Sunday newspaper round-up: Ukraine, Gas rationing, Shadow banking

France and the UK will organise a summit to bolster ties. The announcement follows a pledge from the leaders of both countries to help Ukraine through a military surge to stop Moscow. A day before, Emmanuel Macron and Boris Johnson had agreed that an outright defeat of Russian forces was still the best outcome. Failing that, Ukrainian President, Volodymyr Zelenskiy needed to be in the best possible position to reach a deal. - The Sunday Times

France's three main energy suppliers are asking households and businesses to make preparations for electricity and gas rationing amid fears of shortages next winter in the wake of Russia's invasion of Ukraine. The plea was made by the bosses of Engie, EdF and TotalEnergies in French daily Le Journal du Dimanche. Germany and the Netherlands are making similar preparations. - Sunday Telegraph

The risk is that aggressive interest rate hikes by the world's central banks will set off a crisis in the world's unregulated shadow banking sector. the head of the Bank of International Settlements warned. Speaking to The Times, the head of the BIS's monetary and economic department, Claudio Borio, said the shadow banking system, which encompasses hedge funds, private equity outfits, and pension funds could face a liquidity crunch as interest rates are increased, which could trigger a string of corporate bankruptcies. - The Sunday Times

Centrica, which owns British Gas, has pulled out of the competition to acquire Bulb, leaving the government with just two suitors for the failed energy provider, Octopus Energy and Abu Dhabi's Masdar. According to an administrator's report, Bulb has generated losses of £886m since being rescued by the government in November, in a rescue which itself cost £2.2bn. - Financial Mail on Sunday

The Queen's bank, Coutts&Co., and the Coal Pensions Board have joined others in calling for Sainsbury's to pay all staff and contracted workers the independently set living wage. Those others include HSBC, Legal & General Investment Management, Fidelity International, retirement fund Nest and the Brunel Pension Partnership. - Guardian