UPDATE 1-Ernst & Young posts rise in 2007 global revenues

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NEW YORK, Nov 1 (Reuters) - Global accounting firm Ernst & Young [ERNY.UL] said on Thursday its worldwide combined revenues rose to $21.1 billion for the fiscal year ended June 30, with double-digit growth across all regions.

The Big Four accounting firm said the total represents an increase of 15 percent in dollar terms or 11 percent in local currencies.

"The strength of the global platform has enabled double-digit performance across each of Ernst & Young's global service lines ... as well as each of the seven geographic area practices," the firm said in a statement.

The Transaction Advisory Services unit grew the most. It achieved a revenue increase of 29 percent in dollar terms due to some large deals, including activity in emerging markets and "exceptional" demand from private equity clients, the firm said.

On a regional basis, revenue growth was up 10 percent in the Americas, 22 percent in Northern Europe, Middle East, India and Africa, 16 percent in Central Europe and 17 percent in continental Western Europe.