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Air Canada to stop flights after cabin crew threaten strike over pay deal
Air Canada has announced that it will halt the majority of its flights following a 72-hour notice of strike issued by its flight attendants union on Wednesday. The notice warned of a walkout if contract negotiations over a pay agreement failed. Just hours after Ottawa was asked to intervene by the airline, the Canadian Union of Public Employees (CUPE), which represents more than 10,000 cabin staff at Canada's largest carrier took action. The strike will begin around 1 a.m. ET on Saturday. In the beginning of this month, 99.7% percent of unionized employees voted in favor of a strike. Air Canada stated that the disruption would impact about 130,000 passengers a day. They also said that all customers who have their flights canceled during the busy summer months would receive a full refund. As it prepares for its three-day shutdown, the strike could affect some of the airline's most lucrative routes, including those between Canada, Europe, and Asia. Flight cancellations and increased ticket prices could be caused by a prolonged work stoppage. A lockdown was also announced by the airline 32 minutes after it ended. The airline declared Tuesday that negotiations were at a standstill after the union refused to accept its proposal of binding arbitration. The carrier offered flight attendants a 38% total increase in compensation over a period of four years. A 25% increase was given in the first year. The union, however, said that the offer was "below market value, below inflation, and below minimum wage" - leaving flight attendants without payment for all hours worked. Flight attendants in North America want to be paid for the hours they work, which includes waiting in airports and boarding before flights. Air Canada issued a statement saying that, "While we are still available to discuss with CUPE we have requested Government-Directed Arbitration as we view it now as the only sure avenue to bring an end to bargaining."
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One person is missing after Typhoon Podul hits southern Taiwan
Typhoon Podul blew across southern Taiwan on Tuesday, packing winds up to 191 kph. (118 mph). One person was reported missing. A large swathe the island was shut down. Taiwan is frequently hit by typhoons. These are usually along the mountainous east coastline facing the Pacific. Taiwan's Central Weather Administration reported that Podul slammed Taitung, a city in the southeast of Taiwan around 1 p.m. (0500 GMT), then passed the southern tip and into the Taiwan Strait about three hours later. According to CCTV, it is expected to make landfall next on China's south coast in the late evening or early morning of Thursday. It will affect Fujian and Guangdong Provinces. The government of Taiwan reported that 33 people were injured and one person missing in Taiwan. Nine cities and counties have announced that they will suspend work and schools for Wednesday. This includes the southern metropolises Kaohsiung, Tainan and Kaohsiung. There was a blustery wind in Taipei's capital, which is home to Taiwan’s financial markets. However, it had no effect. The authorities also evacuated people whose homes had been damaged by the typhoon of July, which brought record-breaking winds and damaged Taiwan's electricity grid. The government reported that more than 5,500 people were evacuated before the arrival of the typhoon. Transport ministry: All domestic flights - 252 total - were cancelled Wednesday, while 155 international flight were also canceled. Taiwan's China Airlines and EVA Air, the two largest international carriers in Taiwan, said that their cancellations focused primarily on routes from Kaohsiung. Some flights also stopped at Taoyuan's international airport. Central Weather Administration forecast that rain up to 600 mm (24 inches) could fall on southern mountainous regions over the next few days. In some areas of the south, more than a full year's worth of rain fell in just one week, causing widespread flooding and landslides, which led to four deaths.
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Mixed earnings caps gains; most Gulf shares increase on Fed rate reduction hopes
The majority of Gulf stocks rose on Wednesday as they tracked a global rally in stock markets after a softer U.S. Inflation data raised hopes for a Federal Reserve Rate Cut in September. However, mixed earnings reports from the region weighed down sentiment. Consumer prices in the United States increased by 0.2% from one month to another. The print in line increased the odds of a Fed cut to next month's rate from 86% to 94%. The U.S.'s monetary policy changes have an important impact on Gulf markets where the majority of currencies are pegged with the dollar. Saudi Arabia's benchmark index of stocks bounced back on Wednesday after hitting a two-month low. It rose 0.3%, with the majority of its constituents posting gains. ACWA Power rose 3.3% while Mohammed Hasan AlNaqool Sons Co soared 4.7% following the concrete manufacturer's 73% increase in net profit for half-year. Most constituents of the Qatari benchmark index gained 0.4%. AlRayan Bank rose 2%, and Qatar Islamic Bank gained 1. Mesaieed - Petrochemical, on the other hand, fell 0.2%, after reporting a 5% drop in its half-year net profits. Dubai's benchmark index fell 0.3% due to losses in the real estate, finance and industry shares. Blue-chip developer Emaar Properties fell 1.3%. Al Ansari Financial Services fell 1% following a 3% drop in the second quarter net profit of the region's biggest non-banking finance firm. Amlak Finance, the real estate financier that posted a net loss for the second quarter on Tuesday, was the largest decliner. Its shares fell 3.7% early in the morning. The benchmark Abu Dhabi index was flat as gains in consumer staples and energy stocks were offset by losses in real estate, technology and industry shares. Lulu Retail rose 1.7% following the retailer's announcement of a 9.1% increase in its half-year profits and a 1.8% rise in second-quarter profit. Alpha Data's shares fell 2.2%, as the technology services company reported a 4.9% decline in its second-quarter profit. (Reporting and editing by Md. Manzer Hussain)
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After price reforms, China's solar capacity will slow down in H2.
Analysts say that China's solar power capacity is expected to slow down in the second half 2025, as the reforms which remove guaranteed pricing will create uncertainty. However, full-year additions are still expected to reach a high record due frontloading. The slowing of growth in the largest solar fleet in the world is a new blow to solar manufacturers who are already struggling under massive overcapacity, and a price war. Morningstar estimates that global solar manufacturers, most of whom are located in China, can produce more than twice as many panels this year. According to the National Energy Administration's data, China added 212 gigawatts in solar power capacity through June. This is more than twice the additions for the first half of 2024. Analysts' latest forecasts show that, based on this figure, capacity additions will likely be roughly halved in the second half of the year compared to the previous year. Natixis analysts expect 300 GW in new solar by 2025, based on their mid-point scenario. This means that 88 GW of new solar will be added in the remainder of the year based on calculations excluding the first half NEA. Fitch Solutions BMI predicts a gain of 310GW annually, which would translate to a gain of only 98GW expected for the remainder of the year. NEA data revealed that 175 GW solar power was added in 2024's second half, as part of a 277 GW annual record. The power reforms that were introduced in the first half of this year eliminated a guaranteed return rate for renewable energy projects. This forced projects to be built after June to sell electricity at market rates. Investors used to fixed prices are left uncertain about the rate of return. The exact market mechanisms may differ from province to province, adding further confusion. The NEA data revealed that companies increased their capacity in the first half of 2018, adding 93 GW new capacity in May. This dropped to 14 GW by June. Linda Zeng is a senior analyst at BMI who specializes in renewable energy and power. She thinks annual additions will be higher because of "the sheer size of the first half." We expect that the additions will be similar to June's rate, which isn't super high. Zeng said that solar installations will reach a plateau around 250 GW annually by 2026. Colleen howe, Christian Schmollinger (Editing)
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TUI's new strategy is paying off as it beats the quarterly earnings forecast
TUI, Europe's largest travel company, reported better than expected results on Wednesday. Summer travel was more resilient following the warning by Chief Executive Sebastian Ebel that 2025 would be a challenging year for the group. The performance of European airlines was generally good during the second quarter, as it appeared that concerns over a possible decline in travel demand had only a small impact on the results. TUI's underlying earnings (EBIT), before interest and taxes, were 321 million euro ($375 million) for the quarter ending June 30. This was 38% higher than the analysts polled in LSEG and a 38% increase over the year prior. TUI reported a 7% increase in revenue for its third quarter, with revenues across all segments totaling 6.2 billion euro. Shares of the group rose on Tuesday after the company raised its profit forecast for this year. Strong hotel and cruise demand has boosted business in recent months. The third quarter of 2025 and the first nine-month period were very strong. Ebel stated in a Wednesday statement that "Our strategy is working". The company admitted that the business environment for its airline division remained challenging. TUI reported a slight decline in bookings for summer travel during the last quarter. This was due to concerns about inflation and macroeconomic issues affecting consumer demand. According to a recent media presentation, despite a 2% drop in bookings for summer due to the Middle East conflict ticket prices rose 3%. This helped to offset higher costs. European customers, who make up the majority of TUI's clients, are more price sensitive than North American travellers. Ebel, who spoke to reporters during a press conference, said that German bookings had also fallen by 5% because of the hot weather. However, he added that more customers would be expected in the fall. TUI expanded into Asia and Central Europe to diversify revenue streams.
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Wall Street Journal, August 13,
These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch for the accuracy of these stories. Tinder's parent company Match Group agreed to pay the Federal Trade Commission $14 million in order to settle a complaint filed by the Federal Trade Commission regarding deceptive business practices. Spirit Airlines warned that it was facing doubts about its ability to continue operations, only months after regaining financial stability. The airline's operations are being strained by a weak domestic market and shrinking cash reserves. U.S. president Donald Trump slammed Goldman Sachs CEO David Solomon for predicting wrongly that U.S. Tariffs would harm the economy. He also questioned Solomon's suitability to lead Wall Street. Webtoon Entertainment, an online comics platform, has signed a deal with Disney to bring its iconic comic brands onto the platform. Air Canada has said that negotiations with its 10,000 flight crews have reached an impasse. The carrier warned that if no agreement is reached, it may shut down operations by Saturday. Mexico has sent to the U.S. more than a dozen suspected cartel leaders on Tuesday amid increasing pressure from Donald Trump to demolish the powerful drug groups in Mexico.
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Southern Taiwan closes ahead of Typhoon Podul
Thousands of people were evacuated as a large swathe in southern and eastern Taiwan was shut down and hundreds of flights cancelled on Wednesday ahead of the arrival of Typhoon Podul later that day. Taiwan is frequently hit by typhoons. These are usually along the sparsely-populated, mountainous east coast of Taiwan facing the Pacific. Weather officials reported that the mid-strength Typhoon, Podul, which was packing wind gusts of up to 191 kph 118 mph, was headed for the city of Taitung in the southeast as it intensified. It was expected to landfall on Wednesday afternoon. "Typhoon winds are expected to be destructive." "Take shelter as soon a possible," said a text message sent to cellphone users early Wednesday in certain parts of Taitung. The alert warned of gusts exceeding 150 kph in the next few hours. Nine cities and counties, including southern metropolises Kaohsiung Tainan and Tainan, announced Wednesday's suspension of school and work. Taipei's capital, which is home to Taiwan’s financial markets had no effect. Authorities are working to evacuate residents whose homes have been damaged by the typhoon of July, which brought record-breaking winds and damaged Taiwan's electricity grid. The government reported that more than 5,500 people were evacuated before the arrival of the typhoon. Transport ministry: All domestic flights - 252 - were cancelled Wednesday, while 129 international flights were also canceled. Taiwan's China Airlines and EVA Air, the two largest international carriers in Taiwan, said that their cancellations were mainly focused on routes from Kaohsiung. Some flights also stopped at Taoyuan's international airport. The storm will hit Taiwan's densely-populated west coast after making landfall before moving on to China's southern province, Fujian, later this week. Central Weather Administration forecast that rain up to 600 mm (24 inches) could fall on southern mountainous regions over the next few weeks. In some areas of the south, more than a full year's worth of rain fell in just one week, causing widespread flooding and landslides, and resulting in four deaths. (Reporting and editing by Ben Blanchard, Yimou Lee)
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Southern Taiwan closes ahead of Typhoon Podul
Thousands of people were evacuated as a large swathe in southern and eastern Taiwan was shut down and hundreds of flights cancelled on Wednesday ahead of Typhoon Podul's arrival later that day. Taiwan is frequently hit by typhoons. These are usually along the sparsely-populated, mountainous east coast of Taiwan facing the Pacific. Weather officials reported that the mid-strength Typhoon, Podul, which was packing wind gusts of up to 191 kph 118 mph, was headed for the city of Taitung in southeast China as it intensified. It was expected to land nearby on Wednesday afternoon. "Destructive wind from typhoon is expected." "Take shelter as soon as you can," said a text message sent to cellphone users early Wednesday in Taitung. The alert warned of gusts exceeding 150 kph in the next few hours. Nine cities and counties, including southern metropolises Kaohsiung Tainan and Tainan, announced Wednesday's suspension of school and work. Taipei's capital, which is home to Taiwan’s financial markets had no effect. Authorities are working to evacuate residents whose homes have been damaged by the typhoon of July, which brought record-breaking winds and damaged Taiwan's electricity grid. The government reported that almost 5,000 people were evacuated before the arrival of the typhoon. On Wednesday, all domestic flights were canceled. Taiwan's main international carriers China Airlines & EVA Air also cancelled a few international flights. The storm will hit Taiwan's densely-populated west coast after making landfall before moving on to China's southern province, Fujian, later this week. Central Weather Administration forecast that rain up to 600 mm (24 inches) could fall on southern mountainous regions over the next few weeks. In some areas of the south, more than a full year's worth of rain fell in just one week, causing widespread flooding and landslides, resulting in four deaths. (Reporting and editing by Ben Blanchard, Yimou Lee)
Airline says that plane imports are being discussed in the context of the Swiss-US tariff impasse
Swiss International Air Lines announced on Wednesday that discussions on how to lower Switzerland’s tariff burden against the United States included importing aircraft. The country is seeking to reduce its surplus trade with the U.S.
To the dismay and frustration of the Swiss government, Swiss officials and leaders of business are trying to create a plan to persuade America to lower the 39% tariffs imposed by the Trump Administration on Switzerland last week.
U.S. President Donald Trump cited the country’s trade deficit with Switzerland as the reason for the tariffs. According to U.S. statistics, the number is more than $38 Billion in 2024.
Jens Fehlinger was the CEO of Swiss International Air Lines - a subsidiary of Lufthansa based in Germany - who joined top Swiss officials last week to try and avoid the tariffs.
The Swiss newspaper Tages-Anzeiger reported on the fact that Fehlinger pitched to Swiss officials the idea of Lufthansa processing future Boeing aircraft purchases through Switzerland to reduce the U.S. Trade Deficit.
Swiss International responded to a question about the report by saying that the trade talks included discussions on "framework conditions and possible options for aircraft imports - for the Lufthansa group, SWISS and the United States and U.S. Companies".
It added: "Any substantive statement on these considerations or the negotiations themselves remains the responsibility of relevant government agencies."
Sources familiar with Switzerland's commercial discussions say that the idea of importing planes has been discussed, but is not yet concrete.
Lufthansa stated that it was concerned about the success of the Swiss unit as well as the Swiss economy.
The group added that "Fleet acquisition at Lufthansa Group takes place in close collaboration with the airlines."
The Swiss economy minister did not reply to a comment request on this story. (Reporting and editing by Kirby Donovan; Additional reporting by Ilona wissenbach)
(source: Reuters)