News & Politics

MoneyWeek Issue 993

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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R2 353,89
51 Issues

in this issue

3 min.
from the editor-in-chief...

“There has rarely been a time in which barriers to free movement have been flung up faster” If there is a consensus about anything, it is that the world we emerge to post-GVC (the Great Virus Crisis) will be different from our pre-GVC world. We will, we are told, find that in both big and small ways our world has changed direction. We aren’t so sure. There were already huge shifts in global economies, politics, markets and for that matter, lifestyles, under way. It looks to us as if the crisis will not change their direction. It will just speed them up. That’s true of smaller things: significant numbers of people were already working from home, for example – after the summer more will do it and more often than they did…

1 min.
scam watch

According to banking and financial services trade body UK Finance, 122,437 people were victims of push payment fraud in 2019, says Kenza Bryan in The Sunday Times. The number of people tricked into sending money to fraudsters went up 45% last year. Losses rose by 29%, from £245m in 2018 to £456m, with £248.3m of the latter in the second half of last year after banks pledged to repay innocent victims. Push payment scams are bad enough, but even more horrifying are the criminals making threats to infect a target’s family and friends with coronavirus in a bid to get money from them, says Simon Goodley in The Guardian. The number of coronavirus-related email scams has tripled in the past week, with almost 3% of all global spam now estimated…

1 min.
good week for

Councils are scaling back on parking restrictions due to the coronavirus outbreak, meaning motorists are to be allowed to park for free across the country, says Jaymi McCann in The Daily Telegraph. The news comes after hospitals announced parking charges would be waived for NHS staff during the pandemic after outrage erupted when health workers received fines. Shares in Silicon Valley video conferencing app Zoom (see page 24) have soared amid the lockdown, from $70 in January to $150 this week, turning its founder and chief executive Eric Yuan into one of the world’s richest people. Yuan, who owns 20% of the company’s shares, has seen his estimated net worth grow by more than $4bn since the Covid-19 crisis started, to $7.9bn.…

1 min.
bad week for

Juventus Football Club players, including star player Cristiano Ronaldo (pictured), are having their salaries cut for an amount equal to the monthly wages of March, April, May and June asthe coronavirus outbreak forced Italy’s Serie Aand other leagues to stop games, says Daniele Lepido on Bloomberg. The deal will save Juventus around €90m for the 2019-2020 financial year. The closure of 2,000 garden centres due to the coronavirus outbreak has left horticulturists with no outlet for their plants, meaning millions of plants, shrubs and trees could be binned in the coming days, says Simon Jack in the BBC. The Horticultural Trade Association is asking for up to £250m of financial assistance as up to a third of producers could go bust due to loss of business.…

2 min.
is the worst of the market rout over?

Are we already over the worst of the market rout? JPMorgan analysts this week declared that “most risky markets have probably made their lows for this recession”. The note coincided with a market rally that has gathered pace over recent days. The S&P 500 is up 17% and the FTSE 100 has gained 12% since bottoming on 23 March. By Monday, global assets had recouped roughly one-quarter of their losses since the market crash began in February. So was that it? Or do stocks have further to fall? The essence of a bear rally Stocks have taken off as though “recovery were at hand”, says Randall Forysth in Barron’s. Yet “anybody who has been around for a... cycle or more” will see the recent “pop” as the “very essence of a bear-market…

1 min.
india’s lockdown: high stakes for narendra modi

“For 21 days, forget what going out means.” Indian prime minister Narendra Modi put his 1.3 billion people on lockdown last week. Officials had become alarmed that a rapid rise in cases of Covid-19 would overwhelm India’s fragile health-care system, says Abhishek Vishnoi on Bloomberg. Policymakers promised to step in with a $22.6bn spending plan, while the Reserve Bank of India has cut interest rates by 0.75% down to 4.4%. The local BSE Sensex Index still fell by 28.6%% between January and March, its worst-ever quarter. The stakes for Modi are high, says Sadanand Dhume in The Wall Street Journal. A successful fight against Covid-19 will cement his reputation as a powerful, reforming leader. Yet a serious outbreak could trigger “widespread and unpredictable social and political upheaval”. Narendra Modi has form when…