Connect with us

Business

Kemi Badenoch blames civil service for slow pace of Post Office compensation

Published

on

Kemi Badenoch arrives ahead of her appearance before the Post Office Inquiry

Unlock the Editor’s Digest for free

Conservative leader Kemi Badenoch has said the TV dramatisation of the Post Office Horizon scandal brought “urgency” to compensation payouts, as she blamed the civil service for “going round and round in circles”.

Badenoch, who oversaw the Post Office as business secretary from February 2023 to July 2024, told a public inquiry into the affair on Monday that a hit ITV series pushed the scandal up the government’s list of priorities.

Advertisement

It was Mr Bates vs The Post Office “that made things happen”, she said. “It suddenly turned [compensation] from a value-for-money question to a public perception question.”

The new opposition leader said civil servants had wanted “legal cover” for their decisions on sub-postmaster compensation and that there was “far too much going round and round in circles . . . because everybody is worried about getting in trouble later.”

Around 983 Post Office branch managers were convicted between 1999 and 2015 for offences including theft and false accounting using evidence from Japanese technology company Fujitsu’s flawed Horizon IT system.

Others were not convicted but used their personal savings to make up erroneous shortfalls.

Advertisement

The previous Conservative government announced in January, shortly after the ITV series aired, that it would legislate to exonerate victims en masse and offer a fixed sum of £75,000 as an alternative to a full claim for participants in a group litigation that revealed the extent of the scandal.

Roughly £440mn has been paid so far to more than 3,100 claimants across four compensation schemes. Chancellor Rachel Reeves set aside a total of £1.8bn in Labour’s first Budget to cover the cost of compensation.

Victims have complained that the compensation process is slow and bogged down in administration, while they receive offers that are below expectations and require formal appeal.

Badenoch blamed bureaucracy and “the government machine” of the civil service for delays in getting compensation to sub-postmasters.

Advertisement

Sir Alan Bates, the lead campaigner in the scandal, told the Financial Times the Department for Business and Trade had adopted a legalistic approach that had resulted in wrangling between lawyers and delays in compensating victims.

“It should be down to the sub-postmaster to determine what is a fair result,” he said.

Bates has rejected two offers of compensation from the government with the most recent representing around one-third of his initial claim.

Giving evidence to the House of Commons business and trade committee last week, the former sub-postmaster said he would consider taking legal action to seek a deadline for payouts.

Advertisement

Jonathan Reynolds, the current business secretary, told the inquiry earlier on Monday that he was reluctant to set a cut-off for payout claims for fear of excluding late claimants from compensation.

However, Reynolds said he would “consider” a deadline if “we go into next year frustrated at a lack of claims coming in”.

Source link

Advertisement
Continue Reading
Advertisement
Click to comment

You must be logged in to post a comment Login

Leave a Reply

CryptoCurrency

Curve Finance launches 'Savings crvUSD' yield-bearing stablecoin

Published

on

Curve Finance launches 'Savings crvUSD' yield-bearing stablecoin


Ensuring that decentralized finance platforms and networks do not remain siloed is a key hurdle for DeFi applications to overcome.



Source link

Advertisement
Continue Reading

CryptoCurrency

Price analysis 11/13: BTC, ETH, SOL, BNB, DOGE, XRP, ADA, SHIB, TON, AVAX

Published

on

Price analysis 11/13: BTC, ETH, SOL, BNB, DOGE, XRP, ADA, SHIB, TON, AVAX


Bitcoin is showing no signs of stopping its advance toward $100,000, and several altcoins look poised to follow.



Source link

Advertisement
Continue Reading

CryptoCurrency

S. Korean influencer allegedly led $232M crypto scam, 215 arrested

Published

on

S. Korean influencer allegedly led $232M crypto scam, 215 arrested


South Korea has been taking steps to suppress crypto scams. This latest one is the biggest ever though.



Source link

Advertisement
Continue Reading

CryptoCurrency

XRP 'god candle imminent' with $2 end of the year target — Analyst

Published

on

XRP 'god candle imminent' with $2 end of the year target — Analyst


XRP price could imitate and “pull like Dogecoin” if a bullish chart pattern is confirmed.



Source link

Advertisement
Continue Reading

CryptoCurrency

Warren Buffett Breaks 6-Year Streak Of Berkshire Hathaway Stock Buybacks, Say ‘It’s Too Expensive’

Published

on

Warren Buffett Breaks 6-Year Streak Of Berkshire Hathaway Stock Buybacks, Say 'It's Too Expensive'


Warren Buffett Breaks 6-Year Streak Of Berkshire Hathaway Stock Buybacks, Say 'It's Too Expensive'
Warren Buffett Breaks 6-Year Streak Of Berkshire Hathaway Stock Buybacks, Say ‘It’s Too Expensive’

Berkshire Hathaway CEO Warren Buffett recently ended a six-year streak of stock buybacks for the company. While the company regularly participates in stock buybacks, it did not do so during the third quarter, according to Securities and Exchange Commission filings.

Despite having over $325 billion in cash reserves, Buffett opted not to use that cash to buy back shares, suggesting that he believes the stock is too expensive.

Don’t Miss:

Buffett’s approach to stock buybacks is straightforward: he only buys back shares when he considers them a “bargain.” According to Berkshire Hathaway’s regulatory filings, he looks for a stock price below the company’s intrinsic value – a conservative measure considering the long-term worth of Berkshire’s assets. Analysts believe the absence of buybacks sends a clear message to the market: Berkshire’s stock is overvalued at its current price.

Advertisement

Berkshire Hathaway‘s Class A shares are trading around 1.6 times their book value, representing the company’s assets once debts are subtracted. In the past, Berkshire has avoided buybacks when the stock traded above 1.2 times its book value, but that guideline was dropped in 2018.

Trending: Warren Buffett once said, “If you don’t find a way to make money while you sleep, you will work until you die.” These high-yield real estate notes that pay 7.5% – 9% make earning passive income easier than ever.

Buffett’s conservative investment philosophy remains firm even with a more flexible policy. Robert Korajczyk, a finance professor at Northwestern’s Kellogg School of Management, explained to CNN, “He’s been very clear that they would never buy back shares if they thought that the firm was overvalued.”

In addition to ending its buyback streak, Berkshire increased its already significant cash holdings by selling stocks in the third quarter. Some analysts took this as a cautionary move due to concerns about the current market environment.

Advertisement

Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — you can become an investor for $0.80 per share today.

NYU Stern School of Business professor Aswath Damodaran told CNN that Buffett’s decision to hold cash suggests Berkshire is taking a conservative stance, likely due to high stock prices. “It’s a signal that they feel cautious about where the market is,” Damodaran said. “They’ve become cautious because they think the market is richly priced.”



Source link

Continue Reading

CryptoCurrency

Dow, S&P 500, Nasdaq trade mixed as inflation print keeps Fed rate cut on track

Published

on

Dow, S&P 500, Nasdaq poised to drop as inflation worries rise


US stocks traded mixed in early trading on Wednesday as investors weighed fresh consumer inflation data that looked to keep the Federal Reserve on pace for another rate cut next month.

The Dow Jones Industrial Average (^DJI) rose just around 0.1%, coming off a steep slide as stocks closed lower across the board. Both the S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) fell into the red after initially rising earlier in the session, down about 0.1% and 0.3%, respectively.

Consumer prices rose largely as forecast in October, with the Consumer Price Index rising 2.6% year over year and 0.2% on a month-over-month basis, both meeting forecasts. Rises in “core” inflation — of 3.3% year over year and 0.3% month over month — also met estimates.

Advertisement

Inflation has taken center stage again after the post-election rip higher hit a wall. The FOMO market lost some mojo Tuesday as it ponders whether President-elect Donald Trump’s policies could boost inflation as well as the economy. That has helped push Treasury yields higher, promising higher borrowing costs all around.

The report appears to keep the Federal Reserve on track for a December rate cut. Minneapolis Fed president Neel Kashkari told Yahoo Finance that inflation data was the key focus for the central bank in the weeks ahead, saying at Yahoo Finance’s Invest conference that any surprise to the upside “might give us pause.”

According to the CME FedWatch tool, 80% of traders expect a rate cut in December.

Meanwhile, Trump has named Tesla (TSLA) CEO Elon Musk to co-lead a new Department of Government Efficiency — another challenge for analysts trying to assess the EV maker’s prospects. The incoming president’s picks for his cabinet are also being closely watched for impact on his policies and the economy, though DOGE is not an government agency.

Advertisement

Tesla’s stock erased earlier gains as shares attempt a comeback from a 6% fall on Tuesday. Meanwhile, shares of Rivian (RIVN) jumped double digits after Volkswagen raised its investment in the rival electric carmaker to $5.8 billion.

Read more: What the Fed rate cut means for bank accounts, CDs, loans, and credit cards

LIVE 4 updates
  • Alexandra Canal

    Inflation progress ‘a slow grind’ as outlook remains uncertain

    New inflation data out Wednesday showed consumer prices rose as forecast in October, keeping the Federal Reserve on track to lower interest rates again in December.

    Advertisement

    “There is progress on inflation,” Claudia Sahm, chief economist at New Century Advisors told Yahoo Finance following the data’s release. “We are pointed in the right direction, but it has been a slow grind. And this is another month that fits in that slow grind.”

    The outlook remains uncertain as economists warn of another potential inflation resurgence following the election of Donald Trump as the nation’s next president.

    Trump and his proposed policies have been viewed as potentially more inflationary due to the president-elect’s campaign promises of high tariffs on imported goods, tax cuts for corporations, and curbs on immigration.

    Immediately following Wednesday’s release, markets continued to price in another 25 basis point rate cut in December after the central bank cut rates by that amount last week. Traders currently see a more than 80% chance the Fed cuts rates by 0.25% next month, up from just under 60% on Tuesday, according to data from CME’s FedWatch Tool.

    Advertisement

    “It is clear that the Federal Reserve’s job is still unfinished and that markets are correct in repricing federal funds rate expectations going forward,” Raymond James’ chief economist Eugenio Aleman said in a note to clients following the report.

    “Under this environment, it is only oil and gasoline prices that are keeping inflation contained. That is, any surge in oil and gas prices could severely compromise the Fed’s inflation target. The Fed should be particularly concerned about the services less energy component of CPI.”

    Read more here.

  • Alexandra Canal

    Stocks open higher after inflation data

    US stocks moved to the upside in early trading on Wednesday as investors weighed fresh consumer inflation data that met economist forecasts as the central bank debates another rate cut next month.

    Advertisement

    The Dow Jones Industrial Average (^DJI) opened about 0.2% higher, coming off a steep slide as stocks closed lower across the board. Both the S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) each rose roughly 0.1%.

  • Inflation holds steady in October

    A closely watched report on US inflation showed consumer price increases remained consistent during the month of October, according to the latest data from the Bureau of Labor Statistics released Wednesday morning.

    The Consumer Price Index (CPI) increased 2.6% over the prior year in October, a slight uptick from September’s 2.4% annual gain in prices. The yearly increase matched economist expectations.

    The index rose 0.2% over the previous month, matching the increase seen in September and also on par with economist estimates.

    Advertisement

    On a “core” basis, which strips out the more volatile costs of food and gas, prices in October climbed 0.3% over the prior month, matching September, and 3.3% over last year for the third consecutive month.

  • Jenny McCall

    Good morning. Here’s what’s happening today.

    Here’s a look at today’s key economic and market themes: Wall Street awaits fresh consumer inflation data, while Spirit Airlines (SAVE) plummets 70% amid looming bankruptcy concerns. US mortgage rates continue their post-election climb following Donald Trump’s victory. Meanwhile, SoftBank Group (SFTBY) plans to build a supercomputer using Nvidia’s (NVDA) new Blackwell chips, underscoring its ambitions in AI.

    Economic data: MBA Mortgage Applications, (week ending Nov. 8); Consumer Price Index, October; Real average hourly earnings, October

    Advertisement

    Earnings: Cisco (CSCO)

    Here are some of the biggest stories you may have missed overnight and early this morning:

    Kashkari: Inflation surprise could prompt Fed ‘pause’

    Stocks have ‘room to run’ but that doesn’t mean buy: Bridgewater CIO

    Advertisement

    Inflation ‘unlikely to show much progress’ in October

    Spotify forecasts profit above estimates, stock jumps

    US mortgage rates rose again in week after Trump’s victory

    Spirit plunges 70% amid looming bankruptcy threat

    Advertisement

    SoftBank first to get new Nvidia chips for supercomputer



Source link

Advertisement
Continue Reading

Trending

Copyright © 2024 WordupNews.com