Luxembourg CEOs are confident about short-term revenue growth but more cautious about long-term global economic prospects. While optimistic about Luxembourg's economy, they are pessimistic about growth in Europe. Germany and France remain top markets for growth, while interest in the UK is waning. CEOs plan to drive growth through efficiencies and new products/services rather than expansion. Most expect to increase headcount. Top concerns are over-regulation, skills shortages, and technological change which impact their ability to adapt and grow in today's complex business environment.
Bibby Financial Services Global Business Monitor 2017Chinmay Javeri
The Global Business Monitor is an international survey of over 1,600 SMEs across the U.S., Republic of Ireland, United Kingdom, Germany, Poland, Canada, Czech Republic, France, Netherlands, Singapore and Hong Kong.
La 21ª Encuesta de CEO de PwC da luz sobre esta aparente contradicción y los factores que contribuyen a la perspectiva ansiosamente optimista de los CEO en 2018 y más allá. La presentación que la consultora hizo en ABAC 1, en Auckland, se centra en los hallazgos de Asia Pacífico de la encuesta global, y proporciona recomendaciones sobre cómo abordar las preocupaciones comerciales clave.
For more information, please visit: http://bit.ly/2aoRNk3
Business leaders around the world began 2016 facing a gut-churning bout of market volatility. Many financial markets fell by at least 10% between January 1st and mid-February; 2016 had the worst 10-day start to a year since 1897. No doubt remembering how quickly the contagion of the Great Recession spread and the resulting economic devastation, in early 2016 executives started making fresh assessments of how broader economic factors should affect their operational decision-making.
Усиление конкуренции за первичные объекты на крупнейших европейских рынках недвижимости заставляет инвесторов переключить внимание на сектор вторичной недвижимости и восстанавливающиеся рынки. Такой вывод содержится в исследовании «Новые тенденции на европейском рынке недвижимости в 2015 году», подготовленном совместно некоммерческой организацией Urban Land Institute (ULI) и фирмой PwC. В отчете подчеркивается рост популярности возможных инвестиций в недвижимость городов, которые особенно серьезно пострадали в результате прошлого кризиса на рынке.
Etude PwC/ULI sur les investisseurs immobiliers en Europe en 2015 (jan.2015)PwC France
http://bit.ly/PwC-ULI2015
Emerging Trends in Real Estate® Europe est un rapport publié conjointement par l’Urban Land Institute (ULI) et PwC chaque année depuis 2003. Ce rapport présente les perspectives du marché immobilier en Europe et plus particulièrement les tendances de la promotion et de l’investissement immobiliers, des marchés du financement immobilier, ainsi que les tendances par secteur et par zone géographique. Ce rapport s’appuie sur les analyses de plus de 500 spécialistes de l’industrie, y compris des investisseurs, promoteurs, banquiers, brokers et consultants.
The recent decision of the US President to adopt a protectionist policy vs. imported goods could
trigger a domino effect in the global context. The conquest by the Chinese economy of new markets such as the
African countries is part of a strategy that includes a network of alliances in order to mitigate the effects of the
policy of protectionism
Bip connected risks investing in a divergent worldSemalytix
A.T. Kearney issued its first Foreign Direct Investment (FDI) Confidence Index® in June 1998, in the shadow of the 1997 Asian financial crisis. Despite jitters following economic collapse in Southeast Asia, businesses saw investment opportunity in the Americas, Western Europe, Russia, and East Asia, and the United States took first place. Here we are in 2015, with the United States first place in the Index again and business executives still tormented by a recent global financial crisis. Today’s investors must account for divergent monetary policies in large developed economies, alongside a surging U.S. dollar and a sustained commodity super-slump. Developed and developing markets alike are moving in unexpected ways.
Yet, amid growing divergence and multiplying risks, there is genuine excitement in the global business community. It starts with the growing belief that the combined strength of the U.S. and Chinese economies—first and second in this year’s FDI Confidence Index—can buoy the world economy while others get back on track. And there is genuine dynamism elsewhere if you know where to look. Numerous countries are opening up long-guarded sectors to privatization and foreign investment. Downturns and fluctuations in other countries are creating opportunities for mergers and acquisitions. And new free-trade agreements are already in place or close at hand, even if the U.S. political environment will continue to frustrate its reliable engagement.
Risk has been a constant since the inception of this Index. The challenge for all global business leaders remains how to think beyond the last crisis while seeking to avoid the next. Those that take a “wait and see” approach often find that their competitors—whether small businesses or country governments—do not hold back in seeking positive growth. Our view is that opportunities abound for those that know where to look, aided by strategic foresight and analysis.
The world is more complicated now than it was in 1997. Global interconnectedness has created a more competitive and complex landscape. Technologies, ranging from unconventional energy extraction to predictive and even prescriptive analytics, are changing the game and increasing the probability of strategic disruption in every sector and corner of the world.
The complexity of risk and opportunity in 2015 underscore the importance of the insights contained in this year’s FDI Confidence Index. As always, we welcome any input you may have regarding the Index, its scope and our analysis.
Bibby Financial Services Global Business Monitor 2017Chinmay Javeri
The Global Business Monitor is an international survey of over 1,600 SMEs across the U.S., Republic of Ireland, United Kingdom, Germany, Poland, Canada, Czech Republic, France, Netherlands, Singapore and Hong Kong.
La 21ª Encuesta de CEO de PwC da luz sobre esta aparente contradicción y los factores que contribuyen a la perspectiva ansiosamente optimista de los CEO en 2018 y más allá. La presentación que la consultora hizo en ABAC 1, en Auckland, se centra en los hallazgos de Asia Pacífico de la encuesta global, y proporciona recomendaciones sobre cómo abordar las preocupaciones comerciales clave.
For more information, please visit: http://bit.ly/2aoRNk3
Business leaders around the world began 2016 facing a gut-churning bout of market volatility. Many financial markets fell by at least 10% between January 1st and mid-February; 2016 had the worst 10-day start to a year since 1897. No doubt remembering how quickly the contagion of the Great Recession spread and the resulting economic devastation, in early 2016 executives started making fresh assessments of how broader economic factors should affect their operational decision-making.
Усиление конкуренции за первичные объекты на крупнейших европейских рынках недвижимости заставляет инвесторов переключить внимание на сектор вторичной недвижимости и восстанавливающиеся рынки. Такой вывод содержится в исследовании «Новые тенденции на европейском рынке недвижимости в 2015 году», подготовленном совместно некоммерческой организацией Urban Land Institute (ULI) и фирмой PwC. В отчете подчеркивается рост популярности возможных инвестиций в недвижимость городов, которые особенно серьезно пострадали в результате прошлого кризиса на рынке.
Etude PwC/ULI sur les investisseurs immobiliers en Europe en 2015 (jan.2015)PwC France
http://bit.ly/PwC-ULI2015
Emerging Trends in Real Estate® Europe est un rapport publié conjointement par l’Urban Land Institute (ULI) et PwC chaque année depuis 2003. Ce rapport présente les perspectives du marché immobilier en Europe et plus particulièrement les tendances de la promotion et de l’investissement immobiliers, des marchés du financement immobilier, ainsi que les tendances par secteur et par zone géographique. Ce rapport s’appuie sur les analyses de plus de 500 spécialistes de l’industrie, y compris des investisseurs, promoteurs, banquiers, brokers et consultants.
The recent decision of the US President to adopt a protectionist policy vs. imported goods could
trigger a domino effect in the global context. The conquest by the Chinese economy of new markets such as the
African countries is part of a strategy that includes a network of alliances in order to mitigate the effects of the
policy of protectionism
Bip connected risks investing in a divergent worldSemalytix
A.T. Kearney issued its first Foreign Direct Investment (FDI) Confidence Index® in June 1998, in the shadow of the 1997 Asian financial crisis. Despite jitters following economic collapse in Southeast Asia, businesses saw investment opportunity in the Americas, Western Europe, Russia, and East Asia, and the United States took first place. Here we are in 2015, with the United States first place in the Index again and business executives still tormented by a recent global financial crisis. Today’s investors must account for divergent monetary policies in large developed economies, alongside a surging U.S. dollar and a sustained commodity super-slump. Developed and developing markets alike are moving in unexpected ways.
Yet, amid growing divergence and multiplying risks, there is genuine excitement in the global business community. It starts with the growing belief that the combined strength of the U.S. and Chinese economies—first and second in this year’s FDI Confidence Index—can buoy the world economy while others get back on track. And there is genuine dynamism elsewhere if you know where to look. Numerous countries are opening up long-guarded sectors to privatization and foreign investment. Downturns and fluctuations in other countries are creating opportunities for mergers and acquisitions. And new free-trade agreements are already in place or close at hand, even if the U.S. political environment will continue to frustrate its reliable engagement.
Risk has been a constant since the inception of this Index. The challenge for all global business leaders remains how to think beyond the last crisis while seeking to avoid the next. Those that take a “wait and see” approach often find that their competitors—whether small businesses or country governments—do not hold back in seeking positive growth. Our view is that opportunities abound for those that know where to look, aided by strategic foresight and analysis.
The world is more complicated now than it was in 1997. Global interconnectedness has created a more competitive and complex landscape. Technologies, ranging from unconventional energy extraction to predictive and even prescriptive analytics, are changing the game and increasing the probability of strategic disruption in every sector and corner of the world.
The complexity of risk and opportunity in 2015 underscore the importance of the insights contained in this year’s FDI Confidence Index. As always, we welcome any input you may have regarding the Index, its scope and our analysis.
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.
Will risks-derail-the-modest-recovery-oecd-interim-economic-outlook-march-2017OECD, Economics Department
Global GDP growth is projected to pick up modestly to around 3½ per cent in 2018, from just under 3% in 2016, boosted by fiscal initiatives in the major economies. The forecast is broadly unchanged since November 2016. Confidence has improved, but consumption, investment, trade and productivity are far from strong, with growth slow by past norms and higher inequality.
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.
A new report published by The Economist Intelligence Unit highlights the key issues that small and medium enterprises (SMEs) grapple with as they expand internationally – which for many firms can outweigh the promise of growth.
The report, sponsored by DHL Express, is based on a survey of 480 SMEs spread across 12 countries and 20 industries, as well as in-depth interviews with a number of SMEs and policy experts.
According to the survey, 40% of respondents currently earned zero revenue from international operations, but a clear majority (72%) expect to derive between 11% and 50% of their revenues internationally in five years’ time. Across developed and developing markets, SMEs are focused on potential problem areas that trump growth in terms of importance. These include the quality of a target market’s infrastructure, the stability of its politics, the administrative costs of establishing a local presence, and the accessibility of local business acumen and networks.
Compared to their G7 counterparts, SMEs from BRICM (Brazil, Russia, India, China, and Mexico) have a much higher presence in other developing countries. For example, 15 percent of BRICM SMEs have international operations in Russia and CIS, whereas only 3.6 percent of G7 SMEs do; 18.5 percent of BRICM SMEs have international operations in South America compared to only 4.6 percent of G7 SMEs.
No two markets are treated as differently as Africa and China. Despite Africa’s strong growth rates the vast majority of survey respondents see very few opportunities in the region. China, however, remains a magnet for SMEs.
« Market Perspectives » est notre revue mensuelle des marchés. Elle présente de la façon la plus synthétique possible :
- notre analyse des principaux faits marquants et indicateurs macro susceptibles de dessiner les marchés sur le mois.
- notre vision sur les différentes classes d’actifs
Cette revue sera progressivement enrichie avec nos indicateurs quantitatifs.
Toutes nos analyses sont disponibles sur www.finlightresearch.com
As current growth rates reach a new low, competition for the future is on the...SimCorp
As growth rates came to a standstill in 2015, we took stock of expectations for the future. Surveying firms worldwide, we discovered them to be optimistic about long-term prospects, and found the pursuit of future profits gathering pace.
Global Capital Confidence Barometer | How can you reshape your future before ...EY
The Global Capital Confidence Barometer gauges corporate confidence in the economic outlook, and identifies boardroom trends and practices in the way companies manage their Capital Agendas — EY framework for strategically managing capital. It is a regular survey of senior executives from large companies around the world, conducted by Thought Leadership Consulting, a Euromoney Institutional Investor company. Our panel comprises select global EY clients and contacts and regular Thought Leadership Consulting contributors.
La decimoséptima Encuesta Mundial de CEOs, elaborada por PwC y presentada hoy en el Foro Económico Mundial de Davos, revela una mejora de las expectativas entre los máximos directivos de todo el mundo. Sin embargo, hay algunos matices, según la zona geográfica de la que se trate. Los CEOs españoles y los europeos, por ejemplo, se encuentran entre los más optimistas -en ambos colectivos un 50% estima que las cosas irán mejor en 2014-. En este caso, tiene gran influencia la desaparición de algunos riesgos muy presentes hace tan solo unos meses, como el colapso financiero de la eurozona.
La confianza de los CEOs en la evolución de la economía y de sus negocios en 2014 aumenta aunque con cautelas. El número de presidentes y consejeros delegados de todo el mundo que espera una mejora de la economía global en los próximos doce meses se ha multiplicado por dos en comparación con el año pasado, hasta el 44%, y sólo un 7% cree que las cosas irán peor. Sin embargo, esta opinión no está exenta de incertidumbres. De hecho, los primeros ejecutivos son más optimistas sobre la evolución de la actividad económica global que sobre la de sus propios negocios, que crece respecto a 2013, aunque solo tres puntos, del 36% al 39%.
Encuesta Mundial CEOs - Informes PwC - Informe completoPwC España
Por decimoséptimo año consecutivo PwC ha presentado en el World Economic Forum de Davos su Encuesta Mundial de CEOs. El informe recoge la opinión de 1.344 presidentes y consejeros delegados de 68 países de todo el mundo sobre el futuro de la economía y de sus negocios.
http://pwc.to/1aKeYgR
Pour cette 17e édition de l’étude mondiale annuelle de PwC “Global CEO Survey”, 1344 interviews ont été conduites dans 68 pays entre septembre et décembre 2013. 445 entretiens ont été menés en Asie-Pacifique, 442 en Europe, 212 en Amérique du Nord, 165 en Amérique latine, 45 en Afrique et 35 au Moyen-Orient.
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.
Will risks-derail-the-modest-recovery-oecd-interim-economic-outlook-march-2017OECD, Economics Department
Global GDP growth is projected to pick up modestly to around 3½ per cent in 2018, from just under 3% in 2016, boosted by fiscal initiatives in the major economies. The forecast is broadly unchanged since November 2016. Confidence has improved, but consumption, investment, trade and productivity are far from strong, with growth slow by past norms and higher inequality.
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.
A new report published by The Economist Intelligence Unit highlights the key issues that small and medium enterprises (SMEs) grapple with as they expand internationally – which for many firms can outweigh the promise of growth.
The report, sponsored by DHL Express, is based on a survey of 480 SMEs spread across 12 countries and 20 industries, as well as in-depth interviews with a number of SMEs and policy experts.
According to the survey, 40% of respondents currently earned zero revenue from international operations, but a clear majority (72%) expect to derive between 11% and 50% of their revenues internationally in five years’ time. Across developed and developing markets, SMEs are focused on potential problem areas that trump growth in terms of importance. These include the quality of a target market’s infrastructure, the stability of its politics, the administrative costs of establishing a local presence, and the accessibility of local business acumen and networks.
Compared to their G7 counterparts, SMEs from BRICM (Brazil, Russia, India, China, and Mexico) have a much higher presence in other developing countries. For example, 15 percent of BRICM SMEs have international operations in Russia and CIS, whereas only 3.6 percent of G7 SMEs do; 18.5 percent of BRICM SMEs have international operations in South America compared to only 4.6 percent of G7 SMEs.
No two markets are treated as differently as Africa and China. Despite Africa’s strong growth rates the vast majority of survey respondents see very few opportunities in the region. China, however, remains a magnet for SMEs.
« Market Perspectives » est notre revue mensuelle des marchés. Elle présente de la façon la plus synthétique possible :
- notre analyse des principaux faits marquants et indicateurs macro susceptibles de dessiner les marchés sur le mois.
- notre vision sur les différentes classes d’actifs
Cette revue sera progressivement enrichie avec nos indicateurs quantitatifs.
Toutes nos analyses sont disponibles sur www.finlightresearch.com
As current growth rates reach a new low, competition for the future is on the...SimCorp
As growth rates came to a standstill in 2015, we took stock of expectations for the future. Surveying firms worldwide, we discovered them to be optimistic about long-term prospects, and found the pursuit of future profits gathering pace.
Global Capital Confidence Barometer | How can you reshape your future before ...EY
The Global Capital Confidence Barometer gauges corporate confidence in the economic outlook, and identifies boardroom trends and practices in the way companies manage their Capital Agendas — EY framework for strategically managing capital. It is a regular survey of senior executives from large companies around the world, conducted by Thought Leadership Consulting, a Euromoney Institutional Investor company. Our panel comprises select global EY clients and contacts and regular Thought Leadership Consulting contributors.
La decimoséptima Encuesta Mundial de CEOs, elaborada por PwC y presentada hoy en el Foro Económico Mundial de Davos, revela una mejora de las expectativas entre los máximos directivos de todo el mundo. Sin embargo, hay algunos matices, según la zona geográfica de la que se trate. Los CEOs españoles y los europeos, por ejemplo, se encuentran entre los más optimistas -en ambos colectivos un 50% estima que las cosas irán mejor en 2014-. En este caso, tiene gran influencia la desaparición de algunos riesgos muy presentes hace tan solo unos meses, como el colapso financiero de la eurozona.
La confianza de los CEOs en la evolución de la economía y de sus negocios en 2014 aumenta aunque con cautelas. El número de presidentes y consejeros delegados de todo el mundo que espera una mejora de la economía global en los próximos doce meses se ha multiplicado por dos en comparación con el año pasado, hasta el 44%, y sólo un 7% cree que las cosas irán peor. Sin embargo, esta opinión no está exenta de incertidumbres. De hecho, los primeros ejecutivos son más optimistas sobre la evolución de la actividad económica global que sobre la de sus propios negocios, que crece respecto a 2013, aunque solo tres puntos, del 36% al 39%.
Encuesta Mundial CEOs - Informes PwC - Informe completoPwC España
Por decimoséptimo año consecutivo PwC ha presentado en el World Economic Forum de Davos su Encuesta Mundial de CEOs. El informe recoge la opinión de 1.344 presidentes y consejeros delegados de 68 países de todo el mundo sobre el futuro de la economía y de sus negocios.
http://pwc.to/1aKeYgR
Pour cette 17e édition de l’étude mondiale annuelle de PwC “Global CEO Survey”, 1344 interviews ont été conduites dans 68 pays entre septembre et décembre 2013. 445 entretiens ont été menés en Asie-Pacifique, 442 en Europe, 212 en Amérique du Nord, 165 en Amérique latine, 45 en Afrique et 35 au Moyen-Orient.
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.
Less upbeat for the second time in a row, but still positive: once again, Swiss CFOs view economic prospects as worse than in the previous half-year. However, they remain positive overall and are counting on increased investment and employee numbers. Their major concerns are geopolitical risks and weak domestic demand.
Silicon Valley Bank presents its eighth annual Startup Outlook report, capturing the sentiment of about 1,000 tech and healthcare entrepreneurs at a time of rapid transitions around the globe.
U.K. startups are planning for Brexit, and tech and healthcare entrepreneurs tell Silicon Valley Bank that while they are less optimistic about future business conditions compared to recent years, most plan to hire and keep their headquarters in Britain.
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.
Brazil Digital Report: a first-edition dossier on the Brazilian digital economy. A comprehensive report on trends and facts for investors, public and private institutions, entrepreneurs, executives, students, and for digital savvy people who are curious about Brazil.
https://www.brazilatsiliconvalley.com/
Brazil Digital Report - 1st Edition By McKinsey & Company and Brazil at Silic...Ana Lucia Amaral
An amazing initiative by McKinsey and Brazil at Silicon Valley: A report that presents an overview of Brazil’s economy, including its innovation, digital and entrepreneurial landscape. Source: https://www.brazilatsiliconvalley.com/brazil-digital-report
#BSV19
Brazil Digital Report - 1st Edition
A first-edition dossier on the Brazilian digital economy
April 8th, 2019
The Report
A comprehensive 191-page report on the Brazilian digital economy, including macroeconomic indicators, Internet trends, investment facts, and data on the overall entrepreneurship and innovation landscape.
The Audience
This report is intended for all those who can play a part in driving the innovation agenda in the country – entrepreneurs, investors, public and private institutions, global business leaders, as well as digital savvy people who are curious about Brazil.
The Methodology
This is a curated compilation of public information and selected proprietary McKinsey data. We aspire to revise it annually with fresh data in order to tell the ongoing story of Brazil’s digital and innovation evolution.
Acknowledgments
McKinsey thanks the support it has received from Brazil at Silicon Valley, a student-led movement that started at Stanford University and whose mission is to improve Brazil’s competitiveness and global relevance through technology and innovation.
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.
Capstone Partners and IMAP have released its 2022-2023 Global M&A Trends Survey Report, with insights from M&A advisors across the world. This report combines Capstone’s in-depth investment banking knowledge with proprietary data obtained from 133 participating IMAP M&A advisors across 37 countries
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.
For the third consecutive year, Lindorf conducts a survey for executives across Europa about how they believe leading indicators in the credit management services market will develop in the upcoming year.
Los CEOs españoles aseguran que la tecnología es el factor disruptivo principal que impulsará la transformación de sus empresas en los próximos cinco años. Así lo afirma el 85% de los primeros ejecutivos españoles –y el 77% de los globales- en la XIX Encuesta Mundial de CEOs, elaborada por PwC y que se ha presentado en el Foro Económico Mundial de Davos.
L'Autorité de la Concurrence présente son nouveau guide "Protéger son environnement numérique" pour aider les internautes à repérer facilement la désinformation et à agir contre les contenus potentiellement illégaux comme les discours de haine et les deep fakes.
Cette étude conjointe de l'OEB et de l'EUIPO se concentre sur la manière dont les startups innovantes obtiennent des financements pour transformer leurs idées en nouveaux produits destinés au marché. Il examine comment les droits de propriété intellectuelle peuvent aider les fournisseurs de financement initial à se retirer avec succès en vendant à une autre entreprise ou en introduisant une introduction en bourse.
The key differences between the MDR and IVDR in the EUAllensmith572606
In the European Union (EU), two significant regulations have been introduced to enhance the safety and effectiveness of medical devices – the In Vitro Diagnostic Regulation (IVDR) and the Medical Device Regulation (MDR).
https://mavenprofserv.com/comparison-and-highlighting-of-the-key-differences-between-the-mdr-and-ivdr-in-the-eu/
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
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Pwc luxembourg-ceosurvey-2019
1. 1 22nd
Annual Global CEO Survey - Luxembourg findings
Contents22nd
Annual Global CEO Survey
Luxembourg findings
Tackling growth in an
uncertain environment
pwc.lu/ceosurvey
3. 3 22nd
Annual Global CEO Survey - Luxembourg findings
Contents
Growth
06
Threats and
opportunities
13
Data, Artificial
intelligence, and the
skills gap
18
A message from John
Parkhouse, PwC
Luxembourg CEO
31
5. 5 22nd
Annual Global CEO Survey - Luxembourg findings
Looking ahead to 2019, CEOs in
Luxembourg are confident about their
organisation’s revenue growth prospects
over the short and medium term. They
are also largely optimistic about local
economic growth prospects. Despite this,
many are cautious when considering the
global state of the economy and are even
pessimistic about Europe. Luxembourg’s
business leaders remain mindful of the
challenges that will be put in front of them
by the increasingly complex world in which
we live.
Over-regulation, availability of key skills, the speed of technological change,
geopolitical uncertainty and cyber threats are just some of the primary
issues which Luxembourg’s CEOs consider. This year in particular, trade
conflicts and protectionism have been at the forefront of their minds1
.
A number of the concerns that global and Luxembourg CEOs identified fall
directly or indirectly within the remit of government responsibility. Business
leaders are sending a clear message: governments must better reframe the
globalisation agenda, and create a more stable international environment.
In order to deal with these external uncertainties, many Luxembourg CEOs
are looking within, in the search for organic revenue growth. Unfortunately,
in trying to unlock their internal growth potential, they are confronted with
two key shortcomings - a striking information gap, in terms of client data
and brand exposure, as well as a shortage of the right talent, especially
digital talent.
Closing those gaps requires business leaders to act now by implementing
innovative and future focused measures to successfully tackle the
challenges to growth in today’s uncertain business environment.
1
2019 was the first year CEOs were asked about ‘policy uncertainty’ and ‘trade conflicts’.
6. 6
Growth
1
22nd
Annual Global CEO Survey - Luxembourg findings
Our headline from the 2018 survey was ‘the anxious optimist in the corner office’,
reflecting the fact that CEOs were confident about the economy but anxious
about their own prospects. This year, however, there has been a sharp rise in the
number of CEOs indicating a belief that global economic growth will decline in
2019, which was coupled with a similar shortfall in optimism towards their own
businesses.
Given this information, we asked Luxembourg’s CEOs how confident they are
about the global economy’s growth prospects.
Although the majority of Luxembourg’s CEOs still foresee growth, a significant
portion, 27%, believe growth will decline in the next 12 months. This pessimism
mirrors the global results, where the number of business leaders predicting
economic decline is the highest it has been in 7 years.
22nd
Annual Global CEO Survey - Luxembourg findings
7. 7
EXHIBIT 1
Although the majority of Luxembourg’s CEOs still foresee
growth, their views are more polarised than in 2017
QUESTION
Do you believe global economic growth will improve, stay the same, or
decline over the next 12 months?
22nd
Annual Global CEO Survey - Luxembourg findings
Global economic growthGlobal economic growth
Another trend to note is the polarisation of views globally
and in Luxembourg, with more CEOs indicating that they
foresee either an improvement or a decline rather than the
more neutral response of previous years.
0
20
40
60
80
100
0
20
40
60
80
100
Improve Stay the same Decline Improve Stay the same Decline
Luxembourg CEOs 2017 Global CEOs 2018Luxembourg CEOs 2019 Global CEOs 2019
26%
57%
55%
36%
19%
5%
27% 29%
31% 28%
41% 42%
Base: All respondents (Luxembourg, 2017=49, 2019=59; Global, 2018=1293, 2019=1378). Don’t know responses not shown
Source: PwC, 22nd Annual Global CEO Survey
8. 8 22nd
Annual Global CEO Survey - Luxembourg findings
QUESTION
Do you believe economic growth will improve, stay the same, or decline
over the next 12 months in Europe and in Luxembourg?
EXHIBIT 2
Luxembourg’s CEOs are increasingly pessimistic about
economic growth in Europe, but far more optimistic about
local growth prospects
At a European level, Luxembourg’s CEOs are pessimistic,
with 38% of respondents believing that economic growth
in Europe will decline over the next 12 months. Brexit’s
imminent arrival, as well as increasing Euroscepticism, are
clearly impacting on confidence.
Additionally, uncertainty surrounding the European
Parliament elections is likely playing a role. While the future
of the European project may be supported by the election
of pro-EU parliamentarians, an increased representation
of populist politicians, as well as those of a more extreme
leaning, may compound the polarising views that have
begun to dominate the global political landscape, which
could create challenges in the long run.
On the other hand, Luxembourg’s business leaders are
largely optimistic about local growth prospects. For
example, 68% of respondents indicated that they believe
the national economy will improve in 2019, up from 53% in
2017.
This optimism matches the European Commission’s Autumn
2018 Forecast, which estimated a 3.0% GDP growth for
Luxembourg in 2019 after slowing down to 1.5% in 20172
.
Base: All respondents (Luxembourg, 2017=49, 2019=59)
Source: PwC, 22nd Annual Global CEO Survey
Economic growth in LuxembourgEconomic growth in Europe
2
European Commission, Autumn 2018 Economic Forecast – Luxembourg.
0
20
40
60
80
100
0
20
40
60
80
100
Improve Stay the same Decline Improve Stay the same Decline
16%
53%
54%
38%
30%
9%
38%
11%
32%
21%
30%
68%
Luxembourg CEOs 2017 Luxembourg CEOs 2017Luxembourg CEOs 2019 Luxembourg CEOs 2019
9. 9 22nd
Annual Global CEO Survey - Luxembourg findings
QUESTION
Which three territories, excluding the territory in which you are based,
do you consider most important for your organisation’s overall growth
prospects over the next 12 months?
EXHIBIT 3
There is slowing enthusiasm from Luxembourg’s CEOs
towards the expansion of their business abroad
Countries for growthCountries for growth
There is slowing enthusiasm from CEOs towards the expansion
of their business abroad, especially towards the UK. The
traditional destination countries of Germany, France, Belgium
and the UK are losing ground among Luxembourg’s CEOs while
no new destination seems to emerge.
Despite this, Germany and France are still top choices and
the US rounds off the top three, overtaking Belgium as
Luxembourg’s CEOs search for opportunities outside Europe.
Notably, China has risen in the ranks and now shares the 5th
position with Italy. The Luxembourg government’s attempts
to attract Chinese players has clearly born fruit as more
establish themselves in the Grand Duchy and business ties are
strengthened.
Unsurprisingly, the UK has plunged to the bottom of the
rankings as a result of Brexit uncertainty. The top five countries
are well aligned with Luxembourg’s top three trading countries
in 2017 (Germany, France and Belgium), according to STATEC3
.
Interestingly, the Netherlands and the UK complete the top
five export destinations of Luxembourg, according to this
same source. Despite this, neither of them are on the radar of
Luxembourg’s chief executives.
Meanwhile, the highest selected non-EU Member States by
Luxembourg’s CEOs also match the most popular non-EU
Member State exports destinations from Luxembourg: the US,
Switzerland and China.Base: All respondents (Luxembourg, 2017=49; 2019=59). Don’t know responses not shown
Source: PwC, 22nd
Annual Global CEO Survey 3
STATEC, Exports – Country of destination by ranking in 2017
Slovakia
Australia
Czech Republic
Netherlands
Hungary
Portugal
Spain
Canada
Japan
China
Nordic
Switzerland
USA
Italy
UK
Belgium
France
Germany
Taiwan
Finland
Ireland
Sweden
Singapore
UAE
Spain
UK
Hong Kong
Japan
Russia
Switzerland
Italy
China
Belgium
USA
France
Germany55% 32%
55% 29%
38% 20%
35%
23%
19%
18% 12%
12%
15% 10%
10%
8% 7%
7%
5% 5%
5% 3%
3% 3%
3% 3%
3% 3%
3% 3%
3% 3%
3% 3%
3% 3%
Luxembourg CEOs 2017 Luxembourg CEOs 2019
10. 10 22nd
Annual Global CEO Survey - Luxembourg findings
QUESTION
How confident are you about your organisation’s prospects for revenue
growth over the next 12 months?
EXHIBIT 4
Luxembourg’s CEOs are broadly confident about their
organisation’s revenue prospects. However, there was a
large drop in ‘very confident’ responses
In line with their growth expectations for the local economy,
Luxembourg’s business leaders are broadly confident about
their own organisation’s short-term revenue prospects.
However, there was a large drop in respondents who were
‘very confident’ (22%) in comparison to 2017 (51%). Given
that nearly three quarters of Luxembourg’s CEOs anticipate
economic growth in Luxembourg, this suggests that they
are more cautious when assessing the prospects of their
own organisations than they are when expressing their
views on the Luxembourgish economy.
Over the medium term (3 years), Luxembourg CEOs are
more confident of revenue growth, just like their global
peers. This could suggest that CEOs are optimistic
that possible economic problems will be short-lived.
Additionally, Luxembourg’s CEOs seem confident about the
Grand Duchy’s ability to weather a storm well.
Base: All respondents (Luxembourg, 2017=49, 2019=59; Global, 2017=1379, 2019=1378). Don’t know responses not shown
Source: PwC, 22nd
Annual Global CEO Survey
0
20
40
60
80
100
0
20
40
60
80
100
Very confident Not confident at allSomewhat confident Not very confident
51%
38%
42%
47%
2%
5%
13%
2% 3%
20% 15%
58%
47%
22%
35%
Luxembourg CEOs 2017 Luxembourg CEOs 2019 Global CEOs 2017 Global CEOs 2019
Confidence about company’s revenue growthConfidence about company’s revenue growth
11. 11 22nd
Annual Global CEO Survey - Luxembourg findings
QUESTION
Which of the following activities, if any, are you planning in the next 12
months in order to drive revenue growth?
EXHIBIT 5
Luxembourg’s CEOs are looking inside-out for revenue
growth
In light of the overall confidence shown by CEOs, we asked
them which activities they plan to undertake in order to
drive this growth. The responses show that ‘operational
efficiencies’, ‘organic growth’, and the ‘launch of a new
product or service’ were the top three options selected by
both Luxembourg and global CEOs.
Looking in-house for growth suggests that CEOs
are confident in their ability to navigate home market
challenges, leveraging on Luxembourg’s political and
financial stability, and plan growth from the inside out.
However, as market observers have highlighted, growing
trade tension and geopolitical uncertainty are likely to weigh
on CEO’s internal growth plans as well.
Base: All respondents (Luxembourg, 59; Global, 1378)
Source: PwC, 22nd
Annual Global CEO Survey
76% 77%
75% 72%
73% 62%
24% 37%
24% 40%
19% 37%
15% 32%
3% 4%
3% 14%
2% 1%
Operational efficiencies
Organic growth
Enter a new market
New strategic alliance
or joint venture
Collaborate with entre-
preneurs or start-ups
New M&A
Other
Launch a new product
or service
Sell a business
None of the
above
Activities planned to drive revenue growthActivities planned to drive revenue growth
Luxembourg CEOs 2019 Global CEOs 2019
12. 12
QUESTION
Do you expect headcount at your organisation to
increase, decrease or stay the same over the next 12
months?
EXHIBIT 6
A majority of Luxembourg’s CEOs expect to
employ more people in the next 12 months
Both globally and in Luxembourg, well over half of CEOs expect to employ
more people over the next 12 months. Meanwhile, if compared to 2017,
there are fewer CEOs in Luxembourg who expect a decrease in headcount
and more CEOs who foresee an increase.
This is not surprising given their confidence in the Luxembourgish economy
and their mostly positive expectations for revenue growth within their own
organisations in the short and medium term.
Base: All respondents (Luxembourg, 2017=49; 2019=59)
Source: PwC, 22nd
Annual Global CEO Survey
0
20
40
60
80
100
Increase Stay the same Decrease
Luxembourg CEOs 2017 Luxembourg CEOs 2019
51%
22%
27%
19%
23%
58%
Headcount growth
Luxembourg CEOs 2017 Luxembourg CEOs 2019
13.
14. 22nd
Annual Global CEO Survey - Luxembourg findings14 22nd
Annual Global CEO Survey - Luxembourg findings
2
Threats &
Opportunities
In an ever-changing world that is becoming increasingly more volatile, uncertain
and complex, we asked CEOs about what concerns them most.
15. 15 22nd
Annual Global CEO Survey - Luxembourg findings
Unemployment
Uncertain economic growth
Social instability
Inadequate basic infrastructure
Access to affordable capital
Policy uncertainty*
Climate change
Volatile commodity prices
Volatile energy costs
Exchange rate volatility
Increasing tax burden
Terrorism
Potential ethical scandals
Lack of trust in business
New market entrants
Changing workforce demographics
Real estate costs
Supply chain disruption
Future of the Eurozone
Readiness to respond to a crisis
Populism
Geopolitical uncertainty
Trade conflicts*
Cyber threats
Changing consumer behavior
Protectionism
Speed of technological change
Availability of key skills
Over-regulation
QUESTION
How concerned are you about the following economic, policy, social,
environmental and business threats to your organisation’s growth
prospects? (showing only ‘extremely concerned’)
EXHIBIT 7
Luxembourg CEOs top concerns are related to the ease of
doing business
Top concerns
Luxembourg’s chief executives are particularly worried about ‘over-regulation’, with
53% signalling that they are extremely concerned about it compared to 35% of
global CEOs. This could be due to the high proportion of CEOs in Luxembourg who
operate in the financial industry.
Meanwhile, ‘availability of key skills’ and ‘speed of technological change’ were
each selected by nearly half of Luxembourg’s business leaders, ranking them
as the second-biggest concerns. These selections make sense given the rapid
advancement of technology and the heavy reliance on highly-skilled workers
in Luxembourg. The financial sector, which directly accounts for about 25%
of Luxembourg’s GDP, has long been a laggard when it comes to adopting to
technological change. This has begun to change in recent years, but as generational
shifts occur and businesses’ digitalisation increases, it is clear that CEOs are feeling
the pressure. As evidenced by recent public announcements of large Industry 4.04
investments, the industry is also adopting new technologies to improve productivity
and develop new digital services.
*Note: 2019 was the first year CEOs were asked about ‘policy uncertainty’ and ‘trade conflicts’
Base: All respondents (Luxembourg, 59; Global 1378)
Source: PwC, 22nd
Annual Global CEO Survey
4
Industry 4.0 refers to the application of exponential technologies such as artificial intelligence,
big data, virtual reality, machine learning – among others – to prepare businesses for the digital
age.
35%
34%
28%
19%
30%
30%
28%
30%
47%
47%
32%
32%
31%
22%
22%
22%
17%
17%
15%
15%
15%
15%
14%
14%
13%
13%
12%
12%
10%
10%
8%
8%
8%
7%
5%
5%
5%
5%
3%
11%
26%
25%
19%
19%
17%
35%
24%
18%
13%
12%
17%
14%
13%
13%
8%
14%
31%
53%
Luxembourg CEOs
Global CEOs
Luxembourg CEOs 2019
16. 22nd
Annual Global CEO Survey - Luxembourg findings
‘Protectionism’, chosen by 32% of Luxembourg’s CEOs, is a
concern shared by their peers around the globe. Although to a
lesser extent, ‘populism’, ‘geopolitical uncertainty’ and ‘trade
conflicts’ are similar topics that also worry Luxembourg’s CEOs.
Amidst the wave of populist and protectionist sentiment sweeping
across continents, these findings do not come as a surprise.
Interestingly, while over a third of global CEOs cited ‘policy
uncertainty’ as another concern, just 7% of Luxembourg CEOs
shared the same view. There was a similar trend for ‘social
instability’ and ‘uncertain economic growth’, where global
concern strongly outweighed the concern of Luxembourg’s chief
executives. Luxembourg’s long tradition of political and economic
stability is clearly reassuring to its CEOs in this regard.
Among CEOs who expressed worry over trade conflicts, an
overwhelming majority both in Luxembourg and around the globe
consider the US-China trade conflict to be particularly concerning
given the potential global consequences. This is followed by
the trade conflict between the European Union and the US. In
addition, over half of Luxembourg’s business leaders expressed
their anxiety about a potential trade conflict between the EU and
UK, with a hard Brexit remaining a strong possibility.
16 22nd
Annual Global CEO Survey - Luxembourg findings
17. 22nd
Annual Global CEO Survey - Luxembourg findings17
EXHIBIT 8
An overwhelming majority both in Luxembourg and
around the globe consider the US-China trade conflict to be
particularly concerning
QUESTION
What specific ‘trade conflicts’ are you concerned about?
0
20
40
60
80
100
77%
China and US European Union
and US
European Union
and UK
Canada, Mexico
and US
Other
69%
88%
45%
54%
8%
15%
32%
23%
6%
Base: Asked to those who selected ‘extremely concerned’ for ‘trade conflicts’ (Luxembourg, 13; Global, 426)
Source: PwC, 22nd
Annual Global CEO Survey
Global CEOs
Luxembourg CEOs
22nd
Annual Global CEO Survey - Luxembourg findings
18. 18 22nd
Annual Global CEO Survey - Luxembourg findings
QUESTION
How are trade conflicts affecting your operating model and growth
strategy?
EXHIBIT 9
While at a global level 45% of CEOs are adjusting their
supply and sourcing strategy, 54% of Luxembourg CEOs
plan to make no changes
Base: Asked to those who selected ‘extremely concerned’ for ‘trade conflicts’ (Luxembourg, 13; Global, 426)
Source: PwC, 22nd
Annual Global CEO Survey
31%
15%
8%
25%
16%
15%
15%
0%
22%
54%
33%
45%
Adjusting our supply chain
and sourcing strategy
Shifting our growth strategy
to alternate territories
Shifting our production to
alternate territories
Delaying Foreign Direct
Investment (FDI)
No change to our operating
model and growth strategy
Delaying CAPEX
Global CEOs
Luxembourg CEOs
In light of these concerns, we wanted to find out what CEOs
planned to do in order to offset the potential negative impact
on their businesses.
At a global level, 45% of CEOs are adjusting their supply
and sourcing strategy while a quarter are looking to
alternative territories for growth.
Meanwhile, in contrast to the global trend, a staggering 54%
of Luxembourg’s CEOs plan to make no changes to their
operating model and growth strategy. Clearly, while CEOs
are concerned about trade conflicts, this desire to retain
the status quo could reflect the fact that many companies
in Luxembourg are parts of a group, where changes could
be made elsewhere in order to combat trade concerns.
In addition to this, the country’s exposure to the financial
sector could be dampening CEO’s concerns about trade
conflicts.
19.
20. 22nd
Annual Global CEO Survey - Luxembourg findings20
3
Data, Artificial
Intelligence, and
the skills gap
Facing an economy characterised by an escalation of trade conflicts and
growing uncertainty, CEOs are looking internally to drive growth. However,
some questions remain. Do they have the resources required to do this? How
comprehensive is the data that CEOs receive in order to make decisions? Are
they relying on new technologies? We asked Luxembourg’s CEOs for their
thoughts.
22nd
Annual Global CEO Survey - Luxembourg findings
21. 21 22nd
Annual Global CEO Survey - Luxembourg findings
0
20
40
60
80
100
QUESTION
Thinking about the data that you personally use to make decisions about the
long-term success and durability of your business, how important is...? (showing
only ‘important’ or ‘critical’)
How adequate is the data that you receive? (showing only ‘comprehensive’)
EXHIBIT 10
The more relevant the areas to make decisions are, the
wider the information gap faced by Luxembourg CEOs
Base: All respondents (Luxembourg, 59)
Source: PwC, 22nd
Annual Global CEO Survey
95%
18%
40%
29%
34%
26%
14%
24%
7%
33%
19% 20% 23%
93%
86% 85% 85%
83%
86%
51%
56%
44%
25%
22%
In areas that Luxembourg’s business leaders deem ‘important’
or ‘critical’ to make decisions about the long-term success and
durability of their business, there is a large information gap.
Interestingly, the more relevant topics are, the wider the gap.
When thinking about their business in the long run,
Luxembourg’s CEOs consider data about customers’
preferences and needs as most important. This is followed by
financial forecasts, data about brand and reputation, business
risks and employees’ views and needs. However, taking
an average from of all these cases mentioned, just 29% of
respondents view the data available to them as adequate.
It is worth noting that the information gap widens most for
two topics that are vital for the long-term sustainability of any
business: data about customer needs and data about the latest
technology trends benefitting or disrupting the industry. This
highlights how despite the progress made in data and AI, there
is still a significant gap in the information available on internal
matters such as employee needs, brand, and even financial
forecasting.
We wanted to know what was at the root of this alarming reality,
so we asked Luxembourg’s CEOs to list the primary reasons
why the data is not adequate.
Data about your
customers’
and clients’
preferences and
needs
Gap between:
- Data considered critical/important for decision making
- Comprehensiveness of that data as currently received
Financial
forecasts and
projections
Data about
your brand and
reputation
Data about the
risks to which
the business is
exposed
Data about your
employees’
views and
needs
Data about
how the latest
technology
trends benefit
or disrupt the
industry
Benchmarking
data on the
performance of
your industry
peers
Data about the
effectiveness
of your R&D
processes
Data about tax
implications/
risks arising
from your
decisions
Data about your
supply chain
Data about
the impact of
climate change
on the business
Data relating to
how efficiently
you utilise the
real estate you
occupy
Important/Critical
Comprehensive
22. 22 22nd
Annual Global CEO Survey - Luxembourg findings
QUESTION
What are the primary reasons that the data you receive is not adequate
or that you do not receive the information?
EXHIBIT 11
Internal shortcomings such as a lack of analytical talent are
the primary reasons why the data received is not adequate
Base: Asked to those that answered ‘not adequate’ and/or ‘do not receive this information’ (Luxembourg, 38; Global, 935)
Source: PwC, 22nd
Annual Global CEO Survey
42%
37%
37%
42%
34%
35%
34%
21%
40%
51%
13%
5%
15%
8%
54%
50%
Lack of analytical talent
Poor data reliability
Unwillingness of customers and
clients to share information
Data siloing and lack of
sharing
Inadequate IT infrastructure
Inability to navigate customer
information privacy rules
Inability to adequately
protect and secure the data
Inability to quantify external
information
Global CEOs
Luxembourg CEOs
More than 40% of Luxembourg’s CEOs attributed the
information gap to a lack of analytical talent. Meanwhile,
close to 40% considered that both poor data reliability
and the unwillingness of customers to share information
are playing a role. Data siloing and an inadequate IT
infrastructure complete the top five reasons mentioned.
Interestingly, all but one of those five reasons relate to
internal shortcomings within the organisation, with the one
exception being the unwillingness of customers to share
information. This is positive as CEOs are well placed to
tackle issues within their internal environment, which also
provides strong evidence as to why Luxembourg’s CEOs
are looking to focus on growth from the inside out.
23. 23 22nd
Annual Global CEO Survey - Luxembourg findings
Talent: the other gap
Confronted with a need for higher skills, we asked
CEOs about the impact this may have on their
organisation’s growth prospects.
24. 22nd
Annual Global CEO Survey - Luxembourg findings24
EXHIBIT 12
The talent gap is increasing people costs, affecting the
ability to innovate and impacting customer experience
QUESTION
What impact is ‘availability of key skills’ having on your organisation’s
growth prospects?
0
10
20
30
40
50
60
57%
We are not able
to innovate
effectively
Our quality standards
and/or customer
experience are
impacted
We are unable to
pursue a market
opportunity
We are missing our
growth targets
We cancelled or
delayed a key
strategic initiative
There is no impact
on my organisation’s
growth and profitability
Our people costs
are rising more
than expected
54%
52%
55% 54%
46%
44%
32%
22%
47%
44%
21%
4% 4%
Base: Asked to those who selected ‘extremely concerned’ for ‘availability of key skills’ (Luxembourg, 28; Global, 473)
Source: PwC, 22nd
Annual Global CEO Survey
Global CEOs
Luxembourg CEOs
57% of Luxembourg’s CEOs stated that people costs are
rising more than expected. They also report an impact on
the organisation’s capacity to innovate effectively (54%) and
in the quality standards and/or the customer experience
(54%) they can provide. In addition to this, nearly half of
respondents referred to missed market opportunities due to
a lack of availability in key resources.
22nd
Annual Global CEO Survey - Luxembourg findings
25. 25 22nd
Annual Global CEO Survey - Luxembourg findings
QUESTION
Which of the following is the primary reason why it has become more
difficult to hire workers?
EXHIBIT 13
Luxembourg CEOs are struggling to recruit the correct
people. Yet again, the talent gap is mainly responsible
Base: All respondents (Luxembourg, 48; Global, 852). Don’t know answers not shown
Source: PwC, 22nd
Annual Global CEO Survey
71%
13%
6%
8%
4%
2%
9%
8%
3%
0%
50%
19%
Deficit in supply of
skilled workers
Skills requirements in our
industry have changed
Growth rate of the industry
Compensation expectations
Candidates’ view of industry
reputation has changed
Working conditions
Global CEOs
Luxembourg CEOs
Unfortunately, Luxembourg’s CEOs cannot simply hire more
skilled workers. In fact, an overwhelming majority of them
indicated that they are struggling to recruit the correct people.
Yet again, the talent gap is mainly responsible.
Over 80% of Luxembourg’s CEOs indicated that either a
deficit in supply of skilled workers or a change in the skills
requirements in their industry makes hiring workers more
difficult. However, this sentiment is not specific to Luxembourg.
At a global level, CEOs also highlighted the difficulties faced at
the time of hiring workers, with just under 70% also referring to
a deficit in skilled workers and changing skills requirements as
the causes of this.
26. 22nd
Annual Global CEO Survey - Luxembourg findings26
EXHIBIT 14
Significant retraining/upskilling and hiring from
competitors among the efforts to close the highly skilled
workers gap
QUESTION
Which of these is the most important to close a potential skills gap in
your organisation?
0
10
20
30
40
50
34%
Hiring from
competitors
Establishing a strong
pipeline direct from
education
Hiring from outside
my industry
Changing composition
of workforce between
permanent and
contingent
Significant
retraining/
upskilling
27%
46%
14%
19%
15%
17% 18%
5% 5%
Base: All respondents (Luxembourg, 59; Global, 1378)
Source: PwC, 22nd
Annual Global CEO Survey
Global CEOs
Luxembourg CEOs
Given the disparity between the supply and demand for
highly skilled workers, we asked Luxembourg’s CEOs how
they planned to cope.
Similar to global CEOs, Luxembourg’s CEOs see upskilling
as the major solution to fix the talent gap. Hiring from
competitors is quite a common practice in Luxembourg, but
creates a rise in salary costs. Establishing a strong pipeline
from education or hiring outside of the industry are only
considered important by one fifth of CEOs.
22nd
Annual Global CEO Survey - Luxembourg findings
27. 22nd
Annual Global CEO Survey - Luxembourg findings27
Luxembourg Digital Skills Bridge
In close collaboration with PwC Luxembourg, the
Government of Luxembourg launched the ‘Digital
Skills Bridge’ initiative in May 2018. Its overall aim is to
provide technical and financial assistance in order to
upskill employees in companies which are facing major
technological disruption.
As a pilot multi-stakeholder programme, it represents a
major innovative public policy initiative in qualifying and
certifying lifelong learning. It is a concrete mitigation to
social risk and a growth accelerator for the participating
companies. Its pilot phase, in 2018, was boosted by an
almost EUR 12 million investment by the Luxembourg
Government.
In November 2018 the initiative was listed in the FT’s
Europe’s 100 digital champions within the ‘technology
training’ category.
How it works?
After a strategic workforce planning exercise (in which
the company plans its future workforce in the light of
digital disruption), an assessment of employees’ skills and
interests is carried out. Based on this, skills development
plans are built to bridge the skills gap to tomorrow’s
jobs. Selected employees engage in an intensive training
programme to directly integrate into a new or transformed
position. Each employee gets the personal support of an
individual advisor throughout the upskilling process.
Which are the advantages for the employee?
• A complete evaluation of employee’s skills, motivations
and interests;
• Development of new professional skills;
• New employment opportunities (internal mobility or
externally);
• Personalised guidance throughout the process.
Which are the advantages for the participating company?
• Anticipate the impact that disruptive technologies will have
on workforce planning, putting the employees at the heart
of the transformation process;
• Gain competitiveness;
• Access to the advice and guidance of technical experts;
• A newly qualified workforce equipped to face the
challenges derived from digitalisation;
• A boosted reputation both externally (social innovation)
and internally (positive impact on internal working climate).
INSIGHT:
22nd
Annual Global CEO Survey - Luxembourg findings
28. 22nd
Annual Global CEO Survey - Luxembourg findings28
AI: Luxembourg’s
picture
Nearly 60% of Luxembourg’s CEOs see Artificial
Intelligence (AI) as a phenomenon which will
have a larger impact on the world than the
internet revolution. The question is whether
or not this impact will be positive or negative.
According to Luxembourg’s business leaders,
the potential impact remains a mystery, with
49% believing that AI will benefit society and
47% unsure.
There was no uncertainty however when
they were asked about whether governments
should play a critical and integral role in AI
development, with a resounding 73% of
respondents supporting that idea. A primary
reason for this could be the need for stability
and management when AI begins to change
the structure of the job market. For example,
over 40% of Luxembourg’s CEOs believe
that AI will displace more jobs than it creates
in the long run, a shift which would require
changes in government policy.
22nd
Annual Global CEO Survey - Luxembourg findings
29. 29 22nd
Annual Global CEO Survey - Luxembourg findings
QUESTION
How strongly do you agree or disagree with the following statements
about artificial intelligence (AI)?
EXHIBIT 15
A majority of Luxembourg’s CEOs believe AI will have a
larger impact than the internet revolution. Whether it will
be positive or negative is a matter of debate
Base: All respondents (Luxembourg, 59; Global, 1378)
Source: PwC, 22nd
Annual Global CEO Survey
A vast majority of Luxembourg’s CEOs
(81%) believe that AI-based decisions
need to be explained in order to be
trusted. In other words, they believe that
human judgement will remain important
despite the rise of AI.
AI will displace more
jobs than it creates in
the long run
AI will eliminate
human bias such as
gender bias
AI will become as
smart as humans
AI will have a larger
impact on the world than
the Internet revolution
Governments should
play a critical and
integral role in AI
development
AI-based decisions
need to be explainable
in order to be trusted
AI is good for society
31%
39%
41% 49% 11%
15%
12% 9%
38%
41%
48%
79%
10%
4% 12%
45%45%
84%
13%
5% 27%
25%62%
68%
20%
49%
27%
81%10%8%
8% 34% 58%
73%14%14%
29%44%
47%3%
29%
41%
Agree Don’t know Disagree
Luxembourg CEOs Global CEOs
30. 30 22nd
Annual Global CEO Survey - Luxembourg findings
QUESTION
To what extent do you agree or disagree that Artificial Intelligence (AI)
will significantly change the way you do business in the next 5 years?
EXHIBIT 16
Over 80 % of Luxembourg’s CEOs believe that AI will
significantly change the way they do business
Base: All respondents (Luxembourg, 59; Global, 1378)
Source: PwC, 22nd
Annual Global CEO Survey
On the other hand, over 80% of Luxembourg’s CEOs believe
that AI will significantly change the way they do business in the
coming five years. This opinion is also largely shared by CEOs
worldwide.
Despite the recognition of this potential disruption, most
organisations seem to be poorly prepared for the changes
involved. In fact, 27% of Luxembourg’s CEOs have no plans
to pursue any AI initiative at the moment and only 36% plan
to introduce them within the next 3 years. While 27% of
respondents indicated that they have already introduced some
AI-related initiatives, these were just for limited uses.
Global CEOs
Luxembourg CEOs 3% 14%
11%2%
2%
46%
45%
37%
40%
Agree Strongly agreeDisagreeStrongly disagreeDon’t know
31. 31 22nd
Annual Global CEO Survey - Luxembourg findings
QUESTION
Please select the statement that best applies to your organisation
EXHIBIT 17
Despite the recognition of this potential disruption, most
organisations seem to be poorly prepared for the changes
involved
Base: All respondents (Luxembourg, 59; Global, 1378)
Source: PwC, 22nd
Annual Global CEO Survey
27%
36%
27%
33%
7%
6%
3%
3%
23%
35%
We have no plans to pursue
any AI initiatives at the
moment
We have plans to start
introducing AI initiatives in
our organisation in the next
3 years
AI initiatives are present
on a wide-scale in our
organisation
We have introduced AI
initiatives in our business, but
only for limited uses
AI initiatives are fundamental
to our organisation’s
operations Global CEOs
Luxembourg CEOs
Overall, Luxembourg’s CEOs are lagging behind the
global average when it comes to the implementation of AI.
Additionally, Luxembourg’s business leaders are less likely to
have plans to pursue AI initiatives.
This could be due to the large skill gap previously mentioned. A
lack of data scientists and AI developers, who are more likely to
move to locations with a large demand for said skills, will be a
significant contributor. However, this is not the only factor.
A change in business culture both from the business and
clients will need to take place before AI will be truly accepted.
32. 22nd
Annual Global CEO Survey - Luxembourg findings32
Digital Luxembourg
Born as a comprehensive and integrated approach to
both harness the opportunities and face the challenges
brought by digitalisation, ‘Digital Luxembourg’ is laying the
foundation of a smart nation.
Launched in 2014, this government-backed programme
deploys a number of nationwide initiatives which cover five
key areas - ‘government’, ‘skills’, ‘policy’, ‘infrastructure’
and ‘ecosystem’ - to strengthen and guide Luxembourg’s
digital transformation.
Prioritising people to make them thrive in the modern
landscape, various initiatives such as ‘fit4digital’, ‘women
in tech’, ‘digital inclusion’ and ‘go digital’ - among others -
aim at urgently tackling the digital skills shortage in order
to bridge the gap between the skills of today and the job
market of tomorrow. Given its open, collaborative and
inclusive approach, these initiatives target young people,
ICT specialists, professionals, companies and citizens
alike. This is done with the eventual goal of establishing a
tech-savvy workforce that becomes the country’s strongest
foundation.
The integrated approach also aims to take good care of the
digital ecosystem by supporting entrepreneurs and start-ups
in their journeys towards innovation. That is why the ‘digital
tech fund’, ‘fit4start’ and the ‘Luxembourg House of Financial
Technology (LHoFT)’ – among others – have been put in
place.
On the other hand, initiatives targeting an appropriate
regulatory framework, efficient and modernised public
services and a connected infrastructure have been put in
motion to leave no stone unturned in Luxembourg’s path
towards digital transformation.
INSIGHT:
22nd
Annual Global CEO Survey - Luxembourg findings
33.
34. 22nd
Annual Global CEO Survey - Luxembourg findings34
4
A message from
John Parkhouse,
PwC Luxembourg
CEO
John Parkhouse,
PwC Luxembourg CEO
22nd
Annual Global CEO Survey - Luxembourg findings
35. 35 22nd
Annual Global CEO Survey - Luxembourg findings
Thank you for taking the time to
explore the 2019 version of our
Luxembourg CEO survey. Our
goal was to provide you with an
insight into what our business
leaders think about the current
economic outlook in Luxembourg,
and how they are planning for the
future. We hope that you found
our research both interesting and
useful.
I would like to start off by saying that, much like
myself, my counterparts throughout Luxembourg
are confident about the country’s future. This
is with good reason. GDP growth in the Grand
Duchy has remained strong and is expected to
outpace most of continental Europe in the coming
years. At the same time, unemployment levels
have continued to drop and the Government
of Luxembourg has introduced a number of
measures to upskill and digitise talent.
This does not, however, mean that CEOs in the
country plan to operate in isolation. The strong
ties that have been forged with our neighbours
(Germany, France and Belgium) remain crucial
for companies. Additionally, many have built
relationships with the countries outside of Europe,
with the US and China being strong contenders.
China has long been a strong trade partner with
Luxembourg, and the Grand Duchy has been
hard at work to convince Chinese players to set
up in Luxembourg. This has clearly paid off with
growing business ties between our two nations.
Overall, however, Luxembourg CEO’s confidence
about the global and European economy has
dropped. Echoing PwC’s global chairman Bob
Moritz, “the prevailing sentiment this year is one
of caution in the face of increasing uncertainty”.
This caution stems from factors outside of
our control. Rising geopolitical tensions, trade
disputes and a wave of populism across the
world are all cause for concern.
While CEOs turn their eye to their own
organisation in search for growth from inside
out, they are also contending the holes in their
capabilities that they need to address. Most
notably, Luxembourg’s CEOs are dealing with
significant gaps in the data they deem as critical
versus the quality and adequacy of data they
receive. At the same time, they are dealing
with widening talent gaps that will make future
operations more difficult.
However, these issues should not prevent CEOs
from acknowledging the role that their company
plays in society at large. Together, we need to
look beyond the financial benefits we provide
our shareholders, ourselves, or the groups in
which we operate. In our latest annual report,
PwC Luxembourg not only included financial
reporting, but sustainability reporting as well.
To support the UN Global Compact and the
Global Reporting Initiative, setting the right goals
and being accountable is critical, and I would
encourage businesses across Luxembourg to
incorporate this reporting – the good, the bad,
and the ugly – as soon as possible.
Across all aspects of our business, all our lines of
service, we see that technology is one of the, if not
the largest, challenges facing businesses. We, as
CEOs, have the responsibility to drive innovation in
our business and society. We must use technology
responsibly, to better meet the needs of our
people and the communities in which we
operate. Developing and using technology in
this manner could provide relief to some of the
systematic problems our society is facing.
Finally, companies must lead the charge in
dealing with the talent of the future. This can
include multiple aspects, from upskilling and
partnering with leading education institutions to
offering new mobility solutions for employees
looking to work away from the office. By
adapting to a future workforce, companies in
Luxembourg can play a vital role in enticing the
younger generation to Luxembourg, injecting
new blood into the economy and ensuring that
they are getting the skills they need directly out of
university. However, while it is crucial to hire new
employees, upskilling current ones is a valuable
tool, both to ensure that valuable knowledge is
exchanged and to ensure employees do not feel
they become obsolete.
Overall, while the results of the survey might paint
a more pessimistic picture in terms of CEO’s
views on the global economy than previous years,
we should remember that many see opportunities
among the challenges. Adversity often brings
out the best in a company and many will use
this time to act and test themselves. As Albert
Einstein once said, “in the middle of difficulty, lies
opportunity.”
37. 37 22nd
Annual Global CEO Survey - Luxembourg findings
Endnotes
Research
Methodology
Not all figures add to 100%, as a result of rounding percentages and exclusion of ‘neither/nor’ and ‘don’t know’ responses.
Our survey was conducted from a sample of 59 respondents,
whom we considered the most representative for Luxembourg.
Participants included CEOs from various industries, such as
asset management, automotive, banking, healthcare and pharma
life sciences, ICT, insurance, manufacturing, transportation and
logistics, and wholesale and retail trade.
Responses from CEOs were collected from September until early
November 2018. Following the collection of data, we performed an
analysis in order to determine patterns and trends in Luxembourg.
This is the second time the Luxembourg CEO survey has been
carried out. The previous one was conducted in 2017 from a sample
of 49 CEOs as well as 11 sector leaders representing the voice of
the main industries of the country.
CEOs’ and companies’ profile
Out of the 59 respondents, female CEOs accounted for 12%, while
87% were male. Over half of them have been in the job for 1-5
years. The organisations they led were 85% privately owned and
15% publicly listed. Furthermore, 75% of CEOs indicated that their
organisation does not have any form of government ownership or
backing.
More than half of these companies had revenue figures below USD
100 million during the last fiscal year, while 27% were in the USD
101-999 million range and 8% had revenue figures above USD 1
billion. As for the company size, 69% of the companies had less
than 500 employees, 7% had between 500 and 999, 20% had
between 1,000 and 5,000 and only 2% employed more than 5,000
people.
Of those which were privately owned, 36% were family run, 28%
other private type, 14% owner managed, 12% partnerships and
10% private equity backed.
38. 38 22nd
Annual Global CEO Survey - Luxembourg findings
Contacts
John Parkhouse
CEO & Senior Partner
PwC Luxembourg
+352 49 48 48 2133
john.parkhouse@lu.pwc.com
Laurent Probst
Partner, Digital Transformation
and Public Sector
PwC Luxembourg
+352 49 48 48 2199
laurent.probst@lu.pwc.com
Thierry Kremser
Technology Partner
PwC Luxembourg
+352 49 48 48 2269
thierry.kremser@lu.pwc.com
François Mousel
Partner, Clients and
Markets Leader
PwC Luxembourg
+352 49 48 48 2182
francois.mousel@lu.pwc.com
39. This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained
in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information
contained in this publication, and, to the extent permitted by law, PricewaterhouseCoopers, Société coopérative, its members, employees and agents do not accept or assume any
liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any
decision based on it.