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Found 3 results

  1. Government could pay out more than £1bn due to benefits 'shambles' The government could pay out more than £1bn in back payments after finding out that tens of thousands of people claiming sickness and disability benefits have been underpaid. Due to a "historic error" at the Department for Work and Pensions (DWP), 180,000 people claiming Employment and Support Allowance (ESA) have been underpaid and may be owed an average of £5,000 each. The blunders date back to between 2011 and 2014, when claimants were switched over from incapacity benefit. https://uk.news.yahoo.com/government-could-pay-more-1bn-due-benefits-blunder-152800162.html https://uk.news.yahoo.com/government-owes-more-1-5bn-152323666.html
  2. Businessman blames mobile operator for failure of property empire A Greek businessman who lost a fortune during the country’s economic collapse is claiming £1.1bn in damages from Vodafone, after the telecoms giant pulled out of a retail franchise deal with him. Athanasios Papistas, whose partnerships also included a property management company with a scandal-hit group of entrepreneurial Orthodox monks, accuses the British mobile group of sabotaging his business empire. Mr Papistas has issued three writs seeking damages. The most recent and largest, for £900m, was served on Vittorio Colao, Vodafone’s chief executive, at the group’s headquarters in Paddington. At more than three times the size of the previous writs put together, the latest claim alleges that the failure of MTS, Mr Papistas’s Vodafone retail franchise, caused a “severe liquidity problem” for Papistas Group, which also included his property interests. They included a company jointly owned with the controversial Vatopedi Monastery, which is embroiled in a scandal over an allegedly corrupt land deal with the Greek government. More: http://www.telegraph.co.uk/finance/newsbysector/mediatechnologyandtelecoms/telecoms/10773751/Vodafone-sued-for-1.1bn-by-former-Greek-partner.html
  3. Five of Britain’s biggest lenders have been told by the Bank of England they must raise more than £13bn between them to close a £27bn blackhole in their balance sheets. Lloyds Banking Group has been told it must set out plans to raise an additional £7bn, more than double the £3.2bn Royal Bank of Scotland has been told it must raise, while Barclays will have to find an additional £1.7bn of new capital and Co-op Bank £1.5bn. The capital raisings follow a stress test exercise on the lenders conducted by the Prudential Regulation Authority (PRA), which found a total capital shortfall in the British banking system of £27.1bn. RBS was identified as having the largest capital shortfall of £13.6bn, however the bank has already put in place plans to raise £10bn. Lloyds’s had the second largest overall shortfall of £8.6bn and before the exercise had plans in place to raise an additional £1.6bn of capital this year. In a statement the bank said had generated £5.8bn of additional capital this year and was about "three-quarters of the way towards" meetings its 2013 capital requirement. Co-op Bank had already disclosed a £1.5bn shortfall earlier this week and has put in place plans to raise £1bn of additional capital by the end of the year and a further £500m in 2014. More: http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/10131483/Lloyds-RBS-Barclays-Co-op-and-Nationwide-responsible-for-higher-than-expected-capital-shortfall-of-27.1bn.html
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