Latest news with #EY
Irish Times
7 hours ago
- Business
- Irish Times
Where is the value in increasing the Help-to-Buy scheme threshold?
Pre-budget submissions are all about pleadings. Every special interest group in the State makes a pitch for more resources. They all consider their proposals to be in the wider public and economic interest. Some are worthy, many more are largely self-interested. This year the whole process appears to have kicked off earlier than usual, perhaps on the understanding that the largesse of recent years is unlikely to be repeated this time around. In the first place, there is no election. Worries for the medium-term health of Europe's most open economy in a climate where tariffs, trade wars and an absence of consistency on policy are increasingly the norm also will inevitably push Ministers towards a more cautious approach. And for what money is available, the need is to prioritise investment in infrastructure. Expensive upgrades to electricity, water and sewerage networks that are increasingly being cited by foreign direct investors among factors counting against Ireland Inc are needed. READ MORE An EY survey on Friday found that more than two-thirds of Irish businesses 'are worried about securing enough energy to meet future needs', which is an extraordinary number. Put together, it means more things are going to be a tough ask to get over the line. [ First-time buyers in Dublin now locked out of Help-to-Buy scheme, warns Savills Opens in new window ] It seems a strange time then for estate agent Savills to be picking CSO house price data to press for an increase in the upper threshold for the Help-to-Buy scheme. Savills says first-time buyers in Dublin are paying an average of €515,000 for a home, putting them beyond the €500,000 ceiling for Help-to-Buy. It wants that ceiling increased to at least €621,000 to take account of inflation, it says. First, averages are notoriously prone to manipulation by singular expensive property sales. Second, the more reliable median data from the same CSO note shows that prices exceed €460,000 only in Dún Laoghaire Rathdown among the four Dublin local authority areas. [ Developers are bluffing when they say lower prices would undermine viability of house building Opens in new window ] Then there is the maximum available tax refund under Help-to-Buy, which is €30,000. Ignoring that when calling for a higher ceiling is not making property more affordable for first-time buyers in general, only for the very wealthy. It is worth remembering that while the marketing speaks about providing a helping hand for first-time buyers – with even the scheme's name selected for the same reason – Help-to-Buy was from the start a scheme put together to help developers make the numbers stack up on building starter homes. That's not happening, as supply constraints (and prices rising at their fastest rate in 10 years) attest, so for the State – and those first-time buyers – what is the value of widening the incentive?
Yahoo
16 hours ago
- Business
- Yahoo
Mastercard unveils UK A2A instant payments sandbox
Mastercard is set to provide UK banks and financial institutions with a groundbreaking platform to innovate and test account-to-account (A2A) instant payments technology. Later this year, the company will open access to its fifth-generation A2A instant payments sandbox, designed to foster collaboration and modernise the UK's payment ecosystem. The sandbox environment will enable experimentation with new payment flows, including retail and digital assets, across various use cases. It aims to support the development of advanced services such as the "5-leg credit transfer" with instant payment confirmation, enhancing merchant and consumer payment options. Adhering to the international ISO20022 standards, the sandbox will offer significant improvements in transaction data richness. This advancement is expected to boost fraud detection capabilities and pave the way for future innovations in the payment sector. The UK government's National Payments Vision (NPV), published at the end of last year, sets ambitious goals for the payment sector's contribution to economic growth. Mastercard's A2A sandbox aligns with this vision, providing a platform for banks and fintechs to prepare for the next phase of the UK's payment evolution. An EY report from March 2025 highlighted the potential for a £9bn annual uplift to the UK's GDP through the modernisation of A2A infrastructure. The sandbox represents a critical step in unlocking this growth, serving as a testing ground for new infrastructure capabilities and products. Mastercard's Next Generation A2A Instant Payment platform underpins the sandbox, offering a cloud-ready solution with user-friendly front-end tools and a developer portal, as well as robust back-end functionality with API access for easy integration. Mastercard Real Time Payments executive vice president Peter Reynolds said: 'Account-to-account payments in the UK are already an enormous part of the UK's financial landscape. The Mastercard A2A instant payments Sandbox opens our innovative technology to our partners to develop and test new potential services. Alongside the UK government's National Payments Vision, we're setting out a bold vision of the future in A2A real-time payments.' The sandbox was showcased at UK Finance's Digital Innovation Summit on 24 June, emphasising its role in accelerating retail payments. In September 2024, Mastercard updated its Consumer Fraud Risk (CFR) solution to increase the ways it helps protect consumers from Real Time Payment scams. The AI-powered insights give more UK banks greater visibility into potentially fraudulent transactions so they can stop scams before they take place. "Mastercard unveils UK A2A instant payments sandbox" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
a day ago
- Business
- Yahoo
US labor market adds 139,000 jobs in May, unemployment holds steady at 4.2%
The May jobs report showed the US labor market remained largely resilient amid President Trump's new tariff policy. The US economy added 139,000 nonfarm payrolls in May, more than the 126,000 expected by economists. The unemployment rate held steady at 4.2%. In April, the US economy added 177,000 jobs while the unemployment rate held flat at 4.2%. Those figures were revised lower on Friday to reflect that the economy added 147,000 jobs that month. Revisions from March and April showed the US labor market added 95,000 fewer jobs than initially thought. "We're seeing a softening in the labor market," EY chief economist Gregory Daco told Yahoo Finance. "That's undeniable. But it's not a retrenchment in the labor market. And that's what was feared." Stocks rallied after the report, with the Dow Jones Industrial Average (^DJI), S&P 500 (^GSPC), and Nasdaq Composite (^IXIC) all rising about 1% in early trading. Average hourly earnings in May rose 0.4% over the last month and 3.9% over the prior year. Economists expected wages to rise 0.3% over the last month and 3.7% over the prior year. Meanwhile, the labor force participation rate fell to 62.4% from 62.6% the month prior. "The May employment report was mixed but doesn't alter our assessment of the labor market or the economy," Oxford Economics chief US economist Ryan Sweet wrote in a research note following the release. "We also remain comfortable with the forecast for the Federal Reserve to wait until December before cutting interest rates as the inflation impact of tariffs is still coming and will be more visible this summer." The May jobs report encapsulated the week of May 12, meaning it included the initial reaction to the US-China 90-day tariff pause. Additionally, Trump's baseline tariffs of 10% on various countries were in effect. Amid the tariff back-and-forth other signs of slowing in the jobs market have begun to emerge in the data. On Wednesday, ADP data showed the private sector added 37,000 jobs in May, the lowest monthly total in more than two years. Then on Thursday, weekly filings for unemployment benefits hit their highest level since October 2024. Meanwhile, continuing claims hovered near their highest level in nearly four years. Read more: How jobs, inflation, and the Fed are all related Josh Schafer is a reporter for Yahoo Finance. Follow him on X @_joshschafer. Sign in to access your portfolio
Yahoo
a day ago
- Business
- Yahoo
C-suite overconfidence in AI could prove bad for business, says survey
In an ever-changing geo-political and economic climate, the key to business success appears to be the ability to adapt. Add into that the fast-paced world of tech and AI, and if you're not ready for change, you'll get left behind. 'AI is [such] an evolving ecosystem that companies are thinking through introducing a level of agility in their decision-making to give them the capacity to take on what AI is going to bring our way over the next while, without really, completely knowing what the answer is,' Jad Shimaly, global managing partner of client service at EY, told Euronews. But as companies prepare for increased AI adoption and innovation, are their consumers happy with the risks they're taking? The true definition of responsible AI appears to be somewhat up for debate, and that could have serious business consequences, according to EY's latest Responsible AI Pulse survey. 'There seems to be a decent gap between C-suite expectations and understanding of what responsible AI and what the risk of AI is and what customer and consumer's expectations are,' Jad explained. The survey highlighted that, in organisations that have already fully integrated AI, many C-suite leaders 'have misplaced confidence in the strength of their responsible AI practices and their alignment with consumer concerns'. This could lead to a reduction in consumer trust and a reduced competitive edge for the company, which is only set to increase as things like agentic AI become more prevalent. 'CEOs stand out as an exception — showing greater concern around responsible AI, a viewpoint that's more closely aligned with consumer sentiment,' the report noted, however. 'One in five CEOs think that they have AI risk under control, while a third of their C-suite think that they have AI risks under control,' Jad told Euronews. 'So the CEOs seem to be a bit less comfortable that AI risk is being fully understood and mitigated than their C-suite.' This difference in perception between CEOs and their senior colleagues is potentially linked to lower awareness levels or lower perceived accountability. 'It may also exhibit an imperfect understanding of the true potential of AI,' the survey added. Jad was confident, however, that as regulations around responsible AI become clearer and more harmonised across the world, consumers will feel more assured that risks are being sufficiently mitigated. Related Businesses set to fail if cyber resilience not most important thing says Splunk strategy head Air Astana: How can Kazakhstan's flag carrier boost its dwindling share price? Topics that incited different levels of concern between C-suite individuals and consumers included AI-generated misinformation, the use of AI to manipulate individuals, and AI's impact on vulnerable segments of society. Both sides weren't hugely concerned by the idea of job losses, the topic where they aligned most. The survey also found that companies still in the process of integrating AI were much more closely aligned with the level of concern of their consumers, compared to those who had already fully integrated AI. 'Just over half (51%) of [C-suite] in this group believe they're well aligned — compared with 71% of [C-suite] in organisations where AI is already fully integrated across the business,' the survey stated. Watch the video above to see more from the interview with EY's Jad Shimaly.
Entrepreneur
a day ago
- Business
- Entrepreneur
India's Family Offices Reach 300 in 2024: Report
While a quarter of these offices still prioritize capital preservation, a broader trend is clear: diversification, global exposure, and intergenerational continuity are now front and centre. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. India's ultra-wealthy are no longer content to quietly preserve their fortunes. According to a new EY–Julius Baer report, The Indian Family Office Playbook, they're embracing risk, going global, and rethinking the way wealth is managed. The country now hosts over 300 family offices, up sharply from just 45 in 2018, and many are stepping beyond traditional investing models. The shift is more than cosmetic. While a quarter of these offices still prioritize capital preservation, a broader trend is clear: diversification, global exposure, and intergenerational continuity are now front and centre. Surabhi Marwah, co-leader of Private Tax and partner at EY India, said: "The Indian family office ecosystem is at an inflection point where wealth preservation alone is no longer enough." Today's family offices, typically formed by high-net-worth and ultra-high-net-worth individuals, are evolving into sophisticated wealth management engines. Their remit stretches beyond financial returns, covering everything from philanthropy and governance to succession planning and international compliance. The result: a model that is more institutional, nimble, and global in ambition. But with opportunity comes complexity. Nearly half of the family offices surveyed cited concerns over shifting tax laws, while 37 per cent flagged challenges around cross-border regulations. These anxieties aren't sidelining global ambitions but are now baked into how portfolios and structures are designed. "Family offices are increasingly catering to first-generation entrepreneurs who are more risk-tolerant and open to emerging sectors," said Umang Papneja, CEO of Julius Baer India. "As the scale and complexity of wealth grow, there's a stronger focus on strengthening governance, growing asset value and planning for legacy succession." Even so, the road to alternatives is being walked carefully. Despite growing interest, 57 per cent of family offices still allocate less than 10 per cent of their holdings to private equity or venture capital. The reasons range from limited access to cautious investment postures, underscoring that while ambition is high, risk appetite remains measured. Another critical area of evolution is governance and succession. The report shows that while 59 per cent of family offices have wills or constitutions in place, only 19 per cent have moved to adopt formal legal structures like private trusts or LLPs. This gap between intent and execution could prove costly as wealth transitions to younger generations. "Preserving and enhancing generational wealth lies at the heart of every family office," said KT Chandy, Partner and Co-leader of Private Tax at EY India. "In the process, they enable seamless succession through structures like private trusts, aligned shareholder agreements, and defined governance roles." Looking forward, several trends are expected to define the next phase of India's family office journey. GIFT City is emerging as a key hub for cross-border structuring and tax efficiency, while ESG investing is aligning portfolios with the values of the next generation. Technology and data are also playing a growing role, especially in risk monitoring and strategic rebalancing.
