Glacier FarmMedia COVID-19 & the Farm

Global Markets: CN workers set to strike

By MarketsFarm

WINNIPEG, Nov. 18 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– On the heels of Canadian National Railway announcing the layoffs of 1,600 employees the company is now facing a possible strike. After six months of negotiations without a deal, the Teamsters Canada Rail Conference issued the required 72-hour notice that its 3,200 conductors, trainpersons and yardpersons could walk off the job as early as 12:01 am Tuesday. The union’s demands include a prescription drug plan, improved safety and work hours. On Nov. 15, CN announced the job cuts as weaker United States and Canadian economies has led to less demand for rail transportation.

– As Phase One of the U.S./China trade deal remains waiting to be signed, top-level negotiators are continuing negotiations by teleconference. Uncertainty has been swirling around the deal, which led the stock markets to open lower on Monday. Without a signed deal, the U.S./China trade war could sink the global economy into a recession.

– Hong Kong police fired rubber bullets and tear gas at protestors on Monday, as the anti-government demonstrators continue. Fears of a bloody crackdown on the months long protests were said to be ramping up. Chinese soldiers stationed near the Polytechnic University were observing the clashes between police and protestors. The latter are demanding democratic rule for the former British colony, now controlled by mainland China.

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