More property funds suspended as Brexit tremors continue in the City | Business | The Guardian:
"Britain’s vote for to leave the EU has sent further shock waves through financial markets, with three more property funds suspended, the pound plunging and share prices falling amid fresh uncertainty about the economic impact of the decision to leave the EU.
Funds responsible for investing some £14bn in shopping centres, office blocks and warehouses have now locked out investors following the decision by Henderson, Threedneedle Columbia and Canada Life to suspend dealing on Wednesday after being swamped by investors attempting to redeem their cash.
The three made their announcements after Standard Life, , Aviva and Prudential’s M&G barred investors from withdrawing their cash earlier in the week. The suspensions mean that half of all UK retail property funds are suspended, according to calculations by Hargreaves Lansdown, and there were expectations that more would follow."
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Wednesday, 6 July 2016
UAE's United Arab Bank signs $150 mln 2-yr loan - sources | Reuters
UAE's United Arab Bank signs $150 mln 2-yr loan - sources | Reuters:
"United Arab Bank (UAB), a United Arab Emirates-based lender, has secured a $150 million loan of two years duration, sources aware of the matter said on Tuesday.
The transaction is the latest loan raised by a regional bank as liquidity comes under pressure from lower oil prices and a weaker economy.
UAB began a marketing period for the loan in May, saying at the time that the cash would be used for general corporate purposes and prepayment of an existing syndicated facility."
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"United Arab Bank (UAB), a United Arab Emirates-based lender, has secured a $150 million loan of two years duration, sources aware of the matter said on Tuesday.
The transaction is the latest loan raised by a regional bank as liquidity comes under pressure from lower oil prices and a weaker economy.
UAB began a marketing period for the loan in May, saying at the time that the cash would be used for general corporate purposes and prepayment of an existing syndicated facility."
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UPDATE 1-Carillion glad of limited UK exposure after Brexit | Reuters
UPDATE 1-Carillion glad of limited UK exposure after Brexit | Reuters:
"British building support services company Carillion derives less than 5 percent of its revenue from the UK housing market, limiting its exposure to the fallout from the country's vote to leave the EU, its CEO said on Wednesday.
Amid rising concerns of a slump in the UK market after the country voted to leave the European Union, CEO Richard Howson said Carillion had cut back its exposure to Britain's construction market since 2009 and had "very deliberately" controlled the size of UK residential work it had bid for in recent months.
"We are very happy today with the action we took in 2009-10 to half the size of our construction business in the UK ... that decision was absolutely the right decision and has enabled us to limit the exposure to the residential market," Howson told analysts on a conference call."
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"British building support services company Carillion derives less than 5 percent of its revenue from the UK housing market, limiting its exposure to the fallout from the country's vote to leave the EU, its CEO said on Wednesday.
Amid rising concerns of a slump in the UK market after the country voted to leave the European Union, CEO Richard Howson said Carillion had cut back its exposure to Britain's construction market since 2009 and had "very deliberately" controlled the size of UK residential work it had bid for in recent months.
"We are very happy today with the action we took in 2009-10 to half the size of our construction business in the UK ... that decision was absolutely the right decision and has enabled us to limit the exposure to the residential market," Howson told analysts on a conference call."
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Oaktree Executive Wanted Over $264 Million May Avoid Extradition - Bloomberg
Oaktree Executive Wanted Over $264 Million May Avoid Extradition - Bloomberg:
"A Oaktree Capital Group LLP executive in London wanted in the United Arab Emirates over a $264 million embezzlement dispute may avoid extradition, his lawyer said at a court hearing Monday.
A lawyer for Martin Graham -- a senior vice president at the world’s largest distressed-debt investor -- told a London court that a potential settlement related to the case may lead to the extradition request being withdrawn. The UAE issued a warrant after a local court sentenced the Briton last year in absentia to three years in prison, alleging he stole $264 million from engineering contractor Gulmar Offshore Oil Company.
Graham’s lawyer, Rachel Scott, told the court that settlement talks between Gulmar and shareholders including claimant Jean-Michel Tissier, who is behind the criminal complaint, may be resolved shortly and the warrant rescinded. It could also see the conviction overturned, she said."
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"A Oaktree Capital Group LLP executive in London wanted in the United Arab Emirates over a $264 million embezzlement dispute may avoid extradition, his lawyer said at a court hearing Monday.
A lawyer for Martin Graham -- a senior vice president at the world’s largest distressed-debt investor -- told a London court that a potential settlement related to the case may lead to the extradition request being withdrawn. The UAE issued a warrant after a local court sentenced the Briton last year in absentia to three years in prison, alleging he stole $264 million from engineering contractor Gulmar Offshore Oil Company.
Graham’s lawyer, Rachel Scott, told the court that settlement talks between Gulmar and shareholders including claimant Jean-Michel Tissier, who is behind the criminal complaint, may be resolved shortly and the warrant rescinded. It could also see the conviction overturned, she said."
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