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At Google Inc., the rapidly growing Internet stalwart, foreign exchange management took a while to catch up to the rest of the business. In mid-2007, Google’s annualized revenues of roughly $12 billion were 50 percent denominated in foreign currencies, yet it had only one person on staff charged with managing FX issues, and he was part-time to boot. “We see our FX program as insurance and not a way to profit from market movements,” says Brent Callinicos, Google vice president and treasurer. “Our mission is to protect our net assets and our cash flows from negative fluctuations in FX rates.”

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