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The Australian

Good morning,

Fear of a protracted Middle East conflict has put investors and business leaders on edge as the US Fed faces pressure from President Donald Trump to cut rates despite the prospect of increased oil prices.

Meanwhile, the corporate regulator had a long list of issues to raise with Macquarie boss Shemara Wikramanayake and bristled at its ‘legalistic engagement’.

And the increasingly heated NSW Supreme Court stoush between the Illawarra Hawks’ Jared Novelly and NBL owner Larry Kestelman has been joined by another top-flight basketball team.

Vesna Poljak

Business editor

The markets

Making news this morning

1

Freedom Furniture traded to Quadrant’s discount rival, Amart

Private equity-backed Amart will buy Freedom Furniture from Greenlit Brands to create a $1bn home furnishings retailer and has vowed to keep the Freedom brand alive under its ownership.

2

KKR buys Zenith Energy in $2bn-plus deal

The New York-based buyout fund won the contest after final bids for the renewable energy provider were due last week.

3

Investors could face a decade of low sharemarket returns

A top fund manager argues too many investors are exposed to the S&P 500, which risks delivering poor returns. Here’s where you should put your money instead.

Editor's picks

Competition arrives for long-suffering airline customers

There’s nothing like a bit of competition to get airlines’ creative juices flowing and Australian travellers are the beneficiaries. Qantas, Emirates and Etihad are refusing to cede ground to the new Qatar timetable enabled by its Virgin alliance.

Streaming services pick up the slack on Oz drama disinterest

Against the backdrop of an ongoing debate about local content quotas for streaming platforms, some high-quality Australian drama is being produced for paying subscribers.

By JAMES MADDEN

The business opportunity that has a strong whiff of fool’s gold

If you reckon this is a good deal then we have a bridge we can sell to you. What else can be made of Quantum Metals’ offer of digital gold, debit cards, free shares and a cheap deal on beds?

By NICK EVANS, YONI BASHAN

DataRoom

→	KKR hopes global players have appetite for Arnott’s assets

Arnott’s private equity owner is divesting its less lucrative Asian and Australian units.

→	Silver lining for Adriatic as Canadian group lobs buyout offer

Adriatic Metals’ directors have recommended a $1.9bn buyout offer from Canada’s Dundee Precious Metals.

→	Investors pile in to Greatland Gold’s $477m-plus IPO on ASX

The group, which is already listed in the United Kingdom, purchased the Telfer Gold Mine and the remaining 70 per cent interest in the Havieron gold project from Newmont last year.