Aimia in new preferred partnership arrangement with Air Transat, effective July 2020. Says aeroplan Miles will be earned and redeemed on all Air Transat flights and vacation packages Aimia also reports preferred partnership w/ Flair Airlines.
Aimia's largest holder Mittleman Brothers says a compromise between what Aeroplan is worth to Aimia "at certainly no less than C$1B, and what it's worth to the consortium, at C$2B+, seems reasonable."
The U.S. imposed new sanctions on Iran at midnight after President Donald Trump signed an executive order which will stop the purchase of dollar banknotes, while also targeting the country's auto industry and banning the import of Persian rugs and pistachio nuts into America. The move drew fresh condemnation from the European Union which is standing by the 2015 nuclear accord. President Hassan Rouhani said Iran is still open to talks with the Trump administration, but added that such talks would be meaningless while sanctions are in place. Iran's central bank yesterday scrapped most currency controls introduced to halt the plunge in the rial, which has weakened to 100,000 to the dollar on the black market this month.
A barrel of West Texas Intermediate for September delivery was at $69.44, as the commodity continued to trade in a tight range. Futures traded in Shanghai surged by their daily-limit of 5 percent to 537.2 yuan a barrel, the highest level since the contract's debut in late March, on increasing Iran tensions. Bloomberg tanker tracking data shows that Saudi Arabia is sending the most crude to the U.S. since April 2017 as American importers seek to replace supply lost due to the collapse in Venezuela.
Maersk cuts 2018 EBITDA view to $3.5b-$4.2b, sees positive underlying profit; cites increased uncertainties impacting container freight rates, bunker prices.
China's foreign currency holdings increased last month despite a weakening currency and worsening outlook for exports growth. Reserves rose $5.82 billion to $3.118 trillion in July, the People's Bank of China said Tuesday. That was higher than all estimates in Bloomberg's survey of economists, where the median forecast was $3.107 trillion. $1.2 billion of the increase was due to valuation effects, according to Bloomberg Economics.