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34800.0 | 2023-05-12 00:00:00 UTC | CANADA STOCKS-TSX set to open higher as oil prices climb | AC | https://www.nasdaq.com/articles/canada-stocks-tsx-set-to-open-higher-as-oil-prices-climb | nan | nan | May 12 (Reuters) - Canada's main stock index is set to bounce back on Friday, after two straight sessions of losses, tracking a marginal uptick in crude oil prices.
June futures on the S&P/TSX index SXFc1 were up 0.5% at 06:57 a.m. ET.
Contracts tied to precious and base metals ticked lower, while those linked to crude oil prices were marginally up amid investor concerns about a gloomy demand outlook for raw materials. O/RMET/LGOL/
Among company news, Air Canada AC.TO reported a smaller-than-expected quarterly loss as the country's largest airline benefited from resilient travel demand.
Sun Life Financial Inc SLF.TO reported first-quarter profit above analysts' estimates as the country's second-biggest life insurer benefited from strong sales at home and in the U.S.
Oil and gas producer Crescent Point Energy Corp CPG.TO reported a sharp drop in its first-quarter profit.
In the previous session, the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended 0.4% lower, weighed down by commodity-linked stocks. .TO
Dow e-minis 1YMcv1 were up 142 points, or 0.43%, at 06:57 a.m. ET. S&P 500 e-minis EScv1 were up 17 points, or 0.41%, and Nasdaq 100 e-minis NQcv1 were up 30.75 points, or 0.23%. .N
COMMODITIES AT 6:57 a.m. ET
Gold futures GCc2: $2,011.9; -0.4% GOL/
US crude CLc1: $71.08; +0.3% O/R
Brent crude LCOc1: $75.1; +0.1% O/R
U.S. ECONOMIC DATA DUE ON FRIDAY
May University of Michigan consumer sentiment preliminary data due at 10 am ET
FOR CANADIAN MARKETS NEWS, CLICK ON CODES:
TSX market report .TO
Canadian dollar and bonds report CAD/CA/
Reuters global stocks poll for Canada EQUITYPOLL1, EPOLL/CA
Canadian markets directory CANADA
($1 = 1.3372 Canadian dollars)
(Reporting by Johann M Cherian and Vansh Agarwal in Bengaluru; Editing by Shilpi Majumdar)
((johann.mcherian@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | May 12 (Reuters) - Canada's main stock index is set to bounce back on Friday, after two straight sessions of losses, tracking a marginal uptick in crude oil prices. Contracts tied to precious and base metals ticked lower, while those linked to crude oil prices were marginally up amid investor concerns about a gloomy demand outlook for raw materials. O/RMET/LGOL/ Among company news, Air Canada AC.TO reported a smaller-than-expected quarterly loss as the country's largest airline benefited from resilient travel demand. | May 12 (Reuters) - Canada's main stock index is set to bounce back on Friday, after two straight sessions of losses, tracking a marginal uptick in crude oil prices. Contracts tied to precious and base metals ticked lower, while those linked to crude oil prices were marginally up amid investor concerns about a gloomy demand outlook for raw materials. O/RMET/LGOL/ Among company news, Air Canada AC.TO reported a smaller-than-expected quarterly loss as the country's largest airline benefited from resilient travel demand. | May 12 (Reuters) - Canada's main stock index is set to bounce back on Friday, after two straight sessions of losses, tracking a marginal uptick in crude oil prices. Contracts tied to precious and base metals ticked lower, while those linked to crude oil prices were marginally up amid investor concerns about a gloomy demand outlook for raw materials. O/RMET/LGOL/ Among company news, Air Canada AC.TO reported a smaller-than-expected quarterly loss as the country's largest airline benefited from resilient travel demand. | May 12 (Reuters) - Canada's main stock index is set to bounce back on Friday, after two straight sessions of losses, tracking a marginal uptick in crude oil prices. O/RMET/LGOL/ Among company news, Air Canada AC.TO reported a smaller-than-expected quarterly loss as the country's largest airline benefited from resilient travel demand. Contracts tied to precious and base metals ticked lower, while those linked to crude oil prices were marginally up amid investor concerns about a gloomy demand outlook for raw materials. |
34801.0 | 2023-05-12 00:00:00 UTC | Air Canada posts smaller-than-expected loss on solid travel demand | AC | https://www.nasdaq.com/articles/air-canada-posts-smaller-than-expected-loss-on-solid-travel-demand | nan | nan | Adds comparison to estimates in paragraphs 7 and 8, CEO comment in paragraph 4 and capacity forecast in paragraph 5
May 12 (Reuters) - Air Canada AC.TO reported a smaller-than-expected quarterly loss on Friday, as Canada's largest airline benefited from resilient travel demand.
Major airlines are enjoying the strongest travel demand since the beginning of the COVID-19 pandemic, despite rising airfares and squeezed budgets amid high inflation.
Canada, which lifted all COVID-related restrictions last year, has seen a strong rebound in international leisure and corporate travel.
"Our first quarter financial results exceeded both internal and external expectations and we expect demand to persist, supported by strong advance bookings for the remainder of the year," Air Canada CEO Michael Rousseau said in a statement.
The Montreal-based airline said it plans to increase its capacity for the current quarter by 22% from a year earlier.
North American carriers remain bullish on filling airplane seats due to limited capacity and a shift in consumer spending from goods to services.
Air Canada reported an adjusted loss of C$0.53 per share for its first quarter ended March 31, compared with analysts' average estimate of C$0.74 loss per share.
Operating revenue more than doubled from a year earlier to C$4.89 billion ($3.66 billion), beating Wall Street expectations of C$4.35 billion.
Earlier this month, the airline had raised its forecast for full-year core profit, citing lower-than-anticipated fuel costs and stronger-than-expected demand.
($1 = 1.3372 Canadian dollars)
(Reporting by Shivansh Tiwary in Bengaluru; Editing by Subhranshu Sahu)
((Shivansh.Tiwary@thomsonreuters.com; +91 9708363192;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | North American carriers remain bullish on filling airplane seats due to limited capacity and a shift in consumer spending from goods to services. Adds comparison to estimates in paragraphs 7 and 8, CEO comment in paragraph 4 and capacity forecast in paragraph 5 May 12 (Reuters) - Air Canada AC.TO reported a smaller-than-expected quarterly loss on Friday, as Canada's largest airline benefited from resilient travel demand. The Montreal-based airline said it plans to increase its capacity for the current quarter by 22% from a year earlier. | Adds comparison to estimates in paragraphs 7 and 8, CEO comment in paragraph 4 and capacity forecast in paragraph 5 May 12 (Reuters) - Air Canada AC.TO reported a smaller-than-expected quarterly loss on Friday, as Canada's largest airline benefited from resilient travel demand. The Montreal-based airline said it plans to increase its capacity for the current quarter by 22% from a year earlier. North American carriers remain bullish on filling airplane seats due to limited capacity and a shift in consumer spending from goods to services. | Adds comparison to estimates in paragraphs 7 and 8, CEO comment in paragraph 4 and capacity forecast in paragraph 5 May 12 (Reuters) - Air Canada AC.TO reported a smaller-than-expected quarterly loss on Friday, as Canada's largest airline benefited from resilient travel demand. The Montreal-based airline said it plans to increase its capacity for the current quarter by 22% from a year earlier. North American carriers remain bullish on filling airplane seats due to limited capacity and a shift in consumer spending from goods to services. | Adds comparison to estimates in paragraphs 7 and 8, CEO comment in paragraph 4 and capacity forecast in paragraph 5 May 12 (Reuters) - Air Canada AC.TO reported a smaller-than-expected quarterly loss on Friday, as Canada's largest airline benefited from resilient travel demand. The Montreal-based airline said it plans to increase its capacity for the current quarter by 22% from a year earlier. North American carriers remain bullish on filling airplane seats due to limited capacity and a shift in consumer spending from goods to services. |
34802.0 | 2023-05-11 00:00:00 UTC | Associated Capital Group Inc - (AC) Declares $0.10 Dividend | AC | https://www.nasdaq.com/articles/associated-capital-group-inc-ac-declares-%240.10-dividend | nan | nan | Associated Capital Group Inc - said on May 10, 2023 that its board of directors declared a regular semi-annual dividend of $0.10 per share ($0.20 annualized). Previously, the company paid $0.10 per share.
Shares must be purchased before the ex-div date of June 14, 2023 to qualify for the dividend. Shareholders of record as of June 15, 2023 will receive the payment on June 29, 2023.
At the current share price of $36.50 / share, the stock's dividend yield is 0.55%.
Looking back five years and taking a sample every week, the average dividend yield has been 0.53%, the lowest has been 0.43%, and the highest has been 0.76%. The standard deviation of yields is 0.04 (n=236).
The current dividend yield is 0.56 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is -0.29. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company has not increased its dividend in the last three years.
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What is the Fund Sentiment?
There are 152 funds or institutions reporting positions in Associated Capital Group Inc -. This is an increase of 2 owner(s) or 1.33% in the last quarter. Average portfolio weight of all funds dedicated to AC is 0.13%, an increase of 20.43%. Total shares owned by institutions increased in the last three months by 1.26% to 3,020K shares.
What are Other Shareholders Doing?
Horizon Kinetics Asset Management holds 1,245K shares representing 5.68% ownership of the company. In it's prior filing, the firm reported owning 1,250K shares, representing a decrease of 0.44%. The firm decreased its portfolio allocation in AC by 6.78% over the last quarter.
KINETICS PORTFOLIOS TRUST - Kinetics Paradigm Portfolio holds 260K shares representing 1.19% ownership of the company. No change in the last quarter.
KINETICS PORTFOLIOS TRUST - Kinetics Small Cap Portfolio holds 190K shares representing 0.87% ownership of the company. No change in the last quarter.
EQ ADVISORS TRUST - 1290 VT Small Cap Value Portfolio Class IB holds 146K shares representing 0.67% ownership of the company. In it's prior filing, the firm reported owning 152K shares, representing a decrease of 3.66%. The firm decreased its portfolio allocation in AC by 1.25% over the last quarter.
Mad River Investors holds 109K shares representing 0.50% ownership of the company. No change in the last quarter.
Associated Capital Group Background Information
(This description is provided by the company.)
Associated Capital Group, Inc., based in Greenwich Connecticut, is a diversified global financial services company that provides alternative investment management through Gabelli & Company Investment Advisers, Inc. ("GCIA" f/k/a Gabelli Securities, Inc.). The proprietary capital is earmarked for its direct investment business that invests in new and existing businesses. The direct investment business is developing along three core pillars; Gabelli Private Equity Partners, LLC ("GPEP"), formed in August 2017 with $150 million of authorized capital as a "fund-less" sponsor; the SPAC business (Gabelli special purpose acquisition vehicles), launched in April 2018; and, Gabelli Principal Strategies Group, LLC ("GPS") created to pursue strategic operating initiatives.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Looking back five years and taking a sample every week, the average dividend yield has been 0.53%, the lowest has been 0.43%, and the highest has been 0.76%. Average portfolio weight of all funds dedicated to AC is 0.13%, an increase of 20.43%. The firm decreased its portfolio allocation in AC by 6.78% over the last quarter. | Looking back five years and taking a sample every week, the average dividend yield has been 0.53%, the lowest has been 0.43%, and the highest has been 0.76%. Average portfolio weight of all funds dedicated to AC is 0.13%, an increase of 20.43%. The firm decreased its portfolio allocation in AC by 6.78% over the last quarter. | Looking back five years and taking a sample every week, the average dividend yield has been 0.53%, the lowest has been 0.43%, and the highest has been 0.76%. Average portfolio weight of all funds dedicated to AC is 0.13%, an increase of 20.43%. The firm decreased its portfolio allocation in AC by 6.78% over the last quarter. | Average portfolio weight of all funds dedicated to AC is 0.13%, an increase of 20.43%. Looking back five years and taking a sample every week, the average dividend yield has been 0.53%, the lowest has been 0.43%, and the highest has been 0.76%. The firm decreased its portfolio allocation in AC by 6.78% over the last quarter. |
34803.0 | 2023-05-11 00:00:00 UTC | Air Canada pilots pressing for 'historic' gains say full bargaining likely this summer | AC | https://www.nasdaq.com/articles/air-canada-pilots-pressing-for-historic-gains-say-full-bargaining-likely-this-summer-0 | nan | nan | By Allison Lampert
MONTREAL, May 11 (Reuters) - Air Canada AC.TO pilots eyeing "historic" workplace gains said on Thursday that full bargaining with the carrier was likely to start this summer, before the end of their decade-long contract, according to a letter to union members.
North American pilots are pressing for higher salaries and better scheduling after aviators made big gains in a recent deal with Delta Air Lines DAL.N that delivers a 34% pay increase over four years.
"Pilots at Air Canada are working at a steep discount compared to our North American competitors," the letter from the Air Canada Pilots Association (ACPA) seen by Reuters said.
"Our membership will not accept concessions and expects the next agreement to be historic in terms of gains."
ACPA said that its leaders must decide by May 29 whether to stay within the framework of a 10-year agreement reached in 2014, or use a type of escape clause to enter into full negotiations this year.
The union said it would consider remaining in the framework if the Montreal carrier offered a "substantial proposal" that recognized the worth of Air Canada pilots.
Air Canada, which reports quarterly earnings on Friday, said in a statement it continued to abide by the 10-year collective agreement in force with its pilots.
"At this time, it is premature to discuss timing of talks," it added.
Labor unrest has risen at North American carriers as pilots seek to make gains after traffic rebounded from COVID-19 lockdowns. Some airline executives fear hefty pilot raises will inflate fixed costs and make it tougher to repair debt-laden balance sheets.
United Airlines UAL.O pilots are picketing on Friday. Pilots at WestJet Group, Canada's second-largest carrier, could strike as early as May 16, if notice is given on Saturday.
WestJet said on Thursday that the carrier was "making progress at the bargaining table."
(Reporting by Allison Lampert; Editing by Jamie Freed)
((Allison.Lampert@thomsonreuters.com; 514-796-4212; Reuters Messaging: allison.lampert.reuters.com@reuters.net))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | By Allison Lampert MONTREAL, May 11 (Reuters) - Air Canada AC.TO pilots eyeing "historic" workplace gains said on Thursday that full bargaining with the carrier was likely to start this summer, before the end of their decade-long contract, according to a letter to union members. "Pilots at Air Canada are working at a steep discount compared to our North American competitors," the letter from the Air Canada Pilots Association (ACPA) seen by Reuters said. "Our membership will not accept concessions and expects the next agreement to be historic in terms of gains." | By Allison Lampert MONTREAL, May 11 (Reuters) - Air Canada AC.TO pilots eyeing "historic" workplace gains said on Thursday that full bargaining with the carrier was likely to start this summer, before the end of their decade-long contract, according to a letter to union members. "Pilots at Air Canada are working at a steep discount compared to our North American competitors," the letter from the Air Canada Pilots Association (ACPA) seen by Reuters said. "Our membership will not accept concessions and expects the next agreement to be historic in terms of gains." | By Allison Lampert MONTREAL, May 11 (Reuters) - Air Canada AC.TO pilots eyeing "historic" workplace gains said on Thursday that full bargaining with the carrier was likely to start this summer, before the end of their decade-long contract, according to a letter to union members. "Pilots at Air Canada are working at a steep discount compared to our North American competitors," the letter from the Air Canada Pilots Association (ACPA) seen by Reuters said. "Our membership will not accept concessions and expects the next agreement to be historic in terms of gains." | By Allison Lampert MONTREAL, May 11 (Reuters) - Air Canada AC.TO pilots eyeing "historic" workplace gains said on Thursday that full bargaining with the carrier was likely to start this summer, before the end of their decade-long contract, according to a letter to union members. "Pilots at Air Canada are working at a steep discount compared to our North American competitors," the letter from the Air Canada Pilots Association (ACPA) seen by Reuters said. "Our membership will not accept concessions and expects the next agreement to be historic in terms of gains." |
34804.0 | 2023-05-11 00:00:00 UTC | Air Canada pilots pressing for 'historic' gains say full bargaining likely this summer | AC | https://www.nasdaq.com/articles/air-canada-pilots-pressing-for-historic-gains-say-full-bargaining-likely-this-summer | nan | nan | By Allison Lampert
MONTREAL, May 11 (Reuters) - Air Canada AC.TO pilots eyeing "historic" workplace gains said on Thursday that full bargaining with the carrier was likely to start this summer, before the end of their decade-long contract, according to a letter to union members.
North American pilots are pressing for higher salaries and better scheduling after aviators made big gains in a recent deal with Delta Air Lines DAL.N that delivers a 34% pay increase over four years.
"Pilots at Air Canada are working at a steep discount compared to our North American competitors," the letter from the Air Canada Pilots Association (ACPA) seen by Reuters said.
"Our membership will not accept concessions and expects the next agreement to be historic in terms of gains."
ACPA said that its leaders must decide by May 29 whether to stay within the framework of a 10-year-agreement reached in 2014, or use a type of escape clause to enter into full negotiations this year.
The union said it would consider remaining in the framework if the Montreal carrier offered a "substantial proposal" that recognized the worth of Air Canada pilots.
Air Canada, which reports quarterly earnings on Friday, was not immediately available for comment.
Labor unrest has risen at North American carriers as pilots seek to make gains after traffic rebounded from COVID-19 lockdowns. Some airline executives fear hefty pilot raises will inflate fixed costs and make it tougher to repair debt-laden balance sheets.
United Airlines UAL.O pilots are picketing on Friday. Pilots at WestJet Group, Canada's second-largest carrier, could strike as early as May 16, if notice is given on Saturday.
WestJet said on Thursday that the carrier was "making progress at the bargaining table."
(Reporting by Allison Lampert; Editing by Jamie Freed)
((Allison.Lampert@thomsonreuters.com; 514-796-4212; Reuters Messaging: allison.lampert.reuters.com@reuters.net))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | By Allison Lampert MONTREAL, May 11 (Reuters) - Air Canada AC.TO pilots eyeing "historic" workplace gains said on Thursday that full bargaining with the carrier was likely to start this summer, before the end of their decade-long contract, according to a letter to union members. "Pilots at Air Canada are working at a steep discount compared to our North American competitors," the letter from the Air Canada Pilots Association (ACPA) seen by Reuters said. "Our membership will not accept concessions and expects the next agreement to be historic in terms of gains." | By Allison Lampert MONTREAL, May 11 (Reuters) - Air Canada AC.TO pilots eyeing "historic" workplace gains said on Thursday that full bargaining with the carrier was likely to start this summer, before the end of their decade-long contract, according to a letter to union members. "Pilots at Air Canada are working at a steep discount compared to our North American competitors," the letter from the Air Canada Pilots Association (ACPA) seen by Reuters said. "Our membership will not accept concessions and expects the next agreement to be historic in terms of gains." | By Allison Lampert MONTREAL, May 11 (Reuters) - Air Canada AC.TO pilots eyeing "historic" workplace gains said on Thursday that full bargaining with the carrier was likely to start this summer, before the end of their decade-long contract, according to a letter to union members. "Pilots at Air Canada are working at a steep discount compared to our North American competitors," the letter from the Air Canada Pilots Association (ACPA) seen by Reuters said. "Our membership will not accept concessions and expects the next agreement to be historic in terms of gains." | By Allison Lampert MONTREAL, May 11 (Reuters) - Air Canada AC.TO pilots eyeing "historic" workplace gains said on Thursday that full bargaining with the carrier was likely to start this summer, before the end of their decade-long contract, according to a letter to union members. "Pilots at Air Canada are working at a steep discount compared to our North American competitors," the letter from the Air Canada Pilots Association (ACPA) seen by Reuters said. "Our membership will not accept concessions and expects the next agreement to be historic in terms of gains." |
34805.0 | 2023-05-05 00:00:00 UTC | CANADA STOCKS-TSX notches biggest gain in four months as oil rebounds | AC | https://www.nasdaq.com/articles/canada-stocks-tsx-notches-biggest-gain-in-four-months-as-oil-rebounds | nan | nan | By Shristi Achar A and Fergal Smith
May 5 (Reuters) - Canada's main stock index rallied on Friday as a rebound in oil prices lifted energy shares, while improved outlooks from companies including Air Canada beat back concerns over a fallout from the U.S. regional bank turmoil.
The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended up 303.84 points, or 1.5%, at 20,542.03, its biggest gain since Jan. 6.
On Thursday, it posted its lowest closing level in four weeks, while it was down 0.5% for the week as oil prices swung wildly, the Federal Reserve raised interest rates, and jitters in the U.S. banking sector raised fears of tighter credit conditions.
"Investor sentiment is improving," said Colin Cieszynski, chief market strategist at SIA Wealth Management. "Some of the waves of fear we had relative to U.S. banking and any issues around the Fed meeting have kind of washed through now and we may soon be seeing bargain hunters stepping in."
The move higher for the TSX came as domestic data showed the economy adding 41,400 jobs in April, which was far more than expected. Wall Street also posted strong gains as U.S. jobs data allayed fears of a recession.
"The serial pattern of too much bearishness toward Canadian and U.S. jobs continues," said Derek Holt, vice president of capital markets economics at Scotiabank. "They keep surprising to the upside."
The Toronto market's energy sector .SPTTEN gained 3.4% as oil clawed back some of its recent sharp decline, settling 4.1% higher at $71.34 a barrel.
Shares of Air CanadaAC.TO surged 11.6% as the airline raised its full-year forecast for core profit.
(Reporting by Fergal Smith in Toronto and Shristi Achar A and Vansh Agarwal in Bengaluru; Editing by Shilpi Majumdar and Jonathan Oatis)
((fergal.smith@thomsonreuters.com; +1 647 480 7446;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | By Shristi Achar A and Fergal Smith May 5 (Reuters) - Canada's main stock index rallied on Friday as a rebound in oil prices lifted energy shares, while improved outlooks from companies including Air Canada beat back concerns over a fallout from the U.S. regional bank turmoil. The Toronto market's energy sector .SPTTEN gained 3.4% as oil clawed back some of its recent sharp decline, settling 4.1% higher at $71.34 a barrel. Shares of Air CanadaAC.TO surged 11.6% as the airline raised its full-year forecast for core profit. | By Shristi Achar A and Fergal Smith May 5 (Reuters) - Canada's main stock index rallied on Friday as a rebound in oil prices lifted energy shares, while improved outlooks from companies including Air Canada beat back concerns over a fallout from the U.S. regional bank turmoil. The Toronto market's energy sector .SPTTEN gained 3.4% as oil clawed back some of its recent sharp decline, settling 4.1% higher at $71.34 a barrel. Shares of Air CanadaAC.TO surged 11.6% as the airline raised its full-year forecast for core profit. | By Shristi Achar A and Fergal Smith May 5 (Reuters) - Canada's main stock index rallied on Friday as a rebound in oil prices lifted energy shares, while improved outlooks from companies including Air Canada beat back concerns over a fallout from the U.S. regional bank turmoil. The Toronto market's energy sector .SPTTEN gained 3.4% as oil clawed back some of its recent sharp decline, settling 4.1% higher at $71.34 a barrel. Shares of Air CanadaAC.TO surged 11.6% as the airline raised its full-year forecast for core profit. | By Shristi Achar A and Fergal Smith May 5 (Reuters) - Canada's main stock index rallied on Friday as a rebound in oil prices lifted energy shares, while improved outlooks from companies including Air Canada beat back concerns over a fallout from the U.S. regional bank turmoil. The Toronto market's energy sector .SPTTEN gained 3.4% as oil clawed back some of its recent sharp decline, settling 4.1% higher at $71.34 a barrel. Shares of Air CanadaAC.TO surged 11.6% as the airline raised its full-year forecast for core profit. |
34806.0 | 2023-05-05 00:00:00 UTC | Air Canada raises full-year core profit outlook on strong demand | AC | https://www.nasdaq.com/articles/air-canada-raises-full-year-core-profit-outlook-on-strong-demand-0 | nan | nan | Updates May 4 story with shares in paragraph 2, background on the industry and jet delays in paragraphs 4 and 7
May 4 (Reuters) - Air Canada AC.TO on Thursday raised its full-year forecast for core profit, citing a stronger-than-anticipated demand environment and lower-than-expected fuel costs.
Shares of Canada's largest carrier rose 10% on Friday.
Easing restrictions spurred international travel demand, helping carriers to mitigate cost pressures even as rising inflation is making leisure activities more expensive.
Despite a looming recession, major North American carriers remain confident of filling up seats on planes due to a constrained capacity and a shift in consumer expenditure to servic | Updates May 4 story with shares in paragraph 2, background on the industry and jet delays in paragraphs 4 and 7 May 4 (Reuters) - Air Canada AC.TO on Thursday raised its full-year forecast for core profit, citing a stronger-than-anticipated demand environment and lower-than-expected fuel costs. Easing restrictions spurred international travel demand, helping carriers to mitigate cost pressures even as rising inflation is making leisure activities more expensive. Despite a looming recession, major North American carriers remain confident of filling up seats on planes due to a constrained capacity and a shift in consumer expenditure to servic | Updates May 4 story with shares in paragraph 2, background on the industry and jet delays in paragraphs 4 and 7 May 4 (Reuters) - Air Canada AC.TO on Thursday raised its full-year forecast for core profit, citing a stronger-than-anticipated demand environment and lower-than-expected fuel costs. Easing restrictions spurred international travel demand, helping carriers to mitigate cost pressures even as rising inflation is making leisure activities more expensive. Despite a looming recession, major North American carriers remain confident of filling up seats on planes due to a constrained capacity and a shift in consumer expenditure to servic | Updates May 4 story with shares in paragraph 2, background on the industry and jet delays in paragraphs 4 and 7 May 4 (Reuters) - Air Canada AC.TO on Thursday raised its full-year forecast for core profit, citing a stronger-than-anticipated demand environment and lower-than-expected fuel costs. Easing restrictions spurred international travel demand, helping carriers to mitigate cost pressures even as rising inflation is making leisure activities more expensive. Despite a looming recession, major North American carriers remain confident of filling up seats on planes due to a constrained capacity and a shift in consumer expenditure to servic | Updates May 4 story with shares in paragraph 2, background on the industry and jet delays in paragraphs 4 and 7 May 4 (Reuters) - Air Canada AC.TO on Thursday raised its full-year forecast for core profit, citing a stronger-than-anticipated demand environment and lower-than-expected fuel costs. Easing restrictions spurred international travel demand, helping carriers to mitigate cost pressures even as rising inflation is making leisure activities more expensive. Despite a looming recession, major North American carriers remain confident of filling up seats on planes due to a constrained capacity and a shift in consumer expenditure to servic |
34807.0 | 2023-05-05 00:00:00 UTC | CANADA STOCKS-TSX gains on energy boost; Air Canada jumps on forecast raise | AC | https://www.nasdaq.com/articles/canada-stocks-tsx-gains-on-energy-boost-air-canada-jumps-on-forecast-raise | nan | nan | By Shristi Achar A and Vansh Agarwal
May 5 (Reuters) - Canada's main stock index rose on Friday, as higher crude prices lifted energy shares, while robust earnings from companies including Air Canada beat back concerns over a fallout from the U.S. regional bank turmoil.
At 10:02 a.m. ET (1402 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 174.64 points, or 0.86%, at 20,412.83.
The energy sector .SPTTEN jumped 3.3% as crude prices firmed against the dollar. O/R
South of the border, U.S. stock indexes gained as Apple Inc's AAPL.O upbeat results underscored resilience in corporate earnings and stronger-than-expected jobs data allayed fears of a recession. .N
"Investor sentiment is improving... some of the waves of fear we had relative to U.S. banking and any issues around the Fed meeting have kind of washed through now and we may soon be seeing bargain hunters stepping in," said Colin Cieszynski, chief market strategist at SIA Wealth Management.
Shares of Air CanadaAC.TO surged 11.2%, to the top of the index, as the airline carrier raised its full-year forecast for core profit.
Technology stocks .SPTTTK rose 2.2%, lifted by an 11.6% jump in Open Text CorpOTEX.TO after its quarterly results beat.
The materials sector .GSPTTMT was a laggard, down 1.5%, tracking a fall in gold prices. GOL/
Meanwhile, data showed Canada added a net 41,400 jobs in April, far exceeding expectations, while the jobless rate stayed at 5.0% for a fifth consecutive month.
Despite the session's gains, the commodity-heavy TSX is on course to post its biggest weekly drop in over a month, unable to elude the sell-off in energy stocks due to weakness in crude.
Among other major movers, Enbridge IncENB.TO edged 0.9% higher as sustained fuel demand helped the pipeline operator report a rise in first-quarter profit.
Magna International IncMG.TO rose 4.5% after the auto parts maker raised its full-year sales forecast.
(Reporting by Shristi Achar A and Vansh Agarwal in Bengaluru; Editing by Shilpi Majumdar)
((Shristi.AcharA@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | By Shristi Achar A and Vansh Agarwal May 5 (Reuters) - Canada's main stock index rose on Friday, as higher crude prices lifted energy shares, while robust earnings from companies including Air Canada beat back concerns over a fallout from the U.S. regional bank turmoil. Shares of Air CanadaAC.TO surged 11.2%, to the top of the index, as the airline carrier raised its full-year forecast for core profit. The materials sector .GSPTTMT was a laggard, down 1.5%, tracking a fall in gold prices. | By Shristi Achar A and Vansh Agarwal May 5 (Reuters) - Canada's main stock index rose on Friday, as higher crude prices lifted energy shares, while robust earnings from companies including Air Canada beat back concerns over a fallout from the U.S. regional bank turmoil. (Reporting by Shristi Achar A and Vansh Agarwal in Bengaluru; Editing by Shilpi Majumdar) ((Shristi.AcharA@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Shares of Air CanadaAC.TO surged 11.2%, to the top of the index, as the airline carrier raised its full-year forecast for core profit. | By Shristi Achar A and Vansh Agarwal May 5 (Reuters) - Canada's main stock index rose on Friday, as higher crude prices lifted energy shares, while robust earnings from companies including Air Canada beat back concerns over a fallout from the U.S. regional bank turmoil. Shares of Air CanadaAC.TO surged 11.2%, to the top of the index, as the airline carrier raised its full-year forecast for core profit. The materials sector .GSPTTMT was a laggard, down 1.5%, tracking a fall in gold prices. | By Shristi Achar A and Vansh Agarwal May 5 (Reuters) - Canada's main stock index rose on Friday, as higher crude prices lifted energy shares, while robust earnings from companies including Air Canada beat back concerns over a fallout from the U.S. regional bank turmoil. Shares of Air CanadaAC.TO surged 11.2%, to the top of the index, as the airline carrier raised its full-year forecast for core profit. The materials sector .GSPTTMT was a laggard, down 1.5%, tracking a fall in gold prices. |
34808.0 | 2023-05-04 00:00:00 UTC | Air Canada raises full-year core profit outlook on strong demand | AC | https://www.nasdaq.com/articles/air-canada-raises-full-year-core-profit-outlook-on-strong-demand | nan | nan | May 4 (Reuters) - Air Canada AC.TO on Thursday raised its full-year forecast for core profit, citing a stronger-than-anticipated demand environment and lower-than-expected fuel costs.
The move comes as easing restrictions spurred leisure and international travel demand, helping carriers to mitigate cost pressures even as rising inflation is making leisure activities more expensive.
Canada's largest carrier said it now expects 2023 adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) at about $3.5 - $4.0 billion, up from prior outlook of about $2.5 - $3.0 billion.
In February, Air Canada Chief Executive Michael Rousseau said travel demand for leisure and visiting friends and relatives is making up for lower demand by business travellers.
The carrier said it expects its 2023 capacity to increase by about 23% from a year earlier to hit 90% of pre-pandemic levels, but down from 24% forecast earlier.
(Reporting by Aishwarya Nair in Bengaluru; Editing by Shailesh Kuber)
((Aishwarya.Nair@thomsonreuters.com; +91-9167838937 Twitter: https://twitter.com/Aishwaryartrs ;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | May 4 (Reuters) - Air Canada AC.TO on Thursday raised its full-year forecast for core profit, citing a stronger-than-anticipated demand environment and lower-than-expected fuel costs. The move comes as easing restrictions spurred leisure and international travel demand, helping carriers to mitigate cost pressures even as rising inflation is making leisure activities more expensive. The carrier said it expects its 2023 capacity to increase by about 23% from a year earlier to hit 90% of pre-pandemic levels, but down from 24% forecast earlier. | May 4 (Reuters) - Air Canada AC.TO on Thursday raised its full-year forecast for core profit, citing a stronger-than-anticipated demand environment and lower-than-expected fuel costs. The move comes as easing restrictions spurred leisure and international travel demand, helping carriers to mitigate cost pressures even as rising inflation is making leisure activities more expensive. The carrier said it expects its 2023 capacity to increase by about 23% from a year earlier to hit 90% of pre-pandemic levels, but down from 24% forecast earlier. | The move comes as easing restrictions spurred leisure and international travel demand, helping carriers to mitigate cost pressures even as rising inflation is making leisure activities more expensive. May 4 (Reuters) - Air Canada AC.TO on Thursday raised its full-year forecast for core profit, citing a stronger-than-anticipated demand environment and lower-than-expected fuel costs. The carrier said it expects its 2023 capacity to increase by about 23% from a year earlier to hit 90% of pre-pandemic levels, but down from 24% forecast earlier. | May 4 (Reuters) - Air Canada AC.TO on Thursday raised its full-year forecast for core profit, citing a stronger-than-anticipated demand environment and lower-than-expected fuel costs. The move comes as easing restrictions spurred leisure and international travel demand, helping carriers to mitigate cost pressures even as rising inflation is making leisure activities more expensive. The carrier said it expects its 2023 capacity to increase by about 23% from a year earlier to hit 90% of pre-pandemic levels, but down from 24% forecast earlier. |
34809.0 | 2023-05-01 00:00:00 UTC | American Airlines pilots authorize a strike mandate | AC | https://www.nasdaq.com/articles/american-airlines-pilots-authorize-a-strike-mandate | nan | nan | By Allison Lampert
May 1 (Reuters) - North American pilots took fresh steps on Monday to make workforce gains, with American Airlines Group Inc AAL.O pilots backing a strike mandate and Air Canada AC.TO pilots supporting a merger with a larger union.
American Airlines pilots approved the mandate ahead of the busy summer travel season to further pressure the Texas-based carrier for a contract, although the chances of them actually walking off the job remain slim.
The Allied Pilots Association (APA), which represents 15,000 American Airlines pilots, held a strike authorization vote in April, even as the two sides closed in on an agreement in principle.
More than 96% of APA membership voted and over 99% voted in favor of authorizing a strike, the union said in a statement.
"We remain confident that an agreement for our pilots is within reach and can be finalized quickly. The finish line is in sight," American Airlines said in a statement.
Separately, members of the estimated 4,500 pilots for Canada’s largest carrier voted to support a March agreement to merge with the Air Line Pilots Association (ALPA), two sources familiar with the Monday results told Reuters.
The Air Canada Pilots Association (ACPA) was not immediately available for comment.
A merger with ALPA, the world’s largest pilots union with more than 60,000 members, is seen as beneficial, in part, for providing additional bargaining resources. Air Canada pilots are not currently in negotiations.
ALPA's board would need to approve the merger later in May. American Airlines pilots are also considering a merger with ALPA, with discussion to be raised in early June, an Allied spokesperson said.
North American pilots are pressing for better salaries and working conditions as carriers struggle to staff up to meet soaring travel demand after COVID-19. But some airline executives warn hefty raises will inflate fixed costs and make it tougher to repair debt-laden balance sheets.
Canada’s second largest carrier WestJet Airlines, which announced it completed its acquisition of leisure carrier Sunwing Airlines on Monday, is facing bargaining pressure from its pilots who have authorized strike action as early as May 16.
By contrast, it would be hard for American Airlines pilots to walk off the job because of a complex labor process in the U.S. that makes it difficult for airline workers to strike.
In March, Delta Air Lines DAL.N pilots ratified a new contract that includes $7 billion in cumulative increases in pay and benefits over four years.
American's chief executive has said the carrier is prepared to match the pay rates and profit-sharing formula that rival Delta provided in its new contract.
(Reporting By Allison Lampert in Montreal and Priyamvada C in Bengaluru; Editing by Subhranshu Sahu and Josie Kao)
((Allison.Lampert@thomsonreuters.com; 514-796-4212; Reuters Messaging: allison.lampert.reuters.com@reuters.net))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | American Airlines pilots approved the mandate ahead of the busy summer travel season to further pressure the Texas-based carrier for a contract, although the chances of them actually walking off the job remain slim. By Allison Lampert May 1 (Reuters) - North American pilots took fresh steps on Monday to make workforce gains, with American Airlines Group Inc AAL.O pilots backing a strike mandate and Air Canada AC.TO pilots supporting a merger with a larger union. "We remain confident that an agreement for our pilots is within reach and can be finalized quickly. | By Allison Lampert May 1 (Reuters) - North American pilots took fresh steps on Monday to make workforce gains, with American Airlines Group Inc AAL.O pilots backing a strike mandate and Air Canada AC.TO pilots supporting a merger with a larger union. American Airlines pilots approved the mandate ahead of the busy summer travel season to further pressure the Texas-based carrier for a contract, although the chances of them actually walking off the job remain slim. "We remain confident that an agreement for our pilots is within reach and can be finalized quickly. | By Allison Lampert May 1 (Reuters) - North American pilots took fresh steps on Monday to make workforce gains, with American Airlines Group Inc AAL.O pilots backing a strike mandate and Air Canada AC.TO pilots supporting a merger with a larger union. American Airlines pilots approved the mandate ahead of the busy summer travel season to further pressure the Texas-based carrier for a contract, although the chances of them actually walking off the job remain slim. "We remain confident that an agreement for our pilots is within reach and can be finalized quickly. | By Allison Lampert May 1 (Reuters) - North American pilots took fresh steps on Monday to make workforce gains, with American Airlines Group Inc AAL.O pilots backing a strike mandate and Air Canada AC.TO pilots supporting a merger with a larger union. American Airlines pilots approved the mandate ahead of the busy summer travel season to further pressure the Texas-based carrier for a contract, although the chances of them actually walking off the job remain slim. "We remain confident that an agreement for our pilots is within reach and can be finalized quickly. |
34810.0 | 2023-04-27 00:00:00 UTC | Mexican bottler Arca Continental sees earnings jump on drinks boost | AC | https://www.nasdaq.com/articles/mexican-bottler-arca-continental-sees-earnings-jump-on-drinks-boost | nan | nan | MEXICO CITY, April 27 (Reuters) - Mexican bottler Arca Continental AC.MX reported a 20.6% jump in first-quarter net profit year-over-year, the company said in a statement Thursday, as the company moved more drinks in almost all regions.
Arca, which sells water and soft drinks in the United States and parts of Latin America, posted a net quarterly profit of 3.73 billion pesos ($207.05 million).
The bottler said revenues rose 10% to 50.68 billion pesos ($2.81 billion) in the three-month period, aided by increased volumes - particularly water and non-carbonated drinks - and Arca's pricing strategy.
The firm moved more product in all regions except the United States, which saw a nearly 1% drop in drinks volume in the quarter.
The cost of sales was up 8.5% from the year-ago quarter due to increased raw material costs, particularly for the plastic used to make soda bottles, Arca said.
Earnings before interest, tax, depreciation and amortization (EBITDA), or core earnings, rose 12% to reach 9.55 billion pesos.
In March, Arca said it planned to spend more than 14.5 billion pesos, with about half earmarked for Mexico and the other half split between the United States and South America.
Arca, which makes about two-fifths of its sales in Mexico and the United States, also operates in Peru, Ecuador and Argentina.
($1 = 18.0201 pesos at end-March)
(Reporting by Noe Torres and Kylie Madry)
((Kylie.Madry@thomsonreuters.com))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | MEXICO CITY, April 27 (Reuters) - Mexican bottler Arca Continental AC.MX reported a 20.6% jump in first-quarter net profit year-over-year, the company said in a statement Thursday, as the company moved more drinks in almost all regions. Earnings before interest, tax, depreciation and amortization (EBITDA), or core earnings, rose 12% to reach 9.55 billion pesos. Arca, which sells water and soft drinks in the United States and parts of Latin America, posted a net quarterly profit of 3.73 billion pesos ($207.05 million). | MEXICO CITY, April 27 (Reuters) - Mexican bottler Arca Continental AC.MX reported a 20.6% jump in first-quarter net profit year-over-year, the company said in a statement Thursday, as the company moved more drinks in almost all regions. Earnings before interest, tax, depreciation and amortization (EBITDA), or core earnings, rose 12% to reach 9.55 billion pesos. Arca, which sells water and soft drinks in the United States and parts of Latin America, posted a net quarterly profit of 3.73 billion pesos ($207.05 million). | MEXICO CITY, April 27 (Reuters) - Mexican bottler Arca Continental AC.MX reported a 20.6% jump in first-quarter net profit year-over-year, the company said in a statement Thursday, as the company moved more drinks in almost all regions. Earnings before interest, tax, depreciation and amortization (EBITDA), or core earnings, rose 12% to reach 9.55 billion pesos. Arca, which sells water and soft drinks in the United States and parts of Latin America, posted a net quarterly profit of 3.73 billion pesos ($207.05 million). | MEXICO CITY, April 27 (Reuters) - Mexican bottler Arca Continental AC.MX reported a 20.6% jump in first-quarter net profit year-over-year, the company said in a statement Thursday, as the company moved more drinks in almost all regions. Earnings before interest, tax, depreciation and amortization (EBITDA), or core earnings, rose 12% to reach 9.55 billion pesos. Arca, which sells water and soft drinks in the United States and parts of Latin America, posted a net quarterly profit of 3.73 billion pesos ($207.05 million). |
34811.0 | 2023-04-11 00:00:00 UTC | Air Canada CFO Kazzaz to retire, ex-Bombardier exec Di Bert to take over | AC | https://www.nasdaq.com/articles/air-canada-cfo-kazzaz-to-retire-ex-bombardier-exec-di-bert-to-take-over | nan | nan | April 11 (Reuters) - Air Canada AC.TO said on Tuesday that Chief Financial Officer Amos Kazzaz would retire at the end of June and be replaced by former Bombardier Inc BBDb.TO executive John Di Bert.
Kazzaz, who has been with the Canadian carrier for 13 years, helped steer the company through the early days of the pandemic, when the aviation industry was brought to a near standstill.
Di Bert, who has served as CFO for both Bombardier and Pratt & Whitney Canada, will assume the role at Air Canada on July 1. He is currently CFO of Clarios International Inc.
The change comes at a time when Air Canada, like other North American carriers, faces cost pressures due to a labor shortage amid a rebound in travel.
Toronto-listed shares of Air Canada were up about 2% on Tuesday.
(Reporting by Pratyush Thakur in Bengaluru; Editing by Anil D'Silva)
((pratyush.thakur@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | April 11 (Reuters) - Air Canada AC.TO said on Tuesday that Chief Financial Officer Amos Kazzaz would retire at the end of June and be replaced by former Bombardier Inc BBDb.TO executive John Di Bert. The change comes at a time when Air Canada, like other North American carriers, faces cost pressures due to a labor shortage amid a rebound in travel. Kazzaz, who has been with the Canadian carrier for 13 years, helped steer the company through the early days of the pandemic, when the aviation industry was brought to a near standstill. | The change comes at a time when Air Canada, like other North American carriers, faces cost pressures due to a labor shortage amid a rebound in travel. April 11 (Reuters) - Air Canada AC.TO said on Tuesday that Chief Financial Officer Amos Kazzaz would retire at the end of June and be replaced by former Bombardier Inc BBDb.TO executive John Di Bert. Di Bert, who has served as CFO for both Bombardier and Pratt & Whitney Canada, will assume the role at Air Canada on July 1. | April 11 (Reuters) - Air Canada AC.TO said on Tuesday that Chief Financial Officer Amos Kazzaz would retire at the end of June and be replaced by former Bombardier Inc BBDb.TO executive John Di Bert. The change comes at a time when Air Canada, like other North American carriers, faces cost pressures due to a labor shortage amid a rebound in travel. Di Bert, who has served as CFO for both Bombardier and Pratt & Whitney Canada, will assume the role at Air Canada on July 1. | The change comes at a time when Air Canada, like other North American carriers, faces cost pressures due to a labor shortage amid a rebound in travel. April 11 (Reuters) - Air Canada AC.TO said on Tuesday that Chief Financial Officer Amos Kazzaz would retire at the end of June and be replaced by former Bombardier Inc BBDb.TO executive John Di Bert. Kazzaz, who has been with the Canadian carrier for 13 years, helped steer the company through the early days of the pandemic, when the aviation industry was brought to a near standstill. |
34812.0 | 2023-03-14 00:00:00 UTC | Air Canada pilots union and larger union back merger ahead of vote | AC | https://www.nasdaq.com/articles/air-canada-pilots-union-and-larger-union-back-merger-ahead-of-vote | nan | nan | March 14 (Reuters) - The major pilots union in North America and the union representing Air Canada AC.TO pilots said on Tuesday they had agreed in principle to a merger, which will now be voted on by pilots, an executive board and council.
"This milestone brings both associations one step closer to achieving the pilots’ joint goal of advancing the piloting profession and aviation safety in Canada and the United States," the Air Canada Pilots Association and the Air Line Pilots Association said in a joint statement.
(Reporting by Costas Pitas in Los Angeles and Eric Beech in Washington)
((Costas.Pitas@thomsonreuters.com; Reuters Messaging: costas.pitas.thomsonreuters@reuters.net and @Cpitas on Twitter))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | March 14 (Reuters) - The major pilots union in North America and the union representing Air Canada AC.TO pilots said on Tuesday they had agreed in principle to a merger, which will now be voted on by pilots, an executive board and council. "This milestone brings both associations one step closer to achieving the pilots’ joint goal of advancing the piloting profession and aviation safety in Canada and the United States," the Air Canada Pilots Association and the Air Line Pilots Association said in a joint statement. (Reporting by Costas Pitas in Los Angeles and Eric Beech in Washington) ((Costas.Pitas@thomsonreuters.com; Reuters Messaging: costas.pitas.thomsonreuters@reuters.net and @Cpitas on Twitter)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | March 14 (Reuters) - The major pilots union in North America and the union representing Air Canada AC.TO pilots said on Tuesday they had agreed in principle to a merger, which will now be voted on by pilots, an executive board and council. "This milestone brings both associations one step closer to achieving the pilots’ joint goal of advancing the piloting profession and aviation safety in Canada and the United States," the Air Canada Pilots Association and the Air Line Pilots Association said in a joint statement. (Reporting by Costas Pitas in Los Angeles and Eric Beech in Washington) ((Costas.Pitas@thomsonreuters.com; Reuters Messaging: costas.pitas.thomsonreuters@reuters.net and @Cpitas on Twitter)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | March 14 (Reuters) - The major pilots union in North America and the union representing Air Canada AC.TO pilots said on Tuesday they had agreed in principle to a merger, which will now be voted on by pilots, an executive board and council. "This milestone brings both associations one step closer to achieving the pilots’ joint goal of advancing the piloting profession and aviation safety in Canada and the United States," the Air Canada Pilots Association and the Air Line Pilots Association said in a joint statement. (Reporting by Costas Pitas in Los Angeles and Eric Beech in Washington) ((Costas.Pitas@thomsonreuters.com; Reuters Messaging: costas.pitas.thomsonreuters@reuters.net and @Cpitas on Twitter)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | March 14 (Reuters) - The major pilots union in North America and the union representing Air Canada AC.TO pilots said on Tuesday they had agreed in principle to a merger, which will now be voted on by pilots, an executive board and council. "This milestone brings both associations one step closer to achieving the pilots’ joint goal of advancing the piloting profession and aviation safety in Canada and the United States," the Air Canada Pilots Association and the Air Line Pilots Association said in a joint statement. (Reporting by Costas Pitas in Los Angeles and Eric Beech in Washington) ((Costas.Pitas@thomsonreuters.com; Reuters Messaging: costas.pitas.thomsonreuters@reuters.net and @Cpitas on Twitter)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. |
34813.0 | 2023-03-09 00:00:00 UTC | American Airlines pilots union sets April strike authorization vote | AC | https://www.nasdaq.com/articles/american-airlines-pilots-union-sets-april-strike-authorization-vote | nan | nan | By Allison Lampert
March 9 (Reuters) - The union representing American Airlines AAL.O pilots will take a strike authorization vote in April, underscoring a broader push by North American pilots to make gains on salary and working conditions as air traffic increases sharply.
The vote announced by the union on Thursday will conclude on April 30 and follows Delta Air Lines DAL.N pilots ratifying a new contract earlier this month that includes $7 billion in cumulative increases in pay and benefits over four years.
The deal is widely seen to be a benchmark for contract negotiations at rival U.S. carriers and has also rallied pilots seeking higher pay at Air Canada.
"Management must understand that they need to demonstrate the same level of commitment to bargaining that other airline management teams have shown in recent months," the Allied Pilots Association said in a bulletin to members.
Representatives of American Airlines were not immediately available to comment.
Earlier this week American's chief executive said the carrier is prepared to match the pay rates and profit-sharing formula that rival Delta provided in its new contract.
Some airline executives are concerned that hefty pilot pay raises will inflate fixed costs and make it tougher to repair debt-laden balance sheets.
(Reporting By Allison Lampert in Montreal Editing by Chris Reese and Grant McCool)
((Allison.Lampert@thomsonreuters.com; 514-796-4212; Reuters Messaging: allison.lampert.reuters.com@reuters.net))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The vote announced by the union on Thursday will conclude on April 30 and follows Delta Air Lines DAL.N pilots ratifying a new contract earlier this month that includes $7 billion in cumulative increases in pay and benefits over four years. Earlier this week American's chief executive said the carrier is prepared to match the pay rates and profit-sharing formula that rival Delta provided in its new contract. The deal is widely seen to be a benchmark for contract negotiations at rival U.S. carriers and has also rallied pilots seeking higher pay at Air Canada. | The vote announced by the union on Thursday will conclude on April 30 and follows Delta Air Lines DAL.N pilots ratifying a new contract earlier this month that includes $7 billion in cumulative increases in pay and benefits over four years. The deal is widely seen to be a benchmark for contract negotiations at rival U.S. carriers and has also rallied pilots seeking higher pay at Air Canada. Earlier this week American's chief executive said the carrier is prepared to match the pay rates and profit-sharing formula that rival Delta provided in its new contract. | The vote announced by the union on Thursday will conclude on April 30 and follows Delta Air Lines DAL.N pilots ratifying a new contract earlier this month that includes $7 billion in cumulative increases in pay and benefits over four years. Earlier this week American's chief executive said the carrier is prepared to match the pay rates and profit-sharing formula that rival Delta provided in its new contract. The deal is widely seen to be a benchmark for contract negotiations at rival U.S. carriers and has also rallied pilots seeking higher pay at Air Canada. | The vote announced by the union on Thursday will conclude on April 30 and follows Delta Air Lines DAL.N pilots ratifying a new contract earlier this month that includes $7 billion in cumulative increases in pay and benefits over four years. Earlier this week American's chief executive said the carrier is prepared to match the pay rates and profit-sharing formula that rival Delta provided in its new contract. The deal is widely seen to be a benchmark for contract negotiations at rival U.S. carriers and has also rallied pilots seeking higher pay at Air Canada. |
34814.0 | 2023-03-06 00:00:00 UTC | U.S. FAA, NTSB probe new airline runway incident | AC | https://www.nasdaq.com/articles/u.s.-faa-ntsb-probe-new-airline-runway-incident | nan | nan | By David Shepardson
WASHINGTON, March 6 (Reuters) - U.S. aviation authorities said late on Monday they were investigating a fresh incident involving two airplanes cleared to use the same runway that forced one to abandon a landing and renewed safety questions.
The National Transportation Safety Board (NTSB) and Federal Aviation Administration (FAA) are investigating a string of recent runway incursions that have attracted national attention.
In the Feb. 16 incident, an air traffic controller cleared an Air Canada AC.TO Rouge Airbus AIR.PA A321 for takeoff at Florida's Sarasota/Bradenton International Airport after clearing an American Airlines AAL.O Boeing BA.N 737 to land on the same runway.
The aircraft were about 3,100 feet (945 meters) apart when the American Airlines jet began its climb-out, the FAA said.
Air Canada and American Airlines did not immediately comment.
The FAA will hold a March 15 safety summit and is forming a team of experts to review airline safety after several recent near-miss incidents.
Acting FAA Administrator Billy Nolen, in a "call to action” memo last month, said the safety review team will "examine the U.S. aerospace system's structure, culture, processes, systems, and integration of safety efforts." Nolen is also set to testify Wednesday before the Senate Commerce Committee.
NTSB and FAA said last week they were investigating a Feb. 27 "close call" runway incursion at Boston Logan Airport that occurred when a Learjet 60 began a takeoff roll as a JetBlue JBLU.O airplane was preparing to land on an intersecting runway.
The FAA said the Learjet pilot took off without clearance while the JetBlue flight was preparing to land. The pilot of the JetBlue aircraft took evasive action and initiated a climb-out as the Learjet crossed the intersection.
Last month, NTSB Chair Jennifer Homendy said a FedEx FDX.N cargo plane and a Southwest Airlines LUV.N jet that on Feb. 4 in Austin, Texas were "probably under 100 feet vertically from each other."
The FedEx plane had been set to land on a runway on which a Southwest Airlines jet was also cleared to depart. Homendy said it could have resulted in "terrible tragedy."
In January, a Delta Air Lines DAL.N jet abandoned its take-off at New York's John F. Kennedy International Airport after controllers noticed a London-bound American Airlines widebody had crossed from an adjacent taxiway without clearance, the NTSB said. That incident is also under investigation.
(Reporting by David Shepardson; Editing by Jamie Freed)
((David.Shepardson@thomsonreuters.com; 2028988324;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Last month, NTSB Chair Jennifer Homendy said a FedEx FDX.N cargo plane and a Southwest Airlines LUV.N jet that on Feb. 4 in Austin, Texas were "probably under 100 feet vertically from each other." In January, a Delta Air Lines DAL.N jet abandoned its take-off at New York's John F. Kennedy International Airport after controllers noticed a London-bound American Airlines widebody had crossed from an adjacent taxiway without clearance, the NTSB said. The National Transportation Safety Board (NTSB) and Federal Aviation Administration (FAA) are investigating a string of recent runway incursions that have attracted national attention. | The National Transportation Safety Board (NTSB) and Federal Aviation Administration (FAA) are investigating a string of recent runway incursions that have attracted national attention. In the Feb. 16 incident, an air traffic controller cleared an Air Canada AC.TO Rouge Airbus AIR.PA A321 for takeoff at Florida's Sarasota/Bradenton International Airport after clearing an American Airlines AAL.O Boeing BA.N 737 to land on the same runway. Acting FAA Administrator Billy Nolen, in a "call to action” memo last month, said the safety review team will "examine the U.S. aerospace system's structure, culture, processes, systems, and integration of safety efforts." | In the Feb. 16 incident, an air traffic controller cleared an Air Canada AC.TO Rouge Airbus AIR.PA A321 for takeoff at Florida's Sarasota/Bradenton International Airport after clearing an American Airlines AAL.O Boeing BA.N 737 to land on the same runway. The National Transportation Safety Board (NTSB) and Federal Aviation Administration (FAA) are investigating a string of recent runway incursions that have attracted national attention. Acting FAA Administrator Billy Nolen, in a "call to action” memo last month, said the safety review team will "examine the U.S. aerospace system's structure, culture, processes, systems, and integration of safety efforts." | In the Feb. 16 incident, an air traffic controller cleared an Air Canada AC.TO Rouge Airbus AIR.PA A321 for takeoff at Florida's Sarasota/Bradenton International Airport after clearing an American Airlines AAL.O Boeing BA.N 737 to land on the same runway. The National Transportation Safety Board (NTSB) and Federal Aviation Administration (FAA) are investigating a string of recent runway incursions that have attracted national attention. Acting FAA Administrator Billy Nolen, in a "call to action” memo last month, said the safety review team will "examine the U.S. aerospace system's structure, culture, processes, systems, and integration of safety efforts." |
34815.0 | 2023-03-03 00:00:00 UTC | Air Canada pilots decry 'embarrassing' pay gap with U.S. after Delta deal | AC | https://www.nasdaq.com/articles/air-canada-pilots-decry-embarrassing-pay-gap-with-u.s.-after-delta-deal-0 | nan | nan | By Allison Lampert
MONTREAL, March 3 (Reuters) - Air Canada AC.TO pilots are pressing for higher pay in the run-up to fresh contract talks, following recent gains secured by pilots at U.S. carrier Delta Air Lines DAL.N, union representatives told Reuters.
A contract between Delta and its pilots that came into effect on Thursday delivers a 34% pay increase over four years, driving pressure on other U.S. carriers to reach similar deals.
It is also galvanizing pilots at Canada's largest carrier. Delta's latest hourly pay rates are up to 45% higher than current Air Canada hourly pay rates, the Air Canada Pilots Association (ACPA) said by email.
Air Canada pilots have received a 2% wage increase per year, since 2014, said ACPA, which represents about 4,500 pilots. They could potentially begin salary talks as early as this year, or in 2024, the union said.
"Pilots in the U.S. have recently secured significant wage increases and other contractual improvements, creating an embarrassing gap with Canada," Charlene Hudy, a top ACPA union leader, said in a statement.
The talks come as North American carriers are collectively recruiting thousands of pilots to meet a rebound in travel demand following a pandemic-induced slump. Air Canada did not respond to a request for comment.
ACPA is in talks to possibly join the Air Line Pilots Association (ALPA), the world's largest pilots' union, representing more than 60,000 pilots.
ALPA Canada President Tim Perry said many U.S. carriers recognize the importance of crew to their business model "by providing improved wages and working conditions for their pilots, in most cases far surpassing those of their Canadian counterparts."
Some airline executives are concerned that hefty pilot pay raises will inflate fixed costs and make it tougher to repair debt-laden balance sheets. Delta has forecast a hit on its earnings in the first quarter as the pilot deal is estimated to drive up operating costs.
Air Canada, which expects to return to 2019 levels of capacity next year, is also facing cost pressures.
Salary is also a priority for pilots in negotiations at Canada's second-largest carrier, WestJet.
U.S. carriers American Airlines Group AAL.O and United Airlines UAL.O are also negotiating with their pilots.
(Reporting by Allison Lampert in Montreal. Additional reporting by Rajesh Kumar Singh in Chicago Editing by Matthew Lewis and Susan Fenton)
((Allison.Lampert@thomsonreuters.com; 514-796-4212; Reuters Messaging: allison.lampert.reuters.com@reuters.net))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | "Pilots in the U.S. have recently secured significant wage increases and other contractual improvements, creating an embarrassing gap with Canada," Charlene Hudy, a top ACPA union leader, said in a statement. By Allison Lampert MONTREAL, March 3 (Reuters) - Air Canada AC.TO pilots are pressing for higher pay in the run-up to fresh contract talks, following recent gains secured by pilots at U.S. carrier Delta Air Lines DAL.N, union representatives told Reuters. A contract between Delta and its pilots that came into effect on Thursday delivers a 34% pay increase over four years, driving pressure on other U.S. carriers to reach similar deals. | By Allison Lampert MONTREAL, March 3 (Reuters) - Air Canada AC.TO pilots are pressing for higher pay in the run-up to fresh contract talks, following recent gains secured by pilots at U.S. carrier Delta Air Lines DAL.N, union representatives told Reuters. Delta's latest hourly pay rates are up to 45% higher than current Air Canada hourly pay rates, the Air Canada Pilots Association (ACPA) said by email. ACPA is in talks to possibly join the Air Line Pilots Association (ALPA), the world's largest pilots' union, representing more than 60,000 pilots. | By Allison Lampert MONTREAL, March 3 (Reuters) - Air Canada AC.TO pilots are pressing for higher pay in the run-up to fresh contract talks, following recent gains secured by pilots at U.S. carrier Delta Air Lines DAL.N, union representatives told Reuters. Delta's latest hourly pay rates are up to 45% higher than current Air Canada hourly pay rates, the Air Canada Pilots Association (ACPA) said by email. ACPA is in talks to possibly join the Air Line Pilots Association (ALPA), the world's largest pilots' union, representing more than 60,000 pilots. | By Allison Lampert MONTREAL, March 3 (Reuters) - Air Canada AC.TO pilots are pressing for higher pay in the run-up to fresh contract talks, following recent gains secured by pilots at U.S. carrier Delta Air Lines DAL.N, union representatives told Reuters. Air Canada pilots have received a 2% wage increase per year, since 2014, said ACPA, which represents about 4,500 pilots. ACPA is in talks to possibly join the Air Line Pilots Association (ALPA), the world's largest pilots' union, representing more than 60,000 pilots. |
34816.0 | 2023-03-03 00:00:00 UTC | Air Canada pilots decry 'embarrassing' pay gap with U.S. after Delta deal | AC | https://www.nasdaq.com/articles/air-canada-pilots-decry-embarrassing-pay-gap-with-u.s.-after-delta-deal | nan | nan | By Allison Lampert
MONTREAL, March 3 (Reuters) - Air Canada AC.TO pilots are pressing for higher pay in the run-up to fresh contract talks, following recent gains secured by pilots at U.S. carrier Delta Air Lines DAL.N, union representatives told Reuters.
A contract between Delta and its pilots that came into effect on Thursday delivers a 34% pay increase over four years, driving pressure on other U.S. carriers to reach similar deals.
It is also galvanizing pilots at Canada's largest carrier. Delta's latest hourly pay rates are up to 45% higher than current Air Canada hourly pay rates, the Air Canada Pilots Association (ACPA) said in an email.
Air Canada pilots have received a 2% wage increase per year, since 2014, said ACPA, which represents about 4,500 pilots. They could potentially begin salary talks as early as this year, or in 2024, the union said.
"Pilots in the U.S. have recently secured significant wage increases and other contractual improvements, creating an embarrassing gap with Canada," Charlene Hudy, a top ACPA union leader, said in a statement.
The talks come as North American carriers are collectively recruiting thousands of pilots to meet growing travel demand following a pandemic-induced slump.
ACPA is in talks to possibly join the Air Line Pilots Association (ALPA), the world's largest pilots' union, representing more than 60,000 pilots in the United States and Canada.
"We believe Canada’s pilots need to speak with one voice about our working conditions, which is one of the reasons we are currently in talks with ALPA," Hudy added.
ALPA and Air Canada were not immediately available for comment.
Some airline executives are concerned that hefty pilot pay raises will inflate fixed costs and make it tougher to repair debt-laden balance sheets. Delta has forecast a hit on its earnings in the first quarter as the pilot deal is estimated to drive up operating costs.
Air Canada, which expects to return to 2019 levels of capacity next year, is also facing cost pressures.
Salary is also a priority for pilots at Canada's second- largest carrier, WestJet, who are currently in bargaining.
U.S. carriers American Airlines Group AAL.O and United Airlines UAL.O are also negotiating with their pilots.
(Reporting by Allison Lampert in Montreal. Additional reporting by Rajesh Kumar Singh in Chicago Editing by Matthew Lewis)
((Allison.Lampert@thomsonreuters.com; 514-796-4212; Reuters Messaging: allison.lampert.reuters.com@reuters.net))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | A contract between Delta and its pilots that came into effect on Thursday delivers a 34% pay increase over four years, driving pressure on other U.S. carriers to reach similar deals. "Pilots in the U.S. have recently secured significant wage increases and other contractual improvements, creating an embarrassing gap with Canada," Charlene Hudy, a top ACPA union leader, said in a statement. By Allison Lampert MONTREAL, March 3 (Reuters) - Air Canada AC.TO pilots are pressing for higher pay in the run-up to fresh contract talks, following recent gains secured by pilots at U.S. carrier Delta Air Lines DAL.N, union representatives told Reuters. | By Allison Lampert MONTREAL, March 3 (Reuters) - Air Canada AC.TO pilots are pressing for higher pay in the run-up to fresh contract talks, following recent gains secured by pilots at U.S. carrier Delta Air Lines DAL.N, union representatives told Reuters. Delta's latest hourly pay rates are up to 45% higher than current Air Canada hourly pay rates, the Air Canada Pilots Association (ACPA) said in an email. ACPA is in talks to possibly join the Air Line Pilots Association (ALPA), the world's largest pilots' union, representing more than 60,000 pilots in the United States and Canada. | By Allison Lampert MONTREAL, March 3 (Reuters) - Air Canada AC.TO pilots are pressing for higher pay in the run-up to fresh contract talks, following recent gains secured by pilots at U.S. carrier Delta Air Lines DAL.N, union representatives told Reuters. Delta's latest hourly pay rates are up to 45% higher than current Air Canada hourly pay rates, the Air Canada Pilots Association (ACPA) said in an email. ACPA is in talks to possibly join the Air Line Pilots Association (ALPA), the world's largest pilots' union, representing more than 60,000 pilots in the United States and Canada. | By Allison Lampert MONTREAL, March 3 (Reuters) - Air Canada AC.TO pilots are pressing for higher pay in the run-up to fresh contract talks, following recent gains secured by pilots at U.S. carrier Delta Air Lines DAL.N, union representatives told Reuters. Air Canada pilots have received a 2% wage increase per year, since 2014, said ACPA, which represents about 4,500 pilots. ACPA is in talks to possibly join the Air Line Pilots Association (ALPA), the world's largest pilots' union, representing more than 60,000 pilots in the United States and Canada. |
34817.0 | 2023-02-24 00:00:00 UTC | Airports, airlines rein in summer plans to avoid repeat of last year's chaos | AC | https://www.nasdaq.com/articles/airports-airlines-rein-in-summer-plans-to-avoid-repeat-of-last-years-chaos | nan | nan | By Allison Lampert, Joanna Plucinska and Toby Sterling
Feb 24 (Reuters) - Airports are taking steps to avoid gridlock during the upcoming holiday travel seasons, with some limiting flights during peak hours to avoid the long lines and luggage piles that marred last summer.
The sudden rebound in air travel demand during last year's holiday season as the pandemic subsided in Europe and North America caused chaos at some airports which were short of staff to handle the flood of passengers.
While smoother holiday travel is expected for Europe and North America, airlines and airports which learned tough lessons on holiday travel in 2022, are taking a more prudent approach as global traffic rebounds roughly to pre-pandemic levels.
Canada's largest airport, for one, has set hard limits on the number of commercial flights that can arrive or depart in any given hour during peak spring and summer hours, the operator of Toronto Pearson International Airport told Reuters.
The Greater Toronto Airports Authority (GTAA) also said in an emailed statement it will cap the number of passengers that can arrive internationally, or depart to the United States through each terminal in a given hour.
"The GTAA has taken decisive measures designed to flatten peak-hour schedules for the March break and the upcoming summer season," said the authority which did not give further details.
"These slot measures strike a balance between airline commercial interests and the capabilities of the entities across the entire airport ecosystem."
Air Canada AC.TO, the country's largest carrier, said the GTAA's limits were accounted for in its plans, while rival WestJet Airlines said the limitations "have created hurdles and required adjustments when planning our transborder and international flying."
Despite extensive planning and hiring this year, some airlines and airports are still wrestling with industry staff shortages, including baggage handlers. And some are also dealing with labour disputes, including expected strikes in the coming weeks for the UK border force and disruptions in France and Germany from strike action.
That has some airlines showing restraint on flights despite surging demand, analysts say.
"I would expect airlines to prioritise operational resilience over pushing networks to the limit, after the experience of last summer," said Bernstein analyst Alexander Irving.
Germany's Lufthansa AG LHAG.DE said it has cut summer flights by an unspecified amount due to shortages of personnel like ground handlers at airports in Frankfurt and Munich.
"The adjustments in our schedules are a precautionary measure in advance in order to avoid short-term cancellations in the summer season," Lufthansa spokesman Andreas Bartels said.
Amsterdam's Schiphol Airport, a key hub for Air France-KLM SA AIRF.PA, said on Feb. 21 it would limit passenger numbers to 66,000 departing passengers per day during the May vacation season – a big increase from levels imposed last year amid chaos and long lines, but still 8% below 2019 levels.
The airport is grappling with staffing shortages and airlines have been asked to cut their ticket sales by around 5% on peak mornings during spring break, Schiphol spokesman Stefan Donker said.
In Britain, Heathrow airport confirmed ad hoc flights would not be added to peak scheduling times during the summer.
While airports have been staffing up to avoid the crippling labour shortages that curbed capacity last summer, governments are also being pressed to add more border agents.
In Canada, the GTAA said it has already constrained transborder flights for several months to account for U.S. and Canadian border "staffing levels" along with air traffic controllers.
Air traffic control manager NAV Canada said it currently employs about 1,900 air traffic controllers across Canada, but did not provide earlier data. An industry source said there were around 1,700 controllers in Canada in late 2021 compared with about 2,000 before the pandemic.
U.S. Customs and Border Protection and the Canada Border Services Agency were not immediately available to comment on staffing.
Aviation analyst James Halstead said airports like Heathrow have learned from last summer's errors which bodes well for this year's season.
"Let's hope it's better than it was last year," said Halstead, managing partner at Aviation Strategy.
"It couldn't be worse."
(Reporting By Allison Lampert in Montreal, Joanna Plucinska in London and Toby Sterling in Amsterdam. Editing by Jane Merriman)
((Allison.Lampert@thomsonreuters.com; 514-796-4212; Reuters Messaging: allison.lampert.reuters.com@reuters.net))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The Greater Toronto Airports Authority (GTAA) also said in an emailed statement it will cap the number of passengers that can arrive internationally, or depart to the United States through each terminal in a given hour. While smoother holiday travel is expected for Europe and North America, airlines and airports which learned tough lessons on holiday travel in 2022, are taking a more prudent approach as global traffic rebounds roughly to pre-pandemic levels. "These slot measures strike a balance between airline commercial interests and the capabilities of the entities across the entire airport ecosystem." | While smoother holiday travel is expected for Europe and North America, airlines and airports which learned tough lessons on holiday travel in 2022, are taking a more prudent approach as global traffic rebounds roughly to pre-pandemic levels. The Greater Toronto Airports Authority (GTAA) also said in an emailed statement it will cap the number of passengers that can arrive internationally, or depart to the United States through each terminal in a given hour. "These slot measures strike a balance between airline commercial interests and the capabilities of the entities across the entire airport ecosystem." | Amsterdam's Schiphol Airport, a key hub for Air France-KLM SA AIRF.PA, said on Feb. 21 it would limit passenger numbers to 66,000 departing passengers per day during the May vacation season – a big increase from levels imposed last year amid chaos and long lines, but still 8% below 2019 levels. While smoother holiday travel is expected for Europe and North America, airlines and airports which learned tough lessons on holiday travel in 2022, are taking a more prudent approach as global traffic rebounds roughly to pre-pandemic levels. The Greater Toronto Airports Authority (GTAA) also said in an emailed statement it will cap the number of passengers that can arrive internationally, or depart to the United States through each terminal in a given hour. | In Canada, the GTAA said it has already constrained transborder flights for several months to account for U.S. and Canadian border "staffing levels" along with air traffic controllers. While smoother holiday travel is expected for Europe and North America, airlines and airports which learned tough lessons on holiday travel in 2022, are taking a more prudent approach as global traffic rebounds roughly to pre-pandemic levels. The Greater Toronto Airports Authority (GTAA) also said in an emailed statement it will cap the number of passengers that can arrive internationally, or depart to the United States through each terminal in a given hour. |
34818.0 | 2023-02-21 00:00:00 UTC | United Airlines launches $100 mln sustainable fuel investment fund | AC | https://www.nasdaq.com/articles/united-airlines-launches-%24100-mln-sustainable-fuel-investment-fund | nan | nan | By Rajesh Kumar Singh
CHICAGO, Feb 21 (Reuters) - United Airlines UAL.O launched on Tuesday a more than $100 million investment fund to support start-ups focused on the research and production of sustainable aviation fuel (SAF).
The Chicago-based carrier along with inaugural partners such as Air Canada AC.TO, Boeing BA.N, General Electric GE.N JPMorgan Chase JPM.N and Honeywell HON.O have invested in the United Airlines Ventures Sustainable Flight Fund, it said.
United said the fund was open to investment by companies across industries and would prioritize investment in new technology and "proven" producers.
The global aviation industry is under pressure to reduce carbon emissions and find ways to meet the 2050 net-zero emissions target set by the International Air Transport Association (IATA) in 2021.
The industry, which contributes about 2% of global carbon dioxide emissions, faces formidable challenges in reaching that goal as technologies such as electric and hydrogen-powered aircraft are still unproven.
Global airlines and aerospace manufacturers are betting on SAF, which is made in tiny quantities from feedstocks such as cooking oils and animal waste, and can cost two to five times more than conventional jet fuels.
United's Chief Sustainability Officer Lauren Riley said the investment fund was aimed at scaling up the supply of SAF. The company would contribute up to 49% of the fund's value, she said.
The carrier was also encouraging travelers to contribute to the fund by offering first 10,000 customers 500 miles each for their contribution.
Riley said the move was aimed at educating customers rather than generating funds from them.
"It's more of an effort for us to educate," she told Reuters.
United has pledged to reduce its carbon intensity by 50% by 2035 versus 2019.
It has purchased nearly 8 million gallons of SAF since 2016. However, as of last December, the total volume of SAF used in its operations remained less than 0.1% of its total aviation fuel usage.
(Reporting by Rajesh Kumar Singh; Editing by Jacqueline Wong)
((rajeshkumar.singh@thomsonreuters.com; +1-313-484-5370 ; Reuters Messaging: rajeshkumar.singh.thomsonreuters.com@reuters.net))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The Chicago-based carrier along with inaugural partners such as Air Canada AC.TO, Boeing BA.N, General Electric GE.N JPMorgan Chase JPM.N and Honeywell HON.O have invested in the United Airlines Ventures Sustainable Flight Fund, it said. Global airlines and aerospace manufacturers are betting on SAF, which is made in tiny quantities from feedstocks such as cooking oils and animal waste, and can cost two to five times more than conventional jet fuels. United said the fund was open to investment by companies across industries and would prioritize investment in new technology and "proven" producers. | The Chicago-based carrier along with inaugural partners such as Air Canada AC.TO, Boeing BA.N, General Electric GE.N JPMorgan Chase JPM.N and Honeywell HON.O have invested in the United Airlines Ventures Sustainable Flight Fund, it said. United said the fund was open to investment by companies across industries and would prioritize investment in new technology and "proven" producers. The industry, which contributes about 2% of global carbon dioxide emissions, faces formidable challenges in reaching that goal as technologies such as electric and hydrogen-powered aircraft are still unproven. | The Chicago-based carrier along with inaugural partners such as Air Canada AC.TO, Boeing BA.N, General Electric GE.N JPMorgan Chase JPM.N and Honeywell HON.O have invested in the United Airlines Ventures Sustainable Flight Fund, it said. United said the fund was open to investment by companies across industries and would prioritize investment in new technology and "proven" producers. The industry, which contributes about 2% of global carbon dioxide emissions, faces formidable challenges in reaching that goal as technologies such as electric and hydrogen-powered aircraft are still unproven. | The Chicago-based carrier along with inaugural partners such as Air Canada AC.TO, Boeing BA.N, General Electric GE.N JPMorgan Chase JPM.N and Honeywell HON.O have invested in the United Airlines Ventures Sustainable Flight Fund, it said. United said the fund was open to investment by companies across industries and would prioritize investment in new technology and "proven" producers. The industry, which contributes about 2% of global carbon dioxide emissions, faces formidable challenges in reaching that goal as technologies such as electric and hydrogen-powered aircraft are still unproven. |
34819.0 | 2023-02-17 00:00:00 UTC | CANADA STOCKS-TSX drops as commodity-linked stocks fall; Air Canada drags | AC | https://www.nasdaq.com/articles/canada-stocks-tsx-drops-as-commodity-linked-stocks-fall-air-canada-drags | nan | nan | By Shristi Achar A
Feb 17 (Reuters) - Canada's main resource-heavy stock index fell on Friday as commodity-linked stocks fell, while hotter-than-expected domestic producer prices data fed into investor angst about interest rate hikes.
At 10:24 a.m. ET (1524 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 66.4 points, or 0.32%, at 20,540.02, headed for a second week of declines.
Producer prices in Canada rose by 0.4% in January, as opposed to estimates of a 0.1% decrease in the prices, adding to investor fears of further monetary tightening from central banks.
"There is some caution from investors as they are repricing how far central banks have to go to slow the economy down," said Angelo Kourkafas, investment strategist at Edward Jones Investments.
"The Bank of Canada has even taken a stance that they're going to pivot. But the caveat is, depending on the data, the BoC will likely take a more cautionary stance with further rate hikes than the Fed will."
The energy sector .SPTTEN was the biggest weight on the index, down 2.2% as oil prices fell on concerns of more U.S. Federal Reserve interest rate hikes that could weigh on demand, and on signs of ample supply. O/R
Gold miners .SPTTGD fell 1.5%, dragged down by Agnico Eagle MinesAEM.TO and IAMGOLD CorpIMG.TO, both of which missed fourth quarter profit estimates, while falling spot gold prices XAU= weighed further. GOL/
In earnings, Air Canada AC.TO slumped 8.8%, among top losers on TSX, after the country's largest carrier reported a larger-than-expected quarterly loss per share.
MTY Food Group Inc MTY.TO extended its declines, down 8.1% as multiple brokerages cut their price targets after the casual dining chain reported a fall in fourth-quarter net income.
(Reporting by Shristi Achar A in Bengaluru; Editing by Alden Bentley and Shailesh Kuber)
((Shristi.AcharA@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | GOL/ In earnings, Air Canada AC.TO slumped 8.8%, among top losers on TSX, after the country's largest carrier reported a larger-than-expected quarterly loss per share. By Shristi Achar A Feb 17 (Reuters) - Canada's main resource-heavy stock index fell on Friday as commodity-linked stocks fell, while hotter-than-expected domestic producer prices data fed into investor angst about interest rate hikes. (Reporting by Shristi Achar A in Bengaluru; Editing by Alden Bentley and Shailesh Kuber) ((Shristi.AcharA@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | By Shristi Achar A Feb 17 (Reuters) - Canada's main resource-heavy stock index fell on Friday as commodity-linked stocks fell, while hotter-than-expected domestic producer prices data fed into investor angst about interest rate hikes. GOL/ In earnings, Air Canada AC.TO slumped 8.8%, among top losers on TSX, after the country's largest carrier reported a larger-than-expected quarterly loss per share. (Reporting by Shristi Achar A in Bengaluru; Editing by Alden Bentley and Shailesh Kuber) ((Shristi.AcharA@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | By Shristi Achar A Feb 17 (Reuters) - Canada's main resource-heavy stock index fell on Friday as commodity-linked stocks fell, while hotter-than-expected domestic producer prices data fed into investor angst about interest rate hikes. GOL/ In earnings, Air Canada AC.TO slumped 8.8%, among top losers on TSX, after the country's largest carrier reported a larger-than-expected quarterly loss per share. (Reporting by Shristi Achar A in Bengaluru; Editing by Alden Bentley and Shailesh Kuber) ((Shristi.AcharA@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | By Shristi Achar A Feb 17 (Reuters) - Canada's main resource-heavy stock index fell on Friday as commodity-linked stocks fell, while hotter-than-expected domestic producer prices data fed into investor angst about interest rate hikes. GOL/ In earnings, Air Canada AC.TO slumped 8.8%, among top losers on TSX, after the country's largest carrier reported a larger-than-expected quarterly loss per share. (Reporting by Shristi Achar A in Bengaluru; Editing by Alden Bentley and Shailesh Kuber) ((Shristi.AcharA@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. |
34820.0 | 2023-02-17 00:00:00 UTC | CANADA STOCKS-TSX futures fall as commodity prices slide; inflation data awaited | AC | https://www.nasdaq.com/articles/canada-stocks-tsx-futures-fall-as-commodity-prices-slide-inflation-data-awaited | nan | nan | Feb 17 (Reuters) - Futures for Canada's main resource-heavy stock index fell on Friday as commodity prices declined, while investors awaited domestic producer prices data for clues on the state of inflation and future monetary policy tightening.
March futures on the S&P/TSX index SXFc1 were down 0.6% at 7:00 a.m. ET.
Gold and oil prices dropped following fresh hawkish rhetoric from U.S. Federal Reserve officials, with oil prices under added pressure from signs of ample U.S. supplies. GOL/O/R
Canada's producer prices data is due at 8:30 a.m. ET.
The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended 0.6% lower on Thursday, tracking declines on Wall Street as strong U.S. economic data fueled worries that the Federal Reserve would keep hiking interest rates for longer than previously expected.
Meanwhile, Bank of Canada's governor Tiff Macklem said on Thursday that the economy remains overheated and the jobs market is too tight, as he kept the door open to future interest rate raises.
In company news, First Quantum Minerals Ltd FM.TO has warned employees it may have to shutter operations in Panama if the government does not allow its copper exports to resume by next week, according to a memo sent to staff and seen by Reuters.
Rogers Communications RCIb.TO said it would further extend the deadline for its takeover of Shaw Communications Inc SJRb.TO to March 31, as the wireless carriers await final approval from Canadian industry minister Francois-Philippe Champagne.
Air Canada AC.TOreported a narrower quarterly loss, helped by strong holiday travel demand.
Dundee Precious Metals DPM.TO reported a fall in fourth-quarter revenue, but beat profit estimates.
COMMODITIES AT 7:00 a.m. ET
Gold futures GCc2: $1,826; -0.94% GOL/
US crude CLc1: $76.08; -3.07% O/R
Brent crude LCOc1: $82.72; -2.84% O/R
(Reporting by Shristi Achar A in Bengaluru; Editing by Devika Syamnath)
((Shristi.AcharA@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended 0.6% lower on Thursday, tracking declines on Wall Street as strong U.S. economic data fueled worries that the Federal Reserve would keep hiking interest rates for longer than previously expected. Meanwhile, Bank of Canada's governor Tiff Macklem said on Thursday that the economy remains overheated and the jobs market is too tight, as he kept the door open to future interest rate raises. In company news, First Quantum Minerals Ltd FM.TO has warned employees it may have to shutter operations in Panama if the government does not allow its copper exports to resume by next week, according to a memo sent to staff and seen by Reuters. | ET Gold futures GCc2: $1,826; -0.94% GOL/ US crude CLc1: $76.08; -3.07% O/R Brent crude LCOc1: $82.72; -2.84% O/R (Reporting by Shristi Achar A in Bengaluru; Editing by Devika Syamnath) ((Shristi.AcharA@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended 0.6% lower on Thursday, tracking declines on Wall Street as strong U.S. economic data fueled worries that the Federal Reserve would keep hiking interest rates for longer than previously expected. Meanwhile, Bank of Canada's governor Tiff Macklem said on Thursday that the economy remains overheated and the jobs market is too tight, as he kept the door open to future interest rate raises. | The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended 0.6% lower on Thursday, tracking declines on Wall Street as strong U.S. economic data fueled worries that the Federal Reserve would keep hiking interest rates for longer than previously expected. ET Gold futures GCc2: $1,826; -0.94% GOL/ US crude CLc1: $76.08; -3.07% O/R Brent crude LCOc1: $82.72; -2.84% O/R (Reporting by Shristi Achar A in Bengaluru; Editing by Devika Syamnath) ((Shristi.AcharA@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Meanwhile, Bank of Canada's governor Tiff Macklem said on Thursday that the economy remains overheated and the jobs market is too tight, as he kept the door open to future interest rate raises. | The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended 0.6% lower on Thursday, tracking declines on Wall Street as strong U.S. economic data fueled worries that the Federal Reserve would keep hiking interest rates for longer than previously expected. Meanwhile, Bank of Canada's governor Tiff Macklem said on Thursday that the economy remains overheated and the jobs market is too tight, as he kept the door open to future interest rate raises. In company news, First Quantum Minerals Ltd FM.TO has warned employees it may have to shutter operations in Panama if the government does not allow its copper exports to resume by next week, according to a memo sent to staff and seen by Reuters. |
34821.0 | 2023-02-17 00:00:00 UTC | Air Canada adjusted loss narrows on strong travel demand | AC | https://www.nasdaq.com/articles/air-canada-adjusted-loss-narrows-on-strong-travel-demand | nan | nan | Adds details, CEO quote
Feb 17 (Reuters) - Air Canada AC.TO on Friday reported a narrower quarterly loss as it flew more people, helped by strong holiday travel demand.
Canada, which eased all COVID restrictions for passengers in the fall of 2022, has seen a strong rebound in travel, driving demand for international flights.
With travel demand holding strong, the carrier said it expected its 2023 capacity to increase by about 24% from a year earlier.
"We expect a solid demand environment in 2023," Chief Executive Officer Michael Rousseau said.
Air Canada's fourth-quarter adjusted net loss came in at C$217 million, or 61 Canadian cents per share, compared with an adjusted loss of C$577 million, or C$1.61 per share, a year earlier.
The Canadian carrier's quarterly operating revenue rose nearly 71% to C$4.68 billion ($3.46 billion).
($1 = 1.3515 Canadian dollars)
(Reporting by Pratyush Thakur in Bengaluru; Editing by Anil D'Silva)
((pratyush.thakur@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Adds details, CEO quote Feb 17 (Reuters) - Air Canada AC.TO on Friday reported a narrower quarterly loss as it flew more people, helped by strong holiday travel demand. With travel demand holding strong, the carrier said it expected its 2023 capacity to increase by about 24% from a year earlier. Canada, which eased all COVID restrictions for passengers in the fall of 2022, has seen a strong rebound in travel, driving demand for international flights. | Adds details, CEO quote Feb 17 (Reuters) - Air Canada AC.TO on Friday reported a narrower quarterly loss as it flew more people, helped by strong holiday travel demand. With travel demand holding strong, the carrier said it expected its 2023 capacity to increase by about 24% from a year earlier. Air Canada's fourth-quarter adjusted net loss came in at C$217 million, or 61 Canadian cents per share, compared with an adjusted loss of C$577 million, or C$1.61 per share, a year earlier. | Adds details, CEO quote Feb 17 (Reuters) - Air Canada AC.TO on Friday reported a narrower quarterly loss as it flew more people, helped by strong holiday travel demand. With travel demand holding strong, the carrier said it expected its 2023 capacity to increase by about 24% from a year earlier. Air Canada's fourth-quarter adjusted net loss came in at C$217 million, or 61 Canadian cents per share, compared with an adjusted loss of C$577 million, or C$1.61 per share, a year earlier. | Adds details, CEO quote Feb 17 (Reuters) - Air Canada AC.TO on Friday reported a narrower quarterly loss as it flew more people, helped by strong holiday travel demand. With travel demand holding strong, the carrier said it expected its 2023 capacity to increase by about 24% from a year earlier. Canada, which eased all COVID restrictions for passengers in the fall of 2022, has seen a strong rebound in travel, driving demand for international flights. |
34822.0 | 2023-02-09 00:00:00 UTC | Mexican bottler Arca reports 24% rise in Q4 net profit | AC | https://www.nasdaq.com/articles/mexican-bottler-arca-reports-24-rise-in-q4-net-profit | nan | nan | Adds details from the results
MEXICO CITY, Feb 9 (Reuters) - Mexican bottler Arca Continental AC.MX reported a 24.2% increase in its fourth-quarter net profit year-over-year, the company said in a statement on Thursday, pointing to price increases and cost hedging that offset higher raw material costs.
Arca, which sells water and soft drinks in the United States and parts of Latin America, posted a net quarterly profit of 3.96 billion Mexican pesos ($202.78 million).
Arca meanwhile reported that its revenues rose 7.1% to total 52.64 billion pesos ($2.70 billion) due in large part to price increases, as quarterly volumes were nearly flat.
The cost of sales was up 8.1% from the year-ago quarter, Arca said, due to higher costs for raw materials such as PET plastic used in containers and aluminum.
Earnings before interest, tax, depreciation and amortization (EBITDA), or core earnings, rose 9.4% to reach 9.98 billion pesos.
Chief Executive Arturo Gutierrez said in a statement the company would seek to "take advantage of growth opportunities" from an agreement with Coca-Cola signed last year, including "expansion into new beverage categories."
Arca, which makes about two-fifths of its sales in Mexico and the United States, also operates in Peru, Ecuador, and Argentina.
($1 = 19.5089 pesos at end-December)
(Reporting by Noe Torres and Kylie Madry; Writing by Sarah Morland; Editing by Isabel Woodford)
((Valentine.Hilaire@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Adds details from the results MEXICO CITY, Feb 9 (Reuters) - Mexican bottler Arca Continental AC.MX reported a 24.2% increase in its fourth-quarter net profit year-over-year, the company said in a statement on Thursday, pointing to price increases and cost hedging that offset higher raw material costs. Earnings before interest, tax, depreciation and amortization (EBITDA), or core earnings, rose 9.4% to reach 9.98 billion pesos. Arca, which sells water and soft drinks in the United States and parts of Latin America, posted a net quarterly profit of 3.96 billion Mexican pesos ($202.78 million). | Adds details from the results MEXICO CITY, Feb 9 (Reuters) - Mexican bottler Arca Continental AC.MX reported a 24.2% increase in its fourth-quarter net profit year-over-year, the company said in a statement on Thursday, pointing to price increases and cost hedging that offset higher raw material costs. Earnings before interest, tax, depreciation and amortization (EBITDA), or core earnings, rose 9.4% to reach 9.98 billion pesos. Arca, which sells water and soft drinks in the United States and parts of Latin America, posted a net quarterly profit of 3.96 billion Mexican pesos ($202.78 million). | Adds details from the results MEXICO CITY, Feb 9 (Reuters) - Mexican bottler Arca Continental AC.MX reported a 24.2% increase in its fourth-quarter net profit year-over-year, the company said in a statement on Thursday, pointing to price increases and cost hedging that offset higher raw material costs. Earnings before interest, tax, depreciation and amortization (EBITDA), or core earnings, rose 9.4% to reach 9.98 billion pesos. Arca, which sells water and soft drinks in the United States and parts of Latin America, posted a net quarterly profit of 3.96 billion Mexican pesos ($202.78 million). | Adds details from the results MEXICO CITY, Feb 9 (Reuters) - Mexican bottler Arca Continental AC.MX reported a 24.2% increase in its fourth-quarter net profit year-over-year, the company said in a statement on Thursday, pointing to price increases and cost hedging that offset higher raw material costs. Earnings before interest, tax, depreciation and amortization (EBITDA), or core earnings, rose 9.4% to reach 9.98 billion pesos. Arca, which sells water and soft drinks in the United States and parts of Latin America, posted a net quarterly profit of 3.96 billion Mexican pesos ($202.78 million). |
34823.0 | 2023-02-03 00:00:00 UTC | Air Canada pilots union considers merger with larger union | AC | https://www.nasdaq.com/articles/air-canada-pilots-union-considers-merger-with-larger-union | nan | nan | By Allison Lampert and Aishwarya Nair
MONTREAL, Feb 3 (Reuters) - The major pilots union in North America and the union representing Air Canada AC.TO pilots have had initial talks about a merger at a time when airlines are under pressure to staff up to meet rebounding travel demand, representatives of the unions told Reuters.
The Air Canada Pilots Association (ACPA) represents about 4,500 pilots who fly passengers and cargo for the airline. The Air Line Pilots Association (ALPA), the world's largest pilots union, represents more than 60,000 pilots in the United States and Canada.
A merger of the unions could give the ACPA access to additional bargaining resources as members press to make gains in future bargaining after a pandemic-induced slump in travel.
“ALPA and ACPA pilot leaders met this week for an initial discussion about a potential merger and the benefits of being stronger together," the unions said in a statement to Reuters.
"Any decision on whether to formalize a partnership would ultimately rest with the pilots and their elected leaders at each union," the statement said.
ALPA has grown as the North American airline industry as consolidated over the years. The union has added pilots at 12 carriers in Canada and the United States since 2019.
"With fewer airlines to represent, they seem to be doing a better job of representing all pilots," said Helane Becker, an analyst at investment Cowen who tracks the industry.
Pilots at the largest U.S. carrier, American Airlines Group AAL.O agreed late last year to explore a merger with ALPA, which represents pilots at United Airlines UAL.O and Delta Air Lines DAL.N.
The Allied Pilots Assocation (APA) represents about 15,000 pilots at American. An APA committee is expected to issue a report on the potential merger in May.
North American pilots are commanding increased leverage as carriers staff up to meet booming demand, putting pressure on U.S. airline profits.
Delta Air Lines' DAL.N recent offer to give pilots a 34% cumulative pay increase in a new four-year contract has boosted hopes of similar raises at rivals United Airlines UAL.O and American.
United, Delta, American and Southwest Airlines Co LUV.N are planning to hire 8,000 pilots this year compared to the historical average of 6,000 to 7,000, United Chief Executive Scott Kirby said recently.
Canada's largest carrier and its pilots reached a 10-year agreement in 2014.
(Reporting By Allison Lampert in Montreal and Aishwarya Nair in Bengaluru. Additional reporting by Rajesh Kumar Singh in Chicago; Editing by Chizu Nomiyama)
((Allison.Lampert@thomsonreuters.com; 514-796-4212; Reuters Messaging: allison.lampert.reuters.com@reuters.net))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | “ALPA and ACPA pilot leaders met this week for an initial discussion about a potential merger and the benefits of being stronger together," the unions said in a statement to Reuters. Delta Air Lines' DAL.N recent offer to give pilots a 34% cumulative pay increase in a new four-year contract has boosted hopes of similar raises at rivals United Airlines UAL.O and American. By Allison Lampert and Aishwarya Nair MONTREAL, Feb 3 (Reuters) - The major pilots union in North America and the union representing Air Canada AC.TO pilots have had initial talks about a merger at a time when airlines are under pressure to staff up to meet rebounding travel demand, representatives of the unions told Reuters. | By Allison Lampert and Aishwarya Nair MONTREAL, Feb 3 (Reuters) - The major pilots union in North America and the union representing Air Canada AC.TO pilots have had initial talks about a merger at a time when airlines are under pressure to staff up to meet rebounding travel demand, representatives of the unions told Reuters. The Air Canada Pilots Association (ACPA) represents about 4,500 pilots who fly passengers and cargo for the airline. A merger of the unions could give the ACPA access to additional bargaining resources as members press to make gains in future bargaining after a pandemic-induced slump in travel. | By Allison Lampert and Aishwarya Nair MONTREAL, Feb 3 (Reuters) - The major pilots union in North America and the union representing Air Canada AC.TO pilots have had initial talks about a merger at a time when airlines are under pressure to staff up to meet rebounding travel demand, representatives of the unions told Reuters. The Air Canada Pilots Association (ACPA) represents about 4,500 pilots who fly passengers and cargo for the airline. A merger of the unions could give the ACPA access to additional bargaining resources as members press to make gains in future bargaining after a pandemic-induced slump in travel. | By Allison Lampert and Aishwarya Nair MONTREAL, Feb 3 (Reuters) - The major pilots union in North America and the union representing Air Canada AC.TO pilots have had initial talks about a merger at a time when airlines are under pressure to staff up to meet rebounding travel demand, representatives of the unions told Reuters. The Air Canada Pilots Association (ACPA) represents about 4,500 pilots who fly passengers and cargo for the airline. A merger of the unions could give the ACPA access to additional bargaining resources as members press to make gains in future bargaining after a pandemic-induced slump in travel. |
34824.0 | 2023-01-30 00:00:00 UTC | Horizon Kinetics Asset Management Updates Holdings in Associated Capital Group (AC) | AC | https://www.nasdaq.com/articles/horizon-kinetics-asset-management-updates-holdings-in-associated-capital-group-ac | nan | nan | Fintel reports that Horizon Kinetics Asset Management has filed a 13G/A form with the SEC disclosing ownership of 1.24MM shares of Associated Capital Group Inc (AC). This represents 41.0% of the company.
In their previous filing dated January 26, 2022 they reported 1.25MM shares and 40.50% of the company, a decrease in shares of 0.69% and an increase in total ownership of 0.50% (calculated as current - previous percent ownership).
Fund Sentiment
There are 150 funds or institutions reporting positions in Associated Capital Group. This is a decrease of 6 owner(s) or 3.85%.
Average portfolio weight of all funds dedicated to US:AC is 0.1234%, a decrease of 0.3916%. Total shares owned by institutions decreased in the last three months by 0.32% to 2,984K shares.
What are large shareholders doing?
KINETICS PORTFOLIOS TRUST - Kinetics Paradigm Portfolio holds 260,290 shares representing 1.18% ownership of the company. No change in the last quarter.
KINETICS PORTFOLIOS TRUST - Kinetics Small Cap Portfolio holds 190,500 shares representing 0.87% ownership of the company. No change in the last quarter.
EQ ADVISORS TRUST - 1290 VT Small Cap Value Portfolio Class IB holds 151,820 shares representing 0.69% ownership of the company. In it's prior filing, the firm reported owning 158,158 shares, representing a decrease of 4.17%. The firm increased its portfolio allocation in AC by 3.15% over the last quarter.
Mad River Investors holds 109,275 shares representing 0.50% ownership of the company. No change in the last quarter.
Gamco Investors, Inc. Et Al holds 78,958 shares representing 0.36% ownership of the company. In it's prior filing, the firm reported owning 77,165 shares, representing an increase of 2.27%. The firm increased its portfolio allocation in AC by 12.72% over the last quarter.
Associated Capital Group Declares $0.10 Dividend
Associated Capital Group said on November 11, 2022 that its board of directors declared a regular semi-annual dividend of $0.10 per share ($0.20 annualized). Shareholders of record as of November 30, 2022 received the payment on December 15, 2022. Previously, the company paid $0.10 per share.
At the most recent share price of $37.84 / share, the stock's dividend yield was 0.53%. Additionally, the company's dividend payout ratio is -0.08, indicating it is retaining a low percentage of its earnings to reinvest in growth opportunities.
The company has not increased its dividend in the last three years.
Associated Capital Group Background Information
(This description is provided by the company.)
Associated Capital Group, Inc., based in Greenwich Connecticut, is a diversified global financial services company that provides alternative investment management through Gabelli & Company Investment Advisers, Inc. ("GCIA" f/k/a Gabelli Securities, Inc.). The proprietary capital is earmarked for its direct investment business that invests in new and existing businesses. The direct investment business is developing along three core pillars; Gabelli Private Equity Partners, LLC ("GPEP"), formed in August 2017 with $150 million of authorized capital as a "fund-less" sponsor; the SPAC business (Gabelli special purpose acquisition vehicles), launched in April 2018; and, Gabelli Principal Strategies Group, LLC ("GPS") created to pursue strategic operating initiatives.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Fintel reports that Horizon Kinetics Asset Management has filed a 13G/A form with the SEC disclosing ownership of 1.24MM shares of Associated Capital Group Inc (AC). Average portfolio weight of all funds dedicated to US:AC is 0.1234%, a decrease of 0.3916%. The firm increased its portfolio allocation in AC by 3.15% over the last quarter. | Fintel reports that Horizon Kinetics Asset Management has filed a 13G/A form with the SEC disclosing ownership of 1.24MM shares of Associated Capital Group Inc (AC). Average portfolio weight of all funds dedicated to US:AC is 0.1234%, a decrease of 0.3916%. The firm increased its portfolio allocation in AC by 3.15% over the last quarter. | Fintel reports that Horizon Kinetics Asset Management has filed a 13G/A form with the SEC disclosing ownership of 1.24MM shares of Associated Capital Group Inc (AC). Average portfolio weight of all funds dedicated to US:AC is 0.1234%, a decrease of 0.3916%. The firm increased its portfolio allocation in AC by 3.15% over the last quarter. | Fintel reports that Horizon Kinetics Asset Management has filed a 13G/A form with the SEC disclosing ownership of 1.24MM shares of Associated Capital Group Inc (AC). The firm increased its portfolio allocation in AC by 3.15% over the last quarter. Average portfolio weight of all funds dedicated to US:AC is 0.1234%, a decrease of 0.3916%. |
34825.0 | 2023-01-25 00:00:00 UTC | U.S. Southwest flight cancellation probe looks at scheduling practices | AC | https://www.nasdaq.com/articles/u.s.-southwest-flight-cancellation-probe-looks-at-scheduling-practices | nan | nan | By David Shepardson
WASHINGTON, Jan 25 (Reuters) - The U.S. Department of Transportation (USDOT) said on Wednesday it is investigating whether Southwest Airlines LUV.N engaged in "unrealistic scheduling of flights" in December when it was hit by a systems meltdown and canceled thousands of flights.
Southwest canceled more than 16,000 flights in the week ending Dec. 29 after its crew scheduling software failed to handle staffing changes. Congress has hearings planned on the cancellations.
Southwest said it will "cooperate with any inquiry or request from government oversight or elected officials." The airline defended its scheduling saying its "holiday flight schedule was thoughtfully designed and offered to our customers with the backing of a solid plan to operate it, and with ample staffing."
The airline added "while working to recover, our systems and processes became stressed by multiple days of flight cancellations across 50 airports in the wake of an unprecedented storm."
Southwest is set to report earnings on Thursday and has warned the meltdown will result in a pre-tax hit of up to $825 million from lost revenue.
USDOT added it "will leverage the full extent of its investigative and enforcement power to ensure consumers are protected and this process will continue to evolve as the Department learns more."
USDOT fines for airline consumer violations are often a fraction of potential penalties. Last year, Air Canada agreed to a $4.5 million settlement to resolve a USDOT investigation into refund delays.
USDOT initially sought $25.5 million; Air Canada got $2.5 million credited for passenger refunds and paid just $2 million in fines.
(Reporting by David Shepardson; Editing by Grant McCool)
((David.Shepardson@thomsonreuters.com; 2028988324;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The airline added "while working to recover, our systems and processes became stressed by multiple days of flight cancellations across 50 airports in the wake of an unprecedented storm." The airline defended its scheduling saying its "holiday flight schedule was thoughtfully designed and offered to our customers with the backing of a solid plan to operate it, and with ample staffing." USDOT fines for airline consumer violations are often a fraction of potential penalties. | USDOT fines for airline consumer violations are often a fraction of potential penalties. The airline defended its scheduling saying its "holiday flight schedule was thoughtfully designed and offered to our customers with the backing of a solid plan to operate it, and with ample staffing." The airline added "while working to recover, our systems and processes became stressed by multiple days of flight cancellations across 50 airports in the wake of an unprecedented storm." | The airline defended its scheduling saying its "holiday flight schedule was thoughtfully designed and offered to our customers with the backing of a solid plan to operate it, and with ample staffing." The airline added "while working to recover, our systems and processes became stressed by multiple days of flight cancellations across 50 airports in the wake of an unprecedented storm." USDOT fines for airline consumer violations are often a fraction of potential penalties. | The airline defended its scheduling saying its "holiday flight schedule was thoughtfully designed and offered to our customers with the backing of a solid plan to operate it, and with ample staffing." The airline added "while working to recover, our systems and processes became stressed by multiple days of flight cancellations across 50 airports in the wake of an unprecedented storm." USDOT fines for airline consumer violations are often a fraction of potential penalties. |
34826.0 | 2023-01-10 00:00:00 UTC | EMERGING MARKETS-Asian stocks tumble amid hawkish Fed jitters; currencies mixed | AC | https://www.nasdaq.com/articles/emerging-markets-asian-stocks-tumble-amid-hawkish-fed-jitters-currencies-mixed | nan | nan | By Himanshi Akhand
Jan 10 (Reuters) - Most Asian stocks retreated on Tuesday, while currencies in the region were mixed as hawkish comments from two U.S. Federal Reserve officials overnight made investors cautious ahead of key inflation data later in the week.
Equities in Indonesia .JKSE fell as much as 1.6%, hitting their lowest level since July 2022. Stocks in Singapore .STI and Malaysia .KLSE slid 0.9% and 0.6% respectively, with equities in Manila .PSI down 0.4%.
Analysts at OCBC said that hawkish rhetoric from Fed officials Raphael Bostic and Mary Daly, who said they expect rates to go somewhere over 5%, shook earlier market confidence that the U.S. central bank was near a pivot point.
"Asian markets are likely to temper their initial start of the year optimism today amid renewed concerns about a hawkish Fed notwithstanding that China's re-opening remains a silver lining," they wrote in a note.
In the Philippines, central bank governor Felipe Medalla said inflation is likely to be closer to 3% in late 2023 and in 2024, adding that the economy remained strong and that pent-up domestic demand will continue driving growth.
The peso PHP= rose for a fifth consecutive session, adding as much as 0.2% to touch its highest level since June 2022.
The yuan CNY=CFXS, which has strengthened 2.2% against the dollar this year, boosted by reopening of the country's borders, was up 0.1%.
However, three state financial newspapers in Shanghai and Beijing warned investors that the Chinese currency would be volatile in both directions this year.
Meanwhile, core consumer prices in Tokyo rose a faster-than-expected 4.0% in December from a year earlier, exceeding the central bank's 2% target for a seventh straight month in a sign of broadening inflationary pressure.
The Japanese yen JPY= was flat.
Elsewhere, Brazil's real BRL= last stood at 5.2546 per dollar, having fallen more than 1% on Monday after supporters of former President Jair Bolsonaro stormed the capital. It had yet to trade as of Asia hours on Tuesday.
HIGHLIGHTS
** The Philippines recorded a trade deficit of $3.7 billion for November, despite a decline in the value of imports and a rise in exports
** Top losers on the Jakarta stock index .JKSE include property developer Pudjiadi Prestige Tbk PT PUDP.JK and telecoms services provider Visi Telekomunikasi Infrastruktur Tbk PT GOLD.JK
** In the Philippines, top index losers are Bank of the Philippine Islands BPI.PS and conglomerate Ayala Corp AC.PS
Asia stock indexes and currencies at 0434 GMT
COUNTRY
FX RIC
FX DAILY %
FX YTD %
INDEX
STOCKS DAILY %
STOCKS YTD %
Japan
JPY=
-0.03
-0.61
.N225
0.79
0.30
China
CNY=CFXS
+0.05
+1.93
.SSEC
-0.18
2.63
India
INR=IN
+0.16
+0.60
.NSEI
-0.49
-0.51
Indonesia
IDR=
-0.18
-0.18
.JKSE
-1.68
-4.01
Malaysia
MYR=
+0.02
+0.64
.KLSE
-0.59
-0.73
Philippines
PHP=
+0.18
+1.53
.PSI
-0.50
2.89
S.Korea
KRW=KFTC
+0.30
+1.99
.KS11
0.22
5.32
Singapore
SGD=
-0.08
+0.64
.STI
-0.88
0.78
Taiwan
TWD=TP
+0.27
+0.88
.TWII
0.21
4.57
Thailand
THB=TH
-0.06
+3.39
.SETI
-0.09
1.25
Graphic: World FX rates https://tmsnrt.rs/2RBWI5E
Asian stock marketshttps://tmsnrt.rs/2zpUAr4
(Reporting by Himanshi Akhand in Bengaluru; Editing by Kenneth Maxwell)
((Himanshi.Akhand@thomsonreuters.com))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | ** The Philippines recorded a trade deficit of $3.7 billion for November, despite a decline in the value of imports and a rise in exports ** Top losers on the Jakarta stock index .JKSE include property developer Pudjiadi Prestige Tbk PT PUDP.JK and telecoms services provider Visi Telekomunikasi Infrastruktur Tbk PT GOLD.JK ** In the Philippines, top index losers are Bank of the Philippine Islands BPI.PS and conglomerate Ayala Corp AC.PS Asia stock indexes and currencies at 0434 GMT By Himanshi Akhand Jan 10 (Reuters) - Most Asian stocks retreated on Tuesday, while currencies in the region were mixed as hawkish comments from two U.S. Federal Reserve officials overnight made investors cautious ahead of key inflation data later in the week. Analysts at OCBC said that hawkish rhetoric from Fed officials Raphael Bostic and Mary Daly, who said they expect rates to go somewhere over 5%, shook earlier market confidence that the U.S. central bank was near a pivot point. | ** The Philippines recorded a trade deficit of $3.7 billion for November, despite a decline in the value of imports and a rise in exports ** Top losers on the Jakarta stock index .JKSE include property developer Pudjiadi Prestige Tbk PT PUDP.JK and telecoms services provider Visi Telekomunikasi Infrastruktur Tbk PT GOLD.JK ** In the Philippines, top index losers are Bank of the Philippine Islands BPI.PS and conglomerate Ayala Corp AC.PS Asia stock indexes and currencies at 0434 GMT By Himanshi Akhand Jan 10 (Reuters) - Most Asian stocks retreated on Tuesday, while currencies in the region were mixed as hawkish comments from two U.S. Federal Reserve officials overnight made investors cautious ahead of key inflation data later in the week. -0.09 1.25 Graphic: World FX rates https://tmsnrt.rs/2RBWI5E Asian stock marketshttps://tmsnrt.rs/2zpUAr4 (Reporting by Himanshi Akhand in Bengaluru; Editing by Kenneth Maxwell) ((Himanshi.Akhand@thomsonreuters.com)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | ** The Philippines recorded a trade deficit of $3.7 billion for November, despite a decline in the value of imports and a rise in exports ** Top losers on the Jakarta stock index .JKSE include property developer Pudjiadi Prestige Tbk PT PUDP.JK and telecoms services provider Visi Telekomunikasi Infrastruktur Tbk PT GOLD.JK ** In the Philippines, top index losers are Bank of the Philippine Islands BPI.PS and conglomerate Ayala Corp AC.PS Asia stock indexes and currencies at 0434 GMT By Himanshi Akhand Jan 10 (Reuters) - Most Asian stocks retreated on Tuesday, while currencies in the region were mixed as hawkish comments from two U.S. Federal Reserve officials overnight made investors cautious ahead of key inflation data later in the week. "Asian markets are likely to temper their initial start of the year optimism today amid renewed concerns about a hawkish Fed notwithstanding that China's re-opening remains a silver lining," they wrote in a note. | ** The Philippines recorded a trade deficit of $3.7 billion for November, despite a decline in the value of imports and a rise in exports ** Top losers on the Jakarta stock index .JKSE include property developer Pudjiadi Prestige Tbk PT PUDP.JK and telecoms services provider Visi Telekomunikasi Infrastruktur Tbk PT GOLD.JK ** In the Philippines, top index losers are Bank of the Philippine Islands BPI.PS and conglomerate Ayala Corp AC.PS Asia stock indexes and currencies at 0434 GMT Equities in Indonesia .JKSE fell as much as 1.6%, hitting their lowest level since July 2022. Stocks in Singapore .STI and Malaysia .KLSE slid 0.9% and 0.6% respectively, with equities in Manila .PSI down 0.4%. |
34827.0 | 2023-01-10 00:00:00 UTC | EMERGING MARKETS-Asian stocks tumble amid hawkish Fed jitters; currencies mixed | AC | https://www.nasdaq.com/articles/emerging-markets-asian-stocks-tumble-amid-hawkish-fed-jitters-currencies-mixed-0 | nan | nan | By Himanshi Akhand
Jan 10 (Reuters) - Most Asian stocks retreated on Tuesday, while currencies in the region were mixed as hawkish comments from two U.S. Federal Reserve officials overnight made investors cautious ahead of key inflation data later in the week.
Equities in Indonesia .JKSE fell as much as 1.6%, hitting their lowest level since July 2022. Stocks in Singapore .STI and Malaysia .KLSE slid 0.9% and 0.6% respectively, with equities in Manila .PSI down 0.4%.
Analysts at OCBC said that hawkish rhetoric from Fed officials Raphael Bostic and Mary Daly, who said they expect rates to go somewhere over 5%, shook earlier market confidence that the U.S. central bank was near a pivot point.
"Asian markets are likely to temper their initial start of the year optimism today amid renewed concerns about a hawkish Fed notwithstanding that China's re-opening remains a silver lining," they wrote in a note.
In the Philippines, central bank governor Felipe Medalla said inflation is likely to be closer to 3% in late 2023 and in 2024, adding that the economy remained strong and that pent-up domestic demand will continue driving growth.
The peso PHP= rose for a fifth consecutive session, adding as much as 0.2% to touch its highest level since June 2022.
The yuan CNY=CFXS, which has strengthened 2.2% against the dollar this year, boosted by reopening of the country's borders, was up 0.1%.
However, three state financial newspapers in Shanghai and Beijing warned investors that the Chinese currency would be volatile in both directions this year.
Meanwhile, core consumer prices in Tokyo rose a faster-than-expected 4.0% in December from a year earlier, exceeding the central bank's 2% target for a seventh straight month in a sign of broadening inflationary pressure.
The Japanese yen JPY= was flat.
Elsewhere, Brazil's real BRL= last stood at 5.2546 per dollar, having fallen more than 1% on Monday after supporters of former President Jair Bolsonaro stormed the capital. It had yet to trade as of Asia hours on Tuesday.
HIGHLIGHTS
** The Philippines recorded a trade deficit of $3.7 billion for November, despite a decline in the value of imports and a rise in exports
** Top losers on the Jakarta stock index .JKSE include property developer Pudjiadi Prestige Tbk PT PUDP.JK and telecoms services provider Visi Telekomunikasi Infrastruktur Tbk PT GOLD.JK
** In the Philippines, top index losers are Bank of the Philippine Islands BPI.PS and conglomerate Ayala Corp AC.PS
Asia stock indexes and currencies at 0434 GMT
COUNTRY
FX RIC
FX DAILY %
FX YTD %
INDEX
STOCKS DAILY %
STOCKS YTD %
Japan
JPY=
-0.03
-0.61
.N225
0.79
0.30
China
CNY=CFXS
+0.05
+1.93
.SSEC
-0.18
2.63
India
INR=IN
+0.16
+0.60
.NSEI
-0.49
-0.51
Indonesia
IDR=
-0.18
-0.18
.JKSE
-1.68
-4.01
Malaysia
MYR=
+0.02
+0.64
.KLSE
-0.59
-0.73
Philippines
PHP=
+0.18
+1.53
.PSI
-0.50
2.89
S.Korea
KRW=KFTC
+0.30
+1.99
.KS11
0.22
5.32
Singapore
SGD=
-0.08
+0.64
.STI
-0.88
0.78
Taiwan
TWD=TP
+0.27
+0.88
.TWII
0.21
4.57
Thailand
THB=TH
-0.06
+3.39
.SETI
-0.09
1.25
Graphic: World FX rates https://tmsnrt.rs/2RBWI5E
Asian stock marketshttps://tmsnrt.rs/2zpUAr4
(Reporting by Himanshi Akhand in Bengaluru; Editing by Kenneth Maxwell)
((Himanshi.Akhand@thomsonreuters.com))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | ** The Philippines recorded a trade deficit of $3.7 billion for November, despite a decline in the value of imports and a rise in exports ** Top losers on the Jakarta stock index .JKSE include property developer Pudjiadi Prestige Tbk PT PUDP.JK and telecoms services provider Visi Telekomunikasi Infrastruktur Tbk PT GOLD.JK ** In the Philippines, top index losers are Bank of the Philippine Islands BPI.PS and conglomerate Ayala Corp AC.PS Asia stock indexes and currencies at 0434 GMT By Himanshi Akhand Jan 10 (Reuters) - Most Asian stocks retreated on Tuesday, while currencies in the region were mixed as hawkish comments from two U.S. Federal Reserve officials overnight made investors cautious ahead of key inflation data later in the week. Analysts at OCBC said that hawkish rhetoric from Fed officials Raphael Bostic and Mary Daly, who said they expect rates to go somewhere over 5%, shook earlier market confidence that the U.S. central bank was near a pivot point. | ** The Philippines recorded a trade deficit of $3.7 billion for November, despite a decline in the value of imports and a rise in exports ** Top losers on the Jakarta stock index .JKSE include property developer Pudjiadi Prestige Tbk PT PUDP.JK and telecoms services provider Visi Telekomunikasi Infrastruktur Tbk PT GOLD.JK ** In the Philippines, top index losers are Bank of the Philippine Islands BPI.PS and conglomerate Ayala Corp AC.PS Asia stock indexes and currencies at 0434 GMT By Himanshi Akhand Jan 10 (Reuters) - Most Asian stocks retreated on Tuesday, while currencies in the region were mixed as hawkish comments from two U.S. Federal Reserve officials overnight made investors cautious ahead of key inflation data later in the week. -0.09 1.25 Graphic: World FX rates https://tmsnrt.rs/2RBWI5E Asian stock marketshttps://tmsnrt.rs/2zpUAr4 (Reporting by Himanshi Akhand in Bengaluru; Editing by Kenneth Maxwell) ((Himanshi.Akhand@thomsonreuters.com)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | ** The Philippines recorded a trade deficit of $3.7 billion for November, despite a decline in the value of imports and a rise in exports ** Top losers on the Jakarta stock index .JKSE include property developer Pudjiadi Prestige Tbk PT PUDP.JK and telecoms services provider Visi Telekomunikasi Infrastruktur Tbk PT GOLD.JK ** In the Philippines, top index losers are Bank of the Philippine Islands BPI.PS and conglomerate Ayala Corp AC.PS Asia stock indexes and currencies at 0434 GMT By Himanshi Akhand Jan 10 (Reuters) - Most Asian stocks retreated on Tuesday, while currencies in the region were mixed as hawkish comments from two U.S. Federal Reserve officials overnight made investors cautious ahead of key inflation data later in the week. "Asian markets are likely to temper their initial start of the year optimism today amid renewed concerns about a hawkish Fed notwithstanding that China's re-opening remains a silver lining," they wrote in a note. | ** The Philippines recorded a trade deficit of $3.7 billion for November, despite a decline in the value of imports and a rise in exports ** Top losers on the Jakarta stock index .JKSE include property developer Pudjiadi Prestige Tbk PT PUDP.JK and telecoms services provider Visi Telekomunikasi Infrastruktur Tbk PT GOLD.JK ** In the Philippines, top index losers are Bank of the Philippine Islands BPI.PS and conglomerate Ayala Corp AC.PS Asia stock indexes and currencies at 0434 GMT Equities in Indonesia .JKSE fell as much as 1.6%, hitting their lowest level since July 2022. Stocks in Singapore .STI and Malaysia .KLSE slid 0.9% and 0.6% respectively, with equities in Manila .PSI down 0.4%. |
34828.0 | 2022-12-23 00:00:00 UTC | Winter storm causes havoc across Canada, disrupts holiday travel | AC | https://www.nasdaq.com/articles/winter-storm-causes-havoc-across-canada-disrupts-holiday-travel-0 | nan | nan | By Ismail Shakil and Rod Nickel
OTTAWA/WINNIPEG, Dec 23 (Reuters) - Strong winds, freezing rain and heavy snowfall closed schools, cut power to homes and cancelled flights across Canada on Friday as a powerful winter storm swept across the country, prompting authorities to warn people to stay indoors ahead of worsening conditions.
The storm is connected to the same freezing weather system that has enveloped much of the United States ahead of the Christmas holiday weekend, thwarting travel plans and leaving more than a million homes and businesses without power.
The storm was expected to affect about two-thirds of all Canadians as it moves across Canada's two most populous provinces, Ontario and Quebec, toward Atlantic Canada, said Environment Canada meteorologist Steve Flisfeder in Toronto.
"Every winter we expect storms (but) this one is significant," he said. "We're seeing differing weather types that are all leading to different impacts ... affecting a very large population base in a short time span."
Canada's second-largest carrier WestJet Airlines proactively cancelled all flights at airports in Toronto, Ottawa and the province of Quebec, citing bad weather. The largest carrier, Air Canada AC.TO, also warned of delays and cancellations.
Nearly 320 flights or about a third of all scheduled arrivals and departures on Friday were cancelled at Canada's busiest airport, Toronto's Pearson, with another 200 delayed, according flight tracking website FlightAware.
Alberta, Canada's main cattle-producing province, was under extreme cold warnings from Environment Canada.
Some farmers positioned portable wind breaks and used treed areas to protect their herds from potentially deadly winds, said Karin Schmid, beef production and extension lead at the Alberta Beef Producers industry group.
Cold temperatures can kill cattle but such deaths are rare, and Schmid said she was not aware of any this week.
In Ontario, stormy weather reduced transport of cattle to feedlots and slaughter plants, but the holiday season is slow anyway, said Jack Chaffe, who runs a 2,000-head feedlot.
The power utility in Canada's capital city Ottawa said it had restored electricity for nearly 100,000 customers and was working to fix outages for 9,000 more. In Quebec, nearly 270,000 were without electricity on Friday afternoon.
Ontario Provincial Police Sergeant Kerry Schmidt said police had received reports of up to 100 vehicles involved in multiple collisions that have closed off a major highway near London, Ontario.
"The wind and snow is blowing in and today is going to be a tough day for a lot of drivers," Schmidt said in a video message posted on Twitter. "The best place is off the highway."
Conditions there are expected to continue changing as temperatures rise and bring heavy rainfall throughout Saturday and into Sunday, said Terri Lang, an Environment Canada meteorologist who tracks western Canadian weather.
"It's going to be kind of a sludgy, sloppy Christmas, it looks like," Lang said.
(Reporting by Ismail Shakil in Ottawa and Rod Nickel in Winnipeg; Editing by Josie Kao)
((ismail.shakil@tr.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Canada's second-largest carrier WestJet Airlines proactively cancelled all flights at airports in Toronto, Ottawa and the province of Quebec, citing bad weather. Conditions there are expected to continue changing as temperatures rise and bring heavy rainfall throughout Saturday and into Sunday, said Terri Lang, an Environment Canada meteorologist who tracks western Canadian weather. By Ismail Shakil and Rod Nickel OTTAWA/WINNIPEG, Dec 23 (Reuters) - Strong winds, freezing rain and heavy snowfall closed schools, cut power to homes and cancelled flights across Canada on Friday as a powerful winter storm swept across the country, prompting authorities to warn people to stay indoors ahead of worsening conditions. | By Ismail Shakil and Rod Nickel OTTAWA/WINNIPEG, Dec 23 (Reuters) - Strong winds, freezing rain and heavy snowfall closed schools, cut power to homes and cancelled flights across Canada on Friday as a powerful winter storm swept across the country, prompting authorities to warn people to stay indoors ahead of worsening conditions. The storm was expected to affect about two-thirds of all Canadians as it moves across Canada's two most populous provinces, Ontario and Quebec, toward Atlantic Canada, said Environment Canada meteorologist Steve Flisfeder in Toronto. Conditions there are expected to continue changing as temperatures rise and bring heavy rainfall throughout Saturday and into Sunday, said Terri Lang, an Environment Canada meteorologist who tracks western Canadian weather. | By Ismail Shakil and Rod Nickel OTTAWA/WINNIPEG, Dec 23 (Reuters) - Strong winds, freezing rain and heavy snowfall closed schools, cut power to homes and cancelled flights across Canada on Friday as a powerful winter storm swept across the country, prompting authorities to warn people to stay indoors ahead of worsening conditions. The storm was expected to affect about two-thirds of all Canadians as it moves across Canada's two most populous provinces, Ontario and Quebec, toward Atlantic Canada, said Environment Canada meteorologist Steve Flisfeder in Toronto. Canada's second-largest carrier WestJet Airlines proactively cancelled all flights at airports in Toronto, Ottawa and the province of Quebec, citing bad weather. | By Ismail Shakil and Rod Nickel OTTAWA/WINNIPEG, Dec 23 (Reuters) - Strong winds, freezing rain and heavy snowfall closed schools, cut power to homes and cancelled flights across Canada on Friday as a powerful winter storm swept across the country, prompting authorities to warn people to stay indoors ahead of worsening conditions. The storm was expected to affect about two-thirds of all Canadians as it moves across Canada's two most populous provinces, Ontario and Quebec, toward Atlantic Canada, said Environment Canada meteorologist Steve Flisfeder in Toronto. The largest carrier, Air Canada AC.TO, also warned of delays and cancellations. |
34829.0 | 2022-12-23 00:00:00 UTC | Winter storm causes havoc across Canada, disrupts holiday travel | AC | https://www.nasdaq.com/articles/winter-storm-causes-havoc-across-canada-disrupts-holiday-travel | nan | nan | OTTAWA, Dec 23 (Reuters) - Strong winds, freezing rain and heavy snowfall closed schools, cut power to homes and cancelled flights across Canada on Friday as a powerful winter storm swept across the country, prompting authorities to warn people to stay indoors ahead of worsening conditions.
The storm is connected to the same freezing weather system that has enveloped much of the United States ahead of the Christmas holiday weekend, thwarting travel plans and leaving more than a million homes and businesses without power.
The storm was expected to affect about two-thirds of all Canadians as it moves across Canada's two most populous provinces, Ontario and Quebec, toward Atlantic Canada, said Environment Canada meteorologist Steve Flisfeder.
"Every winter we expect storms (but) this one is significant," he said. "We're seeing differing weather types that are all leading to different impacts ... affecting a very large population base in a short time span."
Canada's second-largest carrier WestJet Airlines proactively cancelled all its flights at airports in Toronto, Ottawa and the province of Quebec, citing bad weather. The largest carrier, Air Canada AC.TO, also warned of delays and cancellations.
Nearly 320 flights or about a third of all scheduled arrivals and departures on Friday were cancelled at Canada's busiest airport, Toronto's Pearson, with another 200 delayed, according flight tracking website FlightAware.
Alberta, Canada's main cattle-producing province, was under extreme cold warnings from Environment Canada.
Some farmers positioned portable wind breaks and used treed areas to protect their herds from potentially deadly winds, said Karin Schmid, beef production and extension lead at the Alberta Beef Producers industry group.
Cold temperatures can kill cattle but such deaths are rare, and Schmid said she was not aware of any this week.
In Ontario, stormy weather reduced transport of cattle to feedlots and slaughter plants, but the holiday season is slow anyway, said Jack Chaffe, who runs a 2,000-head feedlot.
The power utility in Canada's capital city Ottawa said it had restored electricity for over 90,000 customers by midday and were working to fix outages for 10,000 more.
Ontario Provincial Police Sergeant Kerry Schmidt said police had received reports of up to 100 vehicles involved in multiple collisions that have closed off a major highway near London, Ontario.
"The wind and snow is blowing in and today is going to be a tough day for a lot of drivers," Schmidt said in a video message posted on Twitter. "The best place is off the highway."
(Reporting by Ismail Shakil in Ottawa and Rod Nickel in Winnipeg; Editing by Josie Kao)
((ismail.shakil@tr.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Canada's second-largest carrier WestJet Airlines proactively cancelled all its flights at airports in Toronto, Ottawa and the province of Quebec, citing bad weather. OTTAWA, Dec 23 (Reuters) - Strong winds, freezing rain and heavy snowfall closed schools, cut power to homes and cancelled flights across Canada on Friday as a powerful winter storm swept across the country, prompting authorities to warn people to stay indoors ahead of worsening conditions. The storm was expected to affect about two-thirds of all Canadians as it moves across Canada's two most populous provinces, Ontario and Quebec, toward Atlantic Canada, said Environment Canada meteorologist Steve Flisfeder. | OTTAWA, Dec 23 (Reuters) - Strong winds, freezing rain and heavy snowfall closed schools, cut power to homes and cancelled flights across Canada on Friday as a powerful winter storm swept across the country, prompting authorities to warn people to stay indoors ahead of worsening conditions. The storm was expected to affect about two-thirds of all Canadians as it moves across Canada's two most populous provinces, Ontario and Quebec, toward Atlantic Canada, said Environment Canada meteorologist Steve Flisfeder. Canada's second-largest carrier WestJet Airlines proactively cancelled all its flights at airports in Toronto, Ottawa and the province of Quebec, citing bad weather. | OTTAWA, Dec 23 (Reuters) - Strong winds, freezing rain and heavy snowfall closed schools, cut power to homes and cancelled flights across Canada on Friday as a powerful winter storm swept across the country, prompting authorities to warn people to stay indoors ahead of worsening conditions. The storm was expected to affect about two-thirds of all Canadians as it moves across Canada's two most populous provinces, Ontario and Quebec, toward Atlantic Canada, said Environment Canada meteorologist Steve Flisfeder. Canada's second-largest carrier WestJet Airlines proactively cancelled all its flights at airports in Toronto, Ottawa and the province of Quebec, citing bad weather. | OTTAWA, Dec 23 (Reuters) - Strong winds, freezing rain and heavy snowfall closed schools, cut power to homes and cancelled flights across Canada on Friday as a powerful winter storm swept across the country, prompting authorities to warn people to stay indoors ahead of worsening conditions. The storm was expected to affect about two-thirds of all Canadians as it moves across Canada's two most populous provinces, Ontario and Quebec, toward Atlantic Canada, said Environment Canada meteorologist Steve Flisfeder. The largest carrier, Air Canada AC.TO, also warned of delays and cancellations. |
34830.0 | 2022-10-28 00:00:00 UTC | CANADA STOCKS-TSX slips as weaker commodities weigh | AC | https://www.nasdaq.com/articles/canada-stocks-tsx-slips-as-weaker-commodities-weigh | nan | nan | By Shashwat Chauhan
Oct 28 (Reuters) - Canada's main stock index slipped on Friday, dragged down by lower precious metal and crude prices, but was on course for it second consecutive week of gains on optimism over a slowing pace of interest rate hikes and upbeat earnings.
At 10:12 a.m. ET (1412 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE fell 0.36% to 19,282.7.
The energy index .SPTTEN slipped 0.7% as crude prices fell after top importer China widened its COVID-19 curbs. Brent crude LCOc1 futures dropped 0.7% to $96.3 per barrel. O/R
The materials group .GSPTTMT, which includes precious and base metals miners and fertilizer companies, lost almost 2%, tracking weakness in prices of precious metals including gold and silver. GOL/
However, earnings continued to be a bright spot, with Imperial Oil IMO.TO surging 7.2% after it reported a jump in third-quarter profit on the back of higher energy prices.
Air Canada AC.TO rose 3.7% after the carrier said its quarterly revenue more than doubled as it flew more people helped by strong summer travel demand.
"With the exception of the big technology earnings, generally speaking, earnings season has been pretty good this year so far," said Colin Cieszynski, chief market strategist at SIA Wealth Management.
Data showed Canada's economy grew slightly more than expected in August and most likely stayed in positive territory through the summer, a result that did not change expectations for another smaller rate hike.
The Bank of Canada on Wednesday announced a smaller-than-expected interest rate hike and said it was getting closer to the end of its historic tightening campaign, sparking gains across equity markets.
Shares of gold mining company Eldorado Gold Corp ELD.TO fell 9.9% after reporting a loss in the third quarter.
Communication stocks .GSPTTTS were among the weak performers, with shares of Rogers Communications Inc RCIb.TO falling 1.1% and Shaw Communications SJRb.TO down 5.2% after companies failed to mediate their differences with Canada's competition bureau over a merger deal.
(Reporting by Shashwat Chauhan in Bengaluru; Editing by Shailesh Kuber and Krishna Chandra Eluri)
((Shashwat.Chauhan@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | By Shashwat Chauhan Oct 28 (Reuters) - Canada's main stock index slipped on Friday, dragged down by lower precious metal and crude prices, but was on course for it second consecutive week of gains on optimism over a slowing pace of interest rate hikes and upbeat earnings. GOL/ However, earnings continued to be a bright spot, with Imperial Oil IMO.TO surging 7.2% after it reported a jump in third-quarter profit on the back of higher energy prices. The Bank of Canada on Wednesday announced a smaller-than-expected interest rate hike and said it was getting closer to the end of its historic tightening campaign, sparking gains across equity markets. | By Shashwat Chauhan Oct 28 (Reuters) - Canada's main stock index slipped on Friday, dragged down by lower precious metal and crude prices, but was on course for it second consecutive week of gains on optimism over a slowing pace of interest rate hikes and upbeat earnings. O/R The materials group .GSPTTMT, which includes precious and base metals miners and fertilizer companies, lost almost 2%, tracking weakness in prices of precious metals including gold and silver. GOL/ However, earnings continued to be a bright spot, with Imperial Oil IMO.TO surging 7.2% after it reported a jump in third-quarter profit on the back of higher energy prices. | By Shashwat Chauhan Oct 28 (Reuters) - Canada's main stock index slipped on Friday, dragged down by lower precious metal and crude prices, but was on course for it second consecutive week of gains on optimism over a slowing pace of interest rate hikes and upbeat earnings. O/R The materials group .GSPTTMT, which includes precious and base metals miners and fertilizer companies, lost almost 2%, tracking weakness in prices of precious metals including gold and silver. GOL/ However, earnings continued to be a bright spot, with Imperial Oil IMO.TO surging 7.2% after it reported a jump in third-quarter profit on the back of higher energy prices. | By Shashwat Chauhan Oct 28 (Reuters) - Canada's main stock index slipped on Friday, dragged down by lower precious metal and crude prices, but was on course for it second consecutive week of gains on optimism over a slowing pace of interest rate hikes and upbeat earnings. O/R The materials group .GSPTTMT, which includes precious and base metals miners and fertilizer companies, lost almost 2%, tracking weakness in prices of precious metals including gold and silver. GOL/ However, earnings continued to be a bright spot, with Imperial Oil IMO.TO surging 7.2% after it reported a jump in third-quarter profit on the back of higher energy prices. |
34831.0 | 2022-10-28 00:00:00 UTC | Air Canada revenue more than doubles on strong travel demand | AC | https://www.nasdaq.com/articles/air-canada-revenue-more-than-doubles-on-strong-travel-demand | nan | nan | Adds context, details
Oct 28 (Reuters) - Air Canada AC.TO said on Friday its quarterly revenue more than doubled as it flew more people helped by strong summer travel demand, but the carrier faces operational headaches and high jet fuel prices.
Canada, which dropped all COVID restrictions for travelers at the beginning of this month, has seen a strong rebound in travel as most countries have dropped such restrictions for travelers.
The country's largest carrier posted a revenue of C$5.32 billion in the third quarter, compared with C$2.10 billion during the same period a year earlier.
Net loss for the quarter narrowed to C$508 million versus a net loss of C$640 million a year earlier.
(Reporting by Kannaki Deka in Bengaluru and Allison Lampert in Montreal; Editing by Shailesh Kuber)
((Kannaki.Deka@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Adds context, details Oct 28 (Reuters) - Air Canada AC.TO said on Friday its quarterly revenue more than doubled as it flew more people helped by strong summer travel demand, but the carrier faces operational headaches and high jet fuel prices. Net loss for the quarter narrowed to C$508 million versus a net loss of C$640 million a year earlier. (Reporting by Kannaki Deka in Bengaluru and Allison Lampert in Montreal; Editing by Shailesh Kuber) ((Kannaki.Deka@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Adds context, details Oct 28 (Reuters) - Air Canada AC.TO said on Friday its quarterly revenue more than doubled as it flew more people helped by strong summer travel demand, but the carrier faces operational headaches and high jet fuel prices. Canada, which dropped all COVID restrictions for travelers at the beginning of this month, has seen a strong rebound in travel as most countries have dropped such restrictions for travelers. The country's largest carrier posted a revenue of C$5.32 billion in the third quarter, compared with C$2.10 billion during the same period a year earlier. | Adds context, details Oct 28 (Reuters) - Air Canada AC.TO said on Friday its quarterly revenue more than doubled as it flew more people helped by strong summer travel demand, but the carrier faces operational headaches and high jet fuel prices. Canada, which dropped all COVID restrictions for travelers at the beginning of this month, has seen a strong rebound in travel as most countries have dropped such restrictions for travelers. (Reporting by Kannaki Deka in Bengaluru and Allison Lampert in Montreal; Editing by Shailesh Kuber) ((Kannaki.Deka@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Adds context, details Oct 28 (Reuters) - Air Canada AC.TO said on Friday its quarterly revenue more than doubled as it flew more people helped by strong summer travel demand, but the carrier faces operational headaches and high jet fuel prices. Canada, which dropped all COVID restrictions for travelers at the beginning of this month, has seen a strong rebound in travel as most countries have dropped such restrictions for travelers. The country's largest carrier posted a revenue of C$5.32 billion in the third quarter, compared with C$2.10 billion during the same period a year earlier. |
34832.0 | 2022-10-28 00:00:00 UTC | CANADA STOCKS-TSX climbs to 6-week high as investors cheer corporate earnings | AC | https://www.nasdaq.com/articles/canada-stocks-tsx-climbs-to-6-week-high-as-investors-cheer-corporate-earnings | nan | nan | By Fergal Smith
TORONTO, Oct 28 (Reuters) - Canada's main stock index rose on Friday to its highest closing level in nearly six weeks as investors welcomed upbeat company earnings, including results from Imperial Oil IMO.TOand Air Canada AC.TO.
The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended up 119.08 points, or 0.6%, at 19,471.19.
That was the index's sixth straight day of gains, the longest winning streak since May, and its highest closing level since Sept. 19. For the week, the index was up 3.2%.
Wall Street also moved higher as encouraging economic data and a rosier earnings outlook boosted investor risk appetite ahead of an interest rate decision next week by the Federal Reserve.
Domestic data showed the economy grew slightly more than expected in August and most likely stayed in positive territory through the summer, a result that did not change expectations for another smaller interest rate hike in December by the Bank of Canada.
"With the exception of the big technology earnings, generally speaking, earnings season has been pretty good this year so far," said Colin Cieszynski, chief market strategist at SIA Wealth Management.
Imperial Oil Ltdshares surged 9.1% after the company reported a jump in third-quarter profit on the back of higher energy prices.
Shares of Air Canadaended 3.7% higher after the carrier said its quarterly revenue more than doubled as it flew more people.
Among the leading sectors were technology and consumer discretionary, which rose 1.9% and 1.6% respectively.
In contrast, the materials group, which includes precious and base metals miners and fertilizer companies, lost 0.9% as gold and copper prices fell.
Communication stocks were also a drag, with shares of Rogers Communications Inc RCIb.TO falling 0.7% and Shaw Communications SJRb.TO down 6.3% after the companies failed to mediate their differences with Canada's competition bureau over a merger deal.
(Reporting by Fergal Smith; Additional reporting by Shashwat Chauhan in Bengaluru; Editing by Josie Kao)
((fergal.smith@thomsonreuters.com; +1 647 480 7446;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Imperial Oil Ltdshares surged 9.1% after the company reported a jump in third-quarter profit on the back of higher energy prices. By Fergal Smith TORONTO, Oct 28 (Reuters) - Canada's main stock index rose on Friday to its highest closing level in nearly six weeks as investors welcomed upbeat company earnings, including results from Imperial Oil IMO.TOand Air Canada AC.TO. Wall Street also moved higher as encouraging economic data and a rosier earnings outlook boosted investor risk appetite ahead of an interest rate decision next week by the Federal Reserve. | By Fergal Smith TORONTO, Oct 28 (Reuters) - Canada's main stock index rose on Friday to its highest closing level in nearly six weeks as investors welcomed upbeat company earnings, including results from Imperial Oil IMO.TOand Air Canada AC.TO. Imperial Oil Ltdshares surged 9.1% after the company reported a jump in third-quarter profit on the back of higher energy prices. That was the index's sixth straight day of gains, the longest winning streak since May, and its highest closing level since Sept. 19. | By Fergal Smith TORONTO, Oct 28 (Reuters) - Canada's main stock index rose on Friday to its highest closing level in nearly six weeks as investors welcomed upbeat company earnings, including results from Imperial Oil IMO.TOand Air Canada AC.TO. Imperial Oil Ltdshares surged 9.1% after the company reported a jump in third-quarter profit on the back of higher energy prices. Wall Street also moved higher as encouraging economic data and a rosier earnings outlook boosted investor risk appetite ahead of an interest rate decision next week by the Federal Reserve. | By Fergal Smith TORONTO, Oct 28 (Reuters) - Canada's main stock index rose on Friday to its highest closing level in nearly six weeks as investors welcomed upbeat company earnings, including results from Imperial Oil IMO.TOand Air Canada AC.TO. Imperial Oil Ltdshares surged 9.1% after the company reported a jump in third-quarter profit on the back of higher energy prices. For the week, the index was up 3.2%. |
34833.0 | 2022-10-26 00:00:00 UTC | Mexican bottler Arca sees 25% jump in Q3 profit boosted by water, cola sales | AC | https://www.nasdaq.com/articles/mexican-bottler-arca-sees-25-jump-in-q3-profit-boosted-by-water-cola-sales | nan | nan | Updates with additional information
MEXICO CITY, Oct 26 (Reuters) - Mexican bottler Arca Continental's AC.MXthird-quarter net profit climbed 25.1% versus a year earlier to 4.23 billion pesos ($210 million), the company said in a release Wednesday, helped by stronger cola and water sales.
Revenue for the company rose 16.2% from the same period in 2021 to 55.72 billion pesos.
Even as sales grew across its markets in Mexico, the United States and South America, Arca said it had faced supply disruptions and higher costs, driven up by higher prices for aluminum and PET, a plastic used in containers.
Earnings before interest, tax, depreciation and amortization (EBITDA) for the quarter nevertheless hit 10.68 billion, up from 9.20 billion in the year-ago-period.
The bottler had announced in September that it reached a long-term collaboration agreement with Coca-Cola KO.Nto boost customer services and promote new growth initiatives in Latin America.
Chief Executive Arturo Gutierrez said the company would towards the end of the year "prepare to capitalize on the new business opportunities" arising from the recent deal with Coca-Cola.
($1 = 20.1271 pesos by end-September)
(Reporting by Valentine Hilaire and Noe Torres)
((Kylie.Madry@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Updates with additional information MEXICO CITY, Oct 26 (Reuters) - Mexican bottler Arca Continental's AC.MXthird-quarter net profit climbed 25.1% versus a year earlier to 4.23 billion pesos ($210 million), the company said in a release Wednesday, helped by stronger cola and water sales. The bottler had announced in September that it reached a long-term collaboration agreement with Coca-Cola KO.Nto boost customer services and promote new growth initiatives in Latin America. Even as sales grew across its markets in Mexico, the United States and South America, Arca said it had faced supply disruptions and higher costs, driven up by higher prices for aluminum and PET, a plastic used in containers. | Updates with additional information MEXICO CITY, Oct 26 (Reuters) - Mexican bottler Arca Continental's AC.MXthird-quarter net profit climbed 25.1% versus a year earlier to 4.23 billion pesos ($210 million), the company said in a release Wednesday, helped by stronger cola and water sales. Even as sales grew across its markets in Mexico, the United States and South America, Arca said it had faced supply disruptions and higher costs, driven up by higher prices for aluminum and PET, a plastic used in containers. The bottler had announced in September that it reached a long-term collaboration agreement with Coca-Cola KO.Nto boost customer services and promote new growth initiatives in Latin America. | Updates with additional information MEXICO CITY, Oct 26 (Reuters) - Mexican bottler Arca Continental's AC.MXthird-quarter net profit climbed 25.1% versus a year earlier to 4.23 billion pesos ($210 million), the company said in a release Wednesday, helped by stronger cola and water sales. Even as sales grew across its markets in Mexico, the United States and South America, Arca said it had faced supply disruptions and higher costs, driven up by higher prices for aluminum and PET, a plastic used in containers. The bottler had announced in September that it reached a long-term collaboration agreement with Coca-Cola KO.Nto boost customer services and promote new growth initiatives in Latin America. | Updates with additional information MEXICO CITY, Oct 26 (Reuters) - Mexican bottler Arca Continental's AC.MXthird-quarter net profit climbed 25.1% versus a year earlier to 4.23 billion pesos ($210 million), the company said in a release Wednesday, helped by stronger cola and water sales. Even as sales grew across its markets in Mexico, the United States and South America, Arca said it had faced supply disruptions and higher costs, driven up by higher prices for aluminum and PET, a plastic used in containers. The bottler had announced in September that it reached a long-term collaboration agreement with Coca-Cola KO.Nto boost customer services and promote new growth initiatives in Latin America. |
34834.0 | 2022-09-27 00:00:00 UTC | EMERGING MARKETS-Asian FX in cautious mood, Philippine shares drop 4% | AC | https://www.nasdaq.com/articles/emerging-markets-asian-fx-in-cautious-mood-philippine-shares-drop-4 | nan | nan | By Upasana Singh
Sept 27 (Reuters) - Asian emerging currencies traded cautiously on Tuesday as the dollar loitered near a two-decade peak, while Philippine shares led regional losses with a more than 4% decline on growing economic headwinds.
A softer dollar boosted appetite for risk-sensitive Asian markets. The U.S. dollar index =USD, which measures the greenback against a basket of six majors, eased 0.2% to 113.67, pulling back from a 20-year high of 114.58 struck on Monday. USD/
However, the dollar has gained about 20% so far this year on the back of higher interest rates and its unrelenting rally has weighed heavily on the region's emerging currencies, with most of them nursing heavy losses this year. USD/
South Korea's won KRW=KFTC and Singapore's dollar SGD= rose 0.3% and 0.2%, respectively. The Philippine peso PHP= and India's rupee INR=IN firmed 0.1% and 0.4%, respectively.
The peso PHP=, which is down 13.5% this year and is the second-worst performing currency in the region, was up marginally after a 0.5% depreciation the previous day, while equities .PSI touched their lowest level since October 2020.
The International Monetary Fund on Monday warned that the Philippine economy would grow more slowly this year than previously thought due to the global economic slowdown and tightening financial conditions.
The Bangko Sentral ng Pilipinas so far this year has raised interest rates by a total of 225 basis points to bring inflation within its target range of 2% to 4%.
In regional currency markets, China's yuan CNY=CFXS, which has lost about 11% so far this year, fell the most by 0.4%, weighed down by more evidence of slowdown in the world's second-largest economy. Profits at China's industrial firms shrank at a faster pace of 2.1% in January-August from a year earlier. CNY/
"Monetary policy divergence and growth differential could continue to keep the yuan on the backfoot," analysts at Maybank said in a note.
"Xi's dynamic COVID zero policy has also dampened confidence notwithstanding recent upside surprise in the activity data," the analysts said, referring to Chinese President Xi Jinping's strict pandemic measures that have led to lockdowns of cities and shut down factory operations across the country.
Meanwhile, Indonesia's rupiah IDR= and Malaysia's ringgit MYR= were among top losers, depreciating 0.2% each, while the Thai baht THB=TH was flat.
Indonesia's rupiah hit a more than two-year low. It has lost about 6% so far this year against the dollar.
A senior official said on Monday that Bank Indonesia would be ready with its "triple intervention" in the foreign market to prevent any excessive fall in the rupiah currency.
Stocks in Jakarta .JKSE shed 0.4%, while equities in Kuala Lumpur .KLSE advanced 0.1%.
South Korea's benchmark index .KS11 and Singapore's equities .STI dropped 0.6% each. Stocks in Mumbai .NSEI rose 0.7%, while Thailand's benchmark index .SETI was flat.
HIGHLIGHTS:
** Indonesia's benchmark 10-year yields rise by 6.3 points to 7.406%
** Thai c.bank monitoring baht weakness, no big worry yet - finmin
** Ayala Corp AC.PS and SM Investments SM.PS are among top losers on Philippine's benchmark index .PSI
The following table shows rates for Asian currencies against the dollar at 0414 GMT.
COUNTRY
FX RIC
FX DAILY %
FX YTD %
INDEX
STOCKS DAILY %
STOCKS YTD %
Japan
JPY=
+0.24
-20.30
.N225
+0.59
-7.65
China
CNY=CFXS
-0.39
-11.28
.SSEC
0.26
-15.95
India
INR=IN
+0.36
-8.61
.NSEI
0.72
-1.24
Indonesia
IDR=
-0.23
-6.00
.JKSE
-0.43
7.83
Malaysia
MYR=
-0.20
-9.67
.KLSE
0.08
-9.78
Philippines
PHP=
+0.08
-13.53
.PSI
-3.83
-15.48
S.Korea
KRW=KFTC
+0.25
-16.73
.KS11
-0.60
-25.86
Singapore
SGD=
+0.19
-6.01
.STI
-0.55
1.31
Taiwan
TWD=TP
-0.07
-13.03
.TWII
0.08
-24.31
Thailand
THB=TH
+0.00
-12.02
.SETI
0.02
-2.17
(Reporting by Upasana Singh in Bengaluru; Editing by Jacqueline Wong)
((Upasana.Singh@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The U.S. dollar index =USD, which measures the greenback against a basket of six majors, eased 0.2% to 113.67, pulling back from a 20-year high of 114.58 struck on Monday. USD/ However, the dollar has gained about 20% so far this year on the back of higher interest rates and its unrelenting rally has weighed heavily on the region's emerging currencies, with most of them nursing heavy losses this year. Profits at China's industrial firms shrank at a faster pace of 2.1% in January-August from a year earlier. | Meanwhile, Indonesia's rupiah IDR= and Malaysia's ringgit MYR= were among top losers, depreciating 0.2% each, while the Thai baht THB=TH was flat. South Korea's benchmark index .KS11 and Singapore's equities .STI dropped 0.6% each. The U.S. dollar index =USD, which measures the greenback against a basket of six majors, eased 0.2% to 113.67, pulling back from a 20-year high of 114.58 struck on Monday. | USD/ However, the dollar has gained about 20% so far this year on the back of higher interest rates and its unrelenting rally has weighed heavily on the region's emerging currencies, with most of them nursing heavy losses this year. ** Indonesia's benchmark 10-year yields rise by 6.3 points to 7.406% ** Thai c.bank monitoring baht weakness, no big worry yet - finmin ** Ayala Corp AC.PS and SM Investments SM.PS are among top losers on Philippine's benchmark index .PSI The following table shows rates for Asian currencies against the dollar at 0414 GMT. The U.S. dollar index =USD, which measures the greenback against a basket of six majors, eased 0.2% to 113.67, pulling back from a 20-year high of 114.58 struck on Monday. | USD/ However, the dollar has gained about 20% so far this year on the back of higher interest rates and its unrelenting rally has weighed heavily on the region's emerging currencies, with most of them nursing heavy losses this year. Meanwhile, Indonesia's rupiah IDR= and Malaysia's ringgit MYR= were among top losers, depreciating 0.2% each, while the Thai baht THB=TH was flat. The U.S. dollar index =USD, which measures the greenback against a basket of six majors, eased 0.2% to 113.67, pulling back from a 20-year high of 114.58 struck on Monday. |
34835.0 | 2022-09-26 00:00:00 UTC | Sunwing union opposes Canadian carrier's plans to hire foreign pilots | AC | https://www.nasdaq.com/articles/sunwing-union-opposes-canadian-carriers-plans-to-hire-foreign-pilots-0 | nan | nan | By Allison Lampert
Sept 25 (Reuters) - The union for Sunwing Airlines pilots said it is urging Canada's government to stop a plan by the Ontario-based leisure carrier to hire foreign pilots this winter to help cope with an expected holiday travel surge.
Airline industry use of foreign pilots as aviation rebounds from the COVID-19 pandemic is sensitive for unions in Canada and the United States. Those unions want greater efforts to hire pilots from the airlines' home countries despite complaints of shortages.
"It's a punch in the face," Barret Armann, president of the union local that represents Sunwing pilots, said of the plan to hire non-Canadian pilots, adding that Labor Minister Seamus O'Regan "needs to step in and stop this."
Sunwing will apply with the government to bring in 65 pilots this winter as temporary foreign workers due partly to a "staffing issue" in the summer, according to a Unifor union local memo to pilots citing a meeting last week with airline management.
Sunwing is in the midst of being acquired by Canada's second-largest carrier WestJet Airlines, owned by private equity firm Onex Corp ONEX.TO.
It was not clear whether Sunwing has started a formal process to hire foreign pilots. Sunwing did not reply to requests for comment.
The memo described a job ad from Czech carrier SmartWings that said "foreign pilots will indeed work (in Canada) under our contract but be paid more than 75% of our pilots." The memo said Sunwing has available pilots in Canada.
SmartWings did not immediately respond to a request for comment.
Holiday air travel is forecast to boom after a pandemic-induced slump the past two years. Canadian airlines are bracing for a busy Christmas season, with Canada expected to further ease COVID-19 travel restrictions.
Carriers in the United States and Canada cut thousands of flights this summer as a rebound in travel demand ran into labor shortages.
The use of pilots as temporary foreign workers is rare compared with other sectors. In the first half of 2022, Canadian employers were granted permission to fill 32 pilot positions with temporary foreign workers, according to government data. By comparison, 48,485 temporary farm worker permits were issued over the same period.
O'Regan met this month with Unifor and the International Association of Machinists and Aerospace Workers (IAMAW), which has a separate complaint about Sunwing giving work to foreigners. A spokeswoman for O'Regan said it was up to an employer to meet requirements to bring in temporary foreign workers.
Air Canada's AC.TO CEO has said pilots are not an issue for the country's biggest airline.
ANALYSIS-Foreign pilots rush in as U.S. carriers struggle to staff up
(Reporting By Allison Lampert in Montreal Editing by Will Dunham)
((Allison.Lampert@thomsonreuters.com; 514-796-4212))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Sunwing is in the midst of being acquired by Canada's second-largest carrier WestJet Airlines, owned by private equity firm Onex Corp ONEX.TO. O'Regan met this month with Unifor and the International Association of Machinists and Aerospace Workers (IAMAW), which has a separate complaint about Sunwing giving work to foreigners. "It's a punch in the face," Barret Armann, president of the union local that represents Sunwing pilots, said of the plan to hire non-Canadian pilots, adding that Labor Minister Seamus O'Regan "needs to step in and stop this." | "It's a punch in the face," Barret Armann, president of the union local that represents Sunwing pilots, said of the plan to hire non-Canadian pilots, adding that Labor Minister Seamus O'Regan "needs to step in and stop this." Sunwing will apply with the government to bring in 65 pilots this winter as temporary foreign workers due partly to a "staffing issue" in the summer, according to a Unifor union local memo to pilots citing a meeting last week with airline management. Sunwing is in the midst of being acquired by Canada's second-largest carrier WestJet Airlines, owned by private equity firm Onex Corp ONEX.TO. | Sunwing will apply with the government to bring in 65 pilots this winter as temporary foreign workers due partly to a "staffing issue" in the summer, according to a Unifor union local memo to pilots citing a meeting last week with airline management. The memo described a job ad from Czech carrier SmartWings that said "foreign pilots will indeed work (in Canada) under our contract but be paid more than 75% of our pilots." "It's a punch in the face," Barret Armann, president of the union local that represents Sunwing pilots, said of the plan to hire non-Canadian pilots, adding that Labor Minister Seamus O'Regan "needs to step in and stop this." | Air Canada's AC.TO CEO has said pilots are not an issue for the country's biggest airline. "It's a punch in the face," Barret Armann, president of the union local that represents Sunwing pilots, said of the plan to hire non-Canadian pilots, adding that Labor Minister Seamus O'Regan "needs to step in and stop this." Sunwing will apply with the government to bring in 65 pilots this winter as temporary foreign workers due partly to a "staffing issue" in the summer, according to a Unifor union local memo to pilots citing a meeting last week with airline management. |
34836.0 | 2022-09-25 00:00:00 UTC | Sunwing union opposes Canadian carrier's plans to hire foreign pilots | AC | https://www.nasdaq.com/articles/sunwing-union-opposes-canadian-carriers-plans-to-hire-foreign-pilots | nan | nan | By Allison Lampert
Sept 25 (Reuters) - The union for Sunwing Airlines pilots said it is urging Canada's government to stop a plan by the Ontario-based leisure carrier to hire foreign pilots this winter to help cope with an expected holiday travel surge.
Airline industry use of foreign pilots as aviation rebounds from the COVID-19 pandemic is sensitive for unions in Canada and the United States. Those unions want greater efforts to hire pilots from the airlines' home countries despite complaints of shortages.
" | By Allison Lampert Sept 25 (Reuters) - The union for Sunwing Airlines pilots said it is urging Canada's government to stop a plan by the Ontario-based leisure carrier to hire foreign pilots this winter to help cope with an expected holiday travel surge. Airline industry use of foreign pilots as aviation rebounds from the COVID-19 pandemic is sensitive for unions in Canada and the United States. Those unions want greater efforts to hire pilots from the airlines' home countries despite complaints of shortages. " | By Allison Lampert Sept 25 (Reuters) - The union for Sunwing Airlines pilots said it is urging Canada's government to stop a plan by the Ontario-based leisure carrier to hire foreign pilots this winter to help cope with an expected holiday travel surge. Airline industry use of foreign pilots as aviation rebounds from the COVID-19 pandemic is sensitive for unions in Canada and the United States. Those unions want greater efforts to hire pilots from the airlines' home countries despite complaints of shortages. " | By Allison Lampert Sept 25 (Reuters) - The union for Sunwing Airlines pilots said it is urging Canada's government to stop a plan by the Ontario-based leisure carrier to hire foreign pilots this winter to help cope with an expected holiday travel surge. Airline industry use of foreign pilots as aviation rebounds from the COVID-19 pandemic is sensitive for unions in Canada and the United States. Those unions want greater efforts to hire pilots from the airlines' home countries despite complaints of shortages. " | By Allison Lampert Sept 25 (Reuters) - The union for Sunwing Airlines pilots said it is urging Canada's government to stop a plan by the Ontario-based leisure carrier to hire foreign pilots this winter to help cope with an expected holiday travel surge. Airline industry use of foreign pilots as aviation rebounds from the COVID-19 pandemic is sensitive for unions in Canada and the United States. Those unions want greater efforts to hire pilots from the airlines' home countries despite complaints of shortages. " |
34837.0 | 2022-09-24 00:00:00 UTC | Powerful storm Fiona hits Canada's Nova Scotia | AC | https://www.nasdaq.com/articles/powerful-storm-fiona-hits-canadas-nova-scotia | nan | nan | By Eric Martyn and Ismail Shakil
HALIFAX, Nova Scotia, Sept 24 (Reuters) - Powerful storm Fiona slammed into eastern Canada on Saturday with hurricane-force winds, nearly a week after devastating parts of the Caribbean.
The U.S. National Hurricane Center said the center of the storm, now called Post-Tropical Cyclone Fiona, was crossing eastern Nova Scotia, bringing high winds and heavy rains.
The storm had weakened somewhat as it travelled north. As of 5 a.m. (0900 GMT), the storm was about 160 miles (255 km) northeast of Halifax, carrying maximum winds of 90 miles per hour (150 kph) and barrelling north at around 26 mph (43 kph), the NHC said.
Experts predicted high winds, storm surges and heavy rainfall from Fiona. Although a gradual weakening was forecast during the next couple of days, Fiona was expected to maintain hurricane-force winds until Saturday afternoon, the NHC said.
Formerly designated a hurricane, the storm battered Caribbean islands earlier in the week, killing at least eight people and knocking out power for virtually all of Puerto Rico's 3.3 million people during a sweltering heat wave. Nearly a million people remained without power five days later.
Canadian Prime Minister Justin Trudeau delayed Saturday's departure for Japan, where he was to attend the funeral of former Prime Minister Shinzo Abe, to receive briefings and support the government's emergency response, Press Secretary Cecely Roy said on Twitter.
A hurricane warning was in effect for much of central Nova Scotia and Prince Edward Island, home to more than 150,000 people, and parts of Newfoundland, the Miami-based NHC said.
Canadian Hurricane Centre meteorologist Ian Hubbard said on Friday the effects of Fiona would be felt over a wide area.
"The center of it is one thing, but the weather that's associated with it in terms of the rain and where all the strong winds are, it's going to be over a much larger area," he said.
"Many, many places away from the center of the storm are still going to be seriously impacted from this," Hubbard told Reuters.
There will be rough and pounding surf, with waves as high as 10 metres (33 feet) expected to hit the eastern shore of Nova Scotia Friday night.
Canadian authorities sent emergency alerts in Nova Scotia and Prince Edward Island, warning of severe flooding along shorelines and extremely dangerous waves. People in coastal areas were advised to evacuate.
"We've had a few before, but they say this is going to be the biggest of them all," said Chris MacPhee, 53, of Sydney, Nova Scotia, who stocked up on groceries, batteries and candles. He said he was feeling "a little nervous, I guess."
The storm could prove more ferocious than the benchmarks of Hurricane Juan in 2003 and Hurricane Dorian in 2019, Canadian Hurricane Centre meteorologist Bob Robichaud told a briefing.
The country's two largest carriers, Air Canada and WestJet Airlines, suspended regional service starting Friday evening.
Trailing Fiona in the Caribbean is Tropical storm Ian, which is expected to become a hurricane on Sunday night. The NHC said that a hurricane watch is in effect for Cayman Islands.
The storms Ian's projected path takes it just south of Jamaica, over western Cuba and into Florida early next week, the hurricane centre said.
Florida Governor Ron DeSantis declared a state of emergency on Friday, freeing up funding and emergency services in advance of the storm.
In beleaguered Puerto Rico, Fiona revives trauma of Hurricane Maria
Hurricane Fiona extends Puerto Rico's energy problems beyond power grid
Wild horses face unruly storms as Fiona nears Canada's east coast
(Reporting Eric Martyn in Halifax and Ismail Shakil in Ottawa; Additional reporting by Ivelisse Rivera in San Juan, Puerto Rico and Juby Babu in Bengaluru Writing by Daniel Trotta and Frances Kerry Editing by Diane Craft, Gerry Doyle and Jane Merriman)
((daniel.trotta@reuters.com))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | In beleaguered Puerto Rico, Fiona revives trauma of Hurricane Maria Hurricane Fiona extends Puerto Rico's energy problems beyond power grid Wild horses face unruly storms as Fiona nears Canada's east coast (Reporting Eric Martyn in Halifax and Ismail Shakil in Ottawa; Additional reporting by Ivelisse Rivera in San Juan, Puerto Rico and Juby Babu in Bengaluru Writing by Daniel Trotta and Frances Kerry Editing by Diane Craft, Gerry Doyle and Jane Merriman) ((daniel.trotta@reuters.com)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. "Many, many places away from the center of the storm are still going to be seriously impacted from this," Hubbard told Reuters. People in coastal areas were advised to evacuate. | "Many, many places away from the center of the storm are still going to be seriously impacted from this," Hubbard told Reuters. People in coastal areas were advised to evacuate. "We've had a few before, but they say this is going to be the biggest of them all," said Chris MacPhee, 53, of Sydney, Nova Scotia, who stocked up on groceries, batteries and candles. | In beleaguered Puerto Rico, Fiona revives trauma of Hurricane Maria Hurricane Fiona extends Puerto Rico's energy problems beyond power grid Wild horses face unruly storms as Fiona nears Canada's east coast (Reporting Eric Martyn in Halifax and Ismail Shakil in Ottawa; Additional reporting by Ivelisse Rivera in San Juan, Puerto Rico and Juby Babu in Bengaluru Writing by Daniel Trotta and Frances Kerry Editing by Diane Craft, Gerry Doyle and Jane Merriman) ((daniel.trotta@reuters.com)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. "Many, many places away from the center of the storm are still going to be seriously impacted from this," Hubbard told Reuters. People in coastal areas were advised to evacuate. | "Many, many places away from the center of the storm are still going to be seriously impacted from this," Hubbard told Reuters. People in coastal areas were advised to evacuate. "We've had a few before, but they say this is going to be the biggest of them all," said Chris MacPhee, 53, of Sydney, Nova Scotia, who stocked up on groceries, batteries and candles. |
34838.0 | 2022-09-22 00:00:00 UTC | Bleaker economy could sour airline industry's bet on cargo planes | AC | https://www.nasdaq.com/articles/bleaker-economy-could-sour-airline-industrys-bet-on-cargo-planes | nan | nan | By Jamie Freed
SINGAPORE, Sept 22 (Reuters) - The airline industry's record-breaking scramble to convert older passenger jets to freighters during the travel-starved years of the coronavirus pandemic threatens to bring a glut of cargo space as a dimming global economic picture hits demand.
Analysts say aircraft lessors, who helped drive a tripling in annual conversions since 2019, now face not only fallout from falling rates for cargo and freighter leases, but could get stuck with excess freighters or be forced to cancel conversions.
"This surge in conversions has raised some concerns about a bubble," said Chris Seymour, the head of market analysis for aviation advisory group Ascend by Cirium, who fears there could be a slowdown by the middle of the decade.
AirAsia CAPI.KL, Air Canada AC.TO, Qantas Airways QAN.AX and Vietnam Airlines HVN.HM are among the carriers adding freighters to their fleets in their bids to diversify sources of revenue.
But cargo rates have fallen nearly 40% from December's record, with shipping giant FedEx Corp FDX.N saying a global demand slowdown is set to worsen after an acceleration at the end of August, clouding the peak year-end shipping season.
The rapid economic downturn and growing pessimism are a swift reversal from pandemic expectations, when falling aircraft values, combined with a surge in cargo demand, drove lessors and airlines to give used planes new life as dedicated freighters.
A record 192 such conversions are forecast this year, up from 122 last year, itself a record, and 64 in 2019, and will climb higher still to 221 next year, based on current orders, according to data from Cirium.
Firms such as Singapore Technologies (ST) Engineering STEG.SI, Swire Pacific's 0019.HK Hong Kong Aircraft Engineering Company (HAECO) and planemaker Boeing Co BA.N added passenger-to-freighter (P2F) conversion capabilities to take up spare capacity at maintenance hangars after many passenger planes were grounded.
P2F converters are struggling to keep up with the surge in demand as they expand capacity amid a tight labour market, rising costs and supply chain snarls in the wake of China's on-again, off-again lockdowns.
"We are fully booked until around 2026," said Jeffrey Lam, president of commercial aerospace for ST Engineering. "So, really, for new customers that are coming in now to book slots, they have to book in late 2026 or 2027."
Lessors such as AerCap Holdings NV AER.N, BBAM and Aero Capital Solutions (ACS) have piled in, even, in some cases, booking speculative conversion slots before signing up airline customers.
"As aircraft age and airlines think about asset changes, the lessor community has a more vital role or a greater stake in this base of transactions," said Mike Doellefeld, the vice president of Boeing Global Services' commercial programmes.
AerCap declined to comment, while BBAM and ACS did not respond to requests for comment.
Even though some airlines have eagerly snapped up freighters, prompted by the strong e-commerce market and the slow return of passenger flights with cargo belly capacity in some regions, analysts wonder how long that trend will last.
"Particularly in the narrowbody segment, I think the effect is going to be that lease rates are going to drop," said Frederic Horst, managing director of Sydney-based freight consultancy Trade and Transport Group.
"Lessors may be stuck with converted planes."
Lessors face greater risk than converters, which can fill their hangars with other maintenance work as passenger demand rebounds, Horst added.
For its part, HAECO is trying to avoid being overexposed to P2F conversions from lessors, said Richard Kendall, its chief operating officer, who saw a drop-off in freighter demand in a couple of years.
"We don't want to see the bubble burst and be caught with broken commitments that we can't then backfill," he added on the sidelines of the MRO Asia-Pacific conference in Singapore.
Passenger planes converted into dedicated freightershttps://graphics.reuters.com/AIRLINES-FREIGHT/jnpwemnykpw/
(Reporting by Jamie Freed; Editing by Clarence Fernandez)
((Jamie.Freed@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | By Jamie Freed SINGAPORE, Sept 22 (Reuters) - The airline industry's record-breaking scramble to convert older passenger jets to freighters during the travel-starved years of the coronavirus pandemic threatens to bring a glut of cargo space as a dimming global economic picture hits demand. "As aircraft age and airlines think about asset changes, the lessor community has a more vital role or a greater stake in this base of transactions," said Mike Doellefeld, the vice president of Boeing Global Services' commercial programmes. Analysts say aircraft lessors, who helped drive a tripling in annual conversions since 2019, now face not only fallout from falling rates for cargo and freighter leases, but could get stuck with excess freighters or be forced to cancel conversions. | Analysts say aircraft lessors, who helped drive a tripling in annual conversions since 2019, now face not only fallout from falling rates for cargo and freighter leases, but could get stuck with excess freighters or be forced to cancel conversions. By Jamie Freed SINGAPORE, Sept 22 (Reuters) - The airline industry's record-breaking scramble to convert older passenger jets to freighters during the travel-starved years of the coronavirus pandemic threatens to bring a glut of cargo space as a dimming global economic picture hits demand. AirAsia CAPI.KL, Air Canada AC.TO, Qantas Airways QAN.AX and Vietnam Airlines HVN.HM are among the carriers adding freighters to their fleets in their bids to diversify sources of revenue. | By Jamie Freed SINGAPORE, Sept 22 (Reuters) - The airline industry's record-breaking scramble to convert older passenger jets to freighters during the travel-starved years of the coronavirus pandemic threatens to bring a glut of cargo space as a dimming global economic picture hits demand. Analysts say aircraft lessors, who helped drive a tripling in annual conversions since 2019, now face not only fallout from falling rates for cargo and freighter leases, but could get stuck with excess freighters or be forced to cancel conversions. AirAsia CAPI.KL, Air Canada AC.TO, Qantas Airways QAN.AX and Vietnam Airlines HVN.HM are among the carriers adding freighters to their fleets in their bids to diversify sources of revenue. | "We are fully booked until around 2026," said Jeffrey Lam, president of commercial aerospace for ST Engineering. By Jamie Freed SINGAPORE, Sept 22 (Reuters) - The airline industry's record-breaking scramble to convert older passenger jets to freighters during the travel-starved years of the coronavirus pandemic threatens to bring a glut of cargo space as a dimming global economic picture hits demand. Analysts say aircraft lessors, who helped drive a tripling in annual conversions since 2019, now face not only fallout from falling rates for cargo and freighter leases, but could get stuck with excess freighters or be forced to cancel conversions. |
34839.0 | 2022-09-15 00:00:00 UTC | Star Alliance wants half its airline members to use biometrics by 2025 | AC | https://www.nasdaq.com/articles/star-alliance-wants-half-its-airline-members-to-use-biometrics-by-2025 | nan | nan | By Allison Lampert
MONTREAL Sept 15 (Reuters) - Star Alliance, the world's largest airline alliance, wants roughly half its 26 members to use biometrics technology by 2025, as passenger demand grows for contactless travel and less airport congestion after COVID-19.
By increasing the number of airport touchpoints where passengers can use biometrics technology, such as facial comparison which allows someone to use their face as a boarding pass, Star Alliance hopes to reduce processing time through airport security, baggage drop, departure gates and lounges.
The group wants 12 to 15 airlines, or roughly double the current number, to either use its biometrics strategy or ensure compatibility, said Christian Draeger, vice president customer experience.
In addition to airlines, Star Alliance also hopes the four European airports that are participating in its biometrics program will add additional touchpoints, as well as increase the number of participating airports.
"We will definitely need to be heading towards half of our carriers participating," he said. "But at the same we also need to increase the network of participating airports."
It is the first time the alliance, which coordinates services and projects like digital infrastructure for members, has outlined a specific target, Draeger told Reuters.
AIR TRAVEL INDUSTRY MOVEMENT
While not binding, the goal echoes private sector efforts to validate identities at dedicated lanes ahead of security checkpoints. Companies like Clear Secure YOU.Nallow passengers with paid airport memberships to use their biometrics technology instead of travel IDs.
It comes as global experts in Montreal are discussing the wider use of biometrics to securely replace conventional travel documents at a United Nations aviation symposium that wraps on Thursday.
The U.N. International Civil Aviation Organization (ICAO) sets standards on everything from runway markings to crash investigations that are usually adopted by its 193 member countries.
But the use of biometrics in travel varies by region due to different privacy rules and some countries' lack of technical expertise which make the technology harder to introduce.
Over the next three years, 38% of airports plan to implement one biometric token like a face that gets passengers through all checkpoints, up from 3% a year ago, according to a 2021 report from air transport communications and IT specialist SITA.
Star Alliance member United Airlines UAL.O said it is pursuing ways to ease travel through the use of biometrics at several points throughout the airport.
Other uses of biometrics to ease travel have grown over time. Around 80% of ICAO states now issue e-passports, which were launched in 2004 and have secure chips with travelers' photos, said Christiane DerMarkar, technical officer at ICAO's traveller identification programme who spoke at the symposium.
Draeger expects when biometrics are used by at least half of travelers "it's possible to see significant benefits."
(Reporting By Allison Lampert in Montreal; Additional reporting by Rajesh Kumar Singh in Chicago; Editing by Josie Kao)
((Allison.Lampert@thomsonreuters.com; 514-796-4212; Reuters Messaging: allison.lampert.reuters.com@reuters.net))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | It comes as global experts in Montreal are discussing the wider use of biometrics to securely replace conventional travel documents at a United Nations aviation symposium that wraps on Thursday. But the use of biometrics in travel varies by region due to different privacy rules and some countries' lack of technical expertise which make the technology harder to introduce. By Allison Lampert MONTREAL Sept 15 (Reuters) - Star Alliance, the world's largest airline alliance, wants roughly half its 26 members to use biometrics technology by 2025, as passenger demand grows for contactless travel and less airport congestion after COVID-19. | By Allison Lampert MONTREAL Sept 15 (Reuters) - Star Alliance, the world's largest airline alliance, wants roughly half its 26 members to use biometrics technology by 2025, as passenger demand grows for contactless travel and less airport congestion after COVID-19. By increasing the number of airport touchpoints where passengers can use biometrics technology, such as facial comparison which allows someone to use their face as a boarding pass, Star Alliance hopes to reduce processing time through airport security, baggage drop, departure gates and lounges. It comes as global experts in Montreal are discussing the wider use of biometrics to securely replace conventional travel documents at a United Nations aviation symposium that wraps on Thursday. | By Allison Lampert MONTREAL Sept 15 (Reuters) - Star Alliance, the world's largest airline alliance, wants roughly half its 26 members to use biometrics technology by 2025, as passenger demand grows for contactless travel and less airport congestion after COVID-19. By increasing the number of airport touchpoints where passengers can use biometrics technology, such as facial comparison which allows someone to use their face as a boarding pass, Star Alliance hopes to reduce processing time through airport security, baggage drop, departure gates and lounges. It comes as global experts in Montreal are discussing the wider use of biometrics to securely replace conventional travel documents at a United Nations aviation symposium that wraps on Thursday. | By Allison Lampert MONTREAL Sept 15 (Reuters) - Star Alliance, the world's largest airline alliance, wants roughly half its 26 members to use biometrics technology by 2025, as passenger demand grows for contactless travel and less airport congestion after COVID-19. By increasing the number of airport touchpoints where passengers can use biometrics technology, such as facial comparison which allows someone to use their face as a boarding pass, Star Alliance hopes to reduce processing time through airport security, baggage drop, departure gates and lounges. It comes as global experts in Montreal are discussing the wider use of biometrics to securely replace conventional travel documents at a United Nations aviation symposium that wraps on Thursday. |
34840.0 | 2022-09-15 00:00:00 UTC | Air Canada to buy 30 electric planes from Heart Aerospace | AC | https://www.nasdaq.com/articles/air-canada-to-buy-30-electric-planes-from-heart-aerospace | nan | nan | MONTREAL, Sept 15 (Reuters) - Air Canada AC.TO on Thursday said it would purchase 30 electric-hybrid regional aircraft from Heart Aerospace, as more airlines turn to new technologies to lower emissions and fuel costs.
Global airlines are stepping up plans to tackle climate change as they face mounting pressure from regulators and environmental groups over the impact of billions of extra passengers expected to take to the skies in coming decades.
Sweden-based Heart's battery-powered aircraft under development will have capacity for up to 30 passengers and generate zero emissions when they enter service, which is expected in 2028, Canada's largest carrier said in a release.
The release did not disclose a value for the deal.
Air Canada's agreement, which also includes a $5 million equity stake in Heart Aerospace, follows a 2021 deal by U.S. carrier United Airlines UAL.O to acquire 100 19-seat planes from the startup.
(Reporting by Allison Lampert in Montreal Editing by Bernadette Baum)
((Allison.Lampert@thomsonreuters.com; 514-796-4212; Reuters Messaging: allison.lampert.reuters.com@reuters.net))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | MONTREAL, Sept 15 (Reuters) - Air Canada AC.TO on Thursday said it would purchase 30 electric-hybrid regional aircraft from Heart Aerospace, as more airlines turn to new technologies to lower emissions and fuel costs. Global airlines are stepping up plans to tackle climate change as they face mounting pressure from regulators and environmental groups over the impact of billions of extra passengers expected to take to the skies in coming decades. Sweden-based Heart's battery-powered aircraft under development will have capacity for up to 30 passengers and generate zero emissions when they enter service, which is expected in 2028, Canada's largest carrier said in a release. | MONTREAL, Sept 15 (Reuters) - Air Canada AC.TO on Thursday said it would purchase 30 electric-hybrid regional aircraft from Heart Aerospace, as more airlines turn to new technologies to lower emissions and fuel costs. Global airlines are stepping up plans to tackle climate change as they face mounting pressure from regulators and environmental groups over the impact of billions of extra passengers expected to take to the skies in coming decades. Air Canada's agreement, which also includes a $5 million equity stake in Heart Aerospace, follows a 2021 deal by U.S. carrier United Airlines UAL.O to acquire 100 19-seat planes from the startup. | MONTREAL, Sept 15 (Reuters) - Air Canada AC.TO on Thursday said it would purchase 30 electric-hybrid regional aircraft from Heart Aerospace, as more airlines turn to new technologies to lower emissions and fuel costs. Sweden-based Heart's battery-powered aircraft under development will have capacity for up to 30 passengers and generate zero emissions when they enter service, which is expected in 2028, Canada's largest carrier said in a release. Air Canada's agreement, which also includes a $5 million equity stake in Heart Aerospace, follows a 2021 deal by U.S. carrier United Airlines UAL.O to acquire 100 19-seat planes from the startup. | MONTREAL, Sept 15 (Reuters) - Air Canada AC.TO on Thursday said it would purchase 30 electric-hybrid regional aircraft from Heart Aerospace, as more airlines turn to new technologies to lower emissions and fuel costs. Global airlines are stepping up plans to tackle climate change as they face mounting pressure from regulators and environmental groups over the impact of billions of extra passengers expected to take to the skies in coming decades. Sweden-based Heart's battery-powered aircraft under development will have capacity for up to 30 passengers and generate zero emissions when they enter service, which is expected in 2028, Canada's largest carrier said in a release. |
34841.0 | 2022-09-08 00:00:00 UTC | New Canadian air rules risk higher costs, fares -airline group | AC | https://www.nasdaq.com/articles/new-canadian-air-rules-risk-higher-costs-fares-airline-group | nan | nan | MONTREAL, Sept 8 (Reuters) - Canadian airlines face potentially higher costs as new rules that take effect on Thursday broaden passenger refund requirements to cases of cancelled or long-delayed flights outside of carriers' control, an industry group said.
Carriers across North America have cut thousands of flights to reduce disruptions this summer.
The Canadian Transportation Agency (CTA), a quasi-judicial tribunal responsible for enforcing the new rules, said in August it received record complaints from passengers after the easing of restrictions to curb the spread of coronavirus led to a jump in travel.
A group representing the country's largest carriers, including Air Canada AC.TO and Onex Corp ONEX.TO-backed WestJet Airlines, said the new rules might eventually impact fares, although it had no current cost estimates.
"Those additional costs will have to come from somewhere," said Jeff Morrison, President and CEO National Airlines Council of Canada (NACC).
The rules, which have been in the works since 2020, require airlines to give passengers either a refund or rebooking when there is a cancellation or lengthy delay due to a situation outside the airline's control that prevents travellers from flying within a reasonable time.
Until now, Canada's Air Passenger Protection Regulations required refunds to be provided for flight disruptions within the control of airlines, although consumer advocates argue existing rules aren't properly enforced.
Travel disruptions, while showing signs of improvement this fall, have triggered passenger anger.
Earlier this month the U.S. Transportation Department (USDOT) said major U.S. airlines had made "significant changes" to customer service plans for delays within their control.
NACC has asked Ottawa to create service standards for other parts of air travel and wanted the new rules to be delayed until all pandemic-related restrictions that have exacerbated congestion are removed.
The group argues it is unfair to target carriers when delays have been caused by a shortage of screeners or long lines at customs.
A spokesperson from the Office of Canada's Minister of Transport said the rules "are meant to protect passengers who enter into a commercial contract with airlines when they buy their tickets", but the government was open to working with other "industry partners" to improve the regulations.
(Reporting By Allison Lampert in Montreal; editing by Richard Pullin)
((Allison.Lampert@thomsonreuters.com; 514-796-4212; Reuters Messaging: allison.lampert.reuters.com@reuters.net))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | MONTREAL, Sept 8 (Reuters) - Canadian airlines face potentially higher costs as new rules that take effect on Thursday broaden passenger refund requirements to cases of cancelled or long-delayed flights outside of carriers' control, an industry group said. A spokesperson from the Office of Canada's Minister of Transport said the rules "are meant to protect passengers who enter into a commercial contract with airlines when they buy their tickets", but the government was open to working with other "industry partners" to improve the regulations. Carriers across North America have cut thousands of flights to reduce disruptions this summer. | MONTREAL, Sept 8 (Reuters) - Canadian airlines face potentially higher costs as new rules that take effect on Thursday broaden passenger refund requirements to cases of cancelled or long-delayed flights outside of carriers' control, an industry group said. Carriers across North America have cut thousands of flights to reduce disruptions this summer. A group representing the country's largest carriers, including Air Canada AC.TO and Onex Corp ONEX.TO-backed WestJet Airlines, said the new rules might eventually impact fares, although it had no current cost estimates. | MONTREAL, Sept 8 (Reuters) - Canadian airlines face potentially higher costs as new rules that take effect on Thursday broaden passenger refund requirements to cases of cancelled or long-delayed flights outside of carriers' control, an industry group said. Carriers across North America have cut thousands of flights to reduce disruptions this summer. A group representing the country's largest carriers, including Air Canada AC.TO and Onex Corp ONEX.TO-backed WestJet Airlines, said the new rules might eventually impact fares, although it had no current cost estimates. | Carriers across North America have cut thousands of flights to reduce disruptions this summer. MONTREAL, Sept 8 (Reuters) - Canadian airlines face potentially higher costs as new rules that take effect on Thursday broaden passenger refund requirements to cases of cancelled or long-delayed flights outside of carriers' control, an industry group said. A group representing the country's largest carriers, including Air Canada AC.TO and Onex Corp ONEX.TO-backed WestJet Airlines, said the new rules might eventually impact fares, although it had no current cost estimates. |
34842.0 | 2022-09-07 00:00:00 UTC | Air Canada expects flight, baggage delays to subside this year | AC | https://www.nasdaq.com/articles/air-canada-expects-flight-baggage-delays-to-subside-this-year | nan | nan | Sept 7 (Reuters) - Air Canada AC.TO said on Wednesday it was expecting flight and baggage delays to subside through the rest of this year and next as staffing levels improve.
The carrier also expects to see an uptick in business travel after the Labor Day holiday, Chief Financial Officer Amos Kazzaz said at an investor conference organized by brokerage Cowen.
(Reporting by Abhijith Ganapavaram in Bengaluru; Editing by Anil D'Silva)
((Abhijith.G@thomsonreuters.com; +91-9019785574;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Sept 7 (Reuters) - Air Canada AC.TO said on Wednesday it was expecting flight and baggage delays to subside through the rest of this year and next as staffing levels improve. The carrier also expects to see an uptick in business travel after the Labor Day holiday, Chief Financial Officer Amos Kazzaz said at an investor conference organized by brokerage Cowen. (Reporting by Abhijith Ganapavaram in Bengaluru; Editing by Anil D'Silva) ((Abhijith.G@thomsonreuters.com; +91-9019785574;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Sept 7 (Reuters) - Air Canada AC.TO said on Wednesday it was expecting flight and baggage delays to subside through the rest of this year and next as staffing levels improve. The carrier also expects to see an uptick in business travel after the Labor Day holiday, Chief Financial Officer Amos Kazzaz said at an investor conference organized by brokerage Cowen. (Reporting by Abhijith Ganapavaram in Bengaluru; Editing by Anil D'Silva) ((Abhijith.G@thomsonreuters.com; +91-9019785574;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Sept 7 (Reuters) - Air Canada AC.TO said on Wednesday it was expecting flight and baggage delays to subside through the rest of this year and next as staffing levels improve. The carrier also expects to see an uptick in business travel after the Labor Day holiday, Chief Financial Officer Amos Kazzaz said at an investor conference organized by brokerage Cowen. (Reporting by Abhijith Ganapavaram in Bengaluru; Editing by Anil D'Silva) ((Abhijith.G@thomsonreuters.com; +91-9019785574;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Sept 7 (Reuters) - Air Canada AC.TO said on Wednesday it was expecting flight and baggage delays to subside through the rest of this year and next as staffing levels improve. The carrier also expects to see an uptick in business travel after the Labor Day holiday, Chief Financial Officer Amos Kazzaz said at an investor conference organized by brokerage Cowen. (Reporting by Abhijith Ganapavaram in Bengaluru; Editing by Anil D'Silva) ((Abhijith.G@thomsonreuters.com; +91-9019785574;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. |
34843.0 | 2022-08-18 00:00:00 UTC | CANADA STOCKS-Toronto stocks climb, boosted by oil and material sectors | AC | https://www.nasdaq.com/articles/canada-stocks-toronto-stocks-climb-boosted-by-oil-and-material-sectors | nan | nan | By Sruthi Shankar and Johann M Cherian
Aug 18 (Reuters) - Canada's main stock index rose on Thursday, as a rebound in commodity prices aided oil and materials stocks, although worries about aggressive central bank actions to tame inflation weighed on the global sentiment.
The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE rose 0.19% to 20,219.82 by 9:49 a.m. ET.
Canadian energy stocks .SPTTEN gained 1.7% as oil prices rose nearly 2% on robust U.S. fuel consumption data and expected falls in Russian supply later in the year. O/R
Meanwhile, rising gold and metal prices boosted the materials sector .GSPTTMT, which includes precious and base metals miners and fertilizer companies. GOL/MET/L
Wall Street also wavered as U.S. Federal Reserve officials saw "little evidence" late last month that inflation pressures were easing, according to the central bank's meeting minutes released on Wednesday.
"Though inflation has pulled back and we might be getting close to a peak, it isn't anywhere close to a level that I think central banks are happy with," said Greg Taylor, portfolio manager at Purpose Investments.
"Either in the Fed minutes or at the Jackson Hole conference next week, I don't see a pivot coming. The economic data isn't really saying that we need to pull things back. And that's probably bad news for some risk assets in the near term," he added.
Data on Thursday showed producer prices in Canada fell by 2.1% in July from the previous month on lower prices for energy and petroleum products, as well as primary non-ferrous metal products.
Canadian stocks have rallied over 11% since hitting the year's lowest level in mid-July on the back of upbeat earnings and signs of cooling inflation in the United States. However, analysts question if the recovery can continue as recession fears persist.
Among single stocks, Air Canada AC.TO slipped 1% after the airline said it planned to operate flights at 79% of its pre-pandemic capacity this summer.
(Reporting by Sruthi Shankar in Bengaluru; Editing by Anil D'Silva and Krishna Chandra Eluri)
((sruthi.shankar@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 6182 2787;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | GOL/MET/L Wall Street also wavered as U.S. Federal Reserve officials saw "little evidence" late last month that inflation pressures were easing, according to the central bank's meeting minutes released on Wednesday. Canadian stocks have rallied over 11% since hitting the year's lowest level in mid-July on the back of upbeat earnings and signs of cooling inflation in the United States. By Sruthi Shankar and Johann M Cherian Aug 18 (Reuters) - Canada's main stock index rose on Thursday, as a rebound in commodity prices aided oil and materials stocks, although worries about aggressive central bank actions to tame inflation weighed on the global sentiment. | By Sruthi Shankar and Johann M Cherian Aug 18 (Reuters) - Canada's main stock index rose on Thursday, as a rebound in commodity prices aided oil and materials stocks, although worries about aggressive central bank actions to tame inflation weighed on the global sentiment. "Though inflation has pulled back and we might be getting close to a peak, it isn't anywhere close to a level that I think central banks are happy with," said Greg Taylor, portfolio manager at Purpose Investments. GOL/MET/L Wall Street also wavered as U.S. Federal Reserve officials saw "little evidence" late last month that inflation pressures were easing, according to the central bank's meeting minutes released on Wednesday. | By Sruthi Shankar and Johann M Cherian Aug 18 (Reuters) - Canada's main stock index rose on Thursday, as a rebound in commodity prices aided oil and materials stocks, although worries about aggressive central bank actions to tame inflation weighed on the global sentiment. "Though inflation has pulled back and we might be getting close to a peak, it isn't anywhere close to a level that I think central banks are happy with," said Greg Taylor, portfolio manager at Purpose Investments. GOL/MET/L Wall Street also wavered as U.S. Federal Reserve officials saw "little evidence" late last month that inflation pressures were easing, according to the central bank's meeting minutes released on Wednesday. | By Sruthi Shankar and Johann M Cherian Aug 18 (Reuters) - Canada's main stock index rose on Thursday, as a rebound in commodity prices aided oil and materials stocks, although worries about aggressive central bank actions to tame inflation weighed on the global sentiment. GOL/MET/L Wall Street also wavered as U.S. Federal Reserve officials saw "little evidence" late last month that inflation pressures were easing, according to the central bank's meeting minutes released on Wednesday. "Though inflation has pulled back and we might be getting close to a peak, it isn't anywhere close to a level that I think central banks are happy with," said Greg Taylor, portfolio manager at Purpose Investments. |
34844.0 | 2022-08-17 00:00:00 UTC | Air Canada to operate at 79% of pre-pandemic capacity in summer | AC | https://www.nasdaq.com/articles/air-canada-to-operate-at-79-of-pre-pandemic-capacity-in-summer-0 | nan | nan | Adds context
Aug 17 (Reuters) - Air Canada AC.TO said on Wednesday it planned to operate flights at 79% of its pre-pandemic capacity this summer, as North American carriers struggle to meet strong demand for travel amid a broader industry staffing shortage.
Canada's largest carrier has wrestled with complaints over delayed and cancelled flights, but said in a statement it saw improvements in baggage handling and on-time performance during the week of Aug. 8, compared with the week of June 27.
Carriers in the U.S. and Canada have cut thousands of flights as soaring travel demand following a pandemic-induced slump leads to cases of long lines and lost baggage at some major airports.
Earlier this week, American Airlines cut its November schedule as part of the carrier's efforts to reduce disruptions.
Montreal-based Air Canada said in June it would cut its summer schedule to reduce passenger flows to manageable levels.
Air Canada has been recalling employees laid off when traffic plummeted during the pandemic. It has about 34,000 employees, compared with 34,700 employees it had before the pandemic started.
(Reporting by Nathan Gomes in Bengaluru; Editing by Vinay Dwivedi and David Evans)
((Nathan.Gomes@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Adds context Aug 17 (Reuters) - Air Canada AC.TO said on Wednesday it planned to operate flights at 79% of its pre-pandemic capacity this summer, as North American carriers struggle to meet strong demand for travel amid a broader industry staffing shortage. Carriers in the U.S. and Canada have cut thousands of flights as soaring travel demand following a pandemic-induced slump leads to cases of long lines and lost baggage at some major airports. Montreal-based Air Canada said in June it would cut its summer schedule to reduce passenger flows to manageable levels. | Adds context Aug 17 (Reuters) - Air Canada AC.TO said on Wednesday it planned to operate flights at 79% of its pre-pandemic capacity this summer, as North American carriers struggle to meet strong demand for travel amid a broader industry staffing shortage. Carriers in the U.S. and Canada have cut thousands of flights as soaring travel demand following a pandemic-induced slump leads to cases of long lines and lost baggage at some major airports. Earlier this week, American Airlines cut its November schedule as part of the carrier's efforts to reduce disruptions. | Adds context Aug 17 (Reuters) - Air Canada AC.TO said on Wednesday it planned to operate flights at 79% of its pre-pandemic capacity this summer, as North American carriers struggle to meet strong demand for travel amid a broader industry staffing shortage. Canada's largest carrier has wrestled with complaints over delayed and cancelled flights, but said in a statement it saw improvements in baggage handling and on-time performance during the week of Aug. 8, compared with the week of June 27. Carriers in the U.S. and Canada have cut thousands of flights as soaring travel demand following a pandemic-induced slump leads to cases of long lines and lost baggage at some major airports. | Adds context Aug 17 (Reuters) - Air Canada AC.TO said on Wednesday it planned to operate flights at 79% of its pre-pandemic capacity this summer, as North American carriers struggle to meet strong demand for travel amid a broader industry staffing shortage. Carriers in the U.S. and Canada have cut thousands of flights as soaring travel demand following a pandemic-induced slump leads to cases of long lines and lost baggage at some major airports. Earlier this week, American Airlines cut its November schedule as part of the carrier's efforts to reduce disruptions. |
34845.0 | 2022-08-17 00:00:00 UTC | Air Canada to operate at 79% of pre-pandemic capacity in summer | AC | https://www.nasdaq.com/articles/air-canada-to-operate-at-79-of-pre-pandemic-capacity-in-summer | nan | nan | Aug 17 (Reuters) - Air Canada AC.TO said on Wednesday it plans to operate flights at 79% of its pre-pandemic capacity this summer, amid a shortage of workers and strong demand for air travel.
Canada's largest carrier also said it had recalled employees laid off during the pandemic and would hire additional workers.
The company has struggled with complaints over long lines and lost luggage at some hubs, but executives now see improvements in baggage handling amid high demand for international travel.
The carrier has about 34,000 employees, compared with 34,700 employees it had before the pandemic started.
(Reporting by Nathan Gomes in Bengaluru; Editing by Vinay Dwivedi)
((Nathan.Gomes@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Aug 17 (Reuters) - Air Canada AC.TO said on Wednesday it plans to operate flights at 79% of its pre-pandemic capacity this summer, amid a shortage of workers and strong demand for air travel. Canada's largest carrier also said it had recalled employees laid off during the pandemic and would hire additional workers. The company has struggled with complaints over long lines and lost luggage at some hubs, but executives now see improvements in baggage handling amid high demand for international travel. | Aug 17 (Reuters) - Air Canada AC.TO said on Wednesday it plans to operate flights at 79% of its pre-pandemic capacity this summer, amid a shortage of workers and strong demand for air travel. Canada's largest carrier also said it had recalled employees laid off during the pandemic and would hire additional workers. The company has struggled with complaints over long lines and lost luggage at some hubs, but executives now see improvements in baggage handling amid high demand for international travel. | Aug 17 (Reuters) - Air Canada AC.TO said on Wednesday it plans to operate flights at 79% of its pre-pandemic capacity this summer, amid a shortage of workers and strong demand for air travel. Canada's largest carrier also said it had recalled employees laid off during the pandemic and would hire additional workers. (Reporting by Nathan Gomes in Bengaluru; Editing by Vinay Dwivedi) ((Nathan.Gomes@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Aug 17 (Reuters) - Air Canada AC.TO said on Wednesday it plans to operate flights at 79% of its pre-pandemic capacity this summer, amid a shortage of workers and strong demand for air travel. Canada's largest carrier also said it had recalled employees laid off during the pandemic and would hire additional workers. The company has struggled with complaints over long lines and lost luggage at some hubs, but executives now see improvements in baggage handling amid high demand for international travel. |
34846.0 | 2022-08-09 00:00:00 UTC | Boeing deliveries slip to five-month low in July | AC | https://www.nasdaq.com/articles/boeing-deliveries-slip-to-five-month-low-in-july-0 | nan | nan | By Tim Hepher
Aug 9 (Reuters) - Boeing BA.N jetliner deliveries fell to a five-month low of 26 airplanes in July, highlighting pressure on global supply chains as it prepares to resume deliveries of the 787 Dreamliner.
The U.S. planemaker said monthly deliveries included 23 737 MAX jets and three wide-body freighters, bringing MAX deliveries so far this year to 212 jets and total deliveries to 242.
The figures do not include the imminent resumption of 787 Dreamliner deliveries after a year-long suspension over production issues.
Shares of Boeing fell as much as 1.7% before paring losses to trade about flat.
The U.S. government on Monday approved the first 787 delivery since May 2021, people briefed on the matter said.
July's Boeing data does, however, underscore industrial snags testing the aerospace industry after Airbus AIR.PA reported lower July deliveries on Monday.
At roughly half the 51 handovers seen in the previous month, Boeing's July deliveries suffered the sharpest sequential drop since before the 737 MAX was cleared to return to service in December 2020, following a safety grounding.
Deliveries have nonetheless fluctuated significantly this year and June had seen a sharp swing towards the upside.
Chief Financial Officer Brian West anticipated a "light" July when he outlined three worries for the 737 during earnings last week: supply chains, delays in getting planes out of storage and an effective freeze on deliveries to China.
He told analysts that Boeing would not fully make up for lower-than-expected first-half deliveries in the second half and added: "We'll continue to experience monthly variability".
NEW ORDERS
Boeing, meanwhile, saw a surge of new business in July as it officially booked orders announced at the Farnborough Airshow, where it focused on shoring up the 737 MAX 10, as the aircraft faces uncertainty over a certification deadline.
Boeing confirmed orders for a total of 125 MAX from Delta Air Lines and Qatar Airways as well as two 777 freighters for Air Canada. It added fresh orders for two MAX from American Airlines and a 777 freighter from FedEx.
That brings Boeing's gross orders to 130 airplanes for July and 416 for the year so far.
After cancellations of four planes in July, Boeing posted core net orders of 126 planes in July and 312 for the year to date.
Airbus earlier reported comparable year-to-date net orders of 656 airplanes after a major deal with China. .
After further accounting adjustments, Boeing said it had reached adjusted net orders of 362 planes so far this year.
The adjustments reflect a more positive view on some outstanding contracts as travel demand returns.
Boeing restored a net total of 31 planes to its normal operational backlog in July after they had previously been set aside in a category reserved for jets unlikely to be delivered.
Airbus carries out similar quality adjustments to its backlog annually rather than monthly, and logs them in terms of value rather than volume, so a comparison is not available.
Boeing has sold a total of 5,206 jets that are still waiting for delivery in coming years, or 4,370 after including the accounting adjustments for planes seen unlikely to be delivered.
Slowing downhttps://tmsnrt.rs/3SAywR8
Tepid Julyhttps://tmsnrt.rs/3JK6azY
Airbus widens delivery leadhttps://tmsnrt.rs/3PaFd9D
Airbus pulls ahead owing to China ordershttps://tmsnrt.rs/3SP8qtV
Airbus pulls ahead owing to China orders https://tmsnrt.rs/3vPFube
Airbus widens delivery leadhttps://tmsnrt.rs/3A8Cc5h
Tepid Julyhttps://tmsnrt.rs/3A2wwZB
Slowing downhttps://tmsnrt.rs/3p3ikub
(Reporting by Tim Hepher Additional reporting by Abhijith Ganapavaram and David Shepardson Editing by Mark Potter and Krishna Chandra Eluri)
((tim.hepher@thomsonreuters.com; +33 1 49 49 54 52; Reuters Messaging: tim.hepher.thomsonreuters@reuters.net))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Boeing, meanwhile, saw a surge of new business in July as it officially booked orders announced at the Farnborough Airshow, where it focused on shoring up the 737 MAX 10, as the aircraft faces uncertainty over a certification deadline. July's Boeing data does, however, underscore industrial snags testing the aerospace industry after Airbus AIR.PA reported lower July deliveries on Monday. After further accounting adjustments, Boeing said it had reached adjusted net orders of 362 planes so far this year. | July's Boeing data does, however, underscore industrial snags testing the aerospace industry after Airbus AIR.PA reported lower July deliveries on Monday. Boeing, meanwhile, saw a surge of new business in July as it officially booked orders announced at the Farnborough Airshow, where it focused on shoring up the 737 MAX 10, as the aircraft faces uncertainty over a certification deadline. After further accounting adjustments, Boeing said it had reached adjusted net orders of 362 planes so far this year. | July's Boeing data does, however, underscore industrial snags testing the aerospace industry after Airbus AIR.PA reported lower July deliveries on Monday. Boeing, meanwhile, saw a surge of new business in July as it officially booked orders announced at the Farnborough Airshow, where it focused on shoring up the 737 MAX 10, as the aircraft faces uncertainty over a certification deadline. After further accounting adjustments, Boeing said it had reached adjusted net orders of 362 planes so far this year. | After further accounting adjustments, Boeing said it had reached adjusted net orders of 362 planes so far this year. July's Boeing data does, however, underscore industrial snags testing the aerospace industry after Airbus AIR.PA reported lower July deliveries on Monday. Boeing, meanwhile, saw a surge of new business in July as it officially booked orders announced at the Farnborough Airshow, where it focused on shoring up the 737 MAX 10, as the aircraft faces uncertainty over a certification deadline. |
34847.0 | 2022-08-08 00:00:00 UTC | Those who invested in Associated Capital Group (NYSE:AC) five years ago are up 35% | AC | https://www.nasdaq.com/articles/those-who-invested-in-associated-capital-group-nyse%3Aac-five-years-ago-are-up-35 | nan | nan | If you buy and hold a stock for many years, you'd hope to be making a profit. But more than that, you probably want to see it rise more than the market average. But Associated Capital Group, Inc. (NYSE:AC) has fallen short of that second goal, with a share price rise of 31% over five years, which is below the market return. Over the last twelve months the stock price has risen a very respectable 18%.
So let's assess the underlying fundamentals over the last 5 years and see if they've moved in lock-step with shareholder returns.
Associated Capital Group isn't currently profitable, so most analysts would look to revenue growth to get an idea of how fast the underlying business is growing. Shareholders of unprofitable companies usually expect strong revenue growth. As you can imagine, fast revenue growth, when maintained, often leads to fast profit growth.
Over the last half decade Associated Capital Group's revenue has actually been trending down at about 9.1% per year. The falling revenue is arguably somewhat reflected in the lacklustre return of 5% per year over that time. Arguably that's not bad given the soft revenue and loss-making position. We'd keep an eye on changes in the trend - there may be an opportunity if the company returns to growth.
The graphic below depicts how earnings and revenue have changed over time (unveil the exact values by clicking on the image).
NYSE:AC Earnings and Revenue Growth August 8th 2022
You can see how its balance sheet has strengthened (or weakened) over time in this free interactive graphic.
What About Dividends?
As well as measuring the share price return, investors should also consider the total shareholder return (TSR). The TSR incorporates the value of any spin-offs or discounted capital raisings, along with any dividends, based on the assumption that the dividends are reinvested. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. In the case of Associated Capital Group, it has a TSR of 35% for the last 5 years. That exceeds its share price return that we previously mentioned. And there's no prize for guessing that the dividend payments largely explain the divergence!
A Different Perspective
It's nice to see that Associated Capital Group shareholders have received a total shareholder return of 18% over the last year. That's including the dividend. Since the one-year TSR is better than the five-year TSR (the latter coming in at 6% per year), it would seem that the stock's performance has improved in recent times. Given the share price momentum remains strong, it might be worth taking a closer look at the stock, lest you miss an opportunity. You might want to assess this data-rich visualization of its earnings, revenue and cash flow.
If you are like me, then you will not want to miss this free list of growing companies that insiders are buying.
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on US exchanges.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | But Associated Capital Group, Inc. (NYSE:AC) has fallen short of that second goal, with a share price rise of 31% over five years, which is below the market return. NYSE:AC Earnings and Revenue Growth August 8th 2022 You can see how its balance sheet has strengthened (or weakened) over time in this free interactive graphic. Over the last half decade Associated Capital Group's revenue has actually been trending down at about 9.1% per year. | But Associated Capital Group, Inc. (NYSE:AC) has fallen short of that second goal, with a share price rise of 31% over five years, which is below the market return. NYSE:AC Earnings and Revenue Growth August 8th 2022 You can see how its balance sheet has strengthened (or weakened) over time in this free interactive graphic. Over the last half decade Associated Capital Group's revenue has actually been trending down at about 9.1% per year. | But Associated Capital Group, Inc. (NYSE:AC) has fallen short of that second goal, with a share price rise of 31% over five years, which is below the market return. Over the last half decade Associated Capital Group's revenue has actually been trending down at about 9.1% per year. The falling revenue is arguably somewhat reflected in the lacklustre return of 5% per year over that time. | But Associated Capital Group, Inc. (NYSE:AC) has fallen short of that second goal, with a share price rise of 31% over five years, which is below the market return. Over the last half decade Associated Capital Group's revenue has actually been trending down at about 9.1% per year. The falling revenue is arguably somewhat reflected in the lacklustre return of 5% per year over that time. |
34848.0 | 2022-08-03 00:00:00 UTC | Canadian companies stick to hiring plans even as slowdown looms | AC | https://www.nasdaq.com/articles/canadian-companies-stick-to-hiring-plans-even-as-slowdown-looms | nan | nan | By Shreya Jain and Allison Lampert
TORONTO, Aug 3 (Reuters) - The pace of job creation is slowing in Canada, hammered by the sharp rise in interest rates, but that is yet to hold back companies from hiring as they face a tight labour market that has pushed the unemployment rate to a record low.
Statistics Canada is set to release its latest jobs data on Friday, and a Reuters poll forecast employment in July to rise by a net 20,000 jobs, with the unemployment rate ticking up to 5% from 4.9% after 43,200 jobs were lost in June.
Canada's strong employment market has often been cited as a reason why its economy may avoid a short-lived recession.
That is encouraging companies to keep hiring.
Air Canada AC.TO is hosting a virtual job fair to attract talent as it seeks to benefit from the post-pandemic travel rebound.
"We're not seeing any evidence of a slowdown," Air Canada Chief Executive Mike Rousseau said on Tuesday about travel demand, when asked about a possible economic downturn. L4N2ZE2GD
Data from financial information company S&P Global on Tuesday showed that the pace of job creation in Canada's manufacturing sector slowed in July. But the economy has become less reliant on goods production in recent months, with activity shifting to the services sector after provinces lifted restrictions to curb the spread of COVID-19.
Job vacancies reached a record high of 136,800, up 5.0% from the peak of the fourth quarter of 2021, StatsCan said in July.
"Currently, the automotive industry in Canada is facing a 10% shortage in labour and have relied on temporary arrangements and recruiting," Flavio Volpe, president of Canada's Automotive Parts Manufacturers’ Association trade group, said in a phone interview.
Forecasts of cooling economic growth have not affected demand for labour in Canada's aviation hub Quebec, where industry needs to fill 38,000 positions between now and 2032, aerospace trade group Aero Montreal said.
"We are in full growth mode," said Aero Montreal President Suzanne Benoit. "We don't have enough workers to deliver what we have in our order books."
Grant Stevens, chief corporate services officer at British Columbia-based KF Aerospace, which does heavy maintenance and modifications for commercial aviation, echoed the sentiment.
"Demand continues to outstrip supply in supporting airline operations," Stevens said.
Among retailers, Walmart Canada, a unit of Walmart Inc WMT.N, and Lowe's Canada, a unit of Lowe's Cos Inc LOW.N, are seeking skilled workers. Grocer Loblaw Cos Ltd L.TO last week said that availability of labour in some distribution centers was a challenge.
Wal-Mart Canada Corp is offering thousands of part-time associates new full-time roles despite rising costs of goods and fuel, said Corporate Affairs Manager Felicia Fefer.
StatsCan said the drop in June's employment was mostly among older workers and it estimates that 55% of people aged 60 and above are working out of necessity rather than choice.
Derek Holt, vice president of capital markets economics at Scotiabank, said that proportion is unlikely to go down as borrowing costs rise and the possibility of a recession looms." "So, a recession could delay retirement choices, which tends to be the pattern," Holt said.
(Reporting by Shreya Jain and Alison Lampert; writing by Denny Thomas; editing by Jonathan Oatis)
((denny.thomas@thomsonreuters.com; +1 416 301 0464; Reuters Messaging: @tden10))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Forecasts of cooling economic growth have not affected demand for labour in Canada's aviation hub Quebec, where industry needs to fill 38,000 positions between now and 2032, aerospace trade group Aero Montreal said. Grant Stevens, chief corporate services officer at British Columbia-based KF Aerospace, which does heavy maintenance and modifications for commercial aviation, echoed the sentiment. By Shreya Jain and Allison Lampert TORONTO, Aug 3 (Reuters) - The pace of job creation is slowing in Canada, hammered by the sharp rise in interest rates, but that is yet to hold back companies from hiring as they face a tight labour market that has pushed the unemployment rate to a record low. | L4N2ZE2GD Data from financial information company S&P Global on Tuesday showed that the pace of job creation in Canada's manufacturing sector slowed in July. "Currently, the automotive industry in Canada is facing a 10% shortage in labour and have relied on temporary arrangements and recruiting," Flavio Volpe, president of Canada's Automotive Parts Manufacturers’ Association trade group, said in a phone interview. By Shreya Jain and Allison Lampert TORONTO, Aug 3 (Reuters) - The pace of job creation is slowing in Canada, hammered by the sharp rise in interest rates, but that is yet to hold back companies from hiring as they face a tight labour market that has pushed the unemployment rate to a record low. | By Shreya Jain and Allison Lampert TORONTO, Aug 3 (Reuters) - The pace of job creation is slowing in Canada, hammered by the sharp rise in interest rates, but that is yet to hold back companies from hiring as they face a tight labour market that has pushed the unemployment rate to a record low. "Currently, the automotive industry in Canada is facing a 10% shortage in labour and have relied on temporary arrangements and recruiting," Flavio Volpe, president of Canada's Automotive Parts Manufacturers’ Association trade group, said in a phone interview. Air Canada AC.TO is hosting a virtual job fair to attract talent as it seeks to benefit from the post-pandemic travel rebound. | By Shreya Jain and Allison Lampert TORONTO, Aug 3 (Reuters) - The pace of job creation is slowing in Canada, hammered by the sharp rise in interest rates, but that is yet to hold back companies from hiring as they face a tight labour market that has pushed the unemployment rate to a record low. Forecasts of cooling economic growth have not affected demand for labour in Canada's aviation hub Quebec, where industry needs to fill 38,000 positions between now and 2032, aerospace trade group Aero Montreal said. Air Canada AC.TO is hosting a virtual job fair to attract talent as it seeks to benefit from the post-pandemic travel rebound. |
34849.0 | 2022-08-02 00:00:00 UTC | CANADA STOCKS-Toronto index falls on losses in commodity shares, U.S.-China tensions | AC | https://www.nasdaq.com/articles/canada-stocks-toronto-index-falls-on-losses-in-commodity-shares-u.s.-china-tensions | nan | nan | By Bansari Mayur Kamdar and Johann M. Cherian
Aug 2 (Reuters) - Canada's main stock index tracked losses in commodity shares on Tuesday, with a slowdown in manufacturing activity last month and tensions between the United States and China over U.S. House Speaker Nancy Pelosi's expected visit to Taiwan denting sentiment.
At 10:13 a.m. ET, the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 173.01 points, or 0.88%, at 19,519.91, amid a broader risk-off mood across the global markets on concerns that Pelosi's trip to Taiwan could worsen tensions between Beijing and the Washington.
The energy sector .SPTTEN and the materials sector .GSPTTMT dropped 2.6% and 0.7%, respectively, tracking weakness in commodity prices as Sino-U.S. tensions and weak factory data across the United States, Europe and Asia on Monday pushed investors to safer assets. O/RMET/L
In Canada, data showed production and new orders declined for the first time since the early stages of the coronavirus pandemic.
"Businesses have right now shrunk down with rising labor costs and higher interest rates. You can't keep expanding, you can't keep hiring and you can't keep growing the business when conditions are not favorable," said Allan Small, senior investment advisor at Allan Small Financial Group.
The financials sector .SPTTFS slipped 1.1%, while industrial stocks .GSPTTIN fell 0.9%.
Meanwhile, Air Canada AC.TO dipped 1.2% after missing on earnings and forecasting higher full-year expenses.
Toronto Dominion Bank TD.TO fell 1.2% on announcing it will buy New York-based boutique investment bank Cowen COWN.O to boost its presence in the high-growth U.S market.
(Reporting by Bansari Mayur Kamdar and Johann M Cherian in Bengaluru; Editing by Vinay Dwivedi)
((BansariMayur.Kamdar@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | By Bansari Mayur Kamdar and Johann M. Cherian Aug 2 (Reuters) - Canada's main stock index tracked losses in commodity shares on Tuesday, with a slowdown in manufacturing activity last month and tensions between the United States and China over U.S. House Speaker Nancy Pelosi's expected visit to Taiwan denting sentiment. ET, the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 173.01 points, or 0.88%, at 19,519.91, amid a broader risk-off mood across the global markets on concerns that Pelosi's trip to Taiwan could worsen tensions between Beijing and the Washington. The energy sector .SPTTEN and the materials sector .GSPTTMT dropped 2.6% and 0.7%, respectively, tracking weakness in commodity prices as Sino-U.S. tensions and weak factory data across the United States, Europe and Asia on Monday pushed investors to safer assets. | By Bansari Mayur Kamdar and Johann M. Cherian Aug 2 (Reuters) - Canada's main stock index tracked losses in commodity shares on Tuesday, with a slowdown in manufacturing activity last month and tensions between the United States and China over U.S. House Speaker Nancy Pelosi's expected visit to Taiwan denting sentiment. The energy sector .SPTTEN and the materials sector .GSPTTMT dropped 2.6% and 0.7%, respectively, tracking weakness in commodity prices as Sino-U.S. tensions and weak factory data across the United States, Europe and Asia on Monday pushed investors to safer assets. ET, the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 173.01 points, or 0.88%, at 19,519.91, amid a broader risk-off mood across the global markets on concerns that Pelosi's trip to Taiwan could worsen tensions between Beijing and the Washington. | By Bansari Mayur Kamdar and Johann M. Cherian Aug 2 (Reuters) - Canada's main stock index tracked losses in commodity shares on Tuesday, with a slowdown in manufacturing activity last month and tensions between the United States and China over U.S. House Speaker Nancy Pelosi's expected visit to Taiwan denting sentiment. The energy sector .SPTTEN and the materials sector .GSPTTMT dropped 2.6% and 0.7%, respectively, tracking weakness in commodity prices as Sino-U.S. tensions and weak factory data across the United States, Europe and Asia on Monday pushed investors to safer assets. ET, the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 173.01 points, or 0.88%, at 19,519.91, amid a broader risk-off mood across the global markets on concerns that Pelosi's trip to Taiwan could worsen tensions between Beijing and the Washington. | By Bansari Mayur Kamdar and Johann M. Cherian Aug 2 (Reuters) - Canada's main stock index tracked losses in commodity shares on Tuesday, with a slowdown in manufacturing activity last month and tensions between the United States and China over U.S. House Speaker Nancy Pelosi's expected visit to Taiwan denting sentiment. The energy sector .SPTTEN and the materials sector .GSPTTMT dropped 2.6% and 0.7%, respectively, tracking weakness in commodity prices as Sino-U.S. tensions and weak factory data across the United States, Europe and Asia on Monday pushed investors to safer assets. ET, the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 173.01 points, or 0.88%, at 19,519.91, amid a broader risk-off mood across the global markets on concerns that Pelosi's trip to Taiwan could worsen tensions between Beijing and the Washington. |
34850.0 | 2022-08-02 00:00:00 UTC | Air Canada raises annual cost forecast, posts smaller quarterly loss | AC | https://www.nasdaq.com/articles/air-canada-raises-annual-cost-forecast-posts-smaller-quarterly-loss | nan | nan | Adds details, context
Aug 2 (Reuters) - Air Canada AC.TO on Tuesday posted a smaller quarterly loss and forecast higher full-year expenses, as the largest Canadian carrier ramps up capacity amid a rise in labor costs and jet fuel prices.
While airlines expect travel demand to hold up in the second half of the year, staffing gaps and aircraft shortages have made it tougher to ramp up capacity to make the most of a demand boom.
U.S. carriers are also struggling to offset higher costs even as a surge in travel demand has boosted their pricing power.
The Canadian carrier expects 2022 adjusted cost per available seat mile to be up about 15% to 17%, above 2019 levels, compared to its previous forecast of a 13% to 15% rise.
Air Canada reported an operating loss of C$253 million, compared with a loss of C$ 1.13 billion a year earlier.
Operating revenue rose to C$3.98 billion from C$837 million last year.
(Reporting by Kannaki Deka in Bengaluru; Editing by Vinay Dwivedi)
((Kannaki.Deka@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Adds details, context Aug 2 (Reuters) - Air Canada AC.TO on Tuesday posted a smaller quarterly loss and forecast higher full-year expenses, as the largest Canadian carrier ramps up capacity amid a rise in labor costs and jet fuel prices. While airlines expect travel demand to hold up in the second half of the year, staffing gaps and aircraft shortages have made it tougher to ramp up capacity to make the most of a demand boom. U.S. carriers are also struggling to offset higher costs even as a surge in travel demand has boosted their pricing power. | Adds details, context Aug 2 (Reuters) - Air Canada AC.TO on Tuesday posted a smaller quarterly loss and forecast higher full-year expenses, as the largest Canadian carrier ramps up capacity amid a rise in labor costs and jet fuel prices. While airlines expect travel demand to hold up in the second half of the year, staffing gaps and aircraft shortages have made it tougher to ramp up capacity to make the most of a demand boom. The Canadian carrier expects 2022 adjusted cost per available seat mile to be up about 15% to 17%, above 2019 levels, compared to its previous forecast of a 13% to 15% rise. | Adds details, context Aug 2 (Reuters) - Air Canada AC.TO on Tuesday posted a smaller quarterly loss and forecast higher full-year expenses, as the largest Canadian carrier ramps up capacity amid a rise in labor costs and jet fuel prices. While airlines expect travel demand to hold up in the second half of the year, staffing gaps and aircraft shortages have made it tougher to ramp up capacity to make the most of a demand boom. Air Canada reported an operating loss of C$253 million, compared with a loss of C$ 1.13 billion a year earlier. | Adds details, context Aug 2 (Reuters) - Air Canada AC.TO on Tuesday posted a smaller quarterly loss and forecast higher full-year expenses, as the largest Canadian carrier ramps up capacity amid a rise in labor costs and jet fuel prices. While airlines expect travel demand to hold up in the second half of the year, staffing gaps and aircraft shortages have made it tougher to ramp up capacity to make the most of a demand boom. U.S. carriers are also struggling to offset higher costs even as a surge in travel demand has boosted their pricing power. |
34851.0 | 2022-08-02 00:00:00 UTC | Air Canada raises annual cost forecast | AC | https://www.nasdaq.com/articles/air-canada-raises-annual-cost-forecast | nan | nan | Aug 2 (Reuters) - Air Canada AC.TO on Tuesday forecast higher full-year expenses, as it ramps up capacity amid a rise in labor costs and jet fuel prices.
The Canadian carrier expects 2022 adjusted cost per available seat mile to be up about 15% to 17%, above 2019 levels, compared to its previous forecast of a 13% to 15% rise.
(Reporting by Kannaki Deka in Bengaluru; Editing by Vinay Dwivedi)
((Kannaki.Deka@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Aug 2 (Reuters) - Air Canada AC.TO on Tuesday forecast higher full-year expenses, as it ramps up capacity amid a rise in labor costs and jet fuel prices. The Canadian carrier expects 2022 adjusted cost per available seat mile to be up about 15% to 17%, above 2019 levels, compared to its previous forecast of a 13% to 15% rise. (Reporting by Kannaki Deka in Bengaluru; Editing by Vinay Dwivedi) ((Kannaki.Deka@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Aug 2 (Reuters) - Air Canada AC.TO on Tuesday forecast higher full-year expenses, as it ramps up capacity amid a rise in labor costs and jet fuel prices. The Canadian carrier expects 2022 adjusted cost per available seat mile to be up about 15% to 17%, above 2019 levels, compared to its previous forecast of a 13% to 15% rise. (Reporting by Kannaki Deka in Bengaluru; Editing by Vinay Dwivedi) ((Kannaki.Deka@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Aug 2 (Reuters) - Air Canada AC.TO on Tuesday forecast higher full-year expenses, as it ramps up capacity amid a rise in labor costs and jet fuel prices. The Canadian carrier expects 2022 adjusted cost per available seat mile to be up about 15% to 17%, above 2019 levels, compared to its previous forecast of a 13% to 15% rise. (Reporting by Kannaki Deka in Bengaluru; Editing by Vinay Dwivedi) ((Kannaki.Deka@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Aug 2 (Reuters) - Air Canada AC.TO on Tuesday forecast higher full-year expenses, as it ramps up capacity amid a rise in labor costs and jet fuel prices. The Canadian carrier expects 2022 adjusted cost per available seat mile to be up about 15% to 17%, above 2019 levels, compared to its previous forecast of a 13% to 15% rise. (Reporting by Kannaki Deka in Bengaluru; Editing by Vinay Dwivedi) ((Kannaki.Deka@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. |
34852.0 | 2022-07-29 00:00:00 UTC | Mexico declares drought in northern state of Nuevo Leon matter of 'national security' | AC | https://www.nasdaq.com/articles/mexico-declares-drought-in-northern-state-of-nuevo-leon-matter-of-national-security | nan | nan | MONTERREY, Mexico, July 29 (Reuters) - Mexico declared the water shortage in the northern state of Nuevo Leon a matter of "national security" on Friday as the region, home to Mexico's industrial capital, has been crippled by a worsening drought in recent months.
In a declaration issued Friday afternoon, the federal government said available water should be prioritized for public use, and said existing federal water concessions to private companies could be modified or reduced.
"We're going to be able to guarantee water (in the state of Nuevo Leon) eight to 10 more years," President Andres Manuel Lopez Obrador said earlier on Friday during his regular news conference.
Outrage has grown in recent months across the metropolitan area of Monterrey, home to some 5.3 million people, as authorities sharply limited water access to residents, even as commercial bottlers and beer companies continued to extract what amounts to billions of gallons of water annually under federal concessions.
Heineken HEIN.AS, which according to Mexico's national water authority CONAGUA holds permits in the area for 3.6 million cubic meters of water, said earlier this month it would hand over the equivalent of 20% of the potable water used in its processes to residents.
Photos of canned water donated by Heineken went viral on social media in recent days, sparking criticisms from those who continue to lack water at home.
In June, authorities began curtailing access to running water across the metropolitan area to only a few hours each morning.
The water rationing has sparked sporadic demonstrations, with some residents protesting that they have gone stretches of days, and sometimes even weeks, without receiving running water at all.
Bottler Arca Continental AC.MX, one of the largest Coca-Cola KO.N bottlers in Latin America and which also operates in Nuevo Leon, referred a request for questions to the local business chamber Caintra, which declined to comment.
(Reporting by Laura Gottesdeiner in Monterrey and Kylie Madry in Mexico City; Additional reporting by Noe Torres in Mexico City; Editing by Chris Reese)
((Kylie.Madry@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Outrage has grown in recent months across the metropolitan area of Monterrey, home to some 5.3 million people, as authorities sharply limited water access to residents, even as commercial bottlers and beer companies continued to extract what amounts to billions of gallons of water annually under federal concessions. Heineken HEIN.AS, which according to Mexico's national water authority CONAGUA holds permits in the area for 3.6 million cubic meters of water, said earlier this month it would hand over the equivalent of 20% of the potable water used in its processes to residents. Photos of canned water donated by Heineken went viral on social media in recent days, sparking criticisms from those who continue to lack water at home. | Outrage has grown in recent months across the metropolitan area of Monterrey, home to some 5.3 million people, as authorities sharply limited water access to residents, even as commercial bottlers and beer companies continued to extract what amounts to billions of gallons of water annually under federal concessions. In June, authorities began curtailing access to running water across the metropolitan area to only a few hours each morning. Heineken HEIN.AS, which according to Mexico's national water authority CONAGUA holds permits in the area for 3.6 million cubic meters of water, said earlier this month it would hand over the equivalent of 20% of the potable water used in its processes to residents. | Outrage has grown in recent months across the metropolitan area of Monterrey, home to some 5.3 million people, as authorities sharply limited water access to residents, even as commercial bottlers and beer companies continued to extract what amounts to billions of gallons of water annually under federal concessions. Heineken HEIN.AS, which according to Mexico's national water authority CONAGUA holds permits in the area for 3.6 million cubic meters of water, said earlier this month it would hand over the equivalent of 20% of the potable water used in its processes to residents. Photos of canned water donated by Heineken went viral on social media in recent days, sparking criticisms from those who continue to lack water at home. | Outrage has grown in recent months across the metropolitan area of Monterrey, home to some 5.3 million people, as authorities sharply limited water access to residents, even as commercial bottlers and beer companies continued to extract what amounts to billions of gallons of water annually under federal concessions. Photos of canned water donated by Heineken went viral on social media in recent days, sparking criticisms from those who continue to lack water at home. Heineken HEIN.AS, which according to Mexico's national water authority CONAGUA holds permits in the area for 3.6 million cubic meters of water, said earlier this month it would hand over the equivalent of 20% of the potable water used in its processes to residents. |
34853.0 | 2022-07-22 00:00:00 UTC | Mexico's Arca Continental expects low double digit annual revenue increase | AC | https://www.nasdaq.com/articles/mexicos-arca-continental-expects-low-double-digit-annual-revenue-increase | nan | nan | MEXICO CITY, July 22 (Reuters) - The chief financial officer of Mexico's Arca Continental, Emilio Marcos Charur, expects the company to have a low double digit revenue increase in 2022, he said during a call on Friday.
Previously, the Mexican bottler expected revenues to grow around 6% to 8% through the year.
(Reporting by Aida Pelaez-Fernandez)
((Aida.Pelaez-Fernandez@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | MEXICO CITY, July 22 (Reuters) - The chief financial officer of Mexico's Arca Continental, Emilio Marcos Charur, expects the company to have a low double digit revenue increase in 2022, he said during a call on Friday. Previously, the Mexican bottler expected revenues to grow around 6% to 8% through the year. (Reporting by Aida Pelaez-Fernandez) ((Aida.Pelaez-Fernandez@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | MEXICO CITY, July 22 (Reuters) - The chief financial officer of Mexico's Arca Continental, Emilio Marcos Charur, expects the company to have a low double digit revenue increase in 2022, he said during a call on Friday. Previously, the Mexican bottler expected revenues to grow around 6% to 8% through the year. (Reporting by Aida Pelaez-Fernandez) ((Aida.Pelaez-Fernandez@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | MEXICO CITY, July 22 (Reuters) - The chief financial officer of Mexico's Arca Continental, Emilio Marcos Charur, expects the company to have a low double digit revenue increase in 2022, he said during a call on Friday. Previously, the Mexican bottler expected revenues to grow around 6% to 8% through the year. (Reporting by Aida Pelaez-Fernandez) ((Aida.Pelaez-Fernandez@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | MEXICO CITY, July 22 (Reuters) - The chief financial officer of Mexico's Arca Continental, Emilio Marcos Charur, expects the company to have a low double digit revenue increase in 2022, he said during a call on Friday. Previously, the Mexican bottler expected revenues to grow around 6% to 8% through the year. (Reporting by Aida Pelaez-Fernandez) ((Aida.Pelaez-Fernandez@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. |
34854.0 | 2022-07-22 00:00:00 UTC | Mexican bottler Arca's Q2 net profit jumps 35% on Mexico, U.S. sales | AC | https://www.nasdaq.com/articles/mexican-bottler-arcas-q2-net-profit-jumps-35-on-mexico-u.s.-sales | nan | nan | Adds details from statement
MEXICO CITY, July 22 (Reuters) - Mexican bottler Arca Continental's AC.MX second-quarter net profit climbed 35% from a year ago to 4.22 billion pesos ($210 million), driven by increased sales in Mexico and the United States, the company said in a release Friday
Revenue for the company jumped 16.5% from the same period in 2021 to 53.36 billion pesos, backed by increased sales of bottled water and soda and beating the Refinitiv estimate of 50.69 billion pesos.
Earnings before interest, tax, depreciation and amortization (EBITDA) rose 11% in the three-month period to 10.44 billion pesos.
"In the second half of 2022, we will continue to deploy innovative strategies in the market to meet the needs of customers and consumers... in a macroeconomic environment with high inflation and supply chain disruptions," said Chief Executive Officer Arturo Gutierrez in the release.
The bottler, one of the largest in Latin America for | Adds details from statement MEXICO CITY, July 22 (Reuters) - Mexican bottler Arca Continental's AC.MX second-quarter net profit climbed 35% from a year ago to 4.22 billion pesos ($210 million), driven by increased sales in Mexico and the United States, the company said in a release Friday Revenue for the company jumped 16.5% from the same period in 2021 to 53.36 billion pesos, backed by increased sales of bottled water and soda and beating the Refinitiv estimate of 50.69 billion pesos. "In the second half of 2022, we will continue to deploy innovative strategies in the market to meet the needs of customers and consumers... in a macroeconomic environment with high inflation and supply chain disruptions," said Chief Executive Officer Arturo Gutierrez in the release. Earnings before interest, tax, depreciation and amortization (EBITDA) rose 11% in the three-month period to 10.44 billion pesos. | Adds details from statement MEXICO CITY, July 22 (Reuters) - Mexican bottler Arca Continental's AC.MX second-quarter net profit climbed 35% from a year ago to 4.22 billion pesos ($210 million), driven by increased sales in Mexico and the United States, the company said in a release Friday Revenue for the company jumped 16.5% from the same period in 2021 to 53.36 billion pesos, backed by increased sales of bottled water and soda and beating the Refinitiv estimate of 50.69 billion pesos. "In the second half of 2022, we will continue to deploy innovative strategies in the market to meet the needs of customers and consumers... in a macroeconomic environment with high inflation and supply chain disruptions," said Chief Executive Officer Arturo Gutierrez in the release. Earnings before interest, tax, depreciation and amortization (EBITDA) rose 11% in the three-month period to 10.44 billion pesos. | Adds details from statement MEXICO CITY, July 22 (Reuters) - Mexican bottler Arca Continental's AC.MX second-quarter net profit climbed 35% from a year ago to 4.22 billion pesos ($210 million), driven by increased sales in Mexico and the United States, the company said in a release Friday Revenue for the company jumped 16.5% from the same period in 2021 to 53.36 billion pesos, backed by increased sales of bottled water and soda and beating the Refinitiv estimate of 50.69 billion pesos. "In the second half of 2022, we will continue to deploy innovative strategies in the market to meet the needs of customers and consumers... in a macroeconomic environment with high inflation and supply chain disruptions," said Chief Executive Officer Arturo Gutierrez in the release. Earnings before interest, tax, depreciation and amortization (EBITDA) rose 11% in the three-month period to 10.44 billion pesos. | Adds details from statement MEXICO CITY, July 22 (Reuters) - Mexican bottler Arca Continental's AC.MX second-quarter net profit climbed 35% from a year ago to 4.22 billion pesos ($210 million), driven by increased sales in Mexico and the United States, the company said in a release Friday Revenue for the company jumped 16.5% from the same period in 2021 to 53.36 billion pesos, backed by increased sales of bottled water and soda and beating the Refinitiv estimate of 50.69 billion pesos. "In the second half of 2022, we will continue to deploy innovative strategies in the market to meet the needs of customers and consumers... in a macroeconomic environment with high inflation and supply chain disruptions," said Chief Executive Officer Arturo Gutierrez in the release. Earnings before interest, tax, depreciation and amortization (EBITDA) rose 11% in the three-month period to 10.44 billion pesos. |
34855.0 | 2022-07-18 00:00:00 UTC | Airbus, airlines to explore carbon capture technology | AC | https://www.nasdaq.com/articles/airbus-airlines-to-explore-carbon-capture-technology | nan | nan | By David Shepardson
FARNBOROUGH, England, July 18 (Reuters) - European airplane manufacturer Airbus AIR.PA and more than a half dozen airlines said on Monday they had signed letters of intent to discuss buying carbon removal credits to offset the emissions from air travel.
Airbus joined by Air Canada AC.TO, Air France-KLM AIRF.PA, EasyJet, International Airlines Group ICAG.L, LATAM Airlines Group, Lufthansa Group LHAG.DE and Virgin Atlantic have committed to engage in “negotiations on the possible pre-purchase of verified and durable carbon removal credits starting in 2025."
The carbon removal credits will be issued by Airbus’ partner 1PointFive – a subsidiary of Occidental Petroleum Corp OXY.N Low Carbon Ventures business, which plans to build a direct air carbon capture and storage facility in Texas for carbon removal that will be able to remove up to 1 million tons of C02. Construction is expected to begin toward the end of this year and be running by 2024, said Steve Kelly, who heads 1PointFive.
Airbus’ partnership with 1PointFive includes prepurchasing 400,000 tons of carbon removal credits over a four-year period, the companies said.
"These first letters of intent mark a concrete step towards the use of this promising technology for both Airbus’ own decarbonization plan and the aviation sector’s ambition to achieve net-zero carbon emissions by 2050," Airbus' Julie Kitcher said.
The airline industry, responsible for nearly 3% of global carbon dioxide emissions, faces significant challenges in meeting ambitious goals to cut emissions. Airline officials argue that carbon capture can be one part of a multi-pronged strategy to cut emissions.
In 2020, United Airlines UAL.O said it agreed to a multimillion-dollar investment in a project to built a U.S. industrial-sized direct air capture plant with 1PointFive.
The technology has yet to be proven up to scale. And it's expensive, costing hundreds of dollars to capture just one ton of CO2. Several previous carbon capture and storage (CCS) efforts have failed.
(Reporting by David Shepardson Editing by Bernadette Baum)
((David.Shepardson@thomsonreuters.com; 2028988324;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | By David Shepardson FARNBOROUGH, England, July 18 (Reuters) - European airplane manufacturer Airbus AIR.PA and more than a half dozen airlines said on Monday they had signed letters of intent to discuss buying carbon removal credits to offset the emissions from air travel. Airbus joined by Air Canada AC.TO, Air France-KLM AIRF.PA, EasyJet, International Airlines Group ICAG.L, LATAM Airlines Group, Lufthansa Group LHAG.DE and Virgin Atlantic have committed to engage in “negotiations on the possible pre-purchase of verified and durable carbon removal credits starting in 2025." The carbon removal credits will be issued by Airbus’ partner 1PointFive – a subsidiary of Occidental Petroleum Corp OXY.N Low Carbon Ventures business, which plans to build a direct air carbon capture and storage facility in Texas for carbon removal that will be able to remove up to 1 million tons of C02. | By David Shepardson FARNBOROUGH, England, July 18 (Reuters) - European airplane manufacturer Airbus AIR.PA and more than a half dozen airlines said on Monday they had signed letters of intent to discuss buying carbon removal credits to offset the emissions from air travel. Airbus joined by Air Canada AC.TO, Air France-KLM AIRF.PA, EasyJet, International Airlines Group ICAG.L, LATAM Airlines Group, Lufthansa Group LHAG.DE and Virgin Atlantic have committed to engage in “negotiations on the possible pre-purchase of verified and durable carbon removal credits starting in 2025." The carbon removal credits will be issued by Airbus’ partner 1PointFive – a subsidiary of Occidental Petroleum Corp OXY.N Low Carbon Ventures business, which plans to build a direct air carbon capture and storage facility in Texas for carbon removal that will be able to remove up to 1 million tons of C02. | By David Shepardson FARNBOROUGH, England, July 18 (Reuters) - European airplane manufacturer Airbus AIR.PA and more than a half dozen airlines said on Monday they had signed letters of intent to discuss buying carbon removal credits to offset the emissions from air travel. Airbus joined by Air Canada AC.TO, Air France-KLM AIRF.PA, EasyJet, International Airlines Group ICAG.L, LATAM Airlines Group, Lufthansa Group LHAG.DE and Virgin Atlantic have committed to engage in “negotiations on the possible pre-purchase of verified and durable carbon removal credits starting in 2025." The carbon removal credits will be issued by Airbus’ partner 1PointFive – a subsidiary of Occidental Petroleum Corp OXY.N Low Carbon Ventures business, which plans to build a direct air carbon capture and storage facility in Texas for carbon removal that will be able to remove up to 1 million tons of C02. | By David Shepardson FARNBOROUGH, England, July 18 (Reuters) - European airplane manufacturer Airbus AIR.PA and more than a half dozen airlines said on Monday they had signed letters of intent to discuss buying carbon removal credits to offset the emissions from air travel. Airbus joined by Air Canada AC.TO, Air France-KLM AIRF.PA, EasyJet, International Airlines Group ICAG.L, LATAM Airlines Group, Lufthansa Group LHAG.DE and Virgin Atlantic have committed to engage in “negotiations on the possible pre-purchase of verified and durable carbon removal credits starting in 2025." The carbon removal credits will be issued by Airbus’ partner 1PointFive – a subsidiary of Occidental Petroleum Corp OXY.N Low Carbon Ventures business, which plans to build a direct air carbon capture and storage facility in Texas for carbon removal that will be able to remove up to 1 million tons of C02. |
34856.0 | 2022-07-14 00:00:00 UTC | Outages at WestJet, NAV Canada cause delays at Canadian airports | AC | https://www.nasdaq.com/articles/outages-at-westjet-nav-canada-cause-delays-at-canadian-airports | nan | nan | By Allison Lampert and Ismail Shakil
MONTREAL/OTTAWA, July 14 (Reuters) - WestJet Airlines said on Thursday it had restored check-in and gate services caused earlier in the day by system outages that led to long lines at some airports in Canada.
The country's largest airports are wrestling with delays and lost luggage as staff struggle to keep up with an unexpectedly strong rebound in air travel after a pandemic-induced slump.
Calgary-based WestJet said in a statement it was still experiencing problems with self-serve baggage drop services at four airports in the country, including Ottawa.
Passengers flying the privately held airline took to social media to post images and accounts of hours-long lines at airports due to the outage, such as at Canada's busiest, Toronto Pearson International Airport.
The Greater Toronto Airports Authority (GTAA), which operates Toronto's Pearson, cited long line-ups at one of its terminals in relation to the issue with WestJet.
Canada's Calgary International Airport said earlier on Thursday that travelers flying may experience delays due to the system outages at Air traffic control manager NAV Canada and WestJet.
NAV Canada said it was experiencing a disruption in service from one of telecommunications service providers, Zayo, and that it was "actively engaging" the company to restore the services.
Vancouver International Airport, which also was affected, said at 7:54 a.m. (1454 GMT) that check-in had started to move smoothly for WestJet passengers.
A massive network outage at Rogers Communications Inc RCIb.TO on Friday disrupted nearly every facet of life in Canada, including the call center service of the country's largest airline Air Canada AC.TO.
The federal government said this week that Canada's telecom networks need to be more resilient and asked telecommunications companies to agree to a formal deal to help each other during emergencies.
(Reporting by Ismail Shakil in Ottawa and Allison Lampert in Montreal; editing by John Stonestreet, Chris Reese and Richard Chang)
((ismail.shakil@tr.com; ; Tweet @ismail___s;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The federal government said this week that Canada's telecom networks need to be more resilient and asked telecommunications companies to agree to a formal deal to help each other during emergencies. Passengers flying the privately held airline took to social media to post images and accounts of hours-long lines at airports due to the outage, such as at Canada's busiest, Toronto Pearson International Airport. NAV Canada said it was experiencing a disruption in service from one of telecommunications service providers, Zayo, and that it was "actively engaging" the company to restore the services. | Passengers flying the privately held airline took to social media to post images and accounts of hours-long lines at airports due to the outage, such as at Canada's busiest, Toronto Pearson International Airport. NAV Canada said it was experiencing a disruption in service from one of telecommunications service providers, Zayo, and that it was "actively engaging" the company to restore the services. A massive network outage at Rogers Communications Inc RCIb.TO on Friday disrupted nearly every facet of life in Canada, including the call center service of the country's largest airline Air Canada AC.TO. | Passengers flying the privately held airline took to social media to post images and accounts of hours-long lines at airports due to the outage, such as at Canada's busiest, Toronto Pearson International Airport. NAV Canada said it was experiencing a disruption in service from one of telecommunications service providers, Zayo, and that it was "actively engaging" the company to restore the services. A massive network outage at Rogers Communications Inc RCIb.TO on Friday disrupted nearly every facet of life in Canada, including the call center service of the country's largest airline Air Canada AC.TO. | NAV Canada said it was experiencing a disruption in service from one of telecommunications service providers, Zayo, and that it was "actively engaging" the company to restore the services. Passengers flying the privately held airline took to social media to post images and accounts of hours-long lines at airports due to the outage, such as at Canada's busiest, Toronto Pearson International Airport. A massive network outage at Rogers Communications Inc RCIb.TO on Friday disrupted nearly every facet of life in Canada, including the call center service of the country's largest airline Air Canada AC.TO. |
34857.0 | 2022-07-11 00:00:00 UTC | Canadians' anger over Rogers outage may complicate its merger hopes | AC | https://www.nasdaq.com/articles/canadians-anger-over-rogers-outage-may-complicate-its-merger-hopes-0 | nan | nan | By Divya Rajagopal
TORONTO, July 10 (Reuters) - Rogers Communications RCIb.TO complicated its chances of getting antitrust approval for a C$20 billion telecom merger after Friday's massive outage highlighted the perils of Canada's effective telecom monopoly and sparked a backlash against its industry dominance.
The Rogers network outage disrupted nearly every aspect of daily life, cutting banking, transport and government access for millions, and hitting the country's cashless payments system and Air Canada's AC.TO call center.
Consumers and opposition politicians called on the government to allow more competition and enact policy changes to curb telecom companies' power. Rogers, BCE Inc BCE.TO and Telus Corp T.TO control 90% of the market share in Canada.
Smaller internet and wireless providers rely on their infrastructure network to deliver their own services.
"The reality is in Canada there is a serious monopoly of our telecommunications," New Democratic Party leader Jagmeet Singh said in a TikTok video as he launched a petition to halt Rogers' merger plans and "break up these monopolies".
"The impact of this outage makes it clear this monopoly cannot continue," he added.
Industry Minister François-Philippe Champagne, calling the outage "unacceptable", said on Sunday that he would meet with Rogers CEO Tony Staffieri and other industry executives to discuss improving the "reliability of networks across Canada." High cellphone bills have been a hot-button issue in recent Canadian elections.
The disruption in internet access, cell phone and landline phone connections meant some callers could not reach emergency services via 911 calls, police across Canada said.
"Because of the Rogers outage, millions of Canadians couldn't call 911 yesterday. Hospitals couldn't call in staff. There was no way to call families so that they could say goodbye to their loved ones at end of life," tweeted Amit Arya, director-at-large at the Canadian Society of Palliative Care Physicians.
Rogers, which blamed a router malfunction after maintenance for the disruption, said on Sunday it was aware that some customers were still facing disruptions. It did not comment on whether the outage could impact the merger proceedings.
Friday's outage came two days after Rogers held talks with Canada's antitrust authority to discuss possible remedies to its blocked C$20 billion ($15.34 billion) takeover of Shaw Communications SJRb.TO.
Canada's competition bureau blocked the deal earlier this year, saying it would hamper competition in a country where telecom rates are some of the world's highest. The merger still awaits a final verdict.
The disruption could prompt the Competition Bureau, which generally assesses mergers based on their impact on price, to look more closely at other considerations such as quality and service, said consumer rights groups.
"It is a 'non-price effect' (argument) - that is, concentration of ownership and control of critical infrastructure making an ever more central point of failure to deliver basic services," said John Lawford, executive director of the Ottawa-based Public Interest Advocacy Centre (PIAC), which has argued against the merger at the Competition Bureau.
But Vass Bedner, Executive Director of the Public Policy program in McMaster University, said the outage was a separate issue from Rogers' merger plan.
"I don’t think this issue will impact the merger because I am not sure how the Competition Bureau can account for risk of bigger outage,” Bedner said.
University of Ottawa professor Michael Geist, who focuses on the internet and e-commerce law, said the outage "must be a wake-up for a government that has been asleep on digital policy."
"The blame for Friday's outage may lie with Rogers, but the government and (Canadian telecommunications regulator) should be held accountable for a failure to respond," he wrote on his blog.
The outage, which began around 4:30 a.m. ET (0830 GMT) on Friday before service was fully restored on Saturday, knocked out a quarter of Canada's observable internet connectivity, said the NetBlocks monitoring group.
The interruption was Rogers' second in 15 months with an external software upgrade knocking out service primarily to consumer clients last year.
(Reporting by Divya Rajagopal; writing by Amran Abocar; Editing by Chizu Nomiyama)
((divya.rajagopal@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The Rogers network outage disrupted nearly every aspect of daily life, cutting banking, transport and government access for millions, and hitting the country's cashless payments system and Air Canada's AC.TO call center. The disruption could prompt the Competition Bureau, which generally assesses mergers based on their impact on price, to look more closely at other considerations such as quality and service, said consumer rights groups. "It is a 'non-price effect' (argument) - that is, concentration of ownership and control of critical infrastructure making an ever more central point of failure to deliver basic services," said John Lawford, executive director of the Ottawa-based Public Interest Advocacy Centre (PIAC), which has argued against the merger at the Competition Bureau. | "The blame for Friday's outage may lie with Rogers, but the government and (Canadian telecommunications regulator) should be held accountable for a failure to respond," he wrote on his blog. By Divya Rajagopal TORONTO, July 10 (Reuters) - Rogers Communications RCIb.TO complicated its chances of getting antitrust approval for a C$20 billion telecom merger after Friday's massive outage highlighted the perils of Canada's effective telecom monopoly and sparked a backlash against its industry dominance. The Rogers network outage disrupted nearly every aspect of daily life, cutting banking, transport and government access for millions, and hitting the country's cashless payments system and Air Canada's AC.TO call center. | By Divya Rajagopal TORONTO, July 10 (Reuters) - Rogers Communications RCIb.TO complicated its chances of getting antitrust approval for a C$20 billion telecom merger after Friday's massive outage highlighted the perils of Canada's effective telecom monopoly and sparked a backlash against its industry dominance. The Rogers network outage disrupted nearly every aspect of daily life, cutting banking, transport and government access for millions, and hitting the country's cashless payments system and Air Canada's AC.TO call center. Industry Minister François-Philippe Champagne, calling the outage "unacceptable", said on Sunday that he would meet with Rogers CEO Tony Staffieri and other industry executives to discuss improving the "reliability of networks across Canada." | "I don’t think this issue will impact the merger because I am not sure how the Competition Bureau can account for risk of bigger outage,” Bedner said. By Divya Rajagopal TORONTO, July 10 (Reuters) - Rogers Communications RCIb.TO complicated its chances of getting antitrust approval for a C$20 billion telecom merger after Friday's massive outage highlighted the perils of Canada's effective telecom monopoly and sparked a backlash against its industry dominance. The Rogers network outage disrupted nearly every aspect of daily life, cutting banking, transport and government access for millions, and hitting the country's cashless payments system and Air Canada's AC.TO call center. |
34858.0 | 2022-07-10 00:00:00 UTC | U.S. completes 10 airline refund probes, plans enforcement actions | AC | https://www.nasdaq.com/articles/u.s.-completes-10-airline-refund-probes-plans-enforcement-actions | nan | nan | By David Shepardson
WASHINGTON, July 10 (Reuters) - The U.S. government has completed 10 airline investigations into delayed or withheld passenger refunds during the COVID-19 pandemic and will take enforcement action in coming weeks, a Transportation Department official told Reuters on Sunday.
U.S. Transportation Secretary Pete Buttigieg on Sunday disclosed the passenger refund probes were complete and said 10 additional airline probes remain ongoing.
"We'll collaborate with airlines when they're ready to take steps that are positive and proactive, whether that's improvements in pay that are helping with hiring or flexibility in customer service," Buttigieg told Fox News Sunday. "We're also going to enforce passenger and consumer rights."
Neither Buttigieg nor the department identified the airlines. Buttigieg said the government has been investigating airlines "failing to provide refunds to passengers after they got stuck with cancellations." He said the probes are "to make sure that the consumers and passengers are protected."
In September 2021, the U.S. Transportation Department (USDOT) said it had 18 pending investigations over complaints that airlines failed to provide timely refunds during the COVID-19 pandemic.
Airlines for America, an industry group, said on Sunday, "We look forward to working with the federal government to identify and resolve shared challenges to minimize disruptions and ensure safe, seamless travel."
Air Canada AC.TO in November agreed to a $4.5 million settlement to resolve a USDOT investigation into claims that thousands of air passenger refunds were delayed.
In June 2021, USDOT said it was seeking a $25.5 million fine against Air Canada over the carrier's failure to provide timely refunds, alleging the airline had a no-refund policy in violation of U.S. law for more than a year.
USDOT has said it plans to issue rules on refunds for consumers who are unable to travel due to government restrictions. Existing regulations do not address refund eligibility under special circumstances, such as government-imposed travel restrictions.
Last month, Buttigieg met with airline chief executives to try to ensure summer flight schedules are followed after a spate of cancellations. Airlines have canceled or delayed thousands of flights, angering consumers. Airlines have blamed air traffic control staffing issues at the Federal Aviation Administration for much of the problem.
Buttigieg said: "We've seen some improvement over the course of the summer, but still not an acceptable level in terms of performance, cancellation and delays."
(Reporting by David Shepardson in Washington Editing by Matthew Lewis)
((David.Shepardson@thomsonreuters.com; 2028988324;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | "We'll collaborate with airlines when they're ready to take steps that are positive and proactive, whether that's improvements in pay that are helping with hiring or flexibility in customer service," Buttigieg told Fox News Sunday. By David Shepardson WASHINGTON, July 10 (Reuters) - The U.S. government has completed 10 airline investigations into delayed or withheld passenger refunds during the COVID-19 pandemic and will take enforcement action in coming weeks, a Transportation Department official told Reuters on Sunday. Air Canada AC.TO in November agreed to a $4.5 million settlement to resolve a USDOT investigation into claims that thousands of air passenger refunds were delayed. | By David Shepardson WASHINGTON, July 10 (Reuters) - The U.S. government has completed 10 airline investigations into delayed or withheld passenger refunds during the COVID-19 pandemic and will take enforcement action in coming weeks, a Transportation Department official told Reuters on Sunday. Air Canada AC.TO in November agreed to a $4.5 million settlement to resolve a USDOT investigation into claims that thousands of air passenger refunds were delayed. "We'll collaborate with airlines when they're ready to take steps that are positive and proactive, whether that's improvements in pay that are helping with hiring or flexibility in customer service," Buttigieg told Fox News Sunday. | By David Shepardson WASHINGTON, July 10 (Reuters) - The U.S. government has completed 10 airline investigations into delayed or withheld passenger refunds during the COVID-19 pandemic and will take enforcement action in coming weeks, a Transportation Department official told Reuters on Sunday. "We'll collaborate with airlines when they're ready to take steps that are positive and proactive, whether that's improvements in pay that are helping with hiring or flexibility in customer service," Buttigieg told Fox News Sunday. Air Canada AC.TO in November agreed to a $4.5 million settlement to resolve a USDOT investigation into claims that thousands of air passenger refunds were delayed. | By David Shepardson WASHINGTON, July 10 (Reuters) - The U.S. government has completed 10 airline investigations into delayed or withheld passenger refunds during the COVID-19 pandemic and will take enforcement action in coming weeks, a Transportation Department official told Reuters on Sunday. Air Canada AC.TO in November agreed to a $4.5 million settlement to resolve a USDOT investigation into claims that thousands of air passenger refunds were delayed. "We'll collaborate with airlines when they're ready to take steps that are positive and proactive, whether that's improvements in pay that are helping with hiring or flexibility in customer service," Buttigieg told Fox News Sunday. |
34859.0 | 2022-07-10 00:00:00 UTC | Canadians' anger over Rogers outage may complicate its merger hopes | AC | https://www.nasdaq.com/articles/canadians-anger-over-rogers-outage-may-complicate-its-merger-hopes | nan | nan | By Divya Rajagopal
TORONTO, July 10 (Reuters) - Rogers Communications RCIb.TO complicated its chances of getting antitrust approval for a C$20 billion telecom merger after Friday's massive outage highlighted the perils of Canada's effective telecom monopoly and sparked a backlash against its industry dominance.
The Rogers network outage disrupted nearly every aspect of daily life, cutting banking, transport and government access for millions, and hitting the country's cashless payments system and Air Canada's AC.TO call center.
Consumers and opposition politicians called on the government to allow more competition and enact policy changes to curb telecom companies' power. Rogers, BCE Inc BCE.TO and Telus Corp T.TO control 90% of the market share in Canada.
Smaller internet and wireless providers rely on their infrastructure network to deliver their own services.
"The reality is in Canada there is a serious monopoly of our telecommunications," New Democratic Party leader Jagmeet Singh said in a TikTok video as he launched a petition to halt Rogers' merger plans and "break up these monopolies".
"The impact of this outage makes it clear this monopoly cannot continue," he added.
Industry Minister François-Philippe Champagne, calling the outage "unacceptable", said on Sunday that he would meet with Rogers CEO Tony Staffieri and other industry executives to discuss improving the "reliability of networks across Canada." High cellphone bills have been a hot-button issue in recent Canadian elections.
The disruption in internet access, cell phone and landline phone connections meant some callers could not reach emergency services via 911 calls, police across Canada said.
"Because of the Rogers outage, millions of Canadians couldn't call 911 yesterday. Hospitals couldn't call in staff. There was no way to call families so that they could say goodbye to their loved ones at end of life," tweeted Amit Arya, director-at-large at the Canadian Society of Palliative Care Physicians.
Rogers, which blamed a router malfunction after maintenance for the disruption, said on Sunday it was aware that some customers were still facing disruptions. It did not comment on whether the outage could impact the merger proceedings.
Friday's outage came two days after Rogers held talks with Canada's antitrust authority to discuss possible remedies to its blocked C$20 billion ($15.34 billion) takeover of Shaw Communications SJRb.TO.
Canada's competition bureau blocked the deal earlier this year, saying it would hamper competition in a country where telecom rates are some of the world's highest. The merger still awaits a final verdict.
The disruption could prompt the Competition Bureau, which generally assesses mergers based on their impact on price, to look more closely at other considerations such as quality and service, said consumer rights groups.
"It is a 'non-price effect' (argument) - that is, concentration of ownership and control of critical infrastructure making an ever more central point of failure to deliver basic services," said John Lawford, executive director of the Ottawa-based Public Interest Advocacy Centre (PIAC), which has argued against the merger at the Competition Bureau.
But Vass Bedner, Executive Director of the Public Policy program in McMaster University, said the outage was a separate issue from Rogers' merger plan.
"I don’t think this issue will impact the merger because I am not sure how the Competition Bureau can account for risk of bigger outage,” Bedner said.
University of Ottawa professor Michael Geist, who focuses on the internet and e-commerce law, said the outage "must be a wake-up for a government that has been asleep on digital policy."
"The blame for Friday's outage may lie with Rogers, but the government and (Canadian telecommunications regulator) should be held accountable for a failure to respond," he wrote on his blog.
The outage, which began around 4:30 a.m. ET (0830 GMT) on Friday before service was fully restored on Saturday, knocked out a quarter of Canada's observable internet connectivity, said the NetBlocks monitoring group.
The interruption was Rogers' second in 15 months with an external software upgrade knocking out service primarily to consumer clients last year.
(Reporting by Divya Rajagopal; writing by Amran Abocar; Editing by Chizu Nomiyama)
((divya.rajagopal@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The Rogers network outage disrupted nearly every aspect of daily life, cutting banking, transport and government access for millions, and hitting the country's cashless payments system and Air Canada's AC.TO call center. The disruption could prompt the Competition Bureau, which generally assesses mergers based on their impact on price, to look more closely at other considerations such as quality and service, said consumer rights groups. "It is a 'non-price effect' (argument) - that is, concentration of ownership and control of critical infrastructure making an ever more central point of failure to deliver basic services," said John Lawford, executive director of the Ottawa-based Public Interest Advocacy Centre (PIAC), which has argued against the merger at the Competition Bureau. | "The blame for Friday's outage may lie with Rogers, but the government and (Canadian telecommunications regulator) should be held accountable for a failure to respond," he wrote on his blog. By Divya Rajagopal TORONTO, July 10 (Reuters) - Rogers Communications RCIb.TO complicated its chances of getting antitrust approval for a C$20 billion telecom merger after Friday's massive outage highlighted the perils of Canada's effective telecom monopoly and sparked a backlash against its industry dominance. The Rogers network outage disrupted nearly every aspect of daily life, cutting banking, transport and government access for millions, and hitting the country's cashless payments system and Air Canada's AC.TO call center. | By Divya Rajagopal TORONTO, July 10 (Reuters) - Rogers Communications RCIb.TO complicated its chances of getting antitrust approval for a C$20 billion telecom merger after Friday's massive outage highlighted the perils of Canada's effective telecom monopoly and sparked a backlash against its industry dominance. The Rogers network outage disrupted nearly every aspect of daily life, cutting banking, transport and government access for millions, and hitting the country's cashless payments system and Air Canada's AC.TO call center. Industry Minister François-Philippe Champagne, calling the outage "unacceptable", said on Sunday that he would meet with Rogers CEO Tony Staffieri and other industry executives to discuss improving the "reliability of networks across Canada." | "I don’t think this issue will impact the merger because I am not sure how the Competition Bureau can account for risk of bigger outage,” Bedner said. By Divya Rajagopal TORONTO, July 10 (Reuters) - Rogers Communications RCIb.TO complicated its chances of getting antitrust approval for a C$20 billion telecom merger after Friday's massive outage highlighted the perils of Canada's effective telecom monopoly and sparked a backlash against its industry dominance. The Rogers network outage disrupted nearly every aspect of daily life, cutting banking, transport and government access for millions, and hitting the country's cashless payments system and Air Canada's AC.TO call center. |
34860.0 | 2022-07-10 00:00:00 UTC | Canadians' fury over Rogers outage may complicate its merger hopes | AC | https://www.nasdaq.com/articles/canadians-fury-over-rogers-outage-may-complicate-its-merger-hopes | nan | nan | By Divya Rajagopal
TORONTO, July 10 (Reuters) - Rogers Communications RCIb.TO complicated its chances of getting antitrust approval for a C$20 billion telecom merger after Friday's massive outage highlighted the perils of Canada's effective telecom monopoly and sparked a backlash against its industry dominance.
The Rogers network outage disrupted nearly every aspect of daily life, cutting banking, transport and government access for millions, and hitting the country's cashless payments system and Air Canada's AC.TO call center.
Consumers and opposition politicians called on the government to allow more competition and enact policy changes to curb telecom companies' power. Rogers, BCE Inc BCE.TO and Telus Corp T.TO control 90% of the market share in Canada.
Smaller internet and wireless providers rely on their infrastructure network to deliver their own services.
"The reality is in Canada there is a serious monopoly of our telecommunications," New Democratic Party leader Jagmeet Singh said in a TikTok video as he launched a petition to halt Rogers' merger plans and "break up these monopolies".
"The impact of this outage makes it clear this monopoly cannot continue," he added.
The disruption in internet access, cell phone and landline phone connections meant some callers could not reach emergency services via 911 calls, police across Canada said.
"Because of the Rogers outage, millions of Canadians couldn't call 911 yesterday. Hospitals couldn't call in staff. There was no way to call families so that they could say goodbye to their loved ones at end of life," tweeted Amit Arya, director-at-large at the Canadian Society of Palliative Care Physicians.
Rogers, which blamed a router malfunction after maintenance said on Saturday it would credit affected customers and invest more in its network and technology. It did not comment on whether the outage could impact the merger proceedings.
Friday's outage came two days after Rogers held talks with Canada’s antitrust authority to discuss possible remedies to its blocked C$20 billion ($15.34 billion) takeover of Shaw Communications SJRb.TO.
Canada's competition bureau blocked the deal earlier this year, saying it would hamper competition in a country where telecom rates are some of the world's highest. The merger still awaits a final verdict.
The disruption could prompt the Competition Bureau, which generally assesses mergers based on their impact on price, to look more closely at other considerations such as quality and service, said consumer rights groups.
"It is a 'non-price effect' (argument) - that is, concentration of ownership and control of critical infrastructure making an ever more central point of failure to deliver basic services," said John Lawford, executive director of the Ottawa-based Public Interest Advocacy Centre (PIAC), which has argued against the merger at the Competition Bureau.
But Vass Bedner, Executive Director of the Public Policy program in McMaster University, said the outage was a separate issue from Rogers' merger plan.
"I don’t think this issue will impact the merger because I am not sure how the Competition Bureau can account for risk of bigger outage,” Bedner said.
University of Ottawa professor Michael Geist, who focuses on the internet and e-commerce law, said the outage "must be a wake-up for a government that has been asleep on digital policy."
"The blame for Friday’s outage may lie with Rogers, but the government and (Canadian telecommunications regulator) should be held accountable for a failure to respond," he wrote on his blog.
Canadian Industry Minister François-Philippe Champagne had called the outage "unacceptable" on Friday. High cellphone bills have been a hot button issue in recent Canadian elections.
The outage, which began around 4:30 a.m. ET (0830 GMT) on Friday before service was fully restored on Saturday, knocked out a quarter of Canada's observable internet connectivity, said the NetBlocks monitoring group.
The interruption was Rogers' second in 15 months with an external software upgrade knocking out service primarily to consumer clients last year.
(Reporting by Divya Rajagopal; Writing by Amran Abocar; Editing by Chizu Nomiyama)
((divya.rajagopal@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The Rogers network outage disrupted nearly every aspect of daily life, cutting banking, transport and government access for millions, and hitting the country's cashless payments system and Air Canada's AC.TO call center. The disruption could prompt the Competition Bureau, which generally assesses mergers based on their impact on price, to look more closely at other considerations such as quality and service, said consumer rights groups. "It is a 'non-price effect' (argument) - that is, concentration of ownership and control of critical infrastructure making an ever more central point of failure to deliver basic services," said John Lawford, executive director of the Ottawa-based Public Interest Advocacy Centre (PIAC), which has argued against the merger at the Competition Bureau. | "The blame for Friday’s outage may lie with Rogers, but the government and (Canadian telecommunications regulator) should be held accountable for a failure to respond," he wrote on his blog. By Divya Rajagopal TORONTO, July 10 (Reuters) - Rogers Communications RCIb.TO complicated its chances of getting antitrust approval for a C$20 billion telecom merger after Friday's massive outage highlighted the perils of Canada's effective telecom monopoly and sparked a backlash against its industry dominance. The Rogers network outage disrupted nearly every aspect of daily life, cutting banking, transport and government access for millions, and hitting the country's cashless payments system and Air Canada's AC.TO call center. | By Divya Rajagopal TORONTO, July 10 (Reuters) - Rogers Communications RCIb.TO complicated its chances of getting antitrust approval for a C$20 billion telecom merger after Friday's massive outage highlighted the perils of Canada's effective telecom monopoly and sparked a backlash against its industry dominance. The Rogers network outage disrupted nearly every aspect of daily life, cutting banking, transport and government access for millions, and hitting the country's cashless payments system and Air Canada's AC.TO call center. Consumers and opposition politicians called on the government to allow more competition and enact policy changes to curb telecom companies' power. | "I don’t think this issue will impact the merger because I am not sure how the Competition Bureau can account for risk of bigger outage,” Bedner said. By Divya Rajagopal TORONTO, July 10 (Reuters) - Rogers Communications RCIb.TO complicated its chances of getting antitrust approval for a C$20 billion telecom merger after Friday's massive outage highlighted the perils of Canada's effective telecom monopoly and sparked a backlash against its industry dominance. The Rogers network outage disrupted nearly every aspect of daily life, cutting banking, transport and government access for millions, and hitting the country's cashless payments system and Air Canada's AC.TO call center. |
34861.0 | 2022-07-06 00:00:00 UTC | Air Canada temporarily bans pets from baggage hold over delays | AC | https://www.nasdaq.com/articles/air-canada-temporarily-bans-pets-from-baggage-hold-over-delays | nan | nan | By Allison Lampert
MONTREAL, July 6 (Reuters) - Air Canada AC.TO said on Wednesday it will not allow animals in the baggage hold until Sept. 12 due to "longer than usual" delays at airports, as carriers and airports wrestle with complaints over lost luggage and long lines.
Airlines in Europe, the United States and Canada are cancelling and delaying flights due to staffing shortages, as aviation struggles with a stronger than expected surge in traffic after a pandemic-induced slump.
Passengers at airports from Toronto to Frankfurt have been sharing photos of piled-up luggage near baggage belts on social media.
"Due to longer than usual airport delays, and for the safety and comfort of pets, we will not be accepting new requests for pets travelling in the baggage compartment until Sept. 12, 2022," Air Canada said in an emailed statement. Current pet bookings will be honored, it said.
Earlier this month, Canadian broadcast network CTV News reported that a dog flown by a different carrier had been left at Toronto Pearson International Airport with baggage for about 21 hours.
Air Canada's smaller rival WestJet Airlines said it will continue accepting animals.
Canada's largest airline recently said it would cut flights by 15% in July and August, with the changes on largely domestic routes going into effect on Wednesday.
A spokeswoman for Pearson, Canada's busiest airport, said it is "still assessing the impact of these reductions."
According to data from FlightAware, around 70% of Air Canada's U.S. flights were delayed over the long holiday weekend, the highest proportion of any carrier. Air Canada is the largest foreign carrier in the United States.
In a June 29 letter to customers, Air Canada CEO Michael Rousseau apologized for flight cancellations and customer service shortfalls.
Earlier on Wednesday, a senior United Airlines UAL.O executive said the U.S. aviation system is expected to "remain challenged this summer and beyond."
(Reporting By Allison Lampert in Montreal, editing by Deepa Babington)
((Allison.Lampert@thomsonreuters.com; 514-796-4212; Reuters Messaging: allison.lampert.reuters.com@reuters.net))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | By Allison Lampert MONTREAL, July 6 (Reuters) - Air Canada AC.TO said on Wednesday it will not allow animals in the baggage hold until Sept. 12 due to "longer than usual" delays at airports, as carriers and airports wrestle with complaints over lost luggage and long lines. "Due to longer than usual airport delays, and for the safety and comfort of pets, we will not be accepting new requests for pets travelling in the baggage compartment until Sept. 12, 2022," Air Canada said in an emailed statement. Air Canada's smaller rival WestJet Airlines said it will continue accepting animals. | By Allison Lampert MONTREAL, July 6 (Reuters) - Air Canada AC.TO said on Wednesday it will not allow animals in the baggage hold until Sept. 12 due to "longer than usual" delays at airports, as carriers and airports wrestle with complaints over lost luggage and long lines. "Due to longer than usual airport delays, and for the safety and comfort of pets, we will not be accepting new requests for pets travelling in the baggage compartment until Sept. 12, 2022," Air Canada said in an emailed statement. Air Canada's smaller rival WestJet Airlines said it will continue accepting animals. | By Allison Lampert MONTREAL, July 6 (Reuters) - Air Canada AC.TO said on Wednesday it will not allow animals in the baggage hold until Sept. 12 due to "longer than usual" delays at airports, as carriers and airports wrestle with complaints over lost luggage and long lines. "Due to longer than usual airport delays, and for the safety and comfort of pets, we will not be accepting new requests for pets travelling in the baggage compartment until Sept. 12, 2022," Air Canada said in an emailed statement. Air Canada's smaller rival WestJet Airlines said it will continue accepting animals. | By Allison Lampert MONTREAL, July 6 (Reuters) - Air Canada AC.TO said on Wednesday it will not allow animals in the baggage hold until Sept. 12 due to "longer than usual" delays at airports, as carriers and airports wrestle with complaints over lost luggage and long lines. "Due to longer than usual airport delays, and for the safety and comfort of pets, we will not be accepting new requests for pets travelling in the baggage compartment until Sept. 12, 2022," Air Canada said in an emailed statement. Air Canada's smaller rival WestJet Airlines said it will continue accepting animals. |
34862.0 | 2022-06-30 00:00:00 UTC | CANADA STOCKS-TSX tumbles nearly 14% in second quarter amid recession fears | AC | https://www.nasdaq.com/articles/canada-stocks-tsx-tumbles-nearly-14-in-second-quarter-amid-recession-fears | nan | nan | By Fergal Smith
TORONTO, June 30 (Reuters) - Canada's main stock index fell on Thursday and posted the biggest quarterly decline since the first quarter of 2020, as rising worries of a global economic slowdown weighed on investor sentiment ahead of a long domestic weekend.
The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended down 217.28 points, or 1.1%, at 18,861.36, its lowest closing level since last Thursday.
For the month of June, the index fell 9%. It was down 13.8% for the second quarter.
Wall Street also ended lower on Thursday, a dismal coda to the S&P 500's .SPX worst first half in more than half a century.
Investors worried that the latest show of central bank determination to tame inflation would slow economic growth.
"I think that fears over recession are continuing to drive sentiment at the moment, driven by central banks continuing to warn that the battle against inflation will likely be a long one," said Stuart Cole, head macro economist at Equiti Capital.
Canada's economy likely contracted 0.2% in May, largely on a drop in oil and gas output, official data showed, while GDP growth in April was in line with analyst forecasts.
Both the technology and energy groups fell 1.7%, with the latter contending with a drop in oil prices. Oil CLc1 settled 3.7% lower at $105.76 a barrel.
The materials group, which includes precious and base metals miners and fertilizer companies, lost 3.6%.
Shares of Canopy Growth Corp WEED.TO tumbled 18.5%, hitting their lowest level since August 2016, while Air Canada AC.TO lost 6%. The carrier trimmed its domestic flight schedule this summer, as North American airlines wrestle with labor shortages, delays and cancellations.
The Toronto market will be closed on Friday for the Canada Day holiday.
(Reporting by Fergal Smith in Toronto Additional reporting by Amal S in Bengaluru Editing by Matthew Lewis)
((fergal.smith@thomsonreuters.com; +1 647 480 7446;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Canada's economy likely contracted 0.2% in May, largely on a drop in oil and gas output, official data showed, while GDP growth in April was in line with analyst forecasts. Shares of Canopy Growth Corp WEED.TO tumbled 18.5%, hitting their lowest level since August 2016, while Air Canada AC.TO lost 6%. "I think that fears over recession are continuing to drive sentiment at the moment, driven by central banks continuing to warn that the battle against inflation will likely be a long one," said Stuart Cole, head macro economist at Equiti Capital. | "I think that fears over recession are continuing to drive sentiment at the moment, driven by central banks continuing to warn that the battle against inflation will likely be a long one," said Stuart Cole, head macro economist at Equiti Capital. Canada's economy likely contracted 0.2% in May, largely on a drop in oil and gas output, official data showed, while GDP growth in April was in line with analyst forecasts. Shares of Canopy Growth Corp WEED.TO tumbled 18.5%, hitting their lowest level since August 2016, while Air Canada AC.TO lost 6%. | Canada's economy likely contracted 0.2% in May, largely on a drop in oil and gas output, official data showed, while GDP growth in April was in line with analyst forecasts. "I think that fears over recession are continuing to drive sentiment at the moment, driven by central banks continuing to warn that the battle against inflation will likely be a long one," said Stuart Cole, head macro economist at Equiti Capital. Shares of Canopy Growth Corp WEED.TO tumbled 18.5%, hitting their lowest level since August 2016, while Air Canada AC.TO lost 6%. | "I think that fears over recession are continuing to drive sentiment at the moment, driven by central banks continuing to warn that the battle against inflation will likely be a long one," said Stuart Cole, head macro economist at Equiti Capital. Canada's economy likely contracted 0.2% in May, largely on a drop in oil and gas output, official data showed, while GDP growth in April was in line with analyst forecasts. Shares of Canopy Growth Corp WEED.TO tumbled 18.5%, hitting their lowest level since August 2016, while Air Canada AC.TO lost 6%. |
34863.0 | 2022-06-30 00:00:00 UTC | Air Canada shares fall after carrier cuts domestic flight schedule | AC | https://www.nasdaq.com/articles/air-canada-shares-fall-after-carrier-cuts-domestic-flight-schedule-0 | nan | nan | Adds comments from WestJet Airlines and Pearson Airport, context
June 30 (Reuters) - Shares of Air Canada AC.TO closed down 6% on Thursday after the carrier trimmed its domestic flight schedule this summer, as North American airlines wrestle with labor shortages, delays and cancellations as travel rebounds.
Canada's largest carrier said late on Wednesday it would cut its schedule to reduce passenger flows to manageable levels, while Delta Air Lines' DAL.N chief executive on Thursday apologized for flight cancellations that have disrupted travel plans.
Persistent staffing shortages, fewer flights and booming demand following a pandemic-induced slump have cast a shadow ahead of the busy U.S. July Fourth holiday weekend.
Airports in Canada and Europe are also wrestling with missing luggage as passengers shared pictures of luggage stranded beside baggage belts on social media.
Analysts and some industry executives don't see a meaningful improvement in conditions before fall, when travel demand tends to slow down.
"With the changes started yesterday we are reducing our schedule, on average, by 77 round trips (or 154 flights) per day in total for July and August. Prior to this, Air Canada operated on average about 1,000 flights a day," the airline said.
The Greater Toronto Airports Authority (GTAA), which manages Pearson International Airport, praised Air Canada's decision to scale back flights.
"In making this announcement, Air Canada is following the example of other major airlines worldwide, who have also recognized the need to adjust schedules," the GTAA said.
Shares of American Airlines Group Inc AAL.O, United Airlines Holdings Inc UAL.O and Delta were down between 1% and 3%, amid a fall in broader U.S. markets on worries that the U.S. Federal Reserve's determination to tame inflation would hamper global economic growth.
On Monday airlines canceled over 700 flights in the United States, after adverse weather conditions and staffing shortages limited operations.
Air Canada's smaller privately held rival, WestJet Airlines, said it already planned to operate 25% fewer flights than in the summer of 2019.
Luggage piles join long airport lines in fresh woes for summer travel
ANALYSIS-Flight delays, cancellations mar U.S. summer travel
Delta Air Lines CEO apologizes for flight disruptions
Airlines cancel over 700 U.S. flights as labor crunch, bad weather weigh
(Reporting by Nathan Gomes in Bengaluru and Allison Lampert in Montreal; Editing by Vinay Dwivedi and Jonathan Oatis)
((Nathan.Gomes@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Adds comments from WestJet Airlines and Pearson Airport, context June 30 (Reuters) - Shares of Air Canada AC.TO closed down 6% on Thursday after the carrier trimmed its domestic flight schedule this summer, as North American airlines wrestle with labor shortages, delays and cancellations as travel rebounds. The Greater Toronto Airports Authority (GTAA), which manages Pearson International Airport, praised Air Canada's decision to scale back flights. Canada's largest carrier said late on Wednesday it would cut its schedule to reduce passenger flows to manageable levels, while Delta Air Lines' DAL.N chief executive on Thursday apologized for flight cancellations that have disrupted travel plans. | Adds comments from WestJet Airlines and Pearson Airport, context June 30 (Reuters) - Shares of Air Canada AC.TO closed down 6% on Thursday after the carrier trimmed its domestic flight schedule this summer, as North American airlines wrestle with labor shortages, delays and cancellations as travel rebounds. The Greater Toronto Airports Authority (GTAA), which manages Pearson International Airport, praised Air Canada's decision to scale back flights. Canada's largest carrier said late on Wednesday it would cut its schedule to reduce passenger flows to manageable levels, while Delta Air Lines' DAL.N chief executive on Thursday apologized for flight cancellations that have disrupted travel plans. | Adds comments from WestJet Airlines and Pearson Airport, context June 30 (Reuters) - Shares of Air Canada AC.TO closed down 6% on Thursday after the carrier trimmed its domestic flight schedule this summer, as North American airlines wrestle with labor shortages, delays and cancellations as travel rebounds. The Greater Toronto Airports Authority (GTAA), which manages Pearson International Airport, praised Air Canada's decision to scale back flights. Canada's largest carrier said late on Wednesday it would cut its schedule to reduce passenger flows to manageable levels, while Delta Air Lines' DAL.N chief executive on Thursday apologized for flight cancellations that have disrupted travel plans. | Adds comments from WestJet Airlines and Pearson Airport, context June 30 (Reuters) - Shares of Air Canada AC.TO closed down 6% on Thursday after the carrier trimmed its domestic flight schedule this summer, as North American airlines wrestle with labor shortages, delays and cancellations as travel rebounds. The Greater Toronto Airports Authority (GTAA), which manages Pearson International Airport, praised Air Canada's decision to scale back flights. Prior to this, Air Canada operated on average about 1,000 flights a day," the airline said. |
34864.0 | 2022-06-30 00:00:00 UTC | Air Canada shares fall after carrier cuts domestic flight schedule | AC | https://www.nasdaq.com/articles/air-canada-shares-fall-after-carrier-cuts-domestic-flight-schedule | nan | nan | June 30 (Reuters) - Shares of Air Canada AC.TO fell 7% on Thursday, a day after the carrier trimmed its domestic flight schedule for the next two months as North American airlines struggle with worker and aircraft shortages amid strong travel demand.
The Canadian company said in a statement late on Wednesday that it would cut its flight schedule to reduce passenger flows to manageable levels.
"With the changes started yesterday we are reducing our schedule, on average, by 77 round trips (or 154 flights) per day in total for July and August. Prior to this, Air Canada operated on average about 1,000 flights a day," the airline said.
Persistent staffing shortages, fewer flights and booming demand have cast a shadow on the busy July Fourth holiday weekend and the entire summer travel season.
Analysts and some industry executives don't see a meaningful improvement in conditions before fall, when travel demand tends to slow down.
Shares of American Airlines Group Inc AAL.O, Delta Air Lines DAL.N, and United Airlines Holdings Inc UAL.O were also down between 4% and 6%, amid a fall in broader U.S. markets on worries that the central bank's determination to tame inflation would hamper global economic growth. .N
Airlines on Monday canceled over 700 flights in the United States, after adverse weather conditions, staffing shortages restricted operations.
(Reporting by Nathan Gomes in Bengaluru and Allison Lampert in Montreal; Editing by Vinay Dwivedi)
((Nathan.Gomes@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | June 30 (Reuters) - Shares of Air Canada AC.TO fell 7% on Thursday, a day after the carrier trimmed its domestic flight schedule for the next two months as North American airlines struggle with worker and aircraft shortages amid strong travel demand. The Canadian company said in a statement late on Wednesday that it would cut its flight schedule to reduce passenger flows to manageable levels. Persistent staffing shortages, fewer flights and booming demand have cast a shadow on the busy July Fourth holiday weekend and the entire summer travel season. | June 30 (Reuters) - Shares of Air Canada AC.TO fell 7% on Thursday, a day after the carrier trimmed its domestic flight schedule for the next two months as North American airlines struggle with worker and aircraft shortages amid strong travel demand. Prior to this, Air Canada operated on average about 1,000 flights a day," the airline said. .N Airlines on Monday canceled over 700 flights in the United States, after adverse weather conditions, staffing shortages restricted operations. | June 30 (Reuters) - Shares of Air Canada AC.TO fell 7% on Thursday, a day after the carrier trimmed its domestic flight schedule for the next two months as North American airlines struggle with worker and aircraft shortages amid strong travel demand. Persistent staffing shortages, fewer flights and booming demand have cast a shadow on the busy July Fourth holiday weekend and the entire summer travel season. Shares of American Airlines Group Inc AAL.O, Delta Air Lines DAL.N, and United Airlines Holdings Inc UAL.O were also down between 4% and 6%, amid a fall in broader U.S. markets on worries that the central bank's determination to tame inflation would hamper global economic growth. | June 30 (Reuters) - Shares of Air Canada AC.TO fell 7% on Thursday, a day after the carrier trimmed its domestic flight schedule for the next two months as North American airlines struggle with worker and aircraft shortages amid strong travel demand. The Canadian company said in a statement late on Wednesday that it would cut its flight schedule to reduce passenger flows to manageable levels. Prior to this, Air Canada operated on average about 1,000 flights a day," the airline said. |
34865.0 | 2022-06-16 00:00:00 UTC | ANALYSIS-Air fares and staff gaps cast a shadow on transatlantic travel rebound | AC | https://www.nasdaq.com/articles/analysis-air-fares-and-staff-gaps-cast-a-shadow-on-transatlantic-travel-rebound | nan | nan | By Allison Lampert and Rajesh Kumar Singh
MONTREAL/CHICAGO, June 16 (Reuters) - Airlines expect the end of COVID testing requirements in North America to accelerate a rebound in transatlantic traffic - but soaring fares due to surging fuel costs and staffing shortages may slam the brakes on rising demand in the world's largest international travel market.
A U.S. requirement that arriving air travelers test negative for COVID-19 had been blamed by carriers for dampening demand.
But a week after the White House scrapped the rule, airlines are reporting a surge of interest in international travel.
That's a bright spot as the industry prepares an annual meeting of the International Air Transport Association (IATA) in Qatar.
IATA director general and former head of British Airways Willie Walsh expects airlines to prioritize key transatlantic routes that for years drove a big slice of industry profits.
"I think they'll reduce capacity in other areas," Walsh told Reuters ahead of the June 19-21 Doha gathering.
United Airlines UAL.O says searches for international travel from the United States, including Europe, have increased.
Similarly, travel management platform TripActions reported a 23% jump in international flight bookings to the U.S., helped by higher demand from Northern Europe.
U.S. airline executives have been advising customers not to delay their bookings if they are planning to go to Europe as the demand this summer is "on fire".
The surge in demand, however, comes at a time when carriers on both sides of the Atlantic are grappling with staffing shortages, forcing them to cut capacity.
In Europe, widespread labor strife, including short-term strikes by cabin crew over pay, has left passengers facing long-lines and flight cancellations.
That's raising questions over whether airlines and even airports have enough resources to meet increased demand. Transatlantic traffic has already reached 85% of 2019 levels, according to aviation analytics company Cirium.
Amsterdam's Schiphol Airport on Thursday set a cap on the number of passengers it will handle during the summer travel season, citing labor shortages and forcing airlines to cut flights.
The move by one of Europe's busiest airports means that airlines including KLM, the Dutch subsidiary of Air France-KLM AIRF.PA, will have to cancel an unspecified number of flights.
"For consumers, it means higher fares and a travel experience more prone to disruption and frustration," said Peter McNally, Global Sector Lead for Industrials Materials and Energy at research firm Third Bridge.
The transatlantic is the world's most lucrative travel market. In 2019, before the pandemic, transatlantic routes accounted for between 11% and 17% of passenger revenues at the big three U.S. carriers - United Airlines UAL.O, Delta Air Lines DAL.N and American Airlines AAL.O.
Air Canada AC.TO, which indirectly flies U.S. passengers abroad through its Canadian hubs, was witnessing stronger demand for Europe even before Washington rescinded COVID testing requirement. The Montreal-based airline, the largest foreign carrier in the U.S., told Reuters that bookings from some U.S. cities for Europe are above 2019 levels.
For large traditional players like British Airways-owner IAG ICAG.L, Lufthansa LHAG.DE and Air France-KLM, the U.S. market is key to profits as they tend to be more reliant on transatlantic revenues than U.S. competitors.
United Airlines has the biggest exposure to international traffic among major U.S. carriers. It plans to expand its transatlantic network by 25% this summer compared to 2019 levels even as its overall capacity is projected to be lower.
"No airline is flying more across the Atlantic Ocean this summer than us," Chief Executive Scott Kirby said on LinkedIn.
Kirby and other airline CEOs are betting healthy U.S. household savings as well as strong pent-up demand will help fill flights despite rising fares and growing risks of an economic recession in the United States.
SOARING FARES
Inflation is at a record high in both the United States and Europe, with Russia's invasion of Ukraine and China's COVID-related lockdowns worsening price pressures. Central banks are under pressure to raise interest rates at a faster clip, dimming global economic prospects.
Meanwhile, jet fuel costs have more than doubled in the past year. Booming travel demand is helping carriers offset fuel costs with higher fares.
Average economy fares for a return flight from the U.S. to the EU are up 26% from their 2019 levels, TripActions says.
Thus far, there is little evidence of soaring costs hurting travel spending. Delta this month said consumer spending through its co-brand American Express cards is up 140% this year compared to 2019 levels.
Yet, some indicators are flashing warning signs.
A survey of U.S. travelers last month by Cowen and Co. found a slight drop in sentiment on the back of growing macro-economic concerns and rising air fares. An Adobe report this week also showed a slowdown in U.S. airline bookings in May.
"The question is ... if your rent goes, up and your electric and gas bills go up and your fuel goes up, will that impact your disposable income that you can spend on flights," said George Dimitroff, an analyst with Ascend by Cirium.
(Reporting By Allison Lampert in Montreal and Rajesh Kumar Singh in Chicago; Editing by Tim Hepher and Diane Craft)
((rajeshkumar.singh@thomsonreuters.com; +1-313-484-5370; Reuters Messaging: rajeshkumar.singh.thomsonreuters.com@reuters.net))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | By Allison Lampert and Rajesh Kumar Singh MONTREAL/CHICAGO, June 16 (Reuters) - Airlines expect the end of COVID testing requirements in North America to accelerate a rebound in transatlantic traffic - but soaring fares due to surging fuel costs and staffing shortages may slam the brakes on rising demand in the world's largest international travel market. "I think they'll reduce capacity in other areas," Walsh told Reuters ahead of the June 19-21 Doha gathering. Similarly, travel management platform TripActions reported a 23% jump in international flight bookings to the U.S., helped by higher demand from Northern Europe. | By Allison Lampert and Rajesh Kumar Singh MONTREAL/CHICAGO, June 16 (Reuters) - Airlines expect the end of COVID testing requirements in North America to accelerate a rebound in transatlantic traffic - but soaring fares due to surging fuel costs and staffing shortages may slam the brakes on rising demand in the world's largest international travel market. In 2019, before the pandemic, transatlantic routes accounted for between 11% and 17% of passenger revenues at the big three U.S. carriers - United Airlines UAL.O, Delta Air Lines DAL.N and American Airlines AAL.O. "I think they'll reduce capacity in other areas," Walsh told Reuters ahead of the June 19-21 Doha gathering. | By Allison Lampert and Rajesh Kumar Singh MONTREAL/CHICAGO, June 16 (Reuters) - Airlines expect the end of COVID testing requirements in North America to accelerate a rebound in transatlantic traffic - but soaring fares due to surging fuel costs and staffing shortages may slam the brakes on rising demand in the world's largest international travel market. In 2019, before the pandemic, transatlantic routes accounted for between 11% and 17% of passenger revenues at the big three U.S. carriers - United Airlines UAL.O, Delta Air Lines DAL.N and American Airlines AAL.O. "I think they'll reduce capacity in other areas," Walsh told Reuters ahead of the June 19-21 Doha gathering. | By Allison Lampert and Rajesh Kumar Singh MONTREAL/CHICAGO, June 16 (Reuters) - Airlines expect the end of COVID testing requirements in North America to accelerate a rebound in transatlantic traffic - but soaring fares due to surging fuel costs and staffing shortages may slam the brakes on rising demand in the world's largest international travel market. Similarly, travel management platform TripActions reported a 23% jump in international flight bookings to the U.S., helped by higher demand from Northern Europe. "I think they'll reduce capacity in other areas," Walsh told Reuters ahead of the June 19-21 Doha gathering. |
34866.0 | 2022-06-16 00:00:00 UTC | ANALYSIS-Air fares and staff gaps threaten transatlantic travel rebound | AC | https://www.nasdaq.com/articles/analysis-air-fares-and-staff-gaps-threaten-transatlantic-travel-rebound | nan | nan | By Allison Lampert and Rajesh Kumar Singh
MONTREAL/CHICAGO, June 16 (Reuters) - Airlines expect the end of COVID testing requirements in North America to accelerate a rebound in transatlantic traffic - but soaring fares due to surging fuel costs and staffing shortages may slam the brakes on rising demand in the world's largest international travel market.
A U.S. requirement that arriving air travelers test negative for COVID-19 had been blamed by carriers for dampening demand.
But a week after the White House scrapped the rule, airlines are reporting a surge of interest in international travel.
That's a bright spot as the industry prepares an annual meeting of the International Air Transport Association (IATA) in Qatar.
IATA director general and former head of British Airways Willie Walsh expects airlines to prioritize key transatlantic routes that for years drove a big slice of industry profits.
"I think they'll reduce capacity in other areas," Walsh told Reuters ahead of the June 19-21 Doha gathering.
United Airlines UAL.O says searches for international travel from the United States, including Europe, have increased.
Similarly, travel management platform TripActions reported a 23% jump in international flight bookings to the U.S., helped by higher demand from Northern Europe.
But that surge in demand comes at a time when carriers on both sides of the Atlantic are grappling with staffing shortages, forcing them to cut capacity.
In Europe, widespread labor strife, including short-term strikes by cabin crew over pay, has left passengers facing long-lines and flight cancellations.
That's raising questions over whether airlines have enough seats and staff to meet increased demand. Transatlantic traffic has already reached 85% of 2019 levels, according to aviation analytics company Cirium.
"For consumers, it means higher fares and a travel experience more prone to disruption and frustration," said Peter McNally, Global Sector Lead for Industrials Materials and Energy at research firm Third Bridge.
The transatlantic is the world's most lucrative travel market. In 2019, before the pandemic, transatlantic routes accounted for between 11% and 17% of passenger revenues at the big three U.S. carriers - United Airlines UAL.O, Delta Air Lines DAL.N and American Airlines AAL.O.
Air Canada AC.TO, which indirectly flies U.S. passengers abroad through its Canadian hubs, was witnessing stronger demand for Europe even before Washington rescinded COVID testing requirement. The Montreal-based airline, the largest foreign carrier in the U.S., told Reuters that bookings from some U.S. cities for Europe are above 2019 levels.
For large traditional players like British Airways-owner IAG ICAG.L, Lufthansa LHAG.DE and Air France-KLM AIRF.PA, the U.S. market is key to profits as they tend to be more reliant on transatlantic revenues than U.S. competitors.
United Airlines has the biggest exposure to international traffic among major U.S. carriers. It plans to expand its transatlantic network by 25% this summer compared to 2019 levels even as its overall capacity is projected to be lower.
"No airline is flying more across the Atlantic Ocean this summer than us," Chief Executive Scott Kirby said on LinkedIn.
Kirby and other airline CEOs are betting healthy U.S. household savings as well as strong pent-up demand will help fill flights despite rising fares and growing risks of an economic recession in the United States.
SOARING FARES
Inflation is at a record high in both the United States and Europe, with Russia's invasion of Ukraine and China's COVID-related lockdowns worsening price pressures. Central banks are under pressure to raise interest rates at a faster clip, dimming global economic prospects.
Meanwhile, jet fuel costs have more than doubled in the past year. Booming travel demand is helping carriers offset fuel costs with higher fares.
Average economy fares for a return flight from the U.S. to the EU are up 26% from their 2019 levels, TripActions says.
Thus far, there is little evidence of soaring costs hurting travel spending. Delta this month said consumer spending through its co-brand American Express cards is up 140% this year compared to 2019 levels.
Yet, some indicators are flashing warning signs.
A survey of U.S. travelers last month by Cowen and Co. found a slight drop in sentiment on the back of growing macro-economic concerns and rising air fares. An Adobe report this week also showed a slowdown in U.S. airline bookings in May.
"The question is ... if your rent goes, up and your electric and gas bills go up and your fuel goes up, will that impact your disposable income that you can spend on flights," said George Dimitroff, an analyst with Ascend by Cirium.
(Reporting By Allison Lampert in Montreal and Rajesh Kumar Singh in Chicago; Editing by Tim Hepher and Diane Craft)
((rajeshkumar.singh@thomsonreuters.com; +1-313-484-5370; Reuters Messaging: rajeshkumar.singh.thomsonreuters.com@reuters.net))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | By Allison Lampert and Rajesh Kumar Singh MONTREAL/CHICAGO, June 16 (Reuters) - Airlines expect the end of COVID testing requirements in North America to accelerate a rebound in transatlantic traffic - but soaring fares due to surging fuel costs and staffing shortages may slam the brakes on rising demand in the world's largest international travel market. "I think they'll reduce capacity in other areas," Walsh told Reuters ahead of the June 19-21 Doha gathering. Similarly, travel management platform TripActions reported a 23% jump in international flight bookings to the U.S., helped by higher demand from Northern Europe. | By Allison Lampert and Rajesh Kumar Singh MONTREAL/CHICAGO, June 16 (Reuters) - Airlines expect the end of COVID testing requirements in North America to accelerate a rebound in transatlantic traffic - but soaring fares due to surging fuel costs and staffing shortages may slam the brakes on rising demand in the world's largest international travel market. In 2019, before the pandemic, transatlantic routes accounted for between 11% and 17% of passenger revenues at the big three U.S. carriers - United Airlines UAL.O, Delta Air Lines DAL.N and American Airlines AAL.O. "I think they'll reduce capacity in other areas," Walsh told Reuters ahead of the June 19-21 Doha gathering. | By Allison Lampert and Rajesh Kumar Singh MONTREAL/CHICAGO, June 16 (Reuters) - Airlines expect the end of COVID testing requirements in North America to accelerate a rebound in transatlantic traffic - but soaring fares due to surging fuel costs and staffing shortages may slam the brakes on rising demand in the world's largest international travel market. In 2019, before the pandemic, transatlantic routes accounted for between 11% and 17% of passenger revenues at the big three U.S. carriers - United Airlines UAL.O, Delta Air Lines DAL.N and American Airlines AAL.O. "I think they'll reduce capacity in other areas," Walsh told Reuters ahead of the June 19-21 Doha gathering. | By Allison Lampert and Rajesh Kumar Singh MONTREAL/CHICAGO, June 16 (Reuters) - Airlines expect the end of COVID testing requirements in North America to accelerate a rebound in transatlantic traffic - but soaring fares due to surging fuel costs and staffing shortages may slam the brakes on rising demand in the world's largest international travel market. Similarly, travel management platform TripActions reported a 23% jump in international flight bookings to the U.S., helped by higher demand from Northern Europe. "I think they'll reduce capacity in other areas," Walsh told Reuters ahead of the June 19-21 Doha gathering. |
34867.0 | 2022-06-10 00:00:00 UTC | Canada to suspend random COVID testing to reduce airport wait times | AC | https://www.nasdaq.com/articles/canada-to-suspend-random-covid-testing-to-reduce-airport-wait-times | nan | nan | By Steve Scherer
OTTAWA, June 10 (Reuters) - Canada is suspending random COVID-19 testing at all its airports for the rest of June to ease the long wait times that travelers have encountered in recent weeks, a government statement said on Friday.
The random testing will be discontinued from Saturday and will resume "off-site" on July 1, the statement said.
Random testing was blamed by some industry officials for lengthening already long wait times at airports. Toronto's Pearson airport has had planes stuck at gates and hours-long security lines because of staffing shortages.
The government "recognizes the impact that significant wait times at some Canadian airports are having on travelers," the statement said, adding that it would continue to "implement solutions to reduce delays as we approach the summer peak season."
Reuters previously reported the testing suspension, citing a government source.
The country's largest carrier Air Canada AC.TO canceled almost 10% of flights from Pearson during the first week of June, according to data from Cirium, an aviation analytics company.
Suzanne Acton-Gervais, interim president of the National Airlines Council of Canada (NACC) which represents Air Canada and privately held WestJet Airlines, said the move "will improve conditions at Canada's airports and reduce complexity for travelers."
Officials at Pearson had no immediate comment.
Airlines around the globe that faced a travel slump during the pandemic have been counting on a strong summer. The Canadian Air Transport Security Authority (CATSA) has hired 865 screening officers since April to help manage an increase in travelers.
Canada's opposition Conservative Party has said Liberal Prime Minister Justin Trudeau's government has been slow to act to remedy airport congestion.
(Reporting by Steve Scherer; additional reporting by Allison Lampert in Montreal; Editing by Chris Reese and Grant McCool)
((steve.scherer@thomsonreuters.com; +1-647-480-7889;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The government "recognizes the impact that significant wait times at some Canadian airports are having on travelers," the statement said, adding that it would continue to "implement solutions to reduce delays as we approach the summer peak season." The country's largest carrier Air Canada AC.TO canceled almost 10% of flights from Pearson during the first week of June, according to data from Cirium, an aviation analytics company. Canada's opposition Conservative Party has said Liberal Prime Minister Justin Trudeau's government has been slow to act to remedy airport congestion. | The government "recognizes the impact that significant wait times at some Canadian airports are having on travelers," the statement said, adding that it would continue to "implement solutions to reduce delays as we approach the summer peak season." The country's largest carrier Air Canada AC.TO canceled almost 10% of flights from Pearson during the first week of June, according to data from Cirium, an aviation analytics company. Suzanne Acton-Gervais, interim president of the National Airlines Council of Canada (NACC) which represents Air Canada and privately held WestJet Airlines, said the move "will improve conditions at Canada's airports and reduce complexity for travelers." | The government "recognizes the impact that significant wait times at some Canadian airports are having on travelers," the statement said, adding that it would continue to "implement solutions to reduce delays as we approach the summer peak season." Suzanne Acton-Gervais, interim president of the National Airlines Council of Canada (NACC) which represents Air Canada and privately held WestJet Airlines, said the move "will improve conditions at Canada's airports and reduce complexity for travelers." The country's largest carrier Air Canada AC.TO canceled almost 10% of flights from Pearson during the first week of June, according to data from Cirium, an aviation analytics company. | The government "recognizes the impact that significant wait times at some Canadian airports are having on travelers," the statement said, adding that it would continue to "implement solutions to reduce delays as we approach the summer peak season." The country's largest carrier Air Canada AC.TO canceled almost 10% of flights from Pearson during the first week of June, according to data from Cirium, an aviation analytics company. Suzanne Acton-Gervais, interim president of the National Airlines Council of Canada (NACC) which represents Air Canada and privately held WestJet Airlines, said the move "will improve conditions at Canada's airports and reduce complexity for travelers." |
34868.0 | 2022-06-06 00:00:00 UTC | CANADA STOCKS-Toronto index set to open higher on stronger commodity prices | AC | https://www.nasdaq.com/articles/canada-stocks-toronto-index-set-to-open-higher-on-stronger-commodity-prices | nan | nan | June 6 (Reuters) - Canada's main stock index was on course to open higher on Monday, supported by firmer crude oil and gold prices as well as an upbeat mood on Wall Street.
June futures on the S&P/TSX index SXFc1 were up 0.6% at 6:45 a.m. ET.
Oil prices hit $120 a barrel after Saudi Arabia raised crude prices for July and amid doubts that an increased OPEC+ monthly output target will help ease tight supply. Gold prices edged higher, supported by a slight pullback in the U.S. dollar and Treasury yields. GOL/O/R
The Toronto Stock Exchange's S&P/TSX composite | Gold prices edged higher, supported by a slight pullback in the U.S. dollar and Treasury yields. June 6 (Reuters) - Canada's main stock index was on course to open higher on Monday, supported by firmer crude oil and gold prices as well as an upbeat mood on Wall Street. Oil prices hit $120 a barrel after Saudi Arabia raised crude prices for July and amid doubts that an increased OPEC+ monthly output target will help ease tight supply. | Gold prices edged higher, supported by a slight pullback in the U.S. dollar and Treasury yields. June 6 (Reuters) - Canada's main stock index was on course to open higher on Monday, supported by firmer crude oil and gold prices as well as an upbeat mood on Wall Street. Oil prices hit $120 a barrel after Saudi Arabia raised crude prices for July and amid doubts that an increased OPEC+ monthly output target will help ease tight supply. | Gold prices edged higher, supported by a slight pullback in the U.S. dollar and Treasury yields. June 6 (Reuters) - Canada's main stock index was on course to open higher on Monday, supported by firmer crude oil and gold prices as well as an upbeat mood on Wall Street. Oil prices hit $120 a barrel after Saudi Arabia raised crude prices for July and amid doubts that an increased OPEC+ monthly output target will help ease tight supply. | Gold prices edged higher, supported by a slight pullback in the U.S. dollar and Treasury yields. June 6 (Reuters) - Canada's main stock index was on course to open higher on Monday, supported by firmer crude oil and gold prices as well as an upbeat mood on Wall Street. Oil prices hit $120 a barrel after Saudi Arabia raised crude prices for July and amid doubts that an increased OPEC+ monthly output target will help ease tight supply. |
34869.0 | 2022-06-04 00:00:00 UTC | Air Canada sees travel demand in Asia rebound by end of 2023 executive says | AC | https://www.nasdaq.com/articles/air-canada-sees-travel-demand-in-asia-rebound-by-end-of-2023-executive-says | nan | nan | TOKYO, June 4 (Reuters) - Air Canada AC.TO is expecting a demand for flights between Canada and the Asia-Pacific to recover to a near pre-pandemic level by December next year, a top regional executive said on Saturday.
Currently, the routes between Canada and the Asia-Pacific run at 30% of the 2019 capacity, but the capacity is expected to double by the end of December, said Kiyo Weiss, the airline's sales director for the Asia-Pacific.
The airline is also considering adding flights to a new destination in the Asia-Pacific in the near future to cater for pent-up demand in leisure travel, she said.
"Probably we'll make a decision within a month or so," Weiss said, without providing further details.
Canada's largest carrier is seeking to augment its presence in the region to meet high demand, particularly from Southeast Asian countries, as the area recovers from the COVID-19 pandemic.
The airline on Saturday resumed direct flights between Montreal and Tokyo's Narita airport that had been disrupted by the pandemic.
(Reporting by Satoshi Sugiyama; Editing by Raju Gopalakrishnan)
((Satoshi.Sugiyama@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The airline is also considering adding flights to a new destination in the Asia-Pacific in the near future to cater for pent-up demand in leisure travel, she said. TOKYO, June 4 (Reuters) - Air Canada AC.TO is expecting a demand for flights between Canada and the Asia-Pacific to recover to a near pre-pandemic level by December next year, a top regional executive said on Saturday. Currently, the routes between Canada and the Asia-Pacific run at 30% of the 2019 capacity, but the capacity is expected to double by the end of December, said Kiyo Weiss, the airline's sales director for the Asia-Pacific. | TOKYO, June 4 (Reuters) - Air Canada AC.TO is expecting a demand for flights between Canada and the Asia-Pacific to recover to a near pre-pandemic level by December next year, a top regional executive said on Saturday. Currently, the routes between Canada and the Asia-Pacific run at 30% of the 2019 capacity, but the capacity is expected to double by the end of December, said Kiyo Weiss, the airline's sales director for the Asia-Pacific. The airline is also considering adding flights to a new destination in the Asia-Pacific in the near future to cater for pent-up demand in leisure travel, she said. | TOKYO, June 4 (Reuters) - Air Canada AC.TO is expecting a demand for flights between Canada and the Asia-Pacific to recover to a near pre-pandemic level by December next year, a top regional executive said on Saturday. Currently, the routes between Canada and the Asia-Pacific run at 30% of the 2019 capacity, but the capacity is expected to double by the end of December, said Kiyo Weiss, the airline's sales director for the Asia-Pacific. The airline is also considering adding flights to a new destination in the Asia-Pacific in the near future to cater for pent-up demand in leisure travel, she said. | TOKYO, June 4 (Reuters) - Air Canada AC.TO is expecting a demand for flights between Canada and the Asia-Pacific to recover to a near pre-pandemic level by December next year, a top regional executive said on Saturday. The airline is also considering adding flights to a new destination in the Asia-Pacific in the near future to cater for pent-up demand in leisure travel, she said. Currently, the routes between Canada and the Asia-Pacific run at 30% of the 2019 capacity, but the capacity is expected to double by the end of December, said Kiyo Weiss, the airline's sales director for the Asia-Pacific. |
34870.0 | 2022-06-01 00:00:00 UTC | Canada's Flair Airlines keeps license after meeting country's ownership rules | AC | https://www.nasdaq.com/articles/canadas-flair-airlines-keeps-license-after-meeting-countrys-ownership-rules | nan | nan | Adds comments from Flair CEO, context, lines from determination
June 1 (Reuters) - Canada's Flair Airlines meets the country's ownership rules, the Canadian Transportation Agency (CTA) said on Wednesday, ending uncertainty over whether the budget airline can continue to fly.
The agency, which ensures Canada's carriers are majority-controlled by Canadians, questioned in March whether Alberta-based Flair met the country's ownership requirements because of the influence of U.S.-based equity investor 777 Partners LLC,which has almost a 25% stake.
The tiny ultra-low-cost-carrier is forging growth plans inspired by the corporate austerity that transformed Hungary's Wizz Air into one of Europe's largest carriers.
"Flair is Canadian," said Stephen Jones, a former Wizz executive who was brought in to head the carrier in 2020.
"The question has been answered, it's done."
The agency said in a statement that Flair "addressed the concerns" it had raised in March. Previously, the agency questioned 777's control of the carrier's board of directors and Flair's dependence on 777 for its financing and leasing of aircraft.
Flair has made corporate governance changes such as ensuring the majority of its board and chairman would be Canadian.
The National Airlines Council of Canada, a trade association representing Canada's largest passenger airlines, including Air Canada AC.TO and WestJet Airlines, was not immediately available for comment.
(Reporting By Allison Lampert in Montreal and Ismail Shakil in Ottawa; Editing by Aurora Ellis)
((ismail.shakil@tr.com; ; Tweet @ismail___s;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The National Airlines Council of Canada, a trade association representing Canada's largest passenger airlines, including Air Canada AC.TO and WestJet Airlines, was not immediately available for comment. The agency, which ensures Canada's carriers are majority-controlled by Canadians, questioned in March whether Alberta-based Flair met the country's ownership requirements because of the influence of U.S.-based equity investor 777 Partners LLC,which has almost a 25% stake. The tiny ultra-low-cost-carrier is forging growth plans inspired by the corporate austerity that transformed Hungary's Wizz Air into one of Europe's largest carriers. | The National Airlines Council of Canada, a trade association representing Canada's largest passenger airlines, including Air Canada AC.TO and WestJet Airlines, was not immediately available for comment. Adds comments from Flair CEO, context, lines from determination June 1 (Reuters) - Canada's Flair Airlines meets the country's ownership rules, the Canadian Transportation Agency (CTA) said on Wednesday, ending uncertainty over whether the budget airline can continue to fly. The agency, which ensures Canada's carriers are majority-controlled by Canadians, questioned in March whether Alberta-based Flair met the country's ownership requirements because of the influence of U.S.-based equity investor 777 Partners LLC,which has almost a 25% stake. | The National Airlines Council of Canada, a trade association representing Canada's largest passenger airlines, including Air Canada AC.TO and WestJet Airlines, was not immediately available for comment. Adds comments from Flair CEO, context, lines from determination June 1 (Reuters) - Canada's Flair Airlines meets the country's ownership rules, the Canadian Transportation Agency (CTA) said on Wednesday, ending uncertainty over whether the budget airline can continue to fly. The agency, which ensures Canada's carriers are majority-controlled by Canadians, questioned in March whether Alberta-based Flair met the country's ownership requirements because of the influence of U.S.-based equity investor 777 Partners LLC,which has almost a 25% stake. | The National Airlines Council of Canada, a trade association representing Canada's largest passenger airlines, including Air Canada AC.TO and WestJet Airlines, was not immediately available for comment. Adds comments from Flair CEO, context, lines from determination June 1 (Reuters) - Canada's Flair Airlines meets the country's ownership rules, the Canadian Transportation Agency (CTA) said on Wednesday, ending uncertainty over whether the budget airline can continue to fly. The tiny ultra-low-cost-carrier is forging growth plans inspired by the corporate austerity that transformed Hungary's Wizz Air into one of Europe's largest carriers. |
34871.0 | 2022-05-30 00:00:00 UTC | EMERGING MARKETS-Asian stocks, FX boosted by stimulus measures in Shanghai | AC | https://www.nasdaq.com/articles/emerging-markets-asian-stocks-fx-boosted-by-stimulus-measures-in-shanghai | nan | nan | By Savyata Mishra
May 30 (Reuters) - Most Asian stocks and currencies bounced on Monday as stimulus measures announced by Shanghai authorities to support the economy boosted risk appetite, while a subdued U.S. dollar also aided gains.
Over the weekend, China inched towards ending a two-month coronavirus lockdown in Shanghai from Wednesday, with city officials introducing an action plan - consisting of 50 policy measures - to revive the country's commercial hub.
This helped MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS jump 2.2% to its highest level in more than three weeks.
Wei Liang Chang, macro strategist at DBS Bank said while investors will be relieved in the short-term by the news of Shanghai stimulus, there is still a level of uncertainty as to how much relaxation authorities will embrace.
"We still need more details in terms of the steps that they (authorities) are taking, whether it be through monetary easing or through extending fiscal stimulus," he said.
The greenback .DXY was headed for its first monthly drop in five with investors scaling back bets that rising U.S. rates will spur further gains and as fears of a global recession have receded a little. USD/
This supported broad gains among emerging Asian currencies. Taiwan's dollar TWD=TP gained 0.8%, while the South Korean won KRW=KFTC rose 1.3% – set for its best session since March 17.
Chinese yuan CNY=CFXS added 0.7%, its best session since May 17.
Moves in regional equity markets were also led by South Korea .KS11 and Taiwan .TWII, where stock indexes climbed 1.2% and 2.1%, respectively.
Stocks in energy export-oriented Indonesia .JKSE and Malaysia .KLSE bucked the broader trend to lose 0.7% and 0.3%, respectively, as Malaysian palm oil futures eased amid uncertainties around the resumption of Indonesian exports.
Amid a relatively lighteconomic calendarin Asia, market participants will focus on China's official Purchasing Managers' Index figures for May, due on Tuesday, for fresh clues on economic conditions in the world's second-largest economy.
"China's data will have a very binary impact this week if peak-COVID is here. Soft data will likely ramp up fears of a slowdown, with a decent showing likely to see hot money flowing in looking for the bottom," Jeffrey Halley, senior market analyst at OANDA said.
With U.S. markets shut on Monday, trading in Asia remained light, with the quiet U.S.economic calendarpotentially paving the way for a continued recovery in risk sentiments.
The Indonesian rupiah IDR= , the Malaysian ringgit MYR= rose 0.2% and the Singaporean dollar SGD=all were 0.2% firmer against the U.S. dollar.
HIGHLIGHTS
** Indian stocks .NSEI 2% higher, led by tech stocks .BO
** Indonesian 10-year benchmark yields are down 8 basis points at 7.06%, slip for third session in row
** Philippines stocks .PSI up 1.6%, top gainers: AC Energy Corp ACEN.PS up 5.04%, Ayala Corp AC.PS up 3.46%, Aboitiz Power Corp AP.PS up 3.44%
Asia stock indexes and currencies at 0632 GMT
COUNTRY
FX RIC
FX DAILY %
FX YTD %
INDEX
STOCKS DAILY %
STOCKS YTD %
Japan
JPY=
+0.01
-9.46
.N225
2.2
-5.05
China
CNY=CFXS
+0.71
-4.45
.SSEC
0.40
-13.66
India
INR=IN
+0.07
-4.10
.NSEI
2.02
-3.87
Indonesia
IDR=
+0.19
-2.04
.JKSE
-0.51
6.21
Malaysia
MYR=
+0.21
-4.67
.KLSE
-0.11
-1.44
Philippines
PHP=
-0.04
-2.41
.PSI
1.58
-4.07
S.Korea
KRW=KFTC
+1.42
-4.02
.KS11
1.20
-10.34
Singapore
SGD=
+0.20
-1.24
.STI
0.31
3.74
Taiwan
TWD=TP
+0.82
-4.88
.TWII
2.12
-8.83
Thailand
THB=TH
+0.19
-1.95
.SETI
0.82
-0.33
Graphic: World FX rates https://tmsnrt.rs/2RBWI5E
Asian stock marketshttps://tmsnrt.rs/2zpUAr4
(Reporting by Savyata Mishra in Bengaluru; Editing by Shailesh Kuber)
((Savyata.Mishra@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Over the weekend, China inched towards ending a two-month coronavirus lockdown in Shanghai from Wednesday, with city officials introducing an action plan - consisting of 50 policy measures - to revive the country's commercial hub. This helped MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS jump 2.2% to its highest level in more than three weeks. Wei Liang Chang, macro strategist at DBS Bank said while investors will be relieved in the short-term by the news of Shanghai stimulus, there is still a level of uncertainty as to how much relaxation authorities will embrace. | ** Indian stocks .NSEI 2% higher, led by tech stocks .BO ** Indonesian 10-year benchmark yields are down 8 basis points at 7.06%, slip for third session in row ** Philippines stocks .PSI up 1.6%, top gainers: AC Energy Corp ACEN.PS up 5.04%, Ayala Corp AC.PS up 3.46%, Aboitiz Power Corp AP.PS up 3.44% Asia stock indexes and currencies at 0632 GMT Over the weekend, China inched towards ending a two-month coronavirus lockdown in Shanghai from Wednesday, with city officials introducing an action plan - consisting of 50 policy measures - to revive the country's commercial hub. This helped MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS jump 2.2% to its highest level in more than three weeks. | ** Indian stocks .NSEI 2% higher, led by tech stocks .BO ** Indonesian 10-year benchmark yields are down 8 basis points at 7.06%, slip for third session in row ** Philippines stocks .PSI up 1.6%, top gainers: AC Energy Corp ACEN.PS up 5.04%, Ayala Corp AC.PS up 3.46%, Aboitiz Power Corp AP.PS up 3.44% Asia stock indexes and currencies at 0632 GMT Over the weekend, China inched towards ending a two-month coronavirus lockdown in Shanghai from Wednesday, with city officials introducing an action plan - consisting of 50 policy measures - to revive the country's commercial hub. This helped MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS jump 2.2% to its highest level in more than three weeks. | Over the weekend, China inched towards ending a two-month coronavirus lockdown in Shanghai from Wednesday, with city officials introducing an action plan - consisting of 50 policy measures - to revive the country's commercial hub. This helped MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS jump 2.2% to its highest level in more than three weeks. Wei Liang Chang, macro strategist at DBS Bank said while investors will be relieved in the short-term by the news of Shanghai stimulus, there is still a level of uncertainty as to how much relaxation authorities will embrace. |
34872.0 | 2022-05-30 00:00:00 UTC | EMERGING MARKETS-Asia stocks, FX firm on policy support measures for Shanghai | AC | https://www.nasdaq.com/articles/emerging-markets-asia-stocks-fx-firm-on-policy-support-measures-for-shanghai | nan | nan | By Savyata Mishra
May 30 (Reuters) - Most Asian stocks and currencies bounced on Monday as stimulus measures announced by Shanghai authorities to support the economy boosted risk appetite, while a subdued U.S. dollar also aided gains.
Over the weekend, China inched towards ending a two-month coronavirus lockdown in Shanghai from Wednesday, with city officials introducing an action plan - consisting of 50 policy measures - to revive the country's commercial hub.
This helped MSCI's broadest index of Asia-Pacific shares outside Ja | Over the weekend, China inched towards ending a two-month coronavirus lockdown in Shanghai from Wednesday, with city officials introducing an action plan - consisting of 50 policy measures - to revive the country's commercial hub. This helped MSCI's broadest index of Asia-Pacific shares outside Ja By Savyata Mishra May 30 (Reuters) - Most Asian stocks and currencies bounced on Monday as stimulus measures announced by Shanghai authorities to support the economy boosted risk appetite, while a subdued U.S. dollar also aided gains. | Over the weekend, China inched towards ending a two-month coronavirus lockdown in Shanghai from Wednesday, with city officials introducing an action plan - consisting of 50 policy measures - to revive the country's commercial hub. This helped MSCI's broadest index of Asia-Pacific shares outside Ja By Savyata Mishra May 30 (Reuters) - Most Asian stocks and currencies bounced on Monday as stimulus measures announced by Shanghai authorities to support the economy boosted risk appetite, while a subdued U.S. dollar also aided gains. | Over the weekend, China inched towards ending a two-month coronavirus lockdown in Shanghai from Wednesday, with city officials introducing an action plan - consisting of 50 policy measures - to revive the country's commercial hub. This helped MSCI's broadest index of Asia-Pacific shares outside Ja By Savyata Mishra May 30 (Reuters) - Most Asian stocks and currencies bounced on Monday as stimulus measures announced by Shanghai authorities to support the economy boosted risk appetite, while a subdued U.S. dollar also aided gains. | Over the weekend, China inched towards ending a two-month coronavirus lockdown in Shanghai from Wednesday, with city officials introducing an action plan - consisting of 50 policy measures - to revive the country's commercial hub. This helped MSCI's broadest index of Asia-Pacific shares outside Ja By Savyata Mishra May 30 (Reuters) - Most Asian stocks and currencies bounced on Monday as stimulus measures announced by Shanghai authorities to support the economy boosted risk appetite, while a subdued U.S. dollar also aided gains. |
34873.0 | 2022-05-18 00:00:00 UTC | Air Canada sees business travel rebound as early as Sept., executive says | AC | https://www.nasdaq.com/articles/air-canada-sees-business-travel-rebound-as-early-as-sept.-executive-says | nan | nan | MONTREAL, May 18 (Reuters) - Air Canada AC.TO sees higher-margin business travel coming "quite close" to pre-pandemic levels by as early as September, in the latest encouraging sign for the once hard-hit sector, a top executive told Reuters.
Globally, business travel has lagged leisure in bouncing back from a COVID-19-induced slump, but airlines say it is now rebounding in North America as offices reopen and COVID restrictions ease.
Corporate travel is important for airlines because of demand from frequent flyers and appetite for higher-margin premium fares.
Air Canada said earlier this year it expects business travel to reach 40% below 2019 levels by June, and return to 75% to 80% of pre-pandemic levels by 2023.
Canada's largest carrier is seeing a steady recovery in business travel demand although the rebound in the country's overall air traffic has lagged that of the United States.
"We’re actually very encouraged," Air Canada Chief Commercial Officer Lucie Guillemette said in an interview on Tuesday.
"We’re certainly not close to 2019 levels yet, but we are thinking that, based on what we’re seeing, most probably by the time we hit Labor Day, or get into 2023 it should be quite close."
Guillemette also said transborder business travel could especially benefit if the United States were to end COVID testing requirements for arrivals, since those passengers often take shorter trips.
U.S. airlines, along with business and travel groups, have recently pressed the Biden administration to lift a rule requiring nearly all international air passengers with some exceptions to test negative for COVID-19 before entering the country.
"We also believe that some of these restrictions are maybe a little bit more restrictive or difficult for business travelers, a little more so than for leisure travelers," Guillemette said.
"If we look at how the demand recovery patterns behaved as restrictions were lifted, it stands to reason that when this requirement is removed we should see an upside without a doubt.”
(Reporting By Allison Lampert in Montreal; editing by Jonathan Oatis)
((Allison.Lampert@thomsonreuters.com; 514-796-4212; Reuters Messaging: allison.lampert.reuters.com@reuters.net))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Globally, business travel has lagged leisure in bouncing back from a COVID-19-induced slump, but airlines say it is now rebounding in North America as offices reopen and COVID restrictions ease. MONTREAL, May 18 (Reuters) - Air Canada AC.TO sees higher-margin business travel coming "quite close" to pre-pandemic levels by as early as September, in the latest encouraging sign for the once hard-hit sector, a top executive told Reuters. Air Canada said earlier this year it expects business travel to reach 40% below 2019 levels by June, and return to 75% to 80% of pre-pandemic levels by 2023. | MONTREAL, May 18 (Reuters) - Air Canada AC.TO sees higher-margin business travel coming "quite close" to pre-pandemic levels by as early as September, in the latest encouraging sign for the once hard-hit sector, a top executive told Reuters. Globally, business travel has lagged leisure in bouncing back from a COVID-19-induced slump, but airlines say it is now rebounding in North America as offices reopen and COVID restrictions ease. Air Canada said earlier this year it expects business travel to reach 40% below 2019 levels by June, and return to 75% to 80% of pre-pandemic levels by 2023. | MONTREAL, May 18 (Reuters) - Air Canada AC.TO sees higher-margin business travel coming "quite close" to pre-pandemic levels by as early as September, in the latest encouraging sign for the once hard-hit sector, a top executive told Reuters. Globally, business travel has lagged leisure in bouncing back from a COVID-19-induced slump, but airlines say it is now rebounding in North America as offices reopen and COVID restrictions ease. Air Canada said earlier this year it expects business travel to reach 40% below 2019 levels by June, and return to 75% to 80% of pre-pandemic levels by 2023. | MONTREAL, May 18 (Reuters) - Air Canada AC.TO sees higher-margin business travel coming "quite close" to pre-pandemic levels by as early as September, in the latest encouraging sign for the once hard-hit sector, a top executive told Reuters. Globally, business travel has lagged leisure in bouncing back from a COVID-19-induced slump, but airlines say it is now rebounding in North America as offices reopen and COVID restrictions ease. Air Canada said earlier this year it expects business travel to reach 40% below 2019 levels by June, and return to 75% to 80% of pre-pandemic levels by 2023. |
34874.0 | 2022-05-16 00:00:00 UTC | EMERGING MARKETS-Asian stocks cling to gains even as shocking China data casts gloom | AC | https://www.nasdaq.com/articles/emerging-markets-asian-stocks-cling-to-gains-even-as-shocking-china-data-casts-gloom | nan | nan | By Harish Sridharan
May 16 (Reuters) - Stocks in the Philippines and India kick-started the week on a firmer footing despite shockingly weak data from China that has stoked concerns about the implications for the health of the global economy.
Markets in Thailand, Malaysia and Indonesia were closed for holidays.
The benchmark stock index in the Philippines .PSI jumped 2.4%, poised for its best session in two months. That follows five straight sessions of losses that made for a 5.6% decline on the week. Although data last Thursday showed the Philippine economy grew at a better-than-expected 8.3% in the first quarter, the increased likelihood of a rate hike to tackle inflation had hurt sentiment.
Shares in India .NSEI climbed 0.9% after six consecutive sessions of losses.
Economic activity in China cooled sharply in April as extensive lockdowns took a heavy toll, adding to fears the economy could shrink in the second quarter.
China's April retail sales plunged 11.1% on the year, almost twice the drop forecast, while industrial output fell 2.9% with both metrics well below analyst expectations.
Full or partial lockdowns were imposed in dozens of cities across the country in March and April, but Shanghai has now set out plans for the return of more normal life from June 1.
"The April data slate combined with other softer data over the month paint a picture of a stalling economy and one in need of more aggressive stimulus and a rapid easing of COVID restrictions," Mitul Kotecha, head of emerging markets strategy at TD Securities, said in a note.
"As such, China's weaker growth trajectory will add to pressure on its markets, and fuel a further worsening in global economic prospects, weighing on risk assets," he added.
Currencies in Asia were largely subdued against broad dollar strength, with market participants awaiting key U.S. retail and production data due on Tuesday, as well as speeches from several U.S. Federal Reserve officials in the week ahead.
The Chinese yuan CNY=CFXS was flat, just off a 20-month low against the dollar, while the Philippine peso PHP= was down 0.2%. The Singaporean dollar SGD= weakened 0.2%.
HIGHLIGHTS
** In the Philippines, top index gainers were AC Energy Corp ACEN.PS and Ayala Corp AC.PS
** China's central bank on Monday rolled over maturing medium-term policy loans while keeping the interest rate unchanged for a fourth straight month, matching market expectations
** South Korea's finance minister and central bank chief agreed on Monday to boost policy coordination in fighting inflation and financial markets instability
Asia stock indexes and currencies at 0443 GMT
COUNTRY
FX RIC
FX DAILY %
FX YTD %
INDEX
STOCKS DAILY %
STOCKS YTD %
Japan
JPY=
+0.17
-10.77
.N225
0.65
-7.62
China
CNY=CFXS
-0.04
-6.45
.SSEC
-0.51
-15.70
India
INR=IN
-
-4.03
.NSEI
1.05
-8.11
Indonesia
IDR=
-
-2.46
.JKSE
-
0.25
Malaysia
MYR=
-
-5.28
.KLSE
-
-1.47
Philippines
PHP=
-0.15
-2.78
.PSI
2.38
-8.31
S.Korea
KRW=KFTC
-0.02
-7.44
.KS11
-0.26
-12.77
Singapore
SGD=
-0.25
-3.37
.STI
-
2.16
Taiwan
TWD=TP
-0.03
-7.13
.TWII
0.35
-12.79
Thailand
THB=TH
-
-3.94
.SETI
-
-4.42
Graphic: World FX rates https://tmsnrt.rs/2RBWI5E
Asian stock marketshttps://tmsnrt.rs/2zpUAr4
(Reporting by Harish Sridharan in Bengaluru; Editing by Edwina Gibbs)
((Harish.Sridharan@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | ** In the Philippines, top index gainers were AC Energy Corp ACEN.PS and Ayala Corp AC.PS ** China's central bank on Monday rolled over maturing medium-term policy loans while keeping the interest rate unchanged for a fourth straight month, matching market expectations ** South Korea's finance minister and central bank chief agreed on Monday to boost policy coordination in fighting inflation and financial markets instability Asia stock indexes and currencies at 0443 GMT Although data last Thursday showed the Philippine economy grew at a better-than-expected 8.3% in the first quarter, the increased likelihood of a rate hike to tackle inflation had hurt sentiment. Economic activity in China cooled sharply in April as extensive lockdowns took a heavy toll, adding to fears the economy could shrink in the second quarter. | ** In the Philippines, top index gainers were AC Energy Corp ACEN.PS and Ayala Corp AC.PS ** China's central bank on Monday rolled over maturing medium-term policy loans while keeping the interest rate unchanged for a fourth straight month, matching market expectations ** South Korea's finance minister and central bank chief agreed on Monday to boost policy coordination in fighting inflation and financial markets instability Asia stock indexes and currencies at 0443 GMT Although data last Thursday showed the Philippine economy grew at a better-than-expected 8.3% in the first quarter, the increased likelihood of a rate hike to tackle inflation had hurt sentiment. Economic activity in China cooled sharply in April as extensive lockdowns took a heavy toll, adding to fears the economy could shrink in the second quarter. | ** In the Philippines, top index gainers were AC Energy Corp ACEN.PS and Ayala Corp AC.PS ** China's central bank on Monday rolled over maturing medium-term policy loans while keeping the interest rate unchanged for a fourth straight month, matching market expectations ** South Korea's finance minister and central bank chief agreed on Monday to boost policy coordination in fighting inflation and financial markets instability Asia stock indexes and currencies at 0443 GMT Although data last Thursday showed the Philippine economy grew at a better-than-expected 8.3% in the first quarter, the increased likelihood of a rate hike to tackle inflation had hurt sentiment. Economic activity in China cooled sharply in April as extensive lockdowns took a heavy toll, adding to fears the economy could shrink in the second quarter. | Although data last Thursday showed the Philippine economy grew at a better-than-expected 8.3% in the first quarter, the increased likelihood of a rate hike to tackle inflation had hurt sentiment. Economic activity in China cooled sharply in April as extensive lockdowns took a heavy toll, adding to fears the economy could shrink in the second quarter. Full or partial lockdowns were imposed in dozens of cities across the country in March and April, but Shanghai has now set out plans for the return of more normal life from June 1. |
34875.0 | 2022-05-13 00:00:00 UTC | EXCLUSIVE-Pension fund Caisse weighs protest vote over lack of francophone directors at CN Rail-source | AC | https://www.nasdaq.com/articles/exclusive-pension-fund-caisse-weighs-protest-vote-over-lack-of-francophone-directors-at-0 | nan | nan | By Allison Lampert and Simon Jessop
MONTREAL/LONDON May 13 (Reuters) - Canada's second-largest pension fund is considering withholding support from certain Canadian National Railway Co CNR.TO directors at an upcoming annual meeting over French-speaking representation on the company's board, a source familiar with the matter said.
Caisse de depot et placement du Quebec is weighing the protest vote, after denouncing an earlier move in April by Canada's biggest railroad operator that would have left its board without any local, native French-speaking directors.
Montreal-based Caisse, which is CN's tenth biggest shareholder, declined to disclose its voting intentions ahead of the railway's May 20 annual general meeting.
CN declined comment. The source declined to be identified as the discussions are confidential.
In late April, after concerns were raised over language, CN's board said it would appoint a francophone and Quebec-based director "in the coming months," to replace former provincial premier Jean Charest, who is bilingual.
Caisse had also privately mentioned board representation to shareholder TCI Fund Management Ltd which owns just over 5% of CN shares according to Eikon Refinitiv data. TCI declined comment.
Any protest vote by Caisse against certain directors, while likely symbolic, comes as investor activism over issues from climate change to social justice grows, with 2021 seen as a bumper year.
Caisse, which had C$420 billion ($322.4 billion) in assets under management at the end of 2021, is CN's 10th largest shareholder and manages funds for the benefit of six million Quebecers. It generally avoids speaking out about a stock it holds.
But Caisse publicly waded in on the board's composition, following Charest's departure and the nomination of three new English-speaking directors from outside Quebec.
Caisse, which owns about 1.69% stake in CN according to Refinitiv data, called the ensuing lack of francophone representation on the board "unacceptable," a comment echoed this week by the country's transport minister.
Montreal-based CN counts Cascade Investment as its top shareholder. Cascade, which manages assets exclusively for the Bill & Melinda Gates Investments, was not immediately available for comment.
Proxy firm ISS recommended in a recent report that CN shareholders vote for all directors.
Other top 10 shareholders according to Refinitiv data, including Quebec-based Jarislowsky Fraser, and Vanguard Group declined comment.
While language has not galvanized investors like climate, it remains a sensitive issue in mostly French-speaking Quebec, the country's second-most-populous province, where unhappiness over the dominance of English helped the rise of the separatist Parti Quebecois (PQ) in the 1970s.
Last year, the chief executive of Montreal-based Air Canada AC.TO apologized and pledged to learn French after he said he did not need to speak the language despite spending years in the province.
Hannah Shoesmith, corporate governance specialist for EOS at Federated Hermes, said language barriers have previously been cited by boards in Korea as reasons to avoid appointing directors, although she declined to name the companies as the talks had been private.
($1 = 1.3026 Canadian dollars)
(Reporting By Allison Lampert in Montreal and Simon Jessop in London Editing by Denny Thomas and Nick Zieminski)
((Allison.Lampert@thomsonreuters.com; 514-796-4212; Reuters Messaging: allison.lampert.reuters.com@reuters.net))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Caisse de depot et placement du Quebec is weighing the protest vote, after denouncing an earlier move in April by Canada's biggest railroad operator that would have left its board without any local, native French-speaking directors. In late April, after concerns were raised over language, CN's board said it would appoint a francophone and Quebec-based director "in the coming months," to replace former provincial premier Jean Charest, who is bilingual. Caisse had also privately mentioned board representation to shareholder TCI Fund Management Ltd which owns just over 5% of CN shares according to Eikon Refinitiv data. | In late April, after concerns were raised over language, CN's board said it would appoint a francophone and Quebec-based director "in the coming months," to replace former provincial premier Jean Charest, who is bilingual. Caisse had also privately mentioned board representation to shareholder TCI Fund Management Ltd which owns just over 5% of CN shares according to Eikon Refinitiv data. Caisse de depot et placement du Quebec is weighing the protest vote, after denouncing an earlier move in April by Canada's biggest railroad operator that would have left its board without any local, native French-speaking directors. | Caisse had also privately mentioned board representation to shareholder TCI Fund Management Ltd which owns just over 5% of CN shares according to Eikon Refinitiv data. Caisse, which owns about 1.69% stake in CN according to Refinitiv data, called the ensuing lack of francophone representation on the board "unacceptable," a comment echoed this week by the country's transport minister. Caisse de depot et placement du Quebec is weighing the protest vote, after denouncing an earlier move in April by Canada's biggest railroad operator that would have left its board without any local, native French-speaking directors. | Any protest vote by Caisse against certain directors, while likely symbolic, comes as investor activism over issues from climate change to social justice grows, with 2021 seen as a bumper year. Caisse de depot et placement du Quebec is weighing the protest vote, after denouncing an earlier move in April by Canada's biggest railroad operator that would have left its board without any local, native French-speaking directors. In late April, after concerns were raised over language, CN's board said it would appoint a francophone and Quebec-based director "in the coming months," to replace former provincial premier Jean Charest, who is bilingual. |
34876.0 | 2022-05-13 00:00:00 UTC | EXCLUSIVE-Pension fund Caisse weighs protest vote over lack of francophone directors at CN Rail-source | AC | https://www.nasdaq.com/articles/exclusive-pension-fund-caisse-weighs-protest-vote-over-lack-of-francophone-directors-at-cn | nan | nan | By Allison Lampert and Simon Jessop
MONTREAL/LONDON May 13 (Reuters) - Canada's second-largest pension fund is considering withholding support from certain Canadian National Railway Co CNR.TO directors at an upcoming annual meeting over French-speaking representation on the company's board, a source familiar with the matter said.
Caisse de depot et placement du Quebec is weighing the protest vote, after denouncing an earlier move in April by Canada's biggest railroad operator that would have left its board without any local, native French-speaking directors.
Montreal-based Caisse, which is CN's tenth biggest shareholder, declined to disclose its voting intentions ahead of the railway's May 20 annual general meeting.
CN declined comment. The source declined to be identified as the discussions are confidential.
In late April, after concerns were raised over language, CN's board said it would appoint a francophone and Quebec-based director "in the coming months," to replace former provincial premier Jean Charest, who is bilingual.
Caisse had also privately mentioned board representation to shareholder TCI Fund Management Ltd which owns just over 5% of CN shares according to Eikon Refinitiv data. TCI declined comment.
(Reporting By Allison Lampert in Montreal and Simon Jessop in London Editing by Denny Thomas and Nick Zieminski)
((Allison.Lampert@thomsonreuters.com; 514-796-4212; Reuters Messaging: allison.lampert.reuters.com@reuters.net))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Caisse de depot et placement du Quebec is weighing the protest vote, after denouncing an earlier move in April by Canada's biggest railroad operator that would have left its board without any local, native French-speaking directors. In late April, after concerns were raised over language, CN's board said it would appoint a francophone and Quebec-based director "in the coming months," to replace former provincial premier Jean Charest, who is bilingual. Caisse had also privately mentioned board representation to shareholder TCI Fund Management Ltd which owns just over 5% of CN shares according to Eikon Refinitiv data. | Caisse had also privately mentioned board representation to shareholder TCI Fund Management Ltd which owns just over 5% of CN shares according to Eikon Refinitiv data. Caisse de depot et placement du Quebec is weighing the protest vote, after denouncing an earlier move in April by Canada's biggest railroad operator that would have left its board without any local, native French-speaking directors. In late April, after concerns were raised over language, CN's board said it would appoint a francophone and Quebec-based director "in the coming months," to replace former provincial premier Jean Charest, who is bilingual. | Caisse de depot et placement du Quebec is weighing the protest vote, after denouncing an earlier move in April by Canada's biggest railroad operator that would have left its board without any local, native French-speaking directors. In late April, after concerns were raised over language, CN's board said it would appoint a francophone and Quebec-based director "in the coming months," to replace former provincial premier Jean Charest, who is bilingual. Caisse had also privately mentioned board representation to shareholder TCI Fund Management Ltd which owns just over 5% of CN shares according to Eikon Refinitiv data. | Caisse de depot et placement du Quebec is weighing the protest vote, after denouncing an earlier move in April by Canada's biggest railroad operator that would have left its board without any local, native French-speaking directors. In late April, after concerns were raised over language, CN's board said it would appoint a francophone and Quebec-based director "in the coming months," to replace former provincial premier Jean Charest, who is bilingual. Caisse had also privately mentioned board representation to shareholder TCI Fund Management Ltd which owns just over 5% of CN shares according to Eikon Refinitiv data. |
34877.0 | 2022-05-12 00:00:00 UTC | Canadian flight attendants demand ground pay, citing airport delays | AC | https://www.nasdaq.com/articles/canadian-flight-attendants-demand-ground-pay-citing-airport-delays | nan | nan | By Allison Lampert
MONTREAL, May 12 (Reuters) - Canadian flight attendants are demanding pay for time on the ground as well as in-flight, as they have recently endured delays, sometimes for hours, at the country's busiest airport due to staff shortages, health checks and rising traffic.
The Canadian Union of Public Employees (CUPE) said its members are increasingly working for free, as some arriving planes are held up at the gate at Toronto's Pearson International Airport, in some cases up to three hours.
U.S. flight attendants in contract talks with carriers like American Airlines also are seeking to be paid during boarding.
Delta Air Lines has said it will start paying flight attendants when boarding passengers starting June 2.
Demands by cabin crew could put additional cost pressures on airlines recovering from the pandemic-induced slump in traffic.
While Air Canada's flight attendants are not in contract talks, the Toronto delays are reducing rest times, said Wesley Lesosky, president of CUPE's airline division.
Lesosky said flight attendants are now worried about the busy summer travel season if delays persist. “As we go into the summer, our concern is cabin temperature and just people becoming unruly."
CUPE represents about 15,000 flight attendants at nine airlines including Air Canada .
Last week, 7,000 travelers waited longer than 90 minutes on airplanes, Toronto business leaders, including the region's board of trade, said on Thursday.
"Almost 50% of all international arriving passengers, or 100,000 people, were delayed last week, a 20% increase in the past two weeks," the groups said in a statement.
Flight attendants' get their full pay in the air which generally stops 15 minutes after arrival at the gate, Lesosky said.
Air Canada, the country's largest carrier, was not immediately available for comment.
The office of Canada's Minister of Transport has said it is working with the industry to reduce delays. (Reporting By Allison Lampert in Montreal. Additional reporting by Rajesh Kumar Singh in Chicago.) ((Allison.Lampert@thomsonreuters.com; 514-796-4212; Reuters Messaging: allison.lampert.reuters.com@reuters.net)) Keywords: CANADA AIRLINES/ (PIX)
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | While Air Canada's flight attendants are not in contract talks, the Toronto delays are reducing rest times, said Wesley Lesosky, president of CUPE's airline division. U.S. flight attendants in contract talks with carriers like American Airlines also are seeking to be paid during boarding. By Allison Lampert MONTREAL, May 12 (Reuters) - Canadian flight attendants are demanding pay for time on the ground as well as in-flight, as they have recently endured delays, sometimes for hours, at the country's busiest airport due to staff shortages, health checks and rising traffic. | While Air Canada's flight attendants are not in contract talks, the Toronto delays are reducing rest times, said Wesley Lesosky, president of CUPE's airline division. U.S. flight attendants in contract talks with carriers like American Airlines also are seeking to be paid during boarding. By Allison Lampert MONTREAL, May 12 (Reuters) - Canadian flight attendants are demanding pay for time on the ground as well as in-flight, as they have recently endured delays, sometimes for hours, at the country's busiest airport due to staff shortages, health checks and rising traffic. | While Air Canada's flight attendants are not in contract talks, the Toronto delays are reducing rest times, said Wesley Lesosky, president of CUPE's airline division. U.S. flight attendants in contract talks with carriers like American Airlines also are seeking to be paid during boarding. By Allison Lampert MONTREAL, May 12 (Reuters) - Canadian flight attendants are demanding pay for time on the ground as well as in-flight, as they have recently endured delays, sometimes for hours, at the country's busiest airport due to staff shortages, health checks and rising traffic. | While Air Canada's flight attendants are not in contract talks, the Toronto delays are reducing rest times, said Wesley Lesosky, president of CUPE's airline division. U.S. flight attendants in contract talks with carriers like American Airlines also are seeking to be paid during boarding. CUPE represents about 15,000 flight attendants at nine airlines including Air Canada . |
34878.0 | 2022-05-12 00:00:00 UTC | After-Hours Earnings Report for May 12, 2022 : MSI, AQN, EDR, HLI, AFRM, NEWR, IFS, COMP, VZIO, PDFS, POSH, ACB | AC | https://www.nasdaq.com/articles/after-hours-earnings-report-for-may-12-2022-%3A-msi-aqn-edr-hli-afrm-newr-ifs-comp-vzio-pdfs | nan | nan | The following companies are expected to report earnings after hours on 05/12/2022. Visit our Earnings Calendar for a full list of expected earnings releases.
Motorola Solutions, Inc. (MSI)is reporting for the quarter ending March 31, 2022. The wireless equipment company's consensus earnings per share forecast from the 6 analysts that follow the stock is $1.39. This value represents a 20.11% decrease compared to the same quarter last year. In the past year MSI has beat the expectations every quarter. The highest one was in the 4th calendar quarter where they beat the consensus by 3.91%. Zacks Investment Research reports that the 2022 Price to Earnings ratio for MSI is 22.27 vs. an industry ratio of 20.20, implying that they will have a higher earnings growth than their competitors in the same industry.
Algonquin Power & Utilities Corp. (AQN)is reporting for the quarter ending March 31, 2022. The electric power utilities company's consensus earnings per share forecast from the 4 analysts that follow the stock is $0.22. This value represents a 10.00% increase compared to the same quarter last year. Zacks Investment Research reports that the 2022 Price to Earnings ratio for AQN is 18.16 vs. an industry ratio of 15.30, implying that they will have a higher earnings growth than their competitors in the same industry.
Endeavor Group Holdings, Inc. (EDR)is reporting for the quarter ending March 31, 2022. The media company's consensus earnings per share forecast from the 2 analysts that follow the stock is $0.31. This value represents a 99.97% decrease compared to the same quarter last year. EDR missed the consensus earnings per share in the 4th calendar quarter of 2021 by -26.67%. Zacks Investment Research reports that the 2022 Price to Earnings ratio for EDR is 11.41 vs. an industry ratio of 35.50.
Houlihan Lokey, Inc. (HLI)is reporting for the quarter ending March 31, 2022. The financial services company's consensus earnings per share forecast from the 4 analysts that follow the stock is $1.10. This value represents a 27.15% decrease compared to the same quarter last year. In the past year HLI has beat the expectations every quarter. The highest one was in the 4th calendar quarter where they beat the consensus by 31.22%. Zacks Investment Research reports that the 2022 Price to Earnings ratio for HLI is 11.92 vs. an industry ratio of 13.80.
Affirm Holdings, Inc. (AFRM)is reporting for the quarter ending March 31, 2022. The business services company's consensus earnings per share forecast from the 5 analysts that follow the stock is $-0.50. This value represents a 30.56% increase compared to the same quarter last year. Zacks Investment Research reports that the 2022 Price to Earnings ratio for AFRM is -5.28 vs. an industry ratio of 22.10.
New Relic, Inc. (NEWR)is reporting for the quarter ending March 31, 2022. The internet software company's consensus earnings per share forecast from the 2 analysts that follow the stock is $-0.88. This value represents a 8.64% decrease compared to the same quarter last year. Zacks Investment Research reports that the 2022 Price to Earnings ratio for NEWR is -13.11 vs. an industry ratio of -85.80, implying that they will have a higher earnings growth than their competitors in the same industry.
Intercorp Financial Services Inc. (IFS)is reporting for the quarter ending March 31, 2022. The financial services company's consensus earnings per share forecast from the 2 analysts that follow the stock is $0.94. This value represents a 24.80% decrease compared to the same quarter last year. IFS missed the consensus earnings per share in the 4th calendar quarter of 2021 by -17.65%. Zacks Investment Research reports that the 2022 Price to Earnings ratio for IFS is 6.31 vs. an industry ratio of 13.80.
Compass, Inc. (COMP)is reporting for the quarter ending March 31, 2022. The internet software company's consensus earnings per share forecast from the 1 analyst that follows the stock is $-0.47. This value represents a 6.00% increase compared to the same quarter last year. The last two quarters COMP had negative earnings surprises; the latest report they missed by -16.22%. Zacks Investment Research reports that the 2022 Price to Earnings ratio for COMP is -4.84 vs. an industry ratio of -85.80, implying that they will have a higher earnings growth than their competitors in the same industry.
VIZIO Holding Corp. (VZIO)is reporting for the quarter ending March 31, 2022. The consumer company's consensus earnings per share forecast from the 5 analysts that follow the stock is $-0.06. This value represents a 400.00% decrease compared to the same quarter last year. Zacks Investment Research reports that the 2022 Price to Earnings ratio for VZIO is 373.50 vs. an industry ratio of 26.40, implying that they will have a higher earnings growth than their competitors in the same industry.
PDF Solutions, Inc. (PDFS)is reporting for the quarter ending March 31, 2022. The computer services company's consensus earnings per share forecast from the 1 analyst that follows the stock is $-0.04. This value represents a 71.43% increase compared to the same quarter last year. The days to cover, as reported in the 4/29/2022 short interest update, increased 150.11% from previous report on 4/14/2022. Zacks Investment Research reports that the 2022 Price to Earnings ratio for PDFS is -766.00 vs. an industry ratio of -76.40.
Poshmark, Inc. (POSH)is reporting for the quarter ending March 31, 2022. The internet company's consensus earnings per share forecast from the 7 analysts that follow the stock is $-0.26. This value represents a 21.21% increase compared to the same quarter last year. POSH missed the consensus earnings per share in the 4th calendar quarter of 2021 by -5.56%. Zacks Investment Research reports that the 2022 Price to Earnings ratio for POSH is -9.51 vs. an industry ratio of 16.40.
Aurora Cannabis Inc. (ACB)is reporting for the quarter ending March 31, 2022. The medical products company's consensus earnings per share forecast from the 3 analysts that follow the stock is $-0.16. This value represents a 33.33% increase compared to the same quarter last year. Zacks Investment Research reports that the 2022 Price to Earnings ratio for ACB is -2.86 vs. an industry ratio of -7.80, implying that they will have a higher earnings growth than their competitors in the same industry.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Zacks Investment Research reports that the 2022 Price to Earnings ratio for MSI is 22.27 vs. an industry ratio of 20.20, implying that they will have a higher earnings growth than their competitors in the same industry. Zacks Investment Research reports that the 2022 Price to Earnings ratio for AQN is 18.16 vs. an industry ratio of 15.30, implying that they will have a higher earnings growth than their competitors in the same industry. Zacks Investment Research reports that the 2022 Price to Earnings ratio for EDR is 11.41 vs. an industry ratio of 35.50. | Zacks Investment Research reports that the 2022 Price to Earnings ratio for MSI is 22.27 vs. an industry ratio of 20.20, implying that they will have a higher earnings growth than their competitors in the same industry. Zacks Investment Research reports that the 2022 Price to Earnings ratio for AQN is 18.16 vs. an industry ratio of 15.30, implying that they will have a higher earnings growth than their competitors in the same industry. Zacks Investment Research reports that the 2022 Price to Earnings ratio for NEWR is -13.11 vs. an industry ratio of -85.80, implying that they will have a higher earnings growth than their competitors in the same industry. | Zacks Investment Research reports that the 2022 Price to Earnings ratio for MSI is 22.27 vs. an industry ratio of 20.20, implying that they will have a higher earnings growth than their competitors in the same industry. Zacks Investment Research reports that the 2022 Price to Earnings ratio for NEWR is -13.11 vs. an industry ratio of -85.80, implying that they will have a higher earnings growth than their competitors in the same industry. Zacks Investment Research reports that the 2022 Price to Earnings ratio for COMP is -4.84 vs. an industry ratio of -85.80, implying that they will have a higher earnings growth than their competitors in the same industry. | Zacks Investment Research reports that the 2022 Price to Earnings ratio for MSI is 22.27 vs. an industry ratio of 20.20, implying that they will have a higher earnings growth than their competitors in the same industry. Zacks Investment Research reports that the 2022 Price to Earnings ratio for AQN is 18.16 vs. an industry ratio of 15.30, implying that they will have a higher earnings growth than their competitors in the same industry. Zacks Investment Research reports that the 2022 Price to Earnings ratio for EDR is 11.41 vs. an industry ratio of 35.50. |
34879.0 | 2022-05-05 00:00:00 UTC | Canadian airport delays could see some relief by summer -official | AC | https://www.nasdaq.com/articles/canadian-airport-delays-could-see-some-relief-by-summer-official | nan | nan | By Allison Lampert
MONTREAL, May 5 (Reuters) - Staffing shortages that led to long passenger lines this week at some of Canada's largest airports could see some improvement by the crucial summer travel season, an industry official said.
Monette Pasher, interim president of the Canadian Airports Council (CAC), said on Wednesday she is optimistic that recent recruitment efforts by Canadian Air Transport Security Authority (CATSA), which screens passenger, baggage and airport workers, could help reduce delays by summer although there are no guarantees.
"We're likely going to see longer lines than pre-COVID, but it should be better," Pasher said in an interview.
Surging travel demand, combined with staffing shortages after a pandemic-induced slump has left airports from Europe to Canada wrestling with delays in recent weeks.
Canada, which recently eased travel restrictions, has faced long-lines at airports in Toronto and Vancouver this week.
Pasher said she expects domestic airline seat capacity for June and July to be around 95% of 2019 levels for the same months, although actual passengers could be lower.
On Monday, passengers complained of long lines at Toronto's Pearson International Airport, the country's busiest.
"It's an absolute gong show through security," said Matthew Green, a member of Canada's parliament, on Twitter about the long line-up for his morning flight from Toronto to Ottawa.
WestJet Airlines, the country's second-largest carrier, said it is concerned about the state of services, "given the rapidly increasing number of guests returning to travel this summer."
CATSA said in a statement that new recruits are joining airport teams across the country each week and it is working with partners to improve the situation.
Staffing levels at both CATSA and U.S. Customs and Border Protection, along with health checks on some international arrivals, are creating challenges, said the Greater Toronto Airports Authority (GTAA), which manages Pearson.
"To prevent severe passenger congestion, airport and airline staff are forced to hold passengers on planes and deliberately meter the flow of arriving travellers into the customs hall," it said on Wednesday.
Air Canada AC.TO was not available for comment.
"As the air sector continues to recover, staffing remains an issue that the industry is working as quickly as possible to resolve," the office of the Ministry of Transport said in a statement.
(Reporting By Allison Lampert in Montreal; Editing by Aurora Ellis)
((Allison.Lampert@thomsonreuters.com; 514-796-4212; Reuters Messaging: allison.lampert.reuters.com@reuters.net))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Monette Pasher, interim president of the Canadian Airports Council (CAC), said on Wednesday she is optimistic that recent recruitment efforts by Canadian Air Transport Security Authority (CATSA), which screens passenger, baggage and airport workers, could help reduce delays by summer although there are no guarantees. Canada, which recently eased travel restrictions, has faced long-lines at airports in Toronto and Vancouver this week. Pasher said she expects domestic airline seat capacity for June and July to be around 95% of 2019 levels for the same months, although actual passengers could be lower. | Monette Pasher, interim president of the Canadian Airports Council (CAC), said on Wednesday she is optimistic that recent recruitment efforts by Canadian Air Transport Security Authority (CATSA), which screens passenger, baggage and airport workers, could help reduce delays by summer although there are no guarantees. Canada, which recently eased travel restrictions, has faced long-lines at airports in Toronto and Vancouver this week. Pasher said she expects domestic airline seat capacity for June and July to be around 95% of 2019 levels for the same months, although actual passengers could be lower. | Monette Pasher, interim president of the Canadian Airports Council (CAC), said on Wednesday she is optimistic that recent recruitment efforts by Canadian Air Transport Security Authority (CATSA), which screens passenger, baggage and airport workers, could help reduce delays by summer although there are no guarantees. Canada, which recently eased travel restrictions, has faced long-lines at airports in Toronto and Vancouver this week. Pasher said she expects domestic airline seat capacity for June and July to be around 95% of 2019 levels for the same months, although actual passengers could be lower. | Monette Pasher, interim president of the Canadian Airports Council (CAC), said on Wednesday she is optimistic that recent recruitment efforts by Canadian Air Transport Security Authority (CATSA), which screens passenger, baggage and airport workers, could help reduce delays by summer although there are no guarantees. Canada, which recently eased travel restrictions, has faced long-lines at airports in Toronto and Vancouver this week. Pasher said she expects domestic airline seat capacity for June and July to be around 95% of 2019 levels for the same months, although actual passengers could be lower. |
34880.0 | 2022-05-03 00:00:00 UTC | CANADA STOCKS-Toronto futures edge lower as subdued commodities weigh | AC | https://www.nasdaq.com/articles/canada-stocks-toronto-futures-edge-lower-as-subdued-commodities-weigh | nan | nan | May 3 (Reuters) - Futures for Canada's main stock index inched lower on Tuesday, tracking weakness in both crude and bullion prices, while investors awaited the U.S. Federal Reserve's meeting this week.
June futures on the S&P/TSX index SXFc1 were down 0.2% at 6:53 a.m. ET.
Gold prices dropped to their lowest since mid-February, as stronger dollar and an imminent interest rate hike by the Fed dampened bullion's appeal as an inflation hedge.GOL/
Oil slipped pressured by COVID-19 lockdowns in China which could weigh on demand, but its finding support from a possible European oil embargo on Russia over its invasion of Ukraine. O/R
Investors expect the Fed to raise rates by 50 basis points at the end of a two-day meeting on Wednesday, although there was uncertainty around how hawkish Chair Jerome Powell will sound in comments following the decision.
The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended 0.3% higher at 20,692.22 on Monday. .TO
Dow e-minis 1YMcv1 were down 133 points, or 0.4% at 6:53 a.m. ET, while S&P 500 e-minis EScv1 were down 16.25 points, or 0.39% and Nasdaq 100 e-minis NQcv1 were down 49.5 points, or 0.38%. .N
TOP STORIES TOP/CAN
Nutrien Ltd NTR.TO on Monday raised its full-year earnings forecast well above estimates after posting a more than 10-fold jump in first-quarter profit, as the world's largest fertilizer company benefits strongly from soaring prices of crop nutrients.
Restaurant Brands International Inc QSR.TO beat estimates for quarterly revenue on Tuesday, boosted by higher prices and increased traffic at the Burger King parent's restaurant chains as more consumers stepped out of their homes and resumed pre-pandemic habits.
ANALYST RESEARCH HIGHLIGHTS RCH/CA
Air Canada AC.TO: Citigroup raises price target to C$25.5 from C$24.5
Cargojet Inc CJT.TO: ATB Capital Markets raises target price to C$230 from C$225
TMX Group Ltd X.TO: National Bank of Canada raises target price to C$141 from C$139
COMMODITIES AT 7:00 a.m. ET
Gold futures GCc2: $1857.4; -0.33% GOL/
US crude CLc1: $104.25; -0.87% O/R
Brent crude LCOc1: $106.58; -0.93% O/R
U.S. ECONOMIC DATA DUE ON TUESDAY
1000 Durables ex-defense, R mm for Mar: Prior 1.2%
1000 Durable goods, R mm for Mar: Prior 0.8%
1000 Factory orders mm for Mar: Expected 1.1%; Prior -0.5%
1000 Durables ex-transport R mm for Mar: Prior 1.1%
1000 Nondefense cap ex-air R mm for Mar: Prior 1.0%
1000 Factory ex-transport mm for Mar: Prior 0.4%
1000 JOLTS job openings for Mar: Expected 11.000 mln; Prior 11.266 mln
FOR CANADIAN MARKETS NEWS, CLICK ON CODES:
TSX market report .TO
Canadian dollar and bonds report CAD/CA/
Reuters global stocks poll for Canada EQUITYPOLL1, EPOLL/CA
Canadian markets directory CANADA
($1= C$1.29)
(Reporting by Amal S in Bengaluru; Editing by Rashmi Aich)
((Amal.S@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 6749 3677;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | May 3 (Reuters) - Futures for Canada's main stock index inched lower on Tuesday, tracking weakness in both crude and bullion prices, while investors awaited the U.S. Federal Reserve's meeting this week. Air Canada AC.TO: Citigroup raises price target to C$25.5 from C$24.5 Cargojet Inc CJT.TO: ATB Capital Markets raises target price to C$230 from C$225 TMX Group Ltd X.TO: National Bank of Canada raises target price to C$141 from C$139 COMMODITIES AT 7:00 a.m. 1000 Durables ex-defense, R mm for Mar: Prior 1.2% 1000 Durable goods, R mm for Mar: Prior 0.8% 1000 Factory orders mm for Mar: Expected 1.1%; Prior -0.5% 1000 Durables ex-transport R mm for Mar: Prior 1.1% 1000 Nondefense cap ex-air R mm for Mar: Prior 1.0% 1000 Factory ex-transport mm for Mar: Prior 0.4% 1000 JOLTS job openings for Mar: Expected 11.000 mln; Prior 11.266 mln | Air Canada AC.TO: Citigroup raises price target to C$25.5 from C$24.5 Cargojet Inc CJT.TO: ATB Capital Markets raises target price to C$230 from C$225 TMX Group Ltd X.TO: National Bank of Canada raises target price to C$141 from C$139 COMMODITIES AT 7:00 a.m. 1000 Durables ex-defense, R mm for Mar: Prior 1.2% 1000 Durable goods, R mm for Mar: Prior 0.8% 1000 Factory orders mm for Mar: Expected 1.1%; Prior -0.5% 1000 Durables ex-transport R mm for Mar: Prior 1.1% 1000 Nondefense cap ex-air R mm for Mar: Prior 1.0% 1000 Factory ex-transport mm for Mar: Prior 0.4% 1000 JOLTS job openings for Mar: Expected 11.000 mln; Prior 11.266 mln May 3 (Reuters) - Futures for Canada's main stock index inched lower on Tuesday, tracking weakness in both crude and bullion prices, while investors awaited the U.S. Federal Reserve's meeting this week. | May 3 (Reuters) - Futures for Canada's main stock index inched lower on Tuesday, tracking weakness in both crude and bullion prices, while investors awaited the U.S. Federal Reserve's meeting this week. Air Canada AC.TO: Citigroup raises price target to C$25.5 from C$24.5 Cargojet Inc CJT.TO: ATB Capital Markets raises target price to C$230 from C$225 TMX Group Ltd X.TO: National Bank of Canada raises target price to C$141 from C$139 COMMODITIES AT 7:00 a.m. 1000 Durables ex-defense, R mm for Mar: Prior 1.2% 1000 Durable goods, R mm for Mar: Prior 0.8% 1000 Factory orders mm for Mar: Expected 1.1%; Prior -0.5% 1000 Durables ex-transport R mm for Mar: Prior 1.1% 1000 Nondefense cap ex-air R mm for Mar: Prior 1.0% 1000 Factory ex-transport mm for Mar: Prior 0.4% 1000 JOLTS job openings for Mar: Expected 11.000 mln; Prior 11.266 mln | May 3 (Reuters) - Futures for Canada's main stock index inched lower on Tuesday, tracking weakness in both crude and bullion prices, while investors awaited the U.S. Federal Reserve's meeting this week. Air Canada AC.TO: Citigroup raises price target to C$25.5 from C$24.5 Cargojet Inc CJT.TO: ATB Capital Markets raises target price to C$230 from C$225 TMX Group Ltd X.TO: National Bank of Canada raises target price to C$141 from C$139 COMMODITIES AT 7:00 a.m. 1000 Durables ex-defense, R mm for Mar: Prior 1.2% 1000 Durable goods, R mm for Mar: Prior 0.8% 1000 Factory orders mm for Mar: Expected 1.1%; Prior -0.5% 1000 Durables ex-transport R mm for Mar: Prior 1.1% 1000 Nondefense cap ex-air R mm for Mar: Prior 1.0% 1000 Factory ex-transport mm for Mar: Prior 0.4% 1000 JOLTS job openings for Mar: Expected 11.000 mln; Prior 11.266 mln |
34881.0 | 2022-05-03 00:00:00 UTC | ANALYSIS-Foreign pilots rush in as U.S. carriers struggle to staff up | AC | https://www.nasdaq.com/articles/analysis-foreign-pilots-rush-in-as-u.s.-carriers-struggle-to-staff-up | nan | nan | By Rajesh Kumar Singh and Allison Lampert
May 3 (Reuters) - Pilots are back in demand in the United States. But carriers cannot find enough of them, so foreign pilots are rushing to fill the empty cockpits.
U.S. immigration lawyers report a surge in inquiries and visa applications from pilots based in countries where traffic is still recovering from pandemic lows.
That could bring some relief to an industry struggling to rebuild capacity after a two-year slump, but the trend is stirring a backlash from domestic unions.
It also reflects an uneven global recovery from COVID-19. Coronavirus infections are still rising in many countries although pandemic curbs have been easing in some places. While booming travel demand is projected to help major U.S. carriers surpass their pre-pandemic revenue this quarter, airline traffic in some parts of the world remains depressed.
"While the U.S. has a major shortage, in the rest of the world pilots are out of jobs," said Ana Barbara Schaffert, an attorney at California-based AG Immigration Group.
She has received more than 8,000 requests for consultation in recent months, and is screening over 2,000 resumes from pilots seeking to immigrate to the United States – up more than 90% from before COVID-19.
According to United Airlines UAL.O, pilots are expected to remain in short supply for years. Whereas the United States can produce a maximum of only 7,000 pilots a year, carriers need 13,000 pilots this year and even more next year, United Airlines said.
Limited training capacity, among other issues, remains a barrier to producing pilots.
Staffing woes have marred operations in recent weeks at carriers such as Alaska Air Group Inc ALK.N and JetBlue Airways Corp JBLU.O, resulting in mass flight cancellations. To prevent further disruption, airlines have cut summer schedules.
Shortages are even more acute at regional airlines, which are facing a soaring attrition rate because of poaching by higher-paying national carriers.
American Airlines Group Inc AAL.O last month told investors the pilot attrition rate at its regional carriers was outpacing the hiring rate.
That is drawing interest from pilots in Canada, Europe, Africa and Asia where traffic is still recovering, said Carmen Arce, an attorney at Florida-based Arce Immigration Law.
Arce and Jean-Francois Harvey, global managing partner at Harvey Law Group, said they are also getting inquiries from pilots in Russia, where airlines have been hit hard by Western sanctions.
Three Canadian pilots said they are considering moving to the United States because of Canada's previous strict COVID-19 restrictions, which grounded planes earlier during the pandemic and forced some aviators to seek employment as drivers for Uber Technologies Inc UBER.N.
'UNPRECEDENTED' OPPORTUNITY
Many foreign pilots have hesitated to apply since immigration in the United States can take up to 26 months and cost as much as $20,000, with no guarantee of success.
"It's like if you wanted to go to Colorado for the (19th century) gold rush, but you were stopped in Michigan," said a Montreal-based pilot for Transat AT Inc's TRZ.TO Air Transat.
"If the green card process changed in the U.S., there would be a lot more pilots leaving (Canada)."
Even so, Schaffert said a widening demand-supply gap has created an "unprecedented" opportunity for experienced foreign pilots. First, they must convince U.S. immigration officials that permanent residency would be in the country's interest.
Under the so-called national interest waiver clause, non-U.S. citizens are allowed to apply for permanent residency without a job offer, making it easier to immigrate.
Schaffert said more than 90% of the applications submitted by her firm for experienced pilots have been approved.
U.S. Citizenship and Immigration Services (USCIS) did not supply data on applications from pilots. But a spokesperson said the agency determines requests on "a case-by-case basis."
The Federal Aviation Administration says the number of foreign-licensed pilots seeking U.S. certificates required to fly large jets increased to 718 in 2021, up about 24% from 2019.
BARRIERS TO FLIGHT
Foreign pilots are also facing opposition from local unions. They want airlines to do more to address barriers to becoming a pilot like the high cost of training, instead of recruiting foreigners.
The Air Line Pilots Association (ALPA), the world's largest pilot union, with more than 62,000 members, said there is an "adequate" domestic supply of qualified pilots.
"ALPA opposes any efforts to use the visa process to undermine pay and benefits for a profession so critical to the U.S. economy and global travel," it said.
Regional and ultra-low-cost carriers like ExpressJet Airlines, CommutAir, Breeze and Frontier Airlines ULCC.O are recruiting Australian pilots, who can use a special visa.
Faye Malarkey Black, head of the Regional Airline Association, said giving other foreign pilots a similar kind of visa would ease the staffing problem.
SkyWest Inc SKYW.O, which operates flights for Delta Air Lines DAL.N, American and United, recently dropped 29 government-subsidized routes, blaming insufficient pilots.
While the routes were later restored, regional carrier Mesa Air Group MESA.O called SkyWest's move the "tip of the iceberg" and warned the problem could hit mainline carriers.
Already, pilots from Delta Air Lines have been picketing at the carrier's hubs, demanding an improvement in "fatiguing" schedules. Southwest Airlines LUV.N pilots are also complaining of rising rates of fatigue.
United has grounded 150 planes because of insufficient pilots. Black said carriers have cut one of every three flights they operated before the pandemic.
"It's the classic game of musical chairs," Black said. "When you don't have enough chairs for everybody, something gets cut."
Interactive graphic tracking the global spread of the coronavirushttps://tmsnrt.rs/2FThSv7
(Reporting By Rajesh Kumar Singh in Chicago and Allison Lampert in Montreal Editing by Tim Hepher and Matthew Lewis)
((rajeshkumar.singh@thomsonreuters.com; +1-313-484-5370; Reuters Messaging: rajeshkumar.singh.thomsonreuters.com@reuters.net))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Faye Malarkey Black, head of the Regional Airline Association, said giving other foreign pilots a similar kind of visa would ease the staffing problem. By Rajesh Kumar Singh and Allison Lampert May 3 (Reuters) - Pilots are back in demand in the United States. That could bring some relief to an industry struggling to rebuild capacity after a two-year slump, but the trend is stirring a backlash from domestic unions. | By Rajesh Kumar Singh and Allison Lampert May 3 (Reuters) - Pilots are back in demand in the United States. That could bring some relief to an industry struggling to rebuild capacity after a two-year slump, but the trend is stirring a backlash from domestic unions. Coronavirus infections are still rising in many countries although pandemic curbs have been easing in some places. | By Rajesh Kumar Singh and Allison Lampert May 3 (Reuters) - Pilots are back in demand in the United States. That could bring some relief to an industry struggling to rebuild capacity after a two-year slump, but the trend is stirring a backlash from domestic unions. Coronavirus infections are still rising in many countries although pandemic curbs have been easing in some places. | Black said carriers have cut one of every three flights they operated before the pandemic. By Rajesh Kumar Singh and Allison Lampert May 3 (Reuters) - Pilots are back in demand in the United States. That could bring some relief to an industry struggling to rebuild capacity after a two-year slump, but the trend is stirring a backlash from domestic unions. |
34882.0 | 2022-04-26 00:00:00 UTC | CANADA STOCKS-Toronto market hits 3-month low as investors 'head for the exits' | AC | https://www.nasdaq.com/articles/canada-stocks-toronto-market-hits-3-month-low-as-investors-head-for-the-exits | nan | nan | By Fergal Smith
TORONTO, April 26 (Reuters) - Canada's main stock index fell on Tuesday to its lowest level in nearly three months, including declines for technology and financial shares, as an accumulating number of headwinds to the global economic outlook unnerved investors.
The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended down 321.08 points, or 1.5%, at 20,690.81, its lowest closing level since Jan. 27.
Wall Street also fell sharply, led by the tech-heavy Nasdaq. Investors worry that the war in Ukraine and China's COVID-19 led lockdown will slow the global economy just as central banks potentially raise interest rates aggressively to fight inflation.
"The risks in the market seem to be taking on a life of their own," said Colin Cieszynski, chief market strategist at SIA Wealth Management. "Some investors are starting to head for the exits."
The Toronto market's technology sector fell 3.7%, while heavily-weighted financials ended 1.8% lower.
The industrials group was down 1.7%, weighed by a 7.3% decline for shares of Air Canada AC.TO after the airline reported a larger-than-expected quarterly loss and said it is adding capacity to meet a rebound in spring traffic.
Energy was a bright spot, gaining 0.8% as oil prices rallied. U.S. crude oil futures CLc1 settled 3.2% higher at $101.70 a barrel.
(Reporting by Fergal Smith; Additional reporting by Amal S in Bengaluru; Editing by Sandra Maler)
((fergal.smith@thomsonreuters.com; +1 647 480 7446;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | By Fergal Smith TORONTO, April 26 (Reuters) - Canada's main stock index fell on Tuesday to its lowest level in nearly three months, including declines for technology and financial shares, as an accumulating number of headwinds to the global economic outlook unnerved investors. The industrials group was down 1.7%, weighed by a 7.3% decline for shares of Air Canada AC.TO after the airline reported a larger-than-expected quarterly loss and said it is adding capacity to meet a rebound in spring traffic. Investors worry that the war in Ukraine and China's COVID-19 led lockdown will slow the global economy just as central banks potentially raise interest rates aggressively to fight inflation. | By Fergal Smith TORONTO, April 26 (Reuters) - Canada's main stock index fell on Tuesday to its lowest level in nearly three months, including declines for technology and financial shares, as an accumulating number of headwinds to the global economic outlook unnerved investors. The industrials group was down 1.7%, weighed by a 7.3% decline for shares of Air Canada AC.TO after the airline reported a larger-than-expected quarterly loss and said it is adding capacity to meet a rebound in spring traffic. The Toronto market's technology sector fell 3.7%, while heavily-weighted financials ended 1.8% lower. | By Fergal Smith TORONTO, April 26 (Reuters) - Canada's main stock index fell on Tuesday to its lowest level in nearly three months, including declines for technology and financial shares, as an accumulating number of headwinds to the global economic outlook unnerved investors. The industrials group was down 1.7%, weighed by a 7.3% decline for shares of Air Canada AC.TO after the airline reported a larger-than-expected quarterly loss and said it is adding capacity to meet a rebound in spring traffic. Investors worry that the war in Ukraine and China's COVID-19 led lockdown will slow the global economy just as central banks potentially raise interest rates aggressively to fight inflation. | By Fergal Smith TORONTO, April 26 (Reuters) - Canada's main stock index fell on Tuesday to its lowest level in nearly three months, including declines for technology and financial shares, as an accumulating number of headwinds to the global economic outlook unnerved investors. The industrials group was down 1.7%, weighed by a 7.3% decline for shares of Air Canada AC.TO after the airline reported a larger-than-expected quarterly loss and said it is adding capacity to meet a rebound in spring traffic. Wall Street also fell sharply, led by the tech-heavy Nasdaq. |
34883.0 | 2022-04-26 00:00:00 UTC | CANADA STOCKS-Toronto futures down on weaker crude prices | AC | https://www.nasdaq.com/articles/canada-stocks-toronto-futures-down-on-weaker-crude-prices | nan | nan | April 26 (Reuters) - Futures for commodity-heavy Canada's main stock index fell on Tuesday, after crude prices tumbled and as global growth fears and concerns around aggressive U.S. Fed tightening weighed on sentiment.
June futures on the S&P/TSX index SXFc1 were down 0.3% at 6:43 a.m. ET.
Oil prices fell as China's capital Beijing expanded its COVID mass testing, heightening demand concerns and outweighing the prospect of supply disruptions.O/R
The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended 0.8% lower at 21,011.89 on Monday, its lowest closing level since March 1. .TO
Dow e-minis 1YMcv1 were down 100 points, or 0.29%, at 6:43 a.m. ET. S&P 500 e-minis EScv1 were down 12.75 points, or 0.3%, and Nasdaq 100 e-minis NQcv1 were down 44 points, or 0.33%. .N
TOP STORIES TOP/CAN
Bombardier Inc BBDb.TO said on Monday it would defend itself against a request for arbitration by Alstom SA ALSO.PA related to the 2021 sale of the Canadian company's rail division.
Air Canada AC.TO on Tuesday reported a smaller quarterly loss, as more passengers flew due to an easing of COVID-19 travel restrictions.
ANALYST RESEARCH HIGHLIGHTS RCH/CA
Fairfax Financial Holdings Ltd FFH.TO: CIBC raises target price to C$950 from C$825
Kinaxis Inc KXS.TO: National Bank of Canada raises target price to C$250 from C$225
Southern Energy Corp SOU.V: Eight Capital initiates with buy rating and C$3 target price
COMMODITIES AT 7:00 a.m. ET
Gold futures GCc2: $1904.2; +0.58% GOL/
US crude CLc1: $98.1; -0.45% O/R
Brent crude LCOc1: $102.1; -0.18% O/R
U.S. ECONOMIC DATA DUE ON TUESDAY
0800 Build permits number for Mar: Prior 1.873 mln
0800 Build permits R change mm for Mar: Prior 0.4%
0830 Durable goods for Mar: Expected 1.0%; Prior -2.1%
0830 Durables ex-transport for Mar: Expected 0.6%; Prior -0.6%
0830 Durables ex-defense mm for Mar: Prior -2.6%
0830 Nondefense cap ex-air for Mar: Expected 0.5%; Prior -0.2%
0900 Monthly home price mm for Feb: Prior 1.6%
0900 Monthly home price yy for Feb: Prior 18.2%
0900 Monthly Home Price Index for Feb: Prior 373.3
0900 Caseshiller 20 mm SA for Feb: Expected 1.5%; Prior 1.8%
0900 Caseshiller 20 mm NSA for Feb: Prior 1.4%
0900 Caseshiller 20 yy for Feb: Expected 18.9%; Prior 19.1%
1000 Consumer Confidence for Apr: Expected 108.0; Prior 107.2
1000 New home sales-units for Mar: Expected 0.765 mln; Prior 0.772 mln
1000 New home sales change mm for Mar: Prior -2.0%
1000 Rich Fed Composite Index for Apr: Prior 13
1000 Rich Fed, Services Index for Apr: Prior 9
1000 Rich Fed Manufacturing Shipments for Apr: Prior 9
1030 Texas Service Sector Outlook for Apr: Prior 10.6
1030 Dallas Fed Services Revenues for Apr: Prior 23.4
FOR CANADIAN MARKETS NEWS, CLICK ON CODES:
TSX market report .TO
Canadian dollar and bonds report CAD/CA/
Reuters global stocks poll for Canada EQUITYPOLL1, EPOLL/CA
Canadian markets directory CANADA
($1= C$1.27)
(Reporting by Amal S in Bengaluru; Editing by Amy Caren Daniel)
((Amal.S@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 6749 3677;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Air Canada AC.TO on Tuesday reported a smaller quarterly loss, as more passengers flew due to an easing of COVID-19 travel restrictions. 0800 Build permits number for Mar: Prior 1.873 mln 0800 Build permits R change mm for Mar: Prior 0.4% 0830 Durable goods for Mar: Expected 1.0%; Prior -2.1% 0830 Durables ex-transport for Mar: Expected 0.6%; Prior -0.6% 0830 Durables ex-defense mm for Mar: Prior -2.6% 0830 Nondefense cap ex-air for Mar: Expected 0.5%; Prior -0.2% 0900 Monthly home price mm for Feb: Prior 1.6% 0900 Monthly home price yy for Feb: Prior 18.2% 0900 Monthly Home Price Index for Feb: Prior 373.3 0900 Caseshiller 20 mm SA for Feb: Expected 1.5%; Prior 1.8% 0900 Caseshiller 20 mm NSA for Feb: Prior 1.4% 0900 Caseshiller 20 yy for Feb: Expected 18.9%; Prior 19.1% 1000 Consumer Confidence for Apr: Expected 108.0; Prior 107.2 1000 New home sales-units for Mar: Expected 0.765 mln; Prior 0.772 mln 1000 New home sales change mm for Mar: Prior -2.0% 1000 Rich Fed Composite Index for Apr: Prior 13 1000 Rich Fed, Services Index for Apr: Prior 9 1000 Rich Fed Manufacturing Shipments for Apr: Prior 9 1030 Texas Service Sector Outlook for Apr: Prior 10.6 1030 Dallas Fed Services Revenues for Apr: Prior 23.4 April 26 (Reuters) - Futures for commodity-heavy Canada's main stock index fell on Tuesday, after crude prices tumbled and as global growth fears and concerns around aggressive U.S. Fed tightening weighed on sentiment. | 0800 Build permits number for Mar: Prior 1.873 mln 0800 Build permits R change mm for Mar: Prior 0.4% 0830 Durable goods for Mar: Expected 1.0%; Prior -2.1% 0830 Durables ex-transport for Mar: Expected 0.6%; Prior -0.6% 0830 Durables ex-defense mm for Mar: Prior -2.6% 0830 Nondefense cap ex-air for Mar: Expected 0.5%; Prior -0.2% 0900 Monthly home price mm for Feb: Prior 1.6% 0900 Monthly home price yy for Feb: Prior 18.2% 0900 Monthly Home Price Index for Feb: Prior 373.3 0900 Caseshiller 20 mm SA for Feb: Expected 1.5%; Prior 1.8% 0900 Caseshiller 20 mm NSA for Feb: Prior 1.4% 0900 Caseshiller 20 yy for Feb: Expected 18.9%; Prior 19.1% 1000 Consumer Confidence for Apr: Expected 108.0; Prior 107.2 1000 New home sales-units for Mar: Expected 0.765 mln; Prior 0.772 mln 1000 New home sales change mm for Mar: Prior -2.0% 1000 Rich Fed Composite Index for Apr: Prior 13 1000 Rich Fed, Services Index for Apr: Prior 9 1000 Rich Fed Manufacturing Shipments for Apr: Prior 9 1030 Texas Service Sector Outlook for Apr: Prior 10.6 1030 Dallas Fed Services Revenues for Apr: Prior 23.4 Air Canada AC.TO on Tuesday reported a smaller quarterly loss, as more passengers flew due to an easing of COVID-19 travel restrictions. April 26 (Reuters) - Futures for commodity-heavy Canada's main stock index fell on Tuesday, after crude prices tumbled and as global growth fears and concerns around aggressive U.S. Fed tightening weighed on sentiment. | 0800 Build permits number for Mar: Prior 1.873 mln 0800 Build permits R change mm for Mar: Prior 0.4% 0830 Durable goods for Mar: Expected 1.0%; Prior -2.1% 0830 Durables ex-transport for Mar: Expected 0.6%; Prior -0.6% 0830 Durables ex-defense mm for Mar: Prior -2.6% 0830 Nondefense cap ex-air for Mar: Expected 0.5%; Prior -0.2% 0900 Monthly home price mm for Feb: Prior 1.6% 0900 Monthly home price yy for Feb: Prior 18.2% 0900 Monthly Home Price Index for Feb: Prior 373.3 0900 Caseshiller 20 mm SA for Feb: Expected 1.5%; Prior 1.8% 0900 Caseshiller 20 mm NSA for Feb: Prior 1.4% 0900 Caseshiller 20 yy for Feb: Expected 18.9%; Prior 19.1% 1000 Consumer Confidence for Apr: Expected 108.0; Prior 107.2 1000 New home sales-units for Mar: Expected 0.765 mln; Prior 0.772 mln 1000 New home sales change mm for Mar: Prior -2.0% 1000 Rich Fed Composite Index for Apr: Prior 13 1000 Rich Fed, Services Index for Apr: Prior 9 1000 Rich Fed Manufacturing Shipments for Apr: Prior 9 1030 Texas Service Sector Outlook for Apr: Prior 10.6 1030 Dallas Fed Services Revenues for Apr: Prior 23.4 Air Canada AC.TO on Tuesday reported a smaller quarterly loss, as more passengers flew due to an easing of COVID-19 travel restrictions. S&P 500 e-minis EScv1 were down 12.75 points, or 0.3%, and Nasdaq 100 e-minis NQcv1 were down 44 points, or 0.33%. | Air Canada AC.TO on Tuesday reported a smaller quarterly loss, as more passengers flew due to an easing of COVID-19 travel restrictions. 0800 Build permits number for Mar: Prior 1.873 mln 0800 Build permits R change mm for Mar: Prior 0.4% 0830 Durable goods for Mar: Expected 1.0%; Prior -2.1% 0830 Durables ex-transport for Mar: Expected 0.6%; Prior -0.6% 0830 Durables ex-defense mm for Mar: Prior -2.6% 0830 Nondefense cap ex-air for Mar: Expected 0.5%; Prior -0.2% 0900 Monthly home price mm for Feb: Prior 1.6% 0900 Monthly home price yy for Feb: Prior 18.2% 0900 Monthly Home Price Index for Feb: Prior 373.3 0900 Caseshiller 20 mm SA for Feb: Expected 1.5%; Prior 1.8% 0900 Caseshiller 20 mm NSA for Feb: Prior 1.4% 0900 Caseshiller 20 yy for Feb: Expected 18.9%; Prior 19.1% 1000 Consumer Confidence for Apr: Expected 108.0; Prior 107.2 1000 New home sales-units for Mar: Expected 0.765 mln; Prior 0.772 mln 1000 New home sales change mm for Mar: Prior -2.0% 1000 Rich Fed Composite Index for Apr: Prior 13 1000 Rich Fed, Services Index for Apr: Prior 9 1000 Rich Fed Manufacturing Shipments for Apr: Prior 9 1030 Texas Service Sector Outlook for Apr: Prior 10.6 1030 Dallas Fed Services Revenues for Apr: Prior 23.4 April 26 (Reuters) - Futures for commodity-heavy Canada's main stock index fell on Tuesday, after crude prices tumbled and as global growth fears and concerns around aggressive U.S. Fed tightening weighed on sentiment. |
34884.0 | 2022-04-26 00:00:00 UTC | Air Canada narrows quarterly loss as more passengers fly | AC | https://www.nasdaq.com/articles/air-canada-narrows-quarterly-loss-as-more-passengers-fly | nan | nan | MONTREAL, April 26 (Reuters) - Air Canada AC.TO on Tuesday reported a smaller quarterly loss, as more passengers flew due to an easing of COVID-19 travel restrictions.
Canada's largest carrier reported an operating loss of C$974 million ($764.46 million) for the first quarter or C$2.72 per diluted share compared with a net loss of C$1.304 billion or C$3.90 per diluted share during the same period in 2021.
Canada's largest carrier said in March it plans to increase capacity in 2022 and wants to lure more U.S. passengers traveling abroad.
($1 = 1.2741 Canadian dollars)
(Reporting By Allison Lampert; Editing by Andrew Heavens)
((Allison.Lampert@thomsonreuters.com; 514-796-4212; Reuters Messaging: allison.lampert.reuters.com@reuters.net))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | MONTREAL, April 26 (Reuters) - Air Canada AC.TO on Tuesday reported a smaller quarterly loss, as more passengers flew due to an easing of COVID-19 travel restrictions. Canada's largest carrier said in March it plans to increase capacity in 2022 and wants to lure more U.S. passengers traveling abroad. Canada's largest carrier reported an operating loss of C$974 million ($764.46 million) for the first quarter or C$2.72 per diluted share compared with a net loss of C$1.304 billion or C$3.90 per diluted share during the same period in 2021. | MONTREAL, April 26 (Reuters) - Air Canada AC.TO on Tuesday reported a smaller quarterly loss, as more passengers flew due to an easing of COVID-19 travel restrictions. Canada's largest carrier said in March it plans to increase capacity in 2022 and wants to lure more U.S. passengers traveling abroad. Canada's largest carrier reported an operating loss of C$974 million ($764.46 million) for the first quarter or C$2.72 per diluted share compared with a net loss of C$1.304 billion or C$3.90 per diluted share during the same period in 2021. | MONTREAL, April 26 (Reuters) - Air Canada AC.TO on Tuesday reported a smaller quarterly loss, as more passengers flew due to an easing of COVID-19 travel restrictions. Canada's largest carrier said in March it plans to increase capacity in 2022 and wants to lure more U.S. passengers traveling abroad. Canada's largest carrier reported an operating loss of C$974 million ($764.46 million) for the first quarter or C$2.72 per diluted share compared with a net loss of C$1.304 billion or C$3.90 per diluted share during the same period in 2021. | MONTREAL, April 26 (Reuters) - Air Canada AC.TO on Tuesday reported a smaller quarterly loss, as more passengers flew due to an easing of COVID-19 travel restrictions. Canada's largest carrier said in March it plans to increase capacity in 2022 and wants to lure more U.S. passengers traveling abroad. Canada's largest carrier reported an operating loss of C$974 million ($764.46 million) for the first quarter or C$2.72 per diluted share compared with a net loss of C$1.304 billion or C$3.90 per diluted share during the same period in 2021. |
34885.0 | 2022-04-26 00:00:00 UTC | CANADA STOCKS-Toronto index slips as tech, healthcare stocks weigh | AC | https://www.nasdaq.com/articles/canada-stocks-toronto-index-slips-as-tech-healthcare-stocks-weigh | nan | nan | By Amal S
April 26 (Reuters) - Canada's main stock index fell on Tuesday, led lower by technology and healthcare stocks, as China's COVID-19 curbs and fears about aggressive U.S. monetary policy tightening sapped risk appetite globally.
At 10:16 a.m. ET (14:16 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 94.48 points, or 0.45%, at 20,917.41, extending prior session's losses.
Toronto-listed technology stocks .SPTTTK fell 2.4%, while healthcare stocks .GSPTTHC slid 1.1% with pot-producers Aurora Cannabis ACB.TO, Canopy Growth WEED.TO, and Cronos Group CRON.TO all down between 1.8% and 3%.
Further losses were limited by a 0.1% rise in the energy sector .SPTTEN, on a modest increase in oil prices in volatile trading as the market weighed concerns over Russian supply and Chinese demand.O/R
"I think there's also some fear that the selloff yesterday got too fast, overdone. So we're seeing a bit of a bounce back in some of these energy names," said Gregory Taylor, portfolio manager at Purpose Investments.
"We've lots of moving parts and it all comes down to everyone waiting for earnings tonight."
The materials sector .GSPTTMT, which includes precious and base metals miners and fertilizer companies, fell 1.1% despite higher bullion prices.GOL/
On the economic front, Canadian factory sales most likely rose 1.7% in March from February, largely driven by higher sales in petroleum and coal, primary metal, and paper product industries, Statistics Canada said in a flash estimate.
Among individual shares, Air Canada AC.TO fell 3.4% after the airline reported a larger-than-expected quarterly loss and said it is adding capacity to meet a rebound in spring traffic.
HIGHLIGHTS
The TSX posted one new 52-week high and seven new lows.
Across all Canadian issues there were three new 52-week highs and 59 new lows, with total volume of 32.48 million shares.
(Reporting by Amal S in Bengaluru; Editing by Shailesh Kuber)
((Amal.S@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 6749 3677;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The materials sector .GSPTTMT, which includes precious and base metals miners and fertilizer companies, fell 1.1% despite higher bullion prices.GOL/ On the economic front, Canadian factory sales most likely rose 1.7% in March from February, largely driven by higher sales in petroleum and coal, primary metal, and paper product industries, Statistics Canada said in a flash estimate. Among individual shares, Air Canada AC.TO fell 3.4% after the airline reported a larger-than-expected quarterly loss and said it is adding capacity to meet a rebound in spring traffic. Toronto-listed technology stocks .SPTTTK fell 2.4%, while healthcare stocks .GSPTTHC slid 1.1% with pot-producers Aurora Cannabis ACB.TO, Canopy Growth WEED.TO, and Cronos Group CRON.TO all down between 1.8% and 3%. | Toronto-listed technology stocks .SPTTTK fell 2.4%, while healthcare stocks .GSPTTHC slid 1.1% with pot-producers Aurora Cannabis ACB.TO, Canopy Growth WEED.TO, and Cronos Group CRON.TO all down between 1.8% and 3%. Among individual shares, Air Canada AC.TO fell 3.4% after the airline reported a larger-than-expected quarterly loss and said it is adding capacity to meet a rebound in spring traffic. So we're seeing a bit of a bounce back in some of these energy names," said Gregory Taylor, portfolio manager at Purpose Investments. | The materials sector .GSPTTMT, which includes precious and base metals miners and fertilizer companies, fell 1.1% despite higher bullion prices.GOL/ On the economic front, Canadian factory sales most likely rose 1.7% in March from February, largely driven by higher sales in petroleum and coal, primary metal, and paper product industries, Statistics Canada said in a flash estimate. Toronto-listed technology stocks .SPTTTK fell 2.4%, while healthcare stocks .GSPTTHC slid 1.1% with pot-producers Aurora Cannabis ACB.TO, Canopy Growth WEED.TO, and Cronos Group CRON.TO all down between 1.8% and 3%. So we're seeing a bit of a bounce back in some of these energy names," said Gregory Taylor, portfolio manager at Purpose Investments. | Toronto-listed technology stocks .SPTTTK fell 2.4%, while healthcare stocks .GSPTTHC slid 1.1% with pot-producers Aurora Cannabis ACB.TO, Canopy Growth WEED.TO, and Cronos Group CRON.TO all down between 1.8% and 3%. So we're seeing a bit of a bounce back in some of these energy names," said Gregory Taylor, portfolio manager at Purpose Investments. The materials sector .GSPTTMT, which includes precious and base metals miners and fertilizer companies, fell 1.1% despite higher bullion prices.GOL/ On the economic front, Canadian factory sales most likely rose 1.7% in March from February, largely driven by higher sales in petroleum and coal, primary metal, and paper product industries, Statistics Canada said in a flash estimate. |
34886.0 | 2022-04-26 00:00:00 UTC | Air Canada adds capacity for spring flying after quarterly loss | AC | https://www.nasdaq.com/articles/air-canada-adds-capacity-for-spring-flying-after-quarterly-loss | nan | nan | Adds content from news release
MONTREAL, April 26 (Reuters) - Air Canada AC.TO on Tuesday said it is adding capacity to meet a rebound in spring traffic, after reporting a larger-than-expected quarterly loss.
Carriers are benefitting from a broader revival in travel demand as pandemic-related restrictions ease and COVID-19 cases subside, but face cost pressures.
Canada's largest carriers said it would increase its available seat mile (ASM) capacity for the second quarter by approximately 414 per cent compared with the same three months in 2021.
"The year began with weakness brought on by the Omicron variant and travel restrictions," said Air Canada Chief Executive Michael Rousseau in a statement. "However, we quickly rebounded in March with passenger volumes exceeding the strong December levels."
He said passenger ticket sales last month are more than 90% of March 2019 levels, "a leading indicator to much stronger 2022 second and third quarter results."
Air Canada reported a loss of C$974 million ($764.46 million) for the first quarter or C$2.72 per diluted share compared with a loss of C$1.304 billion or C$3.90 per diluted share during the same period in 2021.
Analysts were expecting a loss of C$474.91 million or C$1.49 a share according to estimates from Refinitiv.
Air Canada said in March it plans to increase capacity in 2022 and wants to lure more U.S. passengers traveling abroad.
Canada attracted more than one million travelers during the week of April 11 for the first time since the pandemic, according to government data, driving optimism that a rebound in traffic will gather pace heading into the peak summer holiday season.
($1 = 1.2741 Canadian dollars)
(Reporting by Allison Lampert; Editing by Andrew Heavens)
((Allison.Lampert@thomsonreuters.com; 514-796-4212; Reuters Messaging: allison.lampert.reuters.com@reuters.net))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Adds content from news release MONTREAL, April 26 (Reuters) - Air Canada AC.TO on Tuesday said it is adding capacity to meet a rebound in spring traffic, after reporting a larger-than-expected quarterly loss. Canada attracted more than one million travelers during the week of April 11 for the first time since the pandemic, according to government data, driving optimism that a rebound in traffic will gather pace heading into the peak summer holiday season. Carriers are benefitting from a broader revival in travel demand as pandemic-related restrictions ease and COVID-19 cases subside, but face cost pressures. | Adds content from news release MONTREAL, April 26 (Reuters) - Air Canada AC.TO on Tuesday said it is adding capacity to meet a rebound in spring traffic, after reporting a larger-than-expected quarterly loss. Carriers are benefitting from a broader revival in travel demand as pandemic-related restrictions ease and COVID-19 cases subside, but face cost pressures. Canada's largest carriers said it would increase its available seat mile (ASM) capacity for the second quarter by approximately 414 per cent compared with the same three months in 2021. | Adds content from news release MONTREAL, April 26 (Reuters) - Air Canada AC.TO on Tuesday said it is adding capacity to meet a rebound in spring traffic, after reporting a larger-than-expected quarterly loss. Canada attracted more than one million travelers during the week of April 11 for the first time since the pandemic, according to government data, driving optimism that a rebound in traffic will gather pace heading into the peak summer holiday season. Carriers are benefitting from a broader revival in travel demand as pandemic-related restrictions ease and COVID-19 cases subside, but face cost pressures. | Adds content from news release MONTREAL, April 26 (Reuters) - Air Canada AC.TO on Tuesday said it is adding capacity to meet a rebound in spring traffic, after reporting a larger-than-expected quarterly loss. Air Canada said in March it plans to increase capacity in 2022 and wants to lure more U.S. passengers traveling abroad. Carriers are benefitting from a broader revival in travel demand as pandemic-related restrictions ease and COVID-19 cases subside, but face cost pressures. |
34887.0 | 2022-04-25 00:00:00 UTC | After-Hours Earnings Report for April 25, 2022 : CDNS, SBAC, ARE, AMP, SUI, BRO, WRB, PKG, CCK, WHR, ZION, ACC | AC | https://www.nasdaq.com/articles/after-hours-earnings-report-for-april-25-2022-%3A-cdns-sbac-are-amp-sui-bro-wrb-pkg-cck-whr | nan | nan | The following companies are expected to report earnings after hours on 04/25/2022. Visit our Earnings Calendar for a full list of expected earnings releases.
Cadence Design Systems, Inc. (CDNS)is reporting for the quarter ending March 31, 2022. The computer software company's consensus earnings per share forecast from the 3 analysts that follow the stock is $0.83. This value represents a 23.88% increase compared to the same quarter last year. In the past year CDNS has beat the expectations every quarter. The highest one was in the 4th calendar quarter where they beat the consensus by 11.67%. Zacks Investment Research reports that the 2022 Price to Earnings ratio for CDNS is 50.71 vs. an industry ratio of 32.60, implying that they will have a higher earnings growth than their competitors in the same industry.
SBA Communications Corporation (SBAC)is reporting for the quarter ending March 31, 2022. The reit company's consensus earnings per share forecast from the 6 analysts that follow the stock is $2.70. This value represents a 4.65% increase compared to the same quarter last year. In the past year SBAC has beat the expectations every quarter. The highest one was in the 4th calendar quarter where they beat the consensus by 7.25%. Zacks Investment Research reports that the 2022 Price to Earnings ratio for SBAC is 33.25 vs. an industry ratio of 8.20, implying that they will have a higher earnings growth than their competitors in the same industry.
Alexandria Real Estate Equities, Inc. (ARE)is reporting for the quarter ending March 31, 2022. The reit company's consensus earnings per share forecast from the 2 analysts that follow the stock is $2.00. This value represents a 4.71% increase compared to the same quarter last year. In the past year ARE has beat the expectations every quarter. The highest one was in the 4th calendar quarter where they beat the consensus by 0.51%. Zacks Investment Research reports that the 2022 Price to Earnings ratio for ARE is 23.31 vs. an industry ratio of 8.20, implying that they will have a higher earnings growth than their competitors in the same industry.
AMERIPRISE FINANCIAL SERVICES, LLC (AMP)is reporting for the quarter ending March 31, 2022. The finance/investment management company's consensus earnings per share forecast from the 4 analysts that follow the stock is $5.93. This value represents a 9.21% increase compared to the same quarter last year. In the past year AMP has beat the expectations every quarter. The highest one was in the 4th calendar quarter where they beat the consensus by 6.59%. Zacks Investment Research reports that the 2022 Price to Earnings ratio for AMP is 10.96 vs. an industry ratio of 15.00.
Sun Communities, Inc. (SUI)is reporting for the quarter ending March 31, 2022. The reit company's consensus earnings per share forecast from the 1 analyst that follows the stock is $1.33. This value represents a 5.56% increase compared to the same quarter last year. In the past year SUI has beat the expectations every quarter. The highest one was in the 4th calendar quarter where they beat the consensus by 0.77%. Zacks Investment Research reports that the 2022 Price to Earnings ratio for SUI is 25.99 vs. an industry ratio of 22.10, implying that they will have a higher earnings growth than their competitors in the same industry.
Brown & Brown, Inc. (BRO)is reporting for the quarter ending March 31, 2022. The insurance brokers company's consensus earnings per share forecast from the 5 analysts that follow the stock is $0.75. This value represents a 7.14% increase compared to the same quarter last year. In the past year BRO has beat the expectations every quarter. The highest one was in the 4th calendar quarter where they beat the consensus by 10.53%. Zacks Investment Research reports that the 2022 Price to Earnings ratio for BRO is 29.19 vs. an industry ratio of 19.70, implying that they will have a higher earnings growth than their competitors in the same industry.
W.R. Berkley Corporation (WRB)is reporting for the quarter ending March 31, 2022. The insurance (property & casualty) company's consensus earnings per share forecast from the 5 analysts that follow the stock is $0.92. This value represents a 27.78% increase compared to the same quarter last year. In the past year WRB has beat the expectations every quarter. The highest one was in the 4th calendar quarter where they beat the consensus by 25.93%. Zacks Investment Research reports that the 2022 Price to Earnings ratio for WRB is 18.52 vs. an industry ratio of 16.50, implying that they will have a higher earnings growth than their competitors in the same industry.
Packaging Corporation of America (PKG)is reporting for the quarter ending March 31, 2022. The construction company's consensus earnings per share forecast from the 6 analysts that follow the stock is $2.53. This value represents a 42.94% increase compared to the same quarter last year. In the past year PKG has beat the expectations every quarter. The highest one was in the 4th calendar quarter where they beat the consensus by 32.69%. Zacks Investment Research reports that the 2022 Price to Earnings ratio for PKG is 14.77 vs. an industry ratio of 14.20, implying that they will have a higher earnings growth than their competitors in the same industry.
Crown Holdings, Inc. (CCK)is reporting for the quarter ending March 31, 2022. The containers company's consensus earnings per share forecast from the 7 analysts that follow the stock is $1.82. This value represents a 0.55% decrease compared to the same quarter last year. In the past year CCK has beat the expectations every quarter. The highest one was in the 4th calendar quarter where they beat the consensus by 7.79%. Zacks Investment Research reports that the 2022 Price to Earnings ratio for CCK is 14.59 vs. an industry ratio of 16.10.
Whirlpool Corporation (WHR)is reporting for the quarter ending March 31, 2022. The household appliance company's consensus earnings per share forecast from the 4 analysts that follow the stock is $4.90. This value represents a 31.94% decrease compared to the same quarter last year. In the past year WHR has beat the expectations every quarter. The highest one was in the 4th calendar quarter where they beat the consensus by 4.42%. Zacks Investment Research reports that the 2022 Price to Earnings ratio for WHR is 6.45 vs. an industry ratio of 3.10, implying that they will have a higher earnings growth than their competitors in the same industry.
Zions Bancorporation N.A. (ZION)is reporting for the quarter ending March 31, 2022. The bank (west) company's consensus earnings per share forecast from the 10 analysts that follow the stock is $1.15. This value represents a 39.47% decrease compared to the same quarter last year. In the past year ZION has beat the expectations every quarter. The highest one was in the 4th calendar quarter where they beat the consensus by 0.75%. Zacks Investment Research reports that the 2022 Price to Earnings ratio for ZION is 11.35 vs. an industry ratio of 12.20.
American Campus Communities Inc (ACC)is reporting for the quarter ending March 31, 2022. The reit company's consensus earnings per share forecast from the 5 analysts that follow the stock is $0.70. This value represents a 22.81% increase compared to the same quarter last year. In the past year ACC has beat the expectations every quarter. The highest one was in the 4th calendar quarter where they beat the consensus by 4.17%. Zacks Investment Research reports that the 2022 Price to Earnings ratio for ACC is 26.34 vs. an industry ratio of 22.10, implying that they will have a higher earnings growth than their competitors in the same industry.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Zacks Investment Research reports that the 2022 Price to Earnings ratio for CDNS is 50.71 vs. an industry ratio of 32.60, implying that they will have a higher earnings growth than their competitors in the same industry. SBA Communications Corporation (SBAC)is reporting for the quarter ending March 31, 2022. In the past year SBAC has beat the expectations every quarter. | Zacks Investment Research reports that the 2022 Price to Earnings ratio for CDNS is 50.71 vs. an industry ratio of 32.60, implying that they will have a higher earnings growth than their competitors in the same industry. Zacks Investment Research reports that the 2022 Price to Earnings ratio for SBAC is 33.25 vs. an industry ratio of 8.20, implying that they will have a higher earnings growth than their competitors in the same industry. Zacks Investment Research reports that the 2022 Price to Earnings ratio for SUI is 25.99 vs. an industry ratio of 22.10, implying that they will have a higher earnings growth than their competitors in the same industry. | Zacks Investment Research reports that the 2022 Price to Earnings ratio for SUI is 25.99 vs. an industry ratio of 22.10, implying that they will have a higher earnings growth than their competitors in the same industry. Zacks Investment Research reports that the 2022 Price to Earnings ratio for BRO is 29.19 vs. an industry ratio of 19.70, implying that they will have a higher earnings growth than their competitors in the same industry. Zacks Investment Research reports that the 2022 Price to Earnings ratio for WRB is 18.52 vs. an industry ratio of 16.50, implying that they will have a higher earnings growth than their competitors in the same industry. | Zacks Investment Research reports that the 2022 Price to Earnings ratio for CDNS is 50.71 vs. an industry ratio of 32.60, implying that they will have a higher earnings growth than their competitors in the same industry. SBA Communications Corporation (SBAC)is reporting for the quarter ending March 31, 2022. In the past year SBAC has beat the expectations every quarter. |
34888.0 | 2022-04-22 00:00:00 UTC | Canada draws 1 mln travelers in one week for first time since pandemic | AC | https://www.nasdaq.com/articles/canada-draws-1-mln-travelers-in-one-week-for-first-time-since-pandemic | nan | nan | By Jenna Zucker
TORONTO, April 22 (Reuters) - Canada attracted more than one million travelers in a week for the first time since the pandemic, government data showed on Friday, as easing of COVID-19 border restrictions encouraged visitors back into the country.
As Canada heads into its peak summer holiday season, tour operators are betting the revival seen in the first week of April would gather pace. Tourism was among the worst sectors to be hit by the pandemic.
"People are ready to spend more after being stuck at home for two years and want to stay at high-end properties in case COVID is still around," said Alla Weintraub, a luxury travel advisor for F1S. "People believe those hotels will take better care," she added.
Canada had imposed some of the strictest border measures to stop the spread of COVID-19, but after Ottawa dropped the requirement for COVID tests for vaccinated travelers starting April, tour companies began to see an uptick in bookings.
Canada Border Service Agency (CBSA) said more than 1 million travelers were admitted into the country during the week of April 11. Still, visitor numbers are down about 44% from the April 15-17, 2019 period.
"Our phones became busier and busier, it gave more confidence to people. We're still being careful, but it's been encouraging," said Elyse Mailhot, Marketing and Communications manager at Discover Canada Tours.
Rising travel demand is expected to be a theme when Air Canada AC.TO releases quarterly earnings next week.
Tourism spending in Canada rose 4.4% in 2021 to C$50.8 billion ($40 billion) from 2020, when it fell 49% from 2019, official data released in March showed. In 2021, tourism accounted for 4.1% of Canada's GDP.
While tours are picking up, it has become tough to find talent to lead them. "I think people moved to other industries," Mailhot said. "Even students seem to be pickier."
($1 = 1.2711 Canadian dollars)
(Reporting by Jenna Zucker Editing by Marguerita Choy)
((jenna.zucker@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | By Jenna Zucker TORONTO, April 22 (Reuters) - Canada attracted more than one million travelers in a week for the first time since the pandemic, government data showed on Friday, as easing of COVID-19 border restrictions encouraged visitors back into the country. Canada had imposed some of the strictest border measures to stop the spread of COVID-19, but after Ottawa dropped the requirement for COVID tests for vaccinated travelers starting April, tour companies began to see an uptick in bookings. As Canada heads into its peak summer holiday season, tour operators are betting the revival seen in the first week of April would gather pace. | By Jenna Zucker TORONTO, April 22 (Reuters) - Canada attracted more than one million travelers in a week for the first time since the pandemic, government data showed on Friday, as easing of COVID-19 border restrictions encouraged visitors back into the country. Canada had imposed some of the strictest border measures to stop the spread of COVID-19, but after Ottawa dropped the requirement for COVID tests for vaccinated travelers starting April, tour companies began to see an uptick in bookings. As Canada heads into its peak summer holiday season, tour operators are betting the revival seen in the first week of April would gather pace. | By Jenna Zucker TORONTO, April 22 (Reuters) - Canada attracted more than one million travelers in a week for the first time since the pandemic, government data showed on Friday, as easing of COVID-19 border restrictions encouraged visitors back into the country. Canada had imposed some of the strictest border measures to stop the spread of COVID-19, but after Ottawa dropped the requirement for COVID tests for vaccinated travelers starting April, tour companies began to see an uptick in bookings. As Canada heads into its peak summer holiday season, tour operators are betting the revival seen in the first week of April would gather pace. | By Jenna Zucker TORONTO, April 22 (Reuters) - Canada attracted more than one million travelers in a week for the first time since the pandemic, government data showed on Friday, as easing of COVID-19 border restrictions encouraged visitors back into the country. As Canada heads into its peak summer holiday season, tour operators are betting the revival seen in the first week of April would gather pace. In 2021, tourism accounted for 4.1% of Canada's GDP. |
34889.0 | 2022-04-01 00:00:00 UTC | Mexico's Arca Continental to boost capex by 67% | AC | https://www.nasdaq.com/articles/mexicos-arca-continental-to-boost-capex-by-67 | nan | nan | MEXICO CITY, April 1 (Reuters) - Mexican bottler Arca Continental AC.MX said on Friday it plans to invest more than 12 billion pesos ($605 million) this year in different projects to strengthen its operations throughout the Americas, a 67% increase over last year.
The second-largest Coca-Cola bottler in Latin America said in a statement that approximately 50% of the capital expenditures will go to operations in Mexico and the rest to its units in the United States and South America.
Arca Continental said in its fourth quarter results report its capex for 2021 had totaled 7.2 billion pesos.
($1 = 19.8341 Mexican pesos)
(Reporting by Noe Torres; Writing by Valentine Hilaire; Editing by Chris Reese)
((Valentine.Hilaire@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | MEXICO CITY, April 1 (Reuters) - Mexican bottler Arca Continental AC.MX said on Friday it plans to invest more than 12 billion pesos ($605 million) this year in different projects to strengthen its operations throughout the Americas, a 67% increase over last year. Arca Continental said in its fourth quarter results report its capex for 2021 had totaled 7.2 billion pesos. ($1 = 19.8341 Mexican pesos) (Reporting by Noe Torres; Writing by Valentine Hilaire; Editing by Chris Reese) ((Valentine.Hilaire@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | MEXICO CITY, April 1 (Reuters) - Mexican bottler Arca Continental AC.MX said on Friday it plans to invest more than 12 billion pesos ($605 million) this year in different projects to strengthen its operations throughout the Americas, a 67% increase over last year. Arca Continental said in its fourth quarter results report its capex for 2021 had totaled 7.2 billion pesos. ($1 = 19.8341 Mexican pesos) (Reporting by Noe Torres; Writing by Valentine Hilaire; Editing by Chris Reese) ((Valentine.Hilaire@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | MEXICO CITY, April 1 (Reuters) - Mexican bottler Arca Continental AC.MX said on Friday it plans to invest more than 12 billion pesos ($605 million) this year in different projects to strengthen its operations throughout the Americas, a 67% increase over last year. The second-largest Coca-Cola bottler in Latin America said in a statement that approximately 50% of the capital expenditures will go to operations in Mexico and the rest to its units in the United States and South America. ($1 = 19.8341 Mexican pesos) (Reporting by Noe Torres; Writing by Valentine Hilaire; Editing by Chris Reese) ((Valentine.Hilaire@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | MEXICO CITY, April 1 (Reuters) - Mexican bottler Arca Continental AC.MX said on Friday it plans to invest more than 12 billion pesos ($605 million) this year in different projects to strengthen its operations throughout the Americas, a 67% increase over last year. The second-largest Coca-Cola bottler in Latin America said in a statement that approximately 50% of the capital expenditures will go to operations in Mexico and the rest to its units in the United States and South America. Arca Continental said in its fourth quarter results report its capex for 2021 had totaled 7.2 billion pesos. |
34890.0 | 2022-03-31 00:00:00 UTC | CANADA STOCKS-Toronto futures fall on weaker crude prices | AC | https://www.nasdaq.com/articles/canada-stocks-toronto-futures-fall-on-weaker-crude-prices | nan | nan | March 31 (Reuters) - Futures for Canada's commodity-heavy main stock index fell on Thursday as crude oil prices plunged, although the benchmark index was set for its best monthly performance in five.
June futures on the S&P/TSX index SXFc1 were down 0.3% at 6:47 a.m. ET.
Oil prices plunged on news that the United States was considering the release of up to 180 million barrels from its Strategic Petroleum Reserve (SPR), the largest in the near 50-year history of the SPR.O/R
Canada's statistics agency is set to release the gross domestic product data for January at 08:30 a.m. ET, which is expected to show a 0.2% rise.
The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended 0.05% lower at 22,075.96 on Wednesday. .TO
Despite the recent market gyrations caused by the Russia-Ukraine war and soaring inflation, the TSX is set to post its biggest monthly gain since October thanks to surging commodity prices.
Dow e-minis 1YMcv1 were up 13 points, or 0.04% at 6:47 a.m. ET, while S&P 500 e-minis EScv1 were up 6.75 points, or 0.15% and Nasdaq 100 e-minis NQcv1 were up 58.5 points, or 0.39%. .N
TOP STORIES TOP/CAN
Shares in wealth manager Brewin Dolphin BRW.L leapt 61% on Thursday after Royal Bank of Canada RY.TO made a 1.6 billion pound ($2.1 billion) all-cash offer for the firm, the latest in a string of wealth management acquisitions in Britain.
Suncor Energy Inc SU.TO said on Wednesday it had extinguished a fire at its 146,000-barrel-per-day Edmonton refinery in Canada's Alberta that broke out in the morning and caused one injury.
ANALYST RESEARCH HIGHLIGHTS RCH/CA
Air Canada AC.TO: Cowen and Company cuts target price to C$29 from C$32
Dollarama Inc DOL.TO: RBC raises target price to C$79 from C$77
Petroshale PSH.V: National Bank of Canada resumes with sector perform rating; PT C$1
COMMODITIES AT 7:00 a.m. ET
Gold futures GCc2: $1925; -0.57% GOL/
US crude CLc1: $101.42; -5.95% O/R
Brent crude LCOc1: $106.84; -5.83% O/R
U.S. ECONOMIC DATA DUE ON THURSDAY
0730 Challenger layoffs for Mar: Prior 15,245
0830 Continues jobless claim : Expected 1.350 mln; Prior 1.350 mln
0830 Jobless claim 4week average : Prior 211,750
0830 Initial jobless claim : Expected 197,000; Prior 187,000
0830 PCE price index yy for Feb: Prior 6.1%
0830 PCE price index mm for Feb: Prior 0.6%
0830 Core PCE price index yy for Feb: Expected 5.5%; Prior 5.2%
0830 Core PCE price index mm for Feb: Expected 0.4%; Prior 0.5%
0830 Consumption, adjusted mm for Feb: Expected 0.5%; Prior 2.1%
0830 Personal consumption real mm for Feb: Prior 1.5%
0830 Personal income mm for Feb: Expected 0.5%; Prior 0.0%
0945 Chicago PMI for Mar: Expected 57.0; Prior 56.3
1800 Dallas fed PCE for Feb: Prior 6.7%
FOR CANADIAN MARKETS NEWS, CLICK ON CODES:
TSX market report .TO
Canadian dollar and bonds report CAD/CA/
Reuters global stocks poll for Canada EQUITYPOLL1, EPOLL/CA
Canadian markets directory CANADA
($1= C$1.25)
(Reporting by Amal S in Bengaluru; Editing by Aditya Soni)
((Amal.S@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 6749 3677;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Shares in wealth manager Brewin Dolphin BRW.L leapt 61% on Thursday after Royal Bank of Canada RY.TO made a 1.6 billion pound ($2.1 billion) all-cash offer for the firm, the latest in a string of wealth management acquisitions in Britain. Air Canada AC.TO: Cowen and Company cuts target price to C$29 from C$32 Dollarama Inc DOL.TO: RBC raises target price to C$79 from C$77 Petroshale PSH.V: National Bank of Canada resumes with sector perform rating; PT C$1 COMMODITIES AT 7:00 a.m. Oil prices plunged on news that the United States was considering the release of up to 180 million barrels from its Strategic Petroleum Reserve (SPR), the largest in the near 50-year history of the SPR.O/R Canada's statistics agency is set to release the gross domestic product data for January at 08:30 a.m. | Shares in wealth manager Brewin Dolphin BRW.L leapt 61% on Thursday after Royal Bank of Canada RY.TO made a 1.6 billion pound ($2.1 billion) all-cash offer for the firm, the latest in a string of wealth management acquisitions in Britain. Air Canada AC.TO: Cowen and Company cuts target price to C$29 from C$32 Dollarama Inc DOL.TO: RBC raises target price to C$79 from C$77 Petroshale PSH.V: National Bank of Canada resumes with sector perform rating; PT C$1 COMMODITIES AT 7:00 a.m. March 31 (Reuters) - Futures for Canada's commodity-heavy main stock index fell on Thursday as crude oil prices plunged, although the benchmark index was set for its best monthly performance in five. | Shares in wealth manager Brewin Dolphin BRW.L leapt 61% on Thursday after Royal Bank of Canada RY.TO made a 1.6 billion pound ($2.1 billion) all-cash offer for the firm, the latest in a string of wealth management acquisitions in Britain. Air Canada AC.TO: Cowen and Company cuts target price to C$29 from C$32 Dollarama Inc DOL.TO: RBC raises target price to C$79 from C$77 Petroshale PSH.V: National Bank of Canada resumes with sector perform rating; PT C$1 COMMODITIES AT 7:00 a.m. March 31 (Reuters) - Futures for Canada's commodity-heavy main stock index fell on Thursday as crude oil prices plunged, although the benchmark index was set for its best monthly performance in five. | Shares in wealth manager Brewin Dolphin BRW.L leapt 61% on Thursday after Royal Bank of Canada RY.TO made a 1.6 billion pound ($2.1 billion) all-cash offer for the firm, the latest in a string of wealth management acquisitions in Britain. Air Canada AC.TO: Cowen and Company cuts target price to C$29 from C$32 Dollarama Inc DOL.TO: RBC raises target price to C$79 from C$77 Petroshale PSH.V: National Bank of Canada resumes with sector perform rating; PT C$1 COMMODITIES AT 7:00 a.m. March 31 (Reuters) - Futures for Canada's commodity-heavy main stock index fell on Thursday as crude oil prices plunged, although the benchmark index was set for its best monthly performance in five. |
34891.0 | 2022-03-30 00:00:00 UTC | Air Canada to increase full-year capacity on higher travel demand | AC | https://www.nasdaq.com/articles/air-canada-to-increase-full-year-capacity-on-higher-travel-demand | nan | nan | March 30 (Reuters) - Air Canada AC.TO said on Wednesday it plans to increase its capacity for full-year 2022, helped by a rebound in travel demand as COVID-related restrictions ease around the world.
(Reporting by Nathan Gomes in Bengaluru; Editing by Krishna Chandra Eluri)
((Nathan.Gomes@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | March 30 (Reuters) - Air Canada AC.TO said on Wednesday it plans to increase its capacity for full-year 2022, helped by a rebound in travel demand as COVID-related restrictions ease around the world. (Reporting by Nathan Gomes in Bengaluru; Editing by Krishna Chandra Eluri) ((Nathan.Gomes@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | March 30 (Reuters) - Air Canada AC.TO said on Wednesday it plans to increase its capacity for full-year 2022, helped by a rebound in travel demand as COVID-related restrictions ease around the world. (Reporting by Nathan Gomes in Bengaluru; Editing by Krishna Chandra Eluri) ((Nathan.Gomes@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | March 30 (Reuters) - Air Canada AC.TO said on Wednesday it plans to increase its capacity for full-year 2022, helped by a rebound in travel demand as COVID-related restrictions ease around the world. (Reporting by Nathan Gomes in Bengaluru; Editing by Krishna Chandra Eluri) ((Nathan.Gomes@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | March 30 (Reuters) - Air Canada AC.TO said on Wednesday it plans to increase its capacity for full-year 2022, helped by a rebound in travel demand as COVID-related restrictions ease around the world. (Reporting by Nathan Gomes in Bengaluru; Editing by Krishna Chandra Eluri) ((Nathan.Gomes@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. |
34892.0 | 2022-03-30 00:00:00 UTC | Air Canada to increase full-year capacity on higher travel demand | AC | https://www.nasdaq.com/articles/air-canada-to-increase-full-year-capacity-on-higher-travel-demand-0 | nan | nan | Adds details, background
March 30 (Reuters) - Air Canada AC.TO said on Wednesday it plans to increase its capacity for full-year 2022, helped by a rebound in travel demand as COVID-related restrictions ease around the world.
"With the pandemic receding and travel returning, Air Canada has put in place a strategy to return to profitability and increase long-term shareholder value." said chief executive Michael Rousseau.
Canadian carriers are seeing a rise in spring travel as COVID-19 shows signs of ebbing, but higher oil prices due to the Russia-Ukraine conflict has cast a shadow ahead of the busy summer vacation season.
The company said it plans to increase its full-year capacity by about 150% compared with 2021, and added it expects a 13% to 15% increase in adjusted cost per available seat (CASM) compared with 2019.
The announcement comes nearly a week after Air Canada said it would add 26 extra-long-range versions of the Airbus A321neo aircraft to its fleet to accommodate higher demand for travel.
(Reporting by Nathan Gomes in Bengaluru; Editing by Krishna Chandra Eluri)
((Nathan.Gomes@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Adds details, background March 30 (Reuters) - Air Canada AC.TO said on Wednesday it plans to increase its capacity for full-year 2022, helped by a rebound in travel demand as COVID-related restrictions ease around the world. Canadian carriers are seeing a rise in spring travel as COVID-19 shows signs of ebbing, but higher oil prices due to the Russia-Ukraine conflict has cast a shadow ahead of the busy summer vacation season. The announcement comes nearly a week after Air Canada said it would add 26 extra-long-range versions of the Airbus A321neo aircraft to its fleet to accommodate higher demand for travel. | Adds details, background March 30 (Reuters) - Air Canada AC.TO said on Wednesday it plans to increase its capacity for full-year 2022, helped by a rebound in travel demand as COVID-related restrictions ease around the world. "With the pandemic receding and travel returning, Air Canada has put in place a strategy to return to profitability and increase long-term shareholder value." The company said it plans to increase its full-year capacity by about 150% compared with 2021, and added it expects a 13% to 15% increase in adjusted cost per available seat (CASM) compared with 2019. | Adds details, background March 30 (Reuters) - Air Canada AC.TO said on Wednesday it plans to increase its capacity for full-year 2022, helped by a rebound in travel demand as COVID-related restrictions ease around the world. "With the pandemic receding and travel returning, Air Canada has put in place a strategy to return to profitability and increase long-term shareholder value." Canadian carriers are seeing a rise in spring travel as COVID-19 shows signs of ebbing, but higher oil prices due to the Russia-Ukraine conflict has cast a shadow ahead of the busy summer vacation season. | Adds details, background March 30 (Reuters) - Air Canada AC.TO said on Wednesday it plans to increase its capacity for full-year 2022, helped by a rebound in travel demand as COVID-related restrictions ease around the world. "With the pandemic receding and travel returning, Air Canada has put in place a strategy to return to profitability and increase long-term shareholder value." Canadian carriers are seeing a rise in spring travel as COVID-19 shows signs of ebbing, but higher oil prices due to the Russia-Ukraine conflict has cast a shadow ahead of the busy summer vacation season. |
34893.0 | 2022-03-30 00:00:00 UTC | Air France KLM loses fight against EU cartel fine | AC | https://www.nasdaq.com/articles/air-france-klm-loses-fight-against-eu-cartel-fine | nan | nan | BRUSSELS, March 30 (Reuters) - Air France-KLM AIRF.PA and its Dutch subsidiary KLM on Wednesday lost their challenge against million-euro fines re-imposed by EU antitrust regulators five years ago for taking part in an air cargo cartel two decades ago.
The European Commission had fined Air France 182.9 million euros ($204 million), the highest, followed by KLM at 127.1 million. The total fine for the cartel made up of 12 airlines came to 776 million euros.
The Luxembourg-based General Court rejected Air France KLM and KLM's appeals and those brought by Martinair Holland, Cargolux, Lufthansa LHAG.DE and Singapore Airlines SIAL.SI.
It reduced the Commission's fines but also hiked them for Japan Airlines, Air Canada, British Airways, Cathay Pacific Airways, SAS Cargo Group and Others, Latam Airlines Group and Lan Cargo.
The cases are T-323/17 Martinair Holland, T-324/17 SAS Cargo Group and others, T-325/17 KLM, T-336/17 Air Canada, T-334/17 Cargolux Airlines, T-337/17 Air France–KLM, T-338/17 Air France, T-340/17 Japan Airlines, Case T-341/17 British Airways, T-342/17 Deutsche Lufthansa and others, T-343/17 Cathay Pacific Airways, T-344/17 Latam Airlines Group & Lan Cargo and T-350/17 Singapore Airlines & Singapore Airlines Cargo.
($1 = 0.8966 euros)
(Reporting by Foo Yun Chee)
((foo.yunchee@thomsonreuters.com; +32 2 287 6844; Reuters Messaging: foo.yunchee.thomsonreuters.com@reuters.net))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | It reduced the Commission's fines but also hiked them for Japan Airlines, Air Canada, British Airways, Cathay Pacific Airways, SAS Cargo Group and Others, Latam Airlines Group and Lan Cargo. The cases are T-323/17 Martinair Holland, T-324/17 SAS Cargo Group and others, T-325/17 KLM, T-336/17 Air Canada, T-334/17 Cargolux Airlines, T-337/17 Air France–KLM, T-338/17 Air France, T-340/17 Japan Airlines, Case T-341/17 British Airways, T-342/17 Deutsche Lufthansa and others, T-343/17 Cathay Pacific Airways, T-344/17 Latam Airlines Group & Lan Cargo and T-350/17 Singapore Airlines & Singapore Airlines Cargo. BRUSSELS, March 30 (Reuters) - Air France-KLM AIRF.PA and its Dutch subsidiary KLM on Wednesday lost their challenge against million-euro fines re-imposed by EU antitrust regulators five years ago for taking part in an air cargo cartel two decades ago. | It reduced the Commission's fines but also hiked them for Japan Airlines, Air Canada, British Airways, Cathay Pacific Airways, SAS Cargo Group and Others, Latam Airlines Group and Lan Cargo. The cases are T-323/17 Martinair Holland, T-324/17 SAS Cargo Group and others, T-325/17 KLM, T-336/17 Air Canada, T-334/17 Cargolux Airlines, T-337/17 Air France–KLM, T-338/17 Air France, T-340/17 Japan Airlines, Case T-341/17 British Airways, T-342/17 Deutsche Lufthansa and others, T-343/17 Cathay Pacific Airways, T-344/17 Latam Airlines Group & Lan Cargo and T-350/17 Singapore Airlines & Singapore Airlines Cargo. The European Commission had fined Air France 182.9 million euros ($204 million), the highest, followed by KLM at 127.1 million. | It reduced the Commission's fines but also hiked them for Japan Airlines, Air Canada, British Airways, Cathay Pacific Airways, SAS Cargo Group and Others, Latam Airlines Group and Lan Cargo. The cases are T-323/17 Martinair Holland, T-324/17 SAS Cargo Group and others, T-325/17 KLM, T-336/17 Air Canada, T-334/17 Cargolux Airlines, T-337/17 Air France–KLM, T-338/17 Air France, T-340/17 Japan Airlines, Case T-341/17 British Airways, T-342/17 Deutsche Lufthansa and others, T-343/17 Cathay Pacific Airways, T-344/17 Latam Airlines Group & Lan Cargo and T-350/17 Singapore Airlines & Singapore Airlines Cargo. BRUSSELS, March 30 (Reuters) - Air France-KLM AIRF.PA and its Dutch subsidiary KLM on Wednesday lost their challenge against million-euro fines re-imposed by EU antitrust regulators five years ago for taking part in an air cargo cartel two decades ago. | The cases are T-323/17 Martinair Holland, T-324/17 SAS Cargo Group and others, T-325/17 KLM, T-336/17 Air Canada, T-334/17 Cargolux Airlines, T-337/17 Air France–KLM, T-338/17 Air France, T-340/17 Japan Airlines, Case T-341/17 British Airways, T-342/17 Deutsche Lufthansa and others, T-343/17 Cathay Pacific Airways, T-344/17 Latam Airlines Group & Lan Cargo and T-350/17 Singapore Airlines & Singapore Airlines Cargo. It reduced the Commission's fines but also hiked them for Japan Airlines, Air Canada, British Airways, Cathay Pacific Airways, SAS Cargo Group and Others, Latam Airlines Group and Lan Cargo. BRUSSELS, March 30 (Reuters) - Air France-KLM AIRF.PA and its Dutch subsidiary KLM on Wednesday lost their challenge against million-euro fines re-imposed by EU antitrust regulators five years ago for taking part in an air cargo cartel two decades ago. |
34894.0 | 2022-03-30 00:00:00 UTC | Air France KLM loses fight against EU cartel fine | AC | https://www.nasdaq.com/articles/air-france-klm-loses-fight-against-eu-cartel-fine-0 | nan | nan | By Foo Yun Chee
BRUSSELS, March 30 (Reuters) - Air France-KLM AIRF.PA and its Dutch subsidiary KLM on Wednesday lost their challenge against million-euro fines re-imposed by EU antitrust regulators five years ago for taking part in an air cargo cartel two decades ago.
Air France KLM said it was considering appeal against the decision.
Air France and 10 of its peers had in 2015 won their court fight against fines levied by the European Commission in 2010 for fixing air freight services, fuel and security surcharges between December 1999 and February 2006.
The EU competition enforcer subsequently fixed procedural errors pointed out by the Luxembourg-based General Court and in 2017 re-issued the same penalties except for Martinair which had its fine reduced.
The airlines then took their case back to the General Court, Europe's second-highest.
The Luxembourg-based court rejected Air France KLM and KLM's appeals and those brought by Martinair Holland, Cargolux, Lufthansa LHAG.DE and Singapore Airlines SIAL.SI.
"Air France-KLM has taken note of the EU General Court’s judgement on the appeal filed against the decision of the European Commission of 17 March 2017 against 13 cargo operators, including Group airlines Air France, KLM and Martinair for practices considered to be anti-competitive in the air cargo sector," Air France KLM said in a statement.
"The Group will immediately analyse this decision in view of an appeal before the Court of Justice. Provisions of 350.6 million euros ($391 million) including interest have been made in respect of these fines in the accounts on 31 December 2021," it added.
The Commission had fined Air France 182.9 million euros, the highest, followed by KLM at 127.1 million. The total fine for the cartel made up of 12 airlines came to 776 million euros.
The court reduced the fines for Air Canada AC.TO, Japan Airlines 9201.T, British Airways ICAG.L, Cathay Pacific Airways 0293.HK, Latam Airlines Group and its subsidiary Lan Cargo.
SAS's SAS.ST fine remained about the same after judges reduced the penalties for part of its infringements but increased them for others.
Lufthansa LHAG.DE and subsidiary Swiss International Airlines escaped a fine as it alerted the EU competition authority to the cartel.
The cases are T-323/17 Martinair Holland, T-324/17 SAS Cargo Group and others, T-325/17 KLM, T-336/17 Air Canada, T-334/17 Cargolux Airlines, T-337/17 Air France–KLM, T-338/17 Air France, T-340/17 Japan Airlines, Case T-341/17 British Airways, T-342/17 Deutsche Lufthansa and others, T-343/17 Cathay Pacific Airways, T-344/17 Latam Airlines Group & Lan Cargo and T-350/17 Singapore Airlines & Singapore Airlines Cargo.
($1 = 0.8967 euros)
(Reporting by Foo Yun Chee; Editing by Elaine Hardcastle/Sudip Kar-Gupta)
((foo.yunchee@thomsonreuters.com; +32 2 287 6844; Reuters Messaging: foo.yunchee.thomsonreuters.com@reuters.net))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The airlines then took their case back to the General Court, Europe's second-highest. "Air France-KLM has taken note of the EU General Court’s judgement on the appeal filed against the decision of the European Commission of 17 March 2017 against 13 cargo operators, including Group airlines Air France, KLM and Martinair for practices considered to be anti-competitive in the air cargo sector," Air France KLM said in a statement. Provisions of 350.6 million euros ($391 million) including interest have been made in respect of these fines in the accounts on 31 December 2021," it added. | "Air France-KLM has taken note of the EU General Court’s judgement on the appeal filed against the decision of the European Commission of 17 March 2017 against 13 cargo operators, including Group airlines Air France, KLM and Martinair for practices considered to be anti-competitive in the air cargo sector," Air France KLM said in a statement. The court reduced the fines for Air Canada AC.TO, Japan Airlines 9201.T, British Airways ICAG.L, Cathay Pacific Airways 0293.HK, Latam Airlines Group and its subsidiary Lan Cargo. The cases are T-323/17 Martinair Holland, T-324/17 SAS Cargo Group and others, T-325/17 KLM, T-336/17 Air Canada, T-334/17 Cargolux Airlines, T-337/17 Air France–KLM, T-338/17 Air France, T-340/17 Japan Airlines, Case T-341/17 British Airways, T-342/17 Deutsche Lufthansa and others, T-343/17 Cathay Pacific Airways, T-344/17 Latam Airlines Group & Lan Cargo and T-350/17 Singapore Airlines & Singapore Airlines Cargo. | "Air France-KLM has taken note of the EU General Court’s judgement on the appeal filed against the decision of the European Commission of 17 March 2017 against 13 cargo operators, including Group airlines Air France, KLM and Martinair for practices considered to be anti-competitive in the air cargo sector," Air France KLM said in a statement. The court reduced the fines for Air Canada AC.TO, Japan Airlines 9201.T, British Airways ICAG.L, Cathay Pacific Airways 0293.HK, Latam Airlines Group and its subsidiary Lan Cargo. The cases are T-323/17 Martinair Holland, T-324/17 SAS Cargo Group and others, T-325/17 KLM, T-336/17 Air Canada, T-334/17 Cargolux Airlines, T-337/17 Air France–KLM, T-338/17 Air France, T-340/17 Japan Airlines, Case T-341/17 British Airways, T-342/17 Deutsche Lufthansa and others, T-343/17 Cathay Pacific Airways, T-344/17 Latam Airlines Group & Lan Cargo and T-350/17 Singapore Airlines & Singapore Airlines Cargo. | "Air France-KLM has taken note of the EU General Court’s judgement on the appeal filed against the decision of the European Commission of 17 March 2017 against 13 cargo operators, including Group airlines Air France, KLM and Martinair for practices considered to be anti-competitive in the air cargo sector," Air France KLM said in a statement. The cases are T-323/17 Martinair Holland, T-324/17 SAS Cargo Group and others, T-325/17 KLM, T-336/17 Air Canada, T-334/17 Cargolux Airlines, T-337/17 Air France–KLM, T-338/17 Air France, T-340/17 Japan Airlines, Case T-341/17 British Airways, T-342/17 Deutsche Lufthansa and others, T-343/17 Cathay Pacific Airways, T-344/17 Latam Airlines Group & Lan Cargo and T-350/17 Singapore Airlines & Singapore Airlines Cargo. The airlines then took their case back to the General Court, Europe's second-highest. |
34895.0 | 2022-03-29 00:00:00 UTC | Air Canada signs interline agreement with Mexico's Aeromar | AC | https://www.nasdaq.com/articles/air-canada-signs-interline-agreement-with-mexicos-aeromar | nan | nan | MEXICO CITY, March 29 (Reuters) - Carrier Air Canada AC.TO and Mexico's Aeromar signed an agreement to jointly market routes through Mexico, the airlines announced in a statement on Tuesday.
Air Canada, which already flies to seven tourist hot spots in Mexico, will now allow travelers to connect to 11 new cities in Mexico as well as Cuba's capital, Havana, through the regional carrier, the companies said.
The partnership will push Canada's flag carrier over pre-pandemic levels for flights to Mexico this summer, with plans to offer more than 100 flights to the country by winter, the airlines announced.
"This agreement will advance our strategy to strengthen our major Canadian hubs with connecting traffic," Air Canada executive Mark Galardo said in the statement.
Last week, Air Canada announced it would add 26 new aircraft to its fleet as travel demand from Canada has surged in recent months.
Travelers will now be able to buy Air Canada and Aeromar tickets on the same itinerary, though the companies said they were still exploring a code-share agreement. Aeromar flights may soon count for Air Canada's frequent-flyer program as well.
(Reporting by Kylie Madry in Mexico City Editing by Matthew Lewis)
((Kylie.Madry@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | MEXICO CITY, March 29 (Reuters) - Carrier Air Canada AC.TO and Mexico's Aeromar signed an agreement to jointly market routes through Mexico, the airlines announced in a statement on Tuesday. "This agreement will advance our strategy to strengthen our major Canadian hubs with connecting traffic," Air Canada executive Mark Galardo said in the statement. Travelers will now be able to buy Air Canada and Aeromar tickets on the same itinerary, though the companies said they were still exploring a code-share agreement. | MEXICO CITY, March 29 (Reuters) - Carrier Air Canada AC.TO and Mexico's Aeromar signed an agreement to jointly market routes through Mexico, the airlines announced in a statement on Tuesday. "This agreement will advance our strategy to strengthen our major Canadian hubs with connecting traffic," Air Canada executive Mark Galardo said in the statement. Last week, Air Canada announced it would add 26 new aircraft to its fleet as travel demand from Canada has surged in recent months. | MEXICO CITY, March 29 (Reuters) - Carrier Air Canada AC.TO and Mexico's Aeromar signed an agreement to jointly market routes through Mexico, the airlines announced in a statement on Tuesday. Air Canada, which already flies to seven tourist hot spots in Mexico, will now allow travelers to connect to 11 new cities in Mexico as well as Cuba's capital, Havana, through the regional carrier, the companies said. Last week, Air Canada announced it would add 26 new aircraft to its fleet as travel demand from Canada has surged in recent months. | MEXICO CITY, March 29 (Reuters) - Carrier Air Canada AC.TO and Mexico's Aeromar signed an agreement to jointly market routes through Mexico, the airlines announced in a statement on Tuesday. The partnership will push Canada's flag carrier over pre-pandemic levels for flights to Mexico this summer, with plans to offer more than 100 flights to the country by winter, the airlines announced. "This agreement will advance our strategy to strengthen our major Canadian hubs with connecting traffic," Air Canada executive Mark Galardo said in the statement. |
34896.0 | 2022-03-22 00:00:00 UTC | CANADA STOCKS-Toronto index hits record high on banks rally | AC | https://www.nasdaq.com/articles/canada-stocks-toronto-index-hits-record-high-on-banks-rally | nan | nan | March 22 (Reuters) - Canada's main stock index scaled another record peak on Tuesday as a banks rally on prospects of higher interest rates cushioned weakness in commodity-linked sectors.
At 9:45 a.m. ET (13:45 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 58.73 points, or 0.27%, at 22,067.86, set for its longest winning streak since October.
"The exceptional breadth has been the most impressive aspect of this market rally," said Colin Cieszynski, chief market strategist at SIA Wealth Management.
The benchmark index has gained for five straight sessions, adding nearly 4% thanks to broad-based gains.
"Strong breadth is something you typically see at the beginning of a rally, not the end, which could elongate the current win streak," Cieszynski said.
Leading the charge on Tuesday, the heavyweight financials sector .SPTTFS jumped 1.1% as U.S. counterparts gained on growing bets of aggressive interest rate increases by the Federal Reserve.
Several Canadian banks have operations in the United States and monetary policy is also expected to tighten at home, with Bank of Canada saying earlier this month that rates would need to go higher after delivering its first interest rate hike since 2018.
Limiting the gains, the energy sector .SPTTEN dropped 0.4% as a split among European Union foreign ministers on whether to join the United States in banning Russian oil whipsawed crude prices. O/R
The materials sector .GSPTTMT, which includes precious and base metals miners and fertilizer companies, lost 0.9%, while healthcare shares .GSPTTHC advanced 0.7%.
Among individual shares, Air Canada AC.TO rose 1.8% after saying it would add 26 extra-long-range versions of the Airbus A321neo aircraft to its fleet.
On the economic front, domestic producer prices rose by 3.1% in February from January, the largest monthly gain in more than 42 years, on higher prices for energy and petroleum products.
(Reporting by Amal S in Bengaluru; Editing by Aditya Soni)
((Amal.S@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 6749 3677;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Among individual shares, Air Canada AC.TO rose 1.8% after saying it would add 26 extra-long-range versions of the Airbus A321neo aircraft to its fleet. March 22 (Reuters) - Canada's main stock index scaled another record peak on Tuesday as a banks rally on prospects of higher interest rates cushioned weakness in commodity-linked sectors. Leading the charge on Tuesday, the heavyweight financials sector .SPTTFS jumped 1.1% as U.S. counterparts gained on growing bets of aggressive interest rate increases by the Federal Reserve. | Among individual shares, Air Canada AC.TO rose 1.8% after saying it would add 26 extra-long-range versions of the Airbus A321neo aircraft to its fleet. March 22 (Reuters) - Canada's main stock index scaled another record peak on Tuesday as a banks rally on prospects of higher interest rates cushioned weakness in commodity-linked sectors. "The exceptional breadth has been the most impressive aspect of this market rally," said Colin Cieszynski, chief market strategist at SIA Wealth Management. | Among individual shares, Air Canada AC.TO rose 1.8% after saying it would add 26 extra-long-range versions of the Airbus A321neo aircraft to its fleet. March 22 (Reuters) - Canada's main stock index scaled another record peak on Tuesday as a banks rally on prospects of higher interest rates cushioned weakness in commodity-linked sectors. Several Canadian banks have operations in the United States and monetary policy is also expected to tighten at home, with Bank of Canada saying earlier this month that rates would need to go higher after delivering its first interest rate hike since 2018. | Among individual shares, Air Canada AC.TO rose 1.8% after saying it would add 26 extra-long-range versions of the Airbus A321neo aircraft to its fleet. March 22 (Reuters) - Canada's main stock index scaled another record peak on Tuesday as a banks rally on prospects of higher interest rates cushioned weakness in commodity-linked sectors. The benchmark index has gained for five straight sessions, adding nearly 4% thanks to broad-based gains. |
34897.0 | 2022-03-22 00:00:00 UTC | Air Canada to add 26 Airbus A321neo aircraft to its fleet | AC | https://www.nasdaq.com/articles/air-canada-to-add-26-airbus-a321neo-aircraft-to-its-fleet-0 | nan | nan | Adds details, background
March 22 (Reuters) - Air Canada AC.TO said on Tuesday it would add 26 extra-long-range versions of the Airbus A321neo aircraft to its fleet to meet rising demand for air travel.
Travel demand has rebounded after a blip caused by the Omicron coronavirus variant and airlines expect it to remain strong enough to help them offset a run-up in fuel costs with higher fares.
The Canadian carrier said it would lease 15 aircraft from Air Lease Corp AL.N and five from Dublin-based AerCap Holdings AER.N.
An additional six aircrafts would be acquired from Airbus S.A.S. under an agreement that includes purchase rights to buy an additional 14 aircraft between 2027 and 2030.
The deliveries would begin in the first quarter of 2024 with the final aircraft to arrive in the first quarter of 2027, Air Canada said.
(Reporting by Kannaki Deka in Bengaluru; Editing by Vinay Dwivedi)
((Kannaki.Deka@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Adds details, background March 22 (Reuters) - Air Canada AC.TO said on Tuesday it would add 26 extra-long-range versions of the Airbus A321neo aircraft to its fleet to meet rising demand for air travel. An additional six aircrafts would be acquired from Airbus S.A.S. Travel demand has rebounded after a blip caused by the Omicron coronavirus variant and airlines expect it to remain strong enough to help them offset a run-up in fuel costs with higher fares. | Adds details, background March 22 (Reuters) - Air Canada AC.TO said on Tuesday it would add 26 extra-long-range versions of the Airbus A321neo aircraft to its fleet to meet rising demand for air travel. An additional six aircrafts would be acquired from Airbus S.A.S. The Canadian carrier said it would lease 15 aircraft from Air Lease Corp AL.N and five from Dublin-based AerCap Holdings AER.N. | Adds details, background March 22 (Reuters) - Air Canada AC.TO said on Tuesday it would add 26 extra-long-range versions of the Airbus A321neo aircraft to its fleet to meet rising demand for air travel. An additional six aircrafts would be acquired from Airbus S.A.S. The Canadian carrier said it would lease 15 aircraft from Air Lease Corp AL.N and five from Dublin-based AerCap Holdings AER.N. | Adds details, background March 22 (Reuters) - Air Canada AC.TO said on Tuesday it would add 26 extra-long-range versions of the Airbus A321neo aircraft to its fleet to meet rising demand for air travel. An additional six aircrafts would be acquired from Airbus S.A.S. Travel demand has rebounded after a blip caused by the Omicron coronavirus variant and airlines expect it to remain strong enough to help them offset a run-up in fuel costs with higher fares. |
34898.0 | 2022-03-22 00:00:00 UTC | Air Canada to add 26 Airbus A321neo aircraft to its fleet | AC | https://www.nasdaq.com/articles/air-canada-to-add-26-airbus-a321neo-aircraft-to-its-fleet | nan | nan | March 22 (Reuters) - Air Canada AC.TO said on Tuesday it would add 26 extra-long range versions of the Airbus A321neo aircraft to its fleet to meet rising demand for air travel.
(Reporting by Kannaki Deka in Bengaluru; Editing by Vinay Dwivedi)
((Kannaki.Deka@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | March 22 (Reuters) - Air Canada AC.TO said on Tuesday it would add 26 extra-long range versions of the Airbus A321neo aircraft to its fleet to meet rising demand for air travel. (Reporting by Kannaki Deka in Bengaluru; Editing by Vinay Dwivedi) ((Kannaki.Deka@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | March 22 (Reuters) - Air Canada AC.TO said on Tuesday it would add 26 extra-long range versions of the Airbus A321neo aircraft to its fleet to meet rising demand for air travel. (Reporting by Kannaki Deka in Bengaluru; Editing by Vinay Dwivedi) ((Kannaki.Deka@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | March 22 (Reuters) - Air Canada AC.TO said on Tuesday it would add 26 extra-long range versions of the Airbus A321neo aircraft to its fleet to meet rising demand for air travel. (Reporting by Kannaki Deka in Bengaluru; Editing by Vinay Dwivedi) ((Kannaki.Deka@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | March 22 (Reuters) - Air Canada AC.TO said on Tuesday it would add 26 extra-long range versions of the Airbus A321neo aircraft to its fleet to meet rising demand for air travel. (Reporting by Kannaki Deka in Bengaluru; Editing by Vinay Dwivedi) ((Kannaki.Deka@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. |
34899.0 | 2022-03-09 00:00:00 UTC | Canadian carriers see spring flying boost, but costs cloud horizon | AC | https://www.nasdaq.com/articles/canadian-carriers-see-spring-flying-boost-but-costs-cloud-horizon | nan | nan | By Allison Lampert
MONTREAL, March 9 (Reuters) - Canadian carriers are seeing a bounce in spring travel after a slump due to the spread of the Omicron coronavirus variant, with the country's largest airport bracing for its busiest travel day since the onset of the pandemic this Friday.
But just as COVID-19 shows signs of ebbing, surging oil prices due to the Russian-Ukraine crisis and high regulatory costs are casting shadows ahead of the busy summer vacation season.
Canadian air traffic is recovering more slowly than in the United States due to tougher virus restrictions.
But after rules eased in February, flights to some sun destinations rebounded in March to levels similar to those seen before Omicron hit winter travel, data from airline data company Cirium suggest.
Toronto Pearson International Airport on Wednesday said it is expecting March 11 to be the busiest travel day since the start of the pandemic, with about 85,000 passengers set to arrive or depart ahead of spring break next week in the country's most populous-province, Ontario.
The country's two largest carriers, Air Canada AC.TO and privately-held WestJet Airlines are recalling and hiring flight attendants, said Hugh Pouliot, a spokesman for the Canadian Union of Public Employees (CUPE) which represents them.
Westjet is "hiring like mad right now."
"We have seen an uptick in demand for both short-term (spring break) and long-term travel," said WestJet spokeswoman Denise Kenny.
Still, WestJet operates about 350 flights a day compared with more than 700 pre-pandemic, she noted.
"Even with this uptick we won't recover to 2019 levels," said Suzanne Acton-Gervais, interim president of the National Airlines Council of Canada (NACC), which represents the country's largest carriers.
Both U.S. and Canadian airlines have called for an end to testing requirements by the two countries for international travellers as they face higher oil prices and other costs.
"What we're hopeful is as the rules become less complex and more predictable people will feel comfortable traveling again," said Acton-Gervais who wants Canada to end testing by April 1.
The price of oil, which has climbed steadily since late last year, is linked to capacity growth, said U.S. airline trade group Airlines for America in a presentation, as some of the country's carriers cut less profitable routes.
Air Canada and U.S. legacy carriers have said they do not have current plans to hedge.
WestJet's Kenny said other costs have risen during the pandemic with 24% of every C$100 spent on airfare in Canada going to regulatory fees.
Kenny said WestJet has not increased fares, or "made any deliberate change to our systems in response to the rising cost of fuel."
Air Canada said airline pricing is based on different factors including competition and demand.
(Reporting By Allison Lampert in Montreal. Additional reporting by Nia Williams in Calgary and Rajesh Kumar Singh in Chicago; Editing by Kirsten Donovan)
((Allison.Lampert@thomsonreuters.com; 514-796-4212; Reuters Messaging: allison.lampert.reuters.com@reuters.net))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | But just as COVID-19 shows signs of ebbing, surging oil prices due to the Russian-Ukraine crisis and high regulatory costs are casting shadows ahead of the busy summer vacation season. The country's two largest carriers, Air Canada AC.TO and privately-held WestJet Airlines are recalling and hiring flight attendants, said Hugh Pouliot, a spokesman for the Canadian Union of Public Employees (CUPE) which represents them. By Allison Lampert MONTREAL, March 9 (Reuters) - Canadian carriers are seeing a bounce in spring travel after a slump due to the spread of the Omicron coronavirus variant, with the country's largest airport bracing for its busiest travel day since the onset of the pandemic this Friday. | By Allison Lampert MONTREAL, March 9 (Reuters) - Canadian carriers are seeing a bounce in spring travel after a slump due to the spread of the Omicron coronavirus variant, with the country's largest airport bracing for its busiest travel day since the onset of the pandemic this Friday. The country's two largest carriers, Air Canada AC.TO and privately-held WestJet Airlines are recalling and hiring flight attendants, said Hugh Pouliot, a spokesman for the Canadian Union of Public Employees (CUPE) which represents them. "Even with this uptick we won't recover to 2019 levels," said Suzanne Acton-Gervais, interim president of the National Airlines Council of Canada (NACC), which represents the country's largest carriers. | By Allison Lampert MONTREAL, March 9 (Reuters) - Canadian carriers are seeing a bounce in spring travel after a slump due to the spread of the Omicron coronavirus variant, with the country's largest airport bracing for its busiest travel day since the onset of the pandemic this Friday. The country's two largest carriers, Air Canada AC.TO and privately-held WestJet Airlines are recalling and hiring flight attendants, said Hugh Pouliot, a spokesman for the Canadian Union of Public Employees (CUPE) which represents them. Both U.S. and Canadian airlines have called for an end to testing requirements by the two countries for international travellers as they face higher oil prices and other costs. | By Allison Lampert MONTREAL, March 9 (Reuters) - Canadian carriers are seeing a bounce in spring travel after a slump due to the spread of the Omicron coronavirus variant, with the country's largest airport bracing for its busiest travel day since the onset of the pandemic this Friday. The country's two largest carriers, Air Canada AC.TO and privately-held WestJet Airlines are recalling and hiring flight attendants, said Hugh Pouliot, a spokesman for the Canadian Union of Public Employees (CUPE) which represents them. Both U.S. and Canadian airlines have called for an end to testing requirements by the two countries for international travellers as they face higher oil prices and other costs. |
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