Visitors take photos at the Dubai Air Show, in Dubai, United Arab Emirates, on Nov. 13.Jon Gambrell/The Associated Press
Long-haul carrier Emirates opened the Dubai Air Show with a $52-billion purchase of Boeing Co. BA-N aircraft, showing how aviation has bounced back after the groundings of the coronavirus pandemic, even as Israel’s war with Hamas clouds regional security.
Its low-cost sister airline, FlyDubai, followed up with an $11-billion order of 30 Boeing 787-9 Dreamliners, the first wide-body aircraft in its fleet. Both sales together marked a significant win for the Virginia-based Boeing Co. out of the gates on the first day of the air show, as airlines appear poised for even more billion-dollar deals this year.
Emirates made the announcement witnessed by the crown prince of Dubai, Sheikh Hamad bin Mohammed Al Maktoum, at a news conference Monday afternoon. Emirates CEO and Chairman Sheikh Ahmed bin Saeed Al Maktoum said the deal would see the carrier purchase 90 Boeing 777 aircraft, 55 of them its 777-9 variants and 35 of them 777-8s.
Emirates will also add an additional five aircraft 787 Dreamliners to a previous order of 30 aircraft, Sheikh Saeed said.
“This is a long-term commitment that supports hundreds of thousands of jobs, not only at Boeing but also throughout the global aviation supply chain,” he said. “The 777 is at the centre of Emirates’ strategy to connect cities on all continents non-stop to Dubai.”
Stan Deal, an executive vice president at Boeing, praised the deal.
“All these products point to the future of Emirates,” Deal said.
Emirates officials stressed that FlyDubai’s order was separate from the long-haul carrier. It represents a major change for FlyDubai, which to this point has only flown Boeing 737 single-aisle aircraft on shorter distances.
Both Deal and Sheikh Saeed left the news conference without taking questions, which represented a departure from previous Dubai Air Shows.
The air show this year comes amid the Israel-Hamas war, as well as Russia’s war on Ukraine, which will likely influence the five-day show at Al Maktoum Airport at Dubai World Central. It is the city-state’s second airfield after Dubai International Airport, which is the world’s busiest for international travel and the home base for Emirates.
While commercial aviation takes much of the attention, arms manufacturers also have exhibitions at the show. Two major Israeli firms – Rafael Advanced Defense Systems Ltd. and Israel Aerospace Industries had been slated to participate.
But the IAI stand, bearing the slogan “Where Courage Meets Technology,” was roped off and empty Monday morning as people poured into the show. A stand for Rafael handed out coffee, though there were no salespeople there. A request for comment left with an attendant there was not immediately returned.
Rafael also sponsored a meeting of air force commanders Sunday at a luxury Dubai hotel, highlighting the balancing act being struck by the UAE amid anger in the Arab world over the Israel-Hamas war.
The UAE, a federation of seven sheikhdoms, established diplomatic relations with Israel in 2020.
The firm Russian Helicopters had listed their staff would be on hand for the air show after appearing at the Abu Dhabi arms fair earlier this year despite being sanctioned by the U.S. and others over Moscow’s attack on Ukraine. ROSCOSMOS, the Russian state space company, is also at the show.
Meanwhile at the show, an Associated Press journalist saw Gen. Khalifa Hifter, who leads the self-styled Libyan National Army and controls that north African nation’s east and south.
Global aviation is booming after the coronavirus pandemic saw worldwide lockdowns and aircraft grounded – particularly at Al Maktoum Airport, which served for months as a parking lot for Emirates double-decker Airbus 380s.
Air traffic is now at 97 per cent of pre-COVID levels, according to the International Air Transport Association. Middle Eastern airlines, which supply key East-West routes for global travel, saw a 26.6 per cent increase in September traffic compared to a year earlier, IATA says.
Emirates, a main economic engine for Dubai amid its booming real estate market, announced record half-year profits of $2.7-billion Thursday. That is up from $1.2-billion for the same period last year, potentially putting the airline on track for another record-breaking year. The airline says it has repaid some $2.5-billion of the loans it received during the height of the pandemic to stay afloat.
Also in the market for aircraft is Riyadh Air, a new Saudi carrier being created as part of trillions of dollars worth of spending planned in the kingdom. In March, the airline announced an order of up to 72 Boeing 787-9 Dreamliner jetliners and has further plans to expand.
Turkish Airlines may also make a record-shattering purchase of 355 aircraft from Airbus, including 250 A321neo aircraft, according to the state-run Anadolu news agency.
By Monday afternoon, Boeing Co. announced that SunExpress, an airline jointly owned by Turkish Airlines and Lufthansa, made a commitment to purchase up to 90 single-aisle Boeing 737 Max aircraft. The deal includes 28 Boeing 737-8s and 17 Boeing 737-10s models, as well as the opportunity for another 45 Boeing 737 Max aircraft. The companies did not offer a dollar figure for the deal.
TORONTO – Canada Goose Holdings Inc. says it has signed a deal that will result in the creation of its first eyewear collection.
The deal announced on Thursday by the Toronto-based luxury apparel company comes in the form of an exclusive, long-term global licensing agreement with Marchon Eyewear Inc.
The terms and value of the agreement were not disclosed, but Marchon produces eyewear for brands including Lacoste, Nike, Calvin Klein, Ferragamo, Longchamp and Zeiss.
Marchon plans to roll out both sunglasses and optical wear under the Canada Goose name next spring, starting in North America.
Canada Goose says the eyewear will be sold through optical retailers, department stores, Canada Goose shops and its website.
Canada Goose CEO Dani Reiss told The Canadian Press in August that he envisioned his company eventually expanding into eyewear and luggage.
This report by The Canadian Press was first published Sept. 19, 2024.
Almost seven years since news broke of an alleged conspiracy to fix the price of packaged bread across Canada, the saga isn’t over: the Competition Bureau continues to investigate the companies that may have been involved, and two class-action lawsuits continue to work their way through the courts.
Here’s a timeline of key events in the bread price-fixing case.
Oct. 31, 2017: The Competition Bureau says it’s investigating allegations of bread price-fixing and that it was granted search warrants in the case. Several grocers confirm they are co-operating in the probe.
Dec. 19, 2017: Loblaw and George Weston say they participated in an “industry-wide price-fixing arrangement” to raise the price of packaged bread. The companies say they have been co-operating in the Competition Bureau’s investigation since March 2015, when they self-reported to the bureau upon discovering anti-competitive behaviour, and are receiving immunity from prosecution. They announce they are offering $25 gift cards to customers amid the ongoing investigation into alleged bread price-fixing.
Jan. 31, 2018: In court documents, the Competition Bureau says at least $1.50 was added to the price of a loaf of bread between about 2001 and 2016.
Dec. 20, 2019: A class-action lawsuit in a Quebec court against multiple grocers and food companies is certified against a number of companies allegedly involved in bread price-fixing, including Loblaw, George Weston, Metro, Sobeys, Walmart Canada, Canada Bread and Giant Tiger (which have all denied involvement, except for Loblaw and George Weston, which later settled with the plaintiffs).
Dec. 31, 2021: A class-action lawsuit in an Ontario court covering all Canadian residents except those in Quebec who bought packaged bread from a company named in the suit is certified against roughly the same group of companies.
June 21, 2023: Bakery giant Canada Bread Co. is fined $50 million after pleading guilty to four counts of price-fixing under the Competition Act as part of the Competition Bureau’s ongoing investigation.
Oct. 25 2023: Canada Bread files a statement of defence in the Ontario class action denying participating in the alleged conspiracy and saying any anti-competitive behaviour it participated in was at the direction and to the benefit of its then-majority owner Maple Leaf Foods, which is not a defendant in the case (neither is its current owner Grupo Bimbo). Maple Leaf calls Canada Bread’s accusations “baseless.”
Dec. 20, 2023: Metro files new documents in the Ontario class action accusing Loblaw and its parent company George Weston of conspiring to implicate it in the alleged scheme, denying involvement. Sobeys has made a similar claim. The two companies deny the allegations.
July 25, 2024: Loblaw and George Weston say they agreed to pay a combined $500 million to settle both the Ontario and Quebec class-action lawsuits. Loblaw’s share of the settlement includes a $96-million credit for the gift cards it gave out years earlier.
Sept. 12, 2024: Canada Bread files new documents in Ontario court as part of the class action, claiming Maple Leaf used it as a “shield” to avoid liability in the alleged scheme. Maple Leaf was a majority shareholder of Canada Bread until 2014, and the company claims it’s liable for any price-fixing activity. Maple Leaf refutes the claims.
This report by The Canadian Press was first published Sept. 19, 2024.
Companies in this story: (TSX:L, TSX:MFI, TSX:MRU, TSX:EMP.A, TSX:WN)
TORONTO – TD Bank Group, which is mired in a money laundering scandal in the U.S., says chief executive Bharat Masrani will retire next year.
Masrani, who will retire officially on April 10, 2025, says the bank’s, “anti-money laundering challenges,” took place on his watch and he takes full responsibility.
The bank named Raymond Chun, TD’s group head, Canadian personal banking, as his successor.
As part of a transition plan, Chun will become chief operating officer on Nov. 1 before taking over the top job when Masrani steps down at the bank’s annual meeting next year.
TD also announced that Riaz Ahmed, group head, wholesale banking and president and CEO of TD Securities, will retire at the end of January 2025.
TD has taken billions in charges related to ongoing U.S. investigations into the failure of its anti-money laundering program.
This report by The Canadian Press was first published Sept. 19, 2024.
