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CTV News
a day ago
- CTV News
Air Canada's quarterly profit falls on weak U.S. travel demand
An Air Canada jet takes off from Trudeau Airport in Montreal, Thursday, June 30, 2022. THE CANADIAN PRESS/Graham Hughes Air Canada reported a drop in second-quarter profit on Monday, weighed down by weak passenger traffic to its key U.S. market amid strained trade relations between the two countries. Canadians are increasingly boycotting U.S.-made goods and canceling trips to the United States following President Donald Trump's tariffs on Canada and his controversial remarks suggesting the country should be annexed. The travel slowdown became pronounced during the summer season, typically the most lucrative period for carriers. For the third quarter of 2025, the carrier plans to increase its available seat miles (ASM) capacity between 3.25 and 3.75 per cent from the same period last year. Canada's largest carrier reported a profit of C$0.60 per share during the second quarter, compared with C$0.98 per share a year ago. Air Canada's total operating revenue was C$5.63 billion for the quarter ended June, compared with C$5.52 billion a year ago.
CTV News
a day ago
- CTV News
Halifax starts construction work at Woodside Ferry Terminal
The Woodside Ferry Terminal in Nova Scotia is pictured. (Source: Google Maps) The Halifax Regional Municipality is launching construction work at the Woodside Ferry Terminal this week. The work – which involves replacing concrete bus bays and platform, repaving the bus loop, improving pedestrian connections and installing signage – will start on Wednesday and continue until Aug. 13, according to a news release. The bus bay work will happen from 7 a.m. to 6 p.m. on weekdays, closing bays one and four during those times. Buses will temporarily service stops on the north side of the bus loop. 'Access to terminal parking and the main entrance will be maintained throughout construction,' the release reads. 'A designated drop-off area for passengers will also be available near the terminal entrance.' Council approved the work as part of the 2025-2026 capital plan. For more Nova Scotia news, visit our dedicated provincial page
CTV News
a day ago
- CTV News
Visa, Mastercard set for higher profits on solid spending trends
Visa and Mastercard are expected to report higher quarterly profits this week on steady consumer spending, and analysts will scrutinize how demand for travel and discretionary purchases is shaping up in the face of tariff uncertainty. The results from the world's biggest payment processors will help flesh out the broader financial outlook that major banks such as JPMorgan Chase and Wells Fargo presented earlier this month, signaling a resilient consumer. 'Visa and Mastercard remain top ideas, particularly in an uncertain macro environment, given their broad-based exposure to discretionary and non-discretionary spend, geographic reach, and proven ability to stabilize their expense increase in downturns,' Oppenheimer analysts said in a note. Billions of people worldwide use Visa and Mastercard for their everyday spending and other purchases, making the card networks better equipped to weather downturns. They also have more expense flexibility to support profit growth. In recent years, the companies have diversified their business model by building out value-added services such as threat intelligence and fraud reduction. Still, some analysts expect a potential spending slowdown in the back half of 2025. Cross-border travel, a high-margin business for payments companies, has come under some pressure due to trade tensions and geopolitical risks. Slower travel from Canada to the U.S. and fresh tensions in the Middle East in June have raised concerns over a potential drag on growth. Analysts will also examine whether elevated volumes are being driven by a pull-forward in spending, as consumers pre-purchase goods they expect to get costlier after tariffs are imposed. In the second quarter, total card spending volumes modestly increased across bank issuers. Across credit and debit cards, Bank of America showed an increase of 110 basis points, while JPMorgan Chase showed a 40 bps rise, according to data compiled by RBC Capital Markets. 'On balance and relative to expectations, data seems neutral for the networks and acquirers, considering overall spending trends appear at least stable compared to last quarter's growth, which we think should be good enough considering the macroeconomic volatility since last quarter's earnings,' J.P. Morgan analysts said in a note. Investors will also zero in on the forecast around stablecoins. While both the card giants plan to launch products linked to the cryptocurrency, the recent passing of the Genius Act has raised some concern that stablecoins could eliminate the need for payment intermediaries in the long term. Visa, the larger of the two by market value, will announce quarterly results after markets close on Tuesday, while Mastercard will report on Thursday. American Express surpassed quarterly profit expectations earlier this month, helped by resilient spending by its affluent customer base. Visa and Mastercard shares have gained nearly 13 per cent and eight per cent year-to-date as of Friday's close, respectively, while the benchmark S&P 500 index has gained 8.6 per cent. Company EPS estimates Year-ago Visa US$2.85 US$2.42 Mastercard US$4.03 US$3.59 (Reporting by Pritam Biswas and Arasu Kannagi Basil in Bengaluru; Editing by Devika Syamnath)
