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2011 news releases - Bleak mid winter for the Eurozone
Bratislava, 20 December 2011
The prospect of a mild recession in the Eurozone in the first half of 2012 is now looking increasingly likely according to Ernst & Young’s Eurozone Winter Forecast (EEF). Despite the reforms announced on 9 December, the details on how the agreement will be enforced remain unclear ensuring that volatility is likely to remain high in the near future, dampening growth prospects for the next six months at least. - Companies and governments say global tax landscape more volatile and contentious and expect more controversy in years to come
Bratislava, 6 December 2011
Business executives, tax administrators and tax policy-makers agree: the world has entered a period of elevated risk for tax controversy. Ernst & Young’s new 2011-2012 Tax risk and controversy survey: a new era of global risk and uncertainty, released today, reports the dramatic shift in the global economy is having a significant effect on tax policy, enforcement and businesses by forcing companies and governments into more clashes over tax laws and how they should be enforced. - 2% fall in Eurozone GDP and 6% fall in bank lending predicted if Eurozone fails to manage the sovereign debt crisis
Bratislava, 17 October 2011
The Ernst & Young Eurozone outlook for financial services predicts that a seven-fold increase in the €440bn of resources available to the Eurozone Financial Stability Facility is needed to create a clear and credible firebreak to prevent financial market contagion. If decisive action is not taken, Eurozone GDP could fall by up to 2% in 2012 and a further 1% in 2013 in a disorderly default scenario, the forecast estimates the probability of this at 20%. - European automotive industry progresses thanks to BRIC demand
Bratislava, 10 October 2011
According to the results of the European Automotive Survey 2011, released by Ernst & Young and conducted among more than 300 European automotive leaders in July 2011, executives of the European automotive industry predict an increase in sales in the upcoming period, in particular driven by an increase in demand in the BRIC countries and Eastern Europe. In comparison with their UK or French colleagues, respondents from Italy and Spain are, not surprisingly, less confident. According to the respondents, Germany will remain a world leader in the future – in terms of innovation, quality of products as well as productivity. Germany trails China and India only in terms of production costs. The survey also reveals that we will have to wait a minimum of ten years for the mass use of electric vehicles. - Urgent action required to avert renewed recession in Eurozone
Bratislava, 4 October 2011
The Eurozone is now caught up in a new wave of sovereign debt fears and the threat of the crisis spreading throughout the region leading to a renewed recession has risen sharply according to Ernst & Young’s Autumn Eurozone Forecast (EEF). Combined with a near stalling of growth over the summer and a less favorable international environment than previously anticipated EEF now expect GDP growth to fall to an anemic 1.1% in 2012. EEF have also cut the 2011 forecast from 2 % to 1.6%. This is provided that an orderly restructuring is carried out for Greece and assistance provided for other troubled countries. - Private equity sees increased exit activity and improved returns in 2010
Bratislava, 3 October 2011
Private equity (PE) exit activity improved in 2010, compared with the previous two years, according to Return to warmer waters – How do private equity investors create value, two separate annual studies by Ernst & Young of the European and North American PE market. - In Q2, global IPO activity continues to rise significantly
Bratislava, 28 July 2011
Global IPO fundraising activity rose by 39% in the second quarter compared to the first quarter of 2011 and increased by 38% compared to the second quarter of 2010, according to Ernst & Young’s Q2 2011 Global IPO update. In Q2, European exchanges saw a huge 534% rise in capital raised compared to the first quarter. The top three sectors globally were the materials, industrials and energy accounting for 45% of IPOs total value. US were driven by high profile internet IPOs. The largest global IPO so far this year was the US$10b IPO of Swiss commodities trader, Glencore International, which listed on the London and Hong Kong stock exchanges. - Entrepreneurs are made, not born
Bratislava, 26 July 2011
An Ernst & Young report, Nature or nurture: Decoding the entrepreneur, based on survey of 685 entrepreneurs worldwide and in-depth interviews with winners of the Entrepreneur Of the Year award, provides insights into the shared characteristics, frustrations and career goals of some of the world’s leading entrepreneurs. - Regulation and cost cutting fastest growing risks to global business
Bratislava, 22 June 2011
As business volatility continues to increase, global organizations are being forced to become faster and leaner. Over the next three years, they see their greatest opportunities coming from improving operational agility and “optimizing” cost competitiveness. This is the clear message coming out of the new report Turn risks and opportunities into results from Ernst & Young. Regulation and compliance and cost cutting remain the biggest risks to global businesses. New at Top 10 global business risks are market risks and expansion of government´s role. - Sovereign debt concerns overshadow modest Eurozone recovery
Bratislava, 20 June 2011
One year into the sovereign debt crisis, we have reached a new stage. What was unthinkable one year ago, namely Greece requiring new financial assistance and having to restructure its sovereign debt, is now unavoidable according to Ernst & Young’s Summer Eurozone Forecast (EEF). - Olivia Lum of Hyflux named Ernst & Young World Entrepreneur Of The Year 2011
Monte Carlo, 5 June 2011
Olivia Lum, Group CEO and president of Hyflux Limited, from Singapore, was last night named the Ernst & Young World Entrepreneur Of The Year 2011 at an awards ceremony held in Monte Carlo’s Salle des Etoiles. Olivia was picked from among the 49 country finalists vying for the title, each of whom had already been named the Ernst & Young Entrepreneur Of The Year in their home countries. This year saw more female finalists - six in total – than ever before. - Strong company performance linked to formal CFO talent development
Bratislava, 28 April 2011
A new Ernst & Young report, Finance Forte – the future of finance leadership, suggests there is a correlation between strong company performance and the extent to which CFOs and their organizations take a formal approach to talent development and succession planning. However, only a minority of companies are currently adopting such a formal approach. - No Spring time for the Eurozone as risks abound
Bratislava, 4 April 2011
The Eurozone economy is growing at a much slower pace than expected at this stage of a recovery with GDP estimated to increase by only 1.5% this year and 1.7% in 2012, according to Ernst & Young’s Spring Eurozone Forecast (EEF). - Privatizations to be a key driver for the rest of the 2011
Bratislava, 29 March 2011
Global IPO market activity is off to a record start in the first two months of 2011 with US$25.3 billion raised in 193 deals. Global investors seeking to capitalize on the emerging markets growth story have been fuelling stock markets rallies and new listings world-wide. This is according to Ernst & Young’s Global IPO trends report 2011. The report highlights the market outlook for IPO markets in 2011 and analyzes the key trends of 2010. - Retail banks in developed markets still losing customer trust
Bratislava, 22 March 2011
Despite efforts by many banks to rebuild consumer confidence in the wake of the financial crisis, trust in banks fell in the past 12 months in countries hit hard by the downturn, according to a new survey report from Ernst & Young. By contrast, banks in some regions relatively unaffected by the crisis are seeing trust levels rise. - European buy-out value more than doubles in 2010
Bratislava, 9 March 2011
The overall value of European buyouts* more than doubled (rose 148%) in 2010 to €50.3bn (2009: €20.2bn) with a strong rebound in the exit market, according to the latest data published by the Centre for Management Buyout Research (CMBOR), sponsored by Ernst & Young and Barclays Private Equity. - Tomáš Bel – One of the Two Founders and Director of EXIsport s.r.o. – Slovak 2010 Entrepreneur of the Year
Bratislava, 18 February 2011
Tomáš Bel, Director of EXIsport s.r.o., became the 2010 Entrepreneur of the Year for the Slovak Republic. He was awarded this prestigious title at a ceremony in Bratislava’s Sheraton Hotel by Stan Jakubek, Country Managing Partner of Ernst & Young, the contest organiser. Ján Jenča, one of the founders of MONOGRAM Technologies, s.r.o., was named the 2010 Innovative Entrepreneur of the Year. The award for the 2010 Emerging Entrepreneur of the Year went to Alexander Gramblička from InterStore.sk s.r.o.. - M&A Maturity Index signifies the emergence of Asia
Bratislava, 3 February 2011
A new study from the Mergers and Acquisitions Research Centre (MARC) at Cass Business School, which is part of City University London, finds that Asia is emerging as the most favorable region for global M&A activity outside the traditional Western markets. The MARC M&A Maturity index, sponsored by Ernst & Young, assesses and ranks the maturity of 175 countries for M&A activity.
Download: Cass Business School, City University London: The Cass MARC M&A Maturity Index (pdf, 3.7mb) - Tax policy under the microscope as authorities increase enforcement efforts
Bratislava, 24 January 2011
Even with an improving global economy, governments facing daunting deficits remain focused on raising revenues through taxation, with transfer pricing being a key instrument. As a result, the world’s leading companies expect to devote far more resources to transfer pricing compliance: 31% report an increase in internal head count. Sixty-two percent note an increase in the use of external consultants and 23% report an increase in the use of software or similar tools. This is according to the Ernst & Young Global Transfer Pricing Survey, a survey of 877 multinationals from 25 countries, released last week. - Rising oil prices could dampen Eurozone recovery
Bratislava, 20 January 2011
Research released today from the Ernst & Young Eurozone Forecast shows that the significant rise in oil prices that we have seen in the last few months will add to recently rising inflation concerns in the Eurozone. It will also dampen an already fragile recovery and could widen further the divergence in economic conditions across the area. However, the ECB should not respond to oil-price driven inflation by tightening monetary policy as that would further endanger the Eurozone recovery via higher borrowing cost and, consequently, reduced investment and consumption.
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