Market News and Trends: Air Canada pilots end decade-long contract framework

2023-05-30 20:09:50

(Illustration: Camille Charbonneau)

NEWS ESSENTIALS

• US: bipartisan agreement on debt ceiling put to the test in Congress. The bipartisan agreement to raise the US debt ceiling to US$31.4 trillion will be put to the test for the first time in Congress on Tuesday, which could lead to an intense week of voting before the country runs out of money to pay its bills.

• Alberta: Re-elected premier takes on Trudeau over climate. Danielle Smith, re-elected Conservative Premier of Alberta, has clashed with Canada’s Liberal Prime Minister Justin Trudeau over climate policies that would weigh on the country’s massive fossil fuel industry. province.

• Negotiations: Air Canada pilots end 10-year framework contract. Air Canada pilots have ended a decade-long contract framework, opening the door to full negotiations this summer, according to a memo sent Monday by the union’s leadership to its members and seen by Archyde.com.

• Nvidia would become the leading US chipmaker valued at +US$1,000B. Nvidia is on course to surpass US$1 trillion in market capitalization for the first time, becoming the first US chipmaker to join this select club.

• C$300 million from Ottawa, Quebec for the GM-POSCO battery materials plant. Canada’s federal government and the province of Quebec will each provide about C$150 million for a General Motors and POSCO Chemical battery materials plant that is expected to create about 200 jobs in the country, the Canadian ministry said Monday. Of the industry.

TRENDS BEFORE OPENING

Futures for the main stock market index are down slightly, dragged lower by weak oil prices, as various signals sent by major producers have clouded the outlook ahead of the OPEC + meeting taking place this weekend. Wall Street futures are ahead as lawmakers reached preliminary agreement on raising the debt ceiling to avoid a default. European securities are stable. In Asian markets, the Japanese Nikkei ended higher on optimism about new investment in the local semiconductor industry, while Chinese and Hong Kong stocks ended the session flat on the caution ahead of Beijing’s release of May manufacturing data. Gold prices are ahead and the US dollar is retreating.

(Re)read all market news

TITLES TO FOLLOW

• Air Canada: the airline’s pilots ended a decade-long contract framework, opening the door to full negotiations this summer, according to a memo sent by the union’s leadership to its members on Monday and seen by Archyde.com. Air Canada pilots have previously said they will push for “historic” gains to narrow the pay gap with their highest-paid American counterparts. The pilots of WestJet Airlines, owned by Onex, have reached an agreement in principle providing for a 24% hourly increase over four years, as well as other compensation and benefits. The union had until Monday to use some sort of notwithstanding clause that would have allowed it to bargain this year. The agreement is now valid until September 29, 2023, but its provisions will apply beyond that date. “We were prepared to meet with the company if they were willing to present us with a substantial proposal that would achieve our members’ objectives,” the memo said, adding that Air Canada did not seek to initiate discussions.