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  • EY –Leaders identify use of knowledge as critical factor for success - EY - Global
    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 International business leaders identify use of an organization s knowledge as most critical factor for success International business leaders identify use of an organization s knowledge as most critical factor for success London 7 May 2014 Newsroom News releases PR contacts PR activities Analyst relations Fact and figures Share Eight out of ten business leaders believe their future commercial success will be dictated by how they best harness their knowledge the way they share and apply the insights contained in their people best practices and operating environment according to a new survey of 300 business leaders commissioned by EY The survey of business leaders from across China Germany India UK and US forms part of the report The knowledge advantage which explores the interplay of the three key factors behind business success in a changing economic environment bottom line financials product and knowledge The research has identified that knowledge is now rated more highly than the more traditional capabilities of product management and a financially driven focus with 81 of respondents naming knowledge as a key to their success Jeff Green EY s Global Knowledge Leader says Business leaders must re evaluate the traditional drivers of success if they are to prosper They are increasingly recognizing knowledge not as a nice to have but as a critical success factor It can drive profit efficiency and innovation whether a company is growing in new markets transforming digitally managing talent or building environmentally sustainable processes When asked about their successes over the last 12 months 61 of respondents identified maintaining customer satisfaction as the key driver with knowledge related capabilities firmly supporting it Fifty seven percent of business leaders said that capturing and using their people s skills and experiences effectively had been a driver of success followed by improving understanding of their market customers and products which was identified by half of those interviewed However despite the value that leaders recognized in their knowledge based work the majority admitted their primary concern over the last 12 months was still the bottom line with half most worried about the financial issue of having to keep business costs low Jeff concludes At EY we invest heavily in a dedicated global network of people systems and processes to bring clients fresh insights by capturing and sharing the knowledge within our business and from the sectors in which we operate As our survey indicates technical expertise alone is not enough for success it is the collective intelligence of organizations that gives them a distinctive edge Ends Notes to Editors The research was conducted by YouGov Stone in August

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/news-international-business-leaders-identify-use-of-an-organization-knowledge (2016-02-10)
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  • EY – Pharma industry has significant opportunities for engagement - EY - Global
    and budgetary predictability over outcomes based approaches While prescription drugs only account for about 10 of health care expenditures payers see curbing rising drug costs as a more important business challenge than non drug costs Eighty eight percent of payers strongly or somewhat agreed that drug prices are a major driver of health care cost increases while only 42 of pharma respondents did the same There s a disconnect on data While payers are most interested in comparative clinical trial data pharma companies say that the data they use most for demonstrating value is from placebo controlled trials Pharma has a trust deficit Seventy eight percent of payers agree that boosting drug adherence is a critical component of lowering health care costs and 57 agree that pharmaceutical companies have data that is vital for measuring and improving outcomes However fewer than half of payers 43 agree that pharma s data is credible for measuring and improving outcomes Most payers do not think that pharma companies developing beyond the pill services can be unbiased between their products and those of competitors with only 15 of respondents even somewhat agreeing with that statement More than ever payers today need help with implementing health care reforms But while pharma companies have useful data and potential solutions in areas such as drug adherence they are unlikely to get much traction because payers simply don t trust that they have the impartiality required said Patrick Flochel EY s Global Pharmaceutical Leader Flochel continues The good news is that payers are open to evolving the types of interactions they have with pharma from simple negotiations around access and price to more strategic enduring relationships around their biggest challenges To succeed pharma companies will have to approach payers in a fundamentally different way Building blocks for strategic payer engagement In response to health reforms focusing on outcomes many pharma companies have been experimenting with services and solutions that expand beyond the pill In considering the adoption or expansion of such approaches companies should abide by some guiding principles to engage with payers Making the right comparison At a time of rapid change pharma companies should make decisions about moving beyond the pill based on comparisons to the drug business of tomorrow not the drug business of yesteryear Approaching payers strategically and comprehensively To move beyond pilots Progressions suggests four key components screening payers to identify the best targets segmenting to customize offers to different payers sequencing to expand solutions more broadly over time and building sustained enduring relationships Developing data driven insights and interventions The big opportunity in engaging payers with big data is in building the complete picture and targeting the small percentage of patients who will drive the biggest percentage of costs Creating customer centric solutions Payers are interested in solutions that look across disease franchises span the cycle of care and are unbiased between the products of different manufacturers Pharma companies need to ensure they are creating solutions that help payers address their challenges

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/news-global-pharmaceutical-industry-has-significant-opportunities (2016-02-10)
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  • EY - First quarter Power and Utilities deal value reaches 3-year high - EY - Global
    dominate M A in Europe as they diversify into infrastructure While overall deal value for the quarter was down on Q4 2013 financial investor deal value doubled reaching US 14 3b with an average deal size of US 950m This is the highest level for three years reflecting strong confidence in utility assets and this momentum is expected to continue as infrastructure and pension funds look to diversify investment portfolios with renewable energy pipelines utilities and transportation assets The quarter also saw a significant rise in financial buyer activity in Western Europe driven by regulatory and economic uncertainty the prolonged energy crisis and natural gas supply concerns Major utilities across the region are transforming themselves into providers of energy services While some are retrenching cutting costs and divesting assets others are diversifying into new more profitable international markets and this is expected to continue Mixed fortunes across the global P U market In the Americas deal activity in North America remained buoyant at US 3 5b for the quarter however this is lower than previous first quarters primarily due to an absence of any megadeals In Latin America deal activity was extremely strong at US 3 1b for the quarter with Brazil dominating deal volume with seven of the nine deals in the region and accounting for 50 of the deal value Deal activity in the Asia Pacific region halved in Q1 2014 compared with Q4 2013 as megadeals remained absent from the region Renewables deals formed the bulk of the activity in the region contributing US 2 8b 63 of total regional deal activity China registered the largest number of deals hosting seven deals worth US 2 1b spurred by an increasing push toward clean energy sources in the country which drove investor confidence higher Emerging economies remain core to P U growth strategies Emerging markets continue to receive significant capital inflows from Western Europe and other developed nations where utilities continue to face slow growth or negative price trends China the US India Brazil and Singapore are P U companies top five investment destinations and 72 of those surveyed for the CCB indicated that they intend to deploy acquisition capital into the emerging markets This movement is boosted by governments keen for capital with countries such as India and Brazil taking steps to introduce regulatory reforms to create an attractive environment for foreign and private investment Looking ahead disruption is expected to be a key driver for deals When looking ahead to what will impact acquisition and divestment strategies for the remainder of 2014 the key factors include shale gas declining energy demand in the US distributed energy market uncertainty and generation mix challenges in Europe infrastructure build out in Africa and consolidation and privatization in Asia Pacific Rennie comments These factors are changing the market and utilities are scrambling to realign their strategies Disruption digital and utility transformation will dominate deal activity in coming years As the P U sector transforms into a customer ordinated distributed and

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/news-q1-power-and-utilities-deal-value-reaches-3-year-high (2016-02-10)
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  • EY - Cautious optimism sets the tone for oil and gas capital agenda - EY - Global
    agenda London 01 May 2014 Newsroom News releases PR contacts PR activities Analyst relations Fact and figures Share Just over half 54 of the oil and gas respondents view the global economy as improving down sharply from 71 in October 2013 Economic caution is reflected in job creation prospects too with the portion of oil and gas respondents expecting to grow jobs declining from 57 in October 2013 to 37 in April 2014 This is according to EY s 10th bi annual Oil and Gas Capital confidence barometer a survey of 1 600 senior executives in more than 54 countries including 145 oil and gas executives Growth is decelerating and job creation prospects are down 20 52 see market growth in new markets as the main driver of acquisition activity 92 say that issues raised by shareholders have shaped boardroom agendas Andy Brogan EY s Global Leader Oil and Gas Transaction Advisory Services says The barometer shows a new consensus in oil and gas prices and relentless pressure on capital efficiency is driving a greater emphasis on optimization vs growth A conservative view on oil and gas pricing combined with pressure to deliver capital returns has led to the industry adopting a slightly more cautious approach Growth strategies decelerating In a flat oil and gas price environment and amidst rising shareholder activism cost cutting and operational efficiency are no longer just operational issues but have become a strategic imperative The survey shows that 40 of respondents are focused on cost reduction and operating efficiency up from 28 in October 2013 The focus on growth has slowed with only 39 of respondents seeing growth as their primary focus down from 66 in October 2013 The impact of shareholder activism has been felt with over 90 of respondents indicating that issues raised by shareholders have shaped boardroom agendas Attention to costs has topped the shareholder demands and boards are responding accordingly Brogan comments Growth agendas have shifted to a new path featuring more innovative and high risk organic growth More emphasis is being placed on fast tracking current portfolio opportunities than before Mergers and acquisitions M A outlook Thirty percent of respondents expected to pursue acquisitions in the next 12 months which is a decrease from 39 in October 2013 Despite the relatively low levels of M A activity the oil and gas sector remains broadly optimistic that deal activity will increase The reduction in activity has been more of a deal value than deal volume issue A big contributor aside from general caution on the economic environment has been valuation gaps which now appear to be closing Brogan concludes The deal market in oil and gas is traditionally very resilient but we are in more of a buyers market now than we have been for some time We expect the general note of caution to continue to deter some of the bigger deals but expect that deal volumes will remain reasonably robust The continuing focus on emerging market activity appears to

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/news-cautious-optimism-sets-tone-for-oil-and-gas-capital-agenda (2016-02-10)
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  • EY - Complexities and trade barriers challenge regional economic integration in ASEAN - EY - Global
    challenges that investors face in setting up businesses in ASEAN is the need for clarity and certainty in local laws government policies and legal environment Examples of such uncertainty are amendments to important legislations with little notice arbitrary interpretation of laws or policies and outdated rules and regulations Other issues that plague businesses and investors in ASEAN include complicated procedures and long delays in starting up businesses multilayered approvals for licenses legalization of documents regulatory requirements foreign ownership restrictions politics and bilateral relations Sophia Lim Director of Corporate Secretarial Services Global Compliance Reporting at EY shares that the most logical and effective solution is to amend policies for ease of starting business Simplification and clarity are key A three pronged approach at the regional national and local government is needed ASEAN countries could look into the standardization of regulatory processes and information requirement and having a one stop registry exchange and an ASEAN business portal There also needs to be continual dialogue between business and policy makers and among jurisdictions within the same country and across countries Need for uniform and harmonized trading rules Two of the important issues affecting intra regional trade in ASEAN are the various entry barriers and the need for certainty in obtaining and retaining preferential tariff concessions under the ASEAN Trade in Goods Agreement ATIGA Tariffs on imported goods are generally a barrier for businesses In line with the ATIGA schedule six ASEAN member states Brunei Indonesia Malaysia Philippines Singapore and Thailand have eliminated tariffs on almost all goods that are produced in the region while newer members such as Cambodia Laos Myanmar and Vietnam are committed to eliminate tariffs on such goods by 2015 with some flexibility to extend the deadline to 2018 However the free flow of goods in ASEAN has yet to become a reality given existing non tariff barriers to cross border trade For example while ASEAN has established a common eight digit tariff classification system in practice it is still common for importing customs authorities to adopt differing product classifications and deny benefit of ATIGA preferential duties This is on top of other gaps including the disparity in the time taken for goods to clear customs checkpoints which can range between 4 days and 26 days across ASEAN countries resulting in unnecessary costs and inefficient and unpredictable supply chains Shubhendu Misra Partner Indirect Tax Global Trade at EY in Singapore comments Having uniform and harmonized trading rules as well as eliminating varying and often opaque administrative practices and protectionism is important This combined with the inherent lack of trust in the trading community by pockets of customs administration is curtailing the full benefits of free trade Misra adds that the recent WTO Agreement on Trade Facilitation will provide an excellent reference for ASEAN to embrace and implement as part of the run up to the AEC Many of the trade facilitation measures forming part of the WTO Agreement are in areas where ASEAN currently lacks Early adoption by ASEAN on

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/news-complexities-and-trade-barriers-challenge-regional-economic-integration-in-asean (2016-02-10)
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  • EY - Steelmakers must focus on high growth sectors and markets - EY - Global
    and nimble in responding to market opportunities that provide growth and better margins according to EY s Global Steel Leader Anjani Agrawal Global steel demand forecast to grow faster at 3 3 EY s latest annual global steel report Global steel 2014 Planning to profit from opportunity preparing for future demand highlights opportunities for a sector straining under the pressure of excess steelmaking capacity and low margins Agrawal says that while there are signs the demand outlook is improving excess capacity remains the biggest threat to the steel sector Permanent shutdown of inefficient capacity is the only real solution to bring balance to the market but in the short term it is difficult to see this happening given state participation in many countries and additional incentive to retain employment regardless of profitability he says Steelmakers globally are continuing to maximize cost cutting are seeking to improve productivity and are shifting focus to high end value added products This is going to significantly increase market competition in most products so those steelmakers who can respond quickly and nimbly to future opportunities that create a new market or provide a better margin will be best placed to survive he says Demand growth in infrastructure automotive oil gas Global demand for steel is forecast to grow faster in 2014 at 3 3 with more demand growth expected outside China including India Brazil and Russia as well as emerging markets in the Middle East and North Africa Growth is expected in key end use sectors including infrastructure and construction driven by urbanization and a growing middle class in emerging markets automotive demand hot spots US Brazil Japan and China have forecast annual growth of 5 11 to 2016 and oil and gas in particular average forecast annual capital investment globally of US 657b is expected to drive demand for premium oil country tubular goods The Chinese economy continues to be a determining factor for the global steel market in the medium to long term If urbanization projects continue accompanied by a strong domestic economy and a growing middle class it will shift demand to more sophisticated consumer products such as cars and home appliances which will benefit steelmakers with high end value added products Agrawal says steelmakers must continue to optimize their product mix and determine which new geographic markets to invest in As demand continues to shift to developing nations the steel sector is focused on China Brazil Russia and India Moreover as Africa experiences stability and accelerated economic growth future scramble for African demand could further shift the landscape in years to come he says Excess capacity set to remain for some years While some capacity is expected to be removed over the rest of this decade the announced addition of capacity by steelmakers out to 2020 shows that investment is still increasing rapidly EY estimates that about 300 million tons of steelmaking capacity needs to be closed for the industry s profit margin to reach a sustainable level and to raise

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/news-steelmakers-must-focus-on-high-growth-sectors-and-markets (2016-02-10)
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  • EY - Pip McCrostie appointed to Peterson Institute Board of Directors - EY - Global
    The Peterson Institute for International Economics has named Pip McCrostie EY s Global Vice Chair of Transaction Advisory Services TAS to its Board of Directors McCrostie joins the private non profit organization focused on international economics having spent 5 years leading EY s TAS business globally Mark Weinberger Global Chairman and CEO of EY says It s vital for global organizations to share ideas and collaborate to build a better working world The Peterson Institute is an important voice in debates around global macroeconomics and policy making and Pip will make a great addition to the Institute s board Through her leadership skills and practical economic knowledge shaped by her corporate finance experience she will further enrich the Institute s points of view As EY s Global Vice Chair of Transaction Advisory Services Pip advises major international businesses around the world on a range of issues including growth strategies capital agenda divestitures and M A activities Pip s work gives her valuable insights about the macro economic landscape cross border capital flows and the emerging trends to which companies across all sectors and geographies are strategically adapting Additionally she brings an understanding of future trends in global M A activity based on EY s most recent Global Capital Confidence Barometer Pip is also very active in gender and diversity efforts both at EY and organizations externally including the FTSE 100 Cross Company Mentoring Executive Programme EY s Global Women in Business Advisory Council and EY s UK women s network She brings a unique perspective on how those issues are impacting business and the global economic environment Dr Adam S Posen President of the Peterson Institute says On behalf of the Institute s distinguished Board of Directors I am thrilled to welcome Pip and her commitment to working with our Institute team and stakeholders to maintain a diverse and truly international board and bring to bear both the expertise and practical experience that will help the Institute address the challenges facing the world economy today McCrostie says The Peterson Institute is a world class organization with a phenomenal array of talent among its ranks drawn from business economics politics and academia I am honored to take the Board role I am really looking forwarding to working with my fellow Board members and making a contribution to the ongoing dialogue around international economics McCrostie leads over 10 000 TAS professionals around the world and is a member of the EY Global Executive the organization s highest governing body globally Her leadership has spanned a post financial crisis M A market facing unprecedented challenges and seen TAS transform its business globally around the Capital Agenda which helps organizations strategically raise invest optimize and preserve their capital Her responsibilities include strategy people development operational effectiveness brand and the business performance of TAS globally Since joining EY in 1987 McCrostie has played key roles in major transactions in the US and Europe Formerly a global client service partner in the UK TAS and Tax

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/news-pip-mccrostie-appointed-to-peterson-institute-board (2016-02-10)
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  • EY - European insurers are on track to implement Solvency II by 1 Jan 2016 - EY - Global
    including Europe s largest insurance markets The findings reveal a consistently high state of readiness to implement the Pillar 1 balance sheet and fulfill most of Pillar 2 systems of governance but Pillar 3 the reporting requirements still presents a major challenge Martin Bradley EY s Global Insurance Risk and Regulation Leader says Postponing the Solvency II regulatory deadline to 2016 has bolstered insurer confidence that they can meet the requirements in the time frame However as companies become more realistic about their implementation readiness it is clear that some are less prepared than they had expected many simply delayed their plans by at least one year which might cause them issues now While insurers are sending a strong message that they are seeking to improve their risk management effectiveness they have a long way to go in terms of reporting data and IT readiness Generally well prepared for Pillar 1 more work needed for Pillar 2 Insurance companies appear to be generally well prepared on all aspects of Pillar 1 with French Dutch and Italian companies approaching compliance and Greek Portuguese and Central Eastern European insurers showing a lower level of readiness However nearly 85 of respondents see room for improvement in the effectiveness and or efficiency in meeting Pillar 2 requirements Martin says Insurers know that they need to tackle embedding risk culture at the front line more effectively The top four improvements identified by insurers as delivering improved risk management effectiveness all related to interface with the front line but these changes were also ranked as being the hardest to achieve For another key element of Solvency II the Own Risk and Solvency Assessment ORSA there is a significant spread in readiness from lowest to highest by country The Netherlands Nordics and UK are more prepared with Greece Portugal and CEE less prepared Most companies have registered little progress in Pillar 3 significant work ahead Almost 76 of respondents say they have yet to meet most or all Solvency II reporting requirements only a marginal improvement compared to 80 in 2012 Martin says The level of implementation readiness has made little progress since 2012 Uncertainty in implementation and timing delays may explain the lack of progress but it is now critical to accelerate these projects in 2014 Given the current status the reality for many is that the 2015 transitional reporting will need to be done largely on a manual basis A long road to data and IT readiness Data and systems readiness for Pillar 3 continues to lag behind Pillars 1 and 2 Only 25 of insurers have selected or designed a system to meet Pillar 3 requirements and 66 of respondents note that data and systems are not designed to support ORSA assessments beyond the normal reporting cycle Jan Leiding Partner in Financial Services Europe Middle East India and Africa at EY says Not surprisingly the decision to freeze or place programs into business as usual means that only limited progress has been made in

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/news-EY-european-insurers-to-implement-solvency--II-by-1-jan-2016 (2016-02-10)
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