Australia's Qantas Airways to slash 1,000 jobs as it forecasts steep loss in half-year profits

Qantas Airways says it will slash 1,000 jobs over the next year as the flagship Australian carrier forecasts a half-year loss of at least 250 million Australian dollars ($225 million).

Lower demand, a strong Australian dollar and steep fuel costs have put pressure on the airline. Qantas said Thursday that conditions are expected to remain volatile next year.

The airline said it expects to post pre-tax losses of between AU$250 million and AU$300 million for the six months to Dec. 31.

Qantas is trying to save AU$2 billion over the next three years. On top of the job cuts, it will implement a pay freeze for all employees and cut the salaries of Joyce and other executives.