1. PM Albanese voices support for NATO as it prepares for war in Europe and condemns
Immediately after the G7 leaders met in Germany to discuss capping Russian oil prices, NATO have convened for a two-day summit in Madrid to prepare for the increasing reality of war in Eastern Europe. And according to the AFR, “NATO is poised to formally classify China as a challenge to the organisation’s interests, security and values”. This rhetoric is part of a new 10-year doctrine for NATO, replacing the 12-year-old Strategic concept which labelled Russia as a strategic partner and had no mention of China.

Preparation against Russia sees US President Joe Biden pledging to “increase his country’s military presence in Europe for the long term, including increasing the number of destroyers based in Spain from four to six”.

Anthony Albanese voiced his support for NATO in its stance on Russia: “It’s a false dichotomy. We have no alternative … but to stand up against Vladimir Putin’s aggression”.

“If we do not do that, the consequences for the international world and the relationship between nation states, which is sovereign and with each other, in terms of Europe, are dire indeed,” he said.

2. Netflix turns to Asia to recoup losses and fix its subscription crisis
Having shed nearly two-thirds of its market value since mid-November, the world’s biggest streaming platform Netflix is at a crossroads to regain severe losses in the share market and win back its subscribers. And apparently, the Asia Pacific is the starting point for the company to maintain growth, with the region accounting for 15% of Netflix’s 221.6 million global subscribers. However, according to the AFR, “Netflix’s customers in Asia are also some of its lowest-value ones, which means many more subscriptions are required to juice revenue”.

“They are trying to create a deeper funnel of customers,” said Vivek Couto, executive director of Media Partners Asia. “You can’t increase prices unless you’ve got a significant customer base.”

Netflix offers a wider range of payment choices in Asia than competitors, Mr Couto said. The number of new members signing up last year using alternative payment methods more than tripled from the previous year, and these measures have been adopted in other markets after their successful launch in Asia, according to Netflix.

Asia could also be part of Netflix’s latest plan to raise revenue via introducing advertising. (AFR)

3. ASIC to keep hawkish eye on “artificial” arrangements in loans
Corporate watchdog the Australian Securities and Investments Commission (ASIC) has won a Federal Court appeal against a payday lending system involving what it alleged were “parasitic” fees linked to Gold Coast-based Cigno, a company boasting “emergency cash when you need it”. (AFR)

In its finding, the Federal Court wrote: “On any view, the aggregate fees charged [for the] small and short-term loans were very high.

“If the fees were converted into an annualised percentage interest rate, the rate would be approximately 800 per cent (ignoring, for the simplicity of calculation, the earlier repayment of instalments which shorten the loan term in respect of those instalments).”

“What we want to come out of this decision is that when a firm is providing credit, whether it be to experienced borrowers or to vulnerable consumers, they meet their obligations in full,” said ASIC commissioner Sean Hughes.

4. Melbourne ranks in the top 10 world’s most liveable cities
Melbourne has ranked equal 10^th with Osaka, Japan in the most recent ratings for the world’s most liveable cities as per the Economist Intelligence Unit’s Global Liveability Index 2022.

Vienna, Austria recaptured the top spot that it held three years ago, while Canada had three cities in the top 10: Calgary (3^rd), Vancouver (5^th), and Toronto (8^th).

5. ASX futures down more than 1%
ASX futures were down 79 points or 1.2% to 6597 near 5am AEST, with the AUD -0.2% to 69.12 US cents.

On Wall St: Dow -1.3% S&P 500 -1.8% Nasdaq -2.7%.

In Europe: Stoxx 50 +0.3% FTSE +0.9% DAX +0.3% CAC +0.6%.

2-year yield: US 3.12% Australia 2.73%. 10-year yield: US 3.20% Australia 3.73%.