News releases Recent global news releases issued by Ernst & Young. November 2009 - Entrepreneurs keeping their eyes on the prize
London, 16 November 2009
Entrepreneur driven companies are actively seeking growth and opportunity in the economic downturn by adapting the way that their companies operate to position themselves for market leadership when recovery arrives, according to new research from Ernst & Young.
- One third of global businesses actively seeking M&A targets in next 12 months
London, 12 November 2009
There is a growing sense of anticipation about the global M&A environment with 33% of businesses likely or highly likely to acquire other companies in the next 12 months, according to a new study of almost 500 senior executives around the world by Ernst & Young’s Transaction Advisory Services. In fact, 25% expect to do so in the next six months.
- Investor-led changes – largely implemented and hugely beneficial, say hedge fund managers
New York, 9 November 2009
The global downturn forced hedge fund managers to respond swiftly and radically to the demands of investors, finds a new survey published today by Ernst & Young.
- Former employees a growing IT security threat
London, 9 November 2009
Reprisals from recently departed employees and a lack of adequate security budgets and resources are becoming major concerns for senior IT professionals, according to the 12th annual Ernst & Young 2009 Global Information Security Survey.
- China, technology and private equity to drive IPO activity in 2010
London, 6 November 2009
The Ernst & Young Institutional Investor IPO survey 2009, highlights the likely markets and sectors that will lead listing activity in 2010. The survey, based on responses from more than 300 institutional investors across the world, found that China, technology and private equity are likely to drive IPO activity over the next 12 months.
- Global corporates looking to invest heavily in cleantech - Ernst & Young
San Francisco and London, 5 November 2009
Despite ongoing uncertainty about the global economic situation, spending by the world’s biggest companies of developing or acquiring cleantech solutions is robust and primed to accelerate. This is according to a new survey of more than 300 executives worldwide from corporations with revenues in excess of US$1bn (two-thirds of the respondents were from corporations with turnover in excess of US$5bn), conducted by leading professional services organization Ernst & Young.
- Europe's top football leagues becoming more predictable
London, 3 November 2009
The last fifteen years have seen clear signs of a sharp decline in competitive balance of the five biggest European football leagues, with a handful of leading clubs increasingly pulling ahead of the rest of the pack, according to a new study by Ernst & Young.
October 2009 - Ernst & Young highlights insurance sector lessons learned from the financial crisis
London and New York, 26 October 2009
While the insurance sector has been less directly impacted by the recession in comparison to other financial services businesses, most insurance companies were surprised by the depth and magnitude of the downturn, according to a new report from Ernst & Young.
- Lifting your head above the parapet?
New York, 20 October 2009
An Ernst & Young study released today looks in detail at how leading global companies have dealt with the recession and are preparing for an eventual recovery. Lessons from Change, available at www.ey.com/lessons-from-change, is a unique distillation of the conversations that over 500 of our senior partners from member firms around the world have had with their international clients in the last few months.
September 2009 - Ernst & Young reports fiscal year 2009 global revenues of US$21.4 billion
London, 30 September 2009
Ernst & Young today announced combined worldwide revenues of US$21.4 billion for the fiscal year ended 30 June 2009 (FY09). Year-over-year revenues on a comparable basis decreased a modest 0.2% in local currency.
- Explaining international public sector accounting standards
London, 30 September 2009
The global financial crisis has demonstrated that the public sector as well as the private sector needs the highest quality accounting standards. Around the world, accounting in the public sector is practiced in diverse ways and struggles to achieve comparable standards in terms of accountability and transparency. IPSAS Explained a new guidebook released today by Ernst & Young and published by Wiley is the most comprehensive overview of the key global issues.
- Growing transfer pricing scrutiny by world’s tax authorities creates new risks for multinationals
London, 29 September 2009
Multinationals are facing new tax risks due to a growing number of authorities adopting divergent transfer pricing (TP) requirements, according to a new Ernst & Young survey examining the approaches and attitudes of tax authorities in 49 countries.
- One set of global accounting standards imperative to protect information, says Ernst & Young
London and Washington, 28 September 2009
“It is imperative that there is one set of financial reporting standards for the world if the quality and comparability of investor information is to be protected. I am pleased to see the G20 renew its call for a single set of high quality global accounting standards,” James S. Turley, the global chairman and chief executive officer of Ernst & Young LLP, said in response to the G20 communiqué.
- European PE assets show continued growth, despite challenging times
London 14 September 2009
The largest businesses across Europe exited by private equity (PE) investors in 2008, achieved impressive growth under PE ownership, according to the fourth annual PE study by Ernst & Young, and showed growth rates consistent with the prior three years of research.
- Global consumer products companies have a US$6b supply chain opportunity
London 11 September 2009
Rising supply chain costs have resulted in global consumer products (CP) companies, losing up to US$6b in the last three years, according to a new report released today by Ernst & Young.
- Consumer products companies new ‘winners’ of the recession
London 19 August 2009
More than two-thirds of global consumer products (CP) companies say they have achieved their target cost reductions effectively in the recession. CP companies also see greater opportunities for further cost reduction than firms in other sectors, particularly across the supply chain, with 62% eyeing additional gains versus 48% across all sectors, according to Ernst & Young’s Opportunity in Adversity research released today. - Frank Ng joins Ernst & Young LLP
Washington 18 August 2009
Ernst & Young LLP today announced that Frank Y. Ng has joined the firm in the Tax Controversy and Risk Management Services practice. Ng most recently served as the Commissioner of the Large and Mid-Size Business (LMSB) division at the Internal Revenue Service (IRS). - Misaligned and fragmented risk functions jeopardizing organizations’ performance – Ernst & Young study
London, 17 August 2009
Ninety-six percent of organizations believe they have an opportunity to improve their risk management functions. Furthermore, nearly half say committing additional resources to risk management could create a competitive advantage, according to Ernst & Young’s Future of Risk survey, which examined organizations’ attitudes toward risk management.
July 2009 June 2009 - Impact of financial crisis poses greatest threat to insurance industry
New York, 23 June 2009
The impact of the financial crisis is the most significant risk facing the insurance industry, according to a new report by Ernst & Young. In the Second annual business risk report – insurance 2009, model risk and regulatory intervention rank second and third among the top ten risks. - $1 trillion still tied up in working capital among leading corporations
London, 17 June 2009
Up to US$1 trillion of liquidity could still be tied up in working capital among the leading corporations in the US and Europe, according to a new report by Ernst & Young. - Entrepreneurship and innovation key to the global economic recovery, according to Ernst & Young report
Detroit, 16 June 2009
Ernst & Young LLP today released a report during the Detroit Economic Club’s National Summit that highlights the vital importance of entrepreneurship and innovation in today’s economy. At a time when business leaders are struggling to balance short-term survival with long-term demand for growth, innovation and an entrepreneurial mindset is essential. - The rules of the game have permanently changed – Ernst & Young
London, 15 June 2009
A study of executives at 570 leading global companies shows the depth of the impact of the worldwide recession on corporates. The comparisons with a similar study in January also reveal that while the white heat of the crisis has passed, the majority of companies are still focused on survival although there is a significant minority who are looking to take advantage of the situation to pursue new opportunities. - World’s largest oil companies to deliver over US$375bn of investment this year despite oil demand concerns
London, 1 June 2009
The world’s largest National Oil Companies (NOCs) and supermajors are planning on delivering in excess of US$375bn of ambitious investments through the down cycle, despite ongoing concerns around oil demand, according to new analysis from Ernst & Young.
May 2009 - Fuyao Glass Industry Group’s Cao Dewang named Ernst & Young World Entrepreneur Of The Year 2009
Monte Carlo, 31 May 2009
Cao Dewang, Chairman of Fuyao Glass Industry Group, has been named the Ernst & Young World Entrepreneur Of The Year 2009 at an awards ceremony held in Monte Carlo. Cao was picked from among the 43 entrepreneurs vying for the title, each of whom had already been named the Ernst & Young Entrepreneur Of The Year in their home countries. - Ernst & Young launches Global IPO trends report 2009
London, 19 May 2009
Ernst & Young will launch its Global IPO trends report 2009 Shifting landscape – Are you ready?, which provides detailed analysis of the major developments in worldwide IPO markets during 2008 and the first quarter of 2009. The severe economic downturn sent worldwide IPO activity in 2008 plummeting by over half since 2007. With assets being revalued globally no IPO market was insulated from the financial crisis. Shifting landscape – Are you ready? provides a full breakdown of 2008 global activity by region, industry and stock exchange. - Global economic downturn creating new risks for oil and gas sector
London, 13 May 2009
The oil and gas sector has been unevenly impacted by the global economic downturn which has created new risks for the industry that threaten the near-term survival and prospects of a number of oil and gas companies, according to The 2009 Ernst & Young business risk report, Oil and gas, released today. - Network assets back in favor as power tilts towards pipe owners
London, 11 May 2009
Despite the economic downturn, these are good days for asset-heavy incumbent telecoms operators with established networks, according to a new study of the telecoms sector by global professional services organization Ernst & Young. - Tax policy plays a vital role in economic stimulus activities
London, 8 May 2009
As the world economy seeks firm footing amid the first true global recession since World War II, more and more countries are turning to discretionary fiscal stimulus to boost overall demand and restart the flow of credit to companies. And, while spending measures have received more mainstream attention over the last few months, tax measures actually represent 56% of the net effect of fiscal stimulus, according to a recent OECD report. In Worldwide fiscal stimulus – tax policy plays a major role, Ernst & Young examines these tax-related fiscal stimulus measures in 24 key jurisdictions and identifies themes that are emerging as governments increasingly rely on their tax systems to administer fiscal stimulus. - Global financial crisis making biotech business model unsustainable according to Ernst & Young
Boston, 5 May 2009
Despite worldwide economic turmoil, the global biotechnology industry delivered a solid financial performance in 2008, according to Beyond borders: Global biotechnology report 2009, Ernst & Young’s 23rd annual report on the biotech industry. However, the prolonged and systemic funding drought is placing the business model that fueled biotech growth for the past 33 years under unprecedented strain.
April 2009 - Failing to demonstrate value of innovation is top risk facing life sciences sector, according to Ernst & Young
New York, 23 April 2009
Government and private insurers are placing unprecedented pressures on life sciences companies to demonstrate value for the products they develop, according to The 2009 Ernst & Young business risk report, Life sciences. Insurers, governments and individuals are likely to increase demands to demonstrate value in the years ahead, as they confront mounting healthcare costs, a shrinking tax base, aging populations, and a mandate to provide care for a larger pool of citizens. - IPO activity continues to slow with just 50 IPOs worldwide in Q1 2009
London, 7 April 2009
Global IPO activity continues to stall, according to Ernst & Young’s first quarter Global IPO update. A total of 50 IPOs worldwide raised just US$1.4 billion in capital between 1 January and 31 March 2009. Only two deals raised over US$100 million. This compares with 78 IPOs worth US$2.6 billion the prior quarter.
March 2009 February 2009 - Loss of client to new market entrants is biggest risk for telecoms sector in 2009
London, 13 February 2009
The annual top ten ranking by leading sector analysts, published in conjunction with strategy consultancy Oxford Analytica, reveals that as non-traditional players, such as internet companies, cable providers and equipment manufacturers have become new partners and competitors, they are battling to control the same clients as traditional telecoms operators. This in turn is creating competition that is both intensifying and becoming much more complex. - Survey finds “goodwill” accounts for almost half of enterprise value in acquisitions
London, 12 February 2009
With the increasing importance placed by regulators on fair value measurements, it is interesting to note that clearly identified intangible assets, such as brands, represented on average just 23% of enterprise value, while 47% of enterprise value was ascribed to “goodwill” in recent corporate transactions surveyed for a report released today by leading professional services organization Ernst & Young.
January 2009 - Strategic opportunities for oil and gas transactions in 2009
London, 26 January 2009
The volatility in oil prices and overall financial markets created a year of two halves for the global oil and gas industry.
Buoyed by a high oil price environment, in the first half of 2008 oil and gas deal activity was strong. However, the slowdown in the global economy resulted in fewer mergers and acquisitions (M&A) in the second half of 2008 resulting in 1,094 deals for 2008, down 29% from the record level set in 2007. The total value of oil and gas transactions for 2008 was US$179bn. - Outsourcing virtually a pre-requisite for new entrants into Asian telecoms market
London, 15 January 2009
New entrants into the Asian telecoms markets may find they need to enter into outsourcing agreements if they are to be competitive, according to a new report by the Ernst & Young Global Telecommunications Center, Asia Calling – Outsourcing for cost optimization (pdf, 1.41mb), which brings together the views of 13 senior telecoms executives in key Asian markets. - Ernst & Young welcomes prospect of a global accounting language but warns that 2009 will be a critical year for IFRS
London, 12 January 2009
Ernst & Young welcomes the fact that, despite a difficult year for companies and global economies, the major capital markets of the world are moving ever closer to adopting International Financial Reporting Standards (IFRS) as the globally recognized accounting language. But 2009 will be a critical year in this process, and the challenges now faced must not be allowed to derail the significant progress made to date.
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