BMO Said to Weigh $1 Billion Sale of Transportation Finance Arm
The Montreal-based lender has been reaching out to potential buyers for the asset, which could appeal to private equity and private credit players, said the people, who asked to not be identified because the details aren't public. The business has about $11 billion of assets, the people said.
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21 minutes ago
- Yahoo
Air Canada to restart operations after government blocks strike
The government of Canada on Saturday ordered Air Canada and flight attendants back to the bargaining table and submit to binding arbitration, allowing the flag carrier to resume operations 12 hours after flight attendants went on strike earlier in the day. Minister of Jobs and Families Patty Hajdu said the move was necessary to protect the Canadian economy as it deals with new tariff headwinds. The Canadian Union of Public Employees, which represents Air Canada's 10,000 flight attendants, decried the forced arbitration, saying it undercut the bargaining power of workers. 'The Liberal government under Mark Carney has done incalculable damage to the charter and workers' rights by siding with Air Canada to crush the rights of flight attendants at Air Canada,' the union said in a statement. This is absolutely shameful and a blatant betrayal,' said CUPE National Secretary-Treasurer Candace Rennick. 'The government's decision to intervene on behalf of an already wildly profitable employer, while a predominantly female workforce fights tooth and nail for a path out of poverty, is not just unjust, it's a disgraceful misuse of power that reeks of systemic bias and corporate favoritism.' As of 3 p.m. ET, flight schedules remain disrupted, Air Canada (TSX: AC) said in a customer notice on its website. The intervention, requested by Air Canada and business groups, is a relief for travelers and businesses that ship goods by air. The Canadian Chamber of Commerce and the Canadian Federation of Independent Businesses previously expressed concern that a work stoppage would hinder the flow of critical goods such as pharmaceuticals, perishable foods, and machinery and hurt companies already impacted by escalating trade tensions with the United States. Air Canada Cargo implemented plans to keep its freighter fleet operating, albeit with a modified schedule. CUPE set a strike deadline for Saturday morning after eight months of contract negotiations failed to produce an agreement. Air Canada began grounding its fleet on Thursday. 'Iit is disappointing to have to conclude today that Air Canada and CUPE flight attendants are at an impasse and remain unable to resolve their dispute,' Hajdu said in a statement. 'It has now become clear that this dispute won't be resolved at the table. Canadians are increasingly finding themselves in very difficult situations and the strike is rapidly impacting the Canadian economy. 'The enormous impact of a nationwide labour disruption of this scale is already being felt by Canadians and visitors to our country. This impact will grow significantly with a prolonged dispute. This nationwide labour disruption is impeding the movement of passengers and critical cargo. In a year in which Canadian families and businesses have already experienced too much disruption and uncertainty, this is not the time to add additional challenges and disruptions to their lives and our economy. 'Canadians rely on air travel to connect families, workers, and communities to each other and the world. Despite significant support from the government, these parties have been unable to resolve their differences in a timely manner. The government must act to preserve stability and supply chains in this unique and uncertain economic context,' she said. Hajdu directed the Canadian Industrial Relations Board to help the sides resolve the outstanding issues in their dispute through binding arbitration. The board will take information from both sides and essentially set the terms for a new contract, which both sides will be required to follow. The statement left room for the parties to avoid arbitration if they can quickly reach a deal on their own. 'This decision will help make sure that hundreds of thousands of Canadians and visitors to our country are not impacted because of cancelled flights. Further, the shipments of critical goods such as pharmaceuticals and organ tissue, over 40% of which are moved by Air Canada, should continue to reach their destinations,' said Hajdu. The Canadian government has inserted itself in several labor disputes lately. In December it ended a month-long strike by Canada Post mail workers and ordered the Canadian Industrial Relations Board to recommend fixes for the postal operator's deteriorating financial position. The report mostly agreed with Canada Post about the structural and competitive challenges it faces as letter mail and package volumes decline. Hajdu this summer ordered the board to poll members of the Canadian Union of Postal Workers, over the objections of its leaders, on Canada Post's final contract offer. Mail carriers on Aug. 1 overwhelmingly voted down the proposal. CUPE claims Air Canada's offer only raises wages 17% over four years, which doesn't make up for lost ground to inflation under the current contract. Air Canada says its offer increases compensation by 38%, but the definition of compensation includes benefits and pensions. Click here for more FreightWaves/American Shipper stories by Eric Kulisch. Write to Eric Kulisch at ekulisch@ RELATED READING: Supply chain disruptions feared as Air Canada prepares for strike Is Canada Post too big to fail? The post Air Canada to restart operations after government blocks strike appeared first on FreightWaves. Solve the daily Crossword
Yahoo
21 minutes ago
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31-Year-Old Real Estate Agent Says Housing Is Being 'Sifted Away From the Working Class' as Investors Snatch Up Homes And Shut Out First-Time Buyers
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. It's 2025, not the Gilded Age—but if you're a first-time buyer, you might feel like the working class is being elbowed out by well-heeled tycoons. That's what 31-year-old, Delaware-based real estate agent Zachary Foust argues in a TikTok rant that's gone viral—so much so that fans are urging him to run for office. Shop Top Mortgage Rates A quicker path to financial freedom Personalized rates in minutes Your Path to Homeownership Foust explains he burst onto TikTok in 2019 to demystify home buying. Instead, he ended up with a "VIP front row seat to watching the American Dream get sifted away from the working class." Bold claim? He backs it up. Once-proud homes are becoming inflation vehicles for institutional investors, leaving first-time buyers in the dust. Don't Miss: Would you have invested in eBay or Uber early? The same backers are betting on . Named a TIME Best Invention and Backed by 5,000+ Users, Kara's Air-to-Water Pod Cuts Plastic and Costs — "It's not just me selling homes," he says. It's the frustration of promising the "best investment"—shelter and asset in one—for people who now can't afford it. "90% of people can't even stare down a mortgage every single month without thinking, 'How am I going to freaking pay this?'" He points fingers at decades of policy and economic decisions: Reagan-era tax cuts for the ultra-rich, unchecked private equity dominance, the 2008 crash, and Citizens United—all stacking the deck for investors. "If you're bored billionaires, ego-driven trillionaires, gobbling up homes as inflation bets while the working class slides out..." he pauses — "that's the infestation right there." Trending: 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. Let's talk numbers: According to BatchData's Summer 2025 Investor Pulse Report, investors bought nearly 27% of U.S. home sales in Q1 — the highest share in at least five years. Small-scale buyers dominate: mom-and-pop investors—those owning five or fewer homes—own 85% of investor-held properties, while big institutional players without over 1,000 homes or more make up only 2.2%. So the threat, Foust argues, isn't just Wall Street—it's wholesale. Investors, big and small, are scooping up inventory faster than new buyers can get a shot. On one fiery note, he says, "I don't want to just sell homes. I want to start a change so people can get in on the wealth." And wonders: "Why am I labeled a communist if I just want people to have a chance?"If his stream-of-consciousness passion sounds compelling, he's not alone. Multiple calls are in the comments urging him to run for office. And with housing now a full-blown affordability crisis, maybe it's time. In the meantime, Arrived lets people invest in real estate differently—fractional ownership, less competition with billionaires, and maybe a foot in the door for the rest of us. Still, Foust's point remains: homeownership shouldn't feel like winning the lottery. "I don't want to continue to operate in a world where I don't see a light at the end of the tunnel," he says. And judging by the thousands in his comments section, he's far from the only one looking for that light. Read Next: This Jeff Bezos-backed startup will allow you to . Image: Shutterstock This article 31-Year-Old Real Estate Agent Says Housing Is Being 'Sifted Away From the Working Class' as Investors Snatch Up Homes And Shut Out First-Time Buyers originally appeared on
Wall Street Journal
23 minutes ago
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Americans Pull Back From an Epic Credit-Card Binge
Americans are starting to pull back from a pandemic-era credit-card binge. After a surge in credit-card spending that pushed Americans' card balances above $1 trillion, growth is now moderating. Credit-card spending has been growing more slowly than debit-card spending since late last year, the first such stretch in nearly four years, according to the latest spending data from Visa and Mastercard.
