OECD delays stats to calculate Brexit impact
PARIS • The Organisation for Economic Cooperation and Development (OECD) said yesterday it would suspend publication until September of its flagship economic indicators as uncertainty created by Britain's vote to leave the European Union could make the data misleading or inaccurate.
Every month, the Paris-based group publishes a composite leading indicator for all its member countries, designed to flag early signals of turning points in economic activity. It said none would be released this month or next to allow for more significant data to be collected.
The OECD previously suspended publication of the data in April and May 2011 following a major earthquake in Japan.
Aberdeen extends fund suspension
LONDON • Aberdeen Asset Management said yesterday it is to keep the suspension on its £3.2 billion (S$5.6 billion) British property fund in place for two more days.
Last week, it cut the value of the fund by 17 per cent and imposed a temporary suspension. While Aberdeen is in a position to lift the suspension now, "we believe it is appropriate to allow a further two days for remaining investors to be contacted" so they are all treated fairly, chief executive Martin Gilbert said.
More than £18 billion in open-ended property funds aimed at retail investors was frozen last week following a tide of redemption requests after Britain voted to leave the European Union.