An investigation by The Times into Lloyds has shown that contractors at its largest PPI complaint handling unit were “taught how to play the system to the detriment of clients”. They allegedly were told to fake PPI information on loan agreements and “turn a blind eye to the risk of fraud”, the paper says.
Glencore is being investigated by Italian authorities over alleged tax evasion worth over €120m, writes The Independent. The allegations relate to its Sardinian subsidiary, Portovesme.
“The world’s richest man and the world’s biggest security company are working on the same team,” says The Independent. The paper reports that the Bill and Melinda Gates Foundation has been found to be a shareholder in G4S, with a holding of over 3.0%.
The Bank of Japan kept monetary policy on hold at this month’s meeting, maintaining its aggressive asset purchase programme, but raised its assessment of the economy for the sixth consecutive month, the Financial Times writes.
Apple last night unveiled an online streaming music radio services called iTunes Radio, challenging a similar service from Google, as well as other players including Spotify, Pandora and Last.fm, writes The Guardian.
The US Department of Energy has claimed that global shale resources are big enough to cover over a decade of oil consumption, writes Financial Times. It estimated that there are 345bn barrels of “technically recoverable” share oil in 42 countries, equal to 10% of global crude supplies.
The Times says that UK cinema chain Vue Cinemas has been sold to two Canadian funds, Omers and Alberta Investment Management Corporation, for £935m, twice the amount it was worth in 2010.
Home sales in the UK reached a three-and-a-half-year high in the three months to May with chartered surveys handling an average of 17.9 sales, writes The Telegraph, citing research by Rics.