QF shares hit $2.00, discuss
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Yes... SWA
Southwest Airlines Co (LUV.N) Chart| Reuters.com
December 2000 - $23
Today - $7.93
Growth plans cut, profits (yes) but well under forecast
Southwest profit trails estimates; growth plans cut | Reuters
Starting to struggle with its older 737s and having to consider A320s...
Virgin America killing them on the customer front...
It's much easier as a startup with new planes, new staff and no legacy costs.
Southwest Airlines Co (LUV.N) Chart| Reuters.com
December 2000 - $23
Today - $7.93
Growth plans cut, profits (yes) but well under forecast
Southwest profit trails estimates; growth plans cut | Reuters
Starting to struggle with its older 737s and having to consider A320s...
Virgin America killing them on the customer front...
It's much easier as a startup with new planes, new staff and no legacy costs.
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December 2000 - $23
Today - $7.93
Today - $7.93
In Mid year it was trading around $13.00. I suspect the Eurozone crisis is responsible for most of the rest.
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As I understand it, a big part of the reasoning for AA's bankruptcy declaration was labor negotiations. Declaring bankruptcy allows AA to renegotiate employee benefits: pension plans, wages, medical, time off, etc. No prize for guessing which way those benefits will go. But then again...as already mentioned...SWA seems to be the one to beat. Might be the rough plan for QF too. Let it go close to or into bankruptcy. Sell it. Lay everyone off and put them on new contracts immediately afterwards.
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Southwest was the original low cost airline. The thing is they are now more full service, than the supposedly full service.
I've used them a fair bit this year and always shopped around before buying. Most of the full service airfares UA, AA etc were about the same price as Southwest, but did not include a baggage allowance, I had 2. The baggage charges we're sky high and not what I would consider reasonable. One of my pieces was over 23kg and the charge on Southwest was $50. I knew this beforehand, so no big deal. Even with this charge I saved about $100 compared to a full service fare with bags, plus the excess because one was over 23kg.
Aside from no assigned seating, once onboard you get free soft drink, coffee and nuts. It's not much, but it is included in the price.
So far this year I had about 7 flights on them and all were on time and I couldn't complain about the service.
As I see it the full service airlines have got greedy. If you want to charge for a bag or bags make it reasonable. Also make it easy to find the charges on your website.
I've used them a fair bit this year and always shopped around before buying. Most of the full service airfares UA, AA etc were about the same price as Southwest, but did not include a baggage allowance, I had 2. The baggage charges we're sky high and not what I would consider reasonable. One of my pieces was over 23kg and the charge on Southwest was $50. I knew this beforehand, so no big deal. Even with this charge I saved about $100 compared to a full service fare with bags, plus the excess because one was over 23kg.
Aside from no assigned seating, once onboard you get free soft drink, coffee and nuts. It's not much, but it is included in the price.
So far this year I had about 7 flights on them and all were on time and I couldn't complain about the service.
As I see it the full service airlines have got greedy. If you want to charge for a bag or bags make it reasonable. Also make it easy to find the charges on your website.
Last edited by rammel; 30th Nov 2011 at 20:56.
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No fly zone?
Greg Fraser
November 30, 2011
THE Qantas share price is at low altitude and the warnings lights are going on everywhere.
The union industrial action that has put the company in the headlines for all the wrong reasons over the past few months has not gone away.
It has merely diverted course into arbitration, which is akin to letting your mother-in-law settle your marital arguments.
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The company is fighting hard for its survival. It sees the future of the international business as doomed unless low-cost, foreign-based subsidiaries can be set up to compete with the likes of Emirates and Etihad, which are eating their lunch on more and more international routes.
The strategy makes some sense — for both the unions and the company.
Allowing some jobs and business to compete effectively with the global traffic would help strengthen and protect Qantas’s much more valuable domestic business.
Persisting with uncompetitive personnel costs, relative to other airlines, is a recipe for a continuing descent into the Arizona desert where unneeded aircraft go. Jobs will disappear soon after.
Most of Qantas’s divisions are quite good businesses, such as the unheralded frequent flyer program, which earned more operating profit last year than the Qantas airline itself. The Jetstar brand has created a successful low-cost alternative network and the freight business is a profitable contributor.
None of these divisions, however, would survive on their own without the overall core brand that is the iconic flying red kangaroo. It is crucial, therefore, to ensure the Qantas airline does not drag the whole group down into a nose dive.
Price
From an investment point of view, an average annual return on equity over 10 years of 8.4 per cent is pedestrian. It looks worse when the past three years reveal a 2.7 per cent annual return figure. Operating profit margins have also shrunk from 5.9 per cent on average over 10 years to a skinny 2.9 per cent in the past three years and, of course, the dividend has now disappeared. At $2.63 a share this time last year, the current share price of $1.54 is looking a bit pale.
With the fuel bill still heading skywards, and the unions refusing to budge on costs, we cannot see a happy landing any time soon.
We still think Qantas is a no-fly zone for investors.
Greg Fraser is an analyst at Fat Prophets
Read more: Hot stock: Qantas
November 30, 2011
THE Qantas share price is at low altitude and the warnings lights are going on everywhere.
The union industrial action that has put the company in the headlines for all the wrong reasons over the past few months has not gone away.
It has merely diverted course into arbitration, which is akin to letting your mother-in-law settle your marital arguments.
Advertisement: Story continues below
The company is fighting hard for its survival. It sees the future of the international business as doomed unless low-cost, foreign-based subsidiaries can be set up to compete with the likes of Emirates and Etihad, which are eating their lunch on more and more international routes.
The strategy makes some sense — for both the unions and the company.
Allowing some jobs and business to compete effectively with the global traffic would help strengthen and protect Qantas’s much more valuable domestic business.
Persisting with uncompetitive personnel costs, relative to other airlines, is a recipe for a continuing descent into the Arizona desert where unneeded aircraft go. Jobs will disappear soon after.
Most of Qantas’s divisions are quite good businesses, such as the unheralded frequent flyer program, which earned more operating profit last year than the Qantas airline itself. The Jetstar brand has created a successful low-cost alternative network and the freight business is a profitable contributor.
None of these divisions, however, would survive on their own without the overall core brand that is the iconic flying red kangaroo. It is crucial, therefore, to ensure the Qantas airline does not drag the whole group down into a nose dive.
Price
From an investment point of view, an average annual return on equity over 10 years of 8.4 per cent is pedestrian. It looks worse when the past three years reveal a 2.7 per cent annual return figure. Operating profit margins have also shrunk from 5.9 per cent on average over 10 years to a skinny 2.9 per cent in the past three years and, of course, the dividend has now disappeared. At $2.63 a share this time last year, the current share price of $1.54 is looking a bit pale.
With the fuel bill still heading skywards, and the unions refusing to budge on costs, we cannot see a happy landing any time soon.
We still think Qantas is a no-fly zone for investors.
Greg Fraser is an analyst at Fat Prophets
Read more: Hot stock: Qantas
Well at least the stock is up for this week..... about 10 cents on last week.
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The end of year summaries include LC & AJs performance
The summaries for this year popping up in the press regarding Australian stocks include LC & AJs performance,
SMH - ASX Quotes & Charts
Let's share the financial obvious with hindsight
THE great thing about the sharemarket at the end of the year is that you can look back and see everything you should have done because 2011 is now crystal clear.
So let's torment ourselves with some of the things we didn't know in 2011 that, had we known, or guessed, could have retired us prematurely and gloriously, or at least saved us from poverty:
■The market is going down. This has not been a great year. As I write the ASX 200 is down 12.7 per cent since January 1. In the ASX 200 25 per cent of the stocks went up and 75 per cent went down. Half the ASX 200 fell more than 15 per cent. Ten per cent rose more than 15 per cent. That means you had a 50-50 chance of losing 15 per cent of your money in stocks and the odds of making money were 3 to 1 against.
Advertisement: Story continues below
■Sell China, sell resources. The Chinese sharemarket fell 20 per cent this year. The resource sector fell 24 per cent, twice as much as the market and four times as much as banks and industrials. The Chinese economic miracle softened and all that about China decoupling from the world was little more than resource-sector propaganda along the lines of ''Stronger Forever''. China was more important than Europe for Australia. BHP down 22 per cent. Rio down 28 per cent.
■Avoid steel stocks. Sorry, but you can't sell steel made in Australia and priced in Australian dollars into the international markets and expect to compete and make a profit. BlueScope Steel (down 77 per cent) and OneSteel (down 70 per cent) both now have their lives in their hands. Sims Metal Management down 38 per cent as well.
■Avoid iron ore stocks. The Chinese steel mills have had enough of falling demand and rising input prices. Ultimately the iron ore price bubble burst. Fortescue down 30 per cent, Mount Gibson down 44 per cent, Gindalbie Metals down 65 per cent. Atlas Iron survived to fall only 4 per cent.
■Avoid uranium stocks. The Japanese earthquake and tsunami destroyed the previously compelling outlook for uranium. Paladin down 68 per cent. ERA down 82 per cent.
■Print media is stuffed. APN down 63 per cent, Fairfax down 46 per cent. Seven West Media 47 per cent.
■The internet is going to kill the retailers. Billabong down 52 per cent. David Jones down 38 per cent. Myer down 34 per cent. Harvey Norman down 28 per cent. JB Hi-Fi down 16 per cent.
■That rare earths fad won't last. Lynas Corp up 274 per cent in 2010. Down 44 per cent in 2011.
■Buy mineral sands. Iluka up 75 per cent. The second best performing stocks in the ASX 200.
■Buy QR National despite the fact everyone bagged the IPO. Up 27 per cent. The ugly duckling turned into a swan.
■You are not going to believe what the Qantas CEO gets compared with shareholders. Qantas down 39 per cent. CEO pay up 71 per cent.
■Stem cell research has legs. Mesoblast up 66 per cent.
■Specialist mining services companies will kick butt. Campbell Brothers up 25 per cent. NRW Holdings up 26 per cent. Monadelphous up 11 per cent.
■Defensive stocks will actually perform. Including dividends, Ansell up 19 per cent, Coca-Cola up 13 per cent.
■Foster's will be bid for. Now that wasn't that hard. Up 35 per cent.
■Stick with healthcare stocks. Ramsay Healthcare up 7 per cent. Sigma Pharmaceuticals up 129 per cent. NIB Holdings up 32 per cent.
■One-product healthcare stocks are riskier than normal healthcare stocks. ResMed and Cochlear down 30 per cent.
■Boring income stocks will be treasured as alternatives to term deposits and Find out what a hybrid is. Including dividends Telstra was up 27 per cent. MAp Group up 22 per cent. Envestra up 46 per cent. Telecom NZ up 28 per cent. Spark Infrastructure up 26 per cent, APA up 16 per cent. This was the really big miss this year, selling income stocks along with the rest of the market. Instead, income went to a premium as interest rates peaked and term deposit returns peaked with them.
Still, you can't know everything. Next week: The Post It notes for 2012
Read more: Let's share the financial obvious with hindsight
THE great thing about the sharemarket at the end of the year is that you can look back and see everything you should have done because 2011 is now crystal clear.
So let's torment ourselves with some of the things we didn't know in 2011 that, had we known, or guessed, could have retired us prematurely and gloriously, or at least saved us from poverty:
■The market is going down. This has not been a great year. As I write the ASX 200 is down 12.7 per cent since January 1. In the ASX 200 25 per cent of the stocks went up and 75 per cent went down. Half the ASX 200 fell more than 15 per cent. Ten per cent rose more than 15 per cent. That means you had a 50-50 chance of losing 15 per cent of your money in stocks and the odds of making money were 3 to 1 against.
Advertisement: Story continues below
■Sell China, sell resources. The Chinese sharemarket fell 20 per cent this year. The resource sector fell 24 per cent, twice as much as the market and four times as much as banks and industrials. The Chinese economic miracle softened and all that about China decoupling from the world was little more than resource-sector propaganda along the lines of ''Stronger Forever''. China was more important than Europe for Australia. BHP down 22 per cent. Rio down 28 per cent.
■Avoid steel stocks. Sorry, but you can't sell steel made in Australia and priced in Australian dollars into the international markets and expect to compete and make a profit. BlueScope Steel (down 77 per cent) and OneSteel (down 70 per cent) both now have their lives in their hands. Sims Metal Management down 38 per cent as well.
■Avoid iron ore stocks. The Chinese steel mills have had enough of falling demand and rising input prices. Ultimately the iron ore price bubble burst. Fortescue down 30 per cent, Mount Gibson down 44 per cent, Gindalbie Metals down 65 per cent. Atlas Iron survived to fall only 4 per cent.
■Avoid uranium stocks. The Japanese earthquake and tsunami destroyed the previously compelling outlook for uranium. Paladin down 68 per cent. ERA down 82 per cent.
■Print media is stuffed. APN down 63 per cent, Fairfax down 46 per cent. Seven West Media 47 per cent.
■The internet is going to kill the retailers. Billabong down 52 per cent. David Jones down 38 per cent. Myer down 34 per cent. Harvey Norman down 28 per cent. JB Hi-Fi down 16 per cent.
■That rare earths fad won't last. Lynas Corp up 274 per cent in 2010. Down 44 per cent in 2011.
■Buy mineral sands. Iluka up 75 per cent. The second best performing stocks in the ASX 200.
■Buy QR National despite the fact everyone bagged the IPO. Up 27 per cent. The ugly duckling turned into a swan.
■You are not going to believe what the Qantas CEO gets compared with shareholders. Qantas down 39 per cent. CEO pay up 71 per cent.
■Stem cell research has legs. Mesoblast up 66 per cent.
■Specialist mining services companies will kick butt. Campbell Brothers up 25 per cent. NRW Holdings up 26 per cent. Monadelphous up 11 per cent.
■Defensive stocks will actually perform. Including dividends, Ansell up 19 per cent, Coca-Cola up 13 per cent.
■Foster's will be bid for. Now that wasn't that hard. Up 35 per cent.
■Stick with healthcare stocks. Ramsay Healthcare up 7 per cent. Sigma Pharmaceuticals up 129 per cent. NIB Holdings up 32 per cent.
■One-product healthcare stocks are riskier than normal healthcare stocks. ResMed and Cochlear down 30 per cent.
■Boring income stocks will be treasured as alternatives to term deposits and Find out what a hybrid is. Including dividends Telstra was up 27 per cent. MAp Group up 22 per cent. Envestra up 46 per cent. Telecom NZ up 28 per cent. Spark Infrastructure up 26 per cent, APA up 16 per cent. This was the really big miss this year, selling income stocks along with the rest of the market. Instead, income went to a premium as interest rates peaked and term deposit returns peaked with them.
Still, you can't know everything. Next week: The Post It notes for 2012
Read more: Let's share the financial obvious with hindsight
Thanks '9X' for posting that
. I've always thought in recent times that we as in society are digging ourselves a hole in which never will never crawl out of financially. With aviation now as unstable as it ever has been job wise and the current Govt out of control we only have ourselves to blame here. Greed & disrespect for our fellow man means anarchy will reign!!! Corruption amongst elected officials and CEO's living in cooky-land will bring us all down.
Society needs to get smarter about a whole lot of things but 'progress' a once exciting and needed 'food' source for society has left us drowning in it.
God 'elp out children that's all I can say!!!
Wmk2
. I've always thought in recent times that we as in society are digging ourselves a hole in which never will never crawl out of financially. With aviation now as unstable as it ever has been job wise and the current Govt out of control we only have ourselves to blame here. Greed & disrespect for our fellow man means anarchy will reign!!! Corruption amongst elected officials and CEO's living in cooky-land will bring us all down.Society needs to get smarter about a whole lot of things but 'progress' a once exciting and needed 'food' source for society has left us drowning in it.
God 'elp out children that's all I can say!!!
Wmk2
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Final trading day Announcement 30/12/2011
Qantas chief reaps $600,000 share bonus
QANTAS chief executive Alan Joyce has finished his year on a high note, being granted nearly $600,000 of the airline's shares yesterday.
Two months after Mr Joyce grounded the airline, stranding 70,000 people worldwide for days, the Qantas board awarded him 375,014 shares bought for him by the company's share plan trustee at $1.58 each, the result of Mr Joyce meeting performance targets.
This brings his remuneration package to about $5 million.
''Individual and Qantas Group performance measures were achieved by Mr Joyce and at the discretion of the Qantas board, his 2010/11 STIP [short-term incentive plan] vested,'' the company said in a note to the stock exchange.
The bonus shares come on top of 721,255 Qantas shares he already holds directly, and the 2.1 million shares held in trust.
Mr Joyce's decision to ground Qantas worldwide, following industrial hostilities, cost it $70 million - a figure that included lost revenue, customer refunds and three days of relief accommodation for stranded passengers.
But it broke the back of the threat of ongoing industrial disputation, which had cost the airline $68 million in strikes and rolling bans, and $27 million in forward bookings.
Yesterday, the pilots' union expressed dismay at the share bonus.
''We don't think it's reasonable because the man shut the airline down for two days and did untold damage to the airline's reputation … and then they give him $600,000 of shares?'' said Richard Woodward, vice-president of the Australian and International Pilots Association. ''[It] doesn't hold up too well, I'm afraid.''
Read more: Qantas chief reaps $600,000 share bonus
QANTAS chief executive Alan Joyce has finished his year on a high note, being granted nearly $600,000 of the airline's shares yesterday.
Two months after Mr Joyce grounded the airline, stranding 70,000 people worldwide for days, the Qantas board awarded him 375,014 shares bought for him by the company's share plan trustee at $1.58 each, the result of Mr Joyce meeting performance targets.
This brings his remuneration package to about $5 million.
''Individual and Qantas Group performance measures were achieved by Mr Joyce and at the discretion of the Qantas board, his 2010/11 STIP [short-term incentive plan] vested,'' the company said in a note to the stock exchange.
The bonus shares come on top of 721,255 Qantas shares he already holds directly, and the 2.1 million shares held in trust.
Mr Joyce's decision to ground Qantas worldwide, following industrial hostilities, cost it $70 million - a figure that included lost revenue, customer refunds and three days of relief accommodation for stranded passengers.
But it broke the back of the threat of ongoing industrial disputation, which had cost the airline $68 million in strikes and rolling bans, and $27 million in forward bookings.
Yesterday, the pilots' union expressed dismay at the share bonus.
''We don't think it's reasonable because the man shut the airline down for two days and did untold damage to the airline's reputation … and then they give him $600,000 of shares?'' said Richard Woodward, vice-president of the Australian and International Pilots Association. ''[It] doesn't hold up too well, I'm afraid.''
Read more: Qantas chief reaps $600,000 share bonus
Wow...
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All this time I thought that the secret to doing well as a manager was being efficient, keeping the business profitable for shareholders and attractive to new and existing clients.
Turns out that shutting the operation down, pissing off all the customers and putting the frontline staff so far offside that using another service (albeit a partner airline) is the best way to get a great bonus (and avoid acute food poisoning plus Breakfast in Sydney, dinner in London, luggage in Vladivostok
)
If every aviation worker in the country also spends at least a third of their family catch-up sessions fielding questions about 'what's happening with Qantas, are they still safe' that's even better...
They're a strange company.
Turns out that shutting the operation down, pissing off all the customers and putting the frontline staff so far offside that using another service (albeit a partner airline) is the best way to get a great bonus (and avoid acute food poisoning plus Breakfast in Sydney, dinner in London, luggage in Vladivostok
)If every aviation worker in the country also spends at least a third of their family catch-up sessions fielding questions about 'what's happening with Qantas, are they still safe' that's even better...
They're a strange company.
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Dictatorship - Wikipedia, the free encyclopedia
Just remember that the more efficient your flight and everytime you take min op, the bigger the bonus these pr!*ks get!
Just remember that the more efficient your flight and everytime you take min op, the bigger the bonus these pr!*ks get!
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Qantas uncertainty lifts prospects for Virgin
QANTAS is under pressure to offer more clarity about its expansion in Asia as it faces the double whammy of high fuel prices and economic upheaval in Europe weakening demand for travel in other markets.
Although it has been leaning towards Malaysia as a base for a new premium airline as part of a joint venture with Malaysia Airlines, Qantas is not expected to be in a position to offer investors more details about its Asian expansion plans until next month at the earliest.
In the midst of volatile economic conditions, high fuel prices and uncertainty over travel demand, Macquarie Equities said a lack of clarity over Qantas's plans to set up a hub for a new premium carrier in south-east Asia ''only serve to complicate the investment thesis''.
The broker's preference for investing in airline stocks has reverted to Virgin Australia because it had a ''better articulated strategy than Qantas'' and was likely to benefit from a restructure aimed at snaring a bigger slice of the corporate travel market from its bigger Australian rival.
The uncertainty has led Macquarie Equities to downgrade Qantas from ''outperform'' to ''neutral'', and lower its share-price target from $1.96 to $1.57. Goldman Sachs lowered Qantas from ''buy'' to ''hold'' on Friday.
Although it has been leaning towards Malaysia as a base for a new premium airline as part of a joint venture with Malaysia Airlines, Qantas is not expected to be in a position to offer investors more details about its Asian expansion plans until next month at the earliest.
In the midst of volatile economic conditions, high fuel prices and uncertainty over travel demand, Macquarie Equities said a lack of clarity over Qantas's plans to set up a hub for a new premium carrier in south-east Asia ''only serve to complicate the investment thesis''.
The broker's preference for investing in airline stocks has reverted to Virgin Australia because it had a ''better articulated strategy than Qantas'' and was likely to benefit from a restructure aimed at snaring a bigger slice of the corporate travel market from its bigger Australian rival.
The uncertainty has led Macquarie Equities to downgrade Qantas from ''outperform'' to ''neutral'', and lower its share-price target from $1.96 to $1.57. Goldman Sachs lowered Qantas from ''buy'' to ''hold'' on Friday.
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Is the turd beyond polishing??
Although it has been leaning towards Malaysia as a base for a new premium airline as part of a joint venture with Malaysia Airlines, Qantas is not expected to be in a position to offer investors more details about its Asian expansion plans until next month at the earliest.
Here is an idea. How about QF wind back the clock to say 2003, back to WHAT did make them profitable and moderately investment worthy.
- Well maintained aircraft, serviced in house to some of the worlds best standards.
- Quality service at the higher end of world standards.
- Reasonable management structure. Certainly not the depth of executive gouging and trough swilling that takes place today.
- Engaged workforce which maintained pride and a good service delivery standard.
- An enviable SAFETY RECORD AND STANDING amongst the worlds carriers. This they did not even have to advertise as a high safety standard always travelled hand in hand with the business.
- Correct fleet structure.
- A focus on the entire business portfolio, not just executive renumeration.
- A decent level of ontime peformance.
- A smarter business structure. Not like the Asian fantasy they live in today.
- Investment in technology, infrastructure and the overall product.
- Financial returns for investors.
My question for investors and the like is this - If QF has dropped in profitability by 71% in the past two or so years, what difference can you see those same leaders making in the next two years? By current tracking I would guesstimate that at a loss of around 10% per quarter you would see a possible share price decline of 30% by February 2013 which equates to $1.05 per share.
Maybe I am wrong, hopefully I am and time will tell, but I might pen that into my calendar and take a look in 12 months time. I can't see how any management team that presides over a 71% profit cut could possibly install confidence in anybody, ever!
Last edited by gobbledock; 16th Jan 2012 at 03:26.
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The Canton route to Europe announced!
I think it's a lost cause.
China Southern announced a Canton route to London etc today.
This is the end of the item on Plane Talking
China Southern announced a Canton route to London etc today.
This is the end of the item on Plane Talking
These plans would eclipse the current size of the Emirates network to Australia in three years.
At a time when Qantas sees the way forward as handing more of its London and Europe passengers over British Airways, something much more likely to inspire them to ditch it altogether and fly on a single brand like Singapore Airlines or Emirates all the way, China Southern is following the same playbook.
Doubts continue to circulate in the industry over fate of the Qantas service to Frankfurt via Singapore. A Frankfurt abdication would end Qantas services to the European continent, and further diminish the value of Qantas frequent flyer points, which are predominantly collected with a view to flying to London, which will shrink to two Qantas flights a day all the way from the end of March to allow the airline to expand into Asia with a premium quality short haul airline that will make so much money that Qantas will be able to re-expand its overseas operations in five years time.
No, we aren’t joking. That’s the Alan Joyce CEO plan for Qantas.
At a time when Qantas sees the way forward as handing more of its London and Europe passengers over British Airways, something much more likely to inspire them to ditch it altogether and fly on a single brand like Singapore Airlines or Emirates all the way, China Southern is following the same playbook.
Doubts continue to circulate in the industry over fate of the Qantas service to Frankfurt via Singapore. A Frankfurt abdication would end Qantas services to the European continent, and further diminish the value of Qantas frequent flyer points, which are predominantly collected with a view to flying to London, which will shrink to two Qantas flights a day all the way from the end of March to allow the airline to expand into Asia with a premium quality short haul airline that will make so much money that Qantas will be able to re-expand its overseas operations in five years time.
No, we aren’t joking. That’s the Alan Joyce CEO plan for Qantas.
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Maybe they don't even want to attempt to polish the turd?
The best line in Ben's article. (my bolding)
No, we aren’t joking. That’s the Alan Joyce CEO plan for Qantas.