Qantas chief executive to face Senate inquiry; Piracy and big ships threaten Australian businesses: Midday Roundup

Qantas chief executive Alan Joyce is expected to appear at a Senate inquiry today over the airline’s decision to cut 5000 jobs.

Labor and the Greens established the inquiry following Qantas’s announcement it would shed the Australian jobs in a bid to streamline costs. The inquiry also coincides with the government’s bill to change the foreign ownership limits in the Qantas Sale Act.

Joyce will face the inquiry around midday, according to Business Spectator.

Piracy and big ships threaten Australian businesses

There are increasing risks for Australian businesses involved in the international shipping trade, a new report shows.

The Safety and Shipping Review 2014, published by Allianz Global Corporate & Specialty found incidents of piracy are particular issues for Australia given its large coastline and limited ports. The report says Indonesian piracy attacks have increased by 700% since 2009.

AGCS regional marine manager for the Pacific, Ron Johnson, said this should be “of concern” to businesses involved in international trade and shipping between Australia and Asia.

Shares slide on open

Australian shares have fallen sharply on open, following falls on Wall Street yesterday as tensions escalate between Russia and Ukraine.

The S&P/ASX200 benchmark had fallen 74.3 points to 5338.3 at 12:08pm AEDT. Overnight the Dow Jones fell 231.19 points, down 1.41% to 16,108.89.