SYDNEY: Qantas Airways on Wednesday secured A$1.05 billion against its aircraft fleet to help it ride out the coronavirus crisis, sending shares up 30 per cent, as airlines in the Asia-Pacific region took the knife to capacity and jobs.
It is continuing with a costly programme to upgrade the interior of its grounded Airbus SE A380 super-jumbos, in an expression of confidence demand will eventually return to normal.Cash-strapped rival Virgin Australia said on Wednesday it would stop 90 per cent of its domestic flying in addition to a freeze on international flights and put 80 per cent of its 10,000 employees on leave.
"We plan to return Tigerair Australia and Virgin Australia to the skies as soon as it is viable to do so. However, I am mindful that how we operate today may look different when we get to the other side of this crisis," Virgin Chief Executive Paul Scurrah said in a statement.Air New Zealand, which plans to cut up to 30 per cent of its staff, has also warned it could re-emerge as a smaller airline once the coronavirus situation subsides.
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Qantas shares soar on financing deal as Virgin Australia grounds all flights except essential servicesSYDNEY (REUTERS) - Qantas Airways on Wednesday (March 25) secured A$1.05 billion (S$906 million) against its aircraft fleet to help it ride out the coronavirus crisis, sending shares up 30 per cent, as airlines in the Asia-Pacific region took the knife to capacity and jobs.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »
Qantas shares soar on financing deal as Virgin Australia grounds all flights except essential servicesSYDNEY (REUTERS) - Qantas Airways on Wednesday (March 25) secured A$1.05 billion (S$906 million) against its aircraft fleet to help it ride out the coronavirus crisis, sending shares up 30 per cent, as airlines in the Asia-Pacific region took the knife to capacity and jobs.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »
Qantas probed over allegedly using COVID-19 crisis to try to sink rivalAustralia's consumer watchdog said Tuesday it was investigating Qantas for alleged anti-competitive behaviour, after its CEO appeared to call for ... With how obliterated the airline industry is, if they can use it some how to sink their rival - probably deserve a round of applause than a court case. 😂 'Joyce also told a news conference the global coronavirus outbreak had plunged airlines into a 'survival of the fittest' and Qantas was 'making sure we are last man standing', comments Sims said he found 'very unhelpful and inconsistent with the time of crisis that we're in'.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
SIA confirms 96% capacity cuts, grounding 138 planesSINGAPORE Airlines (SIA) on Monday announced it is cutting 96 per cent of its planned capacity originally scheduled up to end April given further tightening of border controls around the world over the last week. Read more at The Business Times.
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Source: BusinessTimes - 🏆 15. / 51 Read more »