LONDON: Britain's vote to leave the European Union means uncertainty for markets and companies as London initiates at least two years of negotiations with the EU.
Following are reactions from business leaders:
EUROPEAN AND WORLD TRADE
ANTON BOERNER, HEAD OF GERMANY'S FOREIGN TRADE ASSOCIATION:
"That is a catastrophic result for Britain and also for Europe and Germany, especially the German economy. It is disturbing that the oldest democracy in the world turns its back on us."
MARKUS KERBER, PRESIDENT OF THE BDI GERMAN INDUSTRY FEDERATION:
"We expect a significant drop in trade with Britain in the coming months." He said the automotive, energy, telecoms, electronics, metal, retail and financial services sectors would be particularly affected.
KOSEI SHINDO, PRESIDENT OF JAPAN'S NIPPON STEEL & SUMITOMO METAL:
"We are greatly concerned for the negative impact this will have, not only on Britain and the EU but also on the global economy."
THILO BRODTMANN, MANAGING DIRECTOR OF GERMANY'S VDMA ENGINEERING ASSOCIATION:
"Brexit will hurt investor confidence in Europe as an industrial center."
EMMA MARCEGAGLIA, HEAD OF THE EU BUSINESS LOBBY BUSINESSEUROPE:
"We call on EU member states to send a strong signal reconfirming their commitment to the European Union and its three main economic pillars: the single market, the common trade policy and the Euro. At the same time, we need to find smart solutions for an orderly Brexit process."
GERMAN IFO ECONOMIST KLAUS WOHLRABE:
"There is no reason at present to change our economic forecasts for 2016 ... A re-evaluation of the 2017 forecasts will only be possible in 2-3 months at the earliest, once the next political decisions have been made."
CANON CEO FUJIO MITARAI:
"As for the British economy, we face the danger of continued economic turmoil and stagnation amid growing inflation due to a sharp decline in the value of the pound ...
"In Japan ... the UK's decision could also bring a halt to the economic recovery that had been under way."
WPP CEO MARTIN SORRELL"
"This decision will create tremendous uncertainty, which will slow economic activity and decision making." Sorrell said WPP was more likely to create new jobs in France, Germany or Italy.
BANKING AND FINANCE
BRITAIN'S FINANCIAL CONDUCT AUTHORITY:
The financial watchdog said the vote would have "significant" implications for Britain.
MARK BOLEAT, POLICY CHAIRMAN FOR THE CITY OF LONDON CORPORATION, LONDON'S FINANCIAL DISTRICT:
"There will be no mass exit of banks and financial institutions ... The general view of the City is that the government should push for the UK to retain our access to the single market."
SIMON LEWIS, CHIEF EXECUTIVE AT THE ASSOCIATION FOR FINANCIAL MARKETS IN EUROPE:
"The UK's decision to no longer continue its EU membership will shape the direction of Europe's financial markets for years to come ... This decision will significantly affect UK-based financial services firms and their ability to serve their clients and customers across Europe."
GOLDMAN SACHS CHAIRMAN AND CEO LLOYD BLANKFEIN:
"Goldman Sachs has a long history of adapting to change, and we will work with relevant authorities as the terms of the exit become clear."
FRENCH BANKING GROUP SOCIETE GENERALE AND ITALY'S UNICREDIT:
... both said they were confident London would remain a major international financial center.
HUW EVANS, DIRECTOR GENERAL OF THE ASSOCIATION OF BRITISH INSURERS:
"For the UK government, it will be important now to focus on ensuring the UK remains a globally competitive place to do business."
ENERGY FIRMS
OIL FIRM BP
"We do not currently expect it to have a significant impact on BP's business or investments in the UK and Continental Europe, nor on the location of our headquarters or our staff."
PETER TERIUM, CEO OF GERMAN UTILITY RWE, WHICH OWNS NPOWER IN BRITAIN:
"Far more important for our success are national regulation and being accepted locally."
GERMAN UTILITY E.ON
"The consequences for E.ON are manageable. Our business is Britain is local."
JEAN-BERNARD LÉVY, CHAIRMAN OF FRENCH PUBLIC UTILITY EDF:
"As of today, we believe that this vote has no impact on our strategy, and the strategy ... for our UK subsidiary has not changed."
AIRLINES
EASYJET CEO CAROLYN MCCALL:
"We have today written to the UK government and the European Commission to ask them to prioritize the UK remaining part of the single EU aviation market, given its importance to trade and consumers."
INTERNATIONAL AIRLINES GROUP, OWNER OF BRITISH AIRWAYS
... lowered profit forecast for this year but said the vote would not have a "long-term material impact" on its business.
BUDGET CARRIER NORWEGIAN AIR
... said Britain would remain one of its most important markets, and "ambitious plans" for growth in Britain remain unchanged.
CHEMICALS AND PHARMACEUTICALS
ASTRAZENECA
"We will engage with all the relevant stakeholders to safeguard the competitiveness of the life sciences industry and the speed of patient access to innovative medicines."
NOVARTIS
... said it expected no significant impact in the short term, but that it was difficult to predict the precise impact that the result would have on the life sciences industry.
MARTIN ZENTGRAF, HEAD OF THE GERMAN PHARMACEUTICAL ASSOCIATION
... said the European Medicines Agency would have to be relocated from London.
GERMAN CHEMICALS AND HEALTHCARE GROUP BAYER:
"This is a heavy blow for Europe and the beginning of an uncertain time for the United Kingdom.
AUTOMOTIVE
BMW GROUP
"We know that many of the relevant conditions for supplying the European market will have to be renegotiated, but of course we cannot say what this means for our UK operations until those future regulatory and legislative arrangements are agreed."
GENERAL MOTORS' EUROPEAN ARM, OPEL, WHICH MANUFACTURES VAUXHALL BRAND IN UK:
"It is ... important that business continues to benefit from the free movement of goods and people during this period. We fully support the UK remaining part of the European Economic Area."
Following are reactions from business leaders:
EUROPEAN AND WORLD TRADE
ANTON BOERNER, HEAD OF GERMANY'S FOREIGN TRADE ASSOCIATION:
"That is a catastrophic result for Britain and also for Europe and Germany, especially the German economy. It is disturbing that the oldest democracy in the world turns its back on us."
MARKUS KERBER, PRESIDENT OF THE BDI GERMAN INDUSTRY FEDERATION:
"We expect a significant drop in trade with Britain in the coming months." He said the automotive, energy, telecoms, electronics, metal, retail and financial services sectors would be particularly affected.
KOSEI SHINDO, PRESIDENT OF JAPAN'S NIPPON STEEL & SUMITOMO METAL:
"We are greatly concerned for the negative impact this will have, not only on Britain and the EU but also on the global economy."
THILO BRODTMANN, MANAGING DIRECTOR OF GERMANY'S VDMA ENGINEERING ASSOCIATION:
"Brexit will hurt investor confidence in Europe as an industrial center."
EMMA MARCEGAGLIA, HEAD OF THE EU BUSINESS LOBBY BUSINESSEUROPE:
"We call on EU member states to send a strong signal reconfirming their commitment to the European Union and its three main economic pillars: the single market, the common trade policy and the Euro. At the same time, we need to find smart solutions for an orderly Brexit process."
GERMAN IFO ECONOMIST KLAUS WOHLRABE:
"There is no reason at present to change our economic forecasts for 2016 ... A re-evaluation of the 2017 forecasts will only be possible in 2-3 months at the earliest, once the next political decisions have been made."
CANON CEO FUJIO MITARAI:
"As for the British economy, we face the danger of continued economic turmoil and stagnation amid growing inflation due to a sharp decline in the value of the pound ...
"In Japan ... the UK's decision could also bring a halt to the economic recovery that had been under way."
WPP CEO MARTIN SORRELL"
"This decision will create tremendous uncertainty, which will slow economic activity and decision making." Sorrell said WPP was more likely to create new jobs in France, Germany or Italy.
BANKING AND FINANCE
BRITAIN'S FINANCIAL CONDUCT AUTHORITY:
The financial watchdog said the vote would have "significant" implications for Britain.
MARK BOLEAT, POLICY CHAIRMAN FOR THE CITY OF LONDON CORPORATION, LONDON'S FINANCIAL DISTRICT:
"There will be no mass exit of banks and financial institutions ... The general view of the City is that the government should push for the UK to retain our access to the single market."
SIMON LEWIS, CHIEF EXECUTIVE AT THE ASSOCIATION FOR FINANCIAL MARKETS IN EUROPE:
"The UK's decision to no longer continue its EU membership will shape the direction of Europe's financial markets for years to come ... This decision will significantly affect UK-based financial services firms and their ability to serve their clients and customers across Europe."
GOLDMAN SACHS CHAIRMAN AND CEO LLOYD BLANKFEIN:
"Goldman Sachs has a long history of adapting to change, and we will work with relevant authorities as the terms of the exit become clear."
FRENCH BANKING GROUP SOCIETE GENERALE AND ITALY'S UNICREDIT:
... both said they were confident London would remain a major international financial center.
HUW EVANS, DIRECTOR GENERAL OF THE ASSOCIATION OF BRITISH INSURERS:
"For the UK government, it will be important now to focus on ensuring the UK remains a globally competitive place to do business."
ENERGY FIRMS
OIL FIRM BP
"We do not currently expect it to have a significant impact on BP's business or investments in the UK and Continental Europe, nor on the location of our headquarters or our staff."
PETER TERIUM, CEO OF GERMAN UTILITY RWE, WHICH OWNS NPOWER IN BRITAIN:
"Far more important for our success are national regulation and being accepted locally."
GERMAN UTILITY E.ON
"The consequences for E.ON are manageable. Our business is Britain is local."
JEAN-BERNARD LÉVY, CHAIRMAN OF FRENCH PUBLIC UTILITY EDF:
"As of today, we believe that this vote has no impact on our strategy, and the strategy ... for our UK subsidiary has not changed."
AIRLINES
EASYJET CEO CAROLYN MCCALL:
"We have today written to the UK government and the European Commission to ask them to prioritize the UK remaining part of the single EU aviation market, given its importance to trade and consumers."
INTERNATIONAL AIRLINES GROUP, OWNER OF BRITISH AIRWAYS
... lowered profit forecast for this year but said the vote would not have a "long-term material impact" on its business.
BUDGET CARRIER NORWEGIAN AIR
... said Britain would remain one of its most important markets, and "ambitious plans" for growth in Britain remain unchanged.
CHEMICALS AND PHARMACEUTICALS
ASTRAZENECA
"We will engage with all the relevant stakeholders to safeguard the competitiveness of the life sciences industry and the speed of patient access to innovative medicines."
NOVARTIS
... said it expected no significant impact in the short term, but that it was difficult to predict the precise impact that the result would have on the life sciences industry.
MARTIN ZENTGRAF, HEAD OF THE GERMAN PHARMACEUTICAL ASSOCIATION
... said the European Medicines Agency would have to be relocated from London.
GERMAN CHEMICALS AND HEALTHCARE GROUP BAYER:
"This is a heavy blow for Europe and the beginning of an uncertain time for the United Kingdom.
AUTOMOTIVE
BMW GROUP
"We know that many of the relevant conditions for supplying the European market will have to be renegotiated, but of course we cannot say what this means for our UK operations until those future regulatory and legislative arrangements are agreed."
GENERAL MOTORS' EUROPEAN ARM, OPEL, WHICH MANUFACTURES VAUXHALL BRAND IN UK:
"It is ... important that business continues to benefit from the free movement of goods and people during this period. We fully support the UK remaining part of the European Economic Area."
