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  • Global Economy Watch , Economic News , February 2015: PwC
    Australia Brazil Canada China Hong Kong France Germany India Italy Japan Mexico Middle East Netherlands Russia Singapore South Africa South Korea Spain Sweden Switzerland United Kingdom United States Complete list of PwC territory sites Economic update It s QE for the ECB Download Global Economy Watch February 2015 Cheap oil QE and Greece what does it all mean European Central Bank takes action to combat low inflation The European Central Bank ECB has announced plans to carry out an expanded quantitative easing QE programme involving the purchase of government bonds Specifically the ECB is expected to boost its balance sheet by 60 billion per month beginning in March 2015 and lasting until at least September 2016 If the programme finishes in September 2016 it will have increased the ECB s balance sheet by over 1 trillion This is expected to increase the ECB s assets as a percentage of GDP back towards the level it reached in mid 2012 see Figure 2 as a result of bond purchases through the Securities Markets Programme SMP and the longer term refinancing operations LTROs Will QE have the desired effect in the Eurozone QE works by the central bank buying government bonds which pushes up the price of bonds and lowers the interest rate making borrowing cheaper and potentially boosting other asset prices These direct monetary effects should encourage borrowing and increase credit in the economy This is expected to spur consumer spending and investment thereby stimulating economic growth As well as this QE could also lead to increased optimism amongst consumers and businesses encouraging them to spend even more as well as boosting net exports through a weaker euro We expect QE to provide some boost to economic growth prospects in the short term but without structural reforms it will not raise

    Original URL path: http://www.pwc.com/gx/en/issues/economy/global-economy-watch/february-2015.html (2016-02-10)
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  • Outlook for the Indian Economy: PwC
    target 7 8 rate of GDP growth within the next 3 4 years State of the economy low growth high inflation The new government which came to power following a landslide victory in the elections held in May inherited a slowing economy afflicted by high inflation Specifically in 2013 GDP grew by 4 7 while the inflation rate for wholesale prices was around 6 The Annual Economic Survey AES which was released by the government a day before the budget presented a mixed but improving picture Specifically according to the AES the economy was projected to expand by around 5 4 5 9 in the 2014 15 fiscal year FY which is a small improvement over previous years and similar to our projections While we think the GDP growth target for this year is achievable this is a long way off India s target growth rate of closer to 7 8 per annum In our main economic projections we expect GDP growth to be around 6 5 in the medium term unless more fundamental reforms are pushed through in future years Similarly inflation remained above the government s comfort zone due to higher food prices However we expect the inflation rate to stabilise in the region of around 5 6 this year on the back of monetary tightening at the beginning of 2014 As we pointed out in the May edition of the Global Economy Watch quick and decisive action on structural reforms are key factors that could help boost investment levels in India and increase its medium term growth prospects However this is challenging as India faces persistent high fiscal and current account deficits see Figure 3 which in turn reduces the government s policymaking flexibility However the new government has already started to put in place measures to

    Original URL path: http://www.pwc.com/gx/en/issues/economy/global-economy-watch/modi-budget-india-economy.html (2016-02-10)
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  • Global Economy Watch , Economic News , April 2013: PwC
    avoid a blanket approach in assessing the environment in the Eurozone economies Closer to home the Chancellor s prudent Budget had a raft of promising announcements for businesses These ranged from a gradual decrease in the headline corporate tax rate and lower National Insurance contributions to a Help to Buy scheme intended to spur activity in the construction industry But the low growth high debt environment most advanced economies including the UK face means the main burden of policymaking falls on central banks This month we also review the current debate on monetary policy where governments are asking their central banks what more they can do to promote economic growth For example in Japan the government has concluded that its central bank can do a lot more and has reset the Bank s inflation target to 2 from 1 But Japan s persistent low inflation environment means that lessons may not be transferrable to other struggling economies where higher inflation continues to exert pressure on businesses At a glance Charts of the month At a glance Key messages The Cyprus bailout and Italian political stalemate are reminders of how fragile and fast changing events can be in the Eurozone The Chancellor s latest Budget offered modest support to the economy in 2014 15 but rising public debt levels are a concern Japan has signalled a bolder more radical monetary policy to boost growth but this may not be appropriate for countries with higher inflation rates After a quiet start to 2013 the latest episode in the Eurozone crisis in Cyprus provided a reminder of how fast events can unfold there The Cyprus bailout negotiations revived fears of a disorderly bankruptcy and Eurozone exit because of the events leading to the bail out extended bank holidays the unprecedented content of the agreed package deposit holders taking a hit and the post bailout side effects capital controls Italy also remains in a fragile state and appears to face a political stalemate after the elections in February casting doubt on the pace of economic reforms that need to take place More positively the Irish government successfully tapped into international bond markets in March This was just over two years after Ireland was bailed out and shows the merits of implementing a credible economic reform programme In the UK the Chancellor used the Budget announcement to try to bolster confidence by announcing a number of business friendly measures These included a lower corporation tax rate reduced National Insurance Contributions particularly for small businesses and increased infrastructure spending from 2015 We expect the measures announced in the Budget to provide some modest support for the economy in 2014 and 2015 although they are not large enough to have a major impact on the growth outlook Also even though the Chancellor said this was a fiscally neutral budget figures from the Office for Budget Responsibility OBR show that UK public debt is now set to rise to over 85 of GDP in 2016 17 before peaking

    Original URL path: http://www.pwc.com/gx/en/issues/economy/global-economy-watch/april-2013.html (2016-02-10)
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  • Corporate reporting: Key global CR issues: PwC
    Global International PwC Sites Commonly visited PwC sites Global Australia Brazil Canada China Hong Kong France Germany India Italy Japan Mexico Middle East Netherlands Russia Singapore South Africa South Korea Spain Sweden Switzerland United Kingdom United States Complete list of PwC territory sites Global corporate reporting issues Learn more Learn more Learn more Learn more Learn more Building and maintaining trust has never been more important and more challenging How business operates and what drives success is being transformed At the same time what customers suppliers employees governments and society in general expect from business is already changing This is having an inevitable impact on what information management need to manage the business and what they need to communicate externally PwC s corporate reporting team is helping to influence and shape the reporting agenda to respond to these dynamics From insights into current emerging practices practical guides and innovative solutions the corporate reporting team can help you to understand how your current reporting stacks up stay ahead of developments and implement new reporting strategies in order to meet the needs of the capital markets regulators and other key stakeholders Guides and good practice Stay on top of your game Keep up with all of the latest corporate reporting developments Guide to forward looking information Narrative reporting give yourself a head start Guide to key performance indicators Good practice examples library Read more Quick links FAQs World Watch news and comment on the latest in corporate reporting Corporate reporting blog Financial reporting IFRS Stay up to date with our free monthly Corporate reporting insights Megatrends TIMM Performance Assurance Business Resilience Sustainability reporting Contacts Mark O Sullivan Director Corporate Reporting Tel 44 0 20 7804 3459 Email Audit and assurance services Financial statement audit Corporate reporting Integrated reporting Good practices Governance reporting

    Original URL path: http://www.pwc.com/gx/en/services/audit-assurance/corporate-reporting.html (2016-02-10)
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  • Cyber Security Risk Awareness: Risk assurance: PwC
    interconnected way So securing data transactions and operations means working beyond your own walls Businesses depend on digital business processes This amplifies the impact of cyber attaches on every area of your business It s not if but when Scarcely a day goes by without mention of a new cyber crime in the news Businesses face a wide range of threats ranging from nation states and organised crime to hacktivists and insiders Would you know what to do if you are compromised Are you prepared How do you survive and thrive New technology can bring more efficiency but is fraught with risks If your cyber security is inadequate you won t have the confidence to take risks that allow you to get ahead of the competition Cyber breaches damage reputations and destroy trust both are vital ingredients for success in the digital age A four stage process Assess understanding your capabilities and maturity to help you prioritise your investment Build designing and delivering cyber security improvement programmes Manage managing and maintaining control of your business enabling you to focus on strategic priorities Respond rapid global access to leading cyber incident containment investigation and crisis management expertise Find out more about the other gamechangers Building digital trust Cyber security confidence in your digital future Building digital trust You need to be aware of your cyber security risks be able to assess which cyber threats and possible cyber attacks could actually affect your business goals and have the agility to deal with new information security threats as they arise Culture and Behaviours Creating Confidence in your biggest asset Aligning your culture behaviours and beliefs is the key to success If there is a mismatch between the intended espoused and actual behaviours the consequences for your organisation can be serious Enterprise Resilience Boosting your corporate immune system Leaders need to integrate enterprise risk management with strategy improve their risk profile embed good corporate governance implement stress testing and embed continuous monitoring instead of focusing on cutting costs and aggressively streamlining operations Regulatory Response Redefining the value of regulation Your regulatory response reflects the level of control you have in your business Regulatory compliance can be turned from a requirement to a source of commercial advantage Third party trust Who s keeping your promises Promises are made between people not organisations or contracts Risk assessing contractual obligations understanding sub contractor risk and improving governance maturity will help to increase levels of third party trust Transformation Confidence Helping you to get closer to your transformation programme Many leaders lack visibility of their business transformation programmes Sponsors often feel removed from the detail of a change management programme and need help to feel closer increasing their confidence and certainty of achieving the desired outcome Audit and assurance services Financial statement audit Corporate reporting Integrated reporting Good practices Governance reporting Investor view Survey Webcasts Remuneration people and tax reporting Management and board reporting World Watch magazine Governance Corporate reporting Financial reporting Assurance Library of articles Talk to

    Original URL path: http://www.pwc.com/gx/en/services/audit-assurance/risk-assurance/game-changers/building-digital-trust.html (2016-02-10)
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  • Food integrity and transparency: Global Annual Review 2015: PwC
    industry Organic food is currently a US 72 billion global market One of the drivers behind its growth is the consumer trust the word organic inspires Labelling and controls about what can be sold as organic usually persuade consumers to pay a little more for the confidence they feel in the food s journey from farm to fork Leading retailers are capitalising on both the latest trends and new communication channels in opening up new opportunities by building trust through transparency The use of codes and mobile apps is becoming prevalent in the traceability transparency and distribution process A single incident can make headlines within hours The industry faces new food safety challenges due to the growing scale and evolving techniques of production and processing Government regulations are becoming more stringent Through social media a single contamination incident can make national headlines within hours The reputational and financial consequences can be devastating where consumers trust has been lost Increasingly complex supply chains bring greater risks of fraud and adulteration Examples include horsemeat being passed off as beef mince in Europe and the melamine incidents that led to several deaths and destroyed Chinese consumers trust in their domestic dairy industry Today even the most basic food can involve suppliers around the world While most companies can trace one step down the chain with reasonable certainty they would struggle to go further and verify that their second and third tier suppliers use best practices and adhere to international food safety and quality standards The collision of megatrends particularly climate change resource scarcity rapid urbanisation and demographic shifts is creating food security challenges as well We expect that a 70 increase in agricultural production will be needed to feed the world by 2050 Bridging the trust gap with consumers What s needed to help improve trust is the adoption of both emerging technologies and innovative solutions for food safety and security The industry must take bold steps in transforming from current practices to a broader approach with quality management supported by food safety and trust culture at its core In addition viable and cost effective traceability and transparency practices are key to enable a bridging of the trust gap with consumers State of the art information exchange through big data analysis intelligent supply chain mapping and tracing technologies are transforming the control and oversight companies can have over entire food supply chains Companies must stay on top of these trends and issues or risk being left behind as their competitors innovate and manage the collisions Global Annual Review 2015 60 second overview Chairman s interview Facts and figures Colliding megatrends The sharing economy Connected living Supercompetitive cities Food integrity and transparency Revenues Corporate responsibility Demonstrating social return on investment Helping countries navigate the road to the Global Climate Negotiations in Paris Helping the Kenya government to transform reproductive health for poor mothers in rural areas Improving the lives of up to a million marginalised girls Partnering with TUI Group and the Travel Foundation

    Original URL path: http://www.pwc.com/gx/en/about/global-annual-review-2015/colliding-megatrends/food-integrity-and-transparency.html (2016-02-10)
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  • Investor perspective on responsible investment and ESG issues: PwC
    Responsible investment is rapidly becoming a mainstream concern within the investment industry The dramatic growth in the number of investors who have adopted the Principles for Responsible Investment PRI is only the latest indicator of the increased attention the sector is paying to the integration of environmental social and governance ESG factors into investment management Responsible investment or ESG management is an influential component to decision making for LPs and GPs alike It s based on the belief that addressing ESG issues will protect and enhance portfolio returns especially over the longer term Responsible investors may choose to exclude entire sectors they consider unsustainable or unethical or they may seek out companies with better ESG performance than their peers Business as usual and ESG are becoming increasingly linked We see increasing awareness and reporting of ESG issues from our GPs Ardian France Much has been said about fund managers the General Partners and their views on environmental social and governance ESG issues when managing funds PwC s Putting a price on value But what about the investors the Limited Partners How do investors view responsible investment and ESG management And how in sync are the LPs and GPs With 88 of LPs in our survey believing that there is added value in responsible investment there s a collective need for LPs and GPs to adopt an approach that works for both Here we explore the investors perspective e g the Limited Partners who chose which funds they ll invest in touch on their relationship with fund managers e g the General Partners and work through ideas on ways to align the interests of the two Highlights 97 of LPs believe responsible investment will increase in importance over the next two years 83 believe that better management of ESG factors will

    Original URL path: http://www.pwc.com/gx/en/services/sustainability/publications/responsible-investment.html (2016-02-10)
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  • Shareholder value, business strategy and sustainability: PwC CEO Survey
    acute short term priorities at hand have CEOs taken their eyes off their responsibilities to society It s a struggle to juggle diverse demands It would be simplistic to conclude that a majority of CEOs have total disregard for the societal responsibilities of their businesses The fact that the percentage of those whose desired legacy was to create social and other stakeholder value didn t drop between 2007 and 2014 in spite of the global financial crisis indicates that as a whole they do place importance on non business value Another part of PwC s 17th Annual Global CEO Survey survey corroborates this CEOs were asked to what extent they agreed or disagreed with the following statement Satisfying societal needs beyond those of investors customers and employees and protecting the interests of future generations is important to my business Over 75 of CEOs agreed with this However what CEOs think is important isn t always followed up by action For example only 26 and 33 of CEOs respectively see addressing environmental risks and creating jobs for young people as priorities for their business So while wider societal value is important it is not seen as urgent or being acted upon Important but only reflected in the desired legacies of 40 of CEOs Mind set measurement and methods We can suggest three reasons for this disconnect between desired legacies and actions Firstly there s a mind set shift that needs to happen among CEOs who see shared value and business value as separate Business gurus Michael Porter and Mark Kramer talk about shared value as the idea that societal needs not just conventional economic needs define markets They argue that businesses need to start creating economic value in a way that also creates value for society by addressing its needs and challenges These views are echoed by R Edward Freeman and the World Economic Forum s Klaus Schwab 4 and we re seeing them manifested within organisations such as Google Unilever Nike and Novo Nordisk Secondly it s also possible that some CEOs answered the question framed by the way they have long been measured as CEOs by shareholders and on financial performance Would they have given a different answer if the question had been As the CEO of your enterprise what is the one thing you want to be remembered for by all your stakeholders Thirdly those CEOs who want to change the focus of their businesses may lack established methods and tools to enable them to do it Measuring and understanding where your organisation s activities create and destroy value both now and in the future is fundamental to being able to shift its purpose and activities What will it take for more CEOs to prioritise social value Building a lasting legacy beyond just profits and improving the lives of our stakeholders CEO asset management company Leading a company is not just about making profit How to use our own power to make our society better is a more important thing CEO aerospace defence company As the interviewees quoted here show shareholder and societal value are both important one without the other will lead to failure over time CEOs must adopt strategies that enhance both As megatrends create new business realities and societal pressures increase this is a constantly changing tension that CEOs will have to master and some of the value for business and business transformation and growth oriented responses also recognised this tension Seeking for better balance between social responsibilities and shareholders benefits CEO metals company Making a long term difference to the socioeconomic needs of our country whilst doing this on a profitable basis that gives good returns to the shareholders CEO insurance company It s not an easy equation to balance the long and short term horizons and risks the urgent and the important the shareholders and the others But CEOs need to lead both their organisations and their shareholders as society demands Not knowing how to is no longer acceptable With that imperative in mind here are some guidelines that can help them on their way Keep being a business no need to become a charity Shared value requires businesses to act as businesses It s not the same as corporate social responsibility philanthropy or charitable donations A number of CEOs or founders have admirably donated the proceeds of their success to drive change However shared value looks at using the business as a driver for change The magic lies in businesses having a socially centred purpose a mission to create economic value in a way that also creates value for society by addressing its needs and challenges through innovative products solutions services or delivery mechanisms Social progress becomes company growth not at the margin but at the core This is when businesses will start to have real impact on societal value I want to be known as a CEO that built a company that improves the lives of people by creating innovative solutions to some of today s pressing healthcare problems making healthcare more efficient effective and safer CEO pharmaceuticals and life sciences company Understand that societal value is business value not just cost Business can only thrive in an environment where society survives So instead of seeing social policies as a necessary cost CEOs can identify how their businesses can help solve the social weaknesses that will in turn resolve some of the business challenges they face It is not just a moral duty it is a long term strategic imperative to take social impact into account Social constraints such as wasted energy or raw materials costly accidents the need for remedial training to compensate for inadequacies in education create internal costs and challenges for companies Addressing these can help firms become more effective One engineering and construction company CEO reflected this idea as he explained his desired legacy I want to have meaningfully and positively changed lives of previously disadvantaged youth that are caught in the poverty cycle through ongoing interventions

    Original URL path: http://www.pwc.com/gx/en/services/advisory/consulting/risk/resilience/publications/what-motivates-your-ceo-over-the-long-term-shareholder-or-social-value.html (2016-02-10)
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