Crypto News: Rio's toxic capsule found

Good morning everyone, it's Ben here coming to you from a cloudy Canberra. Here's what's making news today...

Today's must-reads:
• Missing radioactive capsule found
• IMF downgrades growth
• Wong's war warning

Capsule found. Authorities announced a small radioactive device, lost in the Australian desert for more than a week, had been found on the side of a remote road. The capsule, owned by Rio Tinto, is used to measure the density of iron ore and is less than one centimeter long. It is still unclear how it went missing in the first place.

Soft landing. The IMF predicts that Australia will likely avoid a recession this year, but GDP growth has been further downgraded to just 1.6%. In a report released Thursday, the IMF said Australia's economy could expect a "soft landing" in 2023. Inflation will also remain higher for longer, the fund said, calling for further fiscal tightening.

Peace threat. Foreign Minister Penny Wong said any war in the Indo-Pacific would be "catastrophic" for the world, in a speech in London on Tuesday. Speaking ahead of defense talks in the UK, Wong said great power competition in the region must be handled responsibly.

Australian Foreign Minister Penny Wong shakes hands with Chinese Foreign Minister Wang Yi in Beijing, Wednesday, Dec. 21, 2022. Photographer: Sarah Friend/Department of Foreign and Affairs and Trade

Sizzling prices. Bloomberg's new Barbecue Index signals that inflation in Australia shows little sign of abating. The cost of a summer "barbie" is spiraling higher, causing pain to households and concerns for the Reserve Bank as it prepares to meet next week.

Biden's home searched. US federal authorities searched President Joe Biden's holiday home in Delaware on Wednesday, as part of a widening probe into the removal of classified documents.

US President Joe Biden during a Hudson Tunnel project event at the West Side Rail Yard in New York, US, on Tuesday, Jan. 31. Photographer: Stephanie Keith/Bloomberg

Adani sale postponed. Indian tycoon Gautam Adani withdrew plans on Wednesday for a massive $2.4 billion sale of shares in his flagship company. The decision followed a slump in the share price following a negative report by a US short seller.

Modi's budget blitz. Indian Prime Minister Narendra Modi has announced a $550 billion pre-election budget spending spree, including personal tax cuts designed to boost consumption. India is expected to head to an election by early next year.

• Deputy Prime Minister Richard Marles and Foreign Minister Penny Wong are in the UK today for defense talks.
• Australia building approvals data expected this morning.

How would you like to buy a new Porsche for just $18,000, or roughly one-eighth of the actual price?

That's the deal that consumers in the northern Chinese city of Yinchuan thought they were getting when the price appeared online. Unfortunately the dealership announced it had made an embarrassing error and the price was actually 998,000 yuan ($148,000).