financetom
Business
financetom
/
Business
/
Market Chatter: Fed Govt Intervenes With Binding Arbitration In Bid to Resolve Port Labour Disputes
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Market Chatter: Fed Govt Intervenes With Binding Arbitration In Bid to Resolve Port Labour Disputes
Nov 12, 2024 11:01 AM

10:21 AM EST, 11/12/2024 (MT Newswires) -- Federal Labour Minister Steven MacKinnon has ordered the Canada Industrial Relations Board to intervene in labour disputes at Canadian ports in a move to impose binding arbitration, The Globe and Mail is reporting Tuesday.

The decision on Tuesday by MacKinnon will affect four B.C. ports, the Port of Montreal and the Port of Quebec, it noted.

"I have directed the Canada Industrial Relations Board to order the resumption of all operations and functions at the ports, and to assist the parties by imposing final and binding arbitration," he said in a statement. "I have also directed the board to extend the term of the existing collective agreements until new ones are reached."

Tuesday's report noted the BC Maritime Employers Association locked out about 730 ship and dock forepersons on Nov. 4, hours after the union started what it called limited strike action that included a ban on overtime.

Members of Local 514 are supervisors of 7,400 workers at the International Longshore & Warehouse Union Canada.

(Market Chatter news is derived from conversations with market professionals globally, and/or from other media sources. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Carnival Raises Fiscal 2024 Earnings Guidance Following Surprise Second-Quarter Profit
Carnival Raises Fiscal 2024 Earnings Guidance Following Surprise Second-Quarter Profit
Jun 25, 2024
12:18 PM EDT, 06/25/2024 (MT Newswires) -- Carnival (CCL) lifted its full-year earnings outlook on Tuesday after the cruise operator unexpectedly swung to a fiscal second-quarter profit, buoyed by significantly higher prices on bookings taken during the period. The company now expects to post adjusted earnings of about $1.18 a share for fiscal 2024, up from its previous projection of...
US judge rejects settlements in chemical price-fixing class action
US judge rejects settlements in chemical price-fixing class action
Jun 25, 2024
June 25 (Reuters) - A U.S. judge has refused to approve class action settlements worth $38.5 million that would resolve allegations that a U.S. subsidiary of Formosa Plastics and others artificially inflated the cost of a chemical used in detergents and other products. Citing uncertainties over who would share in the settlement, Chief U.S. District Judge Elizabeth Wolford in Rochester,...
US electric utilities turn to batteries to shift power from low-price to high-price periods
US electric utilities turn to batteries to shift power from low-price to high-price periods
Jun 25, 2024
June 25 (Reuters) - Electric utilities in the U.S. are increasingly turning to batteries to shift power from periods of low prices to high-priced ones, according to an analysis from the U.S. Energy Information Administration. The strategy, referred to as arbitrage, involves utilities charging batteries by buying electricity during low-cost periods and then selling that electricity when electricity prices increase....
LVMH snaps up luxury Swiss clock maker L'Epee 1839
LVMH snaps up luxury Swiss clock maker L'Epee 1839
Jun 25, 2024
PARIS (Reuters) - LVMH, the world's largest luxury group, has acquired Switzerland-based speciality clock maker L'Epee 1839, boosting its expertise in high-end watch making, the company said on Tuesday. WHY IT IS IMPORTANT The acquisition comes as luxury groups seek to cater to shoppers at the very high end of the market as the rising cost of living dampens demand...
Copyright 2023-2026 - www.financetom.com All Rights Reserved