Notícies i Política

MoneyWeek Issue 990

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

en aquest número

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

The arrival of coronavirus in China at the beginning of the year represented an immediate supply shock to the global economy (the Chinese stopped producing and exporting). That created its own demand shock (they weren’t buying either – and the rest of us started to get nervous as the virus spread). This was unusual enough – you don’t often get demand and supply shocks at once. But it’s got a lot weirder since. First another supply-shock bomb appeared in the form of the new oil wars (see page 4). And then, another whopping demand shock (a positive one this time) turned up in the form of massive monetary and fiscal stimulus in the UK. On Wednesday, the Bank of England cut interest rates by 0.5% and took various measures to make…

1 min.
loser of the week

Anthony Levandowski, the former head of Uber’s self-driving efforts, has declared bankruptcy after being ordered to pay $179m in damages related to his alleged theft of trade secrets from Google, says Patrick McGee in the Financial Times. Levandowski (pictured), one of the founders and key engineers in Google self-driving project Waymo, left Google in 2016. Shortly after this he co-founded Otto, an “autonomous trucking company”, alongside Lior Ron. It was later bought by Uber for $680m. Waymo sued soon after, accusing Levandowski of “absconding trade secrets”. He was fired by Uber in 2017 when he refused to testify. The lawsuit was settled in 2018, but Levandowski was found liable for $127m. Whether Uber pays for the fines “is subject to an ongoing dispute”, but the company said the resolution of…

1 min.
good week for

Maisie, a wire-haired dachshund, was awarded “Best in Show” at Crufts in Birmingham. She won her owner, Kim McCalmont, “a modest” £150 in cash, says The Metro. However, “the prestige... can earn them extra profits through advertising and sponsorship”. A “Best of Breed” winner can also “rake in up to £250,000 in stud fees”, adds the Birmingham Mail. An appeals court in San Francisco, California, has ruled that Led Zeppelin did not steal the opening riff to one of their most famous songs, Stairway To Heaven. In 2014, US band Spirit accused the British rock icons of ripping off their song, Taurus, which had been released three years earlier in 1968. Led Zeppelin would have faced paying millions had they lost. In the time since the case first went to court,…

1 min.
bad week for

Hedge fund manager Philip Falcone and his Harbinger Offshore fund’s assets have been frozen after he failed to pay millions in legal fees following a high-stakes litigation against US regulators, says Ortenca Aliaj in the Financial Times. With an estimated net worth of $1bn, Falcone has defaulted on his debts and sold some of the underlying collateral, which included art works by Pablo Picasso and Andy Warhol. The South By Southwest arts festival, which was to be held this week in Austin, Texas, has been cancelled due to concerns about Covid-19. Last year it brought in $356m for the local economy, says The Guardian. It bodes ill for this year’s postponed Coachella festival, which was to feature headline acts such as Travis Scott (pictured), in California next month. Pulling such a…

2 min.
will an oil price war spark a global crisis?

“Now comes the oil shock,” says The Wall Street Journal. A “game of chicken between Riyadh and Moscow” has sent oil prices plunging and produced the worst day for many equity indices since 2008 (see page 5). Major oil producers led by the Saudis and the Russians, a grouping known as “Opec+”, have been cooperating to limit output and support crude prices since 2016. The Covid-19 demand slump saw Opec propose a new 1.5 million barrels per day (bpd) cut. That plan was rejected by Moscow, which has grown critical of an approach that it says only props up prices for US shale producers. A nasty break-up Rather than compromise, Riyadh retaliated. The Saudis slashed prices over the weekend in an all-out attempt to steal market share. The resulting “price war” could…

2 min.
is the corporate credit bubble about to meet its pin?

The bill for America’s energy boom could now be due. Shale energy firms have borrowed billions of dollars over the past decade to finance the exploration and drilling of thousands of wells, says Ryan Dezember in The Wall Street Journal. In a world of ultra-low interest rates investors were delighted to snap up the higher yields on offer. Moody’s Investors Service reports that North American oil and gas firms have $200bn in debt maturing over the next four years. And now slumping oil prices are sending jitters through the bond market. On Monday energy bonds issued by smaller operators traded so low that the market seemed to have concluded they were “already out of money”. Around 12% of the $936bn of debt issued by US oil and gas firms are trading…