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  • Significant changes afoot for Global Capital markets | PwC Ireland | Media centre | Press release
    to enhance their client offering with 56 citing this as their top investment priority Executives are highly concerned by the threat posed by shadow banking players such as crowd funders and peer to peer lenders 70 believe they pose a moderate to severe threat to traditional banks with 16 indicating they believe this shadow banking world may be set to expand beyond its current 25 market share of financial assets Just 20 believe they present innovative partnership opportunities Despite shifts in global gross domestic profit and economic power liquidity pools will continue to aggregate in established global financial hubs Whilst the majority 76 expect a financial centre rivalling London and New York to emerge PwC is confident both cities will continue to lead the global financial ecosystem through to 2020 as they provide a combination of stability transparency and rule of law against a global backdrop of global instability state directed capitalism and a war for resources The views of both capital markets participants and users are aligned in terms of their perspectives on major market dynamics and changes For example both expect staccato like volatility and instability that will cause markets to experience booms and retreats and both anticipate strong financial performance will require business focus Furthermore both view the business impact of technology similarly on the one hand as a source of risk if not managed properly and on the other an enabler of competitive advantage This can be further extended to executives perceptions on the ability to gain an information advantage through big data as both expect it to be a significant driver going into 2020 Where the two groups differ however is in their interpretation of how market changes will shape individual investment priorities and challenges While both users and participants agree client innovation is an important investment focus users are more concerned about implications of technology and compliance investments than their participant counterparts This stems from the fact that participants have embarked on big transformation programs some 3 5 years earlier while many users are only starting to consider the implications of these market structural changes As such users still have a long way to go in terms of financing their strategic initiatives Of the survey respondents over half of the users indicated they have to raise additional capital to fund their regulatory initiatives compared to less than a third for participants Users of capital markets see significant challenges in maintaining their foothold and positioning with clients Meanwhile participants view attracting and retaining employees and the threat of new market entrants as their top challenges According to PwC there are six priorities that players in global capital markets need to confront and tailor their strategic response to now to emerge as leaders Proactively manage regulation risk and capital Establish stronger culture and conduct Redefine the business model Strategically renew the operating model Enable innovation and the capabilities to foster it Obtain an information advantage John McDonnell concluded As global interconnectivity and ubiquitous access to financial

    Original URL path: http://www.pwc.ie/media-centre/press-release/2015/2015-pwc-ireland-significant-changes-afoot-for-global-capital-markets.html (2016-02-18)
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  • More China CEOs looking to partner with businesses is good for Ireland | PwC Ireland | Media centre | Press release
    talent By partnering with Chinese companies Ireland has a great opportunity to further its potential in China and grow its export market in areas such as food tech pharma and financial services Likewise as a tech hub with highly skilled people in a country which has a competitive and transparent tax regime Ireland is perfectly positioned for Chinese companies contemplating doing business in Europe China s economy is rebalancing and is entering what is known as a new normal phase China s CEOs have to work hard to find growth in a domestic economy that is undergoing a major transformation while the global economy is marked by dynamic and disruptive forces They are also right to recognise the risks of the new normal and to plan and act accordingly by focusing on driving business growth through building diversified partnerships and continuing to invest in digital technology and talent Threats to growth Nine in 10 CEOs in China are concerned about the lack of skills availability and 85 express concern about the access to affordable capital Among other top threats are new market entrants 90 speed of technological change 88 increasing tax burden 88 and a shift in consumer behaviour 88 Their level of concern is higher than it was last year and generally higher than that of their global peers Disruptive trends Almost eight in 10 CEOs in China say rising competition and shifts in customer behaviour are the most disruptive trends for their industry over the next five years China s unique demographic and technological changes have given rise to new consumer demands increasing the need for organisations to differentiate themselves from rivals Other disruptive trends include changes in distribution channels 66 changes in industry regulation 63 and changes in core technologies of production or service provision 37 Digital technology Many of China s CEOs recognise the significance of digital technology on their businesses but others are less clear about how to drive value from them Only two thirds 67 say they have a clear vision of how technologies can help achieve competitive advantage This is a relatively lower percentage compared to that of the global average 86 and the US 92 In the face of intensifying competition and the new normal of slowing economic growth China s CEOs need to make it a priority to get a better understanding of precisely how they can leverage digital technologies in their businesses Government priorities More than half of China s CEOs 55 believe the government s top priority in 2015 should be to create a more internationally competitive and efficient tax system And just under half 46 want the government to do more to create a skilled and adaptable workforce On these issues China s CEOs are in step with their global peers who also cite these as top priorities Talent in the digital era Finding nurturing and keeping skilled talent particularly in senior management has long been a priority for China s CEOs with nine out of 10 CEOs

    Original URL path: http://www.pwc.ie/media-centre/press-release/2015/2015-pwc-ireland-more-china-ceos-looking-to-partner-with-businesses-is-good-for-ireland.html (2016-02-18)
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  • 2015 PwC CFO pulse survey | PwC Ireland | Media centre | Press release
    continues to be spent on data gathering rather than insightful interpretation There also remains room for improvement in the quality of management information as less than half 41 rated it to be either excellent or very good More than one in ten 13 rated it to be poor At the same time an overwhelming majority 82 recognise the need for improvement and confirmed that they have appropriate initiatives in place to improve the quality of management information including the use of Business Intelligence Tools 69 CFOs are moving away from restructuring With 89 of CFOs confident of the prospects for the Irish economy in 2015 it is not surprising that just over a quarter 26 are not planning any restructuring in the year ahead In addition they have less emphasis on activities such as simplifying processes reviewing key contracts and critically reviewing the supply chain At the same time the survey highlights shifting challenges for Ireland s CFOs They are more concerned than prior years around areas which are growth focused for example the lack of skills increasing productivity and leveraging growth potential Nonetheless 20 expect their workforce to reduce in 2015 Conquering technology is in sharp focus Nearly half 45 of participating CFOs report that technological advances is by far the most important global game changer impacting their business To capitalise on these opportunities nearly half 45 plan to change their digital investments a third 33 plan to change their use of data analytics and over a quarter 27 will change their digital media strategy Skills remain an issue While the quality of the people is rated as the single most important factor for the success of the finance function over half 51 of Ireland s finance leaders report that being under resourced is a top challenge Over a quarter 28 reveal that they do not have the appropriate skills to support business demands Ireland s CFOs are tackling this head on as nearly half 47 confirm that they are planning to change their talent management strategies in the year ahead Speaking at the launch Garrett Cronin Consulting Partner PwC said In our experience the highest performing finance leaders are those who influence the strategic direction of the business provide insightful analytics and are involved in key decision making CFOs realise that they need to be at the cutting edge of technology including social media and cloud computing with the right skills and management information systems so that their finance function can support the business in sustaining competitiveness Other key findings in the survey include Half said that bank finance was more easily available now compared to six months ago this was just 15 in 2013 The increasing concerns in regulatory reporting is particularly stark with half 49 of CFOs confirming this is a challenge up from 36 in 2013 Over half 56 expect costs to increase in the year ahead with 22 expecting labour costs to increase Less than half 46 said that their function contributed significantly to

    Original URL path: http://www.pwc.ie/media-centre/press-release/2015/2015-pwc-ireland-cfo-pulse-survey-pr.html (2016-02-18)
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  • Amcham and PwC launch new Research, Development and Innovation Network to win new R&D international investment | PwC Ireland | Media centre | Press release
    Spain Sweden Switzerland United Kingdom United States Complete list of PwC territory sites Amcham and PwC launch new Research Development and Innovation Network to win new R D international investment Research Development Innovation Programme Launched Unlocking Ireland s Potential Determining ways to unlock Ireland s potential to win R D investments internationally is the goal of the 2015 American Chamber of Commerce Ireland RD I Network Programme which was formally launched today PwC is the 2015 AmCham RD I Programme Partner which will consist of member hosted meetings held nationwide throughout the year Speaking at the launch Mark Gantly Chair of the American Chamber RD I Network and Managing Director of Hewlett Packard Galway said Without alignment and a shared commitment to an integrated process there can be no significant economic outcome over the course of 2015 this influential network will be exploring shared opportunities and challenges aiming to promote an ecosystem that combines excellence of research with the best of expertise in technology practice and brain power Feargal O Rourke Incoming PwC Senior Partner added Focusing on excellence innovation and creating investment certainty is what will lead Ireland to unlocking its potential Research Development Innovation gives countries a unique opportunity to connect FDI SME and public research sectors to deliver broader economic value The American Chamber RD I network consists of senior executives of AmCham member companies whose role supports Research Development Innovation within their organisations 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 delivering quality in assurance advisory and tax services Find out more and tell us what matters to you by visiting us at www pwc com PwC refers

    Original URL path: http://www.pwc.ie/media-centre/press-release/2015/2015-pwc-ireland-research-development-and-innovation-network-is-launched.html (2016-02-18)
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  • Great opportunities for Ireland as majority of South African CEOs plan business partnerships | PwC Ireland | Media centre | Press release
    opportunities for Ireland as overwhelming majority of South African CEOs see mobile technologies critical for business The emergence of digital technology has completely changed how companies do business Mobile technology is seen by 90 of South African CEOs as the most important development for their business Ronan MacNioclais added CEOs in South Africa know they must be adaptable to disruptive changes in technology and in their markets As a leading technology centre of excellence Ireland has a great opportunity to help African businesses embed new technologies into their business strategies African business leaders realise they need to put technology at the core of their business to create value for customers Finding new ways of thinking and working in this new competitive landscape is critical to their success and Ireland is perfectly positioned to help Also speaking at the event Tim Morgan Chair of the Africa Business Forum said Doing business in Africa can and does create a series of challenges especially those companies willing to look outside of the main traditional African markets like Nigeria Kenya and South Africa Understanding and appreciating the way you deal with your logistical requirements goes a long way to reducing and in many cases eliminating some of the more costly challenges in doing business in Africa Owen O Brien CEO Emerald Freight Express commented Emerald Freight Express are the appointed and exclusive agent for Bollore SDV International Logistics here in Ireland We re very pleased to co sponsor today s event in partnership with Bollore SDV and PwC at the Invitation of Irish Exporters Association Today s forum on Africa is of significant interest as Bollore SDV offers Irish Exporters and Importers a full range of supply chain services across the African Continent as you ll witness from the presentations to follow Consequently we re ready to meet your logistical challenges as we re confident we can offer you the best solutions and services from door to door at competitive pricing We welcome all questions and trade inquiries and we assure you of our best attention and service at all times ENDS Notes to editors Other findings in the survey included US to provide greatest growth opportunity South African CEOs see growth opportunities coming firstly from the US 32 and then followed by China 27 Nigeria 17 and India 17 Government response and skills are top threats A significant percentage 80 of South African CEOs said there were more threats to the growth of their company today than there were three years ago In the survey the top three potential economic and policy threats highlighted by South African CEOs are 93 cited Government response to the fiscal deficit and debt burden compared to 72 globally 90 social instability compared to 60 globally and 88 cited high unemployment or underemployment compared to 49 globally Of business threats 93 cited the availability of key skills compared to 73 globally 83 high or volatile energy costs compared to 59 globally and 76 cited concerns regarding bribery and

    Original URL path: http://www.pwc.ie/media-centre/press-release/2015/2015-pwc-ireland-south-african-ceos-plan-business-partnerships.html (2016-02-18)
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  • European unwanted loans top €1.9 trillion six years after the financial crisis, says PwC | PwC Ireland | Media centre | Press release
    face value of 91bn an increase of around 40 of the total volume of loan portfolios sold in the previous year PwC forecasts that portfolios with a face value of 100bn will trade in the current year Richard Thompson global leader for portfolio transactions at PwC will today tell the expected audience of more than 600 bankers investors and other market participants how the latest PwC research shows Italian banks hold more non performing loans than any other European country estimated by PwC to be some 185bn which is roughly 15 of total non performing loans across Europe Significant growth is expected in the number of transactions in Italy and other countries in Central and Eastern Europe Loan portfolio transactions in Italy in 2014 totalled just 8bn and PwC expect a total of more than 15bn in 2015 PwC has also today published the results of its latest annual survey of the buyers and sellers of loan portfolios This research shows that private equity and other classes of investors have more than 70bn to spend on assets being sold by the European banking sector Speaking from an Irish perspective Aidan Walsh Corporate Finance Partner PwC Ireland said PwC expects further loan portfolio sales from Irish banks and NAMA over the next year We also expect a secondary market to develop from the large portfolios that have been sold over the last three years There is strong continuing international interest in Irish loan transactions Richard Thompson comments There remains very significant investor interest in acquiring banking assets as the sector continues its unprecedented and much needed restructuring There is significant competition between the numerous investor groups looking to acquire assets and as a result we ve observed price increases in the market making it much more attractive for banks to sell

    Original URL path: http://www.pwc.ie/media-centre/press-release/2015/2015-european-unwanted-loans-top-trillion-6years-after-the-financial-crisis.html (2016-02-18)
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  • Business as usual is private companies’ biggest threat! | PwC Ireland | Media centre | Press release
    poised for growth Despite this as a largely export driven nation the ability to continue to create links with international markets will be critical for Irish businesses look to expand The digital economy opens up a whole new world and if fully exploited will also open doors to new customers new channels of distribution and new ways of doing business The report found over half of private company CEOs 54 think it is likely that organisations will increasingly compete in new sectors other than their own with nearly a third 31 saying their company entered a new industry during the past three years Family run firms are having more success at diversifying than many of their private company peers with 38 having entered a new industry in the past few years compared to a quarter of private equity and owner managed firms Paul Hennessy added According to PwC s latest Irish Family business survey Irish family businesses are much more focused on profitability and long term success but recognising a key challenge is their ability to continually innovate Seizing the digital opportunities will be critical to stay ahead of the competition but Irish family businesses have some way to go compared to their global counterparts in understanding the full benefits of digital and adapting their organisations to this new world Changing the way you ve always done business is hard but it doesn t require superhuman powers The trick for private companies is to harness the unique qualities that make them different from conventional public firms namely the ownership structure which allows decisions to be made for a longer term pay off Private companies have the freedom to make investment decisions that can pay back in a generation s time And because private companies are typically more personal with more involved owners they can build strong and lasting relationships with clients employees and suppliers We call this model for owner led businesses the patient capital advantage it s a resource many public companies struggle to find Around three quarters of private company leaders are most concerned about over regulation national debt increasing tax burdens skills shortages and geopolitical uncertainty Changes in industry regulation customer behaviours and the competitive environment are seen as the trends most likely to disrupt their industry Private companies have a wide range of concerns on their mind but on the upside there are signs CEOs recognise that key global megatrends such as digital change and shifts in global economic power will create as many opportunities as risks for pioneering firms in the coming years PwC s latest Family Business Survey confirms the view that the rapid pace of technology is seen as a blessing as much as a challenge Seventy two per cent of family business respondents recognise they will have to adapt the way they operate and organise themselves to exploit digital opportunities or risk being overtaken by competitors Overall this year s survey of private company CEOs found 38 of business leaders are confident

    Original URL path: http://www.pwc.ie/media-centre/press-release/2015/2015-pwc-ireland-business-as-usual-is-private-companies-biggest-threat.html (2016-02-18)
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  • Shared Services Centres in Ireland are on course for significant expansion in Ireland (in terms of activity and headcount); but some work to be done on performance measurement and use of technology | PwC Ireland | Media centre | Press release
    create more jobs However there is room for improvement in how they operate and also in their use of technology These are the key findings of a survey about the future plans challenges and opportunities for Shared Services Centres SSCs in Ireland The survey was carried out jointly by PwC and the ACCA the Association of Chartered Certified Accountants amongst 120 SSC professionals at their recent event The findings highlighted that Shared Services Centres are becoming more popular in Ireland as multiple delivery centres particularly for multinational companies looking to centralise not only cross border functions such as accounting and HR but also areas such as treasury payroll supply chain management procurement and tax Speaking about the survey Alisa Hayden Partner PwC said With a highly talented workforce and competitive tax regime the survey highlights that Ireland has a huge opportunity to further develop its offering as a centre of excellence for Shared Services Centres The key to success for these centres within their organisation is that they are innovative knowledge centres delivering high value add are competitive and have the ability to standardise and centralise processes while being flexible and adaptable Continued investment in talent management will be critical for Ireland to secure our SSC growth potential Key survey findings included Nearly half 47 5 reported that their organisation is planning to expand their SSC activity in Ireland a further 30 plan such expansion over the next 2 5 years Nearly two thirds 64 plan to increase their SSC headcount in Ireland of which over a third 39 plan to increase this headcount by more than 5 At the same time 15 will reduce their headcount Half of the participants reported room for improvement regarding the measurement of the performance of their SSC An overwhelming majority 80 said that the use of technology needs improvement within their organisation The ability to access key talent 67 is the top factor critical to Ireland continuing to be a centre of excellence for Shared Services Centres Nearly one in five 17 reported this be competitiveness with one in ten saying it is connectivity to markets such as Europe the US and Asia Jamie Lyon Head of Corporate Sector ACCA commented Interest in SSCs continues to grow yet a critical unanswered question remains which is what are the implications for developing sustainable talent across the corporate enterprise and within finance functions as the shared service delivery model continues to change As ACCA research continues to demonstrate these developments are fundamentally changing the nature of finance career paths and have huge implications for how the next generation of CFO leadership talent can be developed and where it will be sourced from The survey also highlights that the use of technology is critical for the success of SSCs With cloud computing and robotics even more changes are expected on the technological front The use of data analytics business intelligence and predictive behaviour techniques are critical not only for performance measurement but also to ensure that

    Original URL path: http://www.pwc.ie/media-centre/press-release/2015/2015-shared-services-centres-in-ireland-are-on-course-for-significant-expansion.html (2016-02-18)
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