FRIDAY 29 JANUARY 2016 WORLD BUSINESS NEWSPAPER EUROPE

Oh Danny boy Trumped up Leave tech alone

How to sell ex-politicians to Republican nerves on edge as Forget the tax, embrace the
China — ROBERT SHRIMSLEY, PAGE 6 The Donald forges ahead — BIG READ, PAGE 5 innovation — MICHAEL MORITZ, PAGE 7

EU ramps up Japan scandal Abenomics architect

Amari quits over bribe allegations
Briefing
i WHO warns on Zika’s ‘explosive’ spread

tax fight with Large swaths of the tropical and subtropical world
are at risk of the Zika virus, the World Health
Organisation has warned, as it races to slow the
“explosive” spread of a disease. — PAGE 2

rules to claw
I Baker Hughes predicts further gloom
Baker Hughes, the US oil-services group that has
agreed a $26bn takeover bid from rival Halliburton,
posted a $1.97bn loss for 2015 and forecast a
continued dip in the sector this year. — PAGE 14

back profits I Moody’s cut taxes during shake-ups

Moody’s cut its tax rate 9 percentage points over
eight years amid successive restructurings, showing
the lengths to which global companies will go to pay
less to governments around the world. — PAGE 11

3 Move follows Google deal backlash I Ford reports record earnings figures
Ford reported its best ever earnings
3 US groups reject ‘aggressive’ plans yesterday, marking a key comeback for
the US carmaker after it narrowly
JIM BRUNSDEN — BRUSSELS tions in 2014 that up to 340 multina- avoided bankruptcy during the
tional companies, ranging from Ikea to financial crisis. The Michigan-based
Europe has launched an assault on tax Pepsi, funnelled profits through Luxem- manufacturer also reported its first full-
avoidance by multinational companies, bourg to lower their tax bills in some year profit in Europe since 2010. — PAGE 12
pledging to close regulatory loopholes instances to as little as 1 per cent. “The
revealed by the “LuxLeaks” scandal and system needs real reform, not piece- I Spain unemployment hits five-year low
to give EU countries more powers to meal solutions,” it said. The Spanish economy created 525,000 jobs last
claw back profits that businesses seek to Brussels’ proposals are one of the big- year, helping to lower the country’s jobless rate to
shift abroad. gest steps the EU has taken to tackle 20.9 per cent, still one of Europe’s highest but the
The European Commission plans aggressive corporate tax avoidance, lowest in Spain for almost half a decade. — PAGE 2
would curb business use of complex cor- which the commission estimates costs
porate structures to reduce their tax EU governments as much as €70bn a I Fugitive officials return to China
burdens. The plans, revealed by the year. They will now be discussed by More than 850 fugitives returned to China last year
Financial Times, also contain a provi- member states in the Council of Minis- to face corruption charges as the country’s public
sion for all countries to apply an “exit ters, becoming law only when unani- security ministry stepped up its campaign to track
tax” on intellectual property assets, mous agreement is reached — which has down officials hiding overseas.— PAGE 2
such as patents, that are moved to other been a formidable barrier in the past. Economy minister Akira Amari announces his resignation in Tokyo yesterday — Franck Robichon/Epa
jurisdictions. Pierre Moscovici, EU tax commis- I Brics left in the shade by Ticks
The moves come against the back- sioner, said the plans meant “the days Long live the Ticks. A belief that Brazil, Russia,
drop of a public backlash in Europe over are numbered for companies that avoid ROBIN HARDING — TOKYO trade deal and part of the pre- Shukan Bunshun alleged that India and China would lead a wave of commodity-
the tax affairs of big US technology paying tax at the expense of others”. mier’s inner circle. His depar- Mr Amari and his secretaries centric growth is being replaced by faith in Ticks,
Japan’s prime minister Shinzo
groups including Apple and Google. US The push was a “major step towards ture could tip the balance in the had accepted at least Y12m tech-heavy Taiwan and (South) Korea. — PAGE 20
Abe yesterday lost one of the
executives and politicians, in turn, have creating a level playing field for all our government away from eco- ($100,000) from a construc-
chief architects of his stimulus
argued European authorities are dis- businesses, for fair and effective taxa- nomic stimulus towards tighter tion company, in contravention Datawatch
strategy when his economy
criminating against US multinationals. tion for all Europeans”, he said, and fiscal policy. of Japan’s political funding
minister resigned over allega-
But the initiative was criticised as would address a status quo where small Japan’s attempt to escape laws.
tions he accepted a bribe. Global smartphone shipments
insufficient by campaigners and some companies in Europe had an overall tax from two decades of on-and-off “Even though I have done Smartphone sales
members of the European Parliament burden 30 per cent higher than that of Akira Amari, regarded as the deflation has stumbled, at least nothing to be ashamed of, I Million units hit a record 1.4bn
and is likely to face opposition from multinationals. “minister for Abenomics”, has partly because of tax rises can’t shift the blame for creat- Samsung units in 2015,
Apple about twice the
multinationals. BusinessEurope, a American Innovation Matters, a coali- denied pocketing money from a pushed by fiscal hawks in ing public doubt in politics on Huawei
lobby group for EU companies, said the tion of US tech groups including Apple construction company. He said Mr Abe’s party. to an official,” said Mr Amari. Lenovo-Motorola level three years
Other 600 ago. But the pace
EU should not be a “lone frontrunner” and Facebook, said the plans would be a any cash was a legitimate politi- “The Japanese economy is on Doing so would be against his is slowing. Global
in tackling tax avoidance or pursue potentially “significant and costly cal donation but he would quit the brink of exiting deflation. “aesthetic as a politician”. 400 shipments grew
measures that “undermine the compet- blow”. They were the latest “aggressive” to take responsibility for how We must remove obstacles to “Politically, this will stabilise just 6% in the
itiveness of EU industry”. move by Europe to tax more US earn- his office handled the matter. the passage of vital laws. Of the government. If Mr Abe had 200 latest quarter, the
The European Network on Debt and ings and “use them to pad the coffers of The scandal is the most seri- course, I am no exception. I left him in place, then the scan- slowest rate ever
Development described it as “woefully foreign governments” it said. ous to hit Mr Abe since he took have therefore today decided to dal would have gone on and on 0 as key markets
inadequate”, saying the plans would not UK-Google tax deal page 3 office in 2012. Mr Amari was resign from the cabinet,” said in parliament,” said Masatoshi 2012 13 14 15
show signs of
tackle many of the practices exposed by Michael Moritz page 7 Japan’s chief negotiator for the an emotional Mr Amari. Honda, a professor of politics at Source: Strategy Analytics saturation.
LuxLeaks — the name given to revela- Moody’s slashes tax page 11 Trans-Pacific Partnership Last week, the magazine Kinjo University.

Chinese companies turn to internet

and P2P lending to auction bad debts
DON WEINLAND — HONG KONG in 2005 as a way of directly connecting debt of more than 200 companies on
borrowers with lenders online — result- Zichan360.
Troubled companies in China are turn-
ing in better rates than those offered by Many of the loans listed on these plat-
ing to the under-regulated internet
banks. In China, the large, unfulfilled forms include unpaid debts for goods or
finance industry to ease their cash flow
credit needs of small businesses and services. The P2P platforms offer a
problems, using peer-to-peer exchange
Nigerian tech groups platforms that match unpaid bills with
consumers create a “natural fertile source of liquidity to companies unable
ride smartphone wave ground” for P2P to flourish, according to to borrow from traditional banks.
debt collection agencies at a big dis-
analysts at Morgan Stanley. But there are questions over how the
count for the vendors.
Analysis i PAGE 14 They said there was “significant platforms should be regulated, Mr Pang
The rapid rise of P2P lending in China potential for P2P lending” in China, but said. So-called “bad banks” are regu-
comes as debts are mounting in its tradi- pointed out that the market was frag- lated by the finance ministry, while P2P
Austria €3.60 Macedonia Den220 tional banking system — overall debt is mented with 1,500 providers. Out of the lending falls under the commerce min-
Bahrain Din1.7 Malta €3.50
Belgium €3.60 Morocco Dh43 230 per cent of gross domestic product. more than 900 platforms established in istry, putting regulation of the collection
Bulgaria Lev7.50 Netherlands €3.60
Croatia Kn27.50 Nigeria Naira715 “With such large volumes of bad debt 2014, 367 had failed by the end of that agencies and the tactics they use to
Cyprus €3.50 Norway NKr34
Czech Rep Kc100 Oman OR1.50 and lack of liquidity, corporations could year, the analysts said. recover loans in a grey area, he added.
Denmark DKr32 Pakistan Rupee 280
Egypt E£20 Poland Zl 18 find that using the internet or this type Privately owned P2P platform P2P platforms for exchanging bad
Finland €4.10 Portugal €3.50
France €3.60 Qatar QR15 of P2P platform might speed up the final Baozhi360 has over Rmb99bn ($15bn) debts are the latest innovation in deal-
Germany €3.60 Romania Ron17 recovery of those long outstanding or in bad loans and rival Zichan360 has ing with the flood of distressed loans in
Gibraltar £2.70 Russia €5.00
Greece
Hungary
€3.50
Ft990
Saudi Arabia
Serbia
Rls15
NewD420
non-collectible debts at a lower cost and taken over more than 59,000 distressed China. Last year one of China’s big four
India
Italy
Rup195
€3.50
Slovak Rep
Slovenia
€3.60
€3.50
in a more efficient way,” said Wilson loans worth nearly Rmb1.5bn since “bad banks” sold debt portfolios over
Kazakhstan
Kenya
US$5.50
Kshs300
Spain
Sweden
€3.50
SKr37
Pang, a partner at KPMG. August, according to its website. Some Taobao, China’s version of eBay.
Kuwait
Latvia
KWD1.50
€6.99
Switzerland
Tunisia
SFr5.90
Din7.50
P2P platforms first emerged in the UK 400 collection agencies have bid for the Additional reporting by Emma Dunkley
Lebanon LBP7500 Turkey TL10
Lithuania €4.30 UAE Dh15.00
Luxembourg €3.60

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9 770174 736159
2 ★
Economic recovery
Spanish unemployment reaches 5-year low
Acting PM Rajoy says that
figures justify second term
as coalition talks drag on
TOBIAS BUCK — LONDON
The Spanish economy created 525,000
jobs last year, helping to lower the
unemployment rate to 20.9 per cent —
still one of the highest in Europe but the
lowest in Spain for almost half a decade.
The latest jobs boost comes at a time
of high political tension in Madrid, with
party leaders at loggerheads over who
should form the next government and
Extradition requests
Beijing steps
up ‘fox hunt’
for fugitives
hiding abroad
TOM MITCHELL AND
CHRISTIAN SHEPHERD — BEIJING
More than 850 fugitives returned to
China last year to face corruption
charges as the country’s public security
ministry stepped up its campaign to
track down wanted officials and execu-
tives hiding overseas.
In a statement posted on its website, the
public security ministry announced the
establishment of an “overseas fugitive
affairs” department to track down some
of the country’s most wanted people.
Of the 857 suspects apprehended last
year, 366 surrendered as part of Opera-
tion Fox Hunt, the overseas counterpart
to President Xi Jinping’s sweeping anti-
corruption campaign.
The Chinese government’s efforts to
extradite suspects who have fled abroad
has proved highly controversial, espe-
cially in the US and Hong Kong.
Speaking at a joint press conference
with US secretary of state John Kerry in
Beijing on Wednesday, China’s foreign
minister, Wang Yi, urged Washington to
“intensify” co-operation on counter-
terrorism, the repatriation of fugitives
and “recovery of their ill-gotten gains”.
The US and China do not have a for-
mal extradition treaty, due in part to
concerns over human rights and the
fairness of China’s judicial system. How-
ever, two of the fugitives apprehended
last year were repatriated from the US.
Beijing is pressing Washington to co-
operate in the extradition of Ling
Wancheng. His brother, Ling Jihua, was
chief of staff to former president Hu Jin-
tao before he was arrested for alleged
corruption.
Mr Ling is believed to be a potentially
valuable intelligence target.
Chinese security officials pursuing Mr
Ling were caught last year as they
attempted to enter the US by posing as
journalists, according to people familiar
with the matter.
Chinese efforts to extradite fugitives
have also created a firestorm of contro-
versy in Hong Kong, where many people
suspect that at least four booksellers
were coerced into crossing the border by
public security officials.
A fifth Hong Kong bookseller was
allegedly forced to return to China from
his holiday home in Thailand via Cam-
bodia.
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.comma 1, DCB Milano.
FINANCIAL TIMES Friday 29 January 2016
INTERNATIONAL
Infrastructure
Indonesia
halts Chinese
in what coalition. Business leaders have
warned that the political uncertainty is
improvement in the crisis-hit labour
market, as the main reason his govern-
difficult moment, in a moment of nego-
tiations and non-negotiations. We poli-
Spain’s growing ranks of long-term
unemployed. “The recovery is now run-
high-speed
already having a chilling effect on
investment and could yet dent the
ment deserves a second mandate. Judg-
ing by yesterday’s jobs data from the
ticians have to put an end to this
quickly.”
ning at two different speeds. We are see-
ing an intense recovery for those unem-
rail link
recent economic recovery.
Mariano Rajoy, the acting prime min-
ister and leader of the conservative Pop-
national statistics office, that recovery
remains broadly intact: the quarterly
labour market survey found that the
The number of unemployed fell 12.4
per cent to 4.78m, highlighting that the
overall workforce continues to shrink
ployed who remained close to the
labour market. But the outlook for the
long-term unemployed is still very wor-
project
ular party, emerged from last month’s number of those employed rose 3 per because of migration and long-term rying,” said Marcel Jansen, a professor
inconclusive general election with the cent year-on-year to 18.1m in the final unemployed workers giving up the of the economy at Madrid’s Autónoma BEN BLAND — HONG KONG
largest bloc in parliament. But he quarter of 2015. search for work. There are now 678,000 University.
China’s $5.5bn high-speed rail project
remains far from an absolute majority — Spain’s prime minister described the fewer unemployed than a year ago — the He pointed out that there were more
in Indonesia has been halted
and has so far struggled to win over jobs numbers as “the best in history” largest year-on-year drop since official than 1m unemployed who had been
a week after its groundbreaking
potential allies to form a PP-led coali- but voiced impatience at the political records began. without a job for more than four years.
ceremony in a reminder of the prob-
tion. deadlock. “What the government has to Analysts welcomed the drop in jobless “Only one in five are entitled to any
lems Chinese companies can face in
Mr Rajoy has pointed to Spain’s eco- do now is to provide stability, security numbers — but also cautioned that form of state benefit. And only 6 per
emerging markets.
nomic recovery, including the gradual and clarity,” he said. “We are living in a there had been little improvement for cent are in training,” he said.
Beijing thought it had pulled off a coup
in October when it beat fierce competi-
tion from Japan to win the contract to
Britain build Indonesia’s first high-speed rail-
way.
The Jakarta-Bandung link, China’s
first such project in Southeast Asia, is
seen as a test of the ability of Chinese
companies to operate in a complex
democracy. It is being watched by coun-
tries such as India, Malaysia and Singa-
pore, which are considering the merits
of Chinese high-speed rail.
Indonesia’s transport ministry said it
had not yet signed off on the construc-
tion permits or the concession agree-
ment because the Chinese-Indonesian
consortium building the project had not
submitted the necessary documents.
One official told local media that the
authorities were unable to move faster
because some of the documents were in
Chinese and could not be read.
Indonesia’s transport minister, who
has voiced opposition to high-speed rail,
said he wanted a guarantee the land-
scape would be restored to its original
condition if the project was abandoned
halfway through, as happened with a
monorail scheme in Jakarta.
Hanggoro Budi Wiryawan, chief exec-
utive of Kereta Cepat Indonesia China,
the joint venture running the project,
said the groundbreaking was just a cere-
mony and construction would not begin
until the correct permits were issued.
Permit problems are a persistent
complaint among foreign investors in
Indonesia, which comes 109th in the
World Bank’s ranking of the ease of
doing business, behind even bureau-
cratic China in 84th place.
Analysts say this is a taster of prob-
lems China will face as it tries to rush
one of Indonesia’s biggest infrastructure
City of London: data were in line with the financial district’s expectations following a period of decline — Oli Scarff/Getty Images projects to completion by 2018.
Many projects have been held up for
years or even dropped because of diffi-
Strong service sector eases growth fears culties with land acquisition, environ-
mental concerns and political disputes.
Zhao Hong, an authority on China-
Southeast Asia relations at Singapore’s
Institute of Southeast Asian Studies,
EMILY CADMAN AND ROGER BLITZ cent in the past three months, the pace Slowing growth will make it harder was easing, he expected the UK to said Chinese state-owned enterprises
LONDON
quickening when turmoil gripped the for the chancellor to meet his deficit remain “strong relative to its peers”. used to bulldozing their way through
A pick-up in the dominant service sec- markets at the start of the year, focusing reduction targets as it is likely to trans- However, “rebalancing” of the econ- objections at home will need a different
tor helped push up the rate of UK eco- investors’ attention on risky assets. The late into more subdued tax revenues. omy remains elusive, with the recovery approach in democracies.
nomic growth in the final quarter of combination of fears that the UK might But as there is such a lag in payment, still almost totally reliant on services, “Chinese SOEs can get credit from the
2015, the country’s Office for National leave the EU and the size of the country’s this month’s self-assessment tax which expanded by 0.7 per cent quarter Chinese government very easily but
Statistics said yesterday. current account deficit gave them rea- on quarter, with business services per- they need to understand local societies
son to sell sterling. forming particularly strongly. more precisely, especially in Indonesia
Gross domestic product expanded by George Osborne, the chancellor, said 0.5% 2.2% By contrast, production — buffeted by where the local politics are very compli-
0.5 per cent, up from 0.4 per cent in the the figures showed “Britain continues to Increase in Growth for 2015, global factors such as the low price of oil cated,” he said.
third quarter. grow steadily”. But he struck a slightly UK GDP compared with and weak demand — shrank by 0.2 per China Development Bank, the state
Philip Shaw, chief economist at cautious note, adding “with the risks we in the fourth 2.9 per cent the cent. Manufacturing was flat. Output in lender, is providing three-quarters of
Investec, said the figures had “helped to see elsewhere in the world, there may be quarter previous year the construction sector fell 0.1 per cent. the funding for the Indonesia rail
alleviate” some fears over growth and bumpy times ahead”. Zach Witton of the manufacturers’ project on generous terms and with no
James Sproule, chief economist at the While the figures remain solid, the receipts relate to a period when the organisation EEF, said it had been a “dis- guarantee required from the Indonesian
Institute of Directors, said the “unre- pace of growth has clearly slowed from economy was growing much more appointing” year, but added it was a sec- government.
markable but sustainable” figures its peak. For 2015 as a whole, the econ- robustly, so could still come in strongly. tor-specific story “with those sectors Paul Rowland, a political analyst in
“should settle nerves about the health of omy grew by 2.2 per cent compared The UK is one of the earliest countries exposed to oil and gas struggling, while Jakarta, said: “It was always extraordi-
the real economy”. with 2.9 per cent the previous year. in the developed world to report its GDP those consumer-facing such as automo- nary wishful thinking to believe they
Sterling rose on the data, which were Growth slowed to 1.9 per cent in the numbers, so international comparisons tive are faring much better on the back could get this done in a little over two
in line with City of London expectations fourth quarter of 2015 compared with are difficult at this stage. of a healthy labour market and strong years.”
and a break from a sustained period of the same quarter of 2014, the weakest in But Andrzej Szczepaniak, an econo- wage growth”. Additional reporting by Taufan Hidayat in
decline. The pound has fallen 6.4 per more than two years. mist at Barclays, said that while growth Editorial Comment page 6 Jakarta
Birth defects
WHO sets up panel to counter ‘explosive’ spread of Zika virus
ANDREW WARD — LONDON challenges to the human-to-human Dr Chan said the emergency commit- the Ugandan forest where it was first
transmission of Ebola. tee would bring together top scientists detected — has suddenly become such a
Large swaths of the tropical and sub-
“This is not Ebola; this one requires a to help craft a response. Urgent research threat after existing at a low level in
tropical world are at risk of the Zika
vehicle,” said Marcos Espinal, head of was needed to improve the understand- parts of Africa and Asia for decades
virus, the World Health Organisation
communicable diseases at the Pan ing of Zika, she said, noting that, while without raising alarm.
NOVEMBER 7 2015
has warned, as it races to slow the
American Health Organisation, urging evidence of a link with brain-damaged One theory is that the virus might
“explosive” spread of a disease linked
governments to step up anti-mosquito babies was strong the causal relation- have mutated; another factor is the lack
with a surge in birth defects across the
measures, such as the spraying of insec- ship was unproven. of immunity among people in the Amer-
Spain; Fabripress, C/ Zeus 12, Polígono Industrial Meco- Americas.
R2, 28880 Meco, Madrid. Legal Deposit Number ticides. “If we can control the vehicle, we Dr Espinal cited data from north-east icas because Zika is new to the region.
(Deposito Legal) M-32596-1995; Publishing Director, Margaret Chan, WHO director-general, can minimise the impact.” Brazil, the region so far worst affected, The virus spread to the Pacific islands
Lionel Barber; Publishing Company, The Financial Times
ROLLING IN THE DEEP
Limited, registered office as above. Local Representative said the “level of alarm is extremely Zika has so far been detected in 23 showing an increase in cases of micro- of Polynesia in 2007 and it was here that
office; C/ Infanta Maria Teresa 4, bajo 2, 28016, Madrid. high” over a virus that has been known countries across the Americas and the cephaly from a dozen cases in the past 15 a possible association with birth defects
ISSN 1135-8262..
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UAE; Al Nisr Publishing LLC, P.O.Box 6519. Dubai. Editor in Africa since 1947 but arrived in South WHO predicted 3m-4m cases in the years to 600 in 2015. was first observed. Cases were reported
in Chief: Roula Khalaf. Origin of publication, twofour54, and Central America over the past two region over the next year from Argen- It is not clear why Zika — named after in Easter Island in 2014 and it subse-
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France; Publishing Director, Dominic Good, 40 Rue La years and is proliferating rapidly. tina to the southern states of the US. quently jumped to the South American
Boetie, 75008 Paris, Tel. +33 (0)1 5376 8256; Fax: +33 (01)
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because of the assumed link with an epi- viruses which exist across most tropical spreading strongly in Brazil as well as
Reproduction of the contents of this newspaper in any demic of microcephaly — babies born and subtropical regions. Dr Espinal said: large parts of Asia.
manner is not permitted without the publisher’s prior with a very small head — in areas “We do not think this is going to remain WHO officials said a co-ordinated
consent. ‘Financial Times’ and ‘FT’ are registered trade
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Dr Chan, whose organisation faced where the mosquito is.” viruses and urged governments to step
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Friday 29 January 2016 ★ FINANCIAL TIMES 3

INTERNATIONAL

Migrant benefits Human rights

Cameron eyes ‘emergency brake’ accord Amnesty

Brussels to offer British
prime minister proposal
ahead of poll on EU
ALEX BARKER — BRUSSELS
GEORGE PARKER — LONDON
David Cameron is making a dash for a
June EU referendum on the basis of a
accuses
will make a diplomatic push with senior
EU officials to strengthen the terms of
The prime minister has insisted he is
“not in a hurry” and will hold out for
isters, if it falls to Brussels to authorise
its use. “I think this will be laughed at by
critical of a proposal that would only
affect about 20 per cent of EU migrants
Burundi of
the package, before a meeting with
Angela Merkel, the German chancellor,
substantial reforms.
Negotiators are hopeful the benefits
quite a lot of people,” said one influen-
tial figure on the Tory right. “Cameron is
working in Britain. The remaining 80
per cent of migrants earning more than
covering up
in Hamburg on February 12.
The dealmaking marks the closing
straight of Mr Cameron’s three-year
package as a whole — made up of in-
work benefit restrictions, stricter rules
on child benefit payments for children
looking for something to accept and this
is what he’s being offered.”
Draft plans at the moment suggest the
£7,000 a year would have access to tax
credits immediately upon arrival in
Britain.
mass killings
quest for EU reforms, which he will UK would be able to independently pull The potential for last-minute drama
present to the voters in a referendum the benefit brake in exceptional circum- in the EU talks remains high. France is
that puts Britain’s membership on the
‘Cameron is looking for stances. uneasy about any substantial changes to
JOHN AGLIONBY — NAIROBI

draft reform deal that creates an “emer-
gency brake” on migrant benefits, a
compromise Eurosceptics are already
denouncing as a British climbdown.
After months of torrid negotiations,
the UK prime minister will today be
offered his flagship demand of a four-
year migrant benefit ban, but one that
can only be invoked when Britain’s wel-
fare system is deemed to be under
“exceptional” strain from immigration.
Over the coming days Mr Cameron
‘Opaque’ settlement
line and potentially transforms the
country’s economic and political ties
with its neighbours and the world.
The draft terms Jean-Claude Juncker,
the European Commission president,
will offer to Mr Cameron today in Brus-
sels are a departure from the prime min-
ister’s original demands.
Potential agreement is in sight but
senior diplomats do not rule out a
flare-up or second summit in February,
as Mr Cameron fights for better terms.
something to accept
and this is what he’s
being offered’
overseas, and other curbs on benefit
tourism — is ripe for a deal at a February
18 summit and strong enough to see out
a successful referendum campaign.
But the idea of a benefit “emergency
brake” will be scorned by Tory Euro-
sceptics, including several cabinet min-
That decision would ultimately be
vetted, however, by the commission or
another EU body such as the council of
ministers.
A second set of measures, stemming
from a suggestion by Ms Merkel, would
potentially see the definition of
“worker” clarified to stop migrant
workers earning less than about £7,000
a year having access to in-work benefits.
Iain Duncan Smith, UK work and pen-
sions secretary, is among those highly
enhance the rights of non-euro mem-
bers such as Britain, and most countries
have still to see a draft of the backroom
compromise worked up for Mr Cam-
eron. EU leaders want to help the UK
premier but have rejected measures
that nakedly discriminate between EU
workers.
These issues will be addressed at a
pivotal dinner with Donald Tusk, the EU
Council president, in Downing Street on
Sunday.
Burundian security forces buried doz-
ens of victims of their crackdown
against opposition supporters in mass
graves last month to cover up the
extent of the killings, according to
Amnesty International.
The allegation, made after the rights
group analysed satellite imagery and
witness statements, comes as African
leaders gather to discuss how to end a
nine-month political crisis that is
threatening to destabilise the region and
plunge the tiny country into chaos.
The crisis stems from a decision last
April by Pierre Nkurunziza, Burundi’s
president, to seek a third term, despite

Brussels pledges to probe UK-Google agreement regional attorneys-general ruling it vio-

lated accords ending a 12-year civil war
a decade earlier. His decision prompted
widespread protests, an attempted coup
and a brutal crackdown.
JIM BRUNSDEN — BRUSSELS More than 400 people have been
JOSH NOBLE — LONDON
killed and 215,000 have fled overseas.
Brussels is set to examine the UK’s Amnesty International UK yesterday
£130m tax deal with Google, after the published what it called “compelling
Scottish National party called on the evidence” — including photos and satel-
EU’s competition chief to probe lite images — that victims were buried in
whether the agreement’s generous mass graves on the outskirts of the capi-
terms constituted illegal state aid. tal Bujumbura after a crackdown fol-

Stewart Hosie, SNP deputy leader, on

Wednesday wrote to Margrethe
Vestager, the EU’s antitrust commis-
sioner, urging her to address “growing
concerns” about what he called an
“opaque” deal, according to a copy of the
letter seen by the Financial Times.
The letter is the latest sign of how the
deal, hailed by the UK chancellor,
George Osborne, as a “major success”,
has backfired politically, following
warnings from some MPs and tax justice
campaigners that Google may have got
off too lightly.
“We know very little about the settle-
ment,” Mr Hosie wrote of Google’s
agreement to pay back taxes from 2005
onwards. “An independent verification
of this settlement would establish confi-
dence that [it] is within the boundaries
of state aid regulations and is a fair deal
for taxpayers of the United Kingdom.”
The call from the SNP could drag Ms
Vestager into the political fight, a move
that would alarm Google. The Danish
commissioner has already launched a
probe into Google’s search dominance,
and her officials have also explored the
company’s tax arrangements in Ireland.
The European Commission con-
firmed yesterday that it had received
the letter and would make inquiries
about the details of the tax deal in order
to assess whether a deeper investigation
is warranted.
While the move by the SNP is a signifi-
cant challenge to Mr Osborne’s deal,
there is no guarantee it will lead to any
rebuke from Brussels. The commission
has about 2,000 state aid cases open at
any time and is under an obligation to
investigate any complaint.
Under Ms Vestager, the commission’s
competition arm has vigorously pur-
sued “sweetheart” tax deals struck by
nations with multinational companies,
as part of its response to the so-called
LuxLeaks scandal and other revelations
of corporate tax avoidance.
During the past three months alone
€1.25bn has been clawed back from
multinationals across the EU as a
result of the state aid cases. They
include the commission order-
ing Luxembourg and the Neth-
erlands to recoup millions of
euros in back taxes in cases involving
Fiat and Starbucks. It is also investigat-
ing whether Ireland gave favourable
treatment to Apple.
These decisions “show that national
tax authorities cannot give any com-
pany, however large or powerful, an
unfair competitive advantage com-
pared to others. This is illegal under EU
state aid rules,” a spokesman for Ms
Vestager said.
“More cases may come if we have
indications that EU state aid rules are
not being complied with.”
Last month Apple agreed to pay a
€318m fine to settle a long-running
investigation into its tax arrangements
in Italy. But the company could yet be
liable for several billion dollars in back-
taxes, analysts’ estimates suggest, if
the Brussels investigation into
its tax arrangements goes
against the company.
A probe into the UK’s
deal with Google would
almost certainly
heighten the already loud criticism from
US politicians, from President Barack
Obama downwards, that the investiga-
tions are an unfair attack on US multi-
nationals.
In parallel to the SNP’s appeal to Brus-
sels, the UK government’s spending
watchdog has said it is considering a call
by the opposition Labour party for an
official probe into the agreement.
Seema Malhotra, shadow chief secre-
tary to the Treasury, wrote to the
National Audit Office on Wednesday
asking it to “investigate the process” by
which HM Revenue & Customs agreed a
settlement which she said “appears to
have resulted in an agreement to pay a
very low effective tax rate”.
The NAO said: “We are considering
the letter and will reply in due course”.
MPs on the public accounts committee
have announced they will take evidence
from senior officials at Google and
HMRC on Thursday February 11.
On Wednesday, Google hit back over
suggestions it had underpaid. Peter Bar-
Tech troubles: a ron, Google’s European public affairs
shop window chief, wrote in a letter to the Financial
displays the logo Times: “Governments make tax law, the
of Google, which tax authorities independently enforce
could face an the law, and Google complies with the
inquiry by law.”
Margrethe Mr Barron added that media criticism
Vestager, the of its settlement with HMRC overlooked
EU’s antitrust “international tax rules and how they
commissioner, work”.
below left — Peter As the UK’s tax settlement with
Macdiarmid/Getty Images
Google came under fire, Italian tax
police have concluded that the US tech-
nology company owes up to €300m in
back taxes for the years between 2008
and 2013, a spokesman for the Guardia
di Finanza told the FT.
The figure was initially reported by La
Repubblica, a leading Italian newspa-
per, and is higher than previously
thought. Italy’s tax agency has declined
to comment on whether it may be close
to settling its dispute with Google.
Additional reporting by Vanessa Houlder in
London and James Politi in Rome
Comment page 7
‘These images suggest a
deliberate effort by the
authorities to cover up the
extent of the killings’
lowing an attack on three army bases on
December 11.
It said security forces took at least 21
men from the capital’s Nyakabiga
neighbourhood and disposed of their
bodies at five sites without telling the
victims’ families, adding that there were
similar reports of killings and burial of
bodies in mass graves in other locations.
Muthoni Wanyeki, Amnesty’s
regional director, said: “These images
suggest a deliberate effort by the
authorities to cover up the extent of the
killings by their security forces and to
prevent the full truth from coming out.”
Mr Nkurunziza has refused to allow
African Union peacekeepers into the
country to help end the crisis, which is
threatening to deteriorate into civil war,
ethnic conflict or both. At this week-
end’s AU summit in Ethiopia leaders are
expected to discuss their strategy on
Burundi in the wake of failed efforts to
broker dialogue between the two sides.
UN Security Council ambassadors vis-
ited the country last week but said they
made little progress in a two-hour meet-
ing with the president aimed at per-
suading him to sit down with his oppo-
nents and authorise the deployment of
international peacekeepers.
Last month the AU announced it
would send 5,000 troops to Burundi
even if Mr Nkurunziza objected. How-
ever, regional diplomats believe the
leaders are likely to backtrack this
weekend, perhaps offering to send
police officers first or a staggered
deployment of troops while initiating a
fresh attempt to start talks. Expelling
Burundi from regional organisations
might also be considered, one official
said.
In a move likely to escalate the crisis,
the opposition announced earlier this
month that it had formed an official
resistance movement known as the
Republican Forces of Burundi
(Forebu).

White House race. Republican contender

Cruz looks to Baltic nation for presidential flat-tax proposal

Conservative hardliner wants
to flatten multiple rates into a
single tier, emulating Estonia
BARNEY JOPSON — WASHINGTON
Estonia is not a feature of Ted Cruz’s
stump speech or election ads, but the
diminutive Baltic nation has taken on
an odd role as a model for his presiden-
tial tax plan.
As the conservative hardliner vies
with Donald Trump for victory in the
Iowa caucuses on Monday, he is pitching
a plan to flatten multiple US tax rates
down to a single tier, emulating an
approach Estonia took in 1994.
The model from the former Soviet
bloc could in theory resolve US tax con-
troversies in western Europe, which
have entangled Google, Apple and oth-
ers and stem from US companies’ trying
to escape a top tax rate of 39 per cent.
“Estonia’s wonderful,” said Arthur Laf-
fer, an economist and flat-tax champion
who advised Mr Cruz on his plan three
decades after counselling Ronald Rea-
gan and Margaret Thatcher. “It’s a really
efficient system of taxation.”
Mr Cruz wants to eliminate corporate
income tax and replace it with a flat 16
per cent value added tax, which applies
only to a thin slice of profits, while con-
solidating seven personal tax brackets
into one at 10 per cent.
Big American businesses say the high
corporate tax rate is to blame for the
twin furores over US tech groups’ sweet-
heart tax deals in the EU and “inver-
sion” deals through which other compa-
nies are relocating to Europe.
Len Burman, director of the Tax Pol-
icy Center, a left-leaning think-tank,
said Mr Cruz’s plan could reverse cur-
rent trends.
“If you move to a pure flat tax, it could
make America into a tax haven because
companies might not have to pay any
tax,” he said. “You could have UK com-
panies fleeing to the US because they’d
be taxed at a lower rate.”
Mr Cruz’s value added tax, called a
“business flat tax”, would be levied on
sales minus capital expenditures and
expenses (except labour costs). But Mr
Burman said a company could reduce
its tax bill to near zero if it kept reinvest-
ing its profits.
The flat tax is being used by Mr Cruz
to underscore his credentials as a princi-
pled right-winger just as his campaign
attacks Mr Trump as a fair-weather con-
servative.
Estonia, where the single tax rate for
corporate and individual income has
fallen from 26 per cent to 20 per cent
since the 1990s, has been seized on by
American conservatives as proof that
their idea is workable.
The Tax Foundation, a right-leaning
think-tank, last year ranked Estonia
number one in a tax competitiveness
index of 34 OECD counties. “Estonia has
a very credible flat-tax system,” said
Kyle Pomerleau, director of federal
projects at the foundation.
Flat taxes, however, are anathema to
Democrats. Mark Paustenbach, spokes-
man for the Democratic National Com-
mittee, said: “Ted Cruz’s proposal is
Ted Cruz: wants to show rightwing
credentials in battle with Trump
similar to the tax plans of other Republi-
can presidential hopefuls: the numbers
simply do not add up and hard-working
middle-class families will be left
behind.”
For individuals, a flat tax steamrollers
the progressive principle that the rich
should pay a higher tax rate than the
less well-off.
In addition, doubts persist over
whether a flat-tax plan with a rate low
enough to satisfy taxpayers would gen-
erate enough money to prevent a big
increase in the budget deficit.
The Tax Foundation estimates that
Mr Cruz’s plan would cost $768bn over
10 years, although that hefty price tag is
exceeded by the tax proposals of Donald
Trump, Marco Rubio and Jeb Bush.
Rick Tyler, Mr Cruz’s spokesman, said
the foundation failed to account for the
spending cuts the candidate would
achieve by abolishing a long list of gov-
ernment agencies.
Stephen Moore, another conservative
economist who advised Mr Cruz, says
the flat tax has populist appeal because
it would eliminate the ability of Wash-
ington politicians and lobbyists to “buy
and sell tax favours” in a convoluted tax
code.
“This is the ultimate America versus
Washington issue,” he said.
Mr Laffer noted that Hong Kong also
has a flat-tax system and that Russia
and other eastern European countries
have followed Estonia’s lead.
“Of course [those examples are] use-
ful, but they’re not definitive,” he says.
“There’s a whole body of evidence out
there and no one country, no one posi-
tion, answers every question.”
Eerik Marmei, Estonia’s ambassador
to Washington, describes his country’s
approach as common sense and says it is
“nice” to see it held up as a model in the
US.
FT Big Read page 5
4 ★
Rouhani tour
France and Iran sign big commercial deals
Visiting president urges
both countries to ‘open
a new relationship’
MICHAEL STOTHARD — PARIS
Years of tension and tough diplomacy
over Iran’s nuclear programme gave
way to a commercial embrace in Paris
yesterday, as the Iranian president
signed big deals with France’s automo-
tive, energy and aviation sectors to cap a
whirlwind European tour.
Hassan Rouhani told a delegation of
business leaders that he wanted to “turn
the page” on the old “bitterness”
between Iran and France and to “open a
new relationship”.
France was one of Iran’s toughest
opponents through years of negotia-
tions that resulted in the nuclear accord
with world powers that was imple-
mented earlier this month. To the irrita-
Oil plunge
Bailout risks
hang over
vulnerable
producers
SHAWN DONNAN — WASHINGTON
With the arrival of teams from the Inter-
national Monetary Fund and World
Bank in Azerbaijan this week, oil-
dependent economies across the devel-
oping world are facing the prospect of
emergency bailouts after the collapse in
the price of crude.
“These are bad times for oil producers
and their creditors,” Oxford Economics
warned in a note to clients this week.
It is not just oil. As China’s resource-
hungry economy slows, commodity
prices have slumped across the world.
In its note, Oxford Economics warned
that it expected “widespread rating
downgrades and further bad perform-
ance across commodity-producing sov-
ereigns”.
If Azerbaijan is the first to receive a
bailout from the IMF and World Bank,
as expected, the question analysts are
asking is: who comes next?
Here are some of the countries that
top their list of concerns.
Nigeria
When Christine Lagarde, the IMF’s
managing director, visited Nigeria, she
triggered an unintended conversation
in the local media. Was she there to
discuss an IMF bailout?
There is no doubt that Africa’s
largest economy and its biggest oil
producer is in a deepening crisis due
to the fall in oil prices and to
dwindling state coffers inherited from
the previous government. Oil
revenues account for more than 90
per cent of Nigeria’s foreign exchange
earnings and the current budget
depends on a price of $38/barrel. With
international oil prices back above
$30/barrel, that seems more sensible
than it did a few weeks ago.
The government denied anything
was afoot and so did Ms Lagarde.
President Muhammadu Buhari is
determined to avoid a bailout. Finance
minister Kemi Adeosun said the
country was not considering a loan
and did not need one.
But contingency planning is under
way. The government and the World
Bank have opened talks on some
$2bn-$3bn in budget support,
according to a diplomat in Abuja.
Brink of recession
South Africa cuts rates and growth forecasts as inflationary pressures rise
ANDREW ENGLAND AND DAVID PILLING
PRETORIA
South Africa’s central bank raised
interest rates for the second time in two
months and slashed its growth forecast
amid a deepening sense of economic
crisis as the monetary authorities bat-
tle to counter inflationary pressures
caused by a dramatic fall in the rand.
The decision comes just weeks after the
rand plunged to all-time lows after Pres-
ident Jacob Zuma unsettled markets by
changing finance ministers twice and
appointing a third in less than a week
last month.
South Africa’s precarious economic
tion of some fellow EU members, Paris
is currently pushing to sanction Iranian
officials for carrying out two ballistic
missile tests since the nuclear agree-
ment was signed in July.
Yet the government extended a warm
welcome to Mr Rouhani as he embarked
on the last leg of a state visit to Europe
that is the first for an Iranian president
since 1999.
He was formally greeted by foreign
minister Laurent Fabius at the gold-
domed Invalides monument where
Napoleon is buried, and treated to an
honour guard and military brass band
playing La Marseillaise.
Mr Rouhani later visited President
François Hollande at the Élysée Palace
to formally sign a range of deals, includ-
ing the sale of 118 Airbus planes, an oil
contract with Total and an investment
by PSA Peugeot Citroën.
“France is available for Iran,” said
French prime minister Manuel Valls,
Ecuador
When Rafael Correa, Ecuador’s leftist
president, in December moved to pay
off a bond falling due, he was eager to
make the most of a landmark
moment. For the first time since
Ecuador first defaulted on a bond 183
years ago, the oil-rich Andean nation
was paying off a foreign debt.
The move helped bolster investor
confidence, but it also came against
an ominous backdrop. As Mr Correa
said at the time, the payment came
“in a year when we have received zero
in oil revenues”.
Things have only got worse since
then. Ecuador is among the countries
cited most often by analysts when
they are asked who might end up with
an IMF programme this year.
The reason is simple. As IMF
staff laid out in an October paper,
not only is Ecuador dependent
on oil revenues but it also has a
fully dollarised economy,
meaning that its trade
competitiveness is
steadily being eroded as
the dollar strengthens on
the back of a recovery
in the distant US.
position presents the central bank, con-
sidered one of the country’s most inde-
pendent institutions, with a stark
dilemma. The economy stands on the
brink of recession, yet inflationary pres-
sure, particularly damaging to the coun-
try’s poor, is expected to push inflation
past the bank’s 6 per cent upper limit.
This month, the International Mone-
tary Fund downgraded its growth fore-
cast for Africa’s most industrialised
nation to 0.7 per cent for this year. That
would be its lowest level since a 2009
recession, and could be enough to cause
rating agencies to downgrade South
Africa’s credit rating to junk status.
The central bank cut its growth fore-
FINANCIAL TIMES
INTERNATIONAL
standing alongside Mr Rouhani and a
group of high-level French executives.
The state is keen for French busi-
nesses to tap into Iran’s $400bn econ-
omy, the region’s largest after Saudi Ara-
bia, at a time when many groups are suf-
fering from sluggish growth in Europe.
‘[Iran’s] got a very
educated workforce, a real
development potential’
Pierre Gattaz, Medef
France sent the first major business
delegation to the country back in early
2014. The first firm deal announced yes-
terday was from PSA Peugeot Citroën,
which inked a joint venture with Iran
Khodro to produce 200,000 cars a year
in the country, and invest €400m over
the next five years.
The two groups, historical partners in
Brazil
With a recession that is expected to
drag on through this year, a political
crisis over a corruption scandal and a
currency that lost almost a third of its
value against the US dollar in 2015,
Brazil faces daunting challenges.
Brazil’s state oil producer, Petrobras,
also has the ignominious honour of
being the most indebted major oil
company in the world. That has forced
President Dilma Rousseff, pictured, to
confront publicly the possibility of her
government having to bailout the oil
company at what would be a huge cost
to the public purse. The good news is
she has options and there are signs
things may be improving. The current
account deficit is contracting
and more help from China
may be forthcoming. Any
IMF bailout of Brazil
would be larger than that
offered to Greece, which is
by far the IMF’s biggest
debtor.
Moreover, the cost
would likely have
to be carried by
the fund rather
than shared.
. Suspicion is even higher toward Mr de
cast for 2016 to 0.9 per cent, down from
an estimate of 1.5 per cent made at the
monetary policy committee’s last meet-
ing in November. But some private
economists are predicting lower growth
still, suggesting there is a danger the
economy could slip into outright reces-
sion if there are further shocks.
With local elections looming this year,
the decision to raise the repurchase rate
50 basis points to 6.75 per cent will rein-
force the credibility of the South African
Reserve Bank, which has a mandate of
targeting inflation.
Lesetja Kganyago, the central bank
governor, said having averaged 4.6 per
cent last year, inflation was expected to
the region, had a poor relationship after
2012 when sanctions forced Peugeot to
pull out of the region almost overnight,
leaving Iran Khodro struggling to main-
tain its operations.
The Iranian group continued selling
Peugeot cars, however, sourcing the
component parts from elsewhere for its
main factory outside Tehran. But
because of the sanctions Peugeot never
saw any of the money.
Yesterday, both companies said they
were putting the past behind them. The
French government hopes that this deal
will prove emblematic of shifting Euro-
pean-Iranian relations.
Carlos Tavares, chief executive of
PSA, said while relations had been “dif-
ficult”, the deal to renew their partner-
ship started a “new chapter in their 30-
year relationship”.
Total signed a memorandum of
understanding to buy 150,000-200,000
barrels a day of crude oil from Iran.
Venezuela
Venezuela offers the most difficult
political conundrum for anyone
contemplating the possibility of a
future bailout.
Former strongman Hugo Chávez
built his rule on a narrative of socialist
struggle against western imperialism
and institutions like the IMF and World
Bank. His successor, Nicolás Maduro,
has done the same.
Loans from China have helped plug
the gap left by falling oil prices. But
the economy remains in dire straits
and a likely default on its debts is
looming. It’s no surprise that some see
no option for Caracas but to
eventually turn to the IMF, a move
that would be complicated by the fact
the fund has not conducted a formal
review of the Venezuelan economy
since 2004.
“Without a large IMF programme
[Venezuela would see] the largest
output decline that you have seen in
any country any time [recently],” says
Ricardo Hausmann, a former
Venezuelan planning minister who
for months has been advocating an
IMF programme. “Venezuela is a
catastrophe.”
average 6.8 per cent in 2016 and 7 per
cent in 2017.
“The inflation outlook has deterio-
rated significantly, mainly due to
exchange rate and food price develop-
ments,” he said. “The outlook is compli-
cated by the fact that the domestic
growth outlook has weakened further.”
The central bank and the Treasury
have traditionally been viewed as two of
the nation’s most respected institutions,
and were thought to be immune from
the political meddling that has afflicted
other state institutions.
But Mr Zuma’s decision in December
to dismiss Nhlanhla Nene from the
Treasury’s top post and replace him
There was even a deal to develop 25
hectares of land in Iran to produce 9,000
tonnes of tomatoes a year.
“Iran’s needs are enormous,” said
Pierre Gattaz, head of France’s Medef
employers association. “Iranians need
everything. The country is not starting
from scratch. It’s got a very educated
workforce, a real development poten-
tial.”
Despite the focus on a lucrative com-
mercial future, reminders of their geo-
political differences still intruded in the
form of Syrian president Bashar al-As-
sad. Mr Rouhani, who has steadfastly
backed Mr Assad against western-sup-
ported rebels, used a late joint press
conference to say that foreign countries
should not meddle.
“It is up to the Syrian people to make
decisions for their country,” Mr Rouhani
said, standing beside Mr Hollande in the
Elysée Palace.
Lex page 10
Tankers in Nigeria,
where oil revenues
account for more
than 90 per cent
of foreign
exchange earnings
Friedrich Stark /Alamy
Russia/Kazakhstan
Russia and Kazakhstan, the two
largest former Soviet oil producers,
have been hit hard by the fall in
prices. Both have substantial buffers
that analysts say should protect them
in the short term but their situation
could become more uncomfortable if
oil prices remain low.
Russia is set to exhaust its rainy day
fund designed to cover budget
deficits within about 18 months. It also
has limited access to external debt
markets due to western sanctions.
In Russia and Kazakhstan, currency
falls mean the state is likely to be
called in to provide support to the
banking sector and potentially other
large companies with large US dollar
external debts. But while Russian oil
are generally profitable at current
prices, Kazakh producers are under
greater pressure. KazMunaiGas
Exploration Production, a subsidiary
of the state oil company, says it needs
an oil price of $65 to break even.
Additional reporting by Jack Farchy in
Moscow, Maggie Fick in Lagos, and
John-Paul Rathbone and Andres
Schipani in Bogotá
with a little known backbencher, David
Van Rooyen, triggered one of the
nation’s worst political and economic
crises of the democratic era and wiped
billions of dollars off the country’s bond
and equity markets.
Mr Zuma’s removal of Mr Nene last
month raised serious concerns about his
government’s commitment to sound
financial management, while com-
plaints mount about increasing patron-
age and corruption under his watch.
Four days later, he reappointed
Pravin Gordhan, who had previously
served as finance minister from 2009-
2011, which helped the markets recover
some of their losses.
Friday 29 January 2016
Civil war
Syrian
opposition
suspicious of
US pressure
on peace talks
ERIKA SOLOMON — BEIRUT
GEOFF DYER — WASHINGTON
Getting the opposing sides from Syria’s
civil war to sit down for peace talks was
never going to be easy. But a forceful
push to get the opposition to attend
may make mediating even harder.
Diplomats argue that talks due to start
in Genava today are a positive step, even
if they fail. But critics say an aggressive
push by John Kerry, US secretary of
state, and Staffan de Mistura, UN Syria
envoy, to get negotiations under way as
soon as possible is creating divisions and
mistrust within the opposition when its
leaders need political momentum to
enforce a deal.
Representatives of the opposition,
which is fighting to end President
Bashar al-Assad’s rule, say they have
been assailed by contradictory
demands by Syrians. Some insist they
must attend talks to try to bring relief to
the appalling suffering in the war-torn
country. Others say they should not
attend until there is a halt to the vio-
lence that has already killed more than
250,000, and an end to sieges on opposi-
tion-held towns.
Some activists have even launched an
online campaign calling on the opposi-
tion not to go to talks under a new Ara-
bic hashtag: #KerryTheShabih (‘shabih’
is the slang term for pro-Assad thugs).
“The opposition is between a rock and
a hard place. If they participate in the
negotiations before the UN guarantees
confidence building measures, it will
hurt them. And if they do not partici-
pate, they will be seen as derailing the
peace process,” says Lina Khatib, an
analyst at the Arab Reform Initiative in
London.
‘The opposition fears
that Washington is going
wobbly on this’
Fred Hof, former US official
With less than 24 hours to go before
talks get under way, the main body rep-
resenting the opposition, the Higher
Negotiating Council (HNC) is still
threatening not to attend unless there is
an end to sieges and air strikes. Repre-
sentatives at meetings in Riyadh say
both western and Saudi officials have
warned they could lose military support
if they refuse.
“Even if we lose aid, what good was it
doing us?” said one HNC representative,
who asked not to be named. He said he
was lobbying to reject talks. “We can’t go
if this actually means surrendering at
fake talks. Better for us to go home and
fight and surrender ourselves as mar-
tyrs instead.”
Russia’s intervention in the conflict
has left the western-backed anti-Assad
opposition feeling particularly vulnera-
ble. Although Moscow claims to be tar-
geting Isis, it has been hitting the
regime’s opponents. The lack of a robust
response to their plight from Washing-
ton has heightened rebel suspicions that
the US is a reluctant backer.
Recent comments by Mr Kerry that
appeared to signal a shift on whether Mr
Assad should stay in power during a
transition fuelled opposition suspicion
the secretary of state was pushing for
peace in Syria before the end of Presi-
dent Barack Obama’s final term.
“The opposition fears that Washing-
ton is going wobbly on this: that it may
accept some kind of ongoing role for
Assad,” says Fred Hof, a former state
department official now at the Atlantic
Council. “Washington denies this but
there is a fundamental lack of trust and
confidence that simply cannot be over-
come as long as the administration is
inert in the face of Assad regime and
Russian atrocities.”
Mistura. Rebels and diplomats say he
recently told the HNC that if they did
not go to talks, they would have to sur-
render. “He says it was a warning,” the
HNC member said. “We saw it as a
threat.”
Additional reporting by Noam Raydan in
Beirut
Syrian opposition leaders fear John
Kerry is rushing them into talks
Friday 29 January 2016
Donald Trump’s populist campaign has confounded the Republican establishment, which overlooked
the anger of a swath of white voters. But the true test of his staying power begins in Iowa next week.
Trumped
The Republican candidates in the shadow of Donald Trump. From left: Ben Carson, Jeb Bush, Chris Christie, Carly Fiorina, Marco Rubio and Ted Cruz — FT montage; Getty Images; Reuters; EPA
W
hen the frontrunner for
the Republican presi-
dential nomination can
get away with declaring
that he “could stand in
the middle of 5th Avenue and shoot
somebody” without losing votes, it is
clear that the rules of US politics are
being rewritten. That is precisely what
Donald Trump, the New York property
mogul, has succeeded in doing with his
campaign for the White House.
Seven months after the bombastic bil-
lionaire jumped into the race, the
former star of The Apprentice is within
striking distance of winning the Repub-
lican caucus in Iowa, an outcome that
the party’s establishment once viewed
as inconceivable.
On the eve of the Iowa caucuses,
which mark the first step towards
choosing the presidential nominees, Mr
Trump may have the last laugh. His
campaign has caught fire across the US,
as acolytes praise his willingness to jetti-
son political correctness by calling for
the deportation of 11m illegal immi-
grants or hitting out at Fox News and the
Republican establishment.
Mainstream Republicans are terrified
at the idea of Mr Trump becoming their
nominee because they believe his anti-
immigrant rhetoric will hand the White
House to the Democrats in November.
His dominance in the polls — an average
of 36 per cent of Republicans prefer him
to the other 11 contenders, according to
Real Clear Politics — has perplexed peo-
ple around the world who cannot
fathom how a country that only eight
years ago elected its first black president
could be playing political footsie with
“The Donald”.
Redefining the race
“It’s complete drama and I guess when
you’ve been a reality TV star for so
many years it comes natural. He’s a
really good marketer and actor like he
was on his reality TV show,” says Eric
Cantor, the former Republican House
majority speaker who was ousted from
Congress in 2014 by a populist move-
ment similar to the one propelling Mr
Trump. “That’s the aspect of our cam-
paign that I think people not from our
country just really can’t quite get their
arms wrapped around.”
The master of hyperbole who vows to
“Make America great again” has also
baffled pundits in Washington with his
popularity. From caustic comments
about Mexicans and Muslims to ques-
tioning Senator John McCain’s status as
a war hero — “I like people that weren’t
captured” — he has redrawn the con-
tours of the 2016 race.
His fans view what others might see as
crass comments — “If Ivanka weren’t
my daughter, perhaps I’d be dating her”
— as evidence of authenticity. They see
him as a non-politician who will chal-
lenge a political system that no longer
works for ordinary people. Highlighting
his unconventional campaign, Mr
★ FINANCIAL TIMES
FT BIG READ. US ELECTION
By Demetri Sevastopulo
Trump has dominated news coverage
5.3% all week with his plan to boycott the
Bernie Sanders’ Republican debate hosted by Fox News
lead over Donald last night because of a spat over his
Trump if they were
the candidates in treatment at the hands of Megyn Kelly, a
November. presenter on the network.
The Democrat His decision to spurn the network
would take 46.8% of that has helped propel the careers of
the vote to Mr Source: Real Clear Politics, countless Republicans would be
Trump’s 41.5% poll average, Jan 28
unthinkable for any other GOP con-
tender. And while others court wealthy
2.7% donors, such as casino magnate Sheldon
Adelson, the biggest donor in the 2012
Hillary Clinton’s
lead over Donald race, Mr Trump’s wealth means he does
Trump if they were not feel obliged to kiss the ring.
“Here is a guy who can say whatever
the candidates in
November. The he wants and . . . do whatever he
Democrat would wants,” says Walter Jahncke, owner of
take 44% to Mr the Northside Cafe in Winterset, Iowa,
Trump’s 41.3% who has not picked a candidate. “We
have lived in a world where politicians
have to be so cautious about everything
. . . because of political correctness that
you don’t feel like you’re even electing a
human being. I really like the fact that
there is a guy out there who can screw
up and the media or public opinion
doesn’t shut him down.”
Yet while the Republican establish-
ment views Mr Trump as a huge head-
ache, he is not their only problem. His
closest rival is Ted Cruz, the firebrand
Republican nomination polling Trump ratings
Poll-of-polls average (%) Poll-of-polls average (%)
80
Iowa New Hampshire
0 10 20 30 Unfavourable
Trump 60
Cruz
40
Rubio
Favourable
Carson
20
Bush
Paul 0 sota congressman who believes the GOP
Christie Jun Jul Aug Sep Oct Nov Dec Jan
2015 2016
FT graphic Sources: Real Clear Politics; Huffpost Pollster
Tactics engineering the surprise victory of Rick
Santorum in the state in 2012. While Mr
‘Ground game’ crucial
Trump leads the polls in Iowa, those
to winning over Iowans numbers will be meaningless unless Mr
Laudner can convince voters across the
Holding court in front of a statue of sparsely populated state to make the trek
John Wayne in the Iowa museum to the caucuses on Monday evening.
dedicated to the actor, Donald Trump Mr Trump faces the added hurdle that
summons Chuck Laudner, the man a larger proportion of his fans have never
charged with winning the Hawkeye been to a caucus, as well as a tough
state for the tycoon. challenge from Ted Cruz, the Texas
“Where’s Chuck? Get over here senator. Some people also say many of
Chuck!” Mr Trump hollers. “The those at Mr Trump’s rallies are just there
question is how do we feel about our for the entertainment.
ground game. Can Chuck answer the Jamie Johnson, once an adviser to Rick
question please? Because if he doesn’t Perry, the former Texas governor who
do good, Chuck you’re fired!” briefly ran this time, says Mr Cruz is
Mr Trump was playing with the relying on a data-driven model that will
catchphrase from The Apprentice, but be less effective in Iowa where people like
the stakes are high. He is banking on to connect with candidates. “At every
Mr Laudner, the man responsible for event I go to, Trump has 20 people
Texas senator who won his seat with the
backing of the Tea Party and is loathed
by his Senate colleagues.
While there are differences between
the voters supporting Mr Trump and Mr
Cruz, they overlap to a large degree in
their anger at Washington. A recent Gal-
lup survey found that 80 per cent of
Americans disapprove of the way Con-
gress is doing business.
But Tea Party Republicans are partic-
ularly angry at the GOP leaders for fail-
ing to convert their Congressional
‘A lot of people who are
in his camp right now
say, “what the heck, how
much worse could it
really be”’
strength, including the biggest House
majority since 1928, into an effective
challenge against President Barack
Obama.
Jim Jordan, the Ohio Republican who
heads the House Freedom Caucus that
engineered the resignation of John
Boehner as House speaker last year, says
GOP voters are sick of politicians who do
not act on their campaign promises.
“Margaret Thatcher used to say you win
the debate before you win the vote,” he
says. “We’ve been way too willing to not
have the debate and just forfeit.”
Even though the Tea Party ended the
political careers of Mr Cantor and Mr
Boehner, two of the most powerful men
in Washington, the Republican estab-
lishment did not think that the move-
ment would play a big role in the presi-
dential race.
“People clearly underestimated the
rejection of Republican party leader-
ship,” says Vin Weber, a former Minne-
had thought that the Tea Party had
waned. “There might have been a false
sense of normalcy.”
working the crowd, getting emails and
addresses and cell phone numbers,” he
says. “[This] is far and away more
sophisticated than anything Cruz has.”
A Monmouth University poll
estimated that Republican caucus
goers would increase this year to
170,000, slightly more than one-
quarter of registered Republicans,
from 122,000 in 2012. That bodes well
for Mr Trump whose poll numbers are
higher among GOP supporters who
are not diehard voters.
Al Jacobsen, a 74-year-old Des
Moines resident, says he will attend
caucuses for the first time because Mr
Trump is “as serious as a heart attack”
and unlike establishment politicians,
has “the balls” to fix Washington.
Additional reporting by Courtney
Weaver
Mark Meckler, co-founder of the Tea
Party Patriots, says people who are sur-
prised at the pent-up anger have not
been paying attention to US politics.
“The best way to describe Trump is the
‘what the heck’ candidate,” says Mr
Meckler. “We all know that we are get-
ting repeatedly shafted by politicians
. . . a lot of people who are in Trump’s
camp right now say, ‘what the heck, how
much worse could it really be’.”
Polls show that Mr Trump draws
much of his support from white, work-
ing-class men with a high-school educa-
tion. While the US economy has recov-
ered from the global financial crisis,
they have not sensed much improve-
ment because of stagnant wages.
According to the Economic Policy Insti-
tute, the median income for house-
holds, excluding the elderly, fell 12 per
cent from 2000 to 2014.
Many are angry about illegal immi-
grants, who are blamed for depressing
wages even though they are often doing
jobs Americans shun, and some are
uncomfortable with the cultural
changes that come with the changing
ethnic composition of America as the
nation becomes less white.
David Frum, a former speech writer
for George W Bush, says there were
signs of discontent in the fact that the
number of people who voted in 2012
was several million less than the 2008
total, despite a 5m increase in eligible
voters, but added that both parties were
blind.
“Democrats didn’t want to see it
because they wanted to believe that the
experience of the past seven years has
been successful, and Republicans didn’t
want to see it because otherwise they
would have to confront the insufficiency
of their message to the voters that they
want to attract,” says Mr Frum.
Theda Skocpol, a Harvard professor
who has studied hundreds of Tea Party
groups, says it is not surprising that Mr
Trump is doing so well. Tea Party activ-
ists are “very worked up about immi-
gration” and “looking at a country that
is changing socially and culturally”.
Buying the brand
Mr Weber says one of the causes of the
anger driving Trump supporters is the
increasing lack of social mobility in the
US because of a deteriorating education
system, a fall in workforce participation
and, to a lesser extent, globalisation.
Republicans could once argue that
upward mobility eliminated the need
for income redistribution, but that eco-
nomic compact is under strain. “The
notion of upward mobility in America is
largely a fiction now,” he says.
Mr Trump has tapped into this zeit-
geist of white, working-class America.
When he says “America doesn’t win any
more”, his fans nod in agreement. When
he blames China, Japan or illegal immi-
grants from Mexico, he again has recep-
tive ears. But his genius lies partly in his
ability to convince ordinary Americans
5
that the man who lives in luxury in Man-
hattan and flies in his own Boeing 757
will fight for their interests.
Speaking at the John Wayne museum
in Winterset, Aissa Wayne, the actor’s
daughter, says the tycoon’s wealth is
irrelevant. “I think it has to do with your
love for your country,” says Ms Wayne
just after endorsing Mr Trump. “We
Americans have so much in common. It
doesn’t matter if you’re from Winterset
or Manhattan . . . I want somebody who
is going to have America’s back.”
Tom Daschle, the former Democratic
Senate majority leader, does not agree
with Mr Trump, but he is impressed by
the way the tycoon communicates.
“As much as I deplore his message, he
is an impressive communicator,” says
Mr Daschle. “He has a rhetorical style
that people are looking for. They want
someone assertive, strong, never in
doubt even if he is wrong. That is the
kind of personality that under these cir-
cumstances seems to get traction.”
Political observers find it hard to com-
prehend how a man who provides so few
policy details can be getting so much
traction. When someone at a recent
rally in Iowa shouted “how?” in
response to a vague promise, Mr Trump
bellowed back “just watch!”. His success
‘It doesn’t matter if you’re
from Winterset or
Manhattan . . . I want
somebody who is going
to have America’s back’
appears to lie in his ability to convince
people to buy into a brand that he has
cultivated as the boss on The Apprentice.
“For almost a decade Donald Trump
has been on television once a week play-
ing the part of America’s most success-
ful and dynamic decision maker,” says
Mr Frum. “He is not like Beppe [Grillo,
leader of the populist Five Star Move-
ment] in Italy. He plays a commander-
in-chief . . . who gets things done.”
That is little consolation to main-
stream Republicans. While some can
rationalise his success as the product of
a global brand who has mastered social
media for elections, that does not help
the centrist candidates, Florida senator
Marco Rubio, former Florida governor
Jeb Bush, Ohio governor John Kasich,
and New Jersey governor Chris Christie,
who are struggling to make a stand.
When Iowans attend the caucuses on
Monday and New Hampshire residents
vote eight days later, the world will be
watching to see if Republicans veer back
to a more traditional GOP candidate, or
whether the Manhattan businessman
will show that he can seal the deal.
Establishment Republicans will be
hoping that Ken Crow, a Tea Party activ-
ist in Iowa, is wrong when he says Amer-
icans will vote for Mr Trump because
“he is John Wayne in an Armani suit”.
6 ★
FRIDAY 29 JANUARY 2016
Greece cannot become a
holding pen for migrants
A lack of collective action means the EU is resorting to crude ideas
Europe’s Schengen system permitting
passport-free travel across 26 countries
is on the brink of collapse. Following
the arrival of 1.8m refugees on the con-
tinent last year, several EU states —
Hungary, Austria and Sweden among
them — set up temporary border con-
trols to process migrants and assuage
the anxiety of voters on immigration.
However, barring a dramatic change in
Syria, a further 1m asylum seekers are
expected to arrive in Europe in 2016.
This is forcing EU leaders to consider
more drastic action.
One idea that looks likely to be
implemented is the suspension of
Schengen for two years from May. The
restoration of border controls would
undermine one of the bloc’s biggest
political achievements, yet even this
will not stem the tide of migrants com-
ing from the eastern Mediterranean.
About 45,000 made their way from
Turkey to Greece this month, 30 times
the figure for January 2015. It is for this
reason that the EU has the status of
Greece’s borders in its sights.
On Wednesday, the commission
threatened to suspend Athens from
Schengen, arguing that it is not prop-
erly processing migrants on its terri-
tory. Some EU leaders are going fur-
ther, suggesting that the bloc should
assist Macedonia, a non-EU state, to
seal its border with Greece, the main
route north for many refugees. The
Greeks have responded furiously, say-
ing this would turn the country into a
“cemetery of souls”. Their anger is
largely justified.
Greece can be criticised for failing to
effectively manage the refugee influx.
The EU has given Athens funds to set
up five resettlement camps but only
one has been built. Instead of register-
ing asylum applicants, the Greeks have
allowed many to travel into Europe.
In most other respects, however,
Athens can hardly be blamed. Some
How Brexit will put extra
pressure on the pound
Mild weakness in sterling is welcome but the risks are apparent
The “pound in your pocket” may feel a
little lighter than it did at the start of
the year. In the past month, sterling has
lost 3.5 per cent against the dollar and
the euro. It has fallen more than 6 per
cent against the currencies of Britain’s
main trading partners since mid-No-
vember. Yet since Harold Wilson
coined the phrase to explain his 1967
devaluation, such fluctuations in the
UK exchange rate have stopped being a
subject of national hand-wringing.
The recent sell-off is partly due to sig-
nals that UK policymakers are now
unlikely to follow the lead of the US
Federal Reserve in raising interest
rates soon. The UK’s persistently large
current account deficit also makes ster-
ling vulnerable during market turbu-
lence of the kind recently triggered by
China’s slowdown. Moreover, the latest
data confirm that Britain’s recovery
has slowed as some of the eurozone’s
weakest economies show signs of a
pick-up, tempering the pound’s appeal
relative to the euro.
Crucially, though, sterling has
dropped in tandem with a sharp rise in
the cost of insuring UK sovereign debt
against default. Speculators are adding
to bets that the currency will fall fur-
ther. This suggests that investors are
starting to act on fears that Britain
could vote as early as this summer to
leave the EU.
The moderate depreciation should if
anything be of mild benefit to Britain’s
economy. It will offer at least some
relief to exporters struggling with a
slump in global trade and will make it
easier for policymakers to bring infla-
tion back up towards target. It should
not be too painful for consumers since
the higher cost of imports only partly
erodes gains from lower supermarket
prices and the collapse in oil prices.
Sterling remains in line with historical
averages against most currencies apart
from the dollar.
850,000 migrants last year came to
Greece, a country of 11m. No govern-
ment could cope with arrivals on this
scale using peaceful means. Germany,
the EU’s richest state, has struggled to
manage an influx of a few hundred
thousand more.
Athens can also argue that the EU has
done little to help in its hour of need.
The commission last year identified
160,000 migrants located in Italy and
Greece who needed resettling across
the bloc, but only a handful have been
relocated. The commission called for
the EU’s external border to be strength-
ened so as to save Schengen but
resources invested have been minimal.
The EU needs to provide significant
financial support to Syria’s neighbours
— Turkey, Jordan and Lebanon — as
they cope with millions in refugee
camps, but even the €3bn the EU has
promised for Ankara is held up in
squabbling over who will pay.
It is because Europe has lacked unity
and political will throughout this crisis
that it now has no option but to con-
template crude measures. Brussels
should be under no illusion over how
politically dangerous the sealing of the
Macedonia-Greece border would be.
The EU would be helping a non-
member state to build a physical fron-
tier in defiance of one of its own. It
would heighten the impression that
wealthy Europeans regard Greece,
Turkey, Jordan and Lebanon as little
more than vast holding pens for
migrants. Nor will a fence do much to
deter desperate people who will find
other ways to travel to Europe.
The refugee crisis is the biggest the
EU has faced in its history. The chal-
lenge has been exacerbated by
Europe’s inability to act collectively
and decisively. Kicking Greece out of
Schengen will make a few EU leaders
feel good. It is nowhere near providing
the answers that Europe needs.
However, it appears likely that the
exchange rate will become more vola-
tile in the run-up to the Brexit referen-
dum. In the event of a vote to leave the
EU, it could take a bigger hit, especially
if the resulting uncertainty were to lead
foreign investors to pull out of the
country and British citizens to move
some of their money abroad.
Mark Carney, the Bank of England
governor, this week underlined that
Britain was “relying on the kindness of
strangers” in running a current
account deficit equivalent to 4 per cent
or 4.5 per cent of national income,
which it must finance either by bor-
rowing or by attracting investment
from abroad.
For many years, strangers have been
happy to oblige and much of the foreign
investment in Britain — in manufactur-
ing or London real estate, for example
— is of a long-term nature that would
not evaporate overnight. But plenty of
it is liquid too. Foreign investors hold
about a quarter of UK government
debt. The risks to financial stability, if a
vote for Brexit triggers capital flight,
are clear.
There is little the authorities can do
to prevent this happening, although
financial regulators can ensure the
banking system is well capitalised and
able to provide liquidity if wholesale
funding markets come under pressure.
Sterling’s recent modest deprecia-
tion is in itself nothing to worry about.
However, it reflects a real doubt over
Britain’s ability to withstand a big
shock to the global economy or the
upheaval of Brexit would entail. The
plunge in the pound that could take
place in the aftermath of a referendum
would be far more painful and difficult
to deal with. The government should
be concerned about the underlying
imbalances in Britain’s economy that
will make it vulnerable to capital flight
should voters opt to split from the EU.
FINANCIAL TIMES
Elites are listening to all the wrong people
Sir, Regarding Martin Wolf’s article
“The losers are in revolt against the
elites” (January 27): when Franklin
Roosevelt implemented his economic
reforms he was considered a traitor
by some in his class, but others were
more sensible. The Great Depression
catalysed popular support for some
form of Communist government in
the US; consequently the more
pragmatic elites saw the need to
save capitalism from itself. While
higher taxes and lower profits were a
tough pill for many to swallow, it
certainly went down more smoothly
than a depression with no end in
sight followed by some kind of
Foreign investors in
Azerbaijan will not be
negatively affected
Sir, Regarding your report “Azerbaijan
sets capital controls as economic crisis
grows” (January 20) on the recent
changes to financial exchange
regulations in Azerbaijan: I would like
to reassure your readers that foreign
investors will not be negatively affected
by these changes.
Non-resident investors will continue
to freely execute any trade or other
transactions, export and import
activities and have the rights to
perform foreign exchange transactions
through bank offices in support of such
transactions. All so-called current
transactions still enjoy the same
treatment. Cash/hard currency
importation into Azerbaijan in excess
of $50,000 equivalent is subject to
reporting to the financial monitoring
service. Repatriation of 100 per cent of
a non-resident investment into
Azerbaijan plus profit made on that
investment after payment of all taxes
(mainly a 20 per cent profit tax and a
10 per cent withholding tax) has been
guaranteed to foreign investors by the
law on the protection of foreign
investments.
The 20 per cent levy that will be
imposed by a revised Foreign Exchange
Regulation law is not applicable to
foreign investors. Only non-residents
who are unable to identify the source of
hard currency income in excess of
$50,000 will be subject to the
imposition of such a levy on hard
currency transfers for the purposes of
registering outward investment,
acquisition of ownership and so on.
Tahir Taghizadeh
Ambassador of the Republic of Azerbaijan
to the UK
Be crisp with charts too
Sir, I applaud Alan Smith’s statement
that “managers must learn to explain
figures crisply” (“Charts that can
withstand the data deluge”, January
26). It was a pity that, on the same day,
your chart of the manat against the
dollar could easily have given the
impression that the manat is now worth
nothing. Showing the value of the
manat against the dollar on an inverted
axis with the current value at the
bottom was misleading. Although the
manat has in fact lost about 50 per cent
of its value, this is certainly not the
same as being worth nothing, which
was the impression given by your chart.
Lorenz Jorgensen
Saffron Walden, Essex, UK
Selling China on
the case for an
ousted Treasury
minister
Notebook
by Robert Shrimsley
Letters
Bolshevik Revolution in one’s own
backyard.
I am not suggesting that the west is at
that stage yet, but I do think that, for
their own long-term best interest, the
elites who have lived in an echo
chamber for many years need to put
themselves in the shoes of their 1929
counterparts. Their Roaring Twenties
compatriots believed the world beyond
their bubble could never hurt them
and that Business As Usual would
continue forever. Who within their
social circles would tell them
otherwise? How many people tell you
otherwise?
There are plenty of informed citizens
‘Trump would ban the zika virus’
The door must open
in both directions
Sir, There is much good sense in
Antonio Armellini’s suggestion
(Letters, January 28) for two separate
Europes, one centred on trade and one
aiming at political unity. He proposes
“leaving the door open” between the
two “if and when others wished to
come along”. That’s fine, but the door
should be open in both directions.
Then any country currently trapped in
the eurozone that wanted to escape
could move to the “trade” group out of
the “political unity” group. It would be
splendid if the EU were capable of such
flexibility.
DR Myddelton
London W9, UK
Momentous times for
the US political system
Sir, Courtney Weaver’s informative
historical backcloth to a possible third
party presidential run by former New
York mayor, Michael Bloomberg, might
have considered two additional
scenarios (“Bloomberg weighs lessons
of Roosevelt’s third-party failure”,
January 27). Should Joe Biden or John
Kerry enter the race, as has been
bruited, in order to stave off a
successful capture by Bernie Sanders of
the Democratic nomination, it is
possible that Mr Sanders would reprise
the legacy of Eugene V Debs and run
independently on a Socialist ticket. In
other words, he could revive the
fortunes of the Socialist party in
America.
This is not a fanciful idea,
considering that Mr Sanders is now
running as an avowed Socialist and was
elected to his Senate seat as an
independent. His tie to the Democrat
party is purely formal and essentially a
China has signalled its unhappiness that
George Osborne, chancellor of the
Exchequer, has picked his former deputy,
Sir Danny Alexander, to be the UK’s
nominee for vice-president of the new
Asian Infrastructure Investment Bank —
its rival to the World Bank.
The scene: George Osborne’s office
as a call comes in from Jin Liqun,
president of the AIIB.
Ni hao Mr Jin, good to speak to you
again. No, I’m not doing anything that
can’t wait, picking over the remnants
of our welfare plans, trying to get
Google’s tax rate up to 4 per cent,
nothing is more important than
talking to our wealthy Chinese friends.
I see you are planning a new HQ for
the AIIB. Tell me, have you considered
Bradford? It’s a fine city at the heart of
our new Northern Powerhouse. You
were planning to stay in Beijing? I see.
Well, yes that’s a fine city too Mr Jin,
although you really should see the
Bradford Alhambra at night. I suppose
you are right, the Asian world bank
might be best sited in Asia from a
branding perspective. You’ve already
secured granite hewn from the sacred
mountain in Taishan. Well you can’t
get better than Taishan granite, I insist
on it for all my kitchens.
It all sounds very auspicious Mr Jin,
I can see you mean for everything
about the AIIB to be first class. Which
brings you to Danny Alexander? I’m
not sure I follow you Mr Jin. Well yes, I
do consider him first class. Well, first
class for a Liberal Democrat, you can
never entirely get past that.
I see, he wasn’t quite the sort of
with reasonable proposals for
economic reforms that would serve
everyone’s best long-term interests, but
if you’re in a position where your
opinions actually impact on public
policy then it’s likely you’ll rarely if
ever have a meaningful conversation
with such a person. While so far that
has primarily been to the detriment of
the lower and middle classes, one need
only remember one’s most recent
painful loss in the financial markets to
be reminded that no one is omnipotent
and that it never hurts to consider
contrarian views.
Andrew Cichocki
Toronto, ON, Canada
matter of convenience. What is more,
he has built a following that constitutes
a virtual movement that could easily
follow him out of the Democrat party, if
he is forced to make that choice.
Second, we find Rand Paul having
been denied a place on the main stage
of the last Republican debate and
taking umbrage by declining to
participate altogether. To him, his
demotion to the undercard debate
platform seems to have been political,
not based on the merits of the quality
of his campaign. If he should feel
unjustly marginalised yet again, or if he
finds a Trump or Cruz candidacy
unpalatable, he could run for president
as candidate of the Libertarian party,
which has a history of third party
candidacies. The recent appearance on
the Iowa hustings of his father, Ron
Paul, candidate for the 2012
Republican nomination and former
standard bearer of the Libertarian
party, as campaign surrogate, hints at
such a possibility.
The American political system may
be on the verge of a historic fracturing
much more than anyone has yet
imagined.
Albion M Urdank
Los Angeles, CA, US
Acting within the law does
not let Google off the hook
Sir, That you are acting within the law
does not let you off the hook when
being greedy, disloyal or passing by on
the other side — and, contrary to Peter
Barron’s letter (January 28), Google’s
compliance with tax law fails to let
Google off the hook regarding its
derisory tax payments. After all, if your
friends contrive to avoid you, when
owing you money, you’ll not think
much of them; and when Google and
others, while reaping the benefits of a
UK location, arrange their affairs to
avoid tax, well, what does that tell us of
the ethos of those companies?
Peter Cave
London W1, UK
Sir, We are told that £30m a year is the
correct amount of tax on Google’s £1bn
a year profit in the UK because most of
the profit is derived from Google’s
intellectual property, which is held
overseas. Google’s DeepMind unit in
the UK has just announced its success
in developing a program that can beat
the European champion at the game of
Go. Can we look forward to a suitably
large payment of tax by Google in the
UK to reflect the increase in the value
of DeepMind’s intellectual property?
Robert Simons
Leighton Buzzard, Beds, UK
person you had in mind for the job.
Who were you thinking of? John
Maynard Keynes? No, I must admit I
hadn’t expected that. Yes, he would be
a bold choice and you are right to say
that one cannot gainsay his financial
and monetary expertise. You’re not
perhaps worried by the fact that he’s
been dead for 70 years?
Yes, I can see he would bring cachet
and you are right to say he would not
rock the boat, but I do worry he’s not
quite up to speed with developments
in international finance.
What’s that Mr Jin? If we are going
to send you deadbeats they might as
well have the right credentials. Now
I’m sorry Mr Jin but that really is not
fair. I really feel you have the wrong
impression of Danny Alexander.
What? You think he’s just some has-
been politician, thrown out by the
people of Scotland and to whom I owe
a favour. Well OK maybe you don’t
have the wrong impression. But I have
to say Mr Jin, I have the highest
possible regard for Danny. As you
know, he was my deputy at the
Treasury for five years, my right-hand
man, my princeling if you will. I could
have given him to JPMorgan but it is a
measure of the importance to building
our strategic relationship that I was
prepared to give you someone so
valuable to the British body politic.
We were the AIIB’s earliest backers
in Europe and there is a lot we can
learn from China. Only yesterday, in
fact, I drew up a shortlist of
booksellers we might want to arrest in
London.
Friday 29 January 2016
Email: letters.editor@ft.com or
Fax: +44 (0) 20 7873 5938
Include daytime telephone number and full address
Corrections: corrections@ft.com
Nord Stream 2 directly
supports the aims of
the EU’s energy policy
Sir, Anders Aslund, in “Germany is the
problem in Nord Stream 2
drama”(Letters, January 22), clearly
misrepresents how the EU energy
market is developing. EU energy policy
calls for greater security of supply, a
stronger internal energy market and
decarbonisation of the economy.
Contrary to Dr Aslund’s assertions,
Nord Stream 2 directly supports these
aims.
The EU has achieved a diversified
and efficient energy market. Russian
gas accounts for less than 7 per cent of
the energy mix and has to compete
with other sources such as coal and
renewables, as well as other gas
exporters and liquefied natural gas.
Within the EU, energy knows no
borders. It is the market that sets the
price, and energy companies compete
to secure competitive supplies of gas to
sell to the market. It leaves no space for
manipulation. Nord Stream 2 fits into
this new market framework — by
supplying gas to the single energy
market, it will enable more liquidity,
and therefore greater competition and
advantages for consumers.
Back in 2008, Dr Aslund expressed
strong doubts that Nord Stream would
become a reality, but a few years later
we saw Nord Stream appreciated by
the EU as a project of common interest
and a significant contributor to EU
energy security. Looking into the
future, there is no doubt among
experts that the EU’s domestic
production will plunge and additional
imported gas will be needed to meet
demand. With the renewed climate
commitment, lower carbon natural gas
is in demand. Nord Stream 2 aims to be
part of the solution, creating greater
choice for EU consumers, and
complementing other supply routes
and energy sources.
That is why major energy companies
from five EU states — Germany,
Austria, France, the Netherlands and
the UK — stand committed to the new
infrastructure and see its long-term
merits and commercial value.
Constructing pipelines is not a
“drama”, it is the basis for a well
functioning and secure energy market.
Ulrich Lissek
Head of Communications,
Nord Stream 2,
Zug, Switzerland
Personal cash investment
istheonlyskin in thegame
Sir, With regard to Rory Brooks’s
defence of the taxation of carried
interest earned by the general partner
of private equity funds (Letters,
January 21): it is certainly true that the
beneficiaries of carried interest should
be taxed at the capital gains tax rate if
they have generated a profit on their
personal cash investment in companies
acquired by the private equity funds
they work for.
On the other hand — and it sounds as
if this is what Mr Brooks is seeking to
defend — it’s difficult to see why CGT
should apply on such carried interest
profits if the beneficiaries have not
made a cash investment. Time and
effort are not “skin in the game”. Cash
is — and without skin in the game there
is no rationale for a preferential tax
treatment.
Andreas Wesemann
London E8, UK
Sir Danny is a man of the highest
intellectual calibre. I tried to get him a
job in Downing Street with the prime
minister, but it turned out he hadn’t
gone to the right school.
Yes I did see the advertisement. I
know you specified a minimum of 20
years leadership experience in
multilateral development banks or
equivalent. But five years at Her
Majesty’s Treasury were worth 20 at a
development bank. And you know we
are only a year or so away from a
decision on Heathrow, so don’t tell me
about running infrastructure projects.
Now, be fair Mr Jin. He was not a
press officer for the Cairngorms
National Park. He was head of
communications — and it is the largest
park in the British Isles, significantly
bigger than Loch Lomond and the
Trossachs. But he really built his
reputation as a leader on the Britain in
Europe campaign and you have to
admit, Britain is still in Europe.
Now, there’s no need to be like that
Mr Jin. We haven’t singled you out as a
place to send deadbeat politicians. We
send them everywhere. And you are
getting one of the very best has-beens.
And he’s a whizz at communications.
He could sell whisky to Scotland, even
if he could not sell himself to the
Scots.
Trust me Mr Jin, Sir Danny will do a
good job for you. I wouldn’t send him
if I thought otherwise. By the way, are
you sure you wouldn’t like to put some
more money into Hinkley Point?
robert.shrimsley@ft.com
Friday 29 January 2016
Internet governance is no longer America’s domain
FINANCE
Gillian
Tett
I
n the next few weeks, the Internet
Corporation for Assigned Names
and Numbers is expected to
announce a leadership change. Fadi
Chehadé, the organisation’s Leba-
non-born American chief executive, is
due to step down — and he hopes that a
non-American will take his place.
Outside the world of cyber geeks such
a shift is unlikely to make waves. It is a
peculiar irony, and danger, of our mod-
ern world: we are ever more dependent
on the net but few of us have much of an
idea how it functions or is governed.
Icann is a pillar of the internet. It
ensures that the domain names and IP
addresses that glue together the system
operate smoothly. Yet the work of Mr
Chehadé and his colleagues is often
overlooked.
Hard-headed
humanity can
save Merkel
GLOBAL POLITICS
Philip
Stephens
A
ngela Merkel wants to save
Europe. She must first save
herself. The German chan-
cellor’s lodestar is unity
within the EU. This is an
admirable ambition, but one that has
landed her in serious political trouble at
home. The leaders of Poland, Hungary
and Slovakia will never share her gener-
osity towards refugees who also happen
to be Muslims. Ms Merkel’s search for
consensus is a recipe for paralysis.
Historians will scratch their heads as
to how the arrival of 1m people in such a
rich, large continent became an existen-
tial threat. The newcomers account for
just 0.2 per cent of the EU’s population.
A sudden influx was always going to be
destabilising, but tear apart half a cen-
tury of integration among some of the
world’s most advanced democracies?
For some, panic has become a default.
When Mark Rutte, Dutch prime minis-
ter, and his French counterpart, Manuel
Valls, issue chilling warnings of perma-
nent fracture in the union they invite
the obvious question as to what they are
doing to forestall it. Not much. Matteo
Renzi, Italy’s prime minister, is busy set-
tling old scores with Ms Merkel. Britain’s
OPINION
Sudhir
Hazareesingh
I
t is not surprising that Najat Val-
laud-Belkacem, the French educa-
tion minister, recently announced
an overhaul of the teaching of
laïcité, or secularism, in schools. For
laïcité is one of the most widely used but
also least understood concepts in mod-
ern French public life.
Although it is often claimed to be an
enduring component of the French rev-
olutionary tradition, its origins in public
law are relatively recent: it was in effect
instituted in 1905, with the law separat-
ing churches from the state. And,
although laïcité is nowadays presented
as a universal French value, this is incor-
rect. The 1905 law does not apply in
Alsace-Moselle, where schools are not
secular and religious officials still
receive state salaries.
Laïcité was originally intended as a
neutral principle. By withdrawing state
Behind the scenes a battle is under
way over who should control these pro-
tocols and domain names. This is not
only relevant to technical folks: the
story of Icann might give Washington a
well-timed opportunity to defuse
some of the anger that European and
Asian governments feel about US inter-
net policy.
The issue revolves around the ques-
tion of who should oversee, monitor and
assign domain names, such as .edu or
.com, and IP addresses. Icann has
handled this work since it was estab-
lished by the US government in 1998. It
operates as a non-profit group with a
licence from the US department of com-
merce, and it does its work by organis-
ing a vast community of volunteers to
perform functions such as ensuring that
IP addresses do not clash.
When the internet was a cottage
industry this relaxed structure made
sense. No longer. Countries such as
China and India now generate vast
quantities of internet traffic — and IP
addresses.
Meanwhile, domain names have
become so commercially valuable that
David Cameron has a referendum to win
so wants no truck with what he crassly
calls “a bunch of migrants”.
To say there is no easy answer to the
refugee question does not mean there
are no useful responses. Above all else,
European leaders need to demonstrate
that they have regained command of
events. Voters worry about the num-
bers, certainly, but what hardens con-
cern into anger and intolerance is the
role of their leaders as hapless bystand-
ers. Refugees and Islamist terrorism are
becoming fused in the public mind.
Changing this dynamic requires
action on three fronts: diplomacy,
money and bureaucracy. Much of this is
about doing more of the same, but with
urgent resolve instead of hand-wringing
and, in Ms Merkel’s case, a willingness to
leave behind those swept up by Islamo-
phobia.
Diplomacy should challenge the fatal-
ism about the future of Syria. A compre-
hensive settlement is beyond the plausi-
ble but the chances of a ceasefire have
improved. The conflict has been sus-
tained by the manoeuvrings of outside
powers. Now there may be a conver-
gence on interest in favour of a truce.
With the nuclear deal with Iran
secure, the US can focus its energies on
Syria. Diminished it may be, but Wash-
ington still carries more clout than any-
one else. Europe has every incentive to
lend support. All can agree that the EU
must strengthen its external borders,
and fast. But those who have fled Syria
also need some hope of returning home.
Russia, hurting badly from a collaps-
Anti-Islamic secularism will not solve France’s problems
funding from all religious faiths, it
placed them on an equal footing, ena-
bling citizens to exercise their religious
beliefs without interference.
Since the later decades of the 20th
century, laïcité has gained renewed
prominence as a principle of social
cohesion, especially as the French have
grown increasingly concerned about
their collective identity. And as Islam
became the second-largest religion in
France, laïcité provided the legal and
political framework for managing the
process of integration.
The doctrine has thus evolved consid-
erably since its early 20th century
beginnings, when it was minimalist and
respectful of religions, and did not
aspire to regulate social behaviour.
Since the 1980s, successive govern-
ments have presented it as integral to
the republican ideal — a kind of Asterix-
style magic potion capable not only of
guaranteeing order and social cohesion,
but also of promoting tolerance between
communities, ensuring an open-
minded atmosphere in the classroom
and upholding the principle of equality.
In a characteristically French para-
★ FINANCIAL TIMES
Comment
companies, governments and even
celebrities have been scrambling to
claim “their” tags, often citing trade-
mark laws and other legal precedents.
Icann has not always sided with
American corporate interests. Three
years ago the retail giant Amazon failed
to take control of the. amazon domain
when Brazil and Peru successfully
argued that a private company should
Some Republicans fear
a betrayal of national
interests if Icann slips
out of American control
not acquire a name denoting a geo-
graphical area spanning their countries.
Still, the fact that Icann operates
under a US licence has fostered growing
resentment among non-Americans,
some of whom are threatening to create
rival groups. And the faster the internet
grows, the more anachronistic this situ-
ation appears to be. Reform is overdue;
or as Mr Chehadé says: “The status quo
ing oil price, has nothing to gain and
much to lose from ever deeper military
entanglement with Syria’s Bashar al-
Assad. A ceasefire could safeguard Mos-
cow’s interests. With a measure of com-
promise, these outside powers should
be able to corral the regional players —
Iran, Saudi Arabia and Turkey. The self-
styled Islamic State has helped by add-
ing Russia and Turkey to its target list.
As for money, whether it is a Marshall
or a Merkel plan, aid on a scale so far
unimagined is needed. The €3bn prom-
ised to Turkey can be no more than a
small down payment. When the refugee
camps in the region ran short of food
last year, governments ignored the
warnings. Incredibly, some EU states
are still not paying their share.
For years, the EU has flirted with half-
Above all, European
leaders need to show that
they have regained
command of events
dox, it has now become a kind of civil
religion, sanctified by the political and
intellectual elites, and codified in offi-
cial texts such as the 2013 charter of
laïcité for schools.
In the process it has often taken on
exclusivist undertones — a phenome-
non most evident in the shrill output of
neoconservative intellectuals such as
Alain Finkielkraut, Régis Debray, Elisa-
The ideal of ‘laïcité’ has
gained exclusivist
undertones and is used
to monitor Muslims
beth Badinter and Caroline Fourest.
These writers denounce moves towards
multiculturalism as a “communitarian”
threat to the integrity of the Republic.
Indeed, laïcité has become a way of
monitoring the behaviour and social
values of the country’s Muslim minori-
ties. This tendency was already evident
in a 2004 ban on wearing the hijab — a
scarf covering the head and chest — in
is just not sustainable.” Happily, the US
government agrees. Two years ago, the
department of commerce, with the
backing of President Barack Obama,
floated the idea of turning Icann into an
independent body, accountable to mul-
tilateral public and private sector stake-
holders.
Mr Chehadé will shortly submit a plan
to the Obama administration to put this
reform into place once the US licence
expires this September.
It looks a laudable move. The propos-
als for the governance structure of Icann
are not perfect yet. However, many
large companies, such as Google and
Intel, have been consulted and the plans
are being honed in a fairly open manner.
“[These] proposals will make Icann
more accountable to the global commu-
nity of internet users that it serves,”
Aparna Sridhar, Google counsel, wrote
in a submission, backing the reform
move.
The potential stumbling block, as so
often in Washington, is Congress. Before
the commerce department can set Icann
free it needs to put the proposals to Con-
gress. Some Republican politicians hate
hearted plans to stabilise its Mediterra-
nean neighbourhood. Hundreds of
thousands of migrants from the Magh-
reb are now swelling the refugee influx
from Syria, Iraq and Afghanistan.
Europe really does need a serious
regional development strategy.
A failure of bureaucracy may seem a
trivial thing. In this case, it is anything
but. Politicians have failed dismally to
cope with the arrivals: to separate legiti-
mate refugees from economic migrants,
to secure the external border in Greece,
to ensure that their own local communi-
ties are handsomely rewarded for set-
tling refugees, and to counter criminal-
ity such as that seen in the German city
of Cologne on New Year’s Eve.
Winston Churchill once observed that
the public mood in regard to the treat-
ment of criminals is among the “unfail-
ing tests of the civilisation of any coun-
try”. Today one could substitute
migrants for criminals. Europe will
always have its Islamophobes and anti-
Semites, but by and large its democra-
cies are rooted in humanity.
If Ms Merkel is to shake off the chal-
schools. Although framed as a universal
law banning the wearing of all ostenta-
tious religious symbols, it was mani-
festly directed at Muslims.
More recently, laïcité has been cited as
justification for banning the niqab, the
face-covering veil; questioning the pro-
vision of alternatives to pork in school
canteens; and even for demanding Mus-
lim mothers collecting children from
school be prevented from wearing the
hijab. The extreme-right National Front
has adopted laïcité as one of its main slo-
gans, conflating Islam with Islamism
and appealing to the ideal of an ethni-
cally homogeneous French community.
The divisive and stigmatising use of
laïcité in this way has become common
since the jihadi attacks on Paris in Janu-
ary and November last year. It is
reflected in widespread calls for Mus-
lims to “prove” their attachment to the
nation. The notion that these men and
women are not “properly” French
underlies President François Hollande’s
extraordinary proposal to strip French
citizenship from dual nationals found
guilty of terrorism. Christiane Taubira,
a notable opponent of the proposal, this
the idea of Icann slipping out of US con-
trol, fearing that it would be a betrayal
of American interests. Or as Newt Ging-
rich, a former Republican speaker of the
House of Representatives, tweeted:
“What is the global internet community
that Obama wants to turn the internet
over to? This risks foreign dictatorships
defining the internet.”
This creates a risk that the pending
reforms may be at best delayed or at
worst rejected. The latter would be a
pity. Ceding control of Icann would not
mean that America loses any particu-
larly strategic technology, but if the
measures are blocked, the symbolism
would further fuel resentment in Asia
and Europe and may eventually splinter
the internet.
If Washington moves now to create a
multilateral platform for Icann, it could
help quell some of the bubbling anger.
Internet users, in other words, had bet-
ter hope that Mr Chehadé wins the
day . . . and keep a very close eye
on who his (non-American) successor
might be.
gillian.tett@ft.com
lenges to her leadership, generosity
towards the migrants must be coupled
with the assurance of security. The cha-
otic response so far has given oxygen to
those proclaiming every Muslim a
potential criminal or terrorist. Setting
numerical targets solves nothing. But
Berlin must instil confidence that it has
a grip on the numbers and can process
and separate out genuine refugees.
In the German chancellor’s ideal, the
28 EU nations would stick together. In
reality, the choice facing the Schengen
open borders system is between orderly
suspension and disorderly collapse. Ms
Merkel should opt for the former.
What is needed is a coalition of the
willing — states ready to pool resources
and share the burdens of the crisis. The
future of the union is one of overlapping
circles. This new grouping would be the
basis for a reconfiguration of open fron-
tiers. If much of eastern Europe stayed
outside, it would be by those nations’
choice. Ms Merkel no longer has time to
wait for them.
philip.stephens@ft.com
week resigned in protest from her posi-
tion as justice minister. The legislation
was subsequently presented to a parlia-
mentary commission without mention
of dual nationality.
Presenting the issue of civic integra-
tion in such terms has been counterpro-
ductive and highly damaging to com-
munity relations. Jean-Louis Bianco,
president of the Observatoire de la
Laïcité, recently criticised those who
were sought “to turn laïcité into an anti-
religious and anti-Muslim instrument”.
The wider point is that laïcité is not an
adequate solution to the problems faced
by many Muslims and other minorities
in France: unemployment, racial dis-
crimination, banishment to the distant
suburbs of big cities, and underachieve-
ment in an education system that is,
according to an OECD report, one of the
western world’s least egalitarian.
Until these problems are properly
addressed by the country’s elites, laïcité
will remain little more than a hollow ral-
lying cry.
The writer is a fellow of Balliol College, Ox-
ford, and author of ‘How the French Think’
7
Google
should be
emulated not
berated
OPINION
Michael
Moritz
F
or politicians the success of
others is a bitter pill to swal-
low. The energy spent in Brus-
sels policing the storage and
privacy policies of Amazon,
Apple, Facebook and Microsoft is one
example. The French government’s
refusal three years ago to allow Yahoo to
buy Dailymotion, a video-sharing com-
pany, is another. But for sheer chaff it is
hard to beat the barrage of abuse Google
has received from British politicians
over last week’s £130m tax payment
deal.
Forget the fact that the tech group had
done nothing wrong. Forget the fact that
it had complied with British law and tax
regulations. Forget the fact that its
financial teams were doing what all such
groups should do — which, among other
things, is to minimise tax payments.
Forget the fact that the payment reflects
changes to regulations made since 2008.
And forget the fact that all countries,
including the UK, tax those corpora-
tions domiciled within their shores on
profits rather than revenues. If you lis-
tened to the politicians you would have
thought that Google executives had just
pleaded guilty to tipping bags of Typhoo
tea off Tower Bridge.
Instead of pursuing vendettas against
Google and other US success stories, EU
politicians would be better advised try-
ing to figure out why Europe has not
given birth to more significant tech
companies in the past 30 years. While
the climate for young companies — in
spots such as London, Stockholm, Hel-
sinki, Barcelona and Berlin — is far bet-
ter than a couple of decades ago, the
Europe should ask itself
why its most imaginative
young engineers head to
Silicon Valley
results still make bleak reading. The
EU’s tech policymakers should be devis-
ing ways to help entrepreneurs gird
themselves for battle against competi-
tors who will emerge in the next 50
years from garages and apartments in
the US and China, to say nothing of
emerging tech-focused economies such
as Taiwan, India and South Korea,
which some investors are calling the
Ticks. They should also be asking why
some of Europe’s most imaginative
young engineers and scientists head to
Silicon Valley rather than stay at home.
With the exception of the wonderfully
inventive Arm Holdings, no business
started between the Atlantic Ocean and
the Turkish border in the past 25 years
ranks among Europe’s 40 most valuable
tech companies. The list is littered with
old-school state-protected telephone
operators, cable companies, advertising
agencies and consulting firms. In the
past 50 years only one European tech
company, founded by entrepreneurs —
Germany’s SAP — has achieved a mar-
ket value greater than $100bn. In the US
and China, five companies started in the
past 20 years have breached this formi-
dable barrier.
Few, if any, of the politicians hurling
abuse at American companies seem to
have considered that the same groups
have furnished Europeans with scores
of attractively priced goods: phones
more powerful than the $35m comput-
ers of 40 years ago; breathtakingly
cheap ways to manipulate and store the
vast amounts of data required for scien-
tific experiments and engineering simu-
lations; simple ways to transfer money,
and pleasurable, easy ways to amuse
and entertain themselves. Amazon,
Apple, Facebook, Google, Netflix and
scores of other US tech companies do
well in Europe because they have
invented things Europeans yearn for.
Imagine if US congressmen, mimick-
ing British MPs, decided to concoct a
special tax on the revenues European
companies make from sales in America.
This might at least prompt the chief
executives of BP, GlaxoSmithKline, Das-
sault, Ericsson, Schlumberger and
Rolls-Royce to ask EU officials why they
target their venom at successful US tech
companies rather than ignore for dec-
ades that beacon of organisational recti-
tude and governance lurking in their
midst: Fifa.
The writer is chairman of Sequoia Capital
and co-author with Sir Alex Ferguson of
‘Leading’. The views expressed are his own.
Sequoia Capital persons hold interests in
certain companies mentioned
8 ★ FINANCIAL TIMES Friday 29 January 2016

BUSINESS LIFE

Personal technology

Driving
Why my desire for an electric
car went into reverse
TIM BRADSHAW

The century-old automotive Converters are available

industry is suddenly
exciting again. Futurists are
dreaming of what cities
might look like when cars
drive themselves;
environmentalists are taken
by the prospect of
affordable, long-range
electric vehicles. Uber
already points the way to a
time when car ownership is
no longer necessary.
But reaching these
utopias may be a longer
road than we think, if my
own recent experience is
any guide.
to improve that, but an
electrician advised me that
would risk overwhelming my
basement’s cabling. I called
the energy company, which
said such an upgrade would
probably require an extra
connection from the street,
costing thousands of dollars.
That would make little
economic sense for a mere
tenant. But even without
that cost, the utility provider
raised a new issue: billing.
Electric charges
My landlord pays for the

From heartache to happiness in a day

one excitable parent who asked her to
WORKING LIVES choose Peppa Pig or Bob the Builder. It
took a moment for her to realise that she
Emma was being asked to pick a theme for a
Jacobs coffin.
Ensuring that staff are sensitive to
extremes of emotion is tricky. While
nurses, doctors and counsellors are
used to dealing with illness and death, it
can be the cleaners or kitchen staff who
Keeping the cash coming encounter parents at their most
in is as important as vulnerable.
The most important lesson for staff,
dealing sensitively with says Ms Periton, is that this is a place
death for the head of an where no one is judged. If your child has
died, you can still join in the Christmas
Oxford children’s hospice party. “You can still have a glass of
wine . . . you can still have a cry.”
electricity in the common
I have not owned a car for parts of our 12-unit
years, neither in London nor apartment building,
here in San Francisco, where including the garage. I could
alternatives range from install a meter at my parking
Uber and Lyft’s low-cost taxi space to try to calculate how
replacements, to Zipcar and much I was using, but the
not [about] what we want,” she had Patients are is not grief but “making sure the money Getaround’s car-sharing power company advised
argued then. The experience of her often fearless, comes in”. The bulk of income is from schemes. that my additional
father’s death meant that she had wit- while parents charitable donations, with only 12 per But my head was turned consumption for even one
nessed the value of hospice care. can be more of a cent coming from public funding. “Sick by seeing an ad to lease weekly charge would
Yet the mother of two has steeled her-
self against becoming too emotionally
challenge, says
Clare Periton,
children is a very easy sell. Dying chil-
dren is slightly more challenging.”
BMW’s all-electric i3 for a
too-good-to-be-true $99 a
probably double his annual
usage, pushing the building
involved. “It’s not my child, my job is to chief executive The climate for fundraising, Ms Peri- month. I stepped into a local into a higher tier of charges.
help people with the hand they’ve been Neville Williams
ton says, is extremely tough, in part dealership. Even if I paid my fair share,
given and to help other people to do because of bad press over charities’ Perhaps naively, I thought he would pay more for his.
that.” Which is not to say she is immune aggressive fundraising tactics as well as I would be a straightforward When I called the dealer,
to sorrow. publicity around Kids Company, which customer: I knew what I he waved away my concerns
Patients are often fearless, she finds. closed last year and was described by wanted (the cheapest about long charging cycles,
Parents can be more challenging. Some the UK parliament’s public accounts electric car they had); I impenetrable billing and
can be controlling about their child’s committee as a “failed and expensive didn’t care much what blowing the building’s fuse
care, micromanaging staff. Earning experiment”. Unlike Kids Company, colour it came in; and I had a
trust takes time. “People want to go financial reserves are reasonably fairly good credit score.
where they can be normal and they’re healthy at Helen & Douglas House. But at the dealership, it
safe,” says Ms Periton. However, the hospice was hit by con- didn’t work like that. No one
would answer my practical

T
he reason that parents
dread the “cold room” — as
it is nicknamed — is not its
appearance, which is like a
hotel bedroom, or the
chilled temperature. It is because this is
where they come to be with their dead
child who may remain here for days,
sometimes until the funeral. It is occa-
sionally personalised, transformed into
a fairytale castle or a spaceship. Pet rab-
bits and dogs may be brought in too.
The room is in the heart of Helen &
Douglas House, on the outskirts of
Oxford. The hospice, set up in 1982 and
the first in the world dedicated to the
young, provides respite for children and
young adults with life-shortening condi-
tions as well as end-of-life care.
The complex of rooms, family flats
and gardens provides a retreat: for fun
and relaxation as well as grief. The jux-
taposition of heartache and happiness is
arresting. Playrooms are equipped with
Xboxes, brightly coloured toys, dress-
ing-up chests stuffed with Spider Man
outfits and Snow White dresses. It is a
place for playing and silliness.
Clare Periton, the charity’s chief exec-
utive, can still be startled, despite work-
ing there for almost 11 years. She recalls
There are many, many small deci-
sions to be taken. In December, under-
takers arrived just as the Christmas
party was in full swing. After debating
whether to sneak them in by the back,
they were brought in through the front.
“You can’t dress it up,” says Ms Periton.
This pragmatism helps normalise
death. “If someone has died [we want]
to acknowledge they’ve died and not
ignore them.”
Ms Periton, a former nurse, joined the
house in 2005 as director of clinical
services. Experience of death in com-
munity hospitals sparked a desire to
improve end-of-life care. She recalls
telling an auxiliary off for sending a fam-
ily home because there were too many
people in the room. “I don’t mind if
you’ve got the cat, the dog and 10 people
in there; it’s what the family wants, it’s
There are Xboxes,
toys and dressing-up
chests: it is a place for
playing and silliness
Later, we meet Jack Smith, a 12-year- troversy when Sister Frances Dominica,
old with cerebral palsy and epilepsy, the nun who helped start the centre 30 questions about charging
whose mother, Jane, describes him as years ago and had been lauded for her until I had got in a car. I
“very relaxed, placid, happy [with] a services to the hospice movement, was found the i3 surprisingly
wicked sense of humour”. The family effectively banned from Helen & Doug- nippy in my test drive but
visit the home periodically for respite. las House. The ban followed allegations when we were passed by a
For the first two years, his mother was reported to police in July 2013 of historic snarling Lamborghini, the
angry about being there. sexual abuse between 1980 and 2000 dealer swooned, as I rolled
“To come here was admitting that one involving two women alleged to be vic- my eyes. He was trying to box. Plenty of people
day you’re going to need the cold tims. Sister Frances denies the accusa- sell me an electric car but his managed by using only
room . . . that was really hard. But you tions — which were not connected with heart was obviously still public charging stations, he
stick at it and now we’re all excited to the house or with children — and the powered by the internal said.
come,” she says. Here, she can spend investigation was later dropped. combustion engine. Unlike employees of
time with her three-year-old son, Noah, The recommendation to ask Sister Once we had found a Google and Apple, though,
dressed in an Iron Man costume, who is Frances to step away from activities at model that seemed to match the Financial Times’ San
primping her hair with toy hair straight- the hospice was made after an inde- the one in the ad (an unduly Francisco bureau does not
eners. “You’re not clock-watching, med- pendent risk assessment. The Care laborious process for those have its own parking lot with
icine-getting . . . which is rare.” Quality Commission, which inspected used to a car appearing at dozens of electric vehicle
The centre has about 250 children on the hospice after the allegations, said it the kerb within minutes of chargers. And while apps
its books and beds for 15. Across the had no concerns over the services. tapping an app), it took like PlugShare and
country, hospice provision is patchy, Nonetheless, for Ms Periton, who was in hours of paperwork and ChargePoint can help find
says Ms Periton: some areas have over- her former job when the allegations back-and-forth between my charging spots in public car
lapping services, others have none. were made, it reinforced the need for sales assistant and two parks or at hotels, the idea
“You’d think . . . that perhaps children’s
palliative care would be further up [the]
robust governance and risk assessment.
It reminded her to be vigilant to unex-
managers before we arrived
at a price — which, you will
of leaving my car away from
home for hours at a time did
agenda,” she says. This is despite the fact
that the British prime minister, David
pected risks. “Things [can] happen in
children’s hospices too, just like in the
be shocked to learn, was
considerably higher than
not seem like much
improvement on a car-share
Cameron, has spoken fondly of Helen &
Douglas House, which supported his
rest of society.” $99 a month. Still, no one
could explain what I needed
scheme, such as Zipcar.
If it is so complicated, in
late son Ivan and the family.
The biggest challenge for Ms Periton
emma.jacobs@ft.com
Twitter: @emmavj
to charge the vehicle, other
than just plugging it into the
one of the world’s most
tech-savvy, environmentally
regular socket in my garage. aware cities, for an
apartment renter to charge
Power points an electric car, I can’t
I went home to figure it out imagine what it must be like

A sanctuary for creativity amid London’s property squeeze
Cheap flats are addressing than the nurses, teachers, police and
other public sector employees whose
fear capital is losing arty accommodation has been subsidised
buzz, says Miranda Green since the late 1990s, when Labour min-
isters introduced the concept of key-
worker housing.
Of all the risks facing London, argues Founded with the £125m proceeds
Ben Rogers, “the one we should proba- from the sale of the Dolphin Square art
bly take most seriously, is the prospect deco mansion flats in Pimlico, Dolphin
of the city losing its buzz”. Living concentrates on new buildings in
Mr Rogers, son of the architect Rich- the central borough of Westminster, “an
ard Rogers and head of the Centre for area many have given up on”, says Mr
London think-tank, is concerned about Gooding. Because of this tight focus on
the musicians, painters, actors, design- locations near entertainment and arts
ers and other artistic individuals who hotspots, the charity feels responsible
populate the UK capital’s cultural scene for those with jobs or careers that
but struggle to afford a home. enrich London’s cultural life.
Other British cities such as Bristol or The capital makes £3bn a year from
Edinburgh get a boost when these Lon- cultural tourism, according to the
doners are forced into exile, argues Mr mayor’s office. Without the dancers,
Rogers: “But they are just as likely to singers, artists and digital whizz-kids,
end up in Barcelona or Berlin, which Mr Gooding believes, as well as chefs,
will be bad for the UK.” gallery attendants, stage hands and
So bad that the workers who keep nightclub doormen, that figure would
London’s cultural life “buzzing” should be lower and the capital less exciting.
have priority status? By the end of the decade, Dolphin
Jon Gooding, chief executive of hous- Living aims to fill 1,000 subsidised, low-
ing charity Dolphin Living, believes so. rent apartments in fashionable areas
He is making discounted rental flats including Soho’s Broadwick Street.
available to a broader range of toilers “It’s the theatres and the restaurants
City living: spilling out in Soho that make the
Cultural scene place,” says Mr Gooding. “But my worry
depends on is, where are all the doormen, the ticket
workers in the sellers, the kitchen hands, supposed to
sector being lay their head at 2am?”
able to find an Redefining key workers is controver-
affordable home sial — tenants refused to be interviewed
Tristan Fewings/Getty Images
for this article, aware perhaps that they
might not be seen as deserving cases.
“We are used to not being prioritised
for properties or given a look in because
of what we do,” an actress and her stage
hand partner wrote to the charity,
thanking it for its support.
But Dolphin Living has been short-
listed for a social housing innovation
award and some campaigners agree
that the list of jobs with special housing
status is ripe for re-evaluation.
“Commendable,” says Gavin Smart,
policy director at the Chartered Insti-
tute of Housing. “They’ve set a strategy
specific to a geographical area, to keep
that bit of London working.”
In a gleaming new block in the King's
Cross regeneration area, Dolphin Living
studios and apartments have been allo-
cated to almost as many tenants in crea-
tive industries as in healthcare: tenants
include arts administrators, digital
designers and a jewellery maker.
The Soho flats are being filled over
the next few weeks, with the lowest
rents sets at £170 per week — about 25
per cent of the market rate.
With housing at a severe shortage, Mr
Smart points out that expanding the eli-
gibility criteria for key-worker homes is
not without consequences: “Any inter-
ventions usually change the order of the
queue and others will be disadvantaged
as a result.”
But for Mr Gooding, as his team
considers the next batch of applica-
tions, the case is clear: “All these people
are making a contribution to London’s
success.”
for myself, which is when I
really fell down the rabbit
hole. First was the power
source itself. US sockets
supply electricity at about
120 volts, relatively weedy
compared to the UK. I
become impatient waiting
for the kettle to boil but an
electric car plugged in to my
basement’s outlet could take
up to 20 hours to recharge.
Planet of the apps
What they are
PlugShare, ChargePoint
Why try them?
When researching
alternative places to charge
my putative electric car I
discovered PlugShare. The
app shows the location of
nearby electric vehicle
charging stations on a map,
elsewhere.
But if my experience
taught me anything, it is
that Google, Apple, Tesla or
any company hoping to get
into electric vehicles needs
to fix more than just the car
or its battery: from
purchasing to charging,
owning an electric car
remains a lot more difficult
than it should be.
from public parking spots to
private homes. It lists more
than 60,000 globally, with
26,000 in North America,
including details of varieties
and charging speeds. Many
are rated and reviewed by
other users and power can
be paid for through the app.
ChargePoint runs its own
EV charging network.
As batteries improve,
giving wider ranges, and
drivers embark on more
ambitious road trips, these
apps will become vital
assistants to refuelling.
Friday 29 January 2016 ★ FINANCIAL TIMES 9

ARTS

Reporters on the trail of all the Cardinal’s men

Spotlight baroquely maundering oddity from
FILM Tom McCarthy documentarist Grant Gee.
AAAAE Gee’s last journey through an author’s
Nigel world was Patience (After Sebald):
all about signs and meanings in the
Andrews The 33
Patricia Riggen landscapes of the Rings of Saturn author
AAAEE WG Sebald. We go round in rings here
too. Pamuk, talking in voiceover or
13 Hours: The Secret excerpts from a TV interview caught

F
iction is a dying industry. Look
at this week’s releases. Three
true-story dramas; one docu-
mentary; one Italian art film
whose very defect is its archly
manufactured make-believe.
Even this year’s Oscar favourites are
led by two truth-based stories: The
Revenant and The Big Short. It’s not that
truth is stranger than fiction. (Or not
always.) It’s that truth, or the illusion of
truth, is becoming a stranger to fiction.
Invented narratives are losing their
cred, conviction and compulsiveness. A
world wired to “how weird is that?” true
tales no longer needs fantasy. (Except
where action-fantasy franchises,
through long saga service, have created
their own bedrock of kitsch durability.)
What goes viral on YouTube? True sto-
ries. What makes us go “No, really?”
True stories.
In Spotlight a townful of Catholic
priests — or nearly that — is fingered for
child abuse. Truth is creepier than fic-
tion, or became so 15 years ago, as the
Boston Globe’s Spotlight team of inves-
tigative reporters, played here by
Michael Keaton, Mark Ruffalo, Rachel
McAdams and Brian d’Arcy James,
hacked through a jungle of obstruction,
from the bureaucratic to the plain crim-
inal, to expose Catholic “fathers” in a
city stacked with Catholic children born
to Catholic parents.
“Hack.” It’s not always a rude word.
Hacking through lies to find the truth:
that’s a journalist’s job. As a press-ex-
posé procedural, Spotlight has a verve
often worthy of All the President’s Men.
Tom McCarthy (The Station Agent)
directs and co-writes as if the film were
a hot-button documentary hijacked by
stars, and in a way it is.
Ruffalo and Keaton, both terrific, are
like antic miniatures of Redford and
Hoffman. Their mission: to chase the
truth behind, first, a rash of civil law-
suits against a newly retired priest,
second, a growing pattern of priests
either put on “sick leave” or relocated to
new dioceses by Cardinal Bernard Law,
Boston’s archbishop.
The sleuthing wasn’t without hiccups.
The year was 2001, and in September
it became a time to bury bad news
unrelated to 9/11. The abuse furores
were smothered in dust from the World
Trade Center until a later, more deliber-
ate and heinous cover-up — the Church
playing its last hand — sounded the
siren the newsmen needed. Goodness
triumphed. It actually does sometimes,
even in a world without the wish-
fulfilment aids of fiction.
True story two. We know this one. In
The 33 a bunch of Chilean miners,
entombed after a rock collapse, are res-
cued after 69 days underground. Noth-
ing can bury bad news about a burial
alive. The media circus gathered in the
Atacama Desert in 2010, gorging on
tales of near-starvation, bloating the
charisma of a young mining minister
who became a hero and matinee idol
(played in the movie by Brazilian heart-
throb Rodrigo Santoro) and filling the
front pages with fluff about one miner’s
warring wife and mistress, awaiting him
above ground.
Directed by Patricia Riggen, it’s like a
true-life teledrama gone up-budget.
Antonio Banderas, Juliette Binoche and
Gabriel Byrne lead the cast of interna-
tionals bandying or busking Latin
accents. The screenplay and perform-
ances pack a decent emotional punch.
Or is it just the remembered truth itself
which, by the end of this telling over, has
won again our gasps and tears?
13 Hours: The Secret Soldiers of
Benghazi should have been another
film to prompt the response, “Good-
ness, that really happened?” Instead
our response is: “Goodness, they’re
really going to drag this out for 150
minutes?” Michael Transformers Bay,
who is to film directing what Barnum &
Bailey were to the theatre arts, blows up
everything in sight. Several times over.
He is recreating the 2012 siege of the
Benghazi diplomatic compound before
and after the death of US ambassador
Chris Stevens. We should be chastened
by this recreation of a recent tragedy.
Instead the film’s frenzied, overlong
scrimmaging reminds us more of
the Batley Townswomen’s Guild re-
enactment of the Battle of Pearl Harbor
(apologies to Monty Python); though
even they, while mud-wrestling, did not
pause every half-hour for cornball col-
loquies about life, home and the
American dream.
Of multimedia artworks few are
bolder — you might say nuttier —
than Turkish Nobel laureate
Orhan Pamuk’s synergetic
creation of a novel and
museum. Both are called The
Museum of Innocence; both
dwell in Istanbul, literally or
literarily. Both are celebrated in
Innocence of Memories, a bold,
Soldiers of Benghazi flickering in bar windows, describes the
Michael Bay two main characters’ long-drawn adul-
AAEEE terous romance and the objects that
filled their lives. After the novel’s writ-
Innocence of Memories ing, those objects were found or made
Grant Gee by Pamuk and housed in a specially cre-
AAAAE ated museum.
Borgesian? Not half. Nabokovian?
Youth That too. The heroine’s 4,213 lipsticked
Paolo Sorrentino cigarette butts are arranged on a pin-
AAEEE board, butterfly-style, like a lepidopter-
ist’s wet dream. Gee’s camera wanders
through rooms and streets, mostly at
night, and sometimes into a visual fan-
tasyland of riffling book pages irradi-
ated with movie imagery. It’s cinematic;
it’s monomanic; it’s worth your shilling,
if you want to ponder art as a benison of
boundless overlaps, a spiritual and cul-
tural médication sans frontières.
Youth is wasted on the young, said
Oscar Wilde; or some claim Bernard
Shaw. Youth, written and directed by
Italy’s Paolo Sorrentino (The Great
Chasing the truth: Beauty), is wasteful of the old. Michael
from left, Michael Keaton, Caine and Harvey Keitel strive gamely
Rachel McAdams and as the ageing pals — retired Brit com-
Brian d’Arcy James in poser and American filmmaker —
‘Spotlight’. Below: Jane wringing memories for drops of truth
Fonda in ‘Youth’ and wisdom in an Alpine spa hotel.
One moment we’re visionary-elegiac:
Sir Mike in a meadow conducting a
fugue for cowbells. The next, absurdism
meets theatre of cruelty in misfiring
salvos of black comedy. Paul Dano,
playing a film star, scandalises the
guests by donning Hitler drag. Jane
Fonda does a brief stellar cameo as a
bitchy screen diva. “Everyone’s an art-
ist, darling” seems the film’s message;
though, in his culminating despair, Kei-
tel says: “We’re all just extras.” You
wouldn’t want to be even that here:
stuck in what seems a rambling riff
on Shakespeare’s “Seven Ages of
Man” or possibly Mann, since this
hotel for purgation and purifica-
tion has clearly tumbled down
from the Magic Mountain.

When Shakespeare meets the Keystone Cops

Precision:
CLAS SICAL MUSIC Vladimir
Jurowski with
LPO/Jurowski the London
Royal Festival Hall, London Philharmonic
aaaae Orchestra
Benjamin Ealovega

Richard Fairman

Imagine an experimental production

of Hamlet. The “To be or not to be” mon-
ologue becomes a discussion for two.
The ghost is Hamlet’s invention. Ophe-
lia does not love Hamlet (or vice versa).
This was the wacky, provocative Hamlet
in Moscow in 1932 for which a young
Shostakovich supplied some appropri-
ately boisterous incidental music.
There will be a lot of music in the
Shakespeare400 celebrations this year.
The choice is almost too great (more
than 500 Shakespearean operas, not to
mention tone poems, ballets and more).
The musical calendar is looking com-
petitive and it is the London Philhar-
monic Orchestra’s festival that is first
out of the blocks.
Its free early-evening concert on
Wednesday offered the suite that Shos-
takovich drew from his 1932 Hamlet.
This was part of Foyle Future Firsts, in
which student musicians are tutored by
LPO players. A pit-sized band of just
under 30, half of them students, created
the sort of sound Shostakovich would
have expected in the theatre. Several of
the short movements were recycled
from his scores for silent films. Not
surprisingly, the music bowls along in
an unruly, Keystone Cops style, deliv-
ered with high-energy precision by the
young ensemble and conductor
Vladimir Jurowski. Ophelia’s song, a
saucy cabaret number, was notable for
Bronte Hudnott’s ravishing solo flute.
The main evening programme was
another of Jurowski’s adventures into
little-known territory. Schnittke’s Pia-
nissimo piled a truly vast orchestra
(pianos, harpsichord, electric guitar,
bells, gongs) on stage for nine minutes
of music — bizarre, cryptic.
The fulcrum of the programme was
Shostakovich’s Cello Concerto No. 2
with Natalia Gutman, an associate
of Schnittke and Shostakovich, the
eminent soloist. Or at least it would
have been if Gutman had not clearly
been in physical discomfort, sometimes
sounding wondrously elegiac, some-
times out of tune.
After that, Bruckner’s Symphony
No. 3, in its extra-long original version,
gave us one of Jurowski’s more ambi-
tious expeditions into the unknown.
Even when it is as cogently played and
ordered as this, it is hard to see where
this symphony is going.
Forever racked by doubt, Bruckner
gives the impression of a composer lost
on a grand symphonic safari without a
map. Only Jurowski and the LPO on
their current form could make it worth
the journey.
southbankcentre.co.uk

more. It’s a bog-standard biographical Wilder as the Doctor: “Damn your

THEATRE
Jeepers Creepers
Leicester Square Theatre, London
aaeee
Ian Shuttleworth
The death in 1982 of Marty Feldman was
the first great loss to that 1960s-70s gen-
eration of anarchic, subversive British
comedians at whose zenith sat the
Monty Python team. The “Four York-
shiremen” sketch, now perceived as a
Python classic, was co-written by Feld-
man for predecessor series At Last the
1948 Show, and a third of a century after
his demise, he is still enough of a name
to attract, even in a production in the
tiny Lounge space of this venue, the
directing talents of Python Terry Jones.
Alas, Robert Ross’s play is unlikely to
pique the curiosity of those previously
unfamiliar with the bug-eyed Feldman
or to sate those who already know of
him and his work and want to discover
two-hander, taking place almost
entirely in the marital bedroom, in
which Marty and his wife Lauretta rec-
ollect his past, debate his talent for per-
sonal and professional self-sabotage and
repeatedly come this close to breaking
up. Scenes take place over almost a dec-
ade, from the time of the shooting of Mel
Brooks’s Young Frankenstein (Gene
David Boyle as Marty Feldman
eyes!” — Feldman as Igor: “Too late!”) to
his fatal heart attack on location in Mex-
ico for the disastrous Yellowbeard.
Rebecca Vaughan’s Lauretta is no
Lady Macbeth but is accurately
described by Ross as “the power behind
the throne”, determined that the couple
should enjoy their deserved success in
Los Angeles rather than return to Brit-
ain. David Boyle seems to me to try too
hard as Marty, although perhaps so did
Marty himself; nevertheless, that inane
chuckle begins to wear.
Ross knows and loves his subject, but
seldom ignites the action: principal
events portrayed are the pouring of
another drink and the lighting of yet
another cigarette. Sometimes he lets
loose plonking lines such as, in a solilo-
quy, “I’ll never get rid of the umbilical
cord I have to the European tradition of
comedy.” Apart from the bed, Jones has
virtually zero stage space in which to
have his actors do anything.
To February 20, leicestersquaretheatre.com
10 ★ FINANCIAL TIMES Friday 29 January 2016

Oil together now Oil price and equity market correlation*

1.0
The Brent oil price and the FTSE All-World Index have
moved together in the past two weeks. While that is 0.5
a strong correlation, looking over the past decade, 0
the relationship between the two prices has been -0.5
extremely volatile.
-1.0
Twitter: @FTLex Email: lex@ft.com Nov Dec Jan
Oil price and equity market correlation 2015 2016
Correlation coefficient* Brent oil ($/bbl) $ per bbl
1 160
Europe’s carmakers: Many will also want greater legal Strongly correlated Tech components:
clarity before making significant 0.8
big in Iran investments. Memories of the last time 0.6 old tricks make dogs
behind the curtain — when they were 120
0.4
A friendlier doorman is on duty, hustled out the door with drinks still Technology hardware needs a new
ushering Europe’s companies once half full — remain fresh. 0.2 trick. The personal computer ceded to
again behind the silk curtain. Sanctions 0 80 the notebook, which in turn gave way
against Iran have been lifted. There to the smartphone. A brief diversion
have been some quick handshakes — -0.2 into tablets was rerouted back to the
Airbus already has an order in hand for
Daily Mail: smartphone “phablet”. Such speedy
-0.4
114 aircraft. Now Europe’s carmakers need to know basis -0.6
40 evolution has proved great for sales of
are eyeing a return. devices (compound annual growth for
They are drawn by substantial pent- On its 2015 annual report, Daily Mail -0.8 smartphones of nearly 50 per cent
up demand. Iran’s cars are on average and General Trust has the motto: -1 Strongly correlated since 2009, based on Gartner figures),
18 to 20 years old, says the consultancy “Satisfying the need to know”. Most 0 and for their components.
IHS. More than 1m new light vehicles will assume this means knowledge you 2006 07 08 09 10 11 12 13 14 15 16 So far. Gadget consumers now have
*Rolling 20-day average correlation between Brent oil and FTSE All-World Index
were sold last year and sales are didn’t think you needed: what the Sources: Thomson Reuters Datastream; FT research
smartphone indigestion. This week,
expected to double by 2020, LMC Kardashians are wearing; gruesome Apple indicated that iPhone unit sales
automotive estimates. In addition to crime stories; diet disasters. The Mail’s might fall next year. In a tacit
cars, the Iranian government thinks online presence, MailOnline, takes Oil prices marched in step with tax cut for importing nations. Those that investors, as a group, are admission that there is nothing to take
56,000 new commercial vehicles will prurience to a delirious level. It is the equities for the past two weeks. Many wrought by a demand shock, however, anxious. Anxious people prefer cash, their place, the company has shifted its
be sold in the next three to five years. most popular English language news reasons have been given. There may reflect a weak economy, any savings and so tend to sell things, or demand focus from hardware to servicing
Germany’s Daimler was first through website on the globe. Don’t click here. not, however, be much to explain. from cheaper petrol being hoarded and lower prices before buying. The streams. No such luck for Samsung,
the door, signing letters of intent with Popular, but not outstandingly After all, US mozzarella eaten and the equities probably floundering. advantage of that explanation is that which has failed to lock in buyers of its
Iran Khodro Diesel to sell commercial remunerative. In its quarterly update, civil engineering doctorates granted Another linking mechanism: it is probably true. The downside is consumer electronics with a similarly
vehicles in the republic. Daimler DMGT reported MailOnline advertising also move together. investors. Low oil income may pressure that it renders few useful predictions. captivating software offering.
traded in Iran for more than 60 years revenues of £23m, driven by 220m The oil/equity correlation has producing states’ sovereign wealth On Wednesday the link broke: oil Yesterday, the company said earnings
before leaving in 2010. France’s unique global monthly browsers. That upset the conventional wisdom that funds to sell equities to make up for rose and equity markets fell. Maybe for 2015 dropped one-fifth, as mobiles
Peugeot has gone a step further, works out at 10 pence per user; scant (all else being equal) lower oil prices lost oil revenues. The high-yield debt investors trying to trade on the and prices for its memory chips
agreeing to invest €400m in research reward for all that laboriously increase global GDP and that higher market may be relevant as well. correlation eliminated it. Or maybe weakened. It expects demand for
and manufacturing facilities, also with generated tittle-tattle, and 27 per cent GDP is (all else being equal) good for Investors look to junk bonds as an there was no meaningful relationship technology products to slow in 2016.
Iran Khodro. From 2017, the new growth here was not enough to offset shares. early indicator of both economic and there in the first place. The link Hear the widget makers squeal. They
Tehran facility will make a range of the decline in print advertising. Giving Lower prices in oil importing market strength. With 20 per cent of between brent crude and global rely on unit volume to lift revenues, the
latest-generation models for Iran and news away online is a brutal business. regions give consumers money to the global high-yield debt market stocks is, after all, very volatile. more so because pricing of technology
regional export. Its DS brand already Happily, much that people need to spend, more than offsetting the hit to issued by shale producers, it is unlikely Measured on rolling 30-day periods, tends to fall over time. Volume
had a new distribution partner and will know they will also pay for, and DMGT output in producing nations. The junk will lead the rest of the market up. it has been above 80 per cent more production also helps with economies
soon open a showroom. has skin in the game here, too: cause of the oil price change matters, Maybe even these straightforward, than 40 times in the past decade. of scale, driving down costs to preserve
Peugeot was the market leader in financial market publishing (68 per of course. Declines caused by mechanistic accounts are too Markets seethe with interesting, margins. When unit volumes drop,
Iran before it pulled out in February cent of Euromoney, also under increases in supply act rather like a complicated. The alternative is to say logical, yet spurious correlations. operational leverage falls away.
2012. Its market share rose in its pressure); the position of 100,000 Investors had already been selling
absence — the venerable Peugeot 405 ships at sea (Genescape); the age of a the supply chain even before the
saloon was the most popular new car roof in Dallas (its land and property results. Shares in favoured Taiwanese
sold there last year, with 23 per cent of information division). DMGT also runs local newspaper titles, Northcliffe more than 20 per cent. At least eBay declined. The success of low or no-fee component makers, such as Catcher,
the market on UBS figures. That was business events for industries such as Media. Raucous and titillating the Mail outperformed the market. This was not services such as Venmo will force which makes aluminium smartphone
because Peugeot used to ship car kits to energy and construction. So its sales may be. Sentimental it is not. supposed to happen. Mr Icahn can at margins even lower. So it is hard to casings, and Largan (camera lenses)
Iran for assembly by domestic are as swayed by the health of the least take heart from strong quarterly think of bidders willing to pay a “large are down two-fifths from their peaks.
partners; sales of the inventory it left global business environment as the results from PayPal (and weaker ones premium” for a company whose $37bn This may seem extreme: consensus
behind have preserved its position. gossip appetites of Mail readers. Media PayPal: from eBay). The case against PayPal is enterprise value is 17 times earnings forecast2016 earnings have been cut by
Iran, then, is an underserved country generates just 40 per cent of revenue that it sits in an evermore crowded, before interest, tax, depreciation and only a tenth and a fifth, respectively. So
of 80m people. The revenue opportu- and a third of operating profit. Icahn money transfer low-margin world of online payments amortisation. the two names bounced after Apple
nity is clear. Margins may be trickier. At 12 times forecast earnings, DMGT and that competition will erode growth The Silver Lake/Dell takeover of and Samsung spoke.
European manufacturers no longer shares appear cheap for a portfolio of Carl Icahn’s PayPal bet has gone before it can crank out real profits. EMC shows that private equity could More tellingly, though, sales forecasts
have the country to themselves. While solid data businesses. The catch is that surprisingly badly so far. The activist PayPal’s riposte on the growth participate, but that deal was signed had come down faster than earnings.
the west was shut out by sanctions, they come with no voting rights, which investor told eBay’s former question was punchy: a strong increase before markets dived. Alphabet, Arguably, the latter should not be more
Chinese carmakers Chery, Jianghuai rest with the Rothermere family. Media management two years ago that it in new customers, a 12 per cent lift in Facebook, Apple and Amazon are all resilient. Further deceleration on the
and Lifan doubled their market share moguls have been known to milk their should spin off the payments unit to transactions-per-active account and a interested in payments and big enough top line will squeeze margins. In the
(although they still represented less dull cash-cows to feed the lossmaking pave the way for bidders “willing to pay forecast that growth in total payment to spend that kind of money. Yet they absence of a new trick, former market
than 10 per cent of cars sold last year). show ponies; look at the perennial a large premium”. eBay eventually gave volumes will accelerate. Cash flow has would face tough questions about why darlings risk becoming old dogs.
Although EU sanctions have been leakage of cash from the Guardian, in, and six months ago Mr Icahn been sufficient for it to blow $2bn of its it is better to buy PayPal than to build
lifted, not all US sanctions have, which long bankrolled by Auto Trader. Unlike became the fourth-biggest shareholder eBay dowry on buybacks. an alternative, buy a cheaper payments
will make some companies cautious the Guardian, DMGT makes money in the independent PayPal. Yet profit concerns remain. While group or just remain a customer. Lex on the web
For notes on today’s breaking
(Peugeot may worry less about this, from its online rag and in 2012 Freed from the suffocating embrace overall transaction volume is up, Mr Icahn’s bet may turn into a long- stories go to www.ft.com/lex
since it no longer sells cars in the US). unceremoniously hived off its historic of eBay, PayPal’s shares have fallen PayPal’s take from those payments term investment.

1020 Today’s temperatures

LOW LO
LOW 960 Abu Dhabi Sun 20 Malta Sun 17
970 L 3 Amsterdam Cloudy 11 Manila Fair 32
Ankara Cloudy 3 Miami Fair 19
980 Athens Sun 18 Milan Cloudy 13
6 3 Bahrain Fair 13 Montreal Snow 1
990 71 Barcelona Fair 16 Moscow Cloudy 3
1000 10 Beijing Sun -1 Mumbai Sun 31
Belfast Shower 10 Munich Cloudy 10
1020 Belgrade Cloudy 11 Naples Fair 15
11 1010
6 2 Berlin Cloudy 9 New York Cloudy 5
11 9 Brussels Cloudy 11 Nice Fair 15
13 Budapest Rain 6 Nicosia Sun 17
7 8 Cairo Sun 15 Oslo Rain 6
26 Cardiff Shower 12 Paris Fair 10
10 6 Chicago Fair 3 Prague Fair 8
9 Cologne Cloudy 10 Reykjavik Snow -1
5
Copenhagen Rain 8 Riga Cloudy 5
12 LOW 14 Delhi Fair 25 Rio Fair 33
16 3 Dubai Cloudy 21 Rome Fair 15
Dublin Drizzle 11 San Francisco Rain 16
15 Edinburgh Hail 12 Singapore Shower 31
15 12 15 Frankfurt Sun 10 Stockholm Drizzle 7
18 HIGH 18 Geneva Fair 13 Strasbourg Fair 12
17
Hamburg Cloudy 10 Sydney Thunder 28
1030 Helsinki Cloudy 3 Tokyo Rain 8
19 17 18 1
28 Hong Kong Rain 18 Toronto Cloudy -3
Istanbul Fair 11 Vancouver Rain 8
19
Lisbon Fair 15 Vienna Rain 8
Wind speeds in KPH 18
London Cloudy 13 Warsaw Fair 6
Forecasts by Los Angeles Sun 20 Washington Fair 5
Wind speed Luxembourg Fair 7 Zagreb Fair 15
in KPH Madrid Cloudy 12 Zurich Cloudy 9

CROSSWORD ACROSS
1 Old politician in party certain to
4 Advance of vessel is being held
up (5)
No. 15,150 Set by BRADMAN generate unease (12) 5 Spelling is hard when grasping a
      8 Leaving leftovers creates anger new language (7)
(7) 6 Men turned up wanting new
 9 Boys crossing rug knocked over Auden poem (7)
Greek jar (7) 7 Society girl into posh cars and
  
11 Clean US city below (7) special boots (6,6)
12 Engineers coming in to decorate 10 Piglet’s loose unfortunately –
English ship (7) one going underground (12)
  13 Some flower at Heligan 15 Soul-stirring singing around
blooming early (5) hospital (9)
14 Gun – what is found by river in 17 Having set inside, not a runny
   estate building (9) fruit (7)
16 Old soldier in a place where the 18 Room in which to keep ancient
heat is felt with little hesitation bag (7)
(9) 19 Remorse of writer joining a new
    
19 Sneak responsible for quarrel in church (7)
place (5) 20 Greek character getting on,
21 After time by fireside daughter having grabbed small computer
   felt prickling sensation (7) (7)
23 Heather holds party for Africans 22 Create a trench, as soldier beset
in school (7) by noise (3,2)
 
24 Affair making “the one who must
be obeyed” explode? (7)
25 Refuses to acknowledge regions Solution 15,149
needing redevelopment (7) ' ( 3 2 6 , 7 5 , 3 3 / ( 6
 26 Jack is here for a sporting event ( 5 7 5 , 2 ( 7
(7,5) 3 + 2 7 2
/ 0

















$ % 2 0 , 1 $ 7 (
JOTTER PAD

, 8 7





CROSSWORD
No. 14,845 Set by NEO

1








5








:











ACROSS
1 Important Viking one among best
friends (5,4)
6 Socialite with appeal makes left-
side entry (5)
9 Brazilian city as far as we’re
concerned ungovernable (7)
10 Obscure English knight against
European rebuffed (7)
11 Poor nation’s 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 poet’s the writer
embracing pub vocalist (11)
19 Moggy fur with hole concealed? (3)
20 Earl, King and Queen on
Hampshire river’s banks (9)
22 Ambassador in temple finds grain
(5)
24 Ardent Green must change leader
(7)
26 As one’s 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)
DOWN
1 Hard maths topic written up to find
circumference (5)
2 Love comes in no time, wildly, for
passion (7)
3 Disagreed also with a thousand
children (4,5)
4 Bond gets to a casino and is
beaten (11)
5 Beast summarising Tokyo-London-
Tokyo trip? (3)
6 Painter died hungry (5)
7 Discount supermarket name in
GB’s upturn with loss on top (7)
8 As 007 mission to Spectre might
be? (3-6)
13 Dope sheathes weapon in open
coat (11)
14 Soul an unknown factor in some
men? Fearless pilots? (9)
16 Girl having paddle round saw
manor demolished (9)
18 Mistress Gwynne about to be
announced in sport (7)
19 Side issue for Clintons (7)
21 Having ducks in horses area
causes commotion (3-2)
23 Crime article Financial Times
provides (5)
25 Sick at first, old man here for
healthy holiday (3)
Solution to Saturday’s prize puzzle on Saturday February 14
Solution to yesterday’s prize puzzle on Monday February 16
Winners’ names will be printed in Weekend FT

DOWN 2 9 ( 5 & 2 0 ( 6 7 2 1 * $
JOTTER PAD 1 See fraudulent criminal run off 5 1 $ ( 5
and fail to pay (7) ( ; $ & 7 7 + 8 1 ' ( 5 ( '
' , , 1 / (
2 Mathematical function to cease , ' ( 1 7 , & $ / < ( $ 5 1
existence, not having a date 1 / , / ,
fixed (4,3) ) 8 ' * ( % ( 0 2 $ 1 , 1 *
( 5 ' / , 0 * *
3 Tenor goes wild -- something 6 7 $ 7 ( 0 ( 1 7 % $ 1 $ /
stimulating sexuality in women 7 0 ( $ ( ( ( (
(9) 6 / $ 1 ' ( 5 ' ( 5 , ' ( 6
Friday 29 January 2016 ★ 11

Diversion tactic Apple’s move Airbus Ford GSK Brent oil Sterling/dollar Xetra Dax Rouble (per $) Nikkei 225

to highlight services backfires 0.8% 2.5% 1.5% 3.5% 1% 2.4% 1.9% 0.7%
RICHARD WATERS, PAGE 12
€55.02 $11.55 £14.15 $34.27 $1.4370 9,639.59 Rb76.5695 17,041

Moody’s slashed tax as earnings rose Short

View
3 Rate fell from 40% to 31% over eight years 3 Complex processes exploited differentials
GINA CHON — WASHINGTON The plans included one called Project pany limited by guarantee, which was taxation, including long-term deferrals.
Jennifer
Jubilee, a PwC proposal to cut Moody’s structured as a Quoted Eurobond for ‘We pay all “As a global company, Moody’s is care- Hughes
Moody’s, the rating agency, cut its tax US and UK tax bills, which the company UK withholding tax purposes, according of the taxes ful to ensure that it manages its business
rate by 9 percentage points over eight began implementing in 2012, according to documents seen by the FT. The US in ways that meet local laws and regula-
years, according to documents seen by to people familiar with its details and part of the transaction was treated as we are tions, including in the US and the UK,” There is an understandable sense of gallows humour in the
the Financial Times, which spell out the documents seen by the FT. equity but considered debt in the UK. required to the company said. “We pay all of the markets, given that investors have suffered one of the most
lengths to which international compa- The structure was entirely legal but Quoted Eurobonds have attracted taxes we are required to pay under bruising starts to the year in memory. One Asia strategist
nies will go to pay less to governments such measures are facing growing scru- parliamentary scrutiny in the UK pay under current applicable tax codes and will wrote to clients this week “three down, 49 to go” and most
around the world. tiny on both sides of the Atlantic as gov- because they can be used to avoid the current continue to comply fully with our tax investors, eyeing year-end targets, will share the feeling.
Successive restructuring plans ernments push to close tax loopholes. 20 per cent withholding tax on interest obligations.” But in central bank terms there is one to go after the
adopted between the financial crisis and Project Jubilee involved a complex payments to foreign lenders. applicable As part of the $2.3bn loan, Project Federal Reserve’s moderate stance on Wednesday, as well
2014 took advantage of tax codes in dif- series of steps that led to the formation The OECD has been cracking down on tax codes’ Jubilee also called for shares in the rat- as its equivocation on the markets drama, left investors
ferent jurisdictions, people familiar of two new US limited liability compa- such structures — known as hybrid ing agency’s Cyprus entity to be contin- disappointed. The Bank of Japan takes centre stage today
with the matter said, cutting Moody’s nies, four new UK entities and billions of instruments — and the “mismatch” in ually transferred through at least four — and it has an even trickier task.
tax burden from just over 40 per cent to dollars moving between them and other how they are treated in different juris- different US and UK entities. For the US, Japanese stocks have had a particularly poor start to the
about 31 per cent. Moody’s net income subsidiaries. dictions. Because of that mismatch, the the plan assumed that several of those year. The Topix is down 10 per cent and weakening fore-
rose more than 31 per cent over the Part of the scheme was a $2.3bn loan structures often avoid taxes in both transactions would qualify as a “tax- casts for global trade and growth are not helping. By con-
same period. made from a US company to a UK com- jurisdictions, leading to a double non- free” exchange. trast, the FTSE 100 is off 4 per cent and the S&P 500, 8 per
cent. The yen, which has strengthened on haven inflows, is
not helping either companies or the BoJ’s inflation fore-
casts, coming as it does on top of the low energy prices that
are already pushing the country’s preferred inflation
measure back into deflation.
Up and away The combination has prompted suggestions that the BoJ
Airbus seals Iranian could act as soon as today to ease policy further. Japan
strips out food prices from its core consumer price index
deal for 118 jets but leaves in energy. By this measure, falling oil prices have
been largely responsible for turning a 1.5 per cent inflation
rate 18 months ago into a fresh flirtation with deflation. If
Iran Air has agreed to buy 118 Airbus the BoJ were to exclude energy, as others do, Japanese
aircraft, including 12 A380s, marking inflation would be above 1 per cent. But it is not just energy
the country’s return to the global — falling inflation expectations are arguably a bigger
aviation market and breathing new life worry. Japanese unions, heading into annual wage negotia-
into the European group’s troubled tions, are asking for a mere Y3,000 ($25) a month raise,
superjumbo programme, write Peggy half of what they demanded this time last year.
Hollinger and Najmeh Bozorgmehr. All this suggests that the BoJ could, or even should, act.
The agreement, signed yesterday, The likelihood is that, like the Fed and the ECB, it will not
would be worth $25bn at list prices and is do anything just yet. That will not help the market mood,
believed to be the biggest aircraft order leaving investors casting about for the next possible cen-
by Iran since the revolution in 1979. tral bank life raft. Asian markets are looking for some calm
Tehran is paying substantially below the into the looming Chinese new year break. Elsewhere the
catalogue price, given the scale of the hope is that Fed chair Janet Yellen will be less equivocal in
order. her testimony to the Senate next month.
Fabrice Brégier, chief executive of In the meantime, for frazzled investors, at least Friday
Airbus commercial aircraft, told the marks another week gone. Four down, 48 to go.
Financial Times that the deal with Iran
Air was the beginning of a longer
relationship. “This is trust we are If it wasn't for the oil price...
building,” he said. “It is a big order but it Contribution to Japan-style core CPI
ex tax (ppt, % year-on-year)
is only a first.” 1.5
For Airbus, the sale of 12 A380s is a
1.0
milestone in securing the future of a
programme whose survival was called 0.5
into question just 12 months ago by the 0
Oil prices are
group’s own finance director. largely to blame
The world’s largest passenger jet has -0.5 for turning a 1.5%
not won a new customer in almost three -1.0 inflation rate
years. As well as the A380s, Iran Air is 2013 14 15 18 months ago into
buying 45 A320s, 45 A330s and 16 * CPI ex fresh foods a fresh flirtation
A350s. Source: HSBC with deflation
Lex page 10
jennifer.hughes@ft.com
Miguel Medina/AFP

Deutsche Bank cancels senior bonuses

as ‘a matter of justice’ after €6.8bn loss
JAMES SHOTTER — FRANKFURT joining the management board is a dim- society to post €5.2bn in legal provisions
LAURA NOONAN — DUBLIN
inution in possible compensation, in the in one year and not reflect that in com-
Deutsche Bank’s top management will context of the overall performance of pensation, particularly when the share
receive no bonuses for 2015 after the the bank last year . . . that’s a decision price has fallen and shareholders have
bank fell to a €6.8bn loss for the year which I respect,” Mr Cryan said. suffered,” he said.
and admitted that it could not rule out He added that the non-payout, the “By and large, I think we are under-
more red numbers in 2016. first since 2008, would apply to people paying against our international peer
Facebook moves to cash like him who had joined the board in the group this year and I hope that many
in on mobile advertising In a press conference in which Jürgen course of the year, as well as others who staff understand why.”
Fitschen, Deutsche’s co-chief executive, had left. But, he said the removal of As part of the €6.8bn annual net loss,
Facebook is flexing its muscles in warned there would “only be losers” in bonuses for the board was not “a long- Deutsche confirmed a €2.1bn net loss in
mobile advertising. From a standing the event of Brexit, his counterpart John term strategy”. the final three months of the year, as it
start in 2012, mobile ads grew to Cryan said the bank’s supervisory In an assessment of the results, which suffered a slide in revenues. Its share
account for 78 per cent of revenues by board, led by chairman Paul Achleitner, were marred by €12bn in writedowns, price fell a further 4.6 per cent.
the third quarter of last year — and to had cancelled bonuses for management litigation charges and restructuring Deutsche’s top brass conceded that
judge by comments from its leaders, its board members because they had “to costs, he confirmed that the bank’s over- the next 12 months would not be easy, in
appetite is far from sated. own” the bank’s poor performance. all bonus pool for 2015 would be cut “a part because they expected 2016 to be
Analysis iPAGE 13 “Although no one wants to contribute fair bit” as “a matter of justice”. the “peak” of the restructuring process.
to leading a company when the cost of “It would be inappropriate vis-à-vis Analysis page 15

Companies / Sectors / People

Companies
AOL.................................................................14
Africa Courier Express.........................14
Airbus.......................................................10,15
Alibaba....................................................15,20
Allergan........................................................22
Alphabet............................................10,12,13
Amazon................................................7,10,12
Anheuser-Busch InBev.................20,22
Apple.........................................7,10,12,21,22
Apple .............................................................1,1
Arm Holdings...............................................7
Artisan Partners.......................................21
Ashtead.........................................................21
Auto Trader...............................................10
BMW..................................................................8
BP........................................................................7
Baidu..............................................................20
Baillie Gifford............................................20
Baker Hughes............................................14
Banca Monte dei Paschi....................20
Banca Popolare di Milano.................20
Barclays........................................................22
Berkshire Hathaway..............................22
Blackstone...................................................14
Boeing............................................................15
CFM..................................................................15
Canal+............................................................14
Carmignac...................................................20
Carnival..........................................................21
Catcher..........................................................10
Caterpillar.....................................................21
Centrica.........................................................21
Cheil Industries.........................................12
Chery..............................................................10
Daily Mail.....................................................10
Dailymotion...................................................7
Daimler..........................................................10
Dassault...........................................................7
Deere & Co.................................................22
Dell.............................................................10,22
Deutsche Bank.....................................11,15
Diageo............................................................12
Dolphin Living.............................................8
Ebay................................................................10
EMC.................................................................22
Energica Motor........................................20
Ericsson...........................................................7
Euromoney..................................................10
Facebook....................................1,7,10,13,21
Fiat Chrysler Automobiles.................12
Fidelity..........................................................20
Ford...........................................................12,22
Fox News........................................................5
General Motors.........................................12
Generation Investment........................14
Getaround......................................................8
GlaxoSmithKline....................................7,21
Google.........................................1,3,6,7,12,13
Halliburton..................................................14
Hilton..............................................................14
Home Retail................................................21
IAG....................................................................21
Instagram.....................................................13
Intel....................................................................7
Iran Khodro................................................10
JPMorgan....................................................20
Jianghuai ....................................................10
Johnson & Johnson................................21
Kereta Cepat................................................2
Largan............................................................10
Lifan................................................................10
Lukoil..............................................................22
Lyft....................................................................8
M-Kopa..........................................................14
MTN................................................................14
Microsoft.........................................................7
Morgan Stanley........................................22
Netease........................................................20
Netflix.........................................................7,14
Nichols Farms...........................................20
Nordea..........................................................20
Novartis.........................................................21
PSB Holdings............................................20
PayPal............................................................10
Peugeot.....................................................4,10
Postbank.......................................................15
PotashCorp..................................................21
Precision Castparts................................22
Qualcomm....................................................12
Reckitt Benckiser.....................................21
Roche..............................................................21
Rocket............................................................14
Rolls-Royce....................................................7
Rosneft..........................................................22
SABMiller.....................................................20
SAP....................................................................7
Safaricom.....................................................14
Samsung.................................................10,12
Samsung Electronics............................20
Sanofi................................................................2
Schlumberger...............................................7
Shire.................................................................21
Silver Lake..................................................10
Swedbank....................................................20
TSMC.............................................................20
Taobao........................................................1,15
Tencent........................................................20
Teva................................................................22
Tmall...............................................................15
Toscafund....................................................21
Total..................................................................4
Typhoo.............................................................7
Uber...................................................................8
UniCredit.....................................................20
United Rentals..........................................21
Venmo...........................................................10
Virgin Group..............................................14
Walt Disney................................................22
Wells Fargo.................................................15
WhatsApp.....................................................13
Xerox...............................................................12
Yahoo..............................................................13
Yahoo ..............................................................7
Zipcar................................................................8
Sectors
Airlines...........................................................15
Automobiles..................................4,8,10,12
Banks...................................................11,15,20
Energy..............................................................6
Financials............................................1,14,20
Food & Beverage.....................................12
Healthcare..................................................2,8
Industrials.....................................................12
Media.....................................................7,10,13
Oil & Gas...............................4,10,14,20,22
Property..........................................................8
Rail......................................................................2
Retail & Consumer..................................15
Support Services.....................................10
Technology..................3,7,10,12,13,14,20
Telecoms......................................................14
People
Achleitner, Paul.........................................11
Ba, Fatoumata...........................................14
Barron, Peter................................................3
Branson, Sir Richard..............................14
Budi Wiryawan, Hanggoro...................2
Case, Steve..................................................14
Craighead, Martin...................................14
Cryan, John............................................11,15
Dozie, Uzoma.............................................14
Eksin, Ercin..................................................14
Fields, Mark.................................................12
Fitschen, Jürgen........................................11
Gooding, Jon................................................8
Gore, Al.........................................................14
Hughes, Martin.........................................21
Icahn, Carl....................................................10
Jae-yong, Lee............................................12
James, Tony...............................................14
Menezes, Ivan............................................12
Moore, Jesse..............................................14
Muilenburg, Dennis................................15
Nichols, Chuck..........................................20
Njoku, Jason...............................................14
Oberhelman, Douglas...........................21
Sandberg, Sheryl......................................13
Schenck, Marcus......................................15
Tavares, Carlos...........................................4
Tilk, Jochen.................................................21
Zuckerberg, Mark....................................13

© The Financial Times Limited 2016 Week 4

12 ★ FINANCIAL TIMES Friday 29 January 2016

COMPANIES
INSIDE BUSINESS
Automobiles
TECHNOLOGY

Ford roars back with best ever profits Richard

US carmaker delivers
‘breakthrough year’ with
help from low fuel prices
ANDY SHARMAN — LONDON
Ford reported its best ever earnings yes-
terday, marking a significant comeback
for the US carmaker after it narrowly
avoided bankruptcy during the finan-
cial crisis.
Like its rivals — General Motors and
Fiat Chrysler Automobiles — Ford is
being propelled by appetite for high-
margin pickup trucks and sport utility
vehicles in the US.
Low fuel prices have placed such “gas-
guzzlers” in demand, while cheap
finance and easy credit terms have
made them even more affordable, push-
ing car sales in the world’s second-big-
gest car market to record levels.
Ford reported its highest volumes in a
— such is the carmaker’s confidence that
the good times will roll on.
But despite the results, Ford’s shares
declined as much as 6 per cent in early
New York trading as investors fretted
about whether the US car sales peak had
been reached.
The stock later recovered to trade
down about 2 per cent at $11.63.
Brian Johnston, analyst at Barclays,
highlighted “concerns about a flattening
US auto cycle and potential consumer
Waters
$1.5bn boost Ford received after a
change in the way it accounted for its
pension liabilities.
Revenues rose 4 per cent to $150bn —
the highest level in 12 years — while net
Investors unimpressed
income came in at $7.4bn, compared
with $1.3bn in 2014.
as Apple tries to divert
6.6m
In Europe, Ford made a pre-tax
profit of $259m, thanks to a rising mar-
ket share in an improving regional
attention from iPhone
Number of cars sold car market and strong commercial
by Ford in 2015 — vehicle sales, as well as cost-cutting

The Michigan-based manufacturer
also reported its first full-year profit in
Europe since 2010, finally staunching
the bleeding in a crucial market for the
company.
“We promised a breakthrough year in
2015, and we delivered,” said Mark
Fields, chief executive.
decade, selling 6.6m cars and cementing
its position as the world’s number six
carmaker, while boosting its automotive
margin to 6.8 per cent — a level not seen
since the 1990s.
The automaker said this month that
2016 pre-tax profit before special items
would be “equal to or higher” than 2015
Industrials. Sales challenge
recession”.
Ford’s shares have declined 16 per
cent this year, underperforming the
wider US stock market. GM has fallen 14
per cent over the same period.
Ford’s pre-tax profit for 2015 came in
at $10.8bn, up almost 50 per cent on the
year before. That was in part thanks to a
S
its highest volumes actions taken in the wake of the finan- ometimes, giving investors extra insight into a
in a decade cial crisis. promising new line of business works wonders
But while the Ford’s international with Wall Street. But sometimes it does not — as
operations outside North America Apple has found to its cost this week. Getting the
$7.4bn improved by $1.4bn in terms of pre-tax trick right is of special concern in the technology
The group’s net
income for last year, profit, its home continent still repre- sector, where established businesses often mature quickly.
on revenues up 4% sented the vast majority of earnings, Having a new story to tell can help investors look beyond a
to $150bn contributing $9.3bn in pre-tax income. company’s plateauing fortunes.
When it comes to using extra financial disclosure to
change perceptions, Amazon has become the tech world’s
gold standard — somewhat ironically, given its reputation
for secrecy. Since it first revealed details last April about
Amazon Web Services, its cloud computing sideline, the
company’s stock market value has risen by nearly $100bn.

Samsung hit by global slide in component demand
Group warns on profits as chip
and display weakness follows
a slowdown in smartphones
SIMON MUNDY — SEOUL
Samsung Electronics has warned that
profits are likely to fall this year, as its
components business faces waning
demand from global manufacturers.
For most of last year, Samsung’s semi-
conductor and display panel divi-
sions helped offset the impact of sliding
smartphone revenues. But the company
said yesterday that operating profit at
these units fell 36 per cent in the fourth
quarter from the previous three
months, hit by a sharp fall in the prices
of memory chips and display panels as
the outlook for global electronics
demand weakened.
Samsung said full-year net profits fell
19 per cent to Won19.1tn ($15.8bn).
Robert Yi, head of investor relations,
told analysts the company would find it
“challenging” to avoid a further decline
this year given the broad slowdown in
the sector.
‘Components had saved
Samsung — but it looks like
there’s now a pause in that
component-driven growth’
A Samsung Galaxy Note5 advertisement at a bus stop in Myanmar. Samsung still has 23% of the global smartphone market — Brent Lewin/Bloomberg
The warning from the world’s biggest
electronics company by revenue came
just days after Apple said the current
quarter would bring the first year-on-
year decline in iPhone sales — sparking a
share slump that knocked $35bn off the
company’s market value.
A large part of the problem for
the industry is a slowdown in hand-
set sales in China, where the smart-
phone market had been growing at a
double or triple-digit pace in recent
years. But last year, that growth rate was
only in the “low single-digits”, according
to researchers at IDC, who think the
pace of global smartphone sales growth
will continue to decline.
Profits were also dragged down by a
Legal Notices
Stake sale Samsung yesterday sold its stake in
Analysts the group’s credit card unit.
Samsung Life, South Korea’s biggest
say credit insurance company, bought the 37.5
card unit per cent holding in Samsung Card for
deal likely Won1.45tn ($1.2bn), giving it a 72 per
to lead to cent stake in the group.
takeover The deal eliminates one of the many
cross-shareholdings in Samsung’s
complex group structure. Analysts at
CLSA had predicted the deal as the
group looked to separate its financial
and industrial businesses. They added
that it would likely be the precursor to
a takeover by Samsung Life.
The reorganisation of Samsung
attracted controversy last year when
Cheil Industries, controlled by the
group’s heir apparent Lee Jae-yong,
acquired the construction company
Samsung C&T. Some shareholders in
the target company argued that the
deal’s terms enriched Mr Lee at their
expense.
There had been some speculation of
a merger of Samsung Electronics with
Samsung SDS, also controlled by Mr
Lee, aimed at boosting his holding in
the group. But Mr Lee is to sell SDS
shares to take part in a capital
increase at Samsung Engineering,
which has suffered heavy losses.
facturing for its next iPhone to Taiwan
Samsung’s profit drivers Semiconductor Manufacturing Corpo-
lose steam ration, that blow will be softened for
Won (tn) Samsung by new business from other
customers including Qualcomm, said
Components (semiconductors
and display panel) operating profit Peter Yu, an analyst at BNP Paribas.
IT& Mobile division operating profit “People are not tempted to upgrade
10 their phone every year. And emerging
8 markets are weak in terms of purchas-
ing power, particularly those reliant on
6 commodity exports,” he said.
4 “The components had really saved
Samsung — but it looks like there’s now
2 a pause in that component-driven
0 growth.”
CW Chung, an analyst at Nomura,
2011 12 13 14 15
added that Samsung was still enjoying
Source: company
strong demand for Nand semiconduc-
tors, a form of memory chip in which it
Won2.4tn increase in income tax pay- has a significant technological lead over
ments, as well as Won2.5tn of non-oper- peers and which are used in laptops and
ating expenses consisting mostly of servers. “But this will not offset the
writedowns in the value of investments downside,” he said.
in sister companies Samsung Card and Samsung’s smartphone business,
Samsung SDI. meanwhile, has nearly staunched the
Samsung said it would redouble its sharp losses of market share to cheaper
efforts to win new business in compo- Chinese rivals. Its global market share
nents, including sales of its most was 23.9 per cent in the third quarter
advanced display technology to outside according to IDC, only 0.1 percentage
customers, and contract manufacturing point down from the previous year.
of logic chips. Shares in Samsung closed 2.6 per cent
The company’s revenue in the latter lower yesterday, while the broader
sector has been growing. While Apple is Kospi index ended 0.5 per cent higher.
expected to give all the processor manu- See Lex
Amazon waited until the business was both sizeable and
unexpectedly profitable before lifting the lid.
Alphabet, the holding company for Google, has achieved
a similar effect with the promise to break out its non-
search businesses with its next results on Monday. The
purpose here is different: to show off the strength of core
search operation and to demonstrate greater discipline by
not shielding the losses of its other activities.
But when it comes to Apple, the magic has worn thin.
The company’s attempt to
draw attention to its services
business — which, at $6bn in
It did not lay out
the latest quarter, produced a bigger vision
more in revenue than AWS
for the first nine months of
for how the
last year — did nothing to services business
prevent a near 7 per cent
slump in the share price on
would evolve
Wednesday.
Much comes down to timing. Amazon and Google pre-
pared Wall Street carefully, stoking anticipation for
months. Apple, by contrast, dropped its news unexpect-
edly on a wary investor base. It was hardly surprising that
Wall Street chose to see the extra, unexpected disclosure
as an attempt to distract attention from what is set to
become the first contraction in iPhone sales.
The data presentation also seemed halfhearted. Apple
executives sought to compare their services business with
that of a sizeable, freestanding internet company. But they
made little attempt to explain a grab bag of businesses that
make up what the company calls its “installed base related
revenue” (IBRR). These range from the net revenue on
App Store sales to supplying replacement iPhone screens
and licensing its brand to accessory makers.
But Apple declined to lay out a bigger vision for how the
services business would evolve. It also did little to counter
perceptions that glitches in areas such as its maps app and
iCloud back-up and syncing service showed it had yet to
match a pure internet company such as Google in terms of
quality and reliability.
In the absence of a clear
explanation, investors have
The gatekeeper
chosen to view Apple’s serv- status conferred
ices business in the same
light as those of hardware
by the App Store
makers such as Xerox: a is already
potentially profitable sup-
plement to the core business,
significant
but not something likely to
grow into a major revenue source that justifies a premium
valuation.
Despite the shortcomings, services are likely to remain a
high-growth bright spot for Apple, not just in the rest of
2016 but for a considerable period of time. That is partly
because of slowing hardware growth. Global smartphone
shipments will rise at an average annual rate of around
7 per cent in the medium term, according to research firm
IDC. Falling prices will put a lid on overall revenue growth,
and economic uncertainty threatens the premium end of
the market. With little sign that products such as televi-
sion set-top boxes and smartwatches will become sizeable
new hardware categories in their own right, the attractions
of services will loom ever larger.
The gatekeeper status conferred by the App Store is
already significant. Apple paid more than $14bn last year
to app developers and companies selling content through
iTunes, an increase of 36 per cent. If it takes around a
30 per cent commission on these sales, then the App Store
and iTunes accounted for more than a third of the money it
made last year from selling things to its installed base, and
virtually all of the growth. This income source will loom
larger as it grows, eclipsing other businesses with less
potential.
It looks like a promising sign of what could grow into a
meaningful source of profits. But the reaction to Apple’s
disclosures this week suggests that investors do not believe
the company is ready to move decisively beyond its hard-
ware business model.
richard.waters@ft.com

Food & beverage

Diageo’s launch of apple-flavoured Ciroc vodka in the US hits the rocks

SCHEHERAZADE DANESHKHU
CONSUMER INDUSTRIES EDITOR
Drinks group Diageo blamed the late
launch of an apple-flavoured Ciroc
vodka in the US five weeks ago as the
main factor behind a 44 per cent fall in
overall sales of the spirit in the US in the
six months to the end of December.
This in turn was behind a 2 per cent drop
in Diageo’s half-yearly sales in the US —
its most important market, accounting
for one -third of sales and 45 per cent of
operating profits.
The company had been hoping to
build on the success of a pineapple-fla-
voured Ciroc, launched in August 2014.
The fall underscores both the impor-
tance of new products but also the
change in Diageo’s supply policy of ship-
ping fewer bottles to distributors to pre-
vent stocks building up at retailers.
Ivan Menezes, chief executive, said
yesterday that the group would now be
able to react more quickly to fluctua-
tions in consumer demand. It estimates
that the lead time has been cut back to
2-3 months instead of 6-9 months previ-
ously.
He expects sales in the US to bounce
back strongly in the second half of its
financial year which ends on June 30.
Analysts at Morgan Stanley have fore-
cast a rise of 8.5 per cent in organic sales
against the 2 per cent fall in the first half.
In the US, Diageo — the world’s largest
spirits group by sales — is under-repre-
sented in American whiskies, which
have proved popular with younger
drinkers. Smirnoff has been under pres-
sure from craft vodka distillers but
returned to growth in the first half.
The painful process of destocking has
been one reason behind the drink
maker’s underperformance since 2013,
manifested in three years of decline in
annual organic sales growth com-
pounded also by the slowdown in
emerging markets, among a host of
other problems.
Now, the producer of Johnnie Walker
scotch and Guinness beer is halfway into
what Mr Menezes has called its “year of
transformation”. He unveiled a 9 per
cent rise in interim pre-tax profits to
£1.78bn, helped by exceptional gains on
the disposal of £1bn of peripheral busi-
nesses.
Those disposals contributed to a 5 per
cent fall in net sales to £5.6bn, which
were also hit by unfavourable foreign
exchange movements. At constant cur-
rencies and excluding deals, net sales
growth of 2 per cent was slightly better
than expected, as was the 1 per cent rise
in volumes.
But operating profits were lower than
expectations, though the operating
profit margin improved by 0.16 of a per-
centage point to 31.17 per cent. The
mixed results may not give investors
cause to crack open a bottle of cham-
pagne but they might have been cheered
enough to put one on ice for later.
“The business has momentum,” said
Mr Menezes, sticking to his promise,
made last summer, of higher sales
growth and profitability in the next
three years, bolstered by £500m of pre-
viously announced cost savings.
Friday 29 January 2016
Facebook
flexes muscles
over digital
advertising
US group has built up huge mobile
audiences and now it is cashing in
RICHARD WATERS — SAN FRANCISCO
At first glance, there might appear to be
plenty to cheer about for most compa-
nies in the digital advertising business.
At $137bn excluding China, according to
Magna Global, their industry grew last
year at a healthy 15 per cent.
But look past that headline and the
picture, for most, looks less rosy. Virtu-
ally all of the growth was accounted for
by just two Silicon Valley companies:
Google and Facebook. With signs that
both are cementing their relationships
with marketers in an attempt to swallow
a larger share of the digital pie, there
seems little chance of the dominant
duopoly being challenged.
On Wednesday, it was Facebook’s turn
to flex its mobile advertising muscles.
The social networking company had
pulled off a quick transition of its busi-
ness to mobile devices. From a standing
start in 2012, mobile advertising grew to
account for 78 per cent of revenues by
the third quarter of last year. With
fourth-quarter earnings, Facebook has
shown it is in position to capitalise on
the acceleration of spending on mobile
advertisers as brands belatedly seek to
follow their audiences to smartphones.
Wall Street had expected the com-
pany’s revenues in its seasonally strong-
est quarter to jump by about 20 per cent
from the third quarter. Instead, they
soared 30 per cent, to $5.84bn.
The message from founder Mark
Zuckerberg and other executives as
they discussed the results on an earn-
ings call with Wall Street: Facebook has
spent years building huge audiences for
its mobile services. Now it is time to cash
Contracts & Tenders
in. The significance of the latest num-
bers was not lost on investors, with the
company’s shares rising 14 per cent on
Thursday morning. Alphabet, the par-
ent company of Google, which will
report earnings on Monday, basked in
Facebook’s reflected glory, with a 3 per
cent rise.
When it comes to digital advertising,
“Facebook and Google eat the world,”
said Brian Wieser, an analyst at Pivotal
Research. “Everyone else is showing
very little share growth.”
To judge by comments from its lead-
ers, Facebook’s appetite is far from
being sated. The final quarter of last
year was “a defining moment for mobile
‘Facebook and Google
eat the world. Everyone
else is showing very
little share growth’
marketing”, said Sheryl Sandberg, chief
operating officer. But, she added, the
fourth-quarter bounce was only the first
sign advertisers were swinging their
budgets over to mobile — and with 1.4bn
visitors to its main Facebook app on
devices each month, along with more
than 400m to its photo-sharing app
Instagram, Facebook believes it has
what she called “the two most impor-
tant mobile advertising platforms”.
Part of the challenge has been how to
educate advertisers fast enough. “We
shipped a lot of ad products this year,”
Ms Sandberg said. Among the formats
behind the strong fourth-quarter earn-
★ FINANCIAL TIMES 13
COMPANIES
Adding value
More on ft.com
For the latest news, comment
and analysis on Facebook and
the technology sector, go to
ft.com/technology
ings were Dynamic Product Ads,
designed to make it easier for advertis-
ers to show off a catalogue of products.
But she conceded the company has
plenty of work to do before advertisers
feel as comfortable with its formats as
they are with traditional forms of adver-
tising. While mobile advertising on
Facebook’s core social networking serv-
ice is taking off, the company is already
preparing the next platforms for expan-
sion. All but two of the top 100 advertis-
ers on Facebook have also advertised on
Instagram, according to Ms Sandberg.
But most of these have diverted part of
their existing Facebook budgets to try it
out, rather than allocating extra dollars.
The company is bent on a “share of
wallet” strategy to persuade advertisers
Dado Ruvic/Reuters
to spend more on its services, said Mr
US digital advertising revenues Wieser. Thanks to services including
Instagram, he added, Facebook is well
Annual % change, 2015 (circle size is digital ad revenues in 2015)
positioned to expand its market share —
at the expense of rivals such as Yahoo.
-20 0 20 40 60 According to Mr Zuckerberg, messag-
ing service WhatsApp is close behind
Instagram in terms of commercialisa-
Google
tion. It has nearly 1bn users and its free
Microsoft $23.3bn service has become used by public fig-
LinkedIn Twitter
ures and companies that see it as a way
Facebook to connect with a large audience.
$2.6bn
$7.7bn Such a move is normally the precur-
Yelp sor to a full advertising service, he said —
Yahoo IAC
one of his strongest indications that
Facebook is poised to cash in on its
$19bn acquisition.
AOL Amazon Messenger, Facebook’s other messag-
ing service, added nearly 250m users
last year taking it up to 800m. But he
Facebook said it has yet to draw in companies and
prominent individuals, leaving it fur-
Ad revenues ($bn) Daily active users (bn)
ther away from commercialisation.
But given the strength of Facebook’s
5 1.0 latest performance, even Mr Zucker-
4 0.9 berg found it hard to find the superla-
tives to match the occasion. Asked how
3 0.8 he felt about demand for the Oculus vir-
tual reality headset, which will start
2 0.7 shipping in March, his enthusiasm
momentarily flagged: “Yes, I am happy.
1 0.6
I don’t show much joy, but I am happy.”
Desktop Mobile
0 0.5 After delivering such a powerful dem-
2012 13 14 15 2012 13 14 15 onstration of the group’s growing might
in digital advertising, that was a lapse
Sources: eMarketer; company
most investors were ready to forgive.
14 ★ FINANCIAL TIMES Friday 29 January 2016

COMPANIES

Oil & gas

Baker Hughes tumbles to loss as rigs stop drilling

Services group warns of
challenges ahead if slide
in crude price continues
ED CROOKS — NEW YORK
Baker Hughes, the US oil services group
that has agreed a $26bn takeover bid
from its rival Halliburton, reported a
$1.97bn loss for 2015 and forecast a con-
tinued decline in the industry through-
out this year.
The company has seen a 46 per cent
drop in the number of rigs drilling oil
and gas wells worldwide since the fourth
quarter of 2014, and this could fall a fur-
ther 30 per cent this year if crude prices
stay around current levels, it said.
The results highlight the pressures on
the industry that Halliburton and Baker
Hughes say strengthen the case for their
deal. The takeover was agreed in
November 2014 but has faced difficul-
ties with regulators over concerns about
competition, and the two companies
said last year that they were aiming to
complete the sale in April.
The deal would bring together
the world’s second and third-largest
oil services companies by market
capitalisation.
Martin Craighead, chief executive of Like Halliburton, Baker Hughes has Baker Hughes still reported a loss of America for pressure pumping, used in
Baker Hughes, said the oil and gas pro- been hit hardest in North America, $457m in North America; a significantly the hydraulic fracturing of shale oil and
ducers that were its customers were fac- where its revenues halved last year to worse result than for Halliburton, which gas wells, because it had been striving
ing “more acute” challenges of maxim- $6bn. Revenues in the Middle East and made a $458m profit even though its “to maintain cash flow positive opera-
ising production, cutting costs and pro- Asia-Pacific region were more robust, margins were greatly reduced. tions despite continuing deteriorating
tecting cash flows. As a result, he said, dropping 23 per cent to $3.4bn. Mr Craighead said the company had market conditions”.
its role in the industry was “more rele- Most of the net loss was the result of a been losing market share in North He added that the company was “fully
vant today than it has ever been before”. $1.99bn pre-tax charge in 2015 for writ- dedicated to closing the merger [with
However, the downturn in the indus- edowns in asset values, redundancy Halliburton] as early as possible”, and
try has hit both the usage of Baker costs, site closures and contract termi-
Excluding charges and was both working with regulators to
Hughes’ services and the prices it can nations. one-offs, the $1.97bn loss secure approval and developing plans
charge. Excluding those charges and other for integrating the two businesses.
Revenues were down 36 per cent for items depicted as one-offs, the loss was
was much smaller at just Baker Hughes said it spent $214m on
the year at $15.7bn, and for the fourth much smaller at just $209m for the year, $209m for the year the planned merger last year, compared
quarter were down 49 per cent from the compared with a $1.8bn profit in 2014. with $308m for Halliburton.
equivalent period in 2014 at $3.39bn. Even without those charges, however, See Lex

Technology. Smartphones

Nigerian groups target ‘100% mobile-first market’

and ever-cheaper smartphones.
SMART iROKOtv is therefore preparing for the

AFRICA
A
Phones are now being used for
every aspect of Africans’ lives,
from work to entertainment
MAGGIE FICK — LAGOS
In Nigeria, success for both tech start-
ups and more conventional businesses
such as banks and fast-food restaurants
means adapting to the age of what entre-
preneurs have dubbed the “100 per cent
mobile-first market”.
In the status and image-conscious
country of 180m people, smartphones
are blasting past gold watches as the
essential accessory.
“The smartphone in an average Nige-
rian’s life is your office, your workspace,
your first-hand entertainment right
there at your fingertips”, says Vien
Bamidele Osagie, a young talk show host
on City 105.1FM radio in Lagos. “It is
also the love of your life, in the sense
that you can use it to send messages to
your loved ones and use it to chat with
that new hot boy and also get your daily
routine done.”
Across Africa, smartphones have
begun to transform the way Africans
live and work. The continent is pro-
jected to have 360m smartphones by
2025, when internet penetration on the
continent will hit 50 per cent, according
to McKinsey Consultants.
As smartphones become more afford-
able to lower-income Nigerians, tech
groups that entered the market with
web-based solutions are seeing a wave
of possibilities unlocked by the device.
Bastian Gotter, co-founder of
iROKOtv, the mobile entertainment and
internet TV site for Nigerian “Nolly-
wood” films, says: “Our strategy is now
mobile only.” Originally launched as a
YouTube channel called Nollywood-
Love, the company in 2011 created a
dedicated film platform after attracting
$3m in seed funding from US-based
hedge fund Tiger Global Management.
On Monday, iROKOtv attracted $19m
in investment to expand its content,
including from French media group
Canal+. “For us, there is no version of
reality where the marriage between
Africa’s most powerful communication
tool [mobile] and the most prolific and
loved entertainment provider [Nolly-
wood] won’t be a joyous union,” said
Jason Njoku, chief executive.
Data in Nigeria is still expensive for
the majority of the population, costing
the equivalent of about $5 a gigabyte. Mr
Gotter believes the trend, however, is
towards rapidly decreasing data costs
prospect of every Nigerian consuming
the continent’s most popular television
shows on his or her smartphone.
He will have competition from Netflix
after the US video-streaming provider
announced plans to enter 130 countries,
including Nigeria. Writing about the
news in his blog, Mr Njoku said Netflix
being in Nigeria would have “zero
impact” on iROKOtv. “Building sub-
scription businesses are hard. Heck, we
are only four years old. So why people
think we will suddenly die now they are
in Nigeria is totally beyond me,” he says.
Still, Mr Gotter, along with other tech
entrepreneurs, wants Nigerians to use
their smartphones to buy other prod-
ucts, such as a Nollywood film, a west-
ern DVD, toilet paper or Chinese deliv-
ery food. It is starting to catch on,
fuelled by the soaring sales of smart-
phones via online retailers such as
Jumia. It is one of several African start-
ups that has been part-financed by Ger-
man internet company Rocket.
Like iROKOtv, Jumia started out
catering to a clientele seeking to buy
online from a computer, not a phone.
Now, more than 70 per cent of Jumia’s
Tech groups that entered
the market with web
solutions are seeing
a wave of possibilities
People gather at traffic comes from a mobile device, says
Power While higher-speed mobile broadband money platform developed by Safaricom doing this. It’s a multibillion-dollar a window to Fatoumata Ba, Jumia Nigeria managing
provider and smartphones are driving the country’s dominant telco. If he market in east Africa.” watch a festival director. “The most phenomenal evolu-
businesses online in Nigeria, across the maintains payments for a year he takes M-Kopa, which was started in 2010 procession by tion of the mobile industry in Nigeria is
Kenyan continent in Kenya innovative start-up ownership of the system. by Mr Moore and Nick Hughes — a followers of the the exponential growth of smartphone
start-up M-Kopa is breaking into regional “I had been spending a lot more money former Vodafone executive who Yoruba religion sales”, Ms Ba says. “Jumia sold more
M-Kopa markets by providing electricity to to buy kerosene and there was a lot of developed M-Pesa, does not see itself in Osogbo, smartphones in July 2015 than we did
lights up remote areas outside the national grid. soot,” he said, while listening to his solar- as a solar energy company, however. south-west during the whole year of 2013.”
remote powered radio. “Now I don’t have to buy The clue to its ultimate ambition is in Nigeria, where To encourage app downloaders to end
country It has taken less than a month for Peter the kerosene, the house is clean and I’m its name: Kopa is Swahili for borrow. smartphones up buying something from the ecom-
Muinde to appreciate how much M-Kopa saving maybe 20 shillings [every day].” Customers who establish a good have merce company, Jumia has recently
areas has transformed his family’s life. His wife Winifred said they use payment record are offered transformed the partnered with South African telecoms
This motorcycle taxi driver, who lives the saved money, which the chance to remortgage way that people group MTN to enable would-be custom-
8km from the nearest paved road in accounts for about 5 per their solar system to live and work — ers with MTN mobile subscriptions to
Kenya’s Machakos County, acquired his cent of Mr Muinde’s acquire other goods, Akintunde Akinleye /Reuters
browse for free — knocking down the
pay-as-you-go solar power system from earnings, to buy books with the latest barrier of costly data.
the Nairobi-based company in December. and school stationery for addition being an M- Africa Courier Express, a logistics
He now has sufficient electricity whatever their four children. Kopa-powered delivery group also in Nigeria’s ecom-
the weather for the two lights, torch and There are now 300,000 television. merce market, has also seen its custom-
radio that come with the kit as well as a homes and businesses in So far, investors ers “embrace more and more shopping
mobile phone charge. Kenya, Uganda and Tanzania appear to have bought on mobiles”, says Ercin Eksin, a co-
Kenya has been at the centre of tech using M-Kopa’s products and into M-Kopa’s growth story. founder. Uzoma Dozie, chief executive
innovations on the continent during the Jesse Moore, chief executive, says the The company has raised about $30m of Diamond Bank, says for his Lagos-
past five years, leading the field in game- goal is to have 1m customers by the end in equity and $25m in debt, with the based bank, “the more people who have
changing areas such as mobile money of 2017, which means signing up 4,500 latest round of $19m of equity funding smartphones, the better for us”.
and crowdsourcing. M-Kopa is among the people a week. completed in November. The lead The more transactions Mr Dozie’s cli-
fastest-growing newer entrants to the “The average Kenyan home will spend investor was London-based ents do on the mobile app built for his
market, providing power to remote areas $200, slightly more, per year [on energy] Generation Investment Management, bank by Vanso, a Lagos-based company,
that might otherwise wait years for state- and that’s not even including the cooking founded by former US vice-president “the more information and insights I
driven rural electrification schemes. fuel — it’s lighting, charging up their Al Gore, with others including Sir have about them”. The bank’s app
The cost to Mr Muinde was a down mobile phones and radio batteries,” he Richard Branson, the Virgin Group allows clients to do transactions that
payment of Ks3,500 ($34.25) and a daily said. “So that was what caused us to founder, and Steve Case, the former they would otherwise do with a debit
fee of Ks50 paid via M-Pesa, the mobile realise you could create a $1bn company AOL boss. John Aglionby card or cash. Options include buying an
airline ticket and paying utility bills.

Legal Notices Financials

Blackstone feels the pain but keeps powder dry

JOSEPH COTTERILL AND MARY CHILDS
Blackstone, the world’s biggest man-
ager of alternative assets from private
equity to real estate, has revealed that
its profits were hit hard by turmoil in
the equity and credit markets at the
end of last year.
Businesses Economic net income at the firm — a
measure of profit that includes unreal-
For Sale ised gains on its investment portfolio —
fell to $436m in the fourth quarter of
Business for Sale, Business Opportunities, 2015, from $1.4bn in the same period a
Business Services, year earlier.
Business Wanted, Franchises
Runs Daily
Over the period, the group’s credit
............................................................................................................................. investing arm posted its first negative
Classified Business Advertising returns for half a decade, as trading in
UK: +44 20 7873 4000 | Email: junk bond markets ground to a halt,
acs.emea@ft.com amid concerns over a plummeting oil
price, and valuations fell.
Falling share prices at companies that
Blackstone is yet to sell out of — or earn
performance fees from — also pushed
down the economic net income figure.
Shares in hotel group Hilton — Black-
stone’s single largest holding — have
fallen a fifth since the end of September.
Blackstone’s own stock is down 20 per
cent over the same period. Buyouts and
real estate are just over half of Black-
stone’s total assets, which increased 16
per cent year on year to a record $336bn.
The results indicate that profits at
Blackstone and its peers remain driven
by buyout fees that can ebb and flow
with rises and falls in public markets.
But in a sign that private equity is
looking to take advantage of weakness
in markets, half of the record $32bn that
Blackstone invested in deals last year
came in the fourth quarter. “We are ide-
ally situated to capitalise on the choppi-
ness with $80bn of dry powder,” said
Tony James, Blackstone’s president.
That dry powder included $5.2bn
raised for a new buyout fund. With the
buyout industry keen to snap up energy
assets, Mr James added: “We feel oil and
gas prices are at lower levels than will be
sustained in the long term.”
“You have very healthy fundraising
and asset growth, so AUM’s increasing,
and they’re putting a lot of money into
the market at a time when valuations
[are] more attractive,” said Devin Ryan,
an analyst at JMP Securities.
“All those things are good in terms of
creating shareholder value but doesn’t
necessarily get rewarded in the near-
term where markets are choppy.”
Friday 29 January 2016
Retail & consumer
Alibaba weathers China’s woes to double its earnings
Ecommerce leader’s net
income soars amid 32%
rise in quarterly revenues
CHARLES CLOVER — BEIJING
Chinese ecommerce group Alibaba beat
expectations, reporting that revenues
had increased 32 per cent for the last
quarter despite the slowdown hitting
the country’s economy.
Disappointing fourth quarter
hits results as new chief Cryan
says brand ‘isn’t resonating’
LAURA NOONAN AND JAMES SHOTTER
Try as it may, Deutsche Bank cannot
seem to outrun its investment banking
woes. Three months after the German
financial group unveiled plans to cut
and restructure its corporate banking
and securities arm, the division’s poor
performance loomed large over the
wider group’s full-year results.
Revenue in the investment bank —
comfortably Deutsche’s biggest division
— was 30 per cent lower in the last three
months of 2015 than a year earlier, as
trading and advisory activities both
took a hammering. Costs were up, and
the division swung to a pre-tax loss of
€1.15bn for the quarter from a €320m
Dividend to be paid next
year at the earliest as bank
faces an arduous year
dealing with litigation
profit a year earlier. The bank’s new
boss John Cryan did his best to allay
fears for investment banking’s long-
term future. During a 160-minute press
conference, he told journalists that
some falls in revenue were both inevita-
ble and desirable.
“Don’t forget, we’re withdrawing from
quite a lot of markets and products,” he
stressed. “The reason we’re withdraw-
ing is we don’t think there’s sustainable
profitability there given the capital
cost.”
But analysts remained unconvinced.
“The issue is that the magnitude of the
declines [in revenue] seem dispropor-
tionate to the reduction [in resources],”
said Andrew Coombs, an analyst at Citi.
That is at odds with Deutsche’s five-
year plan, which envisages a 14 per cent
net reduction in risk-weighted assets in
its investment bank and a 7 per cent net
fall in revenue.
Boeing waits to see if buyers are mad for 737 Max
Aircraft manufacturer battles
fresh issues, with maiden flight
of its new short-haul jet today
ROBERT WRIGHT — NEW YORK
Of the several 737 short-haul passenger
jets embarking today on maiden flights
from Boeing’s factory at Renton, outside
Seattle, one will carry special signifi-
cance. Although similar in look to the 42
737s that roll off the production line
each month, it will be the first of a new
generation of jet — the 737 Max.
The model, fitted with new, more
fuel-efficient Leap engines made by the
CFM consortium, is intended to restore
Boeing’s edge in the competitive market
for short-haul aircraft. Airbus, its main
rival, dominates that market with its
A320 family of jets.
Yet the 737 Max is scheduled to take
its maiden flight as Boeing grapples with
multiple issues related to the manufac-
turing of its commercial aircraft.
Investors marked the US aerospace
group’s shares down almost 9 per cent
on Wednesday after the company said
that, because of these challenges, it
expected a decline in the number of jets
delivered to airlines and leasing compa-
nies this year compared to 2015.
It would be the first such decline since
2010, and Boeing’s proposed production
cuts were accompanied by profit guid-
ance for 2016 that fell short of analysts’
expectations.
Richard Aboulafia, an analyst at the
Teal Group, says there are two ways of
The company, which dominates
online retail in China with about 80 per
cent market share, saw overall sales
slow but earned more money per click,
per search and per sale.
Gross merchandise value — the value
of products sold on its retail platforms
such as Taobao and Tmall — jumped 23
per cent to Rmb964bn ($149bn) for the
December quarter.
Revenue for the period jumped to
Rmb34.5bn compared with Rmb26.2bn
Deutsche Bank revenue takes a hammering
Deutsche’s plan envisages a 14 per
cent net cut in risk-weighted assets
in its investment bank and a 7 per
cent net fall in revenue — Arne Dedert/EPA
Deutsche Bank’s
investment bank
Revenues (annual % change)
20
10
0 and Wall Street up 1 per cent; and worst
-10
-20
-30
Q1 2014 2015 Q4
Source: company
Airlines. Jet advance
looking at why Boeing has been forced
into reducing production after years of
steadily rising output. One, he says, is
specific to Boeing and involves manu-
facturing issues such as the transition
from the existing 737 to the Max, plus
waning demand for its 747 jumbo jet.
Then, referring to declining orders
and falling fuel prices, he adds: “The
other is that economic reality has come
knocking with a vengeance.”
In a briefing with analysts on Wednes-
day about fourth-quarter results, Den-
nis Muilenburg, Boeing’s chief executive
since last July, insisted that the issues
were no more than a short-term hiccup
for a company with a big backlog of air-
craft orders. He put concerns about pro-
duction rates down to 2016 being a year
of “transition” — notably to the 737 Max.
Analysts concluded that one key fac-
tor behind Boeing’s lower production
Boeing order backlog
By aircraft type (units)
4,392
Model: 737
Source: company
★ FINANCIAL TIMES
COMPANIES
a year ago, higher than the Rmb33.2bn
the market was expecting. Net income
more than doubled to Rmb12.4bn.
The amount Alibaba makes from
each sale was also up, with each transac-
tion earning 2.94 per cent compared
with 2.7 per cent a year earlier.
Some have pointed to China’s slowing
economy and ecommerce market as
long-term worries for the company.
Iresearch, a Beijing-based consultancy,
has predicted that by 2018, growth in
Banking. Testing times
The key question? “We don’t know
how much of an exceptional quarter this
was,” said Mr Coombs.
Certainly, 2015 was a tough year for
investment banks, but most did better
than Deutsche, especially in the fourth
quarter. The German bank’s fourth-
quarter revenues for fixed income, cur-
rencies and commodities were down 16
per cent year-on-year; Wall Street’s big
banks posted a 4 per cent rise for the
same period.
It was even worse in equities trading,
where Deutsche was down 28 per cent
of all in investment banking where
Deutsche’s origination and advisory fees
were down 43 per cent and the big US
banks were down 6 per cent.
Mr Cryan admitted that not all the
lost revenue was by design, and said the
bank would take action. “Undoubt-
edly . . . the Deutsche Bank brand isn’t
this year is fewer than expected deliver-
ies of the 737, due to preparations for the
handover of the first 737 Max to its cus-
tomer in 2017. “It appears that the proc-
ess of working up to 737 Max’s entry into
service in 2017 will disrupt production
in 2016,” says Nick Cunningham, an
analyst at Agency Partners.
Another factor is Boeing’s plan to cut
production of its one-time flagship 747
jet to just six per year from September
because of weak demand from air cargo
operators. A broader problem is that
customers have been ordering fewer of
the existing jets, waiting instead for
models with more fuel-efficient engines.
Boeing is responding by cutting pro-
duction of its 777 long-haul jet from 8.3
per month to 7 in 2017. The 777X, the
successor to the 777, is due to go into
production in 2018.
Its flagship 787 Dreamliner also illus-
524 779
20 80
747 767 777 787
ecommerce will fall to 16 per cent a
year, down from the 70 per cent seen in
2011.
China’s ecommerce groups are also
having to cope with the shift to smart-
phones.
Some analysts say the rise of shopping
on mobile devices could hurt Alibaba
because making money from smart-
phone users is harder than from PC
users in the long term.
But the company saw an increase in
resonating with clients so readily and
staff morale is lower,” he said. “The solu-
tion to that is to remotivate people, re-
engage people.”
Deutsche will also reinvest in equity
research, he said, to regain institutional
business which is “not coming our way
in the volumes that it once did”.
However, Mr Coombs of Citi said time
might not be on Deutsche’s side. “Capi-
tal questions remain,” he said. “If at any
point there is a cash call then you need
to be able to show that you can generate
a decent return from these businesses at
the moment. It’s all well and good in say-
ing that will materialise in 2018. Ideally,
investors want it sooner.”
Citi believes that Deutsche may have
to raise capital to deal with future litiga-
tion costs. However, Mr Cryan said that
in the absence of “unexpected, mate-
rial” external events, he saw no need for
a capital increase.
trates production challenges and their
financial impact. Boeing expects that
this year each 787 delivered to a cus-
tomer will start generating more in rev-
enue than it costs to build — but it is
approaching that milestone after sup-
plying 363 aircraft.
Meanwhile, the fall-off in aircraft
orders in 2015 after several boom years
has rattled manufacturers. Boeing
recorded orders for 768 passenger jets
last year, against a record 1,432 in 2014.
Loren Thompson, an analyst at the
Lexington Institute, which receives
funds from Boeing, says sales tend to
track global economic performance.
“The problem here is not with Boeing.
The problem is with the global economy
and what it signals for jetliner demand.”
Yet the decisive factor in the com-
pany’s future is not the fate of a particu-
lar year’s production or an individual
jet, but the solidity of its order book.
At the end of December, Boeing com-
mercial aircraft division had a backlog
of firm orders for 5,795 aircraft, valued
at $431bn at catalogue prices. At this
year’s proposed production rates, those
represent nearly eight years’ work.
However, the order book could prove
an illusory cushion if, as Mr Aboulafia
warns could happen, economic jitters
cause orders to be cancelled en masse.
But according to Mr Thompson, if
customers remain confident enough to
keep waiting and financing those jet
deliveries, Boeing has at least several
years of continued profitable growth.
“The big question is whether a down-
turn in global demand for transport will
persist for years,” he says.
15
mobile sales, representing 68 per cent of sumer China can carry the burden of the
Alibaba’s gross merchandise volume old, stumbling China,” said Duncan
during the quarter, compared with 42 Clark, head of BDA, a Beijing consul-
per cent a year earlier. tancy and author of a forthcoming book
Monetisation, which measures the about the company.
amount of revenue as a percentage of After raising $25bn in a record initial
total GMV, increased to 2.98 per cent public offering just 17 months ago, senti-
during the quarter, up from 1.7 per cent ment for Alibaba has soured amid con-
a year ago. cerns that China’s economic slowdown,
“The visibility on Alibaba means stock market turmoil and weakening
there is tremendous pressure to outper- currency will have a knock-on effect on
form, to show that the emerging con- consumer spending.
The chief Deutsche Bank co-CEO John Cryan’s
difficulty views at the press conference:
What John On the loss: “I feel responsible for
Cryan said basically a €7bn loss. Personally.
All of it”
On banks: “The bank I would like to
run at the moment is Wells Fargo
because I would love to make 400
basis points in retail banking and have
a relatively easy life”
On his vision for the bank: “It’s hard
to stand up and smile a lot and give
much of a vision . . . We’re a bank,
we’re a regulated entity, we don’t have
much latitude in what we do”
On job satisfaction: “Sometimes I go
home in the evening and I say to my
wife, ‘I wish some people would . . .
think I had some talent for running a
company and not just cleaning it up’.
I’m actually looking forward to the
role [of running the bank]”
On the executive board not getting
bonuses: “This is not a long-term
strategy; we do need to motivate
board members”
Huw van Steenis, analyst at Morgan the bank’s turnround plan. Marcus
Stanley, also noted the structural chal- Schenck, Deutsche’s chief financial
lenges Germany’s biggest bank is facing, officer, said that the bank was still on
saying the full-year result “speaks both course to split off its Postbank business,
to the degree of restructuring Deutsche but admitted that it was unlikely to list
Bank requires and the scale of unre- the entire unit in one go. A sale in two or
solved legacy issues”. three chunks was more likely, he said.
Jon Peace, London-based banks’ ana- The next 12 months are also likely to
lyst at Nomura, stuck a brighter note, be arduous on the litigation front.
albeit cautiously. “Deutsche implied Mr Cryan said that he intends to make
that the ‘off-boarding’ of higher risk cli- progress on as many of Deutsche’s big,
ents had been a factor in weaker reve- outstanding cases as he can, which
nues this quarter,” said Mr Peace. could translate into further litigation
“The fact that they said that in both charges, although the bank hopes these
rates and foreign exchange they had will be smaller than the €5.2bn booked
done ‘quite well’ so far this year gives in 2015.
some comfort that the underperform- Shareholders will have to wait a while
ance might be temporary. Nevertheless for their payouts, however well that and
much of the drag from deleveraging is everything else works out.
still ahead.” “Even if we have a great year, I don’t
Much of the hard work also lies ahead think this year we’re going to end up rec-
in the reshaping of Deutsche’s retail ommending a dividend,” said Mr Cryan.
business, which is the other big part of “[It will be] at the earliest 2017”.
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
16 FINANCIAL TIMES Friday 29 January 2016

MARKET DATA

WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA

Change during previous day’s trading (%)
S&P 500 Nasdaq Composite Dow Jones Ind FTSE 100 FTSE Eurofirst 300 Nikkei Hang Seng FTSE All World $ $ per € $ per £ ¥ per $ £ per € Oil Brent $ Sep Gold $

-0.17% -0.37% -0.98% -1.68% -0.71% -0.034% -0.393% -0.20%

0.14% 0.75% 0.14% 0.644% 0.912% 2.40%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Dec 29 - Jan 28 Index All World Dec 29 - Jan 28 Index All World Dec 29 - Jan 28 Index All World Dec 29 - Jan 28 Index All World Dec 29 - Jan 28 Index All World Dec 29 - Jan 28 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
2,056.50 13,245.75 6,254.64 10,653.91 18,769.06 1,961.31
1,906.94
12,535.56 5,990.37
1,879.66 17,041.45
9,639.59
Day -0.17% Month -8.69% Year -7.27% Day 1.27% Month -5.87% Year -14.21% Day -0.98% Month -5.24% Year -13.17% Day -2.44% Month 0.68% Year NaN% Day -0.71% Month -9.20% Year -4.09% Day 0.48% Month -4.21% Year -2.33%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
5,040.99 43,012.37 42,352.39 1,453.11 9,641.90 21,999.62 2,888.22

4,474.62 1,318.22 8,590.60 19,195.83 2,562.45

Day 0.14% Month -11.28% Year -4.32% Day 0.58% Month -2.40% Year 0.46% Day -1.68% Month -8.01% Year -10.68% Day -1.72% Month -11.28% Year -18.95% Day 0.75% Month -13.29% Year -22.62% Day 0.64% Month -10.95% Year 11.76%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
17,528.27 43,349.96 4,677.14 21,369.15 26,079.48
3,563.74
24,469.57
4,322.16
15,886.11 38,474.99
18,189.95 2,655.66
Day -0.37% Month -9.36% Year -8.50% Day 0.26% Month -12.13% Year -19.37% Day -1.33% Month -7.31% Year -6.53% Day -3.49% Month -14.88% Year -11.18% Day -2.92% Month -26.80% Year -20.80% Day -0.09% Month -5.30% Year -17.25%

Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous
Argentina Merval 10926.74 10786.58 Cyprus CSE M&P Gen 66.81 66.81 Italy FTSE Italia All-Share 19851.82 20511.50 Philippines Manila Comp 6563.38 6507.22 Taiwan Weighted Pr 7905.10 7849.83 Cross-Border DJ Global Titans ($) 217.59 217.28
Australia All Ordinaries 5028.10 5000.80 Czech Republic
PX 909.43 902.56 FTSE Italia Mid Cap 30967.93 31519.29 Poland Wig 43640.91 43236.46 Thailand Bangkok SET 1288.40 1278.29 Euro Stoxx 50 (Eur) 2977.10 3043.47
S&P/ASX 200 4976.20 4946.40 Denmark OMXC Copenahgen 20 945.57 969.08 FTSE MIB 18189.95 18848.03 Portugal PSI 20 4978.21 4979.69 Turkey BIST 100 72052.86 71808.91 Euronext 100 ID 852.85 863.73
S&P/ASX 200 Res 2152.70 2133.50 Egypt EGX 30 5960.59 5896.56 Japan 2nd Section 4407.26 4400.11 PSI General 2392.80 2391.84 UAE Abu Dhabi General Index 3910.44 3827.82 FTSE 4Good Global ($) 4986.41 4994.30
Austria ATX 2129.45 2137.96 Estonia OMX Tallinn 881.23 879.88 Nikkei 225 17041.45 17163.92 Romania BET Index 6265.27 6260.44 UK FT 30 2783.90 2753.90 FTSE All World 242.70 242.35
Belgium BEL 20 3409.37 3461.09 Finland OMX Helsinki General 8184.42 8287.53 S&P Topix 150 1143.57 1152.43 Russia Micex Index 1771.93 1747.57 FTSE 100 5931.78 5990.37 FTSE E300 1318.22 1340.76
BEL Mid 5530.69 5581.09 France CAC 40 4322.16 4380.36 Topix 1392.10 1400.70 RTX 727.13 704.87 FTSE 4Good UK 5363.10 5424.00 FTSE Eurotop 100 2608.04 2653.99
Brazil Bovespa 38474.99 38376.37 SBF 120 3417.69 3463.52 Jordan Amman SE 2139.94 2139.02 Saudi-Arabia TADAWUL All Share Index 5879.98 5698.56 FTSE All Share 3258.27 3286.57 FTSE Global 100 ($) 1212.26 1207.68
Canada S&P/TSX 60 737.56 727.40 Germany M-DAX 19017.42 19318.64 Kenya NSE 20 3759.86 3745.38 Singapore FTSE Straits Times 2562.45 2546.18 FTSE techMARK 100 3755.55 3812.07 FTSE Gold Min ($) 951.30 929.03
S&P/TSX Comp 12535.56 12377.77 TecDAX 1643.18 1695.45 Kuwait KSX Market Index 501.04 496.93 Slovakia SAX 303.56 307.09 USA DJ Composite 5519.98 5547.26 FTSE Latibex Top (Eur) 1872.90 1854.00
S&P/TSX Met & Min 251.44 254.08 XETRA Dax 9639.59 9880.82 Latvia OMX Riga 600.88 600.39 Slovenia SBI TOP 681.65 678.63 DJ Industrial 15886.11 15944.46 FTSE Multinationals ($) 1367.86 1374.04
Chile IGPA Gen 17634.90 17547.64 Greece Athens Gen 542.18 545.27 Lithuania OMX Vilnius 482.21 483.09 South Africa FTSE/JSE All Share 48702.61 47923.92 DJ Transport 6647.09 6756.12 FTSE World ($) 431.07 430.57
China FTSE A200 7365.61 7550.26 FTSE/ASE 20 150.79 152.28 Luxembourg LuxX 1309.50 1310.53 FTSE/JSE Res 20 24731.43 24174.51 DJ Utilities 594.13 589.50 FTSEurofirst 100 (Eur) 3706.88 3760.90
FTSE B35 9637.56 9761.03 Hong Kong Hang Seng 19195.83 19052.45 Malaysia FTSE Bursa KLCI 1634.53 1631.54 FTSE/JSE Top 40 43746.33 42938.94 Nasdaq 100 4144.85 4128.86 FTSEurofirst 80 (Eur) 4030.57 4111.79
Shanghai A 2778.98 2862.75 HS China Enterprise 8028.58 7959.51 Mexico IPC 42352.39 42109.89 South Korea Kospi 1906.94 1897.87 Nasdaq Cmp 4474.62 4468.17 MSCI ACWI Fr ($) 367.05 367.63
Shanghai B 335.36 341.15 HSCC Red Chip 3381.29 3376.19 Morocco MASI 8870.19 8866.59 Kospi 200 231.51 230.96 NYSE Comp 9345.61 9373.78 MSCI All World ($) 1531.38 1535.76
Shanghai Comp 2655.66 2735.56 Hungary Bux 23778.94 23769.46 Netherlands AEX 420.10 424.41 Spain IBEX 35 8590.60 8741.00 S&P 500 1879.66 1882.95 MSCI Europe (Eur) 1332.83 1325.27
Shenzhen A 1702.80 1777.38 India BSE Sensex 24469.57 24492.39 AEX All Share 643.76 649.11 Sri Lanka CSE All Share 6319.89 6316.46 Wilshire 5000 19317.86 19335.66 MSCI Pacific ($) 2101.37 2064.89
Shenzhen B 1119.22 1131.57 S&P CNX 500 6230.00 6242.40 New Zealand NZX 50 6149.70 6141.94 Sweden OMX Stockholm 30 1332.67 1365.59 Venezuela IBC 14301.95 14031.14 S&P Euro (Eur) 1339.48 1365.41
Colombia COLCAP 1153.46 1146.36 Indonesia Jakarta Comp 4602.83 4583.63 Nigeria SE All Share 23333.34 23832.03 OMX Stockholm AS 462.55 471.05 Vietnam VNI 539.47 542.69 S&P Europe 350 (Eur) 1349.64 1373.28
Croatia CROBEX 1602.60 1601.59 Ireland ISEQ Overall 6214.79 6341.96 Norway Oslo All Share 593.93 585.01 Switzerland SMI Index 8153.27 8322.68 S&P Global 1200 ($) 1685.70 1691.27
Israel Tel Aviv 100 12.49 12.51 Pakistan KSE 100 31193.73 31101.38 Stoxx 50 (Eur) 2833.29 2888.02
(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.

STOCK MARKET: BIGGEST MOVERS UK MARKET WINNERS AND LOSERS

AMERICA LONDON EURO MARKETS TOKYO Jan 28 %Chg %Chg Jan 28 %Chg %Chg Jan 28 %Chg %Chg Jan 28 %Chg %Chg
ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's FTSE 100 price(p) week ytd FTSE 250 price(p) week ytd FTSE SmallCap price(p) week ytd Industry Sectors price(p) week ytd
traded m's price change traded m's price change traded m's price change traded m's price change Winners Winners Winners Winners
Facebook Class A 64.1 107.80 13.35 Royal Dutch Shell 288.0 1496.00 34.96 Roche Gs 848.6 242.01 0.00 Toyota Motor 638.5 6883.00 2.00 Royal Dutch Shell 1495.00 14.2 -1.5 Tullow Oil 163.50 32.6 3.4 Lonmin 54.75 49.0 -34.4 Oil & Gas Producers 5719.68 11.3 1.0
Apple 23.3 93.00 -0.42 Royal Dutch Shell 252.5 1495.00 40.02 Novartis N 819.3 72.63 0.00 Softbank . 451.9 5099.00 -88.00 Royal Dutch Shell 1496.00 13.5 -3.0 Nmc Health 893.50 18.7 6.3 Enquest 15.00 31.1 -22.4 Oil Equipment & Services 12804.03 8.7 -1.6
Amazon.com 22.2 613.62 30.27 Bp 229.9 368.45 4.36 Eni 540.3 13.14 0.00 Sony 410.3 2378.00 -134.00 Bg 1044.00 12.3 6.4 Acacia Mining 195.40 14.8 11.9 Oxford Instruments 730.00 25.6 -4.8 Electricity 8262.60 6.6 -6.0
Hospira 11.8 89.95 -0.01 Bg 221.4 1044.00 18.15 Nestle N 459.0 66.63 0.00 Mitsubishi Ufj Fin,. 340.9 627.00 -7.00 Glencore 90.45 11.5 1.4 Drax 252.00 13.2 3.1 Petra Diamonds 85.25 22.7 -2.6 Food & Drug Retailers 2574.31 5.4 3.0
Netflix 10.8 93.01 1.86 Sabmiller 185.8 4170.00 -12.50 Total 455.8 40.21 0.06 Alps Electric Co., 297.8 2208.00 -466.00 Anglo American 275.90 11.3 -7.9 Ophir Energy 89.00 12.6 -9.6 Kaz Minerals 122.75 22.4 19.4 Mining 6759.39 5.4 -8.1
Microsoft 8.4 51.36 0.14 Shire 157.8 3879.00 -171.00 Royal Dutch Shella 448.2 19.77 0.42 Fast Retailing Co., 285.0 37120.00 -490.00 Sage 604.00 10.4 0.6 Petrofac 782.50 12.1 -1.7 Nanoco 44.25 22.1 -23.0 Software & Computer Services 1593.21 5.2 -3.6
Under Armour 8.3 81.71 13.13 Hsbc Holdings 153.1 477.65 4.79 Unicredit 438.0 3.77 0.00 Sumitomo Mitsui Fin,. 278.0 4050.00 -56.00 Compass 1178.00 8.3 0.3 Virgin Money Holdings (uk) 315.00 12.0 -16.8 Imagination 136.00 20.4 1.9 Tobacco 46305.33 5.1 0.4
Alphabet Class A Common Stock 7.3 736.51 18.93 Vodafone 152.6 215.30 -7.90 Intesa Sanpaolo 422.2 2.65 0.00 Nippon Telegraph And Telephone 252.5 4873.00 60.00 Fresnillo 709.00 7.5 0.6 Telecom Plus 992.00 11.8 -7.4 Soco Int 151.75 20.0 3.1 Electronic & Electrical Equip. 3851.68 3.9 -9.1
Pfizer 6.9 30.11 -0.41 Glaxosmithkline 151.6 1414.50 -21.50 Santander 363.3 3.84 -0.14 Honda Motor Co., 224.2 3252.00 -64.00 Bp 368.45 7.3 3.7 Ted Baker 2938.00 11.2 -1.7 Lamprell 85.00 17.2 -14.6 Food Producers 8402.22 3.9 -5.3
Celgene 6.5 96.90 -5.41 Astrazeneca 146.4 4347.00 -134.71 Daimler Ag Na O.n. 339.3 65.93 0.00 Mizuho Fin,. 222.8 209.30 -1.50 Randgold Resources Ld 4833.00 7.3 16.7 Amec Foster Wheeler 401.80 11.2 -2.6 Hunting 294.50 16.4 -3.6 Aerospace & Defense 3999.81 3.2 -3.7
Sse 1424.00 6.8 -6.0 Ashmore 217.70 10.8 -15.1 Tyman 261.25 13.6 -13.1 Personal Goods 25929.61 2.8 0.4
BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's
Dcc 5270.00 6.2 -6.9 Renishaw 1768.00 10.5 -6.0 Hochschild Mining 49.75 10.6 3.1 Health Care Equip.& Services 6861.45 2.8 -5.2
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Under Armour 81.71 13.13 19.15 Tullow Oil 163.50 18.46 12.07 Repsol 9.30 0.47 5.30 Advantest 1100.00 130.00 13.40 Ashtead 890.00 -7.0 -20.5 Just Eat 370.90 -8.2 -23.9 Premier Oil 19.00 -56.1 -60.8 Forestry & Paper 12107.01 -6.1 -15.6
Facebook Class A 107.80 13.35 14.13 Vedanta Resources 235.80 22.40 10.50 Galp Energia-nom 10.77 0.46 4.46 Dainippon Screen Mfg.co., 913.00 34.00 3.87 Carnival 3384.00 -6.7 -12.7 Smith (ds) 343.10 -7.1 -13.5 Rps 180.75 -13.5 -24.5 Industrial Metals 579.60 -5.9 -19.5
Hess 39.64 2.79 7.57 Anglo American 275.90 22.15 8.73 Natixis 4.44 0.13 2.99 Sharp 138.00 5.00 3.76 Easyjet 1526.00 -6.4 -12.3 Poundland 140.80 -6.4 -32.2 Avon Rubber 816.00 -12.6 -14.5 Automobiles & Parts 6506.84 -2.8 -10.0
Kinder Morgan 15.15 1.06 7.48 Amec Foster Wheeler 401.80 28.99 7.45 Arcelormittal 3.70 0.10 2.75 Marui Co., 1822.00 64.00 3.64 Mondi 1124.00 -6.3 -15.7 Evraz 58.85 -6.1 -19.7 Carpetright 393.00 -6.8 -18.8 Technology Hardware & Equip. 1173.37 -1.2 -8.1
Paypal Holdings Common Stock 33.95 2.36 7.47 Drax 252.00 17.40 7.42 Cnp Assurances 11.75 0.30 2.62 Konami 2737.00 73.00 2.74 Shire 3879.00 -6.0 -17.4 Firstgroup 90.05 -5.0 -16.1 Low & Bonar 60.00 -5.1 -9.6 Banks 3308.41 -0.7 -13.4
Royal Bank Of Scotland 250.70 -4.5 -17.0 Bwin.party Digital Entertainment 124.00 -4.8 -7.4 Helical Bar 387.50 -4.5 -18.4 General Industrials 4159.69 -0.6 -5.5
Downs Downs Downs Downs
Kingfisher 319.80 -4.4 -2.5 Ocado 267.00 -4.3 -11.3 Stv 461.25 -4.4 -10.0 Chemicals 9737.80 -0.3 -9.8
Alliance Data Systems 208.78 -38.02 -15.41 Firstgroup 90.05 -12.25 -11.97 Grifols Sa 14.99 -14.40 -48.99 Alps Electric Co., 2208.00 -466.00 -17.43
Barclays 178.40 -4.2 -18.5 Workspace 785.50 -4.0 -18.0 Premier Foods 34.75 -4.1 -11.5 General Retailers 2815.00 0.3 -6.3
United Rentals 47.28 -8.56 -15.33 Ashtead 890.00 -75.00 -7.77 Ucb 79.85 -4.38 -5.20 Taiyo Yuden Co., 1307.00 -127.00 -8.86
Standard Chartered 459.45 -4.1 -18.5 Paypoint 788.50 -3.8 -14.4 Novae 798.00 -4.1 -14.8 Real Estate Investment Trusts 2992.26 0.4 -8.2
Juniper Networks 22.61 -3.93 -14.81 Carnival 3384.00 -241.14 -6.67 Altice 12.13 -0.66 -5.16 Nisshin Steel Holdings Co., 1092.00 -87.00 -7.38
Int Consolidated Airlines S.a. 525.50 -3.4 -12.7 Dfs Furniture 312.50 -3.6 -5.8 Fenner 108.00 -2.6 -25.2 Mobile Telecommunications 4953.89 0.4 -3.3
Ebay 22.83 -3.59 -13.59 Smith (ds) 343.10 -19.90 -5.48 Altice B 12.30 -0.65 -5.02 Tdk 6300.00 -430.00 -6.39
Centrica 200.20 -2.0 -8.2 Thomas Cook 105.70 -3.0 -12.7 Mccoll's Retail 136.50 -2.5 1.1 Life Insurance 6913.89 0.4 -11.7
yte Genomics 65.38 -9.61 -12.82 Paypoint 788.50 -41.50 -5.00 Renault 77.88 -3.41 -4.19 Jfe Holdings,. 1548.00 -100.00 -6.07
Gkn 278.30 -1.6 -8.9 Carillion 267.80 -2.8 -11.6 Artemis Alpha Trust 223.00 -2.5 -9.8 Fixed Line Telecommunication 5228.09 0.5 -1.9
Based on the constituents of the S&P500 and the Nasdaq 100 index Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index
Based on last week's performance. †Price at suspension.

CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
Jan 28 Currency Mid Change Mid Change Mid Change Jan 28 Currency Mid Change Mid Change Mid Change Jan 28 Currency Mid Change Mid Change Mid Change Jan 28 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 13.8900 -0.0226 15.1949 0.0706 19.9856 0.1518 Indonesia Indonesian Rupiah 13874.5000 -3.0000 15178.0077 91.7975 19963.3473 179.5838 Poland Polish Zloty 4.0865 -0.0318 4.4704 -0.0066 5.8798 0.0088 ..Three Month 0.6950 -0.0065 0.7601 -0.0023 - -
Australia Australian Dollar 1.4108 -0.0089 1.5434 0.0000 2.0300 0.0060 Israel Israeli Shekel 3.9533 -0.0177 4.3247 0.0078 5.6881 0.0271 Romania Romanian Leu 4.1532 -0.0207 4.5434 0.0059 5.9758 0.0255 ..One Year 0.6953 -0.0065 0.7594 -0.0023 - -
Bahrain Bahrainin Dinar 0.3771 - 0.4125 0.0026 0.5425 0.0050 Japan Japanese Yen 118.6950 -0.0400 129.8462 0.7696 170.7842 1.5158 Russia Russian Ruble 76.8213 -1.4531 84.0385 -1.0535 110.5342 -1.0537 United States United States Dollar - - 1.0939 0.0068 1.4388 0.0133
Bolivia Bolivian Boliviano 6.9000 - 7.5482 0.0473 9.9281 0.0914 ..One Month 118.6949 -0.0401 129.8462 0.7696 170.7841 1.5156 Saudi Arabia Saudi Riyal 3.7515 - 4.1039 0.0257 5.3978 0.0497 ..One Month - - 1.0939 -0.3316 1.4389 0.0133
Brazil Brazilian Real 4.0706 0.0037 4.4530 0.0319 5.8569 0.0592 ..Three Month 118.6948 -0.0405 129.8462 0.7697 170.7838 1.5151 Singapore Singapore Dollar 1.4268 -0.0034 1.5608 0.0061 2.0529 0.0141 ..Three Month - - 1.0937 -0.3316 1.4389 0.0133
Canada Canadian Dollar 1.4082 -0.0015 1.5405 0.0081 2.0262 0.0166 ..One Year 118.6936 -0.0429 129.8463 0.7698 170.7841 1.5140 South Africa South African Rand 16.2057 -0.1718 17.7281 -0.0757 23.3175 -0.0301 ..One Year - - 1.0925 -0.3316 1.4392 0.0132
Chile Chilean Peso 711.6350 -4.6050 778.4919 -0.1314 1023.9353 2.8649 Kenya Kenyan Shilling 102.2500 0.0500 111.8562 0.7548 147.1223 1.4262 South Korea South Korean Won 1208.5500 5.9500 1322.0913 14.7468 1738.9212 24.4969 Venezuela Venezuelan Bolivar Fuerte 6.3050 0.0200 6.8973 0.0649 9.0719 0.1121
China Chinese Yuan 6.5759 -0.0020 7.1937 0.0429 9.4617 0.0843 Kuwait Kuwaiti Dinar 0.3035 -0.0001 0.3320 0.0020 0.4367 0.0040 Sweden Swedish Krona 8.5090 -0.0114 9.3084 0.0459 12.2432 0.0966 Vietnam Vietnamese Dong 22250.0000 -55.0000 24340.3758 92.6024 32014.4449 216.4259
Colombia Colombian Peso 3308.2500 -73.9500 3619.0553 -57.7289 4760.0733 -61.5856 Malaysia Malaysian Ringgit 4.2070 -0.0495 4.6022 -0.0250 6.0532 -0.0148 Switzerland Swiss Franc 1.0138 -0.0035 1.1090 0.0032 1.4587 0.0085 European Union Euro 0.9141 -0.0058 - - 1.3153 0.0039
Costa Rica Costa Rican Colon 535.5300 0.4400 585.8421 4.1467 770.5468 7.7235 Mexico Mexican Peson 18.3115 -0.1557 20.0318 -0.0439 26.3475 0.0206 Taiwan New Taiwan Dollar 33.5895 -0.0015 36.7452 0.2285 48.3302 0.4430 ..One Month 0.9140 -0.0058 - - 1.3152 0.0039
Czech Republic Czech Koruna 24.6995 -0.1584 27.0200 -0.0030 35.5388 0.1015 New Zealand New Zealand Dollar 1.5460 0.0084 1.6912 0.0198 2.2244 0.0325 Thailand Thai Baht 35.8300 0.0200 39.1962 0.2672 51.5540 0.5033 ..Three Month 0.9138 -0.0058 - - 1.3151 0.0039
Denmark Danish Krone 6.8219 -0.0427 7.4628 0.0003 9.8156 0.0295 Nigeria Nigerian Naira 199.2500 0.2000 217.9692 1.5823 286.6906 2.9254 Tunisia Tunisian Dinar 2.0351 -0.0082 2.2263 0.0050 2.9282 0.0153 ..One Year 0.9127 -0.0057 - - 1.3144 0.0039
Egypt Egyptian Pound 7.8267 0.0182 8.5620 0.0733 11.2614 0.1296 Norway Norwegian Krone 8.6434 -0.0324 9.4554 0.0239 12.4365 0.0683 Turkey Turkish Lira 2.9754 -0.0154 3.2549 0.0036 4.2812 0.0175
Hong Kong Hong Kong Dollar 7.7909 -0.0020 8.5228 0.0511 11.2099 0.1003 Pakistan Pakistani Rupee 104.9250 0.0200 114.7825 0.7405 150.9712 1.4189 United Arab Emirates UAE Dirham 3.6725 -0.0005 4.0175 0.0246 5.2842 0.0479
Hungary Hungarian Forint 287.6275 -0.7453 314.6496 1.1600 413.8525 2.7488 Peru Peruvian Nuevo Sol 3.4665 -0.0001 3.7921 0.0237 4.9877 0.0459 United Kingdom Pound Sterling 0.6950 -0.0065 0.7603 -0.0023 - -
India Indian Rupee 68.2150 0.1700 74.6237 0.6521 98.1511 1.1463 Philippines Philippine Peso 47.7350 -0.1050 52.2196 0.2128 68.6835 0.4828 ..One Month 0.6950 -0.0065 0.7602 -0.0023 - -
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 FT 30 INDEX FTSE SECTORS: LEADERS & LAGGARDS FTSE 100 SUMMARY
Produced in conjunction with the Institute and Faculty of Actuaries Jan 28 Jan 27 Jan 26 Jan 25 Jan 22 Yr Ago High Low Year to date percentage changes Closing Day's Closing Day's
£ Strlg Day's Euro £ Strlg £ Strlg Year Div P/E X/D Total FT 30 2783.90 2753.90 2736.40 2756.00 2695.70 0.00 2875.90 2642.30 Food & Drug Retailer 1.64 FTSE SmallCap Index -5.87 Electronic & Elec Eq -8.12 FTSE 100 Price Change FTSE 100 Price Change
Jan 28 chge% Index Jan 27 Jan 26 ago yield% Cover ratio adj Return FT 30 Div Yield 1.79 1.81 1.81 1.81 1.85 0.00 3.93 2.74 Leisure Goods -0.38 Health Care -5.88 Chemicals -8.18 3I Group PLC 433.90 -5.70 Kingfisher PLC 319.80 -0.60
FTSE 100 (100) 5931.78 -0.98 6070.25 5990.37 5911.46 6810.60 4.19 1.47 16.25 3.26 4650.27 P/E Ratio net 24.96 24.67 24.61 24.60 24.13 0.00 19.44 14.26 Gas Water & Multi -1.71 Media -5.98 Construct & Material -8.35 Aberdeen Asset Management PLC 237.00 -3.00 Land Securities Group PLC 1067 -19.00
FTSE 250 (250) 16196.55 -0.52 16574.67 16280.98 16179.02 16359.02 2.82 1.92 18.46 15.43 11283.32 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35 Aerospace & Defense -1.96 NON FINANCIALS Index -6.06 Technology -8.38 Admiral Group PLC 1725 -15.00 Legal & General Group PLC 234.30 -3.10
FTSE 250 ex Inv Co (209) 17585.38 -0.52 17995.92 17676.42 17565.00 17651.58 2.84 2.02 17.39 13.89 12489.99 FT 30 hourly changes Beverages -2.03 Equity Invest Instr -6.11 Oil & Gas Producers -8.51 Anglo American PLC 275.90 22.15 Lloyds Banking Group PLC 64.07 -0.85
FTSE 350 (350) 3307.59 -0.90 3384.81 3337.59 3297.62 3717.60 3.95 1.52 16.60 2.05 5226.77 8 9 10 11 12 13 14 15 16 High Low Fixed Line Telecomms -2.63 Industrial Transport -6.30 Oil & Gas -8.56 Antofagasta PLC 384.00 8.60 London Stock Exchange Group PLC 2411 -33.00
FTSE 350 ex Investment Trusts (309) 3285.12 -0.91 3361.81 3315.20 3275.03 3697.56 3.98 1.53 16.42 1.92 2672.87 2753.9 2748 2737.8 2742.7 2740.6 2746.8 2756.1 2761.1 2766.3 2783.9 2735.3 Telecommunications -2.68 Industrials -6.34 Automobiles & Parts -8.66 Arm Holdings PLC 953.50 -42.00 Marks And Spencer Group PLC 418.40 -8.30
FTSE 350 Higher Yield (108) 3038.24 -0.56 3109.17 3055.32 3006.74 3630.83 5.74 1.28 13.55 2.01 4924.43 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Mobile Telecomms -2.71 Software & Comp Serv -6.73 Industrial Eng -8.89 Ashtead Group PLC 890.00 -75.00 Merlin Entertainments PLC 407.90 -1.90
FTSE 350 Lower Yield (242) 3261.34 -1.25 3337.48 3302.57 3276.39 3441.20 2.10 2.20 21.63 1.87 3453.94 Utilities -2.85 Food Producers -6.92 Financials -9.68 Associated British Foods PLC 3050 -28.00 Mondi PLC 1124 -45.00
FTSE SmallCap (289) 4319.36 0.19 4420.20 4311.18 4302.69 4415.95 3.03 1.40 23.59 8.40 5932.90 Tobacco -3.79 Real Est Invest & Tr -6.94 Tech Hardware & Eq -9.95
FTSE SmallCap ex Inv Co (154) 3929.28 0.60 4021.01 3906.03 3904.97 3831.10 2.97 1.87 18.00 6.02 5665.19 FX: EFFECTIVE INDICES Consumer Goods -4.05 FTSE 100 Index -7.02 Oil Equipment & Serv -10.14
Astrazeneca PLC 4347 -126.00 National Grid PLC 960.30 -5.40
Aviva PLC 464.00 -9.20 Next PLC 6795 -155.00
FTSE All-Share (639) 3258.27 -0.86 3334.34 3286.57 3248.36 3650.26 3.92 1.52 16.77 2.17 5208.80
Jan 27 Jan 26 Mnth Ago Jan 28 Jan 27 Mnth Ago Personal Goods -4.81 FTSE All{HY-}Share Index -7.02 Banks -10.76 Babcock International Group PLC 911.00 -13.50 Old Mutual PLC 161.40 1.70
FTSE All-Share ex Inv Co (463) 3222.94 -0.88 3298.18 3251.49 3212.84 3617.75 3.96 1.53 16.44 1.95 2665.73 Nonlife Insurance -5.23 Electricity -7.21 Forestry & Paper -11.09 Bae Systems PLC 505.50 -1.50 Pearson PLC 777.00 5.50
FTSE All-Share ex Multinationals (574) 1105.87 -1.15 937.96 1118.70 1108.77 1171.23 3.04 1.56 21.07 1.02 1886.88 Australia 89.62 88.99 91.91 Sweden 79.80 79.48 80.18 Household Goods & Ho -5.42 Support Services -7.26 Life Insurance -11.30 Barclays PLC 178.40 -3.40 Persimmon PLC 1970 -28.00
FTSE Fledgling (100) 7333.05 0.12 7504.24 7324.62 7339.47 6984.18 2.61 1.28 29.89 11.43 13234.40 Canada 83.54 83.51 84.80 Switzerland 156.37 156.44 159.87 Pharmace & Biotech -5.72 FTSE 250 Index -7.28 Financial Services -12.35 Barratt Developments PLC 582.50 -10.50 Provident Financial PLC 2826 -46.00
FTSE Fledgling ex Inv Co (50) 10261.26 0.29 10500.82 10232.06 10299.82 8698.29 2.71 1.67 22.06 5.35 17997.77 Denmark 106.22 106.17 105.78 UK 87.84 88.37 90.93 General Retailers -5.77 Health Care Eq & Srv -7.50 Basic Materials -14.69 Berkeley Group Holdings (The) PLC 3500 -58.00 Prudential PLC 1321 -13.50
FTSE All-Small (389) 2997.23 0.19 3067.20 2991.66 2986.38 3053.99 3.00 1.40 23.85 5.77 5285.91 Japan 130.51 130.93 127.81 USA 106.54 106.50 105.76 Consumer Services -5.86 Travel & Leisure -7.72 Mining -16.24 Bg Group PLC 1044 14.50 Randgold Resources LD 4833 18.00
FTSE All-Small ex Inv Co Index (204) 2935.86 0.58 3004.40 2918.84 2918.85 2844.70 2.96 1.86 18.14 4.38 5362.99 New Zealand 111.25 110.91 115.71 Euro 87.19 86.92 86.26 Real Est Invest & Se -7.96 Industrial Metals & -16.89 Bhp Billiton PLC 679.60 9.70 Reckitt Benckiser Group PLC 6125 -44.00
FTSE AIM All-Share Index (849) 687.78 0.24 703.83 686.14 683.72 686.48 1.63 0.62 98.79 0.55 740.80 Norway 85.17 84.82 83.89
BP PLC 368.45 5.55 RELX PLC 1189 -10.00
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British American Tobacco PLC 3768.5 4.50 Rio Tinto PLC 1700 -17.00
Oil & Gas (18) 6037.06 1.96 6177.99 5921.14 5779.81 7405.20 6.24 0.20 80.28 0.00 5056.42 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk British Land Company PLC 721.50 -8.50 Rolls-Royce Holdings PLC 542.50 3.00
Oil & Gas Producers (11) 5746.87 1.89 5881.03 5640.01 5499.80 7059.48 6.26 0.16 98.78 0.00 4977.10 Bt Group PLC 466.20 -12.10 Royal Bank Of Scotland Group PLC 250.70 -5.00
Oil Equipment Services & Distribution (7)13296.88 3.84 13607.30 12804.99 12878.55 15579.58 5.73 1.41 12.38 0.00 9779.30 FTSE GLOBAL EQUITY INDEX SERIES Bunzl PLC 1803 -16.00 Royal Dutch Shell PLC 1496 34.00
Basic Materials (28) 2505.99 -0.12 2564.49 2508.98 2472.64 4527.35 8.18 1.88 6.51 1.30 2458.43 Burberry Group PLC 1160 -30.00 Royal Dutch Shell PLC 1495 32.00
Chemicals (7) 10423.99 -1.61 10667.34 10595.07 10631.34 12089.54 2.75 2.27 16.02 35.08 8989.91 Jan 28 No of US $ Day Mth YTD Total
YTD Gr Div Jan 28 No of US $ Day Mth YTD Total YTD Gr Div Capita PLC 1139 -3.00 Royal Mail PLC 449.20 -8.30
Forestry & Paper (1) 13210.97 -3.85 13519.38 13739.88 13634.10 13963.19 2.73 3.37 10.86 0.00 13723.19 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Carnival PLC 3384 -232.00 Rsa Insurance Group PLC 405.20 -6.60
Industrial Metals & Mining (2) 586.96 -2.96 600.66 604.86 639.17 1720.45 1.96 -18.64 -2.73 0.00 512.23 FTSE Global All Cap 7741 413.64 -0.2 -8.9 -8.3 566.42
-8.2 2.7 Oil & Gas 166 280.37 0.3 0.3 -8.1 428.61 -8.0 4.6 Centrica PLC 200.20 -9.90 Sabmiller PLC 4170 -29.00
Mining (18) 6493.10 0.45 6644.68 6463.88 6342.17 12909.35 9.62 1.85 5.62 0.00 3333.66 FTSE Global All Cap 7102 424.78 -0.2 -9.0 -8.4 571.45
-8.4 2.7 Oil & Gas Producers 116 263.40 0.4 0.4 -7.7 409.77 -7.7 4.5 Coca-Cola Hbc AG 1397 -12.00 Sage Group PLC 604.00 -6.00
FTSE Global Large Cap 1415 366.79 -0.1 -8.6 -8.0 513.81
-7.9 2.9 Oil Equipment & Services 41 251.41 -0.3 -0.3 -9.4 350.74 -9.4 5.2 Compass Group PLC 1178 7.00 Sainsbury (J) PLC 236.70 1.20
Industrials (119) 4067.17 -0.88 4162.12 4103.36 4083.80 4412.57 2.74 1.21 30.27 1.31 4042.74
Construction & Materials (14) 4900.00 -2.75 5014.39 5038.69 4968.66 4467.63 2.40 -0.81 -51.62 0.00 5007.06 FTSE Global Mid Cap 1640 549.98 0.0 -9.1 -8.6 718.71
-8.6 2.3 Basic Materials 261 313.69 0.2 0.2 -10.7 459.93 -10.7 3.8 Crh PLC 1787 -78.00 Schroders PLC 2650 -27.00
Aerospace & Defense (9) 4148.12 0.14 4244.96 4142.21 4134.92 5183.95 2.76 1.04 34.80 1.32 4289.62 FTSE Global Small Cap 4686 566.95 -0.5 -10.1 -9.6 719.60
-9.6 2.2 Chemicals 122 528.06 -0.1 -0.1 -10.7 776.54 -10.7 2.9 Dcc PLC 5270 25.00 Severn Trent PLC 2130 -22.00
General Industrials (6) 3379.41 -1.38 3458.30 3426.57 3407.65 3157.29 3.38 1.67 17.77 0.00 3679.07 FTSE All-World 3055 242.35 -0.1 -8.7 -8.1 350.12
-8.0 2.8 Forestry & Paper 16 175.34 1.2 1.2 -10.6 281.63 -10.6 3.9 Diageo PLC 1841.5 -25.50 Shire PLC 3879 -171.00
Electronic & Electrical Equipment (10) 4989.47 -0.75 5105.96 5027.16 4998.04 5049.67 2.47 1.90 21.24 0.00 4418.72 FTSE World 2539 430.57 -0.2 -8.5 -7.9 835.24
-7.8 2.8 Industrial Metals & Mining 67 223.73 0.6 0.6 -13.0 329.47 -13.0 3.7 Direct Line Insurance Group PLC 368.60 -8.90 Sky PLC 1041 -21.00
Industrial Engineering (14) 7055.72 0.04 7220.44 7053.15 7025.59 9103.30 4.25 1.57 14.94 10.28 8273.68 FTSE Global All Cap ex UNITED KINGDOM In 7417 424.93 -0.2 -8.8 -8.3 573.82
-8.2 2.6 Mining 56 294.59 1.1 1.1 -9.0 431.71 -9.0 7.2 Dixons Carphone PLC 463.20 -7.80 Smith & Nephew PLC 1134 -29.00
Industrial Transportation (8) 3752.43 -1.61 3840.03 3813.73 3786.64 4103.91 4.04 0.94 26.35 0.00 3156.80 FTSE Global All Cap ex USA 5743 383.40 0.9 -8.4 -8.1 556.79
-8.0 3.2 Industrials 534 273.46 0.0 0.0 -8.6 380.47 -8.5 2.5 Easyjet PLC 1526 -47.00 Smiths Group PLC 923.00 13.50
Support Services (58) 6158.21 -0.82 6301.97 6209.15 6186.95 6518.28 2.47 1.52 26.74 2.30 6182.02 FTSE Global All Cap ex JAPAN 6479 421.04 -0.4 -9.1 -8.3 581.67
-8.2 2.8 Construction & Materials 109 388.57 1.1 1.1 -7.3 565.46 -7.2 2.3 Experian PLC 1154 -7.00 Sports Direct International PLC 404.50 -9.50
FTSE Developed 2103 392.99 -0.2 -8.5 -7.9 542.20
-7.8 2.7 Aerospace & Defense 28 460.36 -2.3 -2.3 -9.1 634.61 -9.1 2.3 Fresnillo PLC 709.00 2.50 Sse PLC 1424 -8.00
Consumer Goods (40) 18127.45 -0.71 18550.65 18257.43 18031.12 17466.50 3.03 1.77 18.61 0.57 12788.20
FTSE Developed All Cap 5731 411.14 -0.2 -8.7 -8.1 561.11
-8.0 2.7 General Industrials 56 199.53 -0.5 -0.5 -8.0 298.91 -7.7 2.9 Gkn PLC 278.30 -2.10 St. James's Place PLC 915.00 -14.50
Automobiles & Parts (1) 6540.18 -0.75 6692.86 6589.53 6617.73 8683.42 3.05 1.53 21.39 0.00 6014.61
FTSE Developed Large Cap 915 364.19 -0.2 -8.4 -7.8 509.33
-7.7 2.8 Electronic & Electrical Equipment 69 282.05 0.5 0.5 -10.9 361.57 -10.8 2.1 Glaxosmithkline PLC 1414.5 -21.50 Standard Chartered PLC 459.45 -11.90
Beverages (6) 15492.42 -1.07 15854.10 15659.22 15645.69 15303.13 2.47 1.72 23.51 0.00 10552.26
FTSE Developed Europe Large Cap 219 308.28 0.6 -7.7 -6.6 486.17
-6.5 3.7 Industrial Engineering 104 488.28 1.4 1.4 -8.9 668.34 -8.8 2.9 Glencore PLC 90.45 -1.58 Standard Life PLC 354.70 -4.90
Food Producers (10) 8477.96 -0.08 8675.89 8484.86 8324.67 8421.27 1.93 1.39 37.11 3.94 7098.02
FTSE Developed Europe Mid Cap 304 471.54 0.4 -8.7 -8.0 675.66
-8.0 2.7 Industrial Transportation 96 448.77 0.2 0.2 -9.4 622.25 -9.4 2.7 Hammerson PLC 567.00 -6.50 Taylor Wimpey PLC 186.10 -2.90
Household Goods & Home Construction (13)13243.61 -1.03 13552.79 13382.08 13201.42 11272.56 2.20 2.54 17.88 0.00 9009.25
FTSE Dev Europe Small Cap 720 666.33 0.2 -9.1 -8.9 929.91
-8.9 2.4 Support Services 72 255.70 -0.1 -0.1 -7.3 341.82 -7.3 2.1 Hargreaves Lansdown PLC 1307 -16.00 Tesco PLC 166.20 5.20
Leisure Goods (2) 5265.29 -0.83 5388.22 5309.30 5313.03 4812.91 4.54 1.32 16.63 0.00 4459.38
FTSE North America Large Cap 317 402.29 -1.1 -8.7 -7.8 530.26
-7.7 2.5 Consumer Goods 423 393.21 0.7 0.7 -5.6 559.77 -5.5 2.6 Hikma Pharmaceuticals PLC 1963 -31.00 Travis Perkins PLC 1785 -35.00
Personal Goods (6) 22575.78 -1.33 23102.82 22879.00 22594.29 23848.55 2.90 3.22 10.73 1.04 14565.83
FTSE North America Mid Cap 394 581.35 -0.9 -10.1 -9.2 718.17
-9.2 2.0 Automobiles & Parts 103 337.75 1.5 1.5 -11.5 461.71 -11.5 2.9 HSBC Holdings PLC 477.65 -2.45 Tui AG 1173 -42.00
Tobacco (2) 46305.41 -0.04 47386.43 46323.58 45332.69 44424.21 4.31 1.18 19.74 0.00 28219.57
FTSE North America Small Cap 1516 576.21 -1.1 -11.3 -10.2 692.73
-10.1 2.0 Beverages 48 556.58 0.3 0.3 -2.7 803.04 -2.7 2.5 Imperial Tobacco Group PLC 3654 -13.00 Unilever PLC 2966.5 -38.50
Health Care (19) 9044.88 -2.33 9256.04 9260.60 9179.91 9879.87 3.87 3.53 7.33 0.18 6595.12
FTSE North America 711 267.93 -1.0 -8.9 -8.1 361.89
-8.0 2.4 Food Producers 106 531.20 0.5 0.5 -4.9 778.14 -4.8 2.3 Inmarsat PLC 1046 -25.00 United Utilities Group PLC 935.00 -11.50
Health Care Equipment & Services (7) 6961.73 -2.19 7124.25 7117.91 7001.37 6835.84 1.63 2.16 28.38 1.60 5903.94
FTSE Developed ex North America 1392 209.32 1.0 -7.8 -7.7 326.08
-7.6 3.2 Household Goods & Home Construction 47 379.95 0.1 0.1 -5.4 539.23 -5.0 2.4 Intercontinental Hotels Group PLC 2275 -48.00 Vodafone Group PLC 215.30 -7.90
Pharmaceuticals & Biotechnology (12)12214.92 -2.34 12500.08 12507.84 12407.70 13480.81 4.07 3.58 6.86 0.00 7911.27
FTSE Japan Large Cap 177 298.76 2.8 -7.2 -8.8 373.73
-8.8 2.2 Leisure Goods 28 121.68 1.5 1.5 -7.7 156.63 -7.7 1.5 International Consolidated Airlines Group S.A. 525.50 -27.00 Whitbread PLC 3950 -34.00
Consumer Services (97) 4649.12 -1.05 4757.66 4698.38 4644.00 4830.21 2.45 1.59 25.65 7.19 4203.08 FTSE Japan Mid Cap 303 457.39 2.7 -4.8 -6.9 552.65
-6.9 1.7 Personal Goods 80 575.41 0.4 0.4 -3.7 780.28 -3.7 2.1
Food & Drug Retailers (7) 2684.24 2.06 2746.91 2630.11 2600.61 3308.26 1.99 -1.50 -33.38 0.00 3069.45 Intertek Group PLC 2776 13.00 Wolseley PLC 3354 -90.00
FTSE Global wi JAPAN Small Cap 782 484.27 2.4 -5.0 -8.0 603.96
-8.0 1.9 Tobacco 11 1207.95 0.9 0.9 -0.7 2360.56 -0.7 4.0 Intu Properties PLC 288.30 -1.70 Worldpay Group PLC 305.50 3.50
General Retailers (32) 2755.61 -1.36 2819.94 2793.48 2772.97 2929.78 2.63 2.24 16.96 1.98 3022.62
FTSE Japan 480 124.82 2.7 -6.7 2.1 Health Care
-8.5 175.45
-8.4 173 427.74 -0.7 -0.7 -6.7 596.10 -6.6 2.0 Itv PLC 259.30 -7.40 Wpp PLC 1466 -15.00
Media (22) 7170.61 -1.14 7338.01 7253.27 7155.61 7078.76 2.85 1.62 21.66 1.47 4234.30
FTSE Asia Pacific Large Cap ex Japan 530 485.55 0.5 -10.4 -10.3 726.43
-10.2 3.6 Health Care Equipment & Services 61 616.16 -0.4 -0.4 -5.2 706.78 -5.1 1.0 Johnson Matthey PLC 2398 -63.00
Travel & Leisure (36) 8170.17 -1.64 8360.90 8306.57 8202.92 8284.21 2.14 1.91 24.42 29.43 7473.20
FTSE Asia Pacific Mid Cap ex Japan 431 674.33 0.6 -9.4 -9.7 973.08
-9.7 3.2 Pharmaceuticals & Biotechnology 112 323.01 -0.7 -0.7 -7.2 467.74 -7.1 2.3
Telecommunications (7) 3899.34 -3.05 3990.37 4021.91 3940.87 3967.00 4.19 0.18 130.12 0.00 4085.93 FTSE Asia Pacific Small Cap ex Japan 1427 456.16 0.2 -7.8 -8.6 649.51
-8.6 3.0 Consumer Services 386 363.31 -0.5 -0.5 -6.8 472.29 -6.7 1.8
Fixed Line Telecommunications (5) 5314.03 -2.47 5438.09 5448.39 5331.74 4908.93 2.91 1.74 19.71 0.00 4608.60
Mobile Telecommunications (2) 4946.39 -3.45 5061.87 5123.10 5024.33 5351.23 5.08 -0.44 -44.76 0.00 4626.21
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
961
2010
385.62
512.02
0.5
0.9
-10.3
-11.1
-10.2 613.20
-10.2 3.6 Food & Drug Retailers
-10.4 730.49
-10.3 3.5 General Retailers
53 282.17
121 495.25
0.0
-0.6
0.0
-0.6
-5.9 381.91
-7.1 628.07
-5.7
-7.0
2.0
1.6
UK STOCK MARKET TRADING DATA
Utilities (7) 8277.56 -1.20 8470.80 8377.75 8234.53 9081.67 4.90 1.36 14.98 33.42 8851.99 FTSE Emerging Large Cap 500 481.43 1.0 -11.5 -10.6 691.03
-10.6 3.6 Media 87 271.48 -0.5 -0.5 -6.2 353.61 -6.1 2.0 Jan 28 Jan 27 Jan 26 Jan 25 Jan 22 Yr Ago
Electricity (2) 8243.84 -0.06 8436.30 8248.42 8114.39 9457.08 6.14 1.34 12.14 145.17 11170.96 FTSE Emerging Mid Cap 452 644.10 0.9 -9.9 -9.3 914.73
-9.2 3.2 Travel & Leisure 125 352.34 -0.4 -0.4 -7.6 462.53 -7.6 1.9 SEAQ Bargains 4543.00 4571.00 5143.00 5260.00 5260.00 5260.00
Gas Water & Multiutilities (5) 7831.15 -1.47 8013.97 7948.18 7810.66 8495.45 4.60 1.37 15.89 5.49 8378.72 FTSE Emerging Small Cap 1058 554.96 0.3 -9.5 -9.9 763.17
-9.8 3.3 Telecommunication 92 154.61 1.4 1.4 -1.8 273.13 -1.4 4.3 Order Book Turnover (m) 78.30 61.32 49.42 - - -
Financials (285) 4075.95 -0.98 4171.10 4116.43 4088.54 4788.98 4.02 1.87 13.29 4.02 3563.32 FTSE Emerging Europe 99 249.61 2.4 -8.8 -6.5 366.83
-6.5 4.5 Fixed Line Telecommuniations 44 133.95 1.0 1.0 1.0 259.50 1.8 4.6 Order Book Bargains 1103104.00 15.00 977310.00 39.00 39.00 39.00
Banks (9) 3266.72 -1.11 3342.98 3303.25 3291.17 4283.28 5.03 1.37 14.56 0.00 2251.85 FTSE Latin America All Cap 243 538.12 1.6 -11.4 -10.1 795.64
-10.0 4.0 Mobile Telecommunications 48 155.17 2.0 2.0 -5.8 247.61 -5.8 3.7 Order Book Shares Traded (m) 1528.00 0.00 1308.00 1.00 1.00 1.00
Nonlife Insurance (11) 2702.48 -0.99 2765.57 2729.41 2686.42 2352.09 2.78 2.06 17.42 0.00 4541.80 FTSE Middle East and Africa All Cap 219 556.04 0.9 -12.0 3.1 Utilities
-10.1 829.37
-10.0 161 233.14 0.9 0.9 -1.7 427.68 -1.6 4.0 Total Equity Turnover (£m) 3413.62 - 0.00 0.00 0.00 0.00
Life Insurance/Assurance (11) 7015.93 -1.09 7179.72 7093.22 7005.53 8316.95 4.32 1.59 14.57 0.00 6440.70 FTSE Global wi UNITED KINGDOM All Cap In 324 303.91 0.7 -9.0 4.0 Electricity
-7.6 480.56
-7.6 110 254.86 0.9 0.9 -1.6 462.85 -1.4 3.8 Total Mkt Bargains 1243403.00 260.00 9.00 46.00 46.00 46.00
Index- Real Estate Investment & Services (21) 2772.15 -0.92 2836.86 2797.99 2801.96 2763.62 2.29 5.73 7.62 0.57 7128.06 FTSE Global wi USA All Cap 1998 459.00 -1.1 -9.2 -8.4 588.86
-8.3 2.3 Gas Water & Multiutilities 51 246.69 0.8 0.8 -2.0 463.55 -2.0 4.4 Total Shares Traded (m) 4230.00 35.00 0.00 1.00 1.00 1.00
Real Estate Investment Trusts (25) 2723.62 -0.96 2787.20 2749.90 2753.57 3013.80 3.24 5.94 5.20 6.48 3226.15 FTSE Europe All Cap 1402 354.40 0.6 -8.0 -7.1 541.91
-7.0 3.5 Financials 674 177.19 0.2 0.2 -11.7 275.50 -11.7 3.3 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (32) 7152.50 -1.18 7319.47 7238.06 7125.98 7704.54 3.24 2.19 14.07 28.97 7792.33 FTSE Eurobloc All Cap 639 334.22 0.5 -7.8 -6.8 517.15
-6.7 3.2 Banks 243 154.72 0.5 0.5 -13.3 256.38 -13.2 3.9 (c) Market closed.
Equity Investment Instruments (176) 7201.16 -0.43 7369.28 7232.40 7195.29 7667.35 2.83 1.07 33.04 15.75 3795.21 FTSE RAFI All World 3000 3005 4981.13 0.4 -9.0 3.4 Nonlife Insurance
-8.2 6280.70
-8.1 70 196.85 0.0 0.0 -8.2 274.12 -8.2 2.5
Non Financials (354) 3846.71 -0.82 3936.52 3878.52 3827.13 4238.47 3.89 1.40 18.38 2.15 5390.09 FTSE RAFI US 1000 995 8138.67 -0.7 -8.9 -8.0 10302.25
-7.8 2.8 Life Insurance 51 172.41 0.7 0.7 -13.0 261.63 -13.0 3.3
Technology (19) 1360.64 -2.73 1392.41 1398.78 1386.22 1279.82 1.48 1.98 33.95 0.17 1701.67 FTSE EDHEC-Risk Efficient All-World 3055 291.92 0.0 -7.9 -7.5 392.59
-7.4 2.5 Financial Services 141 194.13 -0.3 -0.3 -12.7 258.79 -12.6 2.3 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (13) 1783.48 -1.45 1825.12 1809.68 1745.03 1398.45 2.00 1.82 27.40 0.48 2338.52 FTSE EDHEC-Risk Efficient Developed Europe 523 262.04 0.6 -6.8 2.9 Technology
-6.2 382.68
-6.1 185 158.38 -1.9 -1.9 -9.1 188.99 -9.1 1.9 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Technology Hardware & Equipment (6) 1469.26 -3.81 1503.56 1527.45 1548.37 1591.08 1.04 2.25 42.85 0.00 1686.57 Software & Computer Services 85 284.75 -1.5 -1.5 -8.2 326.89 -8.2 1.2 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Technology Hardware & Equipment 100 113.52 -2.4 -2.4 -10.2 139.35 -10.1 2.8 liable for any loss arising from the reliance on or use of the listed information.
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day 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/ For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE 100 5972.22 6001.55 6000.48 5964.57 5930.13 5950.40 5975.36 5971.59 5911.53 6020.40 5890.68 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
FTSE 250 16263.84 16307.69 16333.04 16242.63 16177.34 16207.01 16279.38 16271.15 16167.46 16346.82 16136.35 (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
Data provided by Morningstar | www.morningstar.co.uk
FTSE SmallCap 4309.60 4350.16 4352.52 4345.85 4339.42 4337.05 4336.76 4343.02 4333.18 4352.53 4308.82
FTSE All-Share 3278.00 3293.40 3293.84 3274.89 3257.43 3267.25 3280.61 3278.83 3248.79 3302.04 3239.69 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
Time of FTSE 100 Day's high:14:23:15 Day's Low15:34:45 FTSE 100 2010/11 High: 6242.32(01/01/2016) Low: 5673.58(20/01/2016) Group companies and is used by FTSE International Limited under licence.
Time of FTSE All-Share Day's high:14:23:00 Day's Low15:35:00 FTSE 100 2010/11 High: 3444.26(01/01/2016) Low: 3123.43(20/01/2016)
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 UK COMPANY RESULTS UK RECENT EQUITY ISSUES

Amount Latest Company Turnover Pre-tax EPS(p) Div(p) Pay day Total Issue Issue Stock Close Mkt
Issue paid renun. closing Aberforth Geared Income Trust Int 1.235L 6.602L 4.5 4.4 2.7 2.5 Feb 26 8.2 7.35 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- ANGLE Int - - 2.387L 1.571L 3.86L 3.56L - - - - - 12/24 144.00 AIM DNL Diurnal Group PLC 146.00 1.80 155.00 147.80 7622.8
94p Nil 23-02-16 160.00 152.03 Chemring Group PLC 159.00 5.00 Arden Partners Pre 5.486 7.955 2.097L 0.075 10.8L 0.5 - 0.75 - - 0.75
Aukett Swanke Group Pre 18.668 17.326 1.87 1.4 1 0.65 0.11 0.11 Apr 22 0.22 0.21
Diageo Int 5606 5900 1784 1640 56.1 52.3 22.6 21.5 Apr 7 57.5 53.5
Haynes Publishing Group Int 12.17 11.866 0.295 0.055 1.2 0.2 3.5 3.5 Apr 6 7.5 7.5
Newmark Security Int 11.18 11.924 0.761 1.56 0.15 0.31 - - - - -
Octopus Eclipse VCT Pre 0.527 0.66 0.266L 0.157L 0.2L 0.2L 1 1 Apr 1 2 2
Renishaw Int 198.488 223.816 26.084 56.625 30.7 64.2 12.5 12.5 Apr 7 46.5 42.37

Figures in £m. Earnings shown basic. Figures in light text are for corresponding period year earlier. §Placing price. *Intoduction. ‡When issued. Annual report/prospectus available at www.ft.com/ir
For more information on dividend payments visit www.ft.com/marketsdata For a full explanation of all the other symbols please refer to London Share Service notes.
Friday 29 January 2016 FINANCIAL TIMES 17

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m
Australia (A$) Finland (€) Japan (¥) Sweden (SKr) AT&T♦ 35.25 -0.24 36.45 30.97 5.07 39.12 216827.24 Lockheed 206.31 -1.55 227.91 181.91 2.76 19.28 63398.13
ANZ 24.04 0.36 37.25 23.08 10.12 9.93 49713.74 Nokia 6.47 -0.20 7.87 4.91 2.10 -45.92 28260.89 AstellasPh 1628 -2.50 2047 1499.5 1.85 22.44 30474.15 AtlasCpcoB 177.60 -7.40 270.00 168.50 1.63 16.02 8144.66 AutomData 80.52 0.04 90.67 64.29 2.31 28.22 37136.36 Lowes♦ 69.10 -0.45 78.13 64.22 1.38 23.42 63233.73
BHPBilltn 15.10 0.09 34.29 14.06 15.12 17.91 34374.22 SampoA 43.02 -0.57 49.40 40.38 4.39 14.75 26298.05 Bridgestne 4150 15.00 5182 3753.5 2.72 12.79 28428.95 Ericsson 74.25 -2.70 120.00 73.25 4.41 23.58 28839.6 Avago Tech 122.95 0.60 150.50 99.16 1.17 26.66 33994.39 Lyondell 77.24 0.53 107.32 69.10 3.64 8.73 34715.04
CmwBkAu 77.83 0.23 96.69 70.15 7.53 14.84 94197.93 France (€) Canon 3308 21.00 4539 3162 4.55 17.51 37171.65 H&M 279.20 -16.90 368.50 273.20 3.28 22.81 54306.75 BakerHu 42.06 1.23 70.45 37.58 1.54 -71.00 18341.81 Marathon Ptl 39.61 -0.25 60.38 38.95 2.57 6.60 21111.1
CSL 107.14 1.31 108.68 81.48 1.29 28.38 35146.16 Airbus Grpe 55.02 -0.44 68.50 46.56 2.11 15.68 47269.14 CntJpRwy 21540 255.00 24800 18255 0.52 15.38 37383.55 Investor 282.80 -4.10 363.40 271.40 3.07 14.25 25320.05 BankAm 13.27 -0.10 18.48 12.94 1.43 10.47 138121.54 Marsh&M♦ 51.47 -0.15 59.99 50.81 2.69 19.74 26849.23
NatAusBk 27.10 0.20 39.71 26.39 9.75 11.79 50669.6 AirLiquide 94.63 -0.45 123.95 90.77 2.51 19.89 35627.87 Denso 4998 -34.00 6548 4815 2.32 16.32 37226.29 Nordea Bk 83.55 -1.40 115.50 82.80 6.70 10.09 39766.56 Baxter 35.59 -0.91 43.44 32.18 4.47 11.22 19468.36 MasterCard♦ 83.78 -1.03 101.76 74.61 0.73 27.14 92177.57
Telstra 5.59 0.06 6.74 5.06 7.61 16.43 48440.25 AXA 22.16 -0.38 26.02 20.12 4.00 11.39 58808.66 EastJpRwy 10370 40.00 12815 9065 1.13 20.42 34291.46 SEB 79.70 -1.10 111.50 75.95 5.74 10.31 20325.59 BB & T 31.83 0.18 41.90 30.99 3.04 12.41 24832.18 McDonald's 120.74 -0.14 121.90 87.50 2.67 27.53 110862.48
Wesfarmers 41.95 0.07 46.95 36.65 7.81 19.60 33484.45 BNP Parib 42.92 -1.25 61.00 42.14 3.39 7.68 58513.78 Fanuc 18115 -320.00 28575 17710 4.02 18.35 31430.5 SvnskaHn 103.50 -0.60 426.00 95.85 3.88 14.01 22767.74 BectonDick 143.18 -2.86 157.50 128.87 1.59 45.00 30377.89 McGraw Hill 82.18 -1.33 109.13 79.64 1.49-235.67 22213.25
Westpc 30.48 0.15 40.07 29.10 8.11 13.39 72066.58 ChristianDior 151.55 -2.85 195.35 140.80 1.94 12.29 30128.14 FastRetail 37120 -490.00 61970 34540 0.87 46.08 33172.87 Swedbank 175.10 -3.50 223.90 165.10 6.25 12.89 23294.65 BerkshHat 187675.08-1415.92 227450 186900 - 14.26 152228.7 McKesson 158.29 -8.63 243.61 152.22 0.60 18.74 36423.97
Woolworths 24.48 0.37 34.71 22.42 8.05 14.49 22052.5 Cred Agr 8.93 -0.26 14.49 8.69 3.80 19.68 25777.7 Fuji Hvy Ind 4519 -2.00 5223 3669 2.27 10.95 29805.56 TeliaSonera 38.55 -0.74 55.85 37.54 7.50 11.95 19617.45 Biogen 265.25 -8.01 480.18 254.00 - 18.24 59125.05 Medtronic 73.63 -1.86 79.50 55.54 1.73 45.24 103535.25
Belgium (€) Danone 61.28 -0.16 67.74 51.73 2.28 43.42 43906.06 Hitachi 573.30 -12.80 911.60 572.10 1.97 11.94 23345.77 Volvo 77.45 -3.05 120.50 72.20 3.73 17.16 14772.2 BkNYMeln 34.99 -0.44 45.45 34.24 1.85 15.94 38242.41 Merck 49.36 -1.01 62.96 45.69 3.46 13.78 137889.29
AnBshInBv 112.00 -2.00 124.20 87.73 2.59 23.20 197045.38 EDF 11.89 0.15 24.89 10.96 9.80 6.71 24975.34 HondaMtr 3252 -64.00 4499 3161 2.55 11.36 49629.43 Switzerland (SFr) BlackRock 299.44 -2.68 382.84 275.00 2.69 16.20 49105.93 Metlife 43.25 -0.01 58.23 40.77 3.18 8.82 48077.85
KBC Grp 50.01 -1.23 66.00 47.09 3.88 8.51 22872.85 Engie SA 14.56 -0.05 20.08 13.61 6.40 41.93 38775.63 JapanTob 4402 109.00 4848 3185.5 2.18 20.32 74173.3 ABB 17.16 -0.16 22.16 15.94 - 16.51 39180.32 Boeing 115.16 -1.42 158.83 115.02 2.85 15.24 77155.31 Microsoft 51.36 0.14 56.85 39.72 2.29 36.05 410259.22
Esslr Intl 111.25 -2.60 125.15 93.87 0.85 41.69 26343.13 KDDI 2922.5 26.00 8550 2519 1.93 16.25 66254.92 CredSuisse 17.50 -0.40 28.94 17.21 3.88 8.34 33787.87 BrisMySq♦ 61.46 -0.25 70.87 51.82 2.29 61.12 102532.88 Mnstr Bvrg 136.39 -1.58 160.50 114.70 - 49.77 27649.32
Brazil (R$)
Hermes Intl 307.05 -4.60 365.55 280.10 0.90 37.26 35460.43 Keyence 57360-1020.00 70100 50700 0.33 29.95 29382.86 Nestle 73.20 -0.70 77.00 65.70 2.98 16.34 230213.93 Broadcom 54.42 0.05 58.51 40.21 0.94 24.90 30526.82 MondelezInt 42.02 0.90 48.58 33.97 1.40 8.64 66768.87
Ambev 17.98 0.16 20.46 15.99 8.91 22.91 69426.12
LOreal 152.80 -1.45 181.30 140.40 1.65 31.25 93559.3 MitsbCp 1840 -11.50 2837 1722 2.81 10.51 24649.24 Novartis 77.45 -3.10 103.20 76.65 3.49 27.17 204510.86 CapOne 62.14 -1.17 92.10 58.49 2.14 9.20 33058.63 Monsanto♦ 87.35 -0.26 126.00 81.22 2.20 24.07 38465.05
Bradesco 19.11 0.23 32.40 17.90 4.96 6.85 11851.13
LVMH 143.70 -2.40 176.60 130.75 2.08 13.61 79885.39 MitsubEst 2146.5 -24.50 2975 2048 0.66 41.53 25144.18 Richemont 65.15 -0.50 87.55 60.85 2.42 21.33 33545.37 CardinalHlth 79.42 -2.33 91.91 74.76 1.75 20.93 26127.68 MorganStly♦ 24.96 -0.41 41.04 24.67 1.90 16.16 48328.15
Cielo 32.59 0.14 46.27 31.50 2.05 15.98 15105.28
Nmrcble-SFR 34.71 -0.80 60.01 32.19 - -44.03 16638.19 MitsubishiEle 1100.5 -16.50 1718 1053.5 2.31 10.92 19908.12 Roche 258.10 -10.30 283.90 241.10 3.08 25.05 178863.12 Carnival 46.32 -1.73 55.77 42.51 2.12 27.52 27333.92 MylanNV 50.79 -0.44 76.69 37.59 - 29.84 24975.83
ItauHldFin 21.98 -0.06 32.66 21.49 5.66 5.05 16453.29
Orange 15.91 -0.40 16.98 12.21 3.52 44.92 46088.62 MitsuiFud 2574 -54.50 3879 2419.5 1.02 22.47 21499.87 Swiss Re 92.75 0.10 99.75 76.85 4.69 37.54 33915.04 Caterpillar♦ 59.20 0.88 89.62 56.36 4.61 12.87 34468.24 Netflix 93.01 1.86 133.27 58.46 - 261.59 39751.38
Petrobras 6.53 -0.01 16.26 5.67 - -2.52 11939.26
PernodRic 103.65 -0.35 117.75 88.00 1.47 34.33 30095.55 MitUFJFin 627.00 -7.00 936.80 595.00 2.70 6.06 74846.26 Swisscom 497.90 -0.70 580.50 463.20 4.35 18.52 25441.1 CBS 46.20 -1.14 63.95 38.51 1.23 15.70 20037.07 NextEraE 107.05 0.32 112.64 93.74 2.69 16.17 49300.37
Vale 9.33 -0.08 27.89 8.63 25.46 -4.02 7374.02
Renault 77.88 -3.41 100.25 59.59 2.27 9.03 25194.56 Mizuho Fin 209.30 -1.50 280.40 191.00 3.49 7.41 43867.55 Syngent 368.00 -1.50 435.20 288.50 2.95 25.21 33738.41 Celgene 96.90 -5.41 140.72 92.98 - 51.13 76603.34 Nike 60.34 0.76 68.20 45.35 1.14 30.69 81452.77
Canada (C$) Murata Mfg 13620 -960.00 22220 12520 1.38 14.28 25848.52 CharlesSch 24.76 -0.50 35.72 24.37 0.92 26.25 32590.54 NorfolkS 69.89 - 112.05 66.51 3.18 13.30 20867.04
Safran 57.35 -0.65 72.45 54.00 1.95 -18.68 26163.57 UBS 16.55 -0.12 22.57 15.07 4.47 10.38 62841.79
BCE 55.40 0.40 60.20 51.56 4.62 18.23 34054.01 NipponTT 4873 60.00 5066 3423.5 1.84 18.27 86067.06 ChevrnTx 84.86 1.57 112.93 69.58 4.79 19.40 159709.63 Northrop 177.10 -1.10 193.99 152.04 1.61 17.98 32299.12
Sanofi 75.03 -2.13 101.10 70.94 3.54 21.98 107170.21 Zurich Fin 222.00 -3.10 334.60 212.80 - 11.25 32935.03
BkMontrl♦ 74.17 0.08 80.76 64.01 4.38 11.26 33879.81 Nissan Mt 1101.5 -1.50 1350 996.00 3.20 8.98 41952.64 Chubb 108.81 0.71 134.49 94.35 2.30 13.99 24705.95 NXP 69.68 -0.97 114.00 66.93 - 25.34 17542.04
Sant Gbn 37.10 -0.22 44.84 34.98 1.56 26.71 22766.16 Taiwan (NT$)
BkNvaS 55.77 1.47 67.72 51.17 4.85 9.93 47673.89 Nomura 611.00 -5.80 909.20 568.20 3.54 9.12 19677.21 Cigna 129.22 -2.22 170.68 105.23 0.03 16.66 33290.68 Occid Pet 65.21 1.05 83.74 58.24 4.28 -8.68 49803.22
Schneider 48.39 -0.56 75.29 45.57 3.70 17.96 31102.07 Chunghwa Telecom 102.50 0.50 103.00 93.10 4.59 20.68 23672.24
Brookfield 41.78 0.86 48.64 38.13 1.47 11.16 29307.3 Nppn Stl 2047 -77.00 3505 1987.5 2.99 8.93 16389.13 Cisco 23.03 -0.40 30.31 22.47 3.32 13.25 117157.13 Oracle 35.05 0.14 45.24 33.13 1.55 17.63 147252.76
SocGen 34.19 -1.18 48.77 33.69 3.40 9.70 30155.05 HonHaiPrc 75.10 -0.20 99.70 72.70 4.67 8.08 34964.4
CanadPcR 166.47 3.90 245.05 140.02 0.84 18.58 18081.18 NTTDCMo 2461.5 50.50 2873.5 1955 2.68 21.84 84730.86 Citigroup♦ 40.08 -0.43 60.95 39.44 0.28 9.51 119397.94 Pepsico 96.62 0.68 103.44 76.48 2.67 30.23 140760.92
Total 40.22 0.07 50.30 36.16 5.99 113.73 107959.3 MediaTek 208.00 -3.00 499.50 195.50 10.25 10.52 9731.89
CanImp 89.93 2.25 102.90 82.19 4.79 10.10 25383.83 Panasonic 1086 -25.00 1853.5 1044.5 1.41 81.59 22444.21 CME Grp 86.53 -0.19 100.87 81.87 2.16 24.37 29267.32 Perrigo 141.74 -2.78 215.73 138.74 0.32 147.80 20751.03
UnibailR 226.40 -0.75 262.00 212.30 4.01 13.79 24443.52 TaiwanSem 140.00 0.50 155.00 112.50 3.11 12.32 108077.05
CanNatRs 29.24 1.56 42.46 21.27 3.12 74.50 22729.79 Seven & I 5055 -11.00 5998 4292.5 1.37 28.38 37751.92 Coca-Cola 42.07 -0.03 43.91 36.56 2.92 28.41 182940.06 Pfizer 30.11 -0.41 36.46 28.47 3.47 23.82 185407.44
Vinci 61.84 -0.77 62.97 46.39 2.67 18.94 39857.76
CanNatRy 73.40 1.66 88.89 66.62 1.61 17.32 41107.97 ShnEtsuCh 5924 -70.00 8310 5593 1.67 19.47 21566.2 Thailand (THB) Cognizant 61.49 0.48 69.80 53.33 - 25.40 37479.95 Phillips66 77.63 -0.10 94.12 68.32 2.59 9.54 41410.97
Vivendi 20.02 -0.08 24.83 18.10 9.69-239.76 29959.93
Enbridge 46.39 1.00 66.14 40.03 3.75-119.90 28581.56 Softbank 5099 -88.00 7827 4540 0.74 11.53 51578.98 PTT Explor 235.00 13.00 382.00 197.00 4.39 -75.24 18733.76 ColgtPlm♦ 64.61 0.31 71.56 50.84 2.18 25.17 57950.13 PhilMorris 88.15 0.06 90.27 75.27 4.33 19.95 136570.42
GtWesLif 34.20 0.42 37.70 30.42 3.75 12.51 24124.82 Germany (€)
Sony 2378 -134.00 3970 2361 0.89 30.42 25291.73 United Arab Emirates (Dhs) Comcast 53.77 -0.35 64.99 50.01 1.72 17.75 112621.76 PNCFin♦ 84.71 -0.34 100.52 82.54 2.22 12.01 43873.03
ImpOil 42.50 1.83 55.37 37.25 1.12 21.43 25580.85 Allianz 144.65 -2.85 170.15 131.05 4.59 10.56 72315.51
SumitomoF 4050 -56.00 5770 3785 3.69 10.31 48249.09 Emirtestele 16.40 0.40 16.50 10.05 3.73 18.70 35305.82 ConocPhil 37.49 1.28 70.11 32.71 7.42 -48.15 46280.56 PPG Inds 92.52 -0.28 118.95 82.93 1.43 22.78 24912.79
Manulife 18.81 0.31 24.20 17.13 3.45 14.92 26339.73 BASF 60.65 -0.30 97.22 59.00 4.47 11.34 60939.19
Takeda Ph 5668 -27.00 6657 5086 2.99 -30.93 37733.88 United Kingdom (p) Corning 17.92 0.01 25.16 15.42 2.44 12.33 21193.17 Praxair 97.96 -0.14 130.38 95.94 2.71 21.02 27903.47
Potash♦ 21.14 -0.30 47.10 20.65 9.24 8.96 12558.2 Bayer 101.95 -3.10 146.45 98.64 2.14 23.36 92227.86
TokioMarine 4083 -71.00 5504 3839 2.48 17.28 26058.15 AscBrFd 3050 -28.00 3606 2705.75 1.11 42.74 34742.53 Costco 148.44 0.71 169.73 117.03 1.00 29.11 65280.54 Prec Cast 234.89 0.08 234.90 187.00 0.05 25.98 32316.44
RylBkC 70.03 1.40 81.53 64.95 4.41 10.40 73926.74 BMW 77.62 -2.34 123.75 72.05 3.62 9.34 51116.78
Toyota 6883 2.00 8783 6392 3.08 10.02 193567 AstraZen 4347 -126.00 4931.68 3746 4.27 49.10 79066.78 CrownCstl 85.29 2.10 89.44 75.71 3.65 58.56 28467.35 Priceline 1024.54 -19.16 1476.52 992.13 - 22.53 51005.58
Suncor En 32.82 1.41 40.93 27.32 3.44 496.11 33701.3 Continental 193.50 -6.10 234.25 171.30 1.63 15.00 42337.06
Mexico (Mex$) Aviva 464.00 -9.20 578.68 428.40 3.90 12.14 27028.53 CSX 22.04 0.07 37.67 21.33 2.93 11.53 21487.78 ProctGmbl♦ 78.82 0.02 86.91 65.02 3.26 26.19 213173.86
ThmReut 51.81 0.66 55.92 47.25 3.45 15.39 28130.71 Daimler 63.89 -2.04 96.07 62.06 3.72 9.13 74773.46
AmerMvl 12.55 0.19 17.17 10.87 2.04 22.33 28797.84 Barclays 178.40 -3.40 289.90 175.15 3.64 78.76 43135.91 CVS♦ 93.16 -1.18 113.65 81.37 1.35 22.04 103157.66 Prudntl 67.93 -0.58 92.60 65.07 3.24 9.33 30500.57
TntoDom♦ 52.37 0.65 56.48 47.75 3.83 12.39 69018.48 Deut Bank 16.18 -0.93 33.42 15.98 4.49 -5.47 24405.7
FEMSA UBD 167.50 1.51 169.74 124.27 0.67 31.81 32730.97 BG 1044 14.50 1301.62 808.80 1.83 -20.16 51343.82 Danaher♦ 84.02 -0.23 97.62 81.25 0.57 24.58 57577.67 PublStor 250.31 2.13 254.66 182.08 2.35 44.19 43276.7
TrnCan♦ 48.69 1.38 59.50 40.58 4.18 20.70 24293.62 Deut Tlkm 15.55 -0.56 17.63 13.39 3.12 33.09 78338.1
WalMrtMex 44.74 -0.27 47.00 28.32 1.24 33.37 42664.56 BP 368.45 5.55 499.25 252.55 7.31 -13.46 97445.81 Deere♦ 73.67 0.04 98.23 70.16 3.04 13.70 23331.3 Qualcomm 44.09 -3.44 74.09 43.50 3.88 14.41 65903.72
ValeantPh 128.00 -5.19 347.84 92.65 - 54.69 31012.96 DeutsPost 21.97 -0.55 31.19 21.92 - 18.96 29109.55
BrAmTob 3768.5 4.50 3931.5 3231.5 3.93 17.49 101083.7 Delphi 65.01 -1.22 90.57 63.47 1.46 14.42 18208.53 Raytheon♦ 120.70 2.63 129.99 95.32 2.06 18.77 36342.53
E.ON 9.62 -0.02 14.85 7.08 1.41 -2.14 21060.28 Netherlands (€)
China (HK$) BSkyB 1041 -21.00 1180 899.50 3.10 13.31 25748.16 Delta 42.69 -2.03 52.77 34.61 0.90 12.95 33574.56 Regen Pharm 417.09 -17.07 605.93 393.00 - 86.80 42606.27
Fresenius Med 79.02 -2.33 83.17 62.65 0.94 26.45 27045.07 Altice 12.13 -0.66 47.73 9.98 - 224.01 10897.12
AgricBkCh 2.70 - 4.55 2.63 7.97 4.21 10652.85 BT♦ 466.20 -12.10 502.60 404.00 2.45 17.57 56120.23 DiscFinServ 45.17 -3.55 61.50 44.98 2.19 9.81 19309.44 ReynoldsAm 47.54 -0.08 49.56 33.71 2.73 18.86 67939.48
Fresenius SE 58.83 -2.48 70.00 46.20 0.72 26.45 35070.76 ASML Hld 81.50 -1.63 104.85 70.25 0.83 26.08 38634.52
Bk China 2.95 - 5.68 2.91 7.62 4.52 31663.57 Compass♦ 1178 7.00 1223.36 963.00 2.33 22.57 27867.77 Disney 93.04 -1.29 122.08 90.00 1.85 19.97 152729.68 Salesforce 65.43 -2.00 82.90 55.45 - -523.59 43445.52
HenkelKgaA 82.24 -0.59 99.44 75.76 1.52 20.78 23372.88 Heineken 77.65 -0.75 85.90 63.71 1.32 23.65 48928.59
BkofComm 4.58 0.02 8.61 4.47 6.97 4.37 20582.42 Diageo 1841.5 -25.50 2055 1592.5 2.91 19.47 66666.89 DominRes 70.52 0.81 79.89 64.54 3.42 24.59 41982.93 Schlmbrg 67.87 2.32 95.13 59.60 2.66 27.00 85584.8
Linde 122.35 -0.75 195.55 116.40 2.50 20.57 24859.38 ING 10.27 -0.38 16.00 10.16 - 23.40 43476.34
BOE Tech 1.86 -0.02 4.78 1.17 1.98 27.38 47.50 GlaxoSmh 1414.5 -21.50 1645 1227.5 5.66 7.00 99112.53 DowChem♦ 40.96 -0.45 57.10 35.11 3.90 11.62 47435.86 Shrwin-Will 245.35 -6.90 294.35 218.27 0.99 24.75 22842.21
MuenchRkv 172.75 -3.00 206.50 156.00 4.35 9.60 31530.1 Unilever 39.49 -0.49 42.84 32.86 2.73 25.02 74076.27
Ch Coms Cons 6.52 0.17 17.00 5.77 3.07 6.52 3705.24 Glencore 90.45 -1.58 318.46 66.67 12.65-210.35 18733.89 DukeEner 72.82 0.41 89.97 65.50 4.19 22.27 50124.51 SimonProp 186.91 0.87 208.14 170.99 2.92 36.80 57833.33
SAP 71.01 -2.37 75.75 53.91 1.50 28.38 95431.77 Norway (Kr)
Ch Evrbrght 3.58 0.08 5.65 3.22 6.14 4.88 3156.25 HSBC 477.65 -2.45 674.57 461.80 7.02 9.42 135267.91 DuPont 51.35 -0.11 76.61 47.11 3.35 15.53 45003.5 SouthCpr 24.68 -0.06 33.31 21.55 1.62 20.39 19383.08
Siemens 86.53 -1.94 106.35 77.91 3.70 14.17 83394.88 DNB 100.20 2.55 143.00 90.10 3.81 7.34 18882.23
Ch Rail Cons 7.26 0.36 17.70 6.72 2.44 6.56 1934.82 ImpTob 3654 -13.00 3691.5 2921 3.62 20.66 50404.74 Eaton 49.64 0.20 73.82 46.19 4.09 12.10 22973.39 Starbucks 58.18 0.55 64.00 42.05 1.14 36.55 85995.86
Volkswgn 121.55 -4.60 254.50 95.00 3.83 9.96 39237.92 Statoil 114.60 7.40 161.70 97.25 6.05 -10.18 42277.47
Ch Rail Gp 5.16 0.33 12.30 4.21 1.79 8.97 2786.6 LlydsBkg 64.07 -0.85 89.35 61.00 2.34 38.21 65871.9 eBay 22.83 -3.59 29.83 22.11 - 9.71 27410.93 StateSt 50.96 -0.95 81.26 50.73 2.39 12.55 20561.65
ChConstBk 4.62 0.07 7.98 4.46 7.70 4.32 142567.47 Hong Kong (HK$) Telenor 140.30 -4.20 186.10 132.10 2.61 35.64 24371.86 Ecolab 103.46 0.68 122.48 99.99 1.21 29.19 30552.1 Stryker♦ 97.22 -1.38 105.34 86.68 1.35 33.23 36508.27
Natl Grid 960.30 -5.40 968.57 806.40 4.46 16.74 51775.15
China Vanke RMB 24.43 - 24.43 10.93 2.05 16.75 36586.73 AIA 42.25 -0.70 58.20 38.85 0.98 20.54 65338.08 Qatar (QR) EMC 24.11 0.21 29.24 22.66 1.81 21.28 46745.37 Sychrony Fin 27.69 -0.75 36.40 26.28 - 11.08 23088.64
Prudential 1321 -13.50 1761.5 1045.99 2.80 13.45 48879.48
ChinaCitic 4.40 -0.02 7.40 4.22 - 4.29 8404.85 BOC Hold 19.78 0.02 33.70 19.40 5.21 8.79 26842.81 QatarNtBk 163.90 8.50 208.50 147.00 4.47 10.43 31498.4 Emerson 43.96 0.58 62.75 41.25 4.06 11.55 28773.68 Target 70.68 -0.01 85.81 66.46 2.79 16.98 43542.53
RBS 250.70 -5.00 414.00 246.00 - -11.24 41932.01
ChinaLife 18.16 -0.20 41.00 18.02 2.56 11.39 17344.78 Ch OSLnd&Inv 21.50 0.10 34.05 20.45 2.35 6.44 27211.56 EOG Res♦ 67.79 1.72 101.36 57.15 0.94 -10.25 37266.44 TE Connect 55.69 -0.53 73.73 54.32 2.24 20.51 20839.04
Russia (RUB) ReckittB 6125 -44.00 6450 5403 2.27 26.02 62326.2
ChinaMBank 14.66 0.14 26.85 14.34 5.40 5.43 8638.61 ChngKng 39.25 0.10 77.55 38.20 - 8.99 19444.79 EquityResTP 77.46 -0.81 82.53 61.90 2.65 35.36 28215.72 Telsa Mtrs 183.29 -4.78 286.65 181.40 - -36.20 24002.07
Gzprm neft 136.50 2.50 166.94 122.75 5.87 10.20 42064.28 RELX 1189 -10.00 1232 988.50 2.19 27.31 34951.97
ChinaMob 84.70 1.00 118.00 79.00 3.16 13.86 222602.49 Citic Ltd 10.78 -0.04 16.40 10.44 1.83 5.53 40251.32 Exelon 28.33 0.28 37.77 25.09 4.16 13.25 26051.26 TexasInstr♦ 50.42 -0.26 59.99 43.49 2.56 19.07 51141.58
Lukoil 2495 94.50 3297.7 2040.1 7.75 19.85 27624.58 RioTinto 1700 -17.00 3280 1557 8.03 16.91 33609.73
ChinaPcIns 26.55 0.75 47.10 24.80 2.16 13.50 9457.72 Citic Secs 14.14 0.16 40.50 12.82 2.36 6.57 4135.03 ExpScripts 70.51 -1.51 94.61 68.06 - 23.04 47684.22 TheTrvelers 103.06 -0.25 116.48 95.21 2.14 9.64 31352.79
MmcNrlskNckl 8970 -21.00 12247 7840 16.66 10.00 18477.46 RollsRoyce 542.50 3.00 1061 504.50 4.26 -39.90 14352.23
ChMinsheng 6.67 -0.02 11.88 6.30 3.28 4.47 5936.04 CK Hutchison 94.50 1.35 174.90 92.00 3.56 4.05 46816.13 ExxonMb 76.01 0.72 93.45 66.55 3.55 16.89 316404.14 ThrmoFshr 130.25 -5.58 143.65 117.10 0.44 27.89 51982.48
Novatek 618.40 18.40 646.30 410.80 10.54 50.67 24441.84 RylDShlA 1495 32.00 2211.4 1256 8.40 90.37 85847.88
ChMrchSecs RMB 14.17 -0.46 40.00 13.85 2.90 8.28 10349.91 CNOOC 7.19 0.18 13.78 6.41 7.26 6.77 41203.8 Facebook 107.80 13.35 110.65 72.00 - 114.58 243599.6 TimeWrnr 69.17 -1.78 91.34 62.94 1.88 16.73 56413.77
Rosneft 267.35 2.95 294.20 214.80 3.42 6.48 36883.35 SABMill 4170 -29.00 4206.5 2773 1.78 34.54 97218.73
Chna Utd Coms RMB 3.88 -0.20 10.74 3.86 1.70 26.84 12506.63 HangSeng 124.10 2.50 162.10 121.10 4.15 9.66 30453.44 Fedex 127.55 -0.70 185.19 119.71 0.67 34.05 35154.72 TimeWrnrC 177.93 2.29 194.22 134.21 2.00 27.99 50389.34
Sberbank 96.69 0.94 110.70 59.60 0.52 9.36 27170.2 Shire 3879 -171.00 5870 3786 0.39 11.45 33063.68
ChShenEgy 11.18 0.14 22.50 10.12 7.71 8.05 4877 HK Exc&Clr 162.20 0.40 311.40 160.10 3.08 25.34 25160.7 FordMtr♦■ 11.51 -0.34 16.74 10.44 4.75 10.16 44863.43 TJX Cos 68.95 -0.25 76.93 63.53 1.04 22.55 46160.69
Surgutneftegas 37.20 1.00 39.80 28.52 - 1.27 17299.96 StandCh 459.45 -11.90 1166 455.50 11.16 10.74 21671.22
ChShpbldng RMB 6.02 -0.67 20.19 6.02 0.62-374.26 16439.7 MTR 34.75 -0.30 40.00 33.10 2.78 13.88 26129.63 Franklin 33.18 -0.03 54.85 31.87 1.72 10.62 19929 T-MobileUS 38.35 -0.15 43.43 29.27 - 66.84 31295.03
Saudi Arabia (SR) Tesco 166.20 5.20 252.52 137.00 0.70 -2.39 19468.29
ChStConEng RMB 4.96 -0.16 12.52 4.88 3.41 6.47 22552.47 SandsCh 26.20 1.65 40.05 20.75 6.98 15.52 27136.25 GenDyn♦ 127.46 -1.54 153.76 121.61 2.47 15.12 40293.7 UnionPac 68.74 -0.33 124.52 67.06 2.97 12.50 58707.98
AlRajhiBnk 48.13 0.60 69.00 44.70 3.69 12.84 20847.99 Vodafone♦ 215.30 -7.90 258.00 201.25 5.21 -40.32 82263.48
ChUncHK 8.39 0.10 16.00 7.87 2.82 18.54 25788.61 SHK Props 80.85 0.50 137.60 79.40 2.73 8.01 30026.08 GenElectric 28.03 0.03 31.49 19.37 3.12 57.21 283361.97 UPS B 90.30 -0.57 107.32 87.30 3.01 21.82 62861.68
Natnlcombnk 39.90 1.21 72.75 36.60 1.91 9.52 21214.42 WPP 1466 -15.00 1616 1273 2.61 15.15 27310.78
CNNC Intl RMB 6.88 -0.24 14.38 4.07 - 19.70 4070.92 Tencent 141.60 1.10 171.00 124.00 0.24 41.09 170916.79 GenMills♦ 55.23 0.29 59.87 47.43 2.99 23.87 32770.45 USBancorp 39.09 -0.09 46.26 37.97 2.43 13.04 68375.33
SaudiBasic 68.37 2.36 110.50 59.50 7.14 9.14 54674.13 United States of America ($)
CSR 6.84 0.07 20.70 6.68 - 15.82 3837.58 India (Rs) GenMotors 28.41 -0.80 39.00 24.62 4.41 10.97 44210.99 UtdHlthcre 111.16 -1.17 126.21 95.00 1.50 18.57 105947.53
SaudiTelec 60.06 0.20 73.25 52.75 6.33 12.93 32019.2 21stC Fox A 26.05 -0.53 35.85 22.81 1.09 7.14 30498.09
Daqin RMB 6.71 -0.25 15.15 6.67 7.03 7.19 15169.92 Bhartiartl 291.40 - 452.45 288.35 0.75 20.46 17076.05 GileadSci 87.80 -1.83 123.37 86.00 0.93 8.49 126535.62 UtdTech 85.95 0.14 124.45 83.39 2.77 14.21 76239.45
Singapore (S$) 3M 145.38 -0.18 170.50 134.00 2.57 19.80 89509.27
Gree Elec Apl 0.16 -0.01 0.45 0.13 - -1.85 248.00 HDFC Bk 1031.7 - 1128 944.20 0.78 22.70 38190.01 GoldmSchs 153.39 -0.33 218.77 151.12 1.55 10.61 65426.38 ValeroEngy 63.37 -2.62 73.88 51.10 2.21 7.42 30512.87
DBS 13.54 -0.12 21.50 13.45 4.22 10.76 23724.12 AbbottLb♦ 37.13 -3.34 51.74 36.62 2.40 23.23 55387.56
GuosenSec RMB 13.84 -0.41 34.94 13.76 1.42 8.54 4619.83 Hind Unilevr 791.75 - 981.00 766.40 1.80 37.17 25115.36 Halliburton 29.62 0.56 50.20 27.64 2.31 101.31 25349.19 Verizon♦ 48.61 -0.43 50.86 38.06 4.33 20.52 197767.58
JardnMt US$ 51.19 0.15 67.00 45.00 2.59 13.02 35953.53 Abbvie♦ 56.49 -0.63 71.60 45.45 3.25 34.40 92338.68
HaitongSecs 11.04 0.08 27.90 10.00 2.68 7.08 4831.5 HsngDevFin 1147.75 - 1402.3 1093.2 1.29 20.27 26562.94 HCA Hold 67.77 0.30 95.49 43.91 - 14.92 27627.64 VertexPharm 88.34 -4.16 143.45 81.98 - -33.90 21706.67
JardnStr US$ 26.65 0.22 36.44 25.24 0.93 10.33 29662.75 Accenture 102.04 0.08 109.86 83.47 1.99 23.73 82265.01
Hngzh HikVDT RMB 24.47 -0.51 56.48 23.72 1.61 17.72 11742.89 ICICI Bk 233.20 - 393.40 217.80 2.10 11.00 19870.01 Hew-Pack 9.49 -0.13 17.64 9.24 6.60 4.11 17004.64 VF Cp 59.28 0.53 77.83 52.21 2.05 26.00 25269.47
OCBC 7.63 0.01 10.92 7.55 4.50 8.89 22000.78 Adobe 83.03 -1.82 96.42 69.04 - 69.98 41376.37
Hunng Pwr 6.03 0.06 11.90 5.89 7.41 5.93 3638 Infosys 1129.6 - 2336 932.65 3.63 19.22 37848.51 HiltonWwde 17.54 -0.38 31.60 16.16 0.38 24.40 17319.91 Viacom 43.84 0.06 73.52 36.32 3.16 9.76 15219.54
SingTel 3.48 0.05 4.57 3.38 4.79 15.02 38888.14 AEP 58.64 0.45 65.38 52.29 3.43 17.13 28781.53
IM Baotou Stl RMB 2.69 -0.26 7.50 2.66 - -35.01 6439.59 ITC 318.55 - 409.95 294.00 1.99 25.12 37529.66 HomeDep 120.41 -1.16 135.47 92.17 1.73 24.22 152665.58 Visa Inc 69.92 -0.99 81.01 60.00 0.65 28.58 136095.25
UOB 17.57 0.13 25.05 17.01 4.61 9.33 19793.28 Aetna♦ 99.22 -2.48 134.40 90.20 0.93 16.02 34596.27
In&CmBkCh 3.92 0.05 7.10 3.82 7.71 4.37 43670.42 L&T 1074.5 - 1893.8 1069.1 1.40 19.82 14668.19 Honywell 97.16 0.20 107.41 87.00 2.02 17.92 74880.38 Walgreen 77.40 -1.05 97.30 73.00 1.72 19.69 83495.01
Aflac 57.47 0.02 66.53 51.41 2.58 10.59 24524.67
IndstrlBk RMB 14.26 -0.23 21.42 11.90 3.93 5.54 41315.37 OilNatGas 219.90 - 373.80 205.95 4.44 9.71 27579.73 South Africa (R) HumanaInc♦ 160.13 -1.17 219.79 143.44 0.68 19.40 23735.1 WalMartSto 63.63 -0.32 88.23 56.30 2.86 14.64 203736.47
AirProd♦ 118.29 0.22 158.20 114.64 2.57 21.18 25489.23
Kweichow RMB 196.64 -3.29 290.00 166.20 2.19 15.64 37564.25 RelianceIn 1016.9 - 1089.75 796.45 0.99 11.17 48290.66 Firstrand 42.19 1.69 58.47 34.08 5.50 8.73 14603.8 IBM 121.01 0.05 176.30 118.00 3.77 8.73 117393.03 WellsFargo 48.61 0.04 58.77 46.88 2.83 12.38 249532.59
Alexion 146.86 -4.26 208.88 142.02 - 140.04 33091.13
Midea 1.75 - 2.68 1.65 5.25 11.97 48.30 SBI NewA 185.25 - 336.00 171.50 1.86 7.75 21081.22 MTN Grp 130.30 4.45 250.00 109.56 11.67 6.40 14838.52 IllinoisTool 87.57 1.36 100.14 78.79 2.17 18.15 31830.97 Williams Cos 19.81 0.54 61.38 12.77 11.41 46.57 14852.84
Allegran 283.00 -7.03 340.34 237.50 - -40.43 111535.27
New Ch Life Ins 25.80 0.20 56.55 25.45 0.95 7.46 3424.51 SunPhrmInds 834.15 - 1200.8 704.00 - 71.21 29428.58 Naspers N 1936 66.00 2270 1521.98 0.27 54.65 52310.69 Illumina 153.10 -9.32 242.37 130.00 - 47.05 22413.84 Yahoo 29.15 -0.54 50.32 27.20 - 120.15 27527.95
Allstate 58.68 0.27 72.87 54.12 1.91 10.76 22727.13
PetroChina 4.56 0.05 11.04 4.16 4.08 16.63 12349.19 Tata Cons♦ 2331.2 - 2812.1 2243 1.73 21.11 67338 South Korea (KRW) Intcntl Exch 252.95 0.17 266.74 202.24 0.81 25.19 27764.97 Yum!Brnds♦ 69.64 0.24 95.90 66.35 2.24 35.04 30031.67
Alphabet 736.51 18.93 798.69 503.48 - 35.78 214565.82
PingAnIns 34.15 0.35 62.90 33.30 2.34 9.41 32645.11 Indonesia (Rp) HyundMobis 271000 15500 272000 185500 1.07 14.12 21827.96 Intel 29.80 -0.01 35.59 24.87 3.01 13.43 140626.2 Venezuela ()
Altria 59.06 0.10 61.74 47.31 3.42 23.39 115797.73
PngAnBnk RMB 9.69 -0.19 17.50 9.30 1.76 6.27 17393.98 Bk Cent Asia 13150 50.00 15600 11000 1.01 20.41 23367.53 KoreaElePwr 52700 1000.00 54000 40800 0.92 2.86 27993.47 Intuit 91.10 0.33 109.21 79.63 1.07 59.66 24050.79 Bco de Vnzla 97.50 - 143.95 30.00 - - 26340.4
Amazon 613.62 30.27 696.44 299.33 - 932.06 287641.74
Pwr Cons Corp RMB 6.02 -0.33 20.00 5.93 1.63 12.05 3021.02 SK Hynix 27650 - 51700 25800 1.05 4.50 16164.75 John&John 102.00 -0.16 105.49 81.79 2.70 20.60 282228.25 Bco Provncl 3999.99 199.99 4400 850.00 0.12 53.67 31948.8
Israel (ILS) AmerAir 37.88 -1.81 56.05 34.10 1.00 5.73 23876.73
SaicMtr RMB 17.81 -0.08 29.18 14.00 7.17 6.93 29861.31 SmsungEl 1145000-30000.00 1510000 1033000 1.73 8.67 120400.18 JohnsonCn 34.87 -0.26 54.52 33.62 2.83 16.84 22592.57 Mrcntl Srvcs 5000 - 5900 1310 0.15 39.30 22000.5
TevaPha 251.80 1.10 275.90 214.70 1.95 32.65 64717.26 AmerExpr♦ 52.35 -2.17 86.18 52.35 2.00 9.81 51525.27
ShenwanHong 0.13 0.01 0.41 0.12 - -2.07 41.68 Spain (€) JPMrgnCh♦ 56.65 -0.39 70.61 50.07 2.82 10.16 208536
Italy (€) AmerIntGrp 54.18 -0.36 64.93 48.68 1.15 16.54 67021.34
ShgPdgBk RMB 16.58 -0.10 20.12 11.91 4.49 6.37 47031.56 Kimb-Clark 124.89 0.69 130.05 103.04 2.65 79.16 45334.37 Closing prices and highs & lows are in traded currency (with variations for that
Enel 3.67 -0.13 4.50 3.49 3.70 63.15 37773.1 BBVA 5.71 -0.20 9.77 5.55 2.72 14.98 39769.09 AmerTower 92.50 -0.01 104.12 86.21 1.75 72.70 39180.24
Sinopec Corp 4.18 0.07 7.79 3.86 5.62 20.36 13688.47 KinderM♦ 15.15 1.06 44.71 11.20 11.66 29.73 33807.45 country indicated by stock), market capitalisation is in USD. Highs & lows are
ENI 13.17 0.03 17.66 12.01 7.07 -17.83 52358.8 BcoSantdr 3.84 -0.14 7.17 3.70 12.52 7.62 60620.11 Amgen 148.77 -1.70 181.81 130.09 1.90 18.71 112221.36
Sinopec Oil RMB 6.05 -0.10 14.23 5.71 - -177.62 414.01 Kraft Heinz 75.52 -0.45 81.20 61.42 0.69 -52.13 91640.18 based on intraday trading over a rolling 52 week period.
Generali 13.39 -0.57 19.21 13.29 4.34 11.17 22805.03 CaixaBnk 2.68 -0.07 4.53 2.59 2.90 23.31 17061.9 Anadarko 36.84 1.31 95.94 28.16 2.78 -3.38 18722.01
Denmark (kr) Iberdrola♦ 6.45 -0.05 6.71 5.66 2.33 17.07 44712.76 Kroger 37.30 -0.16 42.75 27.32 0.96 19.71 36357.16 ♦ ex-dividend
IntSPaolo 2.51 -0.13 3.65 2.47 2.70 14.93 43616.85 Anthem 127.45 -3.78 173.59 126.25 1.72 12.84 33262.36
DanskeBk 178.40 -3.70 218.00 161.20 2.99 27.20 26376.68 Inditex 29.56 -0.44 35.38 25.46 1.28 34.52 100783.52 L Brands 93.69 -0.28 101.11 75.11 1.83 25.29 27117.11 ■ ex-capital redistribution
Luxottica 55.20 -1.20 67.80 50.10 1.26 34.59 29205.86 Aon Cp♦ 85.43 -0.18 107.08 83.83 1.22 20.54 23400.71
MollerMrsk 8515 140.00 16450 7550 3.31 8.05 13284.39 Repsol 9.30 0.47 18.75 7.95 9.97 28.10 14240.75 LasVegasSd 42.46 0.87 61.59 34.88 5.48 16.08 33859.78 # price at time of suspension
Unicred 3.52 -0.24 6.61 3.48 3.30 11.38 23003.89 Apple 93.00 -0.42 134.54 92.00 2.02 10.62 515637.29
NovoB 370.00 -14.70 415.00 274.30 1.31 29.86 111868.29 Telefonica 9.35 -0.24 14.31 8.74 4.15 16.23 49727.92 LibertyGbl 33.77 -0.54 58.66 31.63 - -22.94 8535.58
ArcherDan 34.59 0.85 53.31 29.86 2.97 12.58 20641.23
Lilly (E) 79.41 -2.35 92.85 68.31 2.38 37.82 87992.36

FT 500: TOP 20 FT 500: BOTTOM 20 BONDS: HIGH YIELD & EMERGING MARKET BONDS: GLOBAL INVESTMENT GRADE
Close Prev Day Week Month Close Prev Day Week Month Day's Mth's Spread Day's Mth's Spread
price price change change % change change % change % price price change change % change change % change % Red Ratings Bid Bid chge chge vs Red Ratings Bid Bid chge chge vs
Williams Cos 19.81 19.27 0.54 2.80 3.77 23.5 -19.79 ChShpbldng 6.02 6.69 -0.67 -10.01 -1.91 -24.1 -38.13 Jan 28 date Coupon S* M* F* price yield yield yield US Jan 28 date Coupon S* M* F* price yield yield yield US
China Vanke 24.43 24.43 0.00 0.00 4.53 22.8 74.50 Chna Utd Coms 3.88 4.08 -0.20 -4.90 -0.88 -18.5 -37.92 High Yield US$ US$
SandsCh 26.20 24.55 1.65 6.72 4.50 20.7 -2.06 Gree Elec Apl 0.16 0.17 -0.01 -3.59 -0.04 -18.3 -33.20 Navient Corporation 06/18 8.45 BB- Ba3 BB 101.36 7.96 0.00 1.26 7.11 Halliburton Company 02/27 6.75 A A2 A- 116.76 4.83 0.00 0.14 2.83
PTT Explor 235.00 222.00 13.00 5.86 35.00 17.5 -5.24 GuosenSec 13.84 14.25 -0.41 -2.88 -3.00 -17.8 -31.14 High Yield Euro Korea Electric Power Corporation 08/27 6.75 AA- Aa2 AA- 100.72 6.77 0.00 -0.27 4.77
Lukoil 2495.00 2400.50 94.50 3.94 349.70 16.3 8.00 Pwr Cons Corp 6.02 6.35 -0.33 -5.20 -1.22 -16.9 -26.32 Kazkommerts Intl BV 02/17 6.88 B Caa1 B 97.50 - 0.00 0.00 - Archer Daniels Midland Company 12/27 6.75 A A2 A 121.28 4.47 0.15 -0.02 2.48
MTN Grp 130.30 125.85 4.45 3.54 17.68 15.7 -8.88 AmerExpr 52.35 54.52 -2.17 -3.98 -10.29 -16.4 -24.83 FleetBoston Financial Corp. 01/28 6.88 BBB Baa3 A- 121.17 4.61 0.00 -0.26 -
Sberbank 96.69 95.75 0.94 0.98 12.86 15.3 -4.59 ChMrchSecs 14.17 14.63 -0.46 -3.14 -2.56 -15.3 -37.49 Emerging US$ E.I. du Pont de Nemours and Company 01/28 6.50 A- A3 A 116.82 4.70 0.00 0.10 -
Rosneft 267.35 264.40 2.95 1.12 35.45 15.3 8.77 IM Baotou Stl 2.69 2.95 -0.26 -8.81 -0.48 -15.1 -27.49 Mexico 09/16 11.40 BBB+ A3 BBB+ 106.80 1.49 0.03 0.01 0.44 SunTrust Banks, Inc. 01/28 6.00 BBB+ Baa1 A- 112.72 4.66 0.00 -0.46 -
Facebook 107.80 94.45 13.35 14.13 13.64 14.5 1.65 CNNC Intl 6.88 7.12 -0.24 -3.37 -1.22 -15.1 -28.78 Brazil 01/18 8.00 BB+ Baa3 BB+ 104.73 5.43 -0.22 -0.78 4.58
Russia 07/18 11.00 BB+ Ba1 BBB- 116.46 4.00 0.00 0.50 3.15 Euro
Ch Rail Gp 5.16 4.83 0.33 6.83 0.62 13.7 -14.85 eBay 22.83 26.42 -3.59 -13.59 -3.26 -12.5 -17.11 Credit Agricole S.A. 03/27 2.63 BBB Baa3 A- 94.17 3.26 0.00 0.14 1.26
RylDShlA 1495.00 1463.00 32.00 2.19 178.50 13.6 -3.47 ChStConEng 4.96 5.12 -0.16 -3.13 -0.57 -10.3 -25.75 Peru 03/19 7.13 BBB+ A3 BBB+ 113.52 2.66 0.00 0.07 1.81
Peru 03/19 7.13 BBB+ A3 BBB+ 114.01 2.60 0.00 0.20 0.84 Electricite de France (EDF) 03/27 4.13 A+ A1 A 119.94 2.10 0.00 0.20 0.10
HyundMobis 271000.00 255500.00 15500.00 6.07 32000.00 13.4 7.33 Hngzh HikVDT 24.47 24.98 -0.51 -2.04 -2.73 -10.0 -30.68 BHP Billiton Fin Ltd 09/27 3.25 A+ A1 A+ 99.75 3.27 0.00 0.65 1.28
LasVegasSd 42.46 41.59 0.87 2.09 4.82 12.8 -3.67 Daqin 6.71 6.96 -0.25 -3.59 -0.73 -9.8 -25.61 Brazil 01/21 7.88 BB+ Baa3 BB+ 95.45 6.03 0.00 -0.76 4.62
Colombia 07/21 4.38 BBB Baa2 BBB 100.17 4.39 0.00 0.01 2.97 B.A.T. Netherlands Fin B.V. (Re - British American Tobacco) 03/29 3.13 A- A3 A- 108.83 2.33 0.00 -0.08 -
Surgutneftegas 37.20 36.20 1.00 2.76 3.98 12.0 9.69 Regen Pharm 417.09 434.16 -17.07 -3.93 -44.48 -9.6 -22.86
Poland 03/22 5.00 A- A2 A- 110.28 3.17 0.00 0.07 1.76 Yen
BG 1044.00 1029.50 14.50 1.41 111.30 11.9 6.20 Illumina 153.10 162.42 -9.32 -5.74 -16.08 -9.5 -18.38
Turkey 09/22 6.25 - Baa3 BBB- 108.50 4.80 0.00 0.00 3.38 Wal-Mart Stores, Inc. 07/15 0.94 NR WR NR 100.00 0.31 0.00 0.00 -
Novatek 618.40 600.00 18.40 3.07 64.70 11.7 6.29 Netflix 93.01 91.15 1.86 2.04 -9.34 -9.1 -20.66
CanNatRs 27.68 27.68 0.00 0.00 2.86 11.5 -5.99 Telsa Mtrs 183.29 188.07 -4.78 -2.54 -16.68 -8.3 -19.95 Turkey 04/26 4.25 - Baa3 BBB- 94.44 5.01 0.00 -0.10 3.01 £ Sterling
JapanTob 4402.00 4293.00 109.00 2.54 447.00 11.3 -2.19 Delta 42.69 44.72 -2.03 -4.54 -3.83 -8.2 -17.71 Emerging Euro IPIC GMTN Limited 03/26 6.88 AA Aa2 AA 122.65 4.11 0.06 0.12 1.82
Repsol 9.30 8.83 0.47 5.30 0.94 11.2 -6.63 Anthem 127.45 131.23 -3.78 -2.88 -11.33 -8.2 -8.68 Brazil 02/15 7.38 BBB- Baa2 BBB 111.75 0.73 0.00 0.00 0.09 B.A.T. Intl Fin plc (Re - British American Tobacco) 09/26 4.00 A- A3 A- 104.67 3.47 0.06 0.29 1.18
Volvo 80.50 80.50 0.00 0.00 8.05 11.1 -3.25 Celgene 96.90 102.31 -5.41 -5.29 -8.56 -8.1 -18.58 Mexico 07/17 4.25 BBB+ A3 BBB+ 111.13 1.50 0.00 0.00 0.65 Data provided by SIX Financial Information. US $ denominated bonds NY close; all other London close. *S - Standard & Poor’s, M -
Mexico 02/20 5.50 BBB+ A3 BBB+ 121.63 2.06 0.00 0.00 0.64 Moody’s, F - Fitch.
Based on the FT Global 500 companies in local currency Based on the FT Global 500 companies in local currency
Bulgaria 09/25 5.75 BB+ - BBB- 114.56 3.96 0.00 0.03 1.96
Data provided by SIX Financial Information & Tullett Prebon Information. US $ denominated bonds NY close; all other
London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.

INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
Jan 28 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Jan 28 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 0.25-0.50 16-12-2015 1.00 0.00-0.25 0.00-0.25 Index change change change 1 month 1 year VIX 23.21 0.10 23.11 53.29 10.88 Jan 28 Price £ Yield Day Week Month Year High Low £m
US Prime 3.50 16-12-2008 3.50 3.25 3.25 Markit IBoxx VXD 22.62 0.43 22.19 56.32 7.04 Tr 4pc '16 102.20 0.35 0.00 -82.50 12.90 2.94 102.23 100.00 0.35
US Discount 0.75 18-02-2010 0.75 0.75 0.75 ABF Pan-Asia unhedged 172.76 0.30 -0.30 -0.30 -0.52 -4.71 VXN 27.31 0.04 27.27 46.72 11.15 Tr 1.75pc '17 101.39 0.33 0.00 -13.16 -23.26 -26.67 102.63 101.34 0.29
Euro Repo 0.05 10-09-2014 0.05 0.05 0.25 Corporates( £) 294.83 -0.06 -0.12 -0.12 -0.29 -3.51 VDAX 27.39 1.85 25.54 30.63 - Tr 5pc '18 109.67 0.38 -5.00 -7.32 -38.71 -41.54 113.51 109.34 0.35
UK Repo 0.50 05-03-2009 0.50 0.50 0.50 Corporates($) 249.44 0.04 -0.01 -0.01 -0.01 -0.01 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 4.5pc '19 111.88 0.63 -3.08 -3.08 -29.21 -24.10 115.07 111.04 0.36
Japan O'night Call 0.00-0.03 05-10-2010 0.03 0.00-0.10 0.00-0.10 Corporates(€) 211.21 0.08 -0.04 -0.04 0.05 -1.40 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 4.75pc '20 115.67 0.86 -2.27 -2.27 -23.21 -14.00 119.04 114.45 0.33
Switzerland Libor Target 0.00-0.25 15-01-2015 0.00-0.75 -1.25--0.25 0-0.25 Eurozone Sov(€) 228.32 0.04 1.34 1.34 1.40 0.85 Tr 1.5pc '21 101.82 1.12 -2.61 -2.61 -20.00 1.82 142.92 99.91 0.16
Gilts( £) 294.81 0.05 2.77 2.77 2.48 -0.45 BONDS: BENCHMARK GOVERNMENT Tr 4pc '22 116.60 1.17 -2.50 -1.68 -18.18 -1.68 119.85 113.65 0.38
INTEREST RATES: MARKET Global Inflation-Lkd 239.26 0.36 0.39 0.39 -0.40 -4.92 Red Bid Bid Day chg Wk chg Month Year Tr 5pc '25 129.22 1.55 -1.27 0.65 -13.41 7.64 134.70 124.47 0.35
Over Change One Three Six One Markit iBoxx £ Non-Gilts 296.63 -0.03 0.58 0.58 0.40 -2.60 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '27 126.03 1.80 -1.64 -1.10 -12.62 10.43 131.90 119.79 0.31
Jan 28 (Libor: Jan 27) night Day Week Month month month month year Overall ($) 227.61 0.12 1.15 1.15 1.15 1.15 Australia 10/18 3.25 103.46 1.94 0.01 -0.01 -0.10 -0.09 Tr 4.25pc '32 129.28 2.12 -0.93 -1.85 -10.17 12.77 136.85 121.93 0.35
US$ Libor 0.36590 0.000 0.000 -0.003 0.42800 0.61810 0.86500 1.15045 Overall( £) 292.67 0.02 2.12 2.12 1.86 -1.09 11/27 2.75 99.00 2.87 0.02 0.01 0.00 0.00 Tr 4.25pc '36 131.29 2.30 -0.86 -2.13 -9.45 13.86 140.37 123.52 0.28
Euro Libor -0.28214 0.001 0.001 -0.001 -0.22857 -0.17071 -0.09643 0.01429 Overall(€) 222.86 0.04 0.98 0.98 1.04 0.42 Austria 10/19 0.25 99.98 0.26 0.00 0.00 0.00 0.00 Tr 4.5pc '42 141.54 2.39 -0.83 -2.05 -8.43 13.81 153.16 132.20 0.26
£ Libor 0.48063 0.000 -0.001 0.000 0.50944 0.58938 0.73688 1.01063 Treasuries ($) 220.80 0.18 1.85 1.85 1.85 1.85 10/25 1.20 105.03 0.66 -0.03 -0.04 -0.24 0.00 Tr 3.75pc '52 135.12 2.32 -0.85 -1.69 -8.30 9.43 145.21 121.95 0.22
Swiss Fr Libor -0.002 -0.78500 -0.75060 -0.68800 -0.61800 FTSE Belgium 06/18 0.75 101.79 -0.02 0.00 0.00 0.00 0.00 Tr 4pc '60 148.24 2.26 -0.88 -2.16 -9.24 7.62 159.23 131.72 0.22
Yen Libor 0.003 0.05143 0.08214 0.11229 0.21829 Sterling Corporate (£) 110.12 0.24 - - 0.09 -6.69 06/26 1.00 101.43 0.86 -0.03 -0.06 0.00 0.00 xd Ex dividend. Closing mid-prices are shown in pounds per £ 100 nominal of stock. Red yield: Gross redemption yield.
Euro Euribor 0.000 -0.23100 -0.15900 -0.08200 0.02200 Euro Corporate (€) 105.65 0.28 - - 0.12 -4.75 Canada 11/17 0.25 99.66 0.45 0.01 -0.03 -0.04 0.00 This table shows the gilts benchmarks & the non-rump undated stocks.
Sterling CDs 0.000 0.50000 0.60000 0.77500 Euro Emerging Mkts (€) 768.01 9.52 - - -10.91 -23.07 06/26 1.50 101.14 1.38 0.01 -0.02 -0.15 0.00
US$ CDs
Euro CDs
0.000
0.000
0.42000
-0.24500
0.59000
-0.18500
0.83000
-0.09500
Eurozone Govt Bond 114.81 0.28 - - 1.11 -1.75 Denmark 11/18 0.25 101.42 -0.26 0.00 0.00 0.00 0.00 GILTS: UK FTSE ACTUARIES INDICES
CREDIT INDICES Day's Week's Month's Series Series 11/25 1.75 110.17 0.67 -0.04 -0.04 0.00 0.19
Price Indices Day's Total Return Return
Short 7 Days One Three Six One Index change change change high low Finland 05/18 1.00 99.60 1.18 0.00 0.04 -0.18 0.00
Fixed Coupon Jan 28 chg % Return 1 month 1 year Yield
Jan 28 term notice month month month year Markit iTraxx 09/25 0.88 101.87 0.67 -0.05 -0.04 0.00 0.00
1 Up to 5 Years 98.82 0.06 2383.62 0.72 1.36 0.76
Euro -0.35 -0.25 -0.35 -0.25 -0.32 -0.17 -0.26 -0.11 -0.17 -0.02 -0.07 0.08 Crossover 5Y 374.93 8.31 -3.82 57.12 397.02 280.05 France 05/19 1.00 104.13 -0.24 0.00 0.00 0.00 0.00
2 5 - 10 Years 182.06 0.19 3295.50 1.75 1.56 1.40
Sterling 0.40 0.55 0.40 0.55 0.45 0.55 0.55 0.65 0.70 0.85 0.98 1.13 Europe 5Y 93.49 1.51 -1.12 15.69 99.07 68.39 11/20 0.25 101.54 -0.07 0.00 0.00 0.00 0.00
3 10 - 15 Years 208.97 0.25 3892.21 2.72 0.63 1.90
Swiss Franc - - - - - - - - - - - - Japan 5Y 88.81 -1.44 -6.00 13.92 94.85 65.01 11/25 1.00 102.57 0.73 -0.03 -0.05 0.00 0.00
4 5 - 15 Years 188.42 0.21 3439.70 2.03 1.26 1.60
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 92.12 4.20 0.73 16.76 99.56 65.28 05/45 3.25 133.77 1.76 -0.03 -0.05 0.00 0.33
5 Over 15 Years 305.28 0.35 4450.51 4.29 -1.85 2.32
US Dollar 0.32 0.42 0.32 0.42 0.40 0.50 0.60 0.70 0.80 0.90 1.10 1.20 Germany 04/19 0.50 102.88 -0.39 0.00 0.00 0.00 0.00
Markit CDX 7 All stocks 175.05 0.22 3290.73 2.47 -0.09 2.05
Japanese Yen -0.05 0.05 -0.08 0.02 -0.15 0.05 -0.10 0.10 -0.10 0.10 0.00 0.20 10/20 0.25 102.39 -0.26 0.00 0.00 0.00 0.00
Emerging Markets 5Y 376.99 -1.88 -18.62 20.02 400.12 299.17 02/26 0.50 100.90 0.41 -0.04 -0.05 0.00 0.00
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: Day's Month Year's Total Return Return
Nth Amer High Yld 5Y 529.47 6.27 -28.09 56.00 557.56 416.39 08/46 2.50 135.12 1.13 -0.05 -0.08 -0.35 0.10
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. Index Linked Jan 28 chg % chg % chg % Return 1 month 1 year
Nth Amer Inv Grade 5Y 104.97 0.94 -6.01 16.56 110.98 75.52 Greece 07/17 3.38 86.75 14.01 0.36 -0.74 0.00 -2.46
Nth AmerHiVol 5Y 0.00 0.00 0.00 0.00 283.44 100.00 1 Up to 5 Years 308.90 0.05 0.21 -1.31 2369.85 0.63 0.12
02/26 3.00 63.14 9.38 0.11 -0.32 0.00 -1.26 2 Over 5 years 580.45 0.24 3.76 -1.79 4289.67 3.89 -1.06
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. Ireland 10/17 5.50 110.00 -0.32 0.00 0.00 0.00 0.00 3 5-15 years 431.68 0.22 1.75 -2.14 3291.41 2.09 -0.86
05/26 1.00 99.59 1.04 0.00 0.00 0.00 0.00 4 Over 15 years 718.87 0.25 4.58 -1.53 5210.21 4.62 -1.01
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED Italy 10/18 0.30 100.64 0.06 0.02 0.00 0.00 0.00 5 All stocks 536.12 0.21 3.24 -1.70 4014.70 3.41 -0.86
11/20 0.65 100.75 0.49 0.00 -0.04 0.00 0.00
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
12/25 2.00 104.66 1.49 -0.01 -0.05 0.00 0.00 Yield Indices Jan 28 Jan 27 Yr ago Jan 28 Jan 27 Yr ago
Crude Oil† Feb 32.79 0.77 Corn♦ Mar 368.25 -0.75 Jan 27 Jan 27 Prev return stock Market stocks
09/46 3.25 113.14 2.64 0.00 -0.04 0.00 -0.07 5 Yrs 1.00 1.03 0.95 20 Yrs 2.35 2.36 2.03
Brent Crude Oil‡ 35.12 2.24 Wheat♦ Mar 475.25 -1.50 Can 4.25%' 21 126.26 -0.215 -0.172 -0.68 5.18 70238.26 7
Japan 01/18 0.10 100.26 -0.03 0.00 0.00 0.00 0.00 10 Yrs 1.72 1.74 1.50 45 Yrs 2.28 2.30 2.13
RBOB Gasoline† Feb 1.11 0.06 Soybeans♦ Mar 881.25 -2.75 Fr 2.25%' 20 113.62 -0.723 -0.713 -0.49 20.31 213246.86 14
02/21 0.05 100.11 0.03 0.00 -0.01 0.00 0.00 15 Yrs 2.15 2.17 1.85
Heating Oil† Feb 1.04 0.06 Soybeans Meal♦ Mar 272.40 -0.30 Swe 0.25%' 22 107.89 -0.824 -0.854 0.71 32.00 234426.03 7
12/25 0.30 100.73 0.22 0.00 -0.01 0.00 0.00
Natural Gas† Feb 2.12 -0.04 Cocoa (ICE Liffe)X Mar 2012.00 7.00 UK 2.5%' 20 358.89 -1.217 -1.213 1.21 6.58 495144.44 25
12/45 1.40 105.01 1.17 0.02 -0.02 0.00 0.00 inflation 0% inflation 5%
Ethanol♦ - - Cocoa (ICE US)♥ Mar 2769.00 6.00 UK 2.5%' 24 338.97 -0.815 -0.822 2.04 6.82 495144.44 25
Netherlands 04/17 0.50 101.13 -0.44 0.00 0.00 0.00 0.00 Real yield Jan 28 Dur yrs Previous Yr ago Jan 28 Dur yrs Previous Yr ago
Uranium Feb 36.75 0.00 Coffee(Robusta)X Mar 1402.00 -14.00 UK 2%' 35 232.40 -0.797 -0.785 3.39 9.08 495144.44 25
07/25 0.25 97.50 0.52 -0.04 -0.05 0.00 0.00 Up to 5 yrs -0.92 2.30 -0.90 -0.96 -1.70 2.32 -1.68 -1.61
Carbon Emissions - - Coffee (Arabica)♥ Mar 118.35 0.25 US 0.625%' 21 102.04 0.248 0.291 1.18 35.84 1126986.20 36
Diesel Mar - - White SugarX 408.60 -6.10 New Zealand 03/19 5.00 107.31 2.55 0.01 0.06 -0.23 -0.58 Over 5 yrs -0.86 23.54 -0.85 -0.92 -0.89 23.64 -0.88 -0.96
US 3.625%' 28 132.16 0.848 0.291 0.95 16.78 1126986.20 36
Unleaded (95R) - - Sugar 11♥ 13.35 -0.23 04/27 4.50 111.61 3.25 0.00 0.01 -0.33 -0.01 5-15 yrs -0.78 9.55 -0.75 -0.93 -0.90 9.56 -0.87 -1.06
Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Norway 05/19 4.50 112.55 0.65 -0.01 0.02 0.00 -0.09 Over 15 yrs -0.87 29.10 -0.86 -0.92 -0.89 29.15 -0.88 -0.94
Base Metals (♠ LME 3 Months) Cotton♥ Mar 60.80 -0.06 value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
03/25 1.75 103.25 1.37 -0.02 0.02 0.00 0.00 All stocks -0.86 20.50 -0.85 -0.92 -0.91 20.65 -0.90 -0.97
Aluminium 1524.00 -2.00 Orange Juice♥ Mar 124.55 0.20 amount.
Aluminium Alloy 1550.00 -70.00 Palm Oil♣ Jan 562.00 - Portugal 06/19 4.75 112.77 0.88 0.02 0.05 0.00 -0.46 See the FTSE website for more details: http://www.ftse.com/products/indices/gilts
Copper 4550.00 -27.00 Live Cattle♣ Feb 135.50 0.00 BONDS: TEN YEAR GOVT SPREADS 07/26 2.88 99.01 2.99 0.02 -0.13 0.00 0.00
Lead 1679.00 8.00 Spain 04/18 0.25 100.34 0.10 0.01 -0.02 0.00 0.00 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Feeder Cattle♣ Mar 159.05 0.33
Nickel 8660.00 -10.00 Lean Hogs♣ Feb 65.60 0.00 Spread Spread Spread Spread 04/26 1.95 102.29 1.70 -0.01 -0.10 0.00 0.00 at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor guarantee
Tin 14150.00 -250.00 Bid vs vs Bid vs vs Sweden 10/18 1.00 99.41 1.23 0.00 0.04 -0.20 0.00 that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any
Zinc 1594.50 -18.50 % Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds 05/25 2.50 116.40 0.67 -0.03 0.02 0.00 -0.04 loss arising from the reliance on or use of the listed information. For all queries e-mail
Precious Metals (PM London Fix) Jan 27 Month Year Australia 2.87 2.46 0.87 Italy 1.49 1.09 -0.50 Switzerland 05/19 3.00 113.02 -0.89 0.00 0.00 0.00 0.00 ft.reader.enquiries@morningstar.com
Gold 1114.00 -2.25 S&P GSCI Spt 295.88 -5.81 -22.61 Austria 0.66 0.26 -1.33 Japan 0.22 -0.18 -1.77 05/26 1.25 115.19 -0.20 0.00 0.00 0.00 0.00
Silver (US cents) 1358.00 -80.00 DJ UBS Spot 76.07 -3.10 -24.94 Belgium 0.86 0.45 -1.14 Netherlands 0.52 0.11 -1.48 United Kingdom 07/18 1.25 101.61 0.59 -0.02 -0.01 -0.28 -0.19 Data provided by Morningstar | www.morningstar.co.uk
Platinum 883.00 7.00 R/J CRB TR 165.59 -6.34 -24.28 Canada 1.38 0.97 -0.62 Norway 1.37 0.96 -0.63 01/21 1.50 101.78 1.13 -0.04 -0.02 -0.33 0.00
Palladium 499.00 5.00 Rogers RICIX TR 1918.08 - - Denmark 0.67 0.26 -1.33 Portugal 2.99 2.58 0.99 09/25 2.00 102.88 1.67 -0.04 0.00 -0.28 0.00
Bulk Commodities M Lynch MLCX Ex. Rtn 231.14 -9.84 -33.05 Finland 0.67 0.26 -1.33 Spain 1.70 1.30 -0.29 12/46 4.25 140.83 2.38 -0.03 -0.05 -0.25 0.27
Iron Ore (Platts) 42.60 0.00 UBS Bberg CMCI TR 11.50 -5.11 -24.98 France 0.73 0.32 -1.27 Switzerland -0.20 -0.61 -2.20 United States 12/17 1.00 100.29 0.85 0.01 0.00 -0.21 0.00
Iron Ore (The Steel Index) 41.50 0.20 LEBA EUA Carbon 5.96 -14.86 -14.98 Germany 0.41 0.00 -1.59 United Kingdom 1.67 1.27 -0.32 12/20 1.75 101.58 1.42 0.01 -0.03 -0.34 0.00
GlobalCOAL RB Index 52.00 0.00 LEBA CER Carbon 0.38 -19.15 -15.56 Greece 9.38 8.98 7.39 United States 2.00 1.59 0.00 11/25 2.25 102.23 2.00 0.01 -0.03 -0.27 0.00
Baltic Dry Index 325.00 -12.00 LEBA UK Power 2796.00 121.73 150.99 Ireland 1.04 0.63 -0.96 11/45 3.00 104.17 2.79 0.00 -0.01 -0.22 0.00
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Data provided by SIX Financial Information & Tullett Prebon Information Data provided by SIX Financial Information & Tullett Prebon Information
unless otherwise stated.
18 FINANCIAL TIMES Friday 29 January 2016

MANAGED FUNDS SERVICE

Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield

Far East $ 600.40 - -11.02 0.00 Franklin Emg Mkts Debt Opp USD $ 16.71 - -0.47 7.19 Invesco Energy A $ 14.22 - 0.14 0.00 US Government Bond A1 $ 17.20 - 0.00 0.00

ACPI Global UCITS Funds Plc (IRL) Chartered Asset Management Pte Ltd DSM Capital Partners Funds (LUX) Invesco Euro Corporate Bond Fund (A) € 16.77 - 0.03 0.00 Lloyds Investment Fund Managers Limited (1000)F (JER) Value A1 $ 20.16 - -0.05 0.00
www.acpishard.com Other International Funds www.dsmsicav.com PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555
Regulated Atlantis Investment Management Ltd (IRL) Regulated Frontier Capital (Bermuda) Limited Invesco Euro Inflation Linked Bond A € 15.50 - 0.01 0.00 Other International Funds
2nd Floor, 13 St Swithin's Lane, London EC4N 8AL CAM-GTF Limited $ 265175.46 265175.46 622.65 0.00 Other International
ACPI Emerging Mkts FI UCITS Fund USD A $ 102.78 - 0.33 0.00 www.atlantis-investmenet.com, Tel: 0207 877 3377 Global Growth I2 Acc € 126.49 - -1.96 0.00 Invesco Euro Reserve A € 322.64 - -0.01 0.00 Lloydstrust Gilt £ 12.3200xd - 0.0000 2.30 MMIP Investment Management Limited (GSY)
CAM GTi Limited $ 605.58 - -7.40 0.00 Commercial Property-GBP Class £ 71.42 - -0.53 - Regulated
ACPI Global Credit UCITS Funds USD A $ 13.81 - 0.01 0.00 Regulated Global Growth I1 Eur € 94.58 - -1.47 - Lloyds Investment Funds Limited
Invesco Euro Bond A € 7.11 - 0.01 0.00 Multi-Manager Investment Programmes PCC Limited
Atlantis China Fund $ 6.44 - 0.00 0.00 Raffles-Asia Investment Company $ 1.56 1.56 0.01 5.51 Global Real Estate-GBP C Class £ 45.26 - -0.50 - Euro High Income € 1.5940xd - 0.0040 2.97
ACPI Global Fixed Income UCITS Fund USD A $ 152.10 - 0.02 0.00 Invesco European Growth Equity A € 22.80 - 0.01 0.00 European Equity Fd Cl A Initial Ser € 2642.19 2642.19 62.94 0.00
Atlantis China Healthcare Fund $ 1.74 - -0.03 0.00 Edinburgh Partners Limited (IRL) European £ 7.2870 - 0.0790 1.41
Q ACPI India Fixed Income UCITS Fund USD A $ 9.73 - -0.03 - Invesco Global Absolute Return Fund A Class € 11.63 - -0.07 0.00 Japanese Equity Fd Cl A Initial Ser ¥ 368031.00 368031.00 6127.00 0.00
Atlantis Japan Opportunities Fund $ 2.45 - 0.06 0.00
27-31 Melville Street, Edinburgh, Edinburgh, EH2 4DJ +353 1 434 5143 GYS Investment Management Ltd (GSY)
High Income £ 0.8499 - -0.0004 5.04
ACPI India Fixed Income UCITS Fund USD A3 $ 83.20 - -0.27 0.00 Dealing - Fax only - +353 1 434 5230 Regulated Invesco Global Bond A Inc $ 5.44 - 0.00 0.75 MMIP - US EQUITY CLASS A 01 June 07 Series $ 1304.31 1304.31 168.32 0.00
Atlantis Asian Fund $ 6.18 - 0.02 0.00 FCA Recognised Taurus Emerging Fund Ltd $ 155.03 158.19 -7.12 0.00 International £ 3.8080 - 0.0100 1.27
ACPI International Bond UCITS Fund USD A $ 17.99 - -0.01 0.00 Invesco Global Conservative Fund 90 (EUR) A € 11.80 - -0.01 0.00 Pacific Basin Fd Cl A Initial Ser $ 2059.34 2059.34 -82.99 0.00
Edinburgh Partners Opportunities Fund PLC
North American £ 14.9700 - -0.0800 0.28
European Opportunities I EUR € 2.29 - 0.00 2.30 Invesco Global Equity Income Fund A $ 53.58 - -0.07 0.00 UK Equity Fd Cl A Series 01 £ 2318.62 2346.23 -38.83 0.00
ACPI Select UCITS Funds PLC (IRL) Generali Worldwide Sterling Bond £ 1.4380xd - -0.0010 3.76

AXIOM European Opportunities I GBP £ 1.74 - 0.01 2.46 Invesco Global Inc Real Estate Sec A dist $ 8.82 - -0.05 2.24 Diversified Absolute Rtn Fd USD Cl AF2 $ 1589.37 - 2.97 0.00
Regulated Cheyne Capital Management (UK) LLP (IRL) PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108
UK £ 6.1400 - 0.1290 1.63
Regulated European Opportunities I USD $ 2.50 - 0.00 2.08 International Insurances Invesco Global Inv Grd Corp Bond A Dist $ 11.78 - 0.01 3.04 Diversified Absolute Return Stlg Cell AF2 £ 1609.96 - 2.21 0.00
ACPI Balanced UCITS Fund USD Retail $ 13.24 - 0.05 0.00 ALTERNATIVE INVESTMENTS Lloyds Gilt Fund Limited
Cheyne Convertibles Absolute Return Fund € 1312.13 - -1.53 0.00 Global Multi-Strategy Managed $ 4.37 4.71 -0.15 0.00
European Opportunities A EUR € 2.23 - -0.01 1.60 Invesco Global Leisure A $ 33.14 - -0.53 0.00
ACPI Balanced UCITS Fund EUR Retail € 9.98 - 0.04 0.00 Lloyds Gilt Fund Quarterly Share £ 1.2840xd - 0.0000 1.82
Cheyne Global Credit Fund € 114.46 - 0.06 0.00 UK Multi-Strategy Managed £ 4.54 4.89 -0.18 0.00 LNG Capital (CYM)
Global Opportunities I USD $ 1.49 - 0.01 2.12 Invesco Global Smaller Comp Eq Fd A $ 52.34 - -0.24 0.00
ACPI Balanced UCITS Fund GBP Retail £ 10.09 - 0.04 0.00 Monthly Share £ 1.2370 - 0.0000 1.82
Axiom Alternative Investments (FRA) Cheyne European Mid Cap Fund € 1103.40 - 4.80 0.00 EU Multi-Strategy Managed € 2.85 3.07 -0.12 0.00
Kingsbury House, 15-17 King St, London SW1Y 6QU
1 Conduit Street - 4th floor - London W1S 2XA Global Opportunities I GBP £ 1.05 - 0.01 1.93 Invesco Global Structured Equity A $ 43.51 - -0.21 0.74 www.lngcapital.com, Tel: 0207 839 3456
ACPI Balanced UCITS Fund USD Institutional $ 10.00 - - - Lloyds Money Fund Limited
www.axiom-ai.com Tel: +44 330 822 0374 Global Bond USD $ 3.39 3.65 -0.02 0.00 Regulated
Global Opportunities I EUR € 1.52 - -0.01 1.98 Invesco Global Total Ret.(EUR) Bond Fund A € 12.91 - 0.02 0.00 Sterling Class £ 52.6220 - 0.0000 0.10
ACPI Balanced UCITS Fund EUR Institutional € 10.00 - - - Regulated
Cheyne Capital Management (UK) LLP LNG Europa Credit Fund EUR (Est) € 1196.70 - 65.31 -
Axiom Contingent Capital € 1000.55 - 2.52 - Global Opportunities A GBP £ 0.98 - 0.01 1.46 Invesco Gold & Precious Metals A $ 3.39 - 0.04 0.00 Lloyds Multi Strategy Fund Limited
ACPI Balanced UCITS Fund GBP Institutional £ 10.00 - - - Other International Funds
Genesis Asset Managers LLP Invesco Greater China Equity A $ 38.61 - 0.08 0.00 Conservative Strategy £ 1.0870 - 0.0010 1.97 LNG Europa Credit Fund GBP (Est) £ 1196.70 - 56.94 -
ACPI Horizon UCITS Fund $ 12.25 - -0.01 0.00 Axiom Contingent Capital £ 1005.31 - 2.48 - Cheyne European Event Driven Fund € 134.54 - -11.29 0.00 Pan European Opportunities I EUR € 1.40 - 0.00 -
Other International Funds
Growth Strategy £ 1.4390 - 0.0090 1.32 LNG Europa Credit Fund USD $ 1183.45 - -15.60 -
Axiom Equity $ 753.65 - -5.22 - Invesco India Equity A $ 46.83 - -0.18 0.00
Cheyne Real Estate Credit Holdings Fund £ 162.87 - 1.01 0.00 Emerging Mkts NAV £ 4.86 - 0.07 0.00
Invesco Japanese Equity Adv Fd A ¥ 3537.00 - -14.00 0.00 Aggressive Strategy £ 1.7290 - 0.0120 0.00
Axiom Equity € 791.77 - -5.53 0.00 Cheyne Real Estate Credit Holdings Fund III £ 112.40 - 0.42 0.00
Global USD Growth Strategy $ 1.2600 - -0.0030 0.00
Marlborough International Management Limited (GSY)
Axiom Obligataire $ 1717.50 - -2.60 0.00 HPB Assurance Ltd Invesco Japanese Value Eq Fd A ¥ 1175.00 - 0.00 0.00 Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520
Cheyne Real Estate Debt Fund Class A1 £ 132.13 - 0.48 0.00
Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490 Dealing Daily FCA Recognised
Axiom Obligataire € 1713.26 - -2.04 0.00 Invesco Latin American Equity A $ 4.95 - 0.05 0.00
Cheyne Total Return Credit Fund - December 2017 Class $ 152.88 - -20.24 0.00 International Insurances Marlborough North American Fund Ltd £ 30.62 32.63 0.47 0.00
Axiom Obligataire £ 1726.25 - -2.16 0.00 Invesco Nippon Small/Mid Cap Equity A ¥ 968.00 - 3.00 0.00
Cheyne Total Return Credit Fund 2020 $ 100.78 - -2.61 - Holiday Property Bond Ser 1 £ 0.50 - 0.01 0.00 M & G (Guernsey) Ltd (GSY)
Marlborough Tiger Fund Ltd F £ 23.75 25.31 -0.65 0.00
EFG Hermes Invesco Pan European Equity A EUR Cap NAV € 17.01 - -0.07 0.00 Regulated
Algebris Investments (IRL) Holiday Property Bond Ser 2 £ 0.60 - 0.01 0.00
Regulated DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE The M&G Offshore Fund Range
BLME Asset Management (LUX) Cohen & Steers SICAV (LUX) Invesco Pan European High Income Fd A € 13.28 - 0.01 2.48
Contact: Telephone + 971 4 363 4029 Email AMsales@EFG-HERMES.com
Algebris Financial Credit Fund - Class I EUR € 130.56 - 0.03 0.00 BLME Sharia'a Umbrella Fund SICAV SIF Regulated
Corporate Bond 1296.73 1336.83 2.00 3.20 Marwyn Asset Management Limited (CYM)
Other International Funds Invesco Pan European Small Cap Equity A € 20.92 - -0.01 0.00 Regulated
Regulated Haussmann
Algebris Financial Income Fund - Class I EUR € 109.51 - -0.01 0.00 European Real Estate Securities € 21.9264 - -0.2188 1.58 Global Basics 2189.07 2256.77 5.77 0.34
The EFG-Hermes Egypt Fund $ 29.93 - - 0.00 Other International Funds Invesco Pan European Structured Equity A € 16.29 - -0.07 0.00 Marwyn Value Investors £ 450.92 - -7.87 0.00
Income Fund - Share Class A Acc $ 1135.10 - 0.27 0.00
Algebris Financial Equity Fund - Class B EUR € 86.62 - -0.40 - Europ.RealEstate Sec. IX € 29.4066 - -0.2934 0.00 Global Leaders 3115.82 3245.65 -24.83 1.16
EFG-Hermes Frontier Equity UCITS Fund Class I $ 1000.00 - - - Haussmann Cls A $ 2574.62 - -108.37 0.00
Income Fund - Share Class G Acc £ 1076.93 - 0.28 0.00 Invesco UK Eqty Income A £ 30.39 - 0.14 0.00
Algebris Asset Allocation Fund - Class B EUR € 97.01 - 0.36 - Gbl Listed Infrastructure I $ 9.4444 - 0.0414 - Global High Yield Bond 914.44 942.72 1.77 4.86
EFG-Hermes MENA Equity UCITS Fund Class A $ 1000.00 - - - Haussmann Cls C € 2248.78 - -95.69 0.00 Meridian Fund Managers Ltd
Gl Sukuk Fund - Share Class A Acc $ 1204.18 - 0.75 0.00 Invesco UK Investment Grade Bond A £ 0.98 - 0.00 2.89
Gbl Listed Infrastructure IX $ 9.4854 - 0.0416 - Global Macro Bond Fund 11454.31 11808.57 16.47 1.97 Other International Funds
Middle East & Developing Africa Fund (Final) $ 19.81 - - 0.00 Haussmann Cls D SFr 1188.89 - -51.05 0.00
Gl Sukuk Fund - Share class B Acc £ 1075.12 1075.12 0.67 0.00 Invesco US Structured Equity A $ 19.51 - -0.17 0.00
Alken Asset Management (LUX) Gbl RealEstate Sec. I $ 10.1737 - -0.1083 1.40 North American Dividend Fund 150.71 156.99 -0.76 2.43 Global Gold & Resources Fund $ 184.00 - 2.35 -
Saudi Arabia Equity Fund SR 10.42 - -0.01 0.00 Invesco US Value Eq Fd A $ 27.47 - -0.14 0.00
61 Conduit Street, London, W1S 2GB
Gbl RealEstate Sec. IX $ 12.1131 - -0.1289 0.00 Optimal Income Fund 137.75 142.01 0.12 2.82 Global Energy & Resources Fund $ 31.18 - -3.49 -
www.alken-am.com Heartwood Wealth Management Limited (IRL)
Bank of America Cap Mgmt (Ireland) Ltd (IRL)
Regulated
Invesco USD Reserve A $ 87.02 - 0.00 0.00
Regulated Recovery Fund Limited 'A' Participating Shares 9081.85 9460.26 44.00 0.56
Regulated Ennismore Smaller Cos Plc (IRL)
Alken European Opportunities € 191.78 - 0.26 0.00 Heartwood Caut Multi Asset B Acc 136.69 - 0.20 0.00
Global Liquidity USD $ 1.00 - 0.00 0.47 5 Kensington Church St, London W8 4LD 020 7368 4220 Recovery Fund Limited 'I' Participating Shares 9064.84 9156.41 44.84 1.45 Mirabaud Asset Management (LUX)

Alken European Opportunities £ 117.03 - 0.97 0.00

FCA Recognised Invesco Global Asset Management Ltd (IRL) www.mirabaud.com, marketing@mirabaud.com
Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200 Strategic Corporate Bond Fund 130.84 136.29 0.14 3.10 Regulated
Ennismore European Smlr Cos NAV £ 103.79 - 0.35 0.00
Alken Absolute Return € 137.28 - 0.18 0.00 FCA Recognised
Barclays Investment Funds (CI) Ltd (JER) UK Select 1396.45 1454.64 6.58 1.01
Mir. Conv. Bds Eur A EUR € 131.93 - -0.07 0.00
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800 Ennismore European Smlr Cos NAV € 136.11 - -0.47 0.00 Invesco Stlg Bd A QD F £ 2.57 - 0.00 3.34
Alken Absolute Return £ 111.48 - 0.14 0.00 Mir. Conv. Bds Glb A USD $ 108.65 - -0.15 0.00
FCA Recognised
Invesco Asian Equity A $ 5.53 - 0.00 0.53
Alken Small Cap € 176.85 - 0.35 0.00 Bond Funds Mir. - Eq Asia ex Jap A $ 154.56 - 0.09 0.00
Crèdit Andorrà Asset Management (LUX) Ennismore European Smlr Cos Hedge Fd MFS Investment Funds (LUX)
Sterling Bond F £ 0.46 - 0.01 3.34 www.creditandorra.com Invesco ASEAN Equity A $ 83.84 - 0.26 0.29 FCA Recognised
Other International Funds Mir. - Eq Glb Emrg Mkt A USD $ 77.77 - 0.44 0.00
FCA Recognised Blend.Research Gb.Eq.Fd. € 94.64 - -0.98 -
Hermes Investment Funds Plc (IRL) Invesco Bond A $ 26.68 - 0.03 1.99
Amundi Funds (LUX) NAV € 493.94 - -2.06 0.00 Mir. - Eq Global Focus A USD $ 92.09 - -0.69 0.00
Crediinvest SICAV Money Market Eur I € 11.22 - 0.01 0.00 Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121
5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332 Blend.Research Gb.Eq.Fd. £ 96.96 - -0.34 -
Baring International Fd Mgrs (Ireland) (IRL)
FCA Recognised
Invesco Continental Eurp Small Cap Eqty A $ 183.89 - -0.08 0.00
www.amundi-funds.com Crediinvest SICAV Money Market Usd A $ 10.03 - 0.00 0.00 Mir. -Eq Spain A € 23.05 - 0.05 0.00
Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 020 7214 1004
FCA Recognised Hermes Abs Return Credit Fund Class F Acc £ £ 1.06 1.06 0.00 - Invesco Emerging Markets Equity A $ 31.31 - 0.20 0.00 Blend.Research U.S.Core Eq.Fd. ¥ 9301.00 - -76.00 -
FCA Recognised Equinox Fund Mgmt (Guernsey) Limited (GSY) Mir. - Eq Swiss Sm/Mid A SFr 321.64 - 2.03 0.00
Crediinvest SICAV Fixed Income Eur € 10.41 - 0.02 0.00 Regulated
Bd. Euro Corporate AE Class - R - EUR € 18.30 - 0.01 0.00 Invesco Emerging Markets Bond A $ 20.07 - 0.03 4.66 Blend.Research Gb.Eq.Fd. $ 90.83 - -0.75 -
ASEAN Frontiers A GBP Inc £ 109.04 - 0.23 0.58 Hermes Abs Return Credit Fund Class R Acc € € 1.99 1.99 -0.01 -
Crediinvest SICAV Fixed Income Usd $ 10.31 - 0.00 0.00 Mir. - Glb High Yield Bds A $ 104.95 - 0.21 -
Equinox Russian Opportunities Fund Limited $ 119.68 - 0.92 0.00
Bd. Global AU Class - R - USD $ 25.10 - 0.00 0.00 Invesco Continental European Equity A € 7.85 - -0.04 0.20 Em.Mk.Eq.Fund Euro € 98.92 - -0.12 0.00
Asia Growth A GBP Inc H £ 44.30 - 0.02 0.00 Hermes Active UK Inflation Fund Class F Acc £ 1.31 1.31 0.00 0.00
Crediinvest SICAV Spanish Value € 223.62 - 0.27 0.00 Mir. - Glb Eq High Income A USD $ 92.66 - 0.41 0.00
Eq. Emerging Europe AE Class - R - EUR € 26.83 - -0.24 0.00 Invesco Gilt A £ 15.27 - 0.05 1.39 Em.Mk.Eq.Fund Sterling £ 88.70 - 0.50 0.00
Australia A GBP Inc £ 67.92 - 0.65 1.82 Hermes Asia Ex-Japan Equity Fund Class F Acc £ 1.49 1.49 0.00 0.00
Crediinvest SICAV International Value € 191.19 - 0.23 0.00 Euronova Asset Management UK LLP (CYM) Mir. - Glb Inv Grade Bds A € 99.68 - 0.09 -
Eq. Emerging World AU Class - R - USD $ 72.17 - 0.59 0.00 Invesco Global Small Cap Equity A NAV $ 107.66 - -0.44 0.00 Em.Mk.Eq.Fd.US Dollar $ 82.13 - 0.07 0.00
Baring China Bond Fund $ 9.59 - 0.00 0.00 Regulated Hermes Asia Ex-Japan Equity Fund Class R Acc € 3.10 3.10 0.00 0.00
Crediinvest SICAV Big Cap Value € 14.20 - 0.02 0.00 Mir. - Glb Strat. Bd A USD $ 102.62 - 0.14 0.00
Eq. Greater China AU Class - R - USD $ 484.32 - 1.20 0.00 Smaller Cos Cls One Shares (Est) € 34.02 - 0.33 0.00 Invesco Global High Income A NAV $ 11.50 - 0.02 6.06 Gb.Conc.Eq.Fd.Euro € 263.89 - -1.98 0.00
Baring Emerging Markets Corporate Debt Fund $ 9.09 - 0.06 0.00 Hermes Global Emerging Markets Fund Class F Acc £ 1.11 1.11 0.01 0.00
Crediinvest SICAV US American Value $ 16.68 - -0.09 0.00
Eq. Latin America AU Class - R - USD $ 274.30 - 1.73 0.00 Smaller Cos Cls Two Shares (Est) € 23.85 - 0.20 0.00 Invesco Gbl R/Est Secs A GBP F F £ 7.76 - -0.08 0.88 Gb.Conc.Eq.Fd.Sterl.UK T £ 168.38 - -0.10 0.00
Baring European Opportunities Fund Class A EUR Acc € 12.66 - -0.03 0.00 Hermes Global Emerging Markets Fund Class R Acc € 2.68 2.68 0.00 0.00
MW Japan Fund Plc (IRL)
Crediinvest SICAV Sustainability € 14.23 - 0.12 0.00
Gl. Macro Bds & Curr Low Vol AHG - GBP £ 98.31 - -0.04 0.00 Smaller Cos Cls Three Shares (Est) € 11.86 - 0.13 0.00 Invesco Global Health Care A $ 113.76 - -2.09 0.00 Gb.Conc.Eq.Fd.Sterling £ 254.80 - -0.16 0.00 FCA Recognised
Baring Global Mining Fund - Class A GBP Inc £ 3.24 - 0.00 0.65 Hermes Global Equity Fund Class F Acc £ 1.44 1.44 -0.01 0.00
MW Japan Fund PLC A $ 23.62 - -0.15 -
Dynamic Emerging Markets A GBP Acc F £ 8.29 - 0.05 0.00 Smaller Cos Cls Four Shares (Est) € 15.43 - 0.16 0.00 Hermes Global Equity Fund Class R Acc € 3.63 3.63 -0.04 0.00 Invesco Global Select Equity A $ 11.54 - -0.06 0.00 Gb.Conc.Eq.Fd.US $ 181.63 - -0.99 0.00
The Antares European Fund Limited Daiwa SB Investments (UK) Ltd (LUX) MW Japan Fund PLC B $ 23.79 - -0.15 -
Gb.Eq.Hdg Fd.Euro IRE T € 170.76 - -0.57 0.00
Asset Management
Eastern Europe A GBP Inc £ 38.83 - 0.98 1.84 5 King William Street, London EC4N 7DA Hermes Global ESG Equity Fund Class F Acc £ 1.11 1.11 -0.01 0.00 Invesco Jap Eqty Core A $ 1.69 - -0.03 0.00
Other International

Asset Management Asset Management

www.daiwasbi.co.uk 0207 597 7000 MW Japan Fund PLC C $ 89.78 - -0.21 -
Emerging Mkt Debt LC A GBP Hedged Inc £ 6.75 - 0.03 6.72 Hermes Global High Yield Bond Fund Class F Acc £ 1.07 1.07 0.01 0.00 Invesco Japanese Equity A $ 17.68 - -0.07 0.00 Gb.Eq.Euro Hdg Fd. € 241.94 - -0.81 0.00
AEF Ltd Usd (Est) $ 634.92 - 11.11 - Regulated
Emerging Opportunities A GBP Inc H £ 17.83 - -0.15 0.00 Hermes Global High Yield Bond Fund Class R Acc € 2.66 2.66 0.01 0.00 Invesco Korean Equity A $ 34.22 - -0.07 0.00 Gb.Eq.Fund Euro € 264.79 - -1.29 0.00
AEF Ltd Eur (Est) € 636.55 - 11.04 0.00 DSBI Japan Equity Fundamental Active I JPY ¥ 11229.64 11229.64 -69.88 0.00
Morant Wright Funds (Ireland) PLC (IRL)
Glb Emerging Markets A GBP Inc H £ 17.47 - 0.16 0.00 Hermes Global Small Cap Fund Class F Acc £ £ 0.95 0.95 0.00 - Invesco PRC Equity A $ 43.17 - 0.19 0.00 Gb.Eq. Fd Euro IRE T € 167.56 - -0.82 0.00
DSBI Japan Equity Fundamental Active I GBP £ 110.95 110.95 -0.62 0.00 FCA Recognised

Glb Resources A GBP Inc H £ 9.86 - 0.02 0.38 Hermes Global Small Cap Fund Class R Acc € € 1.78 1.78 -0.02 - Invesco Pacific Equity A $ 42.41 - -0.27 0.07 Gb.Eq.Fd.Sterling UK T £ 204.31 - 0.41 0.00 Morant Wright Fuji Yield EUR Dist Hedged € 10.16 - -0.04 -
Arisaig Partners DSBI Japan Equity Fundamental Active A EUR € 106.48 111.80 -0.63 0.00
Other International Funds High Yield Bond A GBP Hedged Inc H £ 6.02 - 0.02 7.21 Eurobank Fund Management Company (Luxembourg) S.A. Hermes Multi Asset Inflation Fund Class F GBP Acc £ 0.96 0.96 0.00 0.00 Invesco Global Technology A $ 13.93 - -0.29 0.00 Gb.Eq.Fd.US Dollar $ 287.73 - -0.80 0.00 Morant Wright Fuji Yield GBP Acc Hedged £ 10.53 - -0.04 0.00
Regulated
Arisaig Africa Consumer Fund Limited $ 12.78 - -0.05 0.00 Gb.Eq.Fund Sterling £ 201.89 - 0.40 0.00
Hong Kong China A GBP Inc £ 520.32 - -0.14 0.58 DAVIS Funds SICAV (LUX) Hermes Multi Strategy Credit Fund Class F Acc Hed £ 1.01 1.01 0.01 0.00 Invesco UK Eqty A £ 7.37 - 0.08 1.38 Morant Wright Fuji Yield GBP Dist Hedged £ 10.23 - -0.04 -
(LF) Absolute Return € 1.31 - 0.00 0.00
Arisaig Asia Consumer Fund Limited $ 57.37 - -0.09 0.00 Regulated
India Fund - Class A GBP Inc £ 13.83 - -0.04 0.00 Hermes Sourcecap EU Alpha Fund Class F Acc £ 1.27 1.27 0.00 0.00 Gb.Val.Ex-Jap.Fd.USD $ 109.77 - -0.25 0.00 Morant Wright Fuji Yield USD Acc Hedged $ 10.26 - -0.04 0.00
(LF) Eq Emerging Europe € 0.64 - 0.01 0.00
Arisaig Global Emerging Markets Consumer UCITS € 10.92 - 0.04 0.00 Davis Value A $ 35.73 - -0.25 0.00
Latin America A USD Inc H $ 23.02 - 0.28 0.24 Hermes Sourcecap EU Alpha Fund Class F Dis £ 1.23 1.23 0.00 1.30 Invest AD Gb.Val.Ex-Japan Fd.Yen ¥ 12816.00 - 4.00 0.00 Morant Wright Fuji Yield USD Dist Hedged $ 10.29 - -0.04 2.14
(LF) Eq Flexi Style Greece € 0.94 - -0.05 0.00
Arisaig Global Emerging Markets Consumer UCITS STG £ 10.64 - 0.11 0.00 Davis Global A $ 25.23 - -0.16 0.00 Client services: +971 2 692 6101 clientservices@InvestAD.com
MENA A GBP Inc F * £ 11.27 - 0.23 0.64 Hermes Sourcecap EU Alpha Fund Class R Acc € 2.93 2.93 -0.03 0.00 Gb.Val.Fd. Euro € 125.29 - -0.54 0.00 Morant Wright Fuji Yield YEN Acc ¥ 1059.35 - -3.95 0.00
(LF) Eq Mena Fund € 11.63 - 0.14 0.00 Other International Funds
Arisaig Latin America Consumer Fund $ 18.50 - 0.17 0.00
Hermes Sourcecap EX UK Fund Class F Acc £ 1.34 1.34 -0.01 0.00 Invest AD - Iraq Opportunity Fund $ 55.89 - -3.47 0.00 Gb.Val.Fd.Sterling £ 116.36 - 0.31 0.00 Morant Wright Fuji Yield B YEN Acc ¥ 933.36 - -3.81 -
(LF) Greek Government Bond € 16.78 - 0.20 -
Baring International Fd Mgrs (Ireland) (IRL)
(LF) Greek Corporate Bond € 11.58 - 0.02 - Hermes Sourcecap EX UK Fund Class R Acc € 3.01 3.01 -0.03 0.00 Invest AD - Emerging Africa Fund $ 839.26 - -3.13 0.00 Gb.Val.Fd.USD $ 98.18 - -0.21 0.00 Morant Wright Fuji Yield YEN Dist ¥ 1037.37 - -3.87 2.13
Artisan Partners Global Funds PLC (IRL) Regulated
Hermes UK Small & Mid Cap Fund Class F Acc £ 1.61 1.61 0.01 0.00 Invest AD - GCC Focus Fund $ 1221.22 - 19.66 0.00 Low Volatility Gb.Eq.Fd.Euro € 100.12 - -0.44 - Morant Wright Sakura Fund Sterling Acc Hedged £ 12.85 - -0.04 0.00
Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland China A-Share A GBP Inc £ 5.70 - 0.14 0.00 (LF) FOF Dynamic Fixed Inc € 11.62 - -0.02 0.00
Tel: 44 (0) 207 766 7130 Low Volatility Gb.Eq.Fd.Sterl £ 102.57 - 0.25 - Morant Wright Sakura Fund Euro Acc Hedged € 12.84 - -0.04 0.00
(LF) FOF Real Estate € 15.94 - -0.14 0.00 Hermes UK Small & Mid Cap Fund Class R Acc € 4.62 4.62 0.01 0.00
FCA Recognised
Artisan Partners Global Funds plc Hermes US All Cap Equity Class F Stg £ Acc £ 0.95 0.95 -0.02 - Low Volatility Gb.Eq.Fd.USD $ 96.08 - -0.22 - Morant Wright Sakura Fund Yen Acc Unhedged ¥ 1314.35 - -3.80 0.00
Barings (Luxembourg) (LUX)
Dodge & Cox Worldwide Funds (IRL)
Artisan Emerging Markets I USD Acc $ 6.05 - 0.05 0.00 FCA Recognised 6 Duke Street,St.James,London SW1Y 6BN Hermes US All Cap Equity Class R € Acc € 1.79 1.79 -0.03 - Low Volatility Gb.Eq.Fd.Yen ¥ 8898.00 - 3.00 - Morant Wright Sakura Fund Dollar Acc Hedged $ 12.80 - -0.04 0.00
FIL Fund Management (LUX)
Russia A GBP Inc F £ 23.29 - 0.83 0.00 www.dodgeandcox.worldwide.com 020 3713 7664 2a, rur Albert Borschette, BP 2175, L-1021, Luxembourg
Artisan Global Equity Fund Class I USD Acc $ 13.13 - -0.12 0.00 Hermes US SMID Equity Fund Class F Acc £ 1.54 1.54 -0.01 0.00 Morant Wright Sakura Fund Swiss Franc Acc HedgedSFr 12.70 - -0.04 0.00
FCA Recognised Phone: 800 22 089, 800 22 088
Artisan Global Opportunities I USD Acc $ 11.17 - -0.11 0.00 Dodge & Cox Worldwide Funds plc - Global Bond Fund Regulated Hermes US SMID Equity Fund Class R Acc € 3.14 3.14 -0.05 0.00
MFS Meridian Funds SICAV (LUX)
BlackRock (JER) Regulated
EUR Accumulating Class € 11.42 - -0.04 0.00 China Consumer A-GBP £ 13.35 - 0.06 0.00
Artisan Global Value Fund Class I USD Acc $ 14.45 - -0.01 0.00
Regulated GAM Absolute Return A1 € 19.73 - -0.06 0.00
EUR Accumulating Class (H) € 8.89 - 0.00 0.00 China Focus A-GBP £ 3.81 - 0.02 0.69 funds@gam.com, www.jbfundnet.com
Artisan US Value Equity Fund Class I USD Acc $ 9.35 - -0.04 0.00 BlackRock UK Property £ 41.67 - 0.46 3.26 INDIA VALUE INVESTMENTS LIMITED (INVIL) Regulated Asia ex-Japan A1 $ 20.47 - -0.02 0.00
EUR Distributing Class € 10.82 - -0.03 3.62 Global Financial Services A-GBP £ 0.42 - 0.01 0.11 www.invil.mu
Blackrock UK Long Lease £ 1079.95 - 8.43 0.00 Ms EF Special Val. EUR/A € 130.69 - 0.62 1.15
Other International Funds Bond A1 $ 10.28 - 0.00 0.00
Ashmore Sicav (LUX) EUR Distributing Class (H) € 8.41 - 0.00 3.71 Global Health Care A-GBP £ 0.56 - 0.00 0.00
BLK Intl Gold & General $ 3.92 4.14 0.08 0.00 NAV £ 8.01 - -0.06 0.00 Strategy Balanced-CHF/B SFr 144.67 - -0.13 0.00
China Equity Fd A1 $ 9.28 - -0.01 0.00
2 rue Albert Borschette L-1246 Luxembourg
GBP Distributing Class £ 10.07 - 0.08 3.57 Global Industrials A-GBP £ 0.60 - 0.01 0.00 Morgan Stanley Investment Funds (LUX)
FCA Recognised Strategy Balanced-EUR € 149.01 - -0.16 0.00
Continental European Eqty A1 € 16.46 - -0.05 0.00
6b Route de Trèves L-2633 Senningerberg Luxembourg (352) 34 64 61
Ashmore SICAV Emerging Market Debt Fund $ 86.94 - 0.39 9.02 BONHOTE GBP Distributing Class (H) £ 8.49 - 0.00 3.71 Global Inflation-Linked Bd A-GBP-Hdg £ 1.15 - 0.01 0.56
Intercapital Asset Management Ltd (HRV) Strategy Balanced-USD/B $ 124.37 - -0.13 0.00
Emer Mkts Debt Lo Curr Fd A1 $ 10.37 - 0.01 0.00 www.morganstanleyinvestmentfunds.com
Other International Funds Global Real Asset Securities £ 1.28 - 0.02 0.00 Masarykova ul. 1, 10000, Zagreb, Croatia FCA Recognised
Ashmore SICAV Emerging Market Frontier Equity Fund $ 128.65 - 0.59 0.98 USD Accumulating Class $ 8.97 - 0.00 0.00 Strategy Growth-CHF/B SFr 87.96 - -0.16 0.00
Bonhôte Alternative - Multi-Arbitrage (USD) Classe (EUR) € 6607.00 - -42.00 2.29 www.icam.hr, Tel; +385 1 4825 868 Emerging Markets Debt A1 $ 32.10 - 0.09 0.00
Dodge & Cox Worldwide Funds plc-Global Stock Fund US Advantage A F $ 53.99 - 0.54 0.00
Ashmore SICAV Emerging Market Total Return Fund $ 74.11 - 0.20 6.41 Global Technology A-GBP £ 0.25 - 0.00 0.00 Other International Funds Strategy Growth-EUR € 109.85 - -0.24 0.00
Bonhôte Alternative - Multi-Performance (USD) Classe (EUR) € 9749.00 - -171.00 0.93 Emerging Markets Eq.A1 $ 9.05 - -0.01 0.00
USD Accumulating Share Class $ 13.84 - -0.12 0.00 Asian Equity A F $ 36.77 - 0.14 0.00
Ashmore SICAV Global Small Cap Equity Fund $ 111.50 - -0.05 0.00 Global Telecomms A-GBP £ 0.29 - 0.01 1.15 Capital One Bond Fund (Ex-YU) HRK 204.16 - 0.16 -
Strategy Inc-CHF/B SFr 116.97 - -0.03 0.00
European Concentrated A1 € 15.98 - -0.06 0.00
GBP Accumulating Share Class £ 15.99 - 0.00 0.00 Asian Property A F $ 15.79 - 0.03 0.00
Ashmore SICAV Local Currency Fund $ 78.89 - 0.03 0.32 India Focus A-GBP £ 4.20 - 0.03 0.00 Capital Two Equity Fund (Ex-YU) HRK 88.52 - 0.30 -
Strategy Inc-EUR/B € 156.34 - -0.01 0.00
Braemar Group PCC Limited (GSY) European Core Eq A1 € 29.14 - -0.12 0.00
GBP Distributing Share class £ 11.63 - 0.00 0.98 Asian Property AX F £ 10.78 - -0.01 0.54
EM Mkts Corp.Debt USD F $ 80.80 - 0.24 9.18 Regulated Latin America A-GBP £ 1.24 - 0.03 0.67
Strategy Inc-USD/B $ 143.09 - -0.04 0.00
European Res.A1 € 30.02 - -0.17 0.00
EUR Accumulating Share Class € 19.09 - -0.21 0.00 Intrinsic Value Investors (IVI) LLP (IRL) Diversified Alpha Plus A F € 29.51 - -0.02 0.00
EM Mkts Loc.Ccy Bd USD F $ 72.39 - 0.23 4.41 UK Agricultural Class A £ 1.25 - -0.02 0.00 Sterling Cash Fund A-ACC-GBP £ 1.00 - 0.00 -
Dodge & Cox Worldwide Funds plc-International Stock Fund 1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210 European Smaller Companies A1 € 48.74 - -0.13 0.00
Emerg Europ, Mid-East & Africa Eq A F € 59.24 - 0.98 0.00
UK Agricultural Class B £ 1.37 - -0.02 0.00 FCA Recognised
USD Accumulating Share Class $ 11.74 - -0.10 0.00 European Value A1 € 34.27 - -0.18 0.00
Findlay Park Funds Plc (IRL) IVI European Fund EUR € 16.75 - 0.08 0.00 Emerging Markets Debt A F $ 72.85 - 0.33 0.00
Student Accom Class B £ 0.55 - -0.17 0.00
EUR Accumulating Share Class € 12.69 - -0.14 0.00 30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900 Global Conc.A1 $ 33.82 - -0.19 0.00
IVI European Fund GBP £ 17.20 - 0.19 0.67 Emerging Markets Domestic Debt AX F £ 10.34 - 0.07 5.66
FCA Recognised
Dodge & Cox Worldwide Funds plc-U.S. Stock Fund Global Credit Fund $ 10.12 - 0.00 0.00
CG Asset Management Limited (IRL) American Fund USD Class $ 75.07 - -0.49 0.00 Emerging Markets Equity A F $ 29.62 - 0.27 0.00
USD Accumulating Share Class $ 16.07 - -0.12 0.00
Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland Global Energy Fund A1 $ 11.10 - -0.01 0.00
American Fund GBP Hedged £ 40.89 - -0.27 0.00 Euro Bond A F € 15.82 - 0.07 0.00
00 353 1 434 5098 GBP Accumulating Share Class £ 17.56 - 0.02 0.00 Kames Capital VCIC (IRL)
Global Equity A1 $ 41.63 - -0.13 0.00
FCA Recognised American Fund GBP Unhedged £ 52.62 - -0.17 - 1 North Wall Quay, Dublin 1, Ireland +35 3162 24493 Euro Corporate Bond AX F £ 22.29 - 0.08 1.54
Aspect Capital Ltd (UK) GBP Distributing Share Class £ 11.16 - 0.01 0.61
Capital Gearing Portfolio Fund Plc £ 27179.73 27179.73 -104.64 0.61 FCA Recognised Global Equity A1 € 24.21 - -0.16 0.00
Other International Funds Latin American Fund USD Class $ 9.88 - 0.01 0.00 Euro Strategic Bond A F € 43.35 - 0.18 0.00
CG Portfolio Fund Plc EUR Accumulating Share Class € 19.14 - -0.20 0.00 Absolute Return Bond B GBP Acc 1079.85 - 0.02 -
Aspect Diversified USD $ 461.74 - 14.50 0.00 Global High Yield Fund $ 23.26 - 0.03 0.00
Latin American Fund GBP Unhedged £ 7.02 - 0.03 - European Currencies High Yield Bd A F € 21.02 - 0.07 0.00
Real Return Cls A £ 173.92 173.92 -0.61 1.74 Eq Market Neutral B Acc 1024.57 - 0.93 -
Aspect Diversified EUR € 277.27 - 8.62 - Global High Yield Fund € 15.54 - -0.03 0.00
Invesco (LUX) European Equity Alpha A F € 39.17 - -0.13 0.00
Dollar Fund Cls D £ 136.06 136.06 -0.34 1.62 Eq Market Neutral Plus B Acc 1040.70 - 1.97 -
Aspect Diversified GBP £ 142.14 - 4.57 0.00 Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282 Global Multi-Asset A1 $ 14.29 - -0.01 0.00
Foord Asset Management FCA Recognised
European Property A F € 32.99 - 0.08 0.00
Capital Value Fund Cls V £ 131.69 131.69 -0.46 0.27 High Yield Global Bond A GBP Inc 509.25 - 1.33 5.47
Aspect Diversified CHF SFr 132.45 - 4.10 0.00 Other International Funds Global Res.A1 $ 23.27 - -0.17 0.00
Invesco Management SA Eurozone Equity Alpha A F € 10.55 - -0.05 0.00
Foord International Trust $ 32.66 - 0.02 0.00 High Yield Global Bond B GBP Inc 1058.68 - 2.79 5.47
Aspect Diversified Trends USD $ 132.95 - -0.74 0.00 Invesco Active Multi-Sector Credit Fund A € 2.82 - 0.00 0.00 Global Total Return A1 € 17.06 - -0.09 0.00
Global Bond A F $ 37.97 - 0.07 0.00
Cedar Rock Capital Limited (IRL) Foord Global Equity Fund_Class B $ 11.32 - -0.03 0.00 Investment Grade Global Bd A GBP Inc 551.06 - -0.15 2.49
Aspect Diversified Trends EUR € 133.04 - -0.75 0.00 Invesco Asia Balanced A dist $ 13.27 - 0.05 3.82 Inflation-Adjusted Bond A1 $ 13.85 - 0.03 0.00
Regulated Global Brands A F $ 95.30 - 0.17 0.00
Dragon Capital Group Kames Global Equity Income B GBP Acc 1161.37 - -1.27 -
Japan Equity A1 $ 9.57 - 0.03 0.00
Aspect Diversified Trends GBP £ 138.25 - -0.77 0.00 Cedar Rock Capital Fd Plc $ 345.33 - -24.08 0.00 Invesco Asia Consumer Demand Fund A income $ 11.31 - 0.05 0.24
c/o 1901 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam Global Convertible Bond A F $ 39.89 - -0.19 0.00
Fund information, dealing and administration: funds@dragoncapital.com Franklin Templeton International Services Sarl (IRL) Kames Global Equity Income B GBP Inc 1107.07 - -1.21 -
Cedar Rock Capital Fd Plc £ 376.67 - -16.82 0.00 Invesco Asia Infrastructure (A) $ 11.15 - 0.01 0.78 Latin American Equity Fd A1 $ 9.80 - 0.03 0.00
JPMorgan House - International Financial Services Centre,Dublin 1, Ireland Global Property A F $ 25.69 - 0.07 0.00
Other International Funds Strategic Global Bond A GBP Inc 1079.19 - 1.04 0.77
Atlantas Sicav (LUX) Cedar Rock Capital Fd Plc € 331.66 - -22.35 0.00 Other International Funds Invesco Asia Opportunities Equity A $ 93.51 - 0.12 0.00 Limited Maturity A1 $ 13.99 - 0.00 0.00
Indian Equity A F $ 31.30 - -0.04 0.00
Regulated Vietnam Enterprise Inv. (VEIL) NAV $ 3.29 - -0.15 0.00 Franklin Emerging Market Debt Opportunities Fund Plc Strategic Global Bond B GBP Inc 612.87 - 0.61 1.27
Invesco Balanced Risk Allocation Fund A € 14.21 - 0.04 0.00 Prudent Wealth Fd A1 $ 14.47 - 0.00 0.00
American Dynamic $ 3107.96 - 16.51 0.00 Vietnam Growth Fund (VGF) NAV $ 23.26 - 0.42 0.00 Latin American Equity A F $ 32.60 - 0.66 0.00
Franklin Emg Mkts Debt Opp CHFSFr 16.83 - -0.61 8.30
Charles Schwab Worldwide Funds Plc (IRL) Invesco Emerging Europe Equity Fund A $ 6.94 - 0.19 0.00 Research Bond A1 $ 16.53 - -0.01 0.00
American One $ 2945.57 - 20.68 0.00 Vietnam Property Fund (VPF) NAV $ 0.92 - 0.11 0.00 Short Maturity Euro Bond A F € 20.33 - 0.00 0.00
Regulated Franklin Emg Mkts Debt Opp EUR € 11.85 - -0.42 7.39
Invesco Emerging Local Currencies Debt A Inc $ 6.41 - 0.03 7.11 UK Equity A1 £ 7.62 - 0.04 0.00
Bond Global € 1394.59 - -3.33 0.00 Schwab USD Liquid Assets Fd $ 1.00 - 0.00 0.01 US Dollar Liquidity A F $ 13.03 - 0.00 0.00
Franklin Emg Mkts Debt Opp GBP £ 9.95 - -0.23 7.13
Invesco Emerging Mkt Quant.Eq. A $ 8.09 - 0.06 0.00 US Conc.Growth A1 $ 14.33 - -0.09 0.00
Eurocroissance € 833.81 - 23.41 0.00 US Growth A F $ 61.06 - -0.17 0.00
Franklin Emg Mkts Debt Opp SGD S$ 21.85 - -0.58 6.33
Friday 29 January 2016 FINANCIAL TIMES 19

MANAGED FUNDS SERVICE

Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield

US Growth AH F € 42.27 - -0.12 0.00 Oasis Crescent Gbl Property Eqty $ 8.88 - -0.09 2.07 Pictet-Eastern Europe-I EUR F € 239.08 - 3.23 0.00 Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 12.24 - 0.05 0.00 Renminbi Bond Fund GBP Cls B £ 111.57 - -0.77 3.53 Yuki Japan Value Select ¥ 11325.00 - 29.00 0.00

US Growth AX F £ 42.56 - -0.27 0.00 Pictet-Em Lcl Ccy Dbt-I USD F $ 148.45 - 1.02 0.00 StocksPLUS{TM} - Inst Acc $ 21.16 - -0.21 0.00 Renminbi Bond Fund SGD Cls B S$ 111.18 - -0.76 3.48 Unicapital Investments (LUX) YMR Umbrella Fund
Regulated
YMR N Growth ¥ 16495.00 - -2.00 0.00
US Property A F $ 66.23 - -0.03 0.00 Pictet-Emerging Markets-I USD F $ 411.45 - 3.20 0.00 Total Return Bond - Inst Acc $ 27.15 - 0.03 0.00 Renminbi Bond Fund USD Cls B $ 111.35 - -0.77 3.29
Investments III € 5.03 - -22.38 -
Yuki Asia Umbrella Fund
Pictet-Emerging Markets Index-I USD F $ 186.09 - 1.99 0.00 UK Corporate Bond - Inst Acc £ 17.13 - 0.00 0.00 Renminbi Bond Fund YEN Cls B ¥ 12635.00 - -87.71 0.00
Investments IV - European Private Eq. € 247.75 260.13 -44.58 - Yuki Japan Rebounding Growth Fund JPY Class ¥ 21330.00 - 1.00 0.00
Morgens Waterfall Vintiadis.co Inc Pictet-Emerging Corporate Bonds I USD $ 104.25 - 0.20 0.00 UK Long Term Corp. Bnd Inst-Inst Acc £ 19.00 - -0.01 0.00 Renminbi Bond Fund USD Cls A $ 153.27 - -1.05 3.53
Investments IV - Global Private Eq. € 366.42 384.74 -49.81 - Yuki Japan Rebounding Growth Fund USD Hedged Class $ 843.42 - -0.02 -
Other International Funds
Pictet-Emerging Markets High Dividend I USD $ 81.57 - 1.10 0.00 UK Low Duration - Inst Acc £ 14.03 - 0.01 0.00 S W Mitchell Capital LLP (CYM) Renminbi Bond Fund GBP Cls A £ 148.46 - -1.02 3.78
Phaeton Intl (BVI) Ltd (Est) $ 376.84 - 7.44 0.00 Regulated
Odey Asset Management LLP (CYM) Pictet-Emerging Markets Sust Eq I USD $ 75.63 - 0.92 0.00 UK Real Return - Inst Acc £ 22.94 - -0.04 0.00 Renminbi Bond Fund SGD Cls A S$ 147.02 - -1.00 3.73
S W Mitchell European Fund Class A EUR € 328.95 - -9.46 - Value Partners Hong Kong Limited (IRL) Zadig Gestion (Memnon Fund) (LUX)
Regulated
Pictet-Environmental Megatrend Sel I EUR € 149.07 - -0.76 0.00 UK Sterling Long Average Duration - Inst Acc £ 22.11 - 0.03 0.00 Renminbi Bond Fund YEN Cls A ¥ 18711.01 - -130.19 0.00 www.valuepartners.net, fis@vp.com.hk FCA Recognised
OEI Mac Inc GBP A £ 409.98 - 51.79 0.00 S W Mitchell Small Cap European Fund Class A EUR € 231.38 - 0.21 - Regulated
Pictet-EUR Bonds-I F € 558.37 - 0.66 0.00 Unconstrained Bond - Inst Acc $ 11.68 - 0.02 0.00 Renminbi Bond Fund EUR Cls A € 100.70 - -0.70 4.00 Memnon European Fund I GBP £ 112.25 - 1.27 0.00
OEI Mac Inc GBP B £ 236.17 - 34.38 0.00 The Charlemagne Fund EUR € 315.89 - -12.01 - Value Partners Asia ex-Japan Equity Fund $ 7.61 - -0.13 -
Pictet-EUR Corporate Bonds Ex Fin i EUR € 142.23 - 0.17 0.00 US High Yield Bond Fund Inst Acc $ 26.49 - 0.07 0.00
OEI MAC Inc USD $ 2188.18 - 273.75 0.00 Value Partners Classic Equity Fund USD Z Unhedged $ 9.44 - 0.00 0.00
Zebedee Capital Partners LLP (CYM)
Pictet-EUR Corporate Bonds-I F € 198.58 - -0.31 0.00
Odey European Inc EUR € 943.66 - 106.51 0.00 S W Mitchell Capital LLP (IRL) Value Partners Classic Equity Fund CHF HedgedSFr 9.86 - 0.01 0.00 Regulated
Pictet-EUR Government Bonds I EUR € 159.74 - 0.06 0.00 Regulated
Value Partners Classic Equity Fund EUR Hedged € 9.97 - 0.00 0.00 Zebedee Focus Fund Limited Class A EURO Shares € 169.78 - -0.96 0.00
Natixis International Funds (Lux) I SICAV (LUX) Odey European Inc GBP A £ 363.95 - 41.44 0.00
SWMC European Fund B EUR € 14067.75 - 117.12 0.00
Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000 Pictet-EUR High Yield-I F € 236.84 - 0.59 0.00 Zebedee Focus Fund Limited Class B USD Shares $ 197.30 - -1.19 0.00
Odey European Inc GBP B £ 206.55 - 23.52 0.00 Value Partners Classic Equity Fund GBP Hedged £ 10.20 - 0.01 0.00
FCA Recognised SWMC UK Fund B £ 10947.57 - -29.20 0.00
Pictet-EUR Short Mid-Term Bonds-I F € 137.05 - -0.01 0.00 Zebedee Focus Fund Limited Class A USD $ 170.38 - -0.82 0.00
Harris Global Equity R/A (USD) $ 225.58 225.58 0.97 0.00 Odey European Inc USD $ 436.39 - 49.24 0.00 Value Partners Classic Equity Fund GBP Unhedged £ 11.15 - -0.04 0.00
SWMC Small Cap European Fund B EUR € 12626.90 - 17.94 0.00
Pictet-EUR Short Term HY I EUR € 118.40 - 0.12 0.00 E.I. Sturdza Strategic Management Limited (GSY) Value Partners Classic Equity USD Hedged $ 11.61 - 0.01 0.00
Harris US Equity Fund R/A (USD) $ 182.54 182.54 -1.47 0.00 Giano Capital EUR Inc € 4652.16 - 195.57 0.00 Regulated
SWMC Emerging European Fund B EUR € 8265.94 - 73.37 0.00
Pictet-EUR Sov.Sht.Mon.Mkt EUR I € 102.93 - 0.00 0.00 Platinum Capital Management Ltd Value Partners Greater China Equity Fund $ 7.17 - -0.19 -
Harris Concentrated US Equity R/A (USD) $ 138.22 138.22 -1.14 0.00 Nippon Growth Fund Limited ¥ 83804.00 - 0.00 0.00
Other International Funds
Odey Asset Management LLP (IRL)
Pictet-Euroland Index IS EUR € 123.19 - 0.52 0.00
Strat Evarich Japan Fd Ltd JPY ¥ 82538.00 - -704.00 0.00 Value Partners Health Care Fund RMB Class Z UnhedgedCNH 8.78 - 0.03 -
Data Provided by
Loomis Sayles Strategic Alpha R/A (USD) $ 108.10 108.10 0.05 - Platinum All Star Fund - A $ 116.86 - - -
FCA Recognised Pictet-Europe Index-I EUR F € 158.21 - 0.62 0.00
Strat Evarich Japan Fd Ltd USD $ 815.91 - -7.01 0.00 Value Partners Health Care Fund HKD Class A UnhedgedHK$ 8.24 - 0.03 -
Odey Pan European EUR R € 322.02 - 1.44 0.00 Platinum Global Dividend Fund - A $ 54.29 - - -
Pictet-European Equity Selection-I EUR F € 583.98 - 1.60 0.00
Natixis International Funds (Dublin) I plc (IRL) Value Partners Health Care Fund USD Class A Unhedged $ 8.22 - 0.03 -
Odey Absolute Return Focus Fund $ 100.00 - - - Platinum Maverick Enhanced Fund Limited $ 93.55 - - 0.00
Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000 Pictet-European Sust Eq-I EUR F € 234.03 - 1.62 0.00
Regulated E.I. Sturdza Funds PLC (IRL)
Odey Allegra European EUR O € 254.42 - 1.25 0.00 Regulated
Pictet-Global Bds Fundamental I USD $ 115.93 - 0.19 0.00 Veritas Asset Management LLP (IRL)
Loomis Sayles Global Opportunistic Bond R/D (USD) $ 12.19 12.19 0.01 1.22
Odey Allegra International EUR O € 167.79 - 0.52 0.00 RobecoSAM (LUX) Nippon Growth (UCITS Fund Euro Hedged Class EUR) € 968.29 - 30.83 0.00 HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland
Pictet-Global Bonds-I EUR € 166.68 - -0.31 0.00 Tel. +41 44 653 10 10 http://www.robecosam.com/
Loomis Sayles High Income R/D (USD) $ 7.07 7.07 0.00 15.55
Odey Allegra Developed Markets USD I $ 114.19 - -0.24 0.00
Pictet-Global Emerging Currencies-I USD F $ 93.89 - 0.04 0.00
Regulated Nippon Growth (UCITS Fund Euro Hedged Institutional Class EUR) € 1141.17 - 36.36 0.00
Veritas Funds Plc
www.veritas-asset.com www.morningstar.co.uk
Loomis Sayles Multisector Income R/D (GBP) $ 11.14 11.14 0.00 5.93
Odey European Focus Fund € 17.23 - 0.06 0.50 RobecoSAM Sm.Energy/A £ 10.98 - -0.01 1.61 Nippon Growth (UCITS) Fund JPY Class A shares ¥ 89685.00 - 2861.00 0.00 +353 1 635 6799 Data as shown is for information purposes only. No
Pictet-Global Emerging Debt-I USD F $ 351.19 - 1.12 0.00 FCA Recognised offer is made by Morningstar or this publication.
Odey Atlas Fund GBP I S £ 1.13 - 0.01 0.00 RobecoSAM Sm.Energy/N € 10.91 - -0.09 0.00 Nippon Growth (UCITS) Fund JPY Class B Acc shares ¥ 75203.00 - 2399.00 0.00 Institutional
Pictet-Global Megatrend Selection-I USD F $ 201.33 - -1.15 0.00
Odey Giano European Fund EUR R € 120.85 - -0.51 0.00 Polar Capital Funds Plc (IRL) RobecoSAM Sm.Materials/A £ 113.63 - 0.17 1.43 Nippon Growth (UCITS) Fund JPY Class C Dis shares ¥ 82212.00 - 968.00 0.00 Veritas Asian Fund A USD H $ 291.77 - 0.36 0.42

Asset Management
Pictet-Greater China-I USD F $ 384.31 - 0.91 0.00 Regulated

Asset Management
Odey Naver Fund EUR I € 127.61 - -0.14 0.00 RobecoSAM Sm.Materials/N € 128.46 - -0.70 0.00 Nippon Growth (UCITS Fund Class D Institutional JPY) ¥ 48742.00 - 1556.00 0.00 Veritas Asian Fund A GBP H £ 374.95 - 0.90 0.24
Pictet-Health-I USD $ 247.73 - -3.09 0.00 Asian Financials I USD $ 249.92 249.92 1.07 0.00
Odey Odyssey USD I $ 132.33 - -0.19 0.00 RobecoSAM Sm.Materials/Na € 88.66 - -0.48 - Strategic China Panda Fund USD $ 1932.96 - -4.94 0.00 Veritas Asian Fund A EUR H € 303.68 - -0.78 0.21
Pictet-High Dividend Sel I EUR F € 148.33 - 0.08 0.00 Biotechnology I USD $ 15.27 15.27 -0.37 0.00

New Capital Fund Management Ltd (IRL)

Odey Orion Fund EUR I € 116.96 - -0.08 0.00
Pictet-India Index I USD $ 87.68 - -0.28 0.00 European Income Acc EUR € 10.83 10.83 0.02 0.00
RobecoSAM Gl.Small Cap Eq/A £ 73.61 - 0.18 1.28 Strategic China Panda Fund Hedged EURO € 1885.21 - -5.94 0.00 Veritas China Fund A USD $ 127.83 - -0.72 0.35
Guide to Data
Odey Swan Fund EUR I € 103.28 - -0.45 0.00 RobecoSAM Gl.Small Cap Eq/N € 144.11 - -0.63 0.00 Strategic China Panda Fund Hedged Sterling £ 1910.91 - -5.83 0.00 Veritas China Fund A GBP £ 132.29 - -0.75 0.36
Leconfield House, Curzon Street, London, W1J 5JB Pictet-Indian Equities-I USD F $ 402.90 - -1.45 0.00 European Ex UK Inc EUR Acc € 9.29 9.29 0.00 -
FCA Recognised RobecoSAM Sustainable Gl.Eq/B € 167.49 - -0.76 0.00 The fund prices quoted on these pages are supplied by
Odey European Absolute Return GBP S £ 100.53 - -0.13 0.00 Financial Opps I USD $ 10.64 - -0.01 2.17 Strategic Euro Bond Accumulating Class CHFSFr 981.06 - 0.31 0.00 Veritas China Fund A EUR € 126.35 - -0.72 0.36
New Capital UCITS Funds Pictet-Japan Index-I JPY F ¥ 14650.53 - -111.49 0.00 the operator of the relevant fund. Details of funds
RobecoSAM Sustainable Gl.Eq/N € 144.67 - -0.65 0.00 Strategic Euro Bond Institutional Class EUR € 1009.69 - 0.38 0.00 Veritas Global Equity Income Fund D USD $ 105.06 - 0.69 4.25 published on these pages, including prices, are for the
Asia Pac Bd USD Inst Inc $ 90.18 - -0.05 3.27 Pictet-Japanese Equities Opp-I JPY F ¥ 8734.08 - -56.74 0.00 GEM Growth I USD $ 7.45 - 0.05 0.00
purpose of information only and should only be used
Odey Wealth Management (CI) Ltd (IRL)
GEM Income I USD $ 8.27 - 0.07 0.00
RobecoSAM S.HealthyLiv/B € 170.35 - -0.89 0.00 Strategic Euro Bond Fund Accumulating Class Shares € 1131.65 - 0.41 0.00 Veritas Global Equity Income Fund D EUR € 186.47 - 0.52 4.17 as a guide. The Financial Times Limited makes no
Asia Pac Bd USD Ord Inc $ 92.15 - -0.05 2.53 www.odey.com/prices Pictet-Japanese Equity Selection-I JPY F ¥ 12905.05 - -90.18 0.00 representation as to their accuracy or completeness
FCA Recognised RobecoSAM S.HealthyLiv/N € 158.89 - -0.82 0.00 Strategic Euro Bond Fund Distributing Class Shares € 1021.55 - 0.37 1.33 Veritas Global Equity Income Fund D GBP £ 142.62 - 0.93 4.17 and they should not be relied upon when making an
Asia Pac Eq EUR Ord Inc € 75.01 - 0.38 3.42 Pictet-LATAM Index I USD $ 42.43 - 0.66 0.00 Global Alpha I USD $ 11.60 11.60 -0.02 0.00
investment decision.
Odey Opportunity EUR I € 210.21 - -1.34 0.00 RobecoSAM S.HealthyLiv/Na £ 105.69 - 0.18 - Strategic European Smaller Companies Fund EUR Class € 916.93 - 7.85 - Veritas Global Focus Fund D USD $ 23.81 - -0.18 0.65
Asia Pac Eq GBP Ord Inc £ 77.52 - 0.41 3.86 Pictet-LATAM Lc Ccy Dbt-I USD F $ 101.29 - 0.09 0.00 Global Convertible I USD $ 10.79 10.79 -0.02 0.00
The sale of interests in the funds listed on these pages
RobecoSAM S.Water/A £ 163.51 - 1.31 1.22 Strategic Global Bond RMB Acc $ 1048.16 - -1.05 0.00 Veritas Global Focus Fund D EUR € 21.97 - -0.24 0.64 may, in certain jurisdictions, be restricted by law and
Asia Pac Eq USD Ord Inc $ 78.41 - 0.40 3.24 Pictet-Pacific Ex Japan Index-I USD F $ 294.29 - -1.55 0.00 Global Insurance I GBP £ 4.02 - 0.00 0.00
Omnia Fund Ltd the funds will not necessarily be available to persons
RobecoSAM S.Water/N € 154.47 - 0.19 0.00 Strategic Global Bond USD Acc $ 1049.05 - -0.16 0.00 Veritas Global Focus Fund D GBP £ 28.24 - -0.21 0.63
Asia Pac Eq USD Inst Acc $ 84.41 - 0.43 0.00 Pictet-Premium Brands-I EUR F € 142.40 - -0.72 0.00 Global Technology I USD $ 20.65 - -0.47 0.00 in all jurisdictions in which the publication circulates.
Other International Funds Persons in any doubt should take appropriate
Healthcare Blue Chip Fund I USD Acc $ 10.09 10.09 -0.06 0.00 Strategic US Momentum and Value Fund $ 696.96 - -9.01 0.00 Veritas Global Focus Fund A GBP £ 27.27 - -0.20 0.36 professional advice. Data collated by Morningstar. For
Asia Pac Eq USD Inst Inc $ 87.41 - 0.45 3.97 Estimated NAV $ 833.84 - -21.78 0.00 Pictet-Quality Global Equities I USD $ 126.98 - -0.08 0.00
other queries contact reader.enquiries@ft.com +44
Healthcare Opps I USD $ 35.03 - -0.46 0.00 Strategic US Momentum & Value Fund USD I Class $ 463.11 - -5.99 0.00 Veritas Global Focus Fund A EUR € 12.80 - -0.14 0.36
Dyn Europ Eq EUR Ord Inc € 165.97 - 1.11 1.33 Pictet-Russia Index I USD $ 42.22 - 1.50 0.00 (0)207 873 4211.

Income Opportunities B2 I GBP Acc £ 1.65 1.65 0.00 0.00 Strategic US Momentum and Value EUR Hedged Class EUR € 485.81 - -6.28 0.00 Veritas Global Focus Fund A USD $ 22.98 - -0.17 0.38
Dyn Europ Eq GBP Ord Inc £ 175.92 - 1.20 1.69 Pictet-Russian Equities-I USD F $ 37.23 - 1.17 0.00 The fund prices published in this edition along with
Strategic US Momentum and Value CHF Hedged Class CHFSFr 482.62 - -6.29 0.00 additional information are also available on the
Japan Alpha I JPY ¥ 185.40 185.40 -3.49 0.00 Veritas Global Focus Fund C GBP £ 29.61 - -0.22 0.00
Dyn Europ Eq USD Ord Inc $ 165.72 - 1.12 1.25 Pictet-Security-I USD F $ 186.50 - -1.41 0.00 Financial Times website, www.ft.com/funds. The
Veritas Global Focus Fund C EUR € 23.14 - -0.25 0.00 funds published on these pages are grouped together
China Equity EUR Ord Acc € 110.65 - 1.42 0.00 Pictet-Select-Callisto I EUR € 104.09 - 0.35 0.00 Japan I JPY ¥ 1828.69 - -28.72 0.00 by fund management company.
North American I USD $ 16.18 16.18 -0.21 0.00
Schroder Property Managers (Jersey) Ltd The Hartford International Funds (IRL) Veritas Global Focus Fund C USD $ 25.02 - -0.18 0.00
China Equity GBP Ord Acc £ 114.97 - 1.46 0.00 Pictet-Small Cap Europe-I EUR F € 1058.85 - -0.30 0.00 Regulated Prices are in pence unless otherwise indicated. The
Other International Funds
Veritas Global Equity Income Fund A GBP £ 136.64 - 0.89 4.18 change, if shown, is the change on the previously
China Equity USD Ord Acc $ 112.65 - 1.45 0.00 Optima Fund Management Pictet-ST.MoneyMkt-I € 140.44 - 0.00 0.00 UK Absolute Equity I GBP £ 12.61 12.61 -0.06 0.00 Gbl Govt Bond (Ex Japan) Index (GBP) £ 1690.70 - 9.56 0.00
Indirect Real Estate SIRE £ 134.51 140.66 1.17 2.78 quoted figure (not all funds update prices daily). Those
Other International Funds Veritas Global Equity Income Fund A EUR € 181.10 - 0.50 4.17 designated $ with no prefix refer to US dollars. Yield
China Equity USD Inst Acc $ 115.96 - 1.49 0.00 Pictet-ST.MoneyMkt JPY I USD ¥ 101497.48 - -0.15 0.00 UK Corporate Bond £ 1567.22 - 1.72 0.00 percentage figures (in Tuesday to Saturday papers)
Cuttyhunk Fund II Limited $ 1350.67 - 22.88 0.00 allow for buying expenses. Prices of certain older
Europ. Equity Fd EUR € 98.93 - 0.66 - Pictet-ST.MoneyMkt-ICHF SFr 124.11 - 0.00 0.00
Polar Capital LLP (CYM)
SIA (SIA Funds AG) (LUX) Gilt £ 1614.48 - 4.80 0.00
Veritas Global Equity Income Fund A USD $ 101.06 - 0.65 4.25
Regulated insurance linked plans might be subject to capital
JENOP Global Healthcare Fund Ltd $ 14.76 - -0.27 0.00 Regulated Veritas Global Equity Income Fund C GBP £ 164.27 - 1.07 - gains tax on sales.
Europ. Equity Fd GBP £ 97.49 - 0.66 - Pictet-ST.MoneyMkt-IUSD $ 135.37 - 0.00 0.00 ALVA Convertible A USD $ 128.02 - -0.62 0.00 Global Eq (Ex Japan) Index Fund ¥ 1.27 - -0.01 0.00
OPTIKA Fund Limited - Cl A $ 94.86 - -2.67 - LTIF Classic € 302.42 - -0.18 0.00
Veritas Global Equity Income Fund C EUR € 217.61 - 0.60 - Guide to pricing of Authorised Investment Funds:
Europ. Equity Fd USD $ 97.76 - 0.66 - Pictet-Timber-I USD F $ 126.71 - 0.00 0.00 European Conviction A EUR € 144.65 - 3.79 0.00 Global Eq (ex Japan) Class HJ4 ¥ 1.32 - -0.01 0.00
LTIF Natural Resources € 63.63 - 0.17 0.00 (compiled with the assistance of the IMA. The
Optima Fd NAV $ 85.46 - -2.91 0.00 Veritas Global Equity Income Fund C USD $ 120.73 - 0.79 - Investment Management Association, 65 Kingsway,
Global Val.Cr.Fd GBP Ord Inc £ 106.68 - 0.06 3.63 Pictet Total Ret-Agora I EUR € 116.82 - 0.14 0.00 European Forager A EUR € 178.02 - 3.04 0.00 Global Eq (ex Japan) Class JP5 ¥ 1.39 - -0.01 0.00
LTIF Stability A ACCU € 156.11 - 0.57 0.00 London WC2B 6TD.
Optima Discretionary Macro Fund Limited $ 87.21 - -1.06 0.00 Veritas Global Real Return Fund A USD $ 20.48 - -0.11 0.29
Global Val.Cr.Fd USD Inst Acc $ 120.15 - 0.04 0.00 Global Eq Ex Japan Index Fund (Hedge) ¥ 1.28 - 0.00 0.00 Tel: +44 (0)20 7831 0898.)
Pictet Total Ret-Corto Europe I EUR € 134.91 - 0.27 0.00
The Dorset Energy Fd Ltd NAV $ 20.39 - 1.97 0.00 Veritas Global Real Return Fund A GBP £ 11.47 - -0.07 0.32
Global Val.Cr.Fd GBP Ord Acc £ 173.05 - 0.07 0.00 Gbl Govt Bond (Ex Japan) Index ¥ 1.31 - 0.00 0.00 OEIC: Open-Ended Investment Company. Similar to a
Pictet Total Ret-Divers Alpha I EUR € 105.26 - 0.14 0.00 Polunin Capital Partners Ltd SIA (SIA Funds AG) (CH) unit trust but using a company rather than a trust
Platinum Fd Ltd $ 78.42 - -3.04 0.00 Veritas Global Real Return Fund A EUR € 12.08 - -0.06 0.12
Other International Funds structure.
Global Val.Cr.Fd USD Ord Acc $ 162.49 - 0.06 0.00 Pictet Total Ret-Kosmos I EUR € 108.74 - 0.02 0.00 Other International Fds Gbl Govt Bond (ex Japan) Class JP4 ¥ 1.29 - 0.01 0.00
Platinum Fd Ltd EUR € 15.20 - -0.59 0.00 Emerging Markets Active $ 40.75 - 0.67 - Retail
Global Val.Cr.Fd EUR Ord Acc € 151.05 - 0.05 0.00 Pictet Total Ret-Mandarin I USD $ 111.32 - 0.17 0.00 LTIF Stability Growth SFr 185.70 - 3.40 - Japan Equity Index Fund ¥ 0.96 - -0.01 0.00 Different share classes are issued to reflect a different
Platinum Japan Fd Ltd $ 50.95 - -1.11 0.00 Luxcellence Em Mkts Tech $ 851.68 - 16.03 0.00 Veritas Asian Fund B USD $ 203.22 - 0.24 0.00 currency, charging structure or type of holder.
Swiss Select Equity Inst Acc SFr 112.12 - 0.53 0.00 Pictet-US Equity Selection-I USD $ 173.32 - -2.11 0.00 LTIF Stability Inc Plus SFr 159.40 - 2.90 0.55 Japan Equity Class JP3 ¥ 1.16 - -0.01 0.00
Optima Partners Global Fd $ 13.48 - -0.39 0.00 Polunin Developing Countries $ 644.88 650.36 3.59 0.00 Veritas Asian Fund B GBP £ 276.30 - 0.68 0.00 Selling price: Also called bid price. The price at which
Swiss Select Equity Ord Acc SFr 110.77 - 0.53 0.00 Pictet-US High Yield-I USD F $ 141.64 - 0.14 0.00 units in a unit trust are sold by investors.
Optima Partners Focus Fund A $ 15.38 - -0.26 0.00 Polunin Discovery - Frontier Markets $ 1275.98 - -15.71 0.00 Veritas Asian Fund B EUR € 223.63 - -0.58 0.00
US Growth USD Ord Acc $ 181.85 - -4.48 0.00 Pictet-USA Index-I USD F $ 166.53 - -1.82 0.00
Standard Life Wealth (JER) The National Investor (TNI) Buying price: Also called offer price. The price at
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130 www.tni.ae Veritas China Fund B GBP £ 128.23 - -0.73 0.00 which units in a unit trust are bought by investors.
Polunin Small Cap $ 1266.92 1282.76 24.45 0.00
US Growth EUR Ord Acc € 173.67 - -4.28 0.00 Pictet-USD Government Bonds-I F $ 644.26 - -0.37 0.00 FCA Recognised Includes manager’s initial charge.
Other International Funds
Oryx International Growth Fund Ltd Standard Life Offshore Strategy Fund Limited Veritas China Fund B EUR € 163.91 - 1.09 0.00
US Growth GBP Ord Acc £ 182.42 - -4.49 0.00 Other International Funds Pictet-USD Short Mid-Term Bonds-I F $ 130.01 - 0.07 0.00 TNI Blue Chip UAE Fund * AED 8.47 - 0.13 0.00 Single price: Based on a mid-market valuation of the
Private Fund Mgrs (Guernsey) Ltd (GSY) Bridge Fund £ 1.5528 - -0.0041 1.93 Veritas Global Focus Fund B USD $ 16.59 - -0.12 0.00 underlying investments. The buying and selling price
US Growth USD Inst Acc $ 168.13 - -4.14 0.00 NAV (Fully Diluted) £ 7.21 - 0.28 0.00 Pictet-USD Sov.ST.Mon.Mkt-I $ 102.69 - 0.00 0.00 Regulated TNI Funds Ltd (BMU) for shares of an OEIC and units of a single priced unit
Diversified Assets Fund £ 1.1445 - -0.0018 3.04 Veritas Global Focus Fund B GBP £ 20.83 - -0.15 0.00 trust are the same.
Wealthy Nat Bd EUR Inst Inc € 104.17 - 0.29 3.83 Monument Growth 19/01/2016 £ 459.42 464.53 -18.20 1.22 MENA Hedge Fund $ 938.96 - 33.96 0.00
Pictet-Water-I EUR F € 266.43 - -0.25 0.00
Global Equity Fund £ 1.8072 - -0.0143 0.65 Veritas Global Focus Fund B EUR € 15.24 - -0.17 0.00
TNI Funds Plc (Ireland) Treatment of manager’s periodic capital charge:
Wealthy Nat Bd GBP Inst Inc £ 108.28 - 0.32 3.66 OTP Asset Management Romania SAI SA ((ROM))
The letter C denotes that the trust deducts all or part
www.otpfonduri.ro Global Balanced Fund - Income Units £ 1.3167 - -0.0017 2.10 MENA UCITS Fund * $ 937.48 - 10.22 0.00 Veritas Global Equity Income Fund B GBP £ 125.60 - 0.82 4.20
Prusik Investment Management LLP (IRL) of the manager’s/operator’s periodic charge from
Wealthy Nat Bd EUR Ord Inc € 103.51 - 0.29 3.59 Other International Funds Pimco Fds: Global Investors Series Plc (IRL)
capital, contact the manager/operator for full details
PIMCO Europe Ltd,11 Baker Street,London W1U 3AH Enquiries - 0207 493 1331 Global Balanced Fund - Accumulations Units £ 1.5406 - -0.0020 2.06 Veritas Global Equity Income Fund B EUR € 166.05 - 0.45 4.19
OTP Comodisro RON 16.89 - 0.00 - of the effect of this course of action.
Wealthy Nat Bd GBP Ord Inc £ 108.92 - 0.33 3.39 http://gisnav.pimco-funds.com/ Regulated
Global Fixed Interest Fund £ 0.9499 - 0.0013 5.50 Veritas Global Equity Income Fund B USD $ 100.11 - 0.64 4.27
OTP Obligatiuni RON 14.30 - 0.00 - Dealing: +44 20 3640 1000 Prusik Asian Equity Income B Dist $ 142.99 - 0.53 3.84 Exit Charges: The letter E denotes that an exit charge
Wealthy Nat Bd USD Ord Inc $ 106.15 - 0.30 3.37
PIMCO Funds: +44 (0)20 3640 1407 Sterling Fixed Interest Fund £ 0.8305 - 0.0012 4.30 Veritas Global Real Return Fund B USD $ 19.86 - -0.10 0.00 may be made when you sell units, contact the
New Capital Alternative Strategies OTP Avantisro RON 7.87 - 0.00 - FCA Recognised Prusik Asia A $ 175.49 - -0.35 0.00 manager/operator for full details.
UK Equity Fund £ 1.7925 - 0.0053 2.93 Veritas Global Real Return Fund B GBP £ 11.26 - -0.06 0.00
All Weather Fd USD Cls $ 117.83 - -0.64 0.00 OTP Euro Bond € 12.42 - 0.00 - Capital Securities Inst Acc $ 14.59 - 0.01 0.00 Prusik Asian Smaller Cos A $ 128.24 - 0.05 0.00 Time: Some funds give information about the timing of
Veritas Global Real Return Fund B EUR € 12.90 - -0.07 0.00 price quotes. The time shown alongside the fund
All Weather Fd EUR Cls € 105.67 - -0.67 0.00 OTP Dollar Bond $ 10.58 - 0.00 - Commodity Real Return Fund Inst Acc $ 5.51 - 0.05 0.00 manager’s/operator’s name is the valuation point for
Toscafund Asset Management LLP (UK) their unit trusts/OEICs, unless another time is
All Weather Fd GBP Cls £ 113.91 - -0.67 0.00 OTP Premium Return RON 1052.30 - 0.16 - Credit Absolute Return Fund Inst Acc $ 10.84 - 0.01 0.00 Purisima Investment Fds (CI) Ltd (JER) indicated by the symbol alongside the individual unit
www.toscafund.com
Regulated Veritas Asset Management LLP trust/OEIC name.
Tactical Opps USD Cls $ 115.54 - 3.20 0.00 Diversified Income - Inst Acc $ 18.84 - 0.04 0.00 Authorised Funds
PCG B 152.80 - 1.25 0.00 www.veritas-asset.com
Aptus Global Financials B Acc £ 2.83 - -0.01 4.54 Other International Funds The symbols are as follows: ✠ 0001 to 1100 hours; ♦
Tactical Opps EUR Cls € 96.53 - 2.64 0.00 Diversified Income Durat Hdg Fund Inst Acc $ 10.86 - 0.03 0.00
PCG C 150.64 - 1.23 0.00 1101 to 1400 hours; ▲1401 to 1700 hours; # 1701 to
Aptus Global Financials B Inc £ 2.47 - -0.02 4.55 Real Return Asian Fund USD (Est) € 277.60 - -26.20 0.00 midnight. Daily dealing prices are set on the basis of
Tactical Opps GBP Cls £ 108.13 - 2.90 0.00 Emerging Asia Bond Fund Inst Acc $ 9.24 - 0.00 0.00
the valuation point, a short period of time may elapse
Stenham Asset Management Inc Real Return Asian Fund GBP (Est) £ 296.77 - -7.03 0.00 before prices become available. Historic pricing: The
Emerging Local Bond - Inst Acc $ 10.21 - 0.03 0.00
Putnam Investments (Ireland) Ltd (IRL) www.stenhamassetmanagement.com letter H denotes that the managers/operators will
Regulated
Toscafund Asset Management LLP Real Return Asian Fund EUR (Est) $ 292.91 - -10.89 0.00 normally deal on the price set at the most recent
Emerging Markets Bond - Inst Acc $ 36.41 - 0.18 0.00 Other International Funds
www.toscafund.com valuation. The prices shown are the latest available
Putnam New Flag Euro High Yield Plc - E € 976.33 - 1.45 4.30 Stenham Asia USD $ 128.00 - -1.80 - Other International Funds before publication and may not be the current dealing
Permal Investment Mgmt Svcs Ltd Emerging Markets Corp.Bd Fund Inst Acc F $ 12.24 - 0.03 0.00
levels because of an intervening portfolio revaluation
www.permal.com Stenham Credit Opportunities A Class USD $ 99.47 - -1.45 0.00 Tosca A USD $ 305.04 - -1.61 0.00 Waverton Investment Funds Plc (1600)F (IRL)
or a switch to a forward pricing basis. The
Emerging Markets Short-Term Local Currency Fund $ 11.27 - 0.01 0.00
Other International Funds waverton.investments@citi.com managers/operators must deal at a forward price on
Offshore Fund Class A US $ Shares Stenham Equity UCITS USD $ 127.84 - 0.20 0.00 Tosca Mid Cap GBP £ 245.63 - -7.49 0.00 FCA Recognised
Euro Bond - Inst Acc € 22.75 - 0.03 0.00 request, and may move to forward pricing at any time.
Waverton Asia Pacific A USD $ 15.42 - 0.05 5.23 Forward pricing: The letter F denotes that that
Northwest Investment Management (HK) Ltd Investment Holdings N.V. $ 5417.00 - -70.68 0.00 Stenham Growth USD $ 214.36 - -1.09 - Tosca Opportunity B USD $ 334.27 - -12.71 0.00
Euro Credit - Inst Acc € 14.70 - 0.01 0.00 managers/operators deal at the price to be set at the
11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373 Waverton Global Bond Fund Cls A $ 8.59 - 0.00 5.42 next valuation.
Macro Holdings Ltd $ 4176.78 - -15.24 0.00 Stenham Healthcare USD $ 184.07 - 0.80 0.00 Pegasus Fund Ltd A-1 GBP £ 55.26 - -0.15 0.00
Other International Funds Euro Income Bond - Inst Acc F € 12.76 - 0.02 0.00
Waverton Global Equity Fund A GBP £ 12.93 - -0.09 0.58 Investors can be given no definite price in advance of
Northwest $ class $ 2329.36 - -28.58 0.00 Fixed Income Holdings N.V. $ 349.32 - -14.81 - Euro Long Average Duration - Inst Acc € 22.12 - 0.04 0.00 Stenham Managed Fund USD $ 113.54 - -0.62 -
the purchase or sale being carried out. The prices
Northwest Warrant $ class $ 1969.35 - -444.40 0.00 Permal Absolute Return Fund $ 163.19 - -0.40 0.00 Robeco Asset Management (LUX) Stenham Macro UCITS USD $ 101.19 - -0.24 - Waverton UK Fund A GBP £ 12.41 - 0.05 1.85 appearing in the newspaper are the most recent
Euro Low Duration Fund Inst Acc € 11.23 - 0.00 0.00 provided by the managers/operators. Scheme
Coolsingel 120, 3011 AG Rotterdam, The Netherlands.
www.robeco.com/contact Stenham Multi Strategy USD $ 115.54 - -0.74 - Waverton Equity Fund A GBP £ 13.81 - 0.04 0.19 particulars, prospectus, key features and reports: The
Euro Real Return - Inst Acc € 13.35 - 0.01 0.00 most recent particulars and documents may be
FCA Recognised Waverton Sterling Bond Fund A GBP £ 9.39 - 0.02 5.31
Stenham Quadrant USD A $ 398.60 - -2.93 - obtained free of charge from fund
Euro Short-Term Inst Acc € 12.23 - 0.00 0.00 managers/operators. * Indicates funds which do not
Asia-Pacific Equities (EUR) € 119.93 - 0.96 0.00
Stenham Trading Inc USD $ 115.43 - -0.76 - price on Fridays.
Euro Ultra Long Duration - Inst Acc € 29.37 - 0.03 0.00
Chinese Equities (EUR) € 63.36 - 0.27 0.00
Stenham Universal USD $ 430.13 - -1.32 -
WA Fixed Income Fund Plc (IRL) Charges for this advertising service are based on the
Global Advantage - Inst Acc $ 11.84 - 0.02 0.00 Regulated
Em Stars Equities (EUR) € 152.71 - 0.63 0.00 number of lines published and the classification of the
Stenham Universal II USD $ 159.28 - -0.56 0.00 European Multi-Sector € 115.89 - 0.09 0.00 fund. Please contact data@ft.com or
Global Advantage Real Return Fund Inst Acc $ 8.15 - 0.03 0.00
Emerging Markets Equities (EUR) € 126.01 - 1.37 0.00 call +44 (0)20 7873 3132 for further information.
Oasis Crescent Management Company Ltd Pictet Asset Management (Europe) SA (LUX)
Global Bond - Inst Acc $ 27.92 - 0.02 0.00 TreeTop Asset Management S.A. (LUX)
15, Avenue J.F. Kennedy L-1855 Luxembourg Flex-o-Rente (EUR) € 110.47 - -0.02 0.00
Other International Funds Regulated
Tel: 0041 58 323 3000 Global Bond Ex-US - Inst Acc $ 19.63 - 0.04 0.00
Stratton Street Capital (CI) Limited (GSY)
Glob.Consumer Trends Equities (EUR) € 142.79 - -1.98 0.00 Regulated TreeTop Convertible Sicav
Oasis Crescent Equity Fund R 9.20 - 0.07 0.00 FCA Recognised
Global High Yield Bond - Inst Acc $ 19.34 - 0.05 0.00 Japan Synthetic Warrant Yen Class ¥ 1362.59 - -419.81 0.00 International A € 277.03 - -2.60 0.00
Pictet-Absl Rtn Fix Inc-HI EUR € 106.09 - 0.05 0.00 High Yield Bonds (EUR) € 119.32 - 0.20 0.00
Global Investment Grade Credit - Inst Income $ 11.97 - 0.01 3.84 Japan Synthetic Warrant GBP Hedged Class £ 197.20 - -2.68 0.00 International B $ 355.81 - -3.20 0.00
Oasis Global Mgmt Co (Ireland) Ltd (IRL) Pictet-Absl Rtn Glo Div-I EUR F € 122.13 - 0.26 0.00 Lux -O- Rente (EUR) € 143.98 - 0.08 0.00
Regulated Global Investment Grade Credit Fund Inst Acc € € 11.67 - -0.01 0.00 International C £ 120.32 - -1.02 0.00
Pictet-Agriculture-I EUR F € 168.80 - -0.25 0.00 New World Financials (EUR) € 46.51 - -0.26 0.00 Japan Synthetic Warrant USD Class $ 15.08 - -4.14 0.00
Oasis Global Investment (Ireland) Plc
Global Investment Grade Credit Fund Inst Acc $ $ 16.54 - 0.02 0.00 Japan Synthetic Warrant USD Hedged Class $ 196.54 - -2.43 0.00 International D € 257.15 - -2.41 3.04 Yuki International Limited (IRL)
Oasis Crescent Global Short Term Income Fund $ 0.98 - 0.00 0.86 Pictet-Asian Equities Ex Japan-I USD F $ 182.22 - 0.46 0.00 US Premium Equities (EUR) € 162.50 - -1.52 0.00
Tel +44-20-7269-0207 www.yukifunds.com
Global Multi-Asset - Inst Acc $ 13.43 - 0.03 0.00 TreeTop Global Sicav Regulated
Pictet-Asian Local Currency Debt-I USD F $ 150.57 - -0.06 0.00 US Premium Equities (USD) $ 181.73 - -1.70 0.00 Renminbi Bond Fund AUD Cls A A$ 111.36 - -0.77 3.93
Oasis Global Equity $ 25.29 - -0.07 0.23
Global Opp.A € 127.32 - -0.80 0.00 Yuki Mizuho Umbrella Fund
Global Real Return - Inst Acc $ 17.92 - 0.05 0.00 Renminbi Bond Fund AUD Cls B A$ 113.21 - -0.78 3.67
Oasis Crescent Global Investment Fund (Ireland) plc Pictet-Biotech-I USD F $ 679.81 - -20.70 0.00
Global Opp.B $ 124.87 - -0.73 0.00 Yuki Mizuho Japan Dynamic Growth ¥ 6142.00 - -19.00 0.00
Oasis Crescent Global Equity Fund $ 25.77 - -0.04 0.00 Income Fund Inst Acc $ 12.24 - 0.01 0.00 Renminbi Bond Fund CHF Cls A SFr 107.89 - -0.75 4.01
Pictet-Brazil Index I USD $ 29.78 - 0.82 0.00
Global Opp.C £ 167.34 - -0.19 0.00 Yuki Mizuho Japan Large Cap ¥ 777.62 - -0.38 0.00
Oasis Crescent Variable Balanced Fund £ 10.18 - 0.03 0.59 Inflation Strategy Fund Inst Acc $ 8.38 - 0.02 0.00 Renminbi Bond Fund CHF Cls B SFr 107.87 - -0.76 3.76
Pictet-CHF Bonds I CHF SFr 506.98 - -2.44 0.00
Sequoia Equity A € 128.41 - -1.98 0.00 Yuki Japan Low Price ¥ 24031.00 - 289.00 0.00
OasisCresGl Income Class A $ 10.65 - 0.01 2.42 Low Average Duration - Inst Acc $ 14.77 - 0.01 0.00 Renminbi Bond Fund CNH Cls A CNH 119.74 - -0.78 3.36
Pictet-China Index I USD $ 88.50 - 0.39 0.00
Sequoia Equity B $ 130.12 - -2.01 0.00
OasisCresGl LowBal D ($) Dist $ 11.11 - -0.01 0.00 PIMCO RAE Fundam.PLUS Em.Mkts Inst Acc $ 7.03 - 0.12 0.00 Renminbi Bond Fund CNH Cls B CNH 119.68 - -0.78 3.13
Pictet-Clean Energy-I USD F $ 69.66 - -0.40 0.00
Sequoia Equity C £ 156.46 - -1.66 0.00
OasisCresGl Med Eq Bal A ($) Dist $ 11.23 - -0.02 0.33 PIMCO RAE Fundam.PLUS Gl.Dev.Inst Acc $ 9.69 - 0.02 0.00 Renminbi Bond Fund Euro Cls B € 109.68 - -0.77 3.76
Pictet-Digital Communication-I USD F $ 235.43 - -4.37 0.00
PIMCO RAE Fundam.PLUS US Inst Acc $ 11.10 - -0.06 0.00
20 ★ FINANCIAL TIMES Friday 29 January 2016

MARKETS & INVESTING

EM squared
FT explainer

Why oil’s new world order

has rendered Opec irrelevant
The airwaves and Twitter
are full of commentary
about how Saudi Arabia,
the rest of Opec and
Russia can balance the
market by cutting
production and raising
prices, writes Ed Morse.
But the idea that these
traditional producers can
affect the markets on their
own is based on old-world
thinking where Opec’s low-
cost producers and some
additional traditional
producers can impose their
political will to counter
market forces.
The unconventional oil
revolution has rendered
such thoughts obsolete.
In the new energy world
order, the US, whose
production was once half
that of the other two
producer giants, is on a par
with them. And that makes
a big difference.
The US did not count in
the old world oil order.
With its declining output,
the US was a taker of
prices; and with its
permanent importer status,
it was a bystander to
global oil politics and
production decision-
making.
The shale revolution in
the US has made a huge
difference. The US is now
arguably the largest oil
liquids producer, if you
take into account crude oil
production and other
supply such as liquefied
petroleum gases, biofuels
14.8m
Number of barrels per
day the US produces,
inclusive of all oil liquid
types, against 11.7m b/d
for Saudi Arabia and
11.5m b/d for Russia
and the incremental
volumetric gains from
having the largest refining
system in the world.
On paper the US might
produce 9.3m barrels a day
against Russia’s 11.1m b/d
and Saudi Arabia’s 10.3m
b/d. But add everything
that looks and smells and
is used as oil, and the US is
the biggest of the lot,
producing 14.8m b/d
versus the kingdom’s
11.7m b/d and the 11.5m b/d
produced by Russia.
We are used to old
thinking — a world of
producers made up
of Opec plus critical
Oil production
Million barrels per day
Rest of the world
US
2010 11 12
Source: IEA
non-Opec producers
including especially Russia,
Mexico, Norway, Oman and
maybe a couple of others.
The new order has
rendered Opec irrelevant,
an organisation crippled by
disruptions and sanctions,
with no will to work as
one, able to be a negative
force by bringing prices
down, but incapable of
finding a way to put a floor
under prices.
In the new world there
are three giant producers,
whose combined liquids
output is about 40 per
cent of world markets.
All three of them play
a role and one of them,
the US, cannot
constitutionally play a role
to constructively
counteract market forces.
Indeed it is the very
embodiment of market
forces.
The three giants of the
oil market are about the
same size. But size is only
one element. Who makes
decisions is another.
In the kingdom of Saudi
Arabia there is one
decision maker on who
turns the valves on and off.
In Russia it is a bit more
complicated, but at the
end of the day it is a
government that is in
charge.
The third and biggest of
the giants, the US, has
production based on
competitive decisions of
hundreds of independent
producers, which now,
unshackled, can sell oil at
home or abroad.
That makes an
enormous difference,
especially when
considering the nature of
marginal production in the
US, which comes from
shale resources. These
rocks are not only
superabundant — they
can be exploited at a
relatively low cost.
Just compare an
offshore well at a cost of
$170m with a vertical shale
well that costs less than
$5m. A successful
deepwater well can have a
five-year payout, versus a
five-month payout for a
shale play.
Multiply that by
hundreds of wells and
hundreds of decisions and
you get a new world order.
It is time to throw away
the lenses of the 40-year-
old world oil order and
come to grips with the new
and permanent realities of
the market.
Ed Morse is the global
head of commodities
research at Citigroup
100
80
60
40
20
0 over as the largest producer in the world
13 14 15
Tech-heavy Ticks leave Brics behind
Taiwan, India, China and
Korea are the new darlings
of the emerging world
STEVE JOHNSON
The Brics are dead. Long live the Ticks.
A belief that Brazil, Russia, India and
China would power a wave of emerging
market-led economic growth gripped
the firmament for more than a decade
after the term Brics was conjured up by
Jim O’Neill in 2001, when he was chief
economist at Goldman Sachs.
But recessions in Brazil and Russia
have dealt such a blow to faith in the
hypothesis that late last year Goldman
closed its Bric fund.
EM fund managers, however, have
stumbled on a potential replacement —
the Ticks, with tech-heavy Taiwan and
Iran’s pistachio growers want a crack at the US
Producers of the ‘king of nuts’
hope end of sanctions will give
them access to a big market
MONAVAR KHALAJ — TEHRAN
EMIKO TERAZONO — LONDON
It is not just the world of oil that is brac-
ing itself for the impact of Iran’s return
to the market after the recent lifting of
US sanctions.
International pistachio traders are
watching and wondering how Washing-
ton’s move will affect export flows from
the Middle East nation, and whether it
will have a crack at the hitherto closed
US market.
The US and Iran, which account for
70-80 per cent of global production,
have been vying for the top producer
and exporter spot for the past few years
as demand for pistachios — and other
treenuts — has risen thanks to the trend
for healthier eating.
Chuck Nichols, president of Nichols
Farms in California, which grows, proc-
esses and ships pistachios, says the Iran
issue has been on the US growers’
minds. “People have been thinking
about this,” he says.
Iran’s industry executives are confi-
dent exports will increase thanks to the
sanctions relief. “The transactions will
definitely be easier and works are done
smoother,” said Mahmoud Abtahi, dep-
uty head of Iran’s Pistachio Association.
“Iran’s pistachio has been exported over
100 years and has secured a foothold in
the world market. It is the king of nuts.”
Iran, which has produced pistachios
since the fifth century BC, regained the
position of top producer last year for the
first time since 2008, after record crops
in the two years to 2015.
In sharp contrast last year’s harvest in
California, which accounts for most of
the US output, almost halved to 275m
pounds — the lowest in almost a decade
— amid adverse weather.
The fall in supply has pushed Califor-
nian pistachios above $5 a pound, allow-
ing Iran to offer discounts to its overseas
buyers, especially in China — the largest
import market.
Iran has been selling into China at
80 cents to $1 lower than the US prod-
uct, replacing California as the top
exporter, says Richard Matoian, execu-
tive director of the American Pistachio
Growers. “We do believe the US will take
and will regain the China market in the
future, as early as 2016.”
Europe is another large market where
(South) Korea elbowing aside commod- at Baillie Gifford, says: “In many emerg-
63%
ity-centric Brazil and Russia to join ing markets the speed with which young
China and India. consumers are adapting to technologi- Proportion of funds
with at least 50% of
The realignment says much about the cal change, in areas such as ecommerce assets invested in
changing nature of emerging markets, and online shopping, is much faster Ticks; against 10%
with services, particularly technology, than in the US.” for Brics
to the fore and trade in physical goods, Baillie Gifford’s EM Growth and EM
especially raw materials, in retreat. Leading Companies funds invest 45-50 $230 bn
“Bric is not the engine of emerging per cent of their $10bn-$15bn of assets Combined value of
market growth it was. There is a new in technology companies. the 120 EM equity
order of things,” says Steven Holden, “Trends that we hoped would emerge funds tracked by
founder of Copley Fund Research, 15-20 years ago have come to generate Copley Fund
which tracks 120 EM equity funds with significant cash flows,” Mr Sneller adds. Research
combined assets of $230bn. JPMorgan Asset Management man-
“Tech is just rampant, and the con- ages $70bn in EM and Asia-Pacific equi-
sumer is what you are investing in ties. Luke Richdale, its chief client port-
[with] EMs now. I don’t think many folio manager for EM, says: “We are see-
people are aware of the new EM story as ing leapfrogging [of technology] going
much as they should be. They think of on in China. There are models in the
Brazil, Russia, materials, big energy west, bricks and mortar etc, that simply
companies. That has changed hugely.” won’t happen there.”
Richard Sneller, head of EM equities According to Copley data, the average
Analysis. Commodities
California’s Iran could make inroads thanks to sanc- the short term if not also the long term”.
production tions relief. Although pistachios had not The question is whether Iranians can
almost halved been subject to European sanctions, make inroads into the US. Even before
last year to restrictions on banking and shipping US sanctions were implemented, Ira-
275m pounds made trade difficult. nian pistachio imports were subject
amid adverse “Iranian pistachios have a strong fol- to antidumping duties of about
weather, while lowing [in Europe] because of the taste,” 300 per cent.
Iran regained says Niel Hyde, a veteran nut trader With the sanctions removed, a review
the position of who works at Iracema, the Brazilian is to be conducted by the US trade
top producer cashew processor. authoritiesonwhetherto keep the tariff.
David Paul Morris/Bloomberg
The issue for Iranian imports has “Our industry will vigorously defend
been the levels of aflatoxin, a poisonous our position,” says Mr Nichols.
substance caused by mould, and many Even if the duty is dropped, ambiguity
retailers and nut packers have switched around banking and payment remains,
to the Californian variety. Kees Blok- according to legal experts. Although
land, trader at Global Trading in the various curbs have been removed, US
Netherlands, says: “I personally think “primary sanctions” are still in place,
the pistachios from Iran are more tasty which means US citizens are still
and more flavoursome but the super- banned from involvement in commer-
markets will not change that easily.” cial dealings with Iran and US banks are
Nevertheless with US pistachio prices still prohibited from clearing dollar
having risen steadily for the past eight transactions related to Iran.
years, some industry executives expect John Whittaker, of UK law firm Clyde
Iranian pistachios will be fully encour- & Co, says: “There are a lot of practical
aged to “keep the Californians honest in and historical issues surrounding Iran
EM equity fund has a near-54 per cent
weighting to the Ticks, up from 40 per
cent in April 2013. The weighting to
Brics is in the low 40s, despite a sharp
rise in China’s index weighting. TSMC, a
Taiwanese chipmaker, and Korea’s Sam-
sung Electronics are the stocks most
widely owned by the funds tracked.
As of December, 63 per cent of funds
had at least 50 per cent of assets
invested in Ticks, while only 10 per cent
had such high exposure to Brics.
Investment houses such as JPMorgan,
Nordea and Swedbank have a weighting
of at least 35 per cent to Taiwan and
Korea alone in some funds, while vehi-
cles managed by Carmignac, Fidelity
and Baillie Gifford have exposure of
3 per cent or less to Brazil and Russia.
The average EM equity fund has as
much exposure to China’s IT industry
as to its financial sector.
Pistachio exports
Inshell basis (’000 tonnes)
200
US
Iran
150
100
50
0
2002 05 07 09 11 13 15
Pistachio prices
California wholesale ($ per lb)
5
4
3
2
1
1996/ 2000/ 2004/ 2008/ 2012/
97 01 05 09 13
Source: USDA; Nichols Farms
sending their nuts to the US, including
the clearance of dollar transactions.”
Iranian industry officials acknowl-
edge that things will not change over-
night. The country should not expect “a
miracle”, says Mr Abtahi.
One main challenge that both rivals
face is the changing weather affecting
productivity and water availability. Cal-
ifornia’s output was hit by the lack of
“chilling hours”, or cold days, during the
2014 winter, and the prolonged drought
that has hit groundwater levels.
Iran’s growers, who are mostly private
and small-scale farmers, have also seen
water shortages that have raised costs.
Hassan Tabatabaei, a leading pista-
chio grower, said Iran’s problem was
more domestic than international.
“Lifting of sanctions will for 100 per
cent bring about stability in transac-
tions, but what is more affecting pista-
chio production is that precipitation is
declining each year,” he says.
See Lex

Capital markets Equities

Volatility pushes issuance to multiyear lows
GAVIN JACKSON
Global capital markets have had their
slowest start to the year for more than a
decade as companies have retreated to
the sidelines against a backdrop of vol-
atile markets.
Worldwide only $416bn of debt has
been sold this year — the lowest total
since the equivalent period in 2002,
according to Thomson Reuters. There
has been $21.7bn of new equity sold, the
lowest since 2009.
The slow start reflects in part compa-
nies awaiting a calmer tone across capi-
tal markets with more attractive prices
for the sale of new debt and equity.
In the current febrile environment,
sovereigns and institutions regarded as
the strongest have continued selling
debt. Governments and supranational
agencies accounted for 32.6 per cent of
the market this year — the highest pro-
portion for more than a decade.
Moreover, a 10th of overall bond issu-
ance was accounted for by one jumbo
deal: the $46bn offering by brewer
Anheuser-Busch InBev to finance its
takeover of SABMiller, the second-
largest bond sale to date.
The need for companies to finance
deals already announced should lead to
far more sales by companies rated
investment grade during the rest of the
first quarter, says Jeff Tannenbaum, at
Bank of America Merrill Lynch.
“Despite the volatility we’ve seen,
issuers who have wanted to access the
market have found attractive windows
during the course of January,” he said.
Because of the long period of low
interest rates there had been little pres-
sure on companies to refinance soon,
which meant they could afford to wait to
raise capital, Mr Tannenbaum added.
In the junk bond market $10.4bn has
been raised this year in 18 deals, the low-
est activity since 2009 when markets
were all but closed during the depths of
the financial crisis. Junk bonds have
been particularly badly hit by the sell-
off in commodities, because of the large
number of small-scale oil producers
using the market to fund themselves.
For stock markets Chinese companies
have dominated with a record amount
sold in 2016. But this is more down to
bureaucracy than investor desire, say
equity bankers, with deals shifted into
January by the long approval process.
Of all equity sold globally in January
46 per cent has been in the Asia-Pacific
region, Thomson Reuters data show.
European equity issuance is 73 per cent
lower year on year to $3.6bn. Sales in the
US have fallen 62 per cent to $6.1bn.
Italian banks slide as scepticism meets EU deal
THOMAS HALE AND JOEL LEWIN
Italian bank shares dropped sharply a
day after the EU and Rome announced
measures to tackle the country’s bad
debt problem.
The FTSE Italia All Share banks index
fell 5.8 per cent yesterday, to its lowest
since 2013. Nearly a quarter of its value
has been wiped out so far this year.
Banca Popolare di Milano, UniCredit
and Banca Monte dei Paschi di Siena slid
sharply. MPS, which dropped 8 per cent,
has lost 44 per cent of its value this year.
Italian bank share prices have gyrated
in recent weeks amid mounting con-
cerns over an estimated €350bn of non-
performing loans.
Investors recoiled from the sector this
month after news of a European Central
Bank investigation into non-performing
loans across the continent.
Wednesday’s deal, which came after
months of negotiation, encouraged
banks to sell the loans, providing inves-
tors with a government guarantee.
The strategy was met with scepticism.
Fitch, the rating agency, said its success
would depend on how NPLs were val-
ued. And the fact that participation was
voluntary might “limit take-up”, it said.
“We also doubt whether the scheme
will be sufficiently attractive to entice
banks to make significant use of it. Our
initial impression is that the mecha-
nism’s ability to materially improve
asset quality . . . is limited.”
After the eurozone crisis authorities
across the European periphery created
“bad banks” to separate good loans
from bad. The Italian approach — where
debt is not bought with public funds —
relies on private investors buying bun-
dles of loans with a government guaran-
tee linked to credit default swaps on
similar domestic issuers.
Italian banks’ bond prices have also
weakened. A UniCredit contingent con-
vertible bond — the riskiest kind of debt
banks can issue — is trading at 86 cents
on the dollar.
A new regulatory approach for failing
banks, launched at the beginning of the
year, aims to impose losses on bond-
holders to avoid taxpayer bailouts.
In late December Portuguese authori-
ties imposed losses on international
investors in Novo Banco by transferring
assets to a bad bank, sparking worries
over bonds across peripheral lenders.
Weak loans were not the only prob-
lem facing the Italian banking sector,
analysts warned. “Fragmentation, high
costs and low profitability are [their]
bigger demons,” said Alberto Gallo, a
strategist at Royal Bank of Scotland.
Friday 29 January 2016 ★ FINANCIAL TIMES 21

MARKETS & INVESTING

Global overview
TRADING POST Markets update
Jamie
Chisholm
Stocks lack direction as crude S&P 500 index
Change on day 0.17%

benchmarks continue to recover

This is the last thing equity bulls
needed. After spending recent weeks
in thrall to oil prices, pessimists may be
worried that the relationship is turning
negatively asymmetric.
That’s to say, stocks in the past few
sessions have tended to soften when
energy prices fall but not rally when oil
gains ground.
After nine days in a row of matching
each other’s moves, the S&P 500 on
Wednesday fell in the wake of the Fed
and poorly-received earnings from
Apple, while Brent crude bounced 4
per cent. Similarly, by mid-session in
Europe yesterday, Brent rose to a one-
month high around $34, but the Euro
Stoxx 600 was down 1 per cent and
the S&P 500 future had lost its gains.
The 20-day rolling correlation
between Brent and the FTSE All-World
equity index was about 97 per cent a
week ago. It was just below 90 per cent
yesterday.
What this loosening relationship
probably shows is investors have other
things on their mind.
Some are increasingly worried that
the Fed is more determined to tighten
policy than they thought it would be
given current global growth concerns.
China’s credit and currency concerns
linger. A US “corporate profit
recession” is a much-heard phrase.
What would be rotten for investors
is if already we are seeing a return to
the traditional oil/stocks relationship,
where higher energy costs are
considered a tax on global growth.
Really! Surely not. But, if true, such
lose-lose reasoning suggests the
psyche of a bear market.
jamie.chisholm@ft.com
Brent oil price
$ per barrel
45
40
35
30
25
Dec 2015 2016 Jan
Source: Thomson Reuters Datastream
Brent and WTI rise for
third day but worries turn
to uncertain outlook for
US interest rate policy
after Fed leaves ‘door ajar’
DAVE SHELLOCK
US and European stocks lacked a clear
trend, in spite of another strong rise for
oil prices, as participants weighed the
outlook for Federal Reserve monetary
policy and digested the latest data and
earnings reports on both sides of the
Atlantic.
By midday in New York the S&P 500
was up 0.4 per cent at 1,891 after a
choppy morning’s trade. The bench-
mark equity index had climbed 1 per
cent in the first few minutes of trading.
Energy stocks led the way higher as
persistent talk of cuts to crude output
pushed both Brent and West Texas
Intermediate to three-week highs.
Facebook was also a big gainer as Wall
Street applauded its robust forth-quar-
ter results.
But gains for European oil stocks
failed to lift the region’s main indices, as
disappointing earnings from the likes of
Swiss drugs group Roche helped
unnerve the markets.
The Euro Stoxx 600 index fell 1.6 per
cent while the exporter-focused Xetra
Dax in Frankfurt shed 2.4 per cent, as
the euro climbed to its highest point
against the dollar for a week.
Those moves came against a back-
drop of Brent crude reaching $35.84 a
barrel — the highest since January 6 —
after Russia’s energy minister said he
was ready to meet Opec and Saudi Ara-
bia to discuss production cuts.
Brent’s intraday peak marked a 32 per
cent retracement from last week’s 12-
year low of $27.10, which came as short
positions in the oil market — speculative
bets on prices falling — hit a record.
Sterling under attack: FT.com/video
The pound has fallen 6.4 per cent in the past three months
— so why do investors see the UK currency as a risk?
Brent subsequently eased back to
$34.15, still up 3.2 per cent on the day —
its third successive advance. US WTI
crude was up 2 per cent at $32.96 after
touching $34.82.
The Russian rouble rose 2 per cent
against the dollar and Moscow’s RTS
equity index jumped 3.1 per cent.
Divyang Shah, global strategist at IFR
Markets, warned of more volatility to
come for oil. “The prospect that produc-
ers might be more willing to act on fur-
ther weakness is also helping to limit
risk/reward for oil bears,” he said.
But many market watchers remained
sceptical that an agreement on co-ordi-
nated output cuts would be reached.
“In principle the revenue lost from a
— Charlie Bibby
5 per cent fall in production volumes
could be more than offset by a rise of
just $2 in the average selling price of a
barrel of oil,” noted Julian Jessop at Capi-
tal Economics.
“However, there are still many rea-
sons to be wary. Indeed Opec officials
have already played down the specula-
tion, suggesting merely that they are
always open to general discussions
about oil market issues with non-Opec
producers.
“These discussions have never come
to anything substantial in the past. A
sustained recovery in oil prices will have
to be built on much stronger founda-
tions than comments from one or two
Russian officials.”
2100
2000
1900
1800
Dec 2015 2016 Jan
Away from oil, participants also US equities Energy and technology
remained cautious about the outlook were the best-performing sectors of
for Fed policy in the wake of the central the S&P 500 while healthcare stocks
bank’s policy statement on Wednesday. fell sharply, led by a steep decline for
“The Fed’s Open Market Committee Abbott Laboratories
acknowledged the threat posed to the
outlook for US labour markets and FTSE 100 index
inflation from global and financial Change on day 0.98%
developments, but nevertheless left the 6400
door ajar for a March rate hike,” said Kit 6200
Juckes, strategist at Société Générale. 6000
“There wasn’t really enough in the 5800
statement for anyone to change their 5600
forecasts of the Fed outlook in 2016, and Dec 2015 2016 Jan
indeed our US economists still expect
three hikes this year, though we realise UK equities The FTSE 100 briefly
that whether they act in March or not is nosed above the 6,000 level to touch a
a ‘coin toss’.” three-week high, although it could not
US data releases yesterday offered sustain its momentum in spite of big
few clear pointers. Solid weekly jobless gains for crude oil prices
claims figures suggested January’s non-
farm payrolls report would be robust. Eurofirst 300 index
But disappointing durable goods
Change on day 1.68%
orders pointed to “sluggish business 1450
investment in the fourth quarter, high- 1400
lighting the dependence of consumer 1350
spending for driving the current
1300
upturn”, said Nick Stamenkovic, macro
1250
strategist at RIA Capital Markets.
Dec 2015 2016 Jan
“Against this backdrop the Fed looks
increasingly unlikely to hike rates at European equities Roche fell 3.8 per
March’s FOMC meeting.” cent after 2015 net profits fell short of
The yield on the 10-year US Treasury expectations, while Italian banks fell
was up 1 basis point at 2.01 per cent, sharply amid lingering worries about
while the dollar was down 0.4 per cent bad loans in the sector
against a basket of currencies.
The euro was 0.5 per cent higher at
$1.0949, even as the yield on the 10-year Nikkei 225 index
German Bund fell 3bp to 0.41 per cent. (’000) Change on day 0.71%
19
German inflation rose at a year-on-
year pace of 0.4 per cent in January, up 18
from 0.2 per cent in December. 17
Carsten Brzeski, economist at ING,
said the data provided “welcome argu- 16
Dec 2015 2016 Jan
ments” for opponents of additional
European Central Bank policy easing. Japanese equities Uncertainty about
“Mr Draghi’s comments at last week’s the outlook for oil and caution ahead
press conference have pushed the ECB of the Bank of Japan’s policy meeting
into a delicate dilemma,” he said. made for a nervous session in Tokyo
Gold was down $10 at $1,115 an ounce.

Caterpillar analysts’ estimates of $1.32 a share.

Wall Street
Caterpillar strides
higher even as it warns
of another difficult year
Anna Nicolaou, David Crow
and James Wilson
Caterpillar warned of another difficult
year ahead as it reported a fourth-
quarter loss.
The US heavy machinery maker lost
$87m, or $0.15 a share, for the fourth
quarter of 2015, but excluding
restructuring costs it earned $0.74 a
share, higher than analysts’
expectations of $0.69 a share. The stock
price rose 4 per cent to $60.72.
Collapsing global commodity prices
and the slowdown in China have
weighed on Caterpillar, which said it did
not “anticipate improvement in world
economic growth or commodity prices”
this year.
The world’s largest manufacturer of
mining and construction equipment by
sales said it expected revenues to be in a
range of $40bn to $44bn in 2016, a drop
Facebook jumped 14 per cent, putting Trading Directory
Share price ($)
80 the stock on track for one of its best one-
70 day performances since the social
network went public in 2012, after a
60 blistering quarter of revenue growth. Its
50 market value climbed to $302bn
Jul 2015
Source: Thomson Reuters Datastream
Jan
2016
yesterday, making Facebook the sixth-
largest company in the world by market
Day's capitalisation.
Indices
S & P 500
Close
1879.66
change
-3.29
A near-52 per cent jump in fourth-
quarter revenue, driven largely by
DJ Industrials 15886.11 -58.35 mobile advertising, and a 17 per cent
Nasdaq Comp 4474.62 6.46 rise in daily active users have rekindled
Russell 2000 1204.70 -8.35 enthusiasm for a company whose shares
VIX 23.21 0.10
have fallen in recent weeks.
US 10 yr Treas Bd 2.00 0.01
Artisan Partners, a shareholder in
US 2 yr Treas Bd 0.85 0.01
Johnson & Johnson, has stepped up its
pressure on the world’s largest
healthcare company by sending an open
letter to its management and directors
from the $47bn recorded in 2015. Sales calling for a break-up.
fell by a fifth from a year ago to $11bn. The letter was sent and published a
A steeper than expected drop in oil day after the Financial Times reported
and the strong dollar had wiped $3bn that Artisan was sounding out activist
from sales in 2015, Caterpillar said. investors about taking a stake in the
PotashCorp, the Canadian miner, group and pushing for a radical shake-
slipped in early trading after cutting its up of the $280bn company.
quarterly dividends by a third. Fourth- Shares in J&J climbed 1 per cent on
quarter earnings had halved compared Wednesday and were up 0.3 per cent in
with the previous year. mid-morning trading yesterday.
The market for fertilisers is strongly Stocks on Wall Street showed little
linked to global growth and prices direction, after the Federal Reserve left
weakened towards the end of 2015. interest rates unchanged on
Jochen Tilk, chief executive, spoke of Wednesday.
a “more cautious outlook” for 2016. The S&P 500 was unchanged at
Fourth-quarter earnings were $201m, 1,882.92, the Dow Jones Industrial
or 24 cents a share, compared with Average was 0.2 per cent lower at
$407m, or 49 cents, a year ago. Full-year 15,920.08, and the technology-heavy
earnings would be 90 cents to $1.20 a Nasdaq Composite was 0.3 per cent
share, PotashCorp said, lower than higher at 4,480.82.

London
Home Retail falls after
hedge fund cuts stake
Bryce Elder
Bid jitters dragged Home Retail lower
yesterday after its second-biggest
shareholder cut its stake.
Toscafund said it had sold 10m shares
in the Argos owner at 152p apiece, which
reduced its holding to 7.25 per cent.
Martin Hughes, founder of the hedge
fund, has publicly criticised Home
Retail management for rejecting a
takeover offer in November from
J Sainsbury without first consulting
shareholders.
Sainsbury has until February 2 to
make another offer or walk away. The
talk among traders has been that the
sides are still far apart on price, with the
grocer said to be offering only a small
improvement to its November offer
that was reportedly about 130p per
share. That would probably be at least
50p short of a valuation Home Retail’s
board would be prepared to
recommend, said traders.
Canaccord repeated “sell” advice on
Home Retail, saying any offer above
135p would be at a premium to the wider
retail sector. “Only a strategically
compelling transaction could justify
that,” it said.
Home Retail closed 4.7 per cent lower
at 142.5p.
A volatile oil price weighed on the
wider market, leaving the FTSE 100
lower by 1 per cent, or 58.59 points, at
5,931.78. Travel stocks were the biggest
fallers, with Carnival , a cruise operator,
off 6.4 per cent to £33.84 and airline
group IAG down 4.9 per cent to 525.5p.
Centrica, the British Gas owner, was
down 4.7 per cent to 200.2p after Société
Générale downgraded to “sell”.
Shire hit a one-year low, down 4.2 per
cent to £38.79. The drugmaker has been
held back by uncertainties about
whether its purchase of US rival Baxalta
might annul the tax-free status of its
spin-off from Baxter six months before.
Reckitt Benckiser faded 0.7 per cent
to £61.25 amid a retread of speculation
that it might be interested in buying
GlaxoSmithKline’s consumer health
division, which is minority owned by
Novartis following a $20bn asset swap
last year. GSK closed 1.5 per cent lower
at £14.15.
Reckitt is widely expected to bid for
healthcare brands this year, having in
2014 failed to buy Merck’s over-the-
counter drugs business. Management
last year flagged up its interest in
buying Pfizer’s £10bn-valued consumer
health division, should it become
available.
Equipment hire specialist Ashtead
dropped 7.8 per cent to 890p after US
peer United Rentals missed earnings
expectations and cut guidance for
2016 rental rates.
22 ★ Friday 29 January 2016

INSIGHT Analysis. Capital markets

Michael
Mackenzie
Big bond sales set to stir risk appetite
After a slow start to the year, Narrowing field
a pipeline of larger issues
Woeful month gives should provide liquidity
US marketed bond deals
Number of completed deals, by rating
Yields climb on US
investment-grade debt

investors good reason ERIC PLATT — NEW YORK

400 Yield (%)
3.7

to stay on the sidelines When the starting gun sounded over

2016’s debt markets, only a handful of
High yield
Investment grade
350 3.6

corporate borrowers left the blocks. 300 3.5

Although there were several personal

J
anuary ranks as the gloomiest month for many bests, Anheuser-Busch InBev’s mega- 3.4
people, and current sentiment on financial mar- sized $46bn bond offering included, the 250
kets certainly endorses such feelings. Bear pace has been lethargic, reflecting vola- 3.3
markets, plunging oil prices and share values, tile markets that have sent US equity 200
fears about Apple peaking, rising corporate bor- and high-yield bond indices into nega-
3.2
rowing costs, downbeat earnings and gloomy outlooks for tive territory for the year.
companies and the global economy — all have spurred a Investors remain highly discerning 150
torrid start to the year. about their exposure to corporate debt, 3.1
Investors are trying to gauge what to do next. Does the seeking that of highly rated companies 100
month’s poor performance for shares and corporate bonds and demanding higher yields. The new 3.0
foretell a difficult year? Or has market sentiment approach comes after companies have
embraced a bearish stance well beyond fundamentals? issued record amounts of debt in recent 50
2.9
With the US Federal Reserve meeting this week, several years, buoyed by low interest rates, low-
investors and strategists have focused on panaceas for the ering the quality of their balance sheets. 0 2.8
doom and gloom. Among the list three factors stand out: “Volatility is unquestionably going to
oil prices, China’s currency management and the policy remain high when you think about the 1995 2000 05 10 15 16 Jan 2015 Jan
response from central banks. top-down macro uncertainties com- All figures year to date 2016
Sources: Dealogic; Bank of America Merrill Lynch
Slumping oil prices have clearly punished appetite for bined with this bottom-up releveraging
risk this month, so it is reasonable to think that any respite event risk on the credit side,” says Jeff
will bolster sentiment. Indeed rebounds in oil during the Cucunato, head of US investment-grade ‘Volatility double the size of any previous January. completed a 10-year note sale with a “This cycle is driven more by animal
past week have sparked equity market rallies. Any sign of credit at BlackRock. Debt bankers say the shift to cash will yield spread of 187.5bp. spirits and the lack of viable alternatives
oil stabilising should ease the strong link between the com- The relatively languid start in January has been ultimately benefit companies seeking to This month investment-grade debt for CFOs,” says Stephen Caprio at UBS.
modity and equities. That would be welcomed by inves- and large redemptions from some bond putting non- issue debt this year as portfolio manag- has on average sold at 140bp above the He forecasts that $1.3tn in US invest-
tors, particularly stock pickers, as indiscriminate selling of funds late last year have driven portfolio traditional ers put money back to work. benchmark, 10 per cent higher than the ment-grade deals will be completed this
shares — whenever oil drops — finally abates. managers into cash amid concerns over Morgan Stanley, Ford, Walt Disney, average for the past three years. year, much of it spurred by the brisk
The suspicion remains, however, that oil is experiencing further withdrawals. In turn govern- buyers Deere & Co and Barclays have brought And while more than $115bn of deals pace of mergers, with $239bn of high-
a short-term bounce. Its fundamentals appear bleak, ment bond yields have fallen, while into the multibillion-dollar deals to the market have been marketed and sold in the US, yield. If “bouts of volatility subside”,
and the supply glut and doubts over demand will take those for corporate debt have risen, investment- this month. Still to come are mammoth these have come from only 60 compa- says Mr Caprio, the investment-grade
time to resolve. resulting in wider credit spreads. offerings from Berkshire Hathaway to nies, the smallest number since at least market could reach as high as $1.45tn.
For investors a big question Yields on high-grade corporate debt grade market’ fund its $36bn purchase of Precision 1995, according to Dealogic. “The investment-grade market has
is whether cheap oil ulti-
A stronger have climbed to 3.65 per cent from a low Castparts; Dell, to finance its $63bn buy- Junk-rated groups have completed been resilient to some of the global
mately boosts consumer dollar has of 2.84 per cent last year, when there out of EMC; and Teva, which is acquiring just seven deals, to raise a combined headwinds over the past month,” says
spending and hence broader were nine consecutive weeks of out- Allergan’s generic business for $41bn. $3.6bn, the lowest pace since the start of Matthew Siracuse, a managing director
economic activity, offsetting
tightened flows from investment-grade bond Several companies have offered con- 2009 during the US recession. in Deutsche Bank’s debt syndicate.
deflationary concerns. In the financial funds, according to Bank of America cessions to drum up demand. Ford’s Strategists and bankers expect the “Global volatility has been putting
interim the worry remains Merrill Lynch and Lipper. financing arm, which completed a deal high-grade market to remain resilient non-traditional buyers into the invest-
that the commodity slump
conditions When they have shown appetite for at the start of January, sold new 10-year despite the higher costs to issue debt. ment-grade market.”
will inflict material damage to debt, investors have sought larger offer- paper at a yield of 4.389 per cent — Some say investment-grade bond sales Bankers who underwrite debt deals,
the bottom lines of energy companies, miners, industrials ings in the hope that bigger sales will be 215 basis points above the comparable will match 2015’s banner year as compa- however, are resigned to a stop-go pat-
and banks that have made loans to the sector. more liquid. The average bond sale over 10-year Treasury benchmark. Less than nies issue debt to fund takeovers and tern across the bond market until broad
Then there is China, seeking to shift its economy away the past four weeks has been more than a year earlier, the US carmaker had banks tap markets to lift capital buffers. risk appetite improves.
from being the global industrial workshop towards one
driven by internal consumers. A bumpy, and probably
long, journey lies ahead in achieving that goal, with some
saying a hard landing looms for the economy. Commodities
Here the transmission mechanism has been a weaker
renminbi, fanning global deflationary worries, hitting
commodity prices hard and weighing heavily on emerging
markets and their large dollar-denominated debts. The
Russia ready to talk
recent sharp drop in China’s reserves, spent defending the
currency and stemming capital flight, has contributed
output cuts with Opec
greatly to market anxiety.
Clearly a calmer tone from Beijing and a well-communi-
cated strategy for the currency would ease market jitters. DAVID SHEPPARD, oil companies saying they
That looks unlikely with Beijing probably opting for a JACK FARCHY, ANJLI RAVAL saw a need to talk with Opec.
AND NEIL HUME
weaker renminbi to backstop a slowing economy. But senior Opec delegates are
That leaves central banks’ response. By today investors Russia’s energy minister has wary. “There is no Saudi pro-
will have heard from the big three over the past week: the said he is ready to meet Opec posal on the table,” said a
European Central Bank, the Fed and the Bank of Japan. to discuss oil production senior Gulf Opec delegate.
So can the “central bank put” ride to the rescue of mar- cuts, triggering a violent Igor Sechin, who runs the
kets once more? rally in crude futures as Kremlin-backed oil com-
The ECB’s policy of quantitative easing has reinforced a hedge funds scrambled to pany Rosneft, has consist-
world of negative official and short-term bond yields, cover bets on falling prices. ently said Russia cannot cut
while regional equity benchmarks loiter below where production because of its
they closed out a year ago. The BoJ appears willing to bol- Brent crude futures jumped harsh winter and the high
ster QE, but officials worry about entering the realm of as much as 8 per cent to near number of private compa-
negative rates. $36 a barrel after Alexander nies in its oil industry. It is
For investors seeking solace from January, much turns Novak said Russia would not clear if there has been
on the Fed, which began tightening policy last month and meet the oil producer’s cartel any change in his thinking.
this week said it was assessing “readings on financial and next month. “I’m unsure about the
international developments’’. Wall Street fell after the lat- Opec has so far made no credibility of these state-
est Fed missive as the central bank signalled a willingness announcement of a meeting ments from Russia,” said
to continue its tightening policy this year. in February but some cash- another Opec delegate. “Is
Lost in the clamour of market turmoil this month has strapped members, includ- Russia really capable of cut-
been the sharp appreciation of the US dollar against many ing Venezuela and Nigeria, ting? They have said before
of its counterparts and not just fragile EM constituents. A have been pushing for emer- they will contribute and it
stronger dollar has effectively tightened financial condi- gency talks after oil prices never has worked.”
tions, hurting exporters and US companies that rely on for- dropped to a 12-year low of The global oil industry has
eign-based revenues. $27 a barrel last week. been rattled by the depth of
With the Fed unwilling to reverse course, investors have Any deal would need the the price crash. In the first
good reason to stay on the sidelines into February. Any backing of Saudi Arabia, the three weeks of this year
relief for market stress from China, oil and central bank cartel’s de facto leader, which Brent crude, the interna-
policy appears distant at best. has expressed doubts about tional benchmark, dropped
Russia’s willingness and abil- almost a third.
michael.mackenzie@ft.com ity to lower output. Amid a stubborn supply
Mr Novak’s comments are glut, US shale companies and
a sign that Russia may with- other producers have proved
draw its opposition as the surprisingly resilient to Sau-
pain intensifies. In previous di-led attempts to squeeze
consultations, “the situation them out with lower prices.
More comment and data on ft.com was somewhat different”, he This week a senior execu-
said, according to the Inter- tive at Lukoil said Russia’s
fax news agency. “As we see, second-largest producer
Y Fast FT Our global economies, headed prices have fallen.” would back output cuts co-
team gives you market- by Brazil, Russia, India Mr Novak said a 5 per cent ordinated with Opec if these
moving news and views, and China. output cut had been dis- had backing in Moscow.
24 hours a day, five days ft.com/beyondbrics cussed previously. Asked Senior energy executives
a week. ft.com/fastft whether that proposal was met Mr Novak yesterday,
Y Podcast The Hard
Y Alphaville Our Currency podcast takes a back on the table, he said: and possible co-ordination
irreverent financial blog. look at what is driving “That is precisely the subject with Opec was said to have
Join Paul Murphy and the global currency for debate.” been discussed. A person
Bryce Elder for the daily market. ft.com/podcasts A cut of 5 per cent by Rus- briefed on the meeting said
Markets Live session at sia and Opec would remove there had been no consensus
Y Lex Video Analysis more than 2m barrels at day among Russian oil groups.
11am. ft.com/alphaville
and opinion from the of production. Some have cut investment
Y beyondbrics News and team on the hot issues Signs of a shift in the Rus- and are expecting output to
comment from more affecting companies and sian camp have been mount- decline; others have invested
than 40 emerging markets. ft.com/lexvideo ing this week, with senior heavily to spur growth. Mr
executives at private Russian Sechin was notably absent.