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Queensland Investment Corporation, an Australian investor, has written off its stake in Thames Water, marking its value as zero. This comes as Thames Water faces a crisis after its parent company defaulted on its debts and shareholders refused to invest more equity. The utility is running out of cash and is being put into special measures by regulator Ofwat. Other investors, including Omers Farmoor Singapore Pte and Church Water Investment, have also written off their stakes in Thames Water's parent company. [Extracted from the article]

Australian Prime Minister Anthony Albanese has criticized social media company Meta Platforms Inc., calling them arrogant and irresponsible. The government is currently engaged in a battle to ensure that Meta continues to pay local media organizations for their content. Under the Australian news media bargaining code, Meta could face fines of 10% of its Australian revenue if it does not engage in payment discussions with news organizations. Albanese believes that social media companies have a responsibility to keep news on their platforms and should fulfill their previous commitments to pay for content. [Extracted from the article]

The Greens party in Australia is proposing the establishment of a Truth and Justice Commission to address injustices against Indigenous peoples. This comes after a failed proposal to include First Nations citizens in the constitution. The commission would examine the impact of injustices, seek redress in a culturally appropriate manner, and increase public understanding of Aboriginal and Torres Strait Islander experiences. The Minister for Indigenous Australians, Linda Burney, emphasized the need to understand the outcome of the previous referendum before moving forward. [Extracted from the article]

Australian Treasurer Jim Chalmers has stated that while inflation in Australia is still too high, it is following a similar trajectory to countries like the US and Canada. Chalmers emphasized that although Australia's inflation peaked later and lower than other countries, the overall experience has been comparable. Concerns have arisen that the Reserve Bank of Australia may resume its tightening policy due to a recent increase in consumer prices. Chalmers pointed out that inflation does not always decrease in a straight line, but rather fluctuates along the way. [Extracted from the article]

Chinese investors and creditors are selling off real estate holdings around the world to raise cash amid a deepening property crisis in China. The prices they receive will provide insight into the extent of the industry's troubles. The slump in property values has already wiped off over $1 trillion in office property values alone, but the full extent of the damage is still unknown due to the lack of asset sales. The market freeze could be concealing large losses, posing risks for banks and asset owners. Chinese developers are now starting to sell overseas assets acquired during a decade-long expansion spree, even at a financial loss, to support domestic operations and pay off debts. The market is expected to gain more clarity as more transactions occur, which will help appraisers value other assets and potentially trigger wider impairments. While there has been a slow trickle of Chinese-owned sales in Europe, the volume is starting to grow again, with distressed developers selling off assets. The sales are part of a rebound in disposals after some developers paused for restructuring plans. The article also mentions specific examples of Chinese-owned properties being sold at discounts in London and Australia. The wider impact of these disposals will depend on how seriously the market takes the results. [Extracted from the article]

Blackstone Inc. and Brookfield Corp. are among the global investors investing in the multifamily apartment market in Australia, which is facing a housing crisis with rental vacancies at around 1%. Other players in the sector include Ontario Municipal Employees Retirement System, UBS Asset Management, PGGM, and Greystar Real Estate Partners LLC. Currently, there are over A$14 billion in institutional commitments to Australian projects in the build-to-rent sector. The build-to-rent sector is expected to become the largest property class in terms of construction starts by 2030, with an estimated value of A$10 billion per year. However, challenges such as low returns, high land prices, construction costs, and compliance issues need to be addressed. [Extracted from the article]

AustralianSuper, the largest shareholder of Origin Energy, increased its stake in the company to 16.5% ahead of the shareholder vote on the Brookfield Asset Management-led bid. This comes after AustralianSuper rejected an invitation to participate in the bid, stating that it has no interest in engaging with the consortium. AustralianSuper has opposed the deal, arguing that the price is below the utility's long-term value and expressing willingness to provide capital to Origin as it transitions to cleaner electricity generation. The shareholder vote is scheduled for November 23, and a minimum of 75% approval is required for the takeover offer to proceed. [Extracted from the article]

The menu changes daily - you might kick things off with a swordfish empanada or two, followed by southern calamari and yellowfin tuna nduja (A$36), which the restaurant describes as "spaghetti bolognese without the pasta or the bolognese." More extravagant offerings include a salt-baked whole mud crab menu that comes with a slew of accompaniments, like chicken fat rice (A$220 per person), and the suckling pig feast (A$190 per person). [Extracted from the article]

"There is no silver bullet when it comes to addressing our housing crisis", Rose Jackson, the state's minister for housing, said in an emailed reply to questions. (Bloomberg) -- It's getting harder than ever to rent a home in Australia as one of the world's most acute real estate shortages worsens by the day. Housing "Vicious Spiral" Drags Australia Into Deepening Crisis. [Extracted from the article]

: QuickTake Backers of small modular reactors include Bill Gates and Warren Buffett, though there's currently only a handful of operating plants and key developers have recently flagged cost challenges. (Bloomberg) -- Replacing Australia's coal-fired power stations with small modular nuclear power reactors would cost A$387 billion ($249 billion), according to Climate Change and Energy Minister Chris Bowen. Australia would need 71 small modular reactors to replace the 21 gigawatts of coal-fired power in the system, he said, discussing analysis from the Climate Change Department. [Extracted from the article]

Australia supports the law, Russia has not been real good at upholding the law in recent times", Albanese said at a press conference in Canberra on Monday. (Bloomberg) -- A Russian diplomat who had been squatting on the disputed site of Moscow's proposed new embassy in Canberra has left, after Australia's High Court ruled that Russia has no claim to the property, local media has reported. [Extracted from the article]

(Bloomberg) -- Australia plans to end the use of checks by 2030 as more efficient digital methods become the preferred way of paying, according to a plan to overhaul the country's payments system. There's been a rapid fall in the use of checks in the past 10 years, and they now comprise only 0.2% of non-cash payments in the country, according to the government plan released Wednesday. [Extracted from the article]

Australian vintners have sought new buyers for their wine after China imposed heavy tariffs on the country's wine exports in 2020, decimating what was once its most lucrative market. (Bloomberg) -- Australia's wine exports to China could take years to recover fully after any easing of steep tariffs, the head of Penfolds owner Treasury Wine Estates Ltd. said, as frosty ties between the two countries show signs of thawing. [Extracted from the article]

Meanwhile, government interventions mean that average national retail electricity prices are expected to rise about 10% in 2023-24, compared to an earlier estimate of 36%, while those getting electricity bill relief will generally face smaller price increases, according to budget papers. Big Superannuation Balances The tax rate on income from large pension account balances will be doubled to 30% from 2025-26, in a move the government said would impact less than 0.5% of account holders and make the system more sustainable. (Bloomberg) -- Welfare programs have been given priority in Treasurer Jim Chalmers's latest budget, as the Albanese government follows through with some of the election promises that helped sweep it into office last year. [Extracted from the article]

(Bloomberg) -- Chinese and Australian officials will meet in Beijing next week for talks related to their trade dispute, Guardian Australia reported. Australia's Trade Minister Don Farrell and Chinese Commerce Minister Wang Wentao held virtual discussions in February, the first between top trade ministers on both sides since 2019. [Extracted from the article]

The house cocktail weaves its way through the food menu too: Briny Sydney rock oysters arrive with a Negroni dressing, while the housemade tiramisu packs a long Campari-orange finish. (Bloomberg) -- More than half a million people are expected to descend on Sydney in mid-February over the two-plus weeks of WorldPride, an event that's expected to inject A$112 million ($78 million) into the state economy and provide a much needed boost to the harbor city's night life. Step away from the tourist magnets and seek out martini-centric bars or raucous beer pubs in the buzzing Inner West, surprising wine lists in the swanky Eastern Suburbs and establishments offering mezcal in the middle of the city. [Extracted from the article]

"Flags from Russia and Belarus are banned onsite at the Australian Open", Tennis Australia said in a statement Tuesday. (Bloomberg) -- Russian and Belarussian flags will be banned from the Australian Open after a confrontation at a match on the first day of the tennis tournament, organizers said Tuesday. [Extracted from the article]

The Places With New Covid Rules for China Travelers There is a growing list of countries testing passengers and sequencing samples from people arriving from China in an effort to identify any dangerous new mutations that could spread rapidly through their populations. (Bloomberg) -- Australia said travelers departing China, Hong Kong and Macau will require a negative Covid-19 test before boarding flights to the country. [Extracted from the article]

The National Party, which is in an opposition Coalition with the Liberal Party, has said it will oppose the referendum. Opposition Leader Peter Dutton, who has criticized a lack of detail surrounding the government's proposal, said the Liberal Party would finalize its position on the vote early in the new year, according to the Sun-Herald. (Bloomberg) -- Australians could vote on changing the country's constitution to set up a representative Indigenous body in parliament as early as August, Indigenous Australians Minister Linda Burney told the Sun-Herald newspaper. [Extracted from the article]

(Bloomberg) -- Australia will experience an increase in extreme heat, intense rainfall and coral-bleaching events, as well as longer fire seasons and more rapidly rising sea levels, according to the government's chief science and weather agencies. Australia has warmed on average by 1.47C since 1910, the bureau's manager of climate environmental prediction services, Karl Braganza, said in a statement. [Extracted from the article]