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Canadian Pacific to lay off 500 maintenance workers

|About: Canadian Pacific Railway Li... (CP)|By:, SA News Editor

Canadian Pacific Railway (CP +2.1%) will begin laying off 500 maintenance workers today, as lower volumes have drained profits.

The layoffs, which CP says are temporary, have prompted safety concerns as fewer people maintaining and monitoring the track could increase the likelihood of an accident.

"Economic growth in North America right now is slow,” says a company VP for public affairs. “Farmers aren’t shipping grain right now. There’s an expectation that the crops will be very large, but nobody is shipping anything right now.”

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