The CFO Survey is firmly established with media and policy makers as an authoritative barometer of UK corporates’ sentiment and strategies. It is the only survey of major UK corporate users of capital that gauges attitudes to valuations, risk and financing.
To read the full report, visit www.deloitte.co.uk/cfosurvey
The Deloitte CFO Survey 2014 Q2 results - Policy change is biggest concern fo...Deloitte UK
Find out more at http://www.deloitte.co.uk/cfosurvey
Policy change has emerged as the biggest concern for chief financial officers, ahead of economic uncertainty.
- Policy change is biggest concern for CFOs.
- Perceptions of economic and financial uncertainty have hit a four-year low.
- CFO appetite for risk remains high as corporates shift from balance sheet repair to growth.
- 51% of CFOs expect interest rates to be equal to or above 1.0% in a year’s time.
This is the 28th quarterly survey of chief financial officers and group finance directors of major companies in the UK.
The Q2 2014 survey took place between 6th and 23rd June.
112 CFOs participated, including the CFOs of 31 FTSE 100 and 37 FTSE 250 companies. The rest were CFOs of other UK-listed companies, large private companies and UK subsidiaries of major companies listed overseas. The combined market value of the 68 UK-listed companies surveyed is £473 billion, or approximately 21% of the UK quoted equity market.
The Deloitte CFO Survey is the only survey of major corporate users of capital that gauges attitudes to valuations, risk and financing.
The Deloitte CFO Survey: 2013 Q3 resultsDeloitte UK
Find out more at http://www.deloitte.co.uk/cfosurvey
A new mood of confidence pervades the third quarter CFO Survey. Chief Financial Officers see fewer risks in the global economy and greater opportunities for expansion.
Key findings:
- CFOs' perceptions of external macro and financial risk have hit three-year lows.
- The financing environment for corporates has improved still further. Cost of credit is at its lowest and availability at its highest since the survey began in 2007.
- 54% of CFOs say now is a good time to take greater risk onto their balance sheet, a six-year high.
- Austerity is out and expansion is coming in. Cost control and cash conservation are moving out of favour. Expansion is, once again, the top priority for corporates.
About the Deloitte CFO Survey:
The Deloitte CFO Survey, launched in 2007, is a quarterly survey of Chief Financial Officers and Group Finance Directors of major UK companies. Over 300 CFOs, mainly from FTSE 350 companies, have joined the CFO Survey panel. The Survey captures shifts in UK CFOs' opinions on valuations, risks and financing and has become a benchmark for gauging financial attitudes of major corporate users of capital.
The Deloitte CFO Survey has been widely quoted in the media and is firmly established with policymakers. The Bank of England has cited the CFO Survey several times in its publications such as the quarterly Inflation Report and the monthly Trends in Lending report. The findings have also been quoted in the minutes of the Bank's Monetary Policy Committee meetings.
Ey profit warning stress index q3 2018 7Robert Hussey
For those looking at a UK listing – this is a very insightful piece of research based on EY’s Profits Warning Stress Index. In Q3 2018, the market has experienced the highest average share price fall since the financial crisis. 206 earnings downgrades in the first nine months of the year. The Consumer sectors are dominating these earnings downgrades but with domestic and global uncertainty, we are seeing signs of contraction spreading wider a field (industrial and finance sectors). If one combines this with the number of recent IPO’s either being pulled or priced at the lower of the range, a cautionary picture in certainly painted.
The Deloitte CFO Survey: 2013 Q4 resultsDeloitte UK
Find out more at http://www.deloitte.co.uk/cfosurvey
With low levels of uncertainty, improved access to finance and greater confidence in the Bank of England's policies, Chief Financial Officers (CFOs) are gearing up for expansion, investment and hiring in 2014.
The Deloitte CFO Survey, launched in 2007, is a quarterly survey of Chief Financial Officers and Group Finance Directors of major UK companies. Over 300 CFOs, mainly from FTSE 350 companies, have joined the CFO Survey panel. The Survey captures shifts in UK CFOs' opinions on valuations, risks and financing and has become a benchmark for gauging financial attitudes of major corporate users of capital.
The Deloitte CFO Survey has been widely quoted in the media and is firmly established with policymakers. The Bank of England has cited the CFO Survey several times in its publications such as the quarterly Inflation Report and the monthly Trends in Lending report. The findings have also been quoted in the minutes of the Bank's Monetary Policy Committee meetings.
PRS’ coverage of the Americas in May includes an update on Chile, where the center-left coalition government is encountering political headwinds. President Michelle Bachelet’s approval rating has plummeted amid a spate of corruption scandals, including a charge of influence-peddling against her son, and dissatisfaction among the electorate with the weak performance of the economy, which government critics have blamed on uncertainty created by the New Majority administration’s tax and labor reforms.
The Deloitte CFO Survey: 2015 Q4 A cautious start to 2016Deloitte UK
The quarterly CFO Survey is firmly established with media and policy makers as the authoritative barometer of UK corporates’ sentiment and strategies. It is the only survey of major corporate users of capital that gauges attitudes to valuations, risk and financing.
Capital Markets Industry Insights - Fall 2016Duff & Phelps
Middle-market issuers were greeted by strong demand this quarter from mainstream credit sources as well as those seeking higher degrees of risk and return. Macroeconomic fundamentals continued to improve, though the focus remained on monetary policy. With an increasingly stark dichotomy of views at the Federal Reserve, volatility persisted in anticipation of clearer guidance on the pace and timing of rate hikes.
Estudio sobre el comportamiento de pago de las empresas de
Marruecos en 2016 elaborado por COFACE: la extensión de los plazos de pago y la
desaceleración de la economía van de la mano
The Deloitte CFO Survey 2014 Q2 results - Policy change is biggest concern fo...Deloitte UK
Find out more at http://www.deloitte.co.uk/cfosurvey
Policy change has emerged as the biggest concern for chief financial officers, ahead of economic uncertainty.
- Policy change is biggest concern for CFOs.
- Perceptions of economic and financial uncertainty have hit a four-year low.
- CFO appetite for risk remains high as corporates shift from balance sheet repair to growth.
- 51% of CFOs expect interest rates to be equal to or above 1.0% in a year’s time.
This is the 28th quarterly survey of chief financial officers and group finance directors of major companies in the UK.
The Q2 2014 survey took place between 6th and 23rd June.
112 CFOs participated, including the CFOs of 31 FTSE 100 and 37 FTSE 250 companies. The rest were CFOs of other UK-listed companies, large private companies and UK subsidiaries of major companies listed overseas. The combined market value of the 68 UK-listed companies surveyed is £473 billion, or approximately 21% of the UK quoted equity market.
The Deloitte CFO Survey is the only survey of major corporate users of capital that gauges attitudes to valuations, risk and financing.
The Deloitte CFO Survey: 2013 Q3 resultsDeloitte UK
Find out more at http://www.deloitte.co.uk/cfosurvey
A new mood of confidence pervades the third quarter CFO Survey. Chief Financial Officers see fewer risks in the global economy and greater opportunities for expansion.
Key findings:
- CFOs' perceptions of external macro and financial risk have hit three-year lows.
- The financing environment for corporates has improved still further. Cost of credit is at its lowest and availability at its highest since the survey began in 2007.
- 54% of CFOs say now is a good time to take greater risk onto their balance sheet, a six-year high.
- Austerity is out and expansion is coming in. Cost control and cash conservation are moving out of favour. Expansion is, once again, the top priority for corporates.
About the Deloitte CFO Survey:
The Deloitte CFO Survey, launched in 2007, is a quarterly survey of Chief Financial Officers and Group Finance Directors of major UK companies. Over 300 CFOs, mainly from FTSE 350 companies, have joined the CFO Survey panel. The Survey captures shifts in UK CFOs' opinions on valuations, risks and financing and has become a benchmark for gauging financial attitudes of major corporate users of capital.
The Deloitte CFO Survey has been widely quoted in the media and is firmly established with policymakers. The Bank of England has cited the CFO Survey several times in its publications such as the quarterly Inflation Report and the monthly Trends in Lending report. The findings have also been quoted in the minutes of the Bank's Monetary Policy Committee meetings.
Ey profit warning stress index q3 2018 7Robert Hussey
For those looking at a UK listing – this is a very insightful piece of research based on EY’s Profits Warning Stress Index. In Q3 2018, the market has experienced the highest average share price fall since the financial crisis. 206 earnings downgrades in the first nine months of the year. The Consumer sectors are dominating these earnings downgrades but with domestic and global uncertainty, we are seeing signs of contraction spreading wider a field (industrial and finance sectors). If one combines this with the number of recent IPO’s either being pulled or priced at the lower of the range, a cautionary picture in certainly painted.
The Deloitte CFO Survey: 2013 Q4 resultsDeloitte UK
Find out more at http://www.deloitte.co.uk/cfosurvey
With low levels of uncertainty, improved access to finance and greater confidence in the Bank of England's policies, Chief Financial Officers (CFOs) are gearing up for expansion, investment and hiring in 2014.
The Deloitte CFO Survey, launched in 2007, is a quarterly survey of Chief Financial Officers and Group Finance Directors of major UK companies. Over 300 CFOs, mainly from FTSE 350 companies, have joined the CFO Survey panel. The Survey captures shifts in UK CFOs' opinions on valuations, risks and financing and has become a benchmark for gauging financial attitudes of major corporate users of capital.
The Deloitte CFO Survey has been widely quoted in the media and is firmly established with policymakers. The Bank of England has cited the CFO Survey several times in its publications such as the quarterly Inflation Report and the monthly Trends in Lending report. The findings have also been quoted in the minutes of the Bank's Monetary Policy Committee meetings.
PRS’ coverage of the Americas in May includes an update on Chile, where the center-left coalition government is encountering political headwinds. President Michelle Bachelet’s approval rating has plummeted amid a spate of corruption scandals, including a charge of influence-peddling against her son, and dissatisfaction among the electorate with the weak performance of the economy, which government critics have blamed on uncertainty created by the New Majority administration’s tax and labor reforms.
The Deloitte CFO Survey: 2015 Q4 A cautious start to 2016Deloitte UK
The quarterly CFO Survey is firmly established with media and policy makers as the authoritative barometer of UK corporates’ sentiment and strategies. It is the only survey of major corporate users of capital that gauges attitudes to valuations, risk and financing.
Capital Markets Industry Insights - Fall 2016Duff & Phelps
Middle-market issuers were greeted by strong demand this quarter from mainstream credit sources as well as those seeking higher degrees of risk and return. Macroeconomic fundamentals continued to improve, though the focus remained on monetary policy. With an increasingly stark dichotomy of views at the Federal Reserve, volatility persisted in anticipation of clearer guidance on the pace and timing of rate hikes.
Estudio sobre el comportamiento de pago de las empresas de
Marruecos en 2016 elaborado por COFACE: la extensión de los plazos de pago y la
desaceleración de la economía van de la mano
After a nine month decline, consumer confidence has risen in the third quarter of 2017 in a sign that consumers are showing resilience at a time when Brexit and other factors could be causing uncertainty. This quarter-on-quarter growth has occurred against a well-publicised backdrop of high levels of unsecured debt and rising inflation.
2017 Global Economic Outlook by Dun & BradstreetDun & Bradstreet
Learn from Dun & Bradstreet’s economists as they share our 2017 global economic outlook. Discover the top five economic game changers, take a look at the short-term economic outlook and view deep-dive analyses on featured countries.
Cox Automotive Market Insight Overview March 2019Philip Nothard
“Welcome to the latest Market Insight Overview from Cox Automotive.
Every month, we provide automotive industry professionals with unique intelligence, supported by invaluable insight and market sentiment from our customers, that goes beyond the headlines to uncover what’s driving the new and used car sectors from wholesale, retail and funding perspectives. We hope our holistic analysis arms you with the essential knowledge needed to navigate the fast-paced, ever-changing automotive market.”
PHILIP NOTHARD Customer Insight & Strategy Director - UK
Este estudo periódico analisa as respostas dos CFOs das maiores empresas portuguesas, integrados num painel com outros 15 países europeus: Áustria, Bélgica, Finlândia, França, Alemanha, Irlanda, Itália, Holanda, Noruega, Polónia, Reino Unido, Rússia, Espanha, Suécia e Suíça. Temos como objetivo perceber o sentimento dos CFOs portugueses em comparação com os seus pares europeus e em relação a tópicos económicos, financeiros e estratégicos, tornando os seus pontos de vista disponíveis para uma audiência mais vasta.
Complementing the annual Political Risk Map, Aon’s political risk newsletter is developed in partnership with Roubini Global Economics, an independent, global research firm founded in 2004 by renowned economist Nouriel Roubini. The newsletter is released on a quarterly basis and provides insight into levels and types of Political Risk in non-EU and -OECD countries.
Export - Political risk map newsletterDavid Wilson
Are you currently exporting or thinking about exporting to different parts of the world?
Aon’s political risk newsletter is developed in partnership with Roubini Global Economics, an independent global research firm. The newsletter aims to provide insight to the opportunity, risks and challenges of trading overseas.
Aon can help your business grow confidently in the following ways;
• Identify quality customers, by providing up to date risk information
• Cover pre-credit risk, particularly useful if you make bespoke products
• Help you win business by offering the best credit terms with confidence, by insuring invoices you raise against default or insolvency
• Collection services, if you need support to collect payment abroad, removing
If you are looking to expand into new markets and would like some additional information, or would like to offer credit terms with the confidence your invoice will be paid in the event of default or insolvency, please do not hesitate to get in touch.
David.wilson@aon.co.uk
Tel: 07979 532 775
D&B's 2013 mid-year Global Economic Outlook gives an update on regional insights, upgrades and downgrades for countries around the world so far in 2013, as well as a prediction for these economies through 2017.
EIOPA's Report of of the (re)insurance and occupational pensions sectors in t...Δρ. Γιώργος K. Κασάπης
The European Insurance and Occupational Pensions Authority (EIOPA) published its June 2019 Financial Stability Report of the (re)insurance and occupational pensions sectors in the European Economic Area.
The risk of a prolonged low yield environment has become more prominent in recent months, as central banks have put the process of monetary policy normalisation on hold amid concerns over economic growth following growing trade tensions and political uncertainty. The low yield environment remains the key risk for both, the insurance and pension fund sector, and continues to put pressure on profitability and solvency positions. This could trigger further search for yield behaviour by insurers and pension funds, which is slowly becoming visible in the investment portfolio of insurers. EIOPA will therefore continue to monitor closely this risk to identify at an early stage any potential vulnerabilities.
At the same time, valuations remain stretched across financial markets and a sudden re-assessment of risk premia cannot be ruled out, which could be exacerbated during a period of economic slowdown with concerns over debt sustainability. A sudden increase in yields driven by risk premia rather than an upward move of the risk free rate curve could significantly affect the financial and solvency position of insurers and pension funds in the short run, as the investment portfolios could suffer large losses, which may only be partly offset by lower liabilities. In this regard, the high degree of interconnectedness with banks and domestic sovereigns of insurers could lead to potential spillovers should a sudden reassessment of risk premia materialize. Relatively high exposures towards real estate can also be observed for insurers in certain countries, making them as well vulnerable to a potential downturn in real estate markets.
Furthermore, new types of risks are emerging with the onset of climate change and cyber risk. The climate related risks pose threats in particular for the insurance industry, as insurers act simultaneously as investors and underwriters, while the digital transformation makes insurers and pension funds increasingly exposed to cyber-attacks. In this respect, the 2019 EIOPA stress test exercise for occupational pension funds also incorporates Environmental, Social and Governance
Political Risk Could Undermine the Global Recovery. Review Dun & Bradstreet's research on global trade and the political risks that could impair global economic outlook. Dun & Bradstreet partners with international finance departments, World Bank Governance Indicator publications, and other global economic outlook experts to create comprehensive fiscal world view.
After a nine month decline, consumer confidence has risen in the third quarter of 2017 in a sign that consumers are showing resilience at a time when Brexit and other factors could be causing uncertainty. This quarter-on-quarter growth has occurred against a well-publicised backdrop of high levels of unsecured debt and rising inflation.
2017 Global Economic Outlook by Dun & BradstreetDun & Bradstreet
Learn from Dun & Bradstreet’s economists as they share our 2017 global economic outlook. Discover the top five economic game changers, take a look at the short-term economic outlook and view deep-dive analyses on featured countries.
Cox Automotive Market Insight Overview March 2019Philip Nothard
“Welcome to the latest Market Insight Overview from Cox Automotive.
Every month, we provide automotive industry professionals with unique intelligence, supported by invaluable insight and market sentiment from our customers, that goes beyond the headlines to uncover what’s driving the new and used car sectors from wholesale, retail and funding perspectives. We hope our holistic analysis arms you with the essential knowledge needed to navigate the fast-paced, ever-changing automotive market.”
PHILIP NOTHARD Customer Insight & Strategy Director - UK
Este estudo periódico analisa as respostas dos CFOs das maiores empresas portuguesas, integrados num painel com outros 15 países europeus: Áustria, Bélgica, Finlândia, França, Alemanha, Irlanda, Itália, Holanda, Noruega, Polónia, Reino Unido, Rússia, Espanha, Suécia e Suíça. Temos como objetivo perceber o sentimento dos CFOs portugueses em comparação com os seus pares europeus e em relação a tópicos económicos, financeiros e estratégicos, tornando os seus pontos de vista disponíveis para uma audiência mais vasta.
Complementing the annual Political Risk Map, Aon’s political risk newsletter is developed in partnership with Roubini Global Economics, an independent, global research firm founded in 2004 by renowned economist Nouriel Roubini. The newsletter is released on a quarterly basis and provides insight into levels and types of Political Risk in non-EU and -OECD countries.
Export - Political risk map newsletterDavid Wilson
Are you currently exporting or thinking about exporting to different parts of the world?
Aon’s political risk newsletter is developed in partnership with Roubini Global Economics, an independent global research firm. The newsletter aims to provide insight to the opportunity, risks and challenges of trading overseas.
Aon can help your business grow confidently in the following ways;
• Identify quality customers, by providing up to date risk information
• Cover pre-credit risk, particularly useful if you make bespoke products
• Help you win business by offering the best credit terms with confidence, by insuring invoices you raise against default or insolvency
• Collection services, if you need support to collect payment abroad, removing
If you are looking to expand into new markets and would like some additional information, or would like to offer credit terms with the confidence your invoice will be paid in the event of default or insolvency, please do not hesitate to get in touch.
David.wilson@aon.co.uk
Tel: 07979 532 775
D&B's 2013 mid-year Global Economic Outlook gives an update on regional insights, upgrades and downgrades for countries around the world so far in 2013, as well as a prediction for these economies through 2017.
EIOPA's Report of of the (re)insurance and occupational pensions sectors in t...Δρ. Γιώργος K. Κασάπης
The European Insurance and Occupational Pensions Authority (EIOPA) published its June 2019 Financial Stability Report of the (re)insurance and occupational pensions sectors in the European Economic Area.
The risk of a prolonged low yield environment has become more prominent in recent months, as central banks have put the process of monetary policy normalisation on hold amid concerns over economic growth following growing trade tensions and political uncertainty. The low yield environment remains the key risk for both, the insurance and pension fund sector, and continues to put pressure on profitability and solvency positions. This could trigger further search for yield behaviour by insurers and pension funds, which is slowly becoming visible in the investment portfolio of insurers. EIOPA will therefore continue to monitor closely this risk to identify at an early stage any potential vulnerabilities.
At the same time, valuations remain stretched across financial markets and a sudden re-assessment of risk premia cannot be ruled out, which could be exacerbated during a period of economic slowdown with concerns over debt sustainability. A sudden increase in yields driven by risk premia rather than an upward move of the risk free rate curve could significantly affect the financial and solvency position of insurers and pension funds in the short run, as the investment portfolios could suffer large losses, which may only be partly offset by lower liabilities. In this regard, the high degree of interconnectedness with banks and domestic sovereigns of insurers could lead to potential spillovers should a sudden reassessment of risk premia materialize. Relatively high exposures towards real estate can also be observed for insurers in certain countries, making them as well vulnerable to a potential downturn in real estate markets.
Furthermore, new types of risks are emerging with the onset of climate change and cyber risk. The climate related risks pose threats in particular for the insurance industry, as insurers act simultaneously as investors and underwriters, while the digital transformation makes insurers and pension funds increasingly exposed to cyber-attacks. In this respect, the 2019 EIOPA stress test exercise for occupational pension funds also incorporates Environmental, Social and Governance
Political Risk Could Undermine the Global Recovery. Review Dun & Bradstreet's research on global trade and the political risks that could impair global economic outlook. Dun & Bradstreet partners with international finance departments, World Bank Governance Indicator publications, and other global economic outlook experts to create comprehensive fiscal world view.
Surviving the new retail reality | Ard van Leeuwen | KegaMooreStephensBE
Op 8 oktober 2015 organiseerden Moore Stephens Belgium en DRV Accountants & Adviseurs het kenniscongres E-commerce in Brasschaat. Eén van de sprekers was Ard van Leeuwen namens Kega. Hij vertelde ondernemers meer over omnichannel verkoop.
Do you write JavaScript? Congratulations, you're probably awesome at Node.js! While thinking about things from a server-side perspective might feel off-putting and unnatural, things like callbacks, storing data in JSON, and implementing actual websites probably do not. We'll go beyond getting Node installed and talk about how to quickly build a working web application, and demonstrate that Node can offer frontend developers more than just a new prototyping tool or way of creating endless chat servers.
A summary of the KWD Webranking 2012-2013 - how does it work, what does the capital market and the job seekers expect, what companies do this well. And who are the winners in Sweden.
The Number One Digital Challenge Facing B2B TodayImran Choudhary
IBM recently hosted an open round table in London to discuss the temperament and disruptors in UK B2B Commerce with a number of key industry influencers and subject matter experts.
We explored the challenges faced, but equally the opportunities
and notable success stories.
Our discussion centred on what the #1 Digital Challenge Facing B2B is today, and what opportunities this may present to the new digital seller.
We also explored the importance of the user experience and the supporting infrastructure, as well as managing organisational and cultural change in the implementation of a new digital B2B strategy.
It comes as no surprise that the dialogue of the session very quickly expanded into the role of multi–Channel campaigns, technology, people, culture, and business change.
These facets where explored in great detail and we have summarised the highlights and key insights in this report.
In studies of the networks of citations between scientific papers, Derek de Solla Price showed in 1965 that the number of links to papers—i.e., the number of citations they receive—followed a Pareto distribution or power law. Recent interest in scale-free networks started in 1999 with work by Albert-László Barabási and colleagues who mapped the topology of a portion of the Web, finding that some nodes, which they called "hubs", had many more connections than others and that the network as a whole had a power-law distribution of the number of links connecting to a node...
In the Technology Vision for Oracle 2016 we explore how Accenture and Oracle are applying their individual strengths to enable organizations to carve out their places in the digital ecosystems that are defining their industries in the platform economy. With Oracle technologies residing at the heart of so many of the world’s largest organizations, their contribution to achieving the ‘People First’ agenda is growing more important all the time. Peer through our Oracle lens as we look at how the 5 trends—Intelligent Automation, Liquid Workforce, Platform Economy, Predictable Disruption, Digital Trust—align with our Oracle solutions.
The Deloitte CFO Survey 2014 Q2 results - Risk appetite at new highDeloitte UK
Find out more at http://www.deloitte.co.uk/cfosurvey
Risk appetite among the chief financial officers (CFOs) of the UK’s largest companies has reached a seven year high.
- CFO risk appetite hits a seven year high despite economic and financial uncertainties.
- CFOs more positive on government policies and give strong vote of confidence to Bank of England.
- Worries over UK political risks eclipse economic risks for CFOs.
- Credit cheaper and more available than any time in seven years.
This is the 29th quarterly survey of chief financial officers and group finance directors of major companies in the UK.
The Q3 2014 survey took place between 8th and 22nd September.
118 CFOs participated, including the CFOs of 28 FTSE 100 and 40 FTSE 250 companies. The rest were CFOs of other UK-listed companies, large private companies and UK subsidiaries of major companies listed overseas. The combined market value of the 79 UK-listed companies surveyed is £462 billion, or approximately 20% of the UK quoted equity market.
The Deloitte CFO Survey is the only survey of major corporate users of capital that gauges attitudes to valuations, risk and financing.
The Deloitte CFO Survey: 2014 Q1 resultsDeloitte UK
Find out more at http://www.deloitte.co.uk/cfosurvey
Record risk appetite: Greater confidence about growth in the UK and euro area is supporting corporate investment.
This is the 27th quarterly survey of chief financial officers and group finance directors of major companies in the UK.
The Q1 2014 survey took place between 6th and 24th March.
126 CFOs participated, including the CFOs of 27 FTSE 100 and 45 FTSE 250 companies. The rest were CFOs of other UK-listed companies, large private companies and UK subsidiaries of major companies listed overseas. The combined market value of the 80 UK-listed companies surveyed is £570 billion, or approximately 26% of the UK quoted equity market.
The Deloitte CFO Survey is the only survey of major corporate users of capital that gauges attitudes to valuations, risk and financing.
The quarterly CFO Survey is firmly established with media and policy makers as the authoritative barometer of UK corporates’ sentiment and strategies. It is the only survey of major corporate users of capital that gauges attitudes to valuations, risk and financing.
The Deloitte CFO Survey: 2013 Q2 resultsDeloitte UK
Find out more at http://www.deloitte.co.uk/cfosurvey
The second quarter's Deloitte CFO Survey, published on 9th July 2013, shows a sharp rise in risk appetite at the top end of the corporate sector and a shift towards expansionary strategies.
The Deloitte CFO Survey, launched in 2007, is a quarterly survey of Chief Financial Officers and Group Finance Directors of major UK companies. Over 300 CFOs, mainly from FTSE 350 companies, have joined the CFO Survey panel. The Survey captures shifts in UK CFOs' opinions on valuations, risks and financing and has become a benchmark for gauging financial attitudes of major corporate users of capital.
The Deloitte CFO Survey has been widely quoted in the media and is firmly established with policymakers. The Bank of England has cited the CFO Survey several times in its publications such as the quarterly Inflation Report and the monthly Trends in Lending report. The findings have also been quoted in the minutes of the Bank's Monetary Policy Committee meetings.
The Deloitte CFO Survey: 2013 Q1 resultsDeloitte UK
The Deloitte CFO Survey, launched in 2007, is a quarterly survey of Chief Financial Officers and Group Finance Directors of major UK companies. Over 300 CFOs, mainly from FTSE 350 companies, have joined the CFO Survey panel. The Survey captures shifts in UK CFOs' opinions on valuations, risks and financing and has become a benchmark for gauging financial attitudes of major corporate users of capital.
EY Global Capital Confidence Barometer (12th Edition)EY
Innovation, complexity and disruption define the new M&A market.
Our 12th Global Capital Confidence Barometer finds the global M&A market maintaining the positive momentum that developed during 2014. For the first time in five years, more than half our respondents are planning acquisitions in the next 12 months, as deal pipelines continue to expand.
In this edition, we present our revised economic scenarios and projections for UK economic growth in 2020 and 2021. We also present our revised fiscal scenarios and projections, an update on the latest economic data, as well as results from a more recent survey we conducted on home-working and the impacts on productivity.
Pwc 2015 Technology Sector Sec Comment Letter TrendsPwC
PwC's technology industry publication provides a comprehensive analysis of recent SEC staff comments and disclosures to assist you in understanding the key trends relevant to companies in the technology sector.
Thomson Reuters This Week in Earnings report on the S&P 500's earnings.
You can subscribe to more earnings reports here: http://www.trpropresearch.com/subscribe/
Please note: if you use our earnings data, please source Thomson Reuters I/B/E/S.
A Greater Manchester Business Perspective on Post-Referendum UKDuff & Phelps
Duff & Phelps has partnered with the Greater Manchester Chamber of Commerce to conduct a survey to discover how the EU Referendum vote in July has impacted business sentiment in the Greater Manchester region.
The latest quarterly strategic report that gives a summary of top market trends impacting major spend categories, and gives actionable insights to drive strategic value for your organization.
The latest quarterly strategic report that gives a summary of top market trends impacting major spend categories, and gives actionable insights to drive strategic value for your organization.
Across Health Multichannel Maturometer 2015Across Health
To view the recorded webinar please visit: http://bit.ly/1cLENV1
We are pleased to present you with the 7th Across Health survey on multichannel in life sciences, previously known as the Barometer.
We renamed it to the Maturometer, to reflect the content more aptly. Indeed, we have revamped and simplified the Barometer, by clustering all questions around 4 key dimensions of digital maturity: strategy & organization, business processes & technology, multichannel integration and measurement. We trust this will give you a structured view and will provide you with actionable input to take your company to the next level.
Generally speaking, the 2015 results are in line with 2014 – with historically low satisfaction levels and the 4th consecutive year of plateauing budgets (at a low level). US and Europe are most pessimistic; emerging markets appear to be more positive overall – but that may be due to their relatively new entry into this space.
We do see however a difference in speed in the market – around 14% is implementing multichannel very quickly, is spending significantly more than the average, and feels comfortable with impact measurement etc…multichannel @ multispeed!
We trust that these early leaders will soon be followed by the early majority…my guess is that 2015 REALLY is the end of the beginning!
Fonny Schenck
CEO, Across Health
Welcome to a milestone edition of the Deloitte Football Money League (‘DFML’). Every year, DFML profiles the financial performance of the highest revenue generating clubs in world football. This year’s edition is a landmark publication for more reasons than one, as it marks 25 years of DFML and covers the first season (2020/21) to be impacted by COVID-19 from start to finish.
Welcome to a milestone edition of the Deloitte Football Money League (‘DFML’). Every year, DFML profiles the financial performance of the highest revenue generating clubs in world football. This year’s edition is a landmark publication for more reasons than one, as it marks 25 years of DFML and covers the first season (2020/21) to be impacted by COVID-19 from start to finish.
Rarely has there been more uncertainty regarding the course of the public finances over the next five years. In this note we aim to answer some of the big questions for the economy in light of the 2021 budget.
Rarely has there been more uncertainty regarding the course of the public finances over the next five years. In this note we aim to answer some of the big questions for the economy in light of the 2021 budget.
We estimate that those clubs in this year’s Money League will have missed out on over €2 billion of revenue across the 2019/20 and 2020/21 seasons. This is primarily driven by matchday revenue, due to the absence of fans, but also rebates to broadcasters and some commercial impacts as well as the lost potential to continue their previous growth trajectory over the period.
We estimate that those clubs in this year’s Money League will have missed out on over €2 billion of revenue across the 2019/20 and 2020/21 seasons. This is primarily driven by matchday revenue, due to the absence of fans, but also rebates to broadcasters and some commercial impacts as well as the lost potential to continue their previous growth trajectory over the period.
We estimate that those clubs in this year’s Money League will have missed out on over €2 billion of revenue across the 2019/20 and 2020/21 seasons. This is primarily driven by matchday revenue, due to the absence of fans, but also rebates to broadcasters and some commercial impacts as well as the lost potential to continue their previous growth trajectory over the period.
The 2018/19 season saw English and European football reach new record levels of revenue generation. This snapshot of the peak before the impact of the COVID-19 pandemic also includes some warning signs for the challenges to come.
Generating record revenue of €841m, Barcelona reach the top of the Money League for the first time, becoming the first club to break the €800m barrier. Overall, the 20 highest earning football clubs in the world generated a record €9.3bn (2018: €8.3bn) of combined revenue in 2018/19, an increase of 11% on the previous year.
UK corporate environment - November 2019Deloitte UK
1. Macro environment - Global economy set to grow at slowest pace since 2010 this year, and remain below trend in 2020. UK growth to remain soft this year and next. Brexit and geopolitical uncertainty loom large.
2. Momentum – UK avoided recession in Q3, business investment declining, manufacturing activity soft, household spending holding up but slowing.
3. Operating costs – cost pressures due to tight labour market but may loosen as firms pull back on hiring. Commodity prices and rental values soft. Credit conditions expected to tighten.
4. Corporate stance – risk appetite near lowest level since 2008, focus on cost reduction, deleveraging and increasing cash flow.
5. Balance sheet – cash rich, credit still relatively cheap and easily available but signs of tightening, profits falling.
6. Risks – effects of Brexit and weak domestic demand, rising global geopolitical risk and protectionism also a worry for large UK corporates.
1. Global slowdown underway
2. Impact of trade tensions greater and more prolonged than expected
3. Exports, manufacturing and investment worst hit
4. Central banks have responded with rate cuts and QE
5. Monetary easing has supported equities, recovering after a sell off in August
6. Consumers remain key driver of activity
7. Slow growth to continue, risks tilted to the downside
1. Macro environment - Global growth slowing, particularly in Europe. UK growth expected to be 1.2% this year but Brexit risks loom large.
2. Momentum - business investment declining, household spending holding up on strong wage growth.
3. Operating costs – expected to rise due to tight labour market, wage growth close to a 11-year high. Commodity prices up 12.5% ytd.
4. Corporate stance – risk appetite lowest since 2008, focus on cost reduction and increasing cash flow.
5. Balance sheet – cash rich, credit cheap and easily available, pockets of debt risk in ‘cov-lite’ sectors, profits falling.
6. Risks – effects of Brexit and weak domestic demand, rising global geopolitical risk and protectionism also a worry for large UK corporates.
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role of women and girls in various terror groupssadiakorobi2
Women have three distinct types of involvement: direct involvement in terrorist acts; enabling of others to commit such acts; and facilitating the disengagement of others from violent or extremist groups.
हम आग्रह करते हैं कि जो भी सत्ता में आए, वह संविधान का पालन करे, उसकी रक्षा करे और उसे बनाए रखे।" प्रस्ताव में कुल तीन प्रमुख हस्तक्षेप और उनके तंत्र भी प्रस्तुत किए गए। पहला हस्तक्षेप स्वतंत्र मीडिया को प्रोत्साहित करके, वास्तविकता पर आधारित काउंटर नैरेटिव का निर्माण करके और सत्तारूढ़ सरकार द्वारा नियोजित मनोवैज्ञानिक हेरफेर की रणनीति का मुकाबला करके लोगों द्वारा निर्धारित कथा को बनाए रखना और उस पर कार्यकरना था।
In a May 9, 2024 paper, Juri Opitz from the University of Zurich, along with Shira Wein and Nathan Schneider form Georgetown University, discussed the importance of linguistic expertise in natural language processing (NLP) in an era dominated by large language models (LLMs).
The authors explained that while machine translation (MT) previously relied heavily on linguists, the landscape has shifted. “Linguistics is no longer front and center in the way we build NLP systems,” they said. With the emergence of LLMs, which can generate fluent text without the need for specialized modules to handle grammar or semantic coherence, the need for linguistic expertise in NLP is being questioned.
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‘वोटर्स विल मस्ट प्रीवेल’ (मतदाताओं को जीतना होगा) अभियान द्वारा जारी हेल्पलाइन नंबर, 4 जून को सुबह 7 बजे से दोपहर 12 बजे तक मतगणना प्रक्रिया में कहीं भी किसी भी तरह के उल्लंघन की रिपोर्ट करने के लिए खुला रहेगा।
2024 is the point of certainty. Forecast of UIF experts
The Deloitte CFO Survey 2015 Q1
1. Uncertainty over post‑election policy change represents
the greatest threat to UK business according to the Chief
Financial Officers of the UK’s largest companies. CFOs
rank a referendum on EU membership as the second
greatest risk facing their businesses, followed by concerns
over weakness and political instability in the euro area.
Risk appetite appears to have decoupled from its
usual drivers, the economic outlook and equity market
performance. Sentiment about growth in the US, UK
and the euro area has improved since the previous CFO
Survey in December. And the FTSE100 rose by 14%
between mid‑December and late March to reach an
all‑time high.
Yet political worries and the threat of a renewed euro
crisis seem to have offset the impact of generally good
economic news and buoyant equity markets, dragging
down corporate risk appetite to a two-year low.
CFO expectations for investment spending
have also dipped.
Last September, as CFO risk appetite reached its
peak, a majority of CFOs rated government policy as
being appropriate across ten separate areas.
The highest levels of satisfaction, with scores of 90%
or more, went to monetary policy, the labour market
and taxation. On average 77% of CFOs rated policy as
appropriate, up from 67% in 2012.
Q1 2015
Election casts a long shadow
The Deloitte CFO Survey
April 2015
2. Chart 1. Risk to business posed by the following factors
Weighted average ratings on a scale of 0 – 100 where 0 stands for no risk and 100 stands for the
highest possible risk
35 40 45 50 55 60 65
A bubble in housing and/or other real and financial
assets and the risk of higher inflation
The prospect of higher interest rates and a general
tightening of monetary conditions in the UK and US
Weakness and or volatility in emerging markets and
rising geopolitical risks in Middle East/Ukraine
Deflation and economic weakness in the euro area,
and the possibility of a renewed euro crisis
A future UK referendum on membership of the EU
The May 2015 UK General Election and
the risk of policy change and uncertainty
2015 Q1 2014 Q3
58
50
56
50
50
49
46
45
45
47
38
42
The Deloitte CFO Survey
3. This quarter’s survey shows that CFOs think the General
Election poses risks to what is seen as a benign policy
environment. A clear majority of CFOs see the potential
for adverse changes on regulation and taxation. And, on
balance, the expectation is that post‑election changes
will be negative for fiscal, monetary and labour market
policies. Meanwhile the risk of a future referendum on
EU membership ranks not far below the General Election
itself as a threat.
The Deloitte CFO Survey
Corporate hiring and investment has led the
recovery in the last two years. Yet this quarter’s
CFO Survey demonstrates that business‑hostile
policy change remains a potent threat to the
recovery. The last seven years have provided
ample evidence of the corrosive effects of
uncertainty on corporate behaviour. A weakening
of corporate risk appetite and investment
intentions provides an ominous reminder that the
business recovery is not assured.
4. Authors
Ian Stewart
Chief Economist
020 7007 9386
istewart@deloitte.co.uk
Debapratim De
Senior Economic Analyst
020 7303 0888
dde@deloitte.co.uk
Alex Cole
Economic Analyst
020 7007 2947
alecole@deloitte.co.uk
Contacts
Ian Stewart
Chief Economist
020 7007 9386
istewart@deloitte.co.uk
Mark FitzPatrick
Vice Chairman and
CFO Programme Leader
020 7303 5167
mfitzpatrick@deloitte.co.uk
For current and past copies of the
survey, historical data and coverage of
the survey in the media and elsewhere,
please visit:
www.deloitte.co.uk/cfosurvey
The Deloitte CFO Survey
5. CFO perceptions of economic and financial uncertainty rose again in the first quarter.
63% of CFOs now rate the level of uncertainty facing their businesses as above normal, high or very high –
the highest reading in almost two years.
Chart 2. Uncertainty
% of CFOs who rate the level of external financial and economic uncertainty facing their business as
above normal, high or very high
45%
55%
65%
75%
85%
95%
2015
Q1
14
Q4
14
Q3
14
Q2
14
Q1
13
Q4
13
Q3
13
Q2
13
Q1
12
Q4
12
Q3
12
Q2
12
Q1
11
Q4
11
Q3
11
Q2
11
Q1
10
Q4
2010
Q3
Uncertainty up
6. Rising uncertainty has coincided with a continued reduction in risk appetite, which is now at a two‑year low.
51% of CFOs say that now is a good time to take greater risk onto their balance sheets, down from a record high of
72% six months ago.
0%
10%
20%
30%
40%
50%
60%
70%
80%
2015
Q1
2014
Q3
2014
Q1
2013
Q3
2013
Q1
2012
Q3
2012
Q1
2011
Q3
2011
Q1
2010
Q3
2010
Q1
2009
Q3
2009
Q1
2008
Q3
2008
Q1
2007
Q3
Chart 3. Risk appetite
% of CFOs who think this is a good time to take greater risk onto their balance sheets
Uncertainty up
7. This fall in risk appetite appears to be driven by CFO concerns over policy change after the General Election, as
highlighted in Chart 1.
Corporates see the current policy environment as fairly benign. Last September, as risk appetite hit a record high,
a majority of CFOs rated UK government policy as appropriate across ten areas.
More than 90% of them reported policy settings as appropriate for labour market, taxation and monetary policy.
Uncertainty up
0 20 40 60 80 100
General levels of regulation affecting business
Infrastructure
Energy policy
Education & training
Urban and town planning
Financial regulation
Public expenditure
Taxation policy
Labour market
Monetary policy (including interest rates, inflation
and the availability of credit)
58%
59%
64%
70%
71%
82%
89%
90%
94%
97%
2014 Q3
Chart 4. Policy appropriateness index
% of CFOs reporting that policy settings in the following areas are appropriate for the long-term
success of businesses in the UK
8. Net negative effect Net positive effect
Chart 5. Effect of policy change
Net % of CFOs who see policy change in the following areas, after
the General Election, as having a positive effect on their business
-80-70-60-50-40-30-20-10 0 10 20 30 40
Infrastructure
Education and training
Urban and town planning
Energy policy
Labour market
Monetary policy (including interest rates,
inflation and the availability of credit)
Fiscal policy (government borrowing
and debt)
Financial regulation
Taxation
General levels of regulation affecting
business
%
-66%
-50%
-40%
-31%
-25%
-20%
-15%
4%
15%
28%
CFOs believe that the General
Election poses risks to what is seen
as a generally benign policy
environment. A clear majority of
CFOs see the potential for adverse
changes on regulation and tax.
And, on balance, the expectation is
that post‑election changes will be
negative for fiscal, monetary and
labour market policies.
At the same time, CFOs anticipate
that changes to policy on
infrastructure, education and
training, and urban and town
planning would be beneficial for
their businesses.
Policy change key concern
9. The rise in uncertainty over UK economic policy is also reflected in an uptick in press references to economic
policy uncertainty.
Chart 6. Economic Policy Uncertainty Index
News-based index of UK economic policy uncertainty index (four-month quarter moving average)
0
50
100
150
200
250
300
350
400
450
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997Policy change key concern
10. Chart 7. Probability of Greek default
The percentage probability of a Greek sovereign default, based on credit default swap prices
50%
60%
70%
80%
90%
100%
Apr
15
Dec
14
Aug
14
Apr
14
Dec
13
Aug
13
Apr
13
Dec
12
Aug
12
Apr
12
Dec
11
Aug
11
Apr
11
Dec
10
Aug
10
Apr
10
Source: Fathom Consulting, Thomson Reuters Datastream
Developments in Europe have also weighed on corporate risk appetite.
Despite recent improvements in the economic outlook for the euro area, political wrangling over Greek austerity and
debt repayments has kept the euro crisis in the headlines.
The probability of a Greek default – as inferred from the cost of insuring against this event – has risen sharply this year.
Policy change key concern
11. Chart 8. Corporate priorities in the next 12 months
% of CFOs who rated each of the following as a strong priority for their business in the next 12 months
0% 5% 10% 15% 20% 25% 30% 35% 40%
Reducing leverage
Disposing of assets
Raising dividends or share buybacks
Expanding by acquisition
Increasing capital expenditure
Introducing new products/services or
expanding into new markets
Reducing costs
Increasing cash flow
2015 Q1 2014 Q4
33%
33%
37%
28%
31%
20%
23%
16%
22%
14%
16%
7%
6%
6%
8%
29%
Defensive strategies – increasing cash flow and reducing costs – remain the top priorities for CFOs.
Compared to the fourth quarter of last year CFOs are placing less emphasis on expansionary strategies such as
introducing new products or services, expanding by acquisition and capital expenditure.
Defensive strategies in favour
12. CFOs have scaled down their expectations for growth in capital spending.
A net 53% expect UK corporates to increase capital expenditure over the next 12 months, down from a peak of
80% a year ago.
Chart 9. Outlook for capital expenditure
Net % of CFOs who expect UK corporates’capital expenditure to increase over the next 12 months
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
15
Q1
14
Q4
14
Q3
14
Q2
14
Q1
13
Q4
13
Q3
13
Q2
13
Q1
12
Q4
12
Q3
12
Q2
12
Q1
11
Q4
11
Q3
11
Q2
11
Q1
10
Q4
10
Q3
IncreaseDecrease
Defensive strategies in favour
13. Chart 10 compares the
effect of nine key factors on
corporate investment plans
between the first quarter of
last year and now. The further
a coloured line in the chart
is from the centre, the more
the factor acts to support
investment.
Uncertainty is the biggest,
and a growing, depressant on
investment.
The main drivers of investment
are easy access to external
financing, a strengthening UK
recovery and rising demand
for businesses’ products and
services.
CFOs’ assessment of the effect of each of the following factors on their
investment plans:
On a 10-point scale where 0 implies the most negative effect and
10 the most positive
Chart 10. Factors affecting corporate investment plans
2
3
0
1
4
5
6
7
8
9
10
Availability of internal finance
2015 Q1
2014 Q1
Uncertainty about the economic
and financial environment
Fiscal consolidation
in the UK (tax rises, cuts
in public spending)
Actual or
expected levels
of economic
activity/GDP
growth in the
euro area
Actual or expected
levels of economic
activity/GDP
growth in
emerging
markets
Morepositive
Actual or expected levels of
economic activity/GDP growth in
the rest of the world (including
the US, Japan and Asia-Pacific)
Cost and availability
of external finance
Actual or
expected levels
of economic
activity/GDP
growth
in the UK
Secular or long-term
growth for your products
or services
Uncertainty weighing on investment plans
14. Strong fundamentals
Despite rising uncertainty, expectations for revenues and operating margins have softened modestly and remain well
above their long-term averages.
Chart 11. Outlook for corporate revenues and margins
Net % of CFOs who expect UK corporates’ revenues and margins to increase over the next 12 months
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
15
Q1
14
Q4
14
Q3
14
Q2
14
Q1
13
Q4
13
Q3
13
Q2
13
Q1
12
Q4
12
Q3
12
Q2
12
Q1
11
Q4
11
Q3
11
Q2
11
Q1
10
Q4
10
Q3
IncreaseDecrease
Revenues
Operating margins
15. Strong fundamentals
Financing conditions remain benign for the large corporates on our survey panel. The cost of credit has hit a
seven-and-a-half-year low this quarter and availability remains close to a seven-year high.
CFOs also rate debt finance – bank borrowing and bond issuance – as the most attractive source of external funding.
Compared to the average reading from our sister surveys across 13 major European countries, a significantly
larger proportion of UK CFOs rated debt finance as an attractive source of funding.
Chart 12. Cost and availability of credit
Net % of CFOs reporting credit is costly and credit is easily available
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
15
Q1
14
Q3
14
Q1
13
Q3
13
Q1
12
Q3
12
Q1
11
Q3
11
Q1
10
Q3
10
Q1
09
Q3
09
Q1
08
Q3
08
Q1
07
Q3
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
CreditisavailableCreditishardtoget
Availability of Credit (RHS)
Cost of credit (LHS)
CreditiscostlyCreditischeap
16. Strong fundamentals
A majority of UK CFOs expect inflation to hover around the Bank of England’s 2.0% target rate in two years’ time.
However, a growing proportion expect lower inflation, with more than a third anticipating it to be between zero
and 1.5%.
Chart 13. Inflation expectations
% of CFOs who expect consumer price inflation in the UK to lie between the following ranges in two
years’ time
0%
10%
20%
30%
40%
50%
60%
70%
80%
2.6% – 3.5%1.6% – 2.5%0 –1.5%Below zero
2014 Q4 2015 Q1
0% 0%
21%
36%
58%
8%
5%
71%
17. The macroeconomic backdrop to the Deloitte
CFO Survey Q1 2015
Global equity markets rose 4.5% in the first quarter
and yields on developed economy sovereign bonds
fell. The price of oil stabilised somewhat although at a
significantly lower level than its 2014 peak. Lower oil
prices provided a boost to consumers across the globe
through lower inflation and a rise in disposable incomes.
Financial markets reacted positively to the launch of
the European Central Bank’s (ECB) quantitative easing
programme, with risk assets rallying in Europe and
equities hitting a record high in Germany. European
bond yields also fell and Spanish and Italian yields hit
record lows.
Despite renewed concerns over a euro area break-up
following the election of anti-austerity party Syriza in
Greece, a number of euro area economic indicators
showed signs of improvement. The ECB upgraded its
euro area growth forecast for 2015 to 1.5% from 1.0%.
Economists also upgraded growth forecasts for the UK.
The FTSE 100 continued to perform strongly, breaking
through the 7,000 mark for the first time, with markets
buoyed by the prospect of UK and US interest rates
remaining lower for longer.
CFO Survey: Economic and financial context
22. Two-chart summary of key survey messages
0%
10%
20%
30%
40%
50%
60%
70%
80%
Risk appetite
% of CFOs who think this is a good time to take
greater risk onto their balance sheets
2015Q1
2014Q3
2014Q1
2013Q3
2013Q1
2012Q3
2012Q1
2011Q3
2011Q1
2010Q3
2010Q1
2009Q3
2009Q1
2008Q3
2008Q1
2007Q3
Net negative effect Net positive effect
Effect of policy change
Net % of CFOs who see policy change in the following areas,
after the General Election, as having a positive effect on their
business
-80 -60 -40 -20 0 20 40
Infrastructure
Education and training
Urban and town planning
Energy policy
Labour market
Monetary policy (including interest rates,
inflation and the availability of credit)
Fiscal policy (government
borrowing and debt)
Financial regulation
Taxation
General levels of regulation
affecting business
%
-66%
-50%
-40%
-31%
-25%
-20%
-15%
4%
15%
28%