MERGED: Alan's still not happy......
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More growth porn...
Jetstar eyes growth in Asia, India
and this, Jetstar's own press release:
Jetstar eyes growth in Asia, India
October 2, 2009
...
"Asia will be the largest market over the next 15 years, it will surpass Europe and North America," Mr Buchanan said during an address to the American Chamber of Commerce in Australia in Sydney on Friday.
"It's the fastest growing travel market.
"I think China and India are very exciting markets."
Mr Buchanan said that as incomes grew in China and India, and more household incomes started to pass the $US10,000 mark per annum, holiday travel would increase dramatically in those countries.
...
"Asia will be the largest market over the next 15 years, it will surpass Europe and North America," Mr Buchanan said during an address to the American Chamber of Commerce in Australia in Sydney on Friday.
"It's the fastest growing travel market.
"I think China and India are very exciting markets."
Mr Buchanan said that as incomes grew in China and India, and more household incomes started to pass the $US10,000 mark per annum, holiday travel would increase dramatically in those countries.
19 August 2009
Melbourne
Jetstar’s strengthened Singapore hub provides platform for future Pan Asian growth
In revenue terms Jetstar has become the largest low cost carrier in Asia and continues to remain one of its most profitable with a sustainable future,” Mr Buchanan said.
“Today’s fleet announcement by the Qantas Group for Jetstar provides even stronger foundations to support our Pan Asian growth plans, in particular out of Singapore.
“Jetstar’s commitment to growth is also matched by future opportunities we believe are available in both the Australian and New Zealand markets on both domestic markets and out of our innovative international flying hubs in Darwin and Perth,” Mr Buchanan said.
Melbourne
Jetstar’s strengthened Singapore hub provides platform for future Pan Asian growth
In revenue terms Jetstar has become the largest low cost carrier in Asia and continues to remain one of its most profitable with a sustainable future,” Mr Buchanan said.
“Today’s fleet announcement by the Qantas Group for Jetstar provides even stronger foundations to support our Pan Asian growth plans, in particular out of Singapore.
“Jetstar’s commitment to growth is also matched by future opportunities we believe are available in both the Australian and New Zealand markets on both domestic markets and out of our innovative international flying hubs in Darwin and Perth,” Mr Buchanan said.
Bottums Up
At dinner last night with neighbours to topic of QF came up. I found it interesting that our neighbours, working class folk were firmly of the opinion that QF's woes were all because of the power of the unions and the unreasonable Ts&Cs that they get for their membership.
They would not accept that the unions didn't hold a gun to management's head and make them sign an EBA, that it was a negotiation.
They would not accept that the unions didn't hold a gun to management's head and make them sign an EBA, that it was a negotiation.
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Here we go
Qantas investors must stop Alan Joyce and Leigh Clifford's Thelma and Louise act
Mayday: How Qantas went from national icon to corporate tragedy
We called for the sacking of Alan Joyce before it became fashionable, but the media campaign to dispose of him is still surprising.
CEOs are typically removed quietly, by ‘mutual agreement’.
Qantas Chairman Leigh Clifford’s op-ed for Fairfax Media on Saturday effectively shuts this option down.
Advertisement
Whilst a public letter of support for an embattled CEO is in itself unusual, Clifford’s article is more revealing for what it does not say, which is that he won’t be the person to push Joyce out.
Institutional shareholders, especially those at Franklin Resources, a global fund manager based in San Mateo, California, or their local office at 101 Collins Street, Melbourne, must be getting a little edgy.
It is the willingness of institutions like Franklin to continue to back a failing strategy that will determine whether Alan Joyce remains CEO and, ultimately, the airline’s future profitability.
My bet is, despite Clifford’s pleadings, they won’t tolerate it for too much longer.
Chief executive officers are hired and fired by the board. If Joyce is to be removed, it is only with the board’s say-so. What Clifford’s letter reveals is that the he and his CEO are travelling in lockstep, grasping at each other’s clothes as they lurch toward the cliff’s edge.
Last Thursday, Joyce recommitted Qantas to its 65 per cent market share ‘line in the sand’, the main cause of over-capacity in the domestic market and the principal reason for the huge fall in the airline’s domestic earnings.
Would Joyce have made that re-commitment without the board agreeing to it? Unlikely.
Same goes for the decision to channel funds to Jetstar Asia (now on hold), to hand over international passengers to Emirates and to close down the airline to help it win an industrial dispute. Joyce isn’t acting alone here.
If the board is to sack him, it can’t do so without implicating itself in the disaster.
Shareholders have two options to get the ball rolling. The first is for at least 100 shareholders, or investors owning a total of 5 per cent or more of voting stock, to write to the board telling it to call an extraordinary general meeting.
The letter must state any resolution to be put to the meeting and be signed by the shareholders requesting it. If these criteria are met, the board must call a meeting.
Public pressure on the Qantas board would increase but the likelihood of the resolutions actually getting up are somewhere between Buckley’s and no chance.
With the top 20 shareholders owning 81 per cent of Qantas stock, if you can’t persuade the institutions to let the guillotine fall you can forget it.
This is where the second option comes in. Small shareholders dutifully turn up at AGMs but their vote makes almost no difference. Once the chair’s proxy votes are cast everyone retires for tea and bikkies, resigned to the charade. Without the institutions on side, change rarely occurs.
The institution Qantas shareholders need to convince is fund manager Franklin Resources, which appears to be taking a growing interest in the fate of the flying potoroo.
Last Friday, one day after Joyce declared a $252m first half loss and reaffirmed the strategy that produced it, Franklin Resources increased its holding in Qantas from 15.4 per cent to 16.42 per cent. Interesting, no?
Better known as Franklin Templeton Investments, Franklin Resources is based in San Mateo, California. This giant US value-based fund manager has local representation in the form of wholly-owned subsidiary Balanced Equity Management in Melbourne.
Clearly, it believes there’s value in Qantas. Whether it believes that value will be realised under current management remains to be seen.
So, if you’d like to see the back of current management, Balanced Equity, led by managing director Alan Sisson, is one of the institutions to convince. Remember that it was Balanced Equity that famously refused the $5.60 a share bid from private equity way back in 2006.
You’d expect a few discreet calls between major Qantas shareholders this week. My guess is that after last week’s display, they’ll be reassessing the Qantas management team. Perhaps one of them will soon call Clifford, suggesting he pushes Joyce out. Then, after a suitable face-saving period, Clifford will leave Qantas to ‘pursue other interests’.
That’s what all shareholders, customers and employees need to get Qantas back on track.
my bold
Mayday: How Qantas went from national icon to corporate tragedy
We called for the sacking of Alan Joyce before it became fashionable, but the media campaign to dispose of him is still surprising.
CEOs are typically removed quietly, by ‘mutual agreement’.
Qantas Chairman Leigh Clifford’s op-ed for Fairfax Media on Saturday effectively shuts this option down.
Advertisement
Whilst a public letter of support for an embattled CEO is in itself unusual, Clifford’s article is more revealing for what it does not say, which is that he won’t be the person to push Joyce out.
Institutional shareholders, especially those at Franklin Resources, a global fund manager based in San Mateo, California, or their local office at 101 Collins Street, Melbourne, must be getting a little edgy.
It is the willingness of institutions like Franklin to continue to back a failing strategy that will determine whether Alan Joyce remains CEO and, ultimately, the airline’s future profitability.
My bet is, despite Clifford’s pleadings, they won’t tolerate it for too much longer.
Chief executive officers are hired and fired by the board. If Joyce is to be removed, it is only with the board’s say-so. What Clifford’s letter reveals is that the he and his CEO are travelling in lockstep, grasping at each other’s clothes as they lurch toward the cliff’s edge.
Last Thursday, Joyce recommitted Qantas to its 65 per cent market share ‘line in the sand’, the main cause of over-capacity in the domestic market and the principal reason for the huge fall in the airline’s domestic earnings.
Would Joyce have made that re-commitment without the board agreeing to it? Unlikely.
Same goes for the decision to channel funds to Jetstar Asia (now on hold), to hand over international passengers to Emirates and to close down the airline to help it win an industrial dispute. Joyce isn’t acting alone here.
If the board is to sack him, it can’t do so without implicating itself in the disaster.
Shareholders have two options to get the ball rolling. The first is for at least 100 shareholders, or investors owning a total of 5 per cent or more of voting stock, to write to the board telling it to call an extraordinary general meeting.
The letter must state any resolution to be put to the meeting and be signed by the shareholders requesting it. If these criteria are met, the board must call a meeting.
Public pressure on the Qantas board would increase but the likelihood of the resolutions actually getting up are somewhere between Buckley’s and no chance.
With the top 20 shareholders owning 81 per cent of Qantas stock, if you can’t persuade the institutions to let the guillotine fall you can forget it.
This is where the second option comes in. Small shareholders dutifully turn up at AGMs but their vote makes almost no difference. Once the chair’s proxy votes are cast everyone retires for tea and bikkies, resigned to the charade. Without the institutions on side, change rarely occurs.
The institution Qantas shareholders need to convince is fund manager Franklin Resources, which appears to be taking a growing interest in the fate of the flying potoroo.
Last Friday, one day after Joyce declared a $252m first half loss and reaffirmed the strategy that produced it, Franklin Resources increased its holding in Qantas from 15.4 per cent to 16.42 per cent. Interesting, no?
Better known as Franklin Templeton Investments, Franklin Resources is based in San Mateo, California. This giant US value-based fund manager has local representation in the form of wholly-owned subsidiary Balanced Equity Management in Melbourne.
Clearly, it believes there’s value in Qantas. Whether it believes that value will be realised under current management remains to be seen.
So, if you’d like to see the back of current management, Balanced Equity, led by managing director Alan Sisson, is one of the institutions to convince. Remember that it was Balanced Equity that famously refused the $5.60 a share bid from private equity way back in 2006.
You’d expect a few discreet calls between major Qantas shareholders this week. My guess is that after last week’s display, they’ll be reassessing the Qantas management team. Perhaps one of them will soon call Clifford, suggesting he pushes Joyce out. Then, after a suitable face-saving period, Clifford will leave Qantas to ‘pursue other interests’.
That’s what all shareholders, customers and employees need to get Qantas back on track.
my bold
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Institutional shareholders, especially those at Franklin Resources, a global fund manager based in San Mateo, California, or their local office at 101 Collins Street, Melbourne, must be getting a little edgy.
Can't be too edgy if they increase their shareholding.
There's something else going on and I wonder if they have information that should be public, otherwise it's just a punt.
Hmmmmm...
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The most interesting aspect of the SMH article TIMA9X points to is in the headline ... there is now an object of ridicule that everyone (as in media and politicians) can hang their hat on ... "Thelma and Louise" ... reminds me of a video TIMA9X posted recently "I've Got You Babe" ..
N
N
This sounds like a pretty stupid idea being tossed around by cabinet....
Cabinet to consider opening Qantas domestic business to foreign ownership | Business | theguardian.com
Qantas’s international operations could stay Australian-owned while a separate business running the domestic airline is open to majority foreign ownership, under an option to be considered by federal cabinet on Monday night.
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This sounds like a pretty stupid idea being tossed around by cabinet....
The perfectly orchestrated bailout of a company if I were PM. I would then sell at a modest 10%.
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there is now an object of ridicule that everyone (as in media and politicians) can hang their hat on ... "Thelma and Louise"
Leigh - Glad I Got You Babe - YouTube
Last edited by TIMA9X; 4th Mar 2014 at 15:16.
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Why don't a bunch of QF guys arrange a meeting and head to the Franklin Resources hq when in LA next flight and speak to them rather than them hearing the same line the twits that everything is alright.
Or why doesn't the pilots union, or even the media??
It's only taken mainstream media several bloody years to catch on.
Or why doesn't the pilots union, or even the media??
It's only taken mainstream media several bloody years to catch on.
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V-Jet's enlightening post on "The Plane Truth about Qantas's Project Harbour" gives the corporate game plan away.
AJ and LC must have a secret kickback arrangement should they succeed in removing the 49% foreign ownership restriction in Qantas.
Everything else is noise.
AJ and LC must have a secret kickback arrangement should they succeed in removing the 49% foreign ownership restriction in Qantas.
Everything else is noise.
short flights long nights
Just breaking now...Government has refused a Qantas debt guarantee, but will seek to remove the sale act.
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Aeromedic,
“if you were to look at that person's previous posts, you may see why.”
There were no previous posts on the closed thread by said person.
“there is a continued belief that the unions are somehow responsible for all of the problems in Qantas”
No, this was not mentioned by said poster on the closed thread at all. Not even close.
“when things go wrong in the sky or a catastrophe is prevented by professional oversight on the ground, the payment for that responsibility is justified.”
The required level of responsibility that prevents your catastrophe is available on the labor market at much more competitive terms. Many airlines out there are preventing catastrophes every day without paying the above premium salaries enjoyed by QF staff.
“think about how much it's worth to have a pilot up front that has been trained to deal with it effectively to return the aircraft to the ground safely.”
Just get me safely on the ground is all I ask. The salary enjoyed by the pilot is of no interest to me, be it Jetstar wages or Qantas wages, the result appears to be the same.
“if you were to look at that person's previous posts, you may see why.”
There were no previous posts on the closed thread by said person.
“there is a continued belief that the unions are somehow responsible for all of the problems in Qantas”
No, this was not mentioned by said poster on the closed thread at all. Not even close.
“when things go wrong in the sky or a catastrophe is prevented by professional oversight on the ground, the payment for that responsibility is justified.”
The required level of responsibility that prevents your catastrophe is available on the labor market at much more competitive terms. Many airlines out there are preventing catastrophes every day without paying the above premium salaries enjoyed by QF staff.
“think about how much it's worth to have a pilot up front that has been trained to deal with it effectively to return the aircraft to the ground safely.”
Just get me safely on the ground is all I ask. The salary enjoyed by the pilot is of no interest to me, be it Jetstar wages or Qantas wages, the result appears to be the same.
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Abbott Govt will seek to repeal section 3 of the Qantas Sale Act. From my understanding it means Intl remains majority Aust owned but Doms can be separated and foreign owned/backed. Something similar to VA's current situation. Anyone with more knowledge than me ( not hard ) able to shed more light ?
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'Tis but politics SOPS, they know Labor and the watermelons will oppose......simplistic wedge politics really, TA showing he learnt well from howard......(Need to deflect something from Holden SPC etc.! Especially since the big fella came out guns blazing blaming unions etc., to which the management quickly disagreed, but that's another story!),
Shortun' won't be smart enough in his response, and will be effectively wedged by Abbot here......Leigh Clifford & AJ will be the winners here....effectively supported by Abbott and Co. ....the poor QF employee doesn't even factor in this....
Shortun' won't be smart enough in his response, and will be effectively wedged by Abbot here......Leigh Clifford & AJ will be the winners here....effectively supported by Abbott and Co. ....the poor QF employee doesn't even factor in this....
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Lets all watch Labor block the sales act repeal and Qantas go down the tube due to an incompetent little Irish man. Labor just wants to continue throwing money away. Damned if you do, damned if you don't.
Simple fact is, QF staff are paid too high for the current airfare prices. People need to wake up and see reality.
Ansett mark II. Better get my CV to Virgin…...
Simple fact is, QF staff are paid too high for the current airfare prices. People need to wake up and see reality.
Ansett mark II. Better get my CV to Virgin…...