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New York Post
10 minutes ago
- New York Post
Air Canada cabin staff go on strike, grounding hundreds of flights
Air Canada's unionized flight attendants walked off the job early on Saturday morning after contract talks with the country's largest carrier stalled, in a move that could disrupt travel plans for more than 100,000 passengers. The union representing more than 10,000 Air Canada flight attendants confirmed the action in a social media post at around 1:00 a.m. in the first strike by cabin crew since 1985. Attendants are currently paid when the plane is moving and the union was seeking to also be compensated for time on the ground between flights and helping passengers board. 5 Air Canada union activists interrupt a press conference by airline executives on Aug. 14, 2025. REUTERS Montreal-based Air Canada, which is expected to respond quickly by locking out the workers, has said it anticipated canceling 500 flights by the end of Friday during the busy summer travel season. It expected around 100,000 people to be affected on Friday alone. Flight attendants are likely on Saturday to picket at major Canadian airports, where passengers were already trying to secure new bookings earlier in the week, as the carrier gradually wound down operations. Passenger Freddy Ramos, 24, said on Friday at Canada's largest airport in Toronto that his earlier flight was canceled due to the labor dispute and he had been rebooked by Air Canada to a different destination. 'Probably 10 minutes prior to boarding, our gate got changed and then it was canceled and then it was delayed and then it was canceled again,' he said. 5 Air Canada planes sit on the tarmac at Pearson International Airport in Toronto, Canada on Aug. 14, 2025. Getty Images 5 Air Canada flight attendants walk through the terminal of Montreal-Pierre Elliott Trudeau International Airport in Dorval, Quebec on Aug. 15, 2025. AP Air Canada and its low-cost affiliate Air Canada Rouge normally carry about 130,000 customers a day. Air Canada is also the foreign carrier with the largest number of flights to the US. While the dispute has generated support from passengers on social media for the flight attendants, Canadian businesses reeling from a trade dispute with the United States urged the federal government to impose binding arbitration on both sides, which would end the strike. Air Canada has asked the minority Liberal government of Prime Minister Mark Carney to order both sides into binding arbitration although the Canadian Union of Public Employees, which represents the attendants, said it opposed the move. The Canada Labour Code gives Jobs Minister Patty Hajdu the right to ask the country's Industrial Relations Board to impose binding arbitration in the interests of protecting the economy. Hajdu has repeatedly urged the two sides, which are not bargaining, to return to the table. The union has said Air Canada offered to begin compensating flight attendants for some work that is now unpaid but only at 50% of their hourly rate. 5 Flight attendants are likely on Saturday to picket at major Canadian airports, where passengers were already trying to secure new bookings earlier in the week, as the carrier gradually wound down operations. AP 5 A passenger looks at the canceled and delayed Air Canada flights on a departure board at Montreal-Pierre Elliott Trudeau International Airport. AP The carrier had offered a 38% increase in total compensation for flight attendants over four years, with a 25% raise in the first year, which the union said was insufficient. In a note to clients on Friday, analysts at financial services firm TD Cowen urged the carrier to 'extend an olive branch to end the impasse,' adding that investors are worried that any cost savings on labor are outweighed by lost earnings in the airline's most important quarter. 'We think it would be best for AC to achieve labor peace,' the note said. 'Not budging on negotiations risks being a Pyrrhic victory.'
Epoch Times
25 minutes ago
- Epoch Times
World's Largest Hedge Fund Sells All Its US-Listed China Stocks
Hedge fund giant Bridgewater is unloading $1.5 billion in Chinese stocks, stepping away from Chinese investments entirely for the first time. President Donald Trump is moving to strengthen America's drug supply. How dependent is the United States on China, and what would happen if Beijing cut off the flow? As Trump meets with ...
Business Insider
37 minutes ago
- Business Insider
M&A News: BlackRock Stock (BLK) Strengthens Despite $23B Panama Ports Deal Slipping to 2026
Shares in U.S. asset manager BlackRock (BLK) were higher today despite its $22.8 billion Panama Ports deal with CK Hutchison (CKHUF) being delayed until 2026. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. 'The deal is taking much longer than we had expected when we announced in March, but frankly that's not particularly troublesome,' CK group managing director and finance director Frank Sixt said. 'There is a reasonable chance that discussions will lead to a deal that is good for all of the parties and that will be capable of being approved by all the relevant authorities.' Complex Deal He added: 'With a deal of this size and complexity, closing… would not in any case occur this year, even if binding arrangements are agreed this year.' According to recent reports China's state-owned shipping giant Cosco is aiming to secure at least a 20%-30% stake in the proposed deal alongside BlackRock and Mediterranean Shipping Company (MSC). The proposed deal includes two ports at either end of the Panama Canal and more than 40 others around the world. BlackRock and MSC, which reached a preliminary agreement to buy the ports from Hong Kong conglomerate CK back in March, are reportedly open to Cosco taking a stake. Last month, CKH had announced that the exclusive negotiation period with the consortium led by BlackRock and Mediterranean Shipping Company (MSC) had expired, and it intended to invite major strategic investors from mainland China to join as key members of the consortium. Chinese officials have told BlackRock, MSC and Hutchison that if Cosco is left out of the deal, Beijing would take steps to block Hutchison's proposed sale. This won't be too much of a surprise for BlackRock given that legal and regulatory hurdles are a key risk for the group – see above. Trump Concern A delay to the deal could be bad news for President Trump who has put a lot of political capital into ensuring that U.S. dominance over the Panama Canal is reasserted. There is also the current trade and tariff spat between the U.S. and China, as well as wider geopolitical concerns. The Chinese government has also repeatedly expressed concerns about the deal since March. This has included slamming CK for betraying the Chinese people and being 'spineless.' It was concerned, and presumably still is, that the deal could hit China's shipping and trade interests. Is BLK a Good Stock to Buy Now? On TipRanks, BLK has a Strong Buy consensus based on 14 Buy and 1 Hold ratings. Its highest price target is $1,255. BLK stock's consensus price target is $1,174.53, implying a 1.24% upside.
