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Tentative deal reached in Metro Vancouver grain strike, federal minister says

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VANCOUVER – Canada’s labour minister says striking grain terminal workers in Metro Vancouver and their employers have reached a tentative labour deal.

Steven MacKinnon announced the agreement between Grain Workers Union Local 333 and the Vancouver Terminal Elevators’ Association in a post on social media platform X, but provided no other details.

The union confirmed the tentative deal in a statement on Facebook, saying its members will conduct the ratification vote by Oct. 4.

The notification from the union also says picket lines were to be removed Saturday and members will return to work pending ratification, ending the strike that had paralyzed grain shipments from Metro Vancouver’s port.

The dispute had previously led to picket lines going up at six Metro Vancouver grain terminals on Tuesday as about 600 workers went on strike.

Canadian grain producers had urged a resolution in the dispute, noting about 52 per cent of the country’s grains moved through Metro Vancouver terminals last year en route to being exported.

Farmers say the strike, happening during crop harvesting, would result in as much as $35 million per day in lost exports.

The Western Grain Elevator Association said on Friday that talks had stalled after two days of negotiations this week, with the employer saying it had increased its offers to settle “outstanding issues.”

The employers group had said they’ve reached the end of their “financial ability to conclude an agreement that industry can absorb” with the last offer, and it was up to the federally appointed mediator to report the results to MacKinnon for the next steps.

MacKinnon says in his tweet that both parties put in “the work necessary to get a deal done.”

This report by The Canadian Press was first published Sept. 28, 2024.

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Economy

S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

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TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

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

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Economy

S&P/TSX composite up more than 100 points, U.S. stocks also trade higher

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in the technology and base meta sectors, while U.S. stock markets also climbed higher.

The S&P/TSX composite index was up 106.70 points at 24,179.21.

In New York, the Dow Jones industrial average was up 280.87 points at 42,361.24. The S&P 500 index was up 26.51 points at 5,777.64, while the Nasdaq composite was up 69.52 points at 18,252.44.

The Canadian dollar traded for 73.08 cents US compared with 73.22 cents US on Tuesday.

The November crude oil contract was down 67 cents at US$72.90 per barrel and the November natural gas contract was down eight cents at US$2.66 per mmBTU.

The December gold contract was down US$2.30 at US$2,633.10 an ounce and the December copper contract was down five cents at US$4.41 a pound.

This report by The Canadian Press was first published Oct. 9, 2024.

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

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Economy

S&P/TSX composite down nearly 100 points, U.S. stock markets move higher

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TORONTO – Canada’s main stock index lost nearly 100 points in late-morning trading, weighed down by losses in the energy and base metal sectors, while U.S. stock markets climbed higher.

The S&P/TSX composite index was down 96.78 points at 24,005.93.

In New York, the Dow Jones industrial average was up 42.35 points at 41,996.59. The S&P 500 index was up 43.17 points at 5,739.11, while the Nasdaq composite was up 215.69 points at 18,139.59.

The Canadian dollar traded for 73.15 cents US compared with 73.48 cents US on Monday.

The November crude oil contract was down US$3.42 at US$73.72 per barrel and the November natural gas contract was down two cents at US$2.73 per mmBTU.

The December gold contract was down US$32.20 at US$2,633.80 an ounce and the December copper contract was down 11 cents at US$4.46 a pound.

This report by The Canadian Press was first published Oct. 8, 2024.

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

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