Toronto Stock Exchange
Pawel Dwulit | Bloomberg | Getty Images
The Toronto Stock Exchange effectively ended its Thursday session more than 40 minutes early after halting trade earlier in the afternoon due to a technical issue, according to TMX Group, owner of the exchange.
The TSX Composite Index, the exchange’s benchmark, was down 1.9% before trading was halted around 2 p.m. ET as coronavirus fears caused global markets to plunge on above-average volume. It later confirmed via Twitter that its cessation would stay in effect for the rest of the day.
“The technical halt will remain in effect for the remainder of the day on TSX, TSX Venture and TSX Alpha,” the TMX Group wrote. “As a result, the TSX Market on Close Facility will not run today. We apologize for the inconvenience.”
The trading volume on the Toronto Stock Exchange had already exceeded the 30-day average before trading was halted. FactSet data shows more than 232 million shares changed hands on Thursday, topping a 30-day average of 231.1 million.
The TMX Group did not respond to CNBC’s request for comment.
“TMX continues to investigate the problem with order entry on TSX, TSXV and Alpha. We apologize for the inconvenience. Further updates will be provided,” TMX tweeted at 2:46 p.m. ET.
“Clients are currently unable to enter, modify or cancel open orders on TSX, TSXV and Alpha,” the group added in a subsequent tweet at 2:10 p.m. “TMX continues to investigate the problem with order entry. Prior to re-opening, we will provide sufficient time in a pre-open state for Participants to manage their orders.”
The Montreal Exchange, a Canadian derivatives exchange, said at 2:18 p.m. ET that it would “halt trading on all Equity Derivative Instruments and place all instruments in a pre opening state.”
— CNBC’s Chris Hayes and Fred Imbert contributed reporting.
Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.
Tentative deal between union workers and beef producer Cargill struck | CTV News – CTV News Calgary
With less than a week to go before workers were set to go on strike at Cargill’s High River, Alta. beef processing plant, the company says a tentative deal has been reached.
The company announced the development on Wednesday and says it is “encouraged by the outcome” of recent talks.
“After a long day of collaborative discussion, we reached an agreement on an offer that the bargaining committee will recommend to its members. The offer is comprehensive and fair and includes retroactive pay, signing bonuses, a 21 per cent wage increase over the life of the contract and improved health benefits,” Cargill wrote in a statement to CTV News via email.
The company adds it also “remains optimistic” a deal can be finalized before the strike deadline.
“(We) encourage employees to vote on this offer which recognizes the important role they play in Cargill’s work to nourish the world in a safe, responsible and sustainable way. While we navigate this negotiation, we continue to focus on fulfilling food manufacturer, retail and food service customer orders while keeping markets moving for farmers and ranchers,” it wrote.
The United Food and Commercial Workers’ Union (UFCW) Local 401 was expected to go on strike on Dec. 6.
It rejected the most recent attempt at a deal on Nov. 25 by a 98 per cent margin.
According to a statement from UFCW Local 401, the negotiating team engaged in “a marathon day” of talks with the company on Tuesday.
“Late in the evening, our bargaining committee concluded that they were in receipt of a fair offer and that they were prepared to present that offer to their coworkers with a recommendation of acceptance,” it wrote in a statement.
The union says the tentative deal will “significantly improve” the lives of Cargill workers and will be the ‘best food processing contract in Canada.”
Highlights from the deal include:
- $4,200 in retroactive pay for many employees;
- $1,000 signing bonus;
- $1,000 COVID-19 bonus;
- More than $6,000 total bonuses for workers three weeks before Christmas;
- $5 wage increase for many employees;
- Improved health benefits; and
- Provisions to facilitate a new culture of health, safety, dignity and respect in the workplace
While UFCW Local 401 president Thomas Hesse calls the deal “fair,” he will support workers on the picket line if they decide to reject the proposal.
“If they do accept it, I’ll work with them every day to make Cargill a better workplace,” Hesse said in a statement. “I will do as our members ask me to do.
“I respect all of the emotions that they feel and the suffering that they have experienced.”
Employees are expected the vote on the new deal between Dec. 2 and 4.
Afterpay delays vote on $29 billion buyout as Square awaits Spain’s nod
Afterpay Ltd will delay a shareholder meet to approve Square Inc’s $29-billion buyout of the Australian buy now, pay later leader, as the Jack Dorsey-led payment company awaits regulatory nod in Spain.
The investor meet was set for Dec. 6, but Afterpay said it would likely take place next year as Square, which has rebranded itself to Block Inc, is likely to get an approval from the Bank of Spain only in mid-January.
The delay is unlikely to impact the completion of Australia‘s biggest deal, which is set for the first quarter of 2022, Afterpay said.
“We continue to believe the risks of the transaction closing are minimal,” RBC Capital Markets analyst Chami Ratnapala said in a brief client note.
Meanwhile, Twitter Inc co-founder Dorsey is expected to focus on Square after stepping down as chief executive of the social media platform as it looks to expand beyond its payment business and into new technologies like blockchain.
Afterpay shares fell more than 6%, far underperforming the broader Australian market, tracking Square’s 6.6% drop overnight in U.S. market on worries over the Omicron variant.
(Reporting by Nikhil Kurian, Sameer Manekar and Indranil Sarkar in Bengaluru; Editing by Anil D’Silva, Rashmi Aich and Arun Koyyur)
Canada Goose under fresh fire in China over no-return policies
China’s top consumer protection organisation has warned Canada Goose Holdings Inc against “bullying” customers in China with its return policies, just three months after the winterwear brand was fined for false advertising.
The premium down jacket manufacturer has been a hot topic on Chinese social media in recent days over its handling of a case involving a customer who wanted a refund of her purchases amounting to 11,400 yuan ($1,790.17) after finding quality issues.
She said she was told by Canada Goose that all products sold at its retail stores in mainland China were strictly non-refundable, according to her account which went viral online.
State-backed media such as the Global Times newspaper later cited Canada Goose as denying that it had a no-refund policy and that all products sold at its retail stores in mainland China were refundable in line with Chinese laws. The company did not respond to Reuters’ request for comment.
That has not failed to quell criticism of the brand.
“No brand has any privileges in front of consumers,” the government-backed China Consumer Association (CCA) said in an opinion piece posted on its website on Thursday morning.
“If you don’t do what you say, regard yourself as a big brand, behave arrogantly and in a superior way, adopt discriminatory policies, be condescending and bully customers, you will for sure lose the trust of consumers and be abandoned by the market,” the CCA said.
Representatives of the brand were summoned for talks on Wednesday by the Shanghai Consumer Council to explain its refund policy in China.
The dressing down of Canada Goose comes as tension between China and Western countries has fuelled patriotism and driven some shoppers to turn to home-grown labels.
Canada Goose was also fined 450,000 yuan in September in China for “misleading” consumers in its ads.
($1 = 6.3681 Chinese yuan renminbi)
(Reporting by Sophie Yu, Brenda Goh; Editing by Kim Coghill)
The inflation debate could preview the next big shifts in Canadian politics – CBC.ca
DAZN named Apple TV App of the Year in 2021 App Store Awards – DAZN News US
What the Omicron variant means for the world economy – The Economist
Silver investment demand jumped 12% in 2019
Europe kicks off vaccination programs | All media content | DW | 27.12.2020 – Deutsche Welle
Iran anticipates renewed protests amid social media shutdown
News16 hours ago
Middle Class are Under Siege in Canada
News15 hours ago
Super Powers Addiction to Opium
Health23 hours ago
How to talk to children about getting their vaccine: U of T's Jean Wilson shares advice – News@UofT
Health16 hours ago
How HIV research paved the way for the Covid mRNA vaccines – CNBC
Health19 hours ago
COVID-19 vaccine rolls out for children under 12 – Yahoo News Canada
Media19 hours ago
Which media were included in Trudeau's $10 million top-up fund – CANADALAND
Media24 hours ago
Diversity in the newsroom can build better media. Here's why – World Economic Forum
Health24 hours ago
Omicron could threaten COVID-19 immunity — but we're not going back to 'square one' – CBC.ca