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  • Investment in Asia pacific region expected to be high, despite volatility | PwC Ireland | Media centre | Press release
    but strong 800 business leaders were surveyed about the prospects for business growth and free trade in the region Despite their dwindling confidence in revenue growth the majority of CEOs 53 still plan to increase investments over the next 12 months with most of that investment 68 planned for the APEC region There s also a clear diversification of investments within the APEC region While China the US and Indonesia remain the main draws for CEO business investments The Philippines Viet Nam and Singapore economies are attractive for CEOs and where around half of CEOs say they plan to raise investments during the next year Andrew O Callaghan Partner PwC Ireland said After a year of historically high foreign direct investment into developing Asian economies APEC CEOs have become very sensitive to financial market signals and the likely impact on revenue growth Nonetheless they are still expanding into new APEC locations This gives testament to the experience they have gained in managing short term instability and balancing this against the opportunities to generate business in the region Referring to Ireland Andy O Callaghan continued Despite the challenges Asia Pac as a location for trading in products and services remains a strong growth export market for Ireland Equally with its competitive tax regime and highly talented people Ireland offers great opportunities for inward investment as a gateway into Europe and the US for Asia Pac companies looking to grow and expand internationally More of the 800 APEC business leaders surveyed PwC s largest sample ever point at expanded broadband access and increased participation in the digital economy as holding the most promise for their business from regional connectivity ahead of regional trade projects or new infrastructure in underdeveloped areas of the region They believe modernisation through technology will be widespread in the Asia Pacific region by 2020 For instance 66 think it s likely advances such as robotics Internet of Things or 3D printing will transform manufacturing by 2020 and 63 expect a new wave of business spending to modernise operations Andrew O Callaghan continued We re also seeing that the stage has been set for wider sources of innovation The sharing economy as a proxy for new ways consumers and businesses can trade any number of assets over virtual platforms is only just beginning APEC CEOs are optimistic on free trade As regional integration proceeds on several fronts they believe a free trade area in Asia Pacific could be a reality by 2020 For more CEOs the ASEAN Economic Community is the mega regional game changer while there are also hopes that Trans Pacific Partnership TPP will boost exports and fuel regional growth Andrew O Callaghan concluded Free trade doesn t automatically mean inclusive growth A sizeable proportion of CEOs think free trade could significantly harm small and medium sized enterprises And for people on the margins of the economy to participate in and benefit from growth and free trade in the APEC region access to high quality education at

    Original URL path: http://www.pwc.ie/media-centre/press-release/2015/2015-pwc-ireland-investment-in-asia-pacific-region-expected-to-be-high.html (2016-02-18)
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  • Once in a lifetime opportunity for Africa to solve food security crisis | PwC Ireland | Media centre | Press release
    or at the minimum will take decades to make a material difference The PwC report outlines how the collapse in oil prices a US 35bn structural food deficit across Africa and its huge potential to lift output and productivity have forced food security and agricultural development to the top of the political and economic agenda in Africa Ronan MacNioclais Partner PwC Ireland Africa Business Practice commented The world needs more food China s growing protein needs alone will require an area nearly three and a half times the size of Ireland to grow the grains to support that consumption And as more industrialising countries lose the ability to feed themselves the world is going to look increasingly to Africa to be the solution With its vast amounts of under utilised farm land Africa is seen as the shinning light when it comes to addressing this issue which is of significant importance on both a local and global level Cian Watson Manager PwC Ireland Africa Business Practice added For Africa to thrive economically and socially however African food security efforts need to become more urgent more active and more focused With some 400m hectares of under utilised land on the Guinea Savannah only 10 is currently cropped Africa represents an extraordinary resource not only capable of supplying domestic needs for multiple African nations but also becoming a major source of world food supplies Africa has a once in a lifetime opportunity to feed the world Food security s significance as a key geostrategic theme was confirmed in 2007 2008 when it emerged at the top of the international political agenda Although food price inflation has receded in recent years the underlying supply challenges remain demanding Across Africa growing consumer demand population growth and urbanisation will place significant strains on food resources

    Original URL path: http://www.pwc.ie/media-centre/press-release/2015/2015-pwc-ireland-once-in-a-lifetime-opportunity-for-africa-to-solve-food-security-crisis.html (2016-02-18)
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  • Room for improvement for Ireland to be at the cutting edge of international Research and Development | PwC Ireland | Media centre | Press release
    PwC Research Development Leader Room for improvement for Ireland to be at the cutting edge of international Research and Development says PwC at American Chamber of Commerce Business Research Development Innovation Briefing held at IBM Ireland Technology Campus Mulhuddart this morning 24 of Ireland s HR leaders reveal that relocating leadership skills to Ireland is a challenge Addressing the event Stephen Merriman PwC Research Development Group Leader said As our economy strengthens it s very important that we continue to build on our innovative capabilities so that Ireland can continue to compete in an increasingly digital world Significant strides have been made but room for improvement exists for Ireland to be at the cutting edge of international RDI For example that collaboration at its widest level between companies government industry bodies and academia takes place to build a clearly recognisable robust innovation system This includes an even greater willingness to establish multi disciplinary teams that can tackle digital and business challenges Elements of our tax system can also be reviewed PwC s recent HRD survey revealed that a quarter of Ireland s HR leaders said that relocating leadership and specialist skills to Ireland is a challenge The key inhibitors are Ireland s income tax levels and our cost of living Other areas for review include further incentivising investment in Ireland through enhancing our R D tax credit regime Brian Cotter Commercial Public Affairs Director American Chamber of Commerce added The priority for us all is that Ireland enhances its position as a location for RDI And the establishment of a robust collaborative ecosystem together with a review of elements of our tax system would go a long way to achieving this ENDS About PwC At PwC our purpose is to build trust in society and solve important problems We re

    Original URL path: http://www.pwc.ie/media-centre/press-release/2015/2015-pwc-ireland-acc-business-research-development-innovation-briefing.html (2016-02-18)
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  • Talent constraints holding back business, new survey reveals | PwC Ireland | Media centre | Press release
    annual bonus plans 43 healthcare benefits 40 and performance measures for incentive pay 37 Interestingly while a lot of change is envisaged almost half of respondents 47 have not gathered feedback from employees on current benefit offerings in the last 2 years 77 do not tailor reward offerings to meet different generational needs of their workforce More to do on data analytics The survey suggests that the full benefits of data analytics is yet to be seen in HR Three quarters of Ireland s HR leaders confirmed that they do not have an analytics capability embedded within their local HR function and just 24 use analytics to inform HR decision making We know from our work with clients that often systems capability is one of the key barriers to this happening However there is progress afoot on this front with over two thirds 67 of HR leaders now having a formal HR technology roadmap in place 63 are planning to increase their spend on HR technology with the greatest focus of this spend being on core HR systems Room for improvement on talent management Having a robust talent management strategy and programmes are critical for ensuring the supply of the right skills at the right time and at the right cost to meet business needs Less than half 43 of Irish HR leaders confirmed that they have a clearly defined talent management programme in place to identify and develop key talent There is evidence however of a greater focus on measuring the effectiveness of these programmes including metrics such as retention of key talent performance of key talent and the strength and depth of the talent pipelines 47 believe they are defining talent requirements more effectively than in the past Large majority rethinking their performance management system The vast majority 96 of HR leaders state that they operate a performance management programme in their organisations However nearly three quarters 73 recognise the need to rethink their performance management system This is also a high priority for Irish CEOs with nine out of ten confirming the need to rethink performance management tools and processes Interestingly HR leaders indicate that only a quarter 25 of senior business leaders are heavily involved in setting the strategy for such programmes pointing to some alignment issues in this area Ciara Fallon Director PwC People Organisation added While it is universally acknowledged that effectively managing talent is a critical enabler of business success it s clear that this needs to be more than just rhetoric from the business and HR In fact we know that Irish CEOs are more concerned about the impact of a skills shortage on their business than at any point in the last six years An as we continue to see heightened activity and mobility in the talent arena both in Ireland and internationally it will be more important than ever to clearly define a compelling and differentiated employer brand and proposition to attract talent Retaining this talent will possibly prove even

    Original URL path: http://www.pwc.ie/media-centre/press-release/2015/2015-talent-constraints-holding-back-business-new-survey-reveals.html (2016-02-18)
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  • First class results for PwC | PwC Ireland | Media centre | Press release
    of PwC territory sites First class results for PwC Pictured are l r Feargal O Rourke Managing Partner PwC Niamh Cusack Emma Barry Ultan Quirke Eamon O Connor and Blain Newsome PwC congratulates all of its people who have achieved exam success in 2015 and in particular Niamh Cusack First place Part 3 Irish Taxation Institute Emma Barry Joint first place FAE Chartered Accountants Ireland Ultan Quirke First place CAP2 Chartered Accountants Ireland Eamon O Connor First place Part 2 Irish Taxation Institute and Blain Newsome First place CAP1 Chartered Accountants Ireland PwC s Managing Partner Feargal O Rourke commented We re committed to excellence in everything we do and these exceptional exam results are just one example We re very proud of all of our people and look forward to continuing to deliver a first class service to all of our clients About PwC At PwC our purpose is to build trust in society and solve important problems We re a network of firms in 157 countries with more than 208 000 people who are committed to delivering quality in assurance advisory and tax services Find out more and tell us what matters to you by visiting us at

    Original URL path: http://www.pwc.ie/media-centre/press-release/2015/2015-pwc-ireland-first-class-results-for-pwc.html (2016-02-18)
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  • Connectivity and automation to change finance forever | PwC Ireland | Media centre | Press release
    top quartile companies they spend an average 60 of their time on analysis The changes mean there is a demand for a new type of numbers professional able to navigate the new business landscape and interact or partner more meaningfully with other parts of the business The need for soft skills is reflected in the priorities cited for more effective finance some 44 of respondents cite collaboration as priority while 53 say improvements in communication processes are most important Garrett Cronin Consulting Partner PwC Ireland said What s happening with the advances in digital and technology is that the human role is changing quite radically as automated processes are being carried out by Artificial Intelligence AI The best finance professionals today are producing actionable information not circulating numbers that are likely to be out of date as soon as they re released In business today insight is being driven by internal data supported by data from the internet or pulled from specialised external sources and not always by the finance department This democratisation of data has been a wakeup call for the finance discipline It has also led to a demand for strategic thinking and leadership skills not traditionally associated with finance professionals Costs As fewer people are needed to run finance the cost of the average finance function as a percentage of revenue has fallen since 2011 12 by over 10 However a combination of automation shared services and more efficient use of capacity means that the cost of finance is a full 40 lower in the best performing organisations Economies of scale mean that the cost of finance as a percentage of revenue in companies with revenues over 10bn is less than half that of companies under 1bn Operating in multiple countries creates complexity that is expensive for finance the median cost of finance for a business operating in more than 10 countries is more than 2 5 times the cost of finance in a single country business for the average performers Top quartile finance functions are much better able to deal with complexity with the cost penalty in 10 countries 30 lower There are significant differences between industries Complexity and regulation mean that the finance function remains the most costly industry within the financial services industry 1 32 of revenues for the median At the other end of the scale high volume low margin businesses can run a lean finance function with the cost of the finance function within retail industry sitting at only 0 34 of revenues for the median Others tend to lie between these extremes for example industrial manufacturers 1 18 technology companies 1 11 and utilities 0 83 The best performers harness technology and processes for example delivering budgets in 80 days compared to a median of 95 PwC s view is that taking three months to close the budget is unsustainable when decision makers are used to near real time data and analytics Amy Ball Director PwC Ireland Financial Effectiveness Practice added

    Original URL path: http://www.pwc.ie/media-centre/press-release/2015/2015-pwc-ireland-finance-function-effectiveness.html (2016-02-18)
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  • PwC and ViClarity team up to develop new compliance tool | PwC Ireland | Media centre | Press release
    this product works by producing an easy to use dashboard which highlights at a glance and in real time where compliance is falling down showing which Central Bank rules are not complied with Commenting on the announcement Ken Owens PwC Asset Management Regulatory Partner said We are delighted to be able to team up with an Irish RegTech company such as ViClarity to develop this tool We re excited about being able to streamline the gap analysis and monitoring processes for our clients The tool which can be specifically tailored to each organisation s operational requirements can be used by operations compliance and the risk function to record measure and monitor compliance with the Central Bank s regulations The easy to use integrated dashboard provides the board of the organisation with up to date information on how the organisation is maintaining compliance with its obligations John Ogie Sheehy founder of ViClarity commented We are delighted to join forces with PwC to offer this solution It will significantly cut the time taken to perform gap analysis on Client Asset and other regulatory obligations and to monitor the performance of compliance on an ongoing basis This solution will provide clients with real assurance of compliance and minimise the effort needed to monitor an ever increasing number of regulatory obligations A second version of the tool to enable organisations comply with the Central Banks Investor Money Regulations is also well on the way to being developed ENDS Notes to editors About ViClarity ViClarity is a Compliance Monitoring software provider delivering solutions into the Financial Services and Healthcare markets ViClarity s innovative process allows firms to track and manage all of their compliance in one system and to deliver visual reports Firms can avail of existing regulatory templates and adjust to suit their exact

    Original URL path: http://www.pwc.ie/media-centre/press-release/2015/2015-pwc-viclarity-team-up-to-develop-new-compliance-tool.html (2016-02-18)
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  • PwC Cork stepping-up management team | PwC Ireland | Media centre | Press release
    Assurance Anthony Reidy Partner Assurance Nicola Quinn Director Tax Ger O Mahoney Partner Advisory and David Sheehan Senior Manager Assurance Back row l r Eoghan Linehan Senior Manager Advisory Deals Declan McNamara Senior Manager Tax Deirdre Collins Senior Manager Assurance Shane O Regan Manager Assurance Gemma Collins Director Advisory David O Sullivan Manager Assurance Barry Prendergast Manager Advisory and Andrew O Brien Manager Tax Three new managers have joined the PwC Cork team in addition to nine promotions to Director Manager New Managers who have joined are Emily Carmody Senior Manager Tax Barry Prendergast Manager Advisory Consulting and Donough Ruane Manager Assurance Speaking at the announcement Ger O Mahoney Partner PwC Cork said The strengthening of our management team is in response to client demand As our economic recovery continues we are seeing clients fast tracking their companies towards growth We are committed to bringing our clients the highest quality service in an increasing changing environment To do this we need the best people ENDS About PwC At PwC our purpose is to build trust in society and solve important problems We re a network of firms in 157 countries with more than 208 000 people who are committed to

    Original URL path: http://www.pwc.ie/media-centre/press-release/2015/2015-pwc-cork-stepping-up-management-team.html (2016-02-18)
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