Canada Ends Rail Lockouts After Less Than a Day
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KEY TAKEAWAYSThe Canadian government ordered an end to the lockouts of unionized workers at the country's two biggest freight railroad operators, which threatened trade with the U.S. and the national economy.Canadian National Railway said it ended its lockout effective at 6 p.m. ET Thursday, while Canadian Pacific Kansas City said it is "preparing to restart railway operations."The two had locked out nearly 10,000 workers just after midnight Thursday after unsuccessful negotiations with the Teamsters Canada union.
One of Canada's two biggest freight railroad operators ended its lockout of unionized workers while the other prepared to resume operations after Ottawa ordered an end to their stoppages, which threatened trade with the U.S. and the national economy.Canadian National Railway (CNI) said it ended its employee lockout effective at 6 p.m. ET Thursday, while Canadian Pacific Kansas City (CP) said it is "preparing to restart railway operations." Shares of both companies edged higher in premarket trading Friday.The two had locked out nearly 10,000 workers just after midnight Thursday after unsuccessful negotiations with the Teamsters Canada union.Canadian Industrial Relations Board Ordered To Impose Binding ArbitrationThe Canadian government ordered the end to the lockouts after less than a day. Canadian Labor Minister Steve MacKinnon noted that the two sides were at an "impasse" as he ordered the Canadian Industrial Relations Board to impose the binding arbitration and end the shutdown.But he said given how critical trade is for the country, "it is the government's duty and responsibility to ensure industrial peace in this critically vital sector."Canada's economy is highly dependent on international trade, which makes up about two-thirds of GDP. The U.S. is by far its largest export market. Read the original article on Investopedia.
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