Metro Vancouver workers poised to strike as soon as Monday, union says | Canada News Media
Connect with us

Business

Metro Vancouver workers poised to strike as soon as Monday, union says

Published

 on

Members of the Greater Vancouver Regional District Employees’ Union have issued a strike notice and can legally start job action beginning the afternoon of Oct. 2. (Peter Scobie/CBC)

Hundreds of workers at Metro Vancouver are poised to strike as soon as Monday afternoon, after their union says it issued a 72-hour strike to the regional district on Friday.

The Greater Vancouver Regional District Employees’ Union (GVRDEU) says the union is asking for higher wages and protections for workers as the cost of living rises in the region.

According to its website, the GVRDEU serves “the outside employees of Metro Vancouver” with over 600 members helping maintain services such as water treatment, wastewater collection, infrastructure construction, housing, air quality monitoring, and more.

Metro Vancouver is the regional government that provides and coordinates services for 21 municipalities across the Lower Mainlaind.

Linnar Lee, secretary for the GVRDEU, says the union has been negotiating with Metro Vancouver for since before its last contract expired on Dec. 31, 2021.

“The employer wants concessions during this hard economic time where most of us are struggling … This livable region is not livable anymore economically for us,” said Lee, who works as a housing dispatcher for Metro Vancouver.

Beginning Monday afternoon, the union says it will be in a legal position to start job action.

Lee says union members are making fair requests in line with other municipalities, such as wages that will allow workers to continue living in the region.

“We want to be able to tuck our kids in at night to go to sleep, instead of increasing our work hours,” she said.

In a statement, the Metro Vancouver regional district said it has offered an 11.5 per cent wage increase over three years and is “committed to reaching a fair and reasonable collective agreement that recognizes how much [the value of its] staff and is affordable to the local taxpayers who must pay for it.”

“The potential job action is unfortunate, however, there will be no disruption to the essential services that we provide to nearly 2.8 million residents every day,” reads the statement.

Calls for wage increases and protection

On Aug. 23, union members voted 97.2 per cent in favour of a strike.

Lee says bargaining with the region hasn’t gone well, due to Metro Vancouver’s requests for concessions, such as cutting back on fair wage clauses and expanding working hours.

She adds one provision, known as a “me too clause,” allows GVRDEU members and unionized workers from the City of Vancouver and neighbouring municipalities to receive similar wage increases as one another.

The clause ensures “that our union can settle knowing that we have some kind of wage protection if the City of Vancouver comes to an agreement with a certain wage … The employer wants to take that away from us,” she said.

“They also want to amend the hours so that it opens it up that workers work longer hours, [which] contradicts work-life balance.”

In a statement, the Metro Vancouver region said it is requesting “a series of cost and procedural efficiencies” that could benefit the region and its employees.

“We believe our wage offer of an 11.5 per cent increase over three years and a one-time lump sum of $2,350, plus other improvements to allowances and benefits, is fair and reasonable and aligned with other negotiated settlements in the region,” reads the statement.

Essential services are established

While job action may take place, Lee says essential workers for water treatment and other services will still be staffed to ensure public safety.

But with many other staff striking, she says it would be up to management to decide whether to close or alter non-essential services, like parks.

She says the union doesn’t take striking lightly, but feels it is necessary.

“For us to say, ‘Hey come on, this isn’t fair. We need to take strike action.’ It’s going to hit our pocketbooks, we know that,” said Lee. “But the employer has pushed us to this point.”

With files from Moira Wyton

Source link

Continue Reading

Business

Japan’s SoftBank returns to profit after gains at Vision Fund and other investments

Published

 on

 

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.

___

Yuri Kageyama is on X:

The Canadian Press. All rights reserved.

Source link

Continue Reading

Business

Trump campaign promises unlikely to harm entrepreneurship: Shopify CFO

Published

 on

 

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.

Source link

Continue Reading

Business

RioCan cuts nearly 10 per cent staff in efficiency push as condo market slows

Published

 on

 

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.

Source link

Continue Reading

Trending

Exit mobile version