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What the papers say - THE TIMES

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Storms in Eastern Europe have brought devastation to Bulgaria and Romania, the fourth successive month of serious fl ooding. The death toll in Bulgaria is now 26 and stands at 28 in Romania.

Multiplex has pulled out of the race for the £1.5bn redevelopment of the Elephant & Castle shopping centre in south London after reviewing the bid documents, which it said went against its business strategy.

Canary Wharf and Prudential have already pulled out. Three companies are still talking to the London Borough of Southwark about the project.

Network Rail plans to spend £4bn upgrading Britain's aging railway stations such as Euston and Victoria. The company plans to form joint ventures with private property developers to work on its 2,500 station portfolio over the next 10 years.

The Smiths Group, which is responsible for X-ray and explosive detectors in 87.5% of the world's airports, is in conversation with Network Rail and Transport for London about providing detectors for rail and Tube to avert future bomb attacks on the capital.

German utility giant E.ON, owner of Powergen, has just bought gas production company Caledonia Oil & Gas for £470M, weeks after it said it was considering making an offer for Britain's biggest power generator Scottish Power.

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