RBC and BMO explore $2bn sale of Moneris payments business
Royal Bank of Canada and Bank of Montreal are looking to offload payments processing joint venture Moneris for up to $2 billion, according to Reuters.
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The Guardian
31 minutes ago
- The Guardian
Trump's cold brew: New York coffee shops warn of higher prices amid steep tariffs
The Trump administration has targeted Brazil with steep US tariffs of 50%. Coffee shops in the heart of New York are bracing for impact. When the Trump administration announced another wave of sweeping tariffs, particularly on Brazil, Stone Street Cafe's managing partner was first confused. Then came fear. A cafe already runs on slim margins and extra costs passed on from tariffs could risk everything. 'If these tariffs are long term, it will put our business in jeopardy,' Antony Garrigues, managing partner of Stone Street Cafe, said. 'In New York City, the operating costs are already so high, and these tariffs will make everything much more expensive. 'In the end, if people cannot afford our coffee, and we do not have a profit margin, we will not make it.' Stone Street Cafe, based in Manhattan, sources green coffee beans from more than 35 different countries, including Brazil. But Brazil is not the only coffee-producing nation facing tariff pressures: Vietnam, Colombia, Ethiopia and Indonesia are also affected. 'These tariffs are not paid by the country. The costs are passed down to the business owner, and consumer,' noted Garrigues. 'For now, we are going to try and absorb as much [of] the cost as we can. But at the end of the day, this is a business – so we may have to increase the prices.' With the growing effects of climate change already inflating coffee prices, other cafes have already done so. Aside from coffee Ciao Gloria, in Brooklyn, also imports cocoa powder from Brazil. Jams sourced from Italy now face Trump's 15% tariff on exports from the European Union. The cafe raised prices by about 25 cents per cup, but plans to absorb any additional tariffs costs, at least for now. 'I'm selling sugar and caffeine – I'm basically a drug dealer,' joked owner Renato Poliafito. 'So I want to make sure the menu is affordable.' But then he turned serious. 'We have to be vigilant about analyzing the situation before jumping to price increases.' Customers are already scrutinizing their receipts. US coffee prices rose 14.5% in the year to July, according to official data. 'It's this idea of shifting baseline where we normalize something being expensive when it shouldn't [be], and it's very scary to see,' said Helina Seyoum, 29, who has reverted to making coffee at home. 'Now a morning coffee becomes a burden, because you're obsessing over the costs.' A daily cafe trip was how Aley Longo, 28, made sure she escaped the confines of her studio apartment and spoke to people outside work in an 'affordable' way. Now it's strictly a weekend activity. Trump's tariffs are 'bad for Americans, and our quality of life', Longo said, 'and we are suffering, whether it's as tiny as just being able to buy coffee out, or something so much bigger'. Those behind the counter know what it's like to watch the price of a regular purchase grow. Allon Azulai, who owns Kos Kaffe in Brooklyn, which imports beans from countries including Colombia, Honduras and Kenya, described nervously asking vendors for their latest prices each week, as tariffs and mounting demand looms large. 'Right now the industry is so unstable and what worries me if tariffs continue is cafes that do not have big pockets will not be able to survive,' said Azulai. As US cafes come under pressure, the coffee producers they source from are also preparing for disruption. Brazil is the world's largest coffee producer and exporter. The US is the leading destination of its coffee: about a third of its coffee imports are Brazilian. The Brazilian Soluble Coffee Industry Association, which represents producers, said the 50% US tariff on the country's exports amounted to a 'clear competitive disadvantage' as other leading countries for coffee production face lower rates, ranging from 10% to 27%. 'This decision not only harms the Brazilian industry but could also negatively affect American consumers, who benefit from the quality and competitive price of our coffee,' the association said. Brazilian producers and exporters still hope they can lobby for coffee to be exempt from US tariffs, arguing the US produces very little coffee domestically. The US commerce secretary, Howard Lutnick, had previously suggested products not cultivated on American soil could be granted zero tariffs, they note. If that fails Brazil's Coffee Exporters Council says it will at least seek to reduce the tariff on coffee to 10%, in line with other Brazilian goods, including oil, orange juice and aircraft. 'We remain optimistic and hopeful,' the council said. New coffee export deals with the US are on hold and shipments ready to go are stuck in storage, adding costs for exporters. China has meanwhile approved 183 new Brazilian firms to export coffee, although the exporters' council cautioned that sales may take time to materialize. In Vietnam and Colombia – the world's second and third largest coffee-producing nations, respectively – exporters hope that lower US tariffs on their coffee will help them steal a march on Brazil. 'The US can't grow coffee at scale, so tariffs won't bring production back home,' Timen Swijtink, founder of Lacàph Coffees in Vietnam, said. 'With the tiny margins in our industry, any tariff cost goes straight to the American consumer.' Even with 20% US tariffs on Vietnam, the country's farmers 'are resilient and will find new markets', added Swijtink, 'with global demand strong and China's demand growing like a rocket ship'. With the US tariff on Colombia only at the baseline 10%, small coffee growers across the country are shrugging off any immediate impacts. 'The average coffee farmer won't feel it, at least for now,' said José David Posada, a fourth-generation coffee farmer and owner of Capilla del Rosario, a finca in Medellín. 'It's the exporters who will be impacted.' There is also a sense among some that, given Brazil's tariffs are at 50%, Trump's tariff war could even help Colombian business. The country's coffee cultivation is vital to the national economy, representing 8% of total Colombian exports. Posada said: 'The fact that Brazil has a higher tariff, obviously that's going to have a positive impact on us, right?' Guilherme Morya, a coffee analyst at Rabobank, said the 50% tariff on Brazilian coffee may, at least in the short term, shift American buyers toward other sources. 'Colombia gains a price advantage, and being the second-largest supplier, it becomes the most obvious candidate to fill this gap,' he said. But Alejandro Lloreda, a farmer at family-run Cafetal de la Trinidad, which produces specialty coffee, cautioned the difference would only give Colombia 'a temporary advantage'. 'A coffee tree can take two to three years to produce, and the tariff situation could well change before then,' he said. Back in New York, cafe owners find themselves in an equally uncertain position. 'The tariffs are to small businesses' detriment,' said Poliafito, of Ciao Gloria. 'Big businesses can find a way around it. But we will suffer the costs.' 'It's scary to not know if we can continue our business,' added Nick Kim, manager of Koré Coffee in Manhattan. 'It's really a shame, and sad, that you know bad things are coming, but you cannot do anything to change it. We have no option but to see what will come.'
BBC News
2 hours ago
- BBC News
Air Canada strike: Hundreds of flights grounded as industrial action begins
Air Canada has suspended all its flights as a strike by cabin staff begins - a move the airline said will disrupt travel plans for around 130,000 passengers a union representing more than 10,000 Air Canada flight attendants confirmed the 72-hour industrial action early on Saturday morning. The airline said it had suspended all flights, including those under its budget arm Air Canada Rouge, and advised affected customers not to travel to the airport unless flying with a different Canada's flight attendants are calling for higher salaries and to be paid for work when aircraft are on the ground. The strike took effect at 00:58 ET (04:58 GMT) on Saturday, though Air Canada began scaling back its operations before then. The airline says around 500 flights will be affected per attendants will picket at major Canadian airports, where passengers were already trying to secure new bookings earlier in the Canada, which flies directly to 180 cities worldwide, said it had "suspended all operations" and that it was "strongly advising affected customers not to go to the airport".It added that Air Canada Jazz, PAL Airlines and Air Canada Express flights were unaffected by the strike."Air Canada deeply regrets the effect the strike is having on customers," it Friday night, the airline said it had cancelled 623 flights affecting more than 100,000 passengers, as part of a winding down of operations ahead of the contract negotiations, the airline said it had offered flight attendants a 38% increase in total compensation over four years, with a 25% raise in the first said the offer was "below inflation, below market value, below minimum wage" and would still leave flight attendants unpaid for some hours of work, including boarding and waiting at airports ahead of union and the airline have publicly traded barbs about each other's willingness to reach an this month, 99.7% of employees represented by the union voted for a jobs minister Patty Hajdu this week urged Air Canada and the union to return to the bargaining table to avoid a also said in a statement that Air Canada had asked her to refer the dispute to binding has asserted that it had been negotiating in good faith for more than eight months, but that Air Canada instead sought government-directed arbitration."When we stood strong together, Air Canada didn't come to the table in good faith," the union said in a statement to its members. "Instead, they called on the federal government to step in and take those rights away."
The Sun
2 hours ago
- The Sun
Air Canada suspends all operations sparking travel chaos – what to do with flight tickets
AIR Canada has sparked travel chaos after suspending all of its operations. Customers have been left scrambling for help after the airline announced on Saturday morning that all flights are grounded due to employee strikes. 2 2 The strikes, led by the Canadian Union of Public Employees, will impact an estimated 130,000 passengers a day, according to the airline. Flight attendants walked out at 1 a.m. on Saturday after the airline refused to accept new contract negotiations, Canadian Union of Public Employees spokesman Hugh Pouliot confirmed. Only regional Air Canada Express flights operated by Jazz Aviation and PAL Airlines are not affected. "Air Canada and Air Canada Rouge carry approximately 130,000 customers a day who could be affected by a disruption, this includes the 25,000 Canadians that the airline flies home from abroad each day, who could be stranded," it said in a statement before the strike was confirmed. The airline announced it will begin a phased shutdown as the first flights began being canceled on August 14 as the airline and the union took to the negotiating table. "The company has made arrangements with other Canadian and foreign carriers to provide customers alternative travel options to the extent possible,' it added. 'Customers will be notified of alternative travel options that are identified for them. "However, given other carriers are already very full due to the summer travel peak, securing such capacity will take time and, in many cases, will not be immediately possible." The airline said travelers whose flights are canceled can ask for a full refund should they opt not to travel on alternative flight arrangements made for them. Although Air Canada doesn't fly domestically in the US, the airline does serve as a carrier for international connections, which could affect American flyers on a connecting flight. Chaos as UK airspace meltdown strikes again and grounds all outbound flights An estimated 27,000 American customers are expected to be impacted by the cancellations, according to Air Advisor. US customers should continuously check their flight status to ensure that their flight has not been cancelled or rebooked. While the duration of the strike is unknown, passengers with flexible travel plans can rebook their flights between August 21 and September 12 at no additional cost. It is not yet known how long disruption could last as Air Canada Chief Operating Officer Mark Nasr said it could take up to a week to fully restart operations once any kind of deal is reached. Air Canada noted that since the strike is out of the airline's control, it is not legally required to provide compensation for food and lodging expenses. CONTRACT ISSUES The strike comes after eight months of negotiations between Air Canada and the Canadian Union of Public Employees. Air Canada Strike statement 'We regret the impact a disruption will have on our customers, our stakeholders and the communities we serve. However, the disappointing conduct of CUPE's negotiators and the union's stated intention to launch a strike puts us in a position where our only responsible course of action is to provide certainty by implementing an orderly suspension of Air Canada's and Air Canada Rouge's operations through a lockout. As we have seen elsewhere in our industry with other labour disruptions, unplanned or uncontrolled shutdowns, such as we are now at risk of through a strike, can create chaos for travellers that is far, far worse,' said Michael Rousseau, President and Chief Executive of Air Canada. 'Our latest offer included a 38 per cent increase in total compensation over four years that would have made our flight attendants the best compensated in Canada, along with provisions for ground pay and other work-life balance, career and pension improvements. At the same time, we asked for no concessions from the union. Given this, while we remain available for discussions with CUPE, we have requested government-directed arbitration as we now view it as the only certain avenue to bring closure to bargaining and mitigate the impact on travellers, business and the Canadian economy.' Flight attendants are asking the airline for higher pay and for on-ground pay. Currently, flight attendants only receive pay for their time spent flying, which doesn't include boarding passengers or deplaning. 'The disappointing conduct of CUPE's negotiators and the union's stated intention to launch a strike puts us in a position where our only responsible course of action is to provide certainty by implementing an orderly suspension of Air Canada's and Air Canada Rouge's operations through a lockout,' said Michael Rousseau, President and Chief Executive of Air Canada. 'Our latest offer included a 38 per cent increase in total compensation over four years that would have made our flight attendants the best compensated in Canada, along with provisions for ground pay and other work-life balance, career and pension improvements. 'At the same time, we asked for no concessions from the union. Given this, while we remain available for discussions with CUPE, we have requested government-directed arbitration as we now view it as the only certain avenue to bring closure to bargaining and mitigate the impact on travellers, business and the Canadian economy.' Flight attendant Henly Larden told the Associated Press that the union won't stop fighting until all its demands are met, with an emphasis on ground pay. 'Just because it's a past practice doesn't mean here in 2025 that it's OK or it's right, and we want to change that going forward,' she said.
