Contract talks between FCA and Canada’s Unifor union went down to the wire as a tentative agreement was announced “moments” before the strike deadline.
In a press conference earlier today, Unifor National President Jerry Dias said they went into negotiations concerned about FCA’s product portfolio and the future of the Chrysler 300.
The tentative agreement calls for maintaining the existing portfolio and this means the future of the 300 is secure. More importantly, it calls for three new derivatives / top hats to be built at Brampton Assembly.
When pressed for more details, Dias said they would be “buzz” models that enhance Brampton’s existing portfolio which includes the Chrysler 300, Dodge Charger and Dodge Challenger. This could suggest there will be more high-performance special editions in the same vein as the Challenger SRT Demon. That remains unconfirmed, but Dias suggested one new derivative would be launched each year of the contract.
At Windsor Assembly, $1.35 – $1.5 billion CAD ($1 – $1.1 billion USD) will be invested to build plug-in hybrid and electric vehicles based on a “state-of-the-art multi-energy” platform. The first model is slated to roll off the assembly line in 2024 or 2025, and Dias said the architecture is flexible enough to underpin everything from cars to crossovers to pickups.
The union was particularly concerned about the Windsor plant as FCA dropped the third shift this summer. Thanks to the new platform, thousands of jobs will be created and laid off workers could be recalled as early as 2023.
We’ll likely learn more about the contract in the coming days as members need to ratify it. However, Dias sounded happy with the agreement and said it is a “significant commitment” to maintain and build FCA’s manufacturing footprint in Canada.
.@JerryDias announces that FCA has agreed to invest in a state-of-the-art multi-energy vehicle platform at the Windsor Assembly Plant that will include the assembly of both plug-in hybrid and battery electric vehicles with at least one new model in 2025. #autotalks2020 #canlab pic.twitter.com/BV1PUfKQHJ
— Unifor (@UniforTheUnion) October 15, 2020
Are nursing homes above the law? WestJet changes course on COVID-19 refunds: CBC's Marketplace Cheat Sheet – CBC.ca
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Ont. Nursing homes are breaking the law repeatedly, with few consequences
In our latest investigation, we uncover exclusive details on serious safety violations before the pandemic, including abuse, inadequate infection control, unsafe medication storage, inadequate hydration and poor skin and wound care. Our data analysis reveals 85 per cent of the province’s nursing homes are repeat offenders for some of the most serious violations with almost no consequences. Read more
WestJet says it will now provide refunds for COVID-19 cancellations. Will other airlines follow?
If you’re among the thousands of Canadians fighting for a refund on air travel cancelled because of the pandemic, you might be in luck. WestJet announced on Wednesday that it would begin offering refunds in the original form of payment, instead of credits. The company said it’s the first national airline in the country to proactively begin refunding customers during the pandemic — a comment that Air Canada has since contested. Read more
Google is facing an antitrust lawsuit from the U.S. Justice Department. Here’s what it means
The United States Justice Department alleges Google abused its dominance in online search and advertising to stifle competition and harm consumers. It’s a serious charge and one that Google is expected to fiercely oppose. The company tweeted shortly after the announcement that the “lawsuit by the Department of Justice is deeply flawed. People use Google because they choose to — not because they’re forced to or because they can’t find alternatives.” Read more
Last week, Marketplace investigated fake appliance repair listings online and why you can’t always trust Google Maps.
She wants to honour her husband’s dying wish. But Apple won’t let her access his account
It’s been four years since Carol Anne Noble’s husband died, but she’s still struggling to fulfil a promise she made before his death. Noble wants access to an Apple account she and her husband shared — but was under his name — so she can access and ultimately publish a journal he wrote documenting the progression of his illness. But instead of giving her the password she’s forgotten, the tech giant is demanding she jump through complicated legal hoops to satisfy what experts say is an outdated U.S. law. Go Public reports. Read more
What else is going on?
Tim Hortons to stop using two cups for hot drinks, use sleeves instead
It’s part of the coffee chain’s pledge to reduce paper waste.
Government calls on private sector to come up with compostable, recyclable pandemic gear
Initiative seeks to reduce waste from single-use PPE, such as masks, as consumption skyrockets.
Dollarama recalls bogus hand sanitizer
Daily Shield hand sanitizer contains methanol, which can be deadly to humans.
Air Transat lays off half of its remaining flight attendants, closes Vancouver base
128 attendants got layoff notices last week.
Ontario restaurants near virus hot spots weigh safety-vs-profit with locals-only dining
Some restaurants are making the choice to bar out-of-town customers from indoor dining.
These SALT lounge chairs have been recalled due to a fall hazard
Owners are being urged to return the affected chairs to any Bed Bath & Beyond location for a full refund or credit.
These Cottonelle flushable wipes have been recalled due to possible contamination
Consumers should immediately stop using the recalled product and dispose of it.
This CB2 bookcase has been recalled
The bottom of the bookcase can become weak or collapse, posing an injury hazard.
This week on Marketplace
Imagine being a senior locked down in a long-term care home during COVID-19.
Most of your family can’t visit. Meals have been a solitary affair in your room. And, if there’s an outbreak, people are dying around you. It’s a haunting prospect — but hardly the first bad thing to happen inside a nursing home.
Marketplace has, for three years, had a specialized team investigating care homes, the companies that own and operate them, and the government system that supports them.
In the stories we’ve done, we’ve always wondered: Do things get better?
And that’s what we’ve set out to answer in this week’s episode.
Our team has found that long-term care homes have violated legislation governing Ontario’s care homes 30,000 times over five years. And found that many of the problems identified by government inspectors — offences like abuse and neglect — actually repeat year after year.
It’s one thing to look at numbers, but our team has found the people impacted — and their stories are gripping (and, at times, horrifying). Many of them also have secret video that they’ve shared exclusively with us — and now, you.
This story is years in the making, and a window inside a world many of us don’t see — but could well end up inside.
-David Common and the Marketplace team
Marketplace needs your help
Have you seen a product claiming to cure COVID-19 that seems too good to be true? Maybe a miracle cure that has you asking questions? We want to hear about it. Email us at email@example.com.
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Catch up on past episodes of Marketplace any time on CBC Gem.
Cenovus snares Li Ka-shing’s Husky Energy in $7.8bn deal – Financial Times
Cenovus Energy is to buy rival Canadian oil producer Husky Energy, controlled by Hong Kong billionaire Li Ka-shing, in a C$10.2bn ($7.8bn) deal as the wave of consolidation sweeping North America’s battered oil and gas sector gathers speed.
The new company will be worth C$23.6bn, Cenovus said, making it Canada’s third-largest oil and gas producer with an output of 750,000 barrels a day concentrated in the bitumen-rich oil sands of northern Alberta, the biggest single source of US crude imports.
The transaction is the latest in a string of North American oil mergers as operators seek to consolidate and cut costs. The largest came last week when ConocoPhillips agreed to buy Concho Resources in a deal worth $9.7bn, marking another big bet on the future of US shale.
Other recent deals include the $7.6bn takeover of US shale group Parsley Energy by Pioneer Natural Resources, Chevron’s $13bn plan to buy Noble Energy and Devon Energy’s $12bn deal to combine with rival WPX Energy.
The plummeting oil price had caused shares in Cenovus to fall by more than 60 per cent since the start of January, and Husky’s by almost 70 per cent.
The deal was conceived as a nil-premium merger, but due to the divergence in share prices, Cenovus has agreed to pay a 21 per cent premium, or 23 per cent including warrants, to Husky shareholders. The transaction values Husky’s shares at about $3.8bn, or $10.2bn including debt.
“We will be a leaner, stronger and more integrated company, exceptionally well-suited to weather the current environment and be a strong Canadian energy leader in the years ahead,” said Alex Pourbaix, Cenovus’s chief executive.
The new company will be 61 per cent owned by Cenovus shareholders, with the reminder held by Husky’s investors. Two entities controlled by Mr Li, which own about 70 per cent of Husky at present, will emerge with more than 27 per cent of the new company’s common stock.
Mark Oberstoetter, head of North America upstream research at Wood Mackenzie, said the takeover meant Cenovus would now have enough refining capacity to handle the bulk of its own production, which could add some “natural hedging back into the portfolio”.
After the withdrawal of several international oil companies from the Alberta oil sands — where the high cost of producing bitumen, constant environmental opposition, and slow progress in building new pipeline infrastructure have deterred investors — the Cenovus deal points to the sector’s further consolidation in the hands of local companies.
Future dealmaking could see remaining oil sands interests held by Total, Shell, BP, and Chevron — which no longer consider the region strategic — targeted for acquisition by Canadian operators, Mr Oberstoetter added. “Calgary used to be an international hub, but we’ve lost that,” he said.
Both Cenovus and Husky were among oil-sands operators forced to shut some production this year as prices fell. The Alberta government, which offered to collaborate with the Opec cartel in its supply cuts earlier this year, has used a programme of so-called curtailments to restrict supply from operators, including Cenovus and Husky, to prevent production overwhelming local infrastructure.
Canada’s production of bitumen — ultra heavy oil that must be upgraded before refining into fuels — has attracted environmental opposition because of its carbon intensity and its vast ecological footprint in northern Alberta.
Insufficient pipeline capacity to ship growing volumes of oil-sands production to markets beyond North America has periodically forced deep discounts on Canadian exports. The low quality of Alberta’s oil also makes it cheaper. While US oil has traded at about $40 a barrel in recent weeks, the benchmark for Canadian oil has been priced at about $30 a barrel.
The companies said annual synergies created by the deal would amount to $1.2bn, largely achieved within the first year. Free cash flow would be achieved at a price of $36 for a barrel of West Texas Intermediate in 2021.
A new 12-person board will comprise eight directors from Cenovus and the remainder from Husky.
This IPO is a measure of China's growing strength – CNN
Can Big Tech keep up its winning streak?
#EndSARS: How Nigerians harness social media against police abuse – Al Jazeera English
Georges St-Pierre calls Khabib Nurmagomedov’s UFC 254 performance ‘masterful’ – MMA Fighting
5G smartphone teardowns confirm benefits of radio system integration – Electronic Products & Technology
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Iran anticipates renewed protests amid social media shutdown
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