Qantas CEO Alan Joyce, in response to recent media claims the airline is looking to establish a premium-focused subsidiary in Singapore, would not confirm or deny the reports, but said that the airline's pursuit of one option would not be a ''silver bullet'' for improving the international business ( Sydney Morning Herald, 17-May-2011). The CEO said the plan will consist of "multiple projects" including some within Asia ( The Australian Financial Review, 17-Mar-2011). Mr Joyce said the plans being considered by his international taskforce led by Lesley Grant would become as important to the group's strategy as the launch of Jetstar was. Mr Joyce said a lot of the market share the airline has ceded in recent years has been "particularly into the Asian market, which is a high-growth market." "We can't have our head in the sand," he said. "Our international business is loss making. It has severe structural challenges."