Innehållsförteckning för 1166 från MoneyWeek

I had my first run-in with a compliance officer in 2014, when I was doing some part-time work for a marketing agency producing financial articles to entice investors onto the website of an investment bank. The bank’s compliance department would vet the articles and suggest changes, the net impact of which was to water the pieces down so much that useful information remained only in homeopathic quantities. Compliance’s overriding concern, post-financial crisis, was to steer clear of risk and avoid exposing investors to even the tiniest whiff of anything that could be construed as overpromising or mis-selling. But, as is inevitable in big companies, the process became heavy-handed, protracted and overly cautious. By the time I left, there was a palpable sense of regulation and risk warnings throttling creativity, initiative…

“Oil has been priced in dollars for decades... But... Russia, which accounts for about 10% of oil production, [no longer trades in greenbacks as] an increasing amount of its oil has gone to India and China... Venezuela [has] started using the Chinese yuan or the euro for its oil trades following... US sanctions... No one alternative currency appears to be taking [the dollar’s] place. Instead, prices are being denominated in several... currencies... Indian refiners have begun paying for Russian oil in [Emirati] dirhams... All that said, it’s still difficult to move away from the dollar... 55% of the world’s reserves [are] still in the greenback... it can be difficult for countries to trade in alternative currencies if they don’t have robust two-way trade. Russia reportedly has built up a large…

Shares in US cinema chain AMC Entertainment Holdings, which became famous as a “meme stock” two years ago, soared by 42% on Monday after a court ruling “scuttled a stock conversion plan”, say Jef Feeley and Mike Leonard on Bloomberg. The embattled group is struggling to raise cash, and wanted to convert preferred shares (known as APEs) into common shares in a bid to raise new equity capital. The judge’s veto of the plan has caught hedge funds on the hop. They had been shorting the common stock as part of a bet that once the conversion starts, the price gap between the ordinary and the preferred stocks would narrow. Now they have had to unwind their positions, boosting the common stock. The ruling might seem like a victory for…

Water and waste management are two markets with excellent long-term growth prospects, says WirtschaftsWoche. That augurs well for France’s Veolia, which leads the global market in both sectors; it derives 80% of its revenue from them. The group has built Africa’s biggest water treatment plant in the Ivory Coast, which provides 2.4 million people with drinking water, while it has also secured a seven-year waste management contract with Australia’s Gold Coast. Veolia’s third division, energy services, is also growing thanks to the rising demand for renewable power. Veolia is on track to grow its bottom line from €1.1bn to almost €1.5bn this year. The stock yields 4.4%.…

Rishi Sunak and levelling-up secretary Michael Gove “insisted” on Monday that the government would meet its 2019 election pledge to build at least a million more homes by the next general election, says the Financial Times. Gove unveiled plans to build in urban areas to avoid “concreting over the countryside”, with measures making it easier to convert commercial buildings into houses and regenerate brownfield sites. He also announced £24m in funding and a “super-squad’ of experts to speed up big developments, starting with Cambridge. “Densifying” built-up areas is a good idea, says Simon Jenkins in The Guardian. “Just because party-donor developers prefer lucrative rural sites, this does not constitute a necessity” and “every tenet of ecological conservation” argues against building on the countryside. However, the obsession with new…

After all the drama of the Spanish election (see left), voters seem to think that only the current PM, Pedro Sánchez, has a path to a viable coalition. With £150,052 matched on Betfair, Sanchez is at 1.12 (89.2%) to be confirmed as Spain’s leader, with Alberto Feijóo of the People’s Party out at 7.6 (13,2%). Having already tipped Sanchez to win before the vote, I’m not going to recommend you put any more money on the outcome, especially as the market needs Spain’s Congress of Deputies to explicitly endorse a specific candidate to pay out (otherwise it is voided). Turning to Australia, the decision by Victoria’s state government to resign as hosts of the 2026 Commonwealth Games has sparked controversy, making headlines around the world. The decision angered sports fans,…

It may not attract many headlines, but the global shale oil and gas industry is steadily growing. It was already a huge business in the US and has made the country self-sufficient in energy again, as well as in Canada, where provinces such as Saskatchewan have built up vast new industries based on fracking for energy. Overall, the global industry is worth more than $60bn, creating lots of jobs and wealth in the process. Other countries are starting to get in on the boom. Argentina has just completed a huge new pipeline that will deliver shale-oil gas to the ports where it can then be shipped around the world. South Africa has just started auctioning off ten new development blocks in the Karoo region. The province of New Brunswick in…

Index funds (also known as passive or tracker funds) aim to track the performance of a particular index, such as the FTSE 100 or S&P 500. The funds may hold all, or a representative sample, of the stocks in the underlying index (physical replication), or replicate the performance of the index by buying derivatives (synthetic replication). The aim is to minimise tracking difference (the gap between the performance of the index and the fund). Since the goal of an index fund is to match the index, significant outperformance is as concerning as significant underperformance (even if it might not feel like that to an investor), because it suggests problems with the way the fund is being run. Index funds can be traditional open-ended funds (unit trusts or open-ended investment companies…

EU tackles substandard fish fingers Nils Klawitter Spiegel International Slovakian prime minister Robert Fico spoke for 103 million people living in Central and Eastern Europe with his recent tirade against fish fingers, says Nils Klawitter. For years, EU citizens living there have been “forced to make do with second-rate versions of brand-name products” (more heavily breaded fish fingers, yoghurts with less fruit). This isn’t just about “grocery racism”; it’s also about the European Union’s “commitment to unity”. The EU executive body finally got involved once several leading Eastern European politicians started focusing on the issue, but it remains to be seen how willing the European Commission will be to act. “Questionable” industry studies maintain that companies alter recipes to suit regional tastes (Germans apparently need more “chocolatey” Nutella for their…

businessinsider.com “The bosses are excited about ChatGPT,” says Ed Zitron. The artificial intelligence (AI) boom is a boon for firms that want to “automate away spreadsheet building, generic copywriting, and other monotonous tasks in the name of becoming more ‘efficient’”. Far less consideration is being given to the people this new tech will affect. The mundane tasks being replaced by AI are generally those handled by entry-level workers. Over the past several decades, many firms have “gutted training programmes, neglected mentorship, and taken no responsibility for fostering workers’ development”. “Earning your stripes” through such “grunt work” and learning the job through “osmosis” was the only thing left. Now, AI is stripping away even this. Little wonder surveys show Generation Z is particularly concerned about AI and its impact on their…

If you want to invest in surging US equities, you might want to consider an equal weighted tracker fund. It’s very hard for active fund managers to sustain a competitive edge when it comes to US equities. Our friends across the pond boast very liquid, very fast-moving markets that tend to incorporate the value of something very quickly. I’m not saying it’s an impossible task to out-think Mr Market, but it’s tough, especially to do so consistently. This naturally leads you down the path to an index fund or exchange-traded fund (ETF), that tracks the S&P 500 or the Nasdaq Composite. These indices are built around the principle of market-cap weighting, which can produce highly concentrated performance when a handful of very successful companies dominate that index’s returns – as…

Investors have a tendency to view stocks as typical of the sector that they operate in. Usually this makes sense, since some factors, such as the macroeconomic backdrop, affect all firms, no matter how well – or how badly – they are run. However, when markets focus on the overall industry to the exclusion of everything else, they can overlook some excellent companies, especially if they have misunderstood the business. An interesting case in point is the retailer Watches of Switzerland (LSE: WOSG), whose shares have languished recently. WOSG’s problem is that markets view it as just another mid-market retailer operating on the British high street. As a result, its shares have fallen by around 50% over the last 18 months. People expected its sales to stagnate as Britain’s reopening…

The government has expanded its “midlife MOT” scheme, which is intended to help older workers aged 45 to 65 get a handle on their finances and plan for a more comfortable retirement. Midlife MOTs were previously only available in person at a Jobcentre, but an online version has now been launched to offer people across the UK a free financial check-up. While the scheme is aimed at people aged 45 to 65, in fact you can get one at any age. You may like to use it at any point before turning 45 if you have concerns regarding finding a job, or your health or finances. If you’re thinking of retiring early, it could be useful to do an MOT before you’re 45 to make sure you’re on track and…

Will the Conservatives abolish inheritance tax (IHT) if Rishi Sunak manages to win the next election? The idea of ditching the levy is now being discussed by senior government officials, with the prime minister keen to come up with an eye-catching manifesto pledge on tax. But don’t hold your breath. The £7bn a year cost of getting rid of IHT will be hard to meet. Still, the good news is that there are many ways for families to plan ahead to reduce, or even avoid, a potential IHT bill. And it makes sense to do so, as record numbers are being caught in the net. Sensible use of gifting allowances and good estate planning can make a big difference. And private pensions offer huge opportunities to tackle IHT issues. That’s…

“The demand for processing power is on the rise, boosting cloud computing firms” Menhaden Resource Efficiency seeks to invest in businesses that either deliver or benefit from the more efficient use of resources. Our approach recognises companies working to reduce their environmental footprints. We overlay this thematic focus with strict criteria covering both quality and value. We like to own businesses with enduring assets (and franchises) generating cash flows that are predictable over the long term and not at risk of disruption. These businesses must benefit from enduring competitive advantages and possess genuine pricing power, enabling them to outgrow inflation. Finally, we want to buy them at reasonable valuations. This approach has served us well. Our equities span three broad themes: technology/cloud; aviation; and infrastructure. These all offer secular growth…

To a Londoner like myself there is something surreal about the small coastal town of North Berwick. Less than a 30-minute train ride from the centre of Edinburgh, it seems a world away from the bustle of Scotland’s capital. It has retained its own distinctive character instead of being swallowed up by its larger neighbour or turned into a tourist trap. Having arrived just after the longest day last month, I was able to take an after-dinner walk along the beach and enjoy the sight of people playing midnight golf. The town is also home to the National Museum of Flight, which houses the only retired Concorde in Scotland. An unmissable isle As well as the beauty of the town itself, North Berwick is a gateway to the islands that…

“When I’m dead … [people] will possibly only talk about the bag,” said Jane Birkin in an interview with CNN in 2020. That prediction hasn’t turned out to be quite accurate now that Birkin has passed away, aged 76. Plenty of column inches have been taken up with recalling her and Serge Gainsberg’s colourful exploits in the late 1960s and 1970s. But yes, people are indeed talking about the bag. And the story of how it came to be is no less colourful. According to Harper’s Bazaar, Birkin was on a plane flying back to London in 1983 when her Hermès notebook fell out of her bag. Jean-Louis Dumas, who was the CEO of Hermès at the time, happened to be sitting nearby and he suggested to Birkin she needed…

Worldcoin – the eyeball-scanning cryptocurrency project co-founded by Sam Altman – launched worldwide on Monday, says Hannah Miller on Bloomberg. Everywhere, that is, except the US, where regulators are cracking down on digital assets. Worldcoin, like Altman, co-founder of artificial intelligence (AI) company OpenAI, “straddles the worlds of AI and crypto”. Users are given a unique digital identity, called a World ID, after scanning their eyes with a device called an “orb”. Only once they have gained “proof of personhood” can they acquire a coin. Digital verification is essential, say the founders, at a time when it is becoming harder to distinguish between human creations and those of AI. However, the project has been accused of exploitative practices in some countries, such as Indonesia, while some original backers, including Sam…

The artificial-intelligence (AI) boom isn’t enough to keep the semiconductor business aloft, says Dan Gallagher in The Wall Street Journal. Shares in chip designer Nvidia have surged by 220% this year. Its expertise lies behind the powerful computing and graphics processors required for AI chatbots. That has triggered a wider boom for semiconductor shares as technology giants scramble to produce the required tools and services. The PHLX Semiconductor index, which tracks the industry’s leading lights, has gained 48% in 2023. Yet it is becoming clear that Nvidia’s “rising tide doesn’t lift all boats”. Soft global demand for consumer electronics saw global chip sales fall by 21% year on year in the first five months of 2023. That is a particular problem for the likes of Taiwanese giant TSMC, which manufactures…

UK house prices have risen by nearly 70% over the past decade, outstripping nominal wage growth of 30%, says Kate Andrews in The Telegraph. In 1989, 51% of 25-34-year-olds owned their own home; by 2019 that figure had slumped to 28%. The UK’s acute housing shortage is damaging economic growth. Some point out that demand is being fuelled by high net migration, but that overlooks the fact that England builds far fewer homes today than it did during the 1960s and 1970s. What has changed since then is rampant Nimbyism (“Not in my Back Yard” – opposition to local construction) that sees members of the existing homeowners’ club exert political pressure to rig the market against those yet to join.…

Tesla’s shares, up by 137% this year, have slipped over the past few days. A “series of price cuts this year [have] weighed on its earnings”, says Richard Waters in the Financial Times. The company’s operating margin fell to 9.6% in the latest quarter, lower than this time last year, and could shrink even further. CEO Elon Musk says there could be further price reductions in 2023, especially if rising interest rates push up the cost of financing. Musk argues that it makes sense for the company to focus on selling more vehicles, as the value of the cars is set to “soar” once “Tesla perfects its Full Self-Driving software”, in which Tesla is investing more than $1bn over the next year. It’s not surprising that the news of Tesla’s…

Could there soon be a bubble in bubble tea? At least six Chinese makers of the popular drink (sweet cold tea with translucent bubbles made from tapioca flour and sugar) are considering listing in Hong Kong or the US, says Bloomberg. The investment case is that “a wave of fresh Chinese consumer spending is on its way now that Covid restrictions have finally been lifted, though evidence of a rebound has so far been lacking”. But they are going abroad because Chinese regulators take a dim view of companies “burning money in order to surge in scale”, as one analyst put it. This applies to almost all the bubble-tea firms.…

London Unilever lifts profits: Anglo-Dutch consumer goods giant Unilever grew underlying sales by a better-than-expected 9.1% year on year in the first half of 2023. It had raised the prices of products such as Marmite and Dove soap by 9.4% during that period against a backdrop of high consumer-goods inflation. Squeezed shoppers duly cut back and volumes fell by 0.2%. Unilever, however, says it believes inflation has now peaked. Pre-tax profits increased 20.7% to almost €5.3bn, aided by a slight rise in profit margins to 17.1%. Turnover climbed by 2.7% to €30.4bn. Unilever fended off criticism that it was profiteering from the cost-of-living crisis, and said it had shielded consumers from some rising costs. To be fair to new boss Hein Schumacher (pictured), he has had to “hit the ground…

● “Shareholders want [GSK] to become a bigger, better pharmaceuticals business,” says Chris Hughes on Bloomberg. “Yet it has neither grown nor shrunk to greatness.” Ten years ago, it was worth twice as much as AstraZeneca; now it’s worth around half as much, even factoring in the Haleon consumer-health arm it spun off last year. The critical worry is whether its pipeline can counter a pending peak or decline in blockbusters, such as shingles vaccine Shingrix. “The productivity of GSK’s research and development (R&D) engine has long been disappointing” and “it’s now clear [it] erred strategically in steering away from oncology”. CEO Emma Walmsley (pictured) is trying to fix both problems, but must resist the “quick and tempting fix” of making an acquisition to boost sales. “The core mission at…

“Being right about the markets necessarily means being different from the markets,” says Jonathan Ruffer, founder of the wealth-preservation-focused investment manager that runs the Ruffer Investment Company trust, among other funds. That almost inevitably means under-performing the wider market in the run-up to a correction or crisis. That’s the situation the firm now finds itself in, with first-half returns being some of the worst it has delivered since it was founded in 1994. “What’s fascinating… is the nature of the underlying under-performance was different each time, and yet the investments causing the pain proved – each time – to be the key to the successful management of the crisis itself.” This firm has had an extremely low allocation to equities, even as “a handful of technology names have driven the…

“I hung out with this woman who was a star in the mergers and acquisitions area, and she was, in the best sense, a killer… [M&A] back in those days was like pure adrenaline. And to be a woman in that situation where you go to a meeting and [there] would be… ten guys who were all so aggressive to get ahead. [She] was the smartest in the room without question. I ran back to show-business and thought: ‘Well, this is easy.’” Actor Sigourney Weaver (pictured) on shadowing a woman who worked on Wall Street to prepare for her role in the 1988 film Working Girl, quoted in The Sunday Times “In a hierarchy, every employee tends to rise to his level of incompetence.” Laurence Peter, quoted in Canada’s Globe…

wsj.com “An unexpected group of workers is leading the resistance to the five-day office week: top-tier executives,” says Anne Marie Chaker. The corporate push to get workers back into the office is being resisted by influential senior employees who “strongly prefer the option of working from home at least part of the time”, according to research from McKinsey. These executives may be small in number, but have “outsize stature”, not least because they are top performers who competitors will poach with the promise of remote work. Deb Andrychuk, for example, a director at Sony Interactive Entertainment, walked away from tens of thousands of dollars in long-term incentives on top of an annual salary of more than $200,000 at Lowe’s, a DIY retailer. Being allowed to work from home was the…

The simplest way to buy into the Indian market is through a passive tracker such as the iShares MSCI India UCITS ETF (LSE: IIND), an exchange-traded fund with an ongoing charge of 0.65%. While the MSCI India index is up by just over 5% year-to-date in dollar terms, for sterling investors a strengthening pound has wiped out most of those gains. Over the last five years the tracker has returned 43.5% in sterling. While investors are often advised to opt for passive vehicles, the calculus is more complicated in emerging markets. There is a case that active managers can earn their fees in these less transparent environments by steering portfolios clear of local market landmines. Until recently some thought that India was an exception to the rule. Indian market regulators…

French luxury group Kering, which is majority owned by the Pinault family, is facing an attack from activist investors including Bluebell Capital, says Bloomberg. The firm has been “dusting off its defence strategies and preparing to beef up” efforts to engage shareholders in an attempt to appease activists. Shares in Kering have lagged other peers in the luxury-goods sector over the past 12 months, as sales at its flagship Gucci brand have disappointed. Bluebell “brought up the merits of a merger” with rival Richemont in a meeting with Kering,says Bloomberg – an idea that Richemont’s bankers pitched two years ago. Bluebell wants Kering to consider other deals, as well as evaluate organisational changes and push forward changes at Gucci.…

Auditors have a dismal reputation. Their job of checking the books is deemed one of the most boring jobs in finance, and they don’t do it especially well – witness the demise of Arthur Andersen. It was put out of business in 2002 owing to its perceived failure to stop the massive fraud at Enron. Still, despite their failings, auditors can still provide some useful signals to investors, especially when they raise concerns. A 2001 study by the Kelley School of Business, looking at 123 auditors’ resignations between 1994 and 1998 found that the decision of a company’s auditors to quit (even when the reasons for the resignation were not disclosed) caused the shares to decline by an average of 3.4% in the day after the news. However, when this…

Pension savers reclaimed more than £56m on pension withdrawals that had been taxed too much in April, May and June this year – the highest three-month figure since records began. Those who were overtaxed when making a withdrawal from their pension reclaimed an average of £3,551 each. The rise in the number of people paying too much tax comes down to the way HM Revenue & Customs (HMRC) looks at withdrawals. When you make your first withdrawal from a pension, it is taxed on a “month one” basis. This means that HMRC treats this initial withdrawal as if it is going to be repeated in each month over the year. As a result, just 1/12th of the personal allowance is applied to the payment, with the rest assessed against 1/12th…

Thousands of members of the United Utilities pension scheme will see liability for paying their pensions move to Legal & General after the utility agreed a £1.8bn deal with the insurer to take on the arrangement. It’s the latest such deal in the final-salary pensions industry, with £20bn of pension liabilities transferred in similar transactions already this year. Such deals make sense for both parties. Employers no longer have to worry about managing the risk and cost of a pension scheme where pensions have been guaranteed to staff. Insurers, which already specialise in running arrangements of this type, earn additional revenues from taking on the schemes. But what do such arrangements mean for pension-scheme members themselves? Some are pleased with them, since it means they no longer have to be…

Going… Tech giant Apple dabbled in designer clothing in the 1990s, says Lauren Haughey in the Daily Mail. One such item is a pair of trainers that were given away at a national sales conference mid-way through the decade. The vintage shoes were entirely white save for the “old school” rainbow-coloured Apple logo and a yellowing around the midsoles. A pair of these Omega x Apple “sneakers”, presented as new and in the original box, with an extra pair of red laces, is going under the hammer with Sotheby’s in New York, for an estimated for $50,000 before taxes. Previously, another pair of Apple trainers sold for $15,000 on eBay in 2017. Gone… Apple iPhones usually plummet in value the moment you take them out of the shop, says Shiona…

“Three cheers for the UK!”, says Rupert Thompson of Kingswood. British stocks have had their best week in half a year following news that inflation undershot expectations for the first time in months. Annual inflation fell to 7.9% in June, down sharply from 8.7% the previous month. That is still the highest of any major economy, but it was enough for markets to cut back expectations for peak UK interest rates from 6.5% to 5.75%. The FTSE 100 and FTSE 250 finished last week up by 3.1% and 3.4% respectively. “Given their current pitiful expectations,” there is more scope for UK investors to “be pleasantly surprised.” Lagging global markets British stocks have been having a dull 2023. The FTSE 100 has gained less than 2%, while the more domestically-focused FTSE…

The travel industry has hitherto shrugged off a global economic downturn, says Hanna Ziady on CNN. It has recorded record bookings and profits amid pent-up post-Covid demand. However, that may be about to change. Rynair has warned that elevated inflation and rising interest rates could undermine demand for air travel in the second half of 2023. As a result, shares in the “bellwether” airline, Europe’s largest, slipped by 5% early this week. Other airlines, such as easyJet, also saw their shares dip. Ryanair’s CEO Michael O’Leary remains “cautiously optimistic” overall that full-year profit will be “modestly ahead” of last year, says Kate Duffy on Bloomberg. However, he admitted that the airline is preparing measures to deal with a downturn in demand caused in part by fears that the “rush to…

Five to buy DX Group The Mail on SundayThis specialist parcels deliverer has had a bumpy ride. It was founded in the 1970s as a legal courier, and the rise of email nearly bankrupted it in 2017. Then a corporate-espionage quarrel with a competitor cast a cloud over the shares. The spy saga has distracted investors from an efficient business known for its high-quality service. Management has been overhauled and the new boss has experience turning around troubled companies. Recent trading has been encouraging and the shares appear “undervalued” given the scope for a recovery from here. 32p Heineken SharesThis Amsterdam-listed brewing giant is a solid “international value stock”. The group owns an array of craft beers in addition to flagship Heineken, “the world’s most valuable beer brand”. The group’s…

Israel is braced for a “new period of political and economic tumult” following prime minister Benjamin Netanyahu’s legislation overhauling the judicial system, says Dov Lieber in The Wall Street Journal. The new law, which will “curb the power of the Supreme Court and give more power to lawmakers”, has already given rise to mass protests, strikes and market turmoil. The bill takes away the Supreme Court’s ability to nullify government decisions that it finds “unreasonable in the extreme”, a move that those on the right argue is necessary given that the court is dominated by liberal justices. “No issue has produced such intense debate, anger and soul-searching since the founding of Israel in 1948,” says The Times. The outcome of the debate could even determine whether Israel will “remain a…

One of the biggest risks as an investor is becoming so committed to a narrative that you struggle to change your mind when the facts suggest you may be wrong. There are three positions in my portfolio where this risk especially worries me. One is oil. The oil majors look cheap to me with oil at $70-$80 per barrel, so long as they maintain discipline and remember to hand cash to shareholders instead of pumping it into new production. The risk is that new energy sources replace oil and gas much faster than I expect. We’re not seeing that so far – and in the short term, the oil market seems to be tightening faster than expected – but it is something to watch given the amount being invested in…

We continue with my series about gold in prehistory with one of the earliest of the golden myths: Jason and the golden fleece. Pelias usurped his brother Aeson, the rightful king of Iolcos, to take the throne. He then had all Aeson’s descendents killed. Aeson’s son Jason, however, survived the massacre. When he was born, his mother had all her servants cry to fool Pelias into thinking he was still-born. She then smuggled Jason away to be reared by Chiron, “the wisest and justest of all the centaurs”. So did Jason’s education begin. Meanwhile, an oracle warned Pelias “to fear the man with one sandal”. No doubt feeling guilty about his ill-gotten kingship, he lived in dread of that prophecy. When Jason was fully grown, he set off to Iolcos…

snowdon.substack.com It is now two years since the government lifted all Covid restrictions, says Christoper Snowdon. Not everybody was thrilled at the prospect of “Freedom Day”. A group of self-proclaimed experts wrote to The Lancet and British Medical Journal to condemn the move as “unethical and illogical” and an “abdication of the government’s fundamental duty to protect public health”. The Guardian’s Polly Toynbee called it a “calamitous” decision. Keir Starmer thought it “reckless”. Lib Dem leader Ed Davey called for mask-wearing to remain mandatory. The Tony Blair Institute predicted disaster; modellers said it was inevitable that infections would soar. The rest of Europe, bar Sweden, and much of the rest of the world, looked on in horror and kept themselves locked up. The predicted disaster didn’t happen, of course. But…

■ The Hipgnosis Songs investment trust is considering strategic options to narrow its discount to net asset value (NAV), says Investment Week. The income-focused trust, which owns a portfolio of music-royalty rights, is currently trading at a 48% discount to NAV. CEO Merck Mercuriadis has been meeting with key investors to discuss options – including a sale of some of its song catalogue – ahead of its five-year continuation vote, which is slated for September. Meanwhile, investors in the ThomasLloyd Energy Impact trust are also pushing for the trust to stage a continuation vote. Trading in the shares has been suspended since April after its auditor refused to sign off on its 2022 accounts due to “material uncertainty regarding the fair value of certain of its assets and liabilities”. Now…

Over the last fortnight six out of my eight long tips have risen, with only two falling. Builder DR Horton advanced from $118 to $128, discount chain B&M European Value Retail rose from 544p to 554p, Computacenter increased from 2,144p to 2,258p and brick manufacturer Ibstock climbed from 126p to 150p. Estate agent Savills jumped from 835p to 964p and Mitie increased from 97p to 100p. However, Clarksons fell from from 2,965p to 2,861p, while Gamma Communications dipped from 1,136p to 1,132p. My long tips are now making a net profit of £1,237. By contrast, three of my six short tips rose and three fell. Ticketing firm Live Nation went up from $92.42 to $96.11, payroll company Paycom increased from $336 to $351, and Sunrun appreciated from $17.50 to $21.15.…

● Waiting times for callers to HM Revenue & Customs (HMRC) have increased from five minutes on average to more than 20 minutes, says The Times. Some advisers have reported wait times of several hours, and even being cut off before being able to speak to a representative. Delays are even worse for those trying to get in touch with HMRC via post, with some taxpayers reporting response times of up to a year. As response times have jumped, so have complaints, which are up by 40% in three years. HMRC received 91,000 complaints in the 2022-2023 tax year, up from 65,625 in the 2019-2020 tax year. Of these, 5,871 complaints were escalated for a “second-tier review”, when a taxpayer was not happy with how their complaint was handled. ●…

● If you’re a member of a pension scheme now run by the Pension Protection Fund (PPF), the lifeboat service set up to take on schemes of employers who have gone bust, check what annual pension increases you’re entitled to. A quirk of the PPF rules means that as many as 260,000 savers are missing out on pension increases linked to inflation. That’s because the PPF only guarantees to make inflation-linked increases on benefits accruing from pension contributions made after 1997. On money saved before then, your pension will rise by a maximum of 2.5% a year. ● Women in their 60s and 70s could be missing out on as much as £4,000 worth of state-pension benefits each year because of errors in government record-keeping. Women who took time out…

A primitive bicycle, powered by the rider walking, emerged as early as 1817, but it took another four decades for a pedal-powered version to emerge, and even then early bicycles were unstable, difficult to steer and expensive. In 1885, however, a new design appeared that made them much more stable and easier to steer, and they became a viable mode of transport. By the late 1880s a huge number of bicycle manufacturers started to emerge in Birmingham and Coventry as demand took off. What was the trade? In the 1890s cycle companies floated on the stockmarket, mainly on regional exchanges. The shares soared, fuelled by promises of large sales and the efforts of promoters, such as Ernest Terah Hooley, who paid magazines and newspapers to recommend the shares. Cycling shares…

2022 Reyneke Biodynamic Chenin Blanc, Stellenbosch, South Africa £23.99, harrogatefinewinecompany.com, bedfordstreetwines.co.uk I enjoyed the “Encounter South Africa” tasting earlier this month and found many new wines to raise the pulse and keep this country front of mind when restocking your cellar. I set myself the challenge of picking the finest estate on the day, and it must be said, with four near-perfect wines in the portfolio, that Reyneke romped home with this trophy! My headliner is undoubtedly one of the most scintillating and complex chenins I have tasted in years. It brings so many layers of fruit and fractals of excitement without loading any excess weight on the palate. If you, like me, find chubby chenin hard to swallow, then this wine will electrify your palate while satiating your fine-tuned…

Hermès began life as a maker of harnesses for the horse-drawn carriages of the nobility, when Thierry Hermès opened a workshop in Paris in 1837. He counted the emperor, Napoleon III, among his clientele. His son, Charles-Émile, took over in 1880, moving the business to its present headquarters at 24 rue du Faubourg Saint-Honoré, and at around the turn of the century, Hermès created its first bag, the Haut à Courroies (HAC), designed to carry saddles. In the 1920s, Hermès began to offer women’s handbags, and in 1935, the HAC was reimagined as Sac à Dépchêches. That bag became a favourite of Hollywood actress, and later princess of Monaco, Grace Kelly in the 1950s. In 1977, the bag was renamed in her honour. Together with the Birkin, the Kelly is…