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MoneyWeek

MoneyWeek Issue 978

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
Periodicitat:
Weekly
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51 Números

en aquest número

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

Regular readers will know I have a tendency to look for the downside in most investment situations. But from an investor’s point of view, it’s very hard to be anything other than deeply relieved about last week’s general election result. Regardless of who you voted for, you have to accept that the outcome delivers on the thing that markets crave more than anything else – some certainty. We now know that the UK isn’t about to embark on a campaign of wholesale renationalisation. We now know that most voters aren’t naive enough to look at a seemingly endless list of electoral bribes and simple solutions to complicated problems without wondering about the credibility of those making the promises. And we now know that whatever else happens, Britain will leave the European…

1 min.
loser of the week

David Kowitz, an American hedge fund manager, has been ordered to repay Sotheby’s the £4.5m he received as his share in the sale price of a painting that the auction house now says is a fake, reports The New York Times. Kowitz and art dealer Mark Weiss bought Portrait of a Gentleman, attributed to Frans Hals, in 2010 and sold it via Sotheby’s to American collector Richard Hedreen a year later for £6.7m. But recently Sotheby’s declared it a fake, rescinded the sale, and refunded Hedreen the sale price. Weiss settled with Sotheby’s earlier this year. But Kowitz, who runs Fairlight Art Ventures fund, refused, insisting it was genuine. The judge disagreed. “The nice thing is that [the] court decided in Sotheby’s favour on every single point,” said Paul Lomas,…

1 min.
good week for:

550 of the UK’s sub-postmasters are celebrating victory in a long-running legal dispute against the Post Office in which it wrongly accused them of fraud after many large discrepancies were found in franchisees’ accounts. However, the problem lay with a flawed IT system, not the sub-postmasters. The Post Office admitted it had “got things wrong” and will pay a £58m settlement. Around 200 staff of a real estate company in Baltimore are enjoying an early Christmas after sharing $10m in bonuses. The average received among the 198 staff was $50,000, and the highest was $200,000. The bonuses were awarded to celebrate St. John Properties having developed 20 million square feet of commercial property space, says The Washington Post.…

1 min.
bad week for:

A group of Franciscan nuns in Spain stand accused of the illegal sale of religious artefacts, reports The Times. A 13th-century statue from the Our Lady of the Angels convent in Granada has appeared in an antiques catalogue priced at €350,000. The dealer said he bought it from a “private individual” for €100,000, saying “I wouldn’t dream of going to a convent to buy, because it’s illegal”. Businessman Stephen Shalson is suing the owners of London’s Heron Tower for £100,000, after going without broadband for two years, writes The Daily Telegraph. In 2014, Shalson, 70, bought a £3m luxury flat in the tower, but had to log in at the local library until aconnection was finally installed in 2016. Heron Residences argues that broadband provision was not in the terms of…

2 min.
easy money propels stocks to new highs

Washington has finally agreed to “stop punching itself in the face”, says Bloomberg’s David Fickling. Markets cheered at the end of last week on the announcement of the long-awaited “phase one” trade deal between America and China. The MSCI All-World index hit a new all-time high on Monday on the resulting euphoria, with the Eurostoxx 600 following suit for the first time in more than four years. A scary summer The trade news provides a good bookend to the year, says John Authers on Bloomberg. On 1 August Donald Trump announced the planned pre-Christmas tariffs via Twitter, heralding a difficult summer for markets. The inversion of the yield curve later that month left many fearing impending recession. The 15 December tariffs had thus become something of a market totem, making their cancellation…

1 min.
china’s maturing corporate bond market

“Chinese companies are defaulting on bonds in record numbers,” writes Nathaniel Taplin in The Wall Street Journal. Private-sector businesses have been hit by both the trade war and a government crackdown on shadow banking. The result is that their default rate was 4% during the first 11 months of this year, compared with less than 1% two years ago. The fallout has so far been limited. But if the trouble spills over into the market for debt issued by state-owned enterprises (SOEs), which account for 90% of the bond market, we could be in for much bigger ructions. Tewoo Group, a commodities trader, this month became the first Chinese state-owned business to default on its offshore debt in two decades, says Narayanan Somasundaram in the Nikkei Asian Review. Investors had assumed…