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Britain's Carillion collapses

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Britain's Carillion collapsed on Monday following banks' unwillingness to back the construction and services company.

The 200-year-old business employs 43,000 people worldwide, including 20,000 in Britain. Carillion has been forced into compulsory liquidation after costly contract delays and a slump in new business, according to Reuters.

It poses a headache for British Prime Minister Theresa May's government, which has contracted with Carillion on 450 projects. May's administration is now considering a bailout for the company, according to the report.

Read more from Reuters.

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