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Air Canada cabin crew on strike, forcing hundreds of flights to be grounded
Air Canada's flight attendants, who are unionized, walked out of their jobs early Saturday morning as contract negotiations with the country's biggest carrier failed. This could cause travel disruptions for over 100,000 passengers. In a post on social media, the union that represents more than 10,000 Air Canada Flight Attendants confirmed the strike in an early morning posting. Currently, flight attendants are only paid for the time they spend on the plane. The union wanted to compensate them for the time spent waiting at the airport and helping passengers board. Air Canada, based in Montreal, said that it expected to cancel 500 flights by Friday's end during the busy summer travel period. Around 100,000 people were expected to be affected by the cancellations on Friday. As the airline gradually winds down its operations, flight attendants will likely picket major Canadian airports on Saturday, where passengers had already tried to secure new bookings in the previous week. Freddy Ramos (24), a passenger at Canada's biggest airport, Toronto, said that Air Canada had rebooked him to another destination after his flight earlier in the day was cancelled because of a labor dispute. He said that "probably 10 minutes before boarding our gate was changed, then cancelled, then delayed, and then again cancelled." Air Canada Rouge, its low-cost subsidiary, carries about 130,000 passengers per day. Air Canada has the most flights into the United States of any foreign carrier. Canadian businesses, reeling from an ongoing trade dispute with the United States, have urged the government to enforce binding arbitration for both sides. This would put an end to the strike. Air Canada asked the minority Liberal Government of Prime Minister Mark Carney, to order both parties into binding arbitration, despite the Canadian Union of Public Employees (which represents the attendants) saying it was against the move. According to the Canada Labour Code, the Jobs Minister Patty Hajdu has the right to request that the Industrial Relations Board of Canada impose a binding arbitration to protect the economy. Hajdu has repeatedly called on the two sides to come back to the table. Air Canada has offered to compensate flight attendants at half their current hourly rate for work they are currently not paid. The carrier offered flight attendants a 38% total increase in compensation over four years with a 25% rise in the first year. However, the union deemed this offer insufficient. Analysts at financial services company TD Cowen urged on Friday that the carrier "extend an olive branch in order to end this impasse" and that investors were concerned that any labor cost savings would be outweighed by the loss of earnings during the airline's crucial quarter. The note stated that "We believe it is best for AC to reach labor peace." Not compromising on negotiations could be a Pyrrhic win.
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Sources: US considered using Russian icebreakers to develop gas ahead of summit
Three sources familiar with the matter said that the United States had discussed using Russian nuclear-powered vessels to support gas and LNG development projects in Alaska, as a possible deal to be aimed for when Donald Trump meets Vladimir Putin this Friday. Trump arrived in Alaska Friday to attend what he described as a "high-stakes" meeting with Putin, the Russian president. The two men were expected to discuss a ceasefire agreement for Ukraine and an end to the deadliest conflict in Europe since World War Two. The U.S. president and the Russian president, who are meeting in the largest city of Alaska, at an air base from the Cold War era, both hope to achieve something during their first face-toface talks since Trump's return to the White House. One source said that the White House officials have discussed the icebreaker idea as a potential deal to try and strike with Russia during the Alaska Summit. Business deals have been discussed in the ongoing discussions between the U.S.A. and Russia about Ukraine. This approach is expected to be continued by the White House at the Friday summit, according to a source who spoke under anonymity because of the sensitive nature of the discussions. The White House didn't immediately respond to an inquiry for comment. Officials from the Kremlin were not available to comment. The only nuclear-powered fleet in the world is operated by Russia. Its icebreakers play an important role in maintaining the Northern Sea Route as a strategic route for energy and trade flows around the globe. Trump's administration wants to move gas from Alaska to Asia. Trump pitched Alaska LNG to Asian buyers, as a $44 billion project that would ship liquefied gas from Alaska along an 800-mile pipeline, in order to reduce their dependency on Russian LNG. Qilak LNG is another project that is also aimed at Asian markets. It aims to produce 4 million tons of LNG per year. Mead Treadwell is a Qilak LNG co-founder. He said that it was not unusual for an American LNG project to depend on icebreakers from any country the U.S. Government allowed. Treadwell stated that "but we haven't asked for this". A source in the industry said that Alaska LNG has "no identified need for Russian icebreakers." It was not possible to determine immediately which specific project, if any would be benefited if an agreement was reached in Alaska negotiations. The nuclear icebreakers would also help transport construction materials to Alaska's remote areas, where weather conditions and infrastructure are difficult. (Reporting from Marwa Hirtenstein and Anna Hirtenstein, in London; Additional Reporting by Timothy Gardner, in Washington; Oksana Kobieva in Moscow; Editing done by Rosalba o'Brien.)
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Sources: US considered using Russian icebreakers to develop gas ahead of summit
Three sources familiar with the matter said that the United States had discussed using Russian nuclear-powered vessels to support gas and LNG development projects in Alaska, as one possible deal to be aimed for when Donald Trump meets Vladimir Putin this Friday. Trump arrived in Alaska Friday to attend what he described as a "high-stakes" meeting with Putin, the Russian president. The two men were expected to discuss a ceasefire agreement for Ukraine and an end to the deadliest conflict in Europe since World War Two. The U.S. president and the Russian president, who will meet in the largest city of Alaska, at an air base from the Cold War era, both hope to achieve something during their first face to face talks since Trump's return to the White House. One source said that the White House officials have discussed the icebreaker idea as a potential deal to try and strike with Russia during the Alaska Summit. Business deals have been discussed in the ongoing discussions between the U.S.A. and Russia about Ukraine. This approach is expected to be continued by the White House at the Friday summit, according to the source. The source spoke under condition of anonymity because the talks are sensitive. The White House didn't immediately respond to an inquiry for comment. Officials from the Kremlin were not available to comment. The only nuclear-powered fleet in the world is operated by Russia. Its icebreakers play an important role in maintaining the Northern Sea Route as a strategic route for energy and trade flows around the globe. Trump's administration wants to move gas from Alaska to Asia. Trump pitched Alaska LNG to Asian buyers, as a $44 billion project that would ship liquefied gas from Alaska along an 800-mile pipeline, in order to reduce their dependency on Russian LNG. Qilak LNG is another project that is also aimed at Asian markets. It aims to produce 4 million tons of LNG per year. Qilak didn't immediately respond to an inquiry for comment. A source in the industry said that Alaska LNG has "no identified need for Russian icebreakers." It was not possible to determine immediately which specific project, if any would be benefited if an agreement was reached in Alaska negotiations. The nuclear icebreakers would also help transport construction materials to Alaska's remote areas, where weather conditions and infrastructure are difficult. (Reporting from Marwa Hirtenstein and Anna Hirtenstein, in London; Additional Reporting by Timothy Gardner in Washington; Oksana Kobieva in Moscow; Editing done by Rosalba o'Brien.)
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Via, a transit-tech company, revealed revenue gains in its US IPO application
Via Transportation reported a 27% increase in revenue in the first six months of 2025 in its U.S. Initial Public Offering paperwork. The company is advancing plans to list in New York, a listing it has long sought. The company reported a loss of $37.5 on revenues of $205.8 for the six-month period ended June 30. This is down from a loss of $50.4 on revenue of $162.6 a year ago. Via, a New York-based company founded in 2012 develops the technology behind public transportation systems in more than 30 different countries. Most of its revenues come from North America. The rest comes from Europe. Clients include municipalities, transit agencies and transport operators as well as school districts, corporations, universities and corporate clients. Via first IPOs can be filed confidentially in late 2021. The company was Valued at $3.5 billion 83North, a venture capital firm, is leading a funding round for 2023. Pitango and Exor are also major shareholders, as is the Italian family's investment company Agnelli. The U.S. IPO market has rebounded after a slight slowdown caused by volatility in April due to tariffs. The IPO market has been further energized by the successful debuts of a number of high-profile companies. Lead underwriters are Goldman Sachs Morgan Stanley Allen & Company and Wells Fargo Securities. The company intends to list its shares at the New York Stock Exchange with the ticker "VIA." The proceeds from the offering will go towards general corporate purposes including expanding into new markets, and increasing investment in sales and marketing. Navan, a travel-tech company. Confidentially filed For a New York IPO this year.
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Namibian Port Authority cancels Luderitz Energy Support Project
Namibian Ports Authority's (Namport) Facebook page revealed on Friday that it had cancelled the pre-qualification bid for a new base of oil and gas supplies at Luderitz, just days after its launch and without any explanation. The cancellation of the contract is a major blow to the government's efforts to speed up the development of the Luderitz Port, one the two commercial ports that are located in Southern Africa and is an important centre for energy services. Namibia is a hotspot for exploration following the discoveries of Shell, TotalEnergies and Rhino Resources offshore. The country aims to produce its first oil by 2030, with Luderitz designated as the energy hub. Investors and operators are concerned about regulatory uncertainty, the lack of essential infrastructure, and a low-skilled workforce in the oil and gas industry. Namport has launched a prequalification tender for a concession involving the design, build, ownership, operation and transfer (DBOOT), of a new Luderitz Bay Oil and Gas Supply Base to support drilling campaigns within the Orange Basin. Namport's Facebook page stated: "Namport regrets informing interested parties that DBOOT has cancelled the concession bid for Luderitz Bay Oil and Gas Supply Base." Andrew Kanime, CEO of Namport, did not respond to calls or messages from the public seeking clarification. Luderitz Port, in the vast and arid far south, is planning to extend its quaywall by at least 300 meters to accommodate additional platform support vessels servicing the growing offshore oil and gas industry. Kanime had previously said that TotalEnergies operations are supported by Luderitz, while Shell and Galp's operations are supported by Walvis bay in the north of Namibia. He said that the berthing capacity in this physically constrained port was close to being full. (Reporting and editing by Wendell Roelf, Nyasha Nyaungwa)
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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)
Toronto stocks are down on Friday but close the week in green
Canada's main index of stocks closed flat on the day as investors closely watched a meeting between U.S. president Donald Trump and Russian President Vladimir Putin to discuss a possible path for ending the conflict in Ukraine.
Trump and Putin met in Alaska Friday afternoon. The markets are hoping that the meeting will pave the path for a solution to the Ukraine conflict, and help determine the outlook of crude prices.
The Toronto Stock Exchange S&P/TSX Composite index fell 10.50 points or 0.04% to 27,905.49. The index rose 0.5% during the week.
South of the Border
The blue-chip Dow Jones index ended higher, after reaching an intraday high. However, other Wall Street indices fell as mixed data cloudsed the Federal Reserve’s next move in monetary policy.
Bausch Health Companies, a sub-index of the TSX, rose 11%, boosting healthcare by 4%.
Materials stocks rose by 0.8% while energy stocks declined by 0.2%.
Michael Constantino CEO of Webull Canada said that short-term investors hope the meeting will bring a ceasefire, or at the very least have continuous talks. We're approaching the end of summer.
Air Canada's flight attendants, who are unionized, threatened to strike shortly before 1:00 am. On Saturday, the largest airline in the country warned that it would cancel 500 flight by the end the day. The company's shares rose by about 0.6%.
The data released on Friday shows that Canadian factory sales rose by 0.3% from May to June, with petroleum, coal, and food products leading the way. Wholesale trade also increased by 0.7%, thanks to gains in tobacco, food, and beverage.
Retail sales in South America rose 0.5% as expected in July. However, a surge in import prices has raised fears that U.S. Tariffs will fuel inflation. (Reporting and editing by Nikhil Sharma, Nivedita Balu and Vijay Kishore; Margueritachoy and Vijay Kishore)
(source: Reuters)