CDPQ Pension Gains 4.6% in First Half As Equities Face Turmoil
The Montreal-based pension fund, Canada's second-largest, boosted its assets under management to C$496 billion ($360 billion) as of June 30, up by C$23 billion from the end of the year.
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Air Canada suspends return to service until Monday
Air Canada said Sunday it was suspending its plans to return to work until Monday. The airline's decision follows a decision by the Canadian Union of Public Employees, which represents about 10,000 flight attendants, to defy an order by the Canadian Industrial Relations Board to return to work. 'The airline will resume flights as of (Monday) evening,' the company's statement said. On Friday, the CIRB ordered a resumption of air service by Air Canada and Air Canada Rouge, following a direction by Jobs Minister Patty Hadju. The minister also ordered the attendants to return to work. 'This order ended both CUPE's strike and the lockout Air Canada had imposed in response,' Air Canada said in the release. The shutdown affected about 240 flights, Air Canada said. Typically the carriers operate 700 flights a day. Meanwhile, the airline 'strongly advised' customers 'not to go the airport unless they have confirmed flights on other airlines.' 'Air Canada will offer those with cancelled flights options, including obtaining a full refund or receiving a credit for future travel. 'The carrier will also offer to rebook customers on other carriers, although capacity is currently limited due to the peak summer travel season.' Air Canada Express flights operated by Jazz or PAL continue to operate as normal. Earlier in the day, Air Canada flight attendants said Sunday they intend to remain on strike in defiance of a back-to-work order. The Canadian Union of Public Employees said it will challenge an order by the Canada Industrial Relations Board to return to work by 2 p.m. ET. 'Our members are not going back to work,' CUPE national president Mark Hancock said outside the Toronto Airport. Hancock said the union received notice from the CIRB late Saturday, informing them of the impending return to work. He said the union felt the 'whole process has been unfair.' 'Air Canada has really refused to bargain with us, and they refused to bargain with us because they knew this government would come in on their white horse and try and save the day,' he said. The strike has left thousands of passengers stranded or struggling to find ways to reach their destinations. Air Canada said on Sunday that the CIRB has ordered the terms of the collective agreement between the union and the airline that expired on March 31 be extended until a new agreement is reached. The Canadian Union of Public Employees, which represents more than 10,000 flight attendants, has accused federal Jobs Minister Patty Hajdu of caving to Air Canada's demands. CUPE says it is inviting Air Canada back to the table to negotiate a fair deal. The union called for a 'day of action' on Sunday, with demonstrations planned outside of the Toronto, Montreal, Vancouver and Calgary airports. Natasha Stea, the president of the local 4091 for flight attendants based in Montreal, said the workers supported defying the back-to-work order. 'I want to be very clear, Air Canada is choosing to do this to our passengers, to our company, because we are the face of the company, and they're trying to blame us for all this and getting together with their friends in the government to kind of circumvent all our rights,' she said at a demonstration outside the Toronto airport. She said workers are 'done being abused and exploited.' 'Where you have a multi-billion dollar company that's refusing to pay living wages to their employees, I just don't know.' CUPE originally announced its members were heading to the picket lines after being unable to reach an eleventh-hour deal with the airline, while Air Canada locked out its agents about 30 minutes later due to the strike action. The union has said its main sticking points revolve around wages that have been outpaced by inflation during its previous 10-year contract, along with unpaid labour when planes aren't in the air. Air Canada had previously asked Hajdu to order the parties to enter a binding arbitration process — a power granted to the minister through Section 107 of the Canada Labour Code.
