GFM Network News


File photo of a CN locomotive in Winnipeg. (Dave Bedard photo)

CN CEO to retire as investor pressure weighs

Shareholder TCI has replacement in mind

Reuters — Canadian National Railway (CN) said on Tuesday its CEO Jean-Jacques Ruest will retire at the end of January, following investor demands for his exit after the railroad operator’s failed bid for Kansas City Southern. TCI Fund Management, which owns five per cent of Canadian National, in August pitched former Jim Vena — a

Railway tracks

Editor’s Take: Rubber, meet road

In recent years the country’s two major railways have all but dislocated their metaphorical shoulders patting themselves on the back. They’re rightly very proud of record grain movement year after year, and have pointed to major investments in infrastructure, equipment and personnel as key to that success. And to be clear, both CN and CP


Shippers say they’ll be watching CN’s performance closely following staff cuts.

Turmoil at CN making Canadian grain shippers nervous

Hedge fund is threatening to oust the railway’s senior management

Canadian grain shippers are worried CN Rail’s plan to boost profits and avoid a shakeup in the executive suite could result in poorer service. “Even though (grain shipping) demand is a bit down (due to a smaller crop) they (CN) started rationing last week and their order fulfilment, especially out of Alberta is dropping,” Greg

An eastward-facing view from the north edge of the crossing at Mile 98.14 of CN’s Ashcroft subdivision, where BCWS suspected the Lytton fire began. (TSB photo)

No evidence trains sparked Lytton fire, TSB says

Transportation Safety Board now stepping out of ongoing fire probe

There’s no proof the fire that largely destroyed a British Columbia village, damaged a key rail bridge and led to cuts in rail speed limits in high-risk areas was sparked by train traffic, the federal Transportation Safety Board says. The TSB on Thursday said its investigation, launched in early July, “has not revealed any evidence

(GFM file photo)

Cargill, ADM sell GrainBridge to ag software firm Bushel

'Network effect' expected in grains sector

An online service farmers use to manage grain sales with ADM’s elevators and processing plants across Canada — along with Cargill and ADM elevators in the U.S. — is under new ownership. ADM and Cargill, the two major U.S.-based agribusinesses that set up GrainBridge in 2019, announced Tuesday they’ve sold it to Bushel, a Fargo,


(Photo courtesy Port of Los Angeles)

‘Containergeddon’: Supply crisis drives Walmart, rivals to hire own ships

Bulk grain ships pressed into container service

Los Angeles | Reuters — The Flying Buttress once glided across the oceans carrying vital commodities such as grain to all corners of the world. Now it bears a different treasure: Paw Patrol Movie Towers, Batmobile Transformers and Baby Alive Lulu Achoo dolls. The dry bulk cargo ship has been drafted into the service of


The Garden City container terminal at Savannah is operated by Ports America on behalf of the Georgia Ports Authority. (Photo courtesy Georgia Ports Authority)

Canada’s CPPIB to buy major U.S. port terminal operator

Canada Pension Plan's play furthers its infrastructure push

Reuters — Canada Pension Plan Investment Board (CPPIB) said on Wednesday it had agreed to buy Ports America, one of the largest marine terminal operators in the U.S., from investment firm Oaktree Capital Management. While no valuation was given in the announcement, the deal values Ports America at over US$4 billion, according to two sources


Hot, dry weather through the summer kept crop yields down this season.

Grain industry wrestles with unfulfilled grain contracts

Because of drought some farmers sold more grain than they grew and face big bills to buy back their contracts

Farmers who contracted to deliver a portion of this year’s crop at a specific price but can’t fill it because drought cut production have a problem. Depending on the contract they are obliged to either find the equivalent grain elsewhere and deliver it, or pay the grain company what it costs to acquire the grain.

(CPR.ca)

CP, Kansas City lock in new deal as CN steps out

More efficient flow of grain, perishables, machinery parts touted

Canadian Pacific Railway and U.S. railway Kansas City Southern on Wednesday again formalized their engagement after competing suitor Canadian National Railway walked away from the table. CP and KCS, which reported “unanimous” support from both companies’ boards, have entered a merger agreement committing CP to pay about $31 billion in cash and stock, or about