Business News  Business Roundups   Australia   Canada   Europe   United States  Careers  Classified  Feature Article  Information Technology  New Technology  Education News  World Facts  Book Reviews  Archives/Research Search Tell your friends about this page Receive articles in your mailbox Privacy Policy

Business Roundup: Australia Business Roundup: Australia Aussie technology promises increased detection rates Darwin gets rail link Aussies buy offshore despite weakened dollar FSRB passes through Senate By: Jim Plouffe Aussie technology promises increased detection rates Australian security equipment vendor Thorlock International has developed technology that can detect small quantities of plastic explosives in luggage and parcels. The company has been inundated with calls from airline security experts worldwide since terrorists attacked the US last week. Thorlock chief executive officer Olga Sawtell said airline security experts in the US were among those who had contacted the company after it was named during media coverage of the terrorist attacks in New York and Washington DC. Sawtell said the technology was developed to detect plastic explosives because they were "the explosive of choice" for aviation terrorists, but it could be adapted to scan for a variety of other substances. "Explosives are clearly not the only threat, but once there is a ban on carrying any metal objects onto planes which the USA has now done terrorists will focus more on weapons such as plastic explosives," she said. Return to Top   Darwin gets rail link Australian Prime Minister John Howard turned the first earth on the AUD$1.3 billion Alice Springs-to-Darwin rail line last month, fueling grand ideas about new and faster exports to Asia. The 1420-kilometre project is scheduled to take about three years to complete and should not only supply more of Darwin and the Northern Territory's needs but also expand exports to Southeast Asia. The new rail link could not beat sea freight from the southern states to Southeast Asia on price, but there would be a travel time difference of eight days. About $500 million in public money - from the Federal, South Australian, and NT Governments - is subsidizing the Alice-Darwin link, with the rest, about 60 per cent, coming from the private sector joint ventures. Trains on the Adelaide-to-Darwin line will be up to 1.6kilometres long, have a maximum speed of 115kmh, and carry up to 250 containers. One train will run per day at least six days a week. Freight volumes would be 330,000 ton in the first year and 780,000 ton in the second year. The consortium envisages the corridor one day carrying a natural gas pipeline from the Timor Gap to the southern markets. Return to Top   Aussies buy offshore despite weakened dollar There has been a marked increase in offshore acquisitions by Australian companies, totaling $A55 billion, during the first half of 2001. KPMG corporate finance head, Julian Vellas, said the increased activity, up by seven percent, changed the direction of cross border investment with foreign countries in Australia's favor, despite its weak dollar. The recent BHP Billiton merger was by far the largest, however the value of acquisitions below $A1 billion increased by over 40 percent, exhibiting a definite trend. Well-run Australian companies were able to capitalize on the strength of the Australian economy over the past few years and seize opportunities in markets that have suffered more from the global downturn. Return to Top   FSRB passes through Senate The Financial Services Reform Bill (FSRB), which passed through the Australian Senate last month, will do much to halt the chaos that has gripped the industry in the past year. The Bill comes on the heels of several major corporate crashes that have left consumers without insurance and retirement funds. The Minister for Financial Services & Regulation, Joe Hockey, said the FSRB integrates existing arrangements through a uniform licensing and disclosure regime for those providing financial advice and products in Australia. The legislation also bolsters protection measures for consumers and the powers of the Australian Securities and Investments Commission. "The Financial Services Reform Bill is a revolutionary piece of legislation that fundamentally restructures an industry that contributes around 7 per cent to the Australian economy, and employs 330,000 Australians," Hockey said. To get the FSRB through the Senate, the government had to back down on a number of key issues, including allowing life agents a guaranteed two-year transitional period to comply with the new framework, as well as disclosure and competency requirements. The government also had to broker a deal with their coalition partner, the Australian Democrats, for an amendment that requires disclosure of ethical credentials such as labor standards, environmental or social considerations on superannuation, managed investments and investment life insurance products. Writer: © Copyright 2001. Galt Western Personnel Ltd. Unless otherwise specified, you may reprint this article, quote from it, use it in research or projects, duplicate it or distribute it. Credit of authorship and source MUST be given to galtglobalreview.com. Ownership of Copyright remains with Galt Western Personnel Ltd.     Return to Top      Business News / Business Roundup - Australia / Canada / Europe / United States / Careers / Classified / Information Technology / New Technology / Education News / World Facts / Book Reviews / Archives/Research