Samsung may move its European HQ from London

As the results of the EU referendum came in, consumer electronic giants and other tech companies hit the panic button.

The Korean Herald reports that Samsung is considering shifting its European headquarters from London to another location in Europe.

No official statement has, however, been issued by the company yet.

This is primarily because local companies do not have production facilities in the UK.

Acer CEO Jason Chen has said the UK's departure from the EU will weaken demand in the European market due to lower consumer confidence and exchange rate fluctuations.

London's technology sector as a whole, according to a survey of members of Tech London Advocates, had overwhelmingly opposed Brexit with 87% saying they feared they would be unable to attract European customers and overseas talent.

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