加拿大劳工委员会命令恢复铁路服务
周六，加拿大的两条一级铁路避免了严重的长期停工，此前一个独立的劳工委员会支持加拿大政府的命令，要求铁路与代表 9,000 多名铁路员工的工会进行具有约束力的仲裁。
加拿大劳资关系委员会 （CIRB） 在两个单独的命令中指示 Teamsters 加拿大铁路会议 （TCRC） 与该国的两条 I 类铁路——加拿大太平洋堪萨斯城 （CPKC） 和加拿大国家铁路 （CN） 进行具有约束力的仲裁。
该命令阻止了长期的停工，这种停工将在北美几乎所有商品的供应链中产生回响，从原油、精炼产品、液化石油气和煤炭到钾肥等化肥，以及消费品和工业品。
在铁路和 TCRC 之间长达数月的谈判陷入僵局后，CN 和 CPKC 运送的几乎所有铁路货物都在 8 月 22 日早些时候陷入停顿。当天晚些时候，加拿大政府介入，迫使各方进行具有约束力的仲裁，但 TCRC 表示，如果没有 CIRB 的裁决，它不会遵守该指令。
在其裁决中，CIRB 命令 TCRC 代表的 CN 和 CPKC 员工在美国东部时间 8 月 26 日凌晨 12：01 恢复工作，并保留“直到最终的约束性利益仲裁程序完成”。CIRB 还裁定，在仲裁过程中不得再发生停工，包括停工或罢工，这实际上使 8 月 23 日为 CN 工人发布的 TCRC 罢工通知无效，该通知将于 8 月 26 日生效。
CN and CPKC said they will comply with the CIRB order, and CPKC asked TCRC employees to return to work on 25 August "so that we can get the Canadian economy moving again as quickly as possible and avoid further disruption to supply chains".
The TCRC said it would comply with the CIRB decision, even though it sets a "dangerous precedent". TCRC plans to appeal the ruling in federal court.
"The ruling signals to corporate Canada that large companies need only stop their operations for a few hours, inflict short-term economic pain, and the federal government will step in to break a union," TCRC president Paul Boucher said. "The rights of Canadian workers have been significantly diminished today."
It could take weeks for Canadian rail operations to return to normal. CPKC said it could take several weeks for its rail network to fully recover from the work stoppage and even longer for supply chains to stabilize. Canadian railroads last week embargoed shipments of toxic materials and earlier this week stopped loading any new railcars.
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Union plans new rail strike despite arbitration order
Union plans new rail strike despite arbitration order
Washington, 23 August (Argus) — The status of rail freight in Canada remains uncertain after a Canadian labor union today issued a new strike notice to Canadian National (CN), less than a day after the federal government forced all parties to participate in binding arbitration. The Teamsters Canada Rail Conference (TCRC) today issued notice to CN that members will go on strike at 10am ET on 26 August. The union had not issued a strike notice to CN earlier this week, but employees could not work yesterday after the CN and Canadian Pacific Kansas City (CPKC) locked them out. "We do not believe that any of the matters we have been discussing over the last several days are insurmountable," the union said today in its notice to CN. It said it would be available to discuss issues to avoid another work stoppage. CN indicated it was frustrated with the union's action. "While CN is focused on its recovery plan to get back to powering the economy, the Teamsters are focused on returning to the picket line and holding the country hostage to their demands," the railroad said. CN last night had begun implementing a recovery plan to restore service . The union has not yet responded to inquiries about its action today. The office of labour minister Steven MacKinnon declined to comment. Rail operations at CN and CP stopped at 12:01am ET on Thursday after the union launched a strike at CPKC and both railroads locked out employees. That action ended late Thursday afternoon with the federal government directing the Canada Industrial Relations Board (CIRB) to manage binding arbitration on the railroads. CIRB, an independent agency, has not yet said if it will accept the government's order. CN began moving some freight early on 23 August, but the new strike order issued soon by the union today could disrupt those plans. The union has also challenged the constitutionality of MacKinnon's order regarding CPKC operations pending the outcome of a new ruling by the CIRB. CPKC's rail fleet remains parked in the meantime. CPKC said late Thursday it was disappointed in the minister's decision and sought to meet with CIRB to discuss resumption of service. CPKC said the union "refused to discuss any resumption of service, and instead indicated that they wish to make submissions to challenge the constitutionality of the Minister's direction." A case management meeting with CIRB occurred last night and another was scheduled for early today. By Abby Caplan Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
‘Time has come’ for rate cuts: Fed chair Powell
‘Time has come’ for rate cuts: Fed chair Powell
Houston, 23 August (Argus) — US Federal Reserve chairman Jerome Powell today told a central bank symposium that the "time has come" for the Fed to begin lowering borrowing costs, just weeks before the next Fed policy meeting in mid-September. "The time has come for policy to adjust," he told an audience of central bankers and economists at the annual symposium at Jackson Hole, Wyoming. "The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks." Powell's remarks today are the clearest signal that the Fed is ready to begin lowering borrowing costs, a move that would help spur economic activity as the economy has shown signs of slowing. The move would also come a little over two months before the presidential election in the US. After the 31 July Fed policy meeting that kept the rate unchanged, Powell said that if economic data continued to come in as expected, a rate cut "could be on the table" for the September meeting. After Powell's remarks today, the CME's FedWatch tool was signaling 65.5pc odds of a quarter point rate cut at the next Fed meeting and 34.5pc probability of a 50 basis point cut. That compares with 76pc for a quarter point cut and 24pc for a half point cut Thursday. "With an appropriate dialing back of policy restraint, there is good reason to think that the economy will get back to 2pc inflation while maintaining a strong labor market," he said today in the text of his speech. "The upside risks to inflation have diminished. And the downside risks to employment have increased." The Fed — which has a dual mandate of pursuing maximum employment and price stability — has been battling to bring down inflation for the last two years after it peaked at 9.1pc in June 2022. In the sharpest course of rate hikes in four decades, the Fed pushed up its target rate by more than five percentage points to a range of 5.25-5.5pc from early 2022 through July 2023. The Fed has maintained the target rate at that level since then, which has pushed the consumer price index to 2.9pc in the year through July, its lowest in three years. While inflation has slowed markedly, the economy has largely proven resilient. Still, the labor market has shown signs of weakening recently, especially as a much weaker-than-expected employment report for July caused a brief meltdown on financial markets several weeks ago. This prompted some economists to warn that the Fed had been too slow in adjusting its policy as recession fears had mounted. "We will do everything we can to support a strong labor market as we make further progress toward price stability," Powell said. "The current level of our policy rate gives us ample room to respond to any risks we may face." Powell noted that the labor market "has cooled considerably from its formerly overheated state," pointing out that unemployment had risen by nearly one percentage point to 4.3pc in July from early 2023, "still low by historical standards… Even so, the cooling in labor market conditions is unmistakable." By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Court endorses Maduro win amid warnings, violence
Court endorses Maduro win amid warnings, violence
Caracas, 23 August (Argus) — Venezuela's supreme court validated the reelection of President Nicolas Maduro to a third six-year term, maintaining he is the victor of the polemic 28 July vote. The court did not present any electoral material, ballots or tallies to support the claim, and no experts offered testimony. "This chamber declares ... the validity of the electoral material surveyed and validates the results of the presidential election," court chief justice Caryslia Rodriguez said. She also declared presidential candidate Edmundo Gonzalez to be in contempt of court for not attending the proceedings. Rodriguez's announcement came two hours after a UN mission questioned the official results. "We warn about the lack of independence and impartiality of the supreme court of justice and the national electoral council of Venezuela, which have played a role within the repressive machinery of the state," the UN fact-finding mission on Venezuela posted on social media. Gonzalez has produced electoral material, including tallies printed by voting machines and signed by witnesses on election day, giving him the victory by almost 70pc to 30pc. The "actas," as the tallies are known in Venezuela, were validated by several independent parties, including the Carter Center, the UN and the Organization of American states. The CNE electoral agency has also failed to present any of the other sets of these documents. Audits were never conducted. The Maduro government confirmed this week that 27 Venezuelans were killed in post-electoral violence, for which it blamed the opposition. Human rights non-government organization Provea said the bulk of the violence came from police and the military. Six anti-Maduro demonstrators were killed on 29 July near an army base. By Carlos Camacho Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Libya's parliament speaker warns of oil blockade
Libya's parliament speaker warns of oil blockade
Antalya, 23 August (Argus) — The speaker of Libya's eastern-based parliament has warned of a possible oil blockade over an attempt to replace the central bank governor. "Replacing the governor in the current situation may result in shutting down oil and stopping the transfer of its revenues to the central bank," said Aguila Saleh, whose parliament is supported by eastern-based general Khalifa Haftar's Libyan National Army (LNA). The LNA has imposed several politically motivated oil blockades in the past few years, which have wiped out huge chunks of Libya's nominal 1.2mn b/d of crude production. The LNA ordered the shutdown of the El Sharara field earlier this month, resulting in around 250,000 b/d being shut in . Libya's current output is around 1mn b/d. Libya's Tripoli-based Presidential Council issued an order on 18 August to replace central bank governor Sadiq al-Kabir, who has resisted efforts to remove him. Libya's oil export revenues flow into the central bank, making it one of the country's most powerful institutions. The UN's Libya mission on 22 August called for the dispute to be resolved peacefully. The mission "expresses grave concerns about reports of mobilisation of forces in Tripoli, including the threats to use force to resolve the crisis surrounding the Central Bank of Libya," it said. Libya is politically fragmented, with armed groups propping up rival administrations in the east and west. The move against al-Kabir threatens to destabilise a fragile peace that has held since 2020, when eastern and western based military forces reached a ceasefire agreement. By Aydin Calik Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
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