Air Canada reached a tentative agreement with its pilots union, averting a strike that would have cancelled flights and shut down operations. The new four-year collective agreement, pending member ratification, addresses pilots’ demands for wage increases to narrow the pay gap with U.S. carriers. The Canadian government did not intervene, unlike in a recent rail strike, and Air Canada had previously offered a 30% wage increase, improved benefits, but the union found it insufficient compared to U.S. pilot contracts with pay raises up to 42%.
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Why AMD Stock Plummeted Today
Advanced Micro Devices (AMD -7.42%) experienced a significant stock price decline of 7.4% amid broader market downturns, hitting a low of 10.5% during the session. The drop was influenced by AMD's announcement of an effective ban on sales of its MI308X processor to China, leading to an anticipated $800 million write-down, alongside rising costs due to TSMC's planned 30% price increase on 4nm chips. Additionally, escalating U.S.-China trade tensions and cautious remarks from Federal Reserve...
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