Thank you for reading the Financial Review’s Need to Know blog. We’ll be back on Saturday morning to continue our coverage.

Here’s what made headlines today:

US aircraft carrier near Venezuela in flex of American military power | The most advanced US aircraft carrier is expected to reach the waters off Venezuela in days, a flex of American military power not seen in Latin America for generations.

Dropping new zero won’t reopen door for Hastie: Ley | Opposition Leader Sussan Ley has appeared to rule out a return to the front bench for Western Australian Liberal Andrew Hastie.

Renewable transition will bring the cheapest power: PM | Albanese says continuing to keep coal-fired power stations in the grid will keep electricity prices high, and accused the Coalition of failing to act on the energy transition.

Chalmers derides Liberal ‘smirking cookers’ for dropping net zero | Treasurer Jim Chalmers said it was a real buzz to present Australia as an investment destination at the Sohn Hearts and Minds conference in Sydney.