Singapore's Frasers ties up with Britain's Yotel in first development project in Japan
Singapore's Frasers ties up with Britain's Yotel in first development project in Japan
– Singapore's Frasers Hospitality and Britain-based lifestyle hotel chain Yotel on June 9 celebrated several firsts with the official opening of the 244-room Yotel Tokyo Ginza.
It marks the first time the two brands have teamed up, Yotel's debut in the Japanese market and Frasers Hospitality's maiden ground-up investment and development project in the country. The Singapore company acquired the land and oversaw the building's construction before handing the operations over to another company.
Situated on the periphery of Ginza, the Japanese capital's most prestigious shopping district, the 14-storey boutique hotel offers compact 'cabins' of between 14 sq m and 18 sq m in size, as well as family units comprising two connecting rooms.
The hotel is strategically positioned near the Shimbashi district, a haven for salarymen, and the Shiodome business district, which caters to business and leisure travellers alike.
This marks a rare ground-up project for Frasers Hospitality, as most of its real estate investments thus far have been the acquisition of existing assets.
The company is riding the crest of a boom in both real estate investment and inbound tourism in Japan, which has been a draw for many Singaporean hospitality and real estate firms. Recent and upcoming entrants include Pan Pacific Hotels Group, SC Global, Banyan Group and Capella Hotels & Resorts.
This comes as Frasers Hospitality has embarked on what it describes as 'twin engines of growth'. It operates hotels and serviced apartments across seven brands – including Fraser Residence, Capri and Modena – that may be owned by a third-party company.
It is also acquiring real estate – plots of undeveloped land as well as ready-built property – that can be operated by another owner. Yotel Tokyo Ginza was one such property constructed on undeveloped land.
Mr Jason Leong, Frasers Hospitality's executive director and head of investment and asset management, told The Straits Times that he takes a 'brand-agnostic' approach in assessing potential investments.
'Unlike in the past, when we tend to build a Frasers property on any plot of land that we buy, the priority now is to focus on the best use for a plot of land,' he said. 'We are very returns-driven, and it is about finding the best business model that suits the asset.'
In Japan, Frasers Hospitality owns the ANA Crowne Plaza Hotel in Kobe – which was bought in 2014 through a real estate investment trust – as well as a 124-unit premium rental apartment in Osaka, which was acquired in 2023 under a joint venture with Hong Kong-based Alyssa Partners.
It separately manages – without owning the real estate – the 114-key Fraser Residence Nankai Osaka, which was built in 2010, and the 170-unit Fraser Place Roppongi Tokyo, which is set to open in early 2026.
The collaboration with Yotel was driven by the site's characteristics and market demands, Mr Leong said, adding that percentage returns were in the 'high single digits'. He declined to reveal how much the company invested.
He added that Yotel's brand concept of a lifestyle micro-hotel allows them to maximise the number of rooms in a prime real estate location, catering to guests seeking shorter stays. Space constraints made it difficult for Frasers to adapt the site for its brands, which have larger rooms and are more focused on medium- to long-term stays.
Yotel Tokyo Ginza was completed four months ahead of schedule and has been open to guests since December 2024 , half a year before its June official opening .
A guest room at Yotel Tokyo Ginza.
ST PHOTO: WALTER SIM
Occupancy has been above 70 per cent, with room rates starting at about 22,000 yen (S$195) a night, including taxes. Rates have, however, soared above 40,000 yen a night during peak travel periods , such as during the height of the cherry blossom season in March and April.
This makes Yotel more expensive than other ubiquitous no-frills Japanese business hotel chains, such as APA Hotels. For instance, rates for an 11 sq m room at the nearby APA Hotel Shimbashi-Toranomon range from around 7,000 yen a night in July to 30,200 yen a night in November, based on checks by ST .
Yotel markets itself as being ideal for the 'modern urban explorer', with plenty of fun elements. Its reception is dubbed 'Mission Control', while the vibrant social space 'Komyuniti' triples up as a restaurant, lounge and bar with daily happy hour specials.
Robots deliver items such as extra towels and bottled water to guest rooms, which are equipped with smart TVs and mechanised beds with adjustable reclining angles.
Guests should not expect a very Japanese experience . Rooms are not equipped with amenities that are common in Japanese hotels, such as bathtubs and yukata robes or pyjamas. Toiletries like shampoo and body wash are from Australian beauty brand Urban Jungle, which uses South Korean ingredients.
Also, unlike Japanese business hotels which may feel cramped, Yotel's rooms are designed such that guests should not feel claustrophobic, having decent space to store big luggage or roll out a yoga mat to stretch .
Given its location, travellers can pop out for late-night ramen in Shimbashi or a nightcap at one of Ginza's many cosy bars. Don Quijote discount chain is around the corner, and those who are young at heart will enjoy shopping at the nearby Hakuhinkan Toy Park.
Frasers Hospitality's approach to buying real estate is 'not 100 per cent leisure', said Mr Leong, who added that it looks for 'a good mix of corporate and leisure potential'.
If the site were located elsewhere in Tokyo, farther away from the business centre, the company might have walked away, he said.
'Do we believe in the Japan story? Yes, we do,' he said. 'But I'm not going to go all-Japan, I'm not going to Niseko (in Hokkaido), that's not my space.'
As for moving into fast-growing second-tier cities such as Fukuoka, Nagoya or Sapporo, Mr Leong said: 'We don't want to spread ourselves too thin. The preference is to have a few more assets concentrated in gateway cities rather than having one asset in each city.'
Walter Sim is Japan correspondent at The Straits Times. Based in Tokyo, he writes about political, economic and socio-cultural issues.
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Straits Times
4 hours ago
- Straits Times
Air Canada flight attendants walk off job, picket lines set up at airports
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AsiaOne
11 hours ago
- AsiaOne
9 best personal loans in Singapore with lowest interest rates (August 2025), Money News
If you're in urgent need of money, but are too paiseh to borrow from your family and friends, your best bet is probably a personal loan. With a personal loan, you borrow cash from a bank or financial institution and pay them back in fixed instalments over an agreed period. But you'd typically need to meet a couple of eligibility requirements before you get it approved. Stuff like your income and credit history. In this article, I'll break down the key terms you'll come across frequently while browsing loan listings — plus highlight the best personal loans currently available in Singapore. Note: Interest rates are approximate and may vary based on individual credit profiles and prevailing market conditions. Please consult the respective banks for the most accurate and up-to-date information. Here are the current starting interest rates on offer from the most popular personal loan providers in Singapore. We'll use the example of a Singapore citizen earning $3,500 a month, who wants to borrow $10,000 and repay it over three years. Personal loan Interest rate and Effective Interest Rate (EIR) Processing fee Monthly repayment Eligibility DBS/POSB Personal Loan 1.99per cent (EIR 4.17per cent) 1per cent ~$294 – Singaporean/PR – Foreigners with existing Cashline and/or Credit Card account – Min. S$20,000 annual income – Existing DBS/POSB customers Trust Instant Loan 1.99per cent (EIR: 3.80per cent) 0per cent ~$294 – Singapore Citizen/PR: $30,000 – Foreigner: $60,000 – Must have a Trust credit card CIMB Personal Loan 1.86per cent (EIR 3.56per cent) 0per cent ~$319 – Singapore Citizen/PR: $20,000 – Malaysian (residing in SG): $30,000 UOB Personal Loan 1.85per cent (EIR 3.40per cent) 0per cent ~$293 – Singapore Citizen/PR: $30,000 – UOB Credit Card/CashPlus customer Standard Chartered CashOne 1.60per cent (EIR: 3.07per cent) 0per cent ~$283 – Singapore Citizen/PR: $30,000 – Foreigner (with EP): $90,000 GXS FlexiLoan 1.88per cent (EIR 3.47per cent) 0per cent ~$302 – Singapore Citizen/PR: $20,000 HSBC Personal Loan 2.20per cent (EIR: 4.00per cent) 0per cent ~$296 – Singaporean/PR: $30,000 (salaried workers)$40,000 (self-employed or commission-based workers) – Foreigner (with EP): $60,000 Citi Quick Cash with Ready Credit (New Customers) 3.45per cent (EIR: 6.50per cent) 0per cent ~$306 – Singaporean/PR: $30,000 – Foreigner: $42,000 Applicable to new Citi Credit Card or Citibank Ready Credit account holders only. OCBC's ExtraCash Personal Loan 5.42per cent (EIR 10.96per cent) For income S$20K – S$30K p.a.: $100. For income above S$30K p.a. : $200 or 2per cent of the approved loan amount, whichever is higher ~$323 – Singaporean/PR above 21 years old: $20,000 – Foreigner above 21 years old: $45,000 2. Hold up. What do interest rate, EIR and processing fees mean? There's quite a bit of jargon here, so let's go through some points of confusion that may be swimming around in your head. Interest rates Notice that interest rates are quoted as 'from Xper cent' instead of being stated simply as 'Xper cent'? That's because personal loans are pretty dynamic as they all depend on factors such as your credit history and the loan amount. EIR EIR stands for Effective Interest Rate . Taking into consideration other fees (like processing fee; see next point) and the loan repayment schedule, it is a more accurate reflection of the cost of borrowing than the advertised interest rates. Processing fees This is the main hidden cost of personal loans and is worth highlighting. The processing fee is deducted from the principal—meaning, for a $10,000 loan with a $100 (or 1per cent) processing fee, you get only $9,900 in cash. As a borrower, you might not 'feel' it, but it does eat into your funds and increase the cost of borrowing. Now, let's walk through the nine featured personal loan packages. 3. DBS/POSB Personal Loan The DBS/POSB personal loan is only open to existing DBS/POSB customers. If you already have (1) a DBS/POSB Cashline account or have a DBS/POSB credit card and (2) credit your salary into a DBS or POSB deposit account, you can get the cash disbursed instantly. The loan is open to Singaporeans and PRs, as well as foreigners with DBS/POSB Cashline or credit card accounts. You must be aged 21 to 70 years with a minimum annual income of $20,000 — this opens up DBS/POSB personal loans to include slightly older groups of people and lower income earners compared to other banks. Like the Standard Chartered CashOne loan, you don't need to earn a regular salary to be eligible for this loan. Self-employed individuals and commission earners can also apply. DBS's personal loan promises interest rates as low as 1.99 per cent. There is a processing fee of 1per cent, bringing the lowest possible EIR to 4.17 per cent. Loan tenures of six months to five years are available. Do note that these are the lowest possible rates and the actual interest rate depends on what DBS is prepared to extend to you. Note that there's also a 3per cent unlimited cashback deal if you apply now. 4. Trust Instant Loan (Trust personal loan) When they say "instant", they mean it. Trust's personal loan, called Trust Instant Loan, disburses cash to you in just 60 seconds with the Trust credit card. This is how it works: You have a Trust credit card with a certain available credit balance at any one point in time. The Trust Instant Loan converts a portion of that balance into cash for you. Spend that cash on anything you want! The Trust Instant Loan is open to all Trust customers. Given how it works, as I just explained above, you do need to have a Trust credit card to be eligible. But this isn't a bad thing — for one thing, it makes repaying the loan seamless. Each month, you'll see your loan instalment charged to your credit card bill. To pay the instalment, simply pay through your credit card statement via your Trust App. The Trust Instant Loan is also extra affordable with an interest rate starting from just 1.99 per cent p.a. (EIR from 3.80 per cent p.a.). They also charge no processing fees, annual fees, or the like. However, there is a three per cent early repayment fee on your remaining loan amount if you repay the rest of your loan early. The Trust Instant Loan is open to Singapore Citizens, PRs, and Foreigners aged 21 to 65 years old. You could be a salaried worker, commission-based, or self-employed as long as your annual income is $30,000 for Singaporeans or $60,000 for Foreigners. Trust Instant Loan x MoneySmart promotion Snag awesome welcome gifts when you apply for a Trust Instant Loan with MoneySmart. Up to $1,200 cash via PayNow Apple iPhone 16 Plus (worth $1,399) Apple iPad Air (worth $899) Sony PS5 (SLIM) Digital (worth $669) PLUS S$10 FairPrice E-Vouchers from Trust (if you sign up with referral code MONEYSMT). New-to-Trust customers only. T&Cs apply. 5. CIMB Personal Loan The CIMB Personal Loan is another personal loan that comes with no processing fees. Its interest rate comes in at 1.86 per cent p.a. (EIR 3.56 per cent p.a.), making it the next lowest after Trust. You also get flexible loan tenure options of 12, 24, 36, 48 or 60 months. On top of low interest rates, CIMB is also offering a 10 per cent cashback promotion and a $188* welcome gift to sweeten the deal. As far as eligibility goes, the CIMB Personal Loan is fairly standard. It's open to Singapore Citizens and Singapore PRs with a minimum annual income of $20,000, and to Malaysians earning at least $30,000 a year. You'll also need to be 21 to 70 years old-that maximum age sits between the Citibank and DBS personal loan age limit. There's no prerequisite to have a CIMB Bank Account or CIMB credit card before you apply, so go ahead as long as you meet the criteria above. Like any personal loan, you'll incur a penalty fee if you try to repay it early. For the CIMB Personal Loan, this fee is 3per cent of the outstanding loan amount or $250, whichever is higher. *T&Cs apply. 5. UOB Personal Loan UOB's personal loan is only open to existing UOB credit cardholders or CashPlus customers who are Singaporeans, PRs aged 21 to 65. You'll also need to be a salaried worker earning at least $30,000 a year. Not an existing UOB customer? You'll have to get a UOB credit card or CashPlus to apply for a UOB Personal Loan. The interest rate is from 1.85 per cent p.a. for loan periods of 12, 24, 36, 48 or 60 months , with a 3.40 per cent p.a. EIR . While UOB used to only waive processing fees for loan periods 24 months and up, processing fees are now waived for all loan periods . If you're an existing UOB customer, you can get instant approval when you apply for your personal loan online. To further sweeten the deal, from now till Aug 31, 2025, you can get up to two per cent cash rebates for approved personal loans worth at least S$15,000 with repayment period between of 3-5 years. UOB Personal Loan x MoneySmart promotion (Gift fulfilment as fast as 4 weeks) Thinking of applying for a UOB Personal Loan? Apply via MoneySmart now to get a $500 bonus on top of gifts such as: Up to $1,200 cash via PayNow Apple iPhone 16 Plus (worth $1,399) Apple iPad (11-inches) (worth $899) Apple Watch Series 10 (worth $599) T&Cs apply. 6. Standard Chartered CashOne Standard Chartered CashOne personal loan is open to Singapore Citizens, PRs and foreigners with a Singapore Employment Pass aged 21 and above. The barriers to entry for the Standard Chartered CashOne personal loan have gone up slightly. The minimum annual income requirements are now $30,000 for Singaporeans and PRs and $90,000 for foreigners. You also don't necessarily need to be a salaried worker to apply — Standard Chartered is cool with salaried employees, variable/commission-based employees, and even self-employed individuals. You can apply for this personal loan online by signing in through Singpass and receive your loan disbursement within 15 minutes-it's super easy. There's no need to be an existing Standard Chartered customer to get this personal loan. So, it's fast — but is it also affordable? Standard Chartered charges an initial annual fee of $199 (deducted from your approved loan) for any loan tenure between one to five years. From the second year onwards, you won't have to pay any more annual fees — unless you miss any instalments, in which case you will pay $50 in annual fees for that year. Plus the late payment fee of $100. If you pay your full monthly instalment on time for the first six months, you won't have to worry about late penalties. After that, you'll have the flexibility to pay just the minimum — whichever is lower: $50 or one per cent of your approved monthly principal. So taking the $199 annual fee into consideration, I'd say CashOne is more worthwhile if you're taking out a big loan. Interest rates are advertised as starting from 1.60 per cent (lowest I've ever seen it), working out to an EIR of 3.07 per cent and above. In reality, interest rates are personalised, so yours might differ from this example. Standard Chartered CashOne x MoneySmart promotion Apply for a Standard Chartered CashOne loan via MoneySmart to get attractive gifts like: Up to $1,200 cash via PayNow Apple MacBook Air (13-inch)(worth $1,499) Apple iPad (11-inch)(worth $899) Sony PS5 (SLIM) Digital Edition (worth $669) T&Cs apply. 7. HSBC Personal Loan HSBC's personal loan is open to Singaporeans and PRs aged 21 to 65 years old with an annual income of $30,000 and above for salaried workers, and $40,000 for self-employed or commission-based workers. Foreigners must earn at least $60,000 a year and have an employment pass with at least six months' validity. The best part about HSBC's personal loan is its long loan tenure of up to seven years — currently the longest loan tenure in Singapore. So if you need to borrow a large sum but can't afford high monthly repayments, HSBC's personal loan is definitely one you should consider. HSBC has dropped their promotional interest rates even further now starting from 2.20 per cent p.a. with an EIR from 4.00 per cent p.a. with no processing fees. Remember, however, that actual interest rates will vary from person to person. Another factor to consider is that HSBC's personal loan comes with an annual fee of $120, and only the first year's fee is waived. Don't miss your payments, or you'll be subject to a $120 late payment fee. 8. GXS FlexiLoan GXS is a digital bank that's 60 per cent owned by Grab and 40 per cent owned by Singtel. Now, don't be dissuaded by the idea of a digital bank. Like any regular bank, GXS offers customers a personal loan — and a pretty good one at that. With a loan tenure between two and 60 months, GXS FlexiLoan interest rates start from 1.88 per cent p.a., with an EIR of 3.47 per cent p.a.. However, up till Aug 31, 2025, you could enjoy one per cent OFF your Interest Rate (awarded in the form of cashback) when you apply for a $10,000 loan with 12 month tenure with the code "MSDEAL". There's also an exciting SG60 promotion going on where GXS will cover all your interest for the first 60 days. This means you enjoy a completely interest-free period right at the start, potentially saving you hundreds, or even thousands, of dollars. Simply name your loan "SG60" when you apply. On top of all that, GXS FlexiLoan doesn't charge any annual, processing, early repayment or late fees — something almost unheard of when it comes to loans from your traditional banks. You heard that right, repay your loan early with no extra charges! However, GXS will charge you late interest if your repayments are late, so you won't get off scot-free. One downside to the GXS FlexiLoan is that foreigners aren't eligible. It's only for Singapore Citizens and Singapore Permanent Residents between 21 and 65 years old. The minimum annual income is $20,000. GXS FlexiLoan x MoneySmart promotion (Gift fulfilment as fast as 2-3 months) Apply for a GXS FlexiLoan via MoneySmart and get your hands on a bonus $500 cash along with some incredible welcome gifts: Up to $1,200 cash Apple MacBook Air (13-inch)(worth $1,499) T&Cs apply. 10. Citibank Quick Cash with Ready Credit (New Customers) I'm going to preface this by saying that the 3.45 per cent (EIR from 6.5 per cent) interest rate for the Citi Quick Cash personal loan is only available to customers who are completely new to Citibank loans. If you already have a Citibank loan, you'll be given a higher interest rate. The plus point for this one is definitely the ease of getting your funds. You'll be easily able to convert the credit balance on your Citi Credit Card or Citibank Ready Credit account into cash. Just log into the Citi Mobile App, key in the amount of cash you need and you can get the funds pretty much instantly. Citi Quick Cash is open to Singapore Citizens and PRs (salaried or self-employed) with a minimum annual income of $30,000, and foreigners with an annual income of at least $42,000. The eligible age range is 21 to 65 years. With Citibank's Quick Cash personal loan, you can choose a tenure of 12, 24, 36, 48, or 60 months-all with zero processing fees. You'll get a 3.56 per cent interest rate on Citibank's personal loan with a shorter 1-year tenure, or 3.45 per cent if you intend to extend your loan repayment to three years. While the interest rates differ according to tenure period, you'll get an EIR of 6.5 per cent for all. That said, don't take our word for it. Rates are customised, so what you get might not be exactly the same as the above screenshot. 11. OCBC ExtraCash Personal Loan While the OCBC ExtraCash Personal Loan has the highest interest rates (from 5.42 per cent p.a. / EIR from 10.96 per cent p.a.) on this list, it does come with some perks that might make it a solid choice for some. If you need a large loan, you can borrow up to six times your monthly income, with fixed repayments spread over 12 to 60 months. Like many of the other loans mentioned, it offers fast disbursement when you sign up via Myinfo. Plus, it has a relatively low entry requirement — just $20,000 in annual income for Singaporeans and PRs. You'll also be able to easily see a full breakdown of all your outstanding payments via internet banking. However, punctual repayments are a must. A late payment will set you back $80, and if you decide to restructure or repay early, you'll be charged a 3per cent fee on your outstanding balance. So, be sure of your loan tenure before committing! 12. Which personal loan should you choose? Whatever personal loan package you choose, opt for the smallest loan amount and shortest term you can comfortably manage . This will keep your interest payments to a minimum. Remember that the actual interest rate a bank offers you will depend on factors like your credit history, how much you want to borrow and for how long. So if you don't get offered the lowest advertised interest rates with one bank, you might want to compare that with what the other banks are willing to offer you. There are certain groups of individuals that may have a harder time taking out a personal loan. Older individuals : If you're above 65 years old, DBS/POSB and CIMB will let you apply for personal loans up to the age of 70 years. Those earning an annual income below $30,000 : Most of the loans I've listed above have a minimum requirement of about $20,000 annual income, so you have plenty of options if this pertains to you. Commission-based workers or self-employed individuals : Citibank Quick Cash, HSBC Personal Loan, DBS Personal Loan and Standard Chartered CashOne are good options. Some other banks may only accept salaried workers. 13. Term loan vs credit line - which should you choose? While researching personal loans, you might have come across many different loan types, some of which do not seem to fit what we described above. MoneySmart lists only term personal loans, which is when you borrow a fixed sum with a fixed repayment plan that you agree on before you see the cash. We usually recommend these loans because they have much lower interest rates. You can pay back slowly and steadily at a pace comfortable to your financial situation. Many banks also offer a personal line of credit-sometimes called a credit line, revolving loan, or even "flexible repayment loan". This is a pre-approved amount of money you can cash out in part or whole, but you need to repay it ASAP or else face sky-high interest rates. Don't fall for it unless you're absolutely confident you can pay the money back immediately. These days, most banks base their personal loans on either your personal line of credit or credit card limit. So you will need either a credit card or credit line to get the loan. However, it is still considered a term loan if it comes with a structured repayment plan. But before you sign up, understand that your credit cards with this bank will be as good as dead because you'll have effectively "spent" your credit on a cash loan. 14. Being in debt is not fun… But it can be prevented. If you must take out a loan, channel all your energies into paying it off on time to avoid late charges. In the meantime, re-examine your income and budget, making a note of everything you spend on, so you won't have to resort to loans again. Ideally, you should draw up a budget that gives you enough leeway to set aside some cash for the future without starving to death. You should also build up an emergency fund worth a few months' expenses. If you're hit with unforeseen circumstances, you can dip into this fund instead of having to take a loan. It's also a good idea to know what types of insurance you need. We recommend hospitalisation insurance at a bare minimum, and life insurance if you have dependents. Being sufficiently insured ensures that you don't get hit with huge bills if the unexpected happens. [[nid:720215]] This article was first published in MoneySmart .
Business Times
13 hours ago
- Business Times
Air Canada cabin staff go on strike, grounding hundreds of flights
[MONTREAL] Air Canada's unionised flight attendants walked off the job early on Saturday (Aug 16) 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 0100 ET 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. Montreal-based Air Canada, which is expected to respond quickly by locking out the workers, has said it anticipated cancelling 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 cancelled due to the labour dispute and he had been rebooked by Air Canada to a different destination. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'Probably 10 minutes prior to boarding, our gate got changed and then it was cancelled and then it was delayed and then it was cancelled again,' he said. 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 per cent of their hourly rate. The carrier had offered a 38 per cent increase in total compensation for flight attendants over four years, with a 25 per cent 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 labour are outweighed by lost earnings in the airline's most important quarter. 'We think it would be best for AC to achieve labour peace,' the note said. 'Not budging on negotiations risks being a Pyrrhic victory.' REUTERS
