James Hardie in $2.5b Wipeout on Weaker Housing Outlook
James Hardie, a leading building products group, anticipates a 5% drop in volumes in the Australian market over the next year due to high house prices dampening demand. This grim outlook led to a significant 11% slump in its share price, falling to $48.70. The company forecasted a decline in annual profits across its global operations amid uncertain market conditions, causing its market value to plummet by over $2.5 billion in early trading on the ASX.

Star Confirms ‘Incomplete’ Proposal from Hard Rock Pacific Consortium
Star Entertainment has confirmed receiving a proposal from a consortium including Hard Rock Hotels & Resorts (Pacific). However, Hard Rock International denied any involvement, stating it had not licensed its name for any proposal and threatened legal action against unauthorized use of its brand. The confusion arose after The Australian Financial Review reported that a consortium involving Hard Rock was considering a bid for Star. Star’s announcement emphasized that the proposal was incomplete and indicative, with multiple parties showing interest in potential transactions.

Sonic Issues Profit Warning Due to Inflation
Sonic Healthcare, a major diagnostics company, has warned of lower-than-expected profits due to inflation and currency exchange challenges. It revised its EBITDA forecast for fiscal 2024 to $1.6 billion on revenue of $8.9 billion. For 2025, Sonic anticipates earnings between $1.7 billion and $1.75 billion, factoring in potential negative impacts from the USA PAMA fee cut, initial losses from the UK Hertfordshire & West Essex NHS contract, and an equity accounted loss for Franklin.ai.