MoneyWeek 1062

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...

“UK dividend growth should be around 24.4% this year, with more to come” Dividends are back. In the second quarter of this year, total UK dividend payouts jumped by a pleasing 51% to £25.7bn, thanks mostly to companies that cancelled dividends in March last year restarting them. Link Group (which publishes a regular UK Dividend Monitor) now forecasts that dividends should grow around 24.4% this year, for a full-year total of £71.2bn. That is significantly less than in 2019 (just over £100bn) but nonetheless represents a good recovery with more to come as the UK economy continues to normalise. You can now get a yield of 3.7% on the FTSE 100 – which with interest rates at 0.1% and inflation rising doesn’t look bad at all. If you can cope with the…

1 мин.
lawsuit of the week

Leon Black (pictured), the billionaire co-founder of US private equity giant Apollo, is the subject of a lawsuit that has “kept City bankers firmly glued to their screens”, says The Daily Telegraph. Black has released a 52-page dossier containing “intimate” details about his life, which included a confession that he paid $100,000 a month to former Russian model Guzel Ganieva, who accused him of rape and sexual harassment. Black is counter-suing Ganieva for defamation and his lawyers have described her claims as a “work of fiction”, alleging that in 2015 she “threatened to go public about their relationship” unless he paid her $100m. Earlier this year, the 69-year-old Black stood down as chief executive of Apollo – and also as chairman of New York’s Museum of Modern Art – after…

1 мин.
good week for:

A funding shortfall threatened to stop Nasa’s plan to return to the moon, but Jeff Bezos could bridge the gap, says The Times. The Amazon founder and the richest man in the world offered $2bn to help fund Nasa’s Artemis programme, which aims to land the first woman on the moon (and the first man since 1972). The mission also hopes to establish a “sustainable human presence” to begin exploring resources. A Sri Lankan gem trader named Gamage “accidentally” found the world’s largest sapphire cluster in his backyard when digging a well, says the BBC. Experts have valued the stone at around $100m, and it weighs around 510 kilogrammes, or 2.5 million carats. Gamage, who “did not want to give his full name or location for security reasons”, is a third-generation…

1 мин.
bad week for:

Property billionaires Christian (pictured) and Nick Candy have been ordered to pay almost £4m of tax on their purchase of Gordon House, a £68m Georgian mansion in London, after falling victim to a “little-known quirk” in tax law. Initially, Christian began redevelopment work before completing the purchase, then decided not to move in and gave it to Nick who closed the deal. HM Revenue & Customs held that both were liable to pay £1.92m in stamp duty under a rule intended to stop buyers avoiding tax by transferring ownership during the middle of a sale. British taxpayers have paid £2bn for personal protective equipment (PPE) “of such poor quality it cannot be used in the NHS”, says The Telegraph. Around 2.1 billion items of PPE have now been rejected, says the…

2 мин.
plenty of promise at the right price

“Welcome to the weirdest of Olympics”, says Scott Stinson in Canada’s National Post. A flare-up in Covid-19 cases prompted the city to bring in strict restrictions, so the games opened in an expensive, gleaming but almost empty stadium – “not exactly what Tokyo first had in mind”. “I feel sorry for the organisers,” says Liam Halligan in The Daily Telegraph. “They are trying to stage the biggest sporting event on earth… under astonishingly difficult circumstances.” A bar on spectators means the hoped-for boost to the local leisure industry won’t materialise. “The contrast with the 1964 Tokyo Olympics”, which came to symbolise Japan’s “astonishing post-war economic renaissance… is heart-breaking.” Decades of disappointment The post-war boom ended in the early 1990s. The Nikkei-225 index peaked close to 39,000 in 1989 and has never returned to…

1 мин.
japanese corporate governance enters the modern age

Japan’s shareholder “revolution” still hangs in the balance, says Mike Bird in The Wall Street Journal. In 2014, then-prime minister Shinzo Abe initiated a push to bring corporate governance into the modern age. He put pressure on businesses to appoint more outside directors onto boards and to focus on delivering value to shareholders. Risk-averse Japanese managers had long preferred to hoard cash rather than invest it or pay it out to shareholders as dividends. The war is still being waged across Japanese boardrooms, says Bird. On one side, activist foreign investors; on the other, old-school managers who don’t like being told what to do. Take a recent quarrel at Yakult, the probiotic drink maker. Activist investors see an established brand with a golden opportunity to capitalise on the global wellness trend…