Air Canada reported a net loss of $178 million during the second quarter, compared to net income of $186 million during the same period a year earlier.
That amounted to a diluted loss per share of 63 cents during the quarter, compared with diluted earnings per share of 51 cents.
Air Canada says its revenue reached $6.3 billion during the quarter, up year-over-year from $5.6 billion.
Alongside its earnings, the airline also announced that funds managed by Blackstone, La Caisse and others are making a $2.5 billion minority equity investment in Aeroplan Inc.
Under the terms of the deal, the investor group will acquire a 25 percent non-controlling equity interest in Aeroplan.
Air Canada will maintain full operational control of Aeroplan along with a controlling ownership interest.
This report by The Canadian Press was first published Aug. 11, 2026.
Wholesale inflation dropped last month as gas prices reversed some of their Iran war spike and other costs also cooled, a sign that consumer inflation could grind lower in the months ahead.
The Labor Department’s producer price index – which captures inflation before it reaches consumers – rose 4.7 per cent in July from a year ago, down from a much larger 5.5-per-cent increase in June. On a monthly basis, wholesale prices were unchanged from June to July, after they ticked down 0.1 per cent the previous month.
The figures follow the government’s consumer price inflation report, released Wednesday, which also showed a modest cooling last month. Still, consumer prices have risen faster than wages for the past four months, underscoring the challenges many Americans have affording necessities such as rent and utilities. If prices continue to outpace wages, many consumers may be forced to dial back their spending in the coming months.
Excluding the volatile food and energy categories, core wholesale inflation dropped to 4.2 per cent in July compared with a year earlier, down from 4.7 per cent in June. On a monthly basis, core prices rose 0.2 per cent, down from 0.4 per cent from May to June.
After falling in early July, gas prices then rose later that month and in early August, threatening to push inflation back up when August figures are reported next month.
Still, last month’s cooling gives Federal Reserve officials more leeway to avoid a rate hike when it meets next in September. Fed officials are debating whether they should raise their key interest rate to combat inflation, or keep it unchanged in hopes that inflation continues to cool on its own.
Wholesale prices can offer an early look at where consumer inflation might be headed. Economists also watch it because some of its components, notably health care and financial services, flow into the Fed’s preferred inflation gauge – the personal consumption expenditures, or PCE, index. That price index will be released later this month.
Fed officials are considering whether to hike rates after leaving them unchanged so far this year. Last week, the government said employers actually cut jobs in July, a sign of economic weakness that could discourage the central bank from raising borrowing costs.
Prime Minister Mark Carney’s top trade emissaries are set to meet on Thursday afternoon with Donald Trump’s trade chief for the second time this week as they scramble to reach a deal before the U.S. President’s latest threatened tariffs take effect in six days.
Dominic LeBlanc, the minister responsible for Canada-U.S. trade, and Janice Charette, Canada’s chief negotiator, will sit down with U.S. Trade Representative Jamieson Greer at the latter’s Winder Building office near the White House.
The two countries traded written negotiating positions at a previous hour-long meeting on Tuesday and Mr. LeBlanc and Ms. Charette have since been hunkered down with their officials at the Canadian embassy.
As The Globe and Mail has previously reported, Ottawa is seeking relief from Mr. Trump’s tariffs on Canada. The U.S. is asking for a long list of trade concessions in exchange.
Canada wants reductions in Mr. Trump’s tariffs, imposed last year under Section 232 of the Trade Expansion Act of 1962. The U.S. has imposed tariffs of 50 per cent on steel and aluminum, 25 per cent on autos and between 10 to 25 per cent on various forest products.
Canada also wants Mr. Trump to stand down from his threat to levy 50 per cent tariffs on US$20-billion more Canadian exports, including electronic equipment, dairy and alcohol, under Section 338 of the Smoot-Hawley Tariff Act of 1930.
Ms. Charette told Mr. Greer last week that, if the new tariffs come into effect on Aug. 19, negotiations would halt and Canada would be forced to retaliate.
The negotiations have centred on the U.S. lowering, but not eliminating, its tariffs, with Canada agreeing to various Washington demands. These include ending retaliatory tariffs on U.S. autos, getting provincial premiers to put American alcohol back on store shelves and halt Buy Canadian programs, and changing how licences are allocated under the supply-managed dairy system.
Talks had been sluggish until Mr. Trump threatened the new 338 tariffs last month and set a deadline for them to take effect. This lit a fire under the talks, with Mr. LeBlanc and Ms. Charette meeting Mr. Greer in Washington every week for the past three. Ms. Charette has been encamped semi-permanently in the U.S. capital with her team.
Mr. Greer has said he wants “interim” trade deals with both Canada and Mexico before moving onto a larger overhaul of the U.S.-Mexico-Canada Agreement, which would include renegotiating automotive content rules, among other thorny topics.
Canadian negotiators have privately presented the current talks as a first deal before moving onto future rounds of bargaining that would include various trade and defence topics.
As the clock ticks toward U.S. President Donald Trump’s latest tariff deadline, Canada and the U.S. aren’t at a point where a tariff deal can be reached — and Canadian officials are not satisfied with the latest U.S. offer, according to two sources with knowledge of the trade talks.
According to sources on both sides of the border, the Americans offered a new proposal on Tuesday which would lower some of the sectoral tariffs but not to the degree that the Canadian side would like to see. CBC News is not naming the sources because they were not authorized to speak publicly.
Negotiators have been going back and forth in recent weeks in an effort to reach some sort of deal before Aug. 19, which is when Trump has promised a 50 per cent levy on hundreds of Canadian goods in addition to the sectoral tariffs already in place.
The Americans are seeking a deal that would see preferential access to Canadian critical minerals and cover security and energy, the sources said.
Canada-U.S. Trade Minister Dominic LeBlanc has been in Washington to meet with U.S. Trade Representative Jamieson Greer three times in as many weeks. CBC News previously reported that the two are aiming to present Trump with a path to a potential trade deal as early as Monday.
Sources told CBC News last week that the Canadian side has aggressively argued to the Americans that there would be no political appetite among Canadians to keep talks going if the Aug. 19 tariffs come into place.
Both sides have agreed to hold daily meetings at various levels up until that deadline, the sources said.
Neither LeBlanc nor Canada’s chief trade negotiator, Janice Charette, answered reporters’ questions after they were seen leaving Greer’s office on Tuesday afternoon.
LeBlanc later posted to X saying that discussions are “ongoing” and he and Charette will “continue to engage at the negotiation table.”
LeBlanc’s office told CBC News he and Charette remain in Washington as of Wednesday night.
In addition to trying to dissuade Americans from levying new tariffs, LeBlanc and Charette are looking for relief on tariffs the U.S. has slapped on Canadian steel, aluminum, lumber and autos.
Canada is also hoping the ongoing trade talks between the two countries will result in a renewal of the Canada-U.S.-Mexico Agreement (CUSMA) after the Trump administration last month declined to extend the deal past 2036.
When announcing the Aug. 19 tariffs, the U.S. raised a number of trade irritants, including Canada’s retaliation against U.S. trade policy with the removal of U.S. alcohol from provincial store shelves and alleged Canadian discrimination against U.S. motor vehicles and dairy.
Conservative Leader Pierre Poilievre wrote to Carney on Sunday, calling on him to show some “backbone” as trade negotiations ramp up.
Poilievre said Canadians deserve a “good deal” that includes zero tariffs on softwood lumber, an end to sectoral tariffs on steel and aluminum, a tariff-free auto pact and full exemption to Buy America rules on infrastructure projects at all levels of government.
“No more pursuing policies of a managed decline at home. No more caving,” Poilievre wrote.
Industry sources previously told CBC News that Canada is preparing to meet some U.S. demands — including ending the booze bans — in exchange for tariff relief.
Image courtesy of EnbridgeThe dotted line shows where Enbridge is building a $1-billion, 41-mile pipeline to bypass land on land owned by the Bad River Band of Lake Superior Chippewa in northwestern Wisconsin.
August 12, 2026
A federal appeals court has upheld a lower court’s ruling that Canadian firm Enbridge is trespassing on land owned by the Bad River Band of Lake Superior Chippewa in northwestern Wisconsin and must remove its existing 12-mile-long oil and gas pipeline—part of the original Line 5 pipeline running from Canada to the U.S.—from reservation land.
While it didn’t set a deadline, the three-judge panel for the 7th Circuit U.S. Court of Appeals found on Aug. 6 that Enbridge should have a “reasonable opportunity” to finish re-routing the Line 5 pipeline, a $1-billion project that is already underway as the company continues to use its other pipeline on tribe-owned land.
It also said the lower court should revisit the $5.15-million in restitution that U.S. District Court Judge William Conley awarded to the tribe in 2023 when, at the same time, he gave Enbridge three years to complete the reroute, which has not happened.
“Enbridge’s trespass cannot continue unchecked across the band’s sovereign land. To decide otherwise would be substantially in tension with the 1854 Treaty and the statutory scheme governing rights-of-way on tribal lands,” the court wrote in the most recent ruling.
It added, however, that halting Line 5’s operation “without an alternative in place risks violating the Transit Treaty, sparking international fallout with Canada, and inflicting harmful effects on energy consumers.”
The 1977 treaty is intended to ensure the uninterrupted, safe and efficient movement of hydrocarbons, such as crude oil and natural gas, across the U.S.-Canadian border.
The easements for the pipeline that traverses 12 parcels of Bad River Band territory expired in 2013, and the tribe did not renew them. The tribe sued Enbridge in July 2019 seeking the removal of Line 5 from the reservation.
In response to the newest decision, Enbridge spokesperson Juli Kellner said “it recognized the Line 5 Wisconsin Segment Relocation Project as the practical long-term solution to this dispute. Currently, Enbridge is safely operating Line 5 across the Bad River Reservation and construction of a new 41-mile segment of Line 5 around the Reservation is well underway.”
In determining the restitution amount, the Seventh Circuit said the lower court “likely double-counted by giving Bad River a portion of Enbridge’s overall profits tied to Line 5’s trespass in addition to the company’s economic benefit from delaying the cost associated with rerouting Line 5.”
Stefanie Tsosie, an attorney for Earthjustice, a nonprofit representing the tribe, said the recent court ruling is a win for the tribe.
“It’s important that the court affirmed the band’s sovereign right to govern their own lands,” she said. “Each day, Enbridge operates Line 5 in illegal trespass and makes more than a million dollars in profit. We are hopeful that Enbridge will face meaningful consequences.”
Even though a new deadline has not been set, Timna Axel, an Earthjustice spokesperson, said meaningful consequences would be for Enbridge to “be required to remove its pipeline from the Bad River Reservation in the near future and relinquish the profits it has gained by trespassing on the band’s sovereign land for many years.”
The current pipeline transports over 20 million gallons of crude oil and natural gas liquids each day from Superior, Wis., to Sarnia, Ontario. It is part of a larger network of pipelines carrying petroleum products from Western Canada to refineries in the Midwest, Ontario and Quebec. Line 5’s path through the Reservation is approximately 60 ft wide, and makes up less than 2% of the pipeline’s total length of 645 miles, according to Enbridge.
Mark Walter has sold his majority equity in the Los Angeles Lakers to Joshua Kushner and Bob Iger, according to a statement.
The deal values the team at $12.5 billion, according to a person familiar with the matter, who was not authorized to speak publicly about the terms of the sale.
Walter has owned the Lakers for less than a year and also has stakes in MLB’s Los Angeles Dodgers, English Premier League soccer team Chelsea and the WNBA’s Los Angeles Sparks.
U.S. consumer prices barely increased in July as the cost of gasoline declined for a second straight month, while underlying inflation was benign, further reducing the odds of an interest rate hike from the Federal Reserve next month.
The small rebound in the monthly Consumer Price Index reported by the Labor Department on Wednesday, which was in line with economists’ expectations, also reflected marginal gains in the prices of food and apparel as well as decreases in the costs of hotels and motel rooms, and prescription medication. The report followed on the heels of news last week of surprise job losses in July. Still, economists said a rate increase this year remained on the table as inflation was running well above the U.S. central bank’s 2 per cent target.
“In-line inflation will keep the ’no need to hike rates’ narrative that took hold after last week’s jobs report intact,” said Ellen Zentner, chief economic strategist at Morgan Stanley Wealth Management. “There will be another round of inflation data before the September meeting, so the story line could still change.”
The Consumer Price Index edged up 0.1 per cent last month after dropping 0.4 per cent in June, which was the first decline in six years, the Labor Department’s Bureau of Labor Statistics said.
A 0.1 per cent rise in the cost of shelter accounted for roughly two-thirds of the gain in the CPI. Shelter was restrained by a 3.3 per cent plunge in prices for hotel and motel rooms, likely linked to the end of the FIFA World Cup tournament. That offset a 0.3 per cent increase in owners’ equivalent rent. Gasoline prices fell 2.9 per cent after decreasing 9.7 per cent in June.
In the 12 months through July, the CPI advanced 3.4 per cent after rising 3.5 per cent in June. July’s cooler inflation readings likely offer little comfort to consumers as prices are still higher than they were a year ago and wages are not keeping up. The high cost of living has soured many Americans’ views of U.S. President Donald Trump, and could weigh on the Republican party’s chances in the November midterm elections that will determine control of the U.S. Congress for the next two years. Trump won the 2024 presidential election in large part because of his promise to lower inflation.
Monthly core inflation also tame
Excluding the volatile food and energy components, the CPI gained 0.2 per cent last month after being unchanged in June. The so-called core CPI increased 2.5 per cent in the 12 months through July after climbing 2.6 per cent in June.
The Fed tracks the Personal Consumption Expenditures price indexes for its 2 per cent inflation target. Financial markets were pricing in about a 40 per cent chance of a rate increase at the Fed’s Sept. 15-16 policy meeting after the CPI data was released, slightly less than earlier in the day.
Policymakers will still get August’s CPI and employment reports before that meeting. Economists expect the pace of consumer price increases to pick up in August, reflecting the recent increase in oil prices. Job growth is also expected to rebound as seasonal distortions fade. The Fed last month left its benchmark overnight interest rate in the 3.50 per cent-3.75 per cent range. The dollar slipped against a basket of currencies in early trade on Wednesday. U.S. Treasury yields fell.
The United States’ position as a net oil exporter and the drawing down of petroleum inventories had cushioned the hit on the economy from the oil price shock sparked by the Middle East conflict, but some economists said that could not persist indefinitely. They also added that the U.S. and other nations would at some point need to replenish petroleum inventories, which would keep oil prices elevated. Trump accused Iran of being “devious negotiators” in an interview released late on Monday and described some of his current options in the war – “just bop along” and let Tehran fail economically or hit them “really, really hard.
Published Mon, Aug 10 20269:10 AM EDTUpdated 50 Min Ago
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A USGS map showing a A 7.4M eathquake near San José del Palmar, Colombia on Aug. 10th, 2026.
Source: USGS
A morning earthquake caused injuries and significant damage in the Pacific Colombian province of Choco, the provincial governor said on X on Monday, after the tremor was felt in the capital Bogota and as far away as Venezuela.
“We have just experienced a major earthquake in the department of Choco. We are concerned about aftershocks. Although the epicenter was near San Jose del Palmar, there are injuries and significant damage to buildings in the capital, Quibdo. We are already carrying out a damage assessment and will issue the first official report shortly,” Governor Nubia Carolina Cordoba-Curi said on X.
The National Unit for Disaster Risk Management (UNGRD) said the 7:34 a.m. quake had a magnitude of 6.6 and a depth of 79 km, adding it was in contact with local authorities to verify potential damage.
This story is developing. Please check back for updates.
