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2021-03-05 19:03:45| Guardian Unlimited Business - more business news

The hedge fund manager earns Britains biggest salary. He also avoids meat, likes yoga and supports Extinction RebellionHedge fund manager Sir Chris Hohn once made a point of telling a high court judge that he was an unbelievable moneymaker. This week Hohn proved his point definitively when it was revealed that he paid himself just shy of 1m-a-day last year.Hohn collected $479m (343m) in annual dividend payments from his The Childrens Investment (TCI) fund in the biggest ever personal payday in the UK after doubling profits at his Mayfair hedge fund, run from an office a couple of doors down from Louis Vuittons flagship store. Continue reading...


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2021-03-05 18:41:59| Guardian Unlimited Business - more business news

Decline wipes billions off Elon Musks fortune as investors fear firm is vastly overvaluedA sharp decline in Teslas share price has wiped more than $250bn (193bn) off the value of the electric car company, and dragged down the value of an Edinburgh-based investment fund that is one of Teslas biggest backers.The shares dropped by 7.5% in early trading in the US on Friday to $575 setting them on course to close down 16% this week and 35% below their record peak of $883 on 26 January. Continue reading...


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2021-03-05 17:58:00| Guardian Unlimited Business - more business news

Investments in loans linked to ailing supply chain bank closed, adding to fears for British steel industryCredit Suisse is winding down specialist funds worth $10bn (7.2bn) that were mostly invested in loans linked to Greensill, the crisis-hit supply chain bank.Greensill, which employs 1,000 staff in London and has the former prime minister David Cameron as an adviser, is preparing to file for insolvency and is in talks to sell parts of its business to the US private equity firm Apollo Global Management, after it lost the of backing of Credit Suisse and its fellow Swiss investment house GAM. Continue reading...


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2021-03-05 17:00:09| Guardian Unlimited Business - more business news

Chief inspector of buildings says he hopes new regime prevents anything like another GrenfellHigh-rise builders with poor fire safety records will be targeted by a new watchdog with the power to mount civil and criminal prosecutions, its chief inspector has said in his first interview.Peter Baker said he was determined that the new building safety regime prevents anything like the Grenfell tragedy from ever happening again and he hoped to avoid any repeat of the building safety crisis that has landed hundreds of thousands of leaseholders with huge bills to fix fire safety faults. Continue reading...


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2021-03-05 14:45:57| Guardian Unlimited Business - more business news

Number was the largest gains recorded since November but US is still 10m jobs short of position pre-pandemicThe US economy bounced back strongly in February, adding 379,000 jobs as more states reopened for business and more vaccines against the coronavirus became available.The number was the largest gains the Department of Labor has recorded since November and came after jobs were lost in December and a lackluster January report when just 49,000 new jobs were added. The unemployment rate dropped slightly to 6.2%. Continue reading...


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