Good morning,

Australia will  need more than one LNG import terminal to safeguard east coast supplies and prevent a devastating shortfall, one of AGL Energy’s most senior executives has warned.

Meanwhile, investors have applauded Qantas's $120m investment bet on building a bigger and more profitable frequent flyer program even though it will require a short-term earnings hit.

And gossip about oil and gas executive Ayten Saridas’s abrupt exit from Oil Search was rife after she left in December 2020, including claims that her brief stint at the company was an “unmitigated disaster”, a court has heard.

And for those in the legal field, The Australian is launching a new, free newsletter Ipso Facto with scoops, analysis and comment each week. Sign up here.

Five things to know this morning

1. ASX may open higher after Wall Street ended flat and bond yields rose ahead of key inflation data amid fresh doubts about rate cuts in the US this year.
2. Beach Energy shares have taken a massive hit after the Kerry Stokes-backed company warned it will produce the first gas from its Waitsia expansion at least six months later than previously anticipated, while costs have blown out by a third.
3. Australia’s mid-tier gold consolidation has taken another step forward, with Westgold Resources agreeing to a $1.1bn deal to acquire Karora Resources, after WA rival Ramelius walked away from talks with the Canadian-listed gold producer. 
4. HammondCare hopes the appointment of former National Australia Bank boss Andrew Thorburn as its new CEO will help the independent Christian charity and aged care provider respond to sweeping changes in the sector.
5. Mining giant Fortescue plans to ramp up its green ambitions and roll out hydrogen electrolyser manufacturing facilities into more locations after launching its first in Queensland.