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Grounded: Qantas may return to stand-downs

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Qantas may have to stand down airline staff due to lockdowns happening across Australia

Flight cancellation data released on Wednesday showed more than 9000 flights were cancelled in July, majority of them were flights with Qantas and Jetstar.

Qantas CEO Alan Joyce sent an email to staff detailing the effects of the current lockdown hitting Sydney and Melboure.

Joyce said their total flying had dropped below 40 per cent of pre-Covid capacity and an extension to the lockdowns could be problematic for the group.

In the email written to staff he said the company isn’t at the point of requiring stand-downs in domestic operations at this stage.

“But to be honest, we can’t rule it out if multiple states keep their borders closed for extended periods.”

“Hopefully this scenario doesn’t come to pass. But we’ve always been upfront through this crisis and it’s important for you to know the challenges we’re facing,” said Mr Joyce.

Australia’s largest cities in lockdown so thousands of flights grounded

“NSW is a key part of the Qantas and Jetstar network, so that lockdown has already seen our total domestic flying fall from 90 per cent of pre-COVID levels to around 60 per cent,” he wrote.

“When you add in the Victorian and now South Australian lockdowns, our total flying drops below 40 per cent.”

Qantas wants the government to chip in

He said if that happened he expected the government would provide a basic level of income support.. yet another call out for the JobKeeper payment to return.

Mr Joyce reassured workers that this situation will only be temporary, because “unlike last winter there’s now a Covid vaccine rolling out”.

The message came as rival Rex announced the temporary suspension of its Boeing 737 operations.

At the height of the Covid crisis last year, Qantas had more than 20,000 employees stood down.

About 7500 people who usually work in the airline’s international business remain stood down.

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Money

France receives lowest credit rating due to crisis

France’s credit rating downgraded to record low amid political and fiscal crisis, raising concerns over debt and stability

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France’s credit rating downgraded to record low amid political and fiscal crisis, raising concerns over debt and stability

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In Short:
– Fitch Ratings downgraded France’s credit rating to A+, citing political instability and fiscal challenges.
– New Prime Minister Lecornu must secure budget approval amidst rising deficit and potential no-confidence vote.
Fitch Ratings has downgraded France’s credit rating from AA- to A+, the lowest ever recorded, amid ongoing political and fiscal challenges.
The decision comes shortly after Prime Minister François Bayrou was removed in a vote of no confidence regarding his €44 billion austerity plan.
President Emmanuel Macron has appointed Sébastien Lecornu as the new prime minister, marking the fifth leadership change in under two years.Banner

Fitch highlighted political instability as a key factor undermining fiscal reforms, with France’s debt now at €3.3 trillion, or 113.9% of GDP.

The budget deficit increased to 5.8% of GDP and is expected to rise, posing challenges ahead.

Political Instability

The new prime minister faces a divided parliament and must secure budget approval by October 7.

The far-left plans a no-confidence vote against Lecornu, complicating further cooperation on legislative reforms, with S&P Global hinting at a potential downgrade.


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Trump moves to fast-track removal of Fed governor Lisa Cook

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The White House is set to fast-track a ruling on firing Federal Reserve Governor Lisa Cook, just days before the crucial FOMC meeting.

The move comes as markets reel from surging inflation, weak jobless data, and global currency shifts, raising questions about the Fed’s independence and the stability of policy decisions.

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ANZ job cuts spark banking clash

ANZ plans to cut 3,500 jobs, sparking debate on the future of Australia’s banking sector and employment dynamics.

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ANZ plans to cut 3,500 jobs, sparking debate on the future of Australia’s banking sector and employment dynamics.


ANZ has announced plans to cut 3,500 staff and 1,000 contractors over the next year, triggering a fierce debate between business leaders, unions, and government about the future of Australia’s banking sector.

The decision raises wider questions about the resilience of the business community and the role of politics, productivity, and technology in shaping employment.

#ANZ #Banking #Jobs #Unions #Australia #Economy #TickerNews


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