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☆ Bill Ackman's Pershing Square doubles down on Nike and one name tied to data centers
▼ + stars: | 2024-11-14 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Bill Ackman's Pershing Square doubled down on Nike and Brookfield in his concentrated portfolio last quarter. The high-profile investor boosted his investment in Nike drastically in the third quarter, making the bet worth $1.4 billion, according to a regulatory filing. The bet was only worth about $220 million at the end of June. Nike is in the midst of a broader restructuring after it shifted its strategy to sell directly to consumers. Pershing Square also boosted its bet on Brookfield last quarter to a stake worth $1.74 billion, making it the second biggest holding behind Alphabet.

Persons: Bill Ackman's, Elliott Hill, Howard Hughes Organizations: Bill Ackman's Pershing, Nike, Brookfield, Pershing, Microsoft, Brookfield Asset Management, Hilton Worldwide, Restaurant Brands, Canadian Pacific, Canadian Pacific Kansas City Locations: Canadian Pacific Kansas

☆ Canada's Labor Minister ends coast-to-coast port labor turmoil, forcing unions back to work
▼ + stars: | 2024-11-12 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +3 min

Canadian Labor Minister Steven MacKinnon has invoked federal powers to end work stoppages at the ports of Vancouver, Prince Rupert and Montreal, ordering binding and final arbitration between labor unions and ports ownership. Strike actions by unions and ports ownership lockouts had hit both coasts of the key U.S. northern trade partner. "The lockouts of the Canadian ports were causing ships to divert and contributing to congestion and delays throughout North America. Under section 107 of the Canada Labor Code, the Labor Minister can order binding arbitration to end labor disputes. Existing collective agreements will remain in place pending a new deal being reached between dockworker unions and the ports.

Persons: Steven MacKinnon, Vancouver , Prince Rupert, Prince Rupert, Vancouver and Prince Rupert, Stephen Lamar, Lamar, MacKinnon, Mackinnon Organizations: Canadian Labor, Canadian, Retail Council, Canada, CNBC, Local, U.S . Department of Transportation, American Apparel & Footwear Association, U.S . West Coast, Canada Labor, Labor, Canadian Pacific Kansas City, Canadian National Railway Co, Canada Industrial Relations Locations: Vancouver, Montreal, U.S, United States, Canada, North America

☆ Labor strikes shut down operations at Canada's container ports from East to West Coast, with U.S. trade left in limbo
▼ + stars: | 2024-11-04 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +7 min

Key ports on Canada's West Coast, including its largest container port in Vancouver and the Port of Prince Rupert, were shut down by a labor strike on Monday. According to the Greater Vancouver Board of Trade, $800 million in trade flows through West Coast ports every day. Montreal processes 40% of all East Coast container traffic. Approximately $572 million in container trade arrives daily in the U.S. from Canada, according to U.S. Census data. A temporary loss of the Canadian West Coast trade gateway could push carriers to discharge import cargo along the already strained U.S. West Coast, said Alan Baer, CEO of OL USA, further increasing the dwell time of containers and elongating overall transits.

Persons: of Prince Rupert, Vancouver and Prince Rupert, Prince Rupert, Eric Byer, Paul Brashier, Alan Baer, Steve Lamar, Frank Morena, Steven MacKinnon Organizations: Greater, Greater Vancouver Board of Trade, Local, Port, Canadian Union of Public Employees, U.S . Department of Transportation, Alliance for Chemical, Canadian Pacific Kansas City, Canadian National Railway, Logistics, International, Warehouse Union of Canada, ITS Logistics, East, Canadian West, USA, U.S ., American Apparel and Footwear Association, British Columbia Maritime Employers Association, Federal Mediation, Conciliation Services, Canada, ILWU, U.S, Canadian Labor Locations: West Coast, Vancouver, of, Foreman, Greater Vancouver, U.S, Port of Montreal, Montreal, United States, of Vancouver, Canada, Canadian West Coast, Port, Midwest, Asia, U.S . West Coast, Los Angeles, Long Beach , California, British Columbia, American, British, East Coast

☆ For first time in six decades, freight rails split on union negotiation strategy
▼ + stars: | 2024-11-01 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +8 min

He added, "Votes of union workers in the United States against tentative agreements tend to reflect the white-hot anger of union employees against their employers. Tentative agreements are their only chance for them to express their frustration with their employer and their anger at the way they have been treated." A BNSF spokesperson said it is planning to attend the formal national labor negotiations even as it has announced nine tentative union agreements, five of which have already been ratified. It also has tentative agreements with the International Brotherhood of Electrical Workers (IBEW), SMART-TD, SMART-TD-YDM (Yardmasters Department), the International Brotherhood of Boilermakers, and Iron Ship Builders (IBB). To date, Norfolk Southern has reached tentative agreements with 10 of its 13 unions, covering approximately 67% of its craft workforce.

Persons: Berkshire Hathaway, Jeremy Ferguson, Ferguson, Joe Biden, Richard Edelman, Mooney, Green, Murphy, Welch, Daniel Imbro, Stephen, Brotherhood of Railway Carmen, we've, Mark George, Imbro, it's Organizations: Union Pacific, CSX, BNSF, Canadian Pacific, Canadian Pacific Kansas City —, SMART, Railway Labor, National Carriers ' Conference Committee, Railroads, NSC, National Conference of Firemen, Oilers, Tran, Transportation Communications Union, TCU, Brotherhood of Railway, International Brotherhood of Electrical Workers, Yardmasters Department, International Brotherhood of Boilermakers, Iron Ship Builders, Norfolk, Norfolk Southern, National Carriers ' Locations: Southern, Berkshire, Canadian Pacific Kansas, United States, Norfolk Southern, Norfolk

☆ Air Canada reaches last-minute deal with pilots union, averting strike
▼ + stars: | 2024-09-15 | by ( ) edition.cnn.com time to read: +2 min

CNN —Air Canada said early on Sunday it had reached a tentative agreement with its pilots union over a new four-year collective agreement, in a last-minute deal that will avert a near-term strike or lockout. Air Canada and Air Canada Rouge, which operate nearly 670 flights per day carrying about 110,000 daily passengers as well as freight, will now continue flying as normal, the airline said. Air Canada said in a statement the terms of its new agreement with the Air Line Pilots Association (ALPA) representing more than 5,200 pilots will remain confidential, pending a ratification vote by its members expected to be completed over the next month. “After several consecutive weeks of intense round-the-clock negotiations, progress was made on several key issues including compensation, retirement, and work rules,” said First Officer Charlene Hudy, chair of the Air Canada ALPA master executive council. As a result, some United pilots now earn 92% more than their counterparts at Air Canada, the pilots’ association’s data shows.

Persons: ALPA, ”, Charlene Hudy, Steve MacKinnon, Justin Trudeau Organizations: CNN — Air, Air Canada, Air Canada Rouge, Air Line Pilots Association, “, United Airlines, Labour, Canadian, Canadian Pacific Kansas City, Canadian National Railway Air Canada, Pilots, U.S, United Locations: CNN — Air Canada, Canada’s, U.S, United, Canadian Pacific

☆ Canada moves to end rail shutdown quickly; CN workers to return to work Friday
▼ + stars: | 2024-08-23 | by ( ) www.cnbc.com time to read: +5 min

A striking Teamsters union worker pickets outside Canadian National Railway's (CN) headquarters after being locked out by the company in Montreal, Quebec, Canada August 22, 2024. REUTERS/Evan BuhlerWorkers at Canadian National Railway will begin returning to work on Friday, the Teamsters union said, hours after the Canadian government moved to end an unprecedented rail stoppage. In a new statement during the early hours on Friday, the Teamsters union posted on X that it had taken down picket lines at CN. The rail companies previously said they were forced into the lockouts to avoid strikes at short notice. Paul Boucher, head of the Teamsters rail union, had accused CN and CPKC of being "willing to compromise rail safety and tear families apart to earn an extra buck".

Persons: Evan Buhler, CPKC, Steven MacKinnon, MacKinnon, Jonathan Abecassis, Justin Trudeau, Trudeau, Paul Boucher, Jagmeet Singh Organizations: REUTERS, Evan Buhler Workers, Canadian National Railway, Teamsters, Canadian Pacific, Canadian Industrial Relations, Canadian Pacific Kansas City, Canadian, Labour, CN, Canadian Broadcasting Corp, Liberal, Reliant, Canadian Manufacturers, New Democratic Party, Ottawa Locations: Montreal, Quebec, Canada, Canadian Pacific Kansas City, United States, Toronto, Vancouver

☆ What the proxy fight at Norfolk Southern means for railroad safety
▼ + stars: | 2024-05-08 | by ( Chris Isidore | ) edition.cnn.com time to read: +10 min

The fight has split the railroad’s unions, who disagree which management team – the current Norfolk Southern leadership or one proposed by activist investor Ancora Holdings – would be best for safety and the railroad’s employees. Norfolk Southern CEO Alan Shaw, third from left, listens to testimony during a hearing held by the Senate Commerce, Science, and Transportation Committee on March 22, 2023 in Washington, DC. The committee heard testimony on "Improving Rail Safety in response to the East Palestine Derailment." BLET said that Orr’s appointment shows that Norfolk Southern is committed to additional use of PSR, no matter which side wins the the proxy fight. On February 3rd, a Norfolk Southern Railways train carrying toxic chemicals derailed causing an environmental disaster.

Persons: Alan Shaw, Amit Bose, Win McNamee, Bose, ”, “, Jeremy Ferguson, Shaw, “ Shaw, Jerry Sturdivant, John Orr, BLET, Michael Swensen, Jim Barber, Glass Lewis, Ancora Organizations: New, New York CNN, Norfolk, Norfolk Southern, Ancora Holdings, PSR, Federal Railroad Administration, Senate Commerce, Science, Transportation, Shaw, SMART, of Locomotive Engineers, Trainmen, NS, Canadian Pacific, Canadian Pacific Kansas City, Way Employees, Norfolk Southern Railways, Teamsters, UPS, CSX, Union Pacific Locations: New York, Norfolk Southern, Atlanta, East Palestine , Ohio, Norfolk, East Palestine, Washington ,, Canadian Pacific Kansas, Palestine, ”, NS

☆ The global trade system has already started planning for potential Trump win, new China tariffs
▼ + stars: | 2024-03-11 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +9 min

The Trump administration used delegated authorities under three trade laws to unilaterally levy tariffs without Congressional approval. The Trump administration tariffs kickstarted a shift in supply chain strategy which, according to Frank, became more well-developed by customers during Covid, when they contemplated moving factories and production out of China. He expects any increase in tariffs during a second Trump presidency to lead to a greater shift in trade from China to Mexico to avoid the tariffs. "If you charge tariffs to China, they're going to build ... their car plants here and they're going to employ our people," Trump said. S&P Global research shows that China's share of the imports of products covered by tariffs imposed by the Trump administration has dropped.

Persons: Donald Trump, Trump, Niki Frank, Frank, Beth Whited, they'd, Paul Brashier, Chris Rogers, Biden, Rogers, Jon Gold, John Taylor IV, Taylor, Peter Boockvar, Critics, it's, that's Organizations: United, Canada Trade, White, CNBC, Global, Trump, China, Biden, OF DHL, Union, Canadian Pacific, Canadian Pacific Kansas City, Union Pacific, ITS Logistics, P Global, Vietnam, National Retail Federation, Berlin Packaging, Trade, Bleakley Financial, ASEAN Locations: United States, Mexico, Canada, Washington , DC, U.S, OF DHL Asia, Long Beach , California, China, Union Pacific, Canadian Pacific Kansas, East, West, Vietnam, Malaysia, South Korea, CNBC Mexico, Europe, Thailand, Indonesia

☆ Cramer names railroad stocks to watch as Red Sea troubles shake up freight routes
▼ + stars: | 2024-01-31 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer on Wednesday suggested railroad stocks may be starting to climb. "Boy is that terrific for the West Coast operators, and there you're thinking about Union Pacific and Canadian Pacific Kansas City." Cramer reviewed earnings reports from Union Pacific , Canadian Pacific Kansas City , CSX and Norfolk Southern , saying all except the latter have potential. Canadian Pacific Kansas City saw the largest volume growth of the bunch. If investors feel confident about the economy, they have Cramer's "blessing to stick with Union Pacific, Canadian Pacific, or CSX — in that order, by the way — and forget about Norfolk Southern for the moment."

Persons: CNBC's Jim Cramer, Cramer, we've, — you've Organizations: West Coast, Union Pacific, Canadian Pacific, Canadian Pacific Kansas City, Norfolk, Pacific's, Canadian, CSX, Norfolk Southern Locations: Yemen, Red, West Coast, Suez, East Coast, Canadian Pacific Kansas, Canadian Pacific Kansas City, CSX, Canadian Pacific, Ohio

☆ 10 of our stocks report earnings next week. Here's what we want to see from each
▼ + stars: | 2024-01-27 | by ( Zev Fima | ) www.cnbc.com time to read: +16 min

All three major averages posted gains for the third consecutive week, lifted by solid quarterly earnings and positive economic data. Earnings season ramps up next week, with five of the Super Six mega-cap stocks delivering results. Employment numbers are the most important economic data, with Friday's January nonfarm payrolls report carrying the most weight. The January ISM Manufacturing report on Thursday and December's factory orders report Friday are expected to show the sector still in contraction mode. But earnings and commentary this week from peer Sartorious made us encouraged about a return to growth in 2024.

Persons: nonfarm, December's, Sartorious, We've, Stanley Black, Decker, We're, We'd, Royal Philips, Crane, Woodward, ServisFirst, Cadence Bancorporation, CADE, Johnson, Phillips, Avery Dennison, Columbus McKinnon, Robinson, SIRI, Cardinal Health, Parker, DOV, Pitney Bowes, Ferrari N.V, CSW, COLM, W.W, Grainger, Dwight Co, Jim Cramer's, Jim Cramer, Jim, Tim Cook, Justin Sullivan Organizations: Gross, Procter, Gamble, Gillette, Super, Consumer, JPM Healthcare, Amazon, Microsoft, Honeywell, Aerospace, Solutions, Apple Watch, Masimo, Vision Pro, Franklin Resources, Resource Partners, Bank of Marin Bancorp, Bank7 Corp, Pacific Premier Bancorp Inc, Provident Financial Holdings, Dynex, Cliffs Inc, Nucor Corp, Whirlpool Corp, F5 Networks, Capital Southwest Corp, Harbors Investment Corp, Crane Co, Payne, Equity, Heartland Financial, Cadence, FinWise Bancorp, Five Star Bancorp, PotlatchDeltic Corporation, Sanmina Corporation, Pfizer, General Motors Corp, United Parcel Service, JetBlue Airways Corporation, Smith Corp, Marathon Petroleum Corp, HCA Healthcare, Oshkosh Corporation, SYSCO Corp, Danaher Corp, Johnson Controls, M.D.C . Holdings, Commvault Systems Inc, Hope Bancorp, Hubbell Incorporated, Malibu Boats, Polaris Industries, Inc, Camden National Corp, Cambridge Bancorp, Microsoft Corp, Starbucks Corp, Devices, Electronic Arts Inc, Juniper Networks, Stryker Corp, Lending, Canadian, Canadian Pacific Kansas City Limited, Mondelez, Chubb Corporation, Modine Manufacturing, Partners, Management, Hawaiian Holdings, Manhattan Associates, Unum Group, UNM, Axos, Enova, Boston Properties, Boeing Co, Novo Nordisk, Mastercard Inc, Roper Technologies, Boston Scientific Corporation, MarketAxess Holdings, Fisher, Aptiv PLC, Hess Corp, Nasdaq, United Microelectronics Corp, Rockwell Automation, Teva Pharmaceutical Industries, Ltd, Avery, Avery Dennison Corp, Extreme Networks, Otis Worldwide Corporation, OTIS, Columbus, Columbus McKinnon Corp, Central Pacific Financial Corp, Brinker International, Fortive Corporation, Qualcomm, Technology, Metlife, Hanover Insurance, Barn Holdings, CONMED Corporation, DLH Holdings Corp, Meritage Homes Corporation, Honeywell International, Eaton Corp, Altria, Royal Caribbean Cruises Ltd, Merck, Co, Enterprise Products Partners, Dorian LPG, SiriusXM Holdings, Cardinal, Hannifin Corporation, Allegheny Technologies Incorporated, Tractor Supply Company, Trane Technologies, Dover Corp, Huntington Ingalls Industries, Brunswick Corporation, Dickinson, Canada Goose Holdings, Kirby Corp, WEC Energy Group, WestRock Company, Allegro MicroSystems, Ball Corporation, Broadridge Financial, BrightSphere Investment Group, CMS Energy Corp, Lancaster Colony Corp, Rogers Communications Inc, Sanofi, Apple, Atlassian Corporation, United States Steel Corp, Corp, Adtalem Global, Homes, DXC Technology Company, Eastman Chemical Company, Gen, Post Holdings, America, Columbia Sportswear Company, Exxon Mobil Corp, Chevron Corporation, Myers Squibb Co, CIGNA Corp, Regeneron Pharmaceuticals, Charter Communications, AON, Cboe, Dwight, Banco Santander, Jim Cramer's Charitable, CNBC, Apple Vision, Getty Locations: China, East, United States, Europe, Cleveland, Alexandria, California, Corning, Canadian Pacific, Teradyne, TER, Novo, Hanover, PBI, Skechers U.S.A, Bristol, Chile

☆ Jim Cramer says troubles in the Red Sea will hinder the Fed's fight against inflation
▼ + stars: | 2024-01-18 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer on Thursday warned that soaring shipping costs due to troubles in the Red Sea won't help the U.S. tamp down inflation, telling investors they shouldn't bank on a lot of rate cuts from the Federal Reserve. "If the last few years have taught us anything, it's that supply disruptions are the bane of the Fed's fight against inflation," he said. In recent weeks, Yemen-based Houthis have attacked ships traveling through the Red Sea, one of the most important global shipping routes. As a result, many major shipping companies are sending their vessels on lengthy and expensive detours, causing freight prices to skyrocket. And with hotter-than-expected figures for December's consumer price index and retail sales, Cramer argued inflation could already be on the rise.

Persons: CNBC's Jim Cramer, freight's, Cramer, they're Organizations: Federal Reserve, FedEx, Canadian, Canadian Pacific Kansas City Locations: Yemen, Canadian Pacific Kansas

☆ This stock should benefit from Red Sea turmoil disrupting shipping, Redburn says
▼ + stars: | 2024-01-16 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

The railroad Canadian Pacific Kansas City is poised to benefit from mounting disruptions to shipping in the Red Sea that are rerouting global trade routes, according to Redburn Atlantic. The railroad's land bridge through North America is an attractive alternative for cargo from Asia to the U.S. East Coast as the Suez and Panama canals face disruptions to traffic. Container shipping through the Red Sea was down 30% in mid-December due to repeated attacks by Iran-allied Houthi militants in Yemen, Holmes told clients. CPKC's land bridge through Mexico north to the U.S. shortens transit time by 10 to 14 days compared to the Panama Canal, Holmes wrote. "This route is materially faster (10-14 days) than going through the Panama Canal, especially when there are restrictions in place," he told clients.

Persons: Oliver Holmes, Holmes, CPKC Organizations: Canadian, Canadian Pacific Kansas City, U.S ., Ships, Kansas City Southern, CP Locations: Canadian Pacific Kansas, Lázaro, Coast, U.S . East Coast, North America, Asia, Suez, Panama, Iran, Yemen, Hope, Africa, U.S . East, Mexico, U.S

☆ Ackman's bet against US Treasuries pays off with $200 mln profit
▼ + stars: | 2023-10-25 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

Ackman said on Monday on X, "we covered our bond short" some 12 weeks after he announced the bet on the messaging platform formerly known as Twitter. "The economy is slowing faster than recent data suggests," Ackman said in the post, adding "There is too much risk in the world to remain short bonds at current long-term rates." The yield on the 30-year Treasuries was around 4.16% when he announced his bet against them. He said the Treasury yield, which moves in the opposite direction of prices, could rise to 5.5%. But the conflict between Islamist group Hamas and Israel is unnerving investors and suggests Treasuries could become a safe investment option.

Persons: Bill Ackman, Richard Brian, Ackman, Treasuries, Svea Herbst, Bayliss, Jonathan Oatis Organizations: Pershing Square Capital Management, REUTERS, Companies, Billionaire, U.S, Financial Times, Inc, Restaurant Brands, Canadian Pacific Kansas City Limited, Pershing Square, Treasury, Hamas, Svea, Thomson Locations: Las Vegas , Nevada, U.S, Israel

☆ Bill Ackman's Pershing Square adds to Google-parent Alphabet stake, slashes Lowe's bet
▼ + stars: | 2023-08-14 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

Bill Ackman's Pershing Square Capital stepped up a bet in Google-parent company Alphabet while lowering a large stake in Lowe's during the second quarter, according to a regulatory filing. Pershing Square's stake in the Google parent's A shares was unchanged in the second quarter and stood at $261 million. Pershing Square also downsized holdings in Chipotle and Restaurant Brands International . Pershing Square now has a stake in the new company, known as Canadian Pacific Kansas City , worth $1.2 billion. Ackman's fund managed roughly $10.8 billion 13F securities at the end of the second quarter, according to WhaleWisdom.com .

Persons: Bill Ackman's, Pershing Organizations: Bill Ackman's Pershing, Capital, Google, Securities and Exchange Commission, Pershing Square's, Pershing, Restaurant Brands, Canadian Pacific Railway, Kansas City Southern, Canadian, Canadian Pacific Kansas City Locations: Lowe's, Chipotle, Canadian Pacific Kansas

☆ New tentative labor deal reached in Canadian port negotiations
▼ + stars: | 2023-07-31 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +3 min

The International Longshore and Warehouse Union of Canada (ILWU) and the British Columbia Maritime Employers Association (BCMEA) late Sunday announced a tentative labor agreement. Canadian Labor Minister Seamus O'Regan commented Monday morning on the announcement of another tentative deal. This latest tentative deal does not mean the uncertainty is over. The first tentative labor deal was rejected by the union body in a two-day vote last week. A 14-day strike has led to more than 16 canceled sailings to the Canadian ports, according to maritime intelligence company, eeSea.

Persons: Rob Ashton, Ashton, Seamus O'Regan, Berkshire Hathaway, John Brooks, Brooks Organizations: Warehouse Union of Canada, British Columbia Maritime Employers Association, Sunday, Canada Industrial Relations, ILWU, Canadian Labor, Canadian, Canadian Pacific Kansas City, Canadian National Railway, U.S, BNSF, Union Pacific, Norfolk Southern, CSX, Pacific Kansas City Locations: Burrard, North Vancouver, British, ILWU Canada, Canadian Pacific, U.S, Berkshire, East, Pacific Kansas

☆ Cramer picks his winners as the market starts to look outside of tech
▼ + stars: | 2023-07-20 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

After a down day for his "Magnificent Seven" stocks, CNBC's Jim Cramer picked winners outside the tech sphere. "But if you owned a diversified portfolio, including beaten-down stocks for 2023, stocks that represent great value now, you crushed it." Cramer saw winners on Thursday in the health-care sector, specifically Johnson & Johnson and Abbott Labs . He also advised that investors look into the utilities sector, including Sempra , PG&E and American Electric Power , along with transports, especially railroad company Canadian Pacific Kansas City . Cramer conceded he's not sure this broadening market move has staying power, wondering if tech will return to its top slot next week.

Persons: CNBC's Jim Cramer, Cramer, " Cramer, Tesla, Johnson, Morgan, Wells, Ralph Lauren, he's, there's, it's Organizations: Tesla, Netflix, Taiwan Semiconductor, Microsoft, Nvidia, Abbott Labs, Bank of America, Walmart, Costco, American Electric Power, Canadian, Canadian Pacific Kansas City Locations: Wells Fargo, Canadian Pacific Kansas

☆ Senator Warren urges transport regulator to block U.S. railroad deal
▼ + stars: | 2023-03-03 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

March 3 (Reuters) - Democratic Senator Elizabeth Warren has urged a U.S. regulator to reject Canadian Pacific's (CP.TO) $31 billion deal to take control of U.S. railroad Kansas City Southern, saying it would hurt competition, prompt job losses and disrupt service, a letter seen by Reuters showed. The acquisition, which combines the sixth- and seventh-largest U.S. railroads by revenue, was agreed in 2021. The deal has since closed but Kansas City shares were transferred to a trust and the railroad must operate independently until the Surface Transportation Board, which oversees U.S. freight railroads, approves the transaction. The number of big U.S. railroads has already shrunk to just seven from 33 in 1980, Warren wrote. Last month, Senators Dick Durbin and Tammy Duckworth asked the board to defer a decision until it completes a Chicago region impact assessment.

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