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Canadian Pacific Kansas City Ltd
Symbol CP
Shares Issued 931,355,494
Close 2023-07-21 C$ 107.63
Market Cap C$ 100,241,791,819
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Globe says Magna, others hear B.C. port workers return

2023-07-21 07:14 ET - In the News

See In the News (C-MG) Magna International Inc

The Globe and Mail reports in its Friday, July 21, edition that port employees across British Columbia have returned to work as union leaders consider a four-year mediated proposal after a turbulent week that saw their caucus reject the tentative pact approved by their bargaining committee. The Globe's Brent Jang writes that workers have been trickling back to their jobs, including employees in Vancouver who began their shifts at 1 a.m. on Thursday. Workers reported for duty on Wednesday afternoon in Prince Rupert; on Vancouver Island; and in the Vancouver suburbs of New Westminster and Delta. The tentative deal provides for a compounded wage hike of 19.2 per cent over four years. Federal Labour Minister Seamus O'Regan described this week's strike as illegal after the Canada Industrial Relations Board ruled that the union failed to provide 72 hours of notice for the walkout. That in turn prompted the International Longshore & Warehouse Union Canada on Wednesday morning to issue its 72-hour strike notice to take effect on Saturday -- which it revoked hours later. Under the mediated proposal, the signing bonus would be about $3,000 as an "inflation adjustment allowance," depending on the hours worked in 2022.

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