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Spain's economy posted its strongest quarterly expansion since 2007 between April and June due to stronger domestic demand, official data showed Thursday, in a further sign of recovery from recession. The Spanish economy, the eurozone's fourth-largest, grew by 0.6 percent in the second quarter compared with the previous three months, the National Statistics Institute said, confirming its preliminary estimate. It is Spain's best quarterly growth figure since the final three-month period of 2007, when the economy grew by 0.7 percent.
Australian flag carrier Qantas on Thursday posted a record annual net loss of Aus$2.84 billion (US$2.65 billion), but chief executive Alan Joyce insisted clearer skies lie ahead after aggressively cutting costs. Qantas's underlying loss before tax in the 12 months to June 30 -- its preferred measure of financial performance, which excludes one-off costs and writedowns -- was Aus$646 million, slightly better than forecast. Qantas in February announced it was axing 5,000 jobs, deferring aircraft deliveries, freezing growth at Asian offshoot Jetstar and cutting routes in a bid to turn around its fortunes. With our accelerated Qantas Transformation programme we are already emerging as a leaner, more focused and more sustainable Qantas Group.