MERGED: Alan's still not happy......
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This is of course , the scenario which many have suspected all along as the endgame.
All actions so far point to this. Qantas tails, uniforms etc- Jetstar wages and conditions. Joe public sees the 'icon' still flying , airfares competitive, who cares about the working conditions . Sad but true. Just look at who does the majority of trans Tasman now. Pax either don't know or don't care.
All actions so far point to this. Qantas tails, uniforms etc- Jetstar wages and conditions. Joe public sees the 'icon' still flying , airfares competitive, who cares about the working conditions . Sad but true. Just look at who does the majority of trans Tasman now. Pax either don't know or don't care.
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AJ and the board will never let go of the wet dream that is J*! To do so would mean having to admit that their vision/plan- whatever was wrong.
AJ is a clown. A better man/CEO would admit it's all been a big, costly mistake.
AJ is a clown. A better man/CEO would admit it's all been a big, costly mistake.
short flights long nights
Could Jetstar survive without Qantas? A better question might be can Qantas survive with Jetstar?
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Jetstar strategy may be clear to some, but as a regular traveller they are often more expensive than both QF and VA so go figure.
Not sure why anyone would pay more for a lesser experience and be happy about it under any circumstances but the smartest guys in the room obviously have (or it that had) a plan that ignores the punter.
Flogging some cheap seats is hardly going to fund vast capital expenditure and in the days past was done merely for cash flow.
Not sure why anyone would pay more for a lesser experience and be happy about it under any circumstances but the smartest guys in the room obviously have (or it that had) a plan that ignores the punter.
Flogging some cheap seats is hardly going to fund vast capital expenditure and in the days past was done merely for cash flow.
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No J* must go. The parasite will kill the host. AJ's almost single minded focus on expanding his aaaamazing J* franchises, particularly in Asia, has meant that he has dropped the ball on the real Qantas.
His ego and over inflated opinion about his airline business acumen haven't allowed him to realise what a driven, experienced and smarter opponent JB is....until now...a bit too late methinks.
The only hope is for AJ, Clifford and the board to go. What they have all but destroyed THEY cannot fix! AJ won't accept any responsibility for destroying Qantas and sadly most of the financial commentary seems to parrot his line that he and his team have done a great job in difficult circumstances.
Until the share holder's demand his and Clifford's resignation the nose dive will continue until the inevitable happens.
Whoop whoop.... PULL UP!!!
His ego and over inflated opinion about his airline business acumen haven't allowed him to realise what a driven, experienced and smarter opponent JB is....until now...a bit too late methinks.
The only hope is for AJ, Clifford and the board to go. What they have all but destroyed THEY cannot fix! AJ won't accept any responsibility for destroying Qantas and sadly most of the financial commentary seems to parrot his line that he and his team have done a great job in difficult circumstances.
Until the share holder's demand his and Clifford's resignation the nose dive will continue until the inevitable happens.
Whoop whoop.... PULL UP!!!
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Commonly heard lines from the Dixon/Joyce era.
We are the only full service airline that has successfully launched a LCC.
(How successful?)
The Boeing 777 is old technology.
(Comedian Dixon)
We are the oldest continuously operating airline in the world.
(Until I decided to ground the airline)
We are one of only 2 investment grade airlines in the world.
(We were until today)
Jetstar has expanded faster than Ryanair or Easyjet in their first 8,9years.
(Nothing like expanding too quickly)
We will not cannibalise mainline.
(We are smarter than all the other full service airlines that did this)
RedQ
(??)
We have an amazing management team.
(I'm amazed any of our management still have a job)
We are the only full service airline that has successfully launched a LCC.
(How successful?)
The Boeing 777 is old technology.
(Comedian Dixon)
We are the oldest continuously operating airline in the world.
(Until I decided to ground the airline)
We are one of only 2 investment grade airlines in the world.
(We were until today)
Jetstar has expanded faster than Ryanair or Easyjet in their first 8,9years.
(Nothing like expanding too quickly)
We will not cannibalise mainline.
(We are smarter than all the other full service airlines that did this)
RedQ
(??)
We have an amazing management team.
(I'm amazed any of our management still have a job)
Jetstar strategy may be clear to some, but as a regular traveller they are often more expensive than both QF and VA so go figure.
Not sure why anyone would pay more for a lesser experience and be happy about it under any circumstances but the smartest guys in the room obviously have (or it that had) a plan that ignores the punter.
Not sure why anyone would pay more for a lesser experience and be happy about it under any circumstances but the smartest guys in the room obviously have (or it that had) a plan that ignores the punter.
We are the only full service airline that has successfully launched a LCC.
(How successful?)
The Boeing 777 is old technology.
(Comedian Dixon)
We are the oldest continuously operating airline in the world.
(Until I decided to ground the airline)
We are one of only 2 investment grade airlines in the world.
(We were until today)
Jetstar has expanded faster than Ryanair or Easyjet in their first 8,9years.
(Nothing like expanding too quickly)
We will not cannibalise mainline.
(We are smarter than all the other full service airlines that did this)
(How successful?)
The Boeing 777 is old technology.
(Comedian Dixon)
We are the oldest continuously operating airline in the world.
(Until I decided to ground the airline)
We are one of only 2 investment grade airlines in the world.
(We were until today)
Jetstar has expanded faster than Ryanair or Easyjet in their first 8,9years.
(Nothing like expanding too quickly)
We will not cannibalise mainline.
(We are smarter than all the other full service airlines that did this)
UPDATE 1-Qantas relegated to junk status after shock loss warning
SYDNEY, Dec 6 (Reuters) - Embattled Qantas Airways Ltd was relegated to junk status by credit rating agency Standard & Poor's on Friday, a day after the Australian carrier issued a shock loss warning that sent its shares to a 16-month low.
S&P cut its ratings on Qantas by a notch to BB+/B, one rank below investment grade, and placed a negative outlook on the airline that means ratings could be cut again. The agency said a structural shift in the domestic competitive landscape had weakened Qantas' business risk profile.
The downgrade means that Qantas could lose some shareholders whose rules on investment prevent them from retaining stock in companies rated below investment grade. It also means the carrier will have to pay higher rates when it borrows money.
Qantas also faces the prospect of losing a chunk of its $2.8 billion cash balance: the rating downgrade could slow the transfer of revenue from credit card companies for ticket sales because additional processing is now required.
Adding to Qantas's headaches, ratings agency Moody's on Thursday placed its Baa3 rating on the airline, the lowest investment grade, under review for a possible downgrade.
SYDNEY, Dec 6 (Reuters) - Embattled Qantas Airways Ltd was relegated to junk status by credit rating agency Standard & Poor's on Friday, a day after the Australian carrier issued a shock loss warning that sent its shares to a 16-month low.
S&P cut its ratings on Qantas by a notch to BB+/B, one rank below investment grade, and placed a negative outlook on the airline that means ratings could be cut again. The agency said a structural shift in the domestic competitive landscape had weakened Qantas' business risk profile.
The downgrade means that Qantas could lose some shareholders whose rules on investment prevent them from retaining stock in companies rated below investment grade. It also means the carrier will have to pay higher rates when it borrows money.
Qantas also faces the prospect of losing a chunk of its $2.8 billion cash balance: the rating downgrade could slow the transfer of revenue from credit card companies for ticket sales because additional processing is now required.
Adding to Qantas's headaches, ratings agency Moody's on Thursday placed its Baa3 rating on the airline, the lowest investment grade, under review for a possible downgrade.
It'll be interesting to see what results from the bail-out from the Share Registry by the shareholders whose rules on investment prevent them from retaining stock in junk status outfits.
I wonder what 'spin' the QF Management, Board and Chairman will try to pin on the competition when that happens?
short flights long nights
A few post ago I wrote I couldn't believe how fast it had all come unstuck. But it is really snowballing now at an ever increasing pace. I wonder what AJs next move will be? Ground the airline again?
short flights long nights
And I will answer it Chad, I don't think so.
I'd be more worried about a cashed up buyer buying jetstar and destroying qantas domestically.
Strategically qantas are better off to set jetstar adrift as it's own entity, listed separately on the asx and gaining its own capitol.
That way both companies can manage their own business in their own interests with their own revenue.
Hope we get some better news soon.
Strategically qantas are better off to set jetstar adrift as it's own entity, listed separately on the asx and gaining its own capitol.
That way both companies can manage their own business in their own interests with their own revenue.
Hope we get some better news soon.
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Is it a coincidence that the Chairman of Temasek made this comment on QF yesterday?
Incidentally, Temasek was at one point of of QF's largest shareholders with 3% back in 2006. They bought at $3.26 and sold at $3.71. Must be the only guys who made money on them!
http://www.cargonewsasia.com/secured...?article=10929
Temasek's a 'one-of-a-kind sovereign wealth fund'
It is not a govt fund manager; it pays taxes, has equity focus: Lim Boon Heng
Published on Dec 06, 2013
Contributions from Temasek Holdings, GIC and others comprise about 2.2 to 2.6 per cent of gross domestic product, and boost government budget revenues by about 15 per cent. -- PHOTO: BLOOMBERG
By Chia Yan Min
TEMASEK Holdings is usually lumped together with other sovereign wealth funds, yet it is a unique body that shares few characteristics with these organisations, said chairman Lim Boon Heng yesterday.
Mr Lim told a conference in Singapore: "Defining Temasek is not easy: We have not found another entity that does exactly what we do."
He ran through the many points of difference, which range from the investment company's strategies to its relationship with the Government.
Temasek, he noted, owns its assets outright as a commercial investment company and is not a fund manager for the Government like most sovereign wealth funds.
It also pays taxes - "no different from other companies", added Mr Lim, a former politician who became Temasek chairman in August.
While most sovereign wealth funds invest in broadly liquid and globally diversified portfolios, Temasek mostly puts its money in equities.
This is riskier and accompanied by higher volatility, but also comes with an "expectation of higher long-term returns", said Mr Lim, who was speaking at a sovereign wealth fund conference at the Singapore Management University.
"We have the full flexibility to take concentrated risks, whether in owning up to 100 per cent of a portfolio company, or in deploying most of our investments into a concentrated geography."
Temasek's investments are mostly concentrated in Asia, including Singapore, with about 25 per cent exposure to countries in the Organisation for Economic Cooperation and Development.
Mr Lim noted that Temasek tracks asset performance over the long term and is under "no pressure to sell if the long-term outlook remains positive".
However, it sometimes chooses to sell even when it would record a realised loss.
"(We) take money off the table where it isn't working for us the way we want it to," he added.
Temasek's portfolio was valued at $215 billion as at March this year - 10 per cent higher than the previous year in US dollar terms.
Mr Lim also highlighted the contributions Temasek makes to Singapore through the annual dividends it distributes to its sole shareholder - the Government.
Temasek's payouts mean the Government does not need to tax the economy and working population as much, noted Mr Lim.
Contributions from GIC, Temasek and others comprise about 2.2 to 2.6 per cent of gross domestic product, and boost government budget revenues by about 15 per cent.
While it is Temasek's sole shareholder, the Government is not consulted on the investment company's day-to-day business and does not direct its investment decisions, said Mr Lim.
This clear separation between the Government's roles as policymaker and shareholder is for the "larger good of Singapore".
He cited the Government's policy of developing Singapore into a vibrant air hub, an aim that takes precedence over its interests in Singapore Airlines as a company.
Australian carrier Qantas, for example, was given a licence to base its budget airline Jetstar here.
Temasek makes investment decisions based on commercial principles and promotes sound corporate governance in its portfolio companies, added Mr Lim.
The two-day conference, which ends today, also featured prominent speakers such as Nobel laureate Thomas Sargent from New York University and Nobel laureate designate Robert Shiller from Yale University.
Asset management firm Amundi organised the event, which attracted more than 250 academics and representatives from sovereign wealth funds.
[email protected]
It is not a govt fund manager; it pays taxes, has equity focus: Lim Boon Heng
Published on Dec 06, 2013
Contributions from Temasek Holdings, GIC and others comprise about 2.2 to 2.6 per cent of gross domestic product, and boost government budget revenues by about 15 per cent. -- PHOTO: BLOOMBERG
By Chia Yan Min
TEMASEK Holdings is usually lumped together with other sovereign wealth funds, yet it is a unique body that shares few characteristics with these organisations, said chairman Lim Boon Heng yesterday.
Mr Lim told a conference in Singapore: "Defining Temasek is not easy: We have not found another entity that does exactly what we do."
He ran through the many points of difference, which range from the investment company's strategies to its relationship with the Government.
Temasek, he noted, owns its assets outright as a commercial investment company and is not a fund manager for the Government like most sovereign wealth funds.
It also pays taxes - "no different from other companies", added Mr Lim, a former politician who became Temasek chairman in August.
While most sovereign wealth funds invest in broadly liquid and globally diversified portfolios, Temasek mostly puts its money in equities.
This is riskier and accompanied by higher volatility, but also comes with an "expectation of higher long-term returns", said Mr Lim, who was speaking at a sovereign wealth fund conference at the Singapore Management University.
"We have the full flexibility to take concentrated risks, whether in owning up to 100 per cent of a portfolio company, or in deploying most of our investments into a concentrated geography."
Temasek's investments are mostly concentrated in Asia, including Singapore, with about 25 per cent exposure to countries in the Organisation for Economic Cooperation and Development.
Mr Lim noted that Temasek tracks asset performance over the long term and is under "no pressure to sell if the long-term outlook remains positive".
However, it sometimes chooses to sell even when it would record a realised loss.
"(We) take money off the table where it isn't working for us the way we want it to," he added.
Temasek's portfolio was valued at $215 billion as at March this year - 10 per cent higher than the previous year in US dollar terms.
Mr Lim also highlighted the contributions Temasek makes to Singapore through the annual dividends it distributes to its sole shareholder - the Government.
Temasek's payouts mean the Government does not need to tax the economy and working population as much, noted Mr Lim.
Contributions from GIC, Temasek and others comprise about 2.2 to 2.6 per cent of gross domestic product, and boost government budget revenues by about 15 per cent.
While it is Temasek's sole shareholder, the Government is not consulted on the investment company's day-to-day business and does not direct its investment decisions, said Mr Lim.
This clear separation between the Government's roles as policymaker and shareholder is for the "larger good of Singapore".
He cited the Government's policy of developing Singapore into a vibrant air hub, an aim that takes precedence over its interests in Singapore Airlines as a company.
Australian carrier Qantas, for example, was given a licence to base its budget airline Jetstar here.
Temasek makes investment decisions based on commercial principles and promotes sound corporate governance in its portfolio companies, added Mr Lim.
The two-day conference, which ends today, also featured prominent speakers such as Nobel laureate Thomas Sargent from New York University and Nobel laureate designate Robert Shiller from Yale University.
Asset management firm Amundi organised the event, which attracted more than 250 academics and representatives from sovereign wealth funds.
[email protected]
http://www.cargonewsasia.com/secured...?article=10929
Singapore's Temasek sells stake in Qantas
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Singapore: Temasek Holdings has sold its entire stake in Qantas Airways, believed to be three per cent, one month after the Australian airline succeeded in lobbying its government to shut Singapore Airlines out of the Sydney-Los Angeles route.
"This is part of our ongoing efforts to actively manage our portfolio to maximise shareholder value. Notwithstanding this divestment, we remain co-investors in Jetstar Asia and are open to other opportunities to work together.''
The Singapore investment company bought a three per cent share in the Australian airline back in September 2004, when British Airways (BA) sold its 18.3 per cent stake.
Temasek could have pocketed US$11.11 million in profits from the Qantas stake sale, assuming that it bought the shares at A$3.28 from BA and sold at an average price of A$3.71.
Australian media reported rumours that Temasek had sold several large tranches of Qantas stock since last Friday and had arranged a sale of 40 million shares for sale through UBS.
One Sydney-based equity analyst who covers Qantas, and who asked not to be named, told The Straits Times: "Let's put it this way: Qantas is looking at lower profits, there's going to be a long fight ahead with its unions over cost-cutting. It's a good time to get out.''
Temasek has raised more than $1.23 billion recently from its sales of shares in SingTel, agricultural products supplier Olam and medical equipment maker LMA, as it continues to rebalance its portfolio to have a third each of its investments in Singapore, the rest of Asia and the rest of the world.
Macquarie Equities slapped a big downgrade on Qantas' stock on Monday, lowering its full-year profit forecast by 15 per cent. Other brokerages soon followed with their own "sell'' calls.
Qantas last month reported a 9.6 per cent fall in first-half profits due to rising fuel costs and payouts from cutting jobs.
The airline is facing possible legal action from its pilots, who are worried that plans for subsidiary Jetstar to fly international routes will result in their own wages being cut.
Its engineers are restive, irked by the sending of a Boeing 747 jumbo jet to Singapore for heavy maintenance checks after management decided that its Sydney base could not do it in time.
Even its caterers are unsettled, with job and wage cuts almost certainly on the menu.
Meanwhile, Qantas' management is reportedly thinking of going into the rail freight business. It already has a parcel trucking joint venture with Australia Post.
-- Straits Times
E-mail This Article Printer-Friendly Format
Singapore: Temasek Holdings has sold its entire stake in Qantas Airways, believed to be three per cent, one month after the Australian airline succeeded in lobbying its government to shut Singapore Airlines out of the Sydney-Los Angeles route.
"Yes, we have divested our stakes in Qantas. We have been happy with our investment in Qantas,'' said Temasek spokesman Rachel Lin.
The Singapore investment company bought a three per cent share in the Australian airline back in September 2004, when British Airways (BA) sold its 18.3 per cent stake.
Temasek could have pocketed US$11.11 million in profits from the Qantas stake sale, assuming that it bought the shares at A$3.28 from BA and sold at an average price of A$3.71.
Australian media reported rumours that Temasek had sold several large tranches of Qantas stock since last Friday and had arranged a sale of 40 million shares for sale through UBS.
One Sydney-based equity analyst who covers Qantas, and who asked not to be named, told The Straits Times: "Let's put it this way: Qantas is looking at lower profits, there's going to be a long fight ahead with its unions over cost-cutting. It's a good time to get out.''
Temasek has raised more than $1.23 billion recently from its sales of shares in SingTel, agricultural products supplier Olam and medical equipment maker LMA, as it continues to rebalance its portfolio to have a third each of its investments in Singapore, the rest of Asia and the rest of the world.
Macquarie Equities slapped a big downgrade on Qantas' stock on Monday, lowering its full-year profit forecast by 15 per cent. Other brokerages soon followed with their own "sell'' calls.
Qantas last month reported a 9.6 per cent fall in first-half profits due to rising fuel costs and payouts from cutting jobs.
The airline is facing possible legal action from its pilots, who are worried that plans for subsidiary Jetstar to fly international routes will result in their own wages being cut.
Its engineers are restive, irked by the sending of a Boeing 747 jumbo jet to Singapore for heavy maintenance checks after management decided that its Sydney base could not do it in time.
Even its caterers are unsettled, with job and wage cuts almost certainly on the menu.
Meanwhile, Qantas' management is reportedly thinking of going into the rail freight business. It already has a parcel trucking joint venture with Australia Post.
-- Straits Times
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Absolutely amazing
This situation is truely incredible to say the least. I know it has been stated before but Joyce must go, this airline is in deep sh!t and without new direction it will not survived.
Its not only Joyce to blame the board of idiots need to go as well.
Good luck qantas staff you will need it.
Bob
Its not only Joyce to blame the board of idiots need to go as well.
Good luck qantas staff you will need it.
Bob
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To Be Sure.....
Be very sure, everything that has happened, is happening, and will happen, in accordance with the master plan. For goodness sake, wake up.......
Last edited by Acute Instinct; 30th Jan 2014 at 07:16.
short flights long nights
And what exactly is the master plan?
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geography (and population) favors New Zealand even less, yet they seem to be able to support a progressive national carrier with a modern fleet
We all need to face facts: QF is no more a national carrier than VA, TT, JQ or Rex. They have no backing from the government and, in fact, are hamstrung by the terms of the QSA, something not binding on those other airlines. They should be either cut loose from the QSA entirely to sell out to whomever they choose, with the loss of net income to overseas entities (but perhaps keeping jobs here in Australia) or ALL other airlines in Australia need to bound by the same legislation that QF is.
Yes AJ and the board have a lot to answer for, the unions have a lot to answer for. But I would counter that, most of all, the governments from the days of the QSA until now, have a lot to answer for, for presuming that QF would be capable of operating like a government-backed national carrier, without any actual government backing.
Cheers,
John