THE NEWS WRAP: Air Australia administration strands passengers

International and domestic airline Air Australia has been placed into administration, leaving around 4,000 passengers stranded.

 

The business, formerly known as Strategic Airlines, has had its fleet grounded, with administrator KordaMentha saying that it will immediately be put up for sale.

 

The news comes hot on the heels of Qantas announcing 500 redundancies as it struggles with increased competition.

 

 

Moody’s threatens credit rating axe

 

Credit agency Moody’s has warned that it may cut the ratings of 17 banks and financial services firms that it is currently reviewing.

 

Moody’s said that Morgan Stanley, UBS and Credit Suisse could have their ratings cut by up to three notches, while Barclays, BNP Paribas, Credit Agricole, Deutsche Bank, HSBC Holdings and Goldman Sachs face their rating dropped by two levels.

 

 

Lady Gaga start-up gets $4m funding

 

Backplane, a US start-up backed by Lady Gaga, has received $4 million in funding from a range of high-level investors, including Google Ventures and the Future Fund.

 

The tech business, which provides a community platform for fans to interact with musicians, was co-founded by Lady Gaga’s manager Troy Carter and is headed by former Facebook and Google employees.

 

 

Overnight

 

Dow Jones Industrial Average was up 0.99% to 12907.04. The Australian dollar was down to 106.68 US cents.

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