the city of london's believing banking industry with the breaks a deal 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 frame but in tragic could join me well with the prospect of britain leaving the e.u. with no deal during evan nira 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 walls of banking and once a person has officially left the e.u. london based francs 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. could 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 use 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're 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 it's better there than from london. well association 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 shai joined me and i asked him just play exactly what his group meant by that. time is running out to be prepared for a non you know deal breaks it situation because this is the worst situation that we could imagine because there's a lot of transfer of the a lot 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 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 has that been no deal means that there is no longer a legal basis for all this service is done actually on this passport in the 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 are 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 allowances 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 in frankfurt know exactly what's going on they they are observing

very. concrete what's happening but sort of break this down for me we don't talking about you know sort of a massive masers money we're talking about potentially moving money from london to germany for example i'm a brit of course i do banking 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 equity you know 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 the. new 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 cannot rely on the longer leagues this thing

a sporting framework they bring out their operations to bring old 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. german banks could have you. when i want to get to the state side now for that we can bring in. our 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 cheer the bank of america isn't goldman sachs' earnings or which blow out estimates even though we can start seeing some signs over slowdown in the cards please that's what deferred to the beige book said mentioning less optimism in response to increasing 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 vote 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. at the lira rally against the dollar today of the text currency what it said we need the help it can get it is 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 birkenstocks precious 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 for bed to having just engaged on a major expansion of shops across the country many opened in shopping malls whose

numbers have exploded as 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 rare good news with a presidential decree ending the practice of foreign currency rents but the stores selling solely imported goods whose prices have risen substantially it still remains a struggle to get. our customers who remember the prices from last year can clearly feel the increase the higher prices make us get into conversations with their customers about the exchange rate they ask because the reason for the increase and we have to explain the exchange rate situation. on the 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 a 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 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 is aware of the scale of the challenge facing him. turkey has 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 negotiators bettin has weathered many storms in his career to bring bacon stock to turkey but with economists warning after 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 knowledge frame by the end thanks to a company and forced to see you tomorrow.

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