Weekend Storm on East Coast Disrupts Banking to Shipping in Australia
Australia faced a wild weather during the weekend with flooded rivers and uprooted trees. A low pressure brought strong winds and high waves along the east coast of the island country. On Monday, a cleanup is planned as the storm seems to be easing.
Internet, ATS to shipping all faced disruptions and for insurance companies it means big payouts in affected coastal towns.
As the broader market treaded the positive territories, most of Australia biggest insurers, like QBE Insurance, Insurance Australia Group and Suncorp saw their stocks lower in the Australian Securities Exchange.
Reportedly, several websites in Australia including Foxtel Play, Domino's Pizza and Channel Nine were down for hours on Sunday. Sydney zone of Amazon Web Service also faced a power outage for a couple of hours.
The New South Wales state emergency services said it got 9,250 or more calls for 280 flood rescues.
A Port Authority of New South Wales state spokesperson said, the Newcastle port, was placed on restricted ship movements during the weekend. However, there were no damages reported.
Port Kembla remained shut during the weekend. It is the biggest hub for vehicle imports in Australia.
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