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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...

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