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Yahoo
an hour ago
- Yahoo
Australian court fines Qantas US$59 million for illegal layoffs
An Australian court fined Qantas Aus$90 million (US$59 million) on Monday for illegally laying off 1,800 ground staff during the Covid-19 pandemic, ending a five-year legal battle over the workers' rights. Federal Court Justice Michael Lee said he wanted the penalty to be a "real deterrence" to firms that might be tempted by the financial rewards of breaching employment law. Qantas decided to sack the workers and outsource their jobs in August 2020, a period of lockdowns and border closures when no Covid-19 vaccine existed. Australia's Federal Court subsequently found that Qantas had acted illegally despite its stated "commercial imperatives" and later dismissed an appeal by the airline. It said the carrier had prevented staff from accessing their rights to collectively bargain or take industrial action. Long-dubbed the "Spirit of Australia", 104-year-old Qantas has been on a mission to repair its reputation, which was hit in recent years by the illegal sackings, soaring ticket prices, claims of sloppy service, and the selling of seats on already-cancelled flights. Qantas chief executive Vanessa Hudson took over in 2023, promising to improve customer satisfaction. She replaced Alan Joyce, who stepped down earlier than planned as Qantas endured heavy criticism over its treatment of workers and passengers, despite delivering bumper profits for shareholders. - 'Move on' - Qantas' fine is to be paid in two parts, the court said, with Aus$50 million going to the Transport Workers Union and Aus$40 million being held for future payments to the former workers. The penalty is in addition to a compensation payment of Aus$120 million for affected former employees that Qantas agreed to last year. "It has been five long years. Today is a victory, not just for our colleagues but for all Australian workers," said Anne Guirguis, who worked at Qantas for 27 years cleaning aircraft before being laid off. "We can close this chapter and move on now," Guirguis told reporters outside court. Transport Workers' Union National Secretary Michael Kaine described Monday's decision as a "final win" for the Qantas workers. "Qantas was not sorry to workers when it illegally outsourced these workers, many finding out they'd lost their jobs over a loudspeaker in the lunch room," Kaine said. "Qantas is only sorry now that it has to pay the largest penalty fine of any employer in Australian corporate history." lec/djw/cwl
Bloomberg
an hour ago
- Bloomberg
Base Metals Drift as Traders Await Trump-Zelenskiy Meeting
Aluminum fell and copper was little changed as metals markets opened Monday on a cautious note before President Donald Trump's crunch talks with Volodymyr Zelenskiy. Ukraine's president is due to meet Trump later Monday to decide on the next steps after a US-Russia summit ended without US sanctions or a ceasefire. Late Sunday in Washington, the US leader said in a social media post that Zelenskiy 'can end the war with Russia almost immediately, if he wants to, or he can continue to fight.'
Yahoo
2 hours ago
- Yahoo
A-Sonic Aerospace First Half 2025 Earnings: EPS: US$0.004 (vs US$0.006 in 1H 2024)
A-Sonic Aerospace (SGX:BTJ) First Half 2025 Results Key Financial Results Revenue: US$112.0m (down 7.4% from 1H 2024). Net income: US$435.0k (down 33% from 1H 2024). Profit margin: 0.4% (down from 0.5% in 1H 2024). The decrease in margin was driven by lower revenue. EPS: US$0.004 (down from US$0.006 in 1H 2024). This technology could replace computers: discover the 20 stocks are working to make quantum computing a reality. All figures shown in the chart above are for the trailing 12 month (TTM) period A-Sonic Aerospace shares are down 3.0% from a week ago. Risk Analysis It is worth noting though that we have found 2 warning signs for A-Sonic Aerospace (1 is a bit concerning!) that you need to take into consideration. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Sign in to access your portfolio
