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What you need to be aware of as the Air Canada work stoppage approaches
Air Canada's union and the Canadian government have been urged to resume contract negotiations. A work stoppage is imminent, which could affect travel for thousands of people if there is no resolution. As Canada prepares for flight disruptions, here's where the major stakeholders stand. Who does the union represent? The Canadian Union of Public Employees, or CUPE, represents more than 10,000 Flight Attendants at Air Canada Rouge and Air Canada. Earlier this week, 99.7% CUPE members voted for a strike if a deal could not be reached. WHAT DOES THE UNION DESIRE? CUPE wants to be paid for all time worked, including boarding, ground and other travel, which, according to the union, amounts up 35 hours per month. Air Canada has offered to compensate for some of this time at a rate that is half the normal hourly rate. The airline claims that its latest offer will increase compensation totals by 38% in four years with a 25% rise the first year. CUPE claims that the offer is only a 17.2% increase in wages, which does not go far enough for attendants who have five years or less of experience. This group makes up about half of its membership. The union hasn't revealed its full demands for wages. What does Air Canada want? The carrier's request for binding arbitration was made after the union demanded wages that were "unsustainable." The union urged the government, under section 107 (Canadian Labor Code), to act in order to maintain industrial peace. CUPE rejects arbitration. WHAT DOES IT SAY? Patty Hajdu, the Jobs Minister, has called on both sides to resume discussions and agreed to answer the union's arbitration request by 12 noon. ET (1600 GMT) Friday. When will the strike begin? CUPE set a 12:58 a.m. strike deadline. ET (0458 GMT) Saturday. Air Canada issued a lockout notification beginning 32 minutes after the announcement. WHAT WILL THE EFFECT BE ON FLIGHTS? Air Canada and Rouge transport about 130,000 passengers per day. The carrier has begun to cancel flights and is expected to cease operations by August 16, leaving tens of thousand of travelers stranded. Air Canada Express, operated by Jazz and PAL Airlines will serve about 20% of passengers. Aishwarya Jain, reporting from Bengaluru and Frank McGurty, editing by Chizu Nomiyama.
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Asian spot LNG prices fall as markets prepare for Trump-Putin summit
Asian spot LNG prices fell this week due to weak demand, high storage inventories, and the markets' anticipation of the meeting between U.S. president Donald Trump and Russian President Vladimir Putin. Average LNG price for September deliveries into North-east Asia Industry sources estimate that the price per million British Thermal Units (mmBtu) was $11.65, down from $11.90/mmBtu a week ago. Estimated contract price for October delivery: $11,45/mmBtu This (meeting), not only may be crucial for Ukraine, but also for the fates of Russian sanctions and the economic development between both nations. "It may not surprise anyone that Russia will open discussions on Arctic LNG 2 as this is the clearest link between LNG markets and Russia," said Klaas Dozeman of Brainchild Commodity Intelligence. Two of the three trains at Russia's Arctic LNG 2 terminal, sanctioned by the United States and currently under sanctions, have been installed. If these sanctions were to be loosened it could add quickly to global supplies. Martin Senior, head LNG pricing at Argus, stated that the Russian Yamal and Sakhalin LNG terminals, which export around 30 mtpa, could face future sanctions if they were boosted. Arturo Regalado is a senior LNG analyst with Kpler. He said that a lack of progress would raise concerns about tighter sanctions against Russian energy and possible secondary U.S. Tariffs on Russian Oil and Gas Buyers. Dozeman explained that while the weather in Asia has become slightly warmer, it hasn't attracted large spot purchases. This is partly because of the pressure on oil price. Long-term LNG contracts with oil indexes are now competitive against spot sales. Beijing Gas bought two cargoes at a price below $12/mmBtu, according to Argus Senior. Last year, the firm said it considered LNG imports above $12/mmBtu to be too expensive. According to Kpler's Regalado, prices are expected to fall next week due to high Chinese inventories, which continue to dampen demand in north-east Asia. Seasonal temperatures and stable Pacific supply also add to the negative tone. Gas prices in Europe at the Dutch TTF Hub were trading within a narrow range Friday, as the heatwave on the continent began to subside and markets focused on Trump-Putin's meeting. S&P Global Commodity Insights estimated its daily North West Europe LNG Marker price benchmark (NWM) for cargoes to be delivered in September ex-ship on August 14. This represents a $0.415/mmBtu reduction from the September futures prices at the TTF Hub. Spark Commodities set the price at $10.534/mmBtu while Argus put it at $10.540/mmBtu The U.S. Arbitrage to North-East Asia via Cape of Good Hope still encourages U.S. cargos for delivery to Europe. Qasim Afghanistan, Spark Commodities analyst, says that the arbitrage via Panama also points to Europe. The global LNG freight rates were relatively stable, Afghan said. Atlantic rates were assessed at $36,000/day while Pacific rates were $33,250/day. (Reporting and editing by Nina Chestney; Marwa Rashad)
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Spain is battling 14 major fires and more are expected
Spain fought 14 major fires on Friday, exacerbated by high winds. Authorities warned that "unfavourable" conditions were present to combat the flames. Seven people have died and an area as large as London has been burned. In one of the most severe wildfire seasons in the last 20 years, firefighters have battled to extinguish blazes throughout southern Europe. Virginia Barcones said that a heatwave lasting nearly two weeks and the southerly wind were aggravating the situation in Spain. Barcones, a reporter for RTVE, said that the situation in the west part of the country is very worrying. In Galicia several fires converged to create a large fire, forcing the closures of highways, rail and other services in the region. Some people stayed to protect their homes as fires spread from Galicia’s Ourense Province to the neighbouring Zamora. Loli Baz (52), from Villanueva de la Sierra, Zamora, said: "We're waiting for the flames to die down so we can stop them before they reach the houses." The Spanish weather agency AEMET has warned that extreme fire risks are possible in the west and north of the country. Temperatures could reach as high as 40 degrees Celsius on the coast of the north. Prime Minister Pedro Sanchez said on X that "Today is going to be another difficult day with a high risk of fires." FIRES SPREADING FAST The fire that started near Molezuelas de la Carballeda, in Castile and Leon, is one of the biggest in Spanish history. It has not progressed since Thursday. Eduardo Diego said that the wildfire spread at one time by 4,000 hectares (15,4 square miles) an hour. In the meantime, an blaze near Badajoz, in the region of Extremadura, had burned 2,500 acres in just a few short hours before it was brought under control. Jose Luis Quintana is the representative of the National Government for the Region. The fires forced the closure of over half a dozen major roads during a bank holiday weekend. This left travelers stranded at the height summer holidays. Police said that in the town of Oimbra, Ourense, where three firefighters suffered serious injuries, a man has been arrested for setting fire to his tractor, which was forbidden. According to the Interior Ministry, two people were arrested in Costa da Morte (Galicia) for illegally burning copper cable to extract metal. According to the Forest Fire Information Service of the European Union, wildfires have scorched more than 157,000 ha in Spain this year. This is almost twice the average annual amount. In Portugal, thousands of firefighters are battling five major fires in the central and northern regions of the country. One of these fires, in Trancoso (about 350 km northeast from Lisbon), has been burning for six days. After a wildfire broke on Wednesday, around 300 residents of the village of Covanca, near Piodao in central Portugal, were evacuated. According to Mario Silvestre, the civil protection commander in Portugal, Portugal has requested four Canadair aircraft. (Reporting and editing by Toby Chopra, Joe Bavier, Toby Chopra, and Joe Bavier; Ana Cantero, Charlie Devereux and Andrei Khalip)
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President Trump's schedule
Updates The Daybook for President Trump Friday, August 15, 2020 The daybook editor is Timothy Ryan (reachable at 202-843-6282 or [email protected] or [email protected]). Call 1-800-435-0101, option 5, if you are having problems receiving the daybook. The content is only intended to be used as a guide and should not appear in the official record. Schedule of President Trump All times in Anchorage and Washington are Eastern. 6:45 a.m. ET: Departs from the White House. Departs Joint Base Andrews. 2:10 p.m. ET (approx. ): Arrives Alaska. Joint Base Elmendorf-Richardson, Anchorage, Alaska 3 p.m. ET: Holds bilateral program with Russian president Vladimir Putin. Joint Base Elmendorf Richardson in Anchorage Alaska. Travel pool for out-of-town trips. 9:45 p.m: Departs Alaska. Joint Base Elmendorf-Richardson, Anchorage, Alaska Return to Joint Base Andrews 4:35 am: Returns to White House. Note: FOX News anchor Bretbaier will interview President Trump on the Air Force One Flight to Alaska. (Excerpts of the interview will air all afternoon on "Special Report With Bret Baier." Sean Hannity, FOX News' host, will interview President Trump following the Trump-Putin Summit (to be aired Friday at 9 pm ET). ET). Baier will interview Trump as well on the Air Force One flight returning to Washington after the summit. The Daybook for Trump August 15, 2025
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The bizarre features of Trump-Putin's summit and back in the USSR
The first U.S. - Russian summit in four-years was marked by a flurry superpower style signalling between Washington and Moscow regarding the war in Ukraine. But on the ground, Alaska, there were moose, bears, and other bizarre and peculiar sights. Donald Trump hopes that Friday's summit, which will take place at an air force base from the Cold War era, will be the beginning of the end to the most deadly war in Europe since World War Two. Vladimir Putin, who is in control of the war, has offered a possibility of a deal to limit nuclear strategic weapons. The Kremlin hopes that this would lead to a much wider discussion about U.S. global interests and Russian ones beyond Ukraine. Sergei Lavrov - Putin's Foreign Minister - arrived in Anchorage, 8,000 km (nearly 5,000 miles) from the frontlines of the war. He wore a sweatshirt that bore the initials "USSR", the old Soviet Union ("????") The front of the sweatshirt has "USSR" ("????") across it. At least one live TV feed featured a bear and an moose. The Kremlin Press Pool was located in the Alaska Airlines Center. A semi-open room was divided by partitions, and reporters were seen constructing their own beds. Russian journalists said that they were fed at no cost on a nearby campus. According to the latest timings and assuming that Putin is on time, they will meet in Anchorage at 11:00 am (1900 GMT), Friday. The state's western tip is just 90 km (55 miles) away from Russia's Far East. It was settled in the 18th century by Europeans, including Russians. Alaska was purchased by the United States from Russia in 1867 for $7.2million. No Russian leader had ever visited Alaska before. "I get the historical context." "It's exciting," said Russian American Anchorage resident Galina Tomisser, a former schoolteacher. She said: "I only hope that this meeting and this summit will produce some fruitful outcomes." Alaska has seen different waves of immigrants from the former Soviet Union, including both Russians as well as Ukrainians. Pro-Ukrainian demonstrators held up a large Ukrainian banner with the words "ALASKA STRONGLY SUPPORTS UKRAINE". Helen Sharratt (65), originally from England, a resident of Anchorage, said: "This is nothing but a show for Donald Trump." "He wants to appear good, and he thinks he is doing something. But he doesn't do anything." Meeting with Putin, well, I'm not sure who is worse when it comes to making a deal but then not following through. The Russian room at the Chilkoot Charlie's Bar in Anchorage is decorated with Soviet and Czarist memorabilia, including photos of Vladimir Lenin, the last Tsar Nicholas II who was killed by the Bolsheviks, in 1918. In Moscow, matryoshkas with images of Trump and Putin were also selling well. There was apprehension and fear in Ukraine about what Putin and Trump could agree on at a meeting that Ukraine and its European supporters were not invited to. "I don’t believe anything good will come out of it. The conflict will continue. There won't ever be a positive result. Konstantyn shtanko said in Kyiv that at best it would be a frozen war. (Reporting from Anchorage, Moscow, and Kyiv by Guy Faulconbridge Editing Frances Kerry
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TSX futures remain steady as Trump-Putin summit takes center stage
Futures linked to Canada's major stock index stabilized on Friday, after the previous session saw losses. Attention was now focused on a high-stakes U.S. and Russian summit that will discuss the potential end of the war in Ukraine. Futures for the S&P/TSX Index rose 0.04% at 05:30 a.m. ET (0930 GMT), after the S&P/TSX index lost ground on Tuesday when a higher-than-expected U.S. Inflation report clouded expectations for a Federal Reserve rate cut. CME Group’s FedWatch tool shows that odds of a 25 basis-point drop next month have dropped to 92.6%, from 100% previously, before the data. Bets on a 50-bps jump are also gone. It was decided that Donald Trump, the U.S. president, and Vladimir Putin, the Russian leader would meet in Alaska on Friday evening. However there are few chances of a lasting ceasefire ending Ukraine's conflict. Oil prices fell ahead of the summit on increased concerns about fuel consumption due to disappointing economic data in the U.S. The gold price remained stable, but was poised to decline for the week. Copper prices were on course for gains. Canadian stocks are still on track for a positive week-end, despite Thursday's losses. The TSX has gained 0.56% this week. Around 75% of Canada’s exports are sent to the U.S. and many of them are exempted from tariffs as part of the continental trade agreement. A Fed decision could benefit Canada as well. At 8:30 a.m. Investors in the United States will be analyzing June wholesale and manufacturing trade data. The U.S. will release retail sales, consumer sentiment, and import prices later in the day. Air Canada and its Flight Attendants remained at odds Friday despite pleas from the government to resume bargaining in order to avoid a strike. CLICK CODES TO GET CANADIAN MARKETS UPDATES: TSX Market Report Canadian Dollar and Bond Report Global Stocks Poll for Canada Canadian Markets Directory ($1 = $1.3793 Canadian Dollars) (Reporting and Editing by Vijay Kishore; Vijail Sharma).
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Air Canada and union are deadlocked, despite the government's plea for a deal to avoid a Saturday strike
Air Canada and its flight attendants remain at odds despite the government's pleas that both sides return to bargaining in order to avoid a strike which would disrupt travel for tens thousands of passengers. Canada's largest airline has announced that it will cancel 500 flights before the strike on Saturday. This leaves 100,000 passengers scrambling to find alternatives. Air Canada cancelled 30 flights on Friday morning (0930 GMT) according to Flightradar. Flight attendants at the carrier are preparing to go on strike on Saturday morning just before 1 am EDT over stagnant contract negotiations on union demands of higher wages and compensations for unpaid labor. The strike will hit Canada's tourism industry during the peak of summer travel and put the Liberal government, led by Prime Minister Mark Carney to the test. The carrier has asked the government to intervene and enforce arbitration. Air Canada Rouge, its low-cost subsidiary, carries about 130,000 passengers a day. Air Canada has the most flights from Canada to the U.S. despite recent reductions in travel due to trade tensions. The Canadian Union of Public Employees (CUPEU), which represents cabin crew, reported that Air Canada has stopped negotiating. It has also sent out notices to its flight attendants that they will be locked out. Patty Hajdu, the Canadian Minister of Jobs, has repeatedly encouraged both sides to negotiate. Arielle Meloul Wechsler, Chief Human Resources Officer at Air Canada, said that the airline was "available for bargaining at any time as long as the negotiation is substantive." Air Canada and its union clashed on Thursday night over an agreement that would prevent thousands of passengers from being stranded abroad when the strike was expected to start Saturday. The agreement would have delayed cabin crew's walkout until Saturday, when they return with their passengers. Air Canada announced on X on Friday that 25,000 additional passengers will be stranded as a result of the union rejecting the deal. They also said that the usual double number of flight attendants failed to report for work Thursday night. In a message to its members, however, the union stated that it supported the deal. This failed, because Air Canada refused to honor the collective agreements of their members when they return on Saturday, with passengers. The union stated that the flight attendants contract will cease to be valid when the strike starts on Saturday. The dispute revolves around the way airlines pay flight attendants. Most airlines have paid flight attendants only when the planes are moving. In their most recent contract negotiations, North American flight attendants have asked for compensation for the hours they worked. This includes tasks like boarding passengers or waiting at airports before and after flights. (Reporting by Allison Lampert, Montreal; Editing and proofreading by Christian Schmollinger).
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Ukraine reports attacks on Russian oil refinery and Caspian port hub
Kyiv announced on Friday that Ukraine had attacked the Syzran refinery located in Russia's Samara Region in the middle of the night. The previous day it also struck a Caspian Sea cargo vessel and port used to transport supplies from Iran into Russia. The strikes took place hours before the summit between U.S. president Donald Trump and Russian President Vladimir Putin, which Ukraine was not invited to, in Alaska, to discuss war in Ukraine. Russia is also making gains in Ukraine's eastern part. According to new General Staff figures published on Friday, Ukraine, facing regular Russian missiles and drone attacks has targeted the vast majority of its deep-strikes this year against Russian oil refineries, and "storage" facilities that are not specified. The Ukrainian military has not confirmed if drones were used in its two latest long-range attacks. It claims that its deep strike campaign is designed to weaken Russia's ability to wage a full-scale conflict it started in February 2022. Kyiv military released a statement via the Telegram app saying that its strike had caused fires and explosions in the Syzran Refinery. The refinery produces a variety of fuels, and it is said to be one of the largest oil companies Rosneft network. The regional governor of Samara said that a drone attack had caused an "industrial enterprise" to catch fire in his region. However, the fire was quickly put out. The Russian Defence Ministry said that it shot down Ukrainian drones in nine regions. The Ukrainian military said that it also struck the Caspian Port of Olya, in Russia's Astrakhan Region on Thursday. It hit a ship which was transporting drone parts from Iran and ammunition. According to the U.S. Treasury Department, and Ukrainian military intelligence, the vessel "Port Olya-4" regularly transits through the Caspian Sea and carries cargo between Iran, and Russia. The Ukrainian military stated in a Friday statement that Russia uses Olya as an important logistic hub for the delivery of military products from Iran. The U.S. Treasury and State Departments imposed sanctions last September on companies and ships they said were involved with supplying Moscow Iranian weapons. The Ukrainian military reported that terminals and ports accounted for 7% of the successful Ukrainian strikes on Russian soil since the start of 2025. The majority of deep strikes in Ukraine took place between 200 and 1000 kilometres (124-621 miles), the report said. Ukraine estimated its strikes caused $74.1 billion worth of damages in this year. However, it did not give details about its calculations. Could not independently verify Ukrainian military claims. Reporting by Anastasiia malenko. Tom Balmforth, Mark Potter and Tom Balmforth edited the report.
Maguire: A refresher on Russia’s commodities clout before Trump talks
The talks between U.S. president Donald Trump and Russian president Vladimir Putin could be the beginning of Russia's return to the world stage, and the return of its commodities after Moscow was recently isolated internationally.
Before its invasion of Ukraine, in 2022 Russia was the leading exporter and supplier of energy products into Europe. This included crude oil, natural gases, coal, aluminum, nickel, and steel. The sanctions imposed by the West on Moscow in 2022 have caused a major disruption of these commodity flows. Russia's gas exports through pipelines fell by half, and its oil shipments were diverted to new markets.
Here is a breakdown on where Russia stands in terms of production and exports for some of the most traded commodities around the world. This will give you an idea of potential market impact should relations with Russia resume to normal.
GAS CRUNCH
The fallout from Russia's invasion in Ukraine has had the greatest impact on natural gas.
Russia, the second largest gas exporter and producer in the world, has seen its outbound shipments severely cut after sanctions were imposed by Europe and the United States on Moscow in 2022.
Many European nations, including Germany, had secured the majority of their gas supply from Russia. However, they quickly reduced imports by pipeline in an effort to punish Moscow for starting war in the area.
The volume of Russian gas exported via pipeline fell by 38% from the previous year in 2022, and by 30% from 2022 as European buyers replaced those lost gas supplies with imported LNG and other fuels.
Data from the Energy Institute show that in 2024, Russia will export 108.2 billion cubic metres of pipelines, which is 46% less than 201.3 billion cubic metres exported in the year 2021.
In an effort to compensate for the revenue lost from gas pipelines, Russia increased exports of natural gas liquefied.
The Russian LNG export volume has risen by around 12% in the last 12 months and reached a record high of 44,3 billion cubic meters in 2024.
The lack of pipeline connections to other regions led to an increase in Russian gas inventories in 2022. This in turn led to increased gas consumption by industry and power companies and ongoing efforts to improve LNG export capability.
In 2023, the Russian industry cut production in response to a collapse in the export market. Since then, production has risen to 630 billion cubic meters in 2024.
CRUDE DIVERSIONS
Russians are the third largest crude oil producers and exporters in the world. This has had a major impact on the crude oil market.
The Russian crude oil market has also been hit by a decline in production and exports since 2022. However, exports are down more than the production due to increased domestic stocks.
Energy Institute data show that in 2024 the Russian crude oil production was estimated to be 10.75 million barrels per day, down by 4% from 11.2 million bpd produced in 2022.
In 2024, Russian oil exports totaled just over 7,000,000 bpd. This is a drop of 8% compared to the 7,6,000,000 bpd exported by 2022.
The Russian crude oil trade also saw a significant shift in its destinations as traders had to find new homes for their barrels.
Exporters had to find new markets for their oil, just as they did with gas. India, a country that has been a strong supporter of Russian oil traders in the past, is now stepping up its purchases as Europe reduces its oil imports.
Kpler's commodities intelligence firm shows that India's imports from Russia of crude oil have more than doubled between 2022 and the year 2024. They went from 321 millions barrels to 651,000,000 barrels.
Europe's imports from Russia of crude oil dropped 30% between 2022 and 2024. India became the largest market for Russian crude in 2013.
China, the second largest Russian crude oil purchaser, bought 460 millions barrels in 2024. This is an increase of 17% over 2022.
COAL, METALS & MUCH MORE
The war between Russia and Ukraine has also affected the coal markets, since Russia is the world's sixth largest coal producer. It is also the third largest coal exporter.
Due to a large fleet of coal-fired plants in Russia, the production of coal has remained largely constant since 2022. Local power companies have been using additional supplies previously exported.
The total coal production in Russia is expected to be down around 2.3% by 2024 compared to 2022, and exports are down almost 10%.
The competition between Indonesian coal and other producers has squeezed Russian coal off of several international markets. China and India, the two largest coal consumers, have also reduced their demand for coal imports.
The Russian Federation is also the world's leading exporter and producer of key metals such as aluminium, cobalt, nickel and palladium. These are in high demand across a wide range of industrial and technical applications.
Russia is a major producer of diamonds, industrial gases, wheat, barley and other crops. Any rapid resumption of trade between Moscow and international communities will have far-reaching consequences.
Any further deterioration of relations with Moscow after the upcoming meetings could keep Russia's abundant commodities out-of-reach for many buyers. This would result in tightening global markets.
These are the opinions of the columnist, an author for.
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(source: Reuters)