Reading Time: < 1 minute Glencore’s Prairie grain handling arm Viterra plans to boost its throughput capacity in east-central Saskatchewan with a new elevator at Wadena. Wadena, served by both Canadian National and Canadian Pacific Railways (CN, CP), already has a smaller Viterra elevator on each line. The two former Saskatchewan Wheat Pool elevators have capacity for 5,020 and 4,000 […] Read more
Viterra plans new elevator in eastern Saskatchewan
U.S. activist investor Ackman leaves CP board
Reading Time: 2 minutes Bill Ackman, the U.S. activist investor who usurped the leadership of Canadian Pacific Railway in 2012, is leaving the Calgary company’s board after his hedge fund sold off its remaining stake last month. Ackman, who heads New York-based Pershing Square Capital Management, joined CP’s board in 2012 and served on its finance and corporate governance […] Read more
Ackman exits CP, freeing up cash for next bet
Reading Time: 2 minutes Boston/Montreal | Reuters — Billionaire U.S. investor William Ackman has exited his hedge fund’s investment in Canadian Pacific Railway, freeing up roughly US$1.5 billion in cash to make other future investments. Pershing Square Capital Management and CP on Wednesday said the New York-based hedge fund had sold its remaining 9.8 million shares in the Canadian […] Read more
CP, Teamsters dispute railway’s staffing obligations
Reading Time: 2 minutes Canadian Pacific Railway is refuting claims from one of its employees’ unions that the company is in “violation of the law” over layoffs of track maintenance staff. Calgary-based CP last month announced temporary layoffs effective June 30 affecting about 500 maintenance-of-way crew positions. On Tuesday it cited “business ebbs and flows associated with global markets […] Read more
CP offers assurances for 2016-17 grain handle
Reading Time: 3 minutes Canadian Pacific Railway (CP) says it’s ready and willing to move a bumper Prairie crop in 2016-17. “Operationally, CP is eager and prepared to move grain this coming crop year,” company CEO Hunter Harrison said in a letter to federal Transport Minister Marc Garneau. The letter, dated Tuesday, was also circulated to Prairie transportation and […] Read more
CP lays off 500 workers, cites softening demand
Reading Time: 2 minutes CNS Canada — Select maintenance workers at Canadian Pacific Railway will be laid off effective Thursday as the railway’s revenue is expected to plummet in the second quarter. Lower volumes are one reason given for declining profits, though grain movement this crop year is ahead of average. Earlier this month, 500 CP maintenance workers were […] Read more
Cost index for railways’ grain revenue cap gets boost
Reading Time: 2 minutes The loonie’s decline since last year has led federal regulators to dial up the index guiding how much money Canada’s big two railways get to keep from hauling Prairie grain. The Canadian Transportation Agency (CTA) announced Friday it will raise its volume-related composite price index (VRCPI) by 4.8 per cent, to 1.3275, for the 2016-17 […] Read more
Ottawa moves to extend expanded rail interswitching
Reading Time: 4 minutes Prairie crop growers hoping that changes in federal rail freight rules will continue past their expiration date are about to get their wish. Transport Minister Marc Garneau and Agriculture Minister Lawrence MacAulay on Friday announced they would bring forward a resolution in Parliament to extend provisions of the previous government’s Bill C-30, the Fair Rail […] Read more
CP pulls more grain for less in first quarter
Reading Time: 2 minutes Canadian Pacific Railway (CP) hauled more carloads of Canadian grain in its first quarter of 2016 compared to the same period last year — but for less revenue per car. Calgary-based CP on Wednesday reported overall net income of $540 million on revenues of $1.591 billion for its quarter ending March 31, up from $320 […] Read more
CP scraps plans to buy Norfolk Southern
Reading Time: 2 minutes Reuters — Canadian Pacific Railway said on Monday it had scrapped efforts to buy Norfolk Southern, almost six months after it launched its unsolicited US$28 billion bid for the fourth-largest U.S. railroad operator. The announcement comes days after the U.S. Justice Department urged the Surface Transportation Board to reject a voting trust arrangement CP had […] Read more
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