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  • EY – Private sector demand for bank credit in the emerging markets to grow - EY - Global
    are moving to catch up with or in some cases get ahead of regulators in developed markets Eighty two percent of the banks surveyed in established markets 81 in transitional markets and 66 in frontier markets expect the volume of regulation their banks face to increase in the next 12 months Increasing costs The average operating expense for 50 leading emerging market banks has risen 81 in last four years from US 3 6b in 2009 to US 6 5b in 2013 driven by increased funding labor and investment costs Intensifying competition New entrants to the market including foreign banks and non banks are intensifying levels of competition Seventy one percent of customers in the markets we surveyed now have relationships with multiple banking providers And 79 of this year s respondents said they were experiencing competition for deposits as an industry challenge compared to 65 last year Jan Bellens EY s Global Banking Capital Markets Emerging Markets Leader says Success in these emerging markets is not straightforward but there is great potential for those banks that get it right In order to be successful in the long term banks must focus on designing the right business model and developing strong execution capabilities learning and adapting from what banks have done well and not so well in both developed and other emerging countries To overcome the challenges successfully banks must think beyond immediate fixes and plan to invest in the following three areas Investing in technology EY estimates that bank credit to the private sector in the 11 markets studied will grow from around US 3 5t in 2013 to US 5 1t in 2018 triggering a need for significant investment in technology across emerging markets Banks must invest in IT to provide new low cost ways to reach customers in markets with limited infrastructure better assess credit risks build enduring customer relationships and improve operations Investing in people Despite the growing cost pressure the war on capable talent in the emerging markets continues with 44 of bankers expecting headcount to grow especially in business lines that are experiencing especially high growth or involve more intensive levels of customer service such as premium and private banking With banks needing to invest in both the front and the back office employee led innovation and efficiency programs are key to delivering new services profitably Building partnerships Banks can plug skills and capacity gaps through collaboration with companies in other industries such as telecoms and technology as well as other financial institutions This will be essential for banks looking to expand rapidly into new markets products and services The report focuses on 11 rapid growth markets defined as being at either a frontier established or transitional stage of maturity The report defines the three stages of maturity as Frontier Per capita GDP below US 2 000 the point at which deposit and savings products appear Nascent capital markets with depth under 50 of GDP Kenya Nigeria Vietnam Transitional These markets lie between the

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/news-private-sector-demand-for-bank-credit-in-the-emerging-markets (2016-02-10)
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  • Uday Kotak of Kotak Mahindra Bank from India named EY World Entrepreneur Of The Year 2014 - EY - Global
    in Mumbai the bank has 605 full fledged branches across 354 locations across India and international offices in London New York Dubai Abu Dhabi Mauritius and Singapore and is considered one of India s leading financial services conglomerates Rebecca MacDonald founder and Executive Chair of Just Energy Group Chair of the judging panel said It was an incredibly tough decision but Uday shone through for the way he created a new bank in a challenging and highly regulated environment that has a positive impact in the community We were impressed with his strong focus on inclusive growth providing low cost services to rural customers that have a tangible impact on people s lives Uday said I m delighted and honored to receive this prestigious award at such a spectacular event It is recognition of the skills and dedication of the 25 000 employees of KMB who have worked so hard to build a world class Indian financial services brand Uday is a wonderful example of an entrepreneur who with a clear vision and strategy took on established institutions by rewriting the rules of his industry to build something from scratch said Maria Pinelli EY s Global Vice Chair Strategic Growth Markets Mark Weinberger Global Chairman and CEO of EY concludes The world now needs entrepreneurs more than ever to create sustainable permanent jobs to help secure a global economic recovery Uday is a truly inspiring World Entrepreneur Of The Year winner for 2014 and together he and our 59 other country winners are truly helping to build a better working world Broadcast coverage and an interview with the winner will be available to download for broadcast and online use at https broadcast ey com About Uday Kotak and Kotak Mahindra Bank In the early 1980s jobs within blue chip multinationals were scarce and highly coveted Even so Uday Kotak rejected an offer to work for Hindustan Lever Unilever s subsidiary in India in order to set up his own business He spotted a huge opportunity in banking and finance due to the wide interest rate spreads of over 10 So Uday set up Kotak Capital Management Finance which was a non bank finance company and one of thousands of others that were setting up at the time Today Kotak Mahindra Bank in which famous businessman Anand Mahindra was one of the early investors is among the surviving few It has progressed from seed capital of less than US 250 000 to an international group with US 2 8b in revenues In the early years Uday forged several partnerships with global financial giants to leverage their brand and expertise He had an auto finance joint venture with Ford Credit and an insurance joint venture with Old Mutual In 1995 Goldman Sachs became a minority partner in the investment banking and stock broking part of the business in which it acquired 25 Despite the rapid growth in investment banking Uday was not tempted to narrow his bank s focus He expanded his

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/news-uday-kotak-of-kotak-mahindra-bank-from-india-named-EY-world-entrepreneur-of-the-year-2014 (2016-02-10)
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  • EY – Increased global confidence boosts entrepreneurs' hiring plans - EY - Global
    of employment is the improvements that technology and innovation have brought to companies Maria Pinelli EY s Global Vice Chair Strategic Growth Markets says The results of our annual survey relay a consistent message that entrepreneurs as key drivers of innovation in the global economy are job creators and are far less risk averse when it comes to employing new people than CEOs of larger companies Technology creating jobs and opening up global talent pool Technology has emerged as a key driver of job creation among entrepreneurs with over half 51 agreeing that investments made in technology have changed their workforce with 8 in 10 of these 81 saying it s led them to hire The survey shows that this is driven by the increased cost competitiveness technology brings 53 and by technology and mobile working opening up a greater and more skilled pool of workers with 55 of entrepreneurs planning to hire from outside of their country compared to 44 in the previous two years Maria continues Far from technology reducing jobs there is every indication it is creating employment opportunities within entrepreneurial companies as entrepreneurs take advantage of strong economic fundamentals and increased efficiency to invest in their businesses Entrepreneurs are increasingly global in their outlook and are exploiting the opportunities that technology brings them to tap the global talent pool and address skills shortages in their home market this way This is in large part due to technology enabling mobile working something that according to our survey women entrepreneurs are especially likely to see as a significant trend Entry level jobs on the rise When looking at who was hired by entrepreneurs in 2013 there has been a shift towards hiring at the entry level Fewer experienced non management were hired in 2013 than in 2011 or 2012 while jobs at the entry level especially those requiring a degree or advanced degrees were up on the last two years Entry level roles that don t require a degree held steady Entrepreneurs have a key role to play in driving global economic growth and job creation thanks to their dynamism nimbleness and ability to spot opportunities for growth This survey shows they re living up to expectations Not only do 7 in 10 entrepreneurs plan to hire but many say they will do so abroad in order to grow their markets showing the global mindset of an entrepreneur Encouragingly many are seeking entry level employees something which bodes well for the world s youth both skilled and unskilled adds Maria Entrepreneurs in EMEIA most confident about global economic prospects Confidence in the global economy is strong with 47 confident very or extremely confident and 46 somewhat confident Entrepreneurs in EMEIA are the most confident about the global economy with 63 confident very or extremely confident and are also the most likely to tap into the global workforce with 65 saying they ll hire from overseas compared with 53 in the Americas 33 in Asia Pacific and 52 globally

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News-Increased-global-confidence-boosts-entrepreneurs-hiring-plans (2016-02-10)
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  • EY – Freshfields partner Richard Norbruis to join Global Law Leadership - EY - Global
    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 recruits Freshfields partner Richard Norbruis to join Global Law Leadership EY recruits Freshfields partner Richard Norbruis to join Global Law Leadership London 3 June 2014 Newsroom News releases PR contacts PR activities Analyst relations Fact and figures Share Richard Norbruis is joining the Global Law Leadership team at EY as a Partner on 1 September 2014 Richard will lead the Global Transaction Law practice at EY and will work closely with Cornelius Grossmann EY s Global Law Leader on building and managing EY s fast growing overall legal services offering across the world Cornelius says We are very pleased to welcome Richard into a senior leadership role in EY s Law practice His great experience in the Law services market will bring strong momentum to the ongoing global expansion of our Law practice Richard has been Global People Partner at Freshfields Bruckhaus Deringer LLP since 2011 where he has responsibility for people related matters including recruitment learning and development diversity and also partner development and leadership He has been a Partner at Freshfields for 14 years and has practiced law for more than 30 years Richard was previously a Partner at NautaDutilh Richard says After many happy years at Freshfields this presents a fantastic opportunity to continue in a senior global leadership role in a highly ambitious and fast growing legal practice that is part of one of the largest professional services organizations in the world I very

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News-Freshfields-partner-Richard-Norbruis-to-join-Global-Law-Leadership (2016-02-10)
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  • EY – Lack of diversity is undermining power and utilities' performance - EY - Global
    power and utilities performance London 3 June 2014 Newsroom News releases PR contacts PR activities Analyst relations Fact and figures Share With just 4 of executive board positions at the world s largest 100 power and utilities P U companies held by women lack of diversity is undermining business performance according to new research published today by EY in Talent at the table Index of women in P U According to the report the average return on equity ROE for the world s top power and utility companies with high diversity scores is 7 7 compared with only 4 5 for those with lower diversity scores As an industry power and utility companies have also under performed global equity markets on price by two thirds over the past five years Alison Kay EY s Global Leader Power Utilities says Diverse boards deliver for companies but the pace of change in P U is out distancing the pace of change in the boardroom Having just 4 of executive positions in P U held by women is not enough You can t hear 4 they have no voice We believe that the importance of having diversity in the senior management team is being overlooked by the industry at a time when it needs new thinking and new approaches to resolve the energy trilemma how to provide energy that is available affordable and environmentally sustainable all at the same time Women in Power Utilities Index key findings EY s Women in P U Index analyzes the top 100 companies in the sector and ranks them by the number of women on the board of the headquartered company and on the senior management team The findings reveal that women account for just 4 of board executives 18 of non executive directors 15 of board members both executive and non executive 12 of the senior management teams Alison Kay says We recognize that there are many factors that influence performance but there is no doubt of the key role that diversity plays We are disappointed by the results of the index if not surprised Legislation needs strengthening to improve countries performance Most countries are still working towards the targets set by government for gender diversity in the boardroom EY s research shows that EMEA is the region that performs best in terms of boardroom diversity accounting for 9 of the countries in the top 20 North America follows with six and the Asia Pacific region with five Alison Kay says The relatively strong showing of EMEA companies in the Women in P U Index demonstrates the power of legislation to influence action Norway for example led the world in mandating a 40 quota on boards in 2003 which took effect in 2006 Finland has had legislation in place promoting the presence of women on boards since 2005 These countries are a good five to seven years ahead of the majority of countries whose legislation we assessed and top the global rankings for the representation of

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News-Lack-of-diversity-undermines-power-and-utilities-performance (2016-02-10)
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  • EY - US renewables sector at a crossroads while Asia closes the gap in industry-wide rankings - EY - Global
    closer in some markets than others Estimates that 85 1 of additional electricity demand in the US through to 2025 will be met by renewable energy also send strong signals of the opportunities to be realized Overall the energy markets are being disrupted and we have witnessed the beginning of a paradigm shift of a new and evolving energy mix Institutional investment public market vehicles corporate capital and crowdfunding are all gaining popularity and creating opportunities in the US for domestic and foreign investors adds Ben Warren EY s Global Cleantech Transactions Leader However greater availability and diversity of capital is a phenomenon that we are now seeing globally as investors look for new opportunities It s really therefore a question of whether renewable energy markets including the US will be sufficiently proactive in attracting this capital China to capitalize on market liberalization and pollution imperative With the US firmly leading the index rankings for now China continues to strengthen its hold on second place Increasing signs of a more market based approach in China both in the renewable energy sector and the economy more broadly are pushing various forecasts to eclipse the US in wind and solar by the end of the decade China is projected to add nearly 100GW of wind power and 60GW of solar power by 2018 Warren comments New impetus has been injected into the Chinese market with even more ambitious renewables targets being introduced The dual objectives of driving local manufacturing and tackling air pollution create an extremely favorable outlook which is reinforced by a willingness of the Chinese Government to open up the sector to provide greater competition and therefore opportunity for in bound investors RECAI rankings poised for reshuffle Elsewhere in the top 10 revised incentive schemes large scale projects and ambitious capacity programs see Japan and India poised to take over their closest rivals in the index rankings However mixed signals for Japan following the release of a draft national energy plan that favors nuclear and coal and persisting macroeconomic challenges and solar trade disputes in India are preventing a climb up the rankings in the immediate term Meanwhile the UK has fallen one spot to sixth place on the back of further policy reviews being announced The UK benefits from one of the most efficient financing markets but this advantage could be lost if consistent policy is not embraced by leaders Strong capacity forecasts and approval of a new feed in tariff regime for wind projects have helped France move up to eighth place above Australia where a potential cancellation of the Renewable Energy Target is slowing investment A rapidly growing solar sector and the promise of further capacity auctions in 2014 takes Brazil in the top 10 for the first time since auction cancellations pushed it down the index rankings in early 2013 Africa puts itself on the renewables map Looking outside the index s top 10 Africa continues to expand its presence in the global renewables market In

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/news-us-renewables-sector-at-a-crossroads-while-asia-closes-the-gap-in-industry-wide-rankings (2016-02-10)
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  • EY – Accounting Boards' issue a new joint revenue standard - EY - Global
    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 Accounting Boards issue a new joint revenue standard that will affect nearly all companies EY comments Accounting Boards issue a new joint revenue standard that will affect nearly all companies EY comments London 28 May 2014 Newsroom News releases PR contacts PR activities Analyst relations Fact and figures Share The International Accounting Standards Board IASB and the US Financial Accounting Standards Board FASB collectively the Boards today released their joint revenue standard that could bring significant changes to when companies recognize revenue and increase the amount of information companies publicly disclose The new standard is expected to affect most industries and will require companies to change the way they assess their contracts with customers particularly for those that provide multiple goods or services in a single contract EY s Global IFRS Services Leader Leo van der Tas says We commend the Boards for creating a single revenue model under both IFRS and US GAAP This will promote consistent accounting for revenue recognition and increase comparability and transparency for stakeholders Finalizing the revenue recognition standard has been one of the key focuses of convergence on accounting standards for the Boards in recent years and it is encouraging to see the Boards complete this major project In response to earlier proposals for a single revenue model for IFRS and US GAAP many constituents raised concerns about the proposed timing of revenue recognition and the practicality of some of the proposed requirements Based on the comments received the Boards focused on certain areas of concern including whether uncertainties about collecting amounts from a customer should affect when revenue is recognized and whether recognition should be delayed when payments are variable Mr van der Tas comments The Boards have addressed many of the concerns raised by respondents In the final standard the Boards developed additional application guidance to assist companies in determining when goods or services are transferred including specific requirements to help preparers determine how licenses of intellectual property transfer to a customer Mr van der Tas continued This new standard may change when revenue is recognized for some industries such as the telecommunications industry However even if the timing of revenue recognition doesn t change other aspects of the standard will affect all industries For example the standard requires companies to publicly disclose much more revenue information in their financial statements in the hope that investors and other users will have better information The standard was expected to be issued in 2013 and the delay in issuance results in a more limited time for companies to prepare for the new requirements The standard is effective in 2017 with early adoption allowed only under IFRS but companies who are required to provide two years of comparative information may need to apply

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/news-accounting-boards-issue-a-new-joint-revenue-standard (2016-02-10)
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  • EY – Foreign investment projects into Europe reach all-time high in 2013 - EY - Global
    European automotive companies or shared services outsourcers for instance Analysis by sector and activity Europe s emergence from recession is also a reinforcement of its position for innovation driven and high value added investments Software and business services remained the leading FDI sectors in Europe in terms of projects with 509 up 27 and 483 down 31 respectively Nearly half of the software projects originated from US headquartered companies The other big winners in the year in terms of sectors were Pharmaceutical and Scientific research increasing 58 to 141 and 96 to 88 respectively Unsurprisingly research and development showed a significant increase of 23 when project type was analyzed with a 64 increase in job creation Manufacturing showed an increase of 5 but job numbers were down 12 investors remaining wary of Europe s high labor costs Where is investment coming from Intra European investment is Europe s major source of FDI but in terms of investment at a country level the US remained Europe s single leading FDI generator accounting for 1 027 or 26 of the total inward investment projects in 2013 The UK increased its share of US investment projects up from 26 to 27 nearly double that of its closest competitor Germany Overall however US investment fell 2 By contrast investment from the BRICs significantly picked up with project numbers increasing 28 overall to 313 and job creation increasing 37 to reach 16 900 jobs Chinese investment has increased three fold in the last six years with Indian and Russian investment also at an all time high in 2013 There was a similar upswing in the numbers of jobs that were created by BRIC projects up 37 Germany overtook the UK as the top destination for investment from the BRICs up 50 from last year Urban centric investment Much of the overall improvement or decline in a country prospects for FDI was decided by its leading cities Investment projects into London were up 21 to 380 London now takes nearly half of all the FDI projects into the UK the highest proportion of any major European country The major German cities of Düsseldorf and Darmstadt also saw major increases of 25 and 40 respectively Helsinki was the fastest growing city in Europe with nearly 50 more projects Other major European cities such as Paris Barcelona and Dublin failed to attract as much new investment and it had a major impact on their countries overall rankings Longer term trends The 2014 survey also includes analysis of how five years of crisis and recession have impacted European FDI Comparing 2009 2013 and 2004 2008 reveals some significant winners and losers Eastern Europe which attracted substantial investment in the 2000s was the major loser from the financial crisis with project numbers down 12 whereas Western Europe the numbers rose 19 Among the major markets there was one easily identifiable winner in Germany whose project numbers more than doubled The UK saw projects go up by a more modest 12

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/news-foreign-investment-projects-into-europe-reach-all-time-high-in-2013 (2016-02-10)
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