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MONDAY 9 MARCH 2020 WORLD BUSINESS NEWSPAPER EUROPE

Economies 3 Eurozone complacent about the viral threat — WOLFGANG MÜNCHAU, PAGE 17
3 Dependence on Wall Street laid bare — RANA FOROOHAR, PAGE 17
exposed 3 News and analysis from around the globe — PAGE 2

Italy quarantines vast parts of Briefing

i Lebanon poised for first debt default

rich north as virus cases surge

Beirut has started preparing for talks with creditors
as it grapples with debts of $90bn. Premier Hassan
Diab told the nation on Saturday it will not be able
to pay a $1.2bn Eurobond maturing today.— PAGE 4

i Kyiv clear-out raises investor concerns

A shake-up last week that saw the departure from
3 Worst-hit nation outside China 3 Fears of recession stoked 3 Europe toughens defences government of respected reformers has raised fears
that President Volodymyr Zelensky has ditched a
bid to rid the economy of corruption.— PAGE 4

i Shareholder backs Musk oversight move

The electric carmaker’s top external investor has
said that regulatory battles and the recent addition
of independent directors to oversee Elon Musk have
made Tesla a “better run” company. — PAGE 6

i Prudential set to unveil plan for US arm

The 172-year-old UK insurer
will this week unveil plans to
float or sell a stake in Jackson,
as it responds to demands from
activist investor Dan Loeb for a
break-up.— PAGE 6

i SoftBank pressed over ride-share tie-up

Investors have urged SoftBank to help bring about
an alliance in Indonesia between Gojek and Grab, in
which the Japanese investor has a stake. Both are
bleeding cash in a battle for market share.— PAGE 6

i Idlib sceptical of ‘killer ceasefire’

The truce hammered out by Ankara and Moscow
has brought some days of much-needed calm to the
province of Idlib, the last-rebel held enclave. But
few Syrians believe the peace will last.— PAGE 4

i US meat substitute sales surge 18%

DAVIDE GHIGLIONE — ROME
JAMES POLITI — WASHINGTON
Italy has taken drastic action to contain
a worsening outbreak of the coronavi-
rus, as a jump in the number of deaths
and infections over the weekend made it
the worst-hit country outside China.
The number of confirmed cases in
Italy rose to 7,375 yesterday, surpassing
those in South Korea, while the number
of deaths reached 366. Only China,
where the outbreak originated, has
recorded more infections and deaths as
the result of the flu-like virus.
The increase in cases came as the Ital-
ian government imposed a lockdown on
a swath of its prosperous north that is
home to 16m people.
The restrictions on movements in the
region of Lombardy and its capital
Milan include a ban on entering or exit-
ing certain areas of the country, and the
closing of museums, gyms, schools, uni-
versities and ski resorts, according to a
decree signed by Giuseppe Conte, Italy’s
prime minister, in the early hours of
yesterday morning.
As well as Lombardy, the measures
took effect in more than a dozen other
provinces in neighbouring regions,
including the cities of Parma, Modena,
Padua and Venice. They are expected to
be in force until at least April 3.
“We are facing a national emergency
. . . Without underestimating it, we have
chosen transparency, we are acting with
lucidity, courage and determination,”
said Mr Conte. “We want to contain the
spread of the contagion and avoid over-
loading the hospitals.”
The growing public health crisis
across the world has rattled global mar-
Increasing consumer interest in alternative proteins
has pushed plant-based meat substitute sales to
kets and raised fears that the economy Milan’s Vittorio cover millions of people and some of the almost $1bn, according to industry bodies. Overall
is heading for a sharp slowdown. Emanuele II most economically productive areas of plant-based food sales rose by 11 per cent.— PAGE 7
The impact of the disease on interna- shopping arcade the eurozone.
tional commerce became clearer over yesterday Concern is growing over the intense
the weekend, with China reporting a Antonio Calanni/AP Photo
strain that responding to the virus is Datawatch
steep fall in exports during the first two placing on Italy’s healthcare system, as
months of the year. well as fears that its spread could push
Measures to tackle the virus are being 3 Analysis and Italy into recession. Rise of the rich India is expected
stepped up across Europe. Jens Spahn, reports Page 2 When coronavirus was largely con- Projected growth in the number of to see the fastest
Germany’s health minister, yesterday 3 Bleak Japan fined to China, Italy quickly moved to ultra-wealthy, 2019-24 (%) growth in numbers
recommended cancelling all events signal Page 6 ban direct flights to and from the Asian India of the ultra-rich
with more than 1,000 participants, 3 Spotlight on nation. But travellers from Italy around Egypt (whose wealth
China exceeds $30m)
while Sebastian Kurz, Austria’s chancel- Lagarde Page 8 the world are now facing bans of their Sweden over the next five
lor, promised imminent “additional 3 Editorial own, as well as periods of quarantine New Zealand years. There were
measures” to slow the outbreak. Comment and self-isolation, as other countries UK fewer billionaires
Coronavirus has spread rapidly in Page 16 seek to limit the spread of the disease. Singapore in the world in
Italy since the first cluster of cases began 3 Opinion Roberto Gualtieri, Italy’s economy 0 20 40 60 2019 than the
List only includes countries where the
to appear in a group of towns south of Page 17 minister, announced a €7.5bn stimulus number of ultra-wealthy is projected to
previous year but
Milan. Those areas were rapidly put 3 Business Life package last week to tackle the impact increase by more than 500 people the number of the
under lockdown, but the area of restric- Page 18 of coronavirus on the economy and Source: Knight Frank ultra-wealthy rose
tions has now been greatly enlarged to healthcare system.

Saudi Arabia launches oil price war to

punish Russia for blocking output cut
ANJLI RAVAL, DAVID SHEPPARD barrels a day next month while offering threat to his accession to the throne.
AND DEREK BROWER discounts of almost 20 per cent in key The fall in oil prices risks new turmoil
markets, in an apparent attempt to pun- in the kingdom, as Prince Mohammed’s
Saudi Arabia has launched an oil price ish Russia, which last week refused to plan to modernise the economy relies at
war targeting its biggest rival produc- join production cuts with Opec. least in part on higher energy revenues
Mexico’s surging femicides ers, a move that threatens to swamp The move will also increase pressure to fund the transformation.
the crude market with supplies just as on the US shale industry and other Shares in Saudi Aramco, the state oil
raise the heat on president the coronavirus outbreak hits demand. higher-cost producers. company, dropped more than 9 per cent
Big Read i PAGE 15 Saudi Arabia will raise production and Production could surpass 11m barrels yesterday, falling below its December
offer its crude at deep discounts to win a day, one of the people said, well above stock market listing price.
new customers next month, according the roughly 9m b/d Riyadh had previ- Saudi Arabia had last week sought the
Austria €3.90 Malta €3.70 to two people familiar with the country’s ously proposed lowering output to. support of Opec and allies outside the
Bahrain Din1.8 Morocco Dh45
Belgium €3.90 Netherlands €3.90 oil policy. Traders and analysts have warned cartel, such as Russia, for a substantial
Bulgaria
Croatia
Lev7.50
Kn29
Norway
Oman
NKr40
OR1.60
The move threatens to send oil prices that an all-out price war could see oil cut in production to stabilise the oil
Cyprus €3.70 Pakistan Rupee350 tumbling, after they had already prices fall to $30 a barrel or lower, bring- market, already reeling as the spread of
Czech Rep Kc105 Poland Zl 20
Denmark DKr38 Portugal €3.70 dropped by a third since January to near ing back memories of the last time Saudi coronavirus hits the global economy.
Egypt
Finland
E£45
€4.70
Qatar
Romania
QR15
Ron17
$45 a barrel. Arabia opened the taps in 2014. But Russia torpedoed the plan, eyeing
France €3.90 Russia €5.00 The Saudi move is also expected to Crown Prince Mohammed bin Sal- an opportunity to hit US shale produc-
Germany €3.90 Serbia NewD420
Gibraltar £2.90 Slovak Rep €3.70 ripple though the US junk bond market, man, the de facto Saudi ruler, moved at ers. That infuriated the kingdom and
Greece
Hungary
€3.70
Ft1200
Slovenia
Spain
€3.70
€3.70
where shale producers have borrowed the weekend to consolidate his position, resulted in producers removing all
India Rup220 Sweden SKr39 billions of dollars in recent years. The arresting at least three members of the restrictions on their output from April.
Italy
Latvia
€3.70
€6.99
Switzerland
Tunisia
SFr6.20
Din7.50 kingdom plans to pump more than 10m royal family that may have posed a Prince purges rivals page 3
Lithuania €4.30 Turkey TL19
Luxembourg €3.90 UAE Dh20.00
North Macedonia Den220

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2 ★ FINANCIAL TIMES Monday 9 March 2020

coronavirus

Transmission
CORONAVIRUS

US expert warns on community spread ROUND-UP

Germany calls for football matches

Concern intensifies as nately, that better sense is not encourag- the state rose to 76, out of the more than tal. Organisers of the Conservative Polit- and concerts to be cancelled
ing because we are seeing community 300 across the US. ical Action Conference, a four-day event
number of cases with spread,” Mr Fauci said. “Whenever you The growing number of cases comes held last week in Maryland, said one
unknown source rises see community spread, you can do con- amid criticism of how the administra- person at the event — which was also Jens Spahn, German health minister, yesterday recom-
tact tracing, but as more communities tion of Donald Trump is handling the attended by Mr Trump and Mr Pence — mended that officials should cancel all events with
Demetri Sevastopulo — Washington spread it, it becomes logistically more outbreak, and particularly at how the now had the virus. more than 1,000 participants to slow the spread of the
difficult.” president has discussed the outbreak in Mr Trump said he would continue to coronavirus in Europe’s largest economy.
A White House coronavirus expert yes- His comments came one day after his formal and off-the-cuff remarks. hold rallies as he campaigns for re-elec- The move could affect football matches, trade shows
terday warned that the rising number of Washington and the neighbouring state Larry Hogan, Maryland’s Republican tion. Mr Fauci said that if the number of and concerts. “I am aware of the consequences this will
cases in the US was making it harder to of Virginia announced their first cases, governor, said it was a “smart move” to “community spread” cases increase, it have for citizens as well as organisers,” he said. By yes-
determine how people were contracting along with Kansas and Missouri. Mary- put Mike Pence, vice-president, in would make large events a bigger risk. terday, 847 people in Germany had tested positive for
the virus, intensifying concerns about land declared a state of emergency last charge of the virus task force but he was The Associated Press on Saturday the virus, 50 more than a day earlier.
people attending large events. week after three people who had trav- worried about the rhetoric Mr Trump said the White House had overruled
Anthony Fauci, head of the US elled overseas tested positive. On Satur- was using. “I would say he hasn’t com- Inside/online health officials who had proposed that
National Institute of Allergy and Infec- day, there were two new cases in Mary- municated the way I would.” Editorial elderly and fragile people be advised not
tious Diseases, said health authorities land, including one that appeared to be Mr Trump yesterday tweeted that his Comment, page
16; Opinion, page
to fly. Stephanie Grisham, White House Saudi Arabia locks down oil-rich region
were “getting a better sense” of the “community spread”. team had a “perfectly co-ordinated and 17; Business Life, press secretary, denied the story. of Qatif where all 11 cases recorded
scope of the outbreak. But he was wor- One of the two cases in Washington fine-tuned plan” and that the “Fake page 18 Meanwhile, The Grand Princess, a
ried about the growing incidence of was a man who had no apparent contact News Media is doing everything possi- See Companies cruise ship that had been prevented
“community spread” — where the with other victims of the virus. ble to make us look bad. Sad!” See Markets from docking in San Francisco because Saudi Arabia has temporarily locked down the region of
source of the virus is unknown. Andrew Cuomo, the New York gover- On Saturday, Mr Trump said he was ft.com/ 21 crew and passengers had contracted Qatif in the oil-rich eastern province as coronavirus
“We are getting a better sense [about nor, also declared a state of emergency “not concerned at all” that several cases coronavirus the virus, is expected to enter Oakland infections in the area accelerate.
the scope] as the days go by. Unfortu- on Saturday after the number of cases in had been identified around the US capi- port today. The state news agency reported yesterday that all 11
Saudi cases had been recorded among residents of
Qatif, a district to the north of Dammam. An official
source at the interior ministry said access would be
blocked, though residents could return to their homes,
National crisis. Decree and government and private business would be closed.

Quarter of Italians forced into lockdown China quarantine hotel collapse kills 10

Lombardy and surrounding

provinces have been put
under emergency quarantine
Miles Johnson and Davide Ghiglione

With the stroke of a pen in the early

hours of yesterday, Giuseppe Conte
placed much of northern Italy in an
emergency lockdown unseen outside of
wartime. Ten people in China have died and 23 remain trapped in a
“We are facing a national emergency,” collapsed hotel that was repurposed as a quarantine site
the Italian prime minister said at a 2am in the south-eastern province of Fujian, the official
press conference as he announced his Xinhua news agency reported yesterday.
most drastic attempt yet to contain the
largest coronavirus outbreak outside
Asia.
Lombardy, one of the wealthiest parts Hospitals in northern Iran struggle
of Europe with an economy larger than to cope with number of infected
either Ireland and Portugal, would be
put under emergency quarantine, along
with more than a dozen other provinces An Iranian member of parliament has warned that up
in neighbouring regions. This includes a to 40 people are dying every day in the northern prov-
host of affluent Italian cities such as ince of Gilan and hospitals have run out of beds. A
Milan, Parma and Venice. shortage of equipment has also led to many doctors and
Overnight, 16m people — more than a nurses becoming infected with the virus.
quarter of Italy’s population — living in Gholam Ali Jafarzadeh, an MP from Gilan province,
the regions at the centre of the worst said: “Many people are buried every day with the symp-
coronavirus outbreak outside Asia were toms of corona but their number is not included in offi-
confronted with the threat of being cial figures.” Tehran denies any cover-up.
trapped inside a hastily erected cordon Empty seats: whether their country would put in Vicenza as quickly as he could. “I Emilia-Romagna epidemic to Puglia.”
sanitaire. The virus has killed 366 people AC Milan’s place military checkpoints in the man- thought I’d be stuck in Lombardy so I Yesterday, in the southern region of
in Italy and infected more than 7,300 Samu Castillejo ner of China’s Hubei province, or if such went back home, but now I’m living in a Campagnia, police officers and medics
following a dramatic jump in the rates takes a corner action was even logistically possible in state of uncertainty. I left all my belong- wearing protective suits picked up pas- El Salvador bars entry to travellers
over the weekend. The vast majority kick in an empty the heart of Europe. ings in my Milan flat and I don’t know sengers who had travelled on an over- from six affected countries
have been in Lombardy. stadium during Milan — with a population of 1.3m and when I’ll be able to go back and get night train from Lombardy to ensure
Late on Saturday, as news began to the Serie A home to a host of high-profile compa- them,” he said. they went into self-quarantine.
leak of Mr Conte’s plans, web designer match against nies from the UniCredit bank to the While the lockdown on Sunday was In Milan, wine bar owner Carolina El Salvador, which has no known cases of coronavirus,
Stefano Poggi and his girlfriend were Genoa at the San high-end Versace fashion label — has still not being strictly enforced, other Grespi said she was extremely worried has barred entry to travellers from six badly affected
among those who raced to Milan’s cen- Siro stadium, continued to put on a brave face as it parts of Italy made clear to those trying about the damage being inflicted on her countries in a protective measure, President Nayib
tral rail terminal with a plan to catch a Milan, yesterday seeks to avoid a complete shutdown, to leave the region they were not business. “We have to pay our suppliers Bukele said.
train out of the city, fearing they would Spada/LaPresse/AP
even as schools are closed and compa- welcome. and employees, as an independent busi- On Saturday night, the president tweeted that people
be stuck if they did not. nies request staff to work from home. Italy’s poor southern regions, which ness, we can’t survive like this for long,” arriving from France and Germany, or who had passed
“When we heard about the lockdown, Italy’s main stock exchange in Milan for the country’s history as a unified she said. through transit in those countries, would not be
we rushed to the station with just the will open for trading as normal today state have exported internal migrant “I don’t want to think what could hap- allowed entry. He had already barred arrivals from
essentials. We didn’t want to risk being even though other facilities in the nor- workers to the wealthier north, are pen if the lockdown goes on like this,” China, South Korea, Italy and Iran.
stuck here forever,” he said. “We mally bustling international business warning against anyone trying to flee she said. “Everyone is scared and it feels
decided against seeing our parents to and tourism destination are likely to be there from the quarantined areas. really weird for a city like Milan that is
avoid spreading the virus, in case we are closed. According to the Italian govern- Addressing fleeing fellow citizens, normally fully operational 24/7.” Cases so far:
sick and we do not know,” he added. ment’s emergency decree, all museums, Michele Emiliano, president of Puglia, Silvia Boccardi, another Milan resi-
Yet yesterday, with roads into Lom-
bardy still open, planes still flying from
gyms, swimming pools will be shut,
while cafés and restaurants will only be
the heel of Italy’s “boot”, said on Sun-
day: “I speak to you as if you were my
dent, said she was not sure whether to
leave her house. “Streets and parks are
>100,000
Global number of confirmed cases of Covid-19
the region’s airports, and trains running allowed to be open for limited hours. children . . . stop and go back. Get off at completely empty. People are really Source: World Health Organization
to and from Milan as normal, a state of Lorenzo Scalchi, a social worker living the first train station, do not catch nervous and scared, as soon as someone
Read more at www.ft.com/coronavirus
shock and confusion hung over Italy. in Milan, was another of those who planes, turn your cars around . . . Do has a fever, they immediately panic. I
Citizens were forced to contemplate decided to escape to his home city of not bring the Lombardy, Veneto and don’t know what to do.”

Global supply chains

MAKE A SMART INVESTMENT
Subscribe to the FT today at FT.com/subscription Chinese exports tumble 17% as outbreak takes its toll
FRIDAY 31 MARCH 2017 WORLD BUSINESS NEWSPAPER UK £2.70 Channel Islands £3.00; Republic of Ireland €3.00
Sue-Lin Wong — Hong Kong February. Exports to the US fell almost globally, China’s imports would also fur- But the coronavirus outbreak has
Trump vs the Valley A Five Star plan? Dear Don...
28 per cent. ther soften going forward.” exacerbated the negative economic
Tech titans need to minimise
political risk — GILLIAN TETT, PAGE 13
Italy’s populists are trying to woo
the poor — BIG READ, PAGE 11
May’s first stab at the break-up
letter — ROBERT SHRIMSLEY, PAGE 12
China’s exports plummeted in the first
HMRC warns Lloyd’s of Brussels Insurance market “I think this is a typical supply shock Imports of commodities rose with impact. China has imposed draconian
two months of the year as the coronavi-
UK £3.80; Channel Islands £3.80; Republic of Ireland €3.80 SATURDAY 1 APRIL / SUNDAY 2 APRIL 2017
Briefing
to tap new talent pool with EU base
customs risks THE END
i US bargain-hunters fuel Europe M&A
Europe has become the big target for cross-border

at the first glance as imports look much soyabean purchases rising 14.2 per cent, quarantine measures and travel restric-
dealmaking, as US companies ride a Trump-fuelled
equity market rally to hunt for bargains across the
HOW DRIVERLESS
OF THE TECHNOLOGY IS
Atlantic.— PAGE 15; CHINA CURBS HIT DEALS, PAGE 17

being swamped
rus outbreak disrupted global supply
i Report outlines longer NHS waiting times
A report on how the health service can survive CHANGING AN
ROAD
more austerity has said patients will wait longer for
non-urgent operations and for A&E treatment while AMERICAN WAY OF LIFE Censors and sensitivity
by Brexit surge
some surgical procedures will be scrapped.— PAGE 4

better than exports. Basically manufac- coal rising 33.1 per cent and iron ore up tions across large swaths of the country.
i Emerging nations in record debt sales Warning: this article may be
FT WEEKEND MAGAZINE
FEBRUARY 4 2017

Developing countries have sold record levels of

government debt in the first quarter of this year,
upsetting — LIFE & ARTS

chains, damped business activity and

taking advantage of a surge in optimism toward
emerging markets as trade booms.— PAGE 15

3 Confidence in IT plans ‘has collapsed’

3 Fivefold rise in declarations expected
JAMES BLITZ — WHITEHALL EDITOR
Credit Suisse Art of persuasion Mystery deepens
i London tower plans break records
How To Spend It
turers imported raw materials but were 1.5 per cent. China’s dismal trade figures come
A survey has revealed that a
adjust its negotiation position with the
record 455 tall buildings are
planned or under construction
in London. Work began on
over disputed painting of Jane Austen
engulfed in
EU, a Whitehall official said. “If running almost one tower a week

blocked transport across the world’s

A computer system acquired to collect our own customs system is proving during 2016.— PAGE 4
duties and clear imports into the UK much harder than we anticipated, that
may not be able to handle the huge ought to have an impact on how we i Tillerson fails to ease Turkey tensions
surge in workload expected once Britain press for certain options in Brussels.” The US secretary of state has failed to reconcile

fresh tax probe

unable to produce and export due to China’s trade data in January and after factory activity plunged to a record
leaves the EU, customs authorities have In a letter to Andrew Tyrie, chairman tensions after talks in Ankara with President Recep
admitted to MPs.
HM Revenue & Customs told a parlia-
of the Commons treasury select com-
mittee, HMRC said the timetable for
Tayyip Erdogan on issues including Syria and the
extradition of cleric Fethullah Gulen.— PAGE 9
Chic new lodgings
mentary inquiry that the new system
needed urgent action to be ready by
delivering CDS was “challenging but
achievable”. But, it added, CDS was “a i Toshiba investors doubt revival plan
in Scotland

March 2019, when Brexit is due to be
completed, and the chair of the probe
said confidence it would be operational
in time “has collapsed”.
second-largest economy.
complex programme” that needed to be In a stormy three-hour meeting, investors accused MAGAZINE
linked to dozens of other computer sys- managers ofhaving an entrenched secrecy culture
tems to work properly. In November, 3 UK, France and Netherlands swoop
and cast doubt on a revival plan after Westinghouse
HMRC assigned a “green traffic light” to filed for Chapter 11 bankruptcy protection.— PAGE 16
3 Blow for bid to clean up Swiss image

Setting up a digital customs system
has been at the heart of Whitehall’s
Brexit planning because of the fivefold
increase in declarations expected at
British ports when the UK leaves the EU.
shutdown of the production and logis- February are normally volatile due to low last month, indicating a massive
CDS, indicating it would be delivered on
time. But last month, it wrote to the i HSBC woos transgender customers
committee saying the programme had The bank has unveiled a range of gender-neutral
RALPH ATKINS — ZURICH it followed “a strategy offull client tax
been relegated to “amber/red,” which DUNCAN
titles such asROBINSON — BRUSSELS
“Mx”, in addition to Mr, Mrs, Misscompliance”
or but was still trying to
means there are “major risks or issues Ms, in a move to embrace diversity and cater togather the information about the probes.

FINANCIAL TIMES
About 53 per cent of British imports
come from the EU, and do not require
checks because they arrive through the
single market and customs union. But
apparent in a number ofkey areas”. Credit
needs Suisse hascustomers.
of transgender been targeted by
— PAGE 20 HM Revenue & Customs said it had
HMRC said last night: “[CDS] is on sweeping tax investigations in the UK, launched a criminal investigation into
track to be delivered by January 2019, France and the Netherlands, setting suspected tax evasion and money laun-
and it will be able to support frictionless back Switzerland’s attempts to clean up dering by “a global financial institution
Datawatch

(Deposito Legal) M-32596-1995;

Theresa May announced in January that
Brexit would include departure from
both trading blocs. HMRC handles 60m
declarations a year but, once outside the
customs union, the number is expected
to hit 300m.
China’s overall exports contracted by tics,” said Zhou Hao, senior emerging seasonal distortions caused by the contraction in manufacturing and serv-
international trade once the UK leaves its image as a tax haven. and certain ofits employees”. The UK
the EU . . . Internal ratings are designed The Swiss bank said yesterday it was tax authority added: “The international
to make sure that each project gets the
focus and resource it requires for suc-
Terror attacks inwith
co-operating western Europe after
authorities
offices in London, Paris and Amsterdam
Recent reach
itsattacks
notably the message
2011
— of this investigation sends a clear
that there is no hiding place for
The lure of the exotic
cessful delivery.” were contacted
Highlighted attack byOthers massacre bythose seeking to evade tax.”
local officials Robin Lane Fox on the flair
“concerning client tax matters”. Anders BreivikDutch in prosecutors, who initiated the
HMRC’s letters to the select commit- of foreign flora — HOUSE & HOME

Bracken House, 1 Friday Street,

The revelations about the system,
called Customs Declaration Service, are
likely to throw a sharper spotlight on
tee, which will be published today, pro-
vide no explanation for the rating
change, but some MPs believe it was
Lloyd’s of London chose Brus-
sels over “five or six” other
insurers to follow. Most of the
business written in Brussels
EU, with Dublin and Luxem-
bourg thought to be more likely
AFP
parts in Germany wereBrussels
while Australia’s revenue department
Norway
said it was investigating a Swiss
Publishing Director, Roula Khalaf;
Norway, the
Dutch authorities said their counter- action, said they seized jewellery, paint-
attacks in Paris
also involved,
and Nice, and
ings and gold ingots as part of their
Brussels suicide
Nice bank.
the while French officials said their
probe;
investigation had revealed “several

whether Whitehall can implement a
host of regulatory regimes — in areas
caused by Mrs May’s unexpected deci-
sion to leave the EU customs union.
cities in its decision to set up an
EU base to help deal with the
will be reinsured back to the
syndicates at its City of London
homes for the industry. But Paris
Mr Nelson said the city won on The inquiries threaten to undermine
efforts by the country’s banking sector
17.2 per cent in dollar terms in January markets economist at Commerzbank. long lunar new year holiday when busi- ice sector activity last month.
bombings — have
thousand” bank accounts opened in
bucked the trend
Switzerland and not declared to French

London EC4M 9BT.

ranging from customs and immigration
to agriculture and fisheries — by the
time Britain leaves the EU.
Problems with CDS and other projects
essential to Brexit could force London to
Timetable & Great Repeal Bill page 2
Scheme to import EU laws page 3
Editorial Comment & Notebook page 12
Philip Stephens & Chris Giles page 13
JPMorgan eye options page 18
expected loss of passporting
rights after Brexit.
John Nelson, chairman of the
centuries-old insurance mar-
ket, said he expected other
headquarters, pictured above.
The Belgian capital had not
been seen as the first choice for
London’s specialist insurance
groups after the UK leaves the
its transport links, talent pool
and “extremely good regula-
tory reputation”.
Lex page 14
Insurers set to follow page 18
to overhaul business models and ensure
customers meet international tax
requirements following a US-led clamp- Publishing Company, The Financial Times Limited,
of generally low

western Europe
tax authorities.
fatalities from
The Swiss attorney-general’s office
Sources: Jane’s Terrorism and Insurgency Centre terror incidents in
said it was “astonished at the way this
down on evaders, which resulted in operation has been organised with the
billions of dollars in fines. deliberate exclusion of Switzerland”. It

registered office as above. Local Representative office;

The probes risk sparking an interna- demanded a written explanation from
tional dispute after the Swiss attorney- Dutch authorities.

City watchdog sends a clear message as

and February, more than was expected “If the demand can’t recover, which is nesses shut down and factory produc- More than 80 per cent of 2,552 foreign
general’s office expressed “astonish- In 2014, Credit Suisse pleaded guilty
ment” that it had been left out of the in the US to an “extensive and wide-
actions co-ordinated by Eurojust, the ranging conspiracy” to help clients THE RISE
Escape OF
the taper ECO-GLAM
trap
EU’s judicial liaison body. evade tax. It agreed to fines of $2.6bn.

banker loses job over WhatsApp boast How high earners can evade

Subscriptions & Customer service

Credit Suisse, whose shares fell 1.2 per

subject ofinvestigations in the Nether-

lands, France and the UK. The bank said in Paris C/ Infanta Maria Teresa 4, bajo 2, 28016, Madrid. ISSN
Additional reporting by Laura Noonan in
cent yesterday, identified itself as the Dublin, Caroline Binham and Vanessa
Houlder in London, and Michael Stothard
Austen’s descendants insist the Rice portrait depicts her as a girl — see magazine Bridgeman Art Library
a pension headache — FT MONEY

by economists polled by Bloomberg. probably the case due to virus spread tion and port operations are disrupted. trading companies in China have
LAURA NOONAN — DUBLIN Berrys after discussions with regulators. media at work, but banks are unable to
JENNIFER THOMPSON — LONDON

Tel: +44 207 775 6000, fte.subs@ft.com, www.ft.com/

Shutdown risk as border
A boastful WhatsApp message has cost
a London investment banker his job
and a £37,000 fine in the first case of
Christopher Niehaus, a former Jeffer-
ies banker, passed confidential client
information to a “personal acquaint-
ance and a friend” using WhatsApp,
according to the FCA. The regulator said
ban people from installing apps on their
private phones.
Andrew Bodnar, a barrister at Matrix
Chambers, said the case set “a precedent
in that it shows the FCA sees these mes-
1135-8262.
Brussels takes tough stance on Brexit
with Spain handed veto over Gibraltar
regulators cracking down on commu- 390_Cover_PRESS.indd 1 19/01/2017 13:57

wall bid goes over the top nications over Facebook’s popular Mr Niehaus had turned over his device saging apps as the same as everything

subscribetoday Congressional Republicans seeking to

avert a US government shutdown after
April 28 have resisted Donald Trump’s
attempt to tack funds to pay for a wall
on the US-Mexico border on to
chat app.
The fine by the Financial Conduct
Authority highlights the increasing
problem new media pose for companies
that need to monitor and archive their
to his employer voluntarily.
The FCA said Mr Niehaus had shared
confidential information on the messag-
ing system “on a number of occasions”
last year to “impress” people.
Several banks have banned the use of
else”.
Information shared by Mr Niehaus
UAE: Masar Printing & Publishing, P.O. Box 485100,
Imports fell by 4 per cent. China posted returned to work, according to a survey
included the identity and details of a
client and information about a rival of ALEX BARKER — BRUSSELS ambitious trade and airline access deals. mise. If Britain wants to prolong its
Jefferies. In one instance the banker GEORGE PARKER — LONDON Gibraltar yesterday hit back at the status within the single market after
boasted how he might be able to pay off STEFAN WAGSTYL — BERLIN clause, saying the territory had “shame- Brexit, the guidelines state it would

Advertising
stopgap spending plans. They fear
that his planned $33bn increase in
defence and border spending could
force a federal shutdown for the first
time since 2013, as Democrats refuse
staff’s communication.
Several large investment banks have
banned employees from sending client
information over messaging services
including WhatsApp, which uses an
new media from work-issued devices,
but the situation has become trickier as
banks move towards a “bring your own
device” policy. Goldman Sachs has
clamped down on its staff’s phone bills
his mortgage if a deal was successful.
Mr Niehaus was suspended from Jef-
feries and resigned before the comple-
tion of a disciplinary process.
Jefferies declined to comment while
Living wage rise to pile
pressure on care services
Dubai. Editor in Chief: Roula Khalaf.
The EU yesterday took a tough opening
stance in Brexit negotiations, rejecting
Britain’s plea for early trade talks and
explicitly giving Spain a veto over any
arrangements that apply to Gibraltar.
fully been singled out for unfavourable
treatment by the council at the behest of
Spain”. Madrid defended the draft
clause, pointing out that it only reflected
“the traditional Spanish position”.
require “existing regulatory, budgetary,
supervisory and enforcement instru-
ments and structures to apply”.
Mr Tusk wants talks on future trade
to begin only once “sufficient progress”

Qatar: Dar Al Sharq, PO Box 3488, Doha-Qatar. Tel: +97 a trade deficit of $7.1bn in the first two by China’s customs administration
to accept the proposals. encryption system that cannot be as iPhone-loving staff spurn their work- Facebook did not respond to a request Senior EU diplomats noted that has been made on Britain’s exit bill and

Tel: +44 20 7873 4000 asiaads@ft.com,

US budget Q&A and
Trump attack over health bill i PAGE 8
accessed without permission from the
user. Deutsche Bank last year banned
WhatsApp from work-issued Black-
issued BlackBerrys.
Bankers at two institutions said staff
are typically trained in how to use new
for comment.
Additional reporting by Chloe Cornish
Lombard page 20
About 2.3m people will benefit from
today’s increase in the national living
wage to £7.50 per hour. But the rise
will pile pressure on English councils,
which will have to pay care workers a
European Council president Donald
Tusk’s first draft of the guidelines,
which are an important milestone on
the road to Brexit, sought to damp Brit-
ain’s expectations by setting out a
Mr Tusk’s text left room for negotiators
to work with in coming months. Prime
minister Theresa May’s allies insisted
that the EU negotiating stance was
largely “constructive”, with one saying it
citizen rights, which Whitehall officials
believe means simultaneous talks are
possible if certain conditions are met.
Boris Johnson, the foreign secretary,
reassured European colleagues at a

emeaads@ft.com Subscribe In print and online World Markets

lot more. Some 43 per cent of care
staff — amounting to 341,000 people
aged 25 and over — earn less than the
44557825
“phased approach” to the divorce proc-
ess that prioritises progress on with-
drawal terms.
was “within the parameters of what we
were expecting, perhaps more on the
upside”.
Nato summit in Brussels that Mrs May
had not intended to “threaten” the EU
when she linked security co-operation

months of the year, official figures released at the weekend.

www.ft.com/subscribenow new living wage and the increase is The decision to add the clause giving British officials admitted that the EU’s after Brexit with a trade deal.
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Analysis i PAGE 4 300-year territorial dispute between tion deal could be problematic. Man in the News: David Davis page 11

Letters to the editor www.ft.com

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No: 39,435 ★
Printed in London, Liverpool, Glasgow, Dublin,
Nasdaq Composite
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FTSEurofirst 300
Euro Stoxx 50
FTSE 100
5902.74 5897.55 0.09 $ per £
20703.38 20659.32 0.21 £ per €
1500.72 1493.75 0.47 ¥ per $
3481.67
7369.52
1.249
0.859
1.241 £ per $
0.866 € per £
0.801
1.164
0.806 UK Gov 10 yr
1.155 Ger Gov 10 yr
111.295 111.035 ¥ per € 119.476 119.363 Jpn Gov 10 yr
3475.27 0.18 ¥ per £ 139.035 137.822 £ index 76.705 76.951 US Gov 30 yr
7373.72 -0.06 € index 89.046 89.372 $ index 104.636 103.930 Ger Gov 2 yr
100.46
98.68
100.45
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102.58
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0.39
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Frankfurt, Brussels, Milan, Madrid, New York, FTSE All-Share 4011.01 4011.80 -0.02 SFr per € 1.069 1.072 SFr per £ 1.244 1.238 price prev chg

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Tokyo, Hong Kong, Singapore, Seoul, Dubai
CAC 40
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Nikkei
Hang Seng
FTSE All World $
5089.64 5069.04 0.41 COMMODITIES
12256.43 12203.00 0.44
19063.22 19217.48 -0.80 Oil WTI $
24301.09 24392.05 -0.37 Oil Brent $
297.99 297.73 0.09 Gold $
Mar 30
50.22
52.98
1248.80
prev
49.51
52.54
1251.10
Fed Funds Eff
%chg US 3m Bills
1.43 Euro Libor 3m
0.84 UK 3m
-0.18 Prices are latest for edition
0.66
0.78
-0.36
0.34
0.66
0.78
-0.36
0.34
0.00
0.00
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Executive appointments
© THE FINANCIAL TIMES LTD 2017
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Printed in London, Liverpool, Glasgow, Dublin,
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Dow Jones Ind
FTSEurofirst 300
Euro Stoxx 50
FTSE 100
20689.64 20728.49 -0.19 £ per €
1503.03 1500.72 0.15 ¥ per $
3495.59
7322.92
3481.58 0.40 ¥ per £
7369.52 -0.63 € index
0.855 0.859 € per £
111.430 111.295 ¥ per €
139.338 139.035 £ index
88.767 89.046 $ index
1.169 1.164 Ger Gov 10 yr
119.180 119.476 Jpn Gov 10 yr
77.226 76.705 US Gov 30 yr
104.536 104.636 Ger Gov 2 yr
99.27
100.36
99.27
102.57
0.33
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3.04
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The contraction in trade was mainly and medium-sized businesses, which

Frankfurt, Brussels, Milan, Madrid, New York, FTSE All-Share 3990.00 4011.01 -0.52 SFr per € 1.071 1.069 SFr per £ 1.252 1.244 price prev chg
Chicago, San Francisco, Washington DC, Orlando, CAC 40 5122.51 5089.64 0.65 COMMODITIES Fed Funds Eff 0.66 0.66 0.00

1148-2753.
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Tel: +44 20 7873 4909 Nikkei

Hang Seng
FTSE All World $
18909.26 19063.22 -0.81 Oil WTI $
24111.59 24301.09 -0.78 Oil Brent $
297.38 298.11 -0.24 Gold $
50.46
53.35
1244.85
50.35
53.13
1248.80
0.22 Euro Libor 3m
0.41 UK 3m
-0.32 Prices are latest for edition
-0.36
0.34
-0.36
0.34
0.00
0.00
Data provided by Morningstar

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Monday 9 March 2020
Saudi crown
prince purges
rivals to tighten
grip on power
Crackdown aims to smooth transition
as rumours swirl over king’s health
SIMEON KERR — DUBAI
ANDREW ENGLAND — LONDON
Saudi Arabia has launched a sweeping
crackdown against senior royals and
security officers in a purge that appears
to be part of Crown Prince Mohammed
bin Salman’s efforts to tighten his grip
on power by targeting potential rivals.
At least three princes were among
those detained, including Prince Ahmed
bin Abdulaziz, 77, a brother of King Sal-
man considered by many as an obstacle
to Prince Mohammed’s succession, two
people briefed on the matter said.
Prince Mohammed bin Nayef, the
former crown prince and interior minis-
ter, was also detained on Friday. He is
believed to have been under house
arrest since being replaced as crown
prince by Prince Mohammed in 2017.
The widening crackdown has
extended to the “entire inner circle” of
Prince Mohammed bin Nayef, said one
person close to the royal family.
The number of princes arrested could
be as many as 20, said another person
briefed on the operation. Other officials
and officers were also taken into cus-
tody, the person added.
The crackdown appears intended to
remind the family that any hints of per-
ceived disloyalty would not be tolerated.
“The key is the top two guys,” said the
person close to the royal court, referring
to Prince Ahmed and Prince Moham-
med bin Nayef. “The others that came
with them are peripheral.”
The person added: “They wanted to
send a message to family for all to fall
into line and Prince Ahmed was the big-
UPLOADED BY "What's News" vk.com/wsnws TELEGRAM: t.me/whatsnws
gest fish. He had been making noises for
a while so patience ran out.”
Ali Shihabi, a Saudi commentator and
supporter of the crown prince, dismissed
rumours of a coup attempt, adding that
“what people must appreciate is that the
royal family has had to go through a
very delicate generational succession
. . . given the large number of princes
whoweretechnicallyeligibletosucceed”.
“What is important is that this proc-
ess is playing out without any blood-
shed, which is a rare occurrence in his-
tory,” Mr Shihabi said on Twitter. “The
message is very clear that nothing will
be allowed to destabilise the country or
cause any bloodshed.”
He added that the king and crown
prince “are in absolute control”.
King Salman swore in two Saudi
ambassadors yesterday, according to
the official news agency, which pub-
lished pictures showing him in apparent
good health. The event appeared
designed to quell rumours about his
health. The 84-year-old monarch also
had lunch with senior princes on Friday,
a person familiar with the matter said.
The government has not responded to
a request for comment.
Speculation had swirled on Saturday
that the king’s health had persuaded the
crown prince to launch the crackdown
to smooth any transition.
As news of the arrests spread, many
government supporters took to social
media to express their backing for the
leadership, with several nationalistic
hashtags trending over the past 48 hours.
“Saudi Arabia will remain standing
★ FINANCIAL TIMES
INTERNATIONAL
Royal ties: tall and safe despite the plots of haters
Crown Prince and enemies,” television presenter
Mohammed bin Tariq al-Harbi said in a tweet featuring a
Salman, left, picture of the king and crown prince.
speaks to Prince Prince Mohammed, the conservative
Mohammed bin kingdom’s de facto leader, has launched
Nayef in Riyadh far-reaching social and economic
in 2016 reforms while projecting Saudi power
Bandar al-Jaloud/Saudi Royal
Palace/AFP/Getty Images
across the region. But his drive to mod-
ernise has been accompanied by crack-
downs that have targeted members of
the royal family, businessmen, academ-
ics, activists, bloggers and journalists.
He has shown zero tolerance for criti-
cism and the world’s top oil exporter
was plunged into its biggest diplomatic
crisis in years after Saudi agents killed
Jamal Khashoggi at the kingdom’s con-
sulate in Istanbul in October 2018.
Riyadh blamed the journalist’s mur-
der on a rogue operation, and Prince
Mohammed’s supporters and Riyadh’s
western allies hoped the 34-year-old
would heed lessons from the experi-
ence. He has avoided controversy since
then as Saudi Arabia prepares to host the
G20 group of nations meeting this year.
But the arrests of the royals will cast
further scrutiny on his autocratic lead-
ership and suggest he is reverting to his
aggressive approach of dealing with any
perceived threats, even from those fam-
ily members who appeared to have been
neutralised by his previous crackdowns.
It is unclear how much of a threat
Prince Ahmed — who was overlooked as
a potential successor after a brief stint as
interior minister in 2012 and has kept a
low profile since his return to the king-
dom — and Prince Mohammed bin
Nayef posed to the crown prince’s grip
on power. The latter’s friends say he has
been subject to close monitoring since
he was replaced as crown prince.
Prince Mohammed, whose rapid rise
three years ago shook up the traditional
succession process, has pushed through
a series of contentious policies.
Months after he became crown
prince, he launched an anti-corruption
crackdown that led to more than 300
princes and businessmen being
3
‘What is detained at the Ritz-Carlton hotel in
Riyadh. Most have been released, but
important many were freed only after they agreed
is that this to transfer cash and assets to the state.
The government claimed it netted
process is more than $100bn in the purge, but the
playing out crackdown was also seen as an early sign
of the prince’s drive to cement his power
without any and that nobody was untouchable.
bloodshed, The kingdom has also been criticised
for its role in the five-year war in Yemen,
which is where a Saudi-led coalition has been
a rare accused of killing thousands of civilians
in air strikes that have struck homes,
occurrence hospitals, weddings and funerals.
in history’ Saudi Arabia is expected to face
another tough year as oil prices, its eco-
nomic lifeline, have plunged about 30
per cent since January as coronavirus
has spread across the globe. The disease
has caused the kingdom, which is home
to Mecca and Medina, Islam’s two holi-
est sites, to temporarily suspend the
entry of religious pilgrims during the
Umrah season, an important source of
revenue and jobs for Saudi Arabia.
 UPLOADED BY "What's News" vk.com/wsnws TELEGRAM: t.me/whatsnws
4 ★ FINANCIAL TIMES Monday 9 March 2020

INTERNATIONAL

Foreign reserves

Lebanon on brink of default over $1.2bn Eurobond

Government prepares for
talks with creditors as
country’s crisis deepens
Chloe Cornish — Beirut
Lebanon is set to default on its debts for
the first time as its foreign currency
reserves plummet to critical levels.
Hassan Diab, the prime minister, has
said Lebanon will not be able to pay a
$1.2bn Eurobond that matures today, as
the country’s economic crisis deepens.
The government is preparing for
negotiations with its creditors as it grap-
ples with debts of more than $90bn,
equivalent to about 170 per cent of the
country’s gross domestic product.
“How can we pay foreign creditors
when the Lebanese can’t access their
deposits,” Mr Diab said as he announced
the default in an address to the nation
late on Saturday. He added that foreign
reserves had reached “danger level”.
Lebanon’s central bank says it has
$29bn in gross foreign currency
reserves. But a report last month by
Fitch, the rating agency, estimated that
its foreign currency liabilities outweigh
its assets, giving the Banque du Liban “a
net negative foreign currency posi-
tion . . . close to $40bn, excluding
gold”. Nasser Saidi, a former vice-gover-
nor of the central bank, estimated that
usable reserves had fallen to “about
$3bn to $4bn”.
He said this was because the gross
reserves include $18bn to $19bn set
against deposits for commercial banks
which the BdL cannot spend. In addi-
tion, the BdL has lent local institutions
about $6bn-$7bn to help them cover
their commitments to correspondent
banks, Mr Saidi said.
A Lebanese official confirmed the for-
eign reserve numbers, saying there had
been “simply no other option” but to
default and negotiate a restructuring
with Lebanon’s creditors.
The finance ministry said the govern-
ment was “prepared to engage in good
faith discussions with its creditors to
explore options to make Lebanon’s pub-
lic debt sustainable”.
Sami Atallah, the director of the Leba-
nese Centre for Policy Studies, said it
would be “suicidal” for Beirut to pay the
bond given the state of the government’s
finances. “This is a really serious crisis
where the banks have been depleted or
bankrupt,” he said.
Lebanon is battling interconnected
fiscal, monetary and economic crises,
which have already cost tens of thou-
sands of jobs and threatened to disrupt
the import of vital goods.
Mr Diab took office two months ago
after weeks of mass demonstrations,
partly fuelled by economic grievances,
forced the resignation of the previous
administration.
The government will need the agree-
ment of enough investors to account for
75 per cent of the Eurobond to restruc-
ture the debt. Ashmore, a London-
based emerging markets investor, has
been buying the bond in recent months
and now holds a blocking stake — 25 per
cent and above — giving it veto power.
Mr Diab’s government is also
expected to come up with a plan to enact
long-promised, but politically unpopu-
lar reforms, including cutting its swollen
public payroll, reforming pensions and
overhauling its expensive and malfunc-
tioning electricity sector. It is taking
advice from the IMF, but has not yet
requested the body’s financial support.
Mr Saidi said it was “urgent” the govern-
ment starts negotiations with the IMF.
Mr Diab also said his government
would restructure Lebanon’s oversized
banking sector. Informal capital con-
trols imposed by the lenders since mid-
October mean depositors are able to
withdraw as little as $200 every two
weeks in some cases and cannot transfer
their funds abroad. Addressing fears
that depositors will end up bailing out
the banks, Mr Diab said the government
would “endeavour to protect” them.

South Africa. Presidential pressure Investor concerns

Ramaphosa under fire as outlook worsens
Critics call for decisive action
and say time for consensus
building has passed
Joseph Cotterill — Johannesburg
“These are trying and testing times,”
South African president Cyril Ram-
aphosa said last week as he surveyed the
dire state of the economy.
South Africa is officially in a recession
for the second time in two years, rolling
blackouts are disrupting daily life and
the treasury is forecasting the biggest
fiscal deficit in the post-apartheid era.
The economic outlook is worse than
at any point since Mr Ramaphosa took
control of the ruling African National
Congress in 2018 promising to overturn
a decade of misrule. There is a growing
sense that he may have lost the battle.
A former union leader and then busi-
ness titan, Mr Ramaphosa promised to
be a president capable of reviving the
economy while managing the compet-
ing interests of business, organised
labour and the ruling party. But after
winning the leadership of the ANC by
the narrowest of margins he has been
unable to build the authority necessary
to force through change, analysts say.
“It doesn’t seem as if he’s bought any
loyalty. The biggest theme of the last
two years is that he hasn’t been able to
stamp his authority over the operations
of government,” Sithembile Mbete, a
political scientist at the University of
Pretoria, said.
Mr Ramaphosa says he prefers to
reach negotiated solutions rather than
force through directives. “I build con-
sensus . . . not give in to shouting and
screaming,” he told journalists in parlia-
ment. He helped to negotiate a peaceful
end to white minority rule and, in the
post-apartheid business world, he was
in demand as a chairman and director.
But his critics say the time of consen-
sus-building is over and that decisive
action is needed. Income per capita fell
for a fifth consecutive year in 2019.
“[Mr Ramaphosa] is hugely cautious;
he is quite tied often to the process of
doing things far more than the out-
come,” Ms Mbete said. “There is obvi-
ously room for social compacting, and a
necessity for it. But at some point you
have got to make some decisions.”
Too often his initiatives, including
plans to open up Eskom’s ageing coal
plants to greater competition by licens-
ing more independent power suppliers
and a risky effort to save South African
Airways, the near-bankrupt flag carrier,
Syria
Growing anger:
activists protest
in Johannesburg
against frequent
power cuts.
Below, Cyril
Ramaphosa
Luca Sola/AFP/Getty Images;
Sumaya Hisham/Reuters
have been held up by political bickering.
Mr Ramaphosa said he hoped the
acuteness of the economic crisis would
finally encourage his critics to desist.
“I like to believe we have entered an
era where there is no longer any objec-
tion to reforms and transformation
. . . we will be repositioning our econ-
omy for further investments,” he said.
And there are some signs that a
tougher government line is starting to
emerge. Last month Tito Mboweni, Mr
Ramaphosa’s pugnacious finance minis-
ter, risked the ire of organised labour
with a pledge to cut more than $10bn
from bloated public wages.
“[Mr Mboweni] delivered substance
over bluster, something we have been
crying out [for],” said Busi Mavuso, chief
executive of Business Leadership South
Africa, a private sector lobby group.
But while the planned spending cuts
have pleased business, they have antag-
onised the unions, many of which have
been among Mr Ramaphosa’s few allies
in his battles inside the ANC.
Previously, Mr Ramaphosa has
deflected criticism by emphasising his
shock — despite serving as vice-presi-
dent under Jacob Zuma — over the level
of corruption that he found inside state
institutions after taking power. But pub-
lic confidence in that defence has faded
with the absence of prosecutions.
Rumours of imminent arrests of tainted
ANC bosses have come to nothing and
an inquiry into systemic corruption
under Mr Zuma has missed its deadline.
Mr Ramaphosa regularly reminds
voters that the president cannot order
‘The biggest prosecutions. “The day a president acts
as a judge, executioner and everything
theme of else, we must run for the hills,” he has
the last two said. In the meantime, those with the
most to lose from the anti-corruption
years is that battle are free to organise against him.
he hasn’t In July, ANC members will attend
their biggest meeting since Mr Ram-
been able to aphosa became leader, officially to
stamp his review the party’s policies midterm.
The meeting has no authority to remove
authority him as party leader but analysts say his
over enemies will use it to burnish their pop-
ulist credentials and attack him for not
operations’ enacting more radical policies such as
nationalising the central bank, ideas
that spook investors but fire up the
party faithful.
“The people who don’t want Ram-
aphosa to get a second term as president
of the ANC are mobilising and organis-
ing,” Ms Mbete said, adding the meeting
would reveal who is vying to replace him.
For now, Mr Ramaphosa insists the
ANC will give him a second term,
though his confidence may be fading.
“Stick around,” he said last week. “You
may see this movie again.”
Ukraine
shake-up
casts doubt
on reforms
Roman Olearchyk — Kyiv
A clear-out of Ukraine’s government
barely six months after it took office
has raised fears among investors and
political reformers that President
Volodymyr Zelensky has abandoned
his efforts to overhaul the economy
and tackle corruption.
Mr Zelensky last week removed finance
minister Oksana Markarova and chief
prosecutor Ruslan Ryaboshapka, both
respected reformers, and ditched the
prime minister, Oleksiy Honcharuk.
Tymofiy Mylovanov, a US-educated
economist who had been spearheading
a long-awaited land reform as economy
minister, also quit in the shake-up.
Mr Zelensky said he was changing his
government out of frustration at the
slow pace of reform. But investors were
sceptical, particularly over the ousting
of Mr Ryaboshapka, who has been
praised by Kyiv’s western backers and
anti-graft campaigners for trying to
clean up a corrupt prosecutor’s office.
The judicial system has often been
abused by Ukraine’s oligarchs to pursue
business interests and settle scores.
Dragon Capital, a Kyiv-based invest-
ment bank, described the reshuffle as
“dubious”, adding: “The composition of
the new cabinet, which failed to include
the previous government’s key market-
oriented ministers, and little policy
detail offered by the new PM thus far,
are raising questions about the continu-
ation and quality of reforms, despite
Zelensky’s pledge of no reversal.”
“[Mr] Zelensky was supposed to be
serious about addressing the rule of law
issue and reining in oligarchs,” Timothy
Ash, an analyst at BlueBay Asset Man-
agement, said in a note. “Events this
week, and the seeming sop to oligarchic
interests in the cabinet reshuffle, raise
major concerns therein whether [Mr]
Zelensky is serious about actually
changing anything.”
Foreign investors have poured into
Ukraine debt since Mr Zelensky’s elec-
tion, persuaded by his promises to mod-
ernise the country and tackle corrup-
tion and reassured by the calibre of his
ministerial team. The Hryvnia rose 19
per cent against the US dollar last year.
In January, Ukraine sold €1.25bn of
debt at a record-low yield of 4.375 per
cent. One emerging debt portfolio man-
ager said at the time it was “a rare coun-
try where serious reforms are happen-
ing”. But after Thursday’s reshuffle the
yield on Ukrainian dollar bonds due in
2032 rose half a percentage point.
The timing of the reshuffle was all the

Idlib residents fear ceasefire will offer temporary calm before renewed storm
Laura Pitel — Ankara
Henry Foy — Moscow
Chloe Cornish — Beirut
After weeks of clashes that killed
scores of Turkish and Syrian soldiers, a
truce hammered out by Ankara and
Moscow has brought some days of
much-needed calm to the province of
Idlib. But in the rubble-filled towns and
villages of the country’s last rebel-held
enclave, few Syrians believe it will last.
“We call it the killer ceasefire,” said
Abdulkafi, an activist and teacher who
has remained in Syria throughout its
nine-year civil war. “Because what is
coming after it is destruction.”
The ceasefire was reached after six
hours of talks between Vladimir Putin,
the Russian president, who backs Syrian
leader Bashar al-Assad, and Recep
Tayyip Erdogan, his Turkish counter-
part, who backs the country’s rebels, in
Moscow on Thursday.
Turkish forces had been battling to
fend off an assault on Idlib by Syrian
regime forces, dragging Ankara deeper
into the conflict and risking a direct
clash with Russia. The agreement
averted that danger. Yet most analysts
share the doubt of Idlib’s weary 3m
inhabitants that the deal will provide a
long-term solution given Mr Assad’s
resolve to reclaim “every inch” of Syria.
“Obviously, the agreement that was
reached is temporary,” said Vladimir
Evseev, the deputy director of Russia’s
CIS Institute. “Most likely, we will [in the
months ahead] approach a new crisis
with Turkey.”
Mr Assad’s troops, backed by Russian
jets, had pushed deep into Idlib in recent
months, forcing about 900,000 people
to flee north towards the Turkish bor-
der where they are crammed into
muddy camps.
The ceasefire freezes the fighting on
existing front lines and creates a buffer
zone, to be policed by joint Turkish-
Russian patrols, along the strategic M4
highway that dissects Idlib.
The deal achieves Mr Erdogan’s aim of
halting the fighting but represents a
concession on his previous demand for
Syrian troops to withdraw from newly
captured territory.
“The Turkish media is presenting the
deal as a victory but, on the ground, for
Erdogan, it is the opposite,” said Kerim
Has, a Moscow-based analyst of Turk-
ish-Russian relations.
The joint memorandum signed in
Moscow contains just three agreed out-
comes. Russia and Turkey committed to
more talks to thrash out details.
‘We call it the killer
ceasefire. Because what
is coming after it is
destruction’
Analysts said a sticking point would
be the contentious issue of dealing with
Islamist groups in Idlib. In previous
agreements, Turkey had agreed to sepa-
rate the jihadist group Hayat Tahrir al-
Sham (HTS) from other armed factions
in the province — a commitment
Ankara has been unable to fulfil.
While there were no specifics in the
text of the deal, Aydin Sezer, a former
Turkish diplomat, said Ankara would
be expected to control HTS. “If not,
unfortunately, I am afraid that Russia
will do it itself,” he said.
The memorandum did, however, con-
tain a commitment to “eliminate all ter-
rorist groups” in Syria. Mr Has said it
would give Mr Assad and Mr Putin a
ready-made excuse for renewed attacks,
even if it meant civilian deaths.
“The pretext is already written and
announced in the deal,” he said. “After a
period of time, we will see rising clashes
between opposing groups.”
Idlib’s civilians were disappointed
that regime forces would retain control
of recently captured towns and villages,
dashing their hopes of returning home.
“If you want the opinion of people in the
north, no one is pleased with the state-
ments,” said Obaida Abu al Bara, an
activist.
Mr Erdogan has faced a difficult bal-
ancing act in recent weeks as he poured
troops and equipment into Idlib to
counter the regime assault. With rising
domestic anger in Turkey over the host-
ing of 3.6m Syrian refugees, he was des-
perate to prevent a fresh influx.
more puzzling because the government
had been closing in on a deal with the
IMF for a $5.5bn loan programme. The
loan is regarded by international inves-
Turkish drone and artillery attacks tors as an essential financial cushion for
inflicted significant damage on Mr Ukraine, which is in the sixth year of a
Assad’s forces. But 59 Turkish soldiers war with Russian-backed separatists in
have also been killed since the start of the east and faces hefty foreign debt
February — 34 in a single attack. payments against the backdrop of a glo-
Further fighting would have risked a bal economic slowdown.
public backlash, as well as Turkey’s rela- “I do not understand the purpose of
tionship with Russia, which extends to replacing the government at this partic-
energy, trade, tourism and defence. ular time,” said Oleksandr Danylyuk, a
“Turkey is stuck in this asymmetrical former finance minister.
relationship with Russia where Erdogan The new prime minister is Denys
doesn’t call the shots, Putin does,” said Shmygal, a little-known 44-year old
Soner Cagaptay, author of Erdogan's regional official from western Ukraine.
Empire: Turkey and the Politics of the Mid-
dle East.
A poll last month by Istanbul Eco-
nomics Research found that the Turkish
public’s biggest concern was the loss of
more soldiers.
Can Selcuki, the consultancy’s direc-
tor, said the “enemy” in Idlib was less
clear in the eyes of the Turkish public
than it had been in previous operations,
which targeted Kurdish militants.
“Therefore the reasoning, the justifica-
tion was not there,” he said.
Additional reporting by Asmaa al-Omar in Volodymyr Zelensky: says he is
Erbil frustrated at slow pace of reform
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Monday 9 March 2020 ★ FINANCIAL TIMES 5
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6 ★ FINANCIAL TIMES Monday 9 March 2020

Paul Tudor Jones ‘Fixing capitalism is a matter of neither wholesale change nor sticking to the status quo’ y COMMENT

Tesla ‘better Depressed outlook Bleak signal for Japan

as Nikkei stretches away from the Topix
SoftBank
urged to act
run’ after on Grab and
Gojek tie-up
shake-up, says MERCEDES RUEHL — SINGAPORE
HENNY SENDER — NEW DELHI

Shareholders are lobbying SoftBank to

top investor help bring about an alliance between

ride-hailing groups Grab and Gojek,
south-east Asia’s biggest internet uni-
corns, which are bleeding cash in a bat-
tle for market share, according to peo-
ple with knowledge of the discussions.
The talks centre on a tie-up in Indone-
sia. The fourth-most populous country
3 Independent directors check Musk is the most lucrative market for Jakarta-
based Gojek, whose backers include
3 Baillie Gifford ‘more comfortable’ Tencent and Google, and Singapore-
based Grab, which counts SoftBank and
Microsoft as investors. Both have inten-
RICHARD HENDERSON — NEW YORK Ms Denholm left a senior role at Tel- sified efforts to win customers there in
stra, the Australian telecoms company, the past 18 months.
Tesla is a “better run” company after its last year to focus on Tesla full-time and “The forces at play here are higher
regulatory battles following the recent is one of a few board members with than simply what Grab or Gojek want,
addition of independent directors to automotive experience. Last year, she or indeed don’t want. This is about a
oversee Elon Musk, according to the led efforts to cut the number of board number of long-term influential share-
electric carmaker’s top external share- seats to seven from 11 after consulting holders in both companies who want to
holder. with Tesla shareholders. Kathleen Wil- Ratio between the Nikkei 225 and Topix close to a 40-year high either stem the losses or find a way to
“We thought he was getting things son-Thompson, a HR executive from exit their investments,” said one Grab
15
wrong,” said James Anderson, head of Walgreens Boots Alliance, joined along- Bank of Japan
investor.
global equities for Baillie Gifford, speak- side Mr Ellison as an independent direc- declares quantitative 14 Talks between the two rivals have
ing about Mr Musk, Tesla’s founder. “I tor in 2018. easing programme been on and off for at least two years,
feel more comfortable now.” Baillie Gifford first bought shares in 13 but recently there has been a new
The electric carmaker has overhauled Tesla in 2013 and today owns 7.5 per urgency, these people added.
its board in recent years, stripping Mr cent of the carmaker, a stake worth 12 It reflects the changed circumstances
Musk of his chairman role, cutting the $9.7bn. Mr Anderson is co-manager of of Grab’s big backer, SoftBank, which is
number of board seats and hiring inde- the £8.2bn Scottish Mortgage Invest- 11 under pressure to prove the high valua-
ment Trust, the asset manager’s flagship BoJ announces tions of many of its lossmaking tech
10
fund that trades on the FTSE 100, which negative rates policy start-ups following the failed public list-
‘We thought [Elon alone owns $1bn of the company. The ing of office-sharing group WeWork last
9
Musk] was getting large holding makes the Scottish fund 1980 90 2000 10 20
year.
house one of the winners from Tesla’s SoftBank founder Masayoshi Son
things wrong’ rally that has added two-thirds to the Source: Refinitiv
recently visited Jakarta for exploratory
James Anderson of Baillie Gifford share price since the start of the year. discussions. What kind of deal SoftBank
The Edinburgh-based fund group has LEO LEWIS — TOKYO ing to its highest level since 1981 last group is dominated by companies may want — if at all — is still unclear, the
pendent directors including Larry Elli- stood by Mr Musk through periods of week. The rise in the NTR indicates that, by Japanese standards, are run in people said.
One measure of the relationship
son, the Oracle founder, and James Mur- tumult that have attracted media atten- investors are betting the Topix could a shareholder-friendly way, such as “Today, given the dynamic, both sides
between Japan’s best-known stock
doch, the media scion. tion. These include smoking marijuana remain depressed even once the Fast Retailing, SoftBank Group and are open,” said one influential Gojek
gauges has hit a 39-year high, reveal-
The bulk of the changes came after a on an online radio show, describing a UK Nikkei bounces back from some Tokyo Electron. In addition, notes shareholder. “There is a greater willing-
ing how the effects of a souring
2018 settlement with the US securities volunteer who helped rescue boys weakness. Mizuho strategist Masatoshi Kikuchi, ness at the highest levels, despite the
domestic economy and, more
regulator over Mr Musk’s false claim trapped in a Thai cave as a paedophile Domestic companies have suffered the Nikkei 225 regularly reshuffles its delicate issue of control.”
recently, the coronavirus outbreak
that he had secured funding to take the and an incessant battle with short sell- from Japan’s ageing demographics, components to “bring in good-quality The fact the talks are being taken seri-
are hammering investor sentiment.
firm private. Prior to the lawsuit, Glass ers betting against Tesla’s stock. regional decline, the aftermath of the names, while the [Topix]’s relaxed ously reflects how the environment has
Lewis, the proxy adviser, and CtW The sparring between Mr Musk and The Nikkei/Topix ratio (NTR) is pro- 2011 quake, successive increases in standards . . . have left it with numer- changed in Asia, where not long ago
Investment Group, which works with short sellers, including David Einhorn of duced by dividing the level of the consumption tax and the failure to ous listings that serve no obvious pur- entrepreneurs and investors prioritised
pensions, had also criticised the com- Greenlight Capital, has become one of Nikkei 225 average, a group that fully shake deflation. Japan’s three pose”. growth at the expense of profits.
pany for stacking the board with direc- the top rivalries in capital markets. The favours Japan’s biggest and most glo- megabanks have a much larger The NTR’s new high comes despite Any combination could be worth far
tors with close ties to Mr Musk. Tesla founder has marshalled support- balised companies, by that of the weighting in this index than in the the BoJ’s ¥6tn-a-year exchange more than the combined $23bn valua-
Mr Anderson said the appointment of ive retail investors to fight back against 1,669-member Topix index, whose Nikkei, which suggests their discom- traded fund buying programme, tion the two carry today as they burn
Robyn Denholm, one of the company’s the carmaker’s critics on social media. constituents cover every part of the fort from the Bank of Japan’s negative which is tilted towards Topix-tracking through cash in their race to dominate
independent board members since Mr Anderson has long warned that domestic economy and include doz- interest rate policy — which squeezes ETFs. The programme may, perhaps, across a range of services including ride-
2014, as chairwoman was a decisive exchanges with short sellers and other ens of regional banks. their margins — is visible in the NTR. be offering some psychological sup- hailing, food delivery and payments in
move. She had given the founder “emo- elements of Mr Musk’s public profile The ratio has risen steadily since Nikkei stocks, meanwhile, are more port to the whole market but, for all Singapore, Vietnam and Thailand as
tional” support and allowed him to could distract the founder from the the global financial crisis but most leveraged to a strong global economy its heft, is not impeding the rise of the well as in Indonesia.
focus on leading the company, he said. more mundane tasks of management. sharply in the past two years, climb- and weaker yen. The price-weighted NTR. Additional reporting by Stefania Palma

Legal Notices Insurance. Strategic update

Prudential to reveal plans for US business

Insurer set to announce sale of
stake or Jackson flotation in
response to call for break-up
OLIVER RALPH — LONDON
Prudential is this week set to unveil
plans to either float or sell a stake in
Jackson, its US business, as it responds
to demands from activist investor Dan
Loeb that the 172-year-old insurer
should break itself up, according to peo-
ple with knowledge of the situation.
Third Point, Mr Loeb’s fund, last
month unveiled a 5 per cent stake in the
insurer and said Jackson should be sepa-
rated from Prudential’s fast-growing
Asian business. In response the com-
pany said it would give a strategic
update alongside this week’s full-year
results.
Jackson accounts for almost half of
Prudential’s profit, but it is unpopular
with UK investors who have complained
that it is too complex, and that its for-
tunes are too closely tied to the perform-
Businesses For Sale ance of the stock market.
Third Point, in a letter to the board,
said the group’s management had
“failed to articulate a clear strategic
path for Jackson” and that it would do
better as a standalone company.
Prudential has owned the business
since it bought it for $610m in 1986. In
2018 alone, it sent £342m of cash back
to the group.
“You can’t argue that it’s not been a
good investment,” said Andrew Baker,
Business for Sale, Business Opportunities, Business Services,
Business Wanted, Franchises
analyst at Citi, who estimates that Jack-
Runs Daily son is now worth about £6.5bn.
......................................................................................................................................................................................................................................................................... Prudential declined to comment on
Classified Business Advertising the potential stake sale or IPO, which
UK: +44 20 7873 4000 | Email: acs.emea@ft.com
was first reported by The Sunday
Times. Jackson specialises in variable
annuities, which provide retirees with a
combination of some guaranteed
income and exposure to the stock mar-
ket. The combination leaves Jackson
exposed to stock market risk, which is
offset through a complex hedging proc-
ess. That is at the root of its unpopular-
ity with some UK investors.
Analysts said the hedging system is
opaque, and it is difficult to fully under-
stand how stock market movements
will affect the company. Market move-
ments in 2008 caused problems for
many variable annuity companies,
although analysts noted Jackson held up
relatively well.
“You have to give them credit,” added
Mr Baker. “It is a market-leading busi-
ness with a distribution advantage and a
cost advantage [over rivals]. The busi-
ness is running very efficiently, but it is
concentrated in a product that the mar-
ket does not have much of an appetite
for at the moment.”
Prudential has owned its US business Jackson since 1986 — Luke MacGregor/Bloomberg
Prudential’s strategy has been to
diversify. Jackson has been expanding
into fixed index annuities, another type
of retirement product that is growing
more quickly than variable annuities.
“Fixed indexed annuities are a more
simple product, so consumers have
tended to move toward it,” says Andrew
Kligerman, an analyst at Credit Suisse.
Prudential has previously said it could
bring in outside investors as part of an
effort to expand. Bankers said an ideal
scenario could involve an acquisition
co-funded by an outside investor, which
would also take a stake in Jackson. That
would add new revenue streams at the
same time as providing a valuation for
Jackson.
But that sort of plan is unlikely to sat-
isfy Third Point, which is pushing for a
full separation. “With a proper stan-
dalone capital allocation policy, we
believe Jackson could thrive,” it wrote.
One option for a full separation is a
demerger to existing shareholders along
the lines of last year’s separation of UK
business M&G.
But bankers have warned that such a
split would be hard to deliver. “The
[Prudential] shareholder base is not a
natural holder of Jackson,” said one
banker. “They don’t understand it, and
it’s too opaque,” adding that many
shareholders would look to sell immedi-
ately after a split.
An IPO would also have its chal-
lenges. In 2018 French insurer Axa
floated Axa Equitable, its US life insur-
ance business, as it refocused on prop-
erty and casualty insurance. It got the
IPO away, but the price was below the
bottom end of the indicated range.
Mr Kligerman points out that variable
annuity writers such as Equitable,
Brighthouse and Lincoln all trade at
under five times forecast earnings,
much lower than other types of life
insurance companies.
“These are product areas that see the
lowest valuations in the life and retire-
ment space,” he said.
In the recent equity market sell-off,
Equitable, Brighthouse and Lincoln
have all performed much worse than
the wider S&P 500, falling at more than
twice the rate of the index, according
to data from S&P Global Market Intelli-
gence.
Another option would be an outright
sale. “One solution would be for private
equity to come in and buy the whole
thing, at this point in the cycle that is
probably more likely than a trade
buyer,” said Mr Baker.
Whichever option Prudential
chooses, the process is unlikely to be
quick. “If it was easy to split off the US,
they would have done that instead of
M&G,” said Philip Kett, an analyst at Jef-
feries.
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COMPANIES & MARKETS

Fresh-faced fashion takes shine off make-up

High-end sales are falling as consumers turn from ‘cake face’ beauty products to serums and skincare solutions
LEILA ABBOUD — PARIS
When beauty blogger-turned-entrepre-
neur Huda Kattan was shooting an
advertising campaign for her new skin-
care line, she chided staff for airbrush-
ing her to perfection.
“You took away my zits, put them
back!” she recounted in a recent Insta-
gram video. “I want photos to be as real
as possible.”
Few have had their finger on the pulse
of the US beauty market like Ms Kattan,
who over the past seven years has built a
make-up business valued at more than
$1bn by championing a heavily
made-up look she dubbed “cake face”.
That the 36-year-old has now moved
into skincare reflects concerns about
how the once-booming US beauty mar-
ket — the world’s largest — has gone into
reverse.
High-end make-up sales fell 7 per cent
to $7.6bn last year, contracting for the
first time in a decade, according to NPD
Group. The market research firm tracks
department stores and speciality retail-
ers such as Sephora and Ulta Beauty but
not mass-market outlets such as Target.
In contrast, US skincare sales rose
5 per cent to $5.9bn, outpacing make-up
for the third year in a row.
This dynamic is already having reper-
cussions for everyone, from the sector’s
biggest performers L’Oréal, Estée
Lauder and Coty to newer independent
brands such as Anastasia Beverly Hills
and ColourPop Cosmetics.
Ulta Beauty, a US chain of beauty
stores, lost almost a third of its market
value in one day last August after it
issued a profit warning and predicted
continued weak demand for make-up.
Industry executives said that a shake-
out is looming that will cull so-called
“indie” brands and challenge estab-
lished companies. Competitors are
scrambling to adapt to an environment
where the latest face mask is more cov-
eted than a new eyeshadow palette.
“In the boom years everyone was win-
ning in make-up, but now you’re likely
to see a gap open between the winners
and losers,” said Chris de Lapuente,
chief executive of LVMH-owned
Sephora. “We’re going to see which of
the new independent brands have long-
term sustainability and which end up
being fads.”
Sephora is unlikely to add as many
new make-up brands as in the past, said
Mr de Lapuente: “If the category isn’t
growing, then we will have to be more
discerning than before.”
While Sephora is pressing on with
plans to open up to 100 stores in the US
this year, skincare and haircare prod-
ucts — rather than make-up — will get
more of the prominent display space
near the front of stores.
As the US stutters, cosmetics sales
have been growing at a double-digit rate
in much of Asia, while Europe has been
flat to slightly up.
Several reasons explain the US
make-up slowdown. Industry execu-
tives and analysts said they range from
aesthetic considerations to a cyclical
swing between skincare and make-up.
Many think fatigue has set in among
women who bought too much.
One thing is clear: the foundation-
heavy look is no longer in vogue. The
“contouring” technique, which involves
applying several shades of product to
parts of the face to subtly enhance cer-
tain features, has been replaced by a
more natural look.
Brought to the market by influencers
such as Kim Kardashian, contouring
spawned a cottage industry of make-up
tutorials on YouTube and Instagram,
which underpinned sales in the boom.
The change was reflected in the rise of
the “VSCO girl”, a teenage fashion trend
that went viral last year. Named after
the photo-editing app VSCO, and known
for a relaxed and natural look, VSCO
girls favour lip gloss and facial
US make-up sales in decline
Annual % change
Make-up Skincare Fragrance
2014 15 16 17 18
Sources: NPD Group; L’Oreal
Huda Kattan sprays — a marked contrast to the high-
has moved into maintenance Kardashian aesthetic.
skincare after Piper Jaffray’s annual survey of teens
building a showed that last year spending on cos-
$1bn make-up metics fell to 19-year lows, down a fifth
business, to reach $106 spent per person each
reflecting fears year. A growing number of wealthier
the US market teens indicate they are not wearing
has gone into make-up at all — up from 12 per cent to
reverse — David M. 20 per cent in the past five years.
Benett/Getty Images
Women are increasingly shifting their
spending from make-up to skincare
products such as face masks and
serums, or opting for hybrid products
such as tinted moisturisers that blur the
lines between the categories. That
dynamic has helped the big companies
such as L’Oréal and Estée Lauder —
which also have strong skincare offer-
ings — weather the downturn in
make-up.
But it has left many independent cos-
metics brands rushing to launch skin-
care lines, as Kylie Jenner’s brand
did last year.
Jean-Paul Agon, L’Oréal chief execu-
tive, said in an interview that the return
of a more natural look was forcing some
of the indie brands it had acquired in
recent years to adapt. L’Oréal’s NYX and
Urban Decay were emblematic of a cer-
tain “very spectacular, visible and a bit
heavy” look that was now out of favour.
“The brands just need to evolve,” said
Mr Agon. “Our teams in the US are
working to launch new products that
correspond more closely to what con-
sumers want now.”
The drag from these brands caused
L’Oréal’s North American sales
to decline 0.8 per cent last year on a like-
for-like basis, ending more than a dec-
ade of consecutive yearly growth. Mean-
while in February, Estée Lauder booked
$777m of impairment charges related to
weaker performance of its make-up
brands in the US, where sales fell
5 per cent to $4.7bn in the year to
June 30.
Brands that advocate a more natural
look are thriving. Direct-to-consumer
operator Glossier has become among
the most successful since it launched a
decade ago by popularising a “skin first,
make-up second philosophy”.
Ali Weiss, at New York-based Glossier,
said it created its Futuredew oil-serum
hybrid product to respond to women’s
desires for a barely there clean look. It is
“all about healthy hydration, glow and
dew”, she said.
Larissa Jensen, a beauty analyst at
NPD Group, predicted that future
make-up sales would be driven by so-
called “clean beauty” products that
emphasise natural ingredients paired
with more sustainable packaging and
manufacturing. “We think this will be
big,” she said.
Others think the depressed demand
for make-up reflects a more profound
shift, and that the “less is more” spirit is
here to stay.
In videos posted on YouTube, influ-
encers such as Jeffree Star recount their
“anti-hauls” that explain what they did
not buy, and discuss “editing” their mas-
sive make-up collections. Others post to
Instagram about “project pans” in
L’Oréal North America which people choose products from
Like-for-like sales growth (% change, year on year) Total sales (€bn) their make-up collection and chart
their progress to the bottom of the vial
15 15 8 or bottle.
On online chat platform Reddit,
10 10 7 members of a group dubbed Makeup
Rehab post about their experience
5 doing “no-buy” challenges in which
5 6
they aim to go months or years without
0
adding to their collections.
0 5 One blogger wrote of overcoming a
-5
Sephora “addiction” costing her $4,000
-5 -10 4 a year. Eventually, the desire to buy
faded, she said.
-10 -15 3 “I realised today . . . Each dollar I
spend, each minute I take consuming
19 2007 10 15 19
make-up media is one taken from some-
where else.”
‘In the
boom years
everyone
was
winning in
make-up,
but now
you’re likely
to see a
gap open’

Food & beverage

US sales of plant-based food alternatives rise

EMIKO TERAZONO
Plant-based meat substitute sales grew
18 per cent in the US last year to almost
$1bn amid increasing consumer inter-
est in alternative proteins.
The rise on the previous year’s figures
came as overall plant-based food sales
increased by 11 per cent to $5bn in 2019,
compared with the total US retail food
market, which grew by 2 per cent,
according to the Good Food Institute
and the Plant Based Foods Association,
which commissioned data from market
research firm SPINS.
The environmental impact of live-
stock and dairy sectors as well as con-
cerns about animal welfare and health
have been driving interest in plant-
based alternatives, increasing the
number of so-called “flexitarians” who
are reducing their meat intake.
Plant-based meat sales have been
boosted by an increase in offerings from
food manufacturers ranging from start-
ups such as Beyond Meat to leading con-
sumer goods companies including
Nestlé and Kellogg’s as well as leading
meat suppliers such as Tyson.
According to GFI, an alternative pro-
tein lobby and consulting group,
14 per cent of US households buy plant-
based meat, which accounted for 1 per
cent of the total US retail meat market.
Innovation in plant-based alterna-
tives continued to be strong, according
to analysts who attended a leading con-
sumer goods conference in New York.
“Plant-based meat continued to be a hot
topic for food companies with upcom-
ing launches and innovations,” said ana-
lysts at Bernstein, the research group.
GFI said the retail numbers indicated
that the plant-based food trend was not
a just a “bubble or a fad”.
“This is a tipping point, with so much
product innovation yet to hit the mar-
ket,” said Caroline Bushnell, associate
director of corporate engagement.
The growing market for plant-based
meat has meant increasing production
for market leaders, helping them to
lower manufacturing costs.
Impossible Foods last week said it was
cutting whole prices to its distributors.
Sales of plant-based milk, the largest
category of plant-based foods, totalled
$2bn, a 14 per cent market share. Oat
milk was the fastest-growing, with dol-
lar sales surging 690 per cent in 2019.
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8 ★ FINANCIAL TIMES Monday 9 March 2020

COMPANIES

Automobiles Industrial goods

Virus puts 35% of Nissan profits at risk Factory chiefs

Japanese group’s alliance
with Renault under strain
after China slowdown
KANA INAGAKI — TOKYO
DAVID KEOHANE — PARIS
The coronavirus epidemic is threaten-
ing to wipe 35 per cent off Nissan’s
annual profits, putting its fractured alli-
ance with Renault under serious finan-
cial strain.
Analysts say a slowdown in China
could force the third largest automotive
group to expand job cuts, close more
plants and sell off assets in a bid to
reboot a 21-year-old partnership that
will set out a survival strategy in May.
“We are now at a specific time when
the challenge for the alliance is really
quite tough,” said Renault chairman
Jean-Dominique Senard, who also sits
on Nissan’s board, in an interview.
“The three companies have to put in
place strategic plans that are coherent
and the challenge is to make sure that
this is the case between now and May.”
He added: “We are going to make
tough decisions and if we don’t do it,
then we need to manage the conse-
quences.”
As the alliance draws up a three-year
strategic plan in two months, its success
Market questions. Central banks
will depend on whether Nissan and
Renault can end the infighting that has
eroded their share prices in the wake of
the 2018 ousting of their boss Carlos
Ghosn. One pivotal test case would be
whether the two partners can resolve a
long-running dispute over how to con-
solidate the alliance’s Russian bank,
according to insiders on both sides of
the alliance.
With their financial performance
tanking in the past two years, the com-
panies have squabbled over which side
gets to bolster its balance sheet by incor-
porating the finance arm’s results, these
people said.
Nissan, in particular, faces one of the
biggest threats from the coronavirus
outbreak among the global car groups
because of its heavy reliance on hun-
dreds of components made in China.
With sales in the US and elsewhere
collapsing, China contributed as much
as 70 per cent of the Japanese group’s
operating profits and 30 per cent of its
vehicle sales between April and Decem-
‘We are going to make
tough decisions and if we
don’t do it, then we need to
manage the consequences’
ber. Citigroup warns the coronavirus-
related sales drop in China could wipe 35
per cent off Nissan’s net profit in the
2020-21 fiscal year if its car plants in
four locations are not fully restored for
two months. Three of the plants near
the centre of the outbreak in Hubei
province have been shut since February.
The parts shortage triggered by the
outbreak has caused Nissan to become
one of the first global carmakers to cut
production at home.
Most worrying for investors is that the
epidemic could restrain Nissan’s ability
to generate cash flows in a capital-inten-
sive industry that requires continuous
investment in plants and research.
‘unaware’ of
China supply
chain hold-up
PATRICK MCGEE — SAN FRANCISCO
ANDREW EDGECLIFFE-JOHNSON
NEW YORK
Shortages of components and raw
materials due to the coronavirus are
likely to be far worse than expected,
experts warn, with most US companies
unaware they are exposed to Chinese
factories idled by the outbreak.
“I guarantee you that most organisa-
tions have some level of exposure that
they are not aware of,” said Alex Saric,
chief marketing officer at Ivalua, a plat-
form for digitalising procurement.
While companies closely track their

Lagarde faces delicate balancing act

direct suppliers — the tier ones such as
Foxconn that would send Apple a
finished iPhone — they can be blind to
their suppliers’ factories, the tier two,

as ECB considers response to outbreak
FT REPORTERS
How will the ECB respond to the
coronavirus threat?
Following last week’s emergency rate
cut by the Federal Reserve, all eyes are
on the European Central Bank. The
ECB, which holds its rate-setting meet-
ing on Thursday, is in an awkward spot:
with its deposit rate set at minus 0.5 per
cent, there is debate as to whether fur-
ther cuts would do more harm than
good.
Markets are pricing in a 0.1 percent-
age point reduction by the ECB, while
some analysts expect other easing
measures in the form of cheap loans tar-
geted at smaller companies or an
increase in the size of the central bank’s
bond purchases.
Four months after taking over, presi-
dent Christine Lagarde will have to bal-
ance markets’ hunger for easing against
critics who say there is little monetary
policy can do to cushion the blow from
the coronavirus outbreak.
“Lagarde’s moment to show crisis
composure has arrived sooner than
expected,” said Giles Gale, head of Euro-
pean rates strategy at NatWest Markets.
Mr Gale expects Thursday’s meeting to
be “very dovish” in tone but said that a
package of easing measures will wait
until the April policy decision — includ-
ing a cut in rates to minus 0.6 per cent
and a doubling of asset purchases to
€40bn a month.
Alongside any new measures, Ms
Lagarde is likely to continue to encour-
age eurozone governments to borrow
and spend in a bid to boost economic
output. Germany’s 10-year bond yield
tumbled to a record low of minus 0.74
per cent on Friday amid a global rally in
fixed income.
Yields in most other eurozone mem-
bers have also fallen, but remain above
last August’s record lows. Italian and
Greek yields have risen as investors
shun riskier debt. Tommy Stubbington
Will sterling buckle as UK responds
to virus?
The pound is up 2 per cent against the
US dollar this month, but some of those
gains could be given up if this week’s
Budget is seen as bad for growth — or if
the Bank of England chooses to follow
the US Federal Reserve and make an
unscheduled cut to interest rates.
The BoE’s rate-setting committee is
Spring time: not due to meet until March 26. Inves-
ECB president tors are betting that the bank will lower
Christine rates by a quarter of a percentage point
Lagarde is likely to 0.5 per cent. The question is when.
to wait until The Fed made an emergency cut last
April before week of half a percentage point, setting
introducing a its policy rate at a range of 1 per cent to
package of 1.25 per cent.
easing measures “We think [the BoE] will opt to lower
Simon Dawson/Bloomberg interest rates by an initial 25 basis
points over the coming days, before its
scheduled March meeting,” said George
Buckley, European economist at
Nomura.
The dollar is under pressure against
currencies such as the pound and the
euro, due in part to investors rushing to
exit higher-yielding bets elsewhere
amid the growing uncertainty driven by
the coronavirus outbreak. Sterling rose
to $1.30 on Friday.
A rate cut by the BoE would likely be
negative for the pound at a time when
growth prospects are also under threat.
Wednesday’s Budget could push the
currency lower, say analysts, if Rishi
Sunak, the chancellor, announces meas-
ures to respond to the growing eco-
nomic risks from the disease. “While
the chancellor is likely to reserve some
of his . . . fiscal firepower for a second
budget later in the year, we can still
expect some targeted fiscal loosening to
address the risks presented by the
virus,” said Mr Buckley. Eva Szalay
How bad has the virus been for
China’s economy?
The coronavirus outbreak has hit
China’s economy so hard that normally
steady official economic indicators are
reflecting serious disruptions. But last
week’s record low for the country’s offi-
cial gauge for manufacturing activity
may have been only the start.
Tomorrow China’s National Bureau of
Statistics will release February readings
on consumer and producer price infla-
tion. Nomura expects the consumer
price index to remain above 5 per cent
throughout the first half of 2020, up
from 4.5 per cent late last year, as fears
grow that logistics and distribution
glitches will push price rises even
higher.
If inflation keeps moving up, it could
leave China grappling with negative real
interest rates, should the central bank
decide to ease.
“The prices of some raw materials
have declined on slumping demand,”
Nomura analysts said, “but the average
prices of food and other consumer sta-
ples have been rising on hoarding and
supply shortages, which are an inevita-
ble consequence of nationwide lock-
downs, roadblocks and travel bans.”
Much of that price growth comes from
pork, which is heavily weighted in
China’s CPI basket. Wholesale pork
prices are up about 16 per cent so far this
year, as measures to contain the virus
have disrupted supply chains vital to
shipping pigs from farm to market.
Hudson Lockett
and those further down the chain.
Peter Guarraia, who leads the global
supply chain practice at Bain & Co,
estimates that up to 60 per cent of
executives have no knowledge of the
items in their supply chain beyond
the tier one group.
“The reality is, most big companies
are just waking up to this,” he
said. “There was really no data coming
out of China for two or three weeks, and
that scared a lot of companies.”
Resilinc, a California-based group
that tracks more than 3m components
to provide supply chain mapping
‘The reality is, most big
companies are just waking
up to this. There was no
data from China for weeks’
services, has found that around 1,800
manufactured parts originate in the
quarantined areas of China centred
around Hubei province.
Chief executive Bindiya Vakil warned
that many companies could be in for
a rude awakening in the coming months
as shortages emerge for capacitors
and resistors — inexpensive but critical
components used in the printed circuit
boards that are necessary for a
vast array of high-tech consumer
electronics.
“The scariest thing we see is the
highest numbers of parts [made in and
around Hubei] are caps and resistors —
tiny things nobody cares about — plus
thermal components, plastics and res-
ins, and sheet metals,” she said.
Ms Vakil recommends that compa-
nies prepare for six months of supply
chain disruptions.
Lora Cecere, founder of Supply Chain
Insights, a research group, said two-
thirds of businesses do not even know
the locations of their second- and third-
tier suppliers, let alone the factory
names and critical details needed to
make a solid assessment.
She warns that “no supply chain will
be unscathed” and predicts that 70 per
cent of global manufacturers could find
themselves where Ford was in 2011,
when floods in Thailand cut off the
supply of inexpensive components
such as bolts. Numerous carmakers
were caught off guard and had to shut
FastFT down factories.
Our global team As Peter Hasenkamp, who led supply
gives you the chain strategy for the Tesla Model S and
market-moving
news and views, who now heads up purchasing at
24 hours a day electric car upstart Lucid Motors, said:
ft.com/fastft
“It takes 2,500 parts to build a car, but
only one not to.”

Banks. Public confidence

Collapse of Yes turns spotlight on India lending practices

Outsized risk appetite of
lender proved vulnerability as
country’s economy struggled
AMY KAZMIN — NEW DELHI
BENJAMIN PARKIN — MUMBAI
Of all India’s private banks set up during
the giddy early years of the new millen-
nium, Yes Bank was the most ambitious
and aggressive.
Founded by two career bankers who
married sisters, Yes Bank had a reputa-
tion for taking risks spurned by India’s
more conservative private lenders.
Initially the scale of its ambitions, as
embodied by flamboyant managing
director Rana Kapoor, made it a darling
among foreign investors, who provided
Yes with a tide of growth capital as they
bet big on India’s economic ascent.
Mr Kapoor’s grip on the lender tight-
ened after his co-founder, Ashok Kapur,
died in the 2008 Mumbai terror attacks.
“A lot of investors thought [Kapoor]
was a tiger — he is going out to hunt —
and people liked it,” recalled one fund
manager. “It was an environment where
people put a premium on aggression.”
But as India’s economy deteriorated
in recent years, Yes Bank’s outsized risk
appetite proved a major vulnerability. As
some of its biggest customers — includ-
ing Anil Ambani’s now-bankrupt Reli-
ance Communications — fell into severe
financial trouble, Yes Bank, with $47.5bn
in assets, struggled in recent months to
raise up to $2bn in fresh capital to shore
up its own fragile balance sheet.
With the bank’s depositors and corpo-
rate bondholders increasingly edgy,
time ran out. In a dramatic intervention
close to midnight on Thursday, the
Reserve Bank of India seized control.
On Friday, the RBI published a draft
restructuring plan that would see the
State Bank of India — the country’s larg-
est public sector bank — invest up to
$1.3bn for a 49 per cent stake in Yes
Bank, India’s fourth-largest private
lender, in an attempt to shore it up.
Early yesterday morning, Mr Kapoor
— who was forced by the RBI to step
down as the bank’s chief in Jan 2019 —
was arrested by agents from the
Enforcement Directorate, the govern-
ment agency responsible for investigat-
ing financial crimes such as money
laundering and fraud.
“This is the most widely anticipated
bank collapse of this century,” said Sau-
rabh Mukherjea, founder and chief
investment officer of Marcellus Invest-
ment Managers. “Everyone who invests
in the Indian market knew this was an
inevitability . . . the shambolic state of
the bank was evident.”
Yes Bank’s ratio of gross non-per-
forming loans rose to more than 7 per
cent in the quarter ended September
from 3 per cent in the March quarter,
well above that of private sector rivals.
But the true picture is thought to be
far bleaker. Moody’s said it expected
more of Yes Bank’s loans, around 10 per
cent of which are below investment
grade, to turn sour and placed the
bank’s ratings under review.
Analysts say Yes Bank’s problems
were the result of lending and account-
ing practices rife in India’s banking sec-
tor, though Yes probably took them to
greater extremes. “The problem is sys- Yes also collected high one-time
temic,” said Abizer Diwanji, EY’s India “fees” — on top of interest rates — for
financial services head. “It is across all granting some loans, an income stream
the banks we have in the system.” that gave it incentives to look more
Like many Indian lenders — both pub- favourably on riskier borrowers that
lic and private, Yes Bank made big loans rivals may have spurned.
against collateral that was tough to value “He was willing to accept borderline
or seize, such as virtually unenforceable dodgy credits that most banks would
“personal guarantees” by tycoons. not accept,” said one analyst, who spoke
on condition of anonymity. “The one-
time fee would make his numbers look
Bad loans rise at Yes Bank good in a particular year when the loan
Non-performing assets at Indian was made, but subjected it to a huge
private banks (%) amount of risk down the line.”
Yes was also highly exposed to the real
10 estate market, which was hit hard by
ICICI Bank prime minister Narendra Modi’s 2016
8
demonetisation move, and troubled
Yes Bank 6 shadow lenders like Indiabulls and the
now-bankrupt Dewan Housing Finance.
Axis Bank
4 In late 2018, the RBI dismissed Mr
Kotak Mahindra Bank KapoorasYeschiefexecutiveafteraccus-
2 ing the lender of deliberately under-re-
HDFC Bank porting bad loans. Last year, the new
0 management raised around $270m from
Dec Mar Jun Sep investors. But it was not enough to over-
2018 2019
come the burden of past poor lending
Source: Care Ratings
practices in a sharply slowing economy.
Mr Modi’s government hopes the
effective takeover of Yes by SBI will pre-
vent a more dramatic crisis — or even a
bank run — that could undermine the
banking system. But analysts say it is a
bitter pill for SBI as it tries to clean up its
own books and accelerate new lending.
“It’s going to be a tough one for [SBI]
to stomach,” said Gaurav Arora, Asia-
Pacific banking head at research firm
Greenwich Associates. “To infuse so
much at this point, and then to start
opening layers and layers of books —
who knows what is under those books.”
Analysts warn that the intervention,
particularly restrictions on withdraw-
als, could stoke public doubts about the
stability of other private sector banks,
whose credit growth rates have recently
been higher than public sector lenders
still trying to clean up bad debt.
“There’s going to be a flight of money
from private sector banks to public sec-
tor banks,” said Amit Tandon, founder
of Institutional Investor Advisory Serv-
ices. “People will feel that if this happens
to Yes Bank today it might happen to
another of these tomorrow.”
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Monday 9 March 2020 ★ 9

COMPANIES & MARKETS

How to Lead. Jan Hammer, partner at Index Ventures

Bringing perspective to single-minded founders

Jan Hammer: co-founders Pieter van der Does and
The venture capitalist ‘We are Arnout Schuijff were key to Adyen’s par-
equipping them ticularly rapid rise — from a valuation of
coaches entrepreneurs to with our time, less than €150m in 2011 to €7bn by the
avoid ‘tunnel vision’ and resources and time of its initial public offering in 2018,
capital in order to €25bn today.
achieve lasting success, to realise their Unusually for a big venture capital
writes Nicholas Megaw dreams’ group and a relatively unknown
Anna Gordon/FT start-up, it was Mr Hammer who had to
go on a “charm offensive” to convince

T
he past few years have not
been kind to the traditional
image of tech company
founders but Jan Hammer,
who has built a career out of
finding the best new leadership teams to
invest in, is not discouraged.
“It’s easy to get distracted by the
actions of individual domineering
CEOs”, Mr Hammer admits, but “tech as
a sector is in an increased spotlight
because of the way it impacts our daily
lives everywhere, and really that creates
an incredible opportunity for leaders
because of the magnitude of the topics”.
As a partner at Index Ventures, one of
Europe’s oldest and largest venture cap-
ital groups, Mr Hammer, 43, will get to
play a key part in shaping how the next
generation of start-ups responds to the
challenges.
Index has raised $7.25bn since its
establishment in 1996, and is currently
investing $1.65bn of funds raised in
2018. Nine of its portfolio companies
have had initial public offerings in the
past two years, while several others
have been acquired. Early bets on fin-
techs such as online broker Robinhood
and Dutch payments group Adyen have
helped Mr Hammer take the top spot in
Forbes’ annual list of Europe’s highest-
returning tech investors for two years in
a row.
Mr Hammer, a towering Czech who
says he would have liked to have been an
athlete — because “I like competing” —
compares his role as a venture capital
investor to that of a sports coach.
“At the end of the day, the founders or
CEO of a company are the pioneers. But
we are equipping them with our time,
resources and capital in order to realise
their dreams. That doesn’t mean that we
know better. We’re there as a sounding
board, we’re there to help them be bet-
ter, to tease out their potential and help
them step up.”
Such “coaching” will arguably
CV
Born
1976 Svitavy, Czech Republic
Education
1995-1998 University of Oxford, PPE
(philosophy, politics and economics)
2001-2002 MBA at Insead
Career
1998-2003 Various positions at
Morgan Stanley
2003-2010 Principal at private equity
group General Atlantic
2010-present Partner at Index
Ventures
become even more important as execu-
tives find themselves in need of new
types of skills. Silicon Valley has long
valorised visionary — and aggressive —
founder-CEOs such as Bill Gates and
Steve Jobs, but the model is under
increasing scrutiny.
Founders, Mr Hammer believes, often
have a type of “tunnel vision” that leads
them to ignore everything but the “sin-
gle-minded pursuit of the objective”.
That relentless focus is key to turning
start-up ideas into successful busi-
nesses, but can lead to problems down
the line, which is where backers such as
Index can help.
Mr Hammer is a director on 11 com-
pany boards and provides informal
advice to many more companies in
Index’s portfolio, and says a key part of
his job is to “give some perspective and
remind them that there are other stake-
holders and there may be unintended
consequences . . . outside the narrow
tunnel”, from environmental concerns
to disenchanted junior employees.
Each portfolio company Mr Hammer
mentions is praised for its ambition and
“long-term” approach, but poor timing
almost derailed his own career when it
had barely started. He was two years
into his first job as an investment
banker in Morgan Stanley’s tech team
when the dotcom bubble burst in 2000.
Sitting in the comfort of Index’s May-
fair offices, Mr Hammer can look back
on it as “a great learning moment”, but it
was traumatic. “I made a very quick
decision that I did not want to be part of
that sector any more . . . I was really
questioning what I wanted to do.”
‘[I remind them] there are
other stakeholders and
there may be unintended
consequences’
Eventually, after a stint at business
school and some time in another divi-
sion at Morgan Stanley, Mr Hammer
decided he would return to tech, but
only if he could be “part of the action”.
The dotcom period was similarly dif-
ficult for Index, which had raised its first
full fund barely a year before the bubble
burst. “To their credit, they did not
throw in the towel. They took a long-
term view . . . that, notwithstanding
short-term cycles in financial markets,
there was an underlying technology
growth trend, and thankfully they per-
severed,” Mr Hammer says.
One company that has benefited from
those underlying trends is Adyen, Mr
Hammer’s first investment at Index and
his most successful in terms of mone-
tary returns. A structural shift away
from cash and towards digital payments
has created a rising tide lifting all boats
in the payment processing sector. How-
ever, Mr Hammer says the attitudes of
the pair to partner with Index at a time
when Adyen was not looking for new
investors.
The two men had already successfully
built and sold one payments business,
and the new group was ambitious from
the start — its first significant customer,
Groupon, immediately brought it into
about 25 different markets — and it
turned down “multiple offers” from
prospective buyers.
At the same time, however, Mr Ham-
mer says the company’s “straight-talk-
ing” and collegiate culture made it “an
environment where employees would
want to run to work”, helping it hold
Leadership
More interviews illuminating
the personalities of high-profile
leaders by focusing on the
issues they faced
ft.com/howtolead
on to its best staff even after its IPO.
With technology’s impact increas-
ingly seeping into every aspect of con-
sumers’ lives, Mr Hammer expects
some questions — such as the ethical
boundaries of AI or the impact of tech
on labour practices in the less developed
world — will be too complicated for indi-
vidual executives to manage.
“To actually lead effectively, some of
these topics need viewpoints from dif-
ferent parties. Some of these debates are
very difficult.” But while the “tactical
skills” required to deal with such chal-
lenges might be changing, he says the
underlying traits he looks for in invest-
ments — and which he tries to bring to
those he advises — are the same as ever.
“Being an effective communicator,
having empathy, combining ambition
with humility, taking responsibility and
dealing with the unexpected whilst not
leaving others behind — those core ten-
ets have not changed.”

Why has a manual one-cup coffee maker captured

the imagination of tech folk in Silicon Valley?
To describe Alan Adler as a Silicon
Valley entrepreneur is both accurate
and slightly misleading.
He is an electronics engineer with a
record in innovation. He has lectured
at Stanford University. His company is
in Palo Alto, four minutes’ drive from
Google, where he has given talks on his
work. His home where he does his
inventing is in Los Altos, close to the
garage where Steve Jobs and Steve
Wozniak started Apple.
But the killer product Mr Adler
created, and which paid for the Bentley
on his drive and the beach house at
Jonathan Margolis Carmel-by-the-Sea, is not even
electrical, but a $32 plastic-moulded
Technology one-cup coffee maker, manufactured
locally — and found in 4m homes and
offices in 60 countries.
One other unconventional detail in
Mr Adler’s Silicon Valley story — he’s
81, still innovating, and was nearly 70
when he invented AeroPress.
My journey to Mr Adler’s door starts
at a family Christmas gathering, when
my tech entrepreneur son presents me
— knowing I have a fancy Jura coffee
machine at home — with one of Mr
Adler’s AeroPress devices. My son tells
me they’re huge in the tech world.
The retro, bordering on amateurish,
packaging carries quotes from
customers saying it makes the best
coffee they have ever tasted, but also
found the standard American six-to-
eight-cup drip machine was wasteful of
coffee and energy, as well as making a
poor brew.
He took to his garage for two years,
on and off. The prototype that worked,
his 73 year-old general manager Alex
Tennant recalls, was Mr Adler’s 39th.
Although the simple device
impressed at a coffee fair in Seattle,
sales were slow at first. But when a
local paper ran what Mr Adler calls “a
favourable but not passionate” news
item about Silicon Valley’s homegrown
coffee maker, the desire for a zero-tech
machine was revealed.
“By 9.30am on the day the article
appeared, there were 10 people lined
up at the one kitchenware store in Los
Altos that had it wanting to buy one,”
he says.
“For months after, they were selling
60-70 AeroPresses a day in that one
little shop. They were taking $50,000 a
month for one line.”
So what is the attraction for tech
folk? I had speculated that it was the
well- documented wariness tech
industry people have around using
tech. That, and their love of analogue
products.
Mr Adler was more precise in his
analysis, which may be why he has a
Bentley and a Carmel beach house and
I don’t.

‘ ‘
gives me a clue why the AeroPress is
big in the Bay Area — AeroPress Inc’s
Palo Alto address.
A quick Google search reveals that
this love of the AeroPress is for real. I
even found an AeroPress discussion
thread on Y Combinator’s site: it’s the
start-up accelerator that helped launch
Dropbox and Airbnb.
The retro, bordering on I decide to find out more — and to
amateurish, packaging learn why the wholly manual device,
which produces an excellent espresso-
carries quotes from like brew, but is frankly quite a faff, is
customers saying it makes such a hit in the world’s premier
“With coffee makers, you have to
just accept what they do for you. With
the AeroPress, you can innovate. Coffee
lovers like to have all the variables in
the brewing process under their control
— the grind, the temperature, the steep
time,” he says.
“When I give talks at places like
Stanford Research Institute, I meet
people who view making coffee like
home chemistry. Sometimes they get it
extremely wrong, but they get ideas
and follow them because they’re
different. It’s hacking, just like they do

’ ’
technology hub.
the best brew ever In the early 1980s, Mr Adler
explains, he moved from electronics to
toys. His big hit was Aerobie, a Frisbee-
like flying disc that he sold in 2017 as
AeroPress grew.
His motivation for designing
AeroPress was the paucity of ways to
make a single mug of good coffee. He
with electronics.”
Of course, that’s it, I thought as I left.
The AeroPress is the coffee version of
Linux, the geeks’ preferred computer
operating system. It is not pretty, not
especially easy, but it is effective and
almost cool.
jonathan.margolis@ft.com
 UPLOADED BY "What's News" vk.com/wsnws TELEGRAM: t.me/whatsnws
10 ★ FINANCIAL TIMES Monday 9 March 2020

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 $

-1.71% -1.87% -0.98% -3.62% -3.75% -2.72% -2.32% -2.04% -1.242% -9.61%
1.072% 0.851% 0.231% 1.08%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Feb 07 - - Index All World Feb 07 - Mar 06 Index All World Feb 07 - Mar 06 Index All World Feb 07 - Mar 06 Index All World Feb 07 - Mar 06 Index All World Feb 07 - Mar 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
7,504.79 13,574.82 2,227.94
3,334.69 17,651.59 23,084.59
16,175.02 2,040.22
2,972.37 6,462.55 20,749.75
11,541.87
Day -1.71% Month -11.16% Year 7.25% Day -2.29% Month -8.91% Year 0.52% Day -3.62% Month -13.76% Year -10.06% Day -3.37% Month -14.98% Year -0.39% Day -2.72% Month -11.02% Year -4.49% Day -2.16% Month -5.79% Year -6.38%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
44,493.15 9,811.30 27,493.70 3,231.55
9,508.68 1,661.70
41,674.78 26,146.67
2,960.98
8,575.62 1,432.45
8,375.60
Day -1.87% Month -10.41% Year 14.25% Day -2.26% Month -6.98% Year -1.24% Day -3.75% Month -13.72% Year -2.81% Day NaN% Month NaN% Year NaN% Day -2.32% Month -2.32% Year -9.65% Day -1.90% Month -7.32% Year -8.30%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
29,290.85 115,189.97 24,490.35 3,034.51 41,142.66
6,038.18 2,866.51
25,864.78 37,576.62
98,056.24 5,139.11 20,799.89
Day -0.98% Month -11.96% Year 0.75% Day -4.14% Month -14.93% Year 4.01% Day -4.14% Month -14.89% Year -2.83% Day -3.50% Month -14.96% Year -0.12% Day -1.21% Month 7.68% Year -0.65% Day -2.32% Month -8.67% Year 3.11%

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 35222.43 36772.20 Cyprus CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 22526.70 23320.20 Philippines Manila Comp 6770.38 6884.77 Taiwan Weighted Pr 11321.81 11514.82 Cross-Border DJ Global Titans ($) 340.19 346.47
Australia All Ordinaries 6287.50 6472.40 Czech Republic
PX 962.89 990.66 FTSE Italia Mid Cap 34035.81 34918.23 Poland Wig 49326.23 50753.91 Thailand Bangkok SET 1364.57 1390.83 Euro Stoxx 50 (Eur) 3232.07 3363.58
S&P/ASX 200 6216.20 6395.70 Denmark OMXC Copenahgen 20 1141.62 1176.41 FTSE MIB 20799.89 21554.88 Portugal PSI 20 4671.50 4858.79 Turkey BIST 100 116840.94 116315.98 Euronext 100 ID 994.77 1036.07
S&P/ASX 200 Res 4197.20 4309.30 Egypt EGX 30 12347.65 12182.46 Japan 2nd Section 6088.50 6246.22 PSI General 3264.40 3401.52 UAE Abu Dhabi General Index 4643.08 4669.66 FTSE 4Good Global ($) 7363.26 7497.34
Austria ATX 2615.56 2720.96 Estonia OMX Tallinn 1259.33 1288.46 Nikkei 225 20749.75 21329.12 Romania BET Index 9445.03 9594.01 UK FT 30 2711.90 2796.30 FTSE All World ($) 339.68 346.75
Belgium BEL 20 3435.09 3544.83 Finland OMX Helsinki General 9156.42 9488.71 S&P Topix 150 1234.80 1270.75 Russia Micex Index 2719.51 2816.70 FTSE 100 6462.55 6705.43 FTSE E300 1432.45 1488.31
BEL Mid 8090.15 8317.12 France CAC 40 5139.11 5361.10 Topix 1471.46 1515.71 RTX 1257.96 1323.82 FTSE 4Good UK 5963.08 6174.59 FTSE Eurotop 100 2745.16 2854.66
Brazil IBovespa 97996.77 102233.24 SBF 120 4070.41 4244.83 Jordan Amman SE 1808.75 1806.75 Saudi-Arabia TADAWUL All Share Index 7467.52 7556.52 FTSE All Share 3600.95 3731.49 FTSE Global 100 ($) 1873.69 1908.09
Canada S&P/TSX 60 965.55 987.40 Germany M-DAX 24750.77 25679.69 Kenya NSE 20 2419.29 2402.70 Singapore FTSE Straits Times 2960.98 3018.27 FTSE techMARK 100 5395.83 5577.47 FTSE Gold Min ($) 1994.40 1951.65
S&P/TSX Comp 16175.02 16553.99 TecDAX 2824.54 2912.00 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 353.60 354.03 USA DJ Composite 8503.09 8575.61 FTSE Latibex Top (Eur) 4440.00 4432.20
S&P/TSX Div Met & Min 425.36 423.02 XETRA Dax 11541.87 11944.72 Latvia OMX Riga 1007.81 1040.79 Slovenia SBI TOP 873.85 - DJ Industrial 25864.78 26121.28 FTSE Multinationals ($) 2102.01 2150.63
Chile S&P/CLX IGPA Gen 21165.59 21607.34 Greece Athens Gen 684.74 728.17 Lithuania OMX Vilnius 694.78 708.73 South Africa FTSE/JSE All Share 52064.72 52936.27 DJ Transport 8956.06 9010.92 FTSE World ($) 603.41 615.72
China FTSE A200 10909.93 11096.06 FTSE/ASE 20 1738.29 1853.60 Luxembourg LuxX 1142.87 1179.12 FTSE/JSE Res 20 42815.25 43706.65 DJ Utilities 901.70 908.14 FTSEurofirst 100 (Eur) 3814.71 3968.58
FTSE B35 9000.71 8988.96 Hong Kong Hang Seng 26146.67 26767.87 Malaysia FTSE Bursa KLCI 1483.10 1491.03 FTSE/JSE Top 40 46759.72 47618.75 Nasdaq 100 8530.34 8671.66 FTSEurofirst 80 (Eur) 4449.02 4618.31
Shanghai A 3179.96 3218.98 HS China Enterprise 10456.93 10728.07 Mexico IPC 41388.78 42344.86 South Korea Kospi 2040.22 2085.26 Nasdaq Cmp 8575.62 8738.60 MSCI ACWI Fr ($) 525.64 536.20
Shanghai B 243.05 243.56 HSCC Red Chip 4109.11 4211.20 Morocco MASI 11835.47 11881.83 Kospi 200 275.10 281.38 NYSE Comp 12352.03 12593.03 MSCI All World ($) 2192.35 2243.09
Shanghai Comp 3034.51 3071.68 Hungary Bux 41185.29 42607.98 Netherlands AEX 531.29 552.53 Spain IBEX 35 8375.60 8683.00 S&P 500 2972.37 3023.94 MSCI Europe (Eur) 1544.44 1568.72
Shenzhen A 2003.88 2018.83 India BSE Sensex 37576.62 38470.61 AEX All Share 764.15 796.13 Sri Lanka CSE All Share 5343.15 5484.25 Wilshire 5000 30157.91 30719.90 MSCI Pacific ($) 2589.27 2551.78
Shenzhen B 942.62 946.49 Nifty 500 9059.95 9280.15 New Zealand NZX 50 11425.90 11640.89 Sweden OMX Stockholm 30 1629.00 1683.19 Venezuela IBC 104630.66 104211.84 S&P Euro (Eur) 1487.22 1544.05
Colombia COLCAP 1546.66 1544.53 Indonesia Jakarta Comp 5498.54 5638.13 Nigeria SE All Share 26426.20 26415.54 OMX Stockholm AS 629.23 650.47 Vietnam VNI 891.44 893.31 S&P Europe 350 (Eur) 1473.48 1530.82
Croatia CROBEX 2013.05 2011.29 Ireland ISEQ Overall 6266.53 6447.68 Norway Oslo All Share 884.87 926.39 Switzerland SMI Index 9736.82 10143.57 S&P Global 1200 ($) 2393.60 2444.59
Israel Tel Aviv 125 1479.93 1508.84 Pakistan KSE 100 38219.67 39382.11 Stoxx 50 (Eur) 3015.20 3137.94
(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 Mar 06 %Chg %Chg Mar 06 %Chg %Chg Mar 06 %Chg %Chg Mar 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 159.0 288.95 -3.97 Glaxosmithkline 371.0 1593.60 -46.20 Sap Se O.n. 650.3 107.52 -2.72 Softbank . 1031.4 4783.00 -309.00 Polymetal Int 1298.00 8.7 8.9 Genus 3556.00 12.6 10.3 Huntsworth 109.00 46.9 36.3 Food & Drug Retailers 3903.20 6.0 -6.8
Microsoft 112.2 161.57 -4.70 Hsbc Holdings 333.4 493.80 -12.60 Allianz Se Na O.n. 568.2 188.90 -6.10 Fast Retailing Co., 587.0 54770.00 -270.00 Morrison (wm) Supermarkets 185.30 8.2 -8.4 Fresnillo 663.20 9.8 3.0 Sirius Minerals 5.49 23.4 49.9 Pharmaceuticals & Biotech. 16543.98 4.8 -7.0
Amazon.com 97.5 1900.30 -23.74 Royal Dutch Shell 310.1 1599.20 -90.80 Lvmh 547.4 360.35 -14.20 Toyota Motor 557.7 6794.00 -214.00 Sainsbury (j) 211.10 7.8 -9.0 Apax Global Alpha 161.50 8.8 -9.5 Keller 780.00 20.2 1.7 Personal Goods 36426.93 3.4 -4.4
Advanced Micro Devices 59.1 48.59 0.48 Bp 306.6 395.20 -21.50 Intesa Sanpaolo 546.1 1.98 -0.07 Sony 510.0 6704.00 -225.00 Astrazeneca 7242.00 6.6 -5.5 Centamin 138.45 7.4 9.3 Indivior 51.84 19.9 31.2 Index - Technology Hardware & Equipment 1695.75 3.3 -13.7
Facebook 43.1 181.02 -4.15 British American Tobacco 258.3 3106.00 -138.50 Total 543.5 37.15 -1.90 Mitsubishi Ufj Fin,. 500.3 487.40 -18.50 Halma 2044.00 6.0 -5.1 Ig Holdings 721.40 7.1 1.9 Petropavlovsk 21.75 17.6 71.3 Gas Water & Multiutilities 5604.73 3.1 4.0
Jpmorgan Chase & Co 40.5 108.08 -5.89 Rio Tinto 240.7 3505.00 -143.50 Siemens Ag Na O.n. 497.2 87.16 -2.92 Sumitomo Mitsui Fin,. 378.7 3176.00 -133.00 Imperial Brands 1641.80 5.6 -12.5 Primary Health Properties 155.00 7.0 -2.3 Cmc Markets 174.80 16.5 18.4 Electricity 8980.72 2.6 6.9
Alphabet 40.1 1295.74 -19.02 Diageo 231.7 2740.00 -66.50 Royal Dutch Shella 485.6 18.51 -1.16 Tokyo Electron 330.0 22435.00 -525.00 Ocado 1122.00 5.5 -10.9 Hochschild Mining 169.90 6.4 -3.7 Dialight 239.50 11.9 4.1 Forestry & Paper 17910.68 2.4 -9.8
Boeing 33.5 262.33 1.96 Royal Dutch Shell 220.3 1595.60 -99.20 Asml Holding 482.5 251.30 -11.60 Seven & I Holdings Co., 295.1 3842.00 214.00 Tesco 240.60 5.3 -5.9 Worldwide Healthcare Trust 3085.00 6.2 -2.5 Int Personal Finance 162.00 11.3 0.2 Tobacco 32591.30 2.2 -5.4
Nvidia 32.4 266.08 -7.21 Astrazeneca 208.6 7242.00 -260.00 Airbus 425.2 99.50 -8.22 Takeda Pharmaceutical 285.5 3817.00 -79.00 Reckitt Benckiser 6005.00 5.0 -3.1 Smithson Investment Trust 1210.00 6.1 -7.8 Manchester & London Investment Trust 538.00 8.7 -3.2 Mobile Telecommunications 3092.91 1.9 -7.1
Alphabet 32.2 1298.41 -20.63 Prudential 180.4 1193.50 -68.50 Enel 424.7 7.89 -0.25 Kddi 272.2 3217.00 -53.00 Unilever 4352.00 4.4 0.1 Vinacapital Vietnam Opportunity Fund Ld 287.00 6.1 -15.0 Carr's 146.00 8.1 -5.8 Electronic & Electrical Equip. 8019.57 1.2 -7.4
Severn Trent 2567.00 4.1 2.1 Mediclinic Int 357.90 5.6 -12.9 Int Biotechnology Trust 582.00 7.8 -6.4 Household Goods 17611.36 0.5 -1.9
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
Hikma Pharmaceuticals 1858.50 3.9 -6.4 Watches Of Switzerland 346.40 5.1 -11.2 Vectura 93.90 7.1 2.6 Equity Investment Instruments 10020.10 0.2 -8.6
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Cabot Oil & Gas 16.37 1.45 9.72 Restaurant 86.50 3.50 4.22 Continental Ag O.n. 85.55 1.19 1.41 Seven & I Holdings Co., 3842.00 214.00 5.90 Carnival 1981.50 -18.6 -45.7 Capita 68.96 -46.7 -59.0 Intu Properties 5.00 -58.9 -84.7 Industrial Metals 2610.59 -14.3 -
Gilead Sciences 80.23 4.10 5.39 Wizz Air Holdings 3451.00 101.00 3.01 Colruyt 44.78 0.46 1.04 M3,. 2996.00 9.00 0.30 Evraz 269.10 -17.5 -33.7 Finablr 40.50 -33.7 -76.6 Petra Diamonds 2.68 -35.4 -69.6 Oil Equipment & Services 6377.49 -12.6 -
Alaska Air 45.21 1.75 4.03 Int Consolidated Airlines S.a. 431.60 8.50 2.01 Renault 23.40 0.24 1.01 Takara Holdings . 841.00 2.00 0.24 Informa 596.00 -12.7 -31.3 Tullow Oil 23.45 -30.4 -60.7 Saga 22.02 -31.8 -59.2 Automobiles & Parts 3489.07 -10.9 -
Ingersoll-rand 27.79 0.96 3.58 Greggs 2180.00 42.00 1.96 Man Se St O.n. 45.16 0.02 0.04 Tokyo Gas Co., 2205.00 4.50 0.20 Melrose Industries 182.90 -12.7 -24.5 Hyve 54.60 -29.4 -45.3 Hyve 54.60 -29.4 -45.3 Travel & Leisure 7938.13 -7.8 -
Walgreens Boots Alliance 50.51 1.73 3.55 Weir 1296.50 21.50 1.69 Lufthansa Ag Vna O.n. 11.47 -0.03 -0.22 Meiji Holdings Co., 6660.00 10.00 0.15 Itv 102.30 -12.2 -32.2 Cineworld 111.10 -28.4 -49.5 Amigo Holdings 24.75 -29.0 -65.0 Banks 2959.10 -7.4 -
Royal Bank Of Scotland 157.25 -12.0 -35.6 Aston Martin Lagonda Global Holdings 265.90 -21.3 -51.4 Metro Bank 126.90 -24.2 -39.3 Fixed Line Telecommunication 1597.31 -6.8 -
Downs Downs Downs Downs
Barclays 130.94 -12.0 -29.3 Premier Oil 61.62 -20.6 -38.1 Mccoll's Retail 25.00 -24.1 -34.2 General Retailers 2029.03 -5.5 -
Diamondback Energy 48.56 -9.65 -16.58 Hyve 54.60 -10.70 -16.39 Seadrill 0.76 -0.10 -11.55 Nippon Steel & Sumitomo Metal 1089.50 -88.00 -7.47
Tui Ag 533.00 -11.2 -46.2 Restaurant 86.50 -18.4 -48.0 Funding Circle Holdings 60.50 -23.4 -37.4 Life Insurance 6635.48 -5.3 -
Devon Energy 13.37 -2.58 -16.18 Tullow Oil 23.45 -4.26 -15.37 Airbus 99.50 -8.22 -7.63 Kobe Steel, 369.00 -29.00 -7.29
Kingfisher 169.00 -10.7 -23.6 Ibstock 225.60 -17.6 -29.9 Lookers 35.90 -20.7 -36.3 Mining 14806.19 -4.7 -
Apache 20.70 -3.64 -14.95 Spirent Communications 215.00 -34.50 -13.83 Dnb 13.36 -1.05 -7.29 Jfe Holdings,. 889.00 -69.00 -7.20
Whitbread 3501.00 -10.1 -28.5 Petrofac 269.50 -15.3 -29.6 On The Beach 266.80 -17.5 -45.5 Industrial Transportation 1919.67 -4.5 -
Occidental Petroleum 26.86 -4.62 -14.68 Avon Rubber 2400.00 -315.00 -11.60 Galp Energia-nom 11.48 -0.90 -7.27 Nippon Sheet Glass , 441.00 -34.00 -7.16
Glencore 174.06 -9.9 -27.8 Firstgroup 100.20 -14.9 -21.4 Ted Baker 240.00 -17.4 -44.5 General Financial 11157.96 -4.1 -13.3
National Oilwell Varco 15.68 -2.39 -13.23 Capita 68.96 -8.94 -11.48 Commerzbank Ag 4.30 -0.33 -7.18 Nomura Holdings, 451.00 -34.50 -7.11
Easyjet 1000.00 -9.1 -30.1 Virgin Money Uk 129.20 -14.9 -32.3 Hostelworld 85.50 -17.3 -33.6 Media 7705.62 -4.1 -
Based on the constituents of the S&P500 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
Mar 06 Currency Mid Change Mid Change Mid Change Mar 06 Currency Mid Change Mid Change Mid Change Mar 06 Currency Mid Change Mid Change Mid Change Mar 06 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 62.4757 0.0610 70.6635 0.8273 81.4281 0.7754 Indonesia Indonesian Rupiah 14230.0000 60.0000 16094.9214 240.0003 18546.7852 236.1936 Poland Polish Zloty 3.7954 -0.0451 4.2928 -0.0043 4.9468 -0.0159 ..Three Month 0.7674 -0.0067 0.8676 0.0019 - -
Australia Australian Dollar 1.5084 -0.0056 1.7061 0.0121 1.9660 0.0096 Israel Israeli Shekel 3.4861 0.0129 3.9430 0.0567 4.5436 0.0555 Romania Romanian Leu 4.2571 -0.0433 4.8150 0.0033 5.5485 -0.0085 ..One Year 0.7676 -0.0067 0.8669 0.0019 - -
Bahrain Bahrainin Dinar 0.3771 - 0.4265 0.0046 0.4914 0.0042 Japan Japanese Yen 105.3450 -1.3250 119.1510 -0.2027 137.3021 -0.5376 Russia Russian Ruble 68.2394 1.2481 77.1825 2.2256 88.9402 2.3736 United States United States Dollar - - 1.1311 0.0121 1.3034 0.0111
Bolivia Bolivian Boliviano 6.9100 - 7.8156 0.0840 9.0062 0.0770 ..One Month 105.3448 -1.3253 119.1510 -0.2027 137.3019 -0.5379 Saudi Arabia Saudi Riyal 3.7523 0.0001 4.2440 0.0456 4.8905 0.0419 ..One Month - - 1.1309 -0.1612 1.3034 0.0111
Brazil Brazilian Real 4.6168 -0.0305 5.2218 0.0220 6.0173 0.0121 ..Three Month 105.3446 -1.3258 119.1511 -0.2026 137.3017 -0.5383 Singapore Singapore Dollar 1.3784 -0.0074 1.5590 0.0085 1.7965 0.0058 ..Three Month - - 1.1306 -0.1611 1.3035 0.0111
Canada Canadian Dollar 1.3428 0.0028 1.5188 0.0194 1.7501 0.0186 ..One Year 105.3436 -1.3277 119.1511 -0.2026 137.3019 -0.5391 South Africa South African Rand 15.6448 0.1023 17.6951 0.3045 20.3907 0.3066 ..One Year - - 1.1295 -0.1611 1.3037 0.0111
Chile Chilean Peso 825.5150 3.0950 933.7032 13.4924 1075.9401 13.2034 Kenya Kenyan Shilling 102.7000 0.0500 116.1594 1.3037 133.8547 1.2097 South Korea South Korean Won 1192.2500 11.0500 1348.5009 26.8489 1553.9265 27.5717 Venezuela Venezuelan Bolivar Fuerte - - - - - -
China Chinese Yuan 6.9400 -0.0020 7.8495 0.0821 9.0453 0.0748 Kuwait Kuwaiti Dinar 0.3054 -0.0005 0.3454 0.0032 0.3980 0.0028 Sweden Swedish Krona 9.3626 -0.0933 10.5896 0.0094 12.2027 -0.0162 Vietnam Vietnamese Dong 23207.5000 -5.0000 26248.9927 276.3834 30247.6679 252.3172
Colombia Colombian Peso 3575.7650 50.9300 4044.3896 100.4286 4660.4968 105.6800 Malaysia Malaysian Ringgit 4.1725 0.0125 4.7193 0.0647 5.4383 0.0627 Switzerland Swiss Franc 0.9378 -0.0128 1.0607 -0.0029 1.2223 -0.0060 European Union Euro 0.8841 -0.0096 - - 1.1523 -0.0025
Costa Rica Costa Rican Colon 573.1350 -0.7100 648.2475 6.1687 746.9990 5.4727 Mexico Mexican Peso 20.0935 0.3160 22.7269 0.5977 26.1890 0.6324 Taiwan New Taiwan Dollar 29.9750 0.0455 33.9034 0.4151 39.0681 0.3930 ..One Month 0.8839 -0.0096 - - 1.1522 -0.0026
Czech Republic Czech Koruna 22.4394 -0.2182 25.3801 0.0285 29.2465 -0.0318 New Zealand New Zealand Dollar 1.5743 -0.0120 1.7806 0.0057 2.0519 0.0021 Thailand Thai Baht 31.4200 -0.1225 35.5378 0.2447 40.9515 0.1920 ..Three Month 0.8837 -0.0096 - - 1.1521 -0.0026
Denmark Danish Krone 6.6038 -0.0724 7.4692 -0.0008 8.6070 -0.0200 Nigeria Nigerian Naira 366.8200 1.3200 414.8937 5.9335 478.0971 5.7955 Tunisia Tunisian Dinar 2.8128 -0.0209 3.1814 0.0107 3.6661 0.0043 ..One Year 0.8826 -0.0096 - - 1.1514 -0.0026
Egypt Egyptian Pound 15.6458 0.0269 17.6962 0.2202 20.3920 0.2092 Norway Norwegian Krone 9.2609 -0.0215 10.4745 0.0885 12.0702 0.0755 Turkey Turkish Lira 6.0899 -0.0286 6.8880 0.0420 7.9373 0.0309
Hong Kong Hong Kong Dollar 7.7706 -0.0021 8.7890 0.0921 10.1279 0.0839 Pakistan Pakistani Rupee 154.4600 0.1600 174.7028 2.0556 201.3164 1.9289 United Arab Emirates UAE Dirham 3.6732 - 4.1545 0.0446 4.7874 0.0410
Hungary Hungarian Forint 295.8093 -4.8834 334.5767 -1.8702 385.5448 -3.0123 Peru Peruvian Nuevo Sol 3.4726 0.0311 3.9276 0.0769 4.5260 0.0788 United Kingdom Pound Sterling 0.7673 -0.0066 0.8678 0.0019 - -
India Indian Rupee 73.7625 0.4550 83.4295 1.4053 96.1388 1.4104 Philippines Philippine Peso 50.6400 0.0500 57.2766 0.6712 66.0020 0.6292 ..One Month 0.7673 -0.0066 0.8677 0.0019 - -
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 Mar 06 Mar 05 Mar 04 Mar 03 Mar 02 Yr Ago High Low Year to date percentage changes Closing Week's Closing Week's
£ Strlg Day's Euro £ Strlg £ Strlg Year Div P/E X/D Total FT 30 2711.90 2796.30 2879.30 2862.70 2815.40 0.00 3314.70 2758.80 Electricity 6.82 Real Est Invest & Se -9.53 Telecommunications -14.45 FTSE 100 Price Change FTSE 100 Price Change
Mar 06 chge% Index Mar 05 Mar 04 ago yield% Cover ratio adj Return FT 30 Div Yield - - - - - 0.00 3.93 2.74 Utilities 4.54 Forestry & Paper -10.24 Media -15.40 3I Group PLC 930.40 -77.60 Legal & General Group PLC 241.40 -18.60
FTSE 100 (100) 6462.55 -3.62 5791.02 6705.43 6815.59 7157.55 5.14 1.38 14.12 75.30 6044.61 P/E Ratio net - - - - - 0.00 19.44 14.26 Gas Water & Multi 3.85 Industrials -10.40 Financials -15.64 Admiral Group PLC 2180 68.00 Lloyds Banking Group PLC 45.68 -4.52
FTSE 250 (250) 18746.51 -2.98 16798.53 19323.13 19742.83 19183.82 3.54 1.69 16.73 60.20 14637.83 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 18/02/1900Base Date: 1/7/35 Leisure Goods -0.37 FTSE SmallCap Index -10.53 Life Insurance -17.81 Anglo American PLC 1681.2 -110.60 London Stock Exchange Group PLC 7592 16.00
FTSE 250 ex Inv Co (189) 19654.86 -2.97 17612.49 20255.46 20773.61 20276.81 3.77 1.42 18.75 55.11 15686.79 FT 30 hourly changes Household Goods & Ho -2.10 Real Est Invest & Tr -11.54 Chemicals -17.84 Antofagasta PLC 741.80 -10.20 M&G PLC 189.50 -9.30
FTSE 350 (350) 3640.96 -3.51 3262.63 3773.50 3838.93 3978.81 4.86 1.42 14.51 37.10 6792.85 8 9 10 11 12 13 14 15 16 High Low Personal Goods -4.76 Tech Hardware & Eq -11.85 Consumer Services -18.02 Ashtead Group PLC 2200 -189.00 Meggitt PLC 511.60 -30.40
FTSE 350 ex Investment Trusts (288) 3584.36 -3.52 3211.91 3715.27 3781.05 3934.65 4.97 1.38 14.56 37.48 3450.79 2796.3 2735.8 2712.5 3120.5 2702.5 2691.4 2701 2695.9 2723.5 2796.3 2678.9 Tobacco -5.49 Health Care Eq & Srv -11.92 General Retailers -20.27 Associated British Foods PLC 2152 -103.00 Melrose Industries PLC 182.90 -26.50
FTSE 350 Higher Yield (109) 3042.65 -3.72 2726.48 3160.27 3227.36 3600.94 7.18 1.22 11.38 44.74 6193.24 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Consumer Goods -7.01 Construct & Material -12.50 Basic Materials -21.21 Astrazeneca PLC 7242 448.00 Mondi PLC 1591 29.00
FTSE 350 Lower Yield (241) 3975.05 -3.31 3561.99 4111.19 4167.13 3996.50 2.65 1.92 19.68 23.40 4642.39 Food & Drug Retailer -7.03 Financial Services -13.15 Industrial Transport -21.66 Auto Trader Group PLC 495.40 -24.20 Morrison (Wm) Supermarkets PLC 185.30 14.05
FTSE SmallCap (268) 5323.88 -3.12 4770.66 5495.07 5556.59 5442.35 4.03 1.06 23.36 29.50 8294.42 Pharmace & Biotech -7.15 Industrial Eng -13.25 Banks -21.85
FTSE SmallCap ex Inv Co (149) 4339.32 -2.90 3888.42 4468.80 4524.42 4504.03 4.67 0.68 31.70 16.69 7103.74 FX: EFFECTIVE INDICES Mobile Telecomms -7.38 Food Producers -13.27 Mining -22.04
Aveva Group PLC 4266 -122.00 National Grid PLC 1015.2 32.40
Aviva PLC 343.00 -7.80 Next PLC 5626 -456.00
FTSE All-Share (618) 3600.95 -3.50 3226.77 3731.49 3795.38 3926.03 4.83 1.41 14.71 36.10 6786.67 Aerospace & Defense -7.47 Beverages -13.55 Travel & Leisure -23.40
Mar 05 Mar 04 Mnth Ago Mar 06 Mar 05 Mnth Ago Bae Systems PLC 597.20 -11.20 Nmc Health PLC 938.40 0.00
FTSE All-Share ex Inv Co (437) 3516.93 -3.51 3151.48 3644.91 3709.07 3856.40 4.96 1.37 14.71 36.31 3439.16 Electronic & Elec Eq -7.49 NON FINANCIALS Index -13.65 Oil Equipment & Serv -24.05 Barclays PLC 130.94 -17.80 Ocado Group PLC 1122 58.00
FTSE All-Share ex Multinationals (545) 1103.63 -2.92 819.66 1136.80 1158.59 1147.03 4.19 1.33 17.91 5.39 2170.33 Australia - - - Sweden - - - Health Care -7.69 Technology -13.69 Oil & Gas -24.58 Barratt Developments PLC 732.00 -25.20 Pearson PLC 555.40 -2.20
FTSE Fledgling (98) 8603.56 -2.20 7709.55 8797.11 8872.55 10249.84 3.88 -0.27 -95.15 42.75 17331.39 Canada - - - Switzerland - - - Nonlife Insurance -8.54 Software & Comp Serv -13.83 Oil & Gas Producers -24.59 Berkeley Group Holdings (The) PLC 4630 -124.00 Persimmon PLC 2692 -147.00
FTSE Fledgling ex Inv Co (43) 10000.71 -2.65 8961.52 10272.52 10355.48 14568.02 6.14 -1.22 -13.29 37.47 19805.58 Denmark - - - UK 79.29 78.86 80.52 Equity Invest Instr -8.94 FTSE All{HY-}Share Index -14.19 Fixed Line Telecomms -29.95 Bhp Group PLC 1332.2 -86.20 Phoenix Group Holdings PLC 683.90 -7.30
FTSE All-Small (366) 3684.07 -3.07 3301.25 3800.57 3842.58 3796.31 4.02 0.99 25.08 20.30 7363.07 Japan - - - USA - - - Support Services -9.36 FTSE 100 Index -14.32 Industrial Metals & -30.91 BP PLC 395.20 -0.95 Polymetal International PLC 1298 104.00
FTSE All-Small ex Inv Co (192) 3230.58 -2.89 2894.88 3326.71 3367.66 3393.87 4.71 0.60 35.47 12.41 6699.33 New Zealand - - - Euro - - - FTSE 250 Index -14.33 Automobiles & Parts -36.21 British American Tobacco PLC 3106 43.50 Prudential PLC 1193.5 -73.50
FTSE AIM All-Share (738) 850.94 -2.84 762.52 875.83 885.85 909.86 1.73 1.31 43.93 1.69 970.96 Norway - - -
British Land Company PLC 471.40 -29.60 Reckitt Benckiser Group PLC 6005 284.00
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. Bt Group PLC 130.90 -10.72 Relx PLC 1847 -20.50
Oil & Gas (12) 6299.81 -5.52 5645.18 6667.55 6823.58 9172.95 8.38 1.28 9.30 127.00 6813.04 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk Bunzl PLC 1918 48.00 Rentokil Initial PLC 500.00 16.00
Oil & Gas Producers (8) 6104.72 -5.48 5470.37 6458.42 6607.05 8861.11 8.38 1.29 9.25 125.00 6842.40 Burberry Group PLC 1598 -51.00 Rightmove PLC 600.40 -18.60
Oil Equipment Services & Distribution (4) 6585.32 -7.93 5901.03 7152.50 7491.70 11536.75 8.28 0.89 13.61 0.00 5660.54 FTSE GLOBAL EQUITY INDEX SERIES Carnival PLC 1981.5 -453.50 Rio Tinto PLC 3505 -103.00
Basic Materials (25) 5001.57 -5.05 4481.85 5267.68 5527.28 6375.53 7.12 2.06 6.82 114.02 5868.34 Centrica PLC 69.76 -2.36 Rolls-Royce Holdings PLC 588.20 -31.80
Chemicals (8) 11659.36 -3.16 10447.82 12039.57 12227.17 14523.89 2.91 2.20 15.66 33.37 11035.28 Mar 5 No of US $ Day Mth YTD Total
YTD Gr Div Mar 5 No of US $ Day Mth YTD Total YTD Gr Div Coca-Cola Hbc AG 2472 -2.00 Royal Bank Of Scotland Group PLC 157.25 -21.40
Forestry & Paper (1) 19543.84 -2.27 17513.01 19998.35 20385.30 21988.36 4.53 2.08 10.60 0.00 23082.75 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Compass Group PLC 1582.5 -128.00 Royal Dutch Shell PLC 1595.6 -68.00
Industrial Metals & Mining (2) 2812.02 -6.18 2519.82 2997.27 3350.87 5998.93 19.62 1.13 4.53 261.34 3590.19 FTSE Global All Cap 8844 589.38 -2.0 -8.6 -7.4
-7.1 892.42
2.5 Oil & Gas 151 285.36 -2.4 -2.4 -21.6 511.43 -20.9 5.6 Crh PLC 2649 10.00 Royal Dutch Shell PLC 1599.2 -62.20
Mining (14) 14172.36 -5.43 12699.69 14986.06 15795.35 18074.03 7.59 2.09 6.31 362.28 8780.88 FTSE Global All Cap 7079 462.39 0.3 7.3 -0.3
0.2 624.68
2.5 Oil & Gas Producers 102 270.39 -2.6 -2.6 -23.4 495.18 -22.7 5.8 Croda International PLC 4470 -84.00 Rsa Insurance Group PLC 499.50 -19.30
FTSE Global Large Cap 1794 529.89 -1.9 -8.1 -6.6
-6.3 825.94
2.6 Oil Equipment & Services 38 227.85 -2.1 -2.1 -14.9 368.23 -14.2 5.3 Dcc PLC 5460 -72.00 Sage Group PLC 668.00 -13.80
Industrials (103) 5370.52 -3.45 4812.46 5562.54 5666.10 5142.46 2.70 1.34 27.76 4.54 5887.38
Construction & Materials (15) 6463.15 -3.74 5791.56 6714.61 6783.94 5984.45 2.93 0.51 66.96 0.00 7303.17 FTSE Global Mid Cap 2129 751.53 -2.2 -9.9 -9.4
-9.2 1071.41
2.4 Basic Materials 351 448.47 -1.4 -1.4 -12.7 743.14 -12.2 3.8 Diageo PLC 2740 -25.50 Sainsbury (J) PLC 211.10 15.35
Aerospace & Defense (9) 4824.84 -1.84 4323.49 4915.32 5014.15 4880.77 2.78 1.00 35.79 1.81 5470.94 FTSE Global Small Cap 4921 778.14 -2.2 -10.0 -10.0
-9.9 1068.61
2.2 Chemicals 161 663.11 -1.4 -1.4 -11.6 1087.30 -11.4 3.1 Easyjet PLC 1000.00 -100.50 Schroders PLC 2657 -197.00
General Industrials (6) 4355.60 -4.84 3903.00 4577.08 4646.03 4504.97 3.76 0.86 31.03 0.00 5364.62 FTSE All-World 3923 346.75 -1.9 -8.4 -7.1
-6.8 555.50
2.6 Forestry & Paper 20 243.24 -2.0 -2.0 -12.5 449.35 -12.3 4.0 Evraz PLC 269.10 -57.20 Scottish Mortgage Investment Trust PLC 569.00 8.00
Electronic & Electrical Equipment (10) 9465.30 -2.34 8481.75 9692.33 9791.89 8377.97 1.54 1.89 34.48 4.48 9015.24 FTSE World 2576 615.72 -2.1 -8.8 -7.3
-7.0 1324.32
2.6 Industrial Metals & Mining 91 303.69 -2.1 -2.1 -19.7 506.19 -19.2 4.9 Experian PLC 2618 27.00 Segro PLC 849.60 28.40
Industrial Engineering (12) 12791.09 -1.21 11461.94 12947.38 13350.29 13025.69 2.67 1.65 22.69 0.00 16498.20 FTSE Global All Cap ex UNITED KINGDOM In 8542 618.15 -2.0 -8.4 -7.1
-6.8 919.24
2.4 Mining 79 646.09 -1.1 -1.1 -11.4 1098.93 -10.1 4.5 Ferguson PLC 6694 -46.00 Severn Trent PLC 2567 102.00
Industrial Transportation (6) 3081.65 -2.30 2761.43 3154.29 3197.91 3627.41 7.85 0.80 15.91 0.00 3117.50 FTSE Global All Cap ex USA 7052 474.67 -0.2 -7.4 -8.5
-8.2 780.62
3.3 Industrials 749 409.13 -2.4 -2.4 -8.9 620.59 -8.6 2.1 Flutter Entertainment PLC 8448 182.00 Smith & Nephew PLC 1678 -61.00
Support Services (45) 8264.38 -4.25 7405.62 8631.26 8804.10 7653.71 2.36 1.82 23.23 13.03 9092.46 FTSE Global All Cap ex JAPAN 7497 608.46 -2.2 -8.6 -7.2
-6.9 930.45
2.5 Construction & Materials 148 510.96 -0.9 -0.9 -7.8 810.43 -7.8 2.5 Glaxosmithkline PLC 1593.6 31.40 Smith (Ds) PLC 322.10 7.90
FTSE Global All Cap ex Eurozone 8188 617.61 -2.0 -8.5 -7.2
-6.9 916.18
2.4 Aerospace & Defense 36 783.91 -5.5 -5.5 -12.4 1175.14 -12.1 2.2 Glencore PLC 174.06 -19.20 Smiths Group PLC 1410 -123.00
Consumer Goods (43) 18724.27 -2.96 16778.60 19295.37 19370.73 19313.20 4.50 1.63 13.63 131.99 15415.30
FTSE Developed 2162 562.72 -2.2 -8.8 -7.1
-6.8 859.41
2.5 General Industrials 64 204.24 -3.1 -3.1 -10.4 338.70 -9.8 2.5 Halma PLC 2044 115.00 Smurfit Kappa Group PLC 2546 -52.00
Automobiles & Parts (2) 3506.94 -5.81 3142.53 3723.31 3878.68 6582.82 3.11 2.19 14.65 0.00 3585.29
FTSE Developed All Cap 5652 586.63 -2.2 -9.0 -7.4
-7.1 883.60
2.5 Electronic & Electrical Equipment 133 467.07 -0.6 -0.6 -8.3 642.71 -8.2 1.8 Hargreaves Lansdown PLC 1437.5 -99.00 Spirax-Sarco Engineering PLC 8630 235.00
Beverages (6) 21949.85 -2.55 19669.01 22525.00 22738.39 24304.85 2.58 2.12 18.27 195.72 16587.80
FTSE Developed Large Cap 896 526.74 -2.1 -8.5 -6.6
-6.2 818.51
2.6 Industrial Engineering 150 727.29 -2.3 -2.3 -12.3 1095.59 -12.1 2.6 Hikma Pharmaceuticals PLC 1858.5 70.50 Sse PLC 1575 46.00
Food Producers (11) 7002.89 -2.91 6275.21 7212.89 7321.75 7091.58 2.64 2.07 18.36 7.75 6421.44
FTSE Developed Europe Large Cap 233 350.69 -0.9 -8.5 -8.7
-8.2 641.30
3.8 Industrial Transportation 127 663.49 -2.7 -2.7 -12.4 1012.61 -12.2 2.5 HSBC Holdings PLC 493.80 -30.10 St. James's Place PLC 967.00 -48.50
Household Goods & Home Construction (14)14740.06 -2.51 13208.40 15119.04 15359.71 13726.49 4.10 1.87 13.02 82.86 11678.63
FTSE Developed Europe Mid Cap 347 568.82 -1.4 -9.5 -10.0
-9.9 913.57
3.2 Support Services 91 493.94 -2.0 -2.0 -2.1 709.03 -2.0 1.5 Imperial Brands PLC 1641.8 87.00 Standard Chartered PLC 519.60 -43.00
Leisure Goods (2) 16569.08 -1.51 14847.36 16823.15 17746.19 9132.23 3.07 1.48 22.08 109.33 17179.85
FTSE Dev Europe Small Cap 718 797.89 -1.6 -9.6 -11.2
-11.0 1235.25
3.1 Consumer Goods 542 479.96 -1.0 -1.0 -5.9 759.22 -5.7 2.7 Informa PLC 596.00 -86.40 Standard Life Aberdeen PLC 264.20 -12.20
Personal Goods (6) 31549.77 -3.02 28271.38 32531.96 32495.02 31037.67 3.22 2.75 11.32 220.67 23115.70
FTSE North America Large Cap 260 657.96 -3.3 -8.9 -5.6
-5.3 946.28
2.1 Automobiles & Parts 132 342.76 -1.3 -1.3 -10.0 529.44 -9.8 3.6 Intercontinental Hotels Group PLC 4031.5 -270.50 Taylor Wimpey PLC 199.55 -2.65
Tobacco (2) 32591.35 -3.69 29204.73 33840.11 33441.00 35907.50 7.63 1.05 12.46 258.35 24863.99
FTSE North America Mid Cap 409 868.04 -3.2 -10.4 -8.3
-8.1 1151.62
1.9 Beverages 65 667.68 -1.7 -1.7 -5.7 1066.01 -5.5 2.5 International Consolidated Airlines Group S.A. 431.60 -40.40 Tesco PLC 240.60 12.10
Health Care (17) 11881.95 -3.28 10647.28 12284.52 12318.43 10760.35 3.60 0.99 28.15 179.43 10150.94
FTSE North America Small Cap 1318 861.35 -3.2 -10.9 -9.8
-9.6 1105.26
1.7 Food Producers 132 659.02 -0.3 -0.3 -3.4 1061.79 -3.2 2.3 Intertek Group PLC 5182 -88.00 Tui AG 533.00 -67.00
Health Care Equipment & Services (8) 7443.50 -3.98 6670.03 7752.10 7785.96 6956.65 1.87 1.93 27.82 7.87 6734.91
FTSE North America 669 430.94 -3.3 -9.2 -6.1
-5.8 633.33
2.0 Household Goods & Home Construction 59 491.79 -1.8 -1.8 -2.9 774.95 -2.5 2.6 Itv PLC 102.30 -14.25 Unilever PLC 4352 182.00
Pharmaceuticals & Biotechnology (9) 16430.73 -3.19 14723.39 16972.33 17015.85 14820.36 3.81 0.93 28.20 276.06 12612.28
FTSE Developed ex North America 1493 247.96 0.0 -8.0 -8.8
-8.5 439.46
3.4 Leisure Goods 42 230.10 0.3 0.3 -5.0 313.50 -5.0 1.3 Jd Sports Fashion PLC 678.60 -58.40 United Utilities Group PLC 973.00 28.80
Consumer Services (84) 4657.83 -2.33 4173.83 4768.98 4895.18 5006.32 3.33 1.62 18.47 18.64 4708.85 FTSE Japan Large Cap 183 362.59 1.7 -7.3 -8.6
-8.6 497.31
2.6 Personal Goods 99 834.70 -1.0 -1.0 -7.4 1228.87 -7.2 1.9
Food & Drug Retailers (6) 4054.94 -0.03 3633.58 4056.06 4073.63 4031.65 2.68 1.48 25.25 0.00 5003.62 Johnson Matthey PLC 2403 -108.00 Vodafone Group PLC 136.62 2.26
FTSE Japan Mid Cap 320 542.77 1.2 -10.2 -13.6
-13.6 707.64
2.4 Tobacco 13 950.70 0.0 0.0 -4.6 2254.71 -4.4 6.4 Just Eat Takeaway.Com N.V. 6715 -100.00 Whitbread PLC 3501 -393.00
General Retailers (25) 1920.08 -4.13 1720.56 2002.86 2061.42 2153.75 3.28 1.62 18.76 2.83 2392.70
FTSE Global wi JAPAN Small Cap 844 585.08 0.7 -11.9 -15.9
-15.8 790.06
2.5 Health Care 278 591.70 -1.2 -1.2 -3.1 897.88 -2.8 2.0 Kingfisher PLC 169.00 -20.35 Wpp PLC 724.40 -28.40
Media (18) 7856.16 -2.80 7039.81 8082.64 8299.61 8036.64 3.40 1.56 18.83 3.43 5200.86
FTSE Japan 503 151.08 1.6 -7.9 -9.6
-9.6 232.06
2.6 Health Care Equipment & Services 94 1114.15 -2.3 -2.3 -5.0 1332.21 -4.9 1.0 Land Securities Group PLC 796.80 -37.80
Travel & Leisure (35) 7750.09 -2.11 6944.76 7916.76 8192.30 8839.92 3.60 1.73 16.09 78.73 7950.93
FTSE Asia Pacific Large Cap ex Japan 934 693.18 1.2 -3.0 -4.6
-4.4 1174.78
2.9 Pharmaceuticals & Biotechnology 184 401.50 -0.6 -0.6 -2.2 645.15 -1.6 2.5
Telecommunications (6) 1944.64 -2.85 1742.57 2001.60 2009.76 2190.01 6.81 0.02 643.74 0.00 2569.71 FTSE Asia Pacific Mid Cap ex Japan 819 795.50 1.1 -4.6 -8.1
-7.9 1293.72
3.3 Consumer Services 451 519.59 -2.2 -2.2 -6.8 722.06 -6.6 1.5
Fixed Line Telecommunications (3) 1655.92 -2.39 1483.85 1696.47 1764.64 2574.37 10.78 1.45 6.39 0.00 1809.90
Mobile Telecommunications (3) 3088.23 -3.00 2767.33 3183.79 3157.37 3034.78 5.44 -0.95 -19.25 0.00 3654.92
FTSE Asia Pacific Small Cap ex Japan
FTSE Asia Pacific Ex Japan
1740 510.38
1753 540.15
1.3
1.2
-3.1
-3.1
-6.0
-5.8
-4.9
-4.7
811.61
3.2 Food & Drug Retailers
972.45
2.9 General Retailers
65 275.10
149 892.22
-0.4
-1.9
-0.4
-1.9
-6.7 408.50
-1.4 1194.68
-6.3
-1.3
2.6
1.1
UK STOCK MARKET TRADING DATA
Utilities (8) 8071.80 -3.92 7233.04 8401.21 8400.95 7118.48 5.33 0.51 37.02 33.14 10783.17 FTSE Emerging All Cap 3192 733.98 -0.1 -5.0 -7.1
-6.9 1179.53
3.0 Media 90 346.10 -3.1 -3.1 -9.9 483.82 -9.8 1.6 Mar 06 Mar 05 Mar 04 Mar 03 Mar 02 Yr Ago
Electricity (3) 8960.33 -3.49 8029.25 9284.40 9342.02 7283.46 5.91 -0.35 -47.85 126.30 15754.58 FTSE Emerging Large Cap 898 705.57 0.0 -4.7 -6.9
-6.7 1141.57
2.9 Travel & Leisure 147 429.90 -3.3 -3.3 -17.0 609.93 -16.7 2.2 - - - - - -
Gas Water & Multiutilities (5) 7407.23 -4.05 6637.53 7720.18 7705.10 6692.66 5.15 0.81 23.89 7.47 9786.37 FTSE Emerging Mid Cap 863 876.81 -1.1 -8.2 -9.9
-9.7 1405.74
3.7 Telecommunication 93 154.41 -0.7 -0.7 -3.7 323.82 -3.3 4.4 Order Book Turnover (m) 169.49 129.91 138.72 124.70 152.82 152.82
Financials (305) 4341.08 -3.20 3889.99 4484.66 4567.28 4773.43 4.92 1.52 13.35 48.56 4488.28 FTSE Emerging Small Cap 1431 711.84 0.1 -4.1 -5.8
-5.7 1095.23
3.3 Fixed Line Telecommuniations 38 126.42 -1.6 -1.6 -6.6 296.64 -5.9 5.2 Order Book Bargains 1649767.00 1313952.00 1567398.00 1775379.00 2304920.00 2304920.00
Banks (10) 2919.59 -2.59 2616.21 2997.37 3062.26 3765.17 7.24 1.40 9.87 76.82 2488.73 FTSE Emerging Europe 75 373.43 -1.8 -14.3 -15.1
-15.0 672.20
7.2 Mobile Telecommunications 55 167.47 0.5 0.5 0.4 308.45 0.5 3.5 Order Book Shares Traded (m) 2806.00 3129.00 2211.00 2748.00 3447.00 3447.00
Nonlife Insurance (8) 3390.97 -2.80 3038.61 3488.83 3528.24 3642.22 4.30 1.59 14.57 30.72 6572.84 FTSE Latin America All Cap 237 799.02 -5.6 -16.6 -18.9
-18.5 1339.39
3.2 Utilities 186 328.61 -0.9 -0.9 3.4 700.72 3.9 3.3 Total Equity Turnover (£m) 7499.33 7915.20 5951.07 12020.50 8707.33 8707.33
Life Insurance/Assurance (7) 6750.42 -3.77 6048.97 7015.17 7177.08 7713.35 5.91 1.87 9.06 0.00 7347.56 FTSE Middle East and Africa All Cap 333 598.15 -1.1 -10.5 -13.3
-12.9 4.0 Electricity
1007.64 129 367.71 -1.1 -1.1 3.3 773.22 3.9 3.2 Total Mkt Bargains 1949027.00 1553764.00 1863613.00 2113928.00 2687819.00 2687819.00
Real Estate Investment & Services (19) 2657.11 -3.48 2381.01 2752.94 2778.58 2584.98 2.01 2.15 23.08 5.71 7550.37 FTSE Global wi UNITED KINGDOM All Cap In 302 309.11 -0.9 -10.9 -13.6
-12.7 4.8 Gas Water & Multiutilities
578.48 57 332.84 -0.7 -0.7 3.6 732.13 4.0 3.5 Total Shares Traded (m) 5749.00 6287.00 6018.00 6311.00 7714.00 7714.00
Real Estate Investment Trusts (40) 2667.27 -2.48 2390.11 2735.00 2773.15 2653.12 4.41 0.01 4388.65 13.39 3709.54 FTSE Global wi USA All Cap 1792 737.88 -3.4 -9.5 -6.5
-6.2 1.9 Financials
1025.18 848 236.26 -2.4 -2.4 -10.7 418.46 -10.3 3.5 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (40) 9465.94 -4.31 8482.32 9892.05 10144.47 8433.90 3.17 1.67 18.82 25.14 11842.22 FTSE Europe All Cap 1447 412.49 -1.1 -8.9 -9.3
-8.9 3.8 Banks
725.45 278 178.32 -2.7 -2.7 -16.5 345.59 -16.0 4.8 (c) Market closed.
Equity Investment Instruments (181) 10238.40 -3.29 9174.51 10586.32 10684.38 10109.73 2.75 2.48 14.65 52.88 6000.44 FTSE Eurozone All Cap 656 393.94 -1.3 -9.1 -9.4
-9.2 3.5 Nonlife Insurance
690.71 71 285.16 -2.8 -2.8 -7.6 438.19 -7.4 2.4
Non Financials (313) 4302.58 -3.61 3855.49 4463.53 4537.86 4676.22 4.80 1.36 15.28 41.32 7101.43 FTSE RAFI All World 3000 3257 6442.85 -2.0 -10.1 -10.8
-10.5 3.6 Life Insurance
9225.25 59 208.50 -0.9 -0.9 -13.6 361.32 -13.3 3.8
Technology (15) 1953.50 -3.30 1750.51 2020.24 2030.00 2044.91 3.45 0.86 33.94 11.50 2696.49 FTSE RAFI US 1000 1048 11565.42 -3.6 -11.2 -10.3
-9.9 2.7 Financial Services
16193.70 209 347.34 -2.9 -2.9 -6.2 502.69 -6.0 1.8 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (13) 2135.36 -2.53 1913.47 2190.90 2226.84 2267.23 3.59 0.78 35.84 13.43 3119.57 FTSE EDHEC-Risk Efficient All-World 3923 397.40 -1.9 -8.7 -8.2
-7.9 2.6 Technology
587.54 274 354.31 -2.3 -2.3 -1.5 450.47 -1.3 1.3 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Technology Hardware & Equipment (2) 3835.30 -12.52 3436.77 4383.98 3797.13 3202.67 1.53 3.29 19.86 0.00 4686.39 FTSE EDHEC-Risk Efficient Developed Europe 580 310.55 -1.1 -8.3 -8.1
-7.9 3.3 Software & Computer Services
508.47 144 606.21 -2.5 -2.5 -0.3 722.32 -0.2 0.8 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Technology Hardware & Equipment 130 270.04 -2.2 -2.2 -2.9 364.49 -2.7 2.0 liable for any loss arising from the reliance on or use of the listed information.
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day Alternative Energy 11 133.53 0.6 0.6 5.5 187.02 5.5 1.2 For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE 100 6585.35 6593.97 6521.62 6496.57 6486.85 6472.01 6487.97 6457.98 6501.01 6618.58 6432.00 Real Estate Investment & Services 152 353.79 0.3 0.3 -4.2 632.64 -4.1 3.1
FTSE 250 18974.48 18781.44 18710.01 18632.48 18680.16 18649.65 18678.90 18662.81 18831.49 18974.48 18590.54 The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/
mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index® and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC
Data provided by Morningstar | www.morningstar.co.uk
FTSE SmallCap 5471.18 5403.60 5379.07 5340.06 5333.06 5335.05 5329.01 5318.39 5334.76 5471.18 5317.02
FTSE All-Share 3666.36 3662.40 3627.36 3612.80 3609.84 3602.32 3610.21 3596.09 3621.03 3678.70 3584.90 (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,
Time of FTSE 100 Day's high:08:20:30 Day's Low14:53:30 FTSE 100 2010/11 High: 7674.56(17/01/2020) Low: 6462.55(06/03/2020) 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
Time of FTSE All-Share Day's high:08:18:00 Day's Low14:28:00 FTSE 100 2010/11 High: 4257.93(17/01/2020) Low: 3600.95(06/03/2020) www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange
Group companies and is used by FTSE International Limited under licence.
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 Alliance Trust Pre 552.890 136.611L 166.140 41.420L 0.00000 3.38900 - 3.490 6.778 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- FRP Advisory Group A 31.358 25.972 15.024 11.981 0.000 0.000 0.00000 0.00000 - 02/27 195.00 AIM SPEC Inspecs Group PLC 195.00 -0.10 199.00 190.00 13795.4
There are currently no rights offers by any companies listed on the LSE. Fundsmith Emerging Equities Trust Pre 0.879L 8.621L 6.940L 37.120L 3.20000 2.00000 Jun 3 3.200 2.000
GCP Student Living Int 47.766 48.860 11.520 12.260 1.58000 1.53000 Mar 9 3.140 3.040
JPMorgan Emerging Markets Inv Trust Int 53.248 24.966L 43.300 20.940L 5.20000 5.00000 Apr 17 14.200 17.500
Mining Minerals & Metals A 0.000 0.000 0.003L 0.000 0.000 0.000 0.00000 0.00000 -
Murray International Trust Pre 178.418 112.288L 134.100 92.600L 17.50000 17.00000 May 15 29.500 28.500

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.
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Monday 9 March 2020 ★ FINANCIAL TIMES 11

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price+/-Week High Low Yld P/E MCap m Stock Price+/-Week High Low Yld P/E MCap m Stock Price+/-Week High Low Yld P/E MCap m Stock Price+/-Week High Low Yld P/E MCap m Stock Price+/-Week High Low Yld P/E MCap m Stock Price+/-Week High Low Yld P/E MCap m
Australia (A$) Finland (€) Japan (¥) Sweden (SKr) AT&T 37.03 1.81 39.70 29.74 5.83 15.70 265611.9 Lowes 105.31 -1.26 126.73 91.60 1.97 27.44 80717.53
ANZ 22.14 -3.39 29.30 22.13 7.78 9.64 41628.59 Nokia 3.17 -0.27 5.62 3.02 3.21 -44.48 20252.57 AstellasPh 1652 -98.50 1987 1375 2.43 12.34 29196.19 AtlasCpcoB 282.00 -13.80 350.40 217.30 1.12 19.55 11753.4 AutomData 159.15 4.41 182.32 148.15 2.10 27.71 68713.69 Lyondell 71.99 0.53 98.91 68.50 6.02 7.10 24012.62
BHPBilltn 32.19 -3.00 42.33 31.88 5.66 12.52 62865.5 SampoA 35.78 -1.10 43.26 34.45 8.12 17.20 22426.06 Bridgestne 3461 -254.00 4734 3447 4.77 8.89 23447.81 Ericsson 71.34 -5.34 96.74 70.72 1.41 -26.63 23410.8 Avago Tech 269.45 -3.17 331.58 250.09 3.96 41.41 107634.12 Marathon Ptl 39.15 -8.27 69.65 38.08 5.54 7.98 25428.08
CmwBkAu 73.93 -10.50 91.05 69.72 6.32 14.93 86762.75 France (€) Canon 2661.5 -132.00 3338 2639 6.20 16.92 33697.01 H&M 166.04 -7.32 214.35 133.46 6.00 21.05 25904.26 BakerHu 22.08 0.28 31.26 20.09 3.40 47.09 11412.93 Marsh&M 105.67 1.11 119.88 88.86 1.70 33.98 53246.89
CSL 314.59 -2.91 342.75 189.14 0.86 48.16 94660.51 Airbus Grpe 99.50 -8.60 139.40 99.50 1.69 20.12 88138.31 CntJpRwy 17155-1285.00 26255 17005 0.90 7.23 33546.25 Investor 482.90 5.60 568.60 404.30 2.71 16.39 23492.89 BankAm 25.71 -2.79 35.72 25.10 2.59 8.97 224410.51 MasterCard 287.01 -3.24 347.25 215.93 0.36 40.26 285368.68
NatAusBk 22.00 -3.89 30.00 22.00 8.90 11.72 43010.96 AirLiquide 123.30 0.40 140.70 100.18 2.01 26.47 65978.88 Denso 3876 -426.00 5225 3837 3.72 11.94 28991.17 Nordea Bk 72.51 -3.17 86.73 57.20 10.27 21.67 31365.58 Baxter 85.38 1.91 95.00 72.42 0.95 27.88 43591.26 McDonald's 198.86 4.69 221.93 178.27 2.47 24.67 148239.52
Telstra 3.55 0.11 4.01 3.19 3.82 18.09 27990.52 AXA 20.00 -0.96 25.62 19.78 6.91 30.90 54695 EastJpRwy 8093 -435.00 10940 8047 2.01 9.77 29034.19 SEB 88.58 -2.86 104.90 78.88 6.82 10.10 20530.77 BB & T 54.24 -0.48 55.66 40.68 3.26 12.85 41564.3 McKesson 141.49 1.63 172.18 110.52 1.18 -41.16 25033.89
Wesfarmers 39.20 -2.66 47.42 33.61 6.08 21.10 29465.82 BNP Parib 38.52 -5.27 54.22 37.89 7.99 6.37 54444.47 Fanuc 17150-1555.00 22060 17000 2.10 28.54 33216.06 SvnskaHn 95.88 -0.60 113.80 82.02 5.78 11.33 19916.07 BectonDick 239.12 1.30 286.72 221.47 1.36 57.38 64842.92 Medtronic 99.06 -1.61 122.15 82.77 2.11 28.51 132756.86
Westpc 21.35 -2.98 30.05 21.35 9.47 10.47 51119.72 ChristianDior 364.20 -16.80 498.20 356.00 1.70 23.77 74356.53 FastRetail 54770 -230.00 70230 51690 0.85 36.10 55148.84 Swedbank 145.00 0.25 181.10 120.75 9.86 8.13 17531.63 BerkshHat 310894 1798 347400294510.58 - 17.81 217748.91 Merck 82.20 5.64 92.64 72.23 2.83 21.71 208481.29
Woolworths 38.00 -2.22 43.96 29.90 2.71 30.86 31772.67 Cred Agr 9.30 -1.51 13.80 9.16 7.57 7.32 30336.97 Fuji Hvy Ind 2432 -287.50 3184 2411.5 6.10 10.46 17757.23 Telia Co 38.51 0.58 44.90 37.75 6.09 20.45 17314.68 Biogen 317.95 9.56 374.99 215.78 - 10.70 55343.65 Metlife♦ 39.18 -3.54 53.28 38.33 4.64 4.97 35882.14
Belgium (€) Danone 60.96 -2.76 82.38 60.60 3.28 17.70 47307.44 Hitachi 3621 -241.00 4693 3139 2.56 15.11 33248.12 Volvo 139.60 -9.20 175.10 125.30 3.61 8.87 24632.23 BkNYMeln 38.07 -1.83 54.27 37.36 3.19 9.35 33693.91 Microsoft♦ 161.57 -0.44 190.70 108.80 1.20 28.821228909.02
AnBshInBv 47.87 -2.87 92.71 47.48 3.97 10.68 91668.69 EDF 12.39 -0.20 13.61 8.93 2.58 20.37 43493.46 HondaMtr 2687.5 -236.50 3259 2412 4.30 8.74 46212.09 BlackRock 450.41 -12.60 576.81 403.54 3.06 16.43 69735.87 Mnstr Bvrg 66.19 3.78 70.52 52.23 - 31.45 35537.16
Switzerland (SFr)
KBC Grp 58.62 -1.40 73.56 48.65 6.09 10.20 27607.99 Engie SA 14.95 -0.09 16.80 12.31 5.17 43.92 41165.13 JapanTob 2112.5 -80.00 2849 2103.5 7.42 9.88 40106.32 Boeing 262.33 -12.78 432.00 249.80 3.18 37.81 147731.72 MondelezInt 55.66 2.86 59.96 46.37 2.02 19.42 79757.61
ABB 19.62 -1.19 24.69 17.25 3.97 43.96 45360.5
EssilorLuxottica 120.10 -3.00 145.00 95.50 1.75 36.17 59440.81 KDDI 3217 -67.00 3451 2353.5 3.53 11.83 71927.83 BrisMySq 60.31 1.25 68.34 42.48 2.88 16.48 136150.48 Monsanto 127.95 - 127.97 114.19 1.64 23.62 56462.29
Brazil (R$) CredSuisse 9.81 -1.00 14.14 9.65 2.66 9.05 26737.54
Hermes Intl 634.00 4.00 725.60 554.00 0.74 44.43 75702.68 Keyence 33670-2040.00 40520 29260 0.31 37.54 77733.19 CapOne 82.29 -5.97 107.59 78.45 2.06 6.90 37616.63 MorganStly 41.84 -3.19 57.57 38.76 3.16 8.43 66913.73
Ambev 15.32 0.78 20.77 14.01 2.45 18.73 52209.51 Nestle 101.14 2.29 113.20 91.54 2.39 32.91 320956.12
LOreal 253.70 12.70 278.50 223.90 1.56 35.10 160155.1 MitsbCp 2600 -144.00 3256 2520 5.04 7.60 39244.38 CardinalHlth 51.27 -0.85 60.69 41.03 3.95 -3.45 14959.74 MylanNV 15.40 -1.79 29.30 14.65 - 161.79 7949.13
Bradesco 25.71 -1.58 35.89 25.36 1.49 10.72 22453.13 Novartis 79.27 -1.98 96.38 76.96 3.56 26.38 213632.98
LVMH 360.35 -10.50 439.05 285.70 1.72 26.62 205836.93 MitsubEst 1828 -123.50 2283 1814 1.80 20.32 24140.37 Carnival 27.15 -6.31 57.69 26.10 7.88 5.73 14325.95 Netflix 368.97 -0.06 393.52 252.28 - 111.81 161906.49
Cielo 6.56 -0.29 11.30 6.25 13.56 6.62 3860.35 Richemont 62.80 -2.60 87.44 60.94 3.18 23.48 34955.86
Orange 12.10 -0.09 15.38 11.97 5.97 16.53 36404.92 MitsubishiEle 1330 -101.50 1658 1213 3.10 12.84 27108.81 Caterpillar 121.41 -2.83 150.55 111.75 3.14 10.87 66785.53 NextEraE 271.82 19.06 283.35 186.92 1.89 38.59 132910.71
ItauHldFin 27.21 -1.40 32.79 26.86 5.31 9.03 29222.97 Roche 315.05 5.35 351.60 255.95 2.72 23.36 236023.01
PernodRic 150.25 3.85 179.50 144.55 0.93 26.59 45106.03 MitsuiFud 2328 -309.00 3035 2263.5 2.04 13.32 21640.27 Celgene 108.24 - 110.70 58.59 - 12.71 77035.98 Nike 88.36 -1.02 105.62 77.07 1.03 30.66 109774.53
Petrobras 24.06 -3.09 33.70 23.72 2.28 9.66 38786.05 Swiss Re 88.98 -2.66 117.05 88.34 5.93 70.19 31064.7
Renault 23.40 -3.10 64.20 21.97 15.64 2.67 7826.79 MitUFJFin 487.40 -57.20 603.00 485.70 4.97 9.03 62839.82 CharlesSch 34.13 -6.62 51.65 32.64 1.98 11.91 43898.55 NorfolkS 174.60 -7.75 219.88 166.57 2.10 16.09 45019.59
Vale 44.61 0.30 57.36 42.44 - 12.87 51061.98 Swisscom 544.00 30.40 577.80 458.90 4.02 18.97 30049.32
Safran 115.15 -8.95 152.30 114.70 1.63 22.34 55643.65 Mizuho Fin 137.00 -14.50 177.50 136.80 5.64 260.52 33022.69 Charter Comms 496.72 3.55 546.54 335.53 - 85.08 104299.26 Northrop 328.96 0.12 385.01 263.29 1.62 17.58 55145.91
Canada (C$) Syngent 453.40 1.40 471.20 402.50 - 39.22 43035.76
Sanofi 85.06 1.13 95.06 71.74 3.72 28.84 120629.49 Murata Mfg 5646 -364.00 16430 4304 3.41 68.17 36219.23 Chevron Corp 95.32 1.98 127.34 90.11 5.20 12.93 179137.24 NXP 111.69 -2.00 139.59 85.38 1.07 71.35 31245.35
BCE 62.39 3.44 65.45 58.17 5.39 17.57 42001.76 UBS 9.87 -0.73 13.81 9.73 6.90 9.57 40615.13
Sant Gbn 31.51 -0.09 39.57 30.18 4.35-152.80 19412.29 NipponTT 2493 -192.50 2908 2264 7.86 5.44 92312.56 Chubb 144.82 -0.21 167.74 131.63 2.16 17.31 65632.76 Occid Pet 26.86 -5.88 68.83 26.27 12.32 18.01 24045.74
BkMontrl 84.37 -6.84 106.51 84.29 4.95 9.47 40188.51 Zurich Fin 369.50 -1.40 439.90 313.30 4.96 14.50 58946.65
Schneider 90.28 -0.22 105.50 67.14 2.68 21.38 59436 Nissan Mt 424.10 -46.20 966.00 422.00 9.36 11.65 16991.84 Cigna 195.52 12.58 224.64 141.95 0.02 16.46 72741.87 Oracle 47.37 -2.09 60.50 46.46 1.94 15.12 151946.33
BkNvaS 67.09 -3.13 76.75 66.74 5.35 9.76 60612.54 Nomura 451.00 -54.20 586.40 330.70 4.11 -4.83 14956.54 Taiwan (NT$) Cisco 39.68 -0.25 58.26 37.80 3.65 14.28 168278.12 Pepsico 137.26 5.23 147.20 114.26 2.90 14.83 190728.89
SFR Group 34.50 0.00 34.56 21.87 - -23.02 17905.81
Brookfield 82.66 2.39 90.72 60.28 1.08 15.65 64603.75 Nppn Stl 1089.5 -176.50 2081 1089.5 4.73 5.52 9828.42 Chunghwa Telecom 108.50 0.50 123.50 106.50 4.22 23.28 28079.48 Citigroup 61.28 -2.18 83.11 59.74 3.21 7.68 129085.51 Perrigo 53.17 2.48 63.86 40.68 1.59 27.93 7237.87
SocGen 21.40 -4.19 32.23 20.81 10.48 6.75 20655.51
CanadPcR 329.64 -3.03 365.69 265.80 0.96 18.59 33570.05 NTTDCMo 2990.5 -59.50 3164 2257.5 3.96 15.53 94679.47 Formosa PetChem 87.10 1.00 119.00 83.90 5.63 31.72 27680.06 CME Grp 216.26 17.44 225.36 161.05 1.44 35.93 77508.07 Pfizer 35.02 1.60 44.56 32.53 4.29 11.58 194278.32
Total 37.15 -1.23 52.27 36.97 7.30 11.07 109327.69
CanImp 98.99 -3.17 115.96 97.55 5.82 8.60 32815.35 Panasonic 967.60 -115.40 1264 787.70 3.20 8.07 22533.96 HonHaiPrc 80.80 0.50 101.50 70.10 5.06 8.93 37368.8 Coca-Cola 55.26 1.77 60.13 44.61 3.04 27.79 237080.66 Phillips66 69.30 -5.56 119.92 68.02 5.19 6.62 30453.6
UnibailR 190.00 0.35 236.45 177.35 5.80 17.44 22215.04
CanNatRs 30.26 -4.29 42.57 29.83 5.18 8.27 26750.33 Seven & I 3842 119.00 4714 3523 2.63 15.08 32329.11 MediaTek 378.50 18.50 464.00 266.00 2.43 28.10 20077.66 Cognizant 58.24 -2.69 74.85 56.73 1.45 14.92 31952.63 PhilMorris 87.27 5.40 92.74 69.27 5.56 17.19 135784.43
Vinci 87.52 -3.46 107.35 83.02 3.15 15.63 60008.98
CanNatRy 115.52 1.73 127.96 111.41 1.92 17.43 61430.27 ShnEtsuCh 11780-1150.00 13945 8826 1.84 15.23 46592.51 TaiwanSem 315.00 -1.00 366.00 220.00 2.51 25.12 272496.15 ColgtPlm 72.51 4.94 77.41 64.75 2.48 25.39 61998.21 PNCFin 114.23 -12.17 161.79 112.12 3.70 9.67 48973.46
Vivendi 22.85 -0.17 26.69 22.78 2.26 58.30 30624.66
Enbridge 50.98 1.02 57.32 43.02 6.07 16.44 76872.98 Softbank 4783 -456.00 6045 3958 0.71 10.57 94884.26 Thailand (THB) Comcast 40.37 -0.06 47.74 37.89 2.15 14.14 183424.74 PPG Inds 101.45 -3.00 134.36 99.57 2.03 18.96 23917.44
GtWesLif 29.25 -2.32 35.60 27.52 5.97 10.26 20178.24 Germany (€)
Sony 6704 -173.00 8113 4507 0.62 9.75 81016.36 PTT Explor 37.50 -4.25 50.25 37.50 5.79 10.52 34090.22 ConocPhil 45.33 -3.09 69.60 44.68 2.85 5.86 49007.73 Praxair 164.50 -0.44 169.75 140.00 2.21 14.16 47306.22
ImpOil 28.23 -1.16 40.59 27.67 3.12 7.35 15567.1 Allianz 188.90 -5.90 232.60 186.98 4.86 10.11 89131.63
SumitomoF 3176 -355.00 4167 3175 6.01 9.59 41399.15 United Arab Emirates (Dhs) Corning 24.88 1.02 35.34 22.80 3.32 17.55 18999.07 Priceline 1905.64 20.64 2067.99 1612.41 - 17.15 92937.2
Manulife 21.55 -1.01 27.78 21.20 4.98 8.23 31212.79 BASF 52.67 -0.41 74.61 51.49 6.19 19.06 54716.25
Takeda Ph 3817 -121.00 4812 3401 4.86-137.43 57116.66 Emirtestele 15.50 -0.30 17.80 15.00 5.41 14.21 36698.65 Costco 311.34 30.20 325.26 216.22 0.82 36.65 137536.82 ProctGmbl 121.66 8.43 128.09 97.75 2.54 73.27 300433.64
Nutrien 51.68 -2.57 73.32 51.57 4.78 16.24 22038.65 Bayer 63.78 -1.43 78.34 52.02 4.48 -42.85 70870.81
TokioMarine 5350 -627.00 6317 5177 3.56 10.96 36057.71 United Kingdom (p) CrownCstl 160.82 17.53 168.75 119.60 2.96 76.79 66863.89 Prudntl 69.81 -5.64 106.40 67.95 5.91 7.07 27714.57
RylBkC 97.50 -2.32 109.68 96.86 4.30 10.83 103389.93 BMW 57.22 -1.71 78.30 56.07 6.24 7.46 38960.52
Toyota 6794 -590.00 8026 6274 3.34 9.87 210440.04 CSX 68.25 -2.20 80.73 63.97 1.46 15.40 52813.59 PublStor 228.94 19.82 266.76 202.84 3.70 25.59 40009.24
Suncor En 33.52 -3.47 46.50 32.93 5.18 9.83 38245.54 Continental 85.55 -16.07 157.40 80.34 5.66 -78.43 19352.94 AscBrFd 2152 -103.00 2730 2078.81 2.11 19.37 22205.05
Mexico (Mex$) CVS 64.15 4.97 77.03 51.72 3.30 18.11 83661.84 Qualcomm 77.47 -0.83 96.17 53.03 3.39 20.40 88551.53
ThmReut 100.30 0.59 109.99 72.06 2.08 206.83 37157.58 Daimler 34.86 -2.68 60.00 34.08 9.50 9.05 42182.18 AstraZen 7242 448.00 8227.88 5626 3.17 55.43 119538.9
AmerMvl 15.98 0.46 16.82 12.69 1.21 16.16 35682.57 Danaher 148.43 3.85 169.19 123.50 0.48 41.52 103342.47 Raytheon 183.16 -5.40 233.48 169.64 2.09 14.81 50999.25
TntoDom 65.45 -3.59 77.96 64.83 4.54 10.18 88376.09 Deut Bank 6.78 -1.10 10.37 5.78 1.66 -3.04 15839.81 Aviva 343.00 -7.80 439.40 3.87 8.75 5.92 17941.23
FEMSA UBD 167.15 7.94 192.50 157.91 1.61 15.47 17978 Deere 164.04 7.56 181.99 132.68 1.87 16.05 51446.22 Regen Pharm 494.43 49.86 500.00 271.37 - 25.01 53482.91
TrnCan 72.40 2.44 76.58 59.32 4.36 15.73 50595.86 Deut Tlkm 14.63 -0.12 16.75 14.39 4.88 24.33 78800.24 Barclays 130.94 -17.80 192.99 129.34 5.35 12.18 29121.19
WalMrtMex 57.49 2.29 59.87 49.60 1.76 24.27 49959.17 Delphi 12.55 -1.57 26.82 9.52 1.43 5.47 1080.2 S&P Global 271.06 5.15 312.94 194.95 0.86 30.40 66084.43
ValeantPh 30.80 0.74 36.02 14.01 - -12.48 8158.48 DeutsPost 24.79 -2.34 35.00 24.69 4.73 11.80 34663.25 BP 395.20 -0.95 583.40 4.69 8.40 20.82 102660.02
Delta 45.89 -0.24 63.44 42.87 3.35 6.13 29373.91 Salesforce 164.08 -6.32 195.72 137.87 - 179.01 145538.96
E.ON 10.62 0.19 11.56 8.08 4.13 38.58 31727.02 Netherlands (€) BrAmTob 3106 43.50 3507 34.85 6.41 11.56 75477.13
China (HK$) Devon Energy 13.37 -2.87 35.39 13.01 2.69 5.06 5119.37 Schlmbrg 23.85 -3.24 48.88 23.52 8.87 -3.74 33020.69
Fresenius Med 69.10 -0.22 81.10 57.24 1.73 16.13 23793.55 Altice 4.30 -0.54 6.86 1.79 - 3.80 5047.25 BSkyB 1727.5 0.50 1740 893.50 0.76 36.60 38843.72
AgricBkCh 3.18 0.00 3.83 2.93 6.31 4.68 12579.25 DiscFinServ 62.58 -3.00 92.98 61.33 2.77 6.69 19295.77 Sempra Energy 141.87 2.09 161.87 120.40 2.83 15.93 41465.2
Fresenius SE 40.81 -1.61 52.82 40.30 2.00 11.88 20867.79 ASML Hld 251.30 3.20 294.40 155.22 0.85 46.34 120987.05 BT 130.90 -10.72 231.50 127.66 11.76 6.00 16927.66
Bk China 3.09 -0.07 3.84 2.91 6.91 4.40 33252.4 Disney 115.27 -2.38 153.41 107.32 1.61 17.38 208112.91 Shrwin-Will 541.00 24.25 599.95 410.35 0.83 34.33 49895.19
HenkelKgaA 72.75 -4.10 90.30 72.70 2.56 14.13 21377.12 Heineken 89.70 -0.52 105.00 88.46 1.84 26.20 58438.73 Compass 1582.5 -128.00 2150 20.62 2.43 22.64 33920.67
BkofComm 5.04 -0.09 6.83 4.90 6.86 4.42 22708.69 DominRes 86.70 8.52 90.89 72.61 4.38 60.27 72654.63 SimonProp 119.06 -4.02 186.40 115.05 7.28 15.11 36534.87
Linde 167.20 -4.55 208.60 148.20 1.93 16.20 100789.33 ING 7.55 -1.06 12.14 7.46 9.19 6.40 33255.78 Diageo 2740 -25.50 3633.5 2682 2.43 21.06 89902.91
BOE Tech 0.68 -0.02 1.06 0.58 - 25.72 17.41 DowDupont 30.52 -0.56 48.38 30.06 10.05 7.87 68559.76 SouthCpr 35.26 1.61 44.82 29.39 4.80 17.45 27258.06
MuenchRkv 235.30 4.60 284.20 203.60 4.01 12.04 38408.37 Unilever 49.05 1.44 57.77 47.02 3.30 13.46 81037.93 GlaxoSmh♦ 1593.6 31.40 1857 1485.2 5.02 17.45 102145.24
Ch Coms Cons 6.05 0.11 8.77 5.40 4.51 4.49 3447.16 DukeEner♦ 99.05 7.35 103.79 84.28 3.98 19.55 72635.54 Starbucks 75.34 -3.09 99.72 69.03 2.02 24.39 88426.56
SAP 107.52 -4.04 129.60 94.28 1.42 37.14 149399.73 Norway (Kr) Glencore 174.06 -19.20 2334.5 173.76 9.02 31.65 32724.26
Ch Evrbrght 3.13 -0.08 4.07 3.06 5.93 4.46 5106.99 Eaton 92.77 2.05 105.78 74.29 3.18 15.61 38351.12 StateSt 60.13 -7.98 85.89 48.62 3.39 11.24 21306.61
Siemens 87.16 -6.04 119.90 84.42 4.44 13.53 83795.37 DNB 139.95 -15.95 178.10 139.55 6.35 8.00 23881.51 HSBC 493.80 -30.10 741.00 5.76 8.34 9.51 129042.05
Ch Rail Cons 9.38 0.45 11.66 7.47 2.58 6.13 2506.32 eBay 36.39 1.75 42.00 33.53 1.22 15.57 28969.38 Stryker 185.88 -4.71 226.30 174.84 1.18 19.48 69626.03
Volkswgn 149.15 -3.15 185.00 139.90 3.28 5.49 49780.74 Equinor 137.45 -3.80 203.90 137.25 6.97 8.56 49552.58 Imperial Brands♦ 1641.8 87.00 2673 1527.4 11.78 15.52 20408.54
Ch Rail Gp 4.58 0.08 8.05 4.14 3.22 5.17 2479.84 Ecolab 194.41 13.96 211.24 168.05 1.00 35.28 56022.44 Sychrony Fin 28.25 -0.85 38.18 27.76 3.18 4.87 17330.72
Hong Kong (HK$) Telenor 155.10 4.75 190.80 149.05 5.77 37.08 24158.17 LlydsBkg 45.68 -4.52 73.66 44.85 7.14 15.23 42908.44
ChConstBk 6.35 -0.09 7.21 5.55 5.58 5.30 196464.23 Emerson 62.14 -1.97 78.38 55.98 3.34 15.84 38019.8 T-MobileUS 87.86 -2.30 101.35 68.16 - 21.35 75290.12
AIA 76.05 -2.10 88.50 71.30 1.13 19.93 118312.68 Natl Grid 1015.2 32.40 1073.8 8.90 4.66 23.78 44413
China Vanke 31.35 0.85 35.60 26.25 3.85 7.95 6366.13 Qatar (QR) EOG Res 55.30 -7.96 107.89 53.87 1.81 10.15 32187.61 Target♦ 105.95 2.95 130.24 70.03 2.45 16.88 53688.8
BOC Hold 25.65 -1.45 35.90 25.05 5.83 8.40 34899.69 Prudential 1193.5 -73.50 1532.78 1109.67 4.13 11.72 40246.65
ChinaCitic 4.09 -0.05 5.36 3.92 6.48 3.90 7833.08 QatarNtBk 19.20 0.36 21.25 16.47 3.28 12.80 48706.27 EquityResTP 77.64 2.54 89.55 72.78 3.05 34.46 28880.41 TE Connect 78.69 -4.18 101.00 77.23 2.42 13.01 26293.64
Ch OSLnd&Inv 27.00 0.25 31.30 23.70 3.40 6.22 38068.86 RBS 157.25 -21.40 274.20 2.23 3.50 9.50 24524.66
ChinaLife 18.10 -0.60 22.90 17.38 1.03 13.70 17332.65 Russia (RUB) Exelon 45.17 2.06 51.18 42.32 3.35 18.02 44010.01 Tesla Mtrs 703.48 35.49 968.99 176.99 - -141.52 127570.18
ChngKng 47.75 -2.10 72.50 47.75 4.05 5.68 22695.8 ReckittB 6005 284.00 8191.3 5510 2.84 18.71 55115.68
ChinaMBank 37.75 -0.10 42.75 34.60 2.88 9.31 22302.83 Gzprm neft 188.27 -14.38 272.68 148.83 9.81 2.53 65314.28 ExpScripts 92.33 - 101.73 66.93 - 11.10 52061.19 TexasInstr 113.16 -0.98 135.70 101.57 2.88 19.85 105688.68
Citic Ltd 8.73 -0.32 12.28 8.50 4.78 4.68 32682.04 RELX 1847 -20.50 2109 1597 2.28 23.96 46540.43
ChinaMob 60.50 -2.90 87.70 58.30 5.39 9.89 159417.2 Lukoil 5592 -107.50 6810 4980 4.97 5.15 56778.13 ExxonMb 47.69 -3.75 83.49 47.20 7.50 13.11 201833.18 TheTrvelers 124.84 5.03 155.09 117.38 2.69 13.26 31838.06
Citic Secs 17.08 -0.22 20.20 13.12 2.37 14.26 5007.83 RioTinto 3505 -103.00 5039 3468.5 6.88 5.66 61270.33
ChinaPcIns 25.30 -1.25 34.75 24.85 4.56 7.04 9035.99 MmcNrlskNckl 21762 1512 22698 13352 10.97 12.54 50465.54 Facebook 181.09 -11.38 224.20 159.28 - 27.44 435656.5 ThrmoFshr 311.17 20.37 342.26 246.67 0.25 33.09 124103.43
CK Hutchison 66.60 -2.20 86.45 64.30 4.85 6.42 33050.95 RollsRoyce 588.20 -31.80 945.60 564.80 1.99 -4.68 14258.17
ChMinsheng 5.53 0.10 6.32 4.98 7.22 3.97 5921.22 Novatek 964.80 0.00 1382.2 901.00 3.00 3.02 42928.69 Fedex 127.68 -13.49 199.32 123.79 2.05 362.05 33339.68 TimeWrnr 98.77 - 103.89 85.88 1.54 15.09 77269.69
CNOOC 10.62 -0.56 15.14 10.52 6.69 7.11 61019.23 RylDShlA 1599.2 -62.20 2637.5 3.04 9.53 7.85 95819.35
ChMrchSecs 18.93 0.22 19.83 14.74 1.43 23.01 15599.57 Rosneft 392.95 -10.45 489.90 389.50 7.33 5.68 61028.55 FordMtr 6.49 -0.47 10.56 6.40 9.78 15.34 25272.57 TJX Cos 58.56 -1.24 64.95 49.05 1.46 22.89 70458.44
HangSeng 147.10 -16.30 212.60 147.00 5.26 11.25 36191.81 Shire# 4690 0.00 4780 2944 0.58 11.63 56567.13
Chna Utd Coms 5.72 -0.03 7.57 5.00 0.96 35.41 17470.45 Sberbank 219.99 -13.37 270.80 202.56 8.09 4.90 69592 Franklin 21.65 -0.11 35.82 21.17 5.08 8.71 10757.83 UnionPac 156.09 -3.72 188.96 148.88 2.39 17.40 107742.92
HK Exc&Clr 255.40 -5.40 286.20 222.00 2.79 33.05 41452.49 StandCh 519.60 -43.00 742.60 519.60 3.17 41.85 22326.6
ChShenEgy 14.10 0.20 19.66 13.46 7.41 5.33 6166.83 Surgutneftegas 35.68 -2.76 54.89 24.06 2.03 3.08 18680.05 GenDyn 163.03 3.34 193.76 155.47 1.93 13.37 47217.94 UPS B 94.00 3.51 125.31 87.67 4.26 15.46 65996.27
MTR 42.65 -1.40 55.75 42.50 2.87 17.74 33799.84 Tesco 240.60 12.10 332.67 210.70 2.40 17.97 25675.62
ChShpbldng 4.63 0.04 7.10 4.09 0.20 236.98 12198.11 GenElectric 9.40 -1.48 13.26 7.65 0.45 444.37 82158.18 USBancorp 42.45 -3.99 61.11 41.41 3.81 9.23 64629.9
SandsCh 34.70 -2.20 45.45 32.80 5.82 17.96 36118.94 Saudi Arabia (SR) Vodafone 136.62 2.26 195.65 122.22 5.83 -20.67 47496.71
ChStConEng 5.68 0.29 6.72 4.93 3.04 6.00 33763.38 GenMills 54.77 5.77 56.40 46.19 3.61 15.62 33125.82 UtdHlthcre 283.87 28.91 306.72 208.07 1.48 19.52 269271.52
SHK Props 111.10 -2.00 142.00 106.00 4.31 7.04 41430.95 AlRajhiBnk 61.00 -0.90 76.90 56.70 6.45 13.21 40642.83 WPP 724.40 -28.40 1085.5 694.40 8.28 13.01 11954
ChUncHK 6.13 -0.19 10.70 6.10 2.57 14.66 24137.94 GenMotors 28.69 -1.81 41.90 28.45 5.60 4.42 40998.07 UtdTech 126.48 -4.11 158.44 120.00 2.46 20.37 109444.28
Tencent 395.80 -3.40 420.00 312.20 0.26 38.31 486584.34 Natnlcombnk 42.00 -3.40 64.40 40.60 5.49 10.54 33580.29 United States of America ($)
CNNC Intl 4.81 0.13 6.73 4.37 2.57 16.24 10788.1 GileadSci 80.22 10.86 80.40 60.89 3.24 35.78 101368.93 ValeroEngy 63.09 -3.16 101.99 58.22 5.87 10.81 25825.08
SaudiBasic 78.30 -0.40 128.00 73.80 5.71 15.60 62603.28 21stC Fox A 28.84 -1.90 41.70 27.73 1.69 11.36 9944.28
CSR 5.13 -0.06 8.19 4.94 3.38 10.61 2885.69 India (Rs) GoldmSchs 192.85 -7.92 250.46 180.73 2.03 8.15 66662.99 Verizon 56.87 2.71 62.22 52.18 4.51 13.82 235206.57
SaudiTelec 84.30 1.70 117.40 80.40 4.98 14.05 44933.64 3M 153.65 4.41 219.75 144.44 3.91 17.23 88356.53
Daqin 7.28 0.03 8.90 7.05 6.78 7.38 15595.12 Bhartiartl 519.15 -4.35 568.85 281.83 0.49 -8.97 38396.92 Halliburton 13.07 -3.89 32.30 12.75 5.83 9.09 11500.44 VertexPharm 233.50 9.47 249.85 163.68 - 26.73 60539.22
Gree Elec Apl 0.11 0.00 0.37 0.01 - -0.03 4.87 HDFC Bk 1134.9 -42.75 1305.5 1047.5 0.73 23.40 84343.33 Singapore (S$) AbbottLb 81.74 4.71 92.45 72.36 1.60 42.00 144143.03 HCA Hold 127.20 0.19 151.97 110.31 1.29 12.04 43047.95 VF Cp 70.13 -1.87 100.25 68.68 2.96 19.85 27681.73
GuosenSec 12.63 0.08 15.13 10.38 0.98 20.14 14923.02 Hind Unilevr 2188.9 14.15 2308.2 1650 1.11 65.06 64241 DBS 23.00 -1.82 28.64 22.96 5.50 8.83 42618.1 Abbvie 88.82 3.11 97.86 62.66 4.97 36.99 131378.7 Hew-Pack 21.41 0.62 23.93 15.93 3.01 10.27 30687.93 ViacomCBS 21.57 -3.04 53.71 20.62 3.53 2.65 12110.94
HaitongSecs 8.74 -0.06 11.30 7.01 1.98 9.73 3834.91 HsngDevFin 2109.45 -66.30 2499.9 1865.2 1.10 15.80 49510 JardnMt US$ 52.39 -3.53 67.49 50.98 3.32 11.47 38397.05 Accenture 178.75 -1.84 216.39 160.50 1.27 23.68 117429.11 HiltonWwde 90.45 -6.75 115.48 81.66 0.70 27.06 25095.15 Visa Inc 184.36 2.60 214.17 144.50 0.57 32.76 314522.66
Hngzh HikVDT 35.22 -1.58 40.09 23.55 1.75 26.55 41057.56 ICICI Bk 486.35 -10.90 552.20 367.65 0.23 43.23 42670.91 JardnStr US$ 26.81 -3.17 40.47 26.00 1.29 9.19 29709.08 Adobe 336.77 -8.35 386.75 249.10 - 55.99 162750.24 HomeDep 228.51 10.67 247.36 179.52 2.25 22.55 249265.8 Walgreen 50.51 4.75 64.50 44.61 3.58 12.29 44744.87
Hunng Pwr 3.13 -0.09 5.22 3.07 3.81 22.51 1893.31 Infosys 738.95 7.25 847.00 615.10 2.60 18.57 42663.11 OCBC 10.21 -0.69 12.19 10.18 4.96 9.24 32594.22 AEP 97.70 8.44 104.97 80.85 2.90 21.43 48280.36 Honywell 164.03 1.86 184.06 150.38 2.11 18.12 116887.75 WalMartSto 117.23 9.55 125.38 96.53 1.81 23.32 332602.02
IM Baotou Stl 1.22 0.02 2.11 1.10 0.59 24.43 5568.54 ITC 181.75 -15.80 310.00 179.75 3.48 14.43 30287.93 SingTel 2.95 -0.12 3.56 2.92 6.25 31.13 34947.01 Aetna - - - - - - - HumanaInc 367.01 47.33 385.00 225.65 0.62 18.44 48490.77 WellsFargo 37.09 -3.76 54.75 36.33 5.25 7.56 152064.82
In&CmBkCh 5.36 -0.10 6.11 4.81 5.39 5.41 59868.8 L&T 1158.9 -28.65 1607 1130.85 1.71 15.78 22052.93 UOB 23.20 -2.07 27.97 23.20 4.77 8.70 28269.45 Aflac 40.78 -2.07 57.18 39.27 2.78 9.50 29464.39 IBM 127.73 -2.42 158.75 124.52 5.28 14.03 113476.36 Williams Cos 17.45 -1.60 29.55 17.12 8.97-550.06 21158.04
IndstrlBk 17.92 0.10 20.66 16.80 3.96 5.70 49195.61 OilNatGas 88.50 -3.45 178.90 87.65 8.71 3.94 15093.82 South Africa (R) AirProd 229.71 10.10 257.01 178.31 2.11 27.35 50692.05 IllinoisTool 164.11 -3.67 190.85 136.92 2.62 20.44 52328.81 Yum!Brnds 89.40 0.15 119.72 87.03 1.92 23.35 26893.52
Kweichow 1155.5 68.11 1241.61 733.65 1.29 34.50 209155.16 RelianceIn 1271 -57.65 1617.55 1095.3 0.52 17.57 109231.79 Firstrand 52.86 -2.26 71.79 52.43 6.10 8.64 18953.17 Alexion 91.98 -2.05 141.86 89.40 - 13.34 20364.45 Illumina 274.42 8.75 380.76 252.43 - 39.67 40339.74 Venezuela (VEF)
Midea 0.98 -0.06 1.65 0.95 5.20 -3.38 27.12 SBI NewA 270.50 -32.50 373.80 244.35 - 17.85 32728.16 MTN Grp 76.50 2.80 114.43 73.00 7.43 14.00 9213.74 Allergan 191.95 1.28 202.22 114.27 1.62 -6.53 63151.94 Intcntl Exch 94.04 4.82 101.93 71.90 1.20 24.16 52046.45 Bco de Vnzla 2255 155.00 2590 250.00 683.49 - 111.78
New Ch Life Ins 29.45 -0.90 46.95 28.85 3.02 6.03 3919.19 SunPhrmInds 400.90 28.00 484.25 344.55 0.76 20.19 13040.41 Naspers N 2469.75 88.81 3750.01 2000.16 0.32 20.56 69597.8 Allstate 107.14 1.89 125.92 92.24 1.93 13.51 33954.13 Intel 55.77 0.25 69.29 42.86 2.36 12.35 238528.29 Bco Provncl 148000-1000.00 210000 10890 - 9.09 218.30
PetroChina 3.01 -0.15 5.47 3.01 5.10 11.47 8172.87 Tata Cons 2116.45 116.30 2296.2 1925 1.54 24.10 107666.27 Alphabet 1295.74 -43.51 1530.74 1027.03 - 26.30 388586.19 Intuit 276.18 10.33 306.89 236.03 0.71 45.85 71941.98
South Korea (KRW) Mrcntl Srvcs 162250-17750.00 210000 21000 0.02 3.37 135.13
PingAnIns 87.70 -0.65 101.00 80.40 2.48 8.63 84054.32 Altria 42.15 1.78 57.88 38.57 8.13 42.85 78330.16 John&John♦ 142.03 7.55 154.50 126.10 2.76 25.58 374441.11
Indonesia (Rp) HyundMobis 203000-16000.00 268500 197500 2.60 8.59 16184.61
PngAnBnk 15.03 -0.08 17.60 11.60 0.99 9.31 42027.23 Amazon 1901.09 17.34 2185.95 1586.57 - 79.64 946382.46 JohnsonCn 38.16 1.59 44.65 34.74 2.88 28.63 29156.04
Bk Cent Asia 22300 200.00 24700 16800 - - 38879.26 KoreaElePwr 21100-2000.00 35600 20600 - -7.10 11361.24 Closing prices and highs & lows are in traded currency (with variations for that
Pwr Cons Corp 4.30 0.09 6.25 3.64 2.34 8.89 6905.07 AmerAir 15.97 -3.08 35.24 14.80 2.65 4.27 6804.16 JPMrgnCh 108.08 -8.03 141.10 98.09 3.23 10.07 332235.39
Israel (ILS) SK Hynix 92600 -200.00 106000 62400 1.71 10.85 56542.68 country indicated by stock), market capitalisation is in USD. Highs & lows are
SaicMtr 22.92 -0.43 30.30 20.33 5.65 8.94 38585.68 AmerExpr 108.24 -1.69 138.13 103.79 1.56 12.37 87462.32 Kimb-Clark 146.46 15.27 149.23 114.62 2.95 23.75 50207.31
TevaPha 37.80 -6.93 61.37 21.75 - -2.66 11894.47 SmsungEl 56500 600.00 62800 40850 2.64 14.79 282904.35 based on intraday trading over a rolling 52 week period.
ShenwanHong 0.06 -0.01 0.13 0.04 - -2.85 63.15 AmerIntGrp 37.84 -4.32 58.66 37.42 3.58 17.54 33050.29 KinderM 19.33 0.16 22.58 18.40 4.92 20.31 43783.68
Italy (€) Spain (€) AmerTower 246.32 19.52 258.62 180.44 1.55 64.69 109098.04 ♦ ex-dividend
ShgPdgBk 11.12 -0.09 13.33 10.22 3.24 5.33 45030.94 Kraft Heinz 26.03 1.26 33.78 24.01 7.42 -2.77 31793.03 ■ ex-capital redistribution
Enel 7.89 0.32 8.61 5.39 3.62 30.96 90739.25 BBVA 4.03 -0.30 5.68 3.96 6.57 5.34 30408.36 Amgen 210.65 10.92 244.99 166.30 2.85 15.30 124242.81
Sinopec Corp 3.93 -0.17 6.75 3.93 11.38 8.78 12903.42 Kroger 32.04 3.91 33.70 20.70 1.82 16.15 25650.82 # price at time of suspension
ENI 10.23 -0.92 16.06 10.19 8.37 14.55 42066.49 BcoSantdr 3.04 -0.28 4.68 2.98 5.52 9.36 57224.48 Anadarko 72.77 - 76.23 40.40 1.50 -63.37 36563.54
Sinopec Oil 2.32 0.15 3.35 1.90 - 102.60 4025.74 L Brands 22.25 0.59 29.02 15.80 6.79 16.86 6151.56
Generali 15.24 -1.02 19.63 15.06 6.09 10.48 27058.62 CaixaBnk 2.18 -0.14 3.14 1.98 7.94 8.33 14768.71 Anthem 282.19 25.10 312.48 227.16 1.18 16.23 71204.98
Denmark (kr) Iberdrola 10.60 0.28 11.35 7.38 3.38 20.54 76240.08 LasVegasSd 54.86 -3.45 74.29 51.17 5.90 21.00 41895.75
IntSPaolo 1.98 -0.22 2.63 1.80 10.16 7.76 39157.36 Aon Cp 214.81 6.81 238.19 160.29 0.83 34.37 49746.15 LibertyGbl 19.00 -0.52 28.62 18.64 - -28.07 3449.8
DanskeBk 101.95 -2.70 135.65 85.90 8.50 6.40 13310.58 Inditex 26.84 -1.29 32.28 23.77 2.44 22.57 94613.86
Unicred 9.95 -1.59 14.44 9.07 2.77 4.53 25139.47 Apple 289.03 15.67 327.85 169.50 1.10 22.981264644.98 Lilly (E)♦ 141.46 15.33 147.87 101.36 1.87 29.72 135289.83
MollerMrsk 6438 -332.00 10555 6216 2.45 21.44 9807.97 Repsol 9.60 -0.53 15.67 9.60 9.73 8.70 17004.31 ArcherDan 37.64 -0.01 47.20 35.78 3.89 16.95 20998.89 Lockheed 382.47 12.60 442.53 292.53 2.43 17.19 107832.58
NovoB 409.30 13.50 447.70 310.15 2.03 24.76 115441.6 Telefonica 5.09 -0.27 7.90 5.02 8.01 15.14 29909.12

FT 500: TOP 20 FT 500: BOTTOM 20 BONDS: HIGH YIELD & EMERGING MARKET BONDS: GLOBAL INVESTMENT GRADE
Close Prev Day Week Month Close Prev Day Week Month Day's Mth's Spread Day's Mth's Spread
price price change change % change change % change % price price change change % change change % change % Red Ratings Bid Bid chge chge vs Red Ratings Bid Bid chge chge vs
GileadSci 80.23 76.13 4.10 5.39 10.87 15.7 17.68 Halliburton 13.07 14.74 -1.67 -11.33 -3.89 -22.9 -41.06 Mar 06 date Coupon S* M* F* price yield yield yield US Mar 06 date Coupon S* M* F* price yield yield yield US
HumanaInc 367.01 370.60 -3.59 -0.97 47.33 14.8 2.19 Carnival 27.15 27.87 -0.72 -2.58 -6.31 -18.9 -37.96 High Yield US$ US$
Kroger 32.04 33.47 -1.43 -4.27 3.91 13.9 14.22 Occid Pet 26.86 31.48 -4.62 -14.68 -5.88 -18.0 -36.11 HCA Inc. 04/24 8.36 BB- Ba2 BB 119.00 3.36 0.08 0.14 2.59 FleetBoston Financial Corp. 01/28 6.88 BBB+ Baa1 A 129.46 2.69 0.01 -0.38 -
CrownCstl 160.82 162.24 -1.42 -0.88 17.53 12.2 6.86 Devon Energy 13.37 15.95 -2.58 -16.18 -2.87 -17.7 -42.20 High Yield Euro The Goldman Sachs Group, Inc. 02/28 5.00 BBB+ A3 A 114.75 2.92 -0.04 0.06 -
Lilly (E) 141.46 140.15 1.31 0.93 15.33 12.2 -3.96 Marathon Ptl 39.15 41.21 -2.06 -5.00 -8.27 -17.4 -29.88 Aldesa Financial Services S.A. 04/21 7.25 - - B 71.10 28.23 0.00 0.64 25.98 NationsBank Corp. 03/28 6.80 BBB+ Baa1 A 129.14 2.73 -0.01 -0.45 -
GenMills 54.77 54.30 0.47 0.87 5.77 11.8 6.71 ShenwanHong 0.06 0.06 -0.01 -11.11 -0.01 -16.4 -22.22 GTE LLC 04/28 6.94 BBB+ Baa2 A- 130.41 2.73 0.01 -0.47 -
Kimb-Clark 146.46 143.31 3.15 2.20 15.27 11.6 1.34 SocGen 21.40 22.79 -1.39 -6.08 -4.19 -16.4 -30.07 Emerging US$ United Utilities PLC 08/28 6.88 BBB Baa1 A- 129.67 2.89 -0.07 -0.70 -
UtdHlthcre 283.87 282.96 0.91 0.32 28.91 11.3 -2.55 CharlesSch 34.13 34.80 -0.67 -1.93 -6.62 -16.2 -28.60 Peru 03/19 7.13 BBB+ A3 BBB+ 104.40 2.60 - - 0.34 Barclays Bank plc 01/29 4.50 A A1 A+ 115.15 2.58 -0.07 -0.72 -
Regen Pharm 494.43 488.17 6.26 1.28 49.86 11.2 26.97 AmerAir 15.97 16.04 -0.08 -0.47 -3.09 -16.2 -43.46 Brazil 01/22 12.50 BB- Ba2 BB- 112.50 5.21 -0.04 0.21 4.58
Brazil 01/23 2.63 BB- Ba2 BB- 95.75 3.80 -0.01 -0.40 1.29 Euro
DominRes 86.70 87.17 -0.47 -0.54 8.52 10.9 1.68 Continental 85.55 84.36 1.19 1.41 -16.07 -15.8 -15.81 Electricite de France (EDF) 04/30 4.63 A- A3 A- 137.45 0.82 -0.01 0.10 -
Costco 311.28 315.76 -4.48 -1.42 30.14 10.7 0.24 NatAusBk 22.00 23.29 -1.29 -5.54 -3.89 -15.0 -14.10 Poland 03/23 3.00 A- A2 A- 100.62 2.83 0.01 -0.21 0.58
Turkey 03/23 3.25 - Ba3 BB 88.50 6.59 -0.30 0.91 4.34 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 124.42 0.68 0.00 -0.11 -
Walgreen 50.51 48.78 1.73 3.55 4.75 10.4 -5.59 Deut Bank 6.78 7.04 -0.27 -3.79 -1.10 -14.0 -14.00 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 121.70 0.93 0.00 0.02 -
Anthem 282.19 287.16 -4.97 -1.73 25.10 9.8 -0.05 Cred Agr 9.30 9.66 -0.36 -3.75 -1.51 -14.0 -30.17 Mexico 01/25 3.60 BBB+ A3 BBB 106.70 2.16 -0.02 -0.30 0.88
Colombia 01/26 4.50 BBB- Baa2 BBB 112.15 2.20 0.13 -0.41 1.43 Finland 04/31 0.75 AA+ Aa1 AA+ 112.39 -0.34 -0.02 -0.27 -
PublStor 228.94 229.06 -0.12 -0.05 19.82 9.5 2.22 Nppn Stl 1089.50 1177.50 -88.00 -7.47 -176.50 -13.9 -28.39
Turkey 03/27 6.00 - Ba2 BB+ 101.26 5.82 0.00 0.17 3.07 Yen
AEP 97.70 98.79 -1.09 -1.10 8.44 9.5 -4.52 Unicred 9.95 10.13 -0.18 -1.80 -1.59 -13.7 -28.29
Peru 08/27 4.13 BBB+ A3 BBB+ 103.50 3.66 0.01 -0.02 0.80 Mexico 06/26 1.09 BBB+ A3 BBB 102.31 0.71 0.03 -0.11 -
WalMartSto 117.23 115.92 1.31 1.13 9.55 8.9 0.57 GenElectric 9.40 10.07 -0.67 -6.65 -1.48 -13.6 -27.64
CME Grp 216.26 221.82 -5.56 -2.51 17.44 8.8 1.71 ANZ 22.14 23.24 -1.10 -4.73 -3.39 -13.3 -14.25 Russia 06/28 12.75 BBB- Baa3 BBB 174.75 2.65 -0.01 -0.20 - £ Sterling
AmerTower 246.32 246.94 -0.62 -0.25 19.52 8.6 3.58 EOG Res 55.30 61.87 -6.57 -10.62 -7.96 -12.6 -27.11 Emerging Euro innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 128.68 3.20 0.00 -0.01 0.40
CVS 64.15 64.36 -0.21 -0.33 4.97 8.4 -9.51 CmwBkAu 73.93 76.75 -2.82 -3.67 -10.50 -12.4 -11.23 Brazil 04/21 2.88 BB- Ba2 BB- 103.09 0.05 0.01 -0.09 -1.19 innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 137.45 2.19 -0.03 0.02 -
DukeEner 99.05 100.13 -1.08 -1.08 7.35 8.0 2.06 CanNatRs 30.26 32.58 -2.32 -7.12 -4.29 -12.4 -22.01 Mexico 02/22 1.88 BBB+ A3 BBB 103.41 0.13 0.01 0.01 -0.50 Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all other London
Mexico 04/23 2.75 BBB+ A3 BBB+ 107.76 0.76 0.00 -0.07 -1.56 close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.
Based on the FT Global 500 companies in local currency Based on the FT Global 500 companies in local currency
Bulgaria 03/28 3.00 BBB- Baa2 BBB 117.04 1.00 0.02 -0.15 -1.42
Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all
other London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.

INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
Mar 06 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Mar 06 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 1.50-1.75 27-09-2018 1.00 1.75-2.00 1.25-1.50 Index change change change 1 month 1 year VIX 41.94 2.32 39.62 54.39 11.03 Mar 06 Price £ Yield Day Week Month Year High Low £m
US Prime 4.25 27-09-2018 4.75 5.00 4.25 Markit IBoxx VXD 42.30 3.65 38.65 54.16 2.47 - - - - - - - - -
US Discount 2.25 27-09-2018 0.75 2.50 1.75 ABF Pan-Asia unhedged 211.26 -0.15 1.33 1.78 1.32 8.45 VXN 43.97 2.57 41.40 50.89 13.58 - - - - - - - - -
Euro Repo 0.00 16-03-2016 0.00 0.00 0.00 Corporates( £) 388.80 0.41 1.22 3.31 0.80 11.33 VDAX 39.98 7.36 32.62 - - - - - - - - - - -
UK Repo 0.75 02-08-2018 0.75 0.50 0.25 Corporates($) 325.74 0.15 1.00 4.55 1.00 4.55 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 4.75pc '20 100.00 0.00 -100.00 -100.00 -100.00 -100.00 103.94 100.00 33.70
Japan O'night Call 0.00-0.10 01-02-2016 0.00 0.00--0.10 0.00--0.10 Corporates(€) 239.36 -0.34 -0.08 0.71 -0.25 4.92 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 1.5pc '21 101.13 0.20 -25.93 -58.33 -66.67 -71.83 101.58 100.78 32.84
Switzerland Libor Target -1.25-0.25 15-01-2015 -0.75--0.25 -1.25--0.25 -1.25--0.25 Eurozone Sov(€) 260.22 0.24 0.71 3.70 1.75 9.41 Tr 4pc '22 107.79 0.09 -47.06 -71.88 -79.55 -87.67 109.86 107.11 38.39
Gilts( £) 380.15 2.41 3.61 9.10 5.95 15.28 BONDS: BENCHMARK GOVERNMENT Tr 5pc '25 124.55 0.07 -61.11 -77.42 -83.72 -92.13 126.04 122.14 35.49
INTEREST RATES: MARKET Global Inflation-Lkd 290.44 0.51 1.20 3.89 3.00 10.45 Red Bid Bid Day chg Wk chg Month Year Tr 1.25pc '27 108.52 0.09 -55.00 -70.97 -80.43 -91.43 108.52 100.93 23.73
Over Change One Three Six One Markit iBoxx £ Non-Gilts 380.24 0.57 1.32 3.79 1.40 10.80 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '32 147.28 0.31 -31.11 -43.64 -56.94 -77.21 147.28 133.58 35.86
Mar 06 (Libor: Mar 05) night Day Week Month month month month year Overall ($) 276.96 0.31 1.13 5.70 1.13 5.70 Australia - - - - - - - Tr 4.25pc '36 158.48 0.45 -29.69 -38.36 -50.55 -70.20 158.48 139.13 30.11
US$ Libor 1.08213 -0.006 -0.489 -0.011 1.00513 0.99888 0.97463 0.94425 Overall( £) 376.48 1.83 2.89 7.40 4.49 13.88 12/21 2.00 102.80 0.42 0.03 -0.18 -0.33 -1.25 Tr 4.5pc '42 182.29 0.62 -23.46 -31.11 -41.51 -61.96 182.29 154.03 26.95
Euro Libor -0.56743 -0.002 0.000 0.000 -0.56486 -0.49657 -0.47300 -0.40900 Overall(€) 251.01 0.11 0.49 2.86 1.29 7.66 Austria 10/25 1.20 110.58 -0.64 -0.03 -0.11 -0.22 -0.71 Tr 3.75pc '52 191.73 0.62 -23.46 -30.34 -40.95 -61.01 191.73 152.65 23.87
£ Libor 0.67988 0.009 -0.005 0.066 0.57238 0.55063 0.54825 0.61350 Treasuries ($) 258.41 0.45 1.18 6.70 1.18 6.70 02/47 1.50 136.85 0.11 -0.03 -0.13 -0.30 -1.15 Tr 4pc '60 222.04 0.57 -25.97 -32.14 -43.00 -63.23 222.04 169.68 23.89
Swiss Fr Libor -0.014 -0.85820 -0.79480 -0.76780 -0.66960 FTSE Belgium 09/22 1.00 104.28 -0.70 0.00 -0.08 -0.15 -0.40 Gilts benchmarks & non-rump undated stocks. Closing mid-price in pounds per £100 nominal of stock.
Yen Libor -0.001 -0.16150 -0.09633 -0.09567 -0.00483 Sterling Corporate (£) - - - - - - 06/47 1.60 133.08 0.33 -0.01 -0.12 -0.29 -1.30
Euro Euribor
Sterling CDs
-0.011
0.000
-0.51300
0.75000
-0.46900
0.83000
-0.43200
0.89500
-0.36200 Euro Corporate (€) 104.47 -0.05 - - 0.54 -1.73 Canada 09/22 1.00 100.55 0.77 -0.12 -0.47 -0.71 -0.98 GILTS: UK FTSE ACTUARIES INDICES
Euro Emerging Mkts (€) 572.53 -10.22 - - -5.67 39.80 06/30 1.25 103.70 0.87 -0.08 -0.31 -0.52 -
US$ CDs 0.000 2.45000 2.56000 2.65000 Eurozone Govt Bond 110.04 -0.19 - - -0.34 -0.64 Denmark - - - - - - - Price Indices Day's Total Return Return
Euro CDs - - - - 11/21 3.00 106.56 -0.85 -0.01 -0.08 -0.19 -0.34 Fixed Coupon Mar 06 chg % Return 1 month 1 year Yield
CREDIT INDICES Day's Week's Month's Series Series 1 Up to 5 Years 90.42 0.17 2480.33 0.75 1.99 0.09
Short 7 Days One Three Six One Index change change change high low Finland 09/22 1.63 106.08 -0.76 -0.03 -0.10 -0.15 -0.46
09/29 0.50 108.86 -0.41 -0.02 -0.11 -0.24 - 2 5 - 10 Years 188.84 0.72 3806.96 2.47 7.43 0.10
Mar 06 term notice month month month year Markit iTraxx 3 10 - 15 Years 231.17 1.48 4927.83 4.44 12.89 0.31
Euro -0.76 -0.46 -0.75 -0.45 -0.74 -0.44 -0.62 -0.32 -0.59 -0.29 -0.56 -0.26 Crossover 5Y 377.61 57.45 74.92 164.42 385.67 202.10 France 04/22 3.00 108.09 -0.76 0.02 -0.09 -0.15 -0.43
4 5 - 15 Years 198.60 0.98 4083.52 3.15 9.01 0.20
Sterling 0.45 0.55 0.70 0.80 0.78 0.88 0.82 0.97 0.89 1.04 Europe 5Y 79.32 11.05 15.22 36.24 82.31 41.09 05/25 0.50 106.08 -0.64 -0.01 -0.10 -0.19 -0.71
5 Over 15 Years 414.00 4.19 6712.16 9.79 25.61 0.59
Swiss Franc - - - - - - - - - - - - Japan 5Y 65.05 6.98 4.08 20.08 65.05 41.89 05/48 2.00 144.98 0.33 -0.01 -0.12 -0.30 -1.22
7 All stocks 198.17 2.28 4183.84 5.58 14.41 0.51
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 91.34 12.28 15.90 42.06 95.35 46.28 Germany 09/22 1.50 106.02 -0.88 -0.03 -0.13 -0.22 -0.44
US Dollar 1.11 1.41 1.09 1.39 0.96 1.26 0.95 1.25 0.93 1.23 0.94 1.24 02/26 0.50 108.24 -0.85 -0.03 -0.13 -0.27 -0.71 Day's Month Year's Total Return Return
Markit CDX 08/29 0.00 106.91 -0.71 -0.04 -0.13 -0.30 -
Japanese Yen -0.35 -0.10 -0.35 -0.10 -0.25 -0.05 -0.25 -0.05 -0.20 0.00 -0.10 0.10 Index Linked Mar 06 chg % chg % chg % Return 1 month 1 year
Emerging Markets 5Y 244.03 21.40 11.58 58.27 249.02 173.62 08/50 0.00 106.39 -0.20 -0.04 -0.14 -0.36 -
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: 1 Up to 5 Years 307.72 0.06 0.46 -0.36 2509.20 0.46 1.02
Nth Amer High Yld 5Y 409.18 41.91 36.51 124.51 409.18 274.89 Greece 02/26 3.65 115.85 1.40 0.18 0.19 0.25 -2.53
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. 2 Over 5 years 832.57 2.66 5.46 13.68 6276.11 5.46 14.15
Nth Amer Inv Grade 5Y 73.23 8.03 8.76 27.89 73.23 43.81 02/26 3.65 115.85 1.40 0.18 0.19 0.25 -2.53
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. 3 5-15 years 518.50 0.72 2.47 6.40 4107.56 2.47 7.23
Ireland 03/22 0.80 102.87 -0.61 0.00 -0.09 -0.09 -0.37 4 Over 15 years 1096.30 3.38 6.59 16.20 8054.07 6.59 16.54
05/30 2.40 126.24 -0.15 0.01 -0.07 -0.12 -1.06 5 All stocks 740.47 2.34 4.84 12.21 5679.09 4.84 12.81
Italy 08/22 0.90 101.93 0.09 0.05 0.07 0.18 -1.12
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED 02/25 0.35 99.26 0.50 0.06 0.03 0.17 - Yield Indices Mar 06 Mar 05 Yr ago Mar 06 Mar 05 Yr ago
05/30 0.40 98.81 0.52 0.09 0.05 0.35 - 5 Yrs -0.01 0.07 0.83 20 Yrs 0.63 0.83 1.70
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
03/48 3.45 130.82 2.01 0.06 -0.02 0.05 -1.61 10 Yrs 0.22 0.36 1.27 45 Yrs 0.56 0.75 1.60
Crude Oil† Mar 41.57 -4.42 Corn♦ May 376.25 -7.75 Mar 05 Mar 05 Prev return stock Market stocks
Japan - - - - - - - 15 Yrs 0.50 0.67 1.57
Brent Crude Oil‡ 45.59 -4.44 Wheat♦ May 513.75 -14.75 Can 4.25%' 21 107.96 -0.319 -0.241 0.49 5.18 88756.40 8
09/22 0.10 100.91 -0.26 0.03 -0.04 -0.09 -0.11
RBOB Gasoline† Mar 1.40 -0.12 Soybeans♦ May 889.75 -1.75 Fr 0.10%' 21 101.26 -1.162 -1.176 -0.02 7.57 249567.43 15
03/26 0.10 102.25 -0.27 0.02 -0.04 -0.12 -0.13 inflation 0% inflation 5%
Heating Oil† - - Soybeans Meal♦ May 304.90 3.80 Swe 0.25%' 22 111.95 -1.258 -1.219 0.07 31.92 195394.82 7
09/47 0.80 112.55 0.32 0.04 0.00 -0.07 -0.30 Real yield Mar 06 Dur yrs Previous Yr ago Mar 06 Dur yrs Previous Yr ago
Natural Gas† Mar 1.72 -0.05 Cocoa (ICE Liffe)X May 1853.00 -2.00 UK 1.875%' 22 112.70 -2.614 -2.593 0.35 15.74 755426.90 28
Netherlands 07/22 2.25 107.26 -0.80 -0.01 -0.10 -0.17 -0.39 Up to 5 yrs -2.58 2.72 -2.55 -2.41 -3.11 2.74 -3.09 -2.98
Ethanol♦ - - Cocoa (ICE US)♥ May 2749.00 37.00 UK 2.5%' 24 364.11 -2.711 -2.692 0.62 6.82 755426.90 28
07/25 0.25 105.38 -0.73 -0.03 -0.11 -0.23 -0.67 Over 5 yrs -2.24 24.94 -2.13 -1.73 -2.26 24.99 -2.15 -1.75
Uranium† Mar 24.85 0.00 Coffee(Robusta)X Mar 1289.00 0.00 UK 2%' 35 298.89 -2.489 -2.460 0.97 9.08 755426.90 28
Carbon Emissions‡ - - Coffee (Arabica)♥ Mar 106.10 -8.90 New Zealand - - - - - - - 5-15 yrs -2.68 10.27 -2.61 -2.04 -2.77 10.27 -2.70 -2.15
US 0.625%' 21 101.79 -0.680 -0.707 0.39 35.84 1523838.11 42
White SugarX 371.40 -12.00 05/21 6.00 105.95 0.93 0.07 -0.24 -0.41 -1.11 Over 15 yrs -2.19 29.95 -2.08 -1.70 -2.20 29.96 -2.09 -1.72
Diesel† - - US 3.625%' 28 133.36 -0.416 -0.402 1.21 16.78 1523838.11 42
Sugar 11♥ 13.12 -0.33 Norway 05/21 3.75 103.30 0.99 -0.03 -0.33 -0.30 -0.18 All stocks -2.24 22.36 -2.14 -1.74 -2.27 22.44 -2.17 -1.76
Base Metals (♠ LME 3 Months) Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Aluminium 1686.50 -31.00 Cotton♥ May 62.80 -0.56 02/26 1.50 103.74 0.85 -0.04 -0.27 -0.48 -0.72 See FTSE website for more details www.ftse.com/products/indices/gilts
value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
Aluminium Alloy 1420.00 0.00 Orange Juice♥ May 96.70 -0.35 Portugal 04/21 3.85 104.89 -0.56 0.00 -0.07 0.00 -0.32 ©2018 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE
amount.
Copper 5645.00 -26.00 Palm Oil♣ - - 02/26 3.30 119.80 -0.02 0.05 -0.07 -0.01 -0.89 Gilt Closing Prices information contained herein is proprietary to
Lead 1844.00 12.00 Live Cattle♣ Apr 106.03 -2.88 BONDS: TEN YEAR GOVT SPREADS Spain 04/22 0.40 101.83 -0.45 0.04 -0.04 -0.06 -0.38 Tradeweb; may not be copied or re-distributed; is not warranted to be
Nickel 12865.00 -30.00 Feeder Cattle♣ Mar 130.50 -3.25 10/29 0.60 104.01 0.18 0.05 -0.09 -0.11 - accurate, complete or timely; and does not constitute investment advice.
Tin 16765.00 -290.00 Lean Hogs♣ Apr 66.05 1.03 Spread Spread Spread Spread Sweden - - - - - - - Tradeweb is not responsible for any loss or damage that might result from the use of this information.
Zinc 1992.00 -22.00 Bid vs vs Bid vs vs 06/22 3.50 109.12 -0.56 -0.01 -0.10 -0.26 -0.36
% Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds Switzerland 05/22 2.00 106.53 -0.91 -0.01 -0.08 -0.14 -0.23 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Precious Metals (PM London Fix)
Gold 1659.60 17.75 Mar 05 Month Year 06/29 0.00 108.62 -0.89 -0.02 -0.04 -0.18 -0.64 at the time of publication. No offer is made by Morningstar, its suppliers, or the FT. Neither the FT, nor
Australia - - - Italy 0.52 1.23 -
Silver (US cents) 1720.00 -5.00 S&P GSCI Spt 345.14 -3.69 - United Kingdom - - - - - - - Morningstar’s suppliers, warrant or guarantee that the information is reliable or complete. Neither the FT nor
Austria -0.64 - - Japan - - -
Platinum 866.00 -11.00 DJ UBS Spot 70.79 -0.26 - Belgium 0.33 - - Netherlands -0.73 - - 07/22 0.50 100.84 0.15 -0.04 -0.17 -0.28 -0.71 Morningstar’s suppliers accept responsibility and will not be liable for any loss arising from the reliance on the
Palladium 2482.00 39.00 TR/CC CRB TR 165.40 -8.47 -12.31 Canada 0.87 1.58 - Norway 0.85 - - 09/25 2.00 110.21 0.14 -0.04 -0.14 -0.26 -0.90 use of the listed information. For all queries e-mail ft.reader.enquiries@morningstar.com
Bulk Commodities M Lynch MLCX Ex. Rtn 231.14 -9.84 -33.05 Denmark - - - Portugal -0.02 - - 07/47 1.50 115.83 0.85 -0.05 -0.09 -0.26 -0.93
Iron Ore 89.50 -2.40 UBS Bberg CMCI TR 12.84 -7.72 -13.17 Finland -0.41 0.30 - Spain 0.18 0.89 - United States - - - - - - - Data provided by Morningstar | www.morningstar.co.uk
GlobalCOAL RB Index 66.75 -2.75 LEBA EUA Carbon 23.51 -4.62 5.43 France 0.33 - - Switzerland -0.89 -0.18 - 09/22 1.88 103.18 0.63 -0.04 -0.46 -0.81 -1.90
Baltic Dry Index 617.00 18.00 LEBA CER Carbon 0.24 26.32 0.00 Germany -0.71 0.00 - United Kingdom - - - 02/26 1.63 104.93 0.77 -0.06 -0.41 -0.76 -1.87
LEBA UK Power 3376.00 81.02 23.98 Greece 1.40 - - United States - - - 11/47 2.75 126.14 1.58 -0.07 -0.21 -0.56 -1.52
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. Interactive Data Pricing and Reference Data LLC, an ICE Data Services company.
unless otherwise stated.

12
Inclusion at work
Hard-won
success comes
against the odds
There are so few black
female professors in the
UK that their portraits all
appear in one exhibition,
writes Emma Jacobs
F
unmi Olonisakin, professor of
security, leadership and devel-
opment at King's College Lon-
don, hopes a new exhibi-
tion, “Phenomenal Women”,
portraying black female professors in
the UK, will help convince the next gen-
eration to stick at their careers.
“I’ve seen a lot of young women leave
academia because they are discour-
aged,” she says. “If you hear the stories
of early career academics, they struggle
and wonder how they will make it
through the career. This sends a mes-
sage that they can do it.”
The exhibition features portraits by
photographer Bill Knight of academics
including Bernardine Evaristo, a profes-
sor of creative writing and a Booker
Prize-winner, and the artist Sonia
Boyce, among others in fields ranging
from geography to law.
Taking part in the exhibition has been
personally important to Prof Oloni-
sakin. It has highlighted others who
have shared the challenges of being part
of a minority in the role and made her
realise “that some of my experiences
haven’t been a one-off”.
Out of about 19,285 professors in UK
universities, 12,795 are white men and
4,560 white women, according to a
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report published last year by Advance
HE, a higher education agency. There
are 90 black men and 35 black women.
The exhibition was curated by Nicola
Rollock, a reader in equity and educa-
tion at Goldsmiths, University of Lon-
don, who last year produced a
report, “Staying Power”, interviewing
black female professors about their
experience of the higher education sec-
tor. Ms Rollock sits on the diversity
groups at the Wellcome Trust and Brit-
ish Science Association and was also
part of a parliamentary committee’s
inquiry into the police and race rela-
tions. Her exhibition will be launched
this month to highlight specific issues
black women face.
The Staying Power report said that a
“culture of explicit and passive bullying
persists across higher education, along
with racial stereotyping and racial
microaggressions. Respondents shared
accounts, for example, of being ostra-
cised by colleagues — including heads of
departments — during meetings and
social events.”
It also found evidence that black
female professors had to have better
academic records than their white
counterparts to gain promotion, exacer-
bated by the track to professorship
being characterised “by a lack of trans-
parency and fairness”. Black female
professors spoke of being undermined
and finding even mundane tasks turned
into a battle, while constantly “having to
strive and prove oneself”. Ms Rollock
says that women spoke of “taking them-
selves for therapy or having very clear
lines between their work life and their
★ † FINANCIAL TIMES
WORK & CAREERS
Nicola Rollock hopes the exhibition ‘Phenomenal Women’ will encourage more black females to persevere in academia — Anna Gordon/FT
home life just to protect themselves and
their sanity from this ongoing onslaught
of undermining and bullying”.
This echoes findings from the Trades
Union Council report on racism at work,
which said that 37 per cent of black and
minority ethnic workers “have been
bullied, abused or singled out at work”.
According to government figures, 6
per cent of the black workforce is either
a manager, a director or a senior official,
compared with 11 per cent of white peo-
ple. In the UK, 2.3m corporate managers
and directors in the UK are white (8 per
cent of white workers) and 36,721 who
Gender intersects with
race and other factors
and it is ‘important we
pay much more serious
attention to that’
are black (3.7 per cent). Some 5.6 per
cent of white workers are science, engi-
neering and tech professionals, com-
pared with 3.3 per cent of black workers.
When workplace discussions focus on
women, they tend to treat them as a
homogeneous group. Gender should be
a priority, Ms Rollock says, “but it inter-
sects with race and other factors as well
and it’s really important that we pay
much more serious attention to that”.
Interviews with black female professors
revealed that feminism might prove “a
rather exclusive terrain”.
What about black male professors? “I
started with the group that’s the small-
est so had it been black men . . . we’d be
having an exhibition on black men.”
Discussions about race are difficult,
says Ms Rollock. “There is a serious and
systemic structural issue that we have in
the UK [that] we don’t confront and
we’re not prepared to talk about openly
and honestly.” Too often white people
Twitter’s double-hatted boss tests the limits of
tolerance of ‘management by absence’
Andrew Hill
Onmanagement
‘
How much time a chief
executive devotes to a
company comes down to
culture, conduct, context
’
and consequences
are defensive on issues of race, which
has the effect of “clos[ing] down conver-
sation, it returns the white person back
to this idea of being a victim or to the
centre of the conversation and you’re no
longer paying attention to the concerns
of [the] under-represented group”,
she says.
She wants the exhibition to highlight
the professors’ achievements and hopes
it will spur colleagues to listen to their
experiences and adjust their own
behaviour accordingly.
In her report she recommends trans-
parent processes for promotion and sal-
ary negotiation, as well as specific initia-
tives supporting black female academ-
ics. She also suggests rigorous training
for managerial staff, as well as creating a
culture in which there is zero tolerance
for bullying and where whistleblowing
is encouraged without reprimand.
“Invisible work” is also a problem.
Black women are frequently encour-
No matter how hard leaders may try,
they cannot expand the number of
hours in the day. When leaders take on
more than one job, it is inevitable that
others will question whether they can
cope. Jack Dorsey, who is chief
executive of both Square and Twitter, is
the latest to come under the scrutiny of
external time-managers, in the form of
Twitter investors.
Hedge fund Elliott Management is
questioning whether the “part-time”
chief executive is distracted.
Scott Galloway, business school
professor and Twitter shareholder, has
also drawn attention to Mr Dorsey’s
ambition to spend some months of this
year in Africa. “It’s a 9-hr time
difference from San Francisco to
Nigeria — so for pressing issues, the
CEO will literally be asleep. How will
absentee leadership affect employee
morale and stress levels?” Prof
Galloway asked in December. Mr
Dorsey last week said he was “re-
evaluating” his Africa plan but
defended his twin roles. Despite
reports of paralysis and indecision at
the company, Twitter staff have rallied
round a #WeBackJack campaign on the
social media site.
Another Jack — Welch — would not
have signed up. The former General
Electric boss, who died last week, used
to turn down invitations to join other
boards expressly because he knew how
much he had on his plate at GE. He was
a hard-charging, hands-on manager.
Which Jack is right? It is hard to
decide. GE offers a less useful
comparison with Twitter than, say,
Patagonia, the Californian outerwear
manufacturer founded by Yvon
Chouinard, who regularly disappears to
remote mountain ranges to indulge his
love of climbing. He has boasted about
his “MBA theory of management” —
standing for “management by absence”.
Mr Chouinard and Mr Dorsey are
similar in other ways. The latter’s quest
for new experiences — in Africa and
elsewhere — echoes the former’s “wear-
testing” of clothing and equipment in
the Himalayas or South America. “A
company needs someone to go out and
get the temperature of the world,”
Patagonia’s founder once wrote.
Silicon Valley was also one of the
cradles of “management by walking
around”, however, as practised by Bill
Hewlett and Dave Packard. They had a
habit of dropping in unprompted on
staff at the technology company and
asking them what they were up to.
Steve Jobs could also be a terrifying
Welch-like presence at Apple.
Monday 9 March 2020
aged to participate in initiatives aimed
at improving diversity, or mentoring
black students. The work is unseen and
unappreciated, and has an impact on
time spent on professional work.
“You’re essentially just giving free
labour and free labour that comes on
the back of your identity . . . If the insti-
tution truly values that expert knowl-
edge then that should be included in
promotions criteria.”
Cynthia Pine, a professor of dental
public health at Queen Mary’s, Univer-
sity of London, is pleased to have an
opportunity to meet other professors
featured in the exhibition. “We’re very
isolated,” she says. The photos help to
shine a light on the data. “You can only
[make a case for increasing diversity] if
you have objective data, otherwise you
get accused of being hysterical.”
‘Phenomenal Women’ is open to the public
at London’s City Hall from 18-31 March
Defenders of Mr Dorsey have pointed
out Jobs held down the top executive
post at Pixar at the same time. But Ed
Catmull, the animation studio’s then
president, has said Pixar was Jobs’s
“sideline . . . a place he could relax a
little and play”. Dorsey defender Elon
Musk heads SpaceX and Tesla, but has
been criticised for micromanaging
problems by working 120-hour weeks
and sleeping on the floor of the factory.
There is a reason why regulators try
to restrict the outside directorships of
executives and insist board candidates
disclose the time they spend on other
commitments. But time allocation
alone is a crude gauge of driven
leaders’ devotion. In keeping the chief
executive focused, happy, and full of
ideas, who is to judge whether
shareholders earned a better return
from Welch’s regular golf games or Mr
Dorsey’s 10-day silent retreat to
Myanmar in 2018.
How much time a CEO needs to
devote to a company comes down to
culture, conduct, context and
consequences.
If management by absence suits
Twitter staff, even encourages them to
do better work, so be it. Mr Dorsey
needs to accompany the propagation of
an idiosyncratic culture with good
judgment and appropriate conduct,
though. His Myanmar stay was
politically tone-deaf; more pertinently
for Twitter, he needs to have the self-
awareness to adjust the hours he
spends at the company when it faces
criticism or crisis.
The big difference between Mr
Dorsey and Mr Chouinard is one of
context. Patagonia is not a listed
company and Twitter is. Patagonia’s
founder has long delegated daily
running to a CEO, but it was his choice
whether to oversee the group while
dangling from a cliff in Argentina or
sitting in a corner office in California.
Finally, consequences. Welch
measured himself and GE by share
price and earnings growth — to an
excessive degree. Whatever the wider
mission of Twitter, results are still the
benchmark by which shareholders will
judge Mr Dorsey. Less than a year ago
some were praising the double-hatted
founder for his humility, low profile
and work ethic. But that was when the
shares were outperforming. He must
now submit to a different consequence,
decide which of his two babies is his
“sideline”, and assign most of his
limited executive hours to the other.
andrew.hill@ft.com

Monday 9 March 2020
All change at the top of business schools
As the role of dean
becomes more complex,
institutions are casting
wide for candidates,
writes Jonathan Moules
I
have never known anything even
approaching this level of change
before.” This verdict on the current
“musical chairs” playing out among
the deans who hold the top jobs at
business schools comes from Anne
Kiem, chief executive of the Chartered
Association of Business Schools.
The changes are dramatic. Ms Kiem,
whose organisation represents UK MBA
providers, says: “In the past 12 months
we have seen a third of our 120 mem-
bers appoint new deans and there is a
limited pool of candidates. Lots of peo-
ple don’t want to move jobs and lots of
faculty academics might fit the bill but
do not want to take on what is a tough
leadership role.”
This rapid turnover at the top of busi-
ness schools, and the widening search
for suitable candidates to fill leadership
roles, is a global trend. In the past 12
months several longstanding deans
have retired, such as Ted Snyder at Yale
University’s School of Management, or
have been promoted to help run parent
universities, such as Kai Peters, who
went from Ashridge Business School to
become pro-vice-chancellor at Coven-
try University.
The churn at the top comes at a time
of exceptional change for business
schools, as the role of deans widens in
scope. They are now business leaders,
responsible for the financial health of
their schools as well as heading aca-
demic institutions.
MBA courses are undergoing some-
thing of an existential crisis, with more
students wanting to pursue shorter pro-
grammes. Alongside that is a sector-
wide — and potentially sector-altering —
debate over the purpose of business
education and its role in teaching future
leaders to be more mindful of environ-
mental, social and governance goals.
Deans have to lead their schools
through this mass of potentially
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★ FINANCIAL TIMES
Sharon Hodgson conflicting demands and institutions
is a former IBM are turning to a more varied pool of can-
general manager didates to meet these challenges. Some
who had no are hiring leaders from multinational
academic businesses, such as Sharon Hodgson at
experience Western University’s Ivey Business
before being School, a former IBM general manager
hired by with no prior academic experience; or
Western choosing heads of other university
University’s Ivey
Business School
departments, such as Fiona Devine, the
sociology professor who now runs Alli-
Charlie Bibby/FT ance Manchester Business School.
This year started with vacancies at
two of the sector’s most recognisable
names, Harvard Business School and
The Wharton School at the University of
Pennsylvania. Wharton recently
announced Erika James as its next dean,
the first woman and the first person of
colour to take the role. She is currently
dean of Goizueta Business School at
Emory University in Atlanta. In the
WORK & CAREERS
frame at HBS, which has always hired
from its current or former academic
staff, are two female faculty: Amy
Edmondson, professor of leadership
and management, and Youngme Moon,
professor of business. “Business schools
are not corporations, but they are aca-
demic institutions with business aspects
to them,” says Jackie Gallagher Zavitz,
a partner at executive search firm Heid-
rick & Struggles. “They therefore look
for someone who can set strategy
and bring people along with them,
as well as having a strong academic
understanding. The trouble is that the
Venn diagram overlap for a per-
sonwithallthosequalities is small.”
Kenneth Kring, co-managing director
of the global education practice at exec-
utive search firm Korn Ferry, likens the
dean’s role to that of a regional general
manager at a multinational. “The key
performance indicators of a dean are
the ability to raise new funds from
donors, generate returns from course
fees and manage campus property
developments,” he says.
Only a handful of business schools are
standalone institutions, so deans usu-
ally have to manage relationships
within a wider university. This often
means building respect among academ-
ics from other disciplines, who may
view the research of management pro-
fessors as inferior to their own, accord-
ing to John Colley, a professor in strategy
and leadership and associate dean at
Warwick Business School.
“There is a slight condescension
towards those of us in the business
school, while at the same time those in
other departments are highly
dependent on us to produce revenue,”
Mr Colley says.
13
Occasionally, professors move from
wider academia into business schools.
Janice Allan was a lecturer in Victorian
literature in the School of English,
Sociology, Politics and Contemporary
History at the University of Salford
when the vice-chancellor asked her to
take on a three-month secondment as
deputy dean of the university’s business
school.
Within a week her term was length-
ened to a year. This month she was
appointed dean. “I believe I was hired
because I had a proven record of KPIs
[key performance indicators],” Ms
Allan says. “I had overseen a fall in the
dropout rate among students and
increased the percentage of undergrad-
uates progressing to masters degrees.
“When I came into the business
school I was concerned that the differ-
ences in my academic discipline com-
pared with the faculty here would be an
insurmountable barrier, but I quickly
realised what I was here to do was
provide leadership.”
Ms Allan has continued her research
into 19th-century popular fiction. Her
latest book, on Sherlock Holmes, was
published last year.
Ann Harrison, a former management
professor at Wharton and director of
development policy at the World Bank,
was appointed dean of the University of
California, Berkeley’s Haas School of
Business in 2019. “The biggest challenge
of this role is the stamina it requires,”
Prof Harrison says. “It is very long days
and you need to be empathetic with a
wide variety of people. You need
patience. You need a vision, too, and you
‘You need really have to be all in.”
The gender balance at the top of busi-
to be ness schools has been narrowing: 25.8
empathetic per cent of business schools are now led
by a woman, up from 20.5 per cent at the
with a end of the 2013-14 academic year,
according to global accreditation body
variety the Association of Advance Collegiate
of people. Schools of Business.
Haas was the first of the “magnificent
You need seven” highest-rated US MBA providers
patience. to be led twice by female deans. “This is
a special place as a centre for liberal
You need a thinking and free speech,” Prof Harri-
son says. “I could never imagine being a
vision, too’ dean of another school.”

14
Björn Ulvaeus: technology is the name of the game
The Abba star has helped
develop an ingenious new
app for session musicians
and songwriters. He talks to
Ludovic Hunter-Tilney
I
like visions. I like it when I can
go: ‘OK, that’s how it’s going to
be. That’s how it has to be in
the future,’” a Swedish-accented
voice says, speaking over a Skype
connection.
The futurist is none other than Abba’s
Björn Ulvaeus. The co-songwriter and
performer in one of the most successful
groups in pop’s history may be stamped
into popular consciousness as a beam-
ing emblem of the 1970s, the decade of
discos, cheap package holidays, rising
divorce rates and solid gold Abba hits.
But he has form as an innovator, too.
“Music has always been driven by
technology,” he says. “Benny [Anders-
son, his Abba co-songwriter] and I used
to be, ‘There’s a new synth, we have to
get that.’” In 1978, they purchased a rare
and extremely costly Yamaha GX-1
synthesiser for SKr300,000 (about
$130,000 in today’s money), which
became a key element in their sound.
“Any equipment that was new in the stu-
dio, we tried it,” Ulvaeus recalls.
Abba were the bedrock of the modern
Swedish music industry, building their
own recording studio in Stockholm and
using compatriots as session musicians
rather than foreigners. Ulvaeus’s home-
land is now one of the world’s leading
exporters of pop. It is also a technologi-
cal hub. Skype, over which Ulvaeus
speaks from Sweden, was co-created by
a Swede. The streaming service Spotify
was devised in Sweden.
Ulvaeus, 74, could have chosen to be a
distinguished founding father observing
all this from the sidelines. But he is
involved in Sweden’s busy music-tech
scene as well. He has partnered with a
software programme called Session that
aims to smooth out the complex and
often contested area of music rights. His
fellow Swede Max Martin, the chart-pop
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★ FINANCIAL TIMES
ARTS
Old school: Björn Ulvaeus in a recreation of Abba’s Polar recording studio — Vianney Le Caer/Invision/AP
maestro who has written more US
number one singles than anyone bar
Paul McCartney and John Lennon, is
another investor.
Abba were Session, formerly known as Auddly,
scrupulous was dreamt up and developed by Swed-
ish songwriter and producer Niclas
about crediting Molinder. He won Ulvaeus’s support
their session when they met at a celebration of Abba’s
40th anniversary at Tate Modern in
players. ‘It was a London in 2014. Ulvaeus was instantly
struck by the project’s potential.
collaboration. Six years after the Tate encounter,
Their input was Session is up and running. Its function is
to register individual contributions to
incredibly recordings at the moment of creation.
Musicians download it on to their
valuable’ phones and activate it when they arrive
in the studio. When they play their part,
the app logs that they have done so.
Compatible studio software will do the
same: Session is embedded in Pro-Tools,
a widely used recording programme.
The metadata gathered during studio
sessions can be incorporated into
streaming services so that individual
musicians become searchable on song
databases as well as named performers.
Songwriters and studio engineers can
also employ it to ensure they are cred-
ited properly — a minefield for the
music industry.
Ulvaeus illustrates its use through the
example of one of Abba’s most famous
singles. Recorded in 1975, “Fernando”
opens with singer Anni-Frid Lyngstad
taking the role of an old soldier, singing
plaintively “Can you hear the drums,
Fernando?” to a former comrade-in-
arms. In the background, a military tat-
too rat-a-tat-tats its beat. Yes, Fernando
can hear the drums.
The drummer was session player Ola
Brunkert, a regular on Abba’s songs.
“Had the technology been around, Ola
would have had a smartphone with the
Session app downloaded,” Ulvaeus says.
“He would have walked through the
doors of the studio that morning. We
would have been working with Pro-
Tools where Session is integrated. We
would have written the song already, so
that’s already in Session, the producer is
there, the sound engineer is there. The
only thing now is to record the musi-
cians and after that the truth is there
about ‘Fernando’, everything.”
In the 1970s, of course, there were no
smartphones or apps. Back then, proof
of Brunkert’s appearance required
paper documentation. Abba were scru-
pulous about crediting their session
players. “It was a collaboration and their
Bite-sized reflections on womanhood
PODCASTS
Fiona
Sturges
In the new podcast Anthems, women
from an assortment of backgrounds and
professions offer reflections and
manifestos based on a single word that
encapsulates their feelings on
womanhood. In a medium that often
errs on the side of long-winded, these
bite-sized episodes are deliciously brief
and to the point, with none exceeding
10 minutes.
The series — episodes of which are
released daily this month to mark
International Women’s Day on March 8
— comes with an excellent pedigree. It’s
produced by Hana Walker-Brown, who
made last year’s terrific The Beautiful
Brain. It’s also part of the first wave of
shows released via Broccoli Content, a
new network launched by Renay
Richardson (producer of The Receipts
and About Race with Reni Eddo-Lodge
podcasts), in partnership with Sony
Music, aimed at highlighting under-
represented voices.
So far the guest speakers on Anthems
have included the Booker Prize-winning
writer, Bernardine Evaristo, on
community; the model and activist Jada
Sezer on development; the food writer
and cook Ruby Tandoh on
nourishment; the performer and
input was incredibly valuable,” Ulvaeus
says. “We used the same musicians
almost all the time.”
Others have not been so conscien-
tious. In the 1960s and 1970s, session
musicians had fewer legal rights than
they have today; it was not unknown for
their names to be left off the credits.
Other times, human error has caused
confusion in the form of misspellings
and wrong details. Then there is the
problematic question of apportioning
responsibility for a hit song. Success has
many parents.
“You get the conflicts of someone say-
ing ‘I played that,’ and another person
going, ‘No you didn’t, I played that,’”
Ulvaeus groans. “All the emails, all the
phone calls, all the information getting
distorted along the way. So it’s detective
work to find out afterwards. If you have
15 songwriters and 10 musicians on a
Abba in 1976, from left, Björn Ulvaeus, Agnetha Fältskog, Anni-Frid Lyngstad
and Benny Andersson — RB/Redferns/Getty Images
theatre-maker Abbi Greenland on
uncertainty; and the author Zing Tsjeng
on forgiveness. There is no proselytising
here; instead the tone is thoughtful and
reflective, sometimes playful and, on
occasion, stingingly raw.
Some speakers, such as Evaristo,
look outwards as they examine how
women can assist and elevate others
in their creative endeavours.
“Individual success is most meaningful
when we take on the responsibility to
bring our community with us,” she
explains. “We need to counteract our
exclusions where it happens with our
own support networks.”
Others look inwards, poignantly
Author Bernardine Evaristo
contributes to the ‘Anthems’ podcast
Monday 9 March 2020
Sales from performance rights
on the rise
Global music revenues*, by
segment ($bn)
Performance rights
25
Streaming
Digital 20
Physical
15
10
5
0
2001 05 10 15 18
*excludes synchronisation revenues ($400m in 2018)
Source: IFPI
song that becomes a hit several years
after, it’s impossible to work out who
played what and who wrote what. It
ends with a conflict and the money ends
in a black box and no one gets paid.”
In contrast to collapsing sales of
music, revenue from rights is growing.
The UK collecting agency PPL, which
has linked up with Session, collects fees
for musicians, songwriters and record
labels whenever music is broadcast by
media or played in public. In 2018, per-
formance rights accounted for $2.7bn of
the $19.1bn global recorded music reve-
nues. Session is designed to streamline
and improve the accuracy of the infor-
mation required by the likes of PPL to
understand who is owed what.
“I always thought that our industry
was quite opaque because of its com-
plexity. I’d like it to be much more trans-
parent,” Ulvaeus says. He has been back
in the studio himself, for Abba’s surprise
reactivation in a mysterious new project
under development involving digital
avatars of the foursome, aka “Abbatars”,
singing old and new material. Two unre-
leased songs have been recorded;
although not, it turns out, using Session.
“No, because it wasn’t quite ready,”
Ulvaeus says. “We recorded them quite
some time ago, actually one and a half
years ago.” So will other new Abba
songs, yet to be recorded — a final twist
in the tale for this most celebrated of
bands — be made using Session? “Yes,
absolutely!” Ulvaeus says brightly, dis-
closing a tantalising, albeit opaque,
glimpse of Abba’s future.
articulating the thoughts and
insecurities that women so often strive
to hide. Tsjeng, for instance, articulates
her ambivalence towards her physical
self. As a woman wholly apprised of
patriarchal influence and the insidious
ways women are encouraged to criticise
themselves, she asks: “Why can’t I
simply feminist myself out of hating
my body?”
Meanwhile, Greenland looks back at
her abortion at the age of 27. At the time,
she breezily told friends and family,
“I’m fine with it,” but now sees that her
hidden uncertainty was a natural
reaction — “I was wrestling something I
couldn’t see and didn’t understand.” In
the five years since, she has, she points
out, become “fine with it”.
The Last Bohemians, which provides
superior portraits of the pioneering
women of the past, has returned for a
second season, opening with the
octogenarian folk legend Judy Collins,
who talks about art, activism, addiction
and the time, while on mushrooms, she
ran over a rabbit while driving,
prompting her, in her altered state, to
confess to her husband that she was
having an affair.
As with the first series, the production
is delicate and atmospheric, and the
conversations take place with minimal
interventions from the host and
interviewer Kate Hutchinson. Future
episodes will feature conversations with
the fashion designer Zandra Rhodes, the
publisher and writer Margaret Busby
and the experimental film-maker
Vivienne Dick.

Monday 9 March 2020
Femicide rates have doubled in Mexico in the past five years. With a climate of impunity for the killers,
victims’ families and activists are directing their anger at Andrés Manuel López Obrador’s government.
A
na Sánchez Vázquez breaks
apart a bunch of dried roses
and scatters the petals over
her daughter’s grave. The
grass adorning the plot has
been scorched by the sun and wind. A
photograph of the 19-year-old Mexican
woman, murdered in August, hangs
from a metal cross, the smiling image
already half faded. What has not been
effaced are the words above the picture:
“We demand justice for Noemi Haydée
Hernández Sánchez.”
The young woman — raped and stran-
gled, her hands bound, her body
dumped face down by the side of a high-
way less than a fortnight after her birth-
day — was a victim of femicide, the
intentional killing of women and girls
because of their gender. No one has
been convicted of her murder.
As violence in Mexico has surged,
femicides have more than doubled in
the past five years, to over 1,000 in 2019,
according to interior ministry data.
Based on death certificates, the state
statistics institute Inegi, an autonomous
institution, puts the surge even higher:
since 2007, murders of women — not all
officially classified as femicide — have
more than tripled to an average of 10 a
day in the face of what families and cam-
paigners say is near total impunity.
Already in 2020 there have been
more than 360 cases but two atrocities
in February — the murder of Ingrid
Escamilla, images of whose skinned and
mutilated body were splashed in tabloid
newspapers, and the abduction and
murder of 7-year-old Fátima Aldrighett,
her tortured body discovered in a plastic
bag — have fuelled a tide of protest and
fury that has put pressure on President
Andrés Manuel López Obrador, already
struggling with a faltering economy.
“It’s like this is in fashion,” says Ms
Sánchez, “as if it were normal. There’s a
lot of evil around . . . You want to burn
things down and shout and scream but
nothing will give us our daughters
back.”
The issue has rocketed to the top of
Mexico’s political agenda after a spate of
protests including one in which masked
women daubed graffiti on the walls of
the National Palace and tried to set fire
to a door while Mr López Obrador was
holding a news conference inside.
The anger shows no sign of abating
and “could become one of the Achilles’
heels of AMLO’s government,” says Iván
Castro, head of market research firm
PQR Planning Quant, which found in a
survey last week that twice as many
women disapproved of the government
than men.
The country’s first nationwide female
labour strike is scheduled to take place
today, exhorting women to be conspicu-
ous by their absence and disappearing
from the economy — staying home from
work and school, not going out, not
doing household chores and not buying
anything. Schools will stay open but
many government departments, banks,
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★ FINANCIAL TIMES
FT BIG READ. MEXICO
By Jude Webber
‘You kill a woman here
and nothing happens’
Ana Sánchez offices and supermarkets have given
Vázquez tends women the choice of whether to work or
to the grave of not, promising there will be no penalties
her daughter if they strike.
Noemi Haydée Mr López Obrador, a socially conserv-
Hernández ative 65-year-old nationalist who prides
Sánchez, who himself on his man-of-the-people back-
was killed in ground, has appeared out of touch on
August. No one the issue even though more than half of
has been all female voters in the 2018 election
arrested for her backed him.
murder. Right: a When the subject was raised at a press
protest outside conference in February — at which Mr
the National López Obrador announced the funding
Palace against of lottery prizes to match the value of
the ‘indifferent’ the presidential plane — he snapped
response to the that he did not want femicide to domi-
crisis of nate the day’s agenda and that it “has
President been greatly manipulated in the media”.
Andrés Manuel He has also sought to blame what he
López Obrador, calls the neoliberal policies of his prede-
below — Bénédicte cessors, which he argues are the root
Desrus
cause of Mexico’s economic and social
ills, for the rise in femicides. A poll on
March 2 in the Reforma newspaper sug-
gested that the population disagrees. At
least 60 per cent of respondents pointed
to Mexico’s impunity for rising femi-
cides and only a quarter agreed that
neoliberalism is the underlying factor.
“He [López Obrador] is insensitive,
he minimised the issue . . . It’s as if the
[femicide] figures don’t speak for them-
selves,” says Norma Murillo, whose 24-
year-old daughter, Valeria Jiménez
Murillo, was brutally beaten before
being shot and killed last June.
The young woman’s boyfriend, a
municipal policeman, was arrested and
is awaiting trial. But Ms Murillo fears
that even if he is convicted, any sen-
>360
Females killed in
tence could be too lenient. “We need
tougher penalties. You kill a woman
Mexico this year
here and nothing happens,” she says.
‘Environment of impunity’
60% The deliberate killing of women is a glo-
bal horror — the UN estimates that
87,000 women were murdered in 2017
Of respondents to a
March 2 poll believe and in Mexico the phenomenon is tragi-
Mexico’s culture of
impunity is the main cally not new. Ciudad Juárez, a manu-
reason behind the facturing hub bordering El Paso in
rise in femicides Texas, witnessed hundreds of killings of
women, starting in 1993 and continuing
into the 2000s, in which the victims
34,588 often displayed signs of sexual violence.
Ecatepec in south-central State of Mex-
Overall number of
murders in Mexico ico, and the coastal state of Veracruz, are
last year — almost other places that have also seen grue-
100 a day, a record some levels of femicides in recent years.
“Judicial ineffectiveness when dealing
with individual cases of violence against
women encourages an environment of
impunity that facilitates and promotes
the repetition of acts of violence,” wrote
the Inter-American Court on Human
Rights in a 2009 ruling on the murder of
three women whose bodies were found
in a field in Ciudad Juárez in 2001. The
court added that it “sends a message
that violence against women is tolerated
and accepted as part of daily life”.
The ruling could have been written
today: victims’ families and women’s
groups say prosecutors are under-
funded, overwhelmed and often not
interested.
When Ms Sánchez went to the public
prosecutor’s office in Tizayuca, in the
state of Hidalgo, to report her daughter
missing, she was told to “go and look for
her — she’s probably still with her boy-
friend in a hotel”. She adds: “It’s as if
you’re the criminal, they interrogate
you.”
Fátima Aldrighett’s relatives were
told to wait 72 hours to see if she turned
up before an investigation could begin —
something the family say may have pre-
vented the 7-year-old from being res-
cued alive.
Mexico City Mayor Claudia Schein-
baum acknowledged what she called a
“chain of institutional negligence” in
Fátima’s case shortly before two people
were arrested in connection with her
murder. In the case of Ingrid Escamilla,
her husband, blood streaking his torso
and soaking his jeans, was arrested and
confessed to killing her.
But in a country where distrust of the
authorities and a justice system plagued
by inefficiency and corruption translate
into only 10 per cent of all crimes being
reported, only 6 per cent being investi-
gated and just 136 convictions for femi-
cide in 2018, according to Inegi — most
killers literally get away with murder.
“There are two enabling factors —
Mexico’s utter impunity for homicides
and the fact that it has long been known
that there are contagion factors,” says
Vanda Felbab-Brown, a security expert
at the Brookings Institution. “The grue-
someness of murders in my opinion
encourages more.”
Mr López Obrador insists that he is
“working every day to guarantee peace”
adding that “we are dealing with the
problem of femicides”. But Olga
Sánchez Cordero, interior minister,
admitted that “we’ve come late” to the
problem.
Compounding the difficulties, experts
say prosecutors lack training in gender-
based violence. This means that not all
femicides are investigated as such. The
number of femicides is dwarfed by over-
all homicides — Mexico hit a record total
of 34,588 murders last year — almost
100 a day. Official data show that a key
trigger for the rise in murders of both
men and women was former President
Felipe Calderón’s failed military war on
drugs, launched in 2006.
“Since 2007, there has been a very
clear increase of murders of women in
public spaces, and murders in private
spaces have also risen. In states which
have seen more militarisation and more
intense drug trafficking conflicts, the
violent deaths of women have also
increased,” says Tatiana Revilla, direc-
tor of Gender Issues, a public policy
think-tank. “I think the context we’re
living in has an influence.”
Traditional male-female roles in a
country in which more than four out of
10 women say they have suffered vio-
lence at the hands of their partner
throughout their entire relationship is
another factor.
“We’re stupid — we let ourselves be
mistreated,” says Zenaida Chávez,
whose daughter Linda Olguín Chávez
went back to her abusive partner, only
to be stabbed to death, her throat cut, in
2014. The couple’s one-year-old daugh-
ter, now brought up by Ms Chávez, was
also beaten and nearly killed.
“I am sure femicides have risen
because of a lack of response on the part
of the authorities,” says one prominent
activist who goes by the pseudonym
Frida Guerrera. “For years they have
allowed it to grow.”
A row erupted last month over how
the crime of femicide — a designation
currently based on seven factors,
including the presence of sexual vio-
lence, a relationship with the perpetra-
tor or the woman’s body being exhibited
in public — should be categorised.
Alejandro Gertz Manero, Mexico’s
attorney-general, caused outrage when
his suggestion of treating femicide in the
same way as homicide was interpreted
in the media not, as he insisted, as a way
to make it easier to prosecute crimes,
but as an attempt to eliminate the con-
cept of femicide altogether.
The government’s leaden handling of
the subject deepened when Mr López
Obrador unveiled a 10-point list outlin-
ing his stance on violence against
women. Feminists panned it for con-
taining platitudes like “women should
be respected”, “it’s cowardly to hurt a
woman” and “no to hate crimes against
women” without any concrete measures
to rein in the femicide phenomenon.
“He hasn’t incorporated the chip of
what gender violence is, he doesn’t
understand,” says Ms Guerrera of a
president who has promoted gender
15
parity in his government but incensed
women’s groups by cutting state aid to
shelters for female victims of domestic
violence and nurseries. “But I believe in
the president . . . I think he’ll get there.
We have to make him see it.”
#A day without us
Campaigners believe today could be a
turning point. After yesterday’s Interna-
tional Women’s Day march, women are
today being urged to opt out of public
life for 24 hours under the banner “on
the 9th, nobody moves — #A day with-
out us”.
‘It’s like this is Women’s participation in the work-
force in Mexico has been increasing in
in fashion, as recent years. Yet only four out of 10
if it were women or about 22m have jobs. And
more than half of Mexico’s economy is
normal. You in the informal sector — which employs
want to burn more females than males — but where
workers pay no taxes and a day without
things down work means a day without pay.
and shout Still, Mr Castro predicts “massive par-
and scream ticipation” even if so-called maquilado-
ras — factories making consumer goods
but nothing for export, which are major employers
will give us of women — are not expected to join in.
Nevertheless, Carlos Urzúa, who
our resigned last year as finance minister
daughters and has emerged as a strident López
Obrador critic, estimated in El Univer-
back’ sal newspaper earlier this month that
Ana Sánchez the impact of the strike could cause a
Vázquez $1.5bn drop in gross domestic product.
“We’ve reached a limit — feminist
groups and women won’t be quiet now,”
‘It has long says Ms Revilla. “The pressure will be
there with every case until they manage
been known to bring the numbers down.”
that there are
contagion
That would require earmarking a
chunk of scant resources solely to inves-
tigating femicide cases, enforcing
factors. The tougher sentences and investing in
domestic violence prevention pro-
gruesome
murders in
grammes, says Ms Felbab-Brown.
Homicide levels have stabilised since
Mr López Obrador took office in Decem-
my opinion ber 2018 — something the president fre-
encourage quently refers to — but polls show crime
more’ and security remain key concerns as the
government struggles to show results
Vanda and the economy craters. The presi-
Felbab- dent’s disapproval ratings have tripled
Brown, to 28 per cent from a year ago, according
to a new survey by pollsters Buendía &
Brookings Laredo, but his support remains a highly
Institution respectable 62 per cent.
Ms Sánchez says she came under
pressure from local authorities in her
hometown of Tizayuca not to publicise
her daughter’s death to avoid making
officials look bad. Authorities could not
be reached for comment.
Ms Sánchez put up a banner depicting
Noemi at the town hall on Saturday.
“I’m not looking for vengeance,” she
says. “I’m looking for justice.”
Yet, the grisly death toll continues to
rise. On a mural on a Mexico City wall
that used to read, “Every day 6 women
die because of gender violence crimes”,
the 6 has been crossed out and replaced
by a 10.

16
MONDAY 9 MARCH 2020
Virus risks emergency
landing for airlines
Targeted intervention could help carriers weather the turbulence
Warren Buffett’s famous critique of air-
lines — that they make poor invest-
ments and are little more than “bot-
tomless pits” in which to throw money
— has never seemed more apposite.
Carriers are facing one of their greatest
challenges as the rapidly spreading
coronavirus has caused a slump in pas-
senger demand. The International Air
Transport Association estimates air-
lines could lose a stunning $113bn in
revenue this year alone if the virus con-
tinues to spread. That is about four
times the previous estimate published
last month.
Big US carriers have announced
sharp cuts to capacity. Across Europe
there are fears that passenger numbers
could plunge by as much as 24 per cent
this year. Lufthansa on Friday said it
would slash capacity by half in coming
weeks. Investors have voted with their
feet, sending airline shares down
nearly 25 per cent since the outbreak
began — some 21 percentage points
greater than the decline at a similar
point during the 2003 Sars crisis.
Despite the turbulence, government
bailouts are not the right answer to eco-
nomic contraction or to help under-
write failing business models. In the
UK, the government was right last
week not to intervene to save regional
airline Flybe. The carrier was already
on a perilous financial footing. Nor is
the industry alone in suffering the
damaging consequences of the crisis.
Italy’s decision to lock down the region
of Lombardy will have significant
repercussions, not just for travel indus-
tries but for the wider economy.
It also worth noting that the US
industry in particular, whose carriers
have in recent years been the world’s
most profitable, is in a very different
state thanks to a drastic consolidation.
The restructuring even lured back
long-term critics, including Mr Buffett,
who now owns stakes in several
UK budget should favour
support for the economy
The chancellor has scope for a modest relaxation of the fiscal rules
Britain’s chancellor Rishi Sunak is set
to mark a break with a decade of aus-
terity on Wednesday. The new chancel-
lor, appointed last month after his
predecessor Sajid Javid clashed with
the prime minister, will unveil a Budget
whose centrepiece is likely to be new
spending announcements. With the
negotiations on a post-Brexit trade deal
with the EU and, even more, the coro-
navirus epidemic threatening to create
a drag on the economy, this is the right
approach: fiscal policy should support
growth through a difficult year.
Yet this conflicts with the govern-
ment’s spending rules. While these
allow the government to borrow for
capital expenditure, day-to-day spend-
ing is to be financed out of taxation.
Downgrades to productivity forecasts,
previously-announced spending deci-
sions and accounting changes to the
treatment of student loans all mean
that, under the current rules, there is
no room to spend more on public serv-
ices without raising revenues.
This time, though, higher current
spending need not be balanced by tax
increases. Instead, facing so many eco-
nomic headwinds the government
should relax the fiscal rules, borrow —
within sensible limits — and spend in
order to strengthen the economy. Gilt
yields have fallen sharply as fear over
the economic impact of the coronavi-
rus has spread; markets are relaxed
about the prospect of higher UK debt.
The global economy may well be
heading into its first recession since the
financial crisis. Even in a benign sce-
nario where the coronavirus does not
spread as far as anticipated and fades
away as winter ends, the damage to
growth from the prolonged shutdowns
in China and northern Italy alone could
hit employment, wage growth and
living standards. In those circum-
stances, especially with interest rates
already low, fiscal policy should
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carriers. The virus could lead to a simi-
lar clear-out in Europe where too many
airlines are still chasing too few passen-
gers. Some governments have been all
too happy to support ailing flag carri-
ers. Partial consolidation has already
begun but the virus could give it wings.
All this does not mean there is no
room for assistance. Insurance policies
will vary for each airline but not all of
them will be covered. Targeted inter-
vention would not be unprecedented
and can prove a useful tool during
emergencies. The European Commis-
sion lent a helping hand to ailing air-
lines in 2002, after the 9/11 attacks in
the US; in 2003 after the Sars epidemic
and the Iraq war; and again in 2009
after the financial crisis. The help con-
sisted of relaxing strict EU rules that
govern the use of slots at airports. Air-
lines must use their allocated slots 80
per cent of the time or risk losing them.
These rules have already been relaxed
for flights to and from Hong Kong and
mainland China. In Europe, some car-
riers are operating “ghost” flights to
keep their slots. It would make sense to
suspend these rules temporarily.
Other measures could include air-
ports reducing aircraft landing and
parking charges. Singapore has already
done so. It would, however, be difficult
to see private owners of airports in
western nations agreeing to follow suit.
The UK government is under pressure
to suspend air passenger duty for the
next six months in this week’s budget.
Yet the virus should not obscure
what is by far the largest threat to the
industry: climate change. Airline pas-
senger growth typically increases
faster than economic output. Accom-
modating this in a low-carbon world is
a daunting challenge. Companies are
investing in developing electric planes,
but carbon-free long-haul flying is
unlikely to become viable over the next
few decades, if ever.
favour supporting the economy.
The extra spending should be care-
fully targeted. Investing in infrastruc-
ture to help raise productivity is sensi-
ble. But more money for services
including education, particularly for
those who do not go to university, will
also be needed to “level up” the coun-
try. Funding for the National Health
Service will be vital to help services to
cope with the disruption caused by
Covid-19. Local authorities need a help-
ing hand after bearing the brunt of cuts
over the past 10 years.
The government should also ensure
those in precarious employment have
the support to be able to take sick leave.
It has already said statutory sick pay
will begin immediately rather than
after four days, but this does not go far
enough for the self-employed and con-
tract workers — many of whom cannot
afford to take even a day off. Britain’s
social safety net was designed for an era
of steady manufacturing employment,
not an insecure gig economy.
An expansionary Budget does not
mean the government should waste the
opportunity provided by a new parlia-
ment and a large majority to launch tax
reforms. Modest tax rises this time
could pave the way for more in the
October Budget if the current eco-
nomic turbulence abates. A surcharge
for overseas home buyers, and ending
the nearly decade-long freeze on fuel
duty as well as entrepreneur’s relief are
all good candidates. Scrapping subsi-
dies on fuel for farmers and construc-
tion workers is a sensible measure to
tackle climate change, but needs to be
carefully handled. France’s gilets jaunes
protests are a cautionary tale.
Low interest rates and a struggling
economy are not an excuse to abandon
fiscal prudence altogether. But the
multiple headwinds the country is fac-
ing justify, for now, a careful relaxation
of the rules.
★ FINANCIAL TIMES
Letters
Ability and experience: a valuable combination
Camilla Cavendish in her wide ranging
article on the increase in the
“unretiring” of senior executives and
politicians, with a greater proportion
working during an “extended middle
age” rightly highlights the examples of
the US president and the presidential
candidates (“It is time to wake up to
the challenge of longer lifespans”,
February 29). Perhaps, however,
during an era of diversity and with
International Women’s Day this month,
she might have included Elizabeth
Warren, the senior US senator from
Massachusetts, who at 70 is only
slightly younger than Bernie Sanders,
Mike Bloomberg and Joe Biden.
Given the importance of public
figures as role models, Ms Cavendish
might also have mentioned the age and
seniority of numerous members of the
legislative branch of the US
government. These include Susan
Collins, the senior US senator from
Welch was not to blame
for mistakes made later
Further to your editorial “Welch’s
mixed legacy is a sign of changing
times” (March 5): surely the lesson of
General Electric’s extraordinary
success under Jack Welch, and
subsequent decline under Jeff Immelt,
is that businesses can never stop
adapting. Welch created a GE for the
1980s and 1990s. By the end, when I
worked for him, he had built it up into
the most valuable company on earth. It
was up to his successors to take that
legacy and adapt it to the world of the
2000s and 2010s. While tempting, it
seems perverse to blame Welch for
mistakes made five, 10, 15 years later.
He gave himself an F for picking his
successor, which seems fair. He also
gave himself an A for his own
leadership. That too seems fair.
Patrick Macdonald
Chairman,
School for CEOs,
Edinburgh, UK
Does it ever make sense
to sell off a crown jewel?
Where in the conglomerate discount
playbook does it make strategic sense
to divest a “crown jewel” in favour of a
portfolio of lossmaking or
commoditised business units? (“Lifts
deal takes buyout boom to next level”,
March 6.) Setting aside what may in
hindsight emerge as a Minsky moment
in a private equity market awash with
dry powder, what are the long-term
prospects of the slimmed down
Thyssenkrupp?
Corporate strategy units in the dying
breed of wayward conglomerates
might consider spending a bit more
time determining what is core and non-
core. As laudable as it has been for
Toshiba to shed 53 of its sprawling 350
subsidiaries in a bid to arrest the
financial meltdown sparked by its
bankrupt Westinghouse unit, one
might ask what the strategic value was
in selling its prized memory chip
division. And how has Pearson fared
since the divestment of stakes in The
Economist, Penguin Random House
and these hallowed salmon pages to
focus on educational publishing, a
sector in long-term structural decline?
Mark Eisinger
Dubai, UAE
Playing the
hunter at his
own game
Book review
Anne-Sylvaine Chassany
Le Consentement
by Vanessa Springora
Grasset, €18
Maine (age 67), Jackie Speier, the US
representative for California’s 14th
congressional district (age 69), Nancy
Pelosi, Speaker of the House of
Representatives (age 79) and Dianne
Feinstein, the senior US senator from
California, who is a mere 86. Nor
should it be overlooked that the third
branch of the US government, the
Supreme Court has its own role
models, who exhibit comparable
longevity, for example, Clarence
Thomas (age 71), Stephen Breyer (age
81) and Ruth Bader Ginsburg (age 86).
During a BBC radio broadcast
over Christmas, Ms Ginsburg engaged
with her much younger UK Supreme
Court counterpart, Lady Hale, who at
the age of 75 was having to retire from
the court due to a mandatory
retirement age in the UK. The
comparison between the two systems
couldn’t have been more graphic,
and our loss of judicial experience
Ruth Bader Ginsburg and Brenda Hale: role models — Alamy
Lasting peace will be hard
to achieve in Afghanistan
Recent headlines have celebrated a
breakthrough in the peace talks
between the US and the Taliban (“US
hails signing of peace deal with Afghan
Taliban”, FT.com, February 29) but any
optimism should be cautious at best.
Sustainable peace is rarely achieved
exclusively by negotiations at the top,
much less when such negotiations
exclude the majority of those affected
by conflict.
The key component of the recent
agreement is to establish future intra-
Afghan dialogue, including the Taliban
and a range of other actors from within
and outside the Afghan government.
This nascent process faces the
possibility of making two key mistakes
that could cause it to falter before it’s
even begun: first, that it fails to
meaningfully include a cross-section of
Afghan society and therefore lacks
legitimacy and buy in; second, that it
does not begin from an understanding
of the myriad interconnected and often
localised conflicts that define the
ongoing violence, failing to address
them.
Afghanistan has been at war for 40
years. It’s time to refocus our energies
on sustainable peace, to ensure a long-
term solution to a long-term crisis.
Ben Francis
Afghanistan expert,
International Alert,
The Hague, The Netherlands
Growing up in southern France in the
mid-1980s, I remember those teenage
girls who enjoyed the freedom I did
not. They hung out with boys after
class, in no hurry to go home; many of
them came from broken families.
At about the same time, “V” was
one of them, not in the south but in
Paris. Unsupervised and in need of
paternal love, she crossed paths with a
paedophile. V is Vanessa Springora,
the author of a memoir that has
provoked shock and soul searching in
France this year, exposing how she
was groomed and abused by “G”, an
award-winning author, almost in plain
sight.
She was 14, living with her mother
after a bitter divorce. He was 36 years
older, and celebrated for novels and
diaries describing his relationships
with teenagers. G is Gabriel Matzneff,
now in his 80s and unrepentant. His
penchant for adolescent girls and boys
was well known in Parisian literary
circles. Her mother barely objected to
the relationship and, after a while, had
him over for dinner regularly.
“Sitting at the table, the three of us,
over a leg of lamb and green beans, we
looked like a nice little family, papa-
maman reunited, with me, in the
centre, radiant, the holy trinity,
together, once again,” she writes. “As
shocking and absurd as this idea may
be, G is perhaps for her, too,
unconsciously, the ideal paternal
substitute, the father she was not able
to give me.”
Springora’s style is incisive and she
keeps readers hooked with short
If you are not satisfied with the FT’s response to your complaint, you can appeal
to the FT Editorial Complaints Commissioner: complaints.commissioner@ft.com
contrasts starkly with America’s gain.
Surely there is now sufficient
evidence to value the combination of
ability and experience which all these
role models exhibit, not to mention
extensive records in their various
disciplines. In many cases they have
outperformed their younger rivals, to
secure and maintain high office at the
latter’s expense, and have used their
experience to this end. Last week’s
withdrawal of the younger presidential
hopefuls amply illustrates this.
Penalising someone simply because
of the length of time they have been
alive is arguably the most pernicious
and unjust form of discrimination, and
increasingly this is being demonstrated
by the success of these role models.
Even the embattled president Trump
has played his part here.
Keith Corkan
Woodfines Solicitors,
Milton Keynes, Bucks, UK
New urgency to the debate
on stakeholder capitalism
In his article “Stakeholder capitalism’s
first big test” (March 5), Andrew
Edgecliffe-Johnson argues that stock
market-quoted companies may have to
ditch their newly found belief in long-
termism in the face of an economic
slowdown and falling revenues. That is
practically unavoidable, as corporate
pay structures and incentives have still
not changed and a sinking share price
can put a company at risk of being
taken over.
Also, sending employees home on
paid leave may be considered as a
short-term measure by some
employers, but can’t be afforded for
longer periods of time even by the
more generous. In Germany this would
be covered by so-called Kurzarbeit —
short-time work — when employees are
laid off and unemployment insurance
covers the company’s pay to the absent
employees.
Discussions about stakeholder or
Rhineland capitalism are not new —
Tony Blair raised the subject in a
speech in Singapore in January 1996 —
but they have no doubt gained a new
urgency in the guise of sustainable
capitalism because of concerns about
the environment and inequality.
Bob Bischof
Vice-president,
German British Chamber of Industry &
Commerce,
London SW1, UK
chapters depicting a post-1968
libertarian establishment that lets her
down. She misses school, but no one
pays attention. Anonymous letters
revealing their affair are sent to the
police but lead to nothing.
When she is hospitalised — an
episode she says was a cry for help —
no one objects to G visiting her. When
she confides to a paediatrician that
sexual intercourse causes her pain, he
offers to perform an operation on her
hymen.
Springora’s testimony is important
for several reasons. Her forensic
account of G’s approach and grip over
her life — she calls him an “ogre” —
will serve as a warning to parents and
adolescents. She also delves into the
ambivalence of her feelings. She
admires and loves G, but she also
senses that she is being used.
“At 14, one is not supposed to be
picked up by a 50-year-old man from
school, one is not supposed to live at
the hotel with him, nor to find oneself
in his bed, his penis in one’s mouth for
tea. Of all that I am aware, despite my
being 14, I am not completely
senseless,” she writes.
“From this anomaly, I draw a new
identity. However, when my situation
does not trigger surprise around me, I
intuitively feel the world is not quite
right.”
France has changed. Mr Matzneff
would now struggle to find a
mainstream publisher for his 1974
book entitled Les moins de 16 ans (or
The Under-16) that advocated sex with
minors. The French equivalent of
Monday 9 March 2020
Email: letters.editor@ft.com
Include daytime telephone number and full address
Corrections: corrections@ft.com
Markets do not always
prove unerringly accurate
Accounting is by fiat. The book value of
a bank’s net assets is not what the
accountants think that the net assets
are worth, as Simon Samuels seems to
suggest (“Beware ‘badwill’ in European
bank mergers and acquisitions”, March
2). Instead, it is the residual figure
when applying accounting rules to
individual liabilities and assets, at a
balance sheet date, and then deducting
one from the other.
The fact that book values are above
market capitalisations of many banks
does not mean that either the
accountants or the market got the
valuation wrong. Accounting
conventions and market valuations are
two different things, and accounting
rules serve different purposes from
markets where prices are established.
In an acquisition, badwill is
calculated based on fair values of
individual assets and liabilities, not
their book values, as the article
suggests. Setting that aside, Mr
Samuels raises an interesting (and
difficult) question: why do many banks
trade below book value? One
explanation may be that the market
expects lower than historical returns to
equity, and historical returns are at
least partially reflected in today’s book
values, absent a transaction. Lower
expected returns to equity may be
driven, in turn, by a combination of the
low interest environment and higher
capitalisation requirements that
reduce equity returns.
Further, market valuations may
reflect an expectation that the cost
base of many banks is not in line with
such lower expected returns. Future
costs, unrealised at the balance sheet
date, are not necessarily captured in
book values. They are, however,
reflected in market capitalisations.
Hence a difference.
Moreover, even if all individual
assets and liabilities were valued at fair
value in the accounts, markets may
believe that some banks are worth less
than the sum of their parts. What the
author appears to advocate is a general
market-based accounting for net
assets, which goes beyond even fair
value accounting for individual assets
and liabilities. Such a market-based
valuation approach would import the
prevailing market view into accounting
rules, whatever that view may be at
any time.
But markets do not always prove
“unerringly accurate”. Accountants
have recognised for a long time that
even fair value accounting means
importing market speculation into
balance sheets (Benjamin Graham
called it “water”), and they have been
well advised to leave speculation to
others.
Heiko Ziehms
Managing Director,
Berkeley Research Group,
London EC4, UK
Correction
c The Federal Reserve’s new policy
rate is 1.0-1.25 per cent, rather than
1.0-1.5 per cent as incorrectly stated in
an article on March 5.
COMMENT ON FT.COM
Gavyn Davies
The Fed will be watching the labour market
before pushing the panic button
www.ft.com/opinion
#MeToo has helped victims of sexual
crimes and harassment come to the
fore. And yet Mr Matzneff has
received a literary accolade as recently
as 2013. Many of the protagonists of
Springora’s book have been at a loss to
justify their inaction. Some still defend
Mr Matzneff. Her mother feels no
guilt, Springora writes in the book.
For some, artistic creation remains a
powerful excuse for unacceptable
behaviour. Springora writes: “In
another environment, where artists
did not exercise the same fascination,
things would have unfolded
differently. The Monsieur would have
been threatened to be sent to prison.”
If in the case of Mr Matzneff
literature was used as an excuse, in the
case of Springora it has been used,
eventually, to heal and take revenge.
After G drew inspiration from their
affair in novels, published their love
letters and a diary recounting their
break-up, she developed a profound
distrust for words. She writes: “With
G, I discover to my detriment that
books can be traps to lock up those
one pretends to love, they become the
bluntest instrument of betrayal.”
But she found her way back to
literature, joining a publishing house
and coming up with a plan.
“For so many years I have gone
around in my cage,” she writes, “my
dreams populated with murder and
vengeance. Until the day the solution
presented itself: play the hunter at his
own game, lock him up in a book.”
The reviewer is the FT’s world editor

Monday 9 March 2020
The eurozone is complacent about the coronavirus threat
europe
Wolfgang
Münchau
W
e are on the cusp of
another economic pol-
icy error in the euro-
zone. Its roots lie in a
mixture of compla-
cency about coronavirus and a deep-
seated belief that monetary policy has
no ammunition left when interest rates
are negative and that fiscal policy is, by
nature, constrained.
It is comical, yet consistent with the
observation above, to hear European
policymakers reiterating that they are
waiting and monitoring the situation.
Eurozone finance ministers could not
agree on a co-ordinated policy response
when they held a telephone conference
last week. And the G7 industrialised
nations only managed to agree — guess
what — to monitor the situation. Even
A dangerous
dependence
on Wall Street
business
Rana
Foroohar
W
atching the markets
these days is like watch-
ing the seven stages of
grief — shock, denial,
anger, bargaining,
depression, testing and, finally, accept-
ance. We clearly have not reached that
last stage yet. This isn’t really about
coronavirus — that was simply a trigger
for a correction I have long expected.
The US is in the longest economic recov-
ery cycle on record, with mounds of glo-
bal debt, falling credit quality, and dec-
ades of low interest rates driving asset
prices to unsustainable levels.
The reluctance of investors, politi-
cians and central bankers to accept that
is not just an example of the natural
human tendency to put off pain. Rather
it is something scarier and more factual.
The truth is that the US economy is now
dependent on asset bubbles for survival.
This was sharply quantified in a
recent edition of financial analyst Luke
Gromen’s weekly newsletter “The For-
est for the Trees”. About two-thirds of
the US economy is consumer spending.
But people’s spending patterns are not
based only on their income. Our per-
sonal consumption is also linked to our
Charles
Clarke
I
n 2006 I had lunch with Boris John-
son for the first and only time. As
higher education spokesman for
the opposition, he was looking for
tips in shifting Tory policy away
from outright opposition to university
tuition fees. In that same helpful spirit, I
now offer some suggestions to the prime
minister for urgent reform of the post-
school funding system — which, as he
knows, is working badly. The subject is
moving rapidly up the political agenda.
Since I established the current struc-
ture of university funding in 2004, as
education secretary in a Labour govern-
ment, there has been just one substan-
tial reorganisation. The 2012 reforms
under the Conservative-Liberal Demo-
crat coalition, raising the fee cap from
£3,000 to £9,000, fatally undermined
its sustainability. Theresa May believed
Labour’s pledge to scrap student fees
was a reason for her poor performance
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Christine Lagarde, president of the
European Central Bank, felt the need to
issue a statement saying that she, too,
was “closely monitoring developments”.
There is still a lot we do not know
about Covid-19. But we know what we
need to know for an economic policy
response. The UK government’s medi-
cal advisers, for example, have calcu-
lated that, with existing measures, the
greatest increase in the number of cases
will occur in April, with a peak in May or
June. This implies economic disruption
lasting at least into the summer.
The timeline should be broadly the
same for the eurozone, with the spread
of the virus peaking a little earlier in
Italy, where it started earlier. The direct
impact on the eurozone economy is,
therefore, a hit to supply chains and to
consumption for two or three quarters.
This is a foreseeable and probably sig-
nificant economic shock, very different
in effect to Sars and other viruses of the
recent past.
In an ideal world, eurozone govern-
ments would co-ordinate fiscal policy
with each other and also with the ECB.
But there is no sense of urgency. In Ger-
expectation of wealth held in assets like
stocks and bonds.
What’s stunning is how utterly
dependent American fortunes have
become on the inflation of those asset
prices. Mr Gromen has calculated that
net capital gains plus taxable distribu-
tions from individual retirement
accounts are equal to 200 per cent of
year on year growth in US personal con-
sumption expenditure.
That does not necessarily mean that
people are pulling money out of their
retirement accounts to buy hand-sani-
tiser, bottled water and face masks. But
Mr Gromen argues that it does mean
that US gross domestic product “cannot
mathematically rise if asset prices are
falling”.
No wonder the US Federal Reserve cut
rates by 50 basis points last week. The
move came with a predictable risk of
spooking the market — and it did so. The
S&P 500 fell nearly 3 per cent that day.
But the fundamental risk of inaction
was deemed greater.
Central bankers are clever people.
They know that they cannot fix pan-
demics or political dysfunction with
monetary stimulus. But in the US more
than anywhere else, they have found
themselves in an unenviable position:
managing an economy that has, over the
last several decades, particularly since
2008, depended on low interest rates to
push up asset prices. That in turn has
made it less obvious to consumers (and
voters) that average real weekly earn-
ings for the bottom 80 per cent are at
about the level they were in 1974, and
British universities need a new funding settlement
in the 2017 election: a few months later
she commissioned the Augar review.
Last May, its recommendations were
published, including reducing the fee
cap to £7,500. But the political toxicity
of the issue meant the latest manifestos
ducked it. Labour kept its vacuous abo-
lition pledge. The Conservatives said
they would “look at the interest rates on
loan repayments with a view to reduc-
ing the burden of debt on students”.
This long period of policy immobility
is now coming to an end. Controversial
reforms are best dealt with early in the
parliament. The new universities minis-
ter has signalled a “crackdown on low
quality courses” and Downing Street’s
favourite think-tank has already high-
lighted the public trust challenges fac-
ing higher education.
But the system of student finance is so
complex that any reform needs absolute
clarity of purpose. Our original ration-
ale was to raise money for universities
so that resources could be targeted at
schools. The 2012 context was austerity,
so coalition ministers shifted university
costs from the state to individuals. This
government needs to be clear on what it
hopes to achieve with further changes.
★ FINANCIAL TIMES
Opinion
many, for example, a survey found that
66 per cent of the population think the
situation is under control, while 76 per
cent are not greatly concerned about
becoming infected.
For as long as such delusions persist,
there will be no public pressure for
immediate government action. Ger-
many has announced a fiscal stimulus of
a magnitude of 0.008 per cent of gross
domestic product. If there is no political
Ideally governments would
co-ordinate fiscal policy
with each other. But there
is no sense of urgency
pressure for a domestic stimulus, then
there will be no support for a co-ordi-
nated response either.
What about monetary policy? During
the eurozone crisis, the ECB was the
only functioning institution of the EU. A
combination of negative interest rates,
quantitative easing and liquidity poli-
cies prevented the eurozone from falling
that the things that make people middle
class — healthcare, education and hous-
ing — have become unaffordable.
Seen in this light, President Donald
Trump’s disingenuous attempts to
equate the fortunes of Wall Street with
those of the country at large make a
kind of grim sense. The value of the S&P
500 is less a gauge of the broad health of
US corporations or consumers than it is
of the wealth of a few tech firms and
value of the 2017 tax cuts. The latter
accounted for two-thirds of the aggre-
gate rise in corporate profits between
2012 and today.
But share price increases represent a
disproportionate amount of the income
tax paid by the top 5 per cent of earners,
who pay 60 per cent of income tax
How much longer can
we run an economy driven
so disproportionately
by asset bubbles?
Ministers need to appreciate that the
UK’s strong universities — more so than
governments, corporations or NGOs —
are best placed to offer ways to address
the complex challenges of a fast chang-
ing world including pandemics, terror-
ism, climate change, 5G and the trade
disruptions caused by Brexit.
World-class research institutions ana-
Employers, who benefit
from a highly-educated
workforce, should
contribute to degree costs
lyse the problems, identify long and
short-term solutions, and, by educating
about half of all young people, help soci-
ety handle rapid change.
Moreover, there is good evidence
from the US that universities in the UK
are well placed to help regenerate those
localities that have been the biggest los-
ers from globalisation. The Tory mani-
festo promised to “work with local uni-
versities to do more for the education,
health and prosperity of their area” —
into a depression. The ECB managed to
ringfence the banking sector and the
money markets. And it managed to
compensate, in part, for the lack of a
mutualised safe asset. But most impor-
tant it was able to neutralise the effects
of austerity, the biggest economic policy
error of our times.
Monetary policy is still the only game
in town. It would be delusional to think
it has no effect. For example, the rise in
the euro’s exchange rate since the mid-
dle of February stemmed from the
expectation that the US Federal Reserve
would cut interest rates more aggres-
sively than the ECB. The exchange rate
is one of several channels through which
monetary policy affects the economy.
The big question for the ECB now is
whether it continues to do “whatever it
takes” to support the eurozone econ-
omy when others do not, or whether it
reverts to the mindset of 2011 or earlier.
During that era, policymakers prided
themselves on keeping calm in the face
of adversity.
Ms Lagarde has talked a lot about
green finance and tackling climate
change. Important as these issues may
receipts. Given the importance of asset
price increases in both tax receipts and
GDP growth, it’s hard to imagine a world
in which the Fed won’t keep cutting
rates indefinitely. Live by the market,
die by the market.
It did not have to be this way, and this
situation did not develop overnight. The
US built an economy that is dangerously
dependent on the whims of Wall Street
little by little, since the 1970s onwards.
It is the result of policy changes driven
by both Democrats and Republicans.
Among them was the 1982 rule that
allowed share buybacks in specific con-
ditions, even though this had once been
considered market manipulation; and
the decision to provide favourable tax
treatment to stock options, which
allowed already fortunate people to
profit from the rising valuations of com-
panies they worked for. The most fun-
damental change was the shift from
defined benefit pensions to defined
contribution 401(k) plans, which
has linked the future of so many
Americans, in a Faustian way, to
rightly linking successful institutions
and the welfare of communities rather
than pledging, as some would like, to
reverse university expansion.
A new, sustainable funding structure
must encourage more universities to
pursue these missions, and better. Gov-
ernment can take straightforward steps
to achieve that, some of which were rec-
ommended by the Augar review.
The loan system should be extended
to a wider range of courses as in coun-
tries like Australia, New Zealand and
Singapore, including technical educa-
tion and vocational courses other than
law, medicine and the other work-re-
lated degrees taught at university. The
real interest rate for student loans
should be set at zero and the loan repay-
ment income threshold substantially
reduced. Maintenance loans should
fully cover real living costs. Mainte-
nance grants for students from poorer
backgrounds should be reintroduced.
Early loan repayment should be
incentivised and students could be
treated as financially independent
from the age of 18. Research and teach-
ing budgets should be separated to
increase transparency — tuition fee
become in the future, I wonder whether
this focus has become too much of a dis-
traction from the more urgent task at
hand. The ECB should not only be dis-
cussing whether it ought to encourage
banks to maintain credit flows to small
and medium-sized companies. It should
also be dealing directly with the eco-
nomic shock from coronavirus that lies
ahead.
The US, China, Japan and the UK are,
at present, more likely to take effective
action than the eurozone. The right pol-
icy will, this time, require a significant
fiscal component. And it will take more
than an Italy-only fiscal injection of 0.3
per cent of GDP. The whole of the euro-
zone will need a stimulus of at least two
or three times that size. My expectation
is that eurozone policymakers will act
eventually, reluctantly and insuffi-
ciently.
The result of the collective brain fog in
Frankfurt and Brussels would be
entirely negative: another policy-in-
duced recession that will last longer
than it should.
munchau@eurointelligence.com
the fickle fortunes of the market.
All of it was supported by the myth
that share prices are the ultimate indi-
cator of what was happening inside a
company, and ultimately, an economy.
I don’t think that’s really been true for
a long time, something underscored by
last week’s death of former General
Electric chief executive Jack Welch. He
came to represent the rise, and ulti-
mately, the fall of shareholder focused
capitalism. After the 2008 crisis it
became clear that GE’s share price
under Welch had been artificially bol-
stered by debt and leverage.
Welch eventually rejected share-
holder “value” as the “dumbest idea in
the world”. I can only hope that this
market downturn will force more peo-
ple to come to the same conclusion. How
much longer can we run an economy
driven so disproportionately by finan-
cially engineered asset bubbles? The
next few weeks and months may give us
the answer.
rana.foroohar@ft.com
income currently subsidises research.
The biggest change is to recognise that
employers, who benefit directly from a
highly educated workforce, should con-
tribute to the higher education costs of
the graduates they employ — govern-
ments already contribute because soci-
ety benefits and individual students
contribute because they benefit person-
ally. This third contribution would
strengthen collaboration between
employers and universities.
The principle of employer contribu-
tions already exists, for example
through the apprenticeship levy, sup-
port for work-based degree courses and
some bursaries. But the existing
arrangements are incoherent, insub-
stantial and often ineffective. Ministers
could decide to set employers’ national
insurance contributions at a higher rate
for university graduates and direct the
revenue to universities. It’s time for uni-
versities to contribute their full poten-
tial and for the government to make the
changes necessary to make it happen.
The writer is co-author of ‘The University
Challenge’ with Ed Byrne and a former UK
secretary of state for education
17
A simple
first step for
businesses to
mend capitalism
Paul
Tudor Jones
A
merican capitalism feels
divided. Stagnant wages
and high costs have
squeezed workers, while
companies and investors
have scored record profits and returns.
It has become increasingly clear that the
market benefits some more than others.
So how to repair it? The business lead-
ers who recognise there are faultlines in
the US economy need to start with a few
basic steps. The first is to measure more
precisely in their own companies what
can be improved, and fix it.
Arguably, most important is to gauge
the financial health of their workers.
Chief executives should conduct a
financial stress test of employees to
determine how they are doing and then
establish where changes can be made.
Just Capital Foundation’s polling shows
that Americans hold fair pay and living
wages as two of the top three issues they
want businesses to prioritise.
PayPal is one company that has taken
note. Under chief executive Dan Schul-
man, PayPal gauged financial stress lev-
els of its hourly and call centre employ-
ees. It found that 60 per cent struggled
to make ends meet and often lived pay
cheque to pay cheque. This compelled
Mr Schulman to raise wages, reduce
healthcare costs, designate employees
as shareholders and promote financial
education — all because PayPal took
time to measure worker wellbeing.
Another step is to report workforce
information. Both private and public
companies should disclose on their web-
sites how many full-time, part-time and
contract workers they have in the US, as
The fallacy of our time
is that shareholders
and stakeholders are
in a zero-sum game
well as the number of staff in each wage
band by increments of $10,000 under
$100,000 (with wider bands above).
Other metrics to include are pay equity
between genders, diversity, paid paren-
tal leave and career development and
tuition reimbursement programmes.
Such disclosure would not only
inform prospective employees. They
would show communities the true eco-
nomic value that a company brings.
There is a big difference between a com-
pany with wages so low that taxpayers
have to subsidise workers, and one that
genuinely provides for its people.
Wages and costs are only part of the
story. Equally valuable is environmen-
tal management and impact. Here, too,
Just Capital has found that the public
cares about a company’s record. Busi-
nesses should detail their carbon foot-
print, and report their biggest liabilities.
This is not just for environmental rea-
sons; a company’s climate behaviour
also brings economic risks and, in some
cases, opportunities.
Sceptics will ask how these disclo-
sures improve capitalism. The answer is
simple: awareness is the basis for action.
If you don’t measure something, you
will struggle to change it.
If executives can see with granularity
how their workers are doing, they will
know how to help them. If workers see
how their pay stacks up, they will have
more command over their careers. And
if investors get systematic breakdowns
of how companies score by worker, cus-
tomer, environmental and community
(and not just shareholder) metrics, they
can put money into — and benefit from
— just corporate behaviour.
The fallacy of our time is that share-
holders and stakeholders are in a zero-
sum game. But companies that make
Just Capital’s top 100 ranking, based on
the priorities of the American public,
have bigger returns on equity, greater
net margins, and enjoy higher valua-
tions than their unranked peers. They
also pay their median workers 31 per
cent more, are 32 per cent more likely to
establish environmental policies, give
8.4 times more to charity and pay living
wages to an estimated 11 per cent more
of their workers.
The picture is clear: successful stake-
holders can also mean successful busi-
ness. Fixing capitalism is a matter of
neither wholesale change nor sticking to
the status quo. It simply requires
rebooting the system to encourage
awareness that can lead to change.
The writer is co-founder and chairman of
Just Capital
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18 ★ FINANCIAL TIMES Monday 9 March 2020

Above average Joe

Meet the 81-year-old behind the
hipster AeroPress coffee system
Z COMPANIES & MARKETS

Coronavirus
crisis shows
office workers
{ Spreadsheets:
catalogue of errors }
what we miss Where spreadsheets are used
Spreadsheets
Probability of bottom-line error
Per cent
Combination of spreadsheets and
other databases/reporting tools
Auditing and controls

Corporate performance reporting

Comparative analysis

Model validation

Financial planning and analysis

Number of cells
in spreadsheet
Departmental budgeting/forecasting

Revenue recognition/sales compensation

Financial disclosures and SEC filings

Ravi Mattu The biggest challenge
for many parents in
Hong Kong has been
Probability of individual cell error (%)
Business Life the closure of schools
Kin Cheung/AP
Sources: Forrester Consulting; FT Research

To err is human. To do so expansively It is not just finance. In 2016, an

When was the last time you wore an
orange T-shirt to the office? Have you
ever ducked away from your desk to
take a friend’s dog for a walk? And
when was the last time you tried to
take a shower, only to be stopped over
and over again by co-workers sending
“urgent” emails?
I did these things last week because
I’m a coronavirus office refugee — and
pretty soon, I suspect, many of us
will be. For almost a month, I’ve been
stranded in London instead of at home
in Hong Kong. An underlying health
condition means my doctor thought I
would be safer here than over there.
Now, I’m staying and working in a
friend’s home.
As coronavirus spreads across
Europe and the US, colleagues who had
asked me what it was like to live and
work in a city plunged into crisis — first
by months of anti-government protests
and now by a health emergency — are
finding out for themselves.
Coronavirus is the black swan
management challenge of the age of
globalisation. Companies are being
forced to buy bucketloads of hand
sanitiser and instruct staff about the
importance of personal hygiene. They
are cancelling travel and everyone is
having to quickly develop and
implement plans for remote working.
It is manageable — just. But for all
the flimflam about the wonders of
working anywhere and being agile, this
crisis has unearthed a host of
unexpected challenges.
For a start, technology is a help but
no panacea. Platforms including Slack,
WhatsApp and Microsoft Teams allow
organisations to communicate. Video
technologies, such as Skype and Zoom,
help too. But these require their own
etiquette. The friend who is housing
me is a fashion industry consultant and
also works from home. He thinks
carefully about how he looks for video
calls — he is in fashion after all — and
the background clients see.
I was reminded of this when a senior
colleague, who was working from
home, appeared on screen in a black
T-shirt. It was a slightly alarming sight
at first but that quickly gave way to
“ For all the flimflam about
the wonders of working
anywhere, this crisis has
unearthed a host of
unexpected challenges ”
reassurance that I was not the only one
dressed like a student while producing
a business newspaper.
The second thing coronavirus has
revealed about organisations is how
much managers trust their people. It is
common for HQ to ignore or dismiss a
regional outpost. That feeling is
amplified for staff who are suddenly
forced to work at home. Despite all the
messaging platforms, a crisis like this
makes it ever more important to
empower and have faith in your able
lieutenants. And if they do well, drop
them a note or call to tell them.
Coronavirus has also showed how
intertwined our personal and
professional lives are. The biggest
challenge for many in Hong Kong has
been the closure of schools. Teachers
hold daily Google Hangouts with the
children and schools have put reams of
content online. But for younger pupils,
it is impossible to keep up without a
parent helping out as a full-time,
at-home teacher.
Japan and Italy have closed schools
and it seems likely that other
jurisdictions will follow suit. Given how
many families have two working
parents, companies have to brace
themselves for a potentially huge
disruption affecting multiple
employees at the same time.
Organisations and managers that
handle this well will engender loyalty
and productivity.
But perhaps what is most revealing
about coronavirus is that it has shown
us what we’re missing out on. For my
kids, it is the social aspect of school
itself. For many of us workers, that
same feeling comes partly from our
interactions at the office. We bemoan
the politics or the commute, and yet we
need it as social beings. The
conversations in the canteen or the
boost you get when someone offers to
make tea cannot be replaced by the
ping of a message in your inbox.
The evolutionary psychologist Robin
Dunbar once told me that in-person
interaction is an essential part of how
humans maintain communities, build
meaningful relationships and learn
how to compromise. “In a digital
environment, you can just pull the
plug,” he said.
These are qualities that are essential
to office life. And the joy of wearing a
T-shirt and hanging out with a cute dog
will never replace that.
ravi.mattu@ft.com
requires a harassed data drone
plugging numbers into a spreadsheet.
This week, a former minister blamed
“administrative errors” for the addition
of projects costing A$3.3m ($2.2m) to a
worksheet of Australian government
spending after it had been approved.
Cynics suspect a conspiracy. Cock-ups
are more common in ordinary office life.
The ingredients of spreadsheet hell
and the numeric mistakes that come
with it are as follows. Item One: a
delusional boss asking the impossible
(“Jo, just tot up the standardised
risk-weighted assets of the world’s top
1,000 banks for me, would you?) Item
Two: a short deadline. Item Three: a
desk littered with empty coffee cups,
popped ibuprofen packets and
half-eaten pizza slices.
Magnificent bloopers may result. A
forgotten negative sign once led
Fidelity’s Magellan fund team to
miscalculate a loss of $1.3bn as a gain.
JPMorgan Chase’s $6.2bn trading
losses in 2012 — the “London Whale”
incident — were traced back to
mistakes in the financial model used to
calculate the risks associated with the
trades. This required data to be
manually copied from one Excel
spreadsheet to another.
Excel snafu led Marks and Spencer to
announce that sales had risen in the
quarter. They had fallen. The UK
retailer only realised the error when
discussing the results with an analyst.
In 2013, a graduate student rocked
the case for fiscal austerity by finding
errors in an Harvard University paper
on public debt and growth. Five critical
rows of spreadsheet had been omitted
when calculating an average.
Such incidents are the thin edge of a
very big wedge. The chances of making
a mistake in any particular cell are small
— likely to be in the range of 1-5 per
cent. But errors cascade down to
subsequent cells, so the bottom line in
large spreadsheets is highly likely to be
wrong. A study of 15,770 spreadsheets
used by Enron found nearly a quarter of
those containing formulas were flawed.
Overconfidence is partly to blame.
The best fix is thorough testing,
according to Raymond Panko, a
University of Hawaii professor.
That is time-consuming. Some
managers do not understand or care.
The boss of cartoon toiler Dilbert
thought spreadsheet mistakes were
fine if the final number was the one he
wanted. How many times does that go
undetected? Lots, probably.

CROSSWORD
No. 16,420 Set by FALCON
        ACROSS DOWN
1 Honest pitch in fun park (10) 2 Seaman, on his tod, finds
7 Stand in pub full of energy (4) edible mollusc (7)
  9 Station a long way? Miles (4) 3 Alcoholic drink wicked
10 Part of a large church team daughter put out – something
the Spanish man included from Cuba (5)
 
(4,6) 4 Busy time of day in plant by
11 Fertiliser in container for hotel belonging to us (4,4)
plant, for instance, beginning 5 Indisposed subordinate,
to hum (6) British subject? (5,3,7)
  
12 What a maverick may throw 6 GP, say, on French island,
 away to lead order? (8) easily managed (6)
13 It’s extremely short opening 7 Finch seen by leader of bunch
    (8) walking for pleasure (9)

15 Couple I came across heading 8 Sign put up in an English plant
west (4) (7)
   17 Deer having short leg (4) 14 Large amount of money, for
19 Cowboy with rod crossing example, in Massachusetts
river (8) county (9)
  22 Stick surrounding bishop, a 16 Composer, retiring character,
bishop back in capital (8) one who’s never married (8)
23 Broadcast from Nether 18 Pair set off, wander aimlessly
 
Alderley (6) (7)
25 Different approach involving 20 Become bigger, in general,
end to play, line being after adjustment (7)
unauthenticated (10) 21 Mole in the region of the
JOTTER PAD 26 One acquiring right to develop genitals, reportedly? (6)
area of land (4) 24 Genuine marks, a field of
27 Part of the barracks in an interest (5)
untidy state (4)
28 Musical instrument coming
after organ – hearing aid
required! (3,7)