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Canadian Pacific Railway Ltd. plans to cut another 1,000 jobs in 2016 after reducing its workforce by 12 per cent last year, a response to “tremendous pressure on the top line” resulting from a feeble economy.

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Canadian Pacific Railway Ltd.’s takeover bid for Norfolk Southern Corp. rests on the assumption that CEO Hunter Harrison is a railroading Midas who turns everything he touches into gold. But as the ancient myth moralizes, this blessing can quickly turn into a curse.



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“This is a story of recognizing up front the things you can’t control, which is the economy, and then doing something about the things you can,” chief operating officer Keith Creel said on a conference call with analysts Thursday.

Since CEO Hunter Harrison took the helm of CP in mid-2012, the company has reduced its employee headcount by 6,000 to 7,000 people, mostly through attrition, including 1,800 positions in 2015.