3rd February 2012
In this issue:Industry developments this week
The Financial Times reported 28 Labour MPs had called on Network Rail to turn down all bonus payments, and that the Transport Secretary indicated her agreement by saying: “Network Rail needs to be responsible and exercise restraint.”
- The Daily Record described David Higgins’ request for a £336,000 bonus this year as “shambolic”.
Transport for London has had to pay about £25million in penalties to CanaryWharf’s owner because of delays to the Jubilee line upgrade. Evening Standard Network Rail pleaded guilty to three health and safety offences, following the deaths of two teenagers on a level crossing in Essex six years ago. Railnews
- The girls’ families claimed Network Rail had lied to them for several years, after it admitted the health and safety breaches that caused the girls’ deaths. The Times
- Before the guilty plea was made, The Times provided some background on the case.
The West Coast Main Line was closed into Euston and the driver of the Freightliner needed hospital treatment after a derailment on Friday morning. Disruption is expected to continue over the weekend. Railnews
Labour MP John Mann has tabled parliamentary bills proposing that the Department for Transport is moved to Birmingham. Railway Eye
Rail travel in Scotland requires twice the level of government subsidy than the whole UK due to the low number of passengers, the Office of Rail Regulation has found. The Herald
New services
Campaigners are urging Scottish ministers to add 12 new stations to Scotland‘s rail network. The Herald
Other stories in the press
A piece in the often-satirical Railway Eye blog claims Theresa Villiers is indisposed following a bicycle accident and responsibility for contact with rail franchise bidders has travelled upward to Transport Secretary Justine Greening.
Commuters should go the pub after work to avoid inevitable travel disruption during the Olympics, London’s transport chief Peter Hendy has said. Evening Standard
The RMT union is considering calling its members out on strike over the sacking of two ScotRail workers. The Herald
Workers who clean Eurostar trains and stations in the UK have voted to go on strike in a row over pay. BBC News
Holding group sharecheck
Summary:
Shares in Stagecoach dropped significantly at the beginning of October after the group decided to pay out a £340m dividend to its shareholders and lost a proporition of its value as a consequence. They rallied in early December after the group declared an interim dividend.
FirstGroup shares ralied in early November on the publication of its latest results.
Shares in the Go-Ahead Group rose by almost 5 per cent after itraised full-year operating profit forecasts on the back of strong passenger growth at its rail franchises.
