Notícies i Política

MoneyWeek Issue 955

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.

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51 Números

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3 min.
from the editor-in-chief...

“Why don’t we just abolish inheritance tax and replace it with a gift tax?” Almost everyone hates inheritance tax (IHT). It is seen to be the worst of all the double taxations (all money is taxed over and over). It piles needless administration on to grief. It’s needlessly complicated (the newish residence nil-rate band being the last straw for many). It comes with enough loopholes that anyone who doesn’t find a way to avoid it feels like they aren’t trying hard enough to protect their wealth for their children, which keeps them up at night. It isn’t particularly fair. But possibly worst of all, the existence of IHT creates a friction that slows the passage of money, businesses and land through the generations. Those with money don’t understand the annual IHT free…

2 min.
loser of the week

An unnamed driver, whose car had been seized by Greater Manchester Police (GMP) after he was caught driving it with no insurance, turned up at Eccles police station to reclaim it in a £290,000 bright yellow Lamborghini Aventador supercar. Unfortunately for him, that car ended up in the car pound too, after officers checked and found that he wasn’t insured to drive that, either. “If you’re going to turn up at the police station to reclaim your previously seized vehicle for no insurance, it might be worth checking that the car you turn up in is covered on your policy first,” GMP tweeted. It is the third Lamborghini that the force has impounded in recent weeks – one was taken in Manchester city centre, and another in Oldham. Good week for: A…

2 min.
the decline of the public company

Investors went “gaga” over the “mini-flurry” of flotations including Uber, Beyond Meat and Slack this year, says Andy Serwer in Yahoo Finance. But perhaps that is just because such opportunities are rarer than they used to be. Between 1980 and 2000 around 310 companies went public every year in the US; this year there will be just 230. Start-ups are making the most of abundant venture capital and private equity (see page 5). Last year technology and biotech firms raised $50.3bn through public markets, but $130.9bn through private investors. This is part of a broader “de-equitisation” trend, as more of the economy becomes inaccessible to ordinary retail investors going through public markets. The winners are wealthy private investors who use private markets to buy into high-growth sectors from which smaller investors…

1 min.
good news scares stocks

June brought the best monthly US jobs growth of the year, notes Chris Matthews on MarketWatch, but markets were not best pleased. Shares fell back on the strong data at the end of last week amid worry that good jobs growth means interest-rate cuts by the Federal Reserve are less likely. US non-farm payrolls rose 224,000 in June. In May only 72,000 jobs were created. The jobs news means that there is now “no chance of a 50 basis-point rate cut” later this month, writes John Authers on Bloomberg. Yet many traders are expecting rates to fall by 0.25% when the Fed next meets. The “guts” of the employment data were less encouraging than the headline figure implies. Unemployment actually ticked up slightly to 3.7%. Manufacturing is also in bad shape. The…

1 min.
the boom in private equity

The flipside of de-equitisation and the decline of public markets (see page 4) is an increasingly busy private market. That helps explain why private-equity deals have soared to the “highest level since the lead-up to the global financial crisis”, say Javier Espinoza and Eric Platt in the Financial Times. The value of leveraged buyouts hit $256bn in the first six months of this year, according to Refinitiv data. That is the second-biggest first-half figure on record after 2006. This kind of deal often involves a private firm taking a listed one private. “The buyout boys” are “back to rock the stockmarket”, says Christopher Williams in The Daily Telegraph. Last year, worldwide public-to-private takeovers reached their highest level since 2007, according to Bain & Company. One of the most eye-catching deals was…

1 min.

“If shorting Japanese government bonds is the ultimate widow-maker, calling the top of the gravity-defying Hong Kong property market cannot be far behind. The International Monetary Fund... has been warning about the dangers of an unsustainable bubble since 2010. Now suspicions are growing that the stopped clock’s hour may finally be at hand. Last month millions of local residents took to the city’s streets... And last week a handful of young hotheads even invaded and trashed the city’s legislature... Amid such a climate of uncertainty and fear, ask some observers, surely the world’s most expensive residential property market is on the cusp of a deep correction? Even a 1997-style crash? [But] in the last week, a closely-followed index of secondary market residential prices set a new high, up 500% from…