Glacier FarmMedia MarketsFarm – The following is a glance at the news moving markets in Canada and globally.
– Traffic at Canadian National Railway (CN Rail) and Canadian Pacific Kansas City (CPKC) will resume today after the Canada Industrial Relations Board (CIRB) ordered the members of the Teamster Canada Rail Conference (TCRC) back to work after the union issued strike notices to both railways during the weekend. However, the Teamsters said it will appeal the CIRB’s ruling in court. Rail traffic is not expected to resume normal levels for at least a few weeks.
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By Glen Hallick Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets…
– Canadian Prime Minister Justin Trudeau announced on Monday morning the federal government will reduce the number of low-wage temporary foreign workers entering the country, refusing applications in regions with an unemployment rate of six per cent or higher. Employers will also be able to hire temporary foreign workers as up to 10 per cent of their workforce, instead of the previous limit of 20 per cent. The changes, which will be in effect on Sept. 26, are designed to convince employers to hire Canadian workers and to bring the temporary foreign worker program in line with rules implemented before the COVID-19 pandemic.
– Also on Monday morning, Trudeau announced that Canada will impose a 100 per cent tariff on Chinese-made electric vehicles, as well as 25 per cent tariffs on Chinese aluminum and steel. The measures will be implemented to slow down an influx of Chinese goods into Canada.
– Russia launched an attack on Ukraine early Monday morning, which involved 100 missiles and 100 Shahed drones according to Ukrainian President Volodymyr Zelenskyy. The attack targeted 15 of the country’s regions, damaging energy infrastructure. One day earlier, Hezbollah launched rockets and drones at Israel, leading Israel’s military to pre-emptively strike Lebanon to prevent a larger attack. Hezbollah said the attack was retribution for Israel’s assassination of senior commander Fuad Shukr last month.
