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 overall measure of consumer confidence increased by three percentage points in Q3 to -5, a five year high and its largest increase quarter-on-quarter.
Measuring the return from pharmaceutical innovation 2015Deloitte UK
Our sixth annual study estimates the returns that leading life sciences companies might expect to achieve from their R&D investments, looking at the challenges they face while highlighting lessons that can be learned.
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.
Session by Rolf Alter, Director, OECD Public Governance and Territorial Development
Money plays a role both as a channel for citizens to support their candidates or political parties, and as a means for candidates and political parties to reach out to their constituencies. Access to resources for political parties and candidates also shapes political competition. Parliamentarians have an important stake in advancing the global debate on the role of money in politics. There are still many loopholes in political party funding regulations that are open to exploitation by powerful special interests. Loans, membership fees, and third party funding are all used to circumvent spending limits and other regulations. Many countries struggle to define and regulate third-party campaigning leaving them ill-equipped to prevent the channelling of election spending through supposedly independent committees and interest groups. Only a handful of countries have regulations in place for third-party campaigning and globalisation is complicating the regulation of private funding of political parties as foreign companies and wealthy individuals are often deeply integrated with domestic business interests. This OECD report finds that 29% of OECD countries have an independent electoral management body and there is no one-size-fits all model. But whatever the structure, the institutions responsible for enforcing political finance regulations should have a clear mandate, legal power and the capacity to deal with large volumes of work. While data clearly shows that sanctions are effective in improving compliance with the rules, many countries struggle to ensure sanctions that are both proportionate and dissuasive. One clear-cut lesson is that ensuring the effective implementation of political finance regulations still remains challenging in many countries. The Framework on Financing Democracy presented in this report shapes the global debate on risks and policy options, and provides tangible advice for the funding of political parties and electoral campaigns. The report also features detailed case studies of Canada, Chile, Estonia, France, Korea, Mexico, United Kingdom, Brazil and India.
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.
June 2017 - The 2017 edition of the OECD Business and Finance Outlook focuses on ways to enhance “fairness”, in the sense of strengthening global governance, to ensure a level playing field in trade, investment and corporate behaviour, through the setting and better enforcement of global standards. This presentation by OECD's financial markets expert Adrian Blundell-Wignall shows key findings from the publication. Find out more here http://www.oecd.org/daf/oecd-business-and-finance-outlook-2017-9789264274891-en.htm
The overall measure of consumer confidence increased by three percentage points in Q3 to -5, a five year high and its largest increase quarter-on-quarter.
Measuring the return from pharmaceutical innovation 2015Deloitte UK
Our sixth annual study estimates the returns that leading life sciences companies might expect to achieve from their R&D investments, looking at the challenges they face while highlighting lessons that can be learned.
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.
Session by Rolf Alter, Director, OECD Public Governance and Territorial Development
Money plays a role both as a channel for citizens to support their candidates or political parties, and as a means for candidates and political parties to reach out to their constituencies. Access to resources for political parties and candidates also shapes political competition. Parliamentarians have an important stake in advancing the global debate on the role of money in politics. There are still many loopholes in political party funding regulations that are open to exploitation by powerful special interests. Loans, membership fees, and third party funding are all used to circumvent spending limits and other regulations. Many countries struggle to define and regulate third-party campaigning leaving them ill-equipped to prevent the channelling of election spending through supposedly independent committees and interest groups. Only a handful of countries have regulations in place for third-party campaigning and globalisation is complicating the regulation of private funding of political parties as foreign companies and wealthy individuals are often deeply integrated with domestic business interests. This OECD report finds that 29% of OECD countries have an independent electoral management body and there is no one-size-fits all model. But whatever the structure, the institutions responsible for enforcing political finance regulations should have a clear mandate, legal power and the capacity to deal with large volumes of work. While data clearly shows that sanctions are effective in improving compliance with the rules, many countries struggle to ensure sanctions that are both proportionate and dissuasive. One clear-cut lesson is that ensuring the effective implementation of political finance regulations still remains challenging in many countries. The Framework on Financing Democracy presented in this report shapes the global debate on risks and policy options, and provides tangible advice for the funding of political parties and electoral campaigns. The report also features detailed case studies of Canada, Chile, Estonia, France, Korea, Mexico, United Kingdom, Brazil and India.
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.
June 2017 - The 2017 edition of the OECD Business and Finance Outlook focuses on ways to enhance “fairness”, in the sense of strengthening global governance, to ensure a level playing field in trade, investment and corporate behaviour, through the setting and better enforcement of global standards. This presentation by OECD's financial markets expert Adrian Blundell-Wignall shows key findings from the publication. Find out more here http://www.oecd.org/daf/oecd-business-and-finance-outlook-2017-9789264274891-en.htm
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.
The Deloitte M&A Index is a forward-looking indicator that forecasts future global M&A deal volumes and identifies the factors influencing conditions for dealmaking.
This presentation by Adrian Blundell-Wignall shows key figures from the 2015 edition of the OECD Business and Finance Outlook.
Find more information about the Outlook at
http://www.oecd.org/daf/oecd-business-finance-outlook.htm
With momentum building towards the UN Climate Change Conference in Peru, new figures from IBR reveal that businesses leaders in emerging markets are more focused on the sustainability of their operations compared with peers in developed markets. In this short report Nathan Goode, global leader for energy & cleantech, calls for a change in the narrative around sustainability arguing that we need to start talking in language that resonates with businesses.
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.
Capital Markets Industry Insights - Q1 2016Duff & Phelps
Prospective middle-market issuers are being greeted with robust demand from both traditional private credit investors and crossover public market participants. While monetary policy concerns weighed heavily on market participants for much of the first quarter, the Fed’s more dovish posture of recent weeks has triggered an increase in risk appetite across the credit markets.
Delivering more value to the business through
performance measurement and improved decision
support is the top priority for the finance function
through 2020. Among senior finance professionals
participating in the 2014 EY Global Insurance CFO
Survey, 71% indicated that “being a better business
partner” ranked among their top three priorities,
with 35% placing this as number one.
Global Capital Confidence Barometer | In an age of M&A complexity, do you pau...EY
The Global Capital Confidence Barometer gauges corporate confidence in the economic and M&A 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 Euromoney Institutional Investor Thought Leadership (EIITL). Our panel comprises select global EY clients and contacts and regular EIITL contributors.
This presentation provides key findings from the 2017 edition of the OECD Sovereign Borrowing Outlook. This includes gross borrowing requirements, net borrowing requirements, central government marketable debt, funding strategies and instruments and distribution channels.
Find out more information at http://www.oecd.org/finance/oecdsovereignborrowingoutlook.htm
Market conditions at the fourth quarter’s outset largely reflected expectations of continued (albeit modest) economic growth and accommodative monetary policy. At mid quarter, the presidential election portended a period of fiscal stimulus and tightening monetary policy. Overall, the quarter witnessed a sharp rally in equities, tightening credit spreads, a downturn in Treasury prices and a strengthening of the U.S. dollar.
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.
Dispatches From The New Economy: The Five Faces Of The On-Demand EconomyIntuit Inc.
From people determined to be their own boss, to those embracing the flexibility to do something they love, to workers finding a replacement for a traditional job – people working in the on-demand economy are just about as diverse as the labor market itself. A new report from Intuit Inc. and Emergent Research shows that there are a broad range of motivations – and differing levels of satisfaction – among five distinct groups of on-demand workers:
The Business Builders – primarily driven by the desire to be their own boss. They represent 22 percent of on-demand workers.
The Career Freelancers – happily building a career through independent work. They represent 20 percent of on-demand workers.
The Side Giggers – looking to find financial stability by supplementing existing income. They represent 26 percent of on-demand workers.
The Passionistas – looking for the flexibility to do something they love. They represent 18 percent of on-demand workers.
The Substituters – replacing a traditional job that is no longer available. They represent 14 percent of on-demand workers.
Methodology
A total of 4,622 workers who find work opportunities via the platforms provided by the participating partner companies completed an online survey between September 11 and October 1, 2015. The results were weighted to reflect the proportion of workers in each of the following segments: Drivers/Delivery, Online Talent Marketplaces and Field Service/Onsite Talent. The weights were developed using earlier survey work that sized the on-demand economy. The largest weighted share of on-demand worker respondents from any single company is 16%, with most partner companies providing less than 10% of the respondents.
The Chinese market is an obvious source of inspiration, talent, and opportunity for Australian businesses. But tackling such a complex market needs considerable context, insight, and cultural understanding.
At ThoughtWorks Live Australia 2016, Angela Ferguson and Hu Kai shared stories and learnings around the level of upfront preparation, commitment, and assessment needed to ensure the best chance of success in the Chinese market.
Dispatches From The New Economy: The On-Demand Economy And The Future Of WorkIntuit Inc.
From delivery, transportation and household errands, to professional services and consulting, the on-demand economy is changing the way people consume goods and services. It is also changing the way people work. Intuit and Emergent Research forecast that the number of people working on-demand jobs will grow from 3.2 million Americans to 7.6 million by 2020. This is a once in a generation opportunity to empower the future of work and a new face of entrepreneurship.
Dispatches from the New Economy: The On-Demand Workforce provides a detailed analysis of the demographics, motivations and challenges of workers pursuing on-demand jobs. The data comes from a study from Intuit and Emergent Research that examined people working via eleven on-demand economy and online talent marketplace companies. Study participants included: Deliv, Field Nation, HourlyNerd, MBO Partners, OnForce, Uber, Upwork (formerly Elance-oDesk), Visually, Wonolo, and Work Market.
Methodology
A total of 4,622 workers who find work opportunities via the platforms provided by the participating partner companies completed an online survey between September 11 and October 1, 2015. The results were weighted to reflect the proportion of workers in each of the following segments: Drivers/Delivery, Online Talent Marketplaces and Field Service/Onsite Talent. The weights were developed using earlier survey work that sized the on-demand economy. The largest weighted share of on-demand worker respondents from any single company is 16%, with most partner companies providing less than 10% of the respondents.
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.
The Deloitte M&A Index is a forward-looking indicator that forecasts future global M&A deal volumes and identifies the factors influencing conditions for dealmaking.
This presentation by Adrian Blundell-Wignall shows key figures from the 2015 edition of the OECD Business and Finance Outlook.
Find more information about the Outlook at
http://www.oecd.org/daf/oecd-business-finance-outlook.htm
With momentum building towards the UN Climate Change Conference in Peru, new figures from IBR reveal that businesses leaders in emerging markets are more focused on the sustainability of their operations compared with peers in developed markets. In this short report Nathan Goode, global leader for energy & cleantech, calls for a change in the narrative around sustainability arguing that we need to start talking in language that resonates with businesses.
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.
Capital Markets Industry Insights - Q1 2016Duff & Phelps
Prospective middle-market issuers are being greeted with robust demand from both traditional private credit investors and crossover public market participants. While monetary policy concerns weighed heavily on market participants for much of the first quarter, the Fed’s more dovish posture of recent weeks has triggered an increase in risk appetite across the credit markets.
Delivering more value to the business through
performance measurement and improved decision
support is the top priority for the finance function
through 2020. Among senior finance professionals
participating in the 2014 EY Global Insurance CFO
Survey, 71% indicated that “being a better business
partner” ranked among their top three priorities,
with 35% placing this as number one.
Global Capital Confidence Barometer | In an age of M&A complexity, do you pau...EY
The Global Capital Confidence Barometer gauges corporate confidence in the economic and M&A 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 Euromoney Institutional Investor Thought Leadership (EIITL). Our panel comprises select global EY clients and contacts and regular EIITL contributors.
This presentation provides key findings from the 2017 edition of the OECD Sovereign Borrowing Outlook. This includes gross borrowing requirements, net borrowing requirements, central government marketable debt, funding strategies and instruments and distribution channels.
Find out more information at http://www.oecd.org/finance/oecdsovereignborrowingoutlook.htm
Market conditions at the fourth quarter’s outset largely reflected expectations of continued (albeit modest) economic growth and accommodative monetary policy. At mid quarter, the presidential election portended a period of fiscal stimulus and tightening monetary policy. Overall, the quarter witnessed a sharp rally in equities, tightening credit spreads, a downturn in Treasury prices and a strengthening of the U.S. dollar.
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.
Dispatches From The New Economy: The Five Faces Of The On-Demand EconomyIntuit Inc.
From people determined to be their own boss, to those embracing the flexibility to do something they love, to workers finding a replacement for a traditional job – people working in the on-demand economy are just about as diverse as the labor market itself. A new report from Intuit Inc. and Emergent Research shows that there are a broad range of motivations – and differing levels of satisfaction – among five distinct groups of on-demand workers:
The Business Builders – primarily driven by the desire to be their own boss. They represent 22 percent of on-demand workers.
The Career Freelancers – happily building a career through independent work. They represent 20 percent of on-demand workers.
The Side Giggers – looking to find financial stability by supplementing existing income. They represent 26 percent of on-demand workers.
The Passionistas – looking for the flexibility to do something they love. They represent 18 percent of on-demand workers.
The Substituters – replacing a traditional job that is no longer available. They represent 14 percent of on-demand workers.
Methodology
A total of 4,622 workers who find work opportunities via the platforms provided by the participating partner companies completed an online survey between September 11 and October 1, 2015. The results were weighted to reflect the proportion of workers in each of the following segments: Drivers/Delivery, Online Talent Marketplaces and Field Service/Onsite Talent. The weights were developed using earlier survey work that sized the on-demand economy. The largest weighted share of on-demand worker respondents from any single company is 16%, with most partner companies providing less than 10% of the respondents.
The Chinese market is an obvious source of inspiration, talent, and opportunity for Australian businesses. But tackling such a complex market needs considerable context, insight, and cultural understanding.
At ThoughtWorks Live Australia 2016, Angela Ferguson and Hu Kai shared stories and learnings around the level of upfront preparation, commitment, and assessment needed to ensure the best chance of success in the Chinese market.
Dispatches From The New Economy: The On-Demand Economy And The Future Of WorkIntuit Inc.
From delivery, transportation and household errands, to professional services and consulting, the on-demand economy is changing the way people consume goods and services. It is also changing the way people work. Intuit and Emergent Research forecast that the number of people working on-demand jobs will grow from 3.2 million Americans to 7.6 million by 2020. This is a once in a generation opportunity to empower the future of work and a new face of entrepreneurship.
Dispatches from the New Economy: The On-Demand Workforce provides a detailed analysis of the demographics, motivations and challenges of workers pursuing on-demand jobs. The data comes from a study from Intuit and Emergent Research that examined people working via eleven on-demand economy and online talent marketplace companies. Study participants included: Deliv, Field Nation, HourlyNerd, MBO Partners, OnForce, Uber, Upwork (formerly Elance-oDesk), Visually, Wonolo, and Work Market.
Methodology
A total of 4,622 workers who find work opportunities via the platforms provided by the participating partner companies completed an online survey between September 11 and October 1, 2015. The results were weighted to reflect the proportion of workers in each of the following segments: Drivers/Delivery, Online Talent Marketplaces and Field Service/Onsite Talent. The weights were developed using earlier survey work that sized the on-demand economy. The largest weighted share of on-demand worker respondents from any single company is 16%, with most partner companies providing less than 10% of the respondents.
This presentation of the economic outlook for the coming decade highlights the key findings from CBO’s report The Budget and Economic Outlook: 2016 to 2026, which was released in January.
Data and trends from the Bureau of Labor Statistics. Reflective of the "Employment Situation" report for the month of September. Released October 2, 2015.
The 2016 election american foreign and economic policy viewsPew Research Center
Bruce Stokes, Director of Global Economic Attitudes, examines Americans’ foreign and economic policy views in the context of the 2016 U.S. presidential election in Stockholm, Sweden on January 14, 2016. Pulling from a wide array of survey data, he discusses Americans’ foreign policy priorities as well as views on terrorism, tensions with Russia, relations with China and trade. This presentation is based primarily on two surveys: one conducted by telephone in the U.S. December 8-13, 2015 among 1,500 adults 18 and older, and the other conducted in 40 countries among 45,435 adults 18 and older via telephone and face-to-face interviews from March 25 to May 27, 2015.
The war on drugs has taken a massive cost in human lives, making the US the world’s largest prison population, but drugs remain widely available and treatment resources are insufficient. The US government spent trillions of dollars incarcerating non-violent drug offenders that pose barriers to employment and stability.
The Hourglass Effect - A Decade of DisplacementFrank Rotman
A ten year look back and view into the future of the Personal Loans industry. Why did the Banks pull back at the same time that Lending Club and Prosper emerged? Why haven't the Banks come back? What's next?
Make It Happen Homes Listing Presentation for North Texas Real EstateMary Lou Jaimes
Listing Presentation for Make It Happen Homes and Mary Lou Jaimes.
Mary Lou Jaimes is a professional Realtor located in Flower Mound Texas. She serves the North Texas Real Estate Market specializing in the Denton, Flower Mound, Lewisville, and surrounding areas.
Her background in sales and record of high performance has made her one of the most trusted North Texas Realtors.
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 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 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 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.
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.
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.
This report draws on over 10,000 interviews with business leaders as well as economic forecast data to better understand the growth opportunities and challenges facing dynamic companies over the next 12 months.
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.
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.
Media Digest is Posterscope’s bi-annual update of the latest research and insight relevant to the OOH industry.
This latest edition features a broad economic outlook and highlights from the Bellwether review which shows marketing budgets reached their third highest level in the survey’s history. It also includes a thoughtpiece on how Behavioural Economics can be applied to planning OOH, based around the key principles which emerged from the Behavioural Economics research and development commissioned by the IPA. In addition, it covers mobile insights looking at how research for Lenovo proves the value of optimising OOH campaigns using mData, insight tools Crimson Hexagon and IPA Touchpoint 6 as well as the latest research from our media owner partners.
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.
HR Climate Index - More resources for many HR units
After years of stagnation, many HR units can finally enjoy an improvement in their financial situations: An upturn in 2015 sees an end to the recent years’ trends. Around a third of all HR directors expect greater access to financial resources.
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.
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. Global activity continues to ease
2. Significant slowdown in euro area
3. Trade tensions have hit export-reliant economies
4. Rate expectations pushed back as central banks make dovish statements
5. Equities sold off in May with investors switching to bonds
6. 2020 UK growth heavily dependent on Brexit settlement
7. Risks to global growth tilted to the downside
The 28th edition of our report reflects the continued revenue growth of the Premier League and Football League has contributed to overall revenues in the European football market reaching record levels in the 2017/18 football season.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
Webinar Exploring DORA for Fintechs - Simont Braun
The Deloitte CFO Survey: 2015 Q4 A cautious start to 2016
1. Support among the Chief Financial Officers of the UK’s
largest corporates for staying in the EU has narrowed,
mirroring a drift towards greater scepticism on the part of
the UK public in the second half of 2015. A clear majority
of CFOs continue to favour remaining in the EU, but those
expressing unqualified support for membership fell from
74% in the second quarter to 62% in the fourth quarter.
Just 6% of CFOs favour leaving. But 4% did not express an
opinion, and a sizeable minority, 28%, say their decision will
depend on the results of the Prime Minister’s renegotiation
of the UK’s membership of the EU. The outcome of these
discussions is likely to emerge following the European
Council meeting in February. With almost a third, or 32%,
of CFOs undecided or undeclared, an eventual deal could
significantly affect business attitudes to EU membership.
UK CFOs are downbeat about the outlook for growth in
the euro area in 2016 despite a stronger than expected
acceleration in activity seen in the region in 2015.
Indeed, CFOs are more pessimistic about prospects
for the euro area this year than for emerging market
economies. CFO sentiment is most positive on the US
and the UK economies. Nonetheless, doubts about
the pace and sustainability of the global recovery are
weighing on business sentiment. CFO confidence fell
through 2015 and ended the year at its lowest level
since the second quarter of 2012, when the euro area
was in recession.
Q4 2015
The year ahead: A cautious start to 2016
The Deloitte CFO Survey
January 2016
2. The Deloitte CFO Survey
Chart 1. CFO attitudes to EU membership
% of CFOs who gave the following responses when asked whether it is in the interests of UK businesses for the UK to
remain a member of the EU
0%
10%
20%
30%
40%
50%
60%
70%
80%
Don't know,
no strong opinion,
prefer not to say
Too early to say:
Depends on results
of renegotiation
NoYes
2015 Q2 2015 Q4
74%
62%
2%
6%
23%
28%
1%
4%
3. Corporate risk appetite often reflects trends in financial
markets. Thus the decline in the FTSE100 UK equity
index since last summer has been accompanied by a
softening in corporate risk appetite.
The proportion of CFOs who think now is a good time
to take risk dropped to 37% in the fourth quarter, down
from 47% in the third quarter and a peak of 72% in late
2014.
Such large moves in risk appetite feed through
to the way in which companies run their finances. CFOs’
balance sheet strategies have become more defensive,
with a sharper focus on cost control which now tops
CFOs’ list of priorities. Meanwhile CFOs are placing less
weight on growth through acquisitions and on capital
spending.
In recent months uncertainties, especially in emerging
markets, have prompted the Bank of England to push
back the timing of UK interest rate rises. The consensus
in financial markets in mid-December was that the Bank
will start raising interest rates in the second half of 2016.
The Deloitte CFO Survey
The pace of tightening is expected to be gentle, with
three-month interest rates rising by a total of about
100bp, from a current 0.6% to 1.6% at the end of 2018.
The corporate sector seems well positioned to cope with
this sort of trajectory with 64% of CFOs reporting that
a 100bp rate rise would have no effect, or a positive
effect, on their plans for investment or employment.
The surge in CFO confidence and risk appetite that
started in late 2012 went into reverse in 2015. CFOs are
upbeat about prospects for the US and UK economies,
but see more risks elsewhere, especially in emerging
markets and the euro area. CFOs have reacted by cutting
back on risk-taking and sharpening their focus on cost
control. This more defensive stance by the corporate
sector points to slower growth in corporate hiring and
capital expenditure in coming months.
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
Richard Muschamp
CFO Programme Leader
020 7007 0724
rmuschamp@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. Public support for the UK’s
membership of the EU fell in
the second half of 2015.
Between the end of May and
the beginning of July four
major opinion polls gave the
‘In’ camp an average lead of
18 percentage points. In the
fourth quarter the same four
polls showed the lead had
been reduced to six percentage
points.
This decline in public support
for the EU has coincided with
a narrowing in support among
CFOs.
Europe
Chart 2. UK public opinion polls on EU membership
Mid-year polling (May to July)
In Out Don’t Know Lead (In)
ICM 31 May 47% 33% 20% +14
Ipsos Mori 14-16 Jun 66% 22% 12% +44
YouGov 19-24 Jun 44% 38% 18% +6
Survation 29 Jun-6 Jul 45% 37% 18% +8
Average 51% 33% 17% +18
End-year polling (October to December)
Ipsos Mori 17-19 Oct 52% 36% 12% +16
Survation 16-17 Nov 43% 40% 18% +3
YouGov 19-24 Nov 40% 38% 22% +2
ICM 6 Dec 43% 39% 17% +4
Average 45% 38% 17% +6
6. CFOs are positive about prospects for growth in the US and the UK in 2016.
But CFOs are strikingly downbeat about the euro area. Levels of pessimism about euro area growth in 2016 are
greater than for emerging markets’ growth.
Chart 3. Growth prospects
Net % of CFOs who are optimistic about prospects for growth in the following regions in 2016
-40%
-20%
0%
20%
40%
60%
80%
100%
USUKChinaJapanEmerging markets
including China*
Euro areaEmerging markets
excluding China*
-25%
-18%
-27%
-6%
68%
82%
-5%
*GDP-weighted estimate based on CFO readings for emerging markets excluding China, and for China
Europe
7. Although CFOs are negative about prospects for the euro area, activity in the region picked up through 2015,
and at a rather faster rate than expected.
German business confidence ended 2015 at higher levels than at the beginning of the year. Meanwhile US
manufacturing activity dropped to a six-and-a-half year low in November.
Europe
Chart 4. German and US business confidence
German Ifo Business Climate Index and US ISM Purchasing Managers Index (Manufacturing)
80
85
90
95
100
105
110
115
120
Dec
15
Dec
14
Dec
13
Dec
12
Dec
11
Dec
10
Dec
09
Dec
08
Dec
07
Dec
06
Dec
05
US ISM (RHS)
German IFO (LHS)
30
35
40
45
50
55
60
65
8. Other than a brief, post-election bounce, corporate risk appetite has been trending down for over a year. Just 37% of
CFOs say that now is a good time to take greater risk onto their balance sheets, down from a peak of 72% in Q3 2014.
Risk appetite wanes
Chart 5. Risk appetite
% of CFOs who think this is a good time to take greater risk onto their balance sheets
0%
10%
20%
30%
40%
50%
60%
70%
80%
15
Q3
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
2007
Q3
9. The fall in corporate risk appetite has been mirrored by a decline in investor risk appetite.
The second half of 2015 saw a rise in risk aversion among investors, as they moved from riskier assets including
equities into safer government bonds.
Risk appetite wanes
Chart 6. CFO and investor risk appetites
% of CFOs who think this is a good time to take greater risk onto their balance sheets (LHS) and change in UK equities
over bonds (RHS)
30
35
40
45
50
55
60
65
70
75
Sep
15
Jan
15
Sep
11
Sep
13
Jan
11
Sep
09
Jan
09
May
08
Sep
07
Jan
07
% CFOs saying now is a
good time to take risk (RHS)
Equities vs bonds (LHS)
0
10
20
30
40
50
60
70
80
Jan
13
May
12
Mar
10
Mar
14
10. Sentiment among large corporates has declined for the third consecutive quarter. CFO optimism is at its lowest level
since the second quarter of 2012, when the euro area was in recession and gripped by concerns that the single
currency might break up.
Risk appetite wanes
-80%
-60%
-40%
-20%
0%
20%
40%
60%
MoreoptimisticLessoptimistic
Chart 7. Business confidence
Net % of CFOs who are more optimistic about financial prospects for their company now than three months ago
15
Q4
15
Q1
14
Q4
14
Q1
13
Q4
13
Q1
12
Q4
12
Q1
11
Q4
11
Q1
10
Q4
10
Q1
09
Q4
09
Q1
08
Q4
08
Q1
07
Q4
2007
Q3
11. For the first time in a year CFOs rate
cost reduction as their number one
priority for the next 12 months.
CFOs are also placing greater
emphasis on other defensive
strategies such as increasing cash
flow, disposing of assets and
reducing leverage.
In contrast, CFOs are placing
rather less emphasis on growth
strategies such as introducing new
products and services, expanding
by acquisition and increasing capital
expenditure.
0% 10% 20% 30% 40% 50%
Reducing leverage
Disposing of assets
Raising dividends or
share buybacks
Increasing capital expenditure
Expanding by acquisition
Increasing cash flow
Introducing new products/
services or expanding
into new markets
Reducing costs
2015 Q32015 Q4
44%
34%
38%
39%
37%
34%
19%
17%
22%
19%
14%
8%
13%
9%
12%
10%
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
Focus on cost control
12. The increased focus on defensive
strategies means that CFOs are more
defensive than at any time in the last
three years.
19%
21%
23%
25%
27%
29%
31%
33%
35%
37%
39%
Chart 9. CFO priorities: Expansionary vs. defensive strategies
Defensive
strategies
Expansionary
strategies
2015
Q4
2015
Q1
2014
Q4
2014
Q1
2013
Q4
2013
Q1
2012
Q4
2012
Q1
2011
Q4
2011
Q1
2010
Q3
Focus on cost control
Arithmetic average of the % of CFOs who rated expansionary and defensive strategies as
a strong priority for their business in the next 12 months.
Expansionary strategies are introducing new products/services or expanding into new
markets, expanding by acquisition and increasing capital expenditure.
Defensive strategies are reducing costs, reducing leverage and increasing cash flow.
13. Inflation and interest rates
CFOs’ expectations for inflation
fell between the third and fourth
quarters of 2015.
A narrow majority (51%) now expect
inflation to remain below 1.5% in
two-years’ time.
The fall in CFOs’ expectations for
inflation coincided with downgrades
to both market and Bank of England
forecasts for inflation in 2016.
Chart 10. CFO 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%
Above 2.5%1.6%-2.5%0-1.5%Below zero
2015 Q3 2015 Q4
39%
1%
51%
5% 4%
56%
44%
14. Inflation and interest rates
As inflation forecasts have fallen so, too, have financial market expectations for future interest rates.
Expectations for UK interest rates at the end of 2016, 2017 and 2018 are now lower than they were in the summer
of 2015.
0.0
0.5
1.0
1.5
2.0
2.5
Chart 11. Financial market expectations for UK interest rates
UK market rate expectations for end-year three-month interest rates
at Dec ’18 1.6%
at Dec ’17 1.3%
at Dec ’16 0.9%
Now 0.6%
Dec
15
Nov
15
Oct
15
Sep
15
Aug
15
Jul
15
Jun
15
15. Inflation and interest rates
The corporate sector seems fairly well positioned to cope with the cumulative 100bp rate rise priced in by financial
markets in the next three years.
Almost two-thirds of CFOs say that interest rates would have to rise by more than 100 basis points before their
businesses cut planned investment or employment.
Chart 12. Effect of rate rises on corporate spending
% of CFOs reporting that the Bank of England’s base rate could rise by the following amounts before their business
responds by cutting planned investment or employment
0%
5%
10%
15%
20%
25%
30%
A rise in
interest
rates
would be
good for
my business
More than
300 basis
points
300 basis
points
200 basis
points
100 basis
points
50 basis
points
25 basis
points
8%
2%
26%
21%
10%
24%
10%
36% say rate rises of
≤100bp would affect
investment/jobs
64% say rates
would have to
rise by >100bp to
affect investment/
jobs
16. Weaker margins
Expectations for revenue and margin growth dipped in the second half of 2015.
While a majority of CFOs still expect UK corporate revenues to increase over the next 12 months, the outlook for
revenues and margins is at its weakest for two-and-a-half years.
-70%
-50%
-30%
-10%
10%
30%
50%
70%
90%
15
Q4
15
Q3
15
Q2
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
2010
Q3
IncreaseDecrease
Chart 13. Outlook for corporate revenues and margins
Net % of CFOs who expect UK corporates’ revenues and margins to increase over the next 12 months
Revenues
Operating margins
17. Weaker margins
Our panel of large corporates continues to enjoy good access to credit.
The cost of credit is not far off its lowest reported levels, while credit availability is near to all-time highs.
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
CreditiscostlyCreditischeap
CreditiscostlyCreditischeap
Chart 14. 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
Q4
15
Q1
14
Q4
14
Q1
13
Q4
13
Q1
12
Q4
12
Q1
11
Q4
11
Q1
10
Q4
10
Q1
09
Q4
09
Q1
08
Q4
08
Q1
07
Q4
2007
Q3
Cost of credit
(LHS)
Availability of credit
(RHS)
18. Weaker margins
Bank borrowing remains the most attractive source of funding for CFOs, with a significant majority (86%) viewing it
as an attractive source of external funding.
As has been the case for the last five years, CFOs view equity issuance as a less attractive source of funding than
bond issuance or bank borrowing.
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
AttractiveUnattractive
Chart 15. Favoured source of corporate funding
Net % of CFOs reporting the following sources of funding as attractive
Bank
borrowing
Equity
issuance
Bond
issuance
15
Q4
15
Q1
14
Q4
14
Q1
13
Q4
13
Q1
12
Q4
12
Q1
11
Q4
11
Q1
10
Q4
10
Q1
09
Q4
09
Q1
08
Q4
08
Q1
07
Q4
2007
Q3
19. The macroeconomic backdrop to the Deloitte CFO
Survey Q4 2015
The International Monetary Fund cut its forecast for
global growth in 2015 and 2016. Activity in emerging
markets continued to disappoint, with economists
nudging down their forecasts for growth in most
emerging economies. Growth in the advanced
economies continued and broadened, though indicators
of industrial activity have generally softened, partly
as a result of weaker export market demand. After a
short-lived market rally in October, equities, especially
those in emerging markets, lost value towards the end
of the year. In early December the oil price fell below
$40, to the lowest level in seven years; metals prices
also softened. Inflation remained close to zero in the
US, the euro area and the UK and inflation forecasts for
2016 continued to decline.
The European Central Bank’s announcement of a
further round of Quantitative Easing fell short of market
expectations, though the ECB’s President subsequently
reassured markets that there were “no limits” to the
tools the ECB could use to fight deflation. As widely
anticipated the US Federal Reserve raised interest rates
on 16th December, the first time US interest rates have
been increased in almost ten years.
CFO Survey: Economic and financial context
20. CFO Survey: Economic and financial context
-7%
-5%
-3%
-1%
1%
3%
5%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
UK GDP growth: Actual and forecast (%)
Quarter-on-
quarter growth
Year-on-year
growth
Source: ONS, consensus forecasts from The Economist and Deloitte calculations
Forecasts
24. Two-chart summary of key survey messages
CFO attitudes to EU membership
% of CFOs who gave the following responses when asked
whether it is in the interests of UK businesses for the UK to
remain a member of the EU
0%
10%
20%
30%
40%
50%
60%
70%
80%
Don’t know,
no strong
opinion,
prefer not
to say
Too early
to say:
Depends on
results of
renegotiation
NoYes
2015 Q2 2015 Q4
74%
62%
2%
6%
23%
28%
1% 4% 19%
21%
23%
25%
27%
29%
31%
33%
35%
37%
39%
CFO priorities: Expansionary vs. defensive strategies
Defensive
strategies
Expansionary
strategies
15
Q4
15
Q1
14
Q4
14
Q1
13
Q4
13
Q1
12
Q4
12
Q1
11
Q4
11
Q1
10
Q3