Riel Roussopoulos
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<title>The Globe and Mail – Business</title>
<link>https://www.theglobeandmail.com
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<image></image><title>The Globe and Mail – Business</title>
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<title>Air Canada calls off $180-million takeover of rival Air Transat</title>
<link>https://www.theglobeandmail.com/business/article-air-canada-calls-off-180-million-takeover-of-rival-air-transat/?cmpid=rss
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<description><div><img src=”https://www.theglobeandmail.com/resizer/BTbDuf-O3xSsiMAtQYQY6IUEWt4=/1200×0/filters:quality(80)/cloudfront-us-east-1.images.arcpublishing.com/tgam/5FYDQSJBVZICBNP44LO3NZ5LCU.jpg” class=”ff-og-image-inserted”></div><p class=”c-article-body__text”>Air Canada has called off its long-delayed $180-million takeover of smaller rival Transat AT Inc., citing antitrust hurdles posed by the regulator in Europe and the pandemic.</p> <p class=”c-article-body__text”>The deal, announced in June, 2019, was slashed in price from $720-million in October, 2020, due to the collapse in demand for air travel in the COVID-19 health crisis.</p> <p class=”c-article-body__text”>The deal received Canadian approval but was being examined by the European Commission, due to the large presences of both airlines there. In a statement on Friday, Air Canada said it became apparent the EC would not approve the deal even after Air Canada offered concessions.</p> <div class=”j-f-wrap”> <div class=”u-wrapper pb-feature pb-layout-item pb-f-commercial-dfp-ads” id> <div class> <div id=”c-ad–flex-gpt-1″ class=”c-ad c-ad–inline c-ad–flex” readability=”6″> <div class=”c-ad__wrapper” readability=”7″> <p class=”c-ad__message”>Story continues below advertisement</p> </div> </div> </div> </div> </div> <p class=”c-article-body__text”>“After careful consideration, Air Canada has concluded that providing additional, onerous remedies, which may still not secure an EC approval, would significantly compromise Air Canada’s ability to compete internationally, negatively impacting customers, other stakeholders and future prospects as it recovers and rebuilds from the impact of the COVID-19 pandemic,” Air Canada said. “Especially in this challenging environment, it is essential that Air Canada focus on creating the optimal conditions for its full recovery by preserving and leveraging all of its key strengths and assets including its strong employee culture.”</p> <p class=”c-article-body__text”>Air Canada said the decision to cancel the takeover was mutually agreed, and it will pay Transat a $12.5-million termination fee.</p> <p class=”c-article-body__text”>The end of the deal means Transat is free to seek another buyer, or attempt to operate alone. The travel and tour operator has halted operations since March 11. In 2020 it also suspended service for several weeks due to the pandemic, which has closed borders and forced government to impose travel restrictions.</p> <p class=”c-article-body__text”>An investment company headed by Quebec entrepreneur Pierre Karl Peladeau had made an offer to pay $5 a share for Transat if the Air Canada deal fell apart. A spokeswoman for Mr. Peladeau said on Friday the offer is valid for 24 hours after the cancellation of the Air Canada takeover, but that it is not clear when the clock starts. Mr. Peladeau was not immediately available to comment.</p> <p class=”c-article-body__text”>Transat did not immediately respond to a request for comment.</p> <p class=”c-article-body__text”>Air Canada’s deal, approved by the Canadian government in February with conditions, was worth $5 a share in cash, or a ratio of 0.2862 of an Air Canada share to one Transat share.</p> <p class=”c-article-body__text”>. .. <i>More to come</i></p> <div class=”j-f-wrap”> <div class=”u-wrapper pb-feature pb-layout-item pb-f-commercial-dfp-ads” id> <div class> <div id=”c-ad–flex-gpt-2″ class=”c-ad c-ad–inline c-ad–flex” readability=”6″> <div class=”c-ad__wrapper” readability=”7″> <p class=”c-ad__message”>Story continues below advertisement</p> </div> </div> </div> </div> </div> <p class=”c-article-body__text”><i>Your time is valuable. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening. </i><a href=”https://www.theglobeandmail.com/newsletters/#newsletter-group-2″ target=”_blank”><i>Sign up today</i></a><i>.</i></p> <p><strong><a href=”https://blockads.fivefilters.org”></a></strong> <a href=”https://blockads.fivefilters.org/acceptable.html”>(Why?)</a></p></description>
<pubdate>Fri, 02 Apr 2021 16:47:20 +0000</pubdate>
<dc:creator>Eric Atkins</dc:creator>
<dc:language>en-CA</dc:language>
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<dc:identifier>https://www.theglobeandmail.com/business/article-air-canada-calls-off-180-million-takeover-of-rival-air-transat/?cmpid=rss</dc:identifier>
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<title>Tesla posts record deliveries in first quarter, beats estimates</title>
<link>https://www.theglobeandmail.com/business/international-business/article-tesla-first-quarter-deliveries-beat-estimates/?cmpid=rss
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<description><div><img src=”https://www.theglobeandmail.com/resizer/eJ03-iUvRHLwnRfdi8IusgtczF4=/1200×0/filters:quality(80)/cloudfront-us-east-1.images.arcpublishing.com/tgam/EHMPJGOYIJOFVFNAAI7MI4BJDU.jpg” class=”ff-og-image-inserted”></div><p class=”c-article-body__text”>Tesla Inc on Friday posted record deliveries for the January to March quarter, beating Wall Street estimates, as solid demand for less expensive models offset the impact of a global shortage of parts.</p> <p class=”c-article-body__text”>“We are encouraged by the strong reception of the Model Y in China and are quickly progressing to full production capacity,” Tesla said in a statement.</p> <p class=”c-article-body__text”>“The new Model S and Model X have also been exceptionally well received … and we are in the early stages of ramping production,” it added.</p> <div class=”j-f-wrap”> <div class=”u-wrapper pb-feature pb-layout-item pb-f-commercial-dfp-ads” id> <div class> <div id=”c-ad–flex-gpt-1″ class=”c-ad c-ad–inline c-ad–flex” readability=”6″> <div class=”c-ad__wrapper” readability=”7″> <p class=”c-ad__message”>Story continues below advertisement</p> </div> </div> </div> </div> </div> <p class=”c-article-body__text”>Tesla’s Shanghai factory started production of the Model Y late last year in the key market where it already produces Model 3 sedans. In February, Tesla’s China sales jumped from the previous month even as demand usually falls during China’s Lunar New Year holidays which occurred that month.</p> <p class=”c-article-body__text”>The electric-car maker delivered 184,800 vehicles globally during the first quarter, above estimates of 177,822 vehicles, according to Refinitiv data.</p> <p class=”c-article-body__text”>This also exceeds its previous record of 180,570 achieved last quarter.</p> <p class=”c-article-body__text”>In February, Tesla suspended its California plant for two days due to “parts shortages.”</p> <p class=”c-article-body__text”>“We believe China and Europe were particularly robust this quarter,” said Dan Ives, an analyst at Wedbush. He expects Tesla’s annual sales to exceed 850,000 vehicles this year, fuelled by the Biden administration’s policy of boosting EV sales and by rising global demand.</p> <p class=”c-article-body__text”>Tesla delivered 182,780 Model 3/Ys in the first quarter, up 13% from the previous quarter. In contrast, deliveries of pricier S/Xs slumped from 18,920 to 2,020 during the period, ahead of model refreshes.</p> <p class=”c-article-body__text”>Gerber Kawasaki CEO Ross Gerber said sales declines of the more profitable cars would lead to weaker margins for Tesla in the first quarter, but he forecast “blowout” results for the second quarter.</p> <div class=”j-f-wrap”> <div class=”u-wrapper pb-feature pb-layout-item pb-f-commercial-dfp-ads” id> <div class> <div id=”c-ad–flex-gpt-2″ class=”c-ad c-ad–inline c-ad–flex” readability=”6″> <div class=”c-ad__wrapper” readability=”7″> <p class=”c-ad__message”>Story continues below advertisement</p> </div> </div> </div> </div> </div> <p class=”c-article-body__text”>Other auto makers like General Motors Co on Thursday reported a rebound in first-quarter U.S. sales from a coronavirus-induced slump last year, but volumes were capped by a global chip scarcity that forced many companies to cut production.</p> <p class=”c-article-body__text”>Tesla has become the most valuable auto company in the world by far, despite production that is a fraction of rivals such as Toyota Motor Corp, Volkswagen AG and GM.</p> <p class=”c-article-body__text”><i>Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. </i><a href=”https://www.theglobeandmail.com/newsletters/#newsletter-group-3″ target=”_blank”><i>Sign up today</i></a><i>.</i></p> <p><strong><a href=”https://blockads.fivefilters.org”></a></strong> <a href=”https://blockads.fivefilters.org/acceptable.html”>(Why?)</a></p></description>
<pubdate>Fri, 02 Apr 2021 13:41:04 +0000</pubdate>
<dc:creator>Akanksha Rana Arunima Kumar Hyunjoo Jin</dc:creator>
<dc:language>en-CA</dc:language>
<dc:format>text/html</dc:format>
<dc:identifier>https://www.theglobeandmail.com/business/international-business/article-tesla-first-quarter-deliveries-beat-estimates/?cmpid=rss</dc:identifier>
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<title>U.S. employers add 916,000 jobs in March as hiring accelerates, yet many jobs remain lost </title>
<link>https://www.theglobeandmail.com/business/international-business/article-anticipation-is-building-for-a-boom-in-us-hiring-this-year/?cmpid=rss
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<description><div><img src=”https://www.theglobeandmail.com/resizer/11GCrC4R5S9y6oz_Gll7HAI8anQ=/1200×0/filters:quality(80)/cloudfront-us-east-1.images.arcpublishing.com/tgam/QTGNGSAUOBIVBCBKTVMIFVZ35I.jpg” class=”ff-og-image-inserted”></div><p class=”c-article-body__text”>America’s employers unleashed a burst of hiring in March, adding 916,000 jobs in a sign that a sustained recovery from the pandemic recession is taking hold as vaccinations accelerate, stimulus checks flow through the economy and businesses increasingly reopen.</p> <p class=”c-article-body__text”>The March increase – the most since August – was nearly double February’s gain of 468,000, the Labor Department said Friday. The unemployment rate declined from 6.2% to 6%.</p> <p class=”c-article-body__text”>Even with last month’s robust increase, the economy remains more than 8 million jobs short of the number it had before the pandemic erupted a little over a year ago. But with the recovery widely expected to strengthen, many forecasters predict enough hiring in the coming months to recover nearly all those lost jobs by year’s end.</p> <div class=”j-f-wrap”> <div class=”u-wrapper pb-feature pb-layout-item pb-f-commercial-dfp-ads” id> <div class> <div id=”c-ad–flex-gpt-1″ class=”c-ad c-ad–inline c-ad–flex” readability=”6″> <div class=”c-ad__wrapper” readability=”7″> <p class=”c-ad__message”>Story continues below advertisement</p> </div> </div> </div> </div> </div> <p class=”c-article-body__text”>Regaining all those jobs, though, will be a daunting task.</p> <p class=”c-article-body__text”>“We can rejoice in these numbers, but we still have a lot of work to do,” said Jane Oates, president of WorkingNation and a former Labor Department official. “There are millions of workers we need to get back into jobs.”</p> <p class=”c-article-body__text”>Bond investors sent yields higher, a sign that financial markets are optimistic about a solid recovery that could produce higher prices for some goods and services. The yield on the 10-year U.S. Treasury note rose from 1.68% to 1.71%. Stock markets are closed for Good Friday.</p> <p class=”c-article-body__text”>The brightening outlook for the labour market follows a year of epic job losses, waves of coronavirus infections and small business closures. Numerous signs suggest that the economy is improving. Consumer confidence in March reached its highest level since the pandemic intensified.</p> <p class=”c-article-body__text”>A survey found that manufacturing grew in March at its fastest pace since 1983. And vaccinations are increasingly being administered, although new confirmed infections have risen from lower levels in recent weeks.</p> <p class=”c-article-body__text”>Speaking after the government issued the jobs report, President Joe Biden said it showed that his $1.9 trillion financial rescue package – which included $1,400 checks to most adults – was already boosting the economy. Biden argued, though, that further assistance in the form of the infrastructure package his administration unveiled this week, was needed to sustain the gains.</p> <p class=”c-article-body__text”>“The fight’s far from over,” the president said in televised remarks. “The progress we’ve worked so hard to achieve can be reversed.”</p> <div class=”j-f-wrap”> <div class=”u-wrapper pb-feature pb-layout-item pb-f-commercial-dfp-ads” id> <div class> <div id=”c-ad–flex-gpt-2″ class=”c-ad c-ad–inline c-ad–flex” readability=”6″> <div class=”c-ad__wrapper” readability=”7″> <p class=”c-ad__message”>Story continues below advertisement</p> </div> </div> </div> </div> </div> <p class=”c-article-body__text”>Yet many Republican lawmakers have already pointed to the burgeoning economy as evidence that further government support isn’t needed.</p> <p class=”c-article-body__text”>Last month, hiring strengthened across the economy. Restaurants, hotels and bars – the sector most damaged by the virus – added 216,000 jobs. Construction companies, aided by better weather after severe storms in February, gained 110,000.</p> <p class=”c-article-body__text”>Manufacturers added 53,000. And professional and business services, which include such well-paying fields as engineering and architecture, gained 66,000.</p> <p class=”c-article-body__text”>The pandemic recession inflicted job losses disproportionately on racial minorities and lower-income workers. Wealthier and well-educated workers have been far less likely to lose jobs, in large part because of a greater ability to work from home. Much of the hiring now occurring at bars, restaurants and other areas of the hospitality industry is helping to close that gap, though there’s still a long way to go.</p> <p class=”c-article-body__text”>Last month, in an encouraging sign, about 500,000 women returned to the work force and found jobs, in part a reflection of school re-openings around the country. Women disproportionately quit jobs or stopped looking for work during the pandemic, in many cases because they had to care for children attending school online from home. A reversal of that trend will be important as employers seek to rapidly rehire.</p> <p class=”c-article-body__text”>Friday’s jobs report pointed to some challenges ahead. The number of people who have been out of work for six months or more – who tend to face a particularly hard time finding a job – increased. They now constitute more than 40% of the unemployed.</p> <div class=”j-f-wrap”> <div class=”u-wrapper pb-feature pb-layout-item pb-f-commercial-dfp-ads” id> <div class> <div id=”c-ad–flex-gpt-3″ class=”c-ad c-ad–inline c-ad–flex” readability=”6″> <div class=”c-ad__wrapper” readability=”7″> <p class=”c-ad__message”>Story continues below advertisement</p> </div> </div> </div> </div> </div> <p class=”c-article-body__text”>And the number of people who say they’ve permanently lost their jobs barely declined in March. Many of the people who did find jobs last month had been classified as temporarily unemployed.</p> <p class=”c-article-body__text”>But optimism is rising, in part because the $1,400 checks in Biden’s economic relief plan have sharply increased consumer spending, according to Bank of America’s tracking of its debit and credit cards. Spending jumped 23% in the third week of March compared with pre-pandemic levels, the bank said.</p> <p class=”c-article-body__text”>Spending had begun to rise in March even before the stimulus checks arrived as viral case counts have tumbled from their heights in January. Americans are increasingly willing to venture out from home to travel and eat out, though not yet at their pre-pandemic pace. Roughly 1.5 million people travelled through airports on March 28, according to the Transportation Services Administration. That was roughly eight times the figure of a year ago, although it was still down sharply from 2.5 million on the same day in 2019.</p> <p class=”c-article-body__text”>Hiring is increasing in higher-paying industries such as information technology and finance – a sign of growing confidence in the recovery. Businesses typically add such jobs only when they feel sure their customer demand will be sustained.</p> <p class=”c-article-body__text”>One high-tech company that’s expanding its work force is Olive, a health care artificial intelligence company based in Columbus, Ohio, that links up disparate billing and insurance systems. The 600-person company has 90 open positions, including jobs for software engineers, product managers and financial analysts.</p> <p class=”c-article-body__text”>Olive has decided to continue remote work even after the pandemic has been controlled, said Sean Lane, the CEO. Productivity has increased since the company went remote, allowing him to recruit from nearly anywhere in the country. The company now has employees in 40 states.</p> <div class=”j-f-wrap”> <div class=”u-wrapper pb-feature pb-layout-item pb-f-commercial-dfp-ads” id> <div class> <div id=”c-ad–flex-gpt-4″ class=”c-ad c-ad–inline c-ad–flex” readability=”6″> <div class=”c-ad__wrapper” readability=”7″> <p class=”c-ad__message”>Story continues below advertisement</p> </div> </div> </div> </div> </div> <p class=”c-article-body__text”>“Our customers … are eager to adopt several new technologies we are rolling out this year,” Lane said. “We are confident in our growth plans.”</p> <p class=”c-article-body__text”>Still, the surge of hiring last month raises an important question: Can it continue at the same pace? Besides the 8.4 million fewer jobs that now exist in the U.S. economy than just before the virus struck, an additional 2 million or so jobs would have been added in the past year under normal circumstances. That means the U.S. economy still needs roughly 11.5 million more jobs to regain something close to full health.</p> <p class=”c-article-body__text”>Louise Sheiner, a senior fellow at the Brookings Institution and formerly an economist at the Federal Reserve, has estimated that hiring could average between 700,000 and 1 million a month for the rest of the year, if the economy expands at the 6.5% pace that the Fed and many economists expect. That would leave total job growth for 2021 at somewhere between 7 million and 10 million.</p> <p class=”c-article-body__text”>In part, her forecast is based on the fact that the pandemic recession has deeply hurt labour-intensive parts of the economy, from hotels and restaurants to health care and the entertainment industry. A recovery in those sectors, even a partial one, would require significantly more hiring. In addition, Sheiner said, higher consumer spending, fuelled by stimulus checks and pent-up savings, should drive job growth in other industries.</p> <p class=”c-article-body__text”><i>Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. </i><a href=”https://www.theglobeandmail.com/newsletters/#newsletter-group-3″><i>Sign up today</i></a><i>.</i></p> <p><strong><a href=”https://blockads.fivefilters.org”></a></strong> <a href=”https://blockads.fivefilters.org/acceptable.html”>(Why?)</a></p></description>
<pubdate>Fri, 02 Apr 2021 12:53:09 +0000</pubdate>
<dc:creator>Christopher Rugaber</dc:creator>
<dc:language>en-CA</dc:language>
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<dc:identifier>https://www.theglobeandmail.com/business/international-business/article-anticipation-is-building-for-a-boom-in-us-hiring-this-year/?cmpid=rss</dc:identifier>
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