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Chinese investment in Australia drops

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China’s investment in Australia has plunged to its lowest levels since 2007

A new report from KPMG and the University of Sydney shows Chinese companies invested U.S. $585 million in Australia last year, which is down from a peak of U.S $16.2 billion in 2008.

It comes as relations between the two nations remain sour. Australia has previously called for an independent review into the origins of Covid-19, and a ban on foreign interference.

But Chinese officials have responded with trade sanctions, which have affected Australian wine, seafood and coal exports.

Australia was once a large destination for Chinese investment. In fact, the two nations signed an historic Free Trade Agreement in 2015, with a key focus on economic growth and creating jobs.

Australia’s Prime Minister, Anthony Albanese says he will not make concessions to China. The newly-elected Albanese is in Europe for a series of talks with NATO leaders.

“The resistance of Ukraine has brought democratic nations closer together which have a shared commitment to rules-based, international order,” he says.

But Chinese officials believe it is irresponsible to place Ukraine and Taiwan in the same basket.

Chinese Foreign Ministry spokesman Zhao Lijian says “Taiwan is by no means Ukraine,” and labelled Albanese’s comments as “irresponsible”.

Costa is a news producer at ticker NEWS. He has previously worked as a regional journalist at the Southern Highlands Express newspaper. He also has several years' experience in the fire and emergency services sector, where he has worked with researchers, policymakers and local communities. He has also worked at the Seven Network during their Olympic Games coverage and in the ABC Melbourne newsroom. He also holds a Bachelor of Arts (Professional), with expertise in journalism, politics and international relations. His other interests include colonial legacies in the Pacific, counter-terrorism, aviation and travel.

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This investor sold its equity stake in Twitter during Musk takeover saga

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A Securities and Exchange filing has showed active investor Elliott Management has sold its equity stake, as well as cutting its exposure, to Twitter

The company previously held 10 million stocks in the social media giant, and was one of its major shareholders.

Twitter’s stock price dramatically rose in April, on the back of Elon Musk wanting to buy the company for approximately $44billion.

The after-effects of the takeover saga are still ongoing, with the billionaire and Twitter embroiled in a legal battle.

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Why a Bitcoin mining company is going against a major merger

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Bitcoin mining company PrimeBlock has ended plans to go public via a specialpurpose acquisition company (SPAC) merger with 10X Capital.

The firms terminated the agreement via mutual consent, according to a US Securities and Exchange Commission filing.

Plans for the merger were confirmed in April, with expectations that it would be completed in the second half of 2022, carrying an enterprise value of $1.25billion.

No official reason has been given for the decision, but it is believed the volatility of both the crypto and mainstream markets in recent months may be a factor.

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American Airlines is getting into supersonic travel with major Boom order

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What was once a pipe dream – to fly as they did on the Concorde – American Airlines is bringing back supersonic travel.

The US airline has agreed to purchase 20 supersonic Overture planes from Boom Supersonic.

The deal is the second firm order in the last two years for Boom, which is still years from building its first commercial airplane. 

“Passengers want flights that are faster, more convenient, more sustainable and that’s what Overture delivers,” Boom CEO Blake Scholl told CNBC.

“Flight times can be as little as half as what we have today, and that works great in networks like American where we can fly Miami to London in less than five hours.”

Last year United Airlines made a commitment to buy 15 Overture jets.

Boom says the Overture jet will dramatically cutting trans-Atlantic and trans-Pacific flight times. 

“Supersonic travel will be an important part of our ability to deliver for our customers,” American’s chief financial officer, Derek Kerr, said in a statement announcing the order.

American has the option to purchase another 40 Overtures in the future.

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