There may be good news on the horizon again for Railtrack shareholders, according to this morning's ...
There may be good news on the horizon again for Railtrack shareholders, according to this morning's FT, as the UK government is considering approaches from City banks about raising billions to finance the railways, including one that could lead to a takeover bid for the network.
According to senior officials, the transport department had a preliminary approach to buy Railtrack after Ernst & Young was appointed administrator to the company on Sunday.
The government has announced plans to replace Railtrack with a not-for-profit company, but is said to be considering the bid approach.
Despite this news, the Times is reporting Railtrack has so little cash it faces insolvency within 48 hours, which would shatter compensation hopes for hundreds of thousands of shareholders.
Steve Marshall, Railtrack chief executive, last night gave warning that the group will collapse before the end of the weekend unless Stephen Byers, the Transport Secretary, clarifies the ownership of vital Railtrack assets.
The US Congress is pushing forward to enact laws aimed at cracking down on terrorist financing by toughening a wide array of US laws against money laundering, continues the FT.
The House financial services committee on Thursday approved broad legislation that would strengthen the Bush administration's power to trace and potentially block suspicious transactions within and outside the US.
The proposal has touched off further debate on how much power Congress should give the administration to fight global terrorism. Committee members engaged in a vigorous debate on Thursday over whether the new measures would infringe on the privacy of US citizens and would impose onerous new regulations on financial institutions.
Royal & SunAlliance(R&SA) has become the latest insurance company to increase substantially estimated losses sustained as a result of the US terror attacks, adds the Times.
It now expects losses of £200 million, a rise of £50 million over its initial estimate made public on September 14, just three days after the attacks.
In contrast to rivals such as Munich Re, which nearly doubled its initial estimate just days after the attack, R&SA reiterated its first estimate just one week later. But it is understood that the spiralling cost of writing insurance for business interruption and workers' compensation, along with fears of exposure to massive damages claims, has forced the insurer to increase its estimated loss.
And the inquiry into the Equitable Life debacle has been delivered to the Treasury, reports the Guardian, however, it is not yet clear when the investigation will be published.
Total funds on list rise from 26 to 58
What made financial headlines over the weekend?
Q2 net sales dropped almost 50%
‘Important to have an anchor’