THURSDAY 7 JANUARY 2016 WORLD BUSINESS NEWSPAPER UK £2.70 Channel Islands £3.00; Republic of Ireland €3.

00

Tech Aviv Rootless companies Tweaking Tweets

Israel’s start-ups are growing up Breaking down borders is bad for Should Twitter drop its rule to
— BIG READ, PAGE 9 business — JOHN GAPPER, PAGE 11 keep it short? — COMPANIES, PAGE 18

Osborne warns over ‘cocktail of Briefing

i Big banks warn over costs of EU exit

risks’ from China and slump in oil

Top Barclays and HSBC bankers have warned that a
British exit from the EU would disrupt UK financial
services and could erode the country’s influence in
the world. But they said it would be unlikely to
unseat the City as Europe’s financial centre.— PAGE 2

i Tax clouds Shire-Baxalta negotiations

3 Chancellor says austerity still necessary 3 Treasury plans to sell £17bn B&B loan book
GEORGE PARKER AND CHRIS GILES
George Osborne will today warn that
2016 could mark “the beginning of the
decline” for Britain unless the country
sticks to tough economic reforms, citing
the Chinese slowdown and plummeting
oil prices among “a dangerous cocktail
of new threats”.
The pace of China’s falling currency,
now at its lowest level in nearly five
years, has put investors on notice that
the Chinese economy, a key engine of
global growth, may be slowing at a faster
pace than previously forecast.
The chancellor will argue that a
“creeping complacency” is seeping into
political debate in Britain, with some
believing it was now safe for the govern-
ment to ease back on austerity.
But he will warn that economic prob-
lems in China, Brazil and Russia, com-
bined with sharp falls in commodity
prices and the crisis in the Middle East,
were all menacing the global economy.
“Anyone who thinks it’s mission accom-
plished with the British economy is
making a grave mistake,” he will say in a
speech in Cardiff.
His speech comes as it emerged that
the Treasury has approached banking
advisers about preparing a £17bn port-
folio of loans from Bradford & Bingley
for privatisation, a symbolic moment in
Britain’s recovery.
Mr Osborne has already ordered the
sale of the government’s stakes in
Lloyds Banking Group, Royal Bank of
Scotland and the Northern Rock loan
book; the sale of the B&B loans would
signal the end of a chapter of state inter-
vention in the banking sector.
But the chancellor fears that fading
memories of the 2008 crash and the fis-
cal emergency that followed has lulled
Britain into a false sense of security at a
time when new dangers are emerging.
The sharp decline of China’s currency
has raised the prospect of renewed
intervention by the country’s central
bank as Beijing seeks to control its frag-
Crude below $35 for first time in 12 years
NEIL HUME, ANJLI RAVAL AND
DAVID SHEPPARD
Oil sank below $35 a barrel for
the first time since 2004
yesterday as a relentless rise in
global output overshadowed
geopolitical upheavals that
had led to a shortlived rally
earlier in the week.
Escalating tensions between
Saudi Arabia and Iran over the
execution of a prominent
cleric took Brent crude to
almost $39 a barrel on
Monday. But the global
benchmark retreated again
because of further concerns of
Brent crude
$ per barrel
120
100
80
60
40
20
2014 15 16
Source: Thomson Reuters Datastream
Photo: Getty Images
a supply glut that has supplies are outstripping
contributed to oil prices demand by as much as 2m
plummeting 70 per cent since barrels a day. The price
mid-2014. collapse has hammered the
“If anything, these tensions budgets of the world’s biggest
between Saudi Arabia and Iran producers and forced energy
are the nail in the coffin for any companies to reassess
Opec co-ordination,” said hundreds of billions of dollars
David Fyfe, head of research at in spending plans.
Gunvor, a Geneva-based Souring relations between
trader. “There is no appetite Saudi Arabia and Iran have
for a reduction in production.” dashed any hopes the cartel
Although production can agree to a production cut
growth has slowed outside to support prices.
Opec, such as in the US, it has Brent crude fell more than 5
not fallen fast enough to per cent to hit a low of $34.21 a
balance the market. Oil barrel, a level last reached in
market watchers say crude oil early 2004.
Shire’s potential $32bn takeover of Baxalta depends
on whether the UK-listed drugmaker can pay for a
large part of the deal in cash without triggering a big
ile exchange rate policy. Investors tax bill, say people close to the talks.— PAGE 15
around the world are worried that an
unexpectedly fast depreciation will fur- i Regulators take care of pension dodgers
ther destabilise China’s economy. Some Parents hiring nannies will fall into the sights of
also fear it could trigger a wave of com- regulators as they prepare to take action against
petitive devaluations across the region. small employers which fail to comply with a legal
“During our investor meetings in requirement to enrol staff in a pension.— PAGE 3
December, the most significant risk that
investors were worried about was a sub- i VW swaps flower power for batteries
stantial devaluation of the renminbi,” Volkswagen has unveiled an electric
said Timothy Moe, Goldman Sachs’ concept vehicle based on its Type 2 —
chief Asia-Pacific equity strategist. the Kombi or Camper — as it hails its
Mr Osborne will say in his speech that place in the hippy era in the face of
2016 “is the year we can get down to an emissions scandal that has seen it
work and make the lasting changes Brit- hit with a US lawsuit.— PAGE 17
ain so badly needs. Or it will be the year
we look back at as the beginning of the i Housing push falters amid skills gap
decline.” A shortage of skills in the building industry, which
His comments have a strong political increases costs and cuts into housebuilders’
margins, has pushed the number of homes unbuilt
to a record level.— PAGE 4
‘Anyone who thinks it’s
mission accomplished is i Growth alert for developing economies
The World Bank has warned that developing
making a grave mistake’ economies last year recorded their slowest growth
George Osborne since the aftermath of the 2008 financial crisis and
chancellor are facing an equally grim 2016.— PAGE 6
purpose, notably reminding his critics —
including Tory MPs who opposed his
£4.4bn cut in tax credits — that the pub-
i Merkel in safety call after sex attacks
The German chancellor has intervened in the storm
over New Year sex attacks in Cologne amid rising
lic finances remain in a fragile state. Yet criticism of the police and as the right’s AfD party
his economic assessment is notably turned up its anti-immigration rhetoric.— PAGE 8
gloomy. “Last year was the worst for glo-
bal growth since the crash and this year Datawatch
opens with a dangerous cocktail of new
threats,” he will say, pointing out that
developments in Saudi Arabia and Iran Grade level required to An analysis of
have only added to the dangers. understand speeches presidential
0 2 4 6 8 10 candidates’
The chancellor already had cause for Huckabee announcement
concern about Britain’s prospects after a Sanders speeches shows
series of weak economic data just before Fiorina
big variations in
Christmas already in effect ruined many Cruz
the complexity of
Rubio/Christie
of the forecasts made in his November Bush language used.
Autumn Statement. Instead of the Clinton Donald Trump,
2.4 per cent growth Mr Osborne Paul Republican
Jindal
expected for 2015, downward revisions Santorum
frontrunner, was
already announced are likely to bring Carson comprehensible
the figure down towards 2 per cent. Trump by fourth graders,
China market meltdown page 5 Source: Dan Zedek/Globe Staff 9 and 10-year-olds
Markets page 29 & 30

Netflix launches in 130 countries amid

Tax crackdown set to spur
thousands of liquidations
Thousands of entrepreneurs are
expected to liquidate their companies
to lock in tax rates as low as 10 per
cent when they extract profits, amid
fears that a crackdown will triple their
liabilities. The liquidations — and
certain other forms of restructuring —
would pre-empt a crackdown on
income-into-capital tax planning and a
rise in dividend taxation that would
potentially expose company owners to
rates as high as 38.1 per cent.
Report i PAGE 3
online streaming battle with Amazon
MATTHEW GARRAHAN — LAS VEGAS
Streaming video service Netflix has
launched its website in 130 more
countries, raising the stakes in its
global battle with Amazon for suprem-
acy in online video.
The on-demand content provider,
whose popularity in the US has hit audi-
ence ratings and advertising revenues at
cable and satellite channels, will now
offer its services in markets including
India, Russia, South Korea and Turkey.
Netflix already has about 74m subscrib-
ers mainly in the US and Europe.
This latest new media challenge to
traditional broadcasters triples the
number of markets where Netflix oper-
ates. Its challenge is to deliver enough
high-quality programming that reso-
nates in countries where tastes vary
wildly.
Reed Hastings, chief executive, told
the Consumer Electronics Show in Las
Vegas it was “witnessing the birth of a
new global internet TV network”. The
only big market the company had yet to
tap, he added, was China, “where we
hope to be in the future”.
The company’s popularity in the US
has contributed to “cord-cutting”,
where consumers shun expensive chan-
nels bundled with cable or satellite sub-
scriptions in favour of cheap, on-
demand alternatives offered by Netflix
and rivals such as Amazon.
The numbers watching Netflix and
similar internet services has hurt the
performance of the big media compa-
nies that own cable television channels.
In 2015, the S&P 500 Media Index fell
5.7 per cent, far more than the broader
market, which was flat for the year.
Unlike its mainstream media peers,
Netflix shares rose more than 140 per
cent in 2015, although its shares have
slipped about 10 per cent since the start
of 2016 amid concerns about US sub-
scriber growth. With a market capitali-
sation of close to $46bn it is worth more
than CBS and Viacom combined.
Mr Hastings said the moment had
arrived for Netflix to deliver its stream-
ing video service to every country. “Glo-
bally, 3.2bn people are using the inter-
net, and 2bn are from developing coun-
tries,” he said. “That’s up from 400m in
2000. This growth has been nothing
short of astonishing.”
He acknowledged that running the
service in so many international mar-
kets was a “big and challenging task”
and pointed to the difficulties involved
in securing global rights to hit shows
normally sold country by country.
Consumer Electronics Show page 17

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Britain in Europe
Bankers warn on Brexit challenges
Top HSBC and Barclays
executives fear cost
and disruption to City
MARTIN ARNOLD — BANKING EDITOR
Senior bankers from Barclays and HSBC
have warned a British exit from the EU
would be expensive and disruptive for
the UK’s financial services and pre-
dicted it could erode the country’s influ-
ence on the global stage.
However, the executives told parlia-
ment’s Treasury committee yesterday
that a Brexit was unlikely to unseat the
City as Europe’s main financial centre.
They added that the precise impact of
leaving the EU would depend on what
terms the UK managed to negotiate
Financial view
Cameron makes plea over welfare reform
PM urges German centre-right
and Hungary to support
payment curbs to migrants
STEFAN WAGSTYL — BERLIN
ANDREW BYRNE — BUDAPEST
GEORGE PARKER — LONDON
David Cameron embarked yesterday on
a two-day visit to Bavaria and Hungary,
as he launched a final phase in his EU
renegotiation by trying to win support
for new curbs on welfare payments for
migrant workers.
The prime minister last night flew to
the Bavarian Alps to address Germany’s
centre-right CSU, the sister party of
Angela Merkel’s CDU, and for talks with
the German chancellor.
Writing in the newspaper Bild, Mr
Cameron insisted that his plan to reform
Britain’s relationship with the EU —
including limits on welfare for migrants
— was in line with Germany’s interests.
He is trying to build support for his
renegotiation, which he hopes to bring
to a conclusion at a Brussels summit
next month, but migration is the biggest
sticking point.
He believes there is support in coun-
tries including Germany and France for
restricting welfare payments to EU
Brussels blog: notes from the EU
Cameron’s toughest Brexit task is Tory party management, says Peter Spiegel
ft.com/brusselsblog
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©Copyright The Financial Times Limited 2016. All
rights reserved. Reproduction of the contents of this
regarding its future relationship with
the bloc.
“The spectre of exit scenarios is quite
significant,” James Chew, group head of
regulatory policy and strategy at HSBC,
told MPs. “It is going to be a very big dis-
ruption. But I don’t think we have sat
down and said ‘it is going to cost us X bil-
lion pounds’.”
Mark Astaire, vice-chairman of Bar-
clays investment banking division, said:
“I think [the UK] would continue to
thrive outside the union. Do I think
there is a risk that if we were to leave the
union that the UK would not be the lead-
ing financial centre in Europe? I do not.
“If the British people vote to leave,
there will be a lot of work to be done,” he
added. “We have got plans to make sure
that if that is what happens, we know
Renegotiation. Sticking point
migrant workers, provided the right to
free movement is not infringed.
Mr Cameron’s problem is finding a
way of limiting in-work benefits; he
wants a four-year ban for migrants,
while not breaching EU discrimination
rules. No solution is yet in sight.
Poland, Lithuania and Hungary are
among the countries demanding that
their workers do not become second-
class citizens in the labour markets of
richer EU countries.
Thomas de Maizière, German interior
minister, said yesterday: “It is not a mat-
ter of regulating migration, but a matter
of regulating welfare legislation.”
He added: “That is something in
which the British prime minister is
especially interested.”
Workers’ migration was welcome, he
added. “What is not welcome is migra-
tion from EU states into our welfare
system. So, coming to Germany in
order to secure Hartz IV [employ-
ment benefits] or child benefit.
“We have taken steps. That has
definitely had an effect. But there
is possibly more to do,” he
pointed out.
The centre-left SPD, Ms Mer-
kel’s coalition partner, shares these
concerns. Olaf Scholz, a party vice-
chairman, last weekend backed the
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FINANCIAL TIMES
NATIONAL
who is going to do what. It will inevitably improvements to trade finance rules.
be an expensive exercise.” Both said there was a risk that if the
With David Cameron, prime minister, UK left the EU, the country could lose
planning to call a referendum on the influence, such as in its ability to influ-
UK’s membership of the EU as early as ence global financial policy making.
June, bankers are starting to focus on “One of the risks is that the UK gets
the issue as one of the biggest factors sidelined,” said Mr Astaire. “I don’t
likely to drive London markets this think that is inevitable, but given the
year. size of the City of London I think we do
MPs pressed the two on whether the get outsized influence. It is also a benefit
financial services industry was ham- for Europe as a whole to have such a
pered by EU regulation, an argument large financial centre in London.”
often made by the hedge fund chiefs Mr Chew said: “I think people do see
who have donated money to the Out Europe as a region, rather than the UK
campaign. as a region. Opening access to the single
While admitting there had been market through London has enhanced
unwelcome EU laws, such as a cap on those hub effects.”
bankers’ bonuses and restrictions on He added that some of London’s
short selling, they said Brussels had also intrinsic advantages as a financial cen-
produced positive measures, such as tre — its location, language and legal sys-
Benefits issue: barring of EU migrants from social ben- ‘Like
German interior efits for a year.
minister Thomas Such proposals have been circulating Germany,
de Maizière with in Germany since the European Court of Britain
a report on Justice in November 2014 backed Ger- believes
immigration for man officials who had withheld benefits
a conference in from a Romanian woman who had come in free
Berlin yesterday to Germany and lived in the country for movement of
Tobias Schwarz/AFP/Getty
several years, but shown no evidence of workers. But
seeking work.
Writing in Bild, Mr Cameron added: that should
“We want to stop people taking out from not mean the
a welfare system without contributing freedom to
to it first.
“Because like Germany, Britain
claim all
believes in the principle of free move- benefits from
ment of workers. But that should not day one’
mean the current freedom to claim all
benefits from day one, and that’s why
I’ve proposed restricting this for the first
four years.”
Officials in Brussels are restart-
ing work to try to find a solution
that is acceptable to countries
throughout central and eastern
Europe, while giving Mr Cam- Video
eron enough political cover to Lionel Barber
show he is tackling the issue. and Janan
Ganesh on how
Mr Cameron’s talks today the referendum
with Viktor Orban, the Hun- will affect the
garian prime minister, will Tory party
involve some semantic juggling, as ft.com/video
the British leader tries to build
Education
Sturgeon vows to raise standards of poorest Scottish pupils
JOHN MCDERMOTT policy areas such as education, health
POLITICAL CORRESPONDENT
and policing, which are devolved.
Nicola Sturgeon has pledged to raise Ms Sturgeon has, however, vowed to
the attainment of Scotland’s poorest “campaign on our record in govern-
pupils, as the first minister tried to ment”, with polls suggesting the first
rebut criticisms of her party’s record minister will consolidate her party’s
majority.
on education ahead of May’s elections
to the Edinburgh parliament. In her speech in Glasgow on the
National Improvement Framework, she
Yesterday Ms Sturgeon announced announced a £100m Attainment Scot-
measures to improve the school per- land Fund, a new mandatory qualifica-
formance of children from families on tion for headteachers from 2019, and
lower incomes, including standardised measures to improve collaboration
testing in all primary schools. between schools.
“Our overall aim is to raise standards Most of the 32 local authorities in
everywhere, but to raise them most Scotland already test primary pupils,
quickly, in the areas that most need it,” but under the new framework, each will
the first minister said. from 2017 carry out the same tests, with
The Scottish National party, particu- some areas in pilots from this year.
larly under former first minister Alex Ms Sturgeon confirmed on Twitter
Salmond, has been criticised for focus- that the Scottish government would
ing on independence rather than public publish data at the individual school
tem — were being eroded over time, but
access to the EU single market had
helped to offset that.
Giving the example of foreign
exchange markets, Mr Chew said 90 per
cent of euro trading was done in Lon-
don, and if this was forced to move to
continental Europe after a Brexit, it
would be “unhelpful”. But he said the
EU referendum would have no bearing
on HSBC’s review of whether to move its
headquarters out of the UK.
Analysts at JPMorgan Chase, the US
bank, told clients yesterday there were
three potential risks of Brexit: it would
increase funding costs for UK banks and
the sovereign; financial sector jobs
could move abroad and hit house prices;
and Scotland could seek another refer-
endum on leaving the UK.
‘The spectre
of exit
scenarios is
quite
significant.
It is going to be a very
big disruption’
James Chew, HSBC
‘Do I think
there is a
risk that if
we were to
leave the
union that the UK would
not be the leading financial
centre in Europe? I do not’
Mark Astaire, Barclays
Credit: Charlie Bibby
bridges. Officials in Budapest say they
would prefer Mr Cameron not to use the
word “migrants” when referring to
Hungarian workers, instead suggesting
“EU citizens” or “guest workers”.
The term “migrant” has toxic associa-
tions in Hungary. Mr Orban has repeat-
edly warned that migration increases
the risk of crime and violent assault and
has previously said that all terrorists are
migrants.
“To consider Hungarians in Britain as
migrants is painful to our hearts,” he
said in Brussels on December 18, at a
joint press conference with Mr Cam-
eron.
Since Mr Orban’s Fidesz party swept
into government with a two-thirds
majority in 2010, it has introduced a
new constitution, restrictive media
laws, and replaced wide swaths of the
judiciary and civil service.
Foreign banks, media, telecommuni-
cations and retail companies have all
complained of discriminatory tax meas-
ures introduced by Mr Orban’s govern-
ment in its battle to bring its deficit
under control.
In 2014, US president Barack Obama
accused Hungary’s government of
“overt intimidation” of civil society and
went on to liken the country to the situa-
tion in Egypt.
level, creating the possibility that ana-
lysts could construct “league tables” for
primary schools.
The latest Scottish Survey of Literacy
and Numeracy in April showed falling
rates of pupils reading “well” or “very
well” among each of the three age
groups examined by the official assess-
ment.
The proportion of primary school
children performing “well” or “very
well” in numeracy also fell, according to
the survey figures released in 2014.
Scotland’s performance in mathematics
in the international Pisa tests also fell
between 2009 and 2012, according to a
recent OECD report.
This found an “upward trend” in the
number of school leavers finding jobs or
entering tertiary education, but also
“problems and challenges” with
declines in pupil performance.
Thursday 7 January 2016
Shadow cabinet
Three quit
Corbyn team
in protest
over reshuffle
JIM PICKARD
CHIEF POLITICAL CORRESPONDENT
Three members of Labour’s front
bench quit their posts in protest at Jer-
emy Corbyn’s reshuffle, undermining
his already shaky grip on the party in
Westminster.
Jonathan Reynolds, shadow rail minis-
ter; Kevan Jones, shadow defence minis-
ter; and Stephen Doughty, shadow for-
eign affairs minister, all stepped down
within hours of the Labour leader’s
shake-up.
Mr Jones said he disagreed with Mr
Corbyn’s opposition to Trident. “I have
been clear and consistent that I believe
it is the right policy for the country to
maintain a minimum credible nuclear
deterrent while working to advance glo-
bal nuclear disarmament,” the MP said.
Mr Doughty announced on the
BBC’s Daily Politics programme that he
was quitting over the sacking of Pat
McFadden, former Europe spokesman.
Mr McFadden was demoted in part over
“disloyal” remarks he had made about
the correct approach to dealing with
terrorists.
“When an individual has been singled
out for a sacking for words that I com-
pletely agree with, I think it’s only the
honourable thing for me to do for me to
also tender this resignation,” said Mr
Doughty.
The most significant element of Mr
Corbyn’s minimal reshuffle was the
appointment of Emily Thornberry, an
opponent of Trident, replacing Maria
Eagle, who supports it. Ms Thornberry
voted against Trident’s renewal in 2007
and has spoken during at least one Cam-
paign for Nuclear Disarmament demon-
stration. Mr Corbyn is CND’s vice-presi-
dent.
Ms Thornberry’s elevation has histor-
ical resonance given Labour’s internal
battle over nuclear weapons 30 years
ago. Labour lost elections in 1983 and
1987 on manifestos that included a
promise the UK would give up nuclear
weapons even if other countries did not.
In 1989, Neil Kinnock shifted Labour’s
position in the teeth of opposition from
many colleagues. Dropping a commit-
ment to unilateral nuclear disarma-
ment was one of the main proposals in
his Meet the Challenge, Make the
Change policy review.
On Tuesday, Lord Kinnock said that
in an unsafe world it was “rational” for
people to want Britain to keep its
nuclear weapons unless all nations
agreed to get rid of them.
That was even more true now that
there were more nuclear states than 25
years ago, he said. “The British people
will not vote for a unilateralist party.”
If the UK unilaterally abandoned its
nuclear weapons, Nato allies would
react with alarm and the move could
jeopardise the country’s permanent seat
on the UN Security Council.
Mr Corbyn abandoned an attempt to
demote Hilary Benn as shadow foreign
secretary, heading off potential resigna-
tions by other senior figures.
He had hoped to shift Mr Benn to a less
contentious post after the two took
opposing positions over the govern-
ment’s bombing of Isis jihadis in Syria.
That plan fell through when the shadow
foreign secretary sought to hold on to the
post and several shadow cabinet mem-
bersthreatenedtoquitifhewassacked.
In the end Mr Benn kept his job in
return for a new agreement not to speak
out publicly against the leader.
Although Ms Eagle has gone, Mr Cor-
byn will still have to deal with opposi-
tion from shadow cabinet members,
MPs and some unions who will back the
renewal of Trident when it is authorised
by the government this year.
Previous Pisa research on the “attain-
ment gap” has suggested a stronger link
between parental income and pupil
results in Scotland than in England and
Wales, according to the Joseph Rown-
tree Foundation.
Although the SNP has overseen a new
curriculum for excellence, announced
by the previous Labour administration,
it has deliberately shied away from the
sweeping reforms of education secretar-
ies in England over the past two
decades. Local authorities and teaching
unions retain a more influential role in
Scotland than in England, with Scottish
Labour and the SNP placing greater
emphasis on collaboration.
Teaching unions broadly welcomed
the plans. Larry Flanagan, general sec-
retary of the Educational Institute of
Scotland, said it had worked “construc-
tively” with the Scottish government.
Thursday 7 January 2016
Tax changes
set to spark
liquidations
Entrepreneurs plan to lock in low rates on
fears tighter rules will lead to higher bills
VANESSA HOULDER
Thousands of entrepreneurs are
expected to liquidate their companies
over the next three months amid fears
an imminent tightening of the tax rules
will more than triple their bills.
Advisers said many owners of small
companies were drawing up plans to
lock in tax rates as low as 10 per cent
when they extract profits from their
business.
The liquidations — and certain other
forms of corporate restructuring —
would pre-empt a crackdown on
income-into-capital tax planning and
an increase in dividend taxation that
would potentially expose them to rates
as high as 38.1 per cent from April.
Andrew Tate, vice-president of the
Association of Business Recovery Pro-
fessionals, said the proposals, revealed
in December, were expected to trigger
‘It could be a nasty shock
for someone who
is unaware of these
proposed changes’
a “great increase in liquidations”.
Clive Stevens, executive chairman of
Kreston Reeves, an accountancy firm,
said there was a sense of urgency for
affected individuals with consultancies
or other personal service businesses.
“They will have to act pretty quickly.
Since just before Christmas our restruc-
turing team have taken a lot of calls.”
Timothy Fussell, head of business tax
at Moore Stephens, an advisory firm,
said the proposals were likely to hit
property developers and other serial
entrepreneurs. “It could be a nasty
shock for someone who is unaware of
these proposed changes.”
Anita Monteith, of the Institute of
Dividend tax changes compared
with capital gains tax rates
Effective tax rates (%)
2015-16 2016-17 40
CGT rates
Higher or
30
28% additional rate
18% Basic rate
20
10% 10
Entrepreneurs’
relief
Nil 0 bled in the past five years to 7,200 in
£5,001 to Higher Above
basic rate rate £150,000
band band
Source: HM Treasury
Automatic enrolment
Pensions regulator alerts
small employers to new rules
JOSEPHINE CUMBO
PENSIONS CORRESPONDENT
The Pensions Regulator is preparing to
take action against employers who
break new rules on providing pensions
for staff, including potentially fining
parents who hire nannies.
Yesterday, the regulator said it was con-
cerned that a minority of smaller
employers were leaving it “too late” to
comply with a legal requirement to auto-
matically enrol staff in a workplace pen-
sion. These employers risk fixed penalty
notices of £400, daily fines from £50 to
£500 and evencriminalprosecution.
The warning came as more than half a
million employers with fewer than 30
staff, including people hiring carers and
gardeners, become due this year to
automatically enrol eligible staff in a
pension and contribute to it.
While the policy has largely been suc-
cessfully implemented at big businesses,
the regulator fears smaller employers
will be less good at complying. “Between
January and March nearly 100,000 em-
ployers will need to enrol employees into
a pension,” said Lesley Titcomb, chief
executiveofthePensionsRegulator.
“We expect that the vast majority will
meet with their duties on or ahead of
time, but we have been clear that we do
expect to use our statutory powers more
in the months to come. Some employers
will need an additional nudge of
enforcement action in 2016 and beyond
from us to get them over the line.”
★ FINANCIAL TIMES 3
NATIONAL
Flood evasion
More trees not
sole solution
There is little evidence that the
widespread flooding over the past
month could have been avoided with
better land management, according to
the Centre for Ecology and Hydrology,
given the sheer amount of rain that fell
over the UK.
Researchers did acknowledge that
better land management in upland
areas could help prevent flooding in
less extreme conditions. Natural flood
defences include planting trees, which
Chartered Accountants in England and allow water to sink into the soil much
Wales, said the proposals would have more quickly than grass, as well as
unintended consequences, fuelling a finding ways to stop water draining to
perception the measures were “very lower-lying areas.
anti-business”. “It makes good sense to look into
Revenue & Customs is taking action those policies where we can,” said Alan
because higher dividend tax rates intro- Jenkins, the centre’s deputy director.
duced in April will “increase the incen- However, he added: “I’m not saying it
tive to arrange for returns from a com- makes sense for everybody
pany to be taxed as capital rather than everywhere to plant lots of trees. We
as income”. It expects the change to don’t have the evidence.”
bring in £35m in 2017-18. Last month was the wettest
The increase in dividend tax rates — December since records began 105
which is also likely to trigger big divi- Work to save the 16th-century Abergeldie Castle, on the banks of the Dee in Aberdeenshire, is under way after heavy years ago.
dend payouts before April 6 — will rain meant a swollen river eroded the bank. Rubble has been added to the river to divert water — Andrew Milligan/PA Conor Sullivan and agencies
widen the gulf between income and cap-
ital tax rates, which has already been
stretched by the availability of the 10
per cent tax rate for those who qualify
for entrepreneurs’ relief (ER).
ER has cost billions of pounds more
than originally expected, prompting
criticism from MPs and speculation the
government might crack down on it. But
advisers said company owners should
not face problems in claiming ER after
April if they were liquidating an eligible
company that was at the end of its life.
One target of the Revenue’s crack-
down is “phoenixism”, where a com-
pany is liquidated and a new company
set up to replace it. It wants to treat dis-
tributions as dividends if a shareholder
becomes involved in a similar activity
within two years. It also intends to stop
shareholders using companies as
“money boxes”, by retaining more prof-
its than are needed commercially before
taking out profits as capital.
Tina Riches, a partner at Smith & Wil-
liamson, an advisory firm, said some
owners would choose to accelerate sales
or liquidations even if they did not end
up in the scope of the crackdown. “I
think it’s as much the perception, the
uncertainty and the possibility you
might get caught if you change your
plans.” Advisers said that for simple
businesses, such as consultancies, there
was relatively little disruption in liqui-
dating a company and establishing
another. But transferring a trading busi-
ness to another vehicle was more com-
plex. The crackdown comes four years
after the government put a £25,000 cap
on the amount that could be deemed a
capital gain under an “informal” strik-
ing off procedure. This boosted the
number of “members’ voluntary liqui-
dations” (MVL) — a method of liquida-
tionusedforsolventcompanies.
The number of MVLs has nearly dou-
2014-15, even though liquidations and
insolvency proceedings as a whole fell
over the period, according to Compa-
nies House.
In the year to the end of March 2015,
the regulator used its formal powers for
breaches of automatic enrolment duties
nearly 2,200 times, including issuing
more than 400 fixed penalty notices
and 1,600 compliance notices.
This covered a period when the new
rules were applied to employers with
more than 50 staff.
The regulator sends letters to busi-
nesses alerting them when their auto-
matic enrolment duties are due to start.
But advisers say that many smaller
employers have left it to the last minute.
“The policy is now rolling out to
employers who don’t have the luxury of
dedicated HR staff to deal with pen-
sions,” said Sean McSweeney, auto
enrolment specialist at Chase de Vere,
the financial advisers.
“These employers are leaving it to the
last minute and are putting themselves
at risk of fines and additional costs for
missed pension contributions for staff.
“They will potentiallyhavetomakeup
for missed pension contributions as they
hadn’t enrolled themintime.”
Employers who miss a declaration of
compliance for their legal duty face fixed
penalty notices of £400. Employers with
between one and four staff could face
daily fines of £50 or up to £500 a day for
employers with five-49workers.
The new rules, in place since 2012,
require employers to automatically
enrol staff in a pension if the worker
earns £10,000 or more and is aged
between 22 and statepensionage.
4 ★
Development barriers
Record logjam hits housebuilding sector
Skills shortage leads to
longer construction times
and an increase in costs
JUDITH EVANS
PROPERTY CORRESPONDENT
The number of homes with planning
permission that have yet to be built has
hit a record level in England, highlight-
ing the barriers to development despite
a government drive to increase house-
building.
Some 475,647 homes approved by
local councils are not yet constructed,
according to a study commissioned by
the Local Government Association,
25 per cent more than three years ago.
Councils granted planning permis-
sion for a record 212,468 homes in
Lancet
Cut sugar in
fizzy drinks to
tackle obesity,
says study
SCHEHERAZADE DANESHKHU
CONSUMER INDUSTRIES EDITOR
Cutting the amount of sugar in fizzy
drinks by 40 per cent would prevent
1m adults from becoming obese and
250,000 people from developing diabe-
tes, according to a study published
today.
The study in The Lancet Diabetes and
Endocrinology will add to debate about
how to tackle the growing problem of
obesity, which is costing Britain’s
National Health Service £5bn a year.
It comes ahead of the government’s
long-awaited strategy on tackling child-
hood obesity, which is due to be pub-
lished this month.
Measures under consideration
include sugar reduction targets for food
and drinks companies, banning adver-
tisements for high sugar products to
children and closing fast food outlets
near schools.
The authors of the research said a
gradual reduction of sugar over five
years — without adding artificial sweet-
eners — could be a more palatable alter-
native for the drinks industry than
measures such as a tax on fizzy drinks.
In an accompanying commentary,
Tim Lobstein, director of policy at the
London-based World Obesity Federa-
tion, said the measure would be “a rela-
tively painless shove to industry rather
than a nudge to consumers”.
Big food and drinks companies have
been vociferous in their opposition to a
sugar tax or forced changes to recipes,
arguing that sugar is being demonised
and that consumers have a huge choice
of products, including low or no sugar
alternatives.
Gavin Partington, director-general of
the British Soft Drinks Association, said:
“The hypothetical claims made in this
study run contrary to the evidence.
Sugar consumption in the UK has been
declining for many years, particularly
from soft drinks, as government statis-
tics testify, while levels of obesity
increased.”
Consumers have become more inter-
ested in sugar and calorie content,
according to Anheuser-Busch InBev,
the Belgian brewer that has launched a
takeover bid for SABMiller.
It said yesterday it would provide
more detailed labelling on its beers in
Europe because millennials were more
calorie-conscious than older age groups.
The brewer also said its research
showed that fewer than 20 per cent of
adults had any idea of the amount of cal-
ories in beer.
While obesity is a big problem across
the world, the debate on how to tackle it
has become polarised between health
officials and food and drinks producers.
In Mexico, which has one of the
highest levels of obesity and diabetes
in the world, a 10 per cent tax on
sugar sweetened drinks imposed in
2014 was associated with a 12 per cent
fall in sales, according to a separate
study, also published today. The
research, in The BMJ, found Mexicans
living in cities bought 4.2 fewer litres of
taxed beverages in 2014 and 12.8 more
litres of untaxed beverages, mainly bot-
tled water.
But, Tom Sanders, professor of nutri-
tion at King’s College, London, said:
“This is equivalent to about 1 sugar cube
[per day], which is a drop in the caloric
ocean.”
Sugar consumption in the UK is well
above recommended daily limits, par-
ticularly among teenagers.
The Department of Health said: “We
will be launching our childhood obesity
strategy shortly.”
2014-15, the study by analysts Glenigan
found, but they are taking longer to
build as a construction skills shortage
increases costs and cuts into house-
builders’ margins.
Ministers are seeking to increase
housebuilding to 200,000 homes a year
in the face of chronic shortfalls, but only
152,250 dwellings were completed in
2014-15, according to the Office for
National Statistics.
Peter Box, housing spokesman for the
LGA, which represents councils, called
for local authorities to be handed pow-
ers to accelerate development, such as
charging full council tax on unbuilt
developments once the original plan-
ning permission expires. “Councils
must have the power to invest in build-
ing new homes and to force developers
to build homes more quickly,” he said.
Construction of Birmingham’s £600m New Street station and Grand Central shopping centre last year — i4images/Alamy
Space race
Birmingham
engine roars
Birmingham office space
Total volume under construction
per survey, sq ft (m)
1.0
0.8
0.6
0.4
0.2
0 contributed to rising demand.
2002 05 10 15
Source: Deloitte
Energy
Coal plants set for Rudd clash over closures
KIRAN STACEY
ENERGY CORRESPONDENT
The majority of UK coal plants have
refused to sign up to a scheme that
would have seen them close automati-
cally, meaning that the government
will probably have to step in to force
them to shut.
Amber Rudd, energy secretary, has
promised to close all British coal plants
by 2025, making the UK the first coun-
try to set an end date for use of the fuel.
That task was made harder yesterday
when seven stations elected to sign up to
EU emissions limits rather than apply
for an opt-out, which would have allow-
ed them to miss the new European targ-
ets but in turn promise to close by 2023.
Britain’s ageing coal sector is one of
the most polluting in Europe, with
many individual countries having set
tighter limits than those being imple-
mented across the EU this year.
They are also an important part of the
country’s energy mix. Figures released
yesterday by EnAppSys, which analyses
the UK energy industry, showed coal-
fuelled power accounted for a quarter of
total generation last year — although
that is down from 31 per cent in 2014.
Many analysts predicted the coal
FINANCIAL TIMES
NATIONAL
Charles Mills, head of planning at the
consultancy Daniel Watney, said there
was a “compelling case” for local
authorities to return to housebuilding,
despite current low levels of building by
councils.
But he warned that extra council tax
could prove counterproductive. “Plac-
475,647 152,250
Homes approved Number of
by local councils dwellings
but not yet completed during
constructed 2014-15
ing an additional tax on development
will not have the desired effect of speed-
ing up development, but is likely to
deter it altogether,” Mr Mills said.
Councils are seeking to fight back
Birmingham is building offices at the
fastest rate for 13 years as the
“Midlands engine” benefits from the
spillover of London’s rapid growth.
The latest Birmingham crane survey
by Deloitte, the consultancy, also shows
a jump in hotel, leisure and retail
developments.
The report, which covers the city
centre and suburb of Edgbaston, says
969,000 sq ft of office space was being
built in 2015, with hotel construction
three times higher than the 10-year
average. Student apartments are being
developed for the first time since 2013.
Investors are ploughing money into
office developments, with the amount
of cash tripling between 2013 and 2015
to hit £1.03bn. That was only just
behind the £1.1bn attracted to
Manchester.
HSBC’s decision to move its UK head
office to Birmingham, and continuing
expansion by law firms and banks, has
Investors’ money has followed this
demand, especially as rising London
property prices squeeze returns.
phase-out would happen automatically
after the introduction of the EU emis-
sions rules, which came into force this
week.
However, most of Britain’s coal sta-
tions have decided not to apply for the
opt-out. Two did so — Eggborough and
Ferrybridge, in Yorkshire — but both
plants are already due to close.
This leaves several power stations,
including Drax, the UK’s largest power
station, continuing to burn coal indefi-
nitely unless their owners decide to shut
them down or ministers intervene. But
they will have to implement changes
over the coming years to hit the new EU
targets, which come in gradually until
2020.
Drax is converting three of its six units
to burning wood pellets instead, while
Amber Rudd will consult on how to
ensure closure of all UK coal plants
against accusations by housebuilders
that costs and delays in planning act as a
big drag on construction. Some 25 per
cent of residential planning applications
were rejected in 2014, according to
research by Daniel Watney.
Noble Francis, economics director at
the Construction Products Association,
said the situation was improving.
“Over the past few years, major
housebuilders have consistently
pointed towards planning as the key
constraint to building pre-recession lev-
els of homes,” he said.
“As a consequence, local authorities
have made a considerable effort to
improve the number and proportion of
planning applications approved, in
addition to the speed of processing.”
Mr Francis said the construction skills
shortage was now the “key constraint”
Edwin Bray, lead partner of Deloitte
Real Estate in the Midlands, said: “This
is an incredibly positive report in many
ways, and reflects the sentiment
towards Birmingham and the wider
Midlands region that we are seeing
across our firm and client-base, not just
here in the UK, but globally.
“The ‘Midlands engine’ is roaring
loud and clear, and the year-on-year
improvements and investments, such
as the £600m refurbishment of New
Street station, the Grand Central
shopping centre and the new Midlands
Metro [tram line], just continue to
strengthen the city’s offer.”
Birmingham is closing the gap with
its northern rival Manchester, which
has won significant powers from
government as the heart of its
“northern powerhouse” initiative.
It is forming a combined authority
with other West Midlands councils and
the wider area is among the fastest-
growing in the country. The West
Midlands has secured its own £1.2bn
devolution deal from Whitehall and is
preparing for the arrival of high-speed
the energy company EDF has secured
government money to help refurbish
two of their coal plants to make them
more efficient.
Dave Jones, an analyst at Sandbag, an
environmental think-tank, said: “UK
coal power stations are among the old-
est and dirtiest in Europe.
“Now we know that these coal power
stations have no deadline for when they
will close, it makes it even more impor-
tant to set robust legislation to close coal
power stations by 2025, and to restrict
its use from 2023.”
Tom Edwards at Cornwall Energy, the
consultancy, said: “Ministers need to
take a transparent, targeted and staged
approach, starting now, which gradually
leads to the staggered but earlier closure
of coal plants.”
Ms Rudd will begin a consultation this
spring into how to go about ensuring the
closure of all of the UK’s coal power, with
officials saying they are confident that a
switch from coal to gas can be achieved
by 2025.
A spokesman for the energy depart-
ment said: “We are the first country to
propose an end date for all unabated
coal-fired power stations as part of our
plans for a cleaner energy future, set on
a secure base of gas and nuclear.”
to housebuilding; 362,464 fewer people
worked in the field than at the econ-
omy’s peak seven years ago.
“Even where skills are available, the
labour cost rises have hit margins for
housebuilders,” Mr Francis added.
While housing registrations fell in the
third quarter of 2015, they were up
25 per cent in London “as that is where
prices are rising fast enough to offset
cost rises”, he added.
Thomas Aubrey, senior adviser at the
Policy Network think-tank, said: “The
government must also address the dys-
functional land market, as there
remains every incentive for landowners
to withhold land from the market once
permission is granted, given it will
increase in value as long as demand for
housing rises.”
Editorial Comment page 10
rail and a vast new station.
Office take-up has hit its highest
level since the financial crisis in
2008. In the first three-quarters of
2015, it totalled 732,000 sq ft.
Prime rents average £28 per
square foot. Manchester averages
£31.50 and the City of London £74.
Yield — the annual return from
rents for property owners — has
declined from 6.25 per cent in 2012
to 5 per cent because of higher costs
but remains above the 4 per cent in
the City.
Mr Bray said: “Our market
continues to offer excellent
opportunities and great value for
investors prepared to consider an
alternative to London.”
Some areas are contracting with
no new housing completed in 2015.
The overall number of new schemes
(nine) fell below the average (11).
However, several residential
developments are expected this
year. Three hotels with 690 rooms in
total were under construction in
2015. Andrew Bounds
Markit/Cips survey
Optimism in service sector
drops to lowest in three years
EMILY CADMAN
Optimism in the service sector, the
engine of the UK’s economic recovery,
was muted somewhat today as a survey
showed industry expectations for 2016
at the lowest for more than three years.
While the headline reading of the
Markit/Cips survey of purchasing man-
agers continues to point towards solid,
but unspectacular overall growth of
about 0.5 per cent in the fourth quarter,
the detail suggests that firms are in a
more cautious mood.
The main business-activity index
remained broadly stable in December at
55.5, from 55.9 in November. A reading
above 50 signals that activity has risen
comparedwiththepreviousmonth.
Chris Williamson, chief economist at
Markit, said firms were becoming more
cautious as uncertainties grew. “The cost
impact of the living wage, government
spending cuts, a potential hike in inter-
est rates, global growth jitters and
‘Brexit’ are weighing on business minds
and pose significant downside risks to
economicgrowthin2016,”hesaid.
Most respondents to the Financial
Thursday 7 January 2016
Starter homes
Anger builds
on definition
of ‘affordable’
property
JIM PICKARD AND JUDITH EVANS
Ministers have been criticised for
broadening the definition of “afforda-
ble housing” to include so-called
starter homes costing up to £450,000
— 17 times the average British salary.
Critics claimed that the change, inserted
into the Housing and Planning bill,
would make it harder to scrutinise the
government’s progress in delivering
cheap housing for workers.
“Instead of building more affordable
homes, they are branding more homes
as affordable,” said John Healey, shadow
housing minister.
The Tory government has invented a
category of “starter homes”, restricted
to first-time buyers under 40, to be sold
at a discount of at least 20 per cent of
market price of less than £250,000, or
£450,000 in London.
Shelter, the homeless charity, has esti-
mated that starter homes will be unaf-
fordable to people on low incomes in
98 per cent of the UK, and unaffordable
to those on middle incomes in 58 per
cent of the country.
The industry welcomed the change,
which Andrew Whitaker, planning
director at the Home Builders Federa-
tion, said would “create more options
for developers” and make a bigger range
of sites viable.
But Terrie Alafat, chief executive of
the Chartered Institute of Housing, crit-
icised the government for trying to
change the definition of affordable
housing “without proper scrutiny”.
Starter homes would play a role in
supporting people who wanted to buy a
property, she said, but would not be
affordable for many people on lower
incomes.
“We need to make sure we are provid-
ing a range of housing for all, including
those who can’t afford to buy even
with a 20 per cent discount,” said Ms
Alafat. “That means more homes for
rents that are truly affordable and for
shared ownership.”
David Cameron, prime minister, said
on Monday that people were getting
“too hung up” on the terms used. “The
definition of affordable housing is a
house that someone can afford to buy or
afford to rent,” he said.
Labour criticised the government for
the tardy scheduling of the debate on
the report stage of the bill, which began
late on Tuesday evening and continued
until 2am.
Greg Clark, communities secretary,
introduced an amendment allowing
companies to ask for planning applica-
tions to be processed by a “designated
person” instead of a local planning
authority. That would “test the benefits
of introducing competition” in the
processing of applications, he said.
Planning decisions would remain
under the remit of local authorities. The
government has not yet defined who
these “designated persons” might be.
The Home Builders Federation wel-
comed the change, with Mr Whitaker
saying more competition could speed
up the planning system and keep costs
down for builders and taxpayers.
But Clive Betts, chair of the Commu-
nities and Local Government Commit-
tee, said the amendment was “effec-
tively about the privatisation of the
planning service”.
Times annual survey said that the coun-
try’s prospects would be hit in the
medium term if the UK votes to leave
the EU.
The rate of job creation captured by
the PMI survey also slowed to its weak-
est since July, but still extended a three-
year long period of increases.
Martin Beck, adviser to the EY Item
Club forecasting group, said the data
gave the “clear impression of a sector
which has cooled from the rapid pace of
growth seen in the early part of 2015 to
something close to the long-term trend.”
Sterling continued its losing streak
against the dollar, as traders continued
to bet that signs of slower growth would
keep interest rates on hold from longer.
The latest official figures, released just
before Christmas, saw the annual pace
of growth revised down to 2.1 per cent —
the slowest pace in two years.
Despite most economists believing
that the Bank of England will begin to
raise interest rates this year, the mar-
kets are not fully pricing in a quarter
point rise until February 2017. At 55.3
for December the composite index is
still above its long-term average.
Thursday 7 January 2016
China’s market meltdown puts extra Concerns
grow as
focus on Beijing’s erratic policymaking renminbi
5-year low
Fall early in week underlines contradiction between pursuit of reforms and continuing distrust of risk
TOM MITCHELL — BEIJING
China’s stock market meltdown rever-
berated around the globe this week,
reviving memories of last summer’s
rout and again shining a light on
Beijing’s erratic policymaking.
Attempts to stem Monday’s melt-
down looked remarkably similar to last
year’s ad hoc market rescue and poorly
communicated currency adjustment:
a medley of verbal intervention, state-
orchestrated buying and extending a
ban on big share sales, while simultane-
ously pouring in $20bn to support the
currency.
“The authorities seem quite helpless,”
said Zhang Gang, analyst at Southwest
Securities, noting that the looming end
of the sales ban, which has locked up
shares worth Rmb1.24tn ($189.3bn),
had put “dry wood near a fierce fire”.
Beijing is dodging — or postponing —
that particular bullet by extending the
ban until such time as it can put in place
a permanent restriction on such sales.
But there are other factors depressing
stocks that Beijing is less able to turn
around. One is enduring concerns over
the health of the economy, where
growth has slowed to around 7 per cent.
Another is elevated valuations, boosted
by the post-August rally. Those helped
trigger newly minted circuit breakers
on Monday, temporarily halting trading
after the blue-chip CSI 300 Index fell
7 per cent.
Hence the growing concerns that the
China Securities Regulatory Commis-
sion — backed by a “national team” of
state-owned brokerages — simply can-
not sustain stock prices at current levels
let alone propel them higher, especially
as the government prepares what is
likely to be its lowest annual economic
growth figure in a quarter century on
January 19. “All the ghosts of 2015 are
right back front and centre in 2016,”
says Fraser Howie, an expert on the
development of China’s capital markets.
The central issue is the classic dichot-
omy of the modern Communist party as
it seeks more market-oriented policies
but retains an inherent distrust of risk —
leading to a reluctance to let markets be
Blue-chip concerns
CSI 300 index
4000
3800
3600
3400
3200
3000
Sep 2015 Jan
2016
Source: Thomson Reuters Datastream
Armslist bazaar in Obama’s cross hairs
President wants tighter curbs
online, above all for a sales site
known as the ‘eBay for guns’
BARNEY JOPSON — WASHINGTON
Dmitry Smirnov needed a gun. Accord-
ing to the man who sold him one outside
a casino in Washington state, Smirnov, a
Russian immigrant to Canada, said he
had recently been robbed and wanted
the Smith & Wesson handgun for his
own protection. That was a lie.
After the $600 purchase he drove to
Chicago, where he tracked down Jitka
Vesel, a woman who had spurned his
romantic overtures since they met
online. He fitted a GPS device to her car
to stalk her. Then, as she left work on
April 13 2011, he shot her at least 11
times. She died at the scene.
Smirnov’s gun purchase was illegal.
But it was facilitated by Armslist.com, a
marketplace dubbed an “eBay for guns”
by some enthusiasts, where he
responded to an advertisement from
the seller. The website dominates a vast,
unregulated world of online arms
bazaars that President Barack Obama
has in his sights.
This week, as the White House
launched a push to tighten gun controls,
Mr Obama decried the internet’s role in
enabling “no questions asked” gun sales
outside the rules governing licensed
stores.
Without mentioning Armslist by
name, the US president cited a 2013
hits
Where the power lies
Calming influence
Securities
regulators
The China Securities Regulatory
Commission and its chairman, Xiao
Gang, are leading the fight to restore
calm to the country’s stock markets.
Mr Xiao, a veteran banker who ran
the Bank of China group for a decade,
was transferred to the CSRC in March
2013.
It is one of three commissions
established to oversee the financial
sector, alongside the China Banking
Regulatory Commission and the China
Insurance Regulatory Commission.
In lieu of having one integrated
“super regulator”, this tripartite
division can require difficult
co-ordination between the rival
agencies. The CSRC and CIRC, for
example, both have interests in the
battle for control over China Vanke,
one of the country’s largest property
companies.
The CSRC has also been affected by
President Xi Jinping’s sweeping anti-
corruption campaign. One of its vice-
chairmen, who was responsible for
approval of initial public offerings, has
been detained by Chinese Communist
party investigators.
US. Weapons control
investigation by a gun control group
that found one in 30 people looking to
buy weapons via the site had convic-
tions for robbery.
“People with lengthy criminal histo-
ries [are] buying deadly weapons all too
easily,” Mr Obama said.
At the core of his initiative is an effort
to expand background checks on
would-be buyers to root out criminals,
the mentally ill, drug addicts or non-US
residents such as the killer Smirnov,
who are all prohibited from purchasing.
The checks, usually performed for
shop cashiers in a matter of minutes by
the Federal Bureau of Investigation, are
already mandated by a 1993 federal law.
But the requirement is far from univer-
sal. According to the Brady Campaign
To Prevent Gun Violence, roughly 40
per cent of gun purchases are not sub-
ject to the checks.
So-called private sellers, who trade
only occasionally or in small numbers of
weapons, are not required to vet their
Taking aim: a shooting range in Randolph, New Jersey — Jewel Samad/AFP/Getty
★ FINANCIAL TIMES
INTERNATIONAL
Reluctant partner
The People’s
Bank of China
The central bank and its governor,
Zhou Xiaochuan, below right, are
considered powerful advocates for
financial and economic reform.
According to people close to Chinese
policymaking circles, the bank was
initially reluctant to get behind last
July’s controversial stock market
rescue, led by the CSRC.
It was soon brought into line and
provided funding for China Securities
Finance Corp, the state company
co-ordinating massive share purchases
to support China’s stock markets.
In August, the PBoC itself was at the
centre of a global maelstrom after it
announced a “one-off devaluation” of
the renminbi, roiling markets around
the world. In the end, the move allowed
the central bank to address a
longstanding concern of the
International Monetary Fund, which
later declared the renminbi fit to be an
official reserve currency.
The reform, however, came at a cost.
The PBoC has since had to spend tens
of billions of dollars to prevent the
renminbi from falling too far and too
fast against the US currency.
clients, or obtain a licence. That is the
exemption Mr Obama is seeking to end
using his executive powers. It is known
as the “gun show loophole”, consistent
with visions of deals sealed with hand-
shakes under fairground marquees. But
that is a misnomer.
“The largest markets for unlicensed
gun sales now are online. Just as books
and clothing and even groceries have
moved online, so have guns,” says Ted
Alcorn, who has studied Armslist as
research director at Everytown for Gun
Safety, a group trying to curb gun vio-
lence. “Prohibited people know there
aren’t background checks in this mar-
ket, so they’re flocking to it.”
The National Rifle Association, the
powerful gun lobby, says the emphasis
on background checks is misguided,
arguing that Mr Obama’s plans would
not have prevented any recent mass
shootings.
In 2015 the FBI carried out more than
23m background checks for licensed
How Hwee Young/EPA
Powerful overseer
The State
Council
Both the PBoC and CSRC report to the
State Council led by Premier Li
Keqiang, making both institutions far
less independent and powerful than
their counterparts in other countries.
Mr Li was on a trip to Europe in July
when his country’s markets imploded.
The stock market rescue was set in
motion upon his return.
Technically the second-highest
ranking member of the ruling
Communist party after President
Xi Jinping, he is in fact
overshadowed by Wang Qishan,
a financial official who has day-
to-day oversight over the party’s
anti-corruption campaign.
In a country where party
structures trump government
ones at every level, it is
significant Mr Xi rather than
Mr Li is head of two party
“leading groups”, one financial
and the other responsible for
party’s the reform drive.
As with so many aspects of
governance in China, the
officials in charge of the stock
markets report to Mr Xi.
firearms transactions, but there are no
comprehensive statistics on the volume
of unvetted online sales. Mayors Against
Illegal Guns, which did the study cited
by the president, recorded a sharp
increase in private listings on Armslist
from 12,300 in December 2011 to
83,200 in August 2013.
Last October, New York’s mayor Bill
de Blasio issued a subpoena to the Okla-
homa company to find out if sellers in
the city were using it to trade illegally.
The real eBay, Amazon and other big
online stores have eschewed firearms.
Jonathan Gibbon, who founded
Armslist with a friend in 2007 told an
interviewer in 2010 that he got the idea
of matching gun buyers and sellers
when he saw that Craigslist had banned
gun-related ads.
Armslist has drawn regular criticism.
Last year Mr Gibbon said in a video
statement: “We’d like to make it clear
that Armslist does not sell guns.
Armslist offers a free speech forum.”
This week Mr Gibbon said the presi-
dent’s action was “well-meaning, but
ultimately ineffective”, arguing that it
was too difficult for private sellers to
access the background check system.
Following the murder of Vesel the
man who sold the gun was given a one-
year prison sentence for the illegal
transfer.
Armslist was sued by Vesel’s brother,
who alleged that its negligence in ena-
bling the sale “proximately” caused her
death. But an appeals court affirmed in
2014 that Armslist owed no legal duty of
care to the victim.
the final arbiter of either equity prices
or foreign exchange rates.
This contradiction at the heart of the
party’s economic and financial reforms
was laid bare in August, when China’s
central bank surrendered its power to
set the renminbi’s “daily fix” against the
US dollar wherever it wanted and
instead tied it to the previous day’s
close. The People’s Bank of China has
since spent tens of billions of its foreign-
exchange reserves in an effort to keep
the currency from falling too sharply
against the dollar.
Sowing further confusion yesterday
morning, the PBoC appeared to break
its new rule by raising the daily fix sig-
nificantly above Tuesday’s close. “The
sudden movement of the . . . [daily fix]
will definitely create more market vola-
tility,” said Zhou Hao, senior Asia econo-
mist at Commerzbank. Earlier in the
week, the central bank had injected
Rmb130bn into the banking system in
an attempt to calm nerves.
“Chinese regulators are still very far
from understanding how to manage
modern financial markets properly,”
writes Arthur Kroeber at Gavekal Drag-
onomics, a consultancy.
China is not helped by the make-up of
its markets, where up to 90 per cent of
trading is by retail investors. That partly
explains the extreme swings in prices
and, says Mr Zhang at Southwest Securi-
ties, may lead to a period of “culture
shock” over the circuit breakers.
Zuo Xiaolei, chief economist at Gal-
axy Securities, goes further. “It is unfair
to accuse the CSRC of ‘flip-flopping’
because the stock market in China is too
irrational and the authorities have to
play it as it goes, making adjustments in
response,” he says. “This is perfectly
normal.”
After the CSI 300 fell almost 45 per
cent from its mid-June peak to 3,000
points, support from the national team
helped push the index back to the 3,900
level by the end of last year. But Chinese
shares remain some 40 per cent more
expensive than before their great
run-up in late 2014 and early 2015.
This week’s drama has only increased
expectations that the “national team”
will be called on to keep the circuit
breakers from tripping too often,
suggesting that moral hazard is
now deeply ingrained in the coun-
try’s markets.
“Now is the time for the
national team to stand
up and assure inves-
tors that there will not
be a dumping of
shares on Friday,” Li
Daxiao, an analyst
at Shenzhen-based
Yingda Securities,
said after Mon-
day’s sell-off.
Additional report-
ing by Ma Fangjing
Comment page 11
Wildenstein family
Art-dealing dynasty tax fraud
trial delayed by Paris court
ADAM THOMSON — PARIS
Lawyers representing the Wildenstein
art-dealing dynasty have managed to
delay what was billed as one of the big-
gest tax fraud trials held in France.
Guy Wildenstein, 70, faced up to 10
years in prison and fines in back taxes
amounting to more than €550m if
found guilty of the charges.
But the trial, which began on Monday
and was set to continue for a month,
came to an abrupt halt yesterday after
judges accepted arguments by the
defence that an appeals court should
first consider a constitutional issue.
The question was whether two cases
— one fiscal and another criminal —
should be allowed to take place at the
same time.
The trial is set to resume on May 4,
giving France’s highest court time to
examine the question.
Hervé Temime, Mr Wildenstein’s law-
yer, hailed the court’s “great wisdom”,
adding: “There is a very distant chance
that the criminal court case may not
take place at all.”
The delay is the latest twist in a saga
involving Mr Wildenstein and his fam-
ily, who have played a leading role in
the fine art market for more than a cen-
tury — and accumulated vast wealth
along the way.
Investigating judges claim that the
Franco-American heir to his family’s
estate, along with a deceased brother,
Alec, hid most of the inherited fortune
5
Central bank
ROGER BLITZ — LONDON
JENNIFER HUGHES AND PATRICK MCGEE
HONG KONG
The pace of China’s falling currency,
now at its lowest level in nearly five
years, has raised the prospect of
renewed intervention by the central
bank as Beijing seeks to control its frag-
ile exchange rate policy.
The sharp decline in the renminbi has
put investors on notice that the Chinese
economy, a key engine of global growth,
may be slowing at a faster rate than pre-
viously forecast.
Investors are worried that an unex-
pectedly fast depreciation will further
destabilise China’s economy. Some also
fear it could trigger a wave of competi-
tive devaluations across the region.
“During our investor meetings in
December, the most significant risk that
investors were worried about was a sub-
stantial devaluation of the renminbi,”
said Timothy Moe, Goldman Sachs’
chief Asia-Pacific equity strategist.
Traders are selling the renminbi in
the open market, and this week’s drop of
2 per cent has intensified pressure on
other emerging market currencies, par-
ticularly in Asia. It has also spurred sell-
ing of US and European stocks.
The People’s Bank of China believes its
overvalued currency is hurting its com-
petitiveness and is trying to boost its
slowing economy via a weaker currency.
The central bank set weaker trading
bands for the currency, but it is mindful
of avoiding a repeat of the global market
turmoil that was triggered in August
whentherenminbiweakenedsharply.
China won reserve currency status
in late November from the IMF. The
widening gap between the onshore
and offshore rates suggests, however,
the renminbi is in fact not “freely
usable” as the IMF requires.
Traders outside China are pricing in
further weakness for the currency, test-
ing the resolve of the central bank and
its desire for an orderly depreciation.
Commerzbank’s emerging market
strategist, Peter Kinsella, said this
week’s renminbi weakness had been
anything but orderly and could force the
central bank to intervene.
Signs of the PBoC seeking to reassert
control emerged after foreign banks
were last month suspended from trad-
ing foreign exchange in China.
Several of the biggest foreign banks in
the renminbi market had been sus-
pended, people familiar with the situa-
tionsaid.
They said this appeared to be an
attempt by Beijing to close the gap that
has widened between the price of
onshoreandoffshoreratestoanewlow.
China wanted to stop banks arbitrag-
ing the spread between the two markets
for its currency, one of the people said.
The renminbi fell 0.5 per cent yester-
day, its lowest level since March 2011.
Additional reporting by Martin Arnold
Markets pages 29 & 30
in funds in several tax havens, including
the Bahamas and the Cayman Islands.
The brothers came into line for the
inheritance following the 2001 death in
Paris of their father, the art dealer and
collector Daniel Wildenstein, who was a
French citizen.
Alec Jr, the deceased Alec’s son, is also
on trial, as are Liouba Stoupakova (Alec
Snr’s second wife), two notaries and a
lawyer, who are accused of committing
or aiding tax fraud or money launder-
ing. All the defendants deny any wrong-
doing.
The family started out in the art world
when Nathan, Guy Wildenstein’s great-
grandfather, originally a tailor, began
buying 18th-century French paintings.
Before the genre was popular he
amassed a formidable collection of what
were to become some of the biggest
names of the period.
By the early 1900s Nathan Wilden-
stein was running the Wildenstein gal-
lery in Manhattan. In 1932 the family
commissioned the construction of a
spectacular and sumptuous town house
on East 64th Street, which still operates
as the family business’s New York head-
quarters.
The family fortune includes one of the
world’s largest private art collections, a
stable of thoroughbred racehorses and
an extensive real estate portfolio.
A luxury ranch in Kenya owned by
the Wildensteins provided the back-
drop for parts of Out of Africa, the Oscar-
winning film.
6 ★ FINANCIAL TIMES Thursday 7 January 2016

INTERNATIONAL

Global economy Cleric’s execution

Grim year forecast for developing nations Iranians

criticise
World Bank predicts risky predicted they would grow 4.8 per cent
this year. But 2016 was already shaping
The faltering growth in developing
economies last year was the result of the
report but others at the bank said the
risks of that happening were already
hardliners
2016 amid slow growth
and China downturn
up to be “risky” and the forecast for this
year “comes with the realisation that
spillover effect of China’s slowdown and
the recessions in big emerging econo-
growing just a few days into the new
year.
over attack
SHAWN DONNAN — WASHINGTON
there are faultlines below the surface”,
said Kaushik Basu, the World Bank’s
chief economist.
mies Brazil and Russia, the bank said.
As a result of reduced Chinese
demand, 42 of the 46 commodities that
“The risk [for slowing developing
economies in 2016] is already known.
What is worrying is that the risk is
on embassy
Developing economies last year After suffering through slumps the World Bank tracks traded at their already deepening,” former Indonesian
recorded their slowest growth since the caused by the US subprime and euro- lowest level since the early 1980s in economy minister Sri Mulyani Indra- NAJMEH BOZORGMEHR AND
MONAVAR KHALAJ — TEHRAN
immediate aftermath of the 2008 finan- zone crises, the global economy was in ‘The risk 2015. Any benefits from low oil prices wati, the World Bank’s managing direc-
cial crisis and are facing the prospect of the middle of a “third dip” brought for non-producing nations in the devel- tor and chief operating officer, told the The latest political crisis between
an equally grim 2016, the World Bank about by the slowing of big emerging [for slowing oping world had also been slow to come Financial Times. Tehran and Riyadh has prompted a
has warned. economies like China and Brazil that developing into evidence, Mr Basu said. Fears for developing countries were backlash against hardliners in Iran.
Releasing its latest forecasts yester- was likely to persist for some time, he In a report detailing its forecasts, the evident in Nigeria yesterday where
day, the World Bank said it expected the said. economies bank warned a faster-than-expected Christine Lagarde, managing director of Ordinary Iranians are often sceptical of
global economy would grow 2.9 per cent Besides 2009, when developing econ- in 2016] is slowdown in China and a “more pro- the International Monetary Fund, their government’s foreign policy but
this year, up slightly from 2.4 per cent in omies grew just 3.7 per cent, last year’s tracted deceleration in other large warned in a speech that Africa’s largest support its view that Saudi Arabia spon-
2015. But that predicted bump growth was the slowest in developing already emerging markets” remained a risk. By Video: China economy and others in the region sors Sunni extremist groups such as al-
depended on advanced economies such economies since 2001. It also was 2 per- its estimates a sustained 1-percentage- market panic needed to adapt to a “different phase” in Qaeda and Isis.
as the US and EU accelerating, with centage points below the average 6.3 per
known. point decline in growth in the Brics explained the global economy where commodity They also approve of their armed
developing economies ranging from cent growth developing economies saw What is countries (Brazil, Russia, India, China
Jonathan
Wheatley on prices were likely to remain “lower for forces’ involvement in proxy wars
China to commodity-dependent nations during the boom years between 2000 worrying is and South Africa) would reduce growth what it means longer”. against the kingdom in Syria and Iraq.
in Africa and Latin America facing an and 2008, a rate that the World Bank in other developing economies by about for other The IMF, she said, estimated that But while many in Iran were critical of
increasingly fragile outlook. made clear it did not expect them to that the risk 0.8 percentage points and global growth emerging growth in sub-Saharan Africa had fallen the Saudi government’s execution of
Developing economies as a group return to at any point soon. It expects is already by 0.4 percentage points. markets from 5 per cent in 2014 to about 3.8 per dissident Shia cleric Nimr al-Nimr on
grew at a rate of 4.3 per cent in 2015, the developing economies to grow at 5.3 per World Bank economists called that a ft.comvideos cent last year, and it expected “only a Saturday — even though few had heard
slowest pace since 2009, and the bank cent in 2017 and 2018. deepening’ “low-probability scenario” in their modest recovery in 2016”. of him — they were equally frustrated at
the reaction of their own hardliners,
who ransacked the Saudi embassy over
the weekend.
“I just knew that Nimr was against the
North Korea. H-bomb claim al-Saud family, but his execution is a
domestic issue which cannot justify our

Maverick state puts Sino-US patience to the test going up the Saudi [embassy] premises’
walls,” said Hossein, a travel agent.
“I am certain that the Saudis’ in-
tention was to provoke Iran and under-
mine our nuclear deal [with major
powers struck last summer] and tell us,
Relations between Beijing and ‘don’t enjoy your political stability too
Washington will be challenged much’.”
Even Iranian officials criticised the
by the two capitals’ responses sacking of the Saudi embassy. President
Hassan Rouhani yesterday condemned
both the Saudi government for execut-
FT REPORTERS
ing Nimr, but also the attack on the
North Korea’s first nuclear test in four Saudi missions.
years has heaped pressure on both the “Attack on #Saudi missions was
US and China, even as Pyongyang’s wrong & against the law — condemned
claim to have detonated a hydrogen by all Iranian officials,” he wrote on his
explosion has been subjected to world- Twitter feed.
wide scepticism. Mohammad Javad Zarif, the moder-
In the wake of yesterday’s test, the ate foreign minister, said the damage
Obama administration faces the inflicted on the embassy building in
dilemma of how hard to push Beijing, Tehran and the Saudi consulate in
Pyongyang’s chief ally and economic Mashhad was “in no way acceptable”.
lifeline, to take action to convince North Many others took to social media to
Korea to rein in its nuclear programme. vent their anger at what they see as the
Such a drive could strain Sino-US ties. country’s humiliation at the hands of a
The Chinese government in turn must few dozen hardliners.
decide how much pressure to exert on One meme joked that tiny Djibouti
Pyongyang so as to dissuade other
regional powers worried by the test
from rallying closer to the US. But Bei- Hassan Rouhani:
condemned the
jing also remains deeply concerned not Saudi government
to undermine the North Korean state. for executing Nimr,
“This is going to strengthen the hands but also the attack
of those in the Chinese leadership who on Saudi missions
believe Pyongyang is becoming more of
a liability than an asset,” said Paul had humiliated the country by severing
Haenle of the Carnegie Tsinghua Centre relations.
in Beijing. “This is a test for China; I do “Djibouti with 800,000 inhabitants
not think they’re going to abandon Big bang: Seoul residents in South were reported overnight is not consist- tury of abortive agreements, mounting Korea, arguing its economic isolation should have cut relations with Ghar-
North Korea. But if they do not act, they Korea watch TV coverage of the test ent with North Korean claims of a suc- sanctions and intermittent — but some- meant there were few realistic targets. chak-e Varamin [a small town near the
also face policy responses by other north of the border — Jung Yeon-je/AFP/Getty cessful hydrogen bomb test,” said Josh times mysterious — North Korean They have privately expressed con- Iranian capital] but not the whole of
countries that may not be in their Earnest, White House spokesman. nuclear tests. cern that third-party financial sanc- Iran,” said Yaser on Telegram, a popular
interest.” But the mere fact that Pyongyang has “The answer to North Korea’s threats tions, such as those imposed against messaging app. “This happens when
Many scientists signal doubts that the resumed testing — and has escalated its is more pressure, not less,” said Ed Iran, would have serious implications some Iranians climb up embassies’ walls
device tested yesterday was a hydrogen nuclear claims — has increased the stra- Royce, chairman of the foreign affairs for relations with Beijing, because they like monkeys.”
bomb — a multi-stage thermonuclear tegic headaches for both the world’s committee of the US House of Repre- would fall largely on Chinese banks and In fact, Djibouti did not follow Saudi
device with much greater destructive leading powers over how to deal with sentatives. “The administration’s North other entities involved in North Korea. Arabia and its Sunni allies in severing
power than the second world war era- the maverick state. Korea policy has proven a dramatic fail- China’s response, of course, will be ties with Tehran but, according to a
style weapons exploded previously by CH I NA Mr Haenle said a priority for Beijing ure, and we urgently need a new vital. While Beijing has signed up to report by the Bahraini news agency that
North Korea, most recently in 2013. would be to head off what it saw as uni- approach.” each of the last four UN Security Council was widely circulated in Iran, instead
“The explosive yield of a two-stage lateral US response to the explosion. An While the George W Bush administra- resolutions on North Korea, it has con- urged the Islamic regime to protect dip-
Punggye-ri
H-bomb test would have been expected article in the Global Times, a hawkish tion shifted from scepticism about nego- sistently sought to water down sanc- lomatic missions — even though it has
to be far higher than reported so far,” newspaper affiliated with the Chinese tiations to an agreement in which North tions proposed by the US, Britain and no embassy in Tehran.
David Albright at the Institute for Sci- NORTH Communist party, quoted an expert Korea was taken off the terrorist list, France. This also provoked wry comments on
ence and International Security, a
Yongbyon
KO R E A warning that the test would provide an President Barack Obama has taken a Since North Korea’s third nuclear test social media about Iran’s Islamic “vigi-
Washington think-tank, wrote in a note. excuse for South Korea to deploy Termi- hands-off approach towards the issue. in 2013, however, China has showed lantes” who have created such a diplo-
“Second, the development of a two- North Korean nal High Altitude Area Defense Aside from a 2012 deal that fell through some signs of a sterner approach, matic crisis that “even countries in the
nuclear test site
stage thermonuclear weapon is very (Thaad), a US anti-ballistic missile sys- in a matter of months, the administra- including the closure of an account at horn of African tell us what to do”, as one
challenging. It is assessed as beyond tem, which Beijing and Moscow stead- tion has described its policy as “strategic Bank of China held by North Korea’s put it.
Pyongyang
North Korea’s capabilities at this stage.” fastly oppose. patience”, demanding that Pyongyang Foreign Trade Bank. Religious Iranians are concerned that
The White House yesterday disputed Yesterday’s explosion has already take steps towards denuclearisation Reporting by Geoff Dyer in Washington, the worsening crisis between Iran and
the North Korean claim to have tested a S OU T H increased pressure on the US to take a before further talks could proceed. Simon Mundy and Song Jung-a in Seoul and Saudi Arabia may prevent them from
hydrogen bomb. “The initial analysis 100km KO REA more muscular approach towards But US officials have played down Charles Clover and Ma Fangjing in Beijing going on the Hajj pilgrimage for the fore-
that’s been conducted of the events that Pyongyang after almost a quarter cen- calls for new sanctions against North Editorial Comment page 10 seeable future.
A large sign for the Iran Hajj Associa-
tion in the holy city of Mecca has been
pulled down, and pictures circulated on
Arrests social media have stoked popular anger
Brussels blog: notes from the EU
in Iran.

Bahrain’s claims of terror cell plot questioned

Cameron’s toughest Brexit task is Tory party management, says Peter Spiegel
ft.com/brusselsblog
SIMEON KERR — DUBAI
Just days after Saudi Arabia sparked
Businesses For Sale regional tensions by executing a dissi-
dent Shia cleric, neighbouring Bahrain
said it had detained members of a ter-
rorist cell linked to Hizbollah, the Leb-
anese Shia militant group, and Iran’s
Revolutionary Guards.
In a move that will ramp up tensions,
officials in Manama said the group was
arrested for planning bomb attacks in
the island state.
But there was scepticism about the
timing of the announcement, which
comes as Shia youths protest against the
execution of Nimr al-Nimr by Saudi
Arabia, with some observers alleging
Manama is using the tensions as a pre-
Business for Sale, Business Opportunities, Business Services,
Business Wanted, Franchises
text to target its political opponents.
Runs Daily Bahrain was one of several allies of
......................................................................................................................................................................................................................................................................... Saudi Arabia that cut diplomatic ties
Classified Business Advertising with Iran this week after Iranian hard-
UK: +44 20 7873 4000 | Email: acs.emea@ft.com
liners set alight the Saudi embassy in
Tehran to protest at the execution of
Nimr, one of four Shia activists executed
along with 43 Sunni jihadis.
Bahrain’s official news agency said
yesterday that members of the so-called
Basta group had met and received finan-
cial support from Hizbollah and the
Revolutionary Guards. It reported that
Hassan Nasrallah, the Hizbollah leader,
had given the group $20,000 to fund ter-
rorist activities in the country.
State supporters of Bahrain and its
Saudi ally were quick to distribute the
news as proof of what they regard as Ira-
nian meddling in the Arab world.
However, observers questioned the
claims. “Given the recent regional esca-
lations, the announcement is probably
less designed to reflect the truth, and
more to validate Saudi claims of the
regional danger presented by Iran,”
Marc Owen Jones, co-editor of a book on
the Bahrain uprising, wrote on his blog.
“Indeed, Bahrain has frequently
attempted to draw direct connections
between Iran and unrest in Bahrain.
Usually the evidence provided to sup-
port such claims is questionable.”
Among those arrested were Ali
Ahmed Fakhrawi and Mohammed
Ahmed Fakhrawi, both of whom were
active during Bahrain’s uprising in 2011.
They are nephews of Abdulkarim
Fakhrawi, a co-founder of the Al-Wasat
newspaper, who was beaten to death by
security forces in detention in 2011.
Jane Kinninmont of Chatham House
said: “It is hard to evaluate the veracity
of the [Bahraini] claims, since the
authorities have had a history of exag-
gerating the threat from Iran in order to
discredit the opposition. But at the same
time there are dynamics of radicalisa-
tion in the country. There are attacks on
police, some of them lethal, and there
almost certainly are young men seeking
foreign logistical as well as moral sup-
port for political violence.”
At least some see this as a good thing.
“The best thing that can happen to this
country is to prevent people from
spending their money in that fanatic
Saudi Arabia,” said Siamak, a 39-year-
old engineer. “I hope relations are cut
forever.”
Other posts took Iranian authorities
— and hardliners in particular — to task
for failing to react to incidents involving
Iranians in Saudi Arabia.
Posts on social media listed a number
of events, including the death of more
than 200 Iranians in a stampede during
the Hajj last September, asking why
hardliners did not attack Saudi diplo-
matic premises then.
They also questioned the lack of any
diplomatic response to allegations that
two young Iranian boys were sexually
harassed when Saudi police searched
them for drugs in Jeddah airport last
year.
The episode prompted a widely circu-
lated joke: “Message from the Saudi
king to the Iranian people: You set our
embassy ablaze! We shall see you in Jed-
dah airport!”
Thursday 7 January 2016 ★ FINANCIAL TIMES 7
8 ★ FINANCIAL TIMES Thursday 7 January 2016

INTERNATIONAL

Germany Transport groups

Merkel calls for safer areas after sex attacks Denmark

Criticism of immigration
policies grows following
mass new year assault
STEFAN WAGSTYL — BERLIN
Chancellor Angela Merkel has called on
Germany’s local authorities to ensure
public places remain safe for women fol-
lowing a mass sex attack in Cologne dur-
ing New Year’s Eve and mounting criti-
cism of the government’s immigration
policies.
Her intervention came as the right-
wing AfD party capitalised on the out-
rage by blaming her liberal refugee pol-
icy for the assaults, which were allegedly
carried out by men of Arab or north
African appearance.
“We want public streets and squares
which are safe for men and women,”
said Ms Merkel’s spokesman, urging the
police to pursue their inquiries irrespec-
tive of the suspects’ ethnic origins.
The storm comes at a difficult time for
the chancellor, with the latest official
figures, published yesterday, showing a
record 1.1m refugees arrived in Ger-
many last year, with the onset of winter
bringing only a modest drop.
Ms Merkel was due last night to
attend a closed-doors gathering of MPs
from the CSU party, the Bavarian sister
to her CDU grouping, which has spear-
headed criticism of her refugee policies.
Top of the agenda was a CSU proposal
for a 200,000 annual refugee quota.
The immigration-sceptic AfD said on
its website that the “violence of New
Year’s Eve was the first result of a dan-
gerous mix of uncontrolled immigra-
Eastern Europe. Political trends
tion, inexcusable failure of government,
and political interference”.
Ms Merkel’s demands for enhanced
public safety follow claims the police in
big German cities have turned a blind
eye to criminal behaviour in immigrant
communities for fear of inflaming eth-
nic relations.
In Cologne on New Year’s Eve, wit-
nesses said the police allowed hundreds
of drunken young men to gather in front
of the main railway station, the city’s
principal square, and were later unable
to control the crowds and prevent the
mass assaults.
Thomas de Maizière, the interior
minister and a close Merkel confidant,
was among those who criticised the
police, arguing they had failed to main-
tain control. “The police cannot operate
like this,” he said.
The police also came under fire at a
women’s rights protest on Tuesday,
where about 300 people called for bet-
ter public safety. One participant, Mina
Ahadi, who heads the campaign group
the Central Council of Ex-Muslims, said:
“These troublemakers like chaotic
places. The police must prevent chaos.”
Ms Ahadi also urged the authorities to
recognise the problems caused by the
negative view of women held by many
radicalised Muslim men. “For them,
women are dirty,” she told the FT. “They
are sex objects to be enjoyed in the
home and allowed outside only in a
burka and in the company of a man.”
The media has made the Cologne
attacks Germany’s most publicised
story, overcoming earlier inhibitions
about highlighting ethnic tensions.
“The sex mob rages in our cities,”
wrote Bild, the top-selling daily, point-
ing out that more limited sex assaults
had also taken place on New Year’s Eve
in Hamburg and Stuttgart.
The conservative Frankfurter Allge-
meine newspaper said in a front-page
comment the reality was that parts of
cities were under the control of immi-
grant gangs. “But when such lawless-
ness takes over in . . . Cologne’s show-
case place, then politicians, police and
the courts can no longer look away.”
While the local Cologne newspaper,
the Kölner Stadtanzeiger, reported the
assaults before the weekend, it was not
until Monday afternoon that the story
made national headlines.
The broadcaster ZDF did not mention
Cologne even in its main Monday news
bulletin. It said in a statement that this
had been “a misjudgment”.
threatens
fines to stem
asylum influx
DUNCAN ROBINSON — BRUSSELS
Denmark has threatened travel com-
panies with fines if they bring undocu-
mented migrants into the country as it
steps up efforts to keep a grip on asy-
lum seeker numbers.
The Danish minister for immigration,
Inger Støjberg, warned she would not
hesitate to enforce the rules — which
would make bus and train companies
responsible for ensuring their passen-
gers have proper travel documents — if
the situation worsens.
“We are going to monitor the situation
hour by hour and we will, if necessary,
put the carrier liability into force,” she
said.
The threat came during a hastily
arranged meeting in Brussels featuring
officials from Sweden, Denmark and

Poland and Hungary provoke EU disquiet
Critics in Brussels see Warsaw
and Budapest as threat to
democratic values in bloc
NEIL BUCKLEY — LONDON
HENRY FOY — WARSAW
In a guesthouse in the hills along the
Polish-Slovak border, Hungary’s pre-
mier Viktor Orban yesterday visited an
old admirer: the president of Poland’s
ruling party Jaroslaw Kaczynski.
The six-hour meeting, shrouded in
secrecy, highlighted links between two
leaders who, critics say, pose a joint
threat to the EU’s democratic values and
form the vanguard of a new illiberal cur-
rent in eastern Europe.
It also strengthened impressions that
Mr Kaczynski — who, although not
prime minister, is widely seen as the
power behind Warsaw’s ultra-conserva-
tive Law and Justice government elected
in October — may be co-ordinating tac-
tics with the Hungarian firebrand.
Weeks into the new Polish govern-
ment, the European Commission is
already mulling launching monitoring
of Warsaw to determine whether its new
policies constitute “systemic threats” to
the rule of law. In doing so, Brussels
would be relying on powers granted to it
by national governments in 2014,
largely in response to developments in
Hungary.
European institutions have been rat-
tled by the way Law and Justice has
swiftly consolidated power in the EU’s
sixth-largest economy. Mr Kaczynski
and his allies have done so using meth-
ods similar to those Mr Orban’s Fidesz
party has employed over the past five
years, and which critics complain erode
democratic checks and balances.
The men have important differ-
ences: Mr Orban has proved willing
to make compromises with Russian
president Vladimir Putin that
would be anathema to the anti-
Moscow Mr Kaczynski.
But their parties share Euro-
sceptic, patriotic-conservative,
pro-Catholic, and anti-immigra-
tion stances. They feel, too, that when
communism fell 25 years ago, not all of
its structures were uprooted, requiring
further steps to “fix” their countries.
Cementing “Viktor Orban gave us an example of
power: Jaroslaw how we can win,” Mr Kaczynski said in
Kaczynski, of 2011, 18 months after Fidesz secured a
Poland’s ruling two-thirds parliamentary majority.
party Law and “The day will come when we will suc-
Justice, at a ceed,and haveBudapestinWarsaw.”
pro-government Law and Justice officials stress Mr
rally. Below, Kaczynski was simply stating a belief
Viktor Orban that he would triumph in 2015. But,
Wojtek Radwanski /AFP both men were bruised when voters
removed them, their work still incom-
plete, after previous stints as premier —
Mr Orban from 1998-2002, and Mr
Kaczynski from 2005-2007.
Analysts suggest the Hungarian
leader spent his opposition years plot-
ting how to make his party harder to
oust next time, and Mr Kaczynski
studied his playbook. “They
think the reason for their
[previous] loss is they
didn’t do enough to shape
the institutional system
in a way that enabled
them to cement their
power,” said Peter Kreko, director of the
PoliticalCapitalInstituteinBudapest.
Like Fidesz since 2010, Law and Jus-
tice has moved to influence Poland’s
institutions, but more swiftly. Within
four weeks it replaced the heads of the
Warsaw stock exchange and several
state companies, plus scores of public
officials, with government loyalists.
Within one working day of being
sworn into office, the new government
appointed a close friend of Mr Kaczyn-
ski to head the intelligence service. (The
candidate had a criminal conviction —
requiring Poland’s president, Andrzej
Duda, a Law and Justice ally — to issue a
pardon the next day).
Law and Justice then tried to remove
fetters on its legislative powers, packing
Poland’s constitutional tribunal, which
rules on the constitutionality of laws,
with its supporters and changing the
rules to require a two-thirds majority to
overturn any law. That makes it almost
impossible for the court to veto future
Law and Justice-backed legislation.
Grzegorz Schetyna, Poland’s incom-
ing opposition leader, has said that
while Mr Orban took a year to wrest
political control of Hungary’s constitu-
tional court, Mr Kaczynski took 12 days.
“What we have here is Budapest . . . fast-
tracked,” he said.
The Polish ruling party is rushing
through legislation giving it control over
the leadership of public broadcasters.
The move echoes the media law that
prompted Hungary’s first big clash with
‘The day the EU authorities five years ago.
But differences may yet restrain
will come Poland’s government from going as far
when we as Hungary. Igor Janke, president of the
Warsaw-based Freedom Institute, a
will think-tank, said Mr Kaczynski was
succeed, “keen to copy the way that Orban built a
political machine”. But, he added: “I
and have don’t think that [Law and Justice] think
Budapest in they can simply replicate it here.”
Additional reporting by Andrew Byrne in
Warsaw’ Budapest
Germany, which have engaged in recent
days in a tit-for-tat cycle of reintroduc-
ing border controls.
The sudden tension in one of the EU’s
most economically integrated regions
reveals how the burden of the migrant
crisis is straining relations, even among
tightly knit and highly prosperous
neighbours.
Germany and Sweden have borne the
brunt of the crisis, last year receiving
1.1m and 160,000 asylum applications
respectively. Denmark, meanwhile, has
become a transit country for north-
bound migrants trying to reach its Scan-
dinavian neighbour.
Sweden’s decision this week to tighten
its border checks prompted fears in
Denmark that migrants could become
stranded in its territory. Hours later, the
Danes retaliated with their own controls
on the German border.
“We do not wish to be the final desti-
nation for thousands and thousands of
asylum seekers,” said Ms Støjberg in a
press conference yesterday.
Her Swedish counterpart argued
Stockholm could no longer cope with
the migration crisis, after receiving
115,000 asylum applications in the final
four months of 2015 alone.
Sweden introduced similar laws
demanding travel companies ensure
passengers have valid documents this
week. These rules are known as “carrier
liability” and have long been a key but
controversial part of the EU’s external
border policy.
They are most obviously applied in
the airline industry, which must bear
the cost of returning anyone who does
not have the right to enter the EU.
This de facto outsourcing of border
controls reduces costs but makes it
harder for refugees to reach European
shores in order to claim asylum, accord-
ing to critics. It has also been highlighted
as one reason why more than 1m asylum
seekers have tried to reach the EU by sea
in 2015, leading to more than 3,700
deaths last year.
The legality of introducing “carrier
liability” rules within the bloc has been
questioned by the European Commis-
sion, which has previously argued that
such fines should not be introduced for
the bloc’s internal borders.
According to EU rules, carriers are
meant to be exempt from fines linked to
asylum seekers. In practice, this varies
from country to country, with some
national governments waiving the fines
only when applicants are successful.

Obituary Pierre Boulez, who has died at 90,

stamped his image on the musical life of
his father’s wishes he enrolled at the
Paris Conservatoire, where he attended
Musical, a concert series at which he
conducted his own and other young
Attack anniversary

Iconoclast
the second half of the 20th century to an
extent equalled by no other contempo-
rary. As polemicist, composer and con-
Olivier Messiaen’s harmony class.
Boulez’s creative persona had two
faces — that of the reforming zealot who
composers’ music, as well as works of
the past thought to be of special rele-
vance to contemporary music. These
Charlie Hebdo remains defiant
who towered ductor, he had the ideals of a revolution-
ary and the skills of a great communica-
tor.
drove the radical idiom of the second
Viennese school to new extremes; and
that of the French intellectual sophisti-
“composers’ concerts” enjoyed an
enthusiastic following in Paris and set a
pattern that has been widely imitated.
ANNE-SYLVAINE CHASSANY — PARIS (“Charb”). “Many hoped that we would
be killed,” writes Laurent Sourisseau
over recent What Boulez said did not always coin-
cide with what he practised, and in later
cate who inherited the exquisite world
of Debussy and Ravel. The former
Boulez was soon in demand else-
where. He began an association with the
A year after it was attacked by Islamist
terrorists, the French satirical maga-
zine Charlie Hebdo has unveiled an
(“Riss”), the editor. “Among them,
fanatics brainwashed by the Koran,

musical history life there was a distinct mellowing of the

man and his music. But he towers over
recent musical history because he was
one of the few representatives of the
future in an age increasingly dominated
by the past.
He quickly became known as an out-
Pierre Boulez spoken iconoclast and champion of the
Composer avant-garde. For Boulez, composition
1925-2016 was the search for a new musical lan-
guage, to be conducted by logic and
deduction. Atonality, he decreed, was a
necessity — a conviction that led him as
a student to demonstrate vocally at per-
formances of works that did not match
his standards of modernity. His sweep-
ing pronouncements — the most famous
being his exhortation to “blow up the
opera houses” — were the reaction of an
angry young man to the tradition-
bound culture of Paris in the 1940s.
Boulez was born on March 26 1925 in
Montbrison, a remote town in France’s
Loire valley. He came from a non-musi-
cal family but sang in his Roman Catho-
lic school choir at Saint-Etienne and was
taught the piano. After spending a year
studying mathematics at Lyons, against
aspect dominated his early career. The
explosive Second Piano Sonata (1947-48)
was the work in which Boulez said he
Pierre Boulez set
out to transform
his world, but
only partially
succeeded
“found his personality” and which
established his name outside France.
From the late 1960s he spent more
time revising or adding to existing
works. This was interpreted as a damp-
ing of creative fires. His elaborate Sch-
oenbergian Notations (1981) also sug-
gested an accommodation with the past,
the very antithesis of all he stood for at
the start of his career. But Notations
embodied other, more positive develop-
ments in Boulez’s creative activity: his
growing career as a conductor had
taught him how to write for a large
orchestra and to avoid self-defeating
complexity.
In 1954, he founded the Domaine
South-West German Radio Symphony
Orchestra and took up residence in
Baden-Baden. He returned to Paris in
1963 to conduct the first French per-
formance of Alban Berg’s Wozzeck at the
Opéra, and thereafter his international
career gathered pace.
By 1971, when he took over as chief
conductor of the New York Philhar-
monic and BBC Symphony Orchestras,
Boulez the interpreter had begun to
eclipse Boulez the composer. In both
New York and London, he reformed the
repertoire and increased the amount of
contemporary music performed.
Besides conducting and composing, a
third activity consumed Boulez’s atten-
tion in the 1970s and 1980s: founding
and administering Ircam, a musical
research institute at the Centre Pompi-
dou in Paris.
A man of moderate, almost ascetic
taste in his personal life, Boulez set out
to transform his world, but only par-
tially succeeded. Nevertheless, he influ-
enced the thinking of some of the most
substantial composers who emerged
after the second world war. Andrew Clark
anniversary edition with a cover fea-
turing a cartoon of God as a terrorist.
The magazine’s defiant stance high-
lights a debate that is raging over the
place of religion in a secular country as
France as grapples with the threat of
homegrown jihadism. On the cover of
the issue, 1m copies of which went on
sale yesterday, is a bearded man with a
Kalashnikov and blood on his hands. A
caption above reads: “One year on, the
assassin is still on the run.”
Inside are accounts by survivors of the
morning of January 7 2015, when Saïd
and Chérif Kouachi, French-born broth-
ers of Algerian descent, stormed the
magazine’s newsroom, killing 12 people,
in retaliation for the publication of
drawings of the Prophet Mohammed.
The issue carries articles by Taslima
Nasreen, a Bangladeshi activist, French
feminist Elisabeth Badinter and Russell
Banks, a US author. It also features cari-
catures by cartoonists who were among
those who lost their lives in the attack:
Jean Cabut (“Cabu”), Georges Wolinski
and co-editor Stéphane Charbonnier
but also bigots from other religions,
who wished us hell for daring to laugh
about religion.”
The anniversary issue arrives in a
week of commemoration of the attacks
and less than two months after Islamist
terrorists killed 130 in a series of attacks
on bars, restaurants, a concert venue
and a stadium in Paris and the neigh-
bouring suburb of Saint-Denis.
François Hollande, president, has
since declared a state of emergency and
intensified air strikes on Isis, which has
conquered stretches of territories in
Syria and Iraq and claimed responsibil-
ity for the Paris assaults.
Charlie Hebdo, close to bankruptcy
before the attacks, has become finan-
cially sound. Subscriptions are up to
180,000 and newsstand sales reach
about 100,000 every week, from a circu-
lation of 30,000 before last January.
Yesterday the magazine’s cover
roused the ire of religious organisations.
“Is this really the kind of controversy
that France needs?” the conference of
French bishops asked in a tweet.
Comment page 11
Thursday 7 January 2016
For many years its tech companies had one ambition: sell out to larger US rivals as fast as possible. Now a
new generation has a different drive — they want to build the country’s first multinationals at home.
V
onetize, an Israeli company
that offers video on
demand to customers in
Africa, Latin America and
other emerging markets, is
“not very focused on the exit”, in the
words of its chief executive, Noam Jose-
phides. The founder says he has no plan
to sell the company any time soon.
Vonetize, which provides a Netflix-
style premium streaming service via
mobile devices and smart TV, launched
in 2011 with $200,000 from an angel
investor. The company in 2014 then
raised $6m via small, private financing
rounds, with some help from friends
and family.
Until recently Vonetize — like Israel’s
other ambitious technology start-ups —
would have struggled to muster the
funding and overseas marketing muscle
needed to see it from the start-up stage
into a global expansion. Many, at the
first reasonable opportunity, sold out to
the highest bidder — typically a US tech-
nology or private equity group — and
moved on to the next thing.
But now, Israel’s technology sector is
awash with funds from US, European
and Chinese investors scouting for com-
panies that want to grow on their own
terms and timetable. This is partly
driven by the high valuations in the US
that are encouraging funds to look
beyond Silicon Valley for good deals, but
it also underlines the attraction of
Israel’s start-ups.
Vonetize is weighing up its options: to
fund expansion into Southeast Asia and
other new markets, the company may
raise money from institutional inves-
tors, or launch an initial public offering
in Tel Aviv, New York or London, its
chief executive says.
In any event, an IPO would be just a
“step on the way” to what Mr Josephides
calls the company’s first milestone: a
$5bn valuation. “We want to build a
huge company,” he says. “That is clear to
us.” Shooting for a $5bn valuation might
sound like hubris, but Israel is known
for its cluster of innovative start-ups.
With a small domestic market of just
8m people, entrepreneurs in Israel have
a tendency to sell early. A common
question posed at conferences was when
Israel — nicknamed Start-Up Nation in
an eponymous 2009 book — might
become “scale-up nation”. Israelis
asked when their country, which has no
household-name multinationals other
than generic drugs group Teva, would
‘Five years ago you had to go
to California and Europe to
talk to VCs. Now in Israel
there are more funds who
specialise in growth capital’
get its own corporate national champi-
ons like Finland’s Nokia or Germany’s
Siemens.
But as its technology sector matures,
the Jewish state is seeing more compa-
nies expand to employ hundreds of
people locally, achieving valuations of
$1bn or more and gaining the status of
“unicorns”.
Economic boost
“Up until five years ago, 99 per cent of
Israeli companies, when you asked
them ‘what is your strategy?’, they
would answer ‘exit’,” says Josef Mandel-
baum, chief executive of Perion, a Nas-
daq-listed digital advertising group that
has been acquiring other companies
and now has a staff of about 660
worldwide.
Mr Mendelbaum, whose company
launched in 2010 with $30m sales and
closed 2015 with more than 10 times
that amount, says: “I don’t think there’s
any reason why you can’t build a big
company headquartered in Israel.
That’s what I want to do.”
The crop of new and bigger compa-
nies worth $1bn or more is a source of
growth for an economy that contends
with demographic challenges and acute
political risks. While some “old-
economy” companies and industries
are stagnating or struggling, the coun-
try’s growing technology sector is a mag-
net for inward investment and a contin-
uing source of jobs — including for its
underemployed Palestinian and ultra-
Orthodox minorities. The industry
accounts for 18 per cent of gross domes-
tic product and more than one-third of
the country’s total exports, according to
official statistics.
One of the reasons Israeli technology
groups are expanding is that they are
over-represented in sectors that are
growing on the back of global demand:
mobile applications, web engineering
and most notably cyber security — an
area where Israel’s national security
needs are helping to feed a world-class
industry.
Check Point, founded by veterans of
Israeli military intelligence, pioneered
firewalls and Israel’s broader push into
★ FINANCIAL TIMES
FT BIG READ. ISRAEL
By John Reed
Six stars Groups set for bigger things
BasedinNewYork,
theIsraeli-founded
companysaysits
contentdiscovery
platformisinstalled
onthousandsof
websitesand
makesbillionsof
recommendations
everymonth
Cloud-basedservice
thatallowsusersto
createandcustomise
websites.Valuedat
$875m,itisknownfor
its2015SuperBowl
advertisement
slogan#ItsThatEasy
Start-up nation grows up
cyber security. It has long set an exam-
ple for new companies, and remains one
of Israel’s largest with a market capitali-
sation of $14bn.
It now has competition. Mobileye has
built up a dominant presence in the
market for camera-based automotive
systems, powered by image processing
algorithms that allow cars to brake or
drive autonomously. It has resisted
advances from would-be buyers; its
founders Amnon Shashua, a computer
science professor, and Ziv Amiram
secured an early $100m investment
from Goldman Sachs and set their sights
on building a standalone company. It
listed its shares in 2014 in the biggest
Nasdaq IPO for an Israeli concern, and is
now worth about $8bn.
CyberArk, a cyber security company
that listed on Nasdaq in 2014, is worth
Exit As Israel’s tech sector grows in maturity
strategy on the back of products and technologies
Waze’s in global demand, some entrepreneurs
could be forgiven for wondering if they
$1.1bn sets sold their companies too soon.
a target The issue is not unique to Israel. Mark
for others Zuckerberg turned down a $1bn offer
to aim for from Yahoo for Facebook in 2006,
according to board member Peter Thiel.
Today it is worth $290bn.
“In every Israeli company that
sells and every company that
is sold, there is a post
mortem debate: did they
sell too early or not?” says
Saul Singer, co-author of
Start-Up Nation, the best-
seller on Israel’s high-tech
economy.
The most second-guessed
company sale in recent years has been
that of Waze, the mapping and navigation
app, to Google in 2013. Uri Levine, the co-
founder, and other shareholders netted a
reported $1.1bn between them.
Might Mr Levine be running a much
bigger, independent Israeli company now
had he and the others held on?
“The reality is you never know,” Mr
Levine, pictured, told the FT in
September. “Afterwards, everyone
Focuseson‘advanced
cyberthreats’from
peoplewhouse
insiderprivilegesto
attackthenetworks
oflargecompanies
andbanks.Valued
at$1.4bn
about $1.5bn. Nasdaq-listed Wix.com,
with a valuation just under $1bn, is
growing its office in Tel Aviv as it
expands its do-it-yourself web develop-
ment business.
Rise of the unicorn
Other “good candidates” for unicorn
status, according to PwC’s partner in
Israel Rubi Suliman, include Gett (for-
merly GetTaxi), an Uber-like cab-
hailing and delivery company; Iron-
Source, an online software and mobile
distribution company; Outbrain, a
“content discovery platform” provider;
and Taboola, which helps content pro-
viders find links that will drive traffic to
their sites. None have yet floated.
Critically there is a new generation of
experienced serial entrepreneurs, who
are drawing on resources gained build-
becomes much smarter.” Waze’s
shareholders might have held on, Mr
Levine said, but there were risks “that
we will fail; that the competition will be
significant”. Its biggest competitor at
the time was Google.
Another Israeli company that sold to
a foreign suitor either too soon, or
possibly in the nick of time, was ICQ,
an instant messaging platform
bought by AOL for about
$400m in 1998.
“Arguably, it [instant
messaging] is one of the
leading business
models in the world
today”, says Mr Singer,
so perhaps ICQ’s
shareholders missed a trick.
On the other hand, he adds,
if it had remained independent ICQ
could have collapsed when the dotcom
bubble burst two years later.
Mr Levine does not have any
apparent seller’s remorse.
In achieving a valuation of more
than $1bn, Waze became a “target” for
other growing companies.
“Entrepreneurs said, ‘I won’t sell lower
than Waze’. That’s a leapfrog in the
industry in general,” he said.
Vision-based
technologythat
allowscarstoavoid
collisionsordrive
autonomously.
ClientsincludeBMW,
GMandVolkswagen.
Valuedat$7.8bn
ing big companies overseas, to offer
examples to new start-ups.
“We now have two to three cycles of
Israelis who spent time in the US, devel-
oped their companies there, came back
to Israel, and re-created or joined
another company, effectively importing
this expertise,” says Gadi Tirosh, man-
aging partner of Jerusalem Venture
Partners, a leading venture capital fund,
and CyberArk shareholder.
Uri Levine, co-founder of the mobile
navigation and mapping app Waze,
joined other shareholders in selling the
company to Google for a reported
$1.1bn in 2013 and is now involved in
several new technology companies.
“The difference is coming from the
entrepreneurs themselves,” says Mr
Suliman. “They are looking at Waze,
Gett, and Mobileye and saying: ‘I want to
build a large company, a large multina-
tional’.”
CyberArk epitomises this trend.
Founded in 1999, it initially moved its
headquarters to Boston to hone its prod-
ucts and find customers in the world’s
biggest economy — a familiar path for
Israeli technology companies.
When some early investors began
“pushing for the exit door”, says Udi
Mokady, the company’s co-founder,
CyberArk engineered a deal that
allowed it to remain independent:
Jerusalem Venture Partners together
with Goldman Sachs bought out the
Tech sector deals*
$bn
15
10
5 will be in all Latin American countries
0 20
2010 11 12 13 14
*Initial public offerings and mergers and acquisitions
Source: PwC Israel
9
In demand Israeli entrepreneurs are
especially strong in web engineering,
mobile applications and cyber security
Growth sector Tech industries account
Providesa‘web for 18 per cent of Israel’s GDP and
widget’tomedia more than one-third of its total exports
companiesoffering
additionallinksto
relevantcontentfrom Talent pool Intel, Google and Facebook
theirownandother have local R&D operations, increasing
websites competition for skilled workers
investors, and the company went public
in 2014. CyberArk is now “very global”
in its operations, Mr Mokady says, but
has a solid Israeli presence: nearly half
of its more than 600 employees are
based in its home country.
IPO window
Amid the enthusiasm some sceptics
voice concerns that the rising valua-
tions, as in Silicon Valley, may be too
high. Already in 2015, IPO activity fell in
both number and value, from 18 listings
worth $9.8bn in 2014 to eight worth
$3.5bn, according to PwC. While some of
the fall happened as a result of the large
value of Mobileye’s $5.3bn IPO, Israeli
companies also face a narrowing win-
dow of opportunity to list in the US or
UK, the consultancy said in a
2015 report.
The Israeli technology sector, like its
US counterpart, has seen some
high-profile failures, including that of
Modu, the maker of a lightweight
mobile phone that ceased operations in
2011, or Betterplace, the electric car
infrastructure company that went bust
in 2013.
Notwithstanding the cautionary
notes being sounded, or the cooling of
public markets globally, Israeli compa-
nies are finding it easier than ever to
secure private capital. This, analysts
AnUber-likeIsraeli say, is still readily available for top
appthatbooksblack Israeli companies at high valuations.
cabs.Itisexpanding
intoon-demand “Five years ago typically you had to go
deliveryofother overseas to California and Europe to
goodsandservices talk to VCs,” says Gilad Rozen, president
fromdrycleaning and chief executive of Celeno, a com-
tochampagne pany specialising in what it calls smart
WiFi technology. “Now in Israel there
are more and more funds who specialise
in growth capital.”
Technological change is also allowing
the sector to grow domestically. In a
world of apps, and other technologies
deployed across borders, Israeli compa-
nies are no longer as dependent on their
small local market, nor on the rite of
passage in which senior management
decamps to the US.
“A decade ago if you wanted to do
marketing and sales and get the scale,
‘I don’t think you had to open up in the US or another
market,” says Michael Eisenberg, a
there’s any partner with Aleph, a venture capital
fund. “With internet marketing, you
reason why can get to a larger scale without having
you can’t to recruit in another part of the world
when you’re still a fragile company.”
build a big Vonetize learned this lesson about
leveraging technology to achieve scale
company in in its early days. It teamed up with Sam-
Israel. That’s sung in 2012 to provide its service on all
of the South Korean company’s devices
what I want sold in Israel — about 1.3m in all, says Mr
to do’ Josephides, more customers than any of
the country’s cable providers.
Israel’s expanding technology compa-
nies do complain of structural limita-
tions on their ambitions — most notably
around the local availability of skills.
They have to compete for talented tech-
nology workers with the likes of Intel,
Microsoft, Google and Facebook, which
have big research and development
operations in the country and in some
cases have enjoyed government incen-
tives to expand. About half of Israel’s
estimated 280,000 high-technology
workers are employed by multination-
als, according to Nir Zohar, Wix’s chief
operating officer.
Among the chief complaints of local
companies is the bureaucracy involved
in recruiting skilled workers from over-
seas and at least 14 companies have
grouped together to lobby over regula-
tory issues and other matters of con-
cern.
The government, which has played a
role in nurturing the country’s technol-
Number
ogy sector, says it is taking steps to meet
70 the business community’s needs includ-
ing regulation and financing.
60 As for Vonetize, it already appears to
be on a strong growth path. Asked to
defend his vision of a $5bn valuation, Mr
50
Josephides says the company is already
40 in a “hyper-growth period”: its service
30 by June and 59 worldwide; Vonetize
signed up, he says, 200,000 users in its
first 10 days in Brazil.
“We need to grow, need more people,
15 and we need in place capabilities for a
big company that’s no longer just two
people,” he adds.
10
THURSDAY 7 JANUARY 2016
Britain’s struggle to forge
a balanced economy
Slower UK manufacturing is not an obstacle to more dynamic growth
When the UK economy started to
recover from the global financial melt-
down of 2009, there were hopes that
the new growth would be qualitatively
different. Instead of relying solely on
the consumer, prosperity was to be
based on exports and long-neglected
business investment. Seven years on,
this rebalancing has been more timid
than had been expected.
As the Bank of England revealed this
week, unsecured consumer credit is
again on the rise, racing ahead at the
fastest rate in a decade. At the same
time, the trade balance is declining.
Investment may have recovered, but
its fast growth is partly a reflection of
its initially very low level.
Many observers had looked to a ren-
aissance in manufacturing as the cata-
lyst to a turnround. In this sunny sce-
nario, investment and productivity
would rebound, and new jobs would
help to bridge the widening divide
between the capital and the north. Suc-
cessful exports would enable Britain to
grow without having to rely on domes-
tic demand. This would conveniently
close the large current account deficit.
The latest data, however, show the
manufacturing sector is experiencing a
slowdown. The December reading of
the purchasing managers’ index was
the weakest in three months at 51.9.
Worse still, this is a mere continuation
of last year’s trend. The Office for
National Statistics estimated that man-
ufacturing output is still 6.1 per cent
below its pre-crisis peak.
The dwindling export of goods and
the struggles in manufacturing can be
traced back to external factors. Foreign
demand is weak. Britain’s European
peers are only slowly recovering from
the recession, while the global market
is grappling with China’s decelerating
growth and the build up of dollar-de-
nominated debt in emerging econo-
mies. The plummeting oil price is forc-
The intractable dilemma
posed by North Korea
China and US must co-operate to resolve Pyongyang’s nuclear threat
North Korea presents one of the most
dangerous security threats in the world
today. This has long been recognised
and it did not require another nuclear
detonation by the regime of Kim Jong
Un to prove the point. It remains
unclear whether this week’s explosion
involved a hydrogen bomb, as
Pyongyang boasts, a move that would
represent an alarming advance in its
weapons capability. Even so, its deci-
sion to conduct the fourth under-
ground test in nearly a decade shows
how serious, and yet intractable, the
North Korean dilemma has become.
For more than two decades, the US
and the international community have
used carrots and sticks to try to per-
suade Pyongyang to curb its nuclear
ambitions. In 1994, President Bill Clin-
ton’s administration signed a deal with
the North Koreans under which they
agreed to freeze plutonium production
in exchange for economic co-opera-
tion. That deal fell apart in the early
years of his successor George W
Bush, partly because of American
claims that North Korea had reneged
on the bargain.
In recent years, the US and other
powers have shifted to a tougher
approach, punishing the regime with
sanctions each time it defies interna-
tional norms on nuclear non-prolifera-
tion. The UN Security Council may
continue with this line, imposing new
penalties after North Korea’s latest
provocation. Far from deterring the
rogue regime, such punishment has
compounded both its feeling of isola-
tion and sense of resolve. This makes it
even harder to come up with an effec-
tive reply to its action this week.
Any response needs to grapple with
the character of Mr Kim, North Korea’s
32-year old leader. Like his father Kim
Jong Il, he seems to regard develop-
ment of the nuclear programme as crit-
ical to the consolidation of his personal
ing North Sea oil companies to post-
pone their investment, which trickles
down the supply chains, spreading the
malaise. The strong pound does not
help, but managing the exchange rate is
outside the Bank of England’s remit.
The question is how much this
should raise concerns about the state of
the British economy. True, growth has
been mostly unbalanced but that is
preferable to a balanced stagnation.
Rising credit has rightly captured the
attention of policymakers, but house-
hold debt is not yet at excessive levels.
The struggling manufacturing sector
is definitely a cause for concern. Yet,
even if there were scope for the govern-
ment to act, a narrow focus on manu-
facturing would be unlikely to bring
about Britain’s post-crisis rebalancing.
While manufacturers are likely to
invest more than services companies,
the UK needs to boost its infrastruc-
ture, IT and education, where govern-
ment intervention may be warranted.
A boost in manufacturing does not
automatically translate into a boom in
job creation. The UK excels at
advanced manufacturing — pharma-
ceuticals, automotive and aerospace
engineering — that build on skills
rather than on quantity of labour.
Britain’s future lies with high value-
added, skill-intensive jobs. Manufac-
turing, with its pivotal role in research
and development, is an essential com-
ponent. Services must play a role, too.
There has long been a fruitful interac-
tion between the two sectors, and the
entertainment and creative industries
are equally capable of generating the
sort of high-wage, knowledge-based
jobs the UK should aspire to.
For now, there is little the govern-
ment can do to thwart the slowdown in
British manufacturing. This is not a
moment to panic. A balanced economy
can be generated in many ways, which
is a simple but easily forgotten precept.
power. The optimistic view is that as his
leadership becomes more secure, he
may shift to a more accommodating
stance, emphasising the need to boost
economic growth. However, this week’s
nuclear test, alongside evidence of the
leader’s impetuous personality, make it
hard to believe he will bend any time
soon.
Given how high are the stakes, the
Obama administration ought to be
restoring North Korea as a foreign pol-
icy priority. The president has rightly
paid far more attention to securing an
Iranian nuclear deal and may be
tempted to sit on his laurels, but while
the Iranians have been stopped before
they could develop a bomb, North
Korea has stealthily and steadily built
an arsenal of atomic weapons.
There is a much stronger obligation
on China to act. After North Korea’s last
test in 2013, Beijing was visibly
angered, backing a UN resolution that
expanded financial sanctions. The Chi-
nese remain North Korea’s largest trad-
ing partner, supplying most of its oil
and gas. China does not want to see the
regime collapse, fearing that this would
trigger a refugee crisis across their
common 800-mile border and the pos-
sibility of the US-backed South taking
over the North. President Xi Jinping
needs to rein in his troublesome ally
before Mr Kim’s belligerence reaches
an unacceptable level.
If this perilous stand-off is to end
peacefully it will require Mr Kim to
accept the principle of denuclearisa-
tion in return for wider economic co-
operation. It is impossible to guess
whether he is rational enough to realise
this bargain. For now, it is vital that
Washington and Beijing recognise their
common interest in standing shoulder
to shoulder on North Korea. There is
much that divides these two powers in
the Asia-Pacific but the threat from
Pyongyang is one that endangers both.
★ FINANCIAL TIMES
Last chance for UK to hold China accountable
Sir, One of the distinguishing features
of Hong Kong that was supposed to
persist in the aftermath of the
handover was the freedom of the press.
However, despite the “guarantee” of
press freedom by its bill of rights, Hong
Kong has slid down the World Press
Freedom Index from 18th in 2002 to
70th in 2015.
High profile incidents and debates
during CY Leung’s administration
have contributed to the fragility of
freedom of the press. For example,
Kevin Lau Chun-to, the former editor
Market economy status
must reflect realities
Sir, The letter from Richard Herd
(January 5), advocating that the EU
should change its anti-dumping policy
in favour of China by granting it
market economy treatment, misses the
point completely.
Granting market economy treatment
to a country that continues to run large
parts of its industrial structure without
regard to market signals would be
illogical, and damaging to the basic
principles of competition. Your own
correspondent Jennifer Hughes (Inside
Business, January 6) points out that
Chinese state-owned enterprises
continue to benefit from priority in
loans, often at lower rates, and reminds
us that only a few months ago the
Chinese leadership reaffirmed its
intention to ensure the “socialist
direction” of the sector.
The vast overcapacity built up by
China in many industries, and which it
is now trying desperately to fill by
exporting at almost any cost, was not
built according to market criteria —
indeed, the market was long sending
signals that it was unnecessary and
wasteful. But still it went ahead.
Yes, market economy treatment
should not wilfully be withheld from
China — but should be granted only
when the change in treatment reflects
the reality.
Colin Purvis
Barcelona, Spain
Brexit and alternatives
need proper analysis
Sir, It is very troubling that such a
distinguished economist as Ruth Lea
should seek to draw a comparison
between worries about the expected,
but in the event unwarranted, threats
to the City caused by the creation of the
euro and the concerns currently
generated by the prospect of Brexit
(“Economists say remaining in EU is
vital for UK’s future prosperity”,
January 4).
Unfortunately the comparison has
no foundation. While it is certainly true
that there were such concerns at the
time, the reason they proved
unfounded was precisely because the
UK was in the EU and the City was able
to benefit from the freedoms afforded
by the single market. It was because of
the freedom of cross-border
establishment of companies,
movement of labour and sales of
financial services granted by EU
membership that eurozone companies
were able to undertake as much euro-
denominated business in London as
they wished and UK-based companies
could sell to the whole of Europe as
they wished. The supposed purpose of
Schism in the
Middle East
threatens more
ruin in 2016
Notebook
by Roula Khalaf
Letters
of Ming Pao, a newspaper critical of
Beijing, was brutally attacked with a
meat cleaver. In response to those who
voiced concern over the state of press
freedom in Hong Kong, Mr Leung’s
daughter publicly questioned what the
attack had to do with freedom of the
press. Chief executive Leung also drew
ire for his attempts to block HKTV’s
licence.
Hence, while I am saddened to learn
(January 6) of the disappearance of
Lee Bo, a British citizen residing in
Hong Kong who sold books critical of
Brexit is to escape from the shackles of
these “freedoms”. No one knows what
freedoms will exist after the
negotiation of the Brexit terms, but it is
highly unlikely that they will be
anywhere near as favourable as those
that pertain today.
This false comparison is quite often
heard quoted by senior people in the
City. This makes it all the more critical
that there be an exposition of the
alternatives grounded in proper
analysis.
David W Green
David Green Consulting,
London NW3, UK
Indians have a hard time
getting visas for the UK
Sir, Amy Kazmin, in “India’s
impermanent residents” (New Delhi
Notebook, December 29), has
presented what I think is a very one-
sided view of the situation as regards
foreigners getting residence. Indians
have never had a more difficult time in
getting simple visitor visas than we do
now.
The UK takes three weeks to decide
on a case, charges an exorbitant
amount of money for the visa and even
more for faster processing. The US has
a simpler, cheaper more effective long-
term visit visa process and their green
card is easier to come by for Indians. If
there are expats living in India it is to
make profits for their companies or
money for themselves. They do no
favours to India so they should just
cope with the system until their own
countries are more liberal with Indian
professionals settling abroad.
The UK is even concerned about EU
citizens who come to work in the UK
and there is talk of Brexit. I think the
UK needs to look at its own attitude to
immigrants and permanent residents
before India can be expected to make
any concessions.
The system in the Middle East is that
no business can set up without a local
partner, no criticism of government
policy is even considered, and there is
no free press. Yet a large number of
Irish and British expats live and earn
money in the Middle East without
complaint.
Raj Khalid
Mumbai, India
Taxing consumption
would be more efficient
Sir, I agree with Neasa MacErlean
(“Property levies would ease the robot
attack on income tax”, January 4) that
most western tax systems were
designed for the world of the 1950s and
do not serve the public on either
efficiency or equity grounds today.
However, targeting property as the
It was an image I’d seen many times in
the past but in the last days of 2015 it
was unusually refreshing. A glittering
Christmas tree across the street from
the mosque dominated the downtown
Beirut skyline.
A rare sight in most of the Middle
East, the Christmas tree is almost a
cliché in multi-confessional Lebanon,
where some Muslims embrace the
festivities as enthusiastically as their
Christian neighbours.
But the image had greater
resonance at the end of a year of
uncontrollable mayhem wrought by
Sunni jihadis bent on annihilating
minorities and driving the dwindling
numbers of Christians out of the
region. A Christmas tree by the side of
a mosque and a Santa Claus posing for
pictures nearby captured the faint
hope that remained.
There was more reason for
optimism in Lebanon over the
holidays. The political chatter was
that Saudi Arabia and Iran were
discussing a resolution to a
longstanding political struggle
between their respective Sunni and
Shia Lebanese allies, two of the largest
minorities. The clash has poisoned
Sunni-Shia relations and held up the
presidential election, condemning the
country to a constitutional vacuum.
Many people were convinced that
Tehran and Riyadh were determined
to prevent Lebanon’s sectarian tension
from erupting into another Middle
East conflict, and the Syria war next
door from spilling over. Agreement on
the presidential elections, some
China’s top leadership, I am not
surprised. While the rise of China has
changed the bargaining position of
Britain with respect to the Sino-British
Joint Declaration, the disappearance of
a British citizen in Hong Kong may
present a final opportunity for Britain
to hold China to the terms of the
Declaration. Unfortunately, any effort
is likely already too little, too late.
William N Kring
Senior Academic Researcher,
Center for Finance, Law & Policy,
Boston University, MA, US
‘He was quite dull enough with 140
characters’
primary source of future tax revenue is
misguided for a number of reasons,
including the fact that in the “gig” and
“sharing” economy asset ownership —
save for smartphones — is trending
down. This implies that the taxpaying
“public” would shrink further as more
and more wealth is concentrated in
fewer and fewer hands, providing the
“privileged class” with even more
incentives (and money and political
clout) to create even more
sophisticated tax-avoidance schemes
than we have today.
A fairer and more efficient 21st-
century tax system would not tax
personal or business income, but
consumption. This upgraded VAT
would tax everything purchased, from
chewing gum to 150m yachts, with
increasing tax rates applied as goods
and services migrate from necessities
to luxuries. (Annual “use” taxes on
“Veblen goods” would also be in the
running.)
In the next 25 years, cash payments
are likely to disappear — some banks in
Sweden already refuse cash deposits —
and replaced with electronic payments,
implying that every consumer
purchase of any amount can be tracked
by tax authorities all over the world,
since smartphones have registered
owners. “Big data” and faster
computers should be able to reconcile
total sales with purchases — and taxes
paid.
While not all of us own tangible
assets, we all eat, buy clothing and
household appliances, and purchase
travel and entertainment services.
Robots do not. Governments must be
assured of a predictable level of
revenue to provide services for its
citizens, robots or no robots!
Ira Sohn
Professor of Economics and Finance,
Montclair State University,
Upper Montclair, NJ, US
suggested, would be the first sign of
broader rapprochement between the
two regional superpowers.
Hope, though, is never a safe bet in
the Middle East. And in typical
fashion it unravelled barely two days
into the new year. By the time I left
Beirut, relations between Saudi
Arabia and Iran had escalated into a
full-blown diplomatic crisis after
Riyadh executed a Shia cleric who was
a strident critic of the ruling family.
So I have Riyadh in particular to
thank for making my predictions for
2016 so easy — and, sadly,
overwhelmingly gloomy.
Forget a president for Lebanon.
Forget peace in Yemen, where Saudi
Arabia is at war against Iran-backed
Houthi rebels; the ceasefire was called
off a few days ago.
There will be little traction in the
talks on Syria, where Iran fights
alongside the regime of Bashar al-
Assad while Saudi Arabia has funded
and armed rebel groups. The odds on
finding a resolution to the five-year
civil war in Syria through US and
Russian-sponsored negotiations were
never good. Now they are virtually
non-existent.
The international fight against Isis
in Iraq and Syria will be pursued,
probably with more vigour, in 2016.
Isis will be degraded; it will certainly
lose more territory. But without
political solutions sectarianism will
thrive in Iraq as in Syria. Neither
Muslim majorities nor the scattered
minorities will be spared.
Riyadh’s decision to execute Sheikh
Thursday 7 January 2016
Email: letters.editor@ft.com or
Fax: +44 (0) 20 7873 5938
Include daytime telephone number and full address
Corrections: corrections@ft.com
Why no protests against
the ultimate example
of a state broadcaster?
Sir, Since 1989 I’ve been advising
lawmakers in central and eastern
European countries as an expert
consultant for the Council of Europe on
how to bring their media policies in
line with European standards. The
Council of Europe has 47 member
states, including Poland. All member
states are bound by the
Recommendation of the Council of
Europe’s committee of ministers to the
member States on the guarantee of the
independence of public service
broadcasting.
This Recommendation dates back to
1996 and was adopted unanimously. It
contains clear and detailed guidelines
on how to guarantee the independence
of public service broadcasters across
Europe, including rules on the
appointment of nomination and
dismissal of board members and the
members of the supervisory and
management bodies. Thus, to the
extent that the Polish broadcasting bill
of December 29 2015 is not in line with
those guidelines, it should clearly be
amended.
Nevertheless, I’m surprised by the
fierce reaction of the European
Commission and the concerted action
of the European Broadcasting Union
(EBU), the European Federation of
Journalists, the Association of
European Journalists (AEJ), Reporters
Without Borders and Committee to
Protect Journalists to the Polish
broadcasting bill that gives parliament
the right to appoint the members of the
supervisory and management bodies of
their national public broadcasting
service, TVP and Polish Radio and
transfer the power of nomination and
dismissal of their board members to
the government.
The reason for my surprise is that in
a country like Italy (a member of the
EU since the 1950s) it is common
practice that every new government
which comes to power replace all the
senior management of RAI, the
national public service broadcaster. In
fact, for many years when I was
teaching a course on broadcasting
regulation in European States at New
York Law School and needed to explain
to US students the difference between a
state broadcaster and a public service
broadcaster, I used to tell them that
RAI was the ultimate example of a
state broadcaster.
I wonder why the European
Commission and the organisations
mentioned above have never protested
against this?
Ad van Loon
Founder and owner,
X-Media Strategies,
Amsterdam, The Netherlands
Most people do not
qualify to be globalists
Sir, To be a globalist requires
sophistication and a good education.
Most people on the planet do not
qualify.
Humanity is constitutionally tribal
and under threat feels insecure,
retreating into the comfort of tribalism.
Nationalism is tribalism writ large.
Many feel globalisation to be a threat.
So I do not agree with your editorial
“Why the globalisers still retain the
upper hand” (December 31).
Dr Anne-Carole Chamier
Ardross, by Alness, Ross-shire, UK
Nimr al-Nimr was designed to achieve
short-term political gains at home but
at the expense of a dangerous fallout
in the region.
The killing of the Shia cleric was
part of a wave of executions that
included dozens of jailed Sunni
extremists from al-Qaeda, the Isis
rival. His death carried a message of
appeasement to radical Sunni
sympathisers at risk of being swayed
by Isis: that despite the executions,
Saudi Arabia remains the protector of
the Sunni at a time of intense rivalry
with Shia Iran.
Predictably, Shia communities in
the region were enraged. Hardliners in
Tehran ransacked and torched the
Saudi embassy. These actions were
also driven by domestic
considerations: Iranian hardliners are
determined to undermine the
moderate government of Hassan
Rouhani ahead of February
parliamentary elections and destroy
his drive to rehabilitate the Islamic
Republic.
Instead of a thaw in Iranian-Saudi
relations, this year looks set for
greater polarisation. The Saudi-
Iranian clash will not spark a direct
military confrontation but by
inflaming religious passions it may
produce as menacing an outcome.
Those who believed that 2015
marked the height of devastation for
the Middle East should think again.
There is much scope for more ruin
this year.
roula.khalaf@ft.com
Thursday 7 January 2016
OPINION
Fu
Ying
E
ven in the aftermath of the
9/11 attacks on New York and
Washington more than a dec-
ade ago, international terror-
ism was — to use a Taoist
quote — “a semblance great, the shadow
of a shade”. Now such violence has
moved out of the shadows. Many see
political violence as the most important
threat to the modern world.
At the same time, geopolitical rival-
ries between states are also resurfacing.
Tension between Russia on the one
hand, and the US and its European allies
on the other, over the crisis in Ukraine
caused some to wonder whether a new
cold war had started.
In truth, the world has moved on,
even if there will always be those who
cling to old ways and pretend that all
Stateless
companies play
a risky game
BUSINESS
John
Gapper
I
n 1909 Edward Hall, a vice-presi-
dent of the American Telephone
and Telegraph Company, lamented
in a speech that: “The public does
not know us . . . It has never seen
us, never met us, does not know where
we live.” His words were in response to
the Supreme Court having given corpo-
rations the legal status of “persons” in
1886, and a chorus of popular complaint
that they were soulless.
Discontent at the rise of large corpora-
tions and trusts in the early 20th cen-
tury led to the trustbusting presidency
of Theodore Roosevelt from 1901
onwards. It also encouraged the growth
of corporate welfare: companies such as
Cadbury in the UK, Le Bon Marché in
France and National Cash Register in
the US, which invested in supporting
and housing employees.
The strongest echo today of Hall is the
sense of corporations being rootless and
stateless, that no one knows where in
the world Facebook, Google or Pfizer
live. “Wherever happens to be best for
shareholders” seems to be the answer.
For US technology companies, that
means basing their European arms in
low-tax Ireland; for Pfizer, it means
merging with Allergan to reincorporate
itself in the country.
OPINION
Dominique
Moïsi
A
year after the terrorist
attack on the offices of the
satirical magazine Charlie
Hebdo, the mood in France
is a mixture of resilience,
uncertainty and growing internal
division.
The murder of 12 people at the maga-
zine and four people at a Jewish super-
market two days later presaged
the slaughter carried out in Paris
on November 13 by terrorists claiming
allegiance to the militant Islamists
of Isis. The sense of threat lingers, with
heavily armed soldiers and police
patrolling the streets of the capital and
other big cities.
France is at war and must be prepared
for the possibility, if not probability, of
further attacks, as President François
The American world order is a suit that no longer fits
new problems are just variations of
those of the past.
In Asia, too, it seems that the US wants
to fuel a geopolitical contest by elbowing
its way into regional disputes, this time
over the ownership of various islands
and shores in the South China Sea. On
our continent, Washington’s biggest
concern seems to be the possibility that
America will be “pushed out” by China.
This mindset has led the US to meddle in
the problems China has with its neigh-
bours, which risks elevating territorial
disputes into strategic rivalry.
On the economic front, the US tries to
maintain dominance in global economic
affairs by pushing harder on trade deals,
such as the Trans-Pacific Partnership, to
set new rules without including all the
major economies.
Does that mean that in the future the
global economic order will again move
toward exclusive blocs?
The western-centred world order
dominated by the US has made great
contributions to human progress and
economic growth. But those contribu-
tions lie in the past. Now that same
Pfizer will not transport its head
office, its primary stock market listing
or most of its employees from New York
to Dublin following the planned $160bn
merger. It will simply shift its place of
incorporation to benefit from Ireland’s
12.5 per cent corporation tax rate. The
technology companies remain US cor-
porations, with European operations
headquartered in Dublin to avoid higher
tax rates in other countries.
In one sense, the multinationals’
manoeuvres are a rational response to
the strange US regime of having a high
headline rate of corporate taxation yet
allowing companies to shelter their
overseas earnings offshore. This is a
strong incentive not only to reincorpo-
rate through “tax inversion” mergers
but to stash $2.1tn, the cash pile of the
300 largest US companies, in tax havens
such as Bermuda.
It also fits with the stateless attitude of
US companies in their own country —
nearly half of publicly listed companies
incorporate in the small state of Dela-
ware, while most of their head offices
remain elsewhere. They do so because
of Delaware’s courts, which allow execu-
tives plenty of leeway to exercise their
judgment.
But taking a free and easy attitude to
global incorporation, instead of the con-
tinental European view that a company
has a natural identity — a nationality
where its head office sits — raises the
same problem that AT&T and others
faced in the early 20th century. A root-
less corporation feels like a soulless one
— an institution that has no loyalty to
any particular place.
Liberty, equality, fraternity — and security
Hollande warned in his traditional New
Year address.
Yet the terrorists have failed. If resist-
ance means going to cafés, bars and res-
taurants and attending concerts, after a
week or so of disarray, then life goes on,
albeit with fewer Japanese and Ameri-
cans tourists. The French have chosen
to live as though they are not potential
targets of further attacks.
If the goal of the terrorists was to
divide the French people and to encour-
age support for the far-right National
Front while pushing the large Muslim
minority into the arms of radical funda-
mentalists, they failed in that too. What-
ever the impressive gains made by the
NF in last month’s regional elections,
Marine Le Pen will not be the next presi-
dent of France.
Polls show strong support for military
action in the Middle East and the Sahel,
and indeed many voters are proud of
their country’s renewed international
clout. They are persuaded by Mr Hol-
lande’s assertion that the fight against
terrorism cannot be won on the home
front alone.
★ FINANCIAL TIMES
Comment
order is like an adult in children’s
clothes. It is failing to adjust.
Since the end of the cold war,
the US has made major strategic mis-
takes, one after another. Its invasion of
Iraq in 2003 created chaos that lasts to
this day. In 2010, after political
upheaval in Tunisia, the west encour-
aged the so-called Arab Spring. The US
and its allies are opening a Pandora’s
Earlier than we expected,
the weight of international
responsibilities is falling on
Chinese shoulders
box in one country after another.
For the past three years the US has
been trying to get out of the mess by pro-
posing a “pivot to Asia”. However, by
making China the target of this initia-
tive, the US has fuelled mutual distrust
between the two countries. Will it turn
out to be another mistake, one that
deprives both powers of the chance to
This is a dangerous game to play, as
the uproar over both tax inversions and
US tech companies paying little corpo-
ration tax in countries such as the UK
and France has demonstrated. Compa-
nies that appear to be fly-by-night and
impersonal, picking and choosing
which flag is most convenient, are likely
to provoke the same backlash as the
early 20th century trusts.
Walgreens, the US pharmacy chain
that considered moving to Switzerland
as part of its takeover of Alliance Boots
in 2014, was wise to retreat from the
idea. It would have looked rather stupid
styling itself as “America’s premier
pharmacy” and recounting the home-
spun tale of how “it all started in a town
called Dixon, Illinois” while residing for
Fly-by-night businesses
that pick and choose the
most convenient home
will provoke a backlash
Despite this resilience, some difficult
questions remain to be answered. Were
the murdered journalists provided with
sufficient protection, given the number
of threats made against them?
Why were the intelligence services
taken by surprise in January and again
In France’s deprived suburbs
young people enmeshed in
crime and drugs have
become foot soldiers of jihad
in November? Is the French state strong
enough to confront the threat of terror-
ism effectively now that it appears to be
one of the principal targets of Isis in
Europe?
A strong state is not one that violates
its fundamental values in the name of
security. The country that invented
human rights cannot be seen to flout the
Universal Declaration of Human Rights
— a document that it helped to inspire.
Yet, with the government’s proposal
work together to address the
world’s problems?
We should not be overly pessimistic.
The international community has
already started to explore solutions.
The G20 played a crucial role in com-
bating financial crisis. The International
Monetary Fund has agreed to bring the
renminbi into the system of special
drawing rights, its unit of account; a
package of reforms to the western-
dominated institution is finally close to
being approved by the US. The Asian
Infrastructure Investment Bank, initi-
ated by China, will compensate for the
inadequacy in the existing international
mechanism. A bilateral agreement
between China and the US on climate
change laid the foundation for the suc-
cess of the UN climate conference in
Paris last month.
China has no ambition to lead the
world. We have huge domestic chal-
lenges to tackle. And China believes that
in future, world affairs have to be han-
dled by countries working together.
China needs to maintain stable and
constructive relations with the US,
tax purposes in a Swiss canton.
Tax inversions and related gymnas-
tics hurt the legitimacy of all multina-
tionals, even those that do not indulge.
There is a big difference between a state-
less corporation and a cosmopolitan one
(although some are both). One uses a
convenient legal fiction to shift itself
around the world without really mov-
ing; the other does the difficult work of
expanding beyond national boundaries
and transforming itself.
A cosmopolitan company is to be
admired, even if many are less interna-
tional than they claim, or appear, to be.
Many multinationals employ more non-
natives than people from their home
country — 169,000 of General Electric’s
305,000 employees, for example, are
non-US — yet only 13 per cent of Fortune
Global 500 companies have a non-na-
tive chief executive.
It is hard to forge an international cul-
ture, as a few such as ArcelorMittal, the
Luxembourg-based steel group, and
Nokia, the telecoms equipment group,
have tried. Nokia was formed from
to strip French citizenship from dual
nationals convicted of terrorist
offences, France risks doing just that.
This step will not act as a deterrent
against terrorism: anyone willing to
blow themselves up will care little about
losing their French passport. Worse, the
plan evokes, however faintly, the meas-
ures taken during the second world war
by the Vichy regime against French citi-
zens of Jewish origin.
The effectiveness of France’s inter-
ventionist foreign policy stance is also
unclear. It is doubtful that bombing Isis
forces in Iraq and Syria makes a real dif-
ference unless it is accompanied by the
use of competent regional forces on
the ground.
Beneath these uncertainties lie cul-
tural and social fractures that run deep
in France and may have grown deeper in
the past year. The slogan proudly
adopted by millions last January was “Je
suis Charlie” — but by no means every-
one in France is Charlie. The cover of the
“anniversary” issue of Charlie Hebdo,
published this week, which depicts God
as an “assassin still at large”, will do little
while assuming more international
responsibilities commensurate with its
growing importance.
When Henry Kissinger, the US states-
man, was in Beijing in November, I
arranged for him to meet some young
Chinese people.
Many of them were critical of the US
and its role in the old world order. Mr.
Kissinger listened patiently, and then
asked: “Young folks, if you were given
the chance to run the world, what kind
of order structure do you have in
mind?”
There was no clear answer. We are dis-
satisfied and ready to criticise. Yet we
are not ready to propose a new design.
Earlier than we expected, the weight
of international responsibilities is fall-
ing on Chinese shoulders. We need to
come up with more specific ideas, to
reassure others and advance our com-
mon interests.
And we need to get better at commu-
nicating with the world.
The writer chairs the foreign affairs com-
mittee of China’s National People’s Congress
Finnish and German companies (Nokia
and Siemens Networks) and is now
absorbing a French-American company
(Alcatel-Lucent). Rajeev Suri, its chief
executive, is Indian.
While such companies remake their
businesses, those that incorporate
financially merely preserve more cash
for shareholders by reducing tax liabili-
ties. At best, it does nothing for the com-
pany itself; at worst, it damages its
standing with customers and govern-
ments everywhere it operates — the
country it came from, its adopted tax
home and other territories.
A multinational can be a solid corpo-
rate citizen in more than one country. It
can contribute to society even if its head
office is elsewhere. But treating its
nationality as contingent makes that
harder — it instead gives the impression
of not being rooted at all. That might be
a good deal for the shareholders in the
short term but it carries a heavy long-
term price.
john.gapper@ft.com
to assuage those who believe the maga-
zine to be gratuitously offensive.
More seriously, if France wants to
continue to present itself to the world as
the country of liberty, equality and fra-
ternity — and it should probably add
“security” if it is serious about protect-
ing the democratic nature of the French
republic — those in charge have to
answer fundamental questions.
The most important of these concerns
the progress that the authorities have
made in trying to regain control of the
republic’s lost territories — the deprived
suburbs of France’s biggest cities where
young people, enmeshed in crime,
drugs and violence, have become the
foot soldiers of jihad.
In order for France to remain resil-
ient, it needs to offer a vision of pro-
gress for all its citizens and not simply to
react to attacks and provocation in
knee-jerk fashion.
The writer is a senior adviser at Institut
Français des Relations Internationales
and a visiting professor at King’s College
London
11
Tech lord
seeks butler,
humans need
not apply
OPINION
David
Tang
A
single man in possession of
a good fortune must be in
want of a butler. Mark
Zuckerberg is not single, of
course, but the Facebook
founder wants a valet of a special kind.
A lesser plutocrat might have placed a
notice in The Lady. “Housekeeper
sought for a large family home in Nor-
folk,” read one such advert in those illus-
trious pages last year. (Discretion and
loyalty were paramount, the advertiser
said; a report in the Daily Mail identified
him as Prince William.)
What is good enough for a duke, how-
ever, may be less than adequate to the
desires of a technology billionaire. Mr
Zuckerberg’s “help wanted” sign —
which appeared on Facebook, naturally
— emphasised superhuman intelligence
over the more superficial qualities of
courtliness. The purpose of his post was
not to solicit applicants. Mr Zucker-
berg’s manservant will not in fact be a
man. Its intelligence will be artificial,
the creation of software that the lord of
the valley himself will design and build.
His project is a fitting coda to a cen-
tury that was unkind to the 30,000 or so
Britons who were employed as butlers
in the early 1930s. First came war and
nationalisation to wipe out many of the
upper class families who had been their
employers.
Then came the gadgets. Mr Zucker-
berg’s plan to conjure up a Charles Car-
son merely finishes off the job that elec-
tric razors and pop-up toasters started.
Well, I hope Mr Zuckerberg will find
his daily existence improved and
enhanced by his invention. That, after
Even for the inventor of
Facebook, replicating that
unflappable poise will be a
daunting challenge
all, is the function of the butler: to antic-
ipate problems and pre-empt them,
always vigilant, ever present but never
noticed, to ensure that his employer
should live through his waking hours
without any practical crenulations.
Still, even for the creator of the
world’s biggest social network, creating
an electronic avatar that has a butler’s
unflappable poise will be a daunting
programming challenge. Consider the
butler who had just run a bath for an old
earl when he observed an unusual reac-
tion from an intimate part of his
employer’s anatomy.
“Shall I call her ladyship?” the butler
calmly suggested.
“No, I think I will smuggle this up to
London,” his lordship replied. The but-
ler rang for the chauffeur. I am not sure
there is an app for that.
Robotic wit, on the other hand, is
making a promising start. The voice-
activated personal assistant built into
Apple’s iPhone is already quite funny on
occasion. The zingers are doubtless pre-
programmed by human jesters so that
an unthinking Siri can let fly at the right
moment. But it is possible to imagine
the software becoming advanced
enough to generate jokes all by itself. I
wonder if someone like Tommy Cooper
could be cloned. He can certainly be my
AI butler, not to do chores but to make
me laugh. (I have a suspicion that Mr
Zuckerberg would opt for Alfred E Neu-
man instead.)
Once you have habituated yourself to
the services of a valet, it can be difficult
to imagine life without one. It was, any-
way, for the late 10th Duke of Marlbor-
ough, whose butler once presented His
Grace with the newly invented remote
control for a television set.
“What’s this?” the Duke asked.
“A television remote control, Your
Grace,” the butler replied.
“What does it do?”
“It enables Your Grace to select the
channel of your choice on your televi-
sion set without your having to get out of
your chair,” the butler explained.
“Oh, no,” the Duke said, “I don’t think
that this contraption would catch on.”
“Why not, Your Grace?” the butler
enquired, slightly puzzled.
“Because I only have to call you by
pressing my one button, and you would
come and change the channels for me.”
Say what you like about Mr
Zuckerberg; he is undeniably a man of
imagination.
The writer is a columnist for the FT’s House
& Home section
12
Bankers need a
(metaphorical)
bashing — as do
the rest of us
Michael Skapinker
Businessandsociety
Controversial new rules
aimed at making trucking
safer are attracting
international interest,
writes Jamie Smyth
J
ohn Posnakidis was sitting at a
bus shelter on a highway near
Adelaide when an out of con-
trol truck carrying almost 40
tonnes of steel ploughed into
him, killing the 42-year-old father of
three instantly.
“John’s passing has devastated our
family,” says Sue Posnakidis, his sister.
The tragic accident was one of 985
fatal crashes involving heavy vehicles
that took place between 2010 and the
end of 2014 in Australia, causing the
deaths of 1,141 people. It is a toll that
makes truck driving one of the most
dangerous jobs in Australia, a country
dependent on road freight.
In response to the problem, the
authorities have introduced controver-
sial regulations that link drivers’ pay
with road safety, making the entire sup-
ply chain responsible for safety, from
suppliers of goods to road hauliers. The
system works by ensuring that a higher
salary and contract costs can be passed
on through the supply chain. It is being
examined as a model for the global logis-
tics industries, given the high numbers
of deaths and injuries from trucking
worldwide.
The “safe rates” system is lauded by
trade unions, who say it reduces the
pressure on drivers to speed and refrain
from taking breaks. But it is opposed by
others in the industry, who argue that a
link between pay and safety is not
proved, that the system increases costs
on road hauliers and duplicates existing
regulations.
Australia’s Road Safety Remunera-
tion Tribunal, which regulates pay and
conditions in the sector, is attracting
interest abroad with the International
Labour Organisation, a UN body,
recently deciding it should be a guide for
a proposed international code of prac-
tice to protect truck drivers and road
users from injury. Industrial relations
experts say this is a pioneering system
that makes companies at the top of the
supply chain accountable for the prac-
tices throughout it.
“There is growing recognition that
supply chains represent a challenge to
existing regulatory regimes and health
and safety inspectorates,” says Michael
Quinlan, professor at the University of
New South Wales. “For example in
trucking, an elaborate subcontracting
network is often used by larger opera-
tors to reduce costs, which can encour-
age unsafe work practices.”
Elsewhere, the US Federal Motor Car-
rier Safety Administration is reviewing
the link between pay and safety in
trucking, one of the country’s most
deadly jobs with 835 deaths in 2014.
“Other countries have now recog-
nised that pressures on drivers lead
directly to the carnage on our roads,”
says Tony Sheldon, national secretary of
Australia’s Transport Workers’ Union.
“This is about holding those account-
able at the top of the transport chain —
the wealthy retailers and manufactur-
ers — for the deadly effects of low-cost
contracts.”
New year is a good time to think about
whether your critics are right about
you and whether you should change
your ways.
Late last year, Anthony Miller, a
Financial Times reader in Tokyo, wrote
that I was “misguided and wrong in
both fact and analysis” and Gary Mead,
a blogger and former FT colleague, said
I had “succumbed to war-weariness”
and a “reflex cynicism”.
Both objected to a column I wrote
after the Volkswagen emissions scandal
in which I said that however
reprehensible corporate behaviour
was, people soon forgot about it.
Companies won back lost trust. Who, I
wrote, now talks about the 2013
European horsemeat-in-beef scandal?
Among Mr Miller’s punchy points
was this: “Europeans stopped talking
about adulterated meat because they
generally trust their food supply. Ask
people in China if they have forgotten
about the various food scandals or if
they have stopped talking about
adulterated food. In fact, they talk
about it almost obsessively.”
Both writers made me think. Have
decades of writing about corporate
scandals left me cynical? And was Mr
Miller right? Do people get over
corporate scandals because, overall,
they trust the system?
Surveys such as the Edelman Trust
Barometer show quite low levels of
trust in the system. Anti-establishment
politicians are doing well in Europe and
the US.
Yet, whatever people say, their
actions suggest they do trust
businesses to treat them reasonably
Australia yanks the supply
chain to tackle road deaths
Last month, the RSRT issued its most
important ruling to date, setting mini-
mum payments and conditions for con-
tractor truck drivers in the long-haul
and supermarket supply chain.
“This is a world first ruling,” says
Michael Rawling, lecturer at the Univer-
sity of Technology Sydney. “It recog-
nises how the world of work is changing
as the number of independent contrac-
tors grows and [the number of] com-
pany employees protected by labour
laws across many sectors diminishes.”
The order covers about a third of Aus-
tralia’s 230,000 truck drivers. It man-
dates that companies who hire owner-
drivers or subcontract work to them
must pay them to take breaks; for time
spent queueing; loading or unloading,
and cleaning, inspecting and repairing a
vehicle. Any company or individual
found to have breached an RSRT order
can be fined and issued with a court
injunction to ensure compliance.
Matthew Jordan, who with his girl-
A big task ahead
The Road Safety Remuneration
Tribunal is a national body that
aims to improve safety in
Australia’s road transport industry.
The innovation is its ability to make
binding rulings affecting hauliers
and others in the logistics supply
chain. It can determine minimum
rates for drivers to cover all their
costs and audit the supply chain.
It will take time to see how
effectively companies implement
the rulings. Some question whether
the tribunal will have enough
resources to audit entire supply
chains to enforce rulings, leaving
road hauliers out of pocket.
★ FINANCIAL TIMES
BUSINESS LIFE
well — or believe governments and
regulators will sort them out when they
do not. People still eat beef. They give
companies their credit card details
online.
But when they really think the banks
might not give them their savings back,
they keep their money at home, as
happened in Greece.
Following the diesel emissions
scandal, Volkswagen lost market share
in Europe and its sales fell in the US,
where the government is suing the
company. However, if over the next
year VW shows that it has mended its
ways, more consumers will buy its cars
again.
To that extent, Mr Miller is right.
When people forgive, it is not because
they have forgotten. It is because the
company has been forced, through
exposure, legal action, regulation or its
own efforts, to put matters right.
That is why the recent decision by
the UK Financial Conduct Authority to
drop its probe into the culture of
banking is wrong, and why members of
the Treasury parliamentary committee
are right to call for hearings into why it
did so.
Some believe the authority has been
leant on by the Treasury, led by George
Osborne, the chancellor, who wants a
return to lighter regulation and is
worried that HSBC may move its head
office away from the UK.
Lax regulation led to the 2008
banking crisis. Without government
intervention and huge bailouts, we
would have seen a complete collapse of
trust in the system.
As it is, the reputation of the banking
friend drives 9,000km a week between
Perth and Brisbane and back, says the
pressure on drivers can be immense.
“In a previous job I had my boss
screaming at me down the phone to
meet deadlines,” he says. “There is a lot
of pressure from the big retailers at the
top of the supply chain and when you
are new with a company you want to
show them you can do it.”
However, raising safety issues can
cost drivers their jobs. One driver, who
was fired by a construction company in
March, says: “The company kept over-
loading my truck and I refused. I figured
if my axle broke and I took out a busload
of kids I’d be the one paying the price,
not them.”
The company in question refused to
comment on the claims.
The coroners’ report into the death of
Posnakidis, published in January 2015,
details some of the immense pressures
in the highly competitive road haulage
industry. It found In Front Transport,
the company that owned the truck that
hit Posnakidis, was “in strained finan-
cial circumstances and was operating at
a dysfunctional level” at the time of the
crash. The driver was carrying a partic-
ularly important load and had endured
a heavy work schedule before the crash,
the report said.
Advocates of the RSRT payment
orders say that, by mandating mini-
mum pay and conditions for drivers it
will level the playing field between the
larger hauliers, which tend to comply
with regulations, and those rogue opera-
tors that do not. Audits should also
ensure that big retailers and manufac-
turers cannot continue to cut the value
of contracts they agree with hauliers.
“Unfortunately, sometimes the con-
tracts that people enter into don’t pro-
vide for safety and compliance,” says
Paul Endycott, a general manager at
‘
industry has continued to suffer after
Libor and other manipulation scandals.
Large companies, and not just banks,
are powerful. They operate across
borders, reordering their tax liabilities,
for example, in ways that national
governments cannot contain. They
Regulators fund lobbyists who make it difficult for
the authorities to take action against
sometimes them. And they threaten to take their
fail to do businesses elsewhere, destroying jobs
in the countries they leave behind.
what they For the system to work so that
should, people do not lose trust in it,
companies need to be corrected when
so others they go wrong.
need to Because regulators sometimes fail to
do what they should — such as the FCA
pile on the now and its predecessors before 2008
pressure
’
— others need to pile on the pressure,
whether it is legislative committees,
the media, consumers, campaigners or
researchers. It was a research group,
the International Council on Clean
Transportation, that alerted the US
authorities to VW’s suspicious
emissions.
Some of these groups over-reach.
More often, they allow malpractice to
go undetected, as much of the media
did before the 2008 crisis.
That is why one part of society needs
to step in when another does not. It is
through their actions that the system is
kept honest, more or less, or at least
honest enough for it to keep
functioning.
Criticism can sting, but we all need it
if we are not to sink into cynicism.
michael.skapinker@ft.com
Twitter: @Skapinker
One of the most Roads and Maritime Services, a New
dangerous jobs South Wales government agency. Its
in Australia: inspectors have targeted more than 20
a truck rolling truck distribution centres for big retail-
through the ers and logistics companies during the
outback past 18 months. An investigation at a
Robert Harding/Alamy
truck distribution centre operated by
Coles, one of Australia’s biggest super-
market chains, in December detected
systemic failures in heavy vehicle safety
and compliance.
“We call on top management and the
board of directors to step in and ensure
there is rapid cultural change to ensure
legal compliance with the requirements
for heavy vehicle safety,” RMS said at
the time.
Many industry groups have opposed
creation of the RSRT, arguing that it
increases costs for business and there is
no link between safety and pay.
“The ‘safe rates’ concept centres
around the proposition that paying road
transport industry drivers differently
and at higher rates of pay will lead to
higher levels of safety — a deeply flawed
contention that we reject,” says Innes
Willox, chief executive of Australian
Industry Group, which represents more
than 60,000 businesses. The group has
called for the disbandment of the RSRT,
saying it distracts government and
industry resources away from measures
widely recognised as improving safety.
The view of road hauliers is mixed.
Some warn that small companies will
suffer while others say the system could
work as long as the RSRT regulates all
the way up the supply chain.
Video Glenn Sterle, a former truck driver
Watch a clip and now Labor senator who helped
about Australia’s steer the creation of the RSRT, says the
efforts to make
road freight system must be mandatory to save lives.
safer “Every day, as my own son pulls out of
ft.com/aus- the driveway in his truck, I think of his
truckers safety and it is the same for every parent
whose kids are driving on our roads.”
The review
A timely guide to taking stock
of your skills and future career
EMMA JACOBS
Stretch: How to future-
proof yourself for
tomorrow’s workplace
Karie Willyerd and Barbara Mistick
Wiley
£17.99; $23.70
I read this book believing it
was something else. The
title suggests the authors
know which jobs will be in
demand in the future. Great,
I thought, this might help me
guide my three-year-old into
becoming a robot adviser, or
whatever the new growth
area is going to be. But
sadly, the authors do no
such thing. Perhaps it is for
the best — who takes their
parents’ advice after all?
That point is illustrated in
the book by a story about
Max Nimoy who advised his
son to gain a practical skill
to serve him well throughout
his life. But Leonard Nimoy
ignored his father’s
suggestion that he learn to
play the accordion and
instead went on to become
an actor, most famously
playing Spock in Star Trek.
This is a book for anyone
who has used the new year
to take stock of their
professional development
and plan their next move.
A point brought home to me
personally with the opening
anecdote about a washed-
up journalist, who despite
winning multiple Pulitzer
prizes and reporting all over
the world, failed to read the
signs about social media and
personal branding. He was
sacked and found himself
unmarketable.
What he needed, say the
authors of this book, was
“stretchpertise”: “the
professional ability to
creatively restructure and
repurpose in order to adjust
to changing environmental
demands.” We all need to
learn on the fly, the authors
argue, to be open, create a
network and gather diverse
experiences. As Marshall
Goldsmith, the executive
The riff
Propped up by peers
ANDREW HILL
Feelings, nothing more than
feelings, fill the latest
flagship publications from
two big business schools.
Rotman Management and
Harvard Business Review
camouflage their true
emotions behind executive-
friendly headlines.
Teardrops are not exactly
rolling down their faces, in
other words. But inside
Rotman’s “Health Issue” and
beyond HBR’s “Collaborative
Overload” cover-line are
many tissue-moistening
insights into how to handle
sensitive staff.
One common conclusion:
colleagues are vital as
suppliers of comfort.
After studying Canada’s
stressed-out police,
academics from Toronto and
Hong Kong concluded that
support from fellow
employees cut “the harmful
effects of workplace anxiety
and emotional exhaustion”.
In HBR, professors from
the Wharton School and
George Mason University
write that “a culture of
companionate love” leads to
“lower absenteeism, less
burnout, and greater
Thursday 7 January 2016
coach, is quoted as saying:
“What got you here won’t
get you there.” The authors
say the question is not
whether you have a sell-by
date. (You do.) Rather, it is
how to extend the shelf life
of your skills. After all, work
is unpredictable and always
changing because of
emerging technologies,
globalisation, short-term
contracts and part-time
work.
This book leads you step
by step through appraising
your working future. There
are tips such as to check in
with yourself quarterly. Set
calendar reminders such as
“lead a project team by July
15th, 2016”.
They suggest stretching
your abilities. Such tips are
reminders rather than being
particularly surprising — do
not sit back and rest on your
laurels; ask for unvarnished
feedback from people who
do not feel bullied into being
nice about you; build diverse
networks that might refine
your thinking about jobs
and career development.
Although exercises such
as finding five people who
can help you “become a
better person” might be a
step too earnest for some
readers, I particularly liked
the suggestion of practising
ways to feel comfortable in
new environments, such as
eating new cuisines.
Rebranding a takeaway as a
career development tool is
new to me.
There are chapters too on
resilience and anecdotes
designed to make you feel
good — for example, Jack
Ma’s application to the
newly opened Kentucky
Fried Chicken in his home
town. Twenty-four people
applied for jobs. Twenty-
three were accepted. Yep,
you guessed it, poor Mr Ma
got turned down. Yet it
turned out well for the
founder of e-commerce site
Alibaba, who is now one of
the richest men in China.
I doubt he did it through
reading a book such as this,
but it is a worthwhile guide
on how to refresh your
career and skills.
The reviewer is a writer for
Business Life
iStock
teamwork and job
satisfaction”. The
conclusions hold for diverse
organisations, from touchy-
feely travel companies to
hard-as-nails engineers.
Meanwhile, senior
managers shape the
organisation’s emotional
culture, for good and ill, and
supportive supervisors can
help prop up the job
performance of wrung-out
team members.
I question whether
intensive studies of
emotional exhaustion tell us
something that we don’t
already know. Since the first
corporate hierarchy took
shape, colleagues have
sought out peers for mutual
support.
But if such coverage puts
emoting on senior
managers’ minds, the soggy
backlash against the
advance of machines has
further to go. Davos, I
predict, will shortly be full of
executives blubbing about
how they will offset robot-
fuelled efficiency gains with
the healing power of shared
emotion. Now that is making
me anxious. Hug, anyone?
Thursday 7 January 2016 ★ FINANCIAL TIMES 13

ARTS

The good, the bad and the indelible COMING UP IN

FT WEEKEND ARTS
DANCE

Daniil Simkin’s Intensio

Joyce Theater, New York
aaaee
Apollinaire Scherr

Ballet stars used to spend the off season

on the greatest-hits circuit, in which one
spectacular bit from 19th-century war-
horses followed another, for hours. But
since the Baryshnikov Foundation’s
White Oak Dance Project of the 1990s,
these side forays have turned artsy, with
the dancers commissioning entire bal-
lets from cutting-edge choreographers.
The new model means to present the
performers in a fuller, more intimate
light. But as Daniil Simkin’s Intensio dem-
onstrated, unfamiliar terrain can
diminish dancers as often as enhance
them, especially when the work is bad.
For this pickup troupe’s New York
debut, the worst came first. Boston Bal-
let resident choreographer Jorma Elo
mindlessly mixed his trademark
mechanical arms with classical legs,
leaving it to well-worn Chopin to estab-
lish mood, precedent and reason for
being. At least rookie Gregory Dol-
bashian’s Welcome a Stranger spoke a
consistent language, but we have
encountered this floor-grazing, bent-
limbed, hollow-torsoed idiom many
times before.
Still, the dancers, mostly from Ameri-
can Ballet Theatre, had their indelible
moments. Isabella Boylston made but-
tery syntactical sense out of Elo’s non-
sequiturs. James Whiteside grew
uncommonly fierce in strings of turns
punctured by full stops. Long-limbed
Calvin Royal III stretched his lyricism
along with his torso. Swede Alexander
Ekman’s comic short — an ironic gloss
on the old, gala model — reminded us of
Simkin’s classical elegance, and his bio-
sketch helped explain why our 28-year-
old headliner, trained in the family busi-
ness long before he had any choice,
sometimes seems eight going on 80.
Finally, after the interval, Annabelle
Lopez Ochoa’s Islands of Memories justi-
fied the enterprise. The Colombian-
Belgian freelancer used the seven troup-
ers’ extreme classical virtuosity and
individual natures to new ends, which
she developed methodically yet surpris-
ingly before our eyes over the 40 min-
utes. She made drama from form and
mood from rhythm, with a keen feeling
for Max Richter’s recomposition of
Vivaldi’s Four Seasons. Meanwhile, the
visual design by Simkin’s father,
Dmitrij, drew unobtrusive auras of col-
our on the ground around the dancers as
they moved.
To January 10, joyce.org
C L A S S I CAL M U S I C
Christian and Tanja Tetzlaff
Wigmore Hall, London
aaaae
Hannah Nepil
Wigmore Hall in early January can be a
soloist’s nightmare. The auditorium is
half-empty. The audience seems half-
asleep. Large portions of Monday’s
performance, featuring the German
violinist Christian Tetzlaff and his cellist
sister Tanja, were accompanied by
gentle snores.
Undeservedly so, because the players
could hardly have been more alert. They
have, after all, been performing together
since their childhood in Hamburg, most
notably as one half of the Tetzlaff Quar-
tet, which they co-founded. And they
seem to anticipate each other’s tone and
gestures before they’re even aware of
their own. Indeed, one senses that noth-
ing could ever wrongfoot them, even in
this fiendish programme of Ravel,
Kodály and the contemporary German
composer Jörg Widmann.
On their individual sounds, it’s harder
to comment: Christian, by his own
admission, has little interest in cultivat-
ing a distinctive style. His goal is to be an
“honest chameleon”, an ambition evi-
dently shared by his sister. In Ravel’s
Sonata for violin and cello they seemed
at times to metamorphose into entirely
different players. It happened between
the first and second movements, where
their melt-to-the-touch sound hardened
into something almost unbearable. It
happened again in the third movement
where they extracted heart-rending
sighs from their instruments.
But it was in the centrepiece, Jörg
Widmann’s 24 Duos for violin and cello,
that their imaginative breadth fully
surfaced. Some of these sadistically
difficult vignettes only last a few sec-
onds, calling for some very rapid gear-
shifts. The Tetzlaffs deftly negotiated
every one, revealing, in the process,
one of their most winning traits: an
ability to give themselves up completely
to a piece, regardless of its mood,
message or duration.
It’s a trait that served them well in the
final offering: Kodály’s Op 7 Duo, dating
from 1914, arguably the greatest work
for this combination of instruments.
The players communicated all the pas-
sion and anguish you could expect of a
piece triggered by the onset of the first
world war. But they also proved
themselves capable, in its driving,
folk-inspired passages, of reinventing
themselves as red-blooded Hungarians.
wigmore-hall.org.uk
Japan’s Kodo drummers
On Sado Island in the Sea of Japan, Kodo apprentices
grow much of their own food, carve their own drumsticks
and are schooled in tea ceremonies. They also learn to be
among the best taiko drummers in the world. Ahead of
the troupe’s European tour, Raphael Abraham visited
Kodo Village to watch rehearsals and meet the director
who’s making women more prominent, introducing
western drums and shaking up the traditional hierarchy.
Man who does everything
As Simon de Pury launches
his online auction platform,
Georgina Adam looks at
the extensive career of the
Classical auctioneer, curator, dealer,
virtuosity: DJ, reality TV star and
Isabella art-world jet-setter.
Boylston and
Alexandre
Hammoudi in Small is beautiful
‘Islands of
Memories’ In a cultural scene that
Paula Lobo
generates ever bigger
performances, some
theatre-makers are
choosing to tell stories with
tiny trinkets, store-cupboard
staples or Lego figures. Matt
Trueman takes a close look
at the shift in scale.
The life of a song
David Cheal traces the
origins and genre-crossing
appeal of Cream’s
‘Sunshine of Your Love’,
both inspired and covered
by Jimi Hendrix. For more
in the series, and podcasts,
visit ft.com/life-of-a-song

It’s the thoughtfulness that counts

THEATRE
Drei Schwestern (Three Sisters)
Theater am Schiffbauerdamm, Berlin
aaaae
Ian Shuttleworth
It’s rare to see a production criticised
for leaving the fourth wall in place,
but when that production is staged at
the home of the Berliner Ensemble,
such an approach can seem a betrayal
of the Brechtian attitudes which are
almost baked into the stones of the
building. However, Leander Hauss-
mann’s revival is faithful to the spirit of
Chekhov rather than Brecht. The natu-
ralism of its staging is beautifully
detailed (so much so that the show runs
at upwards of three and a half hours
including interval).
This is not by any means to say that it
is a relentlessly sombre affair; on the
contrary, tiny touches of slapstick
abound. Baron Tusenbach leans in
romantically towards Irina on the sofa,
nonchalantly crosses his legs . . . and
kicks away the candelabra. His military
comrade Soljony is largely a figure of
fun throughout (albeit a sometimes
reluctant one), until his own advances
towards Irina are rejected, at which
point he becomes the malcontent more
familiar to anglophone audiences.
Lothar Holler’s dilapidated-
townhouse set is opulent in theatrical
terms; one might only realise how much
so when all is thrown into chaos in the
third act, as the fire ravaging nearby
parts of the town seems to threaten the
Prozorovs’ house itself.
The fourth act, set in front of the
house as the garrison quits the town, is
dominated by a playground rounda-
bout on which the sisters, especially
Irina the youngest, compulsively ride as
a kind of consolation.
The performances do not always
match the thoughtfulness of the
staging: Karla Sengteller, for instance,
shows Irina’s youth with a callow
declamatoriness.
Beautifully
detailed:
Laura
Tratnik,
Karla
Sengteller
and Antonia
Bill in ‘Three
Sisters’
Lucie Jansch
If I say nothing about the central love
affair, between Antonia Bill’s Mascha
and the garrison’s new colonel Wers-
chinin, this is because it would be unfair
in the circumstances: at the perform-
ance I saw, the latter role was taken at
extremely short notice by director
Haussmann. Periodic gusts of wind and
flurries of snow through every door also
over-emphasise the wintriness of the
sisters’ expectations. Nevertheless, this
remains an excellent staging, on the
assumption that it’s Chekhov that
you’re actually looking for.
berliner-ensemble.de

THIS EVENING’S TELEVISION & RADIO

TELEVISION impression of sociable, intelligent

The Age of Loneliness is a lovely,
absorbing, touching but not depressing
film (BBC1 10.35pm). Director Sue
Bourne explores cases of isolation
(Britain has 7.6m single households, the
highest rate in Europe), from 100-year-
old Olive with her regular exercise
classes and church, to 19-year-old
student Isobel, fearing mockery if she
admits loneliness. Kylie, seemingly a
beautiful and successful career woman,
tearfully quavers as she realises that at
30 she’s here for the foreseeable future,
and visits her parents’ home in New
Zealand on Google maps.
All the subjects show honesty,
courage, articulateness and humour.
Some have suffered mental trouble and
considered suicide. Others merely ache
for “someone to do nothing with”. The
Church and exercise: 100-year-old
Olive in ‘The Age of Loneliness’
humans suffering needless pain is
moving, but not entirely desperate.
FILM
With the darkly baroque Batman
prequel Gotham returning to Channel 5
next week, Batman Begins makes a
good refresher (Sky Superheroes 8pm).
Christopher Nolan rebooted the
franchise with Christian Bale.
RADIO
One of radio’s recent comedy successes
was Cabin Pressure, written by John
Finnemore, whose humour is quick-
witted, ridiculous, good-hearted and
intelligent. His sketch show John
Finnemore’s Souvenir Programme
starts a new series on Radio 4 (6.30pm).
Martin Hoyle
14 ★ † FINANCIAL TIMES Thursday 7 January 2016

Biding time
Richemont and Swatch stock valuations have fallen and the appreciation of the franc
against the Hong Kong dollar has largely unwound - but watch exports are still weak
as Chinese consumer spending habits change

Twitter: @FTLex Email: lex@ft.com Swiss franc to Hong Kong $ Share valuation (price-to-earnings ratio) Swiss watch exports
Richemont Swatch Swiss franc (bn)
9.0 25 Rest of world
Evergrande: Filings released this week show that Italy, Germany, France & UK US energy equity:
at the end of last year the company’s US 25
curiouser and curiouser chief financial officer exercised one-
8.5
20 Japan family ties
third of his options and sold the shares. China 20
Inexplicable success is as unnerving as Perhaps he is as confused by their Hong Kong The “Mother Fracker”? Pioneer
failure. At least it should be. performance as everyone else. 15 Natural Resources is more of a distant
Evergrande Real Estate Group was the 8.0 15 uncle, or perhaps a cousin. Last May,
best performing of Hong Kong-listed David Einhorn, a noted short-seller,
China property stocks last year, scoring 10 took aim at the shale energy producers
a total return of almost 150 per cent.
Fitbit: 10
in the US. He believed their poor
Second place went to China Vanke, up blazing a fail 7.5 economics would be exposed by low
a mere third. Indeed, Evergrande was 5 5 commodity prices.
the top performer in an index of 100 There will be no flood of technology The example he favoured was Texas-
Hong Kong listed mainland stocks that flotations in the first half of 2016 to based Pioneer, to which he applied the
includes far sexier technology make up for last year’s drought, 7.0 0 0 epithet above. Alas, its shares fell a
companies such as Tencent and Apple bankers believe. Nor will private Jan 2015 Jan 2000 10 14 15* relatively modest 16 per cent in 2015.
supplier AAC Technologies. financings keep up the record pace of 2016 * 12 months to Nov 2015 And it has kicked off 2016 with a
FT graphic Sources: Bloomberg; Federation of Swiss Watch Industry; FT research
Part of the reason lies with leverage: 2015. Fitbit, quite rightly, sees an bullish forecast (it expects to grow
Evergrande ranks second in Hong opportunity in these trends. James production 15 per cent between 2016
Kong’s China real estate sector for Park, chief executive, predicted to the The chief executive of Swatch, Nick Kong in particular have continued to investment case depends on what and 2018) and a $1.4bn equity offering.
indebtedness. As of June, net debt to Financial Times that there would be Hayek, memorably described it as a weaken. Both companies have opted to one thinks Chinese consumers will Investors can still be persuaded to
equity stood at more than 120 per cent. companies for sale as start-up investors “tsunami”. The Swiss National Bank’s defend market share with pricing; do. With ostentatious gift-giving throw money at shale.
Its cash outlay for interest — including opted to sell up rather than undertake decision in January 2015 to abandon Swatch’s first-half sales rose 2 per cent largely a thing of the past, Chinese In early 2015, stock issuance by
capitalised debt payments — consumed a dicey initial public offering. its currency cap against the euro but its operating profit dropped 8 per demand is increasingly driven by frackers picked up. The expectation
half of its earnings before interest and Mr Park may have overestimated triggered sharp declines in the share cent. Richemont reports in euros, but middle-class consumers who are less was that the oil prices would rally after
tax in the first half of 2015. Fitbit’s ability to participate, however. prices of all Swiss exporters, Swiss watches must be made in wealthy and more price sensitive. If their decline in late 2014. As it
Despite the debt, the company has On Tuesday, the company launched its especially those of luxury goods. Switzerland — so margins were still hit. they spend, Swatch should benefit happened, US production remained
been expanding rapidly — often outside latest activity tracker. It went down Almost exactly a year later, things Comparatives will become easier as given its stable of mid-market brands strong and prices continued to drop.
of its core business. It has interests like a flabby jogger working off holiday look only a little better. 2016 progresses. The Hong Kong dollar, — although it is also more exposed to Issuance followed suit. According to
ranging from cinemas to football to excess in a tight tracksuit. Reviewers of A franc now buys about 92 cents, pegged to its strengthening US competition from smartwatches. Dealogic, fourth-quarter equity
food. Diversification may appeal to The Blaze fretted that it was too similar against more than €1 in the counterpart, is now more or less back Both companies have net cash. But proceeds raised by US oil and gas
management, given the uncertainties to the Apple Watch without any immediate aftermath, and the to the level it was before the SNB’s Richemont looks less risky. It is producers was roughly $1bn, against
surrounding Chinese real estate. Not compelling features. volatility has subsided. That shock move. That helps margins a bit, bigger and more diverse than Swatch, $11bn in the first quarter.
that any of this has diluted Fitbit’s stock fell 18 per cent. It has weakness has not helped the two although it also encourages Chinese with a third of revenue coming from And so the enthusiasm for Pioneer
Evergrande’s commitment to property. now halved since its August high and main luxury-goods exporters; shares shoppers to travel to cheaper markets jewellery, and its returns on capital may be unique. Its hedging programme
Over the past two years it has spent at the company, one of the few successful in Swatch and Richemont are below like Japan or Europe. And valuations are among the best in the sector. has proved a boon; 90 per cent of 2015
least $10bn buying property assets tech IPOs in the past two years, ended the lows hit during the Francnami have come down, in Swatch’s case to Even so, 2016 looks set to be production was hedged at $73/barrel.
around China, according to Dealogic. In below its first day close. The and have underperformed the Swiss lows not seen since 2011. another soggy year as the tsunami’s In 2016, 88 per cent is hedged at $63.
December it spent $3.2bn acquiring acquisition currency that Mr Park market. Swiss watch exports to Hong Whether that adds up to an flood waters recede. Hedge coverage falls to 20 per cent
projects from New World Group hoped to use is much devalued. next year. Additionally, its wells are
companies and jewellery retailer Chow Fitbit has done remarkably well with concentrated in the Permian Basin in
Tai Fook — funded in part by a $1.5bn, its existing devices. Its last sales Texas, among the most cost-efficient
9 per cent perpetual bond purchased numbers were strong and there are popular running and cycling tracking Show this week, Casio announced a struggled to move to a higher range regions for shale production.
by the sellers. indications that the trend continues: application — will be more important $500 “Smart Outdoor Watch”, one of a despite Casio taking market share from Its leverage is also modest, at about
Evergrande’s willingness to splurge Fitbit’s app topped the Apple app store to prospering than aping Apple. number of new smartwatch models to its competitors and operating margins 2 times debt to cash earnings. Because
extends to its own equity. Since 2013 downloads on Christmas Day. The come. Two companies, Apple and hitting new highs — they are double the rate of return of continuing to drill
the company has devoted more than Blaze may yet prove more popular with Fitbit, control 40 per cent of this their long-term average. exceeds its relatively low cost of
$2bn to stock buybacks, cancelling consumers than it did with the market. Casio: segment, so Casio probably thinks it Currency movements may explain capital, it will continue to ramp up
nearly one quarter of its outstanding But by itself it seems insufficient to has a chance. Yet its new smartwatch is the lack of a re-rating. As China has output, using the cash flow it generates
share capital. In May it reversed boost Fitbit’s popularity with users or smart, watch not for everyday use, and is priced far gently depreciated the renminbi, other to keep leverage low.
course, issuing $600m of shares in the investors. above its durable and popular G-Shock main currencies such as the yen have In an unusual move, Pioneer’s four
closing days of China’s bull market, or Fibit needs to get off the hardware Hoarding pays off. A mint condition range. Casio seems to be drifting away done the opposite. Casio has more than bankers bought, rather then marketed,
5 per cent of the company, for debt treadmill. Even after its share price Casio digital watch from 1974 — the from its successful paradigm. half of its manufacturing in China. the 12m shares issued (representing 8
repayment and “general working decline, Fitbit is not out of firepower. It year it launched — sells for multiples of It is doing so at a risky juncture. Two-thirds of sales come from outside per cent of its share count) at an 8 per
capital purposes”. Then in July, after is nicely profitable, with net cash its original price. Buyers of Apple’s A lot has changed in the past few Japan, increasing currency risks. cent discount to its previous market
China’s stock markets corrected, the increasing from $63m to $575m last smart watches should be so lucky. The years. Back in 2012, when the yen Still, investors appreciate Casio’s price. The shares then traded down
company started buying again, and the quarter. It talks a good game of Casio will still function. In a decade, was much stronger and analysts were consistency. From calculators to slightly from that yesterday. Mr
stock has kept on rising. corporate wellness, selling packages of Apple Watches are unlikely to. (How is downgrading Casio, its shares traded at watches, it has endured the vicissitudes Einhorn still awaits a sharper turn.
To sum up the strategy: lever up; software and hardware to companies to that iPhone 3G running these days?) 12 times forward earnings. A few years of fashion and bouts of yen strength for
reduce leverage; diversify; expand core boost employee morale and cut Casio’s success over the years has on, most analysts are very keen on 60 years. This does not seem the right
business; buy back shares; issue shares. healthcare costs. Improving its offering depended on cheap innovation. Yet for Casio and the shares trade higher by time to go after a new market. Casio Lex on the web
For notes on today’s breaking
Got it? Just employ any of these there and making software acquisitions better or worse, it is not satisfied. At more than half, near decade highs. should be careful not to stray from its stories go to www.ft.com/lex
elements as opportunities arise. at the right price — Strava, perhaps, a the Las Vegas Consumer Electronics The valuation multiple, though, has own formula for success.

1010
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Forecasts by

7 -20
990
6 LO 1000 -10
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Lyon Shower 10 50
5 4 Madrid Cloudy 14 57
6 LO 8 -4 -6 Manchester Rain 6 43
-1
4 30 10 Miami Cloudy 25 77
5 34 7 4 Milan Drizzle 7 45
6 15
L W
1000
Montreal Fair -1 30
2 1
7 7 Moscow Cloudy -11 12
8 8 1 Mumbai Sun 32 90
6 11
33
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9 14 10
10 New York Sun 6 43
31 15 Nice Fair 14 57
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20 1
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Rio Sun 31 88
Wind speed in MPH at 12 GMT 21 1020 Rome Fair 15 59
Temperatures max for day˚C Wind speeds in KPH 19 San Francisco Shower 12 54
Stockholm Cloudy -7 19
Today’s temperatures Strasbourg Rain 10 50
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CROSSWORD ACROSS
1 Big bird servant pushed back,
6 Bit of crust good for mother to
eat (5)
No. 15,131 Set by BRADMAN having got in the way (8) 7 Cold Cockney man crossing the
        5 Tastes from hearty kisses (6) Alps, one eating what most of us
10 Nymphs, any number with wouldn’t! (8)
 inordinate desire (7) 8 Surrey’s opening speed
11 Fabric from South Africa backing merchants? They are out of this
 
paper maybe (7) world! (8)
12 Visual device behind the bar (5) 9 Amphibian disturbing a male red
13 Worker old theatre brought back salmon (4,10)
  with return of musical show (9) 15 Crises one somehow managed in
14 Marital arrangement to suit economic decline (9)
the unconventional man – ie a 16 A quiet relation readily
  groper possibly? (4,8) understood (8)
18 For each act of separation 17 Salt mined in Near East (8)
  tenacity is the answer (12) 19 Judge in province in forefront

21 Two articles on a married man in after uprising (6)
US collection (9) 20 Soldiers accompanying a boy in
  23 The external form of a European grounds (6)
HQ (5) 22 What gets things going with any
   24 Resilient men avoiding extremes number in terrible riot (5)
ending in charge (7)
25 Platform that is given the
  ultimate in gorgeous plants (7)
26 Those people with nothing,
British gangsters (3,3) Solution 15,130
 
27 Old landowner, loud and causing % ( 1 & + 3 5 ( 6 6 $ * ( '
( ( $ ( & / (
anger, no end (8) ( ' : $ 5 ' / ( $ 5 / $ 0 %
DOWN
CROSSWORD
No. 14,845 Set by NEO
        ACROSS DOWN
1 Important Viking one among best 1 Hard maths topic written up to find
friends (5,4) circumference (5)
  6 Socialite with appeal makes left- 2 Love comes in no time, wildly, for
side entry (5) passion (7)
9 Brazilian city as far as we’re 3 Disagreed also with a thousand
concerned ungovernable (7) children (4,5)
  
10 Obscure English knight against 4 Bond gets to a casino and is
European rebuffed (7) beaten (11)
11 Poor nation’s little island in hot 5 Beast summarising Tokyo-London-
   current (5) Tokyo trip? (3)
12 Caught flamboyant cardinal in 6 Painter died hungry (5)
Seventh Heaven? (5,4) 7 Discount supermarket name in
  
14 Notice flock encircles houses (3) GB’s upturn with loss on top (7)
15 Alarmist financier reversed into 8 As 007 mission to Spectre might
second vehicle bearing right (11) be? (3-6)
17 German poet’s the writer 13 Dope sheathes weapon in open
   
embracing pub vocalist (11) coat (11)
19 Moggy fur with hole concealed? (3) 14 Soul an unknown factor in some
20 Earl, King and Queen on men? Fearless pilots? (9)
   Hampshire river’s banks (9) 16 Girl having paddle round saw
22 Ambassador in temple finds grain manor demolished (9)
(5) 18 Mistress Gwynne about to be
 
24 Ardent Green must change leader announced in sport (7)
(7) 19 Side issue for Clintons (7)
26 As one’s despicably mean, small 21 Having ducks in horses area
tips for servants materialise (2,5) causes commotion (3-2)
JOTTER PAD 27 Sauce unfortunately knocked over 23 Crime article Financial Times
contains sulphur (5) provides (5)
28 Related martial artist stops at 25 Sick at first, old man here for
Bedouin residence (9) healthy holiday (3)
Solution to Saturday’s prize puzzle on Saturday February 14
Solution to yesterday’s prize puzzle on Monday February 16
Winners’ names will be printed in Weekend FT

5 6 2 , 3 $ & ,
1 Servant has skimpy attire on (6) * / 2 & . ( 1 6 3 , ( /
JOTTER PAD 2 Fellow heartless, gaining speed 0 6 '
$ 1 7 , 3 $ 6 7 2
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3 Basic standard the head voiced 1 , 3 , 1 3 ( 7 7 , & 2 $ 7
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4 Continues being naughty in $ 1 5 1 1 0 + %
rumba, maybe, creating upset 5 ( 6 7 + 2 0 2 * ( 1 , 6 (
7 2 9 1 1 6 7
(14) $ 8 1 7 % $ 5 ( 1 7 6 6 ( $
Thursday 7 January 2016 ★ 15

Casio Richemont Netflix FTSE Eurofirst CBOE Vix Brent oil Euro / yen Shanghai
One-off model Why retailers 300 index Composite
should not copy John Lewis 1.49% 1.88% 7.31% 1.3% 6.3% 5.1% 0.3% 2.3%
JONATHAN GUTHRIE, PAGE 20
Y2,647 SFr68 $115.53 1,392.40 20.56 $34.55 Y127.54 3,362.29

Tax factor clouds Shire-Baxalta deal Short

View
3 UK drugmaker looks into cash transaction 3 Clarity sought over US group’s status
cash to shareholders tax-free. In documents filed with regulators spin-off are crucial to the economics of
Katie
Shire would
ANDREW WARD AND ARASH MASSOUDI
Shire has since been persuaded that it last year, Baxter warned of a “significant
not proceed
Shire’s proposal, with the Dublin-based Martin
Shire’s potential $32bn takeover of would be possible to add cash to its all- liability” if the Baxalta spin-off was company promising further gains from
Baxalta is dependent on whether the share offer without creating a tax liabil- deemed to be taxable and said the spin- unless ‘highly the absorption of Baxalta’s business into
UK-listed drugmaker can pay for a large ity — but it is working with advisers to off group would be barred from entering confident’ of its low-tax Irish domicile. Picture the scene. You run a hedge fund. Say you have $1bn
part of the deal in cash without trigger- secure a legal opinion on the matter. into transactions, such as a takeover, Shire has said Baxalta’s tax rate would under management. This time last year you had $1.5bn,
ing a big tax bill, say people close to the Two people close to the situation said that put its tax-free status at risk — its tax advice, fall from a projected 23 per cent in 2016 but . . . anyway, let’s not dwell on 2015. Onwards!
talks. Shire was willing to pay between $46.50 “except in certain circumstances”. people close as a standalone company to 16-17 per What you need is to get ahead of a semi-predictable grey
Negotiations have been progressing, and $48 a share for Baxalta, with up to Baxter, which still owns a fifth of Bax- to the matter cent following the proposed deal. swan. Bet small, but win big. Oh, hi Saudi! Suddenly, taking
the people said, but Shire is still seeking 40 per cent of this bid in cash. An offer alta, secured an indemnity from the Flemming Ornskov, Shire chief exec- a punt on it binning, or tweaking, the riyal’s peg to the
assurances that the tax-free status of in the middle of that range would repre- spun-off company against any tax costs said utive, insists his main motivation for the dollar does not seem so daft.
Baxalta’s spin-off last year from Baxter, sent a premium of 43 per cent to Bax- arising from such a deal, and this poten- takeover is strategic, as it would poten- After the Swiss central bank gave up on its currency ceil-
the US medical group, would not be alta’s share price before Shire’s tial liability would be inherited by Shire tially create the biggest specialist pro- ing almost exactly a year ago, the idea was almost univer-
jeopardised by a cash payment. approach was made public in August. in the event of an acquisition. People ducer of treatments for rare diseases. sally met with belly laughs. However, since then, the oil
An initial Shire bid rejected by Bax- A deal could come within days if the close to the matter said Shire would not Baxalta’s shares were trading at price has collapsed, oily currencies around the world have
alta in August was comprised entirely of tax obstacle is overcome — but the talks proceed unless “highly confident” of its $39.98 yesterday afternoon, off 3.7 per fallen with it, China has allowed the renminbi to fall and,
shares to avoid violating US rules that may drag on or break down altogether, tax advice. cent. Shire’s lost 2 per cent to £44.41. well, you never know. Many still think there is no way it
forbid spin-offs being used to funnel people close to the matter warned. Maintaining the tax benefits of the Lombard page 20 could happen, but they are not laughing any more. Ana-
lysts are deluged with questions from hedgies about it.
Admittedly, keeping a peg to a strong currency helps to
depress import prices while oil prices sting. And, for west-
ern banks, giving the Mayfair hedge fund set a way to chal-
lenge this mainstay of the Saudi economy is unlikely to win
Mayer under pressure friends in Riyadh. Still, pressure is building.
Currency forwards have surged and one-year interest-
Starboard Value calls rate swaps, a reflection of local banks’ costs of funding,
have jumped. That means either Saudi Arabia is leaking
for Yahoo shake-up capital, prompting banks to bump up their rates of return,
and/or there is a growing sense the central bank may have
Activist investor Starboard Value has called to raise interest rates to keep the riyal’s dollar peg in check.
for a management shake-up at Yahoo, Peter Kinsella, an emerging markets analyst at Com-
threatening to try to unseat the board if it does merzbank, describes the kingdom’s existing policy as
not make significant changes and heaping “unsustainable” given the hit from the drop in oil.
further pressure on chief executive Marissa Naysayers point to the enormous size of Saudi’s
Mayer, writes Hannah Kuchler in San reserves. It could sell dollars to prop up the riyal for years if
Francisco. it had to. Then there is a second obvious caveat. To quote
Jeffrey Smith, managing member of the band Pulp: “When you’re laid in bed at night watching
Starboard Value, claimed that the technology roaches climb the wall, if you call your dad he could stop it
group’s leadership was ignoring serious buyers all.” In other words, if Saudi wanted to jack up the oil price
for its core business, and neglecting to keep the wheels turning smoothly it could do so at a
shareholders’ interests. stroke. Wash the oil off the black swan — problem solved.
The investor, which has a stake of less than Again, though, that’s not without cost. It means appear-
1 per cent in the company, has lobbied for ing to give in to the US shale industry. So, is a break likely?
changes for more than a year. First, it called for No, but it’s not impossible, and there are plenty of funds
Yahoo to spin off its $29bn stake in Chinese out there looking for a glory-winning lucky break.
ecommerce group Alibaba. Then it demanded
that Yahoo instead explore the sale of its core
internet business. But the open letter sent to Saudi riyal 1-year
the board yesterday is the first time it has forward rate
explicitly called for a change of management. Against the dollar (riyal per $)
“The board must accept that significant 3.75
changes are desperately needed. This would
include changes in management, changes in
board composition, and changes in strategy 3.80 There is a growing
and execution,” Mr Smith wrote. sense that the
Ms Mayer became chief in July 2012, joining Saudi central bank
Yahoo from Google with a promise to revive its may have to raise
fortunes. But even management admits that 3.85 interest rates to
this has not yet been achieved, with earnings Jan 2015 Jan keep the riyal’s
16
declining in the third quarter. Yahoo could not Source: Thomson Reuters Datastream dollar peg in check
immediately be reached for comment.
katie.martin@ft.com
Simon Dawson/Bloomberg

Investors raise doubts over Sainsbury’s

bid to cross-sell with Home Retail move
PETER CAMPBELL AND DAVID OAKLEY Retail. The grocer said it is “considering “There are concerns about whether
its position” and has until February 2 to the customer bases match,” said one
Several big investors in J Sainsbury
make an offer or walk away. top-20 investor in both companies.
have raised questions over one of the
But the plan drew a decidedly mixed A somewhat smaller Sainsbury’s
key planks of the supermarket’s
reaction from investors and analysts. shareholder — in the top 40 — said some
attempted deal to buy Argos owner
Those opposed to a deal were dubious parts of the deal “don’t look convinc-
Home Retail Group.
that cross-selling would work. ing”. “I don’t think enhancing the finan-
London-based City staff Britain’s second-largest grocer has “I don’t buy it,” said Richard Mar- cial services offering or cross marketing
battle high cost of living pinned its hopes on cross-selling as a wood, a fund manager at Axa who holds to the customer base makes sense or will
way to broaden its customer base. It both Sainsbury’s and Home Retail, talk- work.”
Investment banks based in London are hopes to increase the number of Argos ing about the strategy to cross-sell The proposal drew support as an
having to address the cost pressures concessions in its stores. That way it between customers. attempt to bolster the grocer’s defences
on their workforces, with less than half could sell Sainsbury’s goods to Argos A top-20 shareholder called the against Amazon, which has launched
of their employees being ‘front office’ customers and persuade its traditional proposed tie-up “risky”. food delivery in the UK and is expected
while the rest are middle and back shoppers to pick up non-food items Several cited differences between to roll out a fresh food service later this
office, where wages are lower and the from its stores along with their Sainsbury’s high-end supermarket year. One top-20 shareholder called it
cost of living a bigger challenge. groceries. offering and Argos, which is trying to “a sensible defensive move by
Analysis i PAGE 16 Sainsbury’s approach, made in remake itself from a catalogue retailer Sainsbury’s”.
November, was rebuffed by Home into a digital business. Sainsbury’s deal rationale page 21

Companies / Sectors / People

Companies
AAC Technologies..................................14
Aena...............................................................28
Air France-KLM........................................19
Airbus............................................................20
Alcatel-Lucent............................................11
Aldi...................................................................21
Alibaba...........................................................15
Allergan..........................................................11
Amazon.....................................................1,30
American Telephone and
Telegraph......................................................11
Anglo American.......................................29
Anheuser-Busch InBev..........................4
Apple....................................................14,16,17
ArcelorMittal................................................11
Archer Daniels Midland......................28
Areva...............................................................16
Asda..........................................................20,21
Auto Trader...............................................28
Aviva...............................................................29
BAE Systems.............................................29
BG....................................................................29
BHP Billiton................................................29
BP....................................................................20
Barclays...........................................................2
Barrick Gold...............................................29
Baxalta.....................................................15,20
Baxter.............................................................15
Boeing .........................................................20
Bradford & Bingley.................................21
Brookfield ..................................................20
Burberry.......................................................29
CBS.....................................................................1
CME Group.................................................28
Card Factory..............................................20
Carrefour......................................................16
Casio...............................................................14
Cerberus........................................................21
Charlie Hebdo.............................................8
Chase de Vere.............................................3
Check Point..................................................9
China Vanke...............................................14
Chipotle........................................................29
Chow Tai Fook..........................................14
Citi....................................................................16
Coral...............................................................29
Corio................................................................16
Credit Suisse..............................................16
DJI.....................................................................17
Dansk Supermarked..............................21
Deutsche Bank..........................................16
Direct Line..................................................29
EDF..................................................................16
Evergrande Real Estate......................14
Facebook........................................9,11,18,30
Faraday Futures.......................................17
Fitbit................................................................14
Ford..................................................................17
Forrester Research.................................18
Foxconn.........................................................16
General Electric.........................................11
General Motors.........................................17
Goldcorp.......................................................29
Google .................................................9,11,30
HSBC.................................................2,4,12,29
Home Retail Group...........................15,21
Instagram.....................................................18
Intel.............................................................9,20
Intercontinental Exchange................28
J Sainsbury ..........................................15,21
JPMorgan.....................................................16
Jiangxi Copper .......................................30
John Lewis Partnership......................20
Kingfisher....................................................29
Klépierre........................................................16
Ladbrokes....................................................29
Lidl....................................................................21
L’Oréal...........................................................20
Malaysia Airlines......................................19
Marks and Spencer...............................20
Microsoft.........................................................9
Moneysupermarket................................29
National Cash Register.........................11
Needham......................................................18
Netflix.........................................................1,30
Newmont Mining....................................29
Next................................................................20
Nielsen...........................................................17
Nike.................................................................20
Nokia.............................................................9,11
Northern Rock...........................................21
Petrobras.....................................................30
Pfizer................................................................11
Pioneer Natural Resources.........14,29
Richemont....................................................14
Roku ...............................................................17
Royal Dutch Shell...................................29
Ryanair ........................................................20
SABMiller........................................................4
Sanofi..............................................................16
Santander.....................................................21
Savills.............................................................20
Shire..........................................................15,20
Siemens...........................................................9
Simon Property Group.........................16
Société Générale......................................16
Starboard Value.......................................15
Swatch...........................................................14
TSB...................................................................21
Tencent.........................................................14
Tesla................................................................18
Teva...................................................................9
Topps Tiles,.................................................21
Toyota ...........................................................17
Tumblr............................................................18
Twitter............................................................18
UBS..................................................................16
UK Asset Resolution.............................21
Viacom...........................................................17
Volkswagen.................................................17
WPP................................................................20
Waze..................................................................9
Yahoo.........................................................15,17
Yunnan Copper........................................30
Sectors
Aerospace & Defence.............................5
Airlines........................................................5,19
Automobiles................................................17
Banks......................................2,4,12,16,21,29
Basic Resources......................................30
Beverages......................................................4
Construction.................................................4
Energy............................................................16
Financials...............................................21,28
Industrials....................................................28
Media...................................1,9,11,15,17,18,30
Mining...........................................................30
Oil & Gas.........................................14,20,29
Personal & Household Goods.........14
Pharmaceuticals.............................9,15,20
Property...................................................4,20
Retail & Consumer................15,16,20,21
Technology.......................................14,16,17
Telecoms...............................................9,11,17
People
Clarizio, Lynda...........................................17
Clarke, Andy...............................................21
Cook, Tim.....................................................16
Cooper, Geoff............................................20
Coupe, Mike................................................21
Diess, Herbert............................................17
Dimon, Jamie.............................................19
Dorsey, Jack................................................18
Enoch, Glenn..............................................17
Hassan, Rasheed....................................20
Hayek, Nick.................................................14
Hubbard, Karen.......................................20
Johansson, Morgan..................................8
Luciano, Juan............................................28
Mayer, Marissa..........................................15
Mayfield , Charlie...................................20
Ornskov, Flemming..........................15,20
Park, James................................................14
Samoilovich, Cristian............................20
Simon, David..............................................16
Sorrell, Martin...........................................20
Street, Andy...............................................20
Støjberg, Inger............................................8
Valet, Didier................................................16
Williams, Matthew...................................21

© The Financial Times Limited 2016 Week 1

16
Technology
Apple stock hits lowest level since 2014
Fears over slowing iPhone
sales outweigh strong
App Store performance
TIM BRADSHAW — LAS VEGAS
Apple’s share price fell to its lowest level
since October 2014, as concerns about
slowing growth in iPhone sales out-
weighed news of strong performance in
the App Store last year.
Shares in the world’s most valuable
company fell close to $100 yesterday
morning, compounding Tuesday’s falls
after the Nikkei Asian Review wrote
that Apple had cut iPhone orders by as
much as 30 per cent with suppliers.
Concerns were compounded by com-
ments from Foxconn, a leading iPhone
manufacturer, that it had been offered
local government subsidies to maintain
Relocation threat for thousands
of London investment bank staff
Institutions find it hard to justify keeping back office jobs in one of world’s costliest cities
Capital constraints
London staff numbers of global investment banks
1 BNP Paribas 2 Goldman Sachs
2,500 5,500
1 of upgrading dozens of France’s 58 nuclear reactors and the
MARYLEBONE
L O N D
1 km
8 Société Générale 9 Credit Suisse
2,800 6,600
Location relates to banks’ main London office, though other locations in the capital may exist
LAURA NOONAN
INVESTMENT BANKING CORRESPONDENT
London is a sensitive subject for the
world’s big investment banks. Together,
fourteen of them employ close to 65,000
people in the UK capital.
Many thousands of these jobs have no
need to be done in one of the world’s
costliest cities, some of the banks pri-
vately admit — a point demonstrated by
Credit Suisse’s October decision to move
1,800 jobs from Canary Wharf to “less
expensive centres”.
“You could be brutal and say only the
front office client-facing guy for London
[needs to be there],” says the chief exec-
utive of one investment bank which is
reviewing its London operations. He
estimates that as little as a fifth of the
thousands his bank employs in London
actually need to be there.
The banker will only speak anony-
mously as his staff do not yet know that
they may be asked to relocate. All the
same, he expects the prospect would be
welcome news for many. “They’re losing
significantly in terms of quality of life
[in London],” he says, adding that it’s
increasingly difficult for his bank to con-
vince people to come to the capital.
As well as being the world’s most
expensive office market (according to
estate agents CBRE), London also has
the 12th-highest cost of living in the
world and the highest among EU cities,
research from consultancy Mercer
shows.
In many banks, less than half of their
London employees are “front office” —
an industry term for traders, invest-
ment bankers and other staff who deal
directly with clients. Those staff are usu-
ally paid six-figure salaries and big
staffing levels, despite cutting produc-
tion.
“Foxconn confirms that our company
has received financial incentives as part
of an ongoing programme by the Henan
department of human resources,” the
company said.
“The incentives were provided to
Foxconn in recognition of our com-
pany’s contributions to maintaining our
significant workforce at our Zhengzhou
facility.”
The subsidies were reported by the
Wall Street Journal, which said Foxconn
had dismissed workers earlier than
usual ahead of the Chinese new year.
Apple declined to comment on
reports of cuts in its supply chain.
The company yesterday published its
annual App Store sales figure. It said
iPhone and iPad owners had spent “over
$20bn” on apps in 2015, up from $15bn
= 500 employees
3 Nomura
3,000
3 5
2 billion-eurorescueof Areva,thenuclearenergygroup.
CITY OF
LONDON
O N
10 Bank of America
Merrill Lynch
8,000
Sources: Company data; FT estimates
bonuses. The rest of the workforce is
middle and back office, where wages are
far lower and the cost of London living is
a bigger challenge.
“I know 10 out of the 12 [biggest
investment banks] are very certainly
looking at their cost base in a way that
they haven’t been before,” says Michael
Mainelli, who worked on a global finan-
cial centres index for consultancy
Z/Yen. “They’ve been a bit distracted
[by regulation] for the last five
years . . . they’re waking up to some-
thing they should have done years ago”.
The future cuts from London that
Mr Mainelli expects come on top of
actions banks have already taken. Deut-
‘You could be brutal
and say only the front
office client-facing guy for
London needs to be there’
sche Bank, which employs 8,000 people
in the UK across its various business
lines, has already put 2,000 jobs in lower
cost Birmingham. Citi uses India to
house some back office functions for its
London business. JPMorgan has 4,000
technology and operations staff at the
seaside town of Bournemouth, and
more than 1,000 in Scotland. Morgan
Stanley has 1,300 staff in Glasgow work-
ing on IT, operations and finance.
HSBC, whose investment bank
employs about 5,000 people in London,
moved many of its back office functions
offshore years ago and runs trading
floors in Germany and Paris, with about
250 at each site, along with its main
★ FINANCIAL TIMES
COMPANIES
App Store sales in the year before. “Jan-
uary 1, 2016 marked the biggest day in
App Store history with customers
spending over $144m,” Apple said.
“Apple’s annual run-rate for pay-
ments to developers is now around
$14bn,” said Jan Dawson, analyst at
Jackdaw Research. “That’s an enormous
revenue number for something which is
effectively a feature in Apple’s plat-
form.”
However, Wall Street looked past
those figures, instead focusing on
iPhone sales, which make up about two-
thirds of Apple’s revenues. Some inves-
tors are anxious that iPhone sales may
fall for the first time during 2016.
Analysts at Wells Fargo cut their price
target for Apple by $5 yesterday, despite
saying that they did not believe iPhone
sales had peaked.
However, Gene Munster at Piper Jaf-
4 UniCredit 5 Deutsche Bank
800 5,000
7 WHARF
4 6
8 9
11 HSBC 12 Morgan Stanley
5,000 5,000
1,600-strong trading floor in London.
Samir Assaf, HSBC’s global banking
and markets chief boss, is among those
who has a more positive take on Lon-
don. He keeps just under a third of his
global 15,000-strong workforce in the
City despite its cost. “It’s not about
cheap and expensive, it’s about where
you can find the right people to do the
right job . . . There’s an eco system
here,” says Mr Assaf.
The five large US banks — who
together have about 35,000 London-
based staff — are less forthcoming with
their views. JPMorgan, which has 8,000
London staff, says it is “constantly refin-
ing” the numbers that need to be in the
UK capital. The others declined to com-
ment.
Didier Valet, chief executive of Société
Générale’s investment bank, takes a
similar stance to Mr Assaf’s. “You could
review [London] almost each and every
three months,” says Mr Valet, pointing
to changes in regulation and taxation
and fears that the UK will leave the EU.
“What matters is these people . . . are
not as mobile as you might think.” Soc-
Gen’s investment bank employs about
2,400 staff in London — it has a second
investment banking hub in Paris.
The French bank renewed its com-
mitment to London by taking a new
Canary Wharf office and will move in
there in the next two or three years. “Of
course you could decide to make some
adjustment again,” says Mr Valet, “[but]
you want to be a credible corporate and
investment bank, have to be
strong in your home market
and also present in your
market where most of
your clients are.”
fray, one of Wall Street’s most bullish
Apple analysts, cautioned that supply-
chain leaks are not always reliable indi-
cators of iPhone sales.
Tim Cook, Apple chief executive, has
warned in the past that it is difficult to
extrapolate overall sales from individ-
ual suppliers’ manufacturing.
Electronics manufacturers typically
scale back production capacity after a
holiday quarter, although Apple’s huge
presence in China means that in previ-
ous years it has also seen a surge of
$144m demand during the Chinese new year
January 1’s App celebrations in late February.
Store spending — Nonetheless, with some other suppli-
the most in one day ers such as Dialog Semiconductor also
pointing to weaker demand and indus-
$20bn try forecasts for smartphone market
Amount spent on growth to slow to single-digit percentage
apps by iPhone and points this year, Apple investors have
iPad owners in 2015 been growing more cautious.
6 UBS 7 RBS
4,000 2,000
CANARY
10 11
12 13 14
13 JPMorgan 14 Citi
8,000 7,000
Société Générale Swiss rival UBS — which has about
chief executive 4,000 investment banking staff in Lon-
Didier Valet: don — is also moving into a new building
‘You could in Broadgate late next year.
review [London] Yet even though investment banks
almost each and continue to put down physical roots in
every three London, the cost pressures that could
months. What force them out are undeniable. Banks
matters is these need to boost profits so they can deliver
people . . . are a respectable return on equity on a capi-
not as mobile as tal base that has been dramatically
you might think’ increased as a result of post crisis regula-
tion. The advantage of single market
access could disappear if Britain votes to
leave the EU in the forthcoming referen-
dum.
The UK government is putting a brave
face on potential London losses, stress-
ing that what matters is employment
across the whole of Britain, not just the
capital. Two-thirds of the UK’s financial
services employees are outside London,
a Treasury spokeswoman says.
Mr Mainelli says London can retain its
spot as the world’s top financial centre
even if some investment banking jobs
leave. “This is part of a general global
restructuring of investment bank-
ing . . . global firms are rebalancing
operations and their front end, and
they’re going to do that regardless of
pretty much anything London does,” he
says.
For London to thrive, Mr Mainelli
says, the city needs to “understand what
it’s good at” and switch its focus from
the number of bank jobs to the quality.
The city’s prestige can with-
stand the loss of masses of
bank tech and operations
jobs — “As long as the
front end stays, I’m pretty
complacent.”
Thursday 7 January 2016
INSIDE BUSINESS
EUROPE
Tony
Barber
Few investors shedding
tears over EDF’s lofty
fall from the top tier
T
here are occasions in a nation’s business life
when, like a landscape photograph, one event
freezes the moment and reveals contours of
change many years in the making. Such an
occasion arrived in France last month when
EDF, the mainly state-owned electricity group, lost its
place in the blue-chip CAC 40 stock market index to Klépi-
erre, an owner and operator of shopping centres. Out went
a gouty old emperor of 20th-century French industry, and
in came a young prince of the 21st-century service sector,
eager to satisfy popular demand for evermore delicious
forms of consumerism.
Few investors are shedding tears at EDF’s demotion. Its
share price has slumped by almost 40 per cent in the past
12 months. Its small free float meant that, during its 10
years on the CAC 40, it was a featherweight next to the
likes of Total, the oil and gas giant, and Sanofi, the pharma-
ceuticals group. Yet the symbolism of EDF’s unceremoni-
ous exit from the CAC 40 is heavy and inescapable.
EDF epitomised the faith of France’s post-1945 rulers in
indigenous, state-guided scientific prowess, harnessed to
the gilt-edged management skills of the world’s brainiest
bureaucratic elite. For 40 years, if not longer, EDF was the
Marianne of the French nuclear industry, a technological
champion holding aloft the Fifth Republic’s flag of
progress.
As time passed, it became apparent that EDF embodied
less virtuous aspects of French economic culture, as well. In
1999, as France adopted a 35-hour working week, some
30,000 white-collar EDF employees won the right to 10
weeks’ annual holiday. Man-
agement finally put forward
a plan last year to reduce this
Klépierre looks
lavish entitlement, but to the future with
dropped the idea in the face
confidence as it is
of trade union resistance and
quiet advice from the Social- aligned with the
ist government that the game
wasnotworththecandle.
spirit of the age
This failure to control costs
coincided with rising pressure on EDF’s financial outlook
from domestic competitors, falling energy prices, the cost
commitment of the political classes to developing renewa-
bles as alternative electricity sources. Meanwhile, with 85
percentofitssharesinstatehands,EDFhaslittlechoicebut
to bow to the government’s will and contribute to a multi-
If EDF is an oil tanker struggling in stormy seas, Klépi-
erre is a happier and more manoeuvrable vessel. Once a
humdrum French real estate company, Klépierre has
undergone a comprehensive transformation over the past
four years into an internationally minded group that
focuses on high-value shopping centres all over Europe. In
the process Klépierre has become popular with investors,
with its share price rising 16 per cent in the past year.
Behind Klépierre’s rejuvenation lies a factor that is sim-
ply impossible to imagine in EDF’s case — the sale of a large
stake in the company to a for-
eign entrepreneur who was
not afraid to shake things up
Some 30,000
a lot. David Simon runs Indi- EDF employees
anapolis-based Simon Prop-
erty Group, the largest listed
won the right to
real estate company in the 10 weeks’ annual
US, and it was his company
that bought a 28.7 per cent
holiday
stakeinKlépierrein2012.
Under the guidance of Mr Simon as supervisory board
chairman, Klépierre has sold all the unfashionable office
buildings it once owned, not to mention 126 retail outlets
attached to Carrefour superstores. In their stead, the group
has amassed a €22bn property portfolio consisting of
about 180 shopping centres in 16 European countries.
Most are situated in affluent urban areas that benefit from
high purchasing power and strong demographic growth.
The 2014 acquisition of Corio, a Dutch rival, was crucial
to expanding Klépierre’s presence in this sector. Now the
enlarged group is taking matters to a higher level with cen-
tres planned for cities such as Copenhagen, Marseille and
Utrecht. Meanwhile, the €528m purchase last month of
Oslo City, the main shopping centre in the Norwegian capi-
tal, has turned Klépierre into Scandinavia’s leading retail
sites operator.
The formula for Klépierre’s success is not complicated:
high occupancy rates, buoyant consumer demand, an
image that is upscale but not pompous. Above all, Klépi-
erre looks to the future with confidence because it is in a
sector aligned with the spirit of the age. EDF was once that
kind of company, too — but times have moved on, and now
it is the colossus of nuclear energy that needs to catch up.
tony.barber@ft.com
Businesses For Sale
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Thursday 7 January 2016
Media
Nielsen calls for
viewing data to
be standardised
MATTHEW GARRAHAN — LAS VEGAS
The media industry must adopt a com-
mon measurement system for content
that appears on television, smartphones
and other devices to avoid confusing
advertisers, according to Nielsen, the
research company.
Its ratings form the basis for most of
the $78bn of TV advertising sold in the
US each year. It will launch a measure-
ment system this year that includes
viewing on digital devices as well as TV
after criticism from media groups such
as Viacom that its system does not accu-
rately reflect audience size.
Lynda Clarizio, Nielsen’s president of
US media, said the company intended to
end the disparity in measurement, and
pointed to audience estimates for a
recent NFL American football game
that was streamed online on Yahoo.
The group paid about $20m for the
rights to screen the October game
between the Buffalo Bills and Jackson-
ville Jaguars, and said it attracted 15.2m
unique visitors in the US.
This appeared to compare favourably
with NFL games aired on broadcast and
cable television, which attract an aver-
age audience of about 19m.
$78bn 4.3bn
Value of TV Minutes of
advertising smartphone video
sold in the viewed weekly in
US each year July and August
Appointments
★ FINANCIAL TIMES 17
CONSUMER ELECTRONICS SHOW
Automobiles
But Ms Clarizio said the two metrics
measured different things. TV ratings
were measured by average audience per
minute: when this metric was applied to
the Yahoo NFL game, the audience
dropped to about 1.6m.
“Metrics are often misunderstood,”
she said. “We need to create a common
language for measuring viewing,
whether it’s on television or some other
device.”
Nielsen published a “comparable
metrics” report yesterday at the Con-
sumer Electronics Show in Las Vegas,
which measured video consumption on
TV, smartphones and other devices for
the year to August 2015.
The average audience increased for
smartphones but slipped for TV, partic- Peace offering: the Budd-e, which has no need of exterior door-handles, is inspired by the 1960s van linked to the love-and-peace counterculture movement
ularly among viewers aged 18-34.
Smartphones were used more fre-
quently on average per week than TV.
But in terms of hours spent watching,
TV remained the most popular way of
Scandal-hit VW buddies up to the hippies with electric van
viewing content.
“Television is an extremely powerful LESLIE HOOK — LAS VEGAS ing at the Consumer Electronics Show in
medium, and will remain so for many Volkswagen has turned to the peace- Flight path Guangzhou-based eHang has raised Las Vegas, Herbert Diess, Volkswagen’s
years to come,” Glenn Enoch, Nielsen’s and-love spirit of the 1960s in an effort Chinese start-up unveils more than $50m from venture head of passenger cars, said one of its
senior vice-president of audience to deflect scandal, revealing an all- investors and is taking on China’s more unusual features was the absence
insights, said. drone to carry a passenger leading drone maker DJI at a time of handles on the outside of its doors,
electric concept inspired by its hippy
More US households watch TV using a vans, a day after being slapped with a when drone sales worldwide are which are opened by hand gesture or
connected device, such as an Apple TV lawsuit by the US over diesel emissions. Stepping into a personal drone that rocketing. voice control. He said: “Door handles
or Roku set-top box. will fly you to your destination seems Chinese drone makers have gained are so 2016. Budd-e doesn’t need them.”
Nielsen found that 4.3bn minutes of The van, the Budd-e, has software that like the stuff of science fiction, but one a strong position in the global CES, the largest tech conference, is a
smartphone video were viewed by allows users to control the car with voice Chinese start-up proposes to do industry, thanks in part to China’s rules popular venue for carmakers to launch
adults in an average week between July recognition and hand gestures, and can exactly that. around testing and flying drones, products and showcase technology in
and August in the US, which compares travel 233 miles on a charge. In one of the most ambitious which are more permissive than in the their vehicles. At this year’s CES, the
with 53bn minutes viewed using con- Dashboard panels display maps and launches at the CES in Las Vegas, US. DJI made the first mass-market Faraday Futures start-up released its
nected devices. messages, and link to smart systems in drone maker eHang released the new camera drone, the Phantom, and is first concept car; Ford and General
The growth of connected devices such the home, letting the driver unlock the “184” drone, a self-flying vehicle that now the biggest consumer drone Motors have outlined plans to develop
as Apple TV boxes presents a problem front door remotely or check the con- can carry a human passenger. company in the world by sales. self-driving car technologies; Toyota
for cable channels, with a majority los- tents of the fridge. Drive components However, regulators have not yet Sales of drones, many of which are talked about its push into robotics.
ing viewers in 2015. and batteries are based on a modular approved the vehicle for human use made in China, will more than double Mr Diess apologised for the emissions
Nielsen audience data showed that 26 system that will lay the foundation for and all drones are restricted in Las this year in the US, reaching nearly scandal and said that VW would proba-
of the top 35 cable channels attracted other VW electric cars. Vegas, meaning that CES attendees $1bn, according to the Consumer bly gain approval from the US EPA
lower average primetime audiences in The Budd-e was several years from will not be able to see the 184 fly. Technology Association. Leslie Hook within “weeks or months” to fix affected
2015 compared with 2014. going on sale, the company said. Speak- vehicles.
18
Twitter hints that 140-character limit could go
Dorsey considers
allowing users to
write much longer
tweets as part of
company revamp
MURAD AHMED — LONDON
HANNAH KUCHLER — SAN FRANCISCO
On Tuesday, Twitter chief executive
Jack Dorsey tweeted a message well
beyond 140 characters.
Over a further 1,177 characters
(including spaces), Mr Dorsey hinted
that Twitter could soon break free of the
limit it sets for messages posted on the
site, which was originally created
because many tweets were sent via SMS
but soon became part of the site’s DNA.
“It’s become a beautiful constraint,
and I love it!” he wrote. “It inspires crea-
tivity and brevity. And a sense of speed.
We will never lose that feeling.”
Yet under Mr Dorsey, who returned to
the head the company in October, Twit-
ter is considering tinkering with the
service to allow users to write messages
as long as 10,000 characters, according
to a person familiar with the matter.
He wants to show that nothing is
sacred as Twitter revamps in search of
new users: reinventing the Twitter
experience for its Moments section,
which shows a selection of tweets on a
theme; changing the favourite symbol
from a star into a heart; and removing
the character limit from direct mes-
sages. But analysts are concerned that
Twitter’s move to change the character
limit on tweets could alienate existing
users. Investors sent the stock down 3
per cent on Tuesday and a further 1 per
cent yesterday morning, in the wake of
Mr Dorsey’s tweet.
“It’s like Elon Musk saying he will
making a petrol-version of Tesla’s model
S electric car,” says Richard Holway,
chairman of TechMarketView, the
industry analyst. “What the hell is the
USP of Twitter if it allows tweets that are
10,000 characters long?”
However, others have interpreted the
move as a way to show and search news
stories. Currently, users are directed
away from Twitter towards a publisher’s
app or website to read a full article that a
Facebook shows how to buck the backlash
COMMENTARY
Robert
Shrimsley
Oh the horror. Twitter is looking at
tampering with its core experience.
Cue hundreds of #Twitterfail tweets
from angry users already mortified by
the fact the site unilaterally changed
the “favourite” star symbol into a
“like” heart.
Even so, the notion that Twitter
might abandon its defining feature, the
140-character limit, does seem a fairly
dramatic step in a site that is loved by
its users. What Jack Dorsey, Twitter
founder and returned chief executive,
calls the “beautiful constraint” and
“what makes Twitter”.
So why then is he considering a new
maximum of 10,000 characters? It will
slow down conversation, encourage
Appointments
Twitter’s slowing growth
Monthly active users (m)
Twitter users
300
200
100
0 0
2011 12
Source: company
long-windedness and, as one fan
complained, generally turn Twitter
into another form of Facebook.
Well, turning the $15bn Twitter (less
than half its market capitalisation a
year ago) into the $290bn Facebook is
not an altogether bad aspiration for a
CEO. Facebook’s most recent quarterly
profit exceeded Twitter’s revenues.
Twitter’s growth in users has stalled
and advertising growth is slowing.
It is reasonable to argue that
anything that destroys the speed and
nature of Twitter may well be a bad
idea. But it is already possible to breach
the 140-character limit. Users do it all
the time, as Mr Dorsey showed, posting
screenshots of a longer piece of text.
From the outset Twitter was shaped by
its users. Now many are saying they
want the ability to move beyond the
140-character constraints.
But links and screenshots encourage
people to leave Twitter at a time when
other social networks are working hard
★ FINANCIAL TIMES
COMPANIES
Year-on-year growth (%)
150
100
50
13 14 15
to keep users on their site. Facebook’s
instant articles programme may be
dressed up as being about giving users
a superior experience but it is mainly
about keeping people on site rather
than sending them elsewhere.
It seems a fair bet that any change is
likely to be about the ability to embed
text and expand tweets — much as
already happens with video — rather
than the eradication of the tweet as we
know it. This may also offer a useful
vehicle to advertisers.
Facebook, in fact, is a case study in
making changes that initially annoy
users but which they soon accept, to
the business’s benefit. Sometimes it
gives a small amount of ground in the
face of a backlash but the direction of
travel is rarely abandoned. Dedicated
Twitter users hate change. But Twitter
is looking beyond existing fans. There
is no guarantee that any rejig will work
but the company is right to look at it.
The writer is managing editor of FT.com
user might tweet about. But expanding
the character limit is a way of keeping
users on Twitter for longer.
Thomas Husson, at Forrester
Research, says the move could encour-
age publishers to “have a lot of an article
embedded in a tweet or feature addi-
tional content. It’s definitely an attempt
to get more stickiness to the platform”.
He points to Facebook’s “Instant Arti-
cles” service, where the social network
signed deals with newspapers and
media outlets, leading them to post
entire pieces within the social network.
The product has divided opinion among
publishers. Some welcome the signifi-
cant traffic it provides to their stories,
but others are concerned that it hands
Don’t ruin the magic in struggle for profit
COMMENTARY
Sebastian
Payne
Twitter is one of the great
communication tools of the 21st
century. It is influential and, crucially,
fast and accessible. But as for all
technology and media companies,
Twitter is in a state of permanent
revolution as it struggles to find new
users and make money. To what end?
In their efforts, Jack Dorsey and co
should remember their platform’s
uniqueness lies in its limitations.
Since Twitter stumbled on the 140-
character limit, it has provided endless
creative opportunities for users to
express themselves in the shortest and
clearest way — one of the reasons
journalists love it. When Twitter
launched, it was this constraint that
Contracts & Tenders
Facebook more control and direct
access to their readers.
Mr Husson says Twitter’s move is
“mimicking Facebook’s approach to get
people to spend more time on the site”,
which makes the company more
appealing to advertisers. Last year,
Facebook said that users spent more
than 46 minutes a day on average across
Facebook, its photo sharing service
Instagram, and Messenger app.
At the time, analysts at Needham, the
investment group, wrote in a note: “If
time is money, then the Facebook.com
site represents the most valuable inter-
net property on the web today.”
But Mr Holway says the proposed
changes at Twitter do not tackle the real
gave it the edge over other
“microblogging” platforms. Users
quickly cottoned on to the joy of
making the most of those characters, as
well as the ability to debate with others
on equal terms. Everyone has the same
limited space to make their argument
and the challenge can be stimulating.
Would this proposal ruin that magic?
Instead of simply increasing the limit,
Mr Dorsey hints at allowing chunks of
searchable text to be posted alongside
tweets. This would still change the
mindset and purpose of tweeters,
turning it into a platform akin to
Facebook or Tumblr.
The proposal suggests
the company is wildly
casting around to find
a new direction
Thursday 7 January 2016
More on ft.com
For the latest
news, comment
and analysis on
Twitter, go to
ft.com/twitter
The beautiful
and damned
constraint: the
chief claims
to ‘love’ the
limit but has
hinted it could
go — as he
demonstrates
that nothing
is sacred in
the search for
new users
Chris Ratcliffe/Bloomberg
challenges, arguing that the company
has not secured the revenues to push it
towards profitability quickly enough to
sustain its original valuation.
“The two real problems with Twitter
are that it is far too cluttered,” he says.
“Too many people can’t find their way
around Twitter to find it really useful.
And the other problem is that they’ve
never [done enough] monetise it.”
Mr Husson says the company needs
do much more to the core product.
“It’s still a public broadcast mecha-
nism, a Reuters for the 21st century but
it lacks filtering mechanisms options.
For example, I’m French. I’d like to be
able to tweet to French-only speaking
people, which is not possible today.”
Millions of users may no longer log
on for news and quick reactions from
their sources. It would risk becoming a
cumbersome and tedious debating
platform. Anyway, third-party services
such as Twitlonger already allow long
chunks of text to be posted.
Bolting on this feature is not suddenly
going to make the company more
exciting and profitable, nor will it draw
in users who are flocking to other social
networks. The proposal suggests the
company is wildly casting around to
find a new direction — there is nothing
particularly innovative about lobbing
chunks of text together with a tweet.
There is a need for Twitter to
improve its offering — the new polls
and video features are excellent — but
not at the cost of what makes it special.
Bring on evolution, I say, but, for the
love of Twitter, Jack, please keep the
limit at 140 characters.
The writer is the FT’s digital comment
editor
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Thursday 7 January 2016 ★ † FINANCIAL TIMES 19

COMPANIES

Banks Airlines

US calls time on
mark-to-market
accounting rule
BEN MCLANNAHAN — NEW YORK
Jamie Dimon, chairman and chief exec-
utive of JPMorgan Chase, once
denounced the 2007 mark-to-market
rule as “one of the more ridiculous con-
cepts that’s ever been invented in
accounting”. Analysts mostly agreed,
calling it a “fiction” and an “abomina-
tion”.
Now the US’s accounting standard-
setter has relented, dropping an eight-
year-old decision that has routinely
resulted in big — and confusing — swings
in bank earnings from quarter to quar-
ter. Under the rule, banks were allowed
to use market prices when valuing their
own debt, meaning they could book
‘I don’t think anyone
expected that in practice
the rule would have
elicited so much criticism’
of non-operational items known as
“other comprehensive income”.
The move brings the US in line with
the London-based International
Accounting Standards Board, which
changed its rules in July 2014. Banks in
the US could in theory adopt the new
rule in time for fourth-quarter earnings
presentations beginning next week, but
most are likely to wait for first-quarter
results in April.
The change means that DVAs will still
exist, but in a little-noticed corner of
banks’ financial statements.
Robert Willens, a tax and accounting
expert in New York, said the FASB had
been “shamed, almost” into an about-
face. “I don’t think anyone expected
that in practice the rule would have
been so prominent, and elicited so
much criticism.”
The original rule — Accounting Stand-
ard (FAS) 159, The Fair Value Option for
Financial Assets and Financial Liabili- Malaysia Airlines had put a 7kg cabin bag restriction on economy passengers, with business and first class allowed two bags of up to 14kg — Mohd Rasfan/AFP/Getty Images
ties — was well-intended. The FASB
introduced it on the grounds that if

profits when their debt fell in value and

losses when it rose.
When it was introduced, banks wel-
comed its flexibility, imagining it could
be useful to smooth bumps in the per-
formance of their main operating units.
But the financial crisis caused huge
drops in the value of banks’ bonds and
exposed the rule’s perversities. The
closer a bank was seen to be to default,
the cheaper its debt traded — and the
greater the profit the bank could book.
Banks and investors lobbied for the
rule’s removal and on Tuesday the
Financial Accounting Standards Board
threw in the towel. It said it would allow
banks to move the gains and losses —
known as debt valuation adjustments,
or DVAs — from the income statement
to the balance sheet, buried in a ragbag
banks were going to book their assets at
market value, rather than cost, they
should also book their liabilities at mar-
ket value. Companies should be allowed
to recognise gains when the value of
their bonds fell below par, the FASB rea-
soned, on the assumption they would be
able to buy them back at a discount.
But right from the start, the rule
proved to be “counter-intuitive”, said
Pri de Silva, a credit analyst at Credit-
Sights, because it meant that banks
booked income in bad times and
expenses in good times.
Concerns among investors and ana-
lysts were magnified by violent quarter-
to-quarter swings in bond prices. In
some turbulent periods, such as the flar-
ing of the Greek debt crisis in mid-2010,
DVAs accounted for as much as a fifth of
the biggest banks’ quarterly net income.
Outcry forces Malaysia Airlines to back down on luggage ban
JEEVAN VASAGAR — SINGAPORE
Malaysia Airlines has been forced into
an embarrassing U-turn after banning
passengers from checking in luggage
on certain long-haul flights, only to
swiftly reverse the decision after an
online outcry.
The national carrier said on Tuesday
night that it had temporarily banned
checked-in luggage on some flights from
Kuala Lumpur to Europe due to height-
ened safety concerns. The airline did
not give details, but safety issues have
led to longer routes to the continent,
involving strong headwinds and conse-
quently more fuel being used up.
After the decision prompted protests
on social media, the carrier said yester-
day that it had restored its normal
checked-in baggage allowance of up to
30kg for economy class, 40kg for busi-
ness class and 50kg for first class.
The airline’s daily risk assessments
came under intense scrutiny following
the downing of flight MH17 over
Ukraine in July 2014, killing all 298 peo-
ple on board. The route across eastern
Ukraine was one of the most direct
between Europe and Asia, minimising
airlines’ fuel bills. While Malaysia Air-
lines and other carriers continued to fly
over the conflict zone British Airways
stopped doing so in March 2014.
The carrier said on Tuesday it could
only accommodate one cabin bag of up
to 7kg for economy passengers and two
bags of up to 14kg for business and first
class passengers. Bags that were
checked in would arrive later, it said.
The limitations applied to flights to
Amsterdam and Paris serviced by its
Boeing 777 aircraft. On Tuesday, Malay-
sia Airlines’ flight path crossed the Mid-
dle East and Balkans to reach Amster-
dam from Kuala Lumpur, a distance of
about 9,700 miles, according to Flight-
Aware, an aviation tracking provider.
The same day, Air France-KLM took a
more northerly route between the same
cities, skirting Ukraine but flying over
Russia, a distance of about 7,000 miles.
Malaysia Airlines confirmed it was
using a different route from other carri-
ers based on its risk assessment.
“Malaysia Airlines uniquely has been
using a routing via Egypt which has been
up to two hours longer than other carri-
ers. The length of the route combined
with strong headwinds, limited the air-
line’s ability to carry baggage and
cargo,” it said yesterday.
The downing of MH17 was one of two
disasters suffered by the Malaysian air-
line in 2014. In March, flight MH370
carrying 239 passengers and crew van-
ished while travelling from Kuala
Lumpur to Beijing.

Contracts & Tenders

20
Mayfieldmania does make John Lewis a model for quoted companies
When the great pianist Franz Liszt
played, audiences swooned. It’s the
same with Sir Charlie Mayfield, chief
executive of John Lewis Partnership,
when he presents results, such as
record festive sales at John Lewis
department stores. Reaching for the
smelling salts, retail fanalysts compare
a 5.1 per cent increase from
comparable space with a drop at
weather-beaten Next. Excitable
business writers extol the employee-
owned business, even as they prepare
to give Marks and Spencer a kicking.
Is this justifiable Lisztomania? Or, as
a rhyming cockney might put it, are
boosters just a little Brahms and Liszt?
JLP is held up as a role model by retail
pundits and politicians of both stripes.
But by many conventional measures it
falls short of perfection. Nor is it
reasonable to expect listed businesses
Retail
John Lewis rings up record Christmas sales
Retailer shows ‘impressive
growth’ despite slowdown
at Waitrose food stores
ALIYA RAM
John Lewis department stores posted
record figures for the festive period as
shoppers flocked to its Christmas clear-
ance event, even as sales slowed at its
Waitrose food stores.
Strong online sales at its John Lewis
department stores helped the UK
employee-owned retailer shrug off fears
that warm weather and heavy discount-
ing before Christmas by rivals would hit
its performance.
Revenues from its department store
business were up 6.9 per cent on last
year, to £951.3m, in the six weeks to Jan-
uary 2. Like-for-like sales rose 5.1 per
cent, compared with 4.8 per cent growth
last year.
The John Lewis partnership as a
whole, which includes 346 Waitrose
supermarkets, reported year-on-year
sales up 4.1 per cent to £1.81bn.
Its chairman Charlie Mayfield said the
group’s performance was attributable to
“impressive growth” in fashion, home
and technology “despite the non-food
market seeing significant shifts in trade
patterns and the grocery market contin-
uing to be challenging”.
“Despite the fact trade was even more
concentrated across a number of very
busy shopping days, our operations per-
formed especially well,” he said.
Waitrose recorded a like-for-like sales
decline of 1.4 per cent as the UK’s gro-
cers cut prices in an effort to steal mar-
ket share.
But the John Lewis department stores
raked in record revenues during clear-
ance sales, which began online on
Christmas Eve.
Clearance sales were up 23 per cent
for the week to January 2 and included a
16.2 per cent increase in sales made
from bricks and mortar stores. Over the
period as a whole, in-store sales fell
1.2 per cent reflecting a wider shift to
online shopping.
Managing director Andy Street said
to emulate it in what it does well.
John Lewis’s superior sales thrill the
crowd in January. But sales, which
should top £9bn in the current
financial year, are vanity. According to
the same accountancy nursery rhyme,
profits are sanity. Here, the
performance of the group is
unimpressive. It expects to make
£295m before tax and a payout to staff.
That equates to a margin of 3.2 per
cent, or 3.8 per cent if you add back a
£60m charge for pensions costs
inflated by low discount rates.
In contrast, Next and M&S are on
course for margins of 20 per cent and
6.5 per cent, according to estimates
from S&P CIQ.
The chancellor appointed Sir Charlie
to lead a study of UK productivity in
last summer’s budget. But JLP’s own
productivity is unexceptional. Each
staff member is on course to generate
profits of some £4,000 in the current
financial year, compared with £16,000
at Next and £8,000 at M&S.
None of the above detracts from the
achievement of Sir Charlie and his
colleagues in building up a robust
business in tough market segments.
Shoppers browse at John Lewis’s Oxford Street store, which along with others in the chain raked in record revenues during the clearance sales — Jason Alden/Bloomberg
John Lewis was investing £500m in
online capabilities, the bulk of it in order
fulfilment.
The group’s online sales have tripled
over the past eight years, and during the
period rose a record 21.4 per cent to
make up 40 per cent of total sales. This
puts the company ahead of high street
rivals such as Next, which on Tuesday
reported a sales increase of 2 per cent in
its online and catalogue arm — below
market expectations.
“One of the sets of commentary on the
Next results yesterday was that they
had a head start with Next directory, but
others are catching up,” Mr Street said.
★ FINANCIAL TIMES
UK COMPANIES
The Waitrose supermarkets division
accounts for a big chunk of sales, which
depresses group margins. So does the
understandable preference of
employee-owners for a defined benefit
pension scheme over defined
contribution alternatives.
The latter point emphasises the fact
that JLP is unusual. Another example:
JLP publicises its activities in the same
way as a listed business, to give 90,000
staff some external validation. Most
private companies, which have a
handful of shareholders at most, keep a
lower profile. The common thread is
that they may accept lower payouts
while investing for the long term or in
return for other benefits.
Liszt had huge hands. He was
adapted differently for his job. So is
JLP, the fruit of a philanthropic owner’s
decision to give his business away to
the workers. Admire the company if
you like. Buy freely of its soft
furnishings and soft cheese, ye
bourgeois business scribblers and
politicos. But remember this when
lecturing other retailers: emulation is
impossible for them and could be
unrewarding for their owners.
“The same question is applicable to
us . . . we have to make sure we don’t
rest on our laurels.”
John Lewis reports on trading every
week in the run-up to Christmas but
investors were waiting to hear how it
fared in clearance sales after an excep-
tionally warm autumn was expected to
create a backlog of unsold coats and
knitwear. The Met Office said tempera-
tures in the first half of December were
3°C above the seasonal average.
The company did not comment on
margins but profit guidance for the full
year remained unchanged at between
£270m and £320m.
Property
Mideast investors spend record £6bn in hunt for secure income
JUDITH EVANS
Middle Eastern investors searching for
secure income streams outside an
increasingly turbulent region commit-
ted record sums to UK commercial
property in 2015.
Investors from Qatar, the Emirates and
Kuwait bought at least £5.9bn of UK
property in the first 11 months of 2015,
according to data from Real Capital
Analytics analysed by Savills, an estate
agent, compared with £4.8bn for 2014.
Rasheed Hassan, director of cross-
border investment at Savills, said there
had been an increase in private wealth
flowing from the Middle East in addition
to investment by institutions such as
Baxter’s backstop
If at first you don’t succeed, consult a
lawyer. Shire is back in the frame to
acquire rival US drugs group Baxalta
for around $32bn. The sticking point is
cash. The UK-quoted bidder is willing
to sweeten its all-share approach by
turning two-fifths of the consideration
into the cold hard stuff.
But this could trigger a tax liability
of billions for Baxalta investors,
including erstwhile parent Baxter, a
healthcare group which retains just
under 20 per cent.
Indeed, Baxter, which spun off
Baxalta last summer, would appear to
have a veto on Baxalta agreeing to a
takeover, judging from regulatory
filings. These suggest Baxter is more
likely to agree to a transaction if its
offshoot provides a legal opinion
stating that an infusion of cash will not
void the spin-off’s tax-free status.
Shire, whose hard-driving boss
Flemming Ornskov is eager for a deal,
evidently hopes to assist in this. But the
phrase “watertight legal opinion” is a
contradiction in terms. The backstop
for Baxalta shareholders is that Shire
Mr Street has in the past spoken out
against heavy discounting during the
Black Friday weekend in November,
which he said was “not in the retailers’
interests”.
However, John Lewis is forced to dis-
count to stick to its “never knowingly
undersold” commitment to match
rivals in price and quality.
The partnership said that sales over
the Black Friday weekend reached
record levels this year, with distribution
teams processing 18 per cent more par-
cels than in 2014.
Christine Cross, an independent ana-
lyst, said she did not expect the com-
sovereign wealth funds. “We’re seeing a
lot of enthusiasm from private investors
from across the region seeking income-
generating deals in London and the UK
regions,” he said.
Middle Eastern investors are looking
to diversify away from their home
regions to offset losses from the com-
modities slump amid concerns the low
oil price will compound political risks,
said Mr Hassan.
“Obviously there are issues like Isis
[in the Middle East], and the low oil
price will also cause political and eco-
nomic instability. There may be a desire
among wealthy individuals and prop-
erty companies to look farther afield,”
he said.
may wind up responsible for covering a
tax charge if it arises. That would raise
the cost of a takeover mooted at a 43
per cent premium to Baxalta’s
undisturbed share price.
Mr Ornskov, who was previously
adamant Shire could not offer cash,
will need to be very sure of his ground
to press ahead. The Dane has a big City
fan base. But he would need Jedi-like
powers of mind control to persuade
investors a takeover was good value if
the cost rocketed months or years after
completion. Multinationals and their
investment banks have persistently
underestimated the hawkishness of the
US authorities on tax.
Drone of contention
We applaud the enterprise of the
Chinese start-up whose drone flies
human passengers where they want to
go. But it will find no buyers among
investors bearish towards Chinese
shares, lest it flies them straight to the
Chinese secret police instead.
jonathan.guthrie@ft.com
pany to have experienced margin dilu-
tion over Black Friday.
She said the £500m investment in
online capability will be key to future
success. “I would be looking at a lot
closer management of my stock once
I’ve got orders in . . . that’s the holy grail
for online,” she said.
Today, Marks and Spencer is expected
to report grim sales figures for the
Christmas period. At the weekend it
emerged that the head of its new Sparks
loyalty card scheme was fired in
November for gross misconduct after
allegedly using racist language at work.
See Lombard
Qatar’s ruling al-Thani family bought
a £72.5m office block in London’s
Euston area in May, according to RCA
and was reported to have purchased
several top-end London residential
properties.
The country’s sovereign wealth fund,
meanwhile, bought the Berkeley and
Claridge’s hotels for more than £600m
each in April. That followed the pur-
chase of east London’s Canary Wharf
skyscraper cluster in a joint venture
with Canada’s Brookfield for £2.6bn.
While investment volumes from the
Middle East are exceeded by those from
the US and Asia, they have contributed
to a surge in overseas inflows that has
pushed up property values.
Thursday 7 January 2016
Briefs
WPP
Digital agency bought
To win business in South Korea,
Martin Sorrell once had to eat
several courses of kimchi, a
traditional local-fermented
vegetable dish that he loathes, and
do a karaoke performance of Hound
Dog.
Yesterday, the chief executive of
WPP announced that the world’s
largest advertising agency is to buy
its own creative digital agency in
Asia’s fourth-largest economy.
WPP is paying an undisclosed
sum for Vinyl-I, a creative digital
agency whose client list includes
Intel, L’Oréal and Nike.
A company statement said the
deal “marks a further step towards
WPP’s declared goal of developing
its networks in fast-growing
markets and sectors, and
strengthening its digital
capabilities”.
For the year to December 2014,
Vinyl-I reported gross revenue of
Won12.8bn, (£7m) with gross assets
of Won4.2bn. John Murray Brown
Ryanair
A PR first
Ryanair really is growing up. A
charm offensive launched in the
wake of two profit warnings in 2013
has led to a number of changes at
the low-cost airline, including the
reduction or removal of hated fees
and a more flexible baggage policy.
Now the Irish carrier has recruited
its first head of public affairs,
Cristian Samoilovich, who will work
on relations with European
governments and institutions.
Mr Samoilovich joins from Uber,
the taxi app company that has had
its fair share of regulatory run-ins in
Europe. He was managing
European public policy at Uber,
according to a statement
announcing his appointment.
Mr Samoilovich has also previously
worked at Boeing and Airbus.
FastFT
Card Factory
Greeting a new COO
Card Factory has poached B&M’s
chief operating officer to replace
Richard Hayes, who is retiring after
seven years at the helm during
which time he took the UK greeting
cards maker public.
Karen Hubbard, who will take
over from 22 February, has also held
senior roles at Asda and worked in
BP’s retail operation.
Since floating in May 2014, Card
Factory’s shares have almost
doubled in value, climbing 86 per
cent. Yesterday, the company said
its Christmas trading had been in
line with expectations.
Geoff Cooper, Card Factory’s
chairman, said: “Richard has led
Card Factory with enormous
success. Since he joined the senior
management team in 2003 the
group has grown from a 40-store
discount chain to a vertically
integrated, high-margin value
retailer with over 800 stores and
two transactional websites.
“Karen has a huge amount of
relevant experience in value
retailing. She clearly has a great
deal of energy, and ambition for the
business. There is significant
growth still to come.” FastFT
UK commercial property made aver-
age total returns of 14.3 per cent in the
year to November, according to the IPD
index. The RCA data cover transactions
of more than £2m.
Qatari investors are known for buying
trophy assets but their search for long-
dated cash flows has also led them and
others towards less glamorous pur-
chases, such as warehouses in the
regions that offer higher yields than
London sites, said Mr Hassan.
“The UK is well positioned to satisfy
some of these names. We have long-
only, secure leases that you wouldn’t see
in many parts of the world,” he said,
adding that Germany was also a good fit
for Middle Eastern investors.
Thursday 7 January 2016 ★ FINANCIAL TIMES 21

UK COMPANIES

Financial services

Treasury explores sale of B&B’s £17bn loans portfolio

Government spurred by
the success of Northern
Rock mortgage sell-off
MARTIN ARNOLD AND EMMA DUNKLEY
The Treasury has approached invest-
ment banking advisers about preparing
a £17bn portfolio of loans from Bradford
& Bingley for privatisation, spurred by
its recent success in selling a similar
loan book from Northern Rock.
The loans were taken over by the gov-
ernment when B&B was bailed out in
2008 and the building society’s
branches and deposits were bought by
Santander while its other assets and lia-
bilities were transferred to a state “bad
bank”. The government has been
encouraged by the high level of interest
received for a £13bn portfolio of loans
from Northern Rock that US private
equity group Cerberus agreed to acquire
in November.
This has prompted officials at UK
£13bn Financial Investments — the body that
Portfolio of oversees the government’s banking
Northern Rock stakes — to take another look at whether
loans that Cerberus
has agreed to buy they could find similar demand from
investors for other assets it has owned
since the financial crisis.
£3.3bn The exploration of a potential sale of
Slice of the debt
that TSB has since
the former B&B loan portfolio is at an
agreed to acquire early stage and may not result in an auc-
from Cerberus tion, according to a person familiar with
the situation. It was first reported by
Sky News. UKFI declined to comment.
One potential hurdle is that the
majority of the B&B loans in the port-
folio are buy-to-let mortgages. While
this niche part of the mortgage market
has recovered strongly since the finan-
cial crisis, it is likely to be hit by planned
tax increases this year designed to avert
a house price bubble.
Ray Boulger, of mortgage broker John
Charcol, believes the portfolio will
“quite likely have to be sold at a dis-
count” due to the proportion of borrow-
ers on a high loan-to-value mortgage
paying a typical rate of 2.25 per cent.
UK Asset Resolution, the “bad bank”
set up to manage assets of banks nation-
alised during the crisis — B&B and
Northern Rock — will have sold about
half of the £110bn of assets it started
with once the Cerberus deal is com-
pleted. A sale of the B&B loan portfolio
would be likely to set a record and may
require bidders to form a consortium to
be able to afford it.
November’s £13bn sale of former
Northern Rock loans — which were
dubbed “Granite” and mostly com-
prised securitised mortgages — was the
largest financial asset sale by a govern-
ment in Europe to date.
But the sheer size of the portfolio of
mortgages and unsecured loans in the
“Granite” deal forced interested buyers,
from private equity firms to challenger
The portfolio banks, to form consortiums to effec-
tively bid for the book.
will ‘quite TSB struck a deal with Cerberus to
likely have to acquire a £3.3bn portfolio of the debt,
be sold at a which will mean the challenger bank
becomes a mortgage lender to an addi-
discount’ tional 34,000 British homeowners.
However, the government is being
urged to ensure that the £13bn sale is in
the interest of both mortgage borrowers
and taxpayers.
Andrew Tyrie, a senior Conservative
MP, wrote to Harriet Baldwin, the eco-
nomic secretary to the Treasury, in
December to seek her assurance that
the government’s sale of Northern
Rock’s mortgages and loans to Cerberus
“was at the correct price”.

Retail. Mergers & acquisitions

Sainsbury’s deal rationale hints at unbolting of DIY chain

Supermarket group’s failure to Homebase
mention Homebase suggests a Annual operating profit (£m)

sale if it snaps up Home Retail 50

PETER CAMPBELL
40
As J Sainsbury set out its reasons for
attempting to buy Home Retail Group,
30
one part of the business was absent.
Nowhere in the 2,000 word statement
issued on Tuesday did the supermarket 20
group mention Homebase, the DIY
chain that accounts for a quarter of 10
Home Retail’s £5.7bn of annual sales.
Instead, Sainsbury’s set out in consid-
erable detail how it plans to integrate 0
Home Retail’s distribution network into 2009 10 11 12 13 14 15
its own, boost financial services offer-
ings and open more in-store concessions Annual sales (£bn)
of Argos — the other main strand of
1.60
Home Retail’s business.
This has led analysts and investors to
consider that Homebase is as good as
sold — even though Sainsbury’s does not 1.55
need to make a full offer for Home Retail
until next month.
“The statement notably excludes DIY 1.50
as a core category, suggesting that Sains-

Homebase has longer 1.45

leases than Argos, making
it more attractive to 1.40
private equity if spun out 2009 10 11 12 13 14 15

Source: company

bury’s may look to dispose of Homebase
after the deal,” says analyst Simon
Bowler at Exane BNP Paribas.
He estimates Sainsbury’s could pay as
much as £1.3bn for Home Retail. That
would represent about a 60 per cent
premium to its undisturbed value and
15 per cent more than its value at close
of play yesterday.
Analysts have a broad range of esti-
mates for how much Homebase could
be worth to a trade buyer or private
equity house.
RBC analyst Claire Huff says the busi-
ness could fetch less than £100m.
Calculations done by RBC before the
Sainsbury’s bid emerged suggest that a
Home Retail share price of 120p would
value Homebase at zero.
Home Retail shares, which closed at
132.2p yesterday, rose 41 per cent when
Sainsbury’s interest was announced on
Tuesday — but remain 35 per cent lower
than at the start of last year. Analysts at
Investec say they assume Homebase has
an equity value of £230m.
No one is suggesting the price tag
could be anywhere close to the £1bn
that Sainsbury’s received when it sold
the Homebase business to venture capi-
talist Schroder Ventures and some
stores to B&Q in 2000.
The group launched the DIY chain
Several months into his time at the
Profile helm of J Sainsbury, chief executive
Mike Coupe received stinging criticism
from one of his fiercest rivals.
The former Iceland boss had just
Storing up unveiled his strategy to combat the rise
a surprise of German discounters Aldi and Lidl,
which were eating away at the UK
Market grocers’ market share.
takes note Mr Coupe’s plan was to set aside £150m
of Coupe’s to fund price-cutting across Sainsbury’s.
bold move One day later Asda boss Andy Clarke,
who had pumped £1.5bn into his own
budget-battle war chest, derided the
figure as “a drop in the ocean”.
The implication was that Mr Coupe,
pictured right, was unable to make bold
decisions to shake up the business.
With his latest endeavour — a bid for
Argos and Homebase owner Home Retail
Group — the Sainsbury’s boss has been
nothing if not bold.
The move came as a surprise to the
market on Tuesday.
A full takeover is a departure from the
two deals struck by Mr Coupe so far
during his 18-month tenure — one to
launch Netto stores in the UK with Danish
discounter Dansk Supermarked, and the
other to roll out Argos concession stores
in 10 of its supermarkets.
Mr Coupe argues that growing
Sainsbury’s relationship with Argos
is easier when the pair share the
same roof.
He took the reins of the UK’s second-
largest grocer from Justin King, during
whose decade-long tenure underlying
profits more than doubled.
Mr Coupe, who has worked at Asda
as well as Tesco and Unilever, previously
told the FT that one of his first tasks
was to strip the chief executive’s office
— which had become a “shrine” to Mr
King — of photos and memorabilia.
He ran Iceland for three years, before
being hired by Mr King as a trading
director at Sainsbury’s in 2004.
Mr Coupe describes himself as a
“keen but average
guitarist” in his
spare time.
The
supermarket
boss will hope
that his latest
move strikes
a chord with
investors and
customers.
Plenty of clout: through a joint venture with Belgian
Sainsbury’s has retailer GB-Inno-BM in 1981.
explained how it Sainsbury’s has until February 2 to
would integrate make a final offer for Home Retail or
most of Home walk away after its initial approach in
Retail but failed November was rebuffed.
to flag up It says the deal will create a “food and
Homebase, non-food retailer of choice”.
which accounts If it does decide to divest Homebase,
for a quarter of the business could be attractive to pri-
sales — Alamy vate equity houses.
Private equity has long been
rumoured to be interested in the whole
of Home Retail Group — but has shied
away from an offer because of the length
of the stores’ leases and the size of the
company’s pension fund — which has
liabilities of more than £1bn — accord-
ing to City analysts.
More than half of Argos’s leases either
have break clauses or come up for
renewal within five years. While this
would give Sainsbury’s the opportunity
to sell some of the stores, it makes the
business less attractive to buyout
groups, which want secure longer term
returns.
Homebase has longer leases, making
it more attractive once spun out, ana-
lysts say.
Removing both the Argos leases and
the pension liabilities lifts barriers to a
private equity deal.
But some analysts think Sainsbury’s
may still struggle to offload Homebase.
“Homebase is currently in third place
in a sector with three players,” says
independent retail analyst Richard
Hyman.
He agrees that the fact that Sains-
bury’s did not mention the division once
in its 2,000 word statement “suggests
they might have to hive it off”.
Homebase has struggled amid declin-
ing appetites for DIY and rising use of
the internet for ordering goods. The
business is going through a programme
to shut 80 of its 323 stores in attempts to
restore it to financial health.
It had a profit margin of just 1.3 per
cent in 2015, according to estimates by
RBC Capital Markets — compared with
3.2 per cent at Argos and 6.6 per cent at
rival B&Q-owner Kingfisher.
Ms Huff says other options to a sale
include making the business less
focused on DIY and steering it towards
more homeware products and soft fur-
nishings to emulate a business such as
Dunelm Mill. Home Retail also owns the
upmarket homeware brand Habitat.
Even if the Homebase business is not
sold off, she adds that rivals such as B&Q
could benefit “given Homebase could be
downsized more aggressively under
new ownership”.

Retail

Rise in home refits puts a shine on Topps Tiles

ALIYA RAM
Topps Tiles, the UK’s largest flooring
chain, posted a healthy rise in like-for-
like sales over the winter period as con-
sumer sentiment improved and Brit-
ons splashed out on refitting homes.
The tile store, which has been used as a
gauge for property market confidence,
said like-for-like sales for the 13 weeks
to January 2 rose 4.4 per cent, compared
with a 5.4 per cent rise last year.
Matthew Williams, chief executive,
said the figures were driven by robust
business-to-business sales — when fit-
ters buy floors and sell them on to
homeowners.
He said Topps Tiles would try in the
longer term to increase share in the
commercial flooring market, after the
company in December revealed it met a
target to take £1 in every £3 spent by
domestic shoppers.
“We are expanding the store portfolio
and increasing convenience for retail
and trade customers,” said Mr Williams.
“But the other side is based in commer-
cial sales which we don’t participate in a
meaningful way at the moment but is
something we’re interested in.”
Though sales growth was slower than
in the same period last year, it slightly
beat expectations. Shares in Topps Tiles
closed 0.2 per cent down at 156.5p in
London yesterday.
Analysts said an active property mar-
ket would bolster revenues at Topps
Tiles over the next year.
“The company should continue to
benefit from a steady improvement in
UK housing transactions from a low
base, consumer confidence and the rise
in house prices,” said Freddie George,
retail analyst at Cantor Fitzgerald.
However, buy-to-let property invest-
ments are expected to decline this year
due to stamp duty changes. Investors
will be watching whether recent efforts
by Topps Tiles to refresh its brand can
make up for potentially softer demand
from those customers.
Over the past year Topps Tiles has
rebranded stores and it plans to expand
its UK high street presence using
smaller “boutique” outlets, which cur-
rently make up 13 out of a total of 340.
“It’s about getting more customers
that haven’t experienced Topps to give
us a go . . . the finish line is 450 stores,”
Mr Williams said.
22 FINANCIAL TIMES Thursday 7 January 2016

MARKET DATA

WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA

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

-1.04% -0.81% -1.22% -1.04% -1.27% -0.99% -0.98% -1.08% -0.273% -0.424% -3.58%
0.280% 0.546% 1.34%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Dec 07 - Jan 06 Index All World Dec 07 - Jan 06 Index All World Dec 07 - Jan 06 Index All World Dec 07 - Jan 06 Index All World Dec 07 - Jan 06 Index All World Dec 07 - Jan 06 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
11,190.02
2,091.69 13,324.67 6,420.93 19,939.90
6,137.24 1,949.04
1,925.43
1,995.72 12,774.46 10,214.02 18,191.32
Day -1.04% Month -4.54% Year -1.18% Day -1.13% Month -4.41% Year -10.37% Day -1.04% Month -2.76% Year -4.72% Day -0.93% Month -4.92% Year NaN% Day -0.99% Month -6.73% Year 4.50% Day -0.26% Month -2.48% Year 0.51%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
5,142.27 1,457.84 22,235.89 2,879.05
9,837.10
42,236.74 41,864.74 2,804.27
1,392.40
4,852.05 9,197.40 20,980.81
Day -0.81% Month -5.59% Year 4.34% Day -0.42% Month -2.63% Year 1.29% Day -1.27% Month -4.53% Year 5.17% Day -1.48% Month -8.74% Year -7.96% Day -0.98% Month -5.64% Year -11.55% Day -1.06% Month -2.60% Year 11.76%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
17,847.63 22,551.91
4,681.86 3,536.93 25,530.11 25,406.33
44,443.26
16,949.55 42,013.61 4,480.47 20,422.39 3,361.84
Day -1.22% Month -4.98% Year -3.10% Day -0.96% Month -7.47% Year -11.67% Day -1.26% Month -4.97% Year 8.98% Day -2.67% Month -7.26% Year 12.56% Day 2.25% Month -4.63% Year 0.34% Day -0.68% Month -0.90% Year -8.75%

Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous
Argentina Merval 11421.72 11527.22 Cyprus CSE M&P Gen 67.10 67.10 Italy FTSE Italia All-Share 22209.42 22769.79 Philippines Manila Comp 6813.90 6835.13 Taiwan Weighted Pr 7990.39 8075.11 Cross-Border DJ Global Titans ($) 227.55 229.79
Australia All Ordinaries 5178.00 5239.20 Czech Republic
PX 936.17 941.07 FTSE Italia Mid Cap 33828.80 34209.51 Poland Wig 45200.77 45356.65 Thailand Bangkok SET 1260.04 1253.34 Euro Stoxx 50 (Eur) 3139.17 3178.01
S&P/ASX 200 5123.10 5184.40 Denmark OMXC Copenahgen 20 1001.14 1012.86 FTSE MIB 20422.39 20983.24 Portugal PSI 20 5164.26 5215.44 Turkey BIST 100 70688.10 70518.35 Euronext 100 ID 879.27 890.53
S&P/ASX 200 Res 2338.20 2398.10 Egypt EGX 30 7021.42 6982.25 Japan 2nd Section 4668.43 4678.75 PSI General 2456.77 2475.96 UAE Abu Dhabi General Index 4269.94 4283.55 FTSE 4Good Global ($) 5223.25 5282.14
Austria ATX 2362.73 2348.31 Estonia OMX Tallinn 895.60 897.11 Nikkei 225 18191.32 18374.00 Romania BET Index 6806.17 6867.05 UK FT 30 2803.90 2824.80 FTSE All World 255.49 258.28
Belgium BEL 20 3613.69 3653.18 Finland OMX Helsinki General 8390.51 8374.92 S&P Topix 150 1227.70 1242.08 Russia Micex Index 1748.57 1754.13 FTSE 100 6073.38 6137.24 FTSE E300 1392.40 1410.37
BEL Mid 5938.92 5998.84 France CAC 40 4480.47 4537.63 Topix 1488.84 1504.71 RTX 736.82 752.70 FTSE 4Good UK 5546.29 5611.02 FTSE Eurotop 100 2758.78 2795.63
Brazil Bovespa 42013.61 42419.32 SBF 120 3541.52 3587.33 Jordan Amman SE 2114.00 2113.12 Saudi-Arabia TADAWUL All Share Index 6517.71 6743.16 FTSE All Share 3356.00 3389.41 FTSE Global 100 ($) 1269.64 1282.62
Canada S&P/TSX 60 749.16 758.00 Germany M-DAX 19989.88 20228.06 Kenya NSE 20 4008.53 3974.58 Singapore FTSE Straits Times 2804.27 2834.23 FTSE techMARK 100 3941.54 3955.03 FTSE Gold Min ($) 904.79 903.47
S&P/TSX Comp 12774.46 12920.14 TecDAX 1787.52 1810.34 Kuwait KSX Market Index 556.40 5564.15 Slovakia SAX 291.48 289.67 USA DJ Composite 5835.89 5900.51 FTSE Latibex Top (Eur) 2199.60 2233.80
S&P/TSX Met & Min 334.82 350.65 XETRA Dax 10214.02 10310.10 Latvia OMX Riga 597.16 592.35 Slovenia SBI TOP 702.75 705.18 DJ Industrial 16949.55 17158.66 FTSE Multinationals ($) 1456.61 1458.53
Chile IGPA Gen 17933.98 17915.73 Greece Athens Gen 617.59 621.12 Lithuania OMX Vilnius 489.10 483.82 South Africa FTSE/JSE All Share 49082.29 49599.72 DJ Transport 7268.83 7363.95 FTSE World ($) 453.14 458.17
China FTSE A200 9079.15 8933.51 FTSE/ASE 20 177.31 178.90 Luxembourg LuxX 1348.21 1364.11 FTSE/JSE Res 20 24438.63 25106.83 DJ Utilities 578.94 580.97 FTSEurofirst 100 (Eur) 3895.28 3948.28
FTSE B35 11509.64 11358.12 Hong Kong Hang Seng 20980.81 21188.72 Malaysia FTSE Bursa KLCI 1667.97 1665.70 FTSE/JSE Top 40 44150.46 44673.09 Nasdaq 100 4454.64 4484.18 FTSEurofirst 80 (Eur) 4231.81 4284.08
Shanghai A 3518.54 3440.79 HS China Enterprise 9137.79 9223.01 Mexico IPC 41864.74 42041.68 South Korea Kospi 1925.43 1930.53 Nasdaq Cmp 4852.05 4891.43 MSCI ACWI Fr ($) 391.14 391.16
Shanghai B 408.79 404.37 HSCC Red Chip 3847.83 3880.55 Morocco MASI 8837.81 8888.04 Kospi 200 234.60 236.13 NYSE Comp 9896.59 10028.06 MSCI All World ($) 1630.64 1630.89
Shanghai Comp 3361.84 3287.71 Hungary Bux 24000.54 23861.39 Netherlands AEX 428.76 435.00 Spain IBEX 35 9197.40 9335.20 S&P 500 1995.72 2016.71 MSCI Europe (Eur) 1382.57 1376.03
Shenzhen A 2232.01 2175.23 India BSE Sensex 25406.33 25580.34 AEX All Share 662.60 672.28 Sri Lanka CSE All Share 6817.65 6845.30 Wilshire 5000 20664.00 20879.93 MSCI Pacific ($) 2260.33 2273.74
Shenzhen B 1272.09 1253.29 S&P CNX 500 6607.65 6639.50 New Zealand NZX 50 6262.52 6278.10 Sweden OMX Stockholm 30 1387.03 1394.39 Venezuela IBC 14748.38 14588.25 S&P Euro (Eur) 1408.65 1426.92
Colombia COLCAP 1142.40 1129.71 Indonesia Jakarta Comp 4608.98 4557.82 Nigeria SE All Share 28102.14 28370.32 OMX Stockholm AS 486.55 489.17 Vietnam VNI 574.57 569.94 S&P Europe 350 (Eur) 1427.35 1445.39
Croatia CROBEX 1661.78 1667.84 Ireland ISEQ Overall 6687.16 6736.10 Norway Oslo All Share 620.61 629.62 Switzerland SMI Index 8613.42 8701.46 S&P Global 1200 ($) 1778.71 1798.74
Israel Tel Aviv 100 13.20 13.14 Pakistan KSE 100 32968.26 32968.26 Stoxx 50 (Eur) 3010.48 3052.20
(c) Closed. (u) Unavaliable. † Correction. ♥ Subject to official recalculation. For more index coverage please see www.ft.com/worldindices. A fuller version of this table is available on the ft.com research data archive.

STOCK MARKET: BIGGEST MOVERS UK MARKET WINNERS AND LOSERS

AMERICA LONDON EURO MARKETS TOKYO Jan 06 %Chg %Chg Jan 06 %Chg %Chg Jan 06 %Chg %Chg Jan 06 %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 28.9 101.18 -1.53 Hsbc Holdings 206.6 508.30 -14.30 Bbva 1156.9 6.50 -0.14 Toyota Motor 733.1 7083.00 -143.00 Randgold Resources Ld 4328.00 3.0 4.5 Home Retail 132.40 34.3 33.0 Carclo 146.75 15.3 15.6 Industrial Metals 699.75 1.0 -2.7
Amazon.com 12.4 634.76 0.97 Vodafone 124.3 219.15 0.50 Daimler Ag Na O.n. 380.6 73.63 0.00 Sony 405.4 2897.50 -65.00 Fresnillo 721.50 1.7 1.9 Keller 872.00 5.9 4.9 Oxford Biomedica 7.19 14.1 10.6 Mobile Telecommunications 5059.08 0.4 -1.0
Hospira 11.8 89.95 -0.01 Royal Dutch Shell 115.5 1504.00 -37.64 Novartis N 370.2 79.72 0.00 Mitsubishi Ufj Fin,. 388.9 732.40 -12.10 Bae Systems 512.50 1.4 2.6 Allied Minds 410.00 5.2 2.4 Volution 198.00 6.9 3.9 Fixed Line Telecommunication 5266.77 -0.9 -1.2
Facebook Class A 11.4 103.04 0.31 Rio Tinto 111.4 1846.50 -93.00 Total 366.7 39.77 -0.39 Softbank . 379.6 5889.00 -80.00 Vodafone 219.15 1.2 -0.4 Marshalls 341.40 5.0 5.0 Braemar Shipping Services 455.00 5.8 2.0 Tobacco 45755.95 -1.1 -0.7
Pioneer Natural Resource Co. 9.0 115.74 -9.43 Royal Dutch Shell 107.9 1497.50 -28.50 Unicredit 347.3 5.01 0.00 Sumitomo Mitsui Fin,. 361.1 4459.00 -98.00 Easyjet 1758.00 0.8 1.0 Entertainment One 174.40 3.9 4.4 Exillon Energy 105.00 5.0 -1.9 Aerospace & Defense 4137.95 -1.2 -0.3
Microsoft 9.0 54.15 -0.90 Bhp Billiton 104.5 709.40 -36.60 Nestle N 323.5 68.05 0.00 Fast Retailing Co., 324.9 40170.00 -260.00 Worldpay 309.80 0.7 0.8 Acacia Mining 181.30 3.3 0.5 Dialight 469.75 4.6 4.4 Gas Water & Multiutilities 5955.30 -1.2 0.1
Netflix 8.4 110.14 2.48 Bp 99.5 343.45 -4.70 Santander 311.0 4.24 -0.14 Mizuho Fin,. 316.3 236.50 -3.00 Sabmiller 4067.00 0.0 -0.2 Centamin 67.05 3.2 4.1 Hogg Robinson 73.00 4.3 2.6 Beverages 15328.53 -1.3 -0.7
Jpmorgan Chase & Co. 6.7 62.79 -0.94 Glaxosmithkline 98.6 1380.50 -5.50 Roche Gs 288.3 253.86 0.00 Fanuc 282.7 19615.00 -525.00 Glaxosmithkline 1380.50 -0.3 0.5 Big Yellow 835.50 2.0 5.1 Carr's 167.00 3.9 4.4 Real Estate Investment Trusts 3228.62 -1.8 -0.8
Chipotle Mexican Grill 6.4 433.00 -16.03 Lloyds Banking 91.2 71.00 -0.57 Sap Se O.n. 269.1 71.43 0.00 Nippon Telegraph And Telephone 278.7 4879.00 64.00 Tui Ag 1223.00 -0.7 0.8 Al Noor Hospitals 1128.00 2.0 1.9 Sthree 340.00 3.8 3.5 Pharmaceuticals & Biotech. 12694.21 -2.1 -1.8
The Walt Disney 6.2 101.02 0.12 National Grid 89.7 950.00 0.83 Allianz Se Vna O.n. 263.9 156.50 0.00 Mazda Motor 258.1 2302.50 -81.00 Int Consolidated Airlines S.a. 606.50 -0.7 -0.1 Circassia Pharmaceuticals 315.00 1.9 -1.3 Porvair 295.75 3.8 1.5 Electricity 8719.83 -2.3 -1.2
United Utilities 936.00 -1.1 0.1 Grainger 241.40 1.6 4.0 Mucklow (a & J) 513.00 3.6 1.6 Equity Investment Instruments 7305.88 -2.3 -2.1
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
Bt 467.35 -1.2 -1.4 Telecity 1267.00 1.3 0.6 Exova 143.00 3.6 -1.2 Health Care Equip.& Services 7094.51 -2.5 -2.1
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Time Warner 68.89 3.37 5.14 Marshalls 341.40 20.60 6.42 Ryanair Holdings 15.34 0.34 2.27 Nissan Chemical Industries, 2778.00 100.00 3.73 Hsbc Holdings 508.30 -89.9 -89.8 Onesavings Bank 310.10 -15.1 -13.8 Premier Oil 35.50 -23.0 -25.4 Automobiles & Parts 6668.16 -7.9 -7.6
Regeneron Pharmaceuticals 521.90 12.92 2.54 Bodycote 578.50 21.00 3.75 Altice 14.43 0.32 2.23 Isetan Mitsukoshi Holdings 1577.00 47.00 3.07 Anglo American 270.40 -10.4 -9.7 Ocado 289.30 -11.8 -8.6 Game Digital 107.50 -12.7 -9.1 Technology Hardware & Equip. 1196.83 -7.0 -6.3
Netflix 110.14 2.48 2.30 Bae Systems 512.50 18.50 3.74 Orange 15.54 0.23 1.50 Keisei Electric Railway Co., 1520.00 26.00 1.74 Old Mutual 163.80 -9.6 -8.4 Rotork 165.00 -10.3 -9.7 Oxford Instruments 682.50 -10.7 -8.6 Life Insurance 7392.84 -6.5 -5.7
American Airlines 41.40 0.88 2.16 Brewin Dolphin Holdings 310.80 7.20 2.37 Altice B 14.56 0.20 1.39 Nippon Suisan Kaisha, 652.00 11.00 1.72 Burberry 1098.00 -9.4 -8.3 Supergroup 1503.00 -10.0 -8.7 Hochschild Mining 44.25 -10.2 -8.3 Forestry & Paper 13819.65 -5.3 -4.0
Southwest Airlines Co. 43.35 0.89 2.10 Moneysupermarket.com 370.00 7.04 1.94 Omv Ag 25.89 0.28 1.11 Mitsui Chemicals,. 512.00 8.00 1.59 Standard Chartered 515.60 -8.9 -8.5 Poundland 192.00 -9.9 -7.6 Lamprell 85.50 -10.0 -12.1 Industrial Engineering 6810.71 -5.3 -5.0
Antofagasta 433.70 -8.9 -8.4 Drax 224.10 -9.9 -8.3 Gem Diamonds 115.75 -9.9 -12.0 Mining 6938.47 -5.2 -5.6
Downs Downs Downs Downs
Direct Line Insurance 376.50 -8.8 -7.6 Weir 908.00 -8.5 -9.4 Enquest 17.25 -9.2 -9.2 Banks 3648.38 -5.1 -4.6
Autonation 50.07 -6.67 -11.76 Tullow Oil 152.70 -11.84 -7.20 Arcelormittal 3.70 -0.25 -6.36 Yaskawa Electric 1485.00 -85.00 -5.41
Sainsbury (j) 241.00 -7.9 -6.8 Electrocomponents 222.90 -8.4 -7.8 Lonmin 69.75 -8.5 -16.5 Personal Goods 24710.49 -5.1 -4.5
Southwestern Energy 6.91 -0.74 -9.67 Onesavings Bank 310.10 -22.75 -6.94 Peugeot 14.79 -0.82 -5.25 Ihi 311.00 -17.00 -5.18
Gkn 285.20 -7.8 -7.5 Cls Holdings 1805.00 -8.2 -6.3 Centaur Media 65.00 -8.5 -8.1 Food & Drug Retailers 2394.92 -5.0 -4.2
Marathon Oil 11.53 -1.23 -9.64 Vedanta Resources 260.20 -14.80 -5.38 Jc Decaux Sa. 33.08 -1.74 -4.98 Konica Minolta Holdings, . 1132.00 -51.00 -4.31
Arm Holdings 974.00 -7.4 -6.8 Rpc 776.00 -8.1 -7.1 Brammer 166.00 -8.1 -7.8 Food Producers 8548.15 -4.6 -3.6
Murphy Oil 20.44 -2.15 -9.51 Nostrum Oil & Gas 378.50 -21.00 -5.26 Accor 36.68 -1.92 -4.97 Kawasaki Kisen Kaisha, 245.00 -11.00 -4.30
Prudential 1432.00 -7.4 -6.5 Cairn Energy 146.80 -7.3 -6.9 Hunting 275.75 -8.0 -10.5 Electronic & Electrical Equip. 4128.95 -4.5 -2.8
Consol Energy 7.72 -0.81 -9.50 Ophir Energy 92.10 -5.00 -5.15 Publicise Sa 57.14 -2.60 -4.35 Tdk 7180.00 -300.00 -4.01
London Stock Exchange 2554.00 -7.1 -6.9 Genus 1519.00 -7.2 -3.5 Stock Spirits 130.25 -7.5 -6.6 General Financial 9099.83 -4.1 -3.8
Based on the constituents of the S&P500 and the Nasdaq 100 index Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index
Based on last week's performance. †Price at suspension.

CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
Jan 06 Currency Mid Change Mid Change Mid Change Jan 06 Currency Mid Change Mid Change Mid Change Jan 06 Currency Mid Change Mid Change Mid Change Jan 06 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 13.8093 0.0875 14.8450 0.1340 20.1733 0.0718 Indonesia Indonesian Rupiah 13947.5000 85.0000 14993.6052 131.6284 20375.3133 67.5285 Poland Polish Zloty 4.0477 0.0306 4.3513 0.0446 5.9131 0.0283 ..Three Month 0.6845 0.0019 0.7357 0.0040 - -
Australia Australian Dollar 1.4157 0.0141 1.5219 0.0192 2.0682 0.0149 Israel Israeli Shekel 3.9410 0.0082 4.2366 0.0203 5.7573 -0.0040 Romania Romanian Leu 4.2093 -0.0104 4.5250 0.0011 6.1492 -0.0324 ..One Year 0.6849 0.0019 0.7351 0.0041 - -
Bahrain Bahrainin Dinar 0.3770 0.0000 0.4053 0.0010 0.5507 -0.0016 Japan Japanese Yen 118.6450 -0.5050 127.5437 -0.1968 173.3233 -1.2248 Russia Russian Ruble 74.6550 1.2925 80.2543 1.6025 109.0602 1.5883 United States United States Dollar - - 1.0750 0.0029 1.4609 -0.0041
Bolivia Bolivian Boliviano 6.9100 - 7.4283 0.0201 10.0945 -0.0282 ..One Month 118.6449 -0.5051 127.5438 -0.1968 173.3232 -1.2249 Saudi Arabia Saudi Riyal 3.7543 0.0023 4.0359 0.0134 5.4845 -0.0120 ..One Month - - 1.0749 -0.3899 1.4609 -0.0041
Brazil Brazilian Real 4.0248 0.0021 4.3267 0.0139 5.8797 -0.0134 ..Three Month 118.6447 -0.5055 127.5437 -0.1968 173.3229 -1.2255 Singapore Singapore Dollar 1.4373 0.0093 1.5450 0.0141 2.0996 0.0077 ..Three Month - - 1.0747 -0.3899 1.4609 -0.0041
Canada Canadian Dollar 1.4092 0.0111 1.5149 0.0160 2.0586 0.0105 ..One Year 118.6435 -0.5080 127.5438 -0.1967 173.3232 -1.2267 South Africa South African Rand 15.8138 0.1978 16.9998 0.2579 23.1016 0.2251 ..One Year - - 1.0736 -0.3899 1.4612 -0.0041
Chile Chilean Peso 715.2150 1.4300 768.8583 3.6103 1044.8264 -0.8287 Kenya Kenyan Shilling 102.2500 -0.1000 109.9191 0.1898 149.3726 -0.5644 South Korea South Korean Won 1197.7500 9.8000 1287.5849 13.9853 1749.7409 9.4606 Venezuela Venezuelan Bolivar Fuerte 6.3053 0.0203 6.7782 0.0400 9.2111 0.0039
China Chinese Yuan 6.5582 0.0385 7.0501 0.0603 9.5806 0.0296 Kuwait Kuwaiti Dinar 0.3045 0.0006 0.3273 0.0015 0.4448 -0.0004 Sweden Swedish Krona 8.6019 -0.0234 9.2470 -0.0001 12.5661 -0.0694 Vietnam Vietnamese Dong 22467.5000 -27.5000 24152.6642 35.7647 32821.8594 -132.0645
Colombia Colombian Peso 3253.9000 44.4600 3497.9528 57.1163 4753.4820 51.8323 Malaysia Malaysian Ringgit 4.3925 0.0500 4.7220 0.0664 6.4168 0.0553 Switzerland Swiss Franc 1.0088 -0.0029 1.0845 -0.0001 1.4737 -0.0083 European Union Euro 0.9302 -0.0025 - - 1.3589 -0.0075
Costa Rica Costa Rican Colon 535.2500 -0.5200 575.3953 0.9970 781.9234 -2.9497 Mexico Mexican Peson 17.4368 0.1028 18.7446 0.1608 25.4726 0.0792 Taiwan New Taiwan Dollar 33.2315 0.1670 35.7240 0.2756 48.5464 0.1088 ..One Month 0.9301 -0.0025 - - 1.3589 -0.0075
Czech Republic Czech Koruna 25.1442 -0.0624 27.0301 0.0061 36.7321 -0.1942 New Zealand New Zealand Dollar 1.5081 0.0133 1.6212 0.0186 2.2031 0.0133 Thailand Thai Baht 36.2200 0.0700 38.9366 0.1802 52.9122 -0.0455 ..Three Month 0.9300 -0.0025 - - 1.3588 -0.0075
Denmark Danish Krone 6.9405 -0.0177 7.4611 0.0011 10.1391 -0.0544 Nigeria Nigerian Naira 199.0500 0.1500 213.9793 0.7389 290.7835 -0.5939 Tunisia Tunisian Dinar 2.0588 -0.0004 2.2132 0.0056 3.0076 -0.0089 ..One Year 0.9288 -0.0025 - - 1.3581 -0.0075
Egypt Egyptian Pound 7.8254 0.0181 8.4123 0.0421 11.4317 -0.0055 Norway Norwegian Krone 8.9746 0.0272 9.6478 0.0553 13.1107 0.0032 Turkey Turkish Lira 3.0096 0.0325 3.2353 0.0435 4.3966 0.0352
Hong Kong Hong Kong Dollar 7.7523 0.0010 8.3338 0.0236 11.3251 -0.0302 Pakistan Pakistani Rupee 104.8850 -0.0400 112.7517 0.2617 153.2219 -0.4873 United Arab Emirates UAE Dirham 3.6731 - 3.9486 0.0107 5.3659 -0.0150
Hungary Hungarian Forint 292.6791 -0.0549 314.6308 0.7912 427.5621 -1.2767 Peru Peruvian Nuevo Sol 3.4180 0.0005 3.6744 0.0105 4.9932 -0.0132 United Kingdom Pound Sterling 0.6845 0.0019 0.7359 0.0040 - -
India Indian Rupee 66.8025 0.1850 71.8129 0.3924 97.5889 -0.0020 Philippines Philippine Peso 47.0225 0.1075 50.5493 0.2518 68.6931 -0.0347 ..One Month 0.6845 0.0019 0.7358 0.0040 - -
Rates are derived from WM Reuters Spot Rates and MorningStar (latest rates at time of production). Some values are rounded. Currency redenominated by 1000. The exchange rates printed in this table are also available at www.FT.com/marketsdata
UK SERIES
FTSE ACTUARIES SHARE INDICES www.ft.com/equities FT 30 INDEX FTSE SECTORS: LEADERS & LAGGARDS FTSE 100 SUMMARY
Produced in conjunction with the Institute and Faculty of Actuaries Jan 06 Jan 05 Jan 04 Dec 31 Dec 30 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 2803.90 2824.80 2801.00 2896.90 2918.10 0.00 2875.90 2791.00 Software & Comp Serv 35.14 Health Care Eq & Srv 8.26 NON FINANCIALS Index -2.84 FTSE 100 Price Change FTSE 100 Price Change
Jan 06 chge% Index Jan 05 Jan 04 ago yield% Cover ratio adj Return FT 30 Div Yield 1.78 1.77 1.78 1.74 1.72 0.00 3.93 2.74 Household Goods & Ho 29.06 Consumer Services 7.51 Gas Water & Multi -3.17 3I Group PLC 465.60 -6.20 Kingfisher PLC 338.00 10.30
FTSE 100 (100) 6073.38 -1.04 6434.84 6137.24 6093.43 6419.83 4.09 1.46 16.72 0.00 4758.60 P/E Ratio net 25.04 25.20 25.02 25.67 25.87 0.00 19.44 14.26 Nonlife Insurance 27.53 Real Est Invest & Tr 7.36 Chemicals -4.57 Aberdeen Asset Management PLC 270.00 -5.20 Land Securities Group PLC 1165 -21.00
FTSE 250 (250) 17058.98 -0.85 18074.25 17205.03 17122.15 15851.69 2.63 1.93 19.73 0.00 11873.02 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35 Forestry & Paper 27.05 Telecommunications 7.20 Utilities -4.72 Admiral Group PLC 1629 5.00 Legal & General Group PLC 256.30 -5.30
FTSE 250 ex Inv Co (209) 18551.29 -0.88 19655.38 18715.81 18630.93 17083.60 2.65 2.02 18.65 0.00 13165.85 FT 30 hourly changes Construct & Material 25.14 FTSE SmallCap Index 6.16 FTSE 100 Index -4.93 Anglo American PLC 270.40 -12.80 Lloyds Banking Group PLC 71.00 -0.57
FTSE 350 (350) 3403.52 -1.01 3606.09 3438.12 3415.01 3519.62 3.83 1.52 17.19 0.00 5375.00 8 9 10 11 12 13 14 15 16 High Low Technology 16.82 Support Services 5.29 Industrial Transport -5.19 Antofagasta PLC 433.70 -13.20 London Stock Exchange Group PLC 2554 -74.00
FTSE 350 ex Investment Trusts (309) 3379.37 -1.01 3580.49 3414.02 3391.06 3498.31 3.86 1.52 17.00 0.00 2747.91 2824.8 2808.4 2806.5 2796.3 2793.9 2785.5 2789.9 2795.6 2798 2824.8 2785.0 Fixed Line Telecomms 16.52 Electronic & Elec Eq 5.09 Electricity -10.10 Arm Holdings PLC 974.00 -30.00 Marks And Spencer Group PLC 438.70 3.70
FTSE 350 Higher Yield (108) 3080.75 -1.00 3264.10 3111.82 3089.34 3436.08 5.65 1.28 13.83 0.00 4989.96 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Real Est Invest & Se 15.55 Personal Goods 4.86 Automobiles & Parts -10.35 Ashtead Group PLC 1067 -30.00 Merlin Entertainments PLC 443.90 -5.50
FTSE 350 Lower Yield (242) 3406.70 -1.01 3609.46 3441.61 3420.20 3259.33 2.00 2.20 22.75 0.00 3605.80 Media 13.27 Tech Hardware & Eq 4.65 Food & Drug Retailer -11.76 Associated British Foods PLC 3193 -57.00 Mondi PLC 1283 -7.00
FTSE SmallCap (290) 4566.56 -0.44 4838.34 4586.70 4585.67 4361.92 2.87 1.37 25.49 0.00 6260.51 Tobacco 13.27 Life Insurance 3.71 Banks -12.73
FTSE SmallCap ex Inv Co (155) 4152.06 -0.27 4399.17 4163.47 4174.06 3820.51 2.81 1.81 19.68 0.00 5977.49 FX: EFFECTIVE INDICES Consumer Goods 13.14 Equity Invest Instr 2.52 Aerospace & Defense -12.75
Astrazeneca PLC 4522.5 -39.50 National Grid PLC 950.00 16.70
Aviva PLC 495.30 -4.70 Next PLC 6865 5.00
FTSE All-Share (640) 3356.00 -0.99 3555.73 3389.41 3367.42 3460.78 3.79 1.52 17.40 0.00 5361.41
Jan 05 Jan 04 Mnth Ago Jan 06 Jan 05 Mnth Ago Travel & Leisure 12.32 Health Care 2.15 Industrial Eng -17.17 Babcock International Group PLC 971.00 -17.50 Old Mutual PLC 163.80 -4.00
FTSE All-Share ex Inv Co (464) 3317.17 -1.00 3514.60 3350.67 3328.77 3426.06 3.84 1.53 17.05 0.00 2742.00 Financial Services 10.92 General Retailers 1.91 Oil Equipment & Serv -19.64 Bae Systems PLC 512.50 18.50 Pearson PLC 716.00 -10.00
FTSE All-Share ex Multinationals (575) 1166.13 -0.74 1024.03 1174.88 1168.91 1108.91 2.87 1.56 22.33 0.00 1987.87 Australia 90.63 90.83 93.62 Sweden 79.32 80.15 79.37 Leisure Goods 9.21 Mobile Telecomms 1.68 Oil & Gas -20.64 Barclays PLC 211.75 -3.50 Persimmon PLC 1965 -38.00
FTSE Fledgling (100) 7698.86 0.15 8157.06 7687.22 7681.47 6812.72 2.56 1.16 33.80 0.00 13873.63 Canada 84.23 84.42 88.21 Switzerland 158.59 158.63 158.46 Beverages 8.72 Pharmace & Biotech 1.55 Oil & Gas Producers -20.67 Barratt Developments PLC 605.00 -13.00 Provident Financial PLC 3257 -8.00
FTSE Fledgling ex Inv Co (50) 10646.73 0.83 11280.37 10559.52 10575.13 8439.81 2.77 1.37 26.30 0.00 18664.09 Denmark 105.64 105.66 105.62 UK 90.59 90.45 92.15 Food Producers 8.64 Industrials 1.44 Basic Materials -42.10 Berkeley Group Holdings (The) PLC 3511 -44.00 Prudential PLC 1432 -44.00
FTSE All-Small (390) 3167.65 -0.41 3356.17 3180.68 3179.88 3014.80 2.86 1.36 25.80 0.00 5575.95 Japan 130.33 129.77 124.95 USA 106.65 106.29 105.58 FTSE 250 Index 8.36 Financials -1.50 Mining -48.44 Bg Group PLC 955.40 -21.70 Randgold Resources LD 4328 71.00
FTSE All-Small ex Inv Co Index (205) 3100.10 -0.23 3284.60 3107.30 3115.07 2833.52 2.81 1.79 19.88 0.00 5654.79 New Zealand 114.20 114.66 114.99 Euro 85.43 85.80 85.90 FTSE All{HY-}Share Index -2.50 Industrial Metals & -53.03 Bhp Billiton PLC 709.40 -36.60 Reckitt Benckiser Group PLC 6102 -5.00
FTSE AIM All-Share Index (857) 734.05 -0.07 777.74 734.59 735.71 694.13 1.49 0.66 101.43 0.00 790.03 Norway 83.05 82.85 85.97
BP PLC 343.45 -4.70 RELX PLC 1168 -7.00
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British American Tobacco PLC 3728 19.00 Rio Tinto PLC 1846.5 -93.00
Oil & Gas (18) 5829.36 -1.89 6176.30 5941.80 5930.85 7283.27 6.46 0.20 77.52 0.00 4882.46 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk British Land Company PLC 771.50 -13.00 Rolls-Royce Holdings PLC 560.00 -4.50
Oil & Gas Producers (11) 5543.20 -1.88 5873.10 5649.25 5639.73 6931.04 6.49 0.16 95.27 0.00 4800.71 Bt Group PLC 467.35 2.90 Royal Bank Of Scotland Group PLC 294.20 -3.00
Oil Equipment Services & Distribution (7)13243.71 -2.32 14031.92 13557.92 13472.63 16156.84 5.75 1.41 12.33 0.00 9740.20 FTSE GLOBAL EQUITY INDEX SERIES Bunzl PLC 1857 -25.00 Royal Dutch Shell PLC 1504 -31.00
Basic Materials (28) 2605.29 -3.16 2760.34 2690.18 2649.93 4624.37 7.83 1.88 6.79 0.00 2554.57 Burberry Group PLC 1098 -23.00 Royal Dutch Shell PLC 1497.5 -28.50
Chemicals (7) 11210.83 -1.47 11878.04 11377.99 11302.64 11971.54 2.48 2.28 17.67 0.00 9638.24 Jan 06 No of US $ Day Mth YTD Total
YTD Gr Div Jan 06 No of US $ Day Mth YTD Total YTD Gr Div Capita PLC 1184 -3.00 Royal Mail PLC 443.00 5.80
Forestry & Paper (1) 15079.78 -0.54 15977.26 15162.05 15209.07 12023.86 2.39 3.37 12.39 0.00 15664.46 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Carnival PLC 3820 - Rsa Insurance Group PLC 413.80 -1.00
Industrial Metals & Mining (2) 714.00 -1.71 756.50 726.45 685.60 1519.10 1.61 -18.64 -3.33 0.00 623.10 FTSE Global All Cap 7747 450.96 -0.7 -2.0 -4.0 617.03
-1.7 2.5 Oil & Gas 165 304.96 -0.1 -0.1 -23.4 466.08 -20.6 4.3 Centrica PLC 213.60 -1.20 Sabmiller PLC 4067 -3.00
Mining (18) 6656.31 -3.69 7052.46 6911.65 6789.17 13324.09 9.38 1.85 5.76 0.00 3417.46 FTSE Global All Cap 7111 463.92 -0.7 -1.9 -4.2 623.64
-1.9 2.5 Oil & Gas Producers 117 285.34 -0.2 -0.2 -21.2 443.84 -18.3 4.2 Coca-Cola Hbc AG 1429 2.00 Sage Group PLC 586.00 -7.00
FTSE Global Large Cap 1415 398.65 -0.7 -1.8 -4.4 557.94
-1.9 2.7 Oil Equipment & Services 39 277.56 0.6 0.6 -33.0 386.97 -30.8 4.7 Compass Group PLC 1136 -10.00 Sainsbury (J) PLC 241.00 -1.10
Industrials (119) 4267.85 -0.63 4521.85 4294.77 4270.57 4220.90 2.57 1.19 32.55 0.00 4240.89
Construction & Materials (14) 5222.71 -1.16 5533.55 5283.95 5251.38 4171.31 2.25 -0.81 -55.02 0.00 5336.83 FTSE Global Mid Cap 1639 601.99 -0.5 -2.2 -2.5 786.27
-0.6 2.1 Basic Materials 261 351.38 -0.4 -0.4 -19.3 515.00 -17.0 3.4 Crh PLC 1897 -36.00 Schroders PLC 2817 -60.00
Aerospace & Defense (9) 4300.32 1.18 4556.26 4250.26 4223.65 4873.52 2.66 0.96 39.24 0.00 4445.66 FTSE Global Small Cap 4693 627.19 -0.7 -2.8 -3.9 795.64
-2.0 2.0 Chemicals 122 591.63 -0.5 -0.5 -5.1 869.57 -2.9 2.6 Dcc PLC 5550 -45.00 Severn Trent PLC 2152 -3.00
General Industrials (6) 3495.86 -1.09 3703.91 3534.56 3506.77 3104.53 3.26 1.67 18.39 0.00 3805.84 FTSE All-World 3054 263.71 -0.7 -1.9 -4.1 380.67
-1.7 2.6 Forestry & Paper 16 196.06 -0.6 -0.6 -5.9 314.91 -3.0 3.5 Diageo PLC 1841 -5.00 Shire PLC 4441 -89.00
Electronic & Electrical Equipment (10) 5225.38 -0.78 5536.37 5266.22 5271.93 5042.67 2.36 1.97 21.55 0.00 4627.64 FTSE World 2538 467.59 -0.7 -1.9 -3.8 906.26
-1.4 2.6 Industrial Metals & Mining 67 257.30 -0.1 -0.1 -37.6 378.86 -35.8 3.3 Direct Line Insurance Group PLC 376.50 -9.80 Sky PLC 1097 -1.00
Industrial Engineering (14) 7300.71 -1.75 7735.21 7430.54 7425.08 8942.16 3.36 1.57 18.93 0.00 8548.48 FTSE Global All Cap ex UNITED KINGDOM In 7422 463.52 -0.7 -1.9 -3.7 625.41
-1.4 2.4 Mining 56 323.60 -0.3 -0.3 -43.2 474.18 -40.7 6.7 Dixons Carphone PLC 480.10 -10.20 Smith & Nephew PLC 1176 -3.00
Industrial Transportation (8) 3860.66 0.20 4090.43 3853.14 3847.62 4056.83 3.93 0.94 27.11 0.00 3247.86 FTSE Global All Cap ex USA 5742 417.21 -0.4 -1.7 -6.7 605.51
-4.0 3.0 Industrials 535 299.17 -0.5 -0.5 -4.9 415.78 -2.8 2.3 Easyjet PLC 1758 -4.00 Smiths Group PLC 907.00 -15.50
Support Services (58) 6502.61 -0.97 6889.62 6566.63 6524.15 6218.85 2.33 1.52 28.31 0.00 6525.41 FTSE Global All Cap ex JAPAN 6485 458.97 -0.8 -2.2 -5.1 633.51
-2.8 2.6 Construction & Materials 109 419.03 -0.4 -0.4 -2.8 609.51 -0.8 2.2 Experian PLC 1146 -10.00 Sports Direct International PLC 533.00 -19.00
FTSE Developed 2101 426.69 -0.8 -1.8 -2.7 588.17
-0.3 2.5 Aerospace & Defense 28 506.61 -1.0 -1.0 1.9 697.76 4.0 2.1 Fresnillo PLC 721.50 2.00 Sse PLC 1520 -
Consumer Goods (40) 17965.34 -0.18 19034.55 17998.53 17914.42 15846.75 3.06 1.73 18.92 0.00 12673.43
FTSE Developed All Cap 5738 447.34 -0.8 -2.0 -2.7 610.01
-0.4 2.4 General Industrials 56 216.95 -0.3 -0.3 -0.3 323.83 2.4 2.6 Gkn PLC 285.20 -8.60 St. James's Place PLC 952.00 -18.00
Automobiles & Parts (1) 6702.33 -2.93 7101.23 6904.44 6923.24 7863.26 2.98 1.53 21.92 0.00 6163.73
FTSE Developed Large Cap 915 394.79 -0.8 -1.7 -3.0 551.59
-0.5 2.6 Electronic & Electrical Equipment 69 316.42 -0.5 -0.5 -2.7 405.57 -0.9 1.9 Glaxosmithkline PLC 1380.5 -5.50 Standard Chartered PLC 515.60 -16.70
Beverages (6) 15344.14 -0.17 16257.36 15370.79 15220.19 13779.49 2.49 1.65 24.38 0.00 10451.26
FTSE Developed Europe Large Cap 218 330.03 -1.0 -2.8 -6.7 519.98
-3.5 3.5 Industrial Engineering 104 535.88 -0.4 -0.4 -13.3 732.82 -11.3 2.7 Glencore PLC 85.85 -2.41 Standard Life PLC 368.30 -3.90
Food Producers (10) 8636.03 -1.42 9150.00 8759.98 8783.92 8065.59 1.90 1.39 37.80 0.00 7227.05
FTSE Developed Europe Mid Cap 302 512.68 -0.9 -1.3 2.5 734.21
5.0 2.5 Industrial Transportation 96 495.11 -0.4 -0.4 -17.1 686.49 -15.3 2.5 Hammerson PLC 591.50 -6.00 Taylor Wimpey PLC 197.00 -2.20
Household Goods & Home Construction (13)13374.64 -0.63 14170.65 13459.68 13462.10 10514.72 2.18 2.54 18.10 0.00 9098.39
FTSE Dev Europe Small Cap 721 731.54 -0.8 0.5 6.2 1020.60
8.7 2.2 Support Services 73 275.87 -0.9 -0.9 1.2 368.64 3.2 1.9 Hargreaves Lansdown PLC 1481 2.00 Tesco PLC 141.55 -2.85
Leisure Goods (2) 5530.97 0.20 5860.15 5519.87 5575.60 4906.20 4.32 1.32 17.49 0.00 4684.39
FTSE North America Large Cap 318 436.48 -1.0 -1.9 -1.9 574.63
0.3 2.3 Consumer Goods 421 416.54 -0.7 -0.7 2.9 592.48 5.4 2.4 Hikma Pharmaceuticals PLC 2230 -37.00 Travis Perkins PLC 1948 -44.00
Personal Goods (6) 21514.34 -1.34 22794.78 21806.90 21680.35 21159.95 3.03 3.01 10.95 0.00 13880.33
FTSE North America Mid Cap 394 640.30 -0.6 -3.3 -5.6 790.55
-4.1 1.8 Automobiles & Parts 102 381.68 -0.3 -0.3 -2.1 521.44 0.3 2.5 HSBC Holdings PLC 508.30 -14.30 Tui AG 1223 -11.00
Tobacco (2) 45756.03 0.94 48479.23 45331.86 45112.00 39884.90 4.36 1.18 19.50 0.00 27884.76
FTSE North America Small Cap 1522 641.55 -0.9 -4.6 -6.9 770.77
-5.3 1.8 Beverages 48 571.84 -1.1 -1.1 6.3 825.03 9.1 2.5 Imperial Tobacco Group PLC 3602.5 63.50 Unilever PLC 2818 -32.50
Health Care (19) 9332.84 -0.80 9888.29 9407.87 9266.73 9288.63 3.75 3.53 7.56 0.00 6804.96
FTSE North America 712 291.41 -0.9 -2.1 -2.5 393.17
-0.4 2.2 Food Producers 106 558.74 -0.8 -0.8 1.2 817.56 3.5 2.2 Inmarsat PLC 1111 -5.00 United Utilities Group PLC 936.00 -4.50
Health Care Equipment & Services (7) 7200.61 -0.56 7629.16 7241.38 7169.01 6816.70 1.58 2.15 29.51 0.00 6105.14
FTSE Developed ex North America 1389 226.70 -0.6 -1.4 -2.9 352.95
0.0 3.0 Household Goods & Home Construction 47 401.53 -0.6 -0.6 1.3 567.73 3.8 2.3 Intercontinental Hotels Group PLC 2538 -57.00 Vodafone Group PLC 219.15 -0.55
Pharmaceuticals & Biotechnology (12)12601.01 -0.82 13350.97 12705.08 12508.60 12606.43 3.95 3.58 7.08 0.00 8161.33
FTSE Japan Large Cap 177 327.74 0.2 0.2 7.4 409.96
9.6 2.0 Leisure Goods 28 131.87 -0.2 -0.2 4.7 169.75 6.3 1.4 International Consolidated Airlines Group S.A. 606.50 -4.50 Whitbread PLC 4200 -106.00
Consumer Services (97) 4799.93 -0.64 5085.61 4830.68 4802.16 4454.69 2.36 1.60 26.46 0.00 4332.56 FTSE Japan Mid Cap 303 491.54 0.2 -0.1 15.6 593.89
17.5 1.5 Personal Goods 79 597.64 -0.8 -0.8 2.5 810.03 4.5 2.0
Food & Drug Retailers (7) 2497.86 -0.91 2646.52 2520.68 2517.33 2821.02 2.14 -1.50 -31.07 0.00 2856.32 Intertek Group PLC 2722 -25.00 Wolseley PLC 3593 -41.00
FTSE Global wi JAPAN Small Cap 782 526.37 0.2 0.7 12.3 656.41
14.3 1.8 Tobacco 11 1217.02 -0.9 -0.9 13.4 2378.29 18.3 4.0 Intu Properties PLC 310.80 -3.40 Worldpay Group PLC 309.80 5.60
General Retailers (32) 2867.43 -0.37 3038.09 2878.11 2878.87 2820.31 2.52 2.25 17.68 0.00 3143.07
FTSE Japan 480 136.34 0.2 0.2 1.9 Health Care
9.1 191.64
11.1 173 458.30 -0.8 -0.8 5.5 638.44 7.5 1.8 Itv PLC 268.80 -2.10 Wpp PLC 1526 -14.00
Media (22) 7365.95 -0.61 7804.34 7411.00 7349.90 6452.05 2.77 1.62 22.25 0.00 4348.78
FTSE Asia Pacific Large Cap ex Japan 530 541.03 0.1 0.3 -12.1 809.31
-9.3 3.3 Health Care Equipment & Services 61 649.62 -0.7 -0.7 10.0 744.99 11.1 1.0 Johnson Matthey PLC 2623 -37.00
Travel & Leisure (36) 8668.62 -0.74 9184.54 8733.39 8658.66 7730.54 1.98 1.95 25.85 0.00 7900.16
FTSE Asia Pacific Mid Cap ex Japan 431 746.91 0.2 0.8 -7.3 1077.58
-4.8 2.9 Pharmaceuticals & Biotechnology 112 347.90 -0.9 -0.9 4.2 503.54 6.4 2.1
Telecommunications (7) 3960.18 0.03 4195.87 3959.04 3910.09 3636.60 4.13 0.18 132.16 0.00 4149.69 FTSE Asia Pacific Small Cap ex Japan 1426 499.23 0.1 0.3 -6.6 710.54
-4.0 2.8 Consumer Services 385 389.77 -0.7 -0.7 4.2 506.31 5.9 1.7
Fixed Line Telecommunications (5) 5354.07 0.46 5672.72 5329.55 5288.75 4551.75 2.89 1.74 19.86 0.00 4643.33
Mobile Telecommunications (2) 5051.42 -0.27 5352.06 5064.89 4985.96 4872.27 4.98 -0.44 -45.71 0.00 4724.44
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
961
2009
429.38
571.25
0.1
0.4
0.3
-2.0
-11.5 682.68
-8.8 3.3 Food & Drug Retailers
-17.2 814.66
-14.7 3.2 General Retailers
53 299.79
121 532.86
-1.2
-0.9
-1.2
-0.9
-0.3 405.13
11.4 675.52
1.4
13.2
1.8
1.5
UK STOCK MARKET TRADING DATA
Utilities (7) 8401.37 0.69 8901.38 8343.98 8275.63 8696.03 4.82 1.36 15.20 0.00 8947.21 FTSE Emerging Large Cap 500 538.61 0.5 -2.3 -17.6 772.88
-15.2 3.3 Media 87 289.30 -0.3 -0.3 -3.8 376.58 -2.1 1.9 Jan 06 Jan 05 Jan 04 Dec 31 Dec 30 Yr Ago
Electricity (2) 8700.03 -0.05 9217.82 8704.25 8635.28 9512.88 5.80 1.35 12.81 0.00 11573.54 FTSE Emerging Mid Cap 453 710.11 0.3 -1.6 -17.5 1007.46
-15.3 2.9 Travel & Leisure 124 381.49 -0.7 -0.7 5.9 500.35 7.8 1.7 SEAQ Bargains 4808.00 5912.00 3576.00 3576.00 3576.00 3576.00
Gas Water & Multiutilities (5) 7870.54 0.88 8338.96 7801.91 7737.46 8026.25 4.57 1.37 15.97 0.00 8415.05 FTSE Emerging Small Cap 1056 615.65 0.3 0.0 -13.0 846.33
-10.5 3.0 Telecommunication 92 157.48 -0.5 -0.5 -5.7 277.06 -1.8 4.2 Order Book Turnover (m) 35.41 32.32 10.16 10.16 10.16 -
Financials (285) 4401.13 -1.57 4663.06 4471.30 4450.24 4558.68 3.72 1.87 14.35 0.00 3844.00 FTSE Emerging Europe 99 267.08 -0.6 -7.3 -14.3 392.21
-10.7 4.4 Fixed Line Telecommuniations 44 132.57 -0.8 -0.8 -3.2 255.02 1.2 4.7 Order Book Bargains 895039.00 848422.00 178565.00 178565.00 178565.00 1.00
Banks (9) 3602.41 -2.05 3816.81 3677.76 3667.51 4211.57 4.56 1.37 16.06 0.00 2483.25 FTSE Latin America All Cap 244 598.65 0.7 -4.5 -33.6 884.23
-31.6 3.9 Mobile Telecommunications 48 164.73 -0.1 -0.1 -8.9 262.88 -5.8 3.6 Order Book Shares Traded (m) 1301.00 1267.00 360.00 360.00 360.00 0.00
Nonlife Insurance (11) 2747.72 -0.67 2911.25 2766.32 2760.57 2196.90 2.74 2.06 17.71 0.00 4617.83 FTSE Middle East and Africa All Cap 220 618.59 0.0 -5.9 2.9 Utilities
-19.6 921.91
-17.4 162 237.27 -0.7 -0.7 -11.2 434.57 -7.9 4.0 Total Equity Turnover (£m) 3358.59 - 0.25 0.25 0.25 0.20
Life Insurance/Assurance (11) 7501.70 -2.09 7948.16 7662.10 7608.48 7447.84 4.04 1.59 15.58 0.00 6886.64 FTSE Global wi UNITED KINGDOM All Cap In 325 328.94 -1.1 -3.6 3.8 Electricity
-8.4 519.85
-5.1 111 258.93 -0.6 -0.6 -8.7 469.22 -5.4 3.8 Total Mkt Bargains 990201.00 - 10.00 10.00 10.00 54.00
Index- Real Estate Investment & Services (21) 3036.10 -0.54 3216.79 3052.69 3048.97 2695.79 2.09 5.73 8.35 0.00 7805.25 FTSE Global wi USA All Cap 2005 501.26 -0.9 -2.2 -1.5 642.46
0.5 2.1 Gas Water & Multiutilities 51 251.84 -0.9 -0.9 -15.4 472.99 -11.9 4.4 Total Shares Traded (m) 4635.00 - 0.00 0.00 0.00 1.00
Real Estate Investment Trusts (25) 2928.78 -1.09 3103.09 2961.16 2923.66 2782.48 3.01 5.95 5.58 0.00 3461.35 FTSE Europe All Cap 1400 381.32 -1.0 -2.4 3.3 Financials
-4.3 582.61
-1.3 675 200.72 -0.7 -0.7 -7.0 311.85 -4.3 3.0 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (32) 7787.58 -1.21 8251.06 7883.03 7863.70 7109.36 2.96 2.21 15.29 0.00 8452.32 FTSE Eurobloc All Cap 636 358.78 -1.0 -2.6 -2.6 554.40
0.2 3.0 Banks 243 178.48 -0.7 -0.7 -11.3 295.43 -8.3 3.4 (c) Market closed.
Equity Investment Instruments (176) 7552.54 -0.64 8002.04 7601.39 7560.80 7491.55 2.68 1.08 34.70 0.00 3971.79 FTSE RAFI All World 3000 3007 5425.98 -0.6 -2.5 3.2 Nonlife Insurance
-7.9 6835.36
-5.2 71 214.47 -0.8 -0.8 0.1 298.54 2.5 2.3
Non Financials (355) 3898.14 -0.78 4130.14 3928.67 3900.68 4012.89 3.82 1.39 18.82 0.00 5458.99 FTSE RAFI US 1000 1000 8842.68 -0.8 -2.3 2.6 Life Insurance
-4.8 11179.09
-2.5 51 198.27 -0.6 -0.6 -6.1 300.80 -3.5 2.9
Technology (20) 1385.00 -1.77 1467.42 1409.94 1407.15 1220.92 1.43 1.92 36.62 0.00 1731.92 FTSE EDHEC-Risk Efficient All-World 3054 315.51 -0.6 -1.3 2.3 Financial Services
-1.3 424.06
0.9 141 222.39 -0.6 -0.6 -4.0 296.26 -2.1 2.0 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (14) 1807.10 -0.72 1914.65 1820.13 1817.24 1355.47 1.82 1.74 31.61 0.00 2368.87 FTSE EDHEC-Risk Efficient Developed Europe 520 279.24 -0.9 -1.4 2.7 Technology
0.2 407.61
2.8 185 174.27 -1.1 -1.1 1.2 207.87 3.0 1.7 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Technology Hardware & Equipment (6) 1500.17 -2.83 1589.46 1543.88 1540.22 1501.38 1.02 2.25 43.75 0.00 1722.06 Software & Computer Services 85 310.16 -1.0 -1.0 14.2 355.94 15.5 1.1 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Technology Hardware & Equipment 100 126.37 -1.2 -1.2 -9.8 155.03 -7.7 2.5 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 6121.87 6087.20 6080.90 6051.08 6047.57 6019.38 6035.15 6055.83 6055.95 6121.87 6018.94 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 17190.25 17100.81 17095.09 17002.98 16977.63 16966.39 16995.80 17014.80 17026.25 17190.25 16953.86 (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 4582.63 4584.85 4583.88 4574.48 4573.84 4570.12 4569.48 4569.84 4568.50 4585.76 4566.56
FTSE All-Share 3382.08 3363.94 3360.97 3344.56 3342.15 3329.34 3337.22 3346.91 3347.32 3382.08 3329.34 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:08:03:00 Day's Low12:59:45 FTSE 100 2010/11 High: 6242.32(01/01/2016) Low: 6093.43(04/01/2016) Group companies and is used by FTSE International Limited under licence.
Time of FTSE All-Share Day's high:08:03:00 Day's Low13:00:00 FTSE 100 2010/11 High: 3444.26(01/01/2016) Low: 3367.42(04/01/2016)
Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative.

UK RIGHTS OFFERS UK COMPANY RESULTS UK RECENT EQUITY ISSUES

Amount Latest Company Turnover Pre-tax EPS(p) Div(p) Pay day Total Issue Issue Stock Close Mkt
Issue paid renun. closing date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- 12/24 144.00 AIM DNL Diurnal Group PLC 150.50 0.90 155.00 149.00 7857.7
460p nil 19-01-16 776.50 769.00 RPC Group PLC 776.00 -44.00 12/17 2.00 LVRT Levrett PLC 2.25 -0.20 3.10 1.75 215.4
12/17 100.00 AIM PURP Purplebricks Group PLC 96.50 -1.00 106.50 87.99 23185.0
12/11 3.50 AIM WEY Wey Education PLC 4.25 0.12 4.37 3.88 399.4

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.
Thursday 7 January 2016 FINANCIAL TIMES 23

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

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24 FINANCIAL TIMES Thursday 7 January 2016

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 HBM Hlth SFr 106.50 4.90 113.50 87.00 - 24.10 46.7 Rotork 165.00 -5.10 267.20 161.10 3.04 14.38 3510.5 ..5%Pf 0.60 - 0.60 0.60833.33 - - Redefine 48.87 -0.39 59.90 48.26 6.75 9.59 559.2 Lavendon 149.25 6.25 211.50 130.00 3.08 15.74 24.7
AvonRub 1010 16.50 1180 687.39 0.61 18.50 77.4 HenderGp 292.00 -6.30 314.30 205.40 3.08 20.37 2584.5 Severfd♦ 64.00 0.25 75.00 57.00 0.78 139.43 3.5 AquarsPl 11.50 0.25 15.75 5.53 - -2.74 590.0 SEGRO 428.90 0.70 466.70 380.00 3.52 4.01 1127.8 MngCnslt 14.88 0.13 19.00 13.25 5.55 -72.56 234.7
BAE Sys 512.50 18.50 549.00 419.30 4.00 23.15 12583.5 ICAP 498.60 -5.90 573.00 420.60 4.41 24.76 1051.1 SKF SKr 131.70 -5.50 231.70 131.50 4.15 13.89 1378.8 Barrick C$ 11.22 0.52 16.54 7.89 1.21 -3.14 2465.0 Shaftbry 903.50 -12.00 975.50 773.00 1.49 5.40 354.4 MearsGp 442.25 -6.50 475.00 375.00 2.26 17.10 26.7
Chemring 180.00 -4.00 241.00 131.00 2.28 -20.59 223.1 Indvardn SKr 139.50 -2.00 183.50 130.00 4.43 12.88 194.6 Spirax-S 3191 -34.00 3767.56 2738 2.10 24.49 63.3 BHP Bltn 709.40 -36.60 1670.5 665.70 11.23 17.09 14733.3 Town Ctr 336.00 7.63 336.75 266.00 3.11 7.44 4.7 MenziesJ 409.00 5.50 525.00 338.50 3.96 36.37 968.9
Cobham 282.10 0.30 349.10 250.50 3.78 -163.82 2181.1 ICG♦ 605.00 -5.00 712.83 485.70 4.24 9.48 642.2 Tex 106.50 - 130.00 86.30 5.63 7.57 1.0 BisichMg 77.50 - 94.75 60.15 5.16 5.96 1.2 Wkspace 970.50 -7.00 989.50 748.40 1.24 4.50 85.2 MichaelPge 475.00 -4.90 568.00 397.70 2.32 22.99 463.0
Meggitt 368.90 -0.60 593.50 337.60 3.73 15.35 2560.2 IPF 280.20 -0.70 512.00 230.00 4.28 8.15 276.2 Trifast 121.00 -1.88 134.00 93.50 1.74 14.48 350.4 EVRAZ 71.05 -1.65 209.90 58.00 - -1.37 1867.7 Real Estate Inv & Services MITIE♦ 305.00 -3.10 341.00 265.70 3.84 15.26 1194.2
RollsRoyceX 560.00 -4.50 1061 504.50 4.13 -41.18 4072.0 Investec 453.30 -9.20 649.50 410.70 4.41 12.94 1318.8 Vitec 590.50 -0.50 670.85 580.00 4.06 23.37 0.6 Fresnillo 721.50 2.00 939.50 569.63 0.27 152.54 1272.7 Cap&Count 421.90 -4.80 475.10 361.10 0.36 6.20 1320.2 PayPoint 913.00 -17.00 1112.15 779.82 4.22 30.96 201.2
Senior 220.00 -6.40 361.70 215.60 2.56 14.80 1216.4 Jupiter 438.00 -6.00 481.30 338.79 3.01 13.10 396.4 Weir 908.00 -22.50 2045 890.50 4.85 - 976.9 GemDmnd 115.75 -9.00 184.75 94.75 2.75 9.48 82.1 CLS 1805 20.00 2037 195.00 - 3.84 2.9 PremFarn 101.00 2.50 204.60 87.75 10.30 8.50 2166.5
UltraElc 1921 -19.00 2044 1627 2.31 -168.52 55.3 Liontrust 275.25 5.25 393.50 260.82 2.91 20.41 17.0 Harmony R 21.10 2.62 38.50 7.92 - -1.67 3422.4 Daejan 6390 75.00 6614.2 5323.5 1.28 6.58 1.2 Rentokil 156.20 -0.80 162.50 115.60 1.66 21.87 1656.4
Man 168.70 -3.30 217.80 138.60 3.78 11.43 5673.5
Industrial General Hochschild 44.25 1.00 134.25 43.38 - -3.08 526.0 Ricardo 908.50 12.00 967.50 624.25 1.71 25.84 64.7
Grainger♦ 241.40 -2.40 256.00 183.60 1.05 23.48 970.9
Automobiles & Parts NB GFRIF 91.75 - 98.85 91.40 4.05 23.48 1141.6 BritPoly 680.50 0.50 755.00 620.00 2.35 10.94 4.9 Kenmr 0.53 -0.04 4.92 0.27 - -0.24 12511.9 HelclBar 469.00 1.75 475.50 365.00 1.55 4.98 19.0 RbrtWlts 363.75 -8.25 478.00 305.50 1.65 21.21 14.0
FordMtr $X 13.23 -0.49 16.74 10.44 4.19 11.50 31334.8 Paragon 349.00 - 461.50 343.80 2.58 10.74 2923.5 Coats Group 25.00 - 30.90 20.50 - -373.13 160.3 Lonmin 69.75 -1.50 18970 55.00 - 0.00 1509.6 RPS 242.75 0.50 271.37 181.50 3.49 17.17 198.9
ExovaGroup 143.00 -0.88 199.12 134.50 1.40 20.49 11.2 HK Land $ 6.88 -0.11 8.80 6.40 2.57 13.64 1783.1
GKN 285.20 -8.60 389.00 248.56 2.95 31.74 4628.7 Providnt 3257 -8.00 3654 2414 3.01 24.31 295.4 Petra 81.00 -2.00 203.73 52.77 - 13.86 1482.5 Lon&Assc 25.50 - 42.52 24.00 0.61 -3.60 3.1 Shanks♦ 98.50 1.00 113.50 88.00 3.50 -51.60 502.9
RathbnBr 2252 11.00 2348 1990 2.31 29.01 12.9 JardnMt $X 48.61 -0.42 67.88 45.00 2.77 12.18 371.4 Petropvlsk 6.48 - 18.89 4.21 - -0.94 1139.6 SIG 140.70 0.20 212.20 117.00 3.13 25.21 842.7
Banks Jard Str $X 26.33 -0.36 36.93 25.75 0.95 10.05 199.8 MacauPrp 149.00 3.00 239.50 147.00 - -3.52 42.5
Record 27.50 1.00 41.00 26.25 6.00 9.91 110.0 PolymtIntl 577.00 -0.50 634.00 424.20 2.35 -17.79 217.7 Mntview 11700 -200.00 12900 9975 2.35 12.73 0.0 SpeedyHr♦ 41.00 1.25 78.75 27.94 1.71 -14.91 1475.8
ANZ A$X 26.71 -0.36 37.25 25.01 9.28 10.83 4515.7 Macfrlne 57.00 -0.25 60.00 35.60 2.89 13.82 30.1
S&U 2420 -37.50 2595 1955 2.73 14.39 0.3 RndgldRs 4328 71.00 5752.1 3546 0.90 31.45 429.3 RavenRuss 40.00 0.25 58.56 37.25 - -2.83 196.4 St Ives 220.00 -1.00 227.63 156.68 3.25 63.16 32.4
BcoSant 312.25 -8.75 538.56 308.04 11.73 8.15 553.5 REXAM 603.50 - 609.00 424.60 2.93 21.35 2331.2
Schroder 2817 -60.00 3441 2538 2.77 17.29 338.1 RioTintoX 1846.5 -93.00 3280 1820 7.39 18.37 6030.6 RavenR Prf 129.50 - 146.00 118.25 9.27 - 6.4 TribalGrp 22.75 - 188.00 19.16 7.91 -3.87 18.7
BnkGeorgia 1822 -8.00 2345 1609 2.46 8.97 62.4 RPC♦ 776.00 2.50 864.50 510.00 1.84 39.77 1685.1
..N/V 2131 -36.00 2629 1961 3.66 13.08 8.6 Troy Res A$ 0.21 - 0.77 0.20 - -0.43 734.4 RavenR Wrt 24.50 - 34.00 22.00 - - 0.3 Vp♦ 745.00 -20.00 816.00 582.85 2.21 15.03 7.7
BankIre € 0.33 0.00 0.39 0.07 - 15.57 15481.9 Smith DS 381.90 -10.40 423.70 304.30 2.99 27.75 2296.0
SVG Cap 485.60 -4.40 535.00 416.35 - 12.12 166.2 VedantaRs 260.20 -14.80 695.06 258.00 16.00 -0.51 825.9 Safestre 361.20 0.70 370.00 233.00 2.06 7.43 106.7 Watermn♦ 97.00 5.00 98.49 54.60 1.44 22.05 320.4
BkNvaS C$X♦ 55.32 -0.81 67.72 52.60 4.97 9.70 1181.8 Smiths 907.00 -15.50 1243 900.13 4.47 14.69 1059.4
TullettPre 367.00 -2.60 415.90 278.00 4.59 7.84 642.2 Savills 850.00 -15.00 991.46 638.50 1.29 19.87 237.6 Wolseley 3593 -41.00 4398 3414.95 2.37 29.12 364.6
BarclaysX 211.75 -3.50 289.90 209.05 3.07 0.71 26042.8
WlkrCrip 50.75 -0.75 55.00 39.70 3.35 30.19 26.1 SmurfKap € 22.80 -0.77 30.31 17.98 2.64 17.94 243.5 Oil & Gas
CanImp C$X♦ 91.14 -0.74 102.90 83.10 4.81 10.08 409.0 Vesuvius 315.50 -4.50 530.00 311.80 5.11 8.88 119.0 Aminex 1.58 -0.05 2.49 1.25 - -18.53 3795.0 SchroderRE 60.00 - 63.00 56.10 4.13 7.34 291.8 Tech - Hardware
HSBCX 508.30 -14.30 674.57 478.35 6.59 10.02 40641.0 Food & Beverages BGX 955.40 -21.70 1301.62 785.20 2.00 -18.45 9316.2 Smart(J) 104.50 1.00 114.80 87.50 2.83 16.21 4.0 ARM Hldgs 974.00 -30.00 1332.5 811.50 0.79 43.17 6146.5
LlydsBkgX 71.00 -0.57 89.35 68.57 2.11 42.34 128433.5 AngloEst 528.00 -7.50 683.10 508.00 0.57 -41.22 0.9
Industrial Transportation BPX 343.45 -4.70 499.25 252.55 7.84 -12.55 28972.7 StModwen 407.40 -5.10 499.40 384.00 1.13 3.84 319.3 Laird 336.50 -9.70 413.30 299.20 3.71 16.37 690.8
RylBkC C$X 71.92 -0.90 81.53 68.05 4.36 10.51 1313.0 AscBrFdX♦ 3193 -57.00 3606 2705.75 1.06 44.74 679.5 BBA Aviat 177.70 -3.10 257.11 165.20 4.17 14.75 1742.9 Cadogan 7.88 -0.25 13.25 7.80 - -0.48 12.2 U and I 232.75 2.75 293.00 214.75 2.53 10.99 46.6 SpirentCM 71.75 - 98.75 64.25 3.44 79.46 169.2
RBSX 294.20 -3.00 414.00 281.40 - -13.19 7776.0 Barr(AG) 526.50 -1.50 699.36 500.00 2.30 20.00 43.0 Braemar 455.00 23.00 513.86 390.00 5.71 21.67 0.5 CairnEng 146.80 -7.90 210.00 133.60 - -2.40 1435.9 UNITE Gp 656.00 -1.00 706.00 465.00 1.71 5.29 381.8
StandChX 515.60 -16.70 1166 475.55 9.94 12.05 8294.7 Britvic♦ 720.00 0.50 788.00 632.00 2.99 17.46 496.8 Clarkson 2160 -40.00 2855 1850 2.78 44.53 7.9 Cape 239.50 2.00 275.75 177.00 5.85 13.18 103.7 Urban&C 285.00 2.00 291.00 243.25 0.53 9.28 26.2 Tech - Software & Services
..7.375%Pf 107.00 - 128.00 104.50 6.89 - 77.5 C&C € 3.80 -0.02 4.08 3.16 3.00 -14.38 28.3 Eurotunnl € 10.85 -0.27 14.57 10.57 1.60 55.53 1125.7 EnQuest 17.25 -1.00 61.00 17.00 - -1.51 2426.3 AVEVA♦ 1533 -47.00 2350 1267 1.99 34.67 135.7
Fisher J 1157 -2.00 1442 894.50 1.90 14.99 6.9
Retailers Computcnt 845.00 10.00 858.50 665.00 2.34 9.20 93.7
..8.25%Pf 120.00 - 141.00 116.50 6.88 - 21.4 CarrsGroup♦ 167.00 14.00 178.50 136.00 2.08 12.91 187.1 ExxonMb $X 77.01 -1.12 93.45 66.55 3.56 16.86 9425.0 AA 303.00 -5.70 434.50 254.80 - -181.33 628.0
TntoDom C$X 52.62 -0.89 56.48 47.75 3.87 12.26 1710.9 Coca-Cola H 1429 2.00 1638 1051 3.54 22.70 352.8 Flybe Grp 88.25 1.25 111.00 52.00 - 29.42 312.1 GenelEgy 162.25 -4.75 713.12 159.00 - -1.99 1097.8 DRS Data 12.00 - 14.90 11.25 - -5.06 0.4
Goldenpt 29.13 -1.63 233.43 24.38 - -0.11 18.2 AO World 148.00 0.60 240.00 118.60 - -64.12 527.5 Elecdata 65.00 - 74.90 62.00 3.08 21.62 15.0
VirginMoney 374.00 -3.10 472.90 295.40 - -935.00 174.0 Cranswk♦ 1910 -8.00 1950 1280 1.78 22.58 23.2 GeoPark $ 2.76 0.01 5.73 2.45 - -1.54 2.0 AshleyL 26.75 -0.25 36.00 25.00 7.48 10.41 60.4
Westpc A$X 32.21 -0.48 40.07 29.10 7.81 13.89 4505.3 Dairy Cr 670.50 -5.50 700.00 437.90 3.24 48.48 150.4 OceanWil♦ 765.00 10.00 1028.9 722.00 5.23 70.33 1.3 GrnDnGas 225.00 -10.00 412.25 220.00 - 18.28 5.0 MicroFoc♦ 1549 -14.00 1622 1016.51 2.01 38.10 484.4
RoyalMail♦ 443.00 5.80 532.50 396.48 4.74 15.41 5762.3 Brown N♦ 295.20 -0.60 400.00 286.03 4.82 19.86 405.8 NCC Grp 297.20 -2.20 309.00 192.68 1.23 37.98 217.5
Devro 289.50 0.50 328.00 256.17 3.04 51.72 51.6 GulfKeyst 14.50 -0.75 68.42 14.50 - -0.69 2483.2 Caffyns♦ 550.00 -5.00 665.00 480.00 3.68 1.60 0.3
Basic Resource (Ex Mining) UK Mail♦ 260.00 5.00 569.00 247.25 8.38 17.23 0.6 RM 170.00 4.13 185.00 137.50 2.35 10.70 6.6
Glanbia € 16.90 -0.15 19.59 12.19 0.63 32.31 15.8 HellenPet € 4.14 0.05 5.65 3.35 - -18.00 118.9 Card Factor 348.40 -10.30 401.50 250.72 1.95 20.28 327.8
Ferrexpo 22.50 1.00 83.00 12.50 18.65 2.31 289.7 Sage 586.00 -7.00 625.50 363.39 2.12 32.56 1650.6
Grncore♦ 357.30 -3.60 363.40 262.80 1.58 25.46 1342.8 Insurance Hunting 275.75 -17.75 677.00 265.50 7.17 -17.34 647.9 Dairy Fm $ 6.05 0.03 9.77 5.76 3.53 18.87 692.5
Mondi 1283 -7.00 1614.36 1006 2.32 16.63 1048.2
HiltonFd 540.00 8.00 550.00 375.00 2.46 21.53 8.5 ImpOil C$X 44.06 -0.86 55.37 39.30 1.09 21.86 428.7 SDL 426.25 8.25 472.00 315.00 0.59 40.48 39.1
Vale BRLX 11.84 -0.68 27.89 11.25 20.14 -5.08 4736.6 Admiral 1629 5.00 1699 1286 2.84 15.52 681.9 Debenhm♦ 70.00 -1.20 96.80 68.00 4.86 9.20 3685.9 Telecity 1267 12.00 1270 973.75 1.07 100.67 549.6
Kerry € 74.82 0.54 77.72 56.51 0.75 26.16 40.8 Amlin 665.50 - 666.00 445.70 4.06 14.50 550.2 IE Hldgs 79.50 1.38 165.00 67.00 - -2.71 171.3 Dignity 2504 20.00 2643 1729 0.80 -28.78 32.1 TriadGp 27.75 1.00 43.00 9.25 - 9.70 9.0
Chemicals Nestle SFrX 73.05 -0.75 77.00 64.55 3.02 16.14 4754.3 AvivaX 495.30 -4.70 578.68 428.40 3.65 12.96 5560.4 JKX 26.50 -0.25 39.40 10.23 - -0.70 51.9 DixonsCar♦ 480.10 -10.20 506.50 398.90 - 22.65 3231.8
Bayer €X 109.65 -1.60 146.45 106.80 2.05 24.32 2127.7 PremFds 40.75 -0.25 47.79 30.75 - -1.60 831.1 Beazley 382.00 -0.80 402.08 269.00 2.46 13.29 562.8 Nostrum 378.50 -21.00 670.00 333.40 4.65 52.77 36.9 Dunelm 912.00 -17.00 1023 800.00 2.25 19.29 122.1 Telecommunications
Carclo 146.75 4.50 169.75 89.00 1.87 49.05 27.0 PureCircle 425.00 10.00 590.00 352.24 - 269.84 52.2 Chesnar 340.00 1.75 367.81 310.00 5.41 13.33 24.3 OphirEgy 92.10 -5.00 171.20 78.00 - -2.13 1282.0 Findel 199.00 -0.75 255.00 162.00 - -28.75 2.4 BTX♦ 467.35 2.90 502.60 385.60 2.44 17.61 12225.4
Croda 2950 -22.00 3150 2537 2.22 22.97 273.2 REA 266.00 10.00 352.00 244.00 2.90 55.73 3.8 DirectLine 376.50 -9.80 418.90 315.05 3.82 11.80 8668.2 PremOil 35.50 -7.75 191.40 34.88 - -0.38 17217.5 Halfords♦ 321.60 -0.40 563.51 315.30 4.54 9.65 1172.9 Inmarsat 1111 -5.00 1153 780.00 2.90 24.20 658.8
Elemntis 216.70 -6.10 324.10 206.70 2.44 9.42 690.6 SABMillX 4067 -3.00 4090 2773 1.83 33.69 1707.7 Eccles prf 133.00 - 146.00 124.50 6.48 - 64.3 RylDShlAX 1497.5 -28.50 2216.5 1415.5 8.39 90.52 7207.9 Inchcape 771.00 -5.50 906.65 673.50 2.61 20.75 840.6 KCOM Gp♦ 118.00 -1.25 124.50 78.50 4.55 47.26 4899.7
Syngent SFrX 380.70 -5.60 435.20 280.00 2.88 25.81 289.1 StckSpirit 130.25 -3.25 235.00 97.75 1.36 19.50 230.4 Hansard 107.50 -2.50 123.24 80.00 7.91 9.91 55.5 ..B 1504 -31.00 2315 1423 8.35 90.91 7679.4 JDSportsF♦ 1032 17.00 1081 439.86 0.68 23.77 65.2 TalkTalk 211.40 -2.00 415.10 210.10 6.53 39.79 1428.8
Synthomer 310.80 -3.90 364.10 217.20 2.51 20.96 361.9 Tate&Lyl 578.00 -11.00 682.50 492.20 4.84 59.98 1488.4 Hiscox 1030 -4.00 1063 705.00 2.28 12.64 188.1 Schlmbrg $X♦ 68.53 -0.97 95.13 66.57 2.67 26.85 6163.9 Lookers 173.50 -1.50 188.80 133.23 1.64 14.16 488.8 TelePlus 974.50 -44.50 1275 725.50 4.10 23.75 230.9
Victrex 1692 -64.00 2202.55 1606 2.69 17.28 1003.0 TongtHu R 89.29 -0.41 171.50 77.85 4.69 10.45 221.2 JardineL 927.00 9.00 1112 840.50 3.12 18.12 39.8 SEPLAT 70.00 -5.00 166.00 66.00 13.95 7.08 153.7 Marks&Sp♦ 438.70 3.70 600.00 426.90 4.10 16.80 7234.5
Unilever 2818 -32.50 3087 2450 2.92 23.48 2425.8 Lancashire 619.00 -3.50 772.90 539.50 1.44 8.70 516.4 Soco Int 148.25 -1.50 314.50 117.00 6.57 -12.80 237.0 MossBros 99.75 0.75 112.00 83.50 5.26 22.43 47.7 Tobacco
Construction & Materials ..NV € 38.57 -0.57 42.98 31.41 2.89 23.65 4.6 TrnCan C$X♦ 44.52 -0.51 59.50 40.58 4.64 18.62 610.8 Next 6865 5.00 8175 6720 2.18 16.17 1041.7 BrAmTobX 3728 19.00 3931.5 3231.5 3.97 17.31 2083.1
Leg&Gen 256.30 -5.30 296.02 230.40 4.39 14.93 10970.7
Alumasc 179.00 1.50 221.83 117.00 2.96 12.09 28.6 Tullow 152.70 -11.70 456.90 150.59 2.76 -1.41 9224.6 Ocado 289.30 4.70 478.50 272.95 - 253.55 3288.5 ImpTobX 3602.5 63.50 3665 2763.7 3.67 20.36 2006.4
Health Care Equip & Services NovaeGp 861.50 -19.00 914.39 585.00 2.88 11.30 48.7
Boot(H) 225.00 2.00 245.00 121.00 2.49 13.76 376.2 Pendragn 49.00 0.75 49.00 31.00 1.84 8.58 3852.7
Bioquell 140.00 - 155.50 80.00 2.36 139.72 18.4 Old Mut 163.80 -4.00 20590 154.60 5.31 11.38 8901.7 Pharmaceuticals & Biotech Travel & Leisure
ClarkeT 85.75 1.25 91.00 57.23 3.62 - 40.1 Photo-Me 151.75 0.50 163.00 131.50 3.22 21.83 185.5
ConstMed 1070 -28.00 1155 820.50 1.69 106.38 12.2 PermTSB € 4.65 -0.14 6.30 0.05 - -5.87 123.3 BTG 652.00 -4.00 835.87 504.00 - 54.78 634.2 888 Hldg 183.25 -1.25 187.75 131.00 2.78 24.39 178.4
CRH 1897 -36.00 2478.5 1454 2.33 35.49 1154.3
PhoenixGrp 893.50 -11.00 935.00 783.50 5.98 18.79 180.2 Saga 199.10 -0.70 225.10 146.00 2.06 16.22 841.5
GalfrdT 1486 -15.00 1824 1195.63 4.04 13.40 292.8 GNStre kr 125.10 -0.10 158.50 113.70 0.72 25.63 385.2 CathayIn 13.50 - 28.29 13.10 - -14.05 0.6 AirPrtnr 423.88 5.88 470.00 251.00 5.20 14.85 4.1
UDGHlthC♦ 583.50 -7.50 602.50 380.70 1.30 46.52 305.9 PrudntlX 1432 -44.00 1761.5 1045.99 2.58 14.58 4886.1 Dechra 1075 18.00 1110 818.00 1.47 48.89 25.6 SuperGroup 1503 -39.00 1733.49 750.00 - 30.71 276.8 bwin.party 131.70 1.10 132.55 70.40 2.71 363.81 2144.3
Keller 872.00 -13.00 1105 780.50 2.89 27.53 375.5 TescoX 141.55 -2.85 252.52 138.65 0.82 -2.04 29127.4
RSA Ins 413.80 -1.00 528.00 390.50 0.48 63.74 3636.5 Genus 1519 20.00 1624 1210 1.20 23.40 25.2 Cineworld 555.00 3.50 599.00 397.39 2.43 18.59 522.4
KierGp 1316 -18.00 1779 1250 4.46 32.90 178.2 House, Leisure & Pers Goods SagicFin 59.00 - 68.00 53.00 4.48 4.72 1.0 GlaxoSmhX♦ 1380.5 -5.50 1645 1227.5 5.80 6.84 7145.8 CompassX 1136 -10.00 1223.36 963.00 2.42 21.76 2445.8
Kingsp € 24.30 -0.79 26.07 13.81 0.64 32.11 55.9
BarrttDev 605.00 -13.00 673.50 411.60 1.97 13.58 2695.3 StJmsPl 952.00 -18.00 1031 764.00 2.45 28.33 1190.2
Support Services
LowBonr 65.75 1.75 76.00 49.00 4.11 16.93 6.9 HikmaPhm 2230 -37.00 2617 1849.38 0.63 28.87 273.9 Acal♦ 279.75 3.25 334.75 225.98 2.72 26.28 18.0 EntInns 106.60 -0.80 139.60 94.65 - -8.22 582.8
Bellway♦ 2775 -12.00 2897.51 1686 2.20 12.02 206.5 Stan Life 368.30 -3.90 505.68 364.90 4.96 27.19 3365.6 Oxfd Bio 7.19 -0.09 13.38 5.39 - -18.39 2502.2 FirstGrp 106.90 -0.20 129.90 88.65 - 19.31 1422.0
Marshlls 341.40 20.60 379.80 230.50 1.76 27.83 358.0 Aggreko 898.50 -5.50 1724.15 866.00 3.02 11.89 723.5
Berkeley♦ 3511 -44.00 3788 2264 5.13 11.65 427.3 RichterG $ 18.86 0.11 19.28 12.20 0.61 25.26 0.0 Fuller A 1142 -23.50 1250 909.50 1.37 22.65 1.1
MorgSdl 746.00 -14.00 865.00 604.00 3.62 -21.83 3.5
BovisHme 982.50 -5.00 1206 750.00 3.56 12.06 294.2
Media APR Engy 174.75 -0.25 407.44 49.98 1.95 -0.30 8325.9
Norcros♦ 198.00 6.25 227.60 150.00 2.83 13.95 85.8 4imprint 1260 8.00 1351.85 795.50 1.63 28.90 8.4 ShireX 4441 -89.00 5870 4082 0.34 13.10 930.0 AshtdGp 1067 -30.00 1231 838.00 1.43 15.08 1956.0 Go-Ahead 2634 -6.00 2758 2269 3.25 22.04 57.5
Cairn Homes € 1.17 -0.03 1.22 1.00 - - 2180.4 VecturGp 179.00 0.60 187.50 131.40 - 110.77 1139.8 GreeneKg♦ 912.00 -13.50 985.00 730.00 3.15 22.46 849.3
StGobn €X 38.10 -0.74 44.84 32.36 1.57 26.54 1471.6 Creston♦ 120.00 1.00 163.00 108.00 3.50 15.59 4.7 AtknsWS♦ 1588 -2.00 1677 1225 2.30 16.31 220.3
CrestNic 542.00 -5.00 598.50 342.00 2.64 12.13 257.4 IrishCtl € 5.29 - 5.50 3.20 1.91 15.08 1.4
Tyman 285.75 -10.00 342.00 230.00 2.80 41.44 42.5 DlyMailA♦ 690.00 -5.00 989.50 647.50 3.00 15.20 1381.3 Real Estate Babcock♦ 971.00 -17.50 1152.76 868.50 2.43 18.12 754.6
GamesWk 595.00 - 622.80 487.25 8.74 15.55 0.8 Ladbrokes 122.50 2.30 147.00 92.85 7.27 -46.90 4719.2
HaynesPb 107.50 - 151.00 103.00 6.98 -2.02 47.5 Berendsen 1059 -1.00 1161 946.50 2.83 20.80 138.3
Electronic & Electrical Equip Gleeson 555.00 - 560.00 345.02 1.37 24.14 19.0 Harworth Gr 11.88 -0.50 14.37 7.26 - 2.87 846.1
Brammer 166.00 -2.00 420.50 138.50 6.45 23.17 165.8 MandarO $ 1.51 -0.01 1.78 1.42 4.24 20.52 214.3
Headlam 510.00 4.00 550.00 408.00 3.43 16.95 56.8 ITE Grp 151.50 -5.75 204.75 125.00 4.88 14.51 185.9
Dialight 469.75 10.50 850.00 398.00 3.19 25.14 16.1
ITV 268.80 -2.10 281.90 205.50 1.75 20.54 7868.9
REITs Bunzl 1857 -25.00 1969 1665 1.91 27.21 501.3 Marstons♦ 163.20 -1.80 177.00 137.60 4.11 -34.55 1820.1
e2v Tech 208.50 -9.50 268.00 170.19 2.45 18.96 99.8 McBride 162.25 -0.25 176.00 74.00 - -422.53 137.9 Assura♦ 55.00 - 64.00 50.00 3.55 9.96 2997.8 Natl Exp 329.50 -1.40 334.70 216.30 3.13 20.42 403.3
McCarthy&S 262.50 -1.75 271.50 180.00 - 22.00 687.1 JohnstnP 47.75 -1.25 174.00 35.00 - -99.69 4.3 Capita 1184 -3.00 1336 1032 2.47 32.10 1308.5
Halma♦ 841.00 -4.00 886.50 659.50 1.42 29.84 427.9 BigYellw♦ 835.50 -11.50 847.00 578.50 2.60 9.94 247.4 Carillion 300.80 -3.80 371.40 293.20 5.90 24.04 1345.4 PPHE Htl 666.00 -1.50 688.00 446.00 2.66 10.15 3.1
Persimn 1965 -38.00 2156 1423.36 - 13.65 1225.1 News Corp A $ 12.77 - 17.55 12.16 0.76 -72.62 1620.3
MorganAd 238.10 -6.40 375.84 224.85 4.58 41.19 178.2 BritLand 771.50 -13.00 891.50 755.00 3.61 5.62 3366.4 Comnsis 40.00 -1.00 63.00 36.25 5.00 -5.49 13.5 Restaurt 667.50 -9.50 748.70 631.50 2.31 23.84 352.5
Philips € 22.69 -0.28 28.00 20.48 - 35.48 2742.4 NewsCpB $ 13.25 0.14 17.11 12.24 0.73 -75.35 802.1
OxfordIn 682.50 -18.50 1114 502.62 1.90 -79.68 43.3 Cap&Reg 66.00 0.50 71.50 50.95 1.44 4.01 341.2 ConnectGp 165.50 -0.75 175.00 128.02 5.74 18.36 213.3 Sportech 57.50 -1.50 72.00 52.56 - -1.37 1.7
PZCusns 271.80 -7.20 376.90 264.70 2.88 21.85 769.0 Pearson 716.00 -10.00 1517.42 695.00 7.12 30.67 2229.6
Renishaw 1877 24.00 2672.9 1800 2.26 11.21 100.7 Countrywd 384.10 -7.50 608.00 375.00 3.91 19.13 249.9 DCC 5550 -45.00 6060 3357 1.52 36.15 345.0 Stagech 293.00 1.10 437.90 285.57 3.58 12.72 3210.6
ReckittBX 6102 -5.00 6450 5060 2.28 25.93 1215.3 Quarto 212.50 -6.00 239.00 147.00 3.90 8.26 1.0
Spectris 1757 -2.00 2420 1608 2.65 16.27 166.5 DrwntLdn 3650 -32.00 3891 2998 1.09 5.06 98.8 DeLaRue 443.25 8.50 606.00 414.75 5.64 11.43 110.0 ThomasCook 120.90 0.10 162.20 97.65 - -31.21 3727.8
Redrow 456.10 -1.40 504.50 254.50 0.88 10.28 272.7 RELX NV € 15.11 -0.19 16.75 12.42 2.54 25.55 1207.9
TT Elect 159.25 -4.75 164.00 102.50 3.45 -81.54 31.9 Gt Portld 827.00 -8.00 892.50 732.50 1.09 4.50 552.5 Diploma♦ 740.00 -10.50 916.50 600.29 2.35 22.79 271.4 TUI 1223 -11.00 1294.78 996.74 - 21.84 1692.5
TaylorWm 197.00 -2.20 207.40 121.85 0.79 15.51 9438.5 RELX PLCX 1168 -7.00 1232 988.50 2.23 26.83 1489.8
XP Power♦ 1421 -49.00 1750 1376 4.36 14.12 3.2 Green Reit € 1.53 -0.08 1.70 1.21 - - 47.1 Elctrcmp♦ 222.90 -6.70 263.10 167.55 5.27 23.46 540.4 Whitbrd 4200 -106.00 5475 4178.82 1.96 20.35 597.1
TedBaker 2867 -86.00 3650 2211.24 1.41 33.91 63.9 STV Grp 501.00 -4.00 520.00 338.00 1.60 15.30 104.1
Hammersn 591.50 -6.00 708.00 569.50 3.45 6.83 2085.9 EnergyAst 485.50 -14.50 640.00 392.25 - 16.60 281.9 Willim H 381.00 -1.90 432.10 312.10 3.20 19.03 1546.1
Financial General ThmReut C$X 52.05 0.24 55.92 45.29 3.49 15.21 726.6
Hansteen 116.00 -0.90 128.95 106.80 4.31 5.72 1151.6
3i 465.60 -6.20 571.50 421.70 1.74 7.43 1874.3 Industrial Engineering UTV Med 178.25 -0.75 204.00 137.00 4.07 31.87 2.8 Essentra 800.00 -14.50 1069 714.00 2.29 28.63 261.3 Utilities
Bodycote 578.50 18.00 797.59 489.90 2.49 18.52 533.1 WPPX 1526 -14.00 1616 1273 2.50 15.77 2355.6 HIBERNIA 1.34 -0.02 1.45 1.06 - - 3017.7 Experian♦ 1146 -10.00 1264 1017 2.29 25.28 1403.2
AberAsM 270.00 -5.20 509.64 264.50 6.94 12.39 6039.7 Highcrft 990.00 2.50 1090 820.00 3.64 18.14 0.6 Centrica 213.60 -1.20 300.70 200.87 6.32 -21.49 8872.7
BrewDlph 310.80 7.20 361.00 247.70 3.22 18.18 451.4 Castings 472.50 1.63 488.00 360.00 2.81 13.84 2.5 Grafton 725.50 -12.50 868.00 615.00 1.48 18.80 301.0 DeeVally 1455 - 1484 1135 4.30 18.97 0.4
Fenner 135.75 -4.50 237.00 124.50 8.84 -25.06 402.6
Mining INTU 310.80 -3.40 376.50 301.50 4.41 16.25 1489.7 HarvyNah 88.00 0.13 107.00 69.50 4.05 12.76 3.4
Canaccord 230.00 - 460.00 201.50 4.28 -8.57 0.5 LandSecs♦ 1165 -21.00 1363 1138 2.76 4.41 2446.8 Drax 224.10 -1.90 451.30 205.60 5.31 5.25 1903.5
Goodwin 1753 -87.00 3040 1629 2.42 12.96 1.9 Acacia 181.30 1.00 318.90 154.00 1.52 50.60 1138.7 Hays 140.30 -2.30 173.70 134.20 1.90 19.19 1382.1
CtyLonInv 327.25 -20.75 380.37 310.00 7.33 12.57 25.8 LondonMtrc 162.00 -2.80 173.20 149.20 4.32 6.56 1162.3 Natl GridX♦ 950.00 16.70 968.57 806.40 4.51 16.56 9437.8
Hill&Sm 761.50 1.50 776.50 565.00 2.36 29.56 146.1 AngloAmer 270.40 -12.80 1277.59 259.35 20.18 -0.78 13893.7 Homesve♦ 413.00 0.80 447.84 320.70 3.00 23.60 101.2
CloseBrs 1327 -11.00 1857.39 1303 3.81 11.39 209.9 McKaySec♦ 268.50 0.50 279.75 223.28 3.24 4.68 14.3 Pennon 858.50 1.50 922.50 711.90 3.66 29.68 574.0
IMI 814.00 -29.00 1454.55 811.50 4.62 12.58 541.3 AngloPacif♦ 56.00 0.50 106.43 49.00 15.09 -2.24 230.0 HowdenJny 508.50 -7.50 538.50 386.50 1.65 21.65 1115.2
DBAG € 29.46 0.11 34.50 24.65 1.31 11.49 23.2 MucklGp 513.00 7.88 530.00 440.25 4.00 5.76 12.3 UtdUtils♦ 936.00 -4.50 1045 816.50 4.03 22.81 1283.0
MelroseInd 282.50 -6.60 314.78 242.70 2.94 44.20 3829.0 AnGoldA R 120.70 5.88 149.99 71.59 - -26.01 1088.9 Intserve 513.00 -5.00 878.50 487.20 4.48 13.94 110.6
Hargr Lans 1481 2.00 1533 912.50 1.53 44.78 871.2 PrimyHth 105.50 -1.25 113.50 90.50 4.68 11.83 282.1
Renold 55.25 -1.75 86.00 50.75 - 21.62 2.2 Antofagasta 433.70 -13.20 811.50 408.90 3.15 28.17 2261.4 Intertek 2722 -25.00 2949 2196 1.80 23.11 690.0

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♦ 417.00 15.00 489.75 335.00 6.00 16.27 0.8 Industrial General ClontarfEn 0.25 - 1.00 0.13 - -5.21 288.9 NewRiver♦ 346.50 - 362.00 283.25 3.75 9.20 516.5 Tech - Hardware
Cohort 386.00 6.00 432.04 230.00 1.30 28.42 22.1 Share 28.00 - 40.75 25.00 2.21 297.87 8.6 Powerflte 88.00 -3.50 100.98 49.00 1.21 28.33 357.2 Egdon Res 9.25 -1.00 17.00 6.24 - -4.58 401.0 Palace Cap 362.50 5.00 405.00 330.00 3.59 6.24 1.7 AminoTech 117.50 5.00 171.00 103.00 4.26 10.46 126.6
ShoreCap 425.00 - 431.50 400.00 2.35 14.72 0.2 RM2 37.50 -0.25 73.00 36.50 - -3.78 85.9 EuropaOil 3.13 - 9.72 2.63 - -3.63 68.5 PnthrSec 367.50 - 402.00 300.00 3.27 16.23 0.8 IQE 19.50 0.25 27.00 15.78 - 80.91 698.7
Banks STM Group 65.00 -1.50 73.00 23.00 - 34.98 30.7 FalkldO&G 7.76 -0.19 45.00 6.25 - -16.72 870.8 PSPI 47.00 -1.00 50.00 23.50 - -9.80 11.2
BCB Hldgs 8.00 -0.50 11.60 3.25 - -0.72 50.0 WH Ireland 90.00 - 130.00 79.00 2.22 34.63 3.3 Insurance GETECH 37.00 1.50 65.00 21.75 6.00 6.72 106.1 SiriusRE €♦ 0.50 - 0.54 0.39 3.23 7.88 36.8 Tech - Software & Services
STB 3257 4.50 3425 2701 2.09 23.67 0.1 Gable 15.75 -0.50 60.00 12.00 - -2.29 5.0 Infrastrata 1.55 0.15 5.45 1.01 - -0.31 34.2 SumGermny € 0.97 - 1.00 0.69 3.10 16.76 54.6 Blinkx 17.00 - 40.50 14.75 - -1.17 185.0
Food & Beverages Helios 201.00 - 210.00 120.00 0.75 26.10 0.0 Iofina 13.88 -0.88 43.50 8.50 - -4.78 79.7 TaliesinPr 2250 - 2545 2020 - 8.15 0.1 BondInt 95.00 -1.50 148.25 86.00 2.32 17.69 5.0
Basic Resource (Ex Mining) FinsbryFd 116.50 0.50 118.50 56.00 1.36 20.84 836.3 Brady 55.00 - 110.13 33.60 3.36 -43.21 251.3
Ithaca Engy 27.50 -0.75 76.25 26.25 - 19.33 2269.4
CropperJ♦ 645.00 - 718.00 390.00 1.32 29.70 1.7 Nichols 1440 5.00 1496.81 872.00 1.56 24.94 8.1 Media Retailers Datatec 225.00 - 370.00 210.00 2.31 10.58 67.3
KBC Adv 134.50 -2.50 144.50 77.00 0.74 34.10 29.9
RealGdFd 52.50 -0.50 59.40 31.00 - 38.02 78.0 Avesco 212.50 -2.00 252.00 112.00 2.82 14.81 12.5 ASOS 3112 -102.00 4259 2146 - 70.09 471.0 DDD 1.75 - 4.50 1.25 - -1.81 619.6
Chemicals Cello Gp 88.50 - 106.70 79.00 2.94 82.63 40.0
PetrelRes 3.13 - 4.98 2.00 - -1.53 38.6
Wynnstay 547.50 -5.00 610.00 474.52 1.86 15.42 15.1 Petroceltic 25.50 -1.00 140.00 18.57 - -0.34 83.0 Koovs 24.50 - 154.50 24.00 - -0.82 0.4 Eckoh 50.13 - 56.00 35.89 0.74 73.50 85.6
Scapa 202.50 -1.25 225.25 124.08 0.74 40.86 275.2 M&Csaatc 325.50 -3.63 395.00 280.25 1.93 -44.56 38.5
PetroNeft 2.28 - 5.00 1.86 - -3.35 804.3 StanlGib 82.50 - 312.00 82.36 6.06 -36.96 45.6 EgSoltns 54.50 - 79.00 53.10 - -37.82 0.5
Health Care Equip & Services MissionMk 41.75 -0.25 50.00 39.00 2.40 9.26 2.0
Construction & Materials Plexus 168.50 1.50 245.00 148.00 0.67 27.35 7.4 Support Services Iomart 258.50 2.75 310.00 162.00 0.97 30.25 59.5
Advnc Med 178.25 -2.75 187.29 120.00 0.39 27.83 457.8 Next15Cm 241.50 - 278.25 147.00 1.14 156.21 8.5
Abbey 1182.5 - 1224.15 833.35 0.73 7.17 0.7 Rockhop 25.75 -0.25 83.00 24.00 - -5.04 3267.7 K3BusTc♦ 365.50 -1.00 377.00 205.00 0.34 34.21 27.7
AVO 7.75 -0.13 16.90 3.75 - -9.81 630.7 YouGov 146.50 - 156.00 101.50 0.55 47.50 23.3 AndSyks 310.00 -7.50 355.00 270.00 7.68 13.32 2.2
AccsysTch 66.50 -1.00 81.50 56.00 - -42.55 7.6 Sound Oil 16.75 -0.38 26.73 8.75 - -10.63 721.9 OMG♦ 44.75 - 51.56 33.00 1.12 42.62 5.0
CareTech 233.50 -1.00 262.15 190.00 3.43 11.01 40.3 Augean 54.50 -0.50 62.00 37.65 0.92 10.99 96.5
Aukett 6.63 - 8.50 5.50 3.17 8.69 3.0 Mining TowerRes 0.11 -0.01 0.75 0.08 - -0.48 21167.7 Progility 1.43 - 8.00 1.25 - 5.84 1.6
CircleHldgs 35.50 - 68.75 32.00 - -10.33 1.4 Begbies 44.75 -1.38 51.08 38.50 4.92 -35.52 78.1
Amara 8.25 - 20.00 6.80 - -4.87 94.8 UnJackOil 0.15 0.01 0.30 0.12 - -5.58 894.5 Pub Tech 129.00 - 208.00 114.00 - -3.97 0.1
Electronic & Electrical Equip ImmunDiag 237.50 - 340.00 216.40 1.26 54.54 2.5 Christie 127.50 - 162.00 118.00 1.76 11.13 8.0
SciSys 72.00 - 95.51 38.50 2.24 -62.88 6.5
SphereMed 10.50 - 23.50 8.30 - -1.34 0.8 AMC 7.25 - 44.58 5.50 - 7.22 1581.3 VictorOil 34.25 -0.75 89.05 31.98 - -1.08 159.0 Empres 101.50 0.50 106.90 38.13 0.69 12.25 86.0
CeresPow 6.70 - 10.08 5.90 - -5.03 46.6 WANdisco 77.00 -3.00 545.00 75.07 - -0.84 9.4
ElektronT 6.38 - 8.70 4.00 - 9.63 0.0 Tristel 140.00 0.50 152.00 67.10 1.32 26.75 20.4 BotswanaD 0.88 - 2.50 0.63 - -5.34 110.7 Pharmaceuticals & Biotech Hargreaves 260.00 -2.50 650.00 255.00 10.27 4.05 42.4
FlowGp 15.50 0.38 49.00 9.75 - -3.22 626.8 CentAsiaM 147.00 -1.00 198.00 135.16 8.43 15.12 127.2 Impellam 815.00 - 859.60 500.00 0.77 13.31 0.2 Telecommunications
House, Leisure & Pers Goods Abcam 644.50 -7.00 674.00 420.00 1.23 34.70 463.3
LPA 87.50 -1.00 99.00 58.00 1.77 77.30 5.0 Connema 1.30 - 2.80 0.25 - -3.69 22.0 ISG 142.00 -0.50 355.00 119.50 3.46 -4.28 176.9 AltNetwks♦ 497.50 12.75 545.00 405.00 3.04 21.33 29.0
Airea 17.25 -0.25 23.00 12.25 3.48 13.33 9.5 AllcePharm♦ 44.75 0.75 63.00 33.25 2.23 14.34 338.3
ThorpeFW 228.13 -0.88 250.70 130.00 1.45 22.56 24.7 C'royG&NR 32.50 - 31.64 0.28 - -5.82 0.7 JhnsnSrv 88.50 0.25 95.41 62.88 1.92 60.37 686.2 Peoples Op 82.50 - 147.60 80.00 - -36.42 5.2
Churchll 722.50 11.00 725.00 502.00 2.23 22.42 7.1 Epistem 120.00 - 339.00 110.00 - -3.99 10.0
Zytronic 396.00 6.00 440.00 252.00 2.60 16.28 116.2 GrekaDrill 3.88 -0.62 13.90 2.50 - -3.73 345.3 JourneyGp 207.50 5.00 208.72 120.00 1.43 16.47 37.8
e-Thera 27.25 - 49.40 20.25 - -8.81 30.0
gamingrealm 24.00 -0.75 36.89 20.00 - -5.13 5.0 Herencia 0.05 -0.01 0.30 0.04 - -0.57 25900.4 LonSec 2075 -25.00 2400 1800 2.99 21.69 0.3 Travel & Leisure
GW Phrms 377.25 -14.50 708.55 310.00 - -20.86 145.7
Financial General Mulberry 999.00 52.00 999.00 800.50 - -687.07 9.4 HighldGld 58.50 3.00 59.75 32.00 7.77 -9.67 153.6 Matchtech 530.00 -5.00 587.80 483.85 3.82 17.92 4.1 32Red PLC 134.00 8.50 134.00 35.25 1.79 48.52 165.6
Portmern 937.50 5.00 980.00 860.20 2.83 15.34 7.7 HtchChMd 2662.5 - 2896.6 1140.15 - 154.08 3.0
Ambrian 4.88 - 12.05 4.50 - -1.27 11.7 KarelianDd 0.93 - 1.85 0.80 - -30.83 251.8 NewmkSec 3.08 - 4.93 1.95 2.44 7.20 115.0 CastleStIn# 32.50 -1.00 41.25 17.00 - 5.80 108.9
SIR 275.00 17.50 315.00 235.40 - 19.91 5.0 ImmuPhar 30.00 - 65.00 19.10 - -10.09 57.9
Arbuthnot 1530 -10.50 1650 1290 1.76 21.01 0.1 OracleC 2.65 - 3.20 0.67 - -16.99 3922.6 NWF 195.00 -4.50 206.75 123.50 2.62 15.31 39.9 Celtic 73.50 - 79.00 70.75 - -17.28 4.9
TelfordHms♦ 397.00 -0.75 495.00 337.00 2.80 8.27 194.2 ReNeuron 3.25 - 6.50 2.26 - -6.76 1996.4
Aurora 11.25 -0.25 11.77 8.00 - -0.81 3.1 ShantaGold 5.75 0.13 11.45 4.00 - -11.86 482.4 Paysafe 362.75 -1.50 378.00 326.17 - 55.48 3654.5 ..6%CvPf 65.00 - 80.00 35.00 4.98 - 1.0
WalkerGb 205.50 3.00 244.85 178.00 1.12 22.85 15.3 Sareum 0.23 0.04 0.65 0.17 - -3.54 33961.8
BP Marsh 153.50 - 159.00 127.15 1.79 6.82 16.7 SierraRut 18.38 - 32.00 16.06 - -15.83 13.1 PennaCns 282.50 - 292.00 28.30 1.24 16.41 2.7 ..Cv Pf 135.00 - 150.00 120.00 - - 0.8
SinclairIS 40.00 0.38 61.33 31.50 - -26.67 268.5
BrooksMac 2010 - 2075 1320 1.44 29.50 4.0 Industrial Engineering Sirius Min 15.00 0.25 29.50 6.40 - -44.38 2603.6 Petards 12.25 - 14.65 10.00 - 9.74 28.4 Dalata 394.75 -7.75 410.00 111.15 - 212.80 38.5
Vernalis 69.00 -1.00 88.29 44.45 - -103.76 28.1
Camellia 9400.5 150.00 9992 8401 1.34 318.97 1.2 Stratex 1.48 -0.03 2.50 1.00 - -3.05 408.9 RedhallGp 6.50 - 15.50 5.00 - -1.04 109.8 Dart♦ 584.50 8.00 599.00 267.50 0.51 9.24 305.4
600 Grp 13.75 - 20.00 11.35 - 9.91 35.1
Fairpoint 135.00 - 195.00 105.66 4.74 19.42 5.2
Molins 78.50 0.50 96.80 66.10 7.01 -19.14 20.7
ZincOx 0.60 -0.03 18.00 0.51 - -0.05 1731.5 Real Estate Renew 405.00 6.75 407.78 237.00 1.42 19.23 106.2 GoalsSocc 161.00 -1.00 242.00 127.00 1.24 11.28 25.5
Leeds 36.25 0.25 42.00 30.00 - 9.49 0.1 Conygar 172.25 0.25 195.00 163.50 1.02 22.32 75.0 Restore 308.50 2.00 316.00 232.00 0.78 56.33 222.2 MinoanGp 8.25 -0.13 13.50 6.00 - -13.07 6812.7
MattioliWds 648.00 -0.50 653.00 456.00 1.44 33.07 6.5
MS Intl 205.00 - 227.50 116.00 3.90 25.01 111.1 Oil & Gas PeelHtls 98.00 - 110.00 81.03 1.53 19.32 10.0
Pres Tech 185.00 - 395.00 140.00 4.54 38.44 9.0 FltchKng 47.50 - 64.00 41.11 4.74 4.08 15.4 SafeCharge 248.50 2.25 297.00 235.01 2.15 27.07 78.5
Miton 26.75 -0.25 31.00 18.50 2.24 9.29 66.0 AmeriRes 23.00 - 43.75 19.50 - -35.55 1369.7
InlandHms♦ 86.75 - 88.70 54.00 0.69 6.30 908.3 Servoca 25.75 -0.50 34.75 17.40 - 14.83 4.5
Numis♦ 240.75 -1.50 278.00 196.09 4.57 13.14 100.8
TP Group 2.13 - 6.75 2.08 - -2.01 866.5 AndesEnrg 18.50 - 38.75 16.50 - -13.63 12.5 Utilities
Lok'nStor 347.50 2.50 374.00 235.00 2.11 45.48 10.4 Utilityws 180.25 12.00 288.25 115.00 2.50 12.38 725.0
Park Grp 74.13 -0.38 97.97 52.00 3.24 14.74 28.0 BahamasP 2.71 0.01 3.25 0.92 - -11.58 2223.5 ModernWtr 7.75 - 20.50 7.00 - -0.35 13.0
LXB Retail 97.00 0.75 149.00 77.00 - - 1209.0
BorSthnPet 2.60 0.33 7.18 1.25 - -5.25 2784.8 SeaEnergy 4.75 - 30.40 3.04 - -0.50 8.3

Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-) Edin Inv 707.00 -4.50 737.00 633.15 3.37 702.5 0.6 JPM Clavr 586.00 -7.00 645.18 550.50 3.50 621.0 -5.6 SchdrUKMd♦ 473.75 -6.25 504.50 423.00 1.79 521.6 -9.2 VCTs 52 Week Dis(-) Marwyn Val 213.50 - 251.93 199.07 - - -
Price +/-Chg High Low Yld NAV or Pm Edin WWd 457.25 -2.25 502.44 391.50 0.33 484.5 -5.6 JPMGIConv 90.75 -0.13 106.00 89.50 6.20 94.8 -4.3 ScotAmer 253.25 -2.00 276.50 230.44 4.17 240.7 5.2 Price +/-Chg High Low Yld NAV or Pm TerraCat 106.00 - 110.89 91.00 - - -
3i Infra♦ 170.80 -1.20 189.56 163.40 4.55 - - EP Global 230.25 -1.25 262.10 212.05 1.43 236.3 -2.6 JPM GEI♦ 84.75 -1.50 124.67 79.00 5.78 87.9 -3.6 Scottish In♦■ 581.00 -6.50 670.00 552.50 2.10 649.7 -10.6 AlbionDev 68.50 - 70.89 66.00 7.30 72.8 -5.9
AbnAsianIn 152.00 -0.75 207.75 142.50 5.39 165.2 -8.0 Estabmt 165.88 -2.63 187.00 138.00 2.95 201.8 -17.8 JPM I&C Uni 348.00 - 370.00 342.00 - 352.9 -1.4 ScottMort 264.20 -2.60 283.40 226.20 1.11 259.2 1.9 Albion Ent 91.50 - 91.90 85.50 5.46 101.2 -9.6 ISDX
AbnAsian 727.00 6.50 953.50 653.77 1.38 840.6 -13.5 Euro Ast 1102.5 -15.00 1160 966.10 4.79 1090.1 1.1 JPM Inc&Gr 105.63 - 115.85 102.00 4.26 109.0 -3.1 ScottOrtll♦ 729.50 0.50 898.50 660.00 1.58 840.3 -13.2 AlbionTech 73.50 - 78.49 72.00 6.80 79.1 -7.1
EuroInvT 706.00 -9.00 849.00 667.00 1.98 746.9 -5.5 JPM Ind 498.50 - 605.50 443.00 - 569.0 -12.4 SecTstScot 126.00 -0.50 148.00 120.50 4.13 135.7 -7.1 52 Week Vol
AbnJapInv 473.00 -1.00 571.00 430.00 0.55 517.1 -8.5 AlbionVCT 66.50 - 67.90 63.00 7.52 68.8 -3.3
F&C Cp&I 254.00 -1.00 277.00 249.00 3.94 251.5 1.0 JPM JpSm 267.25 -3.25 278.00 203.32 - 297.4 -10.1 Seneca I&G 144.25 - 150.00 134.00 3.98 144.0 0.2 Price +/-Chg High Low Yld P/E 000s
AbnLatAmIn♦ 44.50 -0.50 73.00 43.00 9.55 50.3 -11.5 ArtemisVCT♦■ 60.00 - 74.00 58.11 6.67 65.8 -8.8
F&CGblSmlr 994.00 -6.00 1028.92 875.00 0.97 967.0 2.8 JPM Jap 293.00 -4.00 307.95 227.76 0.96 317.9 -7.8 Shires Inc 208.38 0.38 261.00 205.00 5.88 228.0 -8.6 ArsenalFC 1567000 - 1600000 1475000 - 48.64 0.0
..Sub# 0.05 -0.10 0.61 0.10 - - - ..VCT 2 96.50 - 99.00 91.00 6.74 100.5 -4.0
F&CMgdG 151.50 - 158.00 138.00 - 148.9 1.7 JPM Mid 1067 -15.00 1100 777.00 1.92 1054.9 1.1 StdLf Eqt 459.00 -1.00 471.46 396.50 3.14 451.0 1.8 ShephdNm 1170 -15.00 1170 1170 2.23 24.00 0.8
AbnNewDn 144.00 -2.25 205.23 136.00 2.64 166.8 -13.7 ..VCT 3 101.00 - 103.49 94.00 7.43 105.0 -3.8
F&CMgdI 117.00 -1.25 130.00 112.10 4.23 114.6 2.1 JPM O'seas 1011 -19.00 1159 930.00 1.48 1103.2 -8.4 StdLf Sml 375.00 -4.50 386.00 271.10 1.23 375.5 -0.1 Thwaites 117.50 - 117.50 117.50 3.80 7.08 0.3
AbnNewThai 354.00 3.00 489.88 324.00 2.32 422.1 -16.1 ..VCT 4 94.00 - 95.19 88.25 3.19 97.4 -3.5
AbnSmlCo 215.00 0.50 229.00 177.00 3.02 246.8 -12.9 FidAsian 236.25 -2.13 285.50 195.50 0.47 268.8 -12.1 JPMRussian 300.25 -6.75 391.00 259.50 4.33 371.7 -19.2 StrategicEq 216.75 -0.38 241.50 175.75 0.36 210.2 3.1 ..VCT 5 81.25 0.25 82.49 72.00 4.92 86.6 -6.2
Abn UK 292.00 -5.88 334.75 281.83 3.49 308.6 -5.4 FidChiSpS 138.40 1.00 179.78 105.06 0.94 165.4 -16.3 JPMSnrSec♦ 83.75 0.75 101.05 82.50 7.34 87.5 -4.3 Temp Bar 1025 -6.00 1235.01 1002 4.57 1083.2 -5.4 BSC VCT♦ 86.00 - 91.00 82.00 6.40 97.8 -12.1
Abf Gd Inc 203.00 -4.00 212.00 162.25 3.62 218.1 -6.9 Fid Euro 166.90 -1.10 187.50 155.91 1.86 177.7 -6.1 JPM Smlr 895.00 -5.50 929.20 601.89 1.07 1034.1 -13.5 TempEmerg 396.00 -4.00 607.78 370.00 2.08 455.2 -13.0 ..VCT2 56.00 - 59.00 51.98 8.04 61.5 -8.9 Guide to FT Share Service
Abf Sml 1173 -12.00 1235 1015 2.11 1252.2 -6.3 Fid Jap 84.00 -0.50 88.50 70.75 - 97.4 -13.8 JPM US Sml 176.75 -0.75 193.75 155.25 - 179.9 -1.8 TRIG 102.50 -0.20 109.00 93.80 5.93 - - Crown Place 28.50 - 30.50 27.75 8.77 31.7 -10.1
AcenciADbt $ 1.44 0.01 1.80 1.40 4.07 1.6 -10.0 Fid Spec 194.50 -2.00 217.00 164.80 2.21 - - JupUSSmCo 580.00 -6.00 704.03 569.00 - 678.4 -14.5 ThreadUKSel 165.50 -0.50 180.00 156.00 2.63 185.0 -10.5 FrsightSol 104.50 - 106.00 95.00 5.74 109.9 -4.9
AdvDvpMk 390.00 -2.38 483.00 350.00 - 447.4 -12.8 FinsG&I 570.50 -5.50 609.36 522.00 2.05 569.8 0.1 KeystoneInv 1785 -1.00 1900 1720.95 2.83 1848.3 -3.4 TREurGth 648.00 -4.00 661.00 509.50 1.00 684.1 -5.3 Inc&GthVCT 102.00 -1.50 105.00 88.25 9.80 103.1 -1.1
Alliance 502.00 -4.00 531.50 437.00 1.97 549.6 -8.7 FstPacfic H HK$ 5.04 -0.01 8.10 4.56 3.87 - - Law Deb 485.75 -5.25 545.50 452.50 3.23 449.3 8.1 TroyInc&G 71.50 -0.13 74.71 64.43 3.22 70.5 1.4 KingsAYVCT 18.25 - 19.00 17.25 5.48 19.9 -8.3 For queries about the FT Share Service pages e-mail
AllianzTech 628.50 -2.50 650.00 507.00 - 663.1 -5.2 For & Col 434.50 -4.70 467.90 395.60 2.16 472.0 -7.9 LinTrain £ 570.00 -2.50 585.00 376.61 1.13 417.3 36.6 UtilicoEmg 166.00 0.13 173.75 119.11 3.67 186.5 -11.0 Maven I&G 66.75 - 75.00 59.50 8.84 62.6 6.6 ft.reader.enquiries@morningstar.com.
AltAstsOps 42.00 -0.25 46.81 37.50 - 50.2 -16.3 Geiger 12.00 - 24.50 10.50 - 16.2 -25.9 Ln&StLaw 338.00 -4.50 384.00 331.51 4.20 359.2 -5.9 UtilEmSubs 10.00 0.50 14.00 7.01 - - - MavenVCT2 49.25 - 64.00 45.00 8.12 50.3 -2.1 All data is as of close of the previous business day. Company classifications
Art Alpha♦ 238.00 -2.88 294.25 237.18 1.49 305.8 -22.2 GenEmer 441.00 -5.30 575.00 391.70 - 502.7 -12.3 Lowland 1330 -33.00 1440 1231.25 2.93 1307.5 1.7 UIL Inv 107.50 - 126.00 104.50 6.98 156.5 -31.3 MavenVCT4 85.50 - 86.00 80.00 5.85 97.2 -12.0 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
..Sub 16.50 - 32.03 15.50 7.27 - - GFIS 14.00 - 20.89 12.00 - 40.9 -65.8 M&GHighInc 156.00 -1.00 179.95 145.00 2.95 165.0 -5.5 ValAndInc 238.50 -3.50 264.75 228.50 3.77 305.6 -22.0 MavenVCT5 36.00 - 37.00 32.00 6.94 39.3 -8.4 100 constituent stocks are shown in bold.
AsianToRt 188.00 1.00 224.00 163.25 1.73 208.2 -9.7 GRIT 6.13 -0.25 25.11 2.50 - - - Majedie 270.00 -3.00 283.00 230.75 2.78 259.5 4.0 Witan 768.00 -2.50 850.00 676.78 2.04 761.9 0.8 Nthn 2 VCT 73.00 - 88.00 67.25 7.53 79.0 -7.6 Closing prices are shown in pence unless otherwise indicated. Highs & lows
Aurora 156.00 - 162.23 144.00 2.47 159.4 -2.1 GoldenPros 19.13 0.38 34.00 17.00 - 21.7 -11.8 Man&Lon 245.50 -1.00 259.28 219.00 1.42 302.2 -18.8 WitanPac 226.00 - 274.75 203.03 2.01 262.1 -13.8 Nthn 3 VCT 95.50 - 104.00 86.50 5.76 102.0 -6.4 are based on intra-day trading over a rolling 52 week period. Price/earnings
Axiom 101.50 - 103.00 100.00 - - - Hansa 776.00 -16.50 917.00 740.50 2.06 1101.5 -29.6 MCGlobPort 179.00 - 195.00 155.00 2.29 176.0 1.7 WorldTst♦ 248.50 -0.50 285.25 231.00 1.39 288.5 -13.9 NthnVent 77.50 -0.50 85.36 74.00 7.74 81.2 -4.6 ratios (PER) are based on latest annual reports and accounts and are updated
BG Japan 461.25 -3.25 493.25 372.25 - 453.1 1.8 ..A 764.50 -3.25 930.00 747.25 - 1101.5 -30.6 MCurPac 256.50 -3.00 336.00 236.73 2.92 295.5 -13.2 WwideHlth♦ 1912 -12.00 2108.5 1590.25 0.65 2009.5 -4.9 ProVenGI 76.25 - 81.25 73.00 5.90 78.7 -3.1 with interim figures. PER is calculated using the company’s diluted earnings
BG Shin 461.25 1.25 469.00 303.00 - 445.6 3.5 Hend Alt 217.00 -2.38 241.75 215.00 1.38 274.1 -20.8 MercantIT♦ 1794 -17.00 1845 1410 2.40 1953.0 -8.1 ProVenVCT 92.50 1.00 97.89 89.50 5.41 100.1 -7.6 from continuing operations. Yields are based on closing price and on dividends
Conventional - Private Equity 52 Week Dis(-)
BSRT 14.50 - 34.00 13.00 - 39.8 -63.6 Hen Div 90.00 - 95.50 86.50 5.67 90.3 -0.3 MrchTst 419.00 -3.00 500.00 401.50 5.70 443.9 -5.6 UnicornAIM 144.00 - 144.79 122.00 4.17 163.8 -12.1 paid in the last financial year and updated with interim figures. Yields are
Price +/-Chg High Low Yld NAV or Pm
Bankers 611.00 -4.50 674.50 548.00 2.47 614.2 -0.5 HenEuroF 1021 -47.00 1148.5 925.91 2.39 1043.2 -2.1 Mid Wynd 337.50 -2.00 352.50 301.00 1.14 330.3 2.2 shown in net terms; dividends on UK companies are net of 10% tax, non-UK
HenEuro 880.50 -9.50 957.00 779.50 2.04 866.5 1.6 MitonUKMic 55.25 -0.25 57.65 50.00 - - - AbnPvtEq 89.13 - 96.00 82.00 2.51 128.5 -30.6 Ordinary Income Shares 52 Week HR
BrngEmEu♦ 440.00 -9.50 607.70 433.00 4.32 519.2 -15.3 companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
HenFarEs 278.50 -1.75 362.00 238.25 6.64 285.1 -2.3 MitonWw 158.00 0.25 164.65 155.95 - 175.8 -10.1 Altamir € 10.90 -0.10 11.82 9.60 4.42 17.1 -36.3 Price +/-Chg High Low Yld WO GRY 0%
BH Global 1265 -5.00 1343.6 1235 - 1343.0 -5.8 capital changes where appropriate.
HendGlob 369.00 -1.50 416.81 334.86 2.71 409.9 -10.0 MMP 2.75 - 4.19 2.55 - - - Dun Ent 313.50 -1.00 378.00 305.00 1.50 507.6 -38.2 JPM I&C 88.50 -0.25 106.00 82.00 7.51 -17.5 -3.0
..USD $ 12.54 -0.04 13.35 12.20 - 13.2 -5.0 Trading volumes are end of day aggregated totals, rounded to the nearest
HenHigh♦ 175.00 -2.63 195.25 165.90 4.97 174.1 0.5 Monks 416.60 -4.00 458.90 371.50 0.95 459.7 -9.4 Electra 3712 1.00 3757 2996 1.02 3964.9 -6.4 JupiterDv&G 3.63 - 5.40 3.00 20.41 8.0 -47.1
BH Macro 2015 -1.00 2191 1990 - 2121.0 -5.0 1,000 shares.
HenInt Inc 118.50 -0.88 137.69 106.92 3.76 121.1 -2.1 MontanSm♦ 581.00 -5.00 590.00 446.25 1.29 618.8 -6.1 ElectraPrf 151.75 - 152.75 147.43 - 149.4 1.6 M&GHI&Gt 49.00 -0.13 65.50 45.50 - -19.9 -0.3
..EUR € 19.32 -0.08 21.10 19.11 - 20.6 -6.2
Hen Opp 863.75 -12.50 1059.1 794.49 1.45 954.4 -9.5 Mur Inc 654.00 -8.00 793.58 637.04 4.78 702.2 -6.9 F&C PvtEq 241.75 -1.25 244.50 214.00 4.48 293.6 -17.7 Rghts&Icp 4862.5 12.50 4950 3850 - -92.6 -13.8 Net asset value per share (NAV) and split analytics are provided only as a
..USD $ 19.31 -0.02 21.10 19.05 - 20.3 -4.9
HenSmlr 679.50 -6.00 703.00 550.50 1.69 719.5 -5.6 Mur Int 807.00 -11.50 1070 777.18 5.58 824.1 -2.1 GraphEnt 563.50 -11.50 615.94 555.00 1.77 705.6 -20.1 guide. Discounts and premiums are calculated using the latest cum fair net
BiotechGth 700.00 -7.00 898.92 582.73 - 764.7 -8.5 Income Shares 52 Week HR
Herald 720.00 -1.00 750.00 650.12 - 859.8 -16.3 ..B 725.00 - 1144.44 627.00 - 824.1 -12.0 HVPE 905.00 -4.50 912.00 805.13 - 1152.7 -21.5 asset value estimate and closing price. Discounts, premiums, gross redemption
BlckRCom♦ 55.25 0.63 94.14 50.69 10.88 53.1 4.0 Price +/-Chg High Low Yld WO GRY 0%
HICL Infra 150.50 0.10 161.40 149.90 4.88 142.9 5.3 NB DDIF $ 1.09 - 1.21 1.00 - - - HgCapital 1100 4.00 1169 1045 2.91 1298.8 -15.3 yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
BlckREmEur 198.88 -0.75 240.00 164.58 - 228.7 -13.0 JPM In&Gr 97.63 - 100.50 92.50 4.61 -80.4 11.4
Impax Env. 156.00 - 167.75 139.00 0.90 174.8 -10.8 NewCtyEgy 12.50 - 21.50 8.32 - 16.7 -25.1 JPM Pvt Eq $ 0.94 0.00 1.07 0.81 - 1.3 -27.7 are displayed as a percentage, NAV and terminal asset value per share (TAV)
BlckRFrnt 104.25 1.25 118.50 95.25 3.97 107.0 -2.6 M&GHghIc 48.50 - 63.00 45.00 - -20.1 0.3
Ind IT 401.50 - 407.00 280.00 1.25 389.0 3.2 NewCityHY 55.50 -0.63 65.11 52.00 7.77 55.8 -0.5 JZ Capital 385.50 0.50 480.00 376.00 - 648.1 -40.5 in pence.
BlckRGtEur 250.25 -2.75 264.50 219.00 1.94 253.3 -1.2 Rghts&I 1310 - 1350 925.00 2.75 - 27.6
IntBiotech 532.00 11.50 620.00 411.53 - 587.5 -9.4 NewIndia 311.00 -9.00 371.30 263.00 - 348.1 -10.7 Mithras 146.50 0.50 151.91 126.50 0.68 169.5 -13.6
..Sub 10.88 - 25.63 8.50 - - -
Intl PP 138.10 -0.80 141.80 130.00 4.56 126.9 8.8 New Star IT 72.50 - 78.00 65.45 - 112.8 -35.7 NB PE Ptnr $ 10.58 - 12.20 10.51 - - - Capital Shares 52 Week HR X FT Global 500 company
BlckR I&G 183.25 -2.25 193.00 171.01 3.11 184.4 -0.6
InvAsTr 177.25 -1.25 213.58 147.00 2.06 197.1 -10.1 NorthAmer 817.00 -8.00 906.45 729.50 3.73 917.5 -11.0 Nthn Invs 567.50 2.50 695.00 450.00 3.00 566.6 0.2 Price +/-Chg High Low SP WO TAV 0% ♦ trading ex-dividend
BlckRIncStr♦ 131.50 -1.75 141.00 124.44 5.12 130.2 1.0
Inv Inc 277.00 2.50 305.00 264.00 3.66 296.2 -6.5 NthAtSml 2276 1.50 2285 1791 - 2712.2 -16.1 Pantheon 1291 1.00 1395 1220 - 1668.4 -22.6 JPM Inc&Gr 8.13 - 15.19 7.50 5.4 -1.3 1.8 ■ trading ex-capital distribution
BlckRckLat 265.50 -2.75 413.13 262.11 7.26 305.4 -13.1
InvPerp 70.13 - 79.00 68.40 7.13 69.3 1.2 Oryx Int 650.00 - 660.00 400.00 - 698.3 -6.9 PantheonR 1232.5 - 1300 1170 - 1668.4 -26.1 M&GHghIc 1.65 -0.30 5.30 1.58 16.8 16.0 - # price at time of suspension from trading
BlckRckNrAm 111.75 -3.00 124.50 101.00 3.58 125.2 -10.7
IPST BalR 115.75 -1.25 123.00 115.11 - 113.9 1.6 PacAsset 186.00 2.50 226.15 156.25 1.40 193.9 -4.1 PrincssPE € 7.91 -0.06 8.15 6.90 6.84 9.2 -14.0
BlckRSmlr 986.00 -7.00 1010 772.74 1.47 1045.1 -5.7 Zero Dividend Preference Shares 52 Week HR The prices listed are indicative and believed accurate at the time of publication.
IPST Gbl Eq 157.50 -0.50 172.00 149.76 2.92 154.5 1.9 PacHorzn 168.00 -2.63 223.77 142.50 0.83 191.6 -12.3 Riverstone 786.00 -9.00 1114 750.00 - 1087.2 -27.7
BlckRThrmt 362.50 -3.50 370.00 272.39 1.21 395.3 -8.3 Price +/-Chg High Low SP WO TAV 0% No offer is made by Morningstar or the FT. The FT does not warrant nor
IPST Mngd 102.75 - 104.00 101.00 - 103.2 -0.4 Perp I&G 406.00 -4.00 431.00 382.40 3.05 403.7 0.6 StdLfEuPv♦ 206.00 -2.50 223.50 198.00 3.28 271.7 -24.2
BlckRWld 179.25 -4.75 336.91 168.25 11.72 206.4 -13.2 Abf Gd Inc 153.88 0.25 154.50 146.25 -51.4 - 159.7 guarantee that the information is reliable or complete. The FT does not accept
Bluecrest A 193.70 0.20 200.00 185.00 - 200.7 -3.5 IPST UK Eq 172.50 - 175.50 153.78 3.57 166.7 3.5 PerAsset♦ 34500 - 36313.1 33000 1.62 34812. -0.9 Conventional - Property ICs 52 Week Dis(-)
EcofinWatr 155.75 - 156.50 152.67 -85.7 -97.3 160.7 responsibility and will not be liable for any loss arising from the reliance on
Brit Emp 449.90 -2.10 557.08 435.50 2.33 520.0 -13.5 InvPpUK 386.50 -2.50 395.35 316.75 4.44 408.3 -5.3 6 Price +/-Chg High Low Yld NAV or Pm
JPM I&C 175.63 - 176.50 170.41 -21.9 - 192.1 or use of the information.
Brunner 523.00 -5.75 584.12 506.10 2.29 595.5 -12.2 Invs Cap A 90.50 -1.00 102.00 88.00 5.02 95.6 -5.3 PolarFins 104.00 0.88 112.84 94.00 2.98 109.0 -4.6 Direct Property JupiterDv&G 115.00 - 116.50 109.00 -6.1 - 129.7
Calednia♦ 2358 -27.00 2517.66 2110 2.15 2787.7 -15.4 Invs Cap B 91.50 - 103.00 88.00 3.75 95.7 -4.4 ..Sub 4.75 - 9.50 3.75 - - - The FT Share Service is a paid-for-print listing service and may not be fully
AXA Propty 55.00 0.75 55.50 41.57 - - - JZ Capital 365.50 - 365.00 353.00 - - 369.8
CanGen C$ 18.35 - 22.00 17.08 2.97 23.7 -22.6 Invs CapU 362.50 -1.00 404.95 349.00 1.89 383.0 -5.4 PolarHealth 171.50 3.50 187.50 163.00 2.10 181.8 -5.7 representative of all LSE-listed companies. This service is available to all listed
CustdnREIT 106.75 -0.75 110.50 104.00 5.15 - - M&GHghIc 117.00 - 117.50 112.25 -23.4 - 122.8
Cap Gear 3260 -19.50 3575 3152.28 0.49 3297.4 -1.1 JLaingInf 116.40 -0.50 128.60 113.99 5.69 105.8 10.0 PolarTech 614.00 -3.00 647.00 487.40 - 616.4 -0.4 companies, subject to the Editor’s discretion. For new sales enquiries please
F&CComPrp 132.70 0.60 149.00 129.50 4.52 130.9 1.4 UILFn16 189.38 0.13 189.90 182.50 - - -
City Merch 180.00 -0.25 194.00 179.00 5.56 177.9 1.2 JPM Amer 272.10 -2.80 296.14 238.90 1.19 289.2 -5.9 ProspJap $ 1.07 0.01 1.09 0.90 - 1.4 -23.6 email jessica.llewelyn@ft.com or call 020 7873 4012.
F&CUKRealE 102.50 0.25 105.50 94.00 4.88 97.1 5.6 UILFn18 144.50 - 146.50 136.75 - - -
CityNatRs 78.50 -1.13 107.79 75.00 7.13 94.0 -16.5 JPM Asn 211.00 0.50 268.92 182.00 1.04 238.9 -11.7 QatarInvF $♦ 1.09 -0.01 1.49 1.02 2.99 1.2 -9.2
Longbow♦ 103.50 -0.13 106.75 101.25 5.80 - - UILFn20 124.13 - 125.25 108.83 - - -
City Lon 376.70 -4.40 418.35 359.00 4.02 370.4 1.7 JPM Brazil 35.88 0.25 62.80 32.25 1.11 38.5 -6.8 RIT Cap 1651 -6.00 1690 1383 1.80 1574.9 4.8
PictonProp 71.50 0.50 74.75 65.00 4.41 73.0 -2.1
DexionAb 177.75 -1.00 191.00 177.00 - 190.0 -6.4 JPM China♦ 160.25 -2.25 233.96 136.30 1.00 189.1 -15.3 RobecoNV € 30.38 - - - - - -
SLIPropInc♦ 83.25 0.25 90.25 77.61 5.58 81.9 1.6 Investment Companies - AIM Data provided by Morningstar
DiverseInc♦ 93.00 -0.25 97.50 78.00 2.53 91.0 2.2 JPMElct MC 100.00 - 101.99 97.01 0.35 101.3 -1.3 RolincoNV € 28.32 - - - - - -
UKComPrp 84.35 0.10 94.00 79.55 4.36 84.3 0.1
Dun Inc 218.50 -2.50 273.00 214.75 5.15 237.6 -8.0 ..MG 607.00 -3.50 635.00 568.00 1.11 616.5 -1.5 Ruffer Inv 209.75 -0.75 226.00 207.00 - 205.6 2.0 52 Week Dis(-)
Dun Sml 202.00 -2.25 229.00 176.03 2.62 239.2 -15.6 ..MI 102.00 -0.50 110.00 92.00 3.73 102.2 -0.2 SchdrAsiaP♦ 255.75 -2.00 321.50 226.25 1.08 289.8 -11.7 Property Securities
Price +/-Chg High Low Yld NAV or Pm
JPM Emrg 525.00 -5.00 674.65 486.00 1.05 598.3 -12.3 Schdr Inc♦ 252.00 -3.00 348.25 243.50 4.01 266.8 -5.5 SchdrGlbRe 126.88 -0.25 132.98 111.90 1.71 134.9 -5.9
EcofinWatr 119.50 2.75 158.90 113.00 5.86 149.4 -20.0 AdFrntMkt 49.25 -0.13 60.50 48.13 - 55.1 -10.6
JPM EurGth 244.00 -4.50 263.00 217.00 2.95 252.7 -3.4 SchdrJap 151.50 -1.38 165.00 128.00 1.19 165.6 -8.5 TR Prop 297.00 1.80 325.00 278.50 2.59 314.7 -5.6
..CULS 99.75 0.25 106.00 99.48 - - - CrysAmber 157.00 - 173.96 148.00 0.3 158.5 -0.9
EdinDragn 233.00 -3.00 311.00 212.50 0.94 262.9 -11.4 JPM EurInc♦ 136.50 2.25 147.50 120.00 3.48 131.2 4.0 SchdrOrient 173.25 -1.50 215.25 154.00 4.47 178.8 -3.1 GLI Finance 36.88 0.13 65.00 32.00 13.6 - -
JPM EuSm♦ 285.00 -3.75 294.46 200.02 1.12 296.3 -3.8 SchdrUK 153.00 -1.00 174.00 145.00 3.27 171.4 -10.7
..CULS 102.63 - 107.89 102.00 - - - IndiaCap 60.50 0.25 69.40 52.00 - 74.0 -18.2 www.morningstar.co.uk
Infra India 18.25 -0.25 21.99 12.00 - 48.9 -62.7
MMP 2.75 - 4.19 2.55 - - -
Thursday 7 January 2016 FINANCIAL TIMES 25

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

Artemis UK Growth R Acc 451.42 478.41 -3.40 0.54 BLK Intl Gold & General $ 3.87 4.08 -0.07 0.00 Cavendish Worldwide Fund A Class 294.40 - -1.50 0.00 Fidelity Asian Dividend Fund A-Accumulation £ 1.07 - -0.02 1.39 UK Gilt Bond £ 1.27 - 0.00 1.96 HL Multi-Manager Strategic Bond Trust A Acc 166.60 171.75 0.00 1.80

ACPI Global UCITS Funds Plc (IRL) Artemis UK Smaller Cos R Acc 1164.06 1258.79 -4.66 0.47 Cavendish Worldwide Fund C Acc 302.70xd - -1.60 0.62 Fidelity Asian Dividend Fund A-Income £ 1.01 - -0.01 3.29 UK Gilt Gross £ 2.05 - 0.02 1.93 HL Multi-Manager Strategic Bond Trust M Acc 166.59 171.74 0.00 0.89
www.acpishard.com
Regulated Artemis UK Special Sits R Acc 517.36 550.09 -2.33 1.61 BONHOTE Cavendish AIM Fund B Class 162.00 - -0.50 0.71 China Consumer £ 1.44 - -0.01 0.08 UK Long Corp Bond £ 1.35 - 0.01 4.40 HL Multi-Manager Strategic Bond Trust A Inc 138.26 142.53 0.01 1.82
Other International Funds
ACPI Emerging Mkts FI UCITS Fund USD A $ 106.17 - -0.04 0.00 Artemis US Abs Ret I Acc 108.52 - -0.01 0.00 Cavendish AIM Fund A Class 157.70 - -0.60 0.00 Emerging Asia £ 1.14 - -0.01 0.14 UK Long Corp Bond - Gross £ 2.48 - 0.01 4.24 HL Multi-Manager Strategic Bond Trust M Inc 138.24 142.51 0.00 0.91
Bonhôte Alternative - Multi-Arbitrage (USD) Classe (EUR) € 6649.00 - -46.00 2.28
ACPI Global Credit UCITS Funds USD A $ 13.97 - 0.01 0.00 Artemis US Equity I Acc 115.05 - -1.22 0.28 Cavendish Asia Pacific Fund B Class 151.70 - -1.10 1.74 Emerg Eur, Mid East & Africa H £ 1.22 - -0.01 1.06 UK Long Corporate Bond Fund - Gross Income £ 10.80 - 0.08 4.38 HL Multi Manager Emerging Markets A Acc 84.74 87.34 -0.61 0.33
Bonhôte Alternative - Multi-Performance (USD) Classe (EUR) € 9920.00 - 129.00 0.92
ACPI Global Fixed Income UCITS Fund USD A $ 152.19 - -0.04 0.00 Artemis US Select I Acc 116.99 - -1.34 0.12 Cavendish Asia Pacific Fund A Class 151.70 - -1.10 0.77 Dragon Capital Group Enhanced Income - Acc £ 1.88 - 0.00 5.29 Retail Share Classes HL Multi-Manager European A Acc 101.95 105.09 -0.75 0.74
c/o 1901 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam Emerging Markets - retail £ 1.22 - 0.00 0.07
Q ACPI India Fixed Income UCITS Fund USD A $ 9.95 - 0.00 - Artemis US Select I Inc 104.49 - -1.19 - Cavendish Asia Pacific Fund C Acc 158.50 - -1.10 1.71 Fund information, dealing and administration: funds@dragoncapital.com Enhanced Income - Inc £ 1.20 - 0.00 7.27 HL Multi-Manager UK Growth A Acc 103.26 106.45 0.04 1.24
Braemar Group PCC Limited (GSY)
Other International Funds
{*}CAR - Net income reinvested
ACPI India Fixed Income UCITS Fund USD A3 $ 85.04 - -0.03 0.00 Artemis US Smlr Cos I Acc 118.31 - -0.67 0.00 Regulated Cavendish European Fund B Class 140.00 - -1.20 1.10 European - Inc £ 1.39 - -0.01 0.76
Vietnam Enterprise Inv. (VEIL) NAV $ 3.53 - -0.06 0.00
UK Agricultural Class A £ 1.27 - 0.01 0.00
ACPI International Bond UCITS Fund USD A $ 17.72 - -0.02 0.00 Artemis US Ex Alpha I Acc 123.34 - -1.36 0.14 Cavendish European Fund A Class 138.80 - -1.20 0.29 European £ 15.84 - -0.08 1.15
FIL Fund Management (LUX) Haussmann
Vietnam Growth Fund (VGF) NAV $ 23.26 - 0.42 0.00 Other International Funds
UK Agricultural Class B £ 1.39 - -0.02 0.00 2a, rur Albert Borschette, BP 2175, L-1021, Luxembourg
Cavendish Japan Fund B Class 161.60 - -1.20 0.72 European Opportunities £ 3.73 - -0.02 0.23
Vietnam Property Fund (VPF) NAV $ 0.81 - 0.00 0.00 Phone: 800 22 089, 800 22 088 Haussmann Cls A $ 2671.56 - -36.15 0.00
Student Accom Class B £ 0.55 - -0.17 0.00
ACPI Select UCITS Funds PLC (IRL) Artisan Partners Global Funds PLC (IRL) Cavendish Japan Fund A Class 160.70 - -1.10 0.00 Extra Income £ 0.26 - 0.00 3.35 Regulated
Regulated Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland Haussmann Cls C € 2336.81 - -33.24 0.00
China Consumer A-GBP £ 14.34 - 0.04 0.00
Tel: 44 (0) 207 766 7130 Cavendish North American Fund B Class 192.90 - 0.20 0.52 Extra Income - Gross £ 0.26 - 0.00 3.33
ACPI Balanced UCITS Fund USD Retail $ 13.66 - -0.08 0.00 DSM Capital Partners Funds (LUX) Haussmann Cls D SFr 1236.49 - -18.03 0.00
FCA Recognised China Focus A-GBP £ 4.18 - 0.00 0.69
Cavendish North American Fund A Class 187.40 - 0.10 0.00 www.dsmsicav.com Global Dividend - Acc £ 1.60 - -0.01 3.03
ACPI Balanced UCITS Fund EUR Retail € 10.29 - -0.06 0.00 Artisan Partners Global Funds plc
Regulated Global Financial Services A-GBP £ 0.45 - 0.01 0.11
Artisan Emerging Markets I USD Acc $ 6.49 - 0.01 0.00 Cavendish Technology Fund B Class 290.30 - -1.80 0.02 Global Dividend - Inc £ 1.42 - 0.00 3.26
ACPI Balanced UCITS Fund GBP Retail £ 10.42 - -0.06 0.00 Global Growth I2 Acc € 137.66 - 1.23 0.00 Heartwood Wealth Management Limited (IRL)
Global Health Care A-GBP £ 0.58 - 0.01 0.00
Artisan Global Equity Fund Class I USD Acc $ 14.24 - -0.01 0.00 Cavendish Technology Fund A Class 275.70 - -1.70 0.00 Global Focus £ 13.19 - -0.09 0.00 Regulated
ACPI Balanced UCITS Fund USD Institutional $ 10.00 - - - Global Growth I1 Eur € 102.94 - 0.92 -
Global Industrials A-GBP £ 0.63 - 0.01 0.00 Heartwood Caut Multi Asset B Acc 138.33 - 0.06 0.00
Artisan Global Opportunities I USD Acc $ 11.95 - -0.06 0.00 Cavendish UK Balanced Income Fund B Class 134.40 - -0.60 4.93 Global High Yield Fund - A Gross Acc £ 11.75 - 0.02 4.97
ACPI Balanced UCITS Fund EUR Institutional € 10.00 - - -
CCLA Investment Management Ltd (UK)
Cavendish UK Balanced Income A Class 127.70 - -0.60 5.18 Global High Yield Fund - A Gross Inc £ 9.68 - 0.01 5.68
Global Inflation-Linked Bd A-GBP-Hdg £ 1.15 - 0.00 0.56
Artisan Global Value Fund Class I USD Acc $ 15.40 - 0.00 0.00 Senator House 85 Queen Victoria Street London EC4V 4ET
ACPI Balanced UCITS Fund GBP Institutional £ 10.00 - - - Eclectica Asset Management (UK)
Authorised Inv Funds Global Real Asset Securities £ 1.36 - 0.01 0.00 Henderson Global Investors (UK)
Artisan US Value Equity Fund Class I USD Acc $ 10.20 - -0.05 0.00 Cavendish UK Select Fund B Class 139.40 - -1.80 2.31 40 Dukes Place, London EC3A 7NH Global High Yield Fund - A Net Acc £ 11.30 - 0.02 5.04
ACPI Horizon UCITS Fund $ 12.83 - 0.01 0.00 The Public Sector Deposit Fund PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
Order Desk and Enquiries: 0345 608 0941 Global Technology A-GBP £ 0.27 - 0.01 0.00
Cavendish UK Select Fund A Class 139.20 - -1.80 1.39 Global High Yield Fund - A Net Inc £ 9.68 - 0.02 5.68 www.henderson.com
The Public Sector Deposit Fund-share class 1 ♦ F 100.00 - 0.00 0.51 Authorised Corporate Director - Capita Financial Managers
Global Telecomms A-GBP £ 0.28 - 0.00 1.15 Authorised Inv Funds
Authorised Inv Funds Global Property - Acc £ 1.51 - 0.00 1.28
Abbey Life Assurance Company Limited (UK) Ashmore Sicav (LUX) The Public Sector Deposit Fund-share class 2 ♦ F 100.00 - 0.00 0.34 Asia Pacific Capital Growth A Acc 712.60 - 1.00 0.16
2 rue Albert Borschette L-1246 Luxembourg CF Eclectica Agriculture A EUR Acc ♦ € 1.42 - 0.00 0.00 India Focus A-GBP £ 4.37 - 0.03 0.00
100 Holdenhurst Road, Bournemouth BH8 8AL 0845 9600 900 Cedar Rock Capital Limited (IRL) Global Property W Inc £ 1.23 - 0.00 3.00
FCA Recognised The Public Sector Deposit Fund-share class 3 ♦ F 100.00 - 0.00 0.38 Asian Dividend Income Inc 81.94 86.47 -0.97 6.95
additional fund prices can be found @ www.abbeylife.co.uk Regulated CF Eclectica Agriculture A GBP Acc ♦ 104.17 - 0.00 0.00 Latin America A-GBP £ 1.27 - 0.01 0.67
Insurances Ashmore SICAV Emerging Market Debt Fund $ 89.91 - 0.09 9.02 Global Special Sits £ 25.80 - -0.22 0.00
The Public Sector Deposit Fund-share class 4 ♦ F 100.00 - 0.00 0.45 Cedar Rock Capital Fd Plc $ 369.41 - 7.37 0.00 Cautious Managed A Acc 233.90 - -0.60 3.31
Life Funds CF Eclectica Agriculture A USD Acc ♦ $ 1.52 - 0.00 0.00
Ashmore SICAV Emerging Market Frontier Equity Fund $ 138.12 - 0.19 0.98 Index Emerging Markets P-Acc £ 0.92 - -0.01 2.75
The Public Sector Deposit Fund-share class 5 ♦ F 100.00 - 0.00 0.34 Cedar Rock Capital Fd Plc £ 393.49 - 17.56 0.00 Cautious Managed A Inc 144.60 - -0.40 3.37
Prop. Acc. Ser 2 1568.70 1651.20 1.40 - CF Eclectica Agriculture C EUR Acc ♦ € 1.48 - 0.00 0.40 Findlay Park Funds Plc (IRL)
Ashmore SICAV Emerging Market Total Return Fund $ 76.59 - 0.08 6.41 Index Europe ex UK P-Acc £ 0.99 - -0.01 2.44
Cedar Rock Capital Fd Plc € 354.01 - 12.24 0.00 30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900 China Opportunities A Acc 825.60 - -2.00 0.66
Selective Acc. Ser 2 1562.20 1644.40 -4.60 - CF Eclectica Agriculture C GBP Acc ♦ 108.18 - 0.01 0.40
Ashmore SICAV Global Small Cap Equity Fund $ 122.37 - 0.25 0.00 Index Japan P-Acc £ 1.14 - -0.01 1.52 FCA Recognised
CCLA Investment Management Ltd (UK) Emerging Markets Opportunities A Acc 136.50 - -0.70 0.69
American Ser. 4 1699.30 1788.70 5.80 - CF Eclectica Agriculture C USD Acc ♦ $ 1.57 - 0.00 0.40 American Fund USD Class $ 79.27 - 0.07 0.00
Senator House 85 Queen Victoria Street London EC4V 4ET Index Pacific ex Japan P-Acc £ 1.01 - -0.02 3.81
Ashmore SICAV Local Currency Fund $ 79.71 - 0.04 0.32
Custodian Ser. 4 488.20 513.80 -0.10 - Property & Other UK Unit Trusts Charles Schwab Worldwide Funds Plc (IRL) European Growth A Acc 166.20 - -0.80 0.53
American Fund GBP Hedged £ 43.20 - 0.04 0.00
EM Mkts Corp.Debt USD F $ 84.82 - 0.12 9.18 CBF Church of England Funds Regulated Index UK A-Acc £ 0.81 - -0.01 2.90
European Selected Opportunities A Acc 1249.00 - -5.00 0.67
Equity Ser. 4 545.50 574.20 -3.10 - Schwab USD Liquid Assets Fd $ 1.00 - 0.00 0.01 American Fund GBP Unhedged £ 54.16 - 0.25 -
Investment Inc 1325.00 1339.66 -21.02 3.78 Index UK P-Acc £ 0.99 - -0.01 3.15
EM Mkts Loc.Ccy Bd USD F $ 72.86 - 0.06 4.41
European Special Situations A Acc 94.66 - -0.29 1.05
European Ser 4 559.20 588.70 -1.60 - Latin American Fund USD Class $ 10.66 - -0.04 0.00
Investment Acc 2724.54 2754.67 -43.22 - Index US A-Acc £ 1.64 - -0.01 1.40
Fixed Interest Monthly Income A Inc 21.62 22.68 0.01 5.83
Fixed Int. Ser. 4 899.90 947.30 5.00 - Chartered Asset Management Pte Ltd Latin American Fund GBP Unhedged £ 7.39 - 0.00 -
Global Equity Inc 150.96 152.63 -2.79 4.31 Index US P-Acc £ 1.27 - -0.01 1.60
Other International Funds Global Care Growth A Inc 197.80 - -1.00 0.00
Intl Ser. 4 435.60 458.50 -0.40 -
Global Equity Acc 222.82 225.29 -4.13 - Index World A-Acc £ 1.41 - -0.02 1.77
CAM-GTF Limited $ 280040.86 280040.86 914.90 0.00 Global Equity Income A Inc 48.90 - -0.04 3.87
Japan Ser 4 376.80 396.60 -1.80 - EdenTree Investment Management Ltd (UK) Foord Asset Management
UK Equity Inc 145.28 146.59 -3.27 4.05 Index World P-Acc £ 1.15 - -0.01 1.89
CAM GTi Limited $ 612.98 - -36.72 0.00 PO Box 3733, Swindon, SN4 4BG, 0800 358 3010 Other International Funds Global Growth Fund 2038.90 2131.13 -6.72 0.00
Man. Ser. 4 1641.70 1728.10 -2.80 - Authorised Inv Funds
UK Equity Acc 217.09 219.06 -4.88 - Japan £ 2.81 - -0.02 0.00
Raffles-Asia Investment Company $ 1.55 1.55 -0.11 5.55 Foord International Trust $ 34.25 - -0.04 0.00
Amity UK Cls A Inc 207.60 - -1.40 1.45 Global Technology A Acc 971.10 - -3.90 0.00
Money Ser. 4 524.40 552.00 0.00 -
Fixed Interest Inc 160.57 161.38 0.84 3.96 Japan Smaller Companies £ 2.08 - -0.01 0.00
Aspect Capital Ltd (UK) Foord Global Equity Fund_Class B $ 12.19 - -0.03 0.00
Multi-Manager Absolute Return A Acc 134.60 - 0.10 0.39
Prop. Ser. 4 1114.10 1172.80 0.70 - Other International Funds Amity UK Cls B Inc 206.60 - -1.50 2.24
Fixed Interest Acc 493.70 496.17 2.59 - MoneyBuilder Asset Allocator £ 1.17 - 0.00 0.64
Aspect Diversified USD (Est) $ 432.73 - -2.09 0.00 Higher Income Cls A Inc 116.90 - -0.40 5.00 Multi-Manager Active A Acc ▲ 171.40 - -0.70 0.00
Custodian Ser 5 468.60 493.30 -0.20 -
Property Fund Inc 134.92 139.44 0.07 6.51 MoneyBuilder Balanced £ 0.50 - 0.00 4.04 Franklin Templeton International Services Sarl (IRL) Multi-Manager Distribution A Inc 125.70 - -0.10 3.39
International Ser 5 418.10 440.20 -0.40 - Aspect Diversified EUR (Est) € 260.04 - -1.32 - Higher Income Cls B Inc 120.50 - -0.40 4.91
Property Fund Acc 234.22 242.07 2.73 - JPMorgan House - International Financial Services Centre,Dublin 1, Ireland
Money Builder Dividend £ 2.55 - -0.01 4.54
Aspect Diversified GBP (Est) £ 133.03 - -0.71 0.00 Other International Funds Multi-Manager Diversified A Acc 77.73 - 0.01 2.91
Managed Ser 5 1576.00 1659.00 -2.70 - UK Equity Growth Cls A Inc 237.10 - -2.20 0.59
MoneyBuilder Growth £ 0.74 - -0.01 2.39 Franklin Emerging Market Debt Opportunities Fund Plc
Aspect Diversified CHF (Est) SFr 124.20 - -0.66 0.00 UK Equity Growth Cls B Inc 241.60 - -2.20 1.18 Multi-Manager Global Select Acc 176.70 - -0.30 0.00
Money Ser 5 513.50 540.50 0.00 - Franklin Emg Mkts Debt Opp CHFSFr 16.83 - -0.61 8.30
CCLA Fund Managers Ltd (UK)
Cheyne Capital Management (UK) LLP (IRL) MoneyBuilder Growth ISA £ 0.75 - 0.00 2.55
Aspect Diversified Trends USD $ 128.84 - 0.67 0.00 Senator House 85 Queen Victoria Street London EC4V 4ET Amity Balanced For Charities A Inc 105.40 - 0.00 6.11 Multi-Manager Income & Growth A Acc 150.70 - -0.20 2.23
Property Ser 5 1069.60 1125.80 0.80 - Regulated Franklin Emg Mkts Debt Opp EUR € 11.85 - -0.42 7.39
Property & Other UK Unit Trusts MoneyBuilder Income £ 0.35 - 0.00 3.24
Pension Funds Aspect Diversified Trends EUR € 129.01 - 0.66 0.00 Cheyne Convertibles Absolute Return Fund € 1349.59 - -7.76 0.00 Amity European Fund Cls A Inc 193.40 - -1.10 1.23 Multi-Manager Income & Growth A Inc 138.50 - -0.10 2.26
COIF Charity Funds (UK) Franklin Emg Mkts Debt Opp GBP £ 9.95 - -0.23 7.13
MoneyBuilder Income -Gross £ 0.35 - 0.00 3.23
American 1965.50 2068.90 8.20 - Multi-Manager Managed A Acc 223.40 - -0.90 0.42
Aspect Diversified Trends GBP £ 133.87 - 0.69 0.00 Investment Inc 1226.68 1240.25 -15.18 3.62 Cheyne Global Credit Fund € 117.11 - -0.01 0.00 Amity European Fund Cls B Inc 194.90 - -1.10 2.08 Franklin Emg Mkts Debt Opp SGD S$ 21.85 - -0.58 6.33
Multi Asset Adventurous A-Acc £ 1.30 - -0.01 0.44
Equity 4781.50 5033.10 -21.40 - Multi-Manager Managed A Inc 219.30 - -0.90 0.41
Investment Acc 11887.25 12018.73 -71.66 - Cheyne European Mid Cap Fund € 1136.03 - 9.55 0.00 Amity Global Equity Inc for Charities A Inc 99.94 - -0.26 4.01 Franklin Emg Mkts Debt Opp USD $ 16.71 - -0.47 7.19
Multi Asset Alloc Adventurous A-Acc £ 3.62 - -0.05 3.07
European 1124.90 1184.10 -3.40 - Sterling Bond Acc 196.26 205.07 0.74 2.88
Atlantas Sicav (LUX) Ethical Invest Inc 189.10 191.19 -2.61 3.73 Amity International Cls A Inc 198.70 - -0.70 1.38
Regulated Multi Asset Alloc Strategic A-Acc £ 1.16 - 0.00 0.38
Fixed Int. 1643.10 1729.60 9.60 - Sterling Bond Inc 60.84 63.57 0.22 2.92
Ethical Invest Acc 245.25 247.96 -1.56 - Cheyne Capital Management (UK) LLP Amity International Cls B Inc 200.00 - -0.70 2.24
American Dynamic $ 3338.85 - -68.10 0.00 Multi Asset Alloc Def - Gross A £ 1.11 - 0.00 0.36
Frontier Capital (Bermuda) Limited
International 924.80 973.50 -0.70 - Other International Funds Other International
Global Equity Inc 144.90 146.50 -2.22 4.41 Amity Sterling Bond Fund A Inc 104.30 - 0.10 5.20 Strategic Bond A Inc 124.30 - 0.10 5.25
American One $ 3144.75 - -47.90 0.00 Cheyne European Event Driven Fund € 145.83 - -0.11 0.00 Multi Asset Alloc Def - Net A £ 1.11 - 0.00 0.38
Japan 397.90 418.80 -1.80 - Commercial Property-GBP Class £ 71.42 - -0.53 -
Global Equity Acc 216.49 218.89 -1.79 - Amity Sterling Bond Fund B Inc 112.80 - 0.10 5.19 UK & Irish Smaller Companies A Acc 541.70 - -0.20 0.00
Bond Global € 1404.32 - 6.08 0.00 Cheyne Real Estate Credit Holdings Fund £ 161.86 - 0.94 0.00 Multi Asset Alloc Growth A £ 1.18 - -0.01 0.09
Managed 4250.10 4473.80 -5.10 - Global Real Estate-GBP C Class £ 45.26 - -0.50 -
Fixed Interest Inc 131.18 131.71 -1.80 4.14 UK Absolute Return A Acc 151.40 - -0.10 0.00
Eurocroissance € 873.95 - -21.25 0.00 Cheyne Real Estate Credit Holdings Fund III £ 111.98 - 0.56 0.00 Multi Asset Defensive £ 1.22 - 0.01 0.26
Property 2890.90 3043.10 2.80 - UK Alpha A Acc ♦ 112.40 - -1.40 1.85
Fixed Interest Acc 760.07 763.11 -2.43 - Edinburgh Partners Limited (IRL)
Far East $ 660.71 - -18.97 0.00 Cheyne Real Estate Debt Fund Class A1 £ 131.65 - 0.83 0.00 Multi Asset Defensive - Gross £ 1.22 - 0.00 0.26
Security 1476.70 1554.40 0.00 - 27-31 Melville Street, Edinburgh, Edinburgh, EH2 4DJ +353 1 434 5143
Property Inc 114.29 118.12 -1.61 5.79 UK Equity Income & Growth A Inc 579.90 - -4.20 3.96
Cheyne Total Return Credit Fund - December 2017 Class $ 173.12 - -9.06 0.00 Dealing - Fax only - +353 1 434 5230
Multi Asset Growth £ 1.34 - -0.01 0.25
Selective 1996.00 2101.00 2.30 - FCA Recognised UK Index A Acc 476.00 - -4.60 2.95
Property Acc 248.62 256.95 2.77 -
Formerly Hill Samuel Life Assurance Ltd Atlantis Investment Management Ltd (IRL) Cheyne Total Return Credit Fund 2020 $ 103.39 - 0.01 - Edinburgh Partners Opportunities Fund PLC MultiManager Balanced £ 1.09 - 0.00 0.56
2nd Floor, 13 St Swithin's Lane, London EC4N 8AL Local Authorities Property Fd (LAMIT) (UK) UK Property A Acc 193.08 203.24 0.05 4.04
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 European Opportunities I EUR € 2.44 - -0.01 2.30
www.atlantis-investmenet.com, Tel: 0207 877 3377 Property 274.76 295.14 2.73 4.81 Multi Asset Open Growth A-Acc £ 0.46 - 0.00 0.60
Managed Ser A (Life) 1560.20 1651.00 -1.20 - UK Property A Inc 97.68 102.81 0.03 4.16
Regulated European Opportunities I GBP £ 1.78 - -0.02 2.46
Cohen & Steers SICAV (LUX) Multi Asset Open Strategic A-Acc £ 1.21 - -0.01 1.04 Fundsmith LLP (1200)F (UK)
Managed Ser A (Pensions) 1037.30 1091.90 -1.10 - Atlantis China Fund $ 6.44 - 0.00 0.00 Regulated UK Tracker A Acc 211.60 - -2.10 3.05
European Opportunities I USD $ 2.63 - -0.03 2.08 PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815
CG Asset Management Limited (IRL) Multi Asset Open Strategic A-Inc £ 0.29 - 0.00 2.55
Formerly Target Life Assurance Ltd European Real Estate Securities € 23.6875 - 0.1773 1.58 www.fundsmith.co.uk, enquiries@fundsmith.co.uk US Growth A Acc 782.70 - 0.40 0.00
Atlantis China Healthcare Fund $ 2.02 - 0.02 0.00
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland European Opportunities A EUR € 2.39 - 0.00 1.60 Authorised Inv Funds
Multi Asset Strategic £ 1.51 - -0.01 0.30
Atlantis Japan Opportunities Fund $ 2.59 - -0.01 0.00 00 353 1 434 5098 Europ.RealEstate Sec. IX € 31.7685 - 0.2378 0.00
Managed (Life) 1584.00 1667.40 -1.50 - Global Opportunities I USD $ 1.60 - 0.00 2.12 Fundsmith Equity T Acc 226.32 - 0.66 1.12
FCA Recognised Open World A-Acc £ 1.19 - -0.01 0.00
Atlantis Asian Fund $ 6.18 - 0.02 0.00 Gbl Listed Infrastructure I $ 9.6365 - 0.0095 -
Managed Growth (Life) 495.70 521.80 -1.00 - Capital Gearing Portfolio Fund Plc £ 27146.61 27146.61 130.92 0.61 Global Opportunities I GBP £ 1.09 - 0.00 1.93 Fundsmith Equity T Inc 213.06 - 0.62 1.13
Multi Asset Income A Gross Acc £ 1.55 - 0.00 3.49
CG Portfolio Fund Plc Gbl Listed Infrastructure IX $ 9.6784 - 0.0096 -
Managed (Pensions) 6223.20 6550.70 -7.50 - Global Opportunities I EUR € 1.52 - -0.01 1.98
Multi Asset Income A Gross Inc £ 1.07 - 0.00 5.01
Real Return Cls A £ 169.30 169.30 2.05 1.74 Gbl RealEstate Sec. I $ 10.7848 - 0.0971 1.40
Managed Growth (Pensions) 604.20 636.00 -1.50 - GYS Investment Management Ltd (GSY)

AXIOM
Global Opportunities A GBP £ 1.03 - 0.01 1.46
Multi Asset Income A Net Acc £ 1.47 - 0.01 3.50
additional fund prices can be found on our website Dollar Fund Cls D £ 131.75 131.75 1.83 1.62 Gbl RealEstate Sec. IX $ 12.8406 - 0.1155 0.00 Regulated
Pan European Opportunities I EUR € 1.49 - 0.01 -
ALTERNATIVE INVESTMENTS Multi Asset Income A Net Inc £ 1.07 - 0.00 5.01 Taurus Emerging Fund Ltd $ 170.22 173.70 -1.59 0.00
Capital Value Fund Cls V £ 131.57 131.57 0.63 0.27 Hermes Investment Funds Plc (IRL)
South East Asia £ 7.85 - -0.07 0.12 Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121
Consistent Unit Tst Mgt Co Ltd (1200)F (UK) FCA Recognised
PO BOX 10117, Chelmsford, Essex, CM1 9JB Special Situations £ 30.41 - -0.24 0.77 Generali International Limited
Axiom Alternative Investments (FRA) Hermes Abs Return Credit Fund Class F Acc £ £ 1.04 1.04 0.00 -
Dealing & Client Services 0845 0264281 PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108
1 Conduit Street - 4th floor - London W1S 2XA Authorised Inv Funds Sterling Core Plus Red Dur £ 10.05 - 0.02 -
International Insurances Hermes Abs Return Credit Fund Class R Acc € € 2.03 2.03 0.02 -
www.axiom-ai.com Tel: +44 330 822 0374
Regulated
Consistent UT Inc 52.07 52.69 -0.38 4.85 Strategic Bond £ 0.31
Asset Management
- 0.00 2.83 Global Multi-Strategy Managed $ 4.76 5.13 0.05 0.00

Asset Manageme
Hermes Active UK Inflation Fund Class F Acc £ 1.28 1.28 0.02 0.00
Axiom Contingent Capital € 1029.59 - 1.07 - Consistent UT Acc 121.36 122.81 -0.88 4.70 Strategic Bond Gross £ 0.31 - 0.00 2.83 UK Multi-Strategy Managed £ 4.89 5.27 0.05 0.00
Algebris Investments (IRL) Hermes Asia Ex-Japan Equity Fund Class F Acc £ 1.53 1.53 0.00 0.00
Regulated Practical Investment Inc 199.01 204.22 -0.91 3.99
EFG Hermes
Axiom Contingent Capital £ 1034.25 - 1.07 - Target 2015 £ 0.50 - 0.00 0.38 EU Multi-Strategy Managed € 3.06 3.30 0.03 0.00
Canada Life Investments (UK) DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE Hermes Asia Ex-Japan Equity Fund Class R Acc € 3.30 3.30 0.00 0.00
Algebris Financial Credit Fund - Class I EUR € 132.92 - 0.78 0.00
Axiom Equity $ 860.33 - 5.97 - 1-6 Lombard Street, EC3V 9JU. Dealing 0345 606 6180 Practical Investment Acc 971.82 997.29 -4.43 3.88 Contact: Telephone + 971 4 363 4029 Email AMsales@EFG-HERMES.com Target 2020 £ 0.56 - 0.00 0.52 Global Bond USD $ 3.43 3.69 0.00 0.00
Authorised Inv Funds Other International Funds Hermes Global Emerging Markets Fund Class F Acc £ 1.15 1.15 0.00 0.00
Algebris Financial Income Fund - Class I EUR € 116.99 - -0.30 0.00
Axiom Equity € 903.96 - 6.13 0.00 Target 2025 £ 1.30 - 0.00 0.32
Asia Pacific B Acc 752.01 - -7.90 1.13 The EFG-Hermes Egypt Fund $ 29.93 - - 0.00 Hermes Global Emerging Markets Fund Class R Acc € 2.90 2.90 -0.01 0.00
Algebris Financial Equity Fund - Class B EUR € 95.70 - -0.18 -
Axiom Obligataire $ 1778.83 - 0.28 0.00 Target 2030 £ 1.40 - -0.01 0.40 Genesis Asset Managers LLP
Balanced B Acc 146.48 - -0.56 1.46 EFG-Hermes Frontier Equity UCITS Fund Class I $ 1000.00 - - - Hermes Global Equity Fund Class F Acc £ 1.51 1.51 0.00 0.00
Algebris Asset Allocation Fund - Class B EUR € 98.61 - -0.07 - Other International Funds
Axiom Obligataire € 1774.28 - 0.17 0.00 UK Select £ 2.39 - -0.02 0.86
Corporate Bond B Inc 205.50 - 0.63 4.07 EFG-Hermes MENA Equity UCITS Fund Class A $ 1000.00 - - - Hermes Global Equity Fund Class R Acc € 3.95 3.95 -0.01 0.00
Emerging Mkts NAV £ 5.03 - 0.01 0.00

Asset Management
Axiom Obligataire £ 1787.52 - 0.27 0.00 UK Growth £ 3.52 - -0.03 0.00
European B Acc 247.12 - -1.09 1.57 Middle East & Developing Africa Fund (Final) $ 19.81 - - 0.00 Hermes Global ESG Equity Fund Class F Acc £ 1.17 1.17 0.00 0.00
Alken Asset Management (LUX)
61 Conduit Street, London, W1S 2GB UK Smaller Companies £ 2.14 - -0.01 0.18
Global Bond B Inc 93.30 - 0.21 2.92 Saudi Arabia Equity Fund SR 12.82 - 0.10 0.00 Hermes Global High Yield Bond Fund Class F Acc £ 1.05 1.05 0.00 0.00
Guardian (UK)
www.alken-am.com Crèdit Andorrà Asset Management (LUX)
BLME Asset Management (LUX) WealthBuilder A Acc £ 1.02 - 0.00 0.47 Ballam Road, Lytham St Annes, Lancashire, FY8 4JZ 01253 733 151
Regulated Global Equity B Acc 593.86 - 0.73 1.10 www.creditandorra.com Hermes Global High Yield Bond Fund Class R Acc € 2.72 2.72 0.00 0.00
BLME Sharia'a Umbrella Fund SICAV SIF Insurances
Fidelity PathFinder
Alken European Opportunities € 208.77 - 1.15 0.00 Regulated FCA Recognised
Global Equity Income B Inc 119.68 - -0.80 3.93 Electric & General (1000)F (UK) Guardian Assurance Hermes Global Small Cap Fund Class F Acc £ £ 0.98 0.98 0.00 -
Fidelity PathFinder Foundation 1 Gross Acc (clean) £ 1.09 - 0.00 -
Income Fund - Share Class A Acc $ 1135.45 - -0.01 0.00 Crediinvest SICAV Money Market Eur I € 11.21 - 0.00 0.00 Stuart House St.John's Street Peterborough PE1 5DD
Alken European Opportunities £ 122.22 - 0.05 0.00 Global High Yield Bond B Inc 91.31 - 0.40 5.14 Equity S-GH Class B £ 11.68 - -0.11 - Hermes Global Small Cap Fund Class R Acc € € 1.92 1.92 -0.01 -
Orders & Enquiries: 0845 850 0255 Fidelity PathFinder Foundation 1 Acc (clean) £ 1.09 - 0.00 -
Income Fund - Share Class G Acc £ 1076.05 - -0.03 0.00 Crediinvest SICAV Money Market Usd A $ 10.03 - 0.00 0.00 Authorised Inv Funds
Alken Absolute Return € 144.12 - 0.86 0.00 Global Infrastructure B Acc 109.00 - -0.27 0.93 Managed Fund Bond £ 23.16 24.12 0.02 - Hermes Multi Asset Inflation Fund Class F GBP Acc £ 0.98 0.98 0.01 0.00
Authorised Corporate Director - Carvetian Capital Management Fidelity PathFinder Foundation 2 Acc (clean) £ 1.08 - 0.00 -
Gl Sukuk Fund - Share Class A Acc $ 1225.91 - 0.16 0.00 Crediinvest SICAV Fixed Income Eur € 10.54 - 0.00 0.00
Alken Absolute Return £ 117.08 - 0.71 0.00 Global Resource B Acc 68.36 - -0.43 0.97 Choices Wth-Pfts Lg-tm 321.30 338.20 0.10 - Hermes Multi Strategy Credit Fund Class F Acc Hed £ 1.01 1.01 0.00 0.00
Electric&General Net Income A 146.80 - 0.40 1.94 Fidelity PathFinder Foundation 3 Acc (clean) £ 1.06 - -0.01 -
Gl Sukuk Fund - Share class B Acc £ 1094.24 1094.24 0.13 0.00 Crediinvest SICAV Fixed Income Usd $ 10.37 - 0.01 0.00
Alken Small Cap € 188.63 - 0.80 0.00 Japan B Acc 51.91 - -0.34 0.92 Choices Wth-Pfts St-tm 272.00 286.30 0.00 - Hermes Sourcecap EU Alpha Fund Class F Acc £ 1.27 1.27 -0.01 0.00
Fidelity PathFinder Foundation 4 Acc (clean) £ 1.07 - -0.01 -
Crediinvest SICAV Spanish Value € 243.62 - 0.16 0.00
Portfolio III B Acc 107.69 - 0.14 2.32 Choices Managed 609.25 641.31 2.02 - Hermes Sourcecap EU Alpha Fund Class F Dis £ 1.24 1.24 0.00 1.30
Ennismore Smaller Cos Plc (IRL) Fidelity PathFinder Foundation 5 Acc (clean) £ 1.16 - -0.01 -
Bank of America Cap Mgmt (Ireland) Ltd (IRL) Crediinvest SICAV International Value € 209.60 - 1.00 0.00 5 Kensington Church St, London W8 4LD 020 7368 4220
Amundi Funds (LUX) Portfolio IV B Acc 109.41 - -0.07 2.36 Choices Equity 665.16 700.17 1.89 - Hermes Sourcecap EU Alpha Fund Class R Acc € 3.08 3.08 -0.02 0.00
5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332 Regulated FCA Recognised Fidelity PathFinder Focussed 1 Gross Acc (clean) £ 1.10 - 0.00 -
Crediinvest SICAV Big Cap Value € 15.32 - -0.01 0.00
www.amundi-funds.com Global Liquidity USD $ 1.00 - 0.00 0.44 Portfolio V B Acc 108.76 - -0.26 1.56 Freedom With Pfts Long-Tm 220.30 231.90 0.00 - Hermes Sourcecap EX UK Fund Class F Acc £ 1.35 1.35 -0.01 0.00
Ennismore European Smlr Cos NAV £ 101.56 - -0.45 0.00
Fidelity PathFinder Focussed 1 Acc (clean) £ 1.10 - 0.00 -
FCA Recognised Crediinvest SICAV US American Value $ 17.67 - 0.01 0.00
Portfolio VI B Acc 106.51 - -0.55 1.60 Freedom With Pfts Short-Tm 197.90 208.30 0.00 - Hermes Sourcecap EX UK Fund Class R Acc € 3.16 3.16 -0.02 0.00
Ennismore European Smlr Cos NAV € 138.77 - 0.09 0.00
Bd. Euro Corporate AE Class - R - EUR € 18.49 - 0.02 0.00 Fidelity PathFinder Focused 2 Acc (Clean) £ 1.11 - 0.00 -
Crediinvest SICAV Sustainability € 15.31 - -0.11 0.00
Portfolio VII B Acc 102.39 - -0.76 1.58 Freedom Managed 355.63 374.35 0.21 - Hermes UK Small & Mid Cap Fund Class F Acc £ 1.70 1.70 -0.01 0.00
Barclays Investment Funds (CI) Ltd (JER)
Fidelity PathFinder Focussed 3 Acc (clean) £ 1.10 - 0.00 -
Bd. Global AU Class - R - USD $ 25.31 - -0.04 0.00
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800 Freedom Equity 392.44 413.09 -1.34 -
North American B Acc 858.98 - 5.44 0.72 Ennismore European Smlr Cos Hedge Fd Hermes UK Small & Mid Cap Fund Class R Acc € 5.07 5.07 -0.03 0.00
Eq. Emerging Europe AE Class - R - EUR € 26.83 - -0.24 0.00 FCA Recognised Fidelity PathFinder Focussed 4 Acc (clean) £ 1.11 - -0.01 -
Bond Funds
Daiwa SB Investments (UK) Ltd (LUX) Other International Funds
Strategic Return B Acc 96.32 - 0.03 0.00 Corp Pens Mananged 215.08 215.08 0.71 - Hermes US All Cap Equity Class F Stg £ Acc £ 1.00 1.00 0.00 -
5 King William Street, London EC4N 7DA Fidelity PathFinder Focussed 5 Acc (clean) £ 1.15 - 0.00 -
Eq. Emerging World AU Class - R - USD $ 77.40 - 0.07 0.00 NAV € 496.00 - 10.70 0.00
Sterling Bond F £ 0.45 - 0.00 3.34 www.daiwasbi.co.uk 0207 597 7000
Total Return B Acc 98.16 - 0.60 3.07 Corp Pens Equity 217.17 217.17 0.62 - Hermes US All Cap Equity Class R € Acc € 1.96 1.96 0.01 -
Eq. Greater China AU Class - R - USD $ 534.43 - -5.84 0.00 Regulated Fidelity PathFinder Freedom 1 Gross Acc (clean) £ 1.07 - 0.00 -
UK Equity B Acc 108.35 - -1.49 1.66 Corp Pens Fixed Interest 297.58 297.58 0.11 - Hermes US SMID Equity Fund Class F Acc £ 1.60 1.60 0.00 0.00
DSBI Japan Equity Fundamental Active I JPY ¥ 12015.13 12015.13 -128.42 0.00 Fidelity PathFinder Freedom 2 Acc (clean) £ 1.06 - 0.00 -
Eq. Latin America AU Class - R - USD $ 295.42 - 0.52 0.00 Equinox Fund Mgmt (Guernsey) Limited (GSY)
Baring Fund Managers Ltd (1200)F (UK) Corp Pens Index Linked 334.16 334.16 -2.94 -
UK Equity & Bond Income B Inc 233.10 - -1.42 5.01 DSBI Japan Equity Fundamental Active I GBP £ 119.28 119.28 -1.36 0.00 Regulated Hermes US SMID Equity Fund Class R Acc € 3.42 3.42 0.01 0.00
Gl. Macro Bds & Curr Low Vol AHG - GBP £ 98.71 - 0.02 0.00 Dealing and Enquiries 020 7214 1004 Fidelity PathFinder Freedom 1 Acc (clean) £ 1.06 - 0.00 -
Fund Information: www.barings.com UK Equity Income B Inc 417.22 - -3.15 4.94 Equinox Russian Opportunities Fund Limited $ 118.76 - -1.14 0.00 Corp Pens Deposit 191.07 191.07 0.00 -
DSBI Japan Equity Fundamental Active A EUR € 114.35 120.07 -1.30 0.00 Fidelity PathFinder Freedom 3 Acc (clean) £ 1.05 - 0.00 -
Authorised Inv Funds
UK Government Bond B Inc 47.29 - 0.23 1.98 Corp Pens Protector 358.04 358.04 -0.72 - Hermes Property Unit Trust (UK)
Multi Asset A Acc ... C 152.90 - -0.40 1.51 Fidelity PathFinder Freedom 4 Acc (clean) £ 1.03 - 0.00 -
The Antares European Fund Limited Property & Other UK Unit Trusts
Other International DAVIS Funds SICAV (LUX) Euronova Asset Management UK LLP (CYM) Corp Pens UK Index Tracker £ 1.88 1.88 0.01 -
Multi Asset A Inc ... C 145.80 - -0.40 1.28 Fidelity PathFinder Freedom 5 Acc (clean) £ 1.11 - -0.01 -
Regulated Property £ 5.85 6.23 0.08 3.10
AEF Ltd Usd (Est) $ 681.65 - 0.02 - Regulated Guardian Linked Life Assurance Ltd
Charity Fund Capita Asset Services (UK)
Smaller Cos Cls One Shares (Est) € 36.20 - 0.38 0.00 Fidelity PathFinder Income 1 Income (clean) £ 1.01 - 0.00 4.03
Enquiries 020 7214 1763 40 Dukes Place, London EC3A 7NH Davis Value A $ 39.23 - -0.05 0.00 Managed Acc £ 17.72 18.65 0.05 -
AEF Ltd Eur (Est) € 683.82 - 0.00 0.00
Order Desk and Enquiries: 0345 922 0044 Smaller Cos Cls Two Shares (Est) € 25.22 - 0.24 0.00 Fidelity PathFinder Income 1 Gross Income (clean) £ 1.01 - 0.00 5.02
Targeted Return Fund Acc 142.90 143.70 -0.80 2.92 Davis Global A $ 27.51 - 0.00 0.00 Equity Acc £ 31.77 33.44 0.08 - Hermes UK Residential Real Estate (UK)
Authorised Inv Funds
Property & Other UK Unit Trusts
Targeted Return Fund Inc 109.40 110.00 -0.70 2.97 Smaller Cos Cls Three Shares (Est) € 12.71 - 0.12 0.00 Fidelity PathFinder Income 2 Income (clean) £ 1.02 - 0.01 3.60
CF Heartwood Cautious B Acc X 126.48 - -0.18 0.15 Fixed Interest Acc £ 17.07 17.97 0.01 -
Arisaig Partners VISTA UK Residential Real Estate £ 1.02 1.06 0.03 -
Other International Funds Smaller Cos Cls Four Shares (Est) € 16.32 - 0.15 0.00 Fidelity PathFinder Income 2 gross £ 1.02 - 0.00 4.50
CF Heartwood Cautious Income B Inc X 108.68 - -0.07 2.41 Discretionary Unit Fund Mngrs (1000)F (UK) International Acc £ 13.19 13.89 0.05 -
Arisaig Africa Consumer Fund Limited $ 13.65 - -0.03 0.00 1 Poultry, London EC2R 8JR 020 7 415 4130 Fidelity PathFinder Income 2 Gross Income (clean) £ 1.02 - 0.00 4.47
Baring International Fd Mgrs (Ireland) (IRL) CF Heartwood Growth B Acc X 141.62 - -0.48 0.67 International S-NA Acc £ 6.78 7.14 0.03 -
Authorised Inv Funds Impax Asset Management (IRL)
Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 020 7214 1004
Arisaig Asia Consumer Fund Limited $ 63.87 - 0.44 0.00 Fidelity PathFinder Income 3 Income (clean) £ 1.02 - 0.00 4.14 Norfolk House, 31 St James's Square, London, SW1Y 4JR
FCA Recognised CF Heartwood Balanced Income B Inc X 109.72 - -0.26 2.95 Disc Inc 1613.78 1724.39 -2.25 0.00 International S-PA Acc £ 4.09 4.31 0.01 -
Institutional OEIC Funds FCA Recognised
Arisaig Global Emerging Markets Consumer UCITS € 11.98 - 0.14 0.00 ASEAN Frontiers A GBP Inc £ 109.23 - -0.23 0.58 CF Heartwood Balanced B Acc X 123.14 - -0.23 0.31 Do Accum 6080.90 6497.66 -8.46 0.00 International S-EU Acc £ 3.30 3.47 0.01 -
America £ 3.95 - -0.03 0.52 Env Mkts (Ire) Stl A £ 2.24 - -0.03 0.00
Arisaig Global Emerging Markets Consumer UCITS STG £ 11.18 - 0.07 0.00 Asia Growth A GBP Inc H £ 44.81 - -0.26 0.00 CF Heartwood Defensive Multi Asset Fund B Accumulation 108.78 - 0.06 0.00 Managed S-PR Acc £ 6.73 7.09 0.02 -
Emerging Markets £ 3.06 - -0.02 0.81 Env Mkts (Ire) Euro A € 2.10 - -0.02 0.00
Arisaig Latin America Consumer Fund $ 19.65 - 0.20 0.00 Australia A GBP Inc £ 69.17 - -1.52 1.82 CF Richmond Core X 172.15 - -0.10 0.00 Fixed Interest S-IL Acc £ 6.45 6.79 0.00 -
Europe £ 4.00 - -0.02 1.54 Env Mkts (Ire) USD A $ 1.72 - -0.04 0.00
Baring China Bond Fund $ 9.55 - -0.11 0.00 Eurobank Fund Management Company (Luxembourg) S.A.
CF Seneca Diversified Growth A ACC 217.58 - -0.96 1.43 Deposit Accum £ 4.44 4.67 0.00 -
Regulated Fidelity Pre-Retirement Bond Fund £ 118.20 - 0.80 3.06
Baring Emerging Markets Corporate Debt Fund $ 9.16 - 0.01 0.00 CF Seneca Diversified Growth B ACC 128.83 - -0.56 2.40 Guardian Pensions Management Ltd
(LF) Absolute Return € 1.32 - -0.01 0.00
Global Focus £ 2.81 - -0.02 1.60 INDIA VALUE INVESTMENTS LIMITED (INVIL)
Baring European Opportunities Fund Class A EUR Acc € 13.51 - -0.15 0.00 Pens. Managed Acc. £ 23.01 24.22 0.07 - www.invil.mu
CF Seneca Diversified Growth N ACC 127.52 - -0.56 2.08 (LF) Eq Emerging Europe € 0.67 - -0.01 0.00
Index Linked Bond £ 2.59 - 0.03 0.74 Other International Funds
Baring Global Mining Fund - Class A GBP Inc £ 3.40 - -0.08 0.65 Dodge & Cox Worldwide Funds (IRL) Pens. Equity Acc. £ 33.50 35.26 0.09 -
CF Seneca Diversified Income A INC 86.78 - -0.42 6.06 (LF) Eq Flexi Style Greece € 0.94 - -0.05 0.00
Index Linked Bond Gross £ 3.14 - 0.03 0.74 NAV £ 8.06 - 0.00 0.00
6 Duke Street,St.James,London SW1Y 6BN
Dynamic Emerging Markets A GBP Acc F £ 8.43 - -0.02 0.00 CF Seneca Diversified Income B INC 103.01 - -0.50 6.13 www.dodgeandcox.worldwide.com 020 3713 7664 (LF) Eq Mena Fund € 12.87 - -0.18 0.00
Index-Linked Bond Fund Gross Inc £ 12.21 - 0.13 0.74
Artemis Fund Managers Ltd (1200)F (UK) Eastern Europe A GBP Inc £ 38.82 - -0.07 1.84 FCA Recognised HPB Assurance Ltd
CF Seneca Diversified Income N INC 102.00 - -0.49 6.13 (LF) Greek Government Bond € 18.38 - 0.04 -
57 St. James's Street, London SW1A 1LD 0800 092 2051 Dodge & Cox Worldwide Funds plc - Global Bond Fund Japan £ 2.06 - -0.02 0.79 Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490 Intrinsic Value Investors (IVI) LLP (IRL)
Authorised Inv Funds Emerging Mkt Debt LC A GBP Hedged Inc £ 6.82 - -0.04 6.72 Investment Adviser - DSM Capital Partners International Insurances 1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210
EUR Accumulating Class € 11.80 - 0.10 0.00 (LF) Greek Corporate Bond € 12.00 - 0.00 -
Long Bond £ 0.50 - 0.00 2.91 FCA Recognised
Artemis Capital R ACC 1251.76 1322.90 -10.83 1.24 The Westchester X $ 27.48 - 0.13 0.00 Holiday Property Bond Ser 1 £ 0.50 - 0.01 0.00
Emerging Opportunities A GBP Inc H £ 17.83 - -0.15 0.00
EUR Accumulating Class (H) € 9.07 - 0.01 0.00 (LF) FOF Dynamic Fixed Inc € 11.71 - 0.01 0.00 IVI European Fund EUR € 17.49 - 0.02 0.00
Long Bond Gross £ 0.83 - 0.01 2.85
Artemis European Growth R Acc 240.48 253.74 -0.96 1.17 The Westchester Class 1 GBP Acc £ 20.32 - 0.12 0.00 Holiday Property Bond Ser 2 £ 0.60 - 0.01 0.00
Glb Emerging Markets A GBP Inc H £ 18.21 - -0.22 0.00
EUR Distributing Class € 11.17 - 0.09 3.62 (LF) FOF Real Estate € 16.65 - -0.27 0.00 IVI European Fund GBP £ 17.25 - -0.06 0.67
Long Bond Fund Gross Inc £ 11.19 - 0.11 2.91
Artemis European Opps R Acc 73.77 77.85 -0.61 0.80 The Westchester Class 2 GBP Acc £ 20.37 - 0.12 0.00
Glb Resources A GBP Inc H £ 10.29 - -0.15 0.38
EUR Distributing Class (H) € 8.58 - 0.01 3.71
Investment Adviser - Morant Wright Management Limited Pacific (Ex Japan) £ 3.44 - -0.08 1.85
Artemis Global Emg Mkts I GBP Acc 77.99 - -1.15 - Hargreaves Lansdown Fd Mgrs (1100)F (UK)
High Yield Bond A GBP Hedged Inc H £ 6.10 - 0.02 7.21
CF Morant Wright Japan A X 282.94 - -2.18 0.00 GBP Distributing Class £ 9.96 - 0.04 3.57
Pan European £ 2.57 - -0.02 2.04 PO Box 55736, 50 Bank Street, Canary Wharf London E14 1BT
Artemis Global Emg Mkts I GBP Dist 78.00 - -1.14 -
Hong Kong China A GBP Inc £ 571.44 - -2.62 0.58 Enquiries 0117 90090000
CF Morant Wright Japan A Inc X 278.77 - -2.15 0.00 GBP Distributing Class (H) £ 8.66 - 0.01 3.71
Reduced Duration UK Corporate Bond £ 10.46 - 0.02 3.55 www.hl.co.uk
Artemis Global Energy R Acc 20.43 21.65 -0.23 0.00
India Fund - Class A GBP Inc £ 14.28 - -0.06 0.00
CF Morant Wright Japan B X 301.21 - -2.31 0.49 USD Accumulating Class $ 9.15 - 0.01 0.00 Authorised Inv Funds
Reduced Duration UK Corporate Bond Gross £ 10.65 - 0.02 3.55
Artemis Global Growth R Acc 178.05 187.89 -1.87 0.81 Hargreaves Lansdown Funds
Latin America A USD Inc H $ 23.94 - -0.11 0.24 Dodge & Cox Worldwide Funds plc-Global Stock Fund
CF Morant Wright Japan B Inc X 284.03 - -2.19 0.52 Reduced Duration UK Corporate Bond Inc £ 9.76 - 0.01 3.57 Unit Trust
Artemis Global Income R Acc 94.17 99.48 -0.97 4.12 USD Accumulating Share Class $ 15.22 - -0.03 0.00
MENA A GBP Inc F * £ 11.92 - -0.09 0.64
CF Morant Wright Nippon Yield ACC A X 288.86 - -1.25 2.03 FIL Investment Services (UK) Limited (1200)F (UK) HL Multi-Manager Special Situations Trust A Acc 269.33 283.50 -0.85 0.52 Invesco Fund Managers Ltd (UK)
Reduced Duration UK Corp Bond Gross Inc £ 9.76 - 0.01 3.58
Artemis Global Income R Inc 75.83 80.11 -0.78 4.29 GBP Accumulating Share Class £ 17.06 - 0.02 0.00 130, Tonbridge Rd, Tonbridge TN11 9DZ Perptual Park, Henley-On-Thames, Oxon, RG9 1HH
CF Morant Wright Nippon Yield ACC B X 299.69 - -1.29 2.02 Callfree: Private Clients 0800 414161 Select Emerging Markets Equities £ 1.11 - -0.01 1.66 HL Multi-Manager Special Situations Trust M Acc 269.32 283.49 -0.86 0.42 Dealing: 0800 085 8571
Artemis Global select R Acc 71.36 75.30 -0.70 0.00 GBP Distributing Share class £ 12.41 - 0.02 0.98 Broker Dealings: 0800 414 181
Baring International Fd Mgrs (Ireland) (IRL) Investor Services: 0800 085 8677
CF Morant Wright Nippon Yield Fund A Inc X 251.09 - -1.09 2.06 Authorised Inv Funds Select European Eqts £ 1.73 - 0.01 1.88 HL Multi-Manager Income & Growth Trust A Acc 163.59 172.12 0.01 3.83
Artemis High Income R Inc 76.98 82.07 0.01 5.90 Regulated www.invescoperpetual.co.uk
EUR Accumulating Share Class € 21.26 - 0.12 0.00
Unit Trust Authorised Inv Funds
China A-Share A GBP Inc £ 5.70 - 0.14 0.00 CF Morant Wright Nippon Yield Fund B Inc X 260.59 - -1.12 2.05 Select Global Equities £ 2.97 - -0.02 1.10 HL Multi-Manager Income & Growth Trust M Acc 163.59 172.11 0.01 1.79
Artemis Income R Inc 198.64 210.55 -1.17 4.26 Dodge & Cox Worldwide Funds plc-International Stock Fund
Cash Accum Units 186.43 186.43 0.00 0.00 INVESCO PERPETUAL Funds
USD Accumulating Share Class $ 12.90 - -0.05 0.00 South East Asia £ 3.47 - -0.05 1.99 HL Multi-Manager Income & Growth Trust A Inc 97.78 102.88 0.00 3.91
Artemis Income R Acc 338.75 359.07 -1.99 4.14 Asian Acc ♦ F 421.21 - -4.71 0.60
Cash Fund £ 1.00 1.00 0.00 0.15
Barings (Luxembourg) (LUX) Cavendish Asset Management Limited (1200)F (UK) EUR Accumulating Share Class € 14.13 - 0.05 0.00 Sterling Core Plus Bond Gr Accum £ 2.07 - 0.01 3.46 HL Multi-Manager Income & Growth Trust M Inc 97.78 102.88 0.01 1.81
Asian Inc ♦ F 376.26 - -4.20 0.60
Artemis Monthly Dist R Inc 61.98 65.77 -0.11 4.51 Chelsea House, Westgate, London W5 1DR Gross Accum Cash £ 1.28 1.28 0.00 0.00
FCA Recognised
Dodge & Cox Worldwide Funds plc-U.S. Stock Fund HL Multi-Manager Balanced Managed Trust A Acc 183.29 192.78 -0.50 1.10
IFA Enquiries 020 8810 8041 Admin/Dealing 0870 870 7502 Sterling Core Plus Bond Inc £ 1.33 - 0.01 3.56 Asian Equity Income Acc ♦ F 54.80 - -0.40 4.92
Artemis Pan-Euro Abs Ret GBP 113.05 - -0.08 - Russia A GBP Inc F £ 24.69 - 0.25 0.00 MoneyBuilder Cash ISA £ 1.00 1.00 0.00 0.15
Authorised Inv Funds USD Accumulating Share Class $ 17.51 - -0.03 0.00
UK £ 3.53 - -0.02 2.23 HL Multi-Manager Balanced Managed Trust M Acc 183.29 192.78 -0.50 0.71
Artemis Strategic Assets R Acc 71.52 75.79 -0.73 0.00 Asian Equity Income Inc ♦ F 45.56 - -0.34 5.08
Cavendish Opportunities Fund B Class 1046.00 - -7.00 1.66 GBP Accumulating Share Class £ 18.57 - 0.03 0.00 MoneyBuilder Global £ 2.60 2.60 0.00 0.19
UK Aggreg Bond Gr Accum £ 1.82 - 0.01 4.63 HL Multi-Manager Equity & Bond Trust A Inc 107.93 113.45 -0.06 2.25
Artemis Strategic Bond R M Acc 83.21 88.41 0.07 4.05 BlackRock (JER) OEIC Funds Balanced Risk 6 Acc 50.78 - 0.00 0.00
Cavendish Opportunities Fund A Class 1040.00 - -8.00 0.82 GBP Distributing Share Class £ 11.81 - 0.02 0.61
Regulated American £ 26.52 - -0.28 0.00 UK Aggregate Bond Inc £ 1.21 - 0.01 3.18 HL Multi-Manager Equity & Bond Trust M Inc 107.93 113.44 -0.06 1.04
Artemis Strategic Bond R M Inc 53.38 56.72 0.04 4.13 Balanced Risk 8 Acc 51.66 - -0.02 0.00
Cavendish Opportunities Fund C Acc 1089.00xd - -8.00 1.48 EUR Accumulating Share Class € 21.13 - 0.12 0.00
BlackRock UK Property £ 41.67 - 0.46 2.97 HL Multi-Manager Equity & Bond Trust A Acc 146.67 154.16 -0.08 2.22
American Special Sits £ 11.55 - -0.09 0.00 UK Corporate Bond £ 1.20 - 0.00 3.99 Balanced Risk 10 Acc 52.48 - -0.02 0.13
Artemis Strategic Bond R Q Acc 83.30 88.50 0.08 4.13
Asset Management
Cavendish Worldwide Fund B Class 295.10 - -1.40 0.69
Blackrock UK Long Lease £ 1079.95 - 8.43 0.00 HL Multi-Manager Equity & Bond Trust M Acc 146.68 154.16 -0.07 1.03
Asia Pacific Ops W-Acc £ 1.07 - -0.01 0.41 UK Corporate Bond - Gross £ 2.26 - 0.01 3.85 Childrens Acc ♦ F 383.49 - -3.47 1.81
Artemis Strategic Bond R Q Inc 53.33 56.66 0.05 4.22
26
Fund Bid Offer +/- Yield
Corporate Bd Acc (Gross) ♦ F 207.42 - 0.20 3.52
Corporate Bd Inc (Gross) ♦ F 88.14 - 0.08 3.62
Corporate Bond Acc ♦ F 184.43 - 0.17 3.54
Corporate Bond Inc ♦ F 87.97 - 0.08 3.62
Distribution Acc ♦ F 107.38 - -0.15 4.59
Distribution Acc (Gross) ♦ F 123.09 - -0.16 4.56
Distribution Inc ♦ F 62.19 - -0.09 4.68
Distribution Inc (Gross) ♦ F 62.19 - -0.08 4.68
Emerging European Acc ♦ F 32.01 - -0.15 3.04
Emerging European Inc ♦ F 29.19 - -0.13 3.12
European Equity Acc ♦ F 811.61 - -6.42 1.53
European Equity Inc ♦ F 677.21 - -5.35 1.55
European Equity Income Acc ♦ F 71.01 - -0.46 3.48
European Equity Income Inc ♦ F 53.99 - -0.35 3.56
European High Income Acc ♦ F 79.76 - -0.09 3.47
European High Income Inc ♦ F 57.63 - -0.07 3.53
European Opportunities Inc ♦ F 82.86 - -1.31 1.09
European Opportunities Acc ♦ F 85.71 - -1.35 1.08
European Smlr Cos Acc ♦ F 192.22 - -3.10 0.22
Global Bd Acc (Gross) ♦ F 132.94 - 0.01 1.16
Global Bd Inc (Gross) ♦ F 81.86 - 0.01 1.17
Global Bond Acc ♦ F 124.88 - 0.01 1.17
Global Bond Inc ♦ F 81.80 - 0.01 1.17
Glbl Distribution Acc 52.25 - 0.02 4.95
Glbl Distribution Acc (Gross) 53.00 - 0.03 4.95
Glbl Distribution Inc 49.35 - 0.02 4.98
Glbl Distribution Inc (Gross) 49.35 - 0.02 4.99
Global Emerging Markets Acc ♦ F 228.94 - -1.07 1.00
Global Emerging Markets Inc ♦ F 206.46 - -0.96 1.01
Global Equity (acc) ♦ F 459.56 - -4.99 0.64
Global Equity (inc) ♦ F 416.62 - -4.52 0.64
Global Equity Income Acc ♦ F 118.46 - -0.67 3.60
Global Equity Income Inc ♦ F 96.20 - -0.55 3.71
Gbl Financial Capital Acc 87.99 - -0.09 4.29
Gbl Financial Capital Inc 74.04 - -0.08 4.42
Gbl Financial Cap Acc Gross 92.17 - -0.10 4.80
Gbl Financial Cap Inc Gross 74.28 - -0.08 4.98
Global Opportunities Acc ♦ F 91.12 - -1.06 0.48
Global Smaller Cos Acc ♦ F 1657.80 - -14.28 0.20
Global Smaller Cos Inc ♦ F 1583.01 - -13.64 0.20
Global Targeted Rets Acc 56.80 - 0.18 0.32
High Income Acc ♦ F 819.69 - -0.88 3.32
High Income Inc ♦ F 445.94 - -0.48 3.40
High Yield Fund Acc 104.58 - 0.11 5.30
High Yield Fund Acc (Gross) 122.22 - 0.13 5.27
High Yield Fund Inc 41.38 - 0.05 5.44
High Yield Fund Inc (Gross) 41.48 - 0.05 5.44
Hong Kong & China Acc ♦ F 461.61 - -2.27 0.78
Income & Growth Acc ♦ F 934.28 - -3.65 4.07
Income & Growth Inc ♦ F 398.72 - -1.56 4.19
Income Acc ♦ F 3147.17 - -3.80 3.17
Income Inc ♦ F 1750.28 - -2.11 3.24
Japan Acc ♦ F 321.06 - -0.82 0.29
Japanese Smlr Cos Acc ♦ F 69.51 - -0.07 0.00
Latin America Acc ♦ F 94.65 - -0.40 1.22
Latin America Inc ♦ F 78.79 - -0.33 1.23
Managed Growth Acc ♦ F 157.53 - -1.14 0.71
Managed Growth Inc ♦ F 131.14 - -0.95 0.72
Managed Income Acc ♦ F 157.53 - -0.69 2.95
Managed Income Inc ♦ F 95.99 - -0.43 3.00
Money Acc ♦ F 90.24 - 0.01 0.21
Money Acc (Gross) ♦ F 95.37 - 0.00 0.21
Monthly Income Plus Acc ♦ F 293.45 - -0.04 4.94
Monthly Income Plus Acc (Gross) ♦ F 345.55 - -0.04 4.92
Monthly Income Plus Inc ♦ F 107.41 - -0.02 5.05
Monthly Income Plus Inc (Gross) ♦ F 107.54 - -0.01 5.05
Pacific Acc ♦ F 969.46 - -8.01 0.40
Pacific Inc ♦ F 887.16 - -7.32 0.41
Tactical Bond Acc ♦ F 68.70 - 0.00 0.82
Tactical Bond Inc ♦ F 59.57 - 0.01 0.82
Tactical Bond Acc (Gross) ♦ F 71.29 - 0.00 0.82
Tactical Bond Inc (Gross) ♦ F 59.63 - 0.01 0.82
UK Focus Acc F 191.42 - -1.75 1.86
UK Focus Inc F 156.40 - -1.43 1.89
UK Growth Acc ♦ F 523.94 - -4.74 1.89
UK Growth Inc ♦ F 325.49 - -2.94 1.92
UK Smaller Cos Equity Acc ♦ F 884.86 - -3.73 0.76
UK Smaller Cos Equity Inc ♦ F 677.61 - -2.86 0.76
UK Strategic Income Acc ♦ F 184.51 - 0.21 3.54
UK Strategic Income Inc ♦ F 135.93 - 0.15 3.63
US Equity Acc ♦ F 529.21 - -7.83 0.00
Invesco Perpetual Funds (No Trail)
Asian (No Trail) Acc ♦ F 176.65 - -1.97 1.18
Asian (No Trail) Inc ♦ F 158.90 - -1.78 1.19
Asian Equity Income (No Trail) Acc ♦ F 112.27 - -0.82 4.91
Asian Equity Income (No Trail) Inc 93.36 - -0.68 5.07
Balanced Risk 6 No Trail Acc 103.51 - 0.00 0.16
Balanced Risk 8 No Trail Acc 105.29 - -0.03 0.44
Balanced Risk 10 No Trail Acc 106.96 - -0.04 0.60
Corporate Bond (No Trail) Acc ♦ F 164.18 - 0.15 3.79
Corporate Bond (No Trail) Inc ♦ F 116.30 - 0.11 3.87
Distribution (No Trail) Acc ♦ F 164.87 - -0.22 4.57
Distribution (No Trail) Inc ♦ F 108.70 - -0.15 4.66
Emerging European (No Trail) Acc ♦ F 66.64 - -0.31 3.64
Emerging European (No Trail) Inc ♦ F 58.89 - -0.27 3.76
European Equity (No Trail) Acc ♦ F 143.41 - -1.13 2.07
European Equity (No Trail) Inc ♦ F 118.86 - -0.94 2.12
European Equity Income (No Trail) Acc ♦ F 146.40 - -0.95 3.47
European Equity Income (No Trail) Inc ♦ F 111.33 - -0.72 3.56
European High Income (No Trail) Acc ♦ F 164.44 - -0.17 3.46
European High Income (No Trail) Inc ♦ F 118.81 - -0.13 3.52
European Opportunities (No Trail) Acc ♦ F 179.58 - -2.82 1.60
European Opportunities (No Trail) Inc ♦ F 167.88 - -2.64 1.62
European Smaller Companies (No Trail) Acc ♦ F 236.25 - -3.80 0.71
Global Balanced Index (No Trail) Acc ♦ F 156.42 - -0.64 2.04
Global Bond (No Trail) Acc ♦ F 140.37 - 0.00 1.41
Global Bond (No Trail) Inc ♦ F 126.91 - 0.01 1.42
Glbl Distribution Acc (No Trail) 105.35 - 0.05 3.97
Glbl Distribution Inc (No Trail) 99.51 - 0.04 4.04
Gbl Emerging Markets (No Trail) Acc ♦ F 150.17 - -0.70 1.60
Gbl Emerging Markets (No Trail) Inc ♦ F 139.54 - -0.65 1.63
Global Equity (No Trail) acc ♦ F 203.02 - -2.19 1.19
Global Equity (No Trail) inc ♦ F 187.84 - -2.03 1.21
Global Equity Income (No Trail ) Acc ♦ F 245.22 - -1.39 3.59
Global Equity Income (No Trail) Inc ♦ F 199.16 - -1.13 3.70
Global ex UK Core Equity Index ( No Trail) Acc ♦ F 173.44 - -1.57 1.54
Global ex UK Enhanced Index ( No Trail) Acc ♦ F 200.03 - -1.98 2.04
Gbl Fin Cap No Trail Acc 179.44 - -0.19 4.28
Gbl Fin Cap No Trail Inc 151.02 - -0.16 4.41
Global Opportunities (No Trail) Acc ♦ F 234.66 - -2.72 1.03
Global Smaller Companies (No Trail) Acc ♦ F 242.38 - -2.09 0.75
Global Smaller Companies (No Trail) Inc ♦ F 231.60 - -1.99 0.75
Global Targeted Rets (No Trail) Acc 114.83 - 0.37 0.85
High Income (No Trail) Acc ♦ F 175.41 - -0.18 3.30
High Income (No Trail) Inc ♦ F 127.19 - -0.13 3.38
High Yield Fund (No Trail) Acc 216.90 - 0.23 5.28
High Yield Fund (No Trail) Inc 159.86 - 0.17 5.43
Fund Bid Offer +/- Yield
Hong Kong & China (No Trail) Acc ♦ F 183.20 - -0.90 1.34
Income & Growth (No Trail) Acc ♦ F 220.11 - -0.86 4.05
Income & Growth (No Trail) Inc ♦ F 171.40 - -0.67 4.17
Income (No Trail) Acc ♦ F 173.07 - -0.21 3.16
Income (No Trail) Inc ♦ F 126.71 - -0.15 3.23
Japan (No Trail) Acc ♦ F 152.67 - -0.39 0.83
Japanese Smaller Companies (No Trail) Acc ♦ F 177.20 - -0.17 0.00
Latin American (No Trail) Acc ♦ F 91.59 - -0.39 1.97
Latin American (No Trail) Inc ♦ F 82.25 - -0.35 2.01
Managed Growth (No Trail) Acc ♦ F 191.12 - -1.38 1.23
Managed Growth (No Trail) Inc ♦ F 175.76 - -1.26 1.25
Managed Income (No Trail) Acc ♦ F 188.91 - -0.83 2.93
Managed Income (No Trail) Inc ♦ F 154.39 - -0.68 2.99
Monthly Income Plus (No Trail) Acc ♦ F 169.39 - -0.02 4.93
Monthly Income Plus (No Trail) Inc ♦ F 105.95 - -0.01 5.04
Pacific (No Trail) Acc ♦ F 179.98 - -1.48 0.92
Pacific (No Trail) Inc ♦ F 169.32 - -1.40 1.03
Tactical Bond (No Trail) Acc ♦ F 140.70 - 0.01 1.32
Tactical Bond (No Trail) Inc ♦ F 119.28 - 0.01 1.33
UK Focus (No Trail) Acc F 157.61 - -1.44 2.41
UK Focus (No Trail) Inc F 129.39 - -1.19 2.46
UK Enhanced Index (No Trail) Acc ♦ F 385.58 - -3.74 3.66
UK Enhanced Index (No Trail) Inc ♦ F 240.15 - -2.33 3.75
UK Growth (No Trail) Acc ♦ F 138.69 - -1.25 2.42
UK Growth (No Trail) Inc ♦ F 110.52 - -1.00 2.47
UK Smaller Companies Equity (No Trail) Acc ♦ F 288.30 - -1.21 1.23
UK Smaller Companies Equity (No Trail) Inc ♦ F 265.96 - -1.12 1.25
UK Strategic Income (No Trail) Acc ♦ F 733.45 - 0.84 3.54
UK Strategic Income (No Trail) Inc ♦ F 540.39 - 0.61 3.63
US Equity (No Trail) Acc ♦ F 220.54 - -3.26 0.11
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 € 2.87 - 0.00 0.00
Invesco Asia Balanced A dist $ 13.62 - -0.08 3.82
Invesco Asia Consumer Demand Fund A income $ 12.06 - -0.10 0.24
Invesco Asia Infrastructure (A) $ 11.87 - -0.06 0.78
Invesco Asia Opportunities Equity A $ 98.16 - 0.13 0.00
Invesco Balanced Risk Allocation Fund A € 14.32 - -0.02 0.00
Invesco Emerging Europe Equity Fund A $ 7.20 - -0.03 0.00
Invesco Emerging Local Currencies Debt A Inc $ 6.48 - -0.03 7.11
Invesco Emerging Mkt Quant.Eq. A $ 8.47 - -0.08 0.00
Invesco Energy A $ 15.83 - -0.33 0.00
Invesco Euro Corporate Bond Fund (A) € 16.98 - -0.01 0.00
Invesco Euro Inflation Linked Bond A € 15.50 - -0.01 0.00
Invesco Euro Reserve A € 322.68 - 0.00 0.00
Invesco Euro Bond A € 7.14 - 0.00 0.00
Invesco European Growth Equity A € 24.12 - -0.17 0.00
Invesco Global Absolute Return Fund A Class € 11.74 - 0.01 0.00
Invesco Global Bond A Inc $ 5.49 - 0.00 0.75
Invesco Global Conservative Fund 90 (EUR) A € 11.87 - 0.01 0.00
Invesco Global Equity Income Fund A $ 56.67 - -0.40 0.00
Invesco Global Inc Real Estate Sec A dist $ 9.05 - 0.04 2.24
Invesco Global Inv Grd Corp Bond A Dist $ 11.84 - 0.01 3.04
Invesco Global Leisure A $ 34.90 - -0.68 0.00
Invesco Global Smaller Comp Eq Fd A $ 55.53 - -0.64 0.00
Invesco Global Structured Equity A $ 45.40 - -0.37 0.74
Invesco Global Total Ret.(EUR) Bond Fund A € 13.12 - 0.00 0.00
Invesco Gold & Precious Metals A $ 3.51 - -0.04 0.00
Invesco Greater China Equity A $ 42.13 - -0.32 0.00
Invesco India Equity A $ 51.44 - -0.04 0.00
Invesco Japanese Equity Adv Fd A ¥ 3737.00 - -26.00 0.00
Invesco Japanese Value Eq Fd A ¥ 1247.00 - -13.00 0.00
Invesco Latin American Equity A $ 5.32 - -0.03 0.00
Invesco Nippon Small/Mid Cap Equity A ¥ 1013.00 - -9.00 0.00
Invesco Pan European Equity A EUR Cap NAV € 18.41 - -0.16 0.00
Invesco Pan European High Income Fd A € 13.66 - -0.01 2.48
Invesco Pan European Small Cap Equity A € 22.88 - -0.33 0.00
Invesco Pan European Structured Equity A € 17.04 - -0.05 0.00
Invesco UK Eqty Income A £ 31.47 - -0.04 0.00
Invesco UK Investment Grade Bond A £ 0.98 - 0.00 2.89
Invesco US Structured Equity A $ 20.43 - -0.23 0.00
Invesco US Value Eq Fd A $ 29.83 - -0.45 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 £ 2.59 - 0.00 3.34
Invesco Asian Equity A $ 5.95 - -0.05 0.53
Invesco ASEAN Equity A $ 84.81 - -0.46 0.29
Invesco Bond A $ 26.77 - 0.02 1.99
Invesco Continental Eurp Small Cap Eqty A $ 193.92 - -2.65 0.00
Invesco Emerging Markets Equity A $ 33.34 - -0.30 0.00
Invesco Emerging Markets Bond A $ 20.37 - 0.00 4.66
Invesco Continental European Equity A € 8.49 - -0.06 0.20
Invesco Gilt A £ 15.00 - 0.09 1.39
Invesco Global Small Cap Equity A NAV $ 115.13 - -1.19 0.00
Invesco Global High Income A NAV $ 11.73 - 0.03 6.06
Invesco Gbl R/Est Secs A GBP F F £ 8.00 - 0.06 0.88
Invesco Global Health Care A $ 125.01 - -1.23 0.00
Invesco Global Select Equity A $ 12.43 - -0.16 0.00
Invesco Jap Eqty Core A $ 1.81 - -0.01 0.00
Invesco Japanese Equity A $ 18.89 - -0.11 0.00
Invesco Korean Equity A $ 33.25 - 1.27 0.00
Invesco PRC Equity A $ 49.15 - -0.38 0.00
Invesco Pacific Equity A $ 45.73 - -0.44 0.07
Invesco Global Technology A $ 15.46 - -0.30 0.00
Invesco UK Eqty A £ 7.76 - -0.07 1.38
Invest AD
Client services: +971 2 692 6101 clientservices@InvestAD.com
Other International Funds
Invest AD - Iraq Opportunity Fund $ 62.99 - 0.37 0.00
Invest AD - Emerging Africa Fund $ 901.70 - -0.78 0.00
Invest AD - GCC Focus Fund $ 1404.06 - -1.81 0.00
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 61.86 - -0.05 0.00
America Equity Inc 61.86 - -0.05 0.00
Asia Acc 116.40 - -1.10 0.33
Asset Management
Asia Inc 64.58 - -0.65 0.32
Cautious Managed Rt Acc 68.21 - 0.27 0.47
Cautious Managed Rt Inc 60.00 - 0.24 0.47
Diversified Real Ret Acc 50.06 - 0.05 1.07
Diversified Real Ret Inc 48.62 - 0.04 1.09
Emerging Mkts Acc 129.10 - -0.50 0.80
Emerging Mkts Inc 55.52 - -0.21 0.81
Fund Bid Offer +/- Yield
Emrg Eur Eq Acc 127.80 - 0.00 2.84
Emrg Eur Eq Inc 30.38 - -0.01 2.80
Emrg Mkts Inc Acc... C 44.72 - -0.20 5.52
Emrg Mkts Inc Inc... C 39.01 - -0.17 5.69
Europe Acc 1044.00 - -5.00 1.49
Europe Inc 60.11 - -0.27 1.49
Eur Dynamic exUK Acc 159.20 - -0.70 0.82
Eur Dynamic exUK £ hdg Acc 181.80 - -0.80 0.72
Eur Dynamic exUK Inc 73.10 - -0.32 0.82
Eur Smaller Cos Acc 509.60 - -5.10 0.03
Eur Smaller Cos Inc 66.27 - -0.66 0.02
Fusion Balanced Acc 54.47 - -0.17 0.48
Fusion Balanced Inc 54.87 - -0.18 0.47
Fusion Conservative Acc 53.87 - -0.16 0.66
Fusion Conservative Inc 53.81 - -0.16 0.68
Fusion Growth Acc 55.92 - -0.21 0.48
Fusion Growth Inc 55.92 - -0.21 0.48
Fusion Growth + Acc 58.50 - -0.31 0.47
Fusion Growth + Inc 58.50 - -0.32 0.47
Fusion Income Acc...C 53.57 - 0.00 2.38
Fusion Income Inc...C 50.62 - 0.00 2.42
Global Allocation Acc 52.36 - -0.04 0.92
Global Allocation Inc 51.56 - -0.03 0.93
Global Bond exUK Acc 252.20 - 0.20 0.74
Global Bond exUK Inc 198.30 - 0.10 0.74
Global Bond Opport. Acc 48.62 - 0.06 2.90
Global Bond Opport. Inc 47.48 - 0.06 2.97
Global Eq Income £ hdg Acc... C 67.15 - 0.04 3.22
Global Eq Income £ hdg Inc ... C 48.06 - 0.04 3.29
Global Eq Income Acc... C 71.76 - 0.09 3.14
Global Eq Income Inc ... C 62.17 - 0.08 3.20
Global Financials Acc 716.60 - -5.00 0.87
Global Financials Inc 40.76 - -0.28 0.88
Global High Yield Bd Mth Inc C 34.82 - 0.16 7.23
Global High Yield Bd Acc C 93.02 - 0.43 7.16
Global High Yield Bd Inc C 35.14xd - 0.16 7.16
Global Property Secs Acc 58.11 - 0.56 0.58
Global Property Secs Inc 50.15 - 0.48 0.58
Global Unconstrained Eq. Acc 1010.00 - -2.00 0.15
Global Unconstrained Eq. Inc 75.05 - -0.13 0.14
Income Acc ... C 48.55 - 0.03 7.43
Income Inc ... C 44.74 - 0.03 7.56
Japan Acc 307.00 - -1.20 0.00
Japan Inc 73.90 - -0.31 0.00
Multi-Asset Inc Mth Inc ... C 62.46 - 0.10 3.68
Multi-Asset Inc Acc... C 83.68 - 0.14 3.66
Multi-Asset Inc Inc... C 62.82 - 0.10 3.75
Multi-Asset Macro Acc 66.29 - 0.47 0.00
Multi-Asset Macro Inc 66.29 - 0.46 0.00
Multi-Manager Growth Acc 719.00 - -3.90 0.46
Multi-Manager Growth Inc 671.10 - -3.50 0.46
Natural Resources Acc 312.10 - -3.60 0.13
Natural Resources Inc 22.10 - -0.26 0.13
Portfolio Acc 198.60 - -0.70 0.69
Sterling Corporate Bond Acc 82.94 - 0.30 2.31
Sterling Corporate Bond Inc 51.84 - 0.18 2.31
Strategic Bond Acc 68.20 - 0.04 3.24
Strategic Bond Inc 56.62 - 0.04 3.24
UK Dynamic Acc 157.40 - -1.40 1.50
UK Dynamic Inc 128.70 - -1.20 1.51
UK Eq & Bond Inc Acc ... C 138.70 - -0.60 3.42
UK Eq & Bond Inc Inc ... C 80.70 - -0.36 3.49
UK Equity Blue Chip Acc 63.71 - -0.50 2.22
UK Equity Blue Chip Inc 53.33 - -0.42 2.25
UK Equity Core Acc 271.90 - -2.50 3.15
UK Equity Core Inc 51.27 - -0.47 3.15
UK Equity Growth Acc 110.90 - -0.70 1.19
UK Equity Growth Inc 103.40 - -0.70 1.20
UK Higher Inc Acc ... C 888.00 - -7.10 4.22
UK Higher Inc Inc ... C 516.10 - -4.20 4.35
UK Smaller Cos Acc 387.70 - -1.40 0.27
UK Smaller Cos Inc 75.09 - -0.26 0.27
UK Strategic Eq Inc Acc ... C 147.20 - -1.50 3.85
UK Strategic Eq Inc Inc ... C 95.21 - -0.95 3.93
US Acc 727.60 - 1.30 0.00
US Inc 100.70 - 0.20 0.00
US Equity Income Acc ... C 122.50 - 0.60 2.12
US Equity Income £ hdg Inc ... C 97.02 - 0.42 2.27
US Equity Income Inc ... C 103.90 - 0.50 2.14
US Select Acc 113.30 - 0.10 0.00
US Select Inc 111.90 - 0.10 0.00
US Smaller Cos Acc 372.90 - -1.30 0.00
US Smaller Cos Inc 97.72 - -0.34 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 £ 2.709207 2.720473 1.666321 3.65
Bond Fund for Charities £ 1.333485 1.339767 0.290599 3.58
GAM
funds@gam.com, www.jbfundnet.com
Regulated
Ms EF Special Val. EUR/A € 135.20 - 0.83 1.15
Strategy Balanced-CHF/B SFr 147.80 - 0.44 0.00
Strategy Balanced-EUR € 152.80 - 0.46 0.00
Strategy Balanced-USD/B $ 127.21 - 0.16 0.00
Strategy Growth-CHF/B SFr 90.67 - 0.37 0.00
Strategy Growth-EUR € 113.90 - 0.47 0.00
Strategy Inc-CHF/B SFr 118.23 - 0.27 0.00
Strategy Inc-EUR/B € 158.34 - 0.37 0.00
Strategy Inc-USD/B $ 144.58 - 0.11 0.00
Kames Capital ICVC (UK)
Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA
0800 45 44 22 www.kamescapital.com
Authorised Funds
Diversified Income B Acc 112.06 - 0.12 0.00
Diversified Income B Inc 101.73 - 0.11 0.00
Diversified Growth B Acc £ 1.39 - 0.00 3.28
Ethical Cautious Managed B Acc £ 1.22 - 0.00 2.29
Ethical Cautious Managed B Inc £ 1.15 - -0.01 2.32
Ethical Corporate Bond B Acc £ 1.70 - 0.00 3.70
Ethical Corporate Bond B Inc £ 0.99 - 0.00 3.77
Ethical Equity B Acc £ 1.99 - -0.02 2.08
High Yield Bond B Acc £ 2.40 - 0.00 5.16
High Yield Bond B Inc £ 0.96 - 0.01 5.28
Investment Grade Bond B Acc 159.36 - 0.31 1.50
Investment Grade Bond B Inc £ 1.16 - 0.00 3.58
Sterling Corporate Bond B Acc £ 0.74 - 0.00 3.39
Sterling Corporate Bond B Inc £ 0.32 - 0.01 3.45
Strategic Bond B Acc £ 1.11 - 0.00 2.78
Strategic Bond B Inc £ 1.16 - 0.00 2.81
FINANCIAL TIMES Thursday 7 January 2016
MANAGED FUNDS SERVICE
Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield
UK Equity B Acc £ 2.55 - -0.03 2.35 Contl Europe Spec Equity £ 15.65 - -0.13 0.00 Odey Orion Fund EUR I € 118.24 - -0.15 0.00
UK Equity Absolute Return B Acc £ 1.25 - 0.01 0.00 MFS Investment Funds (LUX) Marwyn Asset Management Limited (CYM) US Spec Equity Fund £ 14.02 - 0.04 0.00 Odey Swan Fund EUR I € 97.99 - 0.69 0.00
FCA Recognised Regulated
UK Equity Income B Acc £ 2.12 - -0.01 4.69 Japan Specialist Fund X £ 10.07 - 0.00 0.00 Odey European Absolute Return GBP S £ 99.80 - 0.25 0.00
Blend.Research Gb.Eq.Fd. € 102.83 - 0.93 - Marwyn Value Investors £ 458.79 - -5.08 0.00
UK Equity Income B Inc £ 1.64 - -0.01 4.83 Pacific Basin Specialist Equity Fund £ 21.10 - -0.26 0.95
Blend.Research Gb.Eq.Fd. £ 101.11 - 0.41 -
UK Opportunities B Acc £ 1.73 - -0.02 2.27 UK Sovereign Bd Index Fund £ 10.88 - 0.01 2.53 Odey Wealth Management (CI) Ltd (IRL)
Blend.Research U.S.Core Eq.Fd. ¥ 9997.00 - -3.00 - McInroy & Wood Portfolios Limited (UK) www.odey.com/prices
UK Smaller Companies B Acc £ 2.97 - -0.01 1.40 Easter Alderston, Haddington, EH41 3SF 01620 825867 UK Specialist Equity Income Fund £ 9.37 - 0.02 4.13 FCA Recognised
Blend.Research Gb.Eq.Fd. $ 97.33 - 0.13 - Authorised Inv Funds
Global Spec Inv Grade Bd Fund GBP £ 9.72 - -0.02 3.03 Odey Opportunity EUR I € 220.13 - 0.82 0.00
Em.Mk.Eq.Fund Euro € 108.53 - 0.98 0.00 Balanced Fund Personal Class Units 3902.60 - -3.90 1.90
Kames Capital Investment Portfolios ICVC (UK) Global Emerg Mkts Equity Fund X £ 10.58 - -0.04 0.08
Em.Mk.Eq.Fund Sterling £ 93.40 - 0.37 0.00 Income Fund Personal Class Units 2334.70xd - -3.80 2.94
Kames House, 3 Lochside Crescent, Edinburgh EH12 9SA Series 2 (Investment Management customers only)
0800 45 44 22 www.kamescapital.com Omnia Fund Ltd
Em.Mk.Eq.Fd.US Dollar $ 88.87 - 0.12 0.00 Emerging Markets Fund Personal Class Units 1595.30 - -5.90 2.45
Authorised Funds United Kingdom Equity Index Fund £ 12.13 - 0.08 3.62 Other International Funds
Property Income B Acc 119.49 - -0.05 4.53 Gb.Conc.Eq.Fd.Euro € 276.22 - 1.69 0.00 Smaller Companies Fund Personal Class Units 3665.70 - -10.60 1.69 Estimated NAV $ 855.62 - 16.81 0.00
UK Specialist Equity Inc £ 19.12 - 0.04 1.61
Property Income B Inc 110.32 - -0.04 4.67 Gb.Conc.Eq.Fd.Sterl.UK T £ 169.14 - 0.18 0.00 Contl Europe Spec Equity £ 16.35 - -0.13 1.20
Gb.Conc.Eq.Fd.Sterling £ 255.96 - 0.27 0.00 Meridian Fund Managers Ltd US Spec Equity Fund £ 14.64 - 0.05 0.37
Other International Funds
Gb.Conc.Eq.Fd.US $ 187.50 - -0.31 0.00
Kames Capital VCIC (IRL) Global Gold & Resources Fund $ 181.65 - 1.97 - Japan Specialist Fund X £ 10.68 - 0.00 0.63
1 North Wall Quay, Dublin 1, Ireland +35 3162 24493
Gb.Eq.Hdg Fd.Euro IRE T € 178.79 - 0.17 0.00 Pacific Basin Specialist Equity Fund £ 20.90 - -0.25 1.97
FCA Recognised Global Energy & Resources Fund $ 34.67 - 0.79 -
Absolute Return Bond B GBP Acc 1082.80 - 0.17 - Gb.Eq.Euro Hdg Fd. € 253.33 - 0.23 0.00 UK Sovereign Bd Index Fund £ 11.07 - 0.01 2.53
Eq Market Neutral B Acc 1026.72 - 0.87 - Gb.Eq.Fund Euro € 280.21 - 1.40 0.00 UK Specialist Equity Income Fund £ 10.16 - 0.02 4.08
Optima Fund Management
Ministry of Justice Common Investment Funds (UK) Other International Funds
Eq Market Neutral Plus B Acc 1045.54 - 1.77 - Gb.Eq. Fd Euro IRE T € 177.31 - 0.88 0.00 Property & Other UK Unit Trusts Global Spec Inv Grade Bd Fund GBP £ 9.89 - -0.01 3.03 Cuttyhunk Fund II Limited $ 1360.80 - 38.19 0.00
Gb.Eq.Fd.Sterling UK T £ 207.47 - -0.02 0.00 The Equity Idx Tracker Fd Inc 1289.00 1289.00 -5.00 2.87
High Yield Global Bond A GBP Inc 515.37 - 1.10 5.26 Global Emerg Mkts Equity Fund X £ 10.16 - -0.04 0.94 JENOP Global Healthcare Fund Ltd $ 15.05 - 0.04 0.00
Distribution Units
High Yield Global Bond B GBP Inc 1071.07 - 2.29 5.26 Gb.Eq.Fd.US Dollar $ 300.29 - -0.83 0.00 The initial charge you will pay will depend on the amount you invest
OPTIKA Fund Limited - Cl A $ 100.25 - -0.27 -
**Address and Telephone number for series 1 only
Investment Grade Global Bd A GBP Inc 552.87 - 0.34 2.34 Gb.Eq.Fund Sterling £ 205.04 - -0.02 0.00
Mirabaud Asset Management (LUX) Optima Fd NAV $ 90.08 - 0.56 0.00
Kames Global Equity Income B GBP Acc 1184.16 - 0.00 - Gb.Val.Ex-Jap.Fd.USD $ 114.46 - -0.21 0.00 www.mirabaud.com, marketing@mirabaud.com
Optima Discretionary Macro Fund Limited $ 87.21 - -1.06 0.00
Regulated
Kames Global Equity Income B GBP Inc 1128.79 - 0.00 - Gb.Val.Ex-Japan Fd.Yen ¥ 13410.00 - -40.00 0.00
Mir. Conv. Bds Eur A EUR € 136.62 - 0.06 0.00 The Dorset Energy Fd Ltd NAV $ 23.21 - 2.02 0.00
Strategic Global Bond A GBP Inc 1089.16 - 1.11 0.71 Gb.Val.Fd. Euro € 132.36 - 1.01 0.00
Mir. Conv. Bds Glb A USD $ 113.85 - -0.22 0.00 Platinum Fd Ltd $ 85.67 - 1.33 0.00
Strategic Global Bond B GBP Inc 618.27 - 0.64 1.21 Gb.Val.Fd.Sterling £ 117.97 - 0.30 0.00
Mir. - Eq Asia ex Jap A $ 165.21 - -2.75 0.00 Platinum Fd Ltd EUR € 16.63 - 0.25 0.00
Gb.Val.Fd.USD $ 102.28 - -0.02 0.00
Mir. - Eq Glb Emrg Mkt A USD $ 83.03 - -1.45 0.00 New Capital Fund Management Ltd (IRL) Platinum Japan Fd Ltd $ 53.13 - -0.05 0.00
Low Volatility Gb.Eq.Fd.Euro € 105.64 - 1.07 - Leconfield House, Curzon Street, London, W1J 5JB
Kleinwort Benson Bank (UK) Mir. - Eq Global Focus A USD $ 99.26 - 0.25 0.00 Optima Partners Global Fd $ 14.22 - 0.00 0.00
FCA Recognised
14 St. George Street, Mayfair, London W1S1FE
Low Volatility Gb.Eq.Fd.Sterl £ 103.87 - 0.53 - New Capital UCITS Funds
Dealing and enquiries: 0800 024 2400 Mir. -Eq Spain A € 24.96 - 0.01 0.00 Optima Partners Focus Fund A $ 15.78 - 0.09 0.00
Authorised Inv Funds Low Volatility Gb.Eq.Fd.USD $ 99.98 - 0.24 - Asia Pac Bd USD Inst Inc $ 90.74 - 0.10 3.27
Unit Trust Manager/ACD - Host Capital Mir. - Eq Swiss Sm/Mid A SFr 330.94 - 0.80 0.00
Low Volatility Gb.Eq.Fd.Yen ¥ 9291.00 - 11.00 - Asia Pac Bd USD Ord Inc $ 92.76 - 0.11 2.53
HC KB Capital Growth A Acc 166.56 - -0.82 1.36 Mir. - Glb High Yield Bds A $ 106.78 - 0.18 - Oryx International Growth Fund Ltd
Asia Pac Eq EUR Ord Inc € 82.30 - -0.49 3.42 Other International Funds
HC KB Capital Growth A Inc 155.96 - -0.77 1.38 Mir. - Glb Eq High Income A USD $ 96.57 - -0.22 0.00
NAV (Fully Diluted) £ 6.93 - 0.36 0.00
MFS Meridian Funds SICAV (LUX) Asia Pac Eq GBP Ord Inc £ 85.13 - -0.53 3.86
HC KB Enterprise Equity Income A Inc 107.02 - 0.22 3.06 Mir. - Glb Inv Grade Bds A € 100.55 - 0.10 -
Regulated
Asia Pac Eq USD Ord Inc $ 85.92 - -0.51 3.24
HC KB Enterprise Equity Income A Acc 159.00 - -2.86 3.69 Absolute Return A1 € 20.08 - 0.16 0.00 Mir. - Glb Strat. Bd A USD $ 103.79 - 0.07 0.00
OTP Asset Management Romania SAI SA ((ROM))
Asia Pac Eq USD Inst Acc $ 92.35 - -0.54 0.00
HC KB Endeavour Multi Asset Balanced A Acc 129.25 - -0.10 0.81 Asia ex-Japan A1 $ 21.88 - -0.12 0.00 www.otpfonduri.ro
Asia Pac Eq USD Inst Inc $ 95.77 - -0.58 3.97 Other International Funds
HC KB Endeavour Multi Asset Balanced A Inc 122.84 - -0.09 0.81 Bond A1 $ 10.30 - 0.00 0.00 MW Japan Fund Plc (IRL)
OTP Comodisro RON 16.87 - 0.00 -
FCA Recognised Dyn Europ Eq EUR Ord Inc € 175.08 - 0.73 1.33
HC KB Enterprise Fixed Income A Acc 122.37 - 0.07 3.44 China Equity Fd A1 $ 9.28 - -0.01 0.00
MW Japan Fund PLC A $ 25.17 - -0.21 - OTP Obligatiuni RON 14.27 - 0.00 -
Dyn Europ Eq GBP Ord Inc £ 185.82 - 0.83 1.69
HC KB Enterprise Fixed Income A Inc 108.62 - 0.06 3.44
Continental European Eqty A1 € 17.13 - 0.00 0.00
MW Japan Fund PLC B $ 25.36 - -0.21 - Dyn Europ Eq USD Ord Inc $ 174.79 - 0.77 1.25 OTP Avantisro RON 8.41 - 0.01 -
Emer Mkts Debt Lo Curr Fd A1 $ 10.53 - 0.00 0.00
MW Japan Fund PLC C $ 95.48 - -1.24 - OTP Euro Bond € 12.41 - 0.01 -
China Equity EUR Ord Acc € 127.26 - -1.62 0.00
Lloyds Investment Fund Managers Limited (1000)F (JER) Emerging Markets Debt A1 $ 32.53 - 0.02 0.00
PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555 China Equity GBP Ord Acc £ 133.07 - -1.75 0.00 OTP Dollar Bond $ 10.57 - 0.00 -
Other International Funds Emerging Markets Eq.A1 $ 9.81 - 0.01 0.00
Morant Wright Funds (Ireland) PLC (IRL) China Equity USD Ord Acc $ 129.50 - -1.66 0.00 OTP Premium Return RON 1067.33 - 1.59 -
Lloydstrust Gilt £ 12.1500xd - 0.0700 2.36 European Concentrated A1 € 16.88 - -0.07 0.00 FCA Recognised
China Equity USD Inst Acc $ 133.23 - -1.70 0.00
Lloyds Investment Funds Limited Morant Wright Fuji Yield EUR Acc Hedged € 11.68 - 0.07 -
European Core Eq A1 € 30.88 - -0.07 0.00
Euro High Income € 1.6030xd - 0.0020 3.02 Global Val.Cr.Fd GBP Ord Inc £ 108.63 - -0.05 3.63
Morant Wright Fuji Yield EUR Dist Hedged € 10.84 - -0.10 -
European Res.A1 € 31.91 - -0.05 0.00
European £ 7.3150 - -0.0280 1.35 Global Val.Cr.Fd USD Inst Acc $ 122.28 - -0.06 0.00
Morant Wright Fuji Yield GBP Acc Hedged £ 11.26 - -0.10 0.00
European Smaller Companies A1 € 51.78 - -0.03 0.00
High Income £ 0.8578xd - 0.0029 4.95 Global Val.Cr.Fd GBP Ord Acc £ 176.22 - -0.09 0.00
Morant Wright Fuji Yield GBP Dist Hedged £ 10.94 - -0.10 -
European Value A1 € 35.87 - -0.05 0.00
International £ 3.8890 - -0.0010 1.23 Global Val.Cr.Fd USD Ord Acc $ 165.40 - -0.08 0.00
Morant Wright Fuji Yield USD Acc Hedged $ 10.95 - -0.09 0.00
Global Conc.A1 $ 34.96 - -0.05 0.00
North American £ 15.6100 - 0.0800 0.15 Global Val.Cr.Fd EUR Ord Acc € 153.92 - -0.07 0.00 Permal Investment Mgmt Svcs Ltd
Morant Wright Fuji Yield USD Dist Hedged $ 10.98 - -0.09 2.14 www.permal.com
Global Credit Fund $ 10.18 - -0.02 0.00
Sterling Bond £ 1.4530xd - 0.0060 3.65 Swiss Select Equity Inst Acc SFr 114.25 - 0.04 0.00 Other International Funds
Morant Wright Fuji Yield YEN Acc ¥ 1128.93 - -9.57 0.00
Global Energy Fund A1 $ 11.82 - -0.05 0.00 Offshore Fund Class A US $ Shares
UK £ 6.2110 - -0.0530 1.78 Swiss Select Equity Ord Acc SFr 112.91 - 0.04 0.00
Morant Wright Fuji Yield B YEN Acc ¥ 995.00 - -8.75 - Investment Holdings N.V. $ 5487.68 - 49.80 0.00
Global Equity A1 $ 43.48 - -0.12 0.00
Lloyds Gilt Fund Limited US Growth USD Ord Acc $ 203.80 - -1.07 0.00
Morant Wright Fuji Yield YEN Dist ¥ 1105.51 - -9.38 2.13 Macro Holdings Ltd $ 4192.02 - 66.31 0.00
Lloyds Gilt Fund Quarterly Share £ 1.2660xd - 0.0070 1.87 Global Equity A1 € 25.75 - 0.12 0.00
US Growth EUR Ord Acc € 194.85 - -1.05 0.00
Morant Wright Sakura Fund Sterling Acc Hedged £ 13.70 - -0.18 0.00 Fixed Income Holdings N.V. $ 364.13 - -1.93 -
Monthly Share £ 1.2200xd - 0.0070 1.87 Global High Yield Fund $ 23.78 - 0.06 0.00
US Growth GBP Ord Acc £ 204.96 - -1.12 0.00
Lloyds Money Fund Limited Morant Wright Sakura Fund Euro Acc Hedged € 13.65 - -0.18 0.00 Permal Absolute Return Fund $ 163.59 - 0.48 0.00
Global High Yield Fund € 16.18 - 0.16 0.00
US Growth USD Inst Acc $ 188.33 - -0.98 0.00
Sterling Class £ 52.6190 - 0.0000 0.12 Morant Wright Sakura Fund Yen Acc Unhedged ¥ 1395.45 - -18.09 0.00
Global Multi-Asset A1 $ 14.70 - 0.02 0.00
Lloyds Multi Strategy Fund Limited Wealthy Nat Bd EUR Inst Inc € 105.98 - 0.00 3.83
Morant Wright Sakura Fund Dollar Acc Hedged $ 13.60 - -0.18 0.00
Global Res.A1 $ 25.02 - 0.02 0.00
Conservative Strategy £ 1.0970 - 0.0030 1.97 Wealthy Nat Bd GBP Inst Inc £ 110.07 - 0.00 3.66
Morant Wright Sakura Fund Swiss Franc Acc HedgedSFr 13.51 - -0.18 0.00
Global Total Return A1 € 17.81 - 0.12 0.00
Growth Strategy £ 1.4750 - 0.0030 1.32 Wealthy Nat Bd EUR Ord Inc € 105.32 - 0.00 3.59
Inflation-Adjusted Bond A1 $ 13.78 - 0.01 0.00
Aggressive Strategy £ 1.8010 - 0.0030 0.00 Wealthy Nat Bd GBP Ord Inc £ 110.76 - 0.00 3.39
Japan Equity A1 $ 10.26 - 0.09 0.00
Global USD Growth Strategy $ 1.3530 - -0.0020 0.00 Wealthy Nat Bd USD Ord Inc $ 107.90 - 0.00 3.37
Pictet Asset Management (Europe) SA (LUX)
Dealing Daily Latin American Equity Fd A1 $ 10.66 - 0.03 0.00
New Capital Alternative Strategies 15, Avenue J.F. Kennedy L-1855 Luxembourg
Limited Maturity A1 $ 13.98 - 0.00 0.00 All Weather Fd USD Cls $ 118.47 - 0.69 0.00 Tel: 0041 58 323 3000
FCA Recognised
Lothbury Property Trust (UK) Prudent Wealth Fd A1 $ 14.69 - -0.01 0.00 All Weather Fd EUR Cls € 106.34 - 0.53 0.00
Pictet-Absl Rtn Fix Inc-HI EUR € 106.38 - -0.05 0.00
155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900
Research Bond A1 $ 16.45 - 0.00 0.00
Morgan Stanley Investment Funds (LUX)
Property & Other UK Unit Trusts All Weather Fd GBP Cls £ 114.58 - 0.58 0.00
6b Route de Trèves L-2633 Senningerberg Luxembourg (352) 34 64 61 Pictet-Absl Rtn Glo Div-I EUR F € 124.04 - 0.25 0.00
Lothbury Property Trust GBP £ 1802.73 1933.97 16.21 3.09 www.morganstanleyinvestmentfunds.com
UK Equity A1 £ 7.88 - -0.01 0.00 Tactical Opps USD Cls $ 135.49 - -6.94 0.00
FCA Recognised Pictet-Agriculture-I EUR F € 183.79 - 0.96 0.00
US Conc.Growth A1 $ 15.06 - 0.01 0.00 Tactical Opps EUR Cls € 113.28 - -5.86 0.00
US Advantage A F $ 56.83 - -0.41 0.00 Pictet-Asian Equities Ex Japan-I USD F $ 194.56 - -1.96 0.00
US Government Bond A1 $ 17.02 - -0.01 0.00 Tactical Opps GBP Cls £ 127.49 - -6.55 0.00
Asian Equity A F $ 38.64 - -0.55 0.00 Pictet-Asian Local Currency Debt-I USD F $ 149.33 - -0.44 0.00
Value A1 $ 21.34 - 0.05 0.00
Asian Property A F $ 17.04 - -0.16 0.00 Pictet-Biotech-I USD F $ 817.92 - -1.34 0.00
Asian Property AX F £ 10.78 - -0.01 0.54 Pictet-Brazil Index I USD $ 32.93 - 0.41 0.00
MMIP Investment Management Limited (GSY)
Diversified Alpha Plus A F € 29.29 - -0.03 0.00 Pictet-CHF Bonds I CHF SFr 504.84 - 0.55 0.00
Regulated
M & G Securities (1200)F (UK)
Multi-Manager Investment Programmes PCC Limited Emerg Europ, Mid-East & Africa Eq A F € 63.02 - -0.90 0.00 Pictet-China Index I USD $ 100.29 - -0.55 0.00
PO Box 9039, Chelmsford, CM99 2XG
www.mandg.co.uk Enq: 0800 390 390, Dealing: 0800 328 3196 European Equity Fd Cl A Initial Ser € 2642.19 2642.19 62.94 0.00
Emerging Markets Debt A F $ 74.38 - 0.04 0.00 Pictet-Clean Energy-I USD F $ 76.98 - -0.22 0.00
Authorised Inv Funds
Japanese Equity Fd Cl A Initial Ser ¥ 368031.00 368031.00 6127.00 0.00
Emerging Markets Domestic Debt AX F £ 10.09 - -0.04 5.66 Northwest Investment Management (HK) Ltd
Charifund Inc 1402.02 - -9.00 4.93 Pictet-Digital Communication-I USD F $ 252.34 - -0.77 0.00
11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373
MMIP - US EQUITY CLASS A 01 June 07 Series $ 1304.31 1304.31 168.32 0.00 Other International Funds
Charifund Acc 19351.40 - -124.18 4.78 Emerging Markets Equity A F $ 31.26 - -0.37 0.00 Pictet-Eastern Europe-I EUR F € 256.90 - 1.88 0.00
Pacific Basin Fd Cl A Initial Ser $ 2059.34 2059.34 -82.99 0.00 Northwest $ class $ 2357.94 - -24.48 0.00
M&G Corporate Bond A Acc 62.72xd - 0.20 3.07 Euro Bond A F € 15.74 - 0.05 0.00 Pictet-Em Lcl Ccy Dbt-I USD F $ 149.32 - -0.37 0.00
UK Equity Fd Cl A Series 01 £ 2357.45 2381.20 0.73 0.00 Northwest Warrant $ class $ 1969.35 - -444.40 0.00
M&G Corporate Bond A Inc 39.16xd - 0.13 3.09 Euro Corporate Bond AX F £ 21.66 - 0.03 1.54 Pictet-Emerging Markets-I USD F $ 436.98 - -4.35 0.00
Diversified Absolute Rtn Fd USD Cl AF2 $ 1586.40 - -4.69 0.00
M&G Dividend A Inc 59.08xd - -0.31 4.64 Euro Strategic Bond A F € 43.40 - 0.07 0.00 Pictet-Emerging Markets Index-I USD F $ 199.75 - 0.18 0.00
Diversified Absolute Return Stlg Cell AF2 £ 1607.75 - -3.92 0.00
M&G Dividend A Acc 599.84xd - -3.16 4.42 European Currencies High Yield Bd A F € 21.34 - -0.01 0.00 Pictet-Emerging Corporate Bonds I USD $ 105.48 - 0.12 0.00
M&G Episode Growth X Inc 50.29 - -0.49 1.82 European Equity Alpha A F € 41.34 - -0.70 0.00 Pictet-Emerging Markets High Dividend I USD $ 85.81 - -0.53 0.00
Manek Investment Mgmt Ltd (1000)F (UK)
European Property A F € 35.01 - -0.22 0.00
M&G Episode Income A Acc 134.41xd - -0.05 3.61 Pictet-Emerging Markets Sust Eq I USD $ 78.16 - 0.18 0.00
P.O.Box 100, Swindon SN1 1WR 0844 800 9401
M&G Episode Income A Inc 111.47xd - -0.04 3.70 Authorised Inv Funds Eurozone Equity Alpha A F € 11.04 - -0.23 0.00 Pictet-Environmental Megatrend Sel I EUR € 161.37 - 0.95 0.00
Growth Fd Acc 53.20 56.31 0.08 0.00 Oasis Crescent Management Company Ltd
M&G Extra Income A Inc 706.37xd - -2.86 4.61 Global Bond A F $ 38.14 - 0.08 0.00 Pictet-EUR Bonds-I F € 556.20 - 0.57 0.00
Other International Funds
M&G Extra Income A Acc 5827.63xd - -23.61 4.47 Global Brands A F $ 95.62 - -0.33 0.00 Oasis Crescent Equity Fund R 9.27 - 0.01 0.00 Pictet-EUR Corporate Bonds Ex Fin i EUR € 142.86 - 0.09 0.00
LNG Capital (CYM)
Global Convertible Bond A F $ 41.65 - -0.08 0.00
M&G Global Basics A Inc 598.35 - -7.02 0.64 Pictet-EUR Corporate Bonds-I F € 198.94 - -0.33 0.00
Kingsbury House, 15-17 King St, London SW1Y 6QU
www.lngcapital.com, Tel: 0207 839 3456 Global Property A F $ 27.14 - -0.08 0.00
M&G Global Basics A Acc 909.20 - -10.67 0.59 Oasis Global Mgmt Co (Ireland) Ltd (IRL) Pictet-EUR Government Bonds I EUR € 158.42 - 0.21 0.00
Regulated Regulated
M&G Global Dividend Fund A Acc 179.88xd - -2.35 3.40 Indian Equity A F $ 33.98 - -0.15 0.00 Pictet-EUR High Yield-I F € 239.09 - -0.27 0.00
LNG Europa Credit Fund EUR (Est) € 1196.70 - 65.31 - Oasis Global Investment (Ireland) Plc
M&G Global Dividend Fund A Inc 140.84xd - -1.84 3.50 Latin American Equity A F $ 34.25 - -0.35 0.00 Oasis Crescent Global Short Term Income Fund $ 0.99 - 0.01 0.86 Pictet-EUR Short Mid-Term Bonds-I F € 137.00 - 0.04 0.00
LNG Europa Credit Fund GBP (Est) £ 1196.70 - 56.94 -
M&G Glbl Emrgng Mkts A Acc 174.36 - -1.37 1.00 Short Maturity Euro Bond A F € 20.38 - 0.01 0.00 Oasis Global Equity $ 26.53 - 0.07 0.23 Pictet-EUR Short Term HY I EUR € 118.98 - -0.08 0.00
LNG Europa Credit Fund USD $ 1183.45 - -15.60 -
US Dollar Liquidity A F $ 13.03 - 0.00 0.00 Oasis Crescent Global Investment Fund (Ireland) plc Pictet-EUR Sov.Sht.Mon.Mkt EUR I € 102.95 - 0.00 0.00
M&G Glbl Emrgng Mkts A Inc 168.45 - -1.32 1.01
Oasis Crescent Global Equity Fund $ 27.01 - 0.06 0.00
M&G Global Macro Bond Fund A Acc 108.41 - 0.22 1.38 US Growth A F $ 66.52 - -0.50 0.00 Pictet-Euroland Index IS EUR € 128.40 - 0.29 0.00
Marlborough Fd Managers Ltd (1200)F (UK)
Oasis Crescent Variable Balanced Fund £ 10.22 - 0.04 0.59
Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500 US Growth AH F € 46.41 - -0.04 0.00 Pictet-Europe Index-I EUR F € 166.52 - 1.03 0.00
M&G Global Macro Bond Fund A Inc 75.10 - 0.15 1.38
www.marlboroughfunds.com OasisCresGl Income Class A $ 10.72 - 0.00 2.42
M&G Global High Yield Bond X Inc 47.47xd - 0.14 4.70 Authorised Inv Funds US Growth AX F £ 45.70 - 0.14 0.00 Pictet-European Equity Selection-I EUR F € 621.95 - 6.43 0.00
Balanced 155.52 164.45 -0.56 0.05 OasisCresGl LowBal D ($) Dist $ 11.45 - 0.05 0.00
M&G Global High Yield Bond X Acc 112.70xd - 0.31 4.68 US Property A F $ 69.07 - 0.49 0.00 Pictet-European Sust Eq-I EUR F € 239.53 - 1.42 0.00
Bond Income 49.51 52.39 0.07 4.94 OasisCresGl Med Eq Bal A ($) Dist $ 11.63 - 0.05 0.33
M&G Managed Growth X Inc 74.01 - -0.65 0.58 Pictet-Global Bds Fundamental I USD $ 115.04 - -0.29 0.00
Cash 50.05 50.05 0.00 0.32 Oasis Crescent Gbl Property Eqty $ 9.30 - 0.04 2.07
M&G Optimal Income A Inc 141.30 - 0.16 2.62 Morgens Waterfall Vintiadis.co Inc Pictet-Global Bonds-I EUR € 166.98 - 0.92 0.00
Other International Funds
Cautious Inc 81.86 86.18 -0.11 1.33 Pictet-Global Emerging Currencies-I USD F $ 94.78 - -0.07 0.00
M&G Optimal Income A Acc 186.66 - 0.20 2.62
Phaeton Intl (BVI) Ltd (Est) $ 402.53 - 4.90 0.00
M&G Recovery GBP A Inc 111.46xd - -1.03 0.79
Defensive A Inc 117.54 117.54 -0.04 0.27 Pictet-Global Emerging Debt-I USD F $ 354.40 - 0.70 0.00
Emerging Markets 215.71 215.71 -2.27 1.76 Pictet-Global Megatrend Selection-I USD F $ 216.18 - -0.39 0.00
M&G Recovery GBP A Acc 251.29xd - -2.34 0.78
ETF Global Growth A 151.80 151.80 -0.14 0.00
M&G Strategic Corp Bond A Inc 72.77xd - 0.18 2.96 Pictet-Greater China-I USD F $ 429.11 - -4.37 0.00
ETF Commodity A 65.39 65.39 -1.15 0.00
M&G Strategic Corp Bond A Acc 105.04xd - 0.26 2.96 Pictet-Health-I USD $ 268.47 - 1.31 0.00
European Multi-Cap 292.77 292.77 -0.86 0.29
Odey Asset Management LLP (UK)
M&G Global Leaders GBP A Inc 187.80 - -2.11 1.40 40 Dukes Place, London, EC3A 7NH Pictet-High Dividend Sel I EUR F € 154.75 - 1.85 0.00
Extra Income 78.14 82.69 -0.30 4.44 Order Desk and Enquiries: 0345 300 2106
M&G Global Leaders GBP A Acc 442.31 - -4.97 1.38 Pictet-India Index I USD $ 94.01 - -0.01 0.00
Natixis International Funds (Lux) I SICAV (LUX) Authorised Corporate Director - Capita Financial Managers
Far East Growth A Inc 156.65 156.65 -1.98 2.41 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000 Authorised Inv Funds
M&G UK Inflation Lnkd Corp Bnd A Acc 110.60 - -0.04 0.12 Pictet-Indian Equities-I USD F $ 422.23 - -4.18 0.00
FCA Recognised
Global 176.99 186.34 -0.62 0.00 CF Odey Continental European GBP R Acc 715.07 - -0.03 0.03
M&G UK Inflation Lnkd Corp Bnd A Inc 109.01 - -0.04 0.12 Pictet-Japan Index-I JPY F ¥ 15691.66 - -177.41 0.00
Harris Global Equity R/A (USD) $ 249.14 249.14 -1.08 0.00
Global Bond Inc 137.41 145.41 0.18 3.17 CF Odey Opus GBP R Inc 3725.52 - -14.27 0.00
Pictet-Japanese Equities Opp-I JPY F ¥ 9387.24 - -125.61 0.00
Harris US Equity Fund R/A (USD) $ 201.72 201.72 -0.93 0.00
High Yield Fixed Interest 71.87 76.25 -0.06 5.77 CF Odey Absolute Return GBP R 327.40 - 0.56 0.00
M & G Securities Ltd (UK) Pictet-Japanese Equity Selection-I JPY F ¥ 13905.55 - -175.82 0.00
Harris Concentrated US Equity R/A (USD) $ 153.33 153.33 -0.64 0.00
Property & Other UK Unit Trusts Multi Cap Income A Inc 158.47 158.47 -1.17 4.44 CF Odey Portfolio Fund GBP R Inc 146.18 - -0.16 0.07
Pictet-LATAM Index I USD $ 45.74 - 0.31 0.00
Charibond 123.16 - 0.52 5.25 Loomis Sayles Strategic Alpha R/A (USD) $ 109.52 109.52 0.11 -
Nano-Cap Growth A Acc 104.1863 114.9500 -0.1023 0.00 Pictet-LATAM Lc Ccy Dbt-I USD F $ 104.87 - 0.63 0.00
(Accum Units) 3646.10 - 15.37 5.25
Special Situations A Acc 1200.00 1269.84 -3.21 0.37 Odey Asset Management LLP (CYM)
Pictet-Pacific Ex Japan Index-I USD F $ 319.43 - -4.00 0.00
NAACIF 73.00 - -0.43 4.79 Natixis International Funds (Dublin) I plc (IRL) Regulated
UK Multi-Cap Growth A Inc 241.29 255.33 -1.80 0.66 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000 Pictet-Premium Brands-I EUR F € 150.40 - 0.96 0.00
OEI Mac Inc GBP A £ 358.19 - -15.28 0.00
(Accum Units) 6542.85 - -39.21 4.67 Regulated
UK Micro Cap Growth A 480.70 508.68 0.67 0.00 Pictet-Quality Global Equities I USD $ 131.98 - 0.62 0.00
Loomis Sayles Global Opportunistic Bond R/D (USD) $ 12.20 12.20 -0.01 1.22 OEI Mac Inc GBP B £ 201.79 - -3.13 0.00
M&G Property Portfolio A Acc 135.84 142.98 0.01 3.40
US Multi-Cap Income 325.31 325.31 2.03 0.62 Pictet-Russia Index I USD $ 45.00 - 0.34 0.00
Loomis Sayles High Income R/D (USD) $ 7.41 7.41 -0.01 15.55 OEI MAC Inc USD $ 1914.43 - -79.92 0.00
Property Portfolio A 123.84 130.35 0.01 3.48 MFM - Third Party Funds
Pictet-Russian Equities-I USD F $ 39.91 - 0.46 0.00
Loomis Sayles Multisector Income R/D (GBP) $ 11.49 11.49 0.00 5.93 Odey European Inc EUR € 837.15 - -33.12 0.00
Property Portfolio X 123.84 123.84 0.01 3.48 Junior Oils 56.21 59.48 0.22 0.00
Odey European Inc GBP A £ 322.51 - -12.70 0.00 Pictet-Security-I USD F $ 195.11 - -0.38 0.00
Junior Gold C Acc 19.16 19.16 -0.20 0.00
Odey European Inc GBP B £ 183.03 - -7.20 0.00 Pictet-Select-Callisto I EUR € 105.47 - 0.22 0.00
M & G (Guernsey) Ltd (GSY) MFM Artorius Fund 159.91 159.91 -1.22 0.30 Natixis International Funds (UK)
Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000 Pictet-Small Cap Europe-I EUR F € 1142.37 - 2.95 0.00
Regulated Odey European Inc USD $ 387.15 - -14.81 0.00
MFM Bowland 163.97 177.27 0.03 0.00 Authorised Funds
The M&G Offshore Fund Range
Giano Capital EUR Inc € 4456.59 - 3.33 0.00 Pictet-ST.MoneyMkt-I € 140.46 - 0.00 0.00
MFM Hathaway Inc 105.15 110.10 0.16 1.89 H2O MultiReturns Fund N/A (GBP) £ 1.40 - 0.00 1.46
Corporate Bond 1303.72 1344.04 4.33 3.09
Pictet-ST.MoneyMkt JPY I USD ¥ 101507.72 - -5.76 0.00
MFM SGWM Managed A Acc 126.32 126.32 -0.03 0.15 Harris Associates Global Concentrated Equity Fund N/A (GBP) £ 1.01 - -0.01 0.00
Global Basics 2213.95 2282.42 -25.91 0.30
Odey Asset Management LLP (IRL) Pictet-ST.MoneyMkt-ICHF SFr 124.17 - 0.00 0.00
MFM Techinvest Special Situations Acc 142.30 142.30 0.22 0.01 Loomis Sayles Strategic Income N/D (GBP) £ 0.95 - 0.00 4.31
Global Leaders 3261.47 3397.37 -36.64 1.04
FCA Recognised
Pictet-ST.MoneyMkt-IUSD $ 135.31 - 0.00 0.00
MFM Techinvest Technology Acc 346.83 346.83 -3.98 0.00 Loomis Sayles Strategic Income H-N/D (GBP) £ 0.88 - 0.00 4.47
Global High Yield Bond 933.31 962.17 2.75 4.67 Odey Pan European EUR R € 342.14 - 3.08 0.00
Pictet-Timber-I USD F $ 143.62 - -0.59 0.00
MFM UK Primary Opportunities A Inc 323.33 323.33 -1.21 1.36 Loomis Sayles US Equity Leaders N/A (GBP) £ 1.48 - -0.01 0.25
Global Macro Bond Fund 11271.63 11620.23 22.46 1.38 Odey Absolute Return Focus Fund $ 100.00 - - -
Slater Investments Ltd - Investment Adviser Pictet Total Ret-Agora I EUR € 116.59 - 0.05 0.00
Seeyond Factor Plus Europe Ex U.K Equity Fund N/A (GBP) £ 0.97 - 0.00 -
North American Dividend Fund 154.38 160.81 -2.10 2.19 Odey Allegra European EUR O € 262.29 - 1.83 0.00
MFM Slater Growth 419.48 445.07 -0.53 0.11
Seeyond Factor Plus U.K Equity Fund N/A (GBP) £ 0.97 - -0.01 - Asset Management
Managemen
Pictet Total Ret-Corto Europe I EUR € 137.28 - 0.22 0.00
Optimal Income Fund 140.02 144.35 0.16 2.62 Odey Allegra International EUR O € 176.40 - 1.65 0.00
Asset Management
Recovery Fund Limited 'A' Participating Shares 9666.26 10069.02 -88.20 0.45
MFM Slater Income A Inc
MFM Slater Recovery
159.96 159.96 -0.82 3.83
179.83 190.80 -2.52 0.23
Asset Management Odey Allegra Developed Markets USD I $ 125.99 - -0.75 0.00
Pictet Total Ret-Divers Alpha I EUR € 105.08
Pictet Total Ret-Kosmos I EUR € 108.84
-
-
0.13 0.00
-0.10 0.00
Recovery Fund Limited 'I' Participating Shares 9656.54 9754.08 -89.78 1.29 NatWest (2230)F (UK)
Odey European Focus Fund € 17.44 - 0.10 0.50
PO Box 23873, Edinburgh EH7 5WJ** Pictet Total Ret-Mandarin I USD $ 112.70 - 0.66 0.00
Strategic Corporate Bond Fund 132.13 137.64 0.33 2.98 Enquiries: 0800 085 5588 Odey Atlas Fund GBP I S £ 1.14 - 0.00 0.00
Marlborough International Management Limited (GSY) Authorised Inv Funds Pictet-US Equity Selection-I USD $ 186.39 - 0.53 0.00
UK Select 1455.95 1516.62 -19.10 0.92 Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520 Series 1(Minimum initial investment 16375,000) Odey Giano European Fund EUR R € 122.24 - -0.05 0.00
FCA Recognised Pictet-US High Yield-I USD F $ 143.14 - 0.36 0.00
United Kingdom Equity Index Fund £ 12.13 - 0.08 2.97 Odey Naver Fund EUR I € 125.86 - -0.67 0.00
Marlborough North American Fund Ltd £ 31.71 33.79 -0.02 0.00 Pictet-USA Index-I USD F $ 178.29 - 0.35 0.00
UK Specialist Equity Inc £ 18.91 - 0.04 0.40 Odey Odyssey USD I $ 134.67 - -0.52 0.00
Marlborough Tiger Fund Ltd F £ 25.93 27.63 -0.11 0.00 Pictet-USD Government Bonds-I F $ 633.50 - -0.45 0.00
Thursday 7 January 2016 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

Pictet-USD Short Mid-Term Bonds-I F $ 129.45 - 0.01 0.00 Prusik Asian Smaller Cos A $ 135.43 - -0.76 0.00 Pacific O Acc 294.94 - -7.20 0.26 Max 60% Shs Port Inc S 144.30 - -0.10 - Stenham Multi Strategy USD $ 116.28 - 0.06 - Data Provided by
Managed Investments OEIC 2
Pictet-USD Sov.ST.Mon.Mkt-I $ 102.66 - 0.00 0.00 Total Return C Acc 387.04 - -0.96 1.38 Stenham Quadrant USD A $ 401.53 - 7.27 - Veritas Asset Management LLP (IRL)
Investments Inc Port Inc Ret 163.10 - 0.70 - HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland
Pictet-Water-I EUR F € 280.73 - 1.86 0.00 Purisima Investment Fds (UK) (1200)F (UK) Total Return C Inc 268.17 - -0.66 1.39 Stenham Trading Inc USD $ 116.19 - 1.90 - Veritas Funds Plc
40 Dukes Place, London EC3A 7NH Investments Inc Port Inc X 147.80 - 0.70 - www.veritas-asset.com
Order Desk and Enquiries: 0345 922 0044 Total Return O Inc 265.30 - -0.66 1.40 Stenham Universal USD $ 431.45 - -0.38 -
+353 1 635 6799
Authorised Inv Funds £ Gov Bond Inc Inst (gross) 177.10 - 0.90 -
Pimco Fds: Global Investors Series Plc (IRL) Total Return O Acc 383.07 - -0.96 1.38 Stenham Universal II USD $ 159.84 - -0.20 0.00 FCA Recognised
Authorised Corporate Director - Capita Financial Managers Institutional
PIMCO Europe Ltd,11 Baker Street,London W1U 3AH £ Gov Bond Inc Inst 145.60 - 0.80 -
Toscafund Asset Management LLP (UK)
http://gisnav.pimco-funds.com/
Dealing: +44 20 3640 1000
Global Total Fd PCG A 165.92 - -0.43 0.50
£ Gov Bond Acc Inst 147.70 - 0.80 - www.toscafund.com Veritas Asian Fund A USD H $ 304.97 - -2.37 0.42 www.morningstar.co.uk
Global Total Fd PCG B 164.79 - -0.43 0.25 Stratton Street Capital (CI) Limited (GSY) Authorised Funds
PIMCO Funds: +44 (0)20 3640 1407 Veritas Asian Fund A GBP H £ 384.12 - -3.09 0.24 Data as shown is for information purposes only. No
Strat Bond Inc Inst (gross) 180.10 - 0.60 - Regulated
FCA Recognised Aptus Global Financials B Acc £ 3.14 - 0.01 4.54 offer is made by Morningstar or this publication.
Global Total Fd PCG INT 163.00 - -0.42 0.00 Veritas Asian Fund A EUR H € 321.29 - -2.23 0.21
Strat Bond Inc Inst 148.90 - 0.40 - Japan Synthetic Warrant Yen Class ¥ 1772.84 - -37.12 0.00
Capital Securities Inst Acc $ 14.92 - 0.00 0.00 Aptus Global Financials B Inc £ 2.74 - 0.00 4.55
Japan Synthetic Warrant GBP Hedged Class £ 199.88 - 1.10 0.00 Veritas China Fund A USD $ 139.48 - 0.60 0.35
Commodity Real Return Fund Inst Acc $ 5.65 - -0.02 0.00 Strat Bond Acc Inst 151.40 - 0.50 -
Purisima Investment Fds (CI) Ltd (JER)
Managed Investments OEIC 3 Japan Synthetic Warrant USD Class $ 18.75 - -0.43 0.00 Veritas China Fund A GBP £ 144.39 - 0.63 0.36
Credit Absolute Return Fund Inst Acc $ 10.99 - 0.03 0.00 Regulated
S W Mitchell Capital LLP (CYM)
Div Inc Port Inc Ret 171.20 - -1.20 -
Toscafund Asset Management LLP (CYM)
Regulated Japan Synthetic Warrant USD Hedged Class $ 198.97 - 1.03 0.00 www.toscafund.com Veritas China Fund A EUR € 137.88 - 0.57 0.36
Diversified Income - Inst Acc $ 19.07 - 0.04 0.00 PCG B X 163.04 - -1.81 0.00

Diversified Income Durat Hdg Fund Inst Acc $ 11.16 - 0.02 0.00 PCG C X 160.76 - -1.78 0.00
S W Mitchell European Fund Class A EUR € 338.41 - 4.04 - Corp Bond Acc Inst (gross) 213.70 - 0.80 - Renminbi Bond Fund AUD Cls A A$ 113.82 - -5.12 3.93
Regulated
Tosca A USD $ 306.65 - 4.15 0.00
Veritas Global Equity Income Fund D USD $ 108.33 - -1.11 4.25
Guide to Data
S W Mitchell Small Cap European Fund Class A EUR € 231.17 - -2.80 - Corp Bond Inc Inst 142.40 - 0.50 - Renminbi Bond Fund AUD Cls B A$ 115.72 - -4.93 3.67 Veritas Global Equity Income Fund D EUR € 195.25 - -1.87 4.17
Emerging Asia Bond Fund Inst Acc $ 9.42 - -0.01 0.00 Tosca Mid Cap GBP £ 253.12 - -6.14 0.00
The Charlemagne Fund EUR € 327.90 - 4.49 - Corp Bond Acc Inst 145.10 - 0.60 - Renminbi Bond Fund CHF Cls A SFr 110.37 - -5.07 4.01 Veritas Global Equity Income Fund D GBP £ 143.49 - -1.43 4.17 The fund prices quoted on these pages are supplied by
Emerging Local Bond - Inst Acc $ 10.40 - 0.01 0.00 Putnam Investments (Ireland) Ltd (IRL) the operator of the relevant fund. Details of funds
Multi-Manager OEIC Tosca Opportunity B USD $ 346.98 - -10.49 0.00
Regulated Veritas Global Focus Fund D USD $ 25.04 - -0.12 0.65 published on these pages, including prices, are for the
Renminbi Bond Fund CHF Cls B SFr 110.37 - -4.77 3.76
Emerging Markets Bond - Inst Acc $ 37.28 - 0.12 0.00 Bal Intl Track Acc Ret 259.70 - -0.50 - purpose of information only and should only be used
Putnam New Flag Euro High Yield Plc - E € 1011.05 - -0.79 4.30
S W Mitchell Capital LLP (IRL) Renminbi Bond Fund CNH Cls A CNH 122.77 - -4.13 3.36 Veritas Global Focus Fund D EUR € 23.45 - -0.10 0.64 as a guide. The Financial Times Limited makes no
Emerging Markets Corp.Bd Fund Inst Acc F $ 12.50 - 0.02 0.00 Regulated Bond Mthly Inc Acc Ret 143.00 - 0.30 - representation as to their accuracy or completeness
Renminbi Bond Fund CNH Cls B CNH 122.72 - -3.82 3.13 Veritas Global Focus Fund D GBP £ 28.98 - -0.12 0.63 and they should not be relied upon when making an
Emerging Markets Short-Term Local Currency Fund $ 11.51 - 0.00 0.00 SWMC European Fund B EUR € 15010.96 - -3.47 0.00 Bond Mthly Inc Inc Ret 91.33 - 0.15 - investment decision.
Rathbone Unit Trust Mgmt (1200)F (UK)
Renminbi Bond Fund Euro Cls B € 112.19 - -4.75 3.76 Veritas Global Focus Fund A GBP £ 27.98 - -0.12 0.36
Euro Bond - Inst Acc € 22.74 - 0.03 0.00 PO Box 9948, Chelmsford, CM99 2AG SWMC UK Fund B £ 12140.84 - 74.13 0.00 The sale of interests in the funds listed on these pages
Order Desk: 0845 300 2101, Enquiries: 0207 399 0399 Veritas Global Focus Fund A EUR € 13.67 - -0.06 0.36 may, in certain jurisdictions, be restricted by law and
Renminbi Bond Fund GBP Cls B £ 119.07 - 0.60 3.53
Euro Credit - Inst Acc € 14.72 - 0.01 0.00 Authorised Inv Funds SWMC Small Cap European Fund B EUR € 13495.58 - 19.13 0.00 Santander Asset Management UK Limited (1200)F (UK) the funds will not necessarily be available to persons
287 St Vincent Street, Glasgow G2 5NB 0845 605 4400 Renminbi Bond Fund SGD Cls B S$ 113.60 - -4.81 3.48 Veritas Global Focus Fund A USD $ 24.16 - -0.12 0.38 in all jurisdictions in which the publication circulates.
Euro Income Bond - Inst Acc F € 12.94 - 0.01 0.00 Blue Chip Income Inc 148.52 153.39 -0.77 4.17 SWMC Emerging European Fund B EUR € 8900.65 - -13.64 0.00 TreeTop Asset Management S.A. (LUX) Persons in any doubt should take appropriate
Authorised Inv Funds
Renminbi Bond Fund USD Cls B $ 113.83 - -4.63 3.29 Regulated Veritas Global Focus Fund C GBP £ 30.38 - -0.13 0.00 professional advice. Data collated by Morningstar. For
Euro Long Average Duration - Inst Acc € 21.48 - 0.01 0.00 Blue Chip Income Acc 224.15 231.25 -1.16 4.04 Santander Premium Fund (OEIC)
other queries contact reader.enquiries@ft.com +44
TreeTop Convertible Sicav
A Shares Renminbi Bond Fund YEN Cls B ¥ 12915.61 - -111.55 0.00 Veritas Global Focus Fund C EUR € 24.70 - -0.10 0.00 (0)207 873 4211.
Euro Low Duration Fund Inst Acc € 11.24 - 0.01 0.00 Ethical Bond Inc 90.33 92.32 0.14 4.72
International A € 295.12 - 0.01 0.00
Europe (ex-UK) 271.60 - -1.40 -
Renminbi Bond Fund USD Cls A $ 156.65 - -6.80 3.53 Veritas Global Focus Fund C USD $ 26.31 - -0.12 0.00 The fund prices published in this edition along with
Euro Real Return - Inst Acc € 13.40 - -0.02 0.00 Ethical Bond Acc 172.76 176.22 0.25 4.89
International B $ 378.38 - -0.05 0.00 additional information are also available on the
Japan Equities 158.30 - -0.70 -
Global Opportunities Acc 140.19 144.65 -0.31 0.11 Renminbi Bond Fund GBP Cls A £ 158.82 - 0.80 3.78 Veritas Global Equity Income Fund A GBP £ 137.50 - -1.36 4.18 Financial Times website, www.ft.com/funds. The
Euro Short-Term Inst Acc € 12.24 - 0.01 0.00 International C £ 127.74 - -0.04 0.00 funds published on these pages are grouped together
Pacific Bas (ex-Japan) 496.90 - -4.70 -
Income Inc 837.25 866.43 -4.48 4.08 Renminbi Bond Fund SGD Cls A S$ 150.20 - -6.76 3.73 Veritas Global Equity Income Fund A EUR € 189.65 - -1.82 4.17 by fund management company.
Euro Ultra Long Duration - Inst Acc € 28.32 - 0.03 0.00 International D € 273.98 - 0.04 3.04
Sterling Bonds 264.60 - 1.00 -
Income Acc 1302.81 1346.48 -6.97 3.96 Renminbi Bond Fund YEN Cls A ¥ 19128.42 - -164.25 0.00 Veritas Global Equity Income Fund A USD $ 104.23 - -1.07 4.25 Prices are in pence unless otherwise indicated. The
Global Advantage - Inst Acc $ 11.87 - -0.02 0.00 RobecoSAM (LUX) TreeTop Global Sicav
change, if shown, is the change on the previously
Tel. +41 44 653 10 10 http://www.robecosam.com/ UK Equities 264.00 - -2.10 -
Multi Asset Enhanced Growth Acc 121.78 - -0.57 0.00 Renminbi Bond Fund EUR Cls A € 102.99 - -4.63 4.00 Global Opp.A € 139.40 - -0.60 0.00 Veritas Global Equity Income Fund C GBP £ 165.28 - -1.64 - quoted figure (not all funds update prices daily). Those
Global Advantage Real Return Fund Inst Acc $ 8.27 - -0.01 0.00 Regulated designated $ with no prefix refer to US dollars. Yield
US Equities 269.40 - 0.50 -
Multi Asset Strategic Growth inc 148.02 - -0.32 1.12 Global Opp.B $ 136.64 - -0.88 0.00 Veritas Global Equity Income Fund C EUR € 227.85 - -2.19 - percentage figures (in Tuesday to Saturday papers)
Global Bond - Inst Acc $ 27.87 - 0.02 0.00 RobecoSAM Sm.Energy/A £ 11.63 - 0.02 1.61
B Shares allow for buying expenses. Prices of certain older
Multi Asset Strategic Growth acc 157.17 - -0.35 1.12 Global Opp.C £ 178.40 - -0.70 0.00 Veritas Global Equity Income Fund C USD $ 124.49 - -1.28 - insurance linked plans might be subject to capital
Global Bond Ex-US - Inst Acc $ 19.57 - 0.02 0.00 RobecoSAM Sm.Energy/N € 12.04 - 0.08 0.00 Pacific Bas (ex-Japan) 496.20 - -4.60 - gains tax on sales.
Multi Asset Total Return inc 125.66 - 0.07 1.83 Sequoia Equity A € 141.66 - 0.40 0.00 Veritas Global Real Return Fund A USD $ 20.51 - -0.03 0.29
Global High Yield Bond - Inst Acc $ 19.63 - 0.06 0.00 RobecoSAM Sm.Materials/A £ 120.99 - -0.79 1.43
Guide to pricing of Authorised Investment Funds:
Multi Asset Total Return acc 139.04 - 0.07 1.79 Sequoia Equity B $ 143.65 - -0.02 0.00 Veritas Global Real Return Fund A GBP £ 11.49 - -0.01 0.32 (compiled with the assistance of the IMA. The
Global Investment Grade Credit - Inst Income $ 11.99 - 0.01 3.84 RobecoSAM Sm.Materials/N € 142.46 - -0.21 0.00
Saracen Fund Managers Ltd (1000)F (UK) Investment Management Association, 65 Kingsway,
Recovery Inc 420.35 436.50 -3.28 2.59 19 Rutland Square, Edinburgh EH1 2BB Sequoia Equity C £ 168.09 - 0.43 0.00 Veritas Global Real Return Fund A EUR € 12.10 - -0.02 0.12 London WC2B 6TD.
Global Investment Grade Credit Fund Inst Acc € € 11.84 - 0.07 0.00 RobecoSAM Sm.Materials/Na € 98.31 - -0.14 -
Dealing: 00 353 1 603 9921 Tel: +44 (0)20 7831 0898.)
Retail
Recovery Acc 507.95 526.91 -3.96 2.54 Saracen Investment Funds ICVC (OEIC) Enq. 0131 202 9100 E.I. Sturdza Strategic Management Limited (GSY)
Global Investment Grade Credit Fund Inst Acc $ $ 16.56 - 0.01 0.00 RobecoSAM Gl.Small Cap Eq/A £ 77.45 - 0.05 1.28
Regulated Veritas Asian Fund B USD $ 212.93 - -1.65 0.00 OEIC: Open-Ended Investment Company. Similar to a
Authorised Inv Funds
Strategic Bond I-Class Acc 124.69 125.39 0.08 3.95 RobecoSAM Gl.Small Cap Eq/N € 157.94 - 0.90 0.00 unit trust but using a company rather than a trust
Global Multi-Asset - Inst Acc $ 14.18 - 0.01 0.00 Nippon Growth Fund Limited ¥ 98985.00 - -1142.00 0.00 Veritas Asian Fund B GBP £ 283.12 - -2.29 0.00 structure.
Saracen Growth Fd Alpha Acc £ 3.68 - 0.01 0.97
Global Real Return - Inst Acc $ 17.83 - 0.01 0.00 Strategic Bond I-Class Inc 108.52 109.21 0.07 3.91 RobecoSAM Sustainable Gl.Eq/B € 179.30 - 1.19 0.00 Strat Evarich Japan Fd Ltd JPY ¥ 90447.00 - -929.00 0.00
Saracen Growth Fd Beta Acc £ 5.88 - 0.02 1.45 Veritas Asian Fund B EUR € 236.80 - -1.64 0.00 Different share classes are issued to reflect a different
RobecoSAM Sustainable Gl.Eq/N € 154.80 - 1.03 0.00 currency, charging structure or type of holder.
Income Fund Inst Acc $ 12.31 - 0.02 0.00 Strat Evarich Japan Fd Ltd USD $ 894.83 - -9.07 0.00 Veritas China Fund B GBP £ 140.00 - 0.61 0.00
Saracen Global Income & Growth Fund A - Acc £ 1.13 - 0.00 3.01
RobecoSAM S.HealthyLiv/B € 178.23 - 1.83 0.00 Selling price: Also called bid price. The price at which
Inflation Strategy Fund Inst Acc $ 8.65 - 0.03 0.00 Veritas China Fund B EUR € 163.91 - 1.09 0.00
Saracen Global Income & Growth Fund A - Dist £ 1.04 - 0.00 2.75 units in a unit trust are sold by investors.
RobecoSAM S.HealthyLiv/N € 166.16 - 1.72 0.00
Troy Asset Mgt Ltd (UK)
Low Average Duration - Inst Acc $ 14.80 - 0.00 0.00
Saracen Global Income and Growth Fund -Acc # £ 1.41 - 0.01 3.37 E.I. Sturdza Funds PLC (IRL) 40 Dukes Place, London EC3A 7NH Veritas Global Focus Fund B USD $ 17.45 - -0.08 0.00 Buying price: Also called offer price. The price at
Regulated Order Desk and Enquiries: 0345 608 0950 which units in a unit trust are bought by investors.
PIMCO RAE Fundam.PLUS Em.Mkts Inst Acc $ 7.71 - 0.01 0.00 RobecoSAM S.HealthyLiv/Na £ 106.08 - 0.56 -
Saracen Global Income and Growth Fund -Dist # £ 1.23 - 0.01 2.78 Nippon Growth (UCITS Fund Euro Hedged Class EUR) € 1067.95 - 1.06 0.00 Authorised Inv Funds Veritas Global Focus Fund B GBP £ 21.38 - -0.09 0.00 Includes manager’s initial charge.
PIMCO RAE Fundam.PLUS Gl.Dev.Inst Acc $ 10.57 - 0.02 0.00 RobecoSAM S.Water/A £ 166.40 - 0.25 1.22 ACD Capita Financial Mgrs
Saracen UK Income Fund - Acc £ 0.97 - 0.00 - Nippon Growth (UCITS Fund Euro Hedged Institutional Class EUR) € 1258.29 - 1.26 0.00 Veritas Global Focus Fund B EUR € 16.28 - -0.07 0.00 Single price: Based on a mid-market valuation of the
Robeco Asset Management (LUX) Trojan Investment Funds underlying investments. The buying and selling price
PIMCO RAE Fundam.PLUS US Inst Acc $ 11.99 - 0.03 0.00 RobecoSAM S.Water/N € 163.72 - 1.07 0.00
Coolsingel 120, 3011 AG Rotterdam, The Netherlands. Saracen UK Income Fund - Dist £ 0.94 - 0.00 - Nippon Growth (UCITS) Fund JPY Class A shares ¥ 98806.00 - 101.00 0.00 Veritas Global Equity Income Fund B GBP £ 126.42 - -1.26 4.20 for shares of an OEIC and units of a single priced unit
Spectrum Fund O Acc ♦ 162.02 - -1.07 0.27
www.robeco.com/contact trust are the same.
Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 12.41 - 0.03 0.00 . Veritas Global Equity Income Fund B EUR € 173.95 - -1.67 4.19
FCA Recognised Nippon Growth (UCITS) Fund JPY Class B Acc shares ¥ 82852.00 - 85.00 0.00 Spectrum Fund O Inc ♦ 157.92 - -1.05 0.27
For Save & Prosper please see Countrywide Assured Treatment of manager’s periodic capital charge:
StocksPLUS{TM} - Inst Acc $ 22.82 - 0.04 0.00
Asset Management
Asia-Pacific Equities (EUR) € 130.72 - -0.58 0.00 Nippon Growth (UCITS) Fund JPY Class C Dis shares ¥ 82212.00 - 968.00 0.00 Veritas Global Equity Income Fund B USD $ 103.28 - -1.06 4.27 The letter C denotes that the trust deducts all or part
Spectrum Income Fund O Acc 96.68 - -0.32 -
Total Return Bond - Inst Acc $ 27.12 - -0.01 0.00
Chinese Equities (EUR) € 72.31 - -0.25 0.00 Schroder Property Managers (Jersey) Ltd Nippon Growth (UCITS Fund Class D Institutional JPY) ¥ 53658.00 - 55.00 0.00 Spectrum Income Fund O Inc Asset Management 96.23 - -0.32 -
Veritas Global Real Return Fund B USD $ 19.89 - -0.03 0.00 Asset Management
of the manager’s/operator’s periodic charge from
capital, contact the manager/operator for full details
of the effect of this course of action.
UK Corporate Bond - Inst Acc £ 17.23 - 0.00 0.00 Other International Funds Veritas Global Real Return Fund B GBP £ 11.27 - -0.02 0.00
Em Stars Equities (EUR) € 165.88 - 0.49 0.00 Strategic China Panda Fund USD $ 2150.81 - -1.91 0.00 Trojan Ethical Income O Acc £ 100.00 - - -
UK Long Term Corp. Bnd Inst-Inst Acc £ 19.11 - 0.00 0.00 Indirect Real Estate SIRE £ 133.37 139.46 0.14 2.88 Exit Charges: The letter E denotes that an exit charge
Emerging Markets Equities (EUR) € 139.19 - 0.10 0.00 Strategic China Panda Fund Hedged EURO € 2096.44 - -2.06 0.00 Veritas Global Real Return Fund B EUR € 12.93 - -0.02 0.00 may be made when you sell units, contact the
Trojan Ethical Income O Inc £ 100.00 - - -
UK Low Duration - Inst Acc £ 14.08 - 0.01 0.00 manager/operator for full details.
Flex-o-Rente (EUR) € 109.41 - 0.03 0.00 Strategic China Panda Fund Hedged Sterling £ 2125.62 - -1.84 0.00 Trojan Fund O Acc ♦ 260.66 - 0.81 0.43
UK Real Return - Inst Acc £ 22.41 - 0.04 0.00 Scottish Friendly Asset Managers Ltd (UK) Time: Some funds give information about the timing of
Glob.Consumer Trends Equities (EUR) € 154.48 - 0.92 0.00 Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000 Strategic Euro Bond Accumulating Class CHFSFr 983.07 - 0.95 0.00 Trojan Fund O Inc ♦ 216.24 - 0.67 0.43
Veritas Asset Management LLP price quotes. The time shown alongside the fund
www.veritas-asset.com manager’s/operator’s name is the valuation point for
UK Sterling Long Average Duration - Inst Acc £ 21.58 - 0.03 0.00 Santander Asset Management UK Limited (1200)F (UK) Authorised Inv Funds
High Yield Bonds (EUR) € 122.46 - 0.27 0.00 Strategic Euro Bond Institutional Class EUR € 1010.94 - 1.04 0.00 Trojan Global Equity O Acc 220.32 - 0.16 0.88 Other International Funds their unit trusts/OEICs, unless another time is
287 St Vincent Street, Glasgow G2 5NB, 0845 6000 181
Unconstrained Bond - Inst Acc $ 11.91 - 0.01 0.00 Managed Growth ♦ 239.70 - -1.00 0.00 indicated by the symbol alongside the individual unit
Lux -O- Rente (EUR) € 140.78 - 0.23 0.00 Authorised Funds Real Return Asian Fund USD (Est) € 277.60 - -26.20 0.00 trust/OEIC name.
Strategic Euro Bond Fund Accumulating Class Shares € 1133.25 - 1.16 0.00 Trojan Global Equity O Inc 187.67 - 0.14 0.89
Santander Atlas Range UK Growth ♦ 260.90 - -1.50 0.00
US High Yield Bond Fund Inst Acc $ 26.88 - 0.11 0.00 Real Return Asian Fund GBP (Est) £ 296.77 - -7.03 0.00
New World Financials (EUR) € 51.88 - 0.29 0.00 Strategic Euro Bond Fund Distributing Class Shares € 1022.70 - 1.04 1.33 Trojan Income O Acc ♦ 274.37 - -0.92 3.68 The symbols are as follows: ✠ 0001 to 1100 hours; ♦
Santander Atlas Inc Port Acc Inst 285.70 - 0.10 -
1101 to 1400 hours; ▲1401 to 1700 hours; # 1701 to
US Premium Equities (EUR) € 177.33 - 0.10 0.00 Strategic European Smaller Companies Fund EUR Class € 975.61 - -17.43 - Real Return Asian Fund EUR (Est) $ 292.91 - -10.89 0.00
Santander Atlas Inc Port Inc Inst 218.90 - 0.10 - Trojan Income O Inc ♦ 173.79 - -0.59 3.79 midnight. Daily dealing prices are set on the basis of
SIA (SIA Funds AG) (LUX) the valuation point, a short period of time may elapse
US Premium Equities (USD) $ 198.37 - 0.17 0.00 Regulated Strategic Global Bond RMB Acc $ 1033.91 - -10.39 0.00 before prices become available. Historic pricing: The
Santander Atlas Port 3 Acc Ret 147.30 - 0.10 -
letter H denotes that the managers/operators will
LTIF Classic € 328.12 - 0.84 0.00 Strategic Global Bond USD Acc $ 1041.84 - -0.83 0.00 Waverton Investment Funds Plc (1600)F (IRL)
normally deal on the price set at the most recent
Santander Atlas Port 3 Inc Ret 101.50 - 0.00 - UBS Asset Management (UK)
waverton.investments@citi.com
21 Lombard Street, London, EC3V 9AH valuation. The prices shown are the latest available
Royal Bank of Scotland (2230)F (UK) LTIF Natural Resources € 67.80 - -0.20 0.00 Strategic US Momentum and Value Fund $ 749.57 - -0.94 0.00 FCA Recognised
Santander Atlas Port 3 Acc Inst 162.00 - 0.10 - before publication and may not be the current dealing
Client Services 0800 587 2113, Client Dealing 0800 587 2112
PO Box 23873, Edinburgh EH7 5WJ 0800 917 7072 levels because of an intervening portfolio revaluation
LTIF Stability A ACCU € 161.31 - 0.03 0.00 www.ubs.com/retailfunds Waverton Asia Pacific A USD $ 16.86 - -0.07 5.23
Authorised Inv Funds Santander Atlas Port 4 Acc Ret 180.40 - 0.00 - Strategic US Momentum & Value Fund USD I Class $ 497.96 - -0.62 0.00 or a switch to a forward pricing basis. The
Platinum Capital Management Ltd Authorised Inv Funds managers/operators must deal at a forward price on
Series 5 (Minumum Initial Investment £75,000) Waverton Global Bond Fund Cls A $ 8.78 - 0.00 5.42
Other International Funds Santander Atlas Port 4 Inc Ret 129.10 - 0.00 - Strategic US Momentum and Value EUR Hedged Class EUR € 522.54 - -0.74 0.00 OEIC request, and may move to forward pricing at any time.
United Kingdom Equity Index Fund £ 15.18 - 0.11 2.96 Forward pricing: The letter F denotes that that
Platinum All Star Fund - A $ 117.44 - - - SIA (SIA Funds AG) (CH) Strategic US Momentum and Value CHF Hedged Class CHFSFr 519.43 - -0.75 0.00 Global Emerg Mkts Eqty B Acc £ 1.24 - -0.01 1.76 Waverton Global Equity Fund A GBP £ 13.41 - -0.03 0.58
managers/operators deal at the price to be set at the
Santander Atlas Port 4 Acc Inst 163.90 - 0.00 -
UK Specialist Equity Inc £ 18.91 - 0.03 0.40 Other International Fds next valuation.
Platinum Global Dividend Fund - A $ 57.27 - - - Global Optimal B Acc £ 0.98 - 0.00 0.64 Waverton UK Fund A GBP £ 12.91 - -0.15 1.85
Santander Atlas Port 5 Acc Ret 188.90 - -0.20 - LTIF Stability Growth SFr 190.40 - -1.40 -
Contl Europe Specialist Fund £ 23.12 - -0.18 0.00 Investors can be given no definite price in advance of
Platinum Maverick Enhanced Fund Limited $ 96.79 - - 0.00 UBS UK Opportunities Fund B Acc £ 0.81 - -0.01 3.17 Waverton Equity Fund A GBP £ 14.51 - -0.09 0.19
Santander Atlas Port 5 Acc Inst 160.40 - -0.10 - LTIF Stability Inc Plus SFr 163.50 - -1.10 0.55 Taube Hodson Stonex Ptnrs UT (1200)F (UK) the purchase or sale being carried out. The prices
Japan Specialist Fund X £ 15.24 - 0.00 0.00 50 Bank Street, Canary Wharf, London E14 5NT appearing in the newspaper are the most recent
US Equity B Acc £ 1.46 - 0.00 0.29 Waverton Sterling Bond Fund A GBP £ 9.49 - 0.01 5.31
Santander Atlas Port 6 Acc Ret 257.60 - -0.50 - Admin: 50 Bank Street, Canary Wharf, London E14 5NT provided by the managers/operators. Scheme
US Spec Equity Fund £ 18.94 - 0.06 0.00 particulars, prospectus, key features and reports: The
Dealing & Enquiries: 0870 870 8433 UBS S&P 500 Index C Acc £ 0.54 - 0.00 1.07
Santander Atlas Port 6 Acc X 183.90 - -0.30 - Smith & Williamson Investment Management (1200)F (UK) Authorised Inv Funds
most recent particulars and documents may be
Pacific Basin Specialist Equity Fund £ 37.21 - -0.45 0.93 obtained free of charge from fund
25 Moorgate, London, EC2R 6AY 020 7131 8100 THS Growth & Value Funds UBS Targeted Return B Acc £ 1.22 - -0.01 0.84 WA Fixed Income Fund Plc (IRL)
Santander Atlas Port 6 Acc Inst 158.70 - -0.20 - managers/operators. * Indicates funds which do not
UK Sovereign Bd Index Fund £ 10.66 - 0.00 2.53 www.sandwfunds.com Regulated
International price on Fridays.
Authorised Inv Funds UBS Sterling Corporate Bond Indexed Fund 51.00 - 0.65 3.29
Santander Atlas Port 7 Acc Ret 199.70 - -0.60 - European Multi-Sector € 116.40 - 0.30 0.00
UK Specialist Equity Income Fund £ 9.35 - 0.02 4.13 IGV - Inc A 316.60 - -2.00 2.43 Charges for this advertising service are based on the
European Equity Fund A Class 500.10 - -3.60 0.72 UBS Multi Asset Income B Inc (net) £ 0.48 - 0.00 3.69
Santander Atlas Port 7 Acc Inst 158.50 - -0.50 - number of lines published and the classification of the
Global Emerg Mkts Equity Fund X £ 10.22 - -0.04 0.08 IGV - Inc B 315.50 - -2.00 1.61
Far Eastern Income and Growth Fund A Class 425.60 - -3.80 3.05 fund. Please contact data@ft.com or
Polar Capital Funds Plc (IRL) Authorised Inv Funds UBS UK Equity Income B Inc Net £ 0.35 - -0.01 4.98
call +44 (0)20 7873 3132 for further information.
Regulated Global Spec Inv Grade Bd Fund GBP £ 9.57 - -0.02 3.03 IGV - Acc X 386.30 - -2.50 1.90
Max 70% Shs Acc Ret 166.10 - -0.50 - Fixed Interest Fund A Class 120.80 - 0.70 3.15 Corporate Bond UK Plus B Inc Net £ 0.51 - 0.00 4.00
Asian Financials I USD $ 268.72 268.72 -2.03 0.00 Series 6 (Investment Management Customers Only) IGV - Acc Y 414.60 - -2.60 2.39
Max 70% Shs Inc Ret 139.90 - -0.40 - Global Gold and Resources Fund A Class 132.20 - -1.50 0.00 UBS Global Allocation (UK) B Acc £ 1.05 - -0.01 1.46
Biotechnology I USD $ 17.80 17.80 0.02 0.00 United Kingdom Equity Index Fund £ 14.98 - 0.10 3.62
IGV - Acc Z 383.70 - -2.40 1.62
Investments Inc Acc Ret 155.30 - 0.70 - MM Endurance Balanced Fund A Class 210.80 - -0.30 1.18 UBS Global Enhanced Equity Income C Inc £ 0.45 - 0.01 11.91
European Income Acc EUR € 11.36 11.36 0.07 0.00 UK Specialist Equity £ 19.13 - 0.04 1.61
European
Investments Inc Inc Ret 102.40 - 0.50 - MM Global Investment Fund A Class 2066.00 - -4.00 1.90 UBS US Growth Fund B Acc £ 1.56 - 0.00 0.00
European Ex UK Inc EUR Acc € 9.70 9.70 0.01 - Contl Europe Specialist Fund £ 23.93 - -0.18 1.20 EGV - Acc S 267.90 - -1.90 0.00 Yuki International Limited (IRL)
Equity Inc Inc Inst 242.30 - -1.70 - North American Fund A Class 1712.00 - 5.00 0.00 UBS Emerging Markets Equity Income B Inc £ 0.33 - 0.00 6.72 Tel +44-20-7269-0207 www.yukifunds.com
Financial Opps I USD $ 11.86 - -0.05 2.17 Japan Specialist Fund X £ 16.04 - 0.01 0.63 EGV - Acc Z 267.90 - -1.90 0.81 Regulated
Equity Inc Inc Ret 207.60 - -1.50 - Oriental Growth Fund A Class 148.40 - -2.00 0.37 Yuki Mizuho Umbrella Fund
US Spec Equity Fund £ 19.82 - 0.06 0.37 Continental
GEM Growth I USD $ 8.00 - -0.01 0.00
Equity Inc Acc Inst 146.30 - -1.10 - UK Equity Growth Fund A Class 406.60 - -5.10 0.65 CGV Acc S 111.00 - -1.40 0.06 Unicapital Investments (LUX) Yuki Mizuho Japan Dynamic Growth ¥ 6616.00 - -59.00 0.00
GEM Income I USD $ 8.88 - 0.02 0.00 Pacific Basin Specialist Equity Fund £ 36.87 - -0.45 1.97
Regulated
N&P UK Gwth Inc Ret 163.70 - -1.50 - UK Equity Income Fund A Class 218.40 - -1.50 4.82 CGV Acc X 109.60 - -1.30 0.00 Yuki Mizuho Japan Large Cap ¥ 777.62 - -0.38 0.00
Global Alpha I USD $ 12.42 12.42 0.00 0.00 UK Sovereign Bd Index Fund £ 10.79 - 0.00 2.53 Investments III € 5.03 - -22.38 -
Stckmkt 100 Track Gwth Acc Inst 87.57 - -0.83 - CGV Inc A 110.60 - -1.30 - Yuki Japan Low Price ¥ 26207.00 - -94.00 0.00
Global Convertible I USD $ 11.22 11.22 -0.03 0.00 UK Specialist Equity Income Fund £ 10.16 - 0.02 4.08 Investments IV - European Private Eq. € 247.75 260.13 -44.58 -
Stckmkt 100 Track Gwth Acc Ret 162.80 - -1.50 - Smith & Williamson Fd Admin Ltd (1200)F (UK) CGV Inc B 110.60 - -1.30 - Yuki Japan Value Select ¥ 12226.00 - -54.00 0.00
Global Insurance I GBP £ 4.16 - 0.03 0.00 Global Spec Inv Grade Bd Fund GBP £ 9.86 - -0.02 3.03 Investments IV - Global Private Eq. € 366.42 384.74 -49.81 -
25 Moorgate, London, EC2R 6AY 0141 222 1150 YMR Umbrella Fund
UK Growth Acc Inst 286.70 - -2.60 - Authorised Inv Funds
Global Technology I USD $ 22.94 - -0.14 0.00 Global Emerg Mkts Equity Fund X £ 10.17 - -0.03 0.94
YMR N Growth ¥ 16904.00 - -52.00 0.00
Address and telephone number for Series 5 only UK Growth Acc Ret 332.00 - -3.00 - S&W Deucalion Fd (OEIC) 2045.00 - -34.00 0.28 The Hartford International Funds (IRL)
Healthcare Blue Chip Fund I USD Acc $ 10.55 10.55 0.06 0.00 Unicorn Asset Management Ltd (UK) Yuki Asia Umbrella Fund
Regulated
UK Growth Inc Ret 218.80 - -2.00 - S & W Magnum 374.40 395.70 -1.00 1.92 PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287 Yuki Japan Rebounding Growth Fund JPY Class ¥ 23076.00 - -122.00 0.00
Healthcare Opps I USD $ 37.81 - 0.09 0.00 Gbl Govt Bond (Ex Japan) Index (GBP) £ 1621.47 - -0.74 0.00 Authorised Inv Funds
Royal London Unit Managers Ltd. (1200) F (UK) Managed OEIC S & W Marathon Trust 183.50 194.20 -0.70 1.74 Yuki Japan Rebounding Growth Fund USD Hedged Class $ 915.19 - -4.94 -
Income Opportunities B2 I GBP Acc £ 1.72 1.72 0.00 0.00 5th Floor, Churchgate House, 56 Oxford Street, Manchester M1 6EU 03456 057777 Glob Em Shs Port Acc Ret 148.40 - -0.90 - UK Corporate Bond £ 1579.24 - 5.88 0.00 UK Growth A Inc 409.97 - -1.58 0.00
Authorised Inv Funds
Japan Alpha I JPY ¥ 204.61 204.61 -3.15 0.00 Max 70% Shs Port Acc Ret 254.10 - -0.10 - Gilt £ 1589.27 - 8.80 0.00 Mastertrust A Inc X F 364.85 - -0.31 0.07
Royal London Sustainable Diversified A Inc £ 1.56 - 0.00 2.01 Standard Life Wealth (JER) Zadig Gestion (Memnon Fund) (LUX)
Japan I JPY ¥ 2016.46 - -26.40 0.00 Max 70% Shs Port Acc X 182.50 - -0.10 - PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130 Global Eq (Ex Japan) Index Fund ¥ 1.35 - 0.00 0.00 UK Growth B Inc 411.54 - -1.58 0.56
Royal London Sustainable World A Inc 170.60 - -0.40 0.82 FCA Recognised
FCA Recognised
North American I USD $ 17.40 17.40 0.00 0.00 Max 70% Shs Port Acc S 147.60 - -0.10 - Global Eq (ex Japan) Class HJ4 ¥ 1.40 - 0.00 0.00 Mastertrust B Inc X F 327.25 - -0.27 0.89 Memnon European Fund I GBP £ 113.27 - -0.42 0.00
Royal London Corporate Bond Mth Income 88.53 93.19 0.24 4.21 Standard Life Offshore Strategy Fund Limited
UK Absolute Equity I GBP £ 13.01 13.01 0.00 0.00 Investment Port Acc Ret 231.80 - 0.60 - Bridge Fund £ 1.6054 - -0.0044 2.00 Global Eq (ex Japan) Class JP5 ¥ 1.49 - 0.00 0.00 Outstanding British Cos A Acc X F 258.53 - -0.83 0.64
Royal London European Growth Trust 109.40 115.20 -0.30 0.40
Investment Port Acc X 164.30 - 0.40 - Diversified Assets Fund £ 1.1732 - -0.0004 2.86 Global Eq Ex Japan Index Fund (Hedge) ¥ 1.36 - 0.00 0.00 Outstanding British Cos B Acc X F 270.33 - -0.85 1.37 Zebedee Capital Partners LLP (CYM)
Royal London Sustainable Leaders A Inc 454.70 - -2.60 1.36
Regulated
Polar Capital LLP (CYM) Max 50% Shs Port Acc Ret 243.40 - 0.10 - Global Equity Fund £ 1.8989 - -0.0038 1.03 Gbl Govt Bond (Ex Japan) Index ¥ 1.30 - 0.00 0.00 UK Smaller Cos A Inc X F 440.45 - 0.79 0.35
Royal London UK Growth Trust 470.90 495.70 -4.80 1.45 Zebedee Focus Fund Limited Class A EURO Shares € 169.78 - -0.96 0.00
Regulated
Max 50% Shs Port Inc Ret 215.90 - 0.10 - Global Balanced Fund - Income Units £ 1.3378 - -0.0012 1.88 Gbl Govt Bond (ex Japan) Class JP4 ¥ 1.27 - -0.01 0.00 UK Smaller Cos B Inc X F 430.85 - 0.79 1.22
ALVA Convertible A USD $ 128.64 - -0.21 0.00 Royal London UK Income With Growth Trust 217.00 228.40 -0.60 4.46 Zebedee Focus Fund Limited Class B USD Shares $ 197.30 - -1.19 0.00
Max 50% Shs Port Acc X 176.20 - 0.10 - Global Balanced Fund - Accumulations Units £ 1.5653 - -0.0013 1.84 Japan Equity Index Fund ¥ 1.03 - -0.01 0.00 UK Income A Acc X F 265.39 - 0.09 3.82
European Conviction A EUR € 140.86 - 1.11 0.00 Royal London US Growth Trust 151.20 159.10 -0.10 0.00 Zebedee Focus Fund Limited Class A USD $ 170.38 - -0.82 0.00
Additional Funds Available Max 50% Shs Port Acc S 147.50 - 0.10 - Global Fixed Interest Fund £ 0.9681 - 0.0005 5.09 Japan Equity Class JP3 ¥ 1.25 - -0.01 0.00 UK Income A Inc X F 236.00 - 0.08 3.91
European Forager A EUR € 174.98 - 0.29 0.00

Money Market
Please see www.royallondon.com for details UK Income B Acc X F 282.05 - 0.10 3.80
Max 100% Shs Port Acc Ret 280.30 - -0.50 - Sterling Fixed Interest Fund £ 0.8375 - 0.0028 4.21

Max 100% Shs Port Acc X 201.20 - -0.30 - UK Equity Fund £ 1.8673 - -0.0213 2.78 The National Investor (TNI) UK Income B Inc X F 250.93 - 0.09 3.89
Polunin Capital Partners Ltd
Other International Funds
Ruffer LLP (1000)F
40 Dukes Place, London EC3A 7NH
(UK)
Max 100% Shs Port Acc S 146.80 - -0.20 -
www.tni.ae Trusts and
Other International Funds
Emerging Markets Active $ 40.08 - -0.85 - Order Desk and Enquiries: 0345 601 9610
Authorised Inv Funds
Enhanced Inc Inc Ins 206.10 - -1.50 - TNI Blue Chip UAE Fund * AED 9.64 - 0.08 0.00 Value Partners Hong Kong Limited
www.valuepartners.net, fis@vp.com.hk
(IRL) Bank Accounts Gross
Luxcellence Em Mkts Tech $ 892.74 - -19.55 0.00 Authorised Corporate Director - Capita Financial Managers TNI Funds Ltd (BMU)
Enhanced Inc Inc Ret 194.30 - -1.40 - Regulated Gross Net AER Int Cr
CF Ruffer Investment Funds MENA Hedge Fund $ 905.00 - -40.66 0.00
Polunin Developing Countries $ 690.82 696.69 1.08 0.00 Value Partners Asia ex-Japan Equity Fund $ 8.43 - -0.28 -
Enhanced Inc Inc X 165.30 - -1.20 -
CF Ruffer Gold Fund C Acc 83.29 - 1.03 0.00 TNI Funds Plc (Ireland) CCLA Investment Management Ltd
Polunin Discovery - Frontier Markets $ 1356.97 - 8.65 0.00 Value Partners Classic Equity Fund USD Z Unhedged $ 10.84 - -0.04 0.00
Enhanced Inc Acc Inst 155.00 - -1.20 - MENA UCITS Fund * $ 1076.34 - -16.06 0.00 Senator House 85 Queen Victoria Street, London EC4V 4ET
CF Ruffer Gold Fund O Acc 82.42 - 1.02 0.00
Polunin Small Cap $ 1361.66 1378.68 -20.61 0.00 CBF Church of England Deposit Fund 0.50 - 0.50 Qtr
Managed Investments OEIC Stenham Asset Management Inc Value Partners Classic Equity Fund CHF HedgedSFr 11.33 - -0.03 0.00
Equity & General C Acc 373.35 - -2.17 0.06 www.stenhamassetmanagement.com
Max 30% Shs Port Acc Ret 154.10 - 0.10 -
Value Partners Classic Equity Fund EUR Hedged € 11.45 - -0.04 0.00 CCLA Fund Managers Ltd
Equity & General C Inc 344.35 - -1.99 0.06
Other International Funds Thesis Unit Trust Management Limited (UK)
Private Fund Mgrs (Guernsey) Ltd (GSY) Max 30% Shs Port Acc X 153.90 - 0.20 - Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP Senator House 85 Queen Victoria Street, London EC4V 4ET
Stenham Asia USD $ 129.80 - -0.24 - Value Partners Classic Equity Fund GBP Hedged £ 11.72 - -0.04 0.00
Regulated Equity & General O Inc 342.87 - -2.00 0.00 Authorised Funds COIF Charities Deposit Fund 0.45 - 0.45 Qtr
Max 30% Shs Port Acc S 147.80 - 0.20 -
Stenham Credit Opportunities A Class USD $ 100.92 - -1.14 0.00 Value Partners Classic Equity Fund GBP Unhedged £ 12.53 - 0.08 0.00
Monument Growth 29/12/2015 £ 500.70 506.28 11.57 1.21 TM New Court Fund A 2011 Inc £ 12.86 - 0.01 0.00
Equity & General O Acc 369.54 - -2.16 0.00
Max 30% Shs Inc Port Inc Ret 152.40 - 0.30 -
Stenham Equity UCITS USD $ 142.18 - 0.59 0.00 Value Partners Classic Equity USD Hedged $ 13.33 - -0.04 0.00
TM New Court Fund - A 2014 Acc £ 12.88 - -0.01 0.00
European C Acc 503.29 - 1.64 0.26
Max 30% Shs Inc Port Inc X 152.40 - 0.20 -
Stenham Growth USD $ 215.45 - 0.55 - Value Partners Greater China Equity Fund $ 8.28 - -0.31 -
Prusik Investment Management LLP (IRL) European O Acc 498.20 - 1.60 0.00
TM New Court Equity Growth Fund - Inc £ 12.94 - 0.01 0.00
Enquiries - 0207 493 1331 Max 30% Shs Inc Port Inc S 146.40 - 0.30 -
Stenham Healthcare USD $ 183.27 - 2.63 0.00 Value Partners Health Care Fund RMB Class Z UnhedgedCNH 10.05 - 0.04 -
Regulated Japanese Fund C Acc 181.47 - -4.99 0.00
Max 60% Shs Port Acc Ret 265.80 - -0.20 -
Stenham Managed Fund USD $ 114.16 - 0.50 - Value Partners Health Care Fund HKD Class A UnhedgedHK$ 9.32 - 0.03 -
Prusik Asian Equity Income B Dist $ 150.10 - -0.53 3.84
Japanese Fund O Acc X 179.38 - -4.94 0.00
Max 60% Shs Port Inc Ret 210.30 - -0.20 -
Stenham Macro UCITS USD $ 101.49 - -0.07 - Value Partners Health Care Fund USD Class A Unhedged $ 9.36 - 0.03 -
Prusik Asia A $ 190.77 - 0.84 0.00
Pacific C Acc 298.27 - -7.26 0.55
Max 60% Shs Port Inc X 162.90 - -0.10 -
28 ★ FINANCIAL TIMES Thursday 7 January 2016

MARKETS & INVESTING

INSIGHT Capital markets

John
Bilton EU and US split over securitisation
Different regulatory documentation. This has raised the outside Europe becomes non-STS.’’ In ‘There are no version. “I think there is a lot of work to
question of whether European investors their outlook for 2016, Nomura warned do to fix this and get better co-ordina-
approaches raise concerns will be discouraged from buying deals of “backyard bias” — in which investors restrictions tion so we can preserve access to each

Prompt stabilisation on market fragmentation originated elsewhere, in particular

of the dollar is the THOMAS HALE — LONDON
JIM BRUNSDEN — BRUSSELS
best scenario globally The European Commission’s plan to
boost the continent’s securitisation mar-
ket through regulatory changes is caus-
ingconcernovermarketfragmentation.
Brussels is in the process of introduc-
those created in the US.
While the proposals stand to reduce
capital charges for European investors,
similar requirements for US-based
investors will not be reduced, as those
standards are set by US regulators and
the EU does not have the power to inter-
vene. Analysts also say this could affect
demand from the US as prices for EU
favour products from their own regions
— and “divergent regulatory regimes”,
which may exacerbate the problem.
“The new STS regime may end up
having a similar effect on demand,”
added the bank.
An EU official played down such con-
cerns. “There are no geographical
restrictions on the underlying assets
that can be securitised nor on who can
on the
underlying
others markets,” said Richard Hopkin,
head of fixed income at the Association
for Financial Markets in Europe.
assets that “In securitisation, there’s always a lot
of devil in the detail,” said Mr Hopkin.
can be
securitised’
“There’s always a new aspect of the con-
sequences of regulatory change coming
up. No one focused until recently on the
EU official third-country implications.”
The Basel committee is considering its

T
he pivotal determinant of 2016 for asset allo-
cators will be the trajectory of the US dollar.
There are two possible outcomes. First, if
excessive dollar gains were to choke the
world’s largest economy, the growth differen-
tial between the US and the rest of the world would close.
That is clearly an unwelcome scenario.
In the second scenario, dollar strength does not become
excessive and the US expansion is reinforced, giving space
for global growth to stabilise or accelerate. In this way the
gap between growth rates closes not through US economic
weakness but rather through a global pick-up.
The outlook is starkly different depending on which sce-
nario prevails. Risk assets struggle in the first scenario,
while in the second they accelerate, potentially leading
to an eventual change in leadership from developed to
emerging market assets.
We think the second scenario will prevail — with a more
virtuous end to the US dollar cycle — but the interplay of
interest rate differentials and dollar valuation early in the
year will be critical in setting the market tone across all the
main asset classes over the whole of 2016.
The path of the dollar last year roughly tracked the “will
they, won’t they?” evolution of expectations of Federal
Reserve policy. As we move through the early rounds of the
Fed’s rate normalisation, we would expect some further
support for the dollar. How this plays out depends on the
balance between valuation, terminal rate expectations
and the path of Fed tightening.
Only once the path and level of rates are accepted by the
market can we expect growth differentials between the US
and the rest of the world — and the dollar’s overvaluation
versus long-run estimates of purchasing power parity — to
drive the currency’s trajectory.
The dollar’s sensitivity to yield differentials has
increased markedly. This is
perhaps unsurprising as the
A closing growth
world emerges from a pro-
longed era of zero interest differential with
rates, and policy divergence
across the big economic blocs
rest of the world
reaches new highs. would reverse
In the early stages of the
Fed’s policy normalisation, we
currency trend
expect a repricing of the path
of US rate rises to provide support for the dollar. The mar-
ket is currently pricing in just two rises each in 2016 and
2017; we believe the strength of the US domestic economy
warrants four a year.
Ultimately a terminal rate near 3.5 per cent — rather
than about 2 per cent, as is currently priced — will lend
support to the dollar. Even allowing for this elevated pace
of rises, and a higher terminal rate, the coming rate-rise
cycle will probably be shallower and longer than any
in recent history.
Our expectation is for modest further upside to the dol-
lar in early 2016 as the start of the cycle creates a high-
water mark in global policy divergence.
The dollar is currently overvalued on most of our
metrics, however, and over the course of the year we
expect that valuation headwinds, as well as a modestly
better growth outlook in other regions, will limit further
dollar appreciation.
We anticipate that risk appetite will recover further as
the currency drag on US earnings eases. And as the upside
risks to the dollar subside through the year, the outlook for
emerging market assets has scope to brighten.
Stretched valuation can arrest the appreciation of the
dollar, but a reversal in the trend is likely to require a clos-
ing of the growth differential between the US and the rest
of the world.
Since the global financial crisis the world economy has
been underpinned by the steady, if unexciting, expansion
in the US. As a result we weathered the eurozone crisis,
the slump in commodity exporters and, later, a slowdown
in trade and manufacturing that centres on China’s eco-
nomic rebalancing.
In some ways the US currency is doing what it should —
acting as a natural governor on growth and policy until
growth differentials relax.
Simply put, the longer dollar strength persists, the more
2016 will look like 2015; and the sooner the dollar stabi-
lises, the quicker we will see sentiment recover and emerg-
ing economies repair.
John Bilton is global head of multi asset strategy at JPMorgan
Asset Management
ing measures for “simple, transparent
and standardised” (STS) securitisa-
tions. These aim to provide greater visi-
bility, reduce capital charges for inves-
tors, and revive a market that has strug-
gled in Europe since the financial crisis.
A sticking point for markets is that
STS securitisations must originate in
the EU, according to the latest official
Reforms drive Argentina’s grain export revival
Farmers undercut global rivals
after reductions in quotas,
taxes and peso exchange rate
EMIKO TERAZONO
Argentina has come back to the interna-
tional wheat market with a bang.
After Mauricio Macri, the new presi-
dent, fulfilled his campaign promises by
scrapping taxes and quotas on agricul-
tural exports as well as devaluing the
peso, the country has signalled it is
ready to compete on the international
grain markets.
Argentina has already surprised trad-
ers after winning the tender by Egypt’s
grain authority late last month.
Egypt bought 120,000 tonnes of
Argentine wheat after exporters offered
the best rates, undercutting Russia,
which has been one of the leading wheat
exporters to north Africa.
“Argentina just came in and said, ‘We
want to sell.’ They completely smoked
Russia,” says Matt Ammerman, vice-
president of eastern Europe and Black
Sea region for commodity brokers INTL
FCStone.
Immediately after taking power, the
new Macri government announced that
taxes on grain and beef exports would
be removed, while a 35 per cent tax on
soya bean exports and a 32 per cent tar-
iff on soya meal would be cut by 5 per-
centage points. The currency was deval-
ued so that the US dollar, worth about
9.8 pesos under the old official rate, is
now trading at just under 14 pesos.
Rough calculations on the rise in
returns on grains and soyabeans show
that the value in pesos of wheat and corn
without the export taxes is almost dou-
ble to that under the previous regime,
while the uplift in returns on soyabean
and soya products is slightly lower at
just above 50 per cent.
The country’s policy changes were
“expected to increase export sales in the
next few months,” according to officials
at the US Department of Agriculture’s
Buenos Aires bureau.
The country’s farmers, who have been
holding on to their crops partly as insur-
ance against rising inflation and partly
in protest at the high taxes, have already
started to sell. Argentina’s farmers sold
$752m of grains and oilseeds in the last
three days of 2015 according to exporter
association Ciara-Cec. This was almost
double the amount exported in the
whole of November.
The changes were widely expected,
though analysts and traders are unsure
STS securitisation increase, potentially invest in EU STS products. Most origina- own approach to STS, with a consulta-
discouraging outside investment. tors of EU STS securitisations will either tion period ending in February that will
“Both are serious problems,’’ said be based in the EU or have operations in inform treatment of rules elsewhere.
Alexander Batchvarov, head of interna- the EU.” “The worst-case scenario would be if
tional structured credit research at Mer- The proposal has to be reviewed and the result was two slightly different ver-
rill Lynch. “This is just another brick in discussed by the European parliament, sions of STS, which could cause confu-
the wall of the domestication and frag- after which there will be compromise sion and bifurcation of the market,” said
mentation of global capital markets. talks between the parliament and Jonathan Walsh, global head of securiti-
Suddenly, anything that Europeans buy national governments on the final sation at law firm Baker & McKenzie.
Analysis. Commodities
Macri economics
Returns on crops before and after policy changes by the Macri government
Peso per bushel
Wheat Corn Soyabeans Soyameal
($4.60/bushel) ($3.54/bushel) ($8.70/bushel) ($266.30/tonne)
Before
(based on 9.8
pesos per dollar)
34.71 27.75 55.42 1,774.62*
After
(based on 14 pesos
per dollar)
64.4 49.56 85.26 2,721.59
Difference 85.5% 78.6% 53.8% 53.4%
* Peso per tonne
Argentine peso Argentine soyabean inventories
Tonnes (m)
20 15
Unofficial
16 10
12 5
Official
8 0
Jul 2015 Jan 2006 08 10 12 15
2016 FT graphic Sources: FT research; Thomson Reuters Datastream; USDA
‘Argentina just how much in exports of grains and “short”, driving the aggregated bearish tion of crops for the 2015-16 season will
soyabeans will come on to the market. position across all agricultural com- be limited as wheat and barley are being
just came in Juan Luciano, chief executive of modities to an eight-month high. harvested and corn and soyabean plant-
and said, Archer Daniels Midland, a leading US Argentina is the world’s largest ings are well in progress, says the USDA.
agricultural trader and a large exporter exporter of soyabean meal, and hedge For next season and onward, wheat
“We want to of grains in Argentina, told analysts in funds reached the largest net bearish and corn areas are likely to rise “signifi-
sell.” They November that the “reduction in position in the commodity since Octo- cantly” it says, adding that the differ-
restrictions and licenses will be positive ber 2006, according to the CFTC data. ence in tax policies for soya and other
completely for our ag services business”. “The world is already so abundant agricultural productions “could poten-
smoked However, more soyabeans and meal with all things grains and oilseeds, [the tially lower soyabean area and produc-
coming to market “may be a potential new policy] will merely open another tion as incentives to grow alternative
Russia’ negative for the competitiveness of floodgate,” says Kona Haque, head of crops increase”.
meal exports out of the US”, he added. research at commodity trader ED&F While farmers should enjoy the uplift
The rise in Argentine agricultural Man. in returns from the policy changes, they
exports comes as international markets While sales in grains have been rela- are also likely to feel the rise in price of
are already groaning with plentiful sup- tively active, reaction among soyabean inputs such as imported seeds and ferti-
plies. Expectations of increased grains farmers has been cautious, say traders. lisers denominated in US dollars.
and oilseed sales from Argentina have Guillermo Rossi, grains and oilseeds Argentina’s agricultural sector has
led hedge funds and other speculators to analyst at the Board of Trade in Rosario, also suffered a long period of under-
take bearish positions. a key agricultural port in Argentina, investment in infrastructure and facili-
The latest position report from the US expects sales to accelerate, helped by ties under the previous government.
Commodity Futures Trading Commis- lower global freight rates and the peso’s Ms Haque says: “[Macri] has to spend
sion shows that speculative positions fall. “This is an incentive to selling those more time revitalising the agricultural
across grains and oilseeds in the week to huge stocks we have,” says Mr Rossi. sector before Argentina can become a
December 29 reached a record net The impact on planting and produc- grain and oilseeds powerhouse.”

Capital markets Equities

Derivatives activity slips after Fed’s rate rise
GREGORY MEYER AND JOE RENNISON
NEW YORK
The Federal Reserve’s long-awaited
move to lift US interest rates last month
landed with a thud in US derivatives
markets, as fresh data revealed that
trading slowed around the landmark
policy shift.
Volumes in US interest rate contracts
fell 14 per cent in December from the
same month a year before on CME
Group, the exchange operator said on
Tuesday. Trading in swaps tied to US
interest rates declined by a third in
December from a year before, according
to data from Clarus FT.
The declines show a return to normal-
ity after years of US interest rates
pinned at zero will not necessarily spark
activity in derivatives, wheretradersuse
futures, options and swaps to negotiate
swings in interest rates. On December
16 the Fed increased the target range for
the federal funds rate to 0.25-0.5 per
cent, the first rise in nearly a decade.
Interest rate products made up a
quarter of revenues at Chicago-based
CME last year, according to UBS. The
bank said higher rates were an “upside
scenario” for CME, as it eyed a “likely
uptick in volatility that should accom-
pany Fed actions to move towards a nor-
malised rate environment”.
But last month an average of 5.7m
CME interest rate contracts were traded
per day, down from 6.6m contracts
per day in December 2014. The average
daily volume was the lowest since April
2015.
Volumes in CME eurodollar futures,
one of the most widely traded interest
rate contracts, dropped 28 per cent,
while Treasury futures volume dropped
15 per cent in the month. CME declined
to comment.
In the over-the-counter swaps mar-
ket, the gross notional value of fixed-to-
floating US dollar interest rate swaps
trading in December 2014 stood at
$3.3tn but fell to $2.2tn in December
2015, according to Clarus FT.
At the rival Chicago Board Options
Exchange, futures and options contracts
fell 20 per cent year on year in Decem-
ber to 90m contracts. Total average
daily volume also fell 20 per cent, to
4.1m contracts.
The CME’s share price has fallen 10
per cent in the past four weeks, under-
performing rivals such as Interconti-
nental Exchange and the CBOE.
Traders and analysts said that the
trading slowdown reflected the fact that
the Fed’s December move was largely a
foregone conclusion.
Smaller deals prime eurozone IPO pipeline
GAVIN JACKSON
Rising eurozone equity market volatil-
ity has not deterred bankers from pre-
dicting another good year for listings,
after robust returns during 2015.
The pipeline of initial public offerings
lacks blockbuster deals of the kind that
characterised the market last year, but
several small and medium-sized com-
panies are preparing to float.
IPOs offer investors the prospect of
“alpha”, or returns above those availa-
ble on benchmark indices.
For 2015 the average gain — with divi-
dends — from every IPO in Europe was
33.5 per cent, according to data com-
piled by Dealogic, compared with
growth in the pan-European Stoxx 600
of 7 per cent and a fall of 0.7 per cent for
the US S&P 500.
That investment return, more than
double that available from Italy, the
continent’s best-performing stock mar-
ket last year, has left equity bankers
optimistic for privatisations and the
small companies they hope to bring
to market in spite of a turbulent start to
trading this year.
Miners and banks need to tap equity
markets to recapitalise. “There is likely
to be a continued recap theme, espe-
cially in some sectors whose balance
sheets are levered,” said Edward San-
key, co-head of equity capital markets in
Europe at Deutsche Bank.
“We expect to see the theme of spin-
offs, subsidiary IPOs and privatisations
continue, and one would expect to have
continued selldowns of government sec-
ondary stakes.”
The strong performance of European
IPOs partly reflected a couple of very big
deals. Auto Trader, a UK classifieds
group, delivered an 86 per cent return,
and shares in Aena, which runs most
of Spain’s airports, rose 80 per cent
higher than the listing price following its
privatisation.
Last year’s IPOs were well priced and
had attractive stories attached to them,
according to Andrea Williams, a senior
fund manager with Royal London Asset
Management who focuses on European
equities.
Investors had looked to play compa-
nies oriented to the regional economy
rather than exports, amid the slowdown
in emerging markets, she said. “There
was a focus on the European consumer
and Aena would partly play into that,
with most traffic being within Europe to
holiday destinations.”
Another factor was the rise in Euro-
pean consumers’ spending power, amid
low interest rates and cheap oil.
Thursday 7 January 2016 ★ FINANCIAL TIMES 29

MARKETS & INVESTING

Global overview
TRADING POST Markets update
Jamie
Chisholm
Risk aversion climbs as global S&P 500 index
Change on day 1.05%

tensions compound growth fears

Gold has started 2016 well. By mid-
session yesterday, the metal was
sporting a $28 rise since New Year’s
eve, flirting with two-month highs.
Bullion’s latest strength comes
despite the dollar index, with which it
often has an inverse correlation,
crawling back towards December’s
12-year high, a function of a
crumbling euro.
Chartists will note that gold in
December hit a double bottom around
$1,050 an ounce and has broken above
its 50-day moving average.
It might be tempting to see gold’s
mini-revival as mainly a function of its
haven status after North Korea’s bomb
test. But increasingly, analysts are
suggesting that the precious metal
should be considered also as a
bolthole during difficult times in
stock markets.
“The seven-year cycle in equities Is
rolling over. Buy gold!” reads the
headline atop UBS’s technical outlook
for 2016.
“Gold has been trading in a cyclical
bear market since 2011,” the Swiss
bank says.
“ In 2016, we expect gold and gold
mines moving into an eight-year cycle
bottom as the basis for the next
multiyear bull market. Initially, we see
gold profiting as a safe haven and, as
of 2017, gold could profit from the US
dollar moving in a major top and
starting a bear market.”
Capital Economics has a price target
of $1,250 for end-2016 as more
demand from emerging markets and
building inflation concerns in
developed economies provide support.
jamie.chisholm@ft.com
Gold price
$ per troy ounce
1200
1150
1100
1050
Oct 2015 Jan
2016
Source: Thomson Reuters Datastream
Vix above 20 after North
Korea test claim and poor
data from China, with US
stocks approaching lowest
close for nearly 3 months
DAVE SHELLOCK
The risk-averse tone in the markets
showed little sign of abating as nagging
worries about the outlook for global
growth — most notably from China —
were compounded by fresh geopolitical
tensions and a renewed slide for the
price of oil.
US stocks were heading for their low-
est close for nearly three months and
industrial metals eased back as nervous
participants continued to shift into US
and German government bonds, gold
and the yen.
The CBOE Vix volatility index, Wall
Street’s so-called “fear gauge”, was back
above the 20 level that many view as sig-
nalling heightened market stress.
A 2.3 per cent rally for the Shanghai
Composite index, following a 7 per cent
slide over the previous two sessions, had
little impact on broader sentiment.
Instead, the focus was on fresh
weakness for the renminbi and a further
widening of the gap between the cur-
rency’s onshore and offshore rates, after
data showed a sharp deceleration in the
expansion of the services sector in
China.
“With the People’s Bank of China low-
ering the [renminbi’s] daily fixing to the
lowest level since April 2011 against
the US dollar today, it seems that the
market decided that the PMI data pro-
vided by Caixin Media and Markit Eco-
nomics reflect much more accurately
the real state of the economy,” said Piotr
Matys, emerging market currency ana-
lyst at Rabobank.
“In other words, the market antici-
pates that the [Chinese central bank]
Sterling for a fight: FT.com/video
John Authers analyses the pound’s recent fall as investors bet
on divergence in monetary policy while a Brexit debate looms
will allow the renminbi to depreciate
further against the US dollar to support
economic activity.”
Hans Redeker, head of global FX
strategy at Morgan Stanley, said: “The
increasing momentum of the renminbi
decline does not bode well for the global
growth and inflation outlook.
“This morning the China Security
Journal claimed that renminbi weak-
ness is not causing instability, which
leaves the impression that [the authori-
ties in Beijing] could be preparing for
more renminbi weakness.”
The level of nervousness among mar-
ket participants was highlighted by a
steep slide for US stock index futures
and a sharp jump for the yen following
Simon Dawson/Bloomberg
North Korea’s claim — greeted with
scepticism by many scientists — to have
tested a hydrogen bomb.
Wall Street managed to claw back
some of its early losses by midday in
New York, although the S&P 500 was
still down 0.9 per cent at 1,998. That left
the benchmark US equity index down
2.2 per cent since the start of the year.
Across the Atlantic the pan-European
Euro Stoxx 600 index fell 1.3 per cent,
while in Tokyo the Nikkei 225 shed 1 per
cent as the yen climbed to a 12-week
high against the dollar.
Energy stocks came under heavy
pressure as Brent crude oil sank below
$35 a barrel for the first time since 2004
with concerns about oversupply
2080
2060
2040
2020
2000
Dec 2015 2016 Jan
overshadowing the outbreak of hostility US equities The S&P 500 was heading
between Saudi Arabia and Iran. for its lowest close in three months as
The international crude benchmark sentiment was hit by persistent
was down 5.1 per cent at $34.56, while worries about China, rising geopolitical
US West Texas Intermediate was 4.6 per tensions and a fresh slide for oil prices
cent lower at $34.33.
Divyang Shah, global strategist at IFR FTSE 100 index
Markets, pointed out that Brent’s dip Change on day 1.04%
beneath the 2008 financial crisis lows 6400
indicated a high level of anxiety in the
markets. 6200
“The level of concern has been such 6000
that some — still a minority — are start- 5800
ing to call this the start of an equity bear Dec 2015 2016 Jan
market,” he said.
“Lower oil prices will in turn help to UK equities The latest slide for oil
maintain downside on the broader com- prices helped push Royal Dutch Shell
modity complex, and this will in turn 2 per cent lower with BP down 1.4 per
add to the downside risks to an already cent, but BAE Systems gained 3.8 per
weak global inflation backdrop. cent after positive broker comment
“The soft oil/commodity prices com-
bined with increasing downside risks to Eurofirst 300 index
global growth will likely force the Euro-
Change on day 1.27%
pean Central Bank to extend quantita- 1500
tive easing beyond March 2017 and the
US Federal Reserve to deliver less than 1450
the 100 basis points [of rate cuts this 1400
year] embedded in the dot plots [pro-
1350
jection].”
Dec 2015 2016 Jan
Against this backdrop of heightened
market anxiety — not helped by weak European equities The Eurofirst 300
data released on Wednesday on US serv- closed at a three-week low, with
ice sector activity and a worrying report resources stocks leading the way down
on the US trade deficit — “haven” assets amid a fresh bout of uncertainty over
remained in favour. the outlook for China’s economy
Rising prices for US Treasuries and
German Bunds pushed the yields on 10-
year paper down 6bp to 2.19 per cent Nikkei 225 index
and 4bp to 0.51 per cent respectively. (’000) Change on day 0.99%
19.5
The dollar was down 0.4 per cent
against the yen at Y118.55, the lowest 19.0
since mid-October, while the euro was 18.5
0.3 per cent softer at Y127.55.
Gold was up $13 at $1,090 an ounce 18.0
and heading for its best close in two Dec 2015 2016 Jan
months. Japanese equities Worries about
But among industrial metals, copper China, and North Korea’s claim to have
fell 0.5 per cent in London to $4,612 a tested a hydrogen bomb, helped push
tonne while aluminium shed 0.2 per the Nikkei to a two-month low
cent to $1,469.

Kingfisher in underlying revenue growth likely.

London
BAE provides safe spot
in falling FTSE 100
on US defence hopes
Bryce Elder
BAE Systems had its biggest one-day
net gain since 2012 in a falling London
market yesterday.
RBC Capital made the defence
contractor its top pick in the defence
sector, upgrading beyond “outperform”.
A higher 2016 budget than expected
suggested “the tide has turned for US
defence spending”, it said. Investors
tended to forget that defence was BAE’s
largest end market, accounting for
about 40 per cent of sales, it added.
Instead, people were too concerned
about Saudi Arabia, which provided a
fifth of BAE’s revenues and where
budget cuts had so far not affected
defence spending, the broker said.
“As investors become more
comfortable with BAE’s end-market
outlook, we can see the stock closing
some of the record valuation gap
Share price (pence)
Jan 2015
Source: Thomson Reuters Datastream
Jan
2016
Indices
FTSE 100
Close
6073.38
FTSE 250 17058.98
FTSE 350 3403.52
FTSE All-Share 3356.00
FTSE All-Share Yield 3.83
FTSE 100 Futures 6012.00
10 yr Gilt Yield 2.53
20yr Gilt All-Share Ratio 0.66
. . . versus its US defence peers,” said
RBC Capital. BAE ended the day 3.7 per
cent higher at 512.5p.
Oil’s fresh 11-year low sank the wider
market, leading the FTSE 100 lower by
1 per cent, or 63.86 points, to 6,073.38.
BHP Billiton was weakest among the
blue-chips, down 4.9 per cent to 709.4p,
while Anglo American slid 4.5 per cent
to a record low of 270.4p.
Royal Dutch Shell B fell 2 per cent to
£15.04, with the discount on its cash-
and-shares takeover offer for BG
widening to as much as 10 per cent. BG
closed 2.2 per cent lower at 955.4p.
HSBC accounted for 11 points of the
FTSE’s fall after losing 2.7 per cent to
508.3p. JPMorgan Cazenove turned
negative on the bank, saying loan
impairment risks in Asia had increased
and restructuring pressures made a stall
Avoiding a dividend cut would require Trading Directory
380 HSBC to move its 2016 earnings payout
ratio well beyond the current target
360
range, the broker added.
340 Burberry lost 2.1 per cent to £10.98
320 amid talk that its seasonal update, due
next week, could disappoint. Warm
weather is unlikely to have helped sales
Day's
of scarves, which account for about
change
-63.86
10 per cent of Burberry revenue,
according to analyst estimates.
-146.05 DIY retailer Kingfisher rose 3.1 per
-34.60 cent to 338p after Jefferies upgraded to
-33.41 “buy”, largely on the continued growth
- of its Screwfix trade division and a
-60.00 gradual recovery in France
-0.29 underpinning cash flow as the group
-
continues with its restructuring.
Ladbrokes was ahead 1.9 per cent to
122.5p. Numis backed the bookmaker’s
planned merger with Coral with an
upgrade to “buy” and a 150p target.
Moneysupermarket hit a record high,
up 2 per cent to 370p, amid talk that a
stock overhang had cleared. A share
sale last year by Simon Dixon, its
founder, has spurred speculation that
business, which compares the prices of
financial services, could direct cash
towards expansion rather than
shareholder returns.
Direct Line faded 2.5 per cent to
376.5p after Canaccord took the insurer
off its “buy” list. December’s floods were
likely to have cost the group £105m in
claims costs so far, resulting in a 19 per
cent cut to earnings, the broker said.
Canaccord reckoned the shares were
at a 40 per cent premium to Aviva on
2017 operating earnings.

Wall Street
Food-safety fallout takes
deeper bite of Chipotle
Mamta Badkar
Chipotle shares were punished
yesterday after the company said an
important sales metric had fallen more
than previously estimated in the fourth
quarter amid a string of food-safety
scares tied to its restaurants.
One such incident had resulted in a
grand jury subpoena as part of a
criminal investigation. An E. coli
outbreak linked to Chipotle restaurants
in October and November and an
incident involving an outbreak of
norovirus at a restaurant in
Massachusetts pushed same-store sales
14.6 per cent lower in the fourth quarter.
This was worse than the 8 to 11 per
cent decline it forecast in December.
Like-for-like sales had fallen 30 per cent
during the month, the company said in a
filing with the Securities and Exchange
Commission. It also cut its earnings
estimates for the quarter and expects to
report earnings in the range of $1.70 to
$1.90 a share, compared with its
previous forecasts for $2.45 to $2.85.
Chipotle said it had been served a
grand jury subpoena from the US
District Court for the Central District of
California in conjunction with the US
Food and Drug Administration’s
investigations office in December. The
shares, which fell 30 per cent last year,
declined 4 per cent to $430.70.
Shares in Pioneer Natural Resources
fell 7.5 per cent to $115.75 after the oil
and gas explorer announced plans to
expand a share offering and lifted its
capital spending programme amid a
protracted decline in crude prices.
Pioneer said it would sell 12m new
shares at $117 apiece, with an option to
sell an additional 1.8m. The funds are
expected to be used, in part, to develop
drilling in the Permian basin.
Pioneer estimates that it will spend
between $2.4bn and $2.6bn this year,
compared with $2.2bn in 2015, at a time
when many energy companies have cut
costs. Its shares fell amid a broader sell-
off in energy stocks. The S&P 500
energy sector declined 2.6 per cent and
was the worst performer on the index.
Meanwhile, shares of gold miners
advanced on a rally in prices of the
metal. Shares in Barrick Gold were 4 per
cent higher at $7.95, Goldcorp advanced
3 per cent to $11.95 and Newmont
Mining rose 1.3 per cent to $18.66.
Gold has begun the year on the front
foot as concerns on the Chinese
economy and geopolitical tensions in
the Middle East have boosted purchases
of haven assets. In afternoon trading the
S&P 500 had fallen 1.1 per cent to
1,995.14, the Dow Jones Industrial
Average was 1.3 per cent lower at
16,946.40 and the Nasdaq Composite
had declined 0.8 per cent to 4,851.45.
30 ★ Thursday 7 January 2016

SMART MONEY Analysis. Capital markets

John
Authers
Brazil’s malaise deepens amid calls for stimulus
Prospect of balanced budget Brazilian real
recedes after downgrade as Against the dollar (R$ per $)
Sinking Fangs do not fiscal doves circle central bank
2.5

mean life is being JOE LEAHY — SAO PAULO

3.0
3.5

sucked out of markets Avenida Paulista, the main thorough-

fare in Brazil’s business capital, São
4.0
4.5
Paulo, was a shadow of its usual merry Jan 2015 Jan
self this Christmas. 2016
Stocks and growth

T
he new year has started with sound and fury, The traditional extravagant seasonal
but it may signify little or nothing. Or, to be decorations were absent, for lack of a Bovespa Real GDP growth
more precise, it may signal little more than the sponsor. Brazil’s deepening economic index (annual % change)
machinations of conventional fund managers crisis, it seems, had robbed would-be (’000)
who have just lived through a historically diffi- corporate donors of their customary 65 4
Forecast
cult year in which to make money in equity markets. good humour. 60 2
The story so far: January 4 brought the worst opening to It is a pattern that seems likely to be
a year for world stock markets since the crisis year of 2008. repeated in the country’s markets in 55 0
It saw chaotic trading and a close forced by circuit-break- 2016, with investors returning from new
ers in Shanghai, triggering memories of the “Shanghai Sur- year festivities in sour mood. There is 50 -2
prise” sell-off in early 2007 — almost nine years ago now — not much to look forward to — an
45 -4
that brought an end to markets’ Great Moderation. impeachment process starting in Febru-
And it saw an astonishing reversal of the narrow trend ary or March is likely to deepen a politi- 40 -6
that had worried investors for months, as the few stocks cal crisis as the economy heads for a sec-
that had led the market, now widely known as the Fangs ond year of recession. 2014 15 16
(Facebook, Amazon, Netflix and Google), fell 5 per cent or To top it off, Brazil’s main trading Sources: Thomson Reuters Datastream;
Haver Analytics; Bloomberg
more, while fossil fuels stocks saw the biggest rises. partner, China, is facing its own prob- New man: Nelson Barbosa, finance minister, left, greets President Dilma Rousseff — Evaristo Sa/AFP/Getty
That prompted the narrative that the game was up, and lems, hitting stocks and the currency
markets were at last submitting to economic reality. But when markets opened this week.
while there remain reasons for concern, we should not “This is not some sort of little political ‘This is not Ibovespa stock index, meanwhile, has ing opposition from within the ruling state-owned oil company, which has
endow Monday’s events with too much importance. crisis,” says Michael Bolliger, executive fallen in each of the past three years, fin- Workers’ party, the PT. implicated many in her ruling coalition.
In China, the stock market has long been divorced from director at UBS Wealth Management’s some sort of ishing down nearly 9 per cent last year. Mr Levy was replaced by Nelson Bar- Backed by the opposition, the case for
the underlying economy. There are ample reasons for con- chief investment office in Zurich. “It is a little political And the real lost nearly 50 per cent in bosa, a career bureaucrat seen as closer impeachment centres on her govern-
cern about China’s economy, but there have been for years. full-fledged recession with external crisis. It is a value against the dollar last year. to Ms Rousseff. Analysts are concerned ment’s use of accounting tricks during
The triggers for Monday’s events, which have not been headwinds.” After such a terrible 2015, optimists that the government will give in to calls its first term to disguise the state of the
followed by more panic selling, appear to have been more Brazil had what is expected to have full-fledged predicting a rebound for Brazil this year from the PT’s left to return to the budget budget deficit. The opposition is strug-
technical. At the end of this week, the six-month ban that been one of its worst years in terms of recession are hard to find. Neil Shearing, econo- stimulus policies that left public gling to persuade the two-thirds of con-
authorities placed on selling shares by some institutions economic growth in 2015. A survey by with external mist at Capital Economics, is marking finances overstretched. gress needed to impeach, but if it gets
during last summer’s sell-off the central bank on December 31 down some of his forecasts “in response There are signs that the PT and its the upper hand Ms Rousseff is likely to
will come to an end. That showed that economists expected gross headwinds’ to the deepening economic and political base in the unions, fresh from their vic- heed calls from the left of her party to
crude intervention alarmed
The tumble had domestic product to have contracted UBS crisis”, he says. tory over the finance ministry, are tar- rein in the central bank.
the rest of the world, but it more to do with 3.71 per cent, with a further 2.95 per Undermining investor confidence is a geting the central bank. That would present opportunities for
helped stabilise the market. cent fall to come this year, as commod- growing government budget deficit, Rui Falcão, party president, has investors bold enough to look at riskier
Now traders jockey for posi-
fundmanagers’ ity prices weaken and the credit running at just below 10 per cent. Dilma attacked the central bank’s efforts to assets, says Mr Bolliger.
tion for when the ban is lifted. windowdressing boom fades. Rousseff, the left-leaning president, control inflation through high interest “If and when we are more advanced in
Over to the US. The tumble To add to the stagnation, inflation was hired a fiscal hawk, Joaquim Levy, as rates. Analysts say Ms Rousseff is this impeachment space and we get
for Amazon and the other stars
andtaxplanning reckoned to have reached 10.72 per finance minister last year to try to raise unlikely to intervene lightly in the some more clarity there, then Brazil
do not necessarily foretell dis- cent, and was expected to end 2016 at taxes and cut spending. He resigned just autonomy of the central bank, but she is might become a very interesting mar-
aster. It had more to do with fund managers and their win- 6.87 per cent — above the central bank’s before Christmas after Brazil lost its facing problems of her own with the ket,” he says. “The question I receive
dowdressingandtaxplanning. Last year, gains were almost target of 4.5 per cent plus or minus prized investment-grade credit rating. impeachment process and a crippling from clients across the globe is: ‘When
solely down to the Fangs. Startling analysis by Savita Sub- 2 percentage points. The benchmark Congress had thwarted his plans follow- corruption scandal at Petrobras, the can we buy?’”
ramanian, of Bank of America Merrill Lynch, shows that
Amazon alone was a key to success. Among “core” US
equity funds Amazon was held by 80 per cent of the 25 best
performers, and only 16 per cent of the worst performers. Commodities
Both winning and losing fund managers were (cor-
rectly) underweight in energy companies, but the way to
success last year was to hold one of the few stocks that
dominated returns. Enough did so to log a slight improve-
Beijing comes to aid
ment compared with active fund managers’ disaster year
of 2014, but the situation is still dire. According to Ms Sub-
of copper producers
ramanian, 41 per cent beat the Russell 1000 index, but
only 35 per cent beat the S&P 500, which is harder to beat.
Contrary to current wisdom, the way to outperformance HENRY SANDERSON their lowest levels since the
was to hold more stocks (winners had a median of 63 while AND NEIL HUME financial crisis amid a
losers held 45), largely because this increased the chance China’s government will buy broader sell-off in commodi-
of holding a Fang. Index-hugging — as shown by a low thousands of tonnes of ties that has seen oil hit its
“active share” as funds deviated less from their bench- copper from a group of lowest level in more than a
mark index — also proved a successful strategy this year, domestic smelters as it decade.
wholly against the usual experience, again because this seeks to support an industry The build out in Chinese
increased the chance of holding one of the few winners. hit by the global rout in smelting capacity has turned
Sectoral bets did not help. Ned Davis Research pointed commodity prices. China into a large importer of
out none of the main ten S&P 500 sectors rose by as much copper concentrate — the
as 10 per cent, for the first time outside a bear market. And The State Reserve Bureau, raw copper before it is
value investing fared poorly, as the Fangs looked like bad which is in charge of building turned into refined metal.
value. The way to make money was to spread widely, and the country’s strategic Imports of concentrate
grip on to the Fangs as the year progressed. reserves of commodities into China reached an all-
After a year like this, it makes eminent sense that from oil to rare earth miner- time record in November as
nobody wanted to take profits in Amazon and incur a taxa- als, intends to buy up to domestic mines failed to pro-
ble gain that could ruin their performance rankings. Those 150,000 tonnes of copper, vide enough supply. There is
managers smart enough to hold Amazon would have according to two people also less scrap metal supply
wanted to make sure they still held at the end of the year. familiar with the matter. in the country because of low
But taking that gain as soon as 2015 was safely over, with News of its plans saw prices.
many months ahead to mitigate it, is a very different story. shares in the country’s smelt- “We’ve seen this funda-
It should not be a surprise that Amazon and 2015’s other ers and producers marked mental shift from importing
few stock market heroes had such a brutal start to the year higher yesterday. Jiangxi metal to importing raw
— and indeed they have since stabilised somewhat. Copper rose 5.6 per cent material,” said Robin Bhar,
The uncomfortable reality remains that the US is too nar- while Yunnan Copper an analyst at Société Géné-
row, largely because of a lack of growth in revenues and advanced 6 per cent. rale.
earnings,makingtheforthcomingearningsseasonacauseof The move highlights the China added about
great apprehension. The year’s first news stories do not alle- pain being felt in China’s 600,000 tonnes of new
viate a sense of concern. But the ugly start to the year in the domestic copper industry, smelter capacity last year,
marketsneednotinitselfaddtothosereasonsforconcern. which has expanded rapidly with up to 300,000 tonnes
in recent years. due to be commissioned in
john.authers@ft.com China is the world’s biggest 2016, according to Citigroup.
consumer of copper, which is But it is unclear whether
used in wiring and power all the refined metal that the
lines. smelters produce has found
But the country has to buyers and how much com-
import about 70 per cent of mercial stocks have built.
More comment and data on ft.com its needs, making it heavily The SRB action could take
reliant on supplies from some of this excess copper
overseas mines in Chile and off of smelters’ hands,
Y Fast FT Our global economies, headed Africa and big international according to analysts.
team gives you market- by Brazil, Russia, India trading companies. “They [the SRB] are say-
moving news and views, and China. The SRB, which does not ing: with the price at this
24 hours a day, five days ft.com/beyondbrics publicly disclose its activi- level mine production can-
a week. ft.com/fastft ties, normally purchases not be sustained in China, so
Y Podcast The Hard
Y Alphaville Our Currency podcast takes a copper from foreign mining there’s going to be a prob-
irreverent financial blog. look at what is driving companies for its strategic lem,” one senior trader said.
Join Paul Murphy and the global currency stockpile. “So they just come
Bryce Elder for the daily market. ft.com/podcasts But weakening demand in in . . . they know it’s a good
Markets Live session at the country has left its smelt- price to buy plus it will help
Y Lex Video Analysis ers selling metal at a loss and the smelters.”
11am. ft.com/alphaville
and opinion from the its copper mines struggling, Copper for delivery in
Y beyondbrics News and team on the hot issues something that has raised three months on the London
comment from more affecting companies and concerns in Beijing. Metal Exchange fell $25 to
than 40 emerging markets. ft.com/lexvideo Copper has fallen 25 per $4,620 a tonne, outperform-
cent over the past year to ing several other base metals.