Good morning! Here’s what you need to know in markets on Monday.
Crisis-hit construction firm Carillion on Monday
announced it is going into liquidation after last-minute
talks to save the business over the weekend failed.
Carillion said in a statement on Monday that it “continued to
engage with its key financial and other stakeholders, including
Her Majesty’s Government (‘HMG’), over the course of the weekend
regarding options to reduce debt and strengthen the group’s
is exploring the option of selling its aerospace business to fend
off more potential approaches after an unsolicited £7 billion
offer for the engineering group last week, the Times
reports. A number of US private equity firms and
industrial rivals are thought to be running the rule over the
aircraft and car parts maker now it is in play. Melrose
Industries, a listed specialist at turning around troubled
engineers, made a cash and shares offer that GKN rejected as
“entirely opportunistic” on Friday.
head of a French dairy giant at the centre of an international
salmonella scandal has promised to withdraw 12 million boxes of
powdered baby milk from the supermarket shelves of 83 countries,
the Guardian reports. Emmanuel Besnier, the scion of
the secretive family behind one of the world’s biggest dairy
groups, was speaking publicly for the first time since an outcry
erupted over claims the company hid the salmonella outbreak at a
plant making the product.
of Britain’s richest men, the Duke of Westminster, could see the
value of his estates plummet this week if a landmark legal
challenge is successful, the Guardian reports. The
case could also benefit 2 million households across England and
Wales. The court of appeal will on Tuesday rule in the case of
Mundy v the Sloane Stanley Estate in a long-running legal battle
over the calculation basis for extending a lease.
of the country’s biggest litigation finance firms is considering
an initial public offering, which would give investors a chance
to share in the spoils of corporate and class action lawsuits,
the Times reports. Richard Hextall, the newly
appointed head of Vannin Capital, one of the world’s largest and
longest-established players in the legal finance market, said
that a listing on the London stock exchange was under
consideration as the firm expands.
The Conservative Party’s favourite advertising agency M&C
Saatchi has bolstered its board with the appointment of
experienced media banker Lorna Tilbian as a non-executive, the
Telegraph reports. Tilbian, who was part of the
senior team that founded the mid-market stockbroker Numis, is
expected to join M&C as soon as today.
Britain’s £7 trillion fund industry has gone “backwards” on
gender diversity and must make a bigger effort to hire female
talent, City grandee Sir Philip Hampton has warned in a Telegraph
report. Sir Philip, the chairman of GlaxoSmithKline
who last year co-led a government review into women in business,
said the asset management sector is an example of an industry
that has “gone backwards” when it comes to gender diversity.
8. Russian Foreign Minister Sergei Lavrov said on Monday
that Moscow will work to preserve the existing Iran nuclear deal
despite Washington threatening to withdraw from it, Reuters
reports. U.S. President Donald Trump said last week
he would waive nuclear sanctions against Iran for the last time
to give Washington and its European allies a chance to fix the
“terrible flaws” of the 2015 nuclear deal.
has admitted that people wanting to object to its ringfencing
plans have been stymied by “a glitch” on the High Court’s
computer system and the bank’s own failure to provide enough
information, the Times reports. Big banks must
separate their low-risk high street lending from investment
Black smoke was billowing from the East China Sea site where a
burning Iranian oil tanker sank, Japanese authorities said on
Monday, as worries grow about damage to the marine ecosystem from
the worst oil ship disaster in decades, Reuters
reported. The blazing vessel, which was
carrying 136,000 tonnes – almost one million barrels – of
condensate, an ultra-light, highly flammable crude oil, sank on
Sunday evening after several explosions weakened the hull.