THE NEWS WRAP: Qantas strikes peace deal with union

Troubled surf brand Billabong has seen its share price slump after it downgraded its sales and profit expectations.

Shares in the company collapsed by 44.23% to $2.03 yesterday. The drop followed a revised EBITDA for the six months to December 31 of between $70 million to $75 million, down from $94.6 million in the corresponding period last year.

Qantas strikes peace deal with union

Qantas and one of the three unions at the centre of a long-running industrial dispute have finally reached a truce.

The airline and the engineers’ union have submitted an agreement to Fair Work Australia, in a bid to end the long-running industrial dispute that caused a brief grounding of all Qantas flights.

BT sues Google

Google is being sued by UK telecoms company BT, over the alleged infringement of six patents.

BT claims that Google’s Android and search systems infringe its IP. The company joins Microsoft and Apple in taking court action against Google.

Aussie dollar falls after death of Kim Jong-il

The Australian dollar was weaker yesterday on news that North Korean leader Kim Jong-il had died, sparking uncertainty about the future leadership of the nuclear state.

At 5pm yesterday, the Australian dollar was trading at US99.24 cents, down US4 cents.

Foreign Minister Kevin Rudd has warned of instability in the region amid doubts about who will lead North Korea in the wake of Jong-il’s death.

Meanwhile, currency traders say his death is one more source of uncertainty for markets already rattled by the worsening woes in Europe and the warnings of the ratings agencies.