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TSX gains on mining, energy and energy as Middle East conflict intensifies
Canada's resource-heavy index of the main stock market rose on Monday, boosted by gains in mining and energy, as higher?commodity? prices offset worries?about an escalating?Middle East war. 10:37 am ET, the S&P/TSX Composite Index of the Toronto Stock Exchange was up 0.7% at 32,201.91. The S&P/TSX composite index of the Toronto Stock Exchange was up 0.7% to 32,201.91 at 10:37 a.m. ET. Brent oil prices are on track to reach a new monthly record, while gold is up for the second straight session, as demand for safe havens picks up. Ten out of eleven major sectors in the index traded in the green, including the mining and energy heavyweight sectors. Kevin Headland is the co-chief investment strategy at Manulife Investments. He advises caution. He said, "We don't believe oil will remain structurally high for very long." Donald Trump, the U.S. President, said that Washington is in serious talks with Iran's "more reasonable regime" to end the conflict, but he repeated his warnings about the U.S. attacking Iranian oil wells, power plants, and other facilities if Iran does not reopen the Strait of Hormuz. His comments follow the entry of Yemen's Iran backed Houthi militia into the war at the weekend. The high oil prices have helped Canada’s commodity-heavy index to weather the war-shookn month of March better than the S&P 500. It fell about 6.3% compared with the U.S. benchmark’s near-7% decline. The TSX climbed a whopping?2,1% last week to snap a three-week losing run,?but it's still on course to end the month with its worst performance since June 2022. Air Canada's shares fell 2.5% following the announcement that CEO Michael Rousseau would step down at the end of the third-quarter. (Reporting from Rashika Singh in Bengaluru and Ragini Mathematics in New York)
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After engine failure, a US-bound Delta flight returns from Sao Paulo to the airport
The 'Delta Air Lines' flight bound for Atlanta was forced to return to the airport in Sao Paulo after takeoff due to an issue with the left engine of the aircraft, according to a spokesman released by the airline on Monday. The company said that the Airbus A330 300, which was carrying '272 passengers and fourteen crew members', landed safely. It was met by airport rescue and firefighting teams. Delta has not provided any further details, but an article from a local publication?G1, which showed a video made by passengers from within the jet, stated that?the aircraft’s left engine exploded a few seconds after takeoff. G1 said that the incident also caused delays to other flights departing from the Sao Paulo International Airport. The airport did not respond immediately to a request for comment.
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TSA workers are paid and airports in the US return to normal.
The major U.S. airports which?suffered massive delays for weeks because 50,000 Transportation Security Administration security officers were not paid since mid-February have now returned to normal. On Monday, airports in Baltimore and Houston, as well as New Orleans, Dallas, New York, and New York City, which have all seen massive delays over the past few weeks, reported very short queues. In some cases, security lines were as long as four hours. This was the longest line in TSA history. The Homeland Security Department announced that workers would be paid by Monday, despite the fact that Congress has failed to end the 45 day partial government shutdown. On Monday morning, some workers reported on social media that their paychecks had arrived early in the morning. The number of absences reached a record high on Friday, with about 12,4% or 3,560 workers not reporting to work. Massive lines were also reported at many major airports. Since February, more than 500 airport security agents have quit their jobs. At New York JFK, more than a third did not arrive on Friday. Baltimore, Atlanta and New Orleans were among the airports where 45% of employees did not arrive on Friday. Democrats in Congress are holding up funding for DHS, while demanding that the rules governing immigration operations be changed. This comes after agents in Minneapolis killed U.S. citizens Renee Good?and?Alex Pretti. The Congressional Democrats proposed funding TSA separate from the negotiations over immigration reforms. The Republican leadership in the U.S. House of Representatives rejected on Friday a bipartisan Senate agreement to end the six-week funding deadlock and passed a bill to fund DHS. The airports are struggling with the spring break travel surge, which is about 5% more than last year. Last week, hundreds of U.S. Immigration?agents & Homeland Security Investigations agents began deploying at 14 U.S. Airports to assist security screening. The White House announced that they would remain until normal operations resumed. (Reporting and editing by Chizu Nomiyama, Nick Zieminski and David Shepardson)
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China Southern will return to profitability in 2025, after five years of losses
China Southern Airlines reported on Monday a 'net profit' of 857 million Yuan ($124.01?million) for 2020, returning to a positive net profit for the first since 2019. This was due to operational improvements and tighter control over costs. The Guangzhou carrier's full-year profit fell within the range set by the company in January, which was 800 million to 1 billion yuan. This compares with a loss of 1.7 billion yuan for 2024. In 2025, it was the only one of China's?Big 3? state-owned airlines that reported a net profit for a full year. In its earnings guidance the airline stated that 'the industry is still facing a challenging environment, tight supply chains and rising prices for aircrafts, aviation materials, and engines. The carrier claimed to have improved its performance by optimizing passenger and cargo capacity allocation, and strengthening cost control. $1 = 6.9105 Chinese yuan Renminbi (Reporting and editing by Jamie Freed, Tomaszjanowski and Sophie Yu in Beijing)
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Alaska Air announces bigger losses in the first quarter due to fuel prices surging
Alaska Air Group estimated on Monday a larger first-quarter loss as higher fuel costs?due the Iran War added to pressures from a?weaker?demand in?parts?of its network. Benchmark Brent has risen by 58% in the last month. This is the biggest monthly increase since 1988. It also exceeds gains during the Gulf War of 1990. Alaska Air stated that economic fuel prices will?average $2.9 to $3 per galon, creating a "incremental" loss of earnings per share of at least $0.7. The recent oil price spike may be the first financial'stress test' for U.S. Airlines since the pandemic. Weaker carriers are more likely to shrink or borrow, while stronger competitors continue to?invest and gain?marketshare. Alaska Air expects a first-quarter adjusted loss between $1.5 and 2 per share, as opposed to its previous estimate from 50 cents up to $1.5. In premarket trading, shares of the company fell by 1.1%. Alaska Airlines said that the strong demand it has seen since late 2025, was recently affected by external factors, such as a drop in Mexico travel because of unrest at 'Puerto Vallarta, and severe rainfall and flooding in Hawaii. These events together account for approximately 30% of Alaska's capacity. The company stated that "impacts can be seen both in March and April, as well as during the peak West Coast Spring Break travel periods." It said that corporate demand was still a major factor, with bookings for the next 90 days increasing by more than 25%. The airline said that it was well positioned to handle peak travel during its strongest season.
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As the Middle East conflict escalates, airlines cancel more flights
The global air travel industry is still severely affected by the Iran War. Many people are still unable fly to their destinations as planned after major Middle-Eastern hubs such as Dubai, Doha, and Abu Dhabi were closed. The latest flight information is listed below alphabetically: AEGEAN AIRLINES Greece's biggest carrier has cancelled flights to Tel Aviv and Beirut until April 22 and Erbil and Baghdad till May 24. Dubai flights have been cancelled until April 19, and Riyadh flights are on hold until April 18. AIRBALTIC AirBaltic, a Latvian airline, announced that all flights to Tel Aviv have been cancelled up until April 29. All flights to Dubai are cancelled until October 24, according to airBaltic. AIR CANADA All flights between Tel Aviv and Dubai have been cancelled by Air Canada until September 7. AIR EUROPA Spanish Airlines has canceled all flights to Tel Aviv from April 10 until now. AIR FRANCE KLM Air France has cancelled Tel Aviv, Beirut and Dubai flights until April 4, and Riyadh and Dubai flights until March 31. They have also cancelled an April 1 departure out of Dubai. KLM has suspended flights until May 17 to Tel Aviv and Riyadh. CATHAY PACIFIC Hong Kong Airlines has cancelled all flights to Dubai, Riyadh and Abu Dhabi until May 31. In April, the airline will increase passenger flights from London to Paris, Zurich and London to meet the surge in demand for European destinations. The U.S. carrier has cancelled all flights between New York and Tel Aviv, and will not resume its Atlanta-Tel Aviv service until September 5. The launch of the Boston-Tel Aviv route, originally planned for late October has been postponed until further notice. EL AL ISRAEL AIRLINES Customers who were planning to leave Israel by April 11th had their flights, including the return flight, cancelled. The airline operates a limited number of flights between Israel and several important destinations. EMIRATES The UAE airline announced that it would operate a reduced schedule after a partial opening of the regional airspace. ETIHAD AERWAYS The UAE carrier announced that it operated a commercial flight schedule from Abu Dhabi to around 80 destinations. FINNAIR The Finnish airline has cancelled all Dubai flights until 29 March and Doha flights till 2 July, while continuing to avoid airspace in Iraq, Iran Syria and Israel. FLYNAS Saudia, the budget airline, has suspended flights to Dubai, Abu Dhabi and Sharjah as well as Doha, Bahrain, Kuwait Kuwait, Iraq, Syria, and?Syria, until April 15th. British Airways, owned by IAG, has extended the cancellations to Amman and Bahrain until May 31, and Doha until April 30. Flights to Bangkok and Singapore have also been added. Flights to Abu Dhabi are suspended until the end of this year. JAPAN AIRLINES Japan Airlines has suspended its scheduled flights between Tokyo and Doha until April 10, and Doha to Tokyo until April 11. LOT, the Polish airline, announced that all flights to Dubai and Tel Aviv have been cancelled up until 28 March. The airline has also cancelled all flights to Riyadh and Beirut between March 31 and April 30. LUFTHANSA GROUP Lufthansa Group, Swiss, Austrian Airlines and Brussels Airlines have suspended flights from Dubai and Tel Aviv to October 24, and Abu Dhabi, Amman and Beirut to Riyadh. Lufthansa Cargo will be the same except for Tel Aviv, which is suspended until April 30. Eurowings, a low-cost airline, plans to suspend its flights to Tel Aviv and Beirut through April 30, and to Dubai, Abu Dhabi, and Amman until October 24. MALAYSIA AIRLINES Malaysia Airlines has suspended all flights to Doha from April 15 until further notice. NORWEGIAN AIR It has delayed the launch of its Tel Aviv service to June 15 from April 1, and that of Beirut's services, respectively. The airline has cancelled all Dubai flights until April 8. PEGASUS Pegasus Airlines, Turkey's national airline, has cancelled all flights to Iran, Iraq, Amman Beirut, Kuwait Bahrain Doha Dammam Riyadh Dubai Abu Dhabi Sharjah and Abu Dhabi until April 13th. QANTAS Australia's flag airline is adding more flights to Rome and Paris in response to a surge in demand for European destinations. Flights from Perth to Singapore will be increased from daily to ten flights per day. A new?schedule' will be implemented gradually for flights starting in mid-April, and running until late July. QATAR AIRWAYS The airline said that it will gradually increase its flight frequencies to and from Doha, with more flights being offered to over 90 destinations. SINGAPORE Airlines In response to increased demand, the carrier has extended the suspension of Singapore-Dubai flights through?April 30. It also added services for Singapore-London Gatwick?and Singapore-Melbourne routes from late March until October 24, in order to accommodate the longer suspension. TURKISH AIRLINES Turkish Airlines has cancelled most Middle East flights up until the end March. SunExpress, a joint venture between Lufthansa and SunExpress has cancelled flights from Dubai to Bahrain to April 30. WIZZ AIR Low-cost carrier has suspended all flights from Europe to Israel, Dubai, Abu Dhabi and Amman until the middle of September. All flights to Medina have been suspended indefinitely. (Compiled by Josephine Mason and Jamie Freed; edited by Matt Scuffham and Milla Nissi Prussak; Christopher Cushing, Sumana Nady, and Joe Bavier.
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Sable Oil begins selling oil from the Santa Ynez pipeline in California after restart
Sable Offshore announced on Monday that it had 'begun selling oil to Chevron from its Santa Ynez Pipeline System off the coast of California, after resuming crude transport earlier this month. In premarket trading, shares?were up by more than 3%. Since 2015, the pipeline system that runs along California's Gaviota coast has been closed. The spilled oil polluted miles of coastline and killed wildlife, damaging local fisheries. Sable's effort to restart the system is now the subject of a?long-running dispute between California regulators and the environmental groups who have filed lawsuits against the reopening. The restart is a result of a directive issued by the Trump administration, under the Defense Production Act. This order ordered the restoration drilling operations in Southern California to boost domestic energy supplies. Sable stated that the pipeline was filled at a rate greater than 50,000 barrels per day from Las Flores Canyon up to Pentland Station. The Houston-based firm said it "planned" to resume production at Platform Heritage (part of the Santa Ynez Unit) later on Monday, with an expected output of more than 30,000 barrels of crude oil per day. Platform Hondo, a second?offshore platform within the unit, is also expected to be online by the second quarter. (Reporting and editing by Tasim Zaid in Bengaluru)
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Naftogaz, the state-owned gas company in Ukraine, says that Ukraine wants more LNG and diesel imported from Greece
Naftogaz, the Ukrainian energy company, said on Monday that Ukraine is interested in increasing LNG supplies via Greek terminals and pipelines along the Vertical Corridor System. The Vertical Corridor allows Ukraine to receive U.S. LNG via Greece, but the share of imports is still small. In 2016, Greece, Bulgaria Romania and Hungary signed an agreement to build the infrastructure for the Vertical Gas Corridor, which will allow gas to be transported between the countries. After the meeting, Serhiy koretskyi, Naftogaz's CEO, said that "special attention was paid to the possibility of increasing the gas supply volumes for both Ukraine and the Eastern European region via Greek ports." He added that they also discussed diesel fuel supply, the use the Greek fleet and other mutually-beneficial projects. After Russian missile attacks virtually destroyed Ukraine's refining capability, the country became almost completely dependent on imported fuel. It sources supplies from Western, Central and Southern Europe. Enkorr, a Kyiv fuel consultancy, said Monday that Ukraine has increased diesel fuel imports. Analysts do not expect the country to have a fuel shortage by April. ExPro analysts said that this month, gas traders, including the state-owned Naftogaz, will import at least 75,000,000 cubic metres of LNG into Ukraine through the "Vertical corridor"?from Greece in March. ExPro stated that the gas imports from Greece would be 2.41 mcm/day and will come at special transport rates. (Reporting and editing by Keith Weir.)
Air Canada CEO Michael Rousseau retires after French Flub
Air Canada CEO Michael Rousseau is retiring 'by the end third quarter', the airline announced a few days ago. This comes after the recent criticism for sending condolences in English, and not in French, which is one of Canada's two official languages, following a fatal crash.
Mark Carney, the Prime Minister of Canada last week, said Rousseau lacked judgment when he made a video in mostly English to express condolences after an Air Canada Express plane collided with a firetruck at New York’s LaGuardia Airport. The collision killed both pilots as well as injured dozens.
Airlines CEOs are increasingly expected to speak out after fatal accidents that involve their aircraft. American Airlines CEO Robert Isom, in January 2025 expressed his "deep sadness" in a video after one of its regional jets collided with a U.S. Army Black Hawk helo near Ronald Reagan Washington National Airport. The accident resulted in 67 deaths.
Rousseau helped Air Canada recover from the COVID-19 pandemic but also received criticism for how he handled a four-day flight attendant strike that grounded hundreds of planes?last year.
The issue of language is still a hot topic in Quebec, Canada's second most populous province. In the 1970s, unhappiness with the dominance and influence of English led to the rise of separatists like the Parti Quebecois.
Air Canada is a publicly traded company that must provide services in English and French. This is in accordance with the Official Languages Act of Canada. The Act states that the public has a right to communicate in either language.
Rousseau’s comments after the LaGuardia accident marked the second time that his limited French skills caused controversy at Canada’s largest airline, where he's had nearly two decades' experience.
?Rousseau apologized in 2021 and pledged to improve his French skills after he was criticized by then-Prime Minster Justin Trudeau for giving a speech that was almost entirely given in English?in Montreal where the airline's headquarters is located.
The carrier has said that a process to find Rousseau's successor is in progress.
Last week, Quebec's provincial parliament?adopted an non-binding resolution calling for Rousseau to resign over his alleged lack of respect for the French Language. Elections are scheduled for the province in the fall. Reporting by Allison Lampert and David Ljunggren, in Montreal and Ottawa; Additional reporting and editing by Shivansh Tiwary and Paul Simao in Bengaluru
(source: Reuters)