Press Releases 2011

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The following press releases highlight our newsworthy activities.

Petr Sedláček will lead PwC CZ Advisory Services for the financial sector
Petr Sedláček will lead PwC Czech Republic Advisory Services for banks, insurance companies and other financial institutions. Petr was appointed as a Director at the end of November. He has extensive experience working with financial institutions. For 7 years he was a CEO of Global Payments Europe, a company listed on the New York stock exchange (NYSE).

Economic crime increasing in the Czech Republic, increasingly more perpetrators creep into firms via the internet
Overall, 29% of companies in the Czech Republic experienced economic crime in the past 12 months, according to PwC's 2011 Global Economic Crime Survey. The previous year of the survey conducted in 2009 showed “only” 24% of Czech companies were victims of such activities. As with the other parts of the world, Czech companies have also been increasingly attacked from internet.

Does VAT exemption give EU banks a tax advantage?
New research by Professor Ben Lockwood of the University of Warwick undertaken with PwC has revealed that the VAT exemption which applies to European banks does not lead to a tax advantage for the banking sector. The report concludes that if bank services were subject to VAT (in place of the current exemption system) this would not lead to any significant increase in EU VAT revenues.

PwC Legal enters the Czech market
New law firm PwC Legal, with offices in Prague and Brno has entered the Czech market. PwC Legal is a commercial transactions and project law firm, which offers a full range of legal services to all major industries. At the same time, a new legal firm PwC Legal has been announced in Slovakia. In addition to the Czech Republic and Slovakia, the PwC Legal network serves clients globally in more than 75 countries worldwide.

The success of the initial public offering (IPO) market for the whole of 2011 will be decided within the next few weeks, says PwC.

PwC reports FY2011 global revenues of US$29.2 billion
PwC , the world’s leading professional services network, reported gross revenues of US$29.2 billion for its worldwide network of firms for the fiscal year ended 30 June 2011, an increase of 10% over FY2010, and the strongest growth in revenues that the network has seen since 2008. At constant exchange rates, PwC's FY2011 network revenues rose by 8%.

Andrew Krenek joined PwC as a new HR Consulting Director
Andrew Krenek has been appointed as a Director in Human resource management consulting at PwC Czech Republic. Andrew will be responsible for developing and managing our HRM Consulting Business.

Chris Skirrow is the new Assurance Leader at PwC in the Czech Republic
Chris Skirrow assumed the leadership of the Czech PwC Assurance practice from July 1 2011. Chris took over from Paul Cunningham who will devote himself fully to the role of PwC CEE Financial Services Leader.

Insurance products distribution and dependence on intermediaries are the slipperiest banana skins for Czech insurers
According to the latest “Insurance Banana Skins” survey conducted by the Centre for the Study of Financial Innovation (CSFI) together with PwC, some distribution channels, retail sales practices, particularly in life insurance, and the impact of climate change are the greatest risks facing Czech insurers. Marek Richter, a PwC Czech Republic Partner and insurance expert, comments on the top ten most serious risks for the Czech insurance sector.

Wave of new regulation tops insurance sector risks ‘Banana Skins’ poll pinpoints key concerns for insurers
Záplava nové regulace, která je v současné době zaváděna na mezinárodní i lokální úrovni, představuje největší riziko, jemuž nyní pojišťovnictví čelí. Ukázaly to závěry nejnovější studie „Insurance Banana Skins“, která byla provedena Centrem pro výzkum finančních inovací (CSFI) ve spolupráci s PwC.

Customs manager joins the PwC Tax and Legal Services team
PwC Czech Republic Tax and Legal Services team was strengthened by the addition of Radovan Šmídl, who will head up its growing customs practice. Radovan has 10 years of experience in the customs area with specialist knowledge of customs law, processes and regimes, both in the Czech Republic and abroad. Radovan joins PwC after 3 years as the Head of the Customs Department at the General Directorate of Customs.

From crisis to battle: Czech CEOs have healthy scepticism
aa!Výroba automobilů v České republice roste podle statistik výrobců nepřetržitě od roku 2002 a podle aktuálního odhadu analytiků poradenské společnosti PwC poroste nadále až do roku 2012. Zatímco letos předpokládáme jen nepatrné zvýšení produkce z důvodu jen pozvolného hospodářského oživení a částečně vyčerpané poptávky na řadě klíčových trhů v důsledku šrotovného, v roce 2012 bychom se mohli dočkat téměř 9% růstu.

European banks are carrying over 1.3 trillion euros in non core loan assets – PwC European 0utlook for non core and non performing loan portfolios published today
Following the financial crisis PwC estimates that European banks are holding more than 1.3 trillion euros of loan assets that have been identified as non-core to their businesses. These loan portfolios consist of both performing and non performing loans (NPLs). Banks will spend the next 10 years either running off or selling these assets.

Oldřich Šulák joins the PwC Forensic Services team
PwC Czech Republic Forensic Services team was strengthened by the addition of Oldřich Šulák, Manager. Oldřich has broad experience in area of forensic investigations and disputes as well as fraud and misconduct investigation, corruption and bribery cases or ethics-breakings in various business sectors.

PwC and Senteo: Customer experience matters but the reality can differ widely.
PwC and Senteo Inc present the results of the annual retail banking sector “Customer Experience Index 2010: The state of retail banking following the financial crisis” Survey. The survey covers 90 retail banks from the Czech Republic, Slovakia, Russia and Ukraine and rates them on the basis of five core elements of customer experience: Brand, Communication, Environment, Offering and Culture. There is no surprise that the Czech banking sector achieved the highest evaluation from among the surveyed markets. Nevertheless, the survey gave the banks many lessons from a detached view point through the eyes of the mystery shoppers.

PwC Keeps Hollywood’s Best Kept Secrets for 77 Years and Counting
This year, PwC celebrates its 77th year leading the Oscars® balloting process on behalf of the Academy of Motion Picture Arts and Sciences (the Academy). PwC continues its tradition in tabulating the votes – which will not be revealed until the 83rd Academy Awards live telecast on ABC at 5 p.m. PT (8 p.m. ET) on Sunday, February 27, 2011.

Europe’s Real Estate Industry Must Adapt to Tougher Regulations, Tighter Credit: Emerging Trends in Real Estate: Europe 2011
Tougher regulations, Austerity Europe, the sovereign debt crisis, and a still-tight lending market will challenge Europe’s real estate industry in 2011, according to Emerging Trends in Real Estate 2011, published by PwC and the Urban Land Institute (ULI). The commercial real estate forecast, based on the opinions of 600 industry experts, predicts that 2011 will not be the turnaround year that the European real estate industry had hoped for, with a “two-speed” market likely to emerge that reflects a widening gap between investment hotspots and second-tier property markets.

Across Europe a wealth of new jobs will be created this year in the private sector, but the picture is not so positive in the Czech Republic, says PwC survey
Almost a quarter (23%) of European firms expect to increase headcount this year, but just 14% of Czech businesses share that outlook.  Additionally, according to this PwC survey of 800 HR Directors headcount is expected to be reduced in just 11% of businesses across Europe but Czech is again on the wrong side of the curve with 16% of businesses expecting to reduce headcount.