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The hunt for Malaysia Airlines flight MH370 will be suspended if the aircraft is not found in an area now being searched. Almost A$180m has been spent on an underwater search spanning 120,000 square km of the southern Indian Ocean. "In the absence of new credible evidence, Malaysia, Australia and China have collectively agreed to suspend the search upon completion of the 120,000 sq-km search," Malaysian transport minister Liow Tiong Lai said. "Should credible new information emerge which can be used to identify the specific location of the aircraft, consideration will be given in determining next steps," he said. <br/>

American’s Q2 profit dropped 44%, hurt by a big provision for income tax. Total operating costs fell 3.3% to $8.61b in the quarter, with fuel costs declining 20%. Net income was 44% down at $950m as provisions for income tax surged to $543m from $15m. Total operating revenue declined 4.3% to $10.36b. Airline stocks have fallen in recent months amid growing investor concern that carriers will continue to add flights and push down prices despite insufficient demand, and that rebounding oil prices will add to their fuel costs. Economic slowdown abroad pose an even greater risk to revenue, with reluctance to buy tickets on US airlines to visit the US as the dollar rises in value against other currencies. <br/>

Part of Queenstown airport has been evacuated after a bomb threat was found on a Qantas plane. The alarm was raised after a cleaner reportedly found a note on board the B737 that had arrived from Sydney at about 3pm. There were no passengers onboard at the time the note was discovered. Police evacuated the terminal and started a search of the plane and the building, but no explosives were found. The airport has since reopened. The incident took place during skiing season, Queenstown’s busiest time of year. <br/>