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Business

Breaking news business

Investors brace for long, bitter Brexit

Lilly Vitorovich 4:06pm Further financial market volatility is expected as the fallout from Britain's departure from the European Union is expected to be protracted and bitter.

IPO reject Guvera restructures ops

3:54pm Guvera is restructuring it music streaming operations, with two of its subsidiaries placed in voluntary administration.

VW treating Aust as 'backwater': Lawyers

3:54pm A class action is due back before Federal Court next week, but reports suggest VW has already reached a $A20.46 billion settlement with US authorities.

BHP says not digging for iron ore, coal

Prashant Mehra 3:46pm Global miner BHP Billiton is not looking for more iron ore and coal reserves, and will instead focus its exploration budget on oil and copper.

Mayne Pharma buys Teva drugs for $US652m

3:48pm Mayne Pharma will raise capital to help it fund the $US652 million acquisition of a portfolio of generic drugs from Teva Pharmaceuticals and Allergan.

SKorea proposes $8.4b extra budget shield

2:06pm South Korea has proposed an $US8.4bn budget shield in response to Brexit and weak exports.

KFC lifts Collins Foods into the black

Petrina Berry 2:06pm Fast food restaurant operator Collins Foods has returned to profit as its grows its KFC network while closing loss-making Sizzler restaurants.

Murray Goulburn sets low FY17 milk price

12:06pm Murray Goulburn expects to pay farmers $4.80 per kilogram of milk solids for the 2016/17 financial year, with an opening price of $4.31.

VW's US diesel emissions deal to cost $15b

10:06am A $US15bn settlement between VW and nearly 500,000 diesel owners is the largest automotive buyback offer in US history.

Brexit fails to dampen consumer confidence

9:37am The decision by the majority of British voters to leave the European Union has failed to significantly dampen Australian consumer confidence.

Optus looking to cut more jobs

Lilly Vitorovich 9:56am Teleco Optus is considering outsourcing some office work, which is expected to lead to further job losses.

CIMIC signs $223m India construction deal

9:15am CIMIC says work on Leighton Asia's new $223 million project in Mumbai has begun and is slated to be completed in 2019.

Evolution lifts payout on bullish outlook

Prashant Mehra 5:34pm Gold miner Evolution Mining has doubled dividend payouts after easily hitting its FY16 production guidance.

Bond prices edge higher

5:46pm Australian bond prices have closed higher.

Stocks to watch

1:39pm Stocks of interest on the Australian Securities Exchange

Commodities markets summary

7:46am Commodities news from around the world

Copper lifts, other metals fall

8:06am Copper prices rise amid expectations of economic stimulus following financial market turmoil after the Brexit vote.

Gold lifts on continued Brexit uncertainty

8:06am Gold prices have continued to lift amid uncertainty over economic growth following Britain's referendum vote to leave the EU.

International markets roundup

7:26am News from the world’s major stock markets

Aust shares swept up in Brexit blues

Petrina Berry 5:14pm The Australian share market has fallen on global concerns about the economic effects of the UK's pending exit from the European Union.

Aust dollar slips in flight to safety

6:07pm Investors sold down the Aussie dollar and fled to safe haven currencies in a fear-driven overnight session before the local currency made up some ground.

ECB's Draghi expresses sadness at Brexit

8:06am European Central Bank chief Mario Draghi says he's sad at the decision by UK voters to leave the EU.

Britons want Ireland EU passports

Padraic Halpin 8:06am As Britons reel from a shock Brexit vote, those who want to keep their European Union mobility are applying for Irish passports.

US expects an 'orderly, organised' Brexit

8:06am The White House expects the UK's departure from the EU will be an orderly organised process and remains committed to a free trade deal with the bloc.

Pound's post-Brexit slide continues

8:06am The pound is continuing its steep tumble in the wake of a Brexit vote that will see the United Kingdom leave the European Union.

UK pound hits 31-year low against $US

Jamie McGeever, David Milliken and Patrick Graham 8:36pm The pound and UK shares have remained volatile in the wake of the Brexit vote.

'Months of uncertainty' from Brexit

Prashant Mehra Australia's economy and its companies could take a hit from UK's decision to leave the EU, although just how big remains to be seen.

China calls for united EU after Brexit

Joe McDonald China's premier has called for a united and stable EU in the wake of Britain's vote to leave.

Housing prices growing faster this year

Garry Shilson-Josling, AAP Economist Housing prices rose solidly in the major capitals last week, lifting year-to-date gains above the growth rates seen this time last year.

APN sells GHC investment manager

APN Funds Management has sold the investment manager of Generation Healthcare to NorthWest Healthcare.

Metallica gets $900k from sale

Metallica Minerals has received $900,000 for the sale of the non-core Boyne limestone project in Queensland.

Avita wins $US8m contract extension

Avita Medical has won a contract extension aimed at helping the US prepare for treating burns injuries resulting from a nuclear explosion.

Brexit could push Aust GDP down 1%: KPMG

KPMG says its best case scenario is for a one per cent post-Brexit decline in Australia's GDP because of a deterioration in net exports.

Goldman Sachs tip mild UK recession

Goldman Sachs economists predict the UK economy will enter a mild recession in 2017 which will have knock on effects for global economic growth.

Virgin Galactic to launch satellites

Virgin Galactic will launch 200 nanosatellites in 2018 for ASX-listed communications satellite firm Sky and Space Global.

Aust bonds lower as Brexit shock passes

Australian bonds have nudged lower following Friday's dramatic rise after the UK unexpectantly voted to leave the European Union.

QBE shares fall after Brexit warning

QBE says it could move business out of the UK if passporting rules are changes in the wake of the country's vote to leave the EU.

Tatts sells Talarius business in UK

Gambling operator Tatts Group has sold its struggling Talarius business in the UK for $210 million.

Asciano to transfer ACFS stake to partner

Takeover target Asciano has agreed to sell its stake in the ACFS Port Logistics business to its joint venture partner to settle the court dispute.

Gold Resources new chairman, CEO

Gold Road Resources has appointed Tim Netscher as chairman, with current chairman Ian Murray taking up the CEO and managing director roles.

Wellard agrees on separation settlement

Wellard has agreed with WGH Holdings the IPO share sale separation settlement to be $15.8 million.

Alacer hedges gold for Sulfide

Alacer Gold has hedged 160,000 ounces of gold at $1,273 per ounce for the period from July 2016 to September 2018.

NZ shares down as Brexit impact hits

Sophie Boot The NZ stock market has slipped early in trading on Monday to continue the decline from Friday after the UK voted to exit the EU.

Asian markets down, pound tumbles 2%

Hideyuki Sano Asian stocks are down with market sentiment remaining weak and volatile as analysts predict further sell-offs as the fall-out from Brexit continues.

BHP to boost exploration spend in FY17

BHP Billiton is focusing its exploration budget on copper and oil, with total spending of $A1.2 billion next financial year.

Stocks to watch

Stocks of interest on the Australian Securities Exchange on Monday.

Commodities markets summary

Commodities news from around the world

Gold lifts on Brexit vote

Gold prices have soared, with the spot price rising almost five per cent, while the August delivery metal was up 4.7 per cent.

Base metals trim early losses

Base metals fell amid worries about economic growth following the Brexit vote but later trimmed losses.

International markets roundup

News from the world’s major stock markets

NZ dollar drops on Brexit uncertainty

Paul McBeth The NZ dollar continues to slip against the greenback in the wake of Britain voting to withdraw from the European Union.

UK govt seeks to calm markets before open

William James After global stock markets lost about $US2 trillion ($A2.69 trillion) in value on Friday, UK's finance minister will address markets before open.

Market lifts but Brexit fears still loom

The Australian share market has made a modest gain, but more negative fallout from "Brexit" is expected.

$A recovers to linger above 74 US cents

Petrina Berry The Australian dollar has recovered some ground from Friday's steep fall after the UK surprised the world and voted to leave the European Union.

Central bank group urges branch closures

Huw Jones The Bank for International Settlements, which represents the world's major central banks, says banks should shut branches to help lift flagging profits.

China touts new bank for developing world

Ben Blanchard The China-led Asian Infrastructure Investment Bank has 57 founding member countries and $US100 billion in committed capital.

British bracing for economic backlash

UK financial leaders are scrambling to reassure businesses and investors they can contain the doom and gloom predicted in case of a British exit.

Worst day in 10 months as Wall Street

Rodrigo Campos The British pound touched a 30-year low versus the US dollar and stocks dropped sharply across the globe on fears the Brexit vote could hurt investment.

World stocks tumble after Brexit vote

Herbert Lash and Edward Krudy Investors have fled to safe-haven assets after Britain's vote to leave the EU blindsided investors and wiped trillions off the value of global markets.

Brexit lands fund chief a double winner

Simon Jessop and Maiya Keidan Crispin Odey, one of the UK's richest men, bet his firm's entire $US10.2 billion ($A13.41 billion) assets on a Brexit says he's a winner on the day.

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