London — Lloyds Banking, Britain’s biggest mortgage lender, blamed the cost of compensating mis-sold insurance customers and moving its wealth business for a quarterly profit that missed forecasts.
“We are disappointed by the outcome but we accept it and we are moving on,’ CFO George Culmer said during a media call, refusing to give a specific number for the the break fee Lloyds will have to pay.The bank also has bills left to pay for its past misconduct. Lloyds posted a further £100m provision for customers who were mis-sold payment protection insurance. The scandal hit many UK banks, but Lloyds’s running total of £19.4bn by the end of 2018 makes it the biggest spender.
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Business blames unions for weak economyBusiness says labour's inability to compromise on salaries at Eskom and unbundling has weighed on the economy True. A fragmented labour union environment is dangerous for any economy. They compete with each other instead of working in the interest of workers. I think that’s correct but ultimately the buck stops with government. Starting to feel the pinch too?
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