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ASX to open higher as Wall Street rebounds

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ASX to rise as Wall Street Rebounds

Australian shares are set to open higher, bolstered by a rebound in global equities

The ASX futures were up 32 points or 0.5 per cent, the currency rose 0.6 per cent.

On Wall Street, all three major benchmarks were higher.

As of 3.54pm local time, the Dow was up 232 points or 0.7 per cent with the S&P 500 advancing 1.3 per cent.

The Nasdaq also lifted 1.8 per cent.

And it’s good news for Bitcoin investors too – the cryptocurrency seeing a rebound after a shocking 24 hours.

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Business

Global network outage impacts Banks, Airlines, and Stock Exchanges

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A major outage is impacting some of Australia’s major banks and their subsidiaries.

The ANZ, Bank of Melbourne, Westpac and Commonwealth Bank, and Bank West are reportedly right now down.

Customers are unable to log into the mobile apps.

Users are being served with error messages while attempting to log in.

Commonwealth Bank has advised its customers they are right now investigating.

Other banks are yet to respond.

Australia’s second largest airline, Virgin Australia has also reported outages with their systems

There are reports that several other websites, including Virgin Australia, Allianz Insurance and CMC Markets are affected.ME Bank also reported “server issues”.

Australian website tracker DownDetector displayed an upsurge in access complaints across several major websites around 3pm.

Ticker News can confirm Telstra Australia has not been impacted by this outage

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Business

The airline that flew a damaged aircraft

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A Qantas plane flying between two Australian cities was damaged on the ground before taking to the sky

The plane was loaded with passengers and was flying from Darwin to Brisbane in the country’s North.

But according to NT News, it was flying in the air damaged after a baggage handler drove machinery into the jet before it took off.

Many people were unaware they were on an aircraft that was damaged.

This flight reportedly took off last Saturday but engineers didn’t discover the damage to them until the next day — after it had landed.

Qantas says only paint was taken from the fuselage of the plane but It is believed the damage was caused when a belt loader hit the plane.

The Transport Workers’ Union is now calling on the Federal Transport Minister to begin a multi-agency investigation into Qantas’ safety systems because they are “concerned that passengers and workers lives are being put at risk.”

“As soon as it was reported to us, the aircraft was inspected in Brisbane, and engineers discovered a superficial scrape to the paintwork. Engineers used specialist equipment to confirm that there was no damage to the fuselage of the aircraft.”

Qantas Says.

The worker is understood to have been stood down while an investigation is carried out.

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Survival of the richest: Dubai Govt pumps more money into Emirates

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Emirates has received an additional $1.1 billion from the Dubai government

After recording a massive loss of $5.5 billion on Tuesday, the latest injection Emirates has received has risen to $3.1 billion, including $2 billion disclosed last year.

The airliner which made a $288 million profit the previous year saw saw revenue plunge 66% to $8.4 billion.

The international airline operates a fleet of 113 Airbus A380’s and 146 Boeing 777’s.

Emirates doesn’t fly or operate local/domestic routes and has been heavily impacted by international border closures in many countries such as Australia, which remains closed.

Emirates Chairman Sheikh Ahmed bin Saeed Al Maktoum says the recovery from the pandemic would be ‘patchy’, cautioning that no one could predict when the industry’s worst crisis would end.

The airliner stated that it had filled just 44.3% of seats on flights in the past year, down from an average of 78.4% a year earlier.

EK carried 6.6 million passengers, its lowest in two decades.

The airline cut capacity by 82.6% compared with the previous year as it centred operations around its 146 Boeing 777s.

Emirates reverted 19 of its Boeing 777 aircraft, stripping the seats to carry more cargo.

Most of the airline’s Airbus A380s have been grounded. Four more have been removed from operation and are unlikely to return before their scheduled retirement, it said.

The biggest loss in 30 years

It was the airline’s biggest annual loss, and only its third-ever following losses in 1987-88 and 1985-86, its first year in operation.

Emirates stated that the government who is its sole shareholder, would continue to support the airline.

Emirates has transformed Dubai into a major international travel hub over the past three decades, bringing billions of dollars from tourists into the country.

Both Emirates and Qatar Airways have no domestic markets to cushion against border restrictions and closures.

Qatar and Etihad results

Fellow Gulf carrier Qatar Airways, which is due to report results for its fiscal year ending March 31, has also received $3 billion from its state owner.

Abu Dhabi government-owned Etihad, which posted a core operating loss of $1.7 billion in 2010, has also slashed jobs and retired aircraft such as the superjumbo A380.

The pandemic has seen passenger revenue continue to slump.

In 2019, revenue fell 74% to $1.2 billion from $4.8 billion in 2019, as passenger numbers dropped 76% to 4.2 million, down from 17.5 million in 2019.

Etihad has recorded losses for the past five years.

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