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Sunday newspaper round-up: Carillion, GKN, Brexit, gas prices
Bosses at Carillion have appealed for a state-backed rescue, telling ministers that its survival rests on a bail-out of the firm's most troubled contracts. The crisis-hit construction firm has called on the government to step in to reduce the financial burden of a string of failed projects around the country, with the cry for help understood to centre around three UK public private partnership contracts, and asked Whitehall to pledge to dramatically speed up future outstanding payments. - Sunday Telegraph
...With the accountancy firm EY lined up to manage an administration that could be triggered as soon as Monday, a Carillion rescue deal is expected to hinge on whether the government is willing to help prop up the company. Creditors have yet to agree on a restructuring plan and are understood to be reluctant to pour in new funding unless Downing Street takes part in a bailout.
Donald Trump's deteriorating relationship with Britain is likely to kill off any lingering cabinet hopes of a swift post-Brexit trade deal with the United States, a former British ambassador to Washington has warned. Sir Nigel Sheinwald said that a series of controversial interventions by the US president in British issues meant that the remote prospect of a quick transatlantic deal, heralded by pro-Brexit cabinet members, should now be "put out of our minds" for good. - Observer
The City of London Corporation is poised to issue a 'red' warning report on the impact of Brexit over fears that a split from the EU will damage the capital's appeal to financial services firms. The report from the Corporation, one of the City's most influential groups, has upgraded the risk rating for the Square Mile from 'amber'. - Mail on Sunday
Nigel Farage has made a dramatic admission that the vote for Brexit could be overturned because Remainers have seized control of the argument over Britain's future relationship with the EU. The former Ukip leader told the Observer that he was becoming increasingly worried that the Leave camp had stopped fighting their corner, leaving a well-funded and organised Remain operation free to influence the political and public debate without challenge. - Observer
Jeremy Corbyn has said Labour will vote against the EU withdrawal bill at its third reading because of concern about a lack of protection for parliamentary democracy and human rights. The Labour leader confirmed for the first time that his party planned to vote against the bill, but also said he would not heed calls from within his party and from outside to commit the UK to staying inside the European single market. - Observer
An earthquake triggered by a giant Dutch gas field has rocked the UK's gas market in a further threat to energy supplies that risks driving gas bills higher. The third-strongest quake in Dutch history registered 3.4 on the Richter scale last week and has unearthed fresh calls to wind down gas production in the Netherlands, which is Britain's third largest source of gas imports. - Sunday Telegraph
Surging oil prices are set to prolong the squeeze on household incomes this year, with economists expecting inflation to fall only gradually from its recent peak. The cost of a barrel of Brent crude shot above $70 late last week, the first time it has reached such levels since the oil price crash in 2014. - Sunday Times
Interest rates could shoot up much faster than expected over the next 18 months, stunning markets and delivering a sharp shock to borrowers, credit ratings agency Fitch has warned. The US Federal Reserve's base rate could rise to 3.25pc by autumn next year, smashing through the 3pc mark at least a year before the average Fed policymaker's forecast. - Sunday Telegraph
American buyout giant Carlyle is weighing an audacious counter-bid for the embattled plane and car parts maker GKN. Shares in the FTSE 100 supplier hit a record high on Friday after GKN rejected a £7bn approach from turnaround firm Melrose Industries. - Sunday Times
Premier Foods is in talks to sell the soup and noodles brand Batchelors to its biggest shareholder - a move that could trigger a gradual break-up of the debt-laden business. Premier is understood to be exploring a deal with Nissin Foods, the Japanese inventor of instant noodles. Batchelors is said to be valued at more than £200m. - Sunday Times
A wave of mergers is possible among middle-market retailers this year, along with increased differentiation and cost-cutting, said Terry Green, the former boss of Debenhams. However, former Waitrose Boss Lord Price said: "I don't think consolidation is the answer. In many cases, the offer is fundamentally flawed... The truth is, it's very hard for them to compete against the internet in terms of product width, it's hard to compete on price against the discounters, and it's hard to compete on service against the top end." - Sunday Times
The Government should tighten rules on foreign takeovers to avoid the country being 'held to ransom', according to an influential business group. Ministers should look at the hardline approach of Australia on foreign buyouts and control of critical infrastructure by countries such as China according to the EEF, which represents 5,000 UK firms. - Mail on Sunday
Asda's new boss has claimed that the struggling grocer mounted an unlikely resurgence over the festive period, luring shoppers away from its biggest rivals and racking up the best sales of the Big Four supermarkets. Roger Burnley, who took the helm at the start of this year, has told colleagues that the grocer beat its targets "by some way" in December. - Sunday Telegraph
The Government is being urged to probe a controversial group that represented thousands of small investors in Royal Bank of Scotland. Bob Neill, chair of Parliament's Justice Select Committee, has asked Justice Secretary David Gauke to look into the RBS Shareholders Action Group and for such action groups to be regulated in the future, following an investigation by the Mail on Sunday.
A string of draws in Premier League football matches over the Christmas period is expected to have shored up profits at William Hill. The bookmaker is forecast to have paid out less to punters during the festive fixtures and has a number of drawn matches to thank, including a goalless encounter between Manchester United and Southampton. - Sunday Times
The man in charge of Britain's railways is under pressure in Whitehall to step down, amid frustration about the slow pace of change and criticism of his £820,000 pay package. It is understood that the Government wants Mark Carne, the chief executive of Network Rail, to leave when there is a "natural break" in his contract this year. - Sunday Telegraph
Bookseller Waterstones is on the verge of being sold to a private equity purchaser after being put on the block last autumn by its owner, Russian tycoon Alexander Mamut. City analysts believe that a deal of between £200 million to £300 million is imminent with corporate financiers from NM Rothschild overseeing the sale, which has been in abeyance during the festive period. - Mail on Sunday
Google has invested millions of pounds in an Oxford University spinout that is developing a universal flu vaccine. The Silicon Valley giant is among a clutch of investors ploughing a total of £20m into Vaccitech, a company designing a vaccine to protect against most strains of flu. - Sunday Times
Britain's most powerful business leaders are calling for greater action on gender diversity and workplace sexism in the run-up to new pay gap reporting rules coming into force. Boardrooms across the UK have been warned that they need to get tougher on gender inequality or face severe reputational consequences in the coming months. - Sunday Telegraph
Mark Zuckerberg's decision to alter Facebook's news feed to prioritise personal posts over professionally produced news and video was spurred by a potential exodus of users, according to research. Time spent by average members fell by 7% last August compared with the same period in 2016, and by a further 4.7% in September, according to a review of Nielsen traffic data. - Sunday Times
Google has suspended advertisements directed at addicts from its platforms across the world after an undercover investigation. The Sunday Times revealed that the internet giant was profiting from a practice in which brokers secretly reaped millions of pounds from vulnerable people seeking treatment for addictive diseases, such as alcoholism. - Sunday Times
The traditional January detox when Britons stop drinking and start dieting could last all year under new government health guidelines. Public Health England (PHE) has told fast-food chains and supermarket ready-meal makers to "calorie cap" their foods, cutting down lunches and dinners to 600 calories and breakfast to 400. The plan, to put the whole of the UK on a diet, is due out in March. - Sunday Times
City law firm Hogan Lovells has been drawn into the growing corruption scandal in South Africa amid allegations it produced a "whitewash" report into claims of money laundering at a government agency. Lord Peter Hain, the former Labour minister and anti-apartheid campaigner, wrote to Britain's law watchdog the Solicitors Regulation Authority (SRA) on Friday requesting an inquiry into Hogan Lovells' conduct. - Sunday Telegraph