PwC in the North

Connecting Networks: Calling all Manchester trainees - 3 July

PwC — Mon, 17 Jun 2013 13:35:54 +0100

PwC Manchester is delighted to invite all Manchester trainees who joined their training scemes from September 2012, to a unique and exciting networking event on the 3 July 2013.

The aim of the event is to help build and develop networks amongst graduates on trainee programmes at firms in Manchester.

The event takes place in and around Manchester city centre and will see teams compete a 'themed' challenge.

The event takes place on 3 July between 4.30pm - 7.00pm. For more information or to register for this event please email nw.events@uk.pwc.com with your details including company name, year you joined your training scheme and any dietary requirements.

We look forward to seeing you on 3 July.

Contact details
Email: Iwan Griffiths
Tel: +44 (0) 161 245 2288

Corporate optimism over M&A prospects

PwC — Mon, 17 Jun 2013 11:00:41 +0100

Confidence in the UK deals market seems to be returning according to PwC’s Deal Index Survey which found that 56% of corporates think that the number of deals would significantly increase over the next three to six months.

The survey also saw half of the corporates interviewed believing their business would undertake a transaction before the end of the year.

Andy Parker, corporate finance partner at PwC in Manchester said:

“2012 represented a black hole in UK deal-making. Deal completions were at their lowest levels since the start of the financial crisis and those that did happen were driven largely through corporates which had ready access to cash either from their lenders or from their balance sheets."

But according to the survey, things are looking more positive this year with 39 % of PE investors expecting to see more deals this year.

Andy Parker added:

“With nearly £1+ trillion of cash on the balance sheets of UK and other European companies, plenty of cash reserves in PE funds, and signs of the banks’ growing appetite for deals, we anticipate a steady recovery in the UK deal market.

“This is also fuelled by the continuing high levels of appetite amongst overseas investors, which has been demonstrated by recent deals in the region such as the acquisition of Good Goody Stuff by Cloetta and Norcros PLC’s acquisition of Vado.”

For more information please contact Andy Parker Tel: 0161 245 2388 Email: andy.parker@uk.pwc.com

Market capital global Top 100: US companies emerge as clear winners post- financial crisis

PwC — Mon, 17 Jun 2013 07:00:00 +0100

The most valuable publicly listed companies are from the technology, consumer services or the health care sectors- and they are mostly US companies. After the financial crisis, there are now 43 US companies in the top 100, up from 35 in 2008, PwC has found.

In terms of increases, technology (c35%) and consumer services (almost 400%) are the most improved sectors by market capitalisation in the top 100. Companies from the Eurozone have proved to be the biggest fallers in this analysis with only 14 companies now in the top 100 compared with 26 in 2008.

From a level of $13.5 trillion dollars in 2008, the financial crisis wiped off more than $5 trillion by 2009. Market capitalisation values have taken four years to recover and top pre-crisis levels, PwC has found. From a low of $8.4 trillion in 2009, the world’s 100 biggest companies now have a combined market capitalisation of $13.6 trillion.In its latest report, PwC ranked the top 100 global companies by market capitalisation and compared the movements from March 2008 annually to March 2013.

After identifying the biggest rises and falls, the report also examines country and sector dynamics and analyses how the global landscape has changed.The top five risers added a collective $ 701 billion in market capitalisation in just five years. Technology giants dominated the ranks of the best performers – Apple increased by $290 billion alone over the period and Google $125 billion. However the top five fallers saw their market cap drop by a collective $737 billion. Oil and gas and energy companies took four of the five losing spots.

Arif Ahmad, incoming senior office partner, PwC Leeds said:

“The US is dominating the ranking, but what is truly remarkable is the ability of the US to create new trailblazers. 15 years ago companies like Apple and Google had either just been founded or were not recognised as having that potential.

“Today these companies rank first and third in the list of the 100 most valuable global companies. US companies in growth sectors like Health Care and Consumer Services are similarly successful. These companies are capable of setting and recognising new trends and – most importantly – creating business models that make these developments pay on a global scale. With this innovative drive, other regions and countries will have their work cut out to compete with the US on the same level.”

Eurozone companies have been worst hit by falls in market capitalisation. Of the 26 companies present in the top 100 in 2008, only 14 remain in 2013. Those that fell out were from Germany (5), France (5), Spain (3) , Italy (2) and one each from Netherlands, Finland and Luxemburg.

This also partly reflects the fall in the value of the Euro against the dollar.Despite the size and significant growth in the Chinese economy, Chinese/Hong Kong companies did not feature as highly as perhaps expected. There are just 9 companies from China/Hong Kong in the Top 100, and there was no real upward trend since 2008 (then 8).

The nine companies represented on the list in 2013 are mostly from the Banking, Insurance and Energy sectors. These companies are of huge local and regional significance but have yet to expand globally.

Arif Ahmad, PwC Leeds added:

“Within the UK, technology market values remain under pressure when companies only operate in their local markets. Those which are truly global benefit from global trends and their value reflects this. “In addition, those with real intellectual property and emerging technology which results in those businesses becoming market leaders, the drive up market values.”

Click here to view the report Download TOP 100 MKT CAP RISERS AND FALLERS

For more information please contact Arif Ahmad Tel: 0113 289 4716 Email: arif.a.ahmad@uk.pwc.com

Welcome to the Finance Agenda

PwC — Fri, 14 Jun 2013 14:05:37 +0100

We are pleased to announce the launch of our new Finance Agenda series. The aim of this site is to bring together Finance professionals from across the North West business community, providing a forum for education and debate, and the sharing of experinences and challenges.

Whatever the industry, finance leaders need to serve their businesses in new and innovative ways. Integration of strategy, operational decisions and actions will create greater alignment of multiple systems and resources. Technology and e-commerce is shaping the future of businesses, especially the finance function. Resilience and protecting the business from internal and external risk is increasingly on the agenda for finance leaders.

Of course, no one can predict the future with certainty but finance leaders can put strategies in place. Planning for today and the future, making the most of opportunities and increasing resilience to competitors and risks will differentiate your business. Finance doesn't stand still, it constantly evolves. Here in the North West , we are able to help you shape the future of your business.

Our Finance Agenda page will bring you all of the latest news, insight and forthcoming events relating to your employee matters. If you would to receive the latest news and updates direct to your inbox, email nw.events@uk.pwc.com confirming your details and subscription to our monthly newsletter.

Contact details
Email: Fiona Kelsey
Tel: 020 721 22822

Being better informed: financial regulatory, accounting and audit bulletin: June 2013

PwC — Fri, 14 Jun 2013 09:59:06 +0100

The pace of regulatory developments remained unabated in May, with important consultations on the Capital Requirements Directive (CRD IV), particularly examining how to define material risk takers, which may great expand the definition of which employees are subject to the new remuneration cap introduced in CRD IV. In other news from May:

Download Being better informed June 2013

We saw a number of publications on the Alternative Investment Fund Managers Directive (AIFMD) from the European Commission, European Securities and Markets Authority (ESMA) and Her Majesty’s Treasury (HMT) in the UK. In particular, ESMA focused on the reporting obligations and HMT focused on transitional questions.
The European Commission published its second consultation on reforming the European banking sector. The Commission is taking a steady approach to any reforms, which we welcome given the fast progress in other areas.
The Commission also published a proposal for a single market in retail bank accounts across the EU.
The Credit Rating Agency Regulation (CRA III) was published in the Official Journal of the European Union. CRA III particularly seeks to reduce reliance on credit rating agencies and increase competition in the sector.
The European Council published another progress note on the revision of the Markets in Financial Instruments Directive (MiFID II). Progress here has been slow, although it now seems we might finally be reaching compromise.

Related to MiFID II and its new proposals, this month’s feature article focuses on high frequency trading and how it is regulated.

Contact details
Email: Fiona Kelsey
Tel: 020 721 22822

Email: Ian Morrison
Tel: +44(0)113 289 4228

Performance visibility...Wishful thinking?

PwC — Thu, 13 Jun 2013 17:19:31 +0100

Do you have the business insight you need to make the right decisions? Our analysis shows you how.

For more information please get in touch with your local PwC contact of Phil Goodwin on Tel: Direct: 07712 137 314 or by Email: phil.m.goodwin@uk.pwc.com.

53% of North West commuters curb lifestyle to fund transport costs

PwC — Tue, 11 Jun 2013 11:40:29 +0100

Beleaguered commuters across the UK are making lifestyle changes to fund spiralling transport costs, with 53% of North West commuters cutting back on essentials to be able to fund their travel costs.

That’s according to a new consumer survey from advisors, PwC

PwC’s Voice of the Consumer (VoC) survey published this week; found that 57% of North West full-time workers have experienced increased travel-to-work costs over the past year with 33% telling researchers their travel costs had increased, ‘a great deal’.

Across the UK, around half of those in full-time employment said that they had cut back on living essentials and luxuries to fund their rising travel expenditure.

And despite the North having the lowest travel costs amongst the eight UK regions, with annual travel costs averaging £1,009 compared to the South East (£1,422) and the Midlands (£1,376), 54% of the region’s commuters have reduced socialising and going to the pub to fund travel. With 64% having cut back on eating out to afford commuter costs.

Commenting on the survey findings, PwC’s Jonathan Cooper, a partner in the transport and logistics team in Manchester said:

“The findings of our research have highlighted that in this era of austerity, many people are having to make difficult decision across their essential spend and lifestyle choices. In the North West this has particularly impacted spend on leisure activities and groceries. It has also affected the number of people who are saving for the long term, such as a deposit for a house, with 23% of respondents sacrificing saving to afford commuter costs. ”

“Another interesting trend is a proportion of respondents are looking at relocating and or finding alternative transport modes to make the cost of travel cheaper.”

Andrew Sentance, PwC’s Senior Economic Advisor, added:

“Transport costs have been rising for a number of years. Since 2009 the transport component of the Consumer Prices Index has risen on average by 5.4% a year, and is one of the areas where prices have risen the fastest over this period. This is nearly three times the 2% inflation target and way ahead of the modest wage increases employees are seeing in their pay-packets.

“For many people, travelling is an essential area of expenditure which is required to get to work and to maintain contact with family and friends. It is not surprising therefore, that this survey suggests that consumers have had to make cutbacks in other areas of spending to pay for higher travel costs."

The survey also examined people’s preferred transport modes for commuting, leisure and personal use across the country which will be released later this month.

For more information please contact Jonathan Cooper: Tel:0161 245 2313 Email: jonathan.e.cooper@uk.pwc.com

Welcome to Human Resource Matters

PwC — Fri, 07 Jun 2013 21:54:00 +0100

We are pleased to announce the launch of our new Human Resource Matters series. The aim of this site is to bring together Human Resource professionals from across the North West business community, providing a forum for education and debate, and the sharing of experinences and challenges.

At PwC we understand that managing employees can be one of your biggest challenges but also your greatest asset. The challenges of responding to relentless demands for increased efficiency improvements, a highly competitive recruitment market, and new legislation and corporate governance codes have pushed people issues to the top of the agenda.

Whatever the business, all organisations - whether public or private sector, start-up or spin-off, acquired or de-merged - need to position themselves as employers of choice. Achieving this is no easy matter: an organisation's ability to attract, motivate and retain employees will be unique, but may crucially depend on areas as diverse as, for example, reward, learning and development, organisational culture, performance improvement, leadership style, and HR effectiveness.

At a time when the trend towards globalisation and increased competition shows no signs of abating, organisations that fail to make the most of their most expensive and most essential asset - their people - will be at a severe disadvantage. Recruiting, retaining, and gaining the commitment of the very best people is no longer an optional extra, for it is these people that can make the critical difference between long-term sustainability and short-term failure.

In the North we are able to provide the full range of Human Resource Services through locally based teams and expertise. Organised across Pensions, Reward, Employment Solutions, Human Resource Management and International Assignee Services we are able to provide an integrated service to meet your human resource needs.

Our Human Resouse Matters page will bring you all of the latest news, insight and forthcoming events relating to your employee matters. If you would to receive the latest news and updates direct to your inbox, email nw.events@uk.pwc.com confirming your details and subscription to our monthly newsletter.

Contact details
Email: Peter McDonald
Tel: +44 (0)161 247 4567

Property and Construction

PwC — Fri, 07 Jun 2013 12:45:11 +0100

Our Northern Property and Construction team led by partners Ian Marsden, Andy Ward and Carol O'Hare, operates out of our four offices in Hull, Leeds, Liverpool, Manchester and Sheffield and comprises assurance and tax specialists, analysts, consultants and corporate finance advisers as well as our own multi-disciplinary team of Chartered Surveyors.

Our industry leading expertise enables us to share the latest research and thinking on emerging industry trends, develop industry-specific performance benchmarks and methodologies based on global best practices, as well as solutions to issues unique to the property and construction industry.

Ian Marsden, partner and Northern property and construction leader, PwC, said:

"The property and construction sector has been one of the most challenged sectors over the past 4 years, whether through declining property values or scarcity of funding for development schemes."

"We have a team of dedicated professionals across the North who are very experienced in working with property and construction businesses to help them maximise value from their assets and build a robust business for the future."

We work with a wide range of clients in the sector from fast growing, entrepreneurial organisations to established, market leaders including listed and privately owned business across the region. In addition to core assurance and tax compliance offerings, we are able to assist in the following key areas:

Property

Transactions
Stamp Duty Land Tax planning
Tax planning for privately owned businesses and their owners
Unlocking value in property
Exploring overseas opportunities
Empty property rates recovery
PFI finance raising and advisory
Real Estate Investment Trusts (REITS)

Construction

Competitive bidding and procurement
Regeneration
Sustainability
Fraud/ethics
Resolving disputes
Relationships with sub-contractors – partnering
Construction Industry Scheme

Regular events are run which specifically focus on hot topics and emerging issues affecting organisations in the property and construction industry. For example we’ve recently held a dinner for key contacts in the industry with Gerald Jennings, North and Scotland Portfolio Director at Land Securities, to discuss the Leeds Trinity development. Our events are open to all clients and contacts. If you would like to be added to the mailing list for thought leadership and future events including our Spring dinner, please email yorkshire.events@uk.pwc.com.

For further details on specific issues please contact one of our team members:

North East

Assurance: Andy Ward: Tel: +44 (0) 114 259 8258
Tax: Gordon Singer: Tel: +44 (0)113 288 2117
Advisory: David Sparke: Tel: + 44 (0)113 289 4441

North West

Assurance: Ian Marsden: Tel: +44 (0)161 245 2106
Tax: Carol O’Hare: Tel: + 44 (0)161 245 2742
Advisory: David Sparke: Tel: + 44 (0)113 289 4441

Hourglass issue 27: Putting HR at the centre of your people strategy

PwC — Fri, 07 Jun 2013 09:50:42 +0100

Creating the right strategy for global mobility

Increased global mobility means increased challenges for international HR functions. In issue 27 of Hourglass, our regular magazine for HR directors and HR professionals, we look at the varying issues that a more widely-spread, globalised workforce brings to HR. We outline some of the core aims of a worldwide HR team and bring insights into the right people strategy and the right solutions for a truly mobile, efficient workforce.

You can read two extracts from this issue below:

The rise of a new generation

Today’s children are already full acclimatised to using technology as part of their everyday lives. How will this tech-savvy Generation Z transfer to the workplace and how will they choose to communicate?

Read the preview

Removing the barriers to movement

The increasing complexity of global immigration legislation has led to distinct challenges for organisations whose employees are globally mobile. We look at how to remove the barriers to mobility.

Read the preview

If you'd like to be added to Hourglass mailing list, please contact HRS Marketing

Contact details
Email: Peter McDonald
Tel: +44 (0)161 247 4567