Saudi Arabia, UAE see Brexit having little impact on their financial institutions | Reuters:
"Two Gulf states said on Saturday they did not anticipate their financial institutions to be greatly affected as a result of Britain's vote to exit the European Union.
Saudi Arabia, the world's largest oil exporter and OPEC heavyweight, said it had already made some adjustments to assets denominated in sterling and euros in anticipation of the vote.
The Kingdom had been monitoring the situation and made the changes as a "precautionary stance," Saudi Arabian Monetary Authority Governor Ahmed al-Kholifey was quoted as saying by state news agency SPA."
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Saturday 25 June 2016
Hedge Fund Still Wants Its Tax-Avoidance Profits - Bloomberg View
Hedge Fund Still Wants Its Tax-Avoidance Profits - Bloomberg View:
"Here's a passage from a lawsuit:
Mr Patel and Mr Barenys confirmed that MLI would be able to generate a profit for Lycalopex from the DAS, but asked whether a 75% return rather than the 100% return originally proposed (i.e. a profit over the first year of $15 million rather than $20 million) would be acceptable. Mr Patel said words to the effect that: "I can't do $20 million, but I'll definitely get you to $15 million". Mr Devonald and Mr Williams said they would consider this request and revert to Mr Patel and Mr Barenys. The same day, they sought and obtained approval for this reduced profit commitment. They relayed that approval to MLI the following day.
Here's a link to the lawsuit, but don't click it yet. First, I want you to guess: What kind of lawsuit is it? Raj Patel and Angel Barenys of MLI came to Andrew Devonald and Grant Williams of Lycalopex with good news and bad news. The bad news was that MLI couldn't guarantee Lycalopex a one-year profit of $20 million, or 100 percent of its original investment (of $20 million). The good news was that MLI could guarantee Lycalopex a $15 million profit, or 75 percent. So: Who are these people, and what were they up to?"
'via Blog this'
"Here's a passage from a lawsuit:
Mr Patel and Mr Barenys confirmed that MLI would be able to generate a profit for Lycalopex from the DAS, but asked whether a 75% return rather than the 100% return originally proposed (i.e. a profit over the first year of $15 million rather than $20 million) would be acceptable. Mr Patel said words to the effect that: "I can't do $20 million, but I'll definitely get you to $15 million". Mr Devonald and Mr Williams said they would consider this request and revert to Mr Patel and Mr Barenys. The same day, they sought and obtained approval for this reduced profit commitment. They relayed that approval to MLI the following day.
Here's a link to the lawsuit, but don't click it yet. First, I want you to guess: What kind of lawsuit is it? Raj Patel and Angel Barenys of MLI came to Andrew Devonald and Grant Williams of Lycalopex with good news and bad news. The bad news was that MLI couldn't guarantee Lycalopex a one-year profit of $20 million, or 100 percent of its original investment (of $20 million). The good news was that MLI could guarantee Lycalopex a $15 million profit, or 75 percent. So: Who are these people, and what were they up to?"
'via Blog this'
City firms may lose 'prized' EU access, says French banker - BBC News
City firms may lose 'prized' EU access, says French banker - BBC News:
"London's financial institutions risk losing their prized access to the EU if the UK leaves the single market, said France's top central banker.
Francois Villeroy de Galhau said London's banks would lose their "financial passport", which allows them to trade freely in the EU.
Earlier, the head of the Eurogroup of finance ministers Jeroen Dijsselbloem said banks would move outside the UK.
"
'via Blog this'
"London's financial institutions risk losing their prized access to the EU if the UK leaves the single market, said France's top central banker.
Francois Villeroy de Galhau said London's banks would lose their "financial passport", which allows them to trade freely in the EU.
Earlier, the head of the Eurogroup of finance ministers Jeroen Dijsselbloem said banks would move outside the UK.
"
'via Blog this'
The big issues still to be settled about Britain’s post-EU existence - FT.com
The big issues still to be settled about Britain’s post-EU existence - FT.com:
"The UK has voted to strike a new course outside the EU in one of the most momentous decisions in the country’s postwar history. Now the real questions begin.
Even as the reality sinks in that Britain voted to leave the bloc in Thursday’s In/Out referendum on membership, the consequences of that vote — what it means for trade, immigration and growth — have yet to be determined.
The FT looks at some of the big issues still to be settled about Britain’s post-EU existence."
'via Blog this'
"The UK has voted to strike a new course outside the EU in one of the most momentous decisions in the country’s postwar history. Now the real questions begin.
Even as the reality sinks in that Britain voted to leave the bloc in Thursday’s In/Out referendum on membership, the consequences of that vote — what it means for trade, immigration and growth — have yet to be determined.
The FT looks at some of the big issues still to be settled about Britain’s post-EU existence."
'via Blog this'