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A billionaire hedge-fund manager and the Fed chair runner-up are investing in a new cryptocurrency

A billionaire hedge-fund manager and the Fed chair runner-up are investing in a new cryptocurrency

Finance
Billionaire Stanley Druckenmiller and Federal Reserve chair runner-up Kevin Warsh have invested in a cryptocurrency project called Basis, along with many other investors, the company said Wednesday.Bain Capital Ventures said it led the $ 133 million private placement, which was the private equity firm's first purchase of cryptocurrency tokens. Other investors included Alphabet's GV venture capital arm and Andreessen Horowitz.Formerly known as Basecoin, Basis is developing a cryptocurrency whose supply is controlled by an algorithm rather than a central bank. In contrast, bitcoin and most major cryptocurrencies have a fixed supply. Changes in demand can then send prices in wild swings.Basis' developers say such volatility has prevented mainstream adoption of cryptocurrencies and they want t...
Hastings chair Hoffman sent to Coventry

Hastings chair Hoffman sent to Coventry

Business
Gary Hoffman, the banker who led the transformation of Northern Rock after its nationalisation, is being lined up as the next chairman of the Coventry Building Society, Britain's second-biggest.Sky News has learnt that Mr Hoffman's appointment by the mutual is awaiting clearance from regulatorsā€Ž and could be announced later this month.Assuming the move is approved by watchdogs, it will see one of the UK's most senior financial executives replacing Peter Ayliffe, who has been acting as interim chairman since Ian Pickering died last autumn.Mr Hoffman, who was born in Coventry, has retained strong links to the city, having tried on a previous occasion to lead a takeover of its League Two football club from Sisu Capital, its controversial hedge fund owner.A City source said this weekend that M
Tesco chair to get nod for CBI presidency

Tesco chair to get nod for CBI presidency

Business
Tesco's chairman will this week be nominated as the next head of Britain's biggest employers' group, with a mandate to help steer it through the UK's exit from the European Union (EU). Sky News has learnt that a meeting of the CBI's chairs' committee, scheduled to take place on Tuesday, is expected to formally propose John Allan as the lobbying group's next president.If ratified by CBI members at its annual meeting in June, Mr Allan would take over from Paul Drechsler for a two-year term expiring in the summer of 2020.The Tesco chairman, who also chairs housebuilder Barratt Developmentsā€Ž, became the CBI's vice-president last year.London First, the capital's business lobbying group, is in the process of identifying Mr Allan's successor as its chairman.Sources said that Mr Drechsler is expec
Trump is leaning toward Jay Powell for next Fed chair, but remains undecided: Source

Trump is leaning toward Jay Powell for next Fed chair, but remains undecided: Source

Finance
President Donald Trump is leaning toward naming Jerome "Jay" Powell as Fed chair but remains undecided, a source told CNBC. For weeks, Powell has been considered the front-runner for the job as the president considers who will steward the central bank when Janet Yellen's term expires in February. However, the competition has turned into a derby in which various candidates have moved to the front only to get pushed back in the wake of news developments.On Saturday, a source also told The Wall street Journal that Powell was Trump's likely pick for the Fed chairmanship.Powell, a current Fed governor, has the advantage of presenting Trump with a chance to break from the Yellen Fed yet maintain many of the same policies that have kept the stock market rally intact and interest rates low."If Tru...