Scape to pay $3.7b for retirement living biz Aveo; NPS to-co-invest
Street Talk can reveal Scape, and co-investor South Korea's National Pension Service, have agreed to pay between $3.7 billion and $3.8 billion on an enterprise valuation basis. As part of the deal, Scape will bring all its assets – including student living, build-to-rent and retirement living – under the combined brand The Living Company.
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Sky News AU
3 days ago
- Sky News AU
Labor Minister Tim Ayres calls on Fortescue to repay $60m of taxpayer funds for failed green hydrogen project in Gladstone
Labor is seeking back the tens of millions of dollars of taxpayer funds it injected into Fortescue's failed green hydrogen project after the major company flipped on the beleaguered energy source. The Andrew Forrest-owned energy and mining giant on Thursday revealed it was scrapping green hydrogen projects in Queensland's Gladstone and the United States' Arizona. The Queensland plant has received about $60m in federal and Queensland government support and was opened 12 months before Fortescue canned the operation. While the company blamed the collapse of the Arizona facility on the shift in policy from the Trump administration, the Albanese government has earmarked billions of taxpayer dollars into green hydrogen in Australia. The recent shift is a blow to Labor's net-zero plans, which include a Hydrogen Production Tax Incentive as part of its Future Made in Australia Act. More than $6.5 billion will go toward the scheme, which provides $2 per kilogram of renewable hydrogen produced between 2027-28 and 2039-40. A spokesperson for Industry and Innovation Minister Tim Ayres said the government was hoping Fortescue would return the taxpayer funds it provided to fuel green hydrogen production in Australia. Labor has called on Fortescue to repay the millions of dollars it was given for a now-failed green hydrogen project. Picture: Getty Images A spokesperson for Mr Ayres said Labor would like Fortescue to repay the public funds. Picture: NCA NewsWire / Martin Ollman 'The decision not to proceed the PEM50 Hydrogen plant in Gladstone is a commercial matter for Fortescue,' the spokesperson said. 'However, if Fortescue does not proceed with the delivery of the MMI-funded Gladstone Electrolyser facility project it would be reasonable for the government to seek reimbursement for where the grant agreement hasn't been fulfilled.' Fortescue has not committed to ruling out repaying the taxpayer funds as it continues discussions with both the Queensland and federal governments. 'We are in active discussions with both governments on the future use of the land and the assets that have been invested in. As these are confidential discussions, it would be inappropriate to disclose details,' a spokesman said. The failure of the two projects will blow a US$150m ($227m) hole in the energy and mining giant's financial results. On the US project's failure, Fortescue chief executive of growth and energy Gus Pichot told analysts the shift away from green energy under US President Donald Trump hurt the project's viability. 'A shift in policy priorities away from green energy has changed the situation in the US,' Mr Pichot said. 'The lack of certainty and a step back in green ambition has stopped the emerging green energy markets, making it hard for previously feasible projects to proceed. 'As a result, we cannot proceed with our investments as they stand, and will explore future opportunities for our site in Arizona.'
Sky News AU
3 days ago
- Sky News AU
Reports TikTok threatening 'constitutional challenge' against Labor's social media ban, raising foreign influence concerns
Chinese-owned social media giant TikTok is understood to have threatened a constitutional challenge against the Albanese government's under-16s social media ban, raising concerns about the influence Beijing has on Australian lawmaking. Multiple sources familiar with the matter told that TikTok engaged high-profile barristers to confront Communications Minister Anika Wells threatening to blow up the entire child ban scheme with a constitutional challenge. TikTok denies this, telling 'no such threat has been made by TikTok'. It is understood the legal threat was linked to the implied freedom of political communication under the Australian Constitution. TikTok has been unhappy YouTube was given an exemption based on educational grounds, previously calling the carveout a 'sweetheart deal'. In response to the threat, Labor appears poised to either break a key promise and revoke YouTube's exemption, or change the policy more broadly to allow platforms such as TikTok to apply for exemptions. Minister Wells did not respond to detailed questions on the matter. Prime Minister Anthony Albanese and his frontbench are facing growing criticism from independent politicians that his government has failed on transparency pledges. If Minister Wells makes a significant policy change in line with TikTok's demands, it would raise serious concerns about Beijing's influence on Australia's domestic affairs. YouTube is banned altogether in China and the superpower is locked in a tech race with the US over AI and social media. The legal threat, and lobbying efforts by TikTok in general raises fresh questions about foreign influence over domestic policymaking and adds to debate about the government's transparency and handling of lobbyists. Secret TikTok meeting sparks transparency concerns recently revealed that Ms Wells' office held an 'introductory meeting' with TikTok shortly after she took over the communications portfolio in May 2025. That meeting took place around the same time that news broke the government had already decided it would strip YouTube's exemption from the social media restrictions. This was despite Prime Minister Anthony Albanese himself previously approving the exemption and lauding YouTube for its 'educational and health support' benefits. However, Minister Wells shrouded the lobbying process in secrecy, refusing to disclose who lobbied her, when, or what was discussed. Many crossbench politicians, including Centre Alliance MP Rebekha Sharkie, Australia's Voice senator Fatima Payman and One Nation leader Pauline Hanson argued against Ms Wells' ban. Ms Payman said the developments raised extremely important questions about the government's susceptibility to lobbyists and possibly the Chinese government. 'The antidote is transparency' Independent Senator David Pocock said the government's refusal to provide clarity on the issue was part of a wider transparency crisis. 'I think there should be far more transparency across the board,' Senator Pocock told reporters at a press conference about the Albanese government's lack of transparency. 'There's some real questions about how the age assurance is going to work (in the social media ban laws). 'One of my big concerns is that when there's a lack of information, when there is a vacuum, that gets filled with all sorts of misinformation. 'And the remedy to that, the antidote is actually provide people with information. Be more transparent.' Damning new research from the Centre for Public Integrity revealed that the Albanese government has the worst transparency record in more than a decade. The proportion of freedom of information requests fully complied with has sunk from about half in 2021-22 to just 25 per cent under the Albanese government in 2023-24. 'Labor talked a huge game in opposition about transparency—They've come in and been one of the worst governments since 1993,' Mr Pocock said. Greens Senator Steph Hodgins-May joined the criticism, calling the government's actions 'deeply concerning'. 'What is this government trying to hide? ... We need decisions to be made in the open, not behind closed doors.' Shift under pressure The Albanese government's apparent reversal on YouTube marks a significant policy shift from its earlier public stance. Prime Minister Anthony Albanese had previously defended YouTube's exemption, calling the platform vital for 'education and health support'. But in recent months, lobbying from TikTok and eSafety Commissioner Julie Inman Grant pushed the government toward including YouTube in the ban. YouTube educators Bounce Patrol said they were excluded from consultations by Ms Wells and her office. Creator Shannon Jones said she reached out to the minister's office to provide input but never received a reply. 'I reached out… but haven't heard back… Everything is just being done so fast, like it's all being considered and decided in the space of a week,' she told National security risks ignored The developments also appear to contradict advice from the 2023 Senate Select Committee on Foreign Interference through Social Media. The committee warned that TikTok and its parent company ByteDance posed 'unique national security risks' and could be a tool of foreign interference. Despite TikTok being banned from government devices, it continues to wield influence as a 'stakeholder' in legislation. Chinese Premier Li Qiang recently delivered a thinly veiled warning to Mr Albanese over treatment of Chinese businesses, like TikTok, in Australia. 'I trust Australia will treat Chinese enterprise fairly and properly resolve issues regarding market access and investment review,' he said. 'Economic globalisation has encountered headwinds. Trade frictions continue to increase. 'We hope that you will embrace openness and co-operation, no matter how the world changes. 'You should be promoters of economic and trade co-operation so that our two countries will better draw on each other's strengths and grow together.'
7NEWS
3 days ago
- 7NEWS
Chery wants to Australianise its cars to make them appeal to Americans
Chery, in its current state, may have only been operating in Australia since 2023, but a global executive says the feedback of Australians could help the brand's cars see success in the United States down the line. Locally, Chery has enjoyed substantial growth in its first few years. To the end of June 2025, the brand had recorded a whopping 228.8 per cent increase in sales from the same period in 2024, the largest of any brand – even the hard-charging BYD. This success has provided Chery with a wealth of feedback and guidance on how to improve its vehicles, with brand chief engineer David Xianqiang Lu telling CarExpert that the lessons learned can also help prepare it for potential future efforts in countries like the US. 'From any point of view, the Australian market is very, very important, and that's a reason to come here and try and start in the market,' he said. CarExpert can save you thousands on a new car. Click here to get a great deal. ABOVE: Chery Himla 'We consider at least two directions right now. One is, in my opinion, that the user here, and the user conditions here, are very close to the USA market. 'That's our next target where we want to go, I don't know whether that's the right words or not, but that's our ambition.' The US market is uncharted territory for Chinese brands. Efforts to stop Chinese cars from infiltrating its market have led the US Government to impose substantial tariffs on vehicles from the country, which means there are currently no Chinese brands operating in the US, though there are Chinese-owned ones such as Volvo, Polestar and Lotus. A 100 per cent tariff was slugged on Chinese EVs in 2024, followed by reciprocal tariffs imposed on the US by China. Despite that, brands like Chery are planning for the US' stance to soften in the coming years, opening the door for expanded global operations. ABOVE: Chery E5 'I know there are a lot of issues there, but that's a different story. As a company and an engineer, we are looking for the markets where we want to go,' Mr Lu told CarExpert. 'I believe the Australian market can help us learn a lot about the USA market. We've mentioned about a [pickup], with important towing capacities, which are also very big in USA market, so we can learn a lot.' Indeed, Chery has been developing new utes for some time, after earlier efforts like the Karry Higgo and Aika were phased out. It revealed a new ute, the Himla, at this year's Shanghai auto show, and it's understood several others are waiting in the wings – including a yet-to-be-revealed plug-in hybrid (PHEV) expected to come to Australia. ABOVE: The F700 ute, from the Chery-owned Jetour brand. It seems Australia could serve as a test bed for these vehicles, which will undoubtedly vary in size, powertrains, and construction (i.e. body-on-frame or unibody), to prove their worth before being shipped elsewhere. 'The other thing is the geographical position, this off-season. For us, in China right now it's summer, very hot, here it's winter,' Mr Lu told CarExpert. 'Australia also has some mountain area with snow and these kinds of things; we can test a vehicle here. Working together, leveraging global resources, we can further speed up our development process.' Any local development undertaken by Chery would follow similar efforts from other Chinese brands, including GWM, which recently hired former Holden handling tuner Rob Trubiani to spearhead local development efforts. Non-Chinese brands like Ford, Kia and Mitsubishi are also heavily involved in Australian vehicle tuning. ABOVE: Chery Tiggo 8 Additionally, Mr Lu outlined feedback received from Australian customers and media was always relayed to Chery's head office in China, which has informed the development of new models and tech, as well as updates for its existing lineup. 'Also the user here is different. I remember the first article I saw was from [CarExpert], the gentleman wrote about Chery's vehicle, he mentioned that the vehicle tuning and handling was not that good, suspension not that good,' he told CarExpert. 'We really take a lot of comments, and try to [improve] that. That's another thing, we really let the local experts help us tune the vehicle, maybe even special versions.'
