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MoneyWeek

MoneyWeek

Issue 1007

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.

Land:
United Kingdom
Sprache:
English
Verlag:
Dennis Publishing UK
Erscheinungsweise:
Weekly
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3 Min.
from the executive editor...

“It doesn’t matter who benefits from the extra money as long as it enters the economy” This week, chancellor Rishi Sunak unleashed yet more spending (another £30bnodd) to help the UK get over the worst effects of the coronavirus lockdown. We look at the list in more detail on page 11, but in short, Sunak wants us all to move house (he cut stamp duty up until 31 March), do those houses up (£2bn in energy efficiency grants are being dished out), and then go and eat out more (you’ll get a tenner off your dinner on Mondays to Wednesdays in August at participating restaurants). Meanwhile, the leisure industry is benefiting from a cut in VAT to 5% (abig saving that may or may not be passed on to customers –I’m…

1 Min.
loser of the week

A British court ruling has denied a request by Venezuelan dictator Nicolás Maduro (pictured) to withdraw more than $1bn-worth of gold from reserves the country has stored in the UK. It’s “a reminder that much of the world—like the Venezuelan peopledoesn’t accept Mr Maduro as the country’s legitimate leader”, says The Wall Street Journal. About a quarter of Venezuela’s gold reserves are stored at the Bank of England and Maduro’s government has been trying to withdraw it since 2018. The UK refused to hand over the 31 tons of bullion (worth around $1.8bn), as it recognises opposition leader Juan Guaidó as Venezuela’s interim leader, and Guaidó has instructed the Bank to ignore Maduro’s request. “The Guaidó and Maduro governments are fighting over state assets around the world, including frozen bank…

1 Min.
good week for:

With companies across Europe scrambling to borrow to fight the economic effects of the pandemic, investment bankers have enjoyed a windfall, says Lucy Burton in The Daily Telegraph. The amount of debt raised in Europe in 2020 has already made banks $7.5bn in fees — “the highest payday from bond and loan deals for the year to date since before the 2008 financial crisis”. NFL star Patrick Mahomes (pictured) signed a ten-year contract extension with the Kansas City Chiefs worth a record $503m (£403m), the biggest such deal in the history of North American team sports, says the BBC. The 24-year-old quarterback is set to stay with the Chiefs until 2031. Earlier this year, he guided the Chiefs to their first championship win in 50 years.…

1 Min.
bad week for:

Environmental group Greenpeace has been fined £80,000 after a Scottish court found it guilty of the “wilful defiance” of a court order banning its occupation of a North Sea oil rig, says Severin Carrell in The Guardian. It follows a series of protests by Greenpeace against North Sea oil drilling by Shell and BP in 2019, which involved occupying rigs. Americans have lost at least $77m in scams related to Covid-19, says Greg Iacurci on CNBC. The tally of more than 60,000 cases is likely to be a “severe undercount”, warns the National Consumers League. The average loss was $272 per consumer.…

2 Min.
china’s market melt-up will end in tears

China is on course for a “swift ‘V-shaped recovery’”, says Gurpreet Narwan in The Times. Post-lockdown industrial indicators have been improving for some time, and now consumers have joined in the rebound. The services sector is advancing at the fastest rate in ten years. China’s thorough approach to eradicating the virus has enabled consumers to feel confident enough to go out and spend again, says Jonathan Cheng in The Wall Street Journal. The economy suffered its first GDP contraction in decades in the first quarter, but the International Monetary Fund thinks that China will be the only big economy to register growth for 2020 as a whole. The bulls are back The positive data cheered markets, helping the local CSI 300 stock index rally to its highest level since the summer of 2015.…

1 Min.
what next for the world economy?

There is little consensus about which way the economy is heading as we embark on the second half of the year, says Lisa Beilfuss for Barron’s. Analysts have spent the last few months arguing over whether we are poised for a “V”, “U” or “W-shaped” recovery. More inventive types talk of “a Nike swoosh” and “a reverse square-root sign”. Major global economies have been recovering from lockdowns more quickly than expected, says Jonathan Allum in The Blah! newsletter. US employment remains in a hole, but news that a better-than-expected 4.8 million jobs returned in June suggests that things are on the way back to normal. Not to overdo the “horticultural metaphors”, but we have our “green shoots”, the question now is whether they will manage to grow into “fully fledged plants”. The…