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  • A long road ahead for women leaders in the G20 - EY - Global
    done before governments and business become truly representative of the societies in which they operate and serve A question of participation While ratios of women represented in the public sector overall are generally higher in developed markets the ratios of women in leadership roles varies widely across developed and emerging markets Over half of Germany s public sector is represented by women 52 but only 15 women leaders Similarly in Japan women make up 42 of the public sector but only 3 women leaders Russia has the highest number of women represented across the public sector 71 with 13 women in leadership roles In Brazil less than half 48 of public sector employees are women yet a high ratio of 32 women in leadership Since 2010 Brazil has had a female president Dilma Rousseff and ten of her thirty nine ministers are women a record for Brazil Uschi explains Governments around the world are facing up to a rapidly changing world Shifting demographics urbanization and climate change as well as the lingering effects of the financial crisis demand great leaders at the decision making table Unleashing the talent of women can bring powerful positive change and increases the likelihood of better outcomes for us all Scaling the task ahead towards a greater equality Despite some more encouraging recent data economic instability and cuts in public sector jobs in many of the G20 markets are predicted to result in a worsening in the labour market situation and potentially a step back for women in the public sector In the UK it is estimated that 710 000 public sector jobs will be lost by 2017 with twice as many women losing their jobs than men In some other European countries cutbacks have focused on female dominated sectors such as education health and social work making the situation even harder for women to seek employment and advance to leadership positions In Italy for example 19 700 women s jobs have been already been cut while 87 000 more are expected to be lost in the education sector alone in the near future Similarly in the US the public sector lost 74 000 jobs overall in the last year and 63 000 85 of those were women s jobs Uschi concludes Most governments are aware of the benefits of promoting a more balanced gender mix in their leadership ranks and are actively advancing policies to address the gender deficit Unfortunately as in other sectors the gender distribution across leadership roles in government is not representative of the number of women in the community and in higher education Such results underline the scale of the task ahead There are four streams of action which when taken together seem to lead to greater representation of women in leadership roles Namely legislation to address visible barriers cultural transformation to address invisible barriers an increase in role models and women leadership and action for future women Public Sector leaders Ends Notes to Editors Research for the first G20

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News_A-long-road-ahead-for-women-leaders-in-the-G20 (2016-02-10)
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  • By 2030 two-thirds of global middle class will be in Asia-Pacific - EY - Global
    two thirds of the global middle class will be residents of the Asia Pacific region while Europe s share of this population will have dropped by 14 according to EY s Hitting the sweet spot report released today Over the next two decades middle class expected to expand by another three billion Chinese middle class expected to reach one billion by 2030 The report produced in collaboration with the Ernst Young SKOLKOVO Institute for Emerging Markets Studies defines the middle class as people earning between US 10 and US 100 per day At this level consumers start having the kind of disposable incomes that will allow them to buy the cars televisions and other goods People in this income bracket can be considered a global middle class middle class by the standards of any country In Asia alone 525 million people can already count themselves as middle class more than the total population of the European Union Over the next two decades it is estimated that the middle class will expand by another three billion coming almost exclusively from the emerging world A significant proportion of the new Asian middle classes are also expected to be at the upper end of the income bracket and boast impressive spending power Alexis Karklins Marchay co Leader of EY s Emerging Markets Center By 2030 as more and more people enter the middle class it is hoped that this growing cohort of consumers with new money and new demands can help to keep the floundering global economy afloat Chinese middle class expected to reach one billion by 2030 China and India will become the powerhouses of middle class consumerism over the next two decades although other rapid growth markets such as Mexico and Brazil will also contribute Nevertheless the Chinese and Indian contributions will be substantial Today China has around 150 million people who are considered to be part of the global middle class within the next decade this expected to have reached 500 million By 2030 around one billion people in China could be middle class as much as 70 of its projected population India s global middle class meanwhile is much smaller at around 50 million people or 5 of the population EY estimates that this group will grow steadily over the next decade reaching 200 million by 2020 After this India s middle class growth is really expected to accelerate reaching 475 million people by 2030 and adding more than the Chinese to the global middle class worldwide after 2027 A changing world By 2030 there will be a much broader distribution of incomes around the world While millions have been brought out of poverty over the last few decades it is only recently that we have begun to see the impact of the rising middle classes across the emerging markets However the report suggests that despite the growth of spending in emerging markets far outstripping developed market spending in recent years there is still some way to go before

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News_By-2030-two-thirds-of-global-middle-class-will-be-in-Asia-Pacific (2016-02-10)
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  • Biotech industry has “implementation gap” around demonstrating the value of products under development - EY - Global
    9 growth rate achieved in 2011 While expenditures remained strong at commercial leaders pre commercial entities substantially reduced R D spending Net income reaches new high R D cutbacks combined with solid revenue growth resulted in a record high in net income of US 5 2 billion a US 1 4 billion increase from the previous year The new normal funding environment continues Biotech companies in North America and Europe raised US 28 2 billion in 2012 a drop from the US 33 3 billion raised in 2011 This decrease was driven by a reduction in debt funding which fell by almost a third The IPO market remained tepid with aggregate proceeds of only US 805 million down from US 857 million in 2011 Innovation capital defined as the amount of capital raised by companies with less than US 500 million in revenues remained virtually unchanged between 2011 and 2012 increasing only from US 15 2 billion to US 15 3 billion Venture capital remains resilient Venture funding across North America and Europe declined 5 to US 5 4 billion in 2012 a much slower decline than was expected given the fundraising challenges encountered by many venture firms in recent years M A picks up The total value of mergers and acquisitions involving European or US biotechs equaled US 27 4 billion an increase of 9 from 2011 when setting aside the two megamergers in 2011 in excess of US 10 billion and the highest non megadeal total since 2008 Matters of evidence an implementation gap To explore how companies are adapting to the global shift to evidence based health care EY surveyed US and European biotech executives from 62 companies with revenues below US 500 million The results indicate that companies focus on efficiency initiatives with far greater frequency than on measures to collect evidence to demonstrate product value Key findings include Near consensus on strategic importance 94 or more of the survey respondents agreed that it is important or very important for biotech companies to have a strategic focus on matters of efficiency and matters of evidence Implementation gap on matters of evidence However among respondents who considered evidence measures to be important or very important most companies indicated that they are unlikely to undertake specific evidence focused initiatives Only 11 of respondents have added payer reimbursement expertise to their management teams just 13 have added such expertise to their clinical development teams and a scant 4 have added such expertise to their boards of directors There was no such implementation gap around initiatives focused on matters of efficiency New approaches needed To succeed companies will need to revisit their approaches to R D It will be imperative to monitor evolving standards of care A model EY calls the value pathway can help identify the biggest unmet needs or failures that payers will be most focused on Companies will then need to align their offerings to fill these value leakages and design clinical trials to develop evidence that

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News_Biotech-industry-has-implementation-gap (2016-02-10)
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  • Global executives say M&A's will rise, yet only a moderate increase in acquisitions planned - EY - Global
    12 months with organic growth measures 45 the major strategic preference for executives Pip McCrostie EY s Global Vice Chair Transaction Advisory Services says Though this positive sentiment would normally translate into significant capital investment and M A activity the current situation can best be described as a confidence paradox with planned activity contradicting expectations In the past few years global M A volumes have de coupled from historical indicators of deal activity There are signs of improvement but caution remains While almost three quarters of corporates expect deal activity in the market to increase over the next year far fewer have an intention to buy This could actually create a first mover advantage opportunity for those willing to take action and secure assets ahead of the competition The modest improvement in the number of companies planning acquisitions from 25 in October is largely driven by an increasing number and higher quality of acquisition opportunities Thirty nine percent of companies say there are quality acquisition opportunities available compared with 30 six months ago 50 feel more confident about the number of opportunities available versus only 37 six months ago A world of difference There are clear differences in sentiment towards M A across countries in Brazil 45 of executives expect to acquire while in Russia only 12 have similar expectations illustrating a mixed mood within a complex macroeconomic climate even within emerging markets Elsewhere in developed markets 27 of UK executives plan to acquire assets compared to 29 in the US Interest in acquiring assets in emerging markets continues with China retaining the top slot as an investment destination India and Brazil are second and third respectively while the US remains in the top five However while emerging markets remain critical to growth agendas 60 of companies now say they are reconsidering their strategies in emerging markets where growth has slowed and will apply greater rigor to investment decisions and processes Sectors most likely to see acquisitions are technology automotive life sciences consumer products and oil and gas The least acquisitive are power and utilities mining financial services and diversified industrial products Consistent with sentiment over the past six months deals across the board are likely to remain smaller in size as caution remains despite record amounts of available cash and improving credit conditions In total 88 of companies planning acquisitions expect deals to be under US 500m Divesting for value Mirroring exactly the number of would be buyers 29 of companies are planning a divestment within the next 12 months or have one in progress The reasons for a sale and the types of divestment are increasingly complex and not necessarily driven by the traditional motivation of raising capital focusing on core assets and enhancing shareholder value rank more highly as selling rationale Mrs McCrostie continues Despite growing optimism companies are largely focused on lower risk value creation strategies much more cautious approaches than one would expect given increased confidence and credit availability Divesting is increasingly a part of

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News_Global-executives-say-M-and-A-will-rise-yet-only-a-moderate-increase-in-acquisitions-planned (2016-02-10)
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  • Weak global outlook forcing rapid-growth markets to trade with each other - EY - Global
    competitiveness being damaged Among the BRIC economies Russia s exchange rate has moved roughly in line with the Euro while China s and India s have responded to domestic factors including intervention rather than just appreciating in value as the Yen and Dollar fell Brazil however has been suffering from an uncompetitive currency for some years and has seen another bout of appreciation prompting renewed accusations of currency wars Even with interest rates at a record low in Brazil rates are still higher than in the majority of RGMs attracting international investors seeking higher returns Asian RGMs are likely to be affected more by the recent weakness in the Yen particularly if they have close trading links with Japan or if they compete with Japanese companies in export markets The Yen s weakness has damaged competitiveness in several countries particularly in South Korea and China Intra RGM trade spurring growth Despite current concerns around competitiveness RGMs across the globe have learned to trade their way to growth Sluggish developed world growth and the growing weight of RGMs in the global economy is spurring them to trade with each other Today exports from RGMs exceed 10 of world GDP more than twice their share a decade ago In another 20 years their share will approach 20 double that of advanced economies The advanced economies will also look increasingly to RGMs for growth Eurozone exports to RGMs were worth US 895b in 2011 up from US 230b in 2000 And in 20 years time they will have overtaken intra Eurozone trade The machinery and transport equipment sector which includes consumer electronics and durable goods as well as industrial goods will make the largest sector contribution to trade over the next 10 years Information and communications technology ICT equipment will account for most of the growth This reflects both the anticipated in demand for consumption and investment goods from the RGMs and the potential to fragment supply chain It is not only trade in goods that will grow rapidly over the next 10 years By 2020 Europe will be exporting more services to emerging Asia than to North America And exports of services from the US to Latin America will also expand quickly reflecting strong growth and increasing economic diversification in Latin America Alexis comments Banking insurance and other financial services sectors in RGMs will grow as the economies mature and the middle classes expand offering new opportunities for trade Demand for more sophisticated financial services is already growing rapidly as wealth levels rise Lower trade barriers to boost growth Lower trade barriers will boost exports and ultimately growth particularly in Southeast Asia The proliferation of regional trade agreements will enable the free movement of capital services and people Alexis comments Many governments in RGMs are negotiating away decades of trade barriers and market distortions in pursuit of larger markets lower prices and entrepreneurial opportunity At the same time they are putting in place the infrastructure to help goods cross borders and reach

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News_Weak-global-outlook-forcing-rapid-growth-markets-to-trade-with-each-other (2016-02-10)
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  • Utility companies facing ever increasing regulatory burden, look to rapid growth markets to mitigate risk - EY - Global
    also key areas of interest The report the latest in a series started in 2008 is based on a survey of senior executives from 110 power and utility P U companies from 20 countries It highlights that the most significant risks and opportunities facing the sector span four broad themes compliance and stakeholder confidence economic volatility business model evolution and operational challenges Tightening regulation weighing heavily on utilities looking to court consumers Since the last report in 2011 the risk surrounding the cost and accessibility of capital has eased while regulation and compliance obligations are now considered the sector s biggest concern The highest priority risk for the executives interviewed is the fast paced change of regulatory and compliance criteria which is expected to only increase in significance Commenting on the report s findings Randall Miller EY s Global Risk Leader says A shift in thinking is evident in this year s report with compliance and regulations topping the list of risks up from second place in 2011 While governments and regulators continue to pursue low carbon generation and energy efficiency consumers are becoming increasingly price sensitive creating a conflict of stakeholder interest for P U companies The consumer is at the heart of the complex relationship between utilities regulators and policy makers With electricity prices expected to increase it is those utilities that make the most of smart technology to shape how they interact with consumers that are likely to capitalize on the opportunities available to shift public perception of the industry Economic volatility the new normal As the global financial downturn continues the perceived risk from economic volatility while significant is now more accepted among utilities Commodity price volatility such as the recent liquefied natural gas price fluctuations and access to competitively priced long term fuel supplies are identified by P U executives as the second biggest risk to the industry Managing the fallout of this economic uncertainty threatens to drive up costs for utilities at a time when investment demands are substantial and growing However those companies investing outside their domestic territory in high growth geographies such as China and Latin America may be able to partially offset such risks Andrea Paliani EY s Global Power Utilities Advisory Leader comments Utilities have large capital investment needs and long term planning horizons and so uncertainties associated with energy and climate policy regulatory developments and commodity markets all add exposure and cost to any investment plan However growth via the increasing energy demand in rapid growth markets presents opportunities for both local and overseas P U companies Business model evolution striving for innovation As the utilities sector transforms so too must its traditional business model of supplying metering and billing towards one that is capable of adapting to constantly changing stakeholder requirements While the nature of this transformation varies among markets there is a clear shift from a focus purely on selling energy to consumers to selling energy efficiency or home services Paliani adds New entrants are expected in

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News_Utility-companies-facing-ever-increasing-regulatory-burden (2016-02-10)
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  • EY welcomes the International Integrated Reporting Council's efforts and consideration of next steps with the issuance of the Draft Framework - EY - Global
    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 welcomes the International Integrated Reporting Council s efforts and consideration of next steps with the issuance of the Draft Framework Press release EY welcomes the International Integrated Reporting Council s efforts and consideration of next steps with the issuance of the Draft Framework London 17 April 2013 Newsroom News releases PR contacts PR activities Analyst relations Fact and figures Share EY welcomes the issuance yesterday of the International Integrated Reporting Council s IIRC Consultation Draft of the International Reporting IR Framework as the next step in the development of integrated reporting The Draft Framework proposes a new corporate reporting model primarily directed at providers of financial capital IR seeks to encourage integrated thinking and behavior within the organization and hopes to result in communicating in a concise way how an organization s strategy governance performance and prospects leads to value creation over time This communication would be achieved through the integrated report an evolution in corporate reporting EY values IIRC s efforts to explore these important topics with a long term goal of helping to restore trust in corporate reporting including how management of an enterprise manages and uses resources and reports on value creation to investors and other stakeholders Numerous global businesses and institutional investors are directly involved with IIRC s work including many who are participating in IIRC Pilot Programme which has helped inform the Draft Framework Mark A Weinberger EY Global Chairman and CEO

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News_EY-welcomes-the-International-Integrated-Reporting-Council-efforts (2016-02-10)
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  • Oil prices under pressure from slow growth - EY - Global
    year Dale Nijoka EY s Global Oil Gas Leader comments In the absence of any supply or geo political shocks oil prices will continue to rise and fall in response to the release of new economic data The lack of strong economic signals means that Brent oil prices will likely fluctuate within a US 105 115 per barrel range in the second quarter The outlook contrasts the continued flat energy demand in the eurozone with no significant uptick expected until 2015 with the strong appetite for oil and gas in many Asian economies although slowing economic growth in export markets may curtail this demand Globally consumer sentiment remains weak and is undermined by record levels of unemployment in the Eurozone and a squeeze on household incomes However if oil prices come under sustained downward pressure OPEC would likely respond by reducing output in an attempt to hold prices above US 100 per barrel Nijoka comments Relatively strong commodity prices are supporting industry investment for the time being Fields that were previously assessed as being uneconomic in some regions such as the Falkland Islands are commercially viable again at current oil prices Investment in deepwater projects in countries like Brazil and Angola will probably hold up well and will be less susceptible to short term price deviations Higher oil prices helped accelerate investment and activity related to tight oil production in the US during 2012 However investment and output levels in these plays can be modified in response to price shifts Longer term outlook for gas is more promising The outlook highlights the more positive longer term supply and investment outlook for gas markets given the largest discoveries in the last few years have been natural gas The disparity in gas prices between the US and both Europe and Asia also creates opportunities for investors Nijoka says Gas intensive industries have gained competitive international advantage from low US gas prices brought about by shale gas discoveries Manufacturers in other countries are now pressing their governments to expedite the exploration of their own shale resources However outside North America shale gas will not prove to be a quick fix for industrial competitiveness or energy import dependency It will be a number of years before the investment currently being made in shale exploration delivers any meaningful volumes of shale gas Impact of US shale revolution The outlook discusses the global impact of the changing global oil and gas supply dynamics brought about by the US shale revolution US policy makers are currently weighing the arguments for and against allowing for the export of additional domestic gas supplies Nijoka comments We think that the volume of gas export permitted will be restricted to minimize any upward pressure on domestic gas prices While oil and gas companies wait for a decision in the US developers in Canada are moving ahead with plans for gas exports from its Pacific coast However as most of the proposed schemes are greenfield projects they will take longer to develop

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News_Oil-prices-under-pressure-from-slow-growth (2016-02-10)
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