Here are five things you need to know this morning
Air Canada cancels flights: Air Canada says it remains available to continue negotiations with flight attendants as it winds down operations ahead of a potential labour disruption. The Montreal-based airline says it hit an impasse with the union representing more than 10,500 flight attendants over compensation, despite eight months of negotiations. The company and the union have both submitted notice that a disruption would begin on Saturday. About 500 flights, including the main line and budget Rouge brand, will be cancelled by Friday evening, and all flights will be cancelled after 1 a.m. eastern time disrupting travel plans for 130,000 passengers a day. Air Canada has asked the federal government to send the parties to binding arbitration. The union opposes that option.
China escalates trade dispute: China has deepened a trade spat with Canada, filing a lawsuit at the World Trade Organization (WTO) over import restrictions on steel just days after slapping fresh duties on Canadian canola. The WTO case targets tariffs and quotas on steel launched by Canada last month. Those measures were “typical trade protectionism” that disregarded China’s legitimate rights and interests and flouted WTO rules, China’s Ministry of Commerce said in a statement. “We urge Canada to take immediate action to correct its erroneous practices, uphold the rules-based multilateral trading system, and promote the continuous improvement of China-Canada economic and trade relations,” the ministry said.
Canadian home sales jump: Canadian home sales rose for a fourth straight month as growing confidence the economy will weather U.S. tariffs draws more buyers back into the market. National home sales were up 3.8 per cent in July from June, according to data released by the Canadian Real Estate Association on Friday. That boost was led by Toronto, which has now seen transactions rebound 35.5 per cent since March, though the total number remains low by historical standards. The benchmark selling price was $688,700 unchanged from the month before and 3.4 per cent lower than a year earlier.
Buffett takes stake in UnitedHealth: The Oracle of Omaha sees value in a slumping U.S. health insurance company. Warren Buffett’s Berkshire Hathaway bought 5 million shares in UnitedHealth, giving Berkshire a stake worth US$1.6 billion, according to a filing. Berkshire also sold its US$1 billion stake in T-Mobile US Inc. during the period, exiting the telecommunications operator. Buffett’s investment in UnitedHealth comes as the health company faces multiple crises. Last year, a UnitedHealth executive, Brian Thompson, was shot dead in Manhattan. UnitedHealth, along with other U.S. health insurers, has also faced unexpected increases in medical costs.
Doug Ford targets Campbell Soup: Our colleagues at CTV News have a great story about Ontario Premier Doug Ford and Campbell Soup. At a news conference on an unrelated issue yesterday, Ford floated the idea of introducing legislation that would force companies to place a flag of origin on their products, and he singled out Campbell’s for ‘misleading people’ with some of its soup labels. “I am going to get one of those cans, I am going to rip that label off and encourage people to buy made in Ontario, made in Canada soup,” said the Ontario Premier.
