Railtrack, the UK's private sector railway infrastructure operator, said on Thursday it had appoi...
Railtrack, the UK's private sector railway infrastructure operator, said on Thursday it had appointed John Robinson as chairman, according to the Financial Times.
Mr Robinson is currently chairman of UK builder George Wimpey, coal miner RJB Mining, and packaging and plastics company Law & Bonar. He is a former chairman of Smith & Nephew, the medical instruments group.
He replaces Sir Philip Beck who announced he would step down some six months ago.
Mr Robinson joins the board of Railtrack on June 4 and begins his role as chairman a month later.
The Bank of England cleared the way for further interest rate cuts with its latest Inflation Report yesterday. The report predicted that inflation would climb slowly back towards the 2.5% target in 2003, but added that the US slowdown meant that there was a risk of weaker-than-forecast inflation and growth in the UK, says the Indpendent.
But share prices in the US reacted favourably to Tuesday's interest rate cut by the Federal Reserve. The Dow Jones index jumped more than 200 points in early afternoon trade, surging through the 11,000 level. It was the Fed's fifth half-percentage-point rate cut in five months, intended to invigorate the stalled US economy. In London the FTSE 100 index ended up 41.1 points at 5,884.
Britain's biggest shareholder group last night made a final effort to derail the £13 million package of bonuses set to be paid to directors of Billiton, the resources group, the Times reports thsi morning.
Brian Gilbertson, Billiton's chairman, is to be paid £7 million of options under two schemes, and three of his colleagues are to share £6 million. The options will be paid if Billiton's $30 billion (£21 billion) merger with BHP gains shareholder approval at a special BHP meeting in Australia tomorrow.
Lloyds TSB is ready to sacrifice some of the cost savings of £1 billion a year that it hopes to garner from a £20 billion takeover of Abbey National, in an attempt to secure approval from the Competition Commission, adds the Times.
The bank is prepared to increase the rate of interest that it pays to current account holders in a last-ditch effort to convince competition officials that custommers will not suffer from a lack of competition if the bid goes through. The bank will make the offer at a private meeting with Denise Kingsmill, who is heading the commission's inquiry.
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