The British House of Commons voted against the Brexit deal British Prime Minister Theresa May negotiated with the European Union. With only two months to go until the United Kingdom leaves the European Union, time is running out to come to a good solution. Dutch Prime Minister Mark Rutte and other EU leaders are disappointed by the vote.
Norinchukin, a large Japanese bank, will open a branch in Amsterdam in order to maintain uninterrupted access to the European internal market after the United Kingdom leaves the European Union, the company officially announced, ANP reports.
In the Netherlands, Norinchukin will mainly focus on project financing. The branch will initially be staffed by a team of 30 people.
As the Dutch economy continues to improve, more permanent jobs will be offered in the Netherlands and contract wages at companies will continue to rise, according to Dutch central bank De Nederlandsche Bank (DNB), NU.nl reports.
The number of permanent jobs is already increasing, said Job Swank, director of financial stability at DNB. This year, contract wages are expected to rise by 2.1 percent, after they already rose 1.5 percent in 2018. For 2019 and 2020 the bank expects wage increases of 2.6 and 3 percent respectively.
Almost all parties in the Tweede Kamer want the government to amend Article 10 of a special emergency law for the Brexit. The 'Brexit Collective Law' will be implemented if the United Kingdom breaks with the European Union with no agreements in place. But the parliamentarians feel the law gives too much power to one minister and uncontrollable powers to the government, NOS reports.
Amsterdam's stock exchange AEX closed on Monday at its lowest point since February 2017. The AEX index closed 1.7 percent lower at 495.31, the Telegraaf reports.
British Prime Minister Theresa May is having a working breakfast with Prime Minister Mark Rutte in The Hague on Tuesday morning. May said on Monday that she wants extra promises from her European Union colleagues in the Brexit deal. She will visit many of them, starting with Rutte in the Catshuis on Tuesday, NOS reports.
The Netherlands and United Kingdom have a very good relationship, despite the Brexit plans.
If the United Kingdom leaves the European Union with no agreement in place, it will cost the Netherlands around 2.3 billion euros up to 2023, the Court of Audit said in a new report published on Monday. This involves extra money for Customs and the Dutch food and consumer product safety authority NVWA, as well as higher contributions to the EU, ANP reports.
There are no winners in the United Kingdom's decision to leave the European Union - both the UK and the EU will suffer under the Brexit, Prime Minister Mark Rutte said. "It will never be as beautiful as it was", he said on Sunday after meeting with his EU colleagues and British Prime Minister Theresa May in Brussels to formally approve the Brexit agreement, the Telegraaf reports.
The Commonwealth Bank of Australia (CBA) is planning to move part of its staff from London to Amsterdam due to the Brexit. The Australian bank applied for a banking license with Dutch central bank DNB, ANP writes based on reports in British media.
King Willem-Alexander and Queen Maxima started their two-day state visit to the United Kingdom on Monday. On their first day the Dutch Royals had lunch with Queen Elizabeth at Buckingham palace and visited the British parliament, NOS reports.
Shortly before being received at the palace, the Royal couple met with Dutch living in the UK and discussed the expats' concerns about the consequences of the Brexit - the United Kingdom leaving the European Union in March next year.
Philips is considering focusing on more local production to counterbalance global strains on trade, CEO Frans van Houten said in an explanation of the company's quarterly figures. For example, by making products in China itself, the tech company can circumvent expensive tariffs, ANP reports.
Minister Stef Blok of Foreign Affairs does not expect that the European Union and United Kingdom will reach a political agreement on the Brexit on Wednesday. "More time is needed to complete those negotiations successfully. At the same time the risk remains that it will not work", he said on Tuesday evening after after a meeting of Foreign Ministers and EU-Brexit negotiator Michel Barnier, NOS reports.
If the United Kingdom leaves the European Union without some kind of travel deal - a so-called hard or no-deal Brexit - it could result in chaos at Schiphol airport. Travelers from the United Kingdom will have to undergo extra checks at passport control, which could result in waiting times increasing by up to an hour, according to the airport's internal calculations, Het Parool report.
King Willem-Alexander expressed his regret and concern about the United Kingdom's imminent departure from the European Union, speaking to British journalist ahead of his state visit to the U.K. later this month. The Dutch King is particularly concerned about the consequences the Brexit will have for trade between the Netherlands and England, the Guardian and the Independent report.
As the Brexit approaches, the Netherlands is expanding the workforce at embassies in European countries in order to remain strongly present in Europe after the United Kingdom leaves the European Union, a spokesperson for institute Clingendael confirmed to NU.nl.
Thijs van der Plas, a top official at the Ministry of Foreign Affairs, discussed this strategy at a conference on the Brexit at Clingendael on Monday. The Netherlands will strengthen over 10 posts in Europe in preparation for the Brexit.
The European Central Bank is concerned about Dutch bank ING's ability to handle a hard Brexit, according to a report in FD. Sources told the financial newspaper that ING is being pressured to at least partially roll-back a 2016 decision to move dozens of trading desk staffers to their large office in London.
The new concern is that ING will lose access to some financial markets if Brexit continues to progress.
Despite economic setbacks that threaten from the Brexit and United States president Donald Trump's trade wars, this is a logical time to give "something back" to the Dutch, Prime Minister Mark Rutte said about the budget and the government's plans for next year, NU.nl reports.
Unilever has a plan B for compensating British shareholders should the Netherlands not scrap dividend tax as the government plans to do. The British-Dutch company assumes that dividend tax will be a thing of the past in the Netherlands by 2020, but even if it isn't, this plan will allow Unilever to set up its head office in Rotterdam without shareholders losing out, NOS reports.
With only six months to go until the United Kingdom leaves the European Union, it is still unclear what negotiations between the EU and the Brits will yield. It is high time that Dutch businesses who deal with the UK start preparing for a hard Brexit - the UK leaving the EU without any trade agreements in place - the Port of Rotterdam Authority, the Dutch food and consumer product safety authority NVWA and employers' organization VNO-NCW warned, NOS reports.
The Netherlands should approach Spain and France to form an alliance in the European Union to replace Great Britain as an ally after the Brexit, according to the advisory council on international affairs AIV. Parliament asked the AIV to look into which diplomatic strategy the Netherlands should follow now that Great Britain is leaving the European Union, NU.nl reports.
Japanese electronic company Panasonic is moving its European head office from London to Amsterdam, in order to avoid potential tax issues that may arise after the Brexit - the United Kingdom's departure from the European Union, newspaper Nikkei Asian Review reported on Thursday.
The move is scheduled for October.
The Netherlands is one of the countries that will be most negatively affected in the event of a so-called 'hard' Brexit - if the United Kingdom leaves the European Union without trade agreements. Only Ireland will be hit harder, the International Monetary Fund calculates, NU.nl reports.
According to the IMF, a hard Brexit can cost the Netherlands 0.7 percent of its national income. Ireland will see a decrease of 4 percent.
King Willem-Alexander and Queen Maxima will pay a state visit to the United Kingdom, at the invitation of Queen Elizabeth, in the autumn. The visit will take place on October 23rd and 24th. Minster Stef Blok of Foreign Affairs will accompany the Royal couple, government information service Rijksvoorlichtingsdienst announced.
American stock exchange company Cboe Global Markets - the largest stock exchange company in Europe - is planning to move to Amsterdam. With the United Kingdom leaving the European Union, Cboe has to move its head office to be able to still serve the European market, the company announced in a press release.
Cboe applied for approval from the Netherlands' authority on financial markets AFM. According to the company, the choice of the Netherlands came after "thoughtful and careful consideration of a number of locations that have strong international financial market centers".