They state that there is $19bn (pounds 11.6bn) in reserves, enough to cover the 78 trillion rupiah in circulation. Under a currency board system there must be sufficient foreign currency holdings to back all local currency in circulation.Indonesian companies owe international creditors $74bn. All stock markets also fell but, surprisingly, Jakarta bucked the regional trend and managed a 2.1 per cent gain. President Suharto of Indonesia has shown no sign of budging from his determination to establish a currency board for the Indonesia rupiah which would tie its value at a fixed rate to a stronger currency, almost certainly the US dollar. INDONESIA is moving back to the brink in a renewed confrontation with the International Monetary Fund (IMF) over the establishment of a currency board. Investors, already jittery about prospects for Indonesia, responded yesterday by wiping 28 per cent off the value of the local currency. Although Indonesia is detaching itself from the fate of other financial markets in East Asia, fears of another rout in Jakarta sent all regional currencies spiralling downwards, including an unexpected devaluation of the Vietnamese dong.
which would be attractive to Railtrack."More than pounds 400m was wiped off the company's market value in December after Mr Swift announced he was looking for "radical and innovative changes" to the current charging regime.. A bit like BAA [the owner of London's airports] did in its last price review," said one Railtrack director. "We think they managed to get off lightly because of the investment required to build Terminal 5."Rail campaigners view the regulator's letter as a victory. They are worried that money set aside for the renewal of the national rail network would be diverted for the CTRL."It would be unacceptable for Railtrack's already inadequate investment plans to be further reduced in order to cross-subsidise the link ... We are reassured the regulator shares our view," said Jonathan Bray, of the campaign group Save Our Railways.Some City analysts believe a deal could be done. One option is for the CTRL assets to be placed outside Railtrack's tough regulatory framework.
One analyst said: "There could be a significant premium over the regulated return ... Belgo to set up in US Belgo Group has agreed a joint venture with Apple South Inc to set up a chain of Belgo restaurants in the US and to operate an Apple South restaurant brand in the UK. "The price paid does not look cheap but S&N has been able to pick the best sites and in the long term should be able to make a lot of money out of them," said one analyst.Britain's pub industry has been in turmoil in recent months with the rise of new and powerful independent operators as the big brewers continue to sell off their tenanted estates.. In its original bid LCR had predicted Eurostar, which it operates, would carry 9 million passengers last year.Patrick Ponsolle, Eurotunnel's executive chairman, insisted the high- speed link was "absolutely necessary", not just to the company but also to Kent commuters."Our view is that the full route is preferable to shorter versions," he said.. Railtrack is unlikely to escape a tough review of its track access charges at the hands of John Swift QC, the rail regulator, if it decides to build the Channel Tunnel Rail Link (CTRL) Railtrack's directors said last week the company would only get involved in the 68-mile high speed rail link if it obtained assurances that the review was not too onerous. But, in a letter dated 12 February, Michael Beswick, Mr Swift's director of regulation, wrote: "It is important that any involvement of Railtrack is without detriment to the interests of passengers and freight customers on the existing network."The regulator will seek to ensure that any arrangement is without detriment to Railtrack's commitments, reflected in its access charges."A spokesman for Mr Swift's office also said that he remained "independent" although "mindful of Government decisions".Railtrack is considering plans for a high-speed rail link for under pounds 1.5bn - less than one-third of the proposed link's cost.The company receives more than pounds 2bn from the access charges and is keen to keep as large a chunk of this "guaranteed income" as possible."We think there could be some way of linking the review and the CTRL.
