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TAGETIK’S AUTUMN 2016 RELEASE EXTENDS COLLABORATION AND WORKFLOW; ADDS NETSUITE INTEGRATION

Autumn release focused on providing the Office of Finance increased control and visibility across planning, forecasting, consolidation, close, reporting and disclosure processes
Tagetik, a leader in global performance management software solutions, furthers its commitment to providing the Office of Finance with a powerful, scalable and intuitive platform for managing financial processes, performance, and reporting. Tagetik’s focus on improving collaboration, within and outside the office of finance, was originally highlighted by its innovative Collaborative Disclosure Management (CDM) product that intuitively incorporates collaboration and workflow into disclosure and regulatory reporting processes. CDM is used by several hundred companies for streamlining all kinds of disclosure and regulatory reporting requirements including Solvency II, IFRS and others.
Collaborative Office
Tagetik customers quickly recognised the value of CDM in streamlining all kinds of internal and external reporting requirements. To extend the reach of the collaborative reporting capabilities of CDM, Tagetik has announced the availability of Collaborative Office. Collaborative Office provides same powerful collaboration and workflow of CDM but without the XBRL engine needed to address some regulatory standards.
With Tagetik Collaborative Office, virtually any report produced using Microsoft Word or PowerPoint can be streamlined. Collaboration, workflow, accountability and an audit trail are embedded right into documents and presentations so multiple people can work in the same presentation or document without conflict. Collaborative Office ensures consistency of numbers, narratives and formatting across all reports and presentations including financial statements, management reports, budget books, board reports, earnings presentations and more. Enhancements in the Autumn 2016 release focus on workflow, visibility, integration and ease of use.
Interactive graphical workflows
A new workflow icon gives any user instant visibility into all of their tasks for any financial process performed within Tagetik’s Financial Performance PlatformTM. Users can graphically see all steps in a process with colour-coding of completion status, dependencies, approval chain and more. The intuitive design and the ability to add comments or attachments foster collaboration and transparency from start to finish.
NetSuite integration
NetSuite customers can now easily incorporate Netsuite ERP data into Tagetik’s Financial Performance Platform with packaged integration and mapping of NetSuite dimensions and fact tables.
XBRL data loading
XBRL formatted data can now be loaded into Tagetik. This allows for “apples-to-apples” comparison of operating entities or to peers or competitors that file their financial statements using the XBRL standard.
“Today’s finance organisations are tapping into data from more different sources than ever before. We’ve always focused on an open architecture that easily integrates with virtually any source,” said Marco Pierallini, co-CEO of Tagetik. “We’ve offered pre-configured connectors for multiple SAP and Microsoft sources for many years and adding NetSuite integration is a natural addition as more and more of our customers and prospective customers are adopting cloud ERP solutions.”
“A key driver of our product strategy is to continually increase collaboration between business and finance throughout finance processes – not just at the end,” said Dave Kasabian, chief marketing officer for Tagetik, “Today’s finance organisation needs a solution that delivers ease of use and collaboration in a trusted platform that ensures the accuracy, accountability and auditability that finance needs. That’s what Tagetik’s Financial Performance Platform delivers.”
In early October, Tagetik was positioned as a leader, the highest of four categories, in The Forrester Wave™: Enterprise Performance Management, Q4 2016. The company’s “cloud without compromise” strategy continues to win customers seeking cloud-based solutions with comprehensive performance management functionality. Globally, 45% of new customers acquired in Q3 2016 chose Tagetik’s cloud-based solutions; in North America, 85% of new Q3 customers chose to implement in the cloud.
Tagetik will host the webinar “Divide and Conquer: A Collaborative Approach to Non-Disruptive Enterprise-Wide Reporting” on Tuesday, November 29, 5pm GMT. To register for this webinar, click here.
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UK might need negative rates if recovery disappoints – BoE’s Vlieghe

By David Milliken and William Schomberg
LONDON (Reuters) – The Bank of England might need to cut interest rates below zero later this year or in 2022 if a recovery in the economy disappoints, especially if there is persistent unemployment, policymaker Gertjan Vlieghe said on Friday.
Vlieghe said he thought the likeliest scenario was that the economy would recover strongly as forecast by the central bank earlier this month, meaning a further loosening of monetary policy would not be needed.
Data published on Friday suggested the economy had stabilised after a new COVID-19 lockdown hit retailers last month, while businesses and consumers are hopeful a fast vaccination campaign will spur a recovery.
Vlieghe said in a speech published by the BoE that there was a risk of lasting job market weakness hurting wages and prices.
“In such a scenario, I judge more monetary stimulus would be appropriate, and I would favour a negative Bank Rate as the tool to implement the stimulus,” he said.
“The time to implement it would be whenever the data, or the balance of risks around it, suggest that the recovery is falling short of fully eliminating economic slack, which might be later this year or into next year,” he added.
Vlieghe’s comments are similar to those of fellow policymaker Michael Saunders, who said on Thursday negative rates could be the BoE’s best tool in future.
Earlier this month the BoE gave British financial institutions six months to get ready for the possible introduction of negative interest rates, though it stressed that no decision had been taken on whether to implement them.
Investors saw the move as reducing the likelihood of the BoE following other central banks and adopting negative rates.
Some senior BoE policymakers, such as Deputy Governor Dave Ramsden, believe that adding to the central bank’s 875 billion pounds ($1.22 trillion) of government bond purchases remains the best way of boosting the economy if needed.
Vlieghe underscored the scale of the hit to Britain’s economy and said it was clear the country was not experiencing a V-shaped recovery, adding it was more like “something between a swoosh-shaped recovery and a W-shaped recovery.”
“I want to emphasise how far we still have to travel in this recovery,” he said, adding that it was “highly uncertain” how much of the pent-up savings amassed by households during the lockdowns would be spent.
By contrast, last week the BoE’s chief economist, Andy Haldane, likened the economy to a “coiled spring.”
Vlieghe also warned against raising interest rates if the economy appeared to be outperforming expectations.
“It is perfectly possible that we have a short period of pent up demand, after which demand eases back again,” he said.
Higher interest rates were unlikely to be appropriate until 2023 or 2024, he said.
($1 = 0.7146 pounds)
(Reporting by David Milliken; Editing by William Schomberg)
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UK economy shows signs of stabilisation after new lockdown hit

By William Schomberg and David Milliken
LONDON (Reuters) – Britain’s economy has stabilised after a new COVID-19 lockdown last month hit retailers, and business and consumers are hopeful the vaccination campaign will spur a recovery, data showed on Friday.
The IHS Markit/CIPS flash composite Purchasing Managers’ Index, a survey of businesses, suggested the economy was barely shrinking in the first half of February as companies adjusted to the latest restrictions.
A separate survey of households showed consumers at their most confident since the pandemic began.
Britain’s economy had its biggest slump in 300 years in 2020, when it contracted by 10%, and will shrink by 4% in the first three months of 2021, the Bank of England predicts.
The central bank expects a strong subsequent recovery because of the COVID-19 vaccination programme – though policymaker Gertjan Vlieghe said in a speech on Friday that the BoE could need to cut interest rates below zero later this year if unemployment stayed high.
Prime Minister Boris Johnson is due on Monday to announce the next steps in England’s lockdown but has said any easing of restrictions will be gradual.
Official data for January underscored the impact of the latest lockdown on retailers.
Retail sales volumes slumped by 8.2% from December, a much bigger fall than the 2.5% decrease forecast in a Reuters poll of economists, and the second largest on record.
“The only good thing about the current lockdown is that it’s no way near as bad for the economy as the first one,” Paul Dales, an economist at Capital Economics, said.
The smaller fall in retail sales than last April’s 18% plunge reflected growth in online shopping.
BORROWING SURGE SLOWED IN JANUARY
There was some better news for finance minister Rishi Sunak as he prepares to announce Britain’s next annual budget on March 3.
Though public sector borrowing of 8.8 billion pounds ($12.3 billion) was the first January deficit in a decade, it was much less than the 24.5 billion pounds forecast in a Reuters poll.
That took borrowing since the start of the financial year in April to 270.6 billion pounds, reflecting a surge in spending and tax cuts ordered by Sunak.
The figure does not count losses on government-backed loans which could add 30 billion pounds to the shortfall this year, but the deficit is likely to be smaller than official forecasts, the Institute for Fiscal Studies think tank said.
Sunak is expected to extend a costly wage subsidy programme, at least for the hardest-hit sectors, but he said the time for a reckoning would come.
“It’s right that once our economy begins to recover, we should look to return the public finances to a more sustainable footing and I’ll always be honest with the British people about how we will do this,” he said.
Some economists expect higher taxes sooner rather than later.
“Big tax rises eventually will have to be announced, with 2022 likely to be the worst year, so that they will be far from voters’ minds by the time of the next general election in May 2024,” Samuel Tombs, at Pantheon Macroeconomics, said.
Public debt rose to 2.115 trillion pounds, or 97.9% of gross domestic product – a percentage not seen since the early 1960s.
The PMI survey and a separate measure of manufacturing from the Confederation of British Industry, showing factory orders suffering the smallest hit in a year, gave Sunak some cause for optimism.
IHS Markit’s chief business economist, Chris Williamson, said the improvement in business expectations suggested the economy was “poised for recovery.”
However the PMI survey showed factory output in February grew at its slowest rate in nine months. Many firms reported extra costs and disruption to supply chains from new post-Brexit barriers to trade with the European Union since Jan. 1.
Vlieghe warned against over-interpreting any early signs of growth. “It is perfectly possible that we have a short period of pent up demand, after which demand eases back again,” he said.
“We are experiencing something between a swoosh-shaped recovery and a W-shaped recovery. We are clearly not experiencing a V-shaped recovery.”
($1 = 0.7160 pounds)
(Editing by Angus MacSwan and Timothy Heritage)
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Oil extends losses as Texas prepares to ramp up output

By Devika Krishna Kumar
NEW YORK (Reuters) – Oil prices fell for a second day on Friday, retreating further from recent highs as Texas energy companies began preparations to restart oil and gas fields shuttered by freezing weather.
Brent crude futures were down 33 cents, or 0.5%, at $63.60 a barrel by 11:06 a.m. (1606 GMT) U.S. West Texas Intermediate (WTI) crude futures fell 60 cents, or 1%, to $59.92.
This week, both benchmarks had climbed to the highest in more than a year.
“Price pullback thus far appears corrective and is slight within the context of this month’s major upside price acceleration,” said Jim Ritterbusch, president of Ritterbusch and Associates.
Unusually cold weather in Texas and the Plains states curtailed up to 4 million barrels per day (bpd) of crude production and 21 billion cubic feet of natural gas, analysts estimated.
Texas refiners halted about a fifth of the nation’s oil processing amid power outages and severe cold.
Companies were expected to prepare for production restarts on Friday as electric power and water services slowly resume, sources said.
“While much of the selling relates to a gradual resumption of power in the Gulf coast region ahead of a significant temperature warmup, the magnitude of this week’s loss of supply may require further discounting given much uncertainty regarding the extent and possible duration of lost output,” Ritterbusch said.
Oil fell despite a surprise drop in U.S. crude stockpiles in the week to Feb. 12, before the big freeze. Inventories fell by 7.3 million barrels to 461.8 million barrels, their lowest since March, the Energy Information Administration reported on Thursday. [EIA/S]
The United States on Thursday said it was ready to talk to Iran about returning to a 2015 agreement that aimed to prevent Tehran from acquiring nuclear weapons. Still, analysts did not expect near-term reversal of sanctions on Iran that were imposed by the previous U.S. administration.
“This breakthrough increases the probability that we may see Iran returning to the oil market soon, although there is much to be discussed and a new deal will not be a carbon-copy of the 2015 nuclear deal,” said StoneX analyst Kevin Solomon.
(Additional reporting by Ahmad Ghaddar in London and Roslan Khasawneh in Singapore and Sonali Paul in Melbourne; Editing by Jason Neely, David Goodman and David Gregorio)