others are tackling cross-border challenges.
 Keynote Presentation - Global Economic and Political Risks to Growth - Will They Affect Your Business?
Speaker: Carolyne Spackman, Vice President/Chief Economist, Country Risk - AIG
Open Forum Discussion 
Discussion Leader: Paul Angeli, VP - One Source Risk Management
ICTF Member Rate: $100; Non-Member Rate: $145
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ICTF Signature Events - Spring 2014 - the best in the industry
"Global Credit Management Excellence, Expert Perspectives and Best Practices"
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ICTF's Global Credit Professionals Symposium
April 6-8, 2014
Fairmont Chicago, Millennium Park - Chicago, IL
Program Highlights include:
Keynote Address:
Lost Decades, Global Debt Crises, Currency Wars and the Future of Global Cooperation
Keynote Speaker:
Jeffry Frieden, Stanfield Professor & Distinguished Author - Harvard University
The ICTF Best Practices Forum:
Best-in-Class Global Credit, Collections and A/R Improvement Initiatives
- The Emerson Best Practices Case: Best Practices for Effective DSO Management and Reductions in Past Due Receivables
- The Tesoro Best Practices Case: Leveraging Technology to Enhance Credit Decision and Review Processes, Create Good Quality Controls, and Align Policies and Procedures with Company's Business Strategy
- The Hanesbrands Best Practices Case: Best-in-Class Worldwide Finance Transformation and Working Capital Management
Effective Security Instruments for Trade Creditors Selling to Latin America
Global Economic and Country Risk Review - Insights, Trends and World Market Forecasts - with Dr. Hans Belcsak
The ICTF Open Forum: "Your Most Pressing Global Credit and Collections Issues"__________________________________________________________________________________ ICTF's International Credit Professionals 
Symposium in Europe May 11-14, 2014
Hotel Princesa Sofia - Barcelona, Spain
Keynote Address:
Global Economic Forecast and Risk Outlook in Today's Continually Challenging Times
Keynote Speaker:
Ludovic Subran, Group Chief Economist & Director Economic Research Dept. - Euler Hermes, France 
The ICTF Speed Networking Session
The ICTF Best Practices and Ideas Exchange Forum: Best-in-Class Global Credit, Collections and A/R Improvement Initiatives
- The Journey to Creating a 'Best in Class' Credit Function
- Trade Finance and Credit Management - The Next Dimension!
- The Evolution of Credit in a Major Multi-National Corporation
The Newly Created Extrajudicial Payments Agreement in Spain & a Comparison with the Rest of Southern EuropeThe Do's and Don'ts for Successful Collections in Asia
Hot in Asia
Trade Receivable Put: A New Capital Market Based Alternative Product to Protect A/R Credit ExposureThe ICTF Trade Creditors Global Forum: "Your Most Pressing Global Credit and Collections Issues in Europe, Middle East, Africa, Asia and Latin America"
ICTF's Chemicals Industry Credit Group Meeting
ICTF's First Capital Equipment Industry Credit Group Meeting
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| ICTF's Freshly Investigated International Credit & Country Reports |
Competitive pricing - Quick turn-around time - Top-notch customer service Contact ICTF:
jill.capello@ictfworld.org
What our customers are saying:
"Very pleased with the quality, service and response time from the ICTF credit reports."
"I would like to commend ICTF for the quality of your credit reports.
They always go the extra mile."
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~ From the ICTF Online Resource Center ~ 
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Brazil Update
PNC
Stagflation in 2013 Will Prompt Appreciation of Brazilian Real Despite Below Trend Growth
A disappointing 2012 likely set the tone for the Brazilian economy's post-crisis trend. Real GDP rose only 0.9 percent from 2011, well below the 2001-2010 average of 3.6 percent, and the benchmark IPCA index of consumer prices registered 5.4 percent growth, on the high end of the Banco Central do Brasil's (BCB's) target range of 2.5 to 6.5 percent and above the 4.5 percent target.
READ MORE>>US Consumer Comeback - Should We Worry?
EDC American consumers are happy again - at long last. Good for them - but should we really be ecstatic about this? After all, the last time they were truly happy, it cost the world dearly. It has taken five years to absorb the over-consumption of that episode and some are convinced we're not done yet. Are we headed for another period of unchecked ebullience, persistent penny-pinching, or can we count on higher yet more sustainable growth? READ MORE >>
Germany: Moderate Growth and Near-Balanced Budget in 2014
Euler Hermes
First official estimates indicate that real GDP increased by +0.4% in price-adjusted terms in 2013, following +0.7% in 2012 and +3.3% in 2011. Domestic demand was the growth driver in 2013, contributing +0.7pps, in contrast to 2012 (-0.3pps). Private consumption expanded by +0.9% and government consumption by +1.1%. READ MORE>>
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Quick Links
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NOT A MEMBER?
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January 30, 2014
ICTF Webcast: Mexico-Improving Secured TransactionsFebruary 11 & 12, 2014 ICTF 2-Day Webcast: Incoterms 2010
February 13, 2014 ICTF's New York Global Trade Forum The Yale Club - New YorkFebruary 19 & 20, 2014 ICTF 2-Day Webcast: Fundamentals of Export Letters of Credit February 20, 2014 ICTF FREE Workshop in London: Supply Chain Finance, A/R Performance and Maximizing Working Capital
February 26 & 27, 2014 ICTF 2-Day Webcast: Advanced Export Letters of Credit April 6-8, 2014
ICTF's Global Credit Professionals Symposium - The Fairmont - Chicago
May 11-13, 2014 ICTF's International Credit Professionals Symposium in Europe - Barcelona, Spain
Oct 19-21, 2014
ICTF's International Credit Professionals Symposium in Europe - Prague, Czech Republic November 16-18, 2014
ICTF's Annual Global Trade Symposium
The Ritz-Carlton -
Ft. Lauderdale, FL
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2014 Annual Sponsors
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PLATINUM
GOLD
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Why is Everyone Choosing ICTF:
| | "I was very impressed with ICTF and the degree of professionalism of everyone involved with the symposium. Another aspect that I felt was also very important was the open friendliness of the members that I met and talked with. It is very clear to me this is an excellent group of people, and companies."
"I really came away with a strong sense that this is a very strong association and I will recommend to my CFO that we join the membership."
"Excellent opportunity to learn, not just in the conference programs, but in the networking as well."
"I am proud to be part of ICTF. Everyone is wonderful and the staff is great, personable and put a great program together."
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ICTF Webcasts
~live and digital replays~
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ICTF FREE Workshop
~ London ~
Supply Chain Finance, A/R Performance and Maximizing Working Capital
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February 20, 2014
2:00 - 5:15 pm
 Highlights:- Chain Finance as the 'New Normal'
- Analyse - Optimise - Automate
- Credit Management Software - What Opportunities Does it Present to the Credit Manager and How to Evaluate What to Do?
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