Here are five things you need to know this morning:
Boeing nowhere: Workers at aerospace manufacturer Boeing have rejected a new tentative labour contract, voting against the pact that would have seen them get 35 per cent raises over the next four years by an almost two-to-one margin. While the vote was closer than the 94 per cent who voted against an offer with a lesser raise back in September, the result is still devastating for Boeing as it means instead of assembling planes to clear the company’s order backlog, more than 33,000 workers will continue to be off the job for a sixth week and counting. That’s weighing on the company’s finances and squeezing its weakening credit rating and reputation. “Basically, October is wiped out, some of November is now wiped out, and it’s going to cascade through the entire supply chain,” Jeffries analyst Sheila Kahyaoglu told Bloomberg this morning. Tough luck if you were hoping to find a new 737, 767 or 777 jet under the Christmas tree this holiday season, I guess.
Turning off the taps: The federal government will lower its target for the number of new permanent residents for the first time in a decade next year, shooting for 395,000. That’s a 21 per cent decline from 2024’s level, and the figure is set to decline in 2026 and 2027 too. Immigration Minister Marc Miller is set to unveil the proposals in Ottawa today. The move is an about face for a government that has previously taken steps to increase immigration levels, before facing pushback recently over the impact to housing and job markets that seem unprepared for the influx.
Cineplex appeals ruling on ticket levy: Movie theatre chain Cineplex is appealing a recent ruling by the Competition Tribunal that fined it $39 million for its use of an added fee for booking tickets online. The company said in a release this morning that it has filed a notice of appeal with the Federal Court of Appeal for the monetary penalty part of the ruling, arguing that the fee it tacks on when customers buy a ticket online “has always been about choice and is an optional, value-added service,” because it allows customers to book a specific seat at a specific time. “We believe that the fee is presented on our website and app in a clear and prominent manner, and fully complies with the spirit and letter of the law,” Cineplex says.
U.S. jobless claims decline to pre-hurricane levels: New applicants for jobless benefits in the U.S. fell by 15,000 people to 227,000 across the country last week, government data showed this morning. That’s less than the 242,000 level that economists were expecting and back to the level they were at before hurricanes Helene and Milton leveled the U.S. southeast earlier in the month, closing businesses and throwing workers at least temporarily to the jobless lines. Interesting to note that initial claims fell in Ohio and Michigan, two states where the economic situation is very much of national concern right now given their status as swing states in the looming U.S. presidential election. Though encouraging to see a drop in new claimants, the numbers should be taken with a grain of salt as the decline could be due to hurricane damage making people unable to file for benefits. The overall number of jobless Americans isn’t declining though, as the total number of people receiving benefits sits at 1.9 million people. That’s the highest figure in three years.
Garda nears deal to buy out PE stake: London-based private equity firm BC Partners is close to a deal to sell a large portion of its controlling stake in security firm Garda World back to its management team, Bloomberg is reporting. The deal values Garda at about $13.5 billion. BC will sell most but not all of its 51 per cent stake in Garda to the company’s founder and chairman Stephan Cretier and other members of the management team.
(A previous version of this story incorrectly stated that Garda is listed on the TSX. In fact it used to trade on the TSX but has since been taken private.)