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Tag: Brexit

Citi picks Frankfurt as Brexit plan emerges

Citi picks Frankfurt as Brexit plan emerges

Business
Citi will become the latest Wall Street giant to unveil plans to cope with the UK's departure from the European Union this week when it names Frankfurt as the location for a major new trading operation.Sky News has learnt that Citi executives have finalised plans to establish a second EU-based broker-dealer, which will handle many of the market trading activities currently undertaken in London.The US bank has decided to name Frankfurt as the location for the new broker-dealer after also evaluating Paris as an alternative, according to insiders.Citi's decision reflects the issue confronting all international banks which rely on the EU's passporting regime to trade seamlessly across national borders.The likes of Barclays, JP Morgan, HSBC and UBS have talked in recent weeks about the accelera...
EasyJet's new airline is a clever response to Brexit

EasyJet's new airline is a clever response to Brexit

Business
The impact of Brexit has landed.There will now be three easyJets, all with a capital letter in the wrong place and all located in different places - one in the UK, one in Switzerland and now one in Austria.This new airline, easyJetEurope, will come with its own fleet of planes and its own staff, but make no mistake - it is part of easyJet's UK operations. The planes won't actually spend their lives in Austria, the big decisions will still be made in Luton.This is a clever, and rather expensive, answer to a new problem.For easyJet, this is a £10m insurance policy against the dreaded prospect of having to curtail - hugely - its timetable of flights around Europe.That might seem an unlikely prospect, but it's one that is now giving sleepless nights to plenty within Britain's airline industry.
New EasyJet airline created for Brexit

New EasyJet airline created for Brexit

Business
EasyJet is creating a new airline so it can continue flying in the European Union after Brexit.It has applied for a new air operator certificate in Austria at a cost of £10m.The budget airline said the application process was "well advanced" and it hoped to receive the accreditation "in the near future".It will allow the low-cost carrier to establish easyJetEurope, which will have its headquarters in the Austrian capital Vienna.Since the 1990s, EU airlines have been free to fly between any two points in Europe.This is planning for a worst case scenario should Britain fail to negotiate the same aviation freedoms it currently enjoys as a member of the EU.The company said the move would enable the airline to operate flights both across Europe and domestically within Europe once Britain exits
Ringo Starr hopes for 'peace and love' Brexit

Ringo Starr hopes for 'peace and love' Brexit

Entertainment
Ringo Starr has said he hopes Theresa May can bring "peace and love" to the UK with Brexit.Asked to choose between Labour leader Jeremy Corbyn and the current Prime Minister, he replied that he hopes Mrs May is more likely to deliver as she is leading the country."I'm not political, but it's right now Theresa May in charge so let's hope it's going to be her," he said."She's going with the wishes of the British people, which is Brexit, and they had a vote and they said, 'Okay let's leave', and that's what she's trying to carry on."Image:Starr turned 77 on FridayThe Beatles drummer spoke during his 77th birthday celebration, at an annual event in which he invites supporters all over the world to wish for "peace and love".He was joined by Twin Peaks director David Lynch, guitarist Joe Walsh a...
PM attempts to reassure business on Brexit

PM attempts to reassure business on Brexit

Business
The Prime Minister has struck a conciliatory note to business leaders who have demanded that Britain stays in the Customs Union in a transition period after the legal date of Brexit in 2019.Speaking to Sky News at the G20 Summit, Theresa May chose not to restate the position of the Conservative manifesto that "we will no longer be members of the Customs Union".Instead when asked if businesses should now plan to be out of the Customs Union on 30 March 2019, the PM told Sky News: "We can't be members of every part of the Customs Union but we want to continue to have tariff free and as frictionless trade across borders as possible because we want to ensure we have that good trading relationships with the EU".That language appears to take the Government's position back to where it was at the t...