Here are five things you need to know this morning
Air Canada flight cancellations begin: Some Air Canada flights that were scheduled to take off today will be cancelled as the airline braces for a work stoppage this weekend. The union that represents around 10,000 Air Canada flight attendants is poised to strike just before 1 a.m. ET on Saturday, as the airline also plans to lock out those workers. Air Canada says it will begin cancelling flights today, with more disruptions Friday and a complete stoppage by Saturday if it doesn’t reach a last-minute deal with the flight attendants’ union. The airline is expected to provide further details at a news conference with senior airline executives this morning in Toronto. Meanwhile, the airline says it has requested government-directed arbitration.
Linamar CEO shares insight: Earnings season continues this week, with several Canadian companies reporting their latest quarterly results. One noteworthy report comes from Linamar, the Guelph, Ont.-based maker of auto parts, construction and farming machinery. The company reported lower quarterly revenue and profit, though earnings were better than analysts expected. Linamar says it has remained largely unaffected by tariffs imposed by the U.S. as its products continue to be CUSMA compliant. The company’s CEO joined BNN Bloomberg for a chat shortly after 9 a.m. ET.
Banking shakeups: There has been a flutter of activity in Canada’s banking sector. CIBC has hired Bank of Nova Scotia’s Mark Mulroney to be global vice chair in the office of its incoming chief executive officer. Mulroney, son of former Prime Minister Brian Mulroney, who died last year, has been vice chair in Scotiabank’s global banking and markets unit. He’ll start at CIBC on Nov. 17. Meanwhile, Bloomberg News is reporting Bank of Nova Scotia has carried out a series of layoffs in its U.S. and Asia Pacific investment-banking divisions. The report says cuts will be made for several jobs this month, including multiple managing directors. It made major cuts to the U.S. health-care team.
Bitcoin record high: Bitcoin has hit a record high, as investors pushed deeper into risk-taking territory across world markets. The cryptocurrency rose as high as US$124,563 early this morning. Bitcoin has been steadily rising for most of the past year because of the friendly legislative climate in Washington ushered in by U.S. President Donald Trump. Public companies have boosted the demand by following an increasingly popular corporate tactic of stockpiling the original cryptocurrency.
Simons opens first Toronto store: It’s a big day for one of Canada’s most successful retailers. Quebec-based Simons is opening the doors to its first store in Toronto. The retailer will spend a combined $75 million on the Yorkdale Mall location and another to follow at the Eaton Centre this fall. CEO Bernard Leblanc expects the new stores to increase the company’s annual sales by 15 per cent to $650 million.
