Nov 20, 2017 Last Updated 3:31 PM, Nov 20, 2017

New Entry From the Editor :

IMF gives Australia mixed review in annual economic report

IMF gives Australia mixed revi…

AusBN - The International Monetary Fund (IMF) has concluded that while Aust...

Fresh report warns of 10,000 job losses in SA’s construction sector

Fresh report warns of 10,000 j…

AusBN - South Australia’s construction industry should brace itself f...

Australian business conditions elevate to highest on record

Australian business conditions…

AusBN - Business conditions in Australia have surged to new highs, accordin...

Telstra launches ASX to SGX network

ABN – Telstra has launched a low latency network between Australia’s ASX and the Singapore Exchange (SGX).

Customer demand in both markets was the driving force behind the investment, which builds on existing services that Telstra introduced last year in Chicago, Hong Kong and London.

Telstra’s new low latency optical link between Sydney and Perth made the new Singapore rout possible.

Matthew Lempriere, Telstra’s Global Head of Financial Services Market Segment, said: “Today, millisecond improvements in network speed can be what it takes to get the edge over the competition.

“This new connection is highly scalable and easily handles fast-changing bandwidth demands, common among low latency financial trading.

 “We believe this new route between these two financial hubs will become a one-stop shop for our customers' low latency global connectivity needs, enabling an estimated 91.5 millisecond round trip delay from Sydney to Singapore.

“As a result, it will also drive participation across Singapore and Australia by a larger number of global trading firms, who are seeking the next generation of growth opportunities and looking to capitalise on trading opportunities between these marketplaces."

@AusBNOnline

Chinese to invest $60 billion in housing market

AusBN – Over the next six years Chinese investors are expected to pour A$60 billion in Australian housing.

Credit Suisse research predicted that Chinese investment will soar despite new regulations placed on foreign property investment.

Around $8 billion was spent on Australian housing by Chinese buyers last year.

The report said: “While new foreign investment proposals may make Australian real estate less attractive for the Chinese buyer, we believe the potential erosion of demand will be marginal.

“More importantly, the proposals should refocus foreign investment demand into new housing and away from established. This is positive for the Australian economy, in our view.

“Our forecasts are considerably larger than those from a year ago. This is mostly because we are starting from a much higher base than we expected back then.”

@AusBNOnline

Storm devastation to cost “hundreds of millions of dollars”

AusBN – Following the mass devastation caused by the recent storm in New South Wales Premier Mike Baird has predicted that the damage bill could amount to “hundreds of millions of dollars”.

Baird has recently toured the worst hit storm hit areas and said that the damage to homes and roads could take months to clean-up and repair.

He said: "When I looked at what I just saw I was in shock, to be honest, in terms of the size and scale of what we are confronting here.

"There is no doubt going to be a very big bill, and it is undoubtedly going to be in the hundreds of millions of dollars.

"But the important point is here it's not the cost, it's not the dollars, it's the people that we have to support and that's exactly what our focus is and that's what everyone is working towards.

"You can't really appreciate the size and the scope of the devastation until you see it first hand and it is nothing short of devastating.”

Australia’s emergency services are rallying together to provide assistance to those in need while also preparing for the next storm that has been forecast to hit at the end of this week.

NSW State Emergency Service Commissioner Adam Dent said: "At the moment New South Wales SES has responded to over 14,000 requests for assistance since Sunday morning and 5,000 of those have been in the Hunter."

"Across the state, over 1,500 SES volunteers are involved in the operation, so we are actually very, very well resourced.

"We've also had considerable support from fire and rescue and the Rural Fire Service in the order of around a thousand extra across the state involved in this operation with more to come from interstate as we request them."

The storm has caused four reported deaths due to severe flooding.

@AusBNOnline

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