Prestige Property: 24-28 George Street, East Melbourne, VIC

Offered as a residence for the first time in over 100 years is this luxuriously transformed post office in East Melbourne.

Set across an impressive 723sqm plot, the 4-bedroom, 3-bathroom, 2-car garage home presents 687sqm of contemporary living space – designed by Charles Salter – within its historic façade.

Retaining the post office’s 1920’s charm, the interiors blend old with new through soaring ceiling heights and tall windows meeting rich hardwood floors – now with hydronic heating.

The ground floor homes the formal dining, living and library – all leaning into the buildings historic charm – while the open plan living, dining and kitchen play a more contemporary role in the home.

Here, we are met with a large commercial-grade kitchen fitted with Viking industrial appliances and a handcrafted timber island.  A fully appointed butler’s pantry and dumbwaiter round out the offering.

Flowing from the living and dining space is access to the vine-clad terrace, complete with a built-in barbecue area. An adjoining entertainment room makes clever use of the post office’s old bones.

The first floor is home to the parents’ retreat which includes a set of elongated ‘his’ and ‘hers’ walk-in robes and ensuite, which is fitted with limestone finishes and an opulent skylight. An impressive feature, the master suite’s northern wall of glazing retracts to bring the verdant gardens inside.

The basement sees three of the bedrooms, a bar, billiard room and 1200 bottle wine-cellar while a studio and conservatory (which sits atop a 10-metre pool in situ) is found at the back end of the property.

CCTV security, automatic irrigation, remote gates to basement garage are also here.

Arriving in a prized location, the residence is moments from the MCG, Fitzroy Gardens and the very best of Melbourne’s inner-city dining.

The listing is with RT Edgar’s Sarah Case (+61 439 431 020) and Warwick Anderson (+61 418 320 873). Price guide: $10 million; rtedgar.com

 

How The WHO’s Hunt For Covid’s Origins Stumbled In China

WUHAN, China—More than a dozen foreign scientists led by the World Health Organization gathered with Chinese counterparts last month to vote on the question: How did the Covid-19 pandemic start?

The show of hands came after a four-week joint study in the city where the first cases were identified, a mission many hoped would provide some clarity to a world craving answers.

For a while, it appeared to. The vote’s results captured headlines: The virus probably jumped to humans from an animal; further research was needed on whether it spread on frozen food; a lab leak was “extremely unlikely.”

A month on, however, as the WHO-led team finalizes its full report on the Wuhan mission, a Wall Street Journal investigation has uncovered fresh details about the team’s formation and constraints that reveal how little power it had to conduct a thorough, impartial examination—and call into question the clarity its findings appeared to provide.

China resisted international pressure for an investigation it saw as an attempt to assign blame, delayed the probe for months, secured veto rights over participants and insisted its scope encompass other countries as well, the Journal found.

Meanwhile, the Trump administration’s early assertions that the virus may have come from a Chinese laboratory soured diplomatic efforts to press China to allow a more rigorous probe. Many scientists view a lab accident as an unlikely cause of the pandemic, arguing the chances are greater that it jumped to humans and began spreading in nature. Then, the administration began withdrawing from the WHO, making it harder to rally allies. A Trump spokeswoman declined to comment.

The WHO asked the U.S. to recommend government experts for the team, but it didn’t contact the three that Washington put forward, according to current and former U.S. officials. Another U.S. scientist was selected for the team. Beijing hasn’t publicly identified most Chinese participants or shared critical raw data on the first confirmed cases and possible earlier ones.

U.S. officials said they asked, unsuccessfully, for the WHO to consult its governing body on negotiations with China over details of the probe, and said Washington lacked clarity on how the international team was recruited. The team members said they didn’t have the mandate, expertise and access to investigate a potential lab leak. And the team reached its verdict on . 8 in a show of hands with Chinese counterparts, many of whom report to a government that had already ruled out a lab accident and which has suggested the pandemic began outside China.

WHO spokesman Tarik Jasarevic said China didn’t weigh in on the agency’s selection of team members or object to any who had been chosen. The mission was mandated to design and recommend scientific studies, not to do an investigation, let alone a forensic audit of laboratories, WHO officials said. The WHO normally negotiates the terms of such missions with a host government directly, without other member states, Mr. Jasarevic said.

The upshot: What should have been a timely collaborative scientific inquiry has become slower, harder and more opaque. The world now risks never finding an answer to the virus’s origins.

Finding that answer is critical. Knowing how a new virus emerged helps scientists and policy makers devise ways to prevent a recurrence or another pandemic, and it can unlock clues about viral evolution that help in developing drugs and vaccines. It would also help satisfy human desire to know what unleashed a virus that has now killed more than 2.6 million people.

The team’s report, which will describe its findings and make recommendations for further study, is expected to be published next week, after Chinese counterparts review it and make possible changes, according to team members and the WHO.

China’s foreign ministry didn’t respond to requests for comment other than to say none of its officials were in the expert group. The national health commission didn’t respond to requests for comment and declined to make Liang Wannian, the head of the Chinese team in Wuhan, available for an interview. In recent weeks, the Chinese government has said it is cooperating with the WHO and that the Wuhan mission was part of a collaborative study, not an investigation, stressing that its report has to be approved by Chinese participants.

Chinese officials and scientists have argued the virus may have entered China via frozen food. Many independent researchers consider that hypothesis unlikely. Beijing has asked the WHO to conduct similar missions in other countries. The WHO hasn’t announced plans for missions to other countries.

Among scientists, there is little dispute that the international team performed valuable research. Many of the Chinese scientists involved worked hard to prepare data and analysis, members of the WHO-led team said. “They’ve done quite a lot of work,” said Peter Ben Embarek, who led the team. “I’m impressed with the amount of studies they’ve done.”

The mission returned with a much clearer sense of how widely the virus was already spreading in December 2019—clues that could help pinpoint when the pandemic began. Some scientists are confident that future studies will reveal the source.

Even so, the probe is stoking U.S.-China tensions. The Biden administration has questioned how the team reached its conclusions, urging Beijing to release all relevant data and saying any report should be independent of Chinese government intervention. Chinese officials have called for a probe on U.S. soil, suggesting the virus was spreading there in late 2019.

The WHO doesn’t have the regulatory teeth to force governments to disclose information. It can’t send disease experts to investigate an outbreak unless a government invites it.

Those challenges are particularly acute when dealing with a Chinese government that is increasingly influential within the United Nations system yet suppresses information reflecting badly on the ruling Communist Party. The WHO is overseen by U.N. member states, which mostly aren’t eager to pick quarrels with Beijing.

“The WHO should have the ability to march in and investigate something that is affecting the world,” said Kenneth Bernard, senior political adviser to a previous WHO director-general and a biodefense and health security official under Presidents Bill Clinton and George W. Bush. He now advises companies and the U.S. government on biosecurity issues. “If they can’t really investigate outbreaks, then you’re just left with whatever the government tells you.”

Poor start

In the best of circumstances, such investigations are complex and can take years. When outbreaks begin, most countries focus on controlling them, rather than probing origins.

The WHO publicly accused China of being uncooperative during the 2003 epidemic of SARS—severe acute respiratory syndrome, caused by a coronavirus—after officials initially covered up the outbreak’s extent. It took another decade for scientists to ascertain that the coronavirus behind that disease originated in bats in southwest China.

The search for Covid-19’s origins got off to a poor start when a disinfection company that local officials hired sprayed down Wuhan’s Huanan seafood market, which was linked to many early cases in December 2019. Witnesses said there were live animals at the market, including wildlife, but authorities said they found only frozen specimens and none tested positive for the virus.

On Jan. 23, 2020, a WHO emergency committee recommended that a WHO-led group of scientists should “review and support efforts to investigate the animal source of the outbreak.” China’s disease-control agency chief declared the same day that he suspected the virus came from a wild animal at the market and that identifying the beast was “only a matter of time.”

The Journal reconstructed how the probe unfolded over the following year based on interviews with members of the WHO-led mission to Wuhan and with WHO staff, current and former government officials, and diplomats from the U.S., Europe and the developing world, along with independent scientists and others familiar with the effort.

Tedros Adhanom Ghebreyesus, the WHO’s director-general, discussed the matter with President Xi Jinping in a January 28 meeting. The next month, a WHO-led team, including two U.S. government experts, visited China.

Local officials appeared committed to a search and described work they had under way, according to people on that trip. But no studies emerged over the following weeks.

The virus had become a politically sensitive issue for Beijing, given an outpouring of public outrage over the government’s initial handling of the crisis.

In April, then-President Donald Trump asserted that the virus had likely come from a Wuhan lab. Chinese officials responded that it might have come from the U.S. That month, Australia became the first country to call publicly for an independent investigation into how the pandemic began, prompting a furious Chinese response. Beijing later imposed restrictions on imports of Australian wine, a move Australian and other foreign officials saw as retribution.

The more time that passed, many scientists warned, the harder it would be to trace the source.

European governments, hoping to broker a compromise, drafted a resolution calling for an independent evaluation to be put to a vote in the World Health Assembly, the WHO’s decision-making body.

China pushed hard in backroom negotiations with member states to block and then delay a probe, according to former senior U.S. officials.

“They were negotiating over every comma,” said one of the officials. The resolution adopted in May didn’t specify a time frame. Some countries wanted to say the inquiry should get under way immediately, but China objected, the official said.

Ten days later, Mr. Trump announced the U.S. would leave the WHO. Yet American officials still wanted to help shape the inquiry and had an avenue: The U.S. had a seat on the U.N. organization’s governing executive board until 2021. But the board, which includes representatives from 34 governments, wasn’t brought in to consult on negotiating the terms of research.

Instead, the WHO hashed out those details directly with China. U.S. officials had urged the WHO to consult with the board, due to the human and economic toll of the pandemic, a U.S. official said. “It was a unique scenario,” the official said. “The normal way of doing business was not appropriate.”

But America’s allies were reluctant to join in, another U.S. official said.

Consulting the board “would have hugely strengthened the WHO’s hand politically,” said Lawrence Gostin, faculty director of the O’Neill Institute for National and Global Health Law at Georgetown University, who has advised the WHO on international health law.

In July, the U.S. ambassador to the WHO, Andrew Bremberg, arrived at its glass-tower headquarters with a letter formalizing America’s yearlong legal process of leaving the agency. But there was still time to mend the relationship, Mr. Bremberg said he told Dr. Tedros and the WHO’s health emergencies chief, Mike Ryan.

Dr. Ryan asked: Would the U.S. let American government officials join the origins team that the WHO was convening? Some of the world’s leading disease-investigation experts work for U.S. agencies.

“Absolutely,” Mr. Bremberg said he replied.

Dr. Ryan didn’t reply to requests for comment. Dr. Tedros didn’t respond to requests for comment submitted through a spokesman.

That month, two WHO officials spent three weeks in China, negotiating the terms of the Chinese part of the inquiry. By July’s end, they had agreed on a “terms of references” document laying out short-term and long-term goals. A key point: Any work in China would be part of a global study that could lead to probes in other countries.

It didn’t call for full laboratory inspections, or mention a potential laboratory accident, and it gave China veto power over who would join the team.

Appeal for experts

The WHO on Aug. 17 appealed for experts to join the international team. The U.S. Department of Health and Human Services sent names of three candidates to the WHO through the State Department. They included a virologist who is an expert on viruses that require study in high-security laboratories; a senior veterinarian; and a medical epidemiologist leading a program in global health security.

WHO staffers reviewed about 40 résumés, the agency’s Mr. Jasarevic said. None of the experts Washington recommended received a call, said U.S. officials.

“These candidates’ CVs were included in the pool of CVs evaluated,” said Mr. Jasarevic. “Unfortunately, we could not take all in the team.”

U.S. allies were concerned about what appeared to be an opaque selection process, but the U.S. struggled to get them to say so publicly or to pressure the WHO. European allies, particularly Germany, were worried about antagonizing China, a trading partner vital to their economic recovery, according to officials from several Western governments familiar with discussions. The German government didn’t respond to requests for comment.

The team comprised 10 scientists and five WHO experts, along with two representatives of the U.N.’s Food and Agriculture Organization and two from the World Organization for Animal Health, a Paris-based international organization promoting animal disease control.

The team’s leader, Dr. Ben Embarek, is a Danish WHO veteran of 20 years who was posted to China from 2009 to 2011 and is one of the WHO’s top experts on zoonotic diseases, which originate in animals and spill over to infect humans. The team included leading specialists in animal health, epidemiology and virology, and government experts from Germany, Russia and Japan.

It included one scientist from the U.S.: Peter Daszak, a zoologist and president of EcoHealth Alliance, a New York-based nonprofit.

Dr. Daszak had experience hunting for the origins of emerging human viruses in animals, including 16 years working with researchers in China. He was on a team that pinpointed bats as the source of the coronavirus behind SARS.

Some U.S. officials and scientists were concerned some of his nonprofit’s work in China posed a conflict of interest. EcoHealth had in past years provided funding to the Wuhan Institute of Virology as part of a grant from the U.S. National Institutes of Health. The WIV is at the center of assertions by the Trump administration that the pandemic virus could have come from a lab, and Dr. Daszak had publicly dismissed the possibility.

In applying for a spot on the team, Dr. Daszak said, he described his expertise and provided a conflict-of-interest statement to the WHO including his work with the WIV. “I’m known to WHO, and I’m known for my work on this,” he told the Journal. “I recognized the historical importance of it and the value I would be able to bring to it.”

The WHO’s Mr. Jasarevic said Dr. Daszak’s expertise in studying bats and zoonotic diseases was “good experience for the team” and didn’t pose a conflict of interest.

On Jan. 5, several members began their journeys, but Chinese officials that day told the WHO final permission hadn’t yet been granted. At least one member had to turn around mid-trip.

“I am very disappointed in this news,” said Dr. Tedros in a news conference, a rare example of the WHO chief publicly criticizing Beijing. Six days later, Beijing announced the team would arrive in Wuhan on Jan. 14.

As members prepared to fly from Singapore that day, Chinese officials blocked two from boarding after they tested positive for Covid-19 antibodies. Both had tested negative in multiple PCR tests.

Restricted in Wuhan

The remaining 13, on arrival in Wuhan, began two weeks’ quarantine, confined to hotel rooms where they slept, ate, worked and worked out. Some jogged miles inside their rooms.

They had daily videoconferences with Chinese counterparts, who gave presentations on the work they had done—vital information that some scientists and foreign officials tracking the mission said could easily have been shared before the team arrived.

On Jan. 28, a year to the day from the WHO director-general’s meeting with President Xi, they were cleared to begin field visits and face-to-face meetings with Chinese counterparts. For the remainder of the trip, they were restricted mainly to one part of a hotel due to more quarantine rules and forced to eat separately from Chinese counterparts—preventing the kind of informal conversations team members said were often the most fruitful in such efforts. Their contact with anyone outside the team was limited.

It soon became evident to foreign officials and scientists tracking the mission that the team’s itinerary was partly designed to bolster China’s official narrative that the government moved swiftly to control the virus. The team’s first visit was to a hospital where they met a doctor Beijing feted as the first to raise alarms through official channels about an outbreak of unknown pneumonia. The next day, after another hospital visit, the team went to an exhibition commemorating Chinese authorities’ early “decisive victory in the battle” against the virus, paying tribute to President Xi’s leadership.

On day three, the team visited the Huanan market and another wholesale market to see the kind of cold-storage facilities through which Beijing says the virus can spread. Such visits helped build trust with Chinese authorities, team members said.

“People think you can just waltz into a country, any country, and say ‘I want to see the books,’ ” said Dominic Dwyer, an Australian microbiologist on the team who took part in the WHO’s SARS investigation. “I don’t think diplomacy works that way.”

In between the field visits, team members said they held valuable face-to-face meetings with Chinese counterparts in which they grilled them on the information presented to the team. The team was able to visit every site it asked to see, including three laboratories, and review more aggregated data than China had shared in the previous year, team members said.

China has said it shared information gathered by more than 1,000 Chinese experts, who since July had trawled through medical records of 76,000 patients from more than 200 medical institutions in Wuhan, as well as test results from more than 50,000 animal samples.

Team members said it became clear to them that Chinese authorities would mostly present only their data analysis, not the raw numbers. And they hadn’t completed some short-term tasks the team had hoped for, including detailed studies of blood samples from before December 2019 and compiling a definitive list of animals sold at the Huanan market.

Among the 30 to 60 Chinese participants were nonscientists, including foreign-ministry officials, team members said. China’s team leader has said his team included 17 experts. The Chinese foreign ministry said none of its officials were in the expert group.

A heated exchange during one meeting touched on the pivotal question of how widely the virus spread around Wuhan before the first confirmed case, who Chinese officials say got sick on Dec. 8, 2019.

Chinese participants said that from the 76,000 medical records they examined, they had pinpointed 92 hospitalized patients from October, November and early December 2019 whose symptoms suggested they could have had Covid-19. None, however, had tested positive for antibodies, they said.

The international team was perplexed: The number seemed too small, they said. Covid-19’s primary symptoms—fever, a persistent cough—are common enough from other diseases that in a province of nearly 60 million people, vastly more cases should have been tested. Team members wanted to know what criteria had been used to select these 92 cases. And there were no connections between the patients, suggesting they had been infected in different places rather than one superspreading event.

And why did Chinese authorities test for antibodies only a few weeks before the team’s arrival, by which time they could have faded to undetectable levels?

The team pressed for immediate access to the raw, anonymized data on the 76,000 patients, which they thought could be filtered differently to identify something closer to 1,000 potential earlier Covid-19 infections. The Chinese side refused, team members said.

Chinese participants countered with research indicating the virus might have been circulating in other countries in late November and December, and suggested the WHO should study whether the pandemic originated outside China, team members said. The WHO hasn’t announced any plans for missions to other countries.

“Sometimes emotions have run really high,” Thea Fischer, a Danish epidemiologist on the international team, told reporters in Wuhan. “I am a scientist and I trust data….I don’t just trust what anyone tells me.”

More tension arose after a presentation by representatives of a Wuhan blood bank. Team members pressed them for samples from before December 2019, which they felt was the best way to test their hypothesis that the virus might have been spreading in China earlier and more widely than believed. Antibodies could still be detectable in frozen blood bank specimens.

“We said: Are you going to go back and look at older samples? And they said: Oh, well, there’s regulatory requirements about that,” said Dr. Dwyer. Many countries had legal protections for blood donors’ privacy but also mechanisms to allow access in emergencies, he recalled arguing.

“People are doing it around the world anyway, so there’s no reason why China couldn’t do it,” he added. “I mean, to me, that would have been a very sensible thing to have done earlier.”

Team members said they subsequently secured an assurance the blood samples could be tested later.

The team visited the Wuhan Institute of Virology on Feb. 3. The visit had been assembled after the team asked for one, and China set the terms. The international team spent about three hours there and met Shi Zhengli, the WIV scientist who specializes in bat coronaviruses and who has denied that SARS-CoV-2 came from her institute. Dr. Shi didn’t respond to requests for comment.

They were given presentations on the institute’s research, safety procedures, and the health of its staff, and were allowed to ask questions and visit its Biosecurity Level 4 laboratory where its most dangerous experiments are done, they said.

Dr. Fischer told reporters that the team examined the research profile of various WIV laboratories. They questioned staff about routine biosafety screening of personnel and absences of staff due to illness.

Dr. Daszak said he asked WIV researchers on the visit why a database of viruses the institute had publicly posted had been taken offline. Dr. Shi responded that the institute had had to take down the database—an Excel spreadsheet—after about 3,000 hacking attempts, Dr. Daszak said.

Show of hands

To help narrow down their conclusions, the team organized a show of hands on Feb. 8. Chinese participants sat at several rows of tables on one side of a hotel conference room with the international team facing them on the other.

The exercise focused on the four main hypotheses: Did the virus jump directly to a human from its animal reservoir? Did it spread via some intermediate animal? Was it transmitted via the food chain, especially frozen products? Did it come from a laboratory?

Each option was ranked according to a five-phrase scale: “extremely unlikely,” “unlikely,” “possible,” “likely,” and “very likely,” and participants proposed arguments for and against each before voting, team members said.

The decision to rank the lab theory as “extremely unlikely” was unanimous, they said. “I waited until everyone else had passed their opinion and then I passed mine,” Dr. Daszak said, “because of the sensitivities around my work with the Wuhan lab.”

At the news conference the next day, Dr. Ben Embarek announced the results.

The most likely hypothesis, he said: The virus spread from its original animal host, like a bat, to another animal, and then to humans. The team would focus future research on that.

Next in order of priority, it would also study the idea that the virus was spreading via the food chain, particularly frozen food, Dr. Ben Embarek said. It was possible that the virus jumped directly to humans from its original animal host, he said. It was “extremely unlikely” to have come from a lab and the team wouldn’t recommend further research on that idea, he said.

Dr. Liang, his Chinese counterpart, said at the news conference a laboratory origin was impossible because no such virus was being stored in China at the time. “If there is no existence of this virus,” he said, “there will be no way that this virus would be leaked.”

After leaving Wuhan, some international team members qualified their verdict on the laboratory. They lacked the authority, expertise or access to conduct a full examination of the WIV or any other research facility, several said publicly or to the Journal.

Several said that they hadn’t been able to see the raw data or original safety, personnel, experiment and animal-breeding logs—which many other scientists say are necessary elements of a full investigation.

“It’s just a great coup by China,” said Daniel Lucey, a clinical professor of medicine at the Geisel School of Medicine at Dartmouth who also teaches at Georgetown University.

A thorough investigation of a potential lab leak would require experts with forensic skills similar to those who do weapons or biowarfare inspections, scientists including Dr. Dwyer said.

“We didn’t see the actual data there,” Dr. Dwyer said. “It would be nice to have seen that, particularly around the testing of their staff and so on. But that didn’t come through. They could still provide that.”

Inside This Sydney Apartment Made With Recycled Materials

The push for more sustainable building practices has been met by an industry-first apartment made using waste materials.

Australian property group Mirvac recently revealed the revolutionary Pavilions apartment at Sydney Olympic Park which boasts flooring, wall tiles, kitchen and lighting features, furniture and artworks all made from waste glass and textiles.

The new apartment utilises ‘green ceramics’, a process developed by Mirvac and UNSW’s Centre of Sustainable Materials Research and Technology (SMaRT) led by waste technology pioneer, Professor Veena Sahajwalla.

Green ceramics takes problematic waste materials, predominantly waste and textiles, and reforms them into new products through a combination of heat and compression. In the Pavilions apartment, all tiles are made from yellow bin glass and textiles, by way of example.

“In Australia, the building industry is responsible for around 60 per cent of the waste we generate,” Ms Lloyd Hurqitz, Mirvac CEO and managing director said.

“At Pavilions,  we have been able to demonstrate a better way to build, using reformed waste, which not only helps our industry but provides a valuable second life for the mountains of glass and clothing, much of which would otherwise find its way to landfill.”

The next stage in the SMaRT centre collaboration is to investigate opportunities to establish a facility to enable local sourcing and manufacture of waste into green ceramics.

The SMaRT centre is also assisting Mirvac on its other development sites in Sydney, identifying materials that can be diverted to recycling or reforming before demolition works begin.

Rising Coastal Suburb Prices Predicted

Cronulla

Coastal suburb house prices in Sydney and the Gold Coast are tipped to climb over the next two years, a new report shows.

Data calculated by Select Residential Property predicts a rise of up to 23.05% in southern Sydney suburb Gymea Bay and 21.6% in northern beaches suburb Warriewood.

Based on housing supply and data indicators — which indicates a want for larger properties, close to the water and further from the CBD as driving factors – the median house price in Gymea Bay is set to rise by $311,711 to 1,664, 359 and in Warriewood by $360,310 to $2,025,330.

In determining the price trajectory for a suburb, Select Residential Property research director Jeremy Sheppard takes into account 17 demand and supply metrics, including auction clearance rates, vacancy rates, discounting levels, days on market and the number of properties available to arrive at a ‘suburb score’.

“The list of areas with the highest growth potential all have high demand relative to supply and all scored well above 80, which are historically reflective of double-digit growth rates,” said Mr Sheppard.

Across the country, house values in the Gold Coast’s Elanora and Worongary are also expected to grow over the next 24 months, indicating a potential 22% each. Elsewhere, Melbourne’s Keilor Park and Diamond Creek are to see 10% and Adelaide’s Cumberland Park is forecast to grow by 20.6%.

Queensland’s Airlie Beach and South Townsville are expected to see unit value drop by 8.5% and 8% respectively. Similarly, the report predicts South Bunbury and Bunbury in Western Australia is staring down an 8.6% and 7% drop respectively.

Commonwealth Bank Launches Afterpay Competitor

Commonwealth Bank of Australia has today unveiled a new buy now, pay later (BNPL) offering which can be used anywhere debit and credit card payments are accepted.

Available to eligible CBA customers from mid-2021, the new service will directly link to CBA bank accounts with no ongoing fees and at no additional cost (above standard merchant fees) to businesses.

“Customer needs are evolving and this new BNPL offering is about giving customers more choice around how they choose to pay and when, depending on the option which suits them best,” said Angus Sullivan CBA’s group executive, retail banking services.

“As the leading digital bank in Australia, we believe we are best placed to offer our customers a prudent and responsible BNPL option based on the trends and insights sourced from real time transaction data over many years,” Mr Sullivan added.

The launch of CBA’s new BNPL product follows recent research by the RFi Group which showed 76 per cent of Australians who currently use a BNPL product would use a similar bank-offered service.

Late payment fees will be charged at $10 per instalment with caps in place to minimise the total amount of additional fees charged.

“We are excited to announce the first BNPL offered by a major bank which will give customers access to cash flow in a way that meets their changing preferences and expectations,” Mr Sullivan said.

Why Doing Nothing Can Make You More Productive

Relaxing

One secret to achieving more: Finding time to do nothing.

In our efforts to squeeze every second from the day, it seems counterintuitive to watch a pot of coffee boil or gaze out the window. But your brain uses those free periods for important cleanup work, neuroscience research indicates. And during the pandemic, as the boundaries between work and home have blurred, it has become harder to create mental breaks.

Even brief timeouts help the brain reinforce long-term learning and productivity. You come out of downtime able to learn more, and can access that learning faster. “When you take a break, you may want to do something mind-consuming to help with motivation, but technically your best way of taking a break is to do something mindless,” says Barbara Oakley, a professor of engineering at Oakland University in Michigan who teaches a popular online course on how to open your mind to learning.

To ease into allowing yourself to do nothing, start with something familiar. Here are some techniques.

Take a long shower

A natural place to start slowing down is a habit that’s already built into your schedule, such as taking a shower. Letting your mind wander here can be a stepping stone to quieting more hectic environments. Or try blocking off time to look out your window. In her book “How To Do Nothing: Resisting the Attention Economy,” writer Jenny Odell describes how bird-watching became her favourite slow-down activity: Exhausted after pulling an all-nighter, she had gazed out the window and noticed a cluster of yellow birds. “I burned out, and in that state of forced relaxation, that happened to be when I noticed,” she says.

Play a game without keeping score

Dr Oakley points out that while our body’s dopamine reward system might encourage tasks, keeping score is labour. Instead of competing against your crossword best, find a puzzle game on your phone that requires simply swiping.

Take a solo walk

Leave the Fitbit at home, and free up an hour to absorb the scenery in silence. Being in nature has been linked to a multitude of physical and mental benefits. But be sure not to create a competition, which can take the relaxation out of the activity. “We get fixated on taking 10,000 steps,” Ms Odell says. “Yes, it’s good to go for a walk, but this isn’t a job.” Enjoy the meandering, rather than the race, she suggests.

Cook a big meal

Borrowing from the downtime that the Italians call dolce far niente (the sweetness of doing nothing), the act of cooking a meal can encourage a wandering mind. It can be tempting to create a culinary masterpiece to make the time worth it, but fight the urge. Ms Odell suggests trying to “see the nonwork time as something other than the negative space left after work.” Try a simple recipe that requires slow preparation. Not only is the activity downtime, but bonus points for resting at the table between courses.

Just sit down

If you’re struggling to get enough rest at night, try a short nap. Simply find a comfortable chair, and breathe. While you’re napping, remember that your brain never is. Rest is one of the most important ways to enhance the neurological flexibility to build the kind of conceptual understanding that is related to identity and purpose, says Mary Helen Immordino-Yang, a professor of education, psychology and neuroscience at the University of Southern California. Consider that a reason to lose the guilt over a daily rest.

Nokia Is Cutting Up To 10,000 Jobs to Boost 5G Investment

Nokia

Nokia has unveiled plans to axe up to 10,000 jobs as part of a €600 million cost-cutting program aimed at boosting investment in 5G.

The telecom-equipment maker said resetting its cost base would allow it to invest in research and development and long-term growth areas, including 5G, cloud technologies and digital infrastructure.

The stock, which has been a favourite among retail investors and Reddit users in recent months, edged 0.5% higher in premarket trading, while the Finnish-listed shares rose 0.6% on Tuesday.

The company said it expects to lower its cost base by around €600 million by the end of 2023. As part of the restructuring, Nokia said its global workforce would be reduced from 90,000 to between 80,000 and 85,000 employees over the next two years. The company maintained its 2021 outlook.

The U.S.-listed shares are up 10% year-to-date but that doesn’t tell the whole story. The shares climbed 55% in the space of three days at the end of January, prompting the company to release a statement saying it could not explain the rally. The stock has since retreated 52%.

Aside from the volatility, Nokia’s fourth-quarter earnings were stronger-than-expected, driven by 5G margin expansion. Nokia and its Nordic rival Ericsson have benefited from a number of western countries banning China’s Huawei from 5G networks on national security grounds.

However, the Finnish company said its rate of converting its 4G footprint into 5G in 2020 was affected by shortfalls in China and North America. It also lost out to Samsung on a $6.6 billion deal with Verizon. Revenue is expected to fall for a second consecutive year in 2021, Nokia said, citing market share loss and price erosion in North America.

Looking ahead. When Chief Executive Pekka Lundmark, who took charge in August last year, unveiled a new strategy in October, he promised to do “whatever it takes” to lead in 5G. The company’s restructuring plan is evidence of that. After falling behind, Nokia needs to start picking up market share to challenge the likes of Ericsson and Huawei.

Nokia’s capital markets day on Thursday will be the next major event for investors to closely monitor, as Lundmark sets out his long-term strategy and financial outlook. JPMorgan Cazenove analysts said Nokia was likely to come across as confident of turnaround potential. But they said the company was unlikely to “raise the bar significantly” with mid-to-long-term guidance, leaving upside potential if the turnaround proceeds better than expectations.

They rated the stock ‘neutral’ with a target price of $4.30. “We see no reason to turn bullish ahead of the day as we think the turnaround is going to take time,” they said.

Lundmark’s words again were clear on Tuesday as he said “in those areas where we choose to compete, we will play to win.” Words are one thing, it’s now time for action.

Short Seller Takes Aim at Another EV Maker

EV Stocks

Many new electric-vehicle start-ups have no sales and big aspirations. Electric truck maker Lordstown Motors is one of them. The company doesn’t sell EVs yet, but expects to start selling its all-electric truck called Endurance later in 2021. After the launch, Lordstown projects explosive growth off its 2021 base in 2022 and beyond.

One short seller, however, isn’t buying it.

On Friday morning, Hindenburg Research published a negative research report about Lordstown Motors (ticker: RIDE). The report makes several claims, notably that not all of the preorders the company has claimed are real.

The report is hitting the stock. Shares are down 20%, at $14.18, in Friday morning trading. The S&P 500, by comparison, is down 0.5%. The Dow Jones Industrial Average is up 0.5%.

On Jan. 11, Lordstown reported more than 100,000 preorders for its Endurance pickup truck launched this past summer. Hindenburg claims in its report that it has talked to some Lordstown preorder customers, and points out some it found that don’t have the cash to buy ordered trucks and that preorders don’t carry a commitment to purchase or a penalty to cancel.

Lordstown wasn’t immediately available to comment on the Hindenburg report.

Preorders in the EV industry are fairly common. Tesla (TSLA), when it launched its Cybertruck, regularly reported preorders. Tesla racked up hundreds of thousands in vehicle preorders before it stopped reporting the number. A Cybertruck could be reserved for US$100, which is fully refundable.

Hindenburg is the firm that published a negative research report about electric- and hydrogen-powered trucking company Nikola (NKLA) back in September 2020. Hindenburg alleged Nikola management misled investors. Nikola denied the claims. The report, however, led to the departure of company founder Trevor Milton.

An internal investigation conducted by an outside firm at the behest of Nikola followed and, as a result, the company disclosed in its annual report nine statements made by Miltion which may have been partially untrue.

At the time of the report, Hindenburg was short Nikola stock, betting that its price would decline. Now, Hindenburg is short Lordstown stock and stands to gain as it falls.

Lordstown became a publicly traded company in 2020 after merging with a special purpose acquisition company. The company, founded by Steve Burns, purchased an Ohio plant from General Motors (GM) to kick-start its growth plants.

The company projects more than $100 million in sales for 2021, growing to $1.7 billion in sales in 2022 and then to $5.8 billion by 2024. Vehicle deliveries over that span are projected to go from 2,200 in 2021 to more than 100,000 in 2024.

Lordstown will report fourth-quarter results on March 17 after the market closes. Investors and analysts will have a chance to hear from management then.

50-STOREY TOWER PROPOSED FOR SYDNEY TATTERSALLS

The Sydney City Tattersalls Club redevelopment is moving ahead with a detailed development plan now lodged for a $762 million tower complete with hotel and upscale apartments.

The proposed 50-storey tower will house a 101-room hotel and 241 apartments, as well as the regeneration of the Club’s quarters including new retail, upgraded lower bar and grill, new restaurants, a commercial fitness centre and event spaces.

Pending approval by the City of Sydney later this year, construction will begin in 2022 with completion expected in 2026.

The project is being led by Singapore-based First Sponsor Group and local developer ICD Property, the latter brought in by the City Tattersalls Club more than five years ago.

City Tattersalls

Local architecture studio BVNis designing the site,  with heritage architects FJMT overseeing the lower-level refurbishments

“The significance of this redevelopment to our members and a CBD that is very much in need of reactivating is indescribable,” said Marcelo Veloz, group chief executive at City Tattersalls.

An earlier proposal for the site was denied by the NSW Land and Environment Court – citing heritage grounds – three years ago

NSW Rental Rates Remain Unpredictable

Rental Market

The residential rental market across New South Wales remains erratic.

Fresh data from the Real Estate Institute of New South Wales (REINSW) Vacancy Rate Survey indicates vacancies for Sydney overall tightened last month and now sit at 3.1% (-0.5%).

“Sydney’s inner ring dropped to 3.7%, a decrease of 1.1% for the month,” REINSW CEO Tim McKibbin said. “Similarly, the outer ring dropped by 0.6% to 1.9%. Bucking the trend, the middle ring remained relatively stable, experiencing only a slight 0.1% rise to 4.3%.”

Sydney’s inner ring includes suburbs in LGA’s inclusive of Ashfield, Botany Bay, Lane Cove, Leichhardt, Marrickville, Mosman, North Sydney, Randwick, Sydney, Waverley and Woollahra. While the ‘middle’ is identified as LGAs Auburn, Bankstown, Burwood, Canterbury, Canada Bay, Hunters Hill, Hurstville, Kogarah, Ku-ring-gai, Manly, Parramatta, Rockdale, Ryde, Strathfield and Willoughb and ‘outer’ includes Baulkham Hills, Blacktown and Blue Mountains.

However, if the last 12 months have taught us anything, it’s that the residential rental market remains unpredictable, moving up and down month after month.”

Beyond Sydney, vacancy rates remained stable in the Hunter region up to 1.3% (+0.1%), while the Illawarra region rose to 2.1% (+1.0%).

Vacancy rates across NSW regional areas — such as Albury, the Central West, Murrumbidgee, New England, Northern Rivers and South East areas — all fell in February.

“Feedback from our members in these areas indicates that stock is extremely tight, as tenants continue to exit the Sydney residential rental market to secure a property that suits both their budget and desired lifestyle,” added McKibbin.