Your Evening Briefing: India's Deadly New Weapon

Property prices are finally starting to cool in two of the world’s most expensive cities. Australia’s landlords are being squeezed as regulators move to rein in lending, and as the interest-free loans popular with investors get harder to come by, first-time buyers in Sydney and Melbourne may start to find it easier to get on the property ladder. In Hong Kong — where homes cost more than in any other city — developers are targeting first-timers with apartments little bigger than a parking space. As tiny flats pile up unsold, analysts warn that the city is at risk of a property crash. But for now, record property prices are standing firm. — Alyssa McDonald

Watch out China, India has a deadly new weapon. After years of delay, India’s navy is preparing to take delivery of one of the world’s stealthiest and deadliest fighting tools: the INS Kalvari, an attack submarine named after a deep-sea tiger shark. It’s a milestone in India’s effort to rebuild its badly depleted underwater fighting force and comes as China’s military expands its fleet to nearly 60 submarines and increases its forays into the Indian Ocean.