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The Latest Breaking News from EY

'Move fast, but do it with trust built in': EY CIO tells us why the rapid pace of AI means trust is now a critical business imperative

EY CIO tells us why delaying digital transformation decisions is no longer possible in the age of AI.

TechRadar

'Unrealistic' rules for AI data centres spark warning

Investors could be deterred from investing in new AI data centres in Australia if national guidelines under negotiation are too strict, the coalition warns.

AAP

Britain's 2027 Money Warning: How a Closed Strait of Hormuz Could Hit Your Wallet

Ernst & Young warns that the UK could face a recession if the Strait of Hormuz remains closed, impacting inflation and economic growth. The closure affects global energy markets and UK households.

International Business Times UK

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Global Market: UK growth at risk as EY flags inflation surge from Hormuz disruption

According to Reuters, EY expects the UK economy to expand by 0.8% in 2026 if the vital shipping route reopens by the end of September, before growing 1.2% in 2027 under its base-case scenario.

The Economic Times

Recession risk if Strait of Hormuz stays closed until next year

IN FULL

The Independent UK

UK economy faces recession if strait of Hormuz remains closed, EY warns - as it happened

Rolling coverage of the latest economic and financial news

The Guardian - UK

Prolonged Iran war could tip UK into recession next year, report warns

The EY economic outlook cautions that GDP could slow to 0.5% this year and contract by 0.2% next year if the Strait of Hormuz remains shut into 2027.

The Independent UK

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UK economy ‘at risk of recession’ next year if Strait of Hormuz disruption continues

EY’s latest economic outlook also warns that inflation could rise to 6.4% as oil and gas prices soar

The Independent UK

CBIZ Sold for $5 Billion: Grant Thornton mega deal creates fifth-largest US accounting services firm

Grant Thornton Advisors is acquiring CBIZ for five billion dollars. This significant transaction will create the nation's fifth-largest professional services provider. The deal offers CBIZ shareholders a substantial premium of seventeen point eight percent. Grant Thornton's expanded operations will span over twenty countries and territories. The combined entity expects to…

The Economic Times

$India's cities need USD 2.4 trillion investment by 2050, but municipal corporations raise only a fraction: Report$

India's cities need USD 2.4 trillion investment by 2050, but municipal corporations raise only a fraction: Report

India's cities will require an estimated USD 2.4 trillion in investments by 2050 to become climate-resilient and low-carbon, but municipal corporations have so far mobilised only a fraction of the required capital, according to a joint report released by FICCI and EY on Tuesday.

The Economic Times

EY and partner fined £1.2m over Made.com accounting failures

Watchdog officials said the auditors relied too heavily on the retail group’s own forecasts and did not sufficiently challenge them.

Evening Standard

Ernst & Young reveals data breach following hack on support system

Someone pulled sensitive customer data from EY's servers, but the data is yet to surface anywhere.

TechRadar

Travel firms and housebuilders lead profit warnings amid Iran war fallout

The figures from EY-Parthenon show UK listed firms made 59 profit alerts in total across the second quarter, up from 55 in the previous three months.

Evening Standard

The Global Race to Regulate AI Is Creating New Risks for Businesses

AI regulation is a healthy step for states and countries concerned about the speed of AI adoption. However, it's creating new complexities for businesses to navigate.

International Business Times

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The Economic Times

Australia to tighten scrutiny of Big Four Deloitte, EY, PwC, KPMG after wave of scandals

Australia will enhance its oversight of major accounting firms following recent governance issues. The government has directed the Australian Securities and Investments Commission to improve sector regulation. This move aims to boost accountability and transparency within the audit industry. Several Big Four firms have faced scandals and investigations in recent…

AAP

'End of an era': 200 jobs lost, unique smelter shuts

The nation's only manganese smelter, which produced material critical to steel manufacturing, will shut after a buyer couldn't be found.

Evening Standard

Former Virgin Money boss picked as next chair of UK’s auditing watchdog

Dame Jayne-Anne Gadhia has been announced as the Government’s pick to chair the Financial Reporting Council.

Fortune

This summer's hottest IPOs are minting a new class of ultra-high-net-worth 'IPO Bros'—and family offices are changing how they approach them

A hot IPO summer means family offices are learning how to navigate newly minuted UHNW "IPO Bros" who have that entrepreneurial spirit.

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news in one place.

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The Conversation

Who has access to my bank details? What protections are in place to prevent misuse?

Two brothers – Paul Issa and Phillip Issa – fronted court in Sydney this week, both facing criminal charges after allegedly accessing the personal banking details of Prime Minister Anthony Albanese.

The Conversation

‘Not fair and honest’: KPMG and other audit firms finally face a reckoning – and a potential break-up

The “big four” audit and consulting firms face a likely crackdown that could even lead to the firms being broken up, following a string of ethical failures.

AAP

Number's up for crisis-hit accounting firms in shake-up

Treasury is proposing splitting auditing and consulting functions under reforms to the industry following scandals involving the major firms.

The Independent UK

Two EY employees charged with accessing bank details of Australian PM Albanese: ‘Incredibly concerning’

Two men, aged 21 and 25, charged with unauthorised access to restricted data

AAP

Accounting grad sacked after PM's bank account accessed

Accounting giant EY has sacked an employee who was charged with accessing Anthony Albanese's personal bank account while on secondment at the Commonwealth Bank.

The Economic Times

Petroleum vulnerability rising, India must build crude buffers and cut import dependence, EY cautions

India faces mounting vulnerability due to its soaring dependence on imported crude oil, now exceeding 90%. A recent EY report urges augmenting strategic reserves, currently sufficient for only five days of consumption and developing a comprehensive purchase and release strategy.

The Economic Times

India's higher nominal GDP growth may help contain fiscal pressures despite global risks: EY

India's fiscal deficit is expected to remain under control in FY27, thanks to robust nominal GDP growth driven by higher inflation, according to EY India. This will bolster tax revenues, helping the government manage finances despite potential increases in subsidy spending. While real growth may moderate, a projected nominal GDP…

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