Air Canada walks back new seat selection policy change after backlash
Air Canada has paused a new seat selection fee for travellers booked on the lowest fares just days after implementing it.
The Canadian dollar strengthened against its U.S. counterpart on Tuesday and index futures pointed to a higher open for the Toronto stock market as oil prices rose and the re-election of Prime Minister Justin Trudeau's Liberals kept the door open to more fiscal spending.
Trudeau acknowledged he will need to work with other parties after he fell short of winning a majority in parliamentary elections on Monday, leaving him once more dependent on opposition legislators to govern.
"Unlike most high-income countries, Canada is unlikely to embark on near-term fiscal consolidation," Marc Chandler, chief market strategist at Bannockburn Global Forex, said in a note.
"A policy mix of tighter monetary policy and relatively looser fiscal policy tends to be supportive of the currency."
Foreign investors had worried that the election could result in a deadlock that would hamper Ottawa's response to the COVID-19 pandemic and further slow the economic recovery from the crisis.
The Liberals have pledged a substantial C$78 billion in new spending over five years, while analysts expect the Bank of Canada to further reduce its bond purchases as soon as next month.
The Canadian dollar was trading 0.5% higher at 1.2763 to the greenback, or 78.35 U.S. cents, after trading in a range of 1.2742 to 1.2830.
On Monday, the loonie hit its weakest intraday level in one month at 1.2895 as troubles at property group China Evergrande roiled global financial markets, while Canada's main stock index fell 1.6%, its biggest decline since January.
World stocks stabilized on Tuesday and commodity prices recovered from the previous day's heavy selling.
The price of oil, one of Canada's major exports, was up 1% at $71.01 a barrel, while December futures on the S&P/TSX 60 index advanced 0.7%.
The Canadian 10-year yield rose nearly one basis point to 1.231%.
Reporting by Fergal Smith Editing by Paul Simao.
Air Canada has paused a new seat selection fee for travellers booked on the lowest fares just days after implementing it.
An ongoing municipal strike, court battles and revolt by half of council has prompted the province to oust the mayor and council in Black River-Matheson.
Three officers on a U.S. Marshals Task Force serving a warrant for a felon wanted for possessing a firearm were killed and five other officers were wounded in a shootout Monday at a North Carolina home, police said.
A Calgary elementary school principal has been charged with possession of child pornography, authorities announced Monday.
The Vancouver Island Health Authority is downplaying what staff describe as a cockroach infestation in a medical unit of Saanich Peninsula Hospital.
Toronto police say 12 people are facing a combined 102 charges in connection with an investigation into a major credit fraud scheme.
One of the winners of a historic US$1.3 billion Powerball jackpot last month is an immigrant from Laos who has had cancer for eight years and had his latest chemotherapy treatment last week.
Britney Spears and her father Jamie Spears will avoid what could have been a long, ugly and revealing trial with a settlement of the lingering issues in the court conservatorship that controlled her life and financial decisions for nearly 14 years.
The clock is ticking ahead of the deadline to file a 2023 income tax return. A personal finance expert explains why you should get them done -- even if you owe more than you can pay.
Since 1932, Montreal's Henri Henri has been filled to the brim with every possible kind of hat, from newsboy caps to feathered fedoras.
Police in Oak Bay, B.C., had to close a stretch of road Sunday to help an elephant seal named Emerson get safely back into the water.
Out of more than 9,000 entries from over 2,000 breweries in 50 countries, a handful of B.C. brews landed on the podium at the World Beer Cup this week.
Raneem, 10, lives with a neurological condition and liver disease and needs Cholbam, a medication, for a longer and healthier life.
The lawyer for a residential school survivor leading a proposed class-action defamation lawsuit against the Catholic Church over residential schools says the court action is a last resort.
Mounties in Nanaimo, B.C., say two late-night revellers are lucky their allegedly drunken antics weren't reported to police after security cameras captured the men trying to steal a heavy sign from a downtown business.
A property tax bill is perplexing a small townhouse community in Fergus, Ont.
When identical twin sisters Kim and Michelle Krezonoski were invited to compete against some of the world’s most elite female runners at last week’s Boston Marathon, they were in disbelief.
The giant stone statues guarding the Lions Gate Bridge have been dressed in custom Vancouver Canucks jerseys as the NHL playoffs get underway.