Skip to content 
Search

Latest Stories

Axel Springer chief: Brexit could make Britain highly attractive

BREXIT will be more painful for the rest of Europe than for Britain which could emerge stronger and better off than its European neighbours, Mathias Doepfner, chief executive of Axel Springer, has told the Financial Times.

Doepfner, head of one of Europe’s largest media companies, said Britain was bound to experience short-term pain as a consequence of its June 23 vote to quit the EU.


But Doepfner added that “in three to five years from now, my bet would be that England will be better off than continental Europe”.

Doepfner said he saw Britain moving towards a “more free market-oriented model, while Europe is step by step transforming into a transfer union” where funds were being channelled from successful states to the struggling ones.

“And that can put a lot of investors off,” Doepfner told the FT in an interview published on September 27. “If Britain can create an alternative here, I think that is highly attractive,” he said.

The June 23 vote took many investors and chief executives by surprise, triggering the deepest political and financial turmoil in Britain since World War Two and the biggest ever one-day fall in sterling against the dollar.

Despite warnings before the vote that Brexit would shatter economic confidence, some positive economic data and Softbank’s $32 billion (£25.5 billion) takeover of Britain’s technology company ARM have stoked the perception that Britain could prosper outside the EU.

Still, prime minister Theresa May and her ministers admit they need to reassure investors from the United States, Japan, China and India that the United Kingdom and London, the only financial capital to rival New York, are still good places to make money.

Britain’s allies fear that its exit from the EU could mark a turning point in post-Cold War international affairs that will weaken the West in relation to China and Russia, undermine efforts toward European integration and hurt global free trade.

Axel Springer, the publisher of Europe’s largest daily Bild, cut its 2016 sales guidance in August as a drop in the British pound caused by the Brexit vote hit advertising revenues from Britain.

More For You

Tata-Steel

he Port Talbot EAF will produce up to 3 million tonnes of steel per year using UK-sourced scrap.

getty images

Tata Group begins construction of new Electric Arc Furnace in Port Talbot

TATA STEEL UK has started construction of a new Electric Arc Furnace (EAF) at its Port Talbot site in South Wales. Tata Group chairman Natarajan Chandrasekaran marked the groundbreaking ceremony on July 14, joined by Tata Steel CEO and managing director TV Narendran and Tata Steel UK CEO Rajesh Nair.

The EAF project is part of Tata Steel UK’s £1.25 billion plan to transition to low-carbon steelmaking, backed by £500 million from the UK government. The furnace is expected to be commissioned by the end of 2027 and aims to reduce carbon emissions at Port Talbot by about 90 per cent, or 5 million tonnes of CO₂ annually. The project is expected to support 5,000 jobs.

Keep ReadingShow less
Labour’s non-dom tax changes may cost £4bn, experts warn

Starmer and Reeves during a visit to Horiba Mira in Nuneaton in Nuneaton. (Photo: Getty Images)

Labour’s non-dom tax changes may cost £4bn, experts warn

PLANS by Labour to overhaul the tax rules for non-domiciled residents in the UK could cost the public purse up to £4 billion and result in the loss of thousands of private sector jobs, according to a new analysis.

A report by the Centre for Economics and Business Research (CEBR), shared with The Times, suggested that scrapping the current non-dom regime could lead to a sharp drop in tax revenues if even a fraction of those affected decide to leave the country.

Keep ReadingShow less
Tesla set to open first showroom in India

Elon Musk and Narendra Modi (right)

Tesla set to open first showroom in India

US CARMAKER Tesla is finally making its official debut in India with the opening of its first showroom in Mumbai.

The firm, led by Elon Musk, will unveil the new “Tesla Experience Centre” on Tuesday (15) at Maker Maxity Mall in the Bandra Kurla Complex, one of the city's top commercial hubs.

Keep ReadingShow less
Asian firm acquires Kings Court Hotel for £2.75m

UK-based Nanak Hotels acquired the 60-room Kings Court Hotel in Warwickshire for £2.75 million. (Photo: Colliers International UK)

Asian firm acquires Kings Court Hotel for £2.75m

UK-BASED Nanak Hotels recently acquired the 60-room Kings Court Hotel, a 17th-century property in Warwickshire, England, for £2.75 million. This is the first regional acquisition by the privately held firm led by British Indians Harpreet Singh Saluja and Karamvir Singh.

Nanak Hotels, which operates a UK property portfolio, plans to invest in the property's refurbishment and repositioning, according to a statement from Colliers International UK, which brokered the transaction.

Keep ReadingShow less
Priya Nair becomes first woman CEO in Hindustan Unilever's history

Priya Nair (Photo: Unilever)

Priya Nair becomes first woman CEO in Hindustan Unilever's history

PRIYA NAIR has been appointed as the CEO and managing director of Hindustan Unilever Ltd (HUL), effective from August 1. She will be the first woman to lead the company in its history.

The announcement was made by HUL on Thursday (10). Nair, who currently serves as president, Beauty & Wellbeing at Unilever, will take over the role from Rohit Jawa, who will step down on July 31 to pursue other interests.

Keep ReadingShow less