British Airways and Qantas were fined by an Australian court today over a price-fixing cartel in the global air freight industry, a national competition watchdog said.

Qantas is confident a plan to link the airline with Air New Zealand will go ahead despite opposition to the plan from Australia's competition authority.

Australian telecommunications giant Telstra said it has no plan to lower its stake in pay TV operator Foxtel despite concerns by the competition regulator about its holding.

Australia’s competition watchdog today launched legal action against Qantas Airways, claiming the flag carrier slashed fares and increased seats on a domestic route to try to eliminate Sir Richard Branson’s Virgin Blue.