Wall Street Heavyweights Grow Super Assets
Morning all, Rich Henderson in Bloomberg's Melbourne bureau with the latest headlines...
Today's must-reads:
• Wall Street giants grow super assets
• Airwallex co-founder's net worth surges
• First female Treasury secretary
Wall Street giants are gaining a bigger slice of super assets with Boston-based State Street's assets under management in Australia jumping 50% in 15 months as Australian pensions put more money offshore
Airwallex co-founder Jack Zhang's stake in Stripe is worth US$775 million as the entrepreneur's net worth surged in the decade since starting the Melbourne-based company and rejecting a deal from rival Stripe
Treasury will be headed by a woman for the first time with Jenny Wilkinson taking on the role of secretary for the department for a five-year term starting next week
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Yahoo
32 minutes ago
- Yahoo
Australia's defense minister downplays concerns over Pentagon review of multi-billion submarine deal
BANGKOK (AP) — Australia's defense minister dismissed concerns Thursday that a deal between the U.S., Australia and Britain to provide his country with nuclear-powered submarines could be in jeopardy, following a report that the Pentagon had ordered a review. Australian Defense Minister Richard Marles told Sky News Australia that he had known about the review of the deal 'for some time," saying that it was a 'very natural step for the incoming administration to take.' He noted that the UK's government also reviewed the deal, the centerpiece of a three-way alliance known as AUKUS after it was elected, and that his own government had looked at it as part of its own review of Australia's entire defense posture. "I think an incoming government having a look at this is something that they have a perfect right to do and we welcome it and we'll work with it,' he said. The deal, worth more than $200 billion, was signed between the three countries in 2021 under then President Joe Biden, designed to provide Australia, one of Washington's staunchest allies in the region, with greater maritime capabilities to counter China's increasingly strong navy. The deal also involves the U.S. selling several of its Virginia-class submarines to Australia to bridge the gap as the new submarines are being jointly built. In January, Australia made the first of six $500 million payments to the U.S. under the AUKUS deal, meant to bolster American submarine manufacturing. Marles met with U.S. Defense Secretary Pete Hegseth on the sidelines of a defense conference in Singapore less than two weeks ago, and told reporters afterward that he had come away with 'a sense of confidence about the way in which AUKUS is proceeding.' 'AUKUS is on track and we are meeting all the timelines that are associated with it,' he said. 'We are very optimistic.' Hegseth's address to the defense forum made multiple mentions of cooperation with Australia but no reference to AUKUS, however, though he did later mention the deal when he was taking questions. Hegseth did urge allies in the Indo-Pacific to increase their defense spending, and underscored the need for a 'strong, resolute and capable network of allies and partners' as the U.S. seeks to counter China.
Yahoo
42 minutes ago
- Yahoo
US review of Aukus submarine deal ‘understandable'
The Government has played down suggestions the US could scrap a major defence deal with the UK and Australia, saying it was 'understandable' for America to review the project. The US is reported to have launched a review of the Aukus pact, raising fears Donald Trump's administration could pull out if it concluded the deal did not meet its 'America first' agenda. The review is headed by Elbridge Colby, an official at the US defence department who has previously described himself as 'sceptical' of the Aukus partnership. But a UK Government spokesperson sought to play down the prospect of an American withdrawal, saying Aukus was 'one of the most strategically important partnerships in decades'. They added: 'It is understandable that a new administration would want to review its approach to such a major partnership, just as the UK did last year. 'The UK will continue to work closely with the US and Australia at all levels to maximise the benefits and opportunities which Aukus presents for our three nations.' Announced in 2021, Aukus involves the three nations building a new generation of nuclear-powered attack submarines and cooperating in other areas of advanced defence technology. The deal will also see Australia buy three Virginia-class submarines from the US ahead of the new vessels being built. That provision has led some in Washington, including Mr Colby, to question the deal on the grounds that the US may need those submarines if it finds itself in a war with China over Taiwan. But last month, the new US ambassador to London used his first major speech in the job to back Aukus. Warren Stephens told an audience in Parliament, including Prime Minister Sir Keir Starmer, that the US was 'proud to stand alongside Britain and Australia, two of our closest allies, as we deepen our collaboration to respond to a changing world'.
Associated Press
an hour ago
- Associated Press
Australia's defense minister downplays concerns over Pentagon review of multi-billion submarine deal
BANGKOK (AP) — Australia's defense minister dismissed concerns Thursday that a deal between the U.S., Australia and Britain to provide his country with nuclear-powered submarines could be in jeopardy, following a report that the Pentagon had ordered a review. Australian Defense Minister Richard Marles told Sky News Australia that he had known about the review of the deal 'for some time,' saying that it was a 'very natural step for the incoming administration to take.' He noted that the UK's government also reviewed the deal, the centerpiece of a three-way alliance known as AUKUS after it was elected, and that his own government had looked at it as part of its own review of Australia's entire defense posture. 'I think an incoming government having a look at this is something that they have a perfect right to do and we welcome it and we'll work with it,' he said. The deal, worth more than $200 billion, was signed between the three countries in 2021 under then President Joe Biden, designed to provide Australia, one of Washington's staunchest allies in the region, with greater maritime capabilities to counter China's increasingly strong navy. The deal also involves the U.S. selling several of its Virginia-class submarines to Australia to bridge the gap as the new submarines are being jointly built. In January, Australia made the first of six $500 million payments to the U.S. under the AUKUS deal, meant to bolster American submarine manufacturing. Marles met with U.S. Defense Secretary Pete Hegseth on the sidelines of a defense conference in Singapore less than two weeks ago, and told reporters afterward that he had come away with 'a sense of confidence about the way in which AUKUS is proceeding.' 'AUKUS is on track and we are meeting all the timelines that are associated with it,' he said. 'We are very optimistic.' Hegseth's address to the defense forum made multiple mentions of cooperation with Australia but no reference to AUKUS, however, though he did later mention the deal when he was taking questions. Hegseth did urge allies in the Indo-Pacific to increase their defense spending, and underscored the need for a 'strong, resolute and capable network of allies and partners' as the U.S. seeks to counter China.
