News releases Recent global news releases issued by Ernst & Young. August 2010 - Proposals on lease accounting will significantly affect industries
London, 18 August 2010
The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) yesterday released a proposal to improve the accounting for leases under both IFRS and US GAAP. The proposal is designed to provide a single model for lease accounting for both lessees and lessors – a “right of use” approach.
- Big-ticket technology deals resume in Q2 2010
London, 5 August 2010
Big-ticket merger-and-acquisition (M&A) deals returned to the global technology sector in the second quarter of 2010 (Q2’10), with seven transactions valued at more than US$1 billion, according to a new report by Ernst & Young.
- European private equity buy-outs increase for five consecutive quarters
London, 2 August 2010
European private equity buy-out activity across 15 countries* consolidated its recovery in the second quarter of 2010 (Q2’10) with 125 buy-outs in Europe.
July 2010 - IFRS 4 presents major opportunities for global insurance industry
London, 30 July 2010
International Financial Reporting Standard (IFRS) 4 Insurance Contracts presents major opportunities for global insurance industry. See report.
- Enterprise customers deliver mixed messages for telcos as trusted ICT service providers
London, 22 July 2010
Despite making inroads in the enterprise market beyond legacy connectivity services, telecom operators face a tough time convincing business customers that they can be trusted providers of information and communication technology (ICT) services. Fifty-six percent of respondents believe that the telcos should stick to their core business, rather than being all things to all people, according to a new survey by Ernst & Young - Beyond connectivity: can telecoms operators offer new services to business customers?
- Data deluge driving telecoms sector top business risks in 2010
London, 20 July 2010
Telecoms operators across the world are facing an explosive surge in the volume of data traffic across their networks, creating pressures and risks across their operations, according to a new report by Ernst & Young.
- Working capital performance deteriorates at two-thirds of companies
London, 19 July 2010
Nearly two-thirds of the companies included in the annual Ernst & Young working capital survey reported deteriorations in performance in 2009 compared to 2008, with cash-to-cash (C2C) increasing by as much as 6% in the US and 3% in Europe.
- Global IPO activity sustains momentum in Q2 despite market volatility
London, 7 July 2010
Global IPO activity in the second quarter of the year showed signs of resilience despite current market conditions, both in terms of funds raised and number of deals. Listings were mainly driven by a strong Asian market and also by increased listings in the US and Europe according to Ernst & Young’s Q2 2010 Global IPO update and the Global IPO trends report 2010.
June 2010 - Sovereign debt crisis hits Eurozone economic growth
Frankfurt, 24 June 2010
The imminent threat of default may have passed but the crisis is far from over in the Eurozone, according to Ernst & Young’s quarterly Eurozone Forecast (EEF).The EEF has revised its forecast for the region’s growth down to 0.8% this year and 1.3% for 2011. Furthermore, unless the Eurozone seriously tackles structural reforms that are the root of the massive challenges it faces, the risks of an economic “lost decade” like that of Japan in the 1990s are significant, particularly for countries in Southern Europe.
- 2010: a critical year for oil and gas companies’ tax regime
London, 22 June 2010
Ernst & Young today publishes its second annual Global Oil and Gas Tax Guide 2010 summarizing the oil and gas tax regimes in 57 countries. This year the guide introduces 17 new countries across the Americas, Africa, Europe, the Middle East and the Far East regions.
- Seventy-three percent of global media and entertainment CFOs say digital and mobile content are greatest future revenue opportunities despite current profit pressures
New York, 17 June 2010
CFOs from 75 of the world’s largest media and entertainment companies are optimistic about revenue potential from the Internet and mobile devices in spite of declining revenues, according to Ernst & Young’s 2010 global media and entertainment CFO study. The report, Poised for digital growth: Preserving profitability in today’s digital world, offers insights from CFOs on the future of digital distribution, the Internet, mobile devices and the impact on their companies.
- Global demand for electric cars could outweigh near-term supply
Detroit, 16 June 2010
Over 25% of drivers surveyed across US, Europe, China and Japan said they would likely consider purchasing plug-in hybrid (PHEVs) or electric vehicle (EVs), as soon as they become available on the market, according to research by Ernst & Young’s Global Automotive Center.
- The Hedge Fund Journal announces Tomorrow’s Titans
New York, 14 June 2010
The survey, conducted by The Hedge Fund Journal and sponsored by Ernst & Young, identifies the top 40 hedge fund industry leaders of tomorrow based on information gathered from a wide range of industry participants and allocators.
- Regulation overtakes reputation as biggest risk concern for asset management CROs
London, 14 June 2010
Increased regulatory interest has overtaken reputation as the biggest risk concern for asset management chief risk officers (CROs) with the desire to optimize capital and liquidity springing into third place, according to Ernst & Young’s second annual industry risk management study.
- ICAP’s Michael Spencer named Ernst & Young World Entrepreneur Of The Year 2010
Monte Carlo, 6 June 2010
Michael Spencer, Group CEO of the UK’s ICAP plc, was last night named the Ernst & Young World Entrepreneur Of The Year 2010 at an awards ceremony held in Monte Carlo’s Salle des Etoiles. Spencer was picked from among the more than 50 country finalists vying for the title, each of whom had already been named the Ernst & Young Entrepreneur Of The Year in their home countries. The 2010 awards ceremony marks the tenth consecutive year the Ernst & Young World Entrepreneur Of The Year has been held.
May 2010 April 2010 - Biotech industry showing resilience despite challenging conditions
NewYork, 28 April 2010
The global biotechnology industry was able to weather the continued worldwide economic turmoil and deliver a strong financial performance in 2009, with the world’s established biotech centers reaching profitability for the first time in history.
- Power and utilities sector near tipping point as smart future beckons
London and Dusseldorf 22 April 2010
Seeing energy differently, a new Ernst & Young report released today, analyses a sector on the point of massive change with a new consumer model, new entrants, new services and new ways of delivering them.
- Striking a balance
London, 21 April 2010
In a new outlook issued today the Ernst & Young Global Oil & Gas Center says that oil and gas industry fundamentals are improving in line with the global economy. Developing countries continue to take the lead in terms of growth, with positive indicators throughout the globe and with generally rising economic expectations, energy market sentiment remains relatively positive.
- Eurozone catches another cold but limps toward late 2010 recovery
Frankfurt, 16 April 2010
Although many of its large members were among the first countries to emerge from recession last year, the short-term outlook for the Eurozone remains challenging with GDP growth expected to rise by only 1% in 2010 and 1.6% in 2011, according to Ernst & Young’s new quarterly Eurozone Forecast (EEF), released today.
- Twice as many global businesses actively seeking M&A targets in next 12 months, compared with six months ago
London, 15 April 2010
Optimism is growing in the global M&A environment as 57% of businesses state they are likely or highly likely to acquire other companies in the next 12 months, almost double that of the 33% six months ago, according to a new study of over 800 senior executives around the world by Ernst & Young.
- Add water systems to US infrastructure challenges, says Infrastructure 2010: an investment imperative
Boston, 13 April 2010
More and more urban areas throughout the United States – in both dry and rainy locales -- are facing growing pressures on their water infrastructure systems, necessitating both greater investments for overhaul and a change in development patterns that are more conducive to conservation, according to Infrastructure 2010: An Investment Imperative, a new publication released today by the Urban Land Institute and Ernst & Young.
- Strong global IPO market in Q1 sets tone for 2010
London, 8 April 2010
Global IPO activity in the first quarter of 2010 showed substantial improvement over Q1 2009. Results were driven by an ongoing robust Asian market and the revival of European listings, according to Ernst & Young’s Q1 2010 Global IPO update.
- Nimble and astute, private equity bounces back
London, 6 April 2010
While 2009 was a challenging year for private equity (PE) on all fronts, it has offered a window into the industry’s flexibility in adapting to a changing economic environment. 2010 is already exhibiting more robust global PE activity as funds look to invest and divest in a more stable economic setting, according to a new report released today by Ernst & Young.
March 2010 - REITs leading real estate out of global financial downturn
London and Sydney, 9 March 2010
Real estate investment trusts (REIT) are leading other property investments out of the global economic downturn largely thanks to the resiliency of the REIT model, according to a report released today by Ernst & Young.
February 2010 - Deal activity in the consumer products sector hits a 3 year low in Q4 2009
London, 19 February 2010
Deal value and volume in the consumer products (CP) sector continued to fall in Q4 2009, with deal volumes now at a three year low, according to a new quarterly report from Ernst & Young. Moreover, the number of significant deals already announced this year suggests that the sector may have reached the bottom of the market and that deal volumes will start to recover over the course of 2010.
- Pat Hyek to lead Global Technology Sector at Ernst & Young
London, 17 February 2010
Ernst & Young has appointed Pat Hyek to lead its Global Technology Sector Center. Pat is based in San Jose, California.
- Positive outlook as global technology M&A shows growth
London, 15 February 2010
Mergers and acquisitions (M&A) activity in the global technology sector grew for the third consecutive quarter in Q4 2009, bringing optimism for continued growth in 2010, according to a new report by Ernst & Young.
- European insurers must rebuild capital while seeking growth opportunities in 2010, according to Ernst & Young
London, 11 February 2010
While many European insurers weathered the financial crisis better than their bank counterparts, many were shaken by investment losses and capital constraints that are expected to present additional challenges in 2010, according to Ernst & Young’s Global Insurance Center 2010 European Insurance Outlook.
- Progressions report from Global Life Sciences Centre
NewYork, 11 February 2010
Information technology (IT) companies, large retailers, and telecommunication firms are strategically poised to capitalize on rapid changes taking place in health care, and pharmaceutical companies are increasingly looking for innovative ways to collaborate with these new players to reach and improve outcomes for patients.
- Economic recovery will bring opportunities, challenges to the Far East insurance market in 2010, says Ernst & Young
Hong Kong, 8 February 2010
While mature markets are more saturated, strong prospects for economic growth in the emerging markets and a relatively young insurance sector in the many parts of the Far East offer great opportunities – as well as challenges – for those companies prepared to invest for the long haul, according to Ernst & Young’s Global Insurance Center 2010 Far East Insurance Outlook.
- European investment funds failing to reap benefits of IFRS
London, 8 February 2010
Despite the G20’s call for the setting up of high-quality global accounting standards, there is little evidence that International Financial Reporting Standards (IFRS) are being embraced by the European investment fund industry and its supervisors, finds a new Ernst & Young survey.
- Global corporates are tiptoeing cautiously into 2010
London, 2 February 2010
A comprehensive survey of senior executives at nearly 900 major companies worldwide by Ernst & Young reveals a very different business environment compared to twelve months ago but highlights a corporate world that for the most part is still nervous about recovery.
- Banks need to win customer loyalty war as one in ten Europeans plan to change banking provider this year
Madrid and Paris, 1 February 2010
The financial crisis has caused customers to change their attitude towards their banks, finds new research from Ernst & Young. If they are not changing provider, then some customers are looking to diversify their banking portfolio spreading financial products across a number of different institutions to minimize their exposure to perceived risks.
January 2010 - Globalization to resume in 2010 after temporary blip
Davos, 29 January 2010
A report released today by Ernst & Young in cooperation with the Economist Intelligence Unit (EIU) highlights how globalization slowed during the financial crisis and the subsequent downturn. But as the economy recovers in 2010 the growth of globalization will once again resume, although at a slower pace than in the past decade, the report predicts.
- Diversity drives innovation
Davos, 27 January 2010
Ernst & Young today released a report that cites diversity of thinking as a key driver of innovation within companies. It highlights how innovation is sparked by the clashes of ideas created from diverse perspectives. The full report is available at www.ey.com/globalmindset.
- 2010: a critical year for IFRS, says Ernst & Young
London, 25 January 2010
2010 will be a critical year for the progression of International Financial Reporting Standards (IFRS), with more countries commencing their conversion to IFRS. These include Canada, India and much of South America.
- Upstream oil & gas companies winners in a choppy M&A market
London, 18 January 2010
The last twelve months has been a challenge for many companies in the oil and gas sector, but there have been substantial opportunities for those with strong balance sheets. And the outlook for 2010 is looking positive, according to Ernst & Young’s third annual Global oil and gas transactions review.
- Are US drivers beginning to get switched on to electric cars?
Detroit, 13 January 2010
Over 10% of US drivers surveyed said they would consider purchasing a plug-in hybrid or electric vehicle, according to a survey by Ernst & Young’s Global Automotive Center. The report canvassed the views of a thousand American licensed drivers to gauge consumer awareness and interest of plug-in hybrid and electric vehicles in the market.
- Almost 50% of investors, analysts and lenders believe impairments are below expectations
London, 11 January 2010
Impairments reported during the last two years were lower than expected according to 47% of investors, analysts and lenders, in a new survey released today by professional services organization, Ernst & Young.
December 2009 - New Ernst & Young report highlights business risks and opportunities arising from global tax policy and administration shifts
London, 15 December 2009
Businesses and governments alike are being challenged to find new ways to succeed in an increasingly competitive global marketplace, even as they struggle to stay afloat amid a worldwide economic downturn. According to Ernst & Young’s new “Tax administration without borders” report, their actions, and reactions, are reshaping the landscape for tax policy and administration.
- Banks say risk management remediation programs well under way despite challenging environment
London, 9 December 2009
Major global banks launched significant remediation programs for risk governance in light of the financial crisis, and most started before the regulators became involved, finds a new report published today by Ernst & Young. But regulatory intervention accelerated the pace of the change programs, particularly in those countries most affected by the crisis.
- Global IPO recovery in second half of 2009 led by China and Brazil
London, 9 December 2009
After stagnant markets in the first two quarters, IPO activity started to pick-up in the second half of 2009, principally driven by deals from Asia and South America. These two regions have raised US$68.6 billion in listings so far in 2009 accounting for 72% of the total IPO value, according to Ernst & Young’s year-end Global IPO update.
- Ernst & Young recognized as a global knowledge leading business
London, 8 December 2009
For the twelfth consecutive year, Ernst & Young has been recognized as a Most Admired Knowledge Enterprise (MAKE).
- China continues advance up renewable energy league
London, 7 December 2009
China is now one of the top two most attractive locations in the world in which to invest in renewable energy projects, according to Ernst & Young’s latest global Renewable energy country attractiveness indices.
November 2009 - Financial stakeholders challenged to understand company performance
London, 24 November 2009
Despite the wealth of publicly available information on company performance, stakeholders still struggle to see the bigger picture of how well businesses are performing, finds a new report for Ernst & Young.
- Ernst & Young top for financial services risk management
London, 18 November 2009
Ernst & Young has been voted the best financial services risk management advisory business by over 300 operational risk and compliance professionals in this year’s OpRisk & Compliance magazine annual consultancy survey.
- Entrepreneurs keeping their eyes on the prize
London, 16 November 2009
Entrepreneur driven companies are actively seeking growth and opportunity in the economic downturn by adapting the way that their companies operate to position themselves for market leadership when recovery arrives, according to new research from Ernst & Young.
- One third of global businesses actively seeking M&A targets in next 12 months
London, 12 November 2009
There is a growing sense of anticipation about the global M&A environment with 33% of businesses likely or highly likely to acquire other companies in the next 12 months, according to a new study of almost 500 senior executives around the world by Ernst & Young’s Transaction Advisory Services. In fact, 25% expect to do so in the next six months.
- Investor-led changes – largely implemented and hugely beneficial, say hedge fund managers
New York, 9 November 2009
The global downturn forced hedge fund managers to respond swiftly and radically to the demands of investors, finds a new survey published today by Ernst & Young.
- Former employees a growing IT security threat
London, 9 November 2009
Reprisals from recently departed employees and a lack of adequate security budgets and resources are becoming major concerns for senior IT professionals, according to the 12th annual Ernst & Young 2009 Global Information Security Survey.
- China, technology and private equity to drive IPO activity in 2010
London, 6 November 2009
The Ernst & Young Institutional Investor IPO survey 2009, highlights the likely markets and sectors that will lead listing activity in 2010. The survey, based on responses from more than 300 institutional investors across the world, found that China, technology and private equity are likely to drive IPO activity over the next 12 months.
- Global corporates looking to invest heavily in cleantech - Ernst & Young
San Francisco and London, 5 November 2009
Despite ongoing uncertainty about the global economic situation, spending by the world’s biggest companies of developing or acquiring cleantech solutions is robust and primed to accelerate. This is according to a new survey of more than 300 executives worldwide from corporations with revenues in excess of US$1bn (two-thirds of the respondents were from corporations with turnover in excess of US$5bn), conducted by leading professional services organization Ernst & Young.
- Europe's top football leagues becoming more predictable
London, 3 November 2009
The last fifteen years have seen clear signs of a sharp decline in competitive balance of the five biggest European football leagues, with a handful of leading clubs increasingly pulling ahead of the rest of the pack, according to a new study by Ernst & Young.
October 2009 - Ernst & Young highlights insurance sector lessons learned from the financial crisis
London and New York, 26 October 2009
While the insurance sector has been less directly impacted by the recession in comparison to other financial services businesses, most insurance companies were surprised by the depth and magnitude of the downturn, according to a new report from Ernst & Young.
- Lifting your head above the parapet?
New York, 20 October 2009
An Ernst & Young study released today looks in detail at how leading global companies have dealt with the recession and are preparing for an eventual recovery. Lessons from Change, available at www.ey.com/lessons-from-change, is a unique distillation of the conversations that over 500 of our senior partners from member firms around the world have had with their international clients in the last few months.
- IPO activity rebounds in Q3 driven by Chinese listings – Ernst & Young
London, 6 October 2009
Ernst & Young today announced combined worldwide revenues of US$21.4 billion for the fiscal year ended 30 June 2009 (FY09). Year-over-year revenues on a comparable basis decreased a modest 0.2% in local currency.
- Boardroom must ask tougher questions to maintain companies’ financial reputation, says Ernst & Young
London, 5 October 2009
Boards and audit committees should be asking tougher questions of management to fully understand the controls they have in place and the changes they propose to make to risk functions and their attitude towards fraud, says Ernst & Young in a new report published today.
September 2009 - Ernst & Young reports fiscal year 2009 global revenues of US$21.4 billion
London, 30 September 2009
Ernst & Young today announced combined worldwide revenues of US$21.4 billion for the fiscal year ended 30 June 2009 (FY09). Year-over-year revenues on a comparable basis decreased a modest 0.2% in local currency.
- Explaining international public sector accounting standards
London, 30 September 2009
The global financial crisis has demonstrated that the public sector as well as the private sector needs the highest quality accounting standards. Around the world, accounting in the public sector is practiced in diverse ways and struggles to achieve comparable standards in terms of accountability and transparency. IPSAS Explained a new guidebook released today by Ernst & Young and published by Wiley is the most comprehensive overview of the key global issues.
- Growing transfer pricing scrutiny by world’s tax authorities creates new risks for multinationals
London, 29 September 2009
Multinationals are facing new tax risks due to a growing number of authorities adopting divergent transfer pricing (TP) requirements, according to a new Ernst & Young survey examining the approaches and attitudes of tax authorities in 49 countries.
- One set of global accounting standards imperative to protect information, says Ernst & Young
London and Washington, 28 September 2009
“It is imperative that there is one set of financial reporting standards for the world if the quality and comparability of investor information is to be protected. I am pleased to see the G20 renew its call for a single set of high quality global accounting standards,” James S. Turley, the global chairman and chief executive officer of Ernst & Young LLP, said in response to the G20 communiqué.
- European PE assets show continued growth, despite challenging times
London 14 September 2009
The largest businesses across Europe exited by private equity (PE) investors in 2008, achieved impressive growth under PE ownership, according to the fourth annual PE study by Ernst & Young, and showed growth rates consistent with the prior three years of research.
- Global consumer products companies have a US$6b supply chain opportunity
London 11 September 2009
Rising supply chain costs have resulted in global consumer products (CP) companies, losing up to US$6b in the last three years, according to a new report released today by Ernst & Young.
- Consumer products companies new ‘winners’ of the recession
London 19 August 2009
More than two-thirds of global consumer products (CP) companies say they have achieved their target cost reductions effectively in the recession. CP companies also see greater opportunities for further cost reduction than firms in other sectors, particularly across the supply chain, with 62% eyeing additional gains versus 48% across all sectors, according to Ernst & Young’s Opportunity in Adversity research released today. - Frank Ng joins Ernst & Young LLP
Washington 18 August 2009
Ernst & Young LLP today announced that Frank Y. Ng has joined the firm in the Tax Controversy and Risk Management Services practice. Ng most recently served as the Commissioner of the Large and Mid-Size Business (LMSB) division at the Internal Revenue Service (IRS). - Misaligned and fragmented risk functions jeopardizing organizations’ performance – Ernst & Young study
London, 17 August 2009
Ninety-six percent of organizations believe they have an opportunity to improve their risk management functions. Furthermore, nearly half say committing additional resources to risk management could create a competitive advantage, according to Ernst & Young’s Future of Risk survey, which examined organizations’ attitudes toward risk management.
July 2009 June 2009 - Impact of financial crisis poses greatest threat to insurance industry
New York, 23 June 2009
The impact of the financial crisis is the most significant risk facing the insurance industry, according to a new report by Ernst & Young. In the Second annual business risk report – insurance 2009, model risk and regulatory intervention rank second and third among the top ten risks. - $1 trillion still tied up in working capital among leading corporations
London, 17 June 2009
Up to US$1 trillion of liquidity could still be tied up in working capital among the leading corporations in the US and Europe, according to a new report by Ernst & Young. - Entrepreneurship and innovation key to the global economic recovery, according to Ernst & Young report
Detroit, 16 June 2009
Ernst & Young LLP today released a report during the Detroit Economic Club’s National Summit that highlights the vital importance of entrepreneurship and innovation in today’s economy. At a time when business leaders are struggling to balance short-term survival with long-term demand for growth, innovation and an entrepreneurial mindset is essential. - The rules of the game have permanently changed – Ernst & Young
London, 15 June 2009
A study of executives at 570 leading global companies shows the depth of the impact of the worldwide recession on corporates. The comparisons with a similar study in January also reveal that while the white heat of the crisis has passed, the majority of companies are still focused on survival although there is a significant minority who are looking to take advantage of the situation to pursue new opportunities. - World’s largest oil companies to deliver over US$375bn of investment this year despite oil demand concerns
London, 1 June 2009
The world’s largest National Oil Companies (NOCs) and supermajors are planning on delivering in excess of US$375bn of ambitious investments through the down cycle, despite ongoing concerns around oil demand, according to new analysis from Ernst & Young.
May 2009 - Fuyao Glass Industry Group’s Cao Dewang named Ernst & Young World Entrepreneur Of The Year 2009
Monte Carlo, 31 May 2009
Cao Dewang, Chairman of Fuyao Glass Industry Group, has been named the Ernst & Young World Entrepreneur Of The Year 2009 at an awards ceremony held in Monte Carlo. Cao was picked from among the 43 entrepreneurs vying for the title, each of whom had already been named the Ernst & Young Entrepreneur Of The Year in their home countries. - Ernst & Young launches Global IPO trends report 2009
London, 19 May 2009
Ernst & Young will launch its Global IPO trends report 2009 Shifting landscape – Are you ready?, which provides detailed analysis of the major developments in worldwide IPO markets during 2008 and the first quarter of 2009. The severe economic downturn sent worldwide IPO activity in 2008 plummeting by over half since 2007. With assets being revalued globally no IPO market was insulated from the financial crisis. Shifting landscape – Are you ready? provides a full breakdown of 2008 global activity by region, industry and stock exchange. - Global economic downturn creating new risks for oil and gas sector
London, 13 May 2009
The oil and gas sector has been unevenly impacted by the global economic downturn which has created new risks for the industry that threaten the near-term survival and prospects of a number of oil and gas companies, according to The 2009 Ernst & Young business risk report, Oil and gas, released today. - Network assets back in favor as power tilts towards pipe owners
London, 11 May 2009
Despite the economic downturn, these are good days for asset-heavy incumbent telecoms operators with established networks, according to a new study of the telecoms sector by global professional services organization Ernst & Young. - Tax policy plays a vital role in economic stimulus activities
London, 8 May 2009
As the world economy seeks firm footing amid the first true global recession since World War II, more and more countries are turning to discretionary fiscal stimulus to boost overall demand and restart the flow of credit to companies. And, while spending measures have received more mainstream attention over the last few months, tax measures actually represent 56% of the net effect of fiscal stimulus, according to a recent OECD report. In Worldwide fiscal stimulus – tax policy plays a major role, Ernst & Young examines these tax-related fiscal stimulus measures in 24 key jurisdictions and identifies themes that are emerging as governments increasingly rely on their tax systems to administer fiscal stimulus. - Global financial crisis making biotech business model unsustainable according to Ernst & Young
Boston, 5 May 2009
Despite worldwide economic turmoil, the global biotechnology industry delivered a solid financial performance in 2008, according to Beyond borders: Global biotechnology report 2009, Ernst & Young’s 23rd annual report on the biotech industry. However, the prolonged and systemic funding drought is placing the business model that fueled biotech growth for the past 33 years under unprecedented strain.
April 2009 - Failing to demonstrate value of innovation is top risk facing life sciences sector, according to Ernst & Young
New York, 23 April 2009
Government and private insurers are placing unprecedented pressures on life sciences companies to demonstrate value for the products they develop, according to The 2009 Ernst & Young business risk report, Life sciences. Insurers, governments and individuals are likely to increase demands to demonstrate value in the years ahead, as they confront mounting healthcare costs, a shrinking tax base, aging populations, and a mandate to provide care for a larger pool of citizens. - IPO activity continues to slow with just 50 IPOs worldwide in Q1 2009
London, 7 April 2009
Global IPO activity continues to stall, according to Ernst & Young’s first quarter Global IPO update. A total of 50 IPOs worldwide raised just US$1.4 billion in capital between 1 January and 31 March 2009. Only two deals raised over US$100 million. This compares with 78 IPOs worth US$2.6 billion the prior quarter.
March 2009 February 2009 - Loss of client to new market entrants is biggest risk for telecoms sector in 2009
London, 13 February 2009
The annual top ten ranking by leading sector analysts, published in conjunction with strategy consultancy Oxford Analytica, reveals that as non-traditional players, such as internet companies, cable providers and equipment manufacturers have become new partners and competitors, they are battling to control the same clients as traditional telecoms operators. This in turn is creating competition that is both intensifying and becoming much more complex. - Survey finds “goodwill” accounts for almost half of enterprise value in acquisitions
London, 12 February 2009
With the increasing importance placed by regulators on fair value measurements, it is interesting to note that clearly identified intangible assets, such as brands, represented on average just 23% of enterprise value, while 47% of enterprise value was ascribed to “goodwill” in recent corporate transactions surveyed for a report released today by leading professional services organization Ernst & Young.
January 2009 - Strategic opportunities for oil and gas transactions in 2009
London, 26 January 2009
The volatility in oil prices and overall financial markets created a year of two halves for the global oil and gas industry.
Buoyed by a high oil price environment, in the first half of 2008 oil and gas deal activity was strong. However, the slowdown in the global economy resulted in fewer mergers and acquisitions (M&A) in the second half of 2008 resulting in 1,094 deals for 2008, down 29% from the record level set in 2007. The total value of oil and gas transactions for 2008 was US$179bn. - Outsourcing virtually a pre-requisite for new entrants into Asian telecoms market
London, 15 January 2009
New entrants into the Asian telecoms markets may find they need to enter into outsourcing agreements if they are to be competitive, according to a new report by the Ernst & Young Global Telecommunications Center, Asia Calling – Outsourcing for cost optimization (pdf, 1.41mb), which brings together the views of 13 senior telecoms executives in key Asian markets. - Ernst & Young welcomes prospect of a global accounting language but warns that 2009 will be a critical year for IFRS
London, 12 January 2009
Ernst & Young welcomes the fact that, despite a difficult year for companies and global economies, the major capital markets of the world are moving ever closer to adopting International Financial Reporting Standards (IFRS) as the globally recognized accounting language. But 2009 will be a critical year in this process, and the challenges now faced must not be allowed to derail the significant progress made to date.
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