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Qantas CEO Alan Joyce to step down two months early – questions over shares remain

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Alan Joyce, the long-serving chief executive officer of Qantas Airways, has announced his early retirement, with the airline’s board fast-tracking the leadership transition by two months.

Originally slated to retire at the end of the year, Joyce’s departure will now take place on Wednesday.

The Qantas board made this decision public through an announcement to the Australian Securities Exchange (ASX) on Tuesday morning.

The immediate successor to Joyce, Vanessa Hudson, will officially assume her new role as managing director and group CEO on Wednesday.

Joyce explained his decision to expedite his retirement, citing the recent scrutiny of the airline’s conduct and its imperative need for renewal.

In a statement released by Qantas, he expressed his belief that this move was in the best interest of the company. “In the last few weeks, the focus on Qantas and events of the past make it clear to me that the company needs to move ahead with its renewal as a priority,” he stated.

Joyce has had a remarkable 22-year tenure at Qantas, serving as its chief executive for the past 15 years. Through the ups and downs, he says he leaves the airline with a sense of pride, acknowledging that there is still much work to be done, especially in ensuring the continued satisfaction of Qantas’ loyal customer base.

“There have been many ups and downs, and there is clearly much work still to be done, especially to make sure we always deliver for our customers,” he said.

“But I leave knowing that the company is fundamentally strong and has a bright future.”

Richard Goyder, chairman of Qantas, commended Joyce’s unwavering commitment to the airline. Goyder stated that Joyce had consistently placed the best interests of Qantas at the forefront of his leadership.

Joyce’s decision to expedite his retirement and the seamless transition to Vanessa Hudson as the new CEO marks a pivotal moment in Qantas’ history.

The airline, like many others in the industry, has faced numerous challenges in recent years, including the global pandemic’s impact on travel.

As Vanessa Hudson assumes her new role, the focus will be on charting a course for Qantas in a rapidly evolving aviation landscape.

Share pressure

Qantas Chairman Richard Goyder faces mounting pressure to clarify CEO Alan Joyce’s substantial compensation package amid the airline’s tarnished reputation.

Questions also loom about the board’s rationale for granting Mr. Joyce permission to sell 2.5 million Qantas shares in June and their awareness of investigations into the sale of “ghost flight” tickets.

The Australian Competition and Consumer Commission (ACCC) is pursuing a lawsuit against Qantas for alleged misleading and deceptive conduct regarding the sale of thousands of tickets for flights that were subsequently cancelled between May and July last year.

In June, Mr. Joyce sold his shares for $17 million, but since then, various factors, including the ACCC case, have driven down Qantas’ share price by 7%, now standing at $5.60. This means Mr. Joyce would have earned $3 million less if he had sold the shares today.

There are no allegations of wrongdoing against Mr. Joyce or any board member.

According to an insider, the severity of the ACCC allegations only became apparent in recent weeks.

Previously, Mr. Joyce had described the share sale as a “personal purchase.”

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Ukraine faces tough choices amid US-Russia peace talks

Ukraine faces tough choices amid U.S.-Russia secret peace plan negotiations, potentially demanding significant concessions from Kyiv

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Ukraine faces tough choices amid U.S.-Russia secret peace plan negotiations, potentially demanding significant concessions from Kyiv

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In Short:
– Ukraine faces challenges with a U.S.-Russia peace plan requiring major concessions to Moscow.
– Senior U.S. officials are in Ukraine discussing conflict resolution amid concerns over Ukrainian input.

Ukraine faces challenges amid reports of a U.S.-Russia peace plan to end the war, potentially involving major concessions to Moscow.Senior U.S. military officials are currently in Ukraine for discussions aimed at ending the conflict. The visit follows reports suggesting that Washington and Moscow developed a 28-point peace plan without Ukrainian input.

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The plan reportedly includes territorial concessions in eastern Donbas, limitations on Ukraine’s military capabilities, and a substantial reduction in armed forces. Some reports suggest that Russia could control the Donbas while Ukraine retains legal ownership, with payment arrangements in place, but these claims remain unverified.

A senior Ukrainian official indicated that Kyiv received signals regarding U.S. proposals but was not involved in their formulation. The Kremlin has denied any new developments in peace talks since President Putin and President Trump last met.

The White House has not confirmed the existence of the peace plan but acknowledged that new proposals are being explored. U.S. Secretary of State Marco Rubio stated that achieving peace necessitates difficult concessions from both sides.

Ukraine’s Options

Ukraine has not responded publicly to the peace plan but anticipates discussions with U.S. officials. President Zelenskyy noted that the U.S. plays a crucial role in resolving the conflict.

Despite Ukrainian concerns, the country remains reliant on U.S. military aid, with European support becoming less immediate. European officials have expressed dissatisfaction over peace proposals that do not involve Ukrainian input, noting it is essential for any viable plan.

Analysts have warned that the proposed plan may signify Ukraine’s capitulation, undermining its defensive positions and inviting further Russian aggression.

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US job growth strengthens in September despite rising unemployment

US job growth slows as unemployment rises to 4.4%, amid economic uncertainty and impact of artificial intelligence on labour market

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US job growth slows as unemployment rises to 4.4%, amid economic uncertainty and impact of artificial intelligence on labour market

In Short:
– U.S. employment growth quickened in September, but unemployment rose to 4.4%, the highest since 2019.
– Job gains were led by healthcare and leisure, while transportation, warehousing, and government jobs declined.

U.S. employment growth accelerated in September, although the labor market struggled to keep up with new job-seekers due to challenges such as import tariffs and the integration of artificial intelligence in roles.The unemployment rate rose to 4.4%, its highest in four years, from 4.3% in August, according to the Labor Department. Revised payroll data indicated that jobs were shed in August, highlighting ongoing labor market softness.

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Layoffs remained low in mid-November, indicative of a “no-hire, no-fire” condition in the job market. Some economists believe the rise in unemployment supports a Federal Reserve interest rate cut, while others argue in favour of maintaining rates due to the surprising job growth.

Nonfarm payrolls increased by 119,000 jobs after a revised decrease in August. Economists had previously forecasted a much lower job addition. The report’s release was delayed due to a federal government shutdown.

Stock markets in Wall Street experienced declines, while the dollar remained steady against various currencies. Job gains were influenced by seasonal adjustments in sectors like leisure and hospitality.

Job Sector Trends

Healthcare employment led growth with 43,000 new jobs, while the leisure sector added 47,000. Conversely, transportation and warehousing lost over 25,000 positions, with manufacturing shedding 6,000.

The federal workforce decreased by 3,000 jobs, part of a larger trend of declining employment in government positions. Despite momentum loss, labor participation rose, impacting the unemployment rate dynamics positively.


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U.S. pushes Ukraine toward controversial peace plan with Russia

US pressures Ukraine to accept a peace plan risking territory loss amid ongoing conflict with Russia.

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US pressures Ukraine to accept a peace plan risking territory loss amid ongoing conflict with Russia.


The United States is pressuring Ukraine to accept a peace plan that would see the country surrender territory and military equipment as part of a negotiated settlement with Russia. The proposal has sparked concern within Kyiv over the potential loss of sovereignty and long-term security.

President Volodymyr Zelenskiy is in Turkey discussing this plan, which may also involve cuts to Ukraine’s armed forces. His visit comes as Washington intensifies efforts under the Trump administration to secure an end to the conflict, despite fears the terms could undermine Ukraine’s national interests.

As Russian forces continue their aggressive campaign, holding roughly 19% of Ukrainian territory, Zelenskiy is attempting to revive peace talks before winter further complicates the frontline. The stakes remain high as the geopolitical landscape shifts.

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