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Jim Vena withdraws as candidate for Canadian National CEO role

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Canadian National Railway Co said on Monday Jim Vena, who was backed by a group of investors to lead the country’s largest railway operator, had pulled out of the running to serve as its new chief.

Shares of Canadian National fell as much as 6.5% on the news.

The former Union Pacific executive was pitched for the top job by TCI Fund Management, which is Canadian National’s second-largest shareholder with a 5% stake.

“Vena looked to us like an ideal candidate considering his contribution to Union Pacific’s solid OR (operating ratio) progress since implementing PSR (precision scheduled railroading) in 2018,” Morningstar analyst Matthew Young said.

“There’s a good chance he would have helped reinvigorate CN’s operating strategy, and we suspect shareholders would have welcomed his leadership.”

Canadian National in September lost out to Canadian Pacific Railway in a bidding war to acquire Kansas City, that would have created the first direct railway route to link Canada, the United States and Mexico.

The fallout of the deal caused Chief Executive Officer Jean-Jacques Ruest announce his retirement amid investor demand for his exit.

Ruest will retire at the end of January and the company is expecting to announce a new chief by then.

TCI Fund did not immediately respond to a Reuters request for comment.

The Wall Street Journal reported in October that activist investor Elliott Management Corp, which owns a big stake in Canadian National, had also thrown its weight behind Vena’s candidacy.

(Reporting by Nathan Gomes in Bengaluru; Editing by Anil D’Silva and Maju Samuel)

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End of Manitoba legislature session includes replacement-worker ban, machete rules

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WINNIPEG – Manitoba politicians are expected to pass several bills into law before the likely end of legislature session this evening.

The NDP government, with a solid majority of seats, is getting its omnibus budget bill through.

It enacts tax changes outlined in the spring budget, but also includes unrelated items, such as a ban on replacement workers during labour disputes.

The bill would also make it easier for workers to unionize, and would boost rebates for political campaign expenses.

Another bill expected to pass this evening would place new restrictions on the sale of machetes, in an attempt to crack down on crime.

Among the bills that are not expected to pass this session is one making it harder for landlords to raise rents above the inflation rate.

This report by The Canadian Press was first published Nov. 7, 2024

The Canadian Press. All rights reserved.



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Father charged with second-degree murder in infant’s death: police

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A Richmond Hill, Ont., man has been charged with second-degree murder in the death of his seven-week-old infant earlier this year.

York Regional Police say they were contacted by the York Children’s Aid Society about a child who had been taken to a hospital in Toronto on Jan. 15.

They say the baby had “significant injuries” that could not be explained by the parents.

The infant died three days later.

Police say the baby’s father, 30, was charged with second-degree murder on Oct. 23.

Anyone with more information on the case is urged to contact investigators.

This report by The Canadian Press was first published Nov. 7, 2024.

The Canadian Press. All rights reserved.



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Ontario fast-tracking several bills with little or no debate

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TORONTO – Ontario is pushing through several bills with little or no debate, which the government house leader says is due to a short legislative sitting.

The government has significantly reduced debate and committee time on the proposed law that would force municipalities to seek permission to install bike lanes when they would remove a car lane.

It also passed the fall economic statement that contains legislation to send out $200 cheques to taxpayers with reduced debating time.

The province tabled a bill Wednesday afternoon that would extend the per-vote subsidy program, which funnels money to political parties, until 2027.

That bill passed third reading Thursday morning with no debate and is awaiting royal assent.

Government House Leader Steve Clark did not answer a question about whether the province is speeding up passage of the bills in order to have an election in the spring, which Premier Doug Ford has not ruled out.

This report by The Canadian Press was first published Nov. 7, 2024.

The Canadian Press. All rights reserved.



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