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News & Politics

MoneyWeek Issue 1026

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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United Kingdom
Dennis Publishing UK
51 Issues

in this issue

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

“We will all be ‘encouraged’ to help our governments finance the post-virus recovery” Now is not the time. That’s what everyone says about sorting out the public finances. They’re right. Of course it isn’t. But just because it isn’t time to do it, doesn’t mean it isn’t time to talk about it. There is a group (supporters of Modern Monetary Theory – MMT) who believe that debt doesn’t matter. If you have your own central bank, they say, you can print as much as you like and just use taxes to slow down the economy if inflation begins to tick uncomfortably high. We don’t buy this – and we don’t think chancellor Rishi Sunak does either. That’s largely because we know that no one will ever correctly guess when it is time…

1 min.
family feud of the week

Princess Camilla Crociani de Bourbon des Deux Siciles (pictured) faces a fine of “millions” for contempt of court if she refuses to reveal the location of a £50m Gauguin painting that has been caught in the crossfire of a family feud, says Jessica Carpani in The Daily Telegraph. The warning came in the latest hearing of a “bitter ten-year dispute” at the Royal Court on Jersey. The dispute began in 2010 when Camilla’s mother, Italian actress Edoarda Crociani, transferred £100m of art and investments into her own name from a trust fund set up for her daughters, Camilla and Cristiana. In 2011, Cristiana went to court, worried that she was being blocked from her inheritance. In 2017, the Royal Court ordered Edoarda to rebuild the fund, and told Camilla to…

1 min.
good week for

Fashion aficionados rejoice: retailers left with “dead stock” due to pandemic-enforced closures are selling their past-season clothes on eBay, often at a discount, say Louise Eccles and Sam Chambers in The Sunday Times. Since the first lockdown in March, “eBay has begun to resemble a virtual high street” as chains such as Wallis, Dorothy Perkins and Jack Wills launch “shops” on the website. Cycling commuters could see the cost of a new “e-bike” cut by up to a third under government plans to subsidise a “sweat-free” alternative to regular bicycles, says Graeme Paton in The Times. A taxpayer-backed scheme looks set to be launched in spring, aimed at those riding in business outfits and the less fit, to increase the number of people using battery-assisted bikes.…

1 min.
bad week for

A gym owner was fined £67,000 after he refused to close during the second lockdown despite the police’s efforts to shut his premises, reports Jordan King in Metro. Andreas Michli, 34, refused to close Zone Gym in north London, citing its “low infection rates”. The council has also ordered Michli to pay £7,300 in legal costs and £3,000 for the cost of sending more than 30 officers to barricade the gym. An art expert has claimed that aportrait of Bonnie Prince Charlie displayed in the Scottish National Portrait Gallery is not authentic, says Alice Walker in The Scottish Sun. Robin Nicholson, an expert on Jacobite art, believes the painting could be by “lesser artist” Cosmo Alexander, which would reduce its worth from an estimated £1m to under £200,000.…

2 min.
stocks surge to new record highs

“Two vaccines are better than one,” says Tara Lachapelle on Bloomberg. This week brought positive news about trials of Moderna’s vaccine for Covid-19 (see page 9). The update gave global markets a profitable start to the week, with America’s S&P 500 and the MSCI World Index both hitting record highs on Monday. The FTSE 100 rose to its highest level since June and has gained more than 13% so far this month. A global bull market The rally took a break the following day but, arguably, markets should be even more upbeat, says Nils Pratley in The Guardian. The Moderna vaccine is easier to store and transport than the Pfizer jab that made the headlines last week. That could speed up the daunting logistical challenges of rollout. For “airlines, events and hospitality… it…

1 min.
the smart money heads for emerging markets

Asian economies, including China, Japan, Australia and many southeast Asian nations, have signed the Regional Comprehensive Economic Partnership (RCEP – see page 18). Asian economies are already in good spirits, says Laura He on CNN. The region has largely dodged the worst of the pandemic. The RCEP deal will only reinforce the eastward drift of the global economy’s centre of gravity. Not everywhere in Asia is so fortunate. India’s economy has been hit hard by Covid-19, but its BSE Sensex index hit a new record high this week on positive vaccine trial news. The index has gained 69% since the mid-March low. Indian equities have also been boosted by the unwinding of US election risks, says Buttonwood in The Economist. With less to worry about at home, American money managers are…