Qantas (ASX:QAN) is one of the world’s leading airlines, an Australian icon and is still seen as one of the market’s blue chip stocks.
On top of its standard domestic and international flights, QAN also owns budget airline Jetstar, regional airline QantasLink and related travel businesses Qantas Flight Catering.
Today Qantas announced a new international strategy in attempt to turn its fortunes around.
QAN will launch two new airlines servicing Asia. One airline will be a Japanese low-cost carrier, with the other to be a new premium carrier.
1000 job cuts were also announced, although QAN’s unions warned that they will resist the plans.
The stock market was happy with the announcement, sending QAN shares up more than 1% so far.