Press releases

Recent global press releases issued by Ernst & Young.

July 2008

• The Euro-Mediterranean zone, the next European frontier?
  Paris, 16 July 2008
  The Euro-Mediterranean zone currently provides significant growth opportunities for international investors, according to Ernst & Young’s BaroMed, a survey on the attractiveness of the Euro-Mediterranean zone. Today, the 17 countries that comprise the Euro-Mediterranean zone rank third among the world’s regions in terms of GDP and among the top three for foreign direct investment (FDI).
• Outsourcing now used by 70 percent of European companies
  London, 14 July 2008
  The Ernst & Young "European Outsourcing Survey 2008" highlights that 70% of respondents already outsource at least one function of their business, with 20% set to increase their level of outsourcing in the next two years, as they increasingly view it as a means to gaining a competitive edge.
• Emerging markets drive IPO activity in second quarter of 2008
  London, 10 July 2008
  Global initial public offering (IPO) activity has fallen significantly year-on-year but was relatively stable in the second quarter of 2008 compared with the first three months of the year, according to the quarterly Global IPO update from Ernst & Young.
• Capital availability is vital to global gaming sector growth in 2008
  New York, 10 July 2008
  A repeat of last year's growth in the global gaming sector hinges on affordable sources of capital resurfacing soon for the industry's mega-projects, according to Ernst & Young’s report "Reviewing the market: The 2008 Global Gaming Bulletin".
• 2007 a record year for private equity exits
  London, 9 July 2008
  Despite the credit crunch, the enterprise value (EV) growth of private equity-owned businesses firms outperformed that of the public companies for the third consecutive year, according to Ernst & Young’s global study of the 100 largest private equity exits in 2007, "How do private equity investors create value? Beyond the credit crunch".
• Howard Roth named new leader of Ernst & Young's global real estate practice
  New York, 8 July 2008
  Ernst & Young announced that 30-year real estate industry veteran Howard Roth has been named the organization's new Global and Americas Director of Real Estate.
• Ernst & Young integration moves become operational from 1 July
  London, 1 July 2008
  Ernst & Young announces that as from today practices within its Europe, Middle East, India and Africa (EMEIA) and Far East Areas will each become operational under the management of their respective Area Executive.
• Bill Schlich to lead Ernst & Young’s Global Banking & Capital Markets Practice
  New York, 1 July 2008
  Bill Schlich, an international banking veteran of 20 years with specific experience in credit and liquidity matters, has been appointed Ernst & Young Global Banking & Capital Markets Practice Leader.

June 2008

• Japan deemed most attractive Asian investment location, according to international executives
  Tokyo and Paris, 23 June 2008
  At the request of Japan’s Ministry of Economy, Trade and Industry the first "Japan attractiveness survey", launched today by JETRO and Ernst & Young, revealed Japan as the most attractive location in Asia, on par with China, according to international investors’ perceptions.
• Momentum accelerating to adopt new solvency rules
  New York, 20 June 2008
  With the National Association of Insurance Commissioners’ (NAIC) latest move to assess international solvency regulations and make adaptations to the US regulatory structure, Ernst & Young sees increased momentum for global alignment with solvency rules.
• 'i-NOC generation' consistently outperforming IOC peers
  Houston, 17 June 2008
  Shares in the major national oil companies (NOCs) have significantly outperformed the international oil companies (IOCs) over the last five years when the top performing listed NOC shares were on average over four times higher in value than those of the majors.
• China knocks Western Europe from top spot for FDI ‘attractiveness’
  La Baule, France, 5 June 2008
  China has been ranked the most attractive destination for foreign direct investment, ahead of Eastern Europe and Western Europe, in a survey of business leaders released today at the World Investment Conference in La Baule, France.
• EU politicians to follow industry lead on utility unbundling?
  Dusseldorf, 3 June 2008
  The EU Energy Council will consider whether to adopt the 'third option' — legal unbundling of utility companies across Europe.
• Ernst & Young completes groundbreaking globalization move
  London, 3 June 2008
  Ernst & Young today announces that its partners across Western and Eastern Europe, the Middle East, India and Africa have overwhelmingly approved the proposed integration of its country practices into a single EMEIA Area.
• Biotechnology pioneer Jean-Paul Clozel named Ernst & Young World Entrepreneur Of The Year 2008
  Monte Carlo, Monaco, 1 June 2008
  Dr. Jean-Paul Clozel, founder of Switzerland’s Actelion Pharmaceuticals Ltd., a pioneering biotechnology company, was last night named the Ernst & Young World Entrepreneur Of The Year 2008 at an awards ceremony held in Monte Carlo’s Salle des Etoiles.

May 2008

• Ernst & Young launches its sponsorship of the inaugural 2008 Global Entrepreneurship Week
  Monte Carlo, Monaco, 31 May 2008
  Ernst & Young officially kicked off its global sponsorship of the 2008 Global Entrepreneurship Week, a first-ever worldwide series of entrepreneurship events, with the help of the Week's founding sponsor, the Ewing Marion Kauffman Foundation.
• Record venture capital and heated deal environment propel global biotechnology industry forward in 2007
  Boston, 20 May 2008
  The global biotechnology industry achieved record levels in financing and deal making in 2007, as investors and strategic partners showed strong confidence in the sector amid tightening global financial conditions that will continue to test the industry in 2008.
• Finance functions face important choices about where to place focus
  London, 20 May 2008
  Chief Financial Officers’ roles have expanded dramatically over the last decade, and individuals are struggling to meet the demands they face according to a survey of 251 of the world’s most powerful business people.
• Senior executives see jump in anti-corruption enforcement
  London, 14 May 2008
  Anti-corruption enforcement has become stronger around the globe over the past five years, according to nearly 70% of respondents to a new survey of business leaders worldwide.
• 90% of the world’s largest miners to grow through acquisition in next two years
  Sydney, 13 May 2008
  Almost 90% of the world’s largest mining companies expect to grow through acquisition in the next two years, according to a new global report, "The year of the hunters and the hunted".

April 2008

• Consumer products companies may need a PE strategy to weather the credit crunch
  London, 30 April 2008
  An Ernst & Young paper, "The best of both worlds: why every consumer products company should have a private equity strategy", released today suggests consumer products (CP) companies should partner with private equity (PE) houses to weather the credit crunch.
• Ernst & Young appoints Michael Lucki to head global infrastructure services
  New York, 29 April 2008
  Ernst & Young has appointed Michael Lucki to lead the firm's global infrastructure services.
• Respondents to IASB insurance contracts discussion paper offer ideas for improvement
  London, 28 April 2008
  A report issued by Ernst & Young today shows that overall the insurance industry and its constituents have given the International Accounting Standards Board (IASB) strong support for the development of a high-quality global insurance standard.
• Ernst & Young announces significant globalization moves
  London, 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.
• Private investment needed to meet European infrastructure needs
  New York, 17 April 2008
  "Bridging the gap" examines the existing environment and future opportunities for private investment in infrastructure in Europe including emerging markets in eastern and central Europe.
• Total amount of capital raised plummets despite the largest US IPO ever
  London, 15 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.
• CFOs drive growth strategies as banks alter finance models
  New York, 1 April 2008
  The chief financial officers (CFOs) of global banks are wielding increasing influence — and feeling the responsibility that comes with it — as senior management and directors expect CFOs to sharpen their focus on strategic issues.

March 2008

• Surveys find key changes in the role of the Pharmaceutical CFO
  New Jersey, 26 March 2008
  Two separate Ernst & Young surveys underscore important changes in the role of the chief financial officer (CFO) and finance function in driving the success of pharmaceutical companies.
• Europe gains ground on the US as most attractive destination for investment in renewable energy
  London, 20 March 2007
  Europe is gaining ground on the US as the most attractive destination in the world for investment in renewable energy, according to the latest Ernst & Young Renewable Energy Country Attractiveness Index.
• Climate change greatest strategic risk to insurance industry
  New York, 12 March 2008
  Potential climate change is the greatest strategic risk currently facing the property/casualty insurance industry, with demographic changes taking priority for the life insurance industry.

February 2008

• Ernst & Young’s Global Real Estate Center offers outlook for 2008
  New York, 19 February 2008
  In the wake of last year’s dramatic dislocation of global credit markets and the ongoing deterioration of mortgage markets in the US and abroad, Ernst & Young’s Global Real Estate Center today announced highlights from "2008 Real Estate Market Outlook".
• Ernst & Young applauds the success of the IASB and announces the launch of International GAAP® 2008 book
  London, 15 February 2008
  The 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.
• Ernst & Young enters Training magazine’s Hall of Fame
  London, 14 February 2008
  Ernst & Young is one of six inaugural members to be inducted into Training magazine’s exclusive Hall of Fame, which recognizes outstanding achievement in the field of workforce training and development.
• Asia viewed as top global prospect for hospitality investment
  Los Angeles, 11 February 2008
  Emerging markets in Asia are unseating Europe as the epicenter of new hospitality investment and development while investors in the United States are switching their focus from the acquisition of existing hotels to developing new properties.
• Mining companies undervalued
  Sydney, 5 February 2008
  Metal analysts’ predictions of metal prices have consistently and significantly lagged behind the actual spot market, and mining and metals equities have been undervalued.

January 2008

• Good hotel news amid uncertain economic news in 2008
  Los Angeles, 28 January 2008
  The credit crunch, a weak US dollar, new construction, green building, globalization and rapidly shifting US demographics are all factors that will shape the US hospitality sector in 2008.
• Ernst & Young issues 2008 US outlook for the property/casualty insurance industry
  New York, 23 January 2008
  Margin compression and continued pricing erosion will put increasing pressure on the insurance industry to achieve top line objectives in 2008.
• Tax advisor study has win-win potential, says Ernst & Young
  London, 11 January 2008
  Ernst & Young responded today to the release of the OECD Forum on Tax Administration's (FTA) study into the role of tax intermediaries.
• Buyer beware!
  London, 10 January 2008
  New international accounting requirements affecting company acquisitions will impact the amount of goodwill arising and lead to greater performance volatility.
• Revenue assurance moves to top of Telcos agendas
  Paris, 8 January 2008
  As telecommunications companies move to more value-based businesses, traditional measures of success such as subscriber numbers are being replaced by a focus on profitability.