MoneyWeek 1061

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
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3 мин.
from the editor-in-chief...

“Your national insurance does not pay for the NHS. Your road tax does not pay for roads.” Remember how Boris Johnson told us that with him as prime minister we were safe from income tax and national insurance (NI) rises? Turns out (surprise!) that he was wrong. It seems his government has decided that NI is to rise by one percentage point – from 12% to 13% (an 8.3% rise) for those earning from £9,568 to £50,270 a year, and to 3% for incomes above that (a 50% rise). This, if it works as planned, should raise around £6bn a year – £12bn if employers also get hit with the extra percentage point. The money is to be spent on trying to cut NHS waiting lists and then on capping the…

1 мин.
get ready for a wedding bonanza

The US is bracing itself for a wedding boom, say Misyrlena Egkolfopoulou and Sophie Alexander on Bloomberg. Last year the number of marriages fell by 40% to around 1.27 million, according to market researchers The Wedding Report. This year should see a rebound to 1.93 million, while in 2022, 2.5 million weddings are expected ascouples who were forced to postpone their ceremony during the pandemic tie the knot. That will be the highest annual total since 1984 – and the cost will probably break records too. The average spend on a wedding in the US next year (bearing in mind that the median American income is around $31,000) is expected to hit $24,300. It’s a huge cost for guests too. Asurvey by online lending marketplace Lending Tree reveals that a…

1 мин.
good week for:

Warner Bros has eclipsed rival studio Marvel at the US box office with Space Jam: A New Legacy. The live-action/animated basketball film sequel, starring Bugs Bunny and LeBron James (pictured), took $31.6m during its opening weekend despite poor reviews, while Marvel’s superhero film Black Widow, starring Scarlett Johansson, made $26.3m in its second weekend, an unusually steep drop-off from its $80m opening weekend. Listed British companies issued the fewest profit warnings on record in the second quarter, according to EY-Parthenon. Only 32 companies warned that their earnings would be worse than originally forecast, compared with a record peak of 301 in the first three months of 2020.…

1 мин.
bad week for:

Islamabad International Airport, which was built in 2018 at a cost of PKR105bn (£478m) by the Chinese state construction firm, China State Construction Engineering Corporation, was deluged this week after part of its false ceiling collapsed during a downpour. The water fell onto several counters, causing computers to malfunction. The Norwegian women’s beach handball team has been fined €1,500 (€150 per player) for wearing shorts rather than bikini bottoms at the European Beach Handball Championships. Shorts constituted “improper clothing”, argued the European Handball Federation. In response, Norway’s minister for culture and sports lambasted the “macho and conservative international world of sport”.…

2 мин.
global equities pause for breath

“There is now a feeling that the UK could be staring at a fresh Autumn lockdown,” says Susannah Streeter of Hargreaves Lansdown. “Far from giving investors a jolt of confidence, Freedom Day has seen it evaporate, as sharply rising infection rates disrupt businesses.” The pandemic strikes again Global markets plunged on Monday as investors feared the Delta variant could derail the recovery. The FTSE 100 fell by 2.3% to close below 7,000. The FTSE 250 dropped by 2.2%. Aviation and leisure stocks were among the worst hit. The pan-European Stoxx 600 had its worst day of the year so far. America’s S&P 500 retreated by 1.6%. The US ten-year Treasury bond yield fell to 1.18% as prices rose, the lowest level in five months. Japan’s Nikkei 225 index hit a six-month low on…

1 мин.
oil goes off the boil

Brent crude prices fell below $70 a barrel this week after Opec members Saudi Arabia and the United Arab Emirates patched up their differences. The squabbling between the two countries about production quotas had prevented the oil cartel from agreeing to raise output. Asked how the two sides had reached their compromise the Saudi energy minister replied, “Why should I divulge it? This is an art and we keep it between ourselves”, reports Natasha Turak for CNBC. Opec+ (Opec plus Russia) is still collectively pumping 5.8 million barrels per day (mbpd) less than it did before the pandemic, but it will now raise production by 400,000 bpd every month beginning in August. By September next year it plans to have unwound the entirety of its Covid-19-induced production cuts. The members feel confident that…