Fox Business - The Power to Prosper
Search Site

Qantas Airways

Australia's Qantas Cuts 5,000 Jobs

Australian carrier Qantas Airways Ltd plans to cut 15 percent of its workforce, sell older jets and reduce capital spending after reporting a first-half loss amid growing competition in both international and domestic operations.The deep cuts are part of Qantas' plans to slash costs by A$2 billion ($1.8 billion) over the next three years - a bid by the airline to convince the federal government and investors it is worthy of the state assistance it says it needs.Qantas, known as the 'Flying Kangaroo', is seeking a government debt guarantee to give it access to cheaper capital. Battered by high fuel costs and a strong Australian dollar, its credit rating was relegated to junk status last year amid a price war with arch-rival Virgin Australia Holdings.Shares in Qantas, down a quarter over the past year, fell 7 percent after the Sydney stock market opened. "For us the composition [of the loss] is worse than expected, the leakage out of the international business is really surprising and we...

Read More

  1. Australia Stocks Ease Lower; QBE Shares Tumble

    Australian stocks lost hold of early gains Monday. Retailer shares traded mostly weaker, but an advance for miners limited the losses after many base-metals futures ...

  2. Australia Stocks Track U.S. Losses; Qantas Halted

    Australian stocks gave ground in early Friday trading, with banks broadly lower after overnight losses in the U.S., where investors worried that better-than-expected...

  3. European Shares Flat After Three-Day Drop

    European shares looked to be stabilizing after three days of sustained selling on Thursday, as focus turned to the European Central Bank's monthly meeting for any si...

  4. Australia Stocks Hurt On Currency Fall; Qantas Hit

    Stocks in Australia fell early Thursday, pressured by a drop in the country's currency to a three-month low below 90 U.S. cents, and by losses on Wall Street overnig...

  5. Australia Stocks Follow Wall Street Lower

    Australian stocks fell early Wednesday, tracking a weak lead from the U.S. but with a few blue-chip miners higher after gains for some commodities overnight. The S&P...

  6. Australia Stocks Rise, With Banks, Energy Higher

    Australia stocks saw solid gains early Friday, joining their U.S. peers in a broad-based rally that included energy shares and banks. The S&P/ASX 200 rose 1% to 5,34...

  7. Australia Stocks Follow U.S. Peers Lower

    Australia stocks fell in early Tuesday trading, catching the downbeat sentiment that sent the Nasdaq and S&P 500 to close lower overnight. The S&P/ASX 200 fell 0.6% ...

  8. Australia Stocks Track Metals, U.S. Shares Lower

    Australian stocks sank in early Friday trading, with overnight losses for metals futures dragging down mining shares, and a sharply negative lead from Wall Street al...

  9. Qatar Airways says A350 delivery on schedule; plans order in Dubai

    Qatar Airways, the launch customer for Airbus's A350, expects the European planemaker to start delivering the aircraft by the second half of next year and plans to o...

  10. Australia Stocks Rise To Fresh Post-crisis Highs

    Australian stocks rose in early Monday trading, helped by Wall Street's gains Friday, with the S&P/ASX 200 climbing 0.8% to 5,362.40 after closing the previous sessi...

  11. Northrop Grumman to Buy Qantas Defense Unit

    Northrop Grumman (NYSE:NOC) agreed to buy the defense unit of Australian flag carrier Qantas Airways, as the fifth-largest U.S. military contractor seeks to increase...

  12. Australian Stocks Decline As Syria Worries Linger

    Australian equities fell early Thursday, poised for a second session of losses as concerns about a U.S.-led military strike against Syria lingered. The S&P/ASX 200 s...

  1. Australia Stocks Slip On Ex-dividend Trading

    Australia stocks saw early gains disappear Monday, as gains from several strong earnings reports couldn't overcome the weight of ex-dividend trading and a negative l...

  2. Australia Stocks Improve, With Banks, Miners Up

    Australian stocks rose in early Friday trade, with overnight U.S. gains helping sentiment. The S&P/ASX 200 advanced 0.5% to 5,439.30, with the key financial and mini...

  3. Australia Stocks Snap Losing Streak

    Australian stocks rose in early Thursday trade, bouncing back from their losing streak this week, with the heavily weighted financials and miners helping lead the cl...

  4. Australia Stocks Dip Ahead Of Data

    Australian stocks edged lower Thursday, as a mostly soft lead from the U.S. markets helped weigh on the S&P/ASX 200 , which lost 0.2% to 5,306.40. Mining stocks move...

  5. Australia Stocks Rise, With Energy Among Gainers

    Australian stocks trudged higher in early Friday trading, with the S&P/ASX 200 rising 0.3% to 5,219.20 in reportedly thin volume ahead of next week's holiday-shorten...

  6. Australia Stocks Tick Higher Ahead Of Fed Decision

    Australian stocks rose in early Wednesday trade, with top miners rising amid a weaker Australian dollar, though overall market action was rangebound ahead of the U.S...

  7. Australia Stocks Weak Ahead Of China Data

    Australia stocks fell in early Monday trade ahead of Chinese manufacturing data that could move the market later in the morning. The S&P/ASX 200 fell 0.4% to 5,077.1...

‹ Prev12345Next ›
Freebase CC-BY
Source: Qantas Airways on Freebase, licensed under CC-BY
Other content from Wikipedia, licensed under the GFDL