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MoneyWeekMoneyWeek

MoneyWeek

Issue 961

There's a reason MoneyWeek is Britain's best-selling financial magazine. We exist to help you ground your portfolio so that it keeps your money safe during rough patches and growing in the good times. We don't just look at how to maximise your returns and limit your losses, we also like to look at how you can keep more of the money you've made. Week-in, week-out we'll guide you through the financial world as it changes, alerting you to all the opportunities to profit and dangers to avoid, as they appear. Income strategies, rising-star companies, the best funds and trusts, clever ways to preserve your wealth during market turmoil... you will get the best ideas from the sharpest financial minds and investing professionals in Britain.

País:
United Kingdom
Idioma:
English
Editor:
Dennis Publishing UK
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from the editor-in-chief...

“We don’t need a cabal of mega-firms offering reform, but a flood of competition forcing it” I’m currently presenting a show at Panmure House (Adam Smith’s last and only surviving home) as part of Edinburgh’s Fringe. There’s no dancing, no acrobatics, no special effects and only a few jokes. It’s just me and a couple of panellists (different every day through this Sunday) having a chat, Smith-salon style, about modern capitalism. We cover a lot of ground. But the one thing that comes up again and again is the huge size, vast influence and often crappy behaviour of the world’s multinational corporations. Unless this lot get their act together – on executive pay, on treatment of suppliers, on tax and on consumer protections – capitalism is doomed, say my panellists. Read this week’s…

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loser of the week

ABC television talk show Jimmy Kimmel Live! has been fined $395,000 for breaking the law by mimicking a presidential alert during a sketch mocking the warning system. On the same day as the programme was broadcast last October, the alert was officially tested across the US. Over 200 million mobile phones received a test “Presidential Alert” notification from the Federal Emergency Management Agency, designed to alert Americans to major threats. They look like text messages, but are designed to alert people with a unique sound and vibration, says BBC News. Walt Disney Television-owned ABC said it had thought the “use of the tone was permissible”.…

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good week for:

Actor Steve Coogan (pictured) avoided a lengthy driving ban after pleading to the court that his comedy character, Alan Partridge, who is due to be featured in a travelogue series, would never take public transport. The “exceptional hardship” caused to workers if the new television series were cancelled had been taken into account, the court said. The Catholic pilgrimage site of Lourdes, in southwest France, has staged a resurrection. Visitor numbers are set to rise by 15% this year to 1.2 million, driven by the success of a documentary in cinemas. The Catholic sanctuary had run up losses of €5m, but broke even last year after increasing pilgrims’ “contributions” from €2 to €2.50.…

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doomsday clock approaches midnight

“The nearest thing the global economy has to a doomsday clock” has “ticked a little closer to midnight,” says Robin Wigglesworth in the Financial Times. Last week the US yield curve – which plots the interest rates on Treasury bonds of different maturities – inverted for the first time since the summer of 2007. That means that the US government briefly had to pay less to borrow money for ten years than for two years. An inverted yield curve has preceded every one of America’s last seven recessions, which typically follow within 24 months of inversion. In effect, it shows that investors think that short-term interest rates are too high and that a downturn will force the Federal Reserve to cut them. Americans are still spending The Dow Jones index registered its biggest…

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easy money will keep inflating bond bubble

There is no precedent for how expensive bonds are today, says John Authers on Bloomberg. A usually sedate part of the investment world is clearly in a bubble. When a bond rises in price its yield falls. A global government bond rally this year means that worldwide bonds worth a collective $16trn dollars are now trading on negative yields. But that hasn’t stopped the buying. Since the start of June, German ten-year bund yields have fallen from -0.2% to -0.7%. Why would anyone buy a negative-yielding bond? Because, as Mark Atherton explains in The Times, with interest rates on bank deposits turning negative in parts of Europe and Japan, people seeking low-risk investments are being forced to accept extremely low or negative yields. It’s either that or take on more risk…

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will argentina default yet again?

One primary election was enough to give Argentina an “instant financial crisis”, says Craig Mellow in Barron’s. The country’s Merval stock index plunged 48% in dollar terms in a single day last week after a primary vote gave a clear lead to opposition candidate Alberto Fernández. He is now expected to beat pro-business incumbent Mauricio Macri in presidential elections in October. The market wipeout was the second-largest one-day drop anywhere in the world since 1950. Argentina secured a $56bn bailout from the International Monetary Fund (IMF) in the wake of a financial crisis last year. Yet the prospect of an anti-market Peronist coming to power means that “a sovereign-debt default is increasingly likely”, says Edward Glossop of Capital Economics. Credit default swaps show that the implied probability of a debt default…

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