20 August 2008
PwC announces new network organisation to build on leading positionBeginning 1 October, PwC’s network will be organised into three major geographic clusters led by the Senior Partner of the largest national firm in each cluster. The cluster leaders will coordinate and facilitate activities across the cluster. The East Cluster will be led by Silas Yang, Senior Partner of PwC China, the Central Cluster by Ian Powell, Senior Partner of PwC UK and the West Cluster by Dennis Nally, Senior Partner of PwC US.
11 August 2008
PricewaterhouseCoopers teams with UN High Commissioner for Refugees to build schools for refugee children of DarfurPricewaterhouseCoopers has donated more than $4 million to the Office of the United Nations High Commissioner for Refugees (UNHCR) to be used to build and operate schools for refugee children who have fled the conflict in Darfur. It is the largest single donation ever made by a business organisation to the UNHCR. PwC people in 102 countries made individual contributions during the “Power of 10” campaign established with the UNHCR to recognise PricewaterhouseCoopers' 10th anniversary. Many PwC member firms also made donations on behalf of their employees.
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24 July 2008
PricewaterhouseCoopers named ‘Accounting Firm of the Year’PricewaterhouseCoopers has been named ‘Accounting Firm of the Year’ by Global Investor Magazine. The award acknowledges the investment management practice’s constant drive for quality and commitment to exceptional client service. It further demonstrates our ability to remain ahead of market trends and to provide trusted strategic advice to our clients.
23 July 2008
Mixed financial trend for global forest products sector continuesPricewaterhouseCoopers 11th annual Global Forest, Paper and Packaging Industry Survey show the three top regions in terms of return on capital employed (ROCE), a key measure of performance, were: Latin America (7.8%), Emerging Asia (7.3%) and the US (5.5%). Canada’s producers earned the lowest average ROCE— a negative 0.1%, reflecting the financial crisis experienced in the Canadian forest products sector. The overall average ROCE of the companies surveyed was relatively flat compared to the previous year at 4.8%, and a long way from the industry’s 10 – 12% target range.
3 July 2008
Reducing the risk of severe adverse effects from global warming is both feasible and affordable, says PricewaterhouseCoopersThe scale of the challenge posed by global warming has grown even greater since an earlier PricewaterhouseCoopers report on this topic in 2006, thanks to higher projected economic growth in China and India. The updated 2008 report concludes that the cost of pursuing a ‘business as usual’ approach would be a more than doubling of global carbon emissions from energy use by 2050, leading to an accelerating rise in atmospheric concentrations of carbon dioxide and a severe risk of adverse climate change effects on future generations.
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27 June 2008
Momentum behind forest, paper and packaging deals set to continue driven by sustainability trendsTotal forest, paper and packaging (FPP) deal values increased to US$27.6bn in 2007, up US$1.9bn on 2006, according to the PricewaterhouseCoopers Branching Out report. Deal values reached US$11.8bn in the first quarter of 2008, although the outlook for the rest of this year is more uncertain.
25 June 2008
Southeast Europe is the rising star for foreign direct investment, according to the latest PricewaterhouseCoopers LLP emerging markets indexCountries in the southeast region of Europe feature strongly in this year’s PricewaterhouseCoopers EM20 Index, a ranking of attractive emerging markets based on the firm’s innovative country risk and reward model. The index, which was launched last year, shows once again that, while the BRIC countries (Brazil, Russia, India and China) continue to offer interesting opportunities, there are other locations - nearer to home - that offer attractive alternatives for UK companies looking to invest in emerging markets.
24 June 2008
PricewaterhouseCoopers Appointed Global Advisor and Report Writer to Carbon Disclosure ProjectThe Carbon Disclosure Project (CDP), a collaboration of 385 institutional investors with assets under management of US $57 trillion, today announced the appointment of PricewaterhouseCoopers as its global adviser.
23 June 2008
Foreign banks in China forecast buoyant revenue growth in 2008The majority of the foreign banks in China anticipate strong revenue growth over the next few years, with clusters of banks foreseeing 40% and 50% annual revenue growth rates. Nine of 42 foreign banks expect to double revenue growth in 2008, according to the annual PricewaterhouseCoopers’ (PwC) survey entitled “Foreign Banks in China”. This promising outlook for the banking industry in China is reflected in the commitment of the foreign banks’ parent companies to the Chinese market. In both the 2005 and 2007 reports, a high level of commitment was evident. If anything this support seems even stronger in 2008. A score of 8.64 was recorded on a scale of 1 to 10 regarding the commitment of the parent banks to the Chinese market.
23 June 2008
China set for top-of-the-table tussle with the US in Olympics showdownHome advantage, strong government support for sport and recent rapid economic growth could see China go head to head with the US at the top of the Beijing Olympic Games medals table in August, according to a new analysis by economists at PricewaterhouseCoopers.
20 June 2008
Pharma 2020: companies will use virtual R&D to increase innovation and reduce commercial deficitBy 2020 the Pharma R&D process may be shortened by two-thirds, success rates may dramatically increase, and clinical trial costs could be cut substantially, according to research launched today by PricewaterhouseCoopers, entitled Pharma 2020: Virtual R&D, which path will you take? New computer based technologies will create a greater understanding of the biology of disease and the evolution of ‘Virtual man’ to enable researchers to predict the effects of new drug candidates before they enter human beings. Along with changes underway in the regulatory and socio-political environment, this will enable Pharma to overcome one of the most fundamental issues it needs to resolve over the next decade.
18 June 2008
Entertainment and media companies face a collaboration imperative for next five years, says PricewaterhouseCoopers annual Outlook reportEntertainment and media (E&M) companies hoping to drive growth over the next five years will need to accommodate dramatic changes in devices, market and consumer behaviour through striking strategic business alliances, according to PricewaterhouseCoopers’ Global Entertainment and Media Outlook: 2008-2012, released today. The report also underscores the importance of continuing to extract revenues from traditional business segments while emerging technologies continue to solidify their consumer position. The highly anticipated annual report pegs global compound annual growth rate (CAGR) at 6.6% for the sector, anticipating it reaching $2.2 trillion in 2012.
17 June 2008
Revenues soaring but with costs eating into margins, is this as good as it gets for many miners?A report by PricewaterhouseCoopers, ‘Mine – As good as it gets?’, shows that while revenues of the top 40 mining companies grew by 32% in 2007, costs increased by 38%, thereby reducing margins. The fifth annual report provides a comprehensive analysis of the financial performance and position of the global mining industry and also discusses current trends in the global mining industry
16 June 2008
PricewaterhouseCoopers marks 10th anniversary with support for children of DarfurBased on the recommendations of its Global Communities Board, PwC will partner with the UNHCR to raise funds to provide facilities and education on a sustainable basis at camps in Chad for refugee children from Darfur. PricewaterhouseCoopers leadership has committed to contributing $200,000 to the effort, called the Power of 10, and the global PwC organisation is seeking additional contributions from its partners and staff as well as friends and family, with the hope that its global organisation will far surpass that amount.
12 June 2008
New report on Massachusetts Life Sciences Super Cluster finds region is strong, but can’t rest on its laurelsThe Massachusetts life sciences “Super Cluster” continues to change the face of medicine by driving research innovation, but it faces increasing competition for talent and funding from other states and countries, according to the 2008 Massachusetts Life Sciences Super Cluster report, released today by PricewaterhouseCoopers, the New England Healthcare Institute, the Massachusetts Life Sciences Center and the Massachusetts Technology Collaborative.
11 June 2008
Global sourcing on the rise - but costs not always clear and product safety still a concernCost is the primary driver of global sourcing decisions, yet 21% of respondents do not know what savings to expect. Worryingly the survey of nearly 60 retail and consumer goods’ companies found that one-quarter of respondents did not know what their actual savings were. Companies from Australia, Canada, China, France, Germany, India, the UK and the US took part in the survey, 44% of whom source more than US$500 million of product globally each year and 27% source more than $US 1 billion globally. Despite recent and ongoing robust growth in global sourcing, companies are clearly still challenged with some basic elements.
3 June 2008
PricewaterhouseCoopers named one of DiversityInc’s top five global diversity companiesPricewaterhouseCoopers has been named one of DiversityInc’s “Top Companies for Global Diversity", a new select list of five top companies chosen for their strong commitment to creating a diverse and inclusive global culture. This is the first time DiversityInc has put together a global list.
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30 May 2008
Industrial manufacturing sector produces further growthDeal making in the global industrial manufacturing industry is growing strongly and looks set to remain at high levels in both the near and longer term future. A new report by PricewaterhouseCoopers ‘Producing Value’, finds that both deal numbers and values are increasing. Given that many sectors remain extremely fragmented, there is also excellent potential for securing cost synergies, particularly among small and middle-market targets.
12 May 2008
Canadian business tax system complex and costly, study findsThe survey found that companies in Canada are subject to 49 different taxes and 18 other payments to governments at the federal, provincial and municipal level. Adding to the complexity of Canada’s tax system, companies are subject to more than 200 possible “taxing points” -- the number of tax obligations a business would be required to fulfill if it were subject to all taxes in all jurisdictions.
8 May 2008
Landmark change predicted in technology and structure of power utilitiesSweeping changes lie ahead in the power utilities industry, according to the latest Utilities Global Survey by PricewaterhouseCoopers. The 2008 report, A World of Difference, marks the tenth anniversary of the annual survey of 118 senior executives in 37 countries and reveals a sector that is anticipating wide scale transformation in the decade ahead. The changes they predict include a different technological landscape and structure of the sector in the future.
8 May 2008
Currency issues plague forest and paper industry, but good news coming from southern hemisphere and emerging marketsCurrency is one of the biggest issues facing the forest, paper and packaging industry around the world, in particular Canada and Europe. But the news is not all bad for the global industry. According to findings released today by PricewaterhouseCoopers (PwC) at its 21st annual Global Forest and Paper Industry Conference in Vancouver, the southern hemisphere and other emerging markets (Central America, South America and non-Japan Asia) are prospering, in particular due their use of new technologies, fertile soil and low wood costs.
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23 April 2008
Companies seek an edge through engaged employeesThe report, Managing People in a Changing World: Key Trends in Human Capital – A Global Perspective 2008, shows how companies can plot levels of engagement for an entire work force by looking at data relating to resignation levels, absence rates, employee attitudes, training hours per full-time employee (FTE), performance related pay and incidence of grievance. These range from the high levels of engagement that produce positive behaviours such as flexibility and innovation to the other end of the scale where companies experience resignations, absence, pilfering, theft, oppositional solidarity, even sabotage..
15 April 2008
Metals deals forging ahead to unprecedented levelsDeal making in the global metals sector soared to unprecedented levels during 2007 and is up 67% on the previous year, despite the impact of the credit crunch. ‘Forging Ahead’, the latest study of mergers and acquisitions (M&A) in the sector by PricewaterhouseCoopers, also found there have been dynamic shifts of focus: from steel to aluminium and away from Western Europe to the new M&A hotspot of North America.
14 April 2008
CEOs of companies in emerging markets confident of growthA new report from PricewaterhouseCoopers "Convergence & Differentiation: What is success in a connected world?", launched at the World Economic Forum’s on Latin America meeting in Cancun, finds that growth in emerging markets is outstripping that of developed nations, blurring traditional economic distinctions. In addition to the well-established emergence of the BRIC economies (Brazil, Russia, India and China), intra-regional trade and investment is fuelling explosive growth in such countries as Indonesia, South Korea, the Philippines, Singapore and Thailand.
10 April 2008
Cost of chronic diseases hurts business and threatens economic sustainabilityThe rising cost of chronic diseases, including direct medical costs and indirect costs associated with lost productivity, is a growing burden for businesses, according to research prepared by PricewaterhouseCoopers in conjunction with the World Economic Forum. The report warns that over the next 25 years chronic disease will reduce the available labour supply, savings, investments and ultimately affect the capital markets, and outlines the business rationale for workplace wellness programmes. It states that in an interdependent global economy, chronic conditions such as cardiovascular disease, diabetes and respiratory illness, are creating a significant societal risk that threatens health systems and economic sustainability.
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31 March 2008
CEOs call for loosening of regulatory shackles to help business be more competitive in battle against economic downturnBusiness leaders accept that in an interconnected global economy there will always be a regulatory burden; the challenge for business and governments is to ensure the burden is justified by the benefits it produces. This is one of the findings from a new annual study called Regulate & Collaborate: Government and the Global CEO undertaken by PricewaterhouseCoopers to supplement its prestigious Annual Global CEO Survey.
26 March 2008
"Stepping stones" key to advancement in workplace, say PricewaterhouseCoopers female leadersThe research, conducted by PwC’s Gender Advisory Council, gathered perspectives from 79 female leaders within PwC's global network on issues pertaining to women in leadership roles. It sheds light on the various obstacles faced by women as they rise within the ranks of professional services firms. The report provides recommendations on how to build corporate gender diversity in order to increase the bottom line while still promoting the advancement of women in the workplace.
18 March 2008
Eat or be eaten in the mining sector as M&A activity reaches new recordsThe report finds little evidence of a slowdown in deal activity as a result of the credit crunch. Indeed the number of mining deals announced in the fourth quarter of 2007 was more than double the level recorded in the corresponding quarter of 2006 and the latest heavyweight moves by the biggest players has got 2008 mining deal-making off to an unprecedented start.
12 March 2008
PricewaterhouseCoopers International Limited appoints Carrie Yu to the Global BoardCarrie, who is responsible for coordinating strategy and service delivery within the retail and consumer sectors globally, has over 20 years of auditing experience in Hong Kong, the United Kingdom and Canada. She is a member of the Institute of Chartered Accountants in England and Wales, the Canadian Institute of Chartered Accountants and the Hong Kong Institute of Certified Public Accountants.
4 March 2008
China to overtake us by 2025, but Vietnam may be fastest growing of emerging economiesThe World in 2050: Beyond the BRICs’ concludes that long-term prospects for China, India and other so-called ‘E7’ economies (Brazil, Mexico, Russia, Indonesia and Turkey) are still upbeat, but the report looks for the first time at an additional 13 emerging economies that also have the potential to grow significantly faster than the established Organisation for Economic Co-operation and Development (OECD) countries.
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14 February 2008
Oil and gas M&A undeterred by the credit crunchThere was no clear evidence of a decline in oil and gas deal activity in the second half of the year as the credit crunch broke. Indeed, the number of final quarter deals in 2007 was 7% up on the final quarter of 2006. What is clear, though, is the changing dynamics of M&A activity within the sector. Oilfield service deals continue to boom reflecting growth in demand and utilisation rates for rigs as well as the need for service companies to scale-up globally in a consolidating market.
13 February 2008
Green movement offers significant market opportunities for the technology sector according to PricewaterhouseCoopers studyAs public awareness and support for global environmentalism increases, technology organizations are beginning to implement green initiatives to mitigate their impact on the planet. However, altruism is just one of many motivating factors behind the green movement according to a recent study conducted by PricewaterhouseCoopers titled: “Technology Executive Connections: Going Green: Sustainable Growth Strategies.” The strongest driver is economic.
6 February 2008
Forest, paper and packaging CEOS go back to basics in an evolving worldForest, paper and packaging companies are adjusting to a changing environment, according to CEO Perspectives, launched today by PricewaterhouseCoopers. Interviews with around 25 FPP CEOs across the developed and emerging markets identified four key trends -- attaining the right business model, cost control, sustainability and leadership. FPP companies are reconfiguring to meet these opportunities-cum-challenges, but views are mixed as to whether the industry has yet reached a turning point in its profitability.
6 February 2008
Power deals continue to set new records despite credit crunchPower sector M&A soared to new record levels in 2007, despite the effect of the credit crunch. The latest edition of Power Deals, the annual review by PricewaterhouseCoopers of power sector M&A, shows a 25% year on year increase, with the worldwide 2007 power deal value of US$372.5bn nearly nine times above the US$43bn recorded just four years earlier in 2003. Records continue to be set in the sector for the total number and value of deals and for the size of individual deals.
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30 January 2008
PricewaterhouseCoopers entrusted with Hollywood’s best kept secrets for 74 years runningContinuing its distinguished 74-year association with the Academy Awards®, PricewaterhouseCoopers LLP today announced that Brad Oltmanns and Rick Rosas will again lead the balloting process for the 80th Annual Academy Awards.
22 January 2008
Fear of recession is dominant concern among global CEOs; CEOs in emerging economies more confident than in developed countriesCEOs' confidence about prospects for business declined for the first time since the 2003 survey and fear of a global recession emerged as the major threat to growth in PricewaterhouseCoopers 11th Annual Global CEO Survey.
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