News releases in 2012
- Global Islamic assets expected to reach US$1.8 trillion by 2013
Singapore, 17 December 2012
Global Islamic banking assets held by commercial banks are set to cross US$1.8t in 2013, up from the US$1.3t of assets held in 2011, according to EY’s World Islamic Banking Competitiveness Report 2013.
- EY Singapore Executive Chairman to retire
Singapore, 17 December 2012
EY in Singapore today announced the retirement of its Executive Chairman, Mr. Ong Yew Huat effective 31 December 2012.
- Global IPO activity expected to pick up in second half 2013 driven by the US
Singapore, 11 December 2012
After a slow start to 2012, momentum lifted in the second quarter, but significant macroeconomic volatility and changes in political leadership in many parts of the world, weighed on global IPO activity for the remainder of the year.
- Over 500 EY people fulfill Christmas wishes of some 500 children and elderly residents
Singapore, 7 December 2012
Over 500 Partners and staff of EY in Singapore spent three weeks raising money and preparing gifts, culminating into the event yesterday where S$22,000 worth of food hampers were delivered to about 300 elderly residents. This charity drive is part of the Boys’ Brigade Share-a-Gift (BBSG) program to spread joy during the Christmas season.
- Exploration and development spending fuels growth in worldwide oil and gas reserves
Singapore, 6 December 2012
As a result of growth in Asia-Pacific gas reserves, investments in Canada’s oil sands and the dramatic increase of US shale reserves, worldwide oil and gas reserves increased in 2011. Worldwide oil reserves grew by 1% in 2011, while gas reserves rose by 4%. Oil and gas revenues experienced 27% growth in 2011.
- Perceived benefits of hedge fund regulation deteriorates among investors
Singapore, 4 December 2012
Despite increasing regulatory requirements for hedge funds, only 10% of investors feel that regulations effectively protect their interests, and 85% of investors do not believe these requirements will help prevent the next financial crisis, according to EY’s sixth annual survey of the global hedge fund market, Finding Common Ground.
- Asia-Pacific’s trade flows to experience exponential growth in the next decade
Singapore, 29 November 2012
Rapid-growth markets (RGMs) in Asia-Pacific are expected to dominate world trade over the next ten years and will account for a quarter of global consumption by 2020, according to EY’s report titled “Beyond Asia: new patterns of trade”.
- ARA Asset Management chief John Lim named EY Entrepreneur Of The Year 2012 Singapore
Singapore, 27 November 2012
Professional services firm EY announced Mr. John Lim, Group CEO of ARA Asset Management Limited, as the EY Entrepreneur Of The Year (EOY) 2012 Singapore at the 11th EY EOY awards gala held at The Ritz-Carlton, Millenia Singapore this evening. Mr. Heng Swee Keat, Minister for Education officiated at the gala as guest-of-honor.
- Talent management sea change needed for global growth, says survey
Singapore, 23 November 2012
High performing organizations are much more likely to decentralize their operations to compete in a global business environment, says a new EY report.
- EY recognized as one of the 25 World’s Best Multinational Workplaces by Great Place to Work®
Singapore, 15 November 2012
EY announced today that it has been recognized as one of the World’s Best Multinational Workplaces by Great Place to Work® Institute. Now in its second year, the ranking is the world’s largest annual study of workplace excellence and identifies the top 25 best multinationals in terms of workplace culture.
- Unprecedented demand for CFOs to serve on corporate boards
Singapore, 15 November 2012
The demand for CFOs on corporate boards is undergoing an unprecedented rise, driven by regulation, difficult economic conditions and the CFOs’ broadening skill set, according to a new EY study. Seventy-nine per cent of CFOs surveyed as part of the study state that their financial expertise means they are in more demand than ever before for board level roles.
- Expansion of rapid-growth markets to slow but quick rebound expected
Singapore, 14 November 2012
Although the global economic environment has deteriorated since the start of this year – impacting the outlook for rapid-growth markets (RGMs) exports and their ability to attract foreign direct investment (FDI) – this will be a temporary phenomenon, according to EY’s recently released quarterly Rapid-Growth Markets Forecast (RGMF).
- Significant increase in global mobility assignments to emerging markets creates challenges
Singapore, 6 November 2012
Nearly half of global companies interviewed on the issue of global mobility assignments intend to increase the number of staff sent to growth markets over the next year.
- Growing role for Africa in the “Golden Age of Gas”
Singapore, 31 October 2012
With open access and attractive leasing terms, Africa’s oil and natural gas resources continue to attract a broad spectrum of investors, according to a new report from EY Natural gas in Africa – The frontiers of the Golden Age launched at Africa Oil & Gas Week.
- Ad-hoc information security solutions no longer an option, as companies struggle to keep pace with today’s threats
Singapore, 31 October 2012
Organizations need to fundamentally shift their approach to information security in order to meet the threats presented by existing and emerging technologies according to EY’s Global Information Security Survey 2012 report released today.
- Impact of regulatory and accounting changes critical to viability of bank’s OTC derivatives business
Singapore, 22 October 2012
EY’s survey, Reflecting credit and funding adjustments in the fair value of derivatives and issued debt, captures the progress of 19 of the largest, most sophisticated dealing houses and benchmarks current practice in calculating credit and funding adjustments to fair value, as well as the impact of Basel III on this process.
- Oil demand for remainder of 2012 constrained by lackluster economic environment
Singapore, 19 October 2012
The EY Global Oil & Gas Q4 outlook highlights that the markets for the remainder of 2012 remain uncertain with oil prices becoming somewhat disconnected from market fundamentals.
- CIOs risk being sidelined if they fail to change C-suite approach
Singapore, 16 October 2012
As the business world evolves, CIOs can, and must, refresh the outdated perspectives that other executives still hold about their role in order to succeed, according to EY’s DNA of the CIO report.
- New smartphone services fall short of potential as consumers are confused by data price plans and mobile functions
Singapore, 12 October 2012
Consumers are overwhelmed by new mobile internet services and increasingly complex mobile data price plans, according to The Mobile Maze, a new survey by EY.
- Five leading entrepreneurs named winners of the EY Entrepreneur Of The Year 2012 awards
Singapore, 11 October 2012
Professional services firm EY announced the five recipients of its 11th EY Entrepreneur Of The Year (EOY) 2012 awards.
- Corporate growth expectations moderate in Southeast Asia (SEA)
Singapore, 10 October 2012
A sense of pessimism dominates findings from the latest EY’s bi-annual Southeast Asian (SEA) issue of the Global Capital Confidence Barometer released today. The survey of more than 1,500 senior executives in 41 countries around the world, of which 118 were from Southeast Asia (Singapore, Malaysia, Indonesia, Thailand and Vietnam), was conducted in August and September 2012.
- EY reports 2012 global revenues of US$24.4 billion
Singapore, 2 October 2012
EY today announced combined global revenues of US$24.4 billion for the financial year ended 30 June 2012, compared with US$22.9 billion in 2011. Revenues grew 7.6% in local currency (US$ 6.7%).
- 600 EY people walked 2,400km for 24,000 bowls of rice to benefit the underprivileged
Singapore, 28 September 2012
600 Partners and staff of EY in Singapore walked a total of 2,400 km around Marina Bay this evening to raise 24,000 bowls of rice to help low-income families in the South East District in Singapore.
- Sharp decline in global IPO deal value and volume in Q3 but recent listings suggest more deals to come in Q4 2012
Singapore, 28 September 2012
Global IPO activity continued to drop in Q3 2012 although recent listings suggest a market improvement in the coming months, according to EY’s latest Global IPO update.
- A lost decade for the Eurozone?
Singapore, 27 September 2012
While the European Central Bank’s Outright Monetary Transactions has significantly reduced the risk of a Eurozone breakup in the near term, the broader policy response to the crisis has still fallen short of the game-changer needed to restore long-term stability, according to the autumn EY Eurozone Forecast (EEF).
- EY: Global demand for Sukuk to reach US$900b by 2017
Singapore, 10 September 2012
According to estimates by EY’s Global Islamic Banking Center of Excellence, the global demand for Sukuk is forecasted to grow three-fold from US$300b to US$900b by 2017.
- M&A activity in the Oilfield Services industry expected to increase over next 12 to 24 months
Singapore, 31 August 2012
A newly released report, EY Dynamic Dealmaking in Oilfield Services, by EY and mergermarket indicates that the vast majority of the survey respondents (84%) are expecting an increase in M&A and none expecting a decrease.
- Political support and clear policies prove critical for renewable energy market growth
Singapore, 29 August 2012
Having quadrupled its solar capacity target to 50GW by 2020 and begun an accelerated domestic installations program to tackle the oversupply of solar panels, China looks set to continue its domination of the global renewable energy market, according to EY’s latest quarterly global Renewable energy Country Attractiveness Indices report (CAI) released today.
- EY Asean Art Outreach program presents Malaysian artist Kow Leong Kiang’s solo debut in Singapore on poetic portraitures
Singapore, 28 August 2012
EY opens To the sea by Malaysian Kow Leong Kiang at the EY Gallery today. This 12th exhibition of the EY Asean Art Outreach program will run from 28 August 2012 to 25 January 2013.
- Macroeconomic uncertainty catches up with technology sector
Singapore, 16 August 2012
Global technology mergers and acquisitions (M&A) deal value slowed to US$33.4b of aggregate deal value in the second quarter of 2012, down 43% year-overyear (YOY), according to EY’s Global technology M&A update: April-June 2012.
- Breaking down the barriers for women on and off the sports field
Singapore, 13 August 2012
As the Olympic Games sets a new record for gender equity – with all 205 participating nations sending at least one woman to compete – EY launches a white paper on how to break down the barriers for women both on and off the sports field.
- Singapore outbound FDI expected to rise sharply with focus on Asia
Singapore, 7 August 2012
FDI outflow from Singapore is expected to reach US$38.6b by 2020, according to EY’s Beyond Asia: Strategies to support the quest for growth report. FDI outflow has already more than doubled between 2004 and 2011 to reach US$22.6b, with peak outflow at US$32.7b in 2007.
- Singapore ranked world’s second most attractive market for M&A
Singapore, 2 August 2012
Singapore is the world’s second most attractive market in which to do M&A, according to new global country rankings. The US continues to be the top ranked country globally in terms of M&A maturity, closely followed by Singapore, as reported in the 2012 M&A Maturity Index. The UK follows in third position ahead of Hong Kong in fourth.
- Supply outweighs demand for oil, while gas is the growth story for rest of 2012
Singapore, 1 August 2012
The next six months should see over supply in the oil market with increased production from Libya, Iraq and US shale keeping oil prices flat according to EY’s Quarterly Oil and Gas outlook. However, any new economic or political threat to supply that emerges, whether perceived or real, has the potential to shock oil prices.
- Value-driven customers take control of their relationships with banks in Singapore
Singapore, 31 July 2012
EY’s Global Consumer Banking Survey 2012: The customer takes control released today highlights that Singapore’s customers are demanding more value from their banking relationships. The survey, conducted in February and March 2012 using an internet questionnaire, covered 28,560 banking customers across 35 countries, including 500 from Singapore.
- Eighty percent of chief audit executives acknowledge room for improvement with internal audit functions
Singapore, 18 July 2012
With risk, control and compliance becoming increasingly important in today’s global marketplace, a new global survey of 695 chief audit executives (CAEs) and Csuite executives released by EY today reveals that 80% of organizations acknowledge that their internal audit function has room for improvement.
The future of internal audit is now report highlights that 75% of respondents believe strong risk management has a positive impact on their long-term earnings performance and an equal percentage believe that their internal audit function has a positive impact on their overall risk management efforts.
- Slowdown in rapid-growth markets to be short-lived
Singapore, 11 July 2012
Economic expansion in the 25 leading rapid-growth markets (RGMs) has started to slow sharply since the beginning of this year but this will only be a temporary blip according to EY’s quarterly Rapid-Growth Markets Forecast (RGMF) released today.
- Global survey reveals talent management challenges for rapid growth market multinationals
Singapore, 10 July 2012
Emerging market multinationals are struggling to build effective international management teams as they grapple with cultural differences, conflicting internal perceptions of talent management, difficulties in balancing global and local talent, and a lack of a reliable leadership pipeline. These are the main findings of a new EY survey “Growing Pains: Companies in Rapid Growth Markets Face Talent Challenges as They Expand” of 810 business executives from all major rapid growth markets.
- Foreign direct outflows from Asian markets to hit US$400b by 2020
Singapore, 5 July 2012
The importance of Asia to global trade will continue to increase steadily over the next decade with foreign direct outflows reaching US$400b by 2020 for nine rapid-growth markets within East and Southeast Asia. This is according to a new EY report, Beyond Asia: strategies to support the quest for growth, which surveyed over 600 business executives from organizations based in East and Southeast Asia.
- EY announces 548 new partners worldwide
Singapore, 2 July 2012
EY has today announced the admission of 548 new partners across its global organization.
- Global IPO activity rose in Q2 2012
Singapore, 27 June 2012
Global IPO activity saw an improvement in Q2 2012, according to EY’s Global IPO update. So far this quarter, a total of 206 deals has raised US$41.8b, an increase of 5% by deal numbers and 141% higher by capital raised compared to Q1 2012 (US$17.4b via 196 deals).
- Foreign investment into Europe rises despite Eurozone crisis
Singapore, 20 June 2012
Despite the fragility of the Eurozone economy, inward investment continued to rise in Europe in 2011 with the total number of projects significantly higher than precrisis levels, according to EY’s 10th annual European Attractiveness Survey.
- James Mwangi of Kenya’s Equity Bank named EY World Entrepreneur Of The Year 2012
Singapore, 10 June 2012
Dr. James Mwangi, CEO and Managing Director of Kenya’s Equity Bank Limited was named the EY World Entrepreneur Of The Year 2012 at an awards ceremony held in Monte Carlo’s Salle des Etoiles. James was picked from among the 59 country finalists vying for the title across 51 countries, each of whom had already been named the EY Entrepreneur Of The Year in their home country.
- Despite tough economic times, entrepreneurs are creating jobs and growth
Singapore, 7 June 2012
While other businesses struggle to create jobs, entrepreneur-led companies expanded their workforce by 16% in 2011. Global job hot spots: Help wanted, a survey of 400 of the world’s leading entrepreneurs released today by EY highlights that despite tough economic times, over two-thirds of them also expected to hire in 2012. Nor are they temporary or low quality jobs. The majority of the positions require university degrees or substantial experience.
- Senior executives neglect fraud risks in drive for revenue growth during economic downturn
Singapore, 28 May 2012
Pressure to meet revenue growth is undermining senior executives’ commitment to compliance with policies and laws. This was according to EY’s 2012 Global Fraud Survey, Growing Beyond: a place for integrity, which canvassed the views of over 1,700 CFOs and heads of internal audit, legal and compliance in major companies in 43 countries around the world, including 25 respondents from Singapore.
- Technology mergers and acquisitions off to a mixed start in 2012
Singapore, 15 May 2012
Aggregate deal value of global technology mergers and acquisitions (M&A) fell 12% year-on-year (YOY) to US$25.1b in the first quarter of 2012. This was only half the value decline of M&A in all industries, as ongoing economic uncertainty continues to take its toll on global deal-making. Private equity (PE) deal values for technology, meanwhile, climbed 171% YOY in 1Q12, despite falling significantly in all industries, according to EY’s Global technology M&A update: January-March 2012 report.
- Asia-Pacific Oil & Gas companies more likely to divest than their global counterparts
Singapore, 10 May 2012
The sixth EY Global Capital Confidence Barometer has found that despite higher oil prices, improving access to capital, increasing economic optimism and a generally more favorable deal environment, Oil and Gas executives are still cautious about engaging in M&A. However, Oil and Gas respondents expect divestment activity to increase over the next twelve months.
- Conservative optimism prevails as Southeast Asian (SEA) companies tread carefully with M&A activities
Singapore, 26 April 2012
For 18 consecutive months, Southeast Asian (SEA) corporates have expressed their confidence in the economic prospects in the region. More than half (54%) of SEA respondents believe that their local economies are improving – an 11% improvement from six months ago – while 24% believe their local economies to be stable. This is according to the third edition of EY’s bi-annual SEA issue of the Global Capital Confidence Barometer released today.
- Singaporean engineer-turned-artist Ho Sou Ping tells journey of art exploration in latest EY Asean Art Outreach exhibition
Singapore, 24 April 2012
EY opens Metamorphosis II: The pursuit of colors by Singaporean Ho Sou Ping at the EY Gallery today. This eleventh exhibition of its Asean Art Outreach program will run from 24 April to 3 August 2012.
- EY launches 2012 Asia-Pacific Tax Policy and Controversy Outlook
Singapore, 23 April 2012
Most Asia-Pacific nations entered 2012 continuing the prudent tax and fiscal policies that have helped make them preferred destinations for capital investment. In fact, the world’s investors passed a tipping point in 2011, directing more capital into emerging markets, many in Asia-Pacific, than into the markets of mature economies, according to the EY Asia-Pacific Tax Policy and Controversy Outlook 2012, released today.
- 2010 Global Takaful contributions up 19%, reach US$8.3b
Singapore, 18 April 2012
The 5th edition of EY’s World Takaful Report 2012: Industry Growth and Preparing for Regulatory Change, unveiled at the 7th Annual World Takaful Conference 2012, confirms that the global Takaful contributions grew by 19% to US$8.3b in 2010. Of these, the GCC contributed US$5.68b and South East Asia contributions were US$2b.
- Asia expected to experience changing trade patterns and huge expansion of consumption by growing middle class
Singapore, 5 April 2012
Rapid Growth Markets (RGMs) are expected to grow collectively at 5.3% this year, bouncing back to 6.3 % in 2013, according to EY’s quarterly Rapid Growth Markets Forecast (RGMF) released today. Asia-Pacific RGM star performers in 2013 are expected to be India (+8.5%), China and Hong Kong (+8.6%) and Vietnam (+7.1%)
- Global IPO activity falls to lowest level since Q2’09
Singapore, 30 March 2012
Global IPO activity has fallen sharply in Q1 2012, according to EY’s Global IPO update. So far this quarter, a total of 157 deals has raised only US$14.3b, down by 69% by capital raised (US$46.6b in 296 deals), compared to the same period last year. This is the lowest quarter on record since Q2 2009 when there were 82 IPOs worth US$10.4b.
- Tax authorities worldwide view indirect tax as a major source of revenue to balance books
Singapore, 29 March 2012
As governments across the world try to plug an increasing gap between tax and spending without stifling economic growth, indirect tax is becoming more and more central to their tax planning and revenue raising.
- A tough 2012 in Europe to have mild impact on Asia-Pacific
Singapore, 19 March 2012
EY’s Eurozone Spring Forecast (EEF) predicts a slow return to growth in 2013 – but the intervening recession will only have a mild impact on prospects for the Asia-Pacific region.
- Singapore insurers to rethink customer strategies as consumer attitudes and expectations shift
Singapore, 15 March 2012
EY’s Global Insurance Customer Survey released today highlights how a combination of increased expectations and accessible technology mean that the insurance industry is now facing a far more demanding customer and that insurers who fail to make a rapid move to a more consumer-friendly business model risk being left behind.
- Majority of organizations struggling to adapt business models to capitalize on new generation of ‘co-creating’ consumers
Singapore, 7 March 2012
Consumers are now harder to define, understand, and please than ever before; and the majority of companies are struggling to take advantage of the opportunities available to them according to a survey released by EY today.
- Failure to move away from a defensive business strategy is the top business risk for telecoms operators in 2012
Singapore, 24 February 2012
Questions over new business models, levels of capital expenditure and regulatory uncertainty represent the biggest threats and opportunities in a rapidly transforming telecommunications sector, according to a new report by EY.
- Technology mergers and acquisitions surge in 2011
Singapore, 14 February 2012
Aggregate deal value of global technology mergers and acquisitions (M&A) surged 41% in 2011, even as the value of global M&A in all industries fell slightly amid economic uncertainty.
- US Treasury and IRS releases proposed FATCA regulations
Singapore, 9 February 2012
The US Treasury and Internal Revenue Service (IRS) released the proposed Foreign Account Tax Compliance Act (FATCA) regulations on 8 February 2012. FATCA is a new US law aimed at foreign financial institutions (FFIs) and other financial intermediaries to prevent tax evasion by US persons through the use of offshore accounts.
- Singapore takes third spot on Globalization Index 2011
Singapore, 8 February 2012
Singapore ranks third after Hong Kong and Ireland on EY’s Globalization Index 2011, which measures the world’s 60 largest economies according to their degree of globalization relative to their GDP. The overall rank for Singapore remains the same as last year.
- Most Asian Oil & Gas deals in 2011 are outbound investments to secure energy supplies
Singapore, 6 February 2012
Globally, 1,322 oil and gas transactions were announced in 2011, an increase of more than 5% compared to 1,258 in 2010, proving that this remains one of the most resilient global sectors for mergers and acquisitions.
- Rapid-growth markets will continue to contribute nearly half of the world’s growth over the next three years
Singapore, 2 February 2012
While rapid-growth markets (RGMs) will remain a major destination for investors, in the near term, they are showing the strains from the falloff in demand from the Eurozone, as well as the buffeting to financial markets and business confidence over the past few months. As a result, growth in 2012 is expected to be lower than forecast by Rapid-Growth Markets Forecast (RGMF) in October.
- Resilient rapid-growth markets to fend off strain of Eurozone crisis
Singapore, 19 January 2012
Slackening demand, turbulent and volatile markets and credit liquidity problems in Europe are beginning to squeeze rapid-growth markets (RGMs) but not to the extent of derailing robust economic performance. The RGMs are expected to grow collectively by 5.3% this year, in stark contrast to the mild recession expected in the Eurozone in H1 2012 and modest growth in the US, according to EY’s quarterly Rapid-Growth Markets Forecast (RGMF) released today.
- Mark Weinberger elected next Global Chairman and CEO of EY
Singapore, 17 January 2012
EY is delighted to announce that Mark Weinberger has today been named its next Global Chairman and CEO. Weinberger will succeed current Global Chairman and CEO Jim Turley, who announced recently that he will retire on 30 June 2013, having led EY since 2001.
- EY Asean Art Outreach program presents Strange Dreams, a solo debut in Singapore by Vietnamese surrealist artist Phạm Huy Thông
Singapore, 10 January 2012
EY opens Strange Dreams, the tenth exhibition of its Asean Art Outreach program today. In this exhibition, Vietnamese artist Phạm Huy Thông explores social and economic issues facing his country, and draws inspiration from Vietnamese mythology and modern society.