News releases - Ernst & Young - Ireland

Press release archive

2009

• Worst may be over for All Island economy – but EU deficit obligations imply major spending cuts and tax rises on horizon for Republic 
  11 November, 2009
  The Island of Ireland economy will shrink by 6.7% in 2009 – revised down from 7.8% - with Northern Ireland (NI) experiencing the worst economic contraction on record for this period. However, tentative recovery is forecast with the all-island economy estimated to contract just 0.3% in 2010, according to the latest Ernst & Young Economic Eye, launched today.
• Taxback.com founder named 2009 Ernst &Young Entrepreneur of the Year® 
  28 October, 2009
  Kilkenny businessman Terry Clune, founder of Taxback.com, received Ireland’s coveted business award when he was named at a ceremony last night as the 2009 Ernst & Young Entrepreneur of the Year®.  Clune was first announced as winner of the industry category before receiving the overall title which was presented by The President of Ireland, Mary McAleese. 
• Europe remains world’s top beer producer according to Ernst & Young report
  Dublin, 8 October, 2009
  The Irish excise duty rate on beer remains one of the highest in Europe according to a new report produced by Ernst & Young into the beer industry in Europe.
• Global IPO activity rebounds in Q3 driven by Chinese listings
  6 October, 2009
  A succession of billion dollar plus Chinese IPOs helped drive the total value of the IPO market in Q3 to US$37.8billion: the highest amount since Q2 2008 and an increase of 292% on Q2 2009. The number of IPOs (149) was the highest quarterly total this year but remains well down on historical trend.  Irish IPO activity remains flat.
• Commission on Taxation recommendations to broaden the tax base by stealth
  Dublin, 7 September, 2009
  Ernst & Young welcomes the publication of the report of the Commission on Taxation. The report is a useful addition to the debate on the fitness for purpose of the Irish tax system. The proposals for business are broadly positive though there are some elements which would give rise to concern.
• Ernst & Young appoints new Senior Partner to Irish firm and announces 169 new partner admissions in EMEIA
  Dublin, 1 July, 2009
  Ernst & Young has today announced the appointment of Mike McKerr as Senior Partner of the firm's Irish business. The announcement comes as the regional firm today reported the admission of 169 new partners - including 3 across its Irish firm - with immediate effect.
• The rules of the game have permanently changed – Ernst & Young
  Dublin, 15 June, 2009
  78% of 100 leading Irish companies surveyed have confirmed that they underestimated the severity of the current economic downturn and the subsequent impact on their businesses.
• FDI Jobs in Ireland rises 56% however European inward investment stalls as recession looms 
  Dublin, 4 June, 2009
  Job numbers in Ireland which have resulted from foreign direct investment (FDI) have jumped a staggering 56% (2007/2008) according to a report published by Ernst & Young today.
• Ernst & Young participates in 2009 Women's Mini-Marathon
  Dublin, 2 June 2009
  Congratulations to the 71 participants who walked and/or ran the mini-marathon on Bank Holiday Monday, 1 June.
• 59% of Irish businesses believe fraud risk is on the increase as recession bites
  Dublin, 25 May, 2009
  Almost 60% of Irish businesses surveyed expect corporate fraud will rise as a result of the current economic downturn according to a report issued today by Ernst & Young.
• Grim news now but a brighter future?
  Dublin/Belfast, Wednesday 20 May 2009
  The Republic of Ireland is in a technical depression according to a study published today by the first all-Island economic forecasting unit – the Ernst & Young Economic Eye.
• Mini-Budget announced
  Dublin, 7 April, 2009
  The budget will impact on most people’s disposable income significantly, states Ernst & Young Tax Partner, Kevin McLoughlin.
• IPO activity continues to slow with just 50 IPOs worldwide in Q1 2009
  Dublin, 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.
• Retrenchment and back to basics as financial services stave off impact of global recession, finds Ernst & Young
  Dublin, 19 March 2009
  Retrenchment, across the board cost reductions and disposal of non-core businesses and assets are becoming the default strategies for the financial services (FS) industry as it navigates its way through the global recession, according to Ernst & Young.
• Sale of business brings total zavvi jobs saved to 629
  Wednesday, 18 February, 2009
  The Joint Administrators from Ernst & Young are pleased to announce that a further 360 zavvi jobs are expected to be saved following sale agreements reached with HMV Music Limited and Head Entertainment LLP, with effect from 10pm on 17 February 2009.
• Cash is king across the globe as corporates tighten their belts
  Monday, 16 February, 2009
  An Ernst & Young report released today, “Opportunities in Adversity”, highlights how nearly 350 major global corporates are adapting their business strategies to a deep international recession and how their key priorities are evolving for the next 12 months.
• Ernst & Young statement on Anglo Irish Bank
  Dublin, Friday 16 January 2009
  Ernst & Young confirms that all of the audits conducted for Anglo Irish Bank shareholders were undertaken in accordance with the appropriate auditing standards.

2008

• C&F Group founder named 2008 Ernst &Young Entrepreneur of the Year®
  Friday 24 October 2008
  Galway businessman John Flaherty, founder of C&F Group received Ireland’s coveted business award when he was named as the 2008 Ernst & Young Entrepreneur of the Year® at a ceremony last night. Flaherty was first announced as winner of the international category before receiving the overall title which was presented by the Tánaiste Mary Coughlan, Minister for Enterprise, Trade and Employment.
• 95% of business leaders believe that the Budget will have a negative effect on Ireland’s competitiveness
  Wednesday 15 October 2008
  95% of business leaders attending an Ernst & Young briefing on Budget ’09 this morning felt that the budget would have a negative effect on Ireland’s competitiveness. The 200 business leaders attended the breakfast briefing to hear experts from Ernst & Young explain the details of the measures introduced in yesterday’s Budget.
• Identification of fraud in Irish business expected to increase as a result of downturn
  Tuesday 30 September 2008
  93% of attendees at an Ernst & Young briefing identified through a questionnaire they expect the level of fraud faced by their organisations to further increase due to the economic downturn. At the briefing, experts advised the audience on current fraud trends in the Irish market and put forward measures businesses should adopt to minimise risk and deal with incidents appropriately.
• Ernst & Young breakfast briefing shines spotlight of doing business in China
  16 September 2008
  China can offer Irish companies enormous opportunities however there are a number of legislative and financial differences between both countries which challenges Irish businesses according to Ernst & Young.
• Substantial skills shortage in a number of sectors despite economic downturn
  11 September 2008
  There is a substantial skills shortage in a number of sectors despite the economic downturn according to Ernst & Young. Recent figures from the Department of Enterprise, Trade and Employment indicate that despite this shortage the number of employment permits issued for the first eight months of 2008 is less than 50% of the number issued in 2007.
• Jim Ryan new President of Irish Taxation Institute
  9 September 2008
  Government must resist creeping calls to raise tax rates, the new President of the Irish Taxation Institute said today.
• Ireland is one of the Top 10 countries for investment in renewable energy
  18 July 2008
  Ireland is now ranked as one of the top 10 attractive countries in the world for investment in renewable energy according to the Ernst & Young Renewable energy country attractiveness indices.
• Commentary from Hetal Mehta, senior economic advisor to the Ernst & Young ITEM Club, regarding UK public finances
  19 August 2008
  "The public sector moved yet deeper into the red in June. Net borrowing came in at £9.2bn, a record for the series and more than 40% above the level a year before. For the first three months of the financial year, net borrowing totalled £24.4bn, almost £10bn higher than in the same period a year before."
• Ernst & Young EMEIA operational from 1 July
  1 July 2008
  Ernst & Young has announced that from the 1 July its practices in Europe, Middle East, India and Africa (EMEIA) will be operated under a single EMEIA Area Executive.Mark Otty, as Area Managing Partner, will lead the new organisation with over 60,000 people in 87 countries and a projected turnover in excess of $11billion.
• Ernst & Young Irish partners announce All-Ireland integration
  Belfast and Dublin 25 June 2008
  The partners of Ernst & Young in Ireland are delighted to announce the formation of an All-Ireland practice with effect from 1 July 2008. Paul Smith, the Managing Partner of Ernst & Young in the Republic of Ireland will become the leader of the new business whilst Mike McKerr, Managing Partner of our Belfast office will become Markets Leader.
• Foreign Direct Investment in Ireland maintains momentum in 2007
  5 June 2008: Foreign direct investment (FDI) in Ireland remained strong in 2007 according to Ernst & Young’s latest European Investment Monitor (EIM) published today. The 10th annual survey revealed that in 2007 Ireland attracted 80 FDI projects, up from 74 in 2006.  This is the highest level of investment since 2000 when 113 projects were secured. Across Europe, a record number of foreign direct investments (FDI) took place for the fourth year in succession, with a total of 3,712 FDI projects recorded - a 5% increase on 2006. This upward trend is unlikely to continue in 2008.
• Record venture capital and heated deal environment propel global biotechnology industry forward in 2007
  22 May 2008
  Ernst & Young’s 2008 Global Biotechnology Report reveals robust investment in the industry; sweeping trends that are transforming the industry.
• Ernst & Young announces significant globalization moves
  21 April 2008
  Ernst & Young today announces that its Global Executive and the Global Advisory Council approved the proposed integration of all of its 87 country practices in Western and Eastern Europe, the Middle East, India and Africa into a new EMEIA Area. It also confirmed that more than 700 partners in the Far East had supported a similar integration across 15 countries and territories.
  
• Global IPO activity decelerates Q1 2008- Irish company listed 20th largest offering globally
  16 April 2008
  In the first quarter of 2008, global initial public offering (IPO) activity decelerated sharply in the wake of the credit crunch and sustained financial turmoil, according to the quarterly Global IPO Update from Ernst & Young. The number of IPOs fell by 60% in the first quarter of 2008 compared with the fourth quarter of 2007 and was down 38% on the first quarter of 2007.
• Global Tax Risk Management reception
  12 April 2008
  Frank Daly, recently appointed Chairman of the Commission on Taxation, attended a reception on Thursday 12 April to mark the publication of a new book on Global Tax Risk Management, by authors PJ Henehan and Aidan Walsh, Partners, Ernst & Young. This essential new title takes a detailed look at the key role a senior tax executive plays in corporate achievement and the importance of successful tax risk management. It includes practical tools, tax risk methodologies and a conceptual framework which are needed to manage tax risks around the world. This work is a must for all senior tax professionals in the current climate of rapid cross-jurisdictional business development to assist compliance with a variety of complex laws, regulation and corporate governance.
• Hetal Mehta, Economic Advisor to the Ernst & Young comments on today's interest rate cut in the UK
  10 April 2008
  

  "The Ernst & Young ITEM Club believes that the Bank of England made the right decision by cutting interest rates to 5.0%. We are experiencing a massive once-in-a-generation shift in world relative prices and this was always going to be difficult to manage without risking a temporary overshoot.

  On top of the impact of the credit crunch, there now seems to be a sharper slowing in the housing market than previously thought to be the case which, in its own right, may have also warranted a rate cut.

  Further rate cuts should also be in the pipeline. Although the labour market is currently strong, a deterioration is expected and this will have a significant impact on consumer spending. As a result, the economy is expected to post below-trend growth of 1.8% this year and in 2009."

• Over Half of Irish Businesses Surveyed Experienced Significant Fraud in the Last Year
  2 April, 2008
  The results of the annual Ernst & Young "Fraud Risk Management Survey" show that despite growing action by businesses to tackle fraud, with almost all respondents undertaking some sort of review of internal controls, only 45% have undertaken a Fraud Risk Assessment. This according to Ernst & Young may impact on the effectiveness of companies controls to combat fraud, which over half of Irish businesses surveyed claimed to have experienced in the last year.
• Finance Bill Press Release
  31 January 2008
  Finance Bill "disappointing, not radical or innovative on tax front for Irish businesses competing in world economy” according to David Smyth, Head of Tax Services.
• Global Information Security Survey
  16 January 2008
  Data Privacy not viewed as a priority by Irish organisations. Read more on the Global Information Security Survey.
• Ernst & Young applauds the success of the IASB and announces the launch of International GAAP® 2008 book
  14 February 2008
  Ernst & Young aplaud IASB and announce "International GAAP®2008" book launchThe movement towards International Financial Reporting Standards (IFRS) as the leading financial reporting framework for the global capital markets has gathered pace faster than most people expected, according to Ernst & Young.