Air Canada profit falls on weak US travel demand
Canada's largest carrier reported a profit of C$0.60 ($0.4368) during the second quarter, compared with C$0.98 per share, a year ago.
($1 = 1.3735 Canadian dollars)
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Reuters
14 minutes ago
- Reuters
Trump, Carney to speak in coming days, Canadian official says
WASHINGTON, Aug 3 (Reuters) - U.S. President Donald Trump and Canadian Prime Minister Mark Carney will likely talk "over the next number of days" after the U.S. imposed a 35% tariff on goods not covered by the U.S.-Mexico-Canada trade agreement, a Canadian official said on Sunday. Dominic LeBlanc, the federal cabinet minister in charge of U.S.-Canada trade, also told CBS News' "Face the Nation" that he was "encouraged" by recent discussions and believed a deal to bring down tariffs remained an option. "We're encouraged by the conversations with Secretary Lutnick and Ambassador Greer, but we're not yet where we need to go to get the deal that's in the best interest of the two economies," LeBlanc said, referring to U.S. Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer. The trade minister said he expected Carney and Trump to speak "over the next number of days." "We think there is an option of striking a deal that will bring down some of these tariffs provide greater certainty to investment," LeBlanc said. Washington linked Friday's tariff announcement in part to what it said was Canada's failure to stop fentanyl smuggling. It was the latest blow in a months-long tariff war which Trump initiated shortly after returning to power this year. Carney says Canada accounts for just 1% of U.S. fentanyl imports and has been working intensively to further reduce the volumes.
Reuters
16 minutes ago
- Reuters
White House officials defend firing of labor official as critics warn of trust erosion
WASHINGTON, Aug 3 (Reuters) - Top White House economic advisers on Sunday defended President Donald Trump's firing of the head of the Bureau of Labor Statistics, pushing back against criticism that Trump's action could undermine confidence in official U.S. economic data. U.S Trade Representative Jamieson Greer told CBS that Trump had "real concerns" about the data, while Kevin Hassett, director of the National Economic Council, said the president "is right to call for new leadership." Hassett said on Fox News the main concern was Friday's BLS report of net downward revisions showing 258,000 fewer jobs had been created in May and June than previously reported. Trump accused BLS Commissioner Erika McEntarfer of faking the jobs numbers without providing any evidence of data manipulation. The BLS compiles the closely watched employment report as well as consumer and producer price data. The BLS gave no reason for the revised data but noted that "monthly revisions result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors." McEntarfer's firing added to growing concerns about the quality of U.S. economic data published by the federal government and came on the heels of a raft of new U.S. tariffs on dozens of trading partners, sending global stock markets tumbling as Trump presses ahead with plans to reorder the global economy. "I think what we need is a fresh set of eyes at the BLS, somebody who can clean this thing up," Hassett said on "Fox News Sunday." In an interview with CBS' "Face the Nation," Greer acknowledged there were always revisions of job numbers, "but sometimes you see these revisions go in really extreme ways." Critics, including former leaders of the BLS, slammed, opens new tab Trump's move and called on Congress to investigate McEntarfer's removal, saying it would undermine trust in a respected statistical agency. There was no way a commissioner could rig the jobs numbers, said William Beach, a former BLS commissioner and co-chair of the group Friends of the BLS. "Every year we've revised the numbers. When I was commissioner, we had a 500,000 job revision during President Trump's first term," Beach said on CNN's "State of the Union. "And why do we do that? Because firms are created or firms go out of business, and we don't really know that during the course of our of the year, until we reconcile against a real full count of all the businesses." Democrats and at least two Republican senators also criticized the firing. "This is a preposterous charge. These numbers are put together by teams of literally hundreds of people following detailed procedures that are in manuals," former Treasury Secretary Larry Summers said Sunday on ABC's "This Week." "What does a bad leader do when they get bad news? Shoot the messenger," Senate Minority Leader Chuck Schumer said in a speech on the Senate floor on Friday. The firing came amid a flurry of economic upheaval last week. Just hours before the tariff deadline on Friday, Trump signed an executive order imposing duties on U.S. imports from countries including Canada, Brazil, India and Taiwan, in his latest round of levies as countries attempted to seek ways to reach better deals. Greer and Hassett said on Sunday the bulk of those tariffs are likely to stay in place rather than be cut as part of continuing negotiations. India pushed back on Trump's threats of an additional penalty if it kept purchasing oil from Russia, two Indian government sources told Reuters on Saturday. Trump imposed a new 25% tariff on Indian goods.
Reuters
16 minutes ago
- Reuters
Rail customers urge regulators to block Union Pacific-Norfolk Southern deal, FT reports
Aug 3 (Reuters) - U.S. railroad customer groups have demanded regulators block or put onerous conditions on the proposed merger of Union Pacific (UNP.N), opens new tab and Norfolk Southern (NSC.N), opens new tab, the Financial Times reported on Sunday. Seven associations of shippers have expressed concern the planned deal would significantly increase the power of the merged railroad to raise prices or reduce service standards, the report said. Last month, Union Pacific said it would buy smaller rival Norfolk Southern in an $85 billion deal to create the first U.S. coast-to-coast freight rail operator and reshape the movement of goods from grains to autos across the country. The two railroads are expected to have a combined enterprise value of $250 billion and would unlock about $2.75 billion in annualized synergies, the companies said. Reuters could not immediately verify the FT report. Norfolk Southern and Union Pacific did not immediately respond to Reuters' requests for comment. Previously, the transportation division of SMART, the International Association of Sheet Metal, Air, Rail and Transportation Workers, said it plans to oppose the merger when it comes before the Surface Transportation Board for review. Major railroad unions have long opposed consolidation, arguing such mergers threaten jobs and risk disrupting rail service. Senate Democratic leader Chuck Schumer also criticized the merger saying the deal would push "us even further down the road of dangerous consolidation and monopoly power ... This is a hostile takeover of America's infrastructure."
