Municipal workers face privatization, cuts, precarious work, pension attacks, and tough bargaining | Canadian Union of Public Employees

Posted on by

Workers in municipalities across the country are facing privatization, cuts, precarious work, attacks on pension plans, and a tough bargaining environment.

The municipal sector council focused on resisting attacks on pension plans. CUPE pension researcher Mark Janson outlined a roadmap for members to defend defined benefit pension plans.

Panelists described how CUPE members mobilized against employer attacks on defined benefit plans in Halifax, Alberta and Quebec – where the fight continues.

Solidarity and strength were the key to workers at the Halifax Water Commission emerging from a 59-day lockout with their defined benefit pension protected for future members. The struggle united members of two locals, even those who were members of a different plan.

“We have to stand up and fight back, because a pension injury to one is a pension injury to all,” said CUPE 1431 President Heather Corkum.

A well-organized coalition and unrelenting public pressure forced the Alberta government to scrap deep cuts to the Local Authorities Pension Plan. Now, the unions are working for joint governance of the plan, said CUPE Alberta President Marle Roberts.

CUPE Quebec General Secretary Denis Bolduc described how CUPE and other labour allies faced down a provincial government attack on free collective bargaining and municipal pension plans. The unions’ latest move is a legal challenge to the forced changes that affect 60,000 workers and retirees.

Members also learned from the ongoing struggle against water privatization in Greece. Privatization is one facet of deep cuts being imposed on the country, said George Archontopoulos, president of the union representing Thessaloniki water workers.

Source: Municipal workers face privatization, cuts, precarious work, pension attacks, and tough bargaining | Canadian Union of Public Employees

Baystreet.ca – TSX Rides Valeant Surge Higher

Posted on by

A surge in health-care stocks, particularly the beleaguered Valeant Pharmaceuticals, powered equities in Toronto Monday, after hefty losses Friday to end the month of October.

The S&P/TSX composite index climbed 93.84 points to end the day at 13,623.01

The Canadian dollar settled 0.17 cents at 76.33 cents U.S.

Valeant surged 8.1% to $131.88.

Among energy issues, another winner, Husky Energy shares popped 4.1% to $18.40, while Suncor climbed 0.7% to $39.17.

Also enjoying success was the metals and mining field, led by a 4.4% gain in Potash to $27.55, while First Quantum Minerals moved up 3.7%, to $7.24.

Not faring so well was the consumer staples sector, which saw Restaurant Brands – the parent company of Tim Hortons – lose 2.5% to $51.17.

On the economic calendar, RBC announced that its Manufacturing Purchasing Managers Index posted 48.0 in October, down from 48.6 in September and below the neutral 50.0 threshold for the third month in a row, signaling a deterioration of business conditions.

ON BAYSTREET

The TSX Venture Exchange eased 2.46 points to 539.57

All but two of the 13 TSX subgroups were positive to end the day, with health-care up 2.7%, energy gushing 1.8%, and the metals and mining stronger by 1.6%

The two dissenters were consumer staples, down 0.5%, and telecoms, off 0.04%.

ON WALLSTREET

U.S. stocks closed higher by nearly 1% or more Monday, the first trading day of November, as investors eyed earnings and a heavy week of economic reports.

The Dow Jones industrial average spiked 165.22 points to 17,828.76, turning positive for 2015 in intraday trade as the close approached. Chevron led advancers and Visa the greatest laggard.

The S&P 500 climbed 24.26 points to 2,103.62, with energy leading eight sectors higher and telecommunications and utilities the only decliners. The last time the index crossed 2,100 in intraday trade was Aug. 18, and its last close above was on Aug. 17.

The NASDAQ index leaped 70.94 points to 5,124.69

Chevron contributed the most to gains in the Dow, which gained more than 150 points in afternoon trade.

The major averages opened little changed, with the Dow dipping into negative territory as Visa weighed. The stock traded about 3% lower after falling more than 3.5% in morning trade.

The credit card issuer reported earnings that missed on revenue that slightly topped expectations. Visa also announced the purchase of Visa Europe for about $18.2 billion U.S. and authorized a new $5-billion U.S. share repurchase program.

In corporate news, HP Inc. and Hewlett Packard Enterprise began trading as separate companies Monday, following the split of Hewlett-Packard into two.

Ireland-based drug maker Shire said it would buy Dyax for about $5.9 billion U.S.

Earnings season winds down with fewer names reporting this week. AIG and Fitbit are among those posting results after the bell.

In U.S. economic news, October ISM manufacturing was 50.1, slightly beating expectations of 50.0 but posting a fourth-straight monthly decline, Reuters said. Construction spending rose 0.6 percent in September.

The final read on October manufacturing PMI hit a six-month high at 54.1, according to Markit.

Prices for 10-year U.S. Treasuries were lower, thus raising yields to 2.18% from Friday’s 2.15%. Treasury prices and yields move in opposite directions.

Oil prices fell 47 cents a barrel to $46.12 U.S.

Gold prices slid $7.63 to $1,134.48 U.S. an ounce.
Source: Baystreet.ca – TSX Rides Valeant Surge Higher

Penguin refuses to leave man who saved its life

Posted on by

Four years ago, João Pereira de Souza of Brazil made a peculiar lifelong friend.

The 71-year-old retired bricklayer and widower found a magellanic penguin covered in oil near his home in 2011.

He cleaned it off and nursed it back to health. When the penguin was strong enough, de souza brought the bird to the beach but it refused to leave his side.

 

Source: Penguin refuses to leave man who saved its life