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Qantas announces its biggest ever financial loss

28 August 2014 Last updated at 04:18 BST

Australia's national flag carrier Qantas has reported an after-tax net loss of A$2.8bn ($2.6bn; £1.57bn) for the year ending in June - its biggest ever financial loss.

The huge loss confirms fears that it is continuing to struggle in a highly competitive environment.

The flag-carrier issued a profit warning last year and the company has called on the government to modify rules on foreign ownership to allow it to seek new investment.

Phil Mercer reports from Sydney.

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