More than a third of a million jobs will be lost to the economy over the next 18 months, according to a survey of business leaders, The Independent reports.
Research from the consultants Hay Group and the Centre for Business and Economic Research suggests that the downturn will cause a fall in employment of 350,000, with £900m wiped off corporate profits.
The Hay/CBER forecast indicates that the impact on profitability and employment of the combined effects of the credit crunch and the commodities price boom will last until 2010. However, the researchers say, Britain "will – just – avoid out-and-out recession".
A LONDON HEDGE fund manager collected almost £46m in pay and performance fees last year despite the fallout from the credit crunch lopping almost a third off his company's annual profits, according to The Times.
The payout to the manager, one of three members of London Diversified Fund Management, was more than double the £21m picked up by the company's top earner for the previous year.
It formed part of a total remuneration pot at London Diversified, a bond market investment specialist set up only six years ago, of just under £73m.
HBOS SHARES TUMBLED below the rights issue price yesterday as it emerged that a hedge fund run by one of the industry's best-paid managers had taken a gamble on their decline, The Telegraph reports.
Harbinger Capital, the fund run by former Barclays Capital head Philip Falcone, revealed it had built up a major short position of 3.29% in Britain's biggest mortgage lender.
The hedge fund has effectively sold £300m-worth of HBOS shares it doesn't own in the hope of buying them back later at a lower price.
Another two investors also declared short positions in the bank under new Financial Services Authority rules, including Meditor Capital Management, the hedge fund penalised by French authorities last year for insider trading.IFAonline
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