Speaking to the BBC Radio 4’s Today programme, Ralf Speth, said that his company might not be able to attract top engineers after Britain leaves the EU, due to higher immigration controls.
He told the programme that he is pushing for “free and fair access” to other EU markets as well as Turkey after the split.
Earlier this week, the company posted record-breaking annual global sales, according to media reports, smashing the 600,000 barrier for the first time in its history.
But experts have warned that the automotive industry may be one of the hardest hit sectors as a result of Brexit, due to its global exposure and its reliance on overseas talent.
The number of cars built in the UK hit a 17-year high last year and more cars are being exported than ever before, but in January the Society of Motor Manufacturers and Traders warned that a failure to establish proper trade deals after Brexit could damage the industry “beyond repair”.
Business picture of the day
Barbie out of fashion as Mattel slumps – Friday 21 April
Mattel shares took a hit after the world’s largest toy company reported a much worse than expected sales slump dragged down by poor demand for key brands such as Barbie and Fisher-Price.
Shares in the company dropped 6 per cent to $23.70 (£18.50) in after-hours trading in New York on Thursday after the toymaker reported a loss of $133.2m or 33 cents per share for the three months to 31 March.
Barbie sales, which begun to recover last year after the toymaker introduced new dolls with different body types and skin colours, slipped again with gross sales down 13 per cent compared to a year ago – their second consecutive quarter of decline.
Government to sell Green Investment Bank to Macquarie in £2.3bn deal – Thursday 20 April
The British Government said on Thursday it would sell Green Investment Bank to a consortium led by Macquarie Bank in a deal worth £2.3bn.
The British Government set up GIB, which backs green projects with public funds, in 2012 as a commercial venture to spur private investment in green projects. It has invested more than £2bn in projects such as offshore wind farms and waste management.
The Government decided to sell a majority stake in 2015, saying it would give the bank more freedom to borrow, remove state aid restrictions and allow it to attract more capital.
AFP/ Getty Images
Snap election threatens Government plan to finally lower energy bills – Wednesday 19 April
Energy customers face further delays from government in dealing with with soaring bills, MPs heard on Wednesday.
Business secretary Greg Clark accused companies of “flagrant mistreatment” and “milking” their customers in a “broken” market, but insisted the snap general election announced by Theresa May on Tuesday meant he would “have to reflect on the timing” to lay out his long-awaited plans for a crackdown.
Pound sterling surges as Theresa May calls for 8 June general election – Tuesday 18 April
The pound surged against the dollar on Tuesday to its highest level since last December after Prime Minister Theresa May said she wanted a general election on 8 June.
When Ms May announced she wanted a new national poll, at around 11.05am, the pound instantly jumped, climbing to $1.2765 by the end of trading, up 1.62 per cent on the day and the highest since 13 December.
It was also sterling’s biggest one day jump since March 2016.
China’s first quarter growth beats expectations – Monday 17 April
This aerial photo taken on April 12, 2017 shows farmers working in the fields in Yangzhou, in eastern China’s Jiangsu province. ina’s growth stabilised in the first quarter thanks to rising investments and a recovery in exports. cording to an AFP survey of 16 economic analysts, the gross domestic product expanded 6.8 percent in the first three months of this year
Rome’s Trevi Fountain generates €1.4m for city’s charities in 2016 – Thursday April 13
Rome’s Trevi Fountain was a veritable cash cow for the Eternal city’s charities in 2016, according to new data.
The charity Caritas said this week that tourists tossed €1.4m (£1.2m) into the baroque fountain last year, helping to subsidise a supermarket for Rome’s needy
Andreas Solaro/AFP/Getty Images
Pret and Paul offer discount to customers who bring their own coffee cup – Monday April 10
French bakery group Paul and sandwich chain Pret a Manger will begin offering discounts to customers bringing in their own reusable cups, yielding to pressure from environmental groups concerned about the mountains of cardboard waste generated in the UK each year.
Doritos, Coco Pops, Peperami among latest products to be hit by shrinkflation – Thursday April 6
Bags of Doritos, packets Peperami and boxes Coco Pops have become the latest treats to shrink in size as retailers passed on surging costs from the Brexit-hit pound and rising commodity prices.
Cuban family making their own wine brand using condoms – Wednesday April 5
family wine business in Cuba is thriving thanks in part to an unconventional item being added into the fermentation process – condoms.
As a result of the US trade embargo and other inefficiencies of Cuba’s economy, thousands of basic household items are inaccessible to Cubans meaning that sometimes a little creativity is required to get the job done.
At El Canal, a winery in Havana, Orestes Estevez and his family fill glass jugs with grapes, ginger and hibiscus, before securing a condom over each glass jug
Allowing Heathrow to expand will create “a serious obstacle” to meeting the UK’s commitments on climate change and reducing air pollution, a leading scientist has warned.
‘Pink Star’ diamond sells for world record £57m in Hong Kong auction – Tuesday April 4
A rare pink diamond dubbed the “Pink Star” has become the world’s most expensive gemstone to sell at auction, coming under the hammer in Hong Kong on Tuesday for $71.2m (£57.3m).
The oval-cut 59.6 carat jewel, discovered in a mine in Africa by De Beers in 1999, is the largest fancy vivid pink diamond, categorised as “flawless” or “internally flawless”, that the Gemological Institute of America (GIA) has ever graded.
It sold after a five-minute bidding war, that started at $56m, to Hong Kong jewellery retailer Chow Tai Fook at Sotheby’s.
Stopping climate change could boost the world economy by £15 trillion – Tuesday March 21
Efforts to slow climate change won’t just keep the planet habitable. They will also boost the world economy by $19 trillion (£15.2 trillion).
Investments in renewable power and energy efficiency will add about 0.8 per cent to global gross domestic product by 2050, the International Renewable Energy Agency, or Irena, said Monday in a report produced for the German government.
Governments are committing resources to green energy in a bid to keep warming within 2 degrees Celsius (3.6 Fahrenheit), of pre-industrial conditions, in accordance with the landmark Paris Agreement on global warming.
‘UK Disneyland’ set to open in five years in Kent – Friday March 10
It’s the news British film-lovers and thrill-seekers have been waiting to hear forever – no longer do we have to schlep across the seas to get our fix of stardust and adrenaline, for the UK is finally getting its own ‘Disneyland’.
The theme park will be the first of its kind in the UK, and is being created by film company Paramount at a cost of £3.5 billion.
John Lewis cuts staff bonuses to lowest in 63 years despite soaring profits – Thursday March 9
John Lewis has cut its employee bonus to the lowest level in more than 60 years despite announcing surging profits.
The partnership, which is owned by its employees, reduced the bonus to 6 per cent of salaries making it the lowest since 1954. It is the fourth year in a row that the payment has been cut.
Pre-tax profits rose 21.2 per cent to £370.4m as overall sales rose 3.2 per cent but the group said it cut staff bonuses because of an “increasingly uncertain” market.
Philip Hammond downgrades UK economic growth for Brexit years – Wednesday March 8
The Chancellor was forced to slash his official economic growth forecasts while the Brexit talks take place, as he delivered his first Budget.
Philip Hammond told MPs that Britain’s economy would grow faster than previously expected in the next financial year – by 2 per cent, up from 1.4 per cent.
UK businesses are already facing recruitment crisis as Polish workers head home – Friday February 15
After a Brexit vote in which a primary concern was too much immigration, some might be applauding the trend, but for important UK industries it is already creating a serious problem, and one that provides a preview of what may be to come for the wider economy.
Global sales of UK food and drink hit the £20bn mark for the first time – Tuesday February 21
Global sales of UK food and drink have hit the £20bn mark for the first time in history, as the Government prepares to ramp up its focus on international trade following the UK’s decision to leave the EU.
Plastics industry ‘pressured UK Government to cut recycling targets’ – Friday February 17
Recycling targets in the UK were cut last year after successful lobbying from the plastics industry, a freedom of information request by Greenpeace has revealed.
The Government came under fire last year after it announced that targets for plastic recycling would be reduced from 57 per cent to a mere 49 per cent for 2016 and then increased by 2 per cent each year to 2020, to a maximum of 57 per cent by 2020.
Inflation hits 1.8% as post-Brexit pound weakness feeds through to high street – Tuesday February 14
UK consumer price inflation jumped to 1.8 per cent in the year to January, from a rise of 1.6 per cent in the year to December, as the slump in the pound since the Brexit referendum continued to trickle through to the high street.
According to data from the Office for National Statistics published on Tuesday, January’s rise was the biggest since June 2014. But the jump narrowly missed analyst expectations for a 1.9 per cent increase, just below the Bank of England’s official 2 per cent target.
Lettuce crisis hits those who love it most: hungry British sea turtles – Friday February 10
The UK’s vegetable crisis has not only gripped the country’s supermarkets and healthy eaters, but also a bale of 12 hungry green sea turtles in aquariums across the country.
Eight aquariums run by the company Sea Life are calling on visitors to spare lettuce or broccoli for their shelled inhabitants who, as a result of a shortage of some vegetables in the UK, are missing out on their favourite meals.
GREG WOOD/AFP/Getty Images
Tim Cook met Theresa May and said the UK would be ‘just fine’ post Brexit – Thursday February 9
The chief executive of Apple has told Prime Minister Theresa May that he is “very optimistic” about the UK’s future outside of the European Union.
Tim Cook met Ms May at Downing Street on Thursday morning and reiterated the tech giant’s plans to build a new UK headquarters at the Battersea Power Station as proof of the company’s support of the UK.
Brexit: Bank of England upgrades growth forecasts but still expects UK economy to be hit – Thursday Ferbruary 2
The Bank of England has dramatically upgraded its growth forecast for this year but stressed that households will still experience a major squeeze on incomes due to rising inflation.
In its latest Inflation Report, the Bank upgraded its 2017 GDP growth forecast to 2 per cent, up from 1.4 per cent in November.
The revision is certain to be seized upon by Brexiteers as evidence that the economy will not suffer from leaving the European Union and that previous economic warnings from the Bank have now been exposed as scaremongering.
Yet the Bank’s forecasts continue to project a growth slowdown in 2018 and 2019, with GDP expected to expand by 1.6 per cent and 1.7 per cent in those years.
Founder of Morrisons supermarkets dies at the age of 85
Sir Ken Morrison, the founder of supermarket chain of Morrisons, who was instrumental in growing the company into one of Britain’s leading retailers, has died at the age of 85
Boohoo staff can get fired ‘for smiling’ – Monday January 30
Employers working for online fashion retailer Boohoo.com risk getting fired for smiling or checking their mobile phones, an investigation by Channel 4 has found.
The investigation comes after online fashion retailer Asos was accused last year of exploitative working practises with staff reportedly unable to take regular water and toilet breaks for fears of missing targets. The company denied those allegations.
Tesco to buy wholesaler Booker in £3.7bn deal to create ‘UK’s leading food business’ – Friday January 27
Britain’s biggest retailer announced that it was merging with Booker, the UK’s top food wholesaler, in a £3.7bn deal.
In a joint statement, the two companies said that the combined group would bring benefits for consumers, independent retailers, caterers, small businesses, suppliers, and colleagues, and deliver “significant value to shareholders”.
Tobacco giant Imperial Brands scraps chief executive pay rise – Thursday January 26
The chief executive of Imperial Brands, the maker of Gauloises and Winston cigarettes, is unlikely to get a pay rise this year in what seems to be another battle over boardroom greed.
Alison Cooper received a total pay package of £5.5m in the last financial year, up from £3.6m the year before.
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Link between high executive pay and performance ‘negligible’
A new pay policy that would have had the effect of taking Ms Cooper’s remuneration to £8.5m in 2017 was expected to be put to a shareholders’ vote on 1 February. However, in an announcement to the stock exchange on Thursday, Imperial Brands said it would not put the policy to a vote as originally planned.
The Dow Jones Industrial Average has just reached 20,000 points for the first time ever – Wednesday January 25
Wall Street’s Dow Jones Industrial Average stock index on Wednesday hit the 20,000 mark for the first time in its history.
In morning trading in the US, the index added around 0.5 percent to surpass the psychologically important threshold and take its gains since this time last year to 23.8 per cent according to Thomson Reuters data.
Thomson Reuters Eikon
HSBC to close 62 high street branches in 2017 resulting in up to 180 job cuts – Tuesday January 24
HSBC plans to close 62 branches this year, resulting in up to 180 job losses, in response to the rising popularity of online and mobile banking, the bank announced on Tuesday.
In a statement, HSBC said that over the past five years, the number of customers using HSBC branches had fallen by almost 40 per cent and 93 per cent of customers’ contact with the bank is now done on the telephone, internet or via smartphone. A total of 97 per cent of cash withdrawals are made via an ATM.
Theresa May criticised by top economists for trying to ‘have her cake and eat it’ with Brexit – Wednesday January 18
Top economists and strategists have warned that Theresa May’s vision of Brexit lacks credibility and clarity, a day after the Prime Minister delivered an agenda-setting speech on Britain’s future outside the EU.
In her speech in London on Tuesday, Ms May confirmed that Britain will leave the EU’s single market to regain control of immigration policy and said that she wants to renegotiate the UK’s customs agreement and seek a transition period to phase in changes all while remaining a “best friend” to the bloc.
Fiat loses $2.3bn in stock value plunge after diesel emissions accusation – Thursday January 12
Shares in Fiat Chrysler plunged on Thursday after US authorities said that the carmaker had violated the Clean Air Act by allowing excess diesel emissions in some vehicles.
The US Environmental Protection Agency (EPA) accused the company of using software that allowed excess diesel emissions in just over 100,000 US trucks and SUVs sold since 2014.
Six senior Volkswagen employees charged over emissions scandal
Shares listed in Europe were recently trading around 18 per cent lower on the day. Shares in the US fell 16 per cent before being halted from trading, wiping $2.3bn (£1.88bn) off the company’s market value.
Rising inequality behind Brexit and Trump victory is top global threat for the next decade, says WEF – Wednesday January 11
A rise in global income inequality, that already helped spur the Brexit vote and Donald Trump’s election victory, are expected to shape world developments over the next decade, according to the World Economic Forum.
For a report published ahead of its annual summit in Davos next week, the WEF surveyed 750 risk experts and found that rising income and wealth disparity were cited as the most important trends in determining global developments over the next 10 years.
Mayor Sadiq Khan axes new Routemaster bus from the streets of London – Friday January 6
London Mayor Sadiq Khan has ended any hopes to purchase new Routemasters bus for the capital’s streets as he tries to balance the books on London’s transport budget.
Once called ‘Boris buses’ named after his the previous mayor, every bus would cost around £350,000 each, or around £50,000 more than an ordinary bus.
But the new mayor has promised to freeze purchases of the vehicles, which were criticised for being expensive and sauna-like conditions.
FTSE closes 2015 at record high – Friday December 31
Britain’s blue chip FTSE 100 set a new record on the last day of trading of 2016 after climbing to record closing highs for two consecutive days.
The blue-chip index gained 22 points or 0.3 per cent, to finish at 7142 points on Friday, its third closing high in as many days and a new intraday high.
Hatton Garden: London’s famous diamond quarter under threat from Brexit and rent hikes – Thursday December 29
London’s world famous jewellery quarter could face extinction due to soaring business rates, rent rises and the aftermath of Brexit.
Hatton Garden was the centre of the world’s diamond market, but traders are fighting to bring back the glory days, as they are squeezed by rising rents and the uncertainty created by the UK vote to leave the EU.
More than one in two cars produced in the UK in 2016 was exported to Europe, thanks to a 7.5 per cent increase in demand from the Continent.
Global appetite for British-built cars rose by 10.3 per cent to an all-time high of just over 1.3 million – a second consecutive annual record.
Jaguar Land Rover chief latest to warn of Brexit’s effects on UK industry – The Independent