live:Qantas agrees to $120 million 'ghost flights' settlement, ASX to open higher

ABC News05-06

The ASX is set to open higher after very strong gains on Wall Street after "Goldilocks" jobs numbers on Friday.Qantas is set to pay a $100 million penalty and $20 million in fines for selling tickets ...

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Qantas is set to pay a $100 million penalty and $20 million in fines for selling tickets on flights that had already been cancelled. Follow live.","collect":0,"end_time":0,"defaultTopTitle":"abc.net.au","property":[],"viewcount":null,"language":"en","relate_stocks":{"QAN.AU":"QANTAS AIRWAYS LIMITED"},"translate_title":"直播：澳航同意1.2亿美元的“幽灵航班”和解，ASX开盘走高","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"QAN.AU":1},"content_text":"The ASX is set to open higher after very strong gains on Wall Street after \"Goldilocks\" jobs numbers on Friday.Qantas is set to pay a $100 million penalty and $20 million in fines for selling tickets on flights that had already been cancelled.Follow the day's financial news and insights from our specialist business reporters on our live blog.Disclaimer: this blog is not intended as investment advice.Key events55m ago55 minutes agoSun 5 May 2024 at 10:12pm ASX to rise on 'Goldilocks' jobs dataLog in to commentTo leave a comment on the blog, please log in or sign up for an ABC account.Live updatesLatestOldestBREAKING: 'Ghost flights' settledD29m agoSun 5 May 2024 at 10:39pmBy Daniel ZifferQantas will pay $20 million to customers and a $100 million penalty for so called \"ghost flights\" — selling tickets on flights that had already been cancelled or moved.Most customers will get between $225 and $450.In addition, Qantas will pay a $100 million civil penalty.Both the ACCC and Qantas will seek approval (of the plan) from Federal Court.But Qantas will get started on paying back customers now, before the plan is approved — it has said in a statement.ShareCopy linkWestpac results dropS38m agoSun 5 May 2024 at 10:30pmBy Stephen LettsWestpac has just released its first half profits and they are a slight miss on market expectations.Net profit after tax came in at $3.34 billion, down 16 per cent on this time last year, while its preferred measure of net profit excluding on-offs was $3.5 billion.Net interest margins, where the bank makes its money, fell over the year and a half.The good news for shareholders was an increase in interim dividend to 75 cents per share (up from 70 cents a year ago) and a special fully franked dividend of 15 cents.More to come.ShareCopy linkCorporate calendar for the weekS48m agoSun 5 May 2024 at 10:20pmBy Stephen LettsWestpac (Monday) and ANZ (Tuesday) half-year yearly results are headline acts on the corporate calendar.As mentioned last week, both are expected to roll out net profits of about $3.5 billion, with Westpac down about 13 per cent on a year ago, and ANZ likely to be down about 10 per cent.Elsewhere, Virgin Money — an odd spun-out leftover of NAB's retreat from the UK — trots out what is likely to be its last set of results as an ASX-listed company (Wednesday).It's set to be returned to the Old Dart, and anyone still holding the stock is only thinking about escape and the handy premium being offered by the UK's biggest building society Nationwide rather than the past eight indifferent years' performance.Explosives manufacturer Orica posts first-half results on Thursday and Newscorp drops third-quarter numbers on Wednesday.There are still some AGMs to be dealt with, although none likely to create a headline, let alone bring down a board. Mineral sands miner faces its owners in Perth on Tuesday, followed by property group GPT (Wednesday), fuel retailer Ampol (Thursday) and insurer QBE (Friday).ShareCopy linkWhat the markets will be watching this weekS50m agoSun 5 May 2024 at 10:18pmBy Stephen LettsThe Reserve Bank meeting (Tuesday) is the key event for local markets this week.The official stance of the RBA board voiced by governor Michele Bullock is not to rule anything in or out.The unofficial stance of the market is to rule out any change to the cash rate currently parked at 4.35 per cent.The higher-than-expected March quarter inflation figures furrowed brows and prompted dark mutterings about the next move being a rate hike, but most other data shows households and consumers are under pressure.That is likely to be reflected in the first quarter retail trade volumes also due out on Tuesday.The CBA is forecasting retail volumes fell around 0.3 per cent for the quarter, or down 1.2 per cent over the year, which is very unusual given such strong population growth.As the CBA points out \"only 8 of 158 quarters in the history of the dataset (excluding pandemic lockdowns) have seen negative results. Four of these eight quarters have been the previous four quarters\". Could be a trend there.LoadingOverseas, the economic calendar is barren.China and the Eurozone will get their latest updates on manufacturing activity (Monday) and both are likely to report modest expansions.The Bank of England also has an interest rate announcement (Thursday) and is expected to leave things unchanged at 5.25 per cent, while GDP data (Friday) is likely to show to show the UK has emerged from a brief recession over the second half of last year.ShareCopy linkKey EventASX to rise on 'Goldilocks' jobs dataS55m agoSun 5 May 2024 at 10:12pmBy Stephen LettsWelcome ABC markets blog, I'm Steve and along with Michael, we'll running the blow-by-blow commentary of the first session of the week.So far, so good. The US markets finished strongly on Friday with the S&P500 up 1.3 per cent and the Nasdaq up 2 per cent , thanks to some not-too-hot, not-too-cold jobs data.The upshot was the bets on a rate cut in the US being moved forward to September and a drop in bond yields.That's given our local market a leg up with the futures market pointing to a 0.3 per cent rise on opening.ShareCopy link","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2433945217"}