An increased grain handle for the three months ending Sept. 30 has helped boost Canadian Pacific Railway (CP) to its highest third-quarter profit ever. Calgary-based CP released its Q3 results Tuesday, reporting record net income of $400 million on record total revenue of $1.67 billion for the quarter, up from $324 million on $1.534 billion […] Read more
Prairie grain revenue up as CP books record Q3 profit
CP, CSX no longer talking merger
Canadian Pacific Railway (CP) has shut down last week’s media buzz about any possibility of a merger with the third biggest railway in the U.S. The Wall Street Journal and other media recently reported Calgary-based CP and Jacksonville-based CSX had held “exploratory talks” about combining their operations. [Related story] CP on Monday confirmed it had […] Read more
U.S. senator raises concerns over potential CP, CSX deal
Chicago | Reuters — The head of a U.S. Senate subcommittee raised concerns in a letter Thursday to the U.S. Attorney General and head of the top U.S. rail regulator about a potential merger between Canadian Pacific Railway and CSX Corp., and called on them both to fully review the antitrust implications of any such […] Read more
Shortlines shortchanged in Western Canada
CNS Canada — Western Canada’s shortline railways are getting the short end of the stick as they struggle to meet their own commitments moving grain and other products along their tracks. A backlog of grain on the Prairies over the past winter, linked in part to poor rail movement, prompted the federal government to implement […] Read more
As clock winds down, CP’s CEO hunts for his dream deal
Toronto/Chicago | Reuters — Veteran railroad boss Hunter Harrison has won over many critics since taking over as chief executive of Canadian Pacific Railway (CP), but he still has unfinished business — creation of a consolidated North American railway — and is running out of time to do it. That might explain why CP, Canada’s […] Read more
Salford buys U.S. spreader manufacturer
Ontario seeding, tillage and application equipment maker Salford Group is taking a share of the spreader market by buying U.S. manufacturer BBI Spreaders. Salford announced last week it had closed a deal effective Oct. 2 to buy the company, based at Cornelia, Georgia, about 70 km north of Athens. Financial terms of the deal weren’t […] Read more
Quebec police bust alleged veg-oil theft ring
Updated — Seven people in Montreal and Laval were arrested Thursday morning and more arrests are expected, linked to what provincial and local police allege has been a major theft ring for used cooking oil. The Surete du Quebec’s Montreal division and the Service de police de Laval said Thursday the seven are alleged to have […] Read more
Chance remains for Que. beef plant before asset sale
The equipment at Quebec’s now-shuttered Levinoff-Colbex cull cow packing plant goes to auction in about eight weeks — but until then, its owners will entertain offers from buyers interested in rescuing the plant. The Colbex building and land at St-Cyrille-de-Wendover, in the Centre-du-Quebec region, are still owned by provincial investment financing agency Investissement Quebec and […] Read more
EU raids ethanol companies over price-fixing concerns
Brussels | Reuters — The European Commission has raided ethanol companies in two EU countries as part of investigations into alleged price-fixing. The Commission, which acts as the competition watchdog in the 28-member European Union, said Thursday it had concerns that companies may have colluded in submitting price information used to set industry benchmarks for […] Read more
All major U.S. railroads must report service stats
Reuters — The top U.S. rail regulator ruled on Wednesday that all Class 1 railroads operating in the United States must provide detailed weekly freight service reports, a decision that cited months of congestion that have hit the grain and power industries particularly hard. Carriers must submit detailed data on average train speeds, dwell times […] Read more
