Six train operators use the track in the Birmingham area

Six train operators use the track in the Birmingham area.Stagecoach argues that the Rail Regulator would be able to police the system and that the trend was for fewer train operating companies.Mr Souter said the Railtrack administration meant the Government had a “unique opportunity” to reshape the industry. He said his company could have the new structure in place within six months of an agreement. There would be an initial five-year pilot scheme to allow asset condition and future maintenance requirements to be assessed and work undertaken to reach an agreed standard.Meanwhile, Bank of America is thought to have joined other private sector organisations expressing an interest in a bid for all or part of Railtrack. The US bank also wants to be involved in individual rail projects, such as the work to upgrade the East Coast mainline.The German bank WestLB and the US-based investment bank Babcock & Brown have both approached ministers with takeover proposals for Railtrack.All such private bidders, however, will want to know the precise nature of outstanding liabilities. Railtrack could yet face prosecution by the Health and Safety Executive over its role in the 1999 Paddington disaster in which 31 people died.Although the Crown Prosecution Service decided it was unable to mount a case alleging manslaughter against Railtrack executives, the HSE is still examining the possibility of prosecutions under health and safety legislation.Initially it was thought unlikely that such proceedings were possible because effectively the company had ceased to exist.

Yesterday HSE sources said that such technical difficulties were “not insurmountable”.. Advertising and PR group Cordiant has announced it is cutting more than a thousand jobs following what it describes as “exceptionally difficult” market conditions. Advertising and PR group Cordiant Communications has announced it is cutting more than a thousand jobs following what it describes as “exceptionally difficult” market conditions.
The London-based company, previously part of Saatchi & Saatchi, has already cut 700 jobs this year, and said it expected to axe the additional 1,100 before its end.. Beleaguered energy company Enron Corp. has filed for bankruptcy protection for itself and 14 subsidiaries, as it also filed a lawsuit against would­be suitor Dynegy Inc. for wrongful termination of its $8.4 billion proposed merger

Beleaguered energy company Enron Corp.

It is thought that British banks, including Barclays and Royal Bank of Scotland, are themselves facing millions of pounds in losses as a result of exposure to the UK sudsidiaries of the Houston-based group.Abbey National has already announced that it has exposure of £115 million to the group, and that it was expecting to lose up to £95 million. In early November, Enron restated its earnings back to 1997, eliminating more than dlrs 580 million in reported income.Dynegy swooped in to rescue its neighbor with an $8.4 billion buyout, but even top officials at the smaller rival were surprised when Enron later disclosed it had a $690 million debt within a week.Amid negotiations to reduce the purchase price, the Dynegy­Enron deal fell apart after Enron’s credit was reduced to junk status.On Friday, shares of Enron fell 10 cents, or 28 per cent, to close at 26 cents in heavy trading on the New York Stock Exchange. Last December, shares were trading near dlrs 85 apiece.The Securities and Exchange Commission is investigating Enron and both investors and employees have filed several lawsuits.On Friday, accounting firm Arthur Andersen LLP said that the SEC had issued it subpoenas related to its auditing of Enron’s accounts. That comes well ahead of all unsecured creditors and all secured creditors,” he said.. TODAY: UK – provisional M0 money supply (Nov), manufacturing purchasing managers’ index (PMI) (Nov), BRC retail sales (Nov) Euroland – manufacturing PMI (Nov). US – personal income and consumption (Oct), NAPM (Nov), construction spending (Oct).

Euroland – unemployment (Oct); EC economic sentiment survey (Nov); French consumer confidence (Nov).WEDNESDAY: UK – MPC interest rate decision; official reserves (Nov), services PMI (Nov). Euroland – German unemployment.THURSDAY: UK – Halifax house prices (Nov); housing starts and completions (Oct), industrial production (Oct), REC jobs survey (Nov), BRC shop price index (Nov), NIESR monthly GDP estimate (Nov). Euroland – services PMI, German new order intake (Oct). US – non-farm productivity (Q3), factory orders (Oct).FRIDAY: Euroland – German production output US – employment report (Nov).. Conjure up an image of a talent agent and you would probably think of a luvvie or a spiv You’d expect air kisses or a fat cigar. You’d expect a few “darling you look wonderful” comments or the patter of a second-hand car dealer. But with Julian Jakobi what you get is a chartered accountant.