Qantas shares tumble to 18 month low

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