city of london's believing banking industry with a break to do you voted down the association of german banks says it's getting ready to know a deal departure also on the program turkey's currency crisis hits importers of long established foreign labels will they manage to weather the storm. this is your business update on her in a home for him but then glad you could join me with the prospect of britain leaving the e.u. with no deal during evan neera more and more european banks are announcing their plans to move jobs out of london and to other financial centers even if briggs it hasn't happened yet it's having a very real impact in the world of banking and once fortune has officially left the e.u. london based banks will no longer be able to conduct operations with e.u. ones without being subject to a whole host of other regulations one reason why frankfurt has had its very own video made looking to attract those fleeing the brakes it financial fallout. nice

to meet you the name is. frank. frank. of uni modern architect the video was posted online several months ago it's aimed at the family of the briggs it uprooted banker who's not so keen on moving away from a world class city like london viber nightlife the british capital is europe's finance center and home to some of the world's biggest banks but to keep doing business with the e.u. will have to be located in the block and that means more than just a shingle on a door or a mailbox at least according to european regulators. it means moving personnel and capital about forty banks have already received a license and you city. a few of them went to dublin some to luxembourg and others to paris but the vast majority around three quarters to frankfurt starting to actually believe you. look at the serious business. you are not easily convinced

you better believe it. frankfurt is talking about ten thousand bricks that related positions moving over things could get tight in the banking quarter but the outlook for doing business in the e.u. still looks better there than from london. well it's a station of german banks has called the defeat of may's deal a serious warning shot for everyone involved and the c.e.o. of that association and today a scout shy joined me and i asked him to explain exactly what his group meant by that. time is running out to be prepared for a non you know deal breaks in situation because this is the worst situation that we could imagine because lot of transfer of data of sign of services for customers of german banks done in london that means that over the last months would be. very hard execution on how this services could be provided in the

situation of a no deal breaker this is very serious could be very dangerous if you are not prepared so what you're saying essentially is that german banks have already been preparing for the eventuality of absolutely no deal i mean how strenuous is that then no deal means that there is no longer a legal basis for all this service is done actually on this pos porting agreement which means that you don't need any additional license or so for what you're doing in london we went through all these operations thousands of people over the last months with all banks all customers to find out if there is no longer a legal basis like possible. is there a need for additional loans is for licenses and the german parliament bill passed this week additional laws which entitle the banks to go on with their operations but on a preliminary basis and it is very important that the supervisors of the banks in london and frankfurt know exactly what's going on they they are observing very

very. concrete what's happening sort of break this down for me we don't talking about you know sort of a massive needs of money we're talking about potentially moving money from london to to germany for example i'm a brit of course i do banking and in different countries i mean how difficult would it be for people like me to move money how difficult would it be even just the businesses to operate without a deal it's a good example we want to do everything that there is no break in the night from twenty not to search it's much because our customers. should know realize that there is a change but you have to prepare a lot of things transfer of. your licensing and so on all these operations can move forward and there is in this moment and these days there is an enormous transfer of capital actually not only to frankfurt but to paris to dublin because all the international banks can not rely on the longer leagues is doing

a sporting framework they bring out their operations to bring people to the continent and then bring money to the continent to be able to serve the clients the same way the as they do it actually right and that is couched. the german banks could have you think you want i want to get the view stateside now for that we can bring in jose luis a financial correspondent jose luis in europe breaks it well it's been the talk of the town what is moving markets where you are there and new york. i would say hello to you as investors cured of bank of america's and goldman sachs earnings which blow out estimates even though we can start seem some signs of a slowdown in the cards please if that's what deferred to the beige book said mentioning less optimism in response to increase in financial volatility rising interest rates falling energy prices and high trade and political uncertainty happen happens at a time where investors think the fed will not receive rates at all in two thousand

and nineteen meanwhile u.s. markets also reacted positively to the outcome of the reason is both of confidence while the shutdown continues and with no end in sight in this regard the pressure on trying to put an end to a record breaking shutdown seems to increase even among republicans and some white house according to some reports. our financial correspondent jose luis adam thank you very much. well turkey has kept its main interest rate unchanged. the lira rally against the dollar today in the texas currency with the help it can get it lost more than forty percent of its value over the past year and that's it's an important story and

jones reports now from istanbul. has spent his life building the big construct brand in turkey selling a few thousand back in ninety five sales are now in the hundreds of thousands companies selling imported goods but turkish currency collapse is posing unique and formidable challenges. i've worked too hard to establish this brand in turkey and to explain birkenstock special souls to customers i want to allow my efforts to be spoiled by crisis situations like the recent one we've put a pricing policy into effect by waving our profit just like we've done in the past when we opted to expand the brand in turkey the crisis though has struck a big blow to us we've had greek losses that unfold the currency collapse could not have come at a worse time to bait him having just engaged on a major expansion of shops across the country many opened in shopping malls whose

numbers have exploded with part of a nationwide construction boom adding to the financial pressure the rents in the malls are normally in dollars or euros because most owners have borrowed in foreign currency to build the molds. the mouse shop owners have had some great good news with the presidential decree ending the practice of foreign currency rents but the stores selling soley imported goods whose prices have risen substantially it still remains a struggle to get. our customers remember the prices from last year can clearly feel the increase the higher prices make us get into conversations with our customers about the exchange rate they ask us the reason for the increase and we have to explain the exchange rate situation. on that as i said this makes people think twice before buying. it that's the way it is with other brands too not just

ours is a mark of. the few customers that visit the shop most are just looking as the crisis is already hitting people's pockets. the crisis affected the way i shop for brands i now wait for sales to miss any of it back at the big can store turkey head office discussions on brainstorming on how to weather the economic storm continue thirty years in business betting is no stranger to currency shocks and prices but he is aware of the scale of the challenge facing him. turkey are seen big economic crises and in my opinion this one is the biggest so far at least the biggest one i've experienced but we'll overcome it. burton has weathered many storms in his career to bring bacon stock to turkey but with economists warning of for a session next year this could be toughest battle yet and a wednesday what a day for the european parliament be holding its first session of twenty nineteen

as the brits wreak havoc over bragg's it all representatives were celebrating this year's twentieth anniversary of europe's common currency the euro with the so-called anthem of europe take a listen. thank you. without that's leave it there you are now up say with the latest in the wild all business of course from weekend was head to our web site that is d w dot com slash business so follow us on twitter on how the novel frame by the end thanks to a company and it forced to seek use of our.

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