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Global Markets: CN, Via cutting rail services

Huawei facing new charges in U.S.

By MarketsFarm

WINNIPEG, Feb. 14 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Canadian National Railway and Via Rail said they are drastically cutting back on their operations on Friday, due to the ongoing blockades set up by protestors. Yesterday, CN said it will cancel its freight trains in Eastern Canada, as Via also announced it’s halting all of its passenger services running on CN lines across Canada. Demonstrations this week in sympathy with the Wet’suwet’en heredity chiefs have greatly impeded the movement of rail service at several points across the country. The heredity chiefs and their supporters are opposed to the Coastal GasLink pipeline being constructed across Wet’suwet’en traditional territory in British Columbia.

– The United States Department of Justice has laid new charges against technology giant Huawei. Federal prosecutors said on Thursday that Huawei is alleged to have stolen trade secrets from its competitors, provided surveillance equipment to Iran, and concealed its business dealings with North Korea. The U.S. has economic sanctions against the two countries. Huawei is already facing charges of racketeering conspiracy, conspiracy to steal trade secrets, and lying to banks about its business dealing with Iran. A Huawei spokesperson told Canadian Press the new charges are without merit.

– Manitoba Premier Brian Pallister said he’s open to the idea of an oil pipeline to the Port of Churchill in the northern region of the province. Although no companies have announced plans for such a project, Saskatchewan Premier Scott Moe recently floated the pipeline idea. On Thursday Pallister said his government will at least consider a pipeline running to the Hudson’s Bay port. Since the 1930’s grain has been shipped through Churchill as it’s closer to European markets than more southerly ports. However, Churchill’s shipping season is limited to mid-summer to mid-autumn.

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