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  • Export Knowledge Programme launched by IEA supported by PwC | PwC Ireland | Media centre | Press release
    increase their exports add to the Irish economy through direct and indirect job creation influence the supply chain positively and drive increased spending both locally and nationally Exporting is a critical sector in the Irish economy with headline figures dominated by the multinationals This exciting and unique initiative brings together the best support from the public and private sectors to significantly enhance the range of supports available to grow the existing SME export base significantly Thomas Hunter McGowan CEO InterTradeIreland stated InterTradeIreland is delighted to collaborate with the Irish Exporters Association on this brand new initiative For a first time exporter trading in Northern Ireland is the perfect place to begin It is geographically closer and there are no language barriers Cross border trade is currently valued at around 3bn so substantial opportunities in the opposite jurisdiction still exist Helping small companies to identify new cross border export markets is a core part of our remit and this programme complements our existing sales and marketing programmes Elevate and Acumen We look forward to working closely with the IEA to help these small companies export cross border create growth and jobs and ultimately contribute to economic prosperity ENDS Notes to editors Export Knowledge Programme Phase 1 Export Readiness Assessment An initial Export Readiness assessment will be carried out on the business The purpose of this process is to ensure that the business has the required organisational structure culture and resources to support growth and entry into new export markets Subject to a successful outcome to the export readiness assessment the business will be selected to participate in phase 2 of the programme If the business is not chosen to participate in phase 2 it will receive a report with an assessment of its export readiness together with advice and action points on how to improve its ability to enter export markets at a future date Phase 2 Export Workshops This phase comprises the learning mentoring component of the programme Each business will participate in six seven full day Export Workshops during which time they will learn about Workshop 1 Selection and Management of Channel Partners Distributors Workshop 2 Knowledge of International legal contract and IP issues Workshop 3 International financial management cost control quality assurance financial risk management Workshop 4 E commerce skills and social media skills marketing mix skills Workshop 5 International Logistics air sea rail road order administration Workshop 6 Awareness of customer needs in different markets knowledge of international design standards and codes Workshop 7 Awareness of All Island Public sector Tendering Opportunities Participate in two themed roundtables providing an opportunity for networking and knowledge sharing The final programme of workshops will be determined by the export ready audit findings It is envisaged that these workshops will occur once a month over a seven month period Phase 3 Review and Final Evaluation The final phase will measure and evaluate the outcome of the mentoring learning achieved through the programme This process will establish what stage of the export

    Original URL path: http://www.pwc.ie/media-centre/press-release/2016/2016-pwc-ireland-export-knowledge-programme-launched-by-iea-supported-by-pwc.html (2016-02-18)
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  • Geopolitical threats rise as CEO’s global growth confidence falls | PwC Ireland | Media centre | Press release
    a huge opportunity to better engage with customers and drive growth However Ireland is a small open economy and very dependent on global markets Any unplanned shocks will create uncertainties With our strong exports and foreign direct investment our growing employment and consumer demand as well as our friendly business environment Ireland has a great opportunity to continue to punch above its weight 1 PwC Irish Business Barometer Nov 2015 CEOs see more threats With heightened concerns about geopolitics two thirds of CEOs 66 now see more threats facing their business today than there were three years ago As in most years the spectre of over regulation is seen as the top threat to companies growth prospects with 79 of CEOs citing this the fourth year in a row that concerns about regulation have risen However geopolitical uncertainty has jumped from fourth in CEO concerns last year to second this year cited by 74 of business leaders As a result concerns about availability of key skills have dropped from second to fourth but remain a concern for nearly three quarters 72 of CEOs Worries about exchange rate volatility are in third place 73 Cyber security is also a worry for 61 of CEOs representing threats to both national and commercial interests Concern is highest amongst CEOs in the US Australia and the UK 74 and in the banking technology and insurance sectors Skills and recruitment Nearly half 48 of CEOs plan to increase their headcount over the next 12 months a slight drop on last year 50 Business recruitment activity is highest in India 70 the UK 66 and China 57 Concerns about the availability of key skills remains high 72 Several sectors have particularly high levels of concern topped by entertainment and media and technology while sectors more traditionally aligned with STEM skills including manufacturing pharmaceuticals and life sciences also feature Geographically concerns are highest in Asia Pacific 81 the Middle East 83 and Africa 86 and lowest in Western Europe 59 Government business The top priority for government should be a clear and effective tax system say 56 of CEOs followed by a skilled educated and adaptable workforce 53 and infrastructure 50 both physical and digital However CEOs tended to not rate their governments highly particularly around the effectiveness of the tax system and income equality Two thirds 67 cite a stable tax system as being more important than low tax rates Around a third 33 rate governments as ineffective at safeguarding personal data 26 effective with China 46 the US 60 Brazil 72 and Argentina 52 having the highest levels of concern Technology The survey underlines technology s force in business for change and better customer and stakeholder understanding Nine out of ten 90 CEOs say they are changing how they use technology to assess customer and wider stakeholder expectations and deliver against them The most significant levels of change are reported in sectors with traditionally high customer service expectations including banking and capital markets 90 insurance

    Original URL path: http://www.pwc.ie/media-centre/press-release/2016/2016-pwc-ireland-global-ceo-survey.html (2016-02-18)
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  • PwC economists reveal predictions for 2016 | PwC Ireland | Media centre | Press release
    We should also see at least the beginning of the end of the Eurozone crisis The once mighty BRICs however will have another tough year in 2016 with the notable exception of India In more detail The US will top the G7 GDP growth league table The US economy will grow by almost 3 and so contribute to around two thirds of overall G7 growth in 2016 It is also expected that the US will continue to create an average of around 200 000 jobs per month helping to sustain consumer spending growth However the US won t have an easy run to the title of the fastest growing G7 economy the UK will be its main rival as it is expected to grow within the range of 2 2 5 US and UK interest rates to rise in 2016 In December last year the Fed led the way with its first rate increase since 2006 PwC economists expect it to continue to raise rates albeit only gradually in 2016 Barring any major adverse global shocks it is expected that the Bank of England will follow suit at some point later in 2016 In contrast with the US and the UK the European Central Bank the Bank of Japan and the People s Bank of China are expected to maintain an accommodative monetary policy stance in 2016 The end of the Eurozone crisis The peripheral economies will grow faster than the core economies for the second year in a row See Figure 2 The Greek crisis could flare up again but this should not lead to contagion to the rest of the bloc which is why PwC economists expect 2016 to mark at least the beginning of the end of the wider Eurozone financial crisis With most imbalances in peripheral economies under control and structural reforms underway it is likely that Eurozone GDP will expand by around 1 6 in 2016 its fastest growth rate since 2011 The end of the Eurozone crisis The peripheral economies will grow faster than the core economies for the second year in a row See Figure 2 The Greek crisis could flare up again but this should not lead to contagion to the rest of the bloc which is why PwC economists expect 2016 to mark at least the beginning of the end of the wider Eurozone financial crisis With most imbalances in peripheral economies under control and structural reforms underway it is likely that Eurozone GDP will expand by around 1 6 in 2016 its fastest growth rate since 2011 India will be the star performer amongst the E7 For the second year in a row we expect India to grow faster than China expanding by around 7 7 in real terms India will continue to reap the benefits of recent reforms The cut in the policy rate by the Central Bank of India from 8 to 6 75 last year will help to support consumption and investment growth this year Foreign direct

    Original URL path: http://www.pwc.ie/media-centre/press-release/2016/2016-pwc-ireland-pwc-economists-reveal-predictions-for-2016.html (2016-02-18)
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  • Paying Taxes 2016 | PwC Ireland | Media centre | Press release
    its tax affairs and makes a tax payment nearly every six weeks Globally this compares to the typical company paying over a third of its commercial profit in taxes spending over seven weeks dealing with its tax affairs and making a tax payment every 2 weeks The ranking by PwC The World Bank Group report is unique as it looks beyond corporate income tax to all of the other business taxes paid and is a measure of effectiveness of tax systems around the world The Paying Taxes 2016 report measures the ease of paying taxes by assessing the administrative burden for companies to comply with tax regulations and by calculating companies total tax liability as a percentage of pre tax profits Paying Taxes 2016 measures all mandatory taxes and contributions that a medium size company must pay in a given year Taxes and contributions measured include the profit or corporate income tax social contributions and labour taxes paid by the employer property taxes property transfer taxes dividend tax capital gains tax financial transactions tax waste collection taxes vehicle and road taxes and other small taxes such as fuel taxes or fees It shows how businesses are affected not only by tax rates but also by the procedural burden of compliance The report focuses on three indicators which are used to determine the overall ease of paying taxes which are The cost of taxes which is measured by the total tax rate Ireland ranked 5th in the EU with 25 9 The average Total Tax Rate for the region is 40 6 The time it takes to comply Ireland ranked 5th in the EU with 82 hours The average time to comply across the region is 173 hours The number of tax payments made Ireland s number of payments is 9 compared to the average for the region of 11 5 Ireland s ability to cope with multiple tax payments and at the same time to have a system that eases the administrative burden is a credit to our regulatory and tax authorities Taxes are a significant issue for business and the fact that we continue to hold our rank in this area is critical for continued investment in Ireland Speaking about the Irish results Joe Tynan PwC Ireland s Head of Tax said The survey demonstrates that having a simpler tax systems with competitive business tax rates and a robust and transparent tax regime gives Ireland a real advantage in the market for attracting direct investment The survey confirms that Ireland s tax system continues is one of the most effective and straightforward in the EU While no one likes paying tax the Irish tax system makes it relatively easy to comply with the rules and is much less bureaucratic system compared to other EU countries The survey further demonstrates that Ireland s statutory headline rate on profits is broadly similar to the effective rate The study uses a case study approach so that the same circumstances can be compared

    Original URL path: http://www.pwc.ie/media-centre/press-release/2016/2016-pwc-ireland-continues-to-be-most-effective-country-in-the-EU-in-which-to-pay-business-taxes.html (2016-02-18)
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  • Independent report identifies PwC as Ireland's premier funds auditor | PwC Ireland | Media centre | Press release
    Among legal advisers Maples Calder maintained its first position for funds serviced in Ireland providing legal advice to 1 269 funds closely followed in second place by Dillon Eustace 1 119 funds Among fund management companies the largest fund promoter of Irish domiciled schemes is BlackRock having increased total net assets from US 389 5bn to US 397 8bn followed by PIMCO US 109 0bn and in third position Insight Investment US 107 4bn US fund management companies account for the largest proportion of Ireland domiciled funds with a total of 1 553 funds and a total of US 1 084bn assets under management UK fund management companies had an increase of 3 in both the number of funds and assets in contrast to the US promoters who were more dynamic in launching funds 8 increase but had no growth in terms of assets compared to last year Karine Pacary Managing Director at Monterey Insight commented Our 21st edition of the Monterey Ireland Fund Report revealed a year of steady growth in terms of assets but a more dynamic approach in terms of new funds launched This year was marked by individual and scattered performances In excess of 75 new asset managers have chosen Ireland to establish their funds as a result 119 new umbrellas serviced in Ireland domiciled and non domiciled schemes have been launched totalling over 150 sub funds with US 10 3bn It is pleasing to see the Irish Fund Industry continuing to attract new business in an evolving regulatory environment Olwyn Alexander Leader of the PwC Ireland Asset Management Practice said We are pleased to continue our market leading position as Ireland s No 1 auditor to the asset management industry yet again this year PwC audits funds with in excess of 1 trillion USD in net assets We are also delighted to continue to lead in all categories domiciled and non domiciled by assets and by number of funds which is testimony to our depth and expertise in both mainstream and alternative funds According to PwC s latest Asset Management 2020 report assets under management in Ireland have the potential to grow to 3 5 trillion by 2020 PwC is very optimistic about the growth we predict in both the Irish and the global asset management industries Our significant client base continues to expand their product ranges and assets under management while we have welcomed many new clients to Ireland in the last twelve months We are seeing a significant increase in demand for regulatory tax and advisory services also with the increasing complexity of the global landscape and that brings plenty of new opportunities for our Irish asset management business Ireland has established itself as a centre of excellence both as a fund domicile and a fund servicing centre We have a proven world class pro business environment with our fully transparent tax framework our highly skilled talent pool and our highly productive and flexible work ethic making us especially attractive to global asset

    Original URL path: http://www.pwc.ie/media-centre/press-release/2015/independent-report-identifies-pwc-as-irelands-premier-funds-auditor.html (2016-02-18)
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  • Surge in capital investment as many challenges are easing up | PwC Ireland | Media centre | Press release
    the benefits that digital technologies have to offer Leading the way in driving this surge in growth and confidence is expansion into new export markets 32 up from 24 last year and the demand for new products and innovation 26 up from 18 last year Furthermore over one in ten 13 said that either acquisitions or joint ventures will be key to fuelling their growth Over three quarters 76 expect to increase revenues in the year ahead and over half 58 plan to increase headcount albeit slightly down on last year Many challenges are easing The survey highlights that fewer SMEs when compared to last year expect overall costs to increase in the year ahead The top economic and policy threat is now political change 68 The next greatest concern is inadequate business infrastructure 66 Other concerns have eased substantially such as the Government s response to debt burdens increasing tax burdens exchange rate volatility and over regulation while nearly two thirds 63 remain concerned about cyber threats While the war for talent continues globally the availability of key skills as a business threat seems to be easing somewhat for SMEs with a little over a half 55 saying that skills is a challenge compared to 69 last year Similarly concerns around rising labour costs has fallen considerably to 38 in 2015 from 78 in 2014 Finance becoming more easily available with more planning to borrow For the last few year finance and the access to finance has been high on the agenda of Ireland s SMEs However this year s survey finds that the inability to finance growth has eased with only 44 viewing this as a business threat compared to 61 last year Furthermore more SMEs are planning to avail of other sources of finance compared to last year At the same time one in five 20 are planning new borrowings in the year ahead up from 12 last year while a similar proportion 20 are planning to raise new equity again up from 8 last year Speaking about these survey results Declan McDonald Advisory Partner PwC said The survey shows that many Irish SMEs are still struggling to get finance albeit the situation has eased compared to last year We hope that this improvement in credit will continue to finance growth and promote entrepreneurship Plans for new borrowings are on the increase although the mix of financial institutions may be changing The survey highlights that more Irish SMEs may be looking for alternative sources of finance In addition the fact that more SMEs are planning to raise equity should assist them in their debt financing More disruption on the horizon Confirming greater business disruption in the years ahead over two thirds 69 of Irish SMEs reveal that they expect organisations to increasingly compete in sectors other than their own over the next three years Changes in customer behaviour 42 increases in competition 37 and changes in industry regulation 34 are trends that will cause the greatest disruption

    Original URL path: http://www.pwc.ie/media-centre/press-release/2015/2015-pwc-ireland-surge-in-capital-investment-as-many-challenges-are-easing-up.html (2016-02-18)
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  • PwC announces plans to hire over 500 people in 2016 | PwC Ireland | Media centre | Press release
    international tax as well as financial services and fund administration Speaking at the announcement Feargal O Rourke PwC Ireland Senior Partner said We have ambitious growth plans for 2016 and beyond And as Ireland s market leading firm helping our clients further expand their businesses we re also aiming to attract specialised skills to come home Ireland is a great place to work and live and with our growth potential now is an exciting time for people based internationally to consider a career at home with PwC PwC is looking for talented people to help execute its exciting growth strategy across all lines of service In assurance this expansion is directly linked to recent successes in the marketplace as well as companies looking for a broader range of comfort A changing tax landscape is increasing demands for specialist services from both international and domestic companies With digital disruption being high on the agenda the firm s strongest growth is in advisory as companies seek to leverage technology in everything they do And its market leading Deals practice is seeing a significant increase in activity as the M A market returns to normal Feargal O Rourke added All of this reinforces our commitment to excellence in everything we do as well as providing exciting and rewarding careers for all of our people Susan Kilty People Partner PwC concluded We re looking for people who are passionate about what they do who have strong business analytical and communication skills and who will work with our clients to achieve success In turn working with Ireland s leading professional services firm they will meet great people and have great opportunities And advising some of the world s most respected brands they will get great experience in a collaborative and supportive environment ENDS Notes to

    Original URL path: http://www.pwc.ie/media-centre/press-release/2015/2015-pwc-ireland-announces-plans-to-hire-over-500-people-in-2016.html (2016-02-18)
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  • Global banking system remains at risk | PwC Ireland | Media centre | Press release
    15 19 Corporate governance 8 20 Management incentives 21 21 Derivatives 18 22 Human resources 23 23 Reliance on third parties 24 24 Sustainability 25 Cyber crime concern surges The most noteworthy mover in 2015 was in the area of criminality Banks are highly vulnerable to the growth in financial crime particularly cyber crime which has remains a global concern as cyber criminals target the weak links in a closely interwoven worldwide banking system The ability of banks to manage the growth in crime is also questioned as shown by strong concern about the quality of their technology No 4 and of their risk management systems No 6 Another fast rising concern is over the banks business conduct practices from No 16 to No 8 because of what is perceived to be the banks failure to achieve sufficient culture change in the management of their business practices despite strong regulatory pressure and heavy fines Notable movers Two notable risers are emerging markets up from No 17 to No 15 where concern focuses on the prospects for China and the impact of weak commodity prices on a string of dependent economies and shadow banking up from No 20 to No 16 the unregulated para financial sector whose growth is seen to be fuelled by the excessive regulation of mainstream suppliers On the other hand the risk of political interference in banking is seen to be declining down from No 2 last year to No 5 also excessive regulation long a high ranking risk in this survey slipped from the top position last year to No 3 Both these changes suggest that the post crisis crackdown on the banks may be receding The most threatening riser in this area is social media up from No 19 to No 11 with its power to damage bank reputations with or without sound evidence The poll suggests that concerns expressed in earlier surveys about capital availability liquidity and exotic products in the banking system have eased noticeably State of the global economy of concern in all geographic regions A breakdown of responses shows that all major responders are strongly concerned about the state of the global economy Economic concerns are were strong in all geographic regions though they came second in North America where American and Canadian respondents focused primarily on the risks of cyber crime Ronan Doyle PwC Ireland Banking Leader said These results show that the interdependencies in the global economy remain a source of concern for the Banking System Although much work has been done by banks and their regulators to strengthen controls it s a growing challenge to address the scale of risk and its ever changing nature The survey shows a strong global consensus that the main threats to banking safety come from areas such as cybercrime and criminality which has shot up the rankings quite dramatically technology risk and conduct practices Also of note is the business model which has not previously featured The fact that it comes in

    Original URL path: http://www.pwc.ie/media-centre/press-release/2015/2015-pwc-ireland-global-banking-system-remains-at-risk.html (2016-02-18)
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