02:44 PM EDT, 07/18/2024 (MT Newswires) -- Labour Minister Seamus O'Regan is resigning from the federal cabinet after serving seven years as a minister, The Globe and Mail newspaper is reporting Thursday.

According to the report, Trudeau said O'Regan is stepping down for "family reasons", but that he will stay on as an MP. This will allow the minority Liberal government to avoid another by-election, amid flagging popularity for both the party and the Prime Minister, the report said.

The new Minister of Labour and Seniors will be sworn in on Friday, Trudeau added.

This comes as the rail giants, Canadian National Railway ( CNI ) and Canadian Pacific

Kansas City (CP.TO, CP), wait on the Canada Industrial Relations Board (CIRB) to rule on the federal labour minister's referral on maintenance of activities during a strike or lockout. Moves to initiate strikes earlier this year were paused pending such a ruling. Union members at both CN and CPKC railways have voted to reauthorize strikes at both companies if negotiated settlements can't be reached.

(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.)

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

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