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Labor Dispute Halting Freight Railroads in Canada; New Name For Surge Pricing. Aired 4-4:10a ET

Aired August 23, 2024 - 04:00   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

COY WIRE, CNN 10 ANCHOR: Hello and welcome to CNN 10. It`s the best day of the week, Friyay. 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 U.S. 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 U.S.-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 U.S. industries, including agriculture, auto manufacturing, home building, and energy.

For example, some U.S. auto plants might have to pause production if they can`t get parts made in Canada. And U.S. 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 refused 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`s

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 U.S. has urged the Canadian

government to take action, to step in and get the railroads running again.

Ten second trivia.

Abbreviated ZWL, which country`s currency experienced hyperinflation in 2007, or inflation that happens at a very rapid rate?

New Zealand, Zimbabwe, Zambia, or Belize?

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 in 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, 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 our 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 in hand to keep the economy going.

Our business correspondent Rahel Solomon is going to give us a look now at new jobs data that could affect inflation and pricing.

(BEGIN VIDEOTAPE)

RAHEL SOLOMON, CNN BUSINESS CORRESPONDENT: If all the reports this year about the strong labor market left you feeling, well, skeptical, new

reports suggest that maybe the labor market wasn`t quite so hot after all.

In fact, the U.S. added 818,000 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 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 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 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.

(END VIDEOTAPE)

WIRE: 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 five one-hundredth 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.

(BEGIN VIDEOTAPE)

WIRE: I was in that stadium. And when that gun went off, man, you got out like out the gate. How hungry were you for that moment?

GRANT HOLLOWAY, USA ATHLETE: I was -- I was starving. No pun intended. But just to get out there and to replicate what I wanted to do for three years

now, you know, I`m happy. You know, the career Grand Slam is finally complete. And now that 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 is going to

remember the time. They only remember the medal.

WIRE: Right.

HOLLOWAY: So I just want to make sure I just go out there and do what I have to do. Man, I`ve gotten to chat with you before.

WIRE: Nice guy, gentle soul, gentle spirit. But the elite athletes have a switch. Take us inside the mind of Grant Holloway. What flips that switch

for you?

HOLLOWAY: You know, when you`re out there in front of 80,000 fans, why not put on a show? You know, people vote 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 the limit. You know, so, you know, I`m 26 years old. I`ve done everything that that anybody ever wants to do in the sport.

And I think it`s -- I think it`s going to be remarkable. These next couple of seasons is being able to run stress free.

WIRE: Absolutely. All right. What was your spirit animal be? Simone Biles told me when she`s at the gym, she`ll be a honey badger. But then at home,

she`s a sloth.

HOLLOWAY: 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 home -- I

think when I`m at home, I`m a betta fish.

WIRE: OK.

HOLLOWAY: I like that. I like my all -- I like to be by myself. And then when other people call my territory, you know, I got to go attack. I got to

get him about it.

WIRE: That`s right. All right. When I talked to you in Atlanta, you said if you won, what was you going to be doing? You said I`m going to be dancing.

Today`s the opening day of breaking, the breaking competition.

HOLLOWAY: Oh, yeah.

WIRE: Come on, what you got?

HOLLOWAY: I got --

WIRE: Give us -- oh, oh, oh.

HOLLOWAY: Oh. Go get a gold, baby. Go get a gold.

WIRE: Get that man a gold.

(END VIDEOTAPE)

WIRE: 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, 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 "paw-some" dude.

Our shout out today goes to Seven Lakes High School in Katy, 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.

END