The world’s most-profitable hedge fund is now a climate radical

Still, for all of Hohn’s zeal, his crusade is fraught with the inconsistencies of green investing. TCI once held a big stake in an Indian coal producer; even now, it owns shares in three railroads that burn tonnes of diesel and ship fossil fuels, including from oil sands, one of the worst sources of greenhouse gases. Another key holding: Ferrovial SA, the Madrid-based conglomerate that runs airports that include London’s Heathrow. “On the one hand, he’s trying to be green-and on the other, he makes money out of polluters,” says…

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Elon Musk takes on critics of Tesla’s Berlin plant

Elon Musk said concern that a Tesla assembly site in a rural area near Berlin would cause water shortages is exaggerated, pushing back against critics of the plant. “Sounds like we need to clear up a few things!” the carmaker’s chief executive officer tweeted. “Tesla won’t use this much net water on a daily basis. It’s possibly a rare peak usage case, but not an everyday event.” Environmentalists have some concerns about Tesla’s planned new plant in Berlin. Credit:Bloomberg Tesla still has to jump through local hoops for the proposed…

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Japanese banks wary of revolution

“It’s difficult for some banks to fork out additional costs, even if they’re investments for the future, when it’s not clear how much they can profit by doing this,” said Junichi Kanda, an executive officer at fintech Money Forward.. Progress has been slow. Just 25 of 59 eligible fintech companies had signed contracts with any banks as of September, the most recent FSA figures show. Only 57 of 130 lenders had any one-on-one agreements. Teaming up with fintechs can give lenders a quick way to offer new digital services, while…

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Economic leaders warn on effect of low interest rates

She warned that with interest rates already very low or even negative in many places, it would not be easy to respond if new difficulties emerged. In what appeared to be a veiled reference to possible economic consequences from a new virus in China and bushfires in Australia, Georgieva said January had already produced events that posed new risks and that policymakers would need to be able to respond more quickly than in the past when things went wrong. Treasury Secretary Steven Mnuchin alluded indirectly to the new coronavirus that…

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Saudi wealth fund in talks to buy Newcastle United

Saudi Arabia’s sovereign wealth fund is in talks to buy English soccer club Newcastle United for about 340 million pounds ($651 million), the Wall Street Journal reported, citing people familiar with the discussions. The deal would represent an exit for British billionaire Mike Ashley, who made his fortune from sportswear retailer Sports Direct (renamed Frasers Group last month) and first bought into Newcastle United in 2007. Newcastle United has been up for sale a number of times.Credit:Getty Images The WSJ said Saudi’s Public Investment Fund, together with a group of…

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Melco to open up on Japan raids

Melco and 500.com are both among the gambling groups bidding for the rights to build three integrated casino resorts (IR) in Japan. Melco established a Japanese local entity and offices in Tokyo, Osaka and Yokohama and submitted IR concepts to multiple local municipalities as part of its application process. Japanese prosecutors are investigating corruption allegations against MP Tsukasa Akimoto. Credit: Mr Akimoto had played a central role in crafting government policy for the casino resorts. A Melco spokesman said the company is expected to make a response to the reports…

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Why $10b fund Alphinity dodged the ‘simplistic’ view on CSL

“We care about valuation but we care more about what makes up that valuation, so what’s happening to earnings and the earnings upside.” Another bet that’s paid off for the fund manager has been its “underweight” stance on the major banks, while backing Macquarie Group, another business trading near record highs. We don’t really care if a stock is value, or growth, or anything else. What we care about is what’s happening to earnings Andrew Martin, principal of Alphinity Investment Management In the past five years, the big four banks’…

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As big players come and go, retail’s real victims are regional

“It was a struggle up to this point already, so this will just be the nail in the coffin for a lot of businesses,” Jory says. The pressures and challenges facing Australia’s retailers have been well-documented. Consumer confidence and spending have hit recession levels, companies are closing stores by the hundreds, and shoppers are choosing to save, not spend, government stimuli. The total loss, it’s just a bit too hard to fathom at the moment. Merimbula retailer Steve Jory Now with bushfires and drought ravaging much of the country, it’s…

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Greater certainty needed for growing mental health workforce

“If we are going to be able to meet that growth, we need to see greater investment in education and development of this workforce and we need to see where that growth is going to come from.” Ms Tebbutt called for five-year funding contracts for community-managed organisations, to encourage strategic workforce planning and development. ‘Unstable employment’ “Short-term contracts can result in unstable employment and can reduce the quality of services,” she said. The Productivity Commission in October highlighted increasing unmet demand for mental health services despite funding growth. It has…

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