Qantas posts record loss

Qantas Airways has posted a record $2.8bn (€1.06bn) loss, reflecting a profit-draining battle with its smaller rival Virgin Australia and aircraft write-downs.

The loss for the financial year which ended on June 30 is the largest the former state-owned airline has posted in its 94-year history. It made an $1m (€708,433) profit in the previous year.