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Canadian Pacific Kansas City Ltd
Symbol CP
Shares Issued 931,355,494
Close 2023-07-31 C$ 108.50
Market Cap C$ 101,052,071,099
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Globe says Magna, rivals hear third port strike averted

2023-08-01 05:50 ET - In the News

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

The Globe and Mail reports in its Tuesday, Aug. 1, edition that the union representing B.C. port workers has reached another tentative deal with employers, this time securing new wording on contracting out maintenance duties after pressing for improved job protection. The Globe's Brent Jang writes that the tentative agreement averts a third strike while capping a month of wild swings in labour relations. The proposed pact contains, according to two unnamed sources, new language designed to alleviate the union's concerns about employers continuing to outsource maintenance jobs to mostly non-union contractors. Sources say the new package runs for four years and uses a previous proposal drafted by a federal mediator as the template, with wage increases, a signing bonus and other details kept intact. Both sides in the labour dispute said late Sunday that their members should accept the settlement, which was reached just hours after the union criticized employers for refusing to budge on the major sticking point of contracting out. The Canada Industrial Relations Board (CIRB) has given the two sides until the end of this week to hold their ratification votes.

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