Kommunen haben nicht genug Wohnraum für FlüchtlingeEY
Trotz aller Investitionen reicht der Wohnraum für Flüchtlinge in den Kommunen nicht: Zwar haben die deutschen Städte und Gemeinden seit September 2015 die Aufnahmekapazitäten von 500.000 Wohnplätzen auf 836.000 gesteigert. Doch das reicht angesichts des Flüchtlingsstroms nicht. Lesen Sie hier, wie die Städte und Gemeinden mit der Wohnungsknappheit umgehen und was das für ihren Haushalt bedeutet.
Kommunen erhöhen Steuern für Hausbesitzer und UnternehmenEY
Die deutschen Kommunen haben im vergangenen Jahr erneut auf breiter Front die Hebesätze von Grund- und Gewerbesteuern erhöht. Erfahren Sie hier, in welchem Bundesland im Durchschnitt die höchsten Hebesätze verlangt werden und welche Städte Hausbesitzer und Unternehmen besonders zur Kasse bitten.
Krisenkommunen kommen aus Schuldenspirale nicht herausEY
Die Mehrheit der Städte kann 2015 Schulden abbauen – aber Kommunen, die tief in den roten Zahlen sind, kommen aus eigener Kraft nicht wieder hinaus. Lesen Sie hier, in welchen Bundesländern die Situation besonders besorgniserregend ist. Erfahren Sie auch, dass die Mehrheit der Kommunen mit höheren Steuern und Gebühren reagiert.
Health 4.0 wird unsere Welt verändern, die Art, wie wir denken und lebenEY
Digital transformation is bringing massive changes to the healthcare industry through technologies like connected hospitals, wearables, telemedicine, and big data analytics. This shift provides an opportunity to address major societal challenges through improved communication between patients and healthcare providers. While the effects so far are just the beginning, digitalization will fundamentally change how healthcare is delivered and accessed. The future will include new models for prevention, outpatient care, and synchronizing patient data across networks and organizations to raise the overall quality of healthcare.
EY India Attractiveness Survey 2015 – Top Reasons to Invest to Invest in India EY
Investors see India speeding up pace towards becoming world's top destinations for manufacturing. Check out this detailed infographic on what’s activating growth in India.
Our latest #EY CFO study, Partnering for performance Part 5: the CFO and the chief executive officer (CEO), examines how the CFO’s relationship with their CEO has changed, and joint commitments required to strengthen their alliance. The study is based on a survey of 652 CFOs and interviews with CFOs and CEOs, and covers how leading CFOs and CEOs are partnering together on digital, M&A decisions, performance measurement and operating model redesign. To learn more visit: http://goo.gl/7dnWi6
Dealing in a digital world - strategies to future-proof your businessEY
As the world goes digital, developing innovation in-house is no longer enough, according to a new study from EY. Instead, with constraints around time and capital, non-tech firms are turning to mergers and acquisitions (M&A), joint ventures and alliances to acquire the innovation they need.
Kommunen haben nicht genug Wohnraum für FlüchtlingeEY
Trotz aller Investitionen reicht der Wohnraum für Flüchtlinge in den Kommunen nicht: Zwar haben die deutschen Städte und Gemeinden seit September 2015 die Aufnahmekapazitäten von 500.000 Wohnplätzen auf 836.000 gesteigert. Doch das reicht angesichts des Flüchtlingsstroms nicht. Lesen Sie hier, wie die Städte und Gemeinden mit der Wohnungsknappheit umgehen und was das für ihren Haushalt bedeutet.
Kommunen erhöhen Steuern für Hausbesitzer und UnternehmenEY
Die deutschen Kommunen haben im vergangenen Jahr erneut auf breiter Front die Hebesätze von Grund- und Gewerbesteuern erhöht. Erfahren Sie hier, in welchem Bundesland im Durchschnitt die höchsten Hebesätze verlangt werden und welche Städte Hausbesitzer und Unternehmen besonders zur Kasse bitten.
Krisenkommunen kommen aus Schuldenspirale nicht herausEY
Die Mehrheit der Städte kann 2015 Schulden abbauen – aber Kommunen, die tief in den roten Zahlen sind, kommen aus eigener Kraft nicht wieder hinaus. Lesen Sie hier, in welchen Bundesländern die Situation besonders besorgniserregend ist. Erfahren Sie auch, dass die Mehrheit der Kommunen mit höheren Steuern und Gebühren reagiert.
Health 4.0 wird unsere Welt verändern, die Art, wie wir denken und lebenEY
Digital transformation is bringing massive changes to the healthcare industry through technologies like connected hospitals, wearables, telemedicine, and big data analytics. This shift provides an opportunity to address major societal challenges through improved communication between patients and healthcare providers. While the effects so far are just the beginning, digitalization will fundamentally change how healthcare is delivered and accessed. The future will include new models for prevention, outpatient care, and synchronizing patient data across networks and organizations to raise the overall quality of healthcare.
EY India Attractiveness Survey 2015 – Top Reasons to Invest to Invest in India EY
Investors see India speeding up pace towards becoming world's top destinations for manufacturing. Check out this detailed infographic on what’s activating growth in India.
Our latest #EY CFO study, Partnering for performance Part 5: the CFO and the chief executive officer (CEO), examines how the CFO’s relationship with their CEO has changed, and joint commitments required to strengthen their alliance. The study is based on a survey of 652 CFOs and interviews with CFOs and CEOs, and covers how leading CFOs and CEOs are partnering together on digital, M&A decisions, performance measurement and operating model redesign. To learn more visit: http://goo.gl/7dnWi6
Dealing in a digital world - strategies to future-proof your businessEY
As the world goes digital, developing innovation in-house is no longer enough, according to a new study from EY. Instead, with constraints around time and capital, non-tech firms are turning to mergers and acquisitions (M&A), joint ventures and alliances to acquire the innovation they need.
IFRS 15 Benchmarking survey for financial servicesEY
EY's IFRS 15 benchmarking survey for financial services provides a readiness benchmark and identifies trends developing in the implementation of the new revenue recognition standard.
Baromètre EY du capital risque en France - Bilan annuel 2016EY
Le Baromètre EY du capital risque en France recense les opérations de financement en fonds propres des entreprises en phase de création ou durant les premières années d’existence, en date d’opération du 1er janvier au 31 décembre 2016, publiées avant le 20 janvier 2017.
Deutsche Start-ups erhalten weniger Geld InfografikEY
Die Risikokapitalinvestitionen für junge, deutsche Unternehmen sind eingebrochen – dafür erhalten in der Summe mehr Unternehmen Geld. Warum das ein Zeichen dafür ist, dass die deutsche Start-up-Szene erwachsen geworden ist, lesen Sie im aktuellen Start-up-Barometer von EY.
European Banking Barometer – 2016: Seeking stability in an uncertain worldEY
The European Banking Barometer provides an overview of European banking industry, as well as the priorities banks will focus on over in 2016.
Now in its seventh edition, the latest survey consists of 250 interviews with senior bankers across 12 European markets.
Overall, the study shows that the European banking industry is taking measures to reposition for a long-term environment of low growth. But they mustn’t take their focus off the innovation agenda, if they want to lay the foundations for delivering sustainable returns in the years to come.
To find out more please visit http://www.ey.com/ebb.
Cap sur la cyberrésilience : anticiper, résister, réagirEY
Face à l’intensification des attaques malveillantes, la cybersécurité soulève des questions de plus en plus pressantes pour les DSI, directeurs métiers et autres membres du Comex. Découvrez comment ils appréhendent ces questions avec la 19e édition de l'étude EY sur la sécurité de l'information.
Plus d'informations : http://www.ey.com/fr/fr/services/advisory/ey-etude-mondiale-sur-la-securite-de-l-information-cap-su-la-cyberresilience-anticiper-resister-reagir
Ernst and Young is a global professional services firm that provides audit, tax, and advisory services. It was formed in 1989 by the merger of Arthur Young & Co. and Ernst & Whinney. The document discusses Ernst and Young's business, values, history, human resources practices, and changes in the public accounting industry. It also provides advice for staff accountants transitioning to managers and steps managers can take to help prepare staff and themselves for potential partnership.
Observatoire des Politiques Budgétaires et Fiscales - janvier 2017EY
À partir de l’examen des principaux indicateurs macroéconomiques, EY réalise depuis 14 ans un
Observatoire des Politiques Budgétaires et Fiscales fondé sur les statistiques de l’OCDE et de l’Union
européenne et des études fiscales internes. Centrée sur la fiscalité des entreprises, cette étude vise à la fois à
améliorer la compréhension des différentes politiques fiscales menées au niveau international et à situer la
France par rapport à ses partenaires économiques.
Plus d'informations sur www.ey-avocats.com/OPBF
Mittelständler mit besserer Frauenquote als börsennotierte UnternehmenEY
Frauen schaffen es bei deutschen Mittelständlern deutlich häufiger in die Unternehmensführung als bei börsennotierten Unternehmen. Zum Internationalen Frauentag am 8. März 2017 stellt Hubert Barth, der Vorsitzende der Geschäftsführung von EY, jedoch klar, dass das nicht reicht: „Ziel sollte es sein, deutlich mehr Frauen in die erste Reihe zu befördern.“
Ernst & Young is a global professional services firm providing assurance, tax, transaction, and advisory services. It has over 152,000 employees operating in over 140 countries. Ernst & Young prides itself on its inclusive culture and strives to build relationships between employees and clients. While it faces threats from competition and lawsuits, Ernst & Young leverages its global reach, talented workforce, and focus on emerging markets for growth opportunities.
Unternehmenskäufe chinesischer Investoren in Deutschland steigen auf Rekordhoch EY
Deutschland ist für chinesische Unternehmen der Top-Standort in Europa. Die Zahl der Übernahmen deutscher Unternehmen stieg 2016 um 70 Prozent, der Wert hat sich von 530 Millionen auf 12,6 Milliarden Euro vervielfacht. Lesen Sie, was Chinesen an deutschen Unternehmen so attraktiv finden.
Deutscher Mittelstand: Geschäftslage auf Rekordniveau
Die Geschäfte im deutschen Mittelstand laufen so gut wie seit Jahren nicht. Mehr als jeder zweite Mittelständler ist derzeit uneingeschränkt zufrieden mit der Geschäftslage – der höchste Wert seit dem Jahr 2004. Lesen Sie im EY Mittelstandsbarometer, warum auch der Ausblick optimistisch bleibt.
Industrie du futur, le renouveau de l'industrie françaiseEY
Retrouvez la présentation d'Olivier Lluansi, associé EY responsable de l'accompagnement des projets de transformation industrielle, sur le renouveau de l'industrie française, diffusée à l'occasion des Assises de l'Industrie organisée par L'Usine Nouvelle le 3 novembre 2016 à Paris.
Plus d'informations : www.ey.com/FR/IndustrieDuFutur
Die DAX-Konzerne mussten 2016 24 mal ihre Prognosen korrigieren - Rekord. Welche Folgen das für die Unternehmen hat und warum es so schwer geworden ist, genaue Prognosen zu liefern, lesen Sie in einer neuen EY-Studie. Erfahren Sie auch, wie sich die Korrekturen an Gewinn- und Umsatzprognosen der 302 im Prime Standard notierten Unternehmen entwickelt haben.
This document discusses EY's people strategy and development framework called EYU which stands for "Ernst & Young and You". The three core elements of EYU are learning, experiences, and coaching which help employees develop skills, gain experiences, and apply their learning on the job. EYU aims to help people achieve their potential by addressing both personal and organizational goals through opportunities such as training programs, leadership development initiatives, international assignments, and more. Metrics show EYU programs are highly rated and have helped EY achieve recognition as an employer of choice.
La performance économique et sociale des startups numériques en France 2014EY
Ce 3ème baromètre annuel, réalisé en partenariat avec France Digitale analyse la performance économique et sociale des start-up numériques en France financées par le capital-risque dans le domaine du digital.
Pour en savoir plus : http://www.ey.com/FR/fr/Services/Strategic-Growth-Markets/barometre-EY-france-digitale
The document contains numerous templates for organizing information into structured formats including tables, flows, and Gantt charts. The templates include options for layouts with various numbers of columns, rows, titles, and descriptive text elements. Footnotes and sources are included at the bottom of each template.
The theme for this quarter is momentum meets uncertainty. The upward trend in crude oil, natural gas, LNG and refined product prices that began in Q1 continued into Q2. Crude oil markets began the quarter just below $100/bbl and have closed below that level on only two days since late April. As we begin Q3, there are increasing concerns about the health of the global economy and how that might affect oil and gas demand.
Quarterly analyst themes of oil and gas earnings, Q1 2022EY
Financial questions continued to attract the most attention of the analyst community, with major focus on how companies will respond to the war in Ukraine, elevated commodity prices and improved cash flows. Strategic questions focused on how the changing geopolitical environment will affect capital allocation in the short and long term. Operationally, all eyes were on the capacity of companies to step up asset utilization and bring new projects to market quickly. Explore the latest EY quarterly analysts themes.
EY Price Point: global oil and gas market outlook, Q2 | April 2022EY
The theme for this quarter is rearrangement. The loss, or potential loss, of Russian oil and gas supplies is forcing producers, refiners and traders to rethink the flow of crude oil and refined products from the wellhead to the gas pump in light of sanctions, potential sanctions and the risk of reputational damage. Countries, companies and consumers will all be searching for ways to adapt, and the outcome of the race to bring alternatives to market could alter the global energy landscape for years to come.
It is likely crude oil and LNG prices will remain elevated for some time. The process of diverting Russian oil through countries unwilling to sanction it will take time and there is little indication OPEC members are willing (or able) to increase production to make up for the loss of Russian crude. Spare capacity sat at 3.7 mbpd at the end of 2021, just above where it was in January 2020. Currently, sanctioned Venezuelan and Iranian production (about 3 mbpd below their peak) could fill the gap, but political and commercial obstacles remain. At today’s prices, US shale production is attractive, but the fastest the industry has been able to grow is between 1mbpd and 2mbpd per year. The LNG infrastructure was already stretched before the war in Ukraine and there is little prosect of finding new supplies soon.
As the largest buyer of Russian energy, Europe will be the epicenter. There is a deeply embedded bias there in favor for renewable energy, and the current crisis is certain to result in an all-out effort to accelerate the build-out of wind and solar power. The capacity to add new green energy is limited though by the project pipeline and supply chains for solar panels and wind turbines, and it is likely that much of the shortfall will be made up with the new LNG infrastructure.
EY Price Point: global oil and gas market outlookEY
As the last quarter of the second pandemic year draws to a close, we continue to see heightened contrast
between the medical and economic points of view. While COVID-19 cases are close to their all-time highs, so
are equity prices, and a leading investment bank declared (on 2 December, 2021 after the Omicron outbreak in South Africa) that it was “optimistic about the possibility of a vibrant 2022.” When news of the variant hit in
late November, the markets were rocked by the prospect of yet another round of local mobility restrictions and
an interrupted return to normal international travel patterns, on top of the Biden Administration’s announced
release of 50 million barrels of crude from the US Strategic Petroleum Reserve. So far though, with OPEC
standing by its planned gradual return to normal production, oil prices have stabilized, albeit below where they
were in mid-November. Henry Hub prices, always at the mercy of the weather, responded predictably to a
warmer-than-normal early winter in the US, falling from US$6.60/MMBtu in early October to below
US$4.00/MMBtu by mid-December. In Europe and Asia, following a short reprieve at the start of the quarter,
piped natural gas prices have spiked again on concerns triggered by Russian troop buildups on the Ukraine
border and uncertainties surrounding the Nordstream 2 pipeline. Looking forward, OPEC and the U.S. Energy
Information Administration (EIA) in their last forecasts of the year both projected that 2022 oil demand would
be above what we saw in 2019. Although time will tell if those forecasts are realized and other events could
intervene, the response to new virus outbreaks is well-practiced and the trade-off between public health and
economic reality has tipped toward a cautiously optimistic view.
IFRS 15 Benchmarking survey for financial servicesEY
EY's IFRS 15 benchmarking survey for financial services provides a readiness benchmark and identifies trends developing in the implementation of the new revenue recognition standard.
Baromètre EY du capital risque en France - Bilan annuel 2016EY
Le Baromètre EY du capital risque en France recense les opérations de financement en fonds propres des entreprises en phase de création ou durant les premières années d’existence, en date d’opération du 1er janvier au 31 décembre 2016, publiées avant le 20 janvier 2017.
Deutsche Start-ups erhalten weniger Geld InfografikEY
Die Risikokapitalinvestitionen für junge, deutsche Unternehmen sind eingebrochen – dafür erhalten in der Summe mehr Unternehmen Geld. Warum das ein Zeichen dafür ist, dass die deutsche Start-up-Szene erwachsen geworden ist, lesen Sie im aktuellen Start-up-Barometer von EY.
European Banking Barometer – 2016: Seeking stability in an uncertain worldEY
The European Banking Barometer provides an overview of European banking industry, as well as the priorities banks will focus on over in 2016.
Now in its seventh edition, the latest survey consists of 250 interviews with senior bankers across 12 European markets.
Overall, the study shows that the European banking industry is taking measures to reposition for a long-term environment of low growth. But they mustn’t take their focus off the innovation agenda, if they want to lay the foundations for delivering sustainable returns in the years to come.
To find out more please visit http://www.ey.com/ebb.
Cap sur la cyberrésilience : anticiper, résister, réagirEY
Face à l’intensification des attaques malveillantes, la cybersécurité soulève des questions de plus en plus pressantes pour les DSI, directeurs métiers et autres membres du Comex. Découvrez comment ils appréhendent ces questions avec la 19e édition de l'étude EY sur la sécurité de l'information.
Plus d'informations : http://www.ey.com/fr/fr/services/advisory/ey-etude-mondiale-sur-la-securite-de-l-information-cap-su-la-cyberresilience-anticiper-resister-reagir
Ernst and Young is a global professional services firm that provides audit, tax, and advisory services. It was formed in 1989 by the merger of Arthur Young & Co. and Ernst & Whinney. The document discusses Ernst and Young's business, values, history, human resources practices, and changes in the public accounting industry. It also provides advice for staff accountants transitioning to managers and steps managers can take to help prepare staff and themselves for potential partnership.
Observatoire des Politiques Budgétaires et Fiscales - janvier 2017EY
À partir de l’examen des principaux indicateurs macroéconomiques, EY réalise depuis 14 ans un
Observatoire des Politiques Budgétaires et Fiscales fondé sur les statistiques de l’OCDE et de l’Union
européenne et des études fiscales internes. Centrée sur la fiscalité des entreprises, cette étude vise à la fois à
améliorer la compréhension des différentes politiques fiscales menées au niveau international et à situer la
France par rapport à ses partenaires économiques.
Plus d'informations sur www.ey-avocats.com/OPBF
Mittelständler mit besserer Frauenquote als börsennotierte UnternehmenEY
Frauen schaffen es bei deutschen Mittelständlern deutlich häufiger in die Unternehmensführung als bei börsennotierten Unternehmen. Zum Internationalen Frauentag am 8. März 2017 stellt Hubert Barth, der Vorsitzende der Geschäftsführung von EY, jedoch klar, dass das nicht reicht: „Ziel sollte es sein, deutlich mehr Frauen in die erste Reihe zu befördern.“
Ernst & Young is a global professional services firm providing assurance, tax, transaction, and advisory services. It has over 152,000 employees operating in over 140 countries. Ernst & Young prides itself on its inclusive culture and strives to build relationships between employees and clients. While it faces threats from competition and lawsuits, Ernst & Young leverages its global reach, talented workforce, and focus on emerging markets for growth opportunities.
Unternehmenskäufe chinesischer Investoren in Deutschland steigen auf Rekordhoch EY
Deutschland ist für chinesische Unternehmen der Top-Standort in Europa. Die Zahl der Übernahmen deutscher Unternehmen stieg 2016 um 70 Prozent, der Wert hat sich von 530 Millionen auf 12,6 Milliarden Euro vervielfacht. Lesen Sie, was Chinesen an deutschen Unternehmen so attraktiv finden.
Deutscher Mittelstand: Geschäftslage auf Rekordniveau
Die Geschäfte im deutschen Mittelstand laufen so gut wie seit Jahren nicht. Mehr als jeder zweite Mittelständler ist derzeit uneingeschränkt zufrieden mit der Geschäftslage – der höchste Wert seit dem Jahr 2004. Lesen Sie im EY Mittelstandsbarometer, warum auch der Ausblick optimistisch bleibt.
Industrie du futur, le renouveau de l'industrie françaiseEY
Retrouvez la présentation d'Olivier Lluansi, associé EY responsable de l'accompagnement des projets de transformation industrielle, sur le renouveau de l'industrie française, diffusée à l'occasion des Assises de l'Industrie organisée par L'Usine Nouvelle le 3 novembre 2016 à Paris.
Plus d'informations : www.ey.com/FR/IndustrieDuFutur
Die DAX-Konzerne mussten 2016 24 mal ihre Prognosen korrigieren - Rekord. Welche Folgen das für die Unternehmen hat und warum es so schwer geworden ist, genaue Prognosen zu liefern, lesen Sie in einer neuen EY-Studie. Erfahren Sie auch, wie sich die Korrekturen an Gewinn- und Umsatzprognosen der 302 im Prime Standard notierten Unternehmen entwickelt haben.
This document discusses EY's people strategy and development framework called EYU which stands for "Ernst & Young and You". The three core elements of EYU are learning, experiences, and coaching which help employees develop skills, gain experiences, and apply their learning on the job. EYU aims to help people achieve their potential by addressing both personal and organizational goals through opportunities such as training programs, leadership development initiatives, international assignments, and more. Metrics show EYU programs are highly rated and have helped EY achieve recognition as an employer of choice.
La performance économique et sociale des startups numériques en France 2014EY
Ce 3ème baromètre annuel, réalisé en partenariat avec France Digitale analyse la performance économique et sociale des start-up numériques en France financées par le capital-risque dans le domaine du digital.
Pour en savoir plus : http://www.ey.com/FR/fr/Services/Strategic-Growth-Markets/barometre-EY-france-digitale
The document contains numerous templates for organizing information into structured formats including tables, flows, and Gantt charts. The templates include options for layouts with various numbers of columns, rows, titles, and descriptive text elements. Footnotes and sources are included at the bottom of each template.
The theme for this quarter is momentum meets uncertainty. The upward trend in crude oil, natural gas, LNG and refined product prices that began in Q1 continued into Q2. Crude oil markets began the quarter just below $100/bbl and have closed below that level on only two days since late April. As we begin Q3, there are increasing concerns about the health of the global economy and how that might affect oil and gas demand.
Quarterly analyst themes of oil and gas earnings, Q1 2022EY
Financial questions continued to attract the most attention of the analyst community, with major focus on how companies will respond to the war in Ukraine, elevated commodity prices and improved cash flows. Strategic questions focused on how the changing geopolitical environment will affect capital allocation in the short and long term. Operationally, all eyes were on the capacity of companies to step up asset utilization and bring new projects to market quickly. Explore the latest EY quarterly analysts themes.
EY Price Point: global oil and gas market outlook, Q2 | April 2022EY
The theme for this quarter is rearrangement. The loss, or potential loss, of Russian oil and gas supplies is forcing producers, refiners and traders to rethink the flow of crude oil and refined products from the wellhead to the gas pump in light of sanctions, potential sanctions and the risk of reputational damage. Countries, companies and consumers will all be searching for ways to adapt, and the outcome of the race to bring alternatives to market could alter the global energy landscape for years to come.
It is likely crude oil and LNG prices will remain elevated for some time. The process of diverting Russian oil through countries unwilling to sanction it will take time and there is little indication OPEC members are willing (or able) to increase production to make up for the loss of Russian crude. Spare capacity sat at 3.7 mbpd at the end of 2021, just above where it was in January 2020. Currently, sanctioned Venezuelan and Iranian production (about 3 mbpd below their peak) could fill the gap, but political and commercial obstacles remain. At today’s prices, US shale production is attractive, but the fastest the industry has been able to grow is between 1mbpd and 2mbpd per year. The LNG infrastructure was already stretched before the war in Ukraine and there is little prosect of finding new supplies soon.
As the largest buyer of Russian energy, Europe will be the epicenter. There is a deeply embedded bias there in favor for renewable energy, and the current crisis is certain to result in an all-out effort to accelerate the build-out of wind and solar power. The capacity to add new green energy is limited though by the project pipeline and supply chains for solar panels and wind turbines, and it is likely that much of the shortfall will be made up with the new LNG infrastructure.
EY Price Point: global oil and gas market outlookEY
As the last quarter of the second pandemic year draws to a close, we continue to see heightened contrast
between the medical and economic points of view. While COVID-19 cases are close to their all-time highs, so
are equity prices, and a leading investment bank declared (on 2 December, 2021 after the Omicron outbreak in South Africa) that it was “optimistic about the possibility of a vibrant 2022.” When news of the variant hit in
late November, the markets were rocked by the prospect of yet another round of local mobility restrictions and
an interrupted return to normal international travel patterns, on top of the Biden Administration’s announced
release of 50 million barrels of crude from the US Strategic Petroleum Reserve. So far though, with OPEC
standing by its planned gradual return to normal production, oil prices have stabilized, albeit below where they
were in mid-November. Henry Hub prices, always at the mercy of the weather, responded predictably to a
warmer-than-normal early winter in the US, falling from US$6.60/MMBtu in early October to below
US$4.00/MMBtu by mid-December. In Europe and Asia, following a short reprieve at the start of the quarter,
piped natural gas prices have spiked again on concerns triggered by Russian troop buildups on the Ukraine
border and uncertainties surrounding the Nordstream 2 pipeline. Looking forward, OPEC and the U.S. Energy
Information Administration (EIA) in their last forecasts of the year both projected that 2022 oil demand would
be above what we saw in 2019. Although time will tell if those forecasts are realized and other events could
intervene, the response to new virus outbreaks is well-practiced and the trade-off between public health and
economic reality has tipped toward a cautiously optimistic view.
EY Price Point: global oil and gas market outlook, Q2 April 2021EY
The theme for this quarter is governed. Apparent market balance at prices that could be sustainable is the product of calculated choices by market leaders and the cooperation of those who follow them. Economics played their customary role as well, with capital scarcity in North America taking about 2 million barrels per day out of the market, about half of the remaining gap in demand. While inventories are close to their pre-COVID-19 levels, there is still uncertainty. The resolution of the pandemic is in sight, but timing is unclear. Vaccine distribution in the US is having an impact but Europe is struggling to contain a third wave of infections. The taps have opened on economic stimulus, but it remains to be seen if policymakers have done enough or if they have overshot the mark.
The shape of the crude oil forward curve has fundamentally changed since the end of the last quarter. In late December of last year, the Brent forward curve was gradually increasing while today, the curve is backwardated. This is a clear sign that the market sees a short-term dynamic that is disconnected from the medium-to-long-term fundamentals. The lasting impact of the COVID-19 pandemic remains to be seen. While many have opined that COVID-19 marks a turning point in energy transition, the IEA recently released a five-year forecast of oil demand that shows steady growth, albeit at rates that are below historical expectations.
Gas markets are a paradox. At the Henry Hub and at LNG destinations, demand grows, investment lags and prices will occasionally attract attention. Traders, so far though, are unconvinced and futures prices don’t indicate imminent scarcity at any link in the value chain.
EY Price Point: global oil and gas market outlookEY
We enter 2021 on a note of cautious optimism for global health, the world economy, and the oil and gas markets. The first weeks of December brought approval in the US and the UK of the first of several COVID-19 vaccines. The speed with which vaccine development occurred is unprecedented, but certainly welcome. In the weeks following the early November announcement of 90+% effectiveness by the manufacturer of the first approved vaccine, the price of WTI crude oil increased by US$10/bbl to US$48/bbl, the highest level since early March. Sustainability hasn’t returned yet, and whatever time it takes to get the world to normal, it will take even longer for normalization within the oil and gas markets. Inventories remain at historically high levels and, optimistically, it will take until April before inventory returns to levels observed in the preceding five years. That’s an estimate, and there has obviously been some difficulty properly calibrating the expectations of how balance will return and how long it will take. In late November, OPEC met to adjust its output plans because of the anemic rebound in demand. In mid-December, the IEA lowered its demand forecast for 2021 due mostly to continued sluggishness in aviation fuel demand.
A mild winter has interrupted a recovery in North American natural gas prices after a run-up motivated by curtailed capital expenditures, upstream activity and production. After an initial meltdown, with cargo cancellations and dramatic price reversal, LNG markets have made a remarkable comeback, and the spread between Asia and Henry Hub has reached a level we haven’t seen in almost three years. It may be the case that interruption in FIDs has brought us to the cusp of a balance that can support reliable returns.
EY Price Point: global oil and gas market outlook (Q4, October 2020)EY
Oil and gas prices have recovered steadily from their lows and are relatively stable, but that stability is supported by the combination of purposeful withholding of production by oil-producing countries and economic stress on upstream independents. Oil prices closed the quarter roughly where they started it, while refining spreads were down slightly. LNG spreads were substantially higher at the end of Q3 than they were at the beginning of the quarter but are still roughly half of what is generally thought of as sustainable.
Going forward, the market will be looking closely at how the economy and demand respond to new developments with respect to a potential COVID-19 vaccine and the US election.
EY Price Point: global oil and gas market outlookEY
As we close the second quarter of 2020, in most of Europe and Asia, the first (and hopefully last) wave of the COVID-19 crisis appears to be abating. In the parts of the US where the virus hit early, the profile has largely matched Europe’s, while in other parts, the urge to reopen businesses has trumped the desire to contain the virus and uncertainty looms. In the developing world, the crisis has just begun, but without the economic headroom and resources necessary to contain it. As the crisis unfolded, the effect on oil and gas demand has been predictable but difficult to gauge precisely and therefore difficult to manage.
Oil prices have crept up steadily as production has been curtailed through coordinated action (OPEC+) and because of economic reality (unconventional oil in North America). That trend has been subject to momentary spasms when bad news hit the market. It would be understandable if traders were nervous, and it seems that they are. Although nowhere near where it was at the peak of the crisis, option implied volatility is still at historically high levels. Gas markets, without the benefit of coordination on the supply side, continue to deal with the market implications of storage at or near capacity. Interfuel competition in power generation has always provided something of a floor, but those lows have been, and will continue to be, tested.
Zahl der Gewinnwarnungen steigt auf RekordniveauEY
Immer mehr deutsche börsennotierte Unternehmen müssen ihre eigenen Umsatz- oder Gewinnprognosen nach unten korrigieren. Im ersten Quartal stieg die Zahl der Prognosekorrekturen auf ein neues Rekordniveau: Insgesamt 77 Gewinn- oder Umsatzwarnungen wurden registriert.
Die Corona-Krise trifft auch die Versicherungsbranche mit voller Wucht. Die Versicherer rechnen mit weniger Neugeschäft. Jeder Fünfte mit Personalabbau und Prämienerhöhungen.
Liquidity for advanced manufacturing and automotive sectors in the face of Co...EY
The document discusses the impacts of COVID-19 on the liquidity and cash management of advanced manufacturing and mobility companies. It notes that companies are searching for short-term solutions to issues securing liquidity to fund operations as the global economy falls due to actions taken in response to the pandemic. It provides an overview of various challenges companies may face, such as cash shortages, credit squeezes, supply chain disruptions, and reduced access to capital. The document also outlines some measures companies can take to enhance short-term liquidity.
IBOR transition: Opportunities and challenges for the asset management industryEY
This document provides an agenda and overview of a webinar discussing the IBOR transition for the asset management industry. The webinar covers topics such as the progress of the transition, impact on asset managers and products, perspectives from European central banking working groups, and how firms are migrating. It introduces the speakers and their topics. In addition, it provides background on the drivers for IBOR reform, timeline of key milestones, and summaries of transition progress for different jurisdictions.
Fusionen und Übernahmen dürften nach der Krise zunehmenEY
Folgt auf die Corona-Krise ein M&A-Boom? Laut Capital Confidence Barometer von #EY hoffen 40 Prozent der deutschen Unternehmen auf sinkende Bewertungen von Übernahmekandidaten.
EY Price Point: global oil and gas market outlook, Q2, April 2020EY
The first quarter of this year has seen some extraordinary events. As if chronic oversupply, prices stuck below sustainable levels, the looming energy transition, and investor pressure to decarbonize weren’t enough, our industry now faces a dramatic, but hopefully temporary, downturn in demand as a result of the ongoing COVID-19 outbreak.
Our Global Chemical Industry Leader Frank Jenner explores the trends and drivers that will shape the chemical industry of tomorrow in our latest Chemical Market Outlook.
Die Geschäftslage im Mittelstand hat sich leicht verschlechtert, ist in den meisten Branchen aber weiter überwiegend gut - die Einstellungsbereitschaft sinkt.