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Subject:  To: Monday11/2/2013=80 ==Tell Me why |
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Author: Sent: Wednesday, August 14, 2013 23:59 | [ Next Thread |
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] Date Posted: 01:03:53 08/15/13 Thu To: Monday11/2/2013=80 Sent: Wednesday, August 14, 2013 23:59 Subject: Qantas Sees Tough Market Conditions But Expands Service Qantas Sees Tough Market Conditions But Expands Service 14/08/2013 2:15PM By Robb M. Stewart MELBOURNE--Qantas Airways Ltd. (QAN.AU) aims to build its global network and expand further in Asia over the year ahead despite a volatile market and record fuel costs, the boss of Australia's flag carrier said. "I'm realistic about market conditions. It's tough out there," Chief Executive Alan Joyce said in a speech Wednesday. Still, despite the pressures facing the airline industry Qantas is increasing the frequency of several flights and starting a new route between Perth and Auckland, he said. Mr. Joyce said Qantas had found ways to do maintenance on aircraft more efficiently to increase time in the air. For example, a number of Airbus A380 jets that spend weekends on the ground in Perth will from November be used to increase the frequency of flights between Sydney and Hong Kong to five times a week from four currently, without increasing capital expenditure. Speaking at an American Chamber of Commerce luncheon in Melbourne, Mr. Joyce said Qantas, among other changes, would also increase the frequency of Boeing 747s flying between Brisbane and Los Angeles to daily from 6 times a week. And, even as the company beds down its new partnership with Emirates, Qantas continues to look at opportunities in Asia, with the market in Japan in particular offering "huge" growth potential, Mr. Joyce said. Write to Robb M. Stewart at robb.stewart@wsj.com Subscribe to WSJ: http://online.wsj.com?mod=djnwires (END) Dow Jones Newswires August 14, 2013 00:15 ET (04:15 GMT) Copyright (c) 2013 Dow Jones & Company, Inc. Australia Shares End Flat After Earnings Reports Spark Profit-Taking 14/08/2013 4:59PM By David Rogers SYDNEY--Australian shares were capped by profit-taking Wednesday after corporate earnings, dividends and outlook statements were generally weaker than the market's bullish market expectations. But traders expected ongoing support for shares on the back of lower interest rates, a weaker Australian dollar and an improving global economy. The benchmark S&P/ASX 200 closed flat at 5157.4 points after hitting a three-month high of 5168.2 in early trading. Commonwealth Bank of Australia, CSL Limited, Computershare, Leighton Holdings and OZ Minerals fell 1.1%-6.3% after their earnings reports. Among companies that rose on stronger-than-expected results, WorleyParsons, Southern Cross Media, SAI Global and Carsales.com gained 3.4%-8.1%. Dips in the index were limited to 5143.0 and share trading value was a very solid 5.5 billion Australian dollars (US$5.0 billion) versus the 200-day average of A$4.2 billion. Traders said investors were keen to buy into weakness caused by profit-taking. "There's probably a bit more interest on the buy side," said Macquarie Private Wealth investment adviser John Milroy. "Clients have been more willing to get involved this month after holding their breath before reporting season. Mining services companies have had pretty good results after leading the pullback in the market this year. The market had priced that sector for complete disaster." WorleyParsons rose after the mining and energy services company forecast stronger fiscal 2014 earnings after fiscal 2013 earnings slumped 8% to A$322.1 million. The fall came as companies in a number of its key markets sought to cut costs in the face of weaker commodity prices. IG market strategist Stan Shamu said shares in Commonwealth Bank, and CSL, a biopharmaceutical company, were likely to be well supported on dips. CSL should be supported by the fact that the company is considering another share buyback, Mr. Shamu said. "After a big run-up into the result, there was always a risk that CBA's result would be greeted by sellers unless it came in significantly above estimates particularly on the dividend front," Mr. Shamu said. "It seems traders are the likely culprits of the selling in CBA today and perhaps once the noise is out of the way, we will actually see real money investors underpin gains in the bank's shares going forward." Westpac, ANZ and National Australia Bank shares rose 0.8%-1.1%, suggesting that traders rotated from CBA to the other banks. Traders weren't overly concerned by a rise in U.S. bond yields, which followed the release of stronger-than-expected core U.S. retail sales data last night. The 10-year yield rose 11 basis points to 2.72%, near a three-year high of 2.75% struck earlier this month. "It reflects what looks to be imminent tapering of QE, but the U.S. share market is becoming more comfortable with that prospect because it's being supported by better-than-expected earnings data," Macquarie's Mr. Milroy said. Goldman Sachs last night said the U.S. S&P 500 would rise 8% to 1,825 in the next 12 months as economic growth gains momentum. Strategist David Kostin argued that rising interest rates reflect a better economy. Macquarie Equities expects the S&P/ASX 200 to rise above 5300 over the next 12 months. Write to David Rogers at david.rogers1@wsj.com (END) Dow Jones Newswires August 14, 2013 02:59 ET (06:59 GMT) Copyright (c) 2013 Dow Jones & Company, Inc. [ Next Thread | Previous Thread | Next Message | Previous Message ] |
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