Teamsters Canada says it has reached a tentative agreement with Canadian National Railway Co. to renew the collective agreement for over 3,000 conductors, trainpersons and yard workers.
The union said normal operations at CN will resume Wednesday at 6 a.m. local time across Canada.
Details of the agreement, which must be ratified by union members, were not immediately available.
The workers began their strike, which brought freight trains to a halt across the country, last week.
The federal government had faced mounting pressure to resolve the strike — either through swift mediation, binding arbitration or back-to-work legislation — as premiers and industry voiced concerns about lost profits and a critical propane shortage in Quebec.
However the government said it believed that the quickest way to resolve the dispute would be a negotiated settlement reached at the bargaining table.
The union thanked the prime minister for respecting the workers’ right to strike and acknowledged the help of Labour Minister Filomena Tassi, Transport Minister Marc Garneau and the federal mediation and conciliation service in reaching the deal.
“Previous governments routinely violated workers’ right to strike when it came to the rail industry. This government remained calm and focused on helping parties reach an agreement, and it worked,” Teamsters Canada president Francois Laporte said.
The railway workers had raised worries about long hours, fatigue and what they considered dangerous working conditions.
CN rejected the union’s claim that the strike concerns workplace health and safety, suggesting instead that it revolves around worker compensation.
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November 26, 2019 at 09:45PM
Well that didn’t go quite as planned now, did it? Indeed, I can’t remember a time when the appearance of Elon Musk on a stage elicited so much … sympathy. From the silent gasp that greeted his futuristically-styled lunar rover — best summed up by Credit Suisse’s pronouncement that Ford and General Motors can “breathe a sigh of relief” — to the I-wonder-who’s-going-to-lose-their-job-this-week moment when supposedly bulletproof glass looked, uhm, surprisingly vulnerable, last Thursday’s Cybertruck presentation was — there is no other word for it — cringe-worthy.
Nonetheless, it would be foolhardy to dismiss the Cybertruck importance. It is, after all, a Tesla, meaning that cult members will line up to hand in their US$150 deposits because, well, flamethrowers. And there are, even for a committed skeptic like yours truly, a number of laudable features: I, being a biker, really like the tailgate’s built-in ramp. Here, then, is our by-the-numbers breakdown of Tesla’s claims for its world-changing pick-me-up.
The stainless-steel body
Musk made much of the Cybertruck cold-rolled stainless steel body. As unusual as stainless is in the automotive industry — after all, it’s been 36 years since DeLorean — Tesla can lean on the expertise of Musk’s other (literally) pie-in-the-sky venture, SpaceX, which plans to build its Starship with the tough, corrosion-free material.
The benefits are manifold. Rust, of course, is non-existent, the look is unique, and as designer Franz von Holzhausen illustrated, the exterior should be tough as nails. Incorporating it into a monocoque-like frame helps make up for the fact that stainless is somewhat denser than carbon steel and far heavier than aluminum or carbon fibre. We don’t know how much the Cybertruck will weigh — and judging by its unfinished look, neither does Musk — but if Tesla had decided to combine stainless steel with traditional truck manufacturing processes, it would have been truly tankish.
The downside is that stainless steel is typically tougher to form, which may help explain the Cybertruck’s styling by straightedge. Stainless, despite its reputation for toughness, will also be a little more difficult to keep clean than traditional paint. Oh, the truly meticulous — already accustomed to the five full steps of a Meguiar’s “polish and protect” system — won’t mind the extra care stainless may need, but good ole-fashioned clear-coated is a lot less maintenance free. Musk has suggested some personalization may be available — matte black has been confirmed says Electrek — but stainless steel is difficult to paint, which among other things, is going to make repair problematic.
Besides, rust — the issue that stainless steel is supposed to alleviate — has not been a issue in automobiles for more than two decades. That the Cybertruck is constructed of the same materials SpaceX launches into the stratosphere may make for beguiling presentations, but I suspect it may prove of somewhat questionable practical benefit in a terrestrial-bound truck.
I predict that aerodynamics and avoirdupois are going make those 500 miles an impossible target on the highway
The performance
It’s hard not to be impressed by the numbers Mr. Musk trotted out: 250 miles (400 kilometres) of range in the base model, a whopping 500 miles (800 kilometres) in the all-singing-all-dancing Tri Motor version. The Cybertruck, Musk says, will tow 14,000 pounds and has a maximum payload of 3,500 pounds. Those numbers are, as Tesla fans have gleefully parroted, more F-350 than F-150, an incredible feat for what is supposed to be a light-duty truck.
The problem is that some of the numbers don’t exactly add up. According to the EPA, Tesla’s Model X — less bluff-bodied and certainly lighter than the Cybertruck — gets somewhere in the region of 2.3 to 2.8 miles (3.7 to 4.4 kilometres) of range per kilowatt-hour of lithium-ion.
Even using these optimistic numbers — I suspect that the top-of-the-line Cybertruck will only get about 2.0 to 2.5 miles per kWh — the base Single Motor model will need about 100 kWh of lithium-ions to meet Musk’s predictions and the Tri Motor will require somewhere in the region of 200 kWh to eke out its much-ballyhooed 500 miles. The latter represents — again, even by optimistic standards — at least 800 to 900 kilograms worth of battery. Throw in three motors, inverters and that aforementioned stainless steel body and the Tesla is starting to look pretty darned hefty.
That may not affect the city driving very much — all that weight will need more energy to move, but that may be recoupable in regenerative braking — but I predict that aerodynamics and avoirdupois are going make those 500 miles an impossible target on the highway. And, for the same reason, don’t be surprised if the Tri Motor doesn’t quite meet that 3,500-pound payload target. The top-of-the-line Tesla really is going to be that porky.
Tesla CybertruckTesla
The pricing
Musk announced the base Cybertruck will start at US$39,900, about the same price as a Model 3. Even the top-of-the range Tri Motor looks to be a bargain compared with the MSRPs estimated for similarly-spec’ed Rivians. If Musk can deliver, even those put off by the Tonka Toy styling might be enticed into the Tesla fold. Nobody else in the industry would dare put numbers like these forward. That may be because, as we all know, Tesla has a penchant for — let’s just call it like it is — complete fabrication. Quite why anyone still pays any heed to Muskian pricing pronouncements is beyond me.
Even the most rudimentary of accounting of Cybertruck specifications should lead to at least a bit of skepticism. To wit: Currently, the cost of lithium ion batteries ranges somewhere between a high of US$175 a kWh (typically quoted for the cells and the battery pack combined) to a low of $125 (most often estimated for just the individual cell packs alone). Tesla has said it will hit the $100 per kWh mark by 2020, but considering how loosely associated Mr. Musk and fiscal reality are, that’s almost assuredly for cell packs alone. Nonetheless, even using optimistic costing and battery efficiency, you’re looking at US$10,000 batteries in the base model and double that in the 500-mile version.
Another additional cost will be the Cybertruck’s Fancy Dan body. Musk told Space.com that his stainless steel sets him back about US$3 a kilogram. The high-strength carbon steel that other automakers use, meanwhile, costs about a buck. I don’t know how much the Cybertruck’s “Exoskeleton” weighs, but in a business that manages its costs by the penny, an entire body of stainless steel will not come cheap.
This makes the Cybertruck the biggest risk Mr. Musk has taken since Tesla was pumping out little Lotus-based Roadsters
The bottom line
EV proponents are fond of saying that electric vehicles will soon be price competitive with their gas-fueled counterparts, but using any realistic estimates of near-term battery pricing, it’s hard to see how Tesla makes any profit at Musk’s advertised pricing.
Contrast that with the mountains of cash that traditional truck makers generate from pickups. If industry estimates are correct, Ford can manufacture an entire stripped-to-the-bone base F-150 for less than Tesla can produce just the batteries the Tri Motor Cybertruck requires. Thanks to the basic — you can call it archaic if you want — construction of a traditional pickup, a US$40,000 F-150 pumps at least at least $10,000 of profit into Ford’s coffers. And even if the $30,000 that some soothsayers claim GM and Ford make on their US$75,000 High Country and Limited models is a little exaggerated, the fact remains that trucks are the most profitable vehicles in the entire industry.
This makes the Cybertruck the biggest risk Mr. Musk has taken since Tesla was pumping out little Lotus-based Roadsters. If he can’t make a profit on the Cybertruck — and let’s remember Tesla doesn’t have a stellar reputation for profitability — then his penchant poke-me-in-the-eye styling and wishful pricing will be his undoing. The Cybertruck has long been predicted to be a turning point in Tesla’s fortunes. The big question, after last Thursday’s presentation, is whether that’s an up- or a downturn.
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November 26, 2019 at 06:00PM
Alimentation Couche-Tard has made a US$5.8-billion play for Australian company Caltex.
Andrej Ivanov/The Globe and Mail
Canadian convenience store giant Alimentation Couche-Tard is trying to take its biggest bite yet, making a US$5.8-billion play for Caltex Australia Ltd. as it pursues its global expansion.
Laval, Que.-based Couche-Tard offered to pay AU$34.50 in cash per share for Caltex, increasing an earlier proposal of $32 per share that was rejected, Caltex said early Tuesday. The offer is equivalent to roughly $7.8-billion.
Caltex said it was considering the non-binding bid and that talks were at a preliminary stage.
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Couche-Tard, one of the world’s biggest chain of convenience stores, operates under the name Circle K in most places and Couche-Tard in Quebec. The company has been hunting for its next big takeover and many observers expected a deal in the Asia region.
Executives have commented in recent weeks that takeover targets in North America have become expensive. And the company has shown a willingness in the past to step away from deals it finds too pricey.
Today, together with Japanese rival 7-Eleven Holdings, Couche-Tard is among the world’s biggest convenience store players. In 2017, the company finalized its US$4.4-billion takeover of Texas-based CST Brands, its biggest purchase. The company has more than 16,000 stores worldwide.
Alain Bouchard, the executive chairman and founder, has turned Couche-Tard into one of the industry’s leading consolidators in recent years, with several major deals completed. The company has continued to expand its store count and revenue dramatically, doubling in size several times through acquisitions in the United States and Europe.
Couche-Tard last year grew it profit 10 per cent to US$1.8-billion and increased sales 15 per cent to US$59.1-billion. Mr. Bouchard has set a goal to double net earnings again within five years.
Earlier this year, chief executive Brian Hannasch characterized the goal as “ambitious” but achievable. To get there, Couche-Tard has to grow sales of existing stores while making further acquisitions, he said.
“[The goal] is founded on the understanding of the current and future market dynamics, upcoming trends in convenience and fuel as well as our deeply rooted aspirations to improve the customer journey and drive more traffic into our locations,” Mr. Hannasch said.
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The Couche-Tard offer could be complicated by a plan announced by Caltex Monday to launch an initial public offering of a 49-per-cent stake in 250 of its locations.
Caltex gets about 23% of its annual revenue from its convenience and retail operations, with its fuel and infrastructure business making up the rest, according to Bloomberg data.
Couche-Tard later confirmed it made an offer, noting it remains subject to various conditions including Caltex not moving forward with its planned property IPO or any other transactions.
“We believe this is a very compelling offer for Caltex shareholders, representing an excellent premium and certainty of value today,” Mr. Hannasch said in a statement Tuesday. “With Caltex, we see a potential opportunity to leverage our leading global position in the convenience retail market, and we would seek to bring all our operating expertise to bear to help support and grow the Caltex business.”
The CEO noted Couche-Tard wants to buy all of Caltex and not just a piece. He said his team is willing and prepared to engage with Caltex so that the offer can be put to Caltex shareholders “as soon as possible.”
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November 26, 2019 at 11:47AM
Bank of Nova Scotia is putting the spotlight on its global wealth-management business for good reason.
The takeovers of Canadian money managers Jarislowsky Fraser Ltd. and MD Financial Management last year contributed to the second-highest quarterly profit from wealth management in five years and the biggest profit growth among the company’s main businesses.
Chief Executive Officer Brian Porter sees so much promise from wealth management that the Toronto-based lender is starting to break out earnings from the business as a separate division this fiscal year.
Key Insights
-The executive heading the business, Glen Gowland, has a target of reaching 15 per cent of overall bank earnings for the division, compared with the 13% achieved in the fourth quarter. Earnings in the wealth business rose 16 per cent to $303 million.
-Scotiabank’s global banking and markets unit had seen year-over-year revenue declines for 10 straight quarters, and had profit growth only once in the past two years before the fourth quarter. The division posted profit of $405 million, down 2.6 per cent from a year ago while revenue rose nine per cent to $1.17 billion.
-Scotiabank has scaled back in the Caribbean and Asia in favor of four Latin American countries, a move not without risks. National Bank Financial analyst Gabriel Dechaine said in an earnings-preview report that issues facing the bank include “civil unrest in Chile, Mexico’s business climate and a political leadership vacuum in Peru.” The international banking division earned $823 million, up 2.4 per cent from a year earlier.
-While Scotiabank has significant operations overseas in Latin America and the Caribbean, most of its profit still comes from its Canadian businesses. Earnings from Canadian banking rose 2.5 per cent to $1.14 billion.
Market Reaction
Scotiabank shares climbed 11 per cent this year through Monday, making it the worst performer among Canada’s large lenders and lagging Canada’s eight-company S&P/TSX Commercial Banks Index, which has gained 15 per cent.
Get More
-Net income for the three months ended Oct. 31 rose 1.6 per cent to $2.31 billion, or $1.73 a share. Adjusted earnings totalled $1.82 a share, matching the average estimate of 13 analysts in a Bloomberg survey.
-Scotiabank is the first major Canadian bank to report fourth-quarter results. The country’s Big Six lenders are expected to post adjusted earnings growth of four per cent for the period, the median of estimates compiled by Bloomberg Intelligence.
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November 26, 2019 at 07:32PM
Tesla
CEO Elon Musk decided to pick on Ford’s popular F-150 during the Cybertruck launch—and
Ford Motor
(ticker: F) isn’t happy about it.
During his reveal event in Los Angeles Musk played a “tug of war” video showing a Cybertruck pulling an F-150 with ease. It was a fun video. Ford isn’t laughing and they might be challenging the Cybertruck to an apples-to-apples pull-off. Musk tweeted “bring it on” in response to the suggestion. The winners in this truck-war are investors who will learn a lot about truck design as well as physics.
Apples-to-apples is the key phrase in this debate. Investors and onlookers don’t know which Cybertruck configuration was used or which F-150 was battling Cybertruck in the Tesla’s video. Configuration and conditions matter a lot. Here’s what investors need to know to evaluate who might win the truck wars.
Configuration
Tesla is offering the Cybertruck in three configurations: a one motor rear wheel drive option, a two motor all wheel drive option and a three motor all wheel drive option. A three motor all wheel drive Cybertruck is a $70,000 vehicle with about 1,000 foot-pounds of torque.
(A foot-pound is a common unit of torque—or twisting force—that correlates to how much and how easily a vehicle can pull something.)
A base model F-150 isn’t comparable to the three motor Cybertruck. A $70,000 Ford truck is more like a F-450 super duty pickup. A truck like that can also generate about more than 1,000 foot-pounds of torque—similar to the top-level configuration of Cybertruck.
Tires
A Ford F-450 also has more tires—six of them, with four in the back. That matters. A lot. Torque, for instance, is no good on ice. Surface contact with the road is critical. That raises another point. Onlookers don’t know what kind of tires were on both vehicles in the Telsa-filmed tug of war. Both Ford and Tesla didn’t respond to request for comments about the tug of war or truck configurations used in the original video.
Curb Weight
Weight obviously matters when towing. What’s less obvious is Tesla sedans tend to be heavier than comparable cars because of the battery pack. The weigh and distribution of the battery weight is one reason Tesla model cars handle so beautifully. Complete specifications aren’t available for Cybertruck, but a Tesla Model X sport-utility vehicle is about 1,000 pounds heavier than a base model Ford F-150.
Driving
Most people tend to believe they are above average drivers, which, by definition, can’t be true. There is a lot of skill in maximizing car performance. Just ask a race car driver. Original tug-or-war onlookers don’t know how both trucks were operated. Electric motors have peak torque at zero rpm. Traditional internal combustion engines don’t. How the F-150 engine is revved matters to pulling results.
“Tesla should have the advantage at zero rpm,” a retired automotive engineer tells Barron’s. “Ford will have to rev the engine and pop the clutch like we did in the old days.”
Functionality
No one is going to buy a truck to pull a friend’s car backward. And no one has yet answered Barron’s question about boats. Tesla’s base warranty doesn’t cover deep water, presumably because of the battery packs. Many people with boats know launching the craft requires backing into the river, lake or ocean. Tesla hasn’t responded to multiple request for comment about warranties.
Of course, it is impossible to design a perfect comparison. The Cybertruck, for instance, seats six in its base configuration. There is more room in electric vehicles because there is no internal combustion engine taking up space. The batteries in an EV are typically in the floor. That’s one positive for EVs that consumer may not typically consider.
And aside from being wildly entertaining, the tow off is important for Tesla, Ford and
General Motors
(GM). The two truck encumbents will be highly motivated to demonstrate their vehicles are as good or better than Cybertruck. Both will want to relegate the futuristic pickup to niche status.
Early results show Cybertruck might have wider appeal than many predicted. Telsa achieved a win collecting more than 200,000 orders for its latest model. But with a reservation price of only $100, which is fully refundable, it isn’t clear what reservation-to-delivery conversion the EV pioneer with realized. What’s more, the top configuration—with three electric motors—won’t be available until 2022, according to Tesla’s website. Both Ford and GM should have all electric trucks by then.
Since the launch event Tesla shares are down about 5.2%. Design disappointment might be responsible, but the stock is still up about 56% over the past three months. Ford shares have risen 3.3% since the Cybertruck launch event. The
S&P 500,
for comparison, is up 1% since the Tesla reveal gala.
1. Dow set for higher open after another record close
Traders work on the floor of the New York Stock Exchange (NYSE) on November 04, 2019 in New York City.
Spencer Platt | Getty Images
U.S. stock futures were pointing to a modestly higher open Tuesday on Wall Street. The Dow Jones Industrial Average, S&P 500 and Nasdaq all closed at record highs Monday, putting year-to-date gains at 20%, 25% and 30%, respectively. Optimism surrounding U.S.-China talks on a "phase one" trade deal boosted the stock market Monday and there's further evidence of possible progress Tuesday. China's Ministry of Commerce said its top trade negotiator, Vice Premier Liu He, spoke with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin on Tuesday morning local time. "Both sides discussed resolving core issues of common concern," the ministry said.
2. Powell: Rates probably won't rise anytime soon
Jerome Powell, chairman of the U.S. Federal Reserve, speaks during a news conference following a Federal Open Market Committee (FOMC) meeting in Washington, D.C., U.S., on Wednesday, on Wednesday, Oct. 30, 2019.
Al Drago | Bloomberg | Getty Images
With the final 2019 meeting of Federal Reserve policymakers just two weeks away, Fed Chairman Jerome Powell signaled interest rates are unlikely to rise anytime soon, saying Monday the central bank remains firmly committed to seeing the inflation rate go up to 2%. Inflation has been well below that level for 2019, despite three rate cuts over the past four months. Dallas Fed President Robert Kaplan told CNBC on Tuesday he expects fourth-quarter growth to be "weak" as business cut inventories due to trade concerns. Investors will be looking for more clues on the U.S. economy Tuesday morning, when the September S&P/Case-Shiller report on home prices and government data on October new home sales are released.
3. House Democrats preparing final impeachment report
House Intelligence Committee Chairman Adam Schiff, D-Calif., joined by other House Democrats, speaks during a press conference after the House Intelligence Committee hearing on the impeachment inquiry of President Trump in Longworth Building on Wednesday Nov. 13, 2019.
Caroline Brehman | CQ-Roll Call, Inc. | Getty Images
House Intelligence Committee Chairman Adam Schiff, D-Calif., said impeachment investigators are pulling together their findings. House Democrats could deliver a finalized report as early as next week after several closed-door depositions and two weeks of public hearings looking into President Donald Trump's intention when he asked Ukraine's leader in a July phone call to investigate political rival Joe Biden. Trump has repeatedly said he's done nothing wrong, calling the impeachment inquiry a "hoax" and a "witch hunt." He said there was "no quid pro quo" on that call. If the Democratically controlled House were to vote for impeachment, the Republican-controlled Senate would hold a trial on the evidence.
4. Google fires four workers for alleged wrongdoing
Alphabet's Google has terminated four employees for allegedly sharing sensitive information after weeks of internal dissent related to the mistrust of leadership. At least two of the employees were at the center of recent worker protests. Rebecca Rivers, who previously spoke out about Google's contracts with U.S. Customs and Border Protection, tweeted she was one of them. Last week, a group of 20 Google employees in San Francisco protested the interrogation of Rivers and another employee, Laurence Berland, who had been placed on sudden and indefinite administrative leave for allegedly sharing sensitive information.
5. Cybertruck vs. F-150 — Elon Musk says 'bring it on'
Tesla's futuristic pickup truck appears set to go head to head against the Ford F-150 in an "apples-to-apples" battle. The anticipated showdown, which could take place next week, comes after Tesla this week unveiled its all-electric Cybertruck and showed a promotional video of the vehicle towing a F-150.
Critics of the demonstration have argued the test was unfavorable to Ford. Sundeep Madra, vice president at Ford X, tweeted Monday, apparently urging Tesla CEO Elon Musk to send over a Cybertruck for a tug-of-war test. In a tweet directly replying to the Ford X vice president, Musk replied, "Bring it on."
CNBC's before the bell news roundup
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Google employees contend that four of their colleagues were fired in retaliation for worker organizing (AFP Photo/Ben STANSALL)
San Francisco (AFP) - Google on Monday fired four employees on the grounds they had violated data security policies, but the tech titan was accused of persecuting them for trying to unionize staff.
The dismissals of the quartet -- dubbed the "Thanksgiving Four" on social media -- deepened staff-management tensions at a company once seen as a paradigm of Silicon Valley freedoms but now embroiled in numerous controversies.
A memo to employees titled "Securing our data" sought to correct what Google contended was misinformation about the purported wrongdoing, saying it involved "systematic searches for other employees' materials and work."
Google, the money-making engine of parent company Alphabet, confirmed a copy of the note published by Bloomberg News but declined to comment further to AFP.
The memo said the information accessed by the individuals, "along with details of internal emails and inaccurate descriptions about Googlers’ work, was subsequently shared externally."
But the Tech Workers Coalition said the employees had been fired for "organizing at work" and urged others at Google to speak out.
"This is meant to scare workers, don't let it," the campaign group tweeted, appealing for other employers to step in and hire the four. At least one job offer came through in response.
One of the workers fired was connected to a petition condemning Google for working with the US customs and border patrol agency, which has been involved in President Donald Trump's crackdown on illegal immigration.
"Four of our colleagues took a stand and organized for a better workplace," read a Medium post by Google Walkout for Real Change, which organised a staff protest last year over the issue of sexual misconduct.
"This is explicitly condoned in Google's Code of Conduct, which ends: 'And remember ... don't be evil, and if you see something that you think isn't right — speak up.'
"When they did, Google retaliated against them."
Authors of the post contended that Google policies on data security were tightened simply to provide cover for getting rid of the workers.
"This is classic union busting dressed up in tech industry jargon, and we won't stand for it," they said.
- Global disputes -
The Google workplace has been disrupted by employee opposition to top-level decisions ranging from forging contracts with the US military to tailoring a version of the search engine for China.
A year ago, Google employees poured out of premises at its Mountain View campus and around the world to protest the company's handling of sexual misconduct allegations.
When they were still suspended prior to the firings, two of the quartet on Friday addressed a protest rally at the company's San Francisco offices, according to US media.
Jeffrey Hirsch, a University of North Carolina law professor and former National Labor Relations Board attorney, said Google could face legal problems unless it could show a consistent approach towards other staff accused of the same conduct as the four.
"If not, Google will likely have to reinstate the employees and pay them back pay," he told Bloomberg.
Google's virtual monopoly on internet searches has provoked accusations that it abuses its global dominance to attract more advertising money at the expense of others, such as the news media.
In France, an alliance of press groups is fighting back with a complaint under the European Union's new copyright law. AFP has brought a separate complaint against Google.
Like Facebook and Twitter, Google also stands accused of turning a blind eye to political disinformation on its platforms.
Last week, the search leader updated how it handles political ads, stepping up actions it says it is taking in the buildup to the US presidential election next year.
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