Global Markets: CP Rail, workers agree to final, binding arbitration

WINNIPEG – The following is a glance at the news moving markets in Canada and globally.

– Both the Canadian Pacific Railway (CP Rail) and its workers under the Teamsters Canada Rail Conference (TCRC) have agreed to final and binding arbitration on Tuesday. This means workers will be back on the job at noon local time on the same day. The two sides were meeting with the help of federal mediators with wages and pensions still being negotiated on the bargaining table. Multiple industries had urged the federal government to intervene and force CP Rail employees back to work. “I congratulate the parties for staying at the table and coming to a resolution with the help of federal mediators,” Labour Minister Seamus O’Regan tweeted after the deal was made.

– The minority Liberal government and the New Democrats reached a supply and confidence agreement on Monday which would keep the Liberals in power until 2025 in exchange for the government providing support for NDP-backed initiatives. The deal was worked out by the leadership for both parties and was well-received by the majority of MPs from both sides. The NDP caucus would prop up the Liberals on confidence votes and the Liberals would support the expansion of pharmacare and the advancement of a national dental program among other priorities.

– While Russian forces continue to attack the Ukrainian port city of Mariupol, Ukrainian forces claimed to have retaken the Kyiv suburb of Makariv after a battle on Tuesday. They now have control of a key highway west of the capital and have blocked Russian troops from surrounding Kyiv from the northwest. However, other northwest suburbs such as Hostomel, Bucha and Irpin are still in Russian hands. United States President Joe Biden said on Monday that Russian President Vladimir Putin’s back is “against the wall” but is becoming more dangerous. Ukrainian President Volodymyr Zelensky said on national television on Monday his country is prepared to shelf any bid to join NATO in exchange for a ceasefire, as well as begin negotiations on the Crimea and Donbas regions.

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