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  • News - EY - Debt and earnings disconnect leaves mining companies vulnerable - EY - Global
    vulnerable Debt and earnings disconnect leaves mining companies vulnerable London 27 November 2015 Newsroom News releases PR contacts PR activities Analyst relations Fact and figures Share Mining companies globally are factoring in lower for longer commodity prices as leverage levels across the sector stretch balance sheets and trigger a flood of asset sales according to EY Global Mining Metals Transactions Leader Lee Downham in response to EY s Debt in the mining sector report released today The report considers issues of liquidity solvency and maintaining financial flexibility for large mining companies and includes an analysis of the historical financial performance of a cross section of 88 large mining companies globally The analysis shows net debt has continued to rise since 2010 despite earnings falling over the same period following the slump in commodity prices The report notes this is the first observable period of such a disconnect between debt and earnings progression With net debt EBITDA ratios at the highest levels since the turn of the century leverage is increasingly stretching balance sheets and will limit flexibility to absorb financial shocks Downham says Management s focus on the risks of leverage across the sector has become significantly more acute in recent months reflected in the large number of assets put on the market as companies try to raise capital and free up future cash commitments While awareness of distress in the coal iron ore and steel sectors is most acute distress in these sectors is not universal The analysis highlights that the fortunes of individual companies can vary widely High debt metrics may be sustainable in the short term in certain circumstances and conversely low leverage may disguise impending risks which if triggered could generate a possible liquidity crunch The challenges in the sector are reflected in EY s recent Global Capital Confidence Barometer a survey of more than 1 600 executives in 53 countries including 68 respondents from the global mining and metals sector The Barometer released last month found that the proportion of mining and metals companies confident in corporate earnings has slumped in the past 12 months from 90 in October 2014 to 58 in October 2015 At the same time the Barometer shows the number of mining and metals companies now focused on cost reduction and operational efficiency has nearly doubled in the past year from 39 to 71 Conversely the percentage focused on growth has more than halved from 43 to 19 Downham says Market conditions are not showing signs of imminent improvement and if this doesn t change only the fittest will survive With mining and metals companies looking at every measure possible to free up cash three things should be top of mind retaining financial flexibility creating long term shareholder value by releasing and conserving cash and positioning today to capitalize on a future cyclical recovery Private equity and private capital funds poised to snap up assets Downham says Traditional private equity houses may now also be running a ruler over certain assets

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/news-EY-debt-and-earnings-disconnect-leaves-mining-companies-vulnerable (2016-02-10)
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  • News - NorthPoint Digital joins EY to help clients navigate era of digital disruption - EY - Global
    China Overseas Investment Network Family Business Services French Business Network Global Business Network Japan Business Services Careers Students The EY difference Your role here Your development Life at EY Joining EY Global Delivery Network Experienced Advisory Assurance Tax Transactions Industries The EY difference Your development Life at EY Joining EY Global Delivery Network Alumni Home Newsroom NorthPoint Digital joins EY to help clients navigate era of digital disruption NorthPoint Digital joins EY to help clients navigate era of digital disruption New York 24 November 2015 Newsroom News releases PR contacts PR activities Analyst relations Fact and figures Share Transaction fortifies EY s position as a leader of digital and user experience services EY announced today that NorthPoint Digital a leading digital solutions company has joined Ernst Young LLP in the US NorthPoint Digital architects builds and implements cohesive technology platforms that can power large scale websites apps and portals across a variety of devices The addition of NorthPoint Digital further enhances EY s digital innovation services NorthPoint Digital offers unique IP and credentials that we can immediately leverage to help further our growth across a full range of digital capabilities that are critical for our clients said Greg Jenko Principal Ernst Young LLP and Americas Global Digital and Emerging Technology leader The talent we are bringing in can also help us embed digital capabilities in our services and sector offerings These are skills that are increasingly in demand in a world that becomes more digitalized every day The deal will enhance Ernst Young LLP s ability to provide digital and user experience services by adding nearly 100 experienced professionals to existing teams These professionals have knowledge of a broad array of web technologies content management systems CMS database technologies search tools back end integration and front end development tools The

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/news-northpoint-digital-joins-ey-to-help-clients-navigate-era-of-digital-disruption (2016-02-10)
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  • NEWS - EY - Third quarter surge in power and utilities M&A sets pace for transaction activity in year ahead - EY - Global
    The EY difference Your development Life at EY Joining EY Global Delivery Network Alumni Home Newsroom Third quarter surge in power and utilities M A sets pace for transaction activity in year ahead Third quarter surge in power and utilities M A sets pace for transaction activity in year ahead London 19 November 2015 Newsroom News releases PR contacts PR activities Analyst relations Fact and figures Share 58 of utilities plan to pursue an acquisition in the next year Lower and middle market deals in developed markets expected Utilities look to expand capabilities through cross sector opportunities Global power and utilities deal value reached a five year high of US 75 5b in the third quarter of 2015 and a growing appetite for transactions points to an active market ahead according to EY s Power Utilities Capital Confidence Barometer Survey results show 81 of executives see the global economy as improving up from 51 a year ago and this is translating into more M A activity Additionally 58 of companies now plan to pursue an acquisition in the next 12 months and 39 already have three deals in the pipeline Geographically the developed markets of the US UK Germany and Australia were identified as preferred investment destinations for utilities EY s Power transactions and trends Q3 2015 shows how this trend is already underway with the US accounting for US 57b of total deal value in Q3 Matt Rennie EY Global Power Utilities Transactions Leader says Utilities are concentrating on growth opportunities that enable them to keep pace with changing customer demands and provide them with advanced capabilities And we re finding that cross sector collaborations are becoming commonplace particularly with technology providers In fact 55 of survey respondents are currently planning an acquisition outside the sector While the appetite for deal making continues to grow 78 of respondents canceled or failed to complete a planned acquisition in the last year These utilities cited regulatory or anti trust reviews and competition from other buyers as the top challenges to completing deals Rennie says Traditional utility companies face a league of disruptive forces in today s market Companies are waiting for the right deal and are more willing to walk away when it s not the right fit Undertaking strategic M A is more important than ever as companies manage widespread sector transformation ends Notes to Editors About EY EY is a global leader in assurance tax transaction and advisory services The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over We develop outstanding leaders who team to deliver on our promises to all of our stakeholders In so doing we play a critical role in building a better working world for our people for our clients and for our communities EY refers to the global organization and may refer to one or more of the member firms of Ernst Young Global Limited each of which is a separate

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News-EY-third-quarter-surge-in-power-and-utilities-ma-sets-pace-for-transaction-activity-in-year-ahead (2016-02-10)
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  • News - EY - India ranked the most attractive investment destination by UK investors - EY - Global
    2015 Thirty two percent of business leaders from global corporations who were polled for the survey said India is the most attractive investment destination while UK based investors are more upbeat with 36 ranking India as the top investment destination followed by China and Brazil Sixty percent of UK based investors rank the country among the top three investment destinations in the next three years The survey includes the views of more than 500 decision makers from multinational organizations across sectors including over 50 business leaders from UK based companies The report also presents a detailed overview of FDI inflows and projects covering sectors emerging FDI destinations and countries of origin Compared to their global counterparts UK investors are more positive about India s ongoing tax and regulatory reforms with 61 finding it attractive as compared to 54 of global investors India s labor cost and skills its domestic market and macroeconomic stability were ranked among the country s most attractive features by the UK based investors Overall the survey shows that India has made significant gains over last year in the attractiveness of attributes such as ease of doing business and FDI policy reforms Rajiv Memani EY Chairman of the Global Emerging Markets Committee and India Regional Managing Partner says The survey findings are a testament to India s growing appeal with the global investment community Over the last year the improvements in India s macroeconomic indicators accompanied with the ongoing efforts to revitalize growth have offered new hope to investors It is an encouraging start and we need to build upon it further Reforms drive FDI inflows Among specific reforms expected to drive growth 92 of the UK investors said that investment in infrastructure and the 100 Smart Cities project would be significant Proposed corporate tax reduction from 30 to 25 was considered significant by 88 of respondents while 86 indicated that financial inclusion such as Digital India and implementation of goods and services tax would be significant Reduction of royalties and fees for technical services and legislation on land acquisition were also mentioned by investors as important for attracting FDI Investment from UK rebounds Robust investor confidence is also reflected in FDI inflows with EY s 2015 India attractiveness survey report citing a sharp turnaround The report highlights data from fDi Markets indicating that in the first six months of 2015 India has become the top FDI destination with US 30 8b of FDI inflows moving up from fifth position in the corresponding period last year Projects from the UK rebounded strongly in 1H15 with FDI inflows of US 3 6b registering an increase of 615 compared to the same period last year The sharp increase in UK FDI during the first six months of the year has reversed the decline during calendar year 2014 when FDI had dipped to US 1b from US 2b in 2013 Energy metals and mining aerospace and defense and cleantech witnessed a significant upsurge in investment while technology media and telecommunications

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/news-ey-india-ranked-the-most-attractive-investment-destination-by-uk-investors (2016-02-10)
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  • News - EY survey finds more than one-third of global organizations still lack confidence in their ability to detect sophisticated cyber attacks - EY - Global
    organization s needs 69 say they should spend more money on cybersecurity to protect data Criminal syndicates hacktivists and state sponsored groups cited as more likely sources of cyber attacks in 2015 More than one third 36 of global organizations still lack confidence in their ability to detect sophisticated cyber attacks according to the annual EY s Global Information Security Survey 2015 Creating trust in the digital world The survey of 1 755 organizations from 67 countries examines some of the most important cybersecurity issues facing businesses today and finds that 88 do not believe their information security structure fully meets their organization s needs When it comes to IT security budgets 69 say that their budgets should be increased by up to 50 to align their organization s need for protection with its managements tolerance for risk The most likely sources of cyber attacks criminal syndicates 59 employees 56 and hacktivists 54 retained their top rankings with state sponsored 35 in the sixth place However compared with last year s survey respondents rated criminal syndicates hacktivists and state sponsored as more likely than in 2014 up from 53 46 and 27 respectively Ken Allan Global Cybersecurity Leader EY says Organizations are embracing the digital world with enthusiasm but there must be a corresponding uptick in addressing the increasingly sophisticated cyber threats Businesses should not overlook or underestimate the potential risks of cyber breaches Instead they should develop a laser like focus on cybersecurity and make the required investments The only way to make the digital world fully operational and sustainable is to enable organizations to protect themselves and their clients and to create trust in their brand Vulnerabilities and threats a shift in perceptions The survey found that companies currently feel less vulnerable to attacks arising from unaware employees 44 and outdated systems 34 down from 57 and 52 respectively in the 2014 Global Information Security Survey GISS However they feel more threatened today by phishing and malware Forty four percent of respondents compared with 39 in 2014 ranked phishing as their top threat 43 consider malware as their biggest threat versus 34 in 2014 The survey also finds that organizations are falling short in thwarting a cyber attack 54 say they lack a dedicated function that focuses on emerging technology and its impact 47 do not have a security operations center 36 do not have a threat intelligence program while 18 do not have an identity and access management program More than half 57 said that the contribution and value that the information security function provides to their organization is compromised by the lack of skilled talent available compared with 53 of respondents in the 2014 survey indicating that the situation is deteriorating rather than improving Paul van Kessel Global Risk Leader EY says Cybersecurity is inherently a defensive capability but organizations should not wait to become victims Instead they should take an active defense stance with advanced security operations centers that identify potential attackers and analyze assess

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/news-more-than-one-third-of-global-organizations-still-lack-confidence-in-their-ability-to-detect-sophisticated-cyber-attacks-ey-survey-finds (2016-02-10)
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  • News - EY - Hedge funds confront impact of financial market regulations and challenges of evolving prime broker relationships - EY - Global
    22 expect an increase in fees within the next year Fund managers using strategies such as distressed credit fixed income and global macro which can be balance sheet intensive from the prime brokers perspective have been among those who have experienced price increases the most Respondents now expect price increases and broker limitations to change the way they trade including moving toward swap based trade execution and reducing repo financing and overall leverage Michael Serota Global Leader Hedge Fund Services at EY says These dynamics are the newest challenge to an industry that continues to grapple with margin compression heightened competition for asset growth and ongoing requirements for technology investments All forms of financing are becoming more expensive for a majority of managers and these costs have a direct effect on overall trade economics Investors will be indirectly affected by the increasing costs and will need to rely on communications from the manager to understand the full effect on the fund s performance Hedge funds expand their prime broker relationships Regulatory changes have altered the traditional business relationship between prime brokers and hedge fund managers Prime brokers have suggested that hedge fund managers concentrate more business with them though 60 of managers affected by repricing have in fact added more prime broker relationships Only 12 of respondents who have experienced repricing reduced their prime broker relationships Many prime brokers are becoming reluctant to hold cash for hedge funds because of how such balances are classified toward banks capital reserves under new regulations Fifty eight percent of hedge fund managers have moved cash to custodians as a result while 35 have purchased highly liquid securities as cash alternatives Natalie Deak Jaros Americas Co Leader Hedge Fund Services at EY says Many hedge fund managers are larger and more complex with increased financing needs As many prime brokers have less capacity to offer than in the past hedge fund managers are increasing the number of relationships they have to reduce counterparty capacity risk We are also seeing the need for hedge funds to dedicate individuals to manage counterparty risk collateral and treasury functions as a result of these shifting industry dynamics Managers seek financing from non traditional sources Hedge fund managers are beginning to explore non traditional financing sources outside of prime brokers Thirteen percent of respondents are seeking or plan to seek financing from non traditional sources in the next two years from sources including institutional investors and sovereign wealth funds custodians or other hedge funds Asset growth remains top strategic priority Achieving asset growth to counteract margin pressure is the top strategic priority for 57 of managers surveyed New growth methods include adding new hedge fund strategies identifying new investor bases and increasing penetration with existing investors New product launches which was the top method for achieving growth in last year s survey has dropped to less than 20 this year New products have presented opportunities for managers but they also have come with challenges as 24 of managers reported

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/news-ey-hedge-funds-confront-impact-of-financial-market-regulations-and-challenges-of-evolving-prime-broker-relationships (2016-02-10)
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  • News - EY - Digital disruption keeps dealmaking strong in tech industry for 3Q15 - EY - Global
    tech industry for 3Q15 Digital disruption keeps dealmaking strong in tech industry for 3Q15 New York 3 November 2015 Newsroom News releases PR contacts PR activities Analyst relations Fact and figures Share 3Q15 deal volume sets seventh consecutive post dotcom bubble record 13 deals topped US 1b but for the first time this year none topped US 10b Global technology M A deal volume in 3Q15 reached 1 069 deals in spite of the NASDAQ Composite Index declining 7 during the quarter the first quarterly decline in three years Meanwhile 3Q15 s aggregate value of disclosed value deals at US 65 4b ranked as the ninth highest since 1996 despite declining by 11 year over year YOY and 49 from 2Q15 s post dotcom bubble record These and other findings were released today in EY s Global technology M A update July September 2015 The report highlights that non tech buyers rose 52 over 2Q15 to US 16 6b in 3Q15 scoring the highest value 3Q15 deal for an Internet of Things IoT announced deal and tying for the top value big data analytics deal Non tech buyers also had the second largest deal in payments and financial services Except for cloud software as a service SaaS these three deal driving trends IoT big data analytics and payments and financial services technology contributed the most to 3Q15 aggregate value The deals also provided the highest value examples of the increasingly blurry boundaries between the technology industry and other industries and of deals that continue to be driven by other industries digital transformations which are being enabled by disruptive technologies Jeff Liu Global Technology Industry Leader Transaction Advisory Services at EY says The M A trends we identified this year include a strong focus on a solution oriented philosophy where customers no longer care about whether they re buying software storage or security for example This continues to drive change in the technology landscape far faster than anyone imagined Likewise deal drivers are still accelerating because tech enabled digital transformations disrupting multiple industries are only just getting underway Expect even more transformative deals to come including megadeals and new leaders emerging from adjacent industries The report finds that corporate tech buyers which drove 2Q15 s US 127 2b record breaking value spike normalized in 3Q15 However their spin offs and other divestitures accounted for a third of aggregate deal value or US 21 2b in 3Q15 Private equity buyers at US 15 4b delivered their second highest value quarter in the eight years that EY has produced these reports Other industry highlights Cross industry blur increased again as non tech buyer volume and value rose Growth in deals targeting big data analytics the IoT and payment and financial services technologies made the biggest contributions to value Cloud SaaS smart mobility and security technologies continued as deal drivers Cross border aggregate deal value slumped to US 24 1b down 45 from 2Q15 s record and 26 YOY Ends Notes to Editors About

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/news-ey-digital-disruption-keeps-dealmaking-strong-in-tech-industry-for-3Q15 (2016-02-10)
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  • News - EY appoints Adi Karev as global Oil & Gas leader - EY - Global
    GST and Other Sales Taxes Transfer Pricing and Operating Model Effectiveness Strategic Growth Markets How we help Entrepreneurship EY SGM Initial public offering Venture capital Family business services Transactions About Transaction Advisory Services Corporate Development Divestiture Advisory Services Lead Advisory Operational Transaction Services Restructuring Strategy Services Transaction Support Transaction Tax Valuation Business Modelling Specialty Services Climate Change and Sustainability Services CertifyPoint China Overseas Investment Network Family Business Services French Business Network Global Business Network Japan Business Services Careers Students The EY difference Your role here Your development Life at EY Joining EY Global Delivery Network Experienced Advisory Assurance Tax Transactions Industries The EY difference Your development Life at EY Joining EY Global Delivery Network Alumni Home Newsroom EY appoints Adi Karev as Global Oil Gas Leader EY appoints Adi Karev as Global Oil Gas Leader London 3 November 2015 Newsroom News releases PR contacts PR activities Analyst relations Fact and figures Share EY announces the appointment of Adi Karev as Global Oil Gas Leader overseeing EY s network of sector professionals around the world Karev joins EY from Deloitte Touche Tohmatsu Limited where he served as Global Head Oil Gas and the National Country Lead for the firm s Oil Gas and Shipping Ports practices in China He has more than 25 years of global management and advisory experience guiding international energy and resource companies on business transformation initiatives to address cultural economic and operational challenges Over the course of his career he has worked with companies in the Americas Europe Africa and Asia In his new role he will be based in Hong Kong Alison Kay Global Vice Chair Industry at EY says Client issues are becoming more complex particularly in the oil and gas sector That s why we re continuously focused on building the highest performing teams at EY to respond to our clients needs Adi s depth of experience will enhance the value we bring to oil and gas companies around the world Karev says The global oil and gas sector is evolving every day Supply and demand dynamics the changing energy mix and geopolitical issues are just a few of the challenges forcing companies to rethink the way they do business Having the right strategy in place is crucial in today s market I m looking forward to supporting EY s purpose of building a better working world by helping leading oil and gas companies build a lasting legacy ends Notes to Editors About EY EY is a global leader in assurance tax transaction and advisory services The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over We develop outstanding leaders who team to deliver on our promises to all of our stakeholders In so doing we play a critical role in building a better working world for our people for our clients and for our communities EY refers to the global organization and may refer to one or more of the member

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/news-ey-appoints-adi-karev-as-global-oil-and-gas-leader (2016-02-10)
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