Latest News
-
Air Canada narrows 2025 core profit forecast amid US travel decline
Air Canada has lowered its core profit forecast for 2025 after reporting lower third quarter profit on Tuesday. The airline is grappling with the waning travel demand to the U.S. due to trade tensions. The largest Canadian airline expects adjusted full-year earnings before interest taxes, depreciation, and amortization will be between C$2,95 billion ($2,10 billion) to C$3,05 billion. This is compared to its previous forecast of C$2.9 to C$3.1. Travel between Canada and the U.S., which is a cross-border activity, has been significantly reduced this year. This was due to President Donald Trump's tariffs that were imposed on Canadian imports. These steep tariffs caused a backlash across the country. The Canadian carrier was also hit by a major shut down in the third quarter after almost 10,000 flight attendants went on strike for better pay and compensation for "groundwork" that wasn't paid. Air Canada's entire fleet was grounded after the four-day strike, which violated an order from the government to return to work. This resulted in thousands of cancelled flights, a severe disruption of operations, and a significant loss of revenue. Last month, the airline cut its financial projections for the year and quarter to reflect the impact of the strike. Air Canada reported that it incurred labor charges and a pension cost of C$173,000,000 in the third quarter. These included costs related to a tentative agreement with the Canadian Union of Public Employees. The company's adjusted profit for the third quarter was C$223,000,000, or 75 Canadian Cents per share. This compares to C$969,000,000, or C$2.57 each share, one year ago. The total operating revenue for the period was C$5.77billion, down from C$6.11billion in the previous year. (1 Canadian dollar = 1.4024 dollars) (Reporting and editing by Sriraj Kalluvila in Bengaluru, Shivansh Tiwary in Bengaluru)
-
CANADA-CRUDE-Discount on Western Canada Select narrows
On Tuesday, the discount between West Texas Intermediate and Western Canada Select futures (the North American benchmark) narrowed. CalRock reported that WCS for Hardisty, Alberta December delivery settled at $11.05 per barrel below the U.S. benchmark WTI. This is compared to the close on Monday of $11.10. Martin King, RBN Energy analyst, said: "The bidding for Canadian crude is very strong. The result has been tighter differentials than usual for this time of the year." King stated that the Chinese continue to be the largest buyers of Canadian crude oil via the Trans Mountain Pipeline. King said that the buying of Canadian barrels to re-export from the Gulf Coast was also stronger than normal in response to additional sanctions against Russia. The oil prices fell on Tuesday due to weaker manufacturing data and a stronger US dollar. The OPEC+'s decision to pause production increases in the first quarter next year may be a sign that the group is concerned about a possible supply glut. (Reporting from Amanda Stephenson, Calgary; Editing Shilpi Magumdar)
-
Matson has paid over $6.4 million to China in port charges since the levies began in October
Matt Cox, the CEO of U.S. ocean-shipping company Matson, said that since October 14, Matson had paid $6.4m in port fees to China. Last week, President Donald Trump agreed with President Xi Jinping to put these tit-fortat levies in pause for a year starting November 10. China's media reported that Hawaii's Matson, which is one of a few global shipping companies with U.S. built and -flagged ships, was the first company to pay these fees. Cox, Matson's CEO, said that the U.S. trade representative and the China Ministry of Transport will soon publish detailed instructions, as well as any refund programs regarding port entry fees. The Trump administration announced early this year that it would levy fees for China-linked vessels to weaken the country's grip over the global maritime sector and boost U.S. Shipbuilding. However, vessel operators were concerned about the impact of the move on trade and the cost to consumers. China responded by imposing fees on vessels with links to the United States. They began charging these fees on October 14, the same date that the U.S. fees came into effect. Cox called the agreement between the world's two largest economies a "welcome development". It also reduced U.S. duties on Chinese products and suspended China's export restrictions on rare earths. Cox stated that if the levies hadn't been suspended, Matson would have had to pay $80 million in port fees annually between 2026 and 2027. Analysts said that the state-owned COSCO shipping line in China was most vulnerable to U.S. Port fees. This could cost them $1.5 billion per year. (Reporting and editing by Chris Reese, Matthew Lewis and Lisa Baertlein)
-
Pope calls on US to 'deeply reflect' about treatment of migrants under Trump
Pope Leo said that the spiritual needs and concerns of migrants in detention must be taken into consideration. The pope, speaking to reporters at Castel Gandolfo outside Rome, was asked what he thought about immigrants who were being held in a federal facility near Chicago in Broadview and denied the chance to receive Holy Communion, a religious obligation. Leo, originally a Chicago native, cited Matthew’s Gospel, Chapter 25. "Jesus said very clearly that at the end of time, we will be asked how you received the foreigner. Did you welcome and receive him? "I think there needs to be a serious reflection on what is happening," said the pontiff. "Many people have been affected deeply by what is happening right now, even though they've been living for years without causing any problems," he said. Leo, first U.S. Pope, has previously condemned the federal government’s treatment of immigrants caught in a crackdown which has caused cities to be roiled across the country. He said that Tuesday, in reference to Broadview's detainees, the spiritual rights of the prisoners must be taken into consideration. He said, "I'd invite the authorities to let pastoral workers attend to those people's needs." They've often been away from their families for some time. No one knows, but it's important to attend to their spiritual needs. On November 1, the Catholic feast day of All Saints (November 1), a delegation of clergy including a Catholic Bishop tried to bring holy Communion to the inmates, but was denied entry to the facility. The detainees were part of Trump’s hardline strategy in Chicago where, according to the U.S. Department of Homeland Security, more than 3,000 individuals have been held. Leo was elected in May as the successor to the late Pope Francis. He has a more reserved style, but he has started criticizing Trump's administration more publicly, provoking a backlash among prominent conservative Catholics. In his first document of importance, published on October 9, he appealed to the world to assist immigrants and cited one of Francis’ strongest criticisms of Trump. Leo, in response to questions from reporters on Tuesday, also criticized the U.S. Government's decision to send warships into the waters around Venezuela. He said that the role of the armed forces is to "defend peace", whereas Trump's action was "increasing conflict." "We will not win by violence. The (right) way is to seek dialogue, and to find the correct solutions to problems that may exist in a nation." (Reporting and writing by Yeshim Dikman; editing by Alistair Bell).
-
The Canadian budget: Key measures proposed
On Tuesday, the Canadian government unveiled its first budget under Prime Minister Mark Carney. The budget proposes a number of key measures. INVESTMENTS The government proposes to invest a total C$280 billion over the next five-year period. This includes C$115 billion for infrastructure, C$110 in productivity and competition, C$30 in defense and security, and C$25 in housing. Increased Defense Spending The government will spend C$81.8billion over 5 years to improve recruitment, repair infrastructure, and invest in military technologies. This money does not include the funds planned for fighter jets or submarines. SAVINGS The government will save C$60 billion over the next five years. This is in part due to reducing federal civil service by 10 percent, or 330,000 employees, by the end 2028/29. It also includes improving tax collection, and cutting foreign assistance. Regulation of stablecoins will be introduced by the government. Issuers will be required to manage and maintain adequate assets reserves, set up redemption policies, and protect personal data. Stablecoins, which are digital tokens with a fixed value in relation to a regular currency (mostly the dollar), are backed up by assets such as the currency or T-bills and Treasuries. OPEN BANKING The government is introducing legislation to encourage consumer-driven banking in an effort to help people better manage their finances and open up new banking options. IMMIGRATION LEVELS REDUCED Starting in 2026, permanent resident admissions targets will be trimmed from 395,000 to 380,000 for three years. The share of economic migrants will also increase from 59% up to 64%. The new plan also lowers the target for temporary resident admissions, from 673.650 in 2025, to 385,000 by 2026 and 370,000 by 2027 and 2028. IMPROVING THE OUTPUT AND USE OF ENERGY The government will increase tax incentives for all new capital investment, which will make it more appealing to invest in machinery. The government is proposing to reinstate accelerated capital costs allowances, but only on low-carbon equipment. The government will spend C$2 billion in five years on a Critical Minerals Sovereign Fund, which will invest strategically in critical mineral projects and companies. This includes equity investments and guaranteeing loan payments. (Reporting and editing by Deepa Babyington, with David Ljunggren)
-
Brussels Airport closes after drone sighting reported
The Belgian air traffic service and an airport spokesperson confirmed that the Brussels Airport was closed following the reported sightings of drones. The spokeswoman said that there are currently no flights landing or taking-off, but she did not know how long the airport will remain closed. A drone was also spotted at the smaller Liege Airport, which has been closed. Kurt Verwilligen said, as a spokesperson of the Belgian Air Traffic Control Service, that shortly before 19:00 GMT, a drone was seen near Brussels Airport. The airport has been closed for security reasons. A drone was spotted over an air base in Belgium last weekend. In September, Copenhagen Airport, Oslo Airport, and other airports had to close for a short time due to drone sightings.
-
After a strike, the union reaches a pay agreement with London Underground
The RMT union in Britain announced on Tuesday that it had secured a three year pay deal for London Underground employees, following a strike action last September which brought the entire public transport system to a halt. The deal includes a 3.4% pay increase in the first two years. This will be followed by increases in line with Retail Prices Index (RPI), a measure of inflation. Minimum increases are guaranteed if the inflation rate drops. In a press release, the RMT union claimed that it had also achieved "fatigue-friendly shifts", additional discussions on staff travel and a guarantee of PS400 on Boxing Day (a public holiday celebrated December 26). Five days of strikes in September on the Tube, which is used every day by millions, caused major disruptions across London. The new agreement is expected to prevent any further industrial action. Transport for London, which operates London's underground, has welcomed the RMT for accepting its pay offer. This was reported by British media. This multi-year deal is affordable, fair and gives our colleagues certainty over their pay for a number of years. TfL is engaging with our unions about this offer, and we look forward to hearing their response," said a TfL spokeswoman. TfL has stated that there are no changes proposed to the working hours of employees. (Reporting and editing by Catarina demony; Daniel Wallis, Editor)
-
Norwegian Cruise forecasts quarterly profit below estimates, shares tumble
Norwegian Cruise Line Holdings' shares fell about 15% Tuesday after it forecasted a fourth-quarter loss below expectations due to cost pressures, a subdued appetite among travelers for sea-based holidays and a reduced appetite. The holiday season is a time of high demand, but it's been clouded by persistent inflation, uncertainty caused by tariffs, and the impact the long-term U.S. shutdown has had on port activity. Cruise operators are also under pressure from fluctuating fuel prices caused by geopolitical tensions and costs related to drydocks and ship deliveries, as well as maintenance and drydock expenses. Norwegian is expecting a current-quarter adjusted net profit per share below the estimates of 30 cents. Harry Sommer, CEO of the company, said in a call following earnings that they were strengthening their brand positioning and marketing efforts to reach a broader family market. Analysts blamed a sharp drop in the stock price on investor concerns over the company's plans to cater to families heavily, which would likely affect ticket revenues. Jamie Katz, Morningstar analyst, said that while the price for first- and second-class passengers should increase, adding children to a cabin will dilute the blended pricing. Norwegian's revenue for the third quarter rose by 4.7%, to $2.94billion. Analysts had expected $3.02billion. It was up 10.7% from the previous quarter. The company said that lower participation in its air program - which involves coordinating flights to match a cruise itinerary – affected revenue. Fuel prices increased from $699 to $744 per ton net of hedges. This is a rise from the previous year's $699. The company has raised its adjusted annual profit forecast from $2.05 per share to $2.10, an increase of $0.50. The adjusted profit per share was $1.20, which beat the $1.16 estimate for the third quarter. Peer Royal Caribbean increased its annual profit forecast, but forecast the current-quarter profits below estimates due to higher costs. Reporting by Neil J Kanatt, Bengallu; editing by Pooja Deai and Sriraj Kahluvila
UPS plane crashes in Kentucky: injuries reported
The Federal Aviation Administration reported on Tuesday that a UPS plane crashed shortly after takeoff in Louisville, Kentucky, en route to Honolulu. Local police confirmed the crash and said there were injuries.
The FAA released a statement that "UPS Flight 2876 crashed at around 5:15 pm local time, on Tuesday, November 4, after departing the Louisville Muhammad Ali International Airport (Kentucky)", according to the FAA.
UPS confirmed that one of its aircraft had been involved in an accident near Louisville, Kentucky. It has not yet confirmed any injuries.
UPS Worldport is located at the airport. It's a hub for UPS's global air cargo operations, and it has the largest package handling facility on the planet.
WLKY-TV a local CBS affiliate broadcast live aerial footage of the scene as night fell. The red-orange glow from the fires that were ignited by the crash on the ground spread across nearly a mile.
The Louisville Metro Police Department responded to reports that a plane had crashed and injuries were reported.
"Kentucky we are aware that there has been a reported crash near the Louisville International Airport. We will provide more information when we have it. Please pray for all those affected, including the crew of the plane and pilots. Andy Beshear, Kentucky Governor, said that he would be sharing more information soon on X. Reporting by Gnaneshwarrajan in Bengaluru; David Shepardson, in Washington; Chris Thomas, in Mexico City, and Steve Gorman, in Los Angeles. Editing and production by Nia William and Jamie Freed).
(source: Reuters)