Canada’s Minister of Labour has given a federal mediator a deadline to propose a settlement in a strike at B.C.’s ports that he describes as “paralyzing” the country’s imports and exports.
In a brief online update Tuesday evening, the BC Maritime Employers Association noted that they, along with the union representing thousands of striking dock workers, received correspondence from Seamus O’Regan saying he has invoked his statutory powers under the Canada Labour Code to instruct the mediator to draft the terms of a recommended settlement within 24 hours.
After that is received, the minister will share the proposal with both sides and give them a further 24 hours to “review and communicate their willingness to recommend the terms for ratification to their respective members.”
In his own statement Tuesday, O’Regan said he is making the move because he is confident a “good deal” is possible within this time frame in spite of the fact that negotiations have been underway since April and the strike has been ongoing for nearly two weeks.
“Today, after eleven days of a work stoppage, I have decided that the difference between the employer’s and the union’s positions is not sufficient to justify a continued work stoppage,” the statement said.
About 7,400 members of the International Longshore and Warehouse Union Canada in Vancouver have been on strike since July 1. They say they’re fighting for protections against contracting out work and automation, as well as pushing for higher wages.
The BCMEA said it met with the union on Monday night at the request of federal mediators, “but regrettably, no progress was made.”
Business owners have expressed concerns about critical shipments stuck at the port and delays in deliveries needed to complete projects on time, saying this disruption comes at a time when the supply chain still has not completely recovered from the impacts of the COVID-19 pandemic.
Speaking at a meeting of Canada’s premiers in Winnipeg, B.C., Premier David Eby said Tuesday that the group is unified in wanting the strike resolved as quickly as possible.
“It has knock-on impacts on cost of living for people across the country as goods get more expensive because imports are not available and it’s really the worst time for that,” he said.
“We also know in British Columbia, where the port is, that port workers have seen increasing costs just like everybody else.”
The cost to the economy has been estimated at anywhere between $250 million to $1 billion per week.
TORONTO – Cineplex Inc. reported a loss in its latest quarter compared with a profit a year ago as it was hit by a fine for deceptive marketing practices imposed by the Competition Tribunal.
The movie theatre company says it lost $24.7 million or 39 cents per diluted share for the quarter ended Sept. 30 compared with a profit of $29.7 million or 40 cents per diluted share a year earlier.
The results in the most recent quarter included a $39.2-million provision related to the Competition Tribunal decision, which Cineplex is appealing.
The Competition Bureau accused the company of misleading theatregoers by not immediately presenting them with the full price of a movie ticket when they purchased seats online, a view the company has rejected.
Revenue for the quarter totalled $395.6 million, down from $414.5 million in the same quarter last year, while theatre attendance totalled 13.3 million for the quarter compared with nearly 15.7 million a year earlier.
Box office revenue per patron in the quarter climbed to $13.19 compared with $12 in the same quarter last year, while concession revenue per patron amounted to $9.85, up from $8.44 a year ago.
This report by The Canadian Press was first published Nov. 6, 2024.
TORONTO – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.
The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.
Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.
Consolidated comparable sales were up 0.3 per cent.
On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.
The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Nov. 5, 2024.
ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.
The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.
Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.
Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.
On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.
The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Nov. 5, 2024.
