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Good morning,

Andrew Forrest's Fortescue, Australia’s biggest promoter of green hydrogen, has pulled back from the hyped energy supply source with a fresh round of job cuts as other major companies also flag a slower-paced energy transition amid technology hitches and mixed customer demand.

Meanwhile, BHP chief executive Mike Henry says it is unrealistic to expect some “grand bargain” between Donald Trump’s White House and China that leads to a resurgence in free and open trade. A more likely outcome was simply ongoing tariffs hedged by bilateral trade agreements, he predicted.

And a trade war truce between the US and China shows common sense is back, but the relief for investors and super fund members may be temporary, financial experts warn.

Vesna Poljak
Business editor
The markets


Making news this morning
1
Telstra joins Silicon Valley rush to sort customer woes
Australia’s biggest telco is setting up an AI hub in America’s Silicon Valley as part of a $700m investment to tackle soaring customer complaints and accelerate its transformation.
2
A small bank’s big problem: too many deposits, not enough loans
Career banker Melos Sulicich has seen it all: an uneven playing field, and smaller operators losing out to the majors. He also has a problem of his customers’ own making: too many deposits.
Editor's picks
MARGIN CALL
New ASX corporate gig puts extra cash in Cats coach’s kitty
As if life as an AFL coach weren’t busy enough, Cats coach Chris Scott has added another job to his busy schedule – this time as a director with an ASX-listed company.
By NICK EVANS
MARGIN CALL
Hanwha bails on China joint venture as Austal talk refloats
There’s a long list of items before the Foreign Investment Review Board but the trickiest could be South Korean Hanwha if it makes another tilt at navy shipbuilder Austal.
By NICK EVANS
EXCLUSIVE
Bowen feels ‘silent’ wind at his back on green agenda
An emboldened Chris Bowen has doubled down on Labor’s rollout of offshore wind farms, renewables and the phase-out of coal-fired power plants in a post-election attack on critics of his green power agenda.
By GEOFF CHAMBERS
Commentary
Hospital ‘crisis’ straight out of the Brookfield barbarians playbook
By ERIC JOHNSTON
Associate Editor
Buy the business, sell the furniture and make out like barbarians – that’s the Brookfield playbook which has left Australia’s second-biggest hospital operator in a mess.
DataRoom
Livingbridge puts GP business up for sale
UK-based private equity firm Livingbridge is likely to want up to $300m for healthcare provider Better Medical.
Regis, United Tractors the last two suitors in $2bn gold mine auction
There are two miners left in the race for the Queensland-based asset.
BGH Capital teams up with corporate raider for Webjet play
Gary Weiss and Ariadne are working with the private equity firm, amassing more than 10 per cent of the travel group’s shares.

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