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  • EY announces 509 new partners worldwide - EY - Global
    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 announces 509 new partners worldwide Press release EY announces 509 new partners worldwide London 9 July 2013 Newsroom News releases PR contacts PR activities Analyst relations Fact and figures Share EY has today announced that 509 of its people will become partners across the member firms of its organization Mark Weinberger Global Chairman and CEO of EY says I would like to congratulate all our new partners for 2013 We have exciting times ahead of us with a big ambition for our organization Our new partners have a vital role to play in leading EY on our journey I m also pleased that 26 of our new partners 131 are women It s our highest percentage intake yet and represents a steady increase from 19 in 2008 But we still have so much more to do We will continue to intensify efforts around building high performing teams by developing our people s ability to lead inclusively and by addressing the importance and advantages of greater diversity and inclusiveness John Ferraro Global Chief Operating Officer of EY says These admissions follow a rigorous selection process which recognizes the significant contribution each individual has made to the success

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News_EY-announces-509-new-partners-worldwide (2016-02-10)
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  • News release: 08 July 2013 - Steven Phan appointed EY Asia-Pacific Area Managing Partner - EY - Singapore
    difference Your development Life at EY Joining EY Alumni Home Newsroom Steven Phan appointed EY Asia Pacific Area Managing Partner Steven Phan appointed EY Asia Pacific Area Managing Partner Content News releases PR contacts PR activities Analyst relations Facts and figures Share Singapore 8 July 2013 EY has appointed Steven Phan as Asia Pacific Area Managing Partner with immediate effect In his new role Steven will be based in Singapore and Hong Kong and is responsible for all of EY s businesses in the region including Assurance Tax Transaction and Advisory services He succeeds Lou Pagnutti who after leading EY in Asia Pacific for three years has been appointed to Global Managing Partner Business Enablement based in London In their new roles Lou continues his tenure and Steven becomes a member of EY s Global Executive Commenting on the appointment Mark Weinberger EY Global Chairman and CEO says Steven brings a significant combination of strong client relationships built over the last three decades a deep understanding of the markets in Asia Pacific as well as an unparalleled understanding of the culture and ethos of the region This will hold him in good stead in taking EY s business to even greater heights in Asia Pacific as we forge ahead to build a better working world for our clients and the communities we operate in Steven has over 32 years of auditing and advisory experience working with multi nationals in Asia Pacific He has also performed work for a number of government and quasi government organisations Having joined EY in 2002 Steven was elected Managing Partner for Asean and Country Managing Partner for Singapore in 2008 He took on the role of Chief Operating Officer Asia Pacific for EY in 2011 overseeing the operations and finance related matters for the region

    Original URL path: http://www.ey.com/SG/en/Newsroom/News-releases/News-release_20130708_Steven-Phan-appointed-EY-Asia-Pacific-Area-Managing-Partner (2016-02-10)
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  • Fresh blow to M&A as it enters triple dip recession – global value drops under US$1t for the first time since 2009 - EY - Global
    for nine out of ten of the largest deals announced in the first half of the year Pip McCrostie EY s Global Vice Chair Transaction Advisory Services says Continued caution was the prevailing M A sentiment in the first half of 2013 The Eurozone crisis continues to impact nine global companies in every ten and as we predicted earlier this year this has translated into a reduced appetite for M A even in many formerly deal hungry emerging markets The fundamentals for M A are strong in terms of cash and credit availability but we expect limited deal activity will continue through 2013 Large corporates recognize there is a favorable environment for deals and are actually expecting more M A to happen but by others Most are adopting a you first approach unwilling to take the plunge themselves While equity markets have hit new highs this year even a hint of concern around quantitative easing QE in the US or growth levels in China sends jitters up the spine of would be investors which is reflected in market response Regional drivers M A levels in the Eurozone have fallen significantly in volume and value terms down 17 and 38 respectively principally driven by a fall in deal value of banking and capital markets transactions Deal volumes fell across the board due to declines in consumer products diversified industrial products media and entertainment power and utilities real estate retail and wholesale and technology BRIC volumes overall were driven down 14 primarily by mining and metals and life sciences in China diversified industrial and real estate declines in Russia and CIS and real estate in Brazil India however held steady in volume BRIC M A is down to the lowest level since 2007 Brazil deal value has fallen to a third of what it was during the same period in 2012 and the Cyprus effect has hit Russia during the first half of the year Top 10 deal makers China takes 2 The US cemented its spot at 1 with US 455b worth of deals For the first time China has taken the 2 spot in terms of M A value for the first six months of a year It carried out US 80b worth of deals almost double that of the UK in third place US 41b China s growing global economic influence has been a re occurring theme over the past decade continues McCrostie Now the numbers tell their own story the shift in the balance of M A power has accelerated since the financial crisis and will likely become even more pronounced in the second half of 2013 Unsurprisingly China was also the most preferred emerging investment destination for global corporates in the first half of 2013 Inbound deal value in to the region was 74 higher than in the first 6 months of 2012 The US retains its top spot as most preferred destination globally Deal volume falls across all sectors Globally sectors dropped across the board in

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News_Fresh-blow-to-M-and-A-as-it-enters-triple-dip-recession (2016-02-10)
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  • Mark Weinberger becomes EY Global Chairman and CEO - EY - Global
    has become Global Chairman and CEO The professional services organization also announced the adoption of EY as its global brand name unveiled a new logo and adopted Building a better working world as its purpose Building a better working world adopted as purpose EY adopted as global brand name New logo unveiled Mark 51 has had a distinguished career with a track record of leadership both inside and outside of EY Mark has previously served as the Global and Americas Head of Tax and on the Global and Americas Executive He has been a senior advisory partner for many of EY s largest clients and also served on the Global Markets Executive and Global Public Policy Committees Mark was the Assistant Secretary of the US Treasury Tax Policy under President George W Bush and he was appointed to the US Social Security Advisory Board by President Clinton Mark says It is a privilege to lead this great organization in these dynamic times and I m looking forward to tackling the challenges ahead EY has a proud history that stretches back more than a century Over that time we have forged our reputation based on quality trust and integrity We are building on our history and our reputation to create our future Building a better working world From today Building a better working world will serve as both EY s purpose and our tagline becoming central to our brand Mark comments Every day every EY person is part of building a better working world for our clients our communities and our families We believe that everything we do every audit every tax return every advisory opportunity every interaction with a client or colleague contributes to building a better working world We know that building a better working world is an ambitious objective but it is an incredibly important aspiration and will be front and center of everything we do as an organization Mark continues In a better working world trust increases so capital flows smoothly and investors make informed decisions Businesses grow sustainably employment rises consumers spend and businesses invest in their communities More than just growth a better working world harnesses and develops talent in all its forms and encourages collaboration We understand our obligation to look beyond our self interest and engage with the world We use our global reach and our relationships with clients governments and other stakeholders to create positive change We do this through who we are and what we stand for and most importantly we back it up by how we act Our values Our values define who we are As Mark explains our values are the fundamental beliefs of our organization and remain the bedrock of our culture They are one of the most important sources of our organizational strength We encourage and expect our people to demonstrate integrity respect and teaming have the energy enthusiasm and courage to lead and build relationships based on doing the right thing Simplifying our name and redesigning

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/Mark-Weinberger-becomes-EY-Global-Chairman-and-CEO (2016-02-10)
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  • Asset Quality Review will extend Eurozone's banking pain beyond 2013 - EY - Global
    in some markets Lending to hit new lows in 2013 as total banking assets fall back to 2008 levels Write offs will peak at 7 5 in 2013 and will still sit at 4 3 by 2017 AQR may force banks to shrink balance sheets by further 1 5t Household wealth up 23 by 2017 creating opportunities for investment products Andy Baldwin Head of Financial Services Europe Middle East India and Africa EMEIA at EY comments In March we thought that the industry was close to turning a corner but we don t now expect a recovery for another year at the very earliest The outlook for financial services cannot be separated from the Eurozone s economic and political climate The economic recovery is slower than we had hoped unemployment is higher and the demands of national politics continue to create bumps in the road Until we see the terms of the ECB s AQR it is hard to predict its impact but if we compare progress made on balance sheets in the US with those in the Eurozone it s not unrealistic to expect an additional 1 5t contraction in Europe pushing the recovery out even further Lending to hit new lows as bank deleveraging continues at pace There was a marked reduction in demand for personal and housing loans in the first quarter of the year as Eurozone unemployment continued to rise Business loans are forecast to hit a six year low of 4 5b personal loans will shrink to 595b a seven year low and there will be 46b less residential mortgage loans in the market than last year Banks continue to deleverage at the same sharp pace as in 2012 shrinking their total assets by another 850b this year Marie Diron Senior Economic Adviser to The Eurozone Financial Services Forecast adds The protracted recession is undoubtedly delaying the revival in demand for banking services At best in markets like Germany and The Netherlands total lending to the economy is stable but in France Italy and Spain demand for loans is still decreasing We had hoped that the most destructive phase of deleveraging in the Eurozone had passed but it is continuing at pace this year Total assets will have fallen to 2008 levels by the end of the year and if the AQR program pans out as we expect total assets could fall further to 2007 levels by the end of 2014 Forecast for Non Performing Loans NPLs worsens again NPLs in the Eurozone will peak at a Euro era high of 7 5 of total loans this year up from an estimated 6 7 at the end of 2012 NPL rates are already declining in The Netherlands but will climb to a peak of 11 in Italy this year and are forecast to reach 12 in Spain in 2014 notwithstanding the recent transfer of problematic assets to SAREB Even by 2017 Eurozone NPLs will continue to average 4 3 of total loans which is still

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News_Asset-Quality-Review-will-extend-Eurozone-banking-pain-beyond-2013 (2016-02-10)
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  • Macroeconomic trends and a slow growth rate pose greatest threat to insurance industry - EY - Global
    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 Macroeconomic trends and a slow growth rate pose greatest threat to insurance industry Press release Macroeconomic trends and a slow growth rate pose greatest threat to insurance industry New York 27 June 2013 Newsroom News releases PR contacts PR activities Analyst relations Fact and figures Share As insurers adjust to a new environment of lower asset returns and stricter regulation macroeconomic trends and a slow growth rate top the industry s risk agenda according to a new report released today by Ernst Young Business Pulse Exploring the dual perspectives of the top risks and opportunities in 2013 and beyond Our research is based on a survey of executives at over 65 insurance companies across the globe who shared their insights and perspectives on the factors driving the industry over the next five years The study identified the top 10 most important risks facing the industry along with the opportunities insurers can capitalize on In their search for growth and revenue insurers need to optimize capital and asset liability strategies remain cost competitive while not losing sight of their customers needs Adapting to evolving market and regulatory change will be a challenge that requires employing new technologies and building flexibility into all aspects of our business says Shaun Crawford Ernst Young s Global Insurance Sector Leader The top 10 risks identified by the research are Macroeconomic trends how to deal with ongoing slower growth Regulation a broad set of new regulations are emerging as a major source of risk Eurozone debt crisis factoring in the global consequences of the crisis Reputational risk safeguarding your reputation Corporate governance failures with regulatory change stakeholders seek confidence in corporate governance Cyber risk and data security how to contain the growing threat Talent recruiting skills acquisition and retention of talent challenges insurers Impact of tax and accounting changes recent actions are closely tied to regulation risk Operational risk quantification of risk on the organization Availability and cost of capital a continuing concern and how to attract investors As highlighted in our report there are many opportunities for insurers to improve their business enhance revenue and focus on the customer Improved distribution and product development dominates our list of this year s opportunities and is expected to remain high in the rankings by 2015 Paul Clark Asia Pacific Insurance Leader adds Today s insurers are enabling advances in product development through

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/2013-27-June-EY-Macroeconomic-trends-and-a-slow-growth-rate-pose-greatest-threat-to-insurance-industry (2016-02-10)
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  • Diverging working capital trends between the US and Europe - EY - Global
    WC performance of small and medium sized enterprises SMEs with that of large companies US and Europe For the US the deterioration in WC performance in 2012 resulted from poor results in both inventory and receivables days sales outstanding DIO and days sales outstanding DSO were up 3 and 1 respectively partly offset by a better showing in payables days payable outstanding DPO was up 2 For Europe the stronger WC performance was driven by progress in both receivables and inventory DSO and DIO were down 4 and 2 respectively partly offset by a poor showing in payables DPO was down 3 Compared with 2011 sales growth slowed to 3 in the US and 6 in Europe in 2012 But while sales in the US grew at a similar rate in the final quarter of the year compared with the full year 2012 Europe saw a significant decline in sales growth toward the end of the year as much of the region fell back into recession Jon Morris Ernst Young s Head of Working Capital Management for Europe Middle East India and Africa says For Europe this trend means that much of the reported WC improvement appears to have come from much lower sales and therefore purchases in the last months of the year resulting in reduced balances of both receivables and payables However many companies in both regions have also continued to pursue new initiatives in the area of WC especially with regard to lean manufacturing billing and cash collection spend consolidation low cost country sourcing renegotiation of payment terms and supply chain efficiency Performance by sector In 2012 there were wide divergences in the WC performance of various industries across and within regions partly reflecting the impact of contrasting economic growth patterns and changes in exchange rates during the year Automotive suppliers in the US reported significantly higher C2C while their European peers still managed to reduce C2C Among non cyclical industries pharmaceutical companies in the US reported higher C2C while those in Europe posted lower C2C For the oil and gas industry changes in exchange rates between the US dollar and the euro played a significant part in explaining the variations in WC performance between the two regions European country performance comparisons Of the seven main sub regions and countries in Europe the UK was the only one reporting worse WC results in 2012 compared with 2011 Its C2C increased by 4 wiping out the entire gain registered in the year before when the country significantly outperformed its peers In contrast France 6 drop in C2C Germany 4 drop Benelux 6 drop and Nordic 7 drop countries managed to report a solid improvement in WC performance Improving working capital management US 1 3t still tied up The wide variations in WC performance between different companies in each regional industry point to significant potential for improvement with up to US 1 3t of cash unnecessarily tied up in WC of the leading 2 000 US and European companies

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News_Diverging-working-capital-trends-between-the-US-and-Europe (2016-02-10)
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  • Global IPO window opens in Q2 as economy improves and mega-deals rise - EY - Global
    6b Q2 2013 was 65 higher than Q2 2012 33 deals US 23 2b raised by capital raised if we exclude the Facebook listing By deal volume Q2 2013 saw 50 increase compared to Q1 2013 and 45 higher for Q2 2012 In H1 2013 the amount of capital raised was down 31 compared to H1 2012 but deal volume was up 8 An additional of US 2 8b is expected to be raised from 14 IPOs if successful on US exchanges before the end of June 1 The pipeline of listings is strong although average deal size is trending lower in part because of the impact of the JOBS Act which means more smaller emerging growth companies are taking advantage of confidential filing to raise capital on the public markets says Pinelli In terms of industry sectors financials particularly insurance performed strongly in Q2 2013 by capital raised Healthcare including life science and pharmaceutical companies was also a prominent sector Europe remains cautious In Q2 2013 European stock exchanges raised just US 2b from 27 IPOs accounting for only 6 of global capital raised this quarter This was a drop of 63 in terms of capital raised compared to Q1 2013 28 deals which raised US 5 1b altogether but the number of deals was just 4 down compared to the prior quarter However in terms of the half year comparison capital raised was up 82 compared to Jan June 2012 99 IPOs which raised US 3 8b although deal numbers were down by 44 A further five IPOs are expected to complete before the end of June raising an additional US 2 3b if successful While in the US these were large companies coming to market in Europe by contrast it was more a question of large brands offering smaller volumes of shares The return of large European deals such as LEG Immobilien AG US 1 6b in January and eSure Group plc US 1 1b IPO in March have helped the European IPO market We are now waiting for smaller deals to come through particularly in the more mature European markets says Pinelli Asia recovering slowly Deal activity in Asia continues to be impacted by the closure of Mainland Chinese exchanges to new listings since November 2012 This resulted in no new IPO activity on China exchanges in the first half of 2013 However there was a total of 44 deals across Asia in Q2 2013 raising US 10 5b accounting for 31 of global funds raised An additional 20 IPOs to be completed before the end of June should raise an additional US 7 1b if successful Comparing the first half of 2013 111 deals which raised US 16b with the same period last year 209 deals US 23 7b the amount of capital raised decreased by 33 and deal numbers by 47 Asian deals featured prominently in Q2 2013 top 10 accounting for 5 of the deals The largest was the listing of BTS Rail

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News_Global-IPO-window-opens-in-Q2-as-economy-improves-and-mega-deals-rise (2016-02-10)
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