Qantas to Downsize operations by 6000 Staff | ASX Market Update

  • Jun 25, 2020 AEST
  • Team Kalkine

About 6,000 jobs to be cut from the Qantas’s 29,000 workforce, equivalent to 20.7 per cent. Apart from the job losses, 15,000 staff will remain stood down without pay, on leave without pay or on annual leave, as applicable, for some time. The job losses and stand down measures affect both Qantas and Jetstar. Qantas will offer voluntary redundancies and career support for those laid off. Some 8,000 staff are expected to return to work by the end of July. Quantas is also seeking to raise A$1.9b from shareholders to strengthen its balance sheet.

Global pathology company Sonic Healthcare expects to earn around the same as last year, as it bounces back from the impact of the pandemic.

The world's third-largest laboratory medicine company had been forecasting earnings to grow six to eight per cent on FY19's $1.075 billion, but withdrew that guidance on March 20 as the lockdowns began. While its trading results in March and April were substantially below forecast, its trading in May and early June have been better than expected. At 1118 AEST, Sonic shares were up 3.5 per cent to $29.97.

TPG Telecom Limited (ASX:TPM) announced that the Singapore Infocomm Media Development Authority has allotted TPG Telecom Pte Ltd (TPG Singapore) with 800 MHz of mmWave spectrum. The allotment of 800 MHz spectrum across the 26 and 28 GHz bands would enable TPG Singapore to offer next generation 5G services in support of new customer and enterprise use cases. At AEST 12:30 PM, TPM shares are trading at A$8.800.

#Qantas #TPM #lockdown #Kalkine


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