CNI - Canadian National Railway Company
92.71 0.00 (0.00%)
After hours: 4:44PM EST
| Previous Close | 93.93 |
| Open | 93.62 |
| Bid | 92.73 x 800 |
| Ask | 92.67 x 1000 |
| Day's Range | 92.39 - 93.93 |
| 52 Week Range | 83.31 - 96.53 |
| Volume | 805,998 |
| Avg. Volume | 829,470 |
| Market Cap | 65.865B |
| Beta (5Y Monthly) | 0.94 |
| PE Ratio (TTM) | 15.79 |
| EPS (TTM) | 5.87 |
| Earnings Date | N/A |
| Forward Dividend & Yield | 1.74 (1.86%) |
| Ex-Dividend Date | Mar 08, 2020 |
| 1y Target Est | 96.97 |
- Bloomberg
Trudeau Pleads for Patience Amid Crippling Rail Blockades
(Bloomberg) -- Prime Minister Justin Trudeau called for patience and dialog as indigenous-rights protests that have brought rail traffic to a halt across Canada drag on.Blockades in British Columbia, where some hereditary chiefs oppose a new natural gas pipeline by TC Energy Corp., and solidarity protests along the key Montreal-to-Toronto corridor in Ontario forced Canadian National Railway Co. to shut down a large part its network last week.The crisis has stalled the flow of goods -- including oil for export and propane needed for heating -- in the sprawling, trade-dependent nation and prompted Via Rail, Canada’s primary intercity passenger service, to cancel nearly all trains.“On all sides, people are upset and frustrated. I get it,” Trudeau told lawmakers Tuesday morning in Ottawa, where he’s facing calls to intervene in the dispute.“To the Wet’suwet’en and Mohawk nations, and indigenous leaders across the country: We are listening,” the prime minister said. “We are not asking that you stop standing up for your communities, your rights and for what you believe. We only ask that you be willing to work with the federal government as a partner in finding solutions.”Trudeau had planned to spend the first part of this week lobbying Caribbean leaders to back his bid for a seat on the United Nations Security Council. But he was forced to scrap that trip late Sunday and convene an emergency meeting of key ministers in Ottawa on Monday.His government has prioritized improving relations with First Nations, and is leery of actions that could spark a repeat of violent clashes between the authorities and indigenous communities in the past.“To those who would want us to act in haste, who want us to boil this down to slogans and ignore the complexities, who think that using force is helpful: It is not,” Trudeau said.Those comments appeared to be a response to Conservative Leader Andrew Scheer, who called last week for the prime minister to order the Royal Canadian Mounted Police to clear the protests.The opposition leader minced no words in his assessment of Trudeau’s remarks.“That was the weakest response to a national crisis in Canadian history,” Scheer said in the legislature, denouncing the prime minister’s speech as “word salad” in the place of a credible plan.(Updates with Trudeau’s remarks throughout.)To contact the reporter on this story: Stephen Wicary in Ottawa at swicary@bloomberg.netTo contact the editors responsible for this story: Theophilos Argitis at targitis@bloomberg.net, Chris FournierFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Reuters
PRESS DIGEST- Canada- Feb 18
- Reuters
Canada's Trudeau stresses the need for peaceful end to pipeline protests
Canadian Prime Minister Justin Trudeau on Monday called for a peaceful solution to end rail blockades by indigenous rights groups protesting the construction of a natural gas pipeline. Indigenous communities across Canada have blocked key rail lines for nearly two weeks to oppose construction of the Coastal GasLink pipeline in British Columbia, which has forced Canada's biggest railroad, Canadian National Railway Co, to shut operations in eastern Canada.
- Benzinga
Canadian Ports Impacted By Pipeline Protesters Blocking Rail Lines
The protests that have been blocking portions of the rail network in Canada are affecting port operations on both coasts. Protesters in support of a First Nations' group's objections to the location of a proposed pipeline in British Columbia have been blocking portions of Canada's rail network over the past week, causing Canadian National (NYSE: CNI) to shut down its eastern operations and VIA Rail to cancel much of its passenger rail service.
- Benzinga
Transport Canada Ups Temporary Speed Limits For Crude Trains
The Canadian government has revised its temporary restrictions on speed limits for freight trains carrying dangerous goods, allowing trains to move faster. The agency defines dangerous goods as commodities such as crude oil, liquefied petroleum gas, gasoline and ethanol. The revised speed restrictions, which were issued on Feb. 16 and will be in place until April 1, are in response to a fiery Feb. 6 derailment of a Canadian Pacific (NYSE: CP) train carrying crude oil.
- Reuters
Canada's Trudeau scraps Barbados trip to try to resolve anti-pipeline protests
Canadian Prime Minister Justin Trudeau has canceled his planned trip to Barbados to help resolve widespread rail disruptions caused by indigenous rights activists opposing the construction of a natural gas pipeline, his office said on Sunday. Indigenous communities across Canada have been blocking some key railway lines for nearly two weeks in protest against the Coastal GasLink pipeline in British Columbia, which has forced Canada's biggest railroad, Canadian National Railway Co , to shut operations in eastern Canada.
- GlobeNewswire
CN Supportive of the Amendment to the Ministerial Order on Train Speed
CN (CNR.TO) (CNI) is supportive of the decision by Canada’s Transport Minister to amend the Ministerial Order issued on February 7, 2020. “Safety is a core value at CN, and we are supportive of the Minister of Transportation’s decision,” said JJ Ruest, president and chief executive officer at CN.
- GlobeNewswire
New Illegal Blockades in Vaughan and Vancouver, CN Concerned About Safety
CN (CNR.TO) (CNI) announced that there have been new blockades on its network today, one in Vancouver, B.C., and two in Vaughan, ON. CN has sought and obtained court orders and requested the assistance of enforcement agencies to end these illegal blockades. While both of the illegal blockades in Vaughan have ended and the other one in Vancouver may come to an end shortly, CN has deep concerns regarding the safety of its employees, the public, and the protestors.
- Oilprice.com
Canada Rocked By Anti-Pipeline Protests
Protests against Canada’s new Coastal Gaslink Pipeline are spiraling out of control, forcing Canadian National Railway to suspend train services
- Bloomberg
Shopify’s Sweetheart Week Has It Encroaching on Market Stalwarts
(Bloomberg) -- Canada’s homegrown tech company Shopify Inc. is on a tear.After surging annually since its 2015 initial public offering, it has rallied 36% to a market value of almost C$82 billion ($62 billion) in 2020, making it the seventh largest company on the S&P/TSX Composite Index. That puts it about C$8 billion away from usurping Bank of Nova Scotia -- the fifth biggest company. Canadian National Railway Co. -- is No. 6 on the benchmark.Shopify’s value has climbed about C$7.9 billion just this week as fourth-quarter revenue topped analysts’ estimates and the provider of online shopping tools gave an optimistic forecast for the year.Shares of Shopify have skyrocketed to fresh records amid a dearth of quality tech companies on the S&P/TSX Composite Index. The benchmark tech gauge has a mere 10 members compared with over 71 on the S&P 500’s tech index, which includes FAANG giants such as Facebook Inc., Amazon.com Inc., Apple Inc., Netflix Inc. and Google parent Alphabet Inc.Still, Shopify’s meteoric rise has some analysts calling for caution. Credit Suisse analyst Brad Zelnick downgraded the stock to the equivalent of a hold on its “lofty valuation” but raised his share price target for the U.S.-listed stock to $575 from $450. He did, however, contend that company has a “great business.” The stock is currently sitting at about $527.Markets -- Just The NumbersChart of The WeekPoliticsPrime Minister Justin Trudeau said the government will do everything it can to resolve protests that have crippled parts of the country’s railways, leading to disruptions in passenger travel and the shipment of key goods. RBC Capital Markets said the demonstrations are another reason the Bank of Canada will be “biased to ease.”Get the latest news on the pipeline protests hereThe coronavirus continues to spread within China. Finance Minister Bill Morneau said that the epidemic will take a “real” toll on Canada’s economy given it’s global knock-on effects. Reduced tourism from China and lower commodity prices will also impact Canada’s growth.EconomyA new survey showed that Canadians are growing increasingly confident of getting a job with better pay were they to leave their current workplace, another indication of the health of the nation’s labor market as the unemployment rate sits at historic lows and wages climb near the fastest pace since the recession.The housing market in major Canadian cities continued to tighten as home sales fell and prices rose in January. A combination of steady population growth, low unemployment and cheap borrowing costs have brought buyers into the market but shrinking supply is damping transactions and driving bids for homes higher in places like Toronto.Up next, economists will be watching manufacturing sales figures on Feb. 18, inflation data due Feb. 19 and retail sales expected on Feb. 21. The stock market is closed on Monday for a holiday in Ontario and some other provinces.TrendingInCanada1\. Former Mississauga Mayor Hazel McCallion, also known as “Hurricane Hazel” turned 99 with NHL’s Maple Leafs team celebrating her birthday. She was in office for 12 terms before stepping back in 2014.2\. An extreme cold warning alert was issued for the city of Toronto Friday as temperatures dip below 30 degrees Celsius (that’s -22 degrees Farenheit).\--With assistance from Shelly Hagan.To contact the reporter on this story: Divya Balji in Toronto at dbalji1@bloomberg.netTo contact the editors responsible for this story: Kyung Bok Cho at kcho7@bloomberg.net, Jacqueline Thorpe, Danielle BochoveFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Bloomberg
Indigenous Protests Cripple Parts of Canada’s Rail Network
(Bloomberg) -- Prime Minister Justin Trudeau said the government will do everything it can to resolve protests that have crippled the country’s railways, leading to disruptions in passenger travel and the shipment of key goods.“We are a country that recognizes the right to protest but we are a country of the rule of law and we will ensure that everything is done to resolve this through dialog and constructive outcomes,” Trudeau said during a press conference in Munich.Environmental and indigenous-rights activists are blockading rail lines, ports and other infrastructure to show solidarity with portions of the Wet’suwet’en Nation that are protesting construction of TC Energy Corp.’s planned C$6.6 billion ($5 billion) Coastal GasLink pipeline through their territory in British Columbia.When asked whether the pipeline project will still proceed despite the protests, Trudeau emphasized that Canada has regulatory processes and a judicial system in place for the country to operate smoothly. “The responsibility of government, and of all levels of government, is to serve their citizens in the best way possible, and the legal framework we have built for our country is an important touch point for that,” he said. Key Developments:Canadian National Railway Co., the country’s biggest rail network, is shutting down operations in Eastern Canada, possibly leading to temporary layoffs.All Via Rail passenger traffic across the country has been haltedBusiness leaders increasingly frustratedRBC Capital Markets says protests another reason keeping Bank of Canada “biased to ease”West Coast ports “will take weeks” to resume service after supply-chain delays, the Chamber of Shipping says.Garneau Says ‘Concerned’ About Protests, Pledges Dialog (12:27 p.m.)Canadian Transport Minister Marc Garneau said while he’s “deeply concerned” about the impact of nationwide protests that are crippling the country’s railways, the government is intent on resolving the situation by engaging with First Nations.Environmental and indigenous-rights activists are blockading rail lines, ports and other infrastructure to show solidarity with portions of the Wet’suwet’en Nation that are protesting construction of TC Energy Corp.’s planned C$6.6 billion ($5 billion) Coastal GasLink pipeline through their territory in British Columbia.Federal Ministers to Meet with Indigenous Leaders (10:30, NY)Garneau said he’s encouraged by the removal of a blockade in British Columbia after the Canadian and provincial governments agreed to meet hereditary chiefs to discuss their grievance, allowing trains to begin running to the port of Prince Rupert.“Freedom of expression and peaceful protests are among the most fundamental rights of people in a democracy and must be respected and protected,” Garneau told reporters in Toronto. “However, I am deeply concerned by the demonstrations that are deliberately preventing the operation of our railways,” he said.Minister of Crown-Indigenous Relations Carolyn Bennett, will meet with protesters in British Columbia, while Minister of Indigenous Services Marc Miller will meet with groups that are running blockades in Ontario.Hard to Find Trucks to Replace Rail, Retailers Say (11:00 a.m., NY)The Retail Council of Canada says 20% of its members’ shipments go by intermodal transit. Walmart Inc. is the No. 3 customer of CN, according to data compiled by Bloomberg.“It’s not like somewhere in a subterranean garage there are thousands of additional trucks just waiting to be turned on to provide redundancy,” said Karl Littler, senior vice-president of public affairs at the council, which represents 45,000 storefronts. “Rail moves a lot of heavy volume, and it is already integrated with trucking.”The group recognizes the right to peaceful protest, but believes in the rule of law, Littler said. “When injunctions are issued they should be followed, and if they have to be they should be enforced by public authorities,” he said.Rail Disruption Another Factor Keeping BOC ‘Biased to Ease,’ RBC Says (8:05 a.m. NY)RBC Capital Markets called the CN shutdown another “transitory” impediment to growth.“Alongside possible virus-related distortions, it is becoming harder for the Bank of Canada to disentangle exactly what factors are contributing to expected below-potential growth,” Mark Chandler, and Simon Deeley, rates strategists at the Royal Bank of Canada unit.That “below-potential growth” still seems likely for both the fourth quarter and first quarter and, at the margin, “it should help to keep the central bank biased to ease,” they added.Resumption of Service ‘Will Take Weeks’ at West Coast Ports (3:25 a.m. NY)Supply Chain disruption is leading to congestion at Vancouver and Prince Rupert Ports from stranded imports and diminished capacity to service export cargoes, according to the Chamber of Shipping.In 2018, Canada’s ports moved over 342 million metric tonnes of cargo.“This action is harming the reputation of Canadian ports and the Canadian supply chain,” Robert Lewis-Manning, president of the Chamber said in a statement. “Even a resumption of service at this stage will take weeks to resolve and impacts the markets that Canadian shippers serve.”The Chamber of Shipping represents commercial carriers and their agents which trade internationally and domestically.\--With assistance from Divya Balji.To contact the reporters on this story: Theophilos Argitis in Ottawa at targitis@bloomberg.net;Doug Alexander in Toronto at dalexander3@bloomberg.net;Shelly Hagan in ottawa at shagan9@bloomberg.netTo contact the editors responsible for this story: Derek Decloet at ddecloet@bloomberg.net, Jacqueline Thorpe, Chris FournierFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Benzinga
CN Moves To Shut Down Eastern Canada Rail Network Amid Blockades
Canadian National (NYSE: CNI) began shutting down its Eastern Canada rail network Thursday and plans to halt all transcontinental service in response to ongoing disruptions by anti-pipeline protesters that have increasingly strained the country's supply chains. CN said it is initiating a "disciplined and progressive shutdown" of the eastern rail network after canceling more than 400 trains during the past week amid blockades in Ontario, Manitoba and British Columbia in support of a First Nations group's opposition to a proposed pipeline route.
- Bloomberg
Pipeline Protests Cripple Canadian Railways, Raising CEOs’ Ire
(Bloomberg) -- Protests against a natural gas pipeline are crippling Canada’s railways -- key economic arteries in the sprawling, trade-dependent nation -- and prompting cries of “insanity” and “ecoterrorism” from business leaders.Canadian National Railway Co., the country’s largest rail provider, has canceled 400 trains in the past week and said on Thursday that it will shut down its operations in Eastern Canada, possibly leading to temporary layoffs. Via Rail, which operates passenger train service across the nation, is canceling all services effective immediately.The cancellations mark the most severe fallout yet from protests that have spread across Canada in recent days, disrupting shipments of oil, grain, propane, lumber and consumer goods. Environmental and indigenous-rights activists are blockading rail lines, ports and other infrastructure to show solidarity with portions of the Wet’suwet’en Nation that are protesting construction of TC Energy Corp.’s planned C$6.6 billion ($5 billion) Coastal GasLink pipeline through their territory in British Columbia.“This is a good case of insanity,” Don Walker, chief executive officer of auto-parts maker Magna International Inc., said in an interview with BNN Bloomberg on Thursday. The protests are a “very bad situation” that hurts Canadian business and its perceived competitiveness on a global scale.Mullen Group Ltd. CEO Murray Mullen called the disruptions a form of ecoterrorism and said on an earnings call that the the government should do something to ease the tensions before the economy is affected by the disruption in the supply chain. Mullen Group provides oilfield services, including trucking and specialized transport.TC Energy CEO Russ Girling said on an earnings call Thursday that he’s disappointed that police have had to help the company proceed with construction on the line. He said the company is continuing efforts to find a peaceful solution with the portions of the indigenous groups that oppose the project, which would connect natural gas fields in British Columbia to an export terminal that’s being built on the Pacific Coast.Potential LayoffsCN Rail said Thursday that it has been forced to start the shutdown of its operations in Eastern Canada, which may lead to temporary job cuts soon, the company said in a statement. Blockades have been cleared in Manitoba and may soon be resolved in British Columbia, but have persisted in Ontario, the Montreal-based company said.“This situation is regrettable for its impact on the economy and on our railroaders as these protests are unrelated to CN’s activities, and beyond our control,” CEO Jean-Jacques Ruest said in a statement.Federal Indigenous Services Minister Marc Miller asked the protesters to end the disruption.“My request, that I ask you kindly to consider, is to discontinue the protest and barricade of the train tracks as soon as practicable,” he said in an email that he posted to Facebook on Thursday. Miller also asked to meet with the First Nations group.Respectful DialogEarlier this week Prime Minister Justin Trudeau said the intensifying protests are “of concern” and added that his government will be engaging with ministers to look at next possible steps. Transport Minister Marc Garneau said “there is time for all parties to engage in open and respectful dialog to ensure this situation is resolved peacefully, and we strongly urge these parties to do so.”The protests are putting Trudeau in a bind. He got elected last year partly on a platform to reduce Canada’s carbon output and improve the environment, but his government also bought another pipeline to help ease bottlenecks that are cutting the price of the country’s crude.On Thursday, CN Rail spokesman Jonathan Abecassis said by phone that a disruption west of Winnipeg was disbanded. That demonstration had affected traffic between western and eastern Canada and south into the U.S.This is a second hit to CN Rail in three months after a worker strike in November also halted shipments.Proponents Versus OpponentsWhile two in five Canadians say they support the protesters, a slight majority support the Coastal GasLink project itself, according to a poll conducted by the Angus Reid Institute.“In each case, whether it’s the protesters or the pipeline, Canadians are divided into two sizable groups on each side of the issue,” the report said.Still, Canadians are mostly confident that the Coastal GasLink pipeline will be completed, according to the survey. About 57% believe that while it will take longer to build, it will still be completed and 34% have full confidence that it will go ahead regardless.Crude-by-RailAt least three Eastern Canadian refineries supplied by CN’s rail network have been cut off from crude-by-rail shipments on the system. The refineries account for about a third of the country’s refining capacity and include Irving Oil Corp.’s Saint John plant in New Brunswick, Canada’s biggest, Valero Energy Corp.’s Quebec City refinery and Suncor Energy Inc.’s Montreal plant. Valero and Irving didn’t respond to emails seeking comment.“We are closely monitoring the situation and are currently exploring alternate methods of distribution and have put measures in place to manage inventory,” a Suncor spokeswoman said. “We continue to take steps to mitigate any potential impacts.”\--With assistance from Stephen Wicary.To contact the reporters on this story: Divya Balji in Toronto at dbalji1@bloomberg.net;Michael Bellusci in Toronto at mbellusci2@bloomberg.net;Robert Tuttle in Calgary at rtuttle@bloomberg.netTo contact the editors responsible for this story: Jacqueline Thorpe at jthorpe23@bloomberg.net, ;Derek DeCloet at ddecloet@bloomberg.net, Kevin Orland, Carlos CaminadaFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Reuters
CN Rail to shut down Eastern Canadian operations due to protests
The protests by an indigenous community opposing the construction of a gas pipeline project in British Columbia and its supporters have disrupted passenger trains and goods transportation for the seventh straight day. The shutdown will continue until the blockades end and may lead to temporary layoffs within its Eastern Canadian operational staff, the company said. "With over 400 trains canceled during the last week and new protests that emerged at strategic locations on our mainline, we have decided that a progressive shutdown of our Eastern Canadian operations is the responsible approach to take," Chief Executive Officer JJ Ruest said in a statement.
- GlobeNewswire
CN Initiating Progressive and Orderly Shutdown of its Eastern Canadian Network
CN (CNR.TO) (CNI) announced today that the Company has been forced to initiate a disciplined and progressive shutdown of its operations in Eastern Canada. This will include stopping and safely securing all trans-continental trains across its Canadian network and may imminently lead to temporary layoffs within the company’s Eastern Canadian operational staff. CN sought and obtained court orders and requested the assistance of enforcement agencies for the illegal blockades in Ontario, Manitoba, and British Columbia.
- Bloomberg
CEOs, Lawmakers Sound Alarm on Heightened Canadian Rail Protests
(Bloomberg) -- Escalating protests against a Canadian natural gas pipeline are putting rail shipments of grain, propane, lumber and consumer goods in jeopardy and prompting consternation among executives and lawmakers.Demonstrators are blocking rail lines and other key infrastructure to support parts of the Wet’suwet’en Nation, an indigenous group that opposes the construction of TC Energy Corp.’s planned C$6.6 billion ($5 billion) Coastal GasLink project. The pipeline would carry natural gas from Western Alberta to Kitimat, British Columbia, where the gas will be turned into LNG for export.A blockade on a rail line to the port of Prince Rupert, British Columbia, has halted grain shipments to a port where 1,400 cars are unloaded each week, said Greg Northey, a spokesman for industry group Pulse Canada. Cenovus Energy Inc., which ships a significant portion of its crude oil production via rail, said the protests pose a serious threat to the country’s economy.“There is a significant risk, not just to my business, but to the Canadian economy if these protests continue to shut down ports and shut down rail,” Cenovus Chief Executive Officer Alexander Pourbaix said Wednesday in an interview. The company shipped about 120,000 barrels of crude a day via rail in January, executives said on a call.The intensifying protests are “of concern,” said Canadian Prime Minister Justin Trudeau, who added that his administration will be engaging with ministers to look at next possible steps. “We recognize the important democratic right, and we will always defend it, of peaceful protest,” Trudeau said to reporters in Dakar, Senegal. “We are also a country with a rule of law, and we need to make sure those laws are respected.”In a separate statement issued Wednesday, Transport Minister Marc Garneau said “there is time for all parties to engage in open and respectful dialog to ensure this situation is resolved peacefully, and we strongly urge these parties to do so.”Rail NetworksOn Tuesday, Canadian National Railway Co. said in a statement it will have to shut down “significant” parts of its network because of the protests.Blockades near Belleville, Ontario, and between Prince George and Prince Rupert in B.C., have already disrupted passenger traffic as well as shipments of grain, propane, lumber and consumer goods, according to CN.“It’s not just passenger trains that are impacted by these blockades, it’s all Canadian supply-chains,” CN Rail CEO Jean-Jacques Ruest said in the statement.At least three Eastern Canadian refineries that have been supplied by CN’s rail network have been cut off from crude-by-rail shipments on the system. The refineries account for about a third of the country’s refining capacity and include Irving Oil Corp.’s Saint John plant in New Brunswick, Canada’s biggest, Valero Energy Corp.’s Quebec City refinery and Suncor Energy Inc.’s Montreal plant. Valero and Irving didn’t respond to emails seeking comment.“We are closely monitoring the situation and are currently exploring alternate methods of distribution and have put measures in place to manage inventory,” a Suncor spokeswoman said. “We continue to take steps to mitigate any potential impacts.”The Western Canadian oil patch has grown increasingly reliant on rail to get crude, Canada’s biggest export, to refiners as far away as the U.S. Gulf Coast.CN expects to be shipping 250,000 barrels a day by the end of the first quarter, up from 180,000 barrels a day in September, the company said last month. It shipped 36,000 carloads in the fourth quarter -- the most in the company’s history.Canadian oil prices weakened Wednesday amid the disruption with Western Canadian Select’s discount to benchmark futures widening $1.10 to $16.85 a barrel. Prices were also pressured by a refinery fire in Louisiana.The company transports more than C$250 billion worth of goods annually across a rail network of about 20,000 route-miles spanning Canada and mid-America.Other organizations have weighed in:The Alberta Wheat and Barley Commissions said protest blockades will cause “serious unintended consequences for farmers” and the entire agriculture industry.“Even a disruption of only a few days will cause a massive backlog with economic losses that are ultimately borne by farmers.”The Canadian Chamber of Commerce said it is “deeply concerned about the damage to the Canadian economy”“A rail disruption of this magnitude constitutes an emergency for the Canadian economy.”Political MinefieldCanada’s oil and gas industry has been the target of a rising protest movement, including opposition to the Trans Mountain and Keystone XL conduit projects. The demonstrations are creating a political minefield for Trudeau as he tries to plot a way forward for an industry plagued with bottlenecks while fulfilling his promise to reduce Canada’s carbon emissions.Trudeau’s government bought the Trans Mountain project in 2018 as a way to get Canada’s crude to tidewater and faces another stark decision in the weeks ahead on whether to approve Teck Resources Ltd.’s C$20 billion Frontier oil-sands mine.KKR & Co. and Alberta Investment Management Corp. agreed to buy a 65% stake in the Coastal GasLink project in a deal expected to close in June.(Adds Suncor comment in 11th paragraph)\--With assistance from Stephen Wicary, Chris Fournier and James Attwood.To contact the reporters on this story: Divya Balji in Toronto at dbalji1@bloomberg.net;Kevin Orland in Calgary at korland@bloomberg.net;Robert Tuttle in Calgary at rtuttle@bloomberg.netTo contact the editors responsible for this story: Kyung Bok Cho at kcho7@bloomberg.net, David Marino, Carlos CaminadaFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Benzinga
Canadian Businesses, Government Officials Urge End To Pipeline Protests
Canadian businesses and government officials are urging protesters to stop blocking freight and and passenger rail lines and end a nearly weeklong protests over a proposed pipeline. Minister of Transport Marc Garneau on Wednesday asked parties involved in the protest to engage in an open dialogue that would come to a peaceful resolution over the issue, adding that police have a right to act to ensure the safety of Canadians and that protestors need to abide by the law. Over the past week, protestors have formed human blockades along two of Canadian National's (NYSE: CNI) routes and along passenger routes around Toronto, effectively stopping traffic and limiting access to the ports of Prince Rupert, Montreal and Halifax.
- Reuters
EXPLAINER-Why are indigenous groups protesting a Canada gas pipeline?
Protests broke out in many parts of Canada over the past week, triggered by arrests of dozens of protesters on traditional indigenous land along a route for TC Energy Corp's planned Coastal GasLink pipeline. The demonstrations have disrupted freight and passenger rail and Canadian Prime Minister Justin Trudeau on Wednesday urged protesters to find a quick solution. The flashpoint was police arrests that started last week in northern British Columbia of protesters who oppose the pipeline's construction on traditional land of the Wet'suwet'en indigenous people.
- Reuters
Canada's Trudeau urges quick end to protests blocking rail lines
Canadian Prime Minister Justin Trudeau on Wednesday urged those blocking rail lines in protest against the construction of a natural gas pipeline to find a quick solution, as police warned they were ready to step in and end the standoff. Anti-pipeline protesters near tracks in Ontario, Canada's most populated province, disrupted passenger trains and goods transportation for a sixth straight day on Wednesday. The Ontario blockade of the Canadian National Railway (CN) line is in support of Wet’suwet’en Nation's opposition to the proposed Coastal GasLink pipeline in British Columbia.
- Zacks
The Zacks Analyst Blog Highlights: GATX, SkyWest, Canadian National Railway, Old Dominion Freight Line and Alaska Air
The Zacks Analyst Blog Highlights: GATX, SkyWest, Canadian National Railway, Old Dominion Freight Line and Alaska Air
