Qantas Airways Ltd.’s bid for government aid suffered a blow as Australian Prime Minister Tony Abbott ruled out guaranteeing its debt and instead proposed allowing more foreign investment in the airline.
Qantas Airways Ltd., Australia’s biggest airline, will cut 5,000 jobs and defer new jets as Chief Executive Officer Alan Joyce steps up the case for government assistance after a A$252 million ($226 million) loss.
Coca-Cola Amatil Ltd. Managing Director Terry Davis told investors he was sorry after a A$404 million ($367 million) writeoff at its packaged-foods unit SPC Ardmona drove profit to its lowest level since 1992.
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.
Woodside Petroleum Ltd. , Australia’s second-largest oil producer, said its Pluto liquefied natural gas venture will cost A$900 million ($867 million) more and start about six months later than previously projected.
Telstra Corp., Australia’s biggest phone company, agreed to hand over its fixed-line assets in exchange for A$11 billion ($11.6 billion) to clear the way for the rollout of a government-owned high speed internet network.