to remedy that we go through the stb in this process to identify risks for customers and identify theind of what's on our mind right now in terms of are union pacific participating in class one mergers, historically we've always looked at the process, the stb will have to go through, in terms of enhancing competition, evaluating things that have to be better for customers, and looking at the long-term downstream impacts as being an opportunity for the stb to destroy long-term value in the industry through regulation nap would be through things like open access. and as a right now, we've always had that calculus over-weigh benefits of consolidation. that's a calculus we do all the tile this process will inform it and we're going to stay active and informed, all right. lance fritz. thank you for joining us today ceo of union pacific >> thank you. >>> as we head to break, i wanted to look at shares of nikola see there up almost 18%. moving a little of these on comments from inclusive capital. board member of the company and significant owner, although he sold shares at far higher levels,

it's more, jim, about the complexity of the review from the stb. city southern above 300 listen, canadian pacific, they have news that is good they will be able to review the deal under the so-called old merger rules so they got waved from the new rules, and even though they're 20 years old which should make it easier for the anti-trust review simply said. cn for its part, says if you do them under the old rules maybe you want to do us but we'd actually prefer the new rule, the more stringent rules and appeal more to the shippers and plane of whom are coming out in favor of the cp deal and now this morning a lot are coming out in favor of the cn deal. and almost you could call it the war of shipper letters that's a thing i guess i'm making it a thing. but the most important decision that will be made here by the stb is whether they will allow both companies to pursue a so-called voting trust which seems likely for the cp deal given they have the waiver but it is seen as likely for the cn deal that removes a risk to shareholders and that says to the

something that certainly is potentially appealing to a biden administration run department of justice/stb they review it the idea it's better for the environment. >> yeah. and i think there's no coincidence. i realize this is in many ways transitory or short-term there's no coincidence that we're seeing so much con version within freight more broadly. we talk about the west coast ports and chicago has long been a choke point in terms of rail freight in pacific and what this deal for kansas city southern would do and this is something that canadian pacific talked about a couple weeks ago to be able to bypass chicago speaks to the idea of basically ringing out costs and increasing not only efficiencies but service. >> yeah. and on that note, they are talking about synergies they say will approach a billion annually the vast majority of which they say will come from as you said, additional revenue opportunities. not necessarily just getting rid of costs >> yeah. it's interesting to see canadian national down more and canadian pacific down fractionally. >> people are making their bets. >> we'

jean-jacques: when you look at regulators, the biggest hurdle in this issue is the stb, the surface transportationde the united states, definitely the way we create the value we want to create, we need to connect the three countries through a solid network all the way through mexico city, to toronto, calgary, and michigan. from that point of view, the four big railroads in the united states are going to remain big for combined u.s. operations. but you have to go back to value. they are focused on the stakeholders around the network. they are focused on the environmental impact of with this, nation would do. -- this combination would do. our story is really focused on removing quite a number of obstacles. the rail infrastructure between mexico and canada is fragmented. so what we offer is really targeting in large part about 70% of the synergies. so the commercial and environmental benefit is much more obvious because railroads are four times more fuel-efficient than trucks. therefore, our emissions are four times less. guy: it is fascinating how many ceos like you now talk about esg credentials of

rules from four decades ago that have been imposed by virtually every other party filed before the stbw rules. which by the way are not new they're 20 years old but kcs may have been exempted from them. and they don't care. and here again is what they had to say in terms of their bid, versus of course the current deal that kansas city southern is going to be acquired by canadian. >> we definitely have the best value to offer you know, we have the best, the better bid, we have the better partners to personalize even more value at a time where we decided they want to come buy another railroad it's a growth story. it's about creating new business it's been converting the highway, and it's also to enable customers to do more trades, and connect to more customers. it's not about removing any competition. >> of course, for its part, jim, canadian pacific yesterday came out, by the way, pointing out that their ceo's from alabama which i thought was kind of interesting. going that route but they also went on to say that the proposal, that they were talking about is inferior because it creates

. >> another question from a stb at patrick henry college. china considers their national policies in lengthy timeframes. what do you consider the greatest area of growth that the intelligence community needs in terms of capabilities in the next ten years? >> well, i think in terms of how we spend our money, this is one of the things i think you and i talked about. one of the things that the director of national intelligence has, you know, a great amount of influence is, you know, control over the budgets of the national intelligence program and the military intelligence program. and so, you know, where to spend that money, in other words, you know, should it be on satellites, or should it be on, you know, other aspects within the intelligence community, that improve our ability to collect intelligence. and i think that what we've seen is when we talk about different types of information, human intelligence is always important. signals intelligence is always important. but as we get into sort of the geospacial intelligence and how that has he