Australian carrier Qantas Airways Ltd (QAN.AX) plans to cut 15 percent of its workforce, sell older jets and reduce capital spending after reporting a first-half loss amid growing competition in both international and domestic operations. The deep cuts are part of Qantas' plans to slash costs by A$2 billion ($1.8 billion) over the next three years - a bid by the airline to convince the federal government and investors it is worthy of the state assistance it says it needs. Qantas, known as the 'Flying Kangaroo', is seeking a government debt guarantee to give it access to cheaper capital. Battered by high fuel costs and a strong Australian dollar, its credit rating was relegated to junk status last year amid a price war with arch-rival Virgin Australia Holdings (VAH.AX).
via Business News - Yahoo Finance http://ift.tt/MvMy3P
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