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Air Canada pilots picket at Toronto’s Pearson as talks continue

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Air Canada pilots demonstrated at Toronto’s Pearson airport Friday, calling for better wages and working conditions as talks with the country’s biggest carrier continue.

Representing more than 5,000 Air Canada aviators, the Air Line Pilots Association kick-started the bargaining process in June, one day after fellow union members at WestJet ratified a new collective agreement.

Both the union and employer say the so-called informational picket at Terminal 1, which comes the same day their own nine-year deal expires, will not affect Air Canada’s flight schedule.

No strike is imminent, the pilots association said.

Charlene Hudy, who heads its Air Canada contingent, said the agreement has grown “stale,” with some co-workers leaving for better pay in the United States.

“We’re striving for this world class contract that Air Canada pilots do deserve,” she said, calling the wage gap across the border “unacceptable.”

“There was a point in time back in 2013 when we were pretty comparable — almost even — with our fellow counterparts at United.” But starting next year, United Airlines pilots will earn 92 per cent more, she said.

Between March and September, pilots at Delta Air Lines, United Airlines and American Airlines secured agreements that included four-year pay hikes ranging from 34 per cent to 40 per cent.

Since landing on a deal in 2014, Air Canada pilots have received a two per cent pay hike each year.

Hudy also highlighted career progression and job security as other points of contention.

Air Canada said it remains engaged in productive discussions with the union, and the deal’s provisions remain in effect.

The negotiations are “a normal part of the bargaining process,” spokesman Peter Fitzpatrick said in an email.

“We are committed to reaching a fair, negotiated settlement with our pilot group.”

In late May, the union invoked a clause to end its 10-year collective agreement a year early and launch negotiations for a new one. It served up a bargaining notice to company management two weeks later, the first step toward hashing out a new deal.

The union’s move came after 1,800 pilots with WestJet and budget subsidiary Swoop ratified a new agreement that brings them onto a level pay scale, giving flight crews a 24 per cent wage bump over four years and resulting in Swoop’s shutdown at the end of October.

Experts say the deal sets a new standard in Canadian aviation that will put pilots closer to U.S. pay levels and raise costs for airlines still recovering from hundreds of millions of dollars in losses during the pandemic.

The Air Canada talks also play out as airlines face intense domestic and cross-border competition from ultra-low-cost carriers such as Flair Airlines and Lynx Air and as labour shortages continue to plague the sector.

This report by The Canadian Press was first published Sept. 29, 2023.

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Chorus shareholders vote to approve sale of aircraft leasing business

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HALIFAX – Chorus Aviation Inc. says its shareholders have voted to approve the sale of the company’s regional aircraft leasing business to HPS Investment Partners.

The Halifax-based company says the $1.9-billion deal was greenlighted by 98.1 per cent of votes cast by shareholders at a special meeting. The transaction needed approval by a two-thirds majority vote.

Chorus also says the waiting period mandated under U.S. legislation has expired and that it has received approval from Ireland’s Competition and Consumer Protection Commission.

Chorus announced the sale of its plane leasing business to New York City-based HPS in July for $814 million in cash and $1.1 billion in aircraft debt to be assumed or prepaid by the buyers at closing.

The deal marked a one-eighty for Chorus, which bet big on aircraft leasing just two years earlier by buying London-based plane-leasing outfit Falko Regional Aircraft Ltd.

Chorus, which also provides regional service for Air Canada via Chorus subsidiary Jazz Aviation, says the sale remains subject to the other regulatory approvals and customary conditions.

This report by The Canadian Press was first published Sept. 25, 2024.

Companies in this story: (TSX:CHR)

The Canadian Press. All rights reserved.

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AGF Management reports Q3 profit down from year ago, revenue higher

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TORONTO – AGF Management Ltd. says its net income attributable to equity owners totalled $20.3 million in its latest quarter, down from $23.0 million in the same quarter last year.

The investment manager says the profit amounted to 30 cents per diluted share for the quarter which ended on Aug. 31, down from 34 cents per diluted share a year earlier.

Total net revenue for the quarter amounted to $102.0 million, up from $84.0 million in the same quarter last year.

On an adjusted basis, AGF says it earned 37 cents per diluted share in its latest quarter, up from an adjusted profit of 34 cents per diluted share a year ago.

The company says its total assets under management and fee-earning assets totalled $49.7 billion at Aug. 31, up from $42.3 billion a year earlier.

Kevin McCreadie, AGF’s chief executive and chief investment officer, says the company was pleased to see early signs of improvement with positive retail net flows complementing its solid investment performance amid an uncertain economic backdrop and significant market volatility.

This report by The Canadian Press was first published Sept. 25, 2024.

Companies in this story: (TSX:AGF.B)

The Canadian Press. All rights reserved.

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Cannabis Retail Blues: To much Stock, to Few Customers

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As of January 2024, Canada is home to more than 3,600 recreational cannabis retail shops and this number is increasing annually with a single store to every 10,000 Canadians. The retail sector has been facing multiple challenges and one is surely overabundance of stores within smaller communities. Too many retailers compared to users of cannabis. The use of cannabis has remained relatively the same, while multiple retailers and online sales forces are competing for this marketplace.

Failures within the retail field are not a surprise, as Tokyo Smoke closes its multiple stores, and most shops’ profit margins remain small and diminishing over time. Mass closures may happen within certain provinces such as Ontario where situations of multiple retailers are situated right beside a competitor. Massive amounts of revenue have been collected by provincial governments while these stores remain open to every possible financial flux possible.

The black market remains healthy and profitable. An excuse to legalize pot was to challenge illegal pot sales and make it difficult to sell this pot outside of legal means. 22% of Canadian pot smokers get their supply from the black market. They say the pot tastes better and is slightly less costly. Legal pot management is costly and this cost is passed onto the customer. With gummy sales growing, the cost of management by legal means is difficult and costly too.

It seems the government may need to rethink its policy regarding cannabis and the possibility of legalizing further types of illicit drugs in the future. A total ack of imagination exists within the policy network where old-fashioned prejudice towards addiction and the use of narcotics is seen as criminal and threatening to society. All the while the number of traffic stops due to drivers under the influence of narcotics continues to grow, and the use of drugs by the youthful generation continues to be a problem. A solution to our society’s problems will never come from present-day authorities.

Steven Kaszab
Bradford, Ontario
skaszab@yahoo.ca

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