The Sunday Times’ Ian Cowie explains how the spread of the virus blame game has prompted him to start selling up his Chinese interests.
“Sell, not sorry, is the hardest word for investors because, while we buy in hope for the future, selling is an admission that this is where we stop the clock — for good or ill. Last Monday, I sold all my shares in Fidelity China Special Situations, JPMorgan Asia Growth & Income and JPMorgan Emerging Markets Income.”
There’s disturbing evidence from the FCA that there is a new “poacher turned gamekeeper” phenomenon in financial services – some companies that offer financial advice are also setting up as claims management services, creating concerns that staff are recommending unwise investments and then further profiting from the payouts resulting from their bad advice.
They also report that pension schemes in deficit are being hit by emergency rules and market chaos – and that deficit is estimated to be around £136bn.
The Sunday Telegraph reports that both landlords and tenants are struggling to stay afloat as the pandemic continues to batter the rental market.
It seems higher earners could miss out on tax-free allowance when furloughed due to a code quirk; anyone earning below £125,000 in taxable income a year is entitled to a “personal allowance” – however, as workers who earn over £100,000 have a different tax code because of the allowance taper, they will be taxed at a higher rate despite their temporary lower salary.
The paper also offers charts to show how stock markets left the economic reality behind.
The Mail on Sunday reports that the Chancellor’s lifeline loans are starting to come through – but it would appear that it hasn’t been all plain sailing and thousands of businesses are still waiting.
Surprise, surprise, crooks are grabbing victims’ money with offers of free Netflix: hooray, an ex-con reveals his tips to beat the lockdown TV scams.
Coincidentally, the paper’s advice is to invest in winners the virus taught us we can’t do without: from Netflix (oh) to Ocado, they identify the firms that can deliver a boost to a client’s portfolio.
Just a thought – “We’re always hearing about risk-takers whose risks paid off, but they are no braver than those whose risks end in ridicule.” (Frank Skinner)
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