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Unifor president Jerry Dias taken into police custody

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Unifor national president Jerry Dias was arrested along with six other members of the union on Monday afternoon amid rising tensions in a dispute with the Co-op Refinery in Regina.

The arrests came after union members set up blockades outside the refinery, contrary to a recent court order.

“Unifor members had completely blocked the entrances/exits to the Co-op Refinery Complex, not allowing vehicles to enter or exit the property,” the Regina Police Service said in a statement.

Dias had said at a media conference that morning that the blockades were set up by members of other Unifor locals. He argued that they therefore did not violate the injunction, which bars members of Local 594 — which represents workers at the refinery — from blocking access to the facility.

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“We’ll deal with that in court because our argument today is that we are not violating any injunction at all,” Dias said.

 

 

Dias, on Twitter, later accused the police of picking sides, and called for more Unifor members to travel to Regina in solidarity.

Police did not confirm who else was arrested or if any charges were laid.

Monday marked 46 days since Unifor members were locked out.

The blockades were taken down Monday evening.

The dispute mainly comes down to pensions. A previous deal included a defined benefit pension for workers. Now the refinery is moving toward a defined contribution plan.

The union says this amounts to taking away workers’ pensions. The refinery says it is trying to remain competitive.

“We are going to guarantee you that not one fuel truck is going to leave this facility. From now on we’re not going anywhere,” Scott Doherty, Unifor’s lead negotiator and executive assistant to the president, said.

The refinery said in a statement that the blockades were illegal and that it is exploring legal options.

“Unifor continues to use illegal blockades as a bullying tactic and has brought in extra people to help them to it,” the statement said. “Today’s actions by Unifor represent yet another violation of the court injunction.”

Regina police said they were monitoring the situation. In a statement, police said they were communicating with both sides to keep the peace and advising motorists to avoid the area of Ninth Avenue N., MacDonald Street and Fleet Street.

 

Police took Unifor members into custody after the union constructed blockades at the refinery. (Unifor/Twitter)

 

Before his arrest, Dias estimated that about 500 people were brought in from across Canada to Regina and said more are expected. Dias said the union also plans to increase the boycott of Co-ops across Western Canada if a deal isn’t made.

“Clearly the only place that this dispute will be resolved will be at the bargaining table,” Dias said.

The refinery previously said Unifor hasn’t returned to the bargaining table since September 2019.

 

Police said they are monitoring the situation and advising motorists to avoid the area. (Heidi Atter/CBC)

 

Large flare seen

A video showing a large flare at the Co-op Refinery on Saturday has been circulating on social media.

The refinery said in a statement that the facility momentarily lost power from SaskPower. As a result, some units came down at the same time.

“The flare system did the job it is designed to do in that situation. Power was restored within a minute of the incident, and our highly skilled management team brought the refinery units back online per normal operating procedures,” the refinery said in a statement.

“Power failures happen occasionally, and our team is always prepared for an emergent scenario such as this.”

Dias said flare-ups happen when replacement workers without proper experience are running a plant.

“We’re hoping that the safety concerns are being addressed,” Dias said. “We’re hoping that the facility is just being taken care of properly, from a maintenance point of view. But ultimately we’re not in control of that today. We wish we were but we are not.”

Unifor is Canada’s largest private-sector union, with around 310,000 members.

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Dow Jones Rises But S&P, Nasdaq Fall; Nvidia, SMCI Flash Sell Signals As Bitcoin's Fourth Halving Arrives – Investor's Business Daily

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[unable to retrieve full-text content]

  1. Dow Jones Rises But S&P, Nasdaq Fall; Nvidia, SMCI Flash Sell Signals As Bitcoin’s Fourth Halving Arrives  Investor’s Business Daily
  2. Iran fires at apparent Israeli attack drones: Mideast tensions  The Associated Press
  3. S&P 500 extends losing streak to sixth day, Dow up 210 points  Yahoo Canada Finance
  4. Stock Market Today: Dow, S&P Live Updates for April 19  Bloomberg
  5. Stock market today: Wall Street limps toward its longest weekly losing streak since September  CityNews Kitchener

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Netflix stock sinks on disappointing revenue forecast, move to scrap membership metrics – Yahoo Canada Finance

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Netflix (NFLX) stock slid as much as 9.6% Friday after the company gave a second quarter revenue forecast that missed estimates and announced it would stop reporting quarterly subscriber metrics closely watched by Wall Street.

On Thursday, Netflix guided to second quarter revenue of $9.49 billion, a miss compared to consensus estimates of $9.51 billion.

The company said it will stop reporting quarterly membership numbers starting next year, along with average revenue per member, or ARM.

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“As we’ve evolved our pricing and plans from a single to multiple tiers with different price points depending on the country, each incremental paid membership has a very different business impact,” the company said.

Netflix reported first quarter earnings that beat across the board on Thursday, with another 9 million-plus subscribers added in the quarter.

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Subscriber additions of 9.3 million beat expectations of 4.8 million and followed the 13 million net additions the streamer added in the fourth quarter. The company added 1.7 million paying users in Q1 2023.

Revenue beat Bloomberg consensus estimates of $9.27 billion to hit $9.37 billion in the quarter, an increase of 14.8% compared to the same period last year as the streamer leaned on revenue initiatives like its crackdown on password-sharing and ad-supported tier, in addition to the recent price hikes on certain subscription plans.

Netflix’s stock has been on a tear in recent months, with shares currently trading near the high end of its 52-week range. Wall Street analysts had warned that high expectations heading into the print could serve as an inherent risk to the stock price.

Earnings per share (EPS) beat estimates in the quarter, with the company reporting EPS of $5.28, well above consensus expectations of $4.52 and nearly double the $2.88 EPS figure it reported in the year-ago period. Netflix guided to second quarter EPS of $4.68, ahead of consensus calls for $4.54.

Profitability metrics also came in strong, with operating margins sitting at 28.1% for the first quarter compared to 21% in the same period last year.

The company previously guided to full-year 2024 operating margins of 24% after the metric grew to 21% from 18% in 2023. Netflix expects margins to tick down slightly in Q2 to 26.6%.

Free cash flow came in at $2.14 billion in the quarter, above consensus calls of $1.9 billion.

Meanwhile, ARM ticked up 1% year over year — matching the fourth quarter results. Wall Street analysts expect ARM to pick up later this year as both the ad-tier impact and price hike effects take hold.

On the ads front, ad-tier memberships increased 65% quarter over quarter after rising nearly 70% sequentially in Q3 2023 and Q4 2023. The ads plan now accounts for over 40% of all Netflix sign-ups in the markets it’s offered in.

FILE PHOTO: Netflix reported first quarter earnings after the bell on Thursday. REUTERS/Dado Ruvic/File PhotoFILE PHOTO: Netflix reported first quarter earnings after the bell on Thursday. REUTERS/Dado Ruvic/File Photo

Netflix reported first quarter earnings after the bell on Thursday. REUTERS/Dado Ruvic/File Photo (REUTERS / Reuters)

Alexandra Canal is a Senior Reporter at Yahoo Finance. Follow her on X @allie_canal, LinkedIn, and email her at alexandra.canal@yahoofinance.com.

For the latest earnings reports and analysis, earnings whispers and expectations, and company earnings news, click here

Read the latest financial and business news from Yahoo Finance

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Oil Prices Erase Gains as Iran Downplays Reports of Israeli Missile Attack – OilPrice.com

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Oil Prices Erase Gains as Iran Downplays Reports of Israeli Missile Attack | OilPrice.com



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Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

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  • Oil prices initially spiked on Friday due to unconfirmed reports of an Israeli missile strike on Iran.
  • Prices briefly reached above $90 per barrel before falling back as Iran denied the attack.
  • Iranian media reported activating their air defense systems, not an Israeli strike.

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Oil prices gave up nearly all of early Friday’s gains after an Iranian official told Reuters that there hadn’t been a missile attack against Iran.

Oil surged by as much as $3 per barrel in Asian trade early on Friday after a U.S. official told ABC News today that Israel launched missile strikes against Iran in the early morning hours today. After briefly spiking to above $90 per barrel early on Friday in Asian trade, Brent fell back to $87.10 per barrel in the morning in Europe.

The news was later confirmed by Iranian media, which said the country’s air defense system took down three drones over the city of Isfahan, according to Al Jazeera. Flights to three cities including Tehran and Isfahan were suspended, Iranian media also reported.

Israel’s retaliation for Iran’s missile strikes last week was seen by most as a guarantee of escalation of the Middle East conflict since Iran had warned Tel Aviv that if it retaliates, so will Tehran in its turn and that retaliation would be on a greater scale than the missile strikes from last week. These developments were naturally seen as strongly bullish for oil prices.

However, hours after unconfirmed reports of an Israeli attack first emerged, Reuters quoted an Iranian official as saying that there was no missile strike carried out against Iran. The explosions that were heard in the large Iranian city of Isfahan were the result of the activation of the air defense systems of Iran, the official told Reuters.

Overall, Iran appears to downplay the event, with most official comments and news reports not mentioning Israel, Reuters notes.

The International Atomic Energy Agency (IAEA) said that “there is no damage to Iran’s nuclear sites,” confirming Iranian reports on the matter.

The Isfahan province is home to Iran’s nuclear site for uranium enrichment.

“Brent briefly soared back above $90 before reversing lower after Iranian media downplayed a retaliatory strike by Israel,” Saxo Bank said in a Friday note.

The $5 a barrel trading range in oil prices over the past week has been driven by traders attempting to “quantify the level of risk premium needed to reflect heightened tensions but with no impact on supply,” the bank said, adding “Expect prices to bid ahead of the weekend.”

At the time of writing Brent was trading at $87.34 and WTI at $83.14.

By Tsvetana Paraskova for Oilprice.com

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