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MoneyWeek

MoneyWeek

Issue 1023

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.

Страна:
United Kingdom
Язык:
English
Издатель:
Dennis Publishing UK
Периодичность:
Weekly
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1 мин.
city talk

• Luxury jewellery group Tiffany is known as the “go-to purveyor of engagement rings”, but it was at risk of being jilted after French luxury giant LVMH said it would no longer honour its agreement to buy it, says The Daily Telegraph. After LVMH announced its change of mind last month, blaming “French political intervention” and Tiffany’s “dismal” performance during the coronavirus crisis, Tiffany sued, with the case due to go before a Delaware court early in the new year. However, there are now hopes that the deal will go through after all, with the two sides in “indirect talks” to settle the dispute, albeit at a price “slightly lower” than the $16bn (£12.25bn) initially agreed. LVMH hopes that the acquisition will boost its smallest business, the jewellery and watch…

1 мин.
the way we live now: parties in a pandemic lack pizzazz

Over 6,000 people from 45 different countries were infected with coronavirus at Austrian skiing resort Ischgl in March, prompting a flood of legal actions, says Peter Conradi in The Times. No wonder, then, that the “Ibiza of the Alps” is no more. The resort is welcoming back skiers from next month, but wild parties are not on the agenda. Extra safety measures will probably include a ban on alcohol in public. CCTV will watch over skiers queueing for the ski-lifts to ensure social distancing. Holidays will also look different in Canada, says Reuters. Despite an oncoming second wave, children are still allowed to go trick-or-treating at Halloween, but some people plan to hand out treats “on the end of a hockey stick”; everyone has been advised to equip children with bottles…

1 мин.
money talks

“You can meet a lot of incredibly obnoxious, entitled people who have no money, but they expect certain things of the world that aren’t reasonable. And I’ve certainly met people with money who are just absolutely lovely…and donate a… fortune to charity every year. So it goes both ways.” Author Emily St John Mandel (pictured) decries fiction writers’ lazy habit of equating villainy with wealth, quoted in the Financial Times “Honey, it’s double the work.” Cristiana Falcone, estranged wife of advertising tycoon Sir Martin Sorrell, warns women who plan to marry rich men, quoted in The Mail on Sunday “Our lawyer in one case, George Carman, did his opening remarks, went outside for a fag and said: ‘How was I?’ I thought: ‘I’m paying you hundreds of thousands of pounds and I’ve got to…

1 мин.
let’s get back to the old normal

aier.org “The death toll is mounting”, says Brad DeVos – the death of the “third places” in our towns and cities. Third places are those that are not our home (first place) or work (second), but the other places essential for our wellbeing – bookstores, coffee shops, gyms, pubs, churches, playgrounds, and so on. These were already under assault due to suburban sprawl, car culture and city planners. Now, many of them are illegal. The consequences will be “grave”. We depend on these places for our mental health. Sitting in a coffee shop might be our only social interaction of the day. Going to the gym burns off stress. Teenagers go to a concert instead of brooding on dark thoughts. Depression has tripled this year in the US for all age groups.…

3 мин.
beware pricey packages

Monzo is the latest bank to launch a packaged bank account – a current account with added benefits. But instead of shaking up the market, as so many of the challenger bank’s other initiatives did, Monzo Premium is a good example of a bad account. In return for £15 a month, Monzo Premium users get a metal debit card, a1.5% interest rate on balances up to £2,000, travel and phone insurance and discounted access to airport lounges. “Monzo has been forced to imitate rivals with a poor packaged account” Monzo made losses of £113.8m in the 2019-2020 tax year, so it has realised that “while it is cool to be young and disruptive, if you want to make money you have to behave like a grownup. So it finds itself having to…

2 мин.
great disasters in history… the collapse of overend gurney

In 1775 the Gurney family of Norwich founded Gurney & Co, which grew to become one of the most successful banks in East Anglia. In 1807 the family bought London bill broker Richardson, Overend & Company – a business that bought and sold bills of discount (effectively short-term business debts). The merged firm became Overend, Gurney & Company. From around 1859 the bank, then the largest bill broker in England, expanded by making more general business loans to a variety of enterprises. What went wrong? Overend Gurney’s bill-brokerage business was profitable, but its forays into more general business loans proved disastrous, and it lost around £500,000 a year from 1860 onwards. By 1865 it was hopelessly insolvent. To protect the bank the partners decided to sell the business to a new limited…