Take Stock – July 7

Globe and Mail employees represented by the Communications, Energy and Paperworkers Union have voted to approve new five-year contracts.

Union ratifies five-year deal at Globe and Mail

Globe and Mail employees represented by the Communications, Energy and Paperworkers Union have voted to approve new five-year contracts.

The editorial, advertising sales, circulation and maintenance workers voted 85 per cent in favour of the new agreements. “We’re obviously happy to get the deal approved and move forward,” said Phillip Crawley, Globe and Mail publisher and chief executive. The Communications, Energy and Paperworkers Union said the deal preserves its defined benefit pension plan for existing employees, a key issue.

New hires will have a defined contribution pension plan. The deal includes a two-year general wage freeze followed by annual, general increases of two per cent in 2011, and 2.5 per cent in both 2012 and 2013. However, the union agreed to a reduction on shift premiums — such as time-and-a-half on holidays or Saturdays lowered from double-time. “It was a real saw-off,” said Brad Honywill, president of Local 87-M of the Communications, Energy and Paperworkers Union. “We both gave in reaching this deal. Both sides recognize that this is a horrible time to be in a labour conflict and both sides want the newspaper to prosper.”


Nortel eyed for rescue bid by private equity firm

Nortel Networks (TSX:NT) is being eyed for a rescue bid by private equity firm MatlinPatterson Global Advisors.

A source linked to the New York-based company has confirmed its interest in leading an effort to help the debt-riddled Canadian telecommunications equipment maker with its financial woes. Nortel has been operating under court protection from creditors since January. Company spokesman Mohammed Nakhooda declined to comment on the situation, saying Nortel doesn’t comment on rumours and speculation.

Just Posted

Sasktachewan pup, who has extensive burns, makes her way to Red Deer

Donations accepted for Phoenix who has third degree burns on her body

One airlifted to hospital after avalanche on glacier in Yoho National Park

LAKE LOUISE, Alta. — Parks Canada says it has responded to an… Continue reading

Hundreds of Canadian troops deployed to flood zones in Quebec and N.B.

MONTREAL — Quebec Premier Francois Legault will visit flood-damaged regions north of… Continue reading

Soldiers deploying to flood-prone areas as water levels rise in New Brunswick

MONTREAL — A woman in her 70s has died after driving her… Continue reading

WATCH: An ‘Eggstemely Fun Easter’ at Bower Place in Red Deer

Bower Place mall made sure Red Deer families were able to have… Continue reading

President attends Easter service following slew of tweets

PALM BEACH, Fla. — President Donald Trump is using Easter morning to… Continue reading

Easter Sunday blasts kill at least 207 in Sri Lanka

COLOMBO, Sri Lanka — At least 207 people were killed and hundreds… Continue reading

Soldiers deploying to flood-prone areas as water levels rise in New Brunswick

FREDERICTON — About 120 Canadian soldiers will soon be deployed in western… Continue reading

Soldiers deploy across Quebec after flood-caused sinkhole claims woman’s life

MONTREAL — Canadian Armed Forces are deploying in three regions across Quebec,… Continue reading

Dozens hurt in collapse of deck during wedding celebration in Langley, B.C.

LANGLEY, B.C. — Police say dozens of people were injured, some critically,… Continue reading

No winning ticket for Friday night’s $25 million Lotto Max jackpot

TORONTO — No winning ticket was sold for the $25.5 million jackpot… Continue reading

Uber driver charged in two sexual assault investigations: Toronto police

Toronto police say an Uber driver is facing sexual assault charges in… Continue reading

Most Read