MERGED: Alan's still not happy......
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Qantas asked for $3 billion unsecured loan, Prime Minister Tony Abbott says
Qantas asked for $3 billion unsecured loan, Prime Minister Tony Abbott says
Updated 1 hour 54 minutes ago
Prime Minister Tony Abbott has revealed that Qantas asked the Government for a $3 billion unsecured loan, but says Cabinet rejected the request because the airline does not need it.
The Government has instead offered to change the Qantas Sale Act to lift foreign ownership restrictions on the airline.
Qantas says that is an important longer-term measure but would take too long to get through Parliament.
The Government says the company had also asked for a debt guarantee.
Mr Abbott has told Macquarie Radio both options were ruled out after the government received expert advice.
"You would never in a fit lend anyone $3 billion on an unsecured basis without doing due diligence on that person," he added.
"The conclusion that we came to based on their advice was that Qantas does not need an unsecured facility from the Government."
Deputy Prime Minister Warren Truss says Qantas is not in imminent danger of failure, with around $2 billon worth of cash on hand.
"We are satisfied that the company is not in imminent danger of failure," he said.
"It has several billion, around $2 billion worth of cash, it's got a valuable frequent flyers program, it's got its brand name, its aircraft and its assets, and so it has capacity to trade into the future as far as anyone can assess."
Mr Truss says Qantas is "a very capable company" with good management.
But the Federal Opposition, which supports giving Qantas a debt guarantee, has called on Mr Truss to release the due diligence advice the Government is relying on.
Opposition transport spokesman Anthony Albanese says taxpayers should be allowed to see the advice.
"Why doesn't the Government today release the due diligence test that was done by PricewaterhouseCoopers, that it commissioned that taxpayers paid for. Why don't taxpayers get to see that document today?" he said.
Meanwhile, unions leaders will sit down with Qantas management again this afternoon over negotiations about the airline's plans to slash 5,000 jobs.
Qantas boss Alan Joyce and senior union leaders will meet in Sydney today after both sides met for the first time last Friday, the day after the company announced its $2 billion cost-cutting strategy.
Australian Council of Trade Union secretary Dave Oliver says Qantas workers are angry and feeling insecure and he wants clear answers about where the cuts will come from.
"We know roughly some areas ... but we're still in the dark for over 2,000 jobs," he said.
Qantas asked for $3 billion unsecured loan, Prime Minister Tony Abbott says
Updated 1 hour 54 minutes ago
Prime Minister Tony Abbott has revealed that Qantas asked the Government for a $3 billion unsecured loan, but says Cabinet rejected the request because the airline does not need it.
The Government has instead offered to change the Qantas Sale Act to lift foreign ownership restrictions on the airline.
Qantas says that is an important longer-term measure but would take too long to get through Parliament.
The Government says the company had also asked for a debt guarantee.
Mr Abbott has told Macquarie Radio both options were ruled out after the government received expert advice.
"You would never in a fit lend anyone $3 billion on an unsecured basis without doing due diligence on that person," he added.
"The conclusion that we came to based on their advice was that Qantas does not need an unsecured facility from the Government."
Deputy Prime Minister Warren Truss says Qantas is not in imminent danger of failure, with around $2 billon worth of cash on hand.
"We are satisfied that the company is not in imminent danger of failure," he said.
"It has several billion, around $2 billion worth of cash, it's got a valuable frequent flyers program, it's got its brand name, its aircraft and its assets, and so it has capacity to trade into the future as far as anyone can assess."
Mr Truss says Qantas is "a very capable company" with good management.
But the Federal Opposition, which supports giving Qantas a debt guarantee, has called on Mr Truss to release the due diligence advice the Government is relying on.
Opposition transport spokesman Anthony Albanese says taxpayers should be allowed to see the advice.
"Why doesn't the Government today release the due diligence test that was done by PricewaterhouseCoopers, that it commissioned that taxpayers paid for. Why don't taxpayers get to see that document today?" he said.
Meanwhile, unions leaders will sit down with Qantas management again this afternoon over negotiations about the airline's plans to slash 5,000 jobs.
Qantas boss Alan Joyce and senior union leaders will meet in Sydney today after both sides met for the first time last Friday, the day after the company announced its $2 billion cost-cutting strategy.
Australian Council of Trade Union secretary Dave Oliver says Qantas workers are angry and feeling insecure and he wants clear answers about where the cuts will come from.
"We know roughly some areas ... but we're still in the dark for over 2,000 jobs," he said.
Moderator
Government this morning released details of Qantas request for a $3 billion unsecured loan.
http://www.theepochtimes.com/n3/5428...-loan-request/
http://abcnews.go.com/International/...-loan-22777032
Unbelievable! What on earth was Qantas thinking when they made that ludicrous, impossible request?
http://www.theepochtimes.com/n3/5428...-loan-request/
http://abcnews.go.com/International/...-loan-22777032
Unbelievable! What on earth was Qantas thinking when they made that ludicrous, impossible request?
Taily........... 'AJ' must have thought well might as weel try it on them (the Govt for a few 'free' $$$) & then he could be seen to have made QF solvent again & then taken a large golden parachute out of the place that we tax payers just paid for...........is there no end to this mans gall?
Wmk2
Wmk2
Good god! I look away for a day and look what happens.
You got BGA in one! Someone came up with it, and initially I thought the big was odd, but he does (though christ alone knows why) have the big job so it sort of works, or there is the irony angle - which is probably better! having met the guy and seen him a couple of times, for those that don't know he could comfortably hide standing up in a row of Samsonites! A few names came up, but that one sort of stuck and is a lot more polite than others.
$3b loan..... ye gods! I want what he's on!!
Senate Enquiry support! YEEEEEEEEEEHHAAAAAAAAAAAA!!!!!
All hail the great man Xenophon! Chairmans Award with Oak Leaves, Diamond Clusters, Jeweled Broach and Bar for that man if it comes off!!
I got sick of telling people over and over and over again that it wasn't the airline that was the problem it was management. The Unions want to save the place etc etc . You almost get yelled at. The ONE argument I had that only few had anything against was 'look, an enquiry is the go - if BGA speaks the truth, you have no idea how far the evil unions will go to help, but we have no evidence of anything other than ENRON happening - what is the problem with knowing, if there is nothing to hide from any major shareholder, why is the Govt any different - surely it won't hurt?'
The best news is, it more than likely will be proven that The Littlest Emperor that Could may actually be The Littlest Emperor that actually Couldn't and also has no clothes!
What a great day! The tide __FINALLY__ seem to be turning!!!!
I don't get why the ALP are happy to loan Qf money - I would assume basically unsecured? Are they mad as well??
You got BGA in one! Someone came up with it, and initially I thought the big was odd, but he does (though christ alone knows why) have the big job so it sort of works, or there is the irony angle - which is probably better! having met the guy and seen him a couple of times, for those that don't know he could comfortably hide standing up in a row of Samsonites! A few names came up, but that one sort of stuck and is a lot more polite than others.
$3b loan..... ye gods! I want what he's on!!
Senate Enquiry support! YEEEEEEEEEEHHAAAAAAAAAAAA!!!!!
All hail the great man Xenophon! Chairmans Award with Oak Leaves, Diamond Clusters, Jeweled Broach and Bar for that man if it comes off!!
I got sick of telling people over and over and over again that it wasn't the airline that was the problem it was management. The Unions want to save the place etc etc . You almost get yelled at. The ONE argument I had that only few had anything against was 'look, an enquiry is the go - if BGA speaks the truth, you have no idea how far the evil unions will go to help, but we have no evidence of anything other than ENRON happening - what is the problem with knowing, if there is nothing to hide from any major shareholder, why is the Govt any different - surely it won't hurt?'
The best news is, it more than likely will be proven that The Littlest Emperor that Could may actually be The Littlest Emperor that actually Couldn't and also has no clothes!
What a great day! The tide __FINALLY__ seem to be turning!!!!
I don't get why the ALP are happy to loan Qf money - I would assume basically unsecured? Are they mad as well??
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I don't get why the ALP are happy to loan Qf money - I would assume basically unsecured? Are they mad as well??
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Originally Posted by tailwheel
Government this morning released details of Qantas request for a $3 billion unsecured loan.
Unbelievable! What on earth was Qantas thinking when they made that ludicrous, impossible request?
Unbelievable! What on earth was Qantas thinking when they made that ludicrous, impossible request?
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Truly, how can that idiot last one more day!!!!
He has single handedly given the naysayers enough ammunition to get a Senate inquiry into a public company a chance of getting up.
Surely even Clifford has to distance himself now. The shareholders will be apoplectic.
Until now i have been unsure if this was a deliberate attempt to drive the share price down, or if BGA is an ego driven idiot.
I'm pretty clear on it now.
He has single handedly given the naysayers enough ammunition to get a Senate inquiry into a public company a chance of getting up.
Surely even Clifford has to distance himself now. The shareholders will be apoplectic.
Until now i have been unsure if this was a deliberate attempt to drive the share price down, or if BGA is an ego driven idiot.
I'm pretty clear on it now.
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See that AJ is now blaming the carbon tax for his woes which is somewhat of another uturn presumably to fix up an issue between him and the govt.
These guys are all over the place.
These guys are all over the place.
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The board must be facing a difficult decision now...
1) Cut AJ loose and try to regain some face
2) Keep him around to make him front the senate and explain the mess he has caused
Who else would want to walk into the middle of a senate investigation as they take over the new job!
1) Cut AJ loose and try to regain some face
2) Keep him around to make him front the senate and explain the mess he has caused
Who else would want to walk into the middle of a senate investigation as they take over the new job!
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One could draw the analogy of Wily Coyote with fur singed a blackened face after having the ACME dynamite blow up in his face.
Moderator
Surely even Clifford has to distance himself now. The shareholders will be apoplectic.
J P Morgan Nominees 26.51%
HSBC Custody Nominees 21.98%
National Nominees 13.65%
Citicorp Nominees 11.05%
BNP Paribas Nominees 2.73%
I seem to recall the major shareholders supported Joyce's salary increase at the last AGM, despite an outcry by the minor shareholders?
Interestingly, the same shareholders also are the largest shareholders in Australia's four major banks.
I suspect they are nominees for Australian superannuation investments. If so, their Members have lost out on both capital gains and annual dividends.
Great, another Senate Enquiry!! Let's hope it is as hard hitting and effective as that great hearing into pilot training that put paid to that nasty Jetstar Cadet scheme..........
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tail
I got rid of my Qantas shares many years ago and a few years after I purchased them as they never seemed to go much higher after a small growth spurt. Glad I did as they have gone backwards ever since !
I got rid of my Qantas shares many years ago and a few years after I purchased them as they never seemed to go much higher after a small growth spurt. Glad I did as they have gone backwards ever since !
When you guys get a spare few minutes on yr own check out a YouTube vid titled "A personal message for QANTAS CEO Alan Joyce". It's a scream but best listened to whilst the kiddies are asleep, it's not flattering but very amusing:-)
Wmk2
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Hilarious ... I think Alcohol was involved at some stage in the production of this video ....
.. oh .. I noticed TIMA9X's reference to the "I got you babe" didn't work ... I went looking and you need to search on "Leigh - Glad I got You Babe"
Looking at it .. it seems somewhat appropriate for the circus that is sadly happening now in Parliament ....
Where have all the people I used to look up to gone?
N
.. oh .. I noticed TIMA9X's reference to the "I got you babe" didn't work ... I went looking and you need to search on "Leigh - Glad I got You Babe"
Looking at it .. it seems somewhat appropriate for the circus that is sadly happening now in Parliament ....
Where have all the people I used to look up to gone?
N
Last edited by noip; 5th Mar 2014 at 05:55. Reason: something I found .....
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From The Australian today:
Qantas chief Alan Joyce shrugs off debt guarantee refusal
Qantas chief Alan Joyce shrugs off debt guarantee refusal
He said Qantas would continue its price war with Virgin, adding he had spoken to the chief executives of Ryanair and EasyJet, who would have “exactly the same” strategy.
It's time this Joke of a CEO is cut from the Major's and sent back to the Minor leagues.
And if you don't no by now why the 65% market share is so important to "little AL", he's KPI's are based on it.
Oh, and Alan, it was a 7 billion debt guarantee you were after by Hockey/Truss's admission, not 3 million. And you were all for the carbon tax the other week when you thought it appropriate. Stop re-writing history in such a short period of time.
We are not all that stupid and it's just embarrassing for yourself.
Ollie,
I was initially over the moon for the possible victory. I am now 100% in your boat. The last Senate QF display was an exercise in Senators asking great questions, but not giving a toss about the answers: ergo Personal Senator Grandstanding vs actually achieving anything.
In light of BGA's many triumphs (against any evidence of same) I hope that any future Senate Inquiry is not chalked up as yet another unlikely victory.
I hope to be convinced otherwise. Forgive me for not trusting the bastard!
I was initially over the moon for the possible victory. I am now 100% in your boat. The last Senate QF display was an exercise in Senators asking great questions, but not giving a toss about the answers: ergo Personal Senator Grandstanding vs actually achieving anything.
In light of BGA's many triumphs (against any evidence of same) I hope that any future Senate Inquiry is not chalked up as yet another unlikely victory.
I hope to be convinced otherwise. Forgive me for not trusting the bastard!