Canadian Diesel Costs Head Higher, U.S. Declines
LONDON, ON and WASHINGTON, D.C. -- Average prices for diesel fuel in Canada and the U.S. moved in opposite directions over the past week. The petroleum information services provider The Kent Group reports the average Canadian price is up $0.003 from last week to $1.036 per liter. This is the second straight weekly increase since hitting its lowest level in several years the first week of the month.
19,000 trucks and counting: XPO buys Con-Way for $3 Billion
GREENWICH, CT.--If you've ever mused that it'd be great to sell off your assets and get into the, say, 3PL business, one of the biggest trucking deals in history should give you a reason to think otherwise. In early September, the colossal freight brokerage pros XPO Logistics Inc., bought Con-Way Inc. for about $3 billion, officially making the logistics company the second biggest LTL carrier on the continent. The combination will grow XPO's global ground transportation network to approximately 19,000 owned tractors and 46,000 owned trailers, 10,000 trucks contracted through independent owner operators, and access to more than 50,000 independent carriers.
Some Toronto Container Truckers Hit Picket Lines
BRAMPTON, ON - A strike by independent truckers who are members of the Container Trucking Association of Ontario (CTAO) is having a negative impact on the free movement and flow of goods when it comes to container deliveries in the Greater Toronto Area (GTA)...or maybe it isn't.
Canadian Bank Buying GE Capital Transportation Finance
CHICAGO, TORONTO, and FAIRFIELD, CT -- General Electric Corp. has agreed to sell its GE Capital Transportation Finance business in the U.S. and Canada to BMO Financial Group (BMO), the parent of BMO Bank of Montreal, and to its wholly-owned Chicago-based subsidiary BMO Harris Bank. Terms of the deal have not been released though BMO said the acquisition has net earning assets of approximately US$9 billion. The transaction is subject to customary regulatory and other approvals and is expected to close in December of 2015. The move is the latest by GE to sell off most of the assets in its GE Capital Financing operation. "We continue to execute on our asset sales and are on track to reduce our ending net investment by US$100 billion by the end of 2015 and expect to be substantially done with our exit strategy by the end of 2016," said Keith Sherin, GE Capital chairman and CEO.
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