Qantas Airways Ltd., Australia’s largest carrier, had its debt rating cut to junk by Moody’s Investors Service after flagging a record first-half loss and 1,000 job cuts amid increased competition on domestic routes.
Qantas Airways Ltd.’s credit rating was cut to junk at Standard & Poor’s a day after the carrier flagged a record first-half loss and 1,000 job cuts. The shares fell to the lowest since July 2012 and bond risk soared.
Qantas Airways Ltd. may favor internal candidate Gareth Evans for its Chief Financial Officer position, the Australian Financial Review reported, without saying where it got the information. The airline hasn’t made a final decision, according to the newspaper.
European stocks gained, extending a five-year high, as Lawrence Summers withdrew from consideration as Federal Reserve chairman, paving the way for Janet Yellen, who investors say will favor slower stimulus reduction.
Boeing Co. lost an order for 35 Dreamliners with a list price of $8.5 billion in the biggest 787 cancellation yet as Qantas Airways Ltd. scrapped a contract after delivery delays and losses on international routes.
Qantas Airways Ltd., Australia’s largest carrier, climbed the most in nearly seven years as profit doubled on a tie-up with Emirates and the cancellation of unprofitable routes to Frankfurt and London.