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Battle of the skies: Rex threatens Qantas with lawsuit



Rex has accused Australia’s national carrier of capacity dumping and predatory practices in domestic travel.

After complaining to the Australian Competition and Consumer Commission (ACCC), Rex Airlines is now seeking advice on other legal remedies for what it calls “Qantas’ anti-competitive behaviour”.

Rex deputy chairman John Sharp stated that since his airline announced its expansion into domestic routes, Qantas had tried to intimidate Rex.

Sharp says Qantas did so by launching flights on nine regional routes in competition with the smaller airline.

The chairman of the regional carrier stated Qantas had dumped 80 percent of extra capacity on the Sydney-Melbourne routes in March, at the same time as Rex began services.

“Qantas has publicly begged for another bailout from the federal government in the form of JobKeeper-style support, even though it has already received about $2 billion worth of commitments in federal and state assistance,”

Mr Sharp said.
Rex Boeing 737 aircraft

To date, the ACCC has not found any evidence of anti-competitive behaviour by Qantas but the watchdog continues to closely monitor all airlines in the domestic market

Qantas says it was “beyond them why Rex felt the need to constantly make nonsensical attacks on Qantas instead of focusing on their own business”.

“We don’t intend to take that same approach but we will continue to correct the record,” she said.

Qantas spokesperson said.

In regards to the capacity dumping claim, the spokeswoman said flights increased on the Sydney-Melbourne route in March in response to demand when borders reopened.

Rex has recently suspended its capital city flights and grounded all Boeing 737 jets

The airline announced they will also be reducing the frequency of its regional flights, as city lockdowns and state border closures continue to impact the Australian air travel market.

Rex’s entire Boeing 737 fleet has been grounded, along with its new network of flights linking Sydney, Melbourne, Canberra, the Gold Coast, and Adelaide.

Limited regional services will remain in place

Rex will continue to keep communities connected by continuing regional flights, but see reductions in frequency, in some cases with only a handful of flights per week.

Anthony Lucas is reporter, presenter and social media producer with ticker News. Anthony holds a Bachelor of Professional Communication, with a major in Journalism from RMIT University as well as a Diploma of Arts and Entertainment journalism from Collarts. He’s previously worked for 9 News, ONE FM Radio and Southern Cross Austerio’s Hit Radio Network. 

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What will it take for the Fed to cut rates?



Leading economists anticipate a potential shift in the Federal Reserve’s monetary policy, shedding light on the timeline for an interest rate reduction.

Financial experts and analysts have closely examined economic indicators, which suggest that a change in the Fed’s stance may be on the horizon. Factors such as inflationary pressures, employment rates, and GDP growth have all been scrutinized to ascertain when the central bank might decide to cut interest rates.

The consensus among these experts is that a rate cut could occur within the next six to nine months. They point to the Federal Reserve’s commitment to maintaining a flexible approach, adjusting policies as needed to support economic stability. With inflationary concerns still looming and the labor market showing signs of recovery, the timing of a potential rate cut remains a key topic of discussion among financial circles.

The Federal Reserve’s decision on interest rates can have a profound impact on financial markets, investments, and borrowing costs. As such, investors and businesses are keeping a keen eye on developments in this regard, preparing for potential changes in their financial strategies.

Kyle Rodda from spoke with Ticker’s Ahron Young. #featured

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Bank accidentally deposits $86M into client’s account



A financial institution mistakenly deposited over $86 million into a client’s account, causing shockwaves in the banking industry.

The error came to light when the client, a small business owner, checked their account balance and discovered the astronomical sum. It is being hailed as one of the most significant banking errors in recent memory.

The client, who wishes to remain anonymous, reportedly contacted the bank immediately upon noticing the massive windfall. Bank officials were left scrambling to rectify the error, which has raised numerous questions about the institution’s internal controls and safeguards.

The client’s account, initially holding just a few thousand dollars, suddenly displayed a balance that could buy luxury yachts, mansions, and more.

The incident has prompted investigations by regulatory authorities to determine how such an egregious error occurred in the first place.

While the bank has issued an apology and assured the client that the funds will be corrected to the proper balance, it remains unclear how this mistake could have happened on such a colossal scale.

The financial institution may also face potential legal consequences for the error, as well as reputational damage that could impact its future business.

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Tech giants drive global mega-cap surge amid inflation relief



Tech giants have taken the lead in propelling global mega-cap stocks to new heights.

This surge comes as a welcome relief for investors who have been closely monitoring the impact of rising inflation on the financial markets.

The tech sector, including giants like Apple, Amazon, and Microsoft, has been instrumental in driving the rally. These companies have reported robust earnings and strong growth prospects, which has boosted investor confidence. As a result, the market capitalization of these tech behemoths has reached unprecedented levels, contributing significantly to the overall rise in global mega-cap stocks.

The easing of inflationary pressures has played a pivotal role in this resurgence. Central banks’ efforts to tame inflation through monetary policy adjustments have begun to bear fruit, reassuring investors and stabilizing financial markets. As concerns over rapidly increasing prices recede, investors have become more willing to invest in mega-cap stocks, particularly in the tech sector, which has demonstrated resilience in the face of economic challenges.

Will the tech giants maintain their momentum and continue to lead the mega-cap surge, or are there potential risks on the horizon?

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