Air Canada parent says airline will survive
KUALA LUMPUR (Reuters) - Air Canada
Global airline losses to hit $9 billion
KUALA LUMPUR (Reuters) - Global airlines are likely to lose $9 billion this year, the International Air Transport Association said on Monday, nearly double its estimate of just three months ago, as rising fuel prices and weak demand create an unprecedented crisis for the industry. "This is the most difficult situation the industry has faced," Giovanni Bisignani, IATA's director general and CEO, told the aviation body's annual meeting in the Malaysian capital.
OECD indicators point to slowdown easing
PARIS (Reuters) - The economic outlook for the OECD area declined at a slower pace in April, an OECD survey said on Monday, and there were stronger indications that the downturn may have hit bottom in Canada, France, Italy and Britain. The Paris-based Organization for Economic Co-operation and Development said its composite leading indicator for the OECD area rose in April, reaching 93.2 compared to a revised 92.7 in March. There was an 8.3 point drop from April a year earlier.
Investors may find safety on a telephone pole
VANCOUVER, British Columbia (Reuters) - Investors searching for a hint of good news from the beleaguered Canadian forestry sector may want look at the telephone poles outside their houses or at a nearby railroad line. The recession has battered sales of lumber for housing construction, but utilities still need to replace aging poles and railroads have to maintain their track - something both may do more of as government stimulus spending kicks in.
Supreme court asked to delay Chrysler sale
WASHINGTON (Reuters) - Indiana pension funds and consumer groups asked the U.S. Supreme Court on Sunday to stop the sale of bankrupt automaker Chrysler LLC to a group led by Italian carmaker Fiat SpA while they challenge the deal. The separate requests, which moved the legal battle to the nation's highest court, were filed after a U.S. appeals court in New York approved Chrysler's sale to a group led by Fiat, a union-aligned trust and the U.S. and Canadian governments.
Canadians angered over "Buy American" rule
WHISTLER, British Columbia (Reuters) - Canadian municipal leaders threatened to retaliate against the "Buy America" movement in the United States on Saturday, warning trade restrictions will hurt both countries' economies. The Federation of Canadian Municipalities endorsed a controversial proposal to support communities that refuse to buy products from countries that put trade restrictions on products and services from Canada.
Airline execs say industry outlook still grim
KUALA LUMPUR (Reuters) - Demand for air travel could decline further despite signs of a more stable global economy, and prospects of a recovery this year look slim, industry executives said at a meeting of the world's airlines on Sunday. Cargo demand may have stabilized, but a pick-up is unlikely until demand recovers in the United States, said the CEO of Korean Air <003490.KS>, the world's top air cargo carrier.
Oil falls towards $67 on stronger dollar
LONDON (Reuters) - Oil fell by more than $1 to around $67 a barrel on Monday as a stronger U.S. dollar prompted a retreat from a seven-month high above $70 hit last week. The dollar extended gains against a basket of currencies after posting its largest one-day rise in over five months on Friday on data showing the pace of U.S. job losses slowed in May, prompting expectations of a rise in interest rates.
Canada jobless rate spikes to 11-year high in May
OTTAWA (Reuters) - Canada's unemployment rate spiked to an 11-year high in May as the worst recession since World War Two led to massive lay-offs in the factories of Ontario, once the country's manufacturing powerhouse. Statistics Canada said on Friday the net job losses in May totaled 41,800 and the unemployment rate jumped to 8.4 percent from 8.0 percent in April.
China influence to grow faster than most expect: Soros
SHANGHAI (Reuters) - Financier George Soros said on Sunday that China's global influence is set to grow faster than most people expect, with its isolation from the global financial system and a heavy state role in banking aiding a relatively swift economic recovery. He reiterated his cautious views regarding the surge in global stock markets, although he said it may have further to go given liquidity in the markets and that many investors are still sitting on the sidelines.
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