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WORLD BUSINESS NEWSPAPER

THURSDAY 24 SEPTEMBER 2015

UK 2.70 Channel Islands 3.00; Republic of Ireland 3.00

Risk back on

Everyone does it

Joking apart

Is it time to loosen the leash on


bankers? ANDREW HILL, PAGE 19

Maybe the most dangerous phrase


in business JOHN GAPPER, PAGE 13

Beware trying to make foreigners


laugh MICHAEL SKAPINKER, PAGE 14

Winterkorn falls on his sword as


emissions scandal engulfs VW

Briefing
i Robinson rejects scurrilous claims
Peter Robinson, former first minister of Northern
Ireland, has rejected scurrilous claims by a
loyalist blogger that he was to receive a payment
from a property portfolio sale that is being probed
by US and UK criminal investigators. PAGE 2

3 30% wiped off companys value since Monday 3 Successor to be chosen on Friday

i UBS chief calls for end of fear culture

CHRIS BRYANT FRANKFURT


ANDY SHARMAN LONDON

17; EDITORIAL COMMENT, PAGE 12; ANDREW HILL, PAGE 19

Martin Winterkorn stepped down as


chief executive of Volkswagen yesterday, bowing to pressure over an emissions scandal that has wiped 30 per cent
off the companys share price since
Monday and sent tremors through the
European car industry.
Volkswagen needs a fresh start,
Mr Winterkorn said in a statement. I
am clearing the way for this with my resignation. He said he was standing down
in the interests of the company,
although I am not aware of any wrongdoing on my part.
The highest paid chief of a listed German company, Mr Winterkorn, 68, was
credited with turning VW into a global
rival to Toyota and General Motors. But
he was confounded by the worst scandal
in the companys 78-year history.
VW has been reeling since the US
Environmental Protection Agency
revealed that the company had fitted its
diesel vehicles with software that could
be used to manipulate emissions tests,
and demanded the recall of nearly
500,000 VW cars.
The carmaker later announced that
up to 11m of its vehicles worldwide
could be affected and said it had set aide
6.5bn to cover potential costs.
The scandal reverberated across the
industry, dragging down the shares of
US, French and German carmakers and
raising questions about the future of
diesel technology.
Yesterday, prosecutors in Lower Saxony, the German state where VW is
based, said they were considering a preliminary investigation into certain
employees at the company.
In a statement yesterday, the VW
supervisory boards executive committee said an internal investigation was in
progress, and heads would roll over the
scandal. It also said it had filed a criminal complaint over the scandal with
prosecutors.
Mr Winterkorn spent more than eight

i Pope backs Obama on climate change


Pope Francis has used his first US visit to
push for action on carbon emissions
by backing Barack Obamas move to
set strict controls on the power
sector. PAGE 9; EDITORIAL COMMENT,

Volkswagen
needs a fresh
start. I am
clearing the way
for this with my
resignation

PAGE 12

i Botn lays out Santander plans


Santander chairman Ana Botn has told investors of
her plans to cut costs, raise earnings and strengthen
capital at the bank, and address years of share price
underperformance. PAGE 18

i EU states show anger at migrant scheme


Hungarian prime minister Viktor Orban accused
Germany of moral imperialism, showing the
disquiet of several member states against a plan to
share refugees among them. PAGE 6

i Uber to raise $2.5bn for China arm


Uber is looking to raise $2.5bn for its China unit as
the ride-hailing smartphone app developer fights
against local rivals and uses incentives to attract
drivers and customers. PAGE 18

i Hadid awarded Riba Gold Medal

Martin
Winterkorn at
Volkswagens
annual meeting
in May
John MacDougall/
AFP/Getty

years at the helm of VW, a colossus


employing 600,000 people and comprising 12 brands from the mass-market
Skoda to premium sports car marque
Porsche.
Revenues during his reign almost
doubled to 200bn as he drove the company from number three in global sales
to the top slot in the first half of this year,
ousting perennial leaders GM and
Toyota.
Known for his autocratic style and
engineers eye for detail, Mr Winterkorn
emerged victorious this year from a
boardroom power struggle with chairman and patriarch Ferdinand Pich.
Ultimately, the test-rigging scandal
has proved his undoing. His position
was not helped by the fact that VW

only admitted to using the software


this month, despite having been alerted
to the suspicious test results last year.
Stefan-Guenter Bauknecht, head of
global equity research at Deutsche Asset
and Wealth Management, which has a

Volkswagen

250

Share price ()

200

Winterkorn
becomes chief
executive

150
100
50
0

200708 09 10 11 12 13 14 15

large stake in VW, said Mr Winterkorns


move was a good decision for shareholders. He added: In a Greek drama
there is catharsis that is what you
want to see. VWs shares closed up 5 per
cent at 111.5 in Frankfurt.
VWs supervisory board will consider
possible replacements for Mr Winterkorn at its meeting tomorrow, with
Porsche chief executive Matthias Mller
a leading candidate. Other potential
successors include Herbert Diess, who
recently joined from BMW.
Additional reporting by Robert Wright in
New York, Jeevan Vasagar in Berlin and
Madison Marriage in London
John Gapper page 13
Lex page 16
Emissions case dents trust page 21

Source: Thomson Reuters Datastream

Osborne to open bidding in China on


12bn of contracts for HS2 rail link
GEORGE PARKER CHENGDU

Brexit poll evokes vivid


memories of 1975 vote
A dig into the Financial Times archives
has unearthed an uncanny set of
parallels between the 1975 referendum
on Britains membership of the then
EEC and the looming vote called by
David Cameron on staying in the EU.
A prime minister (Harold Wilson,
above), harassed by an increasingly
eurosceptic party, faces cabinet
members opposed to his pro-Europe
position. Just like Mr Cameron.
Unmistakable parallels page 2

George Osborne will today open the


bidding for 11.8bn of contracts to
build the HS2 high speed rail line, while
revealing he hopes soon to get a green
light to restart the electrification of
the Manchester to Leeds line.
Mr Osborne wants to win Chinese
investment in HS2 and for regeneration
projects in the north of England, as he
concludes a five-day tour of China with a
visit to the western city of Chengdu.
The chancellor has been accused of
kowtowing to Beijing during the tour,
but he believes that the early fruits of his
commercial drive will be visible when
Xi Jinping, Chinas president, makes a
state visit to Britain next month.
The bill for construction of the first
stageofHS2fromLondontoBirmingham
has yet to receive royal assent but

Mr Osbornes decision to put the line out


to tender shows he is keen to make
progress.
Speaking in Chengdu, he will say: We
are entering a golden era of co-operation between our two countries and its
crucial that businesses and communities across the UK feel the full benefit of
forging closer links with China.
Although Britain attracts more
Chinese investment than France and
Germany combined, sceptics will wait
for more evidence to judge whether Beijing is really the answer to some of the
UKs infrastructure needs.
Mr Osborne is still awaiting longpromised investment from Beijing in
the Hinkley Point nuclear power plant;
he has offered an initial 2bn government guarantee to try to get a deal.
The HS2 contracts cover the construction of tunnels and the surface

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route of the first stage of the line.


Of more immediate concern to northern council leaders accompanying
Mr Osborne in China, is the paused
scheme to electrify the trans-Pennine
route, connecting northern cities.
The scheme was dropped by Network
Rail after costs spiralled, dealing an
embarrassing blow to Mr Osbornes
northern powerhouse scheme.
But Mr Osborne told the Financial
Times he hoped new management
under Sir Peter Hendy, formerly of
Transport for London, would soon correct the problem. Im pretty confident
we will find a way forward and Im
determined to get this line done, and get
a green line on the track, he said.
Sir Richard Leese, Manchester city
council leader, said he expected the line
to be unpaused this year.
Visit marred page 3

World Markets

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Sergio Ermotti, UBS chief, sought to dispel a climate


of fear in banking, telling managers they can make
mistakes, as long as they were honest ones. PAGE

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It has been awarded to Barcelona, to artists and to


an archaeologist, but never to a woman until now.
The Royal Institute of British Architects Gold Medal
2016 will go to Dame Zaha Hadid. PAGE 4

Datawatch
Papal approval ratings
% of US public expressing positive
views
John Paul II (1987-96*)
Benedict XVI (2005-13*)
Pope Francis (2013-15*) 80
60
40
20
0
1987 90 96 05 07 08 13 14 15
Source: Pew research *Years covered by survey

More than twothirds of the US


public hold positive
views of Pope
Francis. His rating
exceeds that of his
predecessor,
Benedict XVI, by
14 percentage
points. Neither,
however, has
approached the
popularity of Pope
John Paul II.

FINANCIAL TIMES

Thursday 24 September 2015

NATIONAL
Northern Ireland

Robinson attacks scurrilous payment claims


Former first minister
named in assembly session
about property sale
JIM PICKARD AND CAROLINE BINHAM

Peter Robinson, former first minister of


Northern Ireland, has rejected scurrilous claims made by a loyalist blogger
that he was to receive a payment upon
completion of a 1.2bn property portfolio sale that is being probed by US and
UK criminal investigators.
The allegation by Jamie Bryson came

as he gave evidence under privilege to


the Northern Ireland assemblys committee for finance and personnel in
Stormont.
The committee is investigating the
sale of 850 properties by Irelands bad
bank, the National Asset Management
Agency set up after the property crash
amid allegations of a 7m payment
intended for a politician in Northern
Ireland.
Mr Bryson claimed that evidence
involving five names was with Britains
National Crime Agency, which is carrying out an inquiry into the sale of the

Nama portfolio in Northern Ireland.


Mr Robinson said later in a statement
that the allegations lacked credibility
and had no evidential basis.
I repeat, I neither received, expected
to receive, sought, nor was I offered a
single penny as a result of the Nama
sale, he said.
The scripted performance was little
short of pantomime. It is outrageous
that such scurrilous and unfounded
allegations can be made without providing one iota of evidence.
Mr Robinson has previously said that
no one in his family or in his Democratic

Unionist party had sought to benefit by


one penny from the deal with Cerberus, an American investment group.
The allegations of irregular payments
around the transaction are in the early
stages of a probe by the US Department
of Justice, which has sent a subpoena for
information to Cerberus.
Mr Bryson told the committee yesterday that the money was paid into an Isle
of Man bank account controlled by
solicitor Ian Coulter, a former managing
partner at Tughans, a Belfast solicitors.
He said the other beneficiaries were to
be Mr Coulter, accountant David Wat-

ters, developer Andrew Creighton and


ex-Nama adviser Frank Cushnahan.
Those named could not immediately be
contacted for comment on Mr Brysons
allegation.
Mr Cushnahan has previously
informed the inquiry in a letter that he
never had any meetings, dealings, correspondence or contact of any kind
with Cerberus or its representatives.
Likewise Mr Coulter has said that no
politician was ever to receive any money
to the deal: the cash had been moved to
the Isle of Man for a commercially and
legally sensitive reason.

In July Mick Wallace, a politician in


the Irish parliament, had claimed that
7m was to be channelled to a bank
account that was reportedly earmarked for a Northern Ireland politician. He said the payment had been discovered during an audit of Tughans.
Earlier yesterday Martin McGuinness, the Sinn Fin deputy first minister,
told the committee there were very
serious questions about the Nama loan
sale. He said it was totally and absolutely wrong to say he had ever been
fully briefed about the sale process.
Cerberus has denied wrongdoing.

EU membership. Referendum

Unmistakable parallels seen 40 years after first Brexit vote


A prime minister in a corner,
divided parties and fears over
sovereignty: it could be 1975

David Cameron

Harold Wilson

Rupert Hartley/Bloomberg

Keystone/Getty Images

PHILIP STEPHENS

An overwhelming Yes settles the


issue. So ran the Financial Times banner headline in June 1975 after a two-toone vote in favour of Britain staying in
the EU.
The argument about Britains place in
its own continent had raged since the
European Six signed the Treaty of
Rome in 1957. In 1973 Edward Heath
added Britains signature. That decision
had now secured popular legitimacy
through a UK-wide referendum. At the
time, such headlines seemed a fair
assessment.
But settled, the issue was not. Though
the pro-Europeans claimed a resounding victory, FT reporting of the outcome
included a warning from Enoch Powell,

the former Conservative MP who had


spearheaded opposition to the EU on
the political right, that the outcome was
provisional. Some 40 years later, the
prospect of a second in-out referendum
has proved him right.
Much has changed since 1975. For one
thing the Common Market of nine has
become the EU of 28. Chinas rise has
redrawn the global geopolitical map. Yet
a glance at the accounts in the FT
archive of that first plebiscite shows the
parallels to be unmistakable.
Start with a prime minister harassed
by an increasingly eurosceptic party.
The calls for the restoration of Westminster sovereignty are growing louder.
In his heart, the prime minister shares
the unease about membership, but his
head tells him that Britain cannot afford
to cut itself loose from its own continent. The outs are backed by a significant group of ministers, including some
in the cabinet.
To put an end to the divisions this
freshly re-elected leader alights on a
two-pronged strategy: to renegotiate the

will be under powerful pressure to avoid


resignations.
Now, as then, much of the argument
will turn on the economy. The Dublin
deal was followed by a White Paper
warning, as the FT reported, of the
dire consequences to the economy if
the electorate votes for withdrawal.
On the question of sovereignty, the
White Paper made the distinction
between theory and practices still heard
from pro-Europeans: Britain can better
advance its national interest within the

terms of the relationship with Brussels


and put the outcome to a referendum.
For Harold Wilson then, read David
Cameron now.
For both leaders, party management
rather than high principle was the driving motivation. Both could be called
Interactive: read archived
FT stories from the time
of the 1975 vote
Parallels between Wilsons
challenge and Camerons task
www.ft.com/philipstephens

A private bank unlike


any other.

reluctant Europeans, but neither would


have opted for a plebiscite had their
hands not been forced by their parties.
Their political priorities for the renegotiation hold up a mirror to their times.
Wilson had to secure a better deal on the
Brussels budget and imports of New
Zealand butter, while Mr Cameron
wants changes to rules governing free
movement of people but both could
be said to be selling snake oil. While the
reforms are held to be transformative,
they do not change the basic architecture of the relationship.
The timetables carry uncanny similarities: a general election pledge, a

Bank of England watchdog fails to bark in first year

EFGslogan - 112x50mm - Generic ad - Q - Publication : Financial Times advert 2014 (20.08.2014)

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dEstaing. Mr Cameron is relying on the


support of Angela Merkel and expects a
tough time from Franois Hollande.
Back then the divisions were deepest
in Wilsons Labour party. Voters heard
from Tony Benns Labour left the arguments about reclaiming national sovereignty that are now pressed by Tory
eurosceptics.
Seven cabinet ministers disavowed
the deal struck by Wilson at the Dublin
summit in March 1975. The prime minister took the unique constitutional step
of suspending collective ministerial
responsibility for the duration of the referendum campaign. The rebels in Camerons cabinet may be fewer, but he too

Transparency. Carney brainchild

Evaluation office accused of


doing nothing visible to meet
mandate to build public trust

30 global locations www.efginternational.com

renegotiation due to last six months and


a plebiscite soon afterwards.
The FTs reporting of the progress of
negotiations from November 1974
showed Wilsons most important ally
was Germanys Helmut Schmidt and his
most awkward partner Valry Giscard

EU so, in practical terms, its sovereignty


is enhanced by membership.
So why did the result not stick? Most
immediately, Labours defeat in the
1979 general election saw the anti-Common Market left win ascendancy in the
party under Michael Foots leadership.
By 1983 the so-called gang of four of
leading pro-Europeans had broken
away to form the Social Democratic
party and Labour had produced a manifesto calling for Brexit.
On the Tory side, Margaret Thatcher
was a fervent champion of membership
during the 1975 referendum, but 15
years later ended her premiership as the
champion of the eurosceptics. So will a
second referendum settle it? That seems
unlikely.

CHRIS GILES ECONOMICS EDITOR

The Bank of Englands internal watchdog has published nothing in its first
year of operation, raising questions
about the banks drive to become more
accountable to the public.
Established by Mark Carney, governor, to report on the banks performance to the board, the BoEs Independent Evaluation Office has helped the
bank redraft its annual report. But it has
done nothing visible to meet its mandate to build public trust in the bank
and to embed the institutions culture of
learning.
Jonathan Portes, director of the
National Institute of Economic and
Social Research said: The Independent
Evaluation Office has been established
for a year, but does as yet not appear to
be independent nor to be doing evaluations.

The public inactivity of Mr Carneys


brainchild stands in stark contrast to
the governors commitment to enhance
transparency and openness when he
proposed the unit in a lecture 18 months
ago. The BoEs traditional reluctance to
expose itself to scrutiny and learn the
lessons of the financial crisis under Lord
King, the previous governor, ended
when Mr Carney took over in 2013 and
significant changes to its accountability
and governance structure have been
introduced.
The BoE publishes its interest rate
decisions and meeting minutes simultaneously, as well as making public the
records of the meetings of the Court, its
governing body. But it is fighting hard to
avoid additional scrutiny from the
National Audit Office as proposed in the
Bank of England bill before parliament.
The IEO was formally established last
September and over the past year, the
FT has twice requested interviews with
its director, Lea Paterson, both of which
were refused.
Mr Carney said he modelled the IEO
on an organisation of the same name
working at the International Monetary

Fund, which publishes terms of reference for its investigations and often
embarrassing assessments of the funds
research and policy.
The IMFs version has gained a reputation for independence and straight
talking, which British economists are
yet to see at the BoE.
Mr Portes said: It would be too much
to ask the IEO to be as established as its

The IEO does as yet


not appear to be
independent nor to be
doing evaluations
International Monetary Fund counterpart after only a year, but it should be
able to demonstrate it was moving in
that direction.
There are many areas of BoE policy
that arguably would be ripe for review,
such as the success of its forward guidance on interest rates and the effect of
its restrictions on mortgage lending.
Officials say privately that the IEO
would welcome suggestions from the

public about reviews it should undertake and publication of the outcomes is


seen as important for the BoEs openness and accountability.
Minutes of the Court, however, show
that rather than reviewing the success of
the BoEs policies, the IEO spent the
spring helping to redraft the banks
annual report.
Earlier Court minutes show the IEO
has been asked to evaluate the BoEs
success in meeting its obligation to consider competition in the banking sector.
Unlike the IMF, the banks IEO has not
published terms of reference or its
approach to this review.
BoE officials also say that the IEO is
undertaking an evaluation of the banks
forecasts, which is scheduled to be published before the end of the year.
Anthony Habgood, chairman of the
Court, declined to comment, but the
BoE said that as well as learning from its
own experiences, the IEO has taken on
a number of projects since its creation
12 months ago, and also supported
[former Fed] governor Kevin Warsh in
his review of monetary policy transparency.

Thursday 24 September 2015

FINANCIAL TIMES

NATIONAL

Charities told
to reform their
fundraising

Bad press

Shake-up in
sector follows
summer of
criticism
over tactics

Review says system has failed and calls


for creation of regulator after scandals
SARAH NEVILLE AND CONOR SULLIVAN

Charities risk draconian regulation if


they fail to agree to proposals for much
tighter oversight of the way they raise
funds, the author of a review into fundraising has warned.
Sir Stuart Etherington, who was commissioned by ministers to examine
practices in the sector after a series of
scandals, also called on charities trustees to play a far bigger role in ensuring
high standards. Many were far too distant from the process despite the potential for reputational damage if the conduct of fundraisers fell short, he told the
Financial Times.
Sir Stuart, chief executive of the
National Council for Voluntary Organistions, was asked to conduct the review
following a torrid few months for the
sector, which has a combined annual
turnover of 40bn.
High-pressure tactics used to extract
money on behalf of charities were
exposed when Olive Cooke, a 92-yearold who had sold poppies since before
the second world war, took her own life
after being bombarded with requests
for donations.
Allegations that charities have sold
donors details to commercial entities
were revealed after claims that a
dementia sufferer, Samuel Rae, had
been targeted by fraudsters.
Bernard Jenkin, Conservative chairman of the public administration committee, this month told the heads of four
big charities that the activities of external fundraising agencies had been
more like a boilerhouse operation than
something that reflects the values of the
charities that you serve.
Saying the current system has failed,
Sir Stuarts review urges the creation of a
new regulator, funded by levies on charities, to stamp out abuses. Those who
seriously or persistently breach the
rules should be identified and could be
forced to cease and desist from certain
methods of fundraising until problems
were resolved, it recommends.
People would also have the right to
opt out of being contacted by specific
fundraisers, via a new fundraising
preference service, overseen by the
regulator.
The Fundraising Standards Board,
which regulates the sectors activities,
argued it should be allowed to continue
to do the job. It said: We strongly
believe that a revamped FRSB, properly
resourced, would be the most viable and
cost-effective way of moving forward in

developing better regulation of charity


fundraising.
Charities welcomed the report, however, and said it would help them to
regain some of the public confidence
that they had lost.
WaterAid said the revelations about
fundraising methods had created, or at
least had the potential to create, a climate of mistrust. Mark Goldring,
Oxfams UK chief executive, said the
review had set out a sensible way forward . . . We look forward to studying
the proposals in more detail and
actively contributing to new fundraising
rules and practice that meet the high
standards expected by the public.
Sir Stuart said while charities might
dislike some of his recommendations,
the cornerstone of this is to get a
stronger self-regulatory structure in
place. Most of them, I think, are very
comfortable with that.
He suggested they needed to reflect
on what would happen if they didnt
accept the recommendations and they
continued to operate [outside] those
recommendations. Then I think the
government would have absolutely no
alternative but to statutorily regulate.
Under the 2006 Charities Act, at a
stroke of the pen the minister could
give the necessary powers to the Charity
Commission, he said.
He acknowledged that charities might
endure an initial drop in income but
argued it would be compensated for in
the longer term as organisations built
better relationships with their donors.
Nevertheless, I would not deny that its
going to have a short-term effect on
income so theyve got to weigh that up
against having a much more draconian
statutory regulatory structure.
Sir Stuart told the FT he had been
struck, while working on the review, by
how distant trustees preoccupied
with setting income targets were from
the fundraising process. For a number
of charities . . . this just wasnt on their
radar even though it represented a
huge reputational risk area.
Trustees needed to understand their
responsibilities, he said, noting that the
Charity Commission would shortly
issue guidelines that, he hoped, would
encourage trustees to become engaged
and to sign up to the new self-regulator.
Rob Wilson, minister for civil society
who commissioned the report, said:
Charities need to work together to
make sure vulnerable people are protected. He would consider the report
and respond shortly, he added.

CONOR SULLIVAN

The shake-up of their fundraising processes announced yesterday follows a


torrid summer for charities, thanks to
the exposure of aggressive tactics used
by some organisations to get donations
and the collapse of Kids Company.
Undercover journalists from Channel 4
and the Mail on Sunday reported on elderly people being bombarded with
demands for money and call centres
where managers told staff to press people for donations even when they said
they were depressed or had dementia.
The controversy intensified after the
suicide of Olive Cooke, 92. Her friends
and family said she felt tormented by
requests for donations and had 27 direct
debits to charities.
Kids Company, which had provided
support for vulnerable and disadvantaged children in London, Bristol and
Liverpool for 19 years, was forced to

The National Audit Office


will investigate the award
of government funds to
the Kids Company charity

No pressure:
a fundraiser talks
to a potential donor
in London
Howard Sayer/Alamy

160,000

40bn

6.5bn

11bn

Estimated number of
charities in Britain

Combined annual turnover


of those organisations

Annual taxpayer contribution


to those charities

Amount state bodies paid to


them in 2014 for their services

fundraising by organisations based in


the UK, handle all complaints about
fundraising and be accountable
to parliament.

Key findings of the


Etherington review
3 A new regulator should replace the
current Fundraising Standards Board,
whose financial reliance on a
membership model creates perverse
incentives. It should oversee all

3 The regulator should be paid for by


a levy on the amount that charities
spend to raise money, and would start
with organisations spending more
than 100,000.

3 A wider range of sanctions is required,


such as naming and shaming and cease
and desist orders, in addition to
compulsory training.

3 Responsibility for drawing up a code


of practice should pass to the new
regulator. The organisation that
sets out the code for fundraising the

3 Trustees need to play a greater


role. They have too often been
absent from discussions on fundraising
practice or values.

Interview. Lord ONeill

Human rights record

Osborne visit to north-west China marred


by violence involving Uighur separatists
GEORGE PARKER URUMQI

George Osborne has tentatively raised


concerns on Chinas human rights
record in the restive region of Xinjiang,
as news emerged that at least 40 people
had been killed or injured in a new outbreak of violence.
The chancellors trade mission to
Urumqi, the Xinjiang capital, was
always politically risky but the latest
violence in the region involving alleged
Muslim Uighur separatists cast a
shadow over his visit.
Mr Osbornes visit is a first by a serving British minister and one of few by
any leading western politician to the
autonomous region in the far northwest of China. Asked if his visit would be
used as a propaganda tool by Beijing, Mr
Osborne insisted he had raised human
rights issues as part of a broader conversation with China.
Mr Osborne said he had also publicly
criticised the life sentence given to
Uighur academic Ilham Tohti exactly a
year ago. Our concerns about the Tohti
case are well known and we have made
them very public, he said.
Dilxat Raxit, Munich-based spokesman for the World Uighur Congress, one
of the two main Uighur exile groups,
said: George Osbornes inability to publicly denounce Chinas suppression of
Uighurs is disappointing.
Britain cant give the silent nod to
Chinas particular suppression of the
Uighurs due to economic benefits, sending the wrong signal to China and leading to China increasing monitoring and
suppression in the region. China is using

Institute of Fundraising has not


done so in a manner that maintains
the publics confidence in charities and
is open to accusations of conflicts
of interest.

close in August amid claims of financial


mismanagement. It had received 37m
from the taxpayer over a decade.
Critics asked why it had not built up
financial reserves that could have cushioned it against a drop in funding. The
charity defended its hand-to-mouth
existence by saying it was confronted
with an ever-increasing caseload of children who needed help.
It shut its doors suddenly, leaving
thousands of children without support,
days after the government gave it 3m
to keep it afloat.
Last week the National Audit Office
said that it would investigate the
award of government funds to the
charity, including the grounds for
awarding money and how the grants
were monitored. The police, Charity
Commission and the Commons public
accounts committee are also conducting
investigations.
The charity had become a pin-up for
David Camerons vision of the Big Society; the prime minister was said to
have been mesmerised by Camila Batmanghelidjh, Kids Companys charismatic founder.
Other supporters included JK Rowling, Sophie Dahl, Bella Freud, Jemima
Khan, Joanna Lumley, Helen Mirren
and Emma Thompson.
Corporate donors included Morgan
Stanley, which gave 1.6m, as well as
Credit Suisse, Nomura, Selfridges and
John Lewis.

economic interest to divide the west.


The chancellor has refused during his
five-day tour of China to let concerns
about human rights get in the way of his
principal goal of building political and
trade ties between Beijing and London.
He declined to say whether he would
raise the Tohti case personally during
meetings in Urumqi, adding: It would
be very strange if Britains relations with
a country that has one-fifth of the
worlds population was solely about
human rights.
Mr Osborne personally requested to
visit Urumqi and spent the morning at a
company that was investing in property
in the north of England and at an English Premier League football training
camp, whose players hail mainly from
the Uighur minority.

Nuclear reactors
Investors shun 24bn
Hinkley Point project
Delays and cost overruns that have
dogged two nuclear reactors being
constructed in France and Finland
have deterred investors from joining
a 24bn project to build a new plant
at Hinkley Point, Somerset.
French utility EDF is in advanced
talks with two Chinese partners
China General Nuclear Corporation
and China National Nuclear
Corporation over their final shares
of construction spending and roles in
the building of up to three new nuclear

The visit has taken place under tight


security; Mr Osborne has travelled in a
17-vehicle convoy with roads sealed off.
Beijing-based British journalists were
advised by the authorities not to travel
to the region. Beijings sensitivity was
reinforced by news that a knife attack
orchestrated by alleged separatists at a
coal mine at Sogan in Xinjiang had
resulted in at least 40 casualties, including the deaths of five police officers.
The attack, reported by Radio Free
Asia, cited local security officials as saying that several suspects were believed
to be on the run, resulting in a massive
security crackdown in the area.
Although the attack happened on September 18, news has only just emerged.
Manufacturing hits 6-year low page 9
David Pilling page 13
plants in the UK. A deal could be
reached this year. But Jean-Bernard
Lvy, EDF chief executive, told French
newspaper Les Echos that EDF had
been unable to gain investor support
after problems with the proposed
European pressurised reactor design.
For third parties observing the
announcements of delays and cost
overruns for EPRs under construction,
it is difficult to commit, he said.
EDF said this month it had drawn up
a new road map that envisaged the
first loading of fuel and start-up of its
next-generation plant at Flamanville
in the fourth quarter of 2018, a year
later than previously projected.
Christopher Adams

Treasury minister rejects criticism of drive


for stronger trade ties with Beijing
Ex-economist says UK must
give special attention to host
nation even as growth slows
GEORGE PARKER

Lord ONeill, former Goldman Sachs


chief economist, admits he is baffled.
In his new role as a Treasury minister
he cannot understand why George
Osborne is being criticised on his fiveday tour for acting as a cheerleader for
China.
The peer, who predicted Chinas rapid
rise and coined the Bric acronym for the
worlds emerging economies, also says
Britain should get over the idea that it
has a duty to lecture others on human
rights.
The transition from Goldman Sachs
to Treasury has moved him into a political domain in which, he admits, he feels
uncomfortable. But he has no doubt
that Mr Osbornes gung-ho approach to
China is entirely justified.
If this is all part of a goal of trying to
boost British exports, Britain has to get
over one of its perpetual problems of
being a fair-weather friend, he tells the
Financial Times during a break in the
tour, his first newspaper interview in his
new job.
Lord ONeill says Britain has to pay
attention to all emerging economies but
China is special, even if its growth is
slowing.
Whats really important for a foreign
company or business is whats going on
within the GDP you want to engage

with, he says. Whats going on with


Chinas consumption.
As for human rights, Lord ONeill has
long experience in China of being
lectured on Britains record, particularly during the colonial era.
You can have your ear chewed off by
Chinese policymakers about the longterm history of human rights, he says.
We have to be careful about getting on
to a platform on that with regard to
Hong Kong in particular. Lots of Chinese
people, including their leaders, think we
were pretty naughty.
We shouldnt go round the world saying, Oi, you should do exactly what we
think. Because it might not be right and
Lord ONeill:
Britain has to get
over one of its
perpetual problems
of being a fairweather friend

guess what if you do that, you wont


be very successful in your commercial
objectives.
This hard-headed approach runs
through Mr Osbornes Treasury. Human
rights groups may wince, but the chancellors team believes Britains previously squeamish view of Chinas record
for example in Tibet has left an
open goal for trade that France,
Germany and others have exploited.
Lord ONeill has been credited with
moving the worlds focus on to the next
group of emerging economies the socalled Mints but says this has become
something of a myth.

His initial re-evaluation of which


countries should be regarded as emerging markets took in the four Bric countries plus Mexico, Indonesia, Korea and
Turkey, he recalls.
However, he reveals, the BBC then
persuaded him to a make a documentary on emerging markets and it was a
producers idea to drop Korea because it
was already a developed economy and
to add Nigeria instead, thus creating
Mint.
Lord ONeill is advising the government on emerging economies and his
project on drugs-resistant bugs, and is
the driving force behind Mr Osbornes
northern powerhouse project.
He is most focused on the northern
urban areas, delighted they have all
agreed to appoint an elected mayor to
administer the powers to be devolved by
the Treasury.
He takes issue with Greg Clark, communities secretary, who told the FT this
week that he would prefer a single Yorkshire entity (excluding Sheffield) to a
separate city region based on Leeds.
Im surprised Greg said that, he
says. I dont think its appropriate for us
to say. Its for the places to decide themselves.
As for his move from Goldman to the
Treasury he says: The quality of people, to my pleasant surprise, is as good
as I had at Goldman but with a different
purpose, which is very gratifying.
But I dont have strong political
ideologies so I find some of the sport
and politics a bit strange and it doesnt
excite me.
Chinese disasters on Aim page 23

FINANCIAL TIMES

Thursday 24 September 2015

NATIONAL
Savings tax

Party conference

Pensions body attacks Isa-style shift

Lib Dems
open to
coalition,
says Farron

Radical option for reform


would cut cash raised by
exchequer, says industry
JOSEPHINE CUMBO
PENSIONS CORRESPONDENT

A radical shift to an Isa-style taxation


system for pensions would not bring in
savings for the government and could
instead cut the tax take by 15 per cent,
according to the pensions industry.
The National Association of Pension
Funds (NAPF) says it would be wrong to
assume that ending upfront tax relief on
pension contributions would give the
exchequer extra cash.
The chancellor is considering options

to tackle an estimated 50bn of tax forgone by the Treasury each year to


encourage pension saving.
One radical option under consideration would see an end to the system
where pension contributions were taxfree when made but were taxed on the
way out, known as exempt exempt
taxed (EET).
Instead, pension savings could be
taxed like individual savings accounts,
where contributions were made from
taxed income, but the returns on the
savings were tax free when taken at
retirement, or a system known as taxed
exempt exempt (TEE).
The NAPF, which represents 1,300
pension schemes providing pensions for
more than 17m people, said a switch to a

TEE system for pensions could decrease


tax take.
Modelling a central scenario, which
assumes different proportions of contributions from different types of taxpayer
both before and after retirement
the tax take for TEE would be 15 per
cent less than under the current system, said the NAPF.
It is a myth that changing the system
will give the exchequer more money.
The NAPF said it was also a myth

50bn

15%

Tax forgone by
Treasury each
year to encourage
pension saving

Reduction in tax
take from move to
Isa-style system,
forecast by NAPF

that higher-rate taxpayers benefited


more from the current system than savers earning less.
Under the current system, pound for
pound saved before tax, higher earners
generally get a lower amount of pension
to spend and pay more tax on their pension savings than lower earners, said
the NAPF.
Non-taxpayers and basic rate savers
who drop a tax bracket in retirement do
well out of the current system, said the
NAPF. They would lose from a shift to
TEE, but would be winners under a single rate of tax relief of 25 per cent.
The comments come as higher rate
savers respond to concerns that the
chancellor may be preparing to axe
higher-rate tax relief for pensions.

Hargreaves Lansdown, the asset managers, say that pension contributions


from its higher earnings customers are
up 120 per cent year on year.
The game is up for higher rate tax
relief, said Tom McPhail, head of pensions research with Hargreaves
Lansdown.
Higher earners may feel thats unfair
but the chancellor needs to balance the
books and where else is he going to go
but to the people who have the most
money?
Keeping the current system for pensions tax relief is one of the options the
chancellor flagged in his recent green
paper, Strengthening the Incentives to
Save. But he also said he was open to
further radical change.

Architecture. Riba Gold Medal

Hadid blazes trail for women with top award


Iraq-born, London-trained
designer joins ranks that
include Scott and Le Corbusier
EDWIN HEATHCOTE

It has been awarded to a city (Barcelona) and it has been awarded to artists.
It has been awarded to an archaeologist,
to architectural historians, editors, writers and engineers. But it has never been
awarded to a woman until now.
The Royal Institute of British Architects Gold Medal 2016 will go to Dame
Zaha Hadid, the most influential and
successful woman architect the world
has seen.
It is not quite true that she will be the
first woman on the podium, Charles and
Ray Eames and Michael and Patricia
Hopkins stood together to receive their
medals as partners in husband and wife
teams, but Dame Zaha will be the first to
receive the medal in her own right.
The Riba Gold Medal is the worlds
oldest and most established architecture prize. First awarded in 1848, the
award has been won by virtually every
major name from the past three centuries from Sir George Gilbert Scott to
Le Corbusier and Mies van der Rohe.
If there is anything surprising about
the Gold Medal going to Dame Zaha, it is
that it took so long. The designer behind
the London Olympics Aquatics Centre,
the Guangzhou Opera House, Glasgows
Riverside Museum and the football stadium planned to hold the final of the
2022 World Cup in Qatar has been
responsible for the most expressively
sculptural and astonishingly futuristic
architecture of the modern age.
Dame Zaha was born in Baghdad in
1950 but came to study at Londons
Architectural Association in 1972,
where her complex Russian Suprematist-influenced drawings immediately
attracted attention. She never compromised from those early, visionary plans
and that steely determination did not
always win her friends. I always
believed, she tells the FT that whatever research and work one does, however radical, it has to become part of the
mainstream, it has to be tested through
building and not remain on paper. Yet
despite the global influence of her
designs, she built only a handful of small
structures until her career exploded in
the late-1990s.
The architect has also been familiar
with severe setbacks. The rejection of
her competition-winning Cardiff Opera
House design in 1994 was a serious blow

Recognition:
Zaha Hadid,
right, is the
most successful
woman architect
the world has
seen, with works
including the
London
Olympics
Aquatics Centre,
above, and
Glasgows
Riverside
Museum, left
Irstone/Dreamstime;
Mary McCartney;
Jeff J Mitchell/Getty

to her career, and her first substantial


building in the UK would not come until
the tiny, but striking, Maggies cancer
caring centre in Kirkcaldy, Scotland, in
2006. Most recently, the dropping of her
remarkable designs for the Tokyo
Olympic stadium caused a real shock,
not only to the office but to the broader
world of architecture. Since the
announcement of its abandonment by
Shinzo Abe, Japans prime minister, in
July, Dame Zaha has regrouped with
Japanese construction group Nikken
Sekkei to make a fresh bid for the stadium.
The Tokyo plans, like her finest buildings, envisaged a confluence of architecture and landscape in which building
becomes topography and the complex-

ity of the architecture reflects the


dynamic conditions of the contemporary city in its cocktail of movement and
fluidity. She was one of the first architects to use digital technology to enable
the construction of radical, sci-fi forms
and complex curves. Despite occasional
accusations that her architecture could
be seen as expensive and indulgent, it is
interesting to note the wide variety of
building types designed to great
acclaim, from stadiums to a factory
(BMW in Leipzig), a school (Evelyn
Grace Academy, Brixton) and bridges
(Sheikh Zayed Bridge, Dubai).
Currently designing a new Iraqi parliament building for Baghdad, a condo
tower in New York and Qatars World
Cup stadium, the practice is involved in

As a
woman in
architecture
youre
always an
outsider. Its
OK, I like
being on the
edge

some of the worlds highest-profile


projects. Having gone from outsider to
being made a dame in 2012 and having
won virtually every architecture award
(including the Pritzker Prize), the Riba
Gold Medal looks like the final recognition of establishment success. I still
dont really feel like that, Dame Zaha
tells the FT, but I suppose I must be
part of the establishment now. Ive
always been independent and because
Im flamboyant Ive always been seen
as difficult. As a woman in architecture
youre always an outsider. Its OK, I like
being on the edge.
But the award has, she says, picked
her up. Its been a very tough summer,
with the Tokyo stadium, and the Gold
Medal has been a breath of fresh air.

JOHN MCDERMOTT

The Liberal Democrats would again


enter coalition government, Tim Farron vowed yesterday, as the stricken
partys new leader spelt out how it
would adjust to the political landscape
shaken by the rise of Labours Jeremy
Corbyn.
The MP for Westmorland and Lonsdale
told the partys annual gathering in
Bournemouth that he was proud of
what we did in government, a more
positive assessment of the Lib Dems
time in Britains coalition than he
offered during his leadership campaign.
The Lib Dems held only eight of their
57 seats at the UK general election in
May, prompting the resignation of Nick
Clegg, former deputy prime minister.
After his victory in July, Mr Farron
emphasised that his Lib Dems were a
radical party, assuming that Labour
would elect a more centrist leader than
Ed Miliband.
But the election this month of Mr Corbyn, whom Mr Farron yesterday
accused of embracing the glory of selfindulgent opposition, has presented
the Lib Dems with a challenge, as well as
an opportunity.
The challenge is how Mr Farron an
irrepressible campaigning politician
comfortable with local activism can
distinguish his party from Labour under
Mr Corbyns traditional leftwing policies.
The opportunity is that, in Mr Farrons words, there is a progressive liberal space created by Labours shift to
the left, which he believes the Lib Dems
can occupy.
Privately, senior Lib Dems say that
while they support Mr Farron, such an
opportunity better suits a more centrist
politician such as his predecessor.
In an effort to grab the fabled centre
ground and to reaffirm his belief in traditional Lib Dem policies, the new
leader used his speech to lavish praise
on Mr Cleggs time in coalition.
I am proud of what we did in government and I am determined that we will
return to government, Mr Farron said.
The Lib Dem leader, who in March
gave the coalition a mark of two out of
10, said the partys tenure in government showed that it was comprised of
serious people . . . serous about taking
power, adding that these were five
years where we learnt that power is
tough . . . but worth it.
He also used his speech to announce
that the Lib Dems 112 peers in the
House of Lords would try to block the
governments attempt to introduce
Right to Buy for housing associations
and sell off expensive council houses.
And in an echo of former Lib Dem
leader Lord Ashdowns criticism of Margaret Thatchers refusal to allow Hong
Kong citizens with UK passports to settle in Britain, Mr Farron called on David
Cameron to opt into the EU quota system to resettle refugees.
There was, however, no announcement of high-profile defections from
Labour to the Lib Dems. An adviser to
Mr Farron said the new leaders focus
was on wooing Labour voters rather
than MPs.
Mr Farron added: We didnt lose the
election because our policies werent
good enough or because our manifesto
wasnt long enough. We lost because
people didnt know who we were, what
our values were.
An aide to Mr Farron said on Tuesday
the party would not rule out a future
coalition with the Conservatives or
Labour.

Skills

Language challenge

BoE sees boost for real wages

Tongue-tied companies find foreign trade lost in translation

EMILY CADMAN AND SARAH OCONNOR

Britains shift to a lower skilled economy is beginning to unwind, helping to


boost average real wages, according to
the deputy governor of the Bank of
England.
Ben Broadbent said in a speech yesterday that the relative availability of low
skilled and inexperienced workers had
helped push down productivity and
wages in the post-recession period.
Perhaps easier immigration has made
low-skilled labour easier to come by,
especially at a time when other European economies havent been growing
as quickly as the UK. Maybe deterrents
to investment in physical capital, and
new technologies, have also reduced the
relative demand for high-skilled
labour, he said.
But, he said one shouldnt exaggerate
the labour market consequences of easier immigration. Whatever its impact
on the supply of low-skilled labour in

the short term, its not been enough over


time to have a noticeable impact on relative rates of pay.
The impact of these shifts should fade
further, he suggested. A strengthening
of the recovery in the rest of Europe
would reduce the relative supply of lowskilled labour and a fall in risk premia
on new investment, in human as well as
physical capital, would raise the
demand for high skills, he said.
He also noted a rise in the supply of
graduates could partly explain why the
boost in earnings from having a degree
has fallen slightly. Research from the
Institute for Fiscal Studies showed,
however, that graduates still maintained their sizeable pay premium over
non-graduates during the recession.
The median earnings of English
women about 10 years after graduation
were just over three times those of nongraduates, while median earnings of
male graduates were about twice those
of men without a degree.

ANDREW BOUNDS ENTERPRISE EDITOR

The traditional British approach to


communicating with foreigners if
they do not understand you shout
louder in English is costing money
and jobs.
A survey of UK companies has found
that a quarter of those operating internationally or planning to do so have lost
business because employees do not
have sufficient foreign language skills.
This is one factor undermining the
governments export push: goods
exports fell in July, and the target to double the value of exports to 1tn by 2020
is well behind schedule. It may not be
reached until 2034, according to the
British Chambers of Commerce.
The dearth of British language specialists is highlighted by the recruitment
patterns of Conversis, a translation specialist. Only one-seventh of applicants
for staff jobs at the company, which
commissioned the report, were British.

While translation work is carried out


by thousands of freelancers around the
world, the Bicester-based business
needs linguists as project managers.
Gary Muddyman, chief executive, said
the push to promote Stem subjects at
school science, technology, engineering and maths should be widened. I
would be in favour of Stem-L, he said.
English has become the lingua franca
of business. So we have not had to learn
other languages. It is an issue for UK
plcs competitiveness. If you address
someone in their native tongue they are
10 times more likely to buy from you
whatever their competence in English.
Mr Muddyman advises MPs on the
all-party parliamentary group on modern languages. They found just one reference to the subject in party manifestos for this years election.
Languages are compulsory up to the
age of 16 in only 16 per cent of state
schools, according to the MPs group,
while only 9 per cent of 15-year-olds are

competent in their first foreign language


beyond a basic level, compared with an
average of 42 per cent across 14 countries.
The Conversis survey found that a
third of companies had difficulty filling
vacancies because of the scarcity of language skills. Two in five businesses said
Cultural connection:
If you address
someone in their
native tongue they are
10 times more likely
to buy from you

a lack of cultural understanding among


their newest employees had created a
barrier to growth.
The report found that, while the numbers studying languages were dropping,
there was growth in Arabic, Japanese
and Mandarin Chinese. George
Osborne, the chancellor, is allocating
10m to fund Mandarin teaching.

There were only 302,500 entries for


the three most popular language GCSEs
in 2015, compared with 321,000 in 2014
and about 332,000 in 2013. Entries for
French were down 6.2 per cent, German
down 9.2 per cent and Spanish down 2.4
per cent.
The Department for Education said:
All pupils should have the opportunity
to study foreign languages as part of a
core academic curriculum to compete
with their peers from across the globe.
Thats why from 2014 we made languages compulsory at primary school.
We have seen a year-on-year
increase in overall entries to A-level
modern languages and we expect that to
continue as a result of the longer-term
trend in rising GCSE entries for those
subjects.
However, more than a third of sixthform colleges in England have cut the
number of foreign language A-levels
they offer because of financial pressures.

Thursday 24 September 2015

FINANCIAL TIMES

FINANCIAL TIMES

Thursday 24 September 2015

INTERNATIONAL
Quota dispute

ECB

Eastern EU states fight migrant diktat

Draghi wary
over need for
further dose
of easing

Orban accuses Germans


of moral imperialism as
leaders attend crisis talks
HENRY FOY WARSAW
STEFAN WAGSTYL BERLIN

Hungarys prime minister accused Germany of moral imperialism as anger


surged throughout eastern Europe yesterday, a day after a Berlin-backed plan
to share migrants among EU states was
agreed despite objections.
There cannot be a moral imperialism, said Viktor Orban, en route to an
emergency summit of EU leaders in
Brussels yesterday to discuss the migration crisis. Germany must decide for

itself and not impose its will on other


countries. Slovakia and the Czech
Republic have vowed to scupper the
plan at the summit or breach EU rules
if it was forced upon them.
Poland, however, broke ranks with its
eastern allies to support the plan, with
Warsaw scrambling to defend itself
against domestic anger at the decision.
Robert Fico, the Slovak prime minister, said he would co-ordinate with
other countries such as the Czech
Republic to fight the decision, and that
he would ensure there was a heated
debate in Brussels.
I would rather go to infringement
than accept this diktat, Mr Fico told
reporters. We cant avoid this conflict
because we stand upon our opinion that

the quotas are senseless. The fierce


reaction reflects rancour and division
within the EU as it struggles for a
response to Europes worst migration
crisis since the second world war.
As leaders began to arrive in Brussels,
Donald Tusk, the European Council
president, said Europe faced an influx of
millions of refugees and needed to act.
The most urgent question we should
ask ourselves tonight is how to regain
control of our external borders, he

120,000

Refugees to be
relocated across
the EU under the
plan

Number of
eastern European
states opposing
the move

said.EU officials insisted the plan to


relocate 120,000 refugees across the EU
was still a voluntary scheme even
though member states face censure if
they refuse to implement it.
The scheme was agreed at a meeting
of interior ministers on Tuesday. The
opposition from Hungary, Slovakia,
Romania and the Czech Republic meant
the EU, which typically favours consensus on sensitive issues, resorted instead
to a rarely used majority voting system.
At a press conference yesterday,
Frans Timmermans, first vice-president of the European Commission, criticised the member states who said they
would refuse to carry out the scheme.
In the EU, a decision is a decision
regardless of the way you voted, he

said. The decision is legal and valid and


binds all member states.
Mr Orban, whose hardline stance in
Hungary against the migrants has contrasted with Germanys generosity, continued to resist Berlin yesterday, during
an appearance in Bavaria. Hungarians,
he said, could not think in a Germany
way, and did not have German heads
or German history.
Bohuslav Sobotka, Czech prime minister, has also said he would attempt to
derail the plan. The quotas will not
work and they have not pushed us forward in the solution to the real causes of
the migration crisis, he said.
Grzegorz Schetyna, the Polish foreign
minister, defended Warsaws decision to
support the measure.

California. Blights

Los Angeles mayors plans go begging on streets


Homelessness, crime and
traffic jams are dogging
Eric Garcettis vision for city
VINCENT BEVINS LOS ANGELES

In 2013, Eric Garcetti won an election on


a vision of a more liveable, tech-friendly
and less car-addicted Los Angeles. And
in the two years since he took over in the
second-largest US city, the low-key
Democratic mayor has expanded the
local Silicon Beach, revitalised the
downtown and overseen a population
increase.
But the cerebral Mr Garcetti, who
boasts Jewish, Mexican and Italian heritage and is rumoured to have higher
political ambitions, has recently
become snarled in this citys most
intractable problems rampant traffic,
crime and homelessness.
The severity of the last of these blights
was underscored on Tuesday when LA
city council members declared a state
of emergency and committed $100m
to deal with the growing homeless problem. If we want to be a great city that
hosts the Olympics and shows itself off
to the world, council member Gilberto
Cedillo told the Los Angeles Times, we
shouldnt have 25,000 to 50,000 people
sleeping on the streets.
The issue is a test not only of the
mayors legacy in the city, which is hoping to host the 2024 games, but his longterm plans beyond California.
His potential as a candidate for
higher office is there, says Sherry
Bebitch Jeffe, professor at the University
of Southern Californias school of public
policy. [But] the problem of homelessness is dogging him dramatically . . . and though public transportation is better than it used to be, the
metro here is still non-functioning as far
as Im concerned, she adds, noting that
on transport problems there is little Mr
Garcetti can accomplish on his own.
The office of mayor is much weaker in
Los Angeles than in other large US cities
such as New York and Chicago, not only
because much of the metropolitan area
is outside of LA city borders. This makes
it difficult for Mr Garcetti to push his
agenda and build a public profile, analysts and insiders say. Many Angelenos
do not even know the mayors name.
However, Mr Garcetti is pushing hard

Down and out:


a homeless man
roots through
his bags outside
Los Angeles city
hall on Tuesday
Damian Dovarganes/AP

to host the 2024 Olympics, and a successful bid could put his face on a popular project and push forward his vision
of a less car-addicted city.
The 2024 Olympics would absolutely help to accelerate the plans we
already have, Mr Garcetti told the
Financial Times at the China Climate
Leaders summit in LA, where he spoke
alongside Chinese mayors, US vicepresident Joe Biden and California governor Jerry Brown.
His plan would be to use the games to
push forward the deadline for the Wilshire subway line expansion one of
five underground or light rail projects
under way or in planning from 2032
to 2024, he said. Angelenos are asking
to get away from that I own a car and
drive by myself everywhere for everything kind of culture.
But his plans have hit speed bumps.
Transportation and housing have not

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kept pace with demand, pushing up the


cost of living and consequently poverty
rates, says Kevin Klowden, managing
director of the California Center at the
Milken Institute.
The crunch has led some in the citys
still dominant car culture to complain
about increased congestion and push
back against the mayors agenda. One
group, Fix the City, recently filed a lawsuit against a new Garcetti plan that
would hand more of the streets over to
cyclists and buses, arguing that it would
increase traffic before real alternatives
to car travel had been provided.
Eric Garcetti certainly worked to
facilitate more tech-related firms relocating to Los Angeles, says Mr Klowden, referring primarily to the so-called
Silicon Beach coastal area, where Snapchat is based and companies like Google
and Yahoo recently expanded. But
wages have not risen nearly as fast as

Sportsman
1925-2015

People are
being
funnelled
into
homelessness faster
than
agencies
can find
housing
for them
Ryan Navales,
Midnight
Mission

It may be endlessly debated whether


Yogi Berras greatest contribution to
American life was to the national sport
of baseball or to the mangling of the
English language. It cannot be disputed
that he made both immeasurably
richer. His death on Tuesday at the age
of 90 robs the country of one of its most
distinctive sporting and cultural icons.
The baseball records he was one of
the best catchers ever to play the game
and a powerful if unorthodox hitter
speak for themselves.
He played for the New York Yankees
for 19 years, was an all star 15 times, and
appeared as player, coach and manager
in 21 World Series championships, winning 13 of them.
In 1956 he caught Don Larsens perfect game (where no runner reaches
base), still the only one in World Series
history. Grainy photographs of Berra
jumping into the pitchers arms when it
was all over remain in any snapshot hall
of fame.
But the Yogi-isms that became part
of the national lingua franca were
equally indelible, coming out of his
mouth in a seemingly unending stream.
When you come to a fork in the road,
take it, may be the most famous, but it
has competition from its dj vu
all over again, you can observe a lot by
just watching, and baseball is 90
per cent mental, the other half is physical. He may have sounded like an

housing costs. So LA now has one of the


worst poverty rates in the country.
Even as the historic centre becomes
packed with upscale restaurants and hip
professionals living in pricey lofts, thousands of people in dire need of assistance still live on the streets, creating a
scene that shocks visitors and residents
alike. Downtowns Skid Row is home
to many of the more than 25,000 homeless people in LA city alone.
People are being funnelled into
homelessness faster than agencies can
find housing for them, says Ryan Navales, public affairs manager at the Midnight Mission homeless non-profit
organisation, who blames a housing
shortage and lack of political will.
We were [Garcettis] first interview
on his first day in office, on how he was
going to end homelessness. We havent
seen him since. Down here, we dont see
a lot of anything different.

idiot savant, but everybody knew what


he meant.
Lawrence Peter Berra was born on
May 12 1925, in The Hill, the Italian
enclave of St Louis, Missouri, the fourth
of five children born to immigrants
from outside Milan. He left school aged
just 15, mainly to play baseball.
He never appeared to regret his lack
of an education, once saying: Im not
going to buy my kids an encyclopedia.
Let em walk to school like I did.
Squat in stature, at 5ft 7in, and
Yogi Berra:
Im not going to
buy my kids an
encyclopedia.
Let em walk to
school like I did

homely of face, to put it politely, he was


known as Laudie as a boy because his
mother struggled to pronounce his first
name. He acquired his nickname while
playing amateur baseball from a friend
who thought he looked like a Hindu yogi
when he sat, arms and legs crossed and
looking sad after losing a game.
He served in the US navy in the second world war and was on a US ship off
Normandy during the D-Day landings.
Berra was good enough on the baseball diamond to come to the attention of
the visionary manager, Branch Rickey,
the man who broke the colour bar in

JAMES SHOTTER FRANKFURT

Mario Draghi said that economic conditions had become more challenging over the summer, but that it was
too early to say whether the European
Central Bank should bolster its 1.1tn
quantitative easing programme.
The ECBs president admitted that the
central bank expected a weaker economic recovery and a slower increase in
inflation rates in the eurozone than it
had projected earlier this year.
But he added that it was too early to
judge whether the slower rise in inflation which he put down to a slowdown
in emerging markets, a stronger euro
and falling commodity prices would
be a temporary or lasting phenomenon.
We will therefore monitor closely all
relevant incoming information and its
impact on the outlook for price stability, he said in an appearance before the
committee on economic and monetary
affairs at the European Parliament in
Brussels.
Mr Draghis comments come a week
after the Federal Reserve decided
against raising US interest rates and
amid growing concerns over the health
of the Chinese economy where the manufacturing sector is having its worst
month since the depths of the global
financial crisis in early 2009, according
to preliminary data released yesterday.
There was better news for the eurozone where a poll of the eurozones purchasing managers showed the blocs
economy it has struggled since the
financial crisis slowed in September
but still recorded its best quarter in four
years.
Compiled by the data company
Markit, the index for the currency area
slipped from 54.3 in August to 53.9 in
September, but still stood well above the
50 level that marks an expansion in
activity. Markits survey, which is based
on the views of 5,000 purchasing managers around the eurozone, found
steady growth in the three months to
September. A pick-up in new work and
order backlogs suggested that growth
would continue in coming months, the
report added.
Following the Feds decision, some
European investors and banking analysts have suggested that a round of
competitive easing could be on the
cards and that further action by the ECB
will be announced in December.
However, Chris Williamson, chief
economist at Markit, said that it was
unlikely that the latest PMI figures
would give the ECB immediate grounds
for a further easing of monetary policy.
The ECB would no doubt like to see
more bang for their euros as far as stimulus from their QE programme is concerned, but its debatable whether these
numbers are weak enough to convince
the central bank to take more aggressive
action just yet, he said.
France remains a particular concern.
The PMI data signal 0.4 per cent growth
of the German economy in the third
quarter, but a mere 0.1 per cent expansion in France.
Other economists took a similar line.
Christoph Weil, an economist at Commerzbank, said that the eurozone
remained on a moderate growth path,
and that there was little evidence so
far that global demand weakness was
having much impact on industrialised
economies.

baseball in 1947 by promoting Jackie


Robinson to the major leagues for the
then Brooklyn Dodgers. Rickey, however, never signed Berra to a contract,
but the Yankees did.
He became the vital cog in the New
York Yankees machine that ruled the
baseball world in the 1950s. Berra could
hit with power, amassing 358 career
home runs, but as a catcher he was unequalled in his time, a born psychologist
in handling pitchers with fragile egos
and possessed of great quickness behind
the plate and a fine throwing arm.
And he never complained about his
workload. As he once explained: I usually take a two-hour nap from one to
four. Weather didnt matter: It aint
the heat, its the humility, was one
gorgeous malapropism.
Of one particular player, Berra said:
He hits from both sides of the plate,
hes amphibious.
Later, as a coach, he hooked up again
at the New York Mets with one of his
first managers, Casey Stengel, his only
baseball equal in creative use of the English language (in 1949, Stengel had
called Berra a very strange fellow with
very remarkable abilities).
Their conversations, sadly, have not
been recorded for posterity. Berras wife
Carmen, whom he married in 1949, died
last year. He is survived by three sons
and Yogi Bear, the Hanna Barbera cartoon character he inspired. Jurek Martin

Thursday 24 September 2015

FINANCIAL TIMES

FINANCIAL TIMES

Thursday 24 September 2015

INTERNATIONAL

Russia lays bare Assad weakness


Intervention reflects allies and detractors fear that fall of president will lead to Isis victory
FT REPORTERS

Russias military muscle recently


deployed in Syria shows the powerful
alliances President Bashar al-Assad can
still count on. But it cannot hide the
weakness of the Syrian regime.
Mr Assad has survived nearly five
years of rebellion against his rule that
sparked a catastrophic civil war, killed
around 300,000 people and left him
only about a quarter of Syrian territory.
He was battered but appeared resilient.
Over the summer, however, his position
weakened dramatically.
Pro-government forces lost an entire
north-western province to rebels seeking to oust him. Further east, jihadi militants of Islamic State of Iraq and the
Levant (Isis) seized the historic city of
Palmyra, creeping up on a major highway to Syrias populated centre and also
threatening gasfields that allow the
regime to provide power and maintain
basic services. To the regime, keeping
the power on is essential to its continued
legitimacy.
There hadnt been any real victories
on the ground. The best the regime can
claim in recent months is not losing,
said Rami Abdelrahman, head of the
Syrian Observatory for Human Rights, a
pro-opposition monitoring group.
Mr Assads international allies and
detractors alike are now seriously concerned his weakness could leave Syria
even more vulnerable to the brutal
jihadis of Isis who hold nearly half of
Syrian territory.
Russian officials began to fret that he
was losing too much territory too fast
raising not only serious security concerns but also political ones. Moscow
feared a regime collapse would destroy
its ability to retain influence in any
future Syrian state.
Having the Syrian government
removed just by having it overrun is
very dangerous. It could end in a disaster like Libya, said a Russian foreign
policy official.
If sent into action, Russian forces
already deployed in Syria could certainly make an impact in the short term.
The Russian military has four sophisticated multi-role combat aircraft,
another 24 ground attack aircraft and
bombers as well as six attack helicopters
in Syria, according to IHS Janes.
Analyst Emile Hokayem argues that
despite the widespread destruction and

War zone: Syrian troops patrol in the southern town of Adra last year Louai Beshara/AFP

TU RKE Y
100km

Kurdistan
Regional
Government

Aleppo
Latakia
Tartus

IR AN

Palmyra

Damascus

SYRIA
Baghdad

Deraa Suwaida

I R AQ

J O RDAN
Isis areas of attack
Regime-held areas

Isis areas of control


Rebel-held areas

Isis areas of influence


Kurdish-held areas

loss of life they caused in opposition


areas, Syrias ageing aircraft and helicopter fleet were relatively useless for
tactical operations in the midst of battle.
The new helicopter gunships will
lead to battlefield successes for Assad.
In a matter of months, there will be a
change.
On Tuesday, using some of the 15
fighter jets recently acquired from Russia, the Syrian air force launched bombing raids on Palmyra in which it said it
killed 38 militants, a sign of the impact
its new capabilities could have.
Damascus, the capital and Mr Assads
seat of power, still looks well fortified
but many other regime-held areas look
more precarious. The regime has been
unable to push back rebels in Deraa in
the south and Aleppo in the north. Isis,
meanwhile, looks primed to strike
deeper into Syrias most populated strip
of territory that runs from the Mediterranean coast down to the capital.
But even if Russian support could give
the regime back the military advantage,
there are also signs of discontent growing within Mr Assads own support base
that could become a more serious threat
to his rule. This summer, protests
demanding better government services
erupted in two regime strongholds. In
the southern province of Suwaida,
home to a Druze minority that had
largely remained neutral or pro-Assad,
pro- and anti-government residents
protested about power outages and high
prices for all goods.
Similar demonstrations took place in
the coastal city of Latakia, home to a
large portion of Mr Assads minority
Alawite sect.
In Damascus, residents say the regime
has closed some travel agencies and
banned travel for many Syrians, apparently fearing an outflow of middle-class
residents whose presence had bolstered
its legitimacy.
A potential silver lining to the Russian
build-up could be a renewed push for
diplomacy. The west has softened its
language around the absolute requirement that Mr Assad must go.
Western diplomats are not convinced
Russia is ready to give up on Mr Assad:
The Russians are playing a game of
chicken in this, said a western diplomat, who asked not to be named.
Reporting by Erika Solomon in Beirut,
Alex Barker in Brussels, Sam Jones in London and Kathrin Hille in Moscow

Civil war

Putins military build-up in Syria leaves Iran in state of confusion


NAJMEH BOZORGMEHR TEHRAN

The US is not the only country puzzled


by Moscows recent military build-up
in Syria. The leaders of Iran, supporters of Damascus alongside Russia, are
also scratching their heads about President Vladimir Putins intentions.
Tehran and Moscow have supported
Syrias president, Bashar al-Assad, since
an anti-regime uprising that erupted in
2011 changed into a multi-sided civil
war that has seen at least 250,000 killed
and displaced about half of the countrys
22m inhabitants.
But the decision by the Kremlin to
deploy fighter jets and surface-to-air
missiles inside Syria, and the subsequent US announcement last week that
it welcomed a role for Russia and Iran in
bringing Mr Assad to the negotiating

table, have baffled Iranian officials.


There are concerns in Iran that Russia intends to leave us behind and
become the key to finding a solution for
Syria in co-operation with the US, said
one regime insider, who added that Russia has reassured us that this is not
their intention.
Tehran has not commented publicly
on Moscows reinforcement of its military presence in the war-torn country
and is unlikely to upset a key ally.
Russia is seeking to stabilise its position in the Middle East, the regime
insider said. But Iran will not be led by
Russia if this is what they are seeking.
Major General Qassem Soleimani,
head of foreign military operations for
Irans Revolutionary Guards, recently
travelled to Moscow to discuss Syria
with Russian officials, according to the

Iran will
not be led
by Russia if
this is what
they are
seeking
Regime insider

insider. Irans deputy foreign minister


for Arab affairs, Hossein Amir Abdollahian, was also in Moscow on Tuesday,
and said the two countries had consensus on the solution and the details of
how to help resolve the Syrian crisis.
For the centrist government of President Hassan Rouhani and his foreign
minister, Mohammad Javad Zarif, analysts say, co-operation with the US and
Russia over Syria is a natural way to
extend Irans geopolitical influence after
the breakthrough nuclear agreement.
Iranian leaders have long pursued an
unspoken policy of keeping conflict
with their enemies, notably Israel, away
from the countrys borders. Hizbollah,
the Lebanese Shia militant group, is the
key proxy force for maintaining this policy and Syria is a vital route for providing it with weapons.

While nobody challenges this policy,


moderate forces in the government of
Mr Rouhani believe it can be best
achieved by putting diplomacy in the
forefront, supported by a strong military force. This puts them at odds with
hardliners in the regime.
Irans supreme leader and ultimate
decision maker, Ayatollah Ali Khamenei, has yet to make clear how far the
countrys diplomats can go in talks with
world powers on Syria.
The main sticking point remains the
fate of Mr Assad. A senior western diplomat said Iranian officials privately
stress Mr Assad should remain in power,
as Iran cannot afford to let Syria out of
its orbit. He added that this could
change and Tehran could be flexible if
there was an acceptable alternative.
Worse than a cold war Page 13

GLOBAL INSIGHT
MIDDLE EAST

John
Reed

Israel the biggest loser


as Moscow gambit
lifts a flagging regime

y deploying troops, aircraft and weapons to


Syria, Russia has over the past fortnight surprised the US, outmanoeuvred regional players
such as Turkey, and positioned itself as a decisive player in any postwar regional order.
However, Israel, the pre-eminent military power in the
Levant, has arguably emerged as the biggest loser from the
Kremlins Syrian gambit. By stationing about 2,000 troops
and setting up what analysts say could become three bases
around Latakia, Moscow has bolstered the flagging regime
of Bashar al-Assad, whose main allies in the four-year-old
war are Israels leading regional enemies: Iran and the militant group Hizbollah.
Israeli planes and artillery have struck inside Syria several times since 2013 to prevent the transfer of weapons to
the militant group, and Israel accuses the Assad government of working with Iran to open a front against it in the
Syrian Golan. Now it must co-ordinate any potential
strikes with Moscow. Russias move comes amid Israeli
unease over a US-led nuclear deal with Iran, which Israel
contends is open to violation and will enhance Tehrans
ability to finance future regional military adventures.
Benjamin Netanyahu, the prime minister, has put the
best possible face on what some analysts are calling the
game-changing move by Russia. Emerging from hastily
arranged talks with Russian president Vladimir Putin on
Monday, Mr Netanyahu said Israel and Russia had agreed a
joint co-ordination mechanism to prevent misunderstandings code for clashes or dogfights over Syria.
The Israeli leader was perhaps lucky his lightning Moscow visit and fragmentary news of the underIsrael has to
standing fell just before
Yom Kippur, when Israe- acknowledge its
lis turned off their
aircraft have been
phones, and media fell
silent. With the holiday operating over
now ending, the quesSyria for years
tions are resurfacing.
Exactly how will Israel
co-ordinate its military strikes with the Kremlin? Will
there be a cyber-age equivalent of the cold war-era red
telephone Israeli and Russian military planners can pick
up? Does Russia, a big producer of the type of weapons
Israel fears, agree with Israels red lines on which of them
may or may not be used by Hizbollah?
Israeli officials have told journalists that the new mechanism will involve exchanging intelligence and co-ordinating any possible action in the border region. Meanwhile,
Mr Putin assured Mr Netanyahu that all of Russias
actions in the region will always be responsible.
However, Russian officials have been sparing with
details about how the proposed co-ordination mechanism
will work. The Russian mobilisation in Syria puts Israel in
the awkward position of having to acknowledge publicly, if
obliquely, that its aircraft have been operating over southern Syria for years. The government has maintained a policy of silence on most of its strikes to avoid provoking the
weak Assad government to mount a military response.
The policy stretches back more than a decade, and
reached an apex of sorts in 2007, when Israel carried out an
unacknowledged air strike on a nuclear reactor in Syria.
The fact that the Moscow talks took place at all suggests
that Russia and Israel see a common interest in co-ordinating. This demonstrated that both countries are interested
in continued dialogue and in exchanging information on
their efforts in the region, said Nikolay Kozhanov, a visiting fellow at Chatham House in London and a non-resident
fellow at the Carnegie Moscow Center.
Most of Israels unacknowledged military strikes have
been along the Lebanese border or in the Golan, well away
from Russias current area of deployment around the
Assad stronghold of Latakia. There has been a broad message that Israel will be able to strike in certain areas with a
relatively free hand, said Shashank Joshi, a senior fellow
at Britains Royal United Services Institute. But he added:
Their freedom of movement has not gone up; the question is what they can get away with. Its a net loss for Israel.
john.reed@ft.com

Mistral carriers

Media rights

France sells warships to Egypt after settlement with Kremlin

Sisi pardons Al Jazeera pair

ANNE-SYLVAINE CHASSANY AND


MICHAEL STOTHARD PARIS
KATHRIN HILLE MOSCOW

France has offloaded to Egypt the two


warships it refused to deliver to Russia,
bringing to an end a delicate diplomatic
affair but failing to clear doubts over
the cost of the dispute.
Franois Hollande, French president,
and Abdel-Fattah al-Sisi, his Egyptian
counterpart, have agreed on the terms
of the deal, the Elyse Palace said yesterday.
The price was about 950m equivalent to the amount that France was
forced to reimburse Russia according
to a person close to the French defence
minister.
Mr Hollande started talks with Mr Sisi
over the two Mistral helicopter carriers
a day after signing the settlement with
Moscow during the inauguration of the
Suez Canal expansion in Egypt in early
August. Other countries including Canada expressed interest but France only
engaged in negotiations with Cairo.
France had won the 1.2bn military
contract in 2011 under then president
Nicolas Sarkozy, when relationships

between the two countries were warming. Paris was due to deliver one of the
carriers last year and the second later
this year. But last year, Mr Hollande
halted the delivery following Russias
annexation of Crimea.
The episode proved embarrassing for
France which, in addition to reimbursing Moscow, was forced to pay millions
of euros each month to maintain the
vessels after backing out of the Moscow
deal.
The government has handled a difficult situation the best it could, by pre-

serving its diplomatic and financial


interests, Laurent Fabius, foreign
affairs minister, told lawmakers last
Thursday, insisting France did not pay
any penalty as part of its settlement
with Russia.
Egypt did not request financing from
France, said the French official, adding
that Egypt is not allowed to resell the
warships without Frances consent.
Mr Sisi has become a buyer of French
military equipment of late. In February,
Egypt became the first country to order
Rafale aircrafts with the help of

The Vladivostok, one of two helicopter carriers now bound for Egypt AFP

French financing. The jet, made by Dassault, had not won a single export contract in nearly three decades.
The deal is yet another sign that
Frances diplomatic push in the Middle
East, including the countrys tough
stance towards Tehran in the nuclear
talks and its efforts to revive the peace
process with Israel, has been helping its
commercial interests.
In spite of restrictions on reselling the
vessels, the Mistral deal may still raise
suspicions over whether the two ships
could end up being at the Russian militarys disposal.
Relations between Russia and Egypt
have been warming over the past two
years as Moscow courts the Sisi government seen as unsavoury by the US
to expand its footprint in the Middle
East.
In this context, the two countries are
stepping up their defence co-operation
and have been discussing massive new
arms supplies by Moscow.
Russian media reported yesterday
that Moscow was prepared to provide
Egypt with the Alligator helicopters
Russia developed specifically for the
two Mistral ships.

HEBA SALEH CAIRO

Egypt has pardoned two Al Jazeera


journalists jailed in a case that drew
international condemnation and highlighted threats to freedom of expression.
State media said Mohamed Fadel
Fahmy and Baher Mohamed, who
worked for the English service of Al
Jazeera television, were on a list of 100
prisoners pardoned by President Abdel
Fattah al-Sisi to mark the Muslim feast
of Eid al-Adha.
The full list has not been released and
it was unclear whether Peter Greste, the
Australian Al Jazeera journalist
deported earlier this year, was among
those named.
Mr Fahmy and Mr Mohamed were
sentenced last month to three years in
prison for broadcasting without authorisation and threatening the national
interest.
The sentence prompted criticism
from western capitals and international
human rights groups.
The pardon comes a day before Mr
Sisi heads to New York to attend the UN
General Assembly. Egypts leader had

promised several months ago to release


jailed youths he said might have been
unjustly imprisoned.
The list of pardoned prisoners
includes democracy activists convicted
of breaching a law restricting protests
imposed in 2013 and criticised by opposition members and human rights
groups as an attempt by the authorities
to claw back public freedoms gained
after the 2011 revolution that ousted
Hosni Mubarak, the dictator.
Sixteen women are among those to be
freed. Most were arrested at a protest
against the imprisonment of other
activists who had breached the law on
public demonstrations. They include
Sanaa Seif, a student and younger sister
of Alaa Abdel Fattah, a youth leader who
is serving a five-year jail term. He is not
among those pardoned.
Figures such as Ms Seif and Yara Sallam, a young lawyer who worked for a
human rights group and is also due to be
released, have become figureheads for
young secular Egyptians chafing at the
crackdown on all dissent that followed
the military ousting in 2013 of the
elected Islamist president, Mohamed
Morsi.

Thursday 24 September 2015

FINANCIAL TIMES

INTERNATIONAL
Factory survey

Poverty line

China manufacturing hits 6-year low

World Bank
set to swell
numbers of
global poor at
stroke of a pen

Xi aims to calm nerves but


markets bet on further
depreciation of renminbi
JAMIL ANDERLINI BEIJING

Chinas crucial manufacturing sector is


having its worst month since the depths
of the global financial crisis in early
2009, according to a preliminary reading of a closely watched factory survey.
The flash reading of the Caixin China
general manufacturing purchasing
managers index dropped to 47 points in
September, down from 47.3 in August,
marking the worst performance for the
sector in 78 months.
A reading above 50 indicates improv-

ing conditions while a reading below 50


signals deterioration. The index has
now indicated contraction in the sector
for seven consecutive months.
The survey was published less than an
hour after Chinese president Xi Jinping
delivered a policy speech in Seattle at
the start of a state visit to the US in
which he sought to reassure Americans
on a range of contentious issues, including the health of the Chinese economy.
He insisted the economy was still
operating within the proper range and
defended Beijings intervention in the
stock markets over the summer as necessary to prevent massive panic.
Mr Xi also defended his governments
decision last month to carry out a small
devaluation and move to a new

exchange rate mechanism by saying the


move had achieved initial success in
correcting the deviation in the exchange
rate.
He echoed the words of other Chinese
leaders by saying there was no basis
for continued depreciation of the renminbi and that China opposed competitive devaluations and currency wars. He
said the country would not devalue the
currency to support its exports.
However, many analysts believe per-

47

78

Flash reading
of Caixin general
manufacturing
PMI in September

Number of
months since
the Caixin index
hit such a low

sistent weakness in the export-reliant


manufacturing sector may force Beijing
to allow further devaluation in the currency in the coming months.
At present, the Peoples Bank of China
is still intervening heavily in the foreign
exchange market by selling dollars from
its forex reserves and buying renminbi
to stop a much larger depreciation.
The new leg down in the manufacturing PMI redoubles pressure on the
government to allow market forces to
guide the yuan weaker against the dollar
before year-end, said Bill Adams, senior international economist at PNC
Financial Services Group.
Markets are betting on further depreciation and the offshore renminbi is currently trading at its biggest discount on

record to the tightly controlled onshore


renminbi.
Most analysts had expected a mild
recovery in the Chinese manufacturing
sector in September thanks to loosening
credit and monetary policy conditions
and an increase in government investment as it tries to stimulate growth in
the slowing economy.
In refraining from raising interest
rates last week, the US Federal Reserve
alluded to fragility in the Chinese economy as one of its main concerns.
Another month of particularly weak
Chinese data in September could convince the Fed to hold off again from
interest rate lift-off when it meets
near the end of next month.
David Pilling Page 13

Pontiff visit. Washington

Get-rich ventures

Indian real
estate groups
$1.1bn fine for
Ponzi scheme
AMY KAZMIN NEW DELHI

Indian regulators have slapped a $1.1bn


fine on a New Delhi real estate company that raised at least $8.3bn from
58m investors who believed that they
were buying land.
In its order against Pearls Agrotech Corporation, the Securities and Exchange
Board of India said it hoped the heavy
penalty would give a strong message
to those running schemes preying on
unsophisticated Indians trying to parlay
hard-won savings into greater wealth.
In the recent past, the country has
suffered a lot in [the] hands of entities
who engage in such illegal money mobilisation under various schemes,
wherein the hard-earned money of the
common man has been duped, the
order read.
Pearls, which began operating in the
late 1990s, raised money from people
who thought they were buying valuable
plots that the company promised to
develop and sell on, ostensibly generating lucrative returns.
But investors lured via a network of
agents who received commissions of up
to 35 per cent were often assigned
vaguely defined plots in regions far from
where they lived, leaving them unable
to check out the realities on the ground.
The Central Bureau of Investigation
argued the company was essentially
a Ponzi scheme which began to unravel
early last year after authorities froze
its accounts.
The CBI move followed years of court
battles over whether SEBI had regulatory powers over the company, which
continued to raise money during its
legal battle against the watchdog.
In ordering the $1.1bn fine, Amit
Pradhan, the SEBI adjudicating officer,
said the amount of penalty is commensurate with the defaults committed by
the company and its directors.
The SEBI fine is the latest judgment
against Pearls, which is being dismantled. In August the regulator ordered
it to immediately refund the nearly
$8.3bn it took from investors.
In April, Indias Supreme Court
ordered the liquidation of all the companys assets, including properties, to
refund investors.
Indian authorities are getting increasingly tough on the many opaque
schemes that attract vast sums of
money from Indians hoping to get
rich quick.

SHAWN DONNAN WASHINGTON

The World Bank is to make the most


dramatic change to its global poverty
line in 25 years, raising its measure by a
half to about $1.90 per day in a move
likely to swell the statistical ranks of
the worlds poor by tens of millions.
The move from $1.25 would be the biggest revision since the World Bank
introduced its $1 a day yardstick of global poverty in 1990.
World leaders tomorrow meet at the
UN headquarters to commit themselves
to 17 sustainable development goals
meant to guide policy for the next 15
years. The first and most prominent is
the eradication by 2030 of extreme
poverty everywhere as defined by the
World Banks $1.25 a day line.
But the bank is expected to follow that
by shifting its poverty line to about
$1.90 ahead of its annual meetings in
Lima, Peru, in early October, a move
likely to result in significant shifts in the
estimated size and distribution of the
planets poor.
Although it is difficult to predict
exactly how many more people will be
defined as poor, when researchers at the
bank earlier this year tested a notional
poverty line of $1.92 it led to a surge of
148m.
Most of the difference came in east
Asia where the ranks of those falling
below the poverty line almost doubled
from 157m at the old $1.25 a day measure to 293m. In Latin America the result
was an increase of 8m, or more than
25 per cent in the number of poor to
37m, while in south Asia the ranks of the

We dont think we moved


the goalposts. We think
we simply updated the
goalposts to 2015

ronmentalism with which he has


approached the papacy since being
elected in March 2013.
On the flight to the US, the Pope
dismissed criticism that his views on
climate change and against unfettered
capitalism, which have triggered a boycott of his speech from one Arizona congressman, made him a leftist.
Francis said that to construe his positions as a little to the left was mistaken
and his statements against economic
imperialism and in favour of greater
care of the environment had always
been core to the Churchs social teaching.
In his White House speech, the Pope
received loud applause when he cited
Martin Luther King, the late civil rights
leader, in his plea to protect the environment and that the earth cries out to
heaven for help.
We can say that we have defaulted on
a promissory note and now is the time to
honour it, the Pope said in citing King.
The Popes support for Mr Obamas
emissions plan followed an introduction
in which he made a forceful plea for the
respect of religious freedom in the US.

poor grew by 7m to 407m. Under that


line sub-Saharan Africa remained
steady at some 416m.
In an interview with the Financial
Times, Jim Yong Kim, the World Bank
president, said the decision to adjust the
poverty line was a necessary update
because of new data on purchasing
power. The new line he said had been
very well vetted by the banks poverty
experts. We dont think we moved the
goalposts, he said. We think we simply
updated the goalposts to 2015.
The move follows more than a year of
discussions within the bank following
the release of new purchasing power
parity estimates meant to allow a better
comparison of the relative buying
power of consumers around the world
and the size of economies.
The shift is likely to renew a debate
over the robustness of the World Banks
poverty line. Earlier this year it assigned
a new commission led by British economist Sir Anthony Atkinson to examine
ways to measure poverty and how to
update the existing poverty line.
Among its members is Angus Deaton,
the Princeton economist and persistent
critic of a poverty line that he argues has
been misleading for years. Youve got a
line that no one knows where to put it,
PPPs that change and underlying data
that is bad, he said. It is sort of a statistical problem from hell.
The World Banks administering of
the poverty line also carried a hint of
conflict of interest, he said, as the banks
main task was fighting poverty, and its
very existence depended on its own
poverty measures.

Editorial Comment page 12

FT Big Read page 11

Trinity: Pope Francis is welcomed to the White House yesterday by President Barack Obama and Michelle Obama, first lady Win McNamee/Getty Images

Pope backs Obama on climate change


Francis says he is encouraged
by presidents efforts to
reduce air pollution
DEMETRI SEVASTOPULO WASHINGTON
JAMES POLITI ROME

Pope Francis has used his first visit to


the US to push for action on climate
change by backing President Barack
Obamas move to impose strict controls
on carbon emissions in the power sector.
Climate change is a problem which
can no longer be left to future generations, the Pope said in an address in
English to the 11,000 people gathered
on the south lawn of the White House.
When it comes to the care of our common home, we are living at a critical
moment of history.
Mr Obama and his wife, Michelle,
welcomed the 78-year-old Argentine
pontiff he set foot on US soil for the
first time on Tuesday on what is only
the fourth time that a Pope has visited
the US.
What a beautiful day the Lord has

made! Holy Father, on behalf of


Michelle and myself, welcome to the
White House, Mr Obama said after the
national anthems of the Holy See and
the US were played.
Our backyard is not typically this
crowded, but the size and spirit of
todays gathering is just a small reflection of the deep devotion of some 70m
American Catholics.
Mr Obama told Francis that the
excitement around his visit must be
attributed not only to your role as Pope,
but to your unique qualities as a person. He also thanked him for his instrumental role in putting the US and Cuba
on a path to restoring normal relations
after decades of hostility.
In calling for action on climate change
to protect our common home, Pope
Francis said he found it encouraging
that Mr Obama was pushing an initiative for reducing air pollution. The plan
has been fiercely opposed by US business groups and congressional Republicans. The Pope is likely to repeat the
message when he speaks to Congress
today.
The Pope also weighed into the 2016
presidential campaign by voicing his

support for immigrants and the role


they have played in the emergence of
the US as a great power. As the son of an
immigrant family, I am happy to be a
guest in this country which was largely
built by such families, he said.
His comments were a homage to the
huge number of Hispanics in America,
who are important for the future of the
Catholic church in the US. But they were
also an implicit criticism of Donald
Trump, the frontrunner for the Repub-

As the son of an
immigrant family,
I am happy to be a
guest in this country
lican presidential nomination, who has
run an anti-immigrant campaign that
has depicted Mexicans as murderers
and rapists.
The Pope travelled from the airport to
the Vaticans diplomatic mission on
Tuesday night in a small Fiat 500L,
eschewing a large popemobile or
sport utility vehicle, further evidence of
the personal modesty and staunch envi-

Iran trade

Tehrans business ties with Beijing cool as companies wait for western sanctions to end
NAJMEH BOZORGMEHR TEHRAN

When Tehran adopted a look east


policy nearly a decade ago to reverse
Irans dependence on western technology, its sights were set on China.
Amid anti-western rhetoric and the
tightening of international sanctions
imposed over Tehrans nuclear programme, China replaced Germany as
Irans top trading partner, accounting
for almost half the Islamic republics
foreign trade.
However, since Tehrans nuclear
agreement in July, with the US, UK,
France, China, Russia and Germany,
and in the expectation of improved ties
with the west, many in Irans business
community feel able to express their
perception that China has not proved
itself to be a friend in time of need.
In the absence of rivals, Chinese
groups imposed conditions by increas-

ing prices and delaying deliveries, while


Iranian industrialists felt forced to use
Chinese products, says Mohsen Safaei
Farahani, former deputy economy
minister.
When sanctions are removed the
timetable has yet to be determined
and doors open to western products,
some analysts expect Iranians to retaliate by taking their business elsewhere.
What is definite is that the speed of
growth of trade with China will decrease
as of 2017, says Mr Safaei Farahani.
The price of cars in Iran has fallen 5-10
per cent in the past five months as consumers await an expected influx of German, French and Japanese vehicles, but
prices for Chinese cars have dropped by
twice as much, according to local media.
Many industrialists are delaying or
limiting purchases from China in the
hope sanctions will soon be lifted, opening up deals with western companies.

Analysts say once the curbs are abolished, Chinese companies in technologically sophisticated sectors, such as oil
and gas and aviation, will be eclipsed by
European rivals with better technology.
The perceived conduct of some Chinese companies has left a bitter taste in
Iran particularly in oil and gas after
they signed contracts but were accused
by Irans oil ministry of failing to deliver
or making sluggish progress.
Large Chinese investments in flagship
Iranian gas projects foundered after
Irans minimum investment commitments conflicted with the far lower
amount the Chinese were willing to put
in under the sanctions regime. In 2011,
the $4.7bn South Pars gasfield under
China National Petroleum Corp (CNPC)
and China National Offshore Oil Corporations $15bn North Pas gas project
were both suspended.
Meanwhile Tahmasb Mazaheri,

former central bank governor, recently


claimed Iran felt forced to sign an ominous deal with Beijing, under which it
had to allocate about 18bn parked in
Chinese banks because of international
sanctions in guarantees to support
trade.
In comments echoed by other comMany in Iran
perceive that
China has not
proved itself
to be a friend
in time of need

mentators in domestic media, Mr Mazaheri expressed fears that China might


not return the money even if sanctions
were lifted but would take it in exchange
for imports of inferior Chinese goods.
China has to correct its behaviour if it
wants to expand its business relations

with Iran, said one Tehran-based legal


consultant.
However, Iranian observers caution
against overestimating the impact of
such sentiments, with China expected
to remain Irans top trading partner.
When asked about Mr Mazaheris
comments, Hong Lei, Chinas foreign
ministry spokesman, said the two countries remained on friendly terms and
maintained normal trade and natural
resources co-operation in line with
both sides mutual benefit. They would
continue to deepen co-operation, he
said.
Iran has political reasons for maintaining good relations with Beijing as it
seeks to counterbalance with the west.
Although much depends on oil prices,
the trade balance is generally in Irans
favour thanks to its exports of crude,
petrochemicals, iron ore and minerals.
Iran-China trade was worth $51.8bn

in 2014, according to official Chinese


statistics up 31 per cent on the previous years $39.54bn. Meanwhile declining purchasing power in Iran amid
youth unemployment of 25 per cent and
inflation of 15.4 per cent will leave many
consumers unable to afford European
products, maintaining the market for
cheaper Chinese goods.
Majid-Reza Hariri, deputy head of the
Iran-China chamber of commerce, says
Iran should not forget how China had
helped the country under the sanctions
regime despite a high-risk trading
atmosphere that naturally made some
Chinese misbehave but not more than
[others].
The psychological atmosphere
against China is because of too much
excitement about the return of western
companies, he says.
Additional reporting by Christian Shepherd in Beijing

10

FINANCIAL TIMES

Thursday 24 September 2015

LONDON FASHION WEEK

Edge and originality but at what cost?


Catwalking

Mary Katrantzou
FASHION

Jo
Ellison
In a season of knock-out
shows and store openings,
many designers have seen
poor sales. What is behind
this very British problem?

JW Anderson
On the surface, this has been a great year
for British fashion. Christopher Kane,
Erdem, Simone Rocha and, at last, Hussein Chalayan, have opened bright,
shiny stores in the capital. British label
MarquesAlmeida scored the 300,000
bonus that came with the LVMH Young
Fashion Designer prize, a shot in the
arm for a nascent brand, while Jonathan
Saunders secured investment for his 11year-old label that should ensure
growth and productivity: his backer, the
32-year-old Indian businesswoman Eiesha Bharti Pasricha, who also invested
in Roksanda last year, has emerged as a
fashion fairy-godmother in the UK.
Why then, with so many outward
signs of success, does this appear to have

Erdem
been such a challenging year for so
many British labels? Speaking to buyers
and merchandisers between the shows
at London Fashion Week, many winced
when I asked about sales. It has been
tough, was a common response.
Itscertainlynotforwantoftalent.The
collections were as bold and beautiful a
bombast of ideas as youll see in any city
this season. Collections that grabbed the
eye and held the attention from first
look to last. Neither is it a problem of
infrastructure: the influence of Newgen,
the initiative established by the British
Fashion Council in 1993 to offer business
guidance and introductions to graduate
designers, has helped transform how
labels get to market and survive.

MarquesAlmeida
Analyst Luca Solca, head of luxury
goods at Exane BNP Paribas, offers a
diagnosis: The stronger pound is a factor. But the most important challenge
for newer brands is finding a balance
between commercial appeal and innovation. Its easier if youre very small;
not so easy as you get bigger.
In other words, success can bedevil a
label. The bigger it gets (and many London brands have celebrated their 10th
birthdays this year), the more stock it
needs and the bolder, more on-brand
and more broadly priced the merchandise must be. It demands you take a
more commercial and structured
approach to the market, which can
cause teething problems, says Solca.
Not all British brands are small
after all, Kering bought a majority share
in Christopher Kane in 2013 that has
catapulted the brand into a new league
of luxury alongside more established
labels such as Stella McCartney and
Alexander McQueen (also part of the
group). But their comparative youth
means that, as yet, they have no heritage to lean on. An established brand
such as Burberry can show a SS16 collection of simple black military tailoring,
macram lace and cream slip dresses
because it knows people will buy its
scarves. Novelty is less of an issue
(although the Burberry show was novel
for its calm sophistication, and a thrilling live performance by Alison Moyet).
British designers are celebrated for
their unique point of view: the very

Burberry Prorsum
essence of London Fashion Week is its
sense of edgy experimentation, its
eccentricity and wit. But this has created a strange paradox: sales here are
currently focused at the very top end of
the market. Buyers sweep up show
stand-outs such as the cosmologyinspired dresses that opened Mary Katrantzou (the designers dresses retail for
6,000-10,000 and sell out as soon as
they hit the sales floor) but they steer

Lets rejoice in the


brilliantly bonkers or
simply lovely things
we saw in London
away from the pieces priced around
2,500, and totally ignore the basics
that are the bedrock sales for so many
other brands.
Justin OShea, buying director for
online fashion site MyTheresa, said it
best when he told me: Put on a Saint
Laurent shirt and youre wearing Saint
Laurent. The brand is so well established, so confident of its creative legacy,
that you can still wear a basic piece and
be a part of it. For a younger, less established label, you need to wear the brand.
You need the show piece.
He then anatomised a fringed dress as
seen at Christopher Kane. Its brilliance,

Christopher Kane
he said, was that this one piece told the
story of the whole show. It also introduced a new idea fringing that Kane
has never worked with before. With this
dress, buyers were offered novelty, but
also brand signatures such as the slant
pockets, razor-sharp cut and roomy silhouette. More important, the dress also
unlocked the collections commercial
potential: Kanes fringing could now be
replicated on sweatshirts or skirts, be
sold at a mid-range price and still be on
point with the seasons vision.
But if the financial reality is depressing, lets rejoice instead in the brilliantly
bonkers or straightforwardly lovely
things we saw in London and loved:
cable-tie bracelets (Kane again); jelly
wire macram vests (Simone Rocha);
huge, voluminous, leg-o-mutton sleeves
scribbled with Keith Haring-style squiggles and space-age ribby knits (JW
Anderson, who also delivered my
favourite look of the week, a wonderfully chic black suit with statement
cuffs); Prairie Madness made exquisite
via lacy Victorian tiered dresses
(Erdem); punk ruffles and shredded
chiffon at MarquesAlmeida; and the
perfect colour palette at Paul Smith.
And for those of you in search of an
instant style update, I offer you this: go
buy a length of black grosgrain and tie it
in a bow about your person. OMG darling, youre sooooo spring/summer 16.
For reviews of all the shows mentioned here,
visit FT.com/fashionweeks

Milan Fashion Week: Gucci SS16 show report


At Gucci Alessandro
Michele knows
what women want
Want to know how sticky a brand is?
Look at peoples feet. The trophy shoe
is the best indicator by which to gauge
a labels currency. And, right now, that
shoe is a backless, fur-lined Gucci loafer
/slipper, as seen at shows everywhere
from New York to Milan, and in every
climate, however fur-unfriendly.
Those not wearing the loafer (too
obvious) are cinching their waists
with a big, brass-buckled, doubleG belt, or donning one of the
brands AW15 sherbet pussy-bow
blouses. Contrary to popular
belief, most editors pay for their
Gucci goods, as do the Chinese
tourists stocking up on the new
season in Japan, according to Kerings
finance director Jean-Marc Duplaix.
Could I have predicted that Guccis
revenues would be up 11.8 per cent and
sales up 4.6 per cent by the end of the
second quarter in July? Possibly not
with that accuracy. But I could have told
you that Gucci is like, so hot right now.
Working with new chief executive
Marco Bizzarri, Gucci creative director
Alessandro Micheles rehabilitation of
the label (which accounts for more than
half of Kerings earnings) has been
lightning quick. The Italian, 43, was
announced as the new head in January;
days later he staged a menswear show,
womenswear following in February. His
vision was a wrench with the houses
recent past: he ushered in antiquelooking accessories, or fake vintage as
he describes it, androgynous cuts and
granny knits. I dont care about the
future, he has said of his historical
obsessions. He put pompom hats on
heads, and dressed bespectacled models
in unflattering but oh-so-adorable long

pleated leather skirts. He styled the


show himself a rare thing. Sales had
jumped even before his first collection
hit stores (he only edited the pre-fall
collection that arrived in July).
For a man who looks like a bearded
shaman and talks in hippie speak,
Michele is a master of merchandising.
The belt retails for about 260 (OK, I
know because I bought one), the loafer
650 (too obvious). Want a print?
Hes got 20: there are looks enough for
everyone in his mix. But where is he
taking the brand next? His subsequent
shows a resort collection and a second
menswear show have expanded on
the same geek-chic themes. Would his
student muse graduate for SS16?
Not enormously. She still hid behind
giant frames, even if they sometimes
sparkled with glitter, and her chiffons
were sheer and her sequins bedazzling.

The past is an infinite resource, said


Michele of the show, staged in a disused
Milan rail station. Inspired by the Carte
de Tendre of 1654, here were an
embarrassment of clothes, 65 looks,
with countless styles and historical
references: a rainbow crochet Cape;
lurex beanies, a tiered Victorianstyle gown with sequin bib-front
and belt (like punked-up
Valentino); a chinoiserie
embroidered skirt; an evening
gown of transparent chiffons in
neon blues and pink; a canaryyellow jacquard suit; a parrot
print straight out of the 1960s; an
electric-green lace skirt suit. One
leather skirt had a printed motif
that mimicked a Grecian urn;
serpents slipped and slithered
over the catwalk and the clothes.
And so many gew gaws, brooches,
pins, clips, bags and bitsies.
Just as Hedi Slimane has
continued to riff on the same 1960s/70s
rock groupie look at Saint Laurent to
great success, thus far Michele has
stuck to his lushly individualistic theme
and added to it. He has also carried on
souping up the companys pop
symbols. Green and red Gucci webbing
was strapped around the waist, ribbed
round cuffs and emblazoned on bags;
the double-G buckle was prominent.
But what became of the furry loafer?
It was here again, but now it was joined
by alternative versions, one with a
block heel, Gucci strapping, insignia
and pearl detail. Another was made in a
pretty jacquard. There were towering
stack-soled heels as well, and a violently
studded sandal. Everything was
embellished, no accessory was enough:
you want to wear a sequin sleeve, with a
lace glove, poppy corsage and a stack of
silver gothic rings? Micheles your man.
It looked like the worlds greatest
jumble sale and I cant wait to join the
rummage.

Thursday 24 September 2015

11

FINANCIAL TIMES

FT BIG READ. POVERTY


With more than one billion people still living on less than $1.25 a day and many emerging economies stalling,
the impressive progress made in reducing poverty in the past 25 years looks difficult to maintain.
By Shawn Donnan

Vulnerable to change

he arithmetic is daunting.
To end extreme poverty
by 2030, the world needs to
help 7,500 people move up
the economic ladder every
hour for the next 15 years, according to
one calculation. Put another way, that is
181,729 people roughly the population
of Amarillo, Texas every day.
But that is exactly what world leaders
will commit to do at the UN tomorrow as
part of a three-day summit held under
the watchful eye of Pope Francis. The
gathering will put a formal seal on a plan
prosaically known as the global goals
for sustainable development to rescue
humanity. The 17 goals, ranging from
ending hunger to combating climate
change, are intended to update the
expiring Millennium Development
Goals agreed in 2000.
At the heart of the plan is a pledge to
eradicate extreme poverty currently measured as people living on less
than $1.25 a day within 15 years. But
that ambition, while laudable, looks virtually impossible to achieve.
World Bank economists question if it
can be met amid signs of slowing growth
in emerging markets, which has lifted
millions out of poverty and raised living
standards in recent years. The organisation is also about to reset its measure of
poverty to about $1.90 a day casting
millions more into the statistical
bracket, placing the target even further
out of reach.
The remarkable reduction in poverty
over the past 25 years and the new global middle class it has helped create has
been the economic story of our time.
But both the goal to finish the job and
the challenges it faces illustrate the
uncertainty that hangs over the next
chapter.

Latin America
and the Caribbean

Walk the line

Middle East and


north Africa

The more than halving of the number of


people living in extreme poverty in
recent decades has been fuelled above
all else by rapid growth in places like
China and Brazil. And that growth is
unlikely to be replicated over the next 15
years.
The IMF expects the worlds emerging
and developing economies to grow by
4.2 per cent in 2015, down from an average of 6 per cent over the past 15 years.
For those economies it is forecasting
average growth of just 5 per cent over
the next five years, a prediction that
looks vulnerable to global economic
shocks.
Even repeating the economic performance of the past 15 years between
now and 2030 would still leave 6-7 per
cent of the global population living in
extreme poverty, admits Jim Yong Kim,
the World Banks president.
Growth is the most important factor
in ending extreme poverty, he says.
And in terms of growth there are a lot of
things that are worrisome.
Although the world has begun to
focus on broader issues such as inequality and the impact of booming economies on climate change, boosting
growth remains the most effective tool
for those trying to end extreme poverty.
Poverty data, based on household
consumption surveys, are notoriously
slow to produce. Kaushik Basu, the
World Banks chief economist, says the
piecemeal economic evidence so far
indicates that the slowing growth of
recent years in emerging economies has
yet to have an effect on poverty rates.
But that is about to change, he argues,
with countries like Brazil and Nigeria
facing new economic struggles due to
collapsing prices for oil and other commodity exports they depend on. This
will almost certainly lead to a rise in
poverty levels, he says, with knock-on
effects for the global economy.
If the future lies in a new consuming
middle class emerging in developing
economies, as many multinational corporations hope, then those people have
to rise out of poverty and stay out.
The use of global poverty lines has
always invited what experts call a level
of false precision. But they are used to
guide policy and have been at the very
least a crude tool to measure improvements in global poverty rates.
Theres an absurdity . . . in any hard
line, says Jamie Drummond, the cofounder of One, a campaigning group.
The notion that someone on $1.26 [a
day] is fine is obviously nuts.
The biggest gains in the fight against
poverty in recent decades have come in
Asian economies like China and Vietnam, which followed the rise of South
Korea and Japan before them. According to World Bank data, one in three of
the worlds poor lived in East Asia in

East Asia
and Pacific

Sub-Saharan
Africa

If the extreme poverty


measure changed from
less than $1.25 a day to less
than $1.92 the number of
poor people would be

If the extreme poverty


measure changed from
less than $1.25 a day to les
less
than $1.92 the number of
poor people would be

37m

416m

Poverty headcount
2011, million people
(% of population in the region)
If the extreme poverty
measure changed from
less than $1.25 a day to less
than $1.92 the number of
poor people would be

293m

416m
Sub-Saharan Africa
(46.8%)

407m
South Asia
(25.0%)

293m

Europe and
Central Asia

South Asia
If the extreme poverty
measure changed from
less than $1.25 a day to less
than $1.92 the number of
poor people would be

If the extreme poverty


measure changed from
less than $1.25 a day to less
than $1.92 the number of
poor people would be

407m

Poverty projections depend on growth assumptions


Global poverty headcount (%)

Assuming growth in GDP


per capita between:
19811991

16
14
12
10
8
6
4
2
0

19912001
20012011
3% target
14

16

18

20

22

24

26

28

30

Source: World Bank

Swamis story
Indian nursery worker with
little chance of a better life
A security guard at a nursery in an
upmarket New Delhi neighbourhood,
Swami Prasad, 45, knows plenty about
surviving below the World Banks
official poverty line of $1.25 a day, or
about Rs82.
Mr Prasad, who migrated to Delhi
from a water-scarce region of Uttar
Pradesh, earns Rs6,000 per month,
working 9am to 6pm seven days a
week writing down the licence plate
numbers of every car that enters the
nursery premises. Even at twice the
$1.25 a day poverty line he is struggling

to survive. Each month, he sends


Rs3,000 to Rs4,000 from his salary
back to his village for his wife and three
children, who range from 10 to 17 years
old, and manages to get by on the rest.
Unable to afford a room, he sleeps
outdoors, usually on a bench in one of
the community parks in the residential
area where the nursery is located, but
sometimes in a local market after it is
shut. His meagre possessions a
spare set of clothes, a towel and a
toothbrush are kept in a small bag at
the nursery.
Mr Prasad usually eats two meals a
day lunch and dinner. He buys the
first from nearby food stalls, paying
Rs35-40 for a meal of four rotis, dal and
a cooked vegetable. Its enough to fill

job-rich manufacturing that had an


immense impact on poverty in China.
Moreover, a new age of increasing mechanisation looms, posing yet another
threat to the sort of low-skilled manufacturing jobs many African economies
are staking their futures on.
The reality is that many of the people
who have risen out of poverty in recent
years remain vulnerable to slipping
back into it. In Africa the percentage of
the population living on less than $1.25 a
day has fallen below 50 per cent in
recent years. But almost 90 per cent of
people still survive on $5 a day or less.

Conflict and climate factors


More daunting perhaps for those looking to eliminate poverty is the fact that
400m of the global poor now live in
conflict-torn or fragile states like Somalia or the Democratic Republic of Congo,
a number that has changed very little
over the past 25 years.
By 2030, people living in such fragile
states are expected to account for 90 per
cent of the worlds poor, a forecast that
predates the violence in Syria and Iraq
and the migration crisis in Europe that
has followed.
Those predictions also do not take
into account the potential impact of climate change, drought and other natural
disasters. Most of the worlds poor still
depend on agriculture.
my stomach, he says. For dinner, Mr
Prasad walks to a nearby Hindu temple,
where wealthy devotees often
distribute free food to the poor. If there
is no food there, he walks another 25
minutes to a more distant Sikh temple,
which serves free meals every day.
After dinner it is a 45-minute walk back
to the neighbourhood where he sleeps.
Tea and breakfast are luxuries he
cannot afford.
He also has to save Rs360 every four
or five months to buy a train ticket for
brief visits home. On his next trip, hell
be taking his blanket to shield him from
the winter cold.
I cant really live within the money
Im getting but I dont have any choice,
he says. Amy Kazmin

3m

Latin America
and the Caribbean
(6.3%)
Middle East and
north Africa (0.8%)
Europe and Central
Asia (1.1%)

Based on $1.92 a day at 2011 purchasing


power parity Source: World Bank

Theres always been a


credibility problem on
poverty numbers and
its not clear that things
are going to get better

Source: World Bank

1999; today that figure is 8 per cent. In


1999 there were more than 450m people
living on $1.25 a day or less in China and
they alone made up a quarter of the
worlds poor. By 2011, the latest year for
which data are available, that number
had fallen to 84m.
More than 80 per cent of the 1bn people struggling to get by on $1.25 a day or
less do so in sub-Saharan Africa and
South Asia.
India alone is still home to more than
280m of those people. But Africa, even
after a relative boom in some of its corners, remains an even bigger challenge.
Little of its economic development in
recent years has come from the sort of

37m

3m

The $1.25 calculations are based on


2005 estimates of purchasing power
parity; The $1.92 figures are based
on the latest (2011) estimates

3m

12

1,158m

3m

If the extreme poverty


measure changed from
less than $1.25 a day to less
than $1.92 the number of
poor people would be

2010

Global total

East Asia &


the Pacific
(14.8%)

The renewed focus on poverty comes


amid a growing debate within the World
Bank about how to measure it. The
debate has significant implications for
the target being agreed at the UN this
week. The revised poverty level is the
result of new purchasing power parity
data for 2011 that were only released
last year. A new line of about $1.90
would be the banks biggest revision
since it first introduced its $1-a-day
measure in 1990.
Separately it has created a new commission led by economist and poverty
expert Sir Anthony Atkinson to establish a robust way to handle future
adjustments and look at potential alternative measures. Parts of the UN, for
example, have adopted a poverty
index to measure things such as access
to education and healthcare that ignores
income in favour of a broader reading of
living standards.
Such measures of poverty are controversial because they are open to a wide
range of interpretations. Should deprivation be measured by years of schooling? Or by pupils results or even success
or failure in the labour market?
But the banks global poverty line has
long generated its own controversies.
Even its own economists agree it is
imprecise and based on infrequent data
from household surveys that vary
widely in quality.
Beyond that it is also adjusted according to purchasing power parity indices
that take years to assemble, often leaving the numbers out of date. The latest
shift in the line, for example, is due to
the new PPP measures for 2011 that
have taken more than a year for the
bank and its experts to digest since their
release.
In the past, those adjustments have
also come with wild swings in the numbers of poor in the world. When the
World Bank last tweaked its poverty line
from $1.08 to $1.25 a day in 2008 it
announced that it had found 400m
more people or the equivalent of a
third of the population of China than
it previously expected living in extreme
poverty.
When independent researchers in
2014 applied that same $1.25 poverty
line to the existing World Bank data

using the 2011 PPP update they calculated a halving in the number of people
in the world living in extreme poverty
from 1.2bn to less than 600m.
Mr Basu argues that the banks latest
revision is designed to avoid such wide
swings in the global headcount but
admits that, if he had his time over, he
would have designed the measure differently.
No matter how it was chosen
. . . I want to hold it constant because
that is the yardstick over time, he says.

Vested interests
The moves have yielded new questions
about whether the bank is massaging
the numbers in its own interest.
Theres always been a credibility
problem around global poverty numbers and its not clear that things are
going to get better in the foreseeable
future, says Laurence Chandy, a fellow
at the Brookings Institution in Washington and member of the new Atkinson
commissions advisory panel.
Dr Kim has vowed to improve the
poverty statistics and especially the
paucity of data in the developing world.
But such discussions of arithmetic
obscure the bigger issue: too many people in the world remain stuck in poverty,
however you measure it. Ultimately
that is what world leaders want to
address but an already difficult task is
about to get even harder.

Leading role One in three of the


worlds poor lived in east Asia in 1999,
today the figure for the region is 8 per
cent, according to World Bank data
Fragile middle Many of those who have
risen out of poverty remain vulnerable.
In Africa, almost 90 per cent of people
still survive on $5 a day or less

New poverty line? Recent shifts in PPP


data could lead to the World Banks
biggest increase since it first
introduced its $1 a day measure in 1990

12

FINANCIAL TIMES

Thursday 24 September 2015

Letters
Turkey stands ready to help EU with crisis

THURSDAY 24 SEPTEMBER 2015

Banking cannot prosper


within a culture of fear
There is little to dread from the risks taken by well-capitalised banks
Taking risks is an essential, even admirable aspect of doing business. This has
been understood since biblical times;
in the Parable of the Talents, the two
servants who risked their masters
money were rewarded, while a third
who nervously hoarded his coin was
flung into the outer darkness. In
todays economy few characters
deserve as much praise as the entrepreneur who stakes all in pursuit of opportunity. It takes risk to turn a technical
breakthrough into a blockbuster product, to crack a new market or invent
one where none stood before. Without
risk taking, there can be no growth.
As is so often the case these days,
banking appears to make an exception
to the rule. Not so much the dauntless
entrepreneur, the phrase risk-taking
banker summons a callow twentysomething, heedlessly speculating with
others cash and livelihood. In light of
the opprobrium that such financial
types attract, it is striking that Sergio
Ermotti, the chief executive of UBS, has
been so bold as to urge his staff to
embrace risk-taking again.
Mr Ermotti is right to make this call,
but first it is important to remember
why his industry does merit different
treatment. Being highly leveraged,
banks speculative investments do
indeed put others money at risk. The
deposits they take are guaranteed by
the state, explicitly through guarantee
schemes or implicitly, in anticipation of
how governments are forced to step in
when the bank topples over. Banks
have come to epitomise moral hazard,
where a party taking a risk does not
bear the full consequences of it going
wrong. Too much moral hazard and
risk-taking mutates into recklessness.
The lesson of the global financial crisis
is that bank failures, however skilfully
resolved, are damaging to the rest of
the economy. But if recklessness can be
harmful, so too is a culture of fear.

Mr Ermottis words were aimed at a


private audience, with the interest of
UBS uppermost. Few if any banks have
taken as determined steps to reduce
risk of failure, in particular by attaining
a common equity ratio higher than that
of any competitor. UBS has withdrawn
from many lines of business, including
much of its fixed income trading. This
cautious strategy has left staff with
fewer opportunities, and a greater need
for entrepreneurial verve if shareholders are to receive their due reward.
More intrepid bankers are also good
for the economy. There is now too facile
a belief in a simple division between
good and bad risk-taking, which
pitches what bankers do squarely into
the latter category. No such clear dividing line can be drawn. Banks seek out
exposures that others wish to shed, and
transfer them to investors happier with
the risk. Their activities are less about
the creation than the management of
risk. Well-run banks often retain a significant slice of the investment. Rather
than standing apart from industry,
innovation or commerce, they are
tightly enmeshed in all. And when they
pull in their horns, customers at both
ends of the bargain get a worse deal.
For banks that are well capitalised, it
is the shareholders who stand at the
front of the queue for any losses. No
doubt they are often blindsided by the
actions of the companies they own
investors in UBS have had to weather
billions in losses from rogue trading
and fines for market abuse. But this is a
matter for corporate governance, not
specifically banking.
The negative exceptionalism that
tarnishes banking can be taken too far.
It is not the only sector wrestling with
principal-agent dilemmas and wonky
incentives. Any company structured
with limited liability can be tempted
into unwise risks. Just ask an investor
in Volkswagen.

The Popes pathbreaking


address to Congress
Capitol Hill should not confuse the pontiffs agenda with politics
The last dignitary to address the joint
houses of the US Congress was Benjamin Netanyahu earlier this year. It is
safe to say Pope Franciss address on
Thursday will be far more emollient.
Unlike the invitation to Mr Netanyahu,
this one to the Pope has bipartisan
backing. Both Nancy Pelosi, the House
minority leader, and John Boehner, the
Speaker, are practising Catholics. Yet
this pontiff also has an agenda. As the
first to be invited to speak on Capitol
Hill and the first to have been born in
the Americas he is unlikely to let the
moment go to waste.
The Popes goal is to revive the Catholic Church in America where Mass
attendance is in steady decline. Democrats and Republicans have other priorities. Chief among Pope Franciss secular concerns are the humane treatment of migrants, rising inequality and
the threat of global warming. Each is an
issue on which Democrats, including
Mr Obama, claim the pontiffs support.
Republicans will seek to highlight his
doctrinal positions. Though Francis
has preached forgiveness for women
who terminate pregnancies, his opposition to abortion is unwavering. The
same applies to his plea for tolerance
towards gays. Ahead of a possible government shutdown over Republican
plans to defund family planning clinics,
any hint from Pope Francis on abortion
will be politicised.
It could hardly be otherwise. With
two-thirds approval ratings, Pope
Franciss popularity far exceeds that of
any US politician. Congress barely
makes double digits. Politicians will
reach for his reflected glory. Yet neither
party should confuse Franciss likeability with support for his positions. Nor
should he.
One of the causes of declining church
attendance in the US is the Vaticans
rigidity on social doctrine. The
Churchs often heartless response to

the rash of sexual abuse scandals in the


US priesthood, and elsewhere, has also
damaged its reputation. Pope Francis
has won over many by softening the
churchs unforgiving stance on gays
and those who divorce without annulment. He would win many more by
removing all obstacles to a full reckoning of the churchs paedophile scandals.
Nor should his left-leaning admirers
over interpret his emphasis on the
Social Gospel. As in Italy, America is
witnessing growing inequality at home.
But the gap between developing and
developed countries is shrinking. The
Popes withering views on free-market
excesses likening the pursuit of
money to the dung of the devil, for
example draws considerably from
his Latin American experiences. He is
right to point to the moral challenge of
gross wealth inequality. But he holds no
expertise on its remedies. The same
applies to global warming. Compulsive consumerism is fuelling climate
change, as he said in his papal encyclical in June. But the market is the best
mechanism to redress it ideally via a
carbon tax.
Welcoming immigrants is where this
Popes agenda clashes most directly
with US politics. The Churchs strongest ray of light is in its booming Hispanic congregations. Many of its members are undocumented and some of
the legislators the pontiff will address
this week are demanding their deportation. He has shown courage by calling
on Europes leaders to take in more refugees of any religious background. He
is likely to draw on that same humanitarian spirit in his address to Congress.
Politicians on all sides of the aisle will
find it hard to resist making partisan
hay of Pope Franciss utterances. They
should remember, however, that his
real audience the people of America
would prefer to filter his encomiums
on their own.

Sir, I read with interest Alex Barkers


column Emergency gives Turkey
bargaining power with wary EU
(Global Insight, September 22). Quite a
lot has been reported and written on
the migration crisis in the EU these
past few months. Yet, I
cannot but think that it is being blown
out of proportion.
Weve been handling the Syrians for
the past four years without much fuss.
Maybe that has been our mistake. We
should have complained. The EU has
treated the crisis in a manner that does
not befit it. This is a common problem

and we should be able to manage it


together.
Two weeks ago Donald Tusk, the
European Councils president, came to
Turkey, and last week it was the
foreign ministers of Luxembourg,
Austria and Germany one after the
other. The sad thing is that the EU
remembers Turkey when it needs us.
All these years when we had a foreign
visitor and when they went to see the
camps for the Syrians, they all patted
us on the back saying how good of a
job we were doing and then forgot
about the matter. Now that they are

Negotiate with Assad


then lead the call
for international justice
Sir, On first reading, Gideon Rachmans
suggestion that a peace process in Syria
must involve Bashar al-Assad seems
shocking (We must compromise with
evil in Syria, September 22). But some
time ago Clausewitz taught us that
there are only two ways to win a war:
defeating the enemy or negotiating a
compromise.
In my career in the UN, I was part of
a Security Council agreement in
Cambodia which, as Mr Rachman cites,
included the Khmer Rouge, who killed
far more people than President Assad
or for that matter, Isis. Later in the
mid-1990s I served in the former
Yugoslavia where again a peace
negotiation only came by including the
very perpetrators of violence.
Mr Rachman is correct in saying that
the focus must be on the process not
the individual. I add one important
point. In Cambodia, and in former
Yugoslavia, there were international
tribunals subsequently and I was a
prosecution witness against Milosevic
and Mladic. The west should lead the
call for international justice in Syria.
Lord Williams of Baglan
Distinguished Visiting Fellow,
Chatham House,
London SW1, UK
Former UN Under Secretary General

How not to get Syrias


president to the table
Sir, Concerning the Syria crisis and the
fate of President Bashar al-Assad,
Gideon Rachman has had an epiphany:
The answer must surely be to
concentrate on the process, not the
man (We must compromise with evil
in Syria, September 22). This sober if
belated assessment follows an earlier
report in your columns in which US
secretary of state John Kerry asked
whether the Russians will be willing to
exert their influence in bringing Mr
Assad to the negotiating table.
The truth is that the US-led
insistence hitherto on Mr Assads
departure as a precondition for ending
the violence has been a major obstacle
it seems obvious that a priori
removal from office would hardly act
as an incentive for the Syrian leader to
participate. And did dictator-ousting
in Libya and Iraq go entirely according
to plan?
David C Speedie
Senior Fellow and Director, US Global
Engagement Program
Carnegie Council for Ethics in
International Affairs,
New York, NY, US

A Muslim boy,
a cool clock, and
an American
dream

Notebook
by Roula Khalaf

facing a similar yet much smaller


challenge they are asking us to help.
We are ready to do so. All we need is an
open dialogue to manage the flow in a
civil, legal and organised manner.
Nobody wants to see the terrible
pictures that are the result of human
trafficking.
We need a strong, self-confident EU
that offers solutions rather than being
unsure of how to handle the problems.
I can assure you that Turkey is ready to
discuss all these with the EU.
Selim Yenel
Ambassador of Turkey to the EU
could see how efficient, say, a 2013 VW
Golf is on average, and I could spot any
attempt to under-report fuel
purchased.
The software reporting fuel data
would ideally be open source, but that
would take manufacturers some time
to accept. That way, any updates to the
software could be rolled out quickly
without drivers needing to be involved,
much like a smartphone app. Using big
data as an unmonetised public service
could be a useful model for many other
activities. Most interesting of all, if
Google made cars, what would it do?
Jonathan Fletcher
Priors Marston, Warwicks, UK

Youve got something unaffordable

Put a special tax


on wide cars
Sir, As always, slow inexorable
developments are not covered by the
media as much as the daily drama.
When car manufacturers maximise
profits by making ever bigger cars,
parking lots become impossible to use
(no space to open front door if the
neighbour is also a sport utility vehicle)
and the public road system gets more
difficult for us when all are wide as
lorries.
The hidden costs of useless car
swelling must be brought into the
daylight, and paid for by somebody.
The buyer of enormous cars, I
suppose. Put a special tax on wide
cars and make slim but roomy cars
a better deal.
Lennart Dahlbeck
Stockholm, Sweden

VW scandal presents an
interesting opportunity
Sir, The allegations against Volkswagen
are indeed serious, and may explain
why real world fuel consumption
exceeds the official test estimates, and
also why Londons air quality is
stubbornly low. The first reaction is to
find somebody to blame, but there is
an interesting opportunity here.
My car (diesel, not a VW) can
display instantaneous fuel
consumption and distance to empty,
and thus knows how much fuel has
been added and how fast it is being
burnt. If this information (make,
model, fuel consumed, speed, outside
temperature, date, time, potentially
even location) was sent to a public
service big data warehouse and
published anonymously, and made
available to me for my own analysis, we
could all know what real world fuel
consumption actually is. The public

Hes one of the most famous


schoolboys in America possibly the
most famous. Hes also Muslim. In
fact, in some ways hes famous
precisely because hes Muslim.
Ahmed Mohamed is the 14-year-old
boy from Irving, Texas, who shot to
stardom shortly after a teacher
mistook his homemade clock for a
hoax bomb. He was briefly arrested
last week and suspended from school,
sparking an extraordinary wave of
sympathy that flowed from the White
House to Silicon Valley.
President Barack Obama tweeted
Cool clock, Ahmed and invited him
to visit; Mark Zuckerberg told him
hed love to meet him at Facebook.
The hashtag #IStandWithAhmed
went viral, and supporters posed for
pictures holding clocks in solidarity.
Suddenly the American dream
opened up for the boy whose father
came from Sudan, with a seat at the
Google Science fair and an internship
offer from Twitter. Faced with
dizzying possibilities, Ahmed is
looking for a new school where he
may well secure a scholarship.
Paradoxically, Ahmeds distressing
clock experiment could prove the best
thing thats ever happened to him. In
the land of the free, nothing trumps
celebration of innovation. We should
inspire more kids like you. Its what
makes America great, the president
tweeted.
Its possible that the case was driven
by excessive angst over security; some
commentators have pointed to other
kids who were deemed a security

Buoyant source of funds


for Charity Commission
Sir, May I please pick up on the last of
your ideas for reforming charity in
this country? (Britains charities
need better oversight, editorial,
September 21.)
Last week I gave the second annual
Charity Commission Lecture, in which
I looked at how better to pay for a
growing agenda of work I hope the
commission will undertake, including
that as the regulator of the very
important charitable sector. One idea
has been to levy the cost of the
regulator individually on to the
charities themselves. While the
commission has found that some
charities are supportive of such a
move, there would be the problem of
individually billing charities and then
attempting to collect the money.
Keeping with the idea that the sector
should pay for its own regulation I
suggested what I hoped would be a
much simpler, less bureaucratic and
more effective idea that could also
provide the Charity Commission with a
buoyant source of revenue.
A few weeks ago you reported on the
taxpayer contribution to charities
coming in at around 4bn (Shrinking
state: should investors fill the gap?,
August 8). Might not the Treasury
consider a very small top slicing of this
fund to finance the Charity
Commission?
This proposal abolishes completely
the cost to public expenditure of the
Charity Commission. It provides the
Charity Commission with a more
independent source of money thereby
entrenching its independence. It also
lays the basis for increased donations
from taxpayers to boost the Charity
Commissions finances at a time when
there is general agreement that it
should become more proactive rather
than less.
Frank Field MP
Labour, Birkenhead,
House of Commons

threat because of a peculiar drawing


or a piece of writing. But activists are
holding up Ahmed as a symbol of
growing anti-Muslim sentiment, a
decade after the war on terror fed
perceptions that America had gone
into battle against Islam. The election
of Mr Obama, who made early
overtures to the Islamic world, helped
ease the fears of many Muslims but
not for long renewed concerns
about terrorism and a string of attacks
on Muslims in recent years have
exacerbated anxieties once more.
There is cause for concern.
Americans in general view Muslims
the least positively of various religious
groups, according to 2014 Pew
Research. But theres a partisan
element at play here, too: research
shows that people who identify
themselves as Republicans or lean
more towards the party have more
negative views of Muslims than
Democrats do. In a Pew survey this
year, Republicans gave Muslims an
average rating similar to that of
atheists, while Democrats ratings put
them slightly higher, on a par with
atheists and Mormons.
Ahmeds case came up last week in
the Republican presidential debate
but candidates dodged the question.
By contrast, Hillary Clinton, a
Democratic candidate, rushed to the
boys defence (Ahmed, stay curious
and keep building, she tweeted). But
just as the teenagers story was playing
out on social media, the issue of Islam
in American life was returning on to
the political agenda.

Email: letters.editor@ft.com or
Fax: +44 (0) 20 7873 5938
Include daytime telephone number and full address
Corrections: corrections@ft.com

Truth is, Openreach is


best kept as part of BT
Sir, It was with great interest that I read
of some BT rivals trying to argue for
the company to be split from its armslength infrastructure division,
Openreach (Letters, September 21).
As can happen, there was some
distortion and selective use of facts.
Nobody claims perfection but why
do down the UK when in fact
independent studies show the country
leads the EU big five for broadband?
Ofcoms chief executive told MPs in
July that the current model is not
broken.
I know there are frustrations over
customer service and the wait for faster
broadband at the 10 per cent of
properties yet due to get fibre or some
other improvement. We understand
this and plan to do more. But that is no
reason to distort the truth about a
supposed lack of investment.
Investment in Openreach stands at
1bn a year and is going up. BT has
spent hundreds of millions rolling out
faster rural broadband alone and in
partnership with government rather
more than our critics and we intend to
go further still. Our rivals claim they
would like to invest in an independent
Openreach. I do not find this credible
given their scepticism when BT moved
ahead with its 3bn-plus investment in
superfast. Sky and Talk Talk refused to
market the product properly when
Openreach first made superfast
available, preferring to sweat their
existing investments.
The truth is that having Openreach
within BT Group is in the best interests
of the UK and of all the
communications providers to whom it
gives equal access, prices and service.
Openreach benefits from the scale,
investment and 500m annual
research and development programme
of BT Group. The wider Group gives
Openreach the confidence to do things
like move early on ultrafast. There is
no guarantee an independent
infrastructure operator would invest
more and a genuine danger it would
invest less. International experience of
full separation is very limited but has
not been a success.
The country needs faster universal
minimum broadband speeds and a
jump from superfast to ultrafast across
most of the UK. This is what BT plans
and we shant be distracted by selfserving calls from competitors.
Gavin Patterson
Chief Executive, BT Group

The most fitting tribute


to Sir Adrian Cadbury
Sir, It is fitting that leading institutional
investors have remembered Sir Adrian
Cadbury (Letters, September 18). The
code developed by the committee
chaired by Sir Adrian was innovative
(with the introduction of the comply
or explain concept), concise, and
fostered a culture of continuous
improvement in the boardroom.
There have been some healthy
advances in corporate governance over
the last two decades but much remains
to be done.
The best tribute board members,
investors and advisers could pay Sir
Adrian would be to promote the longterm sustainable success of listed
companies in a way that benefits all
their stakeholders and wider society.
Anthony Carey
Partner, Mazars,
London E1, UK

It started with Donald Trump.


Having made headway with his rants
against Hispanic immigrants, he made
no effort to counter a suggestion from
the audience at a campaign rally that
Mr Obama was a Muslim.
Soon afterwards, Ben Carson, the
retired neurosurgeon who is a
presidential candidate, was asked on a
Sunday talk show whether a Muslim
should become president and whether
Islam was consistent with the US
constitution. His answer was that he
absolutely would not agree that a
Muslim should be president.
The political climate guarantees
that Ahmed and his clock will remain
in the news for a while. In the past
few days a twist has emerged, focusing
not on the role religion might have
played in the suspicions of the teacher
and the police but on the boys
engineering skills.
Did Ahmed really make his own
clock? Does he deserve to be
promoted as an innovator? Richard
Dawkins, the evolutionary biologist,
has weighed in with an attack on
Ahmed, charging that all the youth
did was reassemble a clock, which
made his claim to have built his own
device false.
Given that the point of defending
Ahmed was not the genius of his
invention but the infringement on his
human rights, Mr Dawkins
accusations attracted a torrent of
criticism. The Muslim boy from Texas,
meanwhile, gained a little more fame.
roula.khalaf@ft.com

Thursday 24 September 2015

13

FINANCIAL TIMES

Comment
Xi has to cede power to the plutocrats
ASIA

David
Pilling

f Xi Jinping, Chinas supreme


leader, understands anything, it is
the nature of power. That is why his
first call during a week-long state
visit to America was not on the
political leaders in Washington but on
the business elites in Seattle.
Mr Xi has concentrated more power
in his bearlike, avuncular personage
than any Chinese leader since Deng
Xiaoping, and arguably than Mao
Zedong himself. The irony is that he
heads a nation that looks more vulnerable, in some ways, than it has done for
years. Chinas economic model is audibly creaking and in need of urgent
repair. Growth has slowed to practically
half its level of a few years ago. This
week, figures revealed that the manufacturing sector, once the economys
mainstay, is slowing fast.

The US is exactly the reverse. Compared with Mr Xi, who has few checks
on his power and who can expect seven
more years in charge, Barack Obama
looks like a spent force, despite his
recent active streak. He must answer to
a hostile Congress and has barely more
than a year left in office. Yet America is
resurgent. Its tech companies are on top
of the world; it has unearthed vast,
cheap energy resources at home; and its
economy is surging back from the selfinflicted financial crisis of 2008.
Mr Xi has chosen to meet those who
are leading the US revival. In Seattle,
where he will spend more time than in
Washington, he will rub shoulders with
Tim Cook, chief executive of Apple, Jeff
Bezos, head of Amazon, Warren Buffett,
a legendary investor beloved in China,
and Bill Gates, co-founder of Microsoft.
Their authority, unlike Mr Obamas, is
not circumscribed by term limits.
Although they have to abide by laws on
tax, labour and the environment, they
wield enormous influence over how
those rules are set; and they enjoy economic and social clout that goes well
beyond the reach of government.
Accompanying Mr Xi are prototypes

in the same mould such as Jack Ma,


founder of Alibaba, which has a virtual
monopoly over Chinas internet economy; Pony Ma, whose Tencent runs the
WeChat social media app used by about
half a billion Chinese; and Zhang Yaqin,
who defected from Microsoft last year to
become president of Baidu, Chinas
Google equivalent. Those executives are
part of a new elite that controls the most
vibrant parts of an economy whose

Unlike Obama, the likes


of Bezos and Buffett are
not circumscribed
by term limits
problems are concentrated in the inefficient state sector. Yet, compared with
their US counterparts, they answer far
more directly to the (one) party in
power, which sets rules, censors content
and can, if necessary, shut them down.
At the top of that decision-making
authority sits Mr Xi, who is not only general secretary of the Communist party
but also president of the nation and

head of the military to boot. Three years


ago, when he last visited the US for a
shirtsleeve shindig with Mr Obama on a
Californian ranch, even close Chinawatchers did not know what to expect.
Many thought he would be a low-key
part of a collective leadership in the
manner of Hu Jintao, his predecessor.
Others thought that, if he exerted
authority, it might be to open up the
political process.
Both predictions have proved wrong.
Mr Xi has surprised everyone with his
exercise of raw power, unleashing a sustained attack on corruption in the Communist party and turning the screws on
a Peoples Liberation Army that he
deemed too flabby and compromised to
defend Chinas interests. Under him
there has been a crackdown on dissidents, lawyers and academics. Abroad,
too, he has led a more assertive policy,
building runways on artificial islands in
the South China Sea and setting up
international institutions that may one
day come to rival the World Bank and
International Monetary Fund.
When Mr Xi began to show his
authoritarian tendencies, one interpretation was that he was clamping down

politically to prepare the way for economic liberalisation. It has not panned
out thus. Although he told his US hosts
he would press ahead with economic
reforms, in practice his instincts to control have trumped those to let the market decide. Little pressure has been put
on state-owned enterprises to sharpen
up. For every interest rate liberalisation
there has been a state edict, state intervention or a panicked dose of state
spending at the first sign of slowdown.
This is emerging as the central contradiction of Mr Xis presidency. A man
whose experience at provincial level in
China led him to understand the power
of the private sector is loath to let go. A
leader whose instincts tell him that
innovation and vigour in America are to
be found in Seattle and not Washington
is drawing yet more power to his office
in Beijing. Mr Xi has shown that he
knows how to wield political power.
What he has not yet done is to unleash
anything like the full potential of his
countrys private sector. His ability to do
so could determine how well Chinas
economy does for years to come.
david.pilling@ft.com

Volkswagens
deception is a
warning to all
BUSINESS

John
Gapper

he most dangerous threeword phrase in business is:


Everyone does it.
However conventional it
is to bend the industrys
regulations, however great an advantage your rivals gain, however much
pressure you face to do so too, there is a
simple test for deciding whether to succumb to temptation. What would happen if the world found out? How great
would the damage be?
Volkswagens installation of software
to make its diesel cars emit more pollution on the road than in official tests is a
disaster that has forced the resignation
of Martin Winterkorn, chief executive.
It could tarnish the entire European
auto industry, which has invested heavily in diesel technology. But it is hardly
the first time that a vehicle manufacturer has behaved sneakily.
It has become so common to game
European fuel efficiency tests with
tricks such as taping up doors and overinflating tyres to curb drag that most
diesel cars are less fuel-efficient and
environmentally friendly than claimed.
In the US, Ford was found to have fitted
an illegal defeat device the charge
facing VW to vans in 1997, and

Hyundai and Kia were fined $100m last


year for fixing their tests.
The car industry is not alone in such
behaviour. The same thing happens in
many industries, from banking to pharmaceuticals. A few companies decide
gently to bend the rules and stretch regulations and others soon follow. They
know it is a little dodgy but it becomes
normal practice and regulators turn a
blind eye. Then, one day, someone goes
too far and scandal erupts.
Although I was operating within a
system . . . in which it was commonplace, I was someone who was a serial
offender, Tom Hayes, the former UBS
banker jailed for 14 years last month for
rigging Libor benchmark rates, told the
UK Serious Fraud Office. Mr Hayes was
talented at it and at enlisting other traders to co-operate. An official investigation eventually ensued.
When the backlash comes, it comes
with a vengeance. Suddenly, behaviour
that was common practice, passed over
with a nod and a wink, or secretly condoned to keep up with rivals, is judged
to be improper and perhaps illegal.
Everyone did it is no defence. Once it
has been exposed to public gaze, and
regulators have been shamed for failing
to stop it, there is no forgiveness.
Amid an angry search for who was
responsible within a company, senior
executives are hastily drilled to face official inquiries and media briefings and
answer the question: Why did you do
it? There is no good response to it,
although Michael Horn, VWs US chief

Robert
Service

ince February 2014, when


President Vladimir Putin
annexed Crimea, we have
found ourselves reaching into
the past specifically to the
cold war to make sense of geopolitics.
From the 1950s, the USSR had nuclear
weapons to compete with American
might. It led a military coalition, the
Warsaw Pact, that intimidated western
Europe. Soviet ideology repudiated all
that Nato countries stood for in politics
and economics.
There were times, notably the Cuban
missile crisis of 1962, when the world
trembled at the prospect of imminent
nuclear Armageddon. It remained a
constant possibility, by accident or
deliberate action, until the late 1980s,

when US President Ronald Reagan


and Mikhail Gorbachev, his Soviet counterpart, began the process of strategic
disarmament.
The reaction to Mr Putins actions in
Ukraine from western leaders was
swift and firm. US President Barack
Obama, German Chancellor Angela
Merkel and UK Prime Minister David
Cameron agreed on economic sanctions. The Russian economy, buffeted
by the plunge in world oil prices, sank
further. Foreign direct investment
dried up. Big Russian businesses joined
the capital flight. In his December 2014
annual television message to the Russian people, Mr Putin admitted hard
times lay ahead while urging Russians
to back him as the man to restore
national greatness.
Russia, humbled in the 1990s, offers
fertile soil for nationalism and the
more Mr Putin is criticised by foreign
leaders, the higher his domestic ratings.
Yet his authoritarian methods leave him
vulnerable to the kind of unexpected
protests that occur when people decide

ECONOMICS

Chris
Giles

entral banks have never been


so powerful, yet their ability
to set the cost of borrowing,
put limits on bank lending
and poke their noses into
every corner of the financial system is
insufficient for some. Now the Bank of
Englands chief economist wants to
abolish the cash in your wallet and
charge you for a digital equivalent.
Andy Haldane argues the world economy is entering a third leg of a long crisis: an emerging market disaster is following the Anglo-Saxon and eurozone
crises of 2008 and 2011 respectively. In
these circumstances he wants to be able
to stimulate spending in Britain but says
he cannot easily do so because interest
rates are constrained not to fall below 0
per cent. He worries that if the BoE set a
negative interest rate in effect charging savers to hold their money in the
hope they would spend instead people
would switch to cash, stick it under the
bed and thereby get around the efforts
to encourage more consumption.
Attach a gloomy assessment of the
efficacy of quantitative easing and other
means of stimulating spending, and his
answer is to get rid of cash and replace it
with a digital wallet on which negative
interest rates can be charged.
The case might be logical, but that is
not a sufficient condition for public policy. Mr Haldane thinks banning cash
and switching to digital money would be
a great technological leap forward but
his words have more than an unfortunate rhetorical echo of Maoist China. It
is illiberal and prioritises a skewed view

The call for a great


technological leap forward
has an unfortunate echo
of Maoist China
executive, had an accurate one: We
have totally screwed up.
The key to getting away with bending
rules is that it needs to be done subtly
and discreetly. Abuse may be common
but it cannot become too blatant, or it
will alert regulators that tolerate some
grey areas. The car industry is a prime
example: it was public knowledge that
the gap between the official fuel economy data and actual performance was
wide but VW stupidly took the deception to a higher level.
Frauds often start in laboratories,
where the outcome is bound to be artificial. A certificate attesting that a product works a certain way in a companys
laboratory even if no one has cheated
cannot guarantee the same of its realworld performance. Inevitably, compa-

Suddenly, behaviour that


was common practice is
judged to be improper
and possibly illegal

nies tend to focus on hitting the laboratory targets they are set, just as students
cram for examinations.
The gap between a well-designed test
and reality need not be huge. But bright
minds will soon work out how to arbitrage the two, just as banks calculated
how to meet regulatory capital standards with the minimum amount of
equity capital in the run-up to the 2008
crisis. Hyundai and Kia cherry-picked
the best mileage tests, achieved with a
following wind and special tyres.
Crowd psychology rapidly takes hold.
Company X knows what Company Y is
doing to game its results without being
punished by the regulator, and realises
it cannot compete if it does not do the
same. The tests are officially sanctioned, after all, and customers are not
likely to question them. Any executive
or engineer who tries to resist is overruled as naive or difficult.
Rivalry creates evermore ambitious
attempts to gain an advantage, and
greater reputational risk. VW contrived
to fit its rule-breaking gadget to 11m
cars under the noses of regulators

before it was discovered. Even researchers at the International Council on Clean


Transportation, which identified the
deception in Europe, did not believe
that it would be so blatant.
Sooner or later, one company goes too
far. There is bound to be a Libor superrigger, a VW, or a GlaxoSmithKline in
China, which flouts the law to such an
extent that it cannot be concealed.
Many companies had paid bribes to doctors and hospitals in China, but its government was bound one day to make an
example of a western company doing it
so systematically.
The head of a Wall Street bank once
told me the lesson he had learned from
financial scandals was that ethics are
absolute, not comparative. We dont
behave as badly as our rivals was a
tempting but dangerous attitude. Many
companies imperil themselves by clinging to this mantra.
Volkswagen wins the dubious honour
of being the worst-behaved company in
its industry, but it was a contest.
john.gapper@ft.com

This is not a new cold war but something more dangerous


OPINION

In cash we
trust abolish
it and you
invite tyranny

enough is enough. The miserable fate of


Libyas Muammer Gaddafi is a stark
example of what can happen when an
autocratic leader falls from favour
and fear of a civil commotion is never
far from the Russian presidents mind.
This time, threats of nuclear holo-

Having loosed the dogs of


nationalism, Putin would
find it hard to put them
back in the kennel
caust do not spring so readily to Russian
lips. Indeed, a treaty on further strategic
arms reduction was signed as recently
as 2010.
Moscow is certainly modernising its
armed forces, which have proved more
than a match for the Ukrainians but
the Russian technological base is woefully inferior to Americas. Mr Putin
may bluster but the reality is that he
cannot risk war with Nato unless he and

his bloated elite are willing to forgo the


benefits of their ill-gotten riches.
Russia has developed from the pupa
of communism into an authoritariancapitalist caterpillar. Authoritarianism
and market economics can be found
together elsewhere in the world, in
countries that are far more successful
than Russia in diversifying their economies; Singapore is probably a more
attractive model. Russia has no allies,
save for a crumbling client state in what
is left of Bashar al-Assads Syria. Moscow sells a lot of military technology to
that regime but it is doubtful that Mr
Assad pays up any more dependably
than Saddam Hussein, who was notorious for running up debts to the Soviet
leadership.
All-out struggle between Russia and
America on a cold war scale is not on the
cards. What we do have, however, is a
situation that is bad and could easily
worsen.
It is optimistic to expect Mr Putin to
change course. For now, he gains esteem
at home when bullying the neighbours.

Estonia, Latvia and Lithuania have genuine cause for concern. In the longer
term, experience suggests Mr Putin will
prove a poor geostrategic thinker. He
has already damaged Russian economic
interests, which surely lie in securing
western assistance to build up the countrys ability to cope with competition
from China.
Mr Putins frequent diplomatic overtures for a Syrian settlement deserve
serious examination. But he shows no
sign of disengaging from Ukraine; and,
having loosed the dogs of nationalism,
he would find it hard to put them back
in the kennel, even if he wanted to.
This makes for a less predictable global
situation than the finely tuned balance
of power that prevailed during the
cold war.
In some ways we now live in even
more dangerous times. Sparks on distant borders can have unplanned and
explosive consequences.
The writer is author of the forthcoming
The End of the Cold War, 1985-1991

of theory over public acceptability.


For the vast majority of the time when
interest rates are positive, Mr Haldanes
plans are simply unnecessary. He would
ban the use of paper currency and coinage that has been used for centuries in
pursuit of a theoretical contingency.
Some 48 per cent of all transactions in
the UK use cash, defying regular predictions of its demise and making it by far
the most popular payment method. No
wonder wiser heads at the BoE, such as
Victoria Cleland, the chief cashier, say
cash is here to stay.
At times when interest rate rates
would ideally fall below zero, the central
bank still has more tools in its armoury
than Mr Haldane cares to consider. Nordic countries have shown that significantly negative rates can be imposed on
bank deposits without the feared shift
towards people hoarding cash under
mattresses, so there is already more
room for conventional monetary policy
to work. In addition, it is clear that in the
event of a slump a broad-based tax cut
financed by central bank purchases of
the resulting public debt would provide
the necessary stimulus.
Mr Haldane asserts that such action
would send monetary credibility down
the most slippery of slopes. This fear is
far from well grounded; and, as Professor Simon Wren Lewis of Oxford
observes, ruling out monetary financing
of tax reductions for fear they might be
popular is hardly a sensible position for
an unelected central banker.
Some argue there would be beneficial
side effects from abolishing notes and
coins through the regularisation of illegal activities. Really? What is the more
likely response of a drug dealer and client who mutually want to conduct a
trade: Let me sell you the dope on a
traceable payment system; or Lets
use euros instead? Cash would have to
be abolished everywhere and the BoE
does not have those powers, thankfully.
The anonymity of cash helps to free
people from their governments and
some criminality is a price worth paying
for liberty, as professors Stephen Cecchetti and Kermit Schoenholtz observe.
It is better if the government creates
trusted, anonymous notes and coins
rather than some private agent.
Mr Haldanes proposal to ban cash has
all the hallmarks of a public official confusing what is convenient for the central
bank with what is in the public interest.
Cash is unlikely to die a natural death
and, until it does, long may it live.
chris.giles@ft.com

14

FINANCIAL TIMES

Thursday 24 September 2015

BUSINESS LIFE

Its not funny:


the perils of
joking away
from home

Michael Skapinker
Businessandsociety

Emily Blunt, the UK-born actress, has


been in trouble for saying that she had
watched the Republican presidential
candidate debates shortly after
becoming a US citizen and wondered if
she had made a terrible mistake.
What have I done? she said.
A Fox News commentator said she
should leave Hollywood if she felt that
way and let some American women
take on the roles that youre getting,
because Americans are watching your
movies and lining your pockets.
Ms Blunts comment, for which she
has apologised, was clearly not meant
seriously. She lives in the US and has an
American husband and child. And we
should not assume everyone shares Fox
Newss outrage. But there are dangers
when joking away from home.
I long ago discovered that American
corporate contacts who were jocular on
many subjects often went quiet at any
lightheartedness about their own
company, even if they were not very
senior and, it subsequently transpired,
were not very happy there.
How funny you should try to be in a
culture not your own is a fraught issue.
I once attended an all-day press
briefing in Chicago at which I was the
only non-American journalist present.
At lunch, the organisers brought a
troupe of entertainers in to perform an
improvised routine along the lines of
the UK television show Whose Line is it
Anyway?
The comedians needed some cues for
their act and asked us who we found
most annoying during our working day.
As people nominated editors, the IT
department and public relations

companies, I piped up readers


which died in the suddenly silent
lunchtime air. Lesson learnt: in the US,
you dont disrespect the customer. Or
anywhere, actually.
(Like Ms Blunt, I must make it clear
that I was joking. I value readers, who
have made my privileged career
possible, and while a few are annoying,
you, dear reader, are not.)
One solution is not to try to be funny.
But humour is an essential social
lubricant. It is central to personal
relationships Sigmund Freud,
quoting the German writer Jean Paul,
said wit is the disguised priest who
unites every couple and it is useful
in business too.
Jokes ease meetings and, if you
can tell them, encourage audiences
to stay awake during speeches. A
Finnish friend once told me that all
speeches should have two jokes, except
for funeral speeches, which should
have one.
All cultures value humour. In a 2001
paper, Singaporean Humour: A CrossCultural, Cross-Gender Comparison,
academics from Haifa university and
the National University of Singapore
compared the jokes of students in
Singapore, Israel and the US. They
found that, while the Americans
jokes were more sexual and the
Singaporeans more aggressive, they
were all pretty much the same.
Humour is a universal human
phenomenon, present in both tribal
and industrialised societies, the
researchers wrote. People everywhere
laughed at the same kind of jokes.
They include exaggeration, invective,

One
solution
is not
to try. But
humour is
an essential
social
lubricant

understatement, witty cynicism,


unexpected twists of logic, verbal irony,
disguise and deception, as well as the
appeal to . . . superiority over victims
of small misfortunes.
This is all true, but it fails to take
account of local sensitivities. Even
within societies, there are differences
over jokes involving sex or religion.
People can also get away with
making jokes about their own group
that others cannot, and locals have a
surer sense of what is politically
permissible than people from outside.
I once heard a leading Singaporean
executive speak to a large gathering in
London. It was stormy outside and he
began by saying what a pleasure it was
to be back in England where every
conversation began with the weather.
I think the reason Singaporeans are
so boring is that the weather never
changes, he said. A bit like the
government.
That got both laughs and gasps, but
as he went on to greater things back
home he clearly knew what he was
allowed to joke about.
Are there any safe areas for jokes?
Travel disasters usually entertain, and
everyone likes to have a go at the
airlines.
You will usually get a laugh at the
graffiti someone added to British
Airways old Concorde advertisement,
rendering it Breakfast in London,
lunch in New York. Luggage in Brazil.
Just dont tell it to a room with BA
managers in as I once did.
michael.skapinker@ft.com
Twitter: @Skapinker

A women-friendly future for top jobs


The new head of the 30%
Club lobby tells Sarah
Gordon about ensuring
there are suitable female
candidates for senior posts

Measurable goals
The idea for starting the 30% Club
was born in 2009, when Helena
Morrissey, CEO of Newton
Investment Management, and
Baroness Mary Goudie, a Labour
peer, attended an event at
Goldman Sachs about achieving
a better gender balance among
senior executives.
The discussions there
highlighted that however hard
companies tried to increase
numbers of senior women, there
was little sign of a breakthrough.
The idea that a measurable goal
would help and with research
showing that 30 per cent
represented a proportion at which
critical mass is reached led to
the establishment of the 30% Club.
Its initial focus was on corporate
boards, especially the chairmen
since they had power to push
change through. Sir Roger Carr,
then of Centrica, and Sir Win
Bischoff, then at Lloyds Bank,
immediately pledged their support,
having experienced at first hand
the challenges of putting together
a more diverse board.
The goal was to help achieve 30
per cent women on FTSE 100
boards by the end of 2015 the
figure is now 25.4 per cent. It has
spawned associated clubs around
the globe.

his is an interesting moment for the 30% Club, set


up by business people five
years ago to lobby for more
women at the top of UK
companies. Now, after news that the
Davies Reviews target for a quarter of
FTSE 100 boards to be filled with
women has been met, is there a risk of
complacency setting in?
The clubs new chair acknowledges
the challenge.
Were thrilled with how far weve
come, says Brenda Trenowden. But
weve got to keep this on the agenda if
its going to be sustainable.
The 48-year-old Canadian took over
from Helena Morrissey, the clubs founder, in May. Ms Morrissey is known for
combining her business success as chief
executive of Newton Investment Management with being the mother of nine
children. Ms Trenowden, a senior executive at ANZ, the Australian bank, has a
lower public profile, but she also has a
long personal experience of the City of
London, since moving to the UK in the
1990s as an equity trader. She joined the
club soon after it was founded in 2010
and is fizzing with ideas, saying this is
only the beginning of what it can
achieve.
Ms Trenowden has good reason to
think so. The clubs success in the UK
has spawned copycats across the globe.
There are now 30% Clubs in Hong Kong,
Southern Africa, the US, Canada and
Malaysia; plans are afoot to launch in
the Gulf, Italy and India. Meanwhile, its
UK activities have expanded into mentoring, school visits, research and career
advice. It consults with an investor
group that manages more than 6tn in
assets under management.
Ms Trenowden says the clubs initial
focus on FTSE 100 boards like the
Davies Review was the right starting
point for trying to change the status
quo. Now, it will focus on making sure
there are more suitably qualified
female candidates for the top jobs of
the future. The failure by companies to
improve this pipeline has been one of
the main criticisms levelled at the Davies approach.
The Davies Review, which was set
up by the government in 2011, will set
out new voluntary targets later this
year, as will the 30% Club. Although
Ms Trenowden does not give specific
details, the club will ask FTSE 100
companies to disclose more information on what has been called the
mezzanine level of senior women
those who have reached a certain level
and hope to progress further. The
difficulty, she says, lies in which metric to focus on.
Do we ask them for C-suite minus
one [level], do we say what per cent in
your top 200 people, do we look at the
top revenue earners? Its going to be
harder, this next phase.
Ms Trenowden thinks companies
could help by highlighting their senior
women, providing training in unconscious bias and publishing data on

Brenda
Trenowden:
companies could
make sure
women are
not unfairly
impeded by
being more
open about the
challenges
Charlie Bibby

Theres still a
lot of sexism
but people
dont do it
as openly.
It still hasnt
changed
enough at
the top

diversity in promotions and pay. A lot


of companies are very shy about producing these figures even internally because they dont want to point out where
they have problems. People need to face
up [to it] and say, weve got some issues
but we want to change it and how do we
do it? she says.
She also plans to hold more events
like one the club held recently with
OUTstanding, the LGBT (lesbian, gay,
bisexual and transgender) business network. If [companies] get the argument
of why better diversity leads to better
decision-making, why does that argument not hold around LGBT, around
ethnic background?
Ms Trenowden argues against any
proposals for legislation to force companies to act, saying that quotas are a
short-term fix that have had only
superficial success in countries that
have imposed them, such as Norway.
Those in favour of quotas really
arent part of our group, she says,
although she does believe the threat of
legislation exerts useful pressure.
Her biggest challenge in her new role
is time, or the lack of it. The 30% Club is
funded by donations and its members
give their time voluntarily. Chairmen

sign up to the club, the steering committee meets every three months and the
club has working groups focusing on
investors, international and crosscompany mentoring and career strategy
on issues such as investors.
Most, like Ms Trenowden, have fingers in other pies. She has just stepped
down from chairing the City Women
Network, which was set up in the late
1970s when the members had to meet
in private above a pub because you
couldnt have a womens network
back then.
She was shocked by how openly sexist the working environment was when
she first arrived in the City. Everyone
got in at quarter to seven, the Gitanes
[cigarettes] came out and you just lived
in a fog. Even when I was pregnant
people smoked cigars in my face, it was
normal. I couldnt comment on some of
the things that went on, but that was all
condoned as normal business, whether
it was the drinking or the strip clubs
and escorts.
Nevertheless, she loved her time in
the City. How much has changed since
then? I think, now, theres still a lot of
sexism but people dont do it as openly.
It still hasnt changed enough at the

top . . . there still is a strong old boys


network.
Ms Trenowden recently mapped out
on a colour coded, densely filled A4
page all the activities in which she is
involved from family to work, exercise, charities and educational initiatives. Her ability to juggle so many
activities is due, she says, to the support
she receives from her husband and her
employers at ANZ. The banks leaders
sent out a company memo congratulating Ms Trenowden on her appointment
as head of the 30% Club, and its chairman, David Gonski, was a founding
member of the Australian version.
Ms Trenowden has two young teenage
children. Her husband, a writer and
wine enthusiast, is a saint who does
everything. I joke about it and say Ive
no idea what size my kids shoes are or
their clothes or anything. I dont know
how to use the washing machine or the
dryer, Im not allowed near the iron and
Ive never looked at paint samples. So he
does all of that and it works for us.
But he also faces sexism in his role.
Its more difficult for my husband
when he goes to the school gate and the
mums say so, when are you going back
to work? or what do you do all day?
she complains.
Ms Trenowden is relentlessly upbeat,
though, about the direction of travel.
Everyone forgets how far the debate has
moved in a relatively short time. Rare is
the board now, she says, that fails to recognise the business case for greater
diversity in the workforce.
If [pushing for greater diversity] is
driven by business need and we start to
see that actually this is going to make
better performing companies . . . Weve
got chairmen behind us, we can actually
start to make a difference.

The review

A short guide to US zombies


Fannie Mae and Freddie Mac
TOM BRAITHWAITE

Shaky Ground: The


Strange Saga of the US
Mortgage Giants
by Bethany McLean
Columbia Global Reports
$12.99

The US government has


threatened them with a
bazooka and decapitation,
it has also coddled them and
relied on them, it has poured
in hundreds of billions of
dollars and plundered them
for billions more.
They are Fannie Mae and
Freddie Mac, the paradoxical
institutions that underpin
the US mortgage market.
Today they are a national
embarrassment but they
created a national treasure:
the 30-year fixed-rate
mortgage.
Seven years after a giant
government bailout, they
remain in state-sponsored
conservatorship, neither
fully nationalised nor
private, but continuing to
guarantee US mortgages
and with $5tn of securities
outstanding. Reforming
them has turned out to be a
quagmire.
In Shaky Ground, Bethany
McLean romps through the
well-intentioned founding of
Fannie and Freddie, via their
gradual corruption to the
current unhappy limbo, with
the government and hedge
funds fighting over the
scraps in the courts.
Fans of The Smartest
Guys in the Room, the
account of Enron, co-written
by McLean, may be
disappointed. That book
made good use of the
business book as thriller
style pioneered in
Barbarians at the Gate.
Shaky Ground is a more
modest endeavour a
short primer for anyone
needing to get up to speed
on the peculiar US mortgage
market. That is a shame,
as it contains all the
ingredients of a thriller to
outdo the rise and fall of the

Houston energy company.


The Federal National
Mortgage Association, aka
FNMA, aka Fannie Mae, was
created after the Great
Depression when about half
of homeowners were behind
on their mortgage payments
and access to credit was
hugely uneven. Freddie Mac
was born in the 1960s.
Together, they provide
insurance to home loans,
and buy and securitise them.
They were widely seen as
state-backed and could
therefore issue debt at
almost the same rate as
government bonds.
But as public companies
they paid their executives
handsomely and spent
millions lobbying the
government. As Gene
Sperling, director of the
National Economic Council
under President Barack
Obama, is quoted: It really
gets kind of sick.
With mounting losses in
2008, it was Hank Paulson,
Treasury secretary under
George W Bush, who told
the president the companies
should be seized: The first
sound theyll hear is their
heads hitting the floor.
Yet for all the martial talk,
the fudge proliferated.
Instead of nationalising
the institutions, Paulson
took just under 80 per cent
of the equity. Any more and
he would have had to
consolidate their vast debt
on the government balance
sheet. The Obama
administration subsequently
changed the terms of the
bailout so that all profits
went to the Treasury. Hedge
funds owning the residual
equity have cried foul and
sued the government.
McLean deftly steers a
sensible course through the
competing claims. But the
ambiguity on which Fannie
and Freddie were founded
continues, with politicians
too scared to reform them.
They backstop the housing
market; their debt is owned
by foreign states who expect
repayment; the 30-year
mortgage is too hallowed an
invention to risk. The
zombies continue to walk.
The reviewer is a writer for
the FTs Lex column

The riff

A sideline in bitcoin-mining
IZABELLA KAMINSKA

Dreamstime

After months of hype, the 21


Bitcoin Computer from 21 Inc
was finally unveiled this
week. Built atop the
Raspberry Pi platform
originally aimed at
promoting the teaching of
basic computer science in
schools, the computer allows
you to mine bitcoins in the
background while doing
regular computing stuff.
Mining is the energyintensive process by which
new bitcoins are added into
circulation by numbercrunching computers.
The irony is, the sum of
bitcoins you can earn from
this sideline is so small it is
unlikely to cover the $399.99
cost of the device, let alone
make anyone a profit. Those
who buy it will be paying for
the right to waste electricity
servicing the bitcoin
network in return for a
bitcoin shaving.
21 Inc says the machine,
which will be shipped from
November, also allows
anyone to sell anything over
the internet for bitcoin just
by plugging a device into
the wall and typing a few
commands.

The Amazon listing for


the product carries
endorsements from former
US Treasury secretary Larry
Summers, venture capitalist
Marc Andreessen and
others, implying the device
could be as revolutionary as
the web.
According to Vitalik
Buterin from rival project
Ethereum, however, a quick
analysis of the numbers
shows that at best
purchasers will be able to
make $0.105 per day or
$38.30 per year in bitcoin
from the device.
But of course the
computer is not supposed to
be just a bitcoin miner,
instead it is what the
industry likes to call a devkit,
which suggests it is really a
means towards an endlessly
stimulative app economy.
Indeed, 21 Inc expects its
micro-transaction-accepting
developer army might even
disrupt the advertisingbased business models of
Google, Facebook and
Twitter.
Read the full post at
ftalphaville.ft.com

Thursday 24 September 2015

15

FINANCIAL TIMES

ARTS

Pleasingly wooden
performance
THEATRE

Mr Footes Other Leg


Hampstead Theatre, London

aaaee

Ian Shuttleworth
Ian Kelly is a sickeningly versatile
chap. As an actor, he appeared in the
West End andonBroadwayinThe Pitmen
Painters; as a historian, his biography of
Casanova won the Sunday Times biography of the year award; as a co-writer, his
work on Vivienne Westwoods memoir
has enjoyed a less smooth ride. Now he
hasadaptedhis2012booksubtitledComedy, Tragedy and Murder in Georgian London for the stage, and appears in Richard
EyresproductionasPrinceGeorge.
Kelly focuses on the one-legged transvestite comedian (!) Samuel Foote,
whom he portrays as a frenemy of
David Garrick, running comedies at the
Haymarket Theatre in rivalry with Garricks Shakespeares at Drury Lane.
When Foote has a leg amputated after a
riding accident resulting from a frivolous
bet, his career continues but he grows
more bitter and less restrained, particularly regarding his sexuality, which
proveshisdownfall.
Kellys dramatisation is largely faithful
to historical record, although he takes
some liberties by folding in
characters such as Benjamin Franklin
in order to incorporate more of the
material that fascinates him. And what
fascinates him is virtually everything
to do with the 18th century and/or
the theatre. We touch on political
history, theories of electrical fluid powering the human brain, race, homosexuality and the culture of celebrity embodied at the time in theatre, as well as a
massofanecdotage.
If anyone could keep all these plates
spinning onstage at once, it is Simon
Russell Beale. He almost succeeds as
Foote, particularly during the plump

DA N C E

Barbarians
Hofesh Shechter Company, Sadlers Wells
London

aaeee

Louise Levene

puckishness of the first act, before subsiding into his trademark astringent selfawareness, clumping around on a
wooden leg in a variety of frocks with
built-in embonpoint. Joseph Millson as
Garrick and Dervla Kirwan as the Irishborn actress Peg Woffington head a likewiseassiduoussupportingcast.
However, I couldnt shake the suspicion that I was being fascinated because I
was already predisposed towards the
subject and that others might find it hermetic; the second act appeared to bear
thisout,inthatthedeeperandmoreserious the material grows, the less compelling and more impenetrable it becomes.
Like its subject, it stands firmly on one
sideonly.
To October 17, hampsteadtheatre.com

aaaae

Taking liberties: from left,


Joseph Milsom, Simon
Russell Beale and Dervla
Kirwan in Mr Footes
Other Leg. Below right:
Marshall Allen of The
Magic Science Quartet

Mike Hobart

Nobby Clark
Dawid Laskowski

JA Z Z

The Magic Science Quartet


Caf Oto, London

There was indeed a magical thread


to this free jazz saga, though the
soundscapes conjured were as much science fiction as science fact. Multiinstrumentalist Marshall Allen, currently leading the Sun Ra Arkestra he
joined in 1958, introduced the evening
mimicking a call to prayer on the kora,
though he was soon conjuring otherworldly synthesised bleeps. And with
other members of the quartet equally
diverse, the evening unfolded through a
series of musical tableaux interrupted
by occasional blasts of intense free jazz
energy led by Allens searing alto sax.
Both sets presented two lengthy
through-improvised pieces that mixed
whistles and drones with the throb of
mallets and supported mournful spaceage sounds with pulsating off-kilter

beats. At their best, the quartet delivered strong moods, rhythmic cohesion
and surreal contrasts. Allens bop-gun
blasts of wind synth came with echoing
bass drum asides, high-energy improv
was driven by drummer Avreeayl Ras
venomous cymbal play and lilting synth
melodies were accompanied by rampaging concert grand and hints of Latin
and funk.
Most of it worked, sometimes brilliantly. But in the lengthy first set
opener, the musicians whizzed from pillar to post as though finding their way.
Thereafter, though, things settled, and
the first half was rounded off by a
sequence of beatific duets led off by
Allens somnolent thrums on kora.
Pianist Ka introduced the second half,
strolling through the audience banging
her Siberian shaman drum. But, cued by
Allen, she returned to the atonal clusters and harp-like shimmers that are
her stock in trade. Indeed, it was Allen
who gave the evening much of its focus
and it was his oblique interjections, as
well as the spangly outfits, that added a
touch of Sun Ra surrealism to the mix.
That this was something more than a
stripped-down version of the Arkestra

THIS EVENINGS TELEVISION

Pick of the day


Charlie Hebdo: Three Days
That Shook Paris (More4
10pm) is a superbly gripping
hour-by-hour account of
Januarys massacre of the
staff of the satirical magazine
and the consequences. The
terrorists were pursued from
Paris until they holed up in a
print works, taking one man
hostage while another hid
under the sink. Meanwhile,
the killing of a policewoman
back in Paris sparked
another atrocity as an
associate of the two brothers

took over a kosher


supermarket. Ursula
Macfarlanes brilliantly
concise documentary keeps
the viewer riveted with
contributions from police,
witnesses, media and the
bereaved.
Se7en (Sky 90s 10.25pm)
is a classic of its rather
revolting type. Its
meticulously themed serialkiller plot still fascinates. Not
even a more than usually
ineffectual Brad Pitt can
spoil it. MARTIN HOYLE

BBC 1

BBC 2

ITV London

Channel 4

6.00 BBC News.


6.30 BBC Regional News
Programmes.
7.00 The One Show.
7.30 EastEnders.
8.00 Eat Well for Less? Gregg
and Chris help a
Hertfordshire couple who
have become bored with
their diet which is not
surprising as for years now
they have eaten set meals
on the same night every
week.
9.00 Who Do You Think You
Are? BBC news
correspondent Frank
Gardner researches his
ancestry, investigating his
mothers claim that her
side of the family came to
Britain with the Normans.
10.00 BBC News.
10.25 BBC Regional News and
Weather.
10.35 Question Time. Topical
debate, with Yanis
Varoufakis in the panel.
11.35 This Week.

6.00 Terry and Masons Great


Food Trip.
6.30 Eggheads.
7.00 Mary Berrys Absolute
Favourites. R
7.30 Great British Menu.
8.00 Worlds Weirdest Events.
Chris Packham presents
more amazing stories,
including a whirlwind
wedding ceremony,
exploding rocks and a
woman with a twin inside
her brain.
9.00 Cradle to Grave. The
thought of paying for
daughter Sharons dream
wedding is giving Fred
sleepless nights.
9.30 Boy Meets Girl. With Tony
and Pam away, Leo and
Judy plan to spend their
first night together.
10.00 Mock the Week.
10.30 Newsnight.
11.10 Weather.
11.15 The Naked Choir with
Gareth Malone. R

6.00 ITV News London.


6.25 Party Political Broadcast.
By the Liberal Democrats.
6.30 ITV News and Weather.
7.00 Emmerdale. Cain tells an
alarmed Aaron that Chas
asked him to kill Robert.
7.30 Rugby World Cup. New
Zealand v Namibia (kick-off
8pm). All the action from
the Pool C encounter at
the Olympic Stadium in
London.
10.00 ITV News at Ten and
Weather.
10.30 ITV News London.
10.50 The Chase: Celebrity
Special. Antony Cotton,
Alex Jones, Gyles
Brandreth and Paul Martin
try to win thousands of
pounds for charity. R
11.50 River Monsters. Jeremy
Wade finds out if a giant
piranha is lurking in the
eerie waters of the
Okavango. R

6.00 The Simpsons. R


6.30 Hollyoaks. Cleo worries her
mum knows about her and
Pete and ends up making
him choose between them.
7.00 Channel 4 News.
8.00 George Clarkes Amazing
Spaces. George meets two
fathers building unique
bolt-holes a campervan
made of CDs and vinyl
records and an oil-rig
escape pod turned into a
floating home. Plus, a
unique home in Germany.
9.00 Hunted. Time could be
running out for Dr Ricky
Allen when a media
campaign is launched to
flush him out of hiding.
10.00 First Dates. DJ Gordon is
looking for a man to share
his life with and hopes
kick-boxing instructor
Stephen will be the one,
and baker Holly helps
fitness fanatic Ben confront
his fear of carbs.
11.05 Gogglebox. R

Regional variations apply

Other channels
BBC3
7.00 Top Gear. 8.00 Dont Tell
the Bride. 9.00 Being Human.
10.00 EastEnders. 10.30 Russell
Howards Good News Extra. 11.15
Family Guy. 11.40 Family Guy.
BBC4
7.00 World News Today. 7.25
Weather. 7.30 Great Continental
Railway Journeys. 8.00 Ian
Hislops Age of the Do-Gooders.
9.00 The Secret Rules of Modern
Living: Algorithms. 10.00 Horizon:
The Creative Brain How
Insight Works. 11.00 Detectorists.
11.30 Detectorists.

11.00 Live NFL Pre-Game Show.

Channel 5
6.00 Home and Away. 6.30
5 News Tonight. 7.00
Underground Britain. 8.00
Dogs Make You Laugh Out
Loud 2. 9.00 Celebrity Big
Brother: Live Final. 10.45
Celebrity Big Brothers Bit on
the Side.

Film4
7.10 Just Married. 9.00 GI Joe:
Retaliation. 11.10 Fracture.
Sky Atlantic
6.00 House. 7.00 Without a
Trace. 8.00 Blue Bloods. 9.00
Million Dollar Baby. 11.40 Ray
Donovan.

Sky 1
6.00 Futurama. 6.30 The
Simpsons. 7.00 The Simpsons.
7.30 The Simpsons. 8.00 Modern
Family. 8.30 Modern Family. 9.00
Mr Woodcock. 10.45 NCIS: Los
Angeles. 11.45 Hawaii Five-0.

More4
6.50 A Place in the Sun: Home
or Away. 7.55 Grand Designs.
9.00 Titchmarsh on Capability
Brown. 10.00 Charlie Hebdo:
Three Days That Shook Paris.
11.20 24 Hours in A&E.

Sky Sports 1
6.00 Barclays Premier
League World. 6.30 Capital
One Cup Goals. 7.30 FL72
Live. 10.00 Barclays Premier
League World. 10.30 NFL:
Dwight Freeney Interview.

Sky Arts
6.45 British Legends of Stage
and Screen. 7.45 Hollywood:
Singing and Dancing. 9.00
Brilliantman! 9.25 Neighbors.
9.50 The High Sign. 10.15 We
Remember Marilyn.

was down to the strength of character


and purposeful playing of Henry
Grimes, whose bass lines seethed and
surged with purpose while offering limitless possibilities. As something of a
bonus, his sometimes beseeching,
sometimes playful violin added alternative textures and tones.
The evening eventually petered out
with an Allen noodle on Casio minisynth. It took a smash of drums to cue
applause, which was sustained, even at
this late hour.
cafeoto.co.uk

Barbarians, which opened at Sadlers


Wells last Friday, was the first instalment of #Hofest, a London-wide season
of premieres and revivals by Israeliborn dance-maker Hofesh Shechter.
The two-hour piece was conceived as a
triptych but was created in leisurely
stages. The first segment began life at
Sadlers Wells last February and the second was unveiled in Manchester two
months later. The final section is dominated by an extended duet for Winifred
Burnet-SmithandBrunoGuillore(infull
Tyrolean drag for some reason) which
notionally unites the whole evening.
It was only on seeing all three parts
performed together in Berlin in July that
Shechter himself finally saw the connection between them but his audience may
struggle to join the dots in this self-indulgent and repetitive evening.
The house style is undeniably distinctive but there is a fine line between
trademark and clich and Shechter has
little new to show us here. All three segments are overly reliant on slick but predictable rock opera lighting effects. The
soundtracks ear-melting blend of
heart-massage percussion is garnished
with snatches of Couperin and Elizabethan consort music.
Unfortunately as his tin-eared
stompings for the Royal Operas Orphe
et Eurydice make painfully plain
Shechters response to music begins and
ends with its most basic rhythms. This
can be very potent but his dancemaking
tics the stomping trudge, the arms
raised in complaint, the scurrying
ensembles are not enough to sustain a
whole evenings interest and the energy
level frequently flags.
The Sadlers Wells audience has a
commendably high pain threshold but a
group of optimists in the stalls began a
standing ovation 20 minutes before the
curtain in the mistaken belief that the
show had finally ground to a halt: they
knew they loved it but they couldnt
wait for it to stop.
To September 25, sadlerswells.com

FINANCIAL TIMES

16

Total eclipse

Thursday 24 September 2015

At Total, capital investment and payouts to


shareholders have exceeded operating cash flow
in 12 of the last 16 years - and all of the last four

Dividends
Share repurchases, net
Capital expenditure, net
Cash from operations

$bn

35
Twitter: @FTLex Email: lex@ft.com

30
25

margin. Motor manufacturing is capital


intensive and a highly operationally
geared business. The last few cars sold
account for all the profit. Fines will
make the headlines now, but the future
is still a matter of making the right car.

Volkswagen:
after the fines
A preferred share in Volkswagen Group
bought yesterday morning was 12 per
cent up by the close. The worlds
second-largest carmaker by sales will
soon have a new chief at the wheel.
Shares are still down more than a
quarter since the diesel emission crisis
began. Time to buy?
The answer depends on whether the
drop in the companys value up until
now 22bn in three days is
enough, or too much. The maximum
US fine of $18bn is an eye-watering
number. And other risks loom:
potential fines on the 10.5m diesels
outside the US, recall costs, lawsuits,
changes to emissions tests, new
regulations, brand impact and
the additional costs to produce cars
that do comply. Few of these will be
known any time soon.
Still, a rough comparison of the lost
market value to the likely costs of the
scandal is illuminating. An $18bn US
fine plus another, say, 7bn in fines,
lawsuits and recall costs (front loaded,
but spread over five years) has a
discounted present value of 22bn. So
the drop in the shares reflects this
worst case scenario already if VWs
operational profits are unaffected.
But that is unlikely. The company
(and the industry) is likely to see
profits squeezed. Tighter, more realworld emissions testing regimes are
almost inevitable, making targets even
stricter. A half a percentage point
change to VWs operating margin,
which now stands at 6.1 per cent,
would take 1bn out of profits and a
relatively modest decline in the
number of units shipped if it came in
the wrong place could have such an
effect on profitability.
So the hit to operations, not just
regulatory payouts, could hurt. The
threat, however, is not existential
by any stretch of the imagination. In
2020 people will still be buying cars:
different models, with cleaner engines
and at different prices. Prior scandals
think airbags, ignition switch faults,
sticky accelerators have blown over
eventually. This one will too.
Whether VW can thrive after the
scandal has blown over is a matter of
whether VW can build a car that meets
tougher emissions standards, at a price
that customers will pay, at a decent

20
15
10

Weatherford:
long days journey

5
0

Quarterly capitalism is the pejorative


phrase Hillary Clinton uses to describe
shareholders and management teams
who obsess over short-term results.
Imagine what indignation she would
muster for the hourly capitalism on
display at Weatherford International,
the oilfield services company.
On Monday morning, it announced a
$1bn equity and convertible security
offering. By Monday evening it had
hastily (and embarrassingly) pulled
the deal after its shares slid 17 per cent.
The company said in a statement: We
are unwilling to sell securities at prices
that do not reflect the value we have
created at Weatherford.
Recent evidence of value creation
at Weatherford is, however, scant. Its
shares have fallen by half in the past
year. The slashed capital budgets at oil
and gas producers have hit service
providers such as Weatherford first. It
has also been considered the runt of
the sector. Its enterprise value of $15bn
lags behind titans Schlumberger
($100bn) and Halliburton ($37bn).
The basis of Mondays investor revolt
is curious, however. Energy firms, have
been selling debt and equity to shore
up balance sheets. Weatherford,
though, is projecting positive free cash
flow this year after cutting 40 per cent
of its workforce over the past two
years. It just extended its credit facility
and has $2bn in liquidity.
Weatherfords management believed
it was ready to go on the offensive;
the fundraising would have put it in
a position to acquire a directional
drilling business that the combined
Halliburton/Baker Hughes was
expected to divest. Analysts believe
the unit is a good fit and the company
said it expected any dealmaking to
add to earnings.
Shareholders, however, clearly
prefer that the company hunker down.
That aversion to growth could earn a
Clintonian indictment of investor
priorities. But management looks

-5

1999 2000

01

02

03

04

Why own shares in an integrated


oil major like Total? For financial
stability and reliable dividends. The
one begets the other. Energy groups
with massive balance sheets and
earnings from every stage of the
production chain should smooth out
the ups and downs of the commodity
price cycle, delivering bond proxy
returns. Investors reward such
dependability by applying a lower
discount rate to those returns
giving higher share-price valuations.
So goes the theory. In practice, the
lions share of profits at integrated oil
majors comes from the upstream.
And herein lie two problems:
production is getting more expensive
to replace and the oil price has fallen,
reducing cash flow. Maintaining

worse, lacking the credibility to


execute a stealth offering, or quell
the subsequent revolt.

BHP Billiton:
listing badly
Imagine an industry that is not only
cyclical but is highly dependent on a
single customer that is undergoing a
massive, one-time, demand-boosting
transformation. What would be the
worst capital allocation decision that
industry could make? One solid
candidate: committing to cash payouts
that will only ever increase.
At any rate, that is the policy
Australias leading iron ore miners have
chosen. On Tuesday, BHP Billiton said

1010

13

16

25

HIGH

28

14

18

19
17

16

1020

19

18

15

15

HIGH

14

1020

27

15

15

14

21

1
13

LOW

16

HIGH

23
27

16

22

28

24

31

20
27

Wind speed in MPH at 12 BST


Temperatures max for dayC

8
Wind speeds in

30

PH

Todays temperatures
Abu Dhabi
Amsterdam
Athens
Bham
Bangkok
Barcelona
Beijing
Belfast

Sun
Rain
Sun
Fair
Thunder
Sun
Shower
Shower

38 100 Belgrade
Thunder 28
16
61 Berlin
Sun
19
27
81 Brussels
Rain
17
16
61 Budapest
Thunder 27
34 93 Buenos Aires Cloudy
17
24
75 Cardiff
Fair
16
26 79 Chicago
Fair
25
12 54 Cologne
Cloudy
18

82
66
63
81
63
61
77
64

Copenhagen
Delhi
Dubai
Dublin
Edinburgh
Frankfurt
Geneva
Glasgow

CROSSWORD

No. 15,044 Set by SLEUTH






































JOTTER PAD







Fair
Sun
Sun
Fair
Shower
Fair
Sun
Shower

16
34
37
14
14
19
18
13

61
93
99
57
57
66
64
55

06

07

08

09

10

11

12

13

14

Source: S&P Capital IQ

Forecasts by
1000

05

Hamburg
Helsinki
Hong Kong
Istanbul
Jersey
Lisbon
London
Los Angeles

Cloudy
Shower
Sun
Shower
Drizzle
Sun
Drizzle
Sun

ACROSS
9 A racing rogue with posh
amateur in country (9)
10 Caribbean salesman backed car
feature (5)
11 Chap keeping recipe with note
about fondue ingredient? (7)
12 Milk? Show it around entrance to
larder (7)
13 Place to drive, were told, for
meal (3)
14 I slim, rejecting noon pub meal
thats cooked? Unlikely (11)
17 Elegance in set of steps reported
(5)
18 Switch symbol of office (3)
19 One vows to enter this college
cricket side (5)
21 Allow facial expression (11)
23 Barring outsiders, put on
childrens game (3)
25 Paupers only presumably touring
western city (7)
27 Depart with foreign money
inside two days, unexpectedly
welcome event (7)
28 Follow closely temperature
before marathon, say (5)
29 Noticeable virus to be analysed
(9)
DOWN
1 One with honour spoke of dark
period (6)
2 A Conservative ministers office
showing precision (8)
3 Outstanding change of temper in
men losing money (3-7)

17
18
33
26
16
28
18
31

63
64
91
79
61
82
64
88

Luxembourg
Lyon
Madrid
Manchester
Miami
Milan
Montreal
Moscow
Mumbai
Munich
New York
Nice
Paris
Prague
Reykjavik
Rio
Rome
San Francisco
Stockholm
Strasbourg
Sydney
Tokyo
Toronto
Vancouver
Vienna
Warsaw
Washington
Zurich

Fair
Sun
Sun
Shower
Thunder
Fair
Sun
Fair
Fair
Cloudy
Fair
Sun
Cloudy
Fair
Sun
Sun
Shower
Sun
Shower
Fair
Rain
Cloudy
Fair
Rain
Drizzle
Sun
Fair
Fair

16
19
28
15
30
20
20
25
31
14
26
24
17
15
10
38
21
26
15
19
15
24
22
17
16
22
26
16

61
66
82
59
86
68
68
77
88
57
79
75
63
59
50
100
70
79
59
66
59
75
72
63
61
72
79
61

4 Fit in extra guests (4)


5 Go, say, and wander off to get
wildlife protector (4,6)
6 Exchange hands when climbing
(4)
7 See in a priest and doctor selfconfidence (6)
8 Flag thats put up near cultivated
African (8)
15 Being in charge of issue? (10)
16 Good man to affect greatly old
American? Thats astonishing
(10)
17 Confirmation company needs of
complaint? (4,4)
20 Fearless institute printed works
(8)
22 Commotion for area in old city
(6)
24 Gizmo tagged criminal (6)
26 Pair feature in bulletin (4)
27 Indication of scandal in entrance
(4)
Solution 15,043
) / $ 0 , 1 *
6
6
%
5
(
7 8 7 6 ,
5
=
1
2
3 5 2 3 $ * $
1
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6
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,
0
;
(
+ < 6 7 ( 5
)
5
6
( / 2 3 (
0
0
&
7
, 1 $ 1 , 0 $
+
6
5
6
+ ( $ / 7 + <
CROSSWORD
No. 14,845 Set by NEO



































JOTTER PAD





ACROSS
1 Important Viking one among best
friends (5,4)
6 Socialite with appeal makes leftside entry (5)
9 Brazilian city as far as were
concerned ungovernable (7)
10 Obscure English knight against
European rebuffed (7)
11 Poor nations little island in hot
current (5)
12 Caught flamboyant cardinal in
Seventh Heaven? (5,4)
14 Notice flock encircles houses (3)
15 Alarmist financier reversed into
second vehicle bearing right (11)
17 German poets the writer
embracing pub vocalist (11)
19 Moggy fur with hole concealed? (3
20 Earl, King and Queen on
Hampshire rivers banks (9)
22 Ambassador in temple finds grain
(5)
24 Ardent Green must change leader
(7)
26 As ones despicably mean, small
tips for servants materialise (2,5)
27 Sauce unfortunately knocked over
contains sulphur (5)
28 Related martial artist stops at
Bedouin residence (9)

Solution to Saturdays prize pu


Solution to yesterdays prize pu
Winners names will be printed

3 , 7 & + (
5
5
(
0 , 1 ( 1 7 /
'
1
8
7 (
& 8 3 ,
+
1 6 7 $ 1 & (
7
1
$
, $
7 $ 5 1
1
1
, ' ( 6 : , 3
5
1
9
7 (
$ / 2 )
:
,
5
6 2 / 9 ( 1

5
,
<
$
'
+

%
(
$
7
,
7

current returns while investing in the


assets that will generate future ones is a
more difficult balance to strike.
So far, bread and butter today is
taking precedence over jam tomorrow.
Totals managers said yesterday they
would reduce capital expenditure by
about $3bn in both 2016 and 2017, but
refused to countenance a cut in the
dividend. Shares in the French oil
major rose, outperforming rivals.
Investors are right to be relieved; in
terms of cash flow, the company has
been living beyond its means for some
time. The gap between operating cash
and capex plus investor returns can be
bridged by asset sales (like its recent
$900m disposal in the UK North Sea)
or by adding more borrowing, but not
indefinitely. The problem with closing

the gap by cutting capex is that it


could imperil tomorrows returns.
That is not a problem for Total just
yet. Its production growth profile for
2016 and 2017 is still better than
many peers. Its reserve replacement
ratio has averaged 124 per cent over
the past five years. It is not
overleveraged. It is cutting operating
costs and extending a scrip dividend
option to save cash (at the expense of
some dilution). But output in 2017
will now be 21 per cent up on 2014
levels, rather than the 30 per cent
previously envisaged.
Totals managers must be hoping
that oil prices have stabilised by then
allowing them to avoid a dividend
cut altogether, rather than merely
postponing one.

it might have to transfer funds from its


Australia business (in the form of a
dividend) to subsidise the dividend on
its UK-traded shares. Profits accruing
in the latter jurisdiction are insufficient
to cover the payout. For Australian
shareholders, this is painful: they are
not taxed on dividends from profits
where corporate tax has already been
paid (unless they are high-rate
taxpayers). Post-tax profits shipped to
the UK will no longer be available for
use as a tax-free payout.
This state of affairs has not arisen
simply because demand and prices
have fallen and the Chinese boom has
fizzled. It has been exacerbated by the
spin-off of South32, a collection
including aluminium, manganese, and
coal assets. That deal aims to provide
volatile and capital-hungry assets with

attention and funding. In the


commodities left behind chiefly iron
ore the company is a dominant low
cost producer, promising relatively
more stable cash flows. Sounds wise.
But South32 took with it the bulk of
the assets with profits accruing to the
UK corporate entity and covering the
UK dividend. Many of the assets spun
into South32 (whose shares trade in
the UK, Australia and South Africa)
came from the former UK-listed Billiton, which merged with BHP in 2001.
Without them, the remaining profits
skew to the old BHP assets, mainly in
Australia. In fact, the Australian
company has been subsidising the UK
payout with loans for some time.
Perhaps this suggests that the days for
the dual listing like the best days of
thecommoditysupercycle are over.

Covestro:
nice, and nicer
Bayer likes to take its time. Its shift to
life sciences from commodity
chemicals has been under way since
around 2001. The carveout of Covestro,
its materials science business, was
announced a year ago; it will start
trading on October 2.
The time taken appears to have been
worth it. Covestro has been carefully
designed to make it more interesting to
investors than a standard bulk
chemicals business. True, margins
before interest, taxation, depreciation
and amortisation in two out of its three
main divisions are below 10 per cent.
But the company thinks sales can grow
faster than the economy generally
because of product substitution such as
using polycarbonates instead of acrylic.
And the adhesives and coatings
business a third of ebitda has
juicier margins.
Capital expenditure has peaked for
now; through until the end of 2017,
three-fifths of capex will be on
maintenance rather than expansion.
Net debt (excluding pension liabilities)
is likely to be about 2.6bn, more than
two times 2014 ebitda. So Covestros
target of paying out 30-50 per cent of
net profit as dividend looks achievable.
At the midpoint of the pricing range,
the company would have an enterprise
value of 9.4bn or just over six times
forecast 2016 ebitda. That sits roughly
between the ratings of rivals like
compatriot BASF and US-listed
Huntsman. The key fundamental risk
is slowing economic growth.
Technically, it is also likely that Bayer
will sell down its stake once the sixmonth lock-up period ends, putting the
shares under pressure.
There is a precedent here. In 2005,
Bayer spun out Lanxess, a speciality
chemicals business, to its shareholders.
At listing, Lanxess had a market value
of 1.15bn it is now 4.2bn and there
have been almost 500m of dividends
along the way. Nice but not as nice as
the near-fivefold gain in Bayers shares.
If history is any guide, investors will
do fine out of Covestro, but better still
out of Bayer.
Lex on the web
For notes on todays breaking
stories go to www.ft.com/lex

Thursday 24 September 2015

Human resources Business must


make the case for migration
SARAH GORDON, PAGE 18

17

Volkswagen

BHP Billiton

Panasonic

Xetra Dax

Euro/dollar

Australian
dollar

Brent oil

Shanghai
Composite

5.19%
111.50

4.44 %
A$22.80

2.14%
Y1,326.5

0.4%
9612.62

0.6%
$1.1182

1.4%
US$0.6990

2.7%
$47.75

2.2%
3116.71

UBS chief calls time on banker angst


3 Ermotti urges tolerance of honest errors 3 Effort to dispel post-crisis climate of fear
LAURA NOONAN LONDON

UBS chief executive Sergio Ermotti has


sought to dispel a culture of post-crisis
fear among bankers by telling managers
they can take more risks and make mistakes, as long as they are honest ones.
Speaking to 300 executives in Zurich,
the head of Switzerlands biggest bank
urged them to pass the message to
employees, addressing a subject preoccupying bankings leaders.
As the UK unnerves bankers by introducing a regime to hold them personally
liable for failings and the US justice
department chief Loretta Lynch prioritises individual accountability across
the sector, Mr Ermotti tried to reassure

colleagues that mistakes could be


acceptable.
Mr Ermotti stressed there was a difference between bankers who broke the
rules deliberately and those who made
honest mistakes, according to people at
the closed event.
There should be a degree of tolerance of mistakes, Mr Ermotti said,
because if people were too afraid, legitimate business might not be pursued
and this would be damaging for the
bank and clients.
The topic is pressing at UBS, which
has done more than most other lenders
to reduce risk after a financial crisis and
compliance crackdown that left scars.
It cut its investment bank after losses

that included a $2.3bn hit from


the activities of a rogue trader. The
bank was fined $1bn for manipulating
foreign exchange markets, and faces a
$1.1bn lawsuit for a bond deal gone
wrong.
HSBC chairman Douglas Flint has
warned of the growing danger of risk
aversion in banks and consultants PwC
expanded on the theme in a report.
A get-tough approach to poor performance in financial services is creating a climate of fear, PwC said. That
risks breeding more unethical conduct,
not less exactly the opposite of
what regulators, businesses and the
public want.
PwCs survey of 2,431 London-based

With too
much risk
aversion,
legitimate
business
might not
be pursued,
damaging
the bank
and clients

financial sector managers found that


people were twice as likely to break the
rules when faced with potential losses.
Mr Ermotti said that rather than
deciding not to do something because it
might not succeed, bankers should
encourage teams to discuss the risks
with colleagues and managers.
He stressed that the bank would not
sway from its zero tolerance stance on
breaches of policy or law.
The compliance function at UBS
has ballooned since the financial crisis and staff are scrutinised against an
extensive list of rules brought in by
regulators.
Editorial Comment page 12
Andrew Hill page 19

Landmark deal
BBA to pay $2bn for
aircraft services rival
BBA Aviation, the aircraft services
business, is planning to double in size by
acquiring competitor Landmark
Aviation from Carlyle, the private equity
group, for $2.06bn, write Daniel
Dombey and Katie Martin.
The company said it intended to
finance the deal, which is equivalent in
value to BBAs 1.3bn market
capitalisation, partly through a 748bn
rights issue and partly by taking on $1bn
in new debt.
At the heart of the transaction are the
two companies business jet terminals
known as fixed-base operators
which will account for 80 per cent of the
value of the combined group. Together,
the companies would become the
biggest participant in the sector and
bolster their positions in the US.
Simon Pryce, BBA chief executive,
said the corporate jet sector was likely to
grow 3 per cent to 4 per cent a year. For
a certain type of user who has a certain
economic value of time, it really is the
only way to do point-to-point travelling
in North America, particularly as
[traditional] airlines continue to operate
on hub and spokes, he said.
The deal is expected to be completed
early next year.

1
0
2004

Total has pledged to preserve its dividend payouts while announcing spending cuts amounting to billions of dollars
and project delays to combat what the
French energy group warned would be
a prolonged slump in oil prices.
Patrick Pouyann, chief executive, told
investors and analysts that spending on
oil and gas projects would be reduced as
much as 15 per cent next year to
$20bn-$21bn, and by $3bn in 2017.
The cuts are the most aggressive yet
by a big energy group, taking investment levels 30-40 per cent lower than a
peak in 2013. They reflect industry pessimism over the oil price outlook.
Starting dates for three projects

Ichthys in Australia, Martin Linge in


Norway and Tempa Rossa in Italy
have been put back beyond 2017. These
delays, combined with the spending
cuts, will lead to a slowdown in production. The group trimmed target output
two years from now, to 2.6m barrels a
day from 2.8m b/d.
The move follows a slide in Brent
crude to six-and-a-half year lows, below
$50 a barrel, after Opecs decision not to
cut output in the face of a US supply glut
and weaker Chinese demand.
Patrick de la Chevardire, finance
chief, said that the company was preparing to face low oil prices for a long
period and would do everything possible to safeguard the dividend.
The cost-cutting would reduce its

break-even oil price, shoring up


future cash flow.
The dividend would be fully paid in
cash at $60 a barrel by 2017, while payouts would be maintained for now by
extending a scrip option, under which
investors could elect to receive shares
instead.
This is the cornerstone of everything
we are doing, said Mr de la Chevardire
of the commitment to preserve payouts.
His comments addressed fears in the
markets that big oil companies will
struggle to maintain payouts.
Italys Eni cut its dividend in March,
while dividend yields have soared in
market turmoil as share prices have
tumbled.
Lex page 16

Companies / Sectors / People


Continental..................................................31
Covestro........................................................16
Daimler...........................................................21
Diageo.....................................................20,23
Didi Kuaidi...................................................18
EDF.................................................................3,3
easyJet...........................................................31
Eni ...................................................................17
Eon...................................................................18
Evonik.............................................................18
Facebook...............................................18,20
Ford..................................................................13
Galaxy Entertainment...........................31
Gate Ventures...........................................23
General Motors.........................................21
GlaxoSmithKline.......................................13
Glencore........................................................31
Godrej............................................................20
Goldman Sachs.........................................18
Google............................................................18
GrabTaxi........................................................18
Greene King................................................31
Guardian Financial Services.............22
HSBC..........................................................17,18
Hargreaves Lansdown...........................4
Hunting..........................................................31
Huntsman....................................................16
Hutchison China Meditech...............23
Hyundai.........................................................13
IAG....................................................................31
JD Wetherspoon ....................................22
JPMorgan Chase......................................19

The Financial Times Limited 2015

10

Source: Bloomberg

CHRISTOPHER ADAMS LONDON

Companies

Hang Seng China 5


Enterprises
MSCI Emerging 4
MSCI World
3
2

Total makes dividend its cornerstone


as it reduces spending on oil projects

Admin Re.....................................................22
Air Liquide...................................................18
Alibaba....................................................18,23
Allianz.............................................................19
Amazon........................................................20
Anheuser-Busch InBev........................23
Apple..............................................................22
Aquatic Foods...........................................23
Axel Springer.............................................18
BASF ..............................................................16
BBA Aviation........................................17,22
BBVA...............................................................18
BHP Billiton...........................................16,18
BMW...........................................................21,31
BT......................................................................12
Bahana Securities..................................20
Baidu...............................................................18
Baker Hughes............................................16
Barclays.........................................................19
Bayer..........................................................16,18
British Airways..........................................14
Bruno Witvoet..........................................20
Bumi Resources.......................................20
Camkids........................................................23
Carlyle.............................................................17
Caterpillar.....................................................31
Centrica.........................................................14
China National Nuclear Corp.............3
China National Offshore Oil Corp...9
China National Petroleum Corp.......9
Cinven............................................................22

There are two questions investors need to answer. How


much of Chinas investment binge of the past six years was
wasted? And how much political trouble will be created as
those misplaced assets are reallocated, with all the turmoil
of job losses and business shutdowns?
The countrys stocks listed in Hong Kong are trading
below book value, pricing in write-offs for at least some of
their assets. But for emerging countries selling commodities to China and for manufacturers fearing the country
may take the easy route out of its troubles and devalue,
what matters is the size of those write-offs, and whether its
authoritarian politics can handle the pain.
Investors fearing the worst prefer to take what is left of
their capital and get out rather than worry about the
answers. It is easy to see why.
Few can claim to understand Chinese politics. President
Xi Jinping insisted this week that devaluation would not
be used to boost exports, the simplest way to deal with
excess capacity.
Yet, the slowdown in Chinese manufacturing is brutal. A
survey of purchasing managers yesterday showed manufacturing shrinking at its fastest since the aftermath of
Lehmans collapse, backing up data showing falling production of electricity, steel, cement, chemicals and cars.
China is trying to encourage consumption and services
to compensate. The switch hits suppliers to its heavy
industry in emerging markets, where prices have been
marked down aggressively: the MSCI EM index is at just
1.3 times book. Still, EM shares traded at book value in
2008, and far lower after Russia defaulted in 1998. A gap
has opened up with developed markets, which trade at
twice book, but the gap was bigger before the China/EM
boom began in the early 2000s.
European and US manufacturing data show decent, if
unspectacular, expansion in September; so far, Chinas
landing has been hardest on its suppliers in emerging
markets, not its customers in developed markets.
Investors hoping to profit from an EM recovery or
Chinese-inspired troubles in the west must assess both the
waste in Chinas economy and its political will. They would
be hard pressed to find anything more opaque.

Searching for value

Bruno Vincent

The head of RSA expects approaches


for the UK insurer after Zurich
withdrew its 5.6bn offer this week,
but said the group does not need a
deal. The U-turn means Stephen
Hester, pictured, continues to oversee
a three-year restructuring.
After the Zurich U-turn iPAGE 23

James
Mackintosh

Price to book

Lombard page 22

RSA expects approaches


but does not need a deal

Short
View

JQW.................................................................23
Jaguar Land Rover.................................21
Janus Capital.............................................19
Jiasen.............................................................23
Jimmy Choo................................................31
Johnson Matthey.....................................31
Kellogg..........................................................20
Kia.....................................................................13
Lanxess.........................................................16
Landmark Aviation.................................17
Las Vegas Sands.....................................31
Lidl ..................................................................18
Lloyds Bank................................................14
London Stock Exchange....................23
Lyft...................................................................18
MGM Resorts.............................................31
Marks and Spencer................................18
Melco Crown Entertainment.............31
Mercedes-Benz.........................................21
Michelin.........................................................18
MoneySwap................................................23
Moodys.........................................................22
Multipro........................................................20
Naibu Global ............................................23
Nestl............................................................20
Newton Investment Mgmt................14
Nikken Sekkei..............................................4
On the Beach............................................22
Openreac......................................................12
Peugeot.........................................................21
Philip Morris..............................................20

Phoenix.........................................................22
Pimco..............................................................19
PwC ................................................................17
RSA...........................................................22,23
RSA Insurance...........................................31
Rolls-Royce..................................................31
Royal Bank of Scotland.................17,23
SABMiller.....................................................23
Sampoerna.................................................20
Santander.....................................................18
Shepherd Neame....................................22
Smiths Detection....................................23
Smiths Group............................................23
Sodexo...........................................................18
Sorbic International...............................23
Swiss Re.......................................................22
Takata.............................................................21
Tencent..........................................................18
Thomas Cook............................................22
Tolaram.........................................................20
Total......................................................16,17,18
Toyota.............................................................21
Tui Travel.....................................................22
UBS..............................................................17,19
UBS .................................................................12
Uber.................................................................18
Unilever........................................................20
United Technologies..............................31
Vertu...............................................................22
Visa ................................................................18
Vmoto............................................................23
Volkswagen............................12,13,16,21,31

Volvo...............................................................21
WPP.................................................................18
Weatherford International.................16
Weil, Gotshal & Manges......................18
Wynn Resorts.............................................31
Zurich Insurance..........................22,23,31

Sectors

Automobiles..........................................13,18
Banks...............................................12,17,18,19
Financial Services....................................18
Financials................................................18,19
Food & Beverage...................................20
Industrial Goods......................................18
Industrials.......................................18,20,23
Insurance...............................................22,23
Media..............................................................18
Mining.......................................................16,18
Oil & Gas.................................................16,18
Pharmaceuticals.......................................16
Retail...............................................................18
Retail & Consumer.................................18
Support Services.....................................18
Technology...........................................18,20
Telecoms.......................................................12

People

Abbas Maswood, Ahmed..................20


Bezos, Jeff....................................................13
Botn, Ana....................................................18
Bowman, Philip.........................................23
Buffett, Warren..........................................13
Bte, Oliver.................................................19

Bischoff, Sir Win.......................................18


de la Chevardire, Patrick..................17
Cole, David..................................................22
Cook, Tim.....................................................13
Cooper, Simon...........................................22
El-Erian, Mohamed.................................19
Ermotti, Sergio................................12,17,19
Flint, Douglas.............................................17
Francis, Pope..............................................12
Gates, Bill......................................................13
Gross, Bill.....................................................19
Hester, Stephen.......................................23
Ivascyn, Dan...............................................19
Kalanick, Travis.........................................18
Long, Peter.................................................22
Lvy, Jean-Bernard..................................3
Ma, Jack........................................................13
Mackenzie, Andrew................................18
Mahlan, Deirdre.......................................23
Menezes, Ivan...........................................23
Pich, Ferdinand......................................21
Pogliani, Max.............................................22
Pouyann, Patrick...................................17
Pryce, Simon...............................................17
Ratcliffe, Bob.............................................22
Reynolds Smith, Andrew....................23
Sorrell, Sir Martin ..................................18
Swannell, Robert......................................18
Walker, Simon............................................18
Whittaker, Martin....................................20
Winterkorn, Martin..................................21

Week 39

james.mackintosh@ft.com

15

China is trying to
boost consumption
and services.
The switch hits
suppliers to its
heavy industry in
emerging markets,
where prices have
been marked down
aggressively: the
MSCI EM index is at
1.3 times book

18

FINANCIAL TIMES

Thursday 24 September 2015

COMPANIES
INSIDE BUSINESS

Technology

Uber seeks up to $2.5bn for China unit


Ride-hailing group looks
to double amount already
raised amid fight for share
LESLIE HOOK SAN FRANCISCO

Uber is looking to raise as much as


$2.5bn for its China unit, doubling the
amount the company has already raised
for its cash-burning operations in the
worlds most populous country.
The San Francisco-based ride-hailing
company is locked in fierce competition
with Didi Kuaidi, its Chinese rival,
which raised $3bn in a round that closed
earlier this month.
As both companies use incentives to
attract drivers and riders, the race for
market share hinges on who can raise
the most cash. The investors in Ubers
China unit include Baidu, the Chinese

search company, while Didis backers


include Tencent and Alibaba.
Uber has been fundraising for its
China unit since June at a pre-money
valuation of $7bn, and earlier this
month said that it had closed $1.2bn as
part of that round. Expanding the round
to raise $2.5bn underscores how much
cash Uber is prepared to pour into the
Chinese market, which has historically
been unkind to foreign tech companies.
Uber said it would invest $1bn this
year in China, which chief executive
Travis Kalanick described as one of the
largest untapped opportunities for
Uber, potentially larger than the US.
However Uber is the clear underdog
in the Chinese market, particularly after
Chinas two largest ride-hailing companies, Didi Dache and Kuaidi Dache,
merged in February. Didi Kuaidi controls a majority of the private ride-

hailing market, as well as having better


relations with Chinese regulators that
have paved the way for its participation
in legal ride-hailing programmes.
Ubers investors are divided on
whether it can succeed in the Chinese
market, and whether it needs to succeed
there to justify the $50bn valuation of
the Uber parent company.
While Uber goes after Didi in China,
Didi is also going after Uber outside
China, by investing directly in Uber
rivals, including Lyft in the US and
GrabTaxi in Southeast Asia. Last week
Didi and Lyft announced an alliance
that will allow their users to use each
others services.
Ubers fundraising efforts have been
focused on funding its overseas growth,
as it has expanded to 60 countries
around the world.
However,e ven on its home turf in the

Uber is
locked in
competition
with Didi
Kuaidi, its
Chinese rival

US, Uber faces challenges including


a class-action lawsuit in California
that could up-end its business model,
which relies on classifying drivers
as independent contractors rather
than employees.
The Uber parent company will still
retain a controlling stake in the China
unit, according to a person familiar with
the matter.
On Tuesday Uber announced a new
car-pooling service in Chengdu, southwest China, the first time that Uber has
launched a new service outside the US.
Dubbed UberCommute, the service
will enable long-haul commuters to pick
up other passengers, for a fee, who are
going in the same direction.
The product is part of Ubers bid to
persuade Chinese regulators that it can
help reduce congestion and pollution
in the countrys crowded cities.

Banks. Growth test

Santander chief in battle to lift investor mood


Botn hopes new targets will
allay concerns after shares fall
36% in her first year at helm
MARTIN ARNOLD BANKING EDITOR

It has been a tough first year in charge of


Banco Santander for Ana Botn, who
yesterday presented new targets to
investors in an attempt to reverse the
share price underperformance of
Spains biggest bank.
Facing setbacks in several of
Santanders big markets, including a
recession in Brazil and higher taxes in
the UK, Ms Botn has her work cut out to
improve sentiment.
She told investors at a meeting in London that she planned to cut costs,
increase earnings and strengthen capital at the eurozones largest bank by
market value.
The targets are less stretching than
some analysts had hoped, so Ms Botn
risks leaving investors underwhelmed,
especially as Santanders shares have
been the worst performer of any big
European bank this year.
Since taking over a year ago from her
late father, Ms Botn has wasted little
time in addressing a perceived capital
shortfall by raising 7.5bn from investors and cutting the dividend in January.
She has also dealt with criticism of the
banks governance by shaking up man-

Much of the cost-cutting is


expected in Brazil, where
the bank trails behind its
main rivals in efficiency
agement at both the group level and in
its regional operations.
Laying out her three-year vision yesterday, Ms Botn promised to achieve
3bn of gross cost savings by 2018. This
will offset extra expenses such as higher
spending on digital innovation and keep
total operating costs flat at about
20bn.
Much of the cost-cutting is expected
in Brazil, where the bank trails behind
its rivals in branch-level efficiency,
according to analysts.
The most immediate and meaningful improvement to group profitability
Ana Botn can undertake is cost reduction in Brazil, especially the cost of
branches, says Stefan Nedialkov, banking analyst at Citigroup.
Another part of her strategy is to
generate growth by expanding in areas
such as small-business lending, savings products and consumer finance.
She also aims to increase the propor-

Santander aims
to lower its
cost/income
ratio under
plans unveiled
by chief
executive Ana
Botn (below)
Susana
Gonzalez/Bloomberg

tion of revenues coming from more stable fee-earning businesses.


For example, Santanders 123 current
accounts, which have proved popular in
the UK by offering higher interest in
return for annual fees, are being
exported to other markets in an attempt
to increase the number of products sold
to its 117m customers.
By keeping expenses flat and lifting
revenues, Ms Botn aims to lower the
banks cost/income ratio a measure of efficiency from 47 per cent
to 45 per cent.
Convincing investors that she can
achieve growth will be vital to turning round Santanders share price,
which has fallen 36 per cent
since Ms Botn took over,
against a 16 per cent fall in
the MSCI world banks index.
Having made an unsuccessful bid for HSBCs Brazilian operations this year,

Ms Botn is sticking to her disciplined


approach to dealmaking that contrasts
with her fathers more aggressive strategy. She has backed away from plans to
list the UK business publicly and promised that any acquisitions must generate
a return on investment within three
years.
Mr Nedialkov at Citi says: In markets
with high long-term potential where
Santander is still sub-scale, if the choice
ever came to exiting or bulking up, the
bank would likely choose the M&A
option.
Markets where analysts think it lacks
scale include the US, Brazil and Germany.
One unwelcome blow came this year
when UK finance minister George
Osborne introduced an 8 per cent supertax on bank profits, which will absorb an
extra 500m of earnings at Santander
over the next three years.
Despite this, the banks target for

return on tangible equity has been


raised slightly from an initial range of
12-14 per cent to more than 13 per cent.
Last year, its return on tangible equity
was 11 per cent.
Even after Januarys share issue,
Santanders capital levels are still lower
than most rivals with a common
equity tier one ratio of 9.8 per cent at the
end of June. But Ms Botn aims to
increase this to 11 per cent by 2018 while
keeping its dividend payout ratio at
30-40 per cent.
The groups annual cost of credit,
measuring bad-loan provisions as a proportion of new lending, is forecast to
drop from 1.32 per cent at the end of
June to an average of 1.2 per cent over
the next three years.
The recession in Brazil has forced
Ms Botn to abandon her objective of
lowering the banks cost of credit in the
country. But she still aims to keep it flat
at 4.5 per cent next year.

EUROPE

Sarah
Gordon

Brave boardroom
hearts should make
the case for migrants

n the face of the migrant crisis sweeping Europe, the


regions businesses have seemed uncertain how to
respond. Many argue that responsibility lies with
governments. Doing nothing is therefore the obvious
as well as the easiest boardroom choice. However,
business does have an important role to play, and some
companies have chosen to interpret this as handing over
cash.
In Germany, Axel Springer, Bayer, Eon and Evonik have
given generously. Frances Air Liquide, Michelin, Sodexo
and Total have pledged to assist refugees who are resettled
in the country. In the UK, Save the Childrens child refugee
appeal has attracted large corporate donations, with Visa
Europe giving 1m and Google announcing it will matchfund donations up to 5m. Goldman Sachs, meanwhile,
has linked up with the UN High Commissioner for Refugees to provide 2m of humanitarian assistance.
For many companies, such donations and commitments
have been an exceptional response to the human tragedy
unfolding at their gates. Most, if not all, will have stepped
up to the plate purely in an attempt to alleviate suffering,
rather than for any benefit they might derive from it.
If the latter motivation does apply, though, research suggests donors may be overestimating the effect their giving
has on corporate reputation. Research by the Charities Aid
Foundation found that, in 2012, FTSE 100 companies gave
2.5bn to good causes, nearly double the amount they gave
before the financial crisis.
However, the public was largely unaware of this commitment thinking only one in three of Britains biggest
listed companies made charitable donations, when in reality 98 per cent did.
There are good reasons for public scepticism about corporate do-gooding, particularly after the damage done to
trust by the financial crisis. When a supermarket chain, for
example, pays its suppliers later and later, consumers are
unlikely to admire its values, regardless of its philanthropic activity.
Lidl may have stolen a PR
march last week by
Matching
announcing that it would
become the first UK super- internal practices
market to pay the living
with externally
wage to its employees. But
the fact that, since it opened trumpeted values
in the country, the German
is important
discounter has failed to pay
staff for rest breaks jars with
its public self-congratulation.
Matching internal practices with externally trumpeted
values is important. There is plenty of research to back up
the business case for doing the right thing.
At an event in London last week organised by the CAF
and the CBI employers group, the US law firm Weil,
Gotshal & Manges (founded in the 1930s by lawyers fleeing
anti-Semitism in Europe) said its pro-bono work was one
of the reasons it could attract a high calibre of recruits.
In July, Spanish bank BBVA said values-based investing now accounted for $6.6tn of its assets under management, and appealed to younger clients.
Visa Europe has funded financial education delivering
a benefit both to society and its own future.
Making donations to help people in dire straits at
Europes borders is a compassionate act. But as Robert
Swannell, chairman of Marks and Spencer, pointed out
last week: There is a danger with any issue that captures
the public attention that, like young children on a football
pitch, everyone single-mindedly scampers after the ball
and fails to see what is going on around them.
Business has an opportunity to make a longer-term contribution to the debate around migration, since the crisis
will strike a chord with employers grappling with a skills
shortage in Europe. In Germany, a falling local population
makes the argument for importing more of these skills an
obvious one. In the UK, where the demographic case is less
easy to make, senior executives have proposed innovative
ways of linking the two issues.
Sir Win Bischoff suggested in the Financial Times last
week that refugees with the skills needed by employers
should be exempted from the normal immigration and
nationality tests. In return, companies would be obliged to
take on migrants and train them.
Simon Walker of the Institute of Directors noted how
historical refugee crises helped to create hard-working
communities in the UK.
Giving to charities may feel good. But the braver way for
business to make a difference is to argue the long-term
case for migration as a benefit to Europes labour force, as
well as its employers.
sarah.gordon@ft.com

Media

Mining

WPP chief warns Google on fake ad views

BHP Billiton chiefs pay cut after mine deaths

ROBERT COOKSON

Sir Martin Sorrell, chief executive of


WPP, has warned Google that unless it
improves efforts to weed out fake
views of online adverts, marketers
will shift their focus back towards
media such as television.
Sir Martin made the comment yesterday in response to news that Google had
been charging marketers for YouTube
ad views even when the video platforms
fraud-detection systems identify that a
viewer is a robot rather than a human
being.
Clients are becoming wary and suspicious, he said.
Both Google and Facebook are going
to have to raise their game when it

comes to providing advertisers with


strong evidence that their ads are being
seen by real people, he added.
Fake views of ads by bots computer programs that mimic the behaviour
of internet users have become a problem for marketers as they shift more of
their advertising budgets online.
WPP, the worlds largest marketing
services group, has been on a crusade
to eliminate fraud in online advertising,
Sir Martin said.
It has also been trying to prevent
advertisers wasting money on ads that
are displayed in parts of a web page that
cannot be seen.
Online measurement is weak, he
said. New media groups have been held
to lower standards than traditional

ones because theyre sexier. Traditional media are being penalised,


he added.
Google has been investing in technology and staff to keep bots out of its
systems.
However, as the Financial Times
reported on Tuesday, when researchers
sent bots to visit two YouTube videos
150 times, the public view counter identified only 25 of the views as genuine.
AdWords, Googles service for advertisers, charged for 91 of the fake views,
however.
Although YouTube was vulnerable to
some fake views, the researchers also
found that its fraud-detection mechanism was superior to those of four of its
rivals, such as Vivendis Dailymotion.

JAMES WILSON LONDON


PETER WELLS HONG KONG

BHP Billiton chief executive Andrew


Mackenzies annual pay fell 40 per cent
last year because of workforce deaths
and missed financial targets at the
worlds most valuable mining group.
BHP said it was an unacceptable outcome that five workers were killed in
accidents during its most recent financial year. The deaths occurred in Australia, South Africa and Chile and contrast with the zero-fatality record in
BHPs previous financial year.
Mr Mackenzie was paid $4.6m during
BHPs most recent financial year compared with $8m in the 12 months previously. BHP did not pay Mr Mackenzie

part of a bonus that depended on the


groups health and safety record.
Carolyn Hewson, a BHP director and
chair of the board committee that oversees pay policies for Mr Mackenzie and
other senior staff, said the chief executive had overarching accountability for
the five fatalities that occurred.
Mr Mackenzie supported the decision, BHP said. Mining has become progressively safer for the larger global
groups and Mr Mackenzie has stressed
the importance of trying to make it as
safe as possible. Nothing matters
more, he said last month.
Overall, BHPs safety record, measured by the frequency of recordable
injuries, improved 2 per cent in the year.
The chief executive also missed out on

a bonus that had been accruing since


2010, after the Anglo-Australian miner
underperformed peers in its returns for
shareholders during the five-year
period. It also cut fees for Jac Nasser,
chairman, and other board directors
13 per cent and 6 per cent respectively,
from levels set in 2011 at the peak of the
mining boom. Since then, the dire outlook for commodities has forced miners
to cut jobs and trim spending.
BHP revealed plans to modify the way
it funds dividends for shareholders
across its dual UK and Australian listed
companies. The Australian-listed company will surrender dividend franking
credits, a tax benefit popular with
domestic investors.
See Lex

Thursday 24 September 2015

19

FINANCIAL TIMES

COMPANIES

Pimco funds returns leave Gross in the shade


Those who followed
the star investor to
Janus learn that there
is more to success
than one individual

Going with the flows


Net fund flows

Janus Global Unconstrained Bond Fund


PimCo Total Return Fund

$bn

5
0
-5
-10
-15
-20
-25
-30
-35

STEPHEN FOLEY NEW YORK


ALISTAIR GRAY LONDON

Investors who followed the famed bond


specialist Bill Gross and put money into
his new mutual fund at Janus Capital are
sitting on a 2.5 per cent loss at the first
anniversary of his dramatic career
move. Those who stayed put in the
Pimco Total Return fund, which Mr
Gross had managed to great acclaim for
decades, are up 1.7 per cent.
These contrasting figures put to
shame many easy assumptions that
were made in the days that followed his
resignation on September 26 last year,
when regulators feared that massive
outflows would destabilise the Pimco
fund and Mr Gross said he expected to
do much better running a smaller, nimbler portfolio.
Another surprise is in part explained
by the diverging performances: while
the outflows from Total Return were
indeed huge $120bn and counting
barely $1bn flowed to the Janus Global
Unconstrained Bond Fund.
By underperforming, Mr Gross may
be inadvertently helping Pimco make
its own case: that the investment process, trading infrastructure and intellectual firepower across a large asset
management group count for as
much as, if not more than, any individuals investing talent.
That is the argument Pimco has made
since Mr Gross walked out without
informing colleagues. His departure
from the company he co-founded 43
years earlier was an earthquake in fixed
income asset management, the denouement to months of management turmoil at Pimco, concern about Mr Grosss
behaviour and a move by other executives to oust him.
While analysts say outflows from the
core bond portfolios Mr Gross once
managed are likely to continue, Pimco
and its parent company, Allianz, are
focusing on alternative products, where
they continue to attract investors and
which they say represent the future of
the business.
What is very good, and what I look

Sep

Oct
2014

Nov

Dec

Jan

Feb

Mar

Apr May
2015

Jun

Assets under management

Janus Global
Unconstrained Bond Fund

$79.1m
Sep 2014

Jul

Aug

PimCo Total
Return Fund

$201.6bn $98.1bn
Sep 2014

Aug 2015

$1.4bn
Aug 2015

Bill Gross
Photo: Reuters

FT graphic. Source: Morningstar

Strategy
review
Successor
warns on
potential
job losses

Bill Grosss successor as chief investment


officer at Pimco is warning the asset
management companys staff that
underperformers can expect to lose their
jobs, in a change from the emollient tone
of a year ago, when the company was
reeling from Mr Grosss departure.
The company is conducting its annual
strategy review, which could see staff
numbers reduced from the current 2,400
to reflect shrinking assets under
management. We want turnover, says
Dan Ivascyn, the mortgage investing
specialist who emerged as Mr Grosss heir
apparent after the resignation of
Mohamed El-Erian last year.
If you strive to have a performance
culture that means rewarding top
performers. For those who arent meeting

client expectations, that means giving


them another chance or two, but if it is
not working out, then looking to
upgrade. We will make sure we have a
healthy turnover within the
organisation again.
A year ago, executives at Pimco and
its parent company Allianz scrambled
to put in place a three-year incentive
scheme to prevent more departures in
the wake of Mr Grosss exit, so it could
present a business as usual air.
Pimco under Mr Gross and Mr ElErian had a reputation as a tough
place to work, with above industrystandard pay to make up for longer
hours. Staff turnover has since
returned to its Gross-era annual rate
of 10 per cent. Stephen Foley

UBS chief is right to see opportunity


in risk, but there are important caveats
COMMENTARY

Andrew
Hill
Sergio Ermotti, chief executive of UBS,
has said what many in financial
services have long thought needs to be
said. Risk-taking and mistake-making
are acceptable. Try to eliminate all
risk-taking, and threaten to punish all
mistakes and the ensuing culture of
fear I find the German translation,
Angstkultur, even more evocative will
limit the pursuit of legitimate business.
He is right. But there are some
important caveats, some of which
Mr Ermotti added to his address to
the banks senior executives. One is
that the mistakes should be honest.
Another is that the organisations
culture should be strong enough to
prevent any doubt in the minds of
employees about what constitutes
an honest mistake.
Unfortunately, mistake remains
a popular euphemism among bank
bosses for some very grave errors
of judgment and failures of risk
management, implying that even
some intentional unethical acts are
accidental. Another problem is that the
extent and durability of improvements
in corporate culture are extremely
hard to assess and measure.
When Antony Jenkins took over as
Barclays chief executive in 2012, he
admitted the bank had made serious
mistakes which was one way of
describing the hundreds of millions
of pounds levied by regulators on
Barclays and others for manipulating
interest rates. He vowed those
mistakes would not be repeated.

This year, Jamie Dimon, chief


executive of JPMorgan Chase, issued
a more subtle description of his banks
policy, to be read in the light
of such errors as its London Whale
derivatives losses.
In a lengthy declaration about how
to create the right culture, he wrote
that we need to develop a safe
environment where people can raise
issues and admit and analyse mistakes
without fear of retribution. Referring,
like Mr Ermotti, to the downside of
adding layers of compliance and
regulation, he also said we cannot
allow this to devolve into crippling
bureaucratic activity or create a
culture of back-stabbing and blame.
Before he was removed as chief
executive, Mr Jenkins had set in
motion the Transform programme of
culture change at Barclays. It was based

When Antony Jenkins


took over as Barclays chief,
he admitted the bank had
made serious mistakes

on a range of methods including


employee and customer surveys for
monitoring whether behaviour and
attitudes had indeed been
transformed. But when I talked to him
about this in 2013, he said it would still
be a five- to 10-year journey.
A report last year by Cass Business
School and the New City Agenda
think-tank went further, pointing out
that banks culture change initiatives
remain relatively fragile and saying
it would take a generation to change
the aggressive sales mentality in
British retail banking.
Even then, it would not be the end of
the road. Misbehaviour, fostered by
amnesia, complacency and greed,
seeps quickly back into companies
whose way of working is not actively
cultivated and policed. The British
regulator, for instance, has said that
banks rigging of currency markets
dated from 2008 to October 2013, after
it had started investigating the
problem, and long after the crisis had
focused public and regulatory attention
on banks cultures. The tendency to
make dishonest mistakes appears to
have a very long half-life.
Clearly, if bank staff were cowed by
Angstkultur for a generation, risking
little and fearing much, their clients
would suffer. Individuals and
businesses would find it harder to raise
finance for new projects; economic
growth would suffer. Risk is not just a
threat, but also an opportunity. Mr
Ermotti is sending a strong message
from the top to that effect. I just hope
he is as certain that UBSs culture has
changed as he is that now is the time
to loosen the leash a little.
andrew.hill@ft.com
See Editorial Comment

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at, at the moment, is the net inflows that


we have in what we call the future platforms, says Oliver Bte, Allianz chief
executive.
We are shifting from institutional
more into retail; from traditional traded
fixed income to credit and to alternatives; from a US focus a lot more to
Europe and Asia.
Pimco put Total Return under collegiate management last September
namely Scott Mather, Mark Kiesel and
Mihir Worah and the trio have
emphasised continuity.
While Mr Gross was famous for big
calls on the direction of interest rates, a
good part of the funds market-beating
returns came from trading strategies
such as selling insurance against market
volatility. The trio also bet on a rising
dollar, which propelled the fund back

Bill Grosss
Janus fund
has grown to
only $1.4bn,
and about
half of that is
his own
money

near to the top ranking in its category,


at least until the date of the first US
interest rate rise was pushed out.
According to the Morningstar research
group, the funds returns have beaten
the average core bond fund by 62 basis
points over the year.
Customer outflows have more than
halved the size of the fund to $98bn, and
related funds and accounts once managed by Mr Gross have borne the brunt
of the rest of the redemptions. Pimcos
group-wide assets under management
have dropped by a fifth since September
last year, to a little over $1.1tn at the
most recent update at the end of June,
excluding funds managed for Allianz.
The latest quarter will also be negative,
analysts suspect.
Pension fund consultants, advisers
and boards all make decisions on a
lagged-behind basis, says Dan Fannon,
asset management industry analyst at
Jefferies. It is a slow process, and while
the outflows have subsided somewhat,
they are ongoing.
Mr Bte says the core bond portfolios
are suffering for reasons that go beyond
Mr Grosss departure and that these
broad, conservative fixed income funds
have fallen out of favour with investors
who fear rising interest rates.
We are at the end of a 30-year bull
market where Pimco benefited the most
because they had the largest fund with
the highest efficiency in the most
exposed product to the interest rate
cycle, he says. If you want to get the
double-whammy on the way up, youre
also going to get the double-whammy
on the way down.
Understanding that market shift, Mr
Gross decided at Janus to launch not a
core bond fund but an unconstrained
fund, which could make both positive
and negative bets on fixed income,
make use of derivatives and invest in
riskier bonds than he could at Pimco.
The result has been a higher-risk portfolio, which slumped during the turmoil of
August and has returned 500bp less
than the bond market as a whole over
the past year.
The shift in strategy meant institutional investors were less likely to give
him credit for his long record in core
bonds, and even retail investors have
been put off by the weak start. His fund
has grown to only $1.4bn, and about half
of that is Mr Grosss own money.
It is a numbers game from now,
says Mr Fannon. The initial hype has
subsided. The only way flows will
improve is if his performance numbers
improve.

20

FINANCIAL TIMES

Thursday 24 September 2015

COMPANIES
Technology

Technology

Transatlantic deal for sharing data at risk

Facebook
announces
360 video
as way into
virtual reality

Adviser to EU court says


national regulators can
suspend transfers
ALEX BARKER AND DUNCAN ROBINSON
BRUSSELS

US tech companies should stop shipping


private information about Europeans
wholesale to the US, where privacy protections are lower, a European court
adviser has said.
If endorsed, the opinion from the
European Court of Justices advocategeneral would mark the starkest European response yet to the Edward Snowden revelations about mass internet

surveillance by the National Security


Agency. US tech companies also claim
that blocking transatlantic data flows
would undermine an important aspect
of their global operations and accelerate
the drift to a Balkanised internet.
Yves Bot, the ECJs advocate-general,
said yesterday that national regulators
had the authority to suspend transfers
of data to the US, even when they were
approved by the European Commission.
If upheld in a final ruling, the opinion
would tear through a safe harbour
provision that US tech companies, such
as Facebook and Amazon, have relied
on to transfer data across the Atlantic
without running foul of EU law. Its
removal would force such companies

to overhaul their European businesses.


Tech groups reacted with dismay.
We are concerned about the potential
disruption to international data flows if
the court follows todays opinion, said
John Higgins of DigitalEurope, a European trade association.
Mr Higgins said the opinion would
fragment Europes approach, casting a
shadow over standard instruments and
contracts that underpin data transfers.
Safe harbour is based on the assumption that US data privacy rules provide
equivalent protections as those in the
EU. But it has come under scrutiny since
Mr Snowden leaked NSA memos that
raised questions as to the effectiveness
of the US rules.

The test case brought by Max


Schrems, a law student from Austria,
challenged the arrangements that have
allowed Facebook and other US groups
to store data from EU citizens in the US.
Mr Bot has recommended that the
court strike down a commission finding
that the US provides adequate data protection, arguing Brussels is not empowered to provide such binding advice,
especially where a foreign countrys
laws imperil the rights of EU citizens.
He goes on to challenge large-scale
collection of personal data by the US,
which is transferred without those EU
citizens benefiting from effective judicial protection.
The access enjoyed by US intelligence

agencies is, furthermore, an interference with the right to respect for private
life and the right to protection of personal data, Mr Bot argued, adding that
such mass, indiscriminate surveillance is contrary to fundamental rights
of EU citizens.
Yesterdays opinion is not binding
but, in a majority of cases, the court concurs with the advocate-general.
The commission is renegotiating the
safe harbour agreement but this opinion
is likely to complicate the talks. Commission officials have argued in the past
that any negative view from the ECJ
could be brushed off because the revised
safe harbour agreement would include
more safeguards.

Food & beverage. Joint venture

Kelloggs appetite for growth faces stern test in Nigeria


US food group will need to
contend with economic ills as
it aims to expand in Africa
MAGGIE FICK LAGOS

The startling admission by Nestl that it


overestimated the size of Africas growing middle class has done little to deter
US food group Kellogg from expanding
its presence in the continent.
The worlds biggest cereal maker last
week announced plans for a $450m
joint venture with Singapores Tolaram
Group to develop breakfast foods and
snacks for the west African market,
with the focus on Nigeria.
The deal comes as multinational consumer groups including Unilever and
Diageo are increasing their investments
in their Nigerian units in an effort to
capture the countrys price-conscious
shoppers and help boost their profits.
McKinsey estimates that Nigerian
households with incomes of more than
$5,000 a year will increase from 20 per
cent of the population to 27 per cent by
2020, putting them within the target
customer base of formal retail chains.
The size of the economy, its growth
rate and changing demographics were
the reason Nigeria was the right first

Facebook has launched a type of video


that it says will take people one step
closer to the immersive experience of
virtual reality, at a time when the social
media company has been investing in
technologies being developed by
Oculus.
The technology, dubbed 360 video,
allows users to change perspective
within a video by moving their cursor or
finger on an image as it plays. It has the
potential to be a first step towards integrating some of Facebooks content with
virtual reality products such as the Oculus Rift headset, which will be released
next year.
The launch marks the latest attempt
by Facebook to develop its ties with
professional media companies, after
embedding publishers work into its
news feed with instant articles this
year.
On Tuesday, Facebook said the US
companies The Washington Post, Huffington Post and Mashable had joined its
instant articles programme.
Most of the images posted to Facebook are taken with smartphones but
360-degree videos require dedicated
cameras, limiting the potential supply
of content.
The launch comes as the large tech-

One spherical video


shows divers swimming
with sharks, another is
based on the Star Wars
film The Force Awakens

Our focus is on the


Nigerian consumers. If you
understand their needs,
there is huge potential
move, said Kelloggs. And we have
found a suitable partner.
But the slowdown in Nigerias economy, fuelled by the collapse in the price
of crude oil and the weakening naira,
has hurt consumer spending, creating a
tough business environment for Kelloggs and other rivals.
Nestl, which has invested close to
$1bn in Africa over the past decade, said
in June that turnover in the region had
failed to deliver in line with initial
growth forecasts set out in 2008 when it
stepped up its expansion there.
As a result, the Switzerland-based
group is cutting 12 per cent of its workforce in 21 countries across the continent, excluding South Africa.
With much of the population still
focused on quantity, rather than quality
of staples, much of Kelloggs success will
be in pricing its products right.

LESLIE HOOK SAN FRANCISCO

Pricing will be
key for Kelloggs
in a country
where a $5.50
box of breakfast
cereal compares
with a $90
monthly wage
for some state
workers
Pius Utomi Ekpei/AFP/Getty

Close to 13m Nigerians live on


between $1 and $2 a day, according to
the International Finance Corporation,
and are used to a traditional breakfast of
powdered milk and bread or fried
dough and eggs. A box of Kelloggs Special K cereal costs the equivalent of
$5.50 in a country where the minimum
wage of government workers was
recently raised to $90 a month.
Fast-moving products and impulse
purchases sold for between five and 25
cents are the biggest opportunity, said
Omair Ansari, frontier markets consumer analyst at Renaissance Capital.
Kelloggs, which also makes Pop-Tarts
and Pringles crisps, said that rather than
increase its cereal offering, it would aim
to push its lower-end products to consumers in open-air markets in Nigerian
cities such as Lagos.
The effort to move the US food groups

products far and wide should be enabled by Tolarams Nigerian distributor


Multipros 450,000 touch points.
The deal also gives Kelloggs the right
to buy into Tolaram African Foods, the
company that makes and sells Indomie,
the leading instant noodle brand in the
country that is a mainstay in the Nigerian diet. A single serving size packet
goes for the equivalent of 18 cents.
With the Nigerian economy under
strain, single-use small packs of snacks
like biscuits and fruit juice boxes are the
best bet as long as the cost of packaging
is not passed on to the consumer, said
Ahmed Abbas Maswood, vice-president
of Godrej, an Indian company that sells
beauty products in Nigeria.
Partnering with a strong, local distribution partner and adapting products to
suit its target market, Kelloggs may be
able to avoid the mis-steps that Nestl

Are you cut out


for an MBA?
Find out with our free, online, self test workout.
www.mbagym.com

FT BUSINESS EDUCATION
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$450m
Size of the joint
venture between
Kelloggs and
Tolaram Group

27%
Percentage of
households likely
to have an annual
income of more than
$5,000 by 2020

made on the continent by focusing on


the elite minority rather than the everyday majority. That has been Unilevers
strategy in the country where it has created several brands of varying affordability, including a low-cost margarine
that does not require refrigeration.
The Anglo-Dutch group recently
offered to increase its equity stake from
50 per cent to 75 per cent in its separately listed subsidiary Unilever Nigeria
to capitalise on expected growth in the
country. The deal is pending regulatory
approval.
No one can deny the challenges, but
all emerging markets are volatile and
our focus is the Nigeria consumer
where, if you understand their needs
and develop the right brands at the right
price, there is huge untapped potential
in a fast-changing market, said Bruno
Witvoet, head of Unilever Africa.

nology companies ramp up their investments in virtual reality and augmented


reality. Both GoPro and Nokia have
developed virtual-reality cameras that
can record spherical videos such as
those now being developed on Facebook.
Sony is preparing to launch a virtual
reality headset, called PlayStation VR,
next year. Google has teamed up with
GoPro to launch Jump, a spherical video
project, while Microsoft showed the
HoloLens this year.
YouTube, the video-sharing website
controlled by Google since 2008, introduced 360-degree video support in
March.
Facebook said in March it was working on spherical video and the first films
are expected to show up in users news
feeds today.
One of the earliest spherical videos to
be released, by the US Discovery TV network, shows deep-sea divers swimming
with sharks. Another is based on the
Disney Star Wars film, The Force Awakens, which is in production.
Facebook took the plunge into virtual
reality by buying Oculus for $2bn last
year and chief executive Mark Zuckerberg initially emphasised the gaming
potential for the immersive headset.
This week, the Oculus Connect conference is taking place in Las Vegas, giving
developers a chance to demonstrate
their apps for the Rift headset.
Also this week, a virtual reality company, Jaunt, raised $65m from a group of
investors that included Walt Disney.
The company specialises in live events,
such as concerts and sports games.
Additional reporting by Tim Bradshaw

Financials

Indonesia considers deferral of float changes


AVANTIKA CHILKOTI JAKARTA

The Indonesia stock exchange (IDX) is


considering pushing back its deadline
on new free-float requirements, potentially deferring share sales worth
trillions of rupiah, in the face of market
volatility within Southeast Asias largest economy.

A total Rp22.6tn ($1.5bn) of share sales


would be required in coming months,
according to local brokerage Bahana
Securities, if listed companies are to
meet new rules mandating that they
have at least 7.5 per cent of their capital
owned by the public by January 30.
The 37 Indonesia-listed groups
that fall short of the threshold include
coal miner Bumi Resources and the
local arm of tobacco company Philip
Morris HM Sampoerna which
launched a rights offering this week to
meet the regulations.
Bahana estimates Sampoerna comprises Rp18.7bn of the share sales
required by listed groups, which are
mainly small local businesses.

Samsul Hidayat, director of corporate


listing at the IDX, said it was considering
extending the deadline after appeals
from several companies in the wake of
the recent slump in equity markets.
We understand some [groups] have
a problem to achieve this number,
he said. We will wait until next month
or the end of November to see whats
going on in our economic condition.

Rp22.6tn

Rp500m

Estimated share
sales required if
listed companies
are to meet rules

Potential fine for


not complying
with exchange
requirements

The rupiah has dropped to its lowest


levels against the US dollar since the
Asian financial crisis in 1997-98 and the
Jakarta Composite Index has lost more
than 15 per cent since the start of this
year, amid concerns over a slowdown in
China and expectations of a US rate rise.
The free-float requirement,
announced in early 2014, was welcomed

by analysts at the time as an attempt


to boost liquidity in the Indonesian
stock market.
In a way it forces the company to
make a decision, said Erwan Teguh,
head of research for CIMB Securities in
Jakarta. Either they want to go private
or they have to behave like a better public company.
The usual penalty for not complying
with exchange requirements includes
temporary suspension of trading and
fines of up to Rp500m, according to law
firm Baker & McKenzie.
Yet the 7.5 per cent threshold is low by
international standards. The minimum
free-float on the Hong Kong exchange,
for example, is 25 per cent.
Analysts say publicly listed companies in Indonesia have traditionally
had a limited portion of shares
traded on the stock market due to
favourable tax regulations and family
owners domination.
The HM Sampoerna sale this week
will be watched closely as a measure of
investor appetite.

Thursday 24 September 2015

21

FINANCIAL TIMES

VOLKSWAGEN SCANDAL

Emissions case dents trust in a battered sector


Carmakers look set to face heightened scrutiny from regulators at a time when recalls have left public confidence low
ANDY SHARMAN
MOTOR INDUSTRY CORRESPONDENT

The Volkswagen scandal began as a US


vehicle recall affecting one company.
But the revelations leave carmakers
worldwide with big questions to answer.
No other manufacturer has recently
been accused of similar activities to VW,
which disclosed on Tuesday that up to
11m vehicles with diesel engines had socalled defeat devices that could enable
cheating in emissions tests. Martin Winterkorn, VW chief executive, resigned
yesterday and the scandal could also
lead to multibillion-dollar fines in the
US and possible criminal charges.
But for the wider industry, the VW
case raises once more the issue of trust
in a sector already low on public confidence after a series of high-profile vehicle recalls, including General Motors
deadly ignition switches, Toyotas
unintended acceleration fault and
Takatas airbag scandal.
Carmakers including BMW, Daimler,
Ford, the Renault Nissan alliance and
Jaguar Land Rover have denied using
similar software-based defeat devices to
that installed by VW on its diesel vehicles. Acea, the European manufacturers body, said: There is no evidence
that this is an industry-wide issue.
But regulators interest has been
piqued. The Environmental Protection
Agency, the US watchdog that revealed
VWs cheating, is planning to examine
cars made by other manufacturers, and
in Europe several governments have set
up inquiries to see whether emissions
tests have been violated.
That sets the industry up for a period
of heightened scrutiny. Theres no
smoking gun here, but there is anecdotal evidence, says Stuart Pearson, analyst at Exane BNP Paribas. We cant
rule out with any certainty that another
carmaker wont be implicated in this.
The scandal offers potential vindication for environmental groups that have
for years warned that new cars emit
substantially more carbon dioxide and
other pollutants on the road than in laboratory tests.
Successive reports by research
groups, including the International
Council on Clean Transportation, which
helped expose the VW scandal, have
raised very broad questions. These
focus on discrepancies not only in readings for emissions of nitrogen oxides,
Nox, by diesel cars, but also carbon
dioxide data across the board, including
for petrol vehicles.
For some cars, campaign groups say
the gap between laboratory test readings and on-the-road data is so large that
it cannot be explained away by legal
trickery, and that sophisticated software must be to blame.
In November, Transport & Environment, a Brussels-based lobbyist, highlighted an average gap of almost 40 per
cent between Daimlers laboratory test
scores for CO2 emissions in Europe and
on-the-road results. The tests included
petrol models. Daimler said that on-theroad results could only ever match official tests if the measurement conditions are the same as in the laboratory.
This week, T&E came back with more
data, gathered from what it said were
respected testing authorities around
Europe, although the sources were not
identified. The research found that a
diesel Audi A8 made by VW but not

Testing times

What they
said
There is no
evidence
that this is
an industrywide issue
European
manufacturers
bodyAcea

Pollution line-up: carmakers EU emission scores

Growing divergence:
CO 2 lab tests vs real world

Ratio of measured nitrogen oxides to regulated limit, 2014 (score)

CO 2 emissions (g per km)


1.0
VW

Hyundai

Mazda

Renault

Volvo

Citron
Mercedes
Benz

160
140
EU weighted-average
lab test results

0.2

BMW
0

Current
EU test

0.4

A number greater than 1 on the current test and 2 on


the tougher test indicates above average emissions
Average region

180

0.8
0.6

Audi Opel

Real world conditions

120

0
2

6
8
10
Tougher test to be introduced by 2017

12

14

2001 03 05 07 09 11 13
Vehicle build year

FT graphic Source: ICCT

Q&A

Berlin
muscling in
helped to
slow down
reforms

The Volkswagen scandal has


reawakened concerns about the way the
German government and the countrys
motor industry have fought to delay and
water down some of the EUs most
important reforms on vehicle emissions.
The most eye-catching example of
Berlin flexing muscles on behalf of its
carmakers came on the eve of a Brussels
summit in 2013, when Angela Merkel,
German chancellor, overrode the normal
conventions of EU lawmaking to protect
an industry that employs more than
785,000 people in Germany.
After years of difficult negotiations,
the summit was expected to finalise
anti-pollution targets for Europes
carmakers. The EUs three lawmaking
bodies the European Commission,
the Council of Ministers and the
parliament had all agreed on tougher
rules on carbon dioxide emissions, to
take effect from 2020.
But Germanys car industry,
particularly premium makers such as
Mercedes-Benz and BMW, had been
fighting for more time and Ms Merkel
invested huge political capital to win it
for them. On the eve of the Brussels
summit, she rang Enda Kenny, the Irish
Taoiseach and acting EU president, and
asked him to drop the matter.
Ultimately, Ms Merkel secured only an
extra year. The EU target that cars
should emit 95g of carbon dioxide per

kilometre was set for 2021, rather than


2020. But Ms Merkels willingness to
help carmakers helps explain why it is
so difficult for the commission to make
headway on vehicle emissions.
One European diplomat described
talks over car-industry rules as one of
the most violent areas of EU policy.
One European industry group is seen
as especially influential: Germanys VDA.
The body is led by Matthias
Wissmann, a former senior politician in
Ms Merkels Christian Democrats.
Brussels officials described Mr
Wissmann as the rainmaker within the
car sector who argues powerfully that
Europe should not put itself at a
competitive disadvantage to Asian
manufacturers.
At the heart of the VW scandal are
the test standards to limit emissions of
harmful nitrogen oxides, or Nox.
Brussels has been trying to
implement new standards since 2007 to
make tests more like the real world,
thereby avoiding specialised laboratorybased techniques.
In the US, VW installed software in its
diesel cars that meant the vehicles
turned on emission controls during lab
tests, but in normal driving conditions
would release Nox up to 40 times the
permitted limit, according to the
Environmental Protection Agency.
Christian Oliver and Jeevan Vasagar

among the 11m vehicles affected by the


scandal produced Nox emissions 22
times the European legal limit on the
road.
Audi said its cars are developed to
comply with all emissions regulations
valid at the time of manufacture, and all
current specification models do so without exception.
Other diesel models, such as a BMW
X3 and an Opel Zafira Tourer, were 10
times over the European limit on the
road, while a Citron C4 Picasso was five
times above permitted levels. All these
vehicles passed the laboratory test,
said Greg Archer at T&E.
BMW said it was interested to learn
of the results, but T&E had so far refused
to provide the company with sufficient
information. Opel declined to comment
beyond saying it was committed to the
robust emissions compliance of all our
vehicles. PSA Peugeot Citron said that
it complied with all test procedures.
These discrepancies are often blamed
on hopelessly outdated tests in Europe.
Manufacturers have become adept at
exploiting loopholes within the current
testing regime perfectly legal optimisations that fall within the rules.
On average across all car brands, the
gap between laboratory and real-world
CO2 emissions for new passenger cars
increased from about 10 per cent in
2002 to about 35 per cent in 2014,
according to the UK Committee on Cli-

More on ft.com
Lexs Robert
Armstrong and
Rochelle
Toplensky
discuss whether
the share price
yet reflects the
likely impact of
VWs cheating
ft.com/video

Theres no
smoking
gun here,
but there is
anecdotal
evidence.
We cant
rule out
with any
certainty
that
another
carmaker
wont be
implicated
in this
Stuart Pearson,
analyst at Exane
BNP Paribas

mate Change, the climate watchdog.


The European Commission has proposed the introduction of real world
testing for Nox emissions from 2017.
There will also be a new laboratory
test introduced as soon as 2017 that
seeks to update the existing regime and
close some loopholes. But the industry
has been keen to delay its implementation, and campaigners are doubtful as to
whether the new regime will have any
impact on the gap between laboratory
and real world emissions.
Even so, researchers using the methods of the new laboratory regime have
highlighted the ground that carmakers
need to make up if they are to meet
tougher standards.
ICCT published research this month
that showed an unnamed Volvo was
more than 14 times above the European
legal limit for Nox when tested under
the new regime. Volvo blamed the result
on a defective car, but the ICCT said it
had passed the existing laboratory test.
The ICCT said it had no evidence that
other carmakers had manipulated tests
in the way VW had admitted.
However, this is a good question that
needs to be addressed, it said. Governments and enforcement agencies in
every country in the world should investigate diesel vehicles sold in their countries to see if similar defeat device strategies are being employed.
See Comment, Lex and Markets

Contracts & Tenders

Analysis. Chiefs legacy

Winterkorn leaves a weakened and isolated business behind


Successor will face months
of bruising encounters with
regulators and investigators
CHRIS BRYANT FRANKFURT

In the end the pressure on Martin Winterkorn became simply too great to
bear. Following a marathon meeting of
senior directors at Volkswagens headquarters in Wolfsburg yesterday, he
offered his resignation as VW chief
executive.
With Europes largest carmaker by
sales engulfed in a scandal after a US
regulator revealed last Friday that VW
had installed software in diesel cars that
facilitated cheating in emissions tests,
Mr Winterkorn said he would take
responsibility for the crisis.
The 68-year-old, who until this
month had led VW to considerable success since 2007, said he did not consider
himself personally at fault, but
explained that his resignation would
pave the way for a fresh start at the
group.
He added: With my resignation, I am
making the way clear . . . VW was and
remains my life . . . I am convinced that
VW and its team will overcome this difficult crisis.
VW directors did not immediately say

who would succeed Mr Winterkorn, but


three possible candidates stand out:
Herbert Diess, a former BMW executive
hired in July to revive the core VW
brand, Rupert Stadler, head of Audi, a
group subsidiary, and Matthias Mller,
chief executive of Porsche, another unit.
Mr Mller, 62, is known for his transparency and willingness to speak his
mind on sensitive matters, which could
help VW in its dealing with regulators
now considering fines over the scandal
that could run to billion of euros.
Mr Winterkorn has endured a torrid
year. In April, he survived a power
struggle with Ferdinand Pich, VWs
then chairman, because he could count
on key power brokers at the group,
including labour leaders and representatives of the state of Lower Saxony,
which owns a 20 per cent voting stake.
But this time they withheld public backing for Mr Winterkorn.
His tenure was undone when VWs
shares plunged almost 35 per cent over
Monday and Tuesday this week, as
investors mulled the cost of the scandal.
VW says up to 11m diesel cars might
need to be repaired more than the
total number of vehicles it sells each
year. The Porsche and Piech families,
who together control a majority of VWs
voting shares, have seen billions of euros
of their personal wealth destroyed by
the fall in the share price. VWs custom-

ers are angry, its suppliers are worried


and some VW employees fear for their
jobs.
Mr Winterkorns famed attention to
detail made it hard for him to fully distance himself from the scandal. Analysts say the accomplished engineer
should at least have asked questions
about how its diesel cars were able to
pass US emissions tests so easily.
Mr Winterkorn had been due to
receive a two-year contract extension
tomorrow when VWs supervisory
board convenes, but now directors will
use the meeting to discuss his successor.
VWs choice will be crucial if it is to
convince customers and shareholders
that it is sincere about repairing the
damage to its reputation.
Following this unparalleled disaster
[Mr Winterkorns] credibility
on the capital markets was no
longer tenable . . . VW needs a
new start with an unencumbered management, says
Ingo Speich, portfolio
manager at Union
Investment, a VW
shareholder.
Still, Mr Winterkorns shoes
Martin Winterkorn:
shoes hard to fill

will be very hard to fill. During his leadership, VW greatly expanded its portfolio of brands and challenged rivals Toyota and General Motors for the crown of
worlds biggest carmaker by sales. Much
of that great work has been undone by
the scandal, however. He leaves behind
a weakened, isolated company that
faces months of bruising encounters
with regulators and other investigators.
The affair is likely to be a huge distraction for management who have other
big problems to worry out too, including
an economic slowdown in China, VWs
largest market. VWs efforts to increase
its limited sales in the US, one of the
worlds most important car markets,
were struggling before the emissions
scandal and are now likely to be further
undermined.
VWs cash pile previously projected
to reach about 30bn by year-end is
expected to be impaired by the scandal.
So far the group has made a 6.5bn provision for the affair, but some analysts
say the figure could rise significantly.
Above all, VWs new chief
executive must strive to
regain the confidence of
car buyers who previously credited the company with perceived virtues
like reliability, trustworthiness
and engineering excellence.

Businesses For Sale

Business for Sale, Business Opportunities, Business Services,


Business Wanted, Franchises
Runs Daily

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UK: +44 20 7873 4000 | Email: acs.emea@ft.com

22

FINANCIAL TIMES

Thursday 24 September 2015

UK COMPANIES

Briefs

BBAs Prycey deal elevates leverage and could leave investors in a flap

As a member of the Royal Aeronautical


Society, BBA Aviation boss Simon
Pryce will be familiar with the problem
of stalling. This occurs when an
aircrafts angle of attack is steeper than
its momentum allows. A flat spin may
result. So Mr Pryce has carefully
examined the risks of buying rival
Landmark Aviation for $2bn, roughly
BBAs own market value.
This is an expensive deal, moreover.
The FTSE 250 aviation services group
has agreed to pay about 12.4 times
annual trailing earnings for Landmark,
a specialist in servicing business jets in
the US. Even after a 750m rights
issue, net debts would rise to an
elevated 3.5 times earnings. The
vendor is Carlyle, a private equity
group. So we can be sure Landmark has
been hawked round every other
potential buyer.

BBA uses a Landmark earnings


figure for a single quarter to calculate a
cheaper earnings multiple of 10.6
times, a shade below its own market
multiple. But that figure includes cost
savings of $35m in 2016. It is a curious
instance of mixing apples and pears to
make a smoothie.
To be fair, Landmarks future
numbers would reflect recent
acquisitions. Over several years the
deal should release tax savings of some
$240m. Mr Pryce believes adding
Landmarks 68 airport bases to BBAs
estate of 133 will give his company an
advantage in a fragmented market.
However, the ex-banker is buying at
a time when asset prices are still toppy
and prospects for business aviation are
mixed. He says the deal will be
transformative. Lets hope it is, but in
the right way. Investors will otherwise
be assuming the brace position.

Fright of the living dead


A visitor in a ripped suit shambles into the
offices of Caspar Berendsen, head of
financials at Cinven. He groans.

CB: Lively client dinner last night?


Visitor: Im not a colleague. Im Admin
Re, a closed book fund. Id like to buy
Guardian Financial Services from you.
CB: Aha! Youre a zombie insurer?
V: We prefer self-composting
consolidators.
CB: Apologies. Why do you want GFS?
V: Two brainivores are better than one.
Synergies can lift returns from bundles
of policies that no longer bear the costs
or obligations of funding new
business.
CB: What could you pay?
V: Ive got the backing of my parent
Swiss Re. But I cant give you an arm
and a leg.
CB: Whod want your arms or legs?
Theyre falling off.
V: Groan!
CB: Again with the groaning.
V: It was a lousy joke. I heard fellow
revenant Phoenix offered you just over
1bn. I reckon the embedded value
is 1.8bn. I could go to 1.3bn.
CB: Offer 1.6bn and youve a deal.
V: How could I justify that to Swiss
investors? You know what theyre like
moaning and groping blindly for
yield. You saw what happened to

Zurich Insurance. Horrible!


CB: Tell em the market consistent
value is 2.7bn and theyll think you
got a bargain.
V: Good plan. Lets shake on it.
CB: (they shake) Er . . . dont know how
this happened, but . . .
V: They always warned me to count my
fingers after shaking hands with a
private equity guy.
CB: (into his speakerphone) Sue? Please
bring us a Jiffy bag, so Mr Zombie can
take his deciduous body parts home
along with the deal docs.

No intention to flop
There is a problem with announcing
your plan to float, as would-be market
members have traditionally done. If
investors give you the raspberry, you
have to pull the deal publicly, which is
embarrassing.
On the Beach, an online travel agent,
is one of a new breed of stealth
debutantes. It has just floated at a
valuation of 240m, contenting itself
with a pricing announcement
yesterday morning.

Some secondary investors will be


pleased to have the chance of buying
shares in a fly n flop holidays group
still run by founder Simon Cooper.
Others will be miffed to have been
excluded from the float. But as you
sow, so shall you reap.

Turing test
Whats in a name? A good deal, if the
name is that of Alan Turing. His
wartime code breaking helped defeat
Nazism. According to Forbes, US drugs
entrepreneur Martin Shkreli called his
company Turing Pharmaceuticals
after reading about the computing
pioneer and deciding he was, yknow,
a cool guy.
Mr Shkreli has gained notoriety for
an even more maladroit move: raising
the price of a life-saving toxoplasmosis
drug 55-fold. The problem with the
name is that it could mislead the public
into believing the company benefits
society, as Turing did. Mr Shkreli
should change it.
jonathan.guthrie@ft.com

Insurance

RALPH ATKINS ZURICH


JOSEPH COTTERILL LONDON

Swiss Re has bought the UKs Guardian


Financial Services for 1.6bn in the latest consolidation in global insurance.
The Swiss reinsurer plans to add the
business, which it is acquiring from private equity group Cinven, to its Admin
Re unit, expanding its role in the management of closed books of UK life
assurance policies. Closed books no
longer accept new business and are in
effect being run off.
The deal extends a wave of consolidation across the insurance sector, which
appeared to have stalled on Monday
when Zurich Insurance unexpectedly
announced it was abandoning a 5.6bn
bid for 300-year-old UK insurer RSA.
The Guardian deal will add 900,000
annuity, life assurance and pension policies in the UK and Ireland to Admin Re,
bringing its total to more than 4m.
Guardian had been in discussions
about a possible takeover by Phoenix,
another UK insurer, which itself had discussions in 2013 about a deal with
Admin Re.
There are only a finite number of
closed book deals available. Its a scale
game and Guardian was one of the largest remaining pieces, said James Shuck,
an insurance analyst at UBS.
The options for further consolidation

were dwindling, he said. By adding


books of business you can both diversify
and drive down operating costs.
The sale of Guardian will return Cinven more than four times its original
investment, people familiar with the
matter said.
It will boost the buyout groups strategy of buying up life assurers and using
them as platforms to acquire unwanted
portfolios across Europe, in turn underpinning consolidation in the insurance
industry. Portfolio owners have become
willing to sell, given low interest rates
and capital regulations that make it
more costly to hold life assurance books.
Last year Cinven took its strategy to
Germany, acquiring Heidelberger
Leben from Lloyds Banking Group
although it stopped short of attempting
a cross-border merger by uniting
Guardian and Heidelberger Leben.
The latest UK deal will increase assets
under Swiss Res management by
12.5bn, or about 15 per cent.
David Cole, finance director, said the
acquisition was in line with Swiss Res
capital management priorities and
would not alter its view on a possible
future share buyback programme.
In April shareholders approved a possible buyback of up to SFr1bn ($1bn)
but Mr Cole said any programme would
depend on the availability of excess capital, the incidence of big insurance losses
and whether other strategic opportunities arose. Admin Re chief executive Bob
Ratcliffe said it expected to continue to
seek other acquisition opportunities.

Shares of Tui, Europes largest tour


operator, bounced yesterday after
the company said that business had
remained robust and delivered an
optimistic outlook for next year.
In a trading update, the company
said that it was particularly
pleased with the strong
performance by the UK and
continued margin improvement in
the Nordics. Tui shares closed up
2.63 per cent at 12.09 in London.
The update came alongside news
that Peter Long, the co-chief

executive who helped oversee the


merger that created Tui, will no
longer become chairman of the
company at next years shareholder
meeting as planned. Instead he will
be proposed as a board member at
the shareholder meeting. Formed
from the merger of German parent
Tui AG and its UK affiliate Tui
Travel in December, Tui said the
decision had been made to observe
corporate governance codes in both
the UK and Germany. FastFT

Moodys
Banks litigation risk

Swiss Re acquires
Guardian from
Cinven for 1.6bn
Deal extends sectors wave
of M&A and expands
interest in closed books

Tui
Sunny trading outlook

Litigation and fines over conduct


remain a risk for the UKs biggest
banks, rating agency Moodys
warned in a note yesterday. It said:
A number of settlements remain
outstanding and the size and timing
of any future charges is uncertain.
As captured in the ratings these
charges present considerable tail
risk for the UKs five largest banks,
although Santander UK would be
affected to a lesser extent.
Litigation and conduct
provisions, which totalled 47bn in
the period 2011-2015, have become
recurring items and continue to
affect these banks profitability,
which is credit negative.
In recent years, the hump of
provisions for litigation and fines on
issues ranging from PPI mis-selling
to Libor penalties and swaps,
consumed around one-third of preprovision income for the countrys
five biggest banks, Moodys said,
denting the profitability of UK
banks in comparison to European
peers. FastFT

WANdisco
Big data product boost

IPO waves
On the Beach
leaves other
stocks in shade

Shares in short-haul holiday retailer On


the Beach jumped 11 per cent after its
first day of trading in London
yesterday. The shares, which listed
with an initial price of 184p per share,
rose to a high of 210p during the day
but then dropped back to close at 205p.
The group, which competes with Tui
Travel and Thomas Cook, said it had a
17 per cent share of the UK online
short-haul beach holiday market.
The offer price valued On the
Beach at about 240m. It said that it
expected to raise 90.2m, of which

6.4m was for the company.


In the nine months to June
2015 On The Beach made 48.2m of
revenue, up from 33.9m a year
earlier. It increased bookings by 20
per cent to 293,809 and revenue per
booking by 16 per cent to 162.40.
In a little less than 11 years, we
have established On the Beach as
one of the UKs leading online
retailers of beach holidays, said
Simon Cooper, chief executive.
FastFT
See Lombard

WANdisco is still lossmaking but


the British tech group, whose rapid
expansion has pushed it into the
red, sounded an upbeat note
pointing to the recent launch of a
new big data product. Revenue rose
13 per cent to $5.7m in the six
months to June 30, while the
companys adjusted loss for the
period narrowed from $9.5m a year
earlier to $9.2m.
WANdiscos profile within the
UKs tech scene dwarfs its market
value of just under 50m, in part
because of its ambition to take on
much better established US rivals. It
is betting its so-called application
life cycle management software,
will help it grab a share of the
cloud-computing market. FastFT

See Lombard
Dreamstime

Technology

Travel & leisure

Vertu credits Apple for luxury phone growth

Shepherd Neame toasts 22% rise in profits

DANIEL THOMAS
TELECOMS CORRESPONDENT

The market for luxury technology has


become broader following the launch
of higher-priced versions of Apples
iPhone, according to the maker of the
worlds most expensive smartphones.
Vertu, the British luxury smartphone
maker, will today unveil the Signature
Touch, its latest model, the most basic
edition of which will cost almost 7,000.
Customers wanting to buy a rose gold
frame will need to pay nearer 17,000,
or more if they want bespoke colours.
Such devices have traditionally been
aimed at the wealthy. However, Max
Pogliani, chief executive, said the market for luxury phones had expanded in
the past year.
Apple had been talking about luxury
and the retail experience, he said.
You do not have to be a millionaire to
own a Vertu.

The company has spent two years


rethinking its position in the market
to escape criticism that its products
were bling and to broaden its potential customer base.
I sell a luxury lifestyle object, but it
needs the same standard of technology
as the others, Mr Pogliani said, pointing
to a trend among customers to do a
more subtle showing-off of wealth
than in previous years.
Sales were growing in the Middle East,
Europe and the US, he
added. And the company had broadened its
reach already with
phones aimed at a female
audience and younger
people.
Analysts agreed that
Vertu needed to open up
its market. The global
slowdown in luxury goods,
particularly in markets such

as China and Russia, has affected any


manufacturer that is targeting
premium segments. With demand
dropping, it is logical for Vertu to
broaden it horizons, said Ben Wood, an
analyst at CCS Insight.
Furthermore, some high-net-worth
individuals no longer see enough
benefits in a bespoke Vertu phone versus an Apple iPhone, which has likely
further softened demand. Vertu needs
to respond to this by widening its
appeal.
Mr Pogliani said a basic model that
only made calls accounted for more
than a quarter of sales, which suggests
that not all wealthy phone users need
to access their own emails or use the
internet.
EQT, the private equity firm that
acquired the company from Nokia
more than two years ago, had
invested in the groups development, Mr Pogliani added.

SCHEHERAZADE DANESHKHU
CONSUMER INDUSTRIES EDITOR

More people are eating out and taking


overnight trips, and the trend has
boosted annual pre-tax profits at Shepherd Neame by more than a fifth,
according to the family-controlled
brewer and pub group.
Jonathan Neame, chief executive and
fifth-generation member of the family
that joined Shepherd, the UKs oldest
brewing dynasty, in the 19th century,
said: The consumer will spend money
if they have a great experience.
The brewer of Spitfire and Bishops
Finger beers bucked the trend in the
pubs sector by reporting a 22 per cent
increase in pre-tax profits to 9.4m in
the year to June 28 on sales down 0.3 per
cent at 138.3m.
An exceptional loss last year exaggerated the rise, however. Without this,
pre-tax profits rose 9.4 per cent.

Kent-based Shepherd Neame is continuing to shut pubs but has invested


more to enlarge those that remain, and
to make them more welcoming with
better food.
The sector was dividing in ways
that mirrored more general trends in
retail, said Mr Neame, with discounters
such as Lidl and Aldi at one end, and
premium grocers such as Waitrose at
the other.
In the pubs sector chains such as JD
Wetherspoon compete on price while
others, including Marstons, have been
going upmarket. The middle ground is
where its difficult in pubs, said Mr
Neame yesterday.
The group wanted to expand its hotels
business, either by acquiring properties
or adding rooms to existing hotels, he
added.
He was confident about the outlook
and said the governments introduction
of a higher minimum wage, though a

cost challenge, would not have a material impact during 2016.


The so-called national living wage,
introduced by George Osborne in the
Budget for those aged over 25, will be set
at 7.20 an hour from next April, rising
to 9 by 2020. It is due to rise to 6.70
next month.
Whilst the industry remains very
competitive, we are confident that we
have a robust strategic, geographic and
financial base from which to continue to
grow, said Mr Neame.
The group shut 11 pubs last year and
expects to close a similar number
this year. However, it has raised the
amount it invests in its estate by 20 per
cent to 8.6m during the past financial
year.
Analysts at Langton Capital said the
performance was encouraging.
Shepherd Neame shares, which have
risen 6 per cent over the past 12 months,
closed 2 per cent higher at 11.90.

Thursday 24 September 2015

23

FINANCIAL TIMES

UK COMPANIES
Insurance

RSA chief expects more offers after Zurichs rejection


Hester says his group is
highly attractive but does
not need a deal to thrive
EMMA DUNKLEY

The chief executive of RSA anticipates


future takeover approaches for the UK
insurer after Zurich Insurance withdrew its 5.6bn offer this week, but said
the group does not need a deal.
Stephen Hesters role at the helm of
the British insurer was expected to be
cut short following a 5.6bn takeover
bid from its rival Zurich Insurance in
August.
But the U-turn by Zurich on Monday,

Stephen Hester:
repairing the
balance sheet

which sent RSAs share price tumbling


by more than 20 per cent, means
Mr Hester continues to oversee the
implementation of a three-year restructuring, which he outlined at the start of
last year.
The former Royal Bank of Scotland
boss told the Financial Times that other
interested parties could surface in the
future.
I think like many other industries,
the insurance sector will have some consolidation activity for years to come so,
in this context, Id be surprised if there
are not moments where people want to
talk to us because well be seen as a
highly attractive company.
Mr Hester added: On the other hand,

the best companies measured by shareholder esteem are not necessarily the
biggest; some of the most successful
stocks are smaller and medium-sized
companies.
So, from our view, in charting a strategy to be successful for shareholders its
clear we dont need a deal.
He said RSA was on track to complete
its strategy of focusing on core business
divisions comprising the UK, Canada
and Scandinavia and repairing the
balance sheet by the groups full-year
results announcement in February.
Since his appointment as RSA chief
executive in February 2014, Mr Hester
has bolstered the balance sheet through
a 775m rights issue and a series of dis-

posals in Hong Kong, Singapore, China,


Thailand, India and most recently Latin
America.
But he outlined a number of hurdles.
He said RSA must still reach an agreement with pension trustees about the
new triennial valuation which
involves the setting of employer contribution rates for the pension fund and
with regulators on Solvency II, a major
piece of insurance regulation.
The 300-year-old FTSE 100 insurer is
also working on improving its operational performance which Mr Hester
said had been failing.
Analysts agree that improving the
operational side of the business is key
for RSA.

5.6bn
The size of Zurich
Insurances offer
for RSA, which was
withdrawn

20%
Fall in RSAs share
price after the deal
U-turn by Zurich on
Monday

Ben Cohen, an analyst at Canaccord


Genuity, said: I dont think the turnround has really happened yet. Theyve
sold a number of businesses, but given
the size of what still needs to be done
there are big things like Solvency II and
the pension triennial review.
Mr Cohen said the group had successfully improved its underwriting capabilities, reduced staff numbers and simplified products and processes.
He added that RSA still needed to
achieve its return on equity target of
12-15 per cent, boost revenues and stop
losses in areas such as Ireland.
RSA shares were fairly flat yesterday
after falling more than 20 per cent on
Monday on Zurichs withdrawal.

Stock markets. China-London initiative

Aims Chinese disasters offer cautionary tale for chancellor


Enthusiasm for working with
countrys enterprises on the
UKs junior market is waning

More on ft.com
Who is most
exposed to China
slowdown?
Nikolaos
Panigirtzoglou,
global market
strategist with
JPMorgan
Investment Bank,
talks to the FTs
capital markets
editor Dan
McCrum about the
banking,
investment and
trade links that tie
nations to China

KATE BURGESS

If the UK chancellor wants a cautionary


tale for his initiative to link London and
Chinese stock markets, he should look
to the Alternative Investment Market.
This week two of the 45 China-based
companies quoted on Londons junior
market have either had their operations
suspended or their shares. They are just
the latest of a long string of Chinese disasters on Aim.
JQW, which provides business-tobusiness web services to Chinese companies and claims to be second only to
Alibaba, has been fined and barred by
the Chinese authorities from doing business for a month.
Language on a site that JQW managed
for a client was considered by the regulator as a pitch for a pyramid scheme,
says an adviser. The companys shares
are a tenth of what they were when they
floated on Aim at the end of 2013.
Shares in Vmoto, the scooter company jointly listed in Australia, were
suspended on Monday before a profit
warning yesterday. Its shares have fallen
by a third in a year.
Confidence in Aim has been dented
by persistent evidence of the gaps
between Chinese and western understanding of ownership, shareholder
rights and appropriate board governance. The slowdown of Chinas economy
has only added to investor qualms.
The London Stock Exchange, which
operates and regulates the junior market, has worked hard to promote Aim as
a market for small Chinese companies.
More than 80 Chinese enterprises
have joined Aim since 2005 and a small
group of brokers, nominated advisers or
Nomads and media agencies have
benefited from bringing these companies to London and selling the shares to
investors.
But enthusiasm has waned. One
adviser says that he will never act for a
Chinese company again.
Another says: It boils down to four
words: corporate governance and transparency. There are massive cultural differences.
Brokers reticence does not bode well

ft.com/video

Brokers
reticence does
not bode well
for Chancellor
George
Osbornes plan
to connect
stock markets
in London and
Shanghai
Stefan Rousseau/PA Wire

for Mr Osbornes plan to connect stock


markets in London and Shanghai in a
way that would help UK firms to raise
funds from Chinese savers, and Chinese
firms to list in London.
The acid test for any feasibility study
on linking China and London markets is
if sponsors have learnt from their experience on Aim, says the head of one
international investment firm. The ini-

It boils down to four words:


corporate governance and
transparency. There are
massive cultural differences

tiative will only work if there are credible sponsors for entities whom local
investors in London can rely on.
Aims Chinese IPOs have included citrus growers, forsythia farmers, a feng
shui business and oil and gold prospectors.
But as share prices have fallen, the
flow of new entrants has slowed to a
trickle.
Of the 45 Chinese businesses left on
Aim, the shares of only a handful
including Hutchison China Meditech
and MoneySwap have risen in the past
12 months.
Shares in more than a dozen have
halved or worse. These include new
entrants such as Aquatic Foods, a processor and supplier of fish and sea

cucumbers, which floated in February


at 70p. Its shares are now 31p, cutting its
market value to about 30m.
Aims five floats this year from the
region have been overshadowed by the
10 Chinese companies that have quit the
market, several because their Nomad
will not act for them any more.
Aims rules state that without a
Nomad a companys shares have to be
cancelled. This was ultimately why Gate
Ventures, a media business and one of
Aims most dramatic failures, did not
even last a year on the market.
Conflicts over executive control have
emerged again and again. Sportswear
group Naibu Global was delisted during
the summer after its UK-based directors
lost contact with the executive team

running the business in China. The


board of Sorbic International, a foodadditive business in Shandong, lost control of its cash and corporate seals
needed to do business to its chief executive, and also quit the market.
Executives and non-executives have
tussled at Camkids, a clothing business,
whose shares floated in late 2012 at 88p.
They are now about 3p, giving the company a total market value of about 3m.
The company has cash balances worth
an estimated 57p a share.
Questions have increasingly been
asked about whether Chinese companies that are on Aim are being used as
cash machines either by executives or
Chinese cornerstone investors that were
brought in before an IPO, who then sell

their stakes after the float. Some


Nomads have tried to address these concerns.
Doormaker Jiasen, for example,
whose founding investors retained 80
per cent of shares, promised that if the
company delisted within two years of
last years IPO, outside investors would
be allowed to sell their shares at the 82p
float price. The shares are now trading
at 6p.
The flaws in these kinds of promises
have been exposed by JQW. Its advisers
agreed with cornerstone investors that
they would be locked in for 18 months.
However, at least two of these investors reneged on the agreement and all
the company could do was express disappointment.

Industrials

Food & beverage

Smiths Group struggles as Bowman exits

Diageo faces 150m hit from weak currencies

MICHAEL POOLER
INDUSTRY REPORTER

Throughout his career Philip Bowman


has had a reputation as a break-up
man capable of taking apart large companies and selling them off.
Yet he was ultimately unable to pull off
that achievement at the helm of Smiths
Group, the sprawling engineering conglomerate that makes goods from
industrial valves to X-ray scanners.
As he presented the companys results
yesterday for the last time before stepping down, Mr Bowman said: My major
regret as I go out is that I have made
much less progress in terms of focusing
the [groups business] portfolio than I
would have believed when I came in.
Headline pre-tax profit rose 3 per cent
to 459m in the year to the end of July as
the company benefited from lower
finance charges and improved profitability at Smiths Detection, which makes
security devices such as explosives
detectors for airports. But analysts said
most of this was down to a one-off
charge of 30m at the unit last year. On
an underlying basis, headline operating
profit rose 1 per cent.
Meanwhile sales declined at Smiths
divisions making detection devices,

electronic products and equipment for


the oil and gas sector.
The company said it expected revenues to fall even further this year. It has
struggled as spending cuts to defence
and healthcare budgets squeezed revenue from government contracts, which
account for about 30 per cent of income.
Some investors complain the company is a disparate collection of businesses that enjoy scant synergies.
Many in the City expected Mr Bowman to prepare the FTSE 100 group for a
break-up when he became chief executive in 2007. He had already taken similar action at drinks group Allied
Domecq and at Scottish Power.
Smiths pension deficit and asbestos
liabilities combined with the financial
crisis to thwart major disposals, despite
two approaches for its medical unit.
But some analysts have argued that
the groups diversified nature has cush-

My major regret . . . is
that I have made much
less progress in terms of
focusing the portfolio

ioned it from the full force of the fall suffered by some of its competitors. Investment cuts by energy companies are hitting parts and equipment manufacturers that supply the sector.
Even so, the company reported a 2 per
cent drop in sales to 2.9bn for the full
year. Weaker performance across the
group overshadowed the success of its
medical devices unit, which notched up
its highest growth in nearly a decade.
Mr Bowman said the reduction of
Smiths net accounting pension deficit
to 108m, its lowest level since 2008,
meant it was no longer in any way a
material issue in terms of realigning the
[groups] portfolio.
My vision when I came was to
improve the performance of various
businesses and then focus on two or
three businesses. I still believe thats the
right thing to do, he added.
Shareholders will probably have to
wait until early next year before new
chief executive Andrew Reynolds
Smith, who has been lured from GKN,
sets out his vision for the group.
Earnings per share rose to 62.4p from
59p last year and the board recommended a 2 per cent increase in the
annual dividend. The shares have fallen
5.4 per cent this year.

SCHEHERAZADE DANESHKHU
CONSUMER INDUSTRIES EDITOR

Diageo, the worlds biggest distiller,


said it expected better sales growth
this year than last but that the hit to
operating profits from weaker currencies would be greater than expected,
at 150m.
In a trading statement yesterday ahead
of the London-based groups annual
meeting, Ivan Menezes, chief executive,
reiterated that US sales would fall 2 per
cent in the first half of the year compared with the same period last year.
North America is the groups single
biggest region and accounts for onethird of sales and 47 per cent of operating profits.
But the US has underperformed over
recent years, partly because the group
has been slow to react to changing tastes
and also because of inefficiencies in the
way it distributes its spirits, which
include Johnnie Walker scotch and
Smirnoff vodka.
Diageo hopes for a turnround in the
US by appointing Deirdre Mahlan president of the business, replacing Larry
Schwartz, who is due to retire at the end
of the year.
Mr Menezes said the groups financial

year beginning July 1 had started


well and in line with expectations.
However, though demand for more
expensive brands was rising in emerging markets, weakening currencies
would dent operating profits by 150m.
Analysts had previously expected a
100m foreign exchange hit.
James Edwardes Jones, analyst at RBC
Capital Markets, said the statement was
mixed: The news on volumes is positive but the news that currency is going
to impact earnings before interest and
tax by 150m in the year is unhelpful,
though not surprising. This does mark a
deterioration, albeit not a massive one.

Diageo has been slow to react


to changing tastes in the US

Diageo, which also owns Guinness,


is regarded by some analysts as
a possible merger partner for SABMiller, the worlds second-largest
brewer that has received a takeover
approach from its larger rival,
Anheuser-Busch InBev.
However, Mr Menezes has made clear
his preference for remaining a largely
spirits-based business.
Philip Gorham, senior equity analyst
at Morningstar, said Diageo was an
underperformer that could fall prey to
activist investors if it failed to cut costs
beyond the 200m under way.
The stock has pulled back in recent
months, following a perfect storm
of headwinds: acquisitions that have
failed to create value, a potential Securities and Exchange Commission inquiry,
foreign exchange headwinds and several years of volume underperformance, he said.
Without solid execution over the
next six to 12 months, however, we
think Diageo could become increasingly
subject to scrutiny from activist investors, who could seek to sell assets
deemed as non-core.
The shares, which have fallen 6 per
cent since the start of the year, were
flat yesterday.

24

FINANCIAL TIMES

Thursday 24 September 2015

MARKET DATA
WORLD MARKETS AT A GLANCE

FT.COM/MARKETSDATA

Change during previous days trading (%)


S&P 500

Nasdaq Composite

-0.20%

-0.08%

Dow Jones Ind

FTSE 100

-0.31%

FTSE Eurofirst 300

1.62%

Nikkei

Hang Seng

-1.96%

0.07%

-2.26%

FTSE All World $

$ per

$ per

-0.43%

-0.446%

-0.782%

Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS
EUROPE
Index

Aug 24 - Sep 23
S&P 500

All World

New York

Index

Aug 24 - Sep 23
S&P/TSX COMP

All World

Toronto

Month -1.63%

Year -2.78%

Nasdaq Composite

Day -0.80%

New York

Month -0.67%

Year -11.52%

IPC

43,042.36
41,471.47

Month 0.99%

Year 4.97%

Dow Jones Industrial

Month 2.08%

Year -4.38%

Bovespa

45,340.11

44,544.85
Month -1.09%

Year -5.20%
Latest

London

Day -2.00%

Month -0.83%
Index

Year -19.81%
Latest

Previous

Year -9.58%

FTSE Eurofirst 300

Europe

Day's
change
0.92
1.01
0.15
-2.33
-0.01
0.03
-0.40
-0.44
0.09
-0.33

BIGGEST MOVERS

Close
price

Day's
change

Day's
chng%

98.98
51.50
746.23
34.16
141.67

4.62
1.71
18.23
0.81
3.07

4.90
3.43
2.50
2.43
2.22

Ups
Petra Diamonds
Premier Oil
Int Consolidated Airlines S.a.
Coca-cola Hbc Ag
Enterprise Inns

11.01
47.74
13.31
60.24
13.66

-1.04
-3.36
-0.86
-3.69
-0.83

-8.63
-6.58
-6.07
-5.77
-5.73

Downs
Hunting
Jimmy Choo
Onesavings Bank
Zoopla Property
Drax

Based on the constituents of the S&P500 and the Nasdaq 100 index

0.75%

Index

Aug 24 - Sep 23
Kospi

All World

Seoul

Day 0.07%

Month -4.14%

CAC 40

Day -0.79%

Paris

Year 0.18%

Day -1.96%

Madrid

Month -7.76%

Day 0.10%

Month -4.28%
Index

1,846.63
Day -1.89%

Year 13.73%

Hong Kong

Day -2.26%

Month -4.94%

Day 0.18%
Country

Month -3.11%
Index

Shanghai

Philippines
Poland
Portugal

Manila Comp
Wig
PSI 20
PSI General
BET Index
Micex Index
RTX
TADAWUL All Share Index
FTSE Straits Times
SAX
SBI TOP
FTSE/JSE All Share
FTSE/JSE Res 20
FTSE/JSE Top 40
Kospi
Kospi 200
IBEX 35
CSE All Share
OMX Stockholm 30
OMX Stockholm AS
SMI Index

Romania
Russia
Saudi-Arabia
Singapore
Slovakia
Slovenia
South Africa
South Korea
Spain
Sri Lanka
Sweden
Switzerland

Day -2.15%

Previous

6926.91
50160.50
5030.45
2313.92
7150.24
1640.70
782.07
7442.71
2845.74
269.67
653.30
50381.63
34177.61
45062.05
1944.64
234.26
9474.60
7114.83
1421.50
476.75
8447.68

Country

7051.23
50713.83
5011.14
2300.43
7113.97
1664.25
789.56
7442.71
2868.47
267.84
650.62
49853.09
33841.24
44523.72
1982.06
238.68
9550.20
7118.38
1425.39
476.58
8475.47

Taiwan
Thailand
Turkey
UAE
UK

USA

Venezuela
Vietnam

Month -11.17%
Latest

Weighted Pr
Bangkok SET
BIST 100
Abu Dhabi General Index
FT 30
FTSE 100
FTSE 4Good UK
FTSE All Share
FTSE techMARK 100
DJ Composite
DJ Industrial
DJ Transport
DJ Utilities
Nasdaq 100
Nasdaq Cmp
NYSE Comp
S&P 500
Wilshire 5000
IBC
VNI

Mumbai
25,822.99

Day 1.14%

Previous

8193.42
1375.17
74993.71
4514.28
2698.60
6032.24
5510.47
3323.25
3718.82
5804.41
16279.89
7861.28
562.39
4273.53
4752.74
9867.91
1938.76
20430.39
12613.33
572.72

Year 11.76%

25,741.56

Year 36.07%

Index

Month -4.22%

BSE Sensex

2,964.97

Year 3.53%
Latest

Singapore
2,845.74

Day -0.79%

3,115.89
21,068.88

Year -4.64%

2,843.39

Year -11.07%

Shanghai Composite

Month 3.65%

FTSE Straits Times

21,302.91

21,251.57

Milan

21,649.69
4,432.83
Year -0.22%

Month -12.37%

Hang Seng

Year -13.46%

FTSE MIB

4,564.86

Country

Month -5.06%

9,474.60

1,366.18
Year -0.50%

1,944.64

Country

8365.92
1379.32
75860.70
4514.28
2660.90
5935.84
5426.37
3276.30
3676.36
5819.24
16330.47
7896.36
560.81
4274.10
4756.72
9912.60
1942.74
20487.30
12972.80
573.20

Month -5.64%
Index
DJ Global Titans ($)
Euro Stoxx 50 (Eur)
Euronext 100 ID
FTSE 4Good Global ($)
FTSE All World
FTSE E300
FTSE Eurotop 100
FTSE Global 100 ($)
FTSE Gold Min ($)
FTSE Latibex Top (Eur)
FTSE Multinationals ($)
FTSE World ($)
FTSEurofirst 100 (Eur)
FTSEurofirst 80 (Eur)
MSCI ACWI Fr ($)
MSCI All World ($)
MSCI Europe (Eur)
MSCI Pacific ($)
S&P Euro (Eur)
S&P Europe 350 (Eur)
S&P Global 1200 ($)
Stoxx 50 (Eur)

Cross-Border

Year -5.09%
Latest

Previous

219.20
3079.99
857.10
5168.95
254.02
1366.18
2712.31
1228.56
835.74
2421.50
1412.39
450.11
3842.86
4124.97
386.51
1600.76
1341.00
2183.55
1370.40
1401.45
1760.88
2964.71

219.28
3076.05
856.80
5172.76
255.12
1365.20
2709.22
1229.72
876.18
2429.50
1440.32
451.79
3829.98
4121.03
392.99
1628.93
1334.67
2206.90
1369.25
1400.96
1765.93
2961.08

UK MARKET WINNERS AND LOSERS

LONDON
ACTIVE STOCKS

close
price
114.32
93.97
15.72
536.07
89.95
25.14
98.07
72.30
653.29
622.36

Downs
Consol Energy
Cf Industries Holding
Southwestern Energy
Wynn Resorts Ltd
Transocean

All World

Tokyo
18,070.21

10,115.40

1,406.98

Cyprus
Czech Republic
Denmark
Egypt
Estonia
Finland
France

stock
traded m's
Apple
40.8
Facebook Class A
20.3
Bank Of America
12.2
Amazon.com
11.9
Hospira
11.8
General Electric
10.3
Netflix
10.0
Exxon Mobil
10.0
Google Class A
9.5
Google Class C Capital Stock
9.1

Ups
Tesoro
Carnival
Autozone
Paypal Holdings Common Stock
Signet Jewelers

Index

Aug 19 - Sep 18
Nikkei 225

Frankfurt

Ibex 35

STOCK MARKET: BIGGEST MOVERS


AMERICA
ACTIVE STOCKS

Gold $

-3.06%

0.274%

9,612.62

Day 0.44%

22633.55
31981.21
21031.80
4594.31
18432.27
1247.85
1491.91
2063.88
4212.11
5744.28
571.25
485.66
1383.44
1635.37
43232.06
9087.24
419.98
650.30
5696.79
30265.90
619.11
32882.02

9654.08
5130.80
5103.60
2808.60
2200.09
3346.05
5690.20
46264.61
792.44
13491.09
392.94
18346.26
8645.54
9416.59
3335.63
311.74
3184.36
1831.29
1044.65
1233.98
1692.67

Country

Month -2.44%

FTSE Italia All-Share


22680.93
CSE M&P Gen
74.92
75.57
Italy
FTSE Italia Mid Cap
32141.31
PX
960.65
967.78
OMXC Copenahgen 20
939.52
934.81
FTSE MIB
21068.88
EGX 30
7285.25
7234.46
Japan
2nd Section
4563.14
OMX Tallinn
877.12
876.92
Nikkei 225
18070.21
Austria
OMX Helsinki General
7730.31
7708.23
S&P Topix 150
1219.93
Belgium
CAC 40
4432.83
4428.51
Topix
1462.38
SBF 120
3489.23
3484.47
Jordan
Amman SE
2071.65
Brazil
Germany
M-DAX
19185.70
19097.69
Kenya
NSE 20
4212.11
Canada
TecDAX
1711.69
1698.30
Kuwait
KSX Market Index
5758.82
XETRA Dax
9612.62
9570.66
Latvia
OMX Riga
576.19
Chile
Greece
Athens Gen
668.54
677.47
Lithuania
OMX Vilnius
485.26
China
FTSE/ASE 20
195.48
198.42
Luxembourg
LuxX
1387.08
Hong Kong
Hang Seng
21302.91
21796.58
Malaysia
FTSE Bursa KLCI
1613.17
HS China Enterprise
9570.25
9835.39
Mexico
IPC
43042.36
HSCC Red Chip
3919.98
4056.26
Morocco
MASI
9116.65
Hungary
Bux
20687.22
20717.92
Netherlands
AEX
419.12
India
BSE Sensex
25822.99
25532.45
AEX All Share
649.58
S&P CNX 500
6553.90
6528.55
New Zealand
NZX 50
5654.34
Colombia
Indonesia
Jakarta Comp
4244.43
4344.04
Nigeria
SE All Share
30426.10
Croatia
Ireland
ISEQ Overall
6380.69
6359.28
Norway
Oslo All Share
615.27
Israel
Tel Aviv 100
13.81
13.73
Pakistan
KSE 100
32822.84
(c) Closed. (u) Unavaliable. Correction. Subject to official recalculation. For more index coverage please see www.ft.com/worldindices. A fuller version of this table is available on the ft.com research data archive.
9521.27
5032.50
4998.10
2713.70
2205.07
3354.85
5699.02
45340.11
786.03
13383.69
379.90
18232.25
8436.74
9335.78
3263.71
309.97
3115.89
1816.19
1032.92
1215.45
1689.32

All World

10,128.12

Previous

Merval
All Ordinaries
S&P/ASX 200
S&P/ASX 200 Res
ATX
BEL 20
BEL Mid
Bovespa
S&P/TSX 60
S&P/TSX Comp
S&P/TSX Met & Min
IGPA Gen
FTSE A200
FTSE B35
Shanghai A
Shanghai B
Shanghai Comp
Shenzhen A
Shenzhen B
COLCAP
CROBEX

Previous

Index

Aug 24 - Sep 23
Xetra Dax

Latest

Argentina
Australia

Index

5,898.87
Day 1.62%

So Paulo

16,279.89

Day -0.31%
Country

Day -0.44%

New York

15,871.35

All World

6,032.24

Mexico City

4,752.74
4,526.25
Day -0.08%

0.383%

Oil Brent $ Sep

ASIA
Index

Aug 24 - Sep 23
FTSE 100

13,383.69

13,052.74

Day -0.20%

per

20,033.52

1,938.76
1,893.21

per $

Glencore
Hsbc Holdings
Glaxosmithkline
Diageo
Imperial Tobacco
Vodafone
Bp
Bhp Billiton
Rio Tinto
Royal Dutch Shell

stock
traded m's
144.8
134.1
106.3
104.9
104.8
101.7
96.8
96.3
96.2
94.4

close
price
109.10
498.75
1274.00
1733.00
3399.00
216.00
329.45
1041.50
2222.00
1561.00

Day's
change
2.75
11.35
27.00
16.50
79.00
4.10
4.25
20.00
28.00
25.50

Close
price

Day's
change

Day's
chng%

99.00
67.50
594.00
1401.00
110.50

8.05
3.90
27.00
62.00
4.40

8.85
6.13
4.76
4.63
4.15

394.10
136.60
384.30
204.80
259.30

-21.30
-6.40
-16.70
-7.30
-6.80

-5.13
-4.48
-4.16
-3.44
-2.56

BIGGEST MOVERS

EURO MARKETS
ACTIVE STOCKS

Based on the constituents of the FTSE 350 index

TOKYO
ACTIVE STOCKS

stock
traded m's
Volkswagen Ag Vzo O.n.
1226.5
Santander
717.6
Eni
574.8
Daimler Ag Na O.n.
563.3
Bbva
523.8
Novartis N
423.2
Nestle N
377.0
Telefonica
372.9
Roche Gs
362.4
Total
358.4

close
price
106.00
4.77
14.04
66.25
7.41
82.39
65.68
10.87
228.27
40.63

Day's
change
0.00
-0.10
0.19
0.00
-0.09
0.00
-0.23
-0.08
0.00
0.87

stock
traded m's
Toyota Motor
738.5
Mitsubishi Ufj Fin,.
722.9
Mizuho Fin,.
719.0
Sumitomo Mitsui Fin,.
590.7
Nippon Telegraph And Telephone
450.2
Softbank .
426.2
Kddi
422.8
Mitsui & Co.,
312.1
Thb Dai-ichi Life Insurance ,
303.9
Nissan Motor Co.,
279.5

close
price
7234.00
744.00
233.40
4699.50
4333.00
6270.00
2747.50
1509.50
1882.00
1140.00

Day's
change
-104.00
-24.30
-4.40
-154.50
-57.50
26.00
115.50
-44.00
-125.00
-28.00

BIGGEST MOVERS

Day's
change

Day's
chng%

BIGGEST MOVERS

Ups
Total
Unibail-rodamco
Alcatel-lucent
Volvo , Ab Ser. B
Valeo

Close
price

Day's
change

Day's
chng%

40.63
225.00
3.20
8.93
113.90

0.87
3.95
0.05
0.15
1.90

2.18
1.79
1.75
1.70
1.70

Ups
Kddi
Pioneer
Seven & I Holdings Co.,
Jtekt
Mitsubishi Motors

Close
price
2747.50
281.00
5158.00
1839.00
982.00

115.50
10.00
92.00
19.00
8.00

4.39
3.69
1.82
1.04
0.82

Downs
Altice
Altice B
Coloplast B A/s
Arcelormittal
B. Sabadell

21.41
22.58
61.35
5.27
1.65

-1.25
-1.22
-3.00
-0.19
-0.06

-5.50
-5.13
-4.67
-3.53
-3.39

Downs
Nksj Holdings,.
Thb Dai-ichi Life Insurance ,
Jfe Holdings,.
Ms&ad Insurance Holdings,.
T&d Holdings, .

3526.50
1882.00
1781.00
3308.00
1433.00

-239.50
-125.00
-101.50
-179.00
-75.50

-6.36
-6.23
-5.39
-5.13
-5.00

Based on the constituents of the FTSEurofirst 300 Eurozone index

Based on the constituents of the Nikkei 225 index

FTSE 100
Winners
Land Securities
British Land
Imperial Tobacco
National Grid
United Utilities
Smith & Nephew
Compass
Sky
Direct Line Insurance
Hammerson
Coca-cola Hbc Ag
Associated British Foods

Sep 23
price(p)

%Chg
week

%Chg
ytd

1247.00
823.50
3399.00
862.00
889.50
1171.00
1025.00
1023.00
365.00
613.00
1401.00
3140.00

2.2
2.2
1.4
1.1
1.0
0.7
0.7
0.3
0.2
0.2
0.1
0.1

7.8
6.0
19.9
-6.1
-2.9
-1.4
-6.9
13.8
14.9
1.3
14.1
-0.4

FTSE 250
Winners
Nmc Health
Centamin
Cls Holdings
Udg Healthcare
Ig Holdings
Euromoney Institutional Investor
Ocado
Ao World
Onesavings Bank
Shaftesbury
Betfair
Ted Baker

Losers
Rsa Insurance
Glencore
Antofagasta
Anglo American
Johnson Matthey
Standard Chartered
Smiths
Gkn
Bhp Billiton
Rio Tinto
Standard Life
Aberdeen Asset Management

403.70
109.10
524.50
658.10
2378.00
667.80
1039.00
260.80
1041.50
2222.00
389.80
312.60

-21.8
-19.0
-13.2
-12.2
-9.6
-9.2
-8.0
-7.4
-7.3
-7.2
-6.8
-6.5

-7.2
-63.5
-30.3
-45.2
-30.0
-30.7
-5.4
-24.2
-25.0
-25.9
-2.6
-27.7

Losers
Kaz Minerals
Rotork
Premier Oil
Hunting
Vedanta Resources
Tullow Oil
Bodycote
Vesuvius
Aa
Petra Diamonds
Petrofac
Senior

Sep 23
price(p)

%Chg
week

%Chg
ytd

821.00
64.15
1890.00
520.50
760.50
1064.00
329.80
156.70
384.30
909.00
3225.00
3064.00

7.3
5.5
5.3
5.0
3.3
3.3
3.2
3.1
3.0
2.7
2.7
2.6

78.5
8.9
23.6
36.0
5.8
1.6
-17.6
-21.7
79.2
16.4
105.2
38.0

FTSE SmallCap
Winners
Xchanging
Assura
Oxford Biomedica
Town Centre Securities
Findel
Communisis
Development Securities
Ncc
Goodwin
Hilton Food
Xp Power
Trinity Mirror

106.40
171.20
67.50
394.10
469.50
179.70
544.50
341.00
296.30
99.00
756.50
250.90

-32.0
-20.7
-19.0
-16.3
-14.7
-14.1
-13.2
-12.8
-11.3
-10.7
-10.7
-10.5

-58.7
-26.4
-59.6
-25.9
-18.3
-56.6
-15.9
-23.6
-15.9
-49.0
7.6
-17.2

Losers
Ferrexpo
Premier Farnell
Aquarius Platinum Ld
Lonmin
Brammer
Kenmare Resources
Speedy Hire
Tt Electronics
Sdl
Puretech Health
Tribal
Hochschild Mining

Sep 23
price(p)

%Chg
week

%Chg
ytd

104.00
63.25
8.90
315.00
186.00
52.00
264.75
267.00
2285.00
465.00
1640.00
153.50

10.1
10.0
7.9
6.3
6.1
6.1
5.2
5.0
4.6
4.3
4.1
4.1

-33.1
24.0
69.5
15.8
-17.1
4.3
19.3
29.8
-8.2
20.8
17.3
-5.7

Sep 23
Industry Sectors
price(p)
Winners
Real Estate Investment Trusts 3307.45
Health Care Equip.& Services 6735.22
Real Estate & Investment Servic 3124.43
Food Producers
8158.27
Gas Water & Multiutilities
5582.98
Household Goods
15759.23
Tobacco
43147.44
Electricity
8392.42
Media
6955.36
Travel & Leisure
8383.93
Equity Investment Instruments 7070.73
Mobile Telecommunications
4951.92

34.00
108.25
7.05
19.50
260.00
2.09
36.25
133.00
334.50
137.50
118.25
67.50

-42.1
-18.8
-15.1
-14.5
-13.3
-12.9
-9.4
-9.1
-8.3
-7.7
-7.3
-7.2

-35.8
-38.5
-52.2
-89.0
-23.9
-35.5
-54.1
28.5
-19.4
-26.4
-23.3

Losers
Industrial Metals
Industrial Engineering
Mining
Oil Equipment & Services
Automobiles & Parts
Chemicals
Nonlife Insurance
Oil & Gas Producers
General Industrials
Aerospace & Defense
Life Insurance
Electronic & Electrical Equip.

643.12
7118.70
9123.30
15168.14
6097.68
9823.10
2295.78
5583.05
4218.65
4132.14
7127.99
3937.25

%Chg
week

%Chg
ytd

1.4
1.3
-0.3
-0.3
-0.3
-0.5
-0.7
-0.8
-0.9
-1.1
-1.3
-1.3

8.2
0.2
16.7
0.2
-8.9
23.2
6.1
-14.3
6.5
4.0
-2.5
-1.4

-10.2
-10.0
-9.4
-9.3
-7.3
-6.3
-5.4
-5.3
-4.8
-4.5
-4.4
-4.0

-57.9
-19.4
-36.0
-7.7
-24.1
-13.2
18.6
-21.7
8.3
-13.1
-5.5
-2.3

Based on last week's performance. Price at suspension.

CURRENCIES
Sep 23
Argentina
Australia
Bahrain
Bolivia
Brazil
Canada
Chile
China
Colombia
Costa Rica
Czech Republic
Denmark
Egypt
Hong Kong
Hungary
India

Currency
Argentine Peso
Australian Dollar
Bahrainin Dinar
Bolivian Boliviano
Brazilian Real
Canadian Dollar
Chilean Peso
Chinese Yuan
Colombian Peso
Costa Rican Colon
Czech Koruna
Danish Krone
Egyptian Pound
Hong Kong Dollar
Hungarian Forint
Indian Rupee

DOLLAR
Closing
Mid
9.3893
1.4249
0.3774
6.9000
4.1290
1.3287
701.6050
6.3839
3099.5000
533.6000
24.3360
6.6939
7.8334
7.7500
279.4079
66.0600

Day's
Change
0.0039
0.0087
-0.0100
0.0767
2.5400
0.0079
26.5500
1.3000
0.1685
-0.0054
0.0273
2.2663
0.1550

EURO
Closing
Mid
10.4644
1.5881
0.4206
7.6901
4.6017
1.4808
781.9417
7.1149
3454.4056
594.6994
27.1226
7.4604
8.7304
8.6375
311.4012
73.6241

POUND
Day's
Closing
Day's
Change
Mid
Change
-0.0425
14.2999
-0.1040
0.0026
2.1701
-0.0034
-0.0019
0.5747
-0.0044
-0.0456
10.5087
-0.0961
0.0653
6.2884
0.0694
-0.0066
2.0236
-0.0156
-0.6580 1068.5425
-4.3178
-0.0230
9.7227
-0.0626
14.2533 4720.5304
4.4503
-1.2077 812.6714
-4.2534
0.0672
37.0637
-0.0264
-0.0395
10.1948
-0.0868
-0.0085
11.9302
-0.0498
-0.0387
11.8033
-0.0908
1.1426 425.5374
0.2061
-0.1562 100.6092
-0.5357

Sep 23
Indonesia
Israel
Japan
..One Month
..Three Month
..One Year
Kenya
Kuwait
Malaysia
Mexico
New Zealand
Nigeria
Norway
Pakistan
Peru
Philippines

Currency
Indonesian Rupiah
Israeli Shekel
Japanese Yen

Kenyan Shilling
Kuwaiti Dinar
Malaysian Ringgit
Mexican Peson
New Zealand Dollar
Nigerian Naira
Norwegian Krone
Pakistani Rupee
Peruvian Nuevo Sol
Philippine Peso

DOLLAR
Closing
Day's
Mid
Change
14647.5000
190.0000
3.9593
0.0233
120.4950
0.4600
120.4949
0.4598
120.4948
0.4596
120.4938
0.4577
105.6500
0.3025
0.0008
4.3465
0.0505
17.0278
0.3595
1.5964
0.0131
199.0500
-0.2000
8.3019
0.0853
104.3750
0.0600
3.2237
0.0115
46.8200
0.2300

EURO
POUND
Closing
Day's
Closing
Day's
Mid
Change
Mid
Change
16324.7182 139.6124 22308.1333
120.0807
4.4127
0.0063
6.0300
-0.0106
134.2922
-0.0864 183.5136
-0.7050
134.2921
-0.0865 183.5134
-0.7055
134.2921
-0.0865 183.5131
-0.7059
134.2920
-0.0867 183.5134
-0.7073
117.7474
-0.5273 160.9047
-1.2372
0.3371
-0.0007
0.4607
-0.0024
4.8442
0.0348
6.6197
0.0266
18.9775
0.3175
25.9332
0.3523
1.7792
0.0067
2.4313
0.0015
221.8421
-1.2173 303.1526
-2.6378
9.2525
0.0541
12.6438
0.0337
116.3264
-0.4537 158.9628
-1.1302
3.5928
-0.0032
4.9096
-0.0200
52.1811
0.0238
71.3067
-0.1953

Sep 23
Currency
Poland
Polish Zloty
Romania
Romanian Leu
Russia
Russian Ruble
Saudi Arabia
Saudi Riyal
Singapore
Singapore Dollar
South African Rand
South Africa
South Korea
South Korean Won
Sweden
Swedish Krona
Switzerland
Swiss Franc
Taiwan
New Taiwan Dollar
Thailand
Thai Baht
Tunisia
Tunisian Dinar
Turkey
Turkish Lira
United Arab Emirates
UAE Dirham
United Kingdom
Pound Sterling
..One Month

DOLLAR
Closing
Mid
3.7798
3.9647
65.6227
3.7505
1.4252
13.7795
1191.3500
8.4324
0.9796
32.8265
36.1800
1.9722
3.0340
3.6727
0.6566
0.6566

Day's
Change
-0.0026
-0.0107
-0.9198
0.0001
0.0060
0.0582
12.1500
0.0196
0.0076
0.2075
0.3800
-0.0004
0.0019
0.0004
0.0050
0.0050

EURO
Closing
Mid
4.2125
4.4186
73.1367
4.1799
1.5883
15.3573
1327.7647
9.3979
1.0917
36.5853
40.3228
2.1980
3.3813
4.0932
0.7318
0.7317

POUND
Day's
Closing
Day's
Change
Mid
Change
-0.0218
5.7565
-0.0483
-0.0318
6.0382
-0.0628
-1.3573
99.9431
-2.1802
-0.0187
5.7119
-0.0438
-0.0005
2.1705
-0.0076
-0.0036
20.9861
-0.0720
7.6562 1814.4230
4.6959
-0.0201
12.8425
-0.0687
0.0036
1.4919
0.0001
0.0685
49.9947
-0.0660
0.2448
55.1020
0.1595
-0.0103
3.0037
-0.0237
-0.0130
4.6207
-0.0326
-0.0179
5.5935
-0.0425
0.0023
0.0023
-

Sep 23
..Three Month
..One Year
United States
..One Month
..Three Month
..One Year
Venezuela
Vietnam
European Union
..One Month
..Three Month
..One Year

Currency

United States Dollar

Venezuelan Bolivar Fuerte


Vietnamese Dong
Euro

DOLLAR
Closing
Mid
0.6565
0.6564
6.3015
22480.5000
0.8973
0.8972
0.8971
0.8963

Day's
Change
0.0050
0.0050
0.0115
3.0000
0.0040
0.0040
0.0040
0.0040

EURO
POUND
Closing
Day's
Closing
Day's
Mid
Change
Mid
Change
0.7316
0.0023
0.7311
0.0023
1.1145
-0.0050
1.5230
-0.0117
1.1144
-0.4202
1.5230
-0.0117
1.1143
-0.4202
1.5229
-0.0117
1.1135
-0.4202
1.5228
-0.0117
7.0230
-0.0186
9.5972
-0.0561
25054.6191 -108.8808 34237.7814
-258.6569
1.3665
-0.0044
1.3665
-0.0044
1.3664
-0.0044
1.3658
-0.0044

Rates are derived from WM Reuters Spot Rates and MorningStar (latest rates at time of production). Some values are rounded. Currency redenominated by 1000. The exchange rates printed in this table are also available at www.FT.com/marketsdata

UK SERIES

FTSE ACTUARIES SHARE INDICES

www.ft.com/equities

Produced in conjunction with the Institute and Faculty of Actuaries

Strlg Day's
Euro
Strlg
Strlg
Year
Div
Sep 23 chge%
Index
Sep 22
Sep 21
ago yield% Cover
FTSE 100 (100)
6032.24
1.62 6420.14 5935.84 6108.71 6706.27 4.02 1.44
FTSE 250 (250)
16659.85
0.79 17731.15 16529.98 16893.31 15537.61 2.55 2.14
FTSE 250 ex Inv Co (211)
18140.67
0.80 19307.19 17996.56 18413.92 16752.05 2.57 2.24
FTSE 350 (350)
3370.35
1.47 3587.08 3321.38 3413.87 3640.30 3.76 1.52
FTSE 350 ex Investment Trusts (311) 3348.20
1.49 3563.51 3298.95 3391.91 3622.56 3.79 1.52
FTSE 350 Higher Yield (107)
3077.45
1.56 3275.35 3030.12 3115.16 3646.00 5.59 1.18
FTSE 350 Lower Yield (243)
3343.54
1.39 3558.55 3297.86 3388.96 3278.01 1.88 2.57
FTSE SmallCap (294)
4517.05
0.38 4807.52 4500.03 4551.50 4410.19 2.82 1.72
FTSE SmallCap ex Inv Co (158)
4143.68
0.33 4410.14 4130.20 4170.94 3907.49 2.73 2.48
FTSE All-Share (644)
3323.25
1.43 3536.95 3276.30 3365.51 3576.68 3.72 1.53
FTSE All-Share ex Inv Co (469)
3287.18
1.47 3498.56 3239.63 3329.64 3546.94 3.76 1.54
FTSE All-Share ex Multinationals (579) 1156.37
1.14 1020.05 1143.36 1170.23 1097.60 2.73 2.05
FTSE Fledgling (106)
7751.70
0.09 8250.16 7745.02 7787.39 6930.36 2.42 0.92
FTSE Fledgling ex Inv Co (54)
10969.27
0.18 11674.64 10949.68 11004.06 8556.94 2.43 0.82
FTSE All-Small (400)
3136.15
0.36 3337.82 3124.80 3159.58 3049.08 2.80 1.69
FTSE All-Small ex Inv Co Index (212) 3097.80
0.32 3297.01 3087.91 3117.75 2897.02 2.72 2.42
FTSE AIM All-Share Index (837)
731.11
0.08
778.12
730.51
739.82
753.57 1.43 1.01
FTSE Sector Indices
Oil & Gas (18)
5942.72
Oil & Gas Producers (11)
5617.12
Oil Equipment Services & Distribution (7)15788.69
Basic Materials (31)
3219.11
10526.66
Chemicals (8)
Forestry & Paper (1)
16067.08
Industrial Metals & Mining (2)
692.34
Mining (20)
8745.10
Industrials (117)
4209.66
Construction & Materials (13)
5101.89
Aerospace & Defense (9)
4301.08
General Industrials (6)
3430.08
Electronic & Electrical Equipment (11) 5085.27
Industrial Engineering (14)
7622.82
Industrial Transportation (8)
3997.69
Support Services (56)
6333.34
17012.02
Consumer Goods (40)
Automobiles & Parts (1)
6128.92
Beverages (6)
14065.34
Food Producers (10)
8225.95
Household Goods & Home Construction (13)13176.05
Leisure Goods (2)
5574.54
Personal Goods (6)
20613.63
Tobacco (2)
43147.51
Health Care (20)
8909.99
Health Care Equipment & Services (8) 6880.72
Pharmaceuticals & Biotechnology (12)12030.13
Consumer Services (98)
4709.13
Food & Drug Retailers (7)
2718.47
General Retailers (33)
2958.66
Media (23)
7051.49
Travel & Leisure (35)
8191.22
Telecommunications (7)
3737.98
Fixed Line Telecommunications (5) 4781.94
Mobile Telecommunications (2)
4944.43
Utilities (8)
7915.11
Electricity (3)
8350.39
Gas Water & Multiutilities (5)
7378.48
Financials (284)
4428.94
Banks (9)
3761.23
Nonlife Insurance (10)
2647.84
Life Insurance/Assurance (11)
7236.72
Index- Real Estate Investment & Services (22) 3116.74
Real Estate Investment Trusts (25) 2990.18
General Financial (32)
7698.45
Equity Investment Instruments (175) 7346.99
Non Financials (360)
3837.91
Technology (21)
1303.08
Software & Computer Services (14) 1624.29
Technology Hardware & Equipment (7) 1473.22

1.46
1.58
-1.29
1.66
1.52
2.32
3.99
1.64
0.88
1.30
0.52
0.49
0.44
0.64
0.00
1.11
1.78
2.44
1.86
0.84
2.15
0.30
1.13
1.86
1.87
0.94
1.96
1.53
0.41
1.56
1.47
1.90
1.86
1.81
1.88
1.22
1.64
1.12
1.18
1.37
0.63
1.23
0.24
1.77
1.17
0.58
1.53
0.89
0.90
0.89

6324.86
5978.33
16803.98
3426.11
11203.57
17100.26
736.86
9307.45
4480.35
5429.96
4577.66
3650.65
5412.27
8113.00
4254.76
6740.60
18105.97
6523.04
14969.80
8754.91
14023.32
5933.00
21939.18
45922.09
9482.95
7323.18
12803.72
5011.95
2893.28
3148.91
7504.93
8717.95
3978.35
5089.43
5262.38
8424.08
8887.35
7852.95
4713.74
4003.09
2818.11
7702.07
3317.16
3182.46
8193.50
7819.43
4084.71
1386.88
1728.73
1567.95

5857.27
5529.94
15994.78
3166.41
10369.30
15702.72
665.78
8604.23
4173.14
5036.39
4278.88
3413.51
5062.89
7573.97
3997.55
6263.73
16714.40
5983.22
13808.19
8157.63
12899.28
5557.71
20382.56
42359.00
8746.73
6816.91
11798.68
4637.96
2707.45
2913.29
6949.47
8038.25
3669.88
4696.80
4853.07
7819.32
8215.86
7297.10
4377.42
3710.37
2631.34
7149.09
3109.14
2938.18
7609.20
7304.88
3780.24
1291.52
1609.72
1460.28

6034.15
5696.23
16525.33
3341.13
10873.11
16302.15
680.36
9098.48
4274.95
5171.06
4378.08
3507.38
5177.77
7847.98
4044.07
6408.94
17151.38
6399.18
14228.33
8331.54
13200.99
5598.36
20959.32
43317.29
9100.73
6881.13
12313.63
4764.99
2819.21
2993.78
7109.81
8253.90
3757.39
4800.26
4974.34
7919.31
8397.25
7372.39
4469.47
3795.94
2660.62
7357.74
3142.80
2972.52
7799.81
7403.60
3891.63
1321.90
1648.22
1494.12

8767.57
8294.87
22859.25
5331.72
10565.94
12282.44
1501.66
15852.21
4288.90
4073.60
5024.97
3309.16
4736.45
10206.23
4052.92
6195.11
15800.84
7792.75
14224.56
7122.90
9995.57
5122.91
20960.85
40649.64
9356.67
5900.83
12867.15
4247.48
2875.36
2661.09
6392.31
7007.29
3494.88
4507.79
4596.87
8652.98
9693.21
7932.78
4616.57
4509.95
2164.54
7424.66
2591.35
2537.13
6629.33
7390.34
4176.09
1144.77
1254.01
1420.08

P/E
ratio
17.32
18.31
17.41
17.49
17.33
15.19
20.68
20.61
14.77
17.59
17.27
17.88
45.05
50.32
21.21
15.22
69.28

X/D
adj
203.92
345.34
380.29
106.16
106.40
140.30
60.52
95.49
86.22
103.41
103.70
25.96
129.44
157.30
65.61
63.51
6.06

Total
Return
4692.72
11527.30
12799.72
5285.86
2703.73
4934.19
3526.24
6147.40
5925.60
5272.37
2698.41
1957.96
13882.32
19086.06
5480.48
5612.73
783.05

6.37 1.16 13.47 283.94 4910.90


6.44 1.16 13.43 270.00 4798.82
4.87 1.40 14.70 642.59 11511.40
6.26 1.35 11.81 197.88 3155.92
2.59 2.43 15.89 230.16 9044.36
2.24 3.37 13.21 360.52 16690.04
1.66 -18.64 -3.23
11.18
604.20
7.13 1.27 11.05 615.70 4489.42
2.63 1.21 31.59
83.82 4153.32
2.49 -0.78 -51.87 110.11 5201.73
2.62 0.96 39.70
77.52 4410.75
3.28 1.71 17.78
68.53 3682.35
2.28 2.02 21.72
86.03 4471.83
3.18 1.61 19.47 207.97 8885.42
4.10 1.14 21.44 128.90 3330.57
2.41 1.52 27.26 117.92 6311.57
2.99 1.88 17.78 464.44 11945.39
3.26 1.53 20.04 199.75 5636.40
2.50 1.78 22.49 345.28 9557.46
1.96 1.55 32.82
93.65 6830.65
2.09 2.67 17.96 217.78 8915.88
4.06 1.26 19.52 182.47 4673.29
3.16 3.01 10.53 484.64 13201.55
4.14 1.35 17.85 1786.68 26177.04
3.88 0.64 39.95 293.01 6457.28
1.43 2.43 28.83
62.30 5798.43
4.13 0.58 41.57 424.60 7744.87
2.34 1.73 24.70
87.11 4225.88
2.60 -0.94 -41.07
42.92 3097.32
2.24 2.33 19.10
49.51 3216.82
2.79 1.69 21.28 159.32 4134.92
1.96 2.35 21.68 138.20 7433.53
4.32 1.89 12.27 108.88 3864.38
3.18 1.82 17.27 101.81 4107.80
5.04 1.91 10.38 168.70 4549.60
5.22 1.35 14.22 305.26 8327.60
6.07 1.43 11.52 493.70 11093.52
5.00 1.32 15.17 243.90 7772.42
3.46 1.96 14.73 137.45 3845.71
4.08 1.31 18.79 145.16 2575.56
2.85 2.06 17.00
75.75 4449.98
3.77 1.76 15.03 260.50 6615.05
1.84 6.25
8.72
47.23 7975.03
2.76 6.74
5.37
68.57 3511.11
2.98 2.23 15.03 167.85 8302.74
2.65 1.16 32.50 148.25 3836.66
3.81 1.39 18.90 119.56 5335.35
1.48 2.07 32.65
18.14 1627.67
1.97 1.70 29.84
32.11 2126.02
1.04 2.70 35.61
13.22 1689.94

8.00
9.00
10.00
11.00
12.00
13.00
14.00
15.00
16.00 High/day Low/day
Hourly movements
FTSE 100
5958.24 5980.26 6015.01 6018.81 6020.56 6032.18 6059.94 6044.81 6055.85 6067.55 5933.53
FTSE 250
16544.84 16544.30 16609.59 16599.56 16597.73 16632.82 16698.12 16659.22 16675.35 16702.77 16481.51
FTSE SmallCap
4503.18 4510.63 4515.95 4514.55 4513.02 4514.87 4518.00 4517.58 4518.64 4519.33 4502.95
FTSE All-Share
3286.66 3296.46 3313.99 3315.27 3315.92 3322.25 3336.67 3328.73 3334.13 3339.43 3274.13
Time of FTSE 100 Day's high:12:46:45 Day's Low07:14:15 FTSE 100 2010/11 High: 7103.98(27/04/2015) Low: 5898.87(24/08/2015)
Time of FTSE All-Share Day's high:13:04:00 Day's Low07:14:00 FTSE 100 2010/11 High: 3834.45(27/04/2015) Low: 3245.99(24/08/2015)
Further information is available on http://www.ftse.com FTSE International Limited. 2013. All Rights reserved. FTSE is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. Values are negative.

UK RIGHTS OFFERS
Amount
Latest
Issue
paid
renun.
price
up
date
High
Low
Stock
There are currently no rights offers by any companies listed on the LSE.

FT 30 INDEX

FTSE SECTORS: LEADERS & LAGGARDS

Sep 23 Sep 22 Sep 21 Sep 18 Sep 17 Yr Ago


High
Low Year to date percentage changes
FT 30
2698.60 2660.90 2735.00 2748.20 2780.80
0.00 3110.40 2575.90 Forestry & Paper
31.43
FT 30 Div Yield
1.82
1.85
1.80
1.80
1.79
0.00
3.93
2.74 Nonlife Insurance
25.25
P/E Ratio net
24.57
24.14
24.77
24.73
24.99
0.00
19.44
14.26 Household Goods & Ho
22.89
FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35
Construct & Material
20.75
FT 30 hourly changes
Software & Comp Serv
20.72
8
9
10
11
12
13
14
15
16
High
Low Real Est Invest & Se
18.14
2660.9 2678.6 2693.2 2693.7 2694.4 2699.7 2713.4 2705.1 2707.2 2715.6 2655.3 Leisure Goods
11.89
FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30
Real Est Invest & Tr
7.88
Technology
7.61
Financial Services
6.76
Media
6.70
Tobacco
6.52
Sep 22 Sep 21 Mnth Ago
Sep 23 Sep 22 Mnth Ago
Consumer Goods
5.85
Australia
89.12
89.96
92.14 Sweden
78.65
78.86
77.82 FTSE 250 Index
5.38
Canada
88.28
88.47
89.09 Switzerland
159.60 159.04 160.89 Travel & Leisure
5.11
Denmark
106.02 105.99 106.38 UK
92.36
92.84
93.42 FTSE SmallCap Index
4.43
Japan
127.16 126.30 123.65 USA
103.75 103.53 103.34 Consumer Services
4.13
New Zealand
106.19 106.48 112.54 Euro
86.63
86.80
87.36
Norway
86.84
87.25
86.75
Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100.
Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk

FX: EFFECTIVE INDICES

General Retailers
Fixed Line Telecomms
Electronic & Elec Eq
Support Services
Telecommunications
Food Producers
Beverages
Industrials
Health Care Eq & Srv
Tech Hardware & Eq
Mobile Telecomms
Equity Invest Instr
Personal Goods
Health Care
Oil Equipment & Serv
Pharmace & Biotech
Industrial Transport
Financials

+or-

Life Insurance
FTSE All{HY-}Share Index
NON FINANCIALS Index
Food & Drug Retailer
FTSE 100 Index
Gas Water & Multi
Chemicals
Utilities
Aerospace & Defense
Banks
Industrial Eng
Electricity
Oil & Gas
Automobiles & Parts
Oil & Gas Producers
Basic Materials
Mining
Industrial Metals &

-4.45
-4.73
-5.01
-5.71
-7.04
-9.19
-9.77
-10.49
-11.16
-12.72
-13.49
-15.05
-19.94
-20.41
-20.54
-27.99
-31.77
-52.46

FTSE GLOBAL EQUITY INDEX SERIES


Sep 23
Regions & countries
FTSE Global All Cap
FTSE Global All Cap
FTSE Global Large Cap
FTSE Global Mid Cap
FTSE Global Small Cap
FTSE All-World
FTSE World
FTSE Global All Cap ex UNITED KINGDOM In
FTSE Global All Cap ex USA
FTSE Global All Cap ex JAPAN
FTSE Developed
FTSE Developed All Cap
FTSE Developed Large Cap
FTSE Developed Europe Large Cap
FTSE Developed Europe Mid Cap
FTSE Dev Europe Small Cap
FTSE North America Large Cap
FTSE North America Mid Cap
FTSE North America Small Cap
FTSE North America
FTSE Developed ex North America
FTSE Japan Large Cap
FTSE Japan Mid Cap
FTSE Global wi JAPAN Small Cap
FTSE Japan
FTSE Asia Pacific Large Cap ex Japan
FTSE Asia Pacific Mid Cap ex Japan
FTSE Asia Pacific Small Cap ex Japan
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
FTSE Emerging Large Cap
FTSE Emerging Mid Cap
FTSE Emerging Small Cap
FTSE Emerging Europe
FTSE Latin America All Cap
FTSE Middle East and Africa All Cap
FTSE Global wi UNITED KINGDOM All Cap In
FTSE Global wi USA All Cap
FTSE Europe All Cap
FTSE Eurobloc All Cap
FTSE RAFI All World 3000
FTSE RAFI US 1000
FTSE EDHEC-Risk Efficient All-World
FTSE EDHEC-Risk Efficient Developed Europe

No of
stocks
7758
7122
1411
1651
4696
3062
2552
7430
5741
6498
2117
5752
917
217
306
718
322
401
1523
723
1394
174
304
782
478
526
433
1433
959
2006
494
451
1061
99
241
219
328
2017
1400
636
3010
1004
3062
523

US $
indices
437.55
450.75
385.05
586.79
622.30
255.12
451.79
449.06
409.03
446.33
410.77
432.27
379.29
322.29
490.24
702.32
416.95
633.40
649.44
279.98
218.88
312.45
456.61
489.91
129.30
529.95
724.91
483.05
420.12
580.19
550.65
719.92
598.00
284.91
626.80
678.11
325.66
481.86
371.33
343.71
5302.71
8502.10
307.03
269.07

Day
%
-1.6
-1.4
-1.6
-1.8
-1.5
-1.6
-1.7
-1.5
-2.0
-1.8
-1.7
-1.7
-1.6
-3.8
-3.3
-2.9
-1.2
-1.6
-1.5
-1.3
-2.2
0.4
0.4
0.4
0.4
-0.4
-0.2
-0.1
-0.3
-1.1
-1.2
-1.3
-0.4
-2.6
-2.3
-1.9
-3.6
-1.3
-3.6
-3.8
-1.8
-1.2
-1.5
-3.2

Mth
%
-2.7
-2.3
-2.8
-2.8
-1.7
-2.8
-2.9
-2.5
-4.0
-2.5
-2.9
-2.8
-2.9
-6.1
-4.7
-3.2
-1.4
-1.9
-1.4
-1.5
-5.1
-5.3
-5.3
-4.1
-5.3
-1.2
1.2
1.3
-0.9
-1.5
-1.9
-0.9
0.8
-0.3
-5.9
-5.7
-5.8
-1.5
-5.4
-5.9
-4.0
-2.0
-2.4
-4.3

YTD
Total
%
retn
-6.9 595.25
-6.9 602.30
-7.6 535.66
-5.0 762.85
-4.6 785.35
-7.2 366.12
-7.0 870.41
-6.7 602.48
-8.5 590.28
-7.7 612.70
-6.3 562.82
-6.0 585.95
-6.8 526.62
-8.9 505.65
-2.0 700.05
2.0 976.58
-6.2 545.48
-6.6 778.08
-5.7 775.91
-6.3 375.47
-6.2 338.76
2.4 387.14
7.4 547.81
4.5 606.43
3.4 180.10
-13.9 788.38
-10.1 1040.57
-9.6 684.23
-13.5 664.32
-15.9 824.55
-15.8 787.22
-16.4 1018.76
-15.5 819.98
-8.6 414.91
-30.5 918.08
-11.9 1004.61
-9.3 511.09
-5.3 614.01
-6.8 565.07
-6.7 529.34
-10.0 6633.74
-8.5 10672.93
-3.9 410.44
-3.4 391.28

YTD Gr Div Sep 23


No of
US $
Day
Mth
YTD
Total
YTD Gr Div
% Yield Sectors
stocks indices
%
%
%
retn
% Yield
-5.2
2.6 Oil & Gas
165 312.78
-1.7
-1.7 -21.4 473.58 -19.3
4.3
-5.2
2.5 Oil & Gas Producers
117 283.68
-1.9
-1.9 -21.7 437.07 -19.5
4.4
-5.8
2.8 Oil Equipment & Services
39 330.01
-1.1
-1.1 -20.4 455.84 -18.5
4.1
-3.5
2.1 Basic Materials
264 353.45
-2.6
-2.6 -18.8 515.15 -16.9
3.5
-3.3
2.0 Chemicals
124 563.70
-2.2
-2.2
-9.6 823.85
-8.0
2.7
-5.4
2.7 Forestry & Paper
16 191.27
-2.4
-2.4
-8.2 304.84
-6.1
3.1
-5.3
2.6 Industrial Metals & Mining
67 279.21
-2.1
-2.1 -32.3 407.06 -31.0
3.4
-5.0
2.5 Mining
57 377.79
-4.4
-4.4 -33.7 552.64 -30.8
6.1
-6.4
3.1 Industrials
536 288.09
-1.5
-1.5
-8.5 398.15
-7.0
2.3
-6.0
2.6 Construction & Materials
109 417.59
-2.4
-2.4
-3.2 605.27
-1.5
2.2
-4.6
2.6 Aerospace & Defense
28 477.73
-2.0
-2.0
-3.9 654.58
-2.4
2.2
-4.3
2.5 General Industrials
56 197.86
-1.0
-1.0
-9.0 293.77
-7.1
2.9
-5.0
2.7 Electronic & Electrical Equipment
69 300.84
-1.0
-1.0
-7.5 384.05
-6.2
2.0
-6.2
3.7 Industrial Engineering
105 528.98
-1.3
-1.3 -14.5 717.80 -13.1
2.5
0.1
2.7 Industrial Transportation
96 506.08
-1.8
-1.8 -15.2 697.62 -14.0
2.4
4.0
2.4 Support Services
73 265.95
-1.4
-1.4
-2.4 353.15
-1.1
2.0
-4.8
2.3 Consumer Goods
426 392.46
-1.8
-1.8
-3.1 554.58
-1.3
2.5
-5.6
1.8 Automobiles & Parts
103 355.29
-2.4
-2.4
-8.8 481.61
-7.3
2.5
-4.7
1.8 Beverages
48 522.52
-1.9
-1.9
-2.9 749.14
-0.9
2.6
-4.9
2.2 Food Producers
106 536.34
-1.8
-1.8
-2.8 781.78
-1.1
2.3
-4.0
3.1 Household Goods & Home Construction
48 376.49
-1.5
-1.5
-5.0 529.19
-3.3
2.4
3.5
1.9 Leisure Goods
28 127.24
-0.5
-0.5
1.0 162.36
1.7
1.4
8.4
1.6 Personal Goods
80 577.19
-1.7
-1.7
-1.0 779.00
0.5
2.0
5.6
1.7 Tobacco
13 1137.16
-1.7
-1.7
5.9 2194.73
9.2
4.1
172 446.28
-1.6
-1.6
2.7 619.23
4.3
1.9
4.5
1.9 Health Care
-11.7
3.4 Health Care Equipment & Services
61 630.44
-0.9
-0.9
6.7 720.70
7.5
1.0
-8.1
2.9 Pharmaceuticals & Biotechnology
111 339.14
-1.8
-1.8
1.5 488.80
3.3
2.2
-7.6
2.8 Consumer Services
389 376.52
-1.4
-1.4
0.6 487.31
1.9
1.7
-11.2
3.3 Food & Drug Retailers
55 298.21
-1.6
-1.6
-0.8 401.55
0.5
1.9
-13.7
3.2 General Retailers
121 505.18
-1.2
-1.2
5.7 638.41
7.0
1.6
-13.6
3.3 Media
91 287.17
-1.5
-1.5
-4.5 372.22
-3.2
1.9
-14.4
2.9 Travel & Leisure
122 361.04
-1.5
-1.5
0.3 471.69
1.6
1.7
-13.3
3.1 Telecommunication
91 156.66
-1.3
-1.3
-6.2 272.80
-3.4
4.3
-5.5
4.5 Fixed Line Telecommuniations
44 128.04
-1.6
-1.6
-6.5 243.33
-3.4
4.8
-29.0
3.7 Mobile Telecommunications
47 170.51
-0.9
-0.9
-5.7 270.02
-3.3
3.6
163 231.95
-1.6
-1.6 -13.2 421.10 -10.7
4.1
-10.0
2.9 Utilities
112 253.96
-1.5
-1.5 -10.4 456.72
-7.9
3.9
-6.7
3.9 Electricity
51 244.74
-1.6
-1.6 -17.7 454.64 -15.3
4.6
-4.0
2.1 Gas Water & Multiutilities
671 195.21
-1.6
-1.6
-9.5 301.37
-7.5
3.1
-4.2
3.4 Financials
243 176.88
-1.7
-1.7 -12.0 290.68
-9.8
3.5
-4.4
3.2 Banks
70 200.79
-1.6
-1.6
-6.2 278.61
-4.4
2.5
-8.0
3.3 Nonlife Insurance
49 190.52
-1.7
-1.7
-9.8 287.87
-7.7
3.0
-6.9
2.6 Life Insurance
139 215.24
-1.5
-1.5
-7.1 285.23
-5.7
2.0
-2.4
2.3 Financial Services
185 162.22
-1.6
-1.6
-5.8 192.74
-4.5
1.8
-1.3
2.8 Technology
Software & Computer Services
83 276.09
-1.5
-1.5
1.7 315.98
2.6
1.1
Technology Hardware & Equipment
102 123.24
-1.6
-1.6 -12.0 150.41 -10.4
2.5
The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/
mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index and RAFI are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC
(US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2,
WO 2008/118372, EPN 1733352, and HK1099110). EDHEC is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see
www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. FTSE International Limited. 2013. All Rights reserved. FTSE is a trade mark of the London Stock Exchange
Group companies and is used by FTSE International Limited under licence.

UK COMPANY RESULTS
closing
Price p

3.86
3.80
2.36
1.19
0.64
0.51
0.40
-0.38
-0.46
-0.94
-1.18
-1.33
-2.42
-2.55
-2.73
-2.77
-2.84
-3.88

FTSE 100 SUMMARY

Company
AIREA
Cayenne Trust (The)
Eco City Vehicles
Edenville Energy
EG Solutions
European Islamic Investment Bank
Gresham House
Hurricane Energy
Hydrodec Group
Immedia Group
NAHL Group
PuriCore
Richoux Group
Smiths Group

FTSE 100

Closing Day's
Price Change FTSE 100

Closing Day's
Price Change

3I Group PLC
Aberdeen Asset Management PLC
Admiral Group PLC
Anglo American PLC
Antofagasta PLC
Arm Holdings PLC
Ashtead Group PLC
Associated British Foods PLC
Astrazeneca PLC
Aviva PLC
Babcock International Group PLC
Bae Systems PLC
Barclays PLC
Barratt Developments PLC
Berkeley Group Holdings (The) PLC
Bg Group PLC
Bhp Billiton PLC
BP PLC
British American Tobacco PLC
British Land Company PLC
Bt Group PLC
Bunzl PLC
Burberry Group PLC
Capita PLC
Carnival PLC
Centrica PLC
Coca-Cola Hbc AG
Compass Group PLC
Crh PLC
Diageo PLC
Direct Line Insurance Group PLC
Dixons Carphone PLC
Easyjet PLC
Experian PLC
Fresnillo PLC
G4S PLC
Gkn PLC
Glaxosmithkline PLC
Glencore PLC
Hammerson PLC
Hargreaves Lansdown PLC
Hikma Pharmaceuticals PLC
HSBC Holdings PLC
Imperial Tobacco Group PLC
Inmarsat PLC
Intercontinental Hotels Group PLC
International Consolidated Airlines Group S.A.
Intertek Group PLC
Intu Properties PLC
Itv PLC
Johnson Matthey PLC

473.90 11.60 Kingfisher PLC


312.60
2.50 Land Securities Group PLC
1500 25.00 Legal & General Group PLC
658.10 10.00 Lloyds Banking Group PLC
London Stock Exchange Group PLC
524.50 936.50
7.00 Marks And Spencer Group PLC
955.00 11.50 Meggitt PLC
3140 40.00 Merlin Entertainments PLC
4224 58.50 Mondi PLC
442.80
1.40 Morrison (Wm) Supermarkets PLC
891.00 13.00 National Grid PLC
431.40
5.90 Next PLC
248.20
1.55 Old Mutual PLC
651.50 13.50 Pearson PLC
3408 91.00 Persimmon PLC
969.20 15.00 Prudential PLC
1041.5 20.00 Randgold Resources LD
329.45
4.25 Reckitt Benckiser Group PLC
3514.5 55.50 RELX PLC
823.50 18.50 Rio Tinto PLC
412.15
8.15 Rolls-Royce Holdings PLC
1728 21.00 Royal Bank Of Scotland Group PLC
1343 12.00 Royal Dutch Shell PLC
1193 19.00 Royal Dutch Shell PLC
3467 134.00 Royal Mail PLC
223.50
2.00 Rsa Insurance Group PLC
1401 62.00 Sabmiller PLC
1025 13.00 Sage Group PLC
1833 27.00 Sainsbury (J) PLC
1733 16.50 Schroders PLC
365.00
3.30 Severn Trent PLC
416.70
8.60 Shire PLC
1759 59.00 Sky PLC
1035
4.00 Smith & Nephew PLC
600.50
4.00 Smiths Group PLC
235.00
1.70 Sports Direct International PLC
260.80
6.20 Sse PLC
1274 27.00 St. James's Place PLC
109.10
2.75 Standard Chartered PLC
613.00 14.00 Standard Life PLC
1205 14.00 Taylor Wimpey PLC
2427 48.00 Tesco PLC
498.75 11.35 Travis Perkins PLC
3399 79.00 Tui AG
999.00 12.00 Unilever PLC
2293 41.00 United Utilities Group PLC
594.00 27.00 Vodafone Group PLC
2423 29.00 Whitbread PLC
316.20
5.10 Wolseley PLC
243.00
3.10 Wpp PLC
2378 60.00

345.90
7.90
1247 27.00
242.60
3.80
72.95
0.65
2395 45.00
488.40 12.40
472.10
8.20
373.70
4.70
1367 31.00
152.60
0.50
862.00 10.40
7495 95.00
192.20
6.10
1119 19.00
2074 33.00
1366.5 15.00
3740 5850 147.00
1070 18.00
2222 28.00
679.50 -6.00
313.30
2.00
1575.5 31.50
1561 25.50
457.70
0.40
403.70 -2.50
3567.5 99.00
505.50
7.70
228.70
0.90
2822 32.00
2091 13.00
4670 127.00
1023 14.00
1171 15.00
1039 10.00
748.50
9.00
1445 28.00
856.00
7.50
667.80 -5.20
389.80
4.10
200.10
3.50
168.55
0.35
2000 15.00
1208 30.00
2581 30.00
889.50 13.00
216.00
4.10
4598 43.00
4214 100.00
1349 19.00

UK STOCK MARKET TRADING DATA


Sep 23
Sep 22
Sep 21
Sep 18
Sep 17
Yr Ago
SEAQ Bargains
5477.00
5092.00
5229.00
5229.00
5229.00
4522.00
Order Book Turnover (m)
43.37
35.56
41.24
41.24
41.24
34.97
Order Book Bargains
784111.00 746453.00 1024512.00 1024512.00 1024512.00 763694.00
Order Book Shares Traded (m)
1249.00
1201.00
2326.00
2326.00
2326.00
1292.00
Total Equity Turnover (m)
2242.66
Total Mkt Bargains
901128.00
Total Shares Traded (m)
3364.00
Excluding intra-market and overseas turnover. *UK only total at 6pm. UK plus intra-market turnover. (u) Unavaliable.
(c) Market closed.

All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
liable for any loss arising from the reliance on or use of the listed information.
For all queries e-mail ft.reader.enquiries@morningstar.com

Data provided by Morningstar | www.morningstar.co.uk

UK RECENT EQUITY ISSUES


Pre
Int
Int
Int
Int
Int
Int
Int
Int
Int
Int
Int
Int
Pre

Turnover
22.951
25.538
3.601
4.854

3.992
6.045

21.344
1.374
25.411
9.075
6.695
2897

29.432
1.257
22.09
8.568
6.678
2952

Pre-tax
0.65
0.203
0.225L
0.422L
0.328L
0.583
0.052
3.193L
7.582L
0.144L
6.431
4.534L
0.32
325

0.33
1.53
0.464L
0.533L
0.621
0.913
2.512L
7.275L
3.23L
0.259
5.731
3.503L
0.159
302

Figures in m. Earnings shown basic. Figures in light text are for corresponding period year earlier.
For more information on dividend payments visit www.ft.com/marketsdata

EPS(p)
1.29
1.11
0.13L
0.006L
0.7L
3.33
0.8
0.51L
0.011L
1.052L
12.5
0.09L
0.3
62.4

0.65
1.13
0.41L
0.009L
4.5
1.02
51.9L
1.18L
0.004L
1.89
8.5
0.37
0.2
59

Div(p)
0.9
6.25
28

0.6
5
27.5

Pay day
Nov 25
Oct 30
Nov 20

Total
0.9
3.8
16.95
41

0.6
1.2
15.7
40.25

Issue
date

Issue
price(p)

Sector

Stock
code

Stock

Placing price. *Intoduction. When issued. Annual report/prospectus available at www.ft.com/ir


For a full explanation of all the other symbols please refer to London Share Service notes.

Close
price(p)

+/-

High

Low

Mkt
Cap (m)

Thursday 24 September 2015

25

FINANCIAL TIMES

MARKET DATA
FT500: THE WORLD'S LARGEST COMPANIES
Stock
Australia (A$)
ANZ
BHPBilltn
CmwBkAu
CSL
NatAusBk
Telstra
Wesfarmers
Westpc
Woolworths
Belgium ()
AnBshInBv
KBC Grp
Brazil (R$)
Ambev
Bradesco
Cielo
ItauHldFin
Petrobras
Vale
Canada (C$)
BCE
BkMontrl
BkNvaS
Brookfield
CanadPcR
CanImp
CanNatRs
CanNatRy
Enbridge
GtWesLif
ImpOil
Manulife
Potash
RylBkC
Suncor En
ThmReut
TntoDom
TrnCan
ValeantPh
China (HK$)
AgricBkCh
Bk China
BkofComm
BOE Tech
Ch Coms Cons
Ch Evrbrght
Ch Rail Cons
Ch Rail Gp
ChConstBk
China Vanke
ChinaCitic
ChinaLife
ChinaMBank
ChinaMob
ChinaPcIns
ChMinsheng
ChMrchSecs RMB
Chna Utd Coms RMB
ChShenEgy
ChShpbldng RMB
ChStConEng RMB
ChUncHK
CNNC Intl RMB
CSR
Daqin RMB
Gree Elec Apl
GuosenSec
HaitongSecs
Hngzh HikVDT
Hunng Pwr
IM Baotou Stl RMB
In&CmBkCh
IndstrlBk RMB
Kweichow RMB
Midea
New Ch Life Ins
PetroChina
PingAnIns
PngAnBnk RMB
Pwr Cons Corp RMB
SaicMtr RMB
ShenwanHong
ShgPdgBk RMB
Sinopec Corp
Sinopec Oil RMB
Denmark (kr)
DanskeBk
MollerMrsk
NovoB

52 Week
High
Low

Price Day Chg

Yld

P/E MCap m

26.99
22.80
71.60
89.24
29.80
5.62
38.18
29.97
24.38

-0.84
-1.06
-2.20
-1.09
-0.71
-0.05
-0.85
-1.14
-0.41

37.25
35.17
96.69
102.43
39.71
6.74
46.95
40.07
36.00

26.41 10.52 9.25 54981.91


22.41 10.46 9.07 51390.3
71.26 8.76 12.77 85360.33
71.04 1.65 22.11 29118.4
29.15 10.45 11.24 54913.99
5.23 8.09 15.45 48219.33
38.06 8.18 16.69 30110.58
29.20 9.69 11.51 66966.85
24.11 7.39 13.50 21671.6

96.91
55.80

1.11
-0.39

119.65
66.00

78.75
36.53

19.17
24.30
36.89
24.85
8.26
18.90

-0.23
-0.80
-0.15
-0.73
-0.09
-0.56

20.29
33.23
46.27
32.66
21.15
28.74

53.91
69.95
57.51
41.03
187.83
94.11
25.87
73.39
51.71
32.10
41.43
20.45
27.93
71.74
34.08
53.18
51.19
43.70
289.76

0.16
-0.24
-0.62
0.04
-2.19
-0.13
-0.76
-1.28
-0.79
0.26
-1.18
-0.16
-1.41
-0.14
-0.47
0.68
-0.31
-1.22
2.59

60.20
84.39
71.25
48.64
247.56
107.32
44.51
88.89
66.14
37.70
55.76
24.20
47.10
83.87
42.47
54.47
57.89
60.84
347.84

46.43
64.01
52.60
32.21
172.01
83.10
25.01
68.81
47.43
29.30
40.55
18.91
27.88
68.05
30.89
39.45
47.75
41.95
125.50

2.97
3.39
5.43
1.77
9.83
3.43
11.18
7.15
5.31
4.61
27.15
18.32
95.40
29.10
7.21
16.16
6.08
12.10
10.33
6.10
9.83
9.41
9.75
9.06
0.22
11.66
3.72
4.55
14.23
194.72
1.96
34.45
5.58
39.35
10.70
7.71
16.55
0.19
14.95
4.95
10.19

-0.08
-0.10
-0.15
-0.01
-0.33
-0.50
-0.18
-0.13
-0.13
-0.65
-0.12
-1.55
-0.65
-0.28
-0.77
-0.22
-0.42
-0.32
-0.18
-0.41
-0.19
-0.33
-0.25
0.00
-0.48
-0.16
-0.13
-0.29
-4.55
0.03
-0.40
-0.22
-0.70
-0.26
-0.33
-0.84
0.00
-0.10
-0.20
-0.50

4.55
5.68
8.61
4.78
17.00
5.65
17.70
12.30
7.98
7.40
41.00
26.85
118.00
47.10
11.88
40.00
10.74
24.40
20.19
12.52
16.00
14.38
20.70
15.15
0.45
27.90
7.50
7.10
21.42
290.00
2.68
56.55
11.04
62.90
17.50
20.00
29.18
0.49
19.17
7.79
14.23

2.87 7.53 4.46 11779.73


3.25 6.89 4.83 36578.06
5.20 6.11 5.04 24530.71
1.12 2.19 24.75
45.44
5.45 2.45 8.76 5615.75
3.22 12.74 4.50 3039.97
6.92 3.06 9.94
2995.2
4.03 2.46 11.72 3881.61
5.02 6.97 4.77 164724.33
4.36 4.33 8852.36
21.00 1.78 14.00 26067.92
13.12 4.50 6.52 10852.25
85.00 3.22 14.60 252039.44
24.80 2.08 14.05 10420.72
6.70 3.15 4.69 6450.45
11.05 2.58 9.62 12158.42
3.36 1.10 32.49 20187.64
12.00 7.40 7.36 5306.14
5.70 - 159.05 29058.15
3.18 2.81 7.82 28570.09
9.68 2.50 15.95
30374
4.07 26.91 22943.76
6.80 20.82 5499.06
7.33 5.28 9.47 21098.95
0.13 -2.42
319.64
10.00 2.63 6.31 5129.73
2.52 0.33-275.26 9173.19
4.30 6.91 4.82 50955.92
9.99 7.22 5.53 36065.01
145.50 14.63 38316.21
1.65 4.98 9.67
54.38
26.20 0.75 9.46 4596.74
5.51 5.73 13.09 15191.21
28.53 0.38 5.71 37814.25
8.32 1.62 6.91 19784.66
2.92 1.29 15.38 3985.51
14.00 7.23 6.41 28583.34
0.17 -2.55
61.78
9.40 5.05 5.80 34946.61
4.72 4.93 12.36 16295.69
3.91 - 293.58
718.29

206.00 -1.60
10400 -80.00
371.30
5.80

218.00
16450
415.00

139.20
10380
244.50

Stock

14.99 11.15 18.61 72974.22


23.03 5.17 6.31 14856.57
30.18 3.40 13.91 16856.46
23.83 2.38 4.91 18338.55
7.88 -3.48 14888.7
14.77 13.00 -9.12 14726.45
34437.89
33815.09
52277.52
30313.02
22587.08
28140.43
21306.76
43951.57
33341.33
24094.99
26428.86
30339.57
17550.98
77921.7
37082.61
31283.44
71425.19
23316.56
74406.19

2.58 33.23 31039.56


2.71 8.22 33340.74
1.30 31.97 114407.15

FT 500: TOP 20
Week
change change %
3.29
47.7
1.04
12.4
2.85
9.0
0.29
8.5
0.66
6.8
3350.00
6.4
0.45
6.2
4.97
6.2
5.25
5.8
0.01
5.2
5.92
4.1
0.35
3.7
1.50
3.6
149.50
3.5
1.25
3.3
1100.00
3.3
42.00
3.3
121.50
2.9
161.00
2.9
0.75
2.9

Month
change %
16.59
-5.81
12.03
-15.07
-24.10
-9.22
-12.68
8.41
-4.89
1.83
8.22
8.45
7.23
-6.60
1.42
8.44
-6.07
-5.55
-6.91
-10.68

INTEREST RATES: OFFICIAL


Rate
Fed Funds
Prime
Discount
Repo
Repo
O'night Call
Libor Target

Current
0.00-0.14
3.25
0.75
0.05
0.50
0.00-0.03
0.00-0.25

Sep 23 (Libor: Sep 22)


US$ Libor
Euro Libor
Libor
Swiss Fr Libor
Yen Libor
Euro Euribor
Sterling CDs
US$ CDs
Euro CDs

P/E MCap m

2.18
2.41
4.32
2.84
2.05
3.24
2.63
8.24
0.92
0.92
5.77
0.90
1.80
2.26
4.24
1.91
2.83
1.71
3.22
1.53
3.61
3.01
6.12
4.19
3.27
9.22

15.81 46783.35
19.91 39130.87
10.53 58000.69
9.47 71041.2
11.62 32456.32
8.61 30747.01
37.60 40241.91
7.62 33364.72
38.59 25774.26
38.59 25774.26
46.56 46717.29
36.95 37220.97
28.63 90732.37
12.42 83576.6
-54.73 21888.82
37.28 40489.33
23.36 26889.44
7.25 21422.94
-21.35 31646.95
24.17 125362.48
27.18 25084.04
18.38 33687.16
9.77 34723.24
31.44 109314.16
13.19 24732.73
12.24 38338.26
85.44 32025.11

115.05
63.00
96.83
74.59
136.85
55.10
22.66
10.07
21.55
7.38
50.75
36.00
66.70
141.60
141.10
50.08
80.06
102.20

4.85
4.01
1.90
3.52
1.74
3.57
2.96
3.09
1.82
1.04
0.67
1.63
2.13
4.34
1.88
4.06
3.91

9.62 69650.66
12.72 68195.45
27.96 105619.58
10.10 53533.2
14.85 40368.55
9.10 79195.11
21.29 37646.17
38.60 80477.52
15.77 31458.61
-5.72 16638.96
23.64 24745.9
30.70 38863.63
19.91 22222.47
26.03 29590.71
9.46 31831.88
22.77 77426.74
11.61 78874.27
5.59 39103.69

39.10
23.15
19.80
50.10
11.64
13.82
97.50
7.60
123.20
162.00
29.95
25.10
93.25
104.50

1.04
4.60
2.28
1.48
2.41
3.49
6.83
3.79
2.10
2.94
7.31
3.18
0.27

19.26 64824.06
9.94 32127.4
6.64 29708.75
12.45 28511.64
6.87 52850.03
6.62 4221.49
4.13 50549.02
7.19 46375.31
10.57 35276.35
32.52 28398.37
13.11 26075.1
14.82 27434.9
9.64 38157.85
38.95 158783.55

332.50
842.10
707.15
975.00
247.70
932.65
294.00
1401
221.25
796.45
220.15
748.00
2345

1.02
0.77
1.48
1.23
3.64
3.35
1.68
0.97
4.23
1.14
1.47
0.17
1.55

23.89
26.68
42.61
21.08
12.04
19.87
28.20
24.56
10.19
10.60
10.37
30.70
24.73

11000

1.33 16.02 19988.31

186.40

2.06 21.72 60851.64


3.32 78.30
7.72-661.57
3.68 12.47
1.62 27.21
1.17 39.28
2.11 15.12

52 Week
High
Low

Price Day Chg

Yld

P/E MCap m

Japan ()
AstellasPh
1650 -17.00
2047
1482 1.77 25.84 30561.53
Bridgestne
4247.5 -80.00
5182
3328 2.75 11.30 28791.23
Canon
3600 -78.00
4539
3172 4.32 17.79 40027.91
CntJpRwy
18715 -870.00 24800 13320 0.62 13.63 32139.47
Denso
5635 -77.00
6548 4500.5 1.90 17.18 41529.97
EastJpRwy
10150 -275.00 12815
7623 1.15 21.23 33211.41
Fanuc
20200 -585.00 28575 17635 3.06 19.08 34679.94
FastRetail
46160-1245.00 61970 35655 0.70 39.84 40818.31
Fuji Hvy Ind
4386 -39.00 4827.5
3050 1.51 11.99 28624.48
Hitachi
641.70 -9.90 939.90 620.00 1.67 11.44 25856.66
HondaMtr
3799 -54.50
4499
3239 2.25 13.05 57368.32
JapanTob
4009.5 -161.50
4848
3101 2.62 16.90 66850.06
KDDI
2747.5 115.50
3375
2041 2.00 46.14 61633.29
Keyence
55710 -940.00 70100 42660 0.38 26.56 28237.88
MitsbCp
2127.5 -81.00
2837 1942.5 2.74 9.72 28201.32
MitsubEst
2419 -59.50
2975 2151.5 0.56 48.56 28038.61
MitsubishiEle
1169 -29.00
1718
1103 2.43 10.18 20925.17
MitsuiFud
3186 -62.00
3879 2854.5 0.76 26.99 26332.2
MitUFJFin
744.00 -24.30 936.80 546.20 2.35 6.92 87879.91
Mizuho Fin
233.40 -4.40 280.40 178.10 3.38 7.06 48295.69
Murata Mfg
16645 -740.00 22220 10800 1.14 20.00 31257.66
NipponTT
4333 -57.50
5066 3001.5 2.02 16.94 82119.28
Nissan Mt
1140 -28.00
1350 917.40 2.81 9.87 42962.89
Nomura
733.00 -21.70 909.20 576.20 1.72 10.26 23358.23
Nppn Stl
237.00 -10.80 350.50 227.10 2.26 9.32 18775.88
NTTDCMo
2200 -17.00 2873.5 1612.5 2.87 20.32 74933.92
Panasonic
1326.5 -29.00 1853.5
1130 1.06 56.19 27126.63
Seven & I
5158 92.00
5998 3794.5 1.40 26.28 38116.53
ShnEtsuCh
6387 -204.00
8529
6059 1.52 20.99 23007.51
Softbank
6270 26.00
8760
6001 0.62 9.34 62758.04
Sony
3115 -109.50
3970
1782 0.78 -52.20 32777.12
SumitomoF
4699.5 -154.50
5770
3823 2.90 10.16 55398.73
Takeda Ph
5642 -64.00
6657 4337.5 3.10 -29.51 37163.75
TokioMarine
4416 -174.50
5504
3102 2.09 13.91 27887.36
Toyota
7234 -104.00
8783
5710 2.69 10.52 206125.59
Mexico (Mex$)
AmerMvl
14.46 -0.25 17.37 13.48 1.90 36099.98
FEMSA UBD 154.36
3.02 155.65 116.20 0.75 29.05 32437.34
WalMrtMex
40.65 -0.18 41.90 28.26 1.37 30.80 41735.91
Netherlands ()
Altice
21.41 -1.25 143.20 20.61 - -123.60 17879.48
ASML Hld
75.40 -2.20 104.85 68.29 0.90 25.09 36414.49
Heineken
72.50
0.56 77.77 54.03 1.30 25.98 46541.9
ING
12.53 -0.05 16.00
9.68 27.48 54035.58
Unilever
34.75 -0.09 42.75 28.75 3.22 21.19 66400.17
Norway (Kr)
DNB
111.60 -1.30 143.00 100.90 3.48 8.04 21895.47
Statoil
119.70 -0.70 180.20 113.90 6.15 -9.50 45975.16
Telenor
159.20 -1.20 186.10 128.90 2.44 22.32 28792.45
Qatar (QR)
QatarNtBk
185.00 -1.60 237.00 159.90 3.96 12.09 35546.08
Russia (RUB)
Gzprm neft
134.30 -2.10 166.94 113.73 6.11 7.05 48449.03
Lukoil
2203 -22.90 3297.7
1913 3.11 11.59 28554.03
MmcNrlskNckl
10200 -493.00 12247
6766 13.24 12.57 24596.75
Novatek
612.50
8.50 646.30 392.51 9.68 30.49 28339.88
Rosneft
237.00 -7.80 294.20 183.95 6.28 6.82 38275.96
Sberbank
73.74 -0.65 80.98 47.21 5.13 24257.25
Surgutneftegas
33.15 -0.72 39.80 21.82 2.07 1.26 18047.34
Saudi Arabia (SR)
AlRajhiBnk
55.99
0.62 72.50 48.40 3.35 14.12 24259.43
Natnlcombnk
53.36
0.55 72.75 48.80 12.70 28378.91
SaudiBasic
77.66
0.87 135.00 70.25 6.65 9.81 62120.55
SaudiTelec
63.00
0.75 76.50 52.75 5.76 12.02 33595.96
Singapore (S$)
DBS
16.90 -0.31 21.50 16.90 3.52 18.41 29685.97
JardnMt US$
47.33 -0.27 67.88 45.02 2.91 10.51 33068.13
JardnStr US$
27.15 -0.10 37.03 26.11 0.96 9.94 30410.78
OCBC
8.91 -0.17 10.92
8.63 4.14 8.50 25321.9
SingTel
3.70 4.57
3.58 4.65 14.83 41393.03
UOB
18.97 -0.07 25.05 18.51 3.78 9.42 21327.75
South Africa (R)
Firstrand
51.29 -0.39 58.47 40.27 3.95 12.22 20879.64
MTN Grp
177.65
2.05 250.48 161.10 7.70 9.69 23792.73
Naspers N
1716.81 30.16 2029.97 1130.01 0.29 42.51 52259.33
South Korea (KRW)
HyundMobis 212500-5500.00 271500 185500 1.46 10.31 17040.89
KoreaElePwr
48300-1400.00 53100 38750 1.0798592.74 26026.66
SK Hynix
34700 -200.00 51700 30300 0.89 5.23 21204.23
SmsungEl
1131000-14000.00 1510000 1033000 1.87 8.38 122762.08
Spain ()
BBVA
7.41 -0.09
9.77
7.21 1.05 11.54 52071.68
BcoSantdr
4.77 -0.10
7.77
4.77 12.14 10.26 76109.8
CaixaBnk
3.43 -0.09
4.93
3.43 1.13 22.34 22024.99
Iberdrola
5.82 6.49
5.11 2.58 15.35 41082.37
Inditex
29.30 -0.08 32.54 19.29 1.33 34.43 101774.18
Repsol
10.03 -0.16 19.09 10.03 14.10 15366.99
Telefonica
10.87 -0.09 14.31 10.76 3.56 17.29 58902.75

2.27 15.24 24906.95


4.39 14.78 26785.98

39.64
87.17
16.43
43.14
126.10
9.82
49.84
16.10
76.65
76.65
16.08
229.00
117.05
121.40
21.87
10.20
82.23
49.50
43.66
69.58
29.51
51.13
31.85
36.92
180.70
39.65
17.32

3.36
12.98
14.40
2.00
34.74
4.82

Stock

20446.9
39977.2
25713.38
27831.12
24030.26
38621.15
38392.37
21065.98
30635.84
41686.3
27471.35
32666.84
75094.95

40557.9
56866.42
27397.89
54074.11
32191.52
36577.43

Last
0.14
3.25
0.75
0.15
0.50
0.03
0.00-0.75

Mnth Ago
0.00-0.25
3.25
0.75
0.05
0.50
0.00-0.10
0.00-0.25

Year Ago
0.00-0.25
3.25
0.75
0.25
0.50
0.00-0.10
0.00-0.25

Day
0.000
0.000
0.000

Change
Week
-0.001
0.000
-0.001

Month
0.001
0.000
-0.001
0.000
0.000
0.001
0.000
0.000
0.000

One
month
0.19560
-0.11571
0.50694
-0.79400
0.02929
-0.10300
0.51000
0.18000
-0.13500

Three
month
0.32650
-0.04071
0.58375
-0.72700
0.07786
-0.03900
0.60000
0.30000
-0.06500

Six
month
0.52725
0.02000
0.74625
-0.67300
0.11929
0.03400
0.78500
0.49000
-0.00500

One
year
0.84155
0.13600
1.04650
-0.55900
0.23257
0.15000

Short
7 Days
One
Three
Six
One
Sep 23
term
notice
month
month
month
year
Euro
-0.25 -0.10 -0.20 -0.10 -0.21 -0.06 -0.15 0.00 -0.08 0.07 0.07 0.22
Sterling
0.40 0.55 0.40 0.55 0.46 0.56 0.55 0.65 0.71 0.86 1.03 1.18
Swiss Franc
Canadian Dollar
US Dollar
0.12 0.22 0.12 0.22 0.15 0.25 0.25 0.35 0.50 0.60 0.80 0.90
Japanese Yen
-0.10 0.00 -0.15 -0.05 -0.35 -0.10 -0.20 0.00 -0.15 0.05 -0.05 0.15
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs:
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA.

COMMODITIES
Energy
Price*
Crude Oil
Oct
44.71
Brent Crude Oil
47.81
RBOB Gasoline
Sep
1.39
Heating Oil
Oct
1.53
Natural Gas
Sep
2.57
Ethanol
Uranium
Oct
36.75
Carbon Emissions
Diesel
Dec
121.25
Unleaded
Oct
Base Metals ( LME 3 Months)
Aluminium
1574.00
Aluminium Alloy
1700.00
Copper
5057.50
Lead
1690.00
Nickel
9725.00
Tin
14930.00
Zinc
1645.50
Precious Metals (PM London Fix)
Gold
1131.35
Silver (US cents)
1480.00
Platinum
937.00
Palladium
632.00
Bulk Commodities
Iron Ore (Platts)
57.05
Iron Ore (The Steel Index)
56.80
GlobalCOAL RB Index
51.00
Baltic Dry Index
917.00

www.ft.com/commodities

Change
-1.41
-1.38
-0.03
0.00
-0.01
0.00
0.00
-13.00
0.00
-17.50
7.00
75.00
215.00
23.00
8.45
-14.00
-9.00
37.00
-0.60
-0.30
-0.10
-6.00

Agricultural & Cattle Futures


Corn
Wheat
Soybeans
Soybeans Meal
Cocoa (ICE Liffe)X
Cocoa (ICE US)
Coffee(Robusta)X
Coffee (Arabica)
White SugarX
Sugar 11
Cotton
Orange Juice
Palm Oil
Live Cattle
Feeder Cattle
Lean Hogs

S&P GSCI Spt


DJ UBS Spot
R/J CRB TR
Rogers RICIX TR
M Lynch MLCX Ex. Rtn
UBS Bberg CMCI TR
LEBA EUA Carbon
LEBA CER Carbon
LEBA UK Power

Oct
Nov
Oct
Oct
Oct
Oct

Price*
383.00
507.00
863.00
303.00
2253.00
3307.00
1540.00
115.60
341.50
11.56
58.51
110.80
515.25
133.23
182.38
70.60

Change
3.00
12.25
0.75
-1.70
18.00
9.00
29.00
0.45
1.20
0.61
-0.06
-6.20
5.75
-2.23
-4.25
-0.40

Sep 22
357.92
87.19
192.90
2293.18
264.84
13.25
7.51
0.50
3695.00

% Chg
Month
-0.70
-1.56
0.55
5.79
0.38
-0.27
2.04
188.90

% Chg
Year
-30.70
-34.70
-31.24
30.84
284.62
-6.05

Dec
Dec
Nov
Oct
Dec
Dec
Nov
Dec

Sources: NYMEX, ECX/ICE, CBOT, X ICE Liffe, ICE Futures, CME, LME/London Metal Exchange.* Latest prices, $
unless otherwise stated.

Stock

Price Day Chg

52 Week
High
Low

Yld

P/E MCap m

Sweden (SKr)
AtlasCpcoB
185.50 -0.50 270.00 165.20 1.59 17.54 8584.23
Ericsson
78.90
0.50 120.00 77.45 4.24 25.54 30924.12
H&M
310.40
3.30 368.50 269.60 3.09 24.16 60923.86
Investor
289.70
1.40 363.40 219.30 3.06 4.28 26356.74
Nordea Bk
94.15 -1.25 115.50 82.40 5.99 10.80 45013.9
SEB
91.30 -1.60 111.50 82.30 5.12 10.34 23495.43
SvnskaHn
121.20 -1.90 426.00 114.10 3.38 15.88 26903.5
Swedbank
186.40 -3.10 223.90 166.20 5.99 12.91 24435.17
TeliaSonera
45.31
0.03 55.85 44.37 6.52 14.26 23266.93
Volvo
83.90
1.40 120.50 71.00 3.52 21.81 16146.28
Switzerland (SFr)
ABB
17.03 -0.16 22.31 16.75 16.02 40243.04
CredSuisse
23.93 -0.19 28.94 18.57 2.97 10.37 40025.33
Nestle
71.70 -0.25 77.00 64.15 2.89 16.46 233380.93
Novartis
90.35
0.40 103.20 78.60 2.86 23.71 246915.74
Richemont
74.10
0.50 92.25 66.40 1.69 29.10 39487.72
Roche
248.50 -0.70 295.80 238.80 3.27 23.59 178231.67
Swiss Re
82.60
0.25 96.95 69.25 5.19 35.49 31259.65
Swisscom
479.00
2.40 587.50 475.50 4.66 14.56 25331.15
Syngent
315.90 -6.30 435.20 273.20 3.43 18.76 29974.51
UBS
17.95 -0.29 22.57 13.58 4.24 13.94 70532.68
Zurich Fin
242.10 -1.10 334.60 239.50 10.01 37172.22
Taiwan (NT$)
Chunghwa Telecom
97.70 -0.60 99.80 90.00 4.77 19.55 23088.1
HonHaiPrc
84.10 -1.00 102.50 77.90 1.87 8.72
40974
TaiwanSem
124.50 -4.50 155.00 112.50 6.21 10.27 98345.38
Thailand (THB)
PTT Explor
252.00
2.00 398.00 240.00 3.60 15.89 19894.61
United Arab Emirates (Dhs)
Emirtestele
14.30
0.10 15.85
9.41 4.56 15.29 33864.64
United Kingdom (p)
AscBrFd
3140 40.00
3293
2407 1.08 44.00 37859.53
AstraZen
4224 58.50 4931.68
3746 4.23 71.22 81301.21
Aviva
442.80
1.40 578.68 440.00 4.09 11.59 27284.19
Barclays
248.20
1.55 289.90 204.05 2.62 115.07 63439.14
BG
969.20 15.00
1420 780.55 1.89 -48.88 50448.15
BP
329.45
4.25 499.25 252.55 7.84 -14.96 91864.86
BrAmTob
3514.5 55.50
3894 3231.5 4.21 16.32 99782.69
BSkyB
850.50 -12.00 954.00 782.50 3.76 9.03 23005.52
BT
412.15
8.15 481.75 351.90 2.77 15.53 52540.8
Compass
1025 13.00 1223.36 924.41 2.64 19.90 25722.32
Diageo
1733 16.50
2055 1592.5 3.09 18.32 66351.34
GlaxoSmh
1274 27.00
1645 1241.5 6.28 6.41 94427.28
Glencore
109.10
2.75 350.25 99.59 10.49-253.72 23918.16
HSBC
498.75 11.35 674.57 478.35 6.51 11.25 148590.32
ImpTob
3399 79.00
3413 2482.72 3.77 17.02 49545.42
LlydsBkg
72.95
0.65 89.35 70.90 1.03 39.65 79388.27
Natl Grid
862.00 10.40 965.00 806.40 4.90 16.15 49145.27
Prudential
1366.5 15.00 1761.5
1287 2.70 13.91 53508.54
RBS
313.30
2.00 414.00 300.30 - -21.85 30889.23
ReckittB
5850 147.00
6300
4895 2.38 24.86 63342.71
RELX
1070 18.00
1199 921.50 2.33 100.69 33632.03
RioTinto
2222 28.00
3280 2107.78 6.14 22.11 47040.23
RollsRoyce
679.50 -6.00
1061 679.50 3.40 -49.97 19027.75
RylDShlA
1561 25.50 2401.5
1526 7.77 11.57 93714.24
SABMill
3567.5 99.00 3787.5
2773 1.98 26.02 87941.29
Shire
4670 127.00
5870 3448.28 0.30 14.14 42107.24
StandCh
667.80 -5.20
1222 667.30 8.27 14.86 25903.86
Tesco
168.55
0.35 252.52 155.40 6.70 -2.40 20887.54
Vodafone
216.00
4.10 258.00 179.10 5.13 10.08 87332.5
WPP
1349 19.00
1616
1091 2.83 13.94 26566.21
United States of America ($)
3M
137.66 -0.36 170.50 130.60 2.65 18.56 86002.45
AbbottLb
42.20 -0.28 51.74 39.28 2.11 27.68 62896.63
Abbvie
57.43 -0.31 71.60 52.06 3.10 46.00 95062.52
Accenture
97.86
0.19 105.37 73.98 2.08 22.16 78051.27
Ace
101.34
0.36 117.89 96.00 3.12 11.77 32814.4
Actavis
298.98 -2.94 317.72 201.91 - -34.92 117333.1
Adobe
85.50
0.84 87.25 58.51 - 119.14 42548.68
AEP
55.02
0.30 65.38 51.58 3.68 15.97 26990.59
Aetna
118.82
0.70 134.40 71.81 0.77 18.60 41431.13
Aflac
57.42
0.38 65.10 51.41 2.60 9.96 24730.46
AirProd
130.48 -2.14 158.20 118.20 2.35 28.22 28050.91
Alexion
159.63
0.39 208.88 150.06 56.30 36101.06
Allstate
58.51
0.41 72.87 54.12 1.92 10.16 23426.81
Altria
54.40
0.20 56.70 44.59 3.70 21.73 106661.81
Amazon
536.07 -2.33 580.57 284.00 - -1369.21 250725.42
AmerAir
41.24
0.05 56.20 28.10 0.94 7.36 27705.88
AmerExpr
75.63 -0.08 94.89 71.71 1.70 13.61 75727.06
AmerIntGrp
57.10 -0.18 64.93 48.56 0.85 11.59 73880.94
AmerTower
88.71 -0.34 105.20 87.95 1.75 55.07 37549.08
Amgen
145.72 -0.21 181.81 127.67 1.86 19.94 110492.24
Anadarko
63.18 -1.63 105.23 58.10 1.66 -13.16 32096.21
Aon Cp
89.09 -0.44 107.08 78.26 1.14 21.00 24949.02
Apple
114.32
0.92 134.54 92.00 1.63 13.65 651935.18
ArcherDan
42.06 -0.39 53.91 41.63 2.39 11.98
25612
AT&T
32.20 -0.07 36.45 30.97 5.62 32.92 198062.2
AutomData
79.37
0.18 90.23 64.29 2.38 28.36 36971.35
Avago Tech 125.54
0.84 150.50 68.75 1.13 34.10 34568.85

52 Week
High
Low

Yld

P/E MCap m

54.00 -0.29 70.45 44.11


15.72
0.15 18.48 14.60
35.76
0.28 43.44 34.50
35.23 -0.02 41.90 34.50
139.28
1.02 154.98 112.17
194479 -907.00 229374 190007
298.34 -0.72 480.18 265.00
38.82 -0.03 45.45 35.06
303.26 -1.07 382.84 275.00
131.67 -2.32 158.83 115.14
61.74 -0.35 70.54 47.55
52.08 -0.04 57.70 34.50
73.50 -0.18 92.10 67.73
82.04
0.54 91.91 71.72
51.50
1.71 54.05 33.11
70.20 -1.48 107.12 70.16
41.67 -0.91 63.95 40.75
117.04 -0.57 140.72 83.16
28.48
0.15 35.72 23.35
76.12 -1.13 123.98 69.58
142.71
1.56 170.68 85.75
25.28
0.14 30.31 22.49
50.12 -0.26 60.95 46.60
91.24
0.53 100.87 75.94
38.76 -0.03 44.87 36.56
62.25
0.39 69.35 42.94
62.10 -0.06 71.56 50.84
57.37 -0.34 64.99 49.33
47.86 -0.76 79.84 41.10
16.77 -0.21 25.16 15.42
145.43
2.78 156.85 117.03
76.83
0.25 89.44 74.45
26.58 -0.69 37.99 24.47
100.63
0.60 113.65 77.40
85.67
0.10 92.92 70.12
77.69 -1.15 98.23 76.76
74.10 -0.34 90.57 58.23
46.59
0.13 51.06 30.12
93.55
1.36 95.51 82.04
51.84 -0.11 66.75 50.92
101.57 -0.92 122.08 78.54
69.22
0.14 80.89 65.53
42.58 -1.02 53.80 35.11
69.09 -0.06 89.97 67.27
47.91 -0.66 76.61 47.37
52.36 -0.64 73.82 49.21
25.59 -0.02 29.35 19.50
110.04 -0.82 118.27 97.78
23.82
0.06 30.92 22.66
43.67 -0.98 65.94 43.43
73.04 -2.18 103.04 68.15
72.86
0.34 82.53 60.44
29.02
0.56 38.93 28.41
83.30
0.49 94.61 68.06
72.30 -0.44 97.20 66.55
93.97
1.01 99.24 70.32
143.65 -0.32 185.19 130.01
13.68 -0.24 16.74 10.44
37.54 -0.47 59.43 37.46
136.57 -1.38 153.76 114.73
25.14
0.03 28.68 19.37
57.41
0.28 59.87 47.43
29.72 -0.31 39.00 24.62
105.49 -1.02 123.37 85.95
179.41 -0.31 218.77 171.26
653.29
0.09 713.33 490.91
37.30 -0.16 66.26 30.93
84.16
1.46 95.49 43.91
25.49 -0.16 41.10 24.85
23.36 -0.32 31.60 20.72
116.17
0.37 123.80 86.35
94.59 -1.45 107.41 82.89
188.68
0.03 219.79 121.04
143.66 -0.77 193.07 140.62
83.21 -0.34 100.14 78.79
189.93 -3.16 242.37 145.12
229.27
2.81 246.39 193.42
28.74
0.07 37.90 24.87
87.59
0.74 109.21 77.96
92.99 -0.25 109.49 81.79
39.98
0.23 54.52 38.48
60.64 -0.27 70.61 50.07
107.86
0.02 119.01 99.57
29.06 -1.05 44.71 28.50
88.19 -0.11 91.32 53.33
36.38 -0.03 39.43 25.42
91.96
0.18 95.78 64.47
41.77 -1.65 65.83 40.00
48.35
0.07 58.66 39.95
86.69 -1.11 92.85 60.58
202.77 -0.89 213.34 166.28
68.73
0.06 76.25 49.85

1.22
1.23
5.63
2.72
1.63
1.70
2.62
2.41
2.31
0.97
1.71
1.67
1.94
3.86
1.39
0.82
5.45
0.03
3.09
0.15
2.06
3.17
2.28
1.60
5.91
2.54
1.01
3.54
2.40
1.20
0.53
3.01
1.31
0.75
1.87
1.73
3.49
3.71
4.46
3.84
3.85
1.11
1.87
4.08
0.83
2.80
4.14
3.75
0.59
3.89
1.47
1.86
3.51
2.90
4.11
0.39
1.30
1.79
2.51
1.78
2.05
0.58
3.10
2.26
0.87
3.13
1.11
2.97
2.42
2.62
3.09
6.00
2.45
0.97
1.78
5.33
2.21
2.78
1.38

93.58 23537.65
17.31 164091.96
11.70 19508.47
13.14 25840.52
35.74 29284.23
18.38 157869.3
20.85 70160.39
15.98 42955.02
15.80 49624.39
18.47 89469.12
59.64 102951.62
30.37 29112.72
10.73 39868.53
23.47 26978.06
28.13 30523.44
12.40 42304.8
18.50 18518.5
45.75 92524.82
30.80 37468.97
12.13 143237.64
18.26 36747.16
14.84 127949.49
12.41 150853.45
26.64 30816.86
23.48 168606.14
25.91 37943.2
25.75 55898.17
17.51 122263.38
36.66 59033.33
8.63 20558.93
27.95 63914.69
52.35 25642.93
13.68 26260.55
24.98 112150.75
24.36 58554.42
12.22 25495.24
17.04 21070.24
21.25 37057.61
16.82 47176.52
11.07 22566.3
21.80 171435.73
24.44 41138.96
12.93 49311.98
21.23 47556.75
14.77 43350.79
11.69 24478.3
11.04 31174.46
27.96 32471.95
19.99 45846.98
12.53 28697.31
29.82 40111.48
31.67 26527.03
11.07 25004.15
28.28 56288.39
13.28 301451.14
99.16 212347.44
38.17 40563.81
15.30 53310.77
10.41 23042.73
16.31 44074.85
50.43 253824.23
29.14 34429.16
11.32 47018.92
11.50 154817.7
10.97 77661.39
33.54 189379.8
22.56 31882.14
17.80 34942.56
10.64 45836.75
36.55 23066.85
23.22 149174.28
17.51 73946.91
23.05 27965.17
9.88 140719.26
17.28 30462.23
59.95 27482.87
24.28 25331.71
12.59 136629.96
61.89 24145.84
16.91 257499.19
15.19 26149.7
11.30 224250.8
62.97 39290.7
42.10 63697.69
45.49 52233.16
19.01 17670.19
24.46 26703.22
14.55 33309.54
-30.93 12208.76
46.48 96099.38
18.60 62967.09
23.79 64103.49

Stock

Price Day Chg

BakerHu
BankAm
Baxter
BB & T
BectonDick
BerkshHat
Biogen
BkNYMeln
BlackRock
Boeing
BrisMySq
Broadcom
CapOne
CardinalHlth
Carnival
Caterpillar
CBS
Celgene
CharlesSch
ChevrnTx
Cigna
Cisco
Citigroup
CME Grp
Coca-Cola
Cognizant
ColgtPlm
Comcast
ConocPhil
Corning
Costco
CrownCstl
CSX
CVS
Danaher
Deere
Delphi
Delta
DirectTV
DiscFinServ
Disney
DominRes
DowChem
DukeEner
DuPont
Eaton
eBay
Ecolab
EMC
Emerson
EOG Res
EquityResTP
Exelon
ExpScripts
ExxonMb
Facebook
Fedex
FordMtr
Franklin
GenDyn
GenElectric
GenMills
GenMotors
GileadSci
GoldmSchs
Google
Halliburton
HCA Hold
Hew-Pack
HiltonWwde
HomeDep
Honywell
HumanaInc
IBM
IllinoisTool
Illumina
Intcntl Exch
Intel
Intuit
John&John
JohnsonCn
JPMrgnCh
Kimb-Clark
KinderM
Kraft
Kroger
L Brands
LasVegasSd
LibertyGbl
Lilly (E)
Lockheed
Lowes

BONDS: HIGH YIELD & EMERGING MARKET

Close
Prev
price
price
DirectTV
93.55
92.19
Firstrand
51.29
51.68
Naspers N
1716.81
1686.65
MTN Grp
177.65
175.60
Volkswgn
111.20
111.20
Glencore
109.10
106.35
VertexPharm
111.86
114.41
Renault
65.00
66.55
LasVegasSd
41.77
43.42
Potash
29.34
29.34
Repsol
10.03
10.19
Altice
21.41
22.65
Daimler
66.25
66.25
Petrobras
8.35
8.35
Lukoil
2203.00
2225.90
Hew-Pack
25.49
25.65
NTTDCMo
2200.00
2217.00
BMW
79.32
79.32
Zurich Fin
242.10
243.20
Schneider
51.44
51.45
Based on the FT Global 500 companies in local currency

Day
Week
change change %
change change %
1.36
1.48
-0.39
-0.75
-5173.71
-99.0
30.16
1.79 -171782.19
-99.0
2.05
1.17 -17763.35
-99.0
0.00
0.00
-56.30
-33.6
2.75
2.59
-25.60
-19.0
-2.55
-2.23
-21.80
-16.3
-1.55
-2.33
-11.03
-14.5
-1.65
-3.80
-6.94
-14.2
0.00
0.00
-4.28
-12.7
-0.16
-1.57
-1.46
-12.7
-1.25
-5.50
-2.93
-12.0
0.00
0.00
-9.05
-12.0
0.00
0.00
-1.13
-11.9
-22.90
-1.03
-272.00
-11.0
-0.16
-0.62
-2.98
-10.5
-17.00
-0.77
-242.50
-9.9
0.00
0.00
-8.10
-9.3
-1.10
-0.45
-24.60
-9.2
-0.01
-0.02
-5.21
-9.2

Month
change %
0.42
0.25
5.91
-2.39
-29.01
-31.19
-10.85
-12.10
-12.96
-15.36
-25.43
-12.44
-11.79
-10.22
-8.67
-7.21
-19.94
-8.73
-11.43
-8.09

BOND INDICES
Since
16-12-2008
16-12-2008
18-02-2010
10-09-2014
05-03-2009
05-10-2010
03-08-2011

INTEREST RATES: MARKET


Over
night
0.13550
-0.18000
0.48125

5.65
34.77

Yld

FT 500: BOTTOM 20
Day
change change %
-0.50
-4.68
-0.19
-1.98
-0.40
-1.15
-0.16
-4.12
-0.32
-3.00
-940.00
-1.66
-0.33
-4.10
0.84
0.99
-1.55
-1.60
0.00
-1.77
0.00
0.00
-0.33
-3.27
0.69
1.63
-39.00
-0.88
-0.70
-1.75
-200.00
-0.57
-29.00
-2.14
-80.00
-1.85
-77.00
-1.35
-0.80
-2.95

Close
Prev
price
price
Sinopec Oil
10.19
10.69
CNNC Intl
9.41
9.60
New Ch Life Ins
34.45
34.85
IM Baotou Stl
3.72
3.88
ChShpbldng
10.33
10.65
Keyence
55710.00 56650.00
Pwr Cons Corp
7.71
8.04
Adobe
85.50
84.66
ChinaMob
95.40
96.95
Gree Elec Apl
0.22
0.23
FEMSA UBD
151.34
151.34
CSR
9.75
10.08
T-MobileUS
43.03
42.34
Fuji Hvy Ind
4386.00
4425.00
PingAnIns
39.35
40.05
SK Hynix
34700.00 34900.00
Panasonic
1326.50
1355.50
Bridgestne
4247.50
4327.50
Denso
5635.00
5712.00
SandsCh
26.35
27.15
Based on the FT Global 500 companies in local currency

Sep 23
US
US
US
Euro
UK
Japan
Switzeland

52 Week
High
Low

Finland ()
Nokia
6.19 -0.11
7.87
SampoA
43.01 -0.14 49.40
France ()
Airbus Grpe
53.29
0.19 67.88
AirLiquide
102.05 123.95
AXA
21.29
0.06 25.24
BNP Parib
51.15 -0.72 61.00
ChristianDior 160.25 -0.30 195.35
Cred Agr
10.46 -0.28 14.49
Danone
55.13
0.60 67.74
EDF
16.10 -0.10 26.12
Essilor Intl
107.00
0.20 121.10
Esslr Intl
107.00
0.20 121.10
GDF Suez
17.56
0.67 20.57
Hermes Intl
316.35 -1.55 365.55
LOreal
145.45 -0.10 181.30
LVMH
147.60
0.20 176.60
Nmrcble-SFR
44.82
0.19 60.01
Orange
13.72
0.07 16.45
PernodRic
90.90
0.39 117.75
Renault
65.00 -1.55 100.25
Safran
68.09 -0.04 71.35
Sanofi
85.70
0.21 101.10
Sant Gbn
39.22 -0.42 44.84
Schneider
51.44 -0.01 75.29
SocGen
38.65 -0.73 48.77
Total
40.63
0.87 51.74
UnibailR
225.00
3.95 262.00
Vinci
57.46 -0.06 60.35
Vivendi
21.01
0.14 24.83
Germany ()
Allianz
136.75
1.05 170.15
BASF
66.62
0.17 97.22
Bayer
114.60
0.40 146.45
BMW
79.79
0.47 123.75
Continental
181.10
1.30 234.25
Daimler
66.42
0.17 96.07
Deut Bank
24.49 -0.19 33.42
Deut Tlkm
15.68
0.06 17.63
DeutsPost
23.31
0.01 31.19
E.ON
7.46
0.06 15.46
Fresenius Med
71.37
0.76 82.32
Fresenius SE
63.99
0.27 66.56
HenkelKgaA
76.75 -0.26 99.44
Linde
142.95
1.35 195.55
MuenchRkv
165.15
1.90 206.50
SAP
56.55 70.81
Siemens
80.33
0.15 106.35
Volkswgn
118.90
7.70 254.50
Hong Kong (HK$)
AIA
41.70 -0.85 58.20
BOC Hold
23.55 -0.50 33.70
Ch OSLnd&Inv
23.35 -1.20 34.05
ChngKng
57.25 -1.70 77.55
Citic Ltd
14.08 -0.36 16.40
Citic Secs
14.36 -0.66 40.50
CK Hutchison 101.50 -1.70 174.90
CNOOC
8.05 -0.39 14.22
HangSeng
143.00 -4.00 162.10
HK Exc&Clr 183.80 -2.80 311.40
MTR
34.55 -1.35 40.00
SandsCh
26.35 -0.80 49.30
SHK Props
102.80 -2.20 137.60
Tencent
130.90 -1.50 171.00
India (Rs)
Bhartiartl
337.90 -5.90 452.45
HDFC Bk
1049.2 18.55
1128
Hind Unilevr 785.00 -0.90 981.00
HsngDevFin 1165.95 -2.65 1402.3
ICICI Bk
273.35
2.80 393.40
Infosys
1116.25
8.80
2336
ITC
316.10
3.95 409.95
L&T
1495.3 10.35 1893.8
OilNatGas
236.55
2.05 429.00
RelianceIn
850.35
2.45 1067.85
SBI NewA
239.85
1.90 336.00
SunPhrmInds 896.75 -3.85 1200.8
Tata Cons
2532.65
5.85 2839.7
Indonesia (Rp)
Bk Cent Asia
11875 -275.00 15600
Israel (ILS)
TevaPha
249.40
3.20 275.90
Italy ()
Enel
3.87
0.06
4.50
ENI
14.04
0.19 18.90
Generali
15.79 -0.07 19.21
IntSPaolo
3.06 -0.01
3.65
Luxottica
59.75
0.65 67.80
Unicred
5.50 -0.07
6.61

3.11 19.32 173700.77


11.09 25981.5

4.85 17.79
4.56 10.80
5.82 10.94
1.40 9.71
0.77 19.73
4.43 10.57
3.63 17.39
1.58 17.65
3.25 211.62
4.07 11.52
1.24 15.92
3.20 12.99
6.59 12.02
4.22 10.99
3.39 34.52
3.22 16.98
3.82 12.33
4.83 16.79
93.32

Price Day Chg

Bid
yield

Mth's Spread
chge
vs
yield
US

Sep 23
High Yield US$
Windstream Services, LLC

S*

F*

Bid
price

11/17

7.88

BB-

B2

BB

104.60

5.60

0.00

-0.64

4.95

High Yield Euro


Kazkommerts Intl BV

02/17

6.88

Caa1

97.50

0.00

0.00

Emerging US$
Peru
Mexico
Brazil
Russia
Peru
Brazil
Turkey
Poland
Colombia
Turkey

05/16
09/16
01/18
07/18
03/19
01/21
03/21
04/21
07/21
04/26

8.38
11.40
8.00
11.00
7.13
7.88
5.63
5.13
4.38
4.25

BBB+
BBB+
BB+
BB+
BBB+
BB+
ABBB
-

A3
A3
Baa3
Ba1
A3
Baa3
Baa3
A2
Baa2
Baa3

BBB+
BBB+
BBB
BBBBBB+
BBB
BBBABBB
BBB-

104.23
110.13
105.80
120.27
116.35
96.44
105.62
112.44
102.63
92.93

1.34
0.89
5.27
3.45
2.27
5.74
4.51
2.72
3.90
5.19

0.00
0.07
0.13
0.00
0.00
0.00
0.00
0.00
0.00
0.00

-0.28
0.16
1.06
-0.72
-0.22
1.07
0.01
-0.07
-0.19
-0.01

0.70
0.24
4.62
2.80
0.83
4.29
3.07
1.28
2.45
3.05

Emerging Euro
Brazil
02/15
7.38
BBBBaa2
BBB 111.75
0.73
0.00
0.00
0.09
Mexico
07/17
4.25
BBB+
A3
BBB+ 111.13
1.50
0.00
0.00
0.85
Mexico
02/20
5.50
BBB+
BBB+ 109.34
3.19
0.00
-0.09
1.74
Bulgaria
09/25
5.75
BB+
BBB- 114.34
4.04
0.00
0.05
1.89
Data provided by SIX Financial Information & Tullett Prebon Information. US $ denominated bonds NY close; all other
London close. *S - Standard & Poors, M - Moodys, F - Fitch.

VOLATILITY INDICES
Index

Day's
change

Markit IBoxx
ABF Pan-Asia unhedged
Corporates( )
Corporates($)
Corporates()
Eurozone Sov()
Gilts( )
Global Inflation-Lkd
Markit iBoxx Non-Gilts
Overall ($)
Overall( )
Overall()
Treasuries ($)

169.25
294.26
251.12
210.09
224.04
289.78
245.54
295.04
226.32
288.66
219.65
218.00

-0.64
-0.25
0.36
-0.10
-0.02
-0.26
-0.01
-0.22
0.42
-0.25
-0.05
0.54

-0.62
0.60
0.88
-0.08
1.21
0.92
-0.04
0.63
0.59
0.83
0.80
0.50

-5.07
0.25
0.26
-1.23
1.07
1.45
-2.12
0.53
0.96
1.17
0.53
1.36

-0.80
-0.68
0.88
-0.84
0.16
-0.38
-2.23
-0.61
0.59
-0.45
-0.09
0.50

-5.72
4.57
0.26
0.23
4.18
8.56
-2.39
5.00
0.96
7.44
3.02
1.36

FTSE
Sterling Corporate ()
Euro Corporate ()
Euro Emerging Mkts ()
Eurozone Govt Bond

110.91
106.00
804.45
113.43

-0.03
-0.17
-6.28
-0.03

-0.84
-1.28
-3.15
-0.15

0.33
-2.51
-13.39
1.32

Index

Day's
change

Week's
change

Month's
change

Series
high

Series
low

333.18
79.96
60.09
87.41

-3.63
-1.40
0.00
-1.64

-1.70
-

-9.66
-

336.81
81.36
69.98
89.06

310.39
76.52
48.09
84.55

CREDIT INDICES
Markit iTraxx
Crossover 5Y
Europe 5Y
Japan 5Y
Senior Financials 5Y

Month's
change

Year
change

Return
1 month

Return
1 year

Markit CDX
Emerging Markets 5Y
361.58
12.80
0.00
0.00
361.58
348.78
Nth Amer High Yld 5Y
398.55
12.47
13.47
-24.69
426.92
337.73
Nth Amer Inv Grade 5Y
83.27
1.94
0.00
0.00
83.27
81.33
Nth AmerHiVol 5Y
228.00
128.00
0.00
0.00
228.00
100.00
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names.

BONDS: INDEX-LINKED
Price
Month
Value
No of
Yield
Sep 22
Sep 22
Prev
return
stock
Market
stocks
Can 4.25%' 21
129.43
-0.436
-0.391
0.54
5.18
70808.04
7
Fr 2.25%' 20
114.32
-0.655
-0.619
0.84
20.31 207411.72
14
Swe 0.25%' 22
108.01
-0.805
-0.775
0.55
30.88 217514.47
6
UK 2.5%' 16
UK 2.5%' 24
341.23
-0.823
-0.779
0.87
6.82 479903.40
25
UK 2%' 35
233.29
-0.798
-0.772
0.73
9.08 479903.40
25
US 0.625%' 21
101.61
0.344
0.376
0.05
35.84 1079836.57
36
US 3.625%' 28
132.88
0.858
0.376
-0.60
16.78 1079836.57
36
Representative stocks from each major market Source: Merill Lynch Global Bond Indices Local currencies. Total market
value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
amount.

BONDS: TEN YEAR GOVT SPREADS


Bid
Yield

Spread Spread
vs
vs
Bund T-Bonds

Australia
2.75
2.15
0.60 Italy
Austria
0.89
0.29 -1.26 Japan
Belgium
0.91
0.31 -1.23 Netherlands
Canada
1.63
1.04 -0.51 Norway
Denmark
0.87
0.27 -1.28 Portugal
Finland
0.87
0.27 -1.27 Spain
France
0.98
0.38 -1.16 Switzerland
Germany
0.60
0.00 -1.55 United Kingdom
Greece
8.10
7.50
5.95 United States
Ireland
1.20
0.61 -0.94
Data provided by SIX Financial Information & Tullett Prebon Information

Bid
Yield
1.84
0.33
0.78
1.61
2.59
1.96
-0.02
1.80
2.14

Spread Spread
vs
vs
Bund T-Bonds
1.24
-0.27
0.18
1.01
1.99
1.36
-0.62
1.20
1.55

-0.31
-1.81
-1.37
-0.54
0.44
-0.18
-2.16
-0.35
0.00

Lyondell
Marathon Ptl
Marsh&M
MasterCard
McDonald's
McGraw Hill
McKesson
Medtronic
Merck
Metlife
Microsoft
Mnstr Bvrg
MondelezInt
Monsanto
MorganStly
MylanNV
Netflix
News Corp A
NextEraE
Nike
NorfolkS
Northrop
NXP
Occid Pet
Oracle
Pepsico
Perrigo
Pfizer
Phillips66
PhilMorris
PNCFin
PPG Inds
Praxair
Prec Cast
Priceline
ProctGmbl
Prudntl
PublStor
Qualcomm
Raytheon
Regen Pharm
ReynoldsAm
Salesforce
Schlmbrg
Shrwin-Will
SimonProp
SouthCpr
Starbucks
StateSt
Stryker
Sychrony Fin
Target
TE Connect
Telsa Mtrs
TexasInstr
TheTrvelers
ThrmoFshr
TimeWrnr
TimeWrnrC
TJX Cos
T-MobileUS
UnionPac
UPS B
USBancorp
UtdHlthcre
UtdTech
ValeroEngy
Verizon
VertexPharm
VF Cp
Viacom
Visa Inc
Walgreen
WalMartSto
Wellpoint
WellsFargo
Williams Cos
Yahoo
Yum!Brnds
Venezuela ()
Bco de Vnzla
Bco Provncl
Mrcntl Srvcs

83.20 -1.73
46.26
0.32
52.86 -0.04
92.14
0.07
97.38
0.18
91.13 -0.11
198.22 -0.76
69.29 -0.47
51.03
0.29
46.52
0.32
43.87 -0.03
134.36 -0.18
42.28
0.29
84.38 -2.12
32.32 -0.12
45.41 -1.24
98.07 -0.40
26.28 -0.07
96.98 -0.07
115.43 -0.54
76.34 -1.09
167.42 -0.21
85.57 -0.78
64.82 -0.94
35.99 -0.20
92.40
0.03
170.87 -1.10
32.62
0.36
77.85 -0.32
80.43 -0.34
87.95
0.16
89.94 -1.68
100.64 -2.79
229.12 -0.02
1275.99 -12.96
70.26
0.07
76.23
0.39
208.40
1.16
53.56 -0.38
104.77
1.12
536.50
6.32
42.94
0.40
71.99
0.34
71.94 -0.63
232.62 -4.63
183.50
0.26
26.37 -0.29
57.79
0.67
68.56 -0.05
98.59
0.03
31.06
0.48
78.76
0.71
58.81 -0.33
261.06
0.12
46.58 -0.03
99.08
0.10
124.62 -0.63
69.02 -0.37
188.30 -1.94
71.16 -0.06
43.03
0.69
85.68 -0.99
97.57 -0.94
41.06 -0.04
123.28
0.35
86.96 -1.24
59.82
0.60
43.98 -0.45
111.86 -2.55
70.43 -0.60
43.61 -0.53
70.95
0.70
87.44
0.73
63.72
0.13
128.71
0.94
50.78
0.09
42.47 -2.05
29.74 -0.66
78.92 -0.38
118.00
4000
-

5.00
-

Yld

P/E MCap m

113.65
60.38
59.99
99.18
101.88
109.13
243.61
79.50
63.62
58.23
50.05
155.83
48.58
126.00
41.04
76.69
129.29
39.27
112.64
117.72
117.64
176.83
114.00
95.15
46.71
100.76
215.73
36.46
84.85
90.25
100.52
118.95
133.77
245.05
1395
93.89
92.60
217.99
78.53
113.36
605.93
44.14
78.46
104.38
294.35
206.31
33.31
59.32
81.26
105.34
36.40
85.81
73.73
286.65
59.99
110.49
141.25
91.34
194.22
76.93
43.43
124.52
114.40
46.26
126.21
124.45
71.50
51.73
143.45
77.83
79.41
76.92
97.30
90.97
129.96
58.77
61.38
52.62
95.90

70.06
37.32
48.66
69.64
87.50
73.96
160.10
55.54
45.69
44.49
39.72
88.93
31.83
84.30
30.40
44.80
45.08
22.81
90.33
79.27
72.10
118.24
53.81
64.67
35.14
76.48
142.38
27.51
57.33
75.27
76.69
85.78
100.42
186.17
990.69
65.02
74.05
162.34
52.59
92.96
320.06
28.14
51.04
68.01
202.01
162.43
23.41
35.39
64.21
77.87
23.76
58.72
51.03
181.40
41.47
90.83
107.33
66.82
128.78
58.58
24.26
79.31
93.64
38.10
80.72
85.90
42.53
38.06
96.43
61.75
36.32
48.80
58.39
61.50
81.84
46.44
40.07
29.00
65.81

3.35 9.85 38760.78


2.09 8.33 24802.61
2.05 20.35 28015.41
0.62 29.19 102172.58
3.34 23.33 93340.18
1.34-155.30 24832.93
0.47 24.67 46066.97
1.82 32.92 97949.36
3.40 15.39 143732.89
2.97 8.13 51957.31
2.67 30.67 350871.43
50.94 27610.77
1.37 34.40 68126.07
2.25 15.74 39475.88
1.35 16.91 63133.42
22.65 22321.19
- 227.98 41778.29
1.01 6.91 32086.3
2.99 15.31 43845.01
0.93 31.26 78253.02
2.94 13.53 23007.87
1.68 17.50 31373.26
46.59 21542.38
4.35 -20.93 49519.31
1.49 17.10 153632.1
2.80 22.06 135734.97
0.26 192.71 24994.77
3.21 23.91 201178.88
2.56 10.34 41856.8
4.82 17.38 124601.01
2.15 12.42 45171.1
1.47 22.93 24348.68
2.63 20.24 28830.5
0.05 22.99 31503.45
29.34 64694.73
3.57 23.71 190584.59
2.88 13.81 34379.73
2.74 37.59 36046.4
3.15 15.15 84153.59
2.36 15.57 31802.72
- 139.49 54581.65
3.02 16.40 30682.81
- -469.03 47513.4
2.42 22.05 91036.4
1.02 24.38 21682.66
2.90 39.47 57116.35
1.62 17.70 21017.27
1.02 33.63 85771.92
1.75 16.75 27980.23
1.32 41.74 37124.87
12.31 25896.74
2.58 17.82 49495.17
1.98 13.30 23664.23
- -65.11 33191.73
2.74 17.02 47809.05
2.21 9.31 30834.25
0.47 26.30 49659.53
1.87 16.90 56291.43
1.93 28.04 53284.06
1.01 22.29 47988.23
- 131.42 35064.06
2.37 15.21 74343.81
2.78 23.50 68147.6
2.33 13.55 72306.83
1.28 20.26 117555.19
2.74 12.88 77446.38
2.19 7.07 29737.23
4.84 18.94 178809.11
- -37.57 27367.17
1.68 30.10 29977.96
3.09 10.50 15152.74
0.63 30.74 138450.93
1.54 22.50 95509.2
2.99 13.65 204282.61
1.64 12.65 34744.16
2.72 12.77 260671.98
5.24 16.06 31840.24
4.25 27996.96
1.96 39.90 34030.74

143.95
4400
-

27.00
840.00
-

31878.65
31948.88
-

Closing prices and highs & lows are in traded currency (with variations for that
country indicated by stock), market capitalisation is in USD. Highs & lows are
based on intraday trading over a rolling 52 week period.
ex-dividend
ex-capital redistribution
# price at time of suspension

Sep 23
US$
Merrill Lynch & Co., Inc.
Halliburton Company
Korea Electric Power Corporation
Archer Daniels Midland Company
SouthTrust Bank
FleetBoston Financial Corp.
Euro
Goldman Sachs Group, Inc. (The)
Credit Agricole S.A.
B.A.T. Netherlands Fin B.V. (Re - British American Tobacco)
Philip Morris Intl, Inc.
Yen
Wal-Mart Stores, Inc.
Sterling
IPIC GMTN Limited
B.A.T. Intl Fin plc (Re - British American Tobacco)

Red
date Coupon

Ratings
M*

Bid
yield

Day's
chge
yield

Mth's Spread
chge
vs
yield
US

F*

Bid
price

09/26
02/27
08/27
12/27
12/27
01/28

6.22
6.75
6.75
6.75
6.57
6.88

BBB+
A
A+
A
A+
BBB+

Baa3
A2
Aa3
A2
Aa3
Baa3

AAAAA
A+
A-

115.06
120.57
99.12
120.85
119.55
119.99

4.52
4.47
6.98
4.56
4.52
4.77

0.00
0.00
0.00
0.00
0.00
0.00

0.09
0.19
-0.17
0.24
0.05
0.09

2.37
-

06/26
03/27
03/29
05/29

2.88
2.63
3.13
2.88

ABBB
AA

A3
Baa3
A3
A2

A
AAA

104.69
93.77
108.90
106.22

2.37
3.28
2.34
2.34

0.00
0.00
0.00
0.00

0.09
-0.08
0.08
0.05

0.23
-

07/15

0.94

NR

WR

NR

100.00

0.31

0.00

0.00

03/26
09/26

6.88
4.00

AA
A-

Aa2
A3

AA
A-

124.56
107.27

3.96
3.20

0.03
-0.06

0.09
-0.12

1.82
1.06

S*

Data provided by SIX Financial Information. US $ denominated bonds NY close; all other London close. *S - Standard & Poors, M Moodys, F - Fitch.

GILTS: UK CASH MARKET

Sep 23
Day Chng
Prev
52 wk high
52 wk low
VIX
22.13
-0.31
22.44
53.29
10.88
VXD
20.80
-0.34
21.14
56.32
7.04
VXN
23.78
-0.80
24.58
46.72
11.15
VDAX
26.28
-0.65
26.93
29.94
CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility.
Deutsche Borse. VDAX: DAX Index Options Volatility.

BONDS: BENCHMARK GOVERNMENT


Red
Bid
Date Coupon
Price
Australia
10/18
3.25 103.97
04/26
4.25 113.67
Austria
10/18
1.15 103.64
10/25
1.20 102.99
Belgium
06/18
0.75 101.75
06/25
0.80 98.97
Canada
11/17
0.25 99.42
06/26
1.50 98.69
Denmark
11/16
2.50 103.16
11/25
1.75 108.52
Finland
05/18
1.00 99.89
09/25
0.88 100.04
France
11/16
0.25 100.50
11/20
0.25 100.16
11/25
1.00 100.19
05/45
3.25 130.56
Germany
04/18
0.25 101.25
10/20
0.25 101.26
08/25
1.00 103.83
08/46
2.50 129.79
Greece
07/17
3.38 88.90
02/26
3.00 68.82
Ireland
10/17
5.50 111.75
03/25
5.40 137.31
Italy
05/18
0.25 99.88
05/20
0.70 99.71
12/25
2.00 101.60
09/46
3.25 108.36
Japan
09/17
0.10 100.17
10/20
0.05 99.84
09/25
0.40 100.64
09/45
1.40 100.53
Netherlands
04/17
0.50 101.14
07/25
0.25 95.02
New Zealand
12/17
6.00 107.67
Norway
05/17
4.25 105.86
03/25
1.75 101.25
Portugal
02/16
6.40 102.51
10/25
2.88 102.51
Spain
04/18
0.25 99.61
10/25
2.15 101.70
Sweden
01/18
0.88 99.81
05/25
2.50 116.63
Switzerland
10/16
2.00 102.79
05/26
1.25 113.53
United Kingdom
07/18
1.25 101.29
01/21
1.50 100.80
09/25
2.00 101.83
01/45
3.50 120.50
United States
07/17
0.63 99.96
08/20
1.38 99.66
08/25
2.00 98.72
08/45
2.88 98.52
Data provided by SIX Financial Information & Tullett Prebon Information

52 Week
High
Low

Price Day Chg

BONDS: GLOBAL INVESTMENT GRADE


Day's
chge
yield

Ratings
M*

Red
date Coupon

Stock

Bid Day chg Wk chg Month


Year
Yield
yield
yield chg yld chg yld
1.91
-0.01
-0.08
0.08
-1.04
2.75
-0.02
-0.17
-0.06
-0.94
0.05
0.00
0.00
0.00
0.00
0.89
0.01
-0.18
-0.17
0.00
0.10
0.00
-0.01
-0.02
-0.32
0.91
0.00
-0.19
-0.18
0.00
0.53
0.02
-0.03
0.11
0.00
1.63
0.01
-0.11
0.04
0.00
-0.26
0.00
0.00
0.00
0.00
0.87
0.01
-0.16
-0.04
-0.40
1.05
0.00
-0.13
-0.01
0.00
0.87
0.01
-0.16
0.00
0.00
-0.18
0.00
0.00
0.00
0.00
0.22
0.01
0.00
0.00
0.00
0.98
0.00
-0.19
0.00
0.00
1.89
0.00
-0.20
-0.10
-0.53
-0.24
0.00
0.00
0.00
0.00
0.00
0.00
-0.09
-0.07
0.00
0.60
0.01
-0.19
-0.11
0.00
1.32
0.00
-0.20
-0.06
-0.61
10.40
0.09
-0.58
-1.73
6.83
8.10
0.03
-0.31
-0.97
1.65
-0.18
0.00
0.00
0.00
0.00
1.20
0.00
-0.17
-0.18
-0.76
0.29
-0.01
-0.06
-0.10
0.00
0.77
0.00
-0.08
-0.20
0.00
1.84
0.00
-0.17
0.00
0.00
2.86
-0.02
-0.17
-0.13
0.00
0.02
0.00
0.00
0.00
0.00
0.08
0.00
-0.03
0.00
0.00
0.33
0.00
0.00
0.00
0.00
1.37
0.00
0.00
0.00
0.00
-0.23
0.00
0.00
0.00
0.00
0.78
0.00
-0.18
-0.14
0.00
2.42
0.00
-0.07
-0.14
-1.47
0.65
-0.01
0.01
0.11
-0.93
1.61
-0.01
-0.06
0.14
0.00
-0.05
0.00
0.00
0.00
0.00
2.59
-0.01
-0.11
-0.10
0.00
0.40
0.01
-0.01
-0.02
0.00
1.96
0.01
-0.16
-0.13
0.00
0.96
0.00
-0.13
0.00
0.00
0.71
0.01
-0.10
0.08
-0.84
-0.65
0.00
0.00
0.00
0.00
-0.02
0.00
0.00
0.00
0.00
0.79
0.02
-0.11
-0.12
-0.82
1.34
0.01
-0.14
0.00
0.00
1.80
0.01
-0.15
-0.16
0.00
2.51
0.01
-0.09
-0.06
-0.58
0.65
0.00
-0.15
0.03
0.00
1.45
0.01
-0.17
-0.04
0.00
2.14
0.01
-0.15
-0.02
0.00
2.95
0.00
-0.13
0.02
0.00

Red
52 Week
Amnt
Change in Yield
Sep 23
Price
Yield
Day
Week
Month
Year
High
Low
m
Tr 2pc '16
100.50
0.46
-4.17
-6.12
0.00
-33.33 101.97 100.50
0.32
Tr 1.75pc '17
101.67
0.48
6.67
-12.73
-4.00
-53.85 102.68 101.58
0.29
Tr 5pc '18
110.72
0.59
3.51
-16.90
-6.35
-59.03 113.65 110.45
0.35
Tr 4.5pc '19
112.41
0.85
3.66
-12.37
-7.61
-49.70 115.07 111.71
0.36
Tr 4.75pc '20
115.97
1.07
2.88
-10.83
-6.96
-43.39 119.04 114.68
0.33
Tr 1.5pc '21
100.78
1.35
2.27
-8.78
0.75
-34.15 142.92 100.01
0.04
Tr 4pc '22
116.17
1.37
1.48
-9.27
-3.52
-36.28 119.85 112.69
0.38
Tr 5pc '25
129.02
1.67
1.83
-8.24
-1.76
-32.39 134.70 123.19
0.35
Tr 4.25pc '27
125.18
1.92
1.05
-6.34
-0.52
-28.09 131.90 117.52
0.31
Tr 4.25pc '32
127.71
2.25
0.90
-4.66
1.81
-21.88 136.85 119.11
0.35
Tr 4.25pc '36
129.74
2.40
1.27
-4.00
3.00
-19.73 140.37 119.97
0.28
Tr 4.5pc '42
139.87
2.48
1.22
-3.13
4.20
-18.42 153.16 127.45
0.26
Tr 3.75pc '52
131.71
2.44
0.83
-3.17
3.83
-20.00 145.21 115.33
0.22
Tr 4pc '60
143.16
2.41
1.26
-2.82
4.78
-20.46 159.23 123.64
0.21
xd Ex dividend. Closing mid-prices are shown in pounds per 100 nominal of stock. Red yield: Gross redemption yield.
This table shows the gilts benchmarks & the non-rump undated stocks.

GILTS: UK FTSE ACTUARIES INDICES


Price Indices
Fixed Coupon
1 Up to 5 Years
2 5 - 10 Years
3 10 - 15 Years
4 5 - 15 Years
5 Over 15 Years
7 All stocks
Index Linked
1 Up to 5 Years
2 Over 5 years
3 5-15 years
4 Over 15 years
5 All stocks
Yield Indices
5 Yrs
10 Yrs
15 Yrs

Day's
chg %
-0.07
-0.18
-0.25
-0.19
-0.43
-0.25

Sep 23
98.44
179.92
209.01
186.56
300.44
173.19
Sep 23
310.77
575.30
432.89
709.15
532.52
Sep 23
1.14
1.82
2.23

Day's
chg %
0.05
-0.10
0.07
-0.17
-0.08
Sep 22
1.12
1.80
2.21

Yr ago
1.80
2.49
2.82

Total
Return
2364.43
3244.46
3821.66
3383.16
4324.32
3229.23

Month
chg %
0.52
-2.94
0.07
-4.11
-2.44

Return
1 month
0.17
0.19
-0.04
0.14
-1.69
-0.61

Year's
chg %
-2.17
11.83
2.22
16.70
10.38

20 Yrs
45 Yrs

inflation 0%
Sep 23
Dur yrs Previous
Yr ago
Sep 23
Real yield
Up to 5 yrs
-0.76
2.61
-0.75
-1.11
-1.52
Over 5 yrs
-0.81
23.68
-0.82
-0.29
-0.85
5-15 yrs
-0.75
9.83
-0.74
-0.43
-0.87
Over 15 yrs
-0.82
29.32
-0.83
-0.26
-0.84
All stocks
-0.81
20.56
-0.81
-0.30
-0.86
See the FTSE website for more details: http://www.ftse.com/products/indices/gilts

Total
Return
2362.97
4239.50
3281.57
5131.13
3972.81
Sep 23
2.43
2.43

Return
1 year
2.75
6.78
9.87
7.62
13.88
8.21

Yield
0.93
1.54
1.92
1.65
2.41
2.15

Return
1 month
0.52
-2.88
0.09
-4.05
-2.39

Return
1 year
-0.82
12.74
3.56
17.41
11.35

Sep 22
2.40
2.40

Yr ago
2.98
3.04

inflation 5%
Dur yrs Previous
2.64
-1.51
23.78
-0.85
9.84
-0.87
29.38
-0.85
20.73
-0.86

Yr ago
-1.94
-0.33
-0.57
-0.29
-0.35

All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor guarantee
that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any
loss arising from the reliance on or use of the listed information. For all queries e-mail
ft.reader.enquiries@morningstar.com

Data provided by Morningstar | www.morningstar.co.uk

26

FINANCIAL TIMES

Thursday 24 September 2015

FINANCIAL TIMES SHARE SERVICE

Main Market
Price

52 Week
High
Low

+/-Chg

Yld

P/E

0.61
4.75
1.84
3.82
2.91
3.40
2.24
2.69

20.80
19.49
-25.53

Vol
000s

Aerospace & Defence


AvonRub
BAE Sys
Chemring
Cobham
Meggitt
RollsRoyceX
Senior
UltraElc

916.50
431.40
223.25
279.10
472.10
679.50
250.90
1648

14.50
5.90
1.25
1.60
8.20
-6.00
4.00
-2.00

954.50
549.00
248.00
349.10
593.50
1061
361.70
1914

615.00
419.30
197.48
250.50
421.70
679.50
246.20
1627

13.68
260.80

-0.24
6.20

16.74
389.00

10.44 3.89 15.30 31493.2


248.56 3.22 29.03 8115.1

26.99
351.25
15.72
1825
0.33
57.51
248.20
94.11
498.75
72.95
71.74
313.30
667.80
115.50
124.00
51.19
388.00
29.97

-0.84 37.25
-4.75 758.00
0.15 18.48
2601.83
0.39
-0.62 71.25
1.55 289.90
-0.13 107.32
11.35 674.57
0.65 89.35
-0.14 83.87
2.00 414.00
-5.20
1222
0.50 128.00
141.00
-0.31 57.89
1.70 472.90
-1.14 40.07

-162.08

19.65
-49.97
16.87
-144.57

34.9
6003.8
56.4
1325.8
2094.5
6432.1
821.3
96.8

Automobiles & Parts


FordMtr $X
GKN

Banks
ANZ A$X
BcoSant
BankAm $X
BnkGeorgia
BankIre
BkNvaS C$X
BarclaysX
CanImp C$X
HSBCX
LlydsBkgX
RylBkC C$X
RBSX
StandChX
..7.375%Pf
..8.25%Pf
TntoDom C$X
VirginMoney
Westpc A$X

26.41
345.99
14.60
1609
0.07
52.60
204.05
83.10
478.35
70.90
68.05
300.30
667.30
108.50
119.50
47.75
278.00
29.20

10.52
12.08
1.23
2.51
5.82
2.62
4.43
6.51
1.03
4.22
8.27
6.39
6.65
3.82
9.69

9.25 10209.5
10.33 50026.9
17.31 77462.9
9.16
19.7
15.72 15339.2
10.94 1912.0
115.07 24949.7
10.57 984.4
11.25 26877.4
39.65 127696.6
10.99 1630.8
-21.85 7420.9
14.86 8284.6
66.0
28.4
12.33 2511.9
-970.00 1024.7
11.51 8907.3

Basic Resource (Ex Mining)


Ferrexpo
IntFerMet#
Mondi
Vale BRLX

34.00
0.90
1367
18.90

2.00 129.60
0.06
8.35
31.00 1614.36
-0.56 28.74

29.40 12.34 3.49


0.76 -0.55
919.00 2.18 17.72
14.77 13.00 -9.12

1722.9
562.4
1437.5
5322.7

494.10
114.60
145.50
2690
210.00
315.90
331.30
1668

0.10 499.70
0.40 146.45
0.25 169.75
22.00
3150
1.80 324.10
-6.30 435.20
-3.60 364.10
51.00 2202.55

294.56
96.83
80.00
1965
206.70
273.20
176.64
1542

1.85
1.90
1.82
2.43
2.52
3.43
2.35
2.71

22.96
27.96
-4.38
20.94
9.13
18.76
22.35
16.86

1045.1
2284.6
22.4
288.5
1261.5
343.2
274.8
178.9

113.60
145.59
101.00
170.00
37.50
263.50
1220
1085
742.00
1260
11.03
44.25
184.00
570.00
14.69
29.51
228.25

2.60
2.21
8.20
2.42
4.11
2.57
2.42
3.28
2.80
4.15
0.68
4.11
1.66
3.71
2.69
1.53
2.76

16.63
-4.24
14.15
15.61
34.30
16.48
28.37
35.91
30.18
16.93
29.41
-21.30
15.00
27.18
42.06

152.4
1403.7
18.0
11.8
22.0
72.8
1358.9
265.4
65.2
460.7
29.5
153.1
835.7
32.3
230.7
3415.7
54.1

398.00
145.44
557.50
258.10
531.00
1520
1606
96.00
1340

2.42
1.95
1.59
3.69
2.25
2.17
2.76
4.14
3.78

33.20
21.25
26.22
51.09
-51.21
11.67
15.60
-68.10
16.30

90.7
777.4
507.0
271.0
129.4
23.8
275.9
75.0
1.7

Chemicals
Alent
Bayer X
Carclo
Croda
Elemntis
Syngent SFrX
Synthomer
Victrex

Construction & Materials


Alumasc
BalfourB
..CvPf
Boot(H)
ClarkeT
Costain
CRH
GalfrdT
Keller
KierGp
Kingsp
LowBonr
Marshlls
MorgSdl
Norcros
StGobn X
Tyman

192.50
253.30
118.00
231.25
75.50
369.00
1833
1617
898.50
1388
22.97
65.75
360.80
728.00
19.50
39.22
290.00

3.50
6.00
5.25

0.75
27.00
-11.00
-7.00
-15.00
-0.07
0.50
11.50
-2.00
-0.25
-0.42
-

193.90
272.50
124.50
245.00
84.01
404.88
2478.5
1824
1105
1779
24.00
76.00
379.80
865.00
22.76
44.84
342.00

Electronic & Electrical Equip


Dialight
e2v Tech
Halma
MorganAd
OxfordIn
Renishaw
Spectris
TT Elect
XP Power

620.50
230.25
720.50
295.30
565.00
1955
1684
133.00
1640

-14.00
-4.75
5.50
2.40
14.50
-3.00
6.00
3.00
40.00

940.00
268.00
786.50
375.84
1114
2672.9
2420
164.00
1750

Financial General
3i
AberAsM
Ashmore
BrewDlph
Canaccord
CtyLonInv

473.90
312.60
249.10
285.50
290.00
321.25

11.60
2.50
-2.70
-4.30
17.50
1.00

Price

+/-Chg

571.50
509.64
335.00
361.00
635.00
380.37

343.61
291.90
240.90
236.80
265.05
251.25

3.38
5.76
6.64
3.47
3.51
7.47

6.50
13.77
12.89
43.39
-15.93
12.34

1802.1
3772.0
622.3
3494.9
0.6
14.5

52 Week
High
Low

Yld

P/E

Vol
000s

Price
CloseBrs
DBAG
El Oro
Hargr Lans
HBM Hlth SFr
HenderGp
ICAP
Indvardn SKr
ICG
IPF
Investec
Jupiter
Liontrust
Man
NB GFRIF
Paragon
Providnt
RathbnBr
Record
S&U
Schroder
..N/V
SVG Cap
TullettPre
Tungsten
WlkrCrip

1503
26.76
52.00
1205
96.80
262.60
454.70
147.90
533.50
399.10
523.00
441.00
278.00
155.40
94.90
409.20
3100
2080
37.75
2529
2822
2191
480.10
380.40
66.00
44.00

52 Week
High
Low

P/E

Vol
000s

25.00 1857.39 1298.48 3.26 13.77


-0.26 34.50 20.20 1.45 10.38
-3.00 78.00 40.00 7.12 -4.45
14.00
1299 827.00 1.88 36.44
-0.70 113.50 80.50 1.10 303.30 180.10 3.43 18.32
5.30 573.00 365.89 4.84 35.67
-0.40 183.50 111.40 4.16 6.85
7.50 712.83 421.98 4.66 9.09
4.70 514.00 348.00 3.01 11.60
13.00 649.50 477.20 3.73 19.40
5.20 478.20 313.70 2.99 13.19
3.00 393.50 210.00 1.44 20.47
1.20 217.80 108.30 4.10 10.53
0.15 99.75 93.90 3.92 24.29
-3.40 461.50 313.70 2.20 12.59
29.00
3268
1942 3.16 23.13
8.00
2348
1816 2.50 26.79
41.00 29.00 3.97 14.26
29.00
2568
1850 2.61 15.04
32.00
3441
2086 2.76 17.32
8.00
2629
1692 3.56 13.45
5.90 535.00 226.00 11.98
4.10 415.90 242.60 4.43 8.12
387.50 52.49 -2.51
-0.50 55.00 37.50 3.61 64.42

433.9
13.5
31.6
580.6
3.7
2528.9
780.4
389.1
372.7
361.8
1003.6
759.3
16.4
4924.5
1369.7
401.6
131.5
114.7
27.2
0.5
287.6
32.2
154.0
130.8
447.5
7.0

5.00
40.00
-1.50
16.50
-0.04
-0.38
62.00
-31.00
-1.50
0.50
0.09
2.60
-5.00
-0.27
-0.25
1.00
2.50
99.00
-1.75
1.50
-0.49
30.00
-0.04

20.6
672.5
124.7
622.3
37.7
21.6
763.8
6.3
233.0
199.3
35.4
622.3
22.3
59.7
5739.6
993.4
7.3
2447.1
44.9
1080.5
210.2
1656.9
2.9

+/-Chg

Yld

Food & Beverages


AngloEst
AscBrFdX
Barr(AG)
Britvic
C&C
CarrsGroup
Coca-Cola H
Cranswk
Dairy Cr
Devro
Glanbia
Grncore
HiltonFd
Kerry
Nestle SFrX
PremFds
REA
SABMillX
StckSpirit
Tate&Lyl
TongtHu R
Unilever
..NV

545.00
3140
528.50
666.50
3.50
149.63
1401
1607
611.00
298.25
16.77
298.10
465.00
65.56
71.70
32.00
267.50
3567.5
192.25
551.50
112.35
2581
34.90

690.00 521.00 0.55 -42.55


3293
2407 1.08 44.00
699.36 515.97 2.29 20.07
788.00 600.72 3.14 16.56
4.41
3.16 2.89 -14.43
178.50 136.00 2.27 11.49
1497
1051 3.61 22.26
1730 1213.14 2.03 19.17
630.00 367.39 3.50 41.01
328.00 230.00 2.95 53.29
19.59 10.75 0.64 31.89
359.40 228.50 1.83 20.13
500.00 342.25 2.86 18.54
71.88 49.30 0.86 22.79
77.00 64.15 2.89 16.46
47.79 26.13 -1.26
430.00 250.80 2.88 56.04
3787.5
2773 1.98 26.02
316.00 172.00 0.92 28.78
682.50 492.20 5.08 84.85
174.50 110.00 3.95 11.14
3087
2397 3.19 21.51
42.98 28.81 3.21 21.28

Health Care Equip & Services


Bioquell
ConstMed
GNStre kr
UDGHlthC

139.50
924.50
121.60
520.50

-1.50
4.00
1.90
-7.00

155.50
1015
158.50
551.50

80.00
650.00
113.70
315.20

2.37
1.96
0.72
1.41

139.22
61.23
28.80
14.72

4.3
15.2
736.7
299.1

House, Leisure & Pers Goods


AGARmst#
BarrttDev
Bellway
Berkeley
BovisHme
CrestNic
GamesWk
Gleeson
Headlam
McBride
Persimn
Philips
PZCusns
ReckittBX
Redrow
TaylorWm
TedBaker

184.50
651.50
2528
3408
1031
571.50
578.00
439.00
493.00
152.75
2074
21.38
288.70
5850
463.30
200.10
3064

13.50
45.00
91.00
6.00
2.00
-3.00
4.00
-1.00
1.75
33.00
-0.03
1.60
147.00
2.90
3.50
69.00

213.00 78.44 -39.95


36.7
666.00 360.90 1.58 17.25 2869.2
2619
1445 2.06 13.06 139.3
3570
2033 5.28 10.89 420.6
1206 723.00 3.39 12.65 438.7
598.50 291.98 2.50 12.79 436.4
624.50 487.25 9.00 15.10
6.5
465.00 324.66 1.37 13.72
15.3
515.50 390.00 3.55 16.39
8.5
-397.79
158.00 74.00 341.3
2156 1247.08 14.40 757.2
28.00 20.69 89.15 3248.9
379.70 283.00 2.72 23.21 486.3
6300
4895 2.38 24.86 1029.0
504.50 248.64 0.86 10.44 440.5
207.40 104.60 0.78 15.75 11721.9
3438 1813.3 1.16 37.82
12.7

Industrial Engineering
Bodycote
Castings
Fenner
Goodwin
Hill&Sm
IMI
MelroseInd
Renold

544.50
444.50
161.25
2285
715.50
974.50
263.80
71.50

1.00 797.59
-0.50 470.00
-1.25 347.60
10.00
3638
3.50 735.00
5.00 1454.55
4.80 314.78
1.25 86.00

535.00
360.00
156.00
2063.5
520.00
961.00
242.70
49.00

2.64
2.94
7.44
1.85
2.52
3.86
3.15
-

17.43
13.98
782.77
13.22
27.77
15.06
41.28
28.99

492.3
22.8
245.0
1.3
13.0
900.7
2396.5
75.3

52 Week
High
Low

Yld

P/E

Vol
000s

6.68
1.94
2.21
1.83

15.61
340.43
19.60
30.68
42.13

51.5
9.7
0.2
10.0
0.6

56.00 1.01 13.27


834.56 1.52 25.44
352.24 - 317.37
23.00 60.00
474.52 1.85 15.49

395.9
8.9
47.0
42.0
5.4

Price
Rotork
Severfd
SKF SKr
Spirax-S
Tex
Trifast
Vitec
Weir

171.20
63.00
148.30
2790
108.00
110.00
620.50
1184

+/-Chg

52 Week
High
Low

Yld

P/E

Vol
000s

-0.90 286.10 169.70 2.93 14.92


1312.50
-0.75 73.00 57.00 231.70 134.80 3.65 13.76
13.00 3767.56 2698.37 2.40 21.41
117.00 86.30 5.56 7.68
134.00 88.63 1.45 15.57
6.50 670.85 540.00 3.87 24.56
10.00
2591
1171 3.72 -

4552.2
31.1
3224.8
156.8
1.2
11.7
174.6
804.8

-0.27
-0.10
-0.25
2.00
4.00
0.30
10.00
-0.01
1.00

10.51
9.94
12.19
18.78
30.60
24.20
18.43
23.10
9.60

2.3
687.2
305.8
317.2
23.2
773.6
503.5
1457.5
1919.2
341.0
463.0

16.97
47.95
41.85
60.87
12.31
-7.45
-0.37
70.79
14.08
12.46

3114.3
1.4
9.5
956.4
158.4
169.9
0.2
4.6
2298.4
12.9

Industrial General
BritPoly
CoatsGrp
JardnMt $X
Jard Str $X
Macfrlne
REXAM
RPC
Smith DS
Smiths
SmurfKap
Vesuvius

740.00
25.50
47.33
27.15
50.25
531.00
636.50
396.90
1039
25.24
341.00

755.00
31.50
67.88
37.03
53.00
592.50
696.24
423.70
1303
30.31
530.00

571.35
19.00
45.02
26.11
34.00
424.60
488.20
231.82
1006
14.92
335.00

2.16
2.91
0.96
3.28
3.33
2.23
2.65
3.87
2.12
4.73

254.40
390.00
1835
8.62
940.00
52.00
97.00
770.00
388.00
360.00

3.62
5.91
2.96
1.46
2.31
5.19
4.37
5.97

11.90

-380.60

Industrial Transportation
BBA Aviat
Braemar
Clarkson
Eurotunnl
Fisher J
Flybe Grp
Goldenpt
OceanWil
RoyalMail
UK Mail

285.70
439.75
2030
11.96
950.50
82.00
101.00
770.00
457.70
360.00

1.00
8.50
-4.00
-0.08
-4.50
2.75
1.00
-25.00
0.40
-24.00

362.10
513.86
2855
14.57
1442
135.75
362.00
1160
532.50
575.00

1500
656.50
442.80
355.60
343.25
365.00
135.00
105.00
925.00
993.50
693.50
242.60
869.50
192.20
0.06
836.00
1366.5
403.70
54.00
856.00
389.80

25.00
1.40
3.80
6.00
3.30
0.50
0.50
13.00
11.00
3.80
-9.50
6.10
9.00
15.00
-2.50
7.50
4.10

1640 1175.33 3.08 14.30 430.8


663.50 418.20 1.23 14.31 3377.3
578.68 440.00 4.09 11.59 8299.5
361.86 248.50 2.65 12.37 729.3
367.81 309.25 5.36 13.46
55.0
388.70 283.96 3.95 11.44 3917.0
146.00 124.50 6.39 24.1
116.39 80.00 8.00 17.38 279.5
959.00 622.00 2.54 11.35 213.8
1112 815.00 2.91 19.42
47.0
715.50 506.00 1.27 9.93 326.2
296.02 209.20 4.64 14.13 19605.3
914.39 516.50 2.85 11.40
23.3
241.60 163.80 4.53 13.35 10061.1
0.10
0.05 -0.08
0.0
935.00 693.00 6.39 17.58 483.4
1761.5
1287 2.70 13.91 4707.0
528.00 390.50 0.50 62.18 9545.2
68.00 53.00 4.71 5.21
1.0
1008 637.00 2.72 25.48 1238.0
505.68 362.30 4.69 28.78 4058.6

1244
77.00
362.50
157.00
751.00
106.50
142.00
243.00
91.00
12.75
12.83
1119
209.00
14.36
1070
436.75
53.18
175.00
1349

27.00
1350
87.09
-0.25 366.00
158.00
8.00 989.50
192.00
-0.50 204.75
3.10 281.90
-2.00
7830
-0.04 17.55
-0.08 17.11
19.00 1517.42
4.00 239.00
0.18 24.17
18.00
1199
6.75 494.00
0.68 54.47
3.00 222.00
19.00
1616

651.00
56.20
239.00
108.00
699.00
103.00
125.00
192.10
91.00
12.65
12.62
1010
138.25
13.85
921.50
322.00
39.45
137.00
1091

-51.34
-51.66
47.93
8.12
100.69
13.34
16.98
31.29
13.94

129.6
1.4
24.8
83.5
481.1
0.0
103.3
8928.2
28.8
2236.3
1316.7
1230.9
1.2
3278.3
2429.7
12.0
763.1
36.3
2855.0

248.60
658.10
79.00
111.27
524.50
0.60
7.05
7.90

6.20
10.00
-1.50
-2.24
0.03
-0.19

191.70 1.07 24.87


636.00 8.29 -1.90
74.75 10.70 -3.17
-177.21
71.59 517.00 2.60 34.07
0.60833.33 5.53 -3.00
7.89 2.44 -2.67

430.9
7254.4
136.9
1456.8
3208.1
1350.6
3406.1

Price

+/-Chg

22.75
190.00

75.13
200.00

16.75 -3.30
120.00 0.79 15.53

202.50
82.00
326.25
44.50
179.50
115.50

5.00
-4.75
-0.25
0.50
-

233.00
106.70
395.00
50.95
198.00
133.00

95.00
79.00
260.25
37.00
117.00
98.50

13.75
0.90
157.00
1.38
0.65
5.43
0.10
53.25
0.90
1.43
5.63
20.13
19.00
2.20
2.15
0.26
10.25

0.50
-3.50
-0.25
0.05
-2.25
-0.03
0.63
-0.25
0.48
0.15
0.01
-

44.58
4.15
198.00
2.80
1.60
16.80
0.46
58.00
2.08
2.00
12.00
38.00
29.50
6.35
3.00
0.49
18.00

4.04 -68.07 1341.3


0.72 -1.93 100.0
135.16 7.89 16.15
37.4
0.25 -3.91
50.0
0.50 -7.07
4.4
5.29 -5.22
21.4
0.08 -1.22 1212.9
17.73 8.53 -8.80 257.7
0.80 -12.86 623.7
0.25 -6.92
6.9
4.00 -11.60 1802.2
17.00 -17.33
10.0
6.40 -37.77 6938.2
1.66 -4.17 17123.8
1.00 -4.45 301.9
0.06 -2.89 86901.9
6.00 -0.76 126.7

35.50
24.00
23.63
1.65
3.30
4.63
0.43
9.88
0.53

-0.13
0.50
-0.88
-0.08
-0.05
0.50
-

40.35
58.00
46.23
4.70
11.40
24.00
1.40
22.33
3.44

JPMGIConv
JPM GEI
JPM I&C Uni
JPM Inc&Gr
JPM Ind
JPM JpSm
JPM Jap
JPM Mid
JPM O'seas
JPMRussian
JPMSnrSec
JPM Smlr
JPM US Sml
JupUSSmCo
KeystoneInv
Law Deb
LinTrain
Ln&StLaw
Lowland
M&GHighInc
Majedie
Man&Lon
MCGlobPort
MCurPac
MercantIT
MrchTst
Mid Wynd
MitonUKMic
MitonWw
MMP
Monks
MontanSm
Mur Inc
Mur Int
..B
NB DDIF $
NewCtyEgy
..Sub
NewCityHY
NewIndia
New Star IT
NorthAmer
NthAtSml
Oryx Int
PacAsset
PacHorzn
Perp I&G
PerAsset

92.50
89.50
355.00
105.00
487.00
226.00
258.00
979.00
995.00
295.00
88.13
890.00
179.50
596.50
1768
501.00
500.00
340.00
1300
151.00
252.00
230.00
167.00
250.00
1680
417.00
318.00
55.00
158.00
3.13
389.40
514.00
660.00
835.00
750.00
1.15
14.50
0.13
57.25
303.75
71.50
765.00
2067
587.50
180.50
158.75
400.70
33530

-1.25
0.50
-3.00
4.50
1.00
2.50
14.00
15.00
5.00
5.00
1.50
23.00
1.00
-3.50
-3.00
-1.25
0.75
-2.88
1.75
1.50
15.00
1.75
0.50
1.40
0.50
8.50
5.00
-0.25
0.25
2.25
-1.00
13.50
27.00
0.50
2.25
3.00
130.00

PolarFins
..Sub
PolarHealth
PolarTech
ProspJap $
QatarInvF $
RIT Cap
RobecoNV
RolincoNV
Ruffer Inv
SchdrAsiaP
Schdr Inc
SchdrJap
SchdrOrient
SchdrUK
SchdrUKMd

101.50
5.50
170.00
544.50
0.96
1.25
1503
30.38
28.32
214.00
246.25
256.00
144.00
168.00
150.75
465.50

-0.50
1.00
0.50
-0.01
0.02
9.00
0.25
-1.50
1.50
2.00
0.50
0.75
1.00

Insurance
Admiral
Amlin
AvivaX
Beazley
Chesnar
DirectLine
Eccles prf
Hansard
Hiscox
JardineL
Lancashire
Leg&Gen
NovaeGp
Old Mut
PermTSB
PhoenixGrp
PrudntlX
RSA Ins
SagicFin
StJmsPl
Stan Life

Media
4imprint
Centaur
ChimeCm
Creston
DlyMailA
HaynesPb
ITE Grp
ITV
JohnstnP
News Corp A $
NewsCpB $
Pearson
Quarto
RELX NV
RELX PLCX
STV Grp
ThmReut C$X
UTV Med
WPPX

1.65
3.38
2.32
2.58
2.72
7.04
5.21
1.93
4.56
3.96
2.33
1.83
3.22
4.14
2.83

28.53
11.40
127.55
12.61
10.22
12.30
11.35
18.57
-189.98

Mining
Acacia
AngloAmer
AngloPacif
AnGoldA R
Antofagasta
..5%Pf
AquarsPl
Barrick C$

318.90
1462
145.00
149.99
811.50
0.60
24.13
17.36

Price
BHP Bltn
BisichMg
EVRAZ
Fresnillo
GemDmnd
Harmony R
Hochschild
Kenmr
Lonmin
Petra
Petropvlsk
PolymtIntl
RndgldRs
RioTintoX
Troy Res A$
VedantaRs

52 Week
High
Low

+/-Chg

Yld

P/E

Vol
000s
9245.8
15.5
2972.6
983.2
32.4
4173.1
267.6
2471.3
3536.0
3712.2
4378.8
220.3
385.6
4330.7
396.9
575.9

1041.5
89.50
65.30
600.50
124.00
9.00
67.50
2.09
19.50
99.00
6.00
553.50
3740
2222
0.28
469.50

20.00
2.30
4.00
-1.25
-0.15
-1.25
0.50
8.05
0.05
14.00
28.00
-0.01
2.90

1799.5 955.60 7.50


100.00 60.15 4.47
209.90 60.30 939.50 569.63 0.32
200.25 121.00 2.56
38.50
8.80 155.00 60.97 10.85
2.07 202.47 18.00 210.80 90.50 33.05
4.21 634.00 424.20 2.45
5752.1
3546 1.00
3280 2107.78 6.14
0.81
0.27 1015 353.21 8.88

8.99
6.89
-1.26
126.96
10.16
-1.18
-4.16
-0.94
-2.56
11.97
-0.87
-17.07
26.07
22.11
-0.55
-1.06

1.79
1.93
969.20
329.45
11.88
140.30
235.25
27.00
107.75
72.30
301.00
3.47
267.50
27.75
5.10
394.10
41.43
17.25
119.50
496.10
81.75
756.50
2203
67.50
1561
1575.5
71.94
80.00
155.00
43.70
179.70

-0.05
15.00
4.25
1.10
-4.25
-0.50
5.50
-0.44
-11.00
-0.11
-0.50
-0.09
-21.30
-1.18
0.25
-3.50
-4.40
-0.25
-6.00
-22.90
3.90
25.50
31.50
-0.63
1.00
-1.22
-2.40

114.22
3.17
1420
499.25
13.25
210.00
289.50
0.02
110.90
175.57
97.20
902.00
10.30
548.50
85.00
5.65
902.50
55.76
51.13
169.50
779.50
245.80
1203
3297.7
343.50
2401.5
2504.5
104.38
240.00
397.60
60.84
669.50

9090.3
-22.65 580.2
-48.88 8728.0
-14.96 29369.4
-0.72
14.4
-2.29 604.0
12.95
19.9
-2.36 2221.4
6.62
40.4
13.28 13779.6
-3.69 1025.8
-3.30
1.6
21.74
6.1
-1.32 1187.8
-10.11
37.6
-24.78 967.6
15.92 786.5
-0.46
28.7
9.54 110.3
20.63
29.8
-1.89 2505.3
-20.46 1108.3
11.59 1882.7
-0.72 12944.6
11.57 6044.2
11.68 5356.4
22.05 5609.0
5.36
4.6
-13.39 176.8
16.79 710.9
-1.66 4893.3

Oil & Gas


Afren
Aminex
BGX
BPX
Cadogan
CairnEng
Cape
Endeav Int' $
EnQuest
Exillon
ExxonMb $X
GenelEgy
GeoPark $
GrnDnGas
GulfKeyst
HellenPet
Hunting
ImpOil C$X
JKX
Lamprell
Nostrum
OphirEgy
Petrofac
Lukoil RUBX
PremOil
RylDShlAX
..B
Schlmbrg $X
SEPLAT
Soco Int
TrnCan C$X
Tullow

1.28
1.46
780.55
252.55
8.25
135.20
177.00
0.02
21.50
90.00
66.55
276.25
2.70
260.00
20.25
3.35
376.20
40.55
10.23
93.50
370.00
80.00
594.00
1913
62.81
1526
1538
68.01
67.25
117.00
41.95
177.00

1.89
7.84
5.95
3.75
5.01
1.24
3.42
5.61
3.11
7.77
7.70
2.42
11.75
6.28
4.83
2.35

Pharmaceuticals & Biotech


BTG
644.50
CathayIn
18.50
Dechra
1000.00
Genus
1421
1274
GlaxoSmhX
2427
HikmaPhm
Oxfd Bio
8.90
RichterG $
15.99
4670
ShireX
VecturGp
178.50

9.50
10.00
28.00
27.00
48.00
0.06
0.09
127.00
1.00

835.87 556.00 71.60


35.00 16.00 -19.25
1068 702.50 1.58 45.48
1535 1058.35 1.25 27.22
1645 1241.5 6.28 6.41
2617
1580 0.58 31.42
13.38
3.60 -22.76
17.28 12.20 0.72 22.15
5870 3448.28 0.30 14.14
187.50 113.25 - 198.55

651.2
2.8
64.0
42.3
8340.8
327.0
1151.3
0.0
1751.5
127.8

Real Estate
Harworth Gr

12.50

0.25

14.00

5.35

Assura
BigYellw
BritLand
Cap&Reg
Countrywd
DrwntLdn
Gt Portld
Green Reit
Hammersn
Hansteen
HIBERNIA
Highcrft
INTU
LandSecs
LondonMtrc
McKaySec
MucklGp
PrimyHth
Redefine
SEGRO

63.25
696.50
823.50
66.00
495.20
3623
841.00
1.49
613.00
117.00
1.28
987.50
316.20
1247
160.20
250.00
465.00
408.50
53.50
417.20

-0.75
7.00
18.50
0.20
59.00
12.50
14.00
0.30
0.01
-22.50
5.10
27.00
2.20
3.00
0.50
0.05
8.90

64.00
720.00
891.50
70.05
608.00
3818
883.50
1.70
708.00
128.95
1.39
1090
376.50
1363
173.20
275.00
510.00
431.25
59.90
466.70

43.50
479.40
649.00
46.25
404.30
2615
600.04
1.21
537.00
98.70
1.03
795.00
305.50
988.50
132.30
217.25
425.00
324.00
48.00
330.90

REITs

3.02

451.1

2.92
2.70
3.34
1.44
3.03
1.09
1.06
3.33
4.27
3.65
4.33
2.53
4.37
3.44
4.35
4.83
5.98
3.62

13.46
9.69
5.20
4.01
24.66
5.02
5.70
7.08
5.77
18.09
16.53
4.09
6.27
7.05
5.41
11.45
5.29
3.90

2514.0
182.4
3374.8
1697.6
149.8
155.3
543.4
5.1
2736.7
574.7
3204.8
2.0
1867.0
1878.0
576.8
5.7
3.6
97.9
989.8
1432.5

Yld

P/E

Vol
000s

4.23
0.87
0.57
4.33

-4.79
-49.03
7.88
-1.42
-5.15
-6.12
29.28
-0.08
-1.09
-0.67
-5.36
30.90
4.12
-7.92
-10.70
-0.15
-0.06
-4.00
-1.53
5.46

1044.4
540.7
20.3
22.9
73.3
273.4
80.3
634.1
25.0
44.7
203.3
9.2
282.0
2085.8
670.8
8464.7
73.6
200.0
195.9
29.3

-0.13
0.50
0.25

619.00
63.00
339.00
49.40
708.55
2020
67.00
6.50
0.68
48.00
88.29

355.25 1.33 33.18


31.65 1.81 17.74
170.00 -6.18
24.25 -9.60
299.11 -43.01
1607.14
1040 37.00 -11.50
2.80 -8.53
0.19 -4.22
23.30 -14.38
-125.19
44.00 -

821.3
697.6
0.4
2.5
211.1
0.4
10.5
5203.8
3795.1
210.1
4.8

Price
Shaftbry
Town Ctr
Wkspace

+/-Chg

909.00
315.00
927.50

16.00
1.00
18.50

425.90
1045
1890
6120
264.75
237.10
420.00
6.68
34.50
159.50
12022.5
131.00
40.00
126.50
28.00
296.00
896.00
58.00
101.50
429.70
645.00
268.00

1.20
20.00
-20.00
2.75
-1.10
-6.25
-0.11
177.50
-0.75
-0.38
-4.25
4.00
1.00
1.10
-0.50
-1.75

296.30
156.70
27.00
302.10
590.00
372.80
6.03
76.70
2430
416.70
892.00
186.00
453.00
709.50
929.00
181.20
488.40
89.00
7495
329.80
44.50
156.50
200.90
9242
1337
168.55
69.25

6.70
4.40
0.50
2.00

Real Estate Inv & Services

Cap&Count
Cardiff
CLS
Daejan
DvlptSec
Grainger
HelclBar
HK Land $
Lon&Assc
MacauPrp
Mntview
Q'tainEst
RavenRuss
RavenR Prf
RavenR Wrt
Safestre
Savills
SchroderRE
Smart(J)
StModwen
UNITE Gp
Urban&C

52 Week
High
Low
975.50
324.65
988.00

Yld

648.00 1.44
245.00 3.31
592.00 1.18

P/E

Vol
000s

5.05
5.90
4.08

348.9
8.8
67.6

475.10 313.00 0.35 6.26


1085.5 950.00 1.24 4.53
2037
1270 4.02
6614.2
4700 1.34 4.48
293.00 179.00 2.12 9.89
256.00 167.80 1.05 27.49
460.00 320.00 1.63 6.91
8.80
6.40 2.75 12.70
44.45 33.36 0.45 -4.87
253.00 159.00 8.39
12900 7481.95 2.08 14.73
134.44 75.00 18.19
68.50 37.25 -2.83
146.00 101.50 9.49 46.00 25.00 323.25 185.25 2.52 6.09
991.46 577.00 1.23 20.94
63.00 54.50 4.28 5.14
112.40 86.00 2.92 42.17
499.40 324.59 1.07 4.05
706.00 395.60 1.74 5.20
278.00 215.00 0.56 8.73

1463.2
0.1
3.7
2.0
10.1
486.2
760.5
3100.9
31.9
3.4
0.1
4402.1
108.4
3.1
10.0
111.3
128.8
350.5
0.4
189.3
448.8
18.6

Retailers
AA
AO World
AshleyL
Brown N
Caffyns
Card Factor
Dairy Fm $
Debenhm
Dignity
DixonsCar
Dunelm
Findel
Halfords
Inchcape
JDSportsF
Lookers
Marks&Sp
MossBros
Next
Ocado
Pendragn
Photo-Me
Saga
SignetJwl
SuperGroup
TescoX
VertuMotor

434.50
240.00
36.00
399.00
665.00
389.90
9.77
96.80
2643
490.80
970.00
265.44
563.51
906.65
938.21
185.30
600.00
112.00
8055
478.50
46.17
159.50
225.10
9499
1579
252.52
74.40

286.60
106.86
24.94
247.19
480.00
215.00
5.99
56.85
1443
351.20
767.00
162.00
417.10
589.50
410.00
117.50
380.80
77.50
6130
216.80
28.25
107.85
143.75
6371
750.00
155.40
50.50

7.41
4.71
3.18
1.82
3.69
4.43
0.83
2.24
3.22
2.83
0.76
1.57
3.52
7.19
2.00
2.02
2.74
0.55
6.70
1.23

10.51
14.27
1.78
21.70
18.04
10.43
-27.93
19.66
18.99
-25.83
13.59
19.10
21.40
14.79
16.53
23.41
17.65
289.04
7.79
21.07
23.64
28.33
23.96
-2.40
14.50

2300.7
248.0
148.4
239.7
0.0
208.6
50.9
2332.1
128.2
2321.2
38.5
16.8
350.8
1178.2
256.1
2446.2
6781.7
37.2
297.4
1049.9
440.8
55.6
9780.5
11.3
255.6
18786.3
1560.4

-5.00 334.75
3.50 1724.15
2.50 599.50
11.50
1231
15.00 1580.34
13.00
1207
5.00
1161
1.00 420.50
21.00
1969
19.00
1336
-1.00 371.40
2.00 63.00
2.25 191.45
94.00
5320
-1.25 763.00
2.00 916.50
0.40 263.10
-2.00 640.00
-4.00
1069
4.00
1264
-2.50 868.00
-1.75 107.00
4.50 173.70
-2.70 447.84
10.20 532.00
5.00 878.50
29.00
2797
1094

180.00
942.50
49.98
838.00
1225
868.50
895.50
250.00
1517
1000.5
294.03
44.65
128.02
3050
445.03
617.00
170.50
375.00
624.50
909.95
570.00
66.32
108.15
312.10
309.00
487.20
2141
705.01

2.66
2.85
4.70
1.28
2.46
2.46
3.04
4.12
2.05
2.45
5.87
3.85
6.17
1.66
7.84
2.73
6.74
2.35
2.50
1.64
3.47
1.70
2.98
1.76
4.13
2.03
3.65

56.25
12.61
-0.12
14.57
16.30
16.92
19.36
36.29
25.32
32.34
24.17
-7.14
11.94
31.39
13.91
19.02
10.93
19.47
27.84
20.22
17.00
13.33
22.99
22.59
20.37
15.14
20.57
28.65

24.8
693.3
124.9
1555.5
113.9
1063.2
190.5
736.4
467.2
940.8
1295.6
233.4
68.6
153.6
99.2
86.1
877.7
1.7
565.9
2358.0
434.4
71.2
2169.8
205.9
982.3
121.5
420.4
4.4

52 Week
High
Low

Yld

P/E

Vol
000s

2.50
2.24
3.18
2.06
3.47
4.32

12.80
1.65
40.00
8.60
3.00
6.00
3.00
4.00
-1.00
0.60
12.40
-0.50
95.00
3.80
1.25
-1.60
276.00
31.00
0.35
-1.25

-177.32
-262.04

Support Services
Acal
Aggreko
APR Engy
AshtdGp
AtknsWS
Babcock
Berendsen
Brammer
Bunzl
Capita
Carillion
Comnsis
ConnectGp
DCC
DeLaRue
Diploma
Elctrcmp
EnergyAst
Essentra
Experian
Grafton
HarvyNah
Hays
Homesve
HowdenJny
Intserve
Intertek
Latchways

270.00
952.50
72.50
955.00
1392
891.00
985.50
260.00
1728
1193
302.40
52.00
152.25
4774
465.50
623.00
174.30
518.00
778.00
1035
656.00
96.00
154.70
408.80
478.50
557.00
2423
1085

Price
Lavendon
MngCnslt
MearsGp
MenziesJ
MichaelPge
MITIE
PayPoint
PremFarn
Rentokil
Ricardo
RbrtWlts
RPS
Shanks
SIG
SpeedyHr
St Ives
TribalGrp
Vp
Watermn
Wolseley

162.00
16.00
388.00
411.25
473.50
278.10
1028
108.25
145.00
902.00
413.50
219.50
91.75
175.40
36.25
177.50
118.25
740.00
72.00
4214

52 Week
High
Low

+/-Chg

0.50 211.50
-0.25 26.06
5.00 475.00
2.25 525.00
4.50 568.00
3.70 329.90
3.00 1112.15
2.75 204.60
1.30 154.20
7.50 967.50
5.50 478.00
0.25 282.10
0.75 113.50
2.30 212.20
-0.25 80.50
1.25 204.50
-5.75 188.00
25.00 816.00
-0.50 76.00
100.00
4398

Yld

P/E

Vol
000s

155.50
13.25
354.75
306.25
358.70
263.90
779.82
101.00
110.90
605.50
270.00
181.50
84.50
143.40
34.00
156.68
118.00
539.00
50.00
2990

2.84
5.16
2.58
3.94
2.32
4.06
3.53
9.61
1.79
1.72
1.45
3.86
3.76
2.51
1.79
4.03
1.52
2.08
1.39
1.96

17.09
-78.05
15.00
36.57
22.91
29.38
17.92
9.11
20.31
25.65
24.11
15.52
-19.95
31.42
929.49
50.96
-20.12
15.74
54.96
38.05

126.9
56.4
29.8
18.1
486.5
483.5
13.8
1570.3
1363.7
5.1
32.2
214.3
25.4
616.4
24.1
50.8
20.3
8.6
14.7
753.3

778.50
550.00
281.50
316.34
65.95

0.75
1.02
3.47
1.20
3.18

44.45
25.43
17.52
10.41
85.83

3576.2
2323.5
214.7
294.7
302.7
4191.0
48.5
13.1
4.0
3.9
269.8
64.2
1.8
1457.2
76.0
896.9
10.0

Tech - Hardware
ARM Hldgs
CSR
Laird
Pace
SpirentCM

936.50
899.50
360.00
363.60
77.50

7.00
0.50
1.30
4.60
3.25

1233
900.00
413.30
520.80
98.75

Tech - Software & Services


Anite
AVEVA
Computcnt
DRS Data
Elecdata
MicroFoc
NCC Grp
RM
Sage
SDL
Telecity
TriadGp

125.75
2144
761.00
12.00
65.50
1222
267.00
170.00
505.50
334.50
1110
35.50

34.00
12.00
-0.75
12.00
7.70
-9.75
7.00
-0.75

129.75
2344
802.40
16.37
79.00
1442
273.75
185.00
584.00
472.00
1250
43.00

69.25
1183.9
651.67
11.25
63.10
970.50
169.80
133.75
346.70
306.00
815.63
9.25

1.51
1.28
2.60
3.05
2.50
1.37
2.35
2.40
0.75
1.22
-

39.36
33.03
8.28
-5.06
21.79
33.21
34.04
10.70
27.67
31.77
88.19
15.28

412.15
999.00
90.00
312.50
1069

8.15
12.00
1.25
0.30
-23.00

481.75
1056
101.00
415.10
1460

351.90
653.00
78.50
261.00
725.50

2.77
3.11
5.60
4.03
3.55

15.53 13441.7
22.27 955.6
36.87
86.2
40.67 1044.5
26.60 173.4

3514.5
3399

55.50
79.00

Telecommunications
BTX
Inmarsat
KCOM Gp
TalkTalk
TelePlus

Tobacco
BrAmTobX
ImpTobX

3894 3231.5 4.21 16.32


3413 2482.72 3.77 17.02

2327.6
3083.4

Travel & Leisure


888 Hldg
AirPrtnr
bwin.party
Cineworld
CompassX
EntInns
FirstGrp
Fuller A
Go-Ahead
GreeneKg
IrishCtl
Ladbrokes
MandarO $
Marstons
Natl Exp
PPHE Htl
Rank Gp
Restaurt
Sportech
Stagech
ThomasCook
TUI
Whitbrd
Willim H

170.75
432.50
106.40
556.00
1025
110.50
99.00
1106
2391
793.00
4.39
96.00
1.58
147.50
287.80
677.50
269.80
676.00
60.00
339.70
115.90
1208
4598
349.80

-1.00 185.75
22.25 470.00
0.70 128.00
5.00 599.00
13.00 1223.36
4.40 139.60
1.30 129.90
4.00
1235
15.00
2745
-12.50 891.00
4.70
-0.45 147.00
1.80
1.40 174.40
5.00 324.80
685.00
-1.50 277.62
5.00 748.70
-1.50 72.00
2.30 437.90
1.70 162.20
30.00 1294.78
43.00
5475
2.60 432.10

118.75
245.00
70.40
298.40
924.41
96.85
88.65
900.00
2264
712.00
2.63
93.50
1.44
134.50
213.40
420.58
151.90
607.00
47.00
331.60
99.05
996.74
3767
333.40

2.98
4.78
3.36
2.43
2.64
1.42
3.58
3.63
2.32
9.27
4.22
4.54
3.58
2.61
1.76
2.28
2.88
1.57
3.49

22.73
15.73
293.92
18.63
19.90
18.50
15.90
21.93
20.00
19.53
12.44
-36.75
20.59
-31.23
17.83
10.33
17.87
24.14
-1.43
14.07
-29.92
67.53
22.67
17.47

30.5
13.7
2601.4
406.1
2688.8
1395.7
2350.3
4.1
52.4
1288.5
1.4
1832.3
11.6
2024.8
365.0
24.8
119.5
852.0
71.0
396.2
4619.2
1296.5
407.1
1616.1

223.50
1407.5
259.30
862.00
719.00
889.50

2.00
-6.80
10.40
6.00
13.00

221.50
1135
246.00
806.40
711.25
784.00

6.04
4.44
4.59
4.90
4.17
4.11

-22.49
18.68
6.07
16.15
22.97
22.41

9335.9
0.4
1359.3
5720.7
763.3
1737.7

Utilities
Centrica
DeeVally
Drax
Natl GridX
Pennon
UtdUtils

320.40
1450
649.50
965.00
925.00
1045

AIM
Aerospace & Defence
Cohort

375.00

1.00

390.00

197.50 1.17 27.30

2.8

5.50
2876

-1.50
-2.00

13.50
3024

4.00 -0.93
2270 2.36 20.90

120.2
0.1

Banks
BCB Hldgs
STB

Basic Resource (Ex Mining)


CropperJ

560.00

12.50

570.00

355.00 1.41 27.83

6.1

190.00

-0.50

225.25

120.00 0.53 30.62

186.0

1070.5
81.50
8.60

800.00 0.77
56.00 5.50 3.43

7.71
-6.28
8.04

0.4
255.5
0.3

6.50 -5.96
3.50 - 293.10
4.00 10.57
9.75 -2.57
58.00 2.35 58.30
120.00 1.59 22.68
228.00 3.31 14.79

56.3
100.0
3.4
853.9
1.0
51.6
14.9

Chemicals
Scapa

Construction & Materials


Abbey
AccsysTch
Aukett

1035
63.75
6.13

2.50
-5.75
-

Electronic & Electrical Equip


CeresPow
Densitrn
ElektronT
FlowGp
LPA
ThorpeFW
Zytronic

8.20
8.50
7.00
10.13
66.00
205.00
302.50

-0.35
0.13
-0.13
10.50
-

10.75
9.75
8.70
50.00
112.00
209.50
319.00

Financial General
Ambrian
Arbuthnot
Aurora
BP Marsh
BrooksMac
Camellia
Fairpoint
Leeds
MattioliWds
Miton
MAB
Numis
Park Grp

5.50
1450
9.38
144.50
1899
9635.5
177.00
34.75
610.00
25.75
287.50
235.75
75.25

12.05
5.10 16.67
1650 1000.00 1.86 19.91
12.88
8.00 -0.96
-0.50 156.75 121.00 1.90 8.56
-8.50 1956.47
1300 1.37 30.33
-5.50
9992
8500 1.31 326.95
185.00 105.66 3.62 25.46
43.79 30.00 9.10
630.00 414.00 1.53 31.13
38.00 18.50 2.10 -7.88
309.26 160.00 29.99
-5.25 278.00 196.09 4.45 17.90
0.50 80.75 47.00 3.39 16.36

225.0
3.5
35.8
3.5
22.6
0.8
10.1
75.5
1.7
22.5
1.4
7.3
40.3

PolarCap
Share
ShoreCap
STM Group
WH Ireland

Price

+/-Chg

396.50
32.00
407.50
57.00
109.50

-8.00
-1.00
-

500.00
41.68
431.50
65.00
130.00

351.00
26.75
400.00
16.50
79.00

Food & Beverages


FinsbryFd
Nichols
PureCircle
RealGdFd
Wynnstay

99.00
1469
407.50
51.00
550.00

3.50 110.00
4.00 1496.81
2.50 620.00
-1.00 59.40
5.00 607.25

Health Care Equip & Services


Advnc Med
AVO
CareTech
ImmunDiag
SphereMed
Tristel

152.00
7.25
248.50
300.00
14.25
96.50

-0.75
1.00

161.00
16.90
262.15
356.00
31.00
107.99

111.00
3.60
190.00
264.40
12.00
65.00

0.46
3.22
2.83
1.68

23.73
-9.18
11.72
37.54
-1.81
24.05

1137.5
600.3
10.7
16.2
42.0
3.1

23.00
635.00
41.00
969.00
960.00
495.00
244.85

10.25
502.00
20.00
562.50
840.00
327.27
151.05

2.76
2.59
0.55
2.94
2.52
0.91

14.18
19.31
-5.19
14.77
12.39
25.62

45.0
4.6
344.9
1.7
1.5
138.6
121.2

20.00
137.50
197.68
750.00
6.75

14.60 6.55
68.01 7.24 -18.53
116.00 4.64 21.04
170.05 4.87 10.46
3.00 -3.55

4.0
7.9
1.4
1.4
47.8

96.00
73.00
11.22

35.00 1.13 30.18


46.00 -6.09
6.50 -32.05

26.3
222.9
12.5

House, Leisure & Pers Goods


Airea
Churchll
gamingrealm
Mulberry
Portmern
TelfordHms
WalkerGb

21.75
622.50
24.25
904.75
902.50
404.00
212.00

-0.25
2.50
0.25
4.75
-2.50
5.75
-2.50

-385.49

Industrial Engineering
600 Grp
Molins
MS Intl
Pres Tech
TP Group

16.88
76.00
172.50
172.50
3.75

Industrial General
Powerflte
RM2
Symphny

93.75
58.00
7.50

0.25
-3.25
-

52 Week
High
Low

Yld

P/E

Vol
000s

Insurance
Gable
Helios

20.2
1.0

Media
Avesco
Cello Gp
M&Csaatc
MissionMk
Next15Cm
YouGov

2.96
3.17
1.92
2.25
1.54
0.69

14.11
76.56
-44.66
8.80
116.11
207.73

19.1
200.9
29.2
36.3
16.6
22.0

Mining
AMC
BotswanaD
CentAsiaM
Connema
C'royG&NR
GrekaDrill
Herencia
HighldGld
KarelianDd
OracleC
ShantaGold
SierraRut
Sirius Min
SolGold
Stratex
Xtract Res
ZincOx

Oil & Gas


AlkneEng
AmeriRes
AndesEnrg
BahamasP
BorSthnPet
Circle Oil
ClontarfEn
Egdon Res
Enegi Oil

19.50 0.85 -22.26


19.10 14.69
16.50 -17.44
1.50 -7.05
2.07 -6.41
4.53 -0.75
0.20 -8.85
6.24 -6.33
0.50 -0.20

1310.4
1317.9
0.4
4448.8
782.3
139.7
10.0
101.7
76.1

111.50 90.00 6.08 98.8


125.05 86.11 5.47 91.9
370.00 330.06 346.2
115.85 98.50 2.10 108.4
605.50 430.00 555.3
261.75 184.00 264.8
307.95 195.00 1.09 289.9
998.10 669.10 1.84 1014.0
1159 890.95 1.51 1062.0
417.16 223.25 4.41 343.9
100.86 87.50 92.4
893.35 527.00 1.08 1040.0
193.75 135.77 178.0
704.03 574.28 678.7
1900 1651.76 2.86 1861.0
545.50 452.50 3.13 451.7
537.00 365.00 1.35 397.8
384.00 330.80 4.06 355.0
1440
1219 2.92 1323.2
179.95 146.00 3.05 163.2
283.00 206.41 2.98 248.6
259.28 219.00 3.25 281.7
195.00 155.00 2.40 167.3
336.00 236.73 3.00 292.4
1762.96 1316.55 2.38 1885.5
500.00 413.00 5.68 434.5
352.50 260.07 1.21 321.6
56.25 50.00 164.65 149.00 170.9
4.93
3.00 458.90 348.40 1.01 434.4
544.00 390.50 1.36 560.8
796.60 646.50 4.97 708.6
1114 784.00 5.39 818.5
1445.47 650.00 818.5
1.24
1.00 34.65 10.50 17.5
0.15
0.06 66.25 52.00 7.39 56.4
371.30 263.00 335.2
77.91 65.45 108.5
906.45 729.50 3.99 839.0
2069.61 1625.86 - 2603.9
598.50 375.00 658.4
226.15 156.25 1.44 184.9
223.77 142.50 0.88 177.3
431.00 350.81 3.02 396.7
36313.1 33000 1.67 33691.
9
112.84 92.00 3.05 107.2
12.00
4.75 187.50 142.50 2.09 179.0
614.00 458.80 564.9
1.09
0.90 1.3
1.49
1.09 2.72
1.4
1615 1265.55 1.98 1540.0
226.00 193.50 211.1
321.50 226.25 1.12 282.0
348.25 235.50 3.95 264.2
165.00 115.25 1.25 153.6
215.25 154.00 4.55 173.4
174.00 145.25 3.15 166.3
504.50 402.49 1.83 511.0

-6.4
-2.6
2.5
-3.1
-12.3
-14.7
-11.0
-3.5
-6.3
-14.2
-4.6
-14.4
0.8
-12.1
-5.0
10.9
25.7
-4.2
-1.8
-7.5
1.4
-18.4
-0.2
-14.5
-10.9
-4.0
-1.1
-7.5
-10.4
-8.3
-6.9
2.0
-8.4
-17.1
1.5
-9.4
-34.1
-8.8
-20.6
-10.8
-2.4
-10.5
1.0
-0.5

Price
EuropaOil
FalkldO&G
GETECH
Infrastrata
Iofina
Ithaca Engy
KBC Adv
Max#
PetrelRes
Petroceltic
PetroNeft
Plexus
PresidentEn
Rockhop
Sound Oil
TowerRes
TrinityE
UnJackOil
VictorOil
VolgaGas

3.38
22.75
52.00
1.63
17.25
32.75
115.50
0.16
2.50
61.50
4.35
192.00
9.25
40.50
14.63
0.16
5.70
0.16
53.00
55.50

52 Week
High
Low

+/-Chg
-

0.25
0.50
0.50
4.00

-0.13
-0.20
-3.75
-0.25
-0.13
-0.35
1.50
-

10.75
45.00
65.00
8.65
57.90
133.25
130.31
1.35
7.00
224.00
6.65
267.00
39.48
91.00
26.73
0.88
85.50
0.48
89.05
117.00

3.06
16.75
32.00
1.32
13.62
26.25
77.00
0.08
2.00
42.75
3.60
165.00
9.00
38.50
8.75
0.09
2.92
0.14
1.21
51.45

Pharmaceuticals & Biotech


Abcam
AllcePharm
Epistem
e-Thera
GW Phrms
HtchChMd
ImmuPhar
ReNeuron
Sareum
SinclairIS
Vernalis

583.00
55.38
185.00
28.25
573.50
1800
39.50
4.25
0.25
37.50
83.25

7.50
0.13
5.50

Real Estate
Conygar
FltchKng
InlandHms
Lok'nStor
LXB Retail

167.50
46.50
69.50
294.00
85.00

-0.50
0.50
-0.25

195.00
65.00
74.00
300.30
149.00

160.00
38.00
45.00
199.17
77.00

1.04 8.49
6.45 6.47
0.86 21.97
2.38 124.95
-

30.2
0.7
348.6
7.5
330.5

ScotAmer
Scottish In
ScottMort
ScottOrtll
SecTstScot
Seneca I&G
Shires Inc
StdLf Eqt
StdLf Sml
StrategicEq
Temp Bar
TempEmerg
TRIG
ThreadUKSel
TREurGth
TroyInc&G
UtilicoEmg
UtilicoInv
ValAndInc
Witan
WitanPac
WorldTst
WwideHlth

244.75
573.50
242.50
700.00
123.00
141.25
225.25
452.00
341.00
227.25
1043
406.00
101.75
161.00
582.00
67.75
165.00
109.25
231.00
735.50
212.25
238.00
1852

1.25 276.50
4.50 670.00
1.00 283.40
-2.00 898.50
1.25 148.00
-0.50 150.00
3.25 261.00
11.75 471.46
6.00 346.00
0.75 241.50
13.00 1235.01
-2.00 607.78
-0.50 109.00
1.00 180.00
8.00 661.00
0.25 74.71
0.75 171.74
126.00
-0.50 274.00
8.50 850.00
-0.75 274.75
1.50 285.25
19.00 2108.5

221.99
536.00
204.00
660.00
121.75
131.00
214.00
362.50
256.00
160.75
1026
370.00
99.00
156.00
438.00
60.00
119.11
103.00
228.50
642.00
203.03
212.00
1355

4.31
2.09
1.20
1.64
3.90
3.96
5.33
3.10
1.36
0.34
4.49
1.79
5.98
2.70
1.12
3.36
3.70
6.86
3.77
2.13
2.12
0.22
0.76

230.2
642.5
237.6
812.2
132.0
142.5
233.9
441.2
357.9
216.1
1077.4
457.4
178.7
644.9
68.0
179.0
144.2
293.8
735.0
251.9
271.2
1911.3

6.3
-10.7
2.1
-13.8
-6.8
-0.9
-3.7
2.4
-4.7
5.2
-3.2
-11.2
-9.9
-9.8
-0.4
-7.8
-24.2
-21.4
0.1
-15.7
-12.2
-3.1

Conventional - Private Equity


52 Week
Price +/-Chg
High
Low
AbnPvtEq
90.50
96.00 81.04
Altamir
10.17
0.12 11.82
9.43
Dun Ent
326.00
0.50 405.00 305.00
Electra
3270 15.00 3349.01
2338
ElectraPrf
151.50
152.05 144.50
F&C PvtEq
228.00
3.00 230.00 197.00
GraphEnt
565.00
605.00 536.10
HVPE
836.50
899.46 783.86
HgCapital
1075
-1.00
1169
1006
JPM Pvt Eq $
0.95
0.01
1.07
0.78
JZ Capital
406.00
-3.00 480.00 390.00
Mithras
131.00
151.91 126.50
NB PE Ptnr $
11.35
12.20 10.80
Nthn Invs
589.00
4.00 665.00 385.25
Pantheon
1302
6.00
1355
1140
PantheonR
1235
1300
1074
PrincssPE
7.52
-0.01
8.12
6.50
Riverstone
920.50
-1.50
1114 822.00
StdLfEuPv
210.00
-3.75 236.42 198.00

Yld
2.47
4.76
1.44
4.75
1.33
2.98
0.76
1.70
6.95
2.38

NAV
121.4
15.9
506.7
3672.5
146.5
282.7
689.2
1073.3
1296.4
1.3
691.6
162.0
526.7
1600.8
1600.8
9.1
1072.7
277.2

Dis(-)
or Pm
-25.5
-36.0
-35.7
-11.0
3.4
-19.3
-18.0
-22.1
-17.1
-26.9
-41.3
-19.1
11.8
-18.7
-22.9
-17.4
-14.2
-24.2

NAV

Dis(-)
or Pm

Price
NewRiver
Palace Cap
PnthrSec
PSPI
SiriusRE
SumGermny
TaliesinPr
Winkworth

+/-Chg

340.00
380.00
377.50
35.00
0.51
0.87
2267.5
146.00

-1.50
-7.50
-15.00
-

350.00
405.00
390.00
37.00
0.53
0.99
2545
180.00

271.00
295.00
300.00
23.50
0.28
0.50
1750
115.00

18.39
4.74
16.67
-7.30
11.13
14.95
8.22
13.24

92.6
9.8
0.2
6.3
100.0
4.6
0.9
25.0

2525
67.50
365.25
152.00

52.00
-2.00
-3.75
-2.00

4259
171.00
480.00
322.00

1742 58.05
60.00 280.00 4.38 17.93
151.00 4.77 38.23

555.4
6.2
95.8
407.5

Retailers
ASOS
Koovs
Majestic
StanlGib

Support Services
AndSyks
Augean
Begbies
Christie
Empres
Hargreaves
Hydrogen
Impellam
ISG
JhnsnSrv
JourneyGp
LonSec
Matchtech
NewmkSec
NWF
Optimal Pay
PennaCns
Petards
RedhallGp
Renew
Restore
SafeCharge
Servoca
Utilityws

322.50
52.50
43.25
138.50
83.50
367.00
43.50
790.00
210.00
85.75
170.00
2100
525.00
3.38
165.00
330.25
217.50
12.50
6.25
326.50
256.00
270.00
24.25
179.50

-5.00
-1.50
1.75
-1.00
6.50
-2.63
10.00
-0.03
2.50
5.75
-0.25
0.13
-2.50
-1.00
0.25

385.00
62.00
53.00
162.00
91.50
710.00
90.25
859.60
356.00
95.41
181.95
2400
587.80
4.93
170.08
575.00
230.00
13.75
15.53
348.00
289.00
297.00
26.03
311.05

260.00
37.65
38.50
115.00
38.13
280.00
38.33
455.00
140.00
56.00
113.00
1800
495.00
1.75
120.00
215.00
116.00
9.75
5.56
237.00
211.00
224.00
11.00
142.00

7.38
0.95
5.24
1.62
0.84
7.28
10.57
0.79
4.50
1.98
1.75
2.95
3.81
2.22
3.09
1.61
1.53
0.94
1.98
2.23

14.64
10.59
16.91
12.09
10.07
5.71
-12.82
12.90
-7.67
58.49
13.50
21.95
16.37
7.90
12.95
50.51
14.41
9.94
-0.25
18.92
46.74
29.41
18.04
12.52

1.7
212.9
49.8
13.0
40.8
74.6
2.5
1.0
28.6
268.4
7.5
1.3
5.9
791.2
20.2
4053.2
3.0
20.0
50.2
23.0
46.6
25.3
3.0
62.8

Albion Ent
AlbionTech
AlbionVCT
ArtemisVCT
Baronsmd
..VCT 2
..VCT 3
..VCT 4
..VCT 5
BSC VCT
..VCT2
Crown Place
FrsightSol
Inc&GthVCT
KingsAYVCT
Maven I&G
MavenVCT2
MavenVCT3
MavenVCT4
MavenVCT5
Nthn 2 VCT
Nthn 3 VCT
NthnVent
ProVenGI
ProVenVCT
UnicornAIM

90.50
76.00
66.00
63.50
72.63
95.38
100.13
92.63
76.63
88.00
55.00
29.00
103.50
93.50
18.50
69.50
53.00
73.75
84.00
35.75
69.25
90.00
76.00
78.50
94.38
137.00

-0.25
-0.50
-

91.75
78.49
68.65
70.52
75.60
99.00
101.50
95.19
78.88
91.00
59.00
30.50
106.00
104.00
19.50
75.00
55.50
79.00
88.39
36.43
88.00
104.00
85.36
81.25
97.89
138.00

85.00
71.25
63.00
59.23
69.50
91.00
94.00
86.75
72.00
82.00
51.98
27.75
95.00
88.25
17.25
59.50
49.00
70.00
80.00
32.00
67.25
88.00
74.50
76.00
89.50
122.00

5.52
6.58
7.58
6.30
4.82
4.72
7.49
3.24
5.22
6.25
8.18
8.62
5.80
19.25
5.41
6.47
7.26
2.71
5.95
2.80
2.89
6.11
7.89
5.10
4.77
4.38

99.6
79.7
67.1
70.9
76.6
99.7
104.5
96.7
80.2
97.0
60.5
28.3
108.9
103.5
19.9
65.1
63.1
89.2
96.2
41.8
74.6
95.7
80.1
87.5
105.3
154.2

-9.1
-4.6
-1.6
-10.4
-5.2
-4.3
-4.2
-4.2
-4.5
-9.3
-9.1
2.5
-5.0
-9.7
-7.0
6.8
-16.0
-17.3
-12.7
-14.5
-7.2
-6.0
-5.1
-10.3
-10.4
-11.2

Price

52 Week
High
Low

+/-Chg

Yld

P/E

Vol
000s

Tech - Hardware
AminoTech
IQE

158.00
25.00

2.00
-0.25

171.00
26.50

75.24 3.16 14.07


12.08 - 103.73

42.2
1073.7

Tech - Software & Services


Blinkx
BondInt
Brady
Datatec
DDD
Eckoh
EgSoltns
Iomart
K3BusTc
OMG
Progility
Pub Tech
SciSys
WANdisco

26.00
122.50
90.50
360.00
2.13
41.75
67.00
260.63
298.00
40.00
2.50
127.50
69.00
127.00

-1.00
-0.25
1.25
-0.75
1.50
-0.75
-0.13
-19.50
-35.50

41.00
148.25
110.13
370.00
4.75
48.00
82.28
278.75
303.00
49.00
9.75
208.00
95.51
545.00

14.75
83.00
64.00
261.25
1.25
33.00
62.00
159.93
205.00
26.00
2.00
114.00
38.50
125.00

1.80
2.04
3.06
0.75
0.67
0.42
1.25
2.17
-

-7.44
23.71
-71.09
15.08
-2.20
49.35
-46.50
31.62
27.89
115.27
2.65
-3.93
9.50
-1.39

1556.3
1.2
32.5
138.7
3131.3
440.9
31.5
43.6
32.0
31.2
55.0
124.3
4.0
174.0

3.50
-4.75
-

545.00
325.00
147.60

415.00 2.74 28.58


170.25 -3.87
120.00 -55.63

3.4
34.7
16.9

0.25
16.00
-0.50
-

41.25
79.00
80.00
150.00
330.00
505.00
242.00
15.73
110.00

17.00 4.86
70.75 -19.13
35.00 4.98 120.00 111.15 - 172.51
200.00 0.61 21.45
149.55 1.27 11.00
6.55 -11.49
75.00 20.03

115.4
7.0
0.5
0.4
291.6
376.1
3.6
3.7
9.7

28.83
68.00
6.25
33.40

9.00 -0.43
44.00 4.89 -31.45
1.32 -3.52
5.50 -0.61

1.5
16.9
1282.4
32.4

Telecommunications
AltNetwks
AvantiCom
Peoples Op

529.50
217.00
126.00

Travel & Leisure


CastleStIn
Celtic
..6%CvPf
..Cv Pf
Dalata
Dart
GoalsSocc
MinoanGp
PeelHtls

27.25
73.50
65.00
135.00
320.00
476.25
157.00
7.25
105.00

Utilities
ModernWtr
RenEnGen
Rurelec
SeaEnergy

9.38
45.00
1.85
5.75

Marwyn Val
TerraCat

221.50
106.00

0.10

Investment Companies
Conventional (Ex Private Equity)
52 Week
Price +/-Chg
High
Low
3i Infra
167.40
0.10 189.56 152.89
AbnAsianIn
155.00
1.50 208.50 142.50
AbnAsian
707.50
0.50 1005.95 653.77
AbnJapInv
453.00
571.00 357.50
AbnLatAmIn
46.75
-1.25 78.25 44.25
..Sub
0.16
-0.05
2.63
0.10
AbnNewDn
146.75
0.25 205.23 136.00
AbnNewThai 351.00
-2.00 489.88 324.00
AbnSmlCo
218.50
-1.00 229.00 174.00
Abn UK
289.50
3.50 334.75 281.83
Abf Gd Inc
198.00
0.25 212.00 138.25
Abf Sml
1145
9.00
1235 966.00
AcenciADbt $
1.61
114.00
1.51
AdvDvpMk
372.00
483.00 350.00
Alliance
460.00
6.00 531.50 420.20
AllianzTech
569.50
-0.50 640.43 463.07
AltAstsOps
41.50
1.25 47.00 37.25
Art Alpha
260.00
-2.75 303.75 249.50
..Sub
19.00
42.00 18.00
AsianToRt
178.50
224.00 163.25
Aurora
151.00
166.58 144.00
BG Japan
409.50
4.75 493.25 316.50
BG Shin
365.50
-4.75 424.00 282.50
BSRT
21.25
38.60 18.00
Bankers
593.00 12.00 674.50 506.00
BrngEmEu
478.00
3.00 636.00 432.00
BH Global
1277
2.00 1343.6
1185
..EUR
12.00
14.00 11.80
..USD $
12.53
-0.10 13.35 11.70
BH Macro
2051
-3.00
2191
1970
..EUR
19.76
-0.07 21.10 19.20
..USD $
19.62
21.10 18.80
BiotechGth
733.50
9.00 898.92 492.52
BlckRCom
62.25
-3.00 112.50 55.25
BlckREmEur
185.38
-0.63 240.00 164.58
BlckRFrnt
102.50
0.50 133.28 95.25
BlckRGtEur
232.00
2.00 264.50 201.75
..Sub
13.00
25.63
8.75
BlckR I&G
175.75
0.25 193.00 158.01
BlckRIncStr
134.50
2.50 140.50 119.25
BlckRckLat
276.50
477.50 267.02
BlckRckNrAm 103.75
0.25 124.50 98.75
BlckRSmlr
928.50
-3.50 983.00 697.00
BlckRThrmt
327.75
0.75 352.00 238.00
BlckRWld
207.50
1.75 457.24 201.40
Bluecrest A
188.00
-0.10 194.60 183.20
Brit Emp
454.00
6.00 557.08 444.40
Brunner
516.00
-3.00 584.12 486.00
Calednia
2150
9.00 2517.66
2104
CanGen C$
18.63
-0.34 22.00 17.08
Cap Gear
3237.5
3575
3125
City Merch
181.50
-0.25 194.00 180.50
CityNatRs
80.88
0.63 135.63 75.00
City Lon
373.90
5.50 418.35 345.00
DexionAb
188.25
0.25 191.00 167.00
..EUR
2.59
0.05
2.65
2.40
..USD $
3.85
3.89
3.60
DiverseInc
91.25
1.50 93.00 73.02
Dun Inc
225.00
2.50 273.00 221.50
Dun Sml
205.00
229.00 171.30
EcofinWatr
118.75
1.25 169.67 114.75
..CULS
102.50
110.50 101.75
EdinDragn
229.00
1.75 311.00 212.50

Yld
4.47
5.29
1.41
0.99
9.09
2.45
2.28
2.97
3.52
3.71
2.16
3.79
2.15
1.25
6.32
1.82
2.52
2.55
3.97
9.66
1.25
4.06
2.03
3.24
4.80
6.97
3.86
1.39
1.34
10.12
2.31
2.33
2.30
2.88
0.49
5.51
6.92
3.98
2.58
5.00
2.56
5.89
0.96

NAV
164.4
817.0
471.5
51.2
167.2
429.7
246.1
303.5
213.4
1257.6
1.7
425.0
524.3
597.5
44.0
320.4
198.5
161.8
402.2
369.0
40.4
593.7
531.7
1352.0
13.3
2154.0
20.8
20.7
768.0
60.3
209.8
107.0
244.3
176.7
130.2
310.8
115.3
1022.1
381.5
227.5
201.2
519.0
576.0
2677.6
25.2
3232.7
178.9
102.9
366.2
193.8
2.7
4.1
89.7
239.5
236.4
146.9
260.5

Dis(-)
or Pm
-5.7
-13.4
-3.9
-8.7
-12.2
-18.3
-11.2
-4.6
-7.2
-9.0
-5.3
-12.5
-12.3
-4.7
-5.7
-18.9
-10.1
-6.7
1.8
-0.9
-47.4
-0.1
-10.1
-5.5
-5.8
-4.8
-5.0
-5.2
-4.5
3.2
-11.6
-4.2
-5.0
-0.5
3.3
-11.0
-10.0
-9.2
-14.1
-8.8
-6.6
-12.5
-10.4
-19.7
-26.1
0.1
1.5
-21.4
2.1
-2.9
-4.1
-6.1
1.7
-6.1
-13.3
-19.2
-12.1

..CULS
Edin Inv
Edin WWd
EP Global
Estabmt
Euro Ast
EuroInvT
F&C Cp&I
F&CGblSmlr
F&CMgdG
F&CMgdI
FidAsian
FidChiSpS
Fid Euro
Fid Jap
Fid Spec
FinsG&I
FstPacfic H HK$
For & Col
Geiger
GenEmer
GFIS
GRIT
GoldenPros
Hansa
..A
Hend Alt
Hen Div
HenEuroF
HenEuro
HenFarEs
HendGlob
HenHigh
HenInt Inc
Hen Opp
HenSmlr
Herald
HICL Infra
Impax Env.
Ind IT
Intl PP
InvAsTr
Inv Inc
InvPerp
IPST BalR
IPST Gbl Eq
IPST Mngd
IPST UK Eq
InvPpUK
Invs Cap A
Invs Cap B
Invs CapU
JLaingInf
JPM Amer
JPM Asn
JPM Brazil
JPM China
JPMElct MC
..MG
..MI
JPM Emrg
JPM EurGth
JPM EurInc
JPM EuSm
JPM Clavr

104.50
690.00
431.50
217.25
153.50
1037.5
690.00
252.00
945.00
147.00
115.00
216.75
116.60
163.50
77.25
196.00
556.50
4.75
420.50
13.75
439.10
15.50
8.50
19.50
807.75
792.50
218.25
89.00
999.00
838.00
270.50
351.75
176.25
116.25
985.00
650.50
695.00
152.50
143.00
356.50
130.80
163.00
271.00
69.25
115.50
152.50
103.00
165.25
375.25
90.00
89.50
363.50
114.70
263.40
200.50
36.00
153.00
100.00
584.50
97.50
521.00
227.25
122.50
237.25
566.50

107.89
11.00 706.00
0.25 502.44
0.25 262.10
188.00
2.50
1160
849.00
277.00
-1.00 1028.92
158.00
130.00
2.00 285.50
-1.50 179.78
2.10 187.50
0.75 88.25
1.25 217.00
5.00 609.36
-0.11
8.75
2.80 467.90
0.13 26.50
5.10 575.00
-1.00 26.00
35.00
35.40
1.25 988.00
938.00
0.25 253.00
-0.25 95.50
19.00 1148.5
10.50 957.00
2.50 362.00
-2.38 416.81
195.25
0.75 137.69
-2.25 1059.1
-4.50 696.00
2.00 742.50
0.80 161.40
167.75
-1.00 368.00
140.59
-2.75 213.58
3.50 305.00
79.00
-1.00 123.00
0.75 172.00
-0.13 104.00
0.88 174.39
4.25 390.46
102.00
103.00
404.95
0.50 128.60
4.90 296.14
0.25 268.92
-0.75 69.03
1.75 233.96
101.99
635.00
1.25 110.00
4.50 674.65
1.25 263.00
-0.50 147.50
-0.50 256.00
4.50 645.18

102.00
565.20
332.25
207.04
138.00
800.00
659.33
231.75
781.00
130.00
110.00
195.50
105.06
137.40
64.00
159.37
464.25
4.67
365.00
11.50
391.70
14.75
7.00
18.00
795.00
785.00
215.00
87.50
816.47
678.25
238.25
336.20
156.50
103.00
755.00
468.13
594.00
142.60
136.00
268.50
130.65
147.00
255.00
68.40
114.00
138.00
100.75
143.00
281.00
87.00
87.03
347.00
113.99
236.05
182.00
34.11
136.30
97.01
507.66
92.00
486.00
193.00
104.75
164.00
534.51

3.42
0.46
1.52
3.06
5.04
2.03
3.93
0.86
4.30
0.51
0.99
1.90
1.68
2.10
4.31
2.24
2.35
1.37
5.73
2.35
2.09
6.84
2.84
4.94
3.70
1.27
1.77
5.92
0.98
1.40
4.82
2.12
3.69
7.22
3.02
3.72
4.57
4.98
1.28
5.78
1.23
1.10
2.36
1.05
1.21
1.74
1.06
2.95
2.08
1.22
3.62

671.5
465.0
223.4
199.1
1026.8
744.0
250.1
935.2
145.2
113.3
244.0
141.3
170.3
88.8
551.3
450.2
15.5
497.0
42.6
22.3
1094.6
1098.1
273.2
88.4
978.3
831.6
269.5
400.9
172.2
113.4
1026.1
710.8
847.9
136.6
161.8
357.5
125.3
184.4
291.1
70.4
115.3
147.5
103.2
161.7
397.3
94.3
94.3
377.4
104.2
268.0
227.4
37.7
182.6
101.5
593.7
100.4
591.3
241.2
127.5
270.5
603.6

2.8
-7.2
-2.8
-22.9
1.0
-7.3
0.8
1.0
1.2
1.5
-11.2
-17.5
-4.0
-13.0
0.9
-6.6
-11.3
-11.6
-63.6
-12.6
-26.2
-27.8
-20.1
0.7
2.1
0.8
0.4
-12.3
2.4
2.5
-4.0
-8.5
-18.0
11.6
-11.6
-0.3
4.4
-11.6
-6.9
-1.6
0.2
3.4
-0.2
2.2
-5.5
-4.6
-5.1
-3.7
10.1
-1.7
-11.8
-4.5
-16.2
-1.5
-1.5
-2.9
-11.9
-5.8
-3.9
-12.3
-6.1

-5.3

-5.0
-3.6
-26.2
-10.7
-2.4
1.4
-12.7
-3.1
-6.2
-3.1
-9.4
-8.9

Conventional - Property ICs


Price +/-Chg

Direct Property

52 Week
High
Low

Yld

AseanaPr $
AXA Propty
CustdnREIT
F&CComPrp
F&CUKRealE
InvistaERET#
Longbow
PictonProp
SLIPropInc
UKComPrp

0.55
49.63
108.50
140.60
101.50
0.30
106.00
68.50
86.50
86.10

-0.13
1.00
1.50
-0.75
0.05
0.75
1.00
0.50
1.10

0.58
51.01
110.50
149.00
105.50
2.75
106.75
74.75
90.25
94.00

0.43
39.45
104.00
123.00
88.00
0.03
101.25
60.50
74.75
80.75

0.6
3.46 4.27 129.4
4.93 95.8
1.5
5.42 4.38 69.7
5.37 78.0
4.27 84.3

8.7
5.9
-80.0
-1.7
10.9
2.1

SchdrGlbRe
TR Prop

112.88
296.60

-0.75
5.30

132.98
325.00

98.88 1.93 124.6


232.40 2.55 309.6

-9.4
-4.2

Price
69.00

+/-Chg
-

Property Securities
VCTs
AlbionDev

52 Week
High
Low Yld
70.89 66.00 7.25

NAV
71.2

-8.3

Dis(-)
or Pm
-3.1

Ordinary Income Shares


Price +/-Chg
JPM I&C
89.00
-2.00
JupiterDv&G
3.88
M&GHI&Gt
57.63
0.13
Rghts&Icp
4805 -15.00

52 Week
High
Low Yld
106.00 86.00 7.30
5.50
3.00 19.10
66.95 55.00 4900
3800 -

HR
WO GRY 0%
-8.7
-21.3
9.2
-26.2
-15.2
-19.4
-81.9
-2.0

Income Shares

52 Week
High
Low Yld
100.50 90.15 4.51
63.00 51.00 1245 895.00 3.32

HR
WO GRY 0%
-70.7
10.0
-15.2
-16.7
46.3

JPM In&Gr
M&GHghIc
Rghts&I

Price
97.50
55.50
1085

+/-Chg
0.75
-

Price
10.25
2.50

+/-Chg
0.38
-0.38

Capital Shares
JPM Inc&Gr
M&GHghIc

HR
52 Week
High
Low SP WO TAV 0%
15.19
9.00 6.1 -0.4
0.8
5.30
2.00 15.7 14.7
-

Zero Dividend Preference Shares 52 Week


Price +/-Chg
High
Low
Abf Gd Inc
150.50
0.25 153.25 143.25
EcofinWatr
154.50
155.10 150.75
JPM I&C
174.25
0.13 175.00 165.50
JupiterDv&G
110.63
114.00 99.50
JZ Capital
359.25
360.00 344.00
M&GHghIc
115.00
0.13 115.50 110.01
UtilicoFn16
185.75
186.00 178.25
UtilicoFn18
140.00
146.50 129.00
UtilicoFn20
118.00
-0.50 123.75 103.95

HR
SP
-46.1
-70.3
-18.3
-5.0
-88.6
-18.7
-69.4
-20.5
-9.1

WO TAV 0%
159.7
-88.4 160.7
192.1
123.8
-98.4 369.8
-95.5 122.8
192.8
-33.7 160.5
-11.9 154.9

Investment Companies - AIM


AdFrntMkt
CrysAmber
GLI Finance
IndiaCap
Infra India
MMP

Price
50.38
170.25
51.38
58.63
20.00
3.13

+/-Chg
-0.13
-0.13
-0.25
-

52 Week
High
Low
65.50 49.00
172.00 129.81
65.00 49.00
69.40 46.00
21.99 10.50
4.93
3.00

Yld NAV
55.8
0.3 166.9
9.7 71.0
51.5
-

Dis(-)
or Pm
-9.7
2.0
-17.4
-61.2
-

251.93
112.00

196.00
90.00

ISDX
ArsenalFC
ShephdNm
Thwaites

Price
1567000
1170
108.50

52 Week
+/-Chg
High
Low Yld
P/E
1600000 1400000 67.14
1260 1000.00 2.21 25.96
132.00 102.00 4.11 9.77

Vol
000s
0.0
0.8
0.0

Guide to FT Share Service


For queries about the London Share Service pages e-mail
ft.reader.enquiries@morningstar.com.
All data is as of close of the previous business day. Company classifications
are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
100 constituent stocks are shown in bold.
Closing prices are shown in pence unless otherwise indicated. Highs & lows
are based on intra-day trading over a rolling 52 week period. Price/earnings
ratios (PER) are based on latest annual reports and accounts and are updated
with interim figures. PER is calculated using the companys diluted earnings
from continuing operations. Yields are based on closing price and on dividends
paid in the last financial year and updated with interim figures. Yields are
shown in net terms; dividends on UK companies are net of 10% tax, non-UK
companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
capital changes where appropriate.
Trading volumes are end of day aggregated totals, rounded to the nearest
1,000 shares.
Net asset value per share (NAV) and split analytics are provided only as a
guide. Discounts and premiums are calculated using the latest cum fair net
asset value estimate and closing price. Discounts, premiums, gross redemption
yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
are displayed as a percentage, NAV and terminal asset value per share (TAV)
in pence.
X

FT Global 500 company


trading ex-dividend
trading ex-capital distribution
price at time of suspension from trading

The prices listed are indicative and believed accurate at the time of publication.
No offer is made by Morningstar or the FT. The FT does not warrant nor
guarantee that the information is reliable or complete. The FT does not accept
responsibility and will not be liable for any loss arising from the reliance on
or use of the information.
The London Share Service is a paid-for-print listing service and may not be
fully representative of all LSE-listed companies. This service is available to all
listed companies, subject to the Editors discretion. For new sales enquiries
please email stella.sorrentino@ft.com or call 020 7873 4012.

Data provided by Morningstar

www.morningstar.co.uk

27

FINANCIAL TIMES

Thursday 24 September 2015

MANAGED FUNDS SERVICE


Fund

Bid

Offer

+/- Yield

ACPI Global UCITS Funds Plc

(IRL)

www.acpishard.com
Regulated
ACPI Emerging Mkts FI UCITS Fund USD A $ 106.62

-0.58 0.00

ACPI Global Credit UCITS Funds USD A $ 13.91

0.01 0.00

ACPI Global Fixed Income UCITS Fund USD A $ 151.36

0.30 0.00

Q ACPI India Fixed Income UCITS Fund USD A $

9.95

-0.03

ACPI India Fixed Income UCITS Fund USD A3 $ 85.00

-0.28 0.00

ACPI International Bond UCITS Fund USD A $ 17.95

0.06 0.00

ACPI Select UCITS Funds PLC

(IRL)

Regulated

Fund

Bid

Artemis Pan-Euro Abs Ret GBP

110.39

Offer
-

+/- Yield
0.09

CAF Financial Solutions

Artemis Strategic Bond R M Acc

83.09 88.25 -0.07 4.05

Kings Hill, West Malling, Kent 03000 123 222


Property & Other UK Unit Trusts

Artemis Strategic Bond R M Inc

53.88 57.22 -0.04 4.12

Artemis Strategic Bond R Q Acc

83.18 88.34 -0.07 4.04

Artemis Strategic Bond R Q Inc

54.13 57.48 -0.04 4.12

Artemis UK Growth R Acc

447.25 473.71 1.42 0.55

Artemis UK Smaller Cos R Acc

1124.68 1207.87 -2.00 0.50

Artemis UK Special Sits R Acc

495.04 526.20 -0.25 1.68

Artemis US Abs Ret I Acc

104.89

-0.08

Artemis US Equity I Acc

108.29

0.94

Artemis US Select I Acc

111.37

0.82

99.47

0.73

Artemis US Select I Inc

ACPI Balanced UCITS Fund EUR Retail 10.29

-0.05 0.00

Artemis US Smlr Cos I Acc

117.99

0.57

ACPI Balanced UCITS Fund GBP Retail 10.40

-0.05 0.00

Artemis US Ex Alpha I Acc

112.86

0.83

ACPI Balanced UCITS Fund USD Institutional $ 10.00

ACPI Balanced UCITS Fund EUR Institutional 10.00

ACPI Balanced UCITS Fund GBP Institutional 10.00

-0.10 0.00

Abbey Life Assurance Company Limited

(UK)
100 Holdenhurst Road, Bournemouth BH8 8AL 0845 9600 900
additional fund prices can be found @ www.abbeylife.co.uk
Insurances
Life Funds

Artisan Partners Global Funds PLC

(IRL)
Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland
Tel: 44 (0) 207 766 7130
FCA Recognised
Artisan Partners Global Funds plc
Artisan Emerging Markets I USD Acc $

+/- Yield

-0.08 0.00

Offer

71.75 76.06 -0.34 0.00

$ 12.89

Bid

Artemis Strategic Assets R Acc

ACPI Balanced UCITS Fund USD Retail $ 13.62

ACPI Horizon UCITS Fund

Fund

(UK)

CAF UK Equitrack Inc Fd

67.33 67.33 0.13 3.50

CAF UK Equitrack Acc Fd

93.79 93.79 0.19 3.50

FP CAF Alternative Strategies A Class Acc

110.74

-0.04 0.49

FP CAF Alternative Strategies A Class Inc

109.90

-0.04 0.52

FP CAF Fixed Interest A class Acc

113.70

0.00 2.91

FP CAF Fixed Interest A class Inc


FP CAF Fixed Interest B class Acc

100.02
114.21

0.00 2.97
0.01 2.91

FP CAF Fixed Interest B class Inc

100.34

0.00 2.96

FP CAF International Equity A Class Acc

133.77

0.16 0.66

FP CAF International Equity A Class Inc

130.06

0.15 0.66

FP CAF UK Equity A Class Acc

143.83

-1.98 2.17

FP CAF UK Equity A Class Inc

131.53

-1.82 2.20

FP CAF UK Equity B Class Acc

143.83

-1.98 2.17

FP CAF UK Equity B Class Inc

131.52

-1.81 2.19

Fund

Bid

Offer

+/- Yield

Asia Pacific Ops W-Acc

0.99

0.00

Fidelity Asian Dividend Fund A-Accumulation

1.02

0.00 1.51

FIL Fund Management

Cavendish Asia Pacific Fund A Class

148.60

-1.50 0.75

Fidelity Asian Dividend Fund A-Income

0.96

0.00 2.84

Cavendish Asia Pacific Fund C Acc

153.80

-1.60 1.62

China Consumer

1.37

Cavendish European Fund B Class

135.00

1.10 1.28

Emerging Asia

1.09

Cavendish European Fund A Class

133.10

1.00 0.37

Emerg Eur, Mid East & Africa H

Cavendish Japan Fund B Class

149.20

0.90 0.80

c/o 1901 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam
Fund information, dealing and administration: funds@dragoncapital.com
Other International Funds

Enhanced Income - Acc

Enhanced Income - Inc

1.17

Vietnam Enterprise Inv. (VEIL) NAV $

-0.06 0.00

European - Inc

1.35

15.36

Fixed Int. Ser. 4

892.30 939.30 1.80

Intl Ser. 4

416.50 438.40 -0.10

Japan Ser 4

353.40 372.00 1.40

Man. Ser. 4

1600.70 1685.00 4.90

Money Ser. 4

524.30 551.90 0.00

Prop. Ser. 4

1099.30 1157.10 -0.50

Investment Inc

1303.48 1317.89 1.89 3.78

Custodian Ser 5

462.40 486.70 1.10

Investment Acc

2655.41 2684.79 3.85

Ashmore SICAV Emerging Market Debt Fund $ 93.50


Ashmore SICAV Emerging Market Frontier Equity Fund $ 139.66

-0.79 8.00
-0.17 0.94

Ashmore SICAV Emerging Market Total Return Fund $ 79.87

-0.81 5.63

Ashmore SICAV Global Small Cap Equity Fund $ 115.94

-0.50 0.00

Ashmore SICAV Local Currency Fund $ 80.76

-0.70 0.32

EM Mkts Corp.Debt USD F

-0.66 7.80

$ 91.32

EM Mkts Loc.Ccy Bd USD F

$ 75.38

-1.00 4.46

The Public Sector Deposit Fund-share class 3 F

100.00

0.00 0.35

The Public Sector Deposit Fund-share class 4 F

100.00

0.00 0.40

The Public Sector Deposit Fund-share class 5 F

100.00

0.00 0.30

368.20 387.60 2.30

Managed

4110.80 4327.20 2.50

Property

2844.30 2994.00 -1.20

Security

1476.50 1554.20 0.00

Selective

1980.20 2084.40 1.00

Formerly Hill Samuel Life Assurance Ltd


100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603

Aspect Diversified Trends EUR

123.59

2.21 0.00

Aspect Diversified Trends GBP

128.07

2.30 0.00

Atlantas Sicav

(LUX)

Regulated

Senator House 85 Queen Victoria Street London EC4V 4ET


Property & Other UK Unit Trusts
COIF Charity Funds (UK)
Investment Inc

1210.84 1224.23 1.29 3.62

Investment Acc

11539.52 11667.15 12.34

Ethical Invest Inc

186.44 188.50 -0.10 3.73

American Dynamic

$ 3398.69

11.16 0.00

Ethical Invest Acc

237.67 240.30 -0.13

-0.50 1.01

(IRL)

Cedar Rock Capital Fd Plc

$ 341.80

-3.32 0.00

Charles Schwab Worldwide Funds Plc

(IRL)

1.00

0.00 0.01

Global Dividend - Acc

1.48

0.02 3.31

India Focus A-GBP

4.16

-0.08 0.00

Holiday Property Bond Ser 1

0.49

0.00 0.00

Global Dividend - Inc

1.32

0.02 3.46

Latin America A-GBP

1.26

-0.02 0.65

Holiday Property Bond Ser 2

0.59

0.00 0.00

Global Focus

12.61

0.09 0.00

Global High Yield Fund - A Gross Acc 11.91

-0.10 4.89

Findlay Park Funds Plc

Global High Yield Fund - A Gross Inc

9.98

-0.08 5.54

30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900


FCA Recognised

40 Dukes Place, London EC3A 7NH


Order Desk and Enquiries: 0345 608 0941
Authorised Corporate Director - Capita Financial Managers
Authorised Inv Funds

Global High Yield Fund - A Net Acc 11.49

-0.10 4.94

American Fund USD Class

$ 78.46

-0.90 0.00

Asian Market Leaders - USD

$ 23.63

-0.53 0.00

Global High Yield Fund - A Net Inc

-0.09 5.54

American Fund GBP Hedged

42.75

-0.50 0.00

Asian Market Leaders - GBP

12.03

-0.16 0.00

American Fund GBP Unhedged

51.16

-0.14

Greater China - USD

9.96

-0.22 0.00

CF Eclectica Agriculture A EUR Acc

Global Property W Inc

Latin American Fund USD Class

$ 11.09

-0.29 0.00

Greater China - GBP

4.09

-0.06 0.00

-0.13

Selected Asian P'folio

$ 44.73 44.74 0.08 0.00

www.dsmsicav.com
Regulated
Global Growth I2 Acc
Global Growth I1 Eur

126.06
94.30

-1.88 0.00
-1.41

Eclectica Asset Management

(UK)

Global Property - Acc

$ 267287.64 267287.64 -408.96 0.00


$ 637.97

Raffles-Asia Investment Company $

1.59

-0.03 0.00
-0.72 0.00

Global Special Sits

23.96

0.15 0.00

CF Eclectica Agriculture A USD Acc $

1.52

-0.02 0.00

Index Emerging Markets P-Acc

0.93

0.00 2.79

CF Eclectica Agriculture C EUR Acc

1.41

-0.03 0.34

Index Europe ex UK P-Acc

0.97

0.01 2.50

103.03

-0.75 0.40

Index Japan P-Acc

1.05

0.01 1.59

1.56

-0.03 0.41

Index Pacific ex Japan P-Acc

0.95

0.00 4.10

Index UK A-Acc

0.80

0.00 2.97

Index UK P-Acc

0.97

0.00 3.22

Index US A-Acc

1.53

0.01 1.53

1.59 -0.13 8.14

(IRL)

Regulated
Cheyne Convertibles Absolute Return Fund 1334.84

-4.70 0.00

Cheyne Global Credit Fund

118.90

-0.81 0.00

Cheyne European Mid Cap Fund

1147.53

13.94 0.00

Cheyne Capital Management (UK) LLP


Other International Funds
Cheyne European Event Driven Fund 137.14

(UK)

Amity UK Cls A Inc

207.80

-0.30 1.48

Amity UK Cls B Inc

207.90

-0.30 2.29

Higher Income Cls A Inc

119.50

0.00 5.00

Higher Income Cls B Inc

123.00

0.00 4.93

UK Equity Growth Cls A Inc

231.70

-0.40 0.61

UK Equity Growth Cls B Inc

237.10

-0.40 1.23

Amity International Cls A Inc

189.00

-0.10 1.45

Cheyne Malacca Asia Equity Fund Class A $ 1386.92

-50.24 0.00

Amity International Cls B Inc

190.80

-0.10 2.36

Cheyne Multi Strategy Liquid Fund $ 125.37

-2.62

Amity Sterling Bond Fund A Inc

106.70

0.00 5.19

Cheyne Real Estate Credit Holdings Fund 152.99

1.01 0.00

Amity Sterling Bond Fund B Inc

115.10

0.00 5.18

Cheyne Real Estate Debt Fund Class A1 131.64

-0.05 0.00

-10.55 0.00

Cheyne Total Return Credit Fund December 2019 $ 136.64

-6.86

141.34 142.91 -0.83 4.41

Cohen & Steers SICAV

Managed Ser A (Pensions)

1003.70 1056.60 -7.80

Bond Global

1378.70

13.20 0.00

Global Equity Acc

207.57 209.86 -1.21

Regulated

Eurocroissance

843.83

16.09 0.00

Fixed Interest Inc

133.58 134.12 -0.89 4.14

Managed Growth (Life)

479.70 504.90 -4.80

Managed (Pensions)

6023.10 6340.10 -47.00

Managed Growth (Pensions)

580.80 611.30 -7.20

additional fund prices can be found on our website

Alceda Fund Management S.A.


www.alceda.lu
FCA Recognised
AC Opp - Aremus Fund EUR A

112.59

-1.83 0.00

AC Risk Parity 7 Fund EUR A

117.82

-0.38 0.00

AC Risk Parity 12 Fund EUR A

139.75

-0.80 0.00

AC Risk Parity 17 Fund EUR A

85.12

-0.56 0.00

BLME Asset Management

(LUX)

BLME Sharia'a Umbrella Fund SICAV SIF


Regulated

(IRL)

1.09

0.00 5.20

0.00 3.74

Global Opportunities A GBP

0.96

-0.01 1.50

Multi Asset Income A Net Inc

1.09

0.00 5.21

Pan European Opportunities I EUR

1.46

-0.05

South East Asia

7.46

-0.01 0.13

Special Situations

29.63

-0.02 0.80

Strategic Bond

0.00 2.96

-10.46 1.14

0.12 1.53

Corporate Bond B Inc

204.62

0.45 4.07

Algebris Financial Equity Fund - Class B EUR 99.06

-0.14

Multi Asset A Inc ... C

144.50

-0.40 1.25

Algebris Asset Allocation Fund - Class B EUR 98.85

0.19

Charity Fund
Enquiries 020 7214 1763

Global High Yield Bond B Inc

Targeted Return Fund Acc

140.00 140.80 -0.10 3.23

Global Infrastructure B Acc

Targeted Return Fund Inc

107.60 108.20 -0.10 3.30

Global Resource B Acc

Global Bond B Inc


Global Equity B Acc
Global Equity Income B Inc

Japan B Acc

Amundi Funds

(LUX)
5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332
www.amundi-funds.com
FCA Recognised

-0.05 0.00

Baring European Opportunities Fund Class A EUR Acc 12.98

-0.07 0.00

Baring Global Mining Fund - Class A GBP Inc

3.69

-0.01 0.58

Dynamic Emerging Markets A GBP Acc F

8.50

-0.01 0.00

38.40

-0.24 1.87

Bd. Euro Corporate AE Class - R - EUR 18.37

0.00 0.00

Eastern Europe A GBP Inc

Bd. Global AU Class - R - USD

$ 25.66

-0.08 0.00

Emerging Mkt Debt LC A GBP Hedged Inc

7.18

-0.07 6.82

Eq. Emerging Europe AE Class - R - EUR 26.83

-0.24 0.00

Emerging Opportunities A GBP Inc H 16.69

0.05 0.00

Eq. Emerging World AU Class - R - USD $ 79.68

-0.83 0.00

Glb Emerging Markets A GBP Inc H 17.13

0.09 0.00

Eq. Greater China AU Class - R - USD $ 542.98

-0.63 0.00

Glb Resources A GBP Inc H

0.03 0.38

6.38

-0.03 7.00

10.17

Eq. Latin America AU Class - R - USD $ 320.78

-7.10 0.00

High Yield Bond A GBP Hedged Inc H

Gl. Macro Bds & Curr Low Vol AHG - GBP 98.78

-0.01 0.00

Hong Kong China A GBP Inc

541.73

3.68 0.64

India Fund - Class A GBP Inc

13.95

0.14 0.00

Latin America A USD Inc H

$ 25.77

-0.19 0.21

MENA A GBP Inc F *

12.36

0.19 0.64

The Antares European Fund Limited


Other International
AEF Ltd Usd

$ 646.32

6.18

AEF Ltd Eur

649.37

6.25 0.00

Baring International Fd Mgrs (Ireland)

(IRL)

Regulated
China A-Share A GBP Inc

Arisaig Partners

5.70

0.14 0.00

Other International Funds


Arisaig Africa Consumer Fund Limited $ 14.77

-0.13 0.00

Arisaig Asia Consumer Fund Limited $ 61.33

-0.58 0.00

FCA Recognised

Arisaig Global Emerging Markets Consumer Fund $

9.73

-0.17 0.00

Russia A GBP Inc F

Arisaig Global Emerging Markets Consumer UCITS 11.26

-0.15 0.00

Arisaig Global Emerging Markets Consumer UCITS STG 10.43

-0.09 0.00

Arisaig Latin America Consumer Fund $ 19.61

-0.27 0.00

Barings (Luxembourg)

(LUX)
23.26

Artemis European Growth R Acc

(UK)
40 Dukes Place, London, EC3A 7NH
Authorised Corporate Director - Capita Financial Managers
Order Desk and Enquiries: 0345 922 0044
Authorised Inv Funds
113.33

-0.25 0.00

1227.08 1296.69 0.26 1.29


232.85 245.96 0.56 1.21
71.36 75.29 0.34 0.85

Artemis Global Emg Mkts I GBP Acc

78.79

-0.11

Artemis Global Emg Mkts I GBP Dist

78.79

-0.11

Artemis Global Energy R Acc

21.48 22.79 0.14 0.00

Artemis Global Growth R Acc

173.72 183.30 0.78 0.84

Artemis Global Income R Acc

91.50 96.67 -0.04 4.29

Artemis Global Income R Inc

73.67 77.84 -0.04 4.47

Artemis Global select R Acc

68.18 71.94 0.42 0.00

Artemis High Income R Inc

77.86 82.90 -0.04 5.84

Artemis Income R Inc

198.27 210.12 0.02 4.44

Artemis Income R Acc

332.25 352.11 0.04 4.32


61.33 65.05 0.03 4.85

-0.02 0.13

Comgest Gth Emerging Mkt DIS F $ 28.87

-0.29 0.46

Comgest Gth Europe DIS F

19.30

-0.47 0.00

Comgest Gth GEM PC DIS F

11.68

-0.06 0.16

239.99

Consistent Unit Tst Mgt Co Ltd (1200)F

1.47 1.64

90.88

0.59 2.96

561.30

-0.27 1.14

116.54

-0.99 1.32

Portfolio VII B Acc

100.19

Middle East & Developing Africa Fund (Final) $ 19.81

Saudi Arabia Equity Fund

SR 13.54

5 Kensington Church St, London W8 4LD 020 7368 4220


FCA Recognised

135.40

Ennismore European Smlr Cos Hedge Fd


Other International Funds

-0.02 1.39
-0.06 1.50
-0.18 1.22

Crediinvest SICAV Money Market Eur I 11.21


Crediinvest SICAV Money Market Usd A $ 10.02
Crediinvest SICAV Fixed Income Eur 10.70

0.00 0.00
0.00 0.00

NAV

482.14

(GSY)

Regulated
Equinox Russian Opportunities Fund Limited $ 110.69

-2.88 0.00

-0.02 0.00

-1.98 0.79

Crediinvest SICAV Fixed Income Usd $ 10.50

0.00 0.00

Euronova Asset Management UK LLP

0.03 0.00

Crediinvest SICAV Spanish Value 241.53

-7.66 0.00

Regulated

Total Return B Acc

100.64

-0.58 2.98

Crediinvest SICAV International Value 210.86

-4.72 0.00

UK Equity B Acc

104.99

-0.12 1.76

Crediinvest SICAV Big Cap Value 15.53

-0.55 0.00

UK Equity & Bond Income B Inc

225.73

-0.18 5.31

Crediinvest SICAV US American Value $ 17.45

-0.22 0.00

UK Equity Income B Inc

399.75

-0.22 5.32

Crediinvest SICAV Sustainability 14.67

-0.01 0.00

(CYM)

(UK)

40 Dukes Place, London EC3A 7NH


Order Desk and Enquiries: 0345 922 0044
Authorised Inv Funds
CF Heartwood Cautious B Acc X

125.99

-0.01 0.12

CF Heartwood Cautious Income B Inc X

109.35

-0.29 2.07

3.44

-0.01 0.00

UK Smaller Companies

2.06

0.00 0.19

WealthBuilder A Acc

0.96

-0.01 0.64

Fidelity PathFinder Foundation 1 Gross Acc (clean)

1.08

0.00

Fidelity PathFinder Foundation 1 Acc (clean)

1.08

0.01

Fidelity PathFinder Foundation 2 Acc (clean)

1.06

0.00

Fidelity PathFinder Foundation 3 Acc (clean)

1.04

0.00

Fidelity PathFinder

Fidelity PathFinder Foundation 4 Acc (clean)

1.05

0.01

Fidelity PathFinder Foundation 5 Acc (clean)

1.11

0.01

Fidelity PathFinder Focussed 1 Gross Acc (clean)

1.10

0.01

Fidelity PathFinder Focussed 1 Acc (clean)

1.09

0.00

Fidelity PathFinder Focused 2 Acc (Clean)

1.10

0.01

Fidelity PathFinder Focussed 3 Acc (clean)

1.08

0.00

Fidelity PathFinder Focussed 4 Acc (clean)

1.09

0.01

Fidelity PathFinder Focussed 5 Acc (clean)

1.09

-0.01

Fidelity PathFinder Freedom 1 Gross Acc (clean)

1.06

0.00

Fidelity PathFinder Freedom 2 Acc (clean)

1.05

0.00

Fidelity PathFinder Freedom 1 Acc (clean)

1.06

0.00

Fidelity PathFinder Freedom 3 Acc (clean)

1.02

-0.01

Fidelity PathFinder Freedom 4 Acc (clean)

1.01

0.00

Fidelity PathFinder Freedom 5 Acc (clean)

1.06

-0.01

Fidelity PathFinder Income 1 Income (clean)

1.02

0.00 3.97

0.37 0.00

Fidelity PathFinder Income 1 Gross Income (clean)

1.02

0.00 4.86

Smaller Cos Cls Two Shares (Est) 23.78

0.23 0.00

Fidelity PathFinder Income 2 Income (clean)

1.02

0.00 3.72

Smaller Cos Cls Three Shares (Est) 11.97

0.11 0.00

Fidelity PathFinder Income 2 gross

1.03

0.00 4.71

Smaller Cos Cls Four Shares (Est) 15.37

0.18 0.00

(LUX)

Regulated
Davis Value A

$ 38.88

-0.71 0.00

Davis Global A

$ 27.11

-0.57 0.00

Eurobank Fund Management Company (Luxembourg) S.A.

Discretionary Unit Fund Mngrs (1000)F

(UK)

CF Heartwood Growth B Acc X

138.33

-0.41 0.69

CF Heartwood Balanced Income B Inc X

110.15

-0.45 2.54

Disc Inc

1581.50 1630.40 -6.10 0.00

CF Heartwood Balanced B Acc X

121.48

-0.16 0.35

Do Accum

5933.70 6117.20 -23.00 0.00

CF Heartwood Defensive Multi Asset Fund B Accumulation

108.49

-0.07 0.01

CF Richmond Core X

176.51

-1.43 0.00

CF Seneca Diversified Growth A ACC

209.05

-0.71 1.38

CF Seneca Diversified Growth B ACC

123.54

-0.42 1.42

CF Seneca Diversified Growth N ACC

122.38

-0.41 1.22

CF Seneca Diversified Income A INC

87.14

-0.24 5.61

CF Seneca Diversified Income B INC

103.28

-0.29 5.69

CF Seneca Diversified Income N INC

102.32

-0.29 5.69

Regulated
(LF) Absolute Return

1.29

-0.01 0.00

(LF) Balanced - Active Fund (RON)RON 16.37

-0.07 0.00

(LF) Cash Fund


(LF) Cash Fund (RON)
(LF) Eq Emerging Europe
(LF) Eq Flexi Style Greece
(LF) Global Bond Fd
(LF) Global Equities
(LF) Eq Mena Fund

Dodge & Cox Worldwide Funds

(IRL)

6 Duke Street,St.James,London SW1Y 6BN


www.dodgeandcox.worldwide.com 020 3713 7664
FCA Recognised
Dodge & Cox Worldwide Funds plc - Global Bond Fund

(LF) Greek Government Bond


(LF) Income Plus $
(LF) Greek Corporate Bond

1.25

RON 15.61

0.71
0.94

12.14

1.09

13.91
18.09
$

1.22

10.96

0.00

0.00 0.00
-0.01 0.00
-0.05 0.00
0.04 0.00
-0.02 0.00
0.11 0.00
-0.04

0.00 0.00
0.01

$ 26.57

-0.37 0.00

EUR Accumulating Class

11.51

0.00 0.00

(LF) FOF Balanced Blend

1.39

0.00 0.00

The Westchester Class 1 GBP Acc 18.81

-0.06 0.00

EUR Accumulating Class (H)

-0.05 0.00

(LF) FOF Equity Blend

1.26

-0.02 0.00

The Westchester Class 2 GBP Acc 18.85

-0.05 0.00

Investment Adviser - Morant Wright Management Limited

Fidelity PathFinder Income 2 Gross Income (clean)

1.02

0.00 4.64

Fidelity PathFinder Income 3 Income (clean)

1.02

0.00 4.32

Institutional OEIC Funds

1 Poultry, London EC2R 8JR 020 7 415 4130


Authorised Inv Funds

Investment Adviser - DSM Capital Partners

UK Growth

9.18

EUR Distributing Class

11.15

0.01 2.86

(LF) FOF Glob. Emerging Mkts

0.82

0.00 0.00

EUR Distributing Class (H)

-0.05 3.07

(LF) FOF Dynamic Fixed Inc

11.57

0.03 0.00

8.88

Braemar Group PCC Limited

(GSY)

Regulated

Cavendish Opportunities Fund C Acc

1103.00

-2.00 1.20

Cavendish Worldwide Fund B Class

287.30

-1.40 0.84

UK Agricultural Class A

1.26

0.00 0.00

Cavendish Worldwide Fund A Class

286.30

-1.40 0.07

UK Agricultural Class B

1.38

0.00 0.00

Cavendish Worldwide Fund C Acc

293.80

-1.40 0.80

Cavendish AIM Fund B Class

161.80

-0.80 0.38

Student Accom Class B

0.55

-0.17 0.00

-0.07 0.00

11.08

-0.04 0.53

EUR Accumulating Share Class

20.01

-0.14 0.00

-0.05 0.00

GAM Star Global Selector USD Acc F $ 12.57

-0.14 0.00

GAM Star Japan Eqty USD Acc F $ 12.68

0.16 0.00

GAM Star Keynes Quant Strat USD Acc F $ 12.17

0.12 0.00

GAM Star Local EM Rates and FX USD Acc $ 10.53

-0.12 0.00

GAM Star North of South EM Equity Acc F $

9.74

-0.18 0.00

GAM Star Technology USD Acc F $ 14.39

-0.44 0.00

GAM Star US All Cap Eqty USD Acc F $ 12.95

-0.19 0.00

GAM Star Worldwide Eqty USD Acc F $ 3079.26

-78.42 0.00

0.01 1.88

Select Global Equities

2.84

0.03 1.17

South East Asia

3.31

0.01 2.17

Sterling Core Plus Bond Gr Accum

2.05

0.01 3.46

Sterling Core Plus Bond Inc

1.34

0.01 5.18

UK

3.46

0.00 2.32

UK Long Corp Bond - Gross

2.46

0.01 4.25

Gross Accum Cash

1.28

1.28 0.00 0.00

UK Long Corporate Bond Fund - Gross Income 10.94

0.03 4.39

MoneyBuilder Cash ISA

1.00

1.00 0.00 0.14

UK Specialist

MoneyBuilder Global

2.50

2.50 0.00 0.20

Retail Share Classes

Asset Management

0.00 4.40

0.11 0.00

GAM Star Global Rates USD Acc F $ 12.48

1.73

-0.25 0.00

1.36

10.89

Select European Eqts

American Special Sits

GAM Star GAMCO US Equity Acc F $ 12.57

-0.01 1.71

UK Long Corp Bond

0.21 0.00

-0.08 0.00

1.00 0.00 0.14

1.08

1.00

26.58

GAM Star Flexible Gbl Port GBP Ac 12.32

Select Emerging Markets Equities

American

-0.74 0.00

-0.01 3.37

Cash Fund

OEIC Funds

0.00 1.93

17.37

GAM Star European Eqty USD Acc F $ 22.56

9.93

GBP Distributing Share Class

-0.03 0.00

Reduced Duration UK Corp Bond Gross Inc

2.03

GBP Accumulating Share Class

-0.01 3.37

-3.00 0.61

GAM Star Emerg. Market Rates USD Acc F $ 11.35

UK Gilt Gross

-0.02 0.00

9.91

0.01 1.96

1061.00

Reduced Duration UK Corporate Bond Inc

Cavendish Opportunities Fund A Class

-0.03 0.00

9.98

-0.01 3.37

1.28

-123.00 0.90

GAM Star Dynamic Gbl Bd USD Acc H $

GAM Star Discretionary FX USD Acc F $ 12.79

Reduced Duration UK Corporate Bond Gross 10.64

UK Gilt Bond

Bonhte Alternative - Multi-Performance (USD) Classe (EUR) 10147.00

-0.02 0.00

-0.01 3.37

0.02 3.97

186.36 186.36 0.00 0.00

Cash Accum Units

10.73

Reduced Duration UK Corporate Bond 10.47

UK Corporate Bond Fund Gross Inc 11.06

-0.22 0.00

GAM Star Defensive GBP Acc

0.01 2.10

0.00 3.85

0.01 4.60

$ 17.16

2.52

2.25

USD Accumulating Share Class

GAM Star Cred Opportunities GBP Acc 12.31

Dodge & Cox Worldwide Funds plc-U.S. Stock Fund

-0.08 0.00

Pan European

UK Corporate Bond - Gross

-2.00 1.40

0.00 2.02

-0.28 0.00

-0.03 0.00

3.36

-0.12 0.76

1069.00

GAM Star Cont European Eqty GBP Acc F

3.25

Cavendish Opportunities Fund B Class

GAM Star China Equity USD Acc F $ 21.68

4.00 2.22

-0.03 0.00

Pacific (Ex Japan)

20.55

0.08 2.85

11.92

Other International Funds

10.19

EUR Accumulating Share Class

Bonhte Alternative - Multi-Arbitrage (USD) Classe (EUR) 6806.00

GAM Star Cautious GBP Acc

11.30

GBP Distributing Share class

-0.27 0.00

0.04 0.00

Long Bond Fund Gross Inc

3.31 2.25

14.05

-0.29 0.00

$ 12.62

Global Bond USD

236.04

EUR Accumulating Share Class

GAM Star Cat Bond USD Acc

0.00 2.79

CF Morant Wright Nippon Yield Fund B Inc X

Chelsea House, Westgate, London W5 1DR


IFA Enquiries 020 8810 8041 Admin/Dealing 0870 870 7502
Authorised Inv Funds

GAM Star Cap.Appr.US Eqty USD Inc F $ 16.72

0.00 3.98

-0.34 0.00

-0.04 0.00

0.82

1.22

$ 13.28

10.10

Long Bond Gross

USD Accumulating Share Class

GAM Star Balanced GBP Acc

UK Corporate Bond

Cavendish Asset Management Limited (1200)F (UK)

-0.04 0.00

EU Multi-Strategy Managed

3.19 2.26

BONHOTE

0.01 2.85

130, Tonbridge Rd, Tonbridge TN11 9DZ


Callfree: Private Clients 0800 414161
Broker Dealings: 0800 414 181
Authorised Inv Funds
Unit Trust

GAM Star Asian Eqty USD Ord Acc F $ 12.79

227.78

Dodge & Cox Worldwide Funds plc-International Stock Fund

0.08 0.00

0.51

CF Morant Wright Nippon Yield Fund A Inc X

4.00 -0.15 0.00

0.00 4.73

3.79

GAM Star Asia-Pacific Eqty USD Acc F $ 11.66

Long Bond

GAM Star Fund Plc

4.82

1.22

BLK Intl Gold & General

(IRL)

FCA Recognised
GAM Fund Management Ltd
Georges Court, 54-62 Townsend Street, Dublin 2 + 353 1 6093927

1.80

0.00 3.32

Emerging Markets - retail

1.15

0.00 0.08

Europe Long Term Growth

1.54

0.00 1.84

{*}CAR - Net income reinvested

Taurus Emerging Fund Ltd

1946.53 2034.60 -10.80 0.00

Global Technology A Acc

882.20

-7.50 0.00

Multi-Manager Absolute Return A Acc

134.40

0.00 0.31

Multi-Manager Active A Acc

167.60

0.10 0.00

Multi-Manager Distribution A Inc

124.60

-0.70 3.18
-0.34 2.70

Multi-Manager Diversified A Acc

77.36

Multi-Manager Global Select Acc

171.50

0.00 0.00

Multi-Manager Income & Growth A Acc

148.80

-0.60 2.10

Multi-Manager Income & Growth A Inc

137.70

-0.50 2.12

Multi-Manager Managed A Acc

220.50

-0.10 0.43

Multi-Manager Managed A Inc

216.50

-0.10 0.42

Sterling Bond Acc

195.02 203.77 0.39 2.80

Sterling Bond Inc

60.81 63.53 0.12 2.84

Strategic Bond A Inc

126.70

-0.10 5.34

UK & Irish Smaller Companies A Acc

561.30

-2.00 0.00

UK Absolute Return A Acc

146.70

0.10 0.00

UK Alpha A Acc

110.00

0.20 1.00

UK Equity Income & Growth A Inc

593.90

0.20 3.82

UK Index A Acc

470.00

1.00 2.63

UK Property A Acc

193.08 203.24 0.05 4.04

UK Property A Inc

97.68 102.81 0.03 4.16

UK Tracker A Acc

209.70

0.70 2.36

US Growth A Acc

749.70

-4.40 0.00

(IRL)
Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121
FCA Recognised
0.99 0.00

1.96 0.01

Hermes Active UK Inflation Fund Class F Acc

1.29

1.29 0.01 0.00

Hermes Asia Ex-Japan Equity Fund Class F Acc

1.40

1.40 -0.02 0.00

5.19 -0.03 0.00

Hermes Asia Ex-Japan Equity Fund Class R Acc

3.05

3.05 -0.08 0.00

2.99

3.23 -0.03 0.00

Hermes Global Emerging Markets Fund Class F Acc

1.07

1.07 -0.01 0.00

3.47

3.75 0.00 0.00

Hermes Global Emerging Markets Fund Class R Acc

2.71

2.71 -0.06 0.00

Hermes Global Equity Fund Class F Acc

1.41

1.41 0.00 0.00

Hermes Global Equity Fund Class R Acc

3.72

3.72 -0.03 0.00

Hermes Global ESG Equity Fund Class F Acc

1.09

1.09 0.00 0.00

Hermes Global High Yield Bond Fund Class F Acc

1.07

1.07 0.00 0.00

Hermes Global High Yield Bond Fund Class R Acc

2.80

2.80 -0.02 0.00

Hermes Global Small Cap Fund Class F Acc

0.94

0.94 0.00

Hermes Global Small Cap Fund Class R Acc

1.86

1.86 -0.02

Hermes Multi Asset Inflation Fund Class F GBP Acc

0.99

0.99 0.00

Hermes Multi Strategy Credit Fund Class F Acc Hed

1.03

1.03 0.00 0.00

Hermes Sourcecap EU Alpha Fund Class F Acc

1.21

1.21 0.00 0.00

Hermes Sourcecap EU Alpha Fund Class F Dis

1.18

1.18 0.01 1.36

Hermes Sourcecap EU Alpha Fund Class R Acc

2.95

2.95 -0.02 0.00

Hermes Sourcecap EX UK Fund Class F Acc

1.26

1.26 0.01 0.00

Hermes Sourcecap EX UK Fund Class R Acc

2.96

2.96 -0.02 0.00

Hermes UK Small & Mid Cap Fund Class F Acc

1.60

1.60 0.00 0.00

Hermes UK Small & Mid Cap Fund Class R Acc

4.81

4.81 -0.05 0.00

Hermes US All Cap Equity Class F Stg Acc

0.94

0.94 -0.01

Hermes US All Cap Equity Class R Acc

1.85

1.85 -0.03

Hermes US SMID Equity Fund Class F Acc

1.54

1.54 -0.01 0.00

Hermes US SMID Equity Fund Class R Acc

3.31

3.31 -0.04 0.00

Asset Management

4.98

-0.03 0.00

Guardian Assurance
Equity S-GH Class B

11.53

0.02

Managed Fund Bond

22.40 23.34 -0.19

319.90 336.70 0.00

285.3

Choices Managed

586.39 617.25 -6.18

Choices Equity

649.53 683.71 -13.98

Freedom With Pfts Long-Tm

219.50 231.10 0.00

Freedom With Pfts Short-Tm

197.40 207.70 0.10

Freedom Managed

344.43 362.56 -2.90

Freedom Equity

383.22 403.39 -6.61

Corp Pens Mananged

207.01 207.01 -2.18

Corp Pens Equity

212.06 212.06 -4.56

Corp Pens Fixed Interest

296.52 296.52 0.10

Corp Pens Index Linked

334.16 334.16 -2.94

Corp Pens Deposit

190.83 190.83 0.00

359.76 359.76 0.10

0.06 3.91

Global Growth Fund

1.96

(UK)
Ballam Road, Lytham St Annes, Lancashire, FY8 4JZ 01253 733 151
Insurances

Corp Pens UK Index Tracker

0.99

Guardian

Corp Pens Protector

-0.10 0.12

46.50

Hermes Abs Return Credit Fund Class R Acc

Other International Funds

Choices Wth-Pfts St-tm

Global Equity Income A Inc

Hermes Abs Return Credit Fund Class F Acc

Genesis Asset Managers LLP

Choices Wth-Pfts Lg-tm

189.30

Hermes Investment Funds Plc

$ 167.70 171.12 4.94 0.00

21.86 22.93 -0.03 5.47

Global Care Growth A Inc

(GSY)

Generali International Limited

Emerging Mkts NAV

Asset Manageme

Fixed Interest Monthly Income A Inc

GAM Limited

FIL Investment Services (UK) Limited (1200)F (UK)

-0.29 1.05

UK Multi-Strategy Managed

UK Aggregate Bond Inc

5.39 0.00

0.02 0.81

-0.17 0.00

94.66

1063.18

European Special Situations A Acc

1.90

16.30

Blackrock UK Long Lease

GBP Accumulating Share Class

0.08 3.52

-34.30

1757.17

Japan

3.77 2.21

6.00 0.69

GAM UK Diversified Acc

5.11 0.00 0.00

40.42

4.74

268.81

BlackRock UK Property

0.60 0.81

1222.00

CF Morant Wright Nippon Yield ACC B X

Regulated

-12.70 0.44

European Selected Opportunities A Acc

Global Multi-Strategy Managed

0.00 4.62

0.09 0.71

752.90

-16.67

1.81

0.20 3.32

China Opportunities A Acc

Index-Linked Bond Fund Gross Inc 12.43

0.30 3.26

3111.07

PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108
International Insurances

UK Aggreg Bond Gr Accum

GAM North American Gwth Acc

0.02 0.71

-0.30 0.00

145.20

-0.50 0.81

232.90

Cautious Managed A Inc

3.18

$ 15.23

Cautious Managed A Acc

USD Accumulating Share Class

Dodge & Cox Worldwide Funds plc-Global Stock Fund

-6.00 0.98

156.20

Index Linked Bond Gross

3.63 2.22

79.35 83.74 -0.84 7.00

135.70

0.02 0.71

653.60

European Growth A Acc

0.02 1.70

259.47

Asia Pacific Capital Growth A Acc

Emerging Markets Opportunities A Acc

CF Morant Wright Nippon Yield ACC A X

(UK)
PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
www.henderson.com
Authorised Inv Funds

-37.06 0.00

3.54 0.58

Henderson Global Investors

2.64

-0.54 0.00

3720.32

2.68

252.37

GAM Global Diversified Acc

CF Morant Wright Japan B Inc X


(JER)

(UK)

GAM Sterling Management Limited


12 St James's Place London SW1A 1NX. 0800 919 927
Internet: gam.com
Authorised Inv Funds
GAM Funds OEIC

3.75 0.56

-0.05 0.00

GAM Limited (2300)F

Index Linked Bond

137.52

Asian Dividend Income Inc

Global Focus

267.62

0.22 1.28

0.30 3.05

CF Morant Wright Japan B X

9.24

0.24 1.26

-0.24 0.00

193.09

Fidelity Pre-Retirement Bond Fund 117.50

USD Accumulating Class

204.46

Fundsmith Equity T Inc

Regulated

110.11

-0.05 3.02

Fundsmith Equity T Acc

GYS Investment Management Ltd

The Castleton Growth Fund Ret Inc X F

Heartwood Caut Multi Asset B Acc


(UK)
PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815
www.fundsmith.co.uk, enquiries@fundsmith.co.uk
Authorised Inv Funds

0.02 1.59

3.47 0.00

(IRL)

Fundsmith LLP (1200)F

0.01 0.87

Other International Funds

Regulated

248.04

Haussmann

Heartwood Wealth Management Limited

3.91

CF Morant Wright Japan A Inc X

8.95

-0.24 0.00

-0.50

Europe

GBP Distributing Class (H)

0.04 0.56

109.66

-0.08 0.00

45.26

The Castleton Growth Fund Ret Acc X F

Global Real Estate-GBP C Class

3.53 0.00

15.71

2.89

(LF) FOF Real Estate

-0.53

3.77

251.77

0.03 2.96

CF Morant Wright Japan A X

71.42

-0.25 0.00

9.82

Commercial Property-GBP Class

Emerging Markets

Other International

America

111.98

GBP Distributing Class

Frontier Capital (Bermuda) Limited

Asset Management

Smaller Cos Cls One Shares (Est) 33.85

0.17 1.97

DAVIS Funds SICAV

The Westchester X

6.07 0.00

Equinox Fund Mgmt (Guernsey) Limited

97.98

Capita Asset Services

-0.20 2.12

(IRL)

773.58

-0.27 0.00

(UK)

Strategic Return B Acc

47.33

0.00

Electric & General (1000)F

North American B Acc

UK Government Bond B Inc

963.67 986.81 2.40 3.70

www.creditandorra.com
FCA Recognised

0.00 0.89

Practical Investment Acc

Crdit Andorr Asset Management

103.89

0.00

Ennismore Smaller Cos Plc

0.14 2.24

Portfolio VI B Acc

2.37

197.33 202.07 0.49 3.80

0.15 2.04

Practical Investment Inc

105.37

UK Select

$ 29.93

Electric&General Net Income A

Portfolio V B Acc

The EFG-Hermes Egypt Fund

52.90 53.53 0.19 4.83

106.74

0.00 0.51

-0.01 0.26

123.30 124.75 0.45 4.68

105.90

-0.01 0.29

Consistent UT Acc

Portfolio IV B Acc

0.55

Consistent UT Inc

Portfolio III B Acc

Stuart House St.John's Street Peterborough PE1 5DD


Orders & Enquiries: 0845 850 0255
Authorised Inv Funds
Authorised Corporate Director - Carvetian Capital Management

(LUX)

0.00 0.30

1.34

PO BOX 10117, Chelmsford, Essex, CM1 9JB


Dealing & Client Services 0845 0264281
Authorised Inv Funds

0.48 0.94

0.00 0.27

1.26

0.10 0.00

72.83

0.50

-0.35 0.00

0.07 0.95

0.50

-0.41 4.92

Target 2015 - Gross

Target 2030

0.00 2.96

Target 2025

Ennismore European Smlr Cos NAV 132.78

DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE
Contact: Telephone + 971 4 363 4029 Email AMsales@EFG-HERMES.com
Other International Funds

Ennismore European Smlr Cos NAV 96.33

94.90

0.31

Target 2015

Target 2020

0.34 4.02

106.76

47.20

(UK)

0.31

The Castleton Growth Fund Ret Inc 2

BlackRock

Artemis European Opps R Acc

Artemis Monthly Dist R Inc

-0.22 0.00

(UK)

57 St. James's Street, London SW1A 1LD 0800 092 2051


Authorised Inv Funds
Artemis Capital R ACC

Barmac Asset Management Ltd

The Castleton Growth Fund Ret Acc 2

Artemis Fund Managers Ltd (1200)F

Strategic Bond Gross

(UK)

1-6 Lombard Street, EC3V 9JU. Dealing 0345 606 6180


Authorised Inv Funds

European B Acc

-4.03 0.00

0.00 1.25

1.46

9.29

141.25

Baring Emerging Markets Corporate Debt Fund $

SFr 1281.32

762.71

-0.03 0.00

Haussmann Cls D

Multi Asset Income A Net Acc

Balanced B Acc

0.00 0.82

Multi Asset Income A Gross Inc

Asia Pacific B Acc

9.88

0.00 1.99

Sterling Bond F

0.45

-0.02 2.06

Canada Life Investments

Baring China Bond Fund

-7.13 0.00

Multi Asset Open Growth A-Acc

-0.50 1.24

105.92 105.92 0.42

-7.48 0.00

2416.90

1.41

151.00

Allianz Global Small Cap Equity

Haussmann Cls C

1.03

(JER)
Barclays Investment Funds (CI) Ltd
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800
FCA Recognised
Bond Funds

0.42 2.10

$ 2760.48

0.00 0.56

0.00 0.26

Haussmann Cls A

7.51

100.52 103.62 -1.50 0.17

1.09

Global Opportunities I EUR

Comgest Gth Asia Pac ex Jap DIS F $

96.29 99.25 -1.80 0.14

HL Multi-Manager UK Growth A Acc

Global Opportunities I GBP

(IRL)

HL Multi-Manager European A Acc

MultiManager Balanced

Property

Regulated

-0.32 6.43

0.01 0.36

Local Authorities Property Fd (LAMIT) (UK)

46 St Stephen's Green, Dublin 2, Ireland


FCA Recognised

EFG Hermes

82.86 85.40 -0.02 0.00

Franklin Emg Mkts Debt Opp USD $ 17.43

1.33

0.00 0.00

(IRL)

HL Multi Manager Emerging Markets A Acc

0.01 3.72

Comgest AM International Ltd

-0.27 6.36

Multi Asset Growth

128.15 128.15 -0.26 0.27

0.00 0.35

Capital Value Fund Cls V

139.48 143.78 -0.07 0.13

Franklin Emg Mkts Debt Opp SGD S$ 22.71

0.00 0.36

1.55

128.22 128.22 -1.06 1.62

HL Multi-Manager Strategic Bond Trust M Inc

1.14

Dollar Fund Cls D

0.00 6.52

1.21

-1.01 0.00

Multi Asset Income A Gross Acc

139.47 143.78 -0.07 1.51

Franklin Emg Mkts Debt Opp GBP 10.28

Multi Asset Defensive - Gross

Open World A-Acc

Gl Sukuk Fund - Share Class A Acc $ 1231.98

HL Multi-Manager Strategic Bond Trust A Inc

0.01 0.00

1.21

-0.09 0.00

-0.30 6.67

-0.03 2.10

-0.08 1.57

18.53

166.75 171.90 -0.08 0.13

Franklin Emg Mkts Debt Opp EUR 12.32

1.21

Comgest Magellan

HL Multi-Manager Strategic Bond Trust M Acc

Franklin Templeton International Services Sarl (IRL)

1.17

Multi Asset Open Strategic A-Acc

17 square Edouard VII - 75009 Paris


FCA Recognised

-0.36 6.60

-0.10 0.00

-0.09 2.26

(FRA)

Comgest SA

166.75 171.90 -0.08 1.49

Franklin Emg Mkts Debt Opp CHFSFr 17.49

$ 33.98

Multi Asset Defensive

2.34

Capital Gearing Portfolio Fund Plc 26313.66 26313.66 -47.97 0.63

144.32 151.68 -0.95 0.17

HL Multi-Manager Strategic Bond Trust A Acc

(GSY)

Multi Asset Alloc Growth A

1.57

166.33 166.33 -1.16 2.38

61.84

0.00 0.25

Real Return Cls A

Australia A GBP Inc

0.00 0.28

Multi Asset A Acc ... C

1.10

Global Opportunities I USD

-0.88 0.00

Allianz Global Fundamental Strategy 101.87 101.87 -0.11

1.10

European Opportunities A EUR

0.30

0.25 0.00

Multi Asset Alloc Def - Net A

-0.1270 0.00

Multi Asset Alloc Def - Gross A

-0.1074 1.49

Income Fund - Share Class W DisA$ 1036.06

40.34

0.01 0.28

CG Portfolio Fund Plc

Asia Growth A GBP Inc H

0.00 2.39

1.15

$ 12.1897

Algebris Financial Income Fund - Class I EUR 118.43

Allianz Best Styles Global Equity 100.12 100.12 0.35

3.62

Multi Asset Alloc Strategic A-Acc

$ 10.3068

0.01 0.00

1.30 0.62

Multi Asset Alloc Adventurous A-Acc

Gbl RealEstate Sec. IX

0.00 0.48

Gbl RealEstate Sec. I

Income Fund - Share Class M Acc 1014.28

99.66

0.00 3.23

0.00 2.52

0.02 0.00

ASEAN Frontiers A GBP Inc

1.27

0.01 0.53

-0.22 0.00

(LUX)

0.35

0.00 3.23

FCA Recognised

Multi Asset Adventurous A-Acc

Algebris Financial Credit Fund - Class I EUR 131.36

Allianz Global Investors GmbH(1200) F

MoneyBuilder Income -Gross

0.35

HL Multi-Manager Equity & Bond Trust M Acc

Foord Asset Mgt (Guernsey) Ltd

0.00 2.29

1.51

(IRL)
CG Asset Management Limited
Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland
00 353 1 434 5098
FCA Recognised

144.30 151.67 -0.97 2.03

JPMorgan House - International Financial Services Centre,Dublin 1, Ireland


Other International Funds
Franklin Emerging Market Debt Opportunities Fund Plc

Foord International Trust

0.29

274.76 295.14 2.73 4.81

107.14 112.61 -0.71 0.18

HL Multi-Manager Equity & Bond Trust A Acc

0.01 4.49

107.14 112.61 -0.72 2.06

HL Multi-Manager Equity & Bond Trust M Inc

Multi Asset Strategic

248.62 256.95 2.77

177.86 187.08 -1.10 0.00

2.49

97.26 102.33 -1.46 3.77

HL Multi-Manager Equity & Bond Trust A Inc

0.01 2.45

160.25 168.59 -2.40 0.30

HL Multi-Manager Income & Growth Trust A Inc

HL Multi-Manager Balanced Managed Trust M Acc

Money Builder Dividend

MoneyBuilder Income

160.25 168.60 -2.40 3.67

HL Multi-Manager Income & Growth Trust M Acc

97.26 102.33 -1.46 0.30

Regulated

5.16 0.01

259.72 273.38 -1.34 0.00

HL Multi-Manager Income & Growth Trust A Acc

177.85 187.07 -1.12 0.95

0.00 4.15

0.73

5.16

259.70 273.36 -1.36 0.40

HL Multi-Manager Special Situations Trust M Acc

HL Multi-Manager Balanced Managed Trust A Acc

0.01 0.53

HL Multi-Manager Special Situations Trust A Acc

HL Multi-Manager Income & Growth Trust M Inc

Multi Asset Open Strategic A-Inc

112.63 116.40 0.11 5.79

Fleming Fund

-0.12 1.98

Property Inc

Incorporated in New Zealand, Reg No 5141841


Registered address: Level 5, 3 City Road, Graftn, Auckland, 1010, New Zealand
www.fftinvestmentfund.com
info@fftinvestmentfund.com
Other International Funds
Fleming FT Investment Fund

0.49

MoneyBuilder Growth ISA

Unit Trust

1.16

Fleming Financial Trust Investment Fund Limited (NZ)

0.72

Other International Funds

(UK)
PO Box 55736, 50 Bank Street, Canary Wharf London E14 1BT
Enquiries 0117 90090000
www.hl.co.uk
Authorised Inv Funds
Hargreaves Lansdown Funds

7.23

Hamon Investment Group

Hargreaves Lansdown Fd Mgrs (1100)F

MoneyBuilder Balanced

-0.06 2.44

Property Acc

Latin American Fund GBP Unhedged

MoneyBuilder Asset Allocator

MoneyBuilder Growth

(IRL)

0.02 0.00

0.03 1.22

(IRL)
Baring International Fd Mgrs (Ireland)
Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 020 7214 1004
FCA Recognised

(UK)

1.84

1.73

Baring Fund Managers Ltd (1200)F

2.67

Income Fund - Share Class G Acc 1079.52

0.01 3.35

Japan Smaller Companies

Income Fund - Share Class D Dis $ 997.50

0.03 0.00

0.03 0.00

0.46

0.01 2.01

European Opportunities I USD

2.57

European Opportunities I GBP

758.11 761.14 -5.06

Income Fund - Share Class C Acc $ 1007.44

1.09

-0.3901 0.00

Fixed Interest Acc

0.04 0.00

1.00

Japan

-0.2914 1.68

0.04 0.00

2.39

Index World P-Acc

Global Liquidity USD

0.01 1.89

Bank of America Cap Mgmt (Ireland) Ltd

European Opportunities I EUR

0.01 1.75

22.3036

Dealing and Enquiries 020 7214 1004


Fund Information: www.barings.com
Authorised Inv Funds

Regulated

(LUX)

(IRL)
27-31 Melville Street, Edinburgh, Edinburgh, EH2 4DJ +353 1 434 5143
Dealing - Fax only - +353 1 434 5230
FCA Recognised
Edinburgh Partners Opportunities Fund PLC

1.34

0.00 3.02

29.8591

ACQ Risk Parity Bond Fund EUR A 95.12 95.12 -0.02 0.00

Algebris Investments

Edinburgh Partners Limited

1.18

European Real Estate Securities

Income Fund - Share Class B Acc $ 1159.85

Gl Sukuk Fund - Share class B Acc 1098.98 1098.98 -0.92 0.00

1.14

Europ.RealEstate Sec. IX

Income Fund - Share Class A Acc $ 1139.54

Cheyne Total Return Credit Fund - December 2017 Class $ 186.98

Global Equity Inc

Amity Global Equity Inc for Charities A Inc

-2.80 0.00

16.86 0.00

1538.80 1619.80 -8.20

0.99 0.00

Managed (Life)

Index US P-Acc

Cheyne European High Yield Fund 133.92

$ 3125.88

13.07 0.00

0.01 1.34

-9.83 0.00

Cheyne Capital Management (UK) LLP

Other International Funds


CAM-GTF Limited

1.40

1.36

CF Eclectica Agriculture C USD Acc $

CAM GTi Limited

9.97

99.36

CF Eclectica Agriculture C GBP Acc

Chartered Asset Management Pte Ltd

American One

146.10

$ 646.79

32.71 34.44 -0.71

Cavendish UK Select Fund A Class

1514.80 1602.90 -9.60

Far East

Pens. Equity Acc.

0.00 5.61

Managed Ser A (Life)

Formerly Target Life Assurance Ltd


100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603

0.00 0.56

-0.50 1.86

0.20 4.14

Japan

1.16

(UK)

Global Inflation-Linked Bd A-GBP-Hdg

146.60

96.64

CCLA Fund Managers Ltd

22.15 23.31 -0.23

0.08 1.18

129.10

234.22 242.07 2.73

2.22 0.00

Pens. Managed Acc.

Cavendish UK Select Fund B Class

Property Fund Acc

Guardian Pensions Management Ltd

-0.01 0.00

Cavendish UK Balanced Income A Class

(LUX)

1.90 2.15

$ 123.42

-0.01 0.00

Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
International Insurances

DSM Capital Partners Funds

Aspect Diversified Trends USD

0.60

HPB Assurance Ltd

193.40

0.54

0.00 1.19

Amity European Fund Cls B Inc

875.30 921.30 -1.80

Global Industrials A-GBP

0.00 0.00

131.03 135.42 0.21 6.51

International

Global Health Care A-GBP

Property Fund Inc

-2.28 0.00

0.00 7.48
0.01 1.56

1.90 1.27

0.27

SFr 116.85

0.23

191.10

Aspect Diversified CHF (Est)

4.68 0.00

Amity European Fund Cls A Inc

4.44

491.47 493.44 -2.38

1639.40 1725.70 6.50

Global Telecomms A-GBP

Fixed Interest Acc

Fixed Int.

Deposit Accum

Global Technology A-GBP

0.00 0.12

0.00 3.30

0.30 6.12

-2.40 0.00

0.00 3.30

0.42

106.00

124.75

Global Financial Services A-GBP

Amity Balanced For Charities A Inc

Aspect Diversified GBP (Est)

0.00 7.14

0.26

162.02 162.67 -0.79 3.96

0.26

Fixed Interest Inc

1084.20 1141.20 -3.10

1.82

211.58 213.70 -0.04

European

6.77 0.00

UK Equity Acc

6.43

Extra Income - Gross

-4.72

Extra Income

1056.10 1111.60 -0.50

Fixed Interest S-IL Acc

0.00 5.34

Property Ser 5

244.16

0.00 0.75

-2.10 0.00

142.67 144.11 -0.03 4.05

Aspect Diversified EUR (Est)

UK Equity Inc

4.01

4690.80 4937.70 7.20

135.80

513.40 540.40 0.00

Equity

China Focus A-GBP

254.00

PO Box 3733, Swindon, SN4 4BG, 0800 358 3010


Authorised Inv Funds

0.00 1.00

Cavendish UK Balanced Income Fund B Class

Money Ser 5

-7.89 0.00

Cavendish Technology Fund A Class

215.62 218.00 0.01

1.32

-0.02 0.00

Global Equity Acc

$ 405.86

6.81 -0.07

Aspect Diversified USD (Est)

6.47

1.30

1537.80 1618.70 4.70

Other International Funds

Managed Ser 5

Managed S-PR Acc

Global Real Asset Securities

Global Equity Inc

1811.30 1906.70 -6.70

-0.05 0.00

0.03 0.25

American

400.10 421.10 -0.10

Aspect Capital Ltd (UK)

13.58

3.61

International Ser 5

Pension Funds

China Consumer A-GBP

EdenTree Investment Management Ltd

0.00 0.16

European Opportunities

Senator House 85 Queen Victoria Street London EC4V 4ET


Property & Other UK Unit Trusts
CBF Church of England Funds

-0.01 0.00

0.81

(UK)

147.51 149.14 0.01 4.31

3.25 -0.01

-0.34 0.00

3.39

Index World A-Acc

CCLA Investment Management Ltd

3.09

0.00 0.50

544.50 573.20 1.30

Schwab USD Liquid Assets Fd

538.70 567.10 3.30

International S-EU Acc

Vietnam Growth Fund (VGF) NAV $ 21.87

-0.18 0.00

European Ser 4

0.00 0.08

Vietnam Property Fund (VPF) NAV $

Regulated

Equity Ser. 4

4.03 -0.02

-2.30 0.09

Senator House 85 Queen Victoria Street London EC4V 4ET


Authorised Inv Funds
The Public Sector Deposit Fund

0.00 0.30

3.83

CCLA Investment Management Ltd

267.00

-0.26 0.00

100.00

International S-PA Acc

Cavendish Technology Fund B Class

The Public Sector Deposit Fund-share class 2 F

2a, rur Albert Borschette, BP 2175, L-1021, Luxembourg


Phone: 800 22 089, 800 22 088
Regulated

European

Artisan Global Value Fund Class I USD Acc $ 15.03

6.67 -0.03

-0.60 0.00

CF Eclectica Agriculture A GBP Acc

481.30 506.70 1.10

6.34

-0.16 0.00

Custodian Ser. 4

176.60

12.34 12.99 -0.06

International S-NA Acc

Cavendish North American Fund A Class

Artisan Global Opportunities I USD Acc $ 11.71

100.00

International Acc
(LUX)

0.80 0.00

Regulated

The Public Sector Deposit Fund-share class 1 F

+/- Yield

-0.60 0.61

-5.55 0.00

(LUX)

Offer

2 rue Albert Borschette L-1246 Luxembourg


FCA Recognised

Bid

315.08

Ashmore Sicav

Fund

182.30

Cedar Rock Capital Fd Plc

+/- Yield

147.60

-0.30 0.00

1586.80 1670.30 -5.10

Offer

Cavendish Japan Fund A Class

American Ser. 4

Dragon Capital Group

Bid

Cavendish North American Fund B Class

Artisan Global Equity Fund Class I USD Acc $ 14.36

Fund

-1.60 1.64

-3.61 0.00

Artisan US Value Equity Fund Class I USD Acc $ 10.20

+/- Yield

-0.80 0.00

Offer

348.69

Bid

Cedar Rock Capital Fd Plc

1551.60 1633.20 0.40

Fund

149.50

-0.08 0.00

1543.90 1625.20 -0.90

+/- Yield

156.90

Cedar Rock Capital Limited

(UK)

Offer

Cavendish AIM Fund A Class

Selective Acc. Ser 2

Bid

Cavendish Asia Pacific Fund B Class

6.38

Prop. Acc. Ser 2

Fund

1.84

Hermes Property Unit Trust


Property

1.84 -0.03

Managed Acc

17.04 17.93 -0.16

Property & Other UK Unit Trusts

Equity Acc

30.98 32.61 -0.61

VISTA UK Residential Real Estate

Fixed Interest Acc

17.01 17.91 0.00

Guardian Linked Life Assurance Ltd

Asset Management

(UK)

Property & Other UK Unit Trusts


5.64

6.00 0.06 4.08

Hermes UK Residential Real Estate


1.02

1.06 0.03

(UK)
-

Asset Management

28

FINANCIAL TIMES

Thursday 24 September 2015

MANAGED FUNDS SERVICE


Fund

Bid

Offer

+/- Yield

Impax Asset Management

(IRL)

Norfolk House, 31 St James's Square, London, SW1Y 4JR


FCA Recognised
Env Mkts (Ire) Stl A

2.09

-0.01 0.00

Env Mkts (Ire) Euro A

1.97

-0.02 0.00

Env Mkts (Ire) USD A

1.67

-0.03 0.00

INDIA VALUE INVESTMENTS LIMITED (INVIL)


www.invil.mu
Other International Funds
NAV

7.57

-0.02 0.00

Intrinsic Value Investors (IVI) LLP

(IRL)
1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210
FCA Recognised
IVI European Fund EUR

17.03

-0.41 0.00

IVI European Fund GBP

16.76

-0.33 1.03

Invesco Fund Managers Ltd

(UK)

Perptual Park, Henley-On-Thames, Oxon, RG9 1HH


Dealing: 0800 085 8571
Investor Services: 0800 085 8677
www.invescoperpetual.co.uk
Authorised Inv Funds
INVESCO PERPETUAL Funds

Fund

Bid

Offer

+/- Yield

Global Bond (No Trail) Acc F


Global Bond (No Trail) Inc F

Fund

Bid

Offer

+/- Yield

135.96

0.25 1.42

123.63

0.23 1.43

Generation Global (CHF) PA F

Glbl Distribution Acc (No Trail)

104.67

-0.40 3.86

Generation Global (EUR) PA F

Glbl Distribution Inc (No Trail)

100.02

-0.38 3.93

Gbl Emerging Markets (No Trail) Acc F

144.93

-1.36 1.67

JB Strategy Inc-USD/B

Gbl Emerging Markets (No Trail) Inc F

134.67

-1.26 1.70

Global Equity (No Trail) acc F

194.74

-2.17 1.04

Global Equity (No Trail) inc F

180.18

-2.01 1.05

Global Equity Income (No Trail ) Acc F

233.50

-3.48 3.33

60 Victoria Embankment, London EC4Y 0JP


Brokerline: 0800 727 770, Clients: 0800 20 40 20
Authorised Inv Funds
JPM Retail OEIC (A class unless stated)

Global Equity Income (No Trail) Inc F

189.65

-2.83 3.41

America Equity Acc

58.84

-0.37 0.00

Global ex UK Core Equity Index ( No Trail) Acc F

160.21

-0.97 1.36

America Equity Inc

58.83

-0.38 0.00

Global ex UK Enhanced Index ( No Trail) Acc F

187.69

-0.92 1.79

Asia Acc

110.40

-0.80 0.35

Gbl Fin Cap No Trail Acc

178.50

-0.30 4.32

Asia Inc

61.27

-0.44 0.34

Gbl Fin Cap No Trail Inc

153.30

-0.27 4.45

Cautious Managed Rt Acc

67.31xd

0.08 0.21

Global Opportunities (No Trail) Acc F

228.71

-2.49 1.02

Cautious Managed Rt Inc

59.22xd

0.07 0.21

Global Smaller Companies (No Trail) Acc F

233.44

-1.77 0.77

Diversified Real Ret Acc

50.49xd

0.09 1.07

Global Smaller Companies (No Trail) Inc F

223.06

-1.68 0.78

Diversified Real Ret Inc

49.04xd

0.08 1.08

Global Targeted Rets (No Trail) Acc

113.69

0.23 0.84

Emerging Mkts Acc

127.30

-0.40 0.81

High Income (No Trail) Acc F

170.56

-2.05 3.44

Emerging Mkts Inc

54.73

-0.20 0.82

High Income (No Trail) Inc F

125.40

-1.51 3.53

Emrg Mkts Inc Acc... C

46.61xd

-0.32 5.69

High Yield Fund (No Trail) Acc

219.24

-0.75 4.84

Emrg Mkts Inc Inc... C

40.99xd

-0.28 5.88

-0.56 4.96

Europe Acc

999.20

4.90 1.56

57.52

0.29 1.56

155.90

1.40 0.84

High Yield Fund (No Trail) Inc

163.43

JPMorgan Asset Mgmt (1200)F

Hong Kong & China (No Trail) Acc F

174.27

2.56 1.34

Europe Inc

Income & Growth (No Trail) Acc F

214.78

-3.61 4.18

Eur Dynamic exUK Acc

Income & Growth (No Trail) Inc F

170.02

-2.87 4.30

Eur Dynamic exUK hdg Acc

179.10

0.10 0.73

71.58

0.64 0.84

Income (No Trail) Acc F

169.54

-2.07 3.27

-4.68 0.97

Income (No Trail) Inc F

126.06

-1.54 3.35

Eur Smaller Cos Acc

464.10

4.50 0.00

Asian Inc F

351.58

-4.20 0.98

Japan (No Trail) Acc F

139.21

-1.74 0.78

Eur Smaller Cos Inc

60.36

0.58 0.00

Asian Equity Income Acc F

53.48

-0.54 4.77

-1.89 0.00

Fusion Balanced Acc

53.29

-0.28 0.49

Asian Equity Income Inc F

45.57

-0.46 4.90

Latin American (No Trail) Acc F

94.15

-0.54 2.33

Fusion Balanced Inc

53.28

-0.28 0.49

Balanced Risk 6 Acc

51.45

-0.09 0.00

Latin American (No Trail) Inc F

84.55

-0.49 2.35

Fusion Conservative Acc

53.03

-0.23 0.67

Balanced Risk 8 Acc


Balanced Risk 10 Acc

52.65
53.73

set Management

-0.12 0.00

Managed Growth (No Trail) Acc F

184.58

-1.88 1.27

Fusion Conservative Inc

52.97

-0.15 0.13

Managed Growth (No Trail) Inc F

169.75

-1.72 1.28

Fusion Growth Acc

54.47

-0.26 0.49

Childrens Acc F

379.13

-7.48 1.82

Managed Income (No Trail) Acc F

183.35

-1.60 3.20

Fusion Growth Inc

54.47

-0.25 0.49

Corporate Bd Acc (Gross) F

206.02

0.29 3.62

Managed Income (No Trail) Inc F

151.53

-1.32 3.26

Fusion Growth + Acc

55.78

-0.33 0.50

89.13

0.12 3.72

Monthly Income Plus (No Trail) Acc F

168.87

-0.39 4.74

Fusion Growth + Inc

55.79

-0.33 0.50

183.57

0.25 3.64

-0.25 4.84

Fusion Income Acc...C

52.86

-0.15 2.46

Corporate Bd Inc (Gross) F


Corporate Bond Acc F
Corporate Bond Inc F

88.83

0.12 3.73

Monthly Income Plus (No Trail) Inc F

107.03

Pacific (No Trail) Acc F

166.04

-0.41 0.91

Fusion Income Inc...C

Distribution Acc F

106.76

-0.06 4.32

Pacific (No Trail) Inc F

157.60

-0.39 0.99

Global Allocation Acc

Distribution Acc (Gross) F

122.07

-0.07 4.30

Tactical Bond (No Trail) Acc F

139.71

0.09 1.46

Global Allocation Inc

62.55

-0.04 4.40

0.08 1.48

Global Bond exUK Acc

Distribution Inc F
Distribution Inc (Gross) F

62.57

-0.04 4.40

Tactical Bond (No Trail) Inc F

119.13

UK Aggressive (No Trail) Acc F

155.79

0.01 2.43

Global Bond exUK Inc

50.57
52.60

-0.79 0.00

-0.16 0.67

52.25

-0.17 0.67

250.50xd

0.60 0.82

197.00xd

0.50 0.82

32.93

-0.34 3.00

UK Aggressive (No Trail) Inc F

131.09

0.01 2.48

Global Bond Opport. Acc

49.02xd

-0.12 2.88

Emerging European Inc F

30.02

-0.30 3.08

UK Enhanced Index (No Trail) Acc F

378.32

-8.32 3.63

Global Bond Opport. Inc

48.30xd

-0.11 2.92

785.30

-19.82 2.27

UK Enhanced Index (No Trail) Inc F

240.36

-5.29 3.71

Global Eq Income hdg Acc... C

65.06xd

-0.34 3.67

Fund

Bid

Offer

$ 10.91

-0.03 0.00

SFr 12.76

0.14 0.00

19.31

Generation Global (USD) PA F

$ 14.74

Global Energy (USD) PA F

Gbl.5B Fdmt SH (USD) PA

Golden Age (CHF) PA F


(UK)

Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA


0800 45 44 22 www.kamescapital.com
Authorised Funds

112.31

0.00 0.00

SFr 128.79

0.00 0.00

MFS Meridian Funds SICAV


Regulated

109.77

-0.19 5.49

101.20

-0.18 5.70

Sh.T- Money Mkt GBP PA

10.27

0.00 0.00

Diversified Growth A Acc

130.46

0.12 2.83

Sh.T- Money Mkt USD PA

$ 10.30

0.00 0.00

Ethical Cautious Managed A Acc

162.93

0.07 1.67

Sw.Fr.Bd(For) PA

SFr 23.68

0.01 0.00

SFr 13.60

0.00 0.00

SFr

9.99

-0.03 0.00

Ethical Cautious Managed A Inc

134.79

0.05 1.68

Sw.Fr.Credit Bd(For) PA

Ethical Corporate Bond A Acc

195.73

0.71 3.29

Tactical Alpha (CHF) PA

Ethical Corporate Bond A Inc

111.07

0.40 3.29

Tactical Alpha (EUR) PA

10.30

-0.03 0.00

Ethical Equity A Acc

169.25

-0.17 1.28

Tactical Alpha (USD) PA

$ 14.82

-0.03 0.00

High Yield Bond A Acc

114.22

-0.62 4.15

Technology PA

13.26

0.07 0.00

52.35

-0.28 4.17

Technology PA

$ 20.08

0.10 0.00

Investment Grade Bond A Acc

159.18

0.48 2.95

Wld Gold Expertise PAF

Investment Grade Bond A Inc

116.63

0.35 2.95

Wld Gold Expertise PA

Sterling Corporate Bond A Acc

69.61

0.22 3.04

Wld Gold Expertise PA

31.09

0.09 3.04

Strategic Bond A Acc

178.55

-0.34 2.49

Strategic Bond A Inc

118.59

-0.23 2.49

UK Equity Absolute Return A Acc

118.92

-0.09 0.00

UK Equity A Acc

221.61

0.14 1.50

UK Equity Income A Acc

195.11

0.10 4.48

UK Equity Income A Inc

152.49

0.08 4.61

UK Opportunities A Acc

158.10

-0.18 1.42

UK Smaller Companies A Acc

272.50

-0.31 0.66

Inc.Pt.RMB Dt.USD PA

9.89

-0.03 0.00

Jenn. US Eq.Opp. USD PA

9.35

0.01 0.00

Neubrg.Berman US Core PA

$ 13.41

0.05 0.00

Sands US Growth PA

13.50

-0.06 0.00

Sands US Growth PA

$ 16.32

-0.07 0.00

Absolute Return Bond B GBP Acc

1076.55

0.46

Will.Blair Gbl. Ldrs PA

15.11

0.24 0.00

Eq Market Neutral B Acc

1019.74

-0.84

Will.Blair Gbl. Ldrs PA

$ 12.62

0.00 0.00

Eq Market Neutral Plus B Acc

1034.71

-1.72

High Yield Global Bond A GBP Inc

525.35

-3.03 3.74

Lothbury Property Trust (UK)

High Yield Global Bond B GBP Inc

1091.59

-6.27 4.23

Investment Grade Global Bd A GBP Inc

557.19

0.86 2.49

155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900


Property & Other UK Unit Trusts

Kames Global Equity Income B GBP Acc

1087.92

0.27

Kames Global Equity Income B GBP Inc

1040.93

0.26

Strategic Global Bond A GBP Inc

1095.09

-2.84 0.89

Strategic Global Bond B GBP Inc

621.37

-1.54 1.38

0.23 1.17

Global Property Secs Acc

55.53xd

-0.54 0.61

HC KB Capital Growth A Acc

159.05

Global Bond Inc F

79.65

0.15 1.18

Global Property Secs Inc

47.93xd

-0.47 0.60

HC KB Capital Growth A Inc

148.93

0.29 1.38

Charifund Acc

Glbl Distribution Acc

51.99

-0.20 4.48

Income Acc ... C

49.66xd

-0.08 6.65

HC KB Enterprise Equity Income A Inc

105.79

-1.50 3.78

M&G Corporate Bond A Acc

Income Inc ... C

46.73xd

-0.08 6.68

HC KB Enterprise Equity Income A Acc

155.73

-2.22 3.69

M&G Corporate Bond A Inc

Japan Acc

273.80

1.60 0.00

HC KB Endeavour Multi Asset Balanced A Acc

127.23

-0.38 0.81

M&G Dividend A Inc

Japan Inc

65.91

0.39 0.00

HC KB Endeavour Multi Asset Balanced A Inc

120.91

-0.37 0.81

M&G Dividend A Acc

Multi-Asset Inc Mth Inc ... C

62.70xd

-0.26 4.25

HC KB Enterprise Fixed Income A Acc

122.60

0.58 3.44

M&G Episode Growth X Inc

Multi-Asset Inc Acc... C

83.12xd

-0.35 3.85

HC KB Enterprise Fixed Income A Inc

109.45

0.51 3.44

Multi-Asset Inc Inc... C

62.89xd

-0.27 3.94

Multi-Asset Macro Acc

67.09

0.30 0.00

Multi-Asset Macro Inc

67.10

0.30 0.00

Multi-Manager Growth Acc

690.20

1.40 0.48

Multi-Manager Growth Inc

644.20

1.30 0.48

Lloyds Investment Funds Limited

Natural Resources Acc

328.30

-4.60 0.12

Euro High Income

Global Smaller Cos Inc F


Global Targeted Rets Acc
High Income Acc F
High Income Inc F

1526.84

-11.55 0.21

56.30

0.12 0.29

798.19
440.31

-9.64 3.45
-5.32 3.53

High Yield Fund Acc

105.87

-0.36 4.86

High Yield Fund Acc (Gross)

123.34

-0.42 4.83

High Yield Fund Inc

42.37

-0.14 4.98

High Yield Fund Inc (Gross)

42.45

-0.15 4.98

Hong Kong & China Acc F

439.75

6.47 0.80

Income & Growth Acc F

912.96

-15.39 4.19

Income & Growth Inc F

396.09

-6.67 4.31

Income Acc F

3087.54

-37.74 3.29

Income Inc F

1743.83

-21.32 3.36

Japan Acc F

293.18

-3.68 0.31

Japanese Smlr Cos Acc F

61.13

-0.75 0.00

Latin America Acc F

97.44

-0.56 1.53

Latin America Inc F

81.11

-0.47 1.54

Managed Growth Acc F

152.33

-1.55 0.73

Managed Growth Inc F

126.82

-1.29 0.73

Managed Income Acc F

153.07

-1.35 3.21

Managed Income Inc F

94.33

-0.82 3.27

Money Acc F

90.13

0.00 0.22

Money Acc (Gross) F

95.25

0.00 0.22

Monthly Income Plus Acc F

292.99

-0.69 4.76

Monthly Income Plus Acc (Gross) F

344.01

-0.80 4.73

Monthly Income Plus Inc F

108.67

-0.26 4.85

Monthly Income Plus Inc (Gross) F

108.85

-0.25 4.85

Pacific Acc F

895.70

-2.22 0.40

Pacific Inc F

822.68

-2.05 0.40

68.30

0.05 0.97

Tactical Bond Acc F


Tactical Bond Inc F

59.44

0.04 0.97

Tactical Bond Acc (Gross) F

70.83

0.05 0.97

Tactical Bond Inc (Gross) F

59.53

0.05 0.98

UK Aggressive Acc F

189.50

0.02 1.87

UK Aggressive Inc F

157.81

0.01 1.90

UK Growth Acc F

518.56

-10.43 1.90

UK Growth Inc F

329.00

-6.61 1.93

UK Smaller Cos Equity Acc F

850.77

-9.88 0.80

UK Smaller Cos Equity Inc F

651.50

-7.57 0.80

UK Strategic Income Acc F

180.26

-1.62 3.48

UK Strategic Income Inc F

135.12

-1.22 3.57

US Equity Acc F

506.46

-2.16 0.00

Invesco Perpetual Funds (No Trail)

0.00 0.00

Invesco Euro Bond A

-0.01 0.00

7.06

Invesco European Growth Equity A 23.30

-0.14 0.00

Invesco Global Absolute Return Fund A Class 11.34

0.00 0.00

Invesco Global Bond A Inc

5.51

-0.01 0.97

Invesco Global Conservative Fund 90 (EUR) A 11.90

-0.04 0.00

Invesco Global Equity Income Fund A $ 56.68

-0.22 0.00

Invesco Global Inc Real Estate Sec A dist $

-0.07 2.19

8.98

Invesco Global Inv Grd Corp Bond A Dist $ 11.69


Invesco Global Leisure A

0.00 3.07

$ 35.55

0.06 0.00

Invesco Global Smaller Comp Eq Fd A $ 55.00

-0.07 0.00

Invesco Global Structured Equity A $ 44.55

-0.09 0.76

Invesco Global Total Ret.(EUR) Bond Fund A 13.20

-0.01 0.00

Invesco Gold & Precious Metals A $

3.55

-0.11 0.00

Invesco Greater China Equity A

$ 41.64

-0.85 0.00

Invesco India Equity A

$ 52.10

0.60 0.00

Invesco Japanese Equity Adv Fd A 3466.00

15.00 0.00

Invesco Japanese Value Eq Fd A 1159.00

5.00 0.00

Invesco Latin American Equity A $

5.66

-0.10 0.00

Invesco Nippon Small/Mid Cap Equity A 954.00

1.00 0.00

Invesco Pan European Equity A EUR Cap NAV 18.33

-0.06 0.00

Invesco Pan European High Income Fd A 13.67

-0.03 2.20

Invesco Pan European Small Cap Equity A 22.49

-0.06 0.00

Invesco Pan European Structured Equity A 16.33

-0.10 0.00

Invesco UK Eqty Income A

-0.14 0.00

30.74

Invesco UK Investment Grade Bond A


Invesco US Structured Equity A
Invesco US Value Eq Fd A
Invesco USD Reserve A

0.98

0.00 2.93

$ 20.40

-0.01 0.00

$ 29.59
$ 87.02

-0.04 0.00

0.00 0.00

Invesco Stlg Bd A QD F

2.59

0.00 3.37

Invesco Asian Equity A

5.79

-0.11 0.55

Invesco ASEAN Equity A

$ 86.04

-1.44 0.44

Invesco Bond A

$ 27.04

-0.01 2.20

$ 13.92

0.05 0.00

Asian Property AX F

10.26

-0.02 0.54

Northwest $ class

$ 2338.93

7.42 0.00

30.24

-0.06 0.00

Northwest Warrant $ class

$ 1969.35

-444.40 0.00

-0.08 0.00

-0.48 0.00

Prudent Wealth Fd A1

$ 14.26

-0.13 0.00

Emerging Markets Domestic Debt AX F 10.18

0.04 5.78

$ 32.41

-0.30 0.00

Research Bond A1

$ 16.59

0.05 0.00

Emerging Markets Equity A F

UK Equity A1

7.56

-0.17 0.00

Euro Bond A F

15.65

0.00 0.00

US Conc.Growth A1

$ 14.48

-0.22 0.00

Euro Corporate Bond AX F

21.73

0.20 1.71

Oasis Crescent Management Company Ltd

US Government Bond A1

$ 17.10

0.06 0.00

Euro Strategic Bond A F

43.14

-0.05 0.00

Other International Funds

-0.26 0.00

European Currencies High Yield Bd A F 21.32

-0.04 0.00
-0.19 0.00

$ 20.64

MMIP Investment Management Limited

1752.68 1880.36 20.87 3.30

(GSY)

Regulated
Multi-Manager Investment Programmes PCC Limited
European Equity Fd Cl A Initial Ser 2474.30 2484.22 -156.09 0.00
Japanese Equity Fd Cl A Initial Ser 354917.00 354918.00 -19669.00 0.00
MMIP - US EQUITY CLASS A 01 June 07 Series $ 1241.53 1245.22 -101.80 0.00

M & G Securities (1200)F

(UK)
PO Box 9039, Chelmsford, CM99 2XG
www.mandg.co.uk Enq: 0800 390 390, Dealing: 0800 328 3196
Authorised Inv Funds
1385.22

Charifund Inc

2.89 4.92

18798.10

39.25 4.78

62.41

0.08 3.08

$ 2061.34 2071.01 -206.65 0.00

UK Equity Fd Cl A Series 01

2333.69 2357.37 -71.58 0.00

Diversified Absolute Rtn Fd USD Cl AF2 $ 1611.86

-35.49 0.00

Diversified Absolute Return Stlg Cell AF2 1632.66

-35.29 0.00

Manek Investment Mgmt Ltd (1000)F

(UK)

P.O.Box 100, Swindon SN1 1WR 0844 800 9401


Authorised Inv Funds
Growth Fd Acc

56.83 60.16 -0.13 0.00

9.49 0.00

0.33 0.97

CF Odey Absolute Return GBP R

312.07

-0.33 0.00

CF Odey Portfolio Fund GBP R Inc

140.29

1.15 0.07

M&G Global Basics A Acc

871.69xd

4.53 0.58

Emerging Markets

211.72

-1.93 1.80

1.6130

-0.0040 3.05

M&G Global Dividend Fund A Acc

179.62

0.38 3.51

ETF Global Growth A

151.62

0.52 0.00

70.44

0.81 0.00

262.40

2.10 0.20

North American

14.8200

-0.0800 0.19

M&G Global Macro Bond Fund A Acc

105.84xd

1.01 0.87

77.52 82.03 -0.05 4.47

Far East Growth A Inc

149.99

-1.81 1.99

0.0040 3.62

M&G Global Macro Bond Fund A Inc

73.44xd

0.70 0.87

Global

170.36 179.32 -0.30 0.00

0.0060 1.38

M&G Global High Yield Bond X Inc

49.12xd

-0.25 4.34

Global Bond Inc

135.27 143.14 0.52 3.22

Lloyds Gilt Fund Limited

M&G Global High Yield Bond X Acc

Lloyds Gilt Fund Quarterly Share 1.2790

0.0050 1.92

1.2290xd

0.0050 1.92

Monthly Share

M&G Managed Growth X Inc

72.04

-0.59 4.33
0.17 0.72

High Yield Fixed Interest

73.37 77.85 -0.12 5.66

Multi Cap Income A Inc

155.30

-0.33 4.34

Nano-Cap Growth A Acc

103.2259 113.5300 -0.3205

-0.0210 0.00

M&G Strategic Corp Bond A Acc

104.56xd

0.06 2.73

MFM - Third Party Funds

UK Higher Inc Acc ... C

871.00xd

1.30 4.30

Global USD Growth Strategy

$ 1.3460

-0.0220 0.00

M&G Global Leaders GBP A Inc

178.52xd

1.25 1.43

Junior Oils

67.32 71.24 -0.31 0.00

UK Higher Inc Inc ... C

506.20xd

0.70 4.44

M&G Global Leaders GBP A Acc

420.45xd

2.95 1.42

Junior Gold C Acc

20.87

-0.32 0.00

UK Managed Equity Acc

62.39xd

0.22 2.14

M&G UK Inflation Lnkd Corp Bnd A Acc

111.74

-0.33 0.09

MFM Artorius Fund

148.61

-0.86 0.19

UK Managed Equity Inc

52.62xd

0.18 2.16

M&G UK Inflation Lnkd Corp Bnd A Inc

110.14

-0.32 0.09

MFM Bowland

154.60 167.13 -0.36 0.00

UK Smaller Cos Acc

387.10

0.20 0.00

MFM Hathaway Inc

104.23 109.14 0.73 1.56

Dealing Daily

M & G Securities Ltd

-0.36 0.00

(UK)

Property & Other UK Unit Trusts

Absolute Ret Bond (USD) PA


All Roads (CHF) PA

(LUX)

Charibond
(Accum Units)
NAACIF

124.03

0.26 5.21

3623.43

7.65 5.21

72.53

0.15 4.76

0.01 0.00

0.01 0.00

All Roads (EUR) PA

11.24

0.01 0.00

M & G (Guernsey) Ltd

13.43 4.63

(GSY)

10.98

0.00 0.00

Regulated
The M&G Offshore Fund Range

SFr 13.72

0.00 0.00

Corporate Bond

1313.43 1354.05 1.67 3.08

Alpha Japan (JPY) PA F

1305.00

-1.00 0.00

Global Basics

2125.87 2191.61 10.92 0.29

$ 15.73

0.01 0.00

Global Leaders

3103.65 3232.97 21.66 1.15

Alternative Beta PA F

SFr 115.00

0.14 0.00

Global High Yield Bond

965.73 995.60 -4.91 4.30

Alternative Beta PA F

77.60

0.10 0.00

Global Macro Bond Fund

11007.29 11347.72 104.82 0.89

Alternative Beta PA F

$ 116.07

0.15 0.00

North American Dividend Fund

148.11 154.28 1.03 2.21

Commodities (CHF) PA

SFr

5.28

0.02 0.00

Optimal Income Fund

141.14 145.50 -0.17 1.94

Commodities (EUR) PA

5.35

0.02 0.00

Recovery Fund Limited 'A' Participating Shares

10000.52 10417.20 1.63 0.44

Commodities (USD) PA

5.53

0.02 0.00

Invesco Continental European Equity A

Recovery Fund Limited 'I' Participating Shares

10008.28 10109.37 1.65 1.26

0.01 0.00

Strategic Corporate Bond Fund

132.22 137.73 0.06 2.74

Convertible Bd Asia PA F

SFr 13.42

-0.03 0.00

UK Growth

1444.58 1504.77 -1.57 1.21

-0.18 4.87

Convertible Bd Asia PA F

14.30

-0.04 0.00

-0.01 0.20

Convertible Bd Asia PA F

$ 14.40

-0.04 0.00

15.06

0.07 1.46

GAM

Emerg. Consumer (CHF) PA

SFr 11.47

-0.06 0.00

Invesco Global Small Cap Equity A NAV $ 116.74

-0.50 0.00

funds@gam.com, www.jbfundnet.com
Regulated

Emerg. Consumer (EUR) PA

11.61

-0.06 0.00

Invesco Global High Income A NAV $ 12.33

-0.06 5.46

JB BF ABS-EUR B

104.82

0.00 0.00

Emerg. Consumer (USD) PA

$ 11.59

-0.05 0.00

-0.02 0.94

JB BF Abs Ret Def-EUR B

110.17

-0.21 0.00

Emerg.Eq. Risk Par.(EUR) PA

7.66

0.02 0.00

JB BF Abs Ret EM-USD B

$ 114.96

-0.72 0.00

Emerg. Eq. Risk Par.(USD) PA

5.99

-0.09 0.00

356.97

-1.35 0.00

MFM UK Primary Opportunities A Inc

306.67

-0.15 1.44

0.07 3.81

Marwyn Asset Management Limited

(CYM)

Regulated
Marwyn Value Investors

517.78

-17.91 0.00

McInroy & Wood Portfolios Limited

(UK)

Easter Alderston, Haddington, EH41 3SF 01620 825867


Authorised Inv Funds
Balanced Fund Personal Class Units

3755.50

1.01

0.00 4.35

Odey Naver Fund EUR I

125.29

0.22 0.00

Loomis Sayles US Equity Leaders N/A (GBP)

1.35

0.01 0.28

Odey Odyssey USD I

$ 147.54

0.49 0.00

Loomis Sayles US Equity Leaders I/A (GBP)

1.33

0.01 0.49

Odey Orion Fund EUR I

121.30

0.63 0.00

Odey Swan Fund EUR I

105.54

4.23 0.00

Odey European Absolute Return GBP S 103.21

1.99 0.00

NatWest (2230)F

UK Sovereign Bd Index Fund

0.10 2.59

-0.17 3.92

Global Spec Inv Grade Bd Fund GBP 10.00

0.02 3.19

Inflation Lkd Sov Bd Fund

12.56

0.05 0.68

Global Emerg Mkts Equity Fund X 10.35

-0.11 0.58

1531.70

-9.60 2.55

Contl Europe Spec Equity

Smaller Companies Fund Personal Class Units

3433.50xd

-3.00 1.80

US Spec Equity Fund

Global Gold & Resources Fund

Global Energy & Resources Fund $ 36.13

-4.06
-1.82

95.26

-0.73

MGS -Master Series (Est)

Balanced Risk 6 No Trail Acc

104.75

-0.18 0.16

Invesco Japanese Equity A

$ 17.31

0.03 0.00

JB BF EM Corporate-USD B

$ 106.94

-0.24 0.00

Emerg.Loc.Cur.Bd.Fdt PA

10.74

0.10 0.00

Blend.Research U.S.Core Eq.Fd.

9760.00

-170.00

Balanced Risk 8 No Trail Acc

107.16

-0.24 0.44

Invesco Korean Equity A

$ 32.37

-0.88 0.00

JB BF EM Infl Link-USD B

$ 78.02

-1.23 0.00

Emerg.Loc.Cur.Bd.Fdt PA

8.35

-0.06 0.00

Blend.Research Gb.Eq.Fd.

$ 96.07

-1.62

Balanced Risk 10 No Trail Acc

109.35

-0.31 0.59

Invesco PRC Equity A

$ 48.76

-1.04 0.00

JB BF EM Inv Grade-USD B

$ 98.41

-0.55 0.00

Euro BBB-BB Fdt PA

SFr 15.43

-0.02 0.00

Em.Mk.Eq.Fund Euro

105.40

-1.06 0.00

Corporate Bond (No Trail) Acc F

163.32

0.23 3.89

Invesco Pacific Equity A

$ 44.04

-0.50 0.19

JB Emerging (EUR)-EUR B

328.92

-2.50 0.00

Euro BBB-BB Fdt PA

12.25

-0.02 0.00

Em.Mk.Eq.Fund Sterling

89.91

-0.58 0.00

Ministry of Justice Common Investment Funds (UK)

Corporate Bond (No Trail) Inc F

117.49

0.16 3.98

Invesco Global Technology A

$ 15.11

0.02 0.00

JB Emerging (USD)-USD B

$ 401.28

-3.29 0.00

Euro BBB-BB Fdt PA

10.82

-0.02 0.00

Em.Mk.Eq.Fd.US Dollar

$ 89.62

-1.41 0.00

Property & Other UK Unit Trusts

Distribution (No Trail) Acc F

163.67

-0.10 4.31

Invesco UK Eqty A

0.00 1.37

7902.00

84.00 6.15

Distribution (No Trail) Inc F

109.17

-0.06 4.39

JB BF Total Ret-EUR B

97.86

Emerging European (No Trail) Acc F

68.45

-0.70 3.60

JB EF Abs Ret Eur-EUR B

Emerging European (No Trail) Inc F

60.49

-0.62 3.71

JB EF Euro Value-EUR B

European Equity (No Trail) Acc F

138.56

-3.49 2.78

Euro BBB-BB Fdt PA

$ 17.39

-0.02 0.00

-0.33 0.00

Euro Credit Bd PA F

12.83

-0.02 0.00

Em.Mk.Loc.Ccy Debt Fd.FD

9492.00

24.00 6.45

120.34

-0.32 0.00

Euro Government Fdt PA

12.45

-0.02 0.00

Gb.Conc.Eq.Fd.Euro

261.36

-3.52 0.00

167.52

-6.47 0.00

Euro Inflation-Lk Fdt PA

11.91

-0.01 0.00

Gb.Conc.Eq.Fd.Sterl.UK T

158.53

-1.55 0.00

JB EF Japan-JPY B

16487.00

-383.00 0.00

Euro Resp.Corp. Fdt PA

18.05

-0.02 0.00

Gb.Conc.Eq.Fd.Sterling

240.08

-2.35 0.00

JB EF Luxury B-EUR B

213.78

-4.01 0.00

Europe High Conviction PA

11.18

0.09 0.00

Gb.Conc.Eq.Fd.US

$ 184.25

-3.44 0.00

Invest AD

JB Ms EF Special Val. EUR/A

131.78

-2.28 0.80

Eurozone Small&Mid Caps PA

50.59

0.21 0.00

Gb.Eq.Hdg Fd.Euro IRE T

173.03

-2.90 0.00

Client services: +971 2 692 6101 clientservices@InvestAD.com


Other International Funds

JB Strategy Balanced-CHF/B

SFr 145.34

-1.64 0.00

Fdmt.Eq.L/S SH Sd EUR PA

11.04

-0.05 0.00

Gb.Eq.Euro Hdg Fd.

245.26

-4.11 0.00

JB Strategy Balanced-EUR

149.95

-1.50 0.00

Fdmt.Eq.L/S SH Sd USD PA

$ 11.06

-0.04 0.00

Gb.Eq.Fund Euro

266.36

-3.83 0.00

JB Strategy Balanced-USD/B

$ 125.97

-1.23 0.00

Gbl.Gvt.Fdmt PA

10.38

0.04 0.00

Gb.Eq. Fd Euro IRE T

168.48

-2.42 0.00

SFr 88.14

-1.38 0.00

Gbl.Gvt.Fdmt.(CHF) PA

SFr 22.65

0.00 0.00

Gb.Eq.Fd.Sterling UK T

195.35

-2.09 0.00

SFr 26.56

-0.03 0.00

Gb.Eq.Fd.US Dollar

$ 296.42

-5.92 0.00

110.58

-1.56 0.00

Gbl.Gvt.Fdt.SH (CHF) PA

JB Strategy Inc-CHF/B

SFr 117.51

-0.77 0.00

Gbl.5B Fdmt (EUR) PA

11.71

0.07 0.00

Gb.Eq.Fund Sterling

193.20

-2.07 0.00

JB Strategy Inc-EUR/B

156.96

-0.84 0.00

Gbl.5B Fdmt (CHF) PA

SFr 10.42

0.02 0.00

Gb.Val.Ex-Jap.Fd.USD

$ 110.61

-1.99 0.00

11.00

15.75
13.53

$ 240.66

-2.89

MEMO - Master Series

$ 501.03

-3.56 0.00

MEMO - MEMV Series

$ 117.28

-0.07 0.00

-0.39 0.65
-0.02 0.17

-0.01 0.55

-0.33 1.40

11.18

0.11 2.59

UK Specialist Equity Income Fund 10.18

-0.18 3.86

Global Spec Inv Grade Bd Fund GBP 10.15


12.69

Global Emerg Mkts Equity Fund X 10.00

Other International Funds

9.65

Inflation Lkd Sov Bd Fund

Metage Capital

18.73

Pacific Basin Specialist Equity Fund 20.31


UK Sovereign Bd Index Fund

$ 175.96

(LUX)

-3.02 0.00

Odey Wealth Management (CI) Ltd

9.43

Emerging Markets Fund Personal Class Units

Other International Funds

Em.Mk.Loc.Ccy Debt Fd.FC

(UK)

PO Box 23873, Edinburgh EH7 5WJ**


Enquiries: 0800 085 5588
Authorised Inv Funds
Series 1(Minimum initial investment 16375,000)

4.40 2.98

Blend.Research Gb.Eq.Fd.

0.11 1.81

Loomis Sayles Strategic Income H-N/A (GBP)

0.03 0.00

0.34 0.00

2305.70

151.25

Income Fund Personal Class Units

8.11

Global Balanced Index (No Trail) Acc F

Odey Giano European Fund EUR R 118.79

0.01 3.19
0.06 0.68
-0.11 0.80

The initial charge you will pay will depend on the amount you invest
**Address and Telephone number for series 1 only

Odey Opportunity EUR I

(LUX)

www.mirabaud.com, marketing@mirabaud.com
Regulated
134.58

-1.12 0.00

Mir. Conv. Bds Glb A USD

$ 113.71

-0.76 0.00

Mir. - Eq Asia ex Jap A

$ 161.51

-3.69 0.00

Mir. - Eq Global Focus A USD


Mir. -Eq Spain A
Mir. - Eq Swiss Sm/Mid A
Mir. - Glb High Yield Bds A

-1.47 0.00

$ 834.23

-144.87 0.00

Other International Funds


Estimated NAV

Cuttyhunk Fund II Limited

$ 1571.74

20.62 0.00

JENOP Global Healthcare Fund Ltd $ 16.53

-0.18 0.00

OPTIKA Fund Limited - Cl A

$ 117.23

0.74

Optima Fd NAV

$ 92.59

0.30 0.00

Optima Discretionary Macro Fund Limited $ 87.21

-1.06 0.00

The Dorset Energy Fd Ltd NAV

$ 28.73

0.40 0.00

Platinum Fd Ltd

$ 82.68

0.86 0.00

Platinum Fd Ltd EUR

16.07

0.17 0.00

Platinum Japan Fd Ltd

$ 52.32

0.41 0.00

Optima Partners Global Fd

$ 14.42

0.06 0.00

Optima Partners Focus Fund A

$ 16.47

0.03 0.00

Oryx International Growth Fund Ltd


Other International Funds

New Capital Fund Management Ltd

Mirabaud Asset Management

Mir. - Eq Glb Emrg Mkt A USD

6.63

0.18 0.00

1250.00 1250.00 -3.00 2.85

Distribution Units

Mir. Conv. Bds Eur A EUR

215.33

Omnia Fund Ltd

NAV (Fully Diluted)

The Equity Idx Tracker Fd Inc

(IRL)

www.odey.com/prices
FCA Recognised

Other International Funds

Emerg.Loc.Cur.Bd.Fdt PA

-2.53 0.73

0.00 4.47

-0.39 1.79

-0.49 0.00

230.11

0.93

UK Specialist Equity Inc

127.63

European Smaller Companies (No Trail) Acc F

0.00 0.00

Loomis Sayles Strategic Income H-N/D (GBP)

Optima Fund Management

JB BF Abs Ret Pl-EUR B

JB Strategy Growth-EUR

-0.33 3.40

0.00 0.00

JB Strategy Growth-CHF/B

1.16

0.15 0.00

Series 2 (Investment Management customers only)

1.74

1.03 0.67

Odey Atlas Fund GBP I S

United Kingdom Equity Index Fund 11.85

0.01 0.00

8.40 1.97

Invesco Jap Eqty Core A

171.93

UK Specialist Equity Income Fund

-0.94 4.89

European Opportunities (No Trail) Inc F

0.98

-0.33 0.71

-2.42 0.00

-0.28 0.53

Harris Associates Global Concentrated Equity Fund I/A(GBP)

93.23

Pacific Basin Specialist Equity Fund 20.36

Asian Equity Income (No Trail) Inc

17.14

-0.02 0.00

$ 1517.45

Odey European Focus Fund

-0.02 0.00

-1.10

Invest AD - GCC Focus Fund

0.00 0.00

Invest AD - Emerging Africa Fund $ 978.09

97.74

1.08 0.66

0.97

9.07

Blend.Research Gb.Eq.Fd.

-3.41 0.00

Harris Associates Global Concentrated Equity Fund N/A (GBP)

0.01 0.00

181.17

12.95

European Opportunities (No Trail) Acc F

Odey Allegra Developed Markets USD I $ 127.90

Japan Specialist Fund X

7.85

-0.30 0.00

0.00 1.67

US Spec Equity Fund

24.75 25.00 0.24 0.00

Emerg. Loc.Cur.&Bds DH (CHF) PASFr

Marlborough Tiger Fund Ltd F

-0.38 0.00

Invest AD - Iraq Opportunity Fund $ 63.74

1.35

Marlborough North American Fund Ltd 29.42 29.72 0.43 0.00

0.47 3.44

-1.95 0.00

H2O MultiReturns Fund I/A (GBP)

-0.38 0.00

129.00

-0.38 0.42

JB BF Abs Ret-EUR B

117.40

Odey Allegra International EUR O 170.74

-0.06 0.00

European High Income (No Trail) Inc F

-4.98 0.00

H2O MultiReturns Fund N/A (GBP) $ 12.56 12.56 0.00 1.77

14.96

0.66 3.39

-6.13 0.00

Contl Europe Spec Equity

$ 12.53

256.86

-0.33 2.89

Invesco Global Select Equity A

160.91

332.16

Odey Allegra European EUR O

-1.10 4.76

European High Income (No Trail) Acc F

Odey Pan European EUR R

0.88 3.59

(UK)
Natixis International Funds
Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
Authorised Funds

18.51

Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520
FCA Recognised

(IRL)

FCA Recognised

UK Specialist Equity Inc

Meridian Fund Managers Ltd

FCA Recognised

8.78 -0.06 13.86

8.71 0.00

Odey Asset Management LLP

Japan Specialist Fund X

MFS Investment Funds

8.78

United Kingdom Equity Index Fund 11.83

109.41

SFr

42.95 0.00

Loomis Sayles Global Opportunistic Bond R/D (GBP) 13.48 13.48 0.12 1.13

Slater Investments Ltd - Investment Adviser

Marlborough International Management Limited (GSY)

Alpha Japan (CHF) PA F

MFM Techinvest Technology Acc

169.39 179.72 -0.71 0.24

Alpha Japan (EUR) PA F

Invesco Emerging Markets Bond A $ 20.79

-2.58 0.01

162.45

122.17 122.17 0.01 3.68

11.32

-1.04 0.16

MFM Slater Recovery

Property Portfolio X

$ 11.09

131.91

MFM Slater Income A Inc

Property Portfolio A

All Roads (GBP) PA

119.64

122.17 128.60 0.01 3.70

M&G Property Portfolio A Acc

0.01 0.00

MFM SGWM Managed A Acc


MFM Techinvest Special Situations Acc

132.27 139.23 0.01 3.61

0.01 0.00

$ 17.61
SFr 17.43

0.27 0.18

390.92 414.77 -1.53 0.11

6414.60

0.01 0.00

MFM Slater Growth

(Accum Units)

All Roads (USD) PA

-0.62 0.00

301.11

93.59

4466.83

US Multi-Cap Income

1.7290

US Inc

9.36 0.00

Giano Capital EUR Inc

0.03 2.74

Aggressive Strategy

11.99

0.25 3.42

Absolute Ret Bond (EUR) PA

$ 418.28

72.82xd

0.50 3.35

-2.60 0.00

4.46 0.00

Odey European Inc USD

M&G Strategic Corp Bond A Inc

-0.0110 1.32

676.20

197.44

80.12xd

US Acc

7.86 0.00

Odey European Inc GBP B

Natixis International Funds (Dublin) I plc (IRL)


Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000
Regulated

Loomis Sayles Multisector Income R/D (GBP) 12.95 12.95 0.05 4.60

136.40xd

0.00 1.23

19.90 0.00

472.33 499.82 -2.36 0.00

UK Eq & Bond Inc Inc ... C

347.94

228.26 241.55 -0.05 0.40

UK Eq & Bond Inc Acc ... C

101.40

905.87

Odey European Inc GBP A

UK Micro Cap Growth A

1.4330

UK Strategic Gth Inc

Odey European Inc EUR

0.04 0.76

Growth Strategy

www.loim.com
Regulated
Lombard Odier Funds

45.78 0.00

0.10 1.21

259.26

1.0870

$ 2093.37

M&G Recovery GBP A Acc

Conservative Strategy

108.70

OEI MAC Inc USD

0.0000 1.97

0.40 1.53

UK Strategic Gth Acc

4.53 0.00

Loomis Sayles Strategic Alpha Bond Fund H-N/D(GBP) 98.78 98.78 -0.05 0.90

1148.73 1215.59 -2.63 0.38

Lombard Odier Funds (Europe) S.A

UK Multi-Cap Growth A Inc

127.10xd

0.18 3.79

213.38

Special Situations A Acc

UK Dynamic Inc

390.96

OEI Mac Inc GBP B

0.02 0.76

0.0000 0.15

(CYM)

Regulated
OEI Mac Inc GBP A

Odey Asset Management LLP

7.31 0.19

Harris Concentrated US Equity R/D (GBP) 93.50 93.50 1.01 36.41

115.46

Lloyds Multi Strategy Fund Limited

Odey Asset Management LLP

Harris Concentrated US Equity H-N/A (GBP) 133.64 133.64 0.57 0.00

M&G Recovery GBP A Inc

Sterling Class

0.50 1.52

95.53xd

$ 252.25 252.25 -1.55 0.00

Loomis Sayles High Income R/D (USD) $

UK Strategic Eq Inc Inc ... C

Harris Global Equity R/A (USD)

-0.23 1.94

155.40xd

0.20 3.71

Natixis International Funds (Lux) I SICAV (LUX)


Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
FCA Recognised

-0.17 1.94

UK Dynamic Acc

0.03 0.00

8.68 0.00

Lloyds Money Fund Limited

0.14 3.21

$ 412.22

186.73

0.80 3.21

75.16

Phaeton Intl (BVI) Ltd (Est)

142.43

50.44

146.00xd

Other International Funds

M&G Optimal Income A Acc

267.50

UK Active Index + E Inc

UK Strategic Eq Inc Acc ... C

Morgens Waterfall Vintiadis.co Inc

M&G Optimal Income A Inc

UK Active Index + E Acc

52.5970

115.20xd

Asian Equity Income (No Trail) Acc F

-0.19 0.00

116.36

Invesco Global Health Care A

110.64

-0.67 0.00

Defensive A Inc

-1.79 1.57

European Equity Income (No Trail) Inc F

$ 64.62

2.98 0.63

1.12 3.50

42.81

US Property A F

0.0500 2.44

149.05

US Growth AX F

-0.12 1.91

573.87xd

Asian (No Trail) Inc F

142.89

-1.08 0.00

M&G Global Basics A Inc

12.3000

Invesco Gbl R/Est Secs A GBP F F

European Equity Income (No Trail) Acc F

-0.21 0.00

-1.96 1.56

-2.95 2.86

45.71

9.30

$ 65.70

US Growth AH F

-0.13 0.33

Oasis Crescent Gbl Property Eqty $

3624.97

163.92

117.03

US Growth A F

-0.11 0.00

701.59

Asian (No Trail) Acc F

European Equity (No Trail) Inc F

0.00 0.00

CF Odey Opus GBP R Inc

0.00 0.32

6.3740

$ 247.87

$ 13.03

$ 11.54

OasisCresGl Med Eq Bal A ($) Dist $ 11.65

CF Odey Continental European GBP R Acc

1.4710

JB BF Local EM-USD B

US Dollar Liquidity A F

OasisCresGl LowBal D ($) Dist

81.22 85.49 -0.17 1.34

7.70

-0.01 0.00

-0.03 2.31

50.00

17.25

-0.24 0.00

Cautious Inc

Invesco Emerging Markets Equity A $ 33.69

20.36

$ 10.98

12.22 4.53

Convertible Bd P A

$ 131.79

Short Maturity Euro Bond A F

-0.06

OasisCresGl Income Class A

UK

1.352650 1.359330 0.003960 3.64

-0.25 0.00

5706.44xd

Sterling Bond

Bond Fund for Charities

0.09 0.00

M&G Extra Income A Acc

0.11 2.58

UK Equity Fund for Charities I...C 2.681760 2.692010 0.007440 3.56

$ 37.20

-0.35 0.00

PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555
Other International Funds

0.17 2.58

(UK)

$ 34.89

Latin American Equity A F

Oasis Crescent Variable Balanced Fund 10.21

49.99 52.90 0.11 4.90

60 Victoria Embankment, London EC4Y 0JP 020 7742 9175


Property & Other UK Unit Trusts

Indian Equity A F

Oasis Crescent Global Investment Fund (Ireland) plc


Oasis Crescent Global Equity Fund $ 26.36

Cash

JPMorgan Charity Funds

-0.09 0.00

-0.35 0.24

1.50 4.65

51.76xd

-0.82 0.00

-0.18 0.00

0.00 0.49

82.37xd

$ 26.85

697.37xd

Sterling Corporate Bond Inc

98.38

$ 41.98

Global Property A F

149.66 158.24 -0.88 0.05

Sterling Corporate Bond Acc

US Smaller Cos Inc

Global Convertible Bond A F

1.00

$ 26.01

M&G Extra Income A Inc

Extra Income

-3.20 0.00

Oasis Global Equity

Lloyds Investment Fund Managers Limited (1000)F (JER)

-1.83 0.99

Oasis Crescent Global Short Term Income Fund $

0.09 0.00

Bond Income

375.40

-0.03 0.00

Balanced

168.87

US Smaller Cos Acc

$ 92.14

-0.23 3.78

M&G Glbl Emrgng Mkts A Inc

-0.80 0.00

$ 38.62

Global Brands A F

-0.27 3.71

-0.0150 1.18

-0.80 0.00

Global Bond A F

Regulated
Oasis Global Investment (Ireland) Plc

3.8020

-0.06 0.00

111.44xd

International

103.80

132.86xd

-0.33 2.80

105.10

10.82

M&G Episode Income A Inc

US Select Inc

0.06 0.00

Eurozone Equity Alpha A F

M&G Episode Income A Acc

30.36

US Select Acc

(UK)
40 Dukes Place, London, EC3A 7NH
Order Desk and Enquiries: 0345 300 2106
Authorised Corporate Director - Capita Financial Managers
Authorised Inv Funds

New Europe Inc

-0.35 2.26

34.45

0.04 1.87

European Multi-Cap

-1.13 2.30

(IRL)

41.71

European Property A F

ETF Commodity A

Oasis Global Mgmt Co (Ireland) Ltd

European Equity Alpha A F

49.86xd

(UK)
Marlborough Fd Managers Ltd (1200)F
Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500
www.marlboroughfunds.com
Authorised Inv Funds

0.30 3.58

0.01 0.00

0.16 4.56

-1.91 0.98

96.22xd

0.02 4.73

93.69xd

9.30

US Equity Income Inc ... C

Lloydstrust Gilt

39.45

Pacific Basin Fd Cl A Initial Ser

Oasis Crescent Equity Fund

58.01

0.09 0.00

7.44

11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373
Other International Funds

581.07

Invesco Gilt A

-0.18 0.00

0.05 3.08

Invesco Continental Eurp Small Cap Eqty A $ 192.87

8.43

Lothbury Property Trust GBP

Northwest Investment Management (HK) Ltd

174.78

US Equity Income hdg Inc ... C

-1.85 0.00

$ 16.97

$ 74.86

142.78

-0.40 2.23

Asian Property A F

Emerging Markets Debt A F

M&G Glbl Emrgng Mkts A Acc

115.84

-0.03 0.00

Emerg Europ, Mid-East & Africa Eq A F 64.95

M&G Global Dividend Fund A Inc

112.80xd

-1.73 0.00

All Weather Fd GBP Cls

0.01 0.00

0.0015 5.00

US Equity Income Acc ... C

-1.88 0.00

16.98

-0.27 0.00

-0.0220 1.40

UK Smaller Cos Inc

107.33

-0.43 0.00

-0.04 3.08

$ 119.38

All Weather Fd EUR Cls

$ 14.04

All Weather Fd USD Cls

$ 24.81

Limited Maturity A1

0.8651

57.13xd

New Capital Alternative Strategies

Asian Equity A F

-0.14 0.00

7.0120

Strategic Bond Inc

-0.25 0.00

High Income

-0.04 3.08

European

Morant Wright Sakura Fund Swiss Franc Acc HedgedSFr 13.05

9.35

-1.40 2.84

68.46xd

-0.25 0.00

$ 11.42

-0.33 0.12

Strategic Bond Acc

-0.10 0.71

Morant Wright Sakura Fund Dollar Acc Hedged $ 13.11

Latin American Equity Fd A1

-25.52 0.00

Japan Equity A1

23.25

191.90

Asset Management

Diversified Alpha Plus A F

127.70

(IRL)

Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200


FCA Recognised

Inflation-Adjusted Bond A1

New Europe Acc

Portfolio Acc

-0.12 3.37

Morant Wright Sakura Fund Yen Acc Unhedged 1342.95

Alpha Japan (USD) PA F

Invesco Global Asset Management Ltd

Global Total Return A1

Value A1

121.02

322.79

Global Res.A1

-0.03 0.00

Global Bond Acc F

Invesco Euro Reserve A

-0.02 0.00

-0.23 6.70

-12.10 0.21

Asset Management

$ 110.44

-0.58 0.00

37.46xd

1598.99

Wealthy Nat Bd USD Ord Inc

-0.07 0.00

Global High Yield Bd Inc C

Global Smaller Cos Acc F

-0.25 0.00

0.15 1.18

0.05 0.00

-0.01 0.00

-0.11 3.39

Morant Wright Sakura Fund Euro Acc Hedged 13.14

$ 39.53

79.75

$ 55.59

Global Bd Inc (Gross) F

113.50

US Advantage A F

14 St. George Street, Mayfair, London W1S1FE


Dealing and enquiries: 0800 024 2400
Authorised Inv Funds
Unit Trust Manager/ACD - Host Capital

Invesco Euro Inflation Linked Bond A 15.46

Wealthy Nat Bd GBP Ord Inc

0.03 0.00

-0.61 6.70

Invesco Euro Corporate Bond Fund (A) 17.02

-0.25 0.00

-0.14 0.00

-0.23 6.73

-0.97 0.49

-0.12 3.58

Morant Wright Sakura Fund Sterling Acc Hedged 13.17

88.94

16.13

97.88xd

Global Opportunities Acc F

108.10

$ 15.10

37.33xd

Natural Resources Inc

Wealthy Nat Bd EUR Ord Inc

Global Multi-Asset A1

Global High Yield Bd Acc C

0.02 0.00

Global High Yield Fund

Global High Yield Bd Mth Inc C

-16.72

0.00 0.00

0.24 1.17

$ 17.46

-0.01 0.00

-2.07 0.23

Invesco Energy A

-0.12 3.66

Morant Wright Fuji Yield YEN Dist 1092.48

-0.13 5.03

-0.15 4.84

112.86

10.32

128.74

Wealthy Nat Bd GBP Inst Inc

10.21

187.50

Vantage 3000 (EUR) MA

Global Bd Acc (Gross) F

75.64

-15.55

Vantage 1500 (EUR) MA

European Smlr Cos Acc F

91.51

(LUX)
Morgan Stanley Investment Funds
6b Route de Trves L-2633 Senningerberg Luxembourg (352) 34 64 61
www.morganstanleyinvestmentfunds.com
FCA Recognised

-0.11 0.92

Gbl Financial Cap Inc Gross

-0.11 3.82

Morant Wright Fuji Yield B YEN Acc 972.66

-0.16 0.00

Gbl Financial Cap Acc Gross

-0.29 0.00

39.04

-0.18 0.00

108.87

Global Financials Inc

Wealthy Nat Bd EUR Inst Inc

$ 24.58

-0.89 0.04

9.00

Global High Yield Fund

Invesco Emerging Mkt Quant.Eq. A $

-16.90

0.81 0.00

210.75

-0.06 7.07

-0.16

US Equity (No Trail) Acc F

-0.13 4.47

Morant Wright Fuji Yield YEN Acc 1104.64

132.85

0.52 0.16

-2.92 0.00

Morant Wright Fuji Yield USD Dist Hedged $ 10.85

Growth (EUR) PA F

75.27

-0.87 0.00

86.60

Gbl Financial Capital Inc

-3.21 0.00

$ 188.57

US Growth USD Inst Acc

European Opportunities Acc F

-0.15 0.00

-2.00 0.91

205.73

24.56

US Growth GBP Ord Acc

$ 42.98

686.40

6.81

Global Equity A1

Global Financials Acc

7.76

-0.16

Global Equity A1

-4.82 3.55

Invesco Emerging Local Currencies Debt A Inc $

0.44 0.00

Invesco Emerging Europe Equity Fund A $

-3.07 0.00

Morant Wright Fuji Yield USD Acc Hedged $ 10.71

-0.01 0.00

536.40

-0.15 4.34

UK Strategic Income (No Trail) Inc F

195.95

0.51 0.16

87.65

US Growth EUR Ord Acc

9.82

Gbl Financial Capital Acc

-0.83 0.00

SFr 110.67

84.57

0.00 0.00

-0.17

Growth (CHF) PA F

Global Allocation (GBP) PA F

European Opportunities Inc F

European Smaller Companies A1 48.97

2.45 0.00

-0.40 0.15

Invesco Balanced Risk Allocation Fund A 14.54

-0.74 0.00

-3.16 0.00

Morant Wright Fuji Yield GBP Dist Hedged 10.78

-0.18 0.00

-5.40 0.16

-1.37 3.43

-0.69 0.00

30.94

$ 204.50

$ 12.23

91.74

29.85

European Res.A1

US Growth USD Ord Acc

Global Energy Fund A1

70.05

Global Equity Income Inc F

European Core Eq A1

0.08 0.00

942.50

-1.69 3.34

-0.45 0.00

-0.17

Global Equity Inc

-0.15 0.00

-0.16

113.48

Global Equity Acc

112.96

16.61

Morant Wright Fuji Yield GBP Acc Hedged 11.01

Conservative (EUR) PA F

-6.42 3.47

Global Equity Income Acc F

European Concentrated A1

9.96

-0.16 0.00

-2.99 0.00

Morant Wright Fuji Yield EUR Dist Hedged 10.73

2.17 0.00

-2.96 1.32

-1.61 0.00

-0.14 0.00

-0.22 1.55

Emerging Markets Eq.A1

$ 32.87

-0.45 0.00

-3.01 0.00

SFr 108.53

Swiss Select Equity Ord Acc

130.55

Emerging Markets Debt A1

$ 10.82

Tactical Opps GBP Cls

715.50

Emer Mkts Debt Lo Curr Fd A1

16.48

SFr 109.62

0.00 0.00

255.35

$ 12.24

Continental European Eqty A1

Swiss Select Equity Inst Acc

UK Strategic Income (No Trail) Acc F

Invesco Asia Infrastructure (A)

-0.09 0.00

-0.46 0.00

$ 10.37

UK Smaller Companies Equity (No Trail) Inc F

Invesco Asia Opportunities Equity A $ 98.55

9.02

Global Credit Fund

0.23 3.45

-4.48 0.51

155.02

0.02 0.00

0.31 3.40

China Equity Fd A1

-0.49 0.00

Global Val.Cr.Fd EUR Ord Acc

400.22

0.03 0.00

SFr 103.32

Global Equity (inc) F

$ 166.17

Conservative (CHF) PA F

57.02

-0.23 0.20

$ 10.40

-0.52 0.00

Global Val.Cr.Fd USD Ord Acc

2.62 0.00

0.31 1.36

Bond A1

-0.36 0.00

(UK)

-0.24 0.00

177.04

116.26

9.83

Kleinwort Benson Bank

-0.17

$ 122.71

Global Val.Cr.Fd GBP Ord Acc

Tactical Opps EUR Cls

9.76

1 North Wall Quay, Dublin 1, Ireland +35 3162 24493


FCA Recognised

$ 21.84

0.17 0.00

Global Val.Cr.Fd USD Inst Acc

-0.65 0.00

(IRL)

FCA Recognised

-0.32 3.62

SFr

Kames Capital VCIC

Asia ex-Japan A1

(IRL)

$ 34.42

Inc.Pt.RMB Dt.SH CHF PA

Morant Wright Funds (Ireland) PLC

111.17

Global Conc.A1

Inc.Pt.RMB Dt.SH EUR PA

0.04

1.06 0.00

Global Val.Cr.Fd GBP Ord Inc

0.47 0.00

Asset Management
-

-1.78

0.04 0.00

109.79

-0.13

$ 142.06

123.61

Property Income B Inc

$ 91.41

1.04 0.00

China Equity USD Inst Acc

Balanced (EUR) PA F

CNH 101.63

$ 24.19

MW Japan Fund PLC C

1.07 0.00

Inc.Pt.RMB Dt.CNH PA

0.04

MW Japan Fund PLC B

$ 138.43

$ 138.61

78.14

-0.24 0.00

142.20

China Equity USD Ord Acc

Tactical Opps USD Cls

European High Income Inc F

Invesco Asia Consumer Demand Fund A income $ 12.11

-0.12

China Equity GBP Ord Acc

-0.72 0.00

European High Income Acc F

-4.93 0.51

9.66

+/- Yield

-3.21 1.30

-1.87 1.05

$ 23.97

Offer

34.06

-0.19 0.00

MW Japan Fund PLC A

Bid

European Value A1

276.79

(IRL)

Fund

0.26 0.00

UK Smaller Companies Equity (No Trail) Acc F

441.48

7.27

Kames House, 3 Lochside Crescent, Edinburgh EH12 9SA


0800 45 44 22 www.kamescapital.com
Authorised Funds
-

19.77

+/- Yield

0.05 3.75

199.54

Kames Capital Investment Portfolios ICVC (UK)

116.99

Absolute Return A1

(LUX)

Offer

SFr 106.37

0.06 3.67

Global Equity (acc) F

-0.23 0.00

Bid

Balanced (CHF) PA F

Global Emerging Markets Inc F

LO Selection

-0.13 3.79

9.13

Fund

Morant Wright Fuji Yield EUR Acc Hedged 10.78

Asset Management
SFr

PrivilEdge

Property Income B Acc

Sh.T- Money Mkt EUR PA

59.24xd

-0.82

67.99xd

$ 13.82

-163.00

Global Eq Income Inc ... C

Invesco Asia Balanced A dist

97.63

Global Eq Income Acc... C

-2.08 1.04

Low Volatility Gb.Eq.Fd.

8983.00

-2.25 2.49

0.02 0.00

Low Volatility Gb.Eq.Fd.

221.28

0.02 0.00

112.15

Global Emerging Markets Acc F

-1.72 0.00

UK Growth (No Trail) Inc F

0.00 0.00

$ 20.13

0.43 3.60

$ 97.35

Golden Age (USD) PA F

0.54 3.51

2.91

Gb.Val.Fd.USD

Invesco Active Multi-Sector Credit Fund A

0.00 0.00

-1.34

-0.19 4.50

53.73

-0.19 4.49

FCA Recognised

$ 95.95

69.41

-0.90 0.00

Low Volatility Gb.Eq.Fd.

European Equity Income Inc F

0.02 0.00

European Equity Income Acc F

49.69

107.17

-0.24 3.75

49.67

Gb.Val.Fd.Sterling

14.52

Glbl Distribution Inc (Gross)

0.30 0.00

Golden Age (EUR) PA

46.86xd

Glbl Distribution Inc

MW Japan Fund Plc

Global Eq Income hdg Inc ... C

Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282


FCA Recognised
Invesco Management SA

-1.47 0.00

-0.45

-2.76 2.44

-0.20 4.47

-289.00 0.00

121.30

95.16

137.05

52.60

13056.00

Gb.Val.Fd. Euro

Low Volatility Gb.Eq.Fd.

UK Growth (No Trail) Acc F

Glbl Distribution Acc (Gross)

Gb.Val.Ex-Japan Fd.Yen

Diversified Income B Inc

Sterling Corporate Bond A Inc

+/- Yield

0.02 0.00

-16.76 2.32

(LUX)

Offer

Invesco

Bid

Diversified Income B Acc

High Yield Bond A Inc

Fund

SFr 21.36

664.42

European Equity Inc F

6.71

+/- Yield

Sh.T- Money Mkt CHF PA

-0.14 2.48

Emerging European Acc F

European Equity Acc F

+/- Yield

-0.23 0.69

Asset Management

$ 144.31

Asset Management

391.44

Offer

Kames Capital ICVC

Asian Acc F

155.62

Bid

(UK)

Eur Dynamic exUK Inc

Japanese Smaller Companies (No Trail) Acc F

Fund

$ 84.20
$ 98.31

-1.58 0.00
-1.18 0.00

24.97

-0.73 0.00

SFr 306.80

-6.95 0.00

$ 108.52

-0.43

Mir. - Glb Eq High Income A USD $ 96.31

-1.64 0.00

Mir. - Glb Strat. Bd A USD

-0.43 0.00

$ 104.74

(IRL)

Leconfield House, Curzon Street, London, W1J 5JB


FCA Recognised
New Capital UCITS Funds
Asia Pac Bd USD Inst Inc

$ 90.49

-0.29 3.32

Permal Investment Mgmt Svcs Ltd

Asia Pac Bd USD Ord Inc

$ 92.35

-0.30 2.57

Asia Pac Eq EUR Ord Inc

85.31

-0.28 3.44

www.permal.com
Other International Funds
Offshore Fund Class A US $ Shares

Asia Pac Eq GBP Ord Inc

88.32

-0.29 3.90

Investment Holdings N.V.

$ 5501.67

-210.54 0.00

Asia Pac Eq USD Ord Inc

$ 88.83

-0.29 3.27

Macro Holdings Ltd

$ 4245.42

47.63 0.00

Asia Pac Eq USD Inst Acc

$ 94.18

-0.30 0.00

Fixed Income Holdings N.V.

$ 378.88

-8.07

Asia Pac Eq USD Inst Inc

$ 99.17

-0.32 4.01

Permal Absolute Return Fund

$ 169.53

2.94 0.00

Dyn Europ Eq EUR Ord Inc

165.59

-4.24 1.40

Dyn Europ Eq GBP Ord Inc

176.00

-4.48 1.77

Dyn Europ Eq USD Ord Inc

$ 165.30

-4.20 1.31

China Equity EUR Ord Acc

136.50

1.05 0.00

29

FINANCIAL TIMES

Thursday 24 September 2015

MANAGED FUNDS SERVICE


Fund

Bid

Offer

+/- Yield

Fund

(LUX)

+/- Yield

-0.40

IGV - Inc B

315.10

-0.10 1.59

126.80

-0.30

Smith & Williamson Investment Management (1200)F (UK)

IGV - Acc X

385.50

-0.10 1.88

StocksPLUS{TM} - Inst Acc

$ 21.89

-0.36 0.00

Emerging Markets Equities (EUR) 134.59

-3.17 0.00

Santander Atlas Port 4 Acc Inst

160.20

-0.40

IGV - Acc Y

413.20

-0.10 2.37

Total Return Bond - Inst Acc

$ 27.06

0.04 0.00

Flex-o-Rente (EUR)

109.70

0.36 0.00

Santander Atlas Port 5 Acc Ret

185.40

-0.60

25 Moorgate, London, EC2R 6AY 020 7131 8100


www.sandwfunds.com
Authorised Inv Funds

IGV - Acc Z

383.10

-0.10 1.60

European Growth Trust A Class

17.20

UK Long Term Corp. Bnd Inst-Inst Acc 19.04

0.08 0.00
0.15 0.00

Platinum All Star Fund - A (Est)

-0.01 0.00

US Premium Equities (EUR)

171.63

-2.45 0.00

Santander Atlas Port 7 Acc Ret

193.80

-1.20

MM Endurance Balanced Fund A Class

206.70

-0.80 1.21

US Premium Equities (USD)

$ 191.80

-2.72 0.00

Santander Atlas Port 7 Acc Inst

153.60

-0.90

MM Global Investment Fund A Class

2081.00

-2.00 1.84

North American Trust A Class

1627.00

-6.00 0.00

Pictet-Environmental Megatrend Sel I EUR 150.09

-2.16 0.00

Pictet-EUR Bonds-I F

549.91

1.60 0.00

Pictet-EUR Corporate Bonds Ex Fin i EUR 141.94

0.06 0.00

Pictet-EUR Corporate Bonds-I F

0.09 0.00

Polar Capital Funds Plc


Regulated

Pictet-European Sust Eq-I EUR F

228.08

-6.25 0.00

Pictet-Global Bds Fundamental I USD $ 116.97

-0.22 0.00

161.36

0.94 0.00

Pictet-Global Emerging Currencies-I USD F $ 95.64

Pictet-Global Bonds-I EUR

-0.50 0.00

Pictet-Global Emerging Debt-I USD F $ 353.99

-1.06 0.00

Pictet-Global Megatrend Selection-I USD F $ 215.30

-4.14 0.00

Pictet-Greater China-I USD F


Pictet-Health-I USD

$ 432.97

-10.38 0.00

$ 279.28

-3.88 0.00

Pictet-High Dividend Sel I EUR F 147.07

-2.57 0.00

Pictet-India Index I USD

-1.79 0.00

$ 95.26

Pictet-Indian Equities-I USD F

$ 430.45

0.07 0.00

Pictet-Japan Index-I JPY F

15381.69

-321.79 0.00

Pictet-Japanese Equities Opp-I JPY F 9083.04

-200.71 0.00

Pictet-Japanese Equity Selection-I JPY F 13650.21

-312.36 0.00

Pictet-LATAM Index I USD

$ 49.12

Pictet-LATAM Lc Ccy Dbt-I USD F $ 103.72

18.52

-0.38 0.43

Contl Europe Specialist Fund

22.10

-0.55 0.00

Japan Specialist Fund X

13.73

-0.03 0.00

US Spec Equity Fund

17.50

-0.03 0.00

Pacific Basin Specialist Equity Fund 35.90

-0.58 0.72

UK Sovereign Bd Index Fund

10.79

Inflation Lkd Sov Bd Fund

-0.57 0.00

-18.38 0.00

UK Specialist Equity Inc

UK Specialist Equity Income Fund

-2.00 0.00

-0.41 2.89

0.15 5.36

Pictet-European Equity Selection-I EUR F 597.04

-0.07 0.00

-5.24 0.00

(UK)

United Kingdom Equity Index Fund 14.80

Pictet-Emerging Markets Sust Eq I USD $ 83.89

Royal Bank of Scotland (2230)F

Pictet-Emerging Markets High Dividend I USD $ 91.55

160.72

-0.19 0.00

Platinum Essential Resources UCITs Fund $

-0.27 0.00

Pictet-Europe Index-I EUR F

Authorised Inv Funds

Platinum Global Dividend UCITS Fund $ 67.16

-4.42 0.00

$ 117.72

Platinum Global Dividend Fund - A (Est) $ 56.90

Pictet-Emerging Corporate Bonds I USD $ 105.29

5.47

Platinum Maverick Enhanced Fund Limited (Est) $ 98.29

0.00

12.81
9.41

Global Emerg Mkts Equity Fund X 10.00


Global Spec Inv Grade Bd Fund GBP

9.84

0.11 2.59

0.06 0.68

-0.16 3.92

-0.11 0.54

0.01 3.19

Series 6 (Investment Management Customers Only)

(IRL)

Asian Financials I USD

$ 274.43 274.43 -2.87 0.00

Biotechnology I USD

$ 18.30 18.30 -0.31 0.00

European Income Acc EUR

10.97 10.97 -0.31

European Ex UK Inc EUR Acc

Financial Opps I USD

$ 12.14

-0.23 2.11

GEM Growth I USD

-0.11 0.00

9.26

8.33
9.43

9.26 -0.25

GEM Income I USD

-0.09 0.00

Global Alpha I USD

$ 12.38 12.38 -0.22 0.00

Global Convertible I USD

$ 11.36 11.36 -0.11 0.00

Global Insurance I GBP

3.89

-0.02 0.00

Global Technology I USD

$ 21.79

-0.37 0.00

Healthcare Blue Chip Fund I USD Acc $ 10.79 10.79 -0.13


Healthcare Opps I USD

$ 40.45

Income Opportunities B2 I GBP Acc

1.70

-0.57 0.00

1.70 -0.01 0.00

Japan Alpha I JPY

196.96 196.96 -4.49 0.00

Japan I JPY

1994.45

-41.76 0.00

North American I USD

$ 16.90 16.90 -0.24 0.00

UK Absolute Equity I GBP

12.68 12.68 0.00

Polar Capital LLP

United Kingdom Equity Index Fund 14.63

-0.41 3.40

UK Specialist Equity

18.73

-0.39 1.79

Contl Europe Specialist Fund

23.05

-0.57 0.65

Japan Specialist Fund X

14.49

-0.02 0.55

US Spec Equity Fund

18.31

-0.04 0.17

Pacific Basin Specialist Equity Fund 35.84

-0.58 1.40

Equity Inc Inc Inst

234.40

0.30

Equity Inc Inc Ret

201.30

0.30

Equity Inc Acc Inst

141.60

0.20

N&P UK Gwth Inc Ret

158.50

0.50

Stckmkt 100 Track Gwth Acc Inst

87.15

0.30

Stckmkt 100 Track Gwth Acc Ret

161.50

0.60

UK Growth Acc Inst

277.00

0.80

UK Growth Acc Ret

321.30

0.90

UK Growth Inc Ret

213.80

0.60

Managed OEIC
Glob Em Shs Port Acc Ret

147.10

-0.70

Max 70% Shs Port Acc Ret

248.10

-0.50

Max 70% Shs Port Acc X

178.20

-0.30

Max 70% Shs Port Acc S

144.10

-0.30

Investment Port Acc Ret

231.40

0.40

Investment Port Acc X

164.00

0.30

265.10

-1.30

Max 100% Shs Port Acc X

190.30

-0.90

Max 100% Shs Port Acc S

138.70

-0.70

Enhanced Inc Inc Ins

205.60

0.20

(UK)
5th Floor, Churchgate House, 56 Oxford Street, Manchester M1 6EU 03456 057777
Authorised Inv Funds

Enhanced Inc Inc Ret

194.50

0.20

Enhanced Inc Inc X

165.20

0.20

Royal London Sustainable Diversified A Inc

Enhanced Inc Acc Inst

150.90

0.10

-0.18 3.85

Global Spec Inv Grade Bd Fund GBP 10.13

0.01 3.19

Global Emerg Mkts Equity Fund X 10.01

-0.11 0.77

Address and telephone number for Series 5 only

Royal London Unit Managers Ltd. (1200) F

Royal London Sustainable World A Inc

1.52

0.00 2.02

164.10

-0.40 0.70

Royal London Corporate Bond Mth Income

89.22 93.91 0.20 4.20

Royal London European Growth Trust

104.60 110.10 0.40 0.95

Royal London Sustainable Leaders A Inc

440.60

-0.70 0.86

Royal London UK Growth Trust

456.90 480.90 -0.40 1.51

Royal London UK Income With Growth Trust

216.10 227.40 0.30 4.57

Royal London US Growth Trust

146.20 153.70 -1.00 0.00

Additional Funds Available


Please see www.royallondon.com for details

Managed Investments OEIC


Max 30% Shs Port Acc Ret

Ruffer LLP (1000)F

(UK)
40 Dukes Place, London EC3A 7NH
Order Desk and Enquiries: 0345 601 9610
Authorised Inv Funds
Authorised Corporate Director - Capita Financial Managers

1.53 0.00

CF Ruffer Investment Funds

Pictet-Premium Brands-I EUR F

151.85

-3.02 0.00

CF Ruffer Gold Fund C Acc

76.81

0.55 0.00

Pictet-Quality Global Equities I USD $ 126.61

-2.44 0.00

Other International Funds

CF Ruffer Gold Fund O Acc

76.08

0.54 0.00

Pictet-Russia Index I USD

$ 47.57

-1.27 0.00

Emerging Markets Active

377.91

-0.28 0.06

Pictet-Russian Equities-I USD F

$ 39.81

-0.77 0.00

Luxcellence Em Mkts Tech

Pictet-Security-I USD F

$ 193.51

-3.04 0.00

Polunin Developing Countries

Pictet-Select-Callisto I EUR

105.83

-0.39 0.00

Polunin Discovery - Frontier Markets $ 1393.95

Pictet-Small Cap Europe-I EUR F 1070.51

-22.76 0.00

Polunin Small Cap

Pictet-ST.MoneyMkt-I

140.49

0.00 0.00

Equity & General C Acc


Equity & General C Inc

348.55

-0.26 0.06

Equity & General O Inc

347.38

-0.27 0.00

Equity & General O Acc

374.38

-0.30 0.00

European C Acc

510.79

1.26 0.23

European O Acc

506.06

1.22 0.00

Japanese Fund C Acc

172.66

-0.14 0.00

Japanese Fund O Acc X

170.83

-0.15 0.00

0.00

147.10

0.00

Max 30% Shs Inc Port Inc Ret

152.50

0.20

Max 30% Shs Inc Port Inc X

152.70

0.20

Max 30% Shs Inc Port Inc S

146.50

0.30

Max 60% Shs Port Acc Ret

262.00

-0.80

Max 60% Shs Port Inc Ret

208.90

-0.70

-0.20

Strat Bond Acc Inst

150.10

-0.20

Managed Investments OEIC 3

-0.90 0.00

Pictet-US Equity Selection-I USD $ 180.86

-2.13 0.00

Pictet-US High Yield-I USD F

-0.65 0.00

Pictet-USA Index-I USD F

$ 145.89

Global Total Fd PCG INT

150.53

-0.56 0.00

Pimco Fds: Global Investors Series Plc

(IRL)

PIMCO Europe Ltd,11 Baker Street,London W1U 3AH


http://gisnav.pimco-funds.com/
Dealing: +44 20 3640 1000
PIMCO Funds: +44 (0)20 3640 1407
FCA Recognised
Capital Securities Inst Acc

$ 14.87

-0.06 0.00

6.39

-0.07 0.00

Credit Absolute Return Fund Inst Acc $ 11.18

-0.05 0.00

Diversified Income - Inst Acc

$ 19.26

-0.07 0.00

Diversified Income Durat Hdg Fund Inst Acc $ 11.23

-0.09 0.00

EM Fundam.Ind StocksPLUS Fund Inst Acc $

8.34

-0.15 0.00

Emerging Asia Bond Fund Inst Acc $

9.44

-0.07 0.00

Commodity Real Return Fund Inst Acc $

Emerging Local Bond - Inst Acc

Purisima Investment Fds (CI) Ltd


PCG B X

156.78

-0.44 0.00

PCG C X

154.66

-0.43 0.00

Putnam Investments (Ireland) Ltd

(IRL)

Regulated
Putnam New Flag Euro High Yield Plc - E 1009.16

-3.84 4.30

Rathbone Unit Trust Mgmt (1200)F

Blue Chip Income Inc

144.54 149.25 0.28 4.49

-0.35 0.00

Blue Chip Income Acc

215.48 222.28 0.41 4.36

Emerging Markets Corp.Bd Fund Inst Acc F $ 12.69

-0.07 0.00

Ethical Bond Inc

90.65 92.62 0.16 5.33

Emerging Markets Curr.Fd- Inst Acc $ 11.60

-0.11 0.00

Ethical Bond Acc

171.77 175.17 0.31 5.22

Euro Bond - Inst Acc

0.09 0.00

Global Opportunities Acc

132.79 137.02 -0.51 0.12

Euro Credit - Inst Acc

14.66

0.03 0.00

Income Inc

836.83 865.75 1.69 4.06

Euro Income Bond - Inst Acc F

12.87

-0.03 0.00

Income Acc

1271.76 1314.27 2.57 3.88

Euro Long Average Duration - Inst Acc 21.59

0.32 0.00

Multi Asset Enhanced Growth Acc

116.29

-0.13 0.00

Euro Low Duration Fund Inst Acc 11.24

-0.01 0.00

Multi Asset Strategic Growth inc

144.00

-0.03 1.41

Euro Real Return - Inst Acc

13.28

0.05 0.00

Multi Asset Strategic Growth acc

152.18

-0.04 1.40

Euro Short-Term Inst Acc

12.28

0.00 0.00

Multi Asset Total Return inc

125.29

-0.11 1.88

Euro Ultra Long Duration - Inst Acc 28.31

0.54 0.00

Multi Asset Total Return acc

137.29

Global Advantage - Inst Acc

-0.04 0.00

Recovery Inc

414.44 430.16 -0.76 2.35

8.36

-0.05 0.00

Recovery Acc

492.01 510.22 -0.90 2.32

Global Bond - Inst Acc

$ 27.75

0.07 0.00

Strategic Bond Ret Acc

1.18

1.20 0.00 4.24

Global Bond Ex-US - Inst Acc

$ 19.36

0.06 0.00

Strategic Bond Ret Inc

1.04

1.06 0.00 4.29

Global Fundam.Index StocksPLUSInst Acc $ 10.37

-0.23 0.00

Global High Yield Bond - Inst Acc $ 19.98

-0.12 0.00

Global Investment Grade Credit - Inst Income $ 12.23

0.03 3.61

Global Investment Grade Credit Fund Inst Acc 11.55

0.06 0.00

Global Investment Grade Credit Fund Inst Acc $ $ 16.55

0.03 0.00

Global Multi-Asset - Inst Acc

$ 14.12

-0.14 0.00

Global Real Return - Inst Acc

$ 17.98

0.07 0.00

Income Fund Inst Acc

$ 12.22

-0.03 0.00

Inflation Strategy Fund Inst Acc

-0.08 0.00

Global Advantage Real Return Fund Inst Acc $

8.75

-0.0033 3.02

Global Equity Fund

www.tni.ae
Other International Funds

1.7756

-0.0006 1.14

Global Balanced Fund - Income Units 1.2952

-0.0093 1.98

Global Balanced Fund - Accumulations Units 1.5033

-0.0108 1.96

MENA Hedge Fund

Global Fixed Interest Fund

1.0090

-0.0025 3.46

TNI Funds Plc (Ireland)

Sterling Fixed Interest Fund

0.8474

0.0001 3.09

UK Equity Fund

1.8558

-0.0001 2.83

AED 10.63

-0.03 0.00

$ 924.60

-70.43 0.00

$ 1182.39

3.51 0.00

TNI Funds Ltd (BMU)

MENA UCITS Fund *

Value Partners Classic Equity Fund USD Z Unhedged $ 10.79

Value Partners Classic Equity Fund CHF HedgedSFr 11.30

-0.23 0.00
-0.28 0.00

Value Partners Classic Equity Fund EUR Hedged 11.40

-0.28 0.00

Value Partners Classic Equity Fund GBP Hedged 11.65

-0.29 0.00

Value Partners Classic Equity Fund GBP Unhedged 12.15

0.07 0.00

Value Partners Classic Equity USD Hedged $ 13.23

-0.33 0.00

Value Partners Health Care Fund RMB Class Z UnhedgedCNH

9.37

0.01

Value Partners Health Care Fund HKD Class A UnhedgedHK$

8.99

0.01

Value Partners Health Care Fund USD Class A Unhedged $

9.02

0.00

(IRL)
Veritas Asset Management LLP
HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland
Veritas Funds Plc
www.veritas-asset.com
+353 1 635 6799
FCA Recognised
Institutional
-

-3.29 0.69

Veritas Asian Fund A GBP H

355.72

-1.36 0.51

Veritas Asian Fund A EUR H

299.51

-3.63 0.44

Veritas China Fund A USD

$ 141.49

-0.58 0.00

Veritas China Fund A GBP

146.44

-0.58 0.00

Veritas China Fund A EUR

140.24

-0.58 0.00

Stenham Asset Management Inc

Veritas Global Equity Income Fund D USD $ 112.50

-0.73 4.86

www.stenhamassetmanagement.com
Other International Funds

Veritas Global Equity Income Fund D EUR 195.78

-1.30 4.12

Veritas Global Equity Income Fund D GBP 142.71

0.25 4.75

Veritas Global Focus Fund D USD $ 25.01

-0.20 2.78

Veritas Global Focus Fund D EUR 22.56

-0.19 2.60

Veritas Global Focus Fund D GBP 27.71

0.00 2.42

Veritas Global Focus Fund A GBP 26.70

0.00 2.21

Veritas Global Focus Fund A EUR 13.12

-0.11 2.06

Veritas Global Focus Fund A USD $ 24.08

-0.20 2.34

Veritas Global Focus Fund C GBP 28.86

0.01 0.00

Veritas Global Focus Fund C EUR 23.60

-0.19 0.00

Veritas Global Focus Fund C USD $ 26.10

-0.21 0.00

Veritas Global Equity Income Fund A GBP 136.84

0.24 4.78

Veritas Global Equity Income Fund A EUR 190.30

-1.26 4.15

Veritas Global Equity Income Fund A USD $ 108.31

-0.71 4.89

Veritas Global Equity Income Fund C GBP 159.69

0.28

Veritas Global Equity Income Fund C EUR 221.44

-1.47

(UK)
Thesis Unit Trust Management Limited
Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP
Authorised Funds
TM New Court Fund A 2011 Inc

$ 126.64

-8.73

Stenham Credit Opportunities A Class USD $ 103.92

-0.70 0.00

Stenham Emerging Markets USD B1 $ 105.21

-2.06 0.00

Stenham Asia USD

12.75

0.02 0.00

TM New Court Fund - A 2014 Acc 12.78

0.03 0.00

TM New Court Equity Growth Fund - Inc 12.81

0.02 0.00

Stenham Gold USD

$ 147.24

3.67 0.00

Stenham Growth USD

$ 220.42

-7.60

Stenham Healthcare USD

$ 190.65

-10.24 0.00

Stenham Helix USD

$ 31.00

-73.66

Stenham Managed Fund USD

$ 116.67

-3.43

Stenham Multi Strategy USD

$ 121.31

-1.85

Stenham Quadrant USD A

$ 400.20

-2.72

Stenham Trading Inc USD

$ 115.83

-0.71

Toscafund

(CYM)

Regulated
Tosca

$ 298.38

Tosca Mid Cap GBP

264.89

-2.87 0.00

Tosca Opportunity B USD

$ 353.68

40.27 0.00

-3.43 0.00

TreeTop Asset Management S.A.


Stratton Street Capital (CI) Limited

(GSY)

Regulated
Japan Synthetic Warrant Yen Class 1483.90

145.61 0.00

Japan Synthetic Warrant GBP Hedged Class 181.05

-15.63 0.00

Japan Synthetic Warrant USD Class $ 16.17

1.57 0.00

Japan Synthetic Warrant USD Hedged Class $ 179.37

-16.46 0.00

(LUX)

Regulated
TreeTop Convertible Sicav

-5.16 0.00

Veritas Global Real Return Fund A USD $ 19.71

-0.04 2.09

-1.68 0.00

Veritas Global Real Return Fund A GBP 11.02

-0.02 2.07

International D

271.57

-3.72 3.11

Veritas Global Real Return Fund A EUR 11.62

-0.02 0.17

Selling price: Also called bid price. The price at which


units in a unit trust are sold by investors.

Pacific A

261.50

-3.16 0.00

Pacific B

$ 329.39

-4.13 0.00

Buying price: Also called offer price. The price at


which units in a unit trust are bought by investors.
Includes managers initial charge.

Retail
Veritas Asian Fund B USD

$ 204.48

-2.29 0.50

Veritas Asian Fund B GBP

261.87

-0.84 0.04

-2.08 0.00

Veritas Asian Fund B EUR

220.33

-2.63 0.00

-2.41 0.00

Veritas China Fund B GBP

141.47

-0.51 0.00

-1.55 0.00

Veritas China Fund B EUR

163.91

1.09 0.00

-1.66 0.00

Veritas Global Focus Fund B USD $ 17.34

-0.14 1.70

Veritas Global Focus Fund B GBP 20.35

0.00 1.75
-0.12 1.65

Global Opp.A

135.63

-0.41 3.79

Global Opp.B

$ 134.48

Renminbi Bond Fund CNH Cls A CNH 124.87

-0.14 3.46

Global Opp.C

168.00
144.64

120.21

-0.42 3.57

Sequoia Equity C

166.30

-0.87 0.00

Veritas Global Focus Fund B EUR 15.59

Renminbi Bond Fund SGD Cls B S$ 119.22

-0.42 3.54

Veritas Global Equity Income Fund B GBP 126.00

0.22 4.84

-1.16 4.20

Regulated
S W Mitchell European Fund Class A EUR 333.17

-22.51

S W Mitchell Small Cap European Fund Class A EUR 228.99

-6.11

The Charlemagne Fund EUR

-25.58

Pacific Bas (ex-Japan)

472.90

-4.60

Sterling Bonds

263.50

0.50

UK Equities

255.90

0.20

US Equities

249.70

-0.90

$ 119.60

-0.43 3.33

Veritas Global Equity Income Fund B EUR 174.78

Renminbi Bond Fund YEN Cls B

13204.29

-42.40 0.00

Veritas Global Equity Income Fund B USD $ 107.47

-0.70 4.95

Renminbi Bond Fund USD Cls A

$ 164.91

-0.59 3.58

Veritas Global Real Return Fund B USD $ 19.08

-0.04 1.64

Renminbi Bond Fund GBP Cls A

160.23

-0.56 3.82

Veritas Global Real Return Fund B GBP 10.79

-0.02 1.65

Renminbi Bond Fund SGD Cls A S$ 157.93

-0.55 3.79

Veritas Global Real Return Fund B EUR 12.42

-0.02 1.46

Renminbi Bond Fund YEN Cls A

19546.44

-62.49 0.00

Renminbi Bond Fund EUR Cls A

108.82

-0.38 4.04

Poland Geared Growth

0.46

-0.04 0.00

Pacific Bas (ex-Japan)

472.20

-4.60

S W Mitchell Capital LLP

(IRL)

Regulated
SWMC European Fund B EUR

14924.01

-543.02 0.00

SWMC UK Fund B

11802.88

-232.92 0.00

SWMC Small Cap European Fund B EUR 13627.34

-187.67 0.00

SWMC Emerging European Fund B EUR 8579.39

-93.62 0.00

RobecoSAM

(LUX)

Tel. +41 44 653 10 10 http://www.robecosam.com/


Regulated

RobecoSAM Sm.Materials/A

114.71

-0.80 2.10

RobecoSAM Gl.Small Cap Eq/A

73.93

-0.61 1.78

RobecoSAM Sustainable Gl.Eq/B 170.35

-1.92 0.00

RobecoSAM S.HealthyLiv/B

171.42

-1.64 0.00

RobecoSAM S.Water/A

155.34

-0.93 2.37

(UK)

40 Dukes Place, London EC3A 7NH


Order Desk and Enquiries: 0345 608 0950
Authorised Inv Funds
ACD Capita Financial Mgrs

E.I. Sturdza Strategic Management Limited (GSY)


Regulated
Nippon Growth Fund Limited

100874.00

857.00 0.00

Saracen Growth Fd Alpha Acc

3.49

-0.07 0.99

Strat Evarich Japan Fd Ltd JPY

91764.00

3056.00 0.00

Saracen Growth Fd Beta Acc

5.57

-0.11 1.48

Strat Evarich Japan Fd Ltd USD

$ 908.40

30.05 0.00

Saracen Global Income & Growth Fund A - Acc

1.08

-0.02 3.05

Saracen Global Income & Growth Fund A - Dist

1.00

-0.02 2.79

Saracen Global Income and Growth Fund -Acc #

1.34

-0.02 3.43

Saracen Global Income and Growth Fund -Dist #

1.18

-0.02 2.82

Saracen UK Income Fund - Acc

0.99

-0.02

Saracen UK Income Fund - Dist

0.98

-0.02

E.I. Sturdza Funds PLC

0.30 0.29

Spectrum Fund 'O' Inc

151.75

0.28 0.29

94.31

-0.39

Indirect Real Estate SIRE

130.67 136.64 0.17 3.09

(UK)
Scottish Friendly Asset Managers Ltd
Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000
Authorised Inv Funds
Managed Growth

229.10

0.10 0.00

UK Growth

248.40

-0.50 0.00

SIA (SIA Funds AG)

(LUX)

Regulated

-0.83

250.74

-0.18 0.45

Trojan Fund O Inc

208.01

-0.15 0.45

Trojan Global Equity O Acc

203.43

-0.02 0.95

Trojan Global Equity O Inc

173.28

-0.02 0.96

Trojan Income O Acc

260.78

0.45 3.87

Trojan Income O Inc

165.19

0.28 3.99

UBS Global Asset Mgmt Fds Ltd

Regulated
Nippon Growth (UCITS Fund Euro Hedged Class EUR) 1062.42

-24.52 0.00

Nippon Growth (UCITS Fund Euro Hedged Institutional Class EUR) 1249.80

-28.83 0.00

Nippon Growth (UCITS) Fund JPY Class A shares 97993.00

-2245.00 0.00

Nippon Growth (UCITS) Fund JPY Class B Acc shares 82141.00

-1872.00 0.00

Nippon Growth (UCITS) Fund JPY Class C Dis shares 79845.00

Nippon Growth (UCITS Fund Class D Institutional JPY) 53160.00

(UK)
21 Lombard Street, London, EC3V 9AH
Client Services 0800 587 2113, Client Dealing 0800 587 2112
www.ubs.com/retailfunds
Authorised Inv Funds
OEIC
Global Emerg Mkts Eqty B Acc

-1829.00 0.00

Global Optimal B Acc

-1216.00 0.00

UBS UK Opportunities Fund B Acc

0.82

-0.02 3.08

1.22

1.42

0.00 0.30

0.93

-10.66 0.00

US Equity B Acc

-10.97 0.00

UBS S&P 500 Index C Acc

0.50

0.00

Strategic China Panda Fund Hedged Sterling 2079.42

-11.35 0.00

UBS Targeted Return B Acc

1.22

-0.01 1.25

Strategic Euro Bond Accumulating Class CHFSFr 985.01

-1.29 0.00

UBS Sterling Corporate Bond Indexed Fund

51.17

0.00 3.33

Strategic Euro Bond Institutional Class EUR 1008.56

-1.31 0.00

UBS Multi Asset Income B Inc (net)

0.49

0.00 3.66

Strategic Euro Bond Fund Accumulating Class Shares 1131.57

-1.47 0.00

UBS UK Equity Income B Inc Net

0.37

-0.01 4.91

Strategic Euro Bond Fund Distributing Class Shares 1021.24

-1.33 2.91

Corporate Bond UK Plus B Inc Net

0.52

0.00 4.00

UBS Global Allocation (UK) B Acc

1.04

0.00 1.87

UBS Global Enhanced Equity Income C Inc

0.44

0.00

$ 1063.15

-1.51 0.00

$ 1045.15

2.14 0.00

Waverton Global Equity Fund A GBP 13.25

-0.07 0.39

Waverton UK Fund A GBP

12.69

0.02 1.90

Waverton Equity Fund A GBP

14.07

0.00 0.00

-0.01 5.48

-2.12

Strategic US Momentum and Value CHF Hedged Class CHFSFr 567.32

-7.41 0.00

European Multi-Sector

(UK)

50 Bank Street, Canary Wharf, London E14 5NT


Admin: 50 Bank Street, Canary Wharf, London E14 5NT
Dealing & Enquiries: 0870 870 8433
Authorised Inv Funds
THS Growth & Value Funds

283.80

-1.60

221.30

-1.20

Coolsingel 120, 3011 AG Rotterdam, The Netherlands.


www.robeco.com/contact
FCA Recognised

Santander Atlas Port 3 Acc Ret

146.50

-0.10

Santander Atlas Port 3 Inc Ret

101.40

-0.10

International

Asia-Pacific Equities (EUR)

Santander Atlas Port 3 Acc Inst

160.90

-0.10

IGV - Inc A

315.60

0.00 2.41

116.01

Unicapital Investments

(LUX)
27.41

Exit Charges: The letter E denotes that an exit charge


may be made when you sell units, contact the
manager/operator for full details.
Time: Some funds give information about the timing of
price quotes. The time shown alongside the fund
managers/operators name is the valuation point for
their unit trusts/OEICs, unless another time is
indicated by the symbol alongside the individual unit
trust/OEIC name.
The symbols are as follows: 0001 to 1100 hours;
1101 to 1400 hours; 1401 to 1700 hours; # 1701 to
midnight. Daily dealing prices are set on the basis of
the valuation point, a short period of time may elapse
before prices become available. Historic pricing: The
letter H denotes that the managers/operators will
normally deal on the price set at the most recent
valuation. The prices shown are the latest available
before publication and may not be the current dealing
levels because of an intervening portfolio revaluation
or a switch to a forward pricing basis. The
managers/operators must deal at a forward price on
request, and may move to forward pricing at any time.
Forward pricing: The letter F denotes that that
managers/operators deal at the price to be set at the
next valuation.
Investors can be given no definite price in advance of
the purchase or sale being carried out. The prices
appearing in the newspaper are the most recent
provided by the managers/operators. Scheme
particulars, prospectus, key features and reports: The
most recent particulars and documents may be
obtained free of charge from fund
managers/operators. * Indicates funds which do not
price on Fridays.
Charges for this advertising service are based on the
number of lines published and the classification of the
fund. Please contact data@ft.com or
call +44 (0)20 7873 3132 for further information.

Asset Management

Yuki International Limited

(IRL)

Tel +44-20-7269-0207 www.yukifunds.com


Regulated
Yuki Mizuho Umbrella Fund
Yuki Mizuho Japan Dynamic Growth 6569.00

-100.00 0.00

Yuki Mizuho Japan Large Cap

6542.00

-139.00 0.00

Yuki Japan Low Price

25792.00

-370.00 0.00

Yuki Japan Value Select

12430.00

-85.00 0.00

16101.00

-244.00 0.00

Yuki Japan Rebounding Growth Fund JPY Class 22581.00

-260.00 0.00

Yuki Japan Rebounding Growth Fund USD Hedged Class $ 906.36

-10.48

Yuki Asia Umbrella Fund

Investments III

Treatment of managers periodic capital charge:


The letter C denotes that the trust deducts all or part
of the managers/operators periodic charge from
capital, contact the manager/operator for full details
of the effect of this course of action.

0.32 0.00

Regulated

Taube Hodson Stonex Ptnrs UT (1200)F

(IRL)

Regulated

YMR N Growth

160.50

9.47

WA Fixed Income Fund Plc

-0.01 6.05

LTIF Stability A ACCU

$ 17.39

Waverton Sterling Bond Fund A GBP

-7.43 0.00

-3.80 6.13

-0.02 5.51

0.36

-7.01 0.00

-0.33 1.16

UBS Emerging Markets Equity Income B Inc

SFr 165.90

8.75

YMR Umbrella Fund

Strategic US Momentum and Value EUR Hedged Class EUR 569.15

LTIF Stability Inc Plus

Waverton Asia Pacific A USD

Waverton Global Bond Fund Cls A $

0.01 0.00

Strategic US Momentum & Value Fund USD I Class $ 540.37

(IRL)

waverton.investments@citi.com
FCA Recognised

-0.75 0.00

Waverton Investment Funds Plc (1600)F

1.43

-6.84 0.00

-4.30

0.36 0.00

UBS US Growth Fund B Acc

SFr 186.80

$ 296.54

-10.57 0.00

69.23

LTIF Stability Growth

0.37 0.00

Real Return Asian Fund EUR

314.55

Other International Fds

0.31 0.00

Strategic US Momentum and Value Fund $ 814.55

LTIF Natural Resources

SIA (SIA Funds AG) (CH)

299.93

Asset Management

Strategic Global Bond USD Acc

281.43

Real Return Asian Fund GBP

Single price: Based on a mid-market valuation of the


underlying investments. The buying and selling price
for shares of an OEIC and units of a single priced unit
trust are the same.

0.00 0.68

Strategic China Panda Fund USD $ 2109.89

Strategic Global Bond RMB Acc

Real Return Asian Fund USD

Different share classes are issued to reflect a different


currency, charging structure or type of holder.

0.01 1.83

Strategic China Panda Fund Hedged EURO 2053.41

LTIF Classic

93.87

Trojan Fund O Acc

(IRL)

Asset Management
Schroder Property Managers (Jersey) Ltd
Other International Funds

www.veritas-asset.com
Other International Funds

155.69

Spectrum Income Fund 'O' Acc

(UK)

19 Rutland Square, Edinburgh EH1 2BB


Dealing: 00 353 1 603 9921
Saracen Investment Funds ICVC (OEIC) Enq. 0131 202 9100
Authorised Inv Funds

Veritas Asset Management LLP

Spectrum Fund 'O' Acc

Spectrum Income Fund 'O' Inc

Saracen Fund Managers Ltd (1000)F

.
For Save & Prosper please see Countrywide Assured
-0.15 1.37

Troy Asset Mgt Ltd

Trojan Investment Funds

B Shares

OEIC: Open-Ended Investment Company. Similar to a


unit trust but using a company rather than a trust
structure.

-0.40 4.04

0.80

Guide to pricing of Authorised Investment Funds:


(compiled with the assistance of the IMA. The
Investment Management Association, 65 Kingsway,
London WC2B 6TD.
Tel: +44 (0)20 7831 0898.)

126.36

Prices are in pence unless otherwise indicated. The


change, if shown, is the change on the previously
quoted figure (not all funds update prices daily). Those
designated $ with no prefix refer to US dollars. Yield
percentage figures (in Tuesday to Saturday papers)
allow for buying expenses. Prices of certain older
insurance linked plans might be subject to capital
gains tax on sales.

$ 375.64

146.00

The fund prices published in this edition along with


additional information are also available on the
Financial Times website, www.ft.com/funds. The
funds published on these pages are grouped together
by fund management company.

International C

Renminbi Bond Fund CHF Cls B SFr 116.77

Japan Equities

The sale of interests in the funds listed on these pages


may, in certain jurisdictions, be restricted by law and
the funds will not necessarily be available to persons
in all jurisdictions in which the publication circulates.
Persons in any doubt should take appropriate
professional advice. Data collated by Morningstar. For
other queries contact reader.enquiries@ft.com +44
(0)207 873 4211.

International B

Renminbi Bond Fund CHF Cls A SFr 117.00

The fund prices quoted on these pages are supplied by


the operator of the relevant fund. Details of funds
published on these pages, including prices, are for the
purpose of information only and should only be used
as a guide. The Financial Times Limited makes no
representation as to their accuracy or completeness
and they should not be relied upon when making an
investment decision.

-0.81

0.80

Guide to Data

0.20

Data as shown is for information purposes only. No


offer is made by Morningstar or this publication.

Veritas Global Equity Income Fund C USD $ 125.62

262.20

www.morningstar.co.uk

-4.01 0.00

142.30

Europe (ex-UK)

Data Provided by

Corp Bond Inc Inst

Renminbi Bond Fund USD Cls B

Senator House 85 Queen Victoria Street, London EC4V 4ET


COIF Charities Deposit Fund
0.45
- 0.45 Qtr

292.56

TreeTop Global Sicav

Santander Asset Management UK Limited (1200)F

Gross
AER Int Cr

International A

-0.40 3.73

(UK)

Gross Net

CCLA Fund Managers Ltd


(IRL)

$ 294.34

Santander Atlas Inc Port Inc Inst

-0.81 0.00

-0.66 6.13

Veritas Asian Fund A USD H

Santander Atlas Inc Port Acc Inst

Renminbi Bond Fund GBP Cls B

287 St Vincent Street, Glasgow G2 5NB, 0845 6000 181


Authorised Funds
Santander Atlas Range

126.08

249.42

Santander Asset Management UK Limited (1200)F (UK)

(LUX)

Senator House 85 Queen Victoria Street, London EC4V 4ET


CBF Church of England Deposit Fund 0.50
- 0.50 Qtr

UK Income B Inc X F

0.13

-0.11 1.86

Robeco Asset Management

CCLA Investment Management Ltd

-0.73 5.89

(CYM)

-0.63 6.17

92.11

S W Mitchell Capital LLP

10.26

TNI Blue Chip UAE Fund *

-0.39 4.00

A Shares

RobecoSAM Sm.Energy/A

275.13

Bond Mthly Inc Inc Ret

PO Box 9948, Chelmsford, CM99 2AG


Order Desk: 0845 300 2101, Enquiries: 0207 399 0399
Authorised Inv Funds

Emerging Markets Bond - Inst Acc $ 37.52

235.09

UK Income B Acc X F

-2.15 0.00

(UK)

-0.15 0.00

UK Income A Inc X F

(JER)

$ 12.04

1.1648

Regulated

$ 10.62

22.56

Diversified Assets Fund

287 St Vincent Street, Glasgow G2 5NB 0845 605 4400


Authorised Inv Funds
Santander Premium Fund (OEIC)

323.00

-0.69 5.93

$ 148.89

(UK)
40 Dukes Place, London EC3A 7NH
Order Desk and Enquiries: 0345 922 0044
Authorised Inv Funds
Authorised Corporate Director - Capita Financial Managers

-0.57 0.14

Sequoia Equity B

Purisima Investment Fds (UK) (1200)F

259.45

-0.41 3.79

-3.46 0.00

152.45

-2.49 0.77

UK Income A Acc X F

-0.14 3.22

Global Total Fd PCG B

$ 138.79

0.00 0.00

432.84

Prusik Asian Smaller Cos A

-2.83 0.00

-2.56 0.08

UK Smaller Cos B Inc X F

118.32

-5.25 1.31

-1.62 1.16

Renminbi Bond Fund Euro Cls B

The National Investor (TNI)

Money Market
Trusts and
Bank Accounts

Renminbi Bond Fund CNH Cls B CNH 124.60

381.46

$ 102.58

-0.0070 2.14

-0.82 0.00

440.01

Total Return O Acc

257.46

246.14

0.20

-3.25 0.00

Pictet-USD Sov.ST.Mon.Mkt-I

1.5482

-1.19 0.00

Zebedee Focus Fund Limited Class A USD $ 170.38

UK Smaller Cos A Inc X F

Pictet-Water-I EUR F

Bridge Fund

-0.96 0.00

Outstanding British Cos B Acc X F

142.90

$ 185.66

-0.57 0.37

-0.03 0.00

Zebedee Focus Fund Limited Class B USD Shares $ 197.30

-1.58 0.45

Bond Mthly Inc Acc Ret

Prusik Asia A

Zebedee Focus Fund Limited Class A EURO Shares 169.78

-1.08 0.40

-5.29 1.31

-3.64 1.32

153.76

1.21

(CYM)

Regulated

Sequoia Equity A

-3.66 1.32

Global Total Fd PCG A

Zebedee Capital Partners LLP

0.11 0.00

Japan Equity Class JP3

+/- Yield

235.88

-0.40

-0.02 0.00

Offer

316.35

264.40

Pictet-USD Short Mid-Term Bonds-I F $ 129.63

Bid

Mastertrust B Inc X F

252.80

267.02

3.41 0.00

1.00

Fund

Outstanding British Cos A Acc X F

Bal Intl Track Acc Ret

Total Return O Inc

-2.14 0.00

-3.62 0.23

Total Return C Inc

0.20

-1.81 3.99

406.97

$ 171.13

Corp Bond Acc Inst

UK Growth B Inc

143.80

Prusik Asian Equity Income B Dist $ 151.33

Pictet-USD Government Bonds-I F $ 636.43

Japan Equity Index Fund

Renminbi Bond Fund AUD Cls B A$ 121.23

Pictet Total Ret-Mandarin I USD $ 112.62

0.00 0.00

Renminbi Bond Fund AUD Cls A A$ 119.42

385.08

-0.05 0.00

-0.01 0.00

Total Return C Acc

Multi-Manager OEIC

108.45

1.33
1.31

0.30

-1.64 0.28

Pictet Total Ret-Kosmos I EUR

Gbl Govt Bond (Ex Japan) Index

0.20

-1.65 0.58

-0.03 0.00

Gbl Govt Bond (ex Japan) Class JP4

90.53 91.00 0.13 4.86

Pictet Total Ret-Divers Alpha I EUR 104.18

Charity Value and Income Fund Inc

211.40

283.42

Enquiries - 0207 493 1331


Regulated

0.01 0.00

167.10

286.35

-0.45 0.00

Corp Bond Acc Inst (gross)

Pacific O Acc

1.40

Div Inc Port Inc Ret

Pacific C Acc

Pictet Total Ret-Corto Europe I EUR 135.70

Global Eq Ex Japan Index Fund (Hedge)

-3.37 0.00

0.01 0.00
(IRL)

132.90 133.60 0.20 4.72

-1.22 0.00

www.valuepartners.net, fis@vp.com.hk
Regulated

Charity Value and Income Fund Acc

$ 166.84

149.00

Value Partners Hong Kong Limited

0.00 0.00

Stenham Universal II USD

Strat Bond Inc Inst

350.75

7.09 0.00

0.00 0.00

Mastertrust A Inc X F

3.02 0.00

0.60 0.46

-3.64 0.00

0.70

-0.20

1.52

0.30

404.18

1588.08

1.40

UK Growth A Inc

1562.00

180.60

(UK)
PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287
Authorised Inv Funds

Gilt

+/- Yield

Unicorn Asset Management Ltd

UK Corporate Bond

Global Eq (ex Japan) Class JP5

PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130


FCA Recognised
Standard Life Offshore Strategy Fund Limited

Offer

16.24 0.00

Global Eq (ex Japan) Class HJ4

(JER)

Bid

182.30 192.90 0.10 1.92

Standard Life Wealth

Fund

Gbl Govt Bond (Ex Japan) Index (GBP) 1582.35

360.90 381.70 0.40 1.94

177.80

147.40

(IRL)

Regulated

S & W Magnum

147.60

Strat Bond Inc Inst (gross)

The Hartford International Funds

S & W Marathon Trust

Gov Bond Inc Inst (gross)

Gov Bond Acc Inst

0.00 0.00

Investments Inc Port Inc X

0.00

-8.92

0.60

0.00

1.35

1.07

$ 449.78

146.00

1.07

Global Eq (Ex Japan) Index Fund

Stenham Universal USD

Gov Bond Inc Inst

CGV Inc B

-35.00 0.24

Prusik Investment Management LLP

CGV Inc A

2043.00

0.30

$ 135.12

0.03 0.00

-0.50

S&W Deucalion Fd (OEIC)

Pictet-ST.MoneyMkt-IUSD

-3.13 0.00

(UK)

25 Moorgate, London, EC2R 6AY 0141 222 1150


Authorised Inv Funds

162.90

0.00 0.00

-0.50

Smith & Williamson Fd Admin Ltd (1200)F

Investments Inc Port Inc Ret

11.38 0.00

142.90

Managed Investments OEIC 2

$ 141.53

161.80

Max 60% Shs Port Inc S

113.89

153.20

101547.06

Pictet Total Ret-Agora I EUR

0.00

Max 30% Shs Port Acc S

SFr 124.46

Pictet-Timber-I USD F

Max 30% Shs Port Acc X

Pictet-ST.MoneyMkt-ICHF

468.88 474.12 -0.27 1.08

153.40

Max 60% Shs Port Inc X

Monument Growth 15/09/2015

Max 100% Shs Port Acc Ret

UK Specialist Equity Income Fund 10.18

182.26

(GSY)

0.20

European Forager A EUR

Regulated

-0.10

-1.17 0.00

Private Fund Mgrs (Guernsey) Ltd

102.50

Investments Inc Inc Ret

$ 1299.78 1316.03 29.26 0.00

-0.20 6.20

145.20

Pictet-Pacific Ex Japan Index-I USD F $ 314.31

-11.67 0.00

-1.20 0.66

Max 50% Shs Port Acc S

-1.86 0.00

216.00

$ 725.03 726.05 -6.61 0.00

405.60

UK Equity Income Trust A Class

0.00

0.23 0.00

28.27 0.00

UK Equity Growth Trust A Class

0.06 0.68

0.30

173.50

0.10 2.59

151.30

$ 861.68

0.20

Max 50% Shs Port Acc X

European Conviction A EUR

10.90

-1.20 1.09

154.30

12.68

136.70

-0.10

Inflation Lkd Sov Bd Fund

136.90

Investments Inc Acc Ret

-0.10

UK Sovereign Bd Index Fund

Oriental Growth Fund A Class

Max 70% Shs Inc Ret

-1.15 0.00

-2.14

-0.55 0.00

0.30

214.40

$ 42.54

239.60

$ 128.50

Polunin Capital Partners Ltd

161.50

Max 50% Shs Port Inc Ret

(CYM)

Regulated

Max 70% Shs Acc Ret

Max 50% Shs Port Acc Ret

ALVA Convertible A USD

Pictet-ST.MoneyMkt JPY I USD

PO Box 23873, Edinburgh EH7 5WJ 0800 917 7072


Authorised Inv Funds
Series 5 (Minumum Initial Investment 75,000)

-1.87 0.00

122.94

0.50

Continental

Pictet-Euroland Index IS EUR

-3.10 0.00

Pictet-Emerging Markets Index-I USD F $ 209.87

0.00 0.00

106.80

0.20 3.39

Other International Funds

CGV Acc X

125.30

Platinum Capital Management Ltd

Pictet-EUR Sov.Sht.Mon.Mkt EUR I 103.04

121.50

Global Gold and Resource Trust A Class

-3.36 0.00

-0.21 0.00

0.50

Fixed Interest Trust A Class

-0.70

Pictet-Digital Communication-I USD F $ 238.71

119.00

107.60

-0.90

-1.95 0.00

Pictet-EUR Short Term HY I EUR

CGV Acc S

154.40

0.03 0.00

1.10 0.83

179.30

$ 77.99

1.10

Santander Atlas Port 6 Acc Inst

Pictet-Clean Energy-I USD F

Pictet-EUR Short Mid-Term Bonds-I F 136.62

262.40

Santander Atlas Port 6 Acc X

0.06 0.00

0.67 0.00

262.40

1.06 0.00

-1.83 0.00

EGV - Acc S

-0.85 0.00

$ 105.25

-0.40 3.32

Pictet-China Index I USD

-0.72 0.00

239.90

391.70

50.26

Pictet-EUR High Yield-I F

Far Eastern Income and Growth Trust A Class

140.65

Pictet-Asian Local Currency Debt-I USD F $ 148.17

Pictet-EUR Government Bonds I EUR 156.90

New World Financials (EUR)

US High Yield Bond Fund Inst Acc $ 27.65

197.66

-1.20

Lux -O- Rente (EUR)

-4.03 0.00

-11.03 0.00

-0.50

0.31 0.00

251.20

Santander Atlas Port 6 Acc Ret

0.09 0.00

Pictet-Asian Equities Ex Japan-I USD F $ 189.94

Pictet-Emerging Markets-I USD F $ 455.49

-0.59 0.00

157.20

-0.18 0.00

-1.62 0.00

Santander Atlas Port 5 Acc Inst

European

124.24

-1.89 0.00

4.20 0.74

22.89

US Fundam.Index StocksPLUS Inst Inc $ 11.58

$ 151.90

High Yield Bonds (EUR)

UK Sterling Long Average Duration - Inst Acc 21.79

-2.77 0.00

Pictet-Em Lcl Ccy Dbt-I USD F

Glob.Consumer Trends Equities (EUR) 146.70

489.50

EGV - Acc Z

-4.75 0.00

+/- Yield

176.50

179.15

Offer

Santander Atlas Port 4 Inc Ret

Pictet-Agriculture-I EUR F

259.71

Bid

Santander Atlas Port 4 Acc Ret

-0.05 0.00

Pictet-Eastern Europe-I EUR F

Fund

-3.80 0.00

0.60 0.00

+/- Yield

-2.31 0.00

$ 11.85

Offer

Unconstrained Bond - Inst Acc

SFr 503.39

Bid

0.04 0.00

Pictet-CHF Bonds I CHF

Fund

160.97

0.01 0.00

-0.81 0.00

+/- Yield

69.88

Offer

Em Stars Equities (EUR)

$ 35.60

Bid

Chinese Equities (EUR)

123.71

Pictet-Brazil Index I USD

Fund

-0.01 0.00

105.78

-14.34 0.00

+/- Yield

-0.09 0.00

Pictet-Absl Rtn Glo Div-I EUR F

Offer

Pictet-Absl Rtn Fix Inc-HI EUR

$ 859.02

Bid

UK Sterling Low Average Duration - Inst Acc 14.01

Pictet-Biotech-I USD F

Fund

Low Average Duration - Inst Acc $ 14.77

UK Real Return - Inst Acc

15, Avenue J.F. Kennedy L-1855 Luxembourg


Tel: 0041 58 323 3000
FCA Recognised

Offer

Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 12.61

UK Corporate Bond - Inst Acc

Pictet Asset Management (Europe) SA

Bid

0.58 0.00

Investments IV - European Private Eq. 292.33 306.94 2.23

Zadig Gestion (Memnon Fund)

Investments IV - Global Private Eq. 416.23 437.04 -20.82

FCA Recognised
Memnon European Fund I GBP

106.21

(LUX)
-

-2.21 0.00

30

FINANCIAL TIMES

Thursday 24 September 2015

MARKETS & INVESTING


INSIGHT

Capital markets

HSBC cleared to issue panda bonds

Danielle
DiMartino
Booth

Fed must normalise


interest rates or risk
a collapse into crisis

anet Yellen recently told Congress: I do not agree


a rules-based policy is a better way to go. Though
the Federal Reserve chair was referring to a different rule, her words also apply to the immediate
need to schedule a press conference after the
October 27-28 Federal Open Market Committee meeting.
It has been nearly two years of dithering since the Fed
began to taper its bond purchase programme a move
some thought would presage a swift tightening of policy.
Hope had soared that the September 16-17 FOMC meeting
would bring an announcement of the first interest rate rise
since June 2006, although to say the time had come was
offensive to any casual market observer witnessing financial markets acute vulnerability.
The truth is the time has probably come and gone. But
that should not have swayed Fed policymakers. The evidence is abundant that the ability of monetary policy to
spur economic growth is exhausted.
More concerning are increasing distortions in an economy and financial system that threaten to collapse into crisis. The financial markets may not be fully on board with
rising interest rates, but any further kowtowing to investors promises to strip the Fed of its last vestige of credibility. Financial stability has crept in as a de facto third mandate, but the meaning has been perverted since former Fed
chairman Alan Greenspan first cut interest rates to prop
up financial markets in 1987. Stable has become a euphemism for buoyant as it pertains to risky assets, the home of
runaway inflation.
In the meantime Fed policy has facilitated bad behaviour. Corporate chieftains, a breed long plagued with
shortterm-itis, have been encouraged to trespass further
by the siren call of cheap money. Why bother investing in
the long term when it is so much more fun, to say nothing
of more lucrative, to buy back shares, reduce share count
and puff up profits?
The build-up in capacity
The ability of
across a wide swath of industries is also damaging. The monetary policy
corporate bond market has
to spur economic
not suffered a full default rate
cycle in generations, such is growth is
the fear of policymakers of
exhausted
allowing market forces to
weed out the chaff from the
viable wheat. Is it any wonder capacity utilisation has yet
to recapture its 30-year average of 79.5 per cent?
At least many companies have taken advantage of this
unprecedented era of low interest rates to extend the
maturity of debt on their balance sheets, insuring against
potential damage the next time capital markets seize up.
Many developed and developing countries have similarly indemnified their nations balance sheets against
another global recession by issuing 50-year or 100-year
bonds. If only the same could be said of the US Treasury.
Instead the US government continues to borrow short
term as if the world were going to end tomorrow.
The Fed deludes itself with manufactured inflation metrics that insult the average US household buckling under
the strain of untenable healthcare burdens, runaway housing costs and steep higher-education expenses. Its other
formal mandate, to maximise employment, necessarily
runs counter to maintaining price stability. Easy monetary
policy has been along for a nice ride back to a low rate of
unemployment but the numbers say so little. What does a
5.1 per cent unemployment rate mean when the labour
force participation rate is near a 40-year low?
Model-driven monetary policy that constantly redefines
itself by reducing the requisite unemployment rate and
ignoring rising inflation will not succeed. Meanwhile
excesses continue to build in the global financial system;
pensioners and savers are more exposed than ever to inappropriately risky investments. Fanciful notions that the US
economy has decoupled from the world yet again are just
that fanciful. Normalise interest rates and reinstate the
incentive to save. Introduce a generation of millennials to
the sensation of earning interest. Might the interim be
harsh? Possibly. But the alternative, lower for longer yet, is
a price the country can ill-afford to pay again.
Members of the FOMC: call a press conference at the
conclusion of the October meeting and give the US a gift
that, in time, can keep giving. Own up to the fact that not
taking action is more harmful to the country than finally
taking a stand and acting in its best interests.
Danielle DiMartino Booth is chief market strategist at the Liscio
Report and a former adviser at the Dallas Federal Reserve

Chinas further opening


of its debt markets seen as
milestone for renminbi
GABRIEL WILDAU SHANGHAI

HSBC and an offshore unit of Bank of


China are to become the first foreign
commercial banks to issue bonds in
China, a milestone for the internationalisation of the renminbi and the opening
of the countrys capital markets.
Chinas $6.5tn onshore bond market
has become an important funding
source for its own banks and companies,
but foreign fundraising and investment
in the market have been limited.
That is changing as Beijing strives to
promote international use of the renminbi and win the International Monetary Fund's endorsement of the redback

as an international reserve currency.


Late on Tuesday the Peoples Bank of
China announced that it had approved
HSBCs Hong Kong unit and Bank of
China (Hong Kong) to sell Rmb1bn
($157m) and Rmb10bn, respectively, in
so-called panda bonds in the domestic
interbank market.
The central banks approval for one
of the first issuances of its kind by a foreign financial institution could signal
the opening up of an alternative source
of funding for global borrowers, said
Helen Wong, HSBCs chief executive for
Greater China, in a statement.
Accessing Chinas onshore market
could be a natural next step for multinationals which have issued in the offshore
renminbi bond markets.
In July the PBoC said foreign central
banks, sovereign wealth funds and
supranational institutions would no

longer need preapproval to invest in the


interbank bond market. That followed
approvals in May of more than $30bn of
quotas for 32 asset managers to invest in
interbank bonds via the Qualified Foreign Institutional Investor programme.
The latest clearance allows nonofficial foreign financial institutions to
raise debt capital in Chinas bond market for the first time.
In 2005 the PBoC allowed the International Finance Corporation, the privatesector arm of the World Bank, to sell
panda bonds.
The Asian Development Bank followed in 2013.
Last March Daimler, the German carmaker, became the first foreign nonfinancial company to sell bonds in
China. On Monday, during a visit by UK
chancellor George Osborne, Chinese
authorities announced that the PBoC

$157m
Value of renminbidenominated bonds
that HSBC and BoC
HK units have been
approved to sell

$6.5

tn
Size of onshore
bond market, to
which non-official
foreign banks have
been given access

would issue short-term debt in Londons


offshore renminbi market.
For HSBC, a UK-based international
bank, greater access to local fundraising
could help with its plan to build up its
China business.
Debt quotas and other limits on funding mainland operations through offshore parents have hindered foreign
banks growth in China.
As part of a strategy revamp
announced in June, Stuart Gulliver,
HSBC chief executive, pointed to strong
growth potential in the mainland.
Chinas opening of its debt market to
foreign issuers also marks a step
towards encouraging greater international use of the renminbi, especially if
issuers are permitted to transfer proceeds from bond sales for use outside
the mainland. The PBoC did not specify
whether that would be the case.

Analysis. Equities

IEX sets out its stall as the fair exchange


Reining in high-frequency
traders is likely to be easier
than changing attitudes

US alternative trading
venues market share
Total shares* (m)
0 100 200 300 400

PHILIP STAFFORD AND NICOLE BULLOCK

In Michael Lewiss bestselling book


Flash Boys, IEX Group, the US start-up
trading venue, featured as the good
guys, in contrast to the high-speed
traders he portrayed as rigging the market. IEX is preparing to put that reputation to the test by becoming a fully
fledged stock exchange.
Approval by the Securities and
Exchange Commission will give IEX the
same status as the New York Stock
Exchange, Nasdaq and Bats Global
Markets, and is a central plank of its
plan to effect lasting systematic
change across a highly fragmented US
share-trading environment.
Less than a month after a sharp drop
in share prices highlighted the deficiencies of modern US equity market infrastructure, this complicated network of
more than 40 exchanges, dark pools
and bank trading desks, all competing
for business, remains a constant source
of friction for many in the industry.
Against the backdrop of high-frequency trading, where deals are executed in fractions of seconds, many
institutional investors fear they are
being exploited because of their relative
technological inefficiency and amid
economic incentives at their expense.
IEX has set itself up to allay such fears,
but the pressing issue across the industry is whether the upstart can retain its
ethos and be a game changer for how
shares are bought and sold.
The hardest thing about any industry, not just trading, is getting people to
switch their behaviour, says Doug Cifu,
chief executive of Virtu Financial, a
high-frequency proprietary trader that
uses IEX.
Every morning I go to the same
Dunkin Donuts. The woman behind the
counter knows my order. If you are a
broker and you have been sending
orders to NYSE and Nasdaq for the past
20 years, you know the response times
and how you will get filled.
The two-year-old trading venue
whose name is short for Investors
Exchange aims to be different. Owned
by a collection of mutual and hedge
funds, including Greenlight Capital and
Pershing Square, it does not subscribe to
the standard rebate system, where traders are paid to offer liquidity, or the
other side of a trade, and charged when

UBS
Credit Suisse
Crossfinder
IEX
Deutsche Bank
SuperX
Morgan Stanley
MS Pool
Merrill Lynch
Instinct X
* Week ending September 21

Market volume
Five-day average % of market
Nasdaq

NYSE

26.34 19.57
20.98
33.11
Other, including
alternative trading
venues

Bats
Global
Markets

Sources: Finra; Bats Global Markets

Good guy: Brad


Katsuyama, IEX
chief executive,
says his fibreoptic speed
bump will create
a level playing
field for
investors
Bloomberg

Commodities

they need it. Besides the book, IEX


promises just five order types for now,
far fewer than rivals. It has garnered
only about 2 per cent of total US daily
equity market share.
The hope is that a full exchange
licence will multiply its trading volumes
as brokers are obliged to send their
orders to the venue that offers the best
price. Some of the smart order routers
used by banks and brokers do not currently include IEX.
To become compliant with regulators,
IEX has dropped a plan of broker preferencing, which allows brokers to jump
a strict priority system and execute
without charge on the market when
they have orders on both sides of the
trade at the same price or better.
Among IEXs targets are the market
data and technology costs levied by
other exchanges. Greater competition
and ever-cheaper technology should
lower costs, it argues. The opposite
effect has occurred as the fixed cost bur-

den on industry players, especially brokers and market makers, continues to


rise, said Brad Katsuyama, chief executive of IEX,last week.
Some are sceptical. Direct Edge and
Bats (founded by high-frequency traders) started off by offering free data but
slowly theyve begun to charge, says
one high-speed trading executive.
Where IEX hopes to have the biggest
impact is in neutralising so-called
latency arbitrage. Exchanges earn and
share fees for contributing to the Securities Information Processor, which consolidates all quotes and trades in the
market into a single feed. The established exchanges also offer an expensive
data feed to high-speed traders, which
runs a fraction of a second quicker, with
enterprising parties profiting from the
difference in speed.
To escape this trap, IEX offers a speed
bump consisting of a separate connection point and 38 miles of coiled fibreoptic cable which creates a delay of

about 350 microseconds. That is just


long enough to stop other market participants from reacting to the trade by
changing their orders and prices on
other exchanges, it says.
IEX expects to pass the rules that
require venues to offer the best price as
soon as possible. The coiled cable . . . is
irrelevant to any participant who isnt
racing, and it makes the market fair for
the greatest number of participants,
says Mr Katsuyama.
Mr Cifu, for one, is not bothered by it.
Their technology is very good. I would
rather know they have a consistent 350
microsecond speed bump than other
exchanges which have delays because
their technology is not as good, he said.
For others, IEXs success will depend
on the attitude of the end user. The
issue is whether these institutional
investors now feel safer in the market
with a delay, says Kurt Schacht, managing director of standards and advocacy
at the CFA Institute, a think-tank.

Capital markets

Esma close to signing off position limit advice ECB shakes up asset-backed security purchases
NEIL HUME

Traders and energy companies operating in Europe are bracing themselves


for the release of guidance that could
determine whether position limits are
imposed on commodity derivatives
and they are forced to hold the same
level of capital as banks.
After months of consultation Esma, the
European Securities and Markets
Authority, is set to agree on its final
advice to the European Commission on
a recast version of the regions flagship
markets legislation.
The Markets in Financial Instruments
Directive, or Mifid II, currently includes
a broad extension of what is considered
to be a financial instrument and important changes to trading exemptions in
commodities.
Traders and energy companies, which

use derivatives to hedge the raw materials they buy and sell, are worried that
thousands of physically settled commodity contracts could be captured by
the new rules. This would mean
increased reporting obligations and
position limits, or caps, on the number
of contracts they can hold.
Big market participants are concerned that they will be forced to
become Mifid-compliant groups. This
would not only bring capital and liquidity requirements similar to those
imposed on banks but also restrictions
on staff remuneration.
Mifid II comes into force at the end of
2017. It is part of efforts by European
policymakers to increase transparency
in financial markets, clamp down on
speculation and guard against systemic
risk across equity, fixed income and
commodity markets.

But leading commodity traders say


there is little justification for the proposals, which they say would reduce liquidity and impose substantial costs but not
reduce risk in the financial system.
Some companies are threatening to
move activities outside the EU, especially in oil trading, if Mifid II is not
modified. Royal Dutch Shell has said it
could take appropriate action to mitigate the impact to our trading business
so we can operate in the most cost-effective way. The oil group said it would
need to commit up to $30bn in regulatory capital to meet the rules as they are
currently drafted.
It is critical that the cumulative
application of financial reforms be proportionate to the risk posed and enable
non-financial organisations such as ourselves to manage risk in a sensible way,
said Mike Conway, a senior executive.

THOMAS HALE

The European Central Bank is removing two of the four asset managers it
uses to buy asset-backed securities, in a
shake-up of the bond purchase programme aimed at increasing the role of
national central banks.
The ECB began to buy asset-backed
securities in November last year, as part
of broad interventions designed to boost
economic growth. It hired Amundi and
Amundi Intermdiation, ING Investment Management (now NN Investment Partners), Deutsche Asset and
Wealth Management International and
State Street Global Advisors to assist
with purchases.
Deutsche and State Street will not
have their contracts with the central
bank extended, according to people
familiar with the matter. The propor-

tion of purchases carried out by national


central banks, including those of France
and Belgium, will be extended.
Deutsche declined to comment. State
Street said: The ECB has recognised
our contribution to making the [assetbacked securities purchase programme] a success and we wish them all
the best with the programme going forward. ECB will continue to be a key relationship for State Street more widely.
The ECB has previously stated that
purchases will be implemented in a
uniform and decentralised manner by
the eurosystem central banks after an
initial phase. The central bank
declined to comment on whether the
latest changes to its programme would
increase or decrease total purchases.
Securitisation involves taking assets,
from mortgages to car loans, and bundling them into a special vehicle so they

can be sold on to investors. Because


asset-backed securities are a source of
funding for banks, boosting the asset
class is seen as a means of encouraging
lending across Europe.
The adjustments to the ABS programme come almost a year after its
launch, at a time when market participants remain disappointed at the low
levels of ECB buying under the programme, and amid low levels of
issuance.
Expectations when the programme
was launched were higher, said David
Covey, head of European ABS strategy
at Nomura. Our expectation for ECB
purchases was lower than most, but
even that forecast proved to be far too
optimistic.
The ECB had bought a total of just
under 12bn of asset-backed securities
as of mid-September.

Thursday 24 September 2015

31

FINANCIAL TIMES

MARKETS & INVESTING


Global overview

TRADING POST

Jamie
Chisholm
If an important reason why the Federal
Reserve did not raise rates this month
was the fact that markets had not
priced it in, we may be in for an
extended period of uncertainty.
In a poll of 93 economists by Reuters
since the meeting, 72 think the central
bank will make a move in December.
But at mid-session yesterday,
following the latest poor factory data
from China, futures markets were
pricing the chance of a December rate
rise at 42.6 per cent.
An increase in January is roughly
evens, and it is not until March, at
65 per cent, that the odds are seen
favouring a move.
While we wait we have the thirdquarter earnings season to digest,
which starts in earnest in a few weeks.
Barclays notes that sentiment
towards stocks is poor. Having had
four times more bulls than bears prior
to the correction, bulls are now in the
minority, says the banks global equity
strategy team.
This last occurred in 2011 and, with
the notable exception of 2008, usually
signals a market bottom.
Monetary policy remains highly
supportive and global earnings per
share and price-to-book gauges are at
long-term averages, they add.
There are two key issues in the EPS
outlook global GDP and the effect
of lower oil prices.
Analysts have slashed earnings
estimates for oil producers by $148bn
but only raised forecasts for oil
consumers by $9bn. This asymmetry
leaves scope for an oil dividend
whatever happens to oil prices.
jamie.chisholm@ft.com

FTSE All World index

Mar

2015

Sep

290
280
270
260
250

Source: Thomson Reuters Datastream

Chinese growth fears take shine


off rally by European carmakers
VW reverses share price
direction but uncertainty
about sector and Fed
policy overshadow early
strength for commodities
DAVE SHELLOCK

Equity markets had an uneven session


as concerns over the pace of Chinese
growth and persistent uncertainty
about US Federal Reserve policy tempered the effect of early strength for
commodities and a rebound for European carmakers stocks.
Volkswagen shares bounced as much
as 9 per cent before ending 5.2 per
cent higher after losing about a third
of their value over the previous two sessions as the US emissions rigging scandal unfolded.
BMW and Continental also rallied,
helping the Xetra Dax index in Frankfurt climb 0.4 per cent.
However, the carmaking sector as a
whole pared an early advance to close
1 per cent higher, with the FTSE
Eurofirst 300 equity index ending with
a gain of less than 0.1 per cent, having
been up 1.2 per cent at one stage.
Wall Street saw similarly choppy trading, with the S&P 500 down 0.2 per cent
at the close at 1,938, after trading
between 1,932 and 1,949.
The CBOE Vix volatility index, the socalled equity fear gauge, was down
2 per cent in late trade but still at an elevated level of 22.
Despite the rebound in VW stock
and the resignation of the companys
chief executive the sectors problems
look to be far from over. Investors are
likely to stay away from the automobile
sector for a while, as they could be wondering which company might be next,
said Roland Kaloyan, European equity
strategist at Socit Gnrale.
Ahead of this scandal, the sector was

Wall Street
Otis owner going down
amid China retreat
Richard Blackden
Fresh evidence of a slowdown in China
dented the shares of US businesses with
exposure to an economy that is
dominating investors attention.
United Technologies, best known as a
defence contractor for the Pentagon,
was the biggest faller on the Dow Jones
Industrial Average after a new gauge of
Chinese manufacturing pointed to a
deeper economic slowdown.

Car crash: FT.com/video


John Authers explains how the Volkswagen scandal and
more worries about growth create headwinds for markets
already under pressure over the summer due to the deteriorating emerging
market newsflow, including news on
China.
His SocGen macro strategist colleague
Kit Juckes added: Its unusual for
events in a single company to become a
driver of global markets but thats what
is happening now with Volkswagen. The
woes of the worlds second-biggest car
manufacturer are doing nothing for economic optimism or risk appetite.
To underline the point, the Caixin/
Markits China manufacturing purchasing managers index sank to 47.0 this
month from 47.3 in August, the lowest
level since April 2008 and below the
consensus forecast of 47.5. The Shanghai

cent, or 96.4 points, at 6,032.24.


British Airways owner IAG led the
blue-chip risers, up 4.8 per cent to 594p,
and easyJet took on 3.5 per cent to
17.59. Morgan Stanley raised earnings
forecasts for both airlines to reflect
lower fuel costs and a benign outlook for
capacity growth next year.
Auto catalyst maker Johnson
Matthey bounced 2.6 per cent to 23.78,
having dropped on Tuesday on fears
that diesel adoption will suffer after the
Volkswagen scandal.
Diesel engine maker Rolls-Royce fell
to its lowest in nearly four years, down
0.9 per cent to 679.5p. The stock has lost
10 per cent since late July when
ValueAct, the activist investor, became
the groups biggest shareholder.
Glencore led a rally among the
miners, up 2.6 per cent to 109.1p, with

Uniteds Otis elevator business has


been a beneficiary of the construction
boom in Asias largest economy.
The shares were down 1.7 per cent at
$86.84 in early afternoon trading in
New York, taking their decline this year
to 25 per cent. United cut its annual
profit forecast in July, putting some of
the blame on its elevator business.
Fears of a sharper, more protracted
weakening in the Chinese economy has
unsettled global equity markets in the
past two months. The S&P 500 is down
almost 10 per cent from a record high in
late May, as anxiety about the drag on
corporate earnings from a fading China
remains on investors radars.
That angst was not helped by a survey
of Chinas manufacturing sector. A
reading from Caixin/Markits
purchasing managers index fell to 47,
missing economists forecasts.
Caterpillar, the maker of diggers and
trucks, whose profits have swelled
thanks partly to Chinas appetite for
commodities, was the second-biggest
faller on the Dow.
The shares were down 2 per cent at
$70.26 in early afternoon trading. They

have fallen 23 per cent so far this year.


US casino operators, which profited
handsomely from the China boom, were
heavily sold after Fitch revised its
Macau gaming growth forecast for 2015.
The rating agency said it expected
gaming revenue from the enclave, the
only place in China where casinos are
allowed, to decline between 33 and
34 per cent in 2015, down from its
previous forecast of a 29 per cent fall.
Wynn Resorts fell 5 per cent to $60.67,
Las Vegas Sands was down 4 per cent at
$41.66, Melco Crown Entertainment
was 4.4 per cent lower at $15.93 and
Galaxy Entertainment fell 4 per cent to
$27.40. MGM Resorts declined 2.9 per
cent to $41.74.
Casino operators have been hard hit
by Beijings crackdown on corruption,
which has subdued the high rollers.
Worries over the direction of the
Chinese economy weighed on the wider
US equity market, with the S&P 500
down 0.4 per cent at 1,935.13 and the
Dow Jones Industrial Average off 0.7 per
cent at 16, 221.03. The tech-heavy
Nasdaq Composite retreated 0.4 per
cent to 4,739.06.

Sep 2014

1000
800
600
400
2015 Sep

Indices

Close

Source: Thomson Reuters Datastream

Day's
change

FTSE 100

6032.24

96.40

FTSE 250

16659.85

129.87

FTSE 350

3370.35

48.97

FTSE All-Share

3323.25

46.95

FTSE All-Share Yield

A London market rebound left RSA


Insurance behind yesterday. The
collapse this week of Zurich Insurances
takeover offer meant investors might
have missed its exposure to an
earthquake off Chile a week earlier, said
analysts. Sanford Bernstein forecast a
potential 50m net loss for RSA,
equivalent to nearly half its second-half
earnings.
As the market leader in Chile, RSA
will definitely be impacted, said
Bernstein. Its forecast was based on the
groups 15 per cent market share in the
Latin American country. The broker
cautioned that its gross losses resulting
from a 2010 Chilean earthquake were
about 30 per cent of the industry total.
RSA ended the session 0.6 per cent
lower at 403.7p, underperforming
sharply a FTSE 100 that rose 1.6 per

Hannelore Foerster/Getty Images

Investec taking it off its sell list. The


commodity groups target to raise
$5.3bn should be sufficient to ensure
the business remains a going concern by
the end of next year even if todays
challenging macro environment
persists, said the broker.
However, shareholder returns may
well be minimal, with our analysis
suggesting negligible earnings at spot
commodity prices. If the upturn
doesnt come in 2016, then further
dividend cuts and asset restructurings
appear likely.
Greene King fell 1.6 per cent to 793p
after HSBC advised selling in a note on
the industry. The pub operators
underlying sales were among the worst
in a sector where revenue was likely to
remain lacklustre because of
supermarket price competition and
restaurant industry growth, it said.
Shoemaker Jimmy Choo stumbled
below its flotation price for the first
time, losing 4.5 per cent to 136.6p. Next
months anniversary of the float means
a lock-up agreement on majority
shareholder JAB is due to expire.
Hunting lost 5.1 per cent to 394.1p,
with Canaccord Genuity repeating sell
advice on the oilfield engineer. Rig
numbers were still falling, in the US and
internationally, and the oil service
majors that provided much of Huntings
revenue continued to cut capital
expenditure budgets, Canaccord said.
The broker said Huntings cash
generation was surprisingly poor,
with the group suffering two years of
negative free cash flow from the 2009
downturn.

Share price (pence)

Bryce Elder

S&P 500 index


Change on day

3.76

6002.00

94.50

10 yr Gilt Yield

2.53

-0.29

20yr Gilt All-Share Ratio

0.65

FTSE 100 Futures

Composite stock index snapped a threeday run of gains to close 2.2 per cent
lower at 3,116.71.
The index highlights the very weak
state of Chinese manufacturing in
the third quarter and fuels the fear of a
hard landing in China, said Allan
von Mehren, chief analyst at Danske
Bank.
We still expect a slight rebound in
the fourth quarter. However, the Chinese manufacturing sector will continue to face structural downward pressure due to overcapacity and a clear priority from the Chinese government to
deleverage and focus more on service
sector growth.
Such concerns arguably lie at the

heart of the Federal Reserves decision


last week to leave interest rates
unchanged since which time equities
across the globe have staged a broad
retreat.
While we have heard plenty of fairly
hawkish comments from US policymakers that the Fed remains on track to
raise rates this year, lower-thanexpected Chinese PMI is likely to add
fresh fuel to market speculation that the
Fed may further postpone its first hike
since 2006, said Piotr Matys, FX strategist at Rabobank.
The dollar, which had held up fairly
well following the Feds inaction, lost
ground against the euro after Mario
Draghi sounded a less dovish tone than
many had expected in testimony to the
European Parliament.
The president of the European Central Bank said more time was needed to
assess the slowdown in emerging markets before any decision on expanding
the banks stimulus programme could
be made although it stood ready to act
if necessary.
Furthermore, while the flash estimate of the September eurozone composite PMI eased to 53.9 from 54.3, the
data continue to paint a positive picture of eurozone business activity,
according to Teunis Brosens, economist
at ING.
The single currency was up 0.6 per
cent against the dollar at $1.1184. Gold
was $6 higher at $1,130 an ounce.
There were relatively muted moves in
government bond markets. The yield
on the 10-year German Bund ended flat
at 0.60 per cent while that on the 10year Treasury was 2 basis points higher
at 2.15 per cent.
Among commodities, copper gave
back an early advance to close 0.5 per
cent lower in London at $5,057 a tonne.
It was a similar tale in the oil market,
where Brent retreated from an early
high of $50.25 a barrel to settle 2.7 per
cent softer at $47.75.

0.21%
2000
1950
1900

Aug

Hunting

London
RSA Insurance rattled
by concerns over
Chile earthquake

Markets update

2015

Sep

1850

US equities Wall Street extended the


previous days losses as early strength
for commodity prices faded away,
dragging down the basic materials and
energy sectors

FTSE 100 index


Change on day

Aug

1.62%

2015

6300
6200
6100
6000
5900
Sep

UK equities An early rebound for oil


prices lifted energy stocks, helping the
FTSE 100 recover some of Tuesdays
decline and sharply outperform its
continental European peers

Eurofirst 300 index


Change on day

0.07%

1450
1400
1350
1300

Aug

2015

Sep

European equities Volkswagen shares


recouped some of this weeks steep fall
but the wider market pared an early
rise amid persistent concerns about
the health of the global economy

Shanghai Composite index


Change on day

Aug

2015

2.19%

Sep

3300
3200
3100
3000
2900

Chinese equities The Composite index


fell for the first session in four as weak
domestic manufacturing data added to
worries about slowing growth

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32

Thursday 24 September 2015

Analysis. Commodities

SMART MONEY

US shale oil groups adapt to survival mode

John
Authers

Goldman is keeping it
simple with its game
of ETF catch-up

mart beta has always stretched definitions and


logic to the sticking point. Goldman Sachs is
playing the unlikely role of reintroducing
simplicity to the notion, and even more
implausibly helping to push down fees.
To recap, smart beta, the hot marketing concept of the
moment in the fund management industry, refers to offering index-tracking funds with their advantages of low
costs that track indices that are not allocated passively
according to stocks market capitalisation but instead
use some formula that has in the past beaten the market
over time.
Goldman, which has long divided opinions as both Wall
Streets most respected and most hated investment bank,
is in the unfamiliar position of playing catch-up. The
exchange traded fund revolution is more than two decades
old. The industry is driven by economies of scale the
more money in a fund, the more liquid it is and the easier it
is to track an index and it has several well-entrenched
leading players, led by BlackRock.
That Goldman, via its asset management arm, is entering should be taken as confirmation that the ETF model is
here to stay, and that the smart beta phenomenon has
longer to go. Most intriguingly its active beta funds
(using a name that will give financial theorists a toothache), launched with great fanfare this week, represent an
attempt to compete on price in a field where others have
seemed keen to try to add extra fees. This is, to put it
mildly, an unaccustomed role
for the bank.
There is nothing
Goldmans version of active
beta is in some ways less smarter than
smart than some of its comkeeping fees low
petitors. It picks four factors,
all drawn from the academic and advertising
literature: value (buying
the fact
stocks cheap), momentum
(stocks that have been rising
recently), quality (stocks with strong balance sheets) and
low volatility. All tend to do well over time, with occasional
serious reverses. Buying all four provides a cushion when
momentum goes into reverse (and quality and low volatility grow more attractive) and so on.
But it makes no attempt to pick which factor will outperform at any given time, instead rebalancing all four to
equal weight every three months. This has the virtue of
simplicity, but others in the market offer funds that purport to deliver investors into the best factor.
The critical added ingredient, which makes Goldmans
offering far smarter than most smart beta funds, is that it
keeps fees low and advertises the fact. There is nothing
smarter, when it comes to long-term performance, than
keeping fees low, so this could be a big advantage.
Its US large-cap offering comes at a price of 9 basis
points, much the same as State Streets SPDR S&P 500 ETF,
generally known by its ticker symbol SPY, which is the
worlds largest ETF. An international version will charge
35bp, slightly above the largest market cap-weighted competitors. In emerging markets, where different time zones
and relatively illiquid markets make tracking an index
expensive, Goldman will be charging 45bp, compared with
67bp for the dominant iShares ETF, which tracks the MSCI
emerging markets index.
Goldman is hoping it has designed a better mousetrap,
one that should outperform market cap-weighted indices.
The products also need to be judged on the basis that the
industry so far has worked on the assumption it can get
away with charging more for products that depart from
dumb beta indexing, in which stocks are weighted by
market valuation.
So how is Goldman doing this? It is economising by creating its own indices and not paying licence fees to an external index provider. It can afford to do this because its
brand name is strong enough. But beyond this, it is hard to
see how it can keep its costs down to the level of others.
This is a scale business, and Goldman has no chance of
matching the scale of the dominant providers.
There are two broad conclusions. First, Goldman has
worked out it needs to enter the ETF business and its best
chance is to compete on price. Thus it can for a while put
up with reduced returns. The second, given that Goldman
has worked out it can do this, is that the rest of the industry
has been getting away with charging more than it needs to.
john.authers@ft.com

More comment and data on ft.com


Y Fast FT Our global
team gives you marketmoving news and views,
24 hours a day, five days
a week. ft.com/fastft
Y Alphaville Our
irreverent financial blog.
Join Paul Murphy and
Bryce Elder for the daily
Markets Live session at
11am. ft.com/alphaville
Y beyondbrics News and
comment from more
than 40 emerging

economies, headed
by Brazil, Russia, India
and China.
ft.com/beyondbrics
Y Podcast The Hard
Currency podcast takes a
look at what is driving
the global currency
market. ft.com/podcasts
Y Lex Video Analysis
and opinion from the
team on the hot issues
affecting companies and
markets. ft.com/lexvideo

Explorers tighten their belts


as banks join investors in
limiting availability of funds

Drilling down
US oil rig count
Number
1600

GREGORY MEYER AND ED CROOKS


NEW YORK

Marathon Oil has been at the vanguard


of the US shale-drilling revolution. Year
after year it reported double-digit gains
in crude from North Dakotas Bakken,
Texass Eagle Ford and other regions.
But those heady days are over. Our
focus, as we navigate the volatile environment and progress through the planning cycle, will be capital discipline and
balance sheet strength, not production
growth, Lee Tillman, chief executive,
told an investor conference this month.
The oil price collapse has turned the
attention of producers to survival. As
groups conserve cash, US crude production volumes are finally heading lower.
According to the government, domestic
output peaked in April and will be down
400,000 barrels per day next year.
As the decisive contraction illustrates,
Opecs decision to fight for share in the
world oil market is drawing blood. The
US is feeling particular pain as drillers
reliant on a steady flow of capital watch
funds dry up. How companies respond
to the new reality will help determine
the speed at which an oversupplied
market finds balance.
The decline in US oil production has
lagged behind that of the crude price.
West Texas Intermediate, the US benchmark, first tumbled below $100 a barrel
in July 2014. By autumn the slide had
become a rout.
But the number of active rigs did not
decline in earnest until five months
later, according to Baker Hughes, the
oilfield-services company. In fact production reached a 44-year high of 9.6m
b/d in April, says the Energy Information Administration.
Since then supply has shrunk across
the country, with only the Permian
Basin of Texas still growing.
Exploration and production compa-

US crude oil
production
Annual change
in million barrels
per day

100

1.0

80

The shares dropped a fifth on


Monday, then another fifth
on Tuesday, after VW said up
to 11m vehicles could be
affected by the diesel emissions scandal and as governments worldwide launched
investigations into the German carmaker.
Traders fortunate enough
to have sold short, borrowing
stock to buy it back later, had
done so as part of other
trades to do with China, or
related to positions in several
carmakers.
Only one group had a short
position large enough to disclose to regulators Boussard and Gavaudan Partners,
a hedge fund based in London that manages 3bn of
assets. But it was an insurance policy rather than a bet,
a hedge against another
security issued by VW.
Such hedges may have
exacerbated the plunge in
VWs share price as investors
sold short large numbers of
shares over the past two
days, according to market
participants. The shares
opened nearly 10 per cent
lower yesterday, sinking
below 100, before rebounding to close at 112 after the
resignation of Martin Winterkorn as chief executive.
Many hedge funds had
bought into a 2.5bn mandatory convertible bond issued
in 2012 and due to switch
into VW preference shares in
November. Such investors
are attracted by the income,

1400

1200

1000

0.5

60

800

Forecast
0

40
Forecast

-0.5

600

20
2009

10

11

12

13

14

15

16

2011

12

13

14

15

Sources: CME; EIA; Thomson Reuters Datastream; FT reporting; Baker Hughes

Our focus . . .
will be capital
discipline and
balance sheet
strength, not
production
growth
Marathon Oil

Short selling deepens


VW investors woes
Some hedge fund traders
have claimed to have bet
against Volkswagen stock
before news of the emissions
cheating scandal broke
but more through luck
than judgment.

Apr 2015
US crude oil
production peaks
at 9.6m b/d
Oil price
WTI
($ per barrel)

1.5

Equities

DAN MCCRUM AND


MILES JOHNSON

Nov 2014
Opec refrains from
curbing output
amid oil price fall

Oct 2011
Bakken shale
oil output tops
500,000 b/d

Feb 2009
WTI crude price
drops below
$40 a barrel in
financial crisis

and hedge their investment


with a short position in the
underlying stock.
If a fund creates the short
position using options, which
give it the right to sell stock at
a set price on a future date,
the seller of the contract can
be forced to adjust its own
hedging arrangements.
The plunge this week
forced funds and banks that
have written VW option contracts to scramble to sell
short the carmakers shares.
The need . . . to sell short
more VW shares to hedge the
convertible bond has amplified the fall in price, said
Emmanuel Boussard, B&G
chief investment officer.
B&G owns about 800m in
the mandatory convertible,
but had hedged its position
using short-dated options,
while selling shares short.
We could have lost
160m, but we lost only 2m
due to our hedging with
options, Mr Boussard said.
This has been a perfect
storm but we have survived.
Another hedge fund manager estimated the scale of
selling related to the convertible at about 10m shares. A
bigger problem was the cost
of the recall and settling regulatory sanctions, perhaps in
several countries, the manager added.
Other hedge funds pointed
to uncertainties including
prospects for the size of the
diesel car market; federal,
state and civil liabilities in
the US; and the possibility of
shareholder litigation in Germany for failing to disclose
information about the issue.
Deutsche Bank cut its targets on the Xetra Dax, the
main German stock index,
to 10,300 at the end of this
year and to 11,200 at the
end of 2016.

nies were able to keep drilling early in


the slump because investors were eager
to provide capital. With crude below
$50, that support is evaporating.
E&P groups raised $9.1bn from bond
issues in the first quarter and $10.3bn in
the second, but just $1.7bn in total in
July and August, according to Dealogic.
The next tightening of financial conditions is approaching fast in the shape
of redeterminations of E&P borrowing
bases the limits on bank lending,
based on the estimated value of companies oil and gas reserves.
Banks take their own view on the outlook for oil prices but they use the
futures market as a reference point, and
since the last round of borrowing base
redeterminations in March and April
forward prices have dropped sharply.
Front-month WTI is down about $4 a
barrel since the beginning of March, but

oil for delivery in December 2016 has


dropped $11 to about $52. That downward shift in the futures curve will drag
down banks valuations of all oil assets.
A recent survey by the Haynes and
Boone law firm oil industry executives
found that advisers and financiers on
average expected borrowing bases to be
cut by 39 per cent this autumn.
Several E&P companies have cut their
capital spending plans for the year since
second-quarter results this summer.
Continental Resources, one of the pioneers of shale oil production, said this
month it was reducing planned capital
spending by about 12 per cent to better
align spending with cash flow at current
commodity prices. It will go from running 10 rigs to eight in the Bakken.
That cut will affect Continentals production. For the year as a whole it still
expects its average output to be 19-23

per cent higher than for 2014. But by the


end of the year, Continental expects to
be producing a maximum of 8 per cent
more than the 200,000 barrels of oil
equivalent per day that it reported for
the end of 2014.
The response of producers will vary
according to their size and financial
strength, and the quality of their assets.
Citigroup analysts note that even if a
producer files for bankruptcy protection, its best fields could keep flowing as
creditors seek to maintain cash flows
during restructuring.
Another wild card is what happens to
hundreds of thousands of stripper
wells, marginal operations that extract
an average of just 2 b/d from holes that
were drilled decades ago. Citi estimates
that about 300,000 b/d of stripper well
output could disappear this year.
See Lex

EXECUTIVE

APPOINTMENTS
THURSDAY 24 SEPTEMBER 2015

www.exec-appointments.com

www.ft.com/recruit

Twitter: @carola_hoyos

Inside

Digital fails
to kill off the
business
card...just yet

In a Blink
One in every four whitecollar workers puts in
50-plus hours a week
PAGE 2

Workplace Haiku
The theme conference
call inspires nostalgia for
hotels and air travel
PAGE 2

Careers Counsel
Make the most of your
interns. They may even
discover a new planet if
you give them a chance
PAGE 2

Its simplicity and practicality allow the humble


pasteboard rectangle to survive, says Sarah Murray

s business cards go, those of


Red Thread are unusually
striking. The thick cards
supplied by the networking
project of New York-based
consultancy Sunny Bates Associates
carry deeply embossed letters with the
name in capitals partly in mirror writing, while underneath the contact information, a line of red stitching has been
sewn horizontally across the card.
They were not inexpensive, says
Sunny Bates, the consultancys founder.
I dont remember exactly, but it might
be 50 cents a card, which is a lot when
you can do 100 cards for $20.
In an age of smart phones and social
media, putting so much effort and
money into an old-fashioned piece of
card might seem odd. But for many
executives, the appeal of the business
card persists in everything from its simple efficiency as a networking tool to its
ability to send visual signals about a
company or individual.
Card suppliers are benefiting. Online
business card company MOO, for example, says it has seen 44 per cent compound annual growth in revenue over
the past three years.
Technological alternatives exist. Sites
such as LinkedIn allow individuals to

gain access to a wealth of detail on


professionals. Humin, a phone app,
organises peoples contacts according
location and how often they have connected in the past.
Meanwhile, new connective devices
are being developed. In the UK, technology entrepreneur John McLear has
developed the NFC Ring, a wearable
titanium ring that uses near-field
communication to connect people and
transfer information between them.
And yet, for many executives the
business card has advantages that
online or mobile alternatives do not.
At events such as conferences
or workshops, handing out a business
card can be the easiest and most
respectful way to exchange contact
details, particularly where protocol
means phones must be switched off.
And even if phones are left on, exchanging data electronically requires a commitment by both parties that not everyone may welcome.
That intrusion point is quite important, says Jennifer Cable, people and
talent expert at PA Consulting Group.
When you offer someone a business
card, they can put it in their pocket and
bin it as soon as they walk out of the
room. But if you apply an NFC Ring to

Business
cards turn
chance
encounters
into
relationships

their phone, they have to go to the trouble of deleting it, she adds.
For executives in the middle of job
searches, the business card is a particularly important tool, says Barbara
Safani, owner of Career Solvers, a USbased consultancy with services from
career management to recruiting.
Part of this is about being professional and creating a consistent brand,
she says. People still say give me your
card so you need to be prepared.
In the absence of one, she says, people
often take a pen and cross out the information on their previous companys
card. Even less professional is to grab a
cocktail napkin and start writing on it.
Whether in job searches or not, business cards help people turn spontaneous conversations into relationships.
Ms Safani notes: You might be standing in line at a bank or commuting, but
sometimes opportunities present themselves. You need a follow-up strategy,
and thats what the business card does
it creates a connection that encourages
people to talk again.
Meanwhile, in countries such as
China and Japan, exchanging business
cards is a ritualised form of business
greeting, with cards presented with a
nod or bow.

Of course, not all business professionals see the point of these small pieces of
stiff paper. Porter Gale, a US-based networking expert, does not use business
cards.
Business cards are definitely on the
way out, especially as our smartphones
become smarter, she says. There are
so many ways to connect with people.
She sees the real-time intelligence
and relationship intelligence offered
online and on mobile devices as being
the way forward in the business networking world.
Thats where were moving, she
says. And a business card just doesnt
have that.
However, even Ms Gale believes that
business cards can lend credibility,
especially to a start-up: Without that
piece of card, you cant make that first
impression.
For Red Threads Ms Bates, the business card offers a touch of creativity and
individuality in an increasingly digital
world. Its a way to describe yourself in
an idiosyncratic way, she says. And Im
very visual and so if I have a business
card, I want it to be beautiful.
So while digital may eventually kill
the business card, it is likely to be a slow
and lingering death.

Standing out:
Creative cards
can describe you
in idiosyncratic
ways

At Work with the FT


Robert
Horrocks
moves on
after a
lifetime at
the BBC
PAGE 3

Paper Meets Press

Stern on Boards
US and UK company
directors must deal head
on with the political risk
their emerging
politicians represent
PAGE 3

Mrs Moneypenny
Unexpected and
varied
careers can
be as
inspiring
as castles
PAGE 3

FINANCIAL TIMES

Thursday 24 September 2015

Executive Appointments

Career Counsel Get the best out of


interns motivated, fresh young minds
How can I make the most of my intern?
Lily Rae, an FT intern, writes:
I have done so many internships that I
could create the definitive ranking of
Londons top company coffee machines.
I also know that internships can be
disheartening or inspiring.
When you are piled with work while
the grown-ups are talking, it can feel
like being babysat. But when someone
you admire puts their trust in you, and
you are given the chance to prove your
worth, it can define your career choice.
Enough about me. An internship can
be every bit as useful to an employer as
it is a vital first step for us. For example,
it can offer more junior employees a
chance to develop the skills to manage a
large team later.
It is simple really. Employers just have
to know what to do with us.
Use the opportunity to mould new
talent into the kind of employee you
want. What you have (hopefully) is a
highly motivated, fresh mind that really
wants to work for you; so much so that
interns will work for next to nothing.
I speak from experience when I say
interns are often on a desperate mission
to prove themselves and petrified of
failure and so many of us will complete
every task you set on time and with a
great deal of enthusiasm and care.
Giving us real responsibility (under

supervision) may feel like a risk, but it


could also make a huge difference.
There are of course examples of bad
interns who make headlines being fired
for trying to sell meetings with senators
or fabricating news stories. But then
there is also Tom Wagg, the 15-year old
intern at Keele University who
discovered a new planet two years ago.
Use our strengths: you have your pick
of a generation that knows how to
navigate an often baffling array of
online platforms. Or, if young people are
your customers or your customers
customers interns can provide
insights that older employees may lack.
In 2009, Matthew Robson, also a
15-year-old intern, wrote a widely-read
analyst note for Morgan Stanley on how
teens consume media.
An internship gives employers the
chance to suss out someones potential
without the commitment of a contract.
In 2013, the New York Times hired
Joshua Katz because of an eye-catching
interactive graphic he had created. The
graphic on what the language we use
reveals about us became the papers
single most read story and Mr Katz
eventually became an editor.
So dont babysit us, use us to your
advantage.
Send your queries to Janina Conboye at
workplace.questions@ft.com

In a Blink: the many hours that we work

>40
Most

hours

Haiku Contest

worked longer than


40 hours a week

40-50

hours

between
64.1% worked
40 and 50 hours
more
23.4% worked
than 50 hours

>50

This weeks theme of the


conference call inspired nostalgia
for the days of face-to- face
meetings and business trips, says
Jim Kacian, founder of the Haiku
Foundation.
First place once again goes to
David Dayson:
a deal seems done
but the camera missed
an off screen shrug
From today, we will publish two
poems by two different poets each
week. Our runner-up is Marion
Clarke:

hours

face to face
not as nice
as his voice

58%
FT graphic Source: PGi survey of 624 UK knowledge workers, 2015

don't take a lunch break


away from their desks

The next theme is burn out.


Entries to workplace.haiku@ft.com.
Details and T&Cs at ft.com/haiku

Thursday 24 September 2015

FINANCIAL TIMES

Executive Appointments

BBC longtimer takes on reform of


UKs most inclusive university
At Work with the FT
Peter Horrocks
Open University, vice-chancellor

Part timers are dwindling,


so the Open University
is reinventing itself,
learns Maxine Boersma

here is an eerie quietness


about the Milton Keynes
campus of the UKs largest
university. Hardly any of its
200,000 students are visible. That is because this is no ordinary
university it has been a world leader
in distance learning since long before
the internet.
Peter Horrocks, who this year left his
position as director of the BBC World
Service to become the vice-chancellor of
the Open University, arrives to escort
me to his office.
Though he is dressed like an investment banker, he says: This role is not
like being a chief executive in a corporate environment. Now, I need to get
permission from academics and convince people intellectually. You cant
just lead by comment, you have to
engage people.
He is matter-of-fact about his
new job. The Open University
needs to reinvigorate its original mission and rekindle the
foundation, he says. Already,
he has shaken up the academic management structure.
He says he wants to achieve
the right balance between academic heads and business professionals to lead the 5,000
tutors dedicated to increasing
the number of Britons in
higher education.
Life-long learning, he says, is
critical for the economy and for
society. But he is swimming
against the tide: the number of
part-time students in the UK has
fallen by 41 per cent in the past
four years.
Challenge, though, is not new to
Mr Horrocks. During his time at the
BBC social media were upending traditional medias business case and the
broadcaster faced steep funding cuts,
with Mr Horrocks having to axe news
reporting jobs and close foreign language services.
I had to present a big idea and not
just focus on the cuts in my message,
he recalls. I told them we had to
invest in new journalism and that at
the end of this process, we will truly
have something for the world.
But his message failed to win over

Career Clips
Who was your mentor?
Peter Snow who was the Newsnight
presenter during my time there. We
produced the election nights in 1992
and 1997. He has a zest for life. He is
insatiable for information, extravagant
and exuberant about communication
a brilliant television mind.
Your favourite leadership book?
Dancing on Ice: Leadership with
political astuteness by senior public
servants in the UK by Prof Jean
Hartley and Stella Manzie. Hartley is

an expert in leadership in public


services and an organisations ability
to adapt to change
What was the best career advice you
ever received?
I once spent three months as a
reporter in Northern Ireland and was
told I was better behind the camera
than in front of it.
What would you like your team to say
about you?
That I am honest and open.

I was shy, so a notebook


gave a reason for making a
relationship

On the Desk
One of the last microphones from the
BBCs historic Bush House studio stands
on the corner of Mr Horrocks desk.
It reminds him of the time Burmas
Aung San Suu Kyi visited the BBC World
Service to meet the Burmese staff
following her release from house arrest.
She wanted to thank them for helping
her survive. At the time she said,
Because of the BBC I never lost touch
with my people, with the movement for
democracy in Burma and with the rest of
the world.

Mr Horrocks was touched to learn that


she recognised the individual voices of
the Burmese staff on meeting
them and knew instantly
which programmes they
presented.
For Mr Horrocks, the
microphone is also a
symbol of the best
values of Britain
objectivity, respect, openmindedness.
It signifies the power of the

right technology to improve the world.


He also sees it as a symbol of
change. In the television and
internet age, radio is no
longer the most
significant part of the
BBC World Service,
but the constant
element remains
speaking the truth to
the world about the
world.
Maxine Boersma

Political risk returns to mature markets


STERN ON BOARDS

Stefan
Stern
Here are two quotes from unexpected
political meteors who are currently
blazing across the skies in the US. One
figure comes from the radical left, the
other is the frontrunner to win the
Republican party nomination for
President in 2016. Can you tell who
said what?
Quote A: The decision to require
companies to disclose how much more
chief executives are paid than workers
is an important step in the fight against
income inequality . . . I hope that
shining a spotlight on the disparity will
help working families.
Quote B: Levels of chief executive
pay are disgraceful . . . a total and
complete joke . . . Now the boards of
companies are supposed to do it,
but . . . the chief executive puts in all

his friends . . . and they get whatever


they want, you know, because their
friends love sitting on the board.
Observers of the US scene will
recognise the source of these remarks.
Quote A is from Bernie Sanders, the
independent leftwing senator from
Vermont. And quote B is from the
inimitable Donald Trump,
businessman and plain-talking
candidate for the Republican
nomination.
Neither was expected to figure
prominently in the campaign. Their
success has shifted debate in a way that
may unsettle some businesses.
At the same time in the UK, the main
opposition party has chosen a
maverick leftwinger as leader. Jeremy
Corbyn had enjoyed a relatively quiet
political career until he was wrenched
from obscurity this summer and
upended his opponents to win the
Labour leadership by a big margin.
As the Guardian put it, Mr Corbyn
and his closest colleagues offer:
Milibandism liberated from the New
Labour dread of alarming Britains
boardrooms.

Political risk is back. Not merely


under the usual heading of instability
in emerging markets: it is in mature
markets such as Greece and Spain as
well as the UK and US.
Dissent is in the air, and the seeming
solidity of businesses and institutions
may prove to be an illusion.
In the past, some boards have
thought that compensatory efforts,
such as corporate social responsibility
(CSR) programmes, might have been
enough to mitigate the risk of
unwelcome government intrusion.
But as Lord Browne, the former boss
of BP, argues in his new book Connect,
CSR is not up to this task.
Instead, what he calls radical
engagement is required. This calls
for meeting important stakeholders
regularly and making friends
before they are needed, he told
the BBC.
Many boards would rather just get
on with their commercial work and
shut out the world. But however
unappealing you may find it, politics
will always impinge upon you, sooner
rather than later.

critics, who, for example, bemoaned the


commercialisation of the World Service,
as Mr Horrocks sought to embrace
sponsorship and advertising. His reign
at the BBC ended when the organisation
felt it was time for new blood. As Mr
Horrocks left, James Harding, a former
Times and FT journalist, was made
head of the news division.
Mr Horrocks experiences at the BBC
are informing his decisions at the Open
University, which has significant similarities with the broadcaster. Both are
ideas-based organisations and the two
have worked closely together on everything from late night lectures to the
award winning documentary series Frozen Planet about the Polar regions.
Both have global significance. The
BBC World Service is watched in more
than 200 countries by 210m people
weekly and reports from 100 cities
worldwide. Meanwhile, the Open Universitys FutureLearn programme the
UKs first provider of Massive Open
Online Courses (MOOC) in the past
two years has gained a student body of
2.5m, scattered around 190 countries.
Mr Horrocks describes himself as
shy and reserved but nevertheless
finds his ability to campaign on behalf of
his new institution a wonderful liberation. He admits it had been difficult to
speak out while at the BBC.
His reserve has affected his career
decisions. He chose journalism over
engineering because: I was shy, so a
notebook gave a reason for making a
relationship.
His mother, who worked for Citizens
Advice, which offers free advice on peoples rights, fostered his early interest in
politics and human curiosity.
After reading History at Cambridge
university, Mr Horrocks entered the
BBC newsroom trainee scheme.
A highlight of his news career the
broadcast equivalent of being a fighter
pilot, he says was covering the 1992
and 1997 elections.
His new job, however, sounds more
like captaining a carrier than piloting
the jets upon it.

Mrs Moneypenny The unexpected


careers of Lords and commoners

She
liquidised
the salad,
heated it up
and gave it
back to him
and an idea
was born

A few days ago, I


promised a prize
to the first
person who
could link
Amerongen
Castle in the
Netherlands to
Tim Bentinck,
the 12th Earl
of Portland,
best known
for playing
the part of
David
Archer in
the long-running BBC Radio 4
soap opera.
I came up with the question
while attending a wedding at
the castle, which was once
owned by the Bentinck family
so there is your answer.
But it was pointed out to
me that there is a second,
more interesting if more
tenuous link between the
actor and castle: both have
experienced unexpected and
interesting career moments.
The castle was witness to the
end of a famous career, when
Kaiser Wilhelm II signed his
abdication there in 1918. It was
during that time (from 1879 to
1977) that it was owned by
the Bentinck family. Lord
Portland is also the eighth
Count Bentinck and even for
good measure a count of the
Holy Roman Empire.
If I had told you all that first,
you might not have thought
he was a graduate of Bristol
Old Vic Theatre School and
someone you would probably,
these days, recognise from
your TV screen, playing roles
in, for example, Twenty
Twelve and The Royal
Bodyguard.
But not every Earl or Count
still owns his familys castle
and title or not quite a
few have had very
unexpected careers. Nicholas
Ashley-Cooper, the 12th Earl

of Shaftesbury, was Nick ac,


the New York City DJ and
electronic music promoter,
before he took over the title
and stately home in Dorset
when his older brother died
suddenly in 2005.
Of course, we commoners
also have unexpected careers.
Back in the early 1980s, I
worked alongside a handsome
young advertising account
man called Peter Clay. After
Mr Clay found it impossible to
buy the plants he wanted for
his garden, he teamed up with
Mark Fane to set up the kind
of company he wished he
could have turned to. In 2000,
Crocus, the online plant
nursery first took root.
Andrew Palmer worked in
the city before he founded
New Covent Garden Soups.
After returning from a
mornings sailing in 1987, he
sat down to lunch and his
mother offered salad. Telling
her he preferred something
hot, she liquidised the salad,
heated it up and gave it back
to him; and an idea was born.
He sold the company in
1997 and at roughly the same
time he stumbled on a
rundown manor house hotel
on the Isle of Wight when his
motorboat broke down there.
He bought it and turned it
into a family favourite with
what one critic called
endearing, slightly potty and
very British service.
But back to Lord Portland:
Mr Archer might be evicting
his mother to make way for
his mother in law, as regular
listeners know, but the man
who plays him has been busy
with a new endeavour:
publishing Colin the
Campervan, a childrens book.
Campervans and castles both
capture the imagination of
children. Perhaps they will
also inspire an adult to try
something new.

FINANCIAL TIMES

Thursday 24 September 2015

EXECUTIVE APPOINTMENTS

Working in Accounting
www.ft.com/reports | @ftreports

Big Four firms


face tsunami
of threats from
digital groups
Waves of change Internet behemoths are moving
in on professional services, reports Harriet Agnew

hen Harlequins rugby


club was preparing for
last seasons premier
league, it turned to an
unexpected partner in
its search for a match-winning formula.
Deloitte, one of the big four professional services firms better known for
its work with blue-chip companies, was
hired by the English club to help make
sense of the vast volumes of information
it collects on its players.
The partnership illustrates how the
accounting profession is trying to
embrace the disruption from new technology that could otherwise eat into its
own businesses.
Harlequins data sources include
body sensors that track movements on
the pitch and devices that monitor
nutrition. Deloitte uses a bespoke data
analytics tool to try to propel the team to
a competitive advantage based on the
statistics it collects.
Technology is reshaping the account-

ing, audit and consulting divisions that


are the bread and butter of professional
services firms. They are trying to fight
back, launching partnerships with technology companies, picking dynamic
start-ups to invest in and increasingly
employing techniques that are the foundations on which innovative technology
companies such as Google and Amazon
are built.
Tudor Aw, partner and technology
sector head at KPMG Europe, says
Companies such as Google and Amazon have three core assets: data storage,
data analytics and cloud technology.
They underpin the business model that
we need to embrace for the future.
Innovate or die is the stark message
for the professional services firms. Last
year PwC signed a joint venture with
Google to combine Googles innovation
and technology platform with PwCs
industry experience and corporate
insight.
Also last year, KPMG signed a joint

Body metrics:
Deloitte culls
data from
Harlequins
practices Getty

venture with McLaren to use predictive


analytics in its audit and consulting
work.
Richard Oldfield, head of strategy at
PwC UK, says: There is no single technological threat to the professional services industry. Its a tsunami of threats:
data analytics, artificial intelligence and
cyber security.
Online accounting services offered by
the traditional firms are ripe for disruption, as technology moves activities
online and lowers barriers to entry.
They are competing with established
brands such as SAP, Salesforce and
Oracle, as well as newer businesses such
as Square, the payments company
launched by Twitter founder Jack Dorsey, and Receipt Bank, which removes
the need for manual data entry of bills
and receipts.
In response, last year KPMG spent
40m to develop cloud-based software
that can allow businesses to go online
and prepare their accounts, do their

bookkeeping, administer their payrolls,


and file VAT and corporate tax returns
for a monthly fee starting at 150.
As more and more data are stored in a
digital format, this creates opportunities for data analytics. Nowhere more so
than in audit, where a huge shift is taking place because entire data sets, such
as company journals or expense claims,
can be analysed.
Stephen Griggs, managing partner of
audit and risk advisory at Deloitte UK,
says: We are not sampling data; were
analysing the whole population of data.
Well illuminate apparent anomalies
and automate the more basic testing
functions to enable our people to spend
more time on the trickier areas.
Market participants think it is possible for the big accountancy firms to
work alongside the established technological names and disruptive start-ups,
without being cut out altogether.
Fiona Czerniawska, managing director at Source Consulting, says that while

Google and
Amazon
have three
core assets:
data storage
data
analytics,
and cloud
technology

it is likely that firms such as Google and


Amazon will use techniques they have
pioneered for analysing big data to offer
new services in the marketplace, its
hard to see them penetrating the business-to-business sector, and professional services in particular because so
much still depends on personal chemistry between client and professional.
PwCs Mr Oldfield says trust is very
important, noting there is perhaps less
of a trust premium attached to big technology groups. And data analytics can
only take you so far in audit there is
also the judgment element.
SourceConsultings Ms Czerniawska
believes that, while high-tech start-ups
will begin to re-engineer parts of the
audit process in the coming years, even
these firms will struggle to replace the
value a human being can add.
She says: However sophisticated our
algorithms, a part of the professional
services market will always be human
the only question is: How much of it?

Outsourcing moves from Poland


to Asia and eventually to robots
Crossing borders

Robotics and cognitive


computing will spark a
reinvention of the practice,
reports Sharmila Devi
In the less than the three decades since
the Berlin Wall came down, Poland has
become one of several eastern European
countries to develop a vibrant outsourcing centre. Employing 150,000 people,
half of them in accounting and financial
services, Warsaw is already looking to
the next stage.
It has been good for our young people to have this sector of business support services and good for our economy, said Jerzy Bartosik, trade and
investment counsellor at the Polish
embassy in London. Theres no doubt
we would like to move to the next stage
and offer more advanced services.
Over the past decade, Poland, Bulgaria and Romania have sought to stem
their brain drain and boost investment
by offering accountancy and administrative services to companies based
elsewhere. Services range from transactional, purchase-ledger and bookkeeping to audit and even debt collection.

The trend is likely to gather pace, as


offshore centres emerge in places such
as the Philippines and Sri Lanka, offering greater scope in terms of timezone
flexibility and wage costs.
Nick Prangnell, who leads Deloittes
global business services in consulting,
points out: Offshoring is growing 12 to
20 per cent a year. The Philippines has
750,000 people doing similar work and
India has 1m. Both countries have wage
cost levels below 20 per cent of the UK.
As London hosts 40 per cent of the
European headquarters of the worlds
largest companies, it is reassuring that
many finance jobs, particularly higher

The cost efficiencies are


almost a byproduct.
Offshoring will be done to
transform the enterprise
valued accounting roles, are likely to
either remain here or come to the UK.
The traditional big accounting firms
are moving even deeper into providing
analytics of big data, as companies move
to integrate their finance functions into
hubs, possibly several located around
the world depending on size and need.
Max Thomiak, of Accenture Strategy,

says: Cost efficiencies are almost a


byproduct. Offshoring will be done to
transform the enterprise and allow it to
focus on business outcomes.
The outsourcing trend was started by
large companies which had the advantage of scale. But medium and small
companies are now participating, with
manufacturers and law firms, for example, coming together to share back-office functions, said Michael Rendell, a
partner at PwC.
Theres no question our traditional
accounting and auditing work has gone
through a lot of change. Theres now
more of a need for better data analytics
and better systems, he says. Those
people coming into the accounting
workforce need to think about the skills
needed to drive insights from data,
rather than just manipulating it.
And the world of outsourcing itself is
on the cusp of dramatic change with
the advent of robotics and cognitive
computing, says Kerry Hallard, chief
executive of the National Outsourcing
Association, which groups outsourcing
buyers, suppliers and advisers.
Companies are just beginning to use
robotics and first case studies are coming in now, she says. It will take time
and not everyone will use it, so we are
not likely to see the death of accounting
outsourcing but the reinvention.

Market Grab Scepticism surrounds the push into small business


The worlds biggest accounting firms typically pore over
company books worth hundreds of millions or even billions
of dollars. But the Big Four, KPMG, EY, Deloitte and PwC,
are increasingly to be found offering help to much smaller
businesses, too.
They are investing millions in an effort to gain a
bigger share of clients from among the 4.9m
privately owned businesses across the UK and
the 125m small and medium-sized enterprises
worldwide.
But the push is attracting scepticism among
the high street accountants who usually serve
small companies. When asked if the Big Four
can compete with the high street for business,
77 per cent of the 88 readers polled this year by
trade journal Accountancy Age said no.
But the big firms are likely to carry on
regardless, searching for todays small
company that might be tomorrows

Paul Connolly of
MCA Think Tank

success story. This is highlighted by the giants created out of


the recent tech revolution, says Paul Connolly, director of
MCA Think Tank, the management consultancies association.
A minnow now might be tomorrows leviathan. The big
firms would like to find it and help it reach the size that is
their usual customer base, he says., noting that in the
aftermath of the deep freeze of 2008 many of big
company clients went into a suspended state, as
they reduced employee numbers and addressed
their balance sheets.
KPMG argues that accountants should not just
perform simple tasks for small businesses but
offer services such as warnings on cash flow.
But small companies have shied away from asking
accountants for greater insights for fear of a large bill,
says Bivek Sharma, head of small business accounting
at KPMG.
In terms of offering competitive rates, the
ball is now squarely in the big accounting
firms court.
Sharmila Devi

Thursday 24 September 2015

FINANCIAL TIMES

FINANCIAL TIMES

Thursday 24 September 2015

Thursday 24 September 2015

FINANCIAL TIMES

FINANCIAL TIMES

EXECUTIVE

APPOINTMENTS

Thursday 24 September 2015