iscover
UNEQUAL PLAYING FIELD Every time a foreign aircraft lands on Australian soil it imports that country’s labour costs. (Seth Jaworski)
Unfriendly skies
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The storm clouds were gathering over Qantas early in June after the airline’s stunning profit downgrade sent the shares into a tailspin, closing on June 8 at a record low of 96 cents and wiping off a third of its value.
The airline was forced to enlist the Macquarie Group to defend the airline against a possible hostile takeover, according to Reuters. And the Australian Financial Review said Qantas CEO Alan Joyce had appointed Citigroup to monitor the company’s share register for raiders.
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