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- Scientists fear underfunded Argentina research on verge of collapse
- US port officials gird for strike despite last-minute bargaining
- With 118 dead from Hurricane Helene, Biden defends US government response
- Breeder who tried to create enormous trophy sheep jailed in US
- Qatar Airways seeking 25% stake in Virgin Australia
- US port officials gird for strike as labor talks stay stuck
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- China stocks soar on stimulus, but US and Europe retreat
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- New blow for UK's Starmer as growth data disappoints
- China's top banks to tweak mortgage rates to boost housing market
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- More than 60 dead from storm Helene as rescue, cleanup efforts grow
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- Japan's speedy, spotless Shinkansen bullet trains turn 60
- US hurricane deaths rise to 44, fears of more 'catastrophic' flooding
- Global stocks mostly rise, cheering Beijing stimulus
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- Global stocks rise on rate hopes, Beijing stimulus
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Qatar Airways seeking 25% stake in Virgin Australia
Qatar Airways unveiled a bid to take a 25 percent stake in troubled airline Virgin Australia on Tuesday, a deal that could shake up Australia's Qantas-dominated market.
The airlines, along with Virgin owner Bain Capital, announced details of the proposed agreement, which had long been rumoured, before markets opened in Sydney.
Under the plan, Qatar would take a minority stake in Virgin for an undisclosed sum.
The firms said it would spell more direct flights from Brisbane, Melbourne, Perth, and Sydney to Doha, which would better link Australia with Europe and elsewhere.
That could significantly shake up Australia's air travel market which is currently dominated by Qantas, a pseudo-flag carrier beset by allegations of price gouging and deliberate overbooking.
"This will ensure Australian consumers have access to even better value airfares and greater choice" the companies said in a joint statement.
The deal could also pave the way for Virgin to relist on the stock market. However, it will be subject to regulatory approval and fierce political debate.
- Political clout -
Qantas has previously helped scupper plans for Qatar to provide more flights from Australia.
Qantas -- along with its low-cost brand Jetstar -- has a more than 61 percent share of the domestic air market and has strong political clout.
In 2023, Australia's centre-left government rejected Qatar's bid to put on 21 extra international flights to and from Australia.
Political opponents accused the government of trying to shield Australian carrier Qantas from competition despite its record profits, resulting in high fares for international flights.
Qatar Airways CEO Badr Mohammed Al-Meer said the proposed Qatar-Virgin tie-up would be good for Australians.
"We believe competition in aviation is a good thing and it helps raise the bar, ultimately benefiting customers" he said. "This agreement will also help support Australian jobs, businesses and the wider economy."
H.Cho--CPN