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This section features the recent news releases.

July 2017

GST: Wind of change - some grey clouds linger
On July 1, at the stroke of the midnight hour, India woke to see its new tryst with destiny - Goods & Services Tax (GST).

India is one of the highest rated destinations for investments now: Mark Weinberger, Global Chairman, EY
India is one of the top investment destinations in the world right now thanks to a stable economy and low inflation besides reforms like the goods and services tax (GST) and new insolvency rules, said EY chairman Mark Weinberger.

TAS: M&E sector expected to touch USD 34.8b by 2021: EY Report
The Indian Media and Entertainment industry is expected to touch USD 34.8 billion, witnessing a CAGR of 11.8% over 2016-21.

Tax: Filing Income Tax Return - note the new requirements
This report lists few of the new requirements relevant for income-tax return this year.

Tax: India-Mauritius treaty trails behind the BEPS movement
A lot of changes are taking place across the globe to implement OECD’s Multilateral Instrument (MLI) with full force.

IPO: India’s appetite for IPOs continues to grow in H1 2017
H1 2017 anticipates a robust pick-up in IPO activity across EMEIA, led by India and the Nordic Markets according to EY Global IPO trends: Q2 2017.

FTA: Free TV to touch 46 million households by 2020: EY report
Through this paper, we aim to evaluate the emerging trends in the FTA space and opportunities that Free TV provides to marketers.

GST: GST – Compliance blues will melt away
The GST is likely to have a salutary effect on the economy and also nudge the non-compliant towards compliant tax behaviour.

GST: GST- Simple, yet complex tax regime seeks to integrate business transactions
This article highlights the concerns on GST which undoubtedly is India's most transformative tax reform since Independence.

June 2017

GST: Govt, industry should team up to minimize disruption due to GST implementation
After years of successive governments wanting to implement this transformative tax reform, the goods and services tax (GST) will be a reality on 1 July.

FIDS: Corporate India sees a tussle between growth and ethical conduct: EY survey
58% of Indian respondents are still willing to work for organizations involved in major bribery or fraud cases

GST: GST is a transformational business process reform, are you geared up?
If you see the value chain from raw material to retail, today, it’s fractured for the purpose of taxation.

TAS: May 2017 posts a record high of US$3.1 billion in PE/VC investments: EY Third consecutive month of more than US$2 billion in investments
PE/VC investments recorded the highest monthly investments in last 10 years at US$3.1 billion in May 2017.

TAS: Average cost of equity for the telecom sector reduces to ~14%; a decline of ~1.8% from 2014: EY Report
Cost of equity for telecom decreases from 15.8% in the previous survey in 2014; in line with a decline in interest rates.

May 2017

TAS: PE/VC investments cross US$2 billion for the second consecutive month, exits record a 270% increase in value in April 2017: EY
PE/VC exits record US$1 billion across 31 deals, crossing the US$1 billion mark for the second time in the past one year.

TAS: Indian M&A deals worth US$ 15.8 billion across 252 deals recorded in 1Q17: EY Report
Diversified industrial products leads deal volume, telecommunications sectors leads deal value.

FIDS: India Inc. lags in adequate cyber incident response strategies EY India
Corporate India have encountered rising cases of cybercrime but incident response mechanisms to tackle these risks remains low.

April 2017

Indian CIOs capitalise on disruptive and futuristic technologies as they move beyond SMAC, says EY-CIO Klub survey
Indian CIOs have shown the willingness to invest in new technologies as well as in the discovery of disruptive technologies as they move beyond SMAC.

Equity: Canadian Pension Funds drive PE/VC deal activity in 1Q17: EY
March 2017 reported deals worth US$2.6b across 60 deals, an increase of 52% in value and 31% in volume over March 2016.

Equity: Average cost of equity stagnant despite decline in interest rates: EY Report
Our report talks about the stagnancy in cost of equity despite falling interest rates indicating an increase in the risk in the economy.

GST: GST – the final lap
With the stage set for early GST implementation, find out the critical areas of focus that need to be monitored during the transition process.

Tax: Income tax: As new fiscal starts, here’s what you should be aware of about cash transactions
As the new financial year begins, learn what an individual needs to be aware of, with regard to cash transactions, through this report.

FIDS: Career progression takes precedence over ethical behaviour in corporate India: EY report
EY report finds that while only 1 in 5 people globally justified unethical behavior to achieve career progression, that number among Indians stands at 41%.

IPO: India leads as one of the most active regional markets for IPOs in Q1 2017
With 26 IPOs in the first quarter, India saw a promising start to IPO activity in the first quarter despite global political uncertainty.

What will cost more and what will be cheaper for you due to GST?
While GST is expected to increase the GDP by 2%, this momentous legislation might turn out to be a mixed bag for the commoner.

March 2017

EY to launch its first Artificial Intelligence Center in India
EY announces plans to enhance its suite of automation and artificial intelligence offerings with the opening of its first Artificial Intelligence (AI) Center in India.

Up to INR4 trillion excess working capital on corporate India’s balance sheet: EY Report
Cash to cash (C2C) cycle deteriorated by 5% from last year with a difference of 44 days between the top and bottom working capital performers.

Two new metros, 8 half-metros to emerge due to evolving consumption patterns: EY report
India’s rapid economic growth is being driven by its urban clusters. Read how markets beyond India’s metros have transformed into consumption hubs

February 2017

M&A activity scales six-year high in 2016
A resilient domestic economy and stable capital markets delivered robust M&A activity through 2016, with record high deal value since 2010, says an EY analysis.

India’s auto finance market poised to double its current market size by FY20: EY Report
India's auto finance market size with a 74% finance penetration is expected to double by FY20, and is expected to grow at a CAGR of 13% during FY16-FY26, an EY report says.

Vivek Chaand Sehgal is the EY Entrepreneur Of The Year India 2016
Vivek Chaand Sehgal of the Motherson Sumi Systems Limited (MSSL), the flagship company of Samvardhana Motherson Group (SMG), was today named the EY Entrepreneur Of The Year 2016.

EY announces 17 Finalists for the 18th EY Entrepreneur of the YearTM Award Program
EY, the global professional services organisation, today announced the selection of 17 of the country’s most exceptional entrepreneurs as Finalists for the 18th Entrepreneur of the YearTM - India 2016.

Budget 2017 makes way for more transparency and accountability in Indian Railways
The Ministry of Railways sets a target for Indian Railways to produce its financial statements under Accrual accounting and publish these to all stakeholders no later than March 2019.

January 2017

India Inc. expects a continuation of income tax incentives and deductions to boost the Make in India campaign: EY Pre-Budget Survey 2017
Corporate India believes that reforms are around the corner.

Potential of bitcoin in the time of demonetization
Increased use of bitcoin will make such currencies relatively more stable over time and offer opportunities for add-on services.

Indian digital segment to cross INR 20,000 crores by 2020: EY-vdonext report
The rural internet user base will surpass the urban user base by 2020, enabling the growth of vernacular and regional content.

December 2016

Higher budgets not enough to inspire confidence in India Inc.’s cyber security, finds EY survey
Organizations are spending more on cybersecurity each year, but they are still not confident about their ability to sense, resist and respond to cyber threats.

IPO market strong in 4Q16; trend to continue in 2017
India outperformed on the IPO world map, recording a 38% increase in deal volume and a 79% surge in proceeds.

50% CFOs contemplating data’s impact on corporate reporting
Management is concerned about the inability of their legacy systems to allow reporting teams to extract forward-looking insights from large, fast-changing data sets.

November 2016

Deconstructing the Insolvency and Bankruptcy Code
The Insolvency and Bankruptcy Code (IBC), 2016, passed by the Parliament on 11 May 2016, is being seen as a very timely and significant reforms measure for the financial and baking services sector.

Domestic M&A healthy despite tepid 3Q16 overall
Domestic activity dominated the Indian deal landscape, accounting for ~65% volume share and ~64% deal value.

October 2016

Radical changes needed to counter white-collar crime
Our report, The changing dynamics of white-collar crime in India, calls for drastic changes in technology, transparency, frameworks and compliance ecosystem.

28% BSE 100 companies take 10% plus hit on net profit
Majority of the companies provided only minimum disclosures as part of the transition to Ind AS.

September 2016

123 deals worth US$3.04 billion in 3Q16
PE/VC deal value declined 49% in the third quarter of 2016, while volume was down 44%.

India remains promising market for IPOs
IPO activity in the country during 2017 is expected to surpass 2015 levels.

New policy to boost exploration and expand mineral reserves
National Mineral Exploration policy (NMEP) will support exploration and mineral blocks, as per an EY report titled Indian minerals exploration – play to win.

“Trust deficit” in health care – EY-FICCI report
Emerging consumerism in health care necessitates a focus on patient experience and move beyond just care.

Trained nurses to stay in demand: EY-FICCI report
Our country needs an additional 2.4 million nurses to meet the growing demand, and the gap will only increase every year.

Transactions: Domestic M&A stays strong in 2Q16
Domestic activity continued to dominate Indian M&A transactions in 2Q16 – accounting for 54% of deal volume and ~70% of deal value.

July 2016

FIDS: EY, ACFE launch the flagship “Forensic Trailblazer Award”
The Forensic Trailblazer Award is intended to recognize individuals with extraordinary forensic capabilities and enhance awareness about this niche field.

June 2016

Ransomware concerns set to intensify globally
Our ransomware defense and remediation tool Radar 360 protects digital assets (computers and laptops) and also helps recover encrypted data in case of attack.

Private Equity: PE/VC deal value down 11%; volume falls 19%
PE/VC investments declined during the first half (January-June) of 2016, clocking 301 deals worth US$7.6 billion.

Power & Utilities : M&A value in power sector up 166% (Jan-May)
The power sector saw 17 deals valued at US$1.6 billion during the first five months of 2016.

May 2016

Power & Utilities : India ranks third on Renewable energy country attractiveness index
India held its position at the third spot for the second year in a row in the Renewable energy country attractiveness index released by EY globally.

TAS: Domestic transactions drive Indian M&A with 67% share
According to our Transactions Quarterly, M&A activity involving Indian companies continued its momentum during the quarter ended March 2016 with 245 deals worth US$7.8 billion.

April 2016

Advisory: Enterprise IT trends 2016: the growing startup gene
Embedding the start-up mentality can effectively help CIOs achieve their digitization strategy, according to our CIO Klub survey.

Assurance: Is India Inc prepared for corporate reporting’s perfect storm? India findings
28% percent Indian businesses reported a significant increase in business units (vs. 17% globally) and 20% saw larger number of products and services sold (vs.14% globally).

FIDS: Individual accountability in the spotlight: Global Fraud Survey
According to the EY Global Fraud Survey 2016, corporates in India will place greater onus on individuals as they battle fraud, bribery and corruption risks.

Technology: Middle-aged consumers key for e-commerce growth
Consumers aged 31-54 years spend the highest while making online purchases, according to our recent report, ‘What will it take to sustain e-commerce growth?’.

FIDS: New EY tool to aid software license compliance
We have launched SAPPHIRE - an automated tool to help companies manage SAP license compliance. Read ahead for how you can reap its benefits.

March 2016

Budget 2016: Budget 2016 - what’s in for “Make in India”
The Budget has sought to address concerns of foreign investors, bring about tax certainty and reduce litigation and conflicts.

TAS: India among top six countries by deal volume
Global IPO volume has been down in the first quarter, but India is hopeful of a birght year with six deals already announced.

Railways: Indian Railways appoints EY as consultant to tap advertising potential of stations and trains
Initiating a large-scale significant exercise to identify and leverage pan-India advertising opportunities at Railway Stations and Trains, Indian Railways has appointed EY in India as Consultant to undertake this job on its behalf.

FIDS: EY launches NPAccurate
NPAccurate will enable banks to decipher their NPA position effectively.

Transactions: Record year for PE while M&A activity softens
India’s M&A market saw PE activity recording its best year ever in terms of the volume and value of investments in 2015.

February 2016

EOY 2015: Vinita and Nilesh Gupta of Lupin Limited win EY Entrepreneur Of The Year Award 2015
Vinita Gupta, CEO and Nilesh Gupta, MD of Lupin Limited, who have brought about a phenomenal transformation at Lupin Limited with spectacular growth in global and domestic markets while also creating tremendous value for stakeholders in a relatively short span of time, were today named the EY Entrepreneur Of The Year 2015.

EOY 2015: EY announces finalists for the 17th EY Entrepreneur of the YearTM awards
EY, the global professional services organisation, today announced the selection of 18 of the country’s most innovative business leaders as finalists for the 17th Entrepreneur of the YearTM - India 2015.

Automotive: Auto industry to be the engine of “Make in India”
India has emerged as an important automotive market and offers huge growth potential due to its low vehicle penetration and improving economic fundamentals.

January 2016

FIDS: Cybercrime is a key fraud risk in India: FDA survey
Cybercrime, internal fraud, and bribery and corruption have frazzled Indian organizations over the past two years, according to our 2016 Global Forensic Data Analytics Survey.

December 2015

FIDS: EY FIDS’ forensic outlook for 2016
Our FIDS team has outlined key trends that corporates in India should be cognizant of in 2016 to mitigate risks and chart a holistic growth roadmap.

November 2015

Transactions: Indian M&A upbeat – up 18% by value
As per our latest Transactions Quarterly report, 233 M&A deals worth US$7.7 billion were clinched during the quarter ending September 2015.

October 2015

Business environment: India most attractive investment destination
India has emerged as the number one FDI destination in the world during the first half of 2015, reveals our 2015 India attractiveness survey.

September 2015

Mining & Metals: New regulations calling for an overhaul in mining
Mineral auction bidders need a comprehensive strategy to succeed. States must collaborate for the growth of the Indian mining industry: EY-FIMI report

Automotive: Indian automotive industry at crossroads
Automakers need to realign themselves as the industry faces testing times, suggests EY report

Media & Entertainment: Digital’s share in the media and entertainment pie
Digital media accounted for 50% of deal volume in India in 2014, according to our M&E Capital Confidence Barometer.

Technology: India’s ecommerce setup - are we there yet?
Our non-English speaking audience presents the largest opportunity for ecommerce players, though the country’s ecosystem lacks maturity, according to our recent study.

FIDS: Issue of non-performing assets to worsen: EY survey
Our survey report, Unmasking India’s NPA issues – can the banking sector overcome this phase?, uncovers reasons and challenges for mounting bad loans.

July 2015

Mining & Metals: Window of opportunity for steelmakers
Risks and opportunities in the steel business are getting larger in scale and impact. Companies must find the right balance between globalization and customization.

June 2015

FIDS: Data integrity issues persist in pharma industry
According to EY’s survey, pharma companies in India need to realign their quality and manufacturing compliance framework in line with regulatory guidelines.

May 2015

Telecom: Call for regulatory aid to create “Digital India”
The EY-FICCI report makes key recommendations for realizing the “Digital Bharat” dream.

FIDS: Bribery and corruption continue their rampage
The EY EMEIA Fraud Survey 2015 reveals that corporate India has found ways to justify bribery and corruption.

FIDS: Corporate India awakens to sexual harassment threat
Growing incidents of women safety issues has compelled organizations to comply with the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act 2013.

April 2015

Advisory: Newer technologies such as digital will attract more than 25% of the IT budgets, says EY-CIOKLUB Survey 2015.
EY's Monitoring Information Security Threats (MIST) system would enable organizations to strengthen their information security.

Media & Entertainment: Events and activation industry grown at 15% to INR 4,258 crore in 2014-15: EY Report
Managed events remain the largest service offering, while IP (Intellectual Property) and digital events are growing at a faster rate than managed events in India.

March 2015

FIDS: Corporate India embracing whistle-blowing
Companies are increasingly relying on whistle-blowing as an effective platform to detect and deter fraud.

Media & Entertainment: Call for single-window clearance and centre-state film commissions to boost film tourism
For India to emerge as a film-friendly destination, implementation of single-window clearance is the need of the hour, recommends our latest report.

February 2015

Transactions: India’s leading 500 businesses to need over INR 1.7 trillion to finance working capital
An analysis of the working capital performance of India's 500 leading companies reveals a growth rate of 5% required to arrive at the capital requirements.

Advisory: 90% Indian brands to spend upto 15% of their annual marketing budget on social media
Companies and brands have increased their social media spends despite challenges in measuring effectiveness, according to EY’s second annual Social Media Marketing India Trends Study.

FIDS: Third-party risks increase rapidly in India
An analysis of over 30,000 third-party due diligence checks undertaken in the last three years highlighted almost 50% of cases which were reviewed had red flags.

Technology: India’s collaboration with Singapore ESDM to facilitate trade
How can India-Singapore collaboration take trade between the two countries to US$ 11.2 billion in 10 years?

EOY: Dr. Cyrus S. Poonawalla is the EY Entrepreneur Of The Year India 2014
Dr. Cyrus S. Poonawalla, Chairman and Managing Director, Serum Institute Of India, was today named the EY Entrepreneur Of The Year 2014.

January 2015

EOY: Finalists announced for the 16th EY India Entrepreneur of the YearTM awards
The 16th Entrepreneur of the YearTM - India 2014 sees a total of 15 shortlisted finalists from the 330 phenomenal nominations received during the year.

FIDS: EY and CustomerXPs form strategic alliance to help banks fight enterprise fraud risks
EY and CustomerXPs recently announced an alliance to assist companies with the detection, prevention and management of fraudulent transactions and activities within the banking industry.

December 2014

FIDS: 80% Indian enterprises unaware of Competition Law
Corporate India’s ignorance about Competition Law may cost them a fortune, reveals our latest report released by EY’s Fraud Investigation and Dispute Services.

November 2014

FIDS: India Inc.’s sentiments see a paradigm shift toward compliance
Growing awareness among the public in India leads to 95% of respondents admitting being uncomfortable with paying bribes at an individual level

October 2014

Transactions: India M&A on upswing, domestic transactions lead the way
Indian M&A landscape reflected uplift in the overall volume of M&A transactions in 3Q14, reveals Transactions Quarterly, EY’s quarterly review of the M&A landscape.

September 2014

Oil & Gas: India dependent on crude oil imports, despite growing demands
Despite the growing demand, India is heavily dependent on crude oil imports to meet the demand, importing nearly 76% of its crude oil requirements.

Transactions: Indian M&A transactions on rise, reflect global trends
Mega blockbuster deal announcements in FY14 led to a rise in global M&A values with marginal decrease in volume, reveals our annual study.

August 2014

FIDS: Whistle-blowing lacks significance in India Inc.
Whistle-blowing is the latest buzzword among Indian organizations. But compliance to the policy is still low, states EY’s survey.

FIDS: Fraud risks jump by 56% in India’s M&E sector
EY’s latest survey reveals a jump in fraud risks by 56% in India’s M&E sector, over the last two years.

Insights: EY launches Board Readiness Workshops for Women in India
With a view to enabling Indian women directors to succeed in their board roles, EY recently announced the launch of Board Readiness Workshops for Women.

July 2014

FIDS: Cyber Forensics and eDiscovery Centre launched in Hyderabad
EY’s Fraud Investigation and Dispute Services team inaugurated India's first advanced lab, Cyber Forensics & eDiscovery Centre in Hyderabad.

June 2014

World Entrepreneur Of The Year winner: Uday Kotak wins World Entrepreneur Of The Year 2014
Uday Kotak, the founder, Executive Vice Chairman and Managing Director of Kotak Mahindra Bank was named the EY World Entrepreneur Of The Year 2014.

Tax: Confidence in new Government could accelerate economic growth to 6.2% in FY15
India’s growth of 4.7% achieved in FY14, could potentially increase by approximately 1.5% points in FY15 leading to a growth of 6.2%, says EY study.

April 2014

IT Advisory: Indian CIOs to increase IT budgets upto 20%: EY-CIOKlub survey
Our recent survey shows the ever-increasing confidence of CIOs in enterprise IT tools and disruptive technologies that are shaping products, processes and organizations today.

Tax: ESOPs more preferred by Indian companies than MNCs, says EY Survey
Indian companies, in comparison to MNCs, prefer the conventional Employee Stock Option Plans (ESOPs), suggests our latest report.

March 2014

FIDS: Big data to play key role in fraud detection/prevention
In India, a vast majority supports the potential of Big Data to strengthen the compliance and anti-fraud efforts of organizations, states EY’s 2014 survey.

February 2014

Entrepreneur Of The Year: Uday Kotak awarded as the EY Entrepreneur Of The Year 2013
Uday Kotak, Executive Vice-Chairman and Managing Director, Kotak Mahindra Bank was named as the EY Entrepreneur Of The Year 2013 this evening.

Transactions: Effective working capital management integral to operational efficiency
India's leading companies showed a marginal improvement in working capital performance in 2013, as compared to 2012.

October 2013

Education: India to emerge as largest global talent provider
India will be the single largest provider of global talent, with one in four graduates in the world being a product of the Indian system.

Automotive: Automakers facing declining profitability
Low demands and high discount rates are expected to adversely affect the profitability of the automotive sector, till FY 15, reveals our new report.

Financial Services: Innovative payment systems for financial inclusion
Disruptive game changing innovations in payment systems is expected to be a primary growth driver for the success of financial inclusion, reveals our recent study.

Fraud Investigation & Dispute Services: Progressive improvement of arbitration in India
Indian judicial system is witnessing a pro-arbitration trend, according to a latest report released by EY.

September 2013

Mining & Metals: Accelerating the growth of India's mining sector
Intensive stakeholder efforts and the emerging markets are expected to contribute steadily in the resurgence of the Indian mining sector.

Oil and Gas: Developing the shale gas industry in India
India needs to build strong service and infrastructure capabilities, along with a favorable regulatory regime to promote exploration and production in its shale gas industry.

July 2013

Tax: Tax risk management and transfer pricing strategy
Tax risk management has been identified as top-most priority while devising transfer pricing strategies. Our recent survey reveals.

FIDS: Bribery and corruption in India
Our latest study reveals the detrimental effects of corruption on the Indian economy, escalating the need for efficient law enforcement and intensification of anti-corruption initiatives.

EY: Mark Weinberger becomes EY Global Chairman and CEO
Our Global Chairman and CEO unveils his plans for a "better working world" and for India, one of EY's key markets with "enormous growth potential".

June 2013

Tax: VAT/GST challenges in China, Brazil and India
Multinationals are demanding effective indirect tax management in rapid growth markets (RGMs). Our report advocates how RGMs rely on indirect taxes to maximize market opportunities.

Tax: Private equity in India: eliminating the hurdles
India needs to eliminate tax and regulatory hurdles to lure foreign investments in its private equity funds. Our recent report provides key recommendations.

May 2013

e-Commerce: Digital revolution and rebirth of e-Commerce in India
India is at the cusp of a digital revolution. Our report focuses on the various sub-segments of the e-Commerce market, their growth factors and challenges.

Tax: EY Global Payroll Survey
Our latest survey reveals how multinationals have failed to adopt transformative payroll techniques to compete and expand in the global marketplace.

EOY 2013: EY launches the 15th edition of the Entrepreneur Of The Year® Awards; opens call for nominations
We have launched the 15th edition of our prestigious Entrepreneur Of The Year Awards and opened nominations for the upcoming 2013 Program. Nominate now!

FIDS: Performance pressure in difficult times makes way for unethical practices in India
Our 2013 Europe, Middle East, India and Africa Fraud Survey reveals that companies may be resorting to unethical practices in response to challenging market conditions.

Advisory: Improving the bottom line is key for Indian CIOs in FY13-14
Our survey report suggests that the focus for CIOs has shifted outward and now the concentration is more on brining value to the business.

March 2013

Telecom: Need to add 500m rural subscribers and 520m broadband connections by 2020
Our latest report suggests that it has become necessary to retain 'value addition' in India by giving boost to the manufacturing sector, as 80% demand of telecom equipment can be met by domestic manufacturing.

Automotive: Mega trends shaping the Indian commercial vehicle industry
This report identifies six mega trends that are likely to impact and change the face of the Indian commercial vehicle industry.

February 2013

Entrepreneur of the Year: Presenting the winners of Ernst Young Entrepreneur Of The Year India Award 2012
Adi Godrej, Chairman of the Godrej Group was today named the EY Entrepreneur Of The Year India 2012. The Lifetime Achievement Award this year has been conferred upon Mr. Ratan Tata.

Entrepreneur of the Year: Announcing the 16 finalists of the 14th Entrepreneur Of The Year India Awards
The winners will be announced across several categories, with one being judged as the country winner. The country winner will represent India at the EY World Entrepreneur of the Year Award in Monte Carlo in June 2013.

Media & Entertainment: India's FM radio segment to generate INR14 bn in 2012-13
India's private FM radio segment, which has been growing at a CAGR of 14% annually, currently accounts for around 4% of the country's total advertisement industry, says our report.

Mining & Metals: India on the path to become worlds next steel powerhouse
India is increasing its presence in the global steel market as a result of domestic steel consumption and has seen a rapid rise in production over the past few years, according to our new report.