MoneyWeek 1057

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.

United Kingdom
Dennis Publishing UK
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3 мин.
from the editor-in-chief...

“The UK pensions system is simple – until you hit an allowance limit. Then it’s admin hell” You’re a deeply-in-debt government. Your deficit is running at 11.8% of GDP. That’s not as bad as it could have been. But, given the national debt is now at its highest since the 1960s, it isn’t exactly good either. You’ve also made a lot of promises – green revolutions, levelling up, and the financing of social care. Your prime minister has promised that no one will have to sell their totemic “family home” to pay for the latter. What do you do? In an ideal world you’d find a pile of cash that, while technically owned by voters, is mostly inaccessible to them in the short term; that many don’t even know they have;…

1 мин.
unintended side effect of the week

The UK’s biggest producer of cannabis for pharmaceutical usage is urging the government to make changes to post-Brexit immigration policy as it struggles to recruit seasonal workers, reports the Financial Times. British Sugar, which supplies US company Jazz Pharmaceuticals with ingredients for anti-epilepsy drugs from an 18-hectare site in Norfolk, has been unable to use a pilot scheme to recruit seasonal workers. The scheme, which allowed UK farmers to bring in up to 30,000 workers from abroad for up to six months, is meant to help replace short-term workers who previously were recruited under the EU’s freedom of movement regime. However, it is not open to those who grow non-edible crops. The shortages come as investment into cannabis companies has surged, following the legalisation by several countries of the use…

1 мин.
good week for

The world’s third-largest gem-quality diamond, a 1,098 carat stone, was unearthed in Botswana by Debswana Diamond Co., a unit of De Beers, reports Mbongeni Mguni on Bloomberg. Only the Cullinan diamond (discovered in South Africa in 1905) and the Lesedi la Rona (found in Botswana in 2015) are larger. Excitement for numismatists as a 23-carat gold coin known as a “leopard”, thought to have been lost after the Black Death, was found by a metal detectorist in Norfolk, says Arthi Nachiappan in The Times, with another gold coin called a “noble”. The coins, which would have had spending power of about £12,000 in today’s money, likely came from an owner from “the wealthiest levels of society”. They were pulled from circulation shortly after being minted in 1344.…

1 мин.
bad week for

Singles players at Wimbledon are competing for aprize of £1.7m, 28% lower than when the tournament was last held in 2019, “as tennis continues to grapple with the fallout from the coronavirus pandemic”, says Samuel Agini in the Financial Times. The overall prize fund has been cut to £35m, a 5.2% drop from 2019. Street artist Banksy was stripped of two more trademarks for some of his most famous work after the EU’s Intellectual Property Office ruled his anonymity meant he could not secure copyright, says Steve Bird in The Daily Telegraph. Judges said he was claiming in “bad faith” and only “pretending” to want to trademark his pieces, after stating that IP laws are “for losers” and encouraging people to “copy, borrow, steal and amend” his work.…

2 мин.
the fed will deliver a volatile summer

Has Jerome Powell turned into a hawk? The chair of the US Federal Reserve, America’s central bank, has repeatedly insisted that surging inflation is “transitory” and that monetary policy must be kept ultra-loose for the foreseeable future. The annual rate of US inflation hit a 13-year high of 5% last month, while other data also shows that the US economy is red-hot. Hence a rethink: last week Powell finally acknowledged that “inflation could turn out to be higher and more persistent than we expect”. The end of the reflation trade Fed policymakers have signalled that they expect to hike interest rates twice in 2023, earlier than previously suggested. While that seems far off, the mere hint that the Fed is taking inflation more seriously was enough to send markets into a spin. America’s…

1 мин.
will a “taper tantrum” trounce emerging markets?

Are we heading for “taper tantrum 2.0”? asks Duvvuri Subbarao in the Financial Times. In 2013 concern that the US Federal Reserve might cut back – or “taper” – its quantitative easing (QE) programme triggered the “taper tantrum”, a sell-off that hit emerging markets hard; India’s rupee plunged by more than 15%. Now, as the Fed flirts with tighter monetary policy once more, policymakers have a feeling of déjà vu. No wonder. Many emerging economies have benefited from ultra-low interest rates in the developed world, which has sent investors looking for higher returns overseas. Tighter US monetary policy and a stronger dollar could see these capital flows swiftly reverse, leaving turmoil in their wake. Policymakers in poorer countries don’t just have financial markets to worry about, says The Economist. A global divide…