Branson Speaks on Qantas
Sir Richard Charles Nicholas Branson, KBE is an English businessman and investor. He is best known as the founder of Virgin Group, which comprises more than 400 companies.
Mr Branson Speaks on Qantas, whose Virgin Group maintains a 10 per cent stake in Qantas rival Virgin Australia Holdings, said Mr Joyce’s strategy of protecting its 65 per cent market share in Australia had left Qantas in “deep s***”.
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Renewing his attacks on Virgin’s main rival, Sir Richard has told journalists in Dubai that it would be unfair for the federal government to provide financial assistance to Qantas.
‘‘It would be incredulous if the government can hand over money to him [Mr Joyce] and they don’t hand over money to Virgin Australia,’’ he said.
‘‘Every company in Australia will come begging to the government if the government allowed that to happen.’’
“Good government would never have allowed that to happen and you’ve now got less than a handful of big carriers around the world and prices will go up as a result.’’
Sir Richard’s British airline Virgin Atlantic announced last week that it will ditch flying between Sydney and Hong Kong in May, blaming increasing costs and a weaker Australian dollar.
He put the airline’s losses on the route at about $10 million a year.
Opposition urges Government to make decision
It is understood Qantas is lobbying the Government to offer a public guarantee of its debt to secure its credit rating.
The Federal Opposition is demanding the Government makes a decision about whether to provide assistance to Qantas.
Opposition transport spokesman Anthony Albanese says there is a case for the Government to support Qantas in the form of a debt guarantee.
Sir Richard Charles Nicholas Branson, KBE is an English businessman and investor. He is best known as the founder of Virgin Group, which comprises more than 400 companies.
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