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Amsterdam ‘best placed’ to pick up global firms quitting London in wake of Brexit


AMSTERDAM: Several international companies have started making plans to move their European headquarters from London to Amsterdam following the UK’s vote to leave the EU, the capital’s top economic official has claimed. Kasja Ollongren, who holds the municipal portfolio for economic affairs, told De Volkskrant that a number of Asian financial firms had already decided to relocate to the Netherlands. ... Read More »

Minister raises fine for drugs firms which create shortages 20-fold

Pharmacist searching for a medicine

AMSTERDAM: Dutch health minister Edith Schippers said on Thursday she plans to increase the fine payable by pharmaceutical companies which deliberately cause shortages of medicine to €820,000. Currently, the maximum fine for drugs firms which create shortages is €45,000. Drugs firms with a trading licence can be fined if they fail to ensure sufficient supplies and report potential shortages on ... Read More »

No more bonuses for bosses of bankrupt firms: new law


AMSTERDAM: The Dutch parliament is set to ban bosses from taking a bonus from bankrupted firms. Labour MP Jeroen Recourt is expected to win a vote on Tuesday for a law to stop companies using bankruptcy to sack staff then restart under a new name with cheaper workers, reports NOS. Employees will have an official role in influencing how the ... Read More »

Rabobank to stop offering its own brokerage services


AMSTERDAM: Rabobank is pulling the plug on its own brokerage and research services with the loss of 30 jobs, further reducing the number of analysts active in the Netherlands focusing on Dutch companies, the Financieele Dagblad said on Tuesday. Their work will now be done by European brokerage Kepler Cheuvreux which follows 61 Dutch companies. The deal takes the form ... Read More »

Dutch earned €20bn on exports to Britain last year


AMSTERDAM: The Netherlands earned €20.5bn last year exporting goods and services to Britain, the equivalent of 3% of GDP, according to new figures from the national statistics office CBS. This makes the UK the Netherlands’ second most important export market after Germany. Belgium is in third place, followed by the US and France, the CBS said. Meanwhile, export associations said ... Read More »

Dutch customs uncover 4MT of cocaine in Costa Rican pineapple shipment


AMSTERDAM: The Netherlands has recorded the second-largest drug bust in its history, involving a container of pineapples from Costa Rica. In an announcement today, the District Procuratorate in Rotterdam said 4,000 kilograms, or four metric tons (MT), were discovered in a container of pineapples on June 1, the same day as their arrival. The bust comes just shy of a ... Read More »

Dutch MPs oppose Wadden Island gas drilling licence

Sunrise at an offshore oil platform on the North Sea, in the Norwegian sector

AMSTERDAM: A majority of MPs oppose the government’s decision to sanction test drilling for gas in a nature reserve near the Wadden Sea island of Schiermonnikoog, broadcaster NOS said on Wednesday. Economic affairs minister Henk Kamp has given the green light to plans to drill for natural gas even though one of the test drills will take place within a ... Read More »

McGregor is latest Dutch high street store group in financial trouble


AMSTERDAM: Clothing group McGregor, which also includes Gaastra and Adam Menswear among its labels, has been given court protection from its creditors after running into financial difficulty. The company has a workforce of 1,200, most of whom are in the Netherlands. The chain has 150 shops, of which 80 are in the Netherlands and Belgium and all will remain open ... Read More »

Dutch consumers spend more online, food sales rise 57%

Online Shopping - Add To Basket Button

AMSTERDAM: Dutch consumers spent nearly €5bn shopping online in the first three months of 2016, according to the quarterly web retail monitor carried out by market research group GFK. Total spending reached €4.89bn, a rise of 13% on the same period in 2015, GFK said. The sharpest rise was in spending on food which soared 57%. The increase is likely ... Read More »

A Brexit will cost the Dutch economy €10bn over 15 years: CPB

Flags of the United Kingdom and the European Union between flags of other EU members. British people voting about EU membership on referendum. Brexit - UK withdrawal from the European Union

AMSTERDAM: A British withdrawal from the EU will cost the Dutch economy €10bn in lost income by 2030, according to calculations by the government’s macro-economic think tank CPB. The drop in trade with Britain will mount up to 1.2% of GDP within the next 15 years, the CPB said on Thursday. The impact of a Brexit on the Netherlands will ... Read More »

Nearly €70m to boost employment ops for jobless over-50s

a welder working at shipyard in day time

MADRID: Ministers have set aside €68m to tackle the high unemployment rate among the over-50s and to make it more attractive for employers to take on older workers. People aged 45 to 65 currently account for 240,000 of the 600,000 registered jobless in the Netherlands. The money will go on extra training and schemes to help the over-50s find work ... Read More »

Dutch agricultural exports reach new record


AMSTERDAM: Dutch farmers exported produce worth €81.3bn last year, an all-time record, the national statistics office CBS said on Monday. Including agricultural machinery, fertilisers and other essentials, total exports reached almost €90bn, the CBS said. The Netherlands is second only to the US in terms of agricultural exports. Germany is third in the global ranking, followed by Brazil and France. ... Read More »

Dutch baby milk investments heat up, Nestlé enters the fray


AMSTERDAM: Swiss multinational Nestlé is investing €80m in a Dutch production site for specialist baby food, the Financieele Dagblad says here the other day. Dutch group head Marc-Aurel Boersch told the paper in an interview that the plant, which will be based in Nunspeet, will specialise in formula for babies who are allergic to cows’ milk. ‘This requires extremely specialist ... Read More »

Dutch central bank revises down economic forecast


AMSTERDAM: The Dutch central bank has revised down its economic growth forecast for 2016 from 1.7% to 1.5%. However, growth will reach 1.9% in 2017 and 2% the year after, the central bank said in its latest forecasts. Unemployment will fall from 6.9% now to 5.7% in 2018 while inflation will rise from 1% this year to 1.8% in two ... Read More »

Groningen calls for parliamentary inquiry into gas drilling crisis


AMSTERDAM: Groningen’s provincial government has called on parliament to launch an inquiry into natural gas extraction from under the province. ‘This is about finding out the truth,’ provincial councillor Ankie Voerman told local broadcaster RTL Noord.’We want to get to the bottom of this.’ The Dutch safety board said in a report last year that the economic affairs ministry, drilling ... Read More »

Veg seeds and cutlery help boost Ahold sales, profit in Q1


AMSTERDAM: Ahold Supermarket group Ahold said on Wednesday it had generated an increase in both sales and net profit in the first three months of 2016, partly due to successful give-away campaigns in the Netherlands. Group sales rose 4.3% to €11.7bn compared with the first three months of 2015, while net profit rose from €213m to €241m. In the Netherlands, ... Read More »

PostNL and Bpost end takeover talks, citing failure to agree on terms


AMSTERDAM: Takeover talks between Belgium’s postal company Bpost and Dutch delivery company PostNL broke down over the weekend, after becoming public on Friday. Bpost had made what was described as a ‘friendly offer’ for all the shares in PostNL but the two companies said in a short statement that they had failed to reach a deal on the terms. Neither ... Read More »

Government to sell up to 40% of insurer ASR on June 10


AMSTERDAM: The cabinet plans to sell part of nationalised insurance company ASR on the stock exchange on June 10, government officials said on Monday. Up to 40% of the shares in the company will be sold at a price of between €18 and €22, raising up to €1.32bn for the treasury. ASR, once Fortis Verzekering Nederland, was nationalised in 2008 ... Read More »

Ukraine poultry giant opens processing plant in the Netherlands


AMSTERDAM: Ukrainian poultry giant MHP is opening a processing plant in the Netherlands next month, to the concern of local producers who feel their reputation will be hit, the Volkskrant says on Friday. MHP breeds, slaughters and processes some 332 million chickens a year, making it the biggest poultry company in Europe. By contrast, the Dutch poultry industry as a ... Read More »

Philips raises €750m through lighting division IPO


AMSTERDAM: Dutch electronics giant Philips on Friday realised €750m from the sale of shares in its lighting division, which is being hived off as a separate company. The shares were priced at €20 each ahead of the IPO, valuing the company at €3bn. Philips Lighting CEO Eric  Rondolat said the level of interest from both institutional and retail investors, ‘underpins ... Read More »