Detroit | Reuters — New vehicle sales in the United States are expected to increase in February, but the decision by General Motors to cut production of large pickup trucks at a U.S. plant points to new challenges for Detroit’s automakers. The major Detroit pickup truck brands are sitting on growing inventories of unsold vehicles, […] Read more
GM’s truck production cut signals a turn in U.S. auto sales
Company to idle Indiana plant for two weeks
CN’s mechanics, clerical staff taking strike votes
Railway not expecting impact on operations
Canadian National Railway says it’s not expecting any impact on its operations if its unionized mechanics and clerical staff are involved in a work stoppage, depending on the outcome of strike votes starting this week. Unifor represents about 3,000 CN workers in mechanical, intermodal and clerical positions across the country through five collective agreements, all […] Read more
CNH sees headwinds easing in 2023 after strong fourth-quarter results
Long-running strikes end at two CNH plants in U.S.
Reuters — CNH Industrial said on Thursday its 2023 net sales of industrial activities would grow by between six and 10 per cent, after the group posted stronger-than-expected results in the last quarter of 2022. The industry faced several headwinds in 2022, including a choppy supply chain and inflation, but late in the year these […] Read more
Feds back BHP potash mine for sustainable tech
Fund to provide $100M for electrifying equipment
Major miner BHP’s potash mine-in-progress in Saskatchewan has picked up $100 million in federal funding to go toward investments in low-emissions equipment. Federal Industry Minister Francois-Philippe Champagne on Monday announced BHP’s Saskatoon-based Canadian arm will get backing from Innovation, Science and Economic Development Canada’s Strategic Innovation Fund (SIF) for the mine at Jansen, Sask., about […] Read more
Imperial Oil clears Edmonton renewable diesel plant for construction
Quick decision motivated in part by need for feedstocks such as canola oil, company says
Reuters — Imperial Oil on Thursday announced approval for an investment of $720 million to build Canada’s largest renewable diesel facility at its Strathcona refinery near Edmonton. The Calgary-based company said the facility will produce 20,000 barrels per day of renewable diesel and is expected to start production in 2025. Imperial expects regulatory approval for […] Read more
Germany considering withdrawal from crop-based biofuels by 2030
Lawmakers seek to boost biofuel made from wastes
Hamburg | Reuters — Germany’s government is considering proposals to phase out the use of biofuels produced from food or animal feed crops by 2030, the German biofuels industry association (VDB) said on Tuesday, adding the measure could increase carbon emissions. German environment minister Steffi Lemke said Jan. 17 she will soon send proposals to […] Read more
Ritchie Bros. raises cash payout in bid for IAA
Activist investor Starboard Value buys into Ritchie
Reuters — Canada’s Ritchie Bros. on Monday sweetened the cash component of its buyout offer for IAA Inc. by 28 per cent, valuing the U.S. auto retailer at US$5.94 billion, and also secured the backing of a key IAA shareholder which had questioned the initial offer. The latest cash-and-stock offer at $44.40 per share, will […] Read more
China driving crude oil price increases
Bulls on crude oil expect a 'very shallow' recession
MarketsFarm — China has largely been behind the current upticks in global crude oil prices, according to Tom Kloza, global head of energy analysis for Oil Price Information Services in Lakewood, NJ. He suggested that China’s economy will begin to pick up steam in 2023 after the government loosened its super-tight COVID-19 restrictions. “You can […] Read more
CNH workers at two U.S. plants reject proposed contract
Plants' workers on strike since May
Racine | Reuters — Members of two local unions that have been on strike since May at CNH Industrial factories in Wisconsin and Iowa on Saturday voted down a tentative labour contract, the United Auto Workers union said. The union did not disclose how many workers at the two plants rejected the four-year deal, which […] Read more
American Farm Bureau, Deere sign ‘right to repair’ memo
MOU to seek private-sector solutions
Chicago | Reuters — The American Farm Bureau Federation and machinery manufacturer Deere and Co. signed a memorandum of understanding on Sunday that ensures farmers have the right to repair their own farm equipment or go to an independent technician. As the agriculture sector accelerates its adoption of technology, the reliance on high-tech machinery such […] Read more
