Crypto News: Super fund hiring spree

Hi all, it's Sunil here in Sydney. AustralianSuper is on an international hiring spree as it bolsters its private markets business. But first...

Today's must-reads:
• Aggressive tightening squeezes the economy
• China-linked rare earths investment blocked
• Consumer lender Zip unwinds expansion

You're hired. AustralianSuper is on a hiring spree to add staff in New York and London, driving the expansion of its global footprint with recruits in equities and private markets. The A$274 billion ($185 billion) fund plans to grow its New York head count from 17 to 100 over the next two to three years and expand its London office from 70 to 200 over a similar period.

Lower gear. Surprise slowdowns in economic expansion and inflation suggest the Reserve Bank of Australia's pugnacious interest-rate hikes are taking a bigger toll. Analysts are again speculating that a pause in monetary tightening may not be far away. The property market, meanwhile, is stirring: Sydney prices rose for the first time in 13 months.

No thanks. Australia quietly blocked a bid by a Chinese-linked company to increase its ownership in rare earths supplier Northern Minerals Ltd., one of the first tests of warmer diplomatic ties between Canberra and Beijing. China has made it clear it would like to see a further relaxation of foreign investment restrictions.

Scaling back. Zip Co. expects "significant" capital inflows from asset sales as it prepares to exit most of its markets, unwinding a years-long expansion after a slump in the once red-hot "buy now, pay later" industry. The company is trying to win back investors after a 95% stock slump over the past two years by selling or ending operations in 10 of 14 markets around the world.

A Zip Co. sticker outside a retail store in Sydney, Australia. Photographer: Brent Lewin/Bloomberg

China's comeback. The world's second-largest economy is recovering faster than top officials had expected after a post-reopening Covid outbreak ended more quickly than anticipated. That suggests restrained stimulus ahead. President Xi Jinping is consolidating the Communist Party's hold on power, touting plans for sweeping changes to the bureaucracy and for more influence within private companies.

Screen time. TikTok will impose a 60-minute time limit for users under 18 to try and mitigate the app's addictive nature and address concerns about its impact on teens. Younger users will have to enter a password if they want to binge on more than an hour of videos at one time.

Struggling stocks. Shares in the Asia-Pacific look set for a muted session after the US 10-year Treasury yield, a benchmark for global borrowing costs, pierced 4%. Federal Reserve officials said interest rates will need to increase further and stay elevated into next year to curb US inflation.

A survey of analysts suggests data due Thursday will show a slide in Australian building approvals in January from the prior month.

Consumers in China are going to be splurging on good quality beef as they flock back to hot-pot chains and high-end restaurants after about three years of strict Covid-19 lockdowns. Many Chinese are increasing beef consumption, especially the younger generations, middle-to-high-income families and health-conscious people, said Rabobank senior animal protein analyst Angus Gidley-Baird. Last year, Australia was the third-largest beef shipper to China, trailing Brazil and the US.