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TM CRUX UK Special Situations Fund TM CRUX European Special Situations Fund |TMCRUX UK Special Situations Fund O f h Benefit from companies in sp The TM CRUX European Special Situations Fund and The UK Special Situations Fund focuses on the the TM CRUX UK Special Situations Fund both focus on fundamentals of businesses to ensurethey offer clear companies in special situations who are, in our opinion, upside potential. undervalued by the market. Both fund managers use high performance active Our European Special Situations Fund focuses on world management and as aresult have track records that class businesses thatmay have originated in Europe, but could never be described as ordinary.Find out more now dominate theirglobal niches. visit our website today. Consult your financial adviser,call or visit: 0800 30 47424 www.cruxam.com Important Information:Featured Funds: TM CRUXEuropean Special Situations Fund and TM CRUX UK Special Situations Fund. This financial promotion has been approved under Section 21 of the FinancialServices and Markets Act2000 by CRUX Asset ManagementLtd. This financial promotion is issued by CRUX Asset Management Limited who areregulated by the Financial Conduct Authority (FRN: 623757)and is directed at persons residing in jurisdictions where the Company and its shares are authorised for distribution or where no such authorisation is required. The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested. Past performance is not areliable indicator of future results. Before entering into an investment agreement in respect of an investment referred to in this financial promotion, you should consult your own professional and/or investment adviser.Please read all scheme documents prior to investing. The KIID and Fund Prospectus andother documentationrelated to the Scheme, are available from the CRUX website www.cruxam.com. THESTUDENTS Thechanteuse Family TAKING ON whoinspired holidays at THEKING Jean-PaulSartre 10,000 feet BEST INTERNATIONAL OBITUARIES P39 PEOPLE P10 ARTHTICLES P19 EWEEK 3OCTOBER 2020 |ISSUE 1299 |£3.99 THE BESTOFTHE BRITISH AND INTERNATIONAL MEDIA Trump’stax dodges Theloss-making billionaire Page2 40 9771362 343166 ALL YOUNEED TO KNOW ABOUT EVERYTHING THATMATTERS theweek.co.uk 2 NEWS The main stories… What happened What the editorials said Taxing times for Trump No wonder Trump has repeatedly defied convention by refusing to release his tax returns, said the Los AngelesTimes. The New York Timespublished a bombshell The leaked details completely undercut his self- report on Donald Trump’s finances this week projectedimage as abrilliant businessman. based on aleak of decades of his taxreturns. He emerges less as a “shrewdManhattan It revealedthat the president paid just $750 in developer” than as “a con man settingupa federal income taxesinthe year hewas elected three-card monte table in Times Square to and in thesubsequent year, and no income fleece the gullible”. Still, it’s hardtosee this taxes at all for much of the previous two storychanging entrenchedvoting intentions decades. This wasdue to the losses racked at this stage. Indeed not, said The Daily up by muchofhis business empire and to Telegraph. Before the last election, Hillary his offsetting of generous expenses, including Clinton took the same line of attack against consultancyfees to his daughter Ivanka and Trump, accusing him ofhardly paying income $70,000 forthe styling of his hair on The tax. What makes the president’s adversaries Apprentice.Hedismissed the reportas“fake think itwill be any more effective thistime? news” and said he had“paid alot” in taxes. The uglydebate onTuesday won’t have The storybroke just days before Trump’s first “Aggressive and unfocused” changed many mindseither, saidThe Wall debate with Democratic rival Joe Biden, an ill- Street Journal. Biden,whomTrump has been tempered affair inwhich the pair traded insults and repeatedly casting for months as feeble and senile, “did succeed in passing interrupted each other. At one point,Biden told Trump to the test of appearing coherent for90minutes”, but he hardly “shut up, man”. Challenged tocondemn whitesupremacist shone. Trump, meanwhile, came across as aggressive and groups like theProud Boys, Trump saidthe group should unfocused. Evenbythe standards of current US politics,the “stand back and stand by”. He said the real problem was the “insults, interruptions, endless cross-talk, exaggerations and Left, and that “somebody has to do something about Antifa”. flat-out lies”made it averydepressing spectacle. What happened What the editorials said Imprisoned on campus The crisis that nowfaces the universities was “entirely predictable”, said The Observer.Withoutregular mass testing, Thousandsofstudentswere told to self-isolatefor 14 days they were sure tobecome “transmissionhotbeds”, as the as cases ofCovid-19 soaredoncampuses at Government’s own panel of scientific advisers, the start of the new academic year. Some 40 Sage, warned earlierthis month. Asfor the universities have reported outbreaks. Worst students themselves, having been encouraged to hit was Manchester Metropolitan University move onto campus, they now find alarge part where a14-dayquarantine was imposedon of their teaching is online. No wonder so many 1,700 students after an outbreak in halls of are so angry. Isolation is particularly hard on residence. Onsome campuses, security guards this year’s freshers, said The Daily Telegraph. have been employed to enforce the new rules. What shouldhave been an “exciting firsttime away from home” hasturned into a“miserable The imposition of new restrictionsin experience”. One leading Tory MP is calling for the northeast, along with heftyfinesfor universities to offerstudents adiscount ontheir lockdown rule-breakers, created anger and fees as compensation. It seems only fair. confusion. Boris Johnson had to apologise after he himself got confused when trying to The universities arguethat in many cases they’re explain the newrulesatapress conference. the economic “lifeblood” of their town, said Nearly 60rebel Tory MPs backedaproposed A“miserable experience” The Sunday Times. Andindeed, in citiesreeling amendment tothe CoronavirusAct that from industrial decline, theycan be themain would have required No. 10 to consult Parliament onall employer.But the real reasonfor callingstudents back, one futurerestrictions. In the event, however, theamendment – suspects, was to collect much-needed accommodation fees. drawn up by Tory backbencherSir Graham Brady –was To protect their finances, the universitiesmay have turned not selected by the Commons Speaker for debate. campuses into thecarehomes of thesecond coronavirus wave. It wasn’tall bad Alandmine-detecting rat in Scientists working on asuper- Cambodia has been given a enzyme that digests plastic have Atest for Covid-19 that can give gold medal for his “life-saving said it could be ready to start results in under an hour is to be bravery”. Magawa, agiant tackling the waste crisis within a distributed in poorer countries, Africanpouched rat who is couple of years. Engineered by where alack of testing is too light to set off amine, has linking two separate enzymes hampering efforts to contain helped clear more than 141,000 found in bacteria on arubbish the virus. Approved by the square metres of land (the dump in Japan in 2016, the WHO, the rapid antigen tests equivalent of 20 football super-enzyme breaks down are simple to use, and based on pitches), discovering 39 mines PET plastic six times faster than nasal swabs. Although they will and 28 items of unexploded similar enzymes, and it can do be available in richer countries ordnance. He is the first rodent so at room temperature: others too, their manufacturers have to be honoured by the PDSA, a require the plastic to be heated struck adeal with the Bill & veterinary charity that has been to 70°C. Furthermore, its Melinda Gates Foundation to awarding medals to animals since the Second World War. Magawa creators, in the UK and US, say provide 120 million tests at a was trained in Tanzania by the Belgian charity Apopo. Its chief they think that with additional discounted cost to 133 low- executive described the award as areal honour, and thanked the engineering, it might be able and middle-income nations. PDSA for “bringing the problem of landmines to global attention”. to digest mixed fabrics too. DSA ©P COVER CARTOON: HOWARD MCWILLIAM THE WEEK 3October 2020 …and how they were covered NEWS 3 What the commentators said What next? The New York Timeshas provided some entertaining details about the “tragicomic The New York Timeshas tawdriness” of Trump’s efforts to avoid tax, said Timothy L. O’Brien on Bloomberg. But more promised torelease more importantly, it hasalsoshone some light on his present finances. The president reportedly has leaked details about Trump’s about $421mindebts that he has personallyguaranteed, and “which are coming due over the finances in the weeks leading next several years”.Whether he has the resources to pay back this money is unclear,said Paul up to the 3 November Krugman in The New York Times. So we’re left with adeeplyindebted business-owner who election. It added: “The tax has “everyincentivetoengage in malfeasance”–and who is also in charge of the country. Add returns that Mr Trump has in the fact that Trump has repeatedlyfailed to confirm that he’daccept the result of the long fought tokeep private election, were he to be defeated, and it createsarather scary picture. tell a story fundamentally different from theone he has The fear among liberals, said Jonathan Freedland in The Guardian, is thatTrump willdeclare sold tothe American public.” victory on election night after in-person votes – which are likely toskew towards Republicans – are tallied; and that he’llthen claim the election isbeing stolen as postal ballots – which are Trump and Biden are due to likely to favourthe Democrats –are totted up over the following hours and days, andtry to hold two more presidential stop thosevotes from being counted. It would take “an extraordinary confluence of events” for debates, on 15 and22 Trump to force his way back into the White House with suchastrategy, said Michael Cohen in October.
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