logo
Workers at Central Stamping have new deal

Workers at Central Stamping have new deal

CTV Newsa day ago

Workers at Central Stamping in Windsor have a new collective agreement.
At a ratification meeting Tuesday, membership voted 65 per cent in favour of a new four-year deal.
It includes a $4.75 wage increase over the life of the agreement for the 79 full time workers, as well as a one-time special adjustment of 0.60 cents for different classifications at the plant.
The collective agreement was set to expire in September, but the union says the company came to the table early as the employers is bidding on new business for the facility.
Unifor Local 195 President Emile Nabbout says the wage increase is significant.
~ By AM800 News.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Telus fails to deliver on Entwistle's IPO-based growth strategy
Telus fails to deliver on Entwistle's IPO-based growth strategy

Globe and Mail

time10 minutes ago

  • Globe and Mail

Telus fails to deliver on Entwistle's IPO-based growth strategy

Would anyone buy another initial public offering promoted by long-serving Telus Corp. T-T chief executive officer Darren Entwistle? If the answer to that question is no, Mr. Entwistle's growth strategy at Telus is dead in the water. And it's hard to imagine investors stepping up for future Telus spinoffs after Tuesday's announcement that the parent company wants to put troubled offspring Telus International (Cda) Inc. TIXT-T out of its public market misery. Telus is offering to buy out shareholders in its subsidiary at a steep 86-per-cent discount to the price of its IPO, done with considerable fanfare just four years ago. Mr. Entwistle, a dominating personality who has been at the helm for 25 years, built Telus beyond its legacy phone networks by investing billions in subsidiaries focused on digital customer services, health care and agriculture. The idea was to incubate these businesses inside the Vancouver-based telecom, then launch them as public companies, with Telus shareholders reaping rewards from the value created on Mr. Entwistle's watch. Telus International – rebranded in 2024 as Telus Digital Experience – was meant to be the first in a series of spinoffs. Telus Health is up next, with an IPO anticipated as early as 2026. The incubator concept initially looked like a winner, as Telus Digital went public in 2021 at US$25 per share in what the parent company proudly heralded as the largest tech IPO in Toronto Stock Exchange history. At the time, Telus Digital's US$8.5-billion market capitalization rivalled that of the parent telecom. Execution failed to match ambition. Telus Digital proved a case study in value destruction. The company's challenges include a core business that runs call centres for clients such as retailers, hotels and banks. Artificial intelligence-based systems now dominate this space. Telus Digital proved slow to pivot, and customers moved on. On Wednesday, Telus reversed field by making a 'non-binding indication of interest,' or IOI, to acquire the 42.6 per cent of Telus Digital shares it doesn't own for US$3.40 each. Telus Digital shares promptly jumped 24 per cent Thursday to close at US$3.67 on expectations the parent company will be forced to goose its bid to get a deal done. Mr. Entwistle put a brave face on Telus Digital's face plant. In announcing the IOI, he said reintegrating the unit's tech expertise will benefit all of Telus's businesses, including telecom. While that may be true, buying back the subsidiary is an admission of failure. Telus set lofty goals for its diversification strategy, then failed to hit them. Telus proposes buying back Telus Digital for more than US$400-million Telus Health prepares to stand alone after years of acquisitions 'Today's rather dismal proposal has no 'congratulatory' terms that were to be found at the time of the IPO,' said analyst Tyler Tebbs at Tebbs Capital in a report. He said Telus is only offering to repurchase its subsidiary after failing to find a buyer for the business. Memories are long in financial circles. Mr. Tebbs compared the Telus offer to the ill-fated M&A at Time Warner Inc. in the recent past. He said the buyback 'is yet another example of a telecom/media company reversing a transaction done in much better times at the expense of shareholders.' In public markets, you're only as good as your last deal. Fund mangers got caught up in a craze for all things digital during the early days of the pandemic. That dynamic set the stage for a successful IPO at Telus Digital. The second time around, institutional and retail investors will be far more skeptical about buying when Mr. Entwistle is selling. To get an IPO done at Telus Health or Telus Agriculture, the parent company will likely be forced to accept a steep discount to the underlying value of the business, which defeats the purpose of the incubator concept. Yet without the ability to exit investments, Mr. Entwistle is running a debt-heavy conglomerate, anchored by a well-run but slow-growth telecom network that qualifies as critical infrastructure for the Canadian economy. Outside of founder-run businesses, it's hard to name a domestic public company more identified with its CEO than Telus. At Telus Digital, Mr. Entwistle's IPO-based growth strategy failed to deliver. The Telus board, chaired by former deputy prime minister John Manley, needs to ask hard questions about what comes next and who is best positioned to lead a business that has become the vision of a single executive.

Regina city council approves financial compensation for businesses near new emergency shelter
Regina city council approves financial compensation for businesses near new emergency shelter

CTV News

time14 minutes ago

  • CTV News

Regina city council approves financial compensation for businesses near new emergency shelter

Regina city council has approved a plan to provide financial compensation to businesses located near a future permanent emergency shelter in the city. Businesses that are within 100 metres of the shelter, which will be located at the former Eagles Club on Halifax Street are eligible to receive the compensation, after raising concerns the shelter could negatively impact their properties. More details regarding eligibility are expected to be made public within the next month. 'We heard from the delegates that came to speak to us about how we had some paving dollars set there and they said we'd rather see that as a kind of contingency fund or fund set aside just in case something [happens],' Mayor Chad Bachynski said during an interview with CTV Morning Live Saskatchewan on Thursday. 'Really the way I look at it and even my fellow councilors and even the delegates that spoke to this, is our hope is that [fund] is not even used.' Bachynski said if businesses do not need to access the money it would set a precedent that similar compensation programs will not be needed for businesses that may have a shelter open near them in the future. 'We don't know what we don't know and so we put this aside and we will ultimately hope that the best-case scenario happens and everything goes as planned.' The location was identified by city administration out of 72 possible locations before being recommended to executive committee and then passed by city council after discussions with businesses in the immediate area. Regina's lease on a temporary shelter located at 'The Nest' expires on July 15 with no possibility of the lease being extended. Businesses near the site of the new permanent emergency shelter have been in talks with the city since last September. The funding, if needed, would come through a one-time grant. -With files from David Prisciak and Sierra D'Souza Butts

Definity Financial Corp: TD Cowen Raises Valuation on Acquisition
Definity Financial Corp: TD Cowen Raises Valuation on Acquisition

Globe and Mail

time16 minutes ago

  • Globe and Mail

Definity Financial Corp: TD Cowen Raises Valuation on Acquisition

DeFinity Financial Corporation(DFY:CA) Definity Financial Corp. received a research report from TD Cowen, and analysts raised its 12-month target price to C$78, up from C$72 per share. This revision comes in response to Definity's recent strategic move to acquire the Canadian operations of Travelers Insurance (referred to as Travelers Canada). The acquisition is expected to significantly bolster Definity's market presence and competitive position within Canada's property and casualty (P&C) insurance industry. Travelers Canada brings a complementary book of business, national distribution capabilities, and strong underwriting expertise. This integration is anticipated to enhance Definity's scale, diversify its portfolio, and improve operational efficiencies through synergies and shared services. TD Cowen's analysts highlighted the potential for earnings accretion and margin expansion, noting that the deal aligns well with Definity's growth strategy and long-term objectives. The upgraded price target reflects stronger expected future cash flows and improved valuation metrics post-acquisition. According to forecasts from 8 analysts, the average 12-month target price for Definity Financial Corp is CAD 70.10, with an overall 'Hold' rating. Stock Target Advisor rates the stock as Neutral, based on 5 positive and 6 negative signals. As of the last close, the stock was trading at CAD 73.58. Performance-wise, the stock is down 0.54% over the past week, up 10.20% over the past month, and has gained 71.52% over the past year.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store