Friday, 9 August 2024
Friday, 9 August 2024 - www.mightymemo.co.uk
The Mighty Headlines
Economics: Italy changes rules on taxing wealthy new residents
Business: Asda loses sales to cut-price rivals
Foreign Affairs: Japan issues megaquake warning
Domestic: Great Britain’s Ellie Aldrige wins gold in kite sailing
The Mighty Stats
FTSE = 8,144.97 (down 0.27 per cent at Thursday close)
S&P500 = 5,319.31 (up 2.30 per cent at Thursday close)
Nasdaq = 18,413.82 (up 3.06 per cent at Thursday close)
Nikkei = 35,025.00 (up 0.56 per cent at Friday close)
CAC40 = 7,247.45 (down 0.26 per cent at Thursday close)
£1 = $1. 27/ €1.16 / ¥ 187.66
The Mighty Detail
The Italian government has changed the rules on taxing wealthy new residents. The annual flat tax applied to income earned abroad for new residents has increased from €100,000 to €200,000. Nicknamed the ‘billionaire’s’ tax, the arrangement introduced in 2017 means that new foreign residents are not required to pay any tax on foreign income and gifts for 15 years.
UK investors added £1.2 billion into funds in June. A total of £1.7 billion was added to funds in the first six months of 2024. This compares to £24.2 billion being taken out of funds in 2023. The overwhelming majority is being invested in index funds which seek to track the performance of stock markets.
Sales at Asda were down 2.2 per cent in the second quarter of this year. The supermarket’s share of the UK grocery market also fell to 12.7 per cent in the three months ending 7 July. This is down from 13.6 per cent in the same period last year. Asda has recently been cutting prices to compete with Aldi and Lidl.
The Japanese Meteorological Agency has issued a megaquake warning after a 7.1 magnitude earthquake hit close to the southeast coast of the country on Thursday. The warning suggests the risk of the Nanka Tough earthquake occurring, which has a magnitude of 8, is higher than normal but not imminent. The Nanka Trough earthquake occurs every 100 years to 200 years.
Great Britain’s Ellie Aldrige has won the inaugural kite sailing gold medal at the Olympic Games. Aldrige, 27, took the top spot after sailing around the leader, France’s Lauriane Nolot, who had fallen into the water. Kite sailing uses a board and large kite to pull athletes across the water.
What’s happening today?
PM to visit police station this morning and do media clip
Foreign minister travels to Paris to meet French counterpart
France unemployment rate (Q2 2024)
Canada unemployment rate (July)
Germany CPI inflation data (July)
Italy CPI inflation data (July)
Brazil CPI inflation data (July)
Mexico industrial production (June)
Lookahead to the weekend
Edinburgh Fringe Festival continues – 2nd to 26th August
Boardmasters music festival in Cornwall – 7th to 11th August
Bristol International Hot Air Balloon Festival – 9th to 11th August
Edinburgh International Book Festival – 10th to 25th August
Closing Ceremony of Paris Olympic Games – 11th August
Weather today
Dry and sunny in London. Summer hasn’t gone away just yet High of 25ºC and low of 14ºC.
Life coaching quote of the day
“For things to change for you, you have to change.” – Jim Rohn, motivational speaker
Meaning: If you keep on doing the same things, you’ll keep on getting the same results. To achieve things you’ve never achieved before, you have to do things you’ve never done before.
Enjoy the weekend – time to rest, relax and dream! If you like what you read or don’t like it at all, let us know. And don’t forget to pass this newsletter on to someone who might find it useful. If you forward this newsletter to 10 people, we’ll send you a Mighty Memo pen!
We’ll see you again on Monday.
Adios!
The Mighty Memo team
hello@mightymemo.co.uk