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Qantas shares tumble to 18 month low

5 December 2013 Last updated at 10:01 GMT

Shares in Qantas slumped to an 18 month low after the Australian airline warned of big losses and announced 1,000 job cuts.

Qantas said a "marked deterioration" in trading conditions meant it was on track to make losses of up to A$300m ($271m; £165m) in the current half of the year.

It is struggling with fierce competition from rival Virgin Australia.

Phil Mercer reports from Sydney