Morning Briefing: Business leaders welcome Malcolm Turnbull

The pressure is on for Australia's latest prime minister... World's biggest banks spur bitcoin forward through partnership...

Business leaders welcome Malcolm Turnbull
The pressure is on for Australia's latest prime minister as the business leaders welcome Malcolm Turnbull with open arms, looking to the new leadership to restore stability and confidence to the economy, The Australian reports.

Turnbull said Australia should embrace the opportunities presented by technology and disruption. 

“All Australians should welcome Mr Turnbull putting a stronger economy firmly at the heart of his plans, and rightly acknowledging the importance of sound policies which will lead to business confidence, which in turn will mean more jobs, and more opportunity for all Australians,” Business Council of Australia president Catherine Livingstone told the paper. 

Don Argus, former chairman of BHP, said business confidence would be restored if Mr Turnbull was able to sell a message for ­reform. “I think it will come back if Malcolm’s able to portray to the community that this is the path we’re on,” he said.

Citigroup economists told the Australian Financial Review Turnbull will be a positive force for the economy and markets but will need to move fast. 

"He will have to quickly engage with the business community and key policy makers in delivering an economic plan for arresting the growth decline," said Josh Williamson and Paul Brennan.
 
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Banks spur bitcoin forward through partnership 
Nine of the world's biggest giants in banking, including Commonwealth Bank of Australia, have banded together to bring blockchain, the techology behind bitcoin to the masses, reports Business Insider.

Barclays, BBVA, Commonwealth Bank of Australia, Credit Suisse, JPMorgan, State Street, Royal Bank of Scotland, and UBS have partnered to bring blockchain to banking, led by startup R3.
 
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