St. Lawrence Seaway strike: Ships start moving after tentative deal reached | Canada News Media
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St. Lawrence Seaway strike: Ships start moving after tentative deal reached

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Cargo is moving again on the St. Lawrence Seaway after management and Unifor struck a tentative deal on Sunday, but it could take most of the week to clear the backlog of ships halted during the labour stoppage — and even longer for supply chains to normalize.

The company said workers were back on the job as of 7 a.m. on Monday. The tentative agreement, which must still be ratified, ended a strike that began on Oct. 22.

The job action by 360 workers represented by Unifor brought a stop to ships though the key trade corridor.

As of Monday morning, nearly 100 ships were strewn at ports and docks across the Great Lakes and St. Lawrence River waiting to pass through the seaway, said Bruce Burrows, CEO of the Chamber of Marine Commerce.

He said it would take up to 14 hours to get the seaway up and running and around five days to clear the backlog of ships waiting to get back into the system.

“Like any major transportation interruption, it takes a bit of time for the infrastructure and so on just to turn the tap back on. It can’t be done instantly,” he said.

In recent days, Burrows said there had been increasing worry among shippers and producers, especially in the grain and steel sectors, who rely on the seaway to export their products.

He said the seaway has long been known for reliability and that the labour stoppage put “a major dent in that reputation.”

“The phone has been ringing off the hook, let me tell you,” he said. “They were all yelling and screaming and very concerned about their supplies being stuck in the chain.”

Around six million tonnes of grain are exported through the St. Lawrence Seaway annually, and this time of year marks peak shipping season, said Crosby Devitt, CEO of Grain Farmers of Ontario. He said the delivery of “well over 1,000 truckloads” had to be cancelled last week due to the strike.

“We know it’s had a lasting impact,” said Devitt.

“It’ll take a bit of time to even understand whether there’s been some permanent capacity effects on our ability to move grain out before the end of the year.”

Devitt said he couldn’t predict how long it will take to ramp up, but hoped the lasting effects of the strike could be kept to a minimum.

“There’s definitely been a cost to farmers. There has been a cost to the industry and hopefully not a lasting cost to our reputation as well,” he said.

Canadian Manufacturers and Exporters president and CEO Dennis Darby estimated the strike cost companies at least $35 million per day collectively.

He said that figure would gradually decline as the system returns to normal, which could take weeks. Darby said lessons learned from the B.C. ports strike earlier this year suggest that for every day lost during a work stoppage, it takes three to five days for supply lines to normalize.

The St. Lawrence Seaway strike “had a pretty broad-reaching impact,” said Darby, noting that “anything that you can think of that’s big and has to move in bulk” was affected.

“In most cases for the kind of goods that travel by sea, there aren’t many alternatives. People were staring down a lot of production being cut,” he said.

“Now it will take days and weeks for things to unblock. It’s still better than the alternative, which is the longer it persisted, the worse it would be. And of course, we were all coming up against the freeze season.”

The premiers of Ontario and Quebec had called on Ottawa to intervene if federally mediated talks failed to bring about a quick end to the walkout.

Details of the settlement were not immediately available, but the union had been fighting for higher wages to keep up with the rising cost of living.

— With files from The Canadian Press’ Christopher Reynolds

 

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Netflix’s subscriber growth slows as gains from password-sharing crackdown subside

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Netflix on Thursday reported that its subscriber growth slowed dramatically during the summer, a sign the huge gains from the video-streaming service’s crackdown on freeloading viewers is tapering off.

The 5.1 million subscribers that Netflix added during the July-September period represented a 42% decline from the total gained during the same time last year. Even so, the company’s revenue and profit rose at a faster pace than analysts had projected, according to FactSet Research.

Netflix ended September with 282.7 million worldwide subscribers — far more than any other streaming service.

The Los Gatos, California, company earned $2.36 billion, or $5.40 per share, a 41% increase from the same time last year. Revenue climbed 15% from a year ago to $9.82 billion. Netflix management predicted the company’s revenue will rise at the same 15% year-over-year pace during the October-December period, slightly than better than analysts have been expecting.

The strong financial performance in the past quarter coupled with the upbeat forecast eclipsed any worries about slowing subscriber growth. Netflix’s stock price surged nearly 4% in extended trading after the numbers came out, building upon a more than 40% increase in the company’s shares so far this year.

The past quarter’s subscriber gains were the lowest posted in any three-month period since the beginning of last year. That drop-off indicates Netflix is shifting to a new phase after reaping the benefits from a ban on the once-rampant practice of sharing account passwords that enabled an estimated 100 million people watch its popular service without paying for it.

The crackdown, triggered by a rare loss of subscribers coming out of the pandemic in 2022, helped Netflix add 57 million subscribers from June 2022 through this June — an average of more than 7 million per quarter, while many of its industry rivals have been struggling as households curbed their discretionary spending.

Netflix’s gains also were propelled by a low-priced version of its service that included commercials for the first time in its history. The company still is only getting a small fraction of its revenue from the 2-year-old advertising push, but Netflix is intensifying its focus on that segment of its business to help boost its profits.

In a letter to shareholder, Netflix reiterated previous cautionary notes about its expansion into advertising, though the low-priced option including commercials has become its fastest growing segment.

“We have much more work to do improving our offering for advertisers, which will be a priority over the next few years,” Netflix management wrote in the letter.

As part of its evolution, Netflix has been increasingly supplementing its lineup of scripted TV series and movies with live programming, such as a Labor Day spectacle featuring renowned glutton Joey Chestnut setting a world record for gorging on hot dogs in a showdown with his longtime nemesis Takeru Kobayashi.

Netflix will be trying to attract more viewer during the current quarter with a Nov. 15 fight pitting former heavyweight champion Mike Tyson against Jake Paul, a YouTube sensation turned boxer, and two National Football League games on Christmas Day.

The Canadian Press. All rights reserved.

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