Business International Corporation facts for kids

Business International Corporation (BI) was a company that helped American businesses work in other countries. It started in 1953. BI offered advice, published reports, and held meetings for big companies.

A famous person, Barack Obama, who later became the President of the United States, worked at Business International as a financial researcher after he finished college. In 1986, a company called the Economist Group bought Business International. It later joined with another part of that group, the Economist Intelligence Unit. Business International was also connected to the Central Intelligence Agency.

What Was Business International?

Business International (BI) was founded in 1953 by Eldridge Haynes and his son, Elliott Haynes. The company first focused on helping American businesses operate around the world. They started by publishing a weekly newsletter called Business International. They also worked closely with important companies.

BI opened offices in many countries. Major offices were in places like Geneva (for Europe), Vienna (for Eastern Europe), and Hong Kong (for Asia). They also had smaller offices in cities like Rome and Tokyo.

Leaders of Business International

Orville L. Freeman, who was the US Secretary of Agriculture for Presidents John F. Kennedy and Lyndon B. Johnson, became the President and CEO of Business International. He led the company from 1970 to 1985.

BI grew to become a top source of information about global business. They did research, gave advice, held conferences, and organized meetings with government leaders. Their main office was in New York City, close to the United Nations. They also had big offices in Geneva, London, Vienna, Hong Kong, and Tokyo. They had a network of reporters all over the world.

What Did BI Publish?

Business International published many different things. They had a family of newsletters that came out weekly, every two weeks, or monthly. These newsletters covered business news from different parts of the world, like Business Europe and Business Asia.

They also created updated guides for many countries. These guides helped companies understand things like how to finance operations in other countries or the rules for investing and trading abroad. BI also offered a service that predicted future business, politics, and economic trends around the world. They also wrote reports on special topics, like how to organize international operations.

Research and Advice

BI also did special research projects for its clients. Sometimes, this involved giving direct advice or helping companies plan their strategies. They had a special team dedicated to research and consulting.

Conferences and Meetings

Business International was well-known for its Roundtable Conferences. These meetings started in the 1950s and often focused on one country and its government. For example, they might have a "Roundtable with the Government of Mexico."

Later, in the 1970s, these meetings grew to include larger, multi-day conferences. These brought together top managers from different regions, like "Heads of Asia Pacific Operations." The national roundtables always included the country's leader or head of government, along with important ministers and local business leaders. This allowed international companies to talk directly with local governments.

BI also held conferences for specific industries, like telecommunications or cars. Other meetings focused on business functions, such as finance or human resources. They also organized smaller meetings for clients in the same city, like "Country Managers" groups.

Who Were BI's Clients?

Most of Business International's clients were major American companies. They also worked with companies from Europe, Japan, and India. These international companies and organizations usually received a package of publications and services. This package often included invitations to special meetings where they could learn about political, economic, and currency forecasts. It also included some research and consulting hours.

Clients could also attend government roundtables held in different countries. These meetings were a chance for international businesses to talk with local governments. Members paid a regular fee for these services.

Barack Obama's Time at BI

In 1983, Barack Obama, who would later become the President of the United States, got a job at Business International Corporation. He worked there for a little over a year.

As a research associate in the financial services part of the company, he helped edit a global guide called Financing Foreign Operations. He also wrote for Business International Money Report, which was a weekly financial newsletter. His job included talking to business experts, researching trends in foreign money exchange, and following market changes. He wrote about complex financial topics.

Barack Obama also helped create a special report for BI clients. This report advised companies on how to manage their money in Brazil during a time when prices were rising very fast in the early 1980s. The report was called Financial Action Report: Survival Financial Management in Brazil. It talked about important money topics like choosing between different types of loans and managing international trade payments. The report's introduction stated that "Barack Obama, assistant manager, conducted the interviews and wrote up the results."

BI and the CIA

In 1977, a newspaper called The New York Times reported that Business International was one of several news organizations that had employed journalists who also worked for the Central Intelligence Agency (CIA). Elliott Haynes, one of the founders' sons, said that his father, Eldridge Haynes, had helped four CIA employees work secretly in different countries between 1955 and 1960.