Close to 3,000 employees of Canadian Pacific Railway Ltd. could be off the job early Sunday morning.
Calgary-based CP Rail said in a release Wednesday that it has issued 72-hour notice to the Teamsters Canada Rail Conference of its plan to lock out employees at 00:01 eastern time on Sunday if the union and the company are unable to come to a negotiated settlement or agree to binding arbitration.
CP Rail said it tabled an offer Tuesday to address 26 outstanding issues, including the union’s key issues of wages, benefits and pensions through final and binding arbitration.
The company said the union rejected the offer and continues to table additional demands.
“For the sake of our employees, our customers, the supply chain we serve and the Canadian economy that is trying to recover from multiple disruptions, we simply cannot prolong for weeks or months the uncertainty associated with a potential labour disruption,” said CP Rail President and CEO Keith Creel in a release.
“The world has never needed Canada’s resources and an efficient transportation system to deliver them more than it does today. Delaying resolution would only make things worse. We take this action with a view to bringing this uncertainty to an end.”
‘Issues they have created’
Teamsters Canada said in a release that the company’s move was expected and noted its members voted 96.7 per cent to authorize strike action.
Teamsters’ spokesman Dave Fulton said the union is committed to working with federal mediators and reaching a negotiated settlement. He said the union is willing to remain at the bargaining table until the March 20 lockout deadline and beyond.
“At the bargaining table, CP continues to dismiss our members’ demands and are unwilling to negotiate the issues they have created,” he said. “Our members are fully engaged and will be ready in the event CP carries out the notice.”
The union represents about 3,000 locomotive engineers, conductors, train and yard workers across Canada.
CP customers fear disruption to supply chains
Many of CP Rail’s customers have raised concerns about the possibility of a labour disruption at a time when supply chains are already strained due to the COVID-19 pandemic.
Canadian manufacturers, grain shippers, and farmers have all warned of potential wide-ranging impacts.
Labour Minister Seamus O’Regan issued a statement Wednesday night about the lockout notice. He said the federal government strongly encourages both parties to consider making compromises necessary to reach a deal that is fair for workers and the employer.
“Our government respects and has faith in the collective bargaining process, because we know that the best deals are the ones reached by the parties at the bargaining table,” O’Regan said.
“The Minister of Transport, Omar Alghabra, and I understand the impacts of a potential work stoppage and are monitoring the situation closely. We are encouraged to see that both parties are still negotiating.
“We have been in touch with the parties directly, urging them to work together to resolve their issues and reach a deal as quickly as possible, and will continue to do so.”
Why the golden age of flying is never coming back — and it might not be a bad thing – Yahoo News Canada
From pricey parking to pat downs at security and long lineups everywhere you turn, air travel these days can be unpleasant.
“I get on a plane now at least once a month and to me, it’s like riding on a bus in the sky. Herd me on, sit me down, get me off. They’ve taken away the lure of the travel,” said Susan Barnes, 75, of Halfmoon Bay, B.C., who has been a frequent flyer for more than half a century.
Barnes, who was a flight attendant in the 1960s and ’70s, says she remembers when flying was like a Mad Men cocktail party in the sky. She jetted around the globe pouring free champagne for passengers flying CP Air, a carrier that operated until 1986 when it was taken over by Pacific Western Airlines (PWA) and then, Canadian Airlines.
Barnes said her job was to provide top notch treatment to every passenger, even those sitting in economy. That meant handing out hot towels before and after every meal. Breakfast, lunch and dinner were served on real china, with silverware and cloth napkins — then out came coffee, tea and a fruit basket.
“We were treating these people as if they were in a first-class establishment. We just happened to be in the air,” Barnes said.
Barnes and other retired CP Air, Canadian and Air Canada flight attendants interviewed by the Cost of Living described flying back then as “a pleasure.”
It’s a far cry from the experience thousands of Canadians had with airlines this past holiday season. Staff shortages, weather issues and computer outages resulted in lost baggage, cancelled flights and stranded passengers who are now battling air carriers for compensation.
If you’ve been caught in that tangled web of travel chaos, you may be asking yourself what happened. Experts say it comes down to costs, and competition — and that we’re unlikely to ever return to that golden age of flying.
Keeping prices competitive meant airlines had to be more ruthless about the bottom line, said Fred Lazar, an associate professor of economics at York University.
“Here’s a fare, it gets you a seat from A to B. Anything else costs more.”
What most Canadians remember as the golden age of flying was the era when commercial aviation was regulated, explained Lazar. It was a time when airlines didn’t have to cut costs to stay competitive, because the federal government didn’t allow them to compete with one another.
“So it was essentially the government saying this is where you can fly, when you can fly and these are the prices.”
Up until 1986, the two big players were private carrier CP Air and government-owned Air Canada (formerly Trans-Canada Airlines), said Lazar, and the government did not allow much overlap on routes.
In the absence of competition, experts say Canadian carriers were guaranteed to attract customers and make money, which meant they could afford to offer perks on their flights to passengers.
According to Julie LeBlond Parker, who started as a flight attendant for CP Air in 1968, airlines also invested in their staff. She received extensive training in “decorum” and “finesse” before taking to the sky.
“The service was based on old European service. It was a very high standard,” said LeBlond Parker, who now lives in South Surrey, B.C.
Domestic and international flight prices, 1959 vs. 2023
But the golden age of air travel was also out of reach for many Canadians. Fare schedules from collectors and the archives of the Canada Aviation and Space Museum reveal that throughout the 1940s, ’50s and ’60s, flying was incredibly expensive.
In 1950, a return flight on Trans-Canada Airlines from Vancouver to Johannesburg, South Africa, cost over $21,000 when adjusted for inflation. Flying Toronto to Vancouver in 1962 on CP Air was roughly $1,900.
With prices like that, LeBlond Parker, said the regulars on her flights were business travellers, not vacationers. Leisure travellers were usually newlyweds, couples and families embarking on a once-in-a-lifetime trip.
“What was really amazing about it is that they all dressed up. They probably got a new outfit just to fly because it was special. It was a very special thing.”
Goodbye blankets, hello bargains
Barry Prentice, the director of the Transport Institute at the University of Manitoba, said Canadians saw a “tremendous drop” in airfares south of the border when the U.S. deregulated its airlines in 1978.
“They went from $700 to $200, or something. And everybody in Canada was sitting there, you know, wondering, ‘well, why don’t we have that?'”
WATCH | Is air travel broken?
Prentice said the Canadian government followed the U.S., loosening its grip on the airline industry throughout the 1980s and ’90s. During that time, Air Canada became privatized and more carriers entered the Canadian market. As competition ramped up, airfares went down.
But that’s not the only reason flying became cheaper, explained Prentice.
Advances in aviation technology meant planes became more fuel efficient and larger, which increased air cargo and passenger capacity. Prentice said that — along with the 1980s oil glut, brought down the price per seat.
Even when crude prices rebounded, legacy airlines like Air Canada couldn’t go back to charging passengers as much for flights as they did before deregulation because they were up against the à la carte pricing model of no-frills carriers, said Lazar.
“Many people said, ‘We didn’t have to pay for bags, we got food for free, we didn’t have to pay for earphones,” Lazar said.
“Well now, in the lowest-fare categories, you do, because the airlines want to compete with the ultra low-cost carriers. And that’s the only way they can do it.”
Lazar, who has also worked as a consultant for Qantas, Air Canada and Porter Airlines, said stripping away the luxuries and packing more seats on planes is a “major contributing factor to making flying in economy much less comfortable and attractive, yet much more affordable.”
Snafus at security
While Canadians often blame airlines for a lousy flying experience, chaos at airport security and gates can also contribute to the overall unpleasantness of air travel. Experts say that’s because airports aren’t designed for the realities of today’s travel.
Between 1973 and 2008, Anthony Wade-Cooper was a flight attendant for CP Air, Canadian and Air Canada. He says before 9/11, he could make it from the check-in counter to the gate in 20 minutes.
“It was just so different. You just walked into the airport and you got on a flight,” he said Wade-Cooper, who is now retired in a town called Mooloolaba on Australia’s Sunshine Coast.
Nowadays, airlines ask passengers flying domestic to arrive at the airport two hours in advance and Wade-Cooper said he often spends most of that time standing in a queue.
Security snafus are also a result of a steady increase in air travel over the last decade — peaking in 2019 with nearly 163 million passengers passing through Canadian airports, according to Statistics Canada.
According to Lazar, most airports were not built for a post-9/11 world where every traveller has to take off their belt and shoes. There are also design problems when passengers arrive at gates. Lazar says some airports are designed like malls — a lot of shops and restaurants but not a lot of seating.
“There’s no place to sit. You know, if you have long delays, where are you going to go?”
But what we get in exchange for fewer perks and busier airports, said Prentice, are cheaper flights — and that means more people than ever can afford to fly. Which he thinks is a “really good thing.”
“More families can travel and, over time, families have split up wider and wider. My grandchildren are in Montreal and I’m in Winnipeg and I wouldn’t see them very often if it weren’t for air travel.”
If you’re wondering if there’s a way to get back a bit of the elegance or at least the enjoyment of flying, Lazar said you can’t expect to pay rock bottom prices.
He said the only way back to the golden age of travel is to fly first class or rent a private jet.
“Otherwise, just accept the fact that air travel is really the same as travelling on a bus. Except it gets you from A to B much more quickly.”
Stock futures are little changed ahead of busy week of earnings, Fed meeting – CNBC
Stock futures were modestly lower on Sunday evening as investors geared up for a week of key corporate earnings and a possible interest rate hike from the Federal Reserve.
Futures tied to the Dow Jones Industrial Average slipped 56 points, or about 0.2%. S&P 500 futures ticked down 0.2%, and Nasdaq 100 futures edged lower by 0.2%.
Wall Street is coming off a winning week as the stock market’s January rally continued. The Nasdaq Composite gained 4.3% for the week, while the S&P 500 and Dow added 2.5% and 1.8%, respectively.
There are several tests this week for this 2023 rally. A busy stretch of corporate earnings season includes reports from McDonald’s and General Motors on Tuesday followed by tech giants Apple, Meta Platforms, Amazon and Alphabet later in the week.
The Federal Open Market Committee meets on Tuesday and Wednesday, when the Fed is expected to hike rates by one-quarter of a percentage point. Investors will be looking for clues about how much higher the central bank will take rates in the fight against inflation.
“Inflation has shocked the Fed to the upside; they need to be cautious not to inadvertently lower rates too early. Don’t buy into this gobbledygook about a couple of rate cuts being priced into December. For now, the Fed is only around to help in the very unlikely event of a crash landing,” David Zervos, chief market strategist at Jefferies, said in a note to clients.
Bed Bath & Beyond falters in effort to find buyer in bankruptcy
Bed Bath & Beyond Inc.’s efforts to find a buyer in bankruptcy have stalled, potentially putting the retailer on a path toward liquidation as it faces a Chapter 11 filing, according to people with knowledge of the matter.
The retailer is preparing to file for bankruptcy protection imminently, likely without a bidder in place for assets including its Buy Buy Baby brand, which is viewed by some as its most valuable chain, said the people, who asked not to be named discussing private company plans. They added that talks are ongoing and a buyer could still emerge.
Chapter 11 bankruptcy filings allow a company to continue operating while it hunts for a buyer or attempts to reorganize. A representative for Bed Bath & Beyond said in a statement that “we continue to work with our advisors and implement actions to manage our business as efficiently as possible as we consider all paths and strategic alternatives.”
The Union, New Jersey-based retailer spiraled into distress following years of disappointing sales, strategic missteps, and a turnaround effort that came too late. Its troubles quickened when failure to pay suppliers crippled inventory as vendor shipments slowed. On Thursday, the company said it received a default notice tied to some credit lines.
Bed Bath & Beyond was seeking bids from third parties who would agree to buy some or all of the company’s assets in bankruptcy, Bloomberg previously reported.
Official Transformers-themed smartwatch for kids comes with a Qualcomm chip and two cameras – Yanko Design
Many good health reasons to eat an apple every day – Delta Optimist
The latest ‘Super Mario Bros. Movie’ trailer pits Cat Mario against Donkey Kong – Yahoo Movies Canada
Silver investment demand jumped 12% in 2019
Iran anticipates renewed protests amid social media shutdown
Search for life on Mars accelerates as new bodies of water found below planet’s surface
Economy23 hours ago
Amid economic turmoil, Pakistan hikes up fuel prices
Business20 hours ago
Move over, BCE and Rogers. Investors have a new telecom favourite
News19 hours ago
Where did B.C.’s beloved Nanaimo Bar come from?
Business19 hours ago
Bed Bath & Beyond falters in effort to find buyer in bankruptcy
Investment21 hours ago
3 reasons dividend stocks can lead the next bull market
Tech21 hours ago
Kenji Studio Cancels Kickstarter for English Release of Santa Company Anime Film
News20 hours ago
Canada in ‘better shape’ than predicted in face of XBB.1.5, expert suggests
Art22 hours ago
Inuvialuk sculptor David Ruben Piqtoukun’s work shaped by cultural stories