MONTREAL – Operations at the Port of Montreal were greatly reduced Monday as the Maritime Employers Association made good on a threat to lock out nearly 1,200 longshore workers if they didn’t accept what it called a final contract offer.

The lockout took effect at 9 p.m. on Sunday, and the employers’ association is asking federal Labour Minister Steven MacKinnon to intervene. MacKinnon’s office issued a statement Monday calling on both sides at the country’s second largest port to get back to the negotiating table.

“The parties must understand the urgency of the situation and do the work necessary to reach an agreement,” his office said. “Canadians are counting on them.”

The union told a news conference on Monday it is ready to return to the table as early as Tuesday. But Michel Murray, an adviser with the Canadian Union of Public Employees, which represents the dock workers, said union overtures have received no response from the employer.

Murray told a news conference simultaneous lockouts in Montreal and Vancouver seem designed to force the federal government’s hand. Port workers in British Columbia are locked out amid a labour dispute involving more than 700 longshore supervisors, resulting in a paralysis of container cargo traffic at terminals across Canada’s west coast.

“We hope that the employer side will emerge from its silence of the past three weeks,” Murray said. “But clearly, when we look at what is happening, the lockout in Vancouver, the lockout in Montreal, we feel that it is a co-ordinated, planned attempt to increase the pressure on the federal government so that it intervenes in our file.”

Julie Gascon, CEO of the Montreal Port Authority, warned of “catastrophic” economic consequences of a prolonged conflict.

“This lockout affects not only the 1,200 longshoremen directly impacted by the work stoppage, but it also impacts over 10,000 workers in the logistics sector, from trucking and railway employees to maritime agents and pilots,” she said in a statement.

“Logistics jobs are the first to be affected, which inevitably sets off a domino effect throughout the entire economy in the markets we serve.”

Gascon told reporters in an early morning news conference effects will trickle down to other parts of the economy. “Today the conflict is impacting the supply chain, but tomorrow the conflict will impact factories as well, after that, it will be retailers,” she said.

The Port of Montreal, which moves nearly $400 million in goods every day, said essential services will continue, with liquid bulk terminals and the grain terminal among those remaining open.

The employers association in Montreal said it initiated the lockout after the unionized workers voted almost unanimously to reject a contract offer tabled last week. The workers have been without a collective agreement since Dec. 31 and had rejected two previous offers.

The employer said last week its latest offer included a three-per-cent salary increase each year for four years and a 3.5 per cent increase for the two subsequent years. The employer said the increases offered would bring a longshore worker’s total average compensation to more than $200,000 per year at the end of the six-year contract.

The union, the Syndicat des débardeurs du port de Montréal, called the figure exaggerated. It said the employer is focused on salaries, but what members want are improvements in scheduling and work-life balance. Members who are parents do not want to have stretches where they work 19 out of 21 days, it said.

Murray said it’s time to put those previous offers — which clearly cannot be the basis of any agreement — in the “shredder” and discuss what it will take for both sides to enter into a long-term agreement.

The Conseil du patronat, which represents Quebec employers, said it is very concerned about the latest work stoppage. It and a group representing manufacturers called on the federal government to intervene.

“Businesses and citizens can no longer bear the cost of this situation, which is repeated too often,” the Conseil du patronat said in a statement.

This report by The Canadian Press was first published Nov. 11, 2024.

— With files from Lia Lévesque

TORONTO – Canada’s main stock index moved higher Monday, as strength in technology and financial stocks helped outweigh weakness in other parts of the market, while U.S. markets also rose.

The Dow Jones outperformed the major U.S. indexes Monday, rising 0.7 per cent, while some large tech companies weighed other parts of the market down.

“That’s just a continuation of certain sectors that rallied post-election,” said Stephen Duench, vice-president and portfolio manager at AGF Investments Inc.

The continued strength was led by so-called “Trump trades” that could benefit from the soon-to-be president Donald Trump’s promised policies. These include financial stocks and domestic industrials, as well as Bitcoin and the U.S. dollar, said Duench.

In New York, the Dow Jones industrial average was up 304.14 points at 44,293.13. The S&P 500 index was up 5.81 points at 6,001.35,while the Nasdaq composite was up 11.99 points at 19,298.76.

The S&P/TSX composite index closed up 29.88 points at 24,789.28.

Bitcoin rose above US$87,000 for the first time, riding the post-election wave as Trump has pledged to make the U.S. the crypto capital of the world.

Overall, investors have been in a risk-taking mood since the election results came out, Duench said, with commodities showing more weakness as investors move out of their safe havens.

“While gold is kind of getting hurt since the election, Bitcoin is benefiting just because of a little bit more risk-on behaviour,” he said.

The Russell 2000 — an index made up of small-cap stocks in the U.S. — has also had a great run since the election, noted Duench.

This week will bring the latest inflation report in the U.S., after the U.S. Federal Reserve cut its key interest rate again last week.

Investors are also still working their way through earnings season, which is close to done in the U.S. but still in swing in Canada.

This season has been characterized by dramatic reactions to companies that miss expectations, said Duench.

“Misses on revenues or earnings were punished more than they usually are,” he said.

This has been even more pronounced in Canada, he added.

It’s likely a symptom of markets being at record highs, said Duench.

“Investors like momentum,” he said.

The Canadian dollar traded for 71.82 cents US, according to XE.com,compared with 71.88 cents US on Friday.

The December crude oil contract was down US$2.34 at US$68.04 per barrel and the December natural gas contract was up 25 cents at US$2.92 per mmBTU.

The December gold contract was down US$77.10 at US$2,617.70 an ounce and the December copper contract was down eight cents at US$4.23 a pound.

— With files from The Associated Press

This report by The Canadian Press was first published Nov. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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TORONTO – RioCan Real Estate Investment Trust says it earned $96.9 million in its third quarter, up from a loss of $73.5 million a year earlier.

The company says its revenue totalled $286.3 million, up from $271.4 million during the same quarter last year.

President and CEO Jonathan Gitlin says the company is capitalizing on a favourable environment for retail real estate.

He says RioCan continues to “strategically evolve” its tenant roster in favour of income stability and growth.

The company says as of Monday, almost 86 per cent of units in the residential rental portion of its new flagship Toronto property The Well were leased.

It says foot traffic at The Well continues to surpass expectations, and 97 per cent of its commercial space is leased.

This report by The Canadian Press was first published Nov. 11, 2024.

Companies in this story: (TSX:REI.UN)

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