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Canadian Pacific to lock out employees in 72 hours if talks with union fail

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Canadian Pacific Railway will lock out its employees in 72 hours if there is no agreement with a union, the company said on Wednesday, a move that would potentially disrupt the movement of grain, potash and coal at a time of soaring commodity prices.

CP has commenced work stoppage contingency plans and will gradually work to wind down its Canadian operations, unless the parties come to a negotiated settlement or agree to binding arbitration, the company said.

The company said it had tabled an offer to address issues of wages, benefits and pensions but it was rejected by the Teamsters Canada Rail Conference (TCRC) union on Wednesday.

“Delaying resolution would only make things worse. We take this action with a view to bringing this uncertainty to an end,” CP’s chief executive officer, Keith Creel, said.

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The union confirmed that it had been served with a lockout notice from Canadian Pacific and said, “At the bargaining table, CP continues to dismiss our members’ demands and are unwilling to negotiate the issues they have created.”

TCRC is willing to remain at the bargaining table until the lockout deadline on March 20 and beyond to reach a negotiated settlement, it said in a statement.

Canada, Russia and Belarus are among the main sources for the world’s potash, a key input required for producing nitrogen-containing fertilizers.

Concerns about fertilizer supplies have peaked since Russia’s invasion of Ukraine and sanction on Belarus.

Canadian federal mediators are assisting the two sides in talks and the government is encouraging both parties to consider making the compromises necessary to reach a fair deal, Minister of Labour Seamus O’Regan Jr said in a statement.

The Canadian government can seek to pass legislation that will order workers back to their jobs if they strike.

(Reporting by Radhika Anilkumar and Ann Maria Shibu in Bengaluru; Editing by Subhranshu Sahu)

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Oaktree Capital Among Funds Scooping Up Adani Bonds – Bloomberg Television

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  1. Oaktree Capital Among Funds Scooping Up Adani Bonds  Bloomberg Television
  2. Adani Group Shares Extend Gain as Traders Await Earnings Reports  BNN Bloomberg
  3. Adani group stocks surge after $113 bln market wipeout  Financial Post
  4. After Adani, the RBI has to restore confidence in India’s markets  Nikkei Asia
  5. India’s Adani mulls independent review after short-seller’s criticism  Reuters India
  6. View Full Coverage on Google News

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Why rent is so expensive in 3 Canadian cities (that aren't Toronto or Vancouver) – CBC.ca

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  1. Why rent is so expensive in 3 Canadian cities (that aren’t Toronto or Vancouver)  CBC.ca
  2. The 5 Most Expensive Canadian Cities To Rent In Are All In One Province & The Prices Are Wild  Narcity Canada
  3. Why rent is so expensive in 3 Canadian cities (that aren’t Toronto or Vancouver)  msnNOW
  4. View Full Coverage on Google News

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Bank of Canada to publish summary of interest-rate deliberations for the first time – CP24

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  1. Bank of Canada to publish summary of interest-rate deliberations for the first time  CP24
  2. Bay Street Expects Canada To See A Recession, Lower Rates: BoC Survey  Better Dwelling
  3. Bank of Canada set to reveal first public glimpse into what happens at its interest rate policy deliberations  CBC News
  4. Bank of Canada takes historic step in improving transparency with release of minutes  The Globe and Mail
  5. View Full Coverage on Google News

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