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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
an hour ago
- Yahoo
Asia stocks up, oil down before Trump-Zelensky talks
Asian stocks were mostly higher Monday while oil dipped ahead of talks between Donald Trump, Ukrainian President Volodymyr Zelensky, and European leaders in Washington. US President Trump met Russian President Vladimir Putin in Alaska on Friday, but the summit failed to yield any breakthrough on a ceasefire in Ukraine. Zelensky, who will be joined in Washington by European leaders, however called a US offer of security guarantees to Ukraine "historic". "Trump and Putin walked away without a ceasefire, without even the illusion of one," said Stephen Innes at SPI Asset Management. "What they did offer was theatre: enough 'progress' for Trump to declare victory and quietly holster his double-barreled threat -- tariffs on Beijing for buying Russian barrels and sanctions on Moscow's crude," Innes said. Before the Alaska talks, US stocks wavered on Friday after mixed economic data, with retail sales up but an industrial production index and a consumer survey both down. Oil prices, which have been volatile for several days -- Russia is a major crude producer -- fell back on Monday, adding to a drop on Friday. Japan's Nikkei was up, posting a new record high and adding to gains on Friday after better-than-expected economic growth data. The Hang Seng, Shanghai, and Sydney were also higher while Taipei fell back. This week investor eyes will be on any clues on US interest rates at the Federal Reserve's annual retreat at Jackson Hole. - Key figures at around 0130 GMT - Tokyo - Nikkei 225: UP 0.7 percent at 43,678.12 Hong Kong - Hang Seng Index: UP 0.1 percent at 25,293.34 Shanghai - Composite: UP 0.2 percent at 3,704.76 New York - Dow: UP 0.1 percent at 44,946.12 (close) London - FTSE 100: DOWN 0.4 percent at 9,138.90 (close) Euro/dollar: DOWN at $1.1699 from $1.1704 on Friday Pound/dollar: DOWN $1.3556 at from $1.3557 Dollar/yen: UP at 147.47 yen from 146.85 yen Euro/pound: DOWN at 86.30 pence from 86.34 pence West Texas Intermediate: DOWN 0.2 percent at $62.69 per barrel Brent North Sea Crude: DOWN 0.3 percent at $65.65 per barrel burs-stu/fox Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
