OKS STOCK REPURCHASEROSEMONT, Ill. - TNT Freightways Corp.'s board of directors has authorized a repurchase program for 500,000 shares of the motor carrier's stock through public or private transactions.
The company has 21.8 million shares outstanding, meaning the buyback would affect about 2.5 percent of its issued stock.
TNT said the program would extend through Dec. 31, 1994, with purchases made only at times and share prices deemed favorable by the carrier.
Without specifying volume levels, Chairman Cam Carruth said "management is pleased with the operational levels being achieved at both TNT Holland and TNT Red Star since they returned to work after the strike."
UP RAIL CHAIRMAN
GETS ADDITIONAL DUTIES
BETHLEHEM, Pa. - Union Pacific Railroad chairman Richard Davidson was elected to the additional position of president of Union Pacific Corp. by the corporation's board of directors.
Mr. Davidson, 52, also was named a director of the corporation, as were L. White Matthews, 49, executive vice president of finance for the corporation and Jack Messman, 54, who heads Union Pacific Resources.
A railroad spokesman said the appointment of Mr. Davidson to the corporate position will not result in any managerial changes at the carrier's Omaha headquarters.
Mr. Davidson has been chairman of the railroad for nearly three years.
HIGH-SPEED RAIL LINE
MAY COST $390 MILLION
SPRINGFIELD, Ill. - It would cost $390 million to build a Chicago-to-St. Louis high-speed rail system along the existing Amtrak route, state transportation secretary Kirk Brown said.
The system, still years
away, could carry trains at 125
Mr. Brown said that to detour from the existing Amtrak route through Joliet and instead stop in Peotone would cost $434 million. Gov. Jim Edgar is pushing for a third Chicago-area airport at Peotone.
Mr. Brown released a study on the proposal prepared for the
state at a news conference last
''It's really the missing component of one of the nation's best transportation systems here in Illinois," he said.
TO INCREASE SERVICE
NEW YORK - Emirates Airlines said it will offer stepped-up service this summer on key Middle East routes. In addition, it will run a fifth weekly flight between Frankfurt and Dubai, as well as resuming service between London Gatwick and Dubai.
As of Wednesday, Emirates will operate daily service between Cairo and Dubai, Beirut and Dubai, and Cairo and Dubai. It will also offer nonstop service from Amman, Jordan, to Dubai and from Damascus, Syria, to Dubai.
TAESA AIRLINES PLANS
WEEKLY JFK FLIGHT
NEW YORK - Taesa Airlines announced that it will offer a weekly nonstop service from John F. Kennedy International Airport to Puerto Vallarta, Mexico, beginning Saturday, June 25. The northbound flight from Puerto Vallarta will leave on Fridays.
The Mexican carrier said it will also offer service from Kennedy to Acapulco on Mondays, beginning June 27, via Guadalajara. The northbound flight leaves on Sundays.
SURVEY OF CAR BUYERS
RANKS TOYOTA NO. 1
NEW YORK - Toyota and its Lexus luxury division again swept the J.D. Power survey of quality based on new buyers' opinions after 90 days of ownership, indicating that the strong yen has had no negative impact on the quality of Japan's largest automaker.
Lexus and Toyota finished one-two in terms of fewest problems per car (0.54 and 0.69) as reported by 44,000 owners of 1994 model cars and trucks surveyed 90 days after purchase. A problem is anything the owner says it is.
Four domestic nameplates - Lincoln, Saturn, Mercury and Buick - finished fourth through seventh respectively.