Blackstone founder took home $610m during the pandemic March 2, 2021 Blackstone boss Stephen Schwarzman’s salary swelled 20 per cent last year as he took home $610m from dividends and compensation. The majority of the pay package stemmed from Schwarzman’s 19.3 per cent stake in Blackstone after the firm’s distributable earnings jumped 16 per cent year-on-year. The private equity boss received $86m in compensation with $524m [...]
Online sales tax would ‘kneecap’ small retailers, startups warn March 2, 2021 The introduction of a new online sales tax would “kneecap” retailers and have a disproportionate impact on smaller businesses, UK startups have warned. In his Budget tomorrow, chancellor Rishi Sunak is expected to launch a consultation on new levies targeting online retailers such as Amazon and Asos that have seen their profits soar during the [...]
Alibaba billionaire Jack Ma dethroned as China’s richest man March 2, 2021 Alibaba founder Jack Ma has been dethroned as China’s richest man after disappearing from the public eye late last year, according to multiple media reports in China. The billionaire and Ant Group founder lost the title after his empire was placed under heavy scrutiny by Chinese authorities following challenges to fintech regulators he made in [...]
Beirut explosion linked to London address used by shell company March 2, 2021 Ownership of the deadly stockpile of ammonium nitrate that exploded last August in Beirut, killing over 200 people, has been traced back to a London address commonly used by shell companies, an investigation by Globe and Mail has found. The London address, minutes away from Oxford Circus, belongs to a London-listed company called Savaro Ltd. [...]
Khan accused of cutting affordable housing by two thirds despite £4bn grant March 2, 2021 Sadiq Khan has been accused of not delivering on his affordable housing promise today by proposing to cut City Hall housebuilding by nearly two-thirds, despite receiving a third of the UK’s affordable housing budget. The latest figures reveal the mayor’s 2021-26 housebuilding programme will only build 35,000 new affordable homes using the government’s £4.82bn grant. [...]
Budget: What should Rishi Sunak prioritise to boost UK manufacturing? March 2, 2021 Government borrowing has now exceeded £270bn in this financial year, according to the Office for National Statistics. While under normal circumstances, this may have raised some eyebrows, we are still operating in unprecedented times. Despite the significant COVID-19 relief bill, further investment stimulus is required, and the UK manufacturing sector will be hoping this is [...]
Volvo joins race to quit petrol and diesel cars March 2, 2021 Volvo has this morning announced that it will switch to an all-electric range by the end of the decade. The Swedish automaker joins a host of other car makers in announcing a sweeping transition away from petrol and diesel vehicles in recent months. It said that 50 per cent of its global sales should be [...]
Budget 2021: Sunak to outline post-Brexit regulatory shakeup for the City of London March 2, 2021 Rishi Sunak will outline plans to improve the City of London’s post-Brexit competitiveness in tomorrow’s Budget as he releases a highly anticipated report from the UK’s former EU commissioner for financial services. Sunak is planning to create a new stock listings regime in London to compete with other global financial centres that have benefited from [...]
Pontins accused of racial discrimination after ‘undesirable guest list’ targeting Irish customers emerges March 2, 2021 Pontins has been accused of racial discrimination after a whistleblower revealed that the holiday park firm had used an “undesirable guest list” to block customers with Irish surnames. The company’s owner Britannia has signed a legally binding agreement with the Equality and Human Rights Commission forcing it to investigate and review its policies. The whistleblower [...]
Vote of confidence for London as Deloitte office sold to Hong Kong real estate business for £255m March 2, 2021 A large City of London office, used by Deloitte, has been sold to a Hong Kong-based real estate company for £255m. The 147,000 sq ft office, Athene Place at 66 Shoe Lane, recently underwent a full refurbishment before the sale. In June 2018 Henderson Park bought the space after Deloitte had vacated the building. The [...]
