Getting caught up on a week that got away? Here’s your weekly digest of The Globe’s most essential business and investing stories, with insights and analysis from the pros, stock tips, portfolio strategies and more.
Air Canada resumes flying after flight attendants’ strike endsOpen this photo in gallery:
The Air Canada check-in area inside Terminal 1 of Toronto Pearson International Airport on Aug. 13.Arlyn McAdorey/The Canadian Press
The Air Canada strike came to an end on Tuesday when the airline and the union representing its flight attendants reached a tentative agreement. The days-long debacle saw 10,000 workers go on strike on Aug. 16 after months of failed negotiations, leading to thousands of cancelled flights and tens of thousands of stranded passengers. The company is expected to take a significant financial hit in the current quarter, but the long-term impact is likely to be contained, analysts said.
The tentative deal, which must be approved by a majority of union members’ votes, provides hourly raises of about 16 to 20 per cent over the life of the contract. Flight attendants will also be paid a share of their hourly wage for pre-and post-flight work, which was previously unpaid and a key issue for union members. Members, however, will vote only on the hourly pay portion of the four-year agreement. The vote will be held from Aug. 27 to Sept. 6, and the results are expected to be released publicly within 24 hours. If the contract does not receive majority approval, negotiators are expected to return to mediated talks for three days, followed by arbitration if needed.
Carney to drop some retaliatory tariffs against the U.S.Open this photo in gallery:
Canada will remove all tariffs on U.S. goods that are compliant with the existing North American free trade agreement, Prime Minister Mark Carney said Friday, matching exemptions affirmed earlier this month by Washington.DAVE CHAN/AFP/Getty Images
Prime Minister Mark Carney announced Friday that Canada will remove retaliatory tariffs on some U.S. products in a bid to reset trade discussions with the White House. He said Ottawa plans to remove tariffs on U.S. goods that comply with North American free-trade deal rules, but Canada will retain its tariffs on steel, aluminum and autos. As Mark Rendell and Bill Curry report, Canada is one of only two countries that has retaliated against U.S. President Donald Trump’s tariff trade war. The only other country to hit back with countertariffs is China.
Mr. Carney made the announcement during a news conference on Parliament Hill, a day after a discussion with Mr. Trump – their first direct communication in months and the first high-profile contact between Ottawa and Washington since they failed to reach a trade agreement by Mr. Trump’s Aug. 1 deadline. The Prime Minister said talks will continue on addressing outstanding trade issues in the trade pact, referring to the Canada-United States-Mexico Agreement.
Decoder: Housing starts in Ontario stuck in a rut, unlike the rest of Canada
Housing starts across Canada have been pushed to their highest level since 2022, with one glaring exception: Ontario. Ontario’s six-month average of residential construction starts was near the lowest level in a decade last month, according to an analysis of Canada Mortgage and Housing Corporation construction data. High development charges, slow timelines for approval and construction costs are major barriers. British Columbia has also experienced a slowdown in starts, but not to the same extent as Ontario. Jason Kirby takes a closer look at the latest data in this week’s Decoder series.
Cenovus Energy to acquire MEG Energy in $7.9-billion dealOpen this photo in gallery:
MEG and Cenovus hope to have a combined oil sands production of over 720,000 barrels per day.Victor R. Caivano/The Associated Press
Cenovus Energy announced on Friday that it will buy oilsands producer MEG Energy in a cash-and-stock deal valued at $7.9-billion to create one of the largest oil sands companies in Canada. The two companies will combine MEG’s Christina Lake oil sands operations in Alberta with Cenovus’ neighboring assets, and will have a combined oil sands production of over 720,000 barrels per day. Under the deal, MEG shareholders will receive 75 per cent of the consideration in cash and 25 per cent in Cenovus shares. The deal, approved by MEG’s board, is expected to close early in the fourth quarter of 2025.
Earlier this year, MEG Energy rejected a nearly $6-billion hostile takeover offer from Strathcona Resources Ltd., calling the bid inadequate and not in the best interest of its shareholders and launched a strategic review to explore better alternatives.
Inside a crypto heist: Hamilton youth who stole $48-million strikes againOpen this photo in gallery:
Theft case shines a spotlight on the crypto industry and the rising cybersecurity dangers of the modern age.The Globe and Mail
Back in 2022, a young man appeared in a Hamilton courtroom to say he was “very sorry” for stealing $48-million in cryptocurrency. At the time, authorities said it was the most cryptocurrency ever stolen from an individual. It turns out that while the young man was apologizing in the courtroom, he was simultaneously deep into another heist. This one, despite bringing in under US$1-million, garnered international attention and shook the crypto community. The scam targeted some of the biggest names in the world of NFT (non-fungible token) digital artwork.
The case shines a spotlight not just on the burgeoning industry of crypto, estimated to be worth more than US$4-trillion, but also the rising cybersecurity dangers as more of our lives move online. Ethan Lou takes a deeper dive into the second crypto heist, highlighting the international case of deception, digital thievery and betrayal.
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