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MoneyWeek

MoneyWeek Issue 1025

MoneyWeek is a weekly magazine that enables you to become a better-informed, smarter investor and enjoy the rewards of managing your money with confidence. 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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Country:
United Kingdom
Language:
English
Publisher:
Dennis Publishing UK
Frequency:
Weekly
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51 Issues

in this issue

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

“For consumers, business and markets, the vaccine is an absolute game changer” If you listened to our interview with Jim Mellon last week (see moneyweek.com/ videos) – or read the summary in the magazine – and then went out to act on the specific advice he gave on Friday afternoon, I suspect you have had apretty good week. Jim told us that a vaccine was closer than most people thought; that we should remember that the pandemic that broke out at the end of World War I was fast followed by the Roaring Twenties; and that we should hoover up the kind of companies that would provide the goods and services people would really want post pandemic. He was, he said, buying IAG (parent of British Airways); Marston’s; and (as a play…

1 min.
loser of the week

Dominic Chappell (pictured), the former owner of retailer BHS, was sentenced to six years in jail this week for tax evasion, says the BBC. The 53-year old former racing driver “controversially” bought the high street chain from Sir Philip Green in 2015 for just £1, when it was losing around £1m a week. A year later, the company collapsed, resulting in the loss of 11,000 jobs and leaving a £571m pension deficit in its wake. The jury at Southwark Crown Court heard that Chappell had failed to pay £584,000 in taxes from the £2.5m he was paid for his only year in the job, spending it instead on two yachts, a Bentley, and a trip to the Bahamas among other things. The judge declared that Chappell was not “of positive and…

1 min.
good week for

Up until last weekend, in his 117 career starts, Carlos Ortiz (pictured) had only managed seven top-ten finishes and was ranked 160th in the world, reports Dave Shedloski on Golf World. On Sunday, the 29-year-old beat the world number one, Dustin Johnson, to become only the third Mexican to win on the PGA Tour, netting $1.26m in prize money. HM Revenue & Customs cut the UK’s level of “underpaid” tax to its lowest yet, says Oliver Wright in The Times. The “tax gap”, an estimate of the difference between the tax that should be paid and what is actually paid, fell to 4.7%, or £31bn, in 2018-2019. A combination of evasion, error, and criminality made up the gap: £4.6bn was blamed on tax evasion, £4.5bn lost to criminal attacks, and £3.1bn…

1 min.
bad week for

Thieves stole €600,000 worth of bags, jewellery and furs from the Parisian home of a Saudi princess, says the Agence France-Presse. The 47-year-old (whose name has not been revealed) had not visited the flat since August. She returned to find dozens of luxury items gone, including 30 Hermès bags and a Cartier watch. She was hospitalised in a state of shock. Lockdown has hammered the UK box office, with the top film taking in just £51 over the weekend, says Charles Gant in The Daily Telegraph. Only 22 cinemas were open, all in Scotland, which saw The Three Kings, a Scottish football documentary, top the chart on £3,521 overall, but that included preview takings.…

2 min.
vaccine delivers adrenaline shot for stocks

Pfizer’s vaccine trial (see page 16) has delivered a “shot of adrenaline for the markets”, says Russ Mould of AJ Bell. Fifty million doses could be ready by the end of the year and 1.3 billion by 2021, raising hopes that an end to the pandemic is finally in sight. The news caused euphoria on world markets, with the MSCI All-Country World Index closing at an all-time high and America’s S&P 500 setting a new record on Monday. The FTSE 100 broke through the 6,000 level, rising more than 6% over the first two trading days of the week to register its highest closing level since June. The pan-European Stoxx 600 hit an eight-month high. Oil prices leapt by 9% and Japan’s Nikkei hit a 29-year peak (see page 7). The wheel…

1 min.
ride the global rebound with bargain britain

The Bank of England has expanded its quantitative easing (QE) programme in response to the second English lockdown. The Monetary Policy Committee (MPC) voted last week to buy £150bn more government bonds with printed money, taking the total value of its quantitative easing programme to £895bn, about 40% of 2019 UK GDP. The Bank also forecast that it will be early 2022 before the UK economy returns to its pre-pandemic level. The Bank’s new bout of bond-buying comes as government borrowing spirals ever higher, says Liam Halligan in The Daily Telegraph. Since March, the Bank has printed “more than three times what we spend on the NHS in an entire year”. Soon it will “own almost half the entire store of UK public debt”. The “historic precedents” for such rampant…