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April 2, 2014
05:08 EDTCPCanadian Pacific COO addresses Agriculture Committee hearing on Bill C-30
Canadian Pacific's president and COO Keith Creel provided his comments on Bill C-30 to the Standing Committee on Agriculture. Creel encouraged the Committee to consider the serious capacity constraints within the current grain supply chain and highlighted that interswitching would worsen the situation for the movement of Canadian grain to markets. "The reality is the current grain supply chain, of which rail is only one component, cannot move these extraordinary volumes over this short period of time," said Creel. "We need solutions that will increase throughput of grain from farm to ship." Creel also addressed CP's operating performance this crop year. CP moved record grain volumes last fall which was later impacted by the extraordinary cold temperatures in December and January. With the improved weather, the railway has regained momentum, moving 15% more Western Canadian grain in February and 20% more in March than the previous year. With respect to the proposed extended interswitching, Creel expressed concerns with its potentially damaging unintended consequences and how it would slow down the grain supply chain due to increased handlings, further constraining capacity. He noted that allowing grain to be interswitched to U.S railroads could also potentially lead to a negative impact on the Canadian economy. CP is asking all supply chain partners to engage in a collaborative dialogue to find immediate solutions which will create longer term capacity in the grain supply chain.
News For CP From The Last 14 Days
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October 21, 2014
13:27 EDTCPCSX comes off intraday high after CP says done exploring merger
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Canadian Pacific says Chicago is the number one concern.
11:16 EDTCPCanadian Pacific says foreign exchange is a headwind on expense front
Sees seasonal uptick on car maintenance in Q4.
11:13 EDTCPCanadian Pacific sees positive trends in grain sector
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07:38 EDTCPCanadian Pacific reports Q3 EPS C$2.31, consensus C$2.39
Reports Q revenue C$1.67B, consensus C$1.70B.
October 20, 2014
12:16 EDTCPCanadian Pacific still interested in consolidation, says UBS
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09:22 EDTCPOn The Fly: Pre-market Movers
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07:02 EDTCPCanadian Pacific confirms termination of exploratory talks with CSX
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