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Sunday Papers: Carillion lenders alerted to concerns months before collapse

And Scottish multi-millionaire plots rescue of Interserve after quietly amassing outsourcer's debt.

Sunday Papers: Carillion lenders alerted to concerns months before collapse

Top stories

  • The Observer: Directors of the collapsed government contractor Carillion masked its financial ill-health with aggressive accounting, according to a secret report written last year for banks that were considering lending the company more money to survive.
  • The Sunday Telegraph: A Scottish, Alan McIntosh, the serial investor behind Emerald Investment Partners, multi-millionaire who made his fortune as a dealmaker in the pub industry is spearheading an unlikely rescue bid for troubled outsourcer Interserve.
  • The Sunday Times: Equitable Life is poised to reveal plans to hand hundreds of millions of pounds back to policyholders, precipitating the beginning of the end for the 256-year-old mutual insurance company.
  • The Sunday Times: Rolls-Royce is preparing fresh cuts to its management ranks as boss Warren East accelerates his plan to revive the engineering giant.

Business and economics

  • The Observer: Donald Trump has escalated the threat of a trade war with Europe, warning that the US will slap a tax on cars made on the continent if the European Union (EU) retaliates against tariffs on imports of steel and aluminium.
  • Mail on Sunday: Carillion was dragged down by 'excessive layers of management', 'inefficiencies in structure' and a 'lack of accountability', extracts of a presentation published by MPs investigating the firm's demise reveal.
  • The Observer: Gridlocked motorways, empty restaurants and idle diggers seen across Britain last week cost the economy at least £1 billion a day and could halve GDP growth in the first three months of the year.
  • The Observer: Fantasy miniatures from The Hobbit to Warhammer, world of elves, orcs and ogres have made model-maker Games Workshop a stock market hit.
  • The Sunday Telegraph: Aviva is preparing to set up a new team of top fund managers in ­Edinburgh, hundreds of miles away from its London base, after poaching superstar investor David Cumming.
  • The Sunday Times: New disclosure rules may force some investment banks to reveal that they pay men twice as much as women, according to a campaigner for equality in business.
  • The Sunday Times: The boss of HSBC UK faces fresh embarrassment as new leaked emails reveal that a small group of his senior executives had detailed discussions about helping Sir Philip Green sell all or part of his high street empire.
  • The Observer: Members of the Rail, Maritime and Transport (RMT) union on Merseyrail and Arriva Rail North (Northern) were said to be “united and determined” to launch a 24-hour strike in the bitter dispute over the role of guards.
  • The Sunday Telegraph: Fresh fears for the nascent shale gas industry have emerged as freezing weather pushed Britain to the brink of running out of gas.
  • The Sunday Times: Alex Gersh, the chief financial officer of Paddy Power Betfair, has signalled his intention to leave the company — just months after the surprise departure of chief executive Breon Corcoran.
  • Mail on Sunday: Plans to build the world’s first tidal lagoon off Swansea are hanging in the balance as international Trade Secretary Liam Fox has refused to meet Austrian engineering firm Andritz, which has been working on plans to build a factory in Wales providing the parts for the lagoon.

Share tips, comment and bids

  • The Sunday Telegraph: Chinese investment funds are crowding into an auction for a rubbish-fuelled power plant on the banks of the River Thames that could fetch its owners over £1.5 billion.
  • The Sunday Times: Food giant Archer Daniels Midland (ADM) is looking to thwart Glencore’s pursuit of American grain trader Bunge by teaming up with a mystery Asian company.
  • The Sunday Times: The Restaurant Group, owner of chains such as Frankie & Benny’s and Garfunkel’s, is looking to sell some of its prime sites amid mounting pressure in the sector.
  • The Sunday Times: Hawthorn Leisure, which owns 300 pubs in England and Scotland, has been put on the block by its private equity owners.
  • The Sunday Times: The founders of a Welsh builders’ merchant are set to receive a multimillion-pound cash windfall after agreeing a deal to sell a stake to the City investment firm Inflexion.
  • The Sunday Telegraph (Comment): Trump has just sounded the death knell for a rules-based system for trade.
  • The Sunday Times (Comment): Comcast’s arrival promises Sky drama.

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