Connect with us

Business

Qantas announces devastating $2.3B loss

Published

on

The Qantas Group has posted its full year results for 2021, which indicates substantial losses of $1.83 billion before tax

The Qantas group has just released it full year results for this year, and the results are devastating.

The major airline has reported a massive loss of $1.83 billion before tax, or $2.35 billion after. The airline has already lost $12 billion as a result of the Covid-19 crisis.

Qantas CEO Alan Joyce said this morning, “total revenue lost since the start of the pandemic rose to around $16 billion – and it’s likely to exceed $20 billion by the end of this year.”

“International borders were essentially closed for the whole year, and there were only about 30 days when we didn’t face some level of domestic travel restrictions,” he added.

“These are big numbers. And they sum up what continues to be very tough time for this industry, this company, and our people.”

Alan Joyce

“When travel demand does return, we’ll be performing at a level that repairs the balance sheet quickly”

Despite sporadic border changes, the airline says that 95% of its domestic flying has remained cash positive, and its maintained a domestic market share of around 70%.

“Strategically, our position has never been clearer or stronger,” said Joyce.

Qantas also reported profits in its freight division driven by international yields. This can mostly be attributed by a growth in online shopping.

“This performance – in trading conditions that were frankly diabolical – gives us a lot of confidence about how the Qantas Group is going to perform as we put lockdowns behind us in the next few months.”

Alan Joyce

CEO stresses importance of vaccination for financial recovery

Joyce said that Australia’s national vaccine rollout “is key” to Qantas’ recovery.

“Getting more people vaccinated is critical to Australia opening up, and getting our planes and people back in the air,” he said.

The airline has already made it a requirement for all employees to get the jab. 80 percent of Qantas employees have already been vaccinated. This comes as other airlines penalise vaccinated employees.

Qantas is also looking to incentivise customers to get the vaccination by offering free Frequent Flyer points, status credits and flight discounts.

When will international travel reopen in Australia?

Joyce did deliver some positive news for Australians wanting to travel overseas, saying that he expects Qantas to resume international flights to countries with high vaccination rates from mid December. This will include Singapore, Japan, the US, the UK and New Zealand.

Flights to other destinations where the vaccination rate is lower will restart from April 2022 “at the earliest”. This will include Bali, Manila, Jakarta and Johannesburg.

Joyce said that the “biggest unknown” will be the quarantine requirements for reentering Australia.

“If it’s 14 days in a hotel, demand levels will be very low,” he said.

“We’re in regular discussion with the government and have shared our plans with them. While they don’t have a crystal ball either, they agree our broad assumptions are reasonable.”

Natasha is an Associate Producer at ticker NEWS with a Bachelor of arts from Monash University. She has previously worked at Sky News Australia and Monash University as an Online Content Producer.

Business

How to avoid getting scammed this holiday season

Published

on

There are fresh warnings for those wanting to score a bargain online as we head into the Holiday period

The silly season is well and truly here but as we all inevitably get caught up in the festivities, Australian authorities are urging residents to stay cyber safe.

Reports of online scams are on the rise as criminals stoop to new lows.

As we shop for Christmas gifts, the Australian Federal Police agency warns we need to be wary of fake delivery text messages.

AFP Cyber Commander Chris Goldsmind says one of the most common techniques used by scammers is called “spoofing”.

This is when criminals impersonate trusted brands, including legitimate parcel delivery services, to send messages designed to trick consumers.

They entice people to click on links containing harmful malware or providing personal information.

We know cyber criminals are more active in December because they look to prey on victims who may be more stressed or less attentive.

So how can you stay safe this Christmas?

Authorities say we should be on the look out for grammatical errors, requests for personal information, odd-looking links or an unexplained sense of urgency.

These are all signs of a scam message.

On top of this, most delivery services will NEVER text or email their customers to request personal or financial information.

And remember – If it doesn’t feel right, it probably isn’t.

Continue Reading

Business

Microsoft sued over its planned acquisition of Activision

Published

on

The U.S. Trade Commission is pushing ahead to stop Microsoft from buying ‘Call Of Duty’ maker, Activision

The U.S. anti-trust regulator says Microsoft has a record of buying valuable gaming content, which is then used to slow competition.

Microsoft is seeking to acquire ‘Call Of Duty’ maker, Activision for $68.7 billion in the biggest gaming industry deal in history.

However, the U.S. Federal Trade Commission (FTC), which enforces antitrust law, believes Microsoft has a record of holding onto gaming content.

Holly Vedova is the director of FTC’s Bureau of Competition, who said gaming rivals will be impacted if the deal went ahead.

“Today, we seek to stop Microsoft from gaining control over a leading independent game studio and using it to harm competition in multiple dynamic and fast-growing gaming markets.”

Brad Smith is the president of Microsoft, who said the company would fight the ruling.

“While we believed in giving peace a chance, we have complete confidence in our case and welcome the opportunity to present our case in court,” he said.

A hearing will be held before an administrative law judge by August 2023.

The FTC decision led to a slump in Activision shares, which closed 1.5 per cent down at $74.76.

Meanwhile, Microsoft slipped from an earlier high but still closed around 1 per cent higher.

Continue Reading

Business

Excessive television viewing linked to gambling disorders

Published

on

Children who watch excessive television are at a greater risk of tobacco use and gambling problems in adulthood, according to a new study from the University of Otago.

The New Zealand research team worked out how television viewing in childhood
was related to the risk of having a substance use disorder later in life.

Dr Helena McAnally said excessive time spent in front of the television between the age of five and 15, may be a risk factor for the development of later disorders.

“People often talk of television viewing as an addiction; this research indicates that, for some
people, television viewing may be an early expression of an addictive disorder or may lead to later substance-related and other addictive disorders.”

The study found for tobacco and gambling, the associations were independent of other potential influences like sex, socioeconomic status, and measures of childhood self-control.

Professor Bob Hancox, who worked on the study, said television time has been linked with a range of poorer choice in adulthood.

“Public health agencies have put great effort into advocating for safer alcohol use and safe sexual practices; similar campaigns could be used to advocate for safe screen use,” he explained.

Professor Hancox added this research is among the first to assess how a common, but potentially addictive behaviour can be linked t substance disorders later in life.

“The study highlights the potential need for guidance on digital health and wellbeing,” he said.

The U.S. Academy of Pediatrics’ has recommended a limit of two hours of screen time per day.

They also encourage parents to avoid using screens as pacifiers, babysitters, or to stop tantrums.

It is also recommended screens are turned out at least 30 minutes before bedtime.

Continue Reading
Live Watch Ticker News Live
Advertisement

Trending Now

Copyright © 2022 The Ticker Company PTY LTD