A railroad shutdown in Canada | August 23, 2024

Summary

This CNN 10 episode covers the shutdown of Canada's major railroads, impacting both Canadian and US economies, with potential effects on industries like agriculture and auto manufacturing. It discusses labor disputes leading to the lockout of nearly 9,000 union members. The show also touches on inflation and dynamic pricing in the retail sector, with technology like facial recognition being used to track consumer behavior. Economic data is analyzed, suggesting a weaker labor market and possible rate cuts. The episode features Olympian Grant Holloway's journey to gold and the World Dog Surfing Championships, ending with a motivational message.

Takeaways

• 🚂 Canada's two major freight railroads, Canadian National and Canadian Pacific, have shut down, impacting both Canadian and US economies.
• 🇺🇸 Shutdown could affect US industries such as agriculture, auto manufacturing, home building, and energy due to the disruption in the flow of goods.
• 🔄 The shutdown is due to a labor dispute, with nearly 9,000 union members locked out by the railroad companies, affecting negotiations for a fair contract.
• 🤔 The railroad companies blame the union for the stalemate and are calling on the government to intervene, while the US has urged Canada to resolve the issue quickly.
• 📈 The concept of 'dynamic pricing' is being used by companies to adjust prices in real-time based on demand and data collected from consumers.
• 🛒 Grocery stores with electronic shelf labels are implementing dynamic pricing, which some argue could lead to price gouging and concerns over privacy with the introduction of facial recognition technology.
• 📊 Recent data suggests that the US labor market may not be as strong as previously thought, with fewer jobs added than initially reported.
• 💼 The revised job data could influence the Federal Reserve's decision on interest rate cuts in their upcoming meetings.
• 🏅 Olympian Grant Holloway discusses his journey to Olympic gold, his competitive spirit, and his future goals, including breaking world records.
• 🦁 Holloway shares his 'spirit animal' analogy, comparing himself to a lion on the track and a beta fish at home, reflecting his focused and determined nature.
• 🐾 The World Dog Surfing Championships in California showcase dogs' surfing abilities, with a chocolate lab named Cacao winning the top Surf Dog gold medal.

Q & A

What caused the shutdown of Canada's two major freight railroads?

The shutdown was caused by a labor dispute, where the management locked out nearly 9,000 union members, leading to the stoppage of operations.

How might the railroad shutdown affect the US economy?

The shutdown could impact several US industries, including agriculture, auto manufacturing, home building, and energy, by disrupting the smooth flow of goods across the US-Canada border.

What are the names of the two major Canadian freight railroads involved in the shutdown?

The two companies are Canadian National and Canadian Pacific Kansas City Southern.

What is surge pricing, and where is it commonly seen?

Surge pricing is the practice of raising prices due to increased demand. It is commonly seen during events like Valentine's Day, summer travel, and popular concerts.

How are grocery stores utilizing technology for dynamic pricing?

Grocery stores are using electronic shelf labels to adjust prices instantly, allowing for dynamic pricing based on demand and data collected from customers.

What concerns have been raised about dynamic pricing in grocery stores?

Some concerns include the potential for price gouging and the use of facial recognition technology, which could be seen as invasive and raise privacy issues.

What recent job market data suggests that the US labor market may not be as strong as previously thought?

A new report from the Bureau of Labor Statistics shows that the US added 88,000 fewer jobs than expected, particularly in industries like professional and business services, leisure and hospitality, and manufacturing.

Who is Grant Holloway, and what achievement is highlighted in the script?

Grant Holloway is a Team USA sensation who recently won the Olympic gold medal in the 110-meter hurdles, an achievement he had been working toward for years.

What event took place in Pacifica, California, and what was the outcome?

The World Dog Surfing Championships took place in Pacifica, California, where a chocolate lab named Cacao won the top Surf Dog gold.

What message did Coy Wire share with viewers at the end of the CNN 10 episode?

Coy Wire encouraged viewers to remember that they are more powerful than they know and to let their light shine, as they might be the light someone else needs.

Outlines

00:00

🚂 Canadian Railroad Shutdown Impact

The first paragraph discusses the shutdown of Canada's two major freight railroads, Canadian National and Canadian Pacific, due to a labor dispute with the union members. This lockout could significantly affect both Canadian and US economies, as these railroads handle bulk goods transportation across the border. Industries such as agriculture, auto manufacturing, home building, and energy might be impacted, with potential pauses in US auto production and fertilizer shortages for farmers. The US government has urged Canada to intervene and resolve the issue to prevent further economic disruption.

05:02

🏅 Grant Holloway's Olympic Triumph and Future Outlook

The second paragraph features an interview with Olympic athlete Grant Holloway, who after missing out on gold in the 110m hurdles at the Tokyo Olympics, has since claimed the title in Paris. Holloway discusses his determination, his 'animal spirit' of a lion on the track, and his plans for the future, including breaking world records. The segment also touches on his personality off the track, comparing himself to a beta fish, and ends with a light-hearted moment of Holloway showing off his breakdancing skills.

Keywords

💡Freight railroads

Freight railroads are companies that transport goods by rail. In the video, the focus is on the shutdown of Canada's two major freight railroads, Canadian National and Canadian Pacific, which could impact both Canadian and US economies due to their role in bulk goods transportation across the US-Canadian border.

💡Union members

Union members, also known as Teamsters in the script, are workers who are part of a labor union. The video discusses how nearly 9,000 union members have been locked out by the railroads' management, which is a significant labor dispute affecting the operation of the railroads.

💡Shutdown

A shutdown refers to the suspension of operations. The video script describes the shutdown of the major Canadian freight railroads due to a labor dispute, which could disrupt the flow of goods and affect various industries in the US and Canada.

💡Labor dispute

A labor dispute arises when there is a disagreement between workers and management over working conditions, wages, or contracts. The video mentions the first-time shutdown of both major Canadian railroads due to such a dispute, highlighting the severity of the conflict.

💡Dynamic pricing

Dynamic pricing is a pricing strategy where prices change based on real-time market demand and supply. The video discusses how companies are using data and technology to implement this strategy, which can lead to higher prices during periods of high demand, such as surge pricing during peak travel times.

💡Surge pricing

Surge pricing is a specific form of dynamic pricing where prices increase significantly during periods of high demand. The video gives examples of surge pricing during Valentine's Day for roses and during summer for airline tickets, illustrating how it affects consumer behavior.

💡Inflation

Inflation is the rate at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling. The video script touches on the topic of inflation, mentioning how it has been a common subject of discussion during the presidential election season and its impact on the cost of goods.

💡Hyperinflation

Hyperinflation is an extremely high rate of inflation, typically characterized by a rapid and continuous rise in prices. The video provides a trivia question about Zimbabwe experiencing hyperinflation in 2007, where the cost of a loaf of bread increased by 100,000%.

💡Job data

Job data refers to statistics related to employment, such as the number of jobs added or lost, which can indicate the health of the economy. The video discusses a new report that suggests the US labor market may not be as strong as previously thought, with fewer jobs added than expected in certain sectors.

💡Rate cut

A rate cut refers to a reduction in interest rates by a central bank, often done to stimulate economic growth. The video mentions that the Federal Reserve may consider a rate cut in light of the revised job data, indicating a potential shift in monetary policy.

💡Olympian

An Olympian is an athlete who has competed in the Olympic Games. The video features Grant Holloway, an Olympian who missed out on gold in the previous Olympics but later claimed it in Paris, illustrating the theme of perseverance and achievement in sports.

Highlights

Canadian national and Canadian Pacific railroads shut down, impacting both Canadian and US economies.

Shutdown affects industries such as agriculture, auto manufacturing, home building, and energy.

US auto plants may pause production due to lack of parts from Canada.

US farmers could face fertilizer shortages.

First time both major Canadian railroads shut down due to labor dispute.

Management locked out nearly 9,000 union members, increasing safety risks.

Union claims attempts to negotiate a fair contract have been unsuccessful.

US urges Canadian government to intervene and restore railroad operations.

Zimbabwe experienced hyperinflation in 2007 with the cost of a loaf of bread increasing by 100,000%.

Surge pricing, now called dynamic pricing, is being implemented in various sectors including grocery stores.

Grocery chains like Kroger are using facial recognition technology for dynamic pricing.

New jobs data suggests the US labor market is not as strong as previously expected.

Bureau of Labor Statistics revises job addition figures, indicating weaker labor market.

Fewer jobs added in professional and business services, leisure and hospitality, and manufacturing.

Weaker labor market may influence Federal Reserve's decision on interest rate cuts.

Olympian Grant Holloway's journey from near miss in Tokyo Olympics to gold medal in Paris.

Holloway's determination to win and his plans to challenge the world record.

Holloway's spirit animal analogy and his approach to being the main event.

World Dog Surfing Championships in California with dogs showcasing their surfing skills.

Shout out to Seven Legs High School in Katie, Texas for their educational achievements.

Closing remarks encouraging viewers to let their light shine and make a positive impact.

Transcripts

[Music]

hello and welcome to CNN 10 it's the

best day of the week Fray hope you're

all ready to finish the week strong take

some good energy and great thoughts into

the weekend we've got a great 10 minutes

of news coming your way so buckle up and

let's get to it we start today in Canada

where the nation's two major Freight

railroads have shut down locking out

union members who run the trains and

this could have a big impact on both the

Canadian and US economies the two

companies are called Canadian national

and Canadian Pacific Kansas City

Southern and they handle Goods that are

transported in bulk across the US

Canadian border many Industries rely on

the smooth flow of goods across the

border to keep things running

efficiently if the shutdown drags on it

could mess with several us Industries

including agriculture auto manufacturing

home building and energy for example

some US Auto plants might have to pause

production if they can't get parts made

in Canada and US Farmers well they could

face fertilizer shortages now this is

the first time both major Canadian

railroads have shut down at the same

time due to a labor dispute though there

have been strikes by the individual

companies before unlike a strike where

workers refuse to show up this time

management has locked out nearly 9,000

union members also called Teamsters

telling them they can't work the union

says they've been trying to negotiate a

fair contract but they feel the railroad

company demands would cut into rest time

therefore increasing safety risks the

companies on the other hand blame the

union for the stalemate and have called

on the government to step in the US has

urged the Canadian government to take

action to step in and get the railroads

running again 10 second trivia

abbreviated zwl which country currency

experienced hyperinflation in 2007 or

inflation that happens at a very rapid

rate New Zealand Zimbabwe Zambia or

bise Zimbabwe is your answer here at the

time the cost of a loaf of bread was up

100,000% inflation it's been a common

subject at many dinner tables it's been

one of the Hot Topics during this

presidential election season the cost of

goods has risen recently and one of the

factors contributing to higher prices at

times could be the practice of surge

pricing surge pricing isn't A New

Concept when lots of people want to buy

roses on Valentine's Day prices go up

during summer break airline tickets

rental property rates go up and there's

most certainly a surge pricing when

Taylor Swift is selling out concerts but

companies are now giving surge pricing a

new name Dynamic pricing and they're

backing the practice of raising prices

due to demand with loads of data they

collect from us plus from apps and

membership accounts and on products you

wouldn't normally expect to get more

expensive in real time this is happening

at grocery stores that have rolled out

electronic shelf labels where the store

can adjust prices instantly grocery

chains say it saves employees some time

and can lead to lower prices over time

but some argue it opens the door to

price gouging for maximum profits and as

AI technology gets smarter companies are

looking at new ways to track are buying

history grocery store chain Kroger for

example is set to work with Microsoft to

put facial recognition cameras in those

electronic shelf labels what say you is

that a little creepy or simply almost

predictably the future do you think

customers will be cool with these

changes at a time when grocery prices

are already straining household budgets

prices wages and jobs all go hand inand

to keep the economy going our business

correspondent Rael Solomon is going to

give us a look now at new jobs data that

could affect inflation and pricing if

all the reports this year about the

strong labor market left you feeling

well skeptical new report suggest that

maybe the labor market wasn't quite so

hot after all in fact the US added

88,000 fewer jobs than previously

expected that works out to about 68,000

fewer net jobs added per month since

April of 2023 that's according to the

latest revision from the Bureau of of

Labor Statistics so this is a standard

report they do it every year in fact

this is only the first annual revision

the final figure will come out in

February of 2025 but if we look at

sectors where fewer jobs were added the

the greatest fewer jobs were added it

looks like the biggest industries were

Industries like professional and

business services they added 358,000

fewer jobs than previously expected

Leisure and Hospitality about 150,000

fewer and Manufacturing about 115,000

fewer so what does all of this mean well

these are not job losses that's key

these are fewer jobs being added but

broadly it does mean that the labor

market isn't as strong as previously

expected but it also gives the Federal

Reserve yet another sign that it may be

time for a rate cut at their next

meeting next month next in our CNN 10

Olympian series Team USA sensation Grant

Holloway at the last summer olympics in

Tokyo he missed out on the 110 hurdle

gold medal by 51 hundreds of a second

that's twice as fast as the blink of an

eye but in the years since Grant worked

his tail off he allowed that failure to

refine him and a couple of weeks ago in

Paris he finally claimed that Olympic

gold that had eluded him I asked him

about that his animal spirit and even

got him to break dance check it

out I was in that

stadium and when that gun went off man

you got out like out the gate how how

hungry were you for that moment I was I

was starving no pun in in it U but just

to get out there and to replicate what I

wanted to do for 3 years now you know

I'm happy the career Grand Slam is

finally complete and now that I I've

done that now I can actually take some

shots at the world record and

everybody's been talking about it so you

know the main goal this weekend was just

to win you know nobody going to remember

the time they're only going to remember

the medal right so I just wanted to make

sure I just go out there and do what I

had to do man man I've got into chat

with you before nice guy G Soul Gentle

Spirit but the elite athletes have a

switch take us inside the Min at Grand

holay what flips that switch for you you

know when you're out there in front of

80,000 fans why not put on a show you

know people bought tickets in my mind to

see me I was the main event people

wanted to see what was going to happen

at that night so I just wanted to just

make sure I just went through and do all

I had to do and you know the sky's a

limit you know so you know I'm 26 years

old I've done everything that that

anybody ever wants to do with a sport

and I think it's I think it's going to

be remarkable these next couple Seasons

just being able to run stress free

absolutely all right what was your

spirit animal be Simone bil told me when

she's at the gym she'll be a honey

badger but then at home she's a

sloth um let's say when I'm on the track

I'm a I'm a

lion I'm a lion I got nothing but I got

a heart of a lion and then when I'm at

um I think when I'm at home I'm a beta

fish okay I like the I like my old I

like to be by myself and then when other

people come my territory you know I got

to go attack I got get them up out of

there that's right all right when I talk

to you in Atlanta you said if you won

what would you GNA be doing you said I'm

GNA be dancing today's the opening day

of breaking the breaking competition oh

come on what you got give us a

oh hey shouts out to

Victor get a gold get that man a gold

[Applause]

for today's story getting a 10 out of 10

we have a wave of pups putting on a show

in Pacifica California the world dog

surfing championships 12 miles Southwest

of San Francisco thousands of people

showing up to watch 20 different Barrel

Riders from as far away as Japan cacao a

chocolate lab well took home the top

Surf Dog gold the fur babes were judged

on length of ride technique confidence

and size or strength of wave they wore

life jackets some wore goggles and by

the looks of these kisses the pups found

it totally Pome dude our shout out today

goes to seven legs High School in Katie

Texas rise up we hope you and everyone

watching around the world has a

wonderful weekend it feels so good to be

back learning something new with each of

you this day remember you are more

powerful than you know you never know

when or how but you just may be the

light someone needs so let that light

shine I'm Coy wire it's been a blessing

to spend this week with you

[Music]

[Applause]

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