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Property puzzle Self-deluded CEOs Walmart in Africa

How best to tackle the housing From Fuld to Blatter: the dangers of The world’s biggest retailer
crisis — BIG READ, PAGE 11 overreaching leaders — PAGE 14 comes to Kenya — PAGE 19

US dealmaking smashes records Briefing

i Nato spending commitment questioned

set in dotcom and debt booms

Downing Street has reaffirmed its commitment to
spend 2 per cent of GDP on defence in 2015-16 but is
under fire for fudging the figures so it could spend
£1bn less than 2 per cent and technically still hit the
target.— PAGE 2; EDITORIAL COMMENT, PAGE 12

i Osborne to detail plans for RBS

3 Cheap credit and bullish boardrooms fuel M&A 3 Value amounts to $243bn in May
JAMES FONTANELLA-KHAN AND
ROBIN WIGGLESWORTH — NEW YORK
US dealmaking hit a monthly record in
May, surpassing the highs of the peak of
the dotcom bubble and the zenith of the
debt boom that led to the 2008 crisis.
The overall value of deals in US bound
mergers and acquisitions activity
amounted to $243bn in May compared
with $226bn during the same month in
2007 and $213bn in January 2000, the
previous biggest and second biggest
months respectively, according to Dea-
logic data.
The data underline how frenzied US
dealmaking has become as cheap debt
and bullish boardrooms fuel an M&A
boom of a size not seen since just before
the last two equity market crashes.
The main drivers were large transac-
tions such as Charter’s three-way $90bn
acquisition of cable companies Time
Warner Cable and Bright House, and
Avago’s $37bn deal to acquire Broad-
com, the largest tech deal since the dot-
com boom.
Bankers and lawyers said that they
expected 2015 to be a record year with
chief executives under pressure to
expand their businesses and deals con-
stituting the fastest and easiest way to
achieve that growth.
Chris Ventresca, global co-head of
M&A at JPMorgan, said equity markets
were rewarding deal-driven expansion
at a time when organic growth remained
subdued. However, prices have risen
sharply as the acquisition spree has
accelerated.
“As premiums for deals go up compa-
nies will come under increasing scrutiny
and will have to defend the synergies
and rationale of deals,” he said.
The M&A boom has come amid a bor-
rowing binge by US companies, as treas-
urers lock in cheap, longer-term fund-
ing ahead of an expected interest rate
rise by the Federal Reserve. Economists
believe the US central bank will start
tightening monetary policy in Septem-
2000 $164bn 2007 $27.5bn
AOL acquires Time Warner, in a Goldman Sachs and TPG Capital
deal now seen as the high-water acquire Alltel — one of many big
mark of the dotcom bubble private equity buyouts that year
ber, a move likely to rattle markets that
Most are accustomed to low interest rates.
analysts Average company bond yields have
halved since 2007 to about 3 per cent in
expect the the US, and there has been more than
frenzy to $100bn of corporate bond issuance
every month for the past four months —
go on, given the longest streak of issuance above that
the demand mark. Bank of America Merrill Lynch
forecasts that June will also see $100bn.
for fixed “Issuers should realise that the win-
income dow to lock in low long-term yields for
any purpose is closing,” said Hans
investments Mikkelsen, a senior strategist at BofA.
Acquisitions have been mostly
2015 $90bn
Charter announces its three-way,
$90bn acquisition of Time Warner
Cable and Bright House
financed by shares, ample cash reserves
and bond markets, but some of the pre-
financial crisis debt structures have also
staged a comeback.
Global issuance of collateralised loan
obligations — bundles of loans made to
poorly-rated companies that are sold in
slices to investors — almost doubled last
year to $99.3bn, according to Dealogic.
Although below the heydays of 2006-07,
the market’s renaissance has helped
lubricate the resurgent M&A boom.
Any Fed moves to increase interest
rates could dent the plans of corporate
dealmakers, however, and hurt some of
Chancellor George Osborne is to lay out plans for
privatising Royal Bank of Scotland in next week’s
Mansion House speech, according to people
familiar with the situation.— PAGE 3
i Negative rates spur Swiss pension switch
Swiss pension funds are considering
withdrawing their cash and putting it
in vaults as the storage costs are
lower than the amount they pay
banks to park the money in regular
accounts.— PAGE 9
i Fed member says recovery too weak
Eric Rosengren, one of the Federal Reserve’s leading
regional members, has said the US recovery is too
weak to justify an interest rate rise, saying spending
had not returned to its pre-crisis levels.— PAGE 7
i Hamas clamps down on Isis in Gaza
Hamas is cracking down on local followers of Isis, in
a move that some observers say might even lead to
Gaza’s ruling Islamist group forging a common
cause, openly or otherwise, with Israel.— PAGE 8
i ‘Meltdown’ alert greets childcare plan
David Cameron’s pledge to roll out the extension of
free childcare earlier than planned was met with
warnings that the system faces “meltdown” unless
the changes are fully funded.— PAGE 2
i Beijing drags in tough smoking ban
The toughest smoking restrictions in China, the
world’s largest tobacco consumer, have been
introduced in Beijing with a ban in restaurants,
offices and on public transport.— PAGE 9
Datawatch
the riskier companies laden with buy-
out debt. Rating agency Standard & Annual adult cigarette With an
Poor’s forecast that its gauge of defaults consumption, 2014 estimated 300m
for lowly-rated companies would rise Per capita (’000) smokers, China is
from 1.8 per cent in March to 2.8 per 0 1.0 2.0 3.0 the largest
cent by March 2016. Russia
China
consumer of
tobacco. As well
Most analysts expect the frenzy to
continue, given the pent-up demand for
Greece
Japan
as high smoking
prevalence it has
fixed income investments. Russ Koes- Germany
Italy high smoking
terich, chief investment strategist at
BlackRock, said: “Short-term rates
US
France
intensity with a
large number of
should rise, but long-term yields are UK
Brazil
cigarettes
likely to be more anchored over the next smoked on
one to two years.” Source: Tobacco Atlas World Lung Foundation average per year
Capital markets page 30

Merkel calls emergency summit in

Struggle to boost exports
sparks fresh sterling fall
Investors backed off sterling, causing
the pound to suffer its seventh
successive session of losses. It fell
0.7 per cent to $1.5181, having slipped
to pre-election levels on Friday. The
decline followed publication of data
indicating that the UK economy
was struggling to boost exports.
Manufacturing purchasing managers
reported slightly higher activity in May
but not as much as expected.
Markets i PAGE 30
National news i PAGE 3
Berlin to speed up deal on Greece
STEFAN WAGSTYL — BERLIN
PETER SPIEGEL — BRUSSELS
CLAIRE JONES — FRANKFURT
German chancellor Angela Merkel last
night hosted an emergency
summit in Berlin over the Greek crisis
to thrash out differences between the
debt-laden country’s bailout monitors
and to accelerate efforts to reach a deal
with Athens.
Christine Lagarde, managing director of
the International Monetary Fund, and
Mario Draghi, head of the European
Central Bank, arrived in Berlin yester-
day to join France’s President François
Hollande and European Commission
president Jean-Claude Juncker, who
were already there for a pre-arranged
meeting with the German chancellor.
After the meeting, a German govern-
ment spokesman said that Ms Merkel,
Mr Hollande, Mr Juncker and Ms
Lagarde had agreed that talks needed to
intensify. “The [parties] were in close
contact in recent days and want this to
remain the case in the coming days —
both among themselves and of course
with the Greek government.”
The gathering came amid mounting
uncertainty about Greece’s capacity to
pay its bills, and tensions between
creditor organisations, which are under
pressure to release €7.2bn so that
Greece can avoid a possible default and
a rapid exit from the eurozone.
The IMF has been holding to a tough
line out of respect for its own lending
rules and regard for pressure from
countries in other parts of the world,
which say that Athens has already
enjoyed favourable treatment.
But the European Commission has
argued for more generous terms for
Athens because it sets a high priority on
keeping the eurozone intact. The ECB,
too, wants to keep the common cur-
rency together but also fears damaging
its credibility.
A senior official from one of Greece’s
bailout monitors said the talks were
focused on a technical paper prepared
by the commission to find trade-offs
acceptable to all creditors. Officials
insisted that any compromise would not
be used as a “take it or leave it” ultima-
tum for Athens, but rather an outline to
be presented to Alexis Tsipras, Greek
prime minister, for a “quick reaction”.
The official said there were no new
concessions to Athens in the paper.
Instead, it was intended to spell out the
core principles that creditors need to
conclude a deal.
Tsipras retreats page 8
Short View page 17

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2 ★
Military spending
Defence analyst questions shortfall on Nato target
Think-tank chief says
promise to spend 2% of
GDP could fall £1bn short
KIRAN STACEY AND GEORGE PARKER
David Cameron could fall short of a Nato
target on defence spending by up to
£1bn and still claim he has met it, a lead-
ing expert has warned.
Downing Street confirmed yesterday
the UK would meet the target of spend-
ing 2 per cent of gross domestic product
on the military in 2015-16, a day after
being warned by the US defence secre-
tary about the risks of failing to do so.
But one of Britain’s top defence ana-
lysts said the government could still say
it had met the Nato commitment even it
had in fact fallen £1bn short.
Malcolm Chalmers, director of UK
defence policy at the Royal United Serv-
ices Institute think-tank, said: “Hitting 2
per cent could mean spending 2.000 per
Cameron warned over funding of free childcare
Overstretched system faces
‘meltdown’ unless changes are
fully funded, experts say
ELIZABETH RIGBY, GILL PLIMMER AND
SARAH O’CONNOR
Giving working parents more free child-
care was a Conservative manifesto
pledge — and this week David Cameron
declared his government would roll out
the scheme a year earlier than planned.
The decision reflects Downing Street’s
assessment that doubling free childcare
provision to 30 hours a week for three-
and four-year-olds is a policy that has
voter appeal and a solid economic
rationale. But, within hours of the
announcement, the prime minister
faced warnings that the overstretched
childcare system faces a “meltdown”
unless the changes are fully funded.
Offering free childcare plays to Mr
Cameron’s oft-repeated mantra that he
wants to help “working people get on”.
The government also sees the measures
as a way to help hit its goal of full
employment by 2020.
All three- and four-year-olds are cur-
rently eligible for 15 hours of free child-
care a week. The extension to 30 hours
will apply where both parents are work-
ing, regardless of income. As well as
applying to nursery care, the free hours
can be put towards the cost of an Ofsted-
registered nanny or childminder. The
government said up to 600,000 families
would benefit from the extension —
worth about £5,000 a year per child.
Neil Leitch, chief executive of the Pre-
school Learning Alliance, said the addi-
tional £350m in government funding a
year to extend free care was about a
quarter of what was needed. Other par-
ents could pay more in childcare fees to
subsidise the free places, he warned.
Research conducted for the charity,
which represents 14,000 private and
voluntary childcare providers, con-
cluded private nurseries would lose
£660 a year for each child taking up the
extended entitlement if funding
remained at current levels. “We are con-
cerned that the government is still sig-
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cent of GDP on defence or spending
1.951 per cent and then rounding up.
The difference is significant and would
amount to nearly £1bn.”
His comments came after Ashton
Carter, US defence secretary, told the
BBC: “Britain has always had an inde-
pendent ability to express itself and
basically punch above its weight. I’d
hate to see that go away because I think
it’s a great loss to the world when a coun-
try of that much history and stand-
ing . . . takes actions which seem to
indicate disengagement.”
Mr Cameron knows that failing to hit
the target is likely to damage the UK’s
standing among its international allies,
even though only four Nato countries —
the US, Britain, Estonia and Greece —
currently do so. The UK was forecast to
fall below the 2 per cent figure this year
but a plan to declare war pensions as
defence spending means it is now likely
to be hit, at least in technical terms.
The move is part of an effort to reas-
Options narrow
Prime minister rules out
cuts to child benefit
David Cameron has ruled out any
changes to child benefit during this
parliament, further narrowing the range
of options to find £12bn of welfare cuts
for the autumn spending review.
Downing Street yesterday reiterated
the prime minister’s commitment to it
amid reports that Iain Duncan Smith,
the welfare secretary, was looking at
further restricting child benefit
payments in order to make savings.
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NATIONAL
sure the UK’s allies it is still a major not doing enough to influence world
player, with a spending review and stra- events ever since he backed away from
tegic defence and security review both military action in Syria, having been
due this year. The prime minister told defeated in a vote on the matter by MPs.
François Hollande, French president, The UK was not involved in the recent
during talks in Paris last week that Brit- round of peace talks between Russia
ain is ready to play a bigger role. and Ukraine, for example, which were
Mr Cameron has faced accusations of mediated by France and Germany.
UK defence spending
As a % of GDP Projected defence spending
% of GDP £bn
10 Maintain 2% of GDP Maintain 2% of GDP
Korean war ends MoD assumptions 2.5 MoD assumptions 60
8 Further cuts for 2 years Further cuts for
Further cuts for 5 years 2 years
Falklands conflict 2.0 50
6 Further cuts
Second for 5 years
Gulf war 4
1.5 40
2 embarrassing for the prime minister,
First Gulf war
0 1.0 30
1953- 90-91 2013 2013 20 25 2013 20 25
54 -14
Sources: MoD; RUSI
Politics. Nursery places
The extension to 30 hours will
apply where both parents are
working, regardless of
income — Matt Cardy/Getty Images
pressure in recent years following the least the next general election in 2020.
coalition government’s decision in 2013 Mr Duncan Smith had been looking at
to restrict it to families where neither ways to cut the child benefit bill:
parent earns more than £50,000. restricting the payout to the first two
But on the day Mr Cameron children would save £1bn a year, while
announced details of an expansion of cutting it to the first child from £20.70
free childcare for working families, the to £13.70 would save £2.5bn a year.
government was quick to stress it had But the prime minister dismissed
no intention of giving with one hand these options as he personally
and taking with the other. guaranteed the protection of child
“The PM was very clear during the benefit, in the same way he decided to
election and his views haven’t changed, protect universal pensioner benefits
that there should be no cuts to child such as the winter fuel allowance in the
benefits,” said an official spokeswoman. run-up to the 2010 election.
“We keep child benefit, we don’t cut “It does restrict options,” conceded
child benefit,” she added, confirming one official yesterday. “It’s challenging
there would be no cuts to it at all until at when the government rules out any
Britain in Europe
Eurosceptic ministers join cabinet committee on EU reforms
GEORGE PARKER — LONDON Mr Cameron, who has sometimes had
MURE DICKIE — EDINBURGH
strained relations with Ms May, has
David Cameron has brought senior given his home secretary another rela-
Conservative eurosceptics into the tively low role: the job of chairing the
inner council that will decide Britain’s home affairs committee goes to Oliver
demands for a new EU settlement, as he Letwin, his policy chief.
attempts to bind in potential critics of Mr Duncan Smith was said by aides to
his strategy. be delighted to be included on the
Europe committee, which will sign off
Iain Duncan Smith, the work and pen- Britain’s negotiating plan and any final
sions secretary who rebelled against the agreement with other EU members.
Maastricht treaty in the 1990s, is The work and pensions secretary has
included in the nine-strong Europe cab- travelled across Europe to consider how
inet committee. welfare regimes can be adapted for
Mr Duncan Smith is thought to be the migrant workers and wants the prime
cabinet minister most likely to cam- minister to drive a hard bargain.
paign for a British exit if Mr Cameron Mr Cameron expects all ministers to
fails to deliver substantial EU reforms campaign for Britain to stay in the EU if
ahead of an in-out referendum. Sajid his negotiation is successful, although
Javid, the Thatcherite business secre- he is being pressed by some Conserva-
tary, is also a member. tive MPs to give ministers a free vote.
The committee is chaired by Mr Cam- Whitehall officials say Mr Javid and
eron and it includes George Osborne, Ms May are also urging Mr Cameron to
chancellor, Philip Hammond, foreign go beyond the negotiating position
secretary, and Theresa May, home sec- sketched out by the prime minister in
retary. Its full composition will be recent speeches and newspaper articles.
announced by Downing Street today in a But Mr Cameron is trying to hold the
list of cabinet committees, an exercise line, recognising that his existing list of
that often reveals the power-wiring of demands — including his demand of a
the government. “full-on treaty change” — already
According to one official familiar with
the discussions in Paris, Mr Cameron
admitted political energy had been
diverted to the Scottish independence
referendum and the UK general elec-
tion. But the official added: “Cameron’s
message was essentially: Britain is back
diplomatically and I can help now.”
But while the government has prom-
ised to spend 2 per cent of GDP on
defence this year, it has not made any
commitment for the rest of the parlia-
ment. Asked yesterday whether he
would do so, Michael Fallon, defence
secretary, said: “That prejudges the out-
come of the spending review. Any strat-
egy that you have for your defence and
security has to be affordable.”
Failing to hit the target would be
who signed up to an agreement after last
September’s Nato summit in Wales to
“aim to” continue spending 2 per cent
on defence.
It could also be politically damaging,
Funding of children’s
nursery services
2013-14, £bn
Corporate Individuals
1.57 2.1
Other
0.09 0.66
0.48
Government
Government
direct
indirect (working tax
Total = £4.9bn credit subsidies)
Mothers in employment
Share of women (with children aged
under 4) in employment (%)
60
58
56
54
52
2003 05 07 09 11 13
Sources: Laing Buisson; ONS
changes to the child benefit bill.”
With child benefit off the table, the
welfare secretary will have to look to
housing and disability benefits to find
the £12bn of savings.
The government spends £26bn a year
on housing benefit, with another £22bn
on disability benefits and a further
£15bn on incapacity benefit. Child
benefit costs taxpayers £12bn a year.
Ministers have already announced
plans to freeze working-age benefits for
two years. But the Institute for Fiscal
Studies said last week that the freeze
would cut spending by only £1bn
compared with the Tories’ original £3bn
claim. Elizabeth Rigby
pushes at the limits of what is acceptable
in other European capitals.
Yesterday, an ally of Angela Merkel,
German chancellor, said EU treaty
change in the next two years was not
realistic, although he added there was
scope for “legal creativity” in dealing
with some of Mr Cameron’s demands.
Dr Norbert Röttgen, chairman of the
German foreign affairs select commit-
tee, told journalists that Mr Cameron’s
Iain Duncan Smith
is thought to be
the cabinet
minister most
likely to campaign
for a Brexit
EU renegotiation was primarily about “a
problem within the Tory party” which
had become “a European problem”.
He echoed Ms Merkel’s view that Brit-
ain was a vital part of the EU but warned
that Mr Cameron’s plan to cut in-work
benefits for European migrants would
breach principles of equality.
Meanwhile, Nicola Sturgeon, Scot-
land’s first minister, warned Mr Cam-
eron that focusing on UK demands for
Tuesday 2 June 2015
given the huge pressure he is under to
continue hitting the target from his own
MPs. Julian Lewis, a Conservative mem-
ber of the defence select committee in
the last parliament, said yesterday that
the idea of falling below the target was
“frankly staggering”.
But reaching it would be extremely
expensive. So far, the government has
committed to raising the equipment
part of the defence budget — which
accounts for about a third of spending —
by 1 per cent more than inflation.
Defence officials are planning the rest of
the budget will rise in line with inflation.
While this plan would fall well short of
2 per cent under current growth fore-
casts, it is also considerably cheaper. An
analysis paper by Prof Chalmers shows
that hitting the more ambitious target
would cost £20bn more, during the
course of the next parliament, than
sticking to the rises currently being fac-
tored in.
Editorial Comment page 12
nificantly underestimating the scale of
the existing funding shortfall,” said Mr
Leitch. “We are at breaking point with
just the 15 hours,” he told the BBC. “I
think there will be a meltdown. You will
see more and more providers withdraw-
ing from the system and that will under-
mine . . . the entire policy.”
According to the Alliance, the grant
for the existing 15 hours of free care falls
about 20 per cent short, with providers
awarded £3.88 an hour against the
actual cost of a place at £4.53 an hour.
The government has acknowledged
such concerns and said it would increase
the average funding rates as part of a
consultation of pre-school funding lev-
els. “We know that funding rates need to
increase,” said Priti Patel, employment
minister, who is chairing the review.
Even if the government can plug the
funding gap and ensure enough care
places are available, there are questions
about whether it is a cost-effective way
to bring more women back to work. The
UK’s female employment rate has been
rising for decades and stands at 67.2 per
cent. But it is still lower than in Ger-
many, Canada and the Nordic countries.
Research suggests introducing 15 free
hours of childcare over the past decade
has increased the proportion of working
mothers whose youngest child was
three by 3 percentage points (from
about 53 per cent), meaning an addi-
tional 12,000 mothers in the workforce.
But universal free childcare is an
expensive way to do it, argues Mike
Brewer, a research fellow at the Institute
for Fiscal Studies. He estimates that the
15-hours policy has cost the Treasury
about £700m, and saved it only about
£70m in the form of higher tax revenues
and lower benefit spending. By doubling
the amount of free care to 30 hours a
week, the government might help more
mothers return to work, he said. But the
problem remains of “deadweight” —
giving free childcare to those who would
have paid for it.
“If you’re worried about the afforda-
bility of childcare, you might want to
look at the childcare tax credit . . . you
don’t have to provide it free to every-
body just to solve the problem of some
not being able to afford [it].”
EU reform means Britain’s membership
could continue to be contested even if it
votes to stay in.
“There’s a danger the UK will focus
the debate on the size of the reforms
achieved, rather than the bigger picture
of the value and importance of the EU,”
Ms Sturgeon will say in Brussels today.
“[The UK government] should pro-
mote the EU’s achievements. If it fails to
do that, then even if it wins the vote, it
may not resolve the issue.”
Ms Sturgeon’s Scottish National party
lost last year’s referendum on independ-
ence for Scotland but it had a landslide
win in the general election. Many ana-
lysts say independence remains a possi-
bility. Ms Sturgeon said she wanted EU
reform, but membership was “vital to
the Scottish economy” and change could
beachievedwithouttreatychange.
Scotland wanted more local decision-
making on health and social policies,
she said, citing a challenge under Euro-
pean law of the SNP’s minimum alcohol
pricing policy. But in her first major
speech on Europe since she became first
minister last year, she called for greater
efforts to develop single European mar-
kets for energy and for digital services.
Tuesday 2 June 2015
Midlands fears
distraction
of devolution
Osborne’s top-down solution and idea
of metro mayors come under fire
JOHN MURRAY BROWN
Devolving power to the regions has been
promoted as the key to driving growth
and rebalancing the economy, but some
business figures appear to be less con-
vinced.
George Osborne was left in little doubt
on a visit to Derby yesterday that not
everyone is enthusiastic about the latest
phase of his plans. Making a speech at a
factory in front of a display declaring the
Midlands to be “Britain’s Engine for
Growth”, the chancellor reiterated that
if cities and regions were to maximise
the powers and responsibilities they
take on, they will have to put in place a
directly-elected mayor.
One businessman told the chancellor
the idea of a metro mayor for the East
Midlands was “the last thing people
want”. Another questioned why the gov-
‘Metro mayors are by
definition better suited
to city regions. We’re
not a city region’
ernment was imposing a top-down solu-
tion when it had promised with its local-
ism initiatives to introduce reform from
the bottom up.
The devolution proposals are
intended to rebalance the economy
away from London and the southeast
and have been welcomed by many cities
in the north, particularly Manchester.
Think-tank Localis estimates that hand-
ing greater spending control to the
regions could add £144bn to the UK
economy by 2020.
With the East Midlands exporting
more per head of population than the
rest of the UK, the region is central to
attempts by the government to boost
growth at a time when exporters con-
tinue to struggle, as shown by the latest
procurement survey.
Tony Walker, deputy managing direc-
tor of Toyota UK, which has its assembly
plant just outside Derby, said: “Certainly
it’s nice to hear about the engine for
growth in the Midlands. We hear a lot
about the northern powerhouse. So to
hear our brand mentioned by the chan-
cellor is good and positive.”
He said that, while he favoured deci-
sions being made at a local level where
possible, the region had to demonstrate
it had the necessary competence to take
on these new responsibilities. “I think
there is some way to go on that,” he said.
Bank privatisations
Chancellor to reveal RBS sale
plan in Mansion House speech
MARTIN ARNOLD — BANKING EDITOR
Chancellor George Osborne is to lay out
plans for privatising Royal Bank of
Scotland in next week’s Mansion House
speech, according to people familiar
with the situation.
The government is eager to capitalise on
its outright victory in last month’s
general election to accelerate the sale of
stakes in RBS and Lloyds Banking
Group, which date back to the bailouts
of the 2008 financial crisis.
The event is ‘an obvious
platform’ to outline the
government’s plans for its
80 per cent stake
The Treasury yesterday committed to
selling a chunk of Lloyds shares to retail
investors within the next 12 months and
announced a further reduction of its
stake in the bank to below 19 per cent.
The Treasury declined to comment
on the speech. People familiar with the
process said that the Mansion House
dinner would be “an obvious platform”
to outline the government’s plans for its
80 per cent stake in RBS.
The chancellor aims to prepare the
ground politically to begin selling shares
in RBS below the price of its £45bn bail-
out. RBS shares closed at 341p, well
below the 502p price at which the
government rescued the bank after its
ill-judged takeover of ABN Amro.
Senior figures at RBS say the govern-
ment could launch a share sale in the
★★★ † FINANCIAL TIMES 3
NATIONAL
George Osborne speaks at
a Derby factory yesterday
Darren Staples/Reuters
The East Midlands has consistently
been one of the best-performing regions The Midlands share The recovery in the regions
and was one of the first outside London West and East Midlands share of UK total % change in nominal gross value added, 2008-12
and the southeast to see growth rates (latest available data, 2012-14, %) 0 5 10 15
return to pre-recession levels. Derby,
where the chancellor was visiting engi- 31.7% London
South East
neering company Garrandale, boasts West Midlands
some of the UK’s biggest manufacturing East Midlands
groups, including Rolls-Royce, Toyota 19.7% Wales
UK
UK and Bombardier. 16.0% 16.8% South West
13.0% East
The presence of multinationals is the Scotland
reason it exports more per head of pop- Yorks & Humber
ulation, and has the highest average Population Total gross Manufacturing Total Exports of North West
value added GVA exports machinery & North East
earnings of any UK city outside London transport equipment Northern Ireland
and southeast England. Source: ONS
It is also unusual in having a prepon-
derance of large and medium sized com-
panies. According to the local chamber
of commerce, 41 per cent of Derby com-
panies have at least 200 employees.
The city is expected to receive a big
boost when a decision is finally made on
whether Derby is going to be included in
the second phase of HS2, the high-speed
rail project. But at a time when compa-
nies are struggling to increase orders,
some business people in the East Mid-
lands feel the debate about devolution is
in danger of becoming a distraction.
Manchester, which has had a com-
bined authority structure since 2011, is
moving to a metro mayoral model. The
West Midlands is taking similar steps,
having overcome its regional rivalries
and the fears that smaller councils
would be dominated by Birmingham.
The East Midlands, however, feels its
wide and varied economic geography
requires a different sort of model.
“The real concern for us is about the
governance framework that can deliver
devolution. Metro mayors are by defini-
tion better suited to city regions. We’re
not an easy patch to define. We’re a poly-
centric geography. We’re not a city
region,” said David Ralph, chief execu-
tive of the local enterprise partnership,
one of the 39 public-private bodies set
up by the last government to drive eco-
nomic growth in the regions.
He argued similar levels of accounta-
bility could be achieved by creating a
region-wide combined authority, com-
prising councils in Derbyshire and Not-
tinghamshire. But he conceded that, if
“there is a political deal to be done” on
directly-elected mayors, the East Mid-
lands was likely to fall in line.
The region is acutely aware it may get
left behind if it does not agree to these
new structures. “There’s definitely a
feeling we could get overlooked,” said
Elizabeth Fothergill, president of East
Midlands chamber of commerce.
fourth quarter after the bank completes
a settlement with US regulators for mis-
selling subprime mortgage securities.
The bank has made seven consecutive
years of losses and, having embarked on
a radical restructuring of its investment
bank, it is not expected to return to a
profit until next year at the earliest.
RBS is gearing up for a share sale by
inviting banks to pitch for an enlarged
corporate broking role that includes
acting as privatisation advisers. Mr
Osborne has told the CBI that he wants
to “get the government out of the busi-
ness of owning great chunks of our
banking system”. He told the Financial
Times in March he wanted to “get rid” of
the stake “as quickly as we can”.
Two years ago Mr Osborne used his
Mansion House speech to say he was
“actively considering” how to start sell-
ing the state’s 39 per cent stake in
Lloyds. Months later the privatisation
began with an overnight placement. The
Treasury said yesterday it had sold
another 1 per cent stake in a programme
of drip-feeding shares to the market. It
also said that the Lloyds programme
would be extended by six months until
the end of the year.
The government’s sale of RBS shares
is most likely to begin with an overnight
placement, bankers said, because its
free float is not big enough to start with a
Lloyds-style drip-feed programme.
At its annual meeting on June 23, RBS
will seek approval of a resolution giving
it permission for a related-party trans-
action, a vital step ahead of a share sale.
Lombard page 22
Retail sale within 12 months page 22
4 ★
Northern revival
Manchester set
to invest £1bn in
airport facilities
Passenger volumes could
double to 45m a year with
business sector a target
ANDREW BOUNDS
Manchester airport will invest £1bn in
new facilities over the next decade as
the UK’s third-largest airport responds
to fast growth and attempts to win more
traffic from the congested capital.
Majority owned by local councils, it is
the only airport outside London with
two runways — and it has had record
passenger numbers in recent weeks.
The expansion will allow it to double
the number of passengers it handles a
year to more than 45m.
Charlie Cornish, chief executive of
Manchester Airports Group, said trans-
port improvements across the north
would attract more passengers. The
government’s “Northern powerhouse”
project aims to cut journey times
between big cities. “We are the north’s
global gateway,” he said.
He said the airport would also work
harder to win back customers who
travel to London for direct flights or
cheaper fares. “A few years ago we were
losing 5m passengers a year from our
core catchment area. That is down to
just over 4m,” he said.
The money will be used to enlarge
Terminal 2 and improve Terminal 3 to
accommodate more flights. The secu-
rity area will also be enlarged to process
more passengers quickly.
Traditionally geared towards cheap
holiday flights, Manchester is hoping to
attract more business traffic — around
one-fifth of passengers fly for this rea-
son at present, but Mr Cornish said the
proportion was growing.
A US pre-clearance facility will allow
passengers to clear immigration, cus-
toms and agricultural inspection by US
Customs before boarding their flight,
cutting queueing time in the US. Man-
chester has recently begun flights to
Boston and Los Angeles and wants to
further improve transatlantic links.
More than 70 airlines use the airport
for travel to over 200 short and long-
haul destinations, including Hong Kong,
Jeddah, Singapore, Atlanta and Wash-
ington DC.
“The more long-haul destinations we
add, the more business passengers we
get,” Mr Cornish said.
Sir Richard Leese, leader of Manches-
ter City Council, which owns 35.5 per
cent of MAG, said the airport plays “a
vital economic role in the region . . . It
provides jobs for 20,000 people on site
and a further 25,000 indirectly”.
Greater Manchester and northwest
England were increasingly competing
on an international stage, he said, add-
ing that an upgraded airport would help
attract investment and create jobs.
MAG also owns Bournemouth, East
Midlands and Stansted airports; IFM,
the Australian infrastructure fund,
owns 35.5 per cent of the business.
IFM said it supported the investment
and “was delighted with the progress
the group has made”.
MAG said it would be able to make the
investment and retain its investment-
grade credit rating of BBB+.
Mr Cornish said some additional bor-
rowing might be required, but only for
three or four years.
Cartel case
The competition watchdog faces
its first test in a criminal court
since the botched prosecution of
BA executives in 2010, as two
men go on trial accused of fixing
prices for steel tanks
ft.com/uknews
FINANCIAL TIMES
NATIONAL
Scottish trial The beaver at Barnluasgan is a shy
beast but industrious: along the banks
of this quiet loch in western Argyll
Beavers spur chewed stumps of rowan trees lie felled
to form his impressive new lodge.
debate on It is a rare sight that could become
more common. Four centuries after
the beaver was hunted to extinction,
‘rewilding’ Scotland will soon decide whether to
start what would be the first attempt
to formally reintroduce a mammal
to Britain.
The recently completed five-year
reintroduction trial that brought
Barnluasgan its new resident offers a
window into the benefits that this
vegetarian rodent can bring to UK
ecosystems, says Oly Hemmings, the
local Scottish Wildlife Trust ranger.
Beavers promote more varied
woodland growth by creating clearings
that allow young trees to establish
themselves. Their formidable dams —
one at the Argyll trial is 18m long and
River Tay 1.6m tall — create bodies of water that
drain to become lush meadows when
the animals move on.
“Everything the beaver does in its
cycle of land management is very
beneficial for a wider group of
wildlife species,” Ms Hemmings
says.
Scotland’s government is expected
50km
to decide this year whether such
‘Open data’ revolution boosts business
At least 270 companies exploit
accessible figures to deliver
new products and services
ANDREW BOUNDS — ENTERPRISE EDITOR
The UK leads the way in publishing
accessible data on everything from
flood risks to late trains and it is chang-
ing British industry.
In what claims to be the first compre-
hensive survey of its use, the Open Data
Institute found that “open data” — infor-
mation published in an accessible for-
mat, with a licence that permits anyone
to access, use and share it — is being
exploited by companies of all sizes and
ages in many different sectors.
Much of it is provided by the govern-
ment but some companies are also in
the business of publishing facts and fig-
ures that others can use. The UK scored
highest in the open data barometer
Obituary
Wise writer
on politics and
consumers’
shifting tastes
Philip Rawstorne
Journalist
1932-2015
Rawstorne
joined the FT in
1969 to write
Commons
sketches. By
1976 he was
chairman of the
press gallery
benefits justify full reintroduction. The
decision will be based on a report from
Scottish Natural Heritage this month
that will sum up lessons from the
£1.5m trial and from unapproved
beaver colonies along the river Tay.
A decision to bring the beaver back
would fuel calls to follow in England
and would boost campaigns for a wider
“rewilding” of British landscapes,
including reintroducing other species
that once roamed them such as the
lynx and wolf.
The National Trust for Scotland, the
nation’s largest conservation charity,
argued last week that beavers would
bring multiple environmental and
economic advantages.
“Beavers will bring many significant
benefits to Scotland’s countryside . . .
restoring native ecosystems,
contributing to biodiversity, enhancing
natural wetland processes, and
promoting tourism,” the trust said.
Ms Hemmings says the area
around the trial in
Knapdale, a secluded
area of forest and
lochs near the
A European
beaver and, top,
Barnluasgan
loch — Alamy
Information-sharing
compiled by the World Wide Web foun-
dation, with the US second and Sweden
third. Gavin Starks, ODI chief executive,
said UK businesses had woken up to the
potential of open data.
Transport API is a business that
obtains, cleans up and packages trans-
port information from thousands of
sources. Jonathan Raper, chief execu-
tive, said the company could not have
existed five years ago. It makes the
packaged data available for a fee and its
technology is also used by developers to
create transport apps. It is already turn-
ing over almost £500,000 a year.
The accuracy and format of data are
the biggest challenges, Mr Raper said.
“It has to be machine-readable and a lot
of legacy systems are not.”
He said his company often sold data
back to the source after they had trans-
lated it into usable form.
Another business, GeoLytix, has gath-
ered and mapped information on more
than 10,000 supermarkets. It is being
Philip Rawstorne, who has died aged 83,
was a genial presence in the newsroom
of the Financial Times and in the paper’s
office at Westminster. Spanning a quar-
ter century, his roles ranged from par-
liamentary sketch writer to diarist and
finally drinks and tobacco industries
correspondent.
To each, he brought an understated
wisdom. As one who worked with him
puts it: “Philip was calm, thoughtful,
considerate, diligent and kind.”
Able to write astutely on an array of
subjects, in his final article before retire-
ment in 1994 Rawstorne proved presci-
ent on the decline of the British pub.
Ways needed to be found, he wrote, to
“satisfy the more demanding, value-
conscious consumers” in the face of
healthier lifestyle choices and wider
competition for people’s leisure time.
Previously he covered the advertising
and marketing sector. Yet politics were
his main passion. Just days before his
death he was lunching with colleagues
of yore at the Garrick Club in London,
eager to discuss the outcome of the UK
general election and what lay ahead.
Although Rawstorne’s fascination
with all things political never dimmed,
he recognised — and regretted — that the
more gentlemanly approach adopted by
the lobby correspondents of his era had
given way to the cut-and-thrust
demandsof24-hournewscoverage.
After his time covering parliament he
compiled Men & Matters, now the Note-
book column on the FT’s leader page.
Tuesday 2 June 2015
Argyll coast, already attracts
visitors, many of whom are
surprised to learn that beavers can
reach the size — as she puts it — “of a
tubby spaniel or a Labrador with
sawn-off legs”.
Yet not everyone is keen on so
substantial an addition to Scottish
fauna. Jane Allan, who calls herself
“the last beaver sceptic standing in
Knapdale”, says the tourism benefits
are overstated and that running the
trial in an area with no arable
farming means its lessons have little
wider relevance.
There would be many ways to be
more cost effective in preserving the
environment than reintroducing
animals, argues Ms Allan, who runs
holiday cottages on her 50 acres.
But it is the success of the
unofficial beaver colonies on the
river Tay that is prompting
concerns. A recent study found a
thriving population of more than
150 beavers, which are thought to
stem from escapees from private
collections or illegal releases.
NFU Scotland, the farmers’ union,
has denounced their presence,
saying it was “deeply sceptical” that
they can be kept out of productive
farmland heavily reliant on complex
drainage and flood banks. Mure Dickie
used by chains to identify competition
and opportunities for new stores.
While technology start-ups are the
most common users, at least 270 com-
panies with a combined turnover of
£92bn and more than 500,000 employ-
ees are involved, the ODI found.
Government open data are the source
for 70 per cent of these businesses. In
the case of Shoothill, a Shrewsbury soft-
ware company, residents in flood zones
can monitor river levels at 15-minute
intervals with GaugeMap — derived
from Environment Agency data.
The government has also appointed a
chief data officer, saying it believes pub-
lishing information can improve serv-
ices and help generate growth. It said
that 20,000 data sets had been pub-
lished so far and “businesses are using
these to deliver exciting new products
and services”.
Mr Starks said it was important that
government data remained free and
more should be made available.
Regularly, the deadline approached
with a big gap remaining in the fixed
space of the slot, awaiting a tasty titbit to
appear at the last moment. He, or fate,
somehow ensured it always did.
Born on 26 January 1932, Rawstorne
attended Ormskirk Grammar School in
Lancashire, then studied geography and
economics at University College Lon-
don. He gained his first journalistic job
at the Westminster Press chain of local
titles. That led to the Birmingham Post,
then eight years on The Guardian before
he joined the FT in 1969 for what was to
be the main part of his career. Hired ini-
tially to write sketches of Commons
debates, by 1976 he had been made
chairman of the press gallery.
Rawstorne is survived by three sisters
and a brother, his wife Carol and their
son Ian. Another son, Jonathan, died at
the age of seven after being given the
wrong dose of anaesthetic by a dentist.
Characteristically, he along with Carol
decided not to seek to avenge their loss
by pursuing the practitioner through
the courts.
The couple lived in Hertford, the
county town north of London. His
funeral takes place tomorrow in nearby
Stevenage.
Rawstorne spent his latter years
absorbed in family history and another
great love, golf — playing both locally
and at Royal Dornoch, a championship
links in northern Scotland that he held
in special affection.
Gordon Cramb
Tuesday 2 June 2015 ★★★ FINANCIAL TIMES 5

INTERNATIONAL

Paul v McConnell

Kentucky feud exposes shifting US views on spying

Libertarian forces halt of
some surveillance but
victory may be shortlived
DEMETRI SEVASTOPULO — WASHINGTON
Moments after Rand Paul, the libertar-
ian Republican running for president,
launched an attack on the National
Security Agency spying programme in
the Senate on Sunday, Mitch McConnell,
the Senate majority leader who hails
from the same state, rose to condemn
what he described as a “campaign of
demagoguery and disinformation”.
The fight between the men — the Ken-
tucky senator who wants to block the
NSA from accessing the phone data of
millions of Americans and the establish-
ment politician who wants to keep the
powers in place — bears all the hall-
marks of legendary 19th century Ken-
tucky family feuds.
“There is a pretty long history in the
commonwealth of Kentucky of pretty
heated feuds going all the way back to
the Hatfields and McCoys,” Josh Ear-
nest, White House spokesman, said
recently. “There seems to be a feud right
now between the leader of the United
States Senate . . . and Senator Paul.”
The rift is all the more wrenching
partly because Mr McConnell had
already endorsed Mr Paul for president
over any of the large group of Republi-
can contenders. But, more broadly, it
points to a shift in the debate over how
Americans view the appropriate bal-
ance between government surveillance
for national security purposes and the
privacy of citizens.
In the aftermath of the 2001 terror
attacks, Congress passed the Patriot Act,
which gave the government sweeping
powers to electronically track terrorism
suspects. While elements of the act were
attacked by civil liberty groups, only
one senator felt concerned enough to
vote against the bill.
As the memory of 9/11 has faded and
after Edward Snowden, the NSA
whistleblower, revealed that the govern-
ment was collecting phone records of
millions of US citizens, Americans have
grown more sceptical about the spying
programmes. Pew Research, a polling
group, recently found that 65 per cent of
people think there are inadequate limits
on the telephone and internet data that
the government can collect.
“Americans have become more likely
to say that they disapprove of govern-
ment efforts to collect phone records
and internet data as part of antiterror-
ism efforts,” said Mary Madden of Pew.
Last year, Pew found that 74 per cent
of people believed there was no need to
sacrifice civil liberties to protect the
country from terrorism, an increase
from 2004 when only 60 per cent of
respondents held that view. Ms Madden
added that while Americans do not
want to be targeted, “they are largely
OK with targeting suspected terrorists”.
After Mr Paul on Sunday forced the
temporary halt of some NSA surveil-
lance — the collection of phone data, the
ability to track “lone wolves” and people
who frequently discard mobile phones
— the Senate moved yesterday to debate
the USA Freedom Act. Under the com-
promise bill, which was passed by the
House of Representatives last month,
telecoms companies would store the
phone records instead of the NSA.
Mr Paul conceded on Sunday that his
victory might be “shortlived”. But he
has used the issue to rally his libertarian
supporters and raise money in a cam-
paign that has sparked anger among his
colleagues. On Sunday he tweeted:
Out on a limb: Rand Paul is accused of misjudging US mood — Daniel Acker/Bloomberg “I will take down illegal NSA spying.
Contribute $5 now to stand with me.”
But there are signs that Mr Paul is iso-
lating himself within his party and,
more importantly, among a wider seg-
ment of the voting population.
A recent poll in Iowa, the first voting
state in the primary season which is key
to his White House ambitions, found
that 10 per cent of Republicans saw him
as their first choice. In contrast, his
father, Ron Paul, won more than 20 per
cent of the Republican vote during his
failed presidential bid in 2012.
Stephen Yates, a former NSA official
and White House aide during the Bush
administration, said that while there
was clearly a need to update the Patriot
Act, Mr Paul seemed to be misjudging
the mood in the US.
“It sounds like he wants to walk back
to a pre-9/11 intelligence posture,” said
Mr Yates, now chairman of the Idaho
Republican party. “He claims to be
standing for a majority of Americans
. . . I am not sure that a majority of
Americans want to go back to the
pre-9/11 apparatus.”
One Republican said Mr Paul’s stance
would appeal to a minority view that
would “sustain him deep into the prima-
ries, but he will never be the nominee”.

Presidential run. Republican hopeful

Unemployment still
clouds ambitions of
Wisconsin governor
As he prepares to join the race,
Scott Walker’s growth policies
are under increasing scrutiny
MEGAN MURPHY — WASHINGTON
When Foremost Farms closed one of its
cheese plants in Waumandee, Wiscon-
sin, the tiny farming town near the
state’s western edge lost 50 jobs.
Two years later, the town has not yet
recovered. For Scott Walker, the state’s
governor who is preparing to launch his
candidacy for the Republican nomina-
tion for president, that is part of a prob-
lematic trend.
Foremost Farms, one of the largest
agricultural co-operatives in the US,
offered the kind of steady, well-paying
jobs that gave workers with no college
education the chance to earn as much as
$50,000 a year, only slightly below the
state’s median household income. Many
of its employees lived within a few miles
of the plant, locally famed for its award-
winning cheddar and Monterey Jack
cheeses.
Since its closure, most have taken
lower-paying, less secure jobs in a
region that is struggling to attract
investment as its population ages and
younger workers migrate to Wisconsin’s
more buoyant metropolitan areas.
With Mr Walker at or near the top of
early polls in what is set to be one of the
most crowded GOP presidential fields in
decades, Wisconsin’s economy and the
policies he has put in place to boost
growth are under scrutiny as never
before. Having risen to national promi-
nence on the back of a crackdown on
organised labour and an austerity pro-
gramme that slashed public spending in
an attempt to balance the state's budget,
Mr Walker’s agenda is often cited as a
template for conservative reform.
But few issues are likely to hang over
his presidential bid more than his
record on job creation, as Wisconsin
continues to lag behind the nation and
many of its Midwestern peers.
Mr Walker made creating 250,000
private sector jobs during his first term
in office the centrepiece of his 2010
campaign. He came up far short, with
figures released by his office last month
showing that Wisconsin added only
128,000 jobs between 2011 and 2014.
Some economists have argued that his
drastic budget cuts over the past four-
and-a-half years are to blame, weaken-
ing consumer spending and confidence
just when the state’s economy was
regaining its footing.
The agency he set up to bring jobs to
the state, the Wisconsin Economic
Development Corporation, remains
mired in controversy amid claims of
Scott Walker: seen as providing a
template for conservative reform
mismanagement and reports that it fun-
nelled incentives to companies con-
nected to Walker donors.
According to the Bureau of Labor Sta-
tistics, Wisconsin ranked 40th in the
nation in private-sector jobs growth
between September 2013 and Septem-
ber 2014, the latest figures available.
But as the political row over WEDC
intensifies, with some Democrats call-
ing for a federal investigation, rural
community leaders are grappling with a
more entrenched challenge: how to spur
job growth in parts of the state that lack
many of the qualities needed to attract
entrepreneurial businesses.
Wisconsin, like much of Midwestern
America, is ageing. According to state
projections, by 2040, more than 30 per
cent of the population in 27 of its 72
counties will be aged 65 and older.
As jobs dry up, younger workers are
flocking to the state’s more dynamic
metropolitan areas, such as Madison,
the state capital, Green Bay, on the
banks of the Fox river, or Kenosha, now
part of an extended business corridor
between Milwaukee and Chicago.
The population of nearly half of all
Wisconsin’s counties fell from 2013 to
2014, according to the US Census
Bureau. As much of the state struggles to
shift local economies from their indus-
trial and agricultural roots, neighbour-
ing states such as Minnesota have made
bigger, smarter bets on healthcare and
other fast-growing sectors.
And while Wisconsin has benefited
from the US shale energy boom, as the
‘It’s not an easy fix. If it was
an easy one, it would have
happened by now’
Matt Kures, development specialist
nation’s leading supplier of the so-called
“frac sand” needed to extract oil and gas,
the industry has failed to create more
than a few thousandjobsforthestate.
Jobs growth is just one measure of
Wisconsin’s economic health. Other
indicators are more robust. The state’s
4.4 per cent jobless rate in April was tied
for 17th lowest in the US, and the head-
line rate has nearly halved during Mr
Walker’s tenure. Its labour force partici-
pation rate is 68 per cent, higher than
the national average of 62.8 per cent.
But boosting jobs remains a conun-
drum. In Buffalo county, where Fore-
most’s Waumandee plant stands empty,
some community leaders are touting
projects that would capitalise on the
area’s natural beauty to attract tourists,
such as adding bike trails or expanding
its lesser-known wine trail. Others want
to see the kind of zoning changes and
infrastructure investment that would
attract manufacturing back, and with it
steady, non-seasonal jobs.
“It’s not an easy fix,” said Matt Kures,
a community development specialist
with the University of Wisconsin-Exten-
sion Center for Community and Eco-
nomic Development. “If it was easy it
would have happened by now.”
Mr Walker, who has been travelling to
build support for his as-yet undeclared
presidential candidacy, made sure he
was back last week to break ground on a
plant expansion in Portage that is
expected to create 40 jobs.
6 ★ FINANCIAL TIMES Tuesday 2 June 2015

INTERNATIONAL
GLOBAL INSIGHT
Internet competition
WASHINGTON

Berlin urged to ease its curbs on Google Shawn

German regulator calls for
a more liberal approach to
online ‘sharing economy’
JEEVAN VASAGAR — BERLIN
Germany should ease regulations for
digital insurgents and refrain from
imposing special restrictions on Google,
the country’s antitrust advisers have
recommended, in a rebuke to Berlin’s
for protecting domestic incumbents at
the expense of consumers.
“When there is competition through
new technology, we must examine
whether the regulation is still neces-
sary,” said Daniel Zimmer, chairman of
the commission, which advises Berlin
on competition policy.
He cited the conflict between ride-
sharing service Uber and the taxi indus-
try. “It is often demanded that the new
competitor comes under the existing
as the publisher Axel Springer and tele-
coms operator Deutsche Telekom. Both
companies are concerned that regula-
tors have been too lax with internet
businesses, particularly groups such as
Google and Facebook.
At the same time, German courts have
‘When
taken a strict line against Uber, banning
its ride-sharing service UberPop because
the drivers are not licensed under the
there’s country’spassengertransportlaw.
competition The watchdog’s report said that while
Donnan
by the EU’s competition commissioner.
But it said companies should be granted
“leeway”in creatingtheirsearchindices.
The commission opposed the unbun-
dling of general and specialised search
Obama wins over the
services — a move backed by some of
Google’s European critics — as a “dispro-
public, if not Congress,
portionate” response to potential mar-
ket distortions. It said that the digital
sector is “highly innovative and
with push on trade
dynamic”, and that competition limited
the need for state intervention.

campaign against Silicon Valley.
The German monopolies commission
called for the government to take a more
liberal approach to the “sharing econ-
omy” and questioned the wisdom of
moves to rein in Google’s dominance in
internet search. The commission’s
report, put to government yesterday,
marks a distinct shift from a German
regulatory approach that the Organisa-
tion for Economic Co-operation and
Development, among others, has faulted
regulation,” Mr Zimmer said. But he Google processed over 90 per cent of
warned that this posed the risk of “asym-
via new general search inquiries in Germany, it
metric regulation” of traditional busi- technology, was not necessary to regulate to prevent
nesses and new ones that might distort abuses. The commission said that users
competition.
we must could switch easily between search
This is at odds with a Berlin lobbying examine engines “which has a disciplining effect
campaign over the past year to persuade on search providers”.
Brussels to introduce tighter Europe-
whether The watchdog acknowledged the risk
wide regulation of what Germany regulation that search engine businesses will guide
describes as “essentialdigitalplatforms”. users towards their own in-house serv-
This demand has been backed by
is still ices and away from the services of rivals,
pressure from German corporates such necessary’ a concern which is under investigation
Italy. Regional polls
T
A digital company with a “temporar-
ily dominant” position can be replaced
by another, giving it an incentive to
innovate, the watchdog said, while con-
sumers benefit from new products and
personalised services that are often free.
Some of the commission’s findings
were challenged by the country’s eco-
nomics minister, Sigmar Gabriel, who
called for the possible break-up of
Google last year. He said the watchdog
had too narrow a perspective.
he debate in Washington over trade and the
future of the US economy in the world is fol-
lowing a familiar pattern these days. With a
bold new Pacific Rim trade deal that he wants
to strike with Japan and 10 other economies,
President Barack Obama argues he is fighting for the
beleaguered American middle class and opening up new
markets for US exports.
In response, his detractors on the subject — most from
the same progressive left of the Democratic party that
helped elect him in 2008 — cry false promise. Past trade
deals have led to a hollowing out of the US manufacturing
sector, they argue. Globalisation is to blame for stagnant
middle-class wages. If Mr Obama’s most imminent trade
deal, the Trans-Pacific Partnership, becomes reality it will
extend a pattern, the critics charge.
Yet that familiar debate — which this week moves to the
House of Representatives after the Senate last month

Renzi’s political honeymoon comes to an end
Populist Northern League and
Five Star Movement advance
in a setback for prime minister
JAMES POLITI — ROME
When Matteo Renzi rose to power as
Italy’s prime minister in February 2014,
it felt like a budding revolution. The
young and charismatic former mayor of
Florence promised to win over Italians
with his plans to crush the entrenched
interests of the country’s old guard
through sweeping economic and politi-
cal change.
More than a year later and after a
string of high-profile legislative victo-
ries, Mr Renzi is still the dominant fig-
ure in Italian politics, and his centre-left
Democratic party comfortably leads
national opinion polls. But in regional
elections on Sunday, Italian voters
halted some of that momentum, dealing
a political setback to Mr Renzi and rais-
ing the possibility he may have to relent
on his reform drive.
“[Initially] he had managed to make a
very positive impression but I think this
honeymoon is totally over,” says Ricca-
rdo Barbieri, chief European econo-
mists at Mizuho International. “He Military
probably needs to renew his style of manoeuvre:
leadership and get Italians to like him in Matteo Renzi
a more sustainable way and further poses for
clarify the reason he is doing certain pictures with
things.” Italian troops in
Mr Renzi’s party did win five of the Afghanistan
seven regional posts contested on Sun- yesterday — EPA
day, but it lost what was considered a
key swing race in Liguria to the centre-
right, and shed ground compared to last
year’s European elections.
Meanwhile, populist forces produced
strong showings, with the anti-euro,
anti-immigrant Northern League com-
fortably winning the governorship in
Veneto and gaining traction in central
Italy while the protest-based Five Star
Movement cemented its position as the
country’s second-largest party.
“This was not a catastrophe but it is a
step backwards,” says Giovanni Orsina,
a political-science professor at Luiss, a
university in Rome. “[Mr Renzi’s] big
bet was that he could bring the Demo-
cratic party to speak to a wider elector-
ate, but Liguria is the clearest evidence
that he has not burst through.”
In the small northwestern region of
the Italian riviera, the defeat of Raffaella
Paita, the Democratic party candidate,
was especially harsh because it came
after a leftwing dissident split from the
party and mounted his own candidacy,
peeling away votes. Mr Renzi may react
by cracking down on internal opposi-
tion, or he may seek to mend fences with
the Democratic party’s recalcitrant fac-
tion, which would probably require a
softening of economic reforms.
“He can’t govern all alone, so he needs
to open a dialogue and whoever is his
interlocutor will ask for a price,” says
Prof Orsina, calling a pause in the
reform drive “inevitable”.
Just in the past six months, Mr Renzi
has overhauled labour market laws —
and made big changes to the electoral
system — in the face of strong criticism
from the left wing of his party. But there
is more he has promised, from stream-
lining the civil justice system to slashing
bureaucracy and cutting the Senate’s
powerstohaltpoliticalgridlock.
Andrea Romano, a Democratic party
lawmaker, says Mr Renzi is unlikely to
slow down. “Renzi only lives in a dimen-
sion of revival. It would be incompre-
hensible to see him step on the brakes,”
he says, adding: “He doesn’t build Byz-
antine compromise and if he were to
become a leader of the 1950s he
wouldn’t be understood by Italians.”
Mr Renzi, who was pictured playing
PlayStation while he waited for the out-
come of the regional polls, says the
result is “positive” since the Democratic
party won control of an increasing
number of regions over the past year.
“We will go ahead with even greater
determination in the process of renew-
ing the party and changing the country.”
His main scalp was the unseating of
the centre right’s Stefano Caldoro by his
party’s Vincenzo De Luca in Campania,
the region surrounding Naples. Victo-
ries in Tuscany, Marche and Umbria for
the Democratic party were widely
expected, given the dominance of the
centre-left in these regions.
Overall, Democratic party candidates
— including their coalition partners —
racked up 38 per cent of ballots in Sun-
day’s vote, suggesting the drop in sup-
port compared to last year was not so
steep. But the Democratic party itself
only won about 23 per cent.
For some, the decline is simply the
result of a general weariness with Italy’s
sluggish economy. For others it is down
to specific factors such as a furore over
pension reimbursements that flared up
a month ago, and Mr Renzi’s controver-
sial backing in Campania of Mr De Luca,
who was convicted for abuse of office
but plans to appeal. In Liguria, the
migration crisis may also have played a
role. Either way, some of the gloss has
come off Mr Renzi.
Standing for change page 13
voted to give Mr Obama the “fast-track” authority he
needs to close the deal on the TPP — is happening in an
unfamiliar context.
Polls show for the first time in a long while more Ameri-
cans than not support US trade agreements with other
countries. And that may just mark an important turning
point in the way the US debates at least one component of
economics. A survey released last week by the Pew
Research Centre showed the strongest support for trade
agreements — 58 per cent — since 1997. The same day a
separate Reuters/Ipsos poll had a similar result. So too
have others in recent months released by Gallup and the
Wall Street Journal/NBC.
There are certainly scep-
tics and opponents of Mr
Americans are
Obama’s trade push put a more accepting
different spin on the
results. But what is
of globalisation
remarkable is the consist- than they have
ency with which polls
have pointed to support
been in the past
for trade and agreements
in some important demographics.
Polls have shown a majority of Democratic voters sup-
port trade deals even as most of the party’s representatives
in both houses of Congress do not. The same is true for
Republicans, voters under 30 and Hispanics, last week’s
Pew poll found. In fact the survey revealed a majority in all
income groups thought trade accords had been a “good
thing” for the economy even if they took contrasting views
on what the impact had been on their own family finances.
Largely because of the political discourse in Washington,
the US often looks from the outside like a parochial nation
in retreat from the world, particularly when it is put up
against a resurgent China. But from the ground, the US
seems more comfortably interconnected with the world
than it has in decades. Just as polls show Americans are
more comfortable with gay marriage than they once were,
they also reflect the fact that Americans are more accept-
ing of globalisation than they have been in the past.
The evidence is all around. You can point to business and
its globetrotting digital champions like Facebook and
Google or the US legal interest in the machinations of over-
seas institutions such as Fifa and a sport Americans are not
supposed to care about. Or you can just point out that
increasingly Spanish is America’s second language.
Mr Obama is himself a reflection of a more globalised
America. People close to the president point out that if he
sees promise in building economic links with other coun-
tries it is at least in part because his background with a
Kenyan father and time spent living in Indonesia has made
him an internationalist.
Supporters of his trade push remain confident he is days
or at most weeks away from a win in Congress on fast track
and that a TPP, one of his biggest economic legacies, will
follow shortly. If Mr Obama loses his political battle, that
will undoubtedly be a terrible loss for both the cause of
trade liberalisation and him. But even that would not be
the end of the world. Mr Obama and the internationalists
appear to be winning the longer war of public opinion.
shawn.donnan@ft.com

Turkey election
Subscribe to FT Weekend today
Erdogan flushed with anger over golden toilet allegations
DANIEL DOMBEY — ISTANBUL
Days before Turkey votes in its most
important election for more than a
decade, an unlikely campaign question
has emerged: whether President Recep
Tayyip Erdogan keeps a golden toilet in
his 1,150-room palace.
Mr Erdogan’s plans to boost his powers
as president are at the heart of the June 7
general election, the most closely fought
since his Islamist-rooted AK party took
power in 2002. His adversaries have rid-
Read beyond the expected iculed the palace he inaugurated last
year, which boasts four times the floor-
FT Weekend brings art and culture to life through intelligent space of Versailles, to portray him as an
and thought-provoking writing. Our editors bring the best of authoritarian with a taste for excess.
the world to you – from news and interviews, to extensive But the president has drawn the line
coverage of property, gardens, books, style, travel and arts. at suggestions from his chief opponent
Together with the award-winning How to Spend It magazine, that somewhere within the recesses of
there is something to delight all readers. the $600m complex lurks a golden toilet
and has promised to resign if such a
Subscribe now and save 23% at commode is found.
ft.com/weekendsub Yesterday, Mr Erdogan’s office invited
the main opposition Republican Peo-
ple’s party to inspect the palace, after
Kemal Kilicdaroglu, its leader, told vot-
ers the country’s leaders, “who sit on
golden toilets”, had forgotten about the
people’s woes.
Mr Erdogan had also challenged Mr
Kilicdaroglu to step down from his party
leadership if he was unable to find a
golden toilet on the premises.
Mr Kilicdaroglu’s party responded
that the opposition leader had no inten-
tion of setting foot in an illegally con-
structed palace, as the dispute began to
ripple through social media, with Twit-
ter users posting pictures of toilet seats,
luxury lavatories and Mr Erdogan sit-
ting in repose in the palatial complex.
There is, as yet, no evidence of such a
golden water closet on the premises.
But the Ankara chamber of archi-
Recep Tayyip Erdogan with wife, Emine, left, at a weekend rally in Istanbul to
mark the 562nd anniversary of the Ottoman conquest of the city — Sedat Suna/EPA
tects, a fierce critic of the palace, which
was built in defiance of a court order on
protected land, has claimed some toilets
in the complex cost between TL5,000
and TL10,000 (about $1,800-$3,700)
apiece. It also said that a gold-rimmed
glass with which Mr Erdogan’s wife,
Emine, was recently photographed in
the palace cost some TL1,000.
Such alleged excesses may be particu-
larly resonant in the current campaign
since the economy, long the mainstay of
the Islamist-rooted AK party’s success,
has recently faltered.
While growth was running at about 9
per cent during the previous general
election in 2011, it has now slowed to
about 3 per cent, with unemployment
near six-year highs.
Wolfango Piccoli of Teneo, a consul-
tancy, labelled the toilet controversy
characteristic of what he described as a
“nasty, personalised campaign”.
The AK party has accused all three of
the country’s main opposition parties of
working with terrorist groups, while
they in turn have ruled out joining it in
any possible coalition government.
The government has also cracked
down on opposition media, with Mr
Erdogan announcing that one newspa-
per editor would “pay a high price” for
publishing photos purportedly showing
Turkish arms shipments to Syria and
Ankara excluding a media conglomer-
ate from public tenders.
Mr Piccoli argued the slowing econ-
omy and doubts about Mr Erdogan’s
allegedly autocratic tendencies, includ-
ing his plan to shift Turkey from a par-
liamentary to a presidential system, had
contributed to a slip in AK party sup-
port. While the party scored 49.8 per in
2011, few polls at present put it above 45
per cent and several significantly lower.
Tuesday 2 June 2015
Fifa scandal threatens South Africa’s legacy
Corruption probe puts 2010 World Cup hosts in spotlight over alleged $10m bribe paid to secure the event
ANDREW ENGLAND — JOHANNESBURG
MALCOLM MOORE — LONDON
When a frail Nelson Mandela, former
South African president, was wheeled
out in a golf buggy at a packed Johannes-
burg stadium for the closing ceremony
of the 2010 World Cup, the roar from the
crowd marked the culmination of what
was deemed an overwhelming success
for South Africa.
The nation had defied the naysayers
who warned of poor organisation and
fretted over the high crime rate to host a
tournament — the first in Africa — that
earned global praise and unleashed a
swell of national pride. “We can all
applaud Africa,” said Sepp Blatter, presi-
dent of Fifa, after the vote. “The victor is
football, the victor is Africa.”
Mr Blatter had campaigned for an
African World Cup four years earlier,
chastising Fifa’s executive committee
for not having vision when they
awarded the 2006 finals to Germany.
The corruption scandal engulfing Fifa
threatens to tarnish the legacy as South
Africa has been thrust into the centre of
a storm over whether its football
authorities paid a $10m bribe in its bid
to host the tournament.
A central element of the FBI investiga-
tion into corruption at Fifa — which led
to the dawn arrest of seven senior Fifa
officials last week — is what the US
indictment describes as “2010 Fifa
World Cup Vote Scheme”.
In a robust defence of South Africa,
Fikile Mbalula, sports minister, has
denied any bribes were paid, describing
the allegations as “as an attack on our
sovereignty.”
“We refuse to allow the reputation of
our republic to be tarnished unduly
without affording the republic and its
citizens an opportunity to respond to
any allegations made,” he said in a state-
ment on Sunday. “We reject these false-
hoods with the contempt they deserve.”
The US indictment into the 2010
World Cup bid alleges that Jack Warner,
a former Fifa vice-president and ex-
chief of Concacaf, football’s governing
body for North and Central America
and the Caribbean, was initially offered
$1m in 2004 by Morocco, South Africa’s
rival, in exchange for his vote. Subse-
quently Chuck Blazer, ex-general secre-
tary of Concacaf, learned from Mr
Warner that “high-ranking officials of
Fifa, the South African government, and
Recovery
Growth too slow for rate
rise, says Boston Fed chief
SHAWN DONNAN — WASHINGTON
The US recovery is too weak to justify a
rise in interest rates, with consumers
showing signs of a profound “behav-
ioural change” that may drag on the
economy for some time, according to
one of the Federal Reserve’s leading
regional members.
“The conditions for beginning the tight-
ening of monetary policy have not yet
been met,” Eric Rosengren, president of
the Boston Fed, said in a speech in Con-
necticut yesterday.
Mr Rosengren is one of the leading
doves in the Fed system and is currently
a non-voting, alternate member of the
Federal Open Market Committee, its
policy-setting panel. But he participates
in meetings of the FOMC and his com-
ments illustrate the dilemma the Fed’s
policy makers are facing.
New estimates of gross domestic
product on Friday showed the US econ-
omy shrank at an annual rate of 0.7 per
cent in the first quarter of 2015.
Those numbers were dismissed by
many economists as being the result of
temporary factors, including the harsh
winter. Many private sector economists
now predict a bounce in the current
quarter and the second half of the year.
But Mr Rosengren said even before
winter hit there was evidence the US
economy was growing too slowly to jus-
tify a tightening of monetary policy.
In each of the previous tightening
cycles real GDP growth in the US had
been above 3 per cent, he said.
“Today we are faced with a growth
rate of 2.3 per cent over the past two
years, and the strong possibility that
growth in the first half of this year will
average much less than 2 per cent,” he
said. “In my view, such a pace of GDP
growth does not meet some of the eco-
nomic preconditions we look for when
we begin a tightening cycle.”
Mr Rosengren acknowledged that
“most forecasters expect a stronger sec-
ond half of the year” due to factors such
as the expected growth in personal
income and the impact of lower petrol
prices.
“However, so far this improvement is
only in the forecast, and not in the data,”
he said. “The data have disappointed
★★★ FINANCIAL TIMES 7
INTERNATIONAL
The 2010 World Cup vote – alleged bribery scheme*
1 Ahead of the 2010 World Cup 3 On May 15 2004 S Africa is 5 Warner agrees to pay Blazer 6 On Dec 19 2008 the first 8 In mid-2011 a third payment of $250,000 is
vote, a Moroccan bid committee awarded the 2010 World Cup. in instalments, having given payment of $298,500 is made from the CFU account to Blazer. The
representative offers Jack Warner, Blazer and Ricardo two smaller portions of the made from a Caribbean cheque is delivered by hand to Blazer in New
Warner $1m for his vote Teixeira vote for S Africa money to Teixeira and Football Union account to York. Blazer gives it to a representative of
another official Blazer FirstCaribbean International Bank, who takes
it to the Bahamas and deposits it in an
3 Concacaf account held by Blazer
S Africa
2 $298,500
CFU 6
Morocco
1 $10m offer
4 7 $205,000
(not paid) $10m
(Fifa funds originally intended
to support the World Cup) Chuck
$1m offer 8 $250,000 9 Blazer
(not paid) Jack Ricardo Teixeira
Warner 5
2 Warner receives an offer of $10m from South Africa 4 Instead of S Africa making the payment directly, an 7 On Sep 27 2010 a 9 Blazer never
to his federation, Concacaf, to ‘support the African unnamed high-ranking Fifa official wires it in three second payment of receives the
diaspora’. In return, Warner, Chuck Blazer and another tranches between January and March 2008 from a $205,000 is made from balance of the
unnamed Fifa executive committee member agree to Fifa account in Switzerland to a Bank of America the CFU account to $1m
support S Africa. Warner tells Blazer he will give him account in New York for credit to accounts Blazer
Other
$1m of the money controlled by Warner
official
FT graphic * Source: US Department of Justice indictment Photo: Dreamstime
the South African bid committee were South Africa but through Fifa using fore was alleged proof that corruption knew the payment was a bribe. Mr Val- cacaf football development fund. But he
prepared to arrange for the government funds from the world body earmarked was not confined to football federations cke told the New York Times last night insisted that it was not a bribe.
of South Africa to pay $10m to ‘support for South Africa to support its hosting. but reached into Fifa headquarters. that he had not authorised the payment “How could we have paid a bribe [in
the African diaspora’.” Separately, it alleges that Mr Warner US authorities believe Jérôme Valcke, and did not have the power to do so. 2008] for votes four years after we had
Mr Blazer, who was allegedly paid directed a relative to fly to Paris to Fifa’s secretary-general, authorised the Mr Mbalula did appear to acknowl- won the bid [in 2004]?” the Sunday
$750,000 by Mr Warner, “understood accept a briefcase containing $10,000 $10m payment, a person briefed on the edge that $10m was paid to Concacaf Independent quoted him as saying.
the offer to be in exchange for World bundles in a hotel from a “high- ranking matter said last night. when he said that his ministry’s position The paper said the South Africa Foot-
Cup votes”, the indictment alleges. Mr South African bid committee official”. Mr Valcke, a French national, has not was not contradictory to that of Danny ball Association was to receive $100m
Warner, who is among those indicted, The payment from Fifa on South been accused of any wrongdoing. The Jordaan, who led the bid. from Fifa for the 2010 tournament but it
was arrested in Trinidad last week in Africa’s behalf is the smoking gun in the indictment does not allege the “high Mr Jordaan, one of the country’s most received only $80m, with $10m sent to
connection with the US investigation. FBI’s case. The payment, the investiga- ranking” Fifa official had done anything respected sports administrators, was Concacaf and $10m used to build Safa’s
The indictment describes how $10m tors argue, was authorised by an wrong in transferring the money and quoted by a local newspaper on Sunday headquarters.
was paid in 2008 — not directly from unnamed senior Fifa official, and there- there is no allegation that the official as saying the $10m was paid to a Con- Gideon Rachman page 13
before, and an appropriately data-
dependent monetary policy requires
confirmation in the numbers, not just in
forecasts of better times.”
Among the problems he saw, Mr
Rosengren said, was the fact that private
consumption had not yet returned to its
pre-crisis levels. Scarred by the crisis,
consumers were still saving more than
before and it was not clear whether that
was a short-term effect or marked a
return to longer-term patterns.
Data released yesterday confirmed
his fears: personal spending was little
changed, according to the commerce
department, defying predictions for a
0.2 per cent rise amid a better than
expected 0.4 per cent jump in incomes.
“If consumer behaviour is still being
impacted by the experience of the finan-
cial crisis, the Great Recession, and the
painfully slow recovery, then it is possi-
ble that the economy will not be as
Eric Rosengren:
policy requires
confirmation in the
numbers, not just
in forecasts of
better times’
robust as many economic models would
suggest, because the models do not take
into account this behavioural change,”
he said. Weak consumption figures for
the first quarter may indeed be due to
temporary factors such as the severe
winter, Mr Rosengren acknowledged,
but weak April retail sales figures indi-
cated something more enduring.
Mr Rosengren also argued the world
was now seeing “global political, secu-
rity and financial conditions that sug-
gest the risks of a negative shock from
abroad remain elevated.
“With short-term interest rates near
zero, monetary policy would have lim-
ited ability to offset such a shock. If we
were fortunate enough to see the econ-
omy grow much more quickly, we would
have the ability to raise rates more
quickly.
“But the near-term constraint on off-
setting a shock amounts to an ‘asym-
metric’ situation that, in my view, needs
to be taken into account in formulating
an appropriate policy stance.”
8 ★
Hamas cracks down on
Isis sympathisers in Gaza
Challenge comes at a time when the ruling movement is
under fire for allegedly softening its stance towards Israel
JOHN REED — GAZA CITY
Night-time security checkpoints have
gone up around Gaza City over the past
month — the most visible sign of a
crackdown by the ruling Islamist move-
ment Hamas on local followers of the
Islamic State of Iraq and the Levant (or
Isis).
In recent weeks, supporters of Isis
have claimed credit for several bomb-
ings and Hamas has rounded up and
imprisoned dozens of people, officials
and analysts in Gaza say.
A group that calls itself Supporters of
the Islamic State in Jerusalem fired mor-
tars at a Hamas training base in Khan
Younis, southern Gaza, on May 8, in a
rare open attack on the ruling Islamist
movement, which prides itself on the
tight security it maintains in the Israeli
and Egyptian-blockaded Palestinian
territory.
Fresh concrete on the front wall of a
Hamas security building north of Gaza
City marks the spot where one of the
explosions by Isis supporters hit. On the
other side of the street, plastic sheeting
covers the windows of another building
that were blown out in the blast.
“They are trying to imitate al-Qaeda
or the Islamic State,” says Ahmed
Yousef, chairman of the House of Wis-
dom, a Gaza think-tank affiliated with
Hamas. “But they know the wrath of
Hamas — if anything goes wrong, they
know what could happen to them.”
The violence involving self-pro-
claimed Isis adherents is being watched
warily not only by Hamas, but by offi-
cials in neighbouring Israel and Egypt.
‘The basic dynamics
haven’t changed, but the
Salafis are more bold’
Nathan Thrall, ICG
Israel waged a war against Hamas last
summer that killed more than 2,000,
but it left its leadership in place for fear
of destabilising Gaza and allowing more
radical groups to rise in its place.
Some regional analysts now speculate
that, were Isis’s influence to expand fur-
ther in Gaza or Egypt’s adjoining Sinai
peninsula, Hamas could end up forging
a common cause — openly or otherwise
— with either Israel or Egypt, whose mil-
itary government it also despises.
“There might be indirect and unde-
clared co-operation between Hamas
and Egypt, and between Hamas and
Israel,” Yoram Schweitzer of Tel Aviv’s
Institute for National Security Studies
wrote in a paper about Isis in Gaza pub-
lished last week.
For now, the number of people
involved is small, officials and analysts
say. The people involved in the bomb-
ings and arrests are local Salafis —
adherents of a strict interpretation of
Islamic law — rather than an Isis cell
under the Syrian-headquartered
group’s command.
Mr Yousef says that “fewer than 100”
Isis sympathisers have been imprisoned
in the crackdown. Issam Younis, direc-
tor of the Al-Mezan Centre for Human
Rights in Gaza City, estimates that the
number arrested is closer to 30 or 40.
By contrast, Hamas is thought to have
about 35,000 security personnel,
including police and members of its al-
Qassam military wing, under its com-
mand. “In any confrontation between
Liquidity crisis
Tsipras retreats on Greek candidate for IMF
KERIN HOPE
Alexis Tsipras has cancelled the
appointment of an Athens economist
as Greece’s representative to the Inter-
national Monetary Fund following
pressure from hardline MPs in his
increasingly restive Syriza party.
The Greek prime minister’s decision on
Elena Panaritis, a former PanHellenic
Socialist Movement (Pasok) MP, social
entrepreneur and World Bank analyst,
signalled a heightening of political ten-
sion after Athens missed Sunday’s self-
imposed deadline for a bailout agree-
ment. Creditors are being reported to be
pushing for cuts in pensions and sharp
rises in value added tax, both rejected
earlier by Mr Tsipras as “red lines” for
the government.
If Greece fails to wrap up a deal this
week to unlock €7.2bn of aid, it could
run out of time to legislate and imple-
ment reforms before the bailout expires
at the end of the month. In an article
published in Le Monde yesterday, the
premier claimed the EU and IMF had
shrugged off substantial concessions
INTERNATIONAL
Flashpoint: Hamas policemen struggle with Palestinian Salafis during a
protest in Gaza City in January — Mohammed Abed/AFP
Hamas and the Salafis, they will be
crushed by Hamas,” says Mkhaimar
Abusada, a political-science professor at
Gaza’s Al-Azhar University.
Hamas last fought openly with local
Salafis in 2009, when the leader of one
group, Jund Ansar Allah, declared the
establishment of an Islamic emirate in
Gaza. Hamas responded brutally,
storming a mosque in Rafah, southern
Gaza, where the group was operating
and killing more than two dozen.
The challenge to Hamas from radical
Islamists to its right comes at a time
Mahmoud Abbas: said Hamas has
held talks with Israel over a truce
made by Greek negotiators. More than
40 Syriza lawmakers signed an open let-
ter at the weekend demanding the
immediate withdrawal of Ms Panaritis
on the grounds that she was not quali-
fied to represent an anti-austerity gov-
ernment at the IMF.
“Her political background is com-
pletely at odds with the values, percep-
tions and policies which Syriza repre-
sents,” the letter said.
As a Pasok lawmaker, Ms Panaritis
voted for a series of austerity packages
legislated during Greece’s first bailout in
2010. This meant she could not “express
the positions of the present govern-
ment”, it added.
Ms Panaritis stood down yesterday,
saying she had not sought the IMF job.
She is expected to remain an adviser to
Yanis Varoufakis, the finance minister,
who backed her for the IMF post despite
objections from Euclid Tskalotos, a dep-
uty finance minister and chief bailout
negotiator, and lukewarm support from
other senior officials.
It was the first time since Syriza came
to power in January that its MPs have so
FINANCIAL TIMES
when Gaza’s ruling movement is under
criticism inside the territory for alleg-
edly softening its stance towards Israel.
Some Palestinian militants have
expressed frustration with the ruling
movement’s military restraint since last
summer’s war, and angered by reports
by some Palestinian politicians, includ-
ing President Mahmoud Abbas, that
Hamas has held discreet talks with
Israel over a long-term military truce.
The quiet was broken last week when
a rocket fired from Gaza hit inside Israel
and Israel’s military bombed what it
said were four military targets inside
Gaza. Israeli officials said they thought
that Palestinian Islamic Jihad, a rival
militant faction, had fired the rocket
against the backdrop of an internal
political dispute. The challenge from
Isis supporters, if only symbolic, further
undermines Hamas, analysts say.
“The basic dynamics haven’t
changed, but the Salafis have become
more bold,” says Nathan Thrall, a Jeru-
salem-based analyst with the Interna-
tional Crisis Group. “They are now
openly attacking and threatening
Hamas itself, which is something new.”
openly opposed a government decision,
suggesting that party officials are wor-
ried that Mr Tsipras may accept a new
austerity package in order to avoid a
default on €1.2bn of IMF loan repay-
ments due by the end of this month.
Ms Panaritis’s withdrawal also
marked a fresh setback for the combat-
ive Mr Varoufakis even though the
prime minister’s office said in a state-
ment the appointment was “a collective
decision” by senior ministry officials.
The IMF post became vacant in April
when Thanos Katsambas, the incum-
bent, resigned unexpectedly after Mr
Varoufakis breached protocol by
arranging a meeting with Christine
Lagarde, IMF managing director, with-
out first consulting him.
Ms Panaritis first incurred criticism
from Syriza officials while working as a
member of the bailout negotiating
team. She was sidelined from the talks
in March after leaking that creditors
suggested the government should
tackle a growing liquidity crisis by halt-
ing payments of pension and public sec-
tor salaries “for one or two months”.
Tuesday 2 June 2015Tuesday 2 June 2015
★ FINANCIAL TIMES
Performers mark World No Tobacco Day with ‘stop smoking’ gestures in Beijing on Sunday — Rolex Dela Pena/EPA
Tobacco ban
Beijing stubs
out smoking in
public places
Europe
Banking turned on its
head by negative rates
Policy makers hope idea
will increase lending but
risk of a bubble remains
CLAIRE JONES — FRANKFURT
Stashing cash in secret vaults is the sort
of activity usually associated with crimi-
nals. Now Swiss pension funds are con-
sidering getting in on the act.
The reason is that they are fed up with
having to pay banks simply to park their
money in regular accounts and are con-
sidering making mass withdrawals,
according to Asip, a trade body.
Welcome to the Alice in Wonderland
world of negative interest rates, a topsy-
turvy universe where central bankers
are so alarmed at the prospect of weak
inflation that they have cut borrowing
costs below zero, in effect charging
financial institutions to leave their
accounts in the black.
Policy makers hope that the charges
will push banks to lend more to house-
holds and businesses, where margins
remain quite high.
Lending to businesses rose in the
eurozone for the first time in three years
in March. But negative interest rates
could also exacerbate the threat that
banks and other investors create bub-
bles by buying riskier assets as they
search for some yield.
“Very low rates may push agents in
the financial markets to take on exces-
sive risk,” said Silvia Merler, an affiliate
fellow at Bruegel, a Brussels-based
think-tank.
“It is very important that the supervi-
sory architecture in the eurozone is now
significantly stronger and that supervi-
sors are a lot more focused on financial
stability.”
The European Central Bank last June
became the first large central bank to
head down the rabbit hole and now
imposes a levy of 0.2 per cent a year on
deposits that eurozone banks park in its
coffers. In Sweden, the Riksbank now
pays banks 0.25 per cent in interest a
year to borrow from it.
The Swiss National Bank, which levies
0.75 per cent on bank deposits, seems to
have cut its rate so low that it is now per-
haps nearing the mysterious concept
INTERNATIONAL
Beijing yesterday introduced the
toughest smoking restrictions in
China, the world’s largest consumer
of tobacco, with a blanket ban in the
city’s restaurants, offices and on
public transport as part of a national
campaign to combat the costly health
effects of the habit.
China has massively lagged behind
developed nations in the battle to
curb smoking. More than half of all
adult men smoke, according to the
World Health Organisation, and 1m a
year die from tobacco-related illness.
The government, while eager to
reduce the toll on the healthcare
system, is dependent on the tax
revenues generated by tobacco, as
known by economic policy makers as
the zero lower bound.
At this level, depositors such as pen-
sion funds will try to withdraw cash and
vault it. In economies such as Switzer-
land and the eurozone, where the high-
est denomination notes are SFr1,000
and €500, storing cash carries smaller
costs than it would in the US or the UK,
where denominations are lower.
“It’s clear Swiss pension funds are
being affected by negative rates,” said
Hanspeter Konrad, director of Asip. “It’s
unfortunate that we are so limited in
what we can do to compensate for this.”
The ultimate aim of this voyage into
the unknown is to lift inflation towards
central banks’ targets of about 2 per
cent by flooding the economy with
cheap cash, which would then feed
through into economic activity and
prices.
The idea of being paid to borrow — or
charged to save — is spooky to most peo-
ple. But economists have dealt with the
concept of negative rates for years.
Nominal rates below zero are a rarity.
But negative real interest rates were a
feature of the early stages of the global
financial crisis.
When inflation touched 5.2 per cent
in the UK in autumn 2011, the Bank of
England had already cut rates to 0.5 per
cent. With inflation in the eurozone now
hovering around zero, real interest rates
are much higher now despite the ECB’s
foray into negative territory.
Yet the strangeness of the idea has
Central bank interest rates
Per cent
ECB Switzerland
Sweden UK
Denmark US
2.0
1.5
1.0
0.5
0
-0.5
-1.0
2012 13 14 15
Sources: Thomson Reuters Datastream;
Haver Analytics
9
well as the profits from its tobacco
monopoly. The tobacco industry
contributed Rmb911bn ($147bn) to
government coffers last year, 6.5 per
cent of the annual budget income.
The new rules were welcomed by
health campaigners, although
concerns remain that tobacco
controls have in the past been only
loosely enforced.
From yesterday, all indoor public
places in Beijing will be required by
law to be smoke-free. Smoking will
also be banned in some outdoor
public places such as schools,
historical and cultural sites, and while
queueing.
Additional reporting by Jackie Cai
meant that, in much of the eurozone at
least, it has not really caught on. What
economists describe as the “money illu-
sion”, or the tendency of people to think
in nominal terms, has left lenders fear-
ful of passing the rates on to their cus-
tomers.
In turn, central bankers hope that low
inflation does not become so
entrenched that the public becomes
more willing to accept charges on their
savings.
Some banks in Germany, including
Commerzbank and HSBC, have started
to charge some depositors to save in
some currencies, while stories of Nordic
sex therapists being paid to borrow have
made headlines. But this is relatively
rare.
“The big issue is that banks aren’t
able, at least for now, to pass on the neg-
ative rates to their customers,” said Dirk
Schumacher, economist at Goldman
Sachs. “The banking sector has largely
had to bear the cost, with a few excep-
tions.”
The SNB expects to charge banks
SFr1.2bn ($1.3bn) for their deposits
held at the central bank. But banks’
resistance to pass on the charges to cus-
tomers has constrained the impact of
negative rates.
Nevertheless, the policy’s shock value
has offered some advantages.
It is impossible to disentangle the
impact of the ECB’s move below zero
from the effect of other measures, such
as policy makers’ landmark €1.1tn
quantitative easing package. But the
sheer weirdness of negative rates is
viewed as a factor in the euro’s fall
against the dollar. Before negative rates
were introduced, the single currency
was just under $1.40. Today it is under
$1.10, a big boost to competitiveness.
“Negative rates may well have had an
impact on the exchange rate,” said Mr
Schumacher. “It’s the psychology of
them: that you have to pay money to
hold euro liquidity.”
FT series: Sub-zero
The rise of negative
sovereign bonds
and sub-zero rates
ft.com/subzero
10 ★ FINANCIAL TIMES Tuesday 2 June 2015
Tuesday 2 June 2015 ★ FINANCIAL TIMES 11

FT BIG READ. UK HOUSING

As more people struggle to buy or even rent a home, critics argue that the new government should shift
from supporting demand via its costly subsidies regime to cooling prices by ensuring adequate supply.
By Kate Allen

T
he former bed and break-
fast hotel close to Black-
pool’s seafront has, like the
northern English town 9x London house prices are
now nine times’ that of
first time buyers’ average
itself, seen better days.
The owner, Val, has been renting its 19
rooms to long-term unemployed benefit
claimants since 1982. Each tenant
receives £91 a week in housing benefit
earnings — a record high
18.3%Rise in house prices
to subsidise their rent — meaning that across the UK since the
Val, who likens the house to “one big
family”, earns close to £90,000 a year
from the state: more than three times
the national average wage.
Val is not alone. The seaside town's
£24bn introduction of the
£23.8bn Help to Buy
scheme in 2013

landlords received £91m in housing Spending on housing

benefit last year. Of the 17,500 privately benefit in 2013-14 — the
rented homes more than 14,000 qualify equivalent of a quarter of
for housing benefit, the highest propor- the UK’s total budget
tion in the country. The situation is deficit
being repeated around the UK, which
paid £24bn in rent subsidies in 2013/14,
double the amount a decade ago and the
equivalent of £1 in every £4 in Britain’s
budget deficit.
2nd
London is second in the
Iain Duncan Smith, work and pen- list of the world’s highest
sions secretary, has described the rent
house prices and rents
subsidies as part of a “dysfunctional

Property
welfare system” that often traps those it per square metre — after
is supposed to help. Cutting benefit Monaco, but beating
spending is high on the new Conserva- Hong Kong, New
tive government’s list of priorities. York and Paris
But anti-poverty campaigners argue
that without the subsidies thousands of

puzzle
families would be homeless. Opponents
counter that they ultimately line the
pockets of neglectful landlords and fuel
rising house prices by increasing their
bidding power when buying homes.
“No one wakes up in the morning with
the aspiration of living in a bedsit,” says
Steve Matthews, director of housing for
Blackpool council. “People end up in
this accommodation because they are
vulnerable and they have no other
choice.”
Val’s tenants are at the sharp end of a
housing crisis. A shortfall in supply as
£115bn
Sum spent on
too few houses are built, has been com-
pounded by rising demand due to a
subsidising housing
growing population, which increased by demand through
7.6 per cent in the 10 years to 2013. rent support and SOURCES: DWP; NHBC; LSE; BARRATT; NATIONWIDE

Partly as a result London house prices ownership schemes

per square foot are now the second high-
est in the world after Monaco, according
to the London School of Economics’
Centre for Economic Performance.
The problem is acute: the average UK
home now costs a first-time buyer five
times their income, up from 2.8 times in
the early 1980s. That has in turn fuelled
demand for rented accommodation,
pushing up the costs and eating up
increasing amounts of state subsidy.
According to the Office for Budget
Responsibility, last year the UK spent
more than £25bn on rent and home
ownership subsidies but ended up with
just 141,000 new houses being built — at
least 40 per cent below the level some
economists argue it needs.
The political equation
Britain’s housing crisis is widely blamed
on too little government intervention.
But state involvement is at its highest
level since the 1970s — the heyday of
mass council housebuilding.
The situation is “as big a crisis as any
in the country”, says Sir Stuart Lipton,
one of Britain’s most experienced prop-
erty developers. “We need political
leadership,” he adds.
The crisis is weighing on the UK econ-
omy. Business leaders cite housing costs
— particularly in London and the sur-
rounding commuter belt — as one of the
biggest threats to growth. People cannot
move to more expensive areas to find
work, making it difficult for companies
to hire skilled staff. Lower income work-
ers face high housing costs exacerbated
by stalled wage growth.
Business lobby LondonFirst says
three-quarters of its members think
housing is a serious threat to the capi-
tal’s economic competitiveness. Its chief
executive, Baroness Jo Valentine, warns
that London faces a “brain drain” that, if
left unaddressed, could be “disastrous”.
Public concern over housing has hit
an all-time high according to polls. Dur-
ing the general election campaign all the
main parties promised to introduce
greater incentives for first-time buyers
but there was little discussion of the
extent or effectiveness of the state’s role.
The Conservative party’s victory
means it must now fulfil its promise to
get more people into home ownership
without fuelling a renewed property
bubble.
As part of the previous coalition gov-
ernment it pushed the £23.8bn Help to
Buy scheme to subsidise buyers. But the
programme has been accused of pump-
ing up house prices, which have risen
18.3 per cent since its introduction.
Announced with great fanfare by
George Osborne, UK chancellor, in 2013
and running until 2020, Help to Buy is
the biggest government boost to home
ownership since Margaret Thatcher’s
1980s Right to Buy scheme — which
allowed nearly 2m council tenants to
buy their homes at discounted prices.
It gives buyers a leg up via mortgage
between 2010 and
2014. Enough to
build 6.8m state-
backed homes at
current rates of
subsidy, say
campaigners
£1.1bn
guarantees, equity loans and a subsi-
dised savings account. Its backers argue
the scheme helps people out of the
rental market, reducing their likelihood
of needing state help, and also offers
housebuilders greater certainty that
there will be buyers for their properties
— thus encouraging more supply.
But critics fear Help To Buy is encour-
aging a generation of low-income house-
holds to make sizeable financial com-
mitments that they may find hard to
sustain — as many homeowners in the
‘The government is
spending so much on
benefit that it doesn’t
have any left to spend on
building new housing’
US and UK did in the boom days of sub-
prime mortgage lending before 2007.
Despite spending £1.4bn a year on
home ownership subsidies, funding for
social housebuilding was cut in the last
parliament from £2.3bn to £1.1bn a year
— a victim of austerity measures. The
new government is unlikely to reverse
that decision. But campaigners argue
that the money currently being spent on
subsidising demand for housing
Soaring house prices
Ratio of first-time UK house
buyer house prices, index
prices to earnings
6 8
5 6
4 4
3 2
2 0
1983 90 2000 10 14
Sources: Nationwide; ONS; DCLG; DWP; English Housing Survey
Annual funding for social
housebuilding — cut from £2.3bn
when austerity measures were
implemented in the last parliament
through rents and ownership schemes
— £115bn between 2010 and 2014 —
should instead be spent on new house-
building. The money would be enough
to build 6.8m new state-backed homes
at current average rates of subsidy:
enough to house the country’s growing
population for 31 years.
“The government is spending so
much on housing benefit that it doesn’t
have any left to spend on building new
homes,” says Gillian Campbell, a Black-
pool councillor responsible for housing.
As part of its austerity drive the gov-
ernment is trying to cut back on rent
subsidies by capping benefits at
£23,000 per household per year.
But some argue the cuts risk discour-
aging housebuilding. Social landlords
build around a fifth of Britain’s new
homes, and more than half of their
income comes from housing benefit.
Cutting such payments could therefore
make it harder for these landlords to
finance construction, according to mar-
ket analysts and credit rating agencies.
Around a third of households in any
developed economy need some form of
financial help with their housing costs,
experts say. In 1975 more than 80 per
cent of UK government involvement in
housing was focused on increasing sup-
ply — building new homes. But by 2000
the vast majority of Britain’s housing
Supply and demand
Housebuilding Annual
completions, UK (’000) population
change (%)
400 1.0
350
300 0.5
250
200 0 30
150
100 -0.5
1970 80 90 2000 2014
£180,000
market subsidies went towards sup-
porting demand, rather than supply.
The launch of Help to Buy boosted the
dominance of demand subsidies even
further, says Christine Whitehead, a
housing specialist and professor at the
London School of Economics. Afforda-
bility campaigners want to see a radical
reversal of this trend. They argue that
rent and ownership subsidies should be
used to pay for the construction of hun-
dreds of thousands of homes.
Toby Lloyd, head of policy at housing
charity Shelter, says the private sector
will never on its own build enough to
meet housing needs. “Housebuilders
are profitmaking developers, that’s
their job. Why would they build more
homes to sell them more cheaply?”
The housebuilder’s tale
The Scotswood area of Newcastle, 150
miles northeast of Blackpool, offers an
insight into the economics of house-
building in the UK. A previously run-
down district dominated by terraced
council housing, the land has been
handed to Barratt, one of the UK’s big-
gest housebuilders. It and another
developer, Keepmoat, are building
1,800 homes on the site.
But the builders have a problem: local
incomes are low, meaning the prices —
upwards of £140,000 — that they can
Rent subsidies
Housing benefit payments (£bn)
Social landlords 25
Private landlords
20
15
10
5
0 20
1998 2005 10 14
charge are insufficient to make the site
profitable. To make the scheme stack up
financially, the council has not charged
an upfront price for the land and will
instead receive a payout from the profit
the company makes, while most pro-
spective buyers are using Help to Buy to
subsidise their purchases.
Although big housebuilders such as
Barratt are doing well, swaths of small
and medium-sized companies have
gone out of business. This is widely
blamed on banks’ reluctance to lend to
small businesses, along with an over-
complicated planning system.
As a result the housing market is now
dominated by a handful of big players,
which are reluctant to increase output.
Mark Clare, Barratt’s chief executive,
says it is risky to increase significantly
Cost of the average new- the number of homes it builds from the
build UK house. One more than 14,000 constructed last year.
quarter goes on the cost “What would it take to double output?
of the land, with 17% Certainty that we were not going to hit a
going to the housebuilder wall at some stage; a sound economic
environment and employment growth,”
to cover its finance costs,
says Mr Clare. “We need to constrain
staffing and — if it gets our balance sheet, keep fixed costs
its sums right — make down as much as possible, and there is a
some profit point in every property cycle where the
business has to consider the risks of con-
tinually growing.”
He warns that “we are going to have to
deal with a downturn at some point”.
And then — unless the state steps in with
even more support — housebuilding on
the Scotswood site will grind to a halt.
With each new demand-focused
measure, it becomes harder for any
political party to shift the balance back
to boosting supply, says Mr Lloyd. The
root of the problem, he argues, is the
government’s lack of control over the
land market.
In the UK a plot of land becomes avail-
able to build on when planning authori-
ties give permission for a change of use
— from farmland, industrial or com-
mercial use. In places with high house
prices, such approval can significantly
increase the value of the land.
It is possible for the state to acquire
land for homes and then sell it on to
developers, pocketing the difference in
value. That money can then be used to
subsidise more housebuilding. South
England’s disappearing Korea, Singapore, Hong Kong and Tai-
housing ladder wan all use national development cor-
% of households under 35 living in porations in this way.
private rented housing
Campaigners such as Mr Lloyd argue
55
that the UK should follow suit.
50 As the Conservative government set-
45 tles in to power the demand to relieve
40 the pressure on the UK housing market
has never been greater, but nor has the
35
sense that there is no quick fix.
“We live in a five-year political cycle,
25 but housing has got to be planned over a
25-year horizon — some of our sites take
10 years to build,” says Mr Clare. “It has
2004 06 08 10 12 14 taken 30 years to screw it up as badly as
this; any fix is not going to take place in
five years.”
12
TUESDAY 2 JUNE 2015
Cameron should halt
Britain’s military decline
Defence cuts add to perception of a UK withdrawing from the world
Britain’s military chiefs are not among
those cheering David Cameron’s re-
election as prime minister. His govern-
ment cut defence spending by 9 per
cent in real terms during his first five
years in office, hollowing out some of
the top brass’s cherished capabilities.
And as he starts his second term in
Downing Street, the signs are that it will
be more of the same.
The military are not alone in fretting
about the government’s policy of cut-
ting defence. At a time of growing inter-
national threats from Vladimir Putin’s
Russia and from Islamic militancy in
the Middle East, the US, Britain’s prin-
cipal ally, is also justifiably alarmed.
Ashton Carter, US defence secretary,
could barely hide his dismay yesterday,
arguing that the UK’s reductions in mil-
itary spending were “actions which
seem to indicate disengagement”.
That the Ministry of Defence should
find itself in the line of Treasury fire
is no surprise. After the traumas of
Iraq and Afghanistan, the British pub-
lic is wary of military adventures.
While George Osborne, the chancellor,
is protecting health and education
from future austerity, defence — the
next largest department — is not so
lucky.
Last week, each unprotected minis-
try was ordered by the Treasury to try
to slice a further 5 per cent — £1.4bn in
the MoD’s case — from its budget in this
financial year. While the Conservatives
say they will protect military personnel
and equipment over the next five
years, forthcoming reviews of overall
public spending and defence are likely
to make further reductions.
Mr Cameron’s parsimony towards
the military not only dismays allies and
generals; it exposes him to the charge
of hypocrisy. At last year’s Nato sum-
mit, he pledged that Britain would
“aim to continue” spending 2 per cent
of national income on defence, an alli-
The compelling case for
global carbon pricing
To wean the world off use of fossil fuels they must become less cheap
Carbon must have a higher price tag if
the risk of catastrophic global warming
is to be contained. On this question
environmentalists and economists
agree — joined, perhaps, by an increas-
ing number of industrialists. On Mon-
day, in letters to the Financial Times
and the UN Framework Convention on
Climate Change, six major oil and gas
companies argued for the global adop-
tion of carbon pricing. This is vital to
discourage use of carbon-based energy
and “to help stimulate investments in
the right low carbon technologies and
the right resources at the right pace”.
The case is clearest for coal, which is
both very cheap and extremely dirty.
Burning it emits a kilo of carbon diox-
ide for every kilowatt hour of electric-
ity generated — about 20 times more
than wind, solar or geothermal energy.
It is also easy to transport and store,
and abundantly available. For these
reasons coal still provides almost one-
third of the world’s energy needs.
It is also so carbon-intensive that to
replace it with another fossil fuel — nat-
ural gas — reaps a short term environ-
mental dividend. Hence the case they
make for a carbon price, high enough to
render coal uneconomic but, presuma-
bly, not so high as to rule out gas.
Much ambiguity is hidden in the use
of the word “right”, particularly on the
pace of the transition. The most devel-
oped market for carbon emissions is in
Europe, where they trade at €7 per
tonne. This adds barely 1 per cent to the
cost of coal-fired electricity. According
to Britain’s Committee on Climate
Change this will have to rise tenfold by
2030 and three times again by 2050.
At such a level, not only coal but gas
and oil would be rendered uneco-
nomic. The businesses behind Mon-
day’s letter sit on several hundred bil-
lion dollars’ of oil and gas reserves.
Whether their shareholders would wel-
come such a trajectory is doubtful.
ance benchmark, while urging others
to do the same. Yet this promise is cer-
tain to be broken as UK spending drops
towards 1.8 per cent of gross domestic
product by the end of the decade.
Britain’s slippage down the ranks of
military powers is happening more by
financial muddle than strategic design.
Defence cuts are driven not by a hard-
headed assessment of need but by anti-
MoD sentiment at the Treasury. Mr
Cameron himself has contributed to
the confused thinking. He makes it an
issue of principle that Britain should
meet an international benchmark to
spend 0.7 per cent of gross national
income on overseas aid. But when it
comes to Nato’s 2 per cent target he
seems content to compromise, despite
the high diplomatic price.
Britain needs to retain strong mili-
tary capabilities not just because of the
threat from Russia and Islamic State. It
must do so to help persuade the US to
remain faithful to Nato. If Britain main-
tains the 2 per cent target, others in
Nato that do not may feel obliged to fol-
low. If it reneges, then America —
already pivoting to Asia — is bound to
wonder why it is paying two-thirds of
Nato’s costs, up from half at the end of
the cold war.
Above all, Mr Cameron needs to
counter the growing perception that
Britain is stepping back from the world
stage. The UK’s foreign policy seems to
involve little more than renegotiation
of EU membership. Despite being a sig-
natory to the Budapest memorandum,
which guaranteed Ukraine’s territorial
integrity, Britain has taken a back seat
in Kiev’s conflict with Russia.
By making the case for strong
defence capabilities, Mr Cameron can
start to reverse that perception. If he
continues pruning the country’s forces,
his premiership may come to be
remembered as the moment Britain
resigned as a global power.
Moreover the practical and political
obstacles to widespread carbon pricing
are daunting, in particular the chal-
lenge of linking regional systems
together. Nearly every tradable good
incorporates a carbon component in its
chemical or metallurgical components.
Make it more expensive to manufac-
ture these in one place and the work
inevitably leaks elsewhere. As Europe
is finding, this brings about a classic
first-mover disadvantage. Early adop-
ters of a carbon price can respond by
trying to impose a tariff on the lag-
gards. But for a foretaste of how this
would be received, recall the furious
reaction provoked by attempts to force
international airlines to buy carbon
permits for landing in Europe.
Unless other energy sources are
developed that compete with coal, gas
and oil, weaning the world off carbon
will come at a heavy cost in terms of
diminished prosperity. But without
such alternatives, support for the tran-
sition from fossil fuels will fray.
A standard criticism of industrial
policy — that it requires the state to
forecast economic needs — does not
apply when governments are deter-
mined to create a future demand for
new forms of energy. According to the
“Global Apollo Programme”, a new
body that argues for greatly increased
research into new forms of renewable
energy, only $6bn of public R&D is
devoted to this end — just 2 per cent of
the budget. When compared with the
$1tn invested annually in the extrac-
tion and transport of fossil fuels, this
amount is far from sufficient.
Scientists have determined beyond
reasonable doubt that there remains
too much carboniferous fuel in the
earth’s crust to be safely extracted and
burnt. The best way to keep it under-
ground is through a rigorously
enforced carbon price. But that alone is
unlikely to prove sufficient.
★ FINANCIAL TIMES
Wider enfranchisement would testify to significance of EU vote
Sir, I have every sympathy with Robert
Graham’s plea to have a vote in the
UK’s referendum on membership of
the EU (“The British expatriates
robbed of their voice”, Comment, May
30). This is particularly so as it is a one-
off vote of constitutional significance
affecting the UK’s future role in the
Europe and the wider world. I would
also support ending the 15-year limit
on voting rights for overseas resident
British citizens for general elections.
However, mindful of their ever
increasing numbers, with estimates as
high as 5.5m, many of whom do not
pay taxes in the UK and are therefore
unaffected by any new incoming
Longer MPC meetings put
Bank transparency at risk
Sir, In “Bank of England shake-up aims
to boost transparency” (May 27) Chris
Giles reports that “a large majority of
economists surveyed by the Centre for
Macroeconomics welcomed the plan
for a simultaneous publication of
decision, votes and minutes”.
However, only one-third of
economists in the same survey agreed
that the Bank’s proposal of a
simultaneous release justifies changing
the structure of MPC meetings from
two consecutive days to a process in
which the MPC meetings are spread
out over seven days.
This change, which is necessary to
publish in the minutes at the same
time as the policy announcement,
greatly increases the risk that
economic news or financial events will
alter the appropriate monetary policy
stance (including forward guidance)
between the MPC deliberation meeting
and the policy announcement seven
days later. If the MPC disregards such
news, its policy signals will be
inappropriate and harder to
understand. But if MPC members
redeliberate and change their policy
stance based on new information when
they vote on the eve of the policy
announcement, then it will be
impossible to have their arguments
and reasoning properly and coherently
reflected in the minutes released the
next morning.
Precisely in times of heightened
uncertainty the Bank will find it
difficult to communicate clearly. So the
shake-up actually makes the Bank
much less transparent when clarity is
most needed.
Instead, the Bank should preserve its
current two-day MPC meeting
structure and release a policy
statement containing the policy
decision, a concise policy explanation
and the MPC votes, as recommended
by the Warsh Review and following
international best practice. This would
significantly enhance its transparency
and enable the Bank to respond
effectively in times of turbulence.
Professor Barry Eichengreen
Dr Petra Geraats
Faculty of Economics
University of Cambridge, Cambs, UK
Inform corporate leaders
of issues at an early stage
Sir, While whistleblowing can be the
trigger that uncovers malpractice
within financial institutions (“Finance
needs to blow the whistle on foul play”,
Gillian Tett, May 29), what is even
The supple art of
yoga stretches
way beyond
personal
wellbeing
New Delhi
Notebook
by Victor Mallet
Letters
government’s tax and spend policy, the
compromise model adopted in many
European counties such as France,
Italy and Portugal needs examining.
These countries have a system
whereby a limited number of national
parliamentary seats are allocated to
represent both the global diasporas
and their overseas territories.
In the UK, say one MP for the
British Overseas territories and three
to five for the rest of the world would
seem a reasonable number and
sufficiently small numerically to be of
unlikely consequence in determining
the political party forming a new
incoming government.
better for all involved is when problems
are brought to management’s attention
at an earlier stage. Whistleblowing is
like a referee blowing his whistle after
the foul has already been committed —
at this stage it can be too late to do
anything other than hand out penalties.
At the Chartered Institute for
Securities & Investment, through our
Speak Up initiative we are trying to
encourage staff to alert company
leaders to these problems at an early
stage rather than blowing the whistle
when the issue becomes entrenched
and requires someone to step forward.
Equally important is that managers
listen to these concerns and act on
them. We want to see companies
adopt an approach where problems
are identified and addressed at an
earlier stage.
Not only is this best for both the
company and employees, but it also
limits the reputational damage that
accompanies a whistleblowing
incident.
Alan Yarrow
Lord Mayor of the City of London
Chairman, Chartered Institute for
Securities & Investment
London EC4, UK
Buffett urged to take on
governing body
Sir, The Big Read on Fifa (Football in
crisis — A tarnished brand, May 30)
highlights Sepp Blatter’s observation
last week that “we would not be here
today without Coca-Cola”. As Berkshire
Hathaway is Coke’s largest shareholder
is this not the perfect opportunity for
Warren Buffett to play his part in
ending the rule of Fifa’s tainted
president?
Stephen Hazell-Smith
Penshurst, Kent, UK
Yoga. The very word strikes fear into
the heart of any self-respecting
Englishman. For those of us with a
conventional Anglican-agnostic
upbringing, it implies spiritualism,
exotic eastern ways and — in my case
— acceptance of countless alternative
religious beliefs, therapies and psychic
support systems espoused by some of
the in-laws.
But I have thrust embarrassment
aside (“Dad, what are you doing?”)
and started trying to pose cross-legged
like the Buddha or a Hindu sage, as
well as squatting, stretching,
breathing fast, breathing slow, holding
my breath and saying Om. Yes, the
redoubtable yoga teacher Jagdish,
small, pot-bellied and remarkably
supple, now visits our home in New
Delhi every other day, invited by my
American, yoga-loving wife, who even
with a broken leg held together with a
titanium rod is double-jointed and
twice as flexible as I.
Jagdish was recommended by our
friends, a Swedish-Singaporean
couple, and breezily reminds me at
every lesson that after years of his
ministerings each of them is as fit as
someone a decade younger. You need
to bend like green bamboo, he says,
and you must buy a guide called
Younger Next Year.
The book is actually an American
fitness manual, and Jagdish and I
seem to have quickly moved away
from controlled breathing and
meditation in favour of stretching
exercises and push-ups. I have no
problem with the emphasis on
The proposed enfranchisement in
the Queen’s Speech bill for the EU
referendum to mirror the general
election tradition, plus the peers and
Gibraltarians, throws up some curious
anomalies. A Rwanda or Mozambique
citizen recently arrived in the UK by
virtue of their countries joining
the Commonwealth, in spite of no
British imperial connections,
will be entitled to vote to determine
the UK’s membership of the EU but
a German, Belgian or Portuguese
EU citizen and long-term resident of
the UK will not, even though their
countries were once the colonial
powers in these two African countries.
Grand Virginians gave
America a rich mix
Sir, Edward Luce (“American
socialism’s day in the sun”, Comment,
June 1) writes that “the US republic
came into being without an
aristocracy”. Mr Luce might study the
history of 18th-century Virginia and
reconsider that statement. Virginia in
the 1700s, and indeed until 1861, was
deeply rich and deeply grand and
utterly not, as Mr Luce imagines,
“middle class”. Even Georgian London
was dazzled by the young aristocratic
Virginians who arrived to study law.
Members of what were known as the
First Families of Virginia considered
no man their superior (if they ever
considered anyone else at all). Perhaps
it was not quite an inherited title but
seven US presidents of the early
republic were from the Harrison family
of Virginia alone.
As for South Carolina, take all that
and double it.
Mary Ellen Synon
Brussels, Belgium
Labour’s electoral decline
in Scotland started in 2011
Sir, Peter Doyle (Letters, May 30)
writes that “the main consequence of
the Scottish referendum was the
electoral wipeout of the Labour in
Scotland”.
Looking at Labour’s vote in the past
three Scottish elections we have 42 per
cent in the 2010 general election, 26
per cent in the Scottish parliamentary
election of 2011 and 24 per cent in the
general election of 2015.
It is clear that the collapse in
Labour’s support occurred in 2011.
To blame this on the referendum
campaign of 2014 seems an odd
conclusion to reach.
Andrew Veitch
Edinburgh EH9, Scotland, UK
Voting patterns give lie to
conclusive political trends
Sir, Janan Ganesh argues that Cameron
“is changing the common sense of his
age in a conservative direction”
(Comment, May 30). He is on shaky
ground. The voting percentages do not
point to his conclusion.
The Tories “won” the 2015 general
election because they gained a majority
of the votes under a ludicrous system
based on a two-party structure of
national politics which no longer exists.
(Incidentally, his majority of 12 is fewer
than John Major’s in 1992 and there are
plenty of “bastards” around in the
current Tory party. Mr Cameron could
physique, although I prefer staring
into space to doing the plank. BKS
Iyengar, the acclaimed expert who
died last year, described yoga as a
“timeless pragmatic science evolved
over thousands of years dealing with
the physical, moral, mental and
spiritual wellbeing of man as a whole”
— and it has evolved into many forms.
On most days in Delhi we are woken
at dawn by the forced guffaws of
people in the park standing in a circle
and performing therapeutic “laughter
yoga”. In our previous posting in
Madrid, Elena Salgado, then Spain’s
finance minister, was a devotee of the
sweaty “hot yoga” popularised by
Bikram Choudhury — something I
tried not to think about while
interviewing her about the eurozone
crisis and the rise of bond yields.
In India, the place of its birth, yoga
is much more than a fad, even if some
of its modern and more physical
incarnations have been reimported
from the west. Yoga in India, in fact, is
sometimes highly political, associated
more with the majority Hindus than
with Muslims or Christians.
Narendra Modi, the ascetic prime
minister and leader of the Hindu
nationalist Bharatiya Janata party, is a
yoga practitioner. But then so were
some of his Congress party
predecessors. Yoga instructor
Dhirendra Brahmachari taught
Jawaharlal Nehru, India’s first prime
minister, and became notoriously
close to his daughter Indira Gandhi. A
pilot and gun factory owner, he was
accused of corruption and importing a
Tuesday 2 June 2015
Email: letters.editor@ft.com or
Fax: +44 (0) 20 7873 5938
Include daytime telephone number and full address
Corrections: corrections@ft.com
Perhaps the way to bring some
coherence to all this is that EU
countries with longstanding British
connections such as Poland (which has
large diasporas in many parts of the
Commonwealth) and Portugal (as
Britain’s oldest ally) should
immediately follow Rwanda’s and
Mozambique’s example and apply to
join the Commonwealth, thus
automatically enfranchising for all
elections their large communities
living in the UK.
Charles Tannock
London Region Conservative MEP
London Constituency Office
London W10, UK
soon be getting into bed with the
Democratic Unionists.)
The Tory vote was 36.1 per cent in
2010 and 36.9 per cent this time,
hardly a landslide. The Labour party
vote actually went up from 29 per cent
to 30.4 per cent. It needs a rethink but
should not panic.
Of great concern for all the parties is
that 12m people did not vote. The man
and the party that your headline writer
says have “conquered the centre
ground” won barely one quarter of the
people who were eligible to vote.
Grounds for disenchantment and
cynicism, the real message of the
enormous vote for the UK
Independence party.
Geoff Scargill
Stockport, Greater Manchester, UK
Fears bloated managerial
class holds economy back
Sir, While it is heartwarming to see the
concern of Simon Walker of the
Institute of Directors for other
countries struggling to rebuild their
economies, (Letters, May 27), perhaps
he may like to address a problem closer
to home. The UK has twice as many
managers (which includes directors) in
proportion to total employment as the
average for the rest of the EU. This is
not matched by twice the gross
domestic product per head.
Promptly shedding the surplus 1.6m,
presumably without extended notice
periods and excessive severance pay,
should directly improve overall
productivity and cut the employment
cost in the UK economy by perhaps
around £80bn a year.
Subsequent re-employment as direct
labour should add output.
Ian Gascoigne
London W11, UK
Market share up for grabs
in savoury snacks
Sir, The reason I buy your paper is that
some paragraphs can keep me
pondering for the entire weekend.
Consider this one: “Just 10 per cent of
the population are said to be familiar
with [pork] scratchings. This compares
with a rate for crisps closer to 80-90
per cent” (News, May 30). So more
than one in 10 people are not familiar
with a crisp? Mind-blowing.
Paul Davis
London SW19, UK
COMMENT ON FT.COM
Energy blog
There are clouds hanging over the French
nuclear industry. Can the sector thrive?
www.ft.com/nickbutler
private aircraft without paying
customs duty, became known as “the
Flying Swami” and died in a plane
crash in 1994.
The first story I covered after
arriving in Delhi three years ago was
about “Baba” Ramdev, a popular but
controversial yoga guru and
televangelist who built a commercial
empire based on herbal medicine. He
organised a demonstration against
“black money”, posed bare-chested on
a stage and declared that India under
Congress could have won an Olympic
gold if there had been a competition
for corruption. Mr Ramdev went on to
back Mr Modi in his successful 2014
election campaign. Mr Modi later
created a special ministerial portfolio
for ayurveda, yoga, naturopathy,
unani, siddha and homeopathy — all
medical or spiritual practices of
varying degrees of credibility.
Three weeks from now, on June 21,
the prime minister will lead a mass
synchronised yoga performance of
45,000 people outdoors at the Rajpath
in the centre of New Delhi. At India’s
request, the UN has declared the date
the first International Day of Yoga.
I will not be there, but the event
may help inspire me and Jagdish to
work on my green bamboo qualities.
And perhaps by then I will have
bought Younger Next Year, unavailable
in our local Delhi bookshop, because I
have just discovered its subtitle: Live
Strong, Fit, and Sexy — Until You’re 80
and Beyond.
victor.mallet@ft.com
Tuesday 2 June 2015
POLITICS
Janan
Ganesh
H
ere is something that no
candidate for the Labour
party leadership will say,
or perhaps even think. It is
an internally coherent
argument and used to be the definition
of social democracy, even if most Brit-
ons — this writer included — would not
vote for it.
By international standards, Britain is
not overtaxed. With stretched public
services and a budget deficit that gapes
like a mortal wound, the state must take
a bit more money from most people for
the sake of most people. This means
something like a higher standard rate of
income tax. Merely squeezing some
remote sect called The Rich will neither
generate enough revenue to make a dif-
ference nor honour the principle of soli-
What Fifa
tells us about
global power
FOREIGN AFFAIRS
Gideon
Rachman
I
t is half-time in the match between
the US justice system and Fifa. In
the first half, the Americans took a
shock early lead, with the unex-
pected arrest of several of Fifa’s
leading players. But world football’s
governing body struck back with a defi-
ant equaliser — re-electing its discred-
ited president, Sepp Blatter.
The ultimate outcome of this match
will be of interest all around the world,
and not just to football fans. President
Vladimir Putin of Russia has denounced
the Fifa arrests as yet another example
of the abuse of American power. His
reaction illustrates that the Fifa struggle
has become a highly visible test-case of
one of the central questions in world
politics — is the US still powerful enough
to call the shots in global organisations?
Or is the sole superpower’s grip on glo-
bal institutions slipping?
Fifa, of course, is a niche organisation.
But the same questions of whether ulti-
mate power still lies in the west applies
to much more systemically important
global institutions such as the Interna-
tional Monetary Fund, the UN and its
sub-organisations including the UN
Human Rights Council. It is also increas-
ingly a question in the network of non-
The assets made combustible when regulators call them ‘safe’
OPINION
Avinash
Persaud
E
xotic assets, and the crippling
losses that big and indispen-
sable financial institutions
suffered after buying too
many of them, bore much of
the blame for the last financial crisis.
The next one might have a more para-
doxical cause. Instead of being overex-
posed to assets of dubious provenance,
many of the same institutions may be
buying too many of the assets that the
authorities deem safe.
They have no choice. Determined to
prevent a repetition of the crisis, regula-
tors are forcing the holders of $100tn
worth of assets the world over to buy
debt from the most creditworthy issu-
ers: companies and sovereigns with
pristine credit histories, which comfort-
ably generate enough cash to cover their
obligations. After so many banks were
sucked down by doubtful debt lurking
Labour has nothing left to say on tax
darity. Borrowing is no answer. These
tawdry ruses imply the welfare state is
only worthwhile if others pay for it.
This argument is tantamount to self-
immolation. Any Labour leader who
made it would forfeit the next general
election, if she or he were not laughed to
oblivion before getting that far. Even Ed
Miliband said nothing like it during the
five-year tour of leftwing orthodoxies
that ran into the ground at last month’s
general election. Voters do not wish to
pay more tax and do not assume the tax
they already pay is a proxy measure of
their goodness as people.
Yet there is no way around it: this
argument was what it meant to be on the
left, for almost as long as the left has
existed. Labour stood for higher taxes in
1992, and not only for the rich. As
recently as 2002, it raised national
insurance to pay for the health service.
The Liberal Democrats wanted an extra
penny on income tax to increase the
education budget. The “social markets”
that captivate the British left — Sweden,
Denmark, France — trade a heavy tax
burden for a munificent state as part of
an explicit concordat with citizens.
governmental organisations that pro-
vide the wiring for the world economic
system; from Swift, the organisation
that handles international financial
transfers between banks, to Icann which
regulates the internet.
Until last week, Fifa looked like the
archetype of an international organisa-
tion that was slipping out of the control
of the west. Bids to stage the 2018 and
2022 World Cups from England, Spain,
the Netherlands, the US and Australia
had been rejected in favour of Russia
and Qatar. The western press was full of
accusations of corruption at Fifa. But Mr
Blatter and his acolytes brushed them
aside.
The dramatic arrests in Zurich
changed this picture of western power-
lessness. This was something that only
the US could or would do. Switzerland
has launched its own investigation but is
unlikely to have acted alone, without
prompting from the FBI in Washington.
But what allowed America to act in this
way? Is that US power transferable to
other domains? And is it slipping?
One key fact is the centrality of the
American financial system to the
world economy — something that in
turn rests on the importance of US-
based banks and the role of the dollar as
the pre-eminent global reserve cur-
rency. The US has standing in the Fifa
cases because allegedly corrupt transac-
tions were made through banks based in
America.
On other occasions, it is not just the
direct use of the US financial system
that drags outsiders into America’s net.
deep within their portfolios, the impulse
to usher them on to firm ground is easy
to understand. But corralling a huge
amount of capital into a narrow band of
the market drives prices to perilous
highs. Even if these assets were safe to
start with, the enforced concentration is
enough to make them risky.
Consider the Solvency II directive,
which is intended to reduce the risk of
an EU insurer becoming insolvent, and
requires every such institution to hold a
proportion of its assets in cash (or cash
equivalents). Precisely what proportion
depends on how safe regulators believe
its other assets to be. Equities are
deemed especially risky; insurers are
required to put up cash amounting to 28
per cent of the value of their holdings, to
guard against the chance that the shares
will fall. Short-term bonds issued by
companies with high credit ratings are
deemed far less risky, and require cash
holdings of just 3 per cent. Sovereign
government bonds sometimes incur no
cash requirement at all.
Insurers are just the latest to face such
regulations. Similar rules have been
imposed on banks. Regulators require
★ FINANCIAL TIMES
Comment
Oliver Wendell Holmes was an Ameri-
can judge but his view of tax as “what we
pay for civilised society” remains the
pithiest distillation of European social
democracy.
So while Labour’s furtive and gradual
shelving of the philosophy is natural —
political parties, unlike think-tanks or
newspaper columnists, have elections
to win — it is also significant. Without
Squeezing some remote
sect called The Rich will
deliver neither enough
revenue nor solidarity
realising it, the left’s animating mission
has changed. A movement that used to
cherish ideals of universalism and soli-
darity now fixes its eyes on the few
uppermost percentiles of the income
scale, wondering what blend of property
and income levies can elicit more reve-
nue. Or it drapes itself in the comfort
blanket of public borrowing. Either way,
the movement has given up asking any
Some US sanctions regimes force for-
eigners to obey American law, even out-
side the US, or to be subjected to sanc-
tions themselves. Swift, for example, is
based in Belgium. But had Swift’s direc-
tors refused to obey US law imposing
sanctions on Iran, they risked being
refused entry to America. So they chose
to co-operate.
This is the kind of power that no other
country can yet wield. China, for
instance, is a huge market and is not
averse to using its market-power to
threaten countries that do things Beijing
dislikes, such as meet the Dalai Lama
or recognise Taiwan. The renminbi is
not a global currency however and
access to the Chinese financial system is
not yet critical to a global business.
Nor does a threat to bar an individual
America has standing
because allegedly
fraudulent transactions
went through US banks
clearing houses and other intermediar-
ies to hold more collateral than before —
and it is the same small set of assets that
count as collateral.
Meanwhile, central banks in Britain,
the US, Japan and now the eurozone
have all conducted programmes of
quantitative easing, intervening in mar-
kets to buy assets using freshly minted
cash. In each case, they have favoured
One sell-off last month,
another late last year.
These are tremors
before the quake
sovereign bonds. At the same time as
regulated companies are being forced to
buy these “safe” assets, then monetary
authorities have been taking away large
swaths of supply.
The result is unprecedented: in the
world’s bond markets, almost €5tn of
assets currently trade at prices so high
that the yields on them are negative,
according to data from Thomson Reu-
more of the bulk of society. This is
superficially clever politics but swing
voters see through it: there is no path to
bounteous government that does not
require further sacrifice from them.
Without meaning to, the rich have
infantilised the British left. Their goad-
ing presence in London riles Labour to a
new pitch of antagonism even as it
blunts the party’s analytic brain. This is
how Mr Miliband’s tax on bank bonuses
became a magical revenue stream that
would pay for everything: houses, job-
creation schemes, regional subsidies.
This is why Labour supported a 50p top
rate of income tax regardless of its effec-
tiveness as a money-raiser. The “man-
sion tax” was another idea in the same
vein. Inside those stucco homes in
Knightsbridge, the left believes, are pots
of bullion that will pay for a balanced
budget and the government of their fan-
tasies. Nobody else need contribute
more. But this itself is a fantasy, built on
one semi-plausible insight: that returns
to capital have persistently outstripped
returns to labour, creating a treasure
trove at the top of society.
It is not even an authentically leftwing
from travelling to China have the chill-
ing effect of a potential travel ban to the
US. (As for the Russian travel bans,
issued last week on 89 EU citizens, few
would regard these as an unbearable
imposition.)
Could this change? Possibly. But it
would probably require the Chinese
currency to become a global reserve
currency to rival the dollar. That is why
the IMF’s decision later this year about
whether to include China in the basket
of currencies from which it makes up its
special-drawing-rights will be keenly
watched. Such a move would be a visible
step along the road to turning the ren-
minbi into a global reserve currency.
That, in turn, might ultimately threaten
the dollar’s unique position in the global
system — and the power that it confers
on the US.
The US may oppose any IMF move to
elevate the status of the renminbi. It will
have to tread carefully, however. Oppo-
sition that was based on the fact that
China’s currency is not yet fully convert-
ible could well be seen as legitimate.
Opposition that looked like little more
ters. Among them are government
bonds issued by Germany, the Nether-
lands, Switzerland, Austria, Sweden and
Denmark, as well as some corporate
bonds, such as those issued by BP and
Nestlé. Longer-dated bonds issued by
European governments also attract low
yields; as low as 0.077 per cent, in the
case of 10-year bonds issued by the Ger-
man government.
Many observers argue that this is
merely a temporary triumph of opti-
mism. No one would buy bonds with
yields near zero (or even lower) if they
thought there was any prospect of infla-
tion, unfavourable currency fluctua-
tion, or anything else that might erode
their value in the next five years. The
exuberance will soon pass, these observ-
ers say, and yields will return to normal.
It is an argument that would have merit
if investors were acting voluntarily. But
in many cases, their hands are being
forced.
You can define particular assets as
“safe”, but you cannot wish away the list
of economic and political contingencies
that might some day cause large num-
bers of investors to dump them. If oil
fantasy, having more in common with
populism than collectivism. The princi-
pled case for higher taxes was large in its
scope and suggested a certain serious-
ness. What the left has now is a smaller,
pettier politics.
By conceding that taxes are a menace
that should only sting a few, Labour has
become a giant intellectual compliment
to the Conservative party. When the
Tories recently proposed outlawing any
increase to income tax, national insur-
ance or value added tax for the duration
of this parliament, Labour was mealy-
mouthed in its opposition. The previous
Labour government actually cut the
basic rate. Excepting a war or some
other national emergency, not even
Andy Burnham, the leftist candidate for
the party crown, would argue for higher
taxes on the broad British middle.
Most of us are delighted about this,
but it is a sensational development that
has passed largely without fanfare or
study. One of our great political parties
has quietly given up on that which used
to define it.
janan.ganesh@ft.com
than an unjustified effort to hang on to a
privileged position could end up weak-
ening the US.
For the final lesson of the Fifa affair is
that America’s power does not just rest
on the size of its market or the power of
its military. Its justice system also still
possesses a moral authority that stems
from its roots in an open, democratic
and law-governed society.
The justice dispensed by the US
system can seem rough, particularly
given its use of threats and plea bar-
gains. But if the US Department of Jus-
tice says there is a serious case to
answer, it still carries global credibility.
The same benefit of the doubt would not
be extended to a prosecutor in Moscow
or Beijing.
China is certainly closing the wealth
gap with America, just as Asia is closing
the gap with the west. But the reputa-
tion of American institutions for integ-
rity remains a vital intangible asset. It is
that reputation that allowed the US to
tackle Fifa.
gideon.rachman@ft.com
prices rise again, some borrowers will
look less credit worthy. If one govern-
ment defaults, investors might re-eval-
uate others. Serious doubts could return
over the integrity of the eurozone.
These assets are now so overvalued
that they have little chance of rising fur-
ther. What they do have is a lot of down-
side, and a lot of jittery holders. Specula-
tors feed off such asymmetries. That
may be why, in just 17 trading days
between 20 April and 13 May, low-yield-
ing bonds lost $0.5tn of their value.
There was a similarly sharp sell-off last
December; then the focus was US gov-
ernment bonds. These are tremors
before the quake. Yet systemically
important institutions are being forced
to linger on the faultline.
In the popular narrative, the financial
crisis was caused by the wilful wrongdo-
ing of the banks. Regulators should
know better. In financial markets, risky
behaviour is less often born of reckless-
ness than of a false sense of safety.
The author is non-resident senior fellow of
the Peterson Institute and Emeritus Profes-
sor of Gresham College in the UK
13
Renzi needs to
show that he
really does stand
for change
OPINION
Bill
Emmott
F
or a man who likes to give the
impression of incessant activ-
ity, to be told “pull your finger
out” might seem ungrateful.
But that is the message given
by Italy’s regional elections to Matteo
Renzi, the country’s youthful and
reformist prime minister. There was
also a message to other governments in
the EU: “Don’t take us Italians for
granted.”
European leaders are thoroughly
accustomed to the rise of populist, often
anti-EU, always anti-establishment par-
ties all over the continent, in Greece,
Spain, Poland, France, Britain and else-
where.
But in Italy they have taken comfort
from the fact that the newest insurgent,
the breaker with the past, has been Mr
Renzi, a liberal pro-European from the
centre-left, and that despite pushing for
reforms he has been riding high in the
polls.
Sunday’s elections, however, threw a
bucket of cold water over that idea. Mr
Renzi’s Democratic party won in its tra-
ditional strongholds such as Tuscany.
But the real star of these polls was the
anti-euro and anti-immigrant Northern
League, which made big inroads in both
northern and central Italy. And the Five
Star Movement, the purest protest party
of all, led by the comedian Beppe Grillo,
showed that voters still think they have
plenty to protest about by winning 15-20
per cent of the vote shares in several
regions.
Why the ingratitude? It’s the econ-
omy, pazzo. Statisticians may claim to
have detected a modest return to
Statisticians may detect a
modest return to growth,
but it will take a long time
before Italians notice
growth over the past few months,
helped by cheaper oil and a falling euro,
but it will take a long time before Ital-
ians notice any difference. Unemploy-
ment is stuck at 13 per cent of the labour
force and household incomes have been
drifting downwards for as long as most
can remember.
Meanwhile Mr Renzi talks a good
game of reform and revival, but what
has he actually achieved? A labour-law
reform that will eventually make it eas-
ier for companies to create full-time
jobs, but only once they feel they actu-
ally need more workers. And his biggest
achievement has been a new electoral
law that took more than a year to negoti-
ate and which passed parliament a
month ago. No one’s job will be pro-
tected or created by that, except per-
haps that of Mr Renzi himself.
Sunday’s elections show that even
that cannot be taken for granted. Since
February 2014, when he took office by
deposing his predecessor Enrico Letta in
a party coup, he has bet his political cap-
ital on constitutional reform, arguing
that only with a strong government and
a simpler political system could funda-
mental improvements be made.
That may be right in theory, but in
practice it could take too long: the new
electoral law does not take effect until
July 2016. So having foregone the
chance of snap elections last year when
his popularity was at its peak, the prime
minister will have to labour until then in
the same trap as he faced when he took
power: with no parliamentary majority
of his own, he depends on support from
the old stager Silvio Berlusconi and Forza
Italia, his weakened right-wing party.
What this means is that Mr Renzi
really must now heed the voters’ mes-
sage: he must pull his finger out and
work to get the economy moving. That
means new laws to clear away obstacles
to creating new businesses or restric-
tions to competition, and moving faster
to speed up the justice system to give
investors more confidence in the
enforceability of contracts. Italy should
also follow France’s example by stretch-
ing the euro’s fiscal rules further to help
support demand in the economy. He
even needs to push for those fiscal rules
to be changed to permit more public
investment.
The basic question for Mr Renzi now
is: does he really stand for change and a
better future for Italy, or is he all talk
and no action?
The writer is a former Editor of The Econo-
mist, and co-author of a documentary
about Italy, ‘Girlfriend in a Coma’
14 ★ FINANCIAL TIMES Tuesday 2 June 2015

BUSINESS LIFE

Self-delusion
I blame Sebastian Junger. The success
of The Perfect Storm, the journalist’s
will sink Sepp 1997 book about a doomed fishing boat
gave embattled corporate titans the
perfect metaphor for what went wrong
Blatter just as it on their watch.
So here is Dick Fuld, former head of
sank Dick Fuld Lehman Brothers, in his first voluntary
public appearance since its collapse,
‘
be “the first to know if the authorities would agree, however, that Lehman
were really planning a probe”. Hours was a model of prudence, protected, as The fit executive
after Xinhua, China’s official news
agency, aired the interview, the Hong
Kong watchdog confirmed it was
Mr Fuld put it last week, by “27,000
risk managers” in the form of its
stockholding employees. On the Will the Apple Watch give you
investigating the affairs of Hanergy
Thin Film Power, the group’s listed
contrary, as Bethany McLean and Joe
Nocera wrote in All the Devils Are Here,
a run for your money?
entity, whose soaring share price
crashed last month.
Self-belief
is vital for
instead of trying to limit exposure to
the US housing market between 2006
CHARLES WALLACE

explaining last week why the bank
went down in 2008: “It isn’t just one
single thing, it’s all these things taken
together: I refer to it as a perfect
storm.” And here is Sepp Blatter, Fifa
president, as he prepared the way for
his re-election at football’s governing
body in Switzerland. Last week’s
arrests of Fifa officials, he told
delegates, “unleashed a real storm”.
These are not necessarily lies. In
Hanergy’s case, the Hong Kong
investigation may have been covert,
and it is not clear exactly when Mr Li
recorded his interview. As for Lehman,
it is true that no “one single thing” did
for the bank. Mr Blatter’s earlier
protest that he “cannot monitor
everyone all of the time” is a statement
of the obvious, familiar to anyone who
and 2008, Lehman “decided to double
leaders but down . . . by financing and investing in
Lehman, big commercial real estate deals”.
Later, Hank Paulson, former US
Hanergy Treasury secretary, told the Lehman
and Fifa bankruptcy examiner that Mr Fuld was
“a person who heard only what he
show the wanted to hear”. Such self-delusion
dangers also plagues Mr Blatter. It is the
signature trait of overreaching leaders

Blaming extreme weather is popular
with controversial leaders, for good
reason. The image of navigating
through a tempest conveys personal
authority and bravery but also lets
them plead helpless innocence of the
causes and consequences of what is
happening. It is the false-heroic middle
way between having to admit you are a
fool, who had no idea what was going
on, or a knave, who fostered the
scandal. Instead, they can look like
Andrew Hill hard-bitten captains on the bridge,
braced against the monstrous waves
Onmanagement and wrestling with the wheel, while the
elements conspire against them.
These are great days for collectors of
leadership brass neck. In China, Li
Hejun, chairman of Hanergy, the solar-
panel maker, declared last week that
talk of an investigation into the
company was “purely rumour, there is
no such possibility” and said he would
The French group’s bid to
crack India’s tricky car
market involved a rethink
from the bottom up,
writes James Crabtree
’
has ever run a large organisation. and a clear signal of potential disaster
But there is something more ahead.
corrosive than leaders lying to the Compare the Fifa president’s attempt When Apple launched its chip and relies on a paired
outside world and that is leaders to brazen out the scandal with the way long awaited Watch last iPhone. This means carrying
deceiving themselves. key players reacted in 2001 as Enron month, one of its main around an iPhone — you
Self-belief is a vital part of being an imploded. Three weeks after the selling points was as a need an iPhone 5 or later to
effective leader. Admitting to weakness energy company filed for bankruptcy, monitor of exercise use the Watch — to get
is taboo. But it is easy for leaders to but before the extent of the saga of its performance. The FT’s Tim accurate speed and distance
become overconfident and to start corruption and self-dealing became Bradshaw has reviewed the information, which is a pain
governing just by asserting the facts as clear, Jeff Skilling, former chief Watch’s many overall as it involves an arm band or
they understand them and ignoring executive, talked to the Houston benefits and occasional a pocket of some kind. Now
others’ legitimate concerns: “Hanergy Chronicle. Remember that Skilling, shortcomings, so here are that Garmin, Polar and
has never been so good in our history” who was later jailed for his role in the some thoughts after two Suunto include GPS in their
(Li); “Let this be the turning point” affair, had cosigned Enron’s last letter weeks of using an Apple sports watches, which are
(Blatter).
Mr Fuld has had nearly seven years
to shareholders, calling it “the right
company with the right model at the
Watch Sport for cycling,
running and gym workouts.
reasonably sized, that is
clearly a disadvantage.
since the financial crisis to ponder right time”. There are two primary My big problem with the
what really happened in 2008. But he is “What brought Enron down?” the reasons for wanting to track Watch was with its heart-
still trying to shape the narrative. reporter asked him. “A perfect storm,” your exercise: one, useful to rate monitor. At low
Plenty of chroniclers of the he replied. many office-bound intensity exercise, it works
meltdown do believe, like Mr Fuld, that executives, is simply as a like a charm and accurately
the US government was partly andrew.hill@ft.com prod to start moving. The keeps track of how fast your
responsible for what occurred. Few Twitter: @andrewtghill other is as a training tool. If heart is beating. But it
you take 10km runs or records that number only
participate in cycling events, once every 10 minutes,
for instance, it is a constant which is relatively useless as
goal to improve your a training tool. And, as I
performance. You cannot do revved up my workout, the
that without accurate data. heart-rate recording became
As far as the first use increasingly erratic. For the
goes, after two weeks of first half of a 45-minute
much trial and error I think run I did outdoors, it
the Watch succeeds recorded my heart rate as
admirably. In a user friendly 196 beats per minute, which
manner, it tells you how is considerably more than
many calories you have my maximum heart rate.
burnt today, how many
minutes of your daily
The Watch’s heart-
rate monitor uses
exercise goal have been photoplethysmography,
achieved and even reminds
you to stand up from your
which means it shines green
light on the skin on your
desk at regular intervals to wrist to count the beats. In
counteract the effects on fairness to Apple, this

C
arlos Ghosn, chief executive your body of sitting too technique is used in many
of Renault-Nissan, describes long. other fitness trackers and is
his latest car in near-mirac- The Watch has separate generally considered to be
ulous terms. “I asked my settings for tracking outdoor inaccurate in all of them.
product engineers to runs, walks and bike rides, The reason is that when you
develop it. I asked in France and I asked using a heart rate monitor run quickly, the movement
in Japan,” he recalls of the early days of and an accelerometer to of your arms cause what is
his quest to build an ultra-cheap hatch- judge pace and calories known as motion artefacts,
back, fit to conquer the world’s major burnt, and can measure basically distortion. A
emerging markets. “All of them said: it is indoor runs on a treadmill group of engineers recently
impossible.” with the accelerometer. gave a prize for the best
Despite this early scepticism, the 61- Apple says the Watch, when mathematical solution to
year-old last month bounded on to a automatically paired with an filter out such distortion.
stage in the Indian auto hub of Chennai iPhone’s GPS chip, can learn For most busy executives,
to unveil the Renault Kwid — the first about your stride and use the Apple Watch will be
time a European group had launched a that information to calculate sufficient for their workout
new made-in-India car, let alone one exercise even when an needs. Those runners and
whose design and engineering teams iPhone is not present. cyclists who need a more

How Renault embraced Indian

had been based in the country too. Where Apple has some accurate readout will
On the outside, the Kwid seems unre- work to do is improving the probably continue to use old-
markable. It is a compact car, with small Watch’s functions as a fashioned electrocardiogram
wheels and styling that resembles a training tool. Clearly, it is type monitors with a chest
mini-sport utility vehicle. But its price

frugality with $4,700 Kwid

tag is eye-catching: at just Rs300,000
($4,700), it pits Renault against the big
guns of India’s bargain-basement small
car industry, notably market leader
Maruti Suzuki. And that low price was
only possible, Mr Ghosn contends,
because of the model’s reliance on “fru-
gal engineering”.
The notion of frugal innovation is
hardly new. Customers in emerging
markets want products with plenty of
bells and whistles, the theory goes, but
at much lower prices than their equiva-
lents in the industrialised world. Busi-
ness leaders such as Mr Ghosn and Jeff
Immelt of GE have promoted frugal
thinking as a serious response to many
of the challenges now facing global
enterprises.
Yet if frugal innovation has a voguish
quality, the problems it tries to address
are real enough — namely the many fail-
ures endured by western companies in
countries such as India, because they
are unable to churn out decent products
at the rock-bottom prices expected by
consumers.
Carmakers are an obvious example.
The likes of Germany’s Volkswagen and
General Motors of the US have poured
money into India, tempted by the vast
potential of a market where few own
cars. Yet both have flopped with vehi-
cles that, while high quality, were sim-
ply too expensive for local tastes.
Navi Radjou, a management theorist
and co-author of a recent book on frugal
innovation, says such problems afflict
most multinationals. “Companies don’t
like to learn new things, to be blunt,” he
says. “They try to exploit their existing
knowledge, not to rethink what they do
from scratch.”
Western businesses see developing
economies mostly as new markets
where they can sell more of what they
already produce. Those that try to come
up with something new tend only to
tweak existing offerings, which rarely
works. “Few companies get this right,
which is what makes what Renault has
done exciting,” Mr Radjou says.
Even those companies whose chief
executives do pay lip-service to frugal
Making a song manufacturing often then run into cul-
and dance: tural problems. “It’s almost like a philo-
performers at sophical thing,” says the head of one
the launch of the Indian auto group, who asked not to be
Renault Kwid named. “If you are an engineer in Ger-
last month. many or America, the idea of making a
Inset, Carlos car that is cheaper and more basic, it
Ghosn, CEO of just isn’t in your DNA.”
Renault-Nissan. Foreign companies are not the only
Bloomberg
ones who struggle. India’s Tata con-
glomerate also endured a high-profile
failure with its Nano small car. Widely
lauded as a miracle of frugal engineering
when launched in 2009, the vehicle
proved remarkably unpopular. It was
certainly cheap, selling for only
Rs100,000. But consumers spurned its
rudimentary features and poor safety
reputation.
Mr Ghosn, however, was not put off.
“When . . . Tata launched the Nano, I
was the first person to say, this is seri-
ous,” he recalls. “Offering a real car at a
very affordable price is a global need.”
Already an enthusiast for inexpensive
engineering following the success of
While some western business leaders
India’s laud the idea of frugal manufacturing as
vision a way to win market share, others in
India see the idea in still grander terms:
as the basis for a possible manufacturing
Making for renaissance.
less “We in India have the opportunity to
build the type of innovation and
manufacturing prowess that will be of
great interest to consumers in Vietnam,
in Indonesia, in Nigeria,” says Jayant
Sinha, a former McKinsey consultant
turned minister in the government of
Prime Minister Narendra Modi.
Traditionally, India has been a
manufacturing laggard, trailing behind
China in export-intensive industries. But
with companies such as Renault and GE
increasingly using India as a test-bed for
Renault’s $6,000 no-frills Logan model
— manufactured initially in Romania,
but popular in western Europe — he set
out to develop an even cheaper vehicle
fit for the streets of Mumbai or Jakarta.
To begin the project, he dispatched
Gérard Detourbet — a silver-haired
French engineer, and the man
behind the Logan — to lead a
new team based in Chennai in
2012. This included experts
drawn from existing French
and Japanese research cen-
tres, but it was Mr Detourbet
and his young Indian engi-
neers who called the shots.
Every part of the car was
rethought, to make it as cheap as
possible. “We started with a white sheet
of paper,” Mr Detourbet says. Features
that Indian customers value were a par-
ticular priority, including roomy interi-
ors for large families, heavy-duty air
conditioning, and fancy navigation and
media systems. Nearly all of the car’s
parts were sourced in India too.
low-cost products, many think it may
now have a chance to become a genuine
hub for frugal innovation.
“You can already see it. If you go to
Indonesia, people are riding Indian
motorcycles, if you go to Africa, people
are signing up for Indian mobile phone
companies,” Mr Sinha says, arguing that
budget products that are popular with
Indian consumers also tend to do well in
other emerging markets, including those
in Latin America.
“It is those products for India’s mass
market, which are designed here,
engineered here, manufactured here, and
at a price point and a scale which you
cannot get in other markets. That is the
opportunity we have here, to be a new
economic engine.”
Of course, this process alone does not
mean the Kwid will be a success. As a
newcomer to India, Renault must now
take on entrenched incumbents in an
entry-level segment known for fierce
competition and razor-thin margins. Mr
Ghosn’s group has already
endured one recent failure
with the launch of the
budget Datsun Go last
year, a brand owned
by Renault’s alliance
partner, Nissan.
Yet Renault has at
least given itself a
chance of becoming
the first European or
American manufacturer to
break into India’s fast-growing small-
car market — and the same segment in
the many other emerging economies
where it ultimately plans to launch.
The French automaker has also
joined a small band of global companies
that seem to be taking frugal manufac-
turing seriously, including GE. Under
Mr Immelt, GE has invested heavily in
developing new research and develop-
ment capabilities in India and China,
which will now underpin a new genera-
tion of inexpensive products in areas
such as energy and medical devices.
Mr Ghosn says Renault has further to
go and plans to bring techniques learnt
making the Kwid to other products. But
despite all the talk, most western com-
panies are still likely to continue to
struggle with putting the preferences of
consumers in emerging markets at the
heart of their businesses. “Eventually
you want to get to a stage where you
don’t have to move your team to India to
do this,” Mr Radjou says. “You want the
developing market mindset to perme-
ate the whole organisation . . . But for
most companies that sort of thing is still
a long way off.”
trying to match the size of
regular wristwatches, so it
doesn’t include its own GPS
Great place to meet
Reichstag rooftop, Berlin
Where Platz der Republik
Plug sockets Yes
Open 9am–4:30pm; 6:30pm–12pm Privacy points ★★★☆☆
When the Reichstag building
in Berlin was restored after
the reunification of
Germany, the architects
included a restaurant that is
publicly accessible all year
round in the national
parliament building.
The exterior of this
rooftop eaterie may not be
inspiring — the Käfer
Dachgarten, part of a family-
owned chain of restaurants,
is basically a big box,
plonked on the Reichstag’s
eastern wing next to Lord
Foster’s much more
inspiring crowning glass
dome. The restaurant’s
interior has the minimalist
feel of a domestic kitchen
extension.
But what visitors come for
is the positioning that
enables you and your fellow
guests to take a short-cut
through the parliament
strap and built-in GPS.
fitexecutive@ft.com
WiFi No
Price of single espresso €3.60
building’s (understandably)
strict security and feast your
eyes on some of the best
views east across the
German capital.
This is also not a place to
rock up to on a whim.
Reservations are essential.
And despite offering such
treats as the beer-and-
sausage Bavarian Breakfast
and saddle of rabbit at
lunchtime, the menu is
limited.
You might have to
compete for a table with the
tourists but you cannot help
but come away inspired,
wondering whether more
people would take an active
interest in watching their
national political debates if
only they could get a decent
Caesar salad and glass of
wine during their visit.
Jonathan Moules
Tuesday 2 June 2015 ★ FINANCIAL TIMES 15

ARTS

Star’s accomplished OPERA

Pelléas et Mélisande

contortion act
Wales Millennium Centre, Cardiff
aaaae
Richard Fairman

David Pountney has been at his imagina-

THEATRE
The Elephant Man
Theatre Royal, Haymarket, London
aaaee
Ian Shuttleworth
This Broadway transfer is a big, big deal.
I cannot recall when a non-musical West
End production last splashed out on
large-format souvenir programmes.
What is its hook? The return home of
Bernard Pomerance’s play centring on
one of the Victorian age’s greatest curio-
sities? Such a wholesale transfer from
New York (as far as I can tell, not even
the most minor players have been
recast with British actors)? Or could
it be the chance to see People magazine’s
Sexiest Man Alive in a state of near-
nakedness?
Bradley Cooper (for it is he) is first
seen in a functional pair of shorts. Dr
Frederick Treves’ mini-lecture on the
assorted deformities suffered by John
(actually Joseph) Merrick is accompa-
nied, centre stage, by slides of the
historical Merrick, and stage right
by Cooper gradually assuming the
facial and bodily contortions in
which he will play the role. He is accom-
plished at reconfiguring his body and
assuming the surprisingly fluting voice
with which Merrick is recorded as hav-
ing spoken (before this production,
which premiered in Williamstown,
Massachusetts, in 2012, Cooper had
played Merrick in graduate school).
Yet although Merrick is both the title
and the headline role, the play’s true
focus is Treves. In showing how Merrick
served as a mirror for the attitudes of
those around him, from hospital staff to
the aristocracy who adopted him as a
cause, Pomerance makes a discreet, and
not terribly telling, indictment of the
hollowness of Victorian patronage.
Alessandro Nivola’s role as Treves is to
enact the gradual realisation of this
sham, which he does with fine judg-
ment, showing Treves’s frustration
that the more he does for Merrick
by way of social circumstance, the
less he can arrest the degenerative
physical condition.
Scott Ellis’s production is similarly
deliberately blank in appearance: a
largely empty stage, vaguely Victorian
decor, and liberal use of “wipe” curtains
crossing the stage. Among those finding
their self-image mirrored in Merrick are
Bishop Walsham How and the exploita-
tive showman Ross, both played by
Anthony Heald, and celebrated actress
Mrs Kendal, who in Patricia Clarkson’s
portrayal somewhat recalls Bebe Neu-
wirth. But the play itself is a flimsy
thing. Subject and star combine to make
an impressive hook, but there’s precious
little to hang on it.
To August 8, trh.co.uk
WO R L D M U S IC
Fatoumata Diawara and
Roberto Fonseca
Barbican, London
aaaae
David Honigmann
Separately, Fatoumata Diawara and
Roberto Fonseca are much loved by
London audiences, and they walked on
stage together, through purple-tinted
dry ice and recorded street sounds, to be
met by a tidal wave of affection. The
opening number, “Yemaya”, was
crowded, Ramsés Rodríguez’s drum-
ming drowning out both Fonseca’s key-
board fluidity and Diawara’s singing.
But from Diawara’s old showcase
“Sowa”, the six-piece band coalesced.
Sekou Bah played taut funky patterns
on electric guitar that Diawara
answered with her own; Drissa Sidibé’s
kamalen’goni prickled; Diawara was
Reconfigured: conversational in the verses and explo-
Bradley Cooper sive in the choruses; Fonseca stretched
with Anthony out into his own solos with tidal, key-
Heald in ‘The board-length glissandi.
Elephant Man’. Both Diawara and Fonseca learned
Right: Jurgita their craft from old masters: she as a
Adamonytė and backing singer for her fellow Malian
Christopher Oumou Sangaré; he as a pianist with
Purves in members of the Buena Vista Social Club,
‘Pelléas et essentially playing the part of Rubén
Mélisande’ González. He does not share González’s
Joan Marcus
gravitational pull towards classicism,
Clive Barda but he does have the same fascination
with letting a melodic line walk off a cliff
and keep on walking.
Diawara is coolly feminist and a fer-
vent advocate for the dispossessed of
Africa. “Sowa” deals with children given
up for adoption; “Clandestin” laments
the fate of economic migrants (even
more topical now than when it was writ-
ten several years ago) to foghorn synth
notes from Fonseca; “Mandela”, with
marabi piano riffs rippling like the
Transkei, was a new and predictably
popular paean. Gospel chords marched
up through the scales on the mildly reg-
gaefied “United”, which started as a plea
for refugee children and ended up as a
pan-African anthem.
Extended instrumental sections
allowed the musicians to spread their
wings. There was the unhurried desert
blues of “Connection”, double bass and
guitar and ngoni all taking their turns
while Fonseca played brief, subdued
samba vamps. He and the two Cubans
(Rodríguez, and Daniel Romeo on bass)
then delivered a condensed history of
Cuban jazz, ending up with “El Cum-
banchero”, Fonseca’s hands blurring
and strobing as he hammered the
high notes, piano stool rocking as
if possessed.
The emotional centre of the
evening was “Real Family”, on
which Diawara mused about hav-
ing refused an arranged marriage
with a cousin. This was just her and
Fonseca, he playing mournful descend-
ing left-hand chords, she channelling
Billie Holiday. As it ended, they
hugged each other, the audience hesi-
tating for a moment even to applaud.
barbican.org.uk
tive best in operas based on myth or
folklore. His productions of Dvořák’s
Rusalka and Humperdinck’s Hänsel und
Gretel were classics of the 1980s and now
he has turned his hand to the most mys-
terious and mythic of them all,
Debussy’s symbolist Pelléas et Mélisande.
The result is compelling. Although
there is not much impressionist beauty
to this new staging at Welsh National
Opera, Pountney and his cast focus on
the emotions at the heart of the opera to
deliver a performance in which not a
word or image is wasted.
At the start Mélisande emerges from a
chrysalis, a creature of innocence seek-
ing light in a threatening world. The
dank castle of Allemonde is hung about
with chains, a skeleton made of steel
bones at its core. The silent characters
(beggars, servants) become handmaid-
ens from the dark side. The end comes
when a new being (Mélisande reborn?)
emerges from another chrysalis, pre-
sumably to embark on her own life of
suffering, and the cycle starts again. Talk
about a pessimistic view of the opera.
What makes the performance grip-
ping is the intensity of the relationships
in this shadowy kingdom of the senses.
Christopher Purves makes us see into
the heart of Golaud, played here as an
obsessive bruiser. Jurgita Adamonytė is
his downfall, a Mélisande who sings with
seductive beauty and is fatal temptress
to all, which here apparently includes
the entire household from great-
grandpa Arkel to pre-pubescent
Yniold and his granny Geneviève.
There is good support from Jacques
Imbrailo’s gauche Pelléas, Leah-
Marian Jones’s Geneviève and
Rebecca Bottone as a less irritatingly
perky Yniold than usual. Scott Wilde
sometimes sounds effortful as sage
Arkel. With Lothar Koenigs bringing a
Wagner conductor’s depth to the music,
Debussy’s opera starts to sound even
more like the offspring of Wagner’s Par-
sifal than it usually does. Powerful stuff.
To June 13, wno.org.uk

THIS EVENING’S TELEVISION

Pick of the day

A new series of The
Syndicate (BBC1 9pm)
demands Downton
comparisons as the drama
follows a group of lottery
winners who work below
stairs at a stately home. The
Earl is a good chap not a
thousand miles from his
Downton cousin; but he has
a nasty stepson and a £6m
debt. His jackpot-winning
servants include already the
summer’s most irritating TV
newcomer: a gardener with
Asperger’s rendered nerve-
grindingly boring by an
apparently voiceless Lenny
Henry. The serfs weekly
entrust their pittance to his
numerical lottery theories.
Will the rest be any more
believable? (Pictured: from
left, William Hope, Stephen
Brand and Lucy Russell.)
Long before Wolf Hall,
director Peter Kosminsky
trod a fine line between
melodrama and delicate
psychological probing, as
witness White Oleander
(BBC1 11.35pm). — MARTIN HOYLE

BBC 1 BBC 2 ITV London Channel 4

6.00 BBC News.
6.30 BBC Regional News
Programmes.
7.00 The One Show.
7.30 EastEnders.
8.00 Holby City.
9.00 The Syndicate. New
series. Drama about five
manor house workers
who win the lottery,
making them richer than
the family they serve
“upstairs”. Elizabeth
Berrington and Lenny
Henry star.
10.00 BBC News.
10.25 BBC Regional News and
Weather.
10.45 The Woman Who Woke Up
Chinese. Documentary
about a woman who fell
asleep with a migraine,
only to wake up to find her
Plymouth accent had
disappeared and she
sounded Chinese. R
11.35 FILM White Oleander.
Drama, with Alison Lohman
and Michelle Pfeiffer.
6.00 Eggheads. R
6.30 Beat the Brain.
7.00 Antiques Road Trip.
Experts Christina Trevanion
and Philip Serrell begin in
the seaside town of
Southport before travelling
to Lincoln and the village
of Melbourne near York.
8.00 Springwatch 2015. Martin
Hughes-Games has a
report on newly discovered
wild beavers in Devon,
while in Scotland, Iolo
Williams embarks on a hunt
for a local “super” vole.
9.00 An Hour to Save Your
Life. New series. The life or
death decisions facing
medical staff in the first
critical hour of emergency
care, following the stories
of three patients from the
moment 999 is called.
10.00 Rev. Comedy. R
10.30 Newsnight.
11.15 Weather.
11.20 Churchill: When Britain
Said No. R
6.00 ITV News London.
6.30 ITV News and Weather.
7.00 Emmerdale.
8.00 Rebuild Our Home. Nicky
Campbell, interior designer
Julia Kendell and a team of
experts help a family put
their home and lives back
together after a house fire.
9.00 The Secret Life of Your
House. George McGavin
infests a house with
animals normally thought of
as pests to give an insight
into the ecology that exists
under people’s noses.
10.00 ITV News at Ten and
Weather.
10.30 ITV News London.
10.40 Benidorm. R
11.10 The Big Fish Off. Team
captains Ali Hamidi and
Dean Macey are joined by
former N-Dubz rapper
Dappy and reality star Ollie
Locke on the banks of the
river Thames.
Regional variations apply
6.00 The Simpsons. R
6.30 Hollyoaks. Kim seizes an
opportunity to let herself
into Grace’s flat, while the
McQueens realise that
Reenie has been framed
for the break-in at Price
Slice, and Porsche makes a
revelation.
7.00 Channel 4 News.
8.00 Kirstie and Phil’s Love It
or List It. Kirstie Allsopp
and Phil Spencer are in
Northamptonshire with
Isabel and Louis Prat,
whose three decades of
marital bliss is being
shaken by their house. Last
in the series.
9.00 No Offence. The police are
readying a trap for the
prime suspect in the serial
killer case, but their plans
risk being derailed when a
notorious child murderer’s
new identity is leaked.
10.00 8 Out of 10 Cats Does
Countdown. R
11.00 Benefits Street. R

BBC3
7.00 Top Gear. 8.00 Don’t Tell
the Bride. 9.00 Festivals, Sex &
Suspicious Parents. 10.00
EastEnders. 10.30 Nick Helm’s
Heavy Entertainment. 11.00,
11.25 Family Guy. 11.45 American
Dad!
BBC4
7.00 World News Today. 7.30
Great British Railway Journeys.
8.00 The Secret History of Our
Streets. 9.00 Egypt’s Lost
Queens. 10.00 The Hidden Killers
of the Tudor Home. 11.00
Horizon: The Power of the
Placebo.
Other channels
Channel 5
6.00 Home and Away. 6.30
5 News Tonight. 7.00 Cricket on
5. 8.00 The Dog Rescuers with
Alan Davies. 9.00 Blinging Up
Baby: The Blinger, The Better.
10.00 Big Brother. 11.00 Big
Brother’s Bit on the Side.
More4
6.50 Selling Houses with Amanda
Lamb. 7.55 Grand Designs. 9.00
Building the Dream. 10.00
Britain’s Most Extreme Weather.
11.05 24 Hours in A&E.
Film4
9.00 Warm Bodies. 10.55 Sanctum.
Sky Atlantic
6.00 House. 7.00 Without a
Trace. 8.00 Blue Bloods. 9.00
The Tunnel. 10.00 Penny
Dreadful. 11.10 Game of
Thrones.
Sky Sports 1
6.00 100% Chris Froome. 7.00
Live Horse Racing. 9.00, 9.15
Football Gold. 9.30 Football’s
Greatest Players. 10.00 100%
Chris Froome. 11.00 Premier
League Years.
Sky 1
6.00 Futurama. 6.30, 7.00,
7.30 The Simpsons. 8.00 An
Idiot Abroad. 9.00 A Touch
of Cloth III: Too Cloth for
Comfort. 11.00 Hawaii
Five-0.
Sky Arts 1
7.00 Rock ’n’ Roll Exposed.
7.30 The Who Live in Texas.
10.00 Siouxsie Finale: The Last
Mantaray. 11.15 Monty Python’s
Personal Best.
Sky Arts 2
6.45 South Bank Masterclasses:
Nick Hytner. 7.00 My
Shakespeare. 8.00 The Taming
of the Shrew. 11.00 An Evening
with Matt Monro.
16 ★ FINANCIAL TIMES Tuesday 2 June 2015

Term (loans) of endearment

Twitter: @FTLex Email: lex@ft.com
FireEye:
unhappy returns
No tech sector is hotter than cyber
security. So why is FireEye, a young
Silicon Valley cyber security darling,
resorting to an unusual debt structure
to shore up its balance sheet?
The company is burning through
cash quickly, as it spends on marketing
(95 per cent of revenues) to fuel growth
(sales are more than doubling every
year). FireEye’s losses are growing
nearly as fast as sales: net losses were
equal to revenues last year. That is
partly because more than half of
revenues are from subscriptions and
services; multiyear contracts for which
the marketing is done up front.
None of this is unusual in Silicon
Valley. What is less common is
FireEye’s solution for shoring up its
balance sheet: a “happy meal” bond
offering. The bond deal, which priced
last week, will issue $800m of
convertible debt to two investors,
possibly hedge funds, at “happy”
interest rates of 1 per cent and 1.6 per
cent. FireEye will then use $150m of
the proceeds to sign a prepaid forward
contract with a bank to buy back its
own shares in 2020 and 2022.
Meanwhile, the bank buys the shares
on the market (in anticipation of the
buyback) and can then lend them on to
the bondholders to help them hedge
their position (for example via a short
sale of the stock.)
The essence of the happy meal is that
the company issuing the bonds helps
the bondholders to hedge their
positions. The happy meal structure
has an unhappy reputation — often
companies use it because they have no
other options. Perhaps lenders were
unwilling to lend to them at good rates;
perhaps there was too much short
interest in the stock already, making it
difficult for bondholders to hedge.
Either way, the use of such sweeteners
is concerning when debt is so cheap.
The immediate downside for FireEye is
that it will be spending $150m on a
prepaid forward share buyback —
money that would be better invested in
the underlying business. A year ago
FireEye was doing the opposite: raising
equity through a secondary offering.
FireEye says it is in a growth period
and will become profitable by 2018. It
will need cash to get there: S&P Capital
IQ estimates that the company will
An odd dynamic has emerged in the US leveraged finance markets. High-yield bond issuance
has remained strong while new leveraged loan deals have markedly slowed. Yet demand for
loans, particularly from collateralised loan obligation buyers, remains strong, which is leading
to favourable terms for the few companies in the loan market
Average US leveraged loan US high yield and leveraged Largest recent leveraged
yields loan issuance loans issued
Per cent $bn 2015 Amount
7
High-yield bonds
post a free cash outflow of $157m this 600 Issuer Date ($bn)
Carbon taxes:
Leveraged
year and $63m next, with only a small 6
loans
inflow in 2017. If it is issuing a happy CLO demand* 500
Express Scripts Apr 2015 7.5 the dirty war
meal convertible now, what will 5
Valeant Pharma Mar 2015 5.2
happen if those outflows turn out to be 400 It was certainly a counterintuitive
worse than expected? 4 move. A group of major oil and gas
Community Health May 2015 4.5
300 producers including BP and Shell said
3 yesterday that they could live with a
PetSmart May 2015 4.3
Intel: 200
global carbon tax. Such a tax, by
2 increasing the cost of emitting carbon,
deal to nowhere 100
Dollar Tree May 2015 4.0
should in theory cut the amount of
1 greenhouse gases going into the
Ball Corp Feb 2015 3.0
Intel’s problems are well understood; atmosphere. How noble of the oil
the chipmaker’s plan for solving them, 0 0 majors to be thinking of the
Dell May 2015 3.0
less so. A deal — or other strategic 2012 13 14 15 2011 12 13 14 15 environment, even when a carbon tax
move — that indicated a bold way annualised would be damaging to their business.
forward would be heartening. Buying FT graphic Sources: S&P LCD; Dealogic; Citigroup * Collateralised loan obligation demand includes new issuance and estimate of re-investment But a globally co-ordinated carbon
Altera for $17bn is not that deal. It is an tax would be tough to implement. The
expensive purchase that makes sense tricky part, other than administering a
only if the combination of the two Markets for some goods tend towards deals. Corporate buyers have outbid the tight market to “reprice” (that is, global collection system, is
companies sparks sales growth neither equilibrium. Financial products often private equity firms — traditional users call and replace) existing debt. S&P determining the carbon price. One way
company could achieve alone and it prefer to jump from one imbalance to of high-leverage loans — in auctions. LCD reported that repricing deals to do it has been to set an overall
answers no strategic questions. another. Could bank loans be the Demand may also have ebbed (where terms of an existing loan stay carbon target and encourage a traded
The problem is growth. Intel, while exception? Big mergers are back. Last naturally after years of hot markets. the same except the coupon) reached market in carbon emissions. The EU’s
dazzlingly profitable, has little of it. Its week brought the $79bn marriage of Supply of high-yield bonds, an $32bn in May, their highest level in initial attempt, launched in 2005, has
biggest business, processors for Charter and Time Warner Cable and alternative to loans, remains plentiful. 16 months. The average repricing suffered from an overgenerous
personal computers, is in slow decline. the $37bn Avago/Broadcom tie-up. Some companies may prefer bonds’ reduced annual interest rates by allocation of emission credits at the
Sales of chips for data centres rose Both transactions have big cash long durations and (as Fed tightening 68 basis points. Petsmart and Dollar outset: the traded emissions price has
19 per cent in the last quarter, but the components — meaning bank loan looms) fixed coupons. Tree both went back to the loan fallen 50 per cent to €7.25 per tonne of
boom in server demand will slow. issuance. This will be a relief for So the supply of loans is weak — but market just a few months after first CO2 over the past five years. Carbon
Intel’s other businesses are, to bankers and loan investors, who have demand remains strong. For investors, issuing loans. emissions have dropped since 2008,
exaggerate slightly, too small to matter suffered through a slow market, in floating rates are loans’ appeal. The All very nice for the companies but that is partly down to the economic
— with the exception of the mobile chip which the few lucky borrowers have biggest buyers are collateralised loan concerned but it is murder on yields. downturn.
unit, which is a cash-eating bacteria. It been able to negotiate nifty terms. obligation funds, which bundle the Investors must hope that a $60bn Direct carbon taxes, too, have had
lost $4.2bn last year, after which Intel Leveraged loan issuance in 2015 loans up and sell off pieces. Citigroup issuance pipeline, driven by Charter, mixed results. In Canada, British
stopped disclosing its results. has halved from a year ago. The estimates that CLO funds need about Avago and other big deals, will push Columbia instituted a tax in 2008. Per
Intel is paying the equivalent of Federal Reserve has tried to rein in $200bn of loans this year to meet rates and returns a little higher — and capita greenhouse emissions fell there
10 per cent of its market value for a leveraged buyout lending, investor demand. the market towards a (doubtless by a tenth between 2008 and 2011,
company that will, in the near term at scrutinising the most aggressive Companies have taken advantage of temporary) equilibrium. compared with just 1 per cent in the
least, boost its revenues just 3 per cent. rest of Canada, according to research
That mismatch is down to a $6bn from the University of Ottawa. But
premium (relative to Altera’s share Norway’s 1991 carbon tax did not
price before deal reports surfaced). Taiwan’s MediaTek). The Altera deal is universally cheaper than their to buy overseas shares, bonds, and prevent emissions rising 15 per cent
Intel thinks it can earn this premium stuck in the dreary middle, expressing mainland brethren, which look like property directly rather than from over the next 17 years.
back mostly by selling new products neither parsimony nor boldness. they are in a bubble. Price to forecast government-approved lists. There is a more prosaic reason for
that use both companies’ technologies. earnings per share multiples for the There may yet be a further boost: a the energy companies’ enthusiasm:
The claim is hard to assess from the overseas listings range from 11 (Qihoo) stock connect with New York. A half of their proven reserves are in
outside. But the fact that Altera — Offshore China: to 122 times (JD.com) 2016 estimates. trading link between Chinese and US natural gas. With a UN Climate
which makes chips that users can Shanghai’s composite index trades on bourses, similar to the one established Conference approaching in December,
customise to work optimally for over there 17 times. Still, Shanghai’s forecast between Hong Kong and China last there is every reason for these
specific tasks — has grown little in earnings growth of 14 per cent for that November that allowed mainland companies to promote the use of
recent years is hardly reassuring. Sometimes the interesting story lies year is lower than that of the US names investors to buy Hong Kong shares, natural gas over coal, which emits
Neither is the fact that Intel has not not where the crowd is looking, but due to join the MSCI index. could give a broader pool of Chinese roughly twice the carbon for each unit
provided a cost savings target. somewhere off-camera. So it is with the MSCI inclusion is one potential fillip investors access to US shares. US-listed of energy. Petrol’s carbon content lies
What would solve the growth puzzle? potential inclusion of China’s for the shares, but Alibaba and its New Chinese companies would be more roughly between the two.
There are two obvious answers. Intel mainland-listed A-shares in MSCI York peers may be in for a far bigger familiar to Chinese investors than Oil companies want to differentiate
could signal that returns, not growth, indices, on which a decision is due next jump in demand. Mainland Chinese are many of the other instruments on offer. themselves from coal producers. The
are its priority by getting out of mobile, week. Meanwhile, MSCI has already also being encouraged to invest Discussions are under way, although tar brush now calls the road black.
without which earnings in 2014 would announced that it will include overseas. Last week China’s Securities there has been no official
have been a quarter higher. Or it could China-based New York listings such as Times said that the country would acknowledgment. As soon as it comes,
get up to scale in mobile with a big Alibaba, JD.com and Sina Corp in its launch a pilot scheme to allow people expect the crowd’s attention to shift. As Lex on the web
For notes on today’s breaking
acquisition (Berenberg research points global indices from November. with assets of more than $160,000 to the A-share rally has illustrated: China stories go to www.ft.com/lex
to Qualcomm’s chip business, or Overseas-listed China shares are not invest overseas. They will be permitted fund flows can move markets.

Forecasts by
1000
990
18
LOW
1
LOW 11 18
1
45 Luxembourg Fair 20 68
1
Lyon Sun 30 86
11 Madrid Sun 33 91
1000 14
1 1 26 25 Manchester Rain 16 61
32 23
8 Miami Thunder 30 86
1010 1020
13 28 23 Milan Sun 29 84
31
16 HIGH Montreal Rain 12 54
22 0
14 24 Moscow Rain 18 64
16 1 1020 29 Mumbai Fair 34 93
14 5 Munich Fair 25 77
16 25
1 New York Thunder 19 66
6 Nice Fair 22 72
15 6 33 6 Paris Fair 22 72
27 HIGH
33 Prague Fair 24 75
31 1020 Reykjavik Fair 9 48
26
Rio Cloudy 24 75
Wind speed in MPH at 12 BST 8
18 Rome Sun 26 79
Temperatures max for day˚C Wind speeds in PH 26 San Francisco Cloudy 19 66
Stockholm Rain 14 57
Today’s temperatures Strasbourg Fair 26 79
Abu Dhabi Sun 43 109 Belgrade Sun 29 84 Copenhagen Rain 16 61 Hamburg Cloudy 19 66 Sydney Sun 15 59
Amsterdam Drizzle 18 64 Berlin Fair 23 73 Delhi Fair 38 100 Helsinki Sun 18 64 Tokyo Fair 27 81
Athens Sun 29 84 Brussels Cloudy 19 66 Dubai Sun 43 109 Hong Kong Fair 32 90 Toronto Fair 18 64
B’ham Cloudy 16 61 Budapest Sun 30 86 Dublin Shower 14 57 Istanbul Sun 23 73 Vancouver Rain 18 64
Bangkok Fair 38 100 Buenos Aires Sun 22 72 Edinburgh Rain 12 54 Jersey Rain 16 61 Vienna Sun 27 81
Barcelona Sun 24 75 Cardiff Rain 16 61 Frankfurt Sun 25 77 Lisbon Sun 26 79 Warsaw Thunder 26 79
Beijing Sun 33 91 Chicago Sun 20 68 Geneva Sun 28 82 London Cloudy 18 64 Washington Cloudy 25 77
Belfast Shower 12 54 Cologne Fair 22 72 Glasgow Rain 11 52 Los Angeles Fair 22 72 Zurich Fair 24 75

ACROSS DOWN
CROSSWORD 1 Will and son taking flat, 1 Bound to record illegally,
No. 14,946 Set by BRADMAN occupying temporary
accommodation (9)
journalist? (5)
2 Weighing-machine registering
        6 French art in a work from stones and pounds kept by
storyteller (5) special dealer (9)
9 A bit holy? Last thing with the 3 A male ruler to fix fine
  Established Church! (5) historically (10)
10 Extravagant display by a grim 4 Account for level land once
18th-century madame (9) being higher (7)
 
11 Charming belle acted naughtily 5 Places of worship established
(10) by two occupants of Lambeth
 12 Pusillanimous folk – not initially Palace (7)
troublemakers (4) 6 Not here always, a couple of
   14 Great sportsman in Brazil, characters out of sight (4)
promoter of products (7) 7 Outburst from Sergeant Major
15 Number in uniform in place of full of upsetting rubbish (5)
   debauchery (7) 8 Fairy with elegance in
17 More than one creature architectural feature (9)
becomes weak outside beastly 13 Maybe a night on the tiles is
   
home (7) becoming normal (7,3)
19 Oaf, in essence, somewhat 14 In pub see the (not hard to spot)
 lacking in tact (7) weather guide (9)
20 Guy in loose dress Society 16 Name wine that goes to the
  turned away (4) head – not a pleasant quality (9)
22 Such as could be turning “terra” 18 Reason why theatregoers can’t
into lake? (10) go and swank (4-3)
  25 Red meat to go off on account 19 Desist from supporting one type
of worm (9) of share-seller (7)
26 Nymph offering love divine? (5) 21 Cry comes from cold Dickensian
27 City’s final wish being broadcast character (5)
(5) 23 Projection given by account
JOTTER PAD 28 Army in break penetrating book not right (5)
enemy – sign of things to come 24 Be gushy, as one with
(9) enthusiasm hugging wife (4)

Solution to Saturday’s prize puzzle on Saturday June 13

Solution to yesterday’s prize puzzle on Monday June 15
Winners’ names will be printed in Weekend FT
Tuesday 2 June 2015 ★★★ 17

Fosun Plus500 Intel Dollar index US 10-year FTSE 100 Shanghai Brent oil
Paper pushers Why bank International Treasury Composite
reports are far too long 3.23% 1.22% 1.61% 0.5% 9bp 0.4% 4.7% 1%
INSIDE BUSINESS, PAGE 18
HK$20.45 374.5p $33.90 97.42 2.18% 6,953.58 4,829.44 $64.88

Berkshire’s NetJets chief steps down Short

View
3 Business plane operator cites ‘tumultuous’ time 3 Two-year pilot-pay fight at Buffett group
companies it acquires. It is also likely to resume their use of the smaller corpo- year, owing to tough market conditions.
James
MARK ODELL — LONDON
ROBERT WRIGHT — NEW YORK add to shareholders’ concerns that rate jets in which NetJets and rivals such
Johnson Mr Johnson will be the fourth chief Mackintosh
Mr Buffett’s investment vehicle is dam- as FlexJet specialise. Demand has will be the executive of NetJets since Berkshire
NetJets, the corporate aircraft operator aging its reputation as a benign owner. remained far stronger for larger corpo- fourth chief Hathaway bought the company in 1998
owned by Warren Buffett’s Berkshire NetJets’ pilots took their case to Berk- rate jets such as Bombardier’s Global of the group — an unusually high level of turnover for Crisis watchers have had their fill of Greek myths. This
Hathaway, said yesterday that it had shire Hathaway’s annual meeting this 5000 and 6000, which save executives an owner that normally plans its chief month, the long-overdue reality is expected to arrive —
parted company with Jordan Hansell, its year, staging a protest for better pay and considerable time by flying at high since executives’ transitions carefully. and it won’t be bearing gifts.
chairman and chief executive, after a conditions outside the meeting. speeds on intercontinental journeys. Berkshire NetJets also said it had reappointed Greece is due to pay €304m to the International Mone-
“tumultuous” period. Yesterday, NetJets said it was promot- Operators of these aircraft typically bought the Bill Noe, its former president and chief tary Fund on Friday, although — after paying the IMF with
Mr Hansell’s replacement as the head ing Adam Johnson, a long-term com- own them rather than using fractional operating officer who had left in April, its own money last month — it has already been allowed to
of the group — a pioneer of fractional pany executive, to replace Mr Hansell. ownership operators. company in to his previous role. roll that amount up with other payments, which total
ownership that allows customers to buy In a statement, Mr Johnson said: “For Last year, NetJets’ hours flown were 1998 Mr Noe said he had left NetJets for a almost €1.6bn, this month.
the use of a jet for set amounts of time his hard work and his success in leading still short of the total for 2007 — the last “can’t say no” opportunity. He added: Greece does not have the money. Barring the discovery
each year — comes as a two-year pay dis- NetJets through a very tumultuous eco- year before the economic slump. “The only thing that could have caused of another magic money tree (the country’s local authori-
pute with its pilots drags on. nomic period, Jordan has earned our CitationAir, the fractional ownership me to reconsider that decision was the ties have already been stripped bare), Greece will have to
For Berkshire Hathaway, the continu- sincerest thanks.” operation of Cessna, the aircraft manu- chance to return to the company where default or bow to the demands of its creditors.
ing dispute has marred a record of Even during the US economic recov- facturer that is part of Textron, ceased I’ve worked for 22 years in a role that Those who fancy a punt can buy 2017 Greek bonds for
securing good industrial relations at ery, companies have been slow to all operations on October 31 last touches every department.” 69c in the euro. However, the serious money is betting on
the rest of the troubled European periphery — particularly
Italy and Spain, but also Portugal.
News that Greece is on the brink of default has become
rather like the outrage over WPP boss Martin Sorrell’s pay:
it comes around so often that investors tune it out. This
Card deal month, though, it looks real.
Peripheral bond markets have started to react, if only a
Playtech to buy little. Italian and Spanish benchmark 10-year yields and
their spread over German bonds all hit highs for the year
Plus500 for £460m yesterday, amid worries about problems in Greece spread-
ing beyond its borders.
Israeli billionaire Teddy Sagi may be It is not that Greece is necessarily Europe’s Lehman
known in London as the man who owns Brothers — the region’s banks have had plenty of time to
most of Camden Market but his latest disentangle themselves from the country. There is a risk of
deal highlights the links between the political contagion, with both Italy and Spain’s populist
City of London’s bankers and his native oppositions polling at about a fifth of the vote.
country’s technology sector. None of the periphery is likely to be the next Greece. The
Yesterday, his gaming software group problem is just that their bonds offer too little spread to
Playtech, which specialises in poker and protect investors against the risks, both known and
casino products, agreed to buy Plus500, unknown, emanating from Greece.
a contracts for difference broker listed in Political consultants put a lot of effort into calculating
London but based in Israel, for £460m odds on a Greek default, capital controls and a deposit
in cash. Playtech was advised on this haircut, a parallel currency, a final run on the banks, or a
latest deal by Canaccord. Grexit. Investors merely need to assess how much panic
Last year, Mr Sagi floated Market will be caused by bad news from Greece, particularly
Tech, through which he owns Camden among those who have been lulled into a false sense of
Market; SafeCharge, an online payments security by the European Central Bank’s bond buying.
group; and Crossrider, a digital
advertiser. Shore Capital was the adviser
on the past two deals. Risk and bond yields
Analysis page 23 10-year government yield
(%) Germany
Spain
4
Lombard Italy
Portugal 3
2 Italian and Spanish
‘Independent benchmark
investors in Plus500 1 10-year yields and
should grit their teeth 0 their spread over
German bonds all
and vote for the May 2014 2015 Jun hit highs for the
Playtech offer’ Source: Thomson Reuters Datastream year yesterday
Page 22 james.mackintosh@ft.com

Chinese rivals in €4bn fight to make

Novo Banco biggest European prize
MARTIN ARNOLD — LONDON Chinese investments across Europe’s date was the $3bn spent by China Devel-
PETER WISE — LISBON struggling financial services industry. opment Bank to buy a 2.6 per cent stake
Portugal’s Novo Banco is set to fall into A report by Rhodium, a China- in Barclays in 2007, according to Dea-
Chinese hands in a €4bn-plus deal that focused research group, said that logic. Both Anbang and Fosun have been
would be the biggest European finan- Chinese foreign direct investment into buying assets in Europe. Anbang this
cial services acquisition by a China- Europe hit $18bn last year, double the year purchased Dutch insurer Vivat in a
based group. 2013 level. Investment had averaged deal costing as much as €1.7bn. Fosun
Go east, but not too far $10bn annually over the past four years. paid €1.7bn last year for 80 per cent of
east, and outsource The auction of the “good bank” created Final bids are due by the end of the Fidelidade, a big Portuguese insurer.
from the wreckage of Banco Espírito month, but the people said it appeared From 15 contenders, five groups were
Move over Bangalore: the first-choice Santo has turned into a shootout to be a question of which Chinese group selected by the Bank of Portugal to go
outsourcing centre for a growing between acquisitive Chinese rivals would pay more. through to the final phase of the auction.
number of companies is now Gdansk, Anbang Insurance and Fosun Interna- A senior Lisbon banker said Novo The other bidders are Spain’s Santander
in Poland. Deutsche Bank and Toshiba tional, according to several people Banco was expected to go to a Chinese and the US private equity groups Apollo
are among the companies planning familiar with the situation. group as they had “the financial capac- Global Management and Cerberus.
investments, drawn by the city’s EU A Fosun or Anbang takeover of Portu- ity to make strong bids” and were “most BNP Paribas is advising the Bank of
links, talent pool and lower costs. gal’s third-largest bank by assets at the interested in developing the bank”. Portugal on the sale of Novo Banco.
Analysis i PAGE 20 price of more than €4bn being mooted The biggest financial services invest- All parties declined to comment.
by bankers would highlight the pace of ment by a Chinese group in Europe to Portuguese battleground page 21

Companies / Sectors / People

Companies
Actis.................................................................19
Aer Lingus..................................................20
AirAsia...........................................................20
Airbus............................................................20
Alibaba...............................................16,18,30
Altera...................................................16,18,31
Anbang Insurance..............................17,21
Apollo Global Management.........17,21
Arla..................................................................20
Ashtead.........................................................31
Asia Coal Energy Ventures...............21
Asia Resource Minerals.......................21
Avago........................................................16,18
Axel Springer...............................................6
BHP Billiton.................................................31
BP................................................................13,16
Baltia..............................................................30
Banco Econômico....................................21
Bank of China...........................................30
Bank of Portugal.....................................17
Barclays.........................................................17
Barratt.............................................................11
Bayer..............................................................20
Berkshire Hathaway..............................17
Bloomberg..................................................30
Bombardier..................................................17
BrewDog.......................................................22
British American Tobacco.................22
Broadcom.............................................1,16,18
CMR.................................................................22
Cadence.........................................................31
Cairn Energy...............................................31
Canaccord Genuity................................23
Carrefour......................................................19
Cerberus...................................................17,21
Charter...........................................................16
China Development Bank..................17
China LNG..................................................30
Citadel...........................................................30
Citigroup.......................................................23
Cognizant....................................................20
Deutsche Bank.........................................20
Deutsche Telekom....................................6
Didi Kuaidi...................................................18
Dixons Carphone.....................................31
Dollar Tree...................................................16
ES Saúde......................................................21
Ericsson.........................................................18
Espírito Santo............................................21
Every Cloud................................................22
Exelixis...........................................................31
Fidelidade.....................................................21
FinnCap.........................................................22
FireEye...........................................................16
FlexJet............................................................17
Fosun..............................................................21
Fosun International................................17
Galp Energia...............................................21
Game...............................................................19
Gazprom Neft............................................21
Google..............................................................6
Gotham City Research........................30
Grant Thornton........................................22
Gulf Keystone Petroleum...................22
HSBC...............................................................18
Hanergy........................................................14
Huawei...........................................................18
IFM.....................................................................4
ITV...................................................................22
Imagination Technologies..................31
ImmunoGen.................................................31
Inmarsat........................................................31
Intel.......................................................16,18,31
JD.com............................................................16
JPMorgan........................................................1
Kaz Minerals...............................................31
Keepmoat......................................................11
Khazanah.....................................................20
Ladbrokes....................................................22
Lianyungan Haitong.............................30
Lloyds Banking Group......................1,22
Lufthansa....................................................20
MAG..................................................................4
Malaysia Airlines.....................................20
Mammoth Screen....................................22
Manchester Airports Group,...............4
MediaTek......................................................16
NXP Semiconductors............................18
Naivas.............................................................19
Nakumatt......................................................19
Nationwide Building Society...........22
Nestlé..............................................................13
NetJets...........................................................17
Netflix............................................................22
Nexus.............................................................22
Novo Banco...........................................17,21
Odey Asset Management..................23
Ola....................................................................18
Oncothyreon...............................................31
Orbital Sciences.......................................18
OurCrowd.....................................................23
Petrobras.....................................................30
Petsmart.......................................................16
Playtech..................................................22,23
Plus500..................................................22,23
PwC.................................................................20
Qihoo..............................................................16
Qualcomm....................................................16
Quindell........................................................30
Rambus..........................................................31
Redes Energéticas Nacionais...........21
Rio Tinto......................................................30
Rosneft...........................................................21
Royal Bank of Scotland...................1,22
Santander................................................17,21
Shell.................................................................16
Sina Corp......................................................16
Staples..........................................................20
State Street................................................20
Synopsys.......................................................31
TDR.................................................................22
Tencent..........................................................18
Thomson Reuters...................................20
ThyssenKrupp..........................................20
Time Warner Cable.............................1,16
Toshiba.........................................................20
Tradeweb.....................................................30
UBS..................................................................23
Uber.............................................................6,18
United Rentals...........................................31
Walmart.........................................................19
William Hill..................................................22
Wipro..............................................................20
Wm Morrison..............................................31
Zhongao........................................................21
Sectors
Banks..........................................1,17,18,22,23
Food Producers........................................21
Gen Financial.......................................20,21
Gen Retailers.............................................19
Ind Metals...................................................30
Media..............................................................22
Mining.............................................................21
Oil & Gas......................................................21
Software........................................................18
Support Services....................................20
Technology HW & Equ........................18
Travel & Leisure.......................4,17,20,23
People
Beale, Graham...........................................22
Durante, Nicandro..................................22
Dyukov, Alexander..................................21
Ferrier, Jon..................................................22
Gerstenlauer, John.................................22
Hansell, Jordan.........................................17
Jain, Amit.....................................................18
Johnson, Adam.........................................17
Jón Ferrier, ................................................22
Kan, Billy......................................................30
Krzanich, Brian..........................................18
Liu, Jean.......................................................18
Medved, Jon...............................................23
Miller, Jean..................................................22
Moulton, Jon..............................................22
Mueller, Christoph..................................20
Panaritis, Elena...........................................8
Rothschild, Nat.........................................21
Sagi, Teddy............................................17,23
Sambodo,, Amir........................................21
Shah, Atul....................................................19
Tookey,, Tim...............................................22
Weizer, Mor.................................................23

© The Financial Times Limited 2015 Week 23

18 ★ FINANCIAL TIMES Tuesday 2 June 2015

COMPANIES
INSIDE BUSINESS
Technology hardware
BANKS

Intel swoops on Altera in chip chase Oliver

Ralph
Agreed $16.7bn deal is consolidating industry. Intel’s acquisi- one roof, and help them grow faster at a $37 bn well as military hardware, automotive
tion is the third multibillion-dollar sem- time when organic growth remains con- and industrial applications and net-
latest megamerger in Price Avago paid

rapidly evolving sector

JAMES FONTANELLA-KHAN — NEW YORK
RICHARD WATERS — SAN FRANCISCO
Intel concluded the largest deal in its
history yesterday as it agreed to acquire
Altera, a maker of programmable proc-
essors, for $16.7bn, in the latest in a
iconductor deal since March, and comes
days after Avago, of Singapore, acquired
US rival Broadcom for $37bn in the larg-
est acquisition in the technology sector
since the late-1990s dotcom bubble. In
March, NXP Semiconductors, the Dutch
chipmaker, bought Freescale of the US
in a deal that valued the company at
$11.8bn.
Semiconductor groups, which make
strained, analysts say.
Altera, which was founded three
decades ago and employs about 3,000
for Broadcom, the
highest since
1990s tech bubble
working. Huawei of China and Sweden’s
Ericsson are among its largest clients.
The company’s programmable chips,
Excess bank reporting
people in 19 countries, will help Intel
diversify from its dependence on the $11.8 bn
which are used extensively in data net-
working equipment, will “strengthen
is a necessary evil until
mature PC sector and soak up excess
capacity in its chipmaking plants.
Brian Krzanich, Intel chief executive,
US chipmaker
Freescale’s value
after sale to NXP
Intel’s presence in the data centre mar-
ket”, said Bill Kreher, an analyst at
Edward Jones.
trust has been rebuilt
said: “Intel’s growth strategy is to Semiconductors Altera’s shares rose 6 per cent to
expand our core assets into profitable, $51.81 yesterday. Intel’s shares were

wave of mergers and acquisitions in the
chipmaking sector.
Altera shareholders will receive $54 a
share in cash, a premium of about 56 per
cent on the company’s price in late
March when it first emerged that Intel
was in talks to acquire it.
The hefty premium paid by Intel
underscores the competitiveness
among large chipmakers in a rapidly
the chips that power smartphones, are complementary market segments. With
under pressure to cut costs as they are this acquisition, we will harness the
being squeezed by handset makers such power of Moore’s Law to make the next
as Apple and Samsung, which com- generation of solutions not just better,
mand enormous pricing power. but able to do more.” He referred to Intel
Chipmakers hope that consolidating co-founder Gordon Moore’s observation
will allow them to stand up to larger tech that the processing power of chips dou-
groups when negotiating prices. bles about every two years.
It could also help companies to cut Altera makes chips used in a range of
costs by bringing their operations under telecoms and wireless equipment as
Software. Taxi apps
I
56 % broadly flat.
The premium Intel received financial advice from
Altera investors JPMorgan and Rothschild and legal
will receive for advice from Gibson, Dunn & Crutcher
shares and Weil, Gotshal & Manges.
Goldman Sachs acted as the sole
financial adviser to Altera, and Wilson
Sonsini Goodrich & Rosati provided
legal advice.
See Lex
t was certainly a brave move. Equity analysts tend not
to admit to anything other than comprehensive
knowledge about the companies that they cover. But
this month Matt Spick, a banks analyst at Deutsche
Bank with more than 20 years’ experience, wrote an
article saying that much bank reporting “has now become
so complex that it has spiralled out of all control and mean-
ing” and that equity analysts struggle to understand all the
disclosures.
A bold move, but a necessary one and a worrying one. If
the people paid to analyse banks struggle to get a grip on all
the information that is disclosed, what hope is there for
everyone else?
Reports have certainly become heavier. A decade ago,
HSBC’s annual report came in at 378 pages. Last year,
including the so-called Pillar 3 disclosures on capital and

Uber’s first India chief hails expansion
US group aims to recruit more
drivers and clarify regulations
as it challenges cheaper rivals
JAMES CRABTREE — MUMBAI
Uber, the US-based taxi app, plans to
“significantly” expand the number of
Indian cities in which it operates and
push for better regulation of the online
cab industry, as it tries to catch up with
cut-price local rivals, the company’s
new country head has said.
Amit Jain was appointed first presi-
dent of Uber India last weekend, mark-
ing a shift in strategy for the ride-hailing
company, which has previously relied
on city-by-city management teams.
The appointment is to be followed by
a second country head position in
China, according to one person familiar
with the company, underlining the
importance of Asia’s two largest emerg-
ing economies to its growth.
Although Uber already operates in 11
Indian cities — making it the company’s
largest market by locations and second
largest by users — Mr Jain said he
planned to expand rapidly this year.
“We plan to grow this significantly
over the next couple of months. The
Legal Notices pace of launching new cities is going to
increase . . . We are nowhere near the
potential that exists,” he said.
Uber hopes to make up ground
against Ola, a domestic rival that has a
much larger presence. Ola operates in
100 Indian cities and recently com-
pleted a $400m funding round at a valu-
ation of $2.4bn, led by Tiger Global, a
US-based investment group.
Growth in India is important for
Uber’s credibility with investors as it
tries to avoid repeating its predicament
in China, where it now controls only a
tiny fraction of the market, having
largely lost out to cheaper local rivals.
Uber’s revenue run rate in India —
meaning its projected annual revenues
India’s booming internet
economy
$bn
2013 2020*
100
80
60
40
Taxi
$5bn 20
0 sive and countrywide,” he said.
Ecommerce Advertising
Travel and taxi
* Estimates
Source: Morgan Stanley
The taxi-app extrapolated from performance over
market in India the last quarter — has crossed Rs11bn
could be worth ($173m), according to a second person
as much as $5bn familiar with the company. Mr Jain
by 2020, refused to comment on Uber’s finances,
according to but said he planned a push to recruit
analysts — Saurabh drivers and increase brand awareness in
Das/AP
a taxi app market that analysts say will
be worth $5bn by 2020.
He said he would begin intensive
negotiations with regulators over the
coming months to try to find a “long-
term solution” to the lack of a legal
framework allowing online taxi hailing.
“We have seen very, very good growth
over the last six months on a week-on-
week basis, and I am confident that we
will continue to do better,” he said.
Along with competition, Uber’s India
operation has been hampered by political
regulations and a temporary ban in New
Delhilastyear,afteradriverallegedlysex-
uallyassaultedafemalepassenger.
Confusion over a mish-mash of
national and state-level rules, most
designed to regulate traditional taxis,
periodically led to Uber and its rivals
being threatened with further bans.
“There is a [regulatory] vacuum
which affects this industry and leaves
everyone confused as to what the rules
are. But I am very optimistic that we will
come to a solution that is comprehen-
Uber is negotiating a further funding
round to fuel its expansion, which could
value it at more than $50bn.
risk management, the bank produced 603 pages. And that
is not unusual for a big, global bank. They are all adding
pages to cope with new demands.
These demands have developed in a haphazard way —
some came from the post-financial crisis bank safety rules
known as Basel III and some from the International Finan-
cial Reporting Standards’ accounting principles; some
result from the misconduct investigations in which the
sector specialises, and some come from a desire for more
standardisation or a response to specific concerns at spe-
cific times. But the trend is all in one direction: more, not
less disclosure. Heavier, not lighter, reports.
There is an argument that
the excessive disclosure
merely reflects the excessive
The trend is all in
complexity of the business one direction:
models, and that when
banks simplify so will report-
more disclosure.
ing demands. Perhaps. But Heavier, not
other complex businesses
get off more lightly. Oil com-
lighter, reports
panies, for example, are not
required to report the details of how they drill each well.
And look at US company Orbital Sciences whose business
is, quite literally, rocket science. Its latest annual report
comes in at 88 pages.
What all those pages really reflect is a lack of trust as
much as business complexity. That is hardly surprising,
after the financial crisis. The Pillar 3 requirements (which
are part of the Basel III rules) are intended to subject the
banks to market discipline by forcing them to disclose
extra information on capital and liquidity. But all the new
information will not lead to market discipline if investors
cannot make head nor tail of it. All the risks may be fully
displayed, but if nobody can find them or interpret them
properly, they might as well be hidden. Or, as Mr Spick put
it: “If everything is considered to be a risk factor, then
nothing really is.”
There is some hope for salvation in the shape of the
Enhanced Disclosure Task Force. This is an industry group
made up of banks, investors and analysts that was set up in
2012 to suggest ways to make bank reporting better. It
came up with 32 recommendations, covering everything
from capital adequacy and
risk-weighted assets to
details on market risks and
What all those
credit risks. The idea is to pages reflect is a
make banks both easier to
understand and easier to
lack of trust as
compare. much as business
Compliance with the
EDTF’s recommendations is
complexity
not compulsory, but every
year the body assesses how well banks are doing (and asks
the banks to assess their own efforts). The process for the
2014 reports is still under way, but the analysis of the 2013
reports revealed some big differences of opinion. Take rec-
ommendation 7, which asks the banks to describe risks in
their business models. This sort of information is vital if
anyone is going to make sense of the hundreds of pages of
data presented elsewhere. But fewer than two-thirds of the
banks assessed had fully put this into practice.
Or look at recommendation 21, which asks banks to
describe their funding strategy. Again, this is pretty impor-
tant information. Two-thirds of banks thought they were
doing very well here. But a user group (of analysts and
investors) disagreed, judging that under half of the banks
had fully implemented the recommendation.
So the EDTF — as well as regulators, analysts and inves-
tors — needs to keep pushing for better reporting, espe-
cially the sort that makes it easy to compare banks. In the
short term, this might make reports longer. But if that
helps to improve trust in the industry, it is no bad thing.
Maybe one day banks may be trustworthy enough not to
have to publish annual reports hundreds of pages long.
oliver.ralph@ft.com

Software

Chinese cab-ride service offers free carpooling to win friends

TOM MITCHELL — BEIJING
Didi Kuaidi, the most popular taxi-
hailing app in China, has launched a
carpooling service that is likely to
direct passengers away from both its
own service and Uber, which has been
making a big push in the country.
The Chinese company, which was cre-
ated this year by the merger of taxi apps
by Alibaba and Tencent, said it would
not make money from the Shun Feng
Che service, which started yesterday.
Shun Feng Che — which roughly
translates as Fair Wind Car — was being
offered for free, Didi Kuaidi said, to
“relieve the ‘pain point’ of urban traffic
during rush hour, providing a public
good and promoting green travel”.
However, passengers will pay drivers
a fare of Rmb5-Rmb10 ($0.80-$1.61)
plus Rmb1 per kilometre.
They will also be invited to describe
each driver’s “character and interests”,
so that other passengers can find like-
minded drivers.
Didi Kuaidi hopes that the service will
earn it goodwill from government offi-
cials grappling with traffic congestion
and pollution, in a country with 154m
vehicles, especially at a time when taxi-
hailing apps are attracting unwelcome
regulatory attention.
The company expects the number of
carpooling orders to reach 100,000
within a month and 1m by the end of
the year.
Taxi companies in Jinan, capital of
eastern Shandong province, ordered
cabbies to stop using the company’s app
this weekend, alleging that it was dis-
rupting the market.
Didi Kuaidi’s offices in Luoyang, a
small city in the centre of the country,
were shut last month after similar
complaints.
“Our company is growing too fast and,
in our expansion, we have overlooked
communication with authorities in
some regions,” said Jean Liu, Didi Kuaidi
chief executive, at a briefing in Beijing.
“Transport laws and regulations have
not been able to keep pace with techno-
logical advancements. But central and
local transportation authorities are
aware that current regulations are lag-
ging behind.”
Uber, the US group, has attracted even
greater scrutiny from government regu-
lators. Last month its offices in the
southern cities of Guangzhou and
Chengdu were raided.
In Beijing drivers for Uber alter their
routes if they see a police roadblock
ahead. “It is not legal but it’s not illegal
either,” said one driver, who asked not to
be named. “This is China.”
Additional reporting by April Ma
Tuesday 2 June 2015 ★ FINANCIAL TIMES 19

COMPANIES

Walmart queues up for slice of Kenyan retail

US group hopes Garden City mall will help it at last crack coveted African hub that is home to a fast-growing middle class
KATRINA MANSON — NAIROBI
Even as Walmart raced to open its first
store in Kenya, there were snags. It was
forced to import the trademark bright
magenta ink that adorns its brash price
offers and doorway decor because
nobody in the country could produce it.
It was one of several obstacles the
world’s largest retailer has run into in
Kenya. The US retail group has spent the
past few years trying — and failing — to
crack the east African hub, whose
growth is fuelled by aspirational con-
sumption.
Walmart’s move into Kenya high-
lights the sea change in the continent, as
a nascent consumer class expands and
draws in foreign investors who had pre-
viously overlooked the African middle
class — estimated at 350m by some met-
rics. Accelerating growth in the conti-
nent, forecast at 4.5 per cent this year
and 5 per cent next, outstrips that of all
global regions bar developing Asia.
“We should have been here a while
ago but we just couldn’t get the deal
right — unfortunately it’s taken us too
long,” says Mark Turner, marketing
director at Massmart, the South African
group in which Walmart bought a con-
trolling stake in 2011.
Massmart’s chain Game already has
172 other outlets in 11 African countries,
but Kenya has long been the prize
beyond its reach. It is also a potential
pathway for expanding Walmart’s exist-
ing presence in east Africa, a region of
240m people.
At $53bn, Kenya’s economy is far
smaller than Nigeria’s $509bn economy
— Africa’s largest — where Game already
has stores. But it holds the retail crown
for the continent. While only 5 per cent
of Nigeria’s retail sector consists of for-
mal shopping, rather than open-air
markets and small kiosks, in Kenya the
proportion is 30 per cent.
“The middle class in Kenya is really
growing. It’s more appealing, it’s more
sophisticated and it’s ready for formal
retail,” says Mr Turner.
When Game opened its Kenyan doors
last week they revealed something more
akin to a wholesalers’ warehouse than a
flashy supermarket. It launched with
heavily discounted deals and promises
to refund the difference plus 10 per cent
if they fail to undercut competition.
“They have really good bargains for
the price, especially on duvets,” says
Mumbi, a 34-year-old mother of two.
Although Kenya is richly coveted by
retailers and foreign investors who back
them, entry into the sector is notori-
ously difficult, owing to tightly held
family-owned supermarket chains and
a dearth of affordable space.
Walmart spent years trying to buy
Naivas, the country’s fourth-biggest
chain, before shareholder wrangling
saw family members sue each other and
finally put a stop to Walmart’s efforts
last year. In 2007, Game also failed to
secure a space in flagship Westgate mall
because it could not agree terms.
“If we can’t run the right cost model
we can’t give the consumer what they
need,” says Mr Turner. “It’s about find-
‘The middle class in Kenya
is really growing. It’s more
sophisticated and it’s
ready for formal retail’
ing the right property deal with the right
partner in the right location.”
Walmart believes the answer to its
Kenya woes comes in the form of Gar-
den City, a sleek new shopping mall
designed by the same team that created
west London’s Westfield shopping cen-
tre. It is part of a $250m development
from UK private equity house Actis,
which has a 60 per cent equity stake,
along with CDC, the UK government’s
development finance institution, with
31 per cent, and the World Bank’s IFC.
On the first day of trading, with 30 of
120 stores open, the region’s biggest
shopping mall drew 15,000 shoppers.
However, Game, which targets sales of
Walmart in Africa
Number of stores
Checkout competition
Race to fill key spots in
0 2 4 6 8 10 12
Kenya’s next mall sites
South Africa 360
Botswana
Nigeria
Mozambique Competition for a slice of Kenyan
Namibia retail is so fierce that Walmart is
Lesotho already locked out of Nairobi’s next
Malawi
Ghana two big mall developments. These
Swaziland are the Hub, a shopping centre in
Tanzania the leafy Karen suburb, and Two
Uganda Rivers Lifestyle Centre, a 40-acre
Zambia development near upmarket
suburbs that will dwarf Garden City
GDP per capita* when it opens this year. Two Rivers
$’000 will be the biggest mall in the
0 2 4 6 8 10 12 14 subcontinent outside South Africa.
In both new malls, France’s
South Africa Carrefour, the world’s second-
Ghana largest retailer, will be the anchor
tenant as it makes its first foray
Kenya into sub-Saharan Africa. Exclusivity
Tanzania clauses deem Walmart’s Game to
be too close a competitor, in part
Uganda because of its fresh-food offering.
Mozambique
Walmart was also nearly pipped to
the post at Garden City —
* Based on purchasing-power-parity Carrefour tried to secure a place
but was unable to do so once Game
Sources: company; IMF
had signed.
Value store: Walmart-owned Game’s Westgate, the country’s flagship
new Garden City store made 8,990 shopping mall, was devastated by a
till sales on its first day — Nichole Sobecki 2013 terrorist massacre that killed
67 people. Despite the attack,
$1.12m a month from 35,000 shoppers, developers are rushing to put up
faces considerable competition. Naku- new malls as the growing middle
matt, the region’s biggest chain, has also class expands its geographic and
opened a store in Garden City. financial reach and Kenya improves
However, Game rang up more than its infrastructure.
twice the number of till sales as Naku- The 32-acre Garden City site
matt on the first day of trading, at 8,990 combines shopping with
versus 4,000. Game says that it wants to apartments and offices. It forecasts
open at least four stores and is looking at that the number of people within
two new sites. its catchment area, at 1.15m today,
Nakumatt managing director Atul
Shah believes he can give Game a run for
will grow 11 per cent by 2017.
“When you put in a
its money. And if Walmart tried the transformative piece of
acquisition route again in the region, his
company would be ready. “If they come
infrastructure the middle class
moves,” says Koome Gikunda at
with a price [for Nakumatt] . . . every- Actis.
thing is for sale,” he says.
20
Travel & leisure
New Malaysia
Airlines chief
warns that ‘hard
reset’ is needed
Mueller says company is
‘technically bankrupt’ as
6,000 job cuts lined up
PATRICK MCGEE — HONG KONG
ANDREW PARKER — LONDON
Lossmaking Malaysia Airlines, reeling
from two disasters last year, is aiming to
reach break-even by 2018 through a
restructuring involving 6,000 job losses,
Christoph Mueller the flag carrier’s new
chief executive said yesterday.
Mr Mueller used his first press confer-
ence since becoming Malaysia Airlines’
top manager in May to say that the
company was “technically bankrupt”
and needed a “hard reset”.
Over the weekend, the 20,000-strong
workforce received letters of redun-
dancy from the existing company,
called Malaysian Airline System
Berhad, but “at least” 14,000 jobs are
anticipated at the new Malaysia Airlines
Berhad group that starts operating on
September 1.
Employees’ terms and conditions
at the new group were not disclosed
but under Mr Mueller’s three-year
turnround plan he is seeking a more
efficient structure that reduces costs by
20 per cent.
Mr Mueller did not define his break-
even target, but one person close to the
company said the aim was to potentially
generate an operating profit by 2018.
Last year Malaysia Airlines suffered
the double blow of the disappearance in
Former Aer Lingus chief
Christoph Mueller took over in May
The Property Market
the Indian Ocean of one of its aircraft,
MH370, and the shooting down of
another, MH17, while flying over
Ukraine.
The airline, which traces its roots to
the 1930s and has not made a profit
since 2010, is struggling to compete with
newer, lower cost rivals, such as Tony
Fernandes’ AirAsia. His airline also suf-
fered disaster when an aircraft crashed
into the Java Sea off Indonesia last year.
Against this bleak backdrop, Khaz-
anah, Malaysia’s sovereign wealth fund
and the airline’s largest shareholder, last
A shake-up of the route
network means it is
looking to sell two of its six
Airbus A380 superjumbos
year took the company private by buy-
ing out minority investors. It is recapi-
talising the airline by investing up to
RM6bn ($1.6bn) on a phased basis.
Mr Mueller was previously chief exec-
utive of Aer Lingus, the Irish flag carrier
that has improved its performance
against lower cost rivals including
Ryanair.
The turnround involves doing less fly-
ing in the short term, and therefore a
reduction in Malaysia Airlines’ fleet. It
will focus on domestic and regional
routes, and drop some lossmaking long-
haul destinations.
In May it ceased flying to the US by
dropping its service to Los Angeles.
Malaysia Airlines will, however, con-
tinue flying to London.
The shake-up of the company’s route
network means it is looking to sell two of
its six Airbus A380 superjumbos. To
further reduce costs, Malaysia Airlines
is planning to renegotiate key contracts,
including those with airports.
The person close to the company said
that he expected Mr Mueller to intro-
duce a new trading name for Malaysia
Airlines, although the chief executive
declined to comment on this at the press
conference. “He has to leave behind the
baggage of the past,” said this person.
If the turnround is successful, Malay-
sia Airlines could seek a new stock mar-
ket listing before the end of the decade.
★ FINANCIAL TIMES
COMPANIES
Historic: the area around the shipyard where Poland’s freedom fight against communism began, has been transformed by an offshoring boom — Kacper Pempel/Reuters
Gdansk emerges as outsourcing hotspot
Foreign groups are attracted by
the Baltic port’s talent pool, low
costs and proximity to the west
HENRY FOY — GDANSK
International companies are piling into
Poland’s historic city of Gdansk as they
look to the country’s fastest growing
outsourcing destination as a way to cut
costs while keeping expertise.
Deutsche Bank, State Street and
Toshiba are planning investments in
Gdansk, according to three people with
knowledge of the talks, as part of a rush
into the city that could add 5,000 jobs
over the next two years.
Banks, professional services compa-
nies and global conglomerates that tra-
ditionally shipped back-office work to
Asia are keen to move more complex
tasks out of their head offices, and are
attracted to Poland’s proximity to west-
ern capitals, EU membership, large tal-
ent pool and lower costs.
Poland is eastern Europe’s leading
business process outsourcing (BPO)
destination, attracting western compa-
nies looking to trim costs without cut-
ting specific skills, and employing more
than 150,000 people across the country
in finance, logistics and sales functions.
Gdansk, on Poland’s northern Baltic
coast, now derives almost a third of its
General financial. Foreign investment
economic activity from service centres
for global business.
“Today you drive through the city and
it is office after office after new develop-
ment,” said Michał Gryglewski, manag-
ing director of Sony Pictures’ business
services operation in Gdansk. “It has
been dynamic. We have tapped into the
local market and developed it as well.”
This year, Bayer and ThyssenKrupp
of Germany, Arla of Denmark, Wipro of
India, Staples of the US and PwC of Brit-
ain are adding close to 3,000 jobs
between them in Gdansk. US invest-
ment group State Street and Deutsche
Bank are both looking at announcing
moves to employ about 1,000 people
each by the end of the year.
“We are seeing a sudden boom in new
investments and growth,” said Jacek
50 km L IT HUAN IA
Baltic Sea
Kaliningrad
( RU SS IA)
Gdansk
POLAND
Warsaw
Levernes, president of industry lobby
group the Association of Business Serv-
ice Leaders.
“Gdansk is already the new big player
in outsourcing and offshoring in
Poland,” he added.
Lufthansa, the German airline, has an
IT centre in Gdansk that runs its global
flight scheduling. Thomson Reuters, the
news and information company, has
more than 1,000 employees in the city
reporting on financial markets around
the world. Bayer runs all of its interna-
tional sales through the city.
Known as Danzig until the end of the
second world war, Gdansk was the
birthplace of Solidarity, the trade union
that helped overthrow Poland’s com-
munist regime. The city began to attract
a steady stream of global companies
after the 2008 financial crisis, tapping
the city’s large stream of IT-savvy grad-
uates available at low cost.
It is no coincidence that the Univer-
sity of Gdansk’s main building is nestled
between office blocks and business
parks that line the main dual carriage-
way through the city. It is a two-minute
walk for graduating students to the
offices of PwC, Cognizant or Bayer.
“This is absolutely rebranding the
city,” said Paweł Adamowicz, the mayor.
“It is hugely important. We lack the
finance, the capital of western cities. But
we offer something extra, something
competitive. We offer our brains, our
Tuesday 2 June 2015
intelligence.” Mr Adamowicz says out-
sourcing accounts for as much as 30 per
cent of the city’s economy, and is its fast-
est growing industry.
That is a fillip for construction and
real estate companies too. By the end of
this year, the total modern office stock
in Gdansk and the surrounding area will
have more than doubled since 2008,
with 44 per cent of demand coming
from the BPO sector, according to Jones
Lang LaSalle, a real estate services com-
pany.
Of the 47 investment projects into
Gdansk and its surrounding area over
the past four years, 40 have been for the
BPO industry, according to Marcin
Piątkowski, director of Invest in Pomer-
ania, the regional promotion agency.
“In the past few years we have seen 15
per cent job growth annually,” he said. “I
think we can keep this pace . . . as long
as we can deliver people to the market.”
Arla, the Danish food company, was
one of the first to set up shop in Gdansk
in 2008 and recently agreed to take on
more office space to increase its head-
count in the city.
“There are at least twice as many
companies coming in right now com-
pared to a few years ago in terms of
headcount,” said Marcin Tchorzewski,
managing director of the company’s
Gdansk BPO centre.
“The next two years are going to see at
least 3,000 new jobs.”
Tuesday 2 June 2015 ★ FINANCIAL TIMES 21

COMPANIES

Financial services. Shopping spree Food producers

Chinese groups take fight to Portuguese battleground
Acquisitive groups Anbang
and Fosun lock horns over
third-largest lender by assets
PETER WISE AND MARTIN ARNOLD
Say Fosun or Anbang to most Europeans
and they will probably shrug. But this
could be about to change as the two
acquisitive Chinese groups continue to
snap up assets across Europe’s strug-
gling financial services sector.
The main battleground is in Portugal,
where China has become the biggest
source of foreign direct investment. By
the end of June, Fosun International and
Anbang Insurance are expected to sub-
mit the highest final bids for Novo
Banco, the country’s third-biggest bank
by assets.
A €4bn-plus acquisition of Novo
Banco would represent more than 2 per
cent of the country’s gross domestic
product. It would almost certainly make
Portugal the leading EU destination for
Chinese investment this year.
Chinese groups have already invested
almost €6bn in Portugal since the euro-
zone debt crisis erupted in 2011, or more
than €10bn if an investment of €4.4bn
in Petrogal Brasil, part of Portugal’s Galp
Energia group, is included.
Last year, Fosun paid €1.7bn for 80
per cent of Fidelidade, a Portuguese
insurer. Fidelidade went on to buy ES
Saúde, a private hospital operator that
was previously owned by the Espírito
Santo group. It also bought a 5 per cent
stake in Redes Energéticas Nacionais,
Portugal’s national grid operator.
People familiar with the situation say
that Fosun and Anbang are now locked
in a two-way contest for Novo Banco,
outbidding rival suitors including
Spain’s Santander and US private equity
groups Apollo Global Management and
Cerberus. Novo Banco was created last
year as the “good bank” formed out of
the ashes of the failed Banco Espírito
Santo, which was once the country’s big-
gest lender by assets, but which col-
lapsed amid allegations of fraud.
The lossmaking Novo Banco has been
relieved of €7bn in toxic assets and has
Bankers are split on whether a Chinese takeover of Novo Banco would be good for Portugal’s financial sector — Hugo Correia/Reuters
inherited a €40bn loan portfolio from
BES — of which 70 per cent is corporate
lending — considered one of its most
attractive assets. Its deposits totalled
€26.6bn in December.
An added attraction for the Chinese
bidders is that the bank owns 9.7 per
cent of Banco Econômico in Angola, an
oil-rich country that is also attracting
large amounts of Chinese investment.
As part of its rescue, Novo Banco
received €4.9bn in fresh capital from
Portugal’s bank resolution fund, which
was bolstered for that purpose with the
help of a €4.4bn state loan. The fund is
owned by all the country’s banks and is
Novo Banco’s sole shareholder.
Portuguese bankers seem torn. Some
argue that the priority should be to sell
Novo Banco to the highest bidder to
recover as much of the €4.9bn as possi-
ble.
Any shortfall will have to be paid for
A €4bn-plus acquisition of
Novo Banco would
represent more than 2 per
cent of the country’s GDP
by the other banks. This favours the Chi-
nese bidders, which have already made
indicative offers well ahead of rivals.
Other Portuguese financiers say that
the country’s banking system needs
more consolidation. This could be
achieved by selling Novo Banco to
Santander Totta, the Spanish lender’s
local subsidiary, to create the country’s
dominant bank.
Santander Totta is the only Portu-
guese lender to have made a profit in its
domestic operations over the past two
years. But creating an even more power-
ful Spanish bank could spark political
opposition ahead of Portugal’s autumn
general election.
Another Lisbon banker said that the
buyer of Novo Banco may seek protec-
tion clauses as part of the deal, to safe-
guard the bank’s assets from legal
actions. Investors are attempting to
recover their losses following
the collapse of BES last summer.
Goldman Sachs, New Zealand’s state
retirement fund and other international
funds are among investors challenging
the way BES was bailed out with the
backing of the European Commission.
Carlos Costa, the governor of the cen-
tral bank, told a parliamentary commit-
tee last Wednesday that the European
Commission was being kept “perma-
nently informed” about the Novo Banco
sale process.
He said that the time it took to select a
buyer once the binding offers were in
would depend on how close the bids
were. Banks were now in the phase of
due diligence and preparation of their
final offers, he said.
Chinese duck
group defaults
as banks refuse
to extend loans
GABRIEL WILDAU — SHANGHAI
A profitable Chinese duck-processing
company has defaulted on its debts
after banks refused to roll over its loans
— in a sign of lenders’ wariness over
refinancings as China’s economy slows.
Until recently Chinese banks had been
reluctant to write off big debts, prefer-
ring to keep businesses alive by rolling
over their loans. But privately owned
Zhongao has cited banks’ tighter lend-
ing policies as a reason why it lacked the
funds to repay Rmb282m ($45.5m) in
principal and interest despite turning a
profit last year.
It has now defaulted on debt from 13
banks, and warned it may not be able to
repay Rmb200m in bonds maturing on
June 12. If it fails to pay bondholders, it
will add to recent defaults in China’s
bond market where, until recently,
many had assumed the government
would not allow them to take losses.
Unlike other defaulters, Zhongao
remains profitable, according to its
statements. It made a net profit of
Rmb388m in the first nine months of
2014, up 42 per cent over a year earlier.
In late April, though, it said that release
of its fourth-quarter 2014 and first-
quarter 2015 results would be delayed.
“A portion of financial institutions are
continuously taking measures to com-
press credit toward our company, caus-
ing persistent tightness in funds,”
Zhongao said in a disclosure to the
National Interbank Funding Center.
It also cited the slowing economy,
weak customer demand and intense
competition as reasons for its difficulty
in repaying loans.
China has cut benchmark interest
rates three times since November as
well as taking other measures to spur
bank lending and reduce corporate
financing costs. But analysts point out
that non-state entities such as Zhongao
have less clout to demand that banks
roll over their loans.

Oil & gas

Gazprom Neft sells oil to China in renminbi as

Ukraine sanctions force Russian policy shift
JACK FARCHY — MOSCOW
Gazprom Neft, Russia’s third-largest oil
producer, is settling all of its crude sales
to China in renminbi, in the most clear
sign yet that western sanctions have
driven an increase in the use of the Chi-
nese currency by Russian companies.
Russian executives have talked up the
possibility of a shift from the US dollar
to renminbi as the Kremlin launched a
“pivot to Asia” foreign policy partly in
response to the western sanctions
against Moscow over its intervention in
Ukraine, but until now there has been
little clarity over how much trade is
being settled in the Chinese currency.
Gazprom Neft, the oil arm of state gas
giant Gazprom, said on Friday that since
the start of 2015 it had been selling in
renminbi all of its oil for export down
the East Siberia Pacific Ocean pipeline
to China.
Russian companies’ crude exports
were largely settled in dollars until the
summer of last year, when the US and
Europe imposed sanctions on the Rus-
sian energy sector over the Ukraine cri-
sis. Those sanctions restricted financing
in dollars and euros for certain Russian
energy companies, including Gazprom
Neft. Although the US and European
sanctions expressly allowed customers
to continue paying Russian companies
for oil and gas sales in dollars and euros,
the sanctions triggered alarm among
Russian executives, who viewed the
measures as a sign that the west was
willing to use currency as a weapon.
Gazprom Neft responded more rap-
idly than most, with Alexander Dyukov,
chief executive, announcing in April last
year that the company had secured
agreement from 95 per cent of its cus-
Alexander Dyukov, Gazprom Neft’s
chief, reacted swiftly to sanctions
tomers to settle transactions in euros
rather than dollars, should the need to
do so arise.
Mr Dyukov later said that the com-
pany had started selling oil for export in
roubles and renminbi, but he did not
specify whether the sales were signifi-
cant in scale.
According to Gazprom Neft’s first-
quarter results issued last month, the
East Siberian Pacific Ocean pipeline
accounted for 37.2 per cent of the com-
pany’s crude oil exports of 1.6m tonnes
in the three months to March 31.
This implied a volume of about
50,000 barrels a day, worth more than
$1bn a year at today’s prices.
Other Russian energy groups have
been more reluctant to drop the dollar
for settlement of oil sales, because the
lower liquidity of alternative currencies
is likely to result in higher costs.
Meanwhile, Russian companies are
trying to raise more capital from China,
amid a near-total freeze in new western
lending because of the Ukraine-related
sanctions. Gazprom last year listed its
shares in Singapore, while Rosneft, the
country’s largest oil producer, has nego-
tiated credit lines with Russian state
banks in renminbi.

Mining

Asia Resource edges towards Indonesian cash

offer over rival plan by financier Rothschild
JAMES WILSON
— MINING CORRESPONDENT
Embattled coal miner Asia Resource
Minerals is edging towards a takeover
by an Indonesian-backed consortium
that has made an offer for the UK-listed
company, saying that this could be a
better option than a rival proposal
from financier Nat Rothschild.
With Asia Resource racing to conclude a
debt restructuring and struggling to
exert control over its main operating
subsidiary, the miner said yesterday
that a £100m deal with Asia Coal Energy
Ventures was “a viable way forward”.
ACE, which is backed by Indonesia’s
Widjaja family, has been vying for con-
trol of Asia Resource with Mr Roth-
schild, who founded the miner four
years ago — when it was known as Bumi
— and remains a leading investor.
Mr Rothschild has put forward a
recapitalisation plan that if imple-
mented would see him gain majority
control of Asia Resource.
Asia Resource’s acknowledgment of
the viability of the ACE offer stopped
short of a formal board recommenda-
tion that investors should back the plan.
It said that it wanted to “retain for the
present the availability” of Mr Roth-
schild’s plan.
But the miner said that the elements
of the ACE proposal — involving a 41p-a-
share cash offer and a recapitalisation to
avert the need for a $450m bond repay-
ment in July — “appear a better option
for the company at this stage” if certain
conditions for a deal were satisfied.
“ACE’s proposals should . . . at this
stage be the company’s primary focus,”
Asia Resource added.
Shares in Asia Resource have been
suspended since May 22, with the com-
pany admitting that it has little informa-
tion about what is happening at its only
operating unit, a coal miner in Indone-
sia called Berau.
According to Asia Resource, Amir
Sambodo, its former chief executive, is
asserting that he remains the leading
manager at Berau and is stopping com-
pany staff gaining access to its premises
or accounts.
People familiar with Mr Rothschild
said that his offer remained available
and noted that independent investors in
Asia Resource would still have to vote on
conditions of the ACE offer.
22
Cameron seeks to reward stealth Tories with Lloyds retail share sale
Conservatism was the love that dared
not speak its name in last month’s
election. Stealth Tories confounded
pollsters by giving David Cameron a
majority. If discounted retail share
sales in Lloyds Banking Group and
Royal Bank of Scotland are their
reward, the government should tailor
the transactions to their furtive
proclivities
The public offering website could be
disguised as Boden.co.uk or the cricket
scores, protecting would-be subscribers
from embarrassment when logging on
during office lunch hours. Paper
documents should go out in plain
envelopes, lest the lefties in the ground
floor flat — so tolerant of extramarital
flings and recreational drugs — cracked
on and disapproved.
You do not need to be a socialist to
object to giveaway share offers. There
General financial
Brokers turn to
crowdfunding for
start-up listings
Individuals given chance to
invest as little as £100 amid
innovative website tie-up
JUDITH EVANS
Corporate finance houses including
FinnCap and Grant Thornton are to list
early-stage equity deals on a crowd-
funding website in the first tie-up of its
kind.
The brokers plan to list a portion of
investments that have typically been
available only to wealthy investors and
venture capitalists, offering the same
terms to individual investors as institu-
tions. People will be able to invest as lit-
tle as £100.
The arrangement demonstrates the
extent to which City firms have begun to
take equity and debt crowdfunding seri-
ously as its growth accelerates.
InvestingZone, a crowdfunding site
backed by venture capitalist Jon
Moulton, will begin by offering equity in
Every Cloud, a UK-based cloud comput-
ing company, through the Manchester-
based broker Acceleris.
“These are deals that the public
wouldn’t normally get to see, deals that
have already had quite a bit of institu-
tional investment,” said InvestingZone
chief executive Jean Miller.
Ms Miller said that the brokers, which
also include Nexus and CMR, agreed to
take part because companies are
increasingly turning to crowdfunding
for finance in their early stages.
“They [the brokers] realised that if
they don’t have a profile in this growing
market they could lose out. This is a
good way to get sensible companies in
Travel
were groans in the City yesterday,
when the government said it planned
to sell £4bn of its £9bn stake in Lloyds
this way in the next 12 months.
The idea of an incoming government
honouring pre-election promises is
admittedly shocking. Moreover,
analysts are sceptical of the need for
the operation, which would
presumably be followed by a copycat
sale of shares in Royal Bank of Scotland
after an ice-breaking institutional
placing later this year. Chirantan Barua
of Bernstein, for example, thinks the
Treasury should stick with the low-risk
policy of drip-feeding Lloyds shares
into the market.
But Thatcherstalgia is ingrained in
Tory thought patterns, and with it the
desire to strike a blow for popular
capitalism. Working class males were
the apparent target of a marketing
campaign for the British Gas
privatisation in 1986 with the slogan:
“If you see Sid, tell him.” These days,
forty-something professional couples
would be key recipients of largesse
worth £400m, assuming a 10 per cent
discount to the Lloyds market price.
The Treasury’s financial loss would be
the pipeline and it also increases invest-
ment capacity.”
Some £84m was raised through
online equity crowdfunding platforms
last year, according to Nesta, an innova-
tion charity, while three big platforms
have between them done £38m of deals
this year, according to the data provider
AltFi.
The Financial Conduct Authority has
warned that crowdfunding is very risky
for investors, saying “you are very likely
to lose all your money” in the asset class,
as most start-ups fail.
Simon Thorn, corporate finance exec-
utive at Acceleris — which advised on
the £15m Aim flotation of Redx Pharma
in March — said that his company
expected to offer about five deals
through InvestingZone this year.
The company is keen to support
efforts to professionalise crowdfunding,
he added. “Crowdfunding is a fantastic
way for early-stage or start-up compa-
nies to attract a first round of funding.
But if that’s not carried out profession-
ally — if it was at, say, a very high valua-
tion — then that could be a problem
later. It needs to be done with a com-
monsense approach.”
Crowdfunding has offered companies
the chance to raise money cheaply from
relatively undemanding retail investors.
High-profile fundraisers have included
BrewDog, the independent Scottish
brewer, which runs its own crowdfund-
ing platform.
But the sector is increasingly forging
links with established finance. Syndi-
cateRoom, another platform, offers
deals led by “angel” investors, who
negotiate terms with start-ups on behalf
of the crowd.
★ FINANCIAL TIMES
UK COMPANIES
the Conservative party’s political gain.
If you see Mr and Mrs Closet
Conservative, tell them. Discreetly.
Sink or swim
The ex-Israeli army instructor who
taught Lombard to scuba dive
described his method as “pushing Brits
in the Red Sea and giving certificates to
the ones that come up again”. Israel-
rooted gambling technology group
Playtech is equally sanguine about risk.
It is bidding £460m for Plus500, a
broker of contracts for difference that
may have big regulatory liabilities.
The bid at 400p per share, a 48 per
cent discount to a recent peak in the
target’s share price, looks highly
opportunistic. Plus500’s stock slumped
to 248p a fortnight ago when the group
said tougher anti-money laundering
checks would delay account openings
and cash withdrawals.
The Financial Conduct Authority is
evidently concerned about compliance
at Plus500, where new customers were
approved through so-called “online
verification”. Other jurisdictions are
Cornish pastiche
ITV crafts deal
to buy maker of
hit show Poldark
said to be taking an interest. The tough
stance of the US towards weak money-
laundering controls has been
illustrated by fat fines for UK banks.
Playtech has done well creating
systems for the likes of Ladbrokes and
William Hill that allowed retail
gamblers to take risks. Now it wants to
take a punt of its own on the Aim-
quoted broker, whose customers are
often independent traders who put up
minimal collateral
In the circumstances, investors in
Plus500 should grit their teeth and
vote for the deal. Even then, they may
not be off the hook immediately.
Playtech can walk away from the
transaction before completion in
September. Clauses in the agreement,
which is not governed by the UK’s
Takeover Panel, could permit this if the
regulatory situation worsens.
Company spokesperson
Jon Ferrier is the managerial
equivalent of a folding umbrella. Gulf
Keystone, the Kurdish oil group, is up
for sale, so it may not need his services
ITV has bought Mammoth Screen, the
maker of the hit Cornish drama
Poldark, eight years after it first
invested in the company.
The UK’s biggest commercial
broadcaster has committed £1.4bn
including earnouts to acquiring TV
production companies since 2010,
responding to the rise of streaming
services such as Netflix.
ITV withdrew from talks to acquire
Harvey Weinstein’s TV production
company, whose shows are mostly at
an early stage of development.
The deal for Mammoth is among
ITV’s smaller transactions. The
broadcaster bought 25 per cent of the
Banks
Retail sale of Lloyds shares within 12 months
EMMA DUNKLEY
The government will launch a retail
sale of shares in Lloyds Banking Group
within the next 12 months as it acceler-
ates plans to offload the rest of its
£13.6bn stake.
The Treasury yesterday said that it was
extending a programme of drip-feeding
shares into the market until the end of
the year, having recovered £3.5bn since
December. It revealed that it had sold a
further 1 per cent of its stake in Lloyds,
reducing the taxpayer’s holding to
below 19 per cent.
The government also committed to
selling off a portion of its stake to indi-
vidual investors, stating that it would set
out further details in “due course”.
David Cameron, prime minister,
unveiled plans last month before the
as incoming chief executive. But he
could come in handy if the outlook
darkens because talks have failed.
Besides, a company that has a
strategy for an independent future
should sell for more than one that does
not. Replacing John Gerstenlauer, who
is retiring, with the former Maersk Oil
executive is a way for Gulf Keystone to
show there is life in the old dog yet.
Shares in Gulf Keystone are 92 per
cent below their 2011 peak. The
Kurdistan Regional Government has
prioritised buying weapons to fight
Islamic State over paying oil exporters.
Gulf Keystone, which is burning
through $8m-$10m a month, had
cash of $85m at the last record date.
The group’s likely fate therefore
swithers between a takeover or a debt-
for-equity swap that wipes out
shareholders. A third possibility is that
Mr Ferrier, who knows his way round
the imperilled oil boomtown of Erbil,
will persuade the Kurds to pay their
debt of some $100m to Gulf Keystone.
He would then look more like an heir
than a spare.
jonathan.guthrie@ft.com
company in 2007 for £1m, and has
now acquired the remainder for an
undisclosed sum, which is below
£10m according to one person
familiar with the deal.
Mammoth’s revenues peaked in
2012 at £24.6m, falling sharply to
£9.5m the following year, the last for
which published accounts are
available. Nonetheless, the deal will
mean a payday for its founders
Damien Timmer and Michele Buck,
who worked for ITV before leaving
to set up the company.
An average of 8.1m viewers
watched the Poldark series on BBC
One this year. Henry Mance
Photo: Mike Hogan/Mammoth Screen
election for a £4bn retail share sale at a
discount to market price, as part of a
push to offload another £9bn stake this
year.
Lord Blackwell, chairman of Lloyds,
said after the bank’s annual meeting in
May that “it’s possible and would be
very desirable” for the government to
finish selling its holding in Lloyds within
the next year.
Chancellor George Osborne said that
the government was “determined to get
on with the job of returning Lloyds to
private ownership”.
The trading plan — of drip-feeding
shares — was set to finish at the end of
June. This will be extended for six
months until the end of 2015, with pro-
ceeds returned to the taxpayer and used
to pay down the national debt.
The plan differs from the govern-
Tuesday 2 June 2015
Briefs
Nationwide
Tookey joins board
Nationwide Building Society has
hired the former finance director of
Lloyds Banking Group to bolster its
board a week after announcing the
departure of chief executive
Graham Beale.
The UK’s largest building society
has appointed Tim Tookey, below,
as a non-executive director and
chair of the board risk committee.
Mr Tookey served as group
finance director of Lloyds between
2008 and 2012 and was involved in
the bank’s ill-fated acquisition of
HBOS, which ultimately led to its
£21bn state bailout.
Most recently he held the role of
chief financial officer at insurance
firm Friends Life group.
During his time at Lloyds, he
assumed the role of interim chief
executive after António Horta-
Osório stood down temporarily in
2011 due to ill health.
Nationwide is planning to unveil
its banking application on the Apple
Watch in the next two months. It
has spent £2bn overhauling its
technology platform in the past five
years. Emma Dunkley
BAT
EM push with TDR deal
British American Tobacco is
continuing to broaden its presence
in emerging markets as cigarette
consumption in the developed
world falls.
BAT has signed an agreement to
buy TDR, which it says is the
leading independent cigarette
manufacturer in central Europe, for
a total enterprise value of €550m.
TDR is being sold by Adris for a
valuation representing 12.5 times
earnings before interest, tax,
depreciation and amortisation.
Nicandro Durante, BAT’s chief
executive, said: “This is an exciting
acquisition for BAT, which will
provide immediate scale in three
core markets of Croatia, Bosnia and
Serbia and establishes a sustainable
platform to grow our business in
central Europe.”
Tobacco consumption has fallen
by 2 percentage points in the EU
since 2012 to 26 per cent. FastFT
Gulf Keystone
Ferrier set to be CEO
Gulf Keystone Petroleum is
planning to appoint former Maersk
manager Jón Ferrier as its chief
executive, as the struggling oil
producer pursues a possible sale of
the company or some of its assets.
London-listed Gulf Keystone is
one of several oil explorers in the
autonomous region of Kurdistan
that have experienced delays in
securing revenues from the
Kurdistan Regional Government for
exports under production-sharing
agreements.
The proposed appointment of Mr
Ferrier comes three months after
the resignation of Simon Murray as
chairman amid criticism of other
board members’ pay and the
company’s corporate governance.
Mr Ferrier replaces John
Gerstenlauer, who spent seven
years with the company. Jeremy
Grant and Michael Kavanagh
ment’s previous share disposal methods
of selling chunks of its stake to institu-
tional investors at a discount.
Under the conditions of the plan,
which allow for a simultaneous retail
sale, shares will be sold only above the
73.6p price at which the government
bought shares in the bank.
Shares in Lloyds yesterday rose 1 per
cent to close at 88.7p, up from 76p at the
start of the year.
The bank started paying dividends in
May for the first time in six and a half
years, allowing income-seeking fund
managers to hold the shares again after
being forced to sell in 2008 when pay-
outs were cut. About 6 per cent of the
government’s holding in the bank has
been sold through the trading plan in
the past three and a half months.
See Lombard
Tuesday 2 June 2015 ★ FINANCIAL TIMES 23

UK COMPANIES

Travel & leisure. Extended gamble

Playtech moves deeper into financial trading with Plus500 deal

Acquisition of contracts for
difference broker is part of
diversification from gaming
JOHN AGLIONBY AND KADHIM SHUBBER
Playtech, the online gaming and sports-
betting company founded by Israeli bil-
lionaire Teddy Sagi, has extended its
move into financial trading with an
agreed deal yesterday to buy the equity
of Plus500, a contracts for difference
broker, for £460m in cash.
The acquisition comes two months
after Playtech bought 91.1 per cent of Mr
Sagi’s TradeFX, a platform for CFD and
binary options trading, for €208m. The
offer comprises 400p cash for each
Plus500 share.
Mor Weizer, Playtech’s chief execu-
tive, said the deal, which took only a
week to seal, is part of the company’s
strategy to diversify away from gaming
by using its “core competencies” of
product infrastructure, marketing and
customer relationship management.
He added: “As an immediately earn-
ings-enhancing acquisition, the combi-
nation of the two businesses is compel-
ling, enabling us to apply our market-
leading products and services to the
enlarged financial trading business as
we continue to execute our growth strat-
egy for the group.”
After the deal is completed, financial
trading is likely to account for between
35 and 40 per cent of Playtech’s busi-
ness, with about 150,000 active traders,
“and is growing faster than gaming”, Mr
Weizer said.
He was also confident that some of
these traders could be enticed to start
gambling, with binary options a likely
avenue of interest.
The sector is still very fragmented so
further consolidation is likely, Mr
Weizer said. Playtech has already
announced thatit is looking to spend a
further €100m in the near future.
Playtech moved for Plus500, which is
based in Israel and listed in London,
after the CDF broker’s share price col-
lapsed from 781p on May 13 to 198p nine
days later. The fall was prompted by the
Winning line: Teddy Sagi, below, founder of Playtech, which is expecting financial trading to account for 35-40 per cent of business after the deal completes
company coming under scrutiny when
the UK’s Financial Conduct Authority
ordered a review of its anti-money laun-
dering procedures.
The group subsequently prohibited
all transactions for existing customers
and stopped taking new ones. Playtech
said that while Plus500’s “products,
technology and marketing skills remain
strong, the recent regulatory scrutiny
placed on Plus500 has highlighted the
advantages of expanding the opera-
tional infrastructure”.
Plus500’s board expects group reve-
nue for 2015 to be lower compared with
2014, with margins “expected to be sig-
nificantly lower due to maintained mar-
keting spend”, the companies said.
But Mr Weizer expects the regulatory
issues to be resolved within a month.
Nick Batram, analyst at Peel Hunt,
said that the deal could turn out to be
Playtech’s best gamble yet, but he put
the company’s buy rating under review.
Last month Crispin Odey’s hedge
fund, Odey Asset Management,
increased its stake in Plus500
to become its biggest shareholder.
Under the Playtech deal, Plus500 would
be integrated with TradeFX into one
offering but the two would continue to
operate under their respective brands.
“This is not about cost synergies but
about revenue synergies and combining
the best of both,” Mr Weizer said.
Playtech holds one of the strongest
hands in online gambling after turning
it into a multinational, multiplatform
industry, aligning algorithmic wizardry
to the public’s increasing appetite for
betting. In February, it reported a 29 per
cent increase in adjusted pre-tax profit
to €190.8m for the year to December 31
on the back of a 24 per cent increase in
revenues to €456.8m.
Mr Sagi founded Playtech in 1999 and
took the company public in London in
2006. He made £326m last year by sell-
ing a 15.4 per cent stake in the company.
He remains the largest shareholder,
owning 33 per cent through investment
vehicle Brickington Trading, which has
approved the offer.
The companies expect the deal to
complete by the end of September, sub-
ject to regulatory approval.
Playtech’s shares fell 5 per cent in
early London trading but recovered in
late trading, up slightly on the day, 0.12
per cent, to 831p. Plus500 shares rose
almost 9 per cent to 403p, above the
offer price, before falling back to 374p —
1 per cent up on the previous close. Can-
accord Genuity is acting as sole financial
adviser to Playtech.
Additional reporting by Naomi Rovnick
See Lombard
Sagi’s UK savoir-faire
Israeli entrepreneur who
set up shop in London
Teddy Sagi’s rapid-fire dealmaking
has been good for London.
“When you think about the Israeli
entrepreneurial set, most are
focused on New York or Silicon
Valley, but Teddy is a London guy,”
said Jon Medved, founder and CEO
of OurCrowd, an Israeli
crowdfunding company.
“All these new gaming companies
have seen London as their market
of choice.”
The 42-year old’s rise to
billionaire status — Forbes has him
as Israel’s eighth richest man with
an estimated net worth of $3.5bn —
has not been without controversy.
He had a difficult relationship
with Britain’s biggest bookmaker,
William Hill, over their joint venture,
William Hill Online.
Playtech, which provides
gambling software to companies
such as William Hill and Ladbrokes,
was prevented from selling its stake
in WHO after William Hill took out
an injunction against its partner.
Later, William Hill’s attempt to buy
a mobile-betting operator
collapsed, allegedly after Playtech
objected.
Before starting Playtech, Mr Sagi
was convicted in Israel of fraud and
bribery and jailed for 18 months.
An Israeli businessman in the
tech industry said that while Mr
Sagi had diversified away from
gambling he was still interested in
the sector. He said tretail trading
businesses such as Plus500 were
“very similar to gambling: the kind
of leverage you give consumers
makes it very much like gambling”.
Playtech said that Plus500 was a
“unique opportunity” owing to its
“market reach, advanced
technology, product
offering . . . and customer
relationships”.

Game on
Fine line blurs between
trading and gambling
Why is Playtech, an online gaming
company, buying Plus500?
The distinction between trading and
gambling has long been a fine one, and
this deal shows the lines dividing them
are blurring even further.
Playtech has specialised in online
gaming, but the profile of its average
user — male, in his 30s or 40s — is not
so different from that of a trader of
mainstream financial instruments such
as stocks and shares. Add to that the
growth of so-called “self-directed”
investing — trading on your own,
rather than using a financial adviser —
and the easy availability of low-cost
online trading tools, and there is a
chance for companies such as Playtech
to attract business from people whose
habits are similar to those of gamers.
An early sign of that trend came five
years ago when IG Group, one of the
largest CFD — or spread betting —
companies, offered its customers
access to share trading on BATS
Europe, one of a few alternative trading
platforms that sprang up at the time to
challenge the London Stock Exchange.
What are CFDs?
CFDs are financial derivatives products
that allow investors to bet on future
movements in stocks, foreign exchange,
commodities, exchange traded funds,
and even sports and political events.
They can be bought online through
brokers such as IG Index, City Index and
CMC Markets — all among the biggest
players — and smaller challengers such
as Plus500. A CFD is a contract
between an investor and an investment
bank or a spread betting firm. At the
end of the contract, the parties
exchange the difference between the
opening and closing prices of a
specified financial instrument. CFDs
enable investors to gain economic
exposure to a listed company for a
fraction of the cost of buying shares.
They also escape stamp duty.
Can you make a killing on CFDs?
Because you only have to put down a
small deposit on trades, called “margin”,
you can make large profits on the
money you commit, from small moves
in the price. But losses for wrong-way
bets can be large too. In January the
Swiss National Bank’s decision to
remove its ceiling on the franc’s value
against the euro caused losses for many
spread betters as they were faced with
calls for payments of margin, a form of
insurance against trading losses.
This sounds like legalised gambling. Is
it regulated properly?
Most CFD companies operate out of the
UK, where the Financial Conduct
Authority requires them to adhere to
anti-money laundering and “know your
customer” rules. In the UK about 90
regulated firms offer CFD trading, a
fifth under the eye of the FCA, while
the rest have a regulatory “passport” to
operate after registering in the EU,
typically Cyprus. About 40 per cent of
Plus500’s customers are Cyprus-based,
according to broker Numis. Plus500
came under scrutiny after the FCA
ordered a review of its anti-money
laundering procedures. This prompted
the company to prohibit all transactions
for existing customers and stop taking
new ones.

Banks

‘Grey area’ of Libor rate manipulation was

industry-wide, Hayes tells SFO investigators
LINDSAY FORTADO
Tom Hayes told investigators that his
efforts to “move the rates up and
down” while he worked at UBS and Citi-
group were “industry-wide practice”
and that he believed he was operating
in a “grey area”, a jury heard yesterday.
Mr Hayes, who is the first person to face
trial in the global Libor rate-rigging
scandal, also said that he never had any
compliance training and was not told
not to manipulate rates at the banks,
according to audio recordings of evi-
dence he gave to the Serious Fraud
Office, played in Southwark Crown
Court yesterday.
“I knew I was operating in a grey area
and I know I was trying to move the
rates up and down,” said Mr Hayes, who
is accused of leading a conspiracy
among 25 traders and brokers to rig
rates to profit from derivatives trades.
“I probably shouldn’t do it but, like I
said, I was participating in an industry-
wide practice that predated my arrival
at UBS and postdated my departure,” he
told the SFO, which is prosecuting him.
Mr Hayes worked for UBS from Sep-
tember 2006 until the end of 2009,
when he left for higher pay at Citigroup.
The New York bank later fired him after
it uncovered his alleged misconduct.
He is accused of rate rigging over the
four-year period but denies wrongdo-
ing.
‘It was natural for us to
discuss that in the same
way we would discuss oil
if we traded oil’
Regarding his disciplinary interview
with Citigroup when he was fired, he
told the SFO: “I was pretty confused
about everything. I kept saying to the
guy, well what rules have I broken?
“We would discuss positions and dis-
cuss Libor all the time amongst the
group of friends that I had who traded
yen; of course, it was natural for us to
discuss that in the same way we would
discuss oil if we traded oil,” he said.
“Would we deliberately align posi-
tions? On the main, no,” Mr Hayes said.
There was “one occasion where there
was a very deliberate attempt by me and
a guy at Deutsche Bank, Guillaume
Adolph, to align our positions,” he said.
“That was probably the most dishon-
est . . . that is basically price fixing, as
the US likes to call it, or whatever, anti-
trust.
“You can’t call someone up every day
and say, ‘Mate, can you do me a favour?
Can you set Libor high or low?’ It’d be
taking the piss.”
In chat transcripts shown to the jury,
Mr Hayes and Mr Adolph, who is named
in the indictment as a co-conspirator
but has not been charged, often spoke
about where rates should be set.
In a chat on May 21 2009, Mr Hayes
asked Mr Adolph: “cld you do me a
favour, would you mind moving up 6m
libor up a bit today, I have a gigantic fix.”
“I can do taht [sic]” Mr Adolph
responded.
Mr Hayes joined Citi in Tokyo in
December 2009 and began trading in
February 2010, the court heard. “In his
own words, ‘It was just like business as
usual,’” when he joined, said prosecutor
Mukul Chawla, QC.
The case continues.
24 ★★★ FINANCIAL TIMES Tuesday 2 June 2015

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 $

-0.44% -0.06% -0.547% -0.328% -0.278% -0.07%

0.21% 0.25% 0.16% 0.06% 0.03% 0.63% 0.330% 0.71%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
May 02 - Jun 01 Index All World May 02 - Jun 01 Index All World May 02 - Jun 01 Index All World May 02 - Jun 01 Index All World May 02 - Jun 01 Index All World May 02 - Jun 01 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
20,569.87
2,111.73 2,127.17
15,224.52 6,946.28 6,953.58 19,983.32
2,085.51 15,074.13 11,432.72 11,436.05 2,102.37

Day 0.21% Month 1.26% Year 9.78% Day 0.40% Month -1.73% Year 3.22% Day -0.44% Month -0.56% Year 1.49% Day 0.19% Month -0.16% Year 15.01% Day 0.03% Month 5.38% Year 40.58% Day -0.59% Month -1.17% Year 5.38%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
5,082.93 28,400.34 3,495.09
44,760.10 1,587.29 11,385.00
44,582.39 11,238.10
4,941.42 1,570.95 27,597.16 3,392.11
Day 0.25% Month 2.86% Year 19.81% Day 0.13% Month 0.40% Year 8.21% Day 0.06% Month 1.00% Year 15.19% Day 0.18% Month -1.29% Year 4.07% Day 0.63% Month -1.90% Year 19.56% Day -0.75% Month -2.95% Year 11.76%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
4,828.74 27,848.99
18,040.37 56,229.38 23,435.67
5,046.49 23,045.52 4,441.66
17,840.52 5,025.30 27,011.31
53,031.32
Day 0.16% Month 1.12% Year 7.92% Day 0.51% Month -5.69% Year 3.50% Day 0.35% Month -0.42% Year 11.19% Day -0.26% Month 1.69% Year 8.35% Day 4.71% Month 8.71% Year 136.79% Day 0.07% Month 3.10% Year 15.00%

Country Index Jun 01 May 29 Country Index Jun 01 May 29 Country Index Jun 01 May 29 Country Index Jun 01 May 29 Country Index Jun 01 May 29 Country Index Jun 01 May 29
Argentina Merval 10758.37 10800.86 Cyprus CSE M&P Gen 81.06 78.87 Italy FTSE Italia All-Share 25022.44 25071.51 Philippines Manila Comp 7670.37 7580.46 Taiwan Weighted Pr 9625.69 9701.07 Cross-Border DJ Global Titans ($) 244.17 244.20
Australia All Ordinaries 5734.00 5774.90 Czech Republic
PX 1028.08 1021.81 FTSE Italia Mid Cap 33402.99 33298.91 Poland Wig 55605.71 55531.79 Thailand Bangkok SET 1496.05 1493.61 Euro Stoxx 50 (Eur) 3575.04 3570.78
S&P/ASX 200 5735.40 5777.20 Denmark OMXC Copenahgen 20 989.39 981.80 FTSE MIB 23435.67 23495.68 Portugal PSI 20 5837.50 5839.50 Turkey BIST 100 82981.15 83569.62 Euronext 100 ID 984.94 983.52
S&P/ASX 200 Res 3547.60 3577.70 Egypt EGX 30 8782.55 8912.05 Japan 2nd Section 4923.41 4898.82 PSI General 2669.83 2674.26 UAE Abu Dhabi General Index 4561.36 4527.63 FTSE 4Good Global ($) 5749.02 5754.92
Austria ATX 2554.28 2568.76 Estonia OMX Tallinn 866.49 856.80 Nikkei 225 20569.87 20563.15 Romania BET Index 7507.29 7423.96 UK FT 30 3050.90 3056.60 FTSE All World 286.59 286.75
Belgium BEL 20 3700.43 3708.66 Finland OMX Helsinki General 8642.55 8610.91 S&P Topix 150 1417.39 1414.32 Russia Micex Index 1616.94 1609.19 FTSE 100 6953.58 6984.43 FTSE E300 1587.29 1586.30
BEL Mid 5945.75 5966.93 France CAC 40 5025.30 5007.89 Topix 1678.56 1673.65 RTX 953.88 968.81 FTSE 4Good UK 6237.11 6255.04 FTSE Eurotop 100 3172.63 3170.03
Brazil Bovespa 53031.32 52760.48 SBF 120 3964.59 3951.76 Jordan Amman SE 2190.38 2183.57 Saudi-Arabia TADAWUL All Share Index 9693.58 9688.69 FTSE All Share 3786.37 3797.12 FTSE Global 100 ($) 1366.88 1366.64
Canada S&P/TSX 60 878.20 875.04 Germany M-DAX 20625.26 20449.60 Kenya NSE 20 4786.74 4853.44 Singapore FTSE Straits Times 3392.11 3417.77 FTSE techMARK 100 4068.80 4048.32 FTSE Gold Min ($) 1207.52 1202.41
S&P/TSX Comp 15074.13 15014.09 TecDAX 1697.60 1692.54 Kuwait KSX Market Index 6285.14 6292.46 Slovakia SAX 251.34 251.34 USA DJ Composite 6306.81 6279.18 FTSE Latibex Top (Eur) 3471.30 3499.50
S&P/TSX Met & Min 731.19 727.52 XETRA Dax 11436.05 11413.82 Latvia OMX Riga 447.18 451.28 Slovenia SBI TOP 787.92 792.26 DJ Industrial 18040.37 18010.68 FTSE Multinationals ($) 1589.39 1602.19
Chile IGPA Gen 19492.02 19662.20 Greece Athens Gen 825.38 837.41 Lithuania OMX Vilnius 501.22 501.62 South Africa FTSE/JSE All Share 52073.88 52270.86 DJ Transport 8394.23 8299.75 FTSE World ($) 504.45 504.90
China FTSE A200 13002.86 12422.90 FTSE/ASE 20 249.66 252.70 Luxembourg LuxX 1715.31 1726.48 FTSE/JSE Res 20 41519.26 41916.95 DJ Utilities 587.95 586.98 FTSEurofirst 100 (Eur) 4530.92 4537.17
FTSE B35 15575.20 14954.68 Hong Kong Hang Seng 27597.16 27424.19 Malaysia FTSE Bursa KLCI 1743.41 1747.52 FTSE/JSE Top 40 46180.49 46285.65 Nasdaq 100 4521.85 4508.25 FTSEurofirst 80 (Eur) 4782.29 4774.98
Shanghai A 5056.19 4829.13 HS China Enterprise 14299.45 14103.81 Mexico IPC 44760.10 44703.62 South Korea Kospi 2102.37 2114.80 Nasdaq Cmp 5082.93 5070.03 MSCI ACWI Fr ($) 434.52 437.39
Shanghai B 521.89 494.58 HSCC Red Chip 5228.15 5176.19 Morocco MASI 9711.36 9608.63 Kospi 200 258.74 260.39 NYSE Comp 11061.68 11056.30 MSCI All World ($) 1779.31 1791.35
Shanghai Comp 4828.74 4611.74 Hungary Bux 22312.20 22378.74 Netherlands AEX 492.25 493.56 Spain IBEX 35 11238.10 11217.60 S&P 500 2111.73 2107.39 MSCI Europe (Eur) 1533.39 1533.32
Shenzhen A 3062.77 2922.63 India BSE Sensex 27848.99 27828.44 AEX All Share 750.90 752.64 Sri Lanka CSE All Share 7195.19 7220.29 Wilshire 5000 22300.34 22259.70 MSCI Pacific ($) 2534.22 2541.59
Shenzhen B 1590.18 1542.18 S&P CNX 500 6957.45 6959.85 New Zealand NZX 50 5844.95 5777.64 Sweden OMX Stockholm 30 1649.59 1644.99 Venezuela IBC 11091.85 10920.61 S&P Euro (Eur) 1583.90 1581.64
Colombia COLCAP 1306.62 1307.17 Indonesia Jakarta Comp 5213.82 5237.40 Nigeria SE All Share 34310.37 34355.31 OMX Stockholm AS 540.75 539.55 Vietnam VNI 574.98 569.56 S&P Europe 350 (Eur) 1630.88 1630.23
Croatia CROBEX 1746.19 1729.44 Ireland ISEQ Overall 6274.60 6362.13 Norway Oslo All Share 693.17 694.70 Switzerland SMI Index 9267.44 9237.79 S&P Global 1200 ($) 1971.99 1973.80
Israel Tel Aviv 100 14.59 14.53 Pakistan KSE 100 33563.38 33056.79 Stoxx 50 (Eur) 3449.18 3444.36
(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 Jun 01 %Chg %Chg Jun 01 %Chg %Chg Jun 01 %Chg %Chg Jun 01 %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
Apple 41.7 130.54 0.26 Astrazeneca 168.8 4366.50 -6.00 Roche Gs 513.3 267.91 0.00 Tokyo Electric Power ,orporated 1183.4 736.00 27.00 Royal Mail 525.00 4.3 22.1 Zoopla Property 273.90 19.1 39.4 Renold 77.00 12.4 31.6 Technology Hardware & Equip. 1382.73 2.7 15.9
Altera 38.4 51.68 2.83 Hsbc Holdings 165.7 624.20 1.50 Novartis N 406.1 93.60 0.00 Mizuho Fin,. 1058.8 279.60 5.00 Dixons Carphone 484.70 3.6 4.8 Paypoint 980.00 12.0 8.9 Anite 100.75 9.5 26.7 Industrial Transportation 3118.84 1.2 10.2
Broadcom 15.9 55.47 -1.39 Vodafone 159.6 254.30 -1.05 Telefonica 383.0 12.85 -0.03 Mitsubishi Ufj Fin,. 700.5 935.00 13.80 Int Consolidated Airlines S.a. 560.50 3.3 15.3 Imagination 233.70 10.8 2.1 Trifast 121.50 8.5 12.6 Nonlife Insurance 2147.18 1.1 10.8
Intel 15.8 33.91 -0.56 Royal Dutch Shell 146.1 1941.50 -32.00 Grifols 346.5 36.26 -0.05 Toyota Motor 506.0 8520.00 -84.00 Arm Holdings 1158.00 3.1 16.4 Card Factory 375.00 10.6 32.5 Lamprell 161.00 8.1 33.1 Chemicals 12300.66 0.9 8.7
Facebook Class A 14.5 80.29 1.10 Lloyds Banking 145.3 88.66 0.89 Unicredit 339.5 6.32 -0.05 Toshiba 442.9 450.00 14.30 Sports Direct Int 673.00 3.1 -5.3 Booker 181.50 7.1 10.9 Hochschild Mining 104.75 8.0 19.0 Household Goods 15376.33 0.7 20.0
Microsoft 13.5 47.23 0.37 Glaxosmithkline 135.4 1456.00 2.50 Nestle N 338.0 70.71 0.00 Softbank . 420.4 7375.00 -72.00 Direct Line Insurance 338.30 2.5 16.1 Keller 1069.00 7.0 21.5 Huntsworth 42.00 7.3 -14.3 Food Producers 7986.16 0.7 -2.0
Gilead Sciences 12.9 114.08 1.81 Royal Dutch Shell 120.8 1922.50 -20.50 Intesa Sanpaolo 308.8 3.28 0.00 Sumitomo Mitsui Fin,. 412.9 5747.00 77.00 Smith & Nephew 1161.00 2.4 -2.3 Esure 258.00 5.1 26.3 E2v 257.50 7.3 48.6 Electronic & Electrical Equip. 4531.45 0.7 12.1
Avago 12.2 146.62 -1.45 Bp 112.2 447.40 -3.35 Allianz Se Vna O.n. 304.1 142.75 0.00 Fanuc 404.3 27650.00 110.00 Associated British Foods 3001.00 2.3 -4.8 Galliford Try 1671.00 4.9 29.7 Arrow Global 278.25 6.7 22.3 Real Estate Investment Trusts 3444.39 0.5 12.9
Bristol-myers Squibb Co. 11.7 66.48 1.88 British American Tobacco 106.3 3592.50 -13.00 Santander 288.6 6.45 -0.03 Sony 324.6 3822.50 -39.50 Persimmon 1974.00 2.0 25.1 Hansteen Holdings 125.00 4.9 16.2 Management Consulting 16.25 6.6 2.4 General Retailers 3298.77 0.5 10.8
Humana 10.9 214.92 0.27 Diageo 101.2 1818.00 2.50 Daimler Ag Na O.n. 277.7 85.28 0.00 Yahoo Japan 207.8 538.00 -18.00 Severn Trent 2209.00 1.6 10.1 Workspace 932.00 4.8 21.8 Game Digital 265.00 6.3 -26.4 Software & Computer Services 1559.72 0.4 24.8
Itv 271.20 1.4 26.0 Synthomer 354.80 4.6 49.7 Hogg Robinson 60.00 6.2 44.6 Real Estate & Investment Servic 3198.82 0.4 19.6
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
Easyjet 1613.00 1.4 -3.5 Virgin Money Holdings (uk) 439.00 4.5 52.4 Onesavings Bank 327.00 6.2 52.4 Gas Water & Multiutilities 6238.86 0.4 1.7
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Altera 51.68 2.83 5.79 Imagination 233.70 14.50 6.61 Altice 122.15 3.65 3.08 Nippon Suisan Kaisha, 385.00 17.00 4.62 Old Mutual 218.50 -7.1 14.7 Synergy Health 1813.00 -20.1 -12.8 Premier Foods 40.50 -10.0 26.6 Industrial Metals 1659.51 -7.6 8.7
American Airlines 44.18 1.81 4.27 Greencore 342.20 13.00 3.95 Novo Nordisk B A/s 52.17 1.31 2.58 Teijin 481.00 18.00 3.89 Morrison (wm) Supermarkets 169.40 -6.3 -8.0 Brewin Dolphin Holdings 321.00 -9.8 7.7 Afren 2.92 -8.8 -93.8 Forestry & Paper 15661.55 -4.2 38.3
Delta Air Lines 44.35 1.43 3.33 Renishaw 2492.00 92.00 3.83 Inditex 30.81 0.65 2.14 Tokyo Electric Power ,orporated 736.00 27.00 3.81 Anglo American 1003.00 -5.6 -16.5 Vedanta Resources 571.00 -9.7 -0.6 Anglo Pacific 94.00 -8.3 -6.0 Food & Drug Retailers 3034.79 -3.6 7.0
Sba Communications 115.14 3.33 2.98 Paypoint 980.00 34.00 3.59 Skf , Ab Ser. B 22.41 0.42 1.90 Toshiba 450.00 14.30 3.28 Sainsbury (j) 248.00 -5.1 0.5 Nmc Health 764.50 -8.9 66.2 Trinity Mirror 157.50 -7.2 -3.2 Mining 13794.16 -3.4 -3.6
Intuitive Surgical 502.18 14.43 2.96 Card Factory 375.00 12.70 3.51 Hermes Intl 361.80 6.15 1.73 Tokai Carbon Co., 389.00 12.00 3.18 Sabmiller 3460.00 -4.8 2.9 Investec 592.50 -8.4 9.4 Jpmorgan Russian Securities 348.00 -6.7 23.9 Life Insurance 8233.82 -3.1 9.0
Tesco 209.80 -4.4 11.0 De La Rue 521.50 -7.4 0.2 Aquarius Platinum Ld 8.27 -6.2 -43.9 Oil & Gas Producers 7080.86 -2.7 -0.8
Downs Downs Downs Downs
Mondi 1454.00 -4.0 38.5 Evraz 168.50 -7.4 9.1 Kenmare Resources 3.80 -5.0 17.3 General Industrials 4413.22 -2.2 13.2
Genworth Fin 7.72 -0.22 -2.77 Premier Oil 156.20 -7.00 -4.29 Vestas Wind Systems A/s 44.24 -2.25 -4.84 Yahoo Japan 538.00 -18.00 -3.24
Antofagasta 743.00 -4.0 -1.3 Tullow Oil 389.30 -6.2 -5.9 Anglo-eastern Plantations 629.00 -4.8 13.3 Beverages 14271.94 -1.9 0.8
Juniper Networks 27.06 -0.74 -2.66 Weir 1956.00 -68.00 -3.36 Erste Bank Ag 25.97 -0.45 -1.68 Dainippon Screen Mfg.co., 934.00 -23.00 -2.40
Intertek 2524.00 -3.9 8.1 Ocado 356.10 -5.9 -11.0 Communisis 50.00 -4.8 0.3 Fixed Line Telecommunication 5095.72 -1.7 11.2
Broadcom 55.47 -1.39 -2.44 Amec Foster Wheeler 920.50 -29.50 -3.11 Omv Ag 25.43 -0.42 -1.62 Kawasaki Kisen Kaisha, 308.00 -7.00 -2.22
Royal Bank Of Scotland 341.40 -3.9 -13.4 Soco Int 179.80 -5.4 -40.7 Sdl 416.00 -4.5 0.2 Oil Equipment & Services 19072.35 -1.6 16.1
Wynn Resorts Ltd 98.29 -2.40 -2.38 Soco Int 179.80 -5.20 -2.81 Heineken 70.34 -1.00 -1.40 Dainippon Sumitomo Pharma Co., 1382.00 -30.00 -2.12
Glencore 281.75 -3.6 -5.7 Premier Oil 156.20 -5.2 -6.6 Chime Communications 270.75 -4.5 -4.7 Pharmaceuticals & Biotech. 13403.70 -1.0 5.2
Mondelez Int Class A 40.69 -0.90 -2.16 Kaz Minerals 244.70 -6.90 -2.74 Snam 4.45 -0.06 -1.24 Jgc 2448.00 -46.50 -1.86
Bhp Billiton 1359.50 -3.5 -2.1 Vesuvius 439.10 -4.9 -1.6 Goodwin 2750.00 -4.3 10.4 Construction & Materials 4825.77 -1.0 16.9
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
Jun 01 Currency Mid Change Mid Change Mid Change Jun 01 Currency Mid Change Mid Change Mid Change Jun 01 Currency Mid Change Mid Change Mid Change Jun 01 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 8.9955 0.0072 9.8029 -0.0514 13.6819 -0.0338 Indonesia Indonesian Rupiah 13222.5000 -1.5000 14409.2634 -88.8482 20110.8915 -68.2590 Poland Polish Zloty 3.7814 0.0260 4.1208 0.0036 5.7514 0.0208 ..Three Month 0.6574 0.0022 0.7163 -0.0020 - -
Australia Australian Dollar 1.3132 0.0068 1.4311 -0.0012 1.9973 0.0038 Israel Israeli Shekel 3.8701 0.0006 4.2174 -0.0249 5.8862 -0.0184 Romania Romanian Leu 4.0766 0.0250 4.4425 0.0005 6.2003 0.0178 ..One Year 0.6573 0.0022 0.7158 -0.0020 - -
Bahrain Bahrainin Dinar 0.3771 0.0000 0.4109 -0.0024 0.5735 -0.0018 Japan Japanese Yen 124.5050 0.4100 135.6796 -0.3716 189.3670 0.0044 Russia Russian Ruble 53.3000 0.7026 58.0838 0.4188 81.0671 0.8062 United States United States Dollar - - 1.0898 -0.0066 1.5210 -0.0050
Bolivia Bolivian Boliviano 6.9100 - 7.5302 -0.0456 10.5098 -0.0345 ..One Month 124.5049 0.4099 135.6796 -0.3716 189.3669 0.0041 Saudi Arabia Saudi Riyal 3.7503 0.0000 4.0869 -0.0248 5.7041 -0.0188 ..One Month - - 1.0897 -0.4362 1.5209 -0.0050
Brazil Brazilian Real 3.1784 -0.0142 3.4637 -0.0365 4.8342 -0.0375 ..Three Month 124.5049 0.4097 135.6796 -0.3716 189.3666 0.0037 Singapore Singapore Dollar 1.3535 0.0046 1.4750 -0.0039 2.0586 0.0003 ..Three Month - - 1.0896 -0.4362 1.5209 -0.0050
Canada Canadian Dollar 1.2543 0.0061 1.3669 -0.0016 1.9077 0.0030 ..One Year 124.5040 0.4080 135.6795 -0.3718 189.3669 0.0024 South Africa South African Rand 12.2568 0.0890 13.3568 0.0167 18.6420 0.0746 ..One Year - - 1.0889 -0.4362 1.5207 -0.0050
Chile Chilean Peso 623.0000 4.1500 678.9155 0.4412 947.5573 3.2239 Kenya Kenyan Shilling 97.6500 0.1500 106.4143 -0.4795 148.5216 -0.2584 South Korea South Korean Won 1110.2000 1.9500 1209.8427 -5.1839 1688.5685 -2.5643 Venezuela Venezuelan Bolivar Fuerte 6.2900 - 6.8545 -0.0415 9.5668 -0.0314
China Chinese Yuan 6.1995 0.0010 6.7559 -0.0398 9.4292 -0.0294 Kuwait Kuwaiti Dinar 0.3031 0.0001 0.3303 -0.0019 0.4610 -0.0014 Sweden Swedish Krona 8.5857 0.0417 9.3562 -0.0109 13.0584 0.0208 Vietnam Vietnamese Dong 21817.5000 2.5000 23775.6718 -141.1932 33183.5648 -105.0508
Colombia Colombian Peso 2542.0750 4.6000 2770.2320 -11.7218 3866.3914 -5.6665 Malaysia Malaysian Ringgit 3.6835 0.0175 4.0141 -0.0051 5.6025 0.0083 Switzerland Swiss Franc 0.9461 0.0027 1.0310 -0.0033 1.4389 -0.0006 European Union Euro 0.9176 0.0055 - - 1.3957 0.0038
Costa Rica Costa Rican Colon 535.2000 3.7500 583.2353 0.5817 814.0172 3.0517 Mexico Mexican Peson 15.4820 0.0587 16.8715 -0.0377 23.5475 0.0124 Taiwan New Taiwan Dollar 30.7340 0.0410 33.4924 -0.1577 46.7451 -0.0908 ..One Month 0.9176 0.0055 - - 1.3956 0.0038
Czech Republic Czech Koruna 25.1755 0.1766 27.4351 0.0276 38.2909 0.1439 New Zealand New Zealand Dollar 1.4079 0.0025 1.5342 -0.0066 2.1413 -0.0032 Thailand Thai Baht 33.6400 - 36.6593 -0.2219 51.1651 -0.1679 ..Three Month 0.9175 0.0055 - - 1.3956 0.0038
Denmark Danish Krone 6.8443 0.0396 7.4586 -0.0017 10.4099 0.0263 Nigeria Nigerian Naira 199.0500 - 216.9151 -1.3127 302.7469 -0.9932 Tunisia Tunisian Dinar 1.9727 0.0085 2.1498 -0.0037 3.0004 0.0031 ..One Year 0.9168 0.0055 - - 1.3950 0.0038
Egypt Egyptian Pound 7.6065 -0.0184 8.2892 -0.0703 11.5692 -0.0660 Norway Norwegian Krone 7.9777 0.1800 8.6937 0.1447 12.1338 0.2349 Turkey Turkish Lira 2.6795 0.0175 2.9200 0.0015 4.0754 0.0133
Hong Kong Hong Kong Dollar 7.7564 0.0049 8.4526 -0.0458 11.7972 -0.0312 Pakistan Pakistani Rupee 101.8850 -0.0700 111.0294 -0.7487 154.9629 -0.6152 United Arab Emirates UAE Dirham 3.6731 - 4.0027 -0.0242 5.5866 -0.0183
Hungary Hungarian Forint 283.3036 1.0488 308.7306 -0.7185 430.8930 0.1867 Peru Peruvian Nuevo Sol 3.1570 -0.0010 3.4403 -0.0219 4.8017 -0.0173 United Kingdom Pound Sterling 0.6575 0.0022 0.7165 -0.0020 - -
India Indian Rupee 63.6900 -0.1762 69.4063 -0.6133 96.8699 -0.5868 Philippines Philippine Peso 44.5300 -0.0550 48.5267 -0.3540 67.7283 -0.3061 ..One Month 0.6574 0.0021 0.7164 -0.0020 - -
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 Jun 01 May 29 May 28 May 27 May 26 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 3050.90 3056.60 3082.80 3081.30 3041.90 0.00 3110.40 2669.30 Forestry & Paper 40.57 Industrials 11.95 NON FINANCIALS Index 6.96 FTSE 100 Price Change FTSE 100 Price Change
Jun 01 chge% Index May 29 May 28 ago yield% Cover ratio adj Return FT 30 Div Yield 1.69 1.69 1.67 1.67 1.70 0.00 3.93 2.74 Software & Comp Serv 22.16 Real Est Invest & Tr 11.65 Equity Invest Instr 6.82 3I Group PLC 560.50 -2.50 Land Securities Group PLC 1323 10.00
FTSE 100 (100) 6953.58 -0.44 7549.19 6984.43 7040.92 6864.10 3.48 1.88 15.33 123.55 5343.87 P/E Ratio net 26.41 26.48 26.73 26.70 26.30 0.00 19.44 14.26 Household Goods & Ho 20.02 Consumer Services 11.08 Automobiles & Parts 6.57 Aberdeen Asset Management PLC 440.20 -6.40 Legal & General Group PLC 262.40 -3.40
FTSE 250 (250) 18220.20 0.36 19780.86 18154.42 18237.00 16084.40 2.37 2.19 19.32 201.89 12503.62 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35 Real Est Invest & Se 19.18 General Retailers 10.95 FTSE 100 Index 6.37 Admiral Group PLC 1491 2.00 Lloyds Banking Group PLC 88.66 0.89
FTSE 250 ex Inv Co (211) 19831.98 0.37 21530.70 19759.06 19854.83 17486.03 2.39 2.31 18.12 225.63 13879.46 FT 30 hourly changes Oil Equipment & Serv 18.61 Nonlife Insurance 10.93 Banks 6.30 Aggreko PLC 1582 -26.00 London Stock Exchange Group PLC 2466 9.00
FTSE 350 (350) 3849.75 -0.31 4179.50 3861.58 3890.51 3732.38 3.29 1.91 15.89 64.08 5968.55 8 9 10 11 12 13 14 15 16 High Low Construct & Material 18.20 Industrial Transport 10.73 Pharmace & Biotech 5.43 Anglo American PLC 1003 -23.00 Marks And Spencer Group PLC 582.00 -1.00
FTSE 350 ex Investment Trusts (311) 3827.86 -0.32 4155.74 3840.14 3869.33 3717.57 3.31 1.92 15.70 64.35 3055.47 3056.6 3068 3059.7 3052.6 3056.8 3067.3 3064.2 3062.1 3058.5 3077.4 3047.1 Technology 17.82 Life Insurance 9.88 Health Care 5.16 Antofagasta PLC 743.00 -3.00 Meggitt PLC 506.00 -2.50
FTSE 350 Higher Yield (93) 3635.70 -0.49 3947.11 3653.64 3680.84 3744.28 4.70 1.67 12.77 87.15 5738.97 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Financial Services 16.92 FTSE SmallCap Index 9.72 Health Care Eq & Srv 2.06 Arm Holdings PLC 1158 3.00 Merlin Entertainments PLC 460.20 1.30
FTSE 350 Lower Yield (257) 3687.94 -0.12 4003.84 3692.55 3720.39 3354.36 1.91 2.51 20.87 34.65 3861.16 Mobile Telecomms 15.19 Personal Goods 9.26 Gas Water & Multi 2.01 Ashtead Group PLC 1151 31.00 Mondi PLC 1454 -22.00
FTSE SmallCap (287) 4808.99 0.39 5220.91 4790.48 4792.41 4506.46 2.51 1.99 20.07 54.19 6487.15 Tech Hardware & Eq 14.98 Aerospace & Defense 9.18 Utilities 1.72
FTSE SmallCap ex Inv Co (149) 4309.04 0.54 4678.13 4285.71 4290.28 4065.78 2.38 3.10 13.58 48.09 6106.84 FX: EFFECTIVE INDICES Media 14.50 Travel & Leisure 9.10 Beverages 1.16
Associated British Foods PLC 3001 -27.00 Morrison (Wm) Supermarkets PLC 169.40 -1.60
Astrazeneca PLC 4366.5 -6.00 National Grid PLC 929.70 -4.30
FTSE All-Share (637) 3786.37 -0.28 4110.70 3797.12 3824.67 3666.64 3.26 1.92 16.00 62.33 5938.85 Electronic & Elec Eq 14.11 Financials 9.02 Oil & Gas 1.02
May 29 May 28 Mnth Ago Jun 01 May 29 Mnth Ago Aviva PLC 520.50 -3.00 Next PLC 7515 -5.00
FTSE All-Share ex Inv Co (460) 3750.93 -0.30 4072.21 3762.35 3790.49 3640.62 3.29 1.94 15.65 62.65 3043.79 Telecommunications 13.92 Chemicals 8.78 Electricity 0.71 Babcock International Group PLC 1126 1.00 Old Mutual PLC 218.50 -2.60
FTSE All-Share ex Multinationals (573) 1270.65 0.04 1143.34 1270.13 1276.65 1146.04 2.53 2.05 19.31 13.88 2130.52 Australia 96.85 96.68 99.04 Sweden 77.94 78.59 77.65 FTSE 250 Index 12.86 Food & Drug Retailer 8.01 Oil & Gas Producers 0.41 Bae Systems PLC 516.50 1.50 Pearson PLC 1309 2.00
FTSE Fledgling (96) 7917.83 0.33 8596.03 7892.12 7881.69 6986.69 2.20 -0.55 -83.17 59.03 14054.32 Canada 94.32 94.14 97.52 Switzerland 166.82 166.95 164.74 Industrial Metals & 12.53 Consumer Goods 7.93 Basic Materials 0.22 Barclays PLC 266.40 -3.60 Persimmon PLC 1974 12.00
FTSE Fledgling ex Inv Co (54) 10590.31 0.58 11497.43 10528.98 10521.09 8756.31 2.14 -2.06 -22.75 66.80 18273.30 Denmark 105.26 105.03 104.96 UK 91.40 91.83 91.33 Support Services 12.51 Industrial Eng 7.87 Food Producers -0.43 Barratt Developments PLC 596.00 4.00 Prudential PLC 1611.5 -15.50
FTSE All-Small (383) 3331.96 0.38 3617.36 3319.22 3320.30 3112.98 2.49 1.88 21.27 36.95 5771.45 Japan 123.07 123.03 128.09 USA 103.53 103.74 101.13 Fixed Line Telecomms 12.02 Tobacco 7.68 Leisure Goods -1.80 Bg Group PLC 1121 -16.00 Randgold Resources LD 4756 21.00
FTSE All-Small ex Inv Co Index (203) 3210.76 0.55 3485.78 3193.33 3196.49 3009.88 2.37 2.90 14.56 35.14 5765.42 New Zealand 120.04 120.94 127.49 Euro 85.40 85.02 84.85 FTSE All{HY-}Share Index 7.48 Mining -2.06 Bhp Billiton PLC 1359.5 -20.00 Reckitt Benckiser Group PLC 5879 -26.00
FTSE AIM All-Share Index (832) 775.83 0.42 842.28 772.60 770.26 812.50 1.29 1.40 55.06 3.70 828.36 Norway 93.52 93.07 94.79
BP PLC 447.40 -3.35 Reed Elsevier PLC 1084 -1.00
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British American Tobacco PLC 3592.5 -13.00 Rio Tinto PLC 2834.5 -21.50
Oil & Gas (19) 7536.22 -1.15 8181.74 7623.97 7669.07 9139.67 5.01 1.38 14.42 188.52 6143.00 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk British Land Company PLC 872.00 10.00 Rolls-Royce Holdings PLC 997.50 -0.50
Oil & Gas Producers (12) 7127.18 -1.12 7737.66 7207.87 7252.98 8633.70 5.05 1.38 14.35 177.94 6004.78 Bt Group PLC 443.55 -3.15 Royal Bank Of Scotland Group PLC 341.40 -3.90
Oil Equipment Services & Distribution (7)19759.64 -1.91 21452.17 20145.26 20097.20 24816.10 3.84 1.58 16.45 515.61 14298.90 FTSE GLOBAL EQUITY INDEX SERIES Bunzl PLC 1898 2.00 Royal Dutch Shell PLC 1941.5 -32.00
Basic Materials (30) 4689.84 -1.20 5091.55 4746.65 4759.52 5393.08 4.13 2.73 8.88 110.88 4491.37 Burberry Group PLC 1693 -2.00 Royal Dutch Shell PLC 1922.5 -20.50
Chemicals (7) 13155.94 0.24 14282.82 13124.50 13322.63 11733.74 1.98 2.49 20.21 86.72 11169.78 Jun 01 No of US $ Day Mth YTD Total
YTD Gr Div Jun 01 No of US $ Day Mth YTD Total YTD Gr Div Capita PLC 1250 -2.00 Royal Mail PLC 525.00 1.00
Forestry & Paper (1) 17089.63 -1.49 18553.45 17348.21 17548.02 12658.55 2.14 3.38 13.84 241.11 17634.67 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Carnival PLC 3166 -1.00 Rsa Insurance Group PLC 427.00 -4.30
Industrial Metals & Mining (2) 1753.37 0.06 1903.56 1752.38 1796.15 1300.93 0.60 -21.67 -7.72 5.46 1521.81 FTSE Global All Cap 7607 491.23 0.0 -0.6 5.74.5 663.58
2.3 Oil & Gas 165 393.45 -0.4 -0.4 -1.2 588.09 0.2 3.6 Centrica PLC 276.80 -0.80 Sabmiller PLC 3460 -34.00
Mining (20) 13203.76 -1.38 14334.73 13388.57 13395.82 15899.64 4.53 2.75 8.02 349.03 6601.42 FTSE Global All Cap 6969 506.06 0.0 -0.3 5.64.5 671.29
2.2 Oil & Gas Producers 116 356.27 -0.4 -0.4 -1.7 541.47 -0.3 3.7 Coca-Cola Hbc AG 1426 -7.00 Sage Group PLC 573.50 5.00
FTSE Global Large Cap 1359 433.15 -0.1 -0.9 5.23.9 598.03
2.5 Oil Equipment & Services 39 416.55 -0.3 -0.3 0.5 569.45 1.8 3.3 Compass Group PLC 1157 13.00 Sainsbury (J) PLC 248.00 -3.60
Industrials (114) 4818.89 0.03 5231.65 4817.48 4860.30 4526.73 2.28 1.37 31.99 56.47 4725.83
Construction & Materials (13) 5025.18 -1.00 5455.62 5076.09 5114.53 4542.81 2.55 -0.40 -98.70 77.03 5091.83 FTSE Global Mid Cap 1665 655.04 0.0 -0.4 7.16.1 846.91
1.9 Basic Materials 273 448.96 -0.4 -0.4 3.1 649.07 4.7 2.8 Crh PLC 1804 -27.00 Schroders PLC 3368 -6.00
Aerospace & Defense (9) 5397.76 0.12 5860.11 5391.33 5461.98 5147.18 2.06 1.36 35.60 69.13 5525.25 FTSE Global Small Cap 4583 695.41 0.1 0.8 7.46.6 872.41
1.8 Chemicals 124 669.56 -0.1 -0.1 7.4 974.05 8.8 2.3 Diageo PLC 1818 2.50 Severn Trent PLC 2209 12.00
General Industrials (6) 3583.04 -0.11 3889.94 3586.98 3613.40 3571.79 3.16 1.82 17.36 48.72 3825.21 FTSE All-World 3024 286.59 -0.1 -0.8 5.54.3 408.35
2.3 Forestry & Paper 17 227.82 -0.6 -0.6 9.4 361.47 11.4 2.6 Direct Line Insurance Group PLC 338.30 1.10 Shire PLC 5610 -25.00
Electronic & Electrical Equipment (12) 5875.00 0.67 6378.23 5835.72 5890.09 5391.28 1.98 2.05 24.56 53.12 5134.63 FTSE World 2529 504.45 -0.1 -0.8 5.13.8 965.42
2.3 Industrial Metals & Mining 72 398.13 -0.5 -0.5 -3.4 576.50 -2.3 2.5 Dixons Carphone PLC 484.70 9.30 Sky PLC 1052 -3.00
Industrial Engineering (14) 9919.05 -0.38 10768.67 9956.51 9966.99 11043.66 2.44 2.04 20.13 156.43 11492.65 FTSE Global All Cap ex UNITED KINGDOM In 7275 503.16 0.0 -0.7 5.74.5 670.57
2.2 Mining 60 549.32 -1.1 -1.1 -3.6 786.87 -1.5 4.3 Easyjet PLC 1613 4.00 Smith & Nephew PLC 1161 1.00
Industrial Transportation (8) 4599.90 0.07 4993.90 4596.61 4605.23 4621.59 3.39 1.24 23.89 43.82 3760.06 FTSE Global All Cap ex USA 5644 474.19 -0.3 -1.6 7.66.0 678.81
2.7 Industrials 530 327.96 0.0 0.0 4.2 450.76 5.3 2.1 Experian PLC 1238 -8.00 Smiths Group PLC 1190 -9.00
Support Services (52) 7143.28 0.21 7755.14 7128.12 7194.04 6426.16 2.14 1.51 30.92 71.46 7070.76 FTSE Global All Cap ex JAPAN 6351 501.67 0.0 -0.9 4.93.7 683.46
2.3 Construction & Materials 110 463.74 0.1 0.1 7.5 668.11 8.8 2.0 Fresnillo PLC 754.50 -5.00 Sports Direct International PLC 673.00 -3.00
FTSE Developed 2088 456.49 -0.1 -0.5 5.44.1 621.62
2.3 Aerospace & Defense 29 519.23 0.2 0.2 4.5 708.46 5.6 2.0 G4S PLC 296.00 -2.20 Sse PLC 1660 -5.00
Consumer Goods (40) 17387.55 -0.41 18876.89 17458.70 17643.03 16017.62 2.98 1.74 19.24 265.70 12069.29
FTSE Developed All Cap 5653 480.08 0.0 -0.4 5.64.4 646.85
2.2 General Industrials 57 224.24 0.1 0.1 3.1 330.21 4.4 2.5 Gkn PLC 367.00 0.40 St. James's Place PLC 920.50 9.00
Automobiles & Parts (1) 8624.67 0.11 9363.42 8615.27 8664.62 9216.88 2.29 1.72 25.33 131.60 7855.58
FTSE Developed Large Cap 883 421.97 -0.1 -0.6 5.03.7 582.11
2.4 Electronic & Electrical Equipment 68 355.04 -0.3 -0.3 9.1 450.04 10.0 1.5 Glaxosmithkline PLC 1456 2.50 Standard Chartered PLC 1028.5 -17.50
Beverages (6) 14311.30 -0.31 15537.14 14355.37 14607.10 14434.54 2.46 1.85 21.89 96.90 9551.88
FTSE Developed Europe Large Cap 205 368.28 -0.5 -2.0 6.54.2 574.10
3.2 Industrial Engineering 103 661.02 -0.2 -0.2 6.9 894.38 8.3 2.0 Glencore PLC 281.75 -6.20 Standard Life PLC 486.40 -1.30
Food Producers (10) 8125.86 -0.59 8821.89 8174.20 8061.09 7998.43 1.97 1.25 40.76 11.11 6677.22
FTSE Developed Europe Mid Cap 310 542.35 -0.4 -0.2 10.1 8.4 770.50
2.3 Industrial Transportation 93 568.86 0.3 0.3 -4.7 779.34 -3.9 2.1 Hammerson PLC 673.00 4.50 Taylor Wimpey PLC 185.30 1.80
Household Goods & Home Construction (13)12830.60 0.09 13929.61 12818.76 12838.22 9633.39 2.21 2.34 19.31 132.98 8626.79
FTSE Dev Europe Small Cap 721 755.16 -0.2 0.8 11.2 9.7 1044.34
2.2 Support Services 70 288.04 -0.1 -0.1 5.7 381.04 6.7 1.9 Hargreaves Lansdown PLC 1275 7.00 Tesco PLC 209.80 -2.80
Leisure Goods (2) 4952.58 0.54 5376.79 4926.12 4952.58 5218.38 4.27 1.05 22.23 109.73 4097.50
FTSE North America Large Cap 314 454.55 0.2 0.0 3.12.2 590.67
2.1 Consumer Goods 406 426.41 -0.2 -0.2 5.3 598.71 6.5 2.3 Hikma Pharmaceuticals PLC 2097 19.00 Travis Perkins PLC 2209 -8.00
Personal Goods (6) 23352.76 -0.35 25353.05 23435.18 23637.20 21210.04 2.80 2.75 12.98 283.55 14827.19
FTSE North America Mid Cap 398 700.57 0.1 -0.5 3.93.3 856.24
1.6 Automobiles & Parts 98 424.51 -0.2 -0.2 8.9 573.36 10.3 2.0 HSBC Holdings PLC 624.20 1.50 Tui AG 1157 -2.00
Tobacco (2) 43392.52 -0.86 47109.33 43769.69 44482.10 40634.93 4.25 1.22 19.33 1291.78 26023.77
FTSE North America Small Cap 1484 721.20 0.2 0.9 5.44.7 857.50
1.5 Beverages 48 549.43 -0.3 -0.3 2.1 778.97 3.0 2.4 Imperial Tobacco Group PLC 3306 -64.00 Unilever PLC 2874 -13.00
Health Care (20) 9766.42 -0.01 10602.97 9767.74 9881.20 9201.77 3.51 3.47 8.21 203.62 7011.42
FTSE North America 712 305.99 0.2 -0.1 3.32.4 407.70
2.0 Food Producers 102 573.83 -0.4 -0.4 4.0 833.48 5.5 2.2 Intercontinental Hotels Group PLC 2765 24.00 United Utilities Group PLC 998.00 2.00
Health Care Equipment & Services (8) 6960.46 0.10 7556.66 6953.39 7008.72 5791.25 1.44 2.29 30.32 58.90 5862.71
FTSE Developed ex North America 1376 249.24 -0.4 -1.2 8.66.8 383.55
2.7 Household Goods & Home Construction 43 398.42 0.3 0.3 0.6 556.58 1.7 2.4 International Consolidated Airlines Group S.A. 560.50 6.50 Vodafone Group PLC 254.30 -1.05
Pharmaceuticals & Biotechnology (12)13289.28 -0.02 14427.58 13292.48 13451.34 12655.68 3.70 3.51 7.70 292.29 8467.79
FTSE Japan Large Cap 174 350.71 -0.1 2.0 16.015.0 434.02
1.7 Leisure Goods 26 142.32 -0.6 -0.6 13.0 181.28 13.6 1.2 Intertek Group PLC 2524 23.00 Weir Group PLC 1956 -68.00
Consumer Services (96) 5088.46 0.22 5524.32 5077.31 5140.18 4555.67 2.13 1.96 23.91 56.34 4538.01 FTSE Japan Mid Cap 304 493.03 0.2 2.5 16.916.0 590.92
1.4 Personal Goods 76 611.57 -0.1 -0.1 4.9 820.23 5.8 1.9
Food & Drug Retailers (7) 3164.98 -0.91 3436.08 3194.03 3243.69 4008.16 2.20 0.46 98.13 36.49 3598.80 Intu Properties PLC 333.90 -0.40 Whitbread PLC 5130 10.00
FTSE Global wi JAPAN Small Cap 778 516.47 0.2 2.4 11.210.2 638.61
1.6 Tobacco 13 1139.13 -0.3 -0.3 6.1 2168.57 7.9 4.1 Itv PLC 271.20 -1.10 Wolseley PLC 4019 -22.00
General Retailers (31) 3213.57 0.36 3488.83 3202.19 3221.25 2767.49 2.01 2.42 20.55 30.16 3472.18
FTSE Japan 478 144.00 -0.1 2.1 16.2 1.6 Health Care
15.2 200.34 158 479.47 0.3 0.3 10.4 662.55 11.5 1.7 Johnson Matthey PLC 3497 -2.00 Wpp PLC 1552 12.00
Media (23) 7609.28 0.19 8261.06 7595.05 7711.58 6308.98 2.59 1.78 21.73 95.09 4423.86
FTSE Asia Pacific Large Cap ex Japan 492 652.07 -0.2 -3.0 6.95.9 954.05
2.8 Health Care Equipment & Services 56 653.11 0.2 0.2 10.6 744.11 11.0 1.0 Kingfisher PLC 366.00 -4.00
Travel & Leisure (35) 8639.47 0.53 9379.49 8593.88 8704.37 7364.44 1.80 2.45 22.66 92.57 7797.45
FTSE Asia Pacific Mid Cap ex Japan 443 897.36 0.2 -1.6 12.211.3 1269.90
2.3 Pharmaceuticals & Biotechnology 102 368.47 0.3 0.3 10.3 528.78 11.7 2.0
Telecommunications (8) 4231.03 -0.43 4593.44 4249.12 4243.49 3591.96 3.68 1.87 14.56 4.97 4264.41 FTSE Asia Pacific Small Cap ex Japan 1376 603.05 0.2 0.5 13.612.8 841.03
2.3 Consumer Services 384 395.91 0.1 0.1 5.8 509.68 6.6 1.6
Fixed Line Telecommunications (6) 5169.17 -0.54 5611.94 5196.99 5225.69 4668.77 2.68 1.88 19.91 5.87 4360.22
Mobile Telecommunications (2) 5757.01 -0.36 6250.13 5777.88 5746.78 4701.27 4.27 1.86 12.56 6.89 5142.44
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
935
1954
517.33
729.26
-0.2
0.1
-2.8
-3.0
7.6
6.6
6.6 804.80
2.7 Food & Drug Retailers
5.8 1018.32
2.7 General Retailers
54 317.56
121 511.36
-0.3
0.2
-0.3
0.2
5.6 425.12
6.9 642.93
6.4
7.7
1.7
1.5
UK STOCK MARKET TRADING DATA
Utilities (8) 8940.00 -0.30 9705.76 8966.69 8998.27 8969.93 4.56 1.03 21.29 81.24 9162.79 FTSE Emerging Large Cap 476 690.47 0.1 -3.5 6.45.6 969.50
2.8 Media 89 317.71 0.2 0.2 5.6 409.40 6.4 1.5 Jun 01 May 29 May 28 May 27 May 26 Yr Ago
Electricity (3) 9805.65 -0.40 10645.56 9844.75 9886.03 9877.84 5.08 1.38 14.27 157.74 12548.09 FTSE Emerging Mid Cap 460 908.12 -0.1 -2.1 6.45.5 1266.60
2.5 Travel & Leisure 120 375.58 -0.2 -0.2 4.3 488.54 5.2 1.6 SEAQ Bargains 8025.00 8117.00 8117.00 7701.00 7652.00 8223.00
Gas Water & Multiutilities (5) 8245.29 -0.27 8951.55 8267.58 8295.14 8261.77 4.41 0.92 24.73 58.66 8486.65 FTSE Emerging Small Cap 1018 762.00 0.3 -0.1 8.47.7 1025.47
2.5 Telecommunication 93 173.01 -0.4 -0.4 3.6 297.33 5.3 3.9 Order Book Turnover (m) 34.71 93.52 93.52 - - 80.28
Financials (281) 5058.45 -0.05 5491.74 5060.84 5085.15 4650.47 3.09 1.90 17.06 95.83 4354.26 FTSE Emerging Europe 98 337.35 -1.4 -6.1 9.48.2 480.46
4.3 Fixed Line Telecommuniations 43 140.95 -0.5 -0.5 2.9 264.57 5.0 4.3 Order Book Bargains 794571.00 861667.00 861667.00 5.00 2214.00 785853.00
Banks (8) 4586.80 -0.11 4979.68 4591.71 4606.00 4537.70 3.60 1.32 20.97 107.58 3113.15 FTSE Latin America All Cap 242 820.79 0.2 -6.4 -8.9 1195.02
-7.6 3.4 Mobile Telecommunications 50 189.02 -0.3 -0.3 4.5 295.09 5.7 3.4 Order Book Shares Traded (m) 1403.00 1999.00 1999.00 0.00 14.00 1304.00
Nonlife Insurance (10) 2471.11 0.22 2682.77 2465.70 2475.95 2173.19 2.73 1.48 24.83 46.33 4107.90 FTSE Middle East and Africa All Cap 213 769.06 -0.6 -6.1 -0.1 1130.66
1.3 2.8 Utilities 162 259.00 0.0 0.0 -3.1 464.11 -1.6 3.7 Total Equity Turnover (£m) 4272.39 2688.00 2688.00 0.75 - -
Life Insurance/Assurance (11) 8347.36 -0.78 9062.36 8412.92 8488.56 7411.26 3.22 1.77 17.59 200.42 7572.22 FTSE Global wi UNITED KINGDOM All Cap In 332 375.15 -0.6 0.5 6.2 3.3 Electricity
4.4 581.95 112 277.36 0.2 0.2 -2.2 492.01 -0.8 3.6 Total Mkt Bargains 923219.00 1003777.00 1003777.00 12.00 2226.00 -
Index- Real Estate Investment & Services (24) 3187.42 0.19 3460.44 3181.23 3176.73 2760.43 1.73 5.11 11.29 29.50 8110.86 FTSE Global wi USA All Cap 1963 525.16 0.2 0.4 4.0 1.9 Gas Water & Multiutilities
3.2 665.13 50 284.12 -0.4 -0.4 -4.5 521.57 -2.8 3.9 Total Shares Traded (m) 5132.00 6096.00 6096.00 0.00 14.00 -
Real Estate Investment Trusts (22) 3098.06 0.85 3363.43 3071.97 3101.59 2567.93 2.60 6.92 5.56 39.95 3603.30 FTSE Europe All Cap 1389 420.00 -0.5 -1.5 7.6 3.0 Financials
5.5 634.93 671 221.98 -0.1 -0.1 2.9 339.98 4.4 2.7 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (29) 8538.06 0.20 9269.39 8520.94 8580.65 6919.63 2.63 2.02 18.88 95.81 9125.31 FTSE Eurobloc All Cap 638 385.74 -0.4 -3.1 6.8 2.8 Banks
4.7 591.29 241 205.28 -0.3 -0.3 2.1 334.46 3.8 3.1 (c) Market closed.
Equity Investment Instruments (177) 8051.60 0.27 8741.27 8030.05 8040.06 7317.24 2.40 1.07 39.04 80.92 4168.13 FTSE RAFI All World 3000 3027 6102.23 -0.2 -1.6 5.0 2.9 Nonlife Insurance
3.6 7570.82 70 214.48 -0.2 -0.2 0.2 296.48 1.8 2.2
Non Financials (356) 4368.96 -0.37 4743.18 4384.98 4420.56 4306.33 3.32 1.92 15.66 68.10 5998.75 FTSE RAFI US 1000 1003 9430.90 0.1 -0.3 2.5 2.3 Life Insurance
1.5 11751.86 49 225.13 0.0 0.0 6.6 337.11 8.1 2.4
Technology (21) 1462.88 0.61 1588.19 1453.97 1470.37 1162.98 1.22 2.27 36.08 11.13 1817.67 FTSE EDHEC-Risk Efficient All-World 3024 337.60 0.0 -0.3 6.7 2.1 Financial Services
5.6 448.48 138 244.29 0.1 0.1 5.5 321.89 6.4 1.7 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (13) 1683.38 0.87 1827.57 1668.79 1691.64 1319.44 1.86 1.87 28.72 22.53 2190.48 FTSE EDHEC-Risk Efficient Developed Europe 515 295.72 -0.4 -0.7 7.9 2.5 Technology
6.2 427.56 182 181.48 0.1 0.1 5.4 214.35 6.2 1.6 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Technology Hardware & Equipment (8) 1755.85 0.43 1906.24 1748.36 1765.10 1409.17 0.77 2.96 44.10 5.94 2004.66 Software & Computer Services 80 286.41 0.6 0.6 5.5 326.88 6.1 1.1 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Technology Hardware & Equipment 102 147.57 -0.2 -0.2 5.4 178.54 6.3 2.0 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 7002.72 7006.13 6983.07 6969.59 6971.34 6992.57 6981.90 6981.02 6967.98 7035.87 6942.91 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 18184.05 18211.94 18167.14 18156.67 18177.35 18211.35 18222.02 18240.50 18235.38 18256.35 18133.37 (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 4788.68 4799.68 4800.43 4802.01 4803.28 4805.42 4806.91 4810.99 4808.31 4811.90 4788.68
FTSE All-Share 3806.07 3808.80 3797.22 3791.02 3792.52 3803.01 3798.75 3799.11 3793.16 3822.44 3782.49 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:07:14:45 Day's Low15:29:45 FTSE 100 2010/11 High: 7103.98(27/04/2015) Low: 6366.51(06/01/2015) Group companies and is used by FTSE International Limited under licence.
Time of FTSE All-Share Day's high:07:14:00 Day's Low15:29:00 FTSE 100 2010/11 High: 3834.45(27/04/2015) Low: 3434.73(06/01/2015)
Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative.

UK RIGHTS OFFERS 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 Beowulf Mining 1st - - 0.154L 0.264L 0.044L 0.093L - - - - - date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- GB Group Pre 57.283 41.835 5.928 3.989 4 3.2 1.85 1.65 Aug 28 1.85 1.65 05/29 100.00 Drum Income Plus REIT PLC 115.00 - 0.00 0.00 3664.4
858p Nil 02-06-15 1361.00 1347.00 Kier Group PLC 1360.00 5.00 Hargreave Hale AIM VCT 1 Int 0.113 0.107 0.092L 0.086L 0.22L 0.28L 1.75 1.75 Jul 17 4.25 4 05/19 132.00 AIM STR Stride Gaming PLC 187.50 -0.50 200.00 135.00 9403.4
IBIS Media VCT 1 Pre 0.105 0.165 0.005 0.16L 0.04 1.52L - - - - - 04/27 10.00 OPRA Opera Investments PLC 10.13 -0.50 13.00 9.61 174.7
Octopus Apollo VCT Pre 3.366 2.979 1.659 1.999 1.8 2.3 2.5 2.5 Jul 31 5 5 04/27 10.00 OPRA Opera Investments PLC 10.13 -0.50 13.00 9.61 174.7
Rensburg AIM VCT Pre 0.467 0.423 0.229 0.218 0.6 0.56 2.5 2.5 Jun 30 4 4
Rex Bionics Pre 0.176 - 5.473L 3.698L 53.4L 42L - - - - -
Scottish Investment Trust (The) Int 75.517 20.716L 7.82 5.22 5 4.8 Jul 20 12.2 12.356
Serica Energy Pre - - 35.623L 5.129L 0.142L 0.029L - - - - -
Shires Income Pre 6.935 7.791 12.92 12.63 3.25 3 Jul 31 6.25 6

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.
Tuesday 2 June 2015 ★★★ FINANCIAL TIMES 25

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$) AXA 22.93 0.02 24.64 16.43 3.83 10.25 61295.71 Denso 6468 -43.00 6548 4466.5 1.64 19.79 45927.12 SEB 105.90 0.60 111.50 82.30 4.58 11.43 27006.68 Biogen 393.35 -3.64 480.18 290.85 - 27.72 92527.53 Lyondell♦ 101.43 0.33 115.40 70.06 2.83 11.35 48006.92
ANZ♦ 32.72 -0.47 37.25 30.47 7.99 12.18 68917.83 BNP Parib 54.85 -0.08 59.69 43.14 2.76 416.40 74474.5 EastJpRwy 11335 -30.00 11550 7623 1.07 21.87 35824.44 SvnskaHn 128.80 0.40 426.00 125.20 3.30 16.39 28608.8 BkNYMeln 42.92 -0.44 44.10 34.27 1.62 18.25 48135.28 Marathon Ptl♦ 103.55 0.09 108.32 74.64 1.90 8.86 28128.03
BHPBilltn 29.19 -0.40 39.74 26.50 7.52 12.17 71389.92 ChristianDior 184.10 1.30 188.20 126.10 1.82 13.07 36458.69 Fanuc 27650 110.00 28575 16940 0.87 29.14 53189.87 Swedbank 201.00 1.00 223.90 166.20 5.76 12.89 25864.17 BlackRock 364.27 -1.51 382.84 293.39 2.24 18.05 59964.76 Marsh&M 58.16 -0.07 59.28 48.66 1.92 21.10 31313.81
CmwBkAu 84.48 -0.61 96.69 73.57 7.11 14.92 104705.32 Cred Agr♦ 13.51 -0.09 14.49 9.76 2.62 14.38 37930.67 FastRetail 51250 -50.00 51640 32030 0.65 45.41 43663.11 TeliaSonera 49.95 -0.30 55.85 45.36 - 14.86 25191.78 Boeing♦ 141.25 0.73 158.83 116.32 2.25 17.22 97676.82 MasterCard 92.56 0.30 94.50 69.64 0.60 27.81 103307.46
CSL 93.34 -0.16 96.60 63.77 1.39 28.31 33129.94 Danone♦ 63.22 0.69 67.74 49.84 2.48 31.46 44353.48 Fuji Hvy Ind 4707.5 9.50 4827.5 2707 1.27 16.84 29599.95 Volvo 110.60 -0.10 120.50 71.00 2.77 41.85 26141.86 BrisMySq 66.48 1.88 69.86 46.30 2.25 48.17 110820.47 McDonald's♦ 96.22 0.29 102.62 87.62 3.54 21.06 92228.3
NatAusBk♦ 34.03 -0.29 39.71 31.33 8.54 13.75 65169.45 EDF 22.44 0.06 27.02 20.90 6.03 10.40 45484.7 Hitachi 844.30 -5.70 939.90 693.00 1.29 14.86 32776.92 Switzerland (SFr) Broadcom♦ 55.47 -1.39 57.70 31.60 0.92 47.19 30490.11 McGraw Hill♦ 103.75 - 109.13 73.96 1.21-119.20 28436.23
Telstra 6.20 -0.02 6.74 5.16 7.13 15.89 57720.87 GDF Suez 18.24 -0.14 21.19 16.17 6.95 16.90 48406.35 HondaMtr 4259 -2.00 4400 3239 2.09 12.73 61964.37 ABB 20.56 - 22.31 16.75 3.56 19.89 50305.09 CapOne 83.39 -0.17 85.68 72.77 1.47 10.49 45566.33 McKesson 238.27 1.04 243.61 178.28 0.41 30.84 55172.26
Wesfarmers 42.93 -0.73 46.95 40.26 7.10 29.86 36736.75 Hermes Intl 361.80 6.15 363.05 229.00 0.81 40.77 41623.09 JapanTob 4614.5 74.50 4794.5 3101 2.31 19.21 74125.54 CredSuisse 24.70 -0.21 27.81 18.57 2.83 20.42 42776.14 CardinalHlth 88.42 0.25 91.91 67.27 1.59 25.24 29252.3 Medtronic 76.70 0.38 79.50 58.32 1.58 24.29 75497.08
Westpc♦ 33.12 -0.44 40.07 31.33 8.07 13.82 78693.45 LOreal 173.60 1.65 181.30 117.05 1.56 33.89 105887.38 Kao 5663 6.00 6270 3932 1.31 40.56 22924 Nestle 72.85 -0.05 77.00 64.15 2.74 17.34 248323.76 Carnival♦ 46.78 0.45 49.21 33.11 2.10 28.36 27725.95 Merck 60.75 -0.14 63.62 52.49 3.00 15.40 171632.22
Woolworths 27.70 -0.30 38.05 27.02 7.41 13.77 26717.36 LVMH 163.20 1.05 175.40 121.40 2.09 13.44 90329.35 KDDI 2796.5 -14.50 3048 1899.67 1.81 17.10 60439.96 Novartis 97.40 0.90 102.70 78.60 2.61 24.49 275608.18 Caterpillar 85.53 0.21 111.46 78.19 3.23 13.37 51779.77 Metlife♦ 52.27 0.01 57.57 46.10 2.74 8.30 58323.84
Belgium (€) Nmrcble-SFR 52.75 0.22 60.01 26.38 - -63.07 27991.42 Keyence 67040 -60.00 69480 39745 0.20 36.58 32738.93 Richemont 81.15 -0.05 94.70 68.80 1.60 22.87 44775.96 CBS 61.50 -0.22 65.24 48.83 0.95 25.09 27940.43 MicronTech 28.42 0.49 36.59 25.61 - 8.86 30737.37
AnBshInBv 109.45 - 118.80 78.75 2.79 24.55 191820.43 Orange 14.55 0.19 16.45 10.20 5.21 37.31 42000.44 MitsbCp 2805 18.00 2830 1942.5 2.46 13.24 36588.28 Roche 279.70 3.50 295.80 238.80 2.59 27.85 207712.9 Celgene 114.45 0.01 129.06 75.88 - 38.16 90775.37 Microsoft♦ 47.23 0.37 50.05 39.86 2.56 19.15 382070.64
KBC Grp 60.39 -0.66 62.48 36.53 - 11.75 27494.2 PernodRic 114.40 1.85 117.75 82.23 1.55 28.78 33089.48 MitsubEst 2743.5 -35.50 2975 2151.5 0.44 36.71 30637.76 Swiss Re 83.85 -0.55 96.95 69.25 5.04 8.86 32856.38 Cernr Crp 67.81 0.52 75.72 50.30 - 44.85 23331.95 MondelezInt 40.69 -0.90 41.81 31.83 1.49 28.70 66187.28
Renault 94.79 0.26 100.25 49.50 1.97 12.69 30547.4 MitsubishiEle 1693 -12.00 1718 1178 0.77 28.99 29197.32 Swisscom 540.00 -4.50 587.50 500.00 4.07 16.72 29568.26 CharlesSch 31.44 -0.21 32.43 23.35 0.78 32.77 41297.05 Monsanto 116.61 -0.37 128.79 105.76 1.55 25.42 55518.35
Brazil (R$)
Safran 64.92 0.51 70.72 43.24 2.00-198.09 29503.47 MitsuiFud 3607.5 -19.00 3809.5 2854.5 0.62 38.98 28726.27 Syngent 421.40 -4.10 435.20 273.20 2.48 25.95 41400.87 ChevrnTx♦ 102.63 -0.37 135.10 98.88 4.27 10.94 192993.43 MorganStly 38.58 0.38 39.19 30.40 1.06 18.37 76003.63
Ambev 18.53 0.13 20.29 14.99 8.58 23.35 91633.38
Sanofi 90.06 0.91 99.23 69.58 3.37 25.21 128347.24 MitUFJFin 935.00 13.80 936.80 546.20 1.95 11.52 106404.41 UBS 20.33 0.11 20.78 13.58 1.23 17.68 80374.88 Cigna 143.86 3.03 145.33 85.75 0.03 17.68 37024.83 MylanNV 73.32 0.69 76.69 44.80 - 33.70 35929.24
Bradesco 26.60 0.40 34.42 25.88 3.67 7.87 21126.38
Schneider 68.77 -0.01 75.29 52.59 3.61 20.67 43819.96 Mizuho Fin 279.60 5.00 280.40 178.10 2.54 15.34 55305.1 Zurich Fin 298.00 -1.90 334.60 262.00 - 12.00 47352.78 Cisco 29.18 -0.13 30.31 22.49 2.65 17.09 148406.23 Netflix 623.02 -1.04 631.44 315.54 - 158.32 37769.5
Cielo 40.61 0.61 49.06 36.21 2.45 14.16 24105.83
SocGen 42.21 -0.32 46.95 31.85 2.39 11.43 37074.94 Murata Mfg 20340 105.00 20865 8800 0.70 38.37 36800.62 Citigroup 54.45 0.37 56.95 46.55 0.08 19.73 165208.91 News Corp A 33.58 -0.02 39.27 31.01 0.84 7.72 42275.19
ItauHldFin 31.83 -0.63 38.74 28.46 1.61 7.57 27740.45 Taiwan (NT$)
Total 46.00 0.03 54.71 38.25 6.14 31.42 120095.42 NipponTT 8687 18.00 8798 6003 2.10 17.27 79309.98 CME Grp 94.13 -0.07 100.61 69.16 2.08 25.96 31774.04 NextEraE♦ 103.53 1.19 112.64 90.33 2.91 16.66 45980.13
Petrobras 13.25 - 23.50 7.88 - -6.82 31025.81 HonHaiPrc 97.30 -1.80 113.00 83.00 1.66 10.21 46834
UnibailR 234.85 1.00 262.00 180.70 4.10 13.48 25202.08 Nissan Mt 1302.5 2.00 1312 917.40 2.45 11.88 47293.14 Coca-Cola 40.94 -0.02 44.87 39.06 3.12 25.21 178445.21 Nike♦ 101.76 0.09 105.50 73.14 1.01 29.56 69419.62
Vale 20.04 -0.01 33.25 17.17 13.20 -6.37 20284.57 TaiwanSem 145.00 -1.00 155.00 118.00 2.08 13.09 122336.94
Vinci 54.79 0.71 57.66 39.65 3.50 11.43 35308.6 NTTDCMo 2248.5 12.50 2296 1612.5 2.70 21.84 73787.08 Cognizant 65.40 0.68 65.58 41.51 - 26.55 39927.85 NorfolkS♦ 92.76 0.76 117.64 91.85 2.51 14.58 28277.84
Canada (C$) Vivendi 23.38 0.19 24.42 17.26 4.32 -89.50 34718.02 Orintllnd 8080 70.00 9890 4246.25 0.41 38.95 23602.4 Thailand (THB) ColgtPlm 66.90 0.11 71.56 62.53 2.21 25.77 60515.73 Northrop♦ 159.94 0.76 172.30 118.23 1.79 16.38 30993.92
BCE 54.62 0.12 60.20 46.43 4.65 19.12 36871.65 Panasonic 1816.5 -14.50 1853.5 1103 0.78 76.00 35789.51 PTT Explor 347.00 -3.00 398.00 292.00 2.68 18.93 29463.02 Comcast 58.78 0.32 60.85 49.33 1.61 17.39 125268.28 NXP 111.98 -0.27 114.00 53.81 - 82.51 28191.13
Germany (€)
BkMontrl 75.95 0.04 85.71 72.87 4.26 11.61 39010.77 Seven & I 5110 -47.00 5494 3794.5 1.46 25.48 36381.82 United Arab Emirates (Dhs) ConocPhil 63.61 -0.07 87.09 60.57 4.64 19.81 78427.73 Occid Pet 78.89 0.70 101.38 71.70 3.74 -39.98 60596.94
Allianz 142.60 -0.15 170.15 115.05 3.75 10.01 71017.17
BkNvaS 65.88 0.48 74.93 60.75 3.95 11.56 63551.21 ShnEtsuCh 7567 -31.00 8529 5944 1.34 26.26 26262.01 Emirtestele 11.50 - 11.90 9.41 5.95 10.60 27228.62 Corning♦ 20.88 -0.04 25.16 17.03 2.06 11.33 26278.59 Oracle 43.79 0.30 46.71 35.82 1.08 18.61 191234
BASF 84.16 -0.04 97.22 64.27 3.24 15.74 84236.92
Brookfield♦ 44.38 0.40 48.64 30.57 1.25 9.97 34695.02 Softbank 7375 -72.00 8760 6704 0.55 14.28 71120.6 Costco 142.39 -0.20 156.85 114.01 0.98 28.27 62647.94 Pepsico 95.97 -0.46 100.76 86.71 2.80 21.81 141656.6
Bayer 130.30 1.15 146.45 94.22 1.63 32.24 117422.19 United Kingdom (p)
CanadPcR 209.68 4.76 247.56 180.50 0.68 23.01 27425.99 Sony 3822.5 -39.50 3970 1622 0.66 -25.94 35914.94 CrownCstl 82.26 0.71 89.44 72.43 2.91 72.77 27455.19 Pfizer♦ 34.56 -0.19 35.53 27.51 3.14 23.38 212809.07
BMW 100.75 0.05 123.75 74.74 2.61 12.18 66094.56 AscBrFd 3001 -27.00 3293 2407 1.16 31.11 36135.15
CanImp 94.78 -0.12 107.37 88.04 4.42 10.54 30019.79 SumitomoF 5747 77.00 5747 3823 2.20 10.43 65271.1 CSX♦ 34.24 0.16 37.99 28.94 1.92 16.93 33828.48 PG&E 53.66 0.19 60.21 42.92 3.48 20.07 25755.38
Continental 212.50 2.25 234.25 136.85 1.19 17.23 46315.84 AstraZen 4366.5 -6.00 4931.68 4075 4.33 64.10 83872.1
CanNatRs 38.08 -0.30 49.57 31.00 2.41 13.47 33218.82 Takeda Ph 6049 9.00 6657 4337.5 3.01 88.60 38378.93 Cummins 135.22 -0.33 161.03 124.30 2.25 14.14 24516.98 Phillips66 79.35 0.23 87.98 57.33 2.58 10.42 42978.51
Daimler 85.74 0.46 96.07 55.10 5.54 11.50 99960.61 Barclays♦ 266.40 -3.60 273.40 201.75 2.44 -0.86 66664.49
CanNatRy 73.88 0.11 88.89 65.33 1.46 18.37 47280.18 TokioMarine 5141 -3.00 5288 3002 1.58 15.70 31279.33 CVS 102.51 0.13 105.46 74.64 1.17 24.41 115665.19 PhilMorris 83.19 0.12 91.63 75.27 4.85 17.13 128873.38
Deut Bank 27.25 -0.17 33.42 22.66 2.65 32.36 40958.54 BG 1121 -16.00 1420 780.55 1.81 -29.55 58205.31
Enbridge 60.48 1.00 66.14 47.43 2.54 132.35 41228.18 Toyota 8520 -84.00 8783 5710 2.08 13.16 233896.95 Danaher 86.90 0.58 90.25 70.12 0.51 23.50 61483.99 PNCFin 94.62 -1.07 96.71 76.69 2.08 12.70 49005.62
Deut Tlkm♦ 15.65 - 17.63 10.07 3.23 36.79 77327.73 BP♦ 447.40 -3.35 526.80 364.40 6.07 42.88 124110.61
GtWesLif♦ 36.19 0.16 37.64 28.78 3.50 13.41 28783.64 Deere 92.64 -1.04 94.88 78.88 2.56 12.76 31450.93 PPG Inds♦ 229.03 0.14 237.90 171.56 1.20 26.41 31131.12
DeutsPost 27.28 -0.17 31.19 21.55 2.96 16.54 36006.49 Mexico (Mex$) BrAmTob 3592.5 -13.00 3894 3303 4.03 21.57 104811.85
ImpOil 49.46 0.68 57.96 44.08 1.07 12.72 33422.82 Delta 44.35 1.43 51.06 30.12 0.76 30.44 36202.99 Praxair 122.46 -0.40 134.84 117.19 2.23 21.16 35306.47
E.ON♦ 13.36 -0.01 15.46 12.23 4.53 -9.55 29132.74 AmerMvl 16.43 0.23 17.64 12.39 1.52 - 71660.62 BSkyB 850.50 -12.00 954.00 782.50 3.76 9.03 23005.52
Manulife♦ 22.94 0.11 23.36 18.91 2.63 13.09 36034.45 DevonEngy 64.47 -0.75 80.63 51.76 1.53 -11.02 26499.86 Prec Cast 212.68 1.05 275.09 186.17 0.06 19.27 30151.15
Fresenius Med 78.04 0.26 82.32 46.70 1.26 24.01 26457.62 FEMSA UBD 138.52 1.49 149.93 116.20 - 28.70 32014.96 BT 443.55 -3.15 - - - - -
Potash 38.89 -0.25 47.10 35.25 4.63 16.21 25865.54 DirectTV 90.95 -0.09 92.45 82.00 - 15.42 45844.49 Priceline 1166.66 -5.38 1329.9 990.69 - 24.84 60475.97
Fresenius SE 58.24 0.31 58.82 35.10 0.72 27.67 27687.15 WalMrtMex 37.86 -0.16 40.00 28.26 1.43 24.97 42793.02 Compass 1157 13.00 1223.36 924.41 2.34 22.46 31881.47
RylBkC 78.83 -0.24 83.87 71.74 3.87 11.91 90695.77 DiscFinServ 58.32 0.05 66.75 54.02 1.69 11.69 25806.89 ProctGmbl 78.85 0.46 93.89 77.29 3.35 20.48 213919.7
HenkelKgaA 93.78 0.43 99.44 66.70 - 24.46 26550.34 Netherlands (€) Diageo 1818 2.50 2055 1689.5 2.84 23.42 69433.34
Suncor En 36.19 -0.16 47.18 30.89 3.00 59.57 41711.15 Disney 110.96 0.59 113.30 78.54 1.06 23.30 188272.63 Prudntl♦ 84.32 -0.29 94.30 74.51 2.70 16.80 38196.96
Linde 174.30 -0.55 195.55 142.85 1.74 28.93 35278.86 Altice 122.15 3.65 132.60 40.21 - 437.55 33005.44 GlaxoSmh 1456 2.50 - - - - -
ThmReut♦ 50.13 0.47 53.00 37.24 3.40 16.26 31352.65 DominRes♦ 70.50 -0.02 80.89 64.71 3.56 27.50 41642.43 PublStor 196.32 2.78 206.92 162.34 2.92 35.07 33942.92
MuenchRkv 166.95 -1.05 206.50 141.10 4.38 9.36 31464.16 ASML Hld 101.85 0.10 104.85 61.58 0.60 32.69 48074.84 Glencore 281.75 -6.20 379.45 236.20 3.89 25.03 56540.78
TntoDom 54.20 0.05 58.20 49.67 3.63 12.94 80020.99 DowChem 52.26 0.19 54.97 41.45 3.10 15.81 60249.55 Qualcomm♦ 69.42 -0.27 81.97 62.26 2.48 16.02 113116.54
SAP 67.60 0.21 70.81 50.08 1.49 25.38 90500.5 Heineken 70.34 -1.00 76.14 50.43 1.37 24.67 44152.41 HSBC♦ 624.20 1.50 674.57 550.67 5.49 13.08 185254.95
TrnCan 53.54 -0.36 63.86 49.30 3.71 21.81 30261.25 DukeEner♦ 76.00 0.27 89.97 68.81 4.27 21.11 52556.84 Raytheon 103.51 0.25 113.36 89.17 2.46 14.67 31585.25
Siemens 96.18 0.40 106.35 80.17 3.39 14.31 92339.67 ING 14.83 -0.15 15.24 9.49 - 31.84 62500.24 ImpTob 3306 -64.00 3413 2474 3.87 16.55 48163.02
ValeantPh 300.08 3.64 308.10 116.01 - 79.46 81547.36 DuPont♦ 71.64 0.63 80.65 63.70 2.66 20.10 64851.18 Regen Pharm 513.81 1.25 519.46 269.50 - 160.69 52051.84
Volkswgn 219.55 0.05 254.50 147.35 1.84 9.43 70601.73 Philips 24.87 0.06 28.00 20.69 - 118.72 25330.5 LlydsBkg 88.66 0.89 89.20 70.72 0.85 -2.33 96246.41
China (HK$) Natl Grid 929.70 -4.30 965.00 827.50 4.69 16.28 53192.62 Eaton 71.58 -0.01 79.98 57.11 2.89 18.22 33464.77 ReynoldsAm 75.85 -0.90 77.68 55.22 3.62 26.41 40353.2
Hong Kong (HK$) Unilever♦ 38.78 -0.05 42.75 28.75 3.14 20.00 72465.39
AgricBkCh 4.25 0.04 4.55 3.38 5.39 5.93 16842.72 Prudential 1611.5 -15.50 - - - - - eBay 62.56 1.20 63.03 46.34 - 25.46 75999.25 Salesforce 73.10 0.35 78.46 50.21 - -289.83 47953.6
AIA 51.55 0.50 58.20 38.25 0.84 23.82 80066.52 Norway (Kr)
Bk China 5.21 0.06 5.68 3.37 4.82 7.01 56169.08 RBS 341.40 -3.90 414.00 308.00 - -31.46 33039.37 Ecolab 115.06 0.41 118.46 97.78 1.08 27.51 34260.34 Schlmbrg♦ 90.65 -0.12 118.76 75.60 1.92 22.88 115100.74
BOC Hold 32.25 0.35 33.70 22.30 3.06 14.22 43959.82 DNB 136.30 -0.20 143.00 98.10 2.01 10.08 27828.22
BkofComm♦ 7.71 0.33 8.09 5.13 4.32 6.69 34802.14 ReckittB 5879 -26.00 6130 4895 2.33 25.83 64252.07 EMC 26.68 0.34 30.92 25.07 1.77 20.63 51814.19 SempraEgy 107.59 0.12 116.30 96.13 2.55 19.51 26637.14
Ch OSLnd&Inv 28.85 0.75 34.05 18.52 1.66 8.73 36676.33 Statoil 144.10 -1.70 195.80 118.20 7.50 -12.15 57596.05
Ch Evrbrght♦ 5.03 0.11 5.65 3.37 4.38 6.32 4454.31 Reed Els 1084 -1.00 1199 906.50 2.30 25.50 34348.2 Emerson♦ 60.24 -0.07 68.80 54.95 3.06 15.51 40258.7 Shrwin-Will 288.24 0.06 294.35 201.36 0.82 30.80 26860.02
ChngKong 122.70 1.70 174.90 113.50 2.81 5.41 36639.61 Telenor♦ 176.20 - 183.50 128.90 4.03 27.89 33162.06
Ch Yangtze RMB 13.86 0.67 14.33 6.00 2.07 17.07 21788.61 RioTinto 2834.5 -21.50 - - - - - EOG Res 88.76 0.07 118.89 81.07 0.68 22.76 48723.43 SimonProp 183.39 1.99 206.31 162.43 2.96 38.70 57082.11
Citic Ltd 15.10 0.14 16.88 12.60 1.71 9.41 48481.04
ChCommsCons 13.64 0.24 17.00 5.07 1.76 12.17 7785.94 Qatar (QR) RollsRoyce 997.50 -0.50 1094 777.00 2.25-255.77 28667.29 EquityResTP 75.02 0.70 82.53 60.44 2.80 38.13 27306.44 SouthCpr 30.07 0.05 33.90 23.60 1.50 18.65 23996.64
Citic Secs 32.70 -0.25 40.50 16.20 0.59 20.28 4967.65
ChConstBk 7.82 0.03 7.98 5.34 4.92 6.64 242386.34 QatarNtBk 193.10 3.10 237.00 160.00 3.98 12.33 37123.83 RylDShlA 1922.5 -20.50 2475.5 1915.5 6.86 12.22 113897.61 Exelon♦ 33.99 0.16 38.93 30.66 3.74 12.90 29273.67 SouthwestAir♦ 37.85 0.80 47.17 25.47 0.65 17.73 25295.03
CNOOC 12.16 0.04 15.88 9.72 4.57 7.41 69995.16
China Vanke - - - - - - - Russia (RUB) SABMill 3460 -34.00 - - - - - ExpScripts 86.00 -1.14 91.21 65.08 - 29.55 62719.03 Starbucks 52.22 0.26 52.46 35.39 1.14 30.03 78356.11
Hanergythn 3.91 -3.46 9.07 1.13 - 53.37 21028.16
ChinaCitic 6.61 0.05 7.40 4.55 4.95 5.93 12682.43 Gzprm neft 139.40 0.40 166.94 113.73 4.48 23.27 61915.23 Shire 5610 -25.00 - - - - - ExxonMb♦ 85.13 -0.07 104.76 82.68 3.32 12.46 355937.75 StateSt 77.44 -0.49 80.92 64.21 1.59 16.19 31880.46
HangSeng♦ 155.60 - 161.50 123.20 3.45 20.15 38352.94
ChinaCNR 15.86 0.78 21.95 4.99 - 25.51 4365.2 Lukoil 2447.5 -13.80 3297.7 1911.5 2.29 7.70 39057.29 StandCh 1028.5 -17.50 1350.5 867.50 5.37 15.18 38675.72 Facebook 80.29 1.10 86.07 61.79 - 76.28 180563.9 Stryker 96.12 -0.01 98.24 77.87 1.39 53.71 36372.69
HK Exc&Clr♦ 302.00 3.60 311.40 142.10 1.15 69.84 45907.65
ChinaLife 37.95 0.70 41.00 20.05 1.01 67.82 36407.44 MmcNrlskNckl 9303 298.00 12247 6548 11.78 14.09 27620.22 Tesco 209.80 -2.80 305.95 155.40 5.38 -2.99 25920.22 Fedex 175.37 2.15 183.51 138.30 0.34 20.40 49762.4 Sychrony Fin 32.41 0.12 33.96 22.60 - 12.54 27022.31
Hutchison 115.00 -2.90 119.40 85.90 2.00 7.48 63210.32
ChinaMBank 24.55 0.95 25.00 13.12 3.24 8.29 14530.71 Rosneft 236.00 2.00 294.20 183.95 4.72 8.29 46926.29 Vodafone 254.30 -1.05 257.95 179.10 5.48 70.06 102530.85 FordMtr 15.36 0.19 18.12 13.26 3.50 19.31 59973.18 Target♦ 79.51 0.19 83.98 55.89 2.48 20.40 51024.65
MTR♦ 37.35 0.20 40.00 28.80 2.40 14.25 28119.78
ChinaMob 103.30 1.20 118.00 73.75 2.98 15.82 272684.95 Surgutneftegas 31.89 0.89 39.80 21.82 2.38 2.68 21372 WPP 1552 12.00 1616 1091 2.27 19.27 31113.44 Franklin 50.91 - 59.43 49.12 1.09 12.97 31490.85 TE Connect♦ 69.00 - 73.73 51.03 1.72 14.81 28054.8
SandsCh 28.85 -1.10 61.65 28.70 5.85 12.08 30010.59
ChinaPcIns♦ 41.30 1.35 47.10 25.40 1.24 22.84 14777.36 GenDyn 140.25 0.09 145.92 114.04 1.81 16.57 46104.77 TexasInstr 55.71 -0.21 59.99 41.47 2.35 19.48 57958.64
SHK Props 132.90 1.50 137.60 104.60 2.46 12.46 49238.25 Saudi Arabia (SR) United States of America ($)
ChinaRailCons 14.56 0.26 17.70 6.61 1.14 12.05 3897.52 GenElectric 27.28 0.01 28.68 23.41 3.38 219.37 274871.34 TheTrvelers 101.01 -0.11 110.49 88.81 2.23 9.51 32191.72
Tencent 156.10 0.40 171.00 104.50 0.16 46.46 188673.74 AlRajhiBnk 66.91 0.29 79.50 48.40 2.80 16.89 28991.12 3M♦ 158.98 -0.10 170.50 130.60 2.31 20.56 100847.53
ChinaRailGp♦ 10.22 0.20 12.30 3.58 0.83 16.24 5543.7 GenGrwthPrp 28.49 0.16 31.70 22.92 2.27 27.77 25247.92 ThrmoFshr 129.46 -0.17 139.03 107.33 0.47 29.31 51532.45
India (Rs) Natnlcombnk 66.80 -0.21 72.75 49.50 - 14.89 35528.23 AbbottLb 48.94 0.34 49.43 39.28 1.88 35.81 72859.78
ChMinsheng 10.72 0.04 11.88 6.73 2.12 6.64 9582.76 GenMills 56.29 0.14 57.73 48.32 2.87 24.77 33553.9 TimeWrnr♦ 84.39 -0.09 88.25 67.60 1.58 20.61 69588.2
Bhartiartl 416.60 -9.00 435.00 326.60 0.81 34.57 26147.23 SaudiBasic 103.47 0.43 136.50 70.25 4.99 13.09 82769.37 Abbvie 66.93 0.34 70.76 51.37 2.68 57.91 106624.58
ChMrchSecs RMB 31.98 1.66 40.00 9.88 0.49 30.31 24044.19 GenMotors 36.18 0.21 39.00 28.82 3.40 16.43 58148.77 TimeWrnrC 180.28 -0.61 184.89 128.78 2.13 24.84 50962.67
HDFC Bk 1036.2 -14.35 1109.3 791.40 0.65 27.90 39279.65 SaudiTelec 69.27 0.28 76.50 55.00 5.18 12.23 36941.04 Accenture 96.19 0.15 97.95 73.98 2.00 22.01 76508.95
ChShenEgy 19.44 0.38 24.40 18.62 6.00 9.39 8517.87 GileadSci 114.08 1.81 116.83 78.50 - 12.69 167652.65 TJX Cos♦ 65.09 0.71 71.03 51.91 1.06 20.54 44408.31
Hind Unilevr 880.80 21.25 981.00 588.35 1.27 49.65 29908.99 Singapore (S$) Ace 106.37 -0.11 117.89 99.45 2.50 12.47 34739.63
ChShpbldng RMB 18.39 0.72 20.19 4.36 0.26 166.84 53269.65 GoldmSchs♦ 207.81 1.62 209.68 157.91 1.13 10.69 89777.22 T-MobileUS 38.89 0.01 39.12 24.26 - 96.66 31517.05
HsngDevFin 1247.75 11.70 1402.3 871.00 1.10 23.43 30798.22 DBS♦ 20.30 -0.04 21.23 16.72 2.89 12.27 37748.22 Actavis 309.16 2.35 317.72 201.91 - -33.16 121328.18
ChStConEng RMB 9.76 0.45 12.52 2.77 1.50 12.04 46998.52 Google 549.21 3.89 608.91 490.91 - 26.61 158317.84 Twitter 36.63 -0.04 55.99 31.62 - -36.61 23984.38
ICICI Bk 316.45 -0.80 393.40 266.66 2.86 15.42 28766.44 JardnMt US$ 61.47 -1.25 67.88 57.00 2.24 13.63 42943.35 Adobe 79.87 0.78 80.74 58.51 - 134.69 39956.49
ChUncHK♦ 13.22 0.14 16.00 10.04 1.58 21.48 40815.17 Halliburton♦ 45.24 -0.16 74.33 37.21 1.49 17.29 38493.56 UnionPac♦ 101.93 1.02 124.52 96.17 2.02 16.96 89574.13
Infosys 2047.8 24.65 2336 1475 1.94 17.82 36926.38 JardnStr US$ 33.24 -0.76 38.10 32.33 0.77 11.24 37232.21 AEP♦ 56.01 -0.28 65.38 49.06 3.77 15.71 27423.65
CSR 15.00 0.94 20.70 5.68 0.77 29.48 8453.07 HCA Hold 82.39 0.56 83.88 52.37 - 16.88 34135.87 UPS B♦ 99.48 0.26 114.40 94.05 2.82 28.37 69786.81
ITC 332.05 4.95 409.95 312.50 1.54 30.77 41464.16 OCBC♦ 10.20 -0.05 10.92 9.38 3.42 9.75 30131.88 Aetna 119.62 1.65 120.19 71.81 1.01 19.31 41771.3
Daqin RMB 12.91 0.73 14.72 6.24 3.41 13.13 30959.05 Hew-Pack 33.76 0.36 41.10 31.00 1.88 12.74 61360.78 USBancorp 42.97 -0.14 46.10 38.10 2.34 13.46 76187.31
L&T 1705.55 51.10 1893.8 1401 0.82 29.10 24821.73 SingTel 4.13 0.01 4.57 3.63 4.05 17.70 48809.7 Aflac 62.10 -0.12 65.10 54.99 2.51 9.45 26944.22
GF Secs RMB 27.30 1.47 32.88 9.50 0.75 23.41 26066.08 HiltonWwde 29.17 0.21 31.60 20.72 - 40.13 28803.88 Utd Cntl Hldg 56.31 1.72 74.52 36.65 - 9.63 21510.5
OilNatGas 324.10 -5.75 471.85 298.80 2.93 10.75 43536.41 UOB 23.14 -0.49 25.05 21.53 3.06 11.27 27485.07 AirProd 147.45 0.69 158.20 118.20 2.17 30.20 31667.06
GuosenSec - - - - - - - HlthcareREIT 71.14 0.88 84.88 61.42 4.62 58.86 24943.58 UtdHlthcre 119.86 -0.35 123.76 77.53 1.28 19.31 114095.24
RelianceIn 902.25 25.25 1133 796.45 1.04 11.69 45829.3 Alexion 164.78 0.94 203.30 150.06 - 55.08 32886.26
HaitongSecs 24.15 -0.45 27.90 11.22 0.64 17.23 7910.67 South Africa (R) HomeDep 111.67 0.25 117.99 77.75 1.77 22.90 145056.65 UtdTech♦ 117.00 -0.17 124.45 97.30 2.11 16.13 104153.61
SBI NewA♦ 278.20 0.05 336.00 234.61 1.04 13.33 32610.54 Allstate♦ 66.92 -0.40 72.87 56.63 1.75 10.02 27371.15
HuataiSec RMB 30.41 1.19 34.31 7.38 0.51 29.18 27469.29 Firstrand 52.00 - 58.47 39.21 3.46 13.95 23798.59 Honywell♦ 104.06 -0.14 107.10 82.89 1.91 18.61 81344.48 ValeroEngy♦ 58.78 -0.46 64.49 42.53 2.09 7.87 29896.77
SunPhrmInds 877.65 -88.45 1200.8 593.00 0.17 31.21 28540.7 Altria 51.20 - 56.70 40.26 4.08 20.11 100687.76
In&CmBkCh 6.82 0.07 7.10 4.74 4.92 6.82 76315.4 MTN Grp 217.50 2.28 263.44 198.00 5.27 12.08 32782.89 HumanaInc 214.92 0.27 219.79 115.51 0.53 26.86 32190.99 Verizon 49.22 -0.22 53.66 45.09 4.54 20.16 200743.13
Tata Cons 2617.75 7.45 2839.7 2056 1.28 24.22 80506.52 Amazon 430.92 1.69 452.65 284.00 - -479.90 200671.24
IndstrlBk RMB 18.71 0.72 21.42 9.43 2.52 7.16 48829.92 Naspers N 1824 38.95 2029.97 1130.01 0.24 63.10 62384.17 IBM♦ 170.18 0.53 196.40 149.52 2.65 10.60 167582.04 VertexPharm 126.80 -1.49 137.50 63.68 - -41.65 30907.78
Tata Motors 472.05 -9.60 612.40 410.55 0.41 10.36 24073.39 AmerAir 44.18 1.81 56.20 28.10 0.70 9.41 30607.85
Kweichow RMB 271.46 7.63 290.00 139.22 1.65 18.90 50005.12 South Korea (KRW) IllinoisTool 93.78 -0.05 100.14 79.06 2.05 18.74 34482.09 VF Cp 70.21 -0.22 77.83 59.82 1.70 28.83 29837.51
AmerExpr 79.47 -0.25 96.24 76.53 1.34 13.49 80725.28
PetroChina 9.17 -0.02 11.70 7.93 4.56 16.81 24943.96 Indonesia (Rp) HyundMobis 218500-5000.00 312000 217000 1.41 9.71 18802.82 Illumina 205.44 -0.64 213.33 145.12 - 69.24 29603.9 Viacom 66.71 -0.17 89.76 63.11 2.03 15.32 23121.2
AmerIntGrp 58.68 0.07 60.70 48.56 0.87 9.73 78243.64
PingAnIns 116.40 2.30 125.80 57.05 0.78 16.08 55882.4 Astra Int 7325 25.00 8575 6325 3.00 14.24 22427.08 KoreaElePwr 45500 -700.00 50200 36650 1.08 10.77 26310.01 Intcntl Exch 235.54 -1.24 241.98 182.40 0.85 25.27 26217.85 Visa Inc♦ 69.11 0.43 70.69 48.80 0.65 30.21 135278.04
Amerisrcbrgn 113.26 0.70 120.68 71.00 0.95 -37.34 24881.59
PngAnBnk RMB 15.90 0.58 17.50 7.81 0.86 10.48 30274.1 Bk Cent Asia 14125 - 15600 10700 0.92 19.91 26337.71 SK Hynix 50600 -500.00 52400 40300 0.61 8.57 33180.41 Intel 33.91 -0.56 37.90 26.93 2.77 14.08 160845.32 Walgreen♦ 85.98 0.14 93.42 57.75 1.52 25.46 93783.24
AmerTower 94.23 1.44 105.20 87.05 1.52 47.35 39867.68
SaicMtr RMB 24.95 0.97 29.18 14.28 4.93 9.43 44372.61 BnkRakyat 11725 -50.00 13450 9850 4.88 11.42 21875.38 SmsungEl 1291000-16000.00 1510000 1078000 1.09 8.12 151408.88 Intuit 106.42 2.27 109.21 77.96 0.87 96.42 29335.3 WalMartSto 74.73 0.46 90.97 72.61 2.60 14.79 241041.85
Amgen♦ 157.03 0.77 173.60 114.93 1.71 20.69 119393.62
ShenwanHong - - - - - - - Israel (ILS) Spain (€) John&John♦ 100.04 -0.10 109.49 95.10 2.87 17.49 277415.46 WasteMgmt 49.74 0.09 55.93 43.49 3.11 23.91 22772.07
Anadarko 83.84 0.23 113.51 71.00 1.32 -17.65 42585.34
ShgPdgBk RMB 17.93 0.89 19.05 8.90 3.77 6.87 43159.21 TevaPha♦ 230.70 -4.10 267.40 175.00 2.30 18.09 50558.51 BBVA 8.99 - 9.99 7.21 0.90 15.01 61792.22 JohnsonCn 52.70 0.68 53.45 38.60 1.87 22.46 34509.57 Wellpoint 128.71 0.94 129.96 81.84 1.59 12.63 34744.16
Aon Cp 100.91 -0.31 107.08 78.26 1.02 20.72 28440.72
Sinopec 6.82 -0.01 8.23 5.90 4.54 18.08 22433.2 BcoSantdr 6.46 -0.03 7.96 5.77 8.85 13.12 98907.08 JPMrgnCh 66.08 0.30 67.19 54.26 2.48 11.81 245228.64 WellsFargo 56.04 0.08 56.70 46.44 2.56 13.37 288561.45
Italy (€) AppldMat♦ 20.31 0.18 25.71 18.63 1.95 20.02 25013.76
Denmark (kr) CaixaBnk 4.37 0.00 5.00 3.71 - 31.17 27457.28 Kimb-Clark 109.15 0.29 119.01 99.20 3.19 27.24 39741.43 Williams Cos 51.32 0.22 59.77 40.07 4.26 18.16 38436.7
Enel 4.41 -0.01 4.50 3.36 3.19 81.44 45190.75 Apple 130.54 0.26 134.54 88.93 1.48 15.82 752016.05
DanskeBk 197.90 -1.40 201.00 139.20 2.80 32.83 29163.81 Iberdrola 6.30 - 6.46 5.11 2.49 16.94 43831.89 KinderM 41.29 -0.20 44.71 33.25 4.32 48.91 89523.11 Yahoo 43.35 0.42 52.62 32.93 - 5.75 40681.49
ENI 16.28 -0.11 20.46 12.98 6.88 111.81 64474.66 ArcherDan♦ 53.03 0.18 53.91 41.63 1.93 13.60 33147.54
MollerMrsk 13260 160.00 16450 11020 2.30 15.65 41573.12 Inditex 30.81 0.65 31.05 19.29 1.31 36.58 104625.42 Kraft 84.27 -0.18 91.32 53.33 2.61 51.12 49882.78 Yum!Brnds 90.27 0.16 95.90 65.81 1.77 39.14 39032.81
Generali 17.46 -0.15 19.21 14.40 2.60 14.77 29622.74 AT&T 34.35 -0.19 37.48 32.07 5.55 30.30 178379.55
NovoB 389.10 9.80 400.20 230.80 1.30 33.77 150653.11 Repsol 17.33 -0.02 21.07 14.26 2.23 18.58 25954.16 Kroger 72.99 0.19 77.74 46.68 0.94 20.73 35779.81
IntSPaolo 3.28 0.00 3.38 2.00 1.54 28.56 56640.1 AutomData 85.30 -0.21 90.23 70.50 2.33 24.72 40050.4
Telefonica 12.85 -0.03 14.00 10.76 3.11 20.27 69154.19 L Brands 86.41 -0.11 95.78 56.57 1.59 24.40 25268.86 Closing prices and highs & lows are in traded currency (with variations for that
Finland (€) Luxottica 61.85 0.55 62.50 34.74 1.06 42.26 32495.23 Avago Tech 146.62 -1.45 150.50 68.71 0.85 76.98 37620.82
LasVegasSd 49.95 -0.88 78.50 49.57 4.41 15.20 39891.88 country indicated by stock), market capitalisation is in USD. Highs & lows are
Nokia 6.67 0.03 7.87 5.38 1.67 22.39 26735.41 Unicred♦ 6.32 -0.05 6.89 4.82 - 16.00 40494.45 Sweden (SKr) BakerHu♦ 64.32 -0.14 75.64 47.51 1.05 34.29 27958.33
LibertyGbl 57.42 -0.11 58.66 39.95 - -40.27 14473.67 based on intraday trading over a rolling 52 week period.
SampoA 43.23 0.35 49.40 34.77 3.85 14.76 26325.06 Japan (¥) AtlasCpcoB 231.00 1.50 270.00 165.20 2.43 21.80 32770.73 BankAm 16.55 0.05 18.21 14.84 0.99 23.88 173809.76
Lilly (E)♦ 79.00 0.10 79.85 58.50 2.55 37.71 87669.55 ♦ ex-dividend
France (€) AstellasPh 1807.5 -4.50 2047 1278 1.57 40.58 32806.96 Ericsson 95.90 0.20 120.00 77.90 3.35 25.34 36916.19 Baxter♦ 66.35 -0.26 77.31 65.95 3.21 19.06 36111.27
LinkedIn 200.77 5.84 276.18 152.18 - -541.46 22140.47 ■ ex-capital redistribution
Airbus Grpe♦ 61.82 -0.18 66.10 39.64 1.23 17.80 53044.93 Bridgestne 5175 -1.00 5182 3328 2.06 12.69 33796.27 H&M 338.60 2.40 368.50 269.60 2.84 26.42 65272.56 BB & T 39.17 -0.30 40.21 34.50 2.51 13.99 28326.16
Lockheed♦ 191.07 2.87 207.06 156.23 3.04 16.83 60141.3 # price at time of suspension
AirLiquide 117.45 0.15 123.95 87.17 2.14 22.43 44020.68 Canon 4294 2.00 4539 3172 3.72 18.46 45999.59 Investor 336.10 -0.60 363.40 219.30 2.43 3.47 30032.39 BectonDick 140.82 0.31 149.98 112.15 1.67 25.22 29485.68
Lowes 70.14 0.16 76.25 45.10 1.26 25.41 66752.56
CntJpRwy 21435 -190.00 24800 13320 0.57 15.12 35465.32 Nordea Bk 111.10 0.20 115.50 82.40 5.27 13.13 52059.72 BerkshHat 215400 600.00 229374 185005 - 16.99 184479.98

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
TevaPha 230.70 234.80 -4.10 -1.75 228.30 9492.5 -4.07 Firstrand 52.00 52.00 0.00 0.00 -5400.00 -99.0 -8.50 Jun 01 date Coupon S* M* F* price yield yield yield US Jun 01 date Coupon S* M* F* price yield yield yield US
HumanaInc 214.92 214.65 0.27 0.13 35.92 20.1 29.16 MTN Grp 217.50 215.22 2.28 1.06 -22182.50 -99.0 -9.00 High Yield US$ US$
ChShpbldng 18.39 17.67 0.72 4.07 2.90 18.7 26.30 Naspers N 1824.00 1785.05 38.95 2.18 -181712.00 -99.0 -2.51 Windstream Services, LLC 11/17 7.88 BB- B1 BB 107.87 4.45 -0.01 0.04 3.86 Merrill Lynch & Co., Inc. 09/26 6.22 BBB+ Baa3 A- 116.04 4.45 0.01 0.27 2.34
Broadcom 55.47 56.85 -1.39 -2.44 8.21 17.4 23.16 ChngKong 122.70 121.00 1.70 1.40 -49.50 -28.7 -27.18 High Yield Euro Bank of America Corporation 10/26 4.25 BBB+ Baa3 A- 99.66 4.33 0.01 0.09 2.23
Mizuho Fin 279.60 274.60 5.00 1.82 31.20 12.6 21.71 SunPhrmInds 877.65 966.10 -88.45 -9.16 -124.50 -12.4 -6.52 Kazkommerts Intl BV 02/17 6.88 B Caa1 B 99.75 - 0.00 0.00 - Citigroup Inc. 11/26 4.30 BBB+ Baa3 A- 99.31 4.43 0.01 0.16 2.32
Avago Tech 146.62 148.07 -1.45 -0.98 13.98 10.5 19.40 SandsCh 28.85 29.95 -1.10 -3.67 -3.50 -10.8 -9.13 JPMorgan Chase & Co. 12/26 4.13 A- Baa1 A 98.01 4.39 0.01 0.23 2.29
Fuji Hvy Ind 4707.50 4698.00 9.50 0.20 295.00 6.7 16.45 BnkRakyat 11725.00 11775.00 -50.00 -0.42 -875.00 -6.9 -0.42 Emerging US$ SouthTrust Bank 12/27 6.57 A+ Aa3 A+ 120.34 4.48 0.01 0.16 -
Fanuc 27650.00 27540.00 110.00 0.40 1715.00 6.6 3.78 Altice 122.15 118.50 3.65 3.08 -9.05 -6.9 29.42 Peru 05/16 8.38 BBB+ A3 BBB+ 106.49 1.26 0.00 0.34 0.67 FleetBoston Financial Corp. 01/28 6.88 BBB+ Baa3 A- 119.47 4.86 0.01 0.06 -
Bridgestne 5175.00 5176.00 -1.00 -0.02 318.00 6.5 2.61 Tata Motors 472.05 481.65 -9.60 -1.99 -33.25 -6.6 -7.12 Mexico 09/16 11.40 BBB+ A3 BBB+ 113.48 0.81 -0.01 0.00 0.22
Brazil 01/18 8.00 BBB- Baa2 BBB 108.46 4.58 0.04 -0.16 3.98 Euro
SumitomoF 5747.00 5670.00 77.00 1.36 352.00 6.5 9.63 KoreaElePwr 45500.00 46200.00 -700.00 -1.52 -3000.00 -6.2 -2.88 Goldman Sachs Group, Inc. (The) 06/26 2.88 A- Baa1 A 110.30 1.83 -0.01 0.21 -0.27
Lilly (E) 79.00 78.90 0.10 0.13 4.70 6.3 8.67 Allianz 142.75 142.75 0.00 0.00 -9.25 -6.1 -6.18 Russia 07/18 11.00 BB+ Ba1 BBB- 122.66 3.37 -0.02 -0.27 2.78
Peru 03/19 7.13 BBB+ A3 BBB+ 117.78 2.26 -0.02 0.06 0.78 Citigroup Inc. 09/26 2.13 A- Baa2 A 102.86 1.84 -0.01 0.23 -0.26
T-MobileUS 38.89 38.88 0.01 0.03 2.21 6.0 14.89 Surgutneftegas 31.89 31.00 0.89 2.85 -1.97 -5.8 -16.97 Credit Agricole S.A. 03/27 2.63 BBB Baa3 A- 98.46 2.78 -0.01 0.22 -
Cigna 143.86 140.83 3.03 2.15 8.00 5.9 14.32 Bayer 129.15 129.15 0.00 0.00 -7.95 -5.8 -4.96 Brazil 01/21 7.88 BBB- Baa2 BBB 106.46 3.63 -0.01 -0.09 2.15
Turkey 03/21 5.63 - Baa3 BBB- 109.00 3.92 -0.01 -0.03 2.43 Philip Morris Intl, Inc. 05/29 2.88 A A2 A 111.72 1.91 -0.02 0.37 -
SK Hynix 50600.00 51100.00 -500.00 -0.98 2750.00 5.7 9.64 CanadPcR 204.92 204.92 0.00 0.00 -12.53 -5.8 -11.20
Poland 04/21 5.13 A- A2 A- 112.91 2.75 -0.01 0.15 1.27 Yen
TimeWrnrC 180.28 180.89 -0.61 -0.34 9.10 5.3 14.65 HyundMobis 218500.00 223500.00 -5000.00 -2.24 -13000.00 -5.6 -7.61
Colombia 07/21 4.38 BBB Baa2 BBB 105.79 3.35 -0.01 0.06 1.86 Wal-Mart Stores, Inc. 07/15 0.94 AA Aa2 AA 100.10 0.27 0.00 0.03 -
MylanNV 73.32 72.63 0.69 0.95 3.66 5.3 -0.77 Richemont 81.20 81.20 0.00 0.00 -4.75 -5.5 -2.99
Ch Yangtze 13.86 13.19 0.67 5.08 0.69 5.2 4.92 SocGen 42.21 42.53 -0.32 -0.75 -2.33 -5.2 -5.59 Turkey 04/26 4.25 - Baa3 BBB- 97.02 4.65 0.01 -0.02 2.55 £ Sterling
Utd Cntl Hldg 56.31 54.59 1.72 3.15 2.62 4.9 -8.29 ChStConEng 9.76 9.31 0.45 4.83 -0.53 -5.2 -10.46 Emerging Euro IPIC GMTN Limited 03/26 6.88 AA Aa2 AA 132.75 3.23 -0.01 0.05 1.12
TokioMarine 5141.00 5144.00 -3.00 -0.06 238.50 4.9 4.43 Gzprm neft 139.40 139.00 0.40 0.29 -7.29 -5.0 -9.19 Brazil 02/15 7.38 BBB- Baa2 BBB 111.75 0.73 0.00 0.00 0.09 Barclays Bank plc 09/26 5.75 BBB- Baa3 A- 114.52 4.11 -0.04 -0.01 2.01
Murata Mfg 20340.00 20235.00 105.00 0.52 940.00 4.8 19.86 DeutsPost 27.45 27.45 0.00 0.00 -1.43 -4.9 -5.51 Mexico 07/17 4.25 BBB+ A3 BBB+ 111.13 1.50 0.00 0.00 0.91 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+ - BBB+ 111.57 2.84 0.00 0.11 1.35 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- 119.66 3.50 -0.01 0.30 1.39
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
Jun 01 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Jun 01 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 0.00-0.13 16-12-2008 0.13 0.00-0.25 0.00-0.25 Index change change change 1 month 1 year VIX 13.97 0.13 13.84 31.06 10.28 Jun 01 Price £ Yield Day Week Month Year High Low £m
US Prime 3.25 16-12-2008 3.25 3.25 3.25 Markit IBoxx VXD 14.14 0.22 13.92 23.19 7.04 Tr 2pc '16 100.97 0.48 2.13 2.13 9.09 -26.15 102.14 100.97 0.32
US Discount 0.75 18-02-2010 0.75 0.75 0.75 ABF Pan-Asia unhedged 178.95 0.00 -1.64 0.38 -1.82 0.63 VXN 14.98 0.23 14.75 31.17 9.66 Tr 1.75pc '17 102.02 0.51 4.08 -5.56 -3.77 -50.49 102.68 101.07 0.29
Euro Repo 0.05 10-09-2014 0.15 0.05 0.25 Corporates( £) 299.14 0.20 0.35 1.92 0.33 8.69 VDAX 15.81 -0.83 16.64 - - Tr 5pc '18 111.69 0.72 1.41 -6.49 -7.69 -49.30 113.65 111.50 0.35
UK Repo 0.50 05-03-2009 0.50 0.50 0.50 Corporates($) 253.15 -0.01 -0.57 1.07 -0.57 1.07 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 4.5pc '19 112.90 1.00 2.04 -6.54 -4.76 -41.86 115.07 111.17 0.36
Japan O'night Call 0.00-0.03 05-10-2010 0.03 0.00-0.10 0.00-0.10 Corporates(€) 213.61 0.09 -0.46 0.43 -0.72 4.26 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 4.75pc '20 116.26 1.23 1.65 -6.11 -2.38 -36.60 119.04 113.53 0.33
Switzeland Libor Target 0.00-0.25 03-08-2011 0.00-0.75 0.00-0.25 0.00-0.25 Eurozone Sov(€) 224.44 0.21 -1.52 1.25 -1.80 8.11 Tr 8pc '21 137.83 1.42 2.16 -4.70 -0.70 -33.33 142.92 135.65 0.24
Gilts( £) 286.81 0.37 0.44 0.41 0.54 10.43 BONDS: BENCHMARK GOVERNMENT Tr 4pc '22 115.92 1.51 2.03 -5.03 -1.31 -33.77 119.85 110.38 0.38
INTEREST RATES: MARKET Global Inflation-Lkd 246.84 0.25 -2.16 -1.60 -2.15 -3.17 Red Bid Bid Day chg Wk chg Month Year Tr 5pc '25 128.06 1.85 2.78 -3.65 0.54 -30.71 134.70 119.37 0.35
Over Change One Three Six One Markit iBoxx £ Non-Gilts 298.49 0.23 0.34 1.70 0.33 8.65 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '27 123.92 2.07 1.97 -3.72 0.98 -28.87 131.90 112.61 0.31
Jun 01 (Libor: May 29) night Day Week Month month month month year Overall ($) 226.03 0.03 -0.46 0.83 -0.46 0.83 Australia 10/18 3.25 104.21 1.96 -0.02 -0.17 -0.01 -1.13 Tr 4.25pc '32 126.90 2.33 1.75 -2.92 1.30 -26.27 136.85 112.95 0.35
US$ Libor 0.12100 0.000 -0.003 0.000 0.18400 0.28375 0.42465 0.74970 Overall( £) 287.62 0.32 0.41 0.81 0.47 9.84 04/26 4.25 113.47 2.80 -0.02 -0.19 0.06 -1.02 Tr 4.25pc '36 129.26 2.44 1.24 -3.17 0.83 -25.38 140.37 113.08 0.26
Euro Libor -0.11714 0.000 0.061 0.000 -0.06857 -0.01571 0.05500 0.17286 Overall(€) 220.68 0.17 -1.16 1.00 -1.43 6.74 Austria 10/18 1.15 103.89 0.00 -0.01 -0.04 -0.01 -0.53 Tr 4.5pc '42 139.35 2.51 1.21 -2.71 0.40 -24.85 153.16 118.96 0.26
£ Libor 0.48188 0.000 0.001 0.000 0.50663 0.56719 0.70894 0.99931 Treasuries ($) 216.47 0.05 -0.45 0.65 -0.45 0.65 10/24 1.65 109.14 0.64 -0.04 -0.12 0.00 0.00 Tr 3.75pc '52 129.83 2.51 1.21 -2.33 0.00 -25.07 145.21 106.18 0.22
Swiss Fr Libor 0.000 -0.82100 -0.78800 -0.70760 -0.59460 FTSE Belgium 06/18 0.75 101.67 0.19 0.00 -0.01 0.01 -0.64 Tr 4pc '60 141.22 2.47 1.23 -2.37 0.00 -25.38 159.23 113.50 0.21
Yen Libor 0.000 0.06357 0.09643 0.13500 0.25257 Sterling Corporate (£) 113.68 -0.29 - - -0.24 3.82 06/25 0.80 99.92 0.81 -0.04 -0.10 0.00 0.00 xd Ex dividend. Closing mid-prices are shown in pounds per £ 100 nominal of stock. Red yield: Gross redemption yield.
Euro Euribor -0.001 -0.05900 -0.01200 0.04900 0.16000 Euro Corporate (€) 109.06 0.04 - - -0.82 2.12 Canada 05/17 0.25 99.40 0.57 -0.06 -0.12 -0.15 0.00 This table shows the gilts benchmarks & the non-rump undated stocks.
Sterling CDs 0.000 0.50000 0.57000 0.73500 Euro Emerging Mkts (€) 977.38 -17.91 - - -6.53 -0.86 06/25 2.25 105.83 1.62 -0.06 -0.17 -0.04 0.00
US$ CDs
Euro CDs
0.000
0.000
0.16000
-0.10500
0.23000
-0.06500
0.36000
-0.00500
Eurozone Govt Bond 114.72 -0.05 - - -1.97 5.32 Denmark 11/16 2.50 104.27 -0.42 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 1.75 111.13 0.65 -0.04 -0.11 0.00 -1.02
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 99.70 1.11 -0.02 -0.03 0.00 0.00
Fixed Coupon Jun 01 chg % Return 1 month 1 year Yield
Jun 01 term notice month month month year Markit iTraxx 07/25 4.00 132.71 0.64 -0.04 -0.12 0.00 -1.11
1 Up to 5 Years 99.30 -0.04 2350.86 0.17 2.53 0.93
Euro -0.20 -0.10 -0.20 -0.10 -0.18 -0.03 -0.14 0.01 -0.08 0.07 0.06 0.21 Crossover 5Y 294.62 6.66 16.89 24.92 296.41 242.25 France 11/16 0.25 100.61 -0.16 0.00 0.00 0.00 0.00
2 5 - 10 Years 179.87 -0.22 3197.73 0.20 6.90 1.62
Sterling 0.40 0.55 0.40 0.55 0.45 0.55 0.52 0.62 0.66 0.81 0.98 1.13 Europe 5Y 66.69 0.40 5.46 6.65 67.16 52.94 11/19 0.50 101.88 0.08 -0.02 -0.05 0.00 0.00
3 10 - 15 Years 204.98 -0.42 3742.61 0.00 11.25 2.06
Swiss Franc - - - - - - - - - - - - Japan 5Y 54.70 -0.33 3.15 3.27 59.45 48.09 05/25 0.50 97.17 0.80 -0.04 -0.10 0.00 0.00
4 5 - 15 Years 185.69 -0.26 3329.28 0.16 8.16 1.74
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 77.61 0.51 4.08 7.26 78.18 62.28 05/45 3.25 139.59 1.58 -0.06 -0.11 0.00 -1.21
5 Over 15 Years 297.28 -0.59 4249.29 0.02 19.57 2.47
US Dollar 0.12 0.22 0.12 0.22 0.15 0.25 0.23 0.33 0.35 0.45 0.62 0.72 Germany 06/16 0.25 100.50 -0.24 0.00 0.00 0.00 0.00
Markit CDX 7 All stocks 172.78 -0.32 3187.75 0.11 10.23 2.21
Japanese Yen -0.01 0.09 -0.01 0.09 -0.10 0.10 -0.05 0.15 -0.05 0.15 0.05 0.25 10/19 0.25 101.35 -0.06 0.00 0.00 0.00 0.00
Emerging Markets 5Y 290.93 0.63 11.67 -10.74 321.49 278.35 02/25 0.50 100.10 0.49 -0.04 -0.12 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 339.44 -0.12 -0.65 1.90 350.53 329.17 08/46 2.50 136.63 1.11 -0.05 -0.14 0.00 -1.14
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. Index Linked Jun 01 chg % chg % chg % Return 1 month 1 year
Nth Amer Inv Grade 5Y 63.99 0.02 0.22 1.16 65.82 60.22 Greece 07/17 3.38 69.70 22.92 0.10 -0.49 0.00 0.00
Nth AmerHiVol 5Y 0.00 0.00 0.00 0.00 100.00 100.00 1 Up to 5 Years 312.51 0.02 -0.13 -2.50 2366.44 0.00 -0.87
02/25 3.00 55.88 11.07 0.15 -0.16 0.00 4.81 2 Over 5 years 577.73 -0.32 0.31 16.98 4249.54 0.47 17.95
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. Ireland 10/17 5.50 113.32 -0.09 0.00 0.00 0.00 0.00 3 5-15 years 433.79 -0.09 -0.34 3.89 3281.03 -0.05 5.22
03/25 5.40 138.80 1.18 -0.02 -0.09 0.00 -1.65 4 Over 15 years 712.19 -0.39 0.53 23.81 5144.14 0.65 24.60
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED Italy 05/17 1.15 101.97 0.14 -0.02 0.01 0.00 -0.98 5 All stocks 534.84 -0.27 0.24 14.88 3981.31 0.40 15.93
05/20 0.70 99.01 0.91 0.00 0.08 0.00 0.00
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
06/25 1.50 96.83 1.86 0.00 0.01 0.00 0.00 Yield Indices Jun 01 May 29 Yr ago Jun 01 May 29 Yr ago
Crude Oil† Jun 60.28 -0.04 Corn♦ Jul 352.75 1.25 May 29 May 29 Prev return stock Market stocks
09/46 3.25 108.20 2.87 -0.04 -0.05 0.00 0.00 5 Yrs 1.26 1.23 1.82 20 Yrs 2.47 2.43 3.30
Brent Crude Oil‡ 65.02 -0.43 Wheat♦ Jul 494.75 16.75 Can 4.25%' 21 132.05 -0.578 -0.493 -0.12 5.18 71511.25 7
Japan 05/17 0.10 100.22 -0.01 0.00 0.00 0.00 0.00 10 Yrs 1.94 1.90 2.69 45 Yrs 2.49 2.46 3.37
RBOB Gasoline† Jun 2.05 -0.02 Soybeans♦ Jul 926.50 -7.75 Fr 2.25%' 20 116.37 -0.844 -0.805 -0.70 20.31 222770.96 15
05/20 0.05 99.72 0.11 0.00 -0.01 0.00 0.00 15 Yrs 2.30 2.26 3.11
Heating Oil† Jun 1.93 0.00 Soybeans Meal♦ Jul 297.00 -9.40 Swe 0.25%' 22 108.55 -0.840 -0.780 -2.54 29.96 226561.54 6
03/25 0.40 100.03 0.40 0.00 -0.02 0.04 0.00
Natural Gas† Jun 2.66 0.00 Cocoa (ICE Liffe)X Jul 2094.00 -13.00 UK 2.5%' 16 325.67 -1.587 -1.571 0.05 7.90 500007.66 24
03/45 1.50 100.58 1.47 -0.03 0.00 0.10 0.00 inflation 0% inflation 5%
Ethanol♦ - - Cocoa (ICE US)♥ Jul 3064.00 -25.00 UK 2.5%' 24 343.49 -0.875 -0.843 -0.13 6.82 500007.66 24
Netherlands 04/17 0.50 101.30 -0.19 0.00 0.00 0.00 0.00 Real yield Jun 01 Dur yrs Previous Yr ago Jun 01 Dur yrs Previous Yr ago
Uranium Jun 35.00 0.00 Coffee(Robusta)X Jul 1699.00 67.00 UK 2%' 35 235.52 -0.852 -0.811 0.49 9.08 500007.66 24
07/25 0.25 95.85 0.68 -0.05 -0.12 0.00 0.00 Up to 5 yrs -0.97 2.92 -0.96 -1.25 -1.61 2.94 -1.61 -1.94
Carbon Emissions - - Coffee (Arabica)♥ Jul 129.30 2.85 US 0.625%' 21 104.05 -0.035 0.030 -0.44 35.84 1080341.45 36
Diesel Jun 121.25 0.00 White SugarX 353.40 4.30 New Zealand - - - - - - - Over 5 yrs -0.84 23.70 -0.85 -0.11 -0.87 23.79 -0.88 -0.15
US 3.625%' 28 138.89 0.502 0.030 -0.94 16.78 1080341.45 36
Unleaded Jul - - Sugar 11♥ 12.52 0.22 12/17 6.00 107.14 3.05 -0.03 -0.04 -0.11 -0.77 5-15 yrs -0.83 9.76 -0.84 -0.29 -0.92 9.77 -0.93 -0.42
Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Norway 05/17 4.25 106.95 0.67 -0.07 -0.13 0.00 -0.99 Over 15 yrs -0.84 28.37 -0.86 -0.07 -0.87 28.44 -0.88 -0.10
Base Metals (♠ LME 3 Months) Cotton♥ Jul 63.75 -0.66 value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
03/24 3.00 112.79 1.44 -0.04 -0.12 0.00 -1.22 All stocks -0.84 20.56 -0.86 -0.12 -0.89 20.72 -0.90 -0.17
Aluminium 1759.50 18.00 Orange Juice♥ Jul 116.50 2.35 amount.
Aluminium Alloy 1730.00 0.00 Palm Oil♣ Jun 624.50 16.75 Portugal 02/16 6.40 104.49 0.00 -0.02 0.00 0.00 -1.08 See the FTSE website for more details: http://www.ftse.com/products/indices/gilts
Copper 6002.50 -15.50 Live Cattle♣ Jun 153.13 0.63 BONDS: TEN YEAR GOVT SPREADS 10/25 2.88 102.89 2.56 0.04 0.13 0.00 0.00
Lead 1928.50 -23.50 Spain 10/17 0.50 100.65 0.23 0.00 0.07 0.00 0.00 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Feeder Cattle♣ Aug 223.83 0.83
Nickel 12970.00 370.00 Lean Hogs♣ Jun 84.60 0.63 Spread Spread Spread Spread 04/25 1.60 97.88 1.84 -0.02 0.06 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 15495.00 -45.00 Bid vs vs Bid vs vs Sweden 08/17 3.75 108.88 -0.28 0.00 0.00 0.00 0.00 that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any
Zinc 2157.50 -27.00 % Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds 05/25 2.50 117.60 0.67 -0.05 -0.12 0.00 0.00 loss arising from the reliance on or use of the listed information. For all queries e-mail
Precious Metals (PM London Fix) May 29 Month Year Australia 2.80 2.32 0.70 Italy 1.86 1.37 -0.25 Switzerland 10/16 2.00 103.94 -0.87 0.00 0.00 0.00 0.00 ft.reader.enquiries@morningstar.com
Gold 1199.90 8.50 S&P GSCI Spt 438.48 -0.73 - Austria 0.64 0.15 -1.46 Japan 0.40 -0.09 -1.71 05/26 1.25 113.52 0.02 0.00 -0.05 -0.06 -0.91
Silver (US cents) 1661.00 -6.00 DJ UBS Spot 101.06 -1.41 - Belgium 0.81 0.32 -1.30 Netherlands 0.68 0.19 -1.43 United Kingdom 07/18 1.25 101.07 0.90 -0.03 -0.06 -0.06 -0.68 Data provided by Morningstar | www.morningstar.co.uk
Platinum 1109.00 -6.00 R/J CRB TR 224.05 -2.62 -26.83 Canada 1.62 1.13 -0.49 Norway 1.44 0.95 -0.67 07/20 2.00 103.22 1.35 -0.02 -0.09 -0.05 0.00
Palladium 773.00 -10.00 Rogers RICIX TR 2678.97 - - Denmark 0.65 0.16 -1.46 Portugal 2.56 2.07 0.45 09/25 2.00 100.72 1.92 -0.01 -0.11 -0.04 0.00
Bulk Commodities M Lynch MLCX Ex. Rtn 323.83 -1.50 -30.07 Finland 0.64 0.15 -1.46 Spain 1.84 1.35 -0.27 01/45 3.50 119.99 2.54 -0.01 -0.09 -0.01 0.00
Iron Ore (Platts) 61.50 0.50 UBS Bberg CMCI TR 15.72 -3.68 -26.16 France 0.80 0.31 -1.31 Switzerland 0.02 -0.47 -2.09 United States 04/17 0.50 99.83 0.59 -0.01 -0.03 -0.01 0.00
Iron Ore (The Steel Index) 61.40 -0.90 LEBA EUA Carbon 7.35 0.00 28.05 Germany 0.49 0.00 -1.62 United Kingdom 1.92 1.43 -0.18 04/20 1.38 99.48 1.49 -0.03 -0.08 -0.02 0.00
GlobalCOAL RB Index 63.25 -2.60 LEBA CER Carbon 0.42 -16.00 250.00 Greece 11.07 10.58 8.96 United States 2.11 1.62 0.00 05/25 2.13 100.17 2.11 -0.03 -0.11 0.00 0.00
Baltic Dry Index 589.00 0.00 LEBA UK Power 2829.00 44.34 66.90 Ireland 1.18 0.69 -0.93 05/45 3.00 102.89 2.86 -0.03 -0.13 0.00 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.
26 ★★★ FINANCIAL TIMES Tuesday 2 June 2015

FINANCIAL TIMES SHARE SERVICE

Main Market
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence CoatsGrp 26.25 - 36.00 19.00 - 39.77 101.4 SKF SKr 209.70 3.90 231.70 134.80 2.68 20.89 2241.5 EVRAZ 168.50 -0.10 209.90 86.20 - -3.37 1367.7 Town Ctr 302.50 4.50 - - - - 0.4 Lavendon 208.00 7.25 - - - - 90.3
AvonRub 849.00 16.00 855.00 609.00 0.66 19.27 5.0 DBAG € 28.76 -0.09 34.50 19.82 1.08 7.72 16.1 Spirax-S♦ 3505 19.00 3633 2548 1.73 26.55 88.0 FstQuant 842.00 3.00 1512 581.50 1.05 12.03 12.5 Wkspace 932.00 29.50 937.50 542.00 1.14 4.52 140.4 MngCnslt 16.25 0.75 - - - - 759.4
BAE Sys 516.50 1.50 549.00 410.00 3.93 22.16 6515.5 El Oro 55.00 - 78.00 40.00 6.73 -4.71 4.2 Tex 105.00 - 107.00 83.10 4.29 7.69 4.9 Fresnillo 754.50 -5.00 1037 630.50 - 79.94 1378.5 Real Estate Inv & Services MearsGp 429.50 - - - - - 120.6
Chemring 225.25 2.00 - - - - 80.4 Hargr Lans 1275 7.00 - - - - 788.5 Trifast 121.50 4.63 134.00 88.63 1.15 20.84 165.4 GemDmnd♦ 152.50 2.50 223.00 135.00 - 9.96 128.3 Cap&Count♦ 421.50 1.70 434.80 313.00 0.36 7.66 1458.6 MenziesJ 446.50 0.75 - - - - 384.3
Cobham 296.20 0.50 349.10 258.30 3.36 114.63 4294.5 HBM Hlth SFr 109.50 1.40 113.50 80.50 - 2.76 10.8 Vitec 648.00 3.50 670.00 539.00 3.61 22.06 0.1 Harmony R 17.88 -0.07 38.50 16.60 - -6.07 701.5 Cardiff 1042.5 -2.50 1090 950.00 1.24 4.52 0.2 MichaelPge♦ 549.00 5.50 561.50 358.70 1.94 28.71 367.2
Meggitt 506.00 -2.50 593.50 421.70 2.58 23.30 1666.9 HenderGp 287.30 2.00 303.30 180.10 2.94 25.88 1848.2 Weir 1956 -68.00 2848 1574 2.20 12.75 1303.2 Hochschild 104.75 8.75 - - - - 192.6 CLS 2010 5.00 2013 1270 - 4.48 3.0 MITIE 310.80 0.50 337.80 263.90 3.54 89.62 786.3
RollsRoyceX 997.50 -0.50 1094 777.00 2.25 -255.77 4613.7 ICAP 554.50 1.50 - - - - 780.8 Kenmr 3.80 -0.15 17.05 2.18 - -1.64 1941.7 Daejan 5600 -155.00 5995 4650 1.77 4.89 3.3 PayPoint 980.00 34.00 1192 779.82 3.73 17.94 273.8
Indvardn SKr 168.60 -1.40 183.50 111.40 3.33 6.65 348.2
Industrial General Lonmin 137.30 -3.70 267.00 105.70 - -18.02 1069.5 PremFarn♦ 191.50 0.60 217.70 147.00 5.43 14.88 465.8
Senior 317.30 -2.40 361.70 248.90 1.66 21.07 1070.4 DvlptSec 273.00 -2.00 278.00 179.00 2.05 10.20 137.6
ICG 600.50 1.50 611.00 361.70 3.38 16.85 1490.4 BritPoly 688.50 -3.00 730.00 565.00 2.18 11.97 8.5 Petra 173.00 -1.00 220.87 150.00 - 20.92 454.3 Rentokil 147.90 0.90 150.00 109.80 1.61 21.28 2480.2
UltraElc 1875 44.00 1909.1 1646 2.28 63.12 275.9 Grainger 214.60 1.90 226.90 167.80 1.16 24.88 650.8
IPF 487.70 -4.20 636.50 412.00 1.99 16.60 625.6 JardnMt $X 61.47 -1.25 67.88 57.00 2.24 13.63 238.7 Petropvlsk 6.15 0.10 - - - - 161428.9 Ricardo 955.50 25.50 957.00 - - - 22.3
HelclBar 428.00 13.00 429.50 - - - 234.7
Automobiles & Parts Investec 592.50 -7.00 649.50 477.20 3.36 18.67 3029.9 Jard Str $X 33.24 -0.76 38.10 32.33 0.77 11.24 204.8 PolymtIntl 557.50 0.50 634.00 315.18 1.85 -16.55 138.6 HK Land $ 8.61 0.06 8.80 6.46 2.05 15.59 4099.9 RbrtWlts 415.00 4.00 - - - - 10.7
FordMtr $X 15.36 0.19 18.12 13.26 3.50 19.31 25884.6 Jupiter 469.80 1.80 471.80 313.70 2.72 17.29 603.7 Macfrlne♦ 42.75 - 46.00 34.00 3.74 11.29 42.5 RndgldRs 4756 21.00 5752.1 3638 0.83 31.34 491.3 RPS 236.80 1.80 301.40 181.50 3.33 15.66 206.2
REXAM 557.50 -1.50 603.00 424.60 3.40 15.53 2553.7 Lon&Assc 37.00 0.25 50.00 35.48 0.34 -4.33 60.5
GKN 367.00 0.40 397.60 281.10 2.21 35.88 3900.6 Liontrust 281.00 -1.00 306.25 208.00 1.07 24.86 2.8 RioTintoX 2834.5 -21.50 - - - - 3529.0 MacauPrp 214.75 2.25 270.00 206.25 - 11.30 9.7 Shanks 110.75 2.25 - - - - 229.2
Man 183.20 4.70 217.80 98.63 3.25 13.92 7378.0 RPC 623.50 9.50 672.90 488.20 2.28 23.85 204.8 Troy Res A$ 0.38 -0.03 1.32 0.35 - -0.83 1035.4 SIG 201.70 1.10 212.20 143.40 1.89 36.13 908.6
Banks Smith DS 358.10 3.00 383.50 231.82 2.89 20.03 1576.6 Mntview 12250 14.00 12900 7481.95 1.68 13.89 0.0
NB GFRIF 97.00 0.05 100.22 93.85 3.98 24.28 1131.0 VedantaRs 571.00 -16.00 1201 353.21 6.92 309.15 1377.6 Q'tainEst 109.00 0.50 109.25 75.00 - 24.78 445.8 SpeedyHr 76.50 - 80.50 50.75 0.84 82.79 158.4
ANZ A$X♦ 32.72 -0.47 37.25 30.47 7.99 12.18 5022.4 Smiths 1190 -9.00 1363 1006 3.38 21.11 716.0
Paragon 435.20 -4.20 461.50 313.70 2.07 13.39 368.3 RavenRuss 57.75 -0.50 - - - - 107.4 St Ives 183.50 3.50 - - - - 502.0
BcoSant 462.50 -3.50 758.00 416.37 8.85 13.12 551.9
Providnt♦ 3017 22.00 3268 1942 2.92 24.23 136.8 SmurfKap € 27.20 0.36 30.31 14.78 1.71 25.76 265.8 Oil & Gas TribalGrp 154.75 4.75 - - - - 11.6
BankAm $X 16.55 0.05 18.21 14.84 0.99 23.88 62328.1 Vesuvius 439.10 -8.00 530.00 388.80 3.47 11.96 100.4 Afren 2.92 -0.08 157.10 2.65 - -0.07 13106.6 RavenR Prf♦ 141.75 - 156.00 101.50 8.47 - 70.7
RathbnBr 2250 23.00 2348 1774 2.22 29.87 12.6 RavenR Wrt 32.50 - 51.89 25.00 - - 2.5 Vp 680.50 -6.75 690.00 539.00 2.12 16.50 5.2
BnkGeorgia 1862 -7.00 2604 1663 3.20 9.05 35.4 Aminex 2.03 -0.10 3.17 0.75 - -9.29 5874.5
Record 34.75 -0.88 37.40 28.38 4.32 13.87 36.3 Industrial Transportation Safestre 274.00 1.25 - - - - 129.7 Watermn 71.50 -1.00 76.00 50.00 1.40 54.58 16.6
BankIre € 0.35 0.00 0.39 0.07 - 13.11 17152.9 BGX 1121 -16.00 1420 780.55 1.81 -29.55 7854.1
S&U 2185 51.00 2255.5 1700 2.61 14.16 4.6 BBA Aviat 330.00 2.20 362.10 297.94 3.04 15.10 659.5 Savills 964.50 -8.50 991.46 567.52 1.11 21.29 386.8 Wolseley 4019 -22.00 4242 2966 2.05 36.29 964.6
BkNvaS C$X 65.88 0.48 74.93 60.75 3.95 11.56 3447.9 BPX♦ 447.40 -3.35 526.80 364.40 6.07 42.88 25069.1
Schroder 3368 -6.00 3441 2086 1.96 22.77 224.8 Braemar 504.00 -9.50 - - - - 4.5 SchroderRE 58.25 -0.25 63.00 51.50 4.26 4.64 461.3
BarclaysX♦ 266.40 -3.60 273.40 201.75 2.44 -0.86 29111.0
..N/V 2576 -1.00 2629 1692 2.56 17.42 11.0 Cadogan 9.63 - 12.44 8.25 - -0.59 10.0 Tech - Hardware
CanImp C$X 94.78 -0.12 107.37 88.04 4.42 10.54 739.6 Clarkson♦ 2455 12.00 2670 1835 2.36 27.35 24.0 CairnEng 172.00 2.40 210.70 141.00 - -4.03 974.2 Smart(J) 103.50 - 105.00 86.00 2.86 43.00 1.5 ARM Hldgs 1158 3.00 1233 778.50 0.53 59.21 2891.0
SVG Cap 508.50 -5.50 535.00 226.00 - 12.69 368.2 Eurotunnl € 13.78 0.06 14.57 8.62 1.18 120.35 560.9 StModwen 456.40 12.80 492.10 324.59 0.91 8.85 302.9
HSBCX♦ 624.20 1.50 674.57 550.67 5.49 13.08 26542.1 Cape♦ 252.00 0.75 327.25 177.00 5.56 13.55 61.3 CSR 883.50 0.50 890.00 506.00 1.04 24.98 677.3
TullettPre 395.80 0.40 403.50 234.40 4.26 35.49 222.4 Fisher J 1316 -15.00 1445 1003 1.57 16.62 15.8 UNITE Gp 624.00 1.50 628.00 388.30 0.87 11.94 313.1
LlydsBkgX 88.66 0.89 89.20 70.72 0.85 -2.33 163897.9
Tungsten 87.75 -4.25 409.75 67.25 - -4.35 2095.7 DragnOil 683.00 - 701.50 447.50 3.55 8.05 347.3 Laird 388.60 2.40 - - - - 421.5
RylBkC C$X 78.83 -0.24 83.87 71.74 3.87 11.91 1335.2 Flybe Grp 56.00 0.75 146.25 52.00 - -4.10 412.8 Endeav Int' $ 0.02 - 1.60 0.02 - 0.00 0.4 Urban&C 257.00 1.00 278.00 215.00 0.58 8.37 171.3 Pace 413.50 1.40 520.80 378.93 0.90 14.14 1656.7
WlkrCrip 46.00 - 50.94 37.50 3.41 8.53 6.9 Goldenpt 118.63 3.38 380.00 113.80 - -0.64 2.9
RBSX 341.40 -3.90 414.00 308.00 - -31.46 7478.4 EnQuest 53.00 -0.50 145.40 21.50 - -3.63 1778.2 Retailers SpirentCM 90.25 0.75 111.23 65.95 2.61 42.05 289.8
StandChX 1028.5 -17.50 1350.5 867.50 5.37 15.18 5690.3 Food & Beverages OceanWil♦ 922.50 - 1240 835.00 4.17 21.94 2.0 Exillon 115.00 2.00 175.57 105.00 - 5.56 107.3
RoyalMail 525.00 1.00 532.50 388.00 2.53 28.85 2472.7 AA 412.70 3.70 - - - - 698.1 Tech - Software & Services
..7.375%Pf 124.38 - 128.00 108.50 5.93 - 83.5 AngloEst 629.00 -16.00 715.00 539.00 0.51 12.65 4.8 ExxonMb $X♦ 85.13 -0.07 104.76 82.68 3.32 12.46 8944.2 AO World 176.20 2.50 336.00 149.60 - -266.97 168.1
..8.25%Pf 138.25 - 141.00 124.50 5.97 - 76.2 AscBrFdX 3001 -27.00 3293 2407 1.16 31.11 1093.1 UK Mail 510.00 - - - - - 1.7 GenelEgy 514.00 -14.00 - - - - 788.4 Anite 100.75 1.50 100.93 - - - 695.1
AshleyL 35.00 0.25 - - - - 183.5 AVEVA 1942 -3.00 2337 1183.9 1.42 29.64 153.9
TntoDom C$X 54.20 0.05 58.20 49.67 3.63 12.94 3621.1 Barr(AG)♦ 620.00 9.00 699.36 548.00 1.82 23.98 271.1 Insurance GeoPark $ 5.40 0.32 11.00 3.60 - -9.30 3.6 Brown N 340.20 5.20 472.20 282.50 4.37 12.85 435.9
VirginMoney 439.00 4.00 441.90 278.00 - -1097.50 456.5 Britvic♦ 743.00 10.50 788.00 600.72 2.81 18.46 726.4 GrnDnGas 365.00 2.50 585.00 320.65 - -24.80 0.2 Computcnt♦ 722.00 -5.50 802.40 651.67 2.86 15.92 27.6
Admiral 1491 2.00 1640 1175.33 3.23 14.50 588.0 Caffyns 627.50 - 670.00 480.00 2.87 10.97 0.5 DRS Data 13.75 - 20.38 12.10 2.91 -2.81 9.0
Westpc A$X♦ 33.12 -0.44 40.07 31.33 8.07 13.82 6890.2 C&C €♦ 3.46 -0.07 5.02 3.16 3.20 11.53 56.6 GulfKeyst 36.75 -0.75 143.00 32.00 - -2.01 2125.3 Card Factor♦ 375.00 12.70 375.00 197.00 - 35.31 200.7
Amlin 490.70 3.10 533.08 418.20 5.36 10.53 808.5 Elecdata 69.50 - 82.00 64.00 2.88 23.12 8.4
CarrsGroup 173.00 1.00 178.50 136.00 1.97 13.29 23.6 Aviva HellenPet € 4.84 - 6.32 3.40 - -5.74 476.2 Dairy Fm $ 9.22 - 10.90 8.49 2.44 25.03 24.7
Basic Resource (Ex Mining) 520.50 -3.00 578.68 458.20 2.93 10.91 9638.0 MicroFoc 1334 10.00 1364 805.50 2.27 24.73 205.2
Coca-Cola H 1426 -7.00 1497 1051 1.93 22.79 446.0 Beazley 301.20 3.70 322.33 235.00 3.21 11.24 690.2 Hunting 604.00 -12.00 918.83 383.90 3.16 21.02 404.2 Debenhm 95.00 0.15 96.80 56.85 3.58 12.92 1721.9
Ferrexpo 75.25 0.75 144.56 47.60 5.91 5.67 562.2 NCC Grp 211.75 -0.25 - - - - 408.4
Cranswk 1602 -1.00 1622 1181.6 2.07 19.06 15.4 Brit Plc 280.25 0.25 309.08 216.00 2.23 8.05 139.4 ImpOil C$X 49.46 0.68 57.96 44.08 1.07 12.72 654.7 Dignity 2181 59.00 - - - - 57.4
IntFerMet 2.90 -0.06 9.80 2.65 - -1.77 42.1 RM 146.75 1.75 174.00 120.00 2.57 11.27 48.7
Dairy Cr 511.00 -2.00 520.50 367.39 4.30 22.25 258.1 Chesnar 327.25 1.25 364.75 287.00 5.52 14.82 102.0 JKX 30.75 - 63.00 10.23 - -1.04 13.1 DixonsCar 484.70 9.30 486.00 319.20 1.08 57.02 4899.1
Mondi 1454 -22.00 1534 919.00 2.12 19.29 2330.8
Devro 323.00 -4.25 328.00 230.00 2.72 123.24 48.2 Lamprell 161.00 8.50 - - - - 719.5 Sage♦ 573.50 5.00 584.00 346.70 2.11 31.40 2379.9
Vale BRLX 20.04 -0.01 33.25 17.17 13.20 -6.37 6737.2 DirectLine 338.30 1.10 343.30 252.10 3.78 14.21 4137.8 Dunelm 952.00 9.00 970.00 745.97 2.10 20.27 30.5 SDL♦ 416.00 10.25 472.00 306.00 - 51.29 280.3
Glanbia € 17.93 -0.10 18.12 10.75 0.63 33.56 20.5 Eccles prf♦ 140.25 - 146.00 122.00 6.15 - 243.2 Lukoil RUBX 2447.5 -13.80 3297.7 1911.5 2.29 7.70 1021.7 Findel 227.50 2.75 290.00 188.41 - -17.20 0.8 Telecity 1092 14.00 1130 652.50 1.05 37.19 3127.9
Chemicals Grncore 342.20 13.00 359.40 228.50 1.59 23.11 3488.6 Hansard 100.00 0.75 102.78 80.00 8.40 16.55 40.7 Nostrum 557.00 -6.50 825.00 370.00 4.23 17.51 30.0 Halfords 486.00 4.40 515.00 417.10 2.94 15.84 560.7
HiltonFd♦ 460.00 - 525.00 342.25 2.80 18.42 903.0 OphirEgy 132.00 0.60 270.20 112.70 - 21.68 1157.5 TriadGp 14.25 1.25 19.00 7.00 - 6.42 115.4
Alent♦ 380.50 1.00 406.20 294.56 2.39 22.41 71.7 Hiscox 862.00 9.00 - - - - 313.3 Inchcape♦ 856.50 11.50 906.65 589.50 2.10 21.96 592.8
Bayer €X 130.30 1.15 146.45 94.22 1.63 32.24 1904.6 Kerry € 67.51 -0.40 69.30 49.30 0.88 22.86 39.9 JardineL 1039 -1.00 1112 815.00 2.67 21.73 24.6 Petrofac 890.00 -15.00 1277 594.00 4.75 39.78 1549.9 JDSportsF 653.50 1.50 657.50 355.94 1.04 18.58 41.8 Telecommunications
Carclo 151.25 4.25 169.75 80.00 1.75 -5.35 55.3 Nestle SFrX 72.85 -0.05 77.00 64.15 2.74 17.34 4780.3 Lancashire 651.00 6.00 703.45 506.00 1.43 8.50 374.7 PremOil 156.20 -7.00 358.60 119.60 3.45 -6.04 3538.2 Lookers 164.50 2.75 - - - - 134.7 BTX 443.55 -3.15 - - - - 19033.3
Croda 2920 -5.00 3027 1965 2.23 24.08 206.1 PremFds 40.50 -1.00 63.00 26.13 - -1.88 2683.1 Leg&Gen♦ 262.40 -3.40 296.02 209.20 3.73 15.87 15219.6 RylDShlAX 1922.5 -20.50 2475.5 1915.5 6.86 12.22 6283.9 Marks&Sp♦ 582.00 -1.00 600.00 380.80 2.92 18.91 3157.0 Colt Grp 154.90 5.10 165.00 113.10 - -63.35 162.2
Elemntis 307.70 2.00 324.10 225.50 1.69 12.73 661.2 REA 308.50 -4.00 488.87 293.00 2.62 11.92 2.2 NovaeGp 734.50 8.00 750.00 495.50 3.14 9.39 50.9 ..B♦ 1941.5 -32.00 2599 1936 6.61 12.34 7523.3 Morrison♦ 169.40 -1.60 214.80 150.60 7.79 -5.19 10248.7 Inmarsat 997.00 4.00 1041.24 653.00 3.21 22.15 902.0
Porvair♦ 334.25 7.25 335.00 237.53 0.90 23.60 12.6 SABMillX 3460 -34.00 - - - - 1712.7 Old Mut 218.50 -2.60 - - - - 10743.2 Schlmbrg $X♦ 90.65 -0.12 118.76 75.60 1.92 22.88 4991.0 MossBros 107.50 -0.50 125.75 77.50 5.95 28.27 74.6 KCOM Gp 96.75 0.25 - - - - 155.0
Syngent SFrX 421.40 -4.10 435.20 273.20 2.48 25.95 361.9 StckSpirit 198.00 -10.00 316.50 176.75 0.49 14.50 311.9 PermTSB 0.06 - 0.10 0.05 - -0.20 0.0 SEPLAT♦ 118.00 -0.13 270.00 97.50 3.43 4.18 4.3 Next 7515 -5.00 7625 6130 1.90 18.35 341.0 TalkTalk 401.30 1.30 415.10 261.00 2.99 74.60 569.2
Synthomer 354.80 4.70 359.50 176.64 1.86 26.82 1112.8 Tate&Lyl 573.00 -9.00 744.50 551.50 4.97 14.70 1708.0 PhoenixGrp 853.50 -2.50 935.00 614.85 6.26 8.84 340.3 Soco Int♦ 179.80 -5.20 450.89 134.00 - 66.05 553.8 Ocado 356.10 -8.40 452.40 216.80 - 299.75 1622.4 TelePlus 812.00 -2.00 1564 725.50 4.53 20.96 141.8
Victrex 2115 28.00 2202.55 1536 2.13 21.37 176.3 TongtHu R 129.37 -3.13 174.93 123.83 2.83 11.57 77.0 PrudntlX 1611.5 -15.50 - - - - 5864.0 TrnCan C$X 53.54 -0.36 63.86 49.30 3.71 21.81 875.1 Pendragn 38.50 1.25 - - - - 1269.4
Unilever♦ 2874 -13.00 3087 2397 3.04 20.69 2160.7 RSA Ins 427.00 -4.30 500.50 400.30 - -29.65 2500.0 Tullow 389.30 -5.80 891.00 278.10 3.29 -3.55 4448.6 Photo-Me 139.00 0.25 - - - - 190.2 Tobacco
Construction & Materials ..NV €♦ 38.73 - 42.98 28.81 3.14 19.98 3.3 Wood(J) 717.50 -16.00 825.00 517.60 2.13 12.07 942.9 Saga 210.00 -1.90 216.00 143.75 - 24.71 499.2 BrAmTobX 3592.5 -13.00 3894 3303 4.03 21.57 2960.0
SagicFin 66.50 - 75.50 55.00 4.05 5.61 2.3
Alumasc 145.50 -2.00 160.00 108.66 3.44 12.57 26.4 SignetJwl 8521 -7.00 9499 5950 0.56 26.92 3.1 ImpTobX 3306 -64.00 3413 2474 3.87 16.55 2869.9
Health Care Equip & Services StJmsPl 920.50 9.00 998.00 637.00 2.01 25.61 955.8 Pharmaceuticals & Biotech
BalfourB 249.40 0.50 263.00 145.59 5.65 -5.68 1284.7 SuperGroup 1150 12.00 1262 750.00 - 23.92 130.9
Bioquell 152.00 2.00 155.50 80.00 2.17 -63.55 59.6 Stan Life 486.40 -1.30 505.68 354.96 4.07 25.35 3770.3 BTG 709.00 -0.50 835.87 578.50 - 65.08 388.2 Travel & Leisure
..CvPf 121.00 0.13 123.88 101.00 8.00 - 84.5 TescoX 209.80 -2.80 305.95 155.40 5.38 -2.99 23123.8
Boot(H) 234.00 4.00 237.75 170.00 2.24 14.66 102.0 ConstMed 959.25 4.25 - - - - 11.8 Media CathayIn 25.25 0.25 38.75 16.00 - -114.77 42.5 888 Hldg 165.75 1.25 185.75 109.19 3.93 16.20 299.3
GNStre kr 142.20 -4.60 164.10 122.50 0.64 28.33 595.6 Dechra 1029 - 1068 677.00 1.50 40.87 18.5 Thorntns 107.50 7.75 127.00 62.00 - 16.44 476.6 AirPrtnr♦ 380.13 -0.88 515.00 245.00 5.44 13.82 14.7
ClarkeT 78.00 -0.63 84.01 37.50 3.33 -53.83 74.3 4imprint 1073 -20.00 1160 610.50 1.76 28.77 3.8 VertuMotor 64.00 -0.75 65.75 - - - 676.7
Costain 340.00 1.00 342.00 248.00 3.24 15.66 71.1 UDGHlthC♦ 536.00 5.50 551.50 315.20 1.37 15.16 249.0 Blmsbury 179.00 2.50 190.00 140.50 3.31 18.14 600.9 Genus 1492 4.00 1532 1001 1.19 28.58 23.8 bwin.party 106.10 0.60 128.00 70.40 3.37 -12.14 2348.3
CRH 1804 -27.00 2478.5 1220 2.69 5.90 1173.3 Centaur 79.00 -0.50 83.50 55.75 3.38 -3.07 4.6 GlaxoSmhX 1456 2.50 - - - - 9298.6 Support Services Cineworld 518.00 0.50 523.00 298.40 1.97 23.64 328.3
House, Leisure & Pers Goods HikmaPhm 2097 19.00 2617 1580 0.61 23.52 193.1 CompassX 1157 13.00 1223.36 924.41 2.34 22.46 4063.3
GalfrdT 1671 16.00 1677 1044 3.17 17.03 189.7 ChimeCm 270.75 - - - - - 2.8 Acal 299.00 1.00 418.00 180.00 2.34 254.04 51.6
AGARmst 109.50 -3.25 - - - - 257.7 Oxfd Bio 10.00 0.05 - - - - 2300.7 EntInns 129.20 -0.50 142.80 96.85 - 21.63 4724.3
Keller♦ 1069 3.00 1076 742.00 2.28 -253.74 106.2 Creston 127.50 - 131.95 102.62 3.06 10.66 1.6 Aggreko 1582 -26.00 - - - - 510.7
BarrttDev 596.00 4.00 - - - - 4961.0 RichterG $ 16.17 -0.01 19.31 12.20 1.18 26.79 0.0 FirstGrp 114.40 0.90 141.20 88.65 - 23.66 2246.8
KierGp 1360 5.00 1886 1260 4.23 35.18 119.8 DlyMailA 972.00 10.00 984.00 699.00 2.10 13.22 421.0 APR Engy 367.50 -1.25 820.00 146.00 2.88 -0.72 17.5
Bellway♦ 2364 17.00 2378 1364 2.20 12.22 363.5 ShireX 5610 -25.00 - - - - 910.1 Fuller A 1035 10.00 1125 879.00 1.46 21.59 23.6
Kingsp € 21.05 0.39 21.05 11.03 0.76 31.68 99.2 HaynesPb 130.50 - 197.88 110.00 5.75 15.07 2.2 AshtdGp 1151 31.00 1231 815.50 1.06 20.21 2725.2
Berkeley 3134 40.00 3151 2033 6.06 11.98 542.5 VecturGp 181.50 3.50 182.00 113.25 - -103.36 281.2 Go-Ahead 2657 2.00 - - - - 37.3
LowBonr 74.75 1.00 - - - - 481.2 ITE Grp 192.50 1.50 248.30 125.00 3.84 15.38 2278.4 AtknsWS 1470 6.00 1484 1225 2.38 18.46 153.8
BovisHme 1103 9.00 1110 717.43 1.95 14.11 327.0 GreeneKg 826.50 6.50 - - - - 615.9
Marshlls 302.25 -1.00 304.00 151.00 1.82 30.56 77.3 ITV 271.20 -1.10 279.27 168.10 1.40 23.51 20671.3 Real Estate Babcock 1126 1.00 - - - - 1405.8
CrestNic 535.00 - - - - - 371.3 IrishCtl € 4.17 0.04 29.50 2.50 2.64 12.78 18.4
MorgSdl 814.00 -9.50 - - - - 26.3 JohnstnP 157.00 -1.50 175.00 2.90 - -356.82 40.4 Berendsen 1036 19.00 1161 895.50 2.77 19.75 288.3
GamesWk 513.75 5.75 683.50 487.25 7.01 23.35 13.5 Harworth Gr 12.00 - 12.25 5.35 - 20.98 1184.5 Ladbrokes 119.20 -0.60 155.04 101.02 7.47 26.86 3669.3
Norcros 17.00 - 20.50 14.69 3.11 7.18 363.3 News Corp A $ 15.23 0.08 18.41 14.28 - 35.41 2371.8 Brammer 311.75 1.75 - - - - 1591.8
Gleeson 412.50 - 431.00 322.35 1.45 12.90 17.4 REITs MandarO $ 1.58 - 1.95 1.55 4.09 16.77 715.1
StGobn € 42.32 -0.12 45.00 29.51 1.59 22.96 1927.1 NewsCpB $ 15.00 0.05 17.82 14.09 - 34.89 601.2 Bunzl♦ 1898 2.00 1969 1517 1.76 29.77 436.1
Headlam 486.00 0.25 490.00 390.00 3.26 17.08 24.9 Assura 58.00 -0.50 62.25 41.50 2.93 11.13 543.0 Marstons♦ 167.20 0.30 174.40 134.50 4.01 -35.40 853.9
Tyman 323.50 -3.00 342.00 228.25 2.01 58.84 56.8 Pearson 1309 2.00 1517.42 1082 3.74 43.78 1918.5 Capita 1250 -2.00 1285 1000.5 2.19 35.23 1267.4
McBride 97.00 -1.00 - - - - 452.2 BigYellw 658.00 5.50 710.00 451.40 2.49 15.44 257.0 Natl Exp 313.10 0.80 316.60 213.40 3.23 27.13 442.7
Persimn Quarto♦ 195.00 - 213.35 136.66 4.29 6.72 5.0 Carillion 330.60 -0.80 - - - - 1551.1
Electronic & Electrical Equip 1974 12.00 1995 1176 - 16.22 1419.4 BritLand 872.00 10.00 - - - - 3561.0 Comnsis 50.00 -0.50 70.00 47.00 3.74 -6.52 257.6 PPHE Htl 590.00 - 595.00 360.00 2.76 7.63 14.2
Philips €X 24.87 0.06 28.00 20.69 - 118.72 2970.8 Reed ElsX 1084 -1.00 1199 906.50 2.30 25.50 4490.6
Dialight♦ 742.50 -1.00 992.00 605.00 1.98 25.43 19.7 Cap&Reg 58.25 0.50 - - - - 104.2 ConnectGp 159.75 2.00 - - - - 73.8 Rank Gp 206.10 -2.80 216.00 151.90 2.18 17.06 95.2
PZCusns 359.70 0.70 392.10 289.76 2.16 16.84 125.1 ReedElsNV € 22.07 -0.01 24.17 16.08 2.58 24.38 2802.8
e2v Tech 257.50 4.50 258.00 145.44 1.77 21.00 82.5 Countrywd 597.50 -1.50 - - - - 328.2 DCC♦ 5245 45.00 5310 3050 1.47 34.46 177.9 Restaurt 694.50 4.50 748.70 551.50 2.14 23.21 580.5
ReckittBX 5879 -26.00 6130 4895 2.33 25.83 1039.7 STV Grp 414.00 - 415.67 322.00 0.97 11.01 17.9
Halma 772.00 8.50 784.00 552.50 1.45 26.24 399.1 DrwntLdn♦ 3586 25.00 3710 2530 1.04 5.01 335.7 DeLaRue 521.50 13.00 875.00 467.40 8.41 13.48 598.4 SpiritPub 115.20 0.70 121.80 68.75 1.93 8.01 1120.2
Redrow 438.00 1.90 439.54 224.00 0.68 11.42 611.0 ThmReut C$X♦ 50.13 0.47 53.00 37.24 3.40 16.26 376.3
MorganAd 352.90 4.90 359.50 258.10 3.00 129.22 193.2 Gt Portld♦ 841.50 13.00 877.00 600.04 1.06 5.71 800.0 Diploma♦ 816.50 8.00 916.50 603.84 2.08 24.93 28.8 Sportech 66.88 -0.38 93.00 47.00 - -6.43 59.8
TaylorWm■ 185.30 1.80 192.90 101.70 0.38 16.11 14748.2 UTV Med♦ 155.00 3.00 227.75 149.00 4.56 10.79 14.7
OxfordIn 1064 -24.00 1452.92 671.58 1.17 90.92 66.7 Green Reit € 1.60 -0.02 - - - - 59.4 Elctrcmp 238.00 -1.00 288.53 197.20 5.17 13.08 946.1 Stagech 404.80 0.30 437.90 331.60 2.35 17.79 594.7
TedBaker♦ 2872 -1.00 2986 1651 1.24 35.45 23.6 WPPX 1552 12.00 1616 1091 2.27 19.27 3919.1
Renishaw 2492 92.00 2672.9 1470 1.65 16.27 23.1 Hammersn 673.00 4.50 708.00 537.00 2.91 7.03 1584.9 EnergyAst 545.00 6.75 550.00 325.00 - 27.73 21.6 ThomasCook 142.00 -2.30 167.10 99.40 - -36.65 4545.5
Spectris♦ 2332 -6.00 2420 1606 1.89 20.56 162.8 Industrial Engineering Mining Hansteen 125.00 1.20 128.95 98.25 3.92 7.38 1265.4 Essentra 997.50 -2.50 1069 624.50 1.63 33.97 435.3 TUI 1157 -2.00 1294.78 1004.81 - 79.62 698.9
TT Elect 141.75 0.75 - - - - 82.1 Acacia 305.10 0.20 318.90 191.70 0.76 24.06 284.5 HIBERNIA 1.28 0.01 1.30 1.03 - - 1977.7 Experian 1238 -8.00 - - - - 2693.8 Whitbrd♦ 5130 10.00 5475 3767 1.41 25.30 423.5
Bodycote 747.50 4.00 797.59 542.50 1.83 17.91 110.0
XP Power 1646 -16.00 1695.92 1340 3.52 16.29 5.1 AngloAmer 1003 -23.00 1662 923.00 5.46 -7.99 6733.4 Highcrft♦ 930.00 - 950.00 780.00 3.71 12.79 0.0 G4S♦ 296.00 -2.20 309.60 239.70 3.03 51.03 2553.6 Willim H♦ 418.10 -2.80 427.10 321.70 2.85 17.86 3072.8
Castings 405.00 6.00 - - - - 3.7
AngloPacif 94.00 0.50 193.75 74.75 10.85 -2.23 277.1 INTU 333.90 -0.40 376.50 300.70 4.37 7.47 2599.3 Grafton 824.50 7.50 868.00 531.00 1.12 24.26 282.7
Financial General Fenner 221.25 0.50 - - - - 332.3
LandSecs 1323 10.00 1363 988.50 2.34 5.98 2241.2 Utilities
Goodwin 2750 -25.00 4100 2120 1.54 11.02 0.2 AnGoldA R 116.60 -1.05 200.05 88.36 - -38.25 907.2 HarvyNah 103.00 1.88 119.92 66.32 3.24 14.30 24.1
3i 560.50 -2.50 571.50 343.61 2.85 7.68 1619.3 LondonMtrc 170.00 -0.50 173.20 132.30 4.12 7.05 1789.0 Centrica♦ 276.80 -0.80 338.50 234.40 6.21 -13.74 10932.8
Hill&Sm♦ 705.00 2.00 720.00 495.00 2.33 20.35 3.9 Antofagasta 743.00 -3.00 - - - - 2564.4 Hays 162.60 1.10 170.10 108.15 1.62 24.16 1538.2
AberAsM♦ 440.20 -6.40 509.64 383.40 4.09 19.39 3306.8
..5%Pf♦ 0.60 - 0.60 0.60833.33 - - McKaySec 256.25 1.75 - - - - 27.4 DeeVally 1370 -12.50 1585 1135 4.73 15.31 0.6
Ashmore 331.20 -0.10 379.40 249.00 4.97 15.84 391.7 IMI 1251 6.00 1613 1108 2.89 18.24 527.0 Homesve 437.20 3.20 440.00 293.80 2.58 52.03 458.7 Drax 389.00 -6.40 741.00 347.40 3.50 12.31 1491.4
MelroseInd 265.40 0.20 314.78 252.54 3.17 31.60 2173.3 AquarsPl 8.27 -0.24 - 8.11 - - 3616.3 MucklGp 487.50 -2.88 510.00 417.00 4.15 5.68 5.6 HowdenJny 516.50 5.50 519.50 - - - 2423.7
BrewDlph 321.00 -2.60 361.00 236.80 3.08 48.78 325.6 PrimyHth 398.75 -2.50 410.00 324.00 4.89 13.42 122.6 Natl GridX 929.70 -4.30 965.00 827.50 4.69 16.28 6394.2
Renold 77.00 -0.50 79.66 49.00 - -23.23 168.8 AsiaResM# 36.75 - - - - - - Intserve 619.50 -0.50 878.50 487.20 3.58 19.55 127.1
Canaccord 340.00 - 729.00 300.00 3.26 15.59 0.5 Redefine♦ 54.70 -0.30 59.90 48.00 5.85 5.40 1297.8 Pennon 850.00 -3.50 925.00 745.30 3.57 29.29 792.9
Rotork 256.30 2.90 289.00 214.60 1.92 21.63 2006.8 Barrick C$ 14.82 0.10 21.14 11.67 1.73 -4.57 1095.5 Intertek♦ 2524 23.00 2935 2141 1.86 23.21 496.6
CtyLonInv 354.63 -0.38 362.00 251.25 7.27 16.64 6.6 SEGRO 429.50 3.30 454.80 330.90 3.45 4.67 1566.6 UtdUtils 998.00 2.00 1045 784.00 3.61 19.23 1305.2
Severfd 70.50 -0.25 72.05 52.60 - 159.86 104.0 BHP Bltn 1359.5 -20.00 2102.53 1247.5 5.05 8.97 6166.5 Latchways 757.50 - - - - - 3.2
CloseBrs 1625 24.00 1857.39 1217 3.02 14.89 339.1 Shaftbry 897.50 21.50 907.00 632.17 1.46 4.99 713.0
BisichMg 92.50 - 113.00 60.15 3.24 9.04 23.0

AIM
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence PolarCap 419.50 11.00 - - - - 272.6 Insurance EuropaOil 8.75 - 10.75 4.65 - -12.43 146.5 Lok'nStor♦ 282.50 - 295.00 199.17 2.48 120.06 10.3 Utilityws 261.25 -12.00 - - - - 273.6
Cohort 272.50 -5.00 285.00 189.00 1.60 20.44 23.7 Share♦ 38.00 - 46.00 29.44 1.37 84.07 153.5 Gable 27.13 -0.50 90.00 25.50 - 7.18 276.3 FalkldO&G 30.50 0.50 45.00 16.75 - -78.41 3099.5 LXB Retail 93.50 -0.50 149.00 88.00 - - 151.1
ShoreCap 415.00 - 431.50 405.00 2.17 19.97 0.8 FaroePet 83.50 -0.75 138.63 58.00 - -3.69 451.1 MirLand 54.25 0.25 245.00 50.00 - -0.96 0.4
Tech - Hardware
Helios 162.50 2.50 170.00 120.00 0.92 32.60 0.3
Banks STM Group 42.50 - 55.90 16.10 - 25.57 8.6 GETECH 55.00 - 71.70 32.00 4.00 8.34 63.7 NewRiver 321.50 0.75 324.00 271.00 2.64 17.39 130.9 AminoTech 141.00 -0.50 146.00 75.24 2.55 18.50 30.0
BCB Hldgs 9.00 - 14.17 8.00 - -1.52 50.0 WH Ireland 103.00 1.00 130.00 79.00 1.46 76.64 4.8 Media GlobalPet 2.00 - 5.00 1.75 - -0.43 32.5 Palace Cap 387.50 - 395.00 256.00 - 2.72 31.8 IQE 22.75 0.25 23.75 12.08 - 94.40 2249.1
STB 2800 -30.00 3024 2245 2.25 23.30 1.3 Avesco 143.00 - 148.00 94.00 3.85 -11.17 4.9 Gulfsands 11.63 -3.00 68.00 11.00 - -0.97 1645.2 PnthrSec 337.50 - 357.00 295.00 3.56 12.93 3.5 Tech - Software & Services
Food & Beverages Cello Gp 94.00 - 100.00 81.00 2.56 35.70 81.6 Indus Gas 125.00 - 450.00 79.25 - 23.81 5.4 PSPI 29.00 - 30.00 21.00 - -5.37 1.2
Basic Resource (Ex Mining) FinsbryFd 87.50 0.50 89.00 53.25 1.14 11.73 22.5 M&Csaatc 329.25 0.50 395.00 235.00 1.71 -1389.24 34.6
Blinkx 35.25 -0.25 78.00 23.25 - -29.97 1336.6
Infrastrata 4.25 - 9.50 2.75 - -3.71 51.0 SiriusRE € 0.50 - 0.51 0.28 0.66 7.49 127.5 BondInt 142.00 - 149.40 83.00 1.41 37.80 5.1
CropperJ 440.50 - 490.00 355.00 1.79 22.04 2.7 Nichols 1219 11.00 1235 834.56 1.67 31.79 18.2 MissionMk 45.00 1.50 56.90 37.00 2.22 8.90 42.8 Iofina 30.50 -0.50 67.50 26.13 - -9.11 211.8 SumGermny €♦ 0.94 - 0.99 0.50 2.04 3.64 4.8 Brady 97.00 0.50 104.00 64.00 1.75 173.84 101.3
PureCircle 427.50 - 635.00 420.00 - 332.94 8.4 Next15Cm 197.50 - 198.00 110.00 1.40 127.75 13.6
Chemicals Ithaca Engy 49.50 -3.00 153.75 26.25 - -3.61 2171.9 TaliesinPr 2337.5 12.50 2389.6 1750 - 9.57 1.7 Datatec 345.00 - 362.95 261.25 3.26 21.28 2.0
RealGdFd 47.50 4.00 49.00 23.00 - -5.94 144.6 YouGov 110.50 -2.00 133.00 98.50 0.72 198.74 53.8 KBC Adv 120.00 2.50 142.00 77.00 0.83 21.68 75.2 Winkworth♦ 172.00 1.00 180.00 115.00 3.43 14.58 3.0
Scapa 205.00 14.50 205.00 118.50 0.49 -52.73 539.6 DDD 2.00 0.13 8.00 1.25 - -2.08 881.4
Ukrproduct 6.20 0.98 9.00 4.41 - -0.86 50.0 Max# 0.16 - - - - - -
Construction & Materials Wynnstay 537.50 - 628.00 474.52 1.79 15.52 5.5 Mining Retailers Eckoh 39.00 1.25 48.50 33.00 0.80 91.98 198.7
NewWldO&G# 0.26 -0.02 0.95 0.06 - -0.71 114813.2 EgSoltns 75.50 - 84.00 50.35 - 21.44 7.5
Abbey 885.00 - 927.30 800.00 0.97 9.13 0.1 AMC 21.25 0.25 25.63 2.50 - -21.86 8001.5 ASOS 3800 114.00 - - - - 954.1
Health Care Equip & Services PetrelRes 3.13 - 11.81 2.75 - -7.35 10.0 Iomart 244.25 3.75 288.21 159.93 0.72 30.24 61.8
AccsysTch 73.00 -3.00 81.50 0.92 - -7.19 102.2 BeowMin 1.55 0.03 4.60 1.15 - -1.33 873.3 Koovs 74.00 - 171.00 60.00 - - 7.4
Advnc Med 150.00 - 161.00 106.85 0.42 24.66 381.9 Petroceltic 119.25 0.25 224.00 98.50 - -5.99 18.9 K3BusTc 259.50 2.00 262.00 203.59 0.48 28.80 56.8
Aukett 7.63 -0.13 9.50 5.76 2.62 11.73 101.5 BotswanaD 1.08 - 4.15 0.87 - -2.30 750.6 Majestic 436.00 2.00 - - - - 74.6
AVO 9.63 -0.25 16.90 2.40 - -14.72 6264.8 PetroNeft 4.80 -0.03 6.79 3.60 - -42.48 206.7 Monitise 12.25 0.25 68.75 9.53 - -2.43 7265.0
CentAsiaM♦ 181.00 -4.75 198.00 135.16 5.80 5.12 22.6 StanlGib 251.00 -4.00 329.00 215.00 2.69 22.29 317.7
Plexus 215.00 -2.00 - - - - 7.7
Electronic & Electrical Equip CareTech 241.50 - - - - - 106.2 Connema 1.88 -0.13 3.81 0.25 - -2.81 67.0 OMG 45.00 - 49.00 25.00 0.89 169.81 10.6
ImmunDiag 282.50 10.00 540.00 266.00 3.01 14.91 6.6 PresidentEn 16.25 2.75 39.48 10.50 - 7.24 1291.1 Support Services Progility 5.38 0.38 11.49 4.00 - 5.69 149.8
CeresPow 9.40 -0.20 11.75 6.50
- -6.84 194.4 C'royG&NR 0.78 0.05 1.60 0.50 - -8.42 926.1
SphereMed 17.25 - 31.00 15.50 - -2.08 244.9 Rockhop 79.50 8.50 - - - - 5761.6 AndSyks♦ 327.50 - 385.00 260.00 7.27 14.86 3.2 Pub Tech 145.00 - 308.13 125.50 - -3.39 7.7
Densitrn 7.75 0.38 8.00 3.50
- 33.70 47.1 GrekaDrill 7.90 -0.10 16.80 7.20 - -35.75 895.6
Tristel 94.50 1.00 97.86 61.00 1.71 23.55 176.9 Sound Oil 20.25 -0.38 26.73 8.75 - -7.41 1262.1 Augean 52.25 - 56.75 37.65 0.67 11.59 14.0 SciSys 82.50 - 96.75 76.24 1.82 11.36 3.0
ElektronT 7.00 - 7.56 3.25
- -1.97 80.4 Herencia 0.20 - 0.55 0.18 - -2.38 1916.9
TowerRes 0.21 0.01 3.58 0.09 - -0.20 3596.3 Begbies 45.13 1.00 55.00 40.60 5.02 17.64 44.0 WANdisco 257.50 -2.50 - - - - 10.4
FlowGp 28.25 1.25 - - - - 649.3 House, Leisure & Pers Goods HighldGld 50.50 -2.00 - - - - 109.7
TrinityE 15.50 0.38 - - - - 9.3 Christie 131.00 - 162.00 104.00 1.34 14.57 0.9
LPA 82.50 - 119.50 60.00 1.76 35.75 1.9 KarelianDd 1.10 -0.05 2.37 0.80 - -15.71 1084.8 Telecommunications
Airea 16.00 - 16.42 10.25 3.75 10.43 2.0 UnJackOil 0.22 -0.01 0.52 0.14 - -5.38 17089.3 Empres♦ 65.50 - 69.00 38.13 0.53 8.70 32.2
ThorpeFW 169.50 - 180.00 120.00 1.92 18.76 6.7 KEFI Min 0.85 - 1.80 0.81 - -2.10 1751.7
Churchll 587.50 - 630.00 425.00 2.52 19.10 10.4 VictorOil 68.75 1.50 89.05 0.99 - -1.99 255.5 Hargreaves 374.75 -5.25 - 370.00 - - 113.9 AltNetwks 528.00 0.50 540.00 415.00 2.74 31.77 58.4
Zytronic 316.00 2.50 319.00 197.00 3.17 15.45 95.8 OracleC 1.85 -0.05 2.00 0.25 - -8.98 1440.0
gamingrealm 32.63 - 41.70 20.00 - -6.98 77.6 VolgaGas♦ 62.50 - 143.00 55.00 3.85 6.15 0.5 Hydrogen 59.50 - 96.50 48.25 7.73 -141.67 7.5 AvantiCom 235.25 11.25 325.00 162.75 - -4.20 59.7
RamblMtls 12.25 - 27.40 9.00 - 140.80 26.4
Financial General HavelckE 17.50 -0.25 25.00 13.00 - -1.25 30.0
ShantaGold 6.75 - 15.25 6.50 - 5.57 1585.1 Pharmaceuticals & Biotech Impellam 790.00 - 850.00 430.00 1.68 13.25 1.7 Peoples Op 145.00 1.00 147.60 122.50 - -96.28 8.6
Ambrian 9.75 -0.50 12.50 5.25 - 4.32 187.9 Mulberry 905.00 11.50 969.00 562.50 0.55 176.34 8.2 ISG 155.50 2.00 356.00 140.00 6.08 -5.68 216.8
Portmern 945.00 - 960.00 736.25 2.59 16.49 11.4
SierraRut 29.50 -0.13 - - - - 96.9 Abcam 540.00 4.50 548.50 270.88 1.44 30.73 1254.0 Travel & Leisure
Arbuthnot 1516.5 -1.00 - - - - 1.6 Sirius Min 19.75 -3.25 25.25 6.40 - -387.25 51362.4 JhnsnSrv 87.50 -0.25 88.50 - - - 260.1
SinclairW 18.50 -0.50 73.80 16.60 8.11 1.03 150.5 AllcePharm 40.50 -0.50 45.00 31.65 2.32 12.83 121.2 CastleStIn 27.50 - 28.40 17.00 10.91 - 3.7
Aurora 9.38 - 23.00 8.00 - -0.54 2.4 SolGold 2.88 0.08 10.00 2.01 - -5.46 1490.1 JourneyGp 146.50 - 155.22 113.00 1.96 12.69 7.1
TelfordHms 488.75 6.75 - - - - 401.5 Epistem 285.00 - 339.00 220.00 - -9.52 0.5 Celtic 76.50 - 78.00 72.00 - -19.91 2.0
BP Marsh 141.00 - 155.00 116.75 1.95 10.00 1.9 Stratex 1.43 0.20 4.00 1.00 - -2.73 9800.4 LonSec 2325 - 2600 2070 2.67 22.49 0.0
WalkerGb 200.50 2.00 215.00 151.05 0.96 24.23 88.2 e-Thera 40.50 - 49.40 24.25 - -13.76 168.5 ..6%CvPf 62.50 - 75.00 50.00 5.18 - 0.5
BrooksMac 1782.5 -4.50 1815 1300 1.46 28.46 3.4 Xtract Res 0.45 0.06 0.47 0.06 - -9.78 455346.6 Matchtech♦ 547.50 - 615.00 495.00 3.65 17.07 0.7
GW Phrms 626.50 0.50 - - - - 136.5 ..Cv Pf 135.00 - 150.00 120.00 - - 0.8
Camellia 9500 99.00 11300 8450 1.32 92.53 3.5 Industrial Engineering ZincOx 15.25 - 16.00 6.00 - -1.13 156.0 NewmkSec 3.23 0.10 3.26 1.60 2.33 6.86 1034.0
HtchChMd 1957.5 -17.50 2020 815.00 - 370.39 9.0 Dalata 269.00 4.00 275.00 111.15 - 95.36 5.3
CaptlMgt 123.50 - 225.00 103.00 - 3.06 0.0 NormanBr 19.00 - 29.50 17.00 - -1.70 3.0
600 Grp 18.25 - 23.70 14.60 - 4.87 259.9 ImmuPhar 49.00 0.50 67.00 41.00 - -14.26 218.1 Dart 417.75 3.25 - - - - 137.5
Charlemgn 13.50 - 19.50 8.70 7.13 41.54 116.5 Oil & Gas NWF 137.00 - 163.00 120.00 3.72 14.04 2.5
Molins 90.50 2.00 185.00 74.50 6.08 -58.80 66.7 ReNeuron 5.88 0.25 5.95 2.75 - -13.06 6436.2 GoalsSocc♦ 211.50 - 242.00 206.75 0.87 23.79 31.9
Fairpoint♦ 131.50 - 151.00 105.66 4.68 20.13 62.9 AlkneEng♦ 22.50 -0.50 44.50 19.50 0.89 10.07 107.1 Optimal Pay 281.50 0.75 575.00 255.25 - 23.41 2059.1
MS Intl 144.00 1.50 217.00 116.00 5.67 19.46 0.4 Sareum 0.27 -0.01 0.68 0.25 - -4.57 12713.3 MinoanGp 10.38 -0.13 17.00 7.25 - -16.90 165.1
ImpaxGp♦ 48.00 - 59.00 44.50 2.92 15.11 10.2 AmeriRes 36.25 0.50 67.25 19.10 - 22.18 1412.0 PennaCns 146.00 -3.00 155.00 114.00 1.83 88.81 6.6
Pres Tech 265.00 -5.00 790.00 203.00 3.02 9.49 21.3 SinclairIS 39.00 - 45.33 23.30 - -14.95 397.1 PeelHtls♦ 101.50 - 110.00 70.00 - 21.73 2.0
Leeds 35.50 - 43.79 29.00 - 8.69 0.8 AndesEnrg 32.13 -2.13 51.35 16.50 - -3212.50 180.0 Petards 11.13 - 15.99 8.50 - 10.03 0.0
TP Group 6.25 - 7.40 3.00 - -7.07 1404.6 Vernalis 66.25 -0.13 70.60 28.59 - -22.94 508.9
MattioliWds 516.00 - - - - - 8.5 BahamasP 1.98 -0.03 4.70 1.50 - -8.86 1181.1 RedhallGp 10.25 - 40.00 9.00 - -0.72 49.4 Utilities
Miton 29.75 - 44.00 18.50 1.82 -9.10 119.2 Industrial General BorSthnPet 5.75 0.73 14.50 3.90 - -11.17 414.2 Real Estate Renew 319.00 1.00 - - - - 123.4 ModernWtr 13.75 - 35.00 13.00 - -0.62 12.6
MAB 227.50 - 230.75 160.00 - 23.73 36.7 Powerflte 67.13 -0.13 68.00 35.00 1.56 41.74 21.8 Circle Oil 10.63 -2.63 28.70 8.75 - 4.35 10137.1 Conygar 178.00 -2.50 195.00 160.00 0.98 9.03 33.6 Restore 274.00 - 289.00 173.33 0.77 45.70 138.5 RenEnGen 57.50 -0.25 71.00 57.25 3.83 -40.18 11.8
Numis♦ 265.00 3.50 299.75 196.09 3.96 20.12 112.3 RM2 69.50 - 82.00 46.00 - -5.40 848.5 ClontarfEn 0.63 - 1.50 0.30 - -6.79 112.3 FltchKng 58.00 - 65.00 37.27 5.17 8.07 9.0 SafeCharge 294.00 1.00 297.00 167.00 0.63 44.19 37.5 Rurelec 3.50 - 8.75 3.00 - -0.47 76.0
Park Grp 54.50 -1.88 64.98 47.00 4.22 13.19 76.2 Symphny 8.63 - 11.33 6.50 - -36.86 45.4 Egdon Res 11.38 0.25 30.70 6.24 - -7.29 213.5 InlandHms 71.63 0.25 73.50 43.00 0.84 22.64 478.7 Servoca 20.25 -0.25 26.03 10.50 - 20.94 103.8 SeaEnergy 20.75 -0.50 39.98 18.68 - -4.61 59.9
Plus500 374.50 4.50 781.00 198.00 6.60 6.55 12246.4 Enegi Oil 0.90 - 7.25 0.65 - -0.34 60.0 Synectics 181.00 13.00 435.00 105.00 3.04 -8.80 63.7

Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-) Edin Inv 702.00 4.00 704.04 565.20 3.43 714.9 -1.8 JPM Inc&Gr 114.00 0.50 115.85 98.50 1.93 122.0 -6.6 ScottMort 273.40 0.60 283.40 199.70 1.06 267.5 2.2 AlbionVCT 65.50 - 68.65 63.00 7.63 67.8 -3.4 MMP 3.13 - 5.00 3.00 - - -
Price +/-Chg High Low Yld NAV or Pm Edin WWd 472.63 -2.38 476.49 332.25 0.42 519.2 -9.0 JPM Ind 533.00 2.50 - - - 599.2 -11.0 ScottOrtll 868.00 3.50 900.00 777.00 1.32 958.9 -9.5 Amati VCT 68.75 0.50 80.50 66.50 7.27 71.3 -3.6 Marwyn Val 225.25 - 232.92 184.56 - - -
3i Infra 168.80 0.80 170.60 133.10 3.97 149.2 13.1 EP Global 260.25 0.13 262.10 207.04 1.04 259.2 0.4 JPM JpSm 253.88 -1.13 - - - 273.9 -7.3 SecTstScot 141.00 0.50 - - - 151.8 -7.1 AmatiVCT2 105.25 - 120.98 101.79 6.41 109.6 -4.0 TerraCat 98.00 - 126.70 62.11 - - -
AbnAsianIn 197.50 0.50 - - - 201.0 -1.7 Estabmt 181.00 - 188.00 163.00 2.60 228.1 -20.6 JPM Jap 288.50 2.75 - - - 322.4 -10.5 Seneca I&G♦ 145.75 0.75 147.00 131.00 3.86 153.2 -4.9 ArtemisVCT 68.00 - 70.00 59.23 5.88 77.0 -11.7
AbnAsian 868.50 3.50 1014 800.04 1.15 981.3 -11.5 Euro Ast 1120 5.00 1160 800.00 5.41 1100.7 1.8 JPM Mid 912.50 6.50 915.49 669.10 1.97 1028.0 -11.2 Shires Inc 251.00 -1.13 261.75 216.26 4.78 267.9 -6.3 Baronsmd♦ 72.25 - 75.49 69.50 4.84 76.5 -5.6 ISDX
AbnJapInv 514.50 0.75 531.00 333.21 0.87 549.6 -6.4 EuroInvT 835.00 -5.00 - - - 871.0 -4.1 JPM O'seas 1097 -3.00 1159 890.95 1.37 1187.3 -7.6 StdLf Eqt 444.00 5.00 445.75 362.50 3.15 465.8 -4.7 ..VCT 2♦ 93.63 - 97.51 91.00 4.81 99.4 -5.8
F&C Cp&I 273.00 1.50 - - - 275.6 -0.9 JPMRussian 348.00 -8.63 - - - 404.0 -13.9 StdLf Sml 312.50 4.13 313.00 256.00 1.44 338.7 -7.7 ..VCT 3 98.63 - 105.05 94.00 15.72 104.5 -5.6 52 Week Vol
AbnLatAmIn 63.25 -1.13 85.68 57.50 6.72 67.4 -6.2
F&CGblSmlr 1008 -1.00 1028.92 781.00 0.82 1004.9 0.3 JPMSnrSec 92.50 - 101.00 89.22 - 96.9 -4.5 StrategicEq 225.00 2.00 225.00 152.85 0.35 218.8 2.8 ..VCT 4 91.88 - 92.75 86.75 9.80 97.5 -5.8 Price +/-Chg High Low Yld P/E 000s
..Sub 0.35 -0.03 5.50 0.25 - - -
F&CMgdG 155.00 - 157.00 130.00 - 154.5 0.3 JPM Smlr 821.75 5.25 824.56 - - 999.3 -17.8 Temp Bar 1215 3.00 1274 1101 3.14 1258.6 -3.5 ..VCT 5 76.13 - 77.14 72.00 7.88 81.3 -6.4 ArsenalFC 1587500 - 1590000 1400000 - 68.02 0.0
AbnNewDn 188.13 2.63 205.23 170.00 1.91 213.0 -11.7
F&CMgdI 128.50 - 130.00 110.00 3.77 126.6 1.5 JPM US Sml 179.75 1.00 193.75 134.50 0.39 191.7 -6.2 TempEmerg 545.00 3.00 626.64 511.50 1.33 620.0 -12.1 BSC VCT 86.00 - 92.20 84.00 6.40 104.8 -17.9 ShephdNm 1062.5 - 1260 1000.00 2.44 23.57 0.0
AbnNewThai 430.00 5.00 489.88 369.64 1.86 506.9 -15.2
FidAsian 263.75 3.75 - - - 295.0 -10.6 JupDv&G 119.00 - 121.80 107.00 - 126.6 -6.0 TRIG 108.25 - 109.00 99.00 5.08 - - ..VCT2♦ 55.50 - 61.00 51.98 8.11 62.0 -10.5 Thwaites 122.50 - 132.00 112.50 3.64 -26.11 40.0
AbnSmlCo 223.50 - 227.91 174.00 2.94 265.3 -15.8
Abn UK 326.50 -4.50 - - - 348.8 -6.4 FidChiSpS 172.00 2.10 179.78 100.00 0.67 209.2 -17.8 JupEur 553.00 2.00 562.00 371.25 0.63 547.2 1.1 ThreadUKSel 176.00 - 187.70 163.00 2.44 199.3 -11.7 Crown Place 29.75 - 30.50 29.00 8.40 28.2 5.5
Abf Gd Inc 196.63 1.38 197.40 138.25 3.65 232.8 -15.5 Fid Euro 186.00 0.70 187.50 137.40 1.60 192.8 -3.5 JupGrn 149.75 - 151.00 133.20 0.73 155.5 -3.7 TREurGth 654.75 6.25 661.00 438.00 0.99 708.9 -7.6 FrsightSol 102.50 1.00 112.02 95.00 5.85 107.5 -4.7
Abf Sml 1207 4.00 1217.44 966.00 1.98 1324.5 -8.9 Fid Jap 86.00 0.50 88.00 64.00 - 96.2 -10.6 JupPrim♦ 326.25 - 332.50 268.34 1.96 332.4 -1.9 TroyInc&G 73.75 -0.38 74.71 60.00 3.08 72.7 1.4 Inc&GthVCT 96.00 - 106.10 93.50 18.75 106.0 -9.4 Guide to FT Share Service
AcenciADbt 108.63 -0.88 114.00 103.25 3.60 113.5 -4.3 Fid Spec 1014 -4.00 1029 - - 1068.5 -5.1 JupUSSmCo 677.25 2.25 704.03 596.99 - 747.2 -9.4 UtilicoEmg♦ 192.50 1.00 206.09 178.50 3.17 217.5 -11.5 KingsAYVCT 18.50 - 19.50 17.25 5.41 19.7 -6.1
AdvDvpMk 464.00 -3.63 483.00 401.00 - 523.6 -11.4 FinsG&I 600.50 3.00 609.36 464.25 1.95 594.3 1.0 KeystoneInv 1865 1.00 - - - 1956.8 -4.7 UtilicoInv♦ 116.00 -0.75 133.80 103.00 6.47 172.3 -32.7 Maven I&G 63.25 - 67.50 59.50 7.11 67.2 -5.9
Alliance 512.00 2.50 531.50 420.20 1.91 586.4 -12.7 FstPacfic H HK$ 7.13 -0.21 9.48 7.10 2.87 - - Law Deb 529.00 - 545.50 465.10 2.87 507.7 4.2 ValAndInc 260.88 0.25 - - - 310.7 -16.0 MavenVCT2♦ 52.00 - 56.75 48.00 7.40 58.4 -11.0
AllianzTech 624.50 - 640.43 463.07 - 655.3 -4.7 For & Col 457.50 3.60 467.90 365.00 2.03 495.2 -7.6 LinTrain £ 484.00 - 492.32 331.00 1.40 403.4 20.0 Witan 827.00 -0.50 850.00 642.00 1.85 821.6 0.7 MavenVCT3♦ 75.25 - 79.00 70.00 5.65 82.2 -8.5 For queries about the London Share Service pages e-mail
AltAstsOps 41.00 1.00 47.00 35.50 - 44.5 -7.9 Geiger 20.88 - 27.95 17.00 - 23.1 -9.6 Ln&StLaw 362.50 4.50 410.50 330.80 3.81 388.3 -6.6 WitanPac 263.50 -0.13 - - - 296.5 -11.1 MavenVCT4♦ 84.00 - 89.00 82.00 5.65 95.0 -11.6 ft.reader.enquiries@morningstar.com.
Art Alpha 272.00 -6.00 308.00 257.00 1.18 333.8 -18.5 GenEmer 538.00 1.00 583.00 500.00 - 607.7 -11.5 Lowland 1407 -1.00 - - - 1490.8 -5.6 WorldTst 279.88 1.88 285.25 212.00 - 318.6 -12.2 MavenVCT5♦ 34.00 - 37.00 26.50 6.32 38.8 -12.4 All data is as of close of the previous business day. Company classifications
..Sub 20.75 - 45.25 18.10 5.78 - - GFIS 18.63 - 35.99 16.25 - 48.6 -61.7 M&GHighInc 174.50 -1.50 179.95 148.00 1.72 180.5 -3.3 WwideHlth 1968 28.00 1992.4 1265.01 0.80 2094.3 -6.0 MobeusI&G 83.50 - 107.90 82.00 4.19 91.7 -8.9 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
AsianToRt 205.00 0.13 - - - 224.5 -8.7 GRIT 15.00 - 65.00 11.00 - - - Majedie 282.00 1.00 283.00 206.41 2.66 264.8 6.5 ..I&G 2VCT 104.50 - 119.50 101.08 1.20 118.1 -11.5 100 constituent stocks are shown in bold.
Conventional - Private Equity 52 Week Dis(-)
Aurora 156.25 - 169.00 144.00 2.43 188.5 -17.1 GoldenPros 26.75 - 42.59 25.25 - 32.2 -16.9 Man&Lon 247.50 -2.38 275.00 219.00 3.02 300.0 -17.5 ..I&G 4VCT 99.00 - 116.00 97.00 6.06 109.2 -9.3 Closing prices are shown in pence unless otherwise indicated. Highs & lows
Price +/-Chg High Low Yld NAV or Pm
BG Japan 466.00 3.75 493.25 316.50 - 456.9 2.0 Hansa 894.00 -4.75 991.50 836.50 1.85 1198.0 -25.4 MCGlobPort 191.38 0.13 - - - 191.3 0.0 Nthn 2 VCT 82.00 0.50 81.75 73.50 6.71 85.4 -4.0 are based on intra-day trading over a rolling 52 week period. Price/earnings
..A 858.50 - - - - 1198.0 -28.3 MCurPac 320.00 2.50 - - - 354.0 -9.6 AbnPvtEq 89.00 -1.00 96.00 79.04 2.30 121.6 -26.8 Nthn 3 VCT 102.50 - 102.25 92.50 5.37 107.2 -4.4
BG Shin 379.75 2.00 407.00 282.50 - 379.9 0.0 ratios (PER) are based on latest annual reports and accounts and are updated
Hen Div 93.13 0.13 95.50 89.50 5.42 91.1 2.2 MercantIT 1713 8.00 1716 1316.55 2.34 1924.1 -11.0 Altamir € 11.18 -0.02 11.99 9.43 - 16.1 -30.6 NthnVent 84.50 - 84.90 75.00 7.10 88.6 -4.6
BSRT 25.25 -0.75 43.00 24.00 - 44.8 -43.6 with interim figures. PER is calculated using the company’s diluted earnings
HenEuroF 1105 3.00 - - - 1084.7 1.9 MrchTst 487.00 -6.00 - - - 514.4 -5.3 Dun Ent 347.50 -2.50 - - - 498.7 -30.3 ProVenGI 78.25 - 81.00 76.00 8.31 85.4 -8.4
Bankers 668.00 7.50 669.00 506.00 2.19 673.5 -0.8 from continuing operations. Yields are based on closing price and on dividends
HenEuro 903.00 -7.50 957.00 678.25 1.94 903.7 -0.1 Mid Wynd 343.00 -0.50 352.50 260.07 1.11 338.7 1.3 Electra 3235 5.00 3324 2338 - 3558.4 -9.1 ProVenVCT 92.63 - 96.99 89.50 7.56 99.6 -7.0
BrngEmEu 572.25 2.25 - - - 634.9 -9.9 paid in the last financial year and updated with interim figures. Yields are
HenFarEs 348.00 8.00 362.00 308.38 5.32 345.3 0.8 MitonWw 163.25 - 164.65 148.00 - 182.3 -10.4 ElectraPrf 149.25 - 151.00 144.25 - 143.4 4.1 UnicornAIM 129.00 1.00 133.00 122.00 4.65 143.2 -9.9
BH Global 1317 - - - - 1401.0 -6.0 shown in net terms; dividends on UK companies are net of 10% tax, non-UK
HendGlob 410.38 0.88 - - - 455.5 -9.9 MMP 3.13 - 5.00 3.00 - - - F&C PvtEq 223.50 -1.50 - - - 269.2 -17.0
..EUR € 12.00 - 14.00 11.80 - - - Ordinary Income Shares 52 Week HR companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
HenHigh 193.00 -1.00 195.25 156.50 4.46 188.8 2.2 Monks 443.00 2.50 458.90 348.40 0.90 487.0 -9.0 GraphEnt 575.50 - - - - 678.2 -15.1
..USD $ 12.97 0.07 - - - 13.8 -6.0 Price +/-Chg High Low Yld WO GRY 0% capital changes where appropriate.
HenInt Inc 128.50 1.25 137.69 103.00 3.35 128.2 0.2 MontanSm 533.25 2.50 542.50 390.50 1.31 587.3 -9.2 HVPE $ 13.30 - 13.65 11.31 - 16.0 -16.9
BH Macro 2097 4.00 2191 1919 - 2190.0 -4.2 Trading volumes are end of day aggregated totals, rounded to the nearest
Hen Opp 1024 14.00 1029.81 755.00 1.06 1128.0 -9.2 Mur Inc 757.00 -6.50 806.00 699.86 4.33 818.5 -7.5 HgCapital 1082 -2.00 1169 1003 2.68 1209.8 -10.6 JPM I&C 104.13 -0.13 106.00 86.00 6.24 -16.4 -
..EUR € 20.28 0.03 21.10 18.60 - 21.2 -4.3 1,000 shares.
HenSmlr 687.00 1.00 696.00 468.13 1.60 755.0 -9.0 Mur Int 1041 3.00 1123 980.00 4.33 983.2 5.9 JPM Pvt Eq $ 0.96 0.01 0.96 0.76 - 1.3 -26.2 JupiterDv&G 4.80 0.05 5.68 3.50 15.00 4.3 -36.7
..USD $ 20.18 -0.08 21.10 18.60 - 21.1 -4.4
HendVal 234.75 0.63 - - - 288.7 -18.7 ..B 1025 - 1499.48 885.89 - 983.3 4.2 JZ Capital♦ 465.25 10.25 480.00 390.00 - 702.4 -33.8 M&GHI&Gt 62.50 0.50 68.80 55.00 - -18.2 5.2 Net asset value per share (NAV) and split analytics are provided only as a
BiotechGth 830.00 13.00 874.50 450.40 - 887.3 -6.5
Herald 727.00 7.00 728.55 594.00 - 882.7 -17.6 NB DDIF $ 1.20 0.00 1.25 1.00 - - - LMS Capitl 76.75 -0.25 87.25 74.25 - 94.7 -19.0 Rghts&Icp 4317.5 - 4900 3800 - -71.2 5.5 guide. Discounts and premiums are calculated using the latest cum fair net
BlckRCom 88.38 -0.50 119.88 80.54 6.77 85.5 3.4
HICL Infra 152.00 -1.00 - - - 134.7 12.8 NewCtyEgy 18.38 - 42.00 16.00 - 23.4 -21.5 Mithras 147.50 - 149.66 130.00 0.68 158.1 -6.7 asset value estimate and closing price. Discounts, premiums, gross redemption
BlckREmEur 228.38 -3.50 - - - 257.6 -11.3 Income Shares 52 Week HR
Impax Env. 162.75 -0.75 - - - 184.5 -11.8 ..Sub 0.13 - 0.15 0.06 - - - NB PE Ptnr $ 11.89 - 12.20 10.40 - - - yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
BlckRFrnt 116.25 - 133.28 103.50 3.58 120.4 -3.4 Price +/-Chg High Low Yld WO GRY 0%
Ind IT 319.50 0.50 325.00 268.50 1.56 350.5 -8.8 NewCityHY 61.25 0.75 67.50 59.50 6.91 59.7 2.6 Nthn Invs 570.00 5.00 630.00 381.50 1.75 522.7 9.0 are displayed as a percentage, NAV and terminal asset value per share (TAV)
BlckRGtEur 253.00 -2.00 - - - 262.1 -3.5 JPM In&Gr 99.00 0.25 100.49 90.15 4.44 -64.6 6.8
Intl PP♦ 137.60 0.30 140.59 128.50 4.52 120.9 13.8 NewIndia 328.50 2.50 371.30 240.10 - 369.5 -11.1 Pantheon 1285 5.00 1355 1123 - 1535.8 -16.3 in pence.
..Sub 19.25 0.25 25.63 8.00 - - - M&GHghIc 59.00 0.13 62.75 53.00 - -18.2 5.4
InvAsTr 207.00 4.00 213.58 167.75 1.67 231.8 -10.7 New Star IT 73.50 - 77.01 65.45 - 116.4 -36.9 PantheonR 1285 - 1300 1045 - 1535.8 -16.3
BlckR I&G 191.50 -0.50 193.00 158.01 3.18 193.9 -1.2 Rghts&I 1135 - 1216 895.00 2.73 - 28.7
Inv Inc 301.50 0.63 305.00 - - 324.5 -7.1 NorthAmer 844.00 1.00 906.45 790.45 3.38 946.7 -10.8 PrincssPE € 7.80 0.01 - - - 8.8 -11.4 X FT Global 500 company
BlckRIncStr 139.00 - - - - 142.7 -2.6
InvPerp 75.88 0.13 79.00 69.00 6.59 73.9 2.7 NthAtSml 1934 -1.00 1953 1625.86 - 2485.6 -22.2 Riverstone 1060 - 1114 822.00 - 1069.4 -0.9 Capital Shares 52 Week HR ♦ trading ex-dividend
BlckRckLat 364.00 -10.00 - - - 408.6 -10.9
IPST BalR 121.50 -0.13 123.00 114.00 - 123.4 -1.5 Oryx Int 500.00 - 508.80 375.00 - 611.1 -18.2 StdLfEuPv 219.00 1.50 - - - 269.9 -18.9 Price +/-Chg High Low SP WO TAV 0% ■ trading ex-capital distribution
BlckRckNrAm♦ 116.25 1.00 124.50 98.75 2.58 127.5 -8.8
IPST Gbl Eq 166.50 -0.25 172.00 138.00 2.64 165.9 0.4 PacAsset♦ 210.50 3.63 226.15 156.50 1.24 207.8 1.3 JPM Inc&Gr 14.63 - 15.19 9.00 0.4 -6.4 13.7 # price at time of suspension from trading
BlckRSmlr♦ 932.00 10.50 934.50 697.00 1.38 1038.2 -10.2 Conventional - Property ICs 52 Week Dis(-)
BlckRThrmt 329.25 -0.75 331.57 238.00 1.23 383.8 -14.2 IPST Mngd 101.63 0.50 101.81 100.75 - 103.2 -1.5 PacHorzn 200.75 2.25 223.77 171.25 0.70 227.2 -11.6 Price +/-Chg High Low Yld NAV or Pm M&GHghIc 4.85 -0.15 6.10 3.00 7.0 5.5 -
The prices listed are indicative and believed accurate at the time of publication.
BlckRWld 305.20 -6.20 510.00 285.44 6.88 347.8 -12.2 IPST UK Eq 172.00 -0.50 174.00 143.00 3.28 172.5 -0.3 Perp I&G 425.60 3.10 427.20 350.81 2.87 430.3 -1.1 Direct Property Zero Dividend Preference Shares 52 Week HR No offer is made by Morningstar or the FT. The FT does not warrant nor
Bluecrest A 188.80 0.20 194.60 178.20 - 198.8 -5.0 InvPpUK 383.75 -2.25 - - - 406.5 -5.6 PerAsset 35550 -150.00 36313.1 33050 1.62 35132. 1.2 Price +/-Chg High Low SP WO TAV 0%
AseanaPr $ 0.56 0.01 0.58 0.39 - 0.7 -20.0 guarantee that the information is reliable or complete. The FT does not accept
Brit Emp 528.50 3.50 557.08 475.40 1.99 592.9 -10.9 Invs Cap A 99.00 - 102.00 87.00 4.53 106.3 -6.9 0 Abf Gd Inc 149.25 - 152.00 143.00 -42.1 - 159.7
AXA Propty 44.63 0.25 45.75 39.45 - - - responsibility and will not be liable for any loss arising from the reliance on
Brunner 570.50 1.00 - - - 668.9 -14.7 Invs Cap B 102.00 - 103.00 87.03 1.13 106.3 -4.0 PolarFins 106.00 -1.13 108.00 92.00 2.29 116.8 -9.2 EcofinWatr 154.00 - 154.50 147.20 -79.3 - 160.7
CustdnREIT♦ 108.00 -0.88 115.50 104.00 - - - or use of the information.
Calednia 2475 45.00 2485.78 2102.52 2.04 2953.7 -16.2 Invs CapU 392.50 - 404.95 347.00 - 425.5 -7.8 ..Sub 8.63 - 16.00 5.00 - - - JPM I&C 172.88 - 174.00 165.50 -20.3 - 192.1
F&CComPrp 138.10 - 148.40 119.00 4.34 122.8 12.5
CanGen C$♦ 21.10 0.44 21.72 17.80 1.20 28.1 -24.9 JLaingInf 121.40 - 128.60 114.10 5.35 104.3 16.4 PolarHealth 175.50 2.00 182.50 142.50 2.02 193.8 -9.4 JupiterDv&G 111.50 - 114.00 99.50 -7.3 - 134.9 The London Share Service is a paid-for-print listing service and may not be
F&CUKRealE 99.75 -0.50 104.50 82.00 5.01 93.3 6.9
Cap Gear 3427.5 -89.50 3575 3080 0.47 3274.8 4.7 JPM Amer 285.70 0.80 296.14 236.05 0.95 299.8 -4.7 PolarTech 607.00 7.50 607.00 458.80 - 619.0 -1.9 JZ Capital 355.88 - 358.30 341.00 -87.5 - 369.8 fully representative of all LSE-listed companies. This service is available to all
InvistaERET 0.55 -0.18 4.39 0.15 - 6.2 -91.1
City Merch 191.00 1.25 194.00 182.15 5.24 187.7 1.8 JPM Asn 250.50 2.13 - - - 286.5 -12.6 ProspJap $ 1.03 -0.01 1.19 0.91 - 1.2 -14.2 M&GHghIc 113.63 - 114.70 110.01 -21.2 -94.1 122.8 listed companies, subject to the Editor’s discretion. For new sales enquiries
Longbow 103.50 - 106.75 100.50 5.56 - -
CityNatRs 103.00 -0.50 146.75 95.00 5.44 135.3 -23.9 JPM Brazil 54.88 -0.75 76.49 48.50 1.82 56.4 -2.7 QatarInvF $ 1.29 0.01 1.49 1.15 - 1.5 -14.0 UtilicoFn16 184.75 - 186.00 175.25 -62.0 -95.7 192.8 please email stella.sorrentino@ft.com or call 020 7873 4012.
PictonProp 70.75 -1.00 - - - 67.6 4.7
City Lon 413.30 -0.40 418.35 345.00 3.60 405.2 2.0 JPM China 208.00 3.00 233.96 150.46 0.77 243.2 -14.5 RIT Cap 1576 -6.00 1615 1265.55 1.87 1592.8 -1.1 UtilicoFn18 140.88 -0.13 146.50 121.80 -20.7 -32.4 160.5
SLIPropInc 86.25 -0.75 90.25 72.90 5.35 76.7 12.5
DexionAb 189.00 0.50 189.50 - - 197.6 -4.4 JPMElct MC 99.75 - 101.99 97.01 - 101.4 -1.6 RobecoNV € 30.38 - 30.91 28.12 - - - UtilicoFn20 119.38 0.25 119.93 100.00 -10.1 -12.7 154.9
UKComPrp 86.95 -0.05 94.00 80.50 4.68 83.7 3.9
..EUR € 2.48 0.02 2.50 2.36 - 2.7 -8.1 ..MG♦ 630.50 - 635.00 507.66 1.13 645.1 -2.3 RolincoNV € 28.32 - 28.98 26.35 - - -
Property Securities
Data provided by Morningstar
..USD $ 3.85 0.09 3.75 3.53 - 4.2 -8.3 ..MI♦ 108.00 0.25 109.50 93.01 1.57 109.8 -1.6 Ruffer Inv 221.50 -0.75 226.00 193.50 - 222.1 -0.3
SchdrGlbRe 123.50 -0.13 132.98 29.00 2.85 133.6 -7.6
Investment Companies - AIM
DiverseInc 87.00 - 87.95 73.02 2.77 87.3 -0.3 JPM Emrg 607.50 -5.50 674.65 548.50 0.91 689.7 -11.9 SchdrAsiaP 294.50 4.25 - - - 328.7 -10.4
JPM EurGth 250.50 1.00 - - - 267.1 -6.2 Schdr Inc 286.50 -1.38 290.52 - - 299.4 -4.3 TR Prop 313.00 4.00 325.00 232.40 2.48 313.8 -0.3 52 Week Dis(-)
Dun Inc 262.25 -1.75 - - - 283.7 -7.6
Dun Sml 210.75 1.25 213.75 171.30 2.47 257.4 -18.1 JPM EurInc 138.00 -0.13 147.50 104.75 - 141.8 -2.7 SchdrJap 164.00 0.75 - - - 175.4 -6.5 VCTs 52 Week Dis(-) Price +/-Chg High Low Yld NAV or Pm
EcofinWatr 142.75 -0.38 - - - 186.8 -23.6 JPM EuSm 250.00 -1.50 256.00 42.40 1.16 274.4 -8.9 SchdrOrient 205.50 1.00 - - - 203.4 1.0 Price +/-Chg High Low Yld NAV or Pm AdFrntMkt 59.25 - 65.50 55.00 - 63.4 -6.5
..CULS 103.50 - 111.70 103.98 - - - JPM Clavr 643.00 2.00 645.00 - - 670.9 -4.2 SchdrUK 170.25 0.25 - - - 188.8 -9.8 AlbionDev 69.00 - 70.89 67.00 7.25 72.1 -4.3 CrysAmber 152.00 - 155.50 129.81 0.3 163.2 -6.9
JPMGIConv♦ 103.00 -0.88 112.50 99.00 5.46 103.2 -0.2 SchdrUKMd 497.50 -1.00 504.50 402.49 1.71 543.4 -8.4
EdinDragn
..CULS
287.00
106.75 -
2.25 311.00 257.00
107.70 103.00
0.77
-
323.3
- -
-11.2
JPM GEI 115.75 1.25 130.00 111.00 4.23 117.0 -1.1 ScotAmer 272.00 - 274.75 - - 262.1 3.8
Albion Ent 87.50 - 92.00 85.00 5.71 95.8 -8.7 GLI Finance
IndiaCap
57.38
59.00
2.13
0.38
- -
69.40 45.50
-
-
-
73.5
-
-19.7
www.morningstar.co.uk
AlbionTech 76.00 - 81.00 71.25 6.58 79.4 -4.3
JPM I&C Uni 367.50 - 370.50 330.06 - 388.1 -5.3 Scottish In 659.50 -1.50 670.00 536.00 1.82 728.7 -9.5 Infra India 14.50 - 16.50 10.00 - 44.3 -67.3
Tuesday 2 June 2015 ★ FINANCIAL TIMES 27

MANAGED FUNDS SERVICE

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

CF Heartwood Defensive Multi Asset Fund B Accumulation 111.45 - 0.05 0.01 Smaller Cos Cls Four Shares (Est) € 15.94 - 0.34 0.00 Reduced Duration UK Corporate Bond Inc £ 10.16 - 0.00 3.10
CF JM Finn Gbl Opps A Acc ♦ 280.58 - -1.07 1.52 Reduced Duration UK Corp Bond Gross Inc £ 10.17 - 0.00 3.10
ACPI Global UCITS Funds Plc (IRL) Barmac Asset Management Ltd (UK)
www.acpishard.com 40 Dukes Place, London, EC3A 7NH CF Richmond Core X 201.43 - -0.56 0.00 Select Emerging Markets Equities £ 1.37 - 0.00 0.91
Regulated Authorised Corporate Director - Capita Financial Managers CF Seneca Diversified Growth A ACC 229.56 - -0.01 1.26 Select European Eqts £ 1.73 - 0.01 1.88
ACPI Emerging Mkts FI UCITS Fund USD A $ 115.88 - -0.27 0.00 Dealing: 0845 922 0044
CF Seneca Diversified Growth B ACC 135.39 - 0.00 2.18 Select Global Equities £ 3.15 - -0.02 0.91
Authorised Inv Funds
ACPI Global Credit UCITS Funds USD A $ 13.96 - 0.00 0.00
Retail Accumulation 2 118.03 - -0.09 0.00 CF Seneca Diversified Growth N ACC 134.22 - 0.00 1.88 South East Asia £ 4.00 - 0.00 0.65
ACPI Global Fixed Income UCITS Fund USD A $ 151.52 - 0.01 0.00
Retail Income 2 116.79 - -0.09 0.00 CF Seneca Diversified Income A INC 92.39 - -0.66 5.41 Sterling Core Plus Bond Gr Accum £ 2.06 - -0.01 3.60
Artemis Fund Managers Ltd (1200)F (UK) Crèdit Andorrà Asset Management (LUX) Fundsmith LLP (1200)F (UK)
Q ACPI India Fixed Income UCITS Fund USD A $ 10.10 - 0.05 -
57 St. James's Street, London SW1A 1LD 0800 092 2051 The Castleton Growth Fund Ret Acc X F 114.43 - -0.09 0.00 CF Seneca Diversified Income B INC 109.37 - -0.78 5.05 www.creditandorra.com Sterling Core Plus Bond Inc £ 1.36 - -0.01 3.72 PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815
Eurobank Fund Management Company (Luxembourg) S.A.
ACPI India Fixed Income UCITS Fund USD A3 $ 86.12 - 0.39 0.00 Authorised Inv Funds FCA Recognised www.fundsmith.co.uk, enquiries@fundsmith.co.uk
The Castleton Growth Fund Ret Inc X F 114.95 - -0.09 0.00 CF Seneca Diversified Income N INC 108.40 - -0.77 5.05 Regulated UK £ 3.73 - -0.02 1.76
ACPI International Bond UCITS Fund USD A $ 18.02 - -0.01 0.00 Artemis Capital R ACC 1339.60 1416.16 -11.19 1.18 Crediinvest SICAV Money Market Eur I € 11.22 - 0.00 0.00 Authorised Inv Funds
Investment Adviser - DSM Capital Partners (LF) Absolute Return € 1.32 - 0.00 0.00 UK Aggreg Bond Gr Accum £ 1.81 - -0.01 3.10
Artemis European Growth R Acc 258.49 273.01 -3.30 1.12 Crediinvest SICAV Money Market Usd A $ 10.02 - 0.00 0.00 Fundsmith Equity T Acc 214.27 - -1.24 1.06
The Westchester X $ 28.00 - -0.23 0.00 (LF) Balanced - Active Fund (RON)RON 16.53 - 0.02 0.00 UK Aggregate Bond Inc £ 1.24 - 0.00 3.17
Artemis European Opps R Acc 78.02 82.36 -0.56 0.79 BlackRock (JER) Crediinvest SICAV Fixed Income Eur € 10.96 - 0.00 0.00 Fundsmith Equity T Inc 203.97 - -1.18 1.07
The Westchester Class 1 GBP Acc £ 19.92 - -0.08 0.00 (LF) Cash Fund € € 1.32 - 0.00 0.00
ACPI Select UCITS Funds PLC (IRL) Regulated
UK Corporate Bond £ 1.25 - -0.01 3.97
Regulated Artemis Global Emg Mkts I GBP Acc 94.97 - -0.27 - The Westchester Class 2 GBP Acc £ 19.96 - -0.07 0.00 Crediinvest SICAV Fixed Income Usd $ 10.71 - 0.01 0.00 (LF) Cash Fund (RON) RON 15.68 - 0.01 0.00
BlackRock UK Property £ 39.73 - 0.10 3.36 UK Corporate Bond - Gross £ 2.27 - -0.01 3.83
ACPI Balanced UCITS Fund USD Retail $ 14.59 - 0.03 0.00 Artemis Global Emg Mkts I GBP Dist 94.97 - -0.28 - Investment Adviser - Morant Wright Management Limited Crediinvest SICAV Spanish Value € 283.98 - -4.77 0.00 GAM Limited (2300)F (UK)
Blackrock UK Long Lease £ 1050.16 - 1.05 0.00 (LF) Eq Emerging Europe € 0.88 - -0.01 0.00 UK Corporate Bond Fund Gross Inc £ 11.39 - -0.02 3.95
ACPI Balanced UCITS Fund EUR Retail € 11.02 - 0.02 0.00 Artemis Global Energy R Acc 28.88 30.60 0.05 0.00 CF Morant Wright Japan A X 287.94 - 1.67 0.00 Crediinvest SICAV International Value € 259.24 - -1.55 0.00 GAM Sterling Management Limited
BLK Intl Gold & General $ 5.02 5.30 -0.05 0.00 (LF) Eq Flexi Style Greece € 1.14 - -0.01 - UK Gilt Bond £ 1.28 - 0.00 1.89 12 St James's Place London SW1A 1NX. 0800 919 927
ACPI Balanced UCITS Fund GBP Retail £ 11.13 - 0.02 0.00 Artemis Global Growth R Acc 194.07 204.87 -0.23 0.77 CF Morant Wright Japan A Inc X 283.68 - 1.63 0.00 Crediinvest SICAV Big Cap Value € 19.60 - -0.25 0.00 (LF) Global Bond Fd € 12.25 - -0.01 0.00 UK Gilt Gross £ 2.02 - 0.00 1.86 Internet: gam.com
ACPI Balanced UCITS Fund USD Institutional $ 10.00 - - - Artemis Global Income R Acc 101.34 107.05 -0.33 3.60 CF Morant Wright Japan B X 305.60 - 1.78 0.49 Crediinvest SICAV US American Value $ 18.74 - -0.10 0.00 Authorised Inv Funds
(LF) Global Equities € 1.25 - -0.01 0.00 UK Long Corp Bond £ 1.41 - 0.00 4.36
ACPI Balanced UCITS Fund EUR Institutional € 10.00 - - - Artemis Global Income R Inc 83.81 88.53 -0.27 3.71 CF Morant Wright Japan B Inc X 288.18 - 1.68 0.51 Crediinvest SICAV Sustainability € 17.03 - -0.10 0.00 GAM Funds OEIC
(LF) Eq Mena Fund € 15.32 - -0.26 0.00 UK Long Corp Bond - Gross £ 2.50 - 0.00 4.19
CF Morant Wright Nippon Yield ACC A X 291.94 - 1.97 1.96 GAM Global Diversified Acc 4202.28 - -8.50 0.00
ACPI Balanced UCITS Fund GBP Institutional £ 10.00 - - - Artemis Global select R Acc 73.48 77.57 -0.19 0.00 (LF) Greek Government Bond € 15.19 - 0.12 0.00 UK Long Corporate Bond Fund - Gross Income £ 11.34 - -0.02 4.33
CF Morant Wright Nippon Yield ACC B X 301.97 - 2.05 1.96 GAM North American Gwth Acc 3345.64 - -15.70 0.00
ACPI Focused Equity UCITS Fund $ 13.73 - -0.04 0.00 Artemis High Income R Inc 81.48 86.72 -0.08 5.64 (LF) Income Plus $ $ 1.22 - 0.00 0.00
Dantrust Management (Guernsey) Ltd (GSY) UK Specialist £ 1.97 - -0.02 1.12
GAM UK Diversified Acc 2015.27 - -7.49 0.99
CF Morant Wright Nippon Yield Fund A Inc X 256.29 - 1.73 2.00
Asset Management
Artemis Income R Inc 217.66 230.64 -2.14 4.07 Regulated (LF) Greek Corporate Bond € 10.78 - 0.02 0.00 Retail Share Classes
Artemis Income R Acc 364.73 386.50 -3.59 3.96 CF Morant Wright Nippon Yield Fund B Inc X 265.17 - 1.79 2.00 Dantrust II Limited kr 459.40 459.50 -1.10 0.00 Emerging Markets - retail £ 1.38 - 0.00 0.00
Abbey Life Assurance Company Limited (UK) (LF) FOF Balanced Blend € 1.49 - 0.00 0.00
100 Holdenhurst Road, Bournemouth BH8 8AL 0845 9600 900 Artemis Monthly Dist R Inc 64.62 68.51 -0.46 4.58 BlueBay Asset Management LLP (LUX)
Europe Long Term Growth £ 1.54 - 0.00 1.84 GAM Limited (IRL)
(LF) FOF Equity Blend € 1.43 - -0.01 0.00
Regulated FCA Recognised
additional fund prices can be found @ www.abbeylife.co.uk Artemis Pan-Euro Abs Ret GBP 107.07 - -0.13 - {*}CAR - Net income reinvested
BlueBay EmMkt B-USD $ 295.15 - 0.06 0.00 Cavendish Asset Management Limited (1200)F (UK) DAVIS Funds SICAV (LUX) (LF) FOF Glob. Emerging Mkts € 1.01 - -0.01 0.00 GAM Fund Management Ltd
Insurances
Artemis Strategic Assets R Acc 81.26 86.07 -0.13 0.00 Chelsea House, Westgate, London W5 1DR Regulated
Life Funds BlueBay EmMktCrp B-USD $ 167.57 - -0.37 0.00 (LF) FOF Dynamic Fixed Inc € 12.25 - -0.03 0.00 Georges Court, 54-62 Townsend Street, Dublin 2 + 353 1 6093927
IFA Enquiries 020 8810 8041 Admin/Dealing 0870 870 7502 Davis Value A $ 41.91 - -0.36 0.00
Artemis Strategic Bond R M Acc 84.95 90.12 -0.06 3.95 (LF) FOF Real Estate € 17.26 - -0.09 0.00 FIL Fund Management (LUX) GAM Star Fund Plc
Prop. Acc. Ser 2 1517.80 1597.70 13.10 - BlueBay EmMktSel B-USD $ 153.58 - 0.09 0.00 Authorised Inv Funds
Artemis Strategic Bond R M Inc 55.53 58.92 -0.19 4.02 Davis Global A $ 31.23 - -0.45 0.00 2a, rur Albert Borschette, BP 2175, L-1021, Luxembourg GAM Star Asia-Pacific Eqty USD Acc F $ 13.69 - 0.06 0.67
Selective Acc. Ser 2 1628.80 1714.50 3.10 - BlueBay EmMkLocCy B-USD $ 145.81 - 0.08 0.00 Cavendish Opportunities Fund B Class 1106.00 - 1.00 1.37
Phone: 800 22 089, 800 22 088
Artemis Strategic Bond R Q Acc 85.03 90.21 -0.07 3.96 GAM Star Asian Eqty USD Ord Acc F $ 16.87 - 0.06 0.00
American Ser. 4 1709.30 1799.20 -3.40 - BlueBay GlblConv I-USD $ 196.63 - 0.14 0.00 Cavendish Opportunities Fund A Class 1101.00 - 2.00 0.60 Regulated
Artemis Strategic Bond R Q Inc 55.77 59.17 -0.04 4.04 GAM Star Balanced GBP Acc £ 11.00 - 0.02 0.00
Custodian Ser. 4 502.60 529.10 -0.10 - BlueBay GlblHgYd B-USD $ 134.20 - 0.11 0.00 Cavendish Opportunities Fund C Acc 1142.00xd - 2.00 1.20 Discretionary Unit Fund Mngrs (1000)F (UK) China Consumer A-GBP £ 17.60 - -0.07 0.00
Artemis UK Growth R Acc 464.63 492.11 -2.16 0.54 1 Poultry, London EC2R 8JR 020 7 415 4130 GAM Star Cap.Appr.US Eqty USD Inc F $ 18.98 - -0.19 0.00
Equity Ser. 4 596.80 628.20 -2.60 - BlueBay HgYield B-EUR € 340.21 - 0.34 0.00 Cavendish Worldwide Fund B Class 329.60 - -0.10 0.75 China Focus A-GBP £ 5.34 - -0.01 0.20
Artemis UK Smaller Cos R Acc 1106.04 1194.03 -0.40 0.50 Authorised Inv Funds GAM Star Cat Bond USD Acc $ 12.42 - 0.00 0.00
European Ser 4 601.90 633.50 -5.30 - BlueBay HgYieldCp B-EUR € 144.06 - 0.18 0.00 Cavendish Worldwide Fund A Class 329.30 - 0.00 0.07 Global Financial Services A-GBP £ 0.46 - 0.00 0.00
Disc Inc 1515.80 1562.70 26.90 0.00
Artemis UK Special Sits R Acc 535.76 569.26 -4.29 1.57 GAM Star Cautious GBP Acc £ 10.94 - 0.02 0.00
Fixed Int. Ser. 4 890.30 937.20 -0.60 - BlueBay InvGr B-EUR € 174.13 - 0.09 0.00 Cavendish Worldwide Fund C Acc 337.10xd - 0.00 0.80 Global Health Care A-GBP £ 0.59 - 0.00 0.00
Do Accum 5687.10 5863.00 100.90 0.00
Artemis US Abs Ret I Acc 101.65 - 0.05 - GAM Star China Equity USD Acc F $ 29.10 - -0.12 0.38
Intl Ser. 4 458.40 482.50 -1.60 - BlueBay InvGEurGv B-EUR € 150.23 - 0.16 0.00 Cavendish AIM Fund B Class 162.40 - 0.40 0.37 Global Industrials A-GBP £ 0.70 - 0.00 0.00
FIL Investment Services (UK) Limited (1200)F (UK)
Artemis US Equity I Acc 114.59 - -0.37 - GAM Star Cont European Eqty GBP Acc F £ 3.63 - -0.04 0.00
Japan Ser 4 394.20 415.00 1.40 - BlueBay InvGEurAg I-EUR € 150.49 - 0.10 0.00 Cavendish AIM Fund A Class 157.80 - 0.30 0.00 130, Tonbridge Rd, Tonbridge TN11 9DZ Global Inflation-Linked Bd A-GBP-Hdg £ 1.19 - 0.00 0.51
Artemis US Select I Acc 114.97 - -0.31 - Callfree: Private Clients 0800 414161 GAM Star Cred Opportunities GBP Acc £ 13.04 - 0.01 3.98
Man. Ser. 4 1726.10 1816.90 -4.80 - BlueBay InvGLibor B-EUR € 126.01 - -0.10 0.00 Cavendish Asia Pacific Fund B Class 190.60 - 1.20 1.31 Global Real Asset Securities £ 1.52 - 0.00 0.00
Artemis US Select I Inc 102.68 - -0.28 - Broker Dealings: 0800 414 181 GAM Star Defensive GBP Acc £ 11.31 - 0.02 0.00
Money Ser. 4 524.20 551.80 0.00 - HighIncomeLoan H-EUR € 195.10 - 0.09 0.00 Cavendish Asia Pacific Fund A Class 189.70 - 1.10 0.60 Authorised Inv Funds Global Technology A-GBP £ 0.26 - 0.01 0.00
Artemis US Smlr Cos I Acc 122.95 - -0.15 - GAM Star Discretionary FX USD Acc F $ 13.11 - -0.05 0.00
Prop. Ser. 4 1082.90 1139.90 7.70 - Cavendish Asia Pacific Fund C Acc 196.00 - 1.20 1.30 Unit Trust Global Telecomms A-GBP £ 0.29 - 0.00 0.99
Artemis US Ex Alpha I Acc 116.74 - -0.26 - Cash Accum Units 186.29 186.29 0.00 0.00 GAM Star Dynamic Gbl Bd USD Acc H $ 10.19 - 0.01 1.51
Custodian Ser 5 483.20 508.60 -0.20 - Cavendish European Fund B Class 147.20 - -1.70 1.19 India Focus A-GBP £ 4.61 - 0.09 0.00
BONHOTE GAM Star Emerg. Market Rates USD Acc F $ 11.54 - -0.03 0.00
International Ser 5 440.70 463.90 -1.60 - Cavendish European Fund A Class 145.50 - -1.70 0.35 Cash Fund £ 1.00 1.00 0.00 0.11 Latin America A-GBP £ 1.63 - 0.00 0.19
Other International Funds
Dodge & Cox Worldwide Funds (IRL) Gross Accum Cash £ 1.28 1.28 0.00 0.00 GAM Star European Eqty USD Acc F $ 24.10 - -0.24 0.00
Managed Ser 5 1659.50 1746.90 -4.70 - Artisan Partners Global Funds PLC (IRL) Bonhôte Alternative - Multi-Arbitrage (USD) Classe (EUR) € 6798.00 - -103.00 2.23 Cavendish Japan Fund B Class 167.30 - 0.90 0.74
6 Duke Street,St.James,London SW1Y 6BN
Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland MoneyBuilder Cash ISA £ 1.00 1.00 0.00 0.13 GAM Star Flexible Gbl Port GBP Ac £ 13.15 - -0.05 0.00
Money Ser 5 513.30 540.30 0.00 - Bonhôte Alternative - Multi-Performance (USD) Classe (EUR) € 10430.00 - -42.00 0.87 Cavendish Japan Fund A Class 165.90 - 0.80 0.00 www.dodgeandcox.worldwide.com 020 3713 7664
Tel: 44 (0) 207 766 7130 Findlay Park Funds Plc (IRL)
FCA Recognised MoneyBuilder Global £ 2.67 2.67 -0.12 0.18 GAM Star GAMCO US Equity Acc F $ 14.44 - -0.13 0.00
Property Ser 5 1041.10 1095.90 7.30 - Cavendish North American Fund B Class 196.90 - -0.80 0.57 30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900
FCA Recognised
Dodge & Cox Worldwide Funds plc - Global Bond Fund OEIC Funds FCA Recognised GAM Star Global Rates USD Acc F $ 12.90 - 0.10 0.00
Pension Funds Artisan Partners Global Funds plc Cavendish North American Fund A Class 191.30 - -0.70 0.00
Braemar Group PCC Limited (GSY) EUR Accumulating Class € 12.22 - -0.06 0.00 American £ 28.69 - -0.17 0.00 American Fund USD Class $ 82.00 - -0.30 0.00 GAM Star Global Selector USD Acc F $ 14.70 - -0.04 0.00
American 1975.30 2079.30 -5.10 - Artisan Emerging Markets I USD Acc $ 8.09 - -0.05 0.00 Cavendish Technology Fund B Class 288.20 - -1.20 0.09
Regulated
EUR Accumulating Class (H) € 9.59 - -0.01 0.00 American Special Sits £ 11.80 - 0.03 0.00 American Fund GBP Hedged £ 44.66 - -0.16 0.00 GAM Star Japan Eqty USD Acc F $ 13.89 - 0.07 0.33
Equity 5319.00 5598.90 -29.30 - Artisan Global Equity Fund Class I USD Acc $ 15.85 - -0.05 0.00 UK Agricultural Class A £ 1.27 - 0.00 0.00 Cavendish Technology Fund A Class 274.80 - -1.20 0.00
EUR Distributing Class € 11.92 - -0.06 2.32 Asia Pacific Ops W-Acc £ 1.13 - -0.01 - American Fund GBP Unhedged £ 53.58 - 0.04 - GAM Star Keynes Quant Strat USD Acc F $ 12.51 - -0.07 0.00
European 1222.90 1287.20 -13.40 - Artisan Global Opportunities I USD Acc $ 12.71 - -0.02 0.00 UK Agricultural Class B £ 1.39 - 0.00 0.00 Cavendish UK Balanced Income Fund B Class 146.80 - -0.60 5.12
EUR Distributing Class (H) € 9.35 - -0.01 2.68
Asset Management
Fixed Int. 1631.40 1717.20 0.40 - Fidelity Asian Dividend Fund A-Accumulation £ 1.23 - 0.01 1.26 Latin American Fund USD Class $ 14.75 - -0.10 0.00 GAM Star Local EM Rates and FX USD Acc $ 11.70 - -0.02 0.00
Artisan Global Value Fund Class I USD Acc $ 16.80 - -0.02 0.00 Student Accom Class B £ 0.55 - -0.17 0.00 Cavendish UK Balanced Income A Class 139.90 - -0.60 5.37

Asset Management
GBP Distributing Class £ 10.37 - 0.02 2.53 Fidelity Asian Dividend Fund A-Income £ 1.18 - 0.00 2.61 Latin American Fund GBP Unhedged £ 9.64 - -0.02 - GAM Star North of South EM Equity Acc F $ 12.19 - -0.01 0.02
International 981.40 1033.00 -4.40 - Artisan US Value Equity Fund Class I USD Acc $ 11.93 - -0.02 0.00 Cavendish UK Select Fund B Class 167.50 - -1.10 1.69
GBP Distributing Class (H) £ 9.40 - -0.01 2.64 China Consumer £ 1.82 - 0.02 0.06 GAM Star Technology USD Acc F $ 16.75 - -0.24 0.00
Japan 418.70 440.70 1.70 - Cavendish UK Select Fund A Class 167.30 - -1.10 0.92
CAF Financial Solutions (UK) USD Accumulating Class $ 9.65 - 0.00 0.00 Emerging Asia £ 1.34 - 0.00 0.13 GAM Star US All Cap Eqty USD Acc F $ 14.26 - -0.09 0.00
Managed 4495.90 4732.60 -15.60 -
Ashmore Sicav (LUX) Kings Hill, West Malling, Kent 03000 123 222 Dodge & Cox Worldwide Funds plc-Global Stock Fund
Property 2792.20 2939.20 24.00 - Emerg Eur, Mid East & Africa H £ 1.48 - -0.02 0.89 GAM Star Worldwide Eqty USD Acc F $ 3497.19 - -27.37 0.34
2 rue Albert Borschette L-1246 Luxembourg Property & Other UK Unit Trusts
Cedar Rock Capital Limited (IRL) USD Accumulating Share Class $ 17.74 - -0.05 0.00
Security 1476.90 1554.60 -0.10 - FCA Recognised CAF UK Equitrack Inc Fd 76.07 76.07 -0.68 3.10 Enhanced Income - Acc £ 1.96 - -0.02 7.72
Regulated GBP Accumulating Share Class £ 19.07 - 0.00 0.00
Selective 2088.40 2198.30 3.70 - Ashmore SICAV Emerging Market Debt Fund $ 100.75 - 0.13 9.17 CAF UK Equitrack Acc Fd 105.90 105.90 -1.00 3.00 Enhanced Income - Inc £ 1.28 - -0.02 6.88
Cedar Rock Capital Fd Plc $ 367.29 - 8.03 0.00 GYS Investment Management Ltd (GSY)
GBP Distributing Share class £ 13.96 - 0.00 0.72
Formerly Hill Samuel Life Assurance Ltd Ashmore SICAV Emerging Market Frontier Equity Fund $ 153.85 - -0.88 0.89 FP CAF Alternative Strategies A Class Acc 112.15 - -0.07 0.41 European - Inc £ 1.53 - -0.02 1.42 Regulated
Cedar Rock Capital Fd Plc £ 365.96 - -1.06 0.00
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 EUR Accumulating Share Class € 24.35 - -0.16 0.00
Ashmore SICAV Emerging Market Total Return Fund $ 87.80 - 0.08 6.87 FP CAF Alternative Strategies A Class Inc 111.59 - -0.07 0.46 European £ 17.32 - -0.21 1.08 Taurus Emerging Fund Ltd $ 224.24 228.82 -9.41 0.00
Managed Ser A (Life) 1640.00 1735.40 2.60 -
Cedar Rock Capital Fd Plc € 335.98 - 2.23 0.00 Dodge & Cox Worldwide Funds plc-International Stock Fund Fleming Financial Trust Investment Fund Limited (NZ)
Ashmore SICAV Global Small Cap Equity Fund $ 150.54 - -0.05 0.00 FP CAF Fixed Interest A class Acc 114.58 - 0.08 2.93 European Opportunities £ 3.93 - -0.05 0.23 Incorporated in New Zealand, Reg No 5141841
USD Accumulating Share Class $ 16.14 - -0.04 0.00
Managed Ser A (Pensions) 1105.60 1163.80 2.00 - Registered address: Level 5, 3 City Road, Graftn, Auckland, 1010, New Zealand
Ashmore SICAV Local Currency Fund $ 87.27 - 0.06 0.30 FP CAF Fixed Interest A class Inc 101.83 - 0.07 2.97 Extra Income £ 0.27 - 0.00 3.42
Formerly Target Life Assurance Ltd Charles Schwab Worldwide Funds Plc (IRL)
EUR Accumulating Share Class € 17.37 - -0.11 0.00 www.fftinvestmentfund.com Generali International Limited
EM Mkts Corp.Debt USD F $ 102.64 - 0.04 7.65 FP CAF Fixed Interest B class Acc 115.06 - 0.08 2.93 Extra Income - Gross £ 0.27 - 0.00 3.41 PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 Regulated Dodge & Cox Worldwide Funds plc-U.S. Stock Fund info@fftinvestmentfund.com
EM Mkts Loc.Ccy Bd USD F $ 86.53 - 0.11 6.27 FP CAF Fixed Interest B class Inc 102.13 - 0.07 2.97 USD Accumulating Share Class $ 19.17 - -0.03 0.00 Global Dividend - Acc £ 1.59 - -0.01 3.11 Other International Funds International Insurances
Managed (Life) 1660.10 1747.50 2.60 - Schwab USD Liquid Assets Fd $ 1.00 - 0.00 0.01
Global Dividend - Inc £ 1.43 - -0.02 3.21 Fleming FT Investment Fund Global Multi-Strategy Managed $ 5.04 5.43 -0.05 0.00
Managed Growth (Life) 535.30 563.50 0.90 - FP CAF International Equity A Class Acc 149.24 - 0.05 0.68 GBP Accumulating Share Class £ 19.49 - 0.03 0.00
Fleming Fund $ 3.83 3.93 0.01 - UK Multi-Strategy Managed £ 5.06 5.45 -0.01 0.00
Managed (Pensions) 6633.90 6983.10 12.80 - FP CAF International Equity A Class Inc 145.30 - 0.05 0.69 GBP Distributing Share Class £ 12.44 - 0.01 0.43 Global Focus £ 13.87 - -0.05 0.00
Chartered Asset Management Pte Ltd Global High Yield Fund - A Gross Acc £ 12.42 - 0.00 4.70 EU Multi-Strategy Managed € 3.12 3.36 -0.01 0.00
Managed Growth (Pensions) 662.50 697.40 1.30 - FP CAF UK Equity A Class Acc 157.74 - -0.06 1.97 EUR Accumulating Share Class € 22.74 - -0.12 0.00
Other International Funds
Global Bond USD $ 3.53 3.81 -0.02 0.00
additional fund prices can be found on our website FP CAF UK Equity A Class Inc 144.98 - -0.05 1.99 CAM-GTF Limited $ 336864.69 336864.69 -374.87 0.00
Global High Yield Fund - A Gross Inc £ 10.55 - -0.05 5.03 Foord Asset Mgt (Guernsey) Ltd (GSY)
Global High Yield Fund - A Net Acc £ 12.02 - -0.01 4.73 Regulated
FP CAF UK Equity B Class Acc 157.74 - -0.06 1.97 CAM GTi Limited $ 741.85 - 21.46 0.00
Foord International Trust $ 36.65 - -0.13 0.00
FP CAF UK Equity B Class Inc 144.97 - -0.05 1.98 Global High Yield Fund - A Net Inc £ 10.55 - -0.04 5.03 Genesis Asset Managers LLP
Raffles-Asia Investment Company $ 1.98 1.98 0.09 6.54
Global Property - Acc £ 1.54 - 0.00 1.22 Other International Funds
Aspect Capital Ltd (UK)
Emerging Mkts NAV £ 6.07 - 0.01 0.00
Other International Funds Global Property W Inc £ 1.27 - -0.01 2.77 Franklin Templeton International Services Sarl (IRL)
Aspect Diversified USD $ 382.27 - 7.38 0.00 Global Special Sits £ 26.99 - -0.02 0.00 JPMorgan House - International Financial Services Centre,Dublin 1, Ireland
Other International Funds
Aspect Diversified EUR € 230.33 - 4.46 - Index Emerging Markets P-Acc £ 1.16 - 0.00 2.25 Guardian (UK)
Dragon Capital Group Franklin Emerging Market Debt Opportunities Fund Plc
Aspect Diversified GBP £ 117.23 - 2.28 0.00 Index Europe ex UK P-Acc £ 1.09 - -0.01 2.29 Franklin Emg Mkts Debt Opp CHFSFr 17.84 - -0.09 6.47 Ballam Road, Lytham St Annes, Lancashire, FY8 4JZ 01253 733 151
Alceda Fund Management S.A. c/o 1901 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam
Insurances
www.alceda.lu Aspect Diversified CHF SFr 110.50 - 2.12 0.00 Fund information, dealing and administration: funds@dragoncapital.com Index Japan P-Acc £ 1.20 - 0.00 1.48 Franklin Emg Mkts Debt Opp EUR € 12.63 - -0.08 6.51
Other International Funds Guardian Assurance
FCA Recognised Aspect Diversified Trends USD $ 116.60 - -0.24 0.00 Index Pacific ex Japan P-Acc £ 1.16 - -0.01 3.45 Franklin Emg Mkts Debt Opp GBP £ 10.54 - -0.02 6.36
AC Opp - Aremus Fund EUR A € 110.18 - -0.33 0.00 CCLA Investment Management Ltd (UK) Cheyne Capital Management (UK) LLP (IRL) Vietnam Enterprise Inv. (VEIL) NAV $ 3.32 - 0.05 0.00 Equity S-GH Class B £ 13.43 - -0.14 -
Aspect Diversified Trends EUR € 116.96 - -0.27 0.00 Index UK A-Acc £ 0.91 - -0.01 2.65 Franklin Emg Mkts Debt Opp SGD S$ 22.88 - -0.05 6.31
Senator House 85 Queen Victoria Street London EC4V 4ET Regulated Managed Fund Bond £ 24.35 25.36 0.05 -
AC Risk Parity 7 Fund EUR A € 123.24 - 0.14 0.00 Vietnam Growth Fund (VGF) NAV $ 21.78 - 0.26 0.00
Aspect Diversified Trends GBP £ 120.73 - -0.24 0.00 Authorised Inv Funds Index UK P-Acc £ 1.10 - -0.01 2.88 Franklin Emg Mkts Debt Opp USD $ 17.86 - 0.15 6.27
Cheyne Convertibles Absolute Return Fund € 1403.52 - -3.84 0.00 Choices Wth-Pfts Lg-tm 318.40 335.10 0.00 -
AC Risk Parity 12 Fund EUR A € 150.20 - 0.29 0.00 The Public Sector Deposit Fund Vietnam Property Fund (VPF) NAV $ 0.77 - -0.03 0.00
Cheyne European Real Estate Bond Fund € 112.50 - -0.12 0.00 Index US A-Acc £ 1.67 - 0.00 1.41
AC Risk Parity 17 Fund EUR A € 97.81 - 0.31 0.00 The Public Sector Deposit Fund-share class 1 ♦ F 100.00 - 0.00 0.49 Choices Wth-Pfts St-tm 270.00 284.20 0.00 -
Index US P-Acc £ 1.28 - -0.01 1.62
ACQ Risk Parity Bond Fund EUR A € 101.02 101.02 0.00 0.00
Atlantas Sicav (LUX)
The Public Sector Deposit Fund-share class 2 ♦ F 100.00 - 0.00 0.29
Cheyne Global Credit Fund € 121.55 - -0.11 0.00
Franklin Templeton Investment Funds (LUX) Choices Managed 650.61 684.86 0.25 -
Regulated DSM Capital Partners Funds (LUX) Index World A-Acc £ 1.49 - -0.01 1.72 8A rue Albert Borschette / L-1246 Luxembourg
The Public Sector Deposit Fund-share class 3 ♦ F 100.00 - 0.00 0.34 www.dsmsicav.com Choices Equity 748.02 787.39 1.23 -
American Dynamic $ 3648.36 - -5.75 0.00 Index World P-Acc £ 1.22 - 0.00 1.83 www.franklintempleton.co.uk UK freephone 0 800 305 306
The Public Sector Deposit Fund-share class 4 ♦ F 100.00 - 0.00 0.39 Cheyne Capital Management (UK) LLP Regulated Freedom With Pfts Long-Tm 218.70 230.20 0.10 -
American One $ 3364.21 - -3.69 0.00 FCA Recognised
Japan £ 2.97 - 0.03 0.00
Other International Funds Global Growth I2 Acc € 138.52 - -1.62 0.00 Class A Dis Freedom With Pfts Short-Tm 196.70 207.10 0.00 -
The Public Sector Deposit Fund-share class 5 ♦ F 100.00 - 0.00 0.28
Bond Global € 1409.68 - 33.25 0.00 Japan Smaller Companies £ 2.07 - 0.03 0.00
Cheyne European Event Driven Fund € 141.35 - -7.91 0.00 Frk Gbl R.Estate (USD) A Dis $ 9.91 - -0.09 2.39 Freedom Managed 374.76 394.49 0.65 -
Eurocroissance € 941.07 - 21.92 0.00 MoneyBuilder Asset Allocator £ 1.24 - 0.00 0.50
Cheyne European High Yield Fund € 136.21 - 2.45 0.00 Frk High Yield $ 6.86 - 0.00 5.20 Freedom Equity 429.82 452.44 1.04 -
Far East $ 775.38 - 4.86 0.00 CCLA Investment Management Ltd (UK)
Ecclesiastical Inv Mgt Ltd (1200)F (UK)
Cheyne Malacca Asia Equity Fund Class A $ 1449.88 - -36.38 0.00 MoneyBuilder Balanced £ 0.52 - 0.00 3.92
PO Box 3733, Swindon, SN4 4BG, 0845 604 4056 Frk Euro Gov. Bond € 11.38 - 0.02 1.03 Corp Pens Mananged 229.68 229.68 0.09 -
Senator House 85 Queen Victoria Street London EC4V 4ET
Property & Other UK Unit Trusts Cheyne Multi Strategy Liquid Fund $ 128.75
Asset Management
- 0.36 - Authorised Inv Funds Money Builder Dividend £ 2.69 - -0.05 4.02
Frk Euro High Yield € 6.76 - 0.00 4.47 Corp Pens Equity 244.20 244.20 0.41 -
Allianz Global Investors GmbH(1200) F
199 Bishopsgate, London, EC2M 3TY,0800 073 2001
(UK)
BLME Asset Management
BLME Sharia'a Umbrella Fund SICAV SIF
(LUX) CBF Church of England Funds
Investment Inc 1404.91 1420.45 3.24 3.78
Cheyne Real Estate Credit Holdings Fund £ 145.60 - 0.85 0.00 Amity UK Cls A Inc
Amity UK Cls B Inc
224.00
223.70
-
-
-1.50 1.34
-1.40 2.10
MoneyBuilder Growth
MoneyBuilder Growth ISA
Asset Management
£
£
0.80
0.81
-
-
-0.01 2.10
-0.01 2.24
Frk Euro Liquid Reserve € 4.36 - 0.00 0.00 Corp Pens Fixed Interest Asset Management 298.76 298.76 -0.41 -
Authorised Inv Funds Cheyne Real Estate Debt Fund Class A1 £ 131.59 - 0.22 0.00 Frk Euro Short Dur Bond Fd € 10.19 - 0.00 0.00 Corp Pens Index Linked 342.13 342.13 0.67 -
Regulated Higher Income Cls A Inc 133.70 - -0.60 4.57
OEIC Investment Acc 2797.59 2828.53 6.47 - Cheyne Total Return Credit Fund - December 2017 Class $ 202.64 - 0.65 0.00 MoneyBuilder Income £ 0.36 - 0.00 3.24
Frk Europ Corp Bond Fd € 11.52 - 0.01 1.65 Corp Pens Deposit 190.54 190.54 0.01 -
$ Income Fund - Share Class A Acc $ 1140.31 - 0.03 0.00
Allianz BRIC Stars A Acc 161.45 - -1.83 1.09 Global Equity Inc 166.18 168.02 0.09 4.31 Cheyne Total Return Credit Fund December 2019 $ 146.94 - 13.56 - Higher Income Cls B Inc 137.40 - -0.60 4.50 MoneyBuilder Income -Gross £ 0.36 - 0.00 3.24
Frk European Total Return € 10.28 - 0.01 1.28 Corp Pens Protector 358.96 358.96 1.35 -
$ Income Fund - Share Class B Acc $ 1160.18 - 0.04 0.00
Allianz BRIC Stars C Acc 172.58 - -1.95 1.99 Global Equity Acc 236.08 238.70 0.12 - UK Equity Growth Cls A Inc 251.40 - -1.00 0.43 Multi Asset Adventurous A-Acc £ 1.42 - 0.00 0.44
Frk Global Aggr.Inv.Grd Bond Fd $ 10.49 - 0.02 0.00 Corp Pens UK Index Tracker £ 2.11 2.11 0.01 -
$ Income Fund - Share Class C Acc $ 1008.90 - 0.00 0.00
Allianz Brazil Fund A Acc 56.24 - -0.95 0.37 UK Equity Inc 157.12 158.70 0.03 4.05 UK Equity Growth Cls B Inc 256.90 - -1.00 1.15 Multi Asset Alloc Adventurous A-Acc £ 3.95 - -0.03 2.21
Frk Global Aggregate Bond Fd $ 9.96 - 0.01 1.17 Guardian Linked Life Assurance Ltd
$ Income Fund - Share Class D Dis $ 1002.66 - 0.02 0.77 CMI Asset Mgmt (Luxembourg) SA (LUX)
Allianz Brazil Fund C Acc 57.69 - -0.97 1.48 UK Equity Acc 227.09 229.37 0.05 - Amity Balanced For Charities A Inc 114.70 - -0.50 5.41 Multi Asset Alloc Strategic A-Acc £ 1.23 - 0.00 0.27
23 route d'Arlon, L-8010 Strassen Lux 00 352 3178311 Frk Global Income Fd $ 10.30 - 0.00 5.20 Managed Acc £ 18.91 19.90 0.05 -
$ Income Fund - Share Class G Acc £ 1079.49 - 0.03 0.00
Allz Continental European A Acc 939.63 - -9.64 0.18 Fixed Interest Inc 165.19 165.85 -0.42 3.96 FCA Recognised Amity European Fund Cls A Inc 207.60 - -2.90 1.18 Multi Asset Alloc Def - Gross A £ 1.14 - -0.01 0.27
Frk Income $ 12.64 - -0.03 3.24 Equity Acc £ 34.96 36.80 0.09 -
$ Income Fund - Share Class M Acc € 1016.48 - 0.02 0.00 CMI Global Network Fund (u)
Allz Continental European C Acc 151.82 - -1.55 0.96 Fixed Interest Acc 491.12 493.08 -1.24 - Amity European Fund Cls B Inc 209.90 - -2.90 2.01 Multi Asset Alloc Def - Net A £ 1.14 - 0.00 0.24
Frk US Government $ 9.46 - 0.00 1.99 Fixed Interest Acc £ 17.13 18.03 0.04 -
$ Income Fund - Share Class W DisA$ 1033.88 - 0.04 - Regional Equity Sub Funds
Allz European Eq Inc A Inc 135.51 - -5.55 3.62 Property Fund Inc 126.92 131.18 0.00 6.51 Amity Global Equity Inc for Charities A Inc 111.80 - -0.60 3.75 Multi Asset Alloc Growth A £ 1.29 - -0.01 0.00
CMI Continental Euro Equity € 31.57 - -0.46 0.82 Frk US Liquid Reserve Inc $ 9.67 - 0.00 0.00 International Acc £ 13.74 14.47 0.03 -
Gl Sukuk Fund - Share Class A Acc $ 1232.31 - -0.02 0.00
Allz European Eq Inc A Acc 188.55 - -3.03 3.79 Property Fund Acc 224.08 231.59 2.52 - Amity International Cls A Inc 227.60 - -0.50 1.23 Multi Asset Defensive £ 1.25 - 0.00 0.35
CMI Pacific Basin Enhanced Equity $ 46.24 - -0.14 2.26 Frk US Low Duration Fd $ 9.92 - -0.01 0.46 International S-NA Acc £ 7.06 7.43 0.01 -
Gl Sukuk Fund - Share class B Acc £ 1098.40 1098.40 0.00 0.00
Allz European Eq Inc C Acc 106.06 - -1.70 3.56 Amity International Cls B Inc 229.80 - -0.50 2.01 Multi Asset Defensive - Gross £ 1.25 - 0.00 0.34
Single Country Equity Sub Funds Frk US Total Return $ 11.42 - 0.00 1.28 International S-PA Acc £ 4.26 4.49 0.01 -
Allz European Eq Inc C Inc 99.89 - -3.94 3.36 Amity Sterling Bond Fund A Inc 109.80 - 0.00 5.16 Multi Asset Growth £ 1.44 - -0.01 0.33
CCLA Fund Managers Ltd (UK) CMI Japan Enhanced Equity F ¥ 4853.73 - 11.13 0.72 Tem Asian Bond $ 13.41 - -0.04 2.83 International S-EU Acc £ 3.44 3.62 0.01 -
Allianz EcoTrends A Acc 93.96 - -0.72 0.00 Bank of America Cap Mgmt (Ireland) Ltd (IRL) Senator House 85 Queen Victoria Street London EC4V 4ET Amity Sterling Bond Fund B Inc 118.30 - 0.00 5.14 MultiManager Balanced £ 1.09 - 0.00 0.56
Tem Asian Growth $ 32.03 - -0.06 0.29 Managed S-PR Acc £ 7.18 7.56 0.02 -
Regulated CMI UK Equity £ 12.97 - -0.15 1.97
Allianz EcoTrends C Acc 98.87 - -0.76 0.00 Property & Other UK Unit Trusts Multi Asset Open Growth A-Acc £ 0.49 - 0.00 0.76
Global Liquidity USD $ 1.00 - 0.00 0.22 CMI US Enhanced Equity F $ 80.54 - -0.43 0.55 Tem Emerging Markets $ 32.25 - -0.21 0.27 Fixed Interest S-IL Acc £ 6.47 6.81 0.01 -
COIF Charity Funds (UK)
Allianz Gilt Yield Fund C Inc 166.29 - -0.49 1.93 Multi Asset Open Strategic A-Acc £ 1.28 - 0.00 1.29
Investment Inc 1286.83 1301.07 1.53 3.57 Index Tracking Sub Funds Eclectica Asset Management (UK) Tem Emg Mkts Balanced AQdis $ 7.62 - -0.02 2.68 Deposit Accum £ 4.45 4.68 0.00 -
Allianz Gilt Yield Fund I Inc 171.96 - -0.51 1.93 40 Dukes Place, London EC3A 7NH Multi Asset Open Strategic A-Inc £ 0.31 - 0.00 2.25 Guardian Pensions Management Ltd
Investment Acc 12126.77 12260.91 14.42 - Euro Equity Index Tracking € 21.08 - -0.40 1.82 Tem Emg Mkts Bd $ 16.76 - -0.02 6.65
Allianz Japan A Acc 563.60 - 3.10 0.00 Barclays Investment Funds (CI) Ltd (JER) Order desk: 0845 6080941 Switchboard 0870 6072555 Multi Asset Strategic £ 1.59 - 0.00 0.51
Japan Index Tracking ¥ 888.06 - 2.16 0.79 Tem Global $ 36.47 - -0.31 0.43 Pens. Managed Acc. £ 24.57 25.87 0.00 -
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800 Ethical Invest Inc 199.98 202.20 0.58 3.67 Authorised Corporate Director - Capita Financial Managers
Allianz Japan C Acc 127.26 - 0.70 0.23 Open World A-Acc £ 1.28 - 0.00 0.00 Pens. Equity Acc. £ 37.68 39.66 0.07 -
FCA Recognised Ethical Invest Acc 252.16 254.94 0.75 - UK Eqty Index Tracking £ 16.61 - -0.18 2.72 Authorised Inv Funds Tem Global (Euro) € 20.78 - -0.26 0.33
Allz RiskMaster Conservative A Acc 118.74 - -0.40 0.00 Bond Funds CF Eclectica Agriculture A EUR Acc ♦ € 1.61 - -0.01 0.00 Multi Asset Income A Gross Acc £ 1.59 - 0.00 3.62
Global Equity Inc 156.45 158.19 -0.04 4.30 US Eqty Index Tracking $ 59.27 - -0.38 0.76 Tem Global Balanced $ 23.57 - -0.15 0.61
Allz RiskMaster Conservative C Acc 120.49 - -0.41 0.67 Sterling Bond F £ 0.46 - -0.01 2.53 CF Eclectica Agriculture A GBP Acc ♦ 115.29 - -0.66 0.00 Multi Asset Income A Gross Inc £ 1.13 - -0.01 5.09
Global Equity Acc 226.32 228.82 -0.05 - Managed Sub Funds Tem Global Bond $ 20.93 - -0.05 2.09
HPB Assurance Ltd
Allz RiskMaster Defensive A Acc 111.22 - -0.34 0.00 CF Eclectica Agriculture A USD Acc ♦ $ 1.75 - -0.01 0.00 Multi Asset Income A Net Acc £ 1.51 - 0.00 3.63
Fixed Interest Inc 135.56 136.10 0.75 4.06 Global Bond £ 1.45 - 0.00 0.89 Tem Global Bond (Euro) € 10.33 - 0.00 2.89 Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
Allz RiskMaster Defensive C Acc 113.06 - -0.34 0.00 CF Eclectica Agriculture C EUR Acc ♦ € 1.66 - -0.01 0.29 Multi Asset Income A Net Inc £ 1.13 - -0.01 5.10 International Insurances
Baring Fund Managers Ltd (1200)F (UK) Fixed Interest Acc 761.39 764.45 4.23 - Global Network Mgd Global Mxd £ 2.36 - -0.01 0.20 Tem Global Equity Income A(Mdis) $ 10.53 - -0.09 3.91
Allz RiskMaster Growth A Acc 126.17 - -0.57 0.00 Dealing and Enquiries 020 7214 1004 CF Eclectica Agriculture C GBP Acc ♦ 119.36 - -0.68 0.35 South East Asia £ 9.12 - 0.02 0.10 Holiday Property Bond Ser 1 £ 0.50 - 0.00 0.00
Property Inc 110.20 113.89 1.04 5.79 Global Equity £ 2.63 - -0.02 0.02 Tem Global High Yield Fd F $ 9.39 - 0.00 4.73
Allz RiskMaster Growth C Acc 129.43 - -0.57 0.00 Fund Information: www.barings.com Special Situations £ 31.75 - -0.14 0.75 Holiday Property Bond Ser 2 £ 0.60 - 0.00 0.00
Bond Sub Funds CF Eclectica Agriculture C USD Acc ♦ $ 1.80 - -0.01 0.36 Tem Global Income $ 14.71 - -0.09 1.66
Authorised Inv Funds Property Acc 240.29 248.34 2.27 -
Allz RiskMaster Moderate A Acc 124.08 - -0.48 0.00 CMI Euro Bond F € 46.57 - -0.02 1.82 Strategic Bond £ 0.32 - 0.00 3.09
Dynamic Capital Growth Acc 690.50 729.50 -1.90 1.20 Local Authorities Property Fd (LAMIT) (UK) Tem Global Smaller Cos $ 35.64 - -0.23 0.00
Allz RiskMaster Moderate C Acc 126.37 - -0.48 0.52 CMI UK Bond £ 8.09 - -0.02 2.10 Strategic Bond Gross £ 0.32 - 0.00 3.09
Dynamic Capital Growth Inc 279.10 294.80 -0.80 1.21 Property 274.76 295.14 2.73 4.81
Edinburgh Partners Limited (IRL) Tem Global Total Return $ 17.63 - -0.04 3.44 Hamon Investment Group
Allz Sterling Total Return Fund A Inc 150.54 - -0.29 2.93 CMI US Bond $ 13.29 - 0.00 1.55 27-31 Melville Street, Edinburgh, Edinburgh, EH2 4DJ +353 1 434 5143 Target 2015 £ 0.51 - 0.00 0.26 Other International Funds
Eastern Acc GBP 752.20 - 2.70 0.00 Tem Latin America $ 48.11 - -0.75 0.91
Allz Sterling Total Return Fund C Inc 151.22 - -0.28 3.59 Currency Reserve Sub Funds Dealing - Fax only - +353 1 434 5230 Target 2015 - Gross £ 0.51 - 0.00 0.30 Asian Market Leaders - USD $ 30.65 - 0.37 0.00
Eastern Inc GBP 738.20 - 2.60 0.00 Class A Acc
CG Asset Management Limited (IRL) FCA Recognised Asian Market Leaders - GBP £ 15.66 - 0.26 0.00
Allz Total Return Asian A Acc 729.11 - 1.16 1.25 CMI Euro Currency Reserve € 24.93 - 0.00 0.65 Target 2020 £ 0.59 - -0.01 0.48 Frk Biotech Discovery $ 37.21 - 0.33 0.00
Europe Select Inc GBP 2659.00 - -38.00 0.58 Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland Edinburgh Partners Opportunities Fund PLC
Allz Total Return Asian C Inc 672.30 - 1.11 1.21 00 353 1 434 5098 CMI Stlg Currency Reserve £ 4.93 - 0.00 0.96 Target 2025 £ 1.40 - -0.01 0.26 Frk Brazil Opportunities Fd $ 10.26 - -0.03 0.00 Greater China - USD $ 14.39 - 0.14 0.00
European Growth Inc 1086.00 1143.00 -15.00 1.32 European Opportunities I EUR € 2.94 - -0.01 1.97
Allz UK Corporate Bond A Inc 104.79 - -0.78 3.87 FCA Recognised CMI US Dllr Currency Reserve $ 9.80 - 0.00 0.50 Target 2030 £ 1.51 - 0.00 0.23 Frk Euro S-Term Money Mkt Fd € 1011.79 - -0.01 0.00 Greater China - GBP £ 5.94 - 0.09 0.00
German Growth Acc GBP 603.80 - -10.40 0.28 European Opportunities I GBP £ 2.09 - 0.00 2.17
Capital Gearing Portfolio Fund Plc £ 26556.14 26556.14 155.49 0.63 Selected Asian P'folio $ 54.88 54.89 0.17 0.00
Allz UK Corporate Bond C Inc 105.55 - -0.23 3.78 CMI Access 80% Gu F € 5.69 - -0.04 0.00 UK Select £ 2.55 - -0.02 0.83 Frk Euroland Fund € 21.10 - -0.37 0.00
German Growth Inc GBP 556.00 - -9.50 0.28 European Opportunities I USD $ 3.23 - 0.00 1.77
CG Portfolio Fund Plc
Allz UK Equity Income A Inc 298.55 - -2.91 4.35 UK Growth £ 3.84 - -0.01 0.00 Frk European Growth € 16.78 - -0.18 0.00
Strategic Bond Inc 118.50 124.60 -0.10 1.90 Real Return Cls A £ 168.09 168.09 1.42 2.38 European Opportunities A EUR € 2.88 - -0.01 1.37
Allz UK Equity Income C Inc 107.10 - -1.04 2.93 UK Smaller Companies £ 2.13 - 0.00 0.18 Frk European Sml Mid Cap Gth € 37.84 - -0.17 0.00
Global Growth Inc 402.30 423.80 -2.40 0.00 Dollar Fund Cls D £ 129.66 129.66 2.01 1.62 Cohen & Steers SICAV (LUX) Global Opportunities I USD $ 1.82 - 0.00 1.90 Hargreaves Lansdown Fd Mgrs (1100)F (UK)
Allianz UK Growth A Acc 4661.46 - -28.94 1.53 Regulated WealthBuilder A Acc £ 1.08 - -0.01 0.58 Frk Gbl Equity Strategies Fd $ 11.76 - -0.07 0.00 PO Box 55736, 50 Bank Street, Canary Wharf London E14 1BT
Japan Growth Acc 145.70 153.40 0.40 0.25 Capital Value Fund Cls V £ 129.63 129.63 0.78 0.27 Global Opportunities I GBP £ 1.19 - 0.00 1.79
Fidelity PathFinder Enquiries 0117 90090000
Allianz UK Growth C Acc 108.11 - -0.67 1.22 European Real Estate Securities € 23.0021 - -0.3548 1.13 Frk Gbl Fundamental Strat Fd $ 13.52 - -0.07 0.00
Korea Acc 294.80 312.50 1.10 0.00 Global Opportunities I EUR € 1.66 - -0.01 1.82 Authorised Inv Funds
Allianz UK Unconstrained C Acc 106.87 - -0.63 0.68 Fidelity PathFinder Foundation 1 Gross Acc (clean) £ 1.12 - 0.00 -
Europ.RealEstate Sec. IX € 30.2802 - -0.4670 0.00 Frk Global Conver.Securities $ 12.08 - -0.07 0.00 Hargreaves Lansdown Funds
Multi Asset A Acc ... C 163.90 - 0.30 1.43 Global Opportunities A GBP £ 1.12 - 0.01 1.35
Allianz UK Unconstrained A Acc 221.94 - -1.30 0.79 Fidelity PathFinder Foundation 1 Acc (clean) £ 1.11 - 0.00 -
Gbl RealEstate Sec. I $ 11.0876 - -0.0836 1.18 Frk Global Growth $ 14.81 - -0.09 0.00 Unit Trust
Multi Asset A Inc ... C 156.90 - 0.40 1.44 Pan European Opportunities I EUR € 1.80 - -0.01 -
Allianz UK Index C Acc 1915.61 - -20.38 2.73 Fidelity PathFinder Foundation 2 Acc (clean) £ 1.14 - 0.00 - HL Multi-Manager Special Situations Trust A Acc 280.84 295.62 0.98 0.38
Gbl RealEstate Sec. IX $ 12.9820 - -0.0979 0.00 Frk Global Gth & Val $ 26.19 - -0.19 0.00
UK Growth Inc 262.70 277.80 -2.80 1.28
Allianz UK Index C Inc 1341.09 - -28.22 2.28 Fidelity PathFinder Foundation 3 Acc (clean) £ 1.15 - 0.00 - HL Multi-Manager Income & Growth Trust A Acc 173.97 183.03 0.52 3.69
Frk Global Sml Mid Cap Gth $ 31.23 - 0.00 0.00
Charity Fund
Allianz UK Mid Cap A Acc 4198.44 - -24.42 0.79 Fidelity PathFinder Foundation 4 Acc (clean) £ 1.18 - -0.01 - HL Multi-Manager Income & Growth Trust A Inc 106.54 112.08 0.02 3.79
0800 032 6347 (charity enquiries) Frk Gold and Precious Mtls Fd F $ 3.97 - 0.02 0.00
Allianz UK Mid Cap Fund C Acc 4274.07 - -24.57 1.50 Targeted Return Fund Acc 152.00 152.90 -0.30 3.09 Fidelity PathFinder Foundation 5 Acc (clean) £ 1.24 - -0.01 - HL Multi-Manager Balanced Managed Trust A Acc 192.49 202.45 0.49 0.93
Frk India $ 33.09 - 0.62 0.00
Allianz US Equity A Acc 422.86 - -0.13 0.00 Targeted Return Fund Inc 119.10 119.70 -0.20 3.16 Canada Life Investments (UK) Fidelity PathFinder Focussed 1 Gross Acc (clean) £ 1.13 - 0.00 - HL Multi-Manager Equity & Bond Trust A Inc 113.43 119.21 0.02 2.30
Frk Japan Fd ¥ 975.81 - 1.32 0.00
1-6 Lombard St, London, EC3V 9JU, Dealing: 0845 606 6180 Fidelity PathFinder Focussed 1 Acc (clean) £ 1.12 - 0.00 -
Allianz US Equity C Acc 195.71 - -0.05 0.63 Frk K2 Alt Strat Fd $ 10.61 - -0.01 - HL Multi-Manager Equity & Bond Trust A Acc 151.98 159.72 0.28 2.26
Authorised Inv Funds
Yield expressed as CAR (Compound Annual Return) Fidelity PathFinder Focused 2 Acc (Clean) £ 1.16 - 0.00 - HL Multi-Manager Strategic Bond Trust A Acc 169.42 174.65 0.08 1.74
Frk MENA Fund $ 7.18 - 0.01 0.00
Baring International Fd Mgrs (Ireland) (IRL) Asia Pacific B Acc 1010.63 - 11.16 0.79
All transactions to Ser A units the sell price will be used EFG Hermes Fidelity PathFinder Focussed 3 Acc (clean) £ 1.18 - 0.00 - HL Multi-Manager Strategic Bond Trust A Inc 142.25 146.64 -0.12 1.76
Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 020 7214 1004 Balanced B Acc 153.85 - -0.81 0.88 Frk Mutual Beacon $ 74.14 - -0.38 0.00
Comgest SA (LUX) DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE
FCA Recognised Fidelity PathFinder Focussed 4 Acc (clean) £ 1.20 - -0.01 - HL Multi Manager Emerging Markets A Acc £ 0.98 1.01 0.00 -
Corporate Bond B Inc 211.08 - -0.35 4.01 17 square Edouard VII - 75009 Paris, www.comgest.com Contact: Telephone + 971 4 363 4029 Email AMsales@EFG-HERMES.com Frk Mutual European EUR € 26.23 - -0.35 0.00
Amundi Funds (LUX) ASEAN Frontiers A GBP Inc £ 120.75 - 0.85 0.53 FCA Recognised Other International Funds Fidelity PathFinder Focussed 5 Acc (clean) £ 1.22 - 0.00 -
European B Acc 261.48 - -3.41 0.00 Frk Mutual Gbl Disc $ 18.48 - -0.13 0.00 HL Multi-Manager European A Acc 105.52 108.75 0.11 0.14
5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332 Asia Growth A GBP Inc H £ 50.74 - 0.31 0.00 Comgest Asia F $ 4504.46 - -5.69 0.00 The EFG-Hermes Egypt Fund $ 29.93 - - 0.00 Fidelity PathFinder Freedom 1 Gross Acc (clean) £ 1.10 - 0.00 -
Global Bond B Inc 93.76 - 0.05 2.69 Frk Natural Resources Fd F $ 7.84 - -0.01 0.00 HL Multi-Manager UK Growth A Acc 108.04 111.38 0.32 0.17
www.amundi-funds.com
Australia A GBP Inc £ 72.91 - 0.67 1.83 Comgest Europe F SFr 5923.14 - -103.00 0.00 Middle East & Developing Africa Fund (Final) $ 19.81 - - 0.00 Fidelity PathFinder Freedom 2 Acc (clean) £ 1.11 - 0.00 -
FCA Recognised Global Equity B Acc 622.92 - -2.33 1.60 Frk Real Return Fd F $ 10.45 - 0.00 0.00
Baring China Bond Fund $ 10.35 - 0.00 0.00 Saudi Arabia Equity Fund SR 16.57 - -0.08 0.00 Fidelity PathFinder Freedom 1 Acc (clean) £ 1.10 - 0.00 -
Bd. Euro Corporate AE Class - R - EUR € 18.93 - 0.02 0.00 Frk Strategic Income Fd $ 14.85 - 0.00 0.00
Global Equity Income B Inc 127.08 - -0.65 3.99 Haussmann
Baring Emerging Markets Corporate Debt Fund $ 9.59 - 0.00 0.00 Fidelity PathFinder Freedom 3 Acc (clean) £ 1.12 - 0.00 -
Bd. Global AU Class - R - USD $ 26.07 - 0.05 0.00 Comgest SA (FRA) Frk Technology $ 11.43 - -0.07 0.00 Other International Funds
Global High Yield Bond B Inc 101.37 - 0.00 4.63
Baring European Opportunities Fund Class A EUR Acc € 14.07 - -0.02 0.00 17 square Edouard VII - 75009 Paris Fidelity PathFinder Freedom 4 Acc (clean) £ 1.13 - 0.00 -
Eq. Emerging Europe AE Class - R - EUR € 26.83 - -0.24 0.00 Electric & General (1000)F (UK) Frk U.S. Focus Fund $ 17.52 - -0.17 0.00 Haussmann Cls A $ 2818.38 - 17.55 0.00
Global Infrastructure B Acc 122.23 - -0.36 1.22
Baring Global Mining Fund - Class A GBP Inc £ 5.24 - 0.03 0.44 FCA Recognised Fidelity PathFinder Freedom 5 Acc (clean) £ 1.19 - 0.00 -
Eq. Emerging World AU Class - R - USD $ 96.01 - -0.42 0.00 Stuart House St.John's Street Peterborough PE1 5DD Frk US Equity $ 25.67 - -0.26 0.00 Haussmann Cls C € 2471.77 - 14.25 0.00
Global Resource B Acc 94.16 - 0.14 0.11 Comgest Magellan € 23.01 - -0.17 0.00
Dynamic Emerging Markets A GBP Acc F £ 10.31 - 0.00 0.00 Orders & Enquiries: 0845 850 0255 Fidelity PathFinder Income 1 Income (clean) £ 1.06 - 0.00 3.67
Eq. Greater China AU Class - R - USD $ 689.82 - -2.52 0.00 Frk US Opportunities $ 12.64 - -0.07 0.00 Haussmann Cls D SFr 1314.25 - 7.47 0.00
Japan B Acc 54.77 - 0.22 0.60 Authorised Inv Funds
Eastern Europe A GBP Inc £ 47.00 - 0.11 1.56 Fidelity PathFinder Income 1 Gross Income (clean) £ 1.06 - -0.01 4.47
Eq. Latin America AU Class - R - USD $ 417.77 - -7.00 0.00 Authorised Corporate Director - Carvetian Capital Management Frk US Sml Mid Cap Gth F $ 20.58 - -0.09 0.00
Portfolio III B Acc 109.57 - -0.25 2.06
Emerging Mkt Debt LC A GBP Hedged Inc £ 8.34 - -0.01 6.52 Comgest AM International Ltd (IRL) Fidelity PathFinder Income 2 Income (clean) £ 1.06 - -0.01 3.54
Gl. Macro Bds & Curr Low Vol AHG - GBP £ 98.92 - -0.01 0.00 Electric&General Net Income A 146.20 - -0.90 1.95 Frk Wrld Perspective Fd $ 20.33 - -0.12 0.00
Portfolio IV B Acc 112.17 - -0.35 2.27 46 St Stephen's Green, Dublin 2, Ireland Heartwood Wealth Management Limited (IRL)
Emerging Opportunities A GBP Inc H £ 20.98 - -0.05 0.00 Fidelity PathFinder Income 2 gross £ 1.07 - -0.01 4.46
Portfolio V B Acc 113.80 - -0.36 1.42 FCA Recognised Tem Africa $ 10.71 - 0.01 0.00 Regulated
Glb Emerging Markets A GBP Inc H £ 21.31 - 0.02 0.00 Fidelity PathFinder Income 2 Gross Income (clean) £ 1.06 - -0.01 4.41
Comgest Gth Asia Pac ex Jap DIS F $ 8.84 - -0.10 0.11 Tem Asian Sml Comp Fd $ 41.94 - 0.03 0.00 Heartwood Caut Multi Asset B Acc 143.93 - 0.12 0.00
The Antares European Fund Limited Portfolio VI B Acc 115.20 - -0.40 1.44 Ennismore Smaller Cos Plc (IRL)
Glb Resources A GBP Inc H £ 13.17 - 0.06 0.30
Asset Management
Fidelity PathFinder Income 3 Income (clean) £ 1.07 - -0.01 4.02
Other International Portfolio VII B Acc 114.25 - -0.37 1.15 Comgest Gth Emerging Mkt DIS F $ 35.21 - -0.35 0.38 5 Kensington Church St, London W8 4LD 020 7368 4220 Tem BRIC $ 14.57 - -0.15 0.00
AEF Ltd Usd (Est)
AEF Ltd Eur (Est)
$ 668.97
€ 671.63
-
-
6.79
7.18 0.00
- High Yield Bond A GBP Hedged Inc H £
Hong Kong China A GBP Inc
6.90
£ 734.06
-
-
0.00 6.60
-0.48 0.47
North American B Acc 856.47 - -1.47 0.99 Comgest Gth Europe DIS F € 21.65 - -0.02 0.00
FCA Recognised
Asset Management
Ennismore European Smlr Cos NAV £ 92.85 - 0.11 0.00
Institutional OEIC Funds
America £ 4.07 - -0.01 0.39
Tem China Asset Management$ 26.20 - -0.01 0.00
Henderson Global Investors (UK)
Strategic Return B Acc 105.85 - -0.34 - Comgest Gth GEM PC DIS F € 14.13 - -0.16 0.13 Tem Eastern Europe € 20.30 - 0.07 0.00 PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
India Fund - Class A GBP Inc £ 14.99 - 0.22 0.00 Ennismore European Smlr Cos NAV € 130.03 - -0.71 0.00 Emerging Markets £ 3.47 - 0.00 0.48 www.henderson.com
Total Return B Acc 108.07 - 0.00 2.80 Tem Emerging Mkts Sml Comp Fd $ 10.98 - -0.01 0.00
Latin America A USD Inc H $ 33.53 - 0.08 0.18 Europe £ 4.29 - -0.05 2.25 Authorised Inv Funds
Arbiter Fund Managers Limited (LUX) UK Equity B Inc 118.10 - -1.03 1.39 Tem Euroland € 21.04 - -0.37 0.00
MENA A GBP Inc F * £ 14.33 - 0.03 0.55 Consistent Unit Tst Mgt Co Ltd (1200)F (UK) Fidelity Pre-Retirement Bond Fund £ 117.50 - -0.40 1.56 Asia Pacific Capital Growth A Acc 784.00 - 1.40 0.83
FCA Recognised UK Equity & Bond Income B Inc 246.70 - -1.92 4.23 PO BOX 10117, Chelmsford, Essex, CM1 9JB Ennismore European Smlr Cos Hedge Fd Tem European EUR € 22.95 - -0.37 0.00
Global Focus £ 2.95 - -0.01 0.50 Asian Dividend Income Inc 100.38 105.93 0.06 5.70
Arbiter Global Emerging Markets Fund Class A USD $ 113.98 - 0.46 0.00 Dealing & Client Services 0845 0264281 Other International Funds
UK Equity Income B Inc 442.20 - -4.20 4.03 Tem Frontier Mkts Fund $ 18.42 - -0.02 0.00
NAV € 463.77 - 9.27 0.00 Index Linked Bond £ 2.66 - 0.00 0.64 Cautious Managed A Acc 248.60 - -1.40 3.07
Arbiter Global Emerging Markets Fund Class B GBP £ 105.71 - 0.64 - Authorised Inv Funds
Baring International Fd Mgrs (Ireland) (IRL) UK Government Bond B Inc 47.26 - -0.10 2.13 Tem Growth (Euro) € 17.20 - -0.21 0.00
Consistent UT Inc 60.09 60.80 -0.64 4.23 Index Linked Bond Gross £ 3.20 - 0.00 0.64 Cautious Managed A Inc 156.10 - -0.80 3.13
Regulated
Tem Korea $ 5.78 - 0.01 0.00
China A-Share A GBP Inc £ 5.70 - 0.14 0.00 Consistent UT Acc 136.08 137.69 -1.44 4.09 Index-Linked Bond Fund Gross Inc £ 12.56 - 0.02 0.64 China Opportunities A Acc 986.50 - 12.10 0.34
Arisaig Partners Equinox Fund Mgmt (Guernsey) Limited (GSY) Tem Thailand $ 19.80 - 0.03 0.00
Capita Asset Services (UK) Practical Investment Inc 216.14 221.02 -0.41 3.63 Japan £ 2.22 - 0.02 0.68 Emerging Markets Opportunities A Acc 156.10 - -0.90 0.40
Regulated
Other International Funds
40 Dukes Place, London EC3A 7NH Practical Investment Acc 1029.51 1052.77 -1.98 3.53 Equinox Russian Opportunities Fund Limited $ 114.28 117.61 13.94 0.00 Long Bond £ 0.50 - -0.01 2.84 European Growth A Acc 176.00 - -1.70 0.74
Arisaig Africa Consumer Fund Limited $ 15.65 - -0.08 0.00 Barings (Luxembourg) (LUX) Order Desk 08459 220044 Switchboard 0870 607 2555
FCA Recognised Long Bond Gross £ 0.81 - -0.01 2.78 Frontier Capital (Bermuda) Limited European Selected Opportunities A Acc 1349.00 - -17.00 0.46
Arisaig Asia Consumer Fund Limited $ 67.09 - 0.06 0.00 Authorised Inv Funds
Other International European Special Situations A Acc 94.03 - -0.81 1.05
Russia A GBP Inc F £ 27.90 - -0.01 0.00 CF Heartwood Cautious B Acc X 131.79 - 0.15 0.34 Long Bond Fund Gross Inc £ 11.24 - -0.04 2.83
Arisaig Global Emerging Markets Consumer Fund $ 10.87 - -0.02 0.00 Euronova Asset Management UK LLP (CYM) Commercial Property-GBP Class £ 71.42 - -0.53 -
Pacific (Ex Japan) £ 3.97 - -0.01 1.77 Fixed Interest Monthly Income A Inc 22.32 23.41 -0.08 5.53
Arisaig Global Emerging Markets Consumer UCITS € 12.72 - -0.06 0.00 CF Heartwood Cautious Income B Inc X 114.80 - -0.11 2.08 Regulated
Global Real Estate-GBP C Class £ 45.26 - -0.50 -
Smaller Cos Cls One Shares (Est) € 35.18 - 0.86 0.00 Pan European £ 2.79 - -0.03 1.91 Global Care Growth A Inc 213.40 - -1.10 0.11
Arisaig Global Emerging Markets Consumer UCITS STG £ 11.70 - 0.02 0.00 CF Heartwood Growth B Acc X 153.30 - 0.03 0.62
Smaller Cos Cls Two Shares (Est) € 24.65 - 0.54 0.00 Reduced Duration UK Corporate Bond £ 10.67 - 0.00 3.10 Global Equity Income A Inc 51.64 - -1.25 3.65
Arisaig Latin America Consumer Fund $ 22.65 - -0.06 0.00 CF Heartwood Balanced Income B Inc X 119.05 - -0.29 2.40
Smaller Cos Cls Three Shares (Est) € 12.40 - 0.27 - Reduced Duration UK Corporate Bond Gross £ 10.82 - 0.00 3.10 Global Growth Fund 2113.50 2209.16 -12.41 0.00
CF Heartwood Balanced B Acc X 131.80 - 0.03 0.49
 28
Fund Bid Offer +/- Yield
Global Technology A Acc 968.00 - -4.60 0.00
Multi-Manager Absolute Return A Acc 138.90 - 0.10 0.30
Multi-Manager Active A Acc ▲ 184.80 - -0.70 0.00
Multi-Manager Distribution A Inc 133.70 - 0.20 3.17
Multi-Manager Diversified A Acc 80.50 - 0.17 2.22
Multi-Manager Global Select Acc 191.40 - 0.10 0.00
Multi-Manager Income & Growth A Acc 159.00 - 0.20 2.09
Multi-Manager Income & Growth A Inc 147.70 - 0.20 2.12
Multi-Manager Managed A Acc 240.70 - -1.20 0.40
Multi-Manager Managed A Inc 236.40 - -1.10 0.39
Sterling Bond Acc 199.78 208.75 -0.41 2.79
Sterling Bond Inc 62.65 65.45 -0.13 2.83
Strategic Bond A Inc 129.30 - 0.00 5.43
UK & Irish Smaller Companies A Acc 560.00 - 2.10 0.05
UK Absolute Return A Acc 148.20 - -0.30 0.00
UK Alpha A Acc ♦ 119.90 - -1.10 0.93
UK Equity Income & Growth A Inc 655.30 - -3.20 3.38
UK Index A Acc 532.70 - -5.60 2.35
UK Property A Acc 193.08 203.24 0.05 4.04
UK Property A Inc 97.68 102.81 0.03 4.16
UK Tracker A Acc 240.30 - -2.90 2.09
US Growth A Acc 790.20 - -2.90 0.00
Hermes Investment Funds Plc (IRL)
Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121
FCA Recognised
Hermes Active UK Inflation Fund Class F Acc £ 1.30 1.30 0.01 0.00
Hermes Asia Ex-Japan Equity Fund Class F Acc £ 1.74 1.74 0.01 0.00
Hermes Asia Ex-Japan Equity Fund Class R Acc € 3.85 3.85 -0.01 0.00
Hermes Global Emerging Markets Fund Class F Acc £ 1.34 1.34 0.01 0.00
Hermes Global Emerging Markets Fund Class R Acc € 3.46 3.46 0.01 0.00
Hermes Global Equity Fund Class F Acc £ 1.60 1.60 0.01 0.00
Hermes Global Equity Fund Class R Acc € 4.29 4.29 -0.01 0.00
Hermes Global ESG Equity Fund Class F Acc £ 1.24 1.24 0.01 0.00
Hermes Global High Yield Bond Fund Class F Acc £ 1.09 1.09 0.00 0.00
Hermes Global High Yield Bond Fund Class R Acc € 2.93 2.93 0.00 0.00
Hermes Global Small Cap Fund Class F Acc £ £ 1.03 1.03 0.00
set Management
Hermes Global Small Cap Fund Class R Acc € € 2.07 2.07 -0.01
Hermes Multi Asset Inflation Fund Class F GBP Acc £
Hermes Multi Strategy Credit Fund Class F Acc Hed £
1.04
1.04
1.04 0.00
1.04 0.00 0.00
Hermes Sourcecap EU Alpha Fund Class F Acc £ 1.38 1.38 0.00 0.00
Hermes Sourcecap EU Alpha Fund Class F Dis £ 1.36 1.36 0.01 1.67
Hermes Sourcecap EU Alpha Fund Class R Acc € 3.41 3.41 -0.01 0.00
Hermes Sourcecap EX UK Fund Class F Acc £ 1.43 1.43 0.01 0.00
Hermes Sourcecap EX UK Fund Class R Acc € 3.43 3.43 -0.01 0.00
Hermes UK Small & Mid Cap Fund Class F Acc £ 1.66 1.66 0.00 0.00
Hermes UK Small & Mid Cap Fund Class R Acc € 5.09 5.09 -0.01 0.00
Hermes US SMID Equity Fund Class F Acc £ 1.66 1.66 0.00 0.00
Hermes US SMID Equity Fund Class R Acc € 3.63 3.63 -0.01 0.00
Hermes Property Unit Trust (UK)
Property & Other UK Unit Trusts
Property £ 5.46 5.79 0.03 3.08
Impax Asset Management (IRL)
Norfolk House, 31 St James's Square, London, SW1Y 4JR
FCA Recognised
Env Mkts (Ire) Stl A £ 2.35 - -0.01 0.00
Env Mkts (Ire) Euro A € 2.26 - -0.02 0.00
Env Mkts (Ire) USD A $ 1.88 - -0.01 0.00
INDIA VALUE INVESTMENTS LIMITED (INVIL)
www.invil.mu
Other International Funds
NAV £ 7.58 - 0.09 0.00
Intrinsic Value Investors (IVI) LLP (IRL)
1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210
FCA Recognised
IVI European Fund EUR € 19.04 - -0.07 0.00
IVI European Fund GBP £ 18.44 - 0.05 0.98
Invesco Fund Managers Ltd (UK)
Perptual Park, Henley-On-Thames, Oxon, RG9 1HH
Dealing: 0800 085 8571
Investor Services: 0800 085 8677
www.invescoperpetual.co.uk
Authorised Inv Funds
INVESCO PERPETUAL Funds
Asian Acc ♦ F 496.08 - -0.64 0.79
Asian Inc ♦ F 445.56 - -0.57 0.79
Asian Equity Income Acc ♦ F 66.78 - 0.16 3.85
Asian Equity Income Inc ♦ F 56.90 - -0.84 3.97
Balanced Risk 6 Acc 54.47 - -0.05 0.00
Balanced Risk 8 Acc 56.69 - -0.07 0.00
Balanced Risk 10 Acc 58.92 - -0.10 0.12
Childrens Acc ♦ F 442.76 - -2.27 1.60
Corporate Bd Acc (Gross) ♦ F 207.81 - -0.04 3.57
set Management
Corporate Bd Inc (Gross) ♦ F
Corporate Bond Acc ♦ F
89.91
185.57
-
-
-0.01 3.67
-0.04 3.59
Corporate Bond Inc ♦ F 89.80 - -0.02 3.67
Distribution Acc ♦ F 112.51 - -0.35 4.08
Distribution Acc (Gross) ♦ F 128.27 - -0.38 4.06
Distribution Inc ♦ F 66.57 - -0.41 4.16
Distribution Inc (Gross) ♦ F 66.57 - -0.45 4.16
Emerging Countries Acc ♦ F 265.69 - -0.38 0.49
Emerging Countries Inc ♦ F 241.73 - -0.35 0.49
Emerging European Acc ♦ F 37.22 - -0.79 2.68
Emerging European Inc ♦ F 34.83 - -0.73 2.74
European Equity Acc ♦ F 881.40 - -14.15 2.12
European Equity Inc ♦ F 745.73 - -11.97 2.16
European Equity Income Acc ♦ F 77.00 - -1.19 3.35
European Equity Income Inc ♦ F 59.60 - -0.92 3.43
European High Income Acc ♦ F 82.16 - -0.39 3.26
European High Income Inc ♦ F 60.34 - -0.63 3.32
European Opportunities Inc ♦ F 83.31 - -0.72 0.16
European Opportunities Acc ♦ F 85.31 - -0.73 0.16
European Smlr Cos Acc ♦ F 189.04 - -0.64 0.00
Global Bd Acc (Gross) ♦ F 129.41 - 0.15 1.17
Global Bd Inc (Gross) ♦ F 80.16 - 0.09 1.18
Global Bond Acc ♦ F 121.73 - 0.14 1.17
Global Bond Inc ♦ F 80.12 - 0.10 1.18
Glbl Distribution Acc 54.38 - -0.19 4.39
Glbl Distribution Acc (Gross) 54.88 - -0.19 4.39
Glbl Distribution Inc 52.40 - -0.38 4.42
Glbl Distribution Inc (Gross) 52.40 - -0.41 4.43
Global Equity (acc) ♦ F 503.99 - -3.61 0.46
Global Equity (inc) ♦ F 459.68 - -3.30 0.46
Global Equity Income Acc ♦ F 125.49 - -0.81 3.10
Global Equity Income Inc ♦ F 104.60 - -0.69 3.18
Gbl Financial Capital Acc 89.24 - -0.16 4.28
Gbl Financial Capital Inc 76.63 - -0.14 4.41
Gbl Financial Cap Acc Gross 92.90 - -0.16 4.79
Gbl Financial Cap Inc Gross 76.79 - -0.14 4.97
Global Opportunities Acc ♦ F 102.14 - -0.85 0.44
Global Smaller Cos Acc ♦ F 1794.92 - -5.67 0.00
Global Smaller Cos Inc ♦ F 1717.01 - -5.42 0.00
Global Targeted Rets Acc 56.61 - -0.11 0.29
High Income Acc ♦ F 846.21 - -4.72 3.30
High Income Inc ♦ F 475.27 - -2.65 3.38
High Yield Fund Acc 110.19 - 0.02 4.56
High Yield Fund Acc (Gross) 127.94 - 0.03 4.53
High Yield Fund Inc 44.56 - 0.01 4.67
High Yield Fund Inc (Gross) 44.62 - 0.01 4.67
Hong Kong & China Acc ♦ F 550.96 - 6.33 0.64
Income & Growth Acc ♦ F 1001.29 - -8.60 3.47
Income & Growth Inc ♦ F 444.27 - -3.82 3.56
Income Acc ♦ F 3271.45 - -16.37 3.09
Income Inc ♦ F 1847.71 - -9.24 3.16
Japan Acc ♦ F 342.17 - 1.58 0.28
Japanese Smlr Cos Acc ♦ F 67.48 - 0.32 0.00
Latin America Acc ♦ F 124.81 - -1.45 1.26
Latin America Inc ♦ F 104.97 - -1.22 1.27
Managed Growth Acc ♦ F 172.21 - -0.79 0.76
Managed Growth Inc ♦ F 143.36 - -1.53 0.76
Managed Income Acc ♦ F 167.79 - -0.62 2.95
Managed Income Inc ♦ F 103.61 - -1.36 3.01
Money Acc ♦ F 90.09 - 0.01 0.23
Money Acc (Gross) ♦ F 95.19 - 0.01 0.23
Monthly Income Plus Acc ♦ F 303.48 - -0.30 4.58
Monthly Income Plus Acc (Gross) ♦ F 355.18 - -0.34 4.56
Monthly Income Plus Inc ♦ F 113.76 - -0.47 4.68
Monthly Income Plus Inc (Gross) ♦ F 113.89 - -0.54 4.68
Fund Bid Offer +/- Yield
Pacific Acc ♦ F 1102.13 - 0.16 0.34
Pacific Inc ♦ F 1012.29 - 0.15 0.34
Tactical Bond Acc ♦ F 69.49 - 0.05 0.95
Tactical Bond Inc ♦ F 60.47 - 0.04 0.96
Tactical Bond Acc (Gross) ♦ F 72.02 - 0.05 0.95
Tactical Bond Inc (Gross) ♦ F 60.52 - 0.04 0.96
UK Aggressive Acc ♦ F 222.87 - -2.01 1.63
UK Aggressive Inc ♦ F 185.61 - -1.67 1.65
UK Growth Acc ♦ F 606.22 - -5.58 1.66
UK Growth Inc ♦ F 384.61 - -3.54 1.69
UK Smaller Cos Equity Acc ♦ F 863.89 - -0.83 0.55
UK Smaller Cos Equity Inc ♦ F 666.23 - -0.65 0.55
UK Strategic Income Acc ♦ F 190.85 - -0.90 3.26
UK Strategic Income Inc ♦ F 143.07 - -0.67 3.34
US Equity Acc ♦ F 571.61 - 1.20 0.00
Invesco Perpetual Funds (No Trail)
Asian (No Trail) Acc ♦ F 207.42 - -0.26 1.26
Asian (No Trail) Inc ♦ F 188.60 - -0.24 1.28
Asian Equity Income (No Trail) Acc ♦ F 136.40 - 0.33 3.84
Asian Equity Income (No Trail) Inc 116.23 - -1.71 3.95
Balanced Risk 6 No Trail Acc 110.74 - -0.10 0.15
Balanced Risk 8 No Trail Acc 115.21 - -0.15 0.41
Balanced Risk 10 No Trail Acc 119.74 - -0.19 0.54
Corporate Bond (No Trail) Acc ♦ F 165.00 - -0.03 3.83
Corporate Bond (No Trail) Inc ♦ F 118.70 - -0.02 3.92
Distribution (No Trail) Acc ♦ F 172.22 - -0.52 4.07
Distribution (No Trail) Inc ♦ F 116.00
Asset Management
- -0.71 4.14
Emerging Countries (No Trail) Acc ♦ F
Emerging Countries (No Trail) Inc ♦ F
173.75
163.76
-
-
-0.24 0.98
-0.23 0.98
Emerging European (No Trail) Acc ♦ F 77.26 - -1.63 3.26
Emerging European (No Trail) Inc ♦ F 70.42 - -1.49 3.36
European Equity (No Trail) Acc ♦ F 155.27 - -2.49 2.60
European Equity (No Trail) Inc ♦ F 131.15 - -2.10 2.67
European Equity Income (No Trail) Acc ♦ F 158.26 - -2.44 3.34
European Equity Income (No Trail) Inc ♦ F 122.54 - -1.89 3.42
European High Income (No Trail) Acc ♦ F 168.95 - -0.79 3.26
European High Income (No Trail) Inc ♦ F 124.08 - -1.30 3.31
Invesco Perpetual High Yield Fund acc (No trail) 227.83 - 0.05 4.54
Invesco Perpetual High Yield Fund inc (No trail) 171.63 - 0.03 4.65
European Opportunities (No Trail) Acc ♦ F 178.20 - -1.52 0.67
European Opportunities (No Trail) Inc ♦ F 169.11 - -1.44 0.68
- European Smaller Companies (No Trail) Acc ♦ F 231.64 - -0.77 0.46
- Global Balanced Index (No Trail) Acc ♦ F 162.76 - -1.08 1.70
- Global Bond (No Trail) Acc ♦ F
Global Bond (No Trail) Inc ♦ F
Asset Management 136.68
124.28
-
-
0.17 1.42
0.15 1.43
Glbl Distribution Acc (No Trail) 109.32 - -0.38 3.52
Glbl Distribution Inc (No Trail) 105.35 - -0.74 3.59
Global Equity (No Trail) acc ♦ F 221.97 - -1.59 0.94
Global Equity (No Trail) inc ♦ F 207.73 - -1.48 0.95
Global Equity Income (No Trail ) Acc ♦ F 258.99 - -1.68 3.09
Global Equity Income (No Trail) Inc ♦ F 215.90 - -1.39 3.16
Global ex UK Core Equity Index ( No Trail) Acc ♦ F 178.90 - -0.69 1.25
Global ex UK Enhanced Index ( No Trail) Acc ♦ F 209.31 - -0.85 1.65
Gbl Fin Cap No Trail Acc 181.45 - -0.32 4.27
Gbl Fin Cap No Trail Inc 155.84 - -0.28 4.40
Global Opportunities (No Trail) Acc ♦ F 262.24 - -2.17 0.91
Global Smaller Companies (No Trail) Acc ♦ F 261.64 - -0.82 0.37
Global Smaller Companies (No Trail) Inc ♦ F 251.66 - -0.78 0.37
Global Targeted Rets (No Trail) Acc 114.18 - -0.24 0.83
High Income (No Trail) Acc ♦ F 180.53 - -1.01 3.28
High Income (No Trail) Inc ♦ F 135.15 - -0.75 3.37
Hong Kong & China (No Trail) Acc ♦ F 218.01 - 2.52 1.08
Income & Growth (No Trail) Acc ♦ F 235.19 - -2.01 3.45
Income & Growth (No Trail) Inc ♦ F 190.41 - -1.63 3.55
Income (No Trail) Acc ♦ F 179.36 - -0.89 3.08
Income (No Trail) Inc ♦ F 133.36 - -0.66 3.15
Japan (No Trail) Acc ♦ F 162.22 - 0.76 0.72
Japanese Smaller Companies (No Trail) Acc ♦ F 171.51 - 0.82 0.00
Latin American (No Trail) Acc ♦ F 120.41 - -1.39 1.92
Latin American (No Trail) Inc ♦ F 109.96 - -1.28 1.94
Managed Growth (No Trail) Acc ♦ F 208.39 - -0.95 1.18
Managed Growth (No Trail) Inc ♦ F 191.63 - -2.91 1.19
Managed Income (No Trail) Acc ♦ F 200.72 - -0.74 2.94
Managed Income (No Trail) Inc ♦ F 166.23 - -2.18 3.00
Monthly Income Plus (No Trail) Acc ♦ F 174.64 - -0.17 4.57
Monthly Income Plus (No Trail) Inc ♦ F 111.87 - -0.45 4.67
Pacific (No Trail) Acc ♦ F 204.00 - 0.04 0.77
Pacific (No Trail) Inc ♦ F 193.62 - 0.04 0.84
Tactical Bond (No Trail) Acc ♦ F 141.96 - 0.09 1.44
Tactical Bond (No Trail) Inc ♦ F 121.05 - 0.09 1.45
UK Aggressive (No Trail) Acc ♦ F 182.94 - -1.65 2.12
UK Aggressive (No Trail) Inc ♦ F 153.93 - -1.38 2.16
UK Enhanced Index (No Trail) Acc ♦ F 423.76 - -4.61 3.29
UK Enhanced Index (No Trail) Inc ♦ F 269.23 - -2.93 3.37
UK Growth (No Trail) Acc ♦ F 159.98 - -1.47 2.14
UK Growth (No Trail) Inc ♦ F 130.90 - -1.20 2.18
UK Smaller Companies Equity (No Trail) Acc ♦ F 280.62 - -0.26 1.00
UK Smaller Companies Equity (No Trail) Inc ♦ F 261.89 - -0.24 1.02
UK Strategic Income (No Trail) Acc ♦ F 756.39 - -3.51 3.25
UK Strategic Income (No Trail) Inc ♦ F 567.06 - -2.63 3.33
US Equity (No Trail) Acc ♦ F 237.51 - 0.51 0.03
Asset Management
Invesco (LUX)
Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282
FCA Recognised
Invesco Management SA
Invesco Active Multi-Sector Credit Fund A € 2.98 - 0.00 0.00
Invesco Asia Balanced A dist $ 15.92 - -0.07 3.43
Invesco Asia Consumer Demand Fund A income $ 14.32 - 0.05 0.18
Invesco Asia Infrastructure (A) $ 14.38 - 0.06 1.37
Invesco Asia Opportunities Equity A $ 116.72 - 0.17 0.00
Invesco Balanced Risk Allocation Fund A € 15.63 - -0.04 0.00
Invesco Capital Shield 90 (EUR) A € 12.37 - -0.01 0.00
Invesco Emerging Europe Equity Fund A $ 8.75 - -0.21 0.00
Invesco Emerging Local Currencies Debt A Inc $ 7.83 - -0.08 6.36
Invesco Emerging Mkt Quant.Eq. A $ 11.23 - -0.07 0.00
Invesco Energy A $ 23.14 - -0.01 0.00
Invesco Euro Corporate Bond Fund (A) € 17.44 - 0.00 0.00
Invesco Euro Inflation Linked Bond A € 15.72 - 0.03 0.00
Invesco Euro Reserve A € 322.89 - 0.00 0.00
Invesco European Bond A € 7.20 - 0.00 0.00
Invesco European Growth Equity A € 25.92 - -0.29 0.00
Invesco Global Absolute Return Fund A Class € 11.61 - 0.01 0.00
Invesco Global Bond A Inc $ 5.51 - -0.01 0.97
Invesco Global Equity Income Fund A $ 62.15 - -0.75 0.00
Invesco Global Inc Real Estate Sec A dist $ 9.48 - -0.10 2.18
Invesco Global Inv Grd Corp Bond A Dist $ 11.88 - 0.00 3.02
Invesco Global Leisure A $ 36.51 - -0.24 0.00
Invesco Global Smaller Comp Eq Fd A $ 58.80 - -0.36 0.00
Invesco Global Structured Equity A $ 48.40 - -0.17 0.72
Invesco Global Total Ret.(EUR) Bond Fund A € 13.49 - 0.00 0.00
Invesco Gold & Precious Metals A $ 4.83 - 0.00 0.00
Invesco Greater China Equity A $ 52.23 - 0.12 0.00
Invesco India Equity A $ 55.01 - -0.09 0.00
Invesco Japanese Equity Adv Fd A ¥ 4111.00 - 25.00 0.00
Invesco Japanese Value Eq Fd A ¥ 1356.00 - 4.00 0.00
Invesco Latin American Equity A $ 7.26 - -0.10 0.00
Invesco Nippon Small/Mid Cap Equity A ¥ 1072.00 - 4.00 0.00
Invesco Pan European Equity A EUR Cap NAV € 21.38 - -0.28 0.00
Invesco Pan European High Income Fd A € 14.43 - -0.17 1.89
Invesco Pan European Small Cap Equity A € 23.19 - -0.09 0.00
Invesco Pan European Structured Equity A € 17.90 - -0.21 0.00
Invesco UK Eqty Income A £ 32.71 - -0.17 0.00
Invesco UK Investment Grade Bond A £ 0.99 - -0.01 2.91
Invesco US Structured Equity A $ 22.18 - -0.08 0.00
Invesco US Value Eq Fd A $ 33.88 - -0.19 0.00
Invesco USD Reserve A $ 87.02 - 0.00 0.00
Invesco Global Asset Management Ltd (IRL)
Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200
FCA Recognised
Invesco Stlg Bd A QD F £ 2.65 - 0.00 3.44
Invesco Asian Equity A $ 7.15 - 0.00 0.46
Invesco ASEAN Equity A $ 103.05 - 0.00 0.38
Invesco Bond A $ 27.29 - 0.00 2.35
Invesco Continental Eurp Small Cap Eqty A $ 207.35 - 0.00 0.00
Invesco Emerging Markets Equity A $ 40.68 - 0.00 0.00
Invesco Emerging Markets Bond A $ 21.82 - 0.00 4.63
Invesco Continental European Equity A € 9.54 - 0.00 0.18
Invesco Gilt A £ 15.05 - 0.00 1.53
Invesco Global Small Cap Equity A NAV $ 131.19 - 0.00 0.00
Invesco Global High Income A NAV $ 13.25 - 0.00 5.10
Invesco Gbl R/Est Secs A GBP F F £ 8.03 - 0.00 0.88
Invesco Global Health Care A $ 142.18 - 0.00 0.00
Invesco Global Select Equity A $ 14.33 - 0.00 0.00
Invesco Jap Eqty Core A $ 2.00 - 0.00 0.00
★ FINANCIAL TIMES
Fund Bid Offer +/- Yield
Invesco Japanese Equity A $ 19.63 - 0.00 0.00
Invesco Korean Equity A $ 33.60 - 0.00 0.00
Invesco PRC Equity A $ 64.08 - 0.00 0.00
Invesco Pacific Equity A $ 54.43 - 0.00 0.16
Invesco Global Technology A $ 16.23 - 0.00 0.00
Invesco UK Eqty A £ 9.04 - 0.00 1.22
Invest AD
Client services: +971 2 692 6101 clientservices@InvestAD.com
Other International Funds
Invest AD - Iraq Opportunity Fund $ 65.75 - 1.26 0.00
Invest AD - Emerging Africa Fund $ 1129.95 - 1.33 0.00
Invest AD - GCC Focus Fund $ 1775.13 - -0.31 0.00
Asset Management
JPMorgan Asset Mgmt (1200)F (UK)
60 Victoria Embankment, London EC4Y 0JP
Brokerline: 0800 727 770, Clients: 0800 20 40 20
Authorised Inv Funds
JPM Retail OEIC (A class unless stated)
America Equity Acc 60.81 - -0.18 0.00
America Equity Inc 60.81 - -0.18 0.00
Asia Acc 133.20 - 0.60 0.29
Asia Inc 73.94 - 0.35 0.28
Cautious Managed Rt Acc 68.55xd - -0.05 0.12
Cautious Managed Rt Inc 60.32xd - -0.04 0.12
Diversified Real Ret Acc 53.76 - -0.01 1.03
Diversified Real Ret Inc 52.48 - -0.01 1.02
Emerging Mkts Acc 153.00 - -1.10 0.68
Emerging Mkts Inc 65.80 - -0.47 0.68
Emrg Mkts Inc Acc... C 56.66xd - -0.53 3.93
Emrg Mkts Inc Inc... C 50.96xd - -0.49 4.05
Europe Acc 1085.00 - -17.00 1.43
Europe Inc 62.49 - -0.93 1.43
Eur Dynamic exUK Acc 166.70 - -2.20 0.78
Eur Dynamic exUK £ hdg Acc
Eur Dynamic exUK Inc
193.70
76.53
-
-
-2.50 0.68
-1.03 0.78
Eur Smaller Cos Acc 468.80 - -2.90 0.00
Eur Smaller Cos Inc 60.97 - -0.38 0.00
Fusion Balanced Acc 57.68xd - -0.08 0.00
Fusion Balanced Inc 57.66xd - -0.09 0.00
Fusion Conservative Acc 56.60xd - -0.03 0.00
Fusion Conservative Inc 56.48xd - -0.03 0.00
Fusion Growth Acc 59.75xd - -0.12 0.00
Fusion Growth Inc 59.75xd - -0.12 0.00
Fusion Growth + Acc 61.96xd - -0.17 0.00
Fusion Growth + Inc 61.97xd - -0.16 0.00
Fusion Income Acc...C 55.57xd - -0.01 2.48
Fusion Income Inc...C 53.13xd - 0.00 2.58
Global Allocation Acc 55.58 - -0.23 0.63
Global Allocation Inc 55.22 - -0.23 0.63
Global Bond exUK Acc 250.50 - 0.10 0.71
Global Bond exUK Inc 197.70 - 0.10 0.71
Global Bond Opport. Acc 50.56xd - 0.01 - US Small Cap Equity Fund Class AA F $ 1.1585
Global Bond Opport. Inc 50.14xd - -0.35 - HC KB Endeavour Multi Asset Balanced A Inc
Global Eq Income £ hdg Acc... C 70.74xd - -0.34 3.71
Global Eq Income £ hdg Inc ... C 51.34xd - -0.25 3.81
Global Eq Income Acc... C 73.88xd - -0.32 3.69
Global Eq Income Inc ... C 64.82xd - -0.28 3.78
Global Equity Acc 1050.00 - -4.00 0.15
Global Equity Inc 78.04 - -0.27 0.14
Global Financials Acc 782.40 - -5.30 0.80
Global Financials Inc 44.50 - -0.30 0.81
Global High Yield Bd Mth Inc 39.41xd - -0.15 6.21
Global High Yield Bd Acc 102.10xd - 0.10 6.15
Global High Yield Bd Inc 39.56xd - 0.02 6.23
Global Property Secs Acc 59.18 - -0.37 0.71
Global Property Secs Inc 51.31 - -0.31 0.71
Income Acc 50.90xd - 0.05 - Short Maturity Euro Bond A F
Income Inc 48.48xd - -0.14 - (Accum Units)
Japan Acc 295.60 - 1.40 0.00
Japan Inc 71.15 - 0.34 0.00
Multi-Asset Inc Mth Inc 67.15xd - -0.60 3.71
Multi-Asset Inc Acc... C 88.26xd - -0.45 3.60
Multi-Asset Inc Inc... C 67.40xd - -0.34 3.70
Multi-Asset Macro Acc 63.58 - 0.20 0.00
Multi-Asset Macro Inc 63.58 - 0.20 0.00
Multi-Manager Growth Acc 751.50 - 0.40 0.44
Multi-Manager Growth Inc 701.40 - 0.40 0.44
Natural Resources Acc 475.50 - -3.20 0.09
Natural Resources Inc 33.68 - -0.22 0.09
New Europe Acc 150.10 - -2.60 2.41
New Europe Inc 35.72 - -0.62 2.38
Portfolio Acc 210.60xd - -0.50 0.62
Sterling Corporate Bond Acc 83.56xd - -0.18 2.36
Sterling Corporate Bond Inc 52.79xd - -0.12 2.37
Strategic Bond Acc 69.33xd - 0.19 2.86
Strategic Bond Inc 58.02xd - 0.15 2.87
UK Active Index + E Acc 298.10 - -3.00 2.88
UK Active Index + E Inc 56.21 - -0.56 2.88
UK Dynamic Acc 167.00 - -1.40 1.28
UK Dynamic Inc 137.80 - -1.10 1.29
UK Eq & Bond Inc Acc ... C 146.00xd - -1.00 3.16
UK Eq & Bond Inc Inc ... C 86.33xd - -0.61 3.22
UK Higher Inc Acc ... C 947.10 - -8.50 3.70
UK Higher Inc Inc ... C 563.80 - -5.00 3.82
UK Managed Equity Acc 70.35xd - -0.80 1.95
UK Managed Equity Inc 59.46xd - -0.67 1.97
UK Smaller Cos Acc 372.30 - 1.50 0.00
UK Smaller Cos Inc 72.30 - 0.30 0.00
UK Strategic Eq Inc Acc ... C 158.70xd - -1.50 3.31
UK Strategic Eq Inc Inc ... C 104.50xd - -1.00 3.42
UK Strategic Gth Acc 116.60 - -1.00 1.13
UK Strategic Gth Inc 108.80 - -0.90 1.14
US Acc 742.50 - -1.10 0.00
US Inc 102.80 - -0.10 0.00
US Equity Income Acc ... C 123.90xd - -0.50 1.98
US Equity Income £ hdg Inc ... C 102.60xd - -0.70 2.11
US Equity Income Inc ... C 106.20xd - -0.50 2.00
US Select Acc 115.70 - -0.10 0.00
US Select Inc 114.30 - -0.10 0.00
US Smaller Cos Acc 405.80 - -1.50 0.00
US Smaller Cos Inc 106.30 - -0.40 0.00
JPMorgan Charity Funds (UK)
60 Victoria Embankment, London EC4Y 0JP 020 7742 9175
Property & Other UK Unit Trusts
UK Equity Fund for Charities I...C £ 3.000570 3.012020 -0.027350 3.23
Bond Fund for Charities £ 1.368390 1.374740 -0.002610 3.63
GAM
funds@gam.com, www.jbfundnet.com
Regulated
JB BF ABS-EUR B € 105.47 - 0.01 0.00
JB BF Abs Ret Def-EUR B € 112.35 - -0.10 0.00
JB BF Abs Ret EM-USD B $ 119.01 - -0.30 0.00
JB BF Abs Ret-EUR B € 131.95 - -0.16 0.00
JB BF Abs Ret Pl-EUR B € 130.78 - -0.21 0.00
JB BF EM Corporate-USD B $ 109.98 - -0.01 0.00
JB BF EM Infl Link-USD B $ 92.40 - -0.14 0.00
JB BF EM Inv Grade-USD B $ 102.41 - -0.05 0.00
JB Emerging (EUR)-EUR B € 342.08 - -0.18 0.00
JB Emerging (USD)-USD B $ 416.51 - -0.12 0.00
JB BF Local EM-USD B $ 278.35 - 0.17 0.00
JB BF Total Ret-EUR B € 99.35 - -0.23 0.00
JB EF Abs Ret Eur-EUR B € 119.89 - -0.17 0.00
JB EF Euro Value-EUR B € 210.60 - -4.09 0.00
JB EF Japan-JPY B ¥ 19378.00 - 69.00 0.00
JB EF Luxury B-EUR B € 236.43 - -3.37 0.00
JB Ms EF Special Val. EUR/A € 154.97 - -1.73 0.71
JB Strategy Balanced-CHF/B SFr 156.77 - -0.98 0.00
JB Strategy Balanced-EUR € 164.13 - -1.18 0.00
JB Strategy Balanced-USD/B $ 136.25 - -0.71 0.00
JB Strategy Growth-CHF/B SFr 97.64 - -0.95 0.00
JB Strategy Growth-EUR € 124.97 - -1.34 0.00
JB Strategy Inc-CHF/B SFr 123.46 - -0.44 0.00
JB Strategy Inc-EUR/B € 166.71 - -0.73 0.00
JB Strategy Inc-USD/B $ 151.96 - -0.42 0.00
MANAGED FUNDS SERVICE
Fund
Kames Capital ICVC
Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA
0800 45 44 22 www.kamescapital.com
Authorised Funds
Diversified Income B Acc
Diversified Income B Inc
Diversified Growth A Acc
Ethical Cautious Managed A Acc
Ethical Cautious Managed A Inc
Ethical Corporate Bond A Acc
Ethical Corporate Bond A Inc
Ethical Equity A Acc
High Yield Bond A Acc
High Yield Bond A Inc
Investment Grade Bond A Acc
Investment Grade Bond A Inc
Sterling Corporate Bond A Acc
Sterling Corporate Bond A Inc
Strategic Bond A Acc
Strategic Bond A Inc
UK Equity Absolute Return A Acc
UK Equity A Acc
UK Equity Income A Acc
UK Equity Income A Inc
UK Opportunities A Acc
UK Smaller Companies A Acc
Kames Capital Investment Portfolios ICVC (UK)
Kames House, 3 Lochside Crescent, Edinburgh EH12 9SA
0800 45 44 22 www.kamescapital.com
Authorised Funds
Property Income B Acc
Property Income B Inc
Kames Capital VCIC
1 North Wall Quay, Dublin 1, Ireland +35 3162 24493
FCA Recognised
Absolute Return Bond B GBP Acc
Eq Market Neutral B Acc
Eq Market Neutral Plus B Acc
Asset Management
High Yield Global Bond A GBP Inc
High Yield Global Bond B GBP Inc
Investment Grade Global Bd A GBP Inc
Kames Global Equity Income B GBP Acc
Kames Global Equity Income B GBP Inc
Strategic Global Bond A GBP Inc
Strategic Global Bond B GBP Inc
Kleinwort Benson Bank
14 St. George Street, Mayfair, London W1S1FE
Dealing and enquiries: 0800 024 2400
Authorised Inv Funds
Unit Trust Manager/ACD - Host Capital
HC KB Capital Growth A Acc
HC KB Capital Growth A Inc
HC KB Enterprise Equity Income A Inc
HC KB Enterprise Equity Income A Acc
HC KB Endeavour Multi Asset Balanced A Acc
HC KB Enterprise Fixed Income A Acc
HC KB Enterprise Fixed Income A Inc
Lloyds Investment Fund Managers Limited (1000)F (JER)
PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555
Other International Funds
Lloydstrust Gilt
Lloyds Investment Funds Limited
Euro High Income
European
High Income
International
North American
Sterling Bond
UK
Lloyds Gilt Fund Limited
Lloyds Gilt Fund Quarterly Share £ 1.2780
Monthly Share
Lloyds Money Fund Limited
Sterling Class
Lloyds Multi Strategy Fund Limited
Conservative Strategy
Growth Strategy
Aggressive Strategy
Global USD Growth Strategy
Lombard Odier Funds (Europe) S.A
www.loim.com
Regulated
Lombard Odier Funds
Absolute Ret Bond (EUR) PA
Asset Management € 12.05
Absolute Ret Bond (USD) PA
All Roads (CHF) PA
All Roads (USD) PA
All Roads (GBP) PA
All Roads (EUR) PA
Alpha Japan (EUR) PA F
Alpha Japan (CHF) PA F
Alpha Japan (JPY) PA F
Alpha Japan (USD) PA F
Alternative Beta PA F
Alternative Beta PA F
Alternative Beta PA F
Commodities (CHF) PA
Commodities (EUR) PA
Commodities (USD) PA
Convertible Bd P A
Convertible Bd Asia PA F
Convertible Bd Asia PA F
Convertible Bd Asia PA F
Emerg. Consumer (CHF) PA
Emerg. Consumer (EUR) PA
Emerg. Consumer (USD) PA
Emerg.Eq. Risk Par.(EUR) PA
Emerg. Eq. Risk Par.(USD) PA
Emerg. Loc.Cur.&Bds DH (CHF) PASFr
Emerg.Loc.Cur.Bd.Fdt PA
Emerg.Loc.Cur.Bd.Fdt PA
Emerg.Loc.Cur.Bd.Fdt PA
Euro BBB-BB Fdt PA
Euro BBB-BB Fdt PA
Euro BBB-BB Fdt PA
Euro BBB-BB Fdt PA
Euro Credit Bd PA F
Euro Government Fdt PA
Euro Inflation-Lk Fdt PA
Euro Resp.Corp. Fdt PA
Europe High Conviction PA
Eurozone Small&Mid Caps PA
Fdmt.Eq.L/S SH Sd EUR PA
Fdmt.Eq.L/S SH Sd USD PA
Gbl.Gvt.Fdmt PA
Gbl.Gvt.Fdmt.(CHF) PA
Gbl.Gvt.Fdt.SH (CHF) PA
Gbl.5B Fdmt (EUR) PA
Gbl.5B Fdmt (CHF) PA
Gbl.5B Fdmt SH (USD) PA
Generation Global (CHF) PA F
Generation Global (EUR) PA F
Generation Global (USD) PA F
Global Energy (USD) PA F
Golden Age (CHF) PA F
Golden Age (EUR) PA
Golden Age (USD) PA F
Sh.T- Money Mkt EUR PA
Sh.T- Money Mkt CHF PA
Sh.T- Money Mkt GBP PA
Sh.T- Money Mkt USD PA
Sw.Fr.Bd(For) PA
Sw.Fr.Credit Bd(For) PA
Tactical Alpha (CHF) PA
Tactical Alpha (EUR) PA
Tactical Alpha (USD) PA
Technology PA
Tuesday 2 June 2015
Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield
Technology PA $ 21.81 - -0.08 0.00 UK Equity A1 £ 8.58 - -0.08 0.00 Asia Pac Eq USD Inst Acc $ 115.16 - 0.30 0.00
Wld Gold Expertise PAF SFr 12.05 - 0.07 0.00 US Conc.Growth A1 $ 15.70 - -0.15 0.00 Asia Pac Eq USD Inst Inc $ 124.09 - 0.32 3.11
Mirabaud Asset Management (LUX)
Wld Gold Expertise PA € 9.58 - 0.06 0.00 US Government Bond A1 $ 17.12 - 0.03 0.00 www.mirabaud.com, marketing@mirabaud.com Dyn Europ Eq EUR Ord Inc € 182.67 - -2.78 1.06
Wld Gold Expertise PA $ 12.66 - 0.08 0.00 Value A1 $ 22.59 - -0.18 0.00 Regulated Dyn Europ Eq GBP Ord Inc £ 194.55 - -2.94 1.58
LO Selection Mir. Conv. Bds Eur A EUR € 138.84 - -0.91 0.00
Dyn Europ Eq USD Ord Inc $ 182.83 - -2.74 1.08
Balanced (CHF) PA F SFr 110.35 - -0.58 0.00 Mir. Conv. Bds Glb A USD $ 117.42 - -0.42 0.00
China Equity EUR Ord Acc € 187.32 - 0.47 0.00
MMIP Investment Management Limited (GSY)
Mir. - Eq Asia ex Jap A $ 199.47 - 0.81 0.00
Balanced (EUR) PA F € 131.40 - -0.84 0.00 China Equity GBP Ord Acc £ 193.53 - 0.45 0.00
(UK) Regulated
Conservative (CHF) PA F SFr 105.85 - -0.22 0.00 Multi-Manager Investment Programmes PCC Limited Mir. - Eq Glb Emrg Mkt A USD $ 105.34 - -0.49 0.00
China Equity USD Ord Acc $ 189.91 - 0.43 0.00
Conservative (EUR) PA F € 117.50 - -0.34 0.00 European Equity Fd Cl A Initial Ser € 2638.52 2649.11 13.06 0.00 Mir. - Eq Global Focus A USD $ 104.12 - -0.69 0.00
China Equity USD Inst Acc $ 194.30 - 0.45 0.00
Global Allocation (GBP) PA F £ 10.32 - 0.00 0.00 Japanese Equity Fd Cl A Initial Ser ¥ 365209.00 366439.00 12499.00 0.00 Mir. -Eq Spain A € 28.85 - -0.39 0.00
Global Val.Cr.Fd GBP Ord Inc £ 115.82 - -0.13 3.74
115.36 - -0.26 4.82
Growth (CHF) PA F SFr 115.90 - -0.86 0.00 MMIP - US EQUITY CLASS A 01 June 07 Series $ 1364.73 1368.76 19.53 0.00 Mir. - Eq Swiss Sm/Mid A SFr 320.64 - -2.51 0.00
Global Val.Cr.Fd USD Inst Acc $ 125.74 - -0.14 0.00
108.07 - -0.81 4.96
Growth (EUR) PA F € 144.23 - -1.35 0.00 Pacific Basin Fd Cl A Initial Ser $ 2509.01 2524.35 115.12 0.00 Mir. - Glb High Yield Bds A $ 111.87 - 0.01 -
Global Val.Cr.Fd GBP Ord Acc £ 181.40 - -0.20 0.00
137.65 - -0.41 2.41
Vantage 1500 (EUR) MA € 10.48 - 0.00 0.00 UK Equity Fd Cl A Series 01 £ 2340.54 2364.75 44.05 0.00 Mir. - Glb Eq High Income A USD $ 106.98 - -0.39 0.00
Global Val.Cr.Fd USD Ord Acc $ 170.49 - -0.20 0.00
170.28 - -0.82 1.68
Vantage 3000 (EUR) MA € 10.82 - -0.01 0.00 Diversified Absolute Rtn Fd USD Cl AF2 $ 1625.50 - -25.51 0.00 Mir. - Glb Strat. Bd A USD $ 107.69 - -0.01 0.00
Global Val.Cr.Fd EUR Ord Acc € 159.26 - -0.18 0.00
141.39 - -0.68 1.70 PrivilEdge
Diversified Absolute Return Stlg Cell AF2 £ 1646.26 - -23.87 0.00
Swiss Select Equity Inst Acc SFr 120.45 - -0.84 0.00
197.06 - -0.22 3.19 Inc.Pt.RMB Dt.CNH PA CNH 102.09 - -0.02 -
Swiss Select Equity Ord Acc SFr 119.51 - -0.83 0.00
112.57 - -0.13 3.18 Inc.Pt.RMB Dt.SH CHF PA SFr 10.16 - 0.00 -
Manek Investment Mgmt Ltd (1000)F (UK) US Growth USD Ord Acc $ 210.87 - -1.49 0.00
182.61 - -1.61 1.01 Inc.Pt.RMB Dt.SH EUR PA € 10.21 - 0.00 -
P.O.Box 100, Swindon SN1 1WR 0844 800 9401
US Growth EUR Ord Acc € 201.74 - -1.46 0.00
118.46 - 0.08 3.68 Inc.Pt.RMB Dt.USD PA $ 10.26 - 0.00 - Authorised Inv Funds
US Growth GBP Ord Acc £ 211.40 - -1.51 0.00
54.64 - -0.15 3.68 Jenn. US Eq.Opp. USD PA $ 10.33 - -0.05 - Growth Fd Acc 59.58 63.17 -0.34 0.00
US Growth USD Inst Acc $ 193.97 - -1.38 0.00
160.84 - -0.19 3.05 Neubrg.Berman US Core PA $ 14.70 - -0.10 0.00
Montello Real Estate Opportunity Fund (LUX) Wealthy Nat Bd EUR Inst Inc € 113.68 - -0.10 3.81
Asset Management
118.57 - -0.14 3.06
Asset Management
Sands US Growth PA € 14.13 - -0.15 0.00
Manulife Global Fund (LUX) 101 New Cavendish Street,London W1W 6XH Wealthy Nat Bd GBP Inst Inc £ 117.55 - -0.09 3.68
70.27 - -0.09 2.90 Sands US Growth PA $ 17.11 - -0.20 0.00 31 Z.A. Bourmicht, L-8070 Bertrange, Luxembourg Regulated
Wealthy Nat Bd EUR Ord Inc € 112.90 - -0.09 3.54
31.57 - -0.04 2.89 www.manulife.com.hk Montello Real Estate Opportunity Fund II £ 1109.40 - 8.60 0.00
Will.Blair Gbl. Ldrs PA € 16.65 - -0.22 0.00
FCA Recognised Wealthy Nat Bd GBP Ord Inc £ 118.12 - -0.09 3.44
183.34 - 0.22 2.10 Will.Blair Gbl. Ldrs PA $ 13.62 - -0.12 0.00
American Growth Fund Class A F $ 30.1224 - -0.0871 0.00
Wealthy Nat Bd USD Ord Inc $ 115.13 - -0.10 3.40
122.22 - 0.14 2.10
Morant Wright Funds (Ireland) PLC (IRL)
Asset Management
American Growth Fund Class AA F $ 1.7116 - -0.0050 0.00 New Capital Alternative Strategies
119.81 - 0.21 0.00
Lothbury Property Trust (UK) American Growth Fund Class AA (HKD) FHK$ 10.7063 - -0.0315 -
FCA Recognised
MW Japan Fund PLC A $ 26.62 - 0.08 -
All Weather Fd USD Cls Managemen $ 122.01 - 0.47 0.00
Asset Management
245.11 - -2.34 1.12
Asset Management 212.26 - -2.06 4.27
155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900
Property & Other UK Unit Trusts
Asian Equity Fund Class A F
Asian Equity Fund Class AA F
$ 3.5527
$ 1.1434
-
-
0.0294 0.36
0.0094 0.00
MW Japan Fund PLC B $ 26.91 - 0.08 -
All Weather Fd EUR Cls
All Weather Fd GBP Cls
€ 109.95
£ 118.39
-
-
0.36 0.00
0.45 0.00
167.04 - -1.62 4.40 Lothbury Property Trust GBP £ 1692.43 1813.44 10.02 3.35 MW Japan Fund PLC C € 12.06 - 0.03 -
Asian Small Cap Equity Fund Class AA F $ 2.5499 - 0.0229 0.00 Tactical Opps USD Cls $ 181.45 - -1.89 0.00
179.87 - -1.67 0.97 Morant Wright Fuji Yield CHF Acc HedgedSFr 12.12 - 0.01 -
Asian Small Cap Equity Fund Class AA (HKD)HK$ 10.3216 - 0.0954 - Tactical Opps EUR Cls € 152.35 - -1.62 0.00
275.44 - -0.04 0.26 Morant Wright Fuji Yield EUR Acc Hedged € 12.13 - 0.04 -
China Value Fund Class A F $ 10.5371 - 0.1473 0.59 Tactical Opps GBP Cls £ 170.62 - -1.77 0.00
Morant Wright Fuji Yield EUR Dist Hedged £ 12.11 - 0.05 -
China Value Fund Class AA F $ 3.3009 - 0.0461 0.40
Morant Wright Fuji Yield GBP Acc Hedged £ 12.32 - 0.04 -
Dragon Growth Fund Class A F $ 2.4386 - 0.0264 0.52
Morant Wright Fuji Yield GBP Dist Hedged ¥ 1091.58 - 3.01 -
Asset Management
Dragon Growth Fund Class AA HKDHK$ 11.8087 - 0.1307 0.49
Asset Manageme
Morant Wright Fuji Yield USD Acc Hedged $ 12.06 - 0.04 -
Emerging Eastern Europe Fund Class AA F $ 1.4716 - -0.0314 0.46
M & G Securities (1200)F (UK) Morant Wright Fuji Yield USD Dist Hedged $ 12.21 - 0.04 -
114.91 - -0.05 - Emerging Eastern Europe Fund Class A F $ 3.4271 - -0.0730 0.82
PO Box 9039, Chelmsford, CM99 2XG Morant Wright Fuji Yield YEN Acc ¥ 1236.83 - 3.85 -
109.23 - -0.46 - European Growth Fund Class A F $ 11.2532 - -0.1319 1.14
www.mandg.co.uk Enq: 0800 390 390, Dealing: 0800 328 3196
Morant Wright Fuji Yield B YEN Acc $ 105.38 - 0.15 -
Authorised Inv Funds European Growth Fund Class AA F $ 0.8142 - -0.0096 0.55
Morant Wright Fuji Yield YEN Dist ¥ 1223.22 - 3.82 - Northwest Investment Management (HK) Ltd
Charifund Inc 1541.71 - -12.13 4.37 Global Contrarian Fund Class AA F $ 0.9755 - -0.0074 0.00 11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373
(IRL) Morant Wright Sakura Fund Sterling Acc Hedged £ 14.98 - 0.02 0.00 Other International Funds
Charifund Acc 20696.29 - -162.78 4.25 Global Property Fund Class AA F $ 1.0421 - -0.0026 0.73
Morant Wright Sakura Fund Euro Acc Hedged € 14.94 - 0.02 0.00 Northwest $ class $ 2524.44 - 175.73 0.00
M&G Corporate Bond A Acc 62.98 - -0.11 3.05
Asset Management
Global Property Fund Class AA (HKD)HK$ 9.7972 - -0.0226 -
1077.58 - 0.25 - Morant Wright Sakura Fund Yen Acc Unhedged ¥ 1522.50 - 1.70 0.00 Northwest Warrant $ class $ 2845.65 - 562.86 0.00
M&G Corporate Bond A Inc 40.05 - -0.07 3.04
Global Resources Fund Class AA F $ 0.8208 - -0.0007 0.00
Morant Wright Sakura Fund Dollar Acc Hedged $ 14.93 - 0.02 0.00
1023.35
1037.37
-
-
0.75
1.37
-
-
M&G Dividend A Inc
M&G Dividend A Acc
65.59
637.12
-
-
-0.69 3.92
-6.67 3.79
Greater China Opportunities Class AA $ 1.2001
Healthcare Fund Class AA F $ 2.0155
-
-
0.0085
-0.0124 0.00
-
Morant Wright Sakura Fund Swiss Franc Acc HedgedSFr 14.88 - 0.02 0.00
546.70 - 0.37 3.45 M&G Episode Growth X Inc 54.54xd - -0.25 1.81
India Equity Fund Class AA F $ 1.4072 - 0.0026 0.00
1135.73 - 0.78 3.95 M&G Episode Income A Acc 144.82xd - -0.72 3.39
International Growth Fund Class A F $ 4.8763 - -0.0272 0.13
567.95 - -0.05 2.27 M&G Episode Income A Inc 122.53xd - -0.97 3.47
International Growth Fund Class AA F $ 1.1197 - -0.0063 0.00
1191.61 - 4.70 - M&G Extra Income A Inc 771.24xd - -20.50 4.17
Japanese Growth Fund Class A F $ 3.5710 - 0.0025 0.58
1148.10 - 4.53 - M&G Extra Income A Acc 6257.37xd - -45.25 3.98 Oasis Crescent Management Company Ltd
Japanese Growth Fund Class AA F $ 0.9186 - 0.0006 0.00
1121.04 - 0.22 1.13 M&G Global Basics A Inc 691.97 - -3.28 0.26 Other International Funds
Latin America Equity Fund Class AA F $ 0.8644 - -0.0074 1.50
635.75 - 0.14 1.63 Oasis Crescent Equity Fund R 9.77 - -0.02 0.00
M&G Global Basics A Acc 1044.61 - -4.96 0.27 Russia Equity Fund Class AA F $ 0.4663 - -0.0066 0.00 Morgan Stanley Investment Funds (LUX)
M&G Global Dividend Fund A Acc 210.65 - -1.45 3.03 6b Route de Trèves L-2633 Senningerberg Luxembourg (352) 34 64 61
Taiwan Equity Fund Class AA F $ 1.7480 - -0.0119 0.19 www.morganstanleyinvestmentfunds.com
M&G Global Dividend Fund A Inc 168.64 - -1.15 3.10 Oasis Global Mgmt Co (Ireland) Ltd (IRL)
(UK) Turkey Equity Fund Class AA F $ 0.7896 - -0.0380 0.00 FCA Recognised
M&G Glbl Emrgng Mkts A Acc 219.39 - -1.14 0.78 Regulated
US Bond Fund Class AA F $ 1.2217 - -0.0008 3.89 US Advantage A F $ 56.58 - 0.06 0.00
Oasis Global Investment (Ireland) Plc
M&G Glbl Emrgng Mkts A Inc 211.96 - -1.10 0.78 U.S. Bond Fund Class AA Inc F $ 1.0000 - -0.0006 - Asian Equity A F $ 48.46 - 0.18 0.00
Oasis Global Equity $ 28.93 - -0.02 0.22
M&G Global Macro Bond Fund A Acc 108.69xd - 0.29 0.97 US Bond Fund Class AA (HKD) HK$ 9.9938 - -0.0048 - Asian Property A F $ 20.13 - 0.06 0.00 Oasis Crescent Global Investment Fund (Ireland) plc
172.36 - -0.89 1.36 M&G Global Macro Bond Fund A Inc 75.53xd - 0.20 0.97 U.S. Bond Fund Class AA (HKD) IncHK$ 9.9458 - -0.0042 - Asian Property AX F £ 12.16 - -0.05 0.53 Oasis Crescent Global Equity Fund $ 29.43 - -0.02 0.00
161.40 - -0.83 1.38 M&G Global High Yield Bond X Inc 51.55xd - -0.13 4.15 U.S. Special Opportunities Fund Class AA F $ 0.9314 - 0.0004 7.00 Diversified Alpha Plus A F € 32.10 - -0.05 0.00 OasisCresGl Income Class A $ 11.09 - 0.00 2.47
117.94 - 0.24 3.78 M&G Global High Yield Bond X Acc 119.86xd - 0.02 4.14 U.S. Special Opportunities Fund Class AA (HKD)HK$ 9.5989 - 0.0104 - Emerg Europ, Mid-East & Africa Eq A F € 73.72 - -0.12 0.00 OasisCresGl LowBal D ($) Dist $ 12.27 - -0.01 0.00
171.39 - 0.36 3.69 M&G Managed Growth X Inc 83.63xd - -0.41 0.62 U.S. Special Opportunities Fund Class AA Inc $ 0.9293 - 0.0003 - Emerging Markets Debt A F $ 79.14 - 0.06 0.00 OasisCresGl Med Eq Bal A ($) Dist $ 12.55 - -0.01 0.04
137.10 - -0.56 0.81 M&G Optimal Income A Inc 144.73 - -0.10 2.16 Emerging Markets Domestic Debt AX F £ 11.66 - 0.04 5.53
- -0.0047 0.00 Oasis Crescent Gbl Property Eqty $ 9.71 - -0.03 2.13
130.30 - -0.53 0.81 M&G Optimal Income A Acc 189.75 - -0.13 2.16 US Treasury Inflation-Protected Securities Fund Class AA F $ 1.2925 - -0.0007 0.06 Emerging Markets Equity A F $ 38.45 - -0.03 0.00
124.43 - 0.04 3.44 M&G Recovery GBP A Inc 133.36 - -0.80 0.89 Euro Bond A F € 15.80 - 0.01 0.00
111.83 - 0.03 3.44 M&G Recovery GBP A Acc 298.38 - -1.80 0.89 Euro Corporate Bond AX F £ 21.92 - 0.20 1.77
Manulife Global Fund
M&G Strategic Corp Bond A Inc 74.13xd - -0.51 2.80 Euro Strategic Bond A F € 43.87 - 0.02 0.00
Other International Funds
M&G Strategic Corp Bond A Acc 105.83xd - -0.14 2.78 Asia Total Return Fund Class AA $ 1.0005 - -0.0004 - European Currencies High Yield Bd A F € 22.17 - -0.02 0.00
M&G Global Leaders GBP A Inc 204.33 - -0.83 1.33 Asia Total Return Fund Class AA (HKD) Inc FHK$ 10.0340 - -0.0016 - European Equity Alpha A F € 49.59 - -0.33 0.00
M&G Global Leaders GBP A Acc 476.69 - -1.95 1.32 European Property A F € 35.71 - -0.03 0.00
Asia Total Return Fund Class AA Inc $ 0.9546 - -0.0004 3.18
£ 12.3100 - 0.0100 2.53 Odey Asset Management LLP (UK)
M&G UK Inflation Lnkd Corp Bnd A Acc 114.17 - 0.06 0.32 Asia Value Dividend Equity Fund Class AA F $ 1.8884 - 0.0062 0.00 Eurozone Equity Alpha A F € 12.71 - -0.12 0.00 40 Dukes Place, London, EC3A 7NH
M&G UK Inflation Lnkd Corp Bnd A Inc 112.53 - 0.06 0.32 Asia Value Dividend Equity Fund Class AA Inc $ 1.1585 - 0.0040 - Global Bond A F $ 38.84 - -0.09 0.00 Order Desk: 0845 300 2106, Enquiries: 0870 607 2555
€ 1.6800 - 0.0000 2.96 Authorised Corporate Director - Capita Financial Managers
Strategic Income Fund Class AA F $ 1.0900 - 0.0003 4.42 Global Brands A F $ 98.07 - -0.61 0.00
£ 8.1480 - -0.0750 1.22 Authorised Inv Funds
Global Convertible Bond A F $ 44.77 - -0.14 0.00
£ 0.8883xd - -0.0039 4.94 M & G Securities Ltd (UK) CF Odey Continental European R Acc ♦ 739.20 - -8.91 0.18
Property & Other UK Unit Trusts Global Property A F $ 29.25 - 0.00 0.00 CF Odey Continental European I Acc ♦ 126.46 - -1.52 0.74
£ 4.4690 - -0.0260 1.08 Marlborough Fd Managers Ltd (1200)F (UK)
Charibond 125.61 - -0.22 5.15 Indian Equity A F $ 36.87 - 0.20 0.00
Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500 CF Odey Continental European I Inc ♦ 121.53 - -1.46 0.73
£ 16.4600 - -0.0500 0.16
(Accum Units) 3622.11 - -6.42 5.15 www.marlboroughfunds.com Latin American Equity A F $ 47.28 - -0.49 0.00
£ 1.5050 - 0.0000 3.52 CF Odey Opus R Inc ♦ 3973.99 - -17.45 0.00
NAACIF 80.47 - -0.53 4.27 Authorised Inv Funds
€ 20.47 - 0.00 0.00 CF Odey Opus Fund A Accumulation 141.67 - -0.62 0.00
£ 7.5650 - -0.0580 1.40 Balanced 162.14 171.40 0.02 0.05
7039.45 - -46.98 4.16 US Dollar Liquidity A F $ 13.03 - 0.00 0.00
CF Odey Opus Fund I Acc 182.34 - -0.80 0.24
Bond Income 51.26 54.24 -0.45 4.46
M&G Property Portfolio A Acc 128.79 135.56 0.03 3.73 US Growth A F $ 67.09 - -0.26 0.00
- 0.0000 2.01 CF Odey Opus Fund I Inc 178.54 - -0.77 0.24
Cash 50.14 - 0.00 0.48
Property Portfolio A 119.82 126.12 0.02 3.81 US Growth AH F € 46.49 - -0.03 0.00
£ 1.2280xd - -0.0020 2.01 CF Odey Absolute Return Fund Euro Hedged € 1.74 - 0.02 0.00
Cautious Inc 86.87 91.43 0.14 1.56
Property Portfolio X 119.82 119.82 0.02 3.81 US Growth AX F £ 44.04 - -0.07 0.00 CF Odey Absolute Return Fund US Dollar Hedged $ 1.61 - 0.02 0.00
Defensive A Inc 116.90 - 0.05 0.97
£ 52.5720 - 0.0000 0.13 US Property A F $ 67.59 - -0.32 0.00 CF Odey Absolute Return R 292.12 - 3.11 0.00
Emerging Markets 256.75 - 0.60 1.48
M & G (Guernsey) Ltd (GSY)
ETF Global Growth A 157.39 - -0.67 0.00
CF Odey Absolute Return I 301.44 - 3.22 0.00
£ 1.1210xd - -0.0230 1.97 Regulated
CF Odey Portfolio Fund Class P Institutional Acc 109.32 - 0.05 -
ETF Commodity A 82.19 - 0.50 0.00 Morgens Waterfall Vintiadis.co Inc
£ 1.5590xd - -0.0210 1.32 The M&G Offshore Fund Range
Other International Funds CF Odey Portfolio Fund Class P Retail Acc 108.86 - 0.04 -
£ 1.9430xd - 0.0000 0.00 Corporate Bond 1333.30 1374.54 -2.33 3.04 European Multi-Cap 267.81 - -1.36 0.20
Phaeton Intl (BVI) Ltd (Est) $ 444.18 - 6.34 0.00 CF Odey Portfolio Fund I Acc 155.11 - 0.07 0.06
$ 1.4910 - -0.0020 0.00 Global Basics 2546.39 2625.14 -12.15 0.00 Extra Income 83.05 87.88 -0.44 4.07
CF Odey Portfolio Fund I Inc 152.65 - 0.07 0.06
Dealing Daily Global Leaders 3549.87 3697.78 -14.56 1.15 Far East Growth A Inc 183.13 - 0.96 1.63
CF Odey Portfolio Fund R Acc 150.97 - 0.06 0.00
Global High Yield Bond 1017.09 1048.55 0.98 4.14 Global 191.57 201.66 0.38 0.00
CF Odey Portfolio Fund R Inc 150.71 - 0.06 0.00
Global Macro Bond Fund 11343.37 11694.19 29.95 0.97 Global Bond Inc 140.79 148.98 0.04 3.13
North American Dividend Fund 166.48 173.42 -0.53 0.54 High Yield Fixed Interest 75.04 79.62 -0.01 5.94
Optimal Income Fund 143.42 147.85 -0.10 2.16 Multi Cap Income A Inc 162.54 - -0.29 4.14 Odey Asset Management LLP (CYM)
Regulated
Recovery Fund Limited 'A' Participating Shares 11507.86 11987.36 -68.40 0.57 Nano-Cap Growth A Acc 100.7924 110.9500 0.4783 -
Natixis International Funds (Lux) I SICAV (LUX) OEI MAC Inc A £ 328.71 - -13.09 0.00
Recovery Fund Limited 'I' Participating Shares 11556.43 11673.16 -69.36 1.32 Special Situations A Acc 1142.32 1208.80 0.86 0.28
Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000 OEI Mac Inc B £ 181.76 - -8.45 0.00
Strategic Corporate Bond Fund 135.43 141.07 0.00 2.78 UK Multi-Cap Growth A Inc 240.07 254.04 -1.20 0.41
(LUX) FCA Recognised
UK Growth 1661.59 1730.82 -16.18 0.94 UK Micro Cap Growth A Asset Management 458.15 484.81 2.19 0.00 Harris Global Equity R/A (USD) $ 280.34 280.34 -2.47 0.00
OEI MAC Inc USD $ 1764.85 - -71.63 0.00
Odey European Inc EUR € 766.84 - -18.63 0.00
- 0.01 0.00
US Multi-Cap Income
MFM - Third Party Funds
324.17 - -1.56 0.17 Harris Concentrated US Equity H-N/A (GBP) £ 154.82 154.82 -1.14 0.00
Harris Concentrated US Equity R/D (GBP) £ 110.26 110.26 -0.60 31.71
Odey European Inc A GBP £ 293.42 - -6.94 0.00
Odey European Inc B GBP £ 166.51 - -3.93 0.00
Junior Oils 101.12 107.01 -3.60 0.00
Loomis Sayles Strategic Alpha Bond Fund H-N/D(GBP) £ 100.38 100.38 -0.01 1.61
$ 17.67 - 0.01 0.00
Junior Gold C Acc 27.92 - -0.23 0.00 Odey European Inc USD $ 353.24 - -8.72 0.00
SFr 18.16 - -0.01 0.00
MFM Artorius Fund 149.03 - 2.29 0.18 Giano Capital EUR Inc € 4569.06 - -154.60 0.00
$ 11.52 - 0.00 0.00 Natixis International Funds (Dublin) I plc (IRL)
MFM Bowland 152.63 165.00 3.59 0.00
£ 11.75 - 0.00 0.00 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000
MFM Hathaway Inc 107.55 112.62 0.79 1.37
Regulated Odey Asset Management LLP (IRL)
€ 11.68 - -0.01 0.00 MFS Investment Funds (LUX)
MFM SGWM Managed A Acc 130.05 - 0.22 0.15 Loomis Sayles Global Opportunistic Bond R/D (GBP) £ 13.67 13.67 0.03 1.08 FCA Recognised
€ 12.53 - 0.02 0.00 FCA Recognised
MFM Techinvest Special Situations Acc 118.45 - 1.13 0.08 Loomis Sayles High Income R/D (USD) $ 9.67 9.67 -0.02 12.85 Odey Pan European EUR R € 369.28 - 0.35 0.00
Blend.Research Gb.Eq.Fd. € 109.57 - -1.04 -
SFr 15.69 - 0.02 0.00
MFM Techinvest Technology Acc 384.22 - 0.60 0.00 Loomis Sayles Multisector Income R/D (GBP) £ 13.84 13.84 0.02 4.28 Odey Allegra European EUR O € 286.25 - -0.81 0.00
Blend.Research Gb.Eq.Fd. £ 105.77 - -0.34 -
¥ 1486.00 - 2.00 0.00
MFM UK Primary Opportunities A Inc 339.76 - -2.26 1.30 Odey Allegra International EUR O € 191.13 - 0.32 0.00
Blend.Research U.S.Core Eq.Fd. ¥ 10898.00 - -68.00 -
$ 17.98 - 0.02 0.00
Slater Investments Ltd - Investment Adviser Odey Allegra Developed Markets USD I $ 133.26 - 1.30 0.00
Blend.Research Gb.Eq.Fd. $ 106.05 - -0.56 -
SFr 120.15 - -0.28 0.00 Natixis International Funds (UK)
MFM Slater Growth 393.89 417.92 0.79 0.11 Odey Atlas Fund GBP I S £ 1.28 - 0.01 0.00
Em.Mk.Eq.Fund Euro € 126.05 - -1.42 0.00 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
€ 80.85 - -0.19 0.00 MFM Slater Income A Inc 161.00 - -0.67 3.58 Authorised Funds Odey Giano European Fund EUR R € 114.70 - 0.74 0.00
Em.Mk.Eq.Fund Sterling £ 106.49 - -0.54 0.00
$ 120.91 - -0.28 0.00 MFM Slater Recovery 168.42 178.70 0.24 0.10 H2O MultiReturns Fund N/A (GBP) $ 12.68 12.68 0.00 1.76 Odey Naver Fund EUR I € 127.97 - 0.52 0.00
Em.Mk.Eq.Fd.US Dollar $ 105.54 - -0.75 0.00
SFr 6.03 - -0.01 0.00 H2O MultiReturns Fund I/A (GBP) £ 1.28 - 0.00 1.92 Odey Odyssey USD I $ 170.71 - 0.39 0.00
Em.Mk.Loc.Ccy Debt Fd.FC ¥ 8866.00 - -27.00 5.99
€ 6.09 - -0.01 0.00 Harris Associates Global Concentrated Equity Fund N/A (GBP) £ 1.12 - -0.01 - Odey Orion Fund EUR I € 131.44 - 0.53 0.00
Em.Mk.Loc.Ccy Debt Fd.FD ¥ 11064.00 - -48.00 5.71 Marlborough International Management Limited (GSY)
$ 6.27 - -0.02 0.00 Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520 Harris Associates Global Concentrated Equity Fund I/A(GBP) £ 1.12 - -0.01 - Odey Swan Fund EUR I € 92.66 - 1.13 0.00
Gb.Conc.Eq.Fd.Euro € 287.97 - -4.20 0.00
€ 17.78 - -0.07 0.00 FCA Recognised Loomis Sayles Strategic Income H-N/D (GBP) £ 0.98 - -0.01 4.42 Odey European Absolute Return GBP S £ 95.37 - 0.18 0.00
Gb.Conc.Eq.Fd.Sterl.UK T £ 172.84 - -1.44 0.00
SFr 14.63 - 0.00 0.00 Marlborough North American Fund Ltd £ 31.34 31.66 0.29 0.00
Loomis Sayles Strategic Income H-N/A (GBP) £ 1.06 - 0.00 4.58
Gb.Conc.Eq.Fd.Sterling £ 261.98 - -2.19 0.00
€ 15.55 - 0.00 0.00 Marlborough Tiger Fund Ltd F £ 29.38 29.67 0.23 0.00
Loomis Sayles US Equity Leaders N/A (GBP) £ 1.41 - -0.01 0.27
Gb.Conc.Eq.Fd.US $ 199.83 - -2.08 0.00 Odey Wealth Management (CI) Ltd (IRL)
$ 15.66 - 0.01 0.00 Loomis Sayles US Equity Leaders I/A (GBP) £ 1.39 - 0.00 0.47
www.odey.com/prices
Gb.Eq.Hdg Fd.Euro IRE T € 191.90 - -2.29 0.00
SFr 13.03 - -0.04 0.00 FCA Recognised
Martin Currie Fund Management Ltd (1200)F (UK)
Gb.Eq.Euro Hdg Fd. € 272.14 - -3.26 0.00
€ 13.14 - -0.04 0.00 Saltire Ct, 20 Castle Terrace Edinburgh Inv Ser:0808 1002125 Odey Opportunity EUR I € 223.70 - -0.08 0.00
Gb.Eq.Fund Euro € 298.54 - -4.30 0.00 Authorised Inv Funds NatWest (2230)F (UK)
$ 13.14 - -0.04 0.00 PO Box 23873, Edinburgh EH7 5WJ**
Gb.Eq. Fd Euro IRE T € 188.77 - -2.71 0.00 Martin Currie Investment Funds (OEIC)
€ 9.30 - -0.07 0.00 Enquiries: 0800 085 5588
Class A (Retail) Omnia Fund Ltd
Gb.Eq.Fd.Sterling UK T £ 216.68 - -1.76 0.00 Authorised Inv Funds
$ 7.13 - -0.02 0.00 Asia Pacific 126.90 - 0.40 1.04 Other International Funds
Gb.Eq.Fd.US Dollar $ 327.17 - -3.35 0.00 Series 1(Minimum initial investment 16375,000)
8.10 - 0.00 0.00 Estimated NAV $ 1013.95 - -11.27 0.00
China 132.90 - 1.40 0.00 United Kingdom Equity Index Fund £ 13.63 - -0.11 2.42
Gb.Eq.Fund Sterling £ 214.47 - -1.74 0.00
SFr 8.68 - -0.01 0.00 Emerging Mkts 212.00 - -0.60 0.01
UK Specialist Equity Inc £ 20.54 - -0.04 0.33
Gb.Val.Ex-Jap.Fd.USD $ 122.41 - -1.02 0.00
€ 12.08 - -0.04 0.00 European Equity Income A acc 362.90 - -5.30 3.33
Contl Europe Spec Equity £ 17.02 - 0.00 0.00
Gb.Val.Ex-Japan Fd.Yen ¥ 14935.00 - -142.00 0.00
$ 9.20 - 0.01 0.00 Global Alpha 144.80 - -0.80 0.27 US Spec Equity Fund £ 14.16 - -0.02 0.00
Low Volatility Gb.Eq.Fd. € 106.60 - -0.97 -
SFr 15.88 - 0.00 0.00 Global Equity Income Inc 109.30 - -2.60 3.84 Japan Specialist Fund X £ 10.16 - 0.05 0.00
Low Volatility Gb.Eq.Fd. £ 102.90 - -0.29 -
€ 12.58 - 0.00 0.00 Global Equity Income acc 140.70 - -1.00 3.75
Pacific Basin Specialist Equity Fund £ 25.54 - 0.06 0.56
Low Volatility Gb.Eq.Fd. $ 103.16 - -0.51 -
£ 11.10 - 0.00 0.00 Japan Alpha 113.40 - 0.30 0.05
UK Sovereign Bd Index Fund £ 10.95 - 0.03 2.59
$ 17.84 - 0.00 0.00
North American 269.40 - -1.30 0.00 UK Specialist Equity Income Fund £ 10.45 - 0.01 3.31 Optima Fund Management
€ 13.07 - 0.01 0.00 MFS Meridian Funds SICAV (LUX) Other International Funds
European Equity Income A Inc 319.60 - -12.70 3.41 Global Spec Inv Grade Bd Fund GBP £ 10.11 - 0.02 3.08
Regulated
€ 12.59 - 0.03 0.00 JENOP Global Healthcare Fund Ltd $ 16.76 - 0.27 0.00
Absolute Return A1 € 20.72 - 0.05 0.00 Inflation Lkd Sov Bd Fund £ 12.74 - 0.11 0.68
€ 12.04 - 0.04 0.00 Optima Fd NAV $ 95.26 - 0.65 0.00
Global Emerg Mkts Equity Fund X £ 13.05 - -0.08 0.46
Asia ex-Japan A1 $ 25.87 - 0.03 0.00 Marwyn Asset Management Limited (CYM)
Optima Discretionary Macro Fund Limited $ 87.21 - -1.06 0.00
€ 18.51 - 0.01 0.00
Regulated Series 2 (Investment Management customers only)
Bond A1 $ 10.54 - 0.01 0.00
€ 12.33 - -0.19 0.00 United Kingdom Equity Index Fund £ 13.63 - -0.10 2.77 The Dorset Energy Fd Ltd NAV $ 44.43 - -0.52 0.00
Marwyn Value Investors £ 509.98 - 4.82 0.00
China Equity Fd A1 $ 11.49 - -0.06 0.00
€ 52.96 - -0.52 0.00 UK Specialist Equity Inc £ 20.70 - -0.03 1.45 Platinum Fd Ltd $ 94.75 - 1.06 0.00
Continental European Eqty A1 € 18.76 - -0.31 0.00
€ 10.81 - 0.06 - Contl Europe Spec Equity £ 17.83 - 0.01 0.57 Platinum Fd Ltd EUR € 18.49 - 0.21 0.00
Emer Mkts Debt Lo Curr Fd A1 $ 12.53 - 0.00 0.00 McInroy & Wood Portfolios Limited (UK)
Platinum Japan Fd Ltd $ 57.79 - 1.58 0.00
$ 10.81 - 0.06 - US Spec Equity Fund £ 14.73 - -0.02 0.15
Easter Alderston, Haddington, EH41 3SF 01620 825867
Emerging Markets Debt A1 $ 34.15 - -0.01 0.00
€ 10.78 - -0.01 0.00 Authorised Inv Funds Japan Specialist Fund X £ 10.76 - 0.06 0.49 Optima Partners Global Fd $ 15.03 - 0.12 0.00
Emerging Markets Eq.A1 $ 11.91 - -0.09 0.00
SFr 22.35 - 0.03 0.00 Balanced Fund Personal Class Units 4057.00xd - -19.30 1.78 Pacific Basin Specialist Equity Fund £ 25.41 - 0.06 1.12 Optima Partners Focus Fund A $ 17.21 - 0.14 0.00
European Concentrated A1 € 18.93 - -0.31 0.00
SFr 26.83 - 0.05 0.00 Income Fund Personal Class Units 2517.90 - -10.80 2.73 UK Sovereign Bd Index Fund £ 11.11 - 0.03 2.59
European Core Eq A1 € 32.63 - -0.49 0.00
€ 12.10 - -0.04 0.00 Emerging Markets Fund Personal Class Units 1831.50 - 5.00 2.13 UK Specialist Equity Income Fund £ 11.23 - 0.02 3.26
European Res.A1 € 34.38 - -0.44 0.00
Orbis Investment Management Ltd (BMU)
SFr 10.24 - -0.01 0.00 Smaller Companies Fund Personal Class Units 3741.10 - -11.00 1.66 Regulated
Global Spec Inv Grade Bd Fund GBP £ 10.24 - 0.02 3.08
European Smaller Companies A1 € 52.14 - -0.37 0.00
$ 11.18 - 0.00 0.00 Inflation Lkd Sov Bd Fund £ 12.87 - 0.11 0.68 Orbis Global Equity $ 185.16 - -0.70 0.00
European Value A1 € 37.47 - -0.49 0.00
SFr 13.37 - -0.13 0.00 Global Emerg Mkts Equity Fund X £ 12.59 - -0.08 0.64 Orbis Optimal (US$) $ 75.94 - 0.10 0.00
Global Conc.A1 $ 37.51 - -0.39 0.00
Meridian Fund Managers Ltd
€ 21.29 - -0.23 0.00 Other International Funds The initial charge you will pay will depend on the amount you invest Orbis Optimal (Euro) € 26.08 - 0.03 0.00
Global Credit Fund $ 10.57 - 0.02 0.00 **Address and Telephone number for series 1 only
$ 15.91 - -0.11 0.00 Global Gold & Resources Fund $ 193.87 - 10.01 - Orbis Optimal (Yen) ¥ 1089.00 - 2.00 0.00
Global Energy Fund A1 $ 14.44 - 0.01 0.00
$ 8.89 - 0.02 0.00 Global Energy & Resources Fund $ 47.41 - 4.80 - Orbis Japan Equity (US$) $ 49.74 - -0.07 0.00
Global Equity A1 $ 47.64 - -0.48 0.00 *Orbis Prices as of May 29th
SFr 23.03 - -0.15 0.00
Global Equity A1 € 27.74 - -0.17 0.00
€ 15.59 - -0.10 0.00
Metage Capital
Global High Yield Fund $ 26.03 - 0.01 0.00
$ 21.68 - -0.14 0.00 Other International Funds Orbis Sicav (LUX)
Global High Yield Fund € 17.41 - 0.08 0.00 Regulated
€ 112.37 - 0.00 0.00 MGS -Master Series (Est) $ 226.61 - 2.15 -
Global Multi-Asset A1 $ 16.55 - -0.04 0.00 Orbis Japan Equity (Yen) ¥ 4865.00 - -8.00 0.00
SFr 129.10 - -0.01 0.00 MEMO - Master Series $ 494.19 - -0.49 0.00
Global Res.A1 $ 27.38 - -0.20 0.00 Orbis Japan Equity (Euro) € 32.21 - -0.05 0.00
£ 10.26 - 0.00 0.00 MEMO - MEMV Series $ 117.28 - -0.07 0.00 New Capital Fund Management Ltd (IRL)
Global Total Return A1 € 18.44 - -0.01 0.00 Leconfield House, Curzon Street, London, W1J 5JB Orbis Asia ex-Japan - Investor Shares $ 23.74 - -0.16 0.00
$ 10.30 - 0.00 0.00
Inflation-Adjusted Bond A1 $ 14.25 - 0.07 0.00 FCA Recognised Orbis Global Equity - Investor Shares € 167.16 - -1.19 0.00
SFr 24.00 - 0.02 0.00
Ministry of Justice Common Investment Funds (UK) New Capital UCITS Funds
Japan Equity A1 $ 10.72 - -0.08 0.00
SFr 13.80 - 0.00 0.00 Property & Other UK Unit Trusts Asia Pac Bd USD Inst Inc $ 96.49 - -0.02 3.08
Latin American Equity Fd A1 $ 14.62 - -0.25 0.00
SFr 10.19 - 0.02 0.00 The Equity Idx Tracker Fd Inc 1439.00 1439.00 -9.00 2.54 Asia Pac Bd USD Ord Inc $ 98.34 - -0.02 2.37 Oryx International Growth Fund Ltd
Limited Maturity A1 $ 14.07 - 0.00 0.00 Distribution Units Other International Funds
€ 10.47 - 0.02 0.00 Asia Pac Eq EUR Ord Inc € 106.52 - 0.30 2.71
Prudent Wealth Fd A1 $ 14.44 - -0.10 0.00 NAV (Fully Diluted) £ 5.95 - 0.19 0.00
$ 15.03 - 0.04 0.00 Asia Pac Eq GBP Ord Inc £ 110.27 - 0.29 3.06
Research Bond A1 $ 16.77 - 0.02 0.00
€ 14.36 - -0.06 0.00 Asia Pac Eq USD Ord Inc $ 110.99 - 0.29 2.51
Tuesday 2 June 2015 ★ FINANCIAL TIMES 29

MANAGED FUNDS SERVICE

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

PIMCO EqS Emerging Markets Fund Inst Acc $ 9.26 - -0.08 0.00 US Premium Equities (EUR) € 188.41 - -1.13 0.00 UK Growth Inc Ret 229.00 - -2.30 - Value Partners Classic Equity Fund EUR Hedged € 14.58 - 0.05 0.00 Data Provided by
PIMCO EqS Pathfinder.Eur.Fd Inst Acc F € 16.67 - -0.30 0.00 US Premium Equities (USD) $ 211.17 - -1.28 0.00 Managed OEIC Value Partners Classic Equity Fund GBP Hedged £ 14.81 - 0.05 0.00
Standard Life Wealth (JER)
PIMCO EqS Pathfinder.Fd Inst Acc F $ 15.05 - -0.09 0.00 Glob Em Shs Port Acc Ret 180.10 - -0.30 - Value Partners Classic Equity Fund GBP Unhedged £ 15.24 - -0.27 0.00
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130
Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 13.35 - -0.02 0.00 Max 70% Shs Port Acc Ret 266.00 - -0.50 - FCA Recognised Value Partners Classic Equity USD Hedged $ 16.74 - 0.06 0.00
Royal Bank of Scotland (2230)F (UK) Standard Life Offshore Strategy Fund Limited
StocksPLUS{TM} - Inst Acc $ 23.86 - -0.17 0.00 Max 70% Shs Port Acc X 191.00 - -0.40 - Value Partners Health Care Fund RMB Class Z UnhedgedCNY 10.64 - 0.10 -
PO Box 23873, Edinburgh EH7 5WJ 0800 917 7072
Bridge Fund £ 1.6900 - -0.0102 2.36
Total Return Bond - Inst Acc $ 27.29 - 0.05 0.00 Authorised Inv Funds Max 70% Shs Port Acc S 154.40 - -0.20 - Value Partners Health Care Fund HKD Class A UnhedgedHK$ 10.58 - 0.11 -
Series 5 (Minumum Initial Investment £75,000) Diversified Assets Fund £ 1.2173 - -0.0030 2.96
UK Corporate Bond - Inst Acc £ 17.38 - 0.04 0.00 Investment Port Acc Ret 233.90 - -0.10 - Value Partners Health Care Fund USD Class A Unhedged $ 10.62 - 0.11 -
Permal Investment Mgmt Svcs Ltd United Kingdom Equity Index Fund £ 17.06 - -0.12 2.42 Global Equity Fund £ 1.9414 - -0.0138 1.25 The Resolution Fund (1200) (UK)
www.permal.com UK Long Term Corp. Bnd Inst-Inst Acc £ 19.36 - 0.06 0.00
UK Specialist Equity Inc £ 20.55 - -0.04 0.33
Investment Port Acc X 165.80 - 0.00 -
Global Balanced Fund - Income Units £ 1.3962 - -0.0122 1.59
Tel 0870 870 8434 www.morningstar.co.uk
Other International Funds UK Real Return - Inst Acc £ 23.32 - 0.24 0.00 Max 50% Shs Port Acc Ret 251.90 - -0.30 - Authorised Inv Funds
Offshore Fund Class A US $ Shares Contl Europe Specialist Fund £ 25.14 - 0.01 0.00 Global Balanced Fund - Accumulations Units £ 1.6003 - -0.0140 1.57 Veritas Asset Management LLP (IRL) Data as shown is for information purposes only. No
Max 50% Shs Port Inc Ret 226.50 - -0.20 - Global Fixed Income D Acc F 103.60 - 0.00 2.58
UK Sterling Long Average Duration - Inst Acc £ 21.91 - 0.14 0.00 HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland offer is made by Morningstar or this publication.
Investment Holdings N.V. $ 5663.13 - 47.15 0.00 Japan Specialist Fund X £ 15.39 - 0.08 0.00 Global Fixed Interest Fund £ 1.0481 - 0.0004 3.33 Global Fixed Income D Inc F £ 1.01 - 0.00 2.63
UK Sterling Low Average Duration - Inst Acc £ 14.12 - 0.00 0.00 Max 50% Shs Port Acc X 182.40 - -0.20 - Veritas Funds Plc
Macro Holdings Ltd $ 4207.21 - -73.70 0.00 US Spec Equity Fund £ 19.14 - -0.03 0.00 Sterling Fixed Interest Fund £ 0.8679 - -0.0015 3.02 Global Yield B Acc F 121.00 - -0.10 2.13 www.veritas-asset.com
Unconstrained Bond - Inst Acc $ 12.27 - 0.00 0.00 Max 50% Shs Port Acc S 152.70 - -0.10 -
Fixed Income Holdings N.V. $ 398.25 - -1.12 6.03 Pacific Basin Specialist Equity Fund £ 45.03 - 0.10 0.58 UK Equity Fund £ 2.0969 - -0.0202 2.64 +353 1 635 6799
Max 100% Shs Port Acc Ret 296.80 - -0.20 - Global Yield B Inc F 113.10 - -0.10 2.16
US Fundam.Index StocksPLUS Inst Inc $ 12.97 - -0.07 0.00 FCA Recognised
Jubilee Absolute Return Fund $ 157.82 - -0.85 0.00 UK Sovereign Bd Index Fund £ 10.73 - 0.03 2.59 Global Balanced B Acc F 134.20 - -0.20 1.22
US High Yield Bond Fund Inst Acc $ 28.53 - 0.03 0.00 Max 100% Shs Port Acc X 213.20 - -0.10 - Institutional
Inflation Lkd Sov Bd Fund £ 12.99 - 0.11 0.68 Global Balanced B Inc F 128.50 - -0.20 1.23 Veritas Asian Fund A USD H $ 343.67 - 0.38 0.60
Max 100% Shs Port Acc S 155.10 - -0.10 -
UK Specialist Equity Income Fund £ 10.43 - 0.01 3.31
Enhanced Inc Inc Ins 221.90 - -1.80 - Global Growth B Acc F 144.10 - -0.30 0.67 Veritas Asian Fund A GBP H £ 416.37 - 1.53 0.44 Guide to Data
Global Emerg Mkts Equity Fund X £ 12.60 - -0.09 0.43 Global Growth B Inc F 134.70 - -0.30 0.63 Veritas Asian Fund A EUR H € 364.40 - -0.69 0.37
Enhanced Inc Inc Ret 210.50 - -1.80 -
Global Spec Inv Grade Bd Fund GBP £ 9.95 - 0.01 3.08 Global Equity Fund B Acc F 138.70 - -0.30 0.30 Veritas China Fund A USD $ 163.65 - -0.27 0.00
Enhanced Inc Inc X 178.40 - -1.50 - The fund prices quoted on these pages are supplied by
Series 6 (Investment Management Customers Only) the operator of the relevant fund. Details of funds
Managed Investments OEIC Global Equity Fund B Inc F £ 1.38 - 0.00 0.30 Veritas China Fund A GBP £ 168.90 - -0.27 0.00
United Kingdom Equity Index Fund £ 16.82 - -0.13 2.77 published on these pages, including prices, are for the
Max 30% Shs Port Acc Ret 158.50 - -0.30 - UK Income Focus B Inc F 67.30 - -0.40 2.38 Veritas China Fund A EUR € 163.48 - -0.28 0.00
Stenham Asset Management Inc purpose of information only and should only be used
UK Specialist Equity £ 20.70 - -0.03 1.45 as a guide. The Financial Times Limited makes no
Pictet Asset Management (Europe) SA (LUX) Max 30% Shs Port Acc X 158.50 - -0.30 - www.stenhamassetmanagement.com UK Income Focus B Acc F 89.30 - -0.50 2.33 Veritas Global Equity Income Fund D USD $ 131.77 - -0.18 4.31
Contl Europe Specialist Fund £ 26.10 - 0.01 0.57 representation as to their accuracy or completeness
15, Avenue J.F. Kennedy L-1855 Luxembourg Platinum Capital Management Ltd Max 30% Shs Port Acc S 152.20 - -0.20 - Other International Funds
UK Balanced B Inc F 71.40 - -0.30 1.91 Veritas Global Equity Income Fund D EUR € 233.58 - -0.94 3.55 and they should not be relied upon when making an
Tel: 0041 58 323 3000 Other International Funds Japan Specialist Fund X £ 16.16 - 0.09 0.49 Stenham Asia USD $ 140.69 - 4.63 - investment decision.
Max 30% Shs Inc Port Inc Ret 157.60 - -1.00 - UK Balanced B Acc F 78.50 - -0.30 1.88 Veritas Global Equity Income Fund D GBP £ 167.88 - 0.25 4.18
FCA Recognised Platinum All Star Fund - A $ 118.18 - - - Stenham Credit Opportunities A Class USD $ 107.29 - 0.94 0.00
US Spec Equity Fund £ 19.95 - -0.03 0.15
Max 30% Shs Inc Port Inc X 157.70 - -0.90 - UK Growth B Acc F 80.60 - -0.40 1.52 Veritas Global Focus Fund D USD $ 26.99 - -0.07 2.64 The sale of interests in the funds listed on these pages
Pictet-Absl Rtn Fix Inc-HI EUR € 107.05 - -0.06 0.00 Platinum Global Dividend Fund - A $ 60.96 - - -
Pacific Basin Specialist Equity Fund £ 44.82 - 0.10 1.12 Stenham Emerging Markets USD B1 $ 109.76 - -0.49 0.00 may, in certain jurisdictions, be restricted by law and
Max 30% Shs Inc Port Inc S 151.10 - -0.90 - UK Growth B Inc F 88.40 - -0.40 1.53 Veritas Global Focus Fund D EUR € 24.81 - -0.12 2.40
Pictet-Absl Rtn Glo Div-I EUR F € 128.92 - 0.00 0.00 Platinum Global Dividend UCITS Fund $ 74.12 74.12 -0.42 6.61 the funds will not necessarily be available to persons
UK Sovereign Bd Index Fund £ 10.84 - 0.04 2.59 Stenham Gold USD $ 158.71 - 4.08 0.00
Max 60% Shs Port Acc Ret 277.60 - -0.40 - UK Equity B Acc F 92.10 - -0.80 2.22 Veritas Global Focus Fund D GBP £ 30.04 - 0.02 2.28 in all jurisdictions in which the publication circulates.
Pictet-Agriculture-I EUR F € 211.39 - -2.22 0.00 Platinum Arbitrage Opportunities Fund Ltd Class A $ 83.29 - - -
Inflation Lkd Sov Bd Fund £ 12.85 - 0.11 0.68 Stenham Growth USD $ 220.81 - -1.15 - Persons in any doubt should take appropriate
Max 60% Shs Port Inc Ret 223.80 - -0.20 - UK Equity B Inc F 84.10 - -0.70 2.25 Veritas Global Focus Fund A GBP £ 28.96 - 0.01 2.08 professional advice. Data collated by Morningstar. For
Pictet-Asian Equities Ex Japan-I USD F $ 238.30 - 0.70 0.00 Platinum Essential Resources UCITs Fund $ 6.76 6.76 -0.04 -
UK Specialist Equity Income Fund £ 11.22 - 0.01 3.26 Stenham Healthcare USD $ 184.90 - -4.43 0.00 other queries contact reader.enquiries@ft.com +44
Max 60% Shs Port Inc X 173.20 - -0.20 - Veritas Global Focus Fund A EUR € 14.44 - -0.07 1.90
Pictet-Asian Local Currency Debt-I USD F $ 154.99 - -0.42 0.00 Platinum Maverick Enhanced Fund Limited $ 98.91 - - 0.00 (0)207 873 4211.
Global Spec Inv Grade Bd Fund GBP £ 10.21 - 0.01 3.08 Stenham Helix USD $ 31.00 - -73.66 -
Max 60% Shs Port Inc S 152.70 - -0.20 - Veritas Global Focus Fund A USD $ 26.01 - -0.06 2.22
Pictet-Biotech-I USD F $ 916.12 - -0.53 0.00 Platinum Navigator Fund Ltd Class A $ 92.79 - - - Thesis Unit Trust Management Limited (UK)
Global Emerg Mkts Equity Fund X £ 12.59 - -0.08 0.61 Stenham Managed Fund USD $ 117.64 - -0.53 - The fund prices published in this edition along with
Eq Inc Port Acc Ret 311.50 - -0.40 - Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP Veritas Global Focus Fund C GBP £ 31.28 - 0.02 0.00
Pictet-Brazil Index I USD $ 51.40 - -1.33 0.00 additional information are also available on the
Address and telephone number for Series 5 only Stenham Multi Strategy USD $ 122.00 - -0.40 -
Eq Inc Port Inc Ret 246.00 - -0.40 - Authorised Funds Veritas Global Focus Fund C EUR € 25.94 - -0.14 0.00 Financial Times website, www.ft.com/funds. The
Pictet-CHF Bonds I CHF SFr 505.21 - 0.66 0.00
Stenham Quadrant USD A $ 396.06 - -4.89 - TM New Court Fund A 2011 Inc £ 13.41 - -0.01 0.00 funds published on these pages are grouped together
Managed Investments OEIC 2 Veritas Global Focus Fund C USD $ 28.16 - -0.07 0.00
Pictet-China Index I USD $ 137.80 - -0.73 0.00 by fund management company.
Royal London Unit Managers (CIS) (1200) F (UK) Investments Inc Port Inc Ret 167.50 - -0.40 - Stenham Trading Inc USD $ 114.61 - -1.41 - TM New Court Fund - A 2014 Acc £ 13.44 - -0.01 0.00
Pictet-Clean Energy-I USD F $ 98.01 - -0.57 0.00 Veritas Global Equity Income Fund A GBP £ 161.10 - 0.24 4.20
PO Box 105, Manchester M4 8BB 08457 464646 Investments Inc Port Inc X 151.80 - -0.30 - Stenham Universal USD $ 454.60 - -1.42 - Prices are in pence unless otherwise indicated. The
TM New Court Equity Growth Fund - Inc £ 13.58 - 0.00 0.00
Pictet-Digital Communication-I USD F $ 260.62 - -1.52 0.00 Authorised Inv Funds Veritas Global Equity Income Fund A EUR € 227.23 - -0.91 3.57 change, if shown, is the change on the previously
£ Gov Bond Inc Inst (gross) 177.80 - -0.40 - Stenham Universal II USD $ 168.91 - -0.59 0.00 quoted figure (not all funds update prices daily). Those
Pictet-Eastern Europe-I EUR F € 331.21 - -2.78 0.00 CIS Sustainable Diversified Trust A £ 1.60 - 0.00 1.85 Veritas Global Equity Income Fund A USD $ 126.97 - -0.18 4.33
£ Gov Bond Inc Inst 145.80 - -0.30 -
designated $ with no prefix refer to US dollars. Yield
Pictet-Em Lcl Ccy Dbt-I USD F $ 168.37 - 0.27 0.00 CIS Sustainable World Trust A 174.20 - -1.00 0.66 Veritas Global Equity Income Fund C GBP £ 187.85 - 0.28 - percentage figures (in Tuesday to Saturday papers)
Polar Capital Funds Plc (IRL) £ Gov Bond Acc Inst 145.80 - -0.30 - Stratton Street Capital (CI) Limited (GSY) allow for buying expenses. Prices of certain older
Pictet-Emerging Markets-I USD F $ 574.28 - -2.34 0.00 Corporate Bd Inc Tst 91.37 96.18 -0.28 4.06 Veritas Global Equity Income Fund C EUR € 264.20 - -1.06 -
Regulated insurance linked plans might be subject to capital
Strat Bond Inc Inst 186.00 - -0.10 - Regulated
Pictet-Emerging Markets Index-I USD F $ 257.25 - -1.44 0.00 European Growth X 111.90 117.80 -1.30 0.89 Veritas Global Equity Income Fund C USD $ 147.13 - -0.21 - gains tax on sales.
Asian Financials I USD $ 326.93 326.93 0.68 0.00 Japan Synthetic Warrant Yen Class ¥ 1451.08 - -10.16 0.00
Managed Investments OEIC 3
Pictet-Emerging Corporate Bonds I USD $ 108.68 - -0.04 0.00 Biotechnology I USD $ 19.25 19.25 -0.08 0.00 Sustainable Leaders X A 470.80 - -5.80 0.66 Veritas Global Real Return Fund A USD $ 21.07 - 0.01 1.99 Guide to pricing of Authorised Investment Funds:
Div Inc Port Inc Ret 184.60 - -1.80 - Japan Synthetic Warrant GBP Hedged Class £ 171.75 - 4.87 0.00
UK Growth X 515.40 542.50 -4.20 1.03 Veritas Global Real Return Fund A GBP £ 11.75 - 0.01 1.97 (compiled with the assistance of the IMA. The
Pictet-Emerging Markets High Dividend I USD $ 113.70 - -0.64 0.00 European Income Acc EUR € 12.52 12.52 -0.07 - Corp Bond Acc Inst (gross) 213.60 - -0.40 - Japan Synthetic Warrant USD Class $ 15.70 - -0.26 0.00 Investment Management Association, 65 Kingsway,
Pictet-Emerging Markets Sust Eq I USD $ 97.70 - -0.45 0.00 Financial Opps I USD $ 13.34 - 0.00 1.80 UK Income With Growth X 235.50 247.90 -0.40 4.23 Toscafund (CYM) Veritas Global Real Return Fund A EUR € 12.43 - 0.01 0.16 London WC2B 6TD.
Corp Bond Inc Inst 145.30 - -0.30 - Japan Synthetic Warrant USD Hedged Class $ 170.12 - 4.91 0.00
Regulated Retail Tel: +44 (0)20 7831 0898.)
Pictet-Environmental Megatrend Sel I EUR € 171.05 - -1.89 0.00 GEM Growth I USD $ 10.16 - -0.07 0.00 US Growth 163.20 171.70 -0.10 0.00
Corp Bond Acc Inst 145.60 - -0.30 - Renminbi Bond Fund AUD Cls A A$ 125.26 - 0.51 3.73 Tosca $ 296.45 - 1.45 0.00
Additional Funds Available Veritas Asian Fund B USD $ 240.35 - 0.27 0.43 OEIC: Open-Ended Investment Company. Similar to a
Pictet-EUR Bonds-I F € 555.98 - 0.63 0.00 GEM Income I USD $ 11.19 - -0.06 0.00 Multi-Manager OEIC
Please see www.cis.co.uk for details Renminbi Bond Fund AUD Cls B A$ 127.23 - 0.52 3.48 Tosca Mid Cap GBP £ 249.82 - 12.44 0.00 unit trust but using a company rather than a trust
Veritas Asian Fund B GBP £ 306.19 - 1.11 0.03
Pictet-EUR Corporate Bonds Ex Fin i EUR € 145.25 - 0.07 0.00 Global Alpha I USD $ 13.55 13.55 -0.01 0.00 Bal Intl Track Acc Ret 280.00 - -1.00 - structure.
Renminbi Bond Fund CHF Cls A SFr 123.64 - 0.48 3.75 Tosca Opportunity B USD $ 313.41 - 20.23 0.00 Veritas Asian Fund B EUR € 267.97 - -0.51 0.00
Pictet-EUR Corporate Bonds-I F € 202.09 - 0.61 0.00 Global Convertible I USD $ 11.85 11.85 0.01 0.00 Bond Mthly Inc Acc Ret 144.60 - 0.10 -
Renminbi Bond Fund CHF Cls B SFr 123.50 - 0.47 3.51 Different share classes are issued to reflect a different
Pictet-EUR Government Bonds I EUR € 157.65 - 0.34 0.00
Ruffer LLP (1000)F (UK)
Bond Mthly Inc Inc Ret 93.98 - 0.05 -
Veritas China Fund B GBP £ 161.90 - -0.22 0.00
Global Insurance I GBP £ 3.89 - 0.02 0.00 Renminbi Bond Fund CNH Cls A CNH 127.50 - 0.50 3.34 currency, charging structure or type of holder.
40 Dukes Place, London EC3A 7NH Veritas China Fund B EUR € 168.73 - -0.24 0.00
Pictet-EUR High Yield-I F € 247.83 - -0.14 0.00 Global Technology I USD $ 23.75 - 0.05 0.00 Order Desk and Enquiries: 0845 601 9610 Renminbi Bond Fund CNH Cls B CNH 127.32 - 0.50 3.11 Selling price: Also called bid price. The price at which
Veritas Global Focus Fund B USD $ 18.76 - -0.05 1.61
Pictet-EUR Short Mid-Term Bonds-I F € 136.99 - 0.02 0.00 Healthcare Blue Chip Fund I USD Acc $ 11.40 11.40 0.00 - Authorised Inv Funds units in a unit trust are sold by investors.
Authorised Corporate Director - Capita Financial Managers Santander Asset Management UK Limited (1200)F (UK) Renminbi Bond Fund Euro Cls B € 124.81 - 0.48 3.52
Veritas Global Focus Fund B GBP £ 22.11 - 0.01 1.64
Pictet-EUR Short Term HY I EUR € 119.79 - -0.03 0.00 Healthcare Opps I USD $ 41.60 - 0.03 0.00 287 St Vincent Street, Glasgow G2 5NB 0845 605 4400 Buying price: Also called offer price. The price at
CF Ruffer Investment Funds Renminbi Bond Fund GBP Cls B £ 126.61 - 0.49 3.32
Authorised Inv Funds Veritas Global Focus Fund B EUR € 17.18 - -0.08 1.52 which units in a unit trust are bought by investors.
Pictet-EUR Sov.Sht.Mon.Mkt EUR I € 103.13 - 0.00 0.00 Income Opportunities B2 I GBP Acc £ 1.77 1.77 0.01 0.00
CF Ruffer Gold Fund C Acc 88.27 - 1.19 0.00 Renminbi Bond Fund SGD Cls B S$ 125.55 - 0.48 3.29 Includes manager’s initial charge.
Santander Premium Fund (OEIC) Veritas Global Equity Income Fund B GBP £ 148.58 - 0.22 4.25
Pictet-Euroland Index IS EUR € 141.02 - -2.80 0.00 Japan Alpha I JPY ¥ 234.73 234.73 0.44 0.00
CF Ruffer Gold Fund O Acc 87.53 - 1.18 0.00 A Shares Renminbi Bond Fund USD Cls B $ 126.14 - 0.48 3.09
TreeTop Asset Management S.A. (LUX) Veritas Global Equity Income Fund B EUR € 209.05 - -0.84 3.61 Single price: Based on a mid-market valuation of the
Pictet-Europe Index-I EUR F € 185.57 - -3.25 0.00 Japan I JPY ¥ 2315.00 - 7.97 0.00
Equity & General C Acc 390.36 - 0.61 0.25 Europe (ex-UK) 290.90 - -4.10 - Renminbi Bond Fund YEN Cls B ¥ 13936.14 - 55.11 0.00 Regulated underlying investments. The buying and selling price
Veritas Global Equity Income Fund B USD $ 126.19 - -0.17 4.38
Pictet-European Equity Selection-I EUR F € 676.30 - -10.86 0.00 North American I USD $ 17.94 17.94 0.01 0.00 for shares of an OEIC and units of a single priced unit
Equity & General C Inc 360.25 - 0.57 0.24 Japan Equities 165.70 - 0.60 - Renminbi Bond Fund USD Cls A $ 173.78 - 0.67 3.32 TreeTop Convertible Sicav
Veritas Global Real Return Fund B USD $ 20.43 - 0.01 1.56 trust are the same.
Pictet-European Sust Eq-I EUR F € 256.45 - -4.30 0.00 UK Absolute Equity I GBP £ 11.41 11.41 0.03 - International A € 313.29 - -3.92 0.00
Equity & General O Inc 359.20 - 0.56 0.00 Pacific Bas (ex-Japan) 577.20 - 0.50 - Renminbi Bond Fund GBP Cls A £ 168.62 - 0.66 3.56
Veritas Global Real Return Fund B GBP £ 11.53 - 0.01 1.57
Pictet-Global Bds Fundamental I USD $ 120.41 - 0.29 0.00 International B $ 403.06 - -4.84 0.00 Treatment of manager’s periodic capital charge:
Equity & General O Acc 387.09 - 0.60 0.00 Sterling Bonds 266.40 - -0.40 - Renminbi Bond Fund SGD Cls A S$ 166.18 - 0.64 3.52
Veritas Global Real Return Fund B EUR € 13.29 - 0.01 1.39 The letter C denotes that the trust deducts all or part
Pictet-Global Bonds-I EUR € 162.93 - -0.21 0.00 International C £ 135.48 - -1.65 0.00 of the manager’s/operator’s periodic charge from
Polar Capital LLP (CYM) European C Acc 525.46 - -0.14 0.21 UK Equities 279.50 - -2.50 - Renminbi Bond Fund YEN Cls A ¥ 20611.18 - 81.74 0.00
Pictet-Global Emerging Currencies-I USD F $ 100.24 - -0.01 0.00 capital, contact the manager/operator for full details
Regulated US Equities 271.50 - -1.00 - Renminbi Bond Fund EUR Cls A € 114.70 - 0.44 3.76 International D € 290.51 - -3.61 2.89
European O Acc 521.11 - -0.14 0.00 of the effect of this course of action.
Pictet-Global Emerging Debt-I USD F $ 358.34 - -0.08 0.00 ALVA Convertible A USD $ 129.60 - 1.41 0.00
B Shares Poland Geared Growth £ 0.51 - -0.02 0.00 Pacific A € 310.99 - 1.59 0.00 Veritas Asset Management LLP
Japanese Fund C Acc 198.57 - 2.05 0.01
www.veritas-asset.com Exit Charges: The letter E denotes that an exit charge
Pictet-Global Megatrend Selection-I USD F $ 241.06 - -1.71 0.00 European Conviction A EUR € 158.59 - -1.91 0.00 Pacific Bas (ex-Japan) 576.40 - 0.50 - Pacific B $ 394.25 - 2.16 0.00
Japanese Fund O Acc X 196.68 - 2.03 0.00 Other International Funds may be made when you sell units, contact the
Pictet-Greater China-I USD F $ 550.35 - 5.50 0.00 European Forager A EUR € 177.78 - -0.72 0.00 TreeTop Global Sicav manager/operator for full details.
Pacific C Acc 351.28 - -2.10 0.40 Real Return Asian Fund USD (Est) € 325.36 - 11.78 0.00
Pictet-Health-I USD $ 306.42 - -1.61 0.00 Global Opp.A € 157.04 - -0.94 0.00
Pacific O Acc 348.04 - -2.08 0.15 Real Return Asian Fund GBP (Est) £ 345.91 - 12.16 0.00 Time: Some funds give information about the timing of
Saracen Fund Managers Ltd (1000)F (UK)
Global Opp.B $ 155.44 - -0.74 0.00
Pictet-High Dividend Sel I EUR F € 165.59 - -1.41 0.00 price quotes. The time shown alongside the fund
Polunin Capital Partners Ltd Total Return C Acc 415.66 - 3.01 1.34 19 Rutland Square, Edinburgh EH1 2BB Real Return Asian Fund EUR (Est) $ 341.22 - 11.94 0.00
manager’s/operator’s name is the valuation point for
Pictet-India Index I USD $ 104.42 - 0.76 0.00 Other International Funds Dealing: 00 353 1 603 9921 Global Opp.C £ 195.10 - -0.57 0.00
Total Return C Inc 290.63 - 2.11 1.35 their unit trusts/OEICs, unless another time is
Pictet-Indian Equities-I USD F $ 479.10 - 0.56 0.00 Emerging Markets Active $ 45.96 - 2.02 - Saracen Investment Funds ICVC (OEIC) Enq. 0131 202 9100 Sequoia Equity A € 150.79 - -1.42 0.00 indicated by the symbol alongside the individual unit
Total Return O Inc 288.08 - 2.08 1.35 Authorised Inv Funds trust/OEIC name.
Pictet-Japan Index-I JPY F ¥ 17838.32 - 43.99 0.00 Luxcellence Em Mkts Tech $ 1102.23 - 35.19 0.00 Sequoia Equity B $ 156.53 - -1.24 0.00 Waverton Investment Funds Plc (1600)F (IRL)
Total Return O Acc 412.16 - 2.98 1.34 Saracen Growth Fd Alpha Acc £ 3.84 - 0.01 0.94 E.I. Sturdza Strategic Management Limited (GSY) waverton.investments@citi.com
Pictet-Japanese Equities Opp-I JPY F ¥ 10633.05 - 19.09 0.00 Polunin Developing Countries $ 934.41 942.35 -13.00 0.00 Sequoia Equity C £ 175.67 - -1.03 0.00 The symbols are as follows: ✠ 0001 to 1100 hours; ♦
Saracen Growth Fd Beta Acc £ 6.11 - 0.01 1.41 Regulated FCA Recognised
1101 to 1400 hours; ▲1401 to 1700 hours; # 1701 to
Pictet-Japanese Equity Selection-I JPY F ¥ 16231.13 - 31.67 0.00 Polunin Discovery - Frontier Markets $ 1463.07 - 10.10 - Nippon Growth Fund Limited ¥ 115796.00 - 2405.00 0.00 Waverton Asia Pacific A USD $ 20.76 - -0.04 0.99 midnight. Daily dealing prices are set on the basis of
Saracen Global Income & Growth Fund A - Acc £ 1.28 - 0.01 2.71
Pictet-LATAM Index I USD $ 63.57 - -0.94 0.00 Polunin Small Cap $ 1503.71 1522.51 -8.50 0.00 the valuation point, a short period of time may elapse
Strat Evarich Japan Fd Ltd JPY ¥ 105219.00 - 2205.00 0.00 Waverton European Fund A Eur € 19.18 - -0.11 0.49
Saracen Global Income & Growth Fund A - Dist £ 1.21 - 0.00 2.77 before prices become available. Historic pricing: The
Pictet-LATAM Lc Ccy Dbt-I USD F $ 124.55 - -0.33 0.00 Strat Evarich Japan Fd Ltd USD $ 1050.03 - 22.10 0.00 Waverton Global Bond Fund Cls A $ 9.15 - -0.01 5.33 letter H denotes that the managers/operators will
Saracen Global Income and Growth Fund -Acc # £ 1.58 - 0.00 3.06 normally deal on the price set at the most recent
Pictet-Pacific Ex Japan Index-I USD F $ 377.49 - 2.67 0.00 Waverton Global Equity Fund A GBP £ 14.96 - 0.05 0.35
Private Fund Mgrs (Guernsey) Ltd (GSY) Saracen Global Income and Growth Fund -Dist # £ 1.42 - 0.00 3.14 valuation. The prices shown are the latest available
Pictet-Premium Brands-I EUR F € 165.94 - -2.74 0.00 Regulated Waverton UK Fund A GBP £ 14.10 - 0.02 1.74 before publication and may not be the current dealing
Saracen UK Income Fund - Acc £ 1.05 - 0.00 - E.I. Sturdza Funds PLC (IRL) levels because of an intervening portfolio revaluation
Pictet-Quality Global Equities I USD $ 138.64 - -0.55 0.00 Monument Growth 26/05/2015 £ 490.04 495.62 0.09 1.00 Waverton Equity Fund A GBP £ 15.93 - 0.06 0.00 or a switch to a forward pricing basis. The
Saracen UK Income Fund - Dist £ 1.05 - 0.00 - Regulated
Pictet-Russia Index I USD $ 57.13 - -1.63 0.00 S W Mitchell Capital LLP (CYM)
Waverton Sterling Bond Fund A GBP £ 9.81 - 0.00 5.31 managers/operators must deal at a forward price on
Regulated . Nippon Growth (UCITS Fund Euro Hedged Class EUR) € 1249.89 - 9.85 0.00 Troy Asset Mgt Ltd (UK)
request, and may move to forward pricing at any time.
Pictet-Russian Equities-I USD F $ 50.18 - -0.58 0.00 For Save & Prosper please see Countrywide Assured Nippon Growth (UCITS Fund Euro Hedged Institutional Class EUR) € 1467.22 - 11.69 0.00 40 Dukes Place, London EC3A 7NH Forward pricing: The letter F denotes that that
Prusik Investment Management LLP (IRL) S W Mitchell European Fund Class A EUR € 336.82 - 20.48 -
Order desk: 0845 608 0950, Enquiries 0845 608 0950 managers/operators deal at the price to be set at the
Pictet-Security-I USD F $ 208.07 - -1.61 0.00 Enquiries - 0207 493 1331 Nippon Growth (UCITS) Fund JPY Class A shares ¥ 114681.00 - 949.00 0.00
S W Mitchell Small Cap European Fund Class A EUR € 229.05 - 9.70 - Authorised Inv Funds WA Fixed Income Fund Plc (IRL) next valuation.
Pictet-Select-Callisto I EUR € 107.11 - 0.52 0.00 Regulated
The Charlemagne Fund EUR € 333.22 - 22.97 - Schroder Property Managers (Jersey) Ltd Nippon Growth (UCITS) Fund JPY Class B Acc shares ¥ 96118.00 - 791.00 0.00 ACD Capita Financial Mgrs Regulated
Prusik Asian Equity Income B Dist $ 170.96 - 0.56 4.37 Investors can be given no definite price in advance of
Pictet-Small Cap Europe-I EUR F € 1143.60 - -13.73 0.00 Other International Funds Nippon Growth (UCITS) Fund JPY Class C Dis shares ¥ 93442.00 - 773.00 0.00 Trojan Investment Funds European Multi-Sector € 120.51 - 0.34 0.00
the purchase or sale being carried out. The prices
Prusik Asia A $ 213.78 - 0.20 0.00 Indirect Real Estate SIRE £ 127.74 133.58 0.40 2.51
Pictet-ST.MoneyMkt-I € 140.54 - 0.00 0.00 Nippon Growth (UCITS Fund Class D Institutional JPY) ¥ 62091.00 - 511.00 0.00 Spectrum Fund 'O' Acc ♦ 166.58 - 0.40 0.22 appearing in the newspaper are the most recent
Prusik Asian Smaller Cos A $ 171.63 - -0.09 0.00 S W Mitchell Capital LLP (IRL) provided by the managers/operators. Scheme

Asset Management
Pictet-ST.MoneyMkt JPY I USD ¥ 101554.95 - -2.57 0.00 Strategic China Panda Fund USD $ 2694.89 - -87.09 0.00 Spectrum Fund 'O' Inc ♦ 162.51 - 0.39 0.22
Regulated Winton Capital Management particulars, prospectus, key features and reports: The
Pictet-ST.MoneyMkt-ICHF
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PCG B X 173.79 - -0.33 0.00 RobecoSAM (LUX) Client Services 0800 587 2113, Client Dealing 0800 587 2112
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Authorised Inv Funds
Other International Fds Taube Hodson Stonex Ptnrs UT (1200)F (UK)
Pictet-USD Sov.ST.Mon.Mkt-I $ 102.54 - -0.01 0.00 RobecoSAM Sm.Energy/A £ 13.01 - -0.06 1.12 OEIC
50 Bank Street, Canary Wharf, London E14 5NT
LTIF Stability Growth SFr 210.50 - -2.40 -
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Putnam Investments (Ireland) Ltd (IRL)
LTIF Stability Inc Plus SFr 187.00 - -2.10 5.42
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Authorised Inv Funds Yuki International Limited (IRL)
Putnam New Flag Euro High Yield Plc - E € 1049.47 - 0.61 4.71 RobecoSAM Sustainable Gl.Eq/B € 191.69 - -2.21 0.00 UBS UK Opportunities Fund B Acc £ 0.97 - 0.00 2.45 Tel +44-20-7269-0207 www.yukifunds.com
Pimco Fds: Global Investors Series Plc (IRL) THS Growth & Value Funds
RobecoSAM S.HealthyLiv/B € 191.21 - -2.45 0.00 Smith & Williamson Investment Management (1200)F (UK) US Equity B Acc £ 1.58 - 0.00 0.25 Regulated
PIMCO Europe Ltd,11 Baker Street,London W1U 3AH International
25 Moorgate, London, EC2R 6AY 020 7131 8100 Yuki Mizuho Umbrella Fund
http://gisnav.pimco-funds.com/ RobecoSAM S.Water/A £ 175.95 - -0.79 2.14 IGV - Inc A 352.70 - -2.80 2.21 UBS Asian Consumption Fund - B Acc £ 0.59 - 0.00 0.45
Rathbone Unit Trust Mgmt (1200)F (UK) www.sandwfunds.com Yuki Mizuho Japan Dynamic Growth ¥ 7452.00 - -3.00 0.00
Dealing: +44 20 3640 1000
PO Box 9948, Chelmsford, CM99 2AG Authorised Inv Funds IGV - Inc B 353.00 - -2.80 1.45 UBS S&P 500 Index C Acc £ 0.54 - 0.00 -
PIMCO Funds: +44 (0)20 3640 1407 Yuki Mizuho Japan Large Cap ¥ 7937.00 - 0.00 0.00
Order Desk: 0845 300 2101, Enquiries: 0207 399 0399 UBS Targeted Return B Acc £ 1.29 - -0.01 1.19
FCA Recognised European Growth Trust A Class 531.90 - -7.40 0.69 IGV - Acc X 431.60 - -3.40 1.72
Authorised Inv Funds Yuki Japan Low Price ¥ 27260.00 - 181.00 0.00
Asia Local Bond Fund - Inst Acc $ 10.00 - 0.00 0.00 Far Eastern Income and Growth Trust A Class 438.20 - 2.20 3.04 IGV - Acc Y 461.90 - -3.60 0.00 UBS Sterling Corporate Bond Indexed Fund 52.25 - -0.09 3.27
Blue Chip Income Inc 160.08 165.29 -1.64 3.89 Yuki Japan Value Select ¥ 13516.00 - 51.00 0.00
Capital Securities Inst Acc $ 14.99 - -0.01 0.00 Fixed Interest Trust A Class 123.80xd - -0.30 3.63 IGV - Acc Z 429.20 - -3.40 1.46 UBS Multi Asset Income B Inc (net) £ 0.52 - 0.00 3.63
Blue Chip Income Acc 232.44 239.80 -2.38 3.77 YMR Umbrella Fund
Commodity Real Return Fund Inst Acc $ 7.45 - 0.07 0.00 Global Gold and Resource Trust A Class 163.70 - 0.00 0.00 European UBS UK Equity Income B Inc Net £ 0.43 - -0.01 4.47
Ethical Bond Inc 92.45 94.43 -0.03 5.07 YMR N Growth ¥ 18128.00 - -9.00 0.00
Credit Absolute Return Fund Inst Acc $ 11.56 - -0.01 0.00 MM Endurance Balanced Fund A Class 223.60 - 0.20 1.14 EGV - Acc S 286.90 - -2.60 - Corporate Bond UK Plus B Inc Net £ 0.53 - 0.00 4.00 Yuki Asia Umbrella Fund
Ethical Bond Acc 173.57 176.96 -0.06 4.94
Diversified Income - Inst Acc $ 19.99 - 0.01 0.00 MM Global Investment Fund A Class 2298.00 - -18.00 1.48 EGV - Acc Z 286.90 - -2.60 0.54 UBS Global Allocation (UK) B Acc £ 1.13 - -0.01 1.74 Yuki Japan Rebounding Growth Fund ¥ 24736.00 - -33.00 0.00
Global Opportunities Acc 138.39 142.81 -0.70 0.11
Diversified Income Durat Hdg Fund Inst Acc $ 11.73 - -0.02 0.00 North American Trust A Class 1779.00 - -11.00 0.00 Continental UBS Global Enhanced Equity Income C Inc £ 0.50 - 0.00 -
Income Inc 888.90 919.86 -7.12 3.81
EM Fundam.Ind StocksPLUS Fund Inst Acc $ 10.93 - -0.09 0.00 Oriental Growth Fund A Class 163.30 - 1.40 1.45 CVG - Acc S 117.00 - -1.40 - UBS US Growth Fund B Acc £ 1.48 - -0.01 0.00
Income Acc 1350.85 1396.46 -10.82 3.65 Zadig Gestion (Memnon Fund) (LUX)
Emerging Asia Bond Fund Inst Acc $ 10.29 - 0.01 0.00 Santander Asset Management UK Limited (1200)F (UK) UK Equity Growth Trust A Class 438.00 - -1.90 0.75 CVG - Acc X 116.90 - -1.30 - UBS Emerging Markets Equity Income B Inc £ 0.44 - 0.00 5.04 FCA Recognised
Multi Asset Enhanced Growth Acc 131.55 - 0.11 0.00
Emerging Multi-Asset Fund Inst Acc $ 8.92 - -0.03 0.00 287 St Vincent Street, Glasgow G2 5NB, 0845 6000 181 UK Equity Income Trust A Class 240.20 - -4.80 4.32 Memnon European Fund I GBP £ 116.50 - -1.22 0.00
Multi Asset Strategic Growth inc 154.53 - -0.04 1.32 Authorised Funds
Emerging Local Bond - Inst Acc $ 12.13 - 0.01 0.00
Multi Asset Strategic Growth acc 162.96 - -0.04 1.31 Santander Atlas Range The Hartford International Funds (IRL) Unicapital Investments (LUX)
Emerging Markets Bond - Inst Acc $ 39.97 - -0.01 0.00 Santander Atlas Port 3 Acc Ret 152.20 - 0.00 - Regulated Regulated
Multi Asset Total Return inc 128.95 - 0.09 1.80 Smith & Williamson Fd Admin Ltd (1200)F (UK) Zebedee Capital Partners LLP (CYM)
Emerging Markets Corp.Bd Fund Inst Acc F $ 13.76 - -0.01 0.00 Gbl Govt Bond (Ex Japan) Index (GBP) £ 1588.57 - 9.37 0.00 Investments III € 27.41 - 0.58 0.00 Regulated
Multi Asset Total Return acc 140.76 - 0.09 1.78 Santander Atlas Port 3 Inc Ret 106.40 - 0.00 - 25 Moorgate, London, EC2R 6AY 0141 222 1150
Emerging Markets Curr.Fd- Inst Acc $ 12.62 - 0.01 0.00 Authorised Inv Funds UK Corporate Bond £ 1579.30 - -2.28 0.00 Investments IV - European Private Eq. € 282.02 296.12 0.00 - Zebedee Focus Fund Limited Class A EURO Shares € 169.78 - -0.96 0.00
Recovery Inc 450.57 467.57 -2.65 2.18 Santander Atlas Port 3 Acc Inst 167.00 - 0.00 -
Euro Bond - Inst Acc € 22.74 - 0.04 0.00 S&W Deucalion Fd (OEIC) 2197.00 - 0.00 0.18 Gilt £ 1572.07 - -1.85 0.00 Investments IV - Global Private Eq. € 428.48 449.91 0.00 - Zebedee Focus Fund Limited Class B USD Shares $ 197.30 - -1.19 0.00
Recovery Acc 534.88 554.61 -3.15 2.15 Santander Atlas Port 4 Acc Ret 187.10 - -0.10 -
Euro Credit - Inst Acc € 14.86 - 0.02 0.00 S & W Magnum 399.50 422.30 -2.00 1.43 Global Eq (Ex Japan) Index Fund ¥ 1.44 - -0.01 0.00 Zebedee Focus Fund Limited Class A USD $ 170.38 - -0.82 0.00
Strategic Bond Ret Acc £ 1.19 1.21 0.00 3.80 Santander Atlas Port 4 Inc Ret 135.60 - -0.10 -
Euro Income Bond - Inst Acc F € 13.16 - 0.01 0.00 S & W Marathon Trust 195.30 206.70 -0.30 1.81 Global Eq (ex Japan) Class HJ4 ¥ 1.49 - -0.02 0.00
Strategic Bond Ret Inc £ 1.07 1.08 0.00 3.84 Santander Atlas Port 4 Acc Inst 169.60 - -0.10 - Unicorn Asset Management Ltd (UK)
Euro Long Average Duration - Inst Acc € 22.47 - 0.21 0.00 Santander Atlas Port 5 Acc Ret 202.40 - -0.20 -
Charity Value and Income Fund Acc
Charity Value and Income Fund Inc
144.50 145.40 -1.10 4.31
99.46 100.10 -0.84 4.43
Global Eq (ex Japan) Class JP5 ¥ 1.67 - -0.02 0.00 PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287
Authorised Inv Funds
Money Market
Euro Low Duration Fund Inst Acc € 11.33 - 0.00 0.00 Global Eq Ex Japan Index Fund (Hedge) ¥ 1.53 - -0.02 0.00
Santander Atlas Port 5 Acc Inst 171.60 - -0.10 -
Euro Real Return - Inst Acc € 13.46 - 0.07 0.00 Santander Atlas Port 6 Acc Ret 280.00 - -0.20 -
Gbl Govt Bond (Ex Japan) Index ¥ 1.37 - 0.00 0.00 UK Growth A Inc 379.93 - 2.57 0.00
Trusts and
Gbl Govt Bond (ex Japan) Class JP4 ¥ 1.35 - 0.01 0.00 Mastertrust A Inc X F 374.26 - 0.81 0.00
Euro Short-Term Inst Acc € 12.32 - 0.00 0.00
Euro Ultra Long Duration - Inst Acc € 30.21 - 0.37 0.00
Santander Atlas Port 6 Acc X
Santander Atlas Port 6 Acc Inst
199.90
171.70
-
-
-0.10
-0.10
-
-
SMT Fund Services (Ireland) Limited
Regulated Japan Equity Index Fund ¥ 1.15 - 0.00 0.00 UK Growth B Inc 381.83 - 2.59 0.24 Bank Accounts Gross
Monthly Dividend High Yield $ 7.00 - -0.03 0.00 Japan Equity Class JP3 ¥ 1.39 - 0.00 0.00 Mastertrust B Inc X F 336.63 - 0.74 0.38
Global Advantage - Inst Acc $ 12.41 - 0.03 0.00 Santander Atlas Port 7 Acc Ret 220.40 - -0.20 - Gross Net AER Int Cr
Daiwa Gaika MMF Outstanding British Cos A Acc X F 251.95 - 0.66 0.43
Global Advantage Real Return Fund Inst Acc $ 9.14 - 0.04 0.00 Santander Atlas Port 7 Acc Inst 174.50 - -0.20 -
Robeco Asset Management (LUX) AU$ Portfolio A$ 0.01 - 0.00 - Outstanding British Cos B Acc X F 262.19 - 0.71 1.11
Global Bond - Inst Acc $ 27.90 - 0.05 0.00 Authorised Inv Funds CCLA Investment Management Ltd
Coolsingel 120, 3011 AG Rotterdam, The Netherlands. US$ Portfolio $ 0.01 - 0.00 - The National Investor (TNI) Senator House 85 Queen Victoria Street, London EC4V 4ET
UK Smaller Cos A Inc X F 439.67 - 2.80 0.08
Global Bond Ex-US - Inst Acc $ 19.40 - 0.04 0.00 www.robeco.com/contact Max 70% Shs Acc Ret 171.50 - -1.00 - www.tni.ae
Canadian Dllr Pfolio C$ 0.01 - 0.00 - CBF Church of England Deposit Fund 0.50 - 0.50 Qtr
FCA Recognised Other International Funds UK Smaller Cos B Inc X F 431.50 - 2.77 0.77
Global Fundam.Index StocksPLUSInst Acc $ 12.20 - -0.07 0.00 Max 70% Shs Inc Ret 145.20 - -0.90 -
Asia-Pacific Equities (EUR) € 153.53 - -1.00 0.00 New Zealand Dllr Pfolio NZ$ 0.01 - 0.00 - TNI Blue Chip UAE Fund * AED 11.01 - -0.02 0.00 UK Income A Acc X F 261.19 - -0.24 4.34
Global High Yield Bond - Inst Acc $ 20.52 - 0.01 0.00 Investments Inc Acc Ret 156.20 - -0.40 - CCLA Fund Managers Ltd
Daiwa Bond Series TNI Funds Ltd (BMU)
Chinese Equities (EUR) € 99.06 - 0.28 0.00 UK Income A Inc X F 240.11 - -0.23 4.49 Senator House 85 Queen Victoria Street, London EC4V 4ET
Global Investment Grade Credit - Inst Income $ 12.51 - 0.02 3.49 Investments Inc Inc Ret 104.30 - -0.30 -
Monthly Dividend AUD Bd A$ 10.37 - -0.02 0.00 MENA Hedge Fund $ 994.16 - -14.08 0.00 COIF Charities Deposit Fund 0.45 - 0.45 Qtr
Em Stars Equities (EUR) € 202.57 - -3.17 0.00 UK Income B Acc X F 276.33 - -0.24 4.31
Global Investment Grade Credit Fund Inst Acc € € 11.89 - -0.02 0.00 Equity Inc Inc Inst 258.90 - -2.60 -
Monthly Dividend EUR Bd € 10.75 - -0.02 0.00 TNI Funds Plc (Ireland)
Emerging Markets Equities (EUR) € 173.49 - -0.96 0.00 UK Income B Inc X F 254.15 - -0.22 4.46
Global Investment Grade Credit Fund Inst Acc $ $ 16.80 - 0.02 0.00 Equity Inc Inc Ret 222.80 - -2.20 - MENA UCITS Fund * $ 1369.02 - -4.26 0.00
Monthly Dividend CAD Bd C$ 10.31 - 0.02 0.00
Flex-o-Rente (EUR) € 108.21 - -0.14 0.00 N&P UK Gwth Inc Ret 173.20 - -1.80 -
Global Multi-Asset - Inst Acc $ 15.29 - -0.06 0.00 Mthly Div US Preferred Secs $ 7.92 - -0.02 0.00
Glob.Consumer Trends Equities (EUR) € 160.83 - -1.26 0.00 Stckmkt 100 Track Gwth Acc Inst 99.98 - -1.12 -
Global Real Return - Inst Acc $ 18.36 - 0.11 0.00 Daiwa Equity Fund Series Value Partners Hong Kong Limited (IRL)
High Yield Bonds (EUR) € 128.16 - 0.04 0.00 Stckmkt 100 Track Gwth Acc Ret 184.60 - -2.20 - www.valuepartners.net, fis@vp.com.hk
Income Fund Inst Acc $ 12.38 - 0.01 0.00 New Major Economies $ 9.36 - 0.02 0.00
Lux -O- Rente (EUR) € 138.15 - 0.05 0.00 Regulated
Inflation Strategy Fund Inst Acc $ 9.60 - 0.01 0.00 UK Growth Acc Inst 296.20 - -2.90 -
Value Partners Classic Equity Fund USD Z Unhedged $ 13.49 - 0.05 0.00
New World Financials (EUR) € 59.11 - -0.55 0.00 UK Growth Acc Ret 344.20 - -3.40 -
Low Average Duration - Inst Acc $ 14.81 - 0.00 0.00
Value Partners Classic Equity Fund CHF HedgedSFr 14.35 - 0.04 0.00
30 ★★★ FINANCIAL TIMES Tuesday 2 June 2015

MARKETS & INVESTING

SMART MONEY Capital markets

Dan
McCrum Petrobras returns with 100-year bond
Brazilian state oil group
joins select club with first
It is accounts, not dollar bond for 15 months
press releases, that SAMANTHA PEARSON — SÃO PAULO
Petrobras, the Brazil state oil company,
help restore confidence in a company
that holds a near-monopoly over
Brazil’s oil and gas industry and
accounts for about 10 per cent of invest-
ment in the country.
Ever since a multibillion-dollar brib-
ery and kickback scheme emerged early
last year, the oil producer has been cut
In April Mexico sold its first euro-de-
R$400bn dies, which forced the company to
nominated century bond, after com- import diesel and petrol at a loss for
pleting a dollar-denominated century Petrobras’s total much of the past five years, the corrup-
debt at the end of
issue in 2010.
In a statement yesterday, Petrobras
said it planned to use the proceeds of the
the first quarter tion scandal has shaken investors’ confi-
dence in its future.
Public prosecutors believe that politi-
sale, being run by Deutsche Bank and
JPMorgan & Chase, for “general corpo-
$13.7 bn
Planned asset sales,
cians — largely from President Dilma
Rousseff’s ruling coalition — conspired

reward careful reading is selling a rare “century” bond as it
looks to make a bold return to overseas
capital markets after being shunned by
investors for more than a year.
The Rio de Janeiro company, which is
off from global debt markets, starving
one of the world’s most indebted com-
panies of capital.
But at the end of April Petrobras
finally convinced auditors to sign off its
rate purposes”.
The oil company needs funds to com-
plete its investment programme and
refinance some of its debt, which
totalled just over R$400bn at the end of
to follow $3.5bn with Petrobras executives and contrac-
loan from China
tors to extract billions of dollars from
the company.
Petrobras yesterday reiterated the
risks from the investigation into the

L
et us explore the gap between aspiration and
reality, where fortunes are made and lost. We
will get to one of the more dramatic examples of
the difference between upbeat press releases
and dry corporate filings below, and another
sign of what it takes to become a billionaire in Hong Kong,
but first some international favourites in the spirit of read-
ing without knowing what you will find.
Tiny Baltia is one of the longest running companies to
live in the gap. A US penny stock from the pink sheets of
off-exchange trading, “America’s newest Airline” has been
preparing to fly for 25 years. Regular press releases detail
each step towards a nonstop service from New York to St
Petersburg, Russia, while periodic sales of stock — includ-
ing $2.6m this year — keep the dream alive.
Its latest quarterly filing is more grounded. Baltia has
spent $41m of investors’ cash over the years without sell-
ing a ticket. It does not have the money to survive until
Christmas, so may not be a going concern for long, and is
seeking an auditor after the last one failed to certify its
accounts for 2014.
Even when the financial position of a company is robust,
careful readers can find useful information. At the other
end of the scale is Alibaba, the Chinese ecommerce com-
pany worth $223bn. It is common to talk about Alibaba
shareholders, but the prospectus shows that investors hold
American Depositary Shares, a form of derivative regis-
tered in the Cayman Islands and somehow related to the
market in China. “Somehow” because in Alibaba’s corpo-
rate structure lines of ownership give way to dotted arrows
of “contractual arrangements” as the path is traced from
tax-haven derivative to underlying businesses.
In the UK Gotham City Research sprang to fame last year
after publishing a report on the largest company on Aim,
London’s junior market. Quindell was then valued at
almost £3bn and issued
weekly press releases that
promised a revolution in
‘America’s
insurance claims processing. newest Airline’
Gotham rooted through
accounts for Quindell’s many
has been
unlisted subsidiaries and the preparing to fly
publication of its critique was
followed by a share price col-
for 25 years
lapse. But readers who turned
to the annual report could draw a surprising conclusion:
for all its technobabble the company had become the
world’s largest listed law firm. They also found some unu-
sual accounting, sales and profits recorded before the
money arrived, an approach since deemed inappropriate
by an accounting firm that has reviewed the books.
When it comes to Hong Kong, trawling through the
notes of financial statements is not always necessary to
contrast enthusiasm for the future with a prosaic present.
Billy Kan was recently the subject of a Forbes profile to
mark his arrival as a billionaire on the Hong Kong rich list.
How did he get there? Last year he renamed his Artel Solu-
tions company China LNG. The shares have tripled since it
was rechristened and aimed at the vast potential market
for liquefied natural gas vehicles on the mainland.
Recent announcements include letters of intent signed
with Lianyungan Haitong and the Mongolia Genghis Khan
group to promote the use of gas-powered vehicles in China
and Mongolia, although the board emphasised the lack of a
binding element to the proposed co-operation at this stage.
When the Financial Times asked what investments in
LNG had been made, it was referred to the annual report.
Last year was a good one, but profits of HK$294m came
from the sale of a convertible bond issued by a listed Hong
Kong property developer whose shares had spent six years
suspended at the direction of the local regulator.
China LNG had engaged “great effort in negotiations
with governments in various provinces in the People’s
Republic of China”, related to the development of LNG,
and boasted 17 strategic co-operation framework agree-
ments and letters of intent.
The group had about HK$0.5bn of stock investments
and cash at the end of the year, and has since committed
$48m towards financing the leasing of LNG vehicles in
Shanghai. It also made a $0.5bn profit on the sale of half a
subsidiary in May. But on the existing business the report
is informative. Last year China LNG held three residential
properties (one of which was sold in February for
HK$28m). As for the employees running a company val-
ued at HK$22bn ($3bn)? Well, there are 17 of them.
dan.mccrum@ft.com
engulfed in Brazil’s largest corruption
scandal to date, plans to issue at least
$2.5bn of securities due in 2115 to yield
close to 8.45 per cent, according to one
person close to the move.
The 100-year note sale was expected
to price last night.
Petrobras’s first dollar-denominated
bond issue since March last year should
US Treasuries get the challenger treatment
Citadel Securities to trade US
government debt directly with
clients on electronic platforms
JOE RENNISON
Disruption is the new normal on Wall
Street, as challengers emerge to take on
the big banks in many areas of business.
And now one of the biggest non-bank
electronic market makers in equity and
futures markets is seeking to cut into
banks’ established dominance in US
Treasury bonds.
Citadel is a big participant in trading
Treasuries with investment banks and
dealers on platforms such as ICAP’s Bro-
kerTec. The Chicago-based group is
seeking to expand its reach by trading
directly with clients on electronic plat-
forms such as Bloomberg and
Tradeweb.
The shift comes at a crucial time for
big banks and brokers, which as pri-
mary dealers help the US Treasury
underwrite debt sales and facilitate the
trading of paper by investors in the
world’s largest bond market.
In recent years investors and dealers
have expressed mounting concern
about the difficulty of buying and selling
large amounts of government debt
without sparking sharp changes in the
price of bonds.
This situation has long plagued less
liquid areas of the bond universe, but
the erosion of liquidity in the Treasury
market strikes at the core of global
finance.
Foreign investors account for about
half of the $12.2tn in outstanding debt
issued by the US Treasury.
While some banks are sceptical about
Citadel’s ability to succeed as a client-
facing franchise, others see the move as
a necessary evolution in the market-
place to help plug the gap as dealers
retrench.
“The system needs more players,”
says the head of US Treasury trading at
one European bank. “The street is get-
ting smaller due to deleveraging, but the
system has not got any smaller. So you
need more people to be able to absorb
market shocks and provide liquidity.”
The changing nature of the Treasury
market was illustrated last October
when the yield on 10-year US govern-
ment bonds suddenly dropped 33 basis
points to 1.86 per cent before rapidly
rebounding to 2.13 per cent. A senior
Federal Reserve official warned later
that such a move could happen again.
Investors fret that once the central
delayed financial statements for last the first quarter. scandal, dubbed “Lava Jato”, as well as
year by booking R$6.2bn ($1.95bn) in Petrobras has already turned to the investor lawsuits. “It is possible that
corruption-related losses, averting pos- Chinese for cash, securing a $3.5bn loan additional complaints or claims might
sible bankruptcy and allowing it to issue from China Development Bank in April, be filed in the US, Brazil or elsewhere
fresh bonds. and is seeking to sell $13.7bn in assets against us relating to Lava Jato,” it said.
If successful the sale yesterday would during the next two years to further “Depending on the outcome, such liti-
put Petrobras among the few Latin reduce its leverage. gation could . . . result in restrictions on
American issuers that have managed While the group’s finances have been our operations and have a material
to pull off the sale of a 100-year note. under pressure from Brazil’s fuel subsi- adverse effect on our business.”
Analysis. Capital markets
US Treasury market grows
Amounts outstanding ($tn)
15
10
5
0
2010 11 12 13 14
Trading volumes
Daily average, US Treasury ($bn)
600
550
500
450
400
2014 15
Source: Sifma
Citadel’s shift bank starts increasing official borrow- At first Citadel’s reach will be limited, ury debt sale process allows investors
to being a ing costs this year, the bond market and it will concentrate on current issues and institutions to buy large amounts
client-facing could encounter air pockets, where of US government bonds on electronic directly, outside the primary dealer
franchise comes liquidity evaporates, resulting in sud- venues. network.
as other dealers, den and sharp changes in bond prices, In addition to their focus on the most “We don’t see how becoming a pri-
including banks, which move inversely to yields. liquid portion of the market, Treasuries mary dealer and participating in US
have cut back on Such an outcome looms large, say do not trade in the same way as equities Treasury auctions would add to our cur-
this role observers, given the declining role of big and futures — where Citadel is already a rent model,” says Mr Hamill.
Tim Boyle/Bloomberg News
banks, which, under tougher regulatory big participant. To shift to making mar- Citadel Securities — the group’s mar-
pressure and with higher capital costs, kets in US government debt for clients ket-making arm — is regulated as a
have cut back on serving clients, such as the company will have to be comforta- broker-dealer in the US and sits sepa-
asset managers, hedge funds, pension ble holding an inventory of bonds, rately from Citadel’s hedge fund
plans and companies. thereby taking on the risk that the mar- activities.
“Your ability to transact in the Treas- ket moves against it. It is subject to lower capital require-
ury market is different to how it was “We are not operating a riskless busi- ments than the banks it will go head-to-
even two years ago because of the ness,” says Paul Hamill, global head of head with, which will help it to keep
changing dynamics of the structure due fixed income at Citadel. “We engage in prices down. Other factors that will help
to greater electronification and a lower client flow on the assumption we cannot in this regard include its focus on auto-
risk tolerance,” says a fixed-income immediately lay off risk all the time in mated trading, smaller staff and the fact
strategist at a US bank. other markets or venues.” that it is not in the business of providing
The transformation of the US fixed He says Citadel has no intention of research or trade ideas to clients.
income market has opened the door to signing up as a primary dealer, which “We focus on automated pricing,
Citadel and other non-primary dealers, would enable it to buy large amounts hedging and processing, and we operate
which are expected to have an increas- of Treasury debt at regular government from a lower cost base than traditional
ing role in Treasuries. auctions on behalf of clients. The Treas- market makers,’’ says Mr Hamill.

Commodities Currencies

Copper rally runs out of steam on China fears Pound falls for seventh day as data disappoint
HENRY SANDERSON
Copper fell below $6,000 yesterday,
bringing a halt to a rally in May, on con-
tinued weak demand in China, the big-
gest consumer of the metal.
Prices for three-month delivery on the
London Metal Exchange touched $5,985
yesterday. The metal has fallen more
than $400 from its price at the begin-
ning of May. There are few signs of
strong orders for copper in China by
cable makers and for power grid invest-
ment, despite the arrival of the tradi-
tional peak buying season.
“The downstream demand is still
fairly limited, we don’t see sufficient or
meaningful recovery in terms of funda-
mentals and sentiment has started to
turn,” said Xiao Fu, an analyst at BOC
International, a unit of Bank of China.
Analysts expect China’s copper
demand to grow by 4 per cent this year,
yet that figure is predicated on consider-
able use in power grid investment,
based on announced government
spending plans.
Power grid investment fell 8.65 per
cent in April, according to SMM, a
China-based metals consultancy. In the
first four months, China completed
Rmb86.6bn ($13.9bn) of grid invest-
ment, 20 per cent of the planned
amount for the year, it said. Last year,
only 88.7 per cent of grid investment
was completed.
A fall in copper stocks in warehouses
tracked by the Shanghai Futures
Exchange in April and May, which was
taken as a sign of better demand, may
also not have gone to end users.
“The evolution of China’s demand
conditions remains the crucial issue for
sentiment towards the complex in mid-
2015, and neither the micro nor macro
evidence for May suggests an improve-
ment in this dynamic,” Standard Char-
tered wrote in a note.
China could switch to using alumin-
ium instead of copper in its power grid,
Goldman Sachs said in a research note
yesterday. Copper is more than three
times as expensive and China has excess
capacity in aluminium, while it has to
import more than 75 per cent of copper.
As much as half of 2016 demand
growth could be lost as a result, they
said. The bank has a target price of
$5,200 a tonne for copper.
Copper has also been hit by a
strengthening US dollar and data show-
ing the US economy shrank by 0.7 per
cent in the first quarter. Funds in China
are also making more money in equities,
with Shanghai stocks up almost 50 per
cent this year.
ROGER BLITZ AND NEIL DENNIS
Investors backed off sterling, cuddled
up to the dollar and consigned the yen
to a fresh 12-year low as a raft of con-
struction and manufacturing indica-
tors drove sentiment at the start of a
data-rich week for currency traders.
The pound suffered its seventh straight
session of losses, falling 0.7 per cent to
$1.5181 yesterday, having slipped back
to pre-election levels on Friday.
Its decline followed publication of
data indicating that the UK economy is
being challenged by lacklustre exports.
Purchasing managers in the manufac-
turing sector reported slightly higher
activity in May, but the index, which
rose to 52 from 51.8 in April, missed
expectations of a rise to 52.5.
UK manufacturing data appeared to
reinforce last week’s growth figures,
after first-quarter gross domestic
product was left unrevised at 0.3 per
cent. Many economists had expected a
second reading of 0.5 per cent.
The manufacturing PMI data were “a
little disappointing”, said James Knight-
ley at ING. “But with the UK economy
dominated by services, [tomorrow’s]
services PMI is going to be more impor-
tant in determining the UK’s second-
quarter growth story.”
A double dose of US data pleased dol-
lar bulls ahead of several important eco-
nomic indicators. Daragh Maher, cur-
rency strategist at HSBC, said: “This is a
top-tier week. Everything that builds up
towards non-farm payrolls [for May on
Friday] is going to be significant.
“Historically, we’ve become fixated
with non-farm payrolls, but because of
first-quarter GDP there is a lot of fixa-
tion with activity numbers to see how
much of a bounceback we are seeing.”
US construction spending rose 2.2 per
cent in April, its highest monthly
increase for three years, while the pace
of expansion in manufacturing sur-
passed expectations. The Institute for
Supply Management index hit 52.8, up
from 51.5 in April and beating econo-
mists’ forecasts of 52.
That spurred a rally in the dollar
index, which rose 0.7 per cent to 97.65.
The euro slipped 0.9 per cent against the
buck, weakened by anxiety over Fri-
day’s repayment deadline for Greece.
Japan’s yen, which has fallen more
than 2.5 per cent in seven trading ses-
sions against the dollar, slipped again to
a fresh 12-year low of Y124.65.
Other big fallers were oil-dependent
currencies. Russia’s rouble fell 2 per cent
against the dollar and Norway’s crown
was off 2.7 per cent.
Tuesday 2 June 2015 ★★★ FINANCIAL TIMES 31

MARKETS & INVESTING

Global overview
TRADING POST Markets update
Michael
Hunter
Dollar extends rise as positive data S&P 500 index
Change on day 0.21%

feed US expectations of a rebound

Can the kiwi head much further south?
New Zealand’s dollar touched a nadir
yesterday of $0.7065, a level last seen
in 2010, and over May it fell 6.7 per
cent, hit by weaker data that flipped
expectations its central bank’s next
move would be to raise rates.
The Reserve Bank of New Zealand’s
policy meeting is on June 10, when the
market will be watching for a potential
cut and weighing the extent of the
RBNZ’s rhetoric in talking it down.
“The RBNZ have been candid in its
view that the New Zealand dollar is
overvalued for some time,” said Jane
Foley, senior currency strategist at
Rabobank. “Signs that domestic
economic activity is slowing can only
increase the central bank’s
commitment to a weaker currency, and
we expect that further action is likely
in the coming months with the RBNZ’s
tool box potentially comprising of
jawboning, intervention and rate cuts.”
Barclays also predicts that the kiwi
will dip further. “The break below our
initial targets in the $0.7115 area
endorses our overall bearish view,” said
the bank. “Our next targets are near
$0.7000.”
Recent analysis from Capital
Economics is also bearish, although
less so for the kiwi against its nearest
neighbour. “We think the markets are
right to start pricing in rate cuts in
New Zealand,” wrote Paul Dales, chief
Australia and New Zealand economist.
“However, we believe they are wrong
to reduce their expectations of how far
rates in Australia will fall, which implies
that the strengthening in the
Australian dollar will be reversed.”
michael.hunter@ft.com
New Zealand dollar
Against the dollar (US$ per NZ$)
0.80
0.75
0.70
Jan 2015 Jun
Source: Thomson Reuters Datastream
Euro and Greek stocks fall
as investors track mood in
Athens, while China
equity bulls regain control
on fresh stimulus hopes
DAVE SHELLOCK
The dollar extended early gains and
Treasury bond yields shot higher after a
moderately positive report on US manu-
facturing activity played to expecta-
tions that the economy’s weakness in
the first quarter would prove to be tem-
porary.
US and European stocks started the
new month on a more hesitant note,
while their Chinese counterparts
resumed their strong upward momen-
tum as mixed data fuelled talk of further
stimulus measures.
In New York, the dollar index — a
measure of the currency against a
weighted basket of its peers — was up
0.5 per cent at 97.43, less than 3 per cent
short of a 12-year high struck in March.
The euro, further weighed down by
uncertainties over the outcome of
Greece’s “cash-for-reforms” negotia-
tions with its creditors, was 0.6 per cent
lower at $1.0926. The dollar was up
0.6 per cent versus the yen at a 12-year
high of Y124.79.
The latest leg-up for the dollar came
after the Institute for Supply Manage-
ment’s manufacturing index edged up
to 52.8 in May from 51.5, ahead of expec-
tations and its highest reading since
February.
The new orders component rose to a
five-month high while the employment
sub-index came in at the highest point
since February. Furthermore, a sepa-
rate report showed construction spend-
ing in April reached the highest level
since November 2008.
The reports contrasted with data
showing flat consumer spending in
ECB may have to act again: FT.com/video
What is the European Central Bank likely to do if inflation
in the eurozone undershoots its inflation target?
April with inflation pressures staying
muted.
“Nonetheless, with the labour market
continuing to make progress and real
incomes moving in the right direction
we suspect that consumer spending will
make a more positive contribution to
the growth story in the second half of the
year with the Federal Reserve likely
responding in the third quarter with
tighter monetary policy,” said James
Knightley, an economist at ING.
The US government bond market
appeared to agree, with the 10-year
Treasury yield — which moves inversely
to the price — climbing 8 basis points to
2.18 per cent after touching a one-
month low on Friday. The more policy-
— Francois Lenoir/Reuters
sensitive two-year yield was 5bp higher
at 0.65 per cent.
The Treasury sell-off drove some late
price action in Europe with the 10-year
German Bund yield ending 4bp higher
at 0.53 per cent, after showing little
reaction to final eurozone purchasing
managers’ indices and German inflation
data, traders said.
Uncertainty about Greece was viewed
as an important factor behind a widen-
ing of the spreads between Bunds and
“peripheral” eurozone yields. Italian
and Spanish 10-years both rising 9bp to
1.95 per cent 1.93 per cent, respectively.
Divyang Shah, global strategist at IFR
Markets, said the consensus was still
that concerns over Greece would
2140
2120
2100
2080
May 2015 Jun
remain contained, especially with the US equities Wall Street started the
European Central Bank “front-loading” month on a moderately positive note
its asset buying programme ahead of the as encouraging manufacturing data
slower trading months of the summer. helped offset lingering uncertainty
“While it is easy to blame Greece, we about the prospects for Greece
think it is more likely related to the mar-
ket still in the process of pricing out exu- FTSE 100 index
berance related to QE and the carry Change on day 0.44%
trade,” he said. “The 10-year spreads on 7050
Italy and Spain highlight the extent of 7000
repricing of country risk under way, 6950
with the spreads on both approaching a
6900
key resistance area above 140bp.”
6850
Greece’s 10-year sovereign yield was May 2015 Jun
up 45bp to 11.62 per cent, according to
Reuters data. Greek equities fell 1.4 per UK equities Losses for mining and
cent. The pan-European FTSE Eurofirst energy stocks ensured a weak start to
300 index ended less than 0.1 per cent the month for the FTSE 100, although
firmer — unsettled by sharp losses for Ashtead Group rebounded 2.8 per cent
several UK-listed mining stocks. On after last week’s steep falls
Wall Street, the S&P 500 edged up
0.2 per cent to 2,111 in choppy trading. Eurofirst 300 index
But Chinese investors threw caution
Change on day 0.06%
to the wind as bulls regained control fol- 1620
lowing last week’s worrying wobble for 1600
stocks. The Shanghai Composite index 1580
leapt 4.7 per cent; at one point on Friday
1560
it was nursing a two-day fall of more
than 10 per cent. 1540
May 2015 Jun
China’s official manufacturing PMI
for May edged up to 50.2 from 50.1 in European equities Gains for
April while the final reading of the drugmakers helped offset losses for
HSBC/Markit PMI came in at 49.2, up commodity-related stocks as
from 48.9 and slightly higher than the participants watched for developments
“flash” estimate. The 50 level nominally in Greece’s talks with its creditors
divides contraction from expansion.
“As well as the data perhaps signalling
more economic stimulus ahead for Nikkei 225 index
China, headlines on Bloomberg suggest- (’000) Change on day 0.03%
20.5
ing that Chinese policy makers are con-
sidering doubling the size of a local bond 20.0
swap programme . . . have given mar- 19.5
kets a lift,” said Jim Reid, macro strate-
gist at Deutsche Bank. 19.0
May 2015 Jun
Gold gave back an early advance as
the dollar strengthened, and the metal Japanese equities The Nikkei’s tiny
was flat at $1,189 an ounce after earlier advance extended its run of gains to 12
reaching $1,204. successive sessions, the longest
Brent oil fell 1 per cent to $64.88 a bar- winning streak since February 1988
rel after Friday’s 4.8 per cent jump.

Dixons Carphone Energy 1.2 per cent to 172p. The broker

London
BHP sinks after broker
raises alarm over lack of
conventional oilfields
Bryce Elder
BHP Billiton needs oil acquisitions to
avoid going ex-growth, according to
Deutsche Bank analysts.
With just nine years of proven oil
reserves remaining, it was necessary for
conventional fields to replace BHP’s
US onshore projects that were
uneconomic at current oil prices, the
broker said.
BHP had “not made a commercial oil
discovery since 2004 despite spending
$6.8bn” on exploration, it added. A
Trinidad & Tobago prospect set to be
drilled next year could be significant
but, if it failed, BHP would need deals
to fill the production gap, the analysts
argued.
Deutsche reckoned that BHP could
afford to spend up to $10bn on
undeveloped prospects, with the Gulf of
Mexico, west Africa and Brazil the most
expected good news from the oil Trading Directory
Share price (pence)
500 explorer’s low-risk appraisal drilling
450 off Senegal.
400 Intel’s $16.7bn bid for Altera kept
350 chipmakers in focus, helping
300 Imagination Technologies gain 6.6 per
May 2014 2015 Jun
Source: Thomson Reuters Datastream
cent to 233.7p. The group was more
likely to be a takeover target since Intel’s
Day's
sale of its stake, said Liberum Securities,
Indices
FTSE 100
Close
6953.58
change
-30.85
which saw Synopsys, Cadence and
Rambus among the potential acquirers.
FTSE 250 18220.20 65.78 The stock was trading at a discount to
FTSE 350 3849.75 -11.83 its sector and any buyer would be able to
FTSE All-Share 3786.37 -10.75 shut the Pure radio business, resulting
FTSE All-Share Yield 3.29 - in an instant 20 per cent increase to
FTSE 100 Futures 6931.50 -33.00 group earnings, the broker added.
10 yr Gilt Yield 2.53 -0.29 Ashtead bounced 2.8 per cent to
20yr Gilt All-Share Ratio 0.75 -
£11.51, having slipped last week after
United Rentals, its main competitor,
likely locations. But after it overpaid for said that May had been disappointing.
US Fayetteville and Petrohawk, the Merrill Lynch repeated “buy” advice,
shale producers, investors would be saying: “We believe a slightly more
wary of more mergers and acquisitions cautious rate environment is already
activity, it said. discounted in our forecasts and that
BHP ended 1.5 per cent lower to Ashtead has a more aggressive growth
£13.60, a six-week low, after Deutsche strategy than United, which should
cut the stock from its “buy” list. ensure that it continues its rapid
Miners and oil stocks weighed on the expansion.”
wider market, leading the FTSE 100 Ahead of results tomorrow, Dixons
lower by 0.4 per cent, or 30.85 points, at Carphone rose 2 per cent to 484.7p.
6,953.58. RBC highlighted the electronics retailer
Kaz Minerals lost 2.7 per cent to as a beneficiary from strengthening UK
244.7p on the first day of a trip to its mortgage approvals, which tended to
Bozshakol copper project in lead retail sales by about six months.
Kazakhstan, which is set to start Wm Morrison edged 0.9 per cent
commercial production in the first half lower at 169.4p ahead of tomorrow’s
of 2016. Cash looked tight, analysts said, FTSE review. The supermarket group
after Kaz set out costs of up to $2.2bn looked likely to lose its place in the FTSE
against funding in place of $2.5bn. 100 to Inmarsat, the satellite operator,
An upgrade from RBC lifted Cairn which rose 0.4 per cent to 997p.

Wall Street
Makers of cancer drugs
rally after positive trials
Mamta Badkar
Shares of cancer drugmakers rallied
yesterday after a number of companies
in the sector presented their latest
findings at the annual gathering of the
American Society of Clinical
Oncologists over the weekend.
Shares of ImmunoGen, which have
gained 33 per cent in the past year,
soared 74 per cent after the Waltham,
Massachusetts, company said that the
findings of its ongoing phase I study of
its experimental ovarian cancer
treatment, mirvetuximab soravtansine
(IMGN853), “are highly encouraging”.
The treatment is aimed at patients
with cancer that recurs within a certain
period after they have had platinum-
based chemotherapy. ImmunoGen said
53 per cent of patients reported marked
tumour shrinkage, which exceeded the
30 per cent to 40 per cent level required
to advance the study to a phase II trial.
The company said that adverse effects
from the treatment were “low grade”.
Oncothyreon Inc shares rose 16 per
cent to $3.96 after the Seattle company
presented positive data on its
experimental drug, ONT-380, in trials
on breast cancer. It said the treatment
was “well tolerated” in its trials.
Shares of Exelixis climbed 9 per cent
to $3.44 after it presented at ASCO on
the positive results of a phase II trial of
Cabozantinib patients with a specific
type of non-small cell lung cancer.
The Nasdaq Biotech Index was little
changed but has climbed 20 per cent
this year and sits just shy of April’s
record high.
Citigroup shares gained 1 per cent to
$54.45 after analysts at Goldman Sachs
upgraded the stock to “buy” from
“neutral” and raised their price target to
$61 from $57.
Richard Ramsden, an analyst at
Goldman Sachs, said Citi’s strong results
from the Federal Reserve’s stress tests
and its first-quarter results had helped
lift concerns on the bank, but the stock
had yet to follow suit.
He added that Citi had
underperformed its peers both
domestically and internationally. “With
Citi trading cheaper than 96 per cent of
stocks in the S&P on earnings per share
and below book, we see an attractive
risk-reward skew at current valuation.”
Altera was the best performing stock
on the S&P 500, up 6 per cent to $51.68
after Intel agreed to buy the chipmaker
for $16.7bn.
US stocks fluctuated as investors
continued to monitor Greek debt talks.
The S&P 500 rose 0.2 per cent to
2,111.73, the Dow Jones Industrial
Average climbed 0.2 per cent to
18,040.37 and the Nasdaq Composite
rose 0.3 per cent to 5,082.93.
32 ★ Tuesday 2 June 2015

INSIGHT Analysis. Equities

Stephanie
Flanders
US equity bulls sniff the air for signs of growth
Better earnings are needed Running its course?
to sustain gains — and only
Investors have good the economy can lift the load
S&P 500 sectors Year-to-date change S&P valuations
12-month forward P/E ratio

reason to feel more NICOLE BULLOCK

15-year average
10-year average
25

confident in Europe US equity bulls these days better be

economy bulls too. The US share market
5-year average
20

is at a crossroads, with valuations ele- Healthcare 9.2% Consumer discretionary 5.5% Info technology 4.5%
15
vated thanks to the bull run that

T
he pullback in European bond markets may emerged back in 2009, while facing
have dented resurgent optimism towards lacklustre earnings growth. Low inter- 10
Europe that had been taking hold this year. est rates are helping support equity
2000 05 10 15
That makes it a good time to ask whether the prices, but sustained gains require
improvement in sentiment in the region was stronger underlying growth to feed
merely a short-term high resulting from cheap currency through to groups’ top and bottom lines.
S&P earnings & sales growth
and a rush of central bank liquidity — or the beginning of “From this point the equation for Materials 3.7% Telecoms services 3.0% Consumer staples 0.1% Financials -0.8% Earnings Revenue Per cent
a more lasting change. returns is all about earnings growth,” 8
After the introduction of European Central Bank’s quan- says Peter Stournaras, portfolio man- 6
titative easing, the proportion of eurozone sovereign ager at BlackRock. “What type of earn- 4
bonds commanding negative yields peaked at 29 per cent ings growth can companies produce? A 2
in April before falling back sharply. Thanks to the sell-off function of that will be the economy.”
the share is about 15 per cent, which is much higher than a The broad market has benefited from 0
year ago but still significant for any investor looking for multiple expansion — versus earnings -2
“safe” assets with a positive return. growth — for several years, a phenome- Industrials -1.4% Energy -2.6% Utilities -6.4% -4
Downward moves in nominal bond yields in the euro- non showing signs of running its course. 2012 13 14 15
Sources: Thomson Reuters Datastream; FactSet
zone were greeted enthusiastically by people who had wor- “In order to have stocks go up, you
ried about the likely effectiveness of ECB sovereign bond have to have one of two things: earnings
purchases when borrowing costs in Europe were already so growth or multiple expansion,” says
low. Work by the International Monetary Fund suggests Rob Sharps, a portfolio manager at T revenues slipping into the red in the first have to increase revenues. That is the earnings, which he does not foresee
that currency and equity movements after the possibility Rowe Price. “Gains have been driven
‘From this quarter. Earnings, though better than part of the picture that has been miss- until second quarter numbers are
of QE was first signalled by Mario Draghi, ECB president, more by multiple expansion, and that point the very negative expectations at the start ing. If the economy gains strength, and released in July, there is little catalyst for
in August 2014 were broadly similar to the impact of the can only continue for so long.” of April, are less than 1 per cent higher oil prices and the dollar stay stable, we stocks to move higher, he says.
first round of QE in the US, though market moves have Faster earnings growth matters
equation for than in the same period a year ago, should see revenue growth.” “With valuations at best somewhere
somewhat offset this. greatly given that the bull run has pro- returns is all according to FactSet. But faltering economic growth along- around fully valued or slightly over-
But the experience of QE in these other cases also shows pelled the S&P 500 higher by 260 per For some, the decline in earnings side above average equity valuations is stretched, without an earnings bump we
that yields do not keep falling indefinitely. If the policy is cent, including reinvestment of divi-
about momentum as companies endure a making even some bulls growl a bit. “Six are probably due [a pullback].”
successful, inflation and growth expectations should pick dends. Those gains have driven prices to earnings higher dollar and cheaper oil, translates months ago most clients were bullish,” Others say investors could be spooked
up, and nominal bond yields nearly 17 times forward earnings — into paying an above-average market says Jonathan Glionna, a strategist with by Greece, or that a downdraft could
go higher as well. That is just above the five, 10 and 15-year averages,
growth’ multiple for below-average growth. And Barclays. “Now it is more balanced.” come from speculation around when
what we have seen.
Thanks to the according to FactSet. they may be right — unless the economy Markets such as Europe, where mon- the US might begin raising rates.
It is too soon to say whether oil rebound A price/earnings ratio based on aver- perks up and lifts the load. etary stimulus is not ending, are luring The counter is that higher rates will
the European bond market age inflation-adjusted earnings over 10 Cost cutting has driven earnings investors out of US equities. reflect a stronger economy, which
has turned for good. But with
there is less fear years (known as cyclically adjusted p/e increases, rather than the force of reve- Long-term bulls, such as Mr Freder- would ignite revenue growth. But some
the oil price rebounding since of prolonged or Cape) of 27.2 times is well above the nue growth. Record buybacks have con- ick and Oliver Pursche, chief executive analysts say rates will stay low for a long
January and long-term infla- long-term average of 15 times and tributed, as companies have repur- at Bruderman Brothers, have turned time even after the Federal Reserve
tion expectations rising, there
deflation comes when the bull run has matured. chased more than they need to cover bearish in the short term. Mr Pursche moves. Whether a pullback or current
is less fear of prolonged out- US equity prices are a modest 3 per options, and cancelled shares. considers a 5 to 8 per cent decline some price levels represent a buying opportu-
right deflation in Europe. After the rout in European bond cent higher so far this year, just shy of a “You can only cost cut and buy back time in the next six weeks “overwhelm- nity or the eve of significant declines will
markets in late April and early May, there must also be record high, with investors playing shares for so long,” says Randy Freder- ingly likely”. Without more encouraging depend on whether the economy and
fewer speculative buyers of German sovereign bonds who down a weaker economy and corporate ick at Charles Schwab. “Eventually you signs on the economy and corporate earnings pick up.
have the impression that the market is a one-way bet.
In local-currency terms the total return on a 10-year
Bund has been 0.10 per cent since the start of 2015 and
8.2 per cent over the past 12 months. The contrast with Capital markets
equities is instructive. While European equities have also
retraced a lot of ground since the end of April, in local-
currency terms the main Eurostoxx index has returned
21 per cent in the past 12 months.
Dim sum issues halve
A look at the real economy shows some support for
greater investor optimism, with European economies
amid China share rally
largely producing positive surprises since the start of 2015,
in contrast to the US. There are other aspects of the Euro-
pean situation that are still cause for concern, notably the JOSH NOBLE — HONG KONG much easier. The People’s
state of capital spending, but investors have good reason to Bank of China has responded
feel more optimistic than they did. One side-effect of China’s to the slowing economy with
What does all of this mean for portfolios? Notwithstand- equity market boom has cuts to interest rates and
ing the pullback in late April and early May, European been to reroute money away reserve requirement ratios —
equity markets have had a good run in 2015. This has from the “dim sum” bond boosting liquidity in the
raised valuations in a context in which corporate earnings market, where issuance has domestic system. That has
have only just begun to recover. European earnings fore- halved this year. helped lower borrowing
casts are being revised upwards for the first time in many In the first five months of the costs for Chinese companies
years. But the disappointing record and the higher level of year the total raised through and made offshore renminbi
European stocks highlight the importance of a focus on offshore renminbi debt has markets less attractive as a
fundamentals. dropped to $7.6bn, according funding source.
Investors need to be alert to the way increased confi- to Dealogic, compared with “We are in a situation
dence in Europe’s recovery may feed through to different $15bn during the same where offshore and onshore
stocks and sectors. An example would be financial stocks period in 2014. markets have completely
— one of few sectors still significantly below their pre-crisis Issuance from Chinese flipped,” said Ken Wei
peak. QE is a tax on bank profitability, because it flattens companies has fallen to just Wong, head of Asian debt
the yield curve and makes lending less profitable. $1.3bn, the lowest in five syndicate at Barclays. “We
As long as that is the dominant force moving market sen- years, down from $12.5bn have a lot of issuers who
timent, we would not expect financial stocks to outper- last year. can now borrow cheaper
form. But they are also the ultimate growth stock. If inves- Demand for renminbi debt onshore. There is plenty of
tors start to believe there is more to the European rally has been dented by the rally liquidity for them there.”
than QE and the currency, financial stocks should benefit in Chinese shares. Since the Dim sum bonds have often
disproportionately, even in the presence of continued QE. launch of Shanghai-Hong been seen as a way to play
The implications for fixed income are also nuanced, but Kong Stock Connect last Chinese currency apprecia-
in general higher-risk assets should benefit from this November, investors in Hong tion. However, that equation
lower-yield environment. While we believe there will be Ko n g h ave d ive r t e d has changed dramatically in
strong continued demand for European sovereign debt, Rmb148bn ($23.8bn) into the past 12 months. Last year
valuations do not look attractive on any traditional metric. mainland-listed equities, the renminbi suffered its first
leaching cash away from annual decline against the
Stephanie Flanders is chief market strategist for Europe at credit markets. Local banks US dollar since it was de-
JPMorgan Asset Management have had to fight for ren- pegged, as capital outflows
minbi deposits, causing from China countered wid-
interest rates to rise. ening trade surpluses. With-
Total renminbi deposits in out the lure of currency
Hong Kong dropped to gains, investors are demand-
Rmb951bn in March from a ing higher yields to lend in
More comment and data on ft.com record Rmb1tn in December, renminbi, just as funding
according to the city’s mone- gets cheaper onshore.
tary authority. After dropping as low as
Y Fast FT Our global economies, headed Investors have been seek- Rmb6.29 against the dollar
team gives you market- by Brazil, Russia, India ing to ride a stock market run in March, the Chinese cur-
moving news and views, and China. during which the Shanghai rency has rebounded to
24 hours a day, five days ft.com/beyondbrics Composite has gained 50 per Rmb6.22. Bankers hope a
a week. ft.com/fastft cent and the Shenzhen index steadying of the renminbi
Y Podcast The Hard
Y Alphaville Our Currency podcast takes a has doubled this year. will boost demand for dim
irreverent financial blog. look at what is driving A trading link between sum debt, but many analysts
Join Paul Murphy and the global currency Hong Kong and Shenzhen is expect bond sales to be lower
Bryce Elder for the daily market. ft.com/podcasts expected to launch this year, this year than last.
Markets Live session at giving global funds and retail Chinese companies are
Y Lex Video Analysis punters in Hong Kong still tapping other currency
11am. ft.com/alphaville
and opinion from the another route into China’s investors, selling $6.4bn of
Y beyondbrics News and team on the hot issues share markets. euro debt and $44bn
comment from more affecting companies and Meanwhile access to through US dollar bond sales
than 40 emerging markets. ft.com/lexvideo financing for would-be cor- this year — the busiest start
porate issuers in China is to the year on record.
 FT SPECIAL REPORT

Responsible Business
Tuesday June 2 2015 www.ft.com/reports | @ftreports

Inside
It starts on your
own doorstep
Companies can help
solve the issues
of their industry
Page 3

Older workers may

have the answer
Companies look to
the over 50s to
bridge the skills gap
Page 4

The Responsible
Business awards
The comprehensive
list of 2015 winners
by category
Page 6

Collective action is
the way forward
Cranfield’s David
Grayson on the case
for united purpose
Page 7

On FT.com
Here’s to health
Wellness schemes in
the workplace

Organic corporations The ‘community’

concept expands
How corporates can
Inside Companies increasingly see social investment as integral to their business Page 2 make most impact
www.ft.com/special-reports
2 | FTReports FINANCIAL TIMES Tuesday 2 June 2015

Responsible Business

It pays to be part of the scenery

Companies profit clear. In the extractives industry, for
example, research has found that, in
from alignment with large-scale mining operations, com-
the wider community, munity conflicts arising over social
and environmental concerns can cost
writes Sarah Murray up to $20m a week in lost value.
And even companies that have
launched social initiatives for philan-

C ompanies like to highlight

their commitment to the
environment and the com-
munities in which they
operate, but it is all too easy for them
to forget such commitment under the
pressure of cutting costs and keeping
shareholders happy. It is a pressure
they should resist.
As Thomas Cook discovered last
month, prioritising short-term prof-
its over a broader responsibility to
society can cause damage to a brand,
which may dent those profits in the
long run.
The UK tour operator’s search for
compensation for earnings lost in the
wake of the deaths of two children
from carbon monoxide poisoning in a
Corfu hotel resulted in strong criti-
cism of the company. Thomas Cook’s
chief executive later apologised to the
children’s family but the issue is
something consumers may not easily
forget.
It is unlikely to be the last time a
company’s actions end up causing
damage to its reputation. From food
contamination to banking scandals,
headlines frequently offer evidence
that business is not always very
responsible.
However, there are also signs that
many in the corporate sector are
committed to minimising their envi-
ronmental impact and to ensuring
the benefits of their activities extend
to the broader community.
Celebrating these efforts, the
Responsible Business Awards recog-
nise companies for everything from
supporting an ageing workforce at
home to contributing to emergency
relief operations overseas.
Run by Business in the Community
(BITC), the UK charity that promotes
corporate responsibility, the awards
— whose finalists are announced
today — judge companies on how
well they are integrating responsible
practices into their businesses in
areas that include the environment,
education, enterprise, unemploy-
ment and workplace diversity.
As the finalists demonstrate, com-
panies increasingly regard such
investment less in terms of the chari-
table use of spare cash and more as an
integral part of their business,
enhancing their long-term financial
Purely success.
Looking at environmental initia-
charitable tives, the business benefits can be
initiatives relatively easy to calculate. Cutting
carbon emissions reduces expendi-
may be ture on energy, while generating less
abandoned waste saves money. Companies par-
ticipating in Carbon Action, part of
in a the CDP investor engagement initia-
downturn tive (formerly the Carbon Disclosure
Project) found that carbon reduction
and energy-efficiency investments
could generate an average internal
rate of return of 33 per cent, deliver-
ing a payback in just three years.
Recycling has financial benefits,
too. Veolia, the water and waste util-
ity that is an award finalist, derives
19 per cent of its revenue from prod-
ucts once considered waste, but that
are now sold and reintroduced into
the supply chain.
Of course, when it comes to tack-
ling social issues such as human
rights violations or even a simple lack
of training for young people, measur-
ing the bottom-line impact of invest-
ments is a tougher task. Even so, the
cost of neglecting the communities
affected by commercial activities is
thropic reasons are starting to link
these to the long-term health of their
business operations — whether by
lowering absenteeism from support-
ing employee wellbeing or because
staff can acquire skills through their
volunteering efforts.
Many people think that enlight-
ened corporate self-interest is an
important factor in helping guaran-
tee the long-term sustainability of
such initiatives. After all, if they are
seen as purely charitable, they may
be abandoned in a downturn or when
the executive championing them
moves on.
For example, the partnership
between Manchester airport, an
award finalist, and the Manchester
Enterprise Academy to improve
school performance is also intended
to help build the airport’s pipeline of
skilled potential employees.
Similarly, by using its global logis-
tics network to offer humanitarian
assistance through its GoHelp pro-
gramme, DHL, the delivery company
and another BITC award finalist, has
acquired expertise in contingency
planning and gained insights that can
be used in building its commercial
relationships.
Businesses are looking across their
supply chains to drive improvements
in environmental sustainability or
the economic health of local commu-
nities. However, to address global
problems, more industry and cross-
sector collaboration will be needed.
Ultimately, the challenge is to create
shifts in entire systems, rather than in
individual organisations.
Tackling complex issues such as cli-
mate change, deforestation, labour
abuses and poor access to healthcare
will be possible only when broad
teams of players work together.
Given the scale of the environmen-
tal and social problems the world
faces, the biggest contribution com-
panies can make may lie outside their
own four walls.

Case study Co-ordination was crucial in optimising GlaxoSmithKline’s response to west Africa’s Ebola crisis
When a country has been
affected by natural disaster,
companies can contribute
more than just money.
As the Ebola virus swept
across west Africa last year,
GlaxoSmithKline, a finalist in
the International Disaster
Relief category of BITC’s
Responsible Business
Awards, made a valuable
contribution.
Cash was important, of
course. The pharmaceuticals
group sent £450,000 in
financial assistance. However,
with a combined value of
£1.2m, GSK’s contribution also
Fast-tracked: GSK trial
included product donations
worth £770,000 and an
investment of £350,000 to
provide training and support
for frontline health workers.
Harnessing the company’s
relationships with its partners
helped put together many of
these contributions, as did
GSK’s employee volunteering
programmes.
Perhaps most importantly,
the company moved to speed
up research and development
on a vaccine, working with
the World Health
Organisation and others.
In a large-scale trial, it is
now vaccinating up to 30,000
people.
For GSK itself, the
initiatives have provided
opportunities to build its
relationships with
governments, global health
specialists and NGOs.
Sarah Murray
FINANCIAL TIMES Tuesday 2 June 2015
Home front is a good place to start
Industry action
Companies have a part to
play in tackling the social
problems they helped
create, writes Kaye Wiggins
For some companies, corporate social
responsibility is about addressing the
social problems linked to their own
industry.
Heineken is one group that is tack-
ling head-on the negative effects of its
products. As reported by the Finan-
cial Times in April, the brewer is
funding projects run by Addaction to
support alcoholics, and is encourag-
ing its employees to volunteer for the
charity. It discontinued its White
Lightning and Strongbow Black high-
strength ciders after senior managers
saw the products being abused while
visiting an Addaction centre.
Other industries are learning from
this approach, says Richard Koch,
head of policy for the UK Cards Asso-
ciation, which represents credit card
providers. “A bit like the alcohol
industry, we know some people won’t
be able to manage the product we’ve
offered them,” he says, “but [at the
point of sale] we don’t know who
those people are.”
Credit card providers hold regular
discussion forums with debt chari-
ties. Sector-wide approaches have
been introduced offering “breathing
space” and interest freezes to custom-
ers struggling with debt problems.
The sector also supports charities
helping those affected by its prod-
ucts. Nationwide, for instance, has
given grants through its foundation to
Money Advice Plus Services, and
offers free advice and advocacy to
people struggling with debts through
a partnership with IncomeMAX, a
community interest company.
Participants in the social media
industry are taking note of their
responsibilities to stop bullying and
abuse by users. Facebook has set up
an online bullying prevention centre
and has hosted events with the Diana
Award, a charity working with young
people that runs an anti-bullying pro-
gramme.
Responsible Business
Diet: food groups offer advice
Twitter has “refined” its safety pol-
icies after discussions with experts.
Jeremy Todd, chief executive of
Family Lives, a charity that supports
victims of cyber-bullying, would like
social media groups to follow the
approach taken by other industries,
and use their CSR programmes to
fund projects. “Efforts to counter the
impact of cyber-bullying are being
resourced by the charitable sector,
not by companies’ profits, ” he says.
In the fast-food industry, attempts
to tackle obesity have focused on
prevention rather than cure.
FTReports | 3
Contributors
Sarah Murray
Regular FT contributor
Manufacturers are reformulating Kaye Wiggins
products, offering nutritional advice Freelance journalist
to consumers, changing their market-
ing and promoting healthy lifestyles. Brian Groom
Judith Schrempf-Stirling, assistant Former FT assistant editor
professor of management at the Uni-
versity of Richmond, Virginia, wrote David Grayson
in a paper published by the journal Director of the Doughty Centre for
Business & Society last year that the Corporate Responsibility at Cranfield
industry “could use its gains from School of Management
obesity by investing them into [medi-
cal] treatments” for obese people. Steven Bird
But Rocco Renaldi, secretary- Designer
general of the International Food and Andy Mears
Beverage Alliance, says this might not Picture editor
be the most effective use of resources. Peter Chapman
“I would argue that the public Commissioning editor
health impact of reformulation and
portion-size control is much larger,” For advertising details, contact:
he says. “Community interventions Julia Woolley, +44 (0)1473 652964,
are way down the list.” and julia.woolley@ft.com,
Susan Jebb, professor of diet and or your usual FT representative.
population health at Oxford univer-
sity, agrees. “[Companies] need to All FT reports are available at:
focus on the things that are their ft.com/reports. Follow us on Twitter:
direct responsibility that it’s hard for @ftreports
the rest of us to make a difference to. All editorial content in this report is
“Most people can’t change the com- produced by the FT. Our advertisers
position of a hamburger, but manu- have no influence over or prior sight
facturers can.” of the articles.
4 | FTReports FINANCIAL TIMES Tuesday 2 June 2015

Responsible Business

Given the
chance, older
workers can
fill the gap
Age discrimination Employers that ignore the
over-50s face a skills crisis, writes Brian Groom DIY: retailer B&Q has a longstanding policy of employing staff past the usual retirement age — Bloomberg

W orking lives are being

extended as life expect-
ancy rises and public
health improves — and
employers are starting to value older
workers more. However, campaign-
ers say that company attitudes and
practices need to change faster if seri-
ous labour shortages are to be averted
in future.
Barclays Bank and coach operator
National Express recently announced
apprenticeship schemes aimed at
older workers, putting them in the
forefront of corporate initiatives to
widen the age diversity of workforces.
The National Express scheme aims
to recruit people for whom age and
extended career breaks can pose a
barrier to finding employment,
including the over-50s, women
returning to work after raising chil-
dren, the long-term unemployed and
full-time carers.
“We place a high value on a diverse
workforce because it reflects our
broad customer base and we believe
our business is strengthened by a
wide range of skills and experience,”
says Tom Stables, managing director
for the company’s UK coach division.
National Express joins retailer
B&Q, a longstanding champion of
employing older staff, and companies
such as fast-food chain McDonald’s,
pub operator JD Wetherspoon and
Lloyds Banking Group in taking steps
to encourage older employees.
Baroness (Ros) Altmann, the gov-
ernment’s former business champion
for older workers, now pensions min-
ister, said in a report in March that a
growing number of employers under-
stood the benefits of employing older
staff. But, she added: “They are still a
minority. Age discrimination and
unconscious bias remain widespread
problems in the UK labour market.”
While some people choose to work
longer because they enjoy it, for oth-
ers it is a financial necessity when fac-
ing a long retirement. The govern-
ment has addressed this issue by
abolishing the default retirement age,
so that staff can no longer be forced
out at 65, and extending the right to
request flexible working. The state
pension age for women is rising to 65,
in line with that for men — both will
reach 66 by 2020 and 67 by 2028.
Employment rates for people in
their 50s and 60s have been rising for
two decades and have grown more
sharply than for other age groups
since the financial crisis. The rate for
people aged 65 and over has climbed
from 7 per cent in 2007 to 10.7 per
‘People who are older
find it difficult to get a job
if they haven’t got one’
cent. The number of self-employed
over-65s has doubled in the past five
years to nearly half a million.
“The evidence suggests that a lot
more employers are keeping people
on for longer. Where there is a prob-
lem is in recruitment. People who are
older find it difficult to get a job if they
haven’t got one,” says Dianah
Worman, adviser on diversity at the
Chartered Institute of Personnel and
Development.
Employers that fail to tackle age
diversity risk losing out in the search
for staff. The UK Commission for
Employment and Skills says between
2012 and 2022 some 12.5m vacancies
will be opened up through people
leaving the workforce and an addi-
tional 2m new jobs will be created, yet
only 7m young people are due to
enter the workforce. Net immigration
at 300,000 a year is unlikely to fill the
gap. Baroness Altmann called for
more apprenticeships for those over
50, flexible and part-time working
and better training for line managers.
“We are in the early stages in terms
of a strategic response from employ-
ers,” says Rachael Saunders, age at
work director at the charity Business
in the Community. BITC found that
1m people over 50 had been pushed
out of the workplace during the past
eight years through redundancy, ill
health or “forced” early retirement.
Ms Saunders, who is working with
organisations such as Nationwide
Building Society and the Co-operative
Group, praises outsourcer Sodexo, a
finalist in BITC’s Responsible Busi-
ness Awards, for a scheme to help
employers understand the needs of
different generations of workers.
At Stoke-based tableware manu-
facturer Steelite International, 360 of
the company’s 877 UK employees are
aged 50 or over. “Employees who
have been with the company for a
long time are often a fountain of
knowledge,” says Louise Griffin,
human resources manager.
She says it is important to carry out
a review to identify what an individ-
ual needs and can offer. Flexible
working and redeployment are
among techniques used to find the
right role. In one department, two
employees who wanted to retire from
full-time work agreed to share a job.

Case study Energy group helps customers switch off
When new housing and
increased use of electronic
devices caused the demand
on an electrical substation in
Stockport, Greater
Manchester, to outstrip its
capacity, the traditional
response of the supply
company would have been
to build another substation.
But Electricity North West,
which powers the area and is
a finalist in the Engaging
Customers on Sustainability
category of the Responsible
Business Awards, instead
persuaded residents to
reduce usage, so that a new
station would not be needed.
It recruited 261
households to its Power
Tips: usage has been cut
Saver Challenge and gave
them tips and tools to cut
their power use.
Demand on the substation
at its peak time fell 3.6 per
cent. This could be enough,
if replicated across a wider
area, to avert the need for a
new substation.
The project cost
£600,000, a substantial
saving on the £1m cost of a
substation.
“We’ve unlocked social
benefits by helping people
escape fuel poverty,” says
Paul Bircham, network
strategy and technical
services director.
“And we’re building
relationships with
consumers — that will be
important in future.
“Carbon reduction targets
mean cars and heating will
be powered by electricity,
and when that happens, we’ll
need customers to be
flexible about using power.”
Kaye Wiggins
Case study Motorway pit stop services community
Weary motorists stopping at
an M5 service station might
be surprised by the absence
of chain stores.
The recently opened
Gloucester Services is part of
a partnership between
Westmorland Family, the
company that runs the
station, and Gloucestershire
Gateway Trust, a local
charity. Much of the food on
offer has been sourced from
130 producers based within
30 miles of the services.
Meals are cooked on site.
Gloucester Services is a
finalist in the Samworth
Brothers Rural Action
category of the Responsible
Business Awards. It donates
Fresh: the food is local
about £500,000 a year to
the charity and has recruited
about a third of its 340 staff
through a training
programme for the long-
term unemployed.
Westmorland Family also
runs Tebay Services in
Cumbria, established in 1972,
when John and Barbara
Dunning set up a small café
because the M6 motorway
cut through their farm.
Sarah Dunning, John and
Barbara’s daughter and chief
executive of the company,
says: “Our premise is; we’re
rooted in our place and part
of the community.” She says
the service stations help
raise awareness of the
importance of local produce.
“We’re providing for
everyone, and that includes
coach tours, hen and stag
tours and families.
“That means we can get
our message to the widest
possible community.”
Kaye Wiggins
6 | FTReports FINANCIAL TIMES Tuesday 2 June 2015

Responsible Business

Finalists •Lloyds Banking Group •EE

Awards celebrate
those whose efforts
lead to a fairer and
more sustainable
future for all
Business in the Community’s
Responsible Business Awards
celebrate the powerful and positive
role of business in society.
The awards champion responsible
business in the UK and abroad, and
identify and celebrate businesses of
all sizes whose programmes are
tackling key social and
environmental issues to create a
fairer society and a more sustainable
future for all.
Rigorously assessed by
independent judges, the
Responsible Business Awards are
widely acknowledged as one of the
most respected endorsements of
responsible business.
For more information, go to
www.bitc.org.uk/awards
Business in the Community
Responsible Business Awards 2015
Finalists:
Responsible Business of the Year
Award
Recognises a pioneering business
that is most effectively integrating
the sustainability issues most critical
to their business and demonstrating
visible leadership and advocacy.
•Carillion
•Fujitsu
•Nationwide Building Society
•Veolia
•Yorkshire Water Services
The Santander Responsible Small
Business Award
Recognises smaller businesses
demonstrating a holistic, responsible
approach to business in the realms
of community, environment,
marketplace and workplace.
•Genuine Solutions Group
•Harriet Kelsall Bespoke Jewellery
•Matrix APA
The Experian Building Stronger
Communities Award, in recognition
of Sir John Peace
Recognises business initiatives
investing time, money, skills and
resources to deliver long term social
and economic benefits to
communities.
•Tesco •Electricity North West
•WDH •Hammerson
•NATS
The Jaguar Land Rover Inspiring •WM Morrison Supermarkets
Young Talent Award
Recognises businesses that support The International Disaster Relief
young people to make the transition Award, supported by the UK
from education into successful Department for International
working lives. Development
•Barclays Recognises the unique contribution
•Central England Co-operative of business to reducing the
•ISS UK severity of international disasters
•ITV affecting the most vulnerable
•livin communities.
•WDH •British Airways
•DPDHL
The Freshfields Work Inclusion •GSK
Award •Zurich Insurance Company
Recognises businesses that are
supporting people from The Unilever Global Development
disadvantaged groups into Green fingers: Tesco runs an environment project in South Korea Award, supported by Business
employment and/or improving their Fights Poverty
employability skills. The Asda Enterprise Growth Award •Tebay and Gloucester Services Recognises businesses that can
•DHL Recognises companies that engage, demonstrate positive impact with
•JTI support and do business with small The Bupa Employee Wellbeing regard to one or more of the UN
•Land Securities Group and medium enterprises to drive Award Millennium Development Goals.
•Manchester Airport local economic growth. Recognises businesses that are •AllLife
•The Calico Group •Deloitte creating the conditions for •Barclays
•East of England Co-operative employees to flourish by investing in •KEF Holdings
The School Partnerships Award Society their wellbeing and engagement. •SunnyMoney
Recognises businesses that are •Wates Group •Allstate Northern Ireland •Sustainable Organic Integrated
building sustainable partnerships •Friends Life Livelihoods
with schools in the UK, ensuring The Samworth Brothers Rural •Toyota Motor Manufacturing •Tata Consultancy Services
young people have the skills to build Action Award (UK)
successful working lives. Recognises businesses that support •Unilever UK The CommunityMark standard
•BBC rural communities to maintain a •Virgin Trains East Coast Recognising leadership and
•Deloitte vibrant, sustainable and prosperous excellence in community
•DWF rural economy for the benefit of The Championing an Ageing investment, the UK’s only national
•Esh Group future generations. Workforce Award standard has an independent,
•Manchester Airport •Asda Recognises businesses that are 360-degree assessment process
•Pinsent Masons •Booths adapting for the future in that recognises the innovators
•Marks and Spencer responding to our ageing population and leaders in community
and intergenerational workplaces. investment.
•Centrica CommunityMark businesses
•Department for Transport demonstrate how it is possible to
•Sodexo integrate community investment
projects successfully with business
The Sustainable Products and strategy.
Services Award •Barclays (global recognition)
Recognises businesses that are •Boots UK
developing their core products or •British Gas
services in order to cut dependency •Camelot UK Lotteries
on diminishing natural resources. •DWF
•Bernard Matthews •East Midlands Airport
•Ricoh UK •Hogan Lovells
•Sky •JTI UK
•The Midcounties Co-operative •KPMG UK
•Veolia •Lloyds Banking Group
•Manchester Airport
The Engaging Customers on •Marks and Spencer
Sustainability Award •Nationwide Building Society
Recognises businesses that use •PwC
their marketing activity to inspire •Npower
and enable customers to live or •TD Direct Investing
Taking the strain: finalist BA loads food relief bound for Africa — PA operate in a more sustainable way. •Zurich Insurance

Case study Zurich puts risk assessment skills to work protecting communities against flooding

Insurance companies are
usually associated with
assessing risks and pricing
policies to match those risks.
Now some are starting to
develop programmes that can
help communities and
businesses become more
resilient and recover more
quickly when disaster strikes.
Zurich, a finalist in the
International Disaster Relief
category of BITC’s
Responsible Business Awards,
launched a flood resilience
programme in 2013 to
increase awareness of the
risks and encourage the
development of effective,
practical flood mitigation
measures.
Responding to the threat
of flooding demands more
than physical resilience.
Government can also play a
role through policy areas such
as housing. In recognition of
this, Zurich has embarked on
advocacy initiatives, working
with universities and other
organisations to push for
changes to reduce flood risk.
Disaster: new policy
This work has benefited
Zurich itself. Its flood
resilience programme has
helped build the company’s
reputation externally, while
increasing employee
engagement internally.
Sarah Murray
FINANCIAL TIMES Tuesday 2 June 2015 FTReports | 7

Responsible Business

Collective action shapes way forward

VIEWPOINT
David
Grayson
We now recognise that global
sustainability challenges such as
water stress, climate change and
waste cannot be addressed by
governments, businesses or NGOs
acting alone. Companies are
collaborating, not only with business
partners, suppliers and customers,
but also competitors, NGOs, public
sector bodies, international agencies
and academic institutions, to address
social and environmental problems.
General corporate responsibility
coalitions, such as Business in the
Community in the UK have become
common around the world in the past
20-30 years. They and several
international coalitions such as
Business for Social Responsibility and
the World Business Council for
Sustainable Development have made
the case for responsible business.
More recently, these generalist
coalitions have been supplemented
by coalitions and multi-stakeholder
initiatives focused on a particular
industry, or on a specific issue such as
water or human rights.
The Sustainable Shipping Initiative
involves 19 companies from across
the sector focused on uniting
commercial growth with sustainable
behaviours. Members have
committed to report on sustainability
performance; adopt a sustainability
strategy that links to core business;
and set clear reduction targets for
environmental issues that are most
material to their activities and make a
positive social impact.
The Ellen MacArthur Foundation
co-ordinates the CE (Circular
Economy) 100 network of companies
and partners, addressing the
challenges of switching from the old
linear model of “take, make, use and
waste”. Some collaborations are
advocates of pro-sustainable
development public policy.
Aviva Investors convened the
Corporate Sustainability Reporting
Coalition to influence the UN Rio+20
Sustainability Summit in 2012 in
favour of greater reporting
requirements for businesses on their
social, environmental and economic
impacts, and helped in shaping a EU
directive on this topic.
In the UK, the Aldersgate Group
involving businesses, NGOs and
academia is promoting “An Economy
That Works” agenda and lobbying the
European Commission to produce a
policy framework to advance the
circular economy.
Several business representative
organisations such as the Consumer
Goods Council are facilitating
collaboration for sustainability
among their members.
Companies wishing to collaborate
on sustainable development have no
shortage of vehicles to work through.
This number of choices can be
daunting. Corporate sustainability
leaders are in demand as “anchor
members” for particular coalitions
and initiatives. Companies, therefore,
need to approach collaboration for
sustainability in the same way as
other potential partnerships. What
are the objectives? Which forms of
collaboration and what type of
vehicle for it are most likely to be
effective? Which organisation can
best address this?
Collaborations fail for many
reasons: unclear, conflicting,
unrealistic goals; insufficient capacity
Collaborations must play
a central role in
sustaining capitalism
to implement; or the absence of
senior leadership and essential skills.
Developing the next generation of
leaders with the ability to work across
boundaries to tackle global
challenges is a key priority.
As a first step, leading businesses
could make some of their high-flyers,
available to the coalitions on short-
term secondments (executives on
loan). Companies would thereby
signal serious commitment to
improving the environment for
corporate responsibility and
demonstrate their confidence in
coalition working.
They would also signal their
intention to invest in what McKinsey
global managing director Dominic
Barton has termed “tri-sector
athletes” comfortable working across
business, public sector and NGOs.
Corporate responsibility is integral
to sustaining capitalism and
collaborations must play a central
role in achieving this goal.
As Al Gore said: “We must abandon
the conceit that individual, isolated,
private actions are the answer. They
can and do help. But they will not take
us far enough without collective
action.
“Let us say together: ‘We have a
purpose. We are many. For this
purpose we will rise, and we will act.’”
David Grayson is director of the Doughty
Centre for Corporate Responsibility at
Cranfield School of Management

Case study Gemstones

shine ethical light
When Harriet Kelsall set up her bespoke
jewellery design business in 1998, the
industry was seen as caring little about the
environment or the welfare of people who
mined its raw materials. One gemstone
dealer told her: “You’re in the wrong
industry for that hippy rubbish, love.”
She was not put off from campaigning
on ethical and education issues. “I’ve built
a thriving business and, with others in the
UK jewellery industry, have made big
strides so that now our sector is
unrecognisable,” says Ms Kelsall, head of
Harriet Kelsall Bespoke Jewellery.
“Today, customers can choose ethically
mined gemstones, Fairtrade gold and
enjoy a revitalised and creative UK
jewellery industry.” Her company employs
34 staff in Hertfordshire and Cambridge
and is a finalist in the Responsible
Business awards’ small business category.
It was one of the first 20 jewellers
worldwide to launch certified Fairtrade
gold in 2011. For a small extra charge,
customers buy gold sourced from artisan
miners who receive a premium to spend in
their community.
Brian Groom
Fairtrade: Kelsall kept campaigning
Jobs: Manchester area has high need
Case study Airport hires
as it trains as it grows
Manchester airport, which is creating
thousands of jobs as it grows, is training
the local unemployed to fill vacancies and
is co-sponsor of one of the city’s most
improved schools.
“Some of the most deprived areas in the
northwest are on our boundaries,” says
Andrew Cowan, chief strategy officer of
Manchester Airport Group. “About
200,000 people work on the site and we
have a symbiotic relationship with our
communities. It’s important that they have
social and economic strength.”
The company is a double finalist in the
Responsible Business awards: in the work
inclusion category for its Airport Academy;
and in the school partnership category for
sponsoring Manchester Enterprise
Academy, a secondary school.
The on-site academy helps people in
areas where unemployment is twice the
national average, get jobs at the airport. At
Manchester Enterprise Academy, the
airport’s support for governance and
management has helped the school
improve its attainment levels, Ofsted
rating and reputation.
Brian Groom