Qantas flights remain grounded for a second day after management of the Australian carrier took the drastic measure of grounding all international and domestic flights following long running industrial disputes.

Qantas has accused the Australian Licenced Aircraft Engineers Association of ruining has the travel plans of more than 11,000 passengers following the cancellation of a strike. The Australian flag-carrier was forced to cancel 40 flights, delay 24 flights by up to three and a half hours and bring forward 14 flights earlier today due to the planned four hour strikes this afternoon in Melbourne, Brisbane and Sydney.

Over 3000 Qantas baggage handlers, ground staff, catering and other employees are planning to take strike action that could disrupt flights for up to 48 hours, according to reports.

Ratings agency Standard & Poor’s has upgraded its outlook on debt at Australian airline Qantas to Stable, from Negative, allowing the carrier to maintain its BBB long-term corporate debt rating. The Australian flag-carrier is one of a handful of airlines from around the world to maintain an investment-grade rating from the three major credit agencies.

The Australian Competition & Consumer Commission has issued a draft decision proposing to grant authorisation for a Joint Business Agreement between Qantas and American Airlines. Under the JBA, the airlines will coordinate operations on services between Australia/New Zealand and the United States (the trans-Pacific routes), and on their respective services which support the trans-Pacific routes.

Officials at the Australian Licensed Aircraft Engineers Association in Australia have confirmed plans to take industrial action at Qantas following the announcement of job losses at the airline. Qantas confirmed as many as 1,000 employees would lost their jobs – principally through voluntary redundancy – as part of wide ranging reforms to the carrier outlined earlier this week.