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THE NEWS WRAP: Qantas dispels gloom with profit rise

By Oliver Milman
Friday, 18 February 2011

Qantas looks to have bounced back from one of the worst periods in its history, recording a $241 million profit in the six months to December.


The airline’s share price rose 5% following disclosure of the results, which come after a troubled period in which Qantas had to ground its A380 fleet after a much-publicised engine failure and increased competition from overseas rivals.  



Administrators sift through Red Group wreckage


The salvage of the Red Group will begin in earnest today, with administrators examining what caused the company to collapse.


The Red Group, which includes the Borders and Angus & Robertson stores, was placed into administration yesterday afternoon and is believed to owe creditors $46 million. 




Apple shares dip on Jobs health fears


Shares in Apple went down by 1.1% after founder and CEO Steve Jobs was reportedly seen at a cancer treatment centre.


Jobs is on long-term leave from the tech giant, although he is set to meet US president Barack Obama with other tech executives, including Facebook’s Mark Zuckerberg, next Thursday. 





The Dow Jones industrial average rose 9.69 points to 12,297.86 and the Australian dollar jumped to 101.22 US cents.

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