Global Markets: Airlines to receive bailout, says union leader

WINNIPEG, March 5 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Unifor president Jerry Dias told CBC News on Thursday that the federal government and Canada’s airlines are in the final stages of negotiations in the hopes of a bailout package totalling at least C$7 billion. He added that the loan could be worth C$7 billion to be repaid at one per cent interest over 10 years, but it is possible the amount of the bailout could rise to C$9 billion. An unnamed Transport Canada official said Canada’s airline sector had already received C$1.7 billion through the federal wage subsidy program and the relief package may be contingent on a promise by the airlines to refund passengers’ tickets, restore regional routes and to maintain jobs.

– Oilsands producers in western Canada will cut production by 500,000 barrels per day next month, according to BNN Bloomberg. Canadian Natural Resources Ltd, Suncor Energy Inc. and Syncrude Canada Ltd. will all reduce their outputs due to maintenance. On Thursday, OPEC+ and its member nations decided not to increase oil output next month, which has continued a rally in crude oil prices.

– The United States Labor Department, in its payroll report released on Friday, announced that 379,000 jobs were added in February. By comparison, 166,000 jobs were added in January. An ongoing economic recovery has been cited as the reason for increased employment, but U.S. Federal Reserve Chair Jerome Powell said on Thursday that full employment this year was “highly unlikely.”

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