The World This Hour - The World This Hour for 2025/08/03 at 04:00 EDT

Episode Date: August 3, 2025

The World This Hour for 2025/08/03 at 04:00 EDT

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Find an agent today at Desjardins.com slash business coverage. From CBC News, the world is sour. I'm Neil Kumar. The dispute between Canada Post and its unionized workers has hit another impasse. After a year and a half of talks, workers have voted against the Crown Corporation's final offer. Philip Lee Shanuck has the latest. Entrepreneurs would like some stability, which this latest vote by 55,000 unionized Canada Post workers doesn't deliver. Almost 70% voted against the corporation's last and final offer. In a statement, Canada Post says this result

does not lessen the urgent need to modernize and protect this vital national service. However, does mean the uncertainty that has been significantly impacting our business and many Canadians and Canadian businesses who depend on Canada Post will continue. The Canadian Union of postal workers says the overwhelming vote to reject the latest offer sends a clear message. This was a vote of non-confidence of the executive board of Canada Post. They're not in touch with the workers. The union says the best way to ensure labour peace and stability for customers is a negotiated contract ratified by its members. Canada Post says business as usual is not

sustainable and it's evaluating its next steps. Philip Lee Shanok, CBC News, Toronto. Ottawa says that Canada will keep negotiating after not reaching a trade deal with the US at the August 1st deadline. That's the message from the Carney government as Washington has now hiked the tariffs for some Canadian goods to 35 percent. Peter Armstrong has more on the impact in the U.S. This past week, corporate earnings showed just how hard tariffs are hitting U.S. companies. Ford, GM, Apple, they all lost hundreds of millions of dollars to tariff related costs.

And then on Friday, we got a very troubling jobs report here in the U.S. Job growth in July came in well below expectations. But the real concern came because the Bureau of Labor Statistics had more data and found that it had dramatically overestimated job growth in May and June. So it revised those numbers down by a staggering 258,000 jobs. Combine the lousy earnings reports and worse than expected economic data, and no surprise, stock markets sold off. The US markets posted their worst week in months, and economists say this may well continue to deteriorate

and see how the White House reacts to that. Peter Armstrong, CBC News, Washington. According to the German Research Center for Geosciences, a magnitude earthquake of 6.7 has struck Russia's Karel Islands. The Pacific Tsunami Warning Center says it measured the earthquake at a magnitude of seven, but confirmed that no tsunami warning

was issued in the aftermath of the quake. The region has experienced over 125 aftershocks measuring at a magnitude of 4.4 or higher since July 30th. The number of homeless people in Hong Kong has plummeted. Official reports had it just under a thousand in a city of more than 7 million, as some are calling it a big achievement. But others say the official census is far from accurate.

Camille Nettelick has more from Hong Kong. When Walter Young has work, he sleeps on the factory floor. When he doesn't, he sleeps on the streets. The Hong Kong government keeps a voluntary registry of the homeless and says the total number of them fell last year by 40 percent to just over 700 people, a 10-year low. But Young isn't counted in those figures. His case is far from unique, says Canadian Jeff Rotmeier, the founder of a support group called Impact HK. Very rarely ever met anybody experiencing homelessness on the streets of Hong Kong who

was registered as a street sleeper. Authorities say it's difficult to accurately keep track of unhoused people. But in recent years, the government has fast-tracked the development of transitional homes to take people off the streets. Only much of the accommodation is far from the city centre, in areas unfamiliar to rough sleepers. Camille Medellec, for CBC News, Hong Kong. And that is your World is Sour for CBC News. I'm Neil Kumar.