In a response posted online, UFCW Local 401 president Thomas Hesse said employees are not deterred by Cargill’s lockout notice
Cargill issued a lockout notice to workers at one of Canada’s largest meat-packing plants on Thursday, a day after unionized workers at the High River facility voted overwhelmingly against the company’s latest contract offer, putting them in a position to strike as early as Dec. 6.
UFCW Local 401 said 98 per cent of its workers at the Cargill plant in High River rejected the offer Wednesday. The next day, Cargill issued a notice to UFCW Local 401 employees that they intend to lock out all workers as of 12:01 a.m. on Dec. 6.
“This is a complete lockout of all employees represented by UFCW at the above noted location,” read the notice signed by Tanya Teeter, Cargill vice-president of labour relations. “After the commencement of the lockout as described above, the form that the lockout takes may vary.”
In a response posted online, UFCW Local 401 president Thomas Hesse said employees are not deterred by Cargill’s lockout notice.
“They are big and they are bad, but we are not afraid. We will bargain from strength, and we will do what our members tell us to do.”
The near-unanimous rejection of the contract offer shows the need for the employer to rebuild trust in the wake of the COVID-19 pandemic, Hesse said.
“Ultimately, it’s counterintuitive for any worker to want to stand on the street, withdraw their labour, take on all the risks associated with that. That is provoked,” Hesse told Postmedia.
“Cargill has made some overtures and has reached out, and I believe bargaining sessions will galvanize between now and Dec. 6 . . . (But) the workers get to decide. If there is an offer of substantial improvement, the workers will get to reflect on that and vote on that as well, maybe before there’s a strike.”
The testy labour dispute heated up two weeks ago, when union leaders issued Cargill a notice that workers would hit the picket line if a new collective agreement cannot be reached.
A strike would come as prices of red meat approach record highs in North America amid global supply chain struggles. A shutdown at the High River facility would inject more uncertainty into that market, as that plant accounts for roughly 40 per cent of Canada’s beef processing capacity, employing roughly 2,000 workers across two shifts and processing about 4,500 head of cattle daily.
Hesse said he believes the workers have public sympathy during the dispute, raising the possibility of a beef boycott if workers go on strike.
In an emailed statement, Cargill spokesman Daniel Sullivan said the company is optimistic an agreement can be reached before the Dec. 6 deadline. He said the company’s proposal reflects the “tremendous skill and dedication” of plant workers.
“We are willing to keep meeting to avoid any labour disruption, which is in no one’s best interest during an already challenging time,” Sullivan said.
“While we navigate this negotiation, we continue to focus on fulfilling food manufacturer, retail and food service customer orders while keeping markets moving for farmers and ranchers. If necessary, we will shift production to other facilities within our broad supply chain footprint to minimize any disruptions.”
Cargill’s High River plant was the site of one of the largest COVID-19 outbreaks in Canada in the spring of 2020. Three deaths were linked to that outbreak, and almost half of the plant’s workers tested positive for the virus.
Hesse said safety and compensation are issues for workers, but said bargaining to date has largely been driven by emotion and conversations around trust.
Twitter: @jasonfherring
TOKYO (AP) — Japanese technology group SoftBank swung back to profitability in the July-September quarter, boosted by positive results in its Vision Fund investments.
Tokyo-based SoftBank Group Corp. reported Tuesday a fiscal second quarter profit of nearly 1.18 trillion yen ($7.7 billion), compared with a 931 billion yen loss in the year-earlier period.
Quarterly sales edged up about 6% to nearly 1.77 trillion yen ($11.5 billion).
SoftBank credited income from royalties and licensing related to its holdings in Arm, a computer chip-designing company, whose business spans smartphones, data centers, networking equipment, automotive, consumer electronic devices, and AI applications.
The results were also helped by the absence of losses related to SoftBank’s investment in office-space sharing venture WeWork, which hit the previous fiscal year.
WeWork, which filed for Chapter 11 bankruptcy protection in 2023, emerged from Chapter 11 in June.
SoftBank has benefitted in recent months from rising share prices in some investment, such as U.S.-based e-commerce company Coupang, Chinese mobility provider DiDi Global and Bytedance, the Chinese developer of TikTok.
SoftBank’s financial results tend to swing wildly, partly because of its sprawling investment portfolio that includes search engine Yahoo, Chinese retailer Alibaba, and artificial intelligence company Nvidia.
SoftBank makes investments in a variety of companies that it groups together in a series of Vision Funds.
The company’s founder, Masayoshi Son, is a pioneer in technology investment in Japan. SoftBank Group does not give earnings forecasts.
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Yuri Kageyama is on X:
The Canadian Press. All rights reserved.
Shopify Inc. executives brushed off concerns that incoming U.S. President Donald Trump will be a major detriment to many of the company’s merchants.
“There’s nothing in what we’ve heard from Trump, nor would there have been anything from (Democratic candidate) Kamala (Harris), which we think impacts the overall state of new business formation and entrepreneurship,” Shopify’s chief financial officer Jeff Hoffmeister told analysts on a call Tuesday.
“We still feel really good about all the merchants out there, all the entrepreneurs that want to start new businesses and that’s obviously not going to change with the administration.”
Hoffmeister’s comments come a week after Trump, a Republican businessman, trounced Harris in an election that will soon return him to the Oval Office.
On the campaign trail, he threatened to impose tariffs of 60 per cent on imports from China and roughly 10 per cent to 20 per cent on goods from all other countries.
If the president-elect makes good on the promise, many worry the cost of operating will soar for companies, including customers of Shopify, which sells e-commerce software to small businesses but also brands as big as Kylie Cosmetics and Victoria’s Secret.
These merchants may feel they have no choice but to pass on the increases to customers, perhaps sparking more inflation.
If Trump’s tariffs do come to fruition, Shopify’s president Harley Finkelstein pointed out China is “not a huge area” for Shopify.
However, “we can’t anticipate what every presidential administration is going to do,” he cautioned.
He likened the uncertainty facing the business community to the COVID-19 pandemic where Shopify had to help companies migrate online.
“Our job is no matter what comes the way of our merchants, we provide them with tools and service and support for them to navigate it really well,” he said.
Finkelstein was questioned about the forthcoming U.S. leadership change on a call meant to delve into Shopify’s latest earnings, which sent shares soaring 27 per cent to $158.63 shortly after Tuesday’s market open.
The Ottawa-based company, which keeps its books in U.S. dollars, reported US$828 million in net income for its third quarter, up from US$718 million in the same quarter last year, as its revenue rose 26 per cent.
Revenue for the period ended Sept. 30 totalled US$2.16 billion, up from US$1.71 billion a year earlier.
Subscription solutions revenue reached US$610 million, up from US$486 million in the same quarter last year.
Merchant solutions revenue amounted to US$1.55 billion, up from US$1.23 billion.
Shopify’s net income excluding the impact of equity investments totalled US$344 million for the quarter, up from US$173 million in the same quarter last year.
Daniel Chan, a TD Cowen analyst, said the results show Shopify has a leadership position in the e-commerce world and “a continued ability to gain market share.”
In its outlook for its fourth quarter of 2024, the company said it expects revenue to grow at a mid-to-high-twenties percentage rate on a year-over-year basis.
“Q4 guidance suggests Shopify will finish the year strong, with better-than-expected revenue growth and operating margin,” Chan pointed out in a note to investors.
This report by The Canadian Press was first published Nov. 12, 2024.
Companies in this story: (TSX:SHOP)
The Canadian Press. All rights reserved.
TORONTO – RioCan Real Estate Investment Trust says it has cut almost 10 per cent of its staff as it deals with a slowdown in the condo market and overall pushes for greater efficiency.
The company says the cuts, which amount to around 60 employees based on its last annual filing, will mean about $9 million in restructuring charges and should translate to about $8 million in annualized cash savings.
The job cuts come as RioCan and others scale back condo development plans as the market softens, but chief executive Jonathan Gitlin says the reductions were from a companywide efficiency effort.
RioCan says it doesn’t plan to start any new construction of mixed-use properties this year and well into 2025 as it adjusts to the shifting market demand.
The company reported a net income of $96.9 million in the third quarter, up from a loss of $73.5 million last year, as it saw a $159 million boost from a favourable change in the fair value of investment properties.
RioCan reported what it says is a record-breaking 97.8 per cent occupancy rate in the quarter including retail committed occupancy of 98.6 per cent.
This report by The Canadian Press was first published Nov. 12, 2024.
Companies in this story: (TSX:REI.UN)
The Canadian Press. All rights reserved.
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