The head of the International Air Transport Association (IATA) is warning about the consequences of not loosening current air travel restrictions, saying that current rules could become economically disastrous for most countries.
“There will be a major shrinkage in the footprint of aviation,” Alexandre de Juniac, director general and CEO at the IATA, said in a television interview with BNN Bloomberg’s Jon Erlichman Tuesday.
He added that airlines will be forced to, or have already started to, restructure their businesses and could potentially collapse if travel restrictions remain as they are, and that the inevitable lack of connectivity between countries could hurt the global economy.
“The longer the border closure lasts or travel restrictions are in place, the worse it is for the economy — in Canada and the rest of the world,” he said.
As a result, the association is asking governments around the world for regulatory flexibility, increased financial support and for the reopening of more borders in order to help boost air traffic.
“The key issue is to convince [governments] to adopt a risk-based approach,” de Juniac said.
He added that there will have to be a balance between borders reopening and ensuring that health and safety is not compromised.
One of the main concepts the IATA is encouraging is a testing system that would reduce or eliminate the need for all travellers to quarantine for 14 days.
Just last week, Air Canada and the Greater Toronto Airports Authority (GTAA) launched a new COVID-19 testing initiative aimed at determining the practicality of testing passengers for the virus when they enter Canada, instead of requiring them to quarantine for 14 days. The move, if implemented, could lead to more people wanting to travel internationally.
The IATA does not see global passenger traffic returning to pre-COVID levels until 2024.
TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.
The S&P/TSX composite index closed up 93.51 points at 23,568.65.
In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.
The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.
The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.
The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.
This report by The Canadian Press was first published Sept. 13, 2024.
OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.
The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.
The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.
The personal and household goods subsector fell 2.5 per cent to $12.1 billion.
In volume terms, overall wholesale sales rose 0.5 per cent in July.
Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.
This report by The Canadian Press was first published Sept. 13, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 172.18 points at 23,383.35.
In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.
The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.
The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.
The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.
This report by The Canadian Press was first published Sept. 12, 2024.
