The big construction stories from the weekend newspapers that you may have been too busy to read.
This weekend’s Sunday Telegraph picks up the Jarvis baton and keeps running with the story of the firm’s efforts to off-load its stake in Tube Lines, the consortium that runs a third of London’s underground system, for up to £150 million.
The Telegraph reports that the sale is being negotiated with Star Capital Partners, a private equity group specialising in infrastructure and transport investments. Any deal would need approval from Mayor Ken Livingstone, and the two other Tube Lines share-holders US engineering firm Bechtel and Amey.
The decision by the Treasury not to use the public-private partnership model to fund the Crossrail scheme is reported in the Independent on Sunday. According to the paper, civil servants have persuaded the Treasury will underwrite the £12 billion cost of the transport project, and look for up to £2 billion from London businesses and Transport for London. Last week the treasury and the Department of transport appointed financial trouble-shooter Adrian Montague as chairman of the project.
A little further down the line, towards France, The Business reported that Eurotunnel is likely to call for significant job cuts within the next few weeks in a bid to cut costs. The Anglo-French transport group is awash with debts of 9 million euros as competition from ferries and budget airlines tempt potential customers away from the under-Channel train.
Scotland’s Sunday Herald details the success of Mowlem and Bovis Lend Lease in their bid for a £100 million PFI contract to build 20 schools in South Lankashire. Where appropriate, some of the new primary schools will incorporate community facilities such as public halls, nurseries and libraries.
30 St Mary’s Axe, better known as the Swiss Re Gherkin found its way back into the newspapers as it won the RIBA’s £20,000 Stirling Prize. The landmark building was heralded across the broadsheets, but as quick as they were to praise the Lord Foster’s creation, several critics asked: why is this glorious building still half-empty?