Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning.

Good morning. Today is Thursday, August 22nd. I'm Julie Morgan. The Canada Rail shutdown begins.

Brumfman aims high for Paramount and the Disney Succession Committee is set.

Canadian Pacific Kansas City and Canadian National Railway.

On Thursday, shut down their rail networks in the country and locked out nearly 10,000 employees

represented by the Teamsters Canada Rail Conference.

The rail stoppage comes as contract negotiations between the companies and the union broke down.

The union has been pushing for better provisions for rest periods and scheduling among other demands.

CPHC says it has bargained in good faith, but despite their best efforts, it's clear that the negotiated outcome

with the Teamsters is not within reach.

The company also said that the Teamsters had unrealistic demands.

CN said it proposed serious offers with better pay, improved rest, and more predictable schedules.

But the teamsters were not showing any urgency or desire to reach a deal that was good for employees, the company, and the economy.

However, the Teamsters shot back and said that CN and CPHC have shown themselves willing to compromise rail safety to earn an extra buck and their sole focus is boosting their bottom line even if it means jeopardizing the entire economy.

The rail stoppage is expected to dent the Canadian economy, disrupt North American supply

chains, and impact cross-border trade with the US.

Rating agency Moody's projected that the stoppage, which will shut down 75% of Canada's freight rail traffic,

could cost the country's economy more than

$251 million per day a rate equal to more than 4% of its GDP. About a third of the

traffic moved by CN and CPc crosses the border with the US.

The rail networks they operate intersect with those of US companies,

such as Berkshire-owned BNSF Railway, Union Pacific, Norfolk Southern, and CSX.

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