Qantas Airways Ltd said on Thursday it is axing at least 20% of its workforce and plans to raise up to A$1.9 billion ($1.30 billion) of equity as part of drastic measures in response to the coronavirus crisis.
FILE PHOTO: Qantas planes are seen at Kingsford Smith International Airport, following the coronavirus outbreak, in Sydney, Australia, March 18, 2020. REUTERS/Loren Elliott
The Australian airline also said it will ground 100 aircraft for up to 12 months and some for longer, as well as retire its six-strong remaining Boeing Co 747 fleet immediately, six months ahead of schedule. Along with other airlines around the world, Qantas is battling against a huge drop in demand after countries including Australia closed their borders to try contain the global pandemic.
Qantas said it will cut at least 6,000 positions among its 29,000 employees, while another 15,000 staff would remain stood down temporarily, particularly those associated with international operations, until more flying returns.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BTS & Big Hit Entertainment Donate $1 Million to Crew NationThe generous donation comes just weeks after BTS_twt and Big Hit Entertainment donated $1 million to BlackLivesMatter
Read more »
BTS and Big Hit Entertainment donate $1 million to help concert crewsThe donation by the Korean pop superstars and their management company was made to Live Nation's charity campaign, Crew Nation, which helps live show staffers who are out of work due to canceled events.
Read more »
Wirecard’s Downfall Blows Up $1 Billion Lifeline From SoftBank, Credit SuisseBefore Wirecard’s unraveling, two financial heavyweights set up an unusual $1 billion investment in the payments company. A structured product tied to that deal is now foundering, amplifying the damage from the fintech giant’s troubles.
Read more »
Venezuela's rival leaders in legal battle to determine fate of over $1 billion gold reserves held in LondonVenezuela's rival leaders in legal battle to determine fate of over $1 billion gold reserves
Read more »
Hospitality Startup Sonder Raises $170 Million At A $1.3 Billion Valuation During Covid-19 Travel CollapseDespite damage Covid-19 has inflicted on the travel and hospitality industry, home-sharing startup Sonder has raised $170 million to expand to new locations.
Read more »