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S&P/TSX composite index up over 100 points Monday morning, U.S. markets also rise

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TORONTO – Gains in the financial and industrial sectors led Canada’s main stock index higher in late-morning trading on Monday, while U.S. stock markets also rose.

The S&P/TSX composite index was up 126.25 points at 22,816.64.

In New York, the Dow Jones industrial average was up 88.24 points at 40,375.77. The S&P 500 index was up 39.17 points at 5,544.17, while the Nasdaq composite was up 168.11 points at 17,895.05.

The Canadian dollar traded for 72.70 cents US compared with 72.85 cents US on Friday.

The September crude oil contract was down 24 cents at US$78.40 per barrel and the August natural gas contract was up 10 cents at US$2.26 per mmBTU.

The August gold contract was down US$8.70 at US$2,390.40an ounce and the September copper contract was down six cents at US$4.18 a pound.

This report by The Canadian Press was first published July 22, 2024.

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Low pay for junior Air Canada pilots poses possible hurdle to proposed deal

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MONTREAL – One expert says entry-level pay under the tentative deal between Air Canada and its pilots could be a stumbling block ahead of a union vote on the agreement.

Under their current contract, pilots earn far less in their first four years at the company before enjoying a big wage increase starting in year five.

The Air Line Pilots Association had been pushing to scrap the so-called “fixed rate” provision entirely.

But according to a copy of the contract summary obtained by The Canadian Press, the proposed deal announced Sunday would merely cut the four-year period of lower pay to two years.

John Gradek, who teaches aviation management at McGill University, says as many as 2,000 of Air Canada’s roughly 5,200 active pilots may earn entry-level wages following a recent hiring surge.

After the airline averted a strike this week, Gradek says the failure to ditch the pay grade restrictions could prompt pushback from rank-and-file flight crew and jeopardize the deal, which is up for a vote next month.

This report by The Canadian Press was first published Sept. 18, 2024.

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Salvatore ‘Totò’ Schillaci, the Italy striker who was top scorer at World Cup in 1990, dies at 59

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ROME (AP) — Salvatore “Totò” Schillaci, the Italy striker who was top scorer at its home World Cup in 1990, has died. He was 59.

Schillaci had been hospitalized in Palermo following treatment for colon cancer.

The Palermo Civico hospital said in a statement that Schillacci died on Wednesday morning after being admitted 11 days ago.

Schillaci scored six goals for Italy during the 1990 World Cup. He came on as a substitute during Italy’s opener against Austria, scored in a 1-0 victory, and went on to earn the Golden Boot awarded to the tournament’s top scorer. He only scored one other goal for Italy in his career.

Italian soccer federation president Gabriele Gravina announced that a minute of silence would be held in memory of Schillaci before all games in the country for the rest of the week.

“The uncontrollable celebrations, in which his face was the symbol of shared joy, will remain forever part of Italian soccer (history),” Gravina said. “Totò was a great player, a symbol of tenacious desire and redemption. … His soccer was full of passion. And that fearless spirit made everyone appreciate him and will make him immortal.”

Schillaci also won the Golden Ball award at the 1990 World Cup as the tournament’s top player ahead of Lothar Matthaus and Diego Maradona.

Schillaci played for Messina, Juventus, Inter Milan and Japanese team Jubilo Iwata during his club career.

“Ciao Totò,” Juventus said on Instagram.

“You made an entire nation dream during the Magical Nights of Italia ’90,” Inter said on its social media channels.

West Germany won the 1990 World Cup, beating Argentina in the final, while Italy beat England for third place with a winning penalty kick from Schillaci.

Roberto Baggio, who scored Italy’s opening goal in the third-place match, wrote on Instagram, “Ciao my dear friend.”

Having been born and raised in Palermo, the Palermo soccer team announced that it would hold a public viewing of Schillaci at its Renzo Barbera stadium ahead of the funeral, the Gazzetta dello Sport reported.

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French soccer star Wissam Ben Yedder stays free ahead of trial on charges of sexual assault

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French soccer player Wissam Ben Yedder will stay free ahead of his trial on charges of sexual assault while intoxicated, one of his lawyers told The Associated Press on Wednesday.

Marie Roumiantseva said Ben Yedder will remain under strict judicial supervision after a woman filed a lawsuit for sexual assault earlier this month.

The 34-year-old Ben Yedder, a prolific striker in the French league, was briefly detained then released after the alleged incident in his car on the French Riviera. Ben Yedder had been stopped by police after he first refused to do so. He was then put in a jail cell.

After he was summoned to appear in court on Oct. 15 and placed under judicial supervision, the Nice prosecutor’s office appealed the decision not to remand the player in custody. The investigative chamber of the Court of Appeal of Aix-en-Provence did not grant this request and kept Ben Yedder under judicial supervision.

Ben Yedder attended a hearing Tuesday during which he offered to go to rehab. He has admitted he drove while under the influence of alcohol but has denied any sexual assault.

In a separate legal case last year, Ben Yedder was charged with “rape, attempted rape and sexual assault” over another alleged incident in the south of France.

Ben Yedder has been without a club since his contract with Monaco expired at the end of last season.

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