Business International Corporation facts for kids

Business International Corporation (BI) was a company that helped American businesses work in other countries. It was started in 1953. BI held meetings and worked with many big companies.

Did you know that former president Barack Obama worked there? He was a financial researcher after finishing college at Columbia University. In 1986, a company called the Economist Group bought Business International. It later joined with the Economist Intelligence Unit. Some reports also linked Business International to the Central Intelligence Agency.

History of Business International

Business International was founded in 1953 by Eldridge Haynes and his son, Elliott Haynes. At first, it focused on helping American companies. They started with a weekly newsletter called Business International. They also worked with a group of important company clients.

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

Orville L. Freeman, who was the US Secretary of Agriculture, became the President and CEO of Business International from 1970 to 1985.

Over time, BI became a top source for information on global business. They offered research, advice, conferences, and meetings with governments. This was in addition to their publications. 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 many reporters all over the world.

What BI Published

Business International published many newsletters. These included Business International, Business Europe, Business Eastern Europe, Business Latin America, Business Asia, Business China, and Business International Money Report. These were sent out weekly, every two weeks, or monthly.

They also had regularly updated guides for 40-50 countries. Some of these were Financing Foreign Operations (FFO) and Investment, Licensing and Trading Conditions Abroad (ILT). Another guide was called China Hand.

BI also had a service that predicted how international business, politics, and economies would change. This service, called Business International Forecasting Service (BIFS), started as a yearly five-year outlook. Later, it gave reports every three months or even more often. They also did special work on economic and political risks. They even looked at how much it cost for executives to live in different cities around the world.

In addition, Business International published longer reports, like books. Some titles included Organizing for International Operations, 30 Business Checklists, and India: Limited Avenues to an Unlimited Market.

Research and Advice for Companies

BI also did special research projects for its clients. Some of these projects involved giving direct advice and helping with planning meetings. The company had a special team for research and consulting. This team helped with work across different regions or in specific countries.

Conferences and Meetings

Business International was well-known for its Roundtable Conferences. These started in the 1950s. They often focused on one country and its government, like a meeting with the Government of Mexico.

In the 1970s, these meetings grew to include bigger, multi-day conferences for whole regions. Examples were the Heads of Asia Pacific Operations (HAPO) and Heads of Latin American Operations (HELAO) roundtables. Top international managers from client companies attended the national roundtables. The country's leader or head of government always attended, along with important ministers and local business leaders.

Another type of conference focused on specific industries, like telecoms or cars. They also held meetings about specific business functions, such as finance or human resources.

More frequent meetings for clients in the same city were called "Country Managers" or "Peer Group Forum." Some companies that offered similar services were started by former BI employees, especially in Asia.

Who Were BI's Clients?

Most of Business International's clients were major American companies. They also worked with companies and groups from Europe, Japan, and India.

These international companies and organizations usually received a package of publications and services. This included attending special roundtables that gave predictions about politics, economy, and money. It also included some research and consulting hours. The package could also include joining government roundtables held in a host country. These meetings allowed international businesses to talk with local governments. For these packages, members paid a regular fee.

Barack Obama's Time at BI

In the late summer of 1983, future United States President Barack Obama interviewed for 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 Financing Foreign Operations. This was a global guide. He also wrote for Business International Money Report, a weekly financial newsletter. His job included talking to business experts and researching trends in foreign money exchange. He also followed market changes. Obama wrote about currency swaps and leverage leases. He also helped write financial reports about Mexico and Brazil.

Barack Obama helped create a special BI report. This report advised clients on how to manage money in Brazil during a time of very high inflation in the early 1980s. The report was called Financial Action Report: Survival Financial Management in Brazil. It was published in 1984. The report talked about things like choosing between local or dollar financing. It also discussed using the inter-company market instead of bank loans. Other topics included how well government hedging tools worked and managing international trade payments.

The introduction of the report states, "Barack Obama, assistant manager, conducted the interviews and wrote up the results" in the report.

Connection to the CIA

A 1977 article in New York Times mentioned Business International. It was listed as one of 22 news organizations that had employed journalists who also worked for the Central Intelligence Agency (CIA). Elliott Haynes said that his father, Eldridge Haynes, had provided cover for four CIA employees in different countries between 1955 and 1960.