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  • Muted optimism as European banks continue their rehabilitation - EY - Global
    a subtle shift in confidence in the last six months and the overriding sentiment from the European banking industry is now one of cautious optimism Cost cutting the regulatory agenda and loan loss provisions all continue to cause the banks headaches but for the first time in years banks are predicting that they will see increased demand across most of their business lines This is one of the most promising signs that the industry may well be on the road to recovery but banks optimism is dependent on continued confidence in the economy and remains vulnerable to economic set backs Banks will continue to wean themselves off of central bank funding Forty five percent of all respondents are confident that they will be able to improve their funding mix this year Less than 25 expect to access central bank funding programs and 39 of banks expect to be better able to repay these funding schemes However responses across Europe are not all so optimistic 50 of banks in Italy 42 in France and 40 in Spain all expect to have to increase their access to central bank funding Banks will have to continue to deleverage and sell assets to bolster their balance sheets Banks in Spain and Italy are the most likely to sell assets with 50 of respondents saying they expect to sell assets in the next six months compared to 35 of respondents across other markets Half of all the banks surveyed expect to continue to shrink their balance sheets with 60 of banks in the UK and France putting slightly more emphasis on this Steven Lewis Lead Global Banking Analyst at Ernst Young comments While banks are still part way through their rehabilitation following the financial crisis the benefits of the restructuring programs are starting to come through Some banks in particular in the northern Eurozone economies and in countries outside of the Eurozone will be in a position to start to focus on growth again Some banks now expect to start focusing on growth opportunities with 25 considering asset purchases in the next six months Ongoing restructuring programs will lead to further job cuts Forty one percent of banks still expect to reduce headcount The greatest job losses are expected in Austria Italy the Nordics and Poland where over 60 of banks expect to make cuts Significant cuts are also expected in the UK and the Netherlands but the outlook for these two markets is significantly improved compared to the stats from six months ago Steven says It s not surprising that banks expect job cuts to continue to play a significant role in their restructuring and cost reduction agendas but we think the pace of cuts is now slowing in most markets Headcount reduction programs do take time to implement and most of the job cuts anticipated by the banks will be part of redundancy programs they have already announced Perhaps most importantly we are seeing a shift from short term cost cutting to more

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News_Muted-optimism-as-European-banks-continue-their-rehabilitation (2016-02-10)
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  • IASB revised Exposure Draft marks major milestone toward global reporting consistency for insurers - EY - Global
    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 IASB revised Exposure Draft marks major milestone toward global reporting consistency for insurers Press release IASB revised Exposure Draft marks major milestone toward global reporting consistency for insurers London 20 June 2013 Newsroom News releases PR contacts PR activities Analyst relations Fact and figures Share EY today welcomes the International Accounting Standards Board s IASB revised exposure draft Insurance Contracts the revised ED The revised ED is part of the IASB s ongoing insurance contracts project and another key step on the road to global consistency of financial reporting by insurance companies The Board has put much effort into addressing the issues raised around its previous proposals from July 2010 including major concerns for increased earnings volatility and changes in the presentation of the statement of comprehensive income Furthermore the IASB seems determined to complete this project considering today s issues with the existing accounting standard on insurance contracts The revised ED has been developed through joint discussions with the Financial Accounting Standards Board FASB However at this stage there is no expectation that the two Boards ultimately will fully converge on their proposals and the FASB will issue its own exposure draft shortly Implementation model brings broader focus on finance change agenda David Foster EY Partner and Insurance Finance and Accounting Leader comments The proposals aim to mitigate the potential for earnings volatility bring consistency and a better understanding of how companies account for insurance contracts However these proposals also bring potentially significant operational challenges and introduce more complexity Foster adds Companies will need to look at the proposed model for insurance liabilities in the context of the broader shifting reporting landscape When considered alongside other financial and regulatory reporting changes and continuing economic and cost pressures the challenge for finance functions in the coming years will be substantial While the effective date of a final standard is unlikely to be before 2018 the work needed to prepare should not be underestimated Richard Lynch Chair EY Global Insurance Technical Group comments This may be the last time insurers have an opportunity to comment on the proposals Insurance companies will need to understand the impact on financials and business operations to provide effective feedback and help the Board in shaping the final standard Insurers and users face a huge task in reaching this understanding within the upcoming four month comment period Lynch concludes If all goes well we hope to see the final standard in 2014 And while the IASB has responded to the industry s requirement to allow ample time to implement companies will need to take advantage of the run up to effectively assess and plan for the changes ahead In our view

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News_IASB-revised-Exposure-Draft-marks-major-milestone-toward-global-reporting-consistency-for-insurers (2016-02-10)
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  • Despite challenges Russia's highly skilled workforce continues to attract foreign investors - EY - Global
    and figures Share Russia s highly skilled workforce growing consumer market and vast resource reserves continue to attract investors from all corners of the globe according to EY s third annual Russia Attractiveness Survey Project numbers remain steady US and Western Europe remain top investors Number of jobs created by foreign direct investment FDI up by 60 Perception gap remains between investors in place and those who are not The report combines an analysis of international investment into Russia over the last year with a survey of more than 200 global executives on their views about how and where global investment will take place in the next 10 years In 2012 Russia received 128 FDI projects for the second year in a row However jobs created by these FDI projects increased by 60 indicating a large increase in average project size Russia ranked second in Europe in 2012 in terms of employment generated through FDI up from its sixth position in 2011 and accounted for 8 of the total jobs created in Europe The report released to coincide with the St Petersburg International Economic Forum highlights that the investors already present in Russia remain confident about its potential and 68 plan to scale up their presence in the country Seventy percent of survey respondents highlighted Russia s large domestic market as its most attractive asset Alexander Ivlev EY s Country Managing Partner for Russia says Russia managed to improve the way it is perceived by investors in 2012 Respondents to our survey rank it as the sixth most attractive region in the world for FDI and the most attractive in the Commonwealth of Independent States CIS Manufacturing lead generator of FDI By activity manufacturing generated by far the most FDI projects 60 and 98 of jobs Projects in strategic functions and other functions also increased but still remain relatively low At a sector level automotive received the most FDI projects with 27 in 2012 up from 18 in 2011 and also accounted for the largest share of jobs created by FDI The business services sector has also increased its appeal accounting for the second largest number of projects 17 in 2012 Investment from Germany doubles North America and Europe continue to provide the bulk of Russian FDI investment Companies from the US 29 Germany 28 and France 14 were the top investors in Russia in 2012 The number of FDI projects from Germany more than doubled mainly because of increased investment from automotive companies While Moscow and St Petersburg attracted the largest number of FDI projects Kaluga and Nizhny Novgorod are also emerging as major investment sites The emerging economies have kept a low profile in Russia with only 30 FDI projects announced between 2007 and 2012 from Brazilian Indian and Chinese investors However the report highlights that Russia is trying to create a mutually forge stronger ties with the other BRICs by pursuing joint initiatives to encourage investment Energy sector expected to drive future growth Investors continue to believe

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News_Despite-challenges-Russias-highly-skilled-workforce-continues-to-attract-foreign-investors (2016-02-10)
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  • Eurozone recovery to be slow and painful - EY - Global
    to have an impact on GDP On the positive side the relaxation of fiscal austerity means that measures that would have otherwise been implemented that could have potentially harmed growth have been avoided But fiscal policy will remain restrictive However the ECB can do more by easing monetary policy targeted at SMEs The risks of attempting further support are far less than not doing anything at all Mark Otty EY Area Managing Partner for Europe Middle East India and Africa comments Although the forecast predicts a peak in unemployment in the first quarter of 2014 the much delayed recovery could be hampered further if unemployment continues to rise impacting consumer demand This will have a significant knock on negative impact on businesses across the Continent Lack of growth from emerging markets impacting eurozone growth According to the forecast the delay in the recovery in the eurozone is partly due to the cooling in emerging markets particularly China and Brazil which are key export markets for the region and engines of global growth This has outweighed the more positive news coming from the US The weak demand for eurozone goods and services will weigh on exports growth which has so far remained a bright spot for economies such as Germany and even Spain The steep depreciation of the yen is also limiting European export prospects by increasing competition from Japan Unemployment to peak in 2014 In addition to a weaker global demand the forecast predicts that unemployment will peak in the first quarter of 2014 at 12 7 up from the figure of 12 5 that EEF forecast last quarter equivalent to an extra 500 000 unemployed workers and a total of 20 5 million Youth unemployment across the eurozone is also particularly high at 24 In Greece and Spain it has reached alarmingly high levels at 59 and 56 respectively Marie comments Eurozone unemployment has risen more than we had expected The rise in unemployment reflects both the ongoing weakness in the external environment and the fact that austerity has been far more damaging to the economy than many early estimates suggested Longer term high levels of youth and long term unemployment will result in workers becoming deskilled and detached from the labor market hindering the eurozone s medium term prospects The weakness of the labor market will curtail household incomes and thus consumer spending growth over the next three years As a result EEF expects that private consumption to contract again this year shrinking by 0 8 before growing 0 5 in 2014 and just over 1 in 2015 More supportive Eurozone policy to facilitate growth Given the lack of even fragile economic growth across the eurozone policymakers are turning away from fiscal austerity and towards fiscal credibility to facilitate growth The latest rate cut in May reflected both poorer growth prospects within the eurozone and the ECB s determination to do something about it However at present low interest rates are not being passed through to the real

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News_Eurozone-recovery-to-be-slow-and-painful (2016-02-10)
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  • Changes in tax regimes are reshaping investments in oil and gas - EY - Global
    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 Changes in tax regimes are reshaping investments in oil and gas Press release Changes in tax regimes are reshaping investments in oil and gas London 18 June 2013 Newsroom News releases PR contacts PR activities Analyst relations Fact and figures Share Despite the uncertainty in the current global economic environment the continued imposition of taxes on income from oil and gas operations remains a certainty The scope impact and makeup of such taxes however are far from certain especially in a global environment of constantly evolving tax and fiscal policy This is according to EY s newly released annual Global oil and gas tax guide which summarizes the oil and gas tax regimes in 74 countries Alexey Kondrashov Oil Gas Tax Leader at EY says The fiscal environment is constantly changing around the globe With the globalization of investment has come an increased emphasis on global tax policy and regime changes and the resulting impact these changes can have on investments Globally various countries have introduced or are contemplating introducing changes in the way oil and gas operations are taxed from exploration and production to retail operations Development of unconventional oil and gas shale oil and gas in particular is economically possible under current oil prices Many countries see it as a policy objective and are working on altering their fiscal framework to provide incentives for such projects The impact of changes to the tax law may affect available cash to establish reserves or to service debt This can negatively affect the balance sheet with the result that credit agreements and covenants may need to be examined closely According to the guide governments worldwide still rely on production sharing arrangements for upstream projects owing to their reasonable flexibility in risk or reward sharing and the possibility to arrange for a tailored solution based on the project s specifics In addition activities around the technically challenging offshore Arctic resources vary across the Arctic nations Notably Russia is actively attracting international majors and working on a special tax regime for offshore Arctic to boost exploration The search for recoverable reserves continues to globalize As long as recovery remains economically viable both developed and emerging countries are expected to take measures to develop such reserves and countries are constantly competing for investor s capital New emerging markets in which hydrocarbon reserves have just been discovered including the African nations Cyprus Lebanon Israel and Myanmar are working toward designing their national legal and tax legislation for the oil and gas industry Kondrashov concludes Now more than ever it is vital for governments to make oil and gas tax regimes competitive and attractive to investors Ends About EY EY is

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/Changes-in-tax-regimes-are-reshaping-investments-in-oil-and-gas (2016-02-10)
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  • Global survey reveals critical role sports play for female executives - EY - Global
    played sports either at primary and secondary school or during university or other tertiary education with this proportion rising to 96 among C suite women The survey also found that almost three quarters 72 of women agree that individuals who engage in sports at some level or have done so participate more effectively within teams than those who have not had this experience A similar number 76 of women also agree that adopting behaviors and techniques from sports to the corporate environment can be an effective way of improving the performance of teams The research Women leaders perspectives on sport and high performance teams is the first in a series commissioned by EY that looks at the connection between women s advancement in sports and business success The series connects into its Women Athletes Global Leadership Network formed in March 2013 which was created to tap into the leadership potential of elite female athletes after their retirement from competitive sport This new global survey validates and underscores the fundamental role that participation in sports plays in developing women leaders notes Beth Brooke Global Vice Chair Public Policy for EY a US Title IX scholarship recipient and one of The World s 100 Most Powerful Women according to Forbes Not only do the majority of senior women executives have sports in their background they recognize that the behaviors and techniques learned through sports are critical to motivating teams and improving performance in a corporate environment The survey also found that 67 of women now occupying a C level position had participated in sports as a working adult compared with 55 of other female managers Other survey highlights include 90 of women agree that teams are the best way to address increasingly complex business problems while 82 agree that improving their organization s ability to develop and manage teams will be essential for future competitiveness More than half 55 of female respondents overall think that it is more difficult to motivate teams than individual employees 87 of female executives agree that inclusive leadership which attracts and encourages diverse perspectives and dissent is an effective way of improving team performance Additional findings are available at www ey com womenathletesnetwork EY s Women Athletes Global Leadership Network EY s Women Athletes Global Leadership Network is a three part program focused on 1 creating a first of its kind network to connect female elite athletes with business and government leaders who can mentor inspire and open doors after their competitive sporting career 2 commissioning research on the impact of women s advancement in sport and society and 3 highlighting stories of inspiration We launched the Women Athletes Global Leadership Network to harness the leadership potential of the best in women s sports elite athletes says Donna de Varona Olympic Champion and Advisor to EY s new program Elite female athletes are an incredible pool of talent with unique leadership traits and entrepreneurial skills learned through sports Brooke adds Our network is designed to showcase women

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/Global-survey-reveals-critical-role-sports-play-for-female-executives (2016-02-10)
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  • Access to funding top imperative for G20 entrepreneurs - EY - Global
    Analyst relations Fact and figures Share As economic recovery remains fragile in many G20 countries and youth unemployment levels continue to rise Governments are increasingly looking to entrepreneurs and start ups to kick start economies and provide sustainable growth The EY Avoiding a Lost Generation report surveys 1 500 entrepreneurs including 1 000 under 40 year old young entrepreneurs across the G20 countries to identify five imperatives for Government action to support young entrepreneurs create jobs and sustain growth Launched at the Young Entrepreneurs Alliance Summit in Moscow the report is presented in advance of the EY G20 Barometer released later this year 73 entrepreneurs surveyed across the G20 highlight expansion of funding alternatives as foremost imperative for government action Change of culture to tolerate failure cited a high priority for entrepreneurs 53 entrepreneurs surveyed believe governments need to create a simpler SME friendly tax and regulatory environment At a time when society s biggest issue is youth unemployment businesses and Governments must work together to help young people develop an entrepreneurial mindset This means fostering a culture which supports young people to take risks set up businesses create jobs and become masters of their own destiny says Maria Pinelli EY s Global Vice Chair of Strategic Growth Markets Tackling youth unemployment With agencies predicting that almost 13 or the world s youth close to 75 million young people are unemployed In parts of Europe youth unemployment rates have risen well above 30 With entrepreneurs and SMEs representing on average two thirds of G20 employment providing young entrepreneurs with the tools and support they need is a critical component to tackling the youth unemployment crisis Entrepreneurship and innovation are essential for increasing economic competitiveness and paving the way for growth and job creation It is vital for governments to understand the specific challenges facing entrepreneurs and collaborate to solve problems address legislative and cultural barriers to success and together shape the future of entrepreneurship says Uschi Schreiber EY s Global Government Public Sector Leader Funding and skills In the EY survey respondents identify five key imperatives for action to improve government support for entrepreneurs Expanding the choice of funding alternatives for entrepreneurs is cited as the foremost imperative with 73 of respondents agreeing that access to funding remains difficult particularly for those seeking to develop a new type of product or service Whilst traditional funding such as business angels private equity and venture capital remain more limited for entrepreneurs there is a higher demand for non traditional funding such as crowd funding and microfinance especially amongst female entrepreneurs There is a need for increased mentoring and broader support for entrepreneurs in order to provide knowledge and skills required to spend capital effectively This means developing stronger support ecosystems with 36 of respondents suggesting that business incubators would most improve the long term growth of entrepreneurship 36 agreeing Government start up programmes would improve success and 32 believing entrepreneur clubs and associations will be most beneficial Changing culture and regulation Respondents

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/Access-to-funding-top-imperative-for-G20-entrepreneurs (2016-02-10)
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  • Private equity exit activity hampered by uncertain economic climate - EY - Global
    our study a clear demonstration of the lack of confidence European corporates experienced in pursuing M A strategies On the flip side the proportion of trade exits that went to US and buyers from the rest of the world increased in 2012 This is just one sign that international buyers are an important source of exits for PE while European buyers continue to hold back says Date In contrast with 2010 and 2011 when sales to other PE houses accounted for nearly half of exits secondary buyouts reduced in 2012 as a proportion of exits to just over 35 After a fall in number in 2011 creditor exits increased in 2012 as the prolonged downturn took its toll on some businesses in the portfolio Investment in some areas By investment some areas are more active than others The 150m to 500m entry enterprise value EV bracket grew its portfolio by 27 between 2007 and 2012 However when moving up the investment size spectrum growth in the portfolio reduces Investments with an entry EV of between 500m and 1b grew by 11 in the same period but the two brackets above 1b to 2b and over 2b recorded declines of 4 and 13 respectively And it is these parts of the market have been hardest hit Harry Nicholson EY s PE partner comments While most acute in the over 2b investments across the portfolio the low level of exits presents a challenge for PE Making new investments is obviously important but PE will need to increase its focus on realizing the backlog of companies to be exited to return capital to investors Exit rates need to increase two to four fold over the coming few years if this overhang is to be is managed successfully In today s M A market the bar has been raised in terms of completing exits PE still has more to do to ready their businesses for sale widen the buyer pool and create competitive tension Nevertheless low exit activity should not be interpreted as an indicator of the PE portfolio s overall health Analysis of companies in the portfolio shows there is value to be generated if PE can find ways of selling businesses While according to the data 20 may generate a less than 1x equity return over 40 are expected to achieve investment returns of at least 2x equity invested 80 of exited portfolio companies increased their value under PE ownership While the industry will continue to face difficult challenges the study signals that PE s focus on absolute value growth through investing capital and hands on involvement in its portfolio companies does create better and more valuable businesses Over a third of PE backed businesses in our sample doubled entry EV by the time they came to exit The study shows that nearly half of all exits in the sample grew 100 200 over their entry EV while 34 of the sample grew more than 200 Although 19 of the businesses in

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/Private-equity-exit-activity-hampered-by-uncertain-economic-climate (2016-02-10)
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