Qantas tightens belt amid recession

Australia's top airliner, Qantas is planning to layoff 100 senior executives in a bid to weather a decline in global air travel.

The airliner's business strategy advisor, Boston Consulting Group is finalizing a review of the management structure, the Australian Financial Review reported on Monday. 

The positions cuts which will be implemented in “the coming weeks”, will be exclusively from the upper layers of management, the newspaper said citing unnamed senior officials at the air company. 

Hit by the global economic crisis Qantas in July announced plans to scrap about 4 percent of its workforce equaling to more than 1,500 positions. 

Qantas spokesman Simon Rushton said the company would not comment on the airline's potential restructuring plan. 

"We're not commenting at this stage,'' he said. 

Qantas shares were up 1 cent to $1.705 in early trade on Monday after economists said Australia will soon join most of the Group of Seven economies in recession. 

For the first time in eight years the Island country's economy has contracted 0.5% in the fourth quarter of 2008.