The Australian

Woodside Energy will significantly expand its east coast presence after reaching a deal with ExxonMobil to take operational control of the Gippsland Basin joint venture – the most important domestic gas source for the region – and potentially develop new supply opportunities. The agreement marks the end of an era for the Bass Strait partnership, with Woodside assuming control from Exxon’s Australian subsidiary, Esso, which has managed the project for decades. Colin Packham has more: https://bit.ly/4mkmlWI

HSBC has mandated investment bank Citi to sell its Australian retail banking arm, say sources, with the multi-billion dollar lending operation set to hit the market within weeks. DataRoom reported earlier this month that the London-listed lender was close to releasing documents into the market for a sale of the unit. It’s now understood that Citi is preparing the information memorandum for a sale that will happen shortly. Bridget Carter has more: https://bit.ly/3IISmt4

Underquoting is back with a vengeance in a rebounding property market, despite a string of recent government initiatives to stamp out the practice. The scourge of the property market is most prevalent at entry level, the area where price action is currently most intense as first-home buyers move to take advantage of lower rates and incentives. James Kirby has more: https://bit.ly/4l0Tp4K

Mineral Resources Limited and business deals involving members of managing director Chris Ellison’s family are back in the spotlight after the collapse of a company led by his younger brother. Andrew Ellison-led Resource Development Group (RDG) fell into voluntary administration on Monday after having drawn down a $135m loan from MinRes, which declined to provide more interest-free credit. Brad Thompson has more: https://bit.ly/4mgRfiw

Margin Call: Insurance giant IAG’s chief Nick Hawkins faces a growing pile of potential security concerns, but does have the fallback plan of a $10,500-per-night bolthole in New Zealand. Yoni Bashan has more: https://bit.ly/3IJFByt

Analysis of the best frequent flyer programs for Australian travellers has ranked Virgin Atlantic as number one based on the average value of each point earned. Australian Frequent Flyer’s Matt Graham and Wilson McTaggart undertook the detailed analysis in an effort to throw some light on one of the murkiest areas of loyalty schemes. It was noted the value of points varied dramatically based on redemptions — with Qantas Frequent Flyer members getting the equivalent of 0.46 cents a point for a gift card, and as much as 3.66c a point for a domestic flight cabin upgrade. Overall, Qantas points were valued at an average 1.8c per point, just ahead of Virgin Australia’s Velocity Frequent Flyer on 1.7c, and behind Virgin Atlantic’s Flying Club at 2.1c. Robyn Ironside has more: https://bit.ly/3TWJDWx

A Virgin Australia 737 will be out of action for weeks after a collision with a tug saw part of the fuselage torn open at Melbourne Airport. A statement from Virgin Australia said the aircraft was being towed to a maintenance hangar in Melbourne on Sunday evening when it became disconnected from the tug vehicle. Robyn Ironside has more: https://bit.ly/4mgcVeM

Donald Trump has shortened his 50-day deadline for Russia to reach a ceasefire with Ukraine to 10-12 days as he promises aid for Gaza in his meeting with British PM Keir Starmer. Read more: https://bit.ly/4oa5vLT

Black coal remains competitive on price as an energy source but firmed renewables will reign supreme by the end of this decade, a joint CSIRO and AEMO report finds. Read more: https://bit.ly/4mhS8Yh

Simon Stiell will meet with Chris Bowen in Canberra, after declaring fruit and veg will be a ‘once-a-year treat’ if Labor does not lift its clean-energy ambitions.