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The Australian

Good morning,

Building products giant James Hardie remains under attack from investors over its $14bn deal to buy US rival Azek, amid concern a new set of corporate governance pledges may fail to restore confidence among shareholders.

Meanwhile, a court case lodged by former WiseTech employee and Brazilian national Caroline Heidemann, who accused billionaire Richard White of forcing her to have a sexual relationship with him in exchange for visa support and English lessons, has been dismissed.

And is Donald Trump driving US tourism off a cliff? The president and his controversial policies are already being blamed for altering the travel plans of thousands of Australians, to the point where Flight Centre has downgraded its profit outlook, writes Robyn Ironside.

Vesna Poljak

Business editor

The markets

Making news this morning

1

Private credit tells regulator it wants to keep some secrets

Peak bodies and lenders are largely unified on better protections for retail investors, but at what cost? Some backers say simply asking for more disclosure won’t counter ASIC’s fear of a private credit blow-up.

2

PM’s critical minerals policy flawed: Lynas boss

Labor has earmarked $1.2bn for critical minerals mining, but the chief executive of Australia’s largest rare earths miner insists it will do nothing but kickstart the development of new warehouses.

3

Betr raid a threat to PointsBet Japan deal

Matt Tripp, a pioneer in Australian sports betting, has eyed a tie-up with PointsBet before. His late share raid suggests the PointsBet-MIXI merger may be under threat.

Editor's picks

Promotion snub sparks another ACU departure

Australian Catholic University vice-chancellor Zlatko Skrbis is no stranger to rolling with the punches, and the latest blow is the sudden resignation of executive dean Mary Ryan.

INFLIGHT CONNECTIVITY

Qantas finally boots up wi-fi on international flights

Qantas has quietly switched on wi-fi on select international routes after delays placed it behind rival carriers that have offered internet connectivity in the skies for years.

It’s all in the timing: Rio puts coal-fired power plant on market

A coal-free Rio Tinto in Australia is looming on the horizon as the company looks to sell its Gladstone power station.

Commentary

James Hardie still lumbered with high-priced deal

By ERIC JOHNSTON

Associate Editor

A costly acquisition has exposed bigger tensions in the running of a company that left Australia years ago.

DataRoom

→	Why James Hardie directors may be showing early signs of retreat

The $14bn buyout plan of Azek in a precursor to a US listing appears to have backfired for directors of the iconic Aussie company.

→	Activist investor weighs changes at top of Aussie broadcaster

The Sydney-based investor has gained a major stake in the Triple M broadcaster with a view of making changes.

→	Value in National Storage play for rival

National Storage REIT’s move to acquire 4.78 per cent of its rival Abacus Storage King is seen around the market as a play aimed to extract a higher price or assets.