BMW says preparing for no-deal Brexit given political uncertainty

LONDON (Reuters) - Carmaker BMW said it was continuing to prepare for a no-deal Brexit, given uncertainty around Prime Minister Theresa May's deal after several of her ministers resigned in protest. BMW welcomed this week's draft withdrawal agreement as a 'positive step in the right direction' but said the political situation was uncertain

Reuters November 16, 2018 01:05:38 IST
BMW says preparing for no-deal Brexit given political uncertainty

BMW says preparing for nodeal Brexit given political uncertainty

LONDON (Reuters) - Carmaker BMW said it was continuing to prepare for a no-deal Brexit, given uncertainty around Prime Minister Theresa May's deal after several of her ministers resigned in protest.

BMW welcomed this week's draft withdrawal agreement as a "positive step in the right direction" but said the political situation was uncertain.

"Uncertainty is not good for business. As a responsible employer, we must therefore continue to prepare for the worst-case scenario, which is what a no-deal Brexit would represent," it added in a statement.

"We continue to call on all sides to work towards a final agreement which maintains the truly frictionless trade on which our international production network is based."

(Reporting by Costas Pitas, writing by Alistair Smout, editing by Kate Holton)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

Global equities break record as U.S. stocks waver after manufacturing data
Business

Global equities break record as U.S. stocks waver after manufacturing data

By Katanga Johnson WASHINGTON (Reuters) - Global equities set both an intraday high and record close on Tuesday as markets as investors weighed the latest U.S. economic data for signs of a rebound and rising inflation while Wall Street's main indexes wavered before ending little changed. Graphic: Global asset performance http://tmsnrt.rs/2yaDPgn Energy shares were among the best performing during the session as the OPEC+ alliance agreed to hike output in July and gave a bullish forecast.

Zoom beats quarterly revenue estimates on steady demand
Business

Zoom beats quarterly revenue estimates on steady demand

(Reuters) - Zoom Video Communications Inc reported better-than-expected quarterly revenue on Tuesday, benefiting from steady demand for its video-conferencing platform as people wary of the pandemic continued school and work from home. Zoom became a household name during the pandemic as businesses and schools switched to its video conferencing platform for virtual classes, office meetings and social catch-ups.

Cyprus sees nationalists gain in parliament vote
World

Cyprus sees nationalists gain in parliament vote

By Michele Kambas NICOSIA (Reuters) -Cyprus's ruling conservatives emerged as winners but failed to get an absolute majority in a parliamentary election on Sunday, with voters turning to smaller parties, including a right-wing party with links to Greece's now outlawed Golden Dawn.