Crypto News: International student cap plan is coming undone

It's Paul-Alain here in the Melbourne bureau. But first, Albanese's plan to cap international students is coming undone.

Today's must-reads:
• International student caps likely to be blocked
• BHP warns of low-cost competitors
• Goldman cuts economic outlook over tariffs

Australia's plan to cap international student numbers looks set to be blocked after opposition politicians decided to vote against the proposed laws, even after they had repeatedly urged cuts to migration. The government hoped to limit foreign student commencements at 270,000 for 2025 under the new laws.

BHP Group's Australia chief said the nation can't rely on its traditional mining export markets and is unprepared for a new era of lower-cost competitors. Australia's already lost its nickel industry to Indonesia.

Goldman Sachs Group Inc. lowered its forecast for Australia's economic growth in 2025, pointing to likely "negative spillovers" from the incoming Trump administration's expected increase in tariffs on China.

Caroline Kennedy, US ambassador to Australia and cousin to incoming Trump appointee Robert F. Kennedy Jr. Photographer: Eric Lee/Bloomberg

US Ambassador to Australia Caroline Kennedy described her cousin Robert F. Kennedy Jr.'s views on vaccinations as "dangerous." He's about to head up America's health department.

Australia's National Reconstruction Fund will invest A$40 million to boost mining equipment manufacturing in the state of Queensland, the billion-dollar vehicle's first investment since being set up by the Labor government in 2023.

Stocks climbed as Treasuries halted a selloff that drove 10-year yields near 4.5%, with traders keeping a close eye on news around President-elect Donald Trump's administration. Australian stocks are tipped to edge higher this morning.

Some of President-elect Donald Trump's key advisers are signaling support for Kevin Warsh, a former Federal Reserve governor, to be the next Treasury secretary, according to people familiar with the matter.

A Xiaomi Corp. unit is among cornerstone investors in Chinese courier SF Holding Co.'s Hong Kong listing, people familiar with the matter said, showing appetite for one of the biggest share sales in the city this year.

• 11:30 a.m.: RBA Minutes of Nov. Policy Meeting

At a dinner hosted by some of Morgan Stanley's top bankers in New York last month, one topic dominated the table talk: the fortunes to be made from the frenzy around artificial intelligence.