archive-com.com » COM » E » EY.COM

Total: 2294

Choose link from "Titles, links and description words view":

Or switch to "Titles and links view".
  • Could Europe be next major destination for investors in non-performing loans? - EY - Global
    investors with opportunities to diversify and access higher returns Christopher Seyfarth a Partner in Ernst Young LLP s Transaction Real Estate practice says This year s survey indicates an increasing appetite among investors on both sides of the Atlantic for European NPL product as they look to both diversify their investments and access potentially higher returns in a nascent market This is the first time EY s annual NPL report has studied how respondents look at investment opportunities on both sides of the Atlantic with European investors accounting for nearly a third of survey respondents asked for their views in January Daniel Mair a Partner in Ernst Young GmbH Transaction Advisory Services practice says NPLs collateralized by commercial properties in Germany the UK Ireland and Spain are currently attracting the greatest interest from investors German and UK banks have already experienced a fair amount of distress but clearly investors anticipate more product is waiting in the wings and these remain highly popular investment markets Almost half of those responding to a question about where their primary market interest would lie in the next 12 months indicated Germany with the UK running second with almost 40 of respondents European NPL sales Sales of NPLs could increase in Europe if investors grow more confident in the stability of Europe s economy and the euro and are more able to meet sellers price expectations The recent turmoil in Cyprus has undoubtedly knocked that confidence but given the relatively benign reaction by the markets little permanent damage appears to have been done so far Either way sales activity is in its very early stages and banks could be selling NPLs for some time to come US NPL sales According to the report there may have been less investment activity in the non performing loan market in the US last year simply because there were fewer investment opportunities The Federal Deposit Insurance Corporation FDIC was not as active in selling loans in 2012 and the amount of net NPLs in US banks portfolios is declining The US market has not reached the sale volumes expected by investors and with banks continuing to recover opportunities for investors become more limited as time moves on Yet a substantial amount of NPLs remain on their books according to Seyfarth Seyfarth also points out that some NPL transactions were not completed simply because investors and banks could not agree on price and that others simply stayed out of the market Nevertheless survey respondents expect the US NPL market to remain active although that will apparently be for a shorter time frame than they anticipated a year ago Well over 50 of respondents believe that NPL opportunities will exist in Europe for at least the next three to four years while a similar percentage of investors see the current US NPL market playing out within 24 months The US economy continues its slow but steady growth select commercial property markets are improving and property values are rising although not consistently

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News_Could-Europe-be-next-major-destination-for-investors-in-non-performing-loans (2016-02-10)
    Open archived version from archive


  • Indirect tax systems becoming more efficient, but tax authorities increasing focus on compliance and enforcement - EY - Global
    third of tax revenue is derived from VAT GST and taxes on specific goods and services such as excise taxes customs duties and certain special taxes Tax mix shifting towards taxes on consumption Free trade is increasing but is meeting protectionist challenges The sheer number and variety of changes in indirect taxes in recent years and the challenge of implementing them into accounting and reporting systems can be overwhelming for businesses says Philip Robinson Global Indirect Tax Leader at EY This makes it hard to keep sight of the bigger picture The vast number of changes in indirect taxes will cause more severe consequences in the case of non compliance and mistakes Robinson continues Non recoverable indirect taxes will raise the costs of doing business and make production more expensive That will require efficiency improvements to make up for the increased costs In addition it s important that companies understand and follow rules for indirect tax as they enter new markets as non compliance could undermine the opportunities presented by the rapid expansion of international trade Indirect tax systems are becoming more efficient Applying higher rates is just one way to increase indirect tax revenues others include broadening the tax base of an existing VAT GST system increasing the efficiency of the tax system or improving compliance and enforcement Increased use of IT tools creating common interfaces and electronic data transmission and filing have all contributed to this efficiency Fifty seven percent of the 39 countries that provided information for the report require VAT GST returns to be filed electronically 35 have an optional electronic filing e filing facility and just 8 do not offer or require e filing Robinson comments Many indirect tax systems have gone high tech Developed markets have adapted to the digital economy while emerging markets are keeping pace with economic developments Organizations such as the European Commission OECD and the Global Forum on VAT have produced guidelines with a view to creating a best practice reformed environment Free trade is increasing but is meeting protectionist challenges Customs duties were once a primary source of revenue for most countries But continuously growing global trade and the efforts of organizations such as the World Trade Organization WTO have led to a constant reduction in customs duties This trend continues around the world as countries enter into a growing network of various kinds of trade agreements A number of new free trade agreements FTAs are expected to enter into force in 2013 further reducing the amount of customs duties imposed on global trade however customs duties continue to remain a significant source of revenue for countries The current economic climate is hampering trade and encouraging protectionist tendencies Non tariff barriers have grown substantially in the form of health safety or environmental requirements The WTO reported 184 new trade restrictive measures implemented between October 2010 and April 2011 and a further 182 were implemented between October 2011 and May 2012 In addition where countries are not bound by FTAs

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News_Indirect-tax-systems-becoming-more-efficient (2016-02-10)
    Open archived version from archive

  • EY opens new office in South Sudan - 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 EY opens new office in South Sudan Press release EY opens new office in South Sudan London 9 April 2013 Newsroom News releases PR contacts PR activities Analyst relations Fact and figures Share EY a global leader in assurance tax transaction and advisory services has announced the opening of its new offices in Juba South Sudan The organization made this strategic decision to strengthen business relationships with government officials private sector and donor agencies The office will be lead by Patrick Kamau Country Managing Partner for South Sudan who will work closely with Gitahi Gachahi East Africa Regional Managing Partner East Africa is one of the most exciting and rapidly growing regions in the world The five countries Burundi Kenya Rwanda Tanzania and Uganda that currently form part of the East African community alone form a common market of 130m people Given the unexploited mineral wealth mainly in oil extraction South Sudan has the potential to be a substantial market in the next few years said Patrick Kamau Country Managing Partner for South Sudan Kamau continues The South Sudan office will offer a full range of services which will assist in attracting investment from international markets and neighboring countries as well as current and potential clients doing business in the East African region We also look forward to growing and developing the skills and knowledge of our people This will ensure we are leading from the front by contributing to the economic growth of the

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News_EY-opens-new-office-in-South-Sudan (2016-02-10)
    Open archived version from archive

  • EY announces new member firm in Myanmar - EY - Global
    Change and Sustainability Services CertifyPoint China Overseas Investment Network Family Business Services French Business Network Global Business Network Japan Business Services Careers Students The EY difference Your role here Your development Life at EY Joining EY Global Delivery Network Experienced Advisory Assurance Tax Transactions Industries The EY difference Your development Life at EY Joining EY Global Delivery Network Alumni Home Newsroom EY announces new member firm in Myanmar Press release EY announces new member firm in Myanmar Hong Kong 9 April 2013 Newsroom News releases PR contacts PR activities Analyst relations Fact and figures Share Leading professional services organization EY today announced the opening of a new member firm in Myanmar The new firm EY Myanmar Limited extends EY s footprint to 22 countries in Asia Pacific and 151 worldwide It will provide tax transaction and other business advisory services to clients that are seeking to invest and grow their business in Myanmar EY Myanmar Limited will be connected with the organization s other firms across Asia Pacific leveraging EY s strength scale and experience helping clients do business in Myanmar Our Singapore practice will continue to act as a central hub to assist with client enquiries on investing and operating in the market Lou Pagnutti EY s Asia Pacific Managing Partner says We are seeing growing interest in Myanmar from both Asian and other international investors since the easing of trade sanctions in the country Years of under investment in the country means that it now presents tremendous potential for growth and investment We re very excited to establish a formal presence in this new market it is important that we continue to be close to where our clients are and want to be and we are confident about creating value for them as we help them navigate the

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News_EY-announces-new-member-firm-in-Myanmar (2016-02-10)
    Open archived version from archive

  • Global Venture Capital funds may turn the corner in 2013 - EY - Global
    exits were down in 2012 The amount raised via IPO declined globally by 27 from US 22 1b in 2011 to US 16 1b in 2012 At the same time VC backed M A activity declined by more than 20 to 618 deals Maria Pinelli comments Speeding the time to exit will help VC funds return capital to their investors show a successful track record and get them started on the process of opening raising and closing new funds IPOs are still the most lucrative exit vehicle and as post IPO performances are increasingly important trends point towards VCs retaining a portion of their investment post IPOs VC model is realigning VC funds are adjusting their investing strategies in favor of later stage companies Globally the share of investment directed at revenue generative companies increased to 69 in terms of the number of deals from 56 pre crisis in 2006 and 74 in value terms Angel investors stepped in to fill the gap in start up stages left by VC Maria Pinelli comments We see evidence of money flowing into companies that are perceived as less of a high risk There is a shift away from social media towards enterprise Companies that are attracting greater VC interest are providing a service and getting paid for it This trend toward later and smaller investments in less risky companies is being accompanied by a move to tougher terms Increasing role of corporate venture Corporate venture investing is rising and surpassed pre dotcom levels in 2012 Corporates are keen to invest in and acquire venture backed companies to fill the in the gaps in their strategy and innovation capability Corporate venture investments which tend to be focused in the US on later stage businesses generally have a positive impact The valuation of the business in that round is typically greater than in companies at a similar stage with no corporate investor the median valuation premium over the last decade has been 54 in the US VC trends by market US US VC investment activity declined by 15 to US 29 7b in 2012 compared to 2011 The number of investment rounds also fell but the drop was not as pronounced declining by 4 to 3 363 As of January 2013 US 168b was invested in 8 288 companies Maria Pinelli comments The exit environment will be crucial for the US VC industry outlook in 2013 Equity markets have started the year positively but considerable uncertainty remains regarding the resolution of the US budget which could have an adverse impact on sentiment Europe Reflecting the global trend European VC investments declined by 16 year on year to US 5 7b while the number of VC investment rounds declined by 11 to 1 074 Within the overall total there was a shift towards later stage investment with the proportion of deals in the generating revenue stage rising from 68 in 2011 to 74 in 2012 while product development deals fell from 21 to 18 Maria

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News_Global-Venture-Capital-funds-may-turn-the-corner-in-2013 (2016-02-10)
    Open archived version from archive

  • Cyprus has been challenging but the Eurozone financial services industry still on track to start to turn the corner - EY - Global
    destructive phase of bank deleveraging is over After contracting by 856b last year total assets in the Eurozone banking sector are forecast to fall by 500b in 2013 before returning to growth in 2014 Total assets have already broadly stabilized in Germany France and The Netherlands while Italy and Spain are expected to follow next year Marie Diron Senior Economic Adviser to The Eurozone Financial Services Forecast says Although on aggregate deleveraging in the Eurozone will continue at some pace this year we believe the most destructive phase has now passed and that banks in the stronger economies have already turned the corner 2013 should be the last year of asset shrinkage and 2014 is looking much healthier Lending to fall by 0 5 but to return to growth in 2014 Lending to businesses and households fell 1 7 across the Eurozone last year and this contraction is expected to continue in 2013 but at a slower rate of 0 5 There is still a pronounced north south divide in the cost of bank borrowing and as a result the peripheral economies will experience a more marked contraction in lending this year Lending in Spain is forecast to contract by 5 1 in contrast to positive growth of 0 8 in Germany and 0 6 in France However total lending across the Eurozone is expected to start to grow again in 2014 at a rate of 2 9 which includes a modest 0 9 return to growth in Spain Marie says Banks access to wholesale funding markets is continuing to improve and private sector deposit flows in the periphery appear to be stabilizing allowing banks to gradually transition away from central bank support but credit conditions are likely to remain tight for some time which will weigh on investment and consumer spending Non performing loans will peak this year driven by peripheral economies As a result of the rise in Non performing loan NPL rates in the peripheral economies NPLs in the Eurozone will peak at a Euro era high of 7 2 this year up from an estimated 6 7 at the end of 2012 NPL rates are already declining in France Germany and The Netherlands this year but will climb to a peak of 10 2 in Italy and are forecast to reach 12 8 in Spain notwithstanding the recent transfer of problematic assets to SAREB Interest rate rises remain an outside risk but insurers need to plan their response Concerns that the economy could gather pace more quickly than anticipated under our baseline forecast causing the European Central Bank ECB to increase rates more quickly should be taken seriously by insurers If the Eurozone does not shrink this year and grows by 1 7 in 2014 which is faster than the 1 1 baseline forecast inflation would then hit 2 8 by the end of 2014 causing the ECB to increase interest rates from 0 75 to 1 25 in 2015 rather than keep them on hold

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News_Cyprus-has-been-challenging (2016-02-10)
    Open archived version from archive

  • Q1 13 European PE buyout - EY - Global
    market As long as the IPO market remains open we expect to see more PE backed companies make it to a public listing this year Christiian Marriott Investor Relations Partner at Equistone Partners Europe Limited comments March has seen some surprisingly good news in the UK market with three initial public offerings to the London Stock Exchange of PE backed companies This flurry of activity has bolstered exit values at the end of a fairly slow starting quarter by more than 2 7b Retail takes the lead over manufacturing by value for the first time Retail dominates the sector picture in terms of value 3 4b with two of the biggest deals of the quarter Douglas Holding and B M Retail Many retailers across Europe are experiencing significant signs of distress as discretionary consumer spending decreases and technology fundamentally changes their business models This changing landscape presents significant opportunities for PE leading to an increase in activity By number of deals manufacturing was still the largest European sector with 35 buyouts compared to 53 in Q1 2012 in 2 4b followed by business services 15 buyouts at 1 2b Germany and the Nordics see decline There were only 12 deals in Germany and 10 deals combined in the Nordic countries compared to 23 for Germany and 19 in the Nordics in the previous quarter Germany saw a 30 drop in deal value from 2 7b in Q4 12 to 1 9b in Q1 13 However the future pipeline in both the Nordics and Germany looks good and activity should pick up as the year progresses Christiian commented Although total German buyout activity is slower than it was this time last year the market continues to demonstrate its strength by providing some of the largest deals in Europe such as the 1 5b buyout of Douglas Holdings and the 800m sale of Dematic to AEA Investors Generally lower deal volumes have prevailed across Europe but the Nordics have seen a particularly slow start to the year accounting for less than 3 of European buyouts by value this quarter despite a significant amount of capital being raised for the region in the last few years However it is still early in the year and we will hopefully see confidence returning across the region thanks to a strong pipeline for European deals Refinancing increases as PE amend and extend There is still an overhang of portfolio assets originally scheduled for exit being delayed because of valuation expectations The result has been more PE houses taking an amend and extend approach rather than reduce their price expectations In 2009 only 3b of refinancing was recorded compared to over 17b in 2012 This trend of refinancing existing assets is likely to continue in 2013 Secondary buyouts slow Secondary buyouts SBOs are down from the previous quarter in terms of volume and value with only 31 deals and 5 4b so far this year Notably foreign divestments were very low with only 4 deals and 28m

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News_Q1-13-European-PE-buyout (2016-02-10)
    Open archived version from archive

  • Stronger global markets and macroeconomic conditions drive an improved IPO outlook for 2013 - EY - Global
    IPO markets as an asset class with more than 82 investing in IPOs in 2012 compared to only 18 who last invested in 2010 and 2011 as evidenced in a recent EY s study of institutional investors US market very positive In Q1 13 US stock exchanges have so far raised US 6 7b from 24 IPOs accounting for 37 of global capital raised this quarter and making the US the most active region globally Capital raised was up 4 compared to Q1 12 US 6 4b from 41 IPOs If the additional US 1 2b via eight IPOs in the pipeline for the remainder of March is successful the US will be on par with Q4 12 US 8 9b from 33 deals In March the Dow Jones Industrial Average reached its highest point since October 2007 With macroeconomic conditions also improving this means that market sentiment in the US is very positive Strong momentum is expected for the US IPO market for the rest of 2013 provided that stable macroeconomic conditions exist a concern for investors Real estate life sciences technology and oil and gas will lead the US IPO markets and these industry sectors account for more than 50 of the US IPO pipeline Conditions in Europe improving In Q1 13 European stock exchanges have so far raised US 2 7b from 15 IPOs accounting for 15 of global capital raised this quarter Europe contributed the second largest IPO globally the real estate company LEG Immobilien AG from Germany which raised US 1 5b EY s Global IPO pipeline analysis indicates there are an additional 11 IPOs with expected proceeds of US 2 0b to price before the end of March If successful this will increase capital raised by 68 compared to Q1 12 39 deals raised US 2 9b IPO activity in Germany UK and the Nordics is particularly active Other parts of Europe are not expected to recover until the second half of 2013 Maria Pinelli comments Cash strapped governments will likely seek capital through initial public offerings of state owned enterprises in 2013 In addition new government initiatives to foster market access for fast growth firms and entrepreneurs will also be important for the remainder of 2013 This combination of a supportive regulatory environment together with strengthening market indices mean conditions has improved significantly for the region However the Eurozone s political and economic difficulties are casting a shadow across the capital markets Asia off to a slow start Deal volumes have reduced dramatically in Asia in Q1 13 Asian stock exchanges raised just US 5 1b in 58 IPOs accounting for 28 of global capital raised this quarter Capital raised was down 38 compared to Q1 12 US 8 4b raised from 97 deals and a 40 drop by deal number The decline is due to a halt in listings on Chinese exchanges since November 2012 The new proposal for additional scrutiny of potential listings when markets reopen is likely to slow activity

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News_Stronger-global-markets-and-macroeconomic-conditions-drive-an-improved-IPO-outlook-for-2013 (2016-02-10)
    Open archived version from archive



  •