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Ottawa Orders Air Canada Back, Union Refuses

The federal government moved to end a nationwide disruption by invoking Section 107 of the Canada Labour Code on Saturday, ordering Air Canada flight attendants back to work and sending both sides to binding arbitration.

Less than 12 hours after the walkout began, Jobs Minister Patty Hajdu directed the Canada Industrial Relations Board to issue a return-to-work order to “maintain or secure industrial peace.”

“This is not a decision that I have taken lightly but the potential for immediate negative impact on Canadians and our economy is simply too great,” Hajdu said.

You can read more on the matter here.

What’s going on?

• Supreme Court Says Environmental Law Used to Delay Projects, Not Protect Environment (theDeepDive)

• Housing Starts in Canada Hit Highest Level Since 2022 (Bloomberg)

• Major Canadian Housing Markets Plunge in July Amid Trade Uncertainty (theDeepDive)

• Modi gives tax boon to India’s economy amid Trump tariff tensions (CNBC)

• Air Canada Cancels Guidance For 2025 Amid Labour Disruption (theDeepDive)

• Clean energy investors relieved by Trump tax rule changes (Reuters)

• How Tariffs Became US’s New Swiss Army Knife (theDeepDive)

• Trump Says He Wants to Get Rid of Mail-In Voting (WSJ)

• Tesla Accused Of Disabling Cybertruck Over Rapper’s Song (theDeepDive)

What’s the latest?

• Wallstreet: Wall Street held steady Monday as investors looked ahead to Fed Chair Jerome Powell’s speech at Jackson Hole and earnings from major retailers. The S&P 500 and Dow were flat, while the Nasdaq edged up 0.1%. Novo Nordisk jumped 5.3% after U.S. approval of its Wegovy drug for liver disease, and Soho House surged 16.2% on a buyout deal. Traders expect the Fed to cut rates in September amid mixed inflation data and a weakening job market, with Treasury yields easing slightly.

• Real Estate: Canada’s housing starts rose 4% in July to a seasonally adjusted annual rate of 294,085 units, up from 283,523 in June, CMHC reported. Urban centres saw starts climb 5% to 273,618, while rural starts were estimated at 20,467. Actual July housing starts in larger centres hit 23,464, up 4% from last year, and the six-month average rose 3.7% to 263,088.

• Energy: Alberta plans to install solar arrays at five provincial jails, aiming to offset about 80% of their power use and save roughly $1 million annually. The project budget is estimated between $10 million and $50 million, with bidding expected to open later this year or in early 2026. Officials say the initiative will use underutilized land at correctional sites, while environmental advocates call it a promising step toward renewable energy adoption.

• Oil : Russian crude oil flows to Hungary and Slovakia via the Druzhba pipeline were halted after a suspected Ukrainian attack on a transformer station. Hungary relies heavily on Russian oil, importing about 95,000 barrels per day through Druzhba in 2024. Officials said repairs are underway but gave no timeline for resumption. The disruption comes as President Trump meets Zelenskiy and European leaders in Washington to push for a peace deal.

• EVs: Chinese electric car makers are shifting focus abroad as competition and tariffs rise at home. For the first time in 2024, overseas investments in factories surpassed domestic spending, with 74% going into battery plants. Major players like BYD, Great Wall Motor, and Envision have launched factories in Brazil and France, while more projects are in the pipeline. However, only 25% of overseas plans are completed, and Chinese firms face risks of cancellations, regulatory hurdles, and tighter controls from Beijing.

Artemis Q2 Earnings

The stock market and stuff

• Bridgewater Associates Exits All Chinese Stock Holdings (theDeepDive)

• Barrick Q2 Earnings: Gold Production Dives (theDeepDive)

• Soho House agrees $2.7bn take-private deal (FT)

• Agnico Q2 Earnings: Record Free Cash Flow Puts Them In Net Cash Position (theDeepDive)

• Minera Alamos: Stock Craters On Deal To Buy Equinox’s Nevada Assets (theDeepDive)

In the juniors

• GoviEx Uranium To Move To ASX Via Reverse Takeover of Tombador Iron (theDeepDive)

• Are Investors Missing the Start of the Next Commodity Supercycle? | Morgan Lekstrom – NexMetals (theDeepDive)

• Avino Silver Hits 1,638 g/t Silver Over 7.90 Metres True Width At La Preciosa (theDeepDive)

FULL DISCLOSURE: Cytophage Technologies is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Cytophage Technologies. The author has been compensated to cover Cytophage Technologies on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.