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NOVEMBER 2009 ART • INTERIORS • FASHION • MOTORING • BEAUTY • SHOPPING • BUSINESS • GADGETS • FOOD & DRINK • UK & INTERNATIONAL PROPERTY
NOVEMBER 2009 issue 25

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UK & International
25

MA4816_TI_A4_ad.indd 1 26/10/2009 09:44

EmploymEnt xxxxxxxxxx
protEctions for cancEr patiEnts
You are covered automatically by the Disability Discrimination Act.
Briefly, it requires your employer to make reasonable adjustments to
your workplace or working arrangements to remove any obstacles
to your returning to work when you are able. It also protects you
against discrimination at work on grounds of your breast cancer or
(without justification) for a reason related to it; against harassment;
and against victimisation if you raise concerns. This is in addition to
unfair dismissal protections.

DEar clarE
I’m an executive in the insurance sector, and was diagnosed with
breast cancer four months ago. I’ve just started chemo, though am
not well enough to return to work yet. While my employer was
initially supportive they’re now asking when I will be back at work. I
don’t want to lose my job. What can I do?
Regards, Joanna
Dear Joanna
I’m so sorry to hear you’re going through such a difficult time at
the moment. Most employers are supportive in these circumstances
and I’m glad to hear that for the most part yours has been too.
Sometimes employer reactions change as the months pass due to
unawareness of what the employee is going through and lack of ongoing
communication. Your employer’s priority is to keep the business going
in these challenging times; but they must still respect your need for
time to recover (which can differ from patient to patient) and your
employment protections.
Your employer must, for example, consider carefully how long it can
manage without you and alternative arrangements to cover your role in
your absence. It should also, for example, consider part-time/flexible
working for you if necessary to help you return when you are able.
You can go some way to help your employer to reach a supportive
decision by informing them (without committing yourself), how long
you think you may be absent. Alternatively you might ask your doctor
to write confidentially to your employer regarding your condition and
if you may need to return on a phased, part-time basis initially
If pressure from your employer continues, you can raise a grievance
about the pressure being placed on you at this difficult time.
There are some websites with more information on employment
protections for cancer patients, especially www.breastcancercare.org.
uk, which you may find useful. I wish you a full and complete recovery.
Regards, Clare
Clare Murray is managing partner at specialist employment law firm, CM Murray LLP. To submit a query, email
clare.murray@cm-murray.com.The contents of this column are for general purposes only. Specialist legal advice
should be taken regarding specific circumstances

Martin’$ Money Matter$ contribution planning. in the medium to long term,

In January we will see VAT but many expect a moderate (if
return to 17.5%, and there is only temporary) increase later
The real cosT of every chance it could rise further this year.
economic recovery still.Britain has one of the lowest In October we saw a
VAT rates in Europe, with the prediction from the Centre
Martin Bamford, Chartered Financial average (according to research for Economics and Business
Planner, Informed Choice
from KMPG) standing at 19.8%. Research (CEBR) that the Bank

T
he figures associated with
pulling the UK economy
out of this recession are
staggering. In addition to
the £1 trillion cost of the bank
bailout, the Bank of England
has continued with their ‘asset
purchase programme’, at a total
cost of £175 bn.
What impact will all of this
spending and money creation
have on our personal financial
planning in the years to come?
Having to pay more taxes,
particularly if you are a higher
earner, seems inevitable.
A new 50% income tax rate
for people earning over £150,000
a year is being introduced on 6th
April 2010. Whilst this is only
likely to have an impact on 1%
of earners, it will mean around
£220 per month in additional
income tax for this percentage.
People earning over £100,000
a year will see their income tax
personal allowance (the amount
of earnings on which you pay no
tax) removed in stages from next
April. Those earning £113,000
or more will have no personal
allowance. It will be removed
at a rate of £2 for every £1 of
earnings over £100,000. Those
caught up in this ‘personal
allowance trap’ could reduce
the damage to their finances
with some sensible pension
Working longer and retiring Rate will remain at 0.5% until
later forms a key part of Tory at least 2011 and then stay
proposals, who suggest increasing under 2% until 2014. For those
the State pension age from 65 to fortunate to be on Base Rate
66, starting from 2016.We are Tracker mortgage deals this is
already on track to see the State good news; but new mortgage
pension age increased to 68 for (and remortgage) deals remain
men and women from 2044, but reasonably expensive and
more recently commentators have difficult to obtain.
been calling for these necessary Savers will also have to find
increases to be brought forward a way to cope with this low
and even extended to age 70. interest rate environment
We are living in a low inflation and that could mean exposing
environment, with the Retail their capital to greater
Prices Index (RPI) recording investment risk in the search
inflation including mortgage for better returns. n
interest and housing costs at Martin Bamford is site editor
-1.4% for the year to September. of BrilliantWithMoney and a
Analysts are divided on the Chartered Financial Planner at
eventual level of price inflation Informed Choice.

Still BulliSh on Brazil?
I
f you look back on my previous updates
you will know that I have been a big fan
of Brazil for the last few years. Thanks
to winning the rights to host the
2016 Olympics, the country is back in the
spotlight; so I thought it would be a good
time to take a closer look at some of the
individual companies in the region, many
of which can be traded via spread bets. Also
since my last update, Van Eck has launched
a new Market Vectors Brazil Small cap ETF
(NYSE:BRF) which opens up a whole new
way to gain exposure.
The first thing to state is that Brazil has a
stable government; President Lula da Silva
has an 80% approval rating, a level that other
world leaders could not dream of. He has
been a major force at pulling many out of
poverty and building up a Brazilian middle
class which is good for the economy. The
business environment is friendly to foreign
investors and the President has fostered good
relationships with nations that matter, such
as China. 2010 is election year in Brazil and
President Lula cannot stand again as he has
been in power for two terms already, however,
I don’t see the next president rocking the boat
and undoing the good work already done.
Brazil is rich in oil and the state still owns
the majority of PetroBras (NYSE: PBR)
which owns the Tupi Oilfield, one of the
largest new discoveries in recent years. The
President has also stated he is not interested
in exporting oil but would rather export
higher margin oil derivatives such as diesel,
gasoline and petrochemicals.
Vince Stanzione has produced a home study course to teach private investors how to
benefit from trading financial Spread Bets and Fixed Odds. To find out more and download
your free copy of Top Ten Tips from a Trading Veteran go to www.fintrader.info
Vince Stanzione, Spread betting expert, FinTrader
Other Brazilian resource companies
include mining giant Companhia Vale Rio
Doce (RIO) which is a leader in copper,
steel, coal, potassium and nickel. Steel
producer Gerdau (GGB) and sugar/
ethanol producer Cosan (CZZ) should all
benefit from the rise in commodity prices
in the coming years. Cosan is up 180%
since the last update in April thanks to
strong sugar prices.
Brazilian banks are generally intact as
their balance sheets are free of toxic assets.
Since my last update Brazilian banks have
rallied sharply and I continue to like Itau
Unibanco (NYSE:ITUB) which is now the
largest bank in Brazil.
So how we can profit from
Brazil, and iS it too late?
Since April the ishares Brazil Exchange
Traded Fund (EWZ) is up 90% so it’s not as
cheap as it was, however, we are still around
30% off the 2008 high and in the longer
term I look for Brazil to recover back to this
level and beyond. I am pleasantly surprised
how smoothly this has gone up with few
pullbacks, however, at some stage we will no
doubt have a 10-20% correction which will
shake out some of the recent hot money and
weak hands, but that does not change the
long term up-trend.
We now also have the Small Cap ETF
(NYSE:BRF) which allows you to invest in
smaller companies focused on the domestic
market and unlike EWZ does not have the
businessexperts 99
big oil weighting. Stocks such as Department
store Llojas Renner and construction
company Gafisa.
Other ways to trade include covered
warrants offered by RBS Markets and Lyxor
offers an Exchange Traded fund listed in the
UK (LBRZ).
I am also bullish on the telecom stocks
including Brasil Telecom (NYSE:BRP) and
Vivo Partipaticoe SA (NYSE:VIV) which is
the largest mobile phone service provider
in Brazil and in South America with over
40 million users. This was formed from a
Joint venture with Telefónica and Portugal
Telecom and leads me nicely into the
next stock I have been buying - Telefónica
(NYSE:TEF or TEF.MC) - you can easily
spread bet either the US or Madrid listing.
Most associate Telefónica with Spain
but their reach goes way beyond and they
are the owners of the o2 mobile company
covering UK and Europe. Telefónica is one
of the world’s largest telecommunications
companies by market cap. Its activities
are centered mainly on the fixed and
mobile telephony businesses, while its
broadband business is the key growth
driver underpinning both. It operates in
25 countries and its customer base exceeds
260 million globally. Telefónica’s growth
strategy is focused on the markets in which
it has a strong foothold: Spain, Europe and
Latin America.
TEF (US listed ADR) is currently trading
at $84 and I am looking for a move back to
$100+ in the coming months. n