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CN Rail lowers 2024 earnings forecast due to strike uncertainty

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Canadian National Railway Co. lowered its forecast for earnings growth Tuesday as it faces the threat of a worker strike.

The Montreal-based railway, which earned $1.11 billion in the second quarter, said it is seeing international customers route shipments away from Canadian ports in the face of continued labour uncertainty at the company.

CN is awaiting a decision from the Canada Industrial Relations Board on whether some shipments would be considered essential services in the event of a strike by the Teamsters Canada Rail Conference, the union that represents CN’s engineers and conductors. Though no strike or lockout can take place until at least 72 hours after that decision is made — a decision the company expects on or about Aug. 9 — the situation is casting a cloud over CN’s business.

“The prolonged nature of this process, which prior to the CIRB referral was to conclude in May, is impacting our customers, and it is impacting our business — particularly in (the area of) international intermodal where customers have taken actions to reroute vessels away from Canadian ports until the labour question has been resolved,” said CEO Tracy Robinson on a conference call with analysts Tuesday.

Robinson said the company’s second quarter was “challenging.” She added CN’s volumes were tracking well ahead of plan until May, when contract talks between Canada’s largest railway and the union got bogged down.

“Starting late May we saw a sharp reduction primarily in our international volumes on concerns of a work stoppage,” Robinson said. “This is volume destined to the U.S. that has shifted to U.S. ports. So we have lighter volumes in the third quarter than expected.”

In June, the Teamsters rejected an offer from CN to enter into binding arbitration, a development that raised the risk of a strike. Then-labour minister Seamus O’Regan, who recently announced his resignation from cabinet, asked the CIRB to address the question of whether some shipments would continue as essential services in the event of a strike or lockout.

CN said Tuesday it does not expect the situation to escalate to a full-fledged strike or lockout, and its revised forecast makes the assumption that the current traffic diversions do not increase.

Still, the company said it is lowering its forecasted adjusted earnings per share growth for the year to the mid- to high-single-digit range, compared to an earlier forecast that predicted earnings-per-share growth of approximately 10 per cent.

Robinson said CN expects to have more certainty on the labour front after the CIRB issues its decision. She said the company’s position on a collective agreement with its engineers and conductors has not changed in recent months — it is still looking to create a structure around work scheduling that would improve crew availability in light of new federal rules around mandatory work and rest rules for critical railway employees.

The Teamsters have said CN is trying to squeeze more availability out of its train crews as a way to compensate for labour shortages. The union has said the railway’s proposal would see workers required to move across the country for months at a time to fill labour shortages in remote areas of Canada.

CN said Tuesday its net income for the quarter was five per cent lower than the $1.17 billion in the same three months of 2023.

On an adjusted basis, the company said it earned $1.17 billion in the second quarter of 2024, or $1.84 per share compared with $1.76 per share in the prior year’s quarter.

The railway reported revenues of $4.33 billion, a seven per cent increase year-over-year.

Its operating ratio, a key measure of railway efficiency where a smaller number is better, increased from 60.6 to 64 per cent year-over-year.

CN’s share price declined by $2.59, or 1.54 per cent, to close at $165.35 on Tuesday.

This report by The Canadian Press was first published July 23, 2024.

Companies in this story: (TSX:CNR)

The Canadian Press. All rights reserved.

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‘I still feel remorseful’: UWaterloo stabber apologizes at his sentencing hearing

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KITCHENER, Ont. – The man who stabbed three people in a University of Waterloo gender studies class last year says he is remorseful and wants to apologize to anyone who was affected by his violent act.

Geovanny Villalba-Aleman addressed the court at the conclusion of his sentencing hearing today, saying his intention was not to promote violence and that he doesn’t know “what’s going on” in his head.

The 25-year-old has pleaded guilty to two counts of aggravated assault, one count of assault with a weapon and one count of assault causing bodily harm in the June 2023 attack that left a professor and two students with stab wounds.

Federal prosecutors have argued the offences amount to terrorism in this case because they were motivated by ideology and meant to intimidate the public, while provincial prosecutors argued that the crimes were hate-motivated.

The provincial Crown cited Villalba-Aleman’s hateful remarks about feminists and members of the LGBTQ+ community in a manifesto written before the attack among the aggravating factors the court must consider in the sentencing.

But the defence is arguing that Villalba-Aleman’s motivation was his belief that “left-wing thinking” stifled his freedom of speech, and that the court should consider his statements to police a more accurate reflection of his thoughts than what he wrote.

Defence lawyers have rejected the notion that the attack was driven by ideology and also said the federal Crown has not proven beyond a reasonable doubt that terrorist activity took place in this case.

As the weeklong sentencing hearing drew to a close Friday afternoon, Ontario Court Justice Frances Brennan asked Villalba-Aleman if there was anything he wanted to say to the court.

He replied that he wanted to apologize “to anybody who might be affected by this” and said he believes that violence is “not good” for any reason.

“Even though I committed a violent attack, I still … don’t know what happened,” he said. “Right now, I don’t know what’s going with my head. I still feel remorseful for what happened.”

Villalba-Aleman said that some people may not believe his apology since “the act is done,” but he asked the judge to consider his remorse.

“If there is a way to reconsider the situation because I admit that violence is not good … my intention was not to promote more violence here,” he said.

Villalba-Aleman, an international student who came to Canada from Ecuador in 2018, initially faced 11 charges in the case.

Court has heard that he will eventually be subject to a deportation order.

This report by The Canadian Press was first published Oct. 25, 2024.

The Canadian Press. All rights reserved.



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New regulations allow Canada Post to ship prohibited firearms returned in gun buyback

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OTTAWA – The federal government is giving Canada Post the ability to store and transport prohibited firearms in new regulations that bring the retail gun buyback program one step closer to beginning.

An order-in-council dated Oct. 16 allows for prohibited assault-style firearms to be removed from safes at firearms retailers, transported and ultimately destroyed.

More than 1,500 models of firearms were banned in May 2020 after a mass shooting in Nova Scotia left 23 people dead, including the gunman.

Since then, retailers that have the weapons have been required to securely keep them in their inventory.

“Once the program launches, the updated shipping regulations will make the affected firearms and devices mailable matter and will temporarily permit businesses taking part in the program to ship firearms or devices via post,” said Gabriel Brunet, spokesperson for Public Safety Minister Dominic LeBlanc, in a statement on Friday.

LeBlanc previously said that the long-promised gun buyback would begin this fall.

First, the government will buy banned firearms from retail stores and have them destroyed. An individual buyback program for people who own prohibited weapons begins next year.

In a statement, Canada Post said it is prepared to take part in the first phase of the buyback program, because retailers are already familiar with the strict rules required to safely mail firearms.

The Crown corporation maintains it will not take part in the second phase of the program, involving individual firearm owners, because of concerns with employee safety.

Gun control advocacy group PolySeSouvient, which represents survivors and families of the 1989 École Polytechnique massacre, said it’s good news to see progress made on the buyback but it has doubts about the program’s overall effectiveness.

“Unless the list of prohibited assault weapons is completed, current owners of weapons prohibited in 2020 can simply take the money from the buyback to purchase new ones,” massacre survivor Nathalie Provost said in a statement.

The group is calling on LeBlanc to expand the ban to more than 450 firearms it says should have been included in the May 2020 ban, and similar weapons that have come on the market since then.

“These new models that entered the market remain legal, available and mostly non-restricted from what we can see,” Provost said.

The Criminal Code amnesty for owning prohibited assault-style firearms has been extended twice so far, and is now set to expire on Oct. 30, 2025. The regulations allowing these firearms to be mailed expires on the same date.

This report by The Canadian Press was first published Oct. 25, 2024

Note to readers: This is a corrected story. A previous version stated that the gun buyback program applied to restricted firearms.

The Canadian Press. All rights reserved.



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County judge strikes down Ohio abortion ban, citing voter-approved reproductive rights amendment

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COLUMBUS, Ohio (AP) — The most far-reaching of Ohio’s laws restricting abortion was struck down on Thursday by a county judge who said last year’s voter-approved amendment enshrining reproductive rights renders the so-called heartbeat law unconstitutional.

Enforcement of the 2019 law banning most abortions once cardiac activity is detected — as early as six weeks into pregnancy, before many women know they’re pregnant — had been paused pending the challenge before Hamilton County Common Pleas Judge Christian Jenkins.

Jenkins said that when the U.S. Supreme Court overturned Roe v. Wade and returned power over the abortion issue to the states, “Ohio’s Attorney General evidently didn’t get the memo.”

The judge said Republican Attorney General Dave Yost’s request to leave all but one provision of the law untouched even after a majority of Ohio’s voters passed an amendment protecting the right to pre-viability abortion “dispels the myth” that the high court’s decision simply gives states power over the issue.

“Despite the adoption of a broad and strongly worded constitutional amendment, in this case and others, the State of Ohio seeks not to uphold the constituional protection of abortion rights, but to diminish and limit it,” he wrote. Jenkins said his ruling upholds voters’ wishes.

Yost’s office said it was reviewing the order and would decide within 30 days whether to appeal.

“This is a very long, complicated decision covering many issues, many of which are issues of first impression,” the office said in a statement, meaning they have not been decided by a court before.

Jenkins’ decision comes in a lawsuit that the ACLU of Ohio, Planned Parenthood Federation of America and the law firm WilmerHale brought on behalf of a group of abortion providers in the state, the second round of litigation filed to challenge the law.

“This is a momentous ruling, showing the power of Ohio’s new Reproductive Freedom Amendment in practice,” Jessie Hill, cooperating attorney for the ACLU of Ohio, said in a statement. “The six-week ban is blatantly unconstitutional and has no place in our law.”

An initial lawsuit was brought in federal court in 2019, where the law was first blocked under the landmark 1973 Roe v. Wade decision. It was briefly allowed to go into effect in 2022 after Roe was overturned. Opponents of the law then turned to the state court system, where the ban was again put on hold. They argued the law violated protections in Ohio’s constitution that guarantee individual liberty and equal protection, and that it was unconstitutionally vague.

After his predecessor twice vetoed the measure citing Roe, Republican Ohio Gov. Mike DeWine signed the 2019 law once appointments by then-President Donald Trump had solidified the Supreme Court’s conservative majority and raised hopes among abortion opponents.

The Ohio litigation has unfolded alongside a national upheaval over abortion rights that followed the Dobbs decision that overturned Roe, including constitutional amendment pushes in Ohio and a host of other states. Issue 1, the amendment Ohio voters passed last year, gives every person in Ohio “the right to make and carry out one’s own reproductive decisions.”

Yost acknowledged in court filings this spring that the amendment rendered the Ohio ban unconstitutional, but sought to maintain other elements of the 2019 law, including certain notification and reporting provisions.

Jenkins said retaining those elements would have meant subjecting doctors who perform abortions to felony criminal charges, fines, license suspensions or revocations, and civil claims of wrongful death — and requiring patients to make two in-person visits to their provider, wait 24 hours for the procedure and have their abortion recorded and reported.

The Canadian Press. All rights reserved.

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