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Domestic Slowdown Holds Back Australian Airlines

Wochit 0:50 mins

Headwinds from Australia's slowing economy and intense competition in the domestic airline market have resulted in an uncertain near-term outlook for Qantas Airways Ltd and Virgin Australia ,which report their full-year results this week. Yields are under pressure for both airlines as investment in the once-booming resources sector slows and the government forecasts limp economic growth into 2014. It's official. J.C. Penney's biggest investor and former board member Bill Ackman is through with the retailer, selling his entire 18 percent stake to Citigroup and taking a more than $400 million bath on the deal.

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