WINNIPEG – The following is a glance at the news moving markets in Canada and globally.
– Canadian Pacific Railway (CP Rail) received approval from the United States Transportation Board on Wednesday to complete its US$27 billion acquisition of Kansas City Southern, creating the only railway to serve Canada, the U.S. and Mexico. The deal will expand the CP Rail network by 50 per cent to 20,000 miles of track, but it will still be the smallest major railroad to operate in the U.S. and Canada.
– Credit Suisse Group AG opened a US$50 billion credit line with the Swiss National Bank on Thursday in an effort to stop a potential collapse. While shares went up 40 per cent after it was announced, they remained lower on Thursday than at any point during the 2008 financial crisis. Credit Suisse also announced its second debt repurchase in six months, with a tender offer of 10 senior debt securities for up to US$2.5 billion as well as four other senior debt securities for as much as €500 million.
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– The Pentagon released video on Thursday of a Russian fighter jet unsafely intercepting a U.S. air force surveillance drone over the Black Sea on Tuesday. The 42-second video showed the Russian Su-27 aircraft approaching the back of the MQ-9 drone and releasing fuel as it passes to blind the drone’s optical instruments. A second approach by the jet or another Russian aircraft struck the drone. Russia denied damaging the drone and said a decision to recover debris will be made by its military.
