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Financial Times

What the papers say

Railtrack has dropped NM Rothschild as its main adviser and appointed Credit Suisse First Boston (CSFB). CSFB has started a review of the company's policies and will handle a £2bn-£3bn bonds issue scheduled for the autumn.

Severe flooding caused by heavy monsoon rains in the eastern Indian state of Orissa has worsened after the authorities were forced to release water from the overflowing Hirakud dam, in the north of the state, to prevent structural damage.

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