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  • EY Global biotechnology industry needs new paradigm for drug R&D - EY - Global
    21b dwarfed those by big pharma companies as the value of pharma biotech acquisitions grew by only 2 from 2012 to 2013 Excluding the Amgen Onyx Pharmaceuticals mega merger biotech biotech deal making increased in value 68 during the same period to US 10 6b The challenge of unlocking value Despite the strong overall financial results most biotech companies operate in a resource constrained environment increasing the need to conduct R D in capital efficient ways Meanwhile other trends including market entry agreements in which payers reimburse companies based on the performance of their products or strategic alliances with milestones tied to commercial performance rather than clinical trial results make it imperative for companies to better measure and capture the value that their products create The report identifies three strategies for unlocking value from R D Adaptive clinical trials The long standing clinical trials system of sequential Phase I II and III studies creates few learning opportunities and it results in R D funds being tied up for multiple years and viewed as a sunk cost that is only reexamined as the drug advances to the next phase Adaptive trial designs enable biotech companies to refine their hypotheses and reallocate R D dollars in real time based on data generated in the clinic While an estimated 20 of clinical trials being conducted today involve some type of adaptive design these efforts are being led primarily by global pharmaceutical companies with many smaller and mid cap biotechs lagging in bringing adaptive trials to earlier stage drug development Precision medicine Biomarkers and targeted therapies allow companies to identify patient sub groups that are most likely to benefit from a particular therapy thereby mitigating drug development risk and potentially increasing valuations from stakeholders Precision medicine can also provide companies with more certainty in risk sharing deals such as market entry agreements with payers or commercial milestone deals with strategic partners Yet it is estimated that only about 100 biomarkers are routinely used in clinical care Biotech companies should expand their use of these techniques Precompetitive collaboration Cross industry collaborations to solve common problems such as establishing uniform clinical trial methodologies and developing standards for capturing real world data have flourished in the last few years As with adaptive clinical trials these consortia have been spearheaded by large pharmas with most biotech players not yet engaged in meaningful ways While participation in these efforts requires the commitment of resources including capital and senior leadership time it can offer benefits for companies seeking to avoid wasting precious resources on common challenges In addition involvement in such initiatives can help companies build trust with key stakeholders which is particularly valuable at a time when payers and regulators are bringing more scrutiny to products Kristin Pothier EY s Life Sciences Commercial Advisory Services Leader says At a time when it is critical for companies of all sizes to conduct R D as efficiently as possible adaptive trials precision medicine and precompetitive collaborations have the potential to unlock

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News-Global-biotechnology-industry-needs-new-paradigm-for-drug-research-development (2016-02-10)
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  • EY – At least 22 European banks expect to raise capital following the AQR - EY - Global
    on average about 30 of banks cannot rule out further capital raising post AQR Across the whole sample of European banks a significant minority of banks 8 fully expect to have to raise further capital following the AQR and a further 20 think they might still need to raise capital Banks in Germany were most bullish with just 4 expecting to have to raise capital and a further 2 unable to rule it out Banks in Spain were least confident with 35 expecting to have to raise more capital and 25 unable to rule it out The survey was conducted in March 2014 and by the end of polling 4 April six Eurozone banks had already executed a capital raising initiative this year By 4 April 2014 Eurozone banks had raised US 11b compared to US 2b for the same period in 2013 Since then another 10 banks have announced plans to raise capital prior to the completion of the AQR In total this year European banks have already raised US 35b of equity which is 70 more than was raised in the same period in 2013 1 Market divided on loan loss provisions Thirty percent of banks also expect to have to raise provisions this year Banks in Spain and Austria are most likely to raise provisions banks in Spain have lingering concerns about sovereign debt problems and have been required to revalue their real estate portfolios banks in Austria are least confident about the economy and are more exposed to Eastern Europe However the improving economic conditions mean that 23 of banks expect to be able to release provisions in the next six months which is an improvement on H2 2013 when just 14 expected to be able to release provisions In part this market divide can be traced back to local market concerns about the economy and lingering concerns about sovereign debt but there is also a clear correlation with pressures put on banks by the AQR Only banks in the UK and the Nordics believe that on balance total loan loss provisions will decrease this year AQR pushing out the time frame for any major European banking consolidation When asked in 2012 if they expected major consolidation within the industry 50 of banks surveyed said they expected consolidation within the medium to long term However major consolidation in the market has yet to materialize and banks in most markets expect any major consolidation to still be three years away Just 7 of respondents anticipate large scale consolidation in the next 12 months but 63 expect medium to large scale consolidation in the next three years Robert Cubbage Europe the Middle East India and Africa EMEIA Lead for Banking and Capital Markets at EY comments There remains a general consensus that medium to large scale consolidation in the European banking market is inevitable However it is still early for the European economic recovery and with the AQR on the horizon most institutions remain cautious of major acquisitions

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/news-at-least-22-european-banks-expect-to-raise-capita--following-the-aqr (2016-02-10)
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  • EY – Encouraging signs for exports and households in the Eurozone - EY - Global
    the weakness of price growth and the risk that internal or external shocks might push the Eurozone toward a damaging deflationary spell Recent moves by the ECB demonstrate it has the capacity to act and we are encouraged by its intention to focus any quantitative easing program directly on the debt of non financial firms Mark Otty EY Area Managing Partner for Europe Middle East India and Africa comments We shouldn t forget that the Eurozone is in a far stronger position than it was even 12 months ago but economic recovery remains a muted affair As on many other occasions throughout the last six years it is still a case of two steps forward and one step back Progress yes but many challenges still exist Divergence among Eurozone economies set to persist The scenario continues to vary across the Eurozone Although the past pattern of the core economies outperforming their counterparts in the periphery looks set to be less evident this year EEF still expects intra area divergence in economic performance Greece and Italy are likely to be among the weakest economies in the Eurozone along with Cyprus and Finland On the other hand GDP growth in Spain and Portugal is expected to pick up quite sharply this year as the reforms implemented over the past few years begin to bear fruit While GDP growth in the latter two economies will probably be close to the Eurozone average both economies are likely to outperform some of the weaker core economies such as France and the Netherlands which have been slow to address their fundamental economic problems However there are still large divergences in the amount of spare capacity in the region s core and peripheral economies The EEF estimates that Germany is now running close to full capacity By contrast GDP in Italy and Spain is still around 6 below potential and the size of the Greek output gap is likely to be significantly larger A weaker euro to help exports In 2013 Eurozone export volumes grew by just 1 4 the weakest annual gain since the global financial crisis Although the further strengthening of the euro since the beginning of the year suggests that exporters may be set for another tough year EEF expects export growth to accelerate to 3 5 this year and then to 3 8 in 2015 as global demand continues to rise Households are becoming less wary but unemployment is still a major concern Consumers and businesses face continued tight credit conditions in most Eurozone countries as banks to try to repair their finances ahead of the findings of the ECB s asset quality review due for release in October Nevertheless household spending which started to inch up last year looks set to gain momentum over the coming quarters The European Commission measure of consumer sentiment is now at its highest level since late 2007 and the ECB s bank lending survey suggests that demand for loans from households is growing In addition there

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/news-encouraging-signs-for-exports-and-households-in-the-eurozone (2016-02-10)
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  • EY - Unconventionals add complexity to oil and gas tax regimes - EY - Global
    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 Unconventionals add complexity to oil and gas tax regimes Unconventionals add complexity to oil and gas tax regimes Moscow 18 June 2014 Newsroom News releases PR contacts PR activities Analyst relations Fact and figures Share Despite the geopolitical uncertainty that looms over the global oil and gas industry the continued imposition of taxes on income from oil and gas operations remains a certainty In a global environment of constantly evolving tax and fiscal policy the scope impact and makeup of taxes are far from certain This is according to EY s newly released annual Global oil and gas tax guide which summarizes the oil and gas tax regimes in 80 countries Governments are competing for exploration investments and are working on making oil and gas tax regimes attractive to investors Many countries have or are altering their fiscal framework to provide incentives for unconventional oil and gas projects and hard to recover projects Alexey Kondrashov EY s Global Oil Gas Tax Leader says Fiscal policy has never been more important to governments as they compete to attract large scale investment Revenues need to be maximized from hydrocarbon production and stable fiscal environments created for efficient resource development Some countries are certainly better at achieving this stability than others thus allowing reasonable returns for investors Quality and economics of basins naturally evolve over the lifetime of the basin but also shift in response to other challenges such as declining production caused by the maturity of fields Forward thinking governments recognize this and continually review and revise their tax regimes to equate for these changes says Kondrashov According to the 2014 Guide countries continue to develop tax policies specifically around unconventional as well as difficult to recover oil and gas in an effort to provide incentives for such projects Governments see the potential of shale within their counties energy mix and want to create the right conditions for the industry to explore and unlock these opportunities Differentiated taxation is increasing on a global scale as governments learn more about the complexities and challenges the oil and gas industry faces In order to address specific tax policies in their fiscal regimes governments are considering different project economics for gas and oil onshore and offshore projects shallow and deep water projects and for pipeline and LNG project profiles Kondrashov concludes It is critical for governments to make oil and gas tax regimes competitive and attractive to investors going forward Ends 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

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/news-unconventionals-add-complexity-to-oil-and-gas-tax-regimes (2016-02-10)
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  • EY – Consumer products and retail companies struggling to innovate - EY - Global
    only one in 10 deem their companies very effective at both sourcing potential collaborators and aligning incentives between the two partners This is the topline finding of a survey of 267 consumer products and retail senior executives globally featured in a new paper by EY Delivering agile innovation Nearly one in five 19 respondents say they are very effective at achieving revenue increases 16 are very effective at achieving margin increases and only 10 are very effective at generating intellectual property from these partnerships Andrew Cosgrove EY s Global Consumer Products Lead Analyst says Traditional approaches to innovation are no longer fit for purpose Consumer products companies and retailers must innovate both their products and their business models Growth is challenging margins are stressed and the rapid evolution of technology and data has fundamentally changed consumer behavior David Jensen EY s Global Innovation and Digital Strategy Leader says Succeeding in the age of innovation requires companies to rethink their approach to new product and process development Companies must collaborate with external partners particularly smaller entrepreneurs to identify develop and scale up promising new product and process ideas Additionally companies need to look at innovation opportunities beyond just products and processes and consider business models consumer experiences and brand engagement as part of an overall innovation portfolio It is smaller entrepreneurial firms that can offer the agility and creative thinking that larger organizations need to unplug innovation bottlenecks Overcoming the difficulties of collaborating with entrepreneurs will be critical if companies in the sector are to thrive in the long term The paper which also features the insights of 45 in depth interviews with senior industry figures outlines nine key principles that larger consumer products and retail companies should follow to create value from collaborating with smaller entrepreneurial firms and deliver agile innovation These are Make the case for being agile Cultivate an agile culture of experimentation Think simple act fast Identify the right team Determine the appropriate framework for each collaboration Maintain open and frequent communication Adapt processes and break the rules as necessary Define and measure success Iterate and work incrementally The full paper can be downloaded here www ey com CP innovation Ends Notes to editors About the survey Delivering agile innovation is an EY executive summary based on two key strands of research A survey of 267 consumer products and retail executives and in depth interviews with about 60 of executives representing CP firms and 40 of executives representing retail More than 50 of companies have more than US 500m in annual revenues Half were C level executives and respondents overall represented a range of functions including marketing sales finance and R D Respondents were spread evenly around the world with close to one third each from EMEIA Asia Pacific and the Americas Secondly EY and Longitude Research conducted 45 interviews with senior executives from consumer products and retail companies entrepreneurs and academics We are very grateful to all the individuals who participated in the research About EY

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/news-consumer-products-and-retail-companies-struggle-to-innovate (2016-02-10)
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  • EY – Unifies analytics capabilities into Global Analytics Center of Excellence - EY - Global
    for most businesses data analytics is now widely accepted as a business imperative US 500m investment will further enhance EY s ability to deliver transformational business analytics services However most organizations have made only modest progress at a strategic level and have yet to develop a comprehensive framework for how to drive value For this reason EY has established a Global Analytics Center of Excellence COE and will commit to a US 500m multiyear investment to deliver transformational change to clients by combining analytics with business acumen domain and functional skills The details of this investment include Deploying technologies systems and processes that support sector and issue based analytics solutions Acquiring talent in areas such as data sciences and advanced statistical modeling to complement EY s existing 3 500 analytics professionals Expanding EY s Analytics Research Innovation team in India at the Kerala Innovation Center that includes 15 PhDs and more than 100 professionals with Master s degrees in various disciplines Building on EY s previous 10 acquisitions in the analytics space with additional acquisitions and alliances to significantly increase the organization s capability and access to market leading IP Chris Mazzei EY Global Analytics COE leader and Global Chief Analytics Officer says For business leaders analytics is no longer just a technology issue it is a strategy and operational issue Big data and analytics is a disruptive innovation that is transforming our everyday lives Enterprises need a holistic plan for creating competitive advantage identifying opportunities and ultimately measuring value We are seeing the emergence of the chief analytics officer as more of a senior level change agent with a unique combination of skills in business mathematics and technology Carmine Di Sibio EY s Global Managing Partner Client Services says We believe that there is tremendous value to be gained by those organizations that leverage analytics to transform their business processes and how they make decisions This is why we established a dedicated EY Global Analytics COE and are committing US 500m to our analytics capabilities and the benefits they will deliver to our clients EY has imbedded analytics into all of its service lines and is growing discrete analytics offerings Those offerings complement EY s innovation strategy services and its full breadth of digital capabilities By taking an enterprise approach to analytics all clients can benefit from EY s domain and industry sector approach to business analytics Recent examples of how EY has helped clients use analytics to deliver transformational change include A consumer products company was able to identify favorable market trends as well as product enhancement and operational improvement opportunities with respect to a potential acquisition target through the use of social media analytics A retailer redesigned internal controls to combat the risk of fraud following testing and analysis that showed manual sales transactions were at higher risk and were not subject to the same level of internal control as system generated transactions A global wealth and asset management company was able to significantly increase the accuracy

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/news-ey-unifies-analytics-capabilities-into-global-analytics-center-of-excellence (2016-02-10)
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  • EY – Elite female athletes in new global mentoring program - EY - Global
    launched today by EY s Women Athletes Business Network in partnership with the International Women s Forum IWF to harness the untapped leadership potential of female athletes after their retirement from sport Applications for the mentoring program open today on the Women Athletes Business Network website and close on 1 August Elite women athletes who have transitioned or are in the process of transitioning from a career in sport will be matched with prominent female business leaders from the IWF membership For the duration of the program mentees will also be connected with an EY liaison that will provide access and introductions to EY s internal and external global business networks In this inaugural year 25 elite athletes defined as having currently or previously competed professionally or semi professionally or at the national or international level will be selected Beth Brooke Marciniak EY s Global Vice Chair Public Policy says Female athletes have leadership skills that can t be taught in the classroom Our research shows that 96 of top female executives played sport with more than half competing at the university level The world needs more women leaders and we believe that elite female athletes are a unique talent pipeline This new mentoring program is focused on building a bridge between women in the business world and women in sport to help open doors and create new career and leadership opportunities for these extraordinary individuals The partnership gives the Women Athletes Business Network access to IWF s membership of 6 000 senior women executives in 33 nations on six continents Their mentor members women who have reached the pinnacle of leadership in their respective field will share their insights lessons and leadership expertise with athlete mentees Deedee Corradini Immediate Past President and Global Ambassador International Women s Forum says For more than 20 years IWF has lifted the prospects and expanded the reach for emerging women leaders around the world We are especially excited to join with EY on this new mentoring program to support elite women athletes as they move forward in their leadership journeys IWF knows the value these women of talent and potential can bring to the world Olympic champion and former president of the Women s Sports Foundation Donna de Varona serves as the lead advisor to EY s Women Athletes Business Network and its new mentoring program Connecting accomplished women athletes with the world s most pre eminent women outside the sporting community can only enhance the talent pool of those who are eager to lead inspire and make a positive impact in our changing world says de Varona Online community for female athletes also launched EY has also recently launched a new online community for female athletes to facilitate connections among current and retired athletes around the world The online community provides individualized career assessments resume building tools networking tips stories of post sport career success and a host of other resources View recent webcast of female sport champions sharing lessons of success

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/news-elite-female-athletes-in-new-global-mentoring-program (2016-02-10)
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  • EY – Pervasive global corruption leaves boards struggling to cope - EY - Global
    cybercrime risks Respondents see hackers as the biggest concern 48 and are underestimating the risk from organized crime syndicates as well as foreign states The survey included in depth interviews with more than 2 700 executives across 59 countries including chief financial officers chief compliance officers general counsel and heads of internal audit Nearly 40 of all respondents believe that bribery and corruption are widespread in their country See Appendix 1 to this release for a list of country results With respondents portraying a business environment of pervasive corruption in many countries it would appear that management and boards are struggling to respond to long standing threats let alone addressing emerging risks such as cybercrime David Stulb Global Leader of EY s Fraud Investigation Dispute Services FIDS practice says With high profile cybercrime incidents making headlines on a regular basis boards should expect management to have a robust incident response strategy in place Pressure on companies for timely disclosure of breaches is rising in many jurisdictions as well so these issues require attention from the legal and compliance functions The U S Securities and Exchange Commission is increasingly focused on cyber risks as they relate to the integrity of financial statements too so audit committee members have to be alert to today s cyber threat environment Is the C suite making the right risk management choices The C suite s difficulties can only be heightened by insufficient awareness of the risks they face Our survey found that they are less likely than their teams to attend anti bribery anti corruption ABAC training 38 or participate in an ABAC risk assessment 30 This is alarming given that these executives are apparently exposed to circumstances which threaten their integrity on a regular basis Twenty one percent of CEOs said that they had been approached to pay a bribe in the past compared with 10 of all C suite interviewees Worryingly given their role in setting an ethical tone from the top a significant minority 11 of CEOs considered misstating financial performance to be justifiable in order to help a business survive an economic downturn compared with 6 of all respondents Stulb continues Given the risk of management overriding financial controls the implications for boards from these findings about C suite integrity are serious Enhancing board connectivity with business and finance leaders in the company but below the C suite would be useful to confirm that the board is getting the full and accurate picture With regulators committing additional resources to prosecuting financial statement fraud and cooperating frequently with prosecutors from other jurisdictions the stakes have never been higher David Remnitz EY s Global FIDS Forensic Technology Leader adds Regulators are investing heavily to bolster their ability to mine big data from corporations for potential irregularities The latest data visualization tools can help to identify revenue recognition or procurement related red flags earlier and more efficiently Boards should be asking how management is leveraging forensic data analytics to get the most from their

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/news-pervasive-global-corruption-leaves-boards-struggling-to-cope (2016-02-10)
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