News releases

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News releases in 2012

December 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.


November 2012


October 2012


September 2012


August 2012


July 2012

  • 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.


June 2012

  • 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.


May 2012

  • 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.


April 2012

  • 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%)


March 2012


February 2012


January 2012

  • 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.