| Hi all, it's Jackie here. We might see more climate activism after AGL's u-turn, but first... Today's must-reads: More to come. Mike Cannon-Brookes's successful campaign to thwart AGL's demerger may ramp up shareholder activism in Australia, particularly on climate issues. The billionaire is now among a growing number of activist investors winning against big polluters using agitator tactics. Here's how the tech tycoon turned into a climate crusader. The Labor Party clinched a parliamentary majority after days of ballot counting in tightly-contested electorates. The party is projected to secure Macnamara, ABC said, giving it the 76 seats needed for a majority. Even so, Anthony Albanese's government will still need support from independents and the Greens for some legislation. No deal. China's plan to sign a sweeping trade and security pact with ten Pacific Island countries was dealt a setback because some expressed concern about parts of the proposal, ABC reported. Fiji's PM said the countries put consensus first in walking away from the deal. Australian stock futures edged lower after European equities trimmed their advance as hotter-than-expected German inflation added to pressure for ECB action. The Stoxx 600 still gained for a fourth day, with US markets on holiday. EU leaders agreed to pursue a partial ban on Russian oil, paving the way for a sixth package of sanctions to punish Russia for the invasion of Ukraine. The sanctions would forbid the purchase of crude oil and petroleum products from Russia delivered to member states by sea but include a temporary exemption for pipeline crude, European Council President Charles Michel said. Fed maneuvering. Christopher Waller advocated half-point rate increases "for several meetings" to reverse surging prices. "I am not taking 50 basis-point hikes off the table until I see inflation coming down closer to our 2% target," the Fed governor said. Models suggest that quantitative tightening, or QT, would be equivalent to around "a couple of 25-basis-point rate hikes," he added. Pimco sold $106 million of Russian credit-default swaps to banks including Barclays and JPMorgan in the first quarter, adding to almost $1 billion of bets on Russia via CDSs. The bulk was sold in January, with some added in February before the Ukraine invasion, a person familiar said. This leaves Pimco as a key player in a panel meeting on Tuesday that will decide whether the swaps will pay out. No dry tanks. Sri Lanka is asking airlines to carry enough jet fuel to last return trips or fill up elsewhere, as it grapples with shortages. Airlines that fly to Sri Lanka, including Emirates, are tankering — carrying more fuel than required — while the island's flag carrier is using Chennai in southern India and Dubai to refuel for long-haul flights, people familiar said. - Australia April building approvals
- Private sector credit data
 Photographer: Bryan van der Beek/Bloomberg Photographer: Bryan van der Beek/Bloomberg Returning to travel in style. Singapore Airlines is opening new-look lounges at Changi Airport after a S$50 million ($37 million) upgrade that's added 30% more seats and space. The First Class SilverKris Lounge and Private Room, the most exclusive section, opens Tuesday, while the business-class area and the KrisFlyer Gold Lounge have already reopened. | 
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