Canadian Airbus workers reject company's second contract offer
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Unionized employees at the Airbus assembly facility in Mirabel, Que., rejected the company's latest contract offer in a vote Sunday.
A statement from Airbus said it had been holding talks with representatives of the Airbus A220 workers since they rejected the first offer three weeks ago.
The company says the dialogue at the bargaining table had been "open and constructive," and it submitted a "new improved" offer to members of the International Association of Machinists and Aerospace Workers on March 29.
But the Airbus statement says there is "still a gap between the union's demands and the current financial capacity of the A220 which has not yet reached breakeven."
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Shares advanced Wednesday in Europe and Asia as oil prices fell back slightly despite a barrage of attacks by Iran on its Gulf neighbours.
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Oil prices resumed their rise on Tuesday because of the war with Iran, but U.S. stocks held steadier this time around.
Oil prices above $100 add pressure on inflation and growth, complicating rate decisions for central banks.
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Markets in Canada and the U.S. were up in late-morning trading on Tuesday despite the ongoing war in Iran.
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Oil tankers are crossing the Strait of Hormuz and Iran’s actions to choke traffic through the shipping route have not hurt the U.S. economy, White House economic adviser Kevin Hassett told CNBC on Tuesday, reiterating the Trump administration’s position that the war should be over in weeks, not months.
Canada’s annual inflation rate slowed in February to 1.8 per cent, but many economists believe the new Statistics Canada data may be the dip before a spike driven by oil prices and the war in Iran.
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Canadian and U.S. stock markets gained ground on Wednesday as oil prices fell and tech stocks rose on both sides of the border.