ASB Securities Morning Brief for Saturday, 25 June 2016
Saturday, 25 June 2016

New Zealand Headlines

New Zealand Market Report: New Zealand shares plunged after the UK voted to leave the European Union, taking investors by surprise with financial institutions hit hard. The S&P/NZX 50 Index dropped 153.57 points, or 2.3 percent, to 6,667.78. Within the index, 44 stocks fell, four were unchanged and two rose. Turnover was $132.6 million... Read more

The New Zealand dollar tumbled more than 3 US cents, or 4.4 percent, and swap rates dropped as the UK voted to leave the European Union, confounding the predictions of bookmakers and pollsters. The kiwi dollar fell to 69.84 US cents at 5pm in Wellington, from as high as 73 cents when voting closed this morning at 9am NZ time and down from 71.80 cents late yesterday. The local dollar surged as high as 52.88 British pence, the highest in almost three years, and was recently at 52.21 pence, from 48.55 pence yesterday... Read more

New Zealand swap rates plunged as news of the likely victory for Brexit in the UK's referendum on whether to leave the European Union rippled through global financial markets and sent investors fleeing for safe havens. The two-year swap rate dropped 14 basis points to 2.17 percent and 10-year swaps sank 22 points to 2.64 percent as investors in all asset classes grapple with the looming outcome of the UK referendum. Investors had been picking the British public to vote in favour of staying, but those expectations have been dashed as early results showed a much closer race with the 'leave' camp pulling away as more of the vote was counted... Read more

The new post-Brexit landscape will require more work by New Zealand trade negotiators, says ExportNZ. Executive Director Catherine Beard says the vote for Britain to leave the EU will have an impact on New Zealand’s trade arrangements, if new trade deals will need to be struck between the EU and Britain... Read more

Tweaks to government legislation are needed to develop the aquaculture industry in Southland, an MP says. Invercargill MP Sarah Dowie returned from Norway this week on a trip paid by Aquaculture NZ. Dowie said the Government was creating a National Policy Statement, which would state aquaculture policies as a matter of national significance... Read more

Meth bill on the cards. Law changes addressing the issue of meth contaminated houses could be on the way – if a new members Bill is selected from the Parliamentary ballot... Read more

Value houses on performance. Building quality and dwelling performance needs to be a crucial part of the value assessments of houses, a reality TV building expert has urged. Property sector participants have become more aware of building issues like insulation and weathertightness in the wake of the leaky homes crisis The Block NZ’s veteran foreman, Peter Wolfkamp, told last week’s Property Institute conference that, for this reason, people are, increasingly, asking questions about how well a house is built in terms of performance.... Read more

Could Flagstaff be Hamilton's first million dollar suburb?... Read more

Local government's infrastructure-building monopoly could be removed and Chinese contractors could potentially take the lead. Prime Minister John Key has signalled that direct Chinese investment in Auckland, particularly on crucial infrastructure, could help ease the housing crisis. His comments come after the recent formation of the NZ Chinese Property Development Society to further its interests here... Read more

Boutiques take hold in NZ. KiwiSaver has been a driving force in the rise of boutique fund managers in New Zealand, one analyst says, but New Zealand still has a highly concentrated market with some capacity issues... Read more

'No commission' structure doesn't translate. An insurance broker who is advertising a “no-commission” business says while it works well for fire and general insurance, financial advisers who deal in personal risk products have a different set of issues to contend with... Read more

Roboadvice could complement adviser businesses. Cerulli Associates, a global analytics firm, has released a report that says digital advice could be a solution for consumers who have investment portfolios that are too small to attract financial advisers... Read more

Rabobank Global Beef Quarterly Q2 2016: Volatility Challenges Beef Markets... Read more

New Zealand needs to milk Brexit for all its worth. With Britain voting to exit the European Union today, Federated Farmers is urging diplomats and export companies to be quick off the block and first inline for meetings to push New Zealand’s agenda.... Read more

Ryman Healthcare's board will ask shareholders to sign off on a 9 percent pay rise for directors as they cope with an increasingly larger retirement village operator. Shareholders will vote on July 27 at Ryman's annual meeting in Whangarei on whether to lift the pool for directors' fees to $910,000 from $835,000, the notice of meeting says. Ryman shares rose 1.8 percent to $9.10 and have gained 5.2 percent so far this year.... Read more

Sky Network Television chief executive John Fellet has increased his modest holding in the pay-TV operator ahead of a special meeting of shareholders next month to vote on a merger with Vodafone Group that would create the country's largest telecommunications and media group. Fellet bought 19,800 shares for $98,604, or $4.98 a share, on the market on June 21, lifting his total holding to 156,300.... Read more

Smiths City Group reported a 30 percent decline in annual profit while at the same time lifting sales as the Christchurch-based retailer overhauled its operations to exit low-margin business. Net profit fell to $5.6 million, or 10.6 cents per share, in the year ended April 30, from $8 million, or 15.2 cents, a year earlier, Smiths City said in a statement. Trading profit rose 54 percent to $4 million on a 0.2 percent rise in revenue to $221.9 million. In 2015, Smiths City recognised $8.5 million in other income due to insurance payments to help repair its flagship Colombo St store... Read more

SBS records growth in a "difficult" year. SBS Bank has reported its operating surplus for the year to March 31 has increased 6% from $26.1 million to $27.7 million.... Read more

Maersk shipping line changes NZ route. New Zealand will be a "bus stop on the route" of a new south-bound weekly shipping service between North Asia and the west coast of Latin and South America. Maersk's Triple Star will arrive from North Asia on July 24, stopping at Japan, Korea, China and Taiwan... Read more

Enprise Group pays first dividend. Enprise Group CEO Elliot Cooper says the decision to pay the dividend reflects strengthening profitability and favourable prospects for growth. “Both of our operating divisions – Enprise Solutions and Datagate Innovation – are performing strongly,” he says... Read more

Cavalier Corp shares jumped to a 19-month high after the carpet maker raised 2016 earnings guidance as its broadloom carpets unit outperformed expectations and it sold an unprofitable carpet tile operation. Post-tax normalised earnings are expected to be $6 million in the 12 months ending June 30, up from $1 million a year earlier, and ahead of the $3-5 million range forecast at the November annual meeting... Read more

Australian publisher APN News & Media has reached a binding heads of agreement with the Inland Revenue Department to settle its alleged tax avoidance case and other disputed tax issues for $36.3 million. The move comes ahead of its planned demerger of New Zealand-based NZME, which would have retained the New Zealand tax risk... Read more

Xero will start turning profits from 2020 as it continues to grow its customer base in North America and the UK, says Morningstar. The research house's fair value estimate for Xero is $21 a share, a premium to the current trading price of $18.50, on expectations the Wellington-based accounting software developer will start making money soon and probably won't have to raise more capital... Read more

Due diligence on the proposed sale of 45% of NZ Post's stake in Kiwibank to the New Zealand Superannuation Fund and the Accident Compensation Corporation (ACC) is progressing well, the parties said today... Read more

Jon Mayson, chairman of IT services provider Fronde, has been asked to step down by the company’s two main shareholder/directors who wanted to refresh the board. Mayson will stand down at the company’s annual meeting in Wellington on July 29. The professional director holds a number of other chairmanships, including Scales Corp, Martin Aircraft, Titanium Technologies, C3, and Ziwipeak. Fronde last traded on Unlisted at $1 per share in January.... Read more

Gallagher is continuing to gain recognition for its commitment to international markets, picking up two prestigious awards at the 2016 Air New Zealand Cargo ExportNZ Awards tonight. In recognition of his vision, determination and success, Gallagher Chairman and Chief Executive Officer, Sir William Gallagher, was named Exporters Champion for exemplary services to export, and the Gallagher business was named Exporter of the Year (total sales over $25 million)... Read more

Methven wins Best Use of Commercialisation of Innovation for Export Award at the 2016 ExportNZ Awards... Read more

Cheaper travel to UK and Europe likely... Read more

Opinion - Liam Dann: Traders called it early and lost out big time. The markets called it early and called it big: the remain vote wins and Britain stays in the EU. It may go down as one of the worst calls in financial history. With hours to go before the final result Wall Street markets had rallied and the New Zealand dollar spiked as high as US73c... Read more

Opinion - Dominick Stephens: Early thoughts on Brexit implications for New Zealand. Westpac chief economist Dominick Stephens ponders what Brexit might mean for NZ, now sees August OCR cut as much more likely... Read more

Opinion - Duncan Garner: Tax the tourist tsunami and give us citizens a break. The numbers are out and the news is both bad and good. We have become the victim of our own success. But stay with me – it's good news with a little twist. Tourists are flooding into this country to experience our little slice of paradise. This week new figures show 3.29 million foreign tourists visited New Zealand in the year to May... Read more

Opinion - Brian Gaynor: 'Tis the season for shareholders to speak up on firms' operations. Investors should be vigilant and insist annual meetings are informative and fully transparent... Read more





Australian Headlines

Australian Market Report: The Australian sharemarket has suffered its worst decline in nine months, with close to $50 billion wiped after UK voters opted to leave the European Union. The shock Brexit vote caught markets off-guard after investors had this week grown increasingly comfortable with the prospect of a ‘remain’ vote. At the close of local trade, the benchmark S&P/ASX 200 index tumbled 167.5 points, or 3.17 per cent, to 5,113.2, while the broader All Ordinaries index sank 165.8 points, or 3.09 per cent, to 5,192.8.... Read more

The Australian dollar has plummeted against the US dollar and soared against the pound after the UK unexpectedly voted to pull out of the European Union. At 5pm (AEST) on Friday, the local unit was trading at US73.61 cents, down from US75.26c on Thursday, and at 54.01 British pence, up from from 51.06 pence.... Read more

The Reserve Bank’s July board meeting has suddenly become ‘live’ after Britons voted to separate from the European Union. The stunning and historic vote has left a trail of destruction on markets, with only safe havens such as the Japanese yen and gold rising amid the carnage... Read more

Brexit: RBA briefs Government, Opposition on implications if Britain leaves EU... Read more

Brexit: how the result will affect Australia. Britain's shock referendum decision to quit the European Union has unleashed a wave of global jitters which will immediately influence the outcome of our July 2 election. Markets of all sorts — stocks, futures, oil, butter — want certainty, and the Brits have removed that by a tiny majority of votes... Read more

Malcolm Turnbull has moved to quell fears about the domestic impact of the Brexit vote, and confirmed that he "consoled" David Cameron in a phone conversation ahead of the UK leader's resignation... Read more

Brexit: Commonwealth Bank suspends foreign exchange of British pounds.... Read more

The Australian dollar gold price has hit an all-time record, trading at $1826 an ounce at midday as Britons voted to quit the European Union. The British exit would deprive the 28-member EU of its second-biggest economy and send political shockwaves across the continent... Read more

Australia’s property market is tipped to feel the flow on affects of Britain leaving the European Union.... Read more

The Byron Shire Mayor has announced he has a plan that will see "pop-up housing estates on council-owned land" to combat the rise of housing prices. The hot real estate market of the mostly coastal electorate of Richmond has been pushing rental prices through the roof... Read more

Lithium is one sector of the mining industry that is charging ahead, according to share market entrant Lithium Power International. Shares in the lithium explorer soared more than 37 per cent on Friday in a market that was significantly lower due to the uncertainty created by Britain's vote to exit the European Union... Read more

Shares in Western Australian gold producer Blackham Resources have soared after major US growth fund Hunter Hall acquired a 9.8% stake in the company. Hunter Hall is one of the world's premier gold investment funds having previously supported emerging Australian gold companies Doray Minerals and St Barbara Mines... Read more

Kimberley Diamonds Ltd has completed a capital raising of $4,024,678 via a rights issue and shortfall placement at $0.10 per share. Zhejiang Huitong Auction Co Ltd, the lender of $13 million to Kimberley, was issued shortfall shares worth $704,120... Read more

Broken Hill Prospecting Ltd recently raised about $1 million through a placement of shares to sophisticated and professional investors at $0.08 each. The company will open a Share Purchase Plan with the opportunity to subscribe for shares to the value of A$2,000, A$3,000, A$5,000, A$7,500, A$12,500 or up to the maximum of A$15,000... Read more

Maintenance workers at a coal mine south of Perth have walked off the job over a 43 per cent pay cut. Seventy workers at Griffin Coal mine at Collie went on strike for 24 hours from Friday morning after the Fair Work Commission approved an application by Griffin to terminate their current Enterprise Bargaining Agreement (EBA)... Read more

Buddy Platform Ltd to update on potential acquisition... Read more

Shipbuilder Austal has won a contract worth about $100 million to build a commercial passenger ferry for a Denmark-based operator, its fourth commercial contract in the past month. The 109-metre RoPax vessel, the largest commercial ferry to be built by Austal since 2011, is to be built at its Henderson shipyard for Mols Linien. Austal's shares closed down 1 cent to $1.22.... Read more

Collaborate Corporation Ltd has opened a new market for its vehicle rental service with an agreement to advertise these to UberX ride share driver/partners through Uber Marketplace. Car owners are using the Collaborate platform to generate income from under utilised vehicles... Read more

Financial services provider Pioneer Credit has surpassed 150,000 customers for the first time in the companys history, following an agreement with one of Australias largest lending providers. The company acquires retail debt portfolios and works closely with its customers to service loans and restore financial health... Read more

Civmec battled defence contractors. Defence contractors were hostile to heavy engineering firm Civmec entering their space to chase work under the Federal Government’s $90 billion shipbuilding program, chief executive Pat Tallon says... Read more

Primary Opinion Ltd: shareholders to vote on company direction. Primary Opinion Limited recently entered into discussion to acquire a 48% equity stake in a well-known Australian media and cooking identity, Maggie Beer's premium food products company, for $15 million.... Read more

Tyrian Diagnostics Ltd will facilitate a management buyout of Contango Asset Management by acquiring Contango for $13 million and issuing shares in Tyrian to Pacific Point Partners. Contango has $600 million of funds under management... Read more

Downer EDI has won a $512 million contract with the Public Transport Authority to supply 10 commuter trains and maintain the Transperth rail fleet for 10 years. The Downer Bombardier joint venture will manufacture the three-car B Series trains in Queensland and deliver them by December 2020... Read more

The Turnbull government this morning promised to spend $12 million improving mobile phone coverage for train commuters between Sydney and Newcastle if it wins next weekend’s election. The policy will deliver continuous in-train mobile coverage for travellers between the northern Sydney suburb of Hornsby, and Wyong on the Central Coast, plus wi-fi at each station... Read more

A not-for-profit group campaigning for changes to the Land Administration Act fears pastoralists and others will miss out on valuable opportunities if the legislation is blocked. The Partnership of the Outback, made up of the Pew Charitable Trust, the Conservation Council of WA, Bush Heritage Australia and the Wildflower Society of WA, is backing the changes proposed by Nationals WA leader Terry Redman... Read more

Aussie ISPs fight against rolling piracy site blocking.... Read more

Siteblock: Pirate Bay, Torrentz, IsoHunt under spotlight in Australian website-blocking test case... Read more

Ross Kelly has retired as chariman of drilling products supplier Imdex after seven years in the role. Mr Kelly will be replaced by Anthony Wooles, chairman of Bhagwan Marine and founder of metallurgical inspection company PearlStreet.... Read more

BCI Iron and Watpac have settled a $100 million legal dispute over monies owed following the termination of Watpac’s mining contract at the mothballed Nullagine iron ore project last year. The companies did not disclose the terms of the agreement, but BCI boss Alwyn Vorster said in a statement the settlement included a payment to Watpac by the joint venture between BCI and Fortescue. BCI shares closed down 1¢ to 13¢.... Read more

Sydney stockbroker Oliver Curtis has been jailed for two years after an insider trading scam hatched with his then best friend made them more than $1.4 million in illegal profits. Curtis, 30, was found guilty of conspiring to commit insider trading on 45 separate occasions, earlier this month... Read more

Opinion - Michael Pascoe: Brexit: Bugger Britain – it's the world that counts. ... Read more

Opinion - Mike Steketee: History lesson: A Medicare scare might not be fair, but it works. The received wisdom is the GST cost John Hewson the unloseable 1993 election, but research suggests health played a bigger role. Will Bill Shorten's Medicare and health focus also create an upset election outcome?... Read more





International Headlines

U.S. Market Report: U.S. stocks fell sharply on Friday, with the Dow Jones industrial average dropping as much as 538 points, as Britain's vote to quit the European Union sent a shock wave through global financial markets. The S&P 500 index and Dow were on track for their biggest one-day percentage drop since September, while the Nasdaq composite index was headed for its worst day since August. All three indexes were set for their second weekly decline in a row... Read more

North/South Americas Market Report: North and South American markets are sharply lower today with shares in Brazil off the most. The Bovespa is down 3.54% while U.S.'s S&P 500 is off 3.40% and Mexico's IPC is lower by 2.94%... Read more

European Market Report: The pound made history, plunging with U.K. stocks after the nation voted for a Brexit.... Read more

Asian Market Report: Asian markets finished sharply lower today with shares in Japan leading the region. The Nikkei 225 is down 7.92% while Hong Kong's Hang Seng is off 2.95% and China's Shanghai Composite is lower by 1.30%... Read more

Oil prices plummeted on Friday, after the UK’s vote to leave the European Union in a nationwide referendum triggered a selloff across markets. Nearly 52 per cent of the UK electorate voted in favor of leaving the EU. Earlier, the global benchmark, Brent, was down by around 6 per cent, but prices recovered somewhat as volatility in trading continued. Brent was down around 3.8 per cent at $US48.96 a barrel. Its US counterpart, West Texas Intermediate, was down 3.8 per cent at $US48.21 a barrel.... Read more

Gold surged the most since the height of the 2008 global financial crisis after the U.K. voted to exit the European Union, causing turmoil across markets and boosting haven demand... Read more

'Buy gold' searches soar 500pc after Britain votes to leave EU: here's how to get your hands on the yellow metal... Read more

Copper prices rose to their highest in seven weeks as opinion polls indicating that Britons favour staying in the European Union boosted sentiment that was also reinforced by a weaker dollar. Benchmark copper on the London Metal Exchange closed 1.7 per cent higher at $US4,780 a tonne. It had earlier touched $US4,793, its highest since May 6.... Read more

I'm not going to lie to you. The market is U-G-L-Y today. But it's not 2008-esque awful. In fact, there are even a couple of dozen stocks in the S&P 500 that have avoided the Brexit bear. Gold miner Newmont was up nearly 5% as the price of the yellow metal surged due to Brexit fears. Other so-called safe haven stocks were rallying too.... Read more

Britain's shock vote to leave the European Union may tie the U.S. Federal Reserve to near zero interest rates for far longer than expected, according to new research indicating the U.S. central bank is now tightly bound to international economic conditions... Read more

President Barack Obama said Friday that Britain’s vote to exit the European Union is a demonstration of the challenges of globalization, and he reiterated that the U.S. "special relationship" with the country would persist. Obama said that he spoke with U.K. Prime Minister David Cameron and German Chancellor Angela Merkel earlier in the day about Britain’s transition from the EU... Read more

The United Kingdom shocked the world when its citizens voted to leave the European Union Thursday. The so-called Brexit has wide implications for the U.S. economy, which is already facing a slew of headwinds.... Read more

New orders for U.S. manufactured capital goods unexpectedly fell in May as demand declined broadly, indicating business spending will remain a drag on economic growth in the second quarter... Read more

Merrill Lynch fined $415 mn for using customer funds. US securities regulators fined Bank of America's Merrill Lynch $415 million Thursday for wrongly tapping customer accounts for billions of dollars for its own trading activities. Merrill, a wholly-owned subsidiary of Bank of America, from 2009 through 2012 engaged in complex options trades that enabled it to "artificially" reduce its stash of cash held for customer accounts, freeing up to $5 billion for use by the bank, the Securities and Exchange Commission said.... Read more

Led Zeppelin’s victory over allegations the band stole the opening chords of “Stairway to Heaven” may reverse the swell in copyright infringement lawsuits over pop songs that followed last year’s “Blurred Lines” verdict. "‘Blurred Lines’ left everything wide open,” William Hochberg, an intellectual property lawyer with Greenberg Glusker Fields Claman & Machtinger LLP in Los Angeles, said in a phone interview. “This sends the right message that you need to be cautious and it’s not going be a dance through the rose garden.”... Read more

Blackberry continued bleeding red in the three months ending May 31, extending a two-year losing streak as the Canadian smartphone maker restructures, according to quarterly financials filed Thursday. The Waterloo, Ontario-based company posted a loss of US$670 million while revenues plunged to US$424 million -- about two-thirds of last year's take during the same period and below analysts' estimates.... Read more

Bank of England tries to calm markets as pound and shares plummet. Amid fears that Brexit vote risks sparking fresh financial crisis, Carney says Bank ready to do whatever is needed to mitigate impact... Read more

UK interest rate 'likely to hit zero' following Brexit... Read more

Trying to buy some pounds? Good luck! Companies that trade in money for travelers are struggling to keep up with demand after the pound has crashed to the lowest levels in 30 years following U.K.'s vote to leave the European Union. Pounds are cheap, so people are trying to gobble them up... Read more

Travel firm Thomas Cook has suspended its online currency sales after unprecedented demand overnight. The fall in the value of sterling, after a sharp rise earlier in the week, had tourists rushing to exchange money. The euro was in particular demand, with the pound down more than 5% against the currency at €1.2398 in Friday trading... Read more

Commentators suggest the lull in the UK property market will continue following the UK's vote to leave the EU. Some mortgage brokers and estate agents say that potential buyers could delay any purchase owing to the uncertainty that is likely to follow the result... Read more

House prices to fall 5pc nationwide and tumble even further in London as worried home buyers back out ... Read more

The Brexit vote is sending a harsh message to Europeans who are living and working in the United Kingdom: You might not be able to stay. European Union rules guarantee visa-free movement of people and workers across its 28 member states. But once the U.K. exits the EU, free movement could stop, leaving EU passport holders in Britain worried about whether they can keep their jobs and stay in the country... Read more

What’s the next domino to topple? That’s one way to think about the outlook for the dollar now that the U.K. has decided to leave the European Union, one market strategist said. The historic vote has upended investors’ outlook for the dollar, and by extension, global markets in general.... Read more

Biggest losers: The 'Brexit' is already hitting these companies.... Read more

The UK has "little to fear from leaving the EU", the chairman of JCB has said. Lord Bamford, who supported Brexit, said the business community "needed to look to the future". "European markets are important to many UK businesses, including JCB, and this will not change," he said... Read more

British Airways owner IAG sounds profit warning within hours of Brexit result... Read more

Telefonica SA is considering delaying the planned initial public offering of its Telxius infrastructure unit and the possible IPO of its U.K. wireless unit O2 because of market volatility after Britain’s vote to leave the European Union, according to people with knowledge of the situation... Read more

The EU's remaining 27 members will have to weigh their own potential losses after the U.K voted for Brexit, with a few countries in particular facing much greater stakes. This group includes two Mediterranean holiday spots (Malta and Cyprus), a next-door neighbor (Ireland), as well as countries whose job-seeking citizens have been attracted to the U.K. labor market in recent years (Poland and Lithuania). These countries heavily rely on the U.K. both in terms of trade and tourism... Read more

Air France-KLM Names Janaillac CEO and Chairman as of July 4... Read more

The French Interior Ministry authorized a union-backed protest march scheduled for Thursday in Paris, overruling a police ban as the government sought to defuse tensions over its plans to ease protections for workers... Read more

Volkswagen AG Chairman Hans Dieter Poetsch bore the brunt of investor dissatisfaction over the automaker’s handling of the emissions cheating scandal during a raucous shareholder meeting, with some even trying to remove him as host of the gathering. Poetsch received a tongue-lashing from investors for his shift last year from chief financial officer to the head of the supervisory board, which has oversight over top management. Underscoring the sour mood, some investors asked to have Stephan Weil, Lower Saxony premier and VW board member, take over the meeting. The motion was turned down.... Read more

Russia-China agreement on grain hub calls for investing $1.1 bln. "The amount of investment in equipment there will be about $85 million, and together with construction about $100 million," Deputy Agriculture Minister Sergei Levin said on the sidelines of a meeting of the Russian-Chinese intergovernmental commission for investment on June 24... Read more

Turkish Central Bank Signals Interest-Rate Cut Cycle Nearing End... Read more

How Indian Markets Reacted to the U.K.’s Decision to Leave the European Union. India’s lower current account deficit, improving FDI and higher forex reserves will help restrict the losses in India, analysts said... Read more

Hong Kong’s sharp drop in visitor arrivals from mainland China has hurt retailers’ sales from luxury watches and gems, to anti-wrinkle cream and pastries as the slowdown deepens in the world’s second-biggest economy. Net income at Sa Sa International Holdings Ltd. fell 54 percent to HK$383.5 million ($49 million) in the year ended March 2016 on poorer sales to Chinese customers, and the cosmetics stores operator said Hong Kong’s retail market “will continue to face a number of challenges” amid China’s weak economy and stricter entry rules for mainland visitors... Read more

What the ‘Brexit’ Vote Means for Indian Companies With Ties to U.K.... Read more

Opinion - Nils Pratley: The post-Brexit financial world remains deeply uncertain. Despite the market’s predictably volatile reaction to the EU referendum result, the longer-term impact will be harder to gauge... Read more

Opinion - Allister Heath: There will be some short-term pain but Brexit will make us richer... Read more

Opinion - William Watts: Here’s why Brexit probably isn’t a ‘Lehman moment’... Read more

Opinion/Analysis - Paul R La. Monica: Brexit: Is this like the 2008 financial crisis? The unimaginable has happened. The U.K. has voted to leave the European Union...and investors around the world are in full-fledged panic mode. Could this be the beginning of the end for the EU? And even the start of another financial crisis like 2008? Stocks are plunging in Britain, Europe, Asia and on Wall Street. Big banks like JPMorgan Chase and Goldman Sachs in the U.S. as well as Royal Bank of Scotland, Barclays, Credit Suisse (CS) and Deutsche Bank were all crushed. The British pound sank like a stone.... Read more

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