Qantas forced to pay $100 million in compensation
If you’re catching up on the big news that kicked off the week, Qantas is facing a multi-million-dollar compensation bill after it illegally sacked hundreds of workers during the COVID-19 pandemic, with the Federal Court ordering three former employees will receive a share of $170,000.
Last year, the High Court ruled that the airline broke the law when it stood down 1,700 ground crew members in August 2020, after Qantas appealed two previous Federal Court verdicts.
At the Federal Court in Sydney on Monday, Justice Michael Lee ruled that Qantas would be required to pay varying degrees of compensation based on three “test cases”.
Here’s coverage from The Business last night.
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Market snapshot
ASX 200 futures: -0.8% to 8,308-points
Australian dollar: =0.7% at 66.57 US cents
Dow Jones: -0.8% to 42,931-points
S&P 500: -0.2% to 5,854-points
Nasdaq: +0.3% to 18,540-points
FTSE: +-0.5% to 8,318 points
EuroStoxx 50: -0.9% to 4,941-points
Spot gold: stable at $US2,719/ounce
Brent crude: +1.4% to $US74.07/barrel
Iron ore: -1.7% to $US105.37/tonne
Bitcoin: -1.9% to $US67,635
Prices current around 7:30am AEDT.
Live updates on the major ASX indices:
Good morning!
Hello and welcome,
Daniel Ziffer from the ABC business unit with our week-daily blog covering markets, business, finance and economics news.
The ASX 200 looks set to slide, based on the futures market. It’s tipped to fall -68-points or -0.8% to 8,308-points.
That’s off the back of a mixed lead from Wall Street, where US indices split in fortunes.
The blue-chip Dow Jones is -0.8% to 42,931-points. The broader S&P 500 is at -0.2% to 5,854-points while the tech-heavy Nasdaq lifted +0.3% to 18,540-points.
Grab a coffee and let’s get started.
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