Union Pacific Railway
Union Pacific CEO: Regulation inflating funding costs PDF Print E-mail
Written by Doug Cameron - Dow Jones Newswires   
Thursday, 28 May 2009 11:44
CHICAGO — The head of Union Pacific Corp. (UNP) warned Wednesday railroads face inflated funding costs because of uncertainty about future industry regulation.

James Young, chief executive, intensified his criticism of the planned reauthorization of the Transportation Act later this year, which he said could damage future industry investment.

"It's bad law," said Young in remarks to a rail shippers conference in Chicago.

Last week, a member of Young's senior management team testified to Congress against some of the proposed new regulations, saying they would discourage private investment in the railroad industry and harm the public.

Young reiterated the view Wednesday, adding uncertainty over pricing and potential changes to antitrust laws was inflating risk premiums on debt issued by railroad operators.

He also warned any unraveling of industry deregulation could have a profound impact on the freight sector that, in "a worst case," could force integrated operators to "unravel."
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Union Pacific CEO: freight seems to have "stabilized" PDF Print E-mail
Written by Reuters   
Thursday, 21 May 2009 21:41
CHICAGO — Recession-hit freight volumes at Union Pacific Corp appear to have stabilized but the No. 1 U.S. railroad is not planning on a U.S. economic recovery before 2010, the company's top executive said on Wednesday.

Speaking at an investor conference in New York, Chief Executive Jim Young also said that Union Pacific's suspended share buyback program will not be restarted "until things start to turn around."

The major U.S. railroads have managed to maintain robust profits despite a steep drop in freight volumes due to the recession.

Last week the Association of American Railroads said that rail car loads were down 18.8 percent for the first 18 weeks of the year.

In early trading on the New York Stock Exchange, Union Pacific shares were up 97 cents, or 2 percent, at $49.14.
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Last Updated on Monday, 25 May 2009 22:52
 
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