Tuesday newspaper round-up: Carillion, Barclays execs, Ophir, Capita

Trade unions have accused the government of failing to learn lessons from the collapse of Carillion, instead pumping even more money into outsourcing companies, a year on from the firm’s high-profile demise. The lifetime value of outsourcing contracts awarded in 2017-18 “rocketed” by 53% from £62bn to £95bn in the past year, according to the GMB union, which pointed to nearly £2bn in contracts awarded to Capita and Interserve despite both issuing profit warnings.- Guardian

Four former Barclays executives have appeared at Southwark crown court and pleaded not guilty to charges brought by the Serious Fraud Office (SFO) in relation to a £12bn rescue package secured by the bank at the height of the financial crisis. The former chief executive John Varley, the ex-investment banking chief Roger Jenkins, the formerhead of Barclays’ wealth division Thomas Kalaris and the ex-European financial institutions head Richard Boath denied charges of conspiracy to commit fraud in relation to the 2008 capital raising. – Guardian

Anew City firm attempting to revive the traditional role of corporate broker has appointed Lorna Tilbian, the former head of media at the investment bank Numis, as chairman. Ms Tilbian retired from Numis in 2017 and has built up a portfolio of non-executive jobs, including seats on the boards of Rightmove and M&C Saatchi. She joins Dowgate Capital as it seizes on the new Mifid II regulatory regime to carve out a niche as a specialist corporate broker. – Telegraph

Ophir Energy is calling on takeover suitor Medco Energi to raise its planned takeover offer or walk away from the negotiating table. The UK-listed oil company called time on talks over a possible cash offer of £340m for the company on Monday, saying that the plan “undervalues” Ophir. – Telegraph

The head of Capita has told MPs that the outsourcing company will lose “a considerable sum of money” on its Ministry of Defence contract to recruit soldiers into the British Army. Jonathan Lewis told the Commons public accounts committee yesterday that the company’s previous management had put too much emphasis on “chasing revenues” rather than setting realistic targets. - The Times

Wall Street was in a state of euphoria as summer turned to autumn last year. Even with President Trump embroiled in a trade war with China, the S&P 500 index, the best measure of the health of corporate America, hit an all-time high. “Back in September, the sun was shining, the birds were chirping and if you listened hard enough you could hear the ice cream truck in the background,” Tobias Levkovich, chief US equity strategist at Citigroup, said. “We had an idyllic scene: synchronised global recovery.” – The Times