Australia's Qantas Airways announced on Wednesday it will cut 5-thousand jobs, or 15 percent of its workforce, over the next three years, sell older jets and cut capital spending,... due to heavy financial losses... they attributed to strong competition.
CEO Alan Joyce expressed his regret, but said it was an unavoidable decision made to preserve the business in the long term.
Qantas lost around 2-hundred-50 million Australian dollars in just six months.
