Each week the Blue Swan Daily brings you a snap shot of the key share and oil prices related to all things travel and aviation.
Monthly Share Price Snapshot:
Key news stories of the week
Qantas completed (22-Jun-2018) its AUD378 million (USD280.6 million) share buy back scheme. The carrier completed the repurchase of 61,540,891 shares via on market purchases through the Australian Stock Exchange. The highest price per share paid was AUD6.72 (USD4.99) and the lowest price per share was AUD5.66 (USD4.20).
Qantas announced (28-Jun-2018) group chairman Leigh Clifford will step down in Oct-2018, after 11 years in the role. Board member Richard Goyder will assume the role of chairman following the carrier’s AGM on 26-Oct-2018. The AGM will also mark the end of Mr Clifford’s current three year term on the board. Mr Goyder joined the Qantas board in Nov-2017 after serving as Wesfarmers Limited CEO for 12 years. His other roles include chairman of Woodside Petroleum Limited and the Australian Football League.
Air New Zealand
Federal Court of Australia ordered (27-Jun-2018) Air New Zealand to pay AUD15 million (USD11.0 million) in penalties after legal action by the Australian Competition and Consumer Commission (ACCC) against a global air cargo cartel. Details include:
- The Court found Air New Zealand made and gave effect to agreements with other airlines to fix the price of fuel and insurance surcharges on air freight services from Hong Kong, and insurance and security charges from Singapore, to various locations, including Australian airports, between 2002 and 2007;
- The Court ordered Air New Zealand to pay a pecuniary penalty of AUD11.5 million (USD8.4 million) for price fixing in relation to fuel surcharges imposed for cargo from Hong Kong to Australia. An additional AUD3.5 million (USD2.6 million) penalty is payable for price fixing in relation to the insurance and security surcharge from Singapore to Australia;
- Air New Zealand also agreed to pay AUD2 million (USD1.5 million) towards the ACCC’s legal costs.
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