European Press Roundup: German Jobs at Risk in No-Deal Brexit Scenario

Date : 11/02/2019 @ 12h09
Source : Dow Jones News
Valeur : Hsbc Holdings Plc (HSBA)
Cours : 650.1  -4.6 (-0.70%) @ 17h35
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European Press Roundup: German Jobs at Risk in No-Deal Brexit Scenario

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In Europe today, most stocks trade higher as investors watch for developments on a fresh round of U.S.-China trade talks this week, while U.K. retailers continue to see their footfall drop as growing online sales puts pressure on their business. Read about the above topics on Dow Jones Newswires or


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More than 100,000 jobs in Germany are threatened by a disorderly Brexit and the subsequent slump in exports, according to a study by the Leibniz Institute for Economic Research Halle and the Martin Luther University Halle-Wittenberg. "In no other country is the effect on total employment as great as in Germany," said Oliver Holtemoeller, one of the authors of the study. A decrease in exports in the wake of a no-deal Brexit would primarily hit the country's auto industry, according to the study. -Welt am Sonntag


Miele co-CEO Markus Miele has rebuffed concerns that the family-owned German appliance maker is preparing to shift jobs out of Germany in its discussions with the metalworkers' union IG Metall on the future of these sites. Still, up to 180 jobs could be eliminated by 2021 as Miele ramps up production at factories in Poland and the Czech Republic, he said. -Handelsblatt


German economics minister Peter Altmaier would be in favor of building a European digital company that could compete with companies from China and the U.S. "I can imagine that we could establish a kind of Airbus for artificial intelligence," Mr. Altmaier said. Such a company could play a decisive role in autonomous driving, for example, and with that have a positive effect on many sectors, he said. -Berliner Morgenpost


The U.K. is expected to sign an agreement with Switzerland on Monday to guarantee a trade relationship between the two countries after Brexit. This is the U.K.'s largest trade deal since the Brexit vote. Trade between the two countries is worth more than GBP32 billion a year. -Sky News


Frozen-food chain Iceland Foods is considering a bid for the J Sainsbury and Asda stores that their owners need to sell as part of a regulatory review of their proposed merger. Iceland Foods is trying to expand its food-warehouse business, its managing director Richard Walker said in an interview. -FT


Israel attacked Total after Patrick Pouyanne, CEO of the French energy giant, said it is too complex to invest in the country. While on a visit to London to promote Israel's next gas-licensing round, Israel's Minister of Energy Yuval Steinitz said that companies like Total that refuse to invest in his country are living in the past and are under the "tyranny and dictatorship" of Iran. -FT


HSBC Chairman Mark Tucker is expected to replace John McFarlane, the outgoing chairman of Barclays, as chair of U.K. lobbying group TheCityUK, in the coming days. -Sky News


DIA's beauty-store chain Clarel has lost EUR51 million in value, posing another headwind to the ailing supermarket's restructuring plan. DIA plans to sell Clarel as part of its restructuring and the divestment is now expected to fetch between EUR100 million and EUR150 million. -Expansion


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(END) Dow Jones Newswires

February 11, 2019 05:54 ET (10:54 GMT)

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