UK votes for Brexit. PM Cameron resigns GBP/USD falls 18 figures to its lowest level since 1985 before recovering Global equity markets slump. Eurostoxx falls more than 10% - hits lowest level since 2013 What has happened? The UK referendum decision to leave the EU had a huge impact on markets overnight, in part because markets were almost fully pricing in a vote to “Remain”. GBP fell very sharply, with the JPY and the USD the main beneficiaries. Initially GBP/USD fell to 1.3240 from...

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The United Kingdom has voted to withdraw from the European Union. The A&L Goodbody team of experts (both ROI and NI) has closely monitored the Brexit debate and has summarised the legal implications for businesses and investors in Ireland and Northern Ireland. In this update, we outline the likely withdrawal procedure, together with some suggestions as to how businesses with UK trading relationships and/or operations might begin to assess the legal consequences of Brexit for them. While Brexit will have immediate and...

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The Brexit has implications for organisations active in the Benelux. To give a quick overview of these implications, we have formulated FAQ's for various practice areas.  General 1. What is the background of the 23 June 2016 referendum? During the Conservative campaign for the 2015 UK general elections, Prime Minister David Cameron promised that, if the Conservative Party were to win these elections, he would negotiate a settlement with the EU on issues of concern for the UK and submit that settlement...

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The EU Blue Card is a work and residence permit granted by a member state of the European Union. Citizens of third countries can apply for it in order to commence employment in the specific EU state. Its name is derived from the U.S. "Green Card" and the blue color of the European flag. The legal basis is EU Directive 2009/50/EC. In October 2007, the European Commission adopted two proposals: the first one known as the EU Blue Card Directive,...

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On 20 June 2016, Ecofin reached political agreement on the Anti Tax Avoidance Directive (“ATAD”). The rules included in the ATAD will have an impact on the corporate income tax position of companies operating in the European Union (“EU”), including the Netherlands. Unlike the earlier drafts of the ATAD, the final draft ATAD dated 17 June 2016 no longer includes the switch-over clause. The switch-over clause could have adversely affected the Dutch participation exemption regime.The ATAD is aimed at...

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Houlihan Lokey is pleased to announce that Iovate Health Sciences International, Inc. has agreed to be acquired by Xiwang Foodstuffs Co., Ltd. The transaction was signed on June 12, 2016. Founded in 1995 and based in Oakville, Canada, Iovate is a dynamic, leading-edge nutritional company that delivers some of the highest quality, most innovative, and effective active nutrition products in the world. With brand innovations like MuscleTech, Six Star Pro Nutrition, Purely Inspired, and Hydroxycut, the company is committed to being the...

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In the early morning hours of June 12, 2016, 49 innocent people lost their lives in a mass shooting in the Pulse nightclub in Orlando, Florida. This mass shooting, the deadliest in U.S. history, has left the City of Orlando shaken, particularly members of the lesbian, gay, bisexual, transgender, and queer (LGBTQ), and Latino/a communities. This Insight aims to provide a guide to employers on ways they can support their employees whose lives were touched by this tragedy.  Its basic...

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Many companies seek Prestige Capital’s services during times of change in their company…as a bridge to various types of financing. With no monthly minimums, and contracts that can be as short as 3 months in certain circumstances, Prestige is poised to assist a client with immediate liquidity when needed. When the client accomplishes their intended goal, they can “graduate” from our program. GRADUATES…STEP UP FOR YOUR DIPLOMAS! After 13 months a Pickle Company is graduating to a strategic partnership with one...

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According to The Real Deal, Big Four accounting firm Ernst & Young is considering various locations in lower Manhattan and New Jersey to replace its current location at Five Times Square in Manhattan. The firm occupies nearly one million square feet with a lease that is to end in mid-2022. The 1.1 million square-foot office backs the $1.072 billion Five Times Square loan. Half of the loan is part of the collateral pool for WBCMT 2007-C31. The $536 million slice makes...

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Louisiana is giving away an average of $1.6 billion annually in tax breaks to large manufacturers with little oversight and little return, according to a new study released Monday. Together Louisiana, a statewide association of clergy and public interest groups that favors higher taxes on big corporations and the wealthy, reports Louisiana has the most generous industrial tax exemption in the country, allowing companies to avoid paying their property taxes to local schools, sheriffs and fire departments for 10...

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