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News Weinberger currently leads our Global Tax practice, and will succeed Global Chairman and CEO Jim Turley when he retires in June 2013. The prospect of a mild recession in the Eurozone in the first half of 2012 is looking increasingly likely according to our Eurozone Winter Forecast. Year to date, the capital raised globally is down by 45% and number of deals is down by 20% compared to 2010. We believe that the key proposals announced by the European Commission on audit reform, should they come into effect, would damage audit quality. IPO activity fell sharply in Q3 2011, according to our Global IPO update, with just three IPOs over US$1b.
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