financetom
Business
financetom
/
Business
/
International consortium wins C$3.9 billion Canada high speed train contract
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
International consortium wins C$3.9 billion Canada high speed train contract
Feb 21, 2025 7:33 AM

(This Feb. 19 story has been refiled to remove an incorrect photo)

OTTAWA (Reuters) - An international consortium including Air Canada, AtkinsRealis Group and France's SNCF has won a C$3.9 billion six-year contract to help develop a high-speed passenger rail network in eastern Canada, Ottawa said on Wednesday.

The contract covers the first stage of planning the network, which would span approximately 1,000 km (620 miles) from Quebec City to Toronto and allow trains to reach speeds of up to 300 kph (186 mph). The government says current travel times would be halved, with a Montreal to Toronto trip taking three hours.

Ottawa did not say how long the network would take to build and how much it would cost. Governments have talked for decades about a dedicated line for passenger trains, which have to share the track with freight trains and often suffer delays.

In a statement, the government said the Toronto-Quebec City corridor was home to 18 million people and accounted for 40% of national GDP.

The consortium, called Cadence, also includes the Quebec provincial pension fund and French firms Keolis and Systra.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Deals of the day-Mergers and acquisitions
Deals of the day-Mergers and acquisitions
Jan 31, 2025
Jan 31 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1030 GMT on Friday: ** Nippon Steel ( NISTF ) will launch a $456 million tender offer to make Sanyo Special Steel ( SYPLF ) a wholly owned unit, Japan's biggest steelmaker said. ** Allstate has agreed to a deal to sell its group health business...
Starbucks, Workers United Union Reportedly Engage With Mediator for Contract Talks
Starbucks, Workers United Union Reportedly Engage With Mediator for Contract Talks
Jan 31, 2025
05:56 AM EST, 01/31/2025 (MT Newswires) -- Starbucks ( SBUX ) and the Workers United have agreed to engage with a mediator in a bid to revive contract negotiations, media outlets reported Thursday, citing a joint statement from the parties. According to the reports, the company and the union representing baristas said they are looking to reach a fair contract...
Market Chatter: Costco Wholesale Reportedly Plans to Raise Hourly Rates for US Store Workers Ahead of Nationwide Strike
Market Chatter: Costco Wholesale Reportedly Plans to Raise Hourly Rates for US Store Workers Ahead of Nationwide Strike
Jan 31, 2025
05:59 AM EST, 01/31/2025 (MT Newswires) -- Costco Wholesale ( COST ) plans to increase pay for most of its hourly US store workers to more than $30, Reuters reported, citing a memo sent to employees this week. The company will increase hourly pay by $1 to $30.20 in the first year and an additional $1 each in the subsequent...
Putin allows Russian entity to buy Goldman Sachs's Russia unit, decree shows
Putin allows Russian entity to buy Goldman Sachs's Russia unit, decree shows
Jan 31, 2025
MOSCOW, Jan 31 (Reuters) - President Vladimir Putin has approved the purchase of Goldman Sachs's ( GS ) unit in Russia by a Russian company called Balchug Capital, a decree published on the government's website on Friday showed. ...
Copyright 2023-2026 - www.financetom.com All Rights Reserved