So as you know I am on the road again and travelling around Europe seeing new projects and investments for clients and doing the necessary due diligence. So first up was Berlin where we had the pleasure of Volsung and Ten Brinke as we were shown around central Berlin and the fantastic real asset offerings for clients they have produced over the years and the ones that are now available. The properties are made even more desirable by the tax free on capital gains if clients hold them for 10 years or more along with the fact they are easy to rent as Berlin has a 99.7% occupancy rate, meaning the apartments are always rented out. It was my first time to Berlin and I did enjoy it even if I didn’t bring my hiking boots for the amount of walking we were doing when not in the Ten Brinke offices.
We were lucky enough to be invited to see the quarter final tie between Holland and Turkey which had an amazing atmosphere and was a great match.
Next up was a short trip to Sweden where the founder and CEO is located to carry on meetings for the day. I must say I was excited for this as I had never been to Sweden let alone Stockholm.
Finally we arrived in London to meet up with Fairlight Capital who run a few of the fixed income investments we offer our clients and it was good to go through everything with them and the new offerings that are now on the table with them and clients that hold our main platform which allows us to compound up the growth.
Now that work is done I fly to Holland to see Annabelle take part in her parade after her dancing competition which was the global dance finals. Unfortunately I missed her performances due to work commitments, but I know she gave it her all.
We will visit a good friend and client whilst in Holland before the kids fly to Newcastle for a few weeks and I will fly back to Dubai.
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A recent Bank of America survey reveals an interesting shift in investment preferences among wealthy young Americans. The 2024 Study of Wealthy Americans found that affluent Gen Z and millennials increasingly favour unique investments like watches and rare cars over traditional stocks and bonds. With 72% of those under 44 expressing scepticism towards solely traditional assets, this trend highlights a dynamic change in the wealth management landscape. Are you considering shifting your focus towards non-traditional investments this year?
By Mario Volpi on The National News
Question: I live in a five-bedroom villa in Dubai on a three-year lease. My landlord sent me an eviction notice.
He originally contacted me to increase the rent by 40 per cent compared with my original rent. I have one year remaining on my lease, it ends on April 30, next year.
According to the Dubai Land Department rent index, the landlord can only increase the rent for this property by 5 per cent.
When I refused to accept the rent increase demand, my landlord sent me an eviction notice on May 24, citing how he needed the unit for his personal use.
I know that he has no intention to live here since he has a bigger villa, where he currently resides.
I met him a few weeks ago and he asked me to vacate, claiming to have received permission from the government to build another structure on this plot that would help him improve the house value.
I realised it was a negotiation tactic because he later said that he was willing to put his plans on hold if I accepted a 28 per cent rent increase instead of 40 per cent. Otherwise, he is not interested in renewing the lease.
Can he re-let the villa to somebody else if he begins work on the new structure?
Isn’t he barred from renting the villa for two years if he cites personal use for eviction? In case he rents it out, what compensation can I claim from him – the entire original rent amount or only the difference between my old and new rent, which I will pay at the new place?
Is there any way to restrict him from renting out the property after I vacate?
He kept claiming he would rent out the villa again within two months of me vacating and he was not bothered by the two-year period.
Can I continue to stay in the villa after the 12-month eviction notice period ends and fight it in the Rental Dispute Committee that I am willing to renew the lease at the 5 per cent increase allowed by the index? MH, Dubai
Answer: Firstly, it is important to stress that a landlord cannot evict a tenant just to then re-let the property again to someone else, as this is not allowed irrespective of whether he begins work on the new independent structure or not.
Temperatures are now soaring in the UAE, with mercury touching 50.8ºC in Sweihan, today. This was recorded at 3.45pm, local time, according to the National Centre of Meteorology.
Just yesterday, on July 8, 2024, the country saw a high of 50.7ºC – so the mercury has breached the 50ºC-mark twice consecutively.
With the country experiencing peak summer, which begins in mid-July, according to an expert, the Ministry of Health of and Prevention earlier clarified what a heatwave is.
This mere rise in temperature cannot be classified as a heatwave. The ministry clarified by stating that heat waves occur when temperatures exceed their normal average for several consecutive days.
Despite the high heat across the country, some areas will get respite as summer showers are expected till September.
With the country experiencing peak summer the Ministry of Health of and Prevention earlier clarified what a heatwave is
Temperatures are now soaring in the UAE, with mercury touching 50.8ºC in Sweihan, today. This was recorded at 3.45pm, local time, according to the National Centre of Meteorology.
Just yesterday, on July 8, 2024, the country saw a high of 50.7ºC – so the mercury has breached the 50ºC-mark twice consecutively.
With the country experiencing peak summer, which begins in mid-July, according to an expert, the Ministry of Health of and Prevention earlier clarified what a heatwave is.
This mere rise in temperature cannot be classified as a heatwave. The ministry clarified by stating that heat waves occur when temperatures exceed their normal average for several consecutive days.
Despite the high heat across the country, some areas will get respite as summer showers are expected till September.
Labour win 2024 UK General Election – what it means for your moneyLabour have won the 2024 UK General Election and Sir Keir Starmer will be appointed prime minister this morning. Here’s what a new Labour government could mean for your money. Labour have won the 2024 UK General Election with a significant majority – gaining over 400 seats, but (and) an estimated 35% of the vote, the lowest share for a governing party in history. Labour’s big majority in the Commons disguises the support for smaller parties and independents in terms of vote share. This, along with lots of knife-edge results, means the size of the victory will still leave MPs worrying about the safety of their seats at the next election, as difficult decisions are taken in office. Later today, incoming prime minister Sir Keir Starmer will visit the Palace to accept His Majesty’s invitation to form the next government. After that we can expect him to start appointing his cabinet, with Rachel Reeves expected to be chosen as the first female chancellor of the exchequer. First in her inbox will be a thorough look at the nation’s balance sheet. She has set firm fiscal rules that day-to-day costs are met by revenues and debt must be falling as a share of the economy by the fifth year of the forecast. A budget isn’t expected until autumn. However, planned revenue raisers like VAT on private school fees and an increase of the windfall tax on oil and gas extraction are expected on the agenda in her first fiscal event.
Get our latest insights on what the General Election could mean for you and your money.
Driving forward Labour’s five missions will be top of the to-do list: Kickstart economic growthMake Britain a clean energy superpowerTake back our streetsBreak down barriers to opportunityBuild an NHS fit for the futureThe chancellor will also be responsible for creating the conditions for productivity rises and growth in line with the ambition for the UK to secure the highest growth in the G7. Building trust today should pay off over the four to five years that this government will run for. This isn’t personal advice. Investments can rise and fall in value, so you could get back less than you invest. If you’re not sure if something is right for you, ask financial advice. ISA, Pension and tax rules can change, and their benefits depend on your circumstances. |
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How has the market reacted to a Labour win? |
| Susannah Streeter
It’s a Labour landslide victory bringing in a political new guard which has vowed to make big changes to the UK economy. But given poll forecasts, the result has caused few ripples on financial markets. The UK stock market lifted a little on the open. The pound was largely unchanged against the dollar, as the exit polls came in and lifted only very slightly as the overall result became clear, hovering around $1.277. The lack of movement was unsurprising given the overall result had already been priced in. The priority will be keeping the bond markets calm in the aftermath of the election and not overdoing spending pledges. However, there could be some tinkering with the borrowing rules at some point in the future, to distinguish between day-to-day spending and investment, to propel long term growth. This could potentially loosen the purse further ahead. So far, this doesn’t seem to have perturbed the debt markets, with bond investors appearing to be more sensitive to interest rate speculation than the investment plans of an incoming government. 10-year gilt yields barely changed as the exit poll results came in, hovering around 4.2%, down from almost 4.7% last October. Remember, bond yields and prices move in the opposite direction, so when yields fall, it’s because prices have risen. This result comes on the heels of a steady rise for the UK market, retaking its crown as Europe’s most valuable for the first time in nearly two years last month. With political turmoil in France now taking centre stage, the UK looks finally set to enter into a period of financial stability. This has the potential to spark renewed investor interest in the UK. Looking for more UK investment ideas? Whether you’re looking to invest in funds, shares or ETFs, discover the UK investment ideas our experts believe have the most long-term potential. Driving forward Labour’s five missions will be top of the to-do list: Kickstart economic growth Make Britain a clean energy superpowerTake back our streetsBreak down barriers to opportunityBuild an NHS fit for the future The chancellor will also be responsible for creating the conditions for productivity rises and growth in line with the ambition for the UK to secure the highest growth in the G7. Building trust today should pay off over the four to five years that this government will run for. This isn’t personal advice. Investments can rise and fall in value, so you could get back less than you invest. If you’re not sure if something is right for you, ask financial advice. ISA, Pension and tax rules can change, and their benefits depend on your circumstances. |
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What a Labour government could mean for tax and your money |
| Sarah Coles
Labour made some expensive commitments during the campaign, including sticking with the pensions triple lock and ruling out rises in income tax, National Insurance or VAT. However, money will be tight, so there’s still a chance of cuts in services or tax rises later. Much of the election chat was about tax hikes Labour didn’t rule out, including capital gains tax and pension tax relief. However, we don’t need to speculate to spot some of the looming hikes. There was a pledge to increase taxes for specific groups of people – including non-doms and independent schools faced with whether to pass on the expected newly-imposed VAT on school fees to parents. There was also silence on frozen income tax thresholds, which will mean even more people paying extra tax thanks to fiscal drag. Beyond taxation, there were pledges of support during life’s expensive periods – including older age and parenthood. And for those struggling to buy a home, there were plans to help make property more affordable. Meanwhile, for those wrestling with everyday costs there were promises of everything from improving the minimum wage to cutting utility standing charges. However, it’s likely we won’t see these changes come in until the expected autumn budget. |
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The Fidelity Weekly Market Review
Monday 8th July 2024
The Labour Party won a crushing victory in Britain’s general election, just five years after it suffered its worst result in almost a century. Sir Keir Starmer is the country’s new prime minister, replacing Rishi Sunak, whose Conservative Party tumbled to its lowest seat tally in the modern era. Rachel Reeves was appointed Britain’s first female chancellor of the exchequer, as she pledged to lead the most “pro-growth, pro-business Treasury our country has ever seen”.
In France, the second round of the parliamentary election saw 200 candidates from the centre and left withdraw their nominations to avoid splitting the vote in constituencies where they have a chance of beating the hard-right National Rally. The party of Marine Le Pen and Jordan Bardella came first with 33% of the vote in the first round.
The European Union introduced new tariffs of between 17.4% and 37.6% on individual manufacturers of Chinese electric vehicles, to combat “unfair subsidisation” which allowed Chinese-made cars to be sold at much lower prices than those produced within the bloc. The new tariff is on top of an existing 10% duty.
American job growth slowed in June, though the economy still created more posts than expected. Employers added 206,000 jobs last month while the figure for May was revised down to 218,000 from the previous estimate of 272,000. The unemployment rate edged up to 4.1%. Wages were 3.9% higher than a year ago, their slowest rate of growth for three years.
In the minutes from the last Federal Reserve meeting, policymakers acknowledged that the economy appears to be slowing and “price pressures were diminishing”. Financial markets assign a 72% probability to a rate cut at the central bank’s September meeting.
Samsung Electronics, the world’s biggest maker of memory chips, reported bumper profits of $7.5 billion in the second quarter of 2024, representing a 15-fold increase over the same period last year. Sales were boosted by the artificial-intelligence boom, which has increased demand for advanced memory chips.
Japan released new banknotes for the first time in 20 years. The redesigned bills feature historic figures such as Shibusawa Eiichi, a prominent 19th-century industrialist. While digital payments are increasing in the country, they only account for around 40% of total transactions.
