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The Australian

Good morning,

A major $750m green hydrogen plant has been axed in South Australia , a fresh setback for the fledgling industry just days after Anthony Albanese pledged the clean-energy source would help underpin its Future Made in Australia plan.

Meanwhile South Africa’s Gold Fields has unveiled a $3.3bn takeover bid for Gold Road Resources after running out of patience with its partner in the Gruyere gold mine in West Australia which it wants to secure full ownership of.

And Ross Garnaut's Zen Energy has conceded 2024 was a challenging year, forcing it to make major changes in the wake of a $50m annual loss, but warns others will also experience the same problems as Australia's transition away from coal accelerates.

Vesna Poljak

Business editor

The markets

Making news this morning

1

Intrepid Travel’s revenue surges towards $1bn goal

Intrepid Travel’s global expansion strategy is gathering pace as the privately-owned tour operator opens another overseas office and races towards its goal of $1bn in annual revenue.

2

How much your frequent flyer points are really worth

A majority of Australians are members of at least one frequent flyer program, but don’t realise their points are a valuable asset.

3

Game’s up: Lottery Corp CEO to call it quits

Lottery Corp chief executive Sue van der Merwe has resigned after three years leading the company, following its spin-out from gaming giant Tabcorp.

Editor's picks

Aussie shipbuilder Austal moulded by its US ambition

South Korea’s Hanwha wants a bigger piece of Austal as it carries out top-secret work for the US Navy and emerges as a key player in AUKUS.

By BRAD THOMPSON

Hear hear: NSW Libs deputy’s video chat a wheely bad idea

If you’re a former roads minister then ignorance of the law isn’t a solid defence for zooming, or more precisely using FaceTime, behind the wheel despite a history of being chauffeured.

By YONI BASHAN, NICK EVANS

Commentary

Potential for milder ‘Liberation Day’ Trump tariff hit lifts futures

By DAVID ROGERS

Markets Editor

The so-called Trump put option may not be completely dead after a report that US tariff announcements next week would be narrower in scope than the US President has threatened.

DataRoom

→	Investors punish James Hardie over costly $14bn buyout

James Hardie has become the latest Australian listed company to face the wrath of investors over a big acquisition.

→	Regal on watch over $200m biotech failure risk, shares dive

Shares in the company led by one of Australia’s most high profile fund managers fell 14.8 per cent.

→	Helia defends CEO’s share selling before contract loss reveal

The listed mortgage insurer says Pauline Blight-Johnston sold shares before the company learned of CBA’s retreat as a major client.