Latest news with #Acheson
Globe and Mail
21-05-2025
- Business
- Globe and Mail
CN to Invest $510 Million in Alberta to Build Capacity and Power Sustainable Growth
EDMONTON, May 21, 2025 (GLOBE NEWSWIRE) -- CN (TSX : CNR) (NYSE : CNI) announced today plans to invest approximately $510 million CAD in Alberta, as part of its 2025 capital investment program. This investment will support track maintenance and strategic infrastructure initiatives in the province. This includes projects to increase intermodal capacity in Edmonton, and continued work to build greater rail capacity along CN's mainline between Edson and Hinton. These projects will help ensure the safe movement of goods and support long-term sustainable growth in Alberta and across CN's network. 'We believe that investing in our network is about building for the future. Our continued infrastructure investment in Alberta will help strengthen the resiliency, and efficiency of our network across the province. Our focus remains on providing exceptional service to our customers and supply chain partners, supporting strong economic growth for North America and across the communities where we operate.' - Tracy Robinson, President and Chief Executive Officer of CN 'CN provides nearly 400 businesses in our Acheson Industrial Area with world class-connectivity to global markets. Through direct rail spurs and the nearby intermodal facility, CN's critical infrastructure has positioned Acheson as the first stop in the Edmonton Metropolitan Region from the rapidly growing Port of Prince Rupert. Our longstanding relationship with CN will continue to provide our diversified business sectors with the logistics capacity to optimize supply chain efficiency, reduce operating costs, and be difference makers in global trade.' - His Worship Adam Gamble, Mayor of Parkland County, Alberta In 2024, CN invested approximately $357 million CAD in Alberta for track maintenance and key infrastructure initiatives. This includes over $35 million to build capacity along CN's Edson Subdivision track between Pedley and Galloway. This multi-year project along CN's mainline track between Jasper and Edmonton will enable greater capacity, supporting greater market access for North American supply chain partners from both Vancouver and the Port of Prince Rupert. Alberta in Numbers: Employees: approximately 3,421 Railroad route miles operated: 2,505 Community investments: $2.1 million in 2024 Local spending: $968 million in 2024 Cash taxes paid: $83 million in 2024 CN Forward-Looking Statements Certain statements by CN included in this news release constitute 'forward-looking statements' within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws. By their nature, forward-looking statements involve risks, uncertainties and assumptions. CN cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as 'believes,' 'expects,' 'anticipates,' 'assumes,' 'outlook,' 'plans,' 'targets,' or other similar words. Forward-looking statements reflect information as of the date on which they are made. CN assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event CN does update any forward-looking statement, no inference should be made that CN will make additional updates with respect to that statement, related matters, or any other forward-looking statement. About CN CN powers the economy by safely transporting more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year for its customers. With its nearly 20,000-mile rail network and related transportation services, CN connects Canada's Eastern and Western coasts with the U.S. Midwest and the U.S. Gulf Coast, contributing to sustainable trade and the prosperity of the communities in which it operates since 1919. Contacts:
Yahoo
25-02-2025
- Business
- Yahoo
The Trump crypto rally is fading
The crypto euphoria that coincided with Donald Trump's return to the White House is fading. Bitcoin (BTC-USD), the world's largest cryptocurrency, hit a 3-month low Tuesday as it briefly dipped below $87,000 for its biggest drop in three weeks. Ether (ETH), the second-largest cryptocurrency, fell 10%. Another popular cryptocurrency, Solana (SOL) fell more than 12% Tuesday, hitting its lowest point in five months, before recovering some of those losses. Industry watchers aren't pinning the sell off on any single culprit. Instead they are pointing to a mishmash of negative forces spurring poor vibes, from broader macro uncertainty spurred by talk of widespread Trump tariffs to the recent hack of crypto derivatives exchange Bybit. The bottom line is that a breathless rally following the election Trump late last year is losing steam. "The Trump rally could be just getting exhausted here," Noelle Acheson, founder of Crypto Is Now, told Yahoo Finance Tuesday. The pullback is happening despite persistent optimism within the crypto world about a pro-crypto Trump administration and a more favorable stance taken by regulators. In just the last week, Coinbase and Robinhood both said the SEC had dropped a lawsuit and investigation related to their crypto activities — new signs that the biggest players in the industry would face less scrutiny going forward. SEC commissioner Hester Peirce reaffirmed that stance in a Friday interview with Yahoo Finance, saying she hopes to provide "greater clarity" for the industry. Acheson attributed the recent pullback to concerns about economic growth as the new administration rolls out a program of new tariffs and tax cuts. But there could be another reason: not enough new money is entering the market. She expects that to change as more barriers to institutional participation get removed, but she noted that will take time. "The mood has been bleak in the crypto market recently, and partly is because we haven't been getting the rally that we expected….I do believe that is because we're not yet seeing the new money come in." Acheson said. "If crypto is still a thing next week — and it will be — the most important place to watch for new money coming into the sector is Wall Street, particularly the money center banks," Ryne Miller, a partner for law firm Lowenstein Sandler, added in an interview with Yahoo Finance. Crypto-related stocks including Strategy (MSTR), Coinbase Global (COIN) and crypto miners Riot Platforms (RIOT) and Marathon Digital (MARA) fell roughly between 7% and 10% as of noon Tuesday. Another analyst, Bernstein's Gautam Chhugani, told clients in a Tuesday note that the 'Bitcoin market is following the broader equity risk sentiment driven by macro concerns.' Bernstein doesn't believe bitcoin has reached its peak in its current four-year cycle. It has set that target "closer to $200K mark over next 12 months." On a technical level, Chhugani sees bitcoin as potentially falling as low as $70,000, the price level set just before its post-election bull rally. Bernstein views the current correction or a move lower as "another opportunity to participate in this cycle." Bitcoin's price could break away from poor macro sentiment "only if it gets more bullish announcements' from a new White House task force that is studying possible moves to make. So far, Trump has delivered on some of the promises he made to the industry while campaigning, but other promises and regulatory developments for the crypto world are expected to take more time. Major questions still remain around whether the Trump administration will deliver a "national digital asset stockpile," which Trump's AI and crypto czar David Sacks has been directed to evaluate. Even though bitcoin is down 8% over the past 24 hours and more than 6% since the beginning of January, it's still up 26% since Trump's election victory. The current pullback 'will find a floor eventually,' Acheson said.
Yahoo
21-02-2025
- Business
- Yahoo
Construction firm's closure 'significant loss' to local business community
The business community has been saddened by news that a Dorchester-based construction firm employing more than 40 people has entered administration. As previously reported, at least 40 people at Acheson Construction, whose head office is based at the Railway Triangle Industrial Estate in Dorchester, have been made redundant after the company entered administration. Steve Bulley President of Dorchester Chamber for Business added: 'The announcement that Acheson Construction has entered administration is a significant loss to our local business community. Our thoughts are with the employees and any local suppliers affected. 'This sad news highlights the broader challenges currently facing the construction industry. Over the past year, profit margins in the sector have been under considerable pressure. Notably, the average margin among the top 100 UK construction companies has declined to 1.7% from 2.7% in the previous year. Acheson Construction Head Office (Image: Alfie Lumb) 'Several factors have contributed to this margin compression. While building material costs have begun to decrease, ending a period of record high inflation that severely undermined profits, operating conditions remain challenging and mixed. 'Additionally, the industry continues to grapple with tight profit margins and ongoing skills shortages. 'The demise of Acheson Construction serves as a stark reminder of the vulnerabilities within the construction sector locally. Dorchester's business community has remained robust but it is a concern when a company with the heritage and size of Acheson Construction is unable to continue.' Robin Potter, mayor of Dorchester, said: 'It's very sad news that we've lost a well-established business that has been based in the town for many years. It's really sad to see them go. 'We hope everyone involved find employment and I hope that another firm can fill the breach that Acheson's will leave behind.' Richard Lewis and Alistair Wardell of Grant Thornton UK LLP were appointed Joint Administrators of Acheson Construction Limited on Tuesday, February 18 and ceased the company's operations on their appointment, with 40 of its 48 staff made redundant as a result. According to the joint administrators, the retained staff are assisting them with winding down the company's affairs. People reacting to the news online shared messages such as: "How sad. This company trained many building apprentices and done a lot of good. So sorry to hear this." Another added: "This is sad news, Achesons were the employers of so many, including school leavers taking apprenticeships, starting in the 1970s. I hope the people laid off find employment soon." According to administrators, the firm had been impacted by higher costs on fixed price contacts but added that the current efforts are focused on 'supporting employees'. The company, which has been involved in a host of local and regional building projects, had operated for more than 50 years and had another premises in Whiteley, near Fareham, Hampshire. Richard Lewis said: 'The business has been impacted by increased costs on fixed priced contracts, delays in the commencement of new projects and a dispute over amounts due under a key contract. 'Whilst the directors had considered alternative options, they sadly concluded it was no longer viable to continue to trade. 'Our efforts are initially focussed on supporting employees with making claims to the Redundancy Payments Service, securing physical assets and gathering information and evidence to support any claims the company has under contracts including in relation to retentions.' A notice has recently been put up on the company's website to alert people that the business is in administration. The latest accounts for the firm show a turnover of £53m, generating a pre-tax profit of £46,000 in the year to December 29, 2023. Last year's accounts are not yet available. Creditors will receive a formal notification by Monday, February 24 from the joint administrators of their appointment with details of how to claim amounts owed. Anyone with queries on this is urged to contact the company by writing in the first instance to Acheson Construction Limited – In Administration, c/o Grant Thornton UK LLP, Landmark, St, Peter's Square, 1 Oxford St, Manchester M1 4PB or cmusupport@
