Fears of a strike or lockout at West Coast ports have forced some shippers to move their cargo destinations to Canadian or East Coast ports, the FT reports.» Read More
OTTAWA, April 23- Canada will require that the use of older rail cars for carrying crude oil be phased out within three years, even though the United States has yet to make such a rule change, according to documents seen by Reuters on Wednesday.
Canadian Pacific Railway Ltd and Canadian National Railway Co have come under enormous pressure to clear the backlog, which resulted from a record harvest last year and subsequent disruptions of service caused by a frigid winter.
Both Calgary, Alberta- based CP and Canada's largest railway, Canadian National Railway Co, have been under enormous pressure to clear the backlog, which resulted from a record harvest last year and from subsequent service impairments caused by a frigid winter.
*Quarterly earnings per share C $1.44 vs C $1.41 estimate. CP shares jumped 6 percent to C $173.83 on the Toronto Stock Exchange in early morning trading.
*First-quarter earnings per share C $1.44 vs est C $1.41. Canada's second-largest railroad said net earning rose to C $254 million, or C $1.44 per share, in the quarter ended March 31, from C $217 million, or C $1.24 per share, a year earlier. Analysts on average had expected earnings of C $1.41 per share on revenue of C $1.51 billion, according to Thomson Reuters I/B/E/S.
With the wipeout in growth stocks, many investors turned their attention to big-cap and value names, and the trend is expected to continue.
Gold in particular has fallen from more than $1,500 an ounce in early 2013 to briefly below $1,200 at the start of this year. "We're not expecting miraculous numbers," said Elvis Picardo, strategist and vice president of research at Global Securities in Vancouver.
TORONTO, April 4- Canada can move faster than the United States to stop the use of older rail tanker cars to carry crude oil, Transport Minister Lisa Raitt said on Friday, adding Ottawa is under pressure after last July's fiery derailment in Quebec that killed 47 people.
OTTAWA, April 3- Governments should require companies shipping crude oil by rail to carry enough liability insurance to make up for shortfalls in coverage carried by railways, the president of Canada's second-largest rail operator said on Thursday.
TORONTO, March 25- Canadian National Railway Co will phase out its fleet of 183 older tank rail cars used to transport diesel fuel over the next four years, as it works to improve safety following a string of industry accidents involving the puncture-prone cars.
WINNIPEG, Manitoba, March 20- Thick ice on Eastern Canada waterways will hamper efforts to clear a massive crop backlog, with Port of Thunder Bay, Ontario, likely to open at least a week later than usual this spring, its chief executive said on Thursday.
March 11- Canadian Pacific Railway, the country's second-largest rail operator, said on Tuesday it will buy back up to 5.3 million shares, or about 3 percent of its total outstanding shares, over the next year.
March 11- Canadian Pacific Railway, the country's second-largest railroad, said it would buy back up to 5.3 million shares, or about 3 percent of its total outstanding shares, over the next year. Canadian Pacific shares closed at C $171.30 on Monday on Toronto Stock Exchange, valuing the buyback program at about C $903 million.
WINNIPEG, Manitoba/ OTTAWA, March 7- Canada's government took the drastic step on Friday of forcing the country's two major rail companies to ship at least 500,000 tonnes of grain each a week to ease a massive backlog that is hurting farmers.
WINNIPEG, Manitoba, March 7- Canada's government said on Friday it would force major rail companies to ship at least 500,000 tonnes of grain each a week to help deal with a massive backlog that is hurting farmers.
Feb 25- Rapid growth in moving oil by train in the United States, coupled with a spate of fiery crashes and derailments, has prompted U.S. regulators and railroads to consider new safety measures this year.
HOUSTON/ NEW YORK, Feb 20- BNSF Railway Co plans to move into tank car ownership and buy its own fleet of up to 5,000 new crude oil tank cars with safety features that exceed the latest industry standards, the unit of investor Warren Buffett's Berkshire Hathaway Inc said on Thursday.
BNSF Railway plans to buy its own fleet of up to 5,000 new crude oil tank cars with safety features that exceed the latest industry standards.
HOUSTON, Feb 20- BNSF Railway Co plans to buy its own fleet of up to 5,000 new crude oil tank cars with safety features that exceed the latest standards adopted by the industry more than two years ago, the unit of investor Warren Buffett's Berkshire Hathaway Inc said on Thursday.
VANCOUVER, Feb 14- A Canadian government-backed review of the type of rail car involved in last year's deadly Lac-Megantic crash found that industry, regulators and shippers could do more to ensure the safety of the cars that carry crude across North America.