23 August 2012, Australia’s Quantas Airways reported its first yearly loss since it was privatized 17 years ago.

Quantas lost $250 million USD from June 2011 to June 2012.  The airline blames the high cost of fuel, coupled with flight cancellations and employee strikes.

The loss means that Quantas will now put on hold a huge order (35 aircraft) for the latest 787 airliners made by U.S. company Boeing.