Virgin Australia

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tonyp
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Location: Brisbane, Queensland, Australia

Virgin Australia

Post by tonyp » 19 Apr 2020, 10:27

Virgin Australia has been haemorrhaging money, posting losses for the past seven years.

Four of Virgin Australia’s five largest shareholders - Etihad Airways, Singapore Airlines, and Chinese companies Nanshan and HNA, which each hold about 20 per cent of the company – have declined to bail it out. Sir Richard Branson’s Virgin group, which holds around 10 per cent, is wavering but is unlikely to put substantial capital into the company he founded in Brisbane in 2002.


WHO OWNS VIRGIN AUSTRALIA AND WHERE ARE THEY BASED:

20 per cent: Etihad Airways (United Arab Emirates)

20 per cent: Singapore Airline (Singapore)

20 per cent: Nanshan Group (China)

20 per cent: HNA (China)

10 per cent: Virgin Group (Sir Richard Branson/United Kingdom)

10 per cent: minor shareholders in Australia
Learn from yesterday, live for today, hope for tomorrow - Albert Einstein

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White G
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Re: Virgin Australia

Post by White G » 19 Apr 2020, 10:38

What are you trying to say Tony? I thought this lovely person was one of the greatest men ever to walk the earth? Are you approving or disapproving of this story? You seemed to admire his ruthless business acumen in the below post, and dismissed previous claims against him. Personally I think he's a complete lowlife but each to their own. Whatever you say, his behaviour is completely immoral in my book.

https://www.theposhforum.com/viewtopic.php?f=2&t=30539

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tonyp
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Re: Virgin Australia

Post by tonyp » 19 Apr 2020, 11:11

White G wrote:
19 Apr 2020, 10:38
What are you trying to say Tony?
I am trying to say that it is a shame if Virgin Australia goes broke and we have only one airline in Australia.
Other airlines have failed including Ansett which was started by Reg Ansett who I also admired.
I don't know the answer. But I hope someone comes to the party. Preferably not China.
Learn from yesterday, live for today, hope for tomorrow - Albert Einstein

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White G
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Re: Virgin Australia

Post by White G » 19 Apr 2020, 11:17

tonyp wrote:
19 Apr 2020, 11:11
White G wrote:
19 Apr 2020, 10:38
What are you trying to say Tony?
I am trying to say that it is a shame if Virgin Australia goes broke and we have only one airline in Australia.
Other airlines have failed including Ansett which was started by Reg Ansett who I also admired.
I don't know the answer. But I hope someone comes to the party. Preferably not China.
Virgin Australia doesn't sound Australian at all Tony, perhaps you're worried as they provide important routes in Australia but that's the world of capitalism.

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tonyp
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Re: Virgin Australia

Post by tonyp » 19 Apr 2020, 11:24

White G wrote:
19 Apr 2020, 11:17
perhaps you're worried as they provide important routes in Australia but that's the world of capitalism.
I'm worried because we could have only one airline. I don't want the government to own an airline. I don't mind if they bail them out with a loan.
Learn from yesterday, live for today, hope for tomorrow - Albert Einstein

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tonyp
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Re: Virgin Australia

Post by tonyp » 20 Apr 2020, 21:37

Virgin Australia goes into voluntary administration
Embattled carrier Virgin Australia has collapsed under a $5 billion debt pile and coronavirus travel restrictions after frantic negotiations failed to secure an 11th-hour buyout.
And according to Sky News
Sir Richard Branson offers tropical island home to secure Virgin rescue
https://news.sky.com/story/coronavirus- ... h-11975836
The billionaire tycoon used an open letter to his 70,000 staff in 35 countries to reassure them he was "working day and night", doing all he could to invest across his business interests despite "no money coming in and lots going out".
Sir Richard warned that a Virgin Atlantic collapse would be bad for jobs and competition and said that if Virgin Australia was to fall, then it would hand an effective monopoly to rival Qantas.
and
Critics have asked why billionaire Mr Branson shouldn’t use his own fortune to save the business.
Former British Home Secretary Diane Abbott tweeted: “Branson has not paid tax in this country for 14 years. On no account should he get a taxpayer bailout, loan or otherwise.”
Sir Richard moved to address criticism of his financial status.
"There have been comments about my home," Sir Richard said.
"Joan and I did not leave Britain for tax reasons but for our love of the beautiful British Virgin Islands and in particular Necker Island, which I bought when I was 29 years old, as an uninhabited island on the edges of the BVI (British Virgin Islands).
Joan and I did not leave Britain for tax reasons . There you are then.
Learn from yesterday, live for today, hope for tomorrow - Albert Einstein

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tonyp
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Re: Virgin Australia

Post by tonyp » 21 Apr 2020, 22:59

Chinese billionaires, oil-rich oligarchs and foreign governments are among the shareholders who refused to bail out Virgin Australia, with the company forced to lobby for a $1.4 billion loan from the Australian taxpayer.

Virgin Australia’s annual reports show that from 2004-2013, Virgin Australia paid fees totalling $102.7 million to Virgin Enterprises Ltd, a Branson company, for the right to use the Virgin brand.
As Sir Richard’s shareholdings decreased to 10 per cent, Virgin Australia stopped reporting the payments in its annual reports from 2013. However News Corp understands those fees amounted to around $10 million a year, taking the total payments to around $150 million.

It’s believed Virgin Australia’s bosses felt the payments were good value for money, with the Virgin brand recognised globally, and Sir Richard enthusiastically promoting the airline in international and Australian markets.

Image

You've got to admire him.
Learn from yesterday, live for today, hope for tomorrow - Albert Einstein

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White G
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Re: Virgin Australia

Post by White G » 23 Apr 2020, 07:48

Branson's at it!

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ashman
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Re: Virgin Australia

Post by ashman » 23 Apr 2020, 09:02

tonyp wrote:
21 Apr 2020, 22:59
You've got to admire him.
I wasn't admiring him! :wink:
'Everybody needs to have a friend'

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