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National Express cuts dividend

National Express said it was not planning a fundraising and expected the rail business to be profitable in 2009, as it cut its dividend in a bid to reduce debt.

News: Passenger growth at lowest for five years

GROWTH in passenger travel on Britain’s railways has fallen to its lowest rate for five years — and in London and the South East it has fallen to zero.

Friday, 27 February 2009

BBC News

Financial Times

  • Railway groups criticise EU recovery planTwo leading railway industry groups have fiercely criticised European Commission economic stimulus plans, saying they are focused on industries that are able to fund their own investments.
  • National Express cuts dividendNational Express said it was not planning a fundraising and expected the rail business to be profitable in 2009, as it cut its dividend in a bid to reduce debt.
  • GM future in doubt after $31bn lossGeneral Motors underlines its dire financial condition as it reports an unexpectedly heavy cash drain in the final three months of 2008 and warns that Deloitte, its auditor, might cast doubt on its standing as a going concern
  • Tui warns over Hapag stake saleTui yesterday said the immediate cash inflow from the sale of a stake in Hapag-Lloyd would fall by €400m ($510m) to €1.6bn after the slump saw one of the...
  • National Express cuts dividendEven is it reduced its dividend in a bid to reduce debt, the transport operator is not planning a fundraising and expects the rail business to be profitable in 2009
  • BBA Aviation cuts jobs but maintains dividendThe world's leading provider of service bases for business jets, maintained its underlying profits last year and is paying an unchanged dividend despite the increasing problems sweeping through the private aviation sector

The Guardian

The Independent

  • Red light for National Express dividendsNational Express slashed its dividend by 40 per cent yesterday in an attempt to cut net debt that rose to £1.2bn in 2008, from £910m the year before.
  • Rail funding row descends into food fightNational Express, which operates the East Coast Main Line (ECML), is obliged to pay the Government £1.4bn for the right to run trains between London and Edinburgh until 2015, after winning the franchise at a time of economic growth and booming passenger numbers. Richard Bowker, its chief executive, told The Independent the company was now prepared to axe extra train services as well as snack trolleys and buffet cars after the Government made it clear it would force National Express to hand back the franchise rather than allow it to alter its agreement.

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  • Obama budget would hike air fee, boost fast railWASHINGTON, Feb 26 (Reuters) - President Barack Obama proposed on Thursday to raise the U.S. air passenger security fee beginning in 2012 to offset the cost of screening passengers and to offer more money for high-speed rail.

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  • Plea to protect rail heritageMINISTERS may irreparably damage British industry if they do not give a £7.5bn contract to Derby-based Bombardier.

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Manchester Evening News

  • MP slams transport divideAN MP has slammed a massive imbalance in transport cash given to London compared to the north west. New figures show the government spends nearly £700 per Londoner on road, rail and buses - and less than £300 per person in Manchester.

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