Travel Roundup: Burlington Northern Beats Union Pacific, Southwest Cuts Capacity, Princess Cruises Near-Miss and More

(MoneyWatch)  Burlington Northern surpasses Union Pacific -- Burlington Northern Santa Fe Corp. surpassed Union Pacific Corp. in annual sales last year to become the biggest U.S. railroad. Burlington, based in Ft. Worth, Texas, had revenue rise in 2008 to $18.02 billion, narrowly beating out Omaha-based Union Pacific's $17.97 billion. Both railroads boosted revenue last year by raising rates. Union Pacific chief executive Jim Young said top managers at the company won't receive pay raises in 2009. [Source: Bloomberg, Reuters]

Southwest cuts capacity 4.4 percent -- Southwest Airlines Co. plans to cut their flight capacity 4.4 percent in the first part of 2009 to deal with the tough economy. The company will also rid itself of two planes and will only take 10 aircraft from Boeing in 2010, down from its original 16-plane order. There are no plans to reduce workers. Southwest reported a $56 million loss in the fourth-quarter of 2008. [Source: Dallas Morning News]

Fishing boat and cruise ship near-miss -- A 31-foot fishing boat nearly collided with the Golden Princess in Los Angeles harbor, U.S. Coast Guard officials reported Thursday. The boat allegedly moved into the path of the cruise ship, part of the Princess Cruises fleet, as it entered the harbor. The boat was within 30 feet of the hull and federal law prohibits watercraft from coming 200 yards in front of a cruise ship. The case is still under investigation by the Coast Guard. [Source: Associated Press]

Hilton Hotels moves to Washington D.C. -- The Hilton Hotels Corp. will be moving its headquarters to the Washington, D.C. area from Beverly Hills, Calif. The hotel chain, owned by the Blackstone Group LP since 2007, is moving operations to lower expenses. The company also expects to cut jobs. [Source: Bloomberg]