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Canada Crash: Train And Bus Collide, Multiple Fatalities Reported (PHOTOS)

The central bank is expected to keep its benchmark interest rate on hold at 1.0 percent – where it has been since September 2010 – well into next year, as long as inflation is muted. “The implication from that is that the Bank of Canada should have lots of breathing room to remain sidelined to nurture the broader economic recovery,” said Mazen Issa, macro strategist at TD Securities. For the most part, the report did not change expectations that the central bank will keep rates steady at its next meeting in October. The Canadian dollar was at C$1.0289 to the U.S. dollar, or 97.19 U.S. cents, weaker than Thursday’s session close of C$1.0262, or 97.45 U.S. cents. Investors continued to digest a decision from the U.S. Federal Reserve earlier in the week to maintain its $85 billion a month in bond purchases, a move which surprised economists and investors who had expected the Fed to modestly reduce the amount of purchases. The Canadian dollar surged in the immediate aftermath of the announcement, touching a three-month high, but has pulled back since. By Friday, the U.S. dollar was edging off its lows and was up 0.1 percent against a basket of currencies.

Air Canada Announces Pricing of $1.4 Billion Refinancing Transaction

“I don’t know if the bus driver blacked out,” she said. “I’ve seen a few people dead, someone ripped in half.” Another passenger, Gregory Mech, said the train crossing has about a 90-degree bend and he didn’t think the driver saw that the signals were flashing and the barrier was down. “The bus actually hit the train dead on,” Mech told the Canadian Broadcasting Corp. “I could see that there were bodies on the train tracks. It was horrible.” Passenger Romi Gupta, a 40-year-old office worker headed to her job in downtown Ottawa, boarded what she called the “overfull” bus at its last stop before the crash. “The driver was OK. I got in a minute before and I said hello to him and he was fine,” said Gupta. Moments later, she looked out the window and saw the train headed straight for the bus. “The bus was too fast, he could not put the brakes on,” she said. “It was crazy. People were flying.

Air Canada intends to use the remaining proceeds for working capital and general corporate purposes. The New Senior Notes and Air Canada’s obligations under the New Credit Facility will be senior secured obligations of Air Canada, to be guaranteed on a senior secured basis by one or more of Air Canada’s subsidiaries, and secured (on a first lien basis with respect to the New Senior Secured Notes and Air Canada’s obligations under the New Credit Facility, and on a second lien basis with respect to the New Senior Secured Second Lien Notes), subject to certain permitted liens and exclusions, by certain accounts receivable, certain real estate interests, certain spare engines, ground service equipment, certain airport slots and gate leaseholds, and certain Pacific routes and the airport slots and gate leaseholds utilized in connection with these Pacific routes. The New Senior Notes are being offered and sold on a private placement basis to accredited investors in certain provinces of Canada. The New Senior Notes are being offered and sold in the United States only to qualified institutional buyers in reliance on Rule 144A under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and to certain non-U.S. persons in transactions outside the United States in reliance on Regulation S under the Securities Act. The New Senior Notes have not been and will not be qualified for sale to the public under applicable Canadian securities laws and, accordingly, any offer and sale of the New Senior Notes in Canada will be made on a basis that is exempt from the prospectus requirement of such securities laws. The New Senior Notes have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and state securities laws. This press release shall not constitute an offer to sell the New Senior Notes or the solicitation of an offer to buy the New Senior Notes, nor shall there be any sale of the New Senior Notes in any state or jurisdiction where such offer, solicitation or sale is not permitted. The New Senior Notes are being offered only through a preliminary and final offering memorandum and this press release is not intended to serve as the basis for any investment decision. Caution Regarding Forward-Looking Statements Air Canada’s public communications may include forward-looking statements within the meaning of applicable securities laws. Forward-looking statements, by their nature, are based on assumptions and are subject to important risks and uncertainties. Forward-looking statements cannot be relied upon due to, amongst other things, changing external events and general uncertainties of the business.