Business

Further negotiations won’t bring end to B.C. port workers strike, employer says

Published

1 year ago

July 3, 2023

An International Longshore and Warehouse Union worker pickets outside of the BC Maritime Employers Association Dispatch Centre after a 72-hour strike notice and no agreement made on the bargaining table in Vancouver, on Saturday, July 1, 2023. Photo by ETHAN CAIRNS /THE CANADIAN PRESS

Talks to end a strike at B.C.’s ports have stalled with both sides accusing the other of being unreasonable.

The BC Maritime Employers Association released a statement Monday afternoon saying it had gone as far as possible on core issues and it doesn’t think more bargaining is going to produce a collective agreement.

The International Longshore and Warehouse Union Canada, representing thousands of workers who load and unload cargo at terminals at more than 30 B.C. ports, says it’s the association that “sabotaged the progress.”

Thousands of union members walked off the job Saturday morning. Both sides negotiated over the weekend and were at the table earlier in the day on Monday.

The association said it has advanced “reasonable proposals and positions in good faith” but said the union refuses to budge.

“ILWU Canada went on strike over demands that were and continue to be outside any reasonable framework for settlement. Given the foregoing mentioned, the BCMEA is of the view that a continuation of bargaining at this time is not going to produce a collective agreement,” the statement read.

“ILWU Canada needs to decide if they are going to continue this strike with no hope of settlement, or significantly modify their position so a fair and balanced deal can be reached.”

A key stumbling block appears to be around maintenance work, with the association accusing the union of attempting to change definitions and “aggressively expand their scope.” Union president Rob Ashton said ILWU Canada is focused on stopping “the erosion of jurisdiction” and the extensive use of contractors.

“When we finally had a document that was largely agreed upon as the result of continuous movement by the union on this one position the association decided to change their position in an attempt to muddy the water and mischaracterize the work, we have spent months discussing,” Ashton said in a statement.

Ashton said it’s reasonable for workers, who he said helped achieve record profits during the pandemic, to have a fair and equitable share of them.

The strike led businesses organizations to issue warnings about wide-reaching implications across the country, with some pushing for the federal government to step in with back-to-work legislation.

The union, meanwhile, warned Ottawa not to interfere.

“We implore the BCMEA to get back to the table to achieve a fair and reasonable agreement that the parties negotiate together,” Ashton said in his statement.

“It is unrealistic to think that a collective agreement that is imposed will result in long term labour stability in the industry. The parties need to put their best effort forward for the entire country and not just their individual aims.”

Federal Labour Minister Seamus O’Regan has said the focus of negotiations “needs to be on the table.”

The association represents 49 private sector employers operating in B.C. ports, and its website says the industry contributes $2.7 billion to Canada’s GDP while handling roughly 16 per cent of the country’s total traded goods — amounting to $180 billion in 2020.

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Business

TC Energy cuts cost estimate for Southeast Gateway pipeline project in Mexico

Published

14 hours ago

November 7, 2024

Anne Joseph

CALGARY – TC Energy Corp. has lowered the estimated cost of its Southeast Gateway pipeline project in Mexico.

It says it now expects the project to cost between US$3.9 billion and US$4.1 billion compared with its original estimate of US$4.5 billion.

The change came as the company reported a third-quarter profit attributable to common shareholders of C$1.46 billion or $1.40 per share compared with a loss of C$197 million or 19 cents per share in the same quarter last year.

Revenue for the quarter ended Sept. 30 totalled C$4.08 billion, up from C$3.94 billion in the third quarter of 2023.

TC Energy says its comparable earnings for its latest quarter amounted to C$1.03 per share compared with C$1.00 per share a year earlier.

The average analyst estimate had been for a profit of 95 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 7, 2024.

Companies in this story: (TSX:TRP)

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Business

BCE reports Q3 loss on asset impairment charge, cuts revenue guidance

Published

14 hours ago

November 7, 2024

Anne Joseph

BCE Inc. reported a loss in its latest quarter as it recorded $2.11 billion in asset impairment charges, mainly related to Bell Media’s TV and radio properties.

The company says its net loss attributable to common shareholders amounted to $1.24 billion or $1.36 per share for the quarter ended Sept. 30 compared with a profit of $640 million or 70 cents per share a year earlier.

On an adjusted basis, BCE says it earned 75 cents per share in its latest quarter compared with an adjusted profit of 81 cents per share in the same quarter last year.

“Bell’s results for the third quarter demonstrate that we are disciplined in our pursuit of profitable growth in an intensely competitive environment,” BCE chief executive Mirko Bibic said in a statement.

“Our focus this quarter, and throughout 2024, has been to attract higher-margin subscribers and reduce costs to help offset short-term revenue impacts from sustained competitive pricing pressures, slow economic growth and a media advertising market that is in transition.”

Operating revenue for the quarter totalled $5.97 billion, down from $6.08 billion in its third quarter of 2023.

BCE also said it now expects its revenue for 2024 to fall about 1.5 per cent compared with earlier guidance for an increase of zero to four per cent.

The company says the change comes as it faces lower-than-anticipated wireless product revenue and sustained pressure on wireless prices.

BCE added 33,111 net postpaid mobile phone subscribers, down 76.8 per cent from the same period last year, which was the company’s second-best performance on the metric since 2010.

It says the drop was driven by higher customer churn — a measure of subscribers who cancelled their service — amid greater competitive activity and promotional offer intensity. BCE’s monthly churn rate for the category was 1.28 per cent, up from 1.1 per cent during its previous third quarter.

The company also saw 11.6 per cent fewer gross subscriber activations “due to more targeted promotional offers and mobile device discounting compared to last year.”

Bell’s wireless mobile phone average revenue per user was $58.26, down 3.4 per cent from $60.28 in the third quarter of the prior year.

This report by The Canadian Press was first published Nov. 7, 2024.

Companies in this story: (TSX:BCE)

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Business

Canada Goose reports Q2 revenue down from year ago, trims full-year guidance

Published

14 hours ago

November 7, 2024

Anne Joseph

TORONTO – Canada Goose Holdings Inc. trimmed its financial guidance as it reported its second-quarter revenue fell compared with a year ago.

The luxury clothing company says revenue for the quarter ended Sept. 29 totalled $267.8 million, down from $281.1 million in the same quarter last year.

Net income attributable to shareholders amounted to $5.4 million or six cents per diluted share, up from $3.9 million or four cents per diluted share a year earlier.

On an adjusted basis, Canada Goose says it earned five cents per diluted share in its latest quarter compared with an adjusted profit of 16 cents per diluted share a year earlier.

In its outlook, Canada Goose says it now expects total revenue for its full financial year to show a low-single-digit percentage decrease to low-single-digit percentage increase compared with earlier guidance for a low-single-digit increase.

It also says it now expects its adjusted net income per diluted share to show a mid-single-digit percentage increase compared with earlier guidance for a percentage increase in the mid-teens.

This report by The Canadian Press was first published Nov. 7, 2024.

Companies in this story: (TSX:GOOS)

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