archive-ie.com » IE » P » PWC.IE

Total: 389

Choose link from "Titles, links and description words view":

Or switch to "Titles and links view".
  • PwC / Docklands Innovation Awards shortlist announcement | PwC Ireland | Media centre | Press release
    key role in our economy s growth PwC is delighted to support these Awards and wishes the candidates every success Since 2001 DIT s Hothouse which is based in Docklands Innovation Park has supported over 300 entrepreneurs at the early stages of their business development Previous participant companies have included Movidius Sigmoid Pharma DecaWave Mick s Garage and Smart Wall Paint Hothouse firms have created over 1 450 jobs and attracted over 120 million in external investment This year s finalists are all recent graduates of the DIT Hothouse New Frontiers Programme which is an Enterprise Ireland funded entrepreneur development programme The New Frontiers Programme is co funded by the European Regional Development Fund ERDF under the National Strategic Reference Framework NSRF 2007 2013 DIT Hothouse deliver the New Frontiers Programme in collaboration with the Institute of Art Design and Technology Dun Laoghaire ENDS Notes to editors About the shortlisted organisations Artomatix Ltd Artomatix Ltd founded in 2014 and a recent graduate of the DIT Hothouse New Frontiers Programme offers disruptive art creation software for the video game industry Artomatix has received 100k pre seed funding through NDRC s VentureLab programme In December 2014 Artomatix won a competitive European Union grant of 50 000 through the Horizon2020 program In 2014 Artomatix won both the StartApp and E I Roots in Research competitions and are currently in the final round of Nvidia s Early Stage Challenge 100 000 award Artomatix is applying novel cutting edge technology to build the first commercially available software solution that can automate the creation of digital art in the personal style of its artist user By semi automating the generation of art Artomatix will expand the video game market and significantly disrupt the current content creation process Dr Eric Risser is an expert in the combined fields of artificial intelligence and computer graphics and is the pioneer of the Artomatix technology He has authored six technical publications during his academic career at Columbia University and Trinity College Dublin PhD He has given talks at top industry and academic conferences such as Game Developers Conference GDC and Siggraph Speaking engagements include Pixar Animation and Princeton University and Eric has consulted for Adobe Eric was included in the Irish Independent s 30 under 30 list for 2014 CheckVentory Founded in 2013 and headquartered in Dublin CheckVentory Innovation is a recent graduate of the DIT Hothouse New Frontiers Programme CheckVentory is a field based asset verification platform for funded inventory in the automotive industry It enables risk managers and credit controllers to quickly accurately and cost effectively reconcile their entire stock holding irrespective of where the vehicles are located Most distributors of high value capital products have to participate in the partial or full financing of their products throughout distribution process This financing is most at risk during the stock and sales process when the funded inventory is located across a wide dealer network To reduce risk teams of auditors are regularly dispatched to all stock locations to conduct

    Original URL path: http://www.pwc.ie/media-centre/press-release/2015/2015-pwc-ireland-dockland-innovation-shortlist-pr.html (2016-02-18)
    Open archived version from archive


  • Shift of global economic power to emerging economies set to continue, despite marked slowdown in China after 2020 | PwC Ireland | Media centre | Press release
    and the Philippines are notable risers in the global GDP rankings in the long term reflecting relatively high projected average growth rates of around 4 5 5 5 per annum over the period to 2050 Malaysia is also projected to grow at around 4 per annum on average in the period to 2050 which is higher than China s projected average growth rate of around 3 5 per annum over this period and an impressive performance for what is already a middle income country Colombia is also an economy that PwC projects to grow at a relatively healthy long term rate of around 4 per annum over the period to 2050 noticeably faster than its larger Southern American neighbours like Brazil and Argentina Japanese growth is projected to be the slowest of all 32 countries covered in total terms driven in part by a steadily declining population as a result Japan is projected to fall from 4th to 7th place in the global GDP rankings over the period to 2050 European economies tend to slide down the rankings with growth rates in the major Eurozone economies projected to average only around 1 5 2 per annum to 2050 Poland is projected to have the highest average growth rate of the large EU economies and also to outperform Russia in terms of long run growth PwC also estimates what its projections would mean for shares of global GDP at PPPs assuming the smaller countries not covered in the model grows on average as a group at the same rate as the 32 large economies covered by the study As Figure 1 below shows China s share of world GDP is projected to flatten off at around 20 from the mid 2020s onwards as its growth rate reverts to the global mean The US s share declines gradually from around 17 now to around 14 by 2050 while India s potentially doubles from around 7 now to be more or less neck and neck with the US by the middle of the century in PPP terms The EU s overall share of world GDP is projected to decline from around 17 5 now to only around 12 by 2050 assuming that total EU GDP grows at the same rate as the aggregate for the largest seven EU economies covered by the study John Hawksworth comments Europe needs to up its game if it not to be left behind by this historic shift of global economic power which is moving us back to the kind of Asian led world economy last seen before the Industrial Revolution The US may hold up better provided it can remain at the global technological frontier Source PwC projections starting from IMF estimates for 2014 These projections assume however that emerging markets will follow broadly growth friendly policies In practice not all may do so and therefore not all of these economies will fulfil the potential indicated by the PwC growth projections although some could also exceed the

    Original URL path: http://www.pwc.ie/media-centre/press-release/2015/2015-pwc-ireland-the-world-in-2050-pr.html (2016-02-18)
    Open archived version from archive

  • Over-regulation and cyber risk top CEOs’ list of threats to banking & capital markets growth | PwC Ireland | Media centre | Press release
    key social economic and policy threats to their company s growth prospects PwC s survey shows concerns about over regulation have grown from 80 in 2014 to 89 in 2015 with 87 believing that changes in regulation will continue to have a disruptive effect over the next 5 years Ronan Doyle Partner PwC Ireland Banking Practice said Banks are increasingly looking to embed regulatory response and change into their business as usual processes Uncertainty over detail on one hand and the potential for piecemeal and often rapid implementation on the other contributes to the challenge It is therefore vital to develop a proactive approach to regulation headed by a regulatory leader charged with liaising with stakeholders assessing the strategic impact and co ordinating the response The top potential business threat to growth was Cyber Risk with 79 of BCM CEOs reporting their concern Other perceived threats include speed of technological change 68 and the shift in consumer spending behaviour 63 The threat from new market entrants was 53 up significantly from 32 in 2014 Moreover BCM CEOs expect new competition to emerge from other industry sectors including technology 47 communications 33 and other areas of financial services 31 Ciaran Kelly Financial Services Partner PwC Ireland added New market entrants are attempting to disrupt existing models largely by better serving customer needs at distinct points of the value chain For example crowdfunding offering new lending and deposit opportunities payments innovation making transactions more convenient They are using technology to provide a better customer experience at a lower cost unencumbered by a legacy infrastructure or business models When considering what actions to take to drive growth and mitigate these threats digital transformation innovative collaborations diversity and a Pro active approach to regulatory management were key themes 86 of BCM CEOs recognise the importance of the CEO being the champion of digital technologies in helping to make the most of their bank s digital investments and 88 recognize the importance of having a clear vision for how these technologies can drive competitive advantage across the enterprise Key digital imperatives include cybersecurity 93 with 76 citing this as being very important far higher than the industry average of 53 93 of BCM CEOs see mobile technologies as being critical more than the cross industry average of 81 enabling the move from traditional branch based engagement models to seamless multichannel models as consumers increasingly shift their activity to mobile devices 89 view data mining and analysis as important not only to gaining a better understanding of customer needs but also in driving operational efficiency and effectiveness throughout the organization More than 40 of BCM CEOs see joint ventures strategic alliances and informal collaborations as an opportunity to strengthen innovation and gain access to new customers and new emerging technologies 37 plan to enter into at least one new joint venture or strategic alliance over the next 12 months Ciaran Kelly added Joint ventures strategic alliances and informal collaborations are becoming an increasingly important way to

    Original URL path: http://www.pwc.ie/media-centre/press-release/2015/2015-ceos-list-of-threats-to-banking-capital-markets-growth.html (2016-02-18)
    Open archived version from archive

  • PwC survey finds 88% of global asset management CEOs are confident of revenue growth in 2015, but almost half expect to cut costs | PwC Ireland | Media centre | Press release
    grow through cross border merger in 2015 and more than a quarter through domestic mergers a far higher percentage than for the rest of financial services More than a quarter reported entering a new industry over the past three years A further 18 say they have looked into doing so Indeed PwC has seen asset managers disrupt banking by for example acquiring portfolios of real estate loans and lending to corporates Alternative asset managers have broadened their product ranges to include private lending arrangements primary securitisations and off balance sheet financing Asset Management CEOs see their future competitors as coming from technology financial services or business services Already robo adviser business models are appearing to threaten to disrupt wealth management through automating asset allocation From a business perspective 68 of asset management CEOs are concerned about availability of key skills whilst 63 fear mounting cyber threats such as data security which have become an ongoing business risk What is more even seven years on from the financial crisis lack of thrust in business remains a concern according to 61 Damian Neylin Leader PwC Ireland Asset Management Practice said By 2020 technology will have become mission critical to drive customer engagement data mining for information on clients and potential clients operational efficiency and regulatory and tax reporting At the same time cyber risk will have become one of the key risks for the industry ranking alongside operational market and performance risk While other sectors have tended to make greater use of technology asset management CEOs are turning to it to deal with cost pressures with 88 reporting their main use for digital technology as improving operational efficiency On the regulatory front asset management CEOs anxiety about tax issues is a constant theme 67 in PwC s survey state an internationally competitive and efficient tax system should be a government priority in their country although half see government as having failed to achieve this However they do see some benefits from regulation with 53 saying improved regulatory coordination is increasing cross border capital flows In PwC s view future success in this sector will depend on its attracting not only the most skilled investment professionals but also talented individuals in areas like compliance technology and risk management which 77 of asset management CEOs have indicated they are looking to do Andy O Callaghan Partner PwC Ireland Asset Management Practice added Asset managers globally and in Ireland face a volatile environment over the next three years but there has never been a time when all the variables are completely positive or negative Compared with three years ago when the financial crisis s after effects were even stronger than today asset management CEOs see both greater opportunities 65 and greater threats 56 Opportunities exist because of some of the mega trends for example who will gain competitive advantage through disruptive technologies in the asset management industry But there will also be challenges for those that do not have a strategy to succeed in high

    Original URL path: http://www.pwc.ie/media-centre/press-release/2015/2015-pwc-ireland-18th-annual-global-ceo-survey-key-findings-in-the-asset-management-industry.html (2016-02-18)
    Open archived version from archive

  • Exchange traded fund assets under management to double to $5 trillion by 2020 globally | PwC Ireland | Media centre | Press release
    is at the heart of making this happen An important area will also be to ensure that industry continues to work with Government in a co ordinated fashion when we go to market abroad Global New types of indexing also referred to as smart beta represent a hotbed of product development activity with 46 of firms surveyed identifying this as the most important area of innovation PwC expects this to continue for the near term Active ETFs 34 and alternatives 29 are also expected to be sources of significant ETF growth between now and 2020 ETF sponsors are bullish on their financial prospects with 59 saying they expect their ETF business to become more profitable this year According to PwC upgrading technology resources and processes will be critical as the ETF landscape becomes more global and advanced with a wider array of investors and new investment strategies offered in ETF form ETF 2020 highlights that service providers will need to continue to adapt their business model by adding resources streamlining processes introducing more automation globalising operations and upgrading technology The regulatory environment is widely believed by the survey participants to have a significant impact on the growth and innovation of ETFs over the next few years 91 indicated that regulations and taxes impact ETF growth PwC notes however that whilst new regulations could spark further growth if they permit further product innovation or lower distribution barriers they could also dampen demand particularly if new tax rules make ETFs less tax efficient In Europe new regulatory initiatives will be some of the biggest drivers of change in the ETF business affecting distribution dynamics and the product landscape in particular MiFID II and Retail Distribution Review RDR are set to ban the use of commissions by independent financial advisors which to date worked against ETFs in the retail market Going forward active ETFs are expected to be a source of significant growth in Europe According to PwC more streamlined operations to facilitate the cross listing and settlement could make European ETFs much more attractive and cost effective In Asia traditional forms of passively managed ETFs are still viewed as a major growth opportunity in a market which is still relatively young Distribution remains a challenge in Asia however fund passports could have a profound impact on the success of ETFs In addition to UCITS ETFs the ASEAN passport for Malaysia Singapore and Thailand operational since August 2014 means retail funds including physical ETFs can be offered directly to investors in any three of these markets Additionally there is the Shanghai Hong Kong Stock connect market access programme which could create additional opportunities for ETFs if they are added to its scope In the U S institutional investors including registered investment advisors wealth management platforms other asset managers endowments and foundations are each expected to continue to expand their investments in ETFs between now and 2020 There continues to be a lot of interest in active ETFs particularly in light of the Securities

    Original URL path: http://www.pwc.ie/media-centre/press-release/2015/2015-pwc-ireland-exchange-funds-exceed-5-trillion-2020-pr.html (2016-02-18)
    Open archived version from archive

  • Number of employees working overseas set to surge, but organisations struggle to recoup investment – New PwC report | PwC Ireland | Media centre | Press release
    the development opportunity Many businesses are also losing valuable talent at the end of their assignment as they have no plan for their returning role Our research highlights that there is currently too much disconnect between organisations mobility policies and their business needs with only 6 confident that they are aligning the two Businesses need to have a clear global mobility strategy which is based on growth priorities and what skills they are going to need and where backed up by plans on how they are going to source deploy manage and motivate employees who work internationally Ireland The findings of the global survey are supported by additional research undertaken by PwC in Ireland based on a survey of leading Irish companies and US headquartered multinationals with significant operations in Ireland Only 8 of the Irish survey participants consistently measure the return on investment from their global mobility programmes and just 16 are able to accurately quantify the total costs of their mobility programmes As well as a likely increase in the number of people who are on a global assignment the nature of these assignments is also going to change according to PwC s global research The biggest change will be the number of people going on short term assignments with the survey participants expecting a net doubling 58 in their use This type of assignment up to one year is increasingly being used by businesses to get the right people on the ground quickly to deliver set projects and as a way to develop high potential employees The report also predicts the rise of new types of mobility such as talent swaps between two different countries More than one in five organisations plan to introduce talent swaps in the next two years The number of business travellers is also expected to increase by similar levels net 57 but this also brings risks as it is the most challenging type of mobility to manage Just 17 of organisations said they have robust policies processes and controls in place to manage the tax immigration and regulatory compliance around business travellers According to the results of the Irish survey employers currently use a variety of tools to track business travel with travel expense systems and manual spreadsheet being the most popular Lisa McCourt PwC Ireland Employee Mobility Practice added The shift into much more fluid mobility from longer term formal assignments is causing employers a headache It makes it much more difficult for employers to know where their people are and what they re doing to make sure they are compliant with tax and immigration laws Companies are going to need to invest in resources technology and infrastructure and re evaluate how they manage talent mobility to be able to protect the company brand satisfy increasingly complex regulations and provide a great experience for their people Other findings from PwC s Global Modern Mobility Report include Respondents rated tax and immigration compliance as the main challenges to moving employees followed by

    Original URL path: http://www.pwc.ie/media-centre/press-release/2015/2015-pwc-ireland-employees-working-overseas-pr.html (2016-02-18)
    Open archived version from archive

  • PwC Family Business Breakfast highlights that getting professional is the way forward | PwC Ireland | Media centre | Press release
    that getting professional is the way forward A great attendance at the recent PwC DCU Family Business Breakfast Briefing with lots of interesting discussion Paul Hennessy PwC Family Business Leader said that the need to professionalise is recognised as both a business and family issue There is a greater focus now on professionalising the business including generating profit and less focus on community matters Aligning family governance and corporate governance is crucial as well as skilling up building processes and bringing in professional management Dr Eric Clinton DCU Centre for Family Business noted the importance of finding your number in the three circles It is inevitable that the family will change and communication in the business and in the family is important Eamonn Quinn Chairman DCU Centre for Family Business Steering Committee added that to breathe a culture that can continue is important for long term sustainability of the family business 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

    Original URL path: http://www.pwc.ie/media-centre/press-release/2015/2015-pwc-ireland-family-business-pr.html (2016-02-18)
    Open archived version from archive

  • Loan portfolio sales for Europe and Ireland | PwC Ireland | Media centre | Press release
    grow to 100bn in 2015 with around 40bn of that figure already in progress In 2014 commercial real estate lending dominated transactions accounting for over half deals done 49bn in face value up from 18bn the previous year In second place was consumer mortgage lending accounting for just under 20bn double the previous year The UK Irish and Spanish markets saw the most transaction activity with banks based in these countries accounting for more than 75 of all transaction volumes David Tynan a Corporate Finance Partner in PwC Dublin said As we predicted the loan portfolio market really came alive in 2014 Increased certainty over asset prices sustained high demand from a number of leading financial investors and greater availability of debt to leverage deals contributed to high transaction volumes Real estate backed assets continue to be a major focus for the largest investors and we expect this asset class to dominate deals in 2015 The Asset Quality Review brought to light 136bn of troubled bank loans which may require reclassification on balance sheets Whilst some of the 2014 deals were in part AQR driven I expect this to play a bigger role in deals in 2015 and beyond PwC research shows that banks continue to hold more than 2 trillion of unwanted lending Whilst much of this lending will be refinanced in the ordinary course of business there remains a sizeable pool of loans that will eventually be sold Even at current transaction volumes the market for loan portfolios is expected to remain buoyant for many years to come David Tynan continues 2014 was a bumper year for portfolio sales in Ireland with in excess of 30bn of loan sales transacted largely from IBRC NAMA Bank of Scotland and Ulster Bank We expect 2015 to be another strong year

    Original URL path: http://www.pwc.ie/media-centre/press-release/2015/2015-pwc-ireland-europe-loan-portfolio.html (2016-02-18)
    Open archived version from archive