Evogene: Q2 Earnings Snapshot
The Rehovot, Israel-based company said it had a loss of 62 cents per share.
The agricultural company posted revenue of $884,000 in the period.
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The Hill
28 minutes ago
- The Hill
Air Canada reaches deal with flight attendant union to end strike as operations will slowly restart
TORONTO (AP) — Air Canada said it will gradually restart operations after reaching an agreement early on Tuesday with the union for 10,000 flight attendants to end a strike that disrupted the travel plans of hundreds of thousands of travelers. The agreement came after Canada's biggest airline and the union resumed talks late Monday for the first time since the strike began over the weekend, affecting about 130,000 travelers a day at the peak of the summer travel season. Air Canada said flights will start resuming at 4 p.m. ET. Flight attendants walked off the job early Saturday after turning down the airline's request to enter into government-directed arbitration, which allows a third-party mediator to decide the terms of a new contract. The union said the agreement will guarantee members pay for work performed while planes are on the ground, resolving one of the major issues that drove the strike. 'Unpaid work is over. We have reclaimed our voice and our power,' the union said in a statement. 'When our rights were taken away, we stood strong, we fought back — and we secured a tentative agreement that our members can vote on.' Chief executive Michael Rousseau said restarting a major carrier is a complex undertaking and said regular service may require seven to 10 days. Some flights will be canceled until the schedule is stabilized. 'Full restoration may require a week or more, so we ask for our customers' patience and understanding over the coming days,' Rousseau said in a statement. The two sides reached the deal with the help of a mediator early Tuesday morning. The airline said mediation discussions 'were begun on the basis that the union commit to have the airline's 10,000 flight attendants immediately return to work.' Air Canada declined to comment further on the agreement until the ratification process is complete. It noted a strike or lockout is not possible during this time. The carrier said it plans to complete about half Tuesday's scheduled flights, with a focus on international outbounds. The ramp-up will begin on Wednesday morning for mainline North American routes. Earlier, Air Canada said rolling cancellations would extend through Tuesday afternoon after the union defied a second return-to-work order. The Canada Industrial Relations Board had declared the strike illegal Monday and ordered the flight attendants back on the job. But the union said it would defy the directive. Union leaders also ignored a weekend order to submit to binding arbitration and end the strike by Sunday afternoon. The board is an independent administrative tribunal that interprets and applies Canada's labor laws. The government ordered the board to intervene. Labor leaders objected to the Canadian government's repeated use of a law that cuts off workers' right to strike and forces them into arbitration, a step the government took in recent years with workers at ports, railways and elsewhere. 'Your right to vote on your wages was preserved,' the union said in a post on its website. Air Canada operates around 700 flights per day. The airline estimated Monday that 500,000 customers would be affected by flight cancellations. Aviation analytics firm Cirium said that as of Monday afternoon, Air Canada had called off at least 1,219 domestic flights and 1,339 international flights since last Thursday, when the carrier began gradually suspending its operations ahead of the strike and lockout that began early Saturday. Toronto's Pearson International Airport, Canada's largest, said it will deploy additional staff to assist passengers and support startup operations. 'I am relieved that Air Canada and the Canadian Union of Public Employees have reached a tentative agreement early this morning,' Prime Minister Mark Carney said in a statement. 'It is my hope that this will ensure flight attendants are compensated fairly at all times, while ending disruption for hundreds of thousands of Canadian families, workers, and visitors to Canada.' Passengers whose flights are impacted will be eligible to request a full refund on the airline's website or mobile app, according to Air Canada.
San Francisco Chronicle
28 minutes ago
- San Francisco Chronicle
DC unemployment rate is the highest in the US for the third straight month
WASHINGTON (AP) — The seasonably adjusted unemployment rate in Washington, D.C., was the highest in the nation for the third straight month, according to new data released Tuesday by the Bureau of Labor Statistics. D.C.'s jobless rate reached 6% in July, a reflection of the mass layoffs of federal workers, ushered in by President Donald Trump's Department of Government Efficiency, earlier this year. An overall decline in international tourism — which is a main driver of D.C.'s income — is also expected to have an impact on the climbing unemployment rate in the District. Neighboring states also saw an uptick in unemployment rates in July — with Maryland at 3.4% (up from 3.3%) and Virginia at 3.6% (up from 3.5%), according to the state-by-state jobless figures. Since the beginning of Trump's second term, federal workers across government agencies have been either laid off or asked to voluntarily resign from their positions. Those actions have drawn litigation across the federal government by labor unions and advocacy groups. In July, the Supreme Court cleared the way for Trump administration plans to downsize the federal workforce further, despite warnings that critical government services will be lost and hundreds of thousands of federal employees will be out of their jobs. The latest D.C. Office of Revenue Analysis figures show that payments made to unemployed federal workers have been climbing month-over-month. In April, unemployed workers received $2.01 million in unemployment payments. By June, that figure reached $2.57 million. The DC Fiscal Policy Institute argues that the federal worker layoffs will exacerbate D.C.'s Black-white unemployment ratio. The latest nationwide unemployment rate according to the BLS is 4.2% — South Dakota had the lowest jobless rate in July at 1.9%. In addition, international tourism, a major source of D.C., to the U.S. is declining. Angered by Trump's tariffs and rhetoric, and alarmed by reports of tourists being arrested at the border, some citizens of other countries are staying away from the U.S. and choosing to travel elsewhere — notably British, German and South American tourists, according to the World Travel & Tourism Council. A May report from the organization states that international visitor spending to the U.S. is projected to fall to just under $169 billion this year, down from $181 billion in 2024 — which is a 22.5% decline compared to the previous peak. The latest jobs numbers come after the Republican president and a group of GOP governors have deployed National Guard troops to D.C. in the hopes of reducing crime and boosting immigration enforcement. City officials say crime is already falling in the nation's capital.
UPI
29 minutes ago
- UPI
Trump administration seeks an equity stake in chipmaker Intel
U.S. Treasury Secretary Scott Bessent (L) and Commerce Secretary Howard Lutnick on Tuesday confirmed the Trump administration wants an equity stake in Intel in exchange for CHIPs and Science Act funding. Photo by Bonnie Cash/UPI | License Photo Aug. 19 (UPI) -- The Trump administration wants U.S. chipmaker Intel to give the federal government an equity stake to receive $8 billion via the CHIPS and Science Act. Commerce Secretary Howard Lutnick on Tuesday confirmed President Donald Trump wants Intel to give the federal government a 10% stake in Intel in exchange for money promised to it by the Biden administration upon passage of the CHIPS and Science Act. "We should get an equity stake for our money," Lutnick said when interviewed by CNBC on Tuesday. "We'll deliver the money, which was already committed under theBiden administration," Lutnick continued. "We'll get equity in return for it." Intel officials in the fall announced the tech company will receive an $8 billion grant via the CHIPS and Science Act. The president questions why the federal government is giving that much money to a tech firm that is worth $100 billion, Lutnick said. Commerce Secretary Scott Bessent also confirmed the Trump administration's demand for equity in Intel, saying it's needed to make the tech firm stable and capable of increasing domestic production of chips. Additionally, Taiwan produces most of the global supply of chips, and U.S. national security requires a domestic supply, Bessent told Bloomberg last week. The Trump administration's request for equity in Intel comes a day after Japan-based tech investor SoftBank on Monday announced it will invest $2 billion in Intel in exchange for Intel common stock. "Semiconductors are the foundation of every industry," said Masayoshi Son, SoftBank chairman and chief executive officer. "For more than 50 years, Intel has been a trusted leader in innovation." Son said SoftBank officials believe Intel will have a "critical role" in expanding the United States' semiconductor manufacturing and supply. SoftBank will pay $23 per share for Intel stock, which would amount to nearly 87 million common shares. The Trump administration, likewise, wants equity in Intel in exchange for CHIPs and Science Act funding, rather than giving away taxpayer funds. Intel had begun building U.S. manufacturing facilities near Columbus, Ohio, with an estimated completion date in 2030. Intel Chief Executive Officer Lip-Bu Tan last month said the company is slowing the pace of construction and will continue work based on market conditions, CNBC reported. President Joe Biden signed the CHIPS and Science Act into law on Aug. 9, 2022, which provides about $280 billion in funding for the U.S. semiconductor industry. Biden lauded the act as a success a year ago in August after tech companies pledged more than $395 billion in investments in electronics and semiconductors and created more than 115,000 jobs during the act's first two years. U.S. tech firms account for about 10% of the global supply of chips that power artificial intelligence and a variety of consumer goods, including appliances and computers. The United States was on pace to produce about 30% of the global computer chip supply by 2032, Biden announced.
