caption German, British and European Union flags fly in front of the Reichstag building in Berlin, Germany July 20, 2016. source REUTERS / Hannibal Hanschke / File Photo Germany’s financial regulator BaFin has sided with the Bank of England and demanded that Brussels take action to prevent mayhem in the derivatives markets post-Brexit. The move shows an alignment with the BoE which has warned that $67 trillion of interest rate swaps and other derivatives could be in trouble if no political support is given to the banks. The EU Commission has so far expressed the view that financial regulation post-Brexit is for the banks and other financial companies to sort out. “It is almost impossible to fix that problem exclusively just by one side of the stakeholders involved” BaFin’s president, Felix Hufeld told Bloomberg, adding, there has to be “a solution on a political … [Read more...] about The City of London has gained a powerful ally in the fight to keep a key business in the UK post-Brexit
Uk businesses brexit
$71 billion Japanese giant Panasonic is pulling its European headquarters out of the UK — and Brexit is to blame
source Thomson Reuters Japanese electronics giant Panasonic to move European headquarters out of the UK as a result of Brexit. New HQ will be based in the Dutch capital, Amsterdam. The move is being undertaken “to avoid potential tax issues” linked to Brexit, according to Japanese media organisation Nikkei. Panasonic’s announcement follows a warning from the Japanese business lobby that companies are “seriously concerned” about continuing Brexit uncertainty. Panasonic, the £55 billion ($71 billion) Japanese electronics giant, has announced plans to move its European headquarters out of the UK as Brexit uncertainty continues to weigh on the minds of major international corporations using Britain as a base. The company, best known for its televisions, hi-fi systems, and cameras, said on Thursday that it plans to shift its main European office from near London to the Dutch capital, Amsterdam. Japanese news agency Nikkei … [Read more...] about $71 billion Japanese giant Panasonic is pulling its European headquarters out of the UK — and Brexit is to blame
READ: UK’s Brexit Secretary David Davis’ resignation letter and Theresa May’s two-and-a-half page response
The UK’s Brexit Secretary David Davis resigned late on Sunday evening in a latter sent to Prime Minister Theresa May. In the letter Davis said he believes the UK’s plans have become “diluted” and that he would be a “reluctant conscript” if he stayed in his position to push May’s latest Brexit proposal that was adopted by the cabinet on Friday. In response, May sent a two-and-a-half page letter that thanked Davis for his service but also laid out 12 reasons why she does “not agree” with his comments. Dear Prime Minister As you know there have been a significant number of occasions in the last year or so on which I have disagreed with the Number 10 policy line, ranging from accepting the Commission’s sequencing of negotiations through to the language on Northern Ireland in the December Joint Report. At each stage I have accepted collective responsibility because it is part of my task to … [Read more...] about READ: UK’s Brexit Secretary David Davis’ resignation letter and Theresa May’s two-and-a-half page response
China’s Huawei has promised to spend £3 billion sourcing tech and services from the UK post-Brexit
Chinese mobile giant Huawei will spend £3 billion over the next five years on procurement in the UK. This means the firm will spend money on anything from chipset IP to financial services from British-based companies. The deal looks good for a post-Brexit UK that needs to prove it’s an important trading partner to the rest of the world. Huawei, the Chinese smartphone and telecoms giant, has promised to spend £3 billion over the next five years on buying technology, intellectual property, and services from the UK. Huawei has described the promised cash as a procurement commitment, meaning it will source anything from chipset IP to financial services from UK companies, both for its UK business and for the group more widely. The announcement comes after Huawei’s chairwoman, Sun Yafang, met with UK Prime Minister Theresa May in Beijing at the end of January. Huawei isn’t revealing much detail on … [Read more...] about China’s Huawei has promised to spend £3 billion sourcing tech and services from the UK post-Brexit
EU warns UK businesses they could be shut out after a no-deal Brexit
A host of industries could be shut out from the EU after Brexit, Brussels has warned. Airliners, chemical companies and water producers may need to relocate their business activity to the continent to avoid being shut out from the single market, according to a memo. Brexit Secretary David Davis had considered taking legal action against the EU for making worst-case scenario contingency plans. LONDON – Brussels has warned a host of industries with operating licenses in the UK that they will have no right to work within the European Union if Britain leaves the bloc with no deal in 2019. The EU sent “be prepared” memos to industries including airliners, seafarers and drugmakers at the end of last year, warning that licenses to operate within the single market will lapse after Brexit, the Financial Times reports. The memos warned that Britain will become a third country after Brexit and some industries … [Read more...] about EU warns UK businesses they could be shut out after a no-deal Brexit