The company and the union are pointing fingers of blame at each other for a shutdown of Canadian Pacific Railway operations that began Sunday while the two sides remained at the bargaining table.
The Teamsters Canada Rail Conference, which represents some 3,000 engineers, conductors, yard workers, and other train employees, issued a release just before midnight saying a lockout was being initiated by management at the Calgary-based railway.
But hours later the company put out a release stating that while the company was still engaged in contract talks facilitated by federal mediators, the TCRC “withdrew its services and issued a news release misrepresenting the status of the talks.” It added that CP was working with its customers to wind down its operations across Canada.
The union then issued a subsequent release which said that in addition to the lockout, Teamsters Canada Rail Conference members were also on strike at CP throughout the country with picketing underway at various Canadian Pacific locations.
The office of federal Labour Minister Seamus O’Regan said in a statement that while the work stoppage had begun, both parties were still at the bargaining table with mediators and it expected “the parties to keep working until they reach an agreement.” The more than two dozen outstanding issues in the dispute include wages, benefits and pensions.
Update: The work stoppage has begun, but CP and Teamsters are still at the table with federal mediators. Parties are working through the night. We are monitoring the situation closely and expect the parties to keep working until they reach an agreement.
Fertilizer Canada, a group representing manufacturers, wholesale and retail distributors, called on the federal government to take immediate action.
“Canada cannot afford another disruption to our supply chain,” Karen Proud, the group’s president and CEO, said in a statement released Sunday morning. “Seventy-five per cent of all fertilizer in Canada is moved by rail. During the lead-up to spring seeding, every day, frankly every hour, counts.”
Last week, about 45 industry groups warned that any disruption of rail service would hinder Canada’s freight capacity and hurt the broader economy as it grapples with inflation, product shortages, rising fuel costs and the Russian invasion of Ukraine.
CP Rail had issued a 72-hour notice to the TCRC of its plan to implement a lockout on Sunday if the union and the company failed to reach a negotiated settlement or agree to binding arbitration.
The union said in its release that it wanted to continue bargaining but “unfortunately, the employer chose to put the Canadian supply chain and tens of thousands of jobs at risk.”
TCRC spokesperson Dave Fulton called the turn of events “disappointing” saying the railway must be “taken to task” for this decision.
He said the union was willing to explore an arbitrator’s decision but was unable to reach an agreement with the employer.
“They set the deadline for a lockout to happen tonight when we were willing to pursue negotiations,” he said. “Even more so, they then moved the goalpost when it came time to discuss the terms of final and binding arbitration.”
CP, for its part, blamed the union for the shutdown.
“This is clearly a failure of the TCRC Negotiating Committee’s responsibility to negotiate in good faith,” it said in its statement.
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.
TORONTO – Thomson Reuters reported its third-quarter profit fell compared with a year ago as its revenue rose eight per cent.
The company, which keeps its books in U.S. dollars, says it earned US$301 million or 67 cents US per diluted share for the quarter ended Sept. 30. The result compared with a profit of US$367 million or 80 cents US per diluted share in the same quarter a year earlier.
Revenue for the quarter totalled US$1.72 billion, up from US$1.59 billion a year earlier.
In its outlook, Thomson Reuters says it now expects organic revenue growth of 7.0 per cent for its full year, up from earlier expectations for growth of 6.5 per cent.
On an adjusted basis, Thomson Reuters says it earned 80 cents US per share in its latest quarter, down from an adjusted profit of 82 cents US per share in the same quarter last year.
The average analyst estimate had been for a profit of 76 cents US per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Nov. 5, 2024.
