Qantas Airways Ltd will cut its international capacity by nearly 25% over the ne...
) A350 planes as part of sweeping changes in response to a coronavirus-led plunge in passenger demand.
Qantas’ chief executive and chairman will take no salary for the rest of the current financial year, the management team will receive no bonuses and all staff are being encouraged to take paid or unpaid leave. Qantas shares fell as much as 7.2% in early trade on Tuesday but rebounded to close 7.2% higher, compared with a 3.1% rise in the broader market .
The carrier is now grounding the equivalent of 38 planes, more than double the 18 it had announced last month. Airbus had set that deadline on the basis the production slots were potentially valuable and could be sold to other airlines, Joyce said.
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