Thursday, November 21, 2019 | ePaper

German industry association rejects renegotiation of Brexit deal

  • Print
Xinhua, Berlin :
The Federation of German Industries (BDI) spoke out on Wednesday against renegotiating the agreement between the European Union (EU) and the United Kingdom (UK).
"The UK Prime Minister's demand that the withdrawal agreement be reopened is irresponsible," said BDI Director General Joachim Lang.
The withdrawal agreement held "enormous importance for the German economy," Lang stressed.
German companies relied on "as little friction as possible in foreign trade, stable conditions at the external borders and security in matters relating to workers," added Lang.
Lang emphasized that German industry supported the the government and European Commission in standing by the negotiated treaty, and urged Brussels and London to "set the right course in order to avert the threat of hard Brexit."
Brexit has already been leaving its mark on UK-German trade for a while, according to Berthold Busch, senior economist for European Integration at the German Economic Institute.
The Institute found that while German exports of goods to the EU rose by more than 12 percent between 2015 and 2018, its exports to the UK fell by 7.8 percent.
The decline was particularly pronounced for motor vehicles and pharmaceutical products, which "suggests that the value chains in these particularly closely interwoven branches of industry are already being restructured at the expense of the United Kingdom," Busch said.
The new UK government was conducting "irresponsible politics" by ignoring such negative developments and instead, UK policy continued to pursue its strategy of "whatever the cost," said Busch.
Lang noted that during this "sensitive phase, the existing concerns in the economy should be exacerbated. Our companies now have no choice but to continue to prepare for a hard Brexit on 31 October."

More News For this Category

IPDC Finance Limited and world-renowned automobile company BMW, a German automobile, motorcycle and engine manufacturing company have jointly brought an attractive auto loan offer through Executive Motors Limited. Mominul Islam, CEO of IPDC Finance Limited and Dewan Muhammad Sajid Afzal, Director of Executive Motors Limited were also present. Through this offer BMW's premium customers can enjoy driving a BMW with ZERO Down-Payment on availing auto motive loan from IPDC. Top executives from both sides were also presnt.

IPDC Finance Limited and world-renowned automobile company BMW, a German automobile, motorcycle and engine manufacturing company have jointly brought an attractive auto loan offer through Executive Motors Limited. Mominul Islam, CEO of IPDC Finance Limited and Dewan Muhammad Sajid Afzal, Director of Executive Motors Limited were also present. Through this offer BMW's premium customers can enjoy driving a BMW with ZERO Down-Payment on availing auto motive loan from IPDC. Top executives from both sides were also presnt.

.

Bourses edge down

Economic Reporter :Country's premier bourse, Dhaka Stock Exchange (DSE) on Wednesday registered a sharp downbeat after witnessing volatility over the last three sessions as the investors were closely eyeing

RAKUB financing company disbursed Tk 69.11-cr SME loan

Economic Reporter :SME Financing Company Limited, a subsidiary company of Rajshahi Krishi Unnayan Bank (RAKUB), has disbursed Small and Medium Enterprise (SME) loan worth Taka 69.11 crore aims at

Professor Md. Kamal Uddin, Ph.D, Chairman of Islami Bank Capital Management Limited (IBCML), presiding over its Board of Directors meeting at its head office in the city recently. Md. Joynal Abedin, Md. Mosaddek ul Alam, Muhammad Qaisar, Md. Omar Faruk Khan, Md. Ashraful Haque, Directors and Mohammad Abdur Rahim, CEO of IBCML were also present.

Professor Md. Kamal Uddin, Ph.D, Chairman of Islami Bank Capital Management Limited (IBCML), presiding over its Board of Directors meeting at its head office in the city recently. Md. Joynal Abedin, Md. Mosaddek ul Alam, Muhammad Qaisar, Md. Omar Faruk Khan, Md. Ashraful Haque, Directors and Mohammad Abdur Rahim, CEO of IBCML were also present.

.

Biman waives cargo charge on onion import

Biman waives cargo charge on onion import

BSS, Dhaka :The civil aviation and tourism ministry on Wednesday decided that the Biman Bangladesh Airlines will waive its cargo handling charge for any airlines that will import onion."Biman

Kamal seeks more Turkish investment in Bangladesh

Economic Reporter :Finance Minister AHM Mustafa Kamal has sought more Turkish investment in Bangladesh's various sectors as he attended the first day of the Bangladesh-Turkey Joint Economic Commission meeting

90pc RMG workers to get wages thru digital system by 2021

Economic Reporter :Industries Minister Nurul Majid Mahmud Humayun on Wednesday said that at least 90 percent workers of the ready-made garments (RMG) sector will receive their wages through the

Emranul Huq, AMD of Dhaka Bank Limited along with Parveen Mahmud, Chairperson of BOG, UCEP Bangladesh, inaugurating an Electric Lab in UCEP Institute of Science & Technology (UIST) at city's Mirpur area on Monday. J L Bhowmik, Vice-Chairman, UCEP Bangladesh BOG and Tahsinah Ahmed, President of UIST Management Committee were also present.

Emranul Huq, AMD of Dhaka Bank Limited along with Parveen Mahmud, Chairperson of BOG, UCEP Bangladesh, inaugurating an Electric Lab in UCEP Institute of Science & Technology (UIST) at city's Mirpur area on Monday. J L Bhowmik, Vice-Chairman, UCEP Bangladesh BOG and Tahsinah Ahmed, President of UIST Management Committee were also present.

.

E-commerce giant Alibaba raises $11b in share listing

E-commerce giant Alibaba raises $11b in share listing

UNB News Beijing :The Chinese e-commerce giant Alibaba has raised about $11 billion in a share offering in Hong Kong, the city's biggest offering since 2010.Alibaba said Wednesday that

Global shares mostly rise while investors await trade news

UNB News Tokyo :Global shares rose Tuesday as investors appeared hopeful for positive news from the trade talks between the United States and China.Strong economic data and better-than-expected corporate