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Will taxpayers foot the bill for the Port of Darwin?

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As tensions between China and Australia continue to escalate, Australian taxpayers could be the latest victims of the deteriorating bilateral relationship between the two nations.

The Australian government is launching a review into the Port of Darwin, in the country’s north, which is currently owned by Chinese company, Landbridge.

If the review finds that ownership of the Port needs to be given up, taxpayers could be forced to foot the multimillion-dollar compensation bill that follows.

The Chinese company, owned by billionaire Ye Cheng, may have to give up the port if it’s found to be in breach of the so-called critical infrastructure laws which were enacted in 2018.

But experts fear the costs associated with this takeover could soar beyond $500 million dollars, if the 99-year lease is torn up.

“Landbridge acquired the lease to Darwin Port in good faith following a transparent process in 2015,” says Landbridge vice-president Mike Hughes.

“Our involvement was reviewed by both the Foreign Investment Review Board and the Department of Defence at the time and it has been subject to a Senate inquiry.”

Australia’s leader Scott Morrison says:

“If there is advice from the Defence Department or our security agencies that change their view about the national security implications of any piece of critical infrastructure, we have legislation now which is dealing with critical infrastructure.”

For a long time, Darwin has been seen as a “strategic frontline for Australia”, and the handing over of such a vital infrastructure lease to a Chinese-backed company in 2015 has baffled many politicians.

As tensions between China and Australia continue to grow, it will be interesting to see how the federal government responds.

Accordingly, if the lease is broken, one would expect a fairly animated response from Beijing in response.

William is an Executive News Producer at TICKER NEWS, responsible for the production and direction of news bulletins. William is also the presenter of the hourly Weather + Climate segment. With qualifications in Journalism and Law (LLB), William previously worked at the Australian Broadcasting Corporation (ABC) before moving to TICKER NEWS. He was also an intern at the Seven Network's 'Sunrise'. A creative-minded individual, William has a passion for broadcast journalism and reporting on global politics and international affairs.

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Commercial real estate targeted for producing 40% of global emissions

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Commercial real estate contributes significantly to global emissions, with reports suggesting it makes up to 40% of the total – so is there a solution in sight?

Global strategies are setting out to transform this impact by promoting the development of sustainable buildings.

As climate change continues to be a pressing global issue, the commercial real estate sector must pivot towards more eco-friendly solutions.

One of the most impactful actions that can be taken to mitigate the environmental impact of commercial real estate is the implementation of building automation systems.

Louise Monger, Vice President, Digital Buildings of Schneider Electric, joins to share her key insights into the issue. #featured

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Australia’s electricity grid faces an urgent overhaul as consumption dramatically doubles

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By 2050, AEMO has predicted that Australia’s electricity use will double due to renewable energy and electrification, prompting a necessary overhaul of the country’s aging power grid.

The adoption of renewable energy sources and electrification is set to double Australia’s electricity consumption by 2050.

The fast-adoption has created an urgent need for reconfiguration and enhancement of the nation’s century-old electricity grid.

James Hunt, Pacific Vice President of Power Systems and Services of Schneider Electric joins to discuss. #featured

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House of the Dragon season 2 profits despite review scores

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Viewership Surge: 1 Million Revisit “House of the Dragon” Ahead of Season 2.

 

HBO took a big bet on its “Game of Thrones” spin-off, with one million people rewatching the first season of “House of the Dragon” in the days leading up to the Season 2 premiere, according to Warner Bros. Discovery. However, not all reviews have been glowing. #featured #trending

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