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Issue 938

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.

United Kingdom
Dennis Publishing UK
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R1 706,06
51 Issues


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from the executive editor...

Chancellor Philip Hammond: dangling carrots “Even the pound – the most sensitive asset to Brexit talk – has been sanguine this week” When Philip Hammond made his first few budget speeches as chancellor, he promised that –in stark contrast to his showy predecessor, George Osborne – he would return to having one big budget speech a year in autumn, with the spring edition reverting to being little more than a quick progress report.He stuck to the script this week, although I have a sneaking suspicion that this was more by necessity than by choice. Hammond was speaking the day after Prime Minister Theresa May’s Brexit withdrawal agreement had been rejected yet again by the House of Commons (see page 8). What…

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mystery of the week

(©Gerry Cotten/Facebook) Auditor Ernst & Young is trying to track down roughly £110m-worth of bitcoins that have disappeared from Canadian cryptocurrency exchange QuadrigaCX. Founder Gerald Cotten (pictured) was the only person with the passwords to the virtual “wallets” in which the bitcoins, belonging to around 115,000 clients, were stored. But in December, while travelling in India, he died from “complications with Crohn’s disease”, without having told anyone the passwords. Then, once investigators managed to access his laptop, they found the six wallets that were expected to contain the bitcoins had been emptied – five last April, and one in December, says The Register. It was also revealed that Cotten, 30, filed a will just 12 days before his death.…

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good week for

Disney’s Captain Marvel, starring Brie Larson (pictured), has scored the sixth-biggest opening-weekend box-office takings on record, raking in $455m worldwide, including £13m in Britain. The record for highest global opening-weekend takings was set last year by Avengers: Infinity War, with $641m. (©Walt Disney Studios) The “Bond King”, Bill Gross, has been given an unusual retirement present by former New York mayor Michael Bloomberg – permission to keep his three Bloomberg terminals and a subscription to the service for life (a single terminal, used by traders, costs around $24,000 a year). The fund manager retired from Janus Henderson this month to focus on managing his $390m charitable foundation.…

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bad week for

Japanese banks are phasing out the use of hanko – personal ink stamps, usually carved from wood, that have been used in financial transactions since the 1800s. Customers are now being allowed to open accounts, transfer money, or make payments with their smartphones or tablets. The hanko- making industry is worth around ¥165bn (£1.1bn) a year. Blockbuster, the once-mighty global empire of video-rental outlets (with 9,000 in the US alone), is now down to its last solitary holdout against the unstoppable march of the internet. Last week, a branch in Perth, Western Australia, closed forever, leaving a sole Blockbuster in the small US city of Bend, Oregon, as the last outlet in the world.…

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can the post-crisis bull run last?

Ten years ago last week, global investors were terrified. “The fear generated by a tumbling stockmarket was given an extra twist after the S&P 500 hit the devil’s low of 666,” says Michael Mackenzie in the Financial Times. The benchmark US index had plummeted by 57% from its 2007 peak. But every crash has a bottom, and on 9 March 2009 it bounced off 666 and embarked on a bull run that has yet to end.Investors who dared to buy at the bottom would have gained more than 300% with the S&P 500 by today, and more than 100% with the FTSE 100. Just ten stocks – mostly tech giants such as Apple, Amazon and Microsoft – powered almost a quarter of the S&P 500’s rise, David Kostin of…

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money printing: the cure that became a disease

Over the last ten years, major central banks have printed money and injected it into the economy in order to avoid another Great Depression. In 2008 and 2009 the Bank of England and the US Federal Reserve embarked on quantitative easing (QE), buying government bonds with freshly created cash. Central banks, including the Fed, have printed $14trn (©iStockphotos)Large-scale purchases raised bond prices and lowered yields, which bolstered growth by reducing long-term interest rates throughout the economy, notes David Smith in The Times. Fresh liquidity and loose monetary policy boosted stocks too, fuelling confidence by making people feel wealthier. All told, says David Blanchflower, who was on the Bank of England’s (BoE) monetary policy committee in 2009, “it was the equivalent of 10,000 Warren Buffetts showing…