A good recovery week for global markets with major Asian markets up 2 to 3%, US markets up 1% and EU markets up 1 to 2%.
Gold took another dive this past week losing 8.66% and finishing under the $1200 level – its lowest in 3 years and worst quarter performance since 1920 (22% decline since April this year).
Oil however, rose by 1%.
76-year-old former Italian Prime Minister Silvio Berlusconi was sentenced to seven years in jail after being convicted in a sex trial.
The latest edition of The Banker's Top 1,000 World Banks showed that ICBC (The Industrial and Commercial Bank of China) jumped to the top spot earning it the world’s richest bank title overtaking JP Morgan and Bank of America.
According to its latest filings, Apple did not pay any UK corporation tax for 2012 after making $15 billion profit from EU sales alone.
Despite a slowdown in Europe's top economies, latest data shows that the super rich in Europe increased their wealth last year. Their combined fortunes surged 13% to $3.4 trillion. Full article: https://www.devere-group.com/news/Super-rich-Europe-richer-high-net-worth-estate-planning.aspx
Investment/saving ideas for the week:
Educating your children: obviously this falls as a priority to every parent, but do you really take into account how much your children cost you? How much money do you save and invest for their education each month? It’s important to consider the fact that fee’s rise every year, and more often than not, as a percentage, more than your salary does. However by simply saving money you therefore are actually going backwards, you need to have your investments for your children growing at least 5 to 10% average each year to keep up with fee inflation.
“The Universities and Colleges Admissions Service announced that the number of students applying for university studies is still well below levels seen before tuition fees trebled.“ https://www.devere-group.com/news/Education-fees-UK-university-students-ucas.aspx
Shane Helberg ACSI
Senior Wealth Manager