Europe edition

EUROPEAN NEWSPAPER OF THE YEAR SATURDAY 3 OCTOBER / SUNDAY 4 OCTOBER 2020

Jancis Robinson
Travel, arts Riesling: the greatest
and classic cars white grape

How To
LIFE & ARTS

Spend It
SEPARATE MAGAZINE

Trump’s positive coronavirus test C’s last mission

MI6 ex-spymaster has Lunch
with FT editor

throws US election into turmoil Roula Khalaf

LIFE & ARTS

3 President has ‘mild symptoms’ 3 Pence and Biden negative 3 Markets fall on news
Courtney Weaver,
Demetri Sevastopulo and
Aime Williams — washington

Donald Trump and his wife Melania

have tested positive for coronavirus, Robin Lane Fox
injecting new uncertainty into the tur-
bulent US election campaign and send- Autumn gardens
ing officials scrambling to discover who HOUSE & HOME
else in the president’s orbit may be
infected.
White House chief of staff Mark
Meadows said Mr Trump was exhibiting
“mild symptoms” of coronavirus and
that a doctor was attending to him.
Vice-president Mike Pence, who
would take over if Mr Trump could not
perform his duties, tested negative yes-
terday, the White House said.
Joe Biden, the Democratic candidate
who debated with Mr Trump on stage in
Cleveland this week, said he and his wife
Jill had tested negative.
US stocks fell on the news of Mr
Trump’s diagnosis. Wall Street’s bench- Special investigation
mark S&P 500 index dropped 1.7 per
cent at the start of trading, but clawed
Mining, fraud and unexplained
back to be 0.7 per cent lower by midday.
Investors were already bracing them- Campaign trail: “Tonight, @FLOTUS and I tested posi- It is unclear if Mr Trump’s quarantine month of the race. Mr Trump has
deaths
selves for more volatility, following Mr Donald Trump tive for COVID-19,” he wrote. “We will period will end by the next presidential started ramping up rallies as he trails Mr LIFE & ARTS
Trump’s repeated refusal to commit to a flings hats begin our quarantine and recovery debate on October 15, or if it will impact Biden in both national polls and most
peaceful transfer of power in the event into the crowd process immediately. We will get his ability to campaign in the final swing states.
that he loses the election. at a rally in through this TOGETHER!” His campaign strategy has been to
Wall Street’s Vix volatility index rose Minnesota this A signed memo from the president’s Inside ignore or play down Covid-19 in recent
more than 1 point yesterday morning to week — Alex Brandon/AP doctor confirmed that both Mr Trump months after criticism of his handling of
28.07, above its long-run average of and his wife had tested positive for coro- 3 Reports & analysis, pages 2&3 the pandemic, which has killed more
3 Big Read, page 7
about 20. Futures contracts also pointed navirus. than 207,000 Americans, according to
3 Editorial Comment, page 8
to heightened expectations of turbu- Sean Conley, the president’s doctor, Johns Hopkins University. The US has
3 Christopher Caldwell, page 9
lence in November and December. said he expected Mr Trump “to con- confirmed 7.2m cases of coronavirus.
3 Lex, page 20
Mr Trump revealed his test result in a tinue carrying out his duties without 3 Trump and evangelicals, Life & Arts
Additional reporting by Peter Wells, New
tweet in the early hours of yesterday. disruption while recovering”. York, and Hudson Lockett, Hong Kong

EU and UK set for last-ditch Brexit talks

as Merkel hints at room for manoeuvre
Sam Fleming and Jim Brunsden said it was clear Britain wanted “more access to British fishing waters will be
Brussels freedoms than just continuing to follow among the last unsolved issues: a sce-
George Parker — London the rules of the single market”, adding: nario Brussels had fought to avoid.
Boris Johnson and the EU are preparing “We have to respect that. We have to Only limited advances have also been
to kick off an intensified period of find the appropriate response.” made in crafting the guarantees of a
EY’s missed chance to Brexit trade talks in a last-ditch effort Ursula von der Leyen, president of the “level playing field” for business, which
uncover Wirecard fraud to overcome stubborn disagreements European Commission, will speak to Mr Brussels insists are a prerequisite for a
on fishing rights and state aid. Johnson by phone today, with the lead- deal, with the question of state subsidies
Analysis i PAGE 12 ers expected to agree to intensified talks particularly problematic.
German chancellor Angela Merkel said starting next week in London. These Mr Johnson told the BBC: “I hope that
Austria €5.00 Morocco Dh55 yesterday talks were entering “a deci- would lead up to a summit of EU leaders we get a deal, it’s up to our friends.
Bahrain Din2.20 Netherlands €5.00
Belgium €5.00 N Macedonia Den240 sive phase” after a week in which negoti- on October 15-16, with the possibility of They’ve done a deal with Canada of a
Bulgaria
Croatia
Lev8.75
Kn31
Norway
Oman
NKr49
OR2.20
ators narrowed the range of problems further talks after that meeting. kind that we want, why shouldn’t they
Cyprus €4.50 Pakistan Rupee450 but warned of divergences that could David Frost, Britain’s chief negotiator, do it with us? We’re so near, we’ve been
Czech Rep
Denmark
Kc140
DKr50
Poland
Portugal
Zl 25
€4.50 still sink talks. said the latest round of negotiations in members for 45 years. It’s all there, it’s
Egypt
Finland
E£55
€5.90
Qatar
Romania
QR20
Ron19
“It will emerge in the next few days if Brussels had been “conducted in a good just up to them.”
France €5.00 Russia €5.00 we can make progress or not,” she said. spirit”, adding that “in many areas of Dutch prime minister Mark Rutte
Germany
Gibraltar
€5.00
£4.00
Serbia
Slovak Rep
RSD520
€4.50 “As long as we’re continuing to negoti- our talks, although differences remain, said after yesterday’s EU summit that he
Greece
Hungary
€4.50
Ft1590
Slovenia
South Africa
€4.50
R120
ate, I’m confident. But I have no break- outlines of an agreement are visible”. was “cautiously optimistic”, adding: “In
India Rup260 Spain €4.50 through to report.” In separate statements, the EU and an unstable world we need to stick
Italy
Latvia
€4.50
€7.59
Sweden
Switzerland
SKr55
SFr7.50 But in a sign that a push was under UK confirmed progress in narrowing together and therefore there is this clear
Lithuania
Luxembourg
€5.00
€5.00
Tunisia
Turkey
Din9.00
TL25
way to find common ground, Ms Merkel problem areas. But the vexed issue of EU rationale [for a deal].”
Malta €4.50 UAE Dh25.00

World Markets
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2 ★ FTWeekend 3 October/4 October 2020

trump tests positive

Markets
WORLD|
WEEK IN REVIEW|
Diagnosis worsens Wall Street nerves
Mexico court ruling on referendum Run-up to election may of 29.9, well above the long-term aver- heads. “Does the fact that Trump will cantly. Nannette Hechler-Fayd’herbe at
stirs constitutional concerns age of about 20. now spend half of the remaining time
‘Many Credit Suisse said Mr Trump contract-
test investors already set The jitters, just days after a chaotic prior to the election in quarantine mean investors ing the virus was a timely reminder to
Mexico president Andrés Manuel López Obrador has for post-poll turbulence debate between Mr Trump and his his odds of re-election have fallen? Does are trying markets that a resurgence of the pan-
secured Supreme Court approval for a controversial Democratic rival, Joe Biden, suggest the his testing positive give the lie to his demic remained a major danger.
referendum on whether five of his predecessors Robin Wigglesworth — Oslo run-up to the election in November repeated assertion that the virus is to figure out “What can happen to the US president
should face trial for corruption, prompting critics to Eric Platt — New York could be testing for investors who were under control?” they wrote. what this can happen to the population more
attack the ruling as a dangerous erosion of constitu- already preparing for a potentially tur- But a rapid recovery before the elec- broadly, with the potential disruptions
tional checks and balances. Wall Street was already girding itself for bulent period after the vote. tion could boost Mr Trump’s chances, means, and to economic activity that this may
Jesús Ramírez Cuevas, government spokesman, a uniquely turbulent US election, but “The bond and stock markets don’t for example if it precluded further frac- how they entail,” she said.
called the 6-5 vote “a transcendental step towards news of President Donald Trump’s posi- usually do well with uncertainty, and tious debates, or highlighted his self- Analysts stressed that the impact of
the construction of a true democracy” and the fruit tive coronavirus test adds another today we have introduced more than professed strength, the analysts said. should the news on the outcome of the election
of “a decades-long fight” for the people to be heard. source of nervousness to the outlook. our expected share of it, and with only “Such a development would [also] position — if any — was highly uncertain. But the
Any referendum should by law happen in August Stocks on Wall Street seesawed in 31 days until the election,” said Kevin allow the president to claim that the knee-jerk reaction of many investors
but lawyers said Mr López Obrador could now push early trading yesterday, with the S&P Giddis at Raymond James. “This is not Democrats have been overly alarmist as their was to head for safety. “We’re in terri-
for the question to be on the ballot in next June’s mid- 500 falling as much as 1.7 per cent good on many levels, and you can see regards the virus and that the economy portfolios’ tory where there’s no rhyme or reason to
term vote. before paring its losses by late morning the wheels spinning, with many inves- would be unnecessarily ruined in their what markets do today,” said George
The decision sparked a tide of concern that Mr in New York. The Vix volatility index — tors trying to figure out what this hands,” Rabobank added. Pearkes at Bespoke Investment Group.
López Obrador had now co-opted one of Mexico’s last a gauge of the US stock market choppi- means, and how they should position Even before the news of Mr Trump’s “It’s all psychological.”
autonomous institutions. He is the country’s most ness implied by options prices, often their portfolios.” illness became public, betting markets’ See Editorial Comment
powerful president in a generation and has been referred to as Wall Street’s “fear gauge” Analysts at Rabobank went through a implied probability of Mr Biden win- US divisions reinforced see Opinion
waging a bitter campaign against media critics that — climbed as much as 3 points to a high list of questions running through their ning the White House had risen signifi- On Wall Street see Markets
they say undermines freedom of speech.

Germany’s IT security bill set to

exclude Huawei from 5G rollout Next steps What happens if Trump falls seriously ill?
Germany is expected to impose tough new restric-
tions on telecoms equipment providers, effectively FT reporters
No major
excluding Huawei from the buildout of the country’s
5G phone networks. Donald Trump’s coronavirus diagnosis party’s
An IT security bill set to pass in the coming weeks has pushed the US into uncharted terri- presidential
would stop short of an outright ban but creates obsta- tory. A country already racked by eco-
cles that could prove insurmountable for the Chinese nomic devastation, racial unrest and a candidate
company, according to MPs. pandemic is now asking what happens if has ever
A move by Berlin to phase out Huawei as a supplier Covid-19 incapacitates the president
of 5G equipment would hurt its international ambi- weeks before election day. pulled out
tions. Germany, like the UK, has been a key market No major party’s presidential candi- of the race
for expansion outside mainland China. Deals in date has ever pulled out of the race
those countries have helped turn it into the world’s before election day because of illness, before
largest supplier of telecoms equipment. although one vice-presidential candi- election day
date died shortly before the 1912 poll —
and was not replaced on the ballot. because of
India crackdown on NGOs will hurt What happens if a presidential candi-
illness
work with the poorest, say charities date is ill and has to withdraw before
polling day?
The candidate’s political party has to
Total value of funds from foreign philanthropies make a choice. It is not a constitutional
and individuals (Rs m) matter but a question for Republicans
200 and Democrats, and both parties have a
clear set of rules setting out how to han-
150 dle such a situation. In the case of Mr
Trump, the 168 members of the Repub-
lican National Committee — which is
100
comprised of senior party officials from
each state — would vote to choose a new
50 presidential candidate. Mike Pence,
vice-president, would be the obvious
0 replacement, but the RNC would be
2009 2011 2013 2015 2018 under no obligation to choose him.
-10 -12 -14 -16 -19
Source: Ministry of Home Affairs
Then what?
India’s government, which dislikes foreign-funded The anointment of a new candidate
charities, is creating a law tightening restrictions on would bring a host of logistical and legal
non-profit organisations. They warn that will weaken complications. State deadlines for can-
the NGO sector, which helps the poor and marginalised. didates to register on the ballot have Next in line: election law expert at New York Univer- “Delay the Election until people can Nancy Pelosi, the Democratic speaker of
passed, and millions of ballots have Vice-President sity of Law, in the Washington Post. properly, securely and safely vote???” the House of Representatives and one of
already been printed, mailed out or Mike Pence The Supreme Court this year ruled However, the power to delay rests Mr Trump’s chief opponents. Next in
indeed returned by voters. would be the electors could be punished for failing to with Congress, not the White House. line is Republican Senator Chuck Grass-
Turkey admits official figures for Mr Trump would probably remain on first choice to vote for the candidate who won the pop- The House of Representatives and the ley of Iowa, the president pro tempore of
coronavirus infections incomplete the ballot, but the arcane US Electoral take over as ular vote in their state, but explicitly left Senate could vote to change the date of the Senate.
College system could mean any replace- acting president open the possibility electors could vote the presidential election by changing
ment selected by the Republican party if Donald Trump differently if the candidate was dead. the relevant statutes, according to the What happens if the president is inca-
Turkey admitted its tally of confirmed coronavirus may yet stand in his place. were “We note that because the situation is National Constitution Center. pacitated?
infections was incomplete after the health ministry Each state chooses a slate of electors, incapacitated not before us, nothing in this opinion But they could not delay the vote If the president’s ability to perform the
in July changed the daily table of Covid-19 data from who are then expected to vote in the Rachel Wisniewski/Reuters
should be taken to permit the states to indefinitely. The constitution does not duties of office were impaired because,
referring to “today’s number of cases” to “today’s Electoral College for the candidate who bind electors to a deceased candidate,” specify what day the election has to be for example, he was to be put on a venti-
number of patients”. This new term refers to those won the popular vote in their state. the court said. held but it does include a hard deadline: lator, the constitution allows him to
who had tested positive for the disease and displayed Many states have laws requiring elec- January 20. That is the day when the notify Congress that the vice-president
symptoms. People who had a positive test but were tors to obey or promise to obey the out- Can a presidential election be delayed? president’s term in office has to end. will become acting president.
asymptomatic are not included in the tally. come of the popular vote, but it is possi- Delaying the election would be one way According to John Hudak of the
Official figures put the daily number of new ble they would vote for the replacement to ensure the process can be restarted What happens if a president dies in Brookings Institution, the relevant con-
patients on Wednesday at 1,391, but one opposition in places where the Republicans won. with the different candidates, but no office? stitutional provision — section 3 of the
MP claimed that the true number of cases was almost “It is hard to imagine they would be presidential poll in US history has ever The presidential line of succession is 25th amendment — was invoked once
20 times higher. Doctors and government opponents sanctioned for violating these laws; in been pushed back. much clearer than the question of by Ronald Reagan and twice by George
have warned for months that Ankara was under- any event, the sanctions are so mild no In July, Mr Trump raised the possibil- replacing a presidential candidate mid- W Bush for medical procedures “in
reporting cases to protect the tourism industry. elector would be deterred by them in ity. In the context of his unsubstantiated campaign. First in line to replace Mr which anaesthesia or heavy sedation
this situation,” wrote Richard Pildes, an warnings about fraud, he tweeted: Trump is Mr Pence. After him comes was used”.

Pandemic
MAKE A SMART INVESTMENT
Subscribe to the FT today at FT.com/subscription US president joins world leaders who have caught coronavirus
FRIDAY 31 MARCH 2017 WORLD BUSINESS NEWSPAPER UK £2.70 Channel Islands £3.00; Republic of Ireland €3.00
FT Reporters “herd immunity” strategy, rather than Brussels policymaker to confirm that Vladimir Putin’s spokesman — came as
Trump vs the Valley A Five Star plan? Dear Don...
swiftly imposing restrictions as many they had Covid-19. Russia’s virus cases grew at the fastest
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
After downplaying the seriousness of
HMRC warns Lloyd’s of Brussels Insurance market other European countries had done. Mr Barnier said at the time that he rate outside the US, undercutting Krem-
the coronavirus threat for months, US
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

Mr Johnson was back at work by late was “doing well and in good spirits” lin assurances that the situation was
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
president Donald Trump is the latest in
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

April, two weeks after he was dis- after testing positive for the virus. “I am under control.
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

a string of world leaders to have been

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
charged from hospital. following all the necessary instructions,
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

diagnosed with the virus, along with

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

Other prominent British figures diag- as is my team,” he said, adding that he Jair Bolsonaro, president of Brazil
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

first lady Melania Trump.

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”.
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.
nosed with the virus include Prince was “strictly confined at home”. Mr Bolsonaro contracted coronavirus in
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.
His diagnosis barely a month before the Charles, heir to the throne, and health Commission president Ursula von der July after months of flouting his own
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, London EC4M 9BT.

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
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
caused by Mrs May’s unexpected deci-
sion to leave the EU customs union.
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
cities in its decision to set up an
EU base to help deal with the
expected loss of passporting
rights after Brexit.
John Nelson, chairman of the
centuries-old insurance mar-
ket, said he expected other
will be reinsured back to the
syndicates at its City of London
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
November presidential election has cast secretary Matt Hancock. Leyen was tested as a precaution, as she health ministry’s advice on social dis-
homes for the industry. But Paris bombings — have
Mr Nelson said the city won on The inquiries threaten to undermine thousand” bank accounts opened in
bucked the trend
efforts by the country’s banking sector Switzerland and not declared to French
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

Subscriptions & Customer service tional dispute after the Swiss attorney- Dutch authorities.

City watchdog sends a clear message as

further uncertainty over the final weeks had met Mr Barnier days before he tancing and masks.
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

Subscription offers: www.ft.com/subscription

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

of a campaign already taking place amid Michel Barnier, EU chief Brexit negoti- tested positive. As Covid-19 spread rapidly through
LAURA NOONAN — DUBLIN Berrys after discussions with regulators. media at work, but banks are unable to
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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

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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
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a pandemic, an economic crisis, protests ator By April, Mr Barnier wrote in a tweet Brazil between April and June, the right-
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

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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
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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 over racial injustice and a controversial Mr Barnier tested positive for coronavi- that he was back at his office preparing wing leader attended campaign-style
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

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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

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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-
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drawal terms.
was “within the parameters of what we
were expecting, perhaps more on the
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Nato summit in Brussels that Mrs May
had not intended to “threaten” the EU
when she linked security co-operation

Supreme Court confirmation. rus in March, becoming the first senior for further Brexit negotiations with his demonstrations, where his supporters
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3 October/4 October 2020
Trump cancels weekend
rallies as quarantine begins
News caps week of problems on tax returns and criticism over Biden TV debate
Demetri Sevastopulo and
Courtney Weaver — Washington
Donald Trump’s coronavirus diagnosis
has shaken up US politics only 32 days
from the election, forcing the president
to cancel campaign rallies as he
attempts to gain ground on Democratic
rival Joe Biden.
The news that Mr Trump and his wife
had tested positive came after a tumul-
tuous week in which the president
struggled to address a report that he had
paid little tax in recent years and then
delivered a widely panned performance
in his first debate with Mr Biden.
The former vice-president leads the
national polls by an average of 7 per
cent, according to Real Clear Politics.
But he had a 13-point edge in one of two
recent polls that coincided with the
debate on Tuesday.
Mr Trump had hoped to energise his
base by returning to the campaign trail.
Instead he has entered quarantine, forc-
ing him to cancel three weekend rallies
— one in Florida and two in Wisconsin.
“Tonight, @FLOTUS and I tested pos-
itive for COVID-19,” he wrote on Twitter
yesterday. “We will begin our quaran-
tine and recovery process immediately.
We will get through this TOGETHER!”
Earlier this year, Mr Trump rebooted
his campaign with a rally in Tulsa, Okla-
homa, that sparked fierce criticism
because of the health risks. He then
scaled back his events, but switched
gears after the Republican convention
in August, appearing at rallies in swing
states including Florida, Wisconsin, Ari-
zona, Ohio and Pennsylvania.
He trails Mr Biden in every swing
Unemployment
Slowdown in jobs growth ensures unwanted postwar record
James Politi — Washington
The US economy added 661,000 jobs
last month, as the unemployment rate
fell to 7.9 per cent, highlighting the
slowdown in the recovery of America’s
labour market in the final stretch of the
presidential election campaign.
Yesterday’s data are the final monthly
update before the November poll and
mean Donald Trump will be shoulder-
ing the worst September jobless rate of
any incumbent US president in postwar
history.
The figures from the Bureau of Labor
Statistics showed employers continued
to restore some of the jobs lost during
the initial pandemic-related shutdowns,
but at a significantly weaker pace com-
pared with the summer months.
In July and August, the US economy
created on average 1.6m jobs a month
compared with the 661,000 in Septem-
ber — and America has now recovered
just 11.4m of the 22.2m positions it shed
between February and April. “The rate
★ FTWeekend
trump tests positive
Health check: state. Mr Biden has even overtaken him
White House in Georgia, a traditionally Republican
chief of staff state that has been becoming more lib-
Mark Meadows eral, and is only 3 points behind in
briefs reporters Texas, which has not voted for a Demo-
about Donald crat since Jimmy Carter in 1976.
Trump’s One Trump donor said the news gave
positive him a migraine for the first time in his
coronavirus test life. But he expressed hope it would
yesterday in engender empathy and sympathy for
Washington the president, two emotions Mr Trump
Drew Angerer/Getty has struggled to elicit from voters.
He also speculated that a speedy
recovery could bolster Mr Trump’s case
that he is a physically strong leader, and
a stronger contender than Mr Biden,
whom he has mocked for wearing a
mask. “It sends the message . . . ‘I can
get through it even though I’m older.
What about the other guy?’” he added.
But Dan Eberhart, another Trump
donor, said he worried that it would hurt
his re-election campaign. “All of the
people he relies on daily could now be
knocked out of commission by Covid.
That puts a huge dent in his army.”
Under government guidelines, Mr
Trump should self-isolate for at least 10
days after his symptoms emerged,
which would keep him out of action for
almost two of the less than five weeks
remaining in the campaign.
His diagnosis came as coronavirus
cases are ticking up again across the US,
according to the Centers for Disease
Control and Prevention. Cases have
been rising especially quickly in moun-
tain states, such as Wyoming and Mon-
tana, that are heavily Republican, but
they have also been surging in Wiscon-
sin, a critical battleground that helped
of improvement has clearly slowed, as couraging sign for the recovery. Accord-
the resurgence of the virus has con- ing to the data, 695,000 Americans, pre-
strained the pace of reopening, and the dominantly women, exited the labour
early signs for October are not encour- force last month, meaning they were no
aging,” said Ian Shepherdson at Pan- longer working or searching for work.
theon Macroeconomics. Another concerning trend in the
“It is clear that the economic rebound report was the increase in permanent
is entering a new, weaker phase,” said
Michael Pearce, senior US economist at Unemployment rate is the
Capital Economics. worst in September of a
The payroll gains last month were presidential election year
spread across most industry sectors,
each showing more modest improve- Unemployment rate (%)
ments. Leisure and hospitality added
318,000 positions while retail gained
142,00 jobs and manufacturing employ-
ment increased by 66,000. Government
shed 216,000 jobs, reflecting state and
local government budget cuts and a
small reduction of the workforce associ-
ated with the 2020 census.
The change in the unemployment
rate, which is measured by a separate
survey of households, was accompanied 1948 60 72 84
by a 0.3 percentage-point decline in the Seasonally adjusted
Source: US Bureau of Labor Statistics
labour force participation rate, in a dis-
‘All of the Mr Trump beat Hillary Clinton in 2016.
The president’s diagnosis makes it
people he more difficult for him to deflect criti-
relies on cism from Mr Biden that his failure to
encourage Americans to wear masks
daily could was a dereliction of duty and puts more
now be lives at risk.
Mr Biden had just started to ramp up
knocked in-person events, under pressure from
out of the Trump team. Mr Biden spent most
of the pandemic at home in Delaware,
commission
by Covid’
resuming a full in-person campaign
schedule only at the end of August.
This week, Mr Biden had his busiest
period on the trail. After the debate in
Cleveland, he took a train tour through
Ohio to Pennsylvania with half a dozen
events en route. Yesterday, he had been
scheduled to attend events in Michigan.
Separately, the Biden campaign
announced this week it would begin
door-knocking in key swing states. That
reversal came after his team had
shunned the practice for most of the
campaign due to health concerns.
Matt Bennett, co-founder of Third
Way, a Democratic think-tank, said the
Biden team had been “under pressure”
to resume in-person canvassing after
being spooked by new voter registration
numbers coming out of swing states
such as Florida, where registration of
new Republican voters strongly out-
paced Democrats.
Video But he said the news about Mr Trump
US finance would likely change that calculus.
editor Robert “They have to recalibrate. The percep-
Armstrong on
why investors tion of risk has changed,” said Mr Ben-
fear the election nett, who believes that both campaigns
ft.com/video
will probably now be virtual.
Additional reporting by Kiran Stacey
job losses to 3.8m, a rise of 345,000 com-
pared with August. Temporary job
losses continued to decline, by 1.5m
over the month.
Though the US economy has bounced
back more rapidly than expected from
the initial pandemic shock, many econ-
omists worry the outlook in coming
months could be darker because of fad-
ing fiscal stimulus, fears about new
waves of coronavirus infection and pos-
sible tensions over the election result.
Mr Trump had hoped to make a
8 strong economy the centrepiece of his
re-election bid before the pandemic hit,
6 when the jobless rate was at a historic
low of 3.5 per cent. But that task has
been severely complicated by coronavi-
4
rus, which has left him in a worse posi-
tion in terms of the pre-election Sep-
2 tember unemployment rate compared
with Barack Obama in 2012, who over-
0 came 7.8 per cent joblessness to win a
96 2008 20 second term, and Ronald Reagan, who
overcame 7.3 per cent joblessness in the
same month to win re-election in 1984.
Prognosis. Risk factors
President qualifies
as ‘vulnerable’,
say medical experts
Older, overweight men face
worse odds but it is too soon
to predict the illness’s course
Clive Cookson — London
The announcement that Donald Trump
has tested positive for the Sars-Cov-2
virus has rocked the US barely a month
out from the presidential election.
Much will now depend on how his con-
dition evolves.
A striking feature of Covid-19 has
been its unpredictability. Infection can
cause symptoms ranging from the
pneumonia that characterised the dis-
ease when it emerged in China, to prob-
lems with the heart and circulation, or
the brain and nervous system.
In other cases, people infected with
the virus — including those in their sev-
enties such as Mr Trump — can recover
without suffering any symptoms, or
nothing worse than a temporary loss of
smell and taste.
Mr Trump is 74. On average, someone
in their mid-70s who tests positive for
coronavirus has about a 20 per cent
chance of needing hospitalisation and a
5 per cent chance of dying from Cov-
id-19 in countries with good medical
systems. Other factors such as weight
and general health, can affect the course
of the virus.
“The president’s profile would clas-
sify him as vulnerable,” said Michael
Head, senior research fellow in global
health at Southampton university. “He
is aged 74 and reportedly overweight.
Many people in their 70s will also have
further comorbidities that increase the
risks of a more severe illness.”
Mr Trump will receive the best care
available, which will improve his pros-
pects. Sean Conley, the president’s phy-
sician, said he expected Mr Trump “to
continue carrying out his duties without
disruption while recovering”.
That optimistic forecast may turn out
to be justified but other experts said the
future effects of the virus were difficult
to predict so soon after a positive test.
“With a single positive result, it is dif-
Inoculation programme
Vaccine must be rationed for
initial US rollout, says report
Kiran Stacey — Washington
A coronavirus vaccine should be
strictly rationed when it is first
released, according to a report com-
missioned by the Trump administra-
tion that highlights the political chal-
lenges of rolling out the biggest public
inoculation programme in US history.
The National Academies of Sciences,
Engineering and Medicine released a
report yesterday morning recommend-
ing that frontline healthcare workers in
minority communities should be the first
group to receive a vaccine, while younger
people with no underlying health condi-
tions will have to wait until later.
In a sign of how difficult it will be to
make sure the vaccine is distributed
fairly while production is being scaled
up, the report even suggests local health
departments could hold lotteries to
decide who receives it after all the prior-
ity groups have been served.
Helene Gayle, the co-chair of the com-
mittee that wrote the report, told the
Financial Times: “In the initial phases, if
there is a scarce vaccine, we should look
to reduce morbidity and mortality first,
rather than focusing on stopping trans-
mission.”
But she added that lack of demand
could end up being as big a problem as
too much if Americans continue to lose
confidence in the safety of a vaccine. As
critics have taken aim at President Don-
ald Trump for rushing a vaccine
approval to boost his chances of re-elec-
tion, recent polls have shown nearly half
of all adults in the US say they would not
receive one if it were released today.
“We need a massive public education
campaign to make sure we build confi-
dence in people to take the vaccine,” Dr
Gayle said.
Public health officials in the US say
they are optimistic that a vaccine will be
approved for use by at least some sec-
tions of the population by the end of the
year, but it is not likely to be widely
available until next summer.
Anthony Fauci, the head of the
National Institute of Allergy and Infec-
tious Diseases, has predicted there
could be about 100m doses available by
the end of the year, enough for roughly
30 per cent of the US population.
In the first few months after a vaccine
3
ficult to say exactly where he is in his
infection and when he was infected,”
said Julian Tang, consultant virologist at
the UK’s Leicester Royal Infirmary. If
symptoms developed, most people
remained well enough to stay outside
hospital during the first five to seven
days of the illness, said Dr Tang.
“Thereafter it may become more seri-
ous, requiring hospitalisation — or they
start to recover by themselves.”
In April, British prime minister Boris
Johnson was admitted to St Thomas’
Hospital in London 10 days after testing
positive for the virus. He spent three
days in intensive care.
Independent medical experts were
reluctant to speculate about the presi-
dent’s prognosis.
“Donald Trump has some risk factors
such as being male, older and over-
weight, but if he has no chronic condi-
tions and is reasonably active then these
may offset or attenuate his risks so that
he may recover swiftly from the infec-
‘The risk of serious
disease and death
depends on many factors’
Naveed Sattar, medicine professor
tion,” said Naveed Sattar, professor of
medicine at Scotland’s University of
Glasgow. “The risk of serious disease
and death depends on many factors,
and it is not so simple as to make infer-
ences from one or two alone.”
Trish Greenhalgh, professor of pri-
mary healthcare at the University of
Oxford, said it would be important to
know when Mr Trump was infected to
assess “the likelihood that he could have
infected [Democratic presidential can-
didate Joe] Biden and others during
Tuesday’s presidential debate”.
“There is strong evidence from many
sources that the Sars-Cov-2 virus is
transmitted via shared air as well as by
droplets and direct contact,” she said.
“People in the same room, even if more
than two metres apart, are at risk
because eventually the airborne virus
reaches all parts of the room.”
is released therefore, health authorities
will have to ration doses for those who
need it most. In an attempt to remove
some of the likely political controversy
from those decisions, the Centers for
Disease Control and Prevention and the
National Institutes of Health jointly
commissioned Dr Gayle’s committee to
make recommendations.
The committee’s report recommends
taking a four-stage approach. In the first
stage, frontline healthcare workers such
as doctors and ambulance workers
should receive the vaccine first, fol-
lowed by older people living in commu-
nities such as care homes and people of
any age with serious underlying condi-
tions. Those conditions include cancer,
obesity and type two diabetes.
This group consists of about 50m peo-
ple, and so will probably take up all the
vaccine doses that Dr Fauci has said are
likely to be available in November.
The next group consists of 100m peo-
ple. It would include people over 65,
school staff and childcare workers, as
well as residents and staff of facilities
where it is difficult to socially distance,
such as prisons and homeless shelters.
Remaining essential workers would
be in the third phase, as would children
and young adults if a vaccine has been
approved for them. Only after that
would there be a final phase where
everyone in the US would be eligible.
Within each of these phases, the
report recommends prioritising Black,
Hispanic and Native American commu-
nities, which have been disproportion-
ately affected by coronavirus. It says
health departments should do this by
sending doses first to the areas with the
highest minority populations.
But in a sign of the difficult choices
that will have to made even when there
is wider access to a vaccine, the report
considers the possibility that there
might be shortages once the vaccine is
available to the general population.
“Ideally, these individuals would be
willing to participate in an egalitarian
process (such as a lottery) if there are
persistent local or regional shortages in
this phase,” it suggests.
The report will now be assessed by the
CDC, which will make its own more spe-
cific recommendations once a particu-
lar vaccine has been approved.
4 ★ FTWeekend 3 October/4 October 2020

INTERNATIONAL

Leaders’ summit France

Belarus hit with sanctions after EU deal Macron starts

Cyprus drops objections
to curbs, leading to
Lukashenko retaliation
Michael Peel, Mehreen Khan
and Sam Fleming — Brussels
The EU has imposed long-delayed sanc-
tions on dozens of officials accused of
orchestrating the political crackdown in
Belarus, triggering an immediate
riposte from President Alexander
Lukashenko’s embattled regime.
After Brussels yesterday unveiled the
move against 40 individuals, Minsk
pulled its ambassadors from some EU
countries and scrapped foreign journal-
ists’ accreditation. Mr Lukashenko is
not on the list for now, but could be
added later.
The EU said it was imposing travel
bans and asset freezes on officials
accused of involvement in ballot rigging
and repression in connection with the
August re-election of Mr Lukashenko,
who has ruled the ex-Soviet state for 26
years.
The targets include Yuri Karaev, inte-
rior minister, and senior figures in the
electoral commission, the KGB and
feared OMON security service.
The US also announced sanctions
against eight Belarus officials yesterday,
adding to 16 people — including Mr
Lukashenko — targeted over conduct
Nagorno-Karabakh. Conflict
relating to previous elections. The UK
and Canada sanctioned the Belarus
leader and other officials earlier this
week.
The move by Brussels underlines how
far relations have deteriorated since the
EU in 2016 lifted sanctions against Mr
Lukashenko and 169 figures linked to
his government as it sought to improve
ties with a country traditionally aligned
with Russia.
Josep Borrell, EU foreign policy chief,
said he hoped the bloc’s sanctions would
deter further violence by the regime,
push it to free those unlawfully detained
and to investigate abuses and start talks
with the opposition.
“The list of persons targeted will be
under constant review and the EU is
ready to impose additional restrictive
measures if the situation does not
improve,” Mr Borrell said.
Belarus immediately announced
countersanctions on unspecified EU
targets and recalled its ambassadors
from Poland and Lithuania, according
to the state news agency Belta. Foreign
media in Belarus will have their accredi-
tation cancelled and have to reapply, a
move authorities claim is due to an
overhaul of the credentials system.
“A quarter of a century wasn’t enough
for the EU to bring into force an agree-
ment on partnership and co-operation
with Belarus, but a few weeks turned
out to be enough for it to introduce sanc-
tions,” the foreign ministry said in a
statement.
The EU vowed in August to impose
sanctions over the Belarus clampdown,
but the bloc watched in frustration as
Cyprus alone blocked the action.
Nicosia lifted its opposition in the
early hours of yesterday after fellow EU
member states agreed at a summit in
Brussels to issue a veiled threat of sanc-
tions against Ankara over Turkey’s con-
tentious energy exploration in waters
off Cyprus.
The protracted stand-off over the
Belarus measures revealed the EU’s
internal tensions over foreign policy,
after Mr Borrell warned that the delay
threatened the bloc’s credibility.
clampdown
on Islamist
‘separatism’
Victor Mallet — Paris
President Emmanuel Macron has
launched a crackdown on radical
Islamist “separatism” in France,
announcing plans for strict controls on
religious, cultural and sporting associa-
tions and banning home schooling.
Mr Macron’s announcement of a draft
law, to be finalised this year, is his latest
initiative to reimpose French secular
republican values in districts heavily
populated by Arab and African Muslim
immigrants seen as vulnerable to falling
under the sway of Islamists.
He also wants to garner the support of
conservative and far-right voters ahead
of the next presidential election in 2022

Clashes escalate in Caucasus border dispute
At least 169 people have died
in the latest violence between
Armenia and Azerbaijan
Max Seddon — Moscow
Residents of Stepanakert, Nagorno-
Karabakh’s capital, have endured an
anxious week, filled with the sound of
air-raid sirens warning them to take
shelter and the threat of artillery fire
and drone attacks.
“Everyone is hiding in bomb shelters.
Women and children are there 24 hours
a day,” said Alexander Bagdasaryan,
who was visiting the town when Azerba-
ijan launched its assault on Nagorno-
Karabakh last weekend.
“They’re attacking as if it’s a full-on
war. I saw them shoot down five drones
with my own eyes.”
The fierce clashes this week in the dis-
puted Caucasus Mountains enclave, sit-
uated within Azerbaijan’s borders but
populated by ethnic Armenians, are the
worst since the adversaries fought a
bloody war over the territory after the
Soviet Union’s collapse. At least 169 peo-
ple have died in the latest chapter of one
of the more intractable conflicts, given a
new dimension by the support that Tur-
key has given to Azerbaijan.
“The cultural and symbolic meaning
of [Nagorno-Karabakh] for both peo-
ples cannot be overstated,” Thomas de
Waal writes in Black Garden: Armenia and
Azerbaijan Through Peace and War, his
history of the conflict.
“For Armenians, Karabakh is the last
outpost of their Christian civilisation.
Azerbaijanis talk of it as a cradle, nurs-
ery, or conservatoire, the birthplace of
their musicians and poets.”
It was in the late 1980s that Armeni-
ans in Nagorno-Karabakh, then part of
Soviet Azerbaijan, rebelled against what
they saw as “forced Azerification” and
demanded the territory become part of
Soviet Armenia.
War broke out between Armenia and
Azerbaijan as the Soviet Union col-
lapsed. Although a ceasefire was struck
in 1994, it failed to bring a lasting settle-
ment. The conflict has erupted several
times since, notably when more than
100 people died in a skirmish in 2016.
Today, the self-proclaimed republic of
less than 150,000 people remains unrec-
ognised and essentially propped up by
Armenia, which has floated the idea of
fully annexing it. Armenia and its
diaspora have poured resources into
Rubble: rebuilding Stepanakert, a town that
a resident boasts new roads, well-stocked shops
stands near a and a burgeoning wine industry.
house that But scars from the wars remain. A
locals say was number of towns populated by thou-
damaged during sands of ethnic Azeris during the Soviet
shelling by era, such as Aghdam, now lie empty.
Azeri forces in As Azerbaijan has this week contin-
Nagorno- ued its aerial and missile assault, it
Karabakh claims to have captured several strate-
on Thursday gic heights and to have taken out several
Vahram Baghdasaryan/
Photolure/Reuters
Armenian defensive fortifications.
Despite the use of Turkish-made
drones and sophisticated weaponry,
much of the fighting is akin to conflicts
fought a century ago.
This is “very much first world war-
style trench warfare and well-
entrenched fortified positions where it’s
very difficult to gain any kind of mili-
tary breakthrough,” said Richard Gira-
gosian, director of the Regional Studies
Center, a Yerevan think-tank.
Carey Cavanaugh, a former US
ambassador who helped broker land-
mark talks between Azerbaijan and
Armenia in 2001, said: “What exists in
Nagorno-Karabakh today are
trenches . . . that look exactly like those
dug in Belgium in the first world war.”
He characterised the fighting as “a sit-
uation where you may lose a lot of peo-
ple to move a front line a very small dis-
tance, and not even be sure you can hold
it in the long term”.
Armenia’s foreign ministry yesterday
said it was prepared for ceasefire talks
but Azerbaijan has refused to halt what
it called a “counter-offensive” until it
regained control over the territory.
Hikmet Hadjiyev, senior aide to Azeri
president Ilham Aliyev, said yesterday
that Azerbaijan wanted to redress griev-
ances dating back to the 1994 ceasefire.
“Complete resolution of this conflict is
the ending of occupation and the with-
drawal of Armenian troops,” he said.
Mr Aliyev is under domestic pressure
to retake territory after pro-war pro-
testers stormed parliament in July,
prompting him to sack his foreign min-
ister. He has been boosted by backing
This is from Turkey, which denies Armenian
claims it has sent support to help Azeri
‘very much forces but has rejected western and Rus-
first world sian calls for a ceasefire.
Russia, which has a defence pact with
war-style Armenia but is also an ally of Azerbai-
trench jan, has struggled to influence events.
Turkey and Azerbaijan’s rhetoric masks
warfare the difficulty in advancing through the
and well- terrain. Zaur Shiriyev, an analyst for the
International Crisis Group think-tank,
entrenched said the attritional nature of the war
fortified would hit appetite to continue fighting.
For many in Nagorno-Karabakh, the
positions’ clashes have only strengthened their
resolve. Mr Bagdasaryan abandoned
plans to return to his Moscow home and
enlisted in Nagorno-Karabakh’s army.
“Everyone knows that Armenians
have always lived here. And nobody is
going to leave because people have bur-
ied their fathers, grandfathers, mothers,
wives and children here,” he said.
“Everyone will fight until the last drop
of blood.”
Additional reporting by Henry Foy, Moscow
amid continued public concern about
terrorism and law and order, political
analysts say.
Fourteen alleged associates of the
Islamist gunmen who attacked the
Charlie Hebdo satirical newspaper and
a Jewish supermarket in 2015 are on
trial in Paris. On Tuesday, Zaheer Has-
san Mahmoud, a Pakistani man, was
charged with attempted terrorist assas-
sinations after injuring two people with
a cleaver outside the former Charlie
Hebdo offices a week ago.
“We have built this separatism our-
selves, it’s in our communities and their
ghettoisation,” said Mr Macron, accom-
panied by six government ministers, in
a speech yesterday in Les Mureaux
north-west of Paris, a district where suc-
cessive French governments have
sought to counter what one former pre-
mier called “social, territorial and eth-
nic apartheid”.
“We have built concentrations of pov-
erty and problems . . . We have created
areas where the promises of the republic
have not been fulfilled,” he added.
Mr Macron said the government
needed to attack “Islamist separatism”,
supporters of which had systematically
attempted to build a “parallel” society
in France, and would spend money on
integrating communities in difficult
suburbs, including investing in youth
programmes and schools.
The aim, he said, was to “ensure a
republican presence at the foot of each
tower block, each building, in places
where we were retreating”.
The president said more than 50,000
children in France were being educated
at home and the number was increasing
every year. From the start of the school
year in September 2021, all children
above the age of three would be obliged
to attend state registered schools unless
exempted for health reasons.
The draft legislation, designed to
build on a 1905 law enforcing separation
of church and state, will tighten controls
over management and financing of cul-
tural associations and places of worship.
It will contain an “anti-putsch” provi-
sion to prevent radicals taking control of
mosques or other institutions.
Mr Macron, a social liberal elected
president in 2017 as a candidate who
was “neither right nor left”, has sought
to court rightwing voters by announcing
tougher immigration rules and tighten-
ing controls on foreign financing of
mosques. His advisers say his policy of
targeting even smaller infractions of
French values of liberty and equality —
such as the refusal to shake the hand of a
female official or the introduction of
separate hours for men and women in
municipal swimming pools — had suc-
ceeded in sidelining Islamist leaders.

Monetary stimulus Currency challenges

Eurozone deflation adds to central bank woes ECB confident it can create a digital euro
Martin Arnold — Frankfurt
The eurozone economy sank into its
second consecutive month of deflation
in September, intensifying pressure on
the European Central Bank to consider
injecting more monetary stimulus.
Headline consumer price inflation fell
to a four-year low of minus 0.3 per cent
in September and down from minus 0.2
per cent in August.
It is the first time the eurozone has
had two consecutive months of defla-
tion since 2016, despite the ECB subse-
quently launching successive bond-
buying programmes totalling trillions of
euros and cutting interest rates deep
into negative territory.
Core inflation, which strips out more
volatile prices of energy, food and
tobacco, hit a record low of 0.2 per cent
in September, down from 0.4 per cent in
August and 1 per cent in the same
month last year. Most categories of
prices fell, including services and indus-
trial goods.
A prolonged period of deflation is con-
sidered to be unhealthy for an economy
because it can discourage consumers
from spending and businesses from
investing if they believe prices could be
lower in future, while it also transfers
wealth from debtors to creditors.
Many economists forecast that the
ECB will increase the size of its €1.35tn
emergency bond-buying programme in
December, when it is due to publish new
economic forecasts including its expec-
tations for inflation.
Jack Allen-Reynolds, economist at
Capital Economics, said “weak aggre-
gate demand” was likely to keep infla-
tion well below the ECB’s target and
meant it was likely to “loosen monetary
policy further, perhaps before the end of
the year”.
The ECB has said that temporary fac-
tors are depressing prices. But the latest
figures are likely to intensify the pres-
sure on policymakers to inject more
monetary stimulus.
Martin Arnold — Frankfurt
The European Central Bank has identi-
fied several scenarios that would
require it to launch a digital euro and
says it is confident of overcoming any
challenges as it starts a six-month pub-
lic consultation on the idea.
By publishing a 50-page report examin-
ing the case for creating a digital cur-
rency, which it defines as central bank
money available digitally to all parties,
the ECB is trying to stay ahead of the
rapidly changing world of digital cur-
rencies and payments.
“Europeans are increasingly turning
to digital in the ways they spend, save
and invest,” said Christine Lagarde, ECB
president. “Our role is to secure trust in
money. This means making sure the
euro is fit for the digital age. We should
be prepared to issue a digital euro,
should the need arise.”
The ECB said it was considering two
design approaches, while adding it was
“too early to commit to a specific
design”. The first, centralised one would
record all digital euro transactions in
the central bank’s own ledger. In a sec-
ond, decentralised one, the ECB would
set the rules for transactions to be set-
tled and recorded by supervised inter-
mediaries.
Central bankers are increasingly
interested in the relatively new world of
digital currencies, particularly since
Facebook announced a plan to launch
one called Libra that has the potential to
overhaul the way money works.
Christine Lagarde: ‘Europeans are
increasingly turning to digital’
ECB officials believe the Chinese cen-
tral bank is potentially a couple of years
away from launching its own digital ren-
minbi after it conducted large-scale
experiments.
The ECB outlined potential scenarios
“that would require the issuance of a
digital euro”. These include higher
demand for electronic payments that
creates a greater need for a “risk-free
digital means of payment”, as well as the
potential that a cyber attack or pan-
demic disrupts the existing payment
system and requires a digital euro to
serve as a back-up.
Another scenario is a further sharp
drop in cash usage that leaves some peo-
ple financially excluded.
Finally, it examined the potential
rapid adoption of other private or public
digital currencies — including those
issued by foreign central banks — that
could “threaten European financial,
economic and, ultimately, political sov-
ereignty”.
The ECB said a digital euro “also poses
challenges, but by following appropriate
strategies in the design of the digital
euro the Eurosystem can address these”.
3 October/4 October 2020 ★ † FTWeekend 5
6 ★
FASHION
Carola
Long
However they showed their
collections, designers were
aiming to make their
audiences feel something
Usually, there is a cocktail of ingredients
that helps a real-life show sing, espe-
cially in Paris. The Eiffel Tower might be
twinkling in the night sky, the venue
gently perfumed, the models mesmeris-
ing and the music transportive.
Without all that, it’s harder to stir
your audience. This season, like most of
the British fashion press, I was at home
in London reviewing collections on my
computer while the FT’s Paris corre-
spondent Leila Abboud, armed with a
mask and hand sanitiser, attended a
handful of real shows. Inspiring an audi-
ence divided across channels and time
zones posed a real challenge for the 84
brands on this week’s show schedule,
about half of whom are debuting their
collections solely online.
Many of those online experiences
were unmemorable. But LVMH Prize-
winner Marine Serre, who describes her
fashion as “eco-futurist”, made a short
film that blew my socks (and slippers)
off. Last season, Serre’s masks and bala-
clavas, shown just as Italy went into
lockdown, chimed eerily with the zeit-
geist. The mood for SS21 was similarly
relevant to the multiple crises facing
the world.
The video begins with a person of
indeterminate gender lying on a table-
top in a laboratory. The figure is sur-
rounded by models in moon-weave jac-
quard tailored separates and black,
multi-pocket utilitarian garments made
from biodegradable nylon and recycled
moiré. They examine her like scientists
analysing an alien. The characters then
move to a dusty, overheated-looking
planet — it could be Earth — where mod-
els wear desert-storm-style hats made
from upcycled carpet in terracotta
shades. Finally, we cut to an underwater
world where the characters sport blue
trippy jersey bodysuits and face masks
made with vintage embroidery. (Serre
FTWeekend
PARIS fashion week
Comfort, creativity and old carpets
Clockwise from left: wasn’t the only designer in sci-fi mood:
Dior SS21; Chloé; Kenzo; later in the week, Rick Owens put for-
Kenneth Ize; Rick Owens; ward a kinkier twist on the genre with
Marine Serre leather thigh boots, hot pants, visors
and masks.)
“A show is difficult; you have 10 min-
utes to prove the work of six months. It’s
really intense, it’s only for 500 people
and not everyone can travel there,” says
Serre, whose bodysuits have been worn
by Beyoncé and Adele. “I thought things
would be different for some time and in
a way that’s for the good.”
Serre is one of several young designers
using recycled, upcycled and deadstock
textiles in her spring/summer collec-
tion. She also thinks deeply about their
function. “I try, on every garment that I
make, to think what utility will this
bring to my life, because it’s one more
garment on the planet,” she says.
Dior’s Maria Grazia Chiuri was also
thinking about how clothes feel on the
body, and what we need from them this
season. “Our style of life is completely
different,” she said in a Zoom interview
before the show, which was held in a cus-
tom-built space in the Tuileries. “It’s a
more intimate relationship with clothes
now that we don’t see so many people.
We want something more comfortable.”
Revisiting a 1957 collection that Chris-
tian Dior had made for the Japanese
market, Chiuri turned out soft, kimono-
like jackets in paisley, denim and tie-
dye, worn open or with a thin leather
belt. Fluid chiffon dresses came in
muted shades of china blue and leaf
green; cropped trousers and tunics had
an arty, bohemian look. LVMH does not
break down figures for Dior, but said in
Fashion Week diary
It rained and the celebrities
stayed away. But Dior,
Balmain and others proved
that Paris is still the city of
fashion. By Leila Abboud
There is no way I belong in the front
row. But that is where the meticulous
planners behind Dior’s spring/summer
2021 show have placed me, just seats
away from the billionaire founder of
LVMH Bernard Arnault and his family.
Welcome to Paris Fashion Week —
Covid-19 edition. Travel restrictions
mean that many celebrities and fashion
editors who would usually sit front and
centre are not here. In their place are
locals like me, the FT’s Paris
correspondent, promoted to the big
league. The vibe in the French capital
matches the rainy and foreboding
weather. New coronavirus infections in
France are rising again to about 12,000
per day, prompting the government to
impose new restrictions. The bars must
close by 10pm and masks are required
pretty much everywhere.
Yet the show must go on. The four
major fashion weeks that punctuate
Paris life annually bring in €440m in
economic activity to the city.
The masked guests filtering into the
Dior show have to walk over muddied
sand to enter the white cube structure
in the Tuileries garden. I chat to another
journalist who has been attending for
more than a decade. “Oh, this is all very
weird,” he says. “It is too quiet.”
Coperni, a buzzy Parisian ready-to-
wear brand known for its tailored
minimalism, chose the rooftop of the
ugly 1970s Tour Montparnasse for its
Tuesday show. Despite the fog, the view
from 59 storeys up was breathtaking,
overlooking the Eiffel Tower. I
particularly like a mint green dress with
a train like a mermaid’s tail, and white
narrow jacket paired with leggings.
Coperni’s design duo Sébastien Meyer
and Arnaud Vaillant tell me afterwards
that the collection is inspired by three
watchwords: protection, optimism and
comfort. Several pieces are made of a
new jersey fabric that offers sun
protection and is anti-bacterial. The
July that the brand had “showed
remarkable resistance” in the first half
of 2020. These chic but easy silhouettes
should continue that trajectory.
Chloé’s Natacha Ramsay-Levi also
staged a physical event, with models
wandering along Parisian streets before
converging on the steps of the Palais de
Tokyo for an outdoor show.
The clothes were fluid and feminine
with some more boyish touches. Silk
dresses and camisole tops came with
fine strips of Valenciennes lacework.
High-waisted trousers were paired with
floral shirts, an antique rose blazer was
slung over a pleated peach skirt. Ram-
say-Levi also made a case for the wide
belt, which models wore over tunic tops
with appliqué art nouveau florals.
“[They] are very simple, very prag-
matic, it’s a dress, a shirt, pants, there’s
no crazy volumes,” she says of the collec-
tion. “They are about a simple attitude
and clothes that you can grab easily.”
While Chloé rejected “crazy volumes”
for wearability, Loewe designer
Jonathan Anderson embraced what he
Balmain SS21 — Gamma-Rapho via Getty Images
pair are relieved that it all came off. “A
certain magic occurs when the music,
the place, the casting and the collection
all come together,” says Meyer. “We
wanted to feel that. We are in Paris. We
are still standing.”
Just under half of the 84 fashion
houses showing womenswear this week
opted for live events, while the rest
produced online videos. Kering brands
that usually show in Paris, such as Saint
Laurent and Balenciaga, are not here
and will host digital events later.
In contrast, rival LVMH is out in
force, not only with the elaborately
staged Dior show for 350 people, but
also with a beekeeping-themed Kenzo
show in a rose garden. It’s a bet that in-
person shows, even smaller ones, will
generate more publicity than virtual
ones. Arnault’s group is saving the
glitziest for last on Monday, when it will
stage its Louis Vuitton show in the art
nouveau department store La
Samaritaine. LVMH spent years and
€750m renovating the store, only to
have the opening delayed by Covid-19.
It should make quite the backdrop for
the collection of Nicolas Ghesquière.
Holding Fashion Week during a
pandemic is not easy. The organisers of
Koché’s show thought Buttes-
Chaumont park would be a safe venue.
But they nearly had to move at the last
minute when the city banned public
gatherings of more than 10 people. A
workaround was negotiated with local
officials: putting up a black velvet rope
around the area meant that it counted
as a private space, not subject to the cap.
Spare a thought for the paparazzi,
3 October/4 October 2020
called “inflated volumes” via sculptural
sleeves, puffball cuffs and crinolines
made of leftover fabric. Think balloon
animals in fabric form. Perhaps a little
unsuitable for our newly scaled-down
lives, but Anderson felt this was a
moment to celebrate creativity.
“I want it to be fashion, I wanted eve-
ryone in my design team who is strug-
gling through this to make clothes that
excite them.”
Anderson decided during lockdown
not to have a physical show. Instead, he
sent everyone who would normally be
there a “Show on the wall” kit contain-
ing wallpaper designed by artist Anthea
Hamilton, scissors and posters. I admit I
was slightly stumped by it, but it seems
that others have more creativity and
have already wallpapered rooms and
posted the results on Instagram.
“There is nothing better than a show,
it’s a performance, but does it feel right
for this moment? I really don’t think so,”
Anderson continues. “We are in this
transient moment . . . Why not think
about how to do it differently?”
too. Stars are thin
on the ground,
and with all the
masks it is hard to
figure out who is
famous enough to
merit a snap.
Sidney Tole-
dano, CEO of
LVMH Fashion
Group, tells me it’s
important to
soldier on. “We
really wanted to
be here in person.
Paris is the city of
fashion. It gave birth to runway shows.
It is a tradition, and nourishes many
studios and people behind the scenes.”
I finally start to understand why so
many in the industry are wedded to live
shows when I head to the Jardin des
Plantes on the Left Bank for the
Balmain show. The brand led by
creative director Olivier Rousteing is
beloved by stars like Kim Kardashian
and Kanye West, and has a young loyal
following dubbed the Balmain Army.
They have turned up en masse, dressed
to impress. Studded minidresses with
plunging necklines. Thigh-high boots.
Night has fallen. Onlookers and
paparazzi have gathered outside the
garden gates. An electric sense of
anticipation is in the air.
As the show kicks off, Depeche
Mode’s “People Are People” blares.
Suddenly, screens flanking one side of
the runway beam in pre-taped video of
the A-listers who could not travel to
Paris: Jennifer Lopez, Anna Wintour,
Kris Jenner, Cindy Crawford, Britney
Spears, Usher. All wearing Balmain,
bien sûr. It is Fashion Week’s version of a
Zoom conference call. It is weird and
kitsch, but also kind of great.
The 20-minute runway show is a
glamour parade. There are so many
models, so many outfits, that during the
finale they walk the runway in rows of
six across. Fluorescent yellow suits with
dramatic shoulder pads. A trenchcoat
and baggy trousers that reprise a black-
and-white patterned 1970s print from
Balmain’s archives. Sparkly ball gowns.
A guy next to me jumps to his feet and
cheers at the end. Finally, a bit of joy.
3 October/4 October 2020 ★ FTWeekend 7

FT BIG READ. CORONAVIRUS

The survival rate for people with Covid-19 has improved along with increased scientific understanding of
the disease. But doctors still want a bigger range of treatments to cope with surges in cases.
By Hannah Kuchler

T
ending to Covid-19 patients director of infection prevention, says
in the early days of the pan- the younger population may obscure
demic, Leora Horwitz felt any medical advances. “We’re seeing a
like a doctor from the 18th major shift in epidemiology that may
century, desperately trying drown out some of the smaller changes
to discover more about a new disease, to that come from the treatments that we
learn how to stop people from dying. now learn are effective,” she says.
“We couldn’t tell how quickly people
were likely to deteriorate, what kinds of Younger patients
deterioration they would have . . . or While Covid-19 cases are again rising in
when they were out of the woods,” says many European countries, and in more
the clinician-researcher at NYU Lang- than half of US states, some doctors are
one, an academic medical centre in New hoping that new treatments will help
York. “We had no idea.” save more lives.
This week, the coronavirus pandemic Monoclonal antibody treatments
hit a haunting milestone, with an official could help patients even before they get
death toll of 1m worldwide. The rapid to the hospital. Eli Lilly recently
spread of the virus has triggered fears released positive phase 2 results, show-
among some scientific and medical ing the treatment — artificially devel-
experts that millions more will die. oped from the best performing antibod-
On Friday it was announced that Don- ies from recovering Covid-19 patients —
ald Trump, US president, had tested reduced the rate of hospitalisations.
positive for the virus. Yet the death rate “I’m cautiously excited about the
— how many people who have con- promise of monoclonal antibodies,
tracted coronavirus die — may be falling because preliminarily it looks like they
because of improved care, according to may show some promise treating people
the World Health Organization. Coun- who just have mild symptoms, and it
tries grappling with a new surge in infec- may help prevent them from getting
tions, hope doctors have grasped how to sicker,” said Dr Furuya.
keep more patients alive. The global Dr Horwitz is less hopeful that
survival rate for people hospitalised researchers will discover an antiviral
with Covid-19 increased from 66 per that could stop the virus from replicat-
cent in March to 84 per cent in August. ing. “We don’t have drugs for viruses,”
Dr Horwitz says the contrast between she says, adding there had only been two
New York’s wards in late March and
today is like “night and day”. Even
accounting for the demographic differ-
ences between the patients being
treated at her hospital, she found their

84% 5.4%
Survival rate for Death rate in the US
hospitalised Covid for patients with
patients in August. Covid who are over
It was 66% in March 70 years old

survival chances were 22 percentage
points higher in August than in March.
But some scientists remain sceptical
about whether the death rate is actually
falling, questioning the quality of the
data. They argue that if it is coming
down it has more to do with the rise in
younger people getting sick.
“The biggest question that’s out there
right now — or at least one of them is
[whether] the mortality rate from Cov-
id-19 is actually dropping, or is it just
apparently dropping,” says Jonathan
Slotkin, chief medical officer at Contigo
Health, part of Premier, a group of over
4,000 US hospitals.
No ‘silver bullet’
David Battinelli, chief medical officer of
Northwell Health, New York state’s larg-
est healthcare provider, says people for-
get how rapidly the city’s hospitals were
flooded with patients.
“We went from zero in our health sys-
tem to thousands hospitalised within 30
days [with] just about 1,000 patients in
our intensive care units on ventilators.
We had no effective treatment and
almost an overwhelming number of
patients,” he says, adding that many
other systems were swamped.
The hospital staff tried using what
drugs they could: antivirals, plasma
from recovered patients and steroids. If
a patient improved, he says doctors
could be “easily convinced” that this
was a cause and effect, though subse-
quent trials may show otherwise.
The months since then have brought
no blockbuster breakthroughs in drug
treatments. Remdesivir is the only anti-
viral drug authorised in the US to treat
Covid-19 yet its benefits are moderate: it
can speed up a patient’s recovery but
there is no evidence it has reduced
deaths. The Recovery Trial, run by the
Patient progress
‘We don’t University of Oxford, discovered the
generic steroid dexamethasone lowered
have drugs deaths in patients receiving respiratory
for viruses. support and has now been widely
adopted globally.
After 100 Even without a “silver bullet” drug,
years, we Dr Horwitz believes there are “dra-
matic” differences in our understanding
don’t have a of Covid-19, especially the sheer havoc it
treatment can cause across the body, from the
for heart to the toes.
Patients can get diagnosed, and
influenza tested, earlier and put on protocols
that’s based on what has been learned: when
to give blood thinners, how to turn
effective’ patients in a manoeuvre called “pron-
ing” — putting them on their stomach to
improve oxygen intake — and to hold off
from pushing people on to ventilators
too early.
Heather Pierce, senior director at the
Association of American Medical Col-
leges, says these are “major steps for-
ward”. “We don’t have a vaccine. And we
don’t have a cure for Covid. But the
more we understand . . . be it using
novel therapies, techniques, or support-
ive [care], the more we can help save
lives,” she says.
Outside hospital treatments, public
health measures could be playing a
major role in bringing the death rate
down. And the New England Journal of
Medicine in September, published a
commentary suggesting that mask-
wearing could be reducing the severity
of the disease, and calling for studies to
examine the case. “For me that stands to
reason,” says Dr Slotkin, “but I don’t
think anybody can prove that it’s true.”
Others including Professor Sunetra
Gupta, a theoretical epidemiologist at
Oxford university, suggest that some
regions may be reaching herd immunity
at a much lower rate of infection than
previously predicted. But Dr Battinelli
dismisses this as “pure speculation”.
Testing difference
Many dispute the idea that the death
rate is falling, putting any apparent
improvement down to more testing
uncovering more cases and the better
underlying health of a new wave of
younger patients.
Laureen Hill, chief operating officer
of New York Presbyterian Hospital,
believes it is very hard to separate the
factors that could contribute to lower
death rates. She has practised intensive
care medicine for 30 years and says her
staff followed the usual playbook for
Covid-19, so there has not been dramatic
changes in how they look after people.
Instead, the difference between the
rates of death in the early months and
now may be down to a better under-
standing of how many people are
infected. A death rate is the proportion
of confirmed cases who die — so the
count of confirmed cases is key. “Early
on we weren’t testing nearly as many
patients as we were today. So when you
look at rates, that’s very much affected
by the denominator, how many tests are
there being done,” she says.
The data is patchy and poorly moni-
tored in some countries, and hard to
compare across regions and borders.
Even counting a death is sometimes not
simple, especially if the patient had
other diseases or died at home. Fatali-
ties also occur weeks after an initial
infection. In the US, the Centers for Dis-
ease Control and Prevention has
changed how it reports the Covid-19
death rate. In July the overall rate was
0.65 per cent. Now it breaks down the
data by age with the most vulnerable —
the over 70s — having a 5.4 per cent
death rate. Douglas Rothman, a profes-
sor at Yale School of Medicine, is ada-
mant that when accounting for the age
of patients death rates have not fallen at
all, calculating that the September US
death rate was about 0.69 per cent.
In his own study in Arizona, one of the
sunbelt states hit by a wave of Covid-19
infections in summer, he found that
when adjusted for age, the death rate for
the population up until the end of July
was about the same as the national esti-
mate for the spring of 2020.
He accuses some doctors of “false
optimism” and a “sunshine effect”,
where they are inclined to focus on their
successes, and argues there needs to be
more independent research.
The people getting infected and hos-
pitalised now tend to be younger, as the
older or more vulnerable are more
likely to take protective measures like
social distancing. Yoko Furuya,
New York Presbyterian’s medical
viruses that have been tackled success-
fully: Hepatitis C and HIV, which has
been kept under control but not cured.
“After 100 years, we don’t have a treat-
ment for influenza that’s effective.”
Surges risk bringing back the threat of
higher death rates because of over-
whelmed hospitals, especially if they are
Above: a health trying to cope with Covid-19 at the same
worker takes a time as seasonal flu — and possibly even
nasal swab in the same patient, as we do not yet
sample at a know if the conditions can coexist.
Covid-19 testing A vaccine could make a significant
site at a health dent in the Covid-19 infection rate —
centre in Los and, therefore, the absolute death fig-
Angeles. Right: a ures. But even if successful and
busy street in approved on an emergency basis in the
Wuhan, China, next few weeks, a vaccine is unlikely to
last week. A US
journal has
be widely available until next year.
It was unfathomable this time last
suggested that year that a new virus could make doc-
mass mask- tors feel as lost as their ancestors were
wearing could when wrangling with long subdued
be reducing the infectious diseases.
severity of the And yet Sars-Cov-2 has not only taken
disease — Valerie at least 1m lives — but is forecast to take
Macon/AFP via Getty
many more. Models struggle to predict
future deaths more than four weeks
ahead — but the CDC says the average of
about 44 models expects between 2,700
and 8,600 deaths in the week ending
October 24 in the US.
One model does try to foresee as far as
the start of next year. The Institute of
Health Metrics and Evaluation at the
University of Washington predicts the
death toll could hit 2.5m by January 1, a
number that could be brought down to
1.8m with universal masking — or rise to
3.3m if restrictions are further eased, it
says. “This virus is not done killing peo-
ple yet,” says Ameer Adalja, senior
scholar at the Johns Hopkins Center for
Health Security in Baltimore.
Additional reporting by John Burn-
Murdoch

Obituary Isher Judge Ahluwalia was one of India’s

leading policy economists, an icon for
professional women, a builder of insti-
economic research, as director and
chairperson of the Indian Council for
Research on International Economic
Growth in India: Stagnation Since the Mid-
Sixties in 1986, and Productivity and
Growth in Indian Manufacturing in 1991.
Kotak, Kiran Mazumdar-Shaw and
Narayana Murthy, to be involved.
Her intelligence, integrity, warmth
An icon who tutions, a woman of faith, a patriot and a
person of courage. She helped make the
Relations.
Her achievements were all the more
The first book demonstrated clearly
that industrial growth had slowed badly
and concern for others struck all those
who met her. Manoj Kumar, chief execu-

made the case case for India’s transformative eco-

nomic liberalisation in the early 1990s
and was awarded the Padma Bhushan, a
remarkable given that she obtained her
education and launched her career at a
time when horizons for Indian women
and that this was due to excessive state
controls. The reforms she sought, and
more, ultimately arrived in 1991.
tive of the Naandi Foundation, which
works on provision of clean water and of
which she was a board member,
for India’s high national honour, in 2009.
Ahluwalia, who has died aged 74, rose
were limited. Especially in conservative
families, such as hers, they were nor-
In 2008, she was appointed chairper-
son of the government’s committee on
remarks that “she was a people’s econo-
mist”. “She had this thing about being

liberalisation from humble beginnings. Born in 1945,

she grew up in Indore and Kolkata as
one of 11 children (10 of them girls) in a
middle-class Sikh family and went on to
obtain a PhD in economics from Massa-
Isher Judge Ahluwalia chusetts Institute of Technology. She
Economist also worked at the IMF in Washington.
1945-2020 There, as an intern in 1970, she met her
future husband, Montek Singh Ahlu-
walia, who was working at the World
Bank and went on to become one of
India’s leading economic policy officials.
After their return to India, the pair
influenced the direction of Indian pol-
icy. She did so with her research. Her
husband worked under their mutual
friend Manmohan Singh, a reforming
finance minister from 1991 to 1996 and
prime minister from 2004 to 2014.
She also played a large role in
developing independent, high-quality
mally pushed into early marriages.
She began her studies at a Hindi-me-
dium school in Kolkata, before attend-
ing the prestigious Presidency College
(where she learnt English) and then the
Delhi School of Economics, finally win-
ning a scholarship at MIT (where she
was taught by Paul Samuelson and Rob-
ert Solow, both later Nobel laureates).
The decision in 1979 to return home,
when so many Indian intellectuals were
moving in the opposite direction, was
triggered by the suggestion from Mr
Singh that her husband should apply for
a job as economic adviser in the finance
ministry. But the reasons were patriot-
ism and the desire to bring up their two
sons, born in 1977 and 1979, in India.
She then worked on industrial policy
at the Centre for Policy Research. This
led to the publication of her Industrial
urban infrastructure and services. This
led her to focus on urbanisation, which
had been unduly neglected. In 2014, she
co-edited a book on urbanisation and
published Transforming Our Cities:
Postcards of Change, based on news arti-
cles she had written. She had earlier
co-edited, with Ian Little, a book in hon-
our of Mr Singh, with essays by leading
economists.
Yet her most important contribution
was the transformation of the ICRIER
into an internationally recognised and
financially independent think-tank. She
was its director from 1998 to 2002 and
chairperson from 2005 to shortly before
her death. She sought to build up the
institution’s resources and the quality of
its personnel. That she was successful
was partly due to her ability to persuade
leading business people, including Uday
Ahluwalia pushed for reform to
tackle excessive state controls
‘She had this appetite for
getting insight through
conversations with
communities rather than
rely on secondary data’
connected, and this appetite for getting
insight through conversations with
communities rather than rely on sec-
ondary data,” he says.
These achievements were not easy. As
she writes in her 2020 autobiography,
Breaking Through, published just before
her death, “being a mother is a full-time
job. Being a working mother is two full-
time jobs”. Yet, while treasuring her
roles as wife, mother and grandmother,
she never gave up her hard-won posi-
tion as an independent actor. She wrote
that “while I was happy about Montek’s
achievements, I didn’t want his official
position to define me”.
Isher Ahluwalia will be remembered
as much for her luminous personality as
for her achievements. I was fortunate to
be a friend for almost half a century. I
cherish her memory. Martin Wolf
8 ★
SATURDAY 3 OCTOBER 2020
Trump’s virus poses
risks in US election
America’s institutions and constitution remain robust enough to cope
Donald Trump’s positive test for coro-
navirus has added a new layer of uncer-
tainty to what was already the most
turbulent and unpredictable US elec-
tion for decades. To have a president in
isolation, even if not incapacitated, has
implications for security and the func-
tioning of US government at the best of
times — let alone a month before poll-
ing day in a bitterly fought election. Yet
despite Mr Trump’s attempts to cast
doubt on them, America’s institutions
and its constitution remain robust
enough — provided all other players in
the political system stick to the rules —
to deal with whatever consequences his
infection may bring. This news organi-
sation, meanwhile, joins all those wish-
ing the president and the first lady a full
and speedy recovery.
Whether Mr Trump’s experience of
coronavirus proves mild or more seri-
ous — he was said yesterday to be well —
his positive status will have immediate
implications. In a country with a higher
degree of scepticism than many others
towards the pandemic and measures
such as mask-wearing, fuelled in part
by the president’s downplaying of the
threat, it will bring home the reality
and severity of the pandemic.
It will change, too, the nature of the
campaign, though not the central
issues at stake between the two candi-
dates. For the foreseeable future, Mr
Trump will no longer be able to hold
the large rallies that have been the
mainstay of his re-election bid. It will
be difficult for him to mock the caution
shown by his rival, Joe Biden, whom he
has accused of “hiding in his base-
ment”. It will also be trickier for Mr
Trump to shift the focus from his own
handling of the outbreak, in a country
which has recorded the world’s highest
number of coronavirus deaths to date,
and on to ground where he feels more
comfortable. In recent weeks, the pres-
ident has attempted to divert attention
The traditional IPO
needs a new lease of life
Direct listings mark a shift in the way companies are going public
Ringing the bell at the New York Stock
Exchange used to be a rite of passage
for American chief executives. It sig-
nalled that the company had reached
an important moment in its develop-
ment, when it would ask the public to
back its future and invest in its shares.
One of the largest listings of this year,
however, did something different. The
chief executive of Palantir, a data ana-
lytics company, did not show up for the
opening bell — and nor did he offer any
new shares to the public on listing.
Palantir’s market debut as a direct
listing, in which no new shares in the
company are created or sold, rather
than through a more conventional ini-
tial public offering, deserves attention
for two reasons. It caps a recent dash
for the public markets by technology
companies that holds echoes of the dot-
com boom of two decades ago, and
stands in stark contrast to the prevail-
ing economic uncertainty. More worry-
ing is the fact that the company’s debut
highlights a shift in how businesses are
approaching public markets. An
increasing number of executives are
sidestepping the traditional IPO, which
has been the preferred route to market
for the past few decades, in favour of
alternatives — with potential down-
sides for retail investors.
One example is the recent boom in
blank cheque companies or special
purpose acquisition vehicles (Spacs)
where founders raise money through a
listing and then find a business to buy
within a set period. Spacs can ease a
company’s route to market as they
don’t have to comply with the tougher
listing rules applied to traditional
floats. The rewards, too, are often
skewed in favour of the founders.
About 40 per cent of this year’s initial
public offering volume has come from
Spacs. The boom has caught the atten-
tion of the US Securities and Exchange
Commission. The regulator recently
to the strength of the pre-pandemic
economy, his nomination of Amy
Coney Barrett to the Supreme Court,
and recent violence in US cities. His
own condition will now put the pan-
demic front and centre.
Yet the falls in equity markets and
rising indicators of volatility after Mr
Trump’s test emphasise the extent of
unease surrounding the poll. JPMorgan
notes that the 2020 election has seen a
“historically wide margin of event risk
priced across asset classes by options
markets”. Investors fear not just a
lengthy dispute over the results but the
potential for a broader stand-off, or
even violence, after the president’s
refusals to commit to a peaceful trans-
fer of power should he lose the election.
Mr Trump, and his supporters, have
sought to cast doubt on the validity of
the election, suggesting the use of mil-
lions of mail-in ballots, to avoid having
to vote in person during the pandemic,
opens up the potential for fraud. What
is vital is not to allow the president’s
coronavirus status — however it may
develop — to be used as a further means
to discredit the poll. Fear-mongering,
rumour and innuendo should not be
allowed to derail due process.
The two parties have rules in place,
should this ever become necessary, to
choose replacement candidates. The
twenty-fifth amendment, adopted in
the 1960s, sets out procedures if a pres-
ident is incapacitated, and has been
invoked several times since. Congress
has powers to alter the election date by
changing relevant statutes. With the
pandemic raging, and the latest jobs
numbers suggesting the US recovery is
stalling, Republicans as well as Demo-
crats should commit to sticking to the
letter of the rules.
Mr Trump’s infection may yet prove
mild and brief. Even if it does not, the
system — if respected — is still robust
enough to accommodate such a shock.
said it was alert to the rise in cash shells
and wanted to make sure there was suf-
ficient transparency about insiders’
pay structures for investors.
Direct listings, too, carry risks. By not
issuing new shares to raise capital,
company founders are able to retain
much tighter control. In the case of Pal-
antir, there are genuine concerns over
the company’s governance arrange-
ments, which go to even greater lengths
to entrench the control of the founders.
Despite this, growth-hungry investors
still bought the stock once it had listed.
It is no surprise that independent-
minded tech entrepreneurs prefer a
simpler route to market. Critics of tra-
ditional IPOs have long complained of
expensive and cumbersome processes,
and of underpricing by sponsoring
banks. The fees pocketed by invest-
ment banks have also come under fire.
Although they have fallen, banks still
typically earn as much as 7 per cent on
the proceeds of a new listing. Such criti-
cisms are justified. Privately held com-
panies that would otherwise have
explored a traditional IPO have often
either opted to stay private or are now
among those being drawn to Spacs.
At a time of shrinking equity mar-
kets, new alternatives offering a route
to market are welcome but not at any
price. Supporters of the new crop of
Spacs are promising greater transpar-
ency. What would also help, however, is
a new approach to traditional IPOs.
Some banks are already experimenting
with different ways to ensure more
realistic pricing. They are also loosen-
ing the conditions on lock-ups that
restrict when and how employees can
sell their shares after the listing. A com-
pany’s objectives when coming to mar-
ket include raising capital to deliver on
its strategy, and giving the public a
chance to take part in future success. It
would be a shame if those aims were
lost in the current stock market frenzy.
FTWeekend
Letters
The university lecture must not be another pandemic casualty
As a retired academic rather
committed to old fashioned teaching
techniques, the lecture in particular, I
was intrigued to read the view of
Professor Simone Buitendijk, vice-
chancellor of the University of Leed,
that the lecture mode is “outdated”
and “pedagogically not sound”
(“Degrees of Separation”, Life & Arts,
FT Weekend, September 19).
I respectfully disagree, having had
the pleasure of “sitting at the feet”
Brexit-supporting retail
investors are failing Britain
While I agree with the hypothesis put
forward in your leader “Retail
investors shun bargain Britain” (FT
View, FT Weekend, September 26) that
the shift in retail investor sentiment is
bound up with Brexit and Covid-19, a
collateral consequence of Brexit itself
has been, and will be, the depreciation
of sterling. This is a real negative for
investors. And herein lies the
conundrum. The very same retail
investors who are shifting their
investments out of the UK market are
one and the same pensioners who
voted overwhelmingly for Brexit. The
chickens have come home to roost.
Peter Nabney
Lisbon, Portugal
Gladstone statue is no
stranger to controversy
Henry Mance writes that Gladstone’s
statue at Hawarden is attracting the ire
of Black Lives Matter protesters
(House & Home, FT Weekend,
September 26). But the bronze is no
stranger to controversy.
The work was completed by Irish
sculptor John Hughes at his Paris
studio in 1914 but could not be
installed at Phoenix Park, Dublin, for
almost a decade because of the
prevailing political instability. After the
We’re all in the
same Covid
storm, but not in
the same boat
Notebook
by Gillian Tett
(another old fashioned phrase) of the
historians JS Marais and Arthur
Keppel-Jones during my studies at the
University of the Witwatersrand in
Johannesburg. I also had the benefit
when I came to the London School of
Economics to hear a series of splendid
lectures by such luminaries as Martin
Wight, Hedley Bull, FS Northedge,
CAW Manning and a host of others.
Of course, the merits of a lecture
depend upon the academic involved,
establishment of the Irish Free State,
Dublin declined to accept the statue
and it was erected instead at
Hawarden, Gladstone’s estate in north
Wales, in 1925. The trustees of
Gladstone’s library proposed “if at
some future date, the political situation
in Ireland makes it possible to erect the
statue in Dublin, it should be released
and presented to Ireland as originally
intended”.
Happily, the people of Hawarden
seem to be intent upon holding on to
their fine statue of the British
champion of Home Rule for Ireland.
Paul Cullen
Dublin, Ireland
How Robeson’s river song
is still a rallying cry
In “Ol’ Man River” (Life of a Song, Life
& Arts, FT Weekend, September 26) I
was surprised, at this time of Black
Lives Matter protests, that there was no
mention of the fact that Paul Robeson
changed the lyrics. By the time of the
1936 film Show Boat, he had dropped
the “n” word and by the following year
the Mississippi had become the “ol’
man I don’t like to be”. The biggest
change, however, was to turn “I’m tired
of livin’ and scared of dyin’” into “I
must keep fightin’ until I’m dyin’”, a
rallying call that still echoes today.
Colin Chambers
Arundel, West Sussex, UK
Last week I was chatting with a
London-based friend, Tony, who said
he was worried about how Covid-19
was creating “the three Bs”. Some of
his acquaintances had become
desperately “bored” after being
trapped for six months in their
domestic surroundings. Others faced
“burnout” because they had been
toiling insanely hard on open-all-
hours digital platforms — sometimes
combined with childcare.
Then there were people grappling
with a more serious B: “breakdown”,
sparked by the anxiety that can be
unleashed by job losses, financial
pain, isolation and relationship stress.
“There is a fourth B too,” I pointed out
more optimistically: for some, Covid-
19 lockdown has also produced
“blessings”. They have used this
peculiar period to build closer
relations with their families, enjoy
time in comfortable surroundings and
have avoided a long commute.
The bitter cruelty of Covid-19 is that
it has not just exposed inequalities but
is exacerbating them too. There are
many ways to frame why people are
having such different experiences. But
I suspect one concept that deserves a
lot more debate revolves around
capital. This is a topic that burst into
public view in 2013 when French
economist Thomas Piketty published
his Capital in the Twenty-First Century.
Prof Piketty defines capital as “the
sum total of non-human assets that
can be owned and exchanged on some
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
his/her personality and superior
knowledge, not to mention perhaps a
degree of charisma in delivering
material to students. I have to say that
Martin Wight’s 10 lectures on
international theory were the best I
ever heard in 60 years of an academic
career. The same was true of military
historian Michael Howard and I’m
sure I speak for many of my
generation in arguing that lectures of
this calibre were and still are essential
Millennial newly-weds are
not social media victims
In her article “The end of ‘big
weddings’ and why I won’t weep”
(Money, FT.com, September 26) Claer
Barrett suggests that when the “W”
word is mentioned the cost doubles.
This is simply not the case.
Furthermore, to suggest that many
couples feel obliged to keep up with
wallet-busting wedding conventions
because this is what they see on their
friends’ social media feeds is also
demeaning to our younger generation.
I deal with millennials every day of the
week and after 30 years in business,
have never previously come across so
many individuals who know their own
minds and have confidence in
themselves and the decisions they
make.
Liz Sexton
Director, Stress Free Events
London WC1, UK
Shopping on a dystopian
movie set loses its appeal
No doubt Camilla Cavendish is right
that there are people who are too
scared to go out and spend
(“Scaremongering will damage our
fragile economy”, Opinion, FT.com,
September 26) but there must also be
many like me who cannot face the
control freakery of tedious one-way
market”, and argues that “when the
rate of return on capital exceeds the
rate of growth of output and
income . . . capitalism automatically
generates arbitrary and unsustainable
inequalities”. In many ways, this is
precisely what has happened in recent
months: anybody who holds assets
such as equities has seen the value of
these increase, because of central
banks’ loose monetary policies. People
without assets, by contrast, have often
seen their net wealth shrivel because
the recession has hit wages and jobs.
However, as an earlier French
thinker, Pierre Bourdieu, argued in
the 1970s, “capital” should not be
viewed just through the lens of
economics. Bourdieu was, for
example, fascinated by the peculiarity
of cultural capital — such as tastes,
skills and qualifications, all symbols of
social power that elevate the holder.
Then there is “political capital”, or
the fact that some people accumulate
links with channels of power, and
“social capital”, for those who collect
networks of useful contacts and/or a
strong base of friends and family.
There’s “career capital” too.
These different forms of capital
augment each other. And just as
Covid-19 is increasing the power of
economic capital, it is also rewarding
those who have other types as well.
People with strong social capital tend
to be more resilient in lockdown, since
they have such close relationships that
these ties can be maintained (and
3 October/4 October 2020
Email: letters.editor@ft.com
Include daytime telephone number and full address
Corrections: corrections@ft.com
for a proper university education.
I quite appreciate that it will be very
difficult for universities to offer the
traditional lecture to large numbers if
the present virus continues to wreak
havoc with what they have to offer. Yet
I, for one, would be sad to see the
lecture disappear from university
education.
Professor JE Spence
Department of War Studies, King’s College
London, London WC2, UK
systems in shops and other premises,
not being able to try anything on, and
not being able to get to the next item
on the shopping list because someone
else is dithering in front of it. Not to
mention the dispiriting, dehumanising
experience of being surrounded by
masked zombies, more appropriate to
the set of a dystopian film than an
inviting urban centre.
Jo Ellison’s article “The pandemic,
self-pity and the power of pink tulle”
(Life & Arts, FT Weekend, September
26) had it right with her observation on
“how mood-enhancing it can be to see
a stranger smile”.
While that is impossible with masks
on, why would anyone want to go out
spending?
Brenda Lillicrap
Glasgow, UK
Why the Roma’s palaces
remain unfinished
Further to Edwin Heathcote’s
fascinating tour of Roma architecture
(“The rise of a Roma empire”, Life &
Arts, FT Weekend, September 26),
I was told by my knowledgeable
Romanian guide that the reason the
Roma palaces and houses are left
unfinished is that by remaining in the
process of being built, they cannot be
liable for tax.
Marcia Brocklebank
Stoke by Nayland, Suffolk, UK
even strengthened) virtually.
Similarly, some of those with career
capital might have found this
augmented in lockdown since their
companies needed them more than
before. People who are just entering
the workforce are in a radically
different position. So too with
emotional capital: data from the UK’s
Mental Health Foundation shows that
anyone who started Covid-19 with
pre-existing problems has fared
dramatically worse, in mental health
terms, than everyone else.
In a report that details the deep
variation in mood among different
parts of the British population, the
foundation quotes the saying: “We are
all in the same storm, but we are not
all in the same boat.” The report says:
“[There is] a divergence in people’s
experience depending on their social
and/or economic context in society
. . . Differences in the mental health
impact will persist and likely increase.”
There is no easy way to fix this, but
it should worry us all. From a narrow
economic perspective, rising inequity
around our physical situations and
mental health during Covid-19 is
likely to drag down productivity.
From a political perspective, it is a
recipe for corrosive bitterness. And
from a moral perspective, it is simply
wrong. So anybody who is lucky
enough to have capital today — of
whatever sort — should count their
blessings and then ask themselves:
how can I share mine, at least a little?
3 October/4 October 2020
Christopher
Caldwell
T
he announcement that US
president Donald Trump
and his wife, Melania, have
tested positive for coronavi-
rus moves a new concern to
the centre of American politics.
While the first priority is to wish Mr
Trump and his family a speedy recov-
ery, we must also reckon with the conse-
quences of the diagnosis. Should the
president develop Covid-19, which
becomes more dangerous in older peo-
ple, it will shake up the business of gov-
ernment. Whether he does or not, the
logic of an already bitter and high-
stakes campaign has probably been
reinforced.
The pandemic was playing havoc with
the president’s political fortunes long
before he got the bad news from his
A trained philosopher has
brought the controversial
Silicon Valley firm
Palantir to market,
writes Richard Waters
T
here is little of the conven-
tional about Alex Karp,
chief executive of Palantir,
the Big Data company that
has become a bête noire of
privacy and civil liberties activists for its
work for the national security establish-
ment.
A former investor who trained in phi-
losophy under renowned German phi-
losopher Jürgen Habermas, he now runs
a tech company on the cutting edge of
data analytics and artificial intelligence.
He describes himself as a progressive
yet his company has been criticised for
supplying governments with technol-
ogy that could be used to exert excessive
control over citizens.
As head of one of the most closely
watched private US tech companies, Mr
Karp often disdained the idea of taking
it public and claims to have little inter-
est in personal wealth. But he took the
plunge this week, and his own stake was
worth just under $1bn at week’s end.
Palantir made its debut on Wall Street
this week, 17 years after it was founded,
to give long-term employees and other
investors a chance to cash in. Even as
the company’s technology raises thorny
issues about privacy, Mr Karp expresses
some personal reservation about step-
ping more into the public eye.
“I don’t particularly enjoy being well
known,” he says. “So on that axis, I’ve
lost a lot of freedom I used to enjoy.”
A conversation with Mr Karp is not
like a discussion with most CEOs. He is
liable to spend the entire time striking
poses from Chen style tai chi, while clad
in ski gear. A mop of hair gives him the
air of a mad composer picking big ideas
out of the ether, as the talk swings from
the future of AI to geopolitics and the
state of capitalism.
His view on what lies ahead is simple:
“The country that wins the AI battles of
the future will set the international
order” because the technology is as
important as the nuclear bomb.
Mathias Döpfner, chief executive of
Axel Springer, points to “this combina-
tion of the nerdy, intellectual approach
to tech and a very broad, big picture,
long-term political world view” to
explain why he added Mr Karp to the
German media company’s board. Don’t
be taken in by the impression of a “cha-
otic, artistic guy”, he says: there is a
highly disciplined mind at work.
Stefan Oschmann, Merck’s chairman,
is among the executives won over by the
Palantir CEO’s ability to blend technol-
ogy with knowledge of business and the
world. He first encountered Mr Karp
after the German drugmaker expressed
interest in hiring Palantir and Mr Karp
insisted on vetting the potential client.
“Initially, I found that arrogant,” says
Mr Oschmann. But he adds: “He’s not
arrogant at all, he’s actually shy-ish.”
Once the ice was broken, “we were talk-
ing tech, we were talking politics, litera-
ture, music,” says Mr Oschmann.
The Palantir CEO comes from outside
the cultural mainstream, says Sam Ras-
coff, an New York University law profes-
sor who is a longtime friend and Palantir
adviser. The product of a Jewish father
and black artist mother, Mr Karp says
Trump’s positive coronavirus test will cement US divisions
doctor. Mr Trump ran for the White
House in 2016 on the claim that Ameri-
can institutions, public and private, had
grown corrupt. It was not just that the
middle class was suffering economi-
cally, while the so-called 1 per cent
thrived. It was also that a class of une-
lected leaders were misusing power that
they claimed to be exercising for the
public good. Experts, judges, journalists
and the heads of foundations consti-
tuted a cultural 1 per cent. This was the
“swamp” that he promised to drain.
Public-health experts belong to this
class of people. When coronavirus
struck the US, Mr Trump clashed with
medical elites of all kinds: with the
World Health Organization over the dis-
ease’s Chinese provenance; with the
Centers for Disease Control over the wis-
dom of deregulating controversial treat-
ments; and with almost everybody over
the effectiveness of masks.
Mr Trump had some success in
addressing coronavirus. He imposed
early travel restrictions between the US
and China. But the disease reinforced
Person in the News | Alex Karp
Purveyor of powerful
surveillance software
he spent childhood in a Philadelphia
home filled with artists.
Asked if he identifies as black because
of his mother, he says: “I feel a strong
affinity to fighting discrimination and
I’m sure it comes from her.”
After a law degree at Stanford Univer-
sity, an interest in German philosophers
took him to Frankfurt, where he was
given a research associate position and
earned a PhD in social theory. But he
also spent time “floating around”, Mr
Karp says. “He was presented as a kind
of dropout — smart guy, no prospects,”
says Mr Döpfner, who met Mr Karp at a
party in France.
Everything changed in 2004, when
Peter Thiel — a friend from Stanford,
who had gone on to help found PayPal —
was trying to launch a company to sell
technology to track terrorists in the
wake of the 9/11 attacks. The libertarian
Mr Thiel and Mr Karp have since made
an unlikely pairing for critics claiming
that Palantir rides roughshod over civil
liberties to make a sale.
★ FTWeekend
Opinion
the bad feelings between him and
American elites, who blamed him for
its spread. A tone of Schadenfreude
marked newspaper death tallies.
Coronavirus reinforced another less-
discussed division — between the young
and the old. Mr Trump was the candi-
date of those who had lost out from glo-
balisation. That message meant less to
those too young to have lost anything. In
the 2016 election, he took only 37 per
cent of the under-30s vote.
This year’s nationwide protests over
the killing in May of George Floyd, an
African-American man from Minneap-
olis, by a police officer became another
source of division. Americans had been
confined to their homes for months, in
many cases deprived of their liveli-
hoods, amid stern warnings from public
authorities that violations would be
punished. Now the streets were filled
with mostly young people jostling
shoulder to shoulder to protest police
violence, and no consequences were
being meted out.
Something broke in the US then. First,
Joe Lonsdale, the Palantir founder
who claims to have persuaded Mr Karp
to take the job, says what the company
really needed was a leader who knew
“how to interact with the rest of the
world”. He says Mr Karp has an almost
preternatural ability to understand
large institutions and the motivations of
‘If the people in charge are
violating human rights and
no one in the organisation
cares, that we can’t prevent’
those who work in them.
Mr Karp is unabashed about his com-
pany’s work for national intelligence
and security agencies, including US
immigration enforcement. Palantir says
it supports the democratic west. While
expressing less confidence about the
impact of Palantir’s technology on pri-
vacy, Mr Döpfner says,
it appeared that there was one set of
laws for the dowdy, Big Mac-chomping,
Trump-supporting heartland and
another set for the woke, Frappuccino-
sipping Democratic cities.
A comparison can be made with the
recent Covid-19 lockdowns in Madrid,
where residents of heavily infected
working-class areas are mostly confined
The logic of an already
bitter and high-stakes
campaign has probably
been reinforced
to their neighbourhoods, while those
strolling certain café-lined boulevards
of the central city are not.
To Trump supporters, locking down
the country seemed to permit a take-
over of its big cities by race radicals. Any
consensus behind across-the-board
lockdowns evaporated then and has
showed no signs of returning. The presi-
“I don’t believe he is a cynical person.”
But what of the threat to civil liberties
from supplying governments with such
powerful surveillance tools? Mr Karp
claims that Palantir software’s built-in
audit trails make it “hard for govern-
ment to abuse its authorities”.
But there are limits: “You can make a
system that tracks what people do with
the data, but if the people in charge are
violating human rights and no one in the
organisation cares, that we can’t pre-
vent,” he says. Palantir claims to have
walked away from customers it didn’t
trust to use the technology ethically —
though it won’t say who they are.
US politics often posits a choice
between national security and civil lib-
erties, says Mr Rascoff, and for Mr Karp
“being stubborn in the face of that
demand can lead to a lot of translation
difficulty. He’s allergic to simplicity.”
Now he has to translate Palantir for a
new audience on Wall Street.
richard.waters@ft.com
dential campaign of Democrat Joe Biden
has seemed vulnerable on this issue,
trying to hold Mr Trump responsible for
Covid-19-related economic slowdowns,
even as Mr Biden calls for tightening
government measures further.
It is difficult to tell whether the presi-
dent’s positive coronavirus test will alter
the course of the presidential race. In
theory, Mr Trump could conceivably
benefit from the news — acquiring an
empathy for the Covid-vulnerable,
while also displaying exemplary human
toughness.
The evidence from the UK, however,
is not encouraging. Prime Minister Boris
Johnson had a case of Covid-19 serious
enough to merit hospitalisation, and
possesses a considerably wider commu-
nicative range than Mr Trump. Yet
his pandemic-fighting policies were
attacked with gusto in parliament even
as he convalesced. The fierceness of the
media criticism of senior adviser and
Brexit architect Dominic Cummings for
allegedly violating lockdown restric-
tions raised eyebrows abroad.
Las Vegas has come to
your mobile phone
T
he ancient Romans, includ-
ing several emperors, were
keen gamblers. “If you lose,
you cry; if you gain, you
exult,” was one saying
engraved on a pavement in the former
Basilica Julia in the Forum. When sol-
diers marched around the empire, they
carried with them heavy tables to play
dice at camp.
Mobile gambling is easier now. The
owner of Caesars Palace casino in Las
Vegas, where “every guest is treated as
a Caesar”, this week agreed a £2.9bn
takeover of William Hill, the UK chain.
Caesars Entertainment is not a secret
admirer of British bookmaking — it
wants William Hill’s valuable US online
sports betting operation and may sell
its UK shops.
It is a good bet. For decades, US casi-
nos were rare outside Las Vegas, Atlan-
tic City and Indian tribal lands, and
sports betting was illegal. This changed
in 2018 when the Supreme Court struck
down a law barring the latter. Gambling
on sporting events — particularly online
— is growing rapidly.
But the William Hill deal and a bump
in profits at the online gambling group
888 thanks to lockdown poker playing,
reveal something more significant
than the end of US exceptionalism. The
mobile internet makes placing a bet
easy and liberates it from the barriers
of location and time: no need to fly to
Vegas when Vegas will come to you.
That is illustrated by the habits of
Mark Griffiths, professor of behavioural
addiction at Nottingham Trent Univer-
sity. He used to bet on football once a
week at a bookmaker. “I can now bet on
who scores the next goal, on the first
corner, the next throw-in. On Sunday, I
can, and I do, watch four games on Sky
and follow 60 or 70 betting markets for
several hours,” he says.
It is tempting to dismiss betting, like
some other forms of entertainment, as
at best pointless — the bookie consist-
ently wins more than the punter. But a
classic study of wagering on horseracing
in a working class bar in a New England
city in 1963, by the sociologist Irving
Zola, showed it can mean a lot.
Gambling and its group rituals — talk-
ing about which horse to back and joint
celebrations of wins — “creates a bond
between the men, a bond which defines
insiders and outsiders”, he wrote. For
the Italian- and Polish-American regu-
lars of Hoff’s Place, he found, betting
was rewarding in itself. “At Hoff’s, they
can ‘achieve’, and can gain recognition
for their accomplishments.”
Today’s punters, betting on their
teams and predicting which player will
score from constant study, are in many
ways like the “group at Hoff’s”. Online
sports betting companies exploit this
Top reads at FT.com/opinion
3 Biden is fighting a class war, not a
culture war
Democratic candidate stuck to his message
in an ugly debate, writes Janan Ganesh
9
Whatever else it may do, the virus
does not provide political immunity to
those who contract it. Almost anything
could happen.
The remaining presidential debates
may be postponed or cancelled, an out-
come unlikely to disappoint the 69 per
cent of Americans who told CBS they
found the opening debate in Cleveland
“annoying”.
Twitter being a medium one can
deploy from isolation and even the
sickbed, we may hear more from the
president in the short term. Or we may
now begin to hear his message from less
abrasive and less charismatic surro-
gates. Either way, we are about to get
some indication whether Trumpism is a
sturdy ideology that can stand on its
own, or a personalistic movement that
requires the president’s undivided
attention.
The writer is a contributing editor at
the Claremont Review of Books and author
of ‘The Age of Entitlement: America Since
the Sixties’
in advertising, implicitly portraying
betting as a demonstration of “loyalty
to the team, being a real man, and
being brave enough to prove sporting
knowledge”, writes Prof Griffiths.
They are not the middle-aged deliv-
ery and taxi drivers of Hoff’s, though.
Many are young, educated and well-off
— a lot of traders and professionals
dabble in sports betting. The shift is not
only a UK phenomenon: “core sports
bettors” in the US skew to the young,
male, educated and higher income, says
the American Gambling Association.
Gambling has lost its stigma, encour-
aged by state lotteries such as the UK
National Lottery. The bookmaker’s
shop still has a whiff of the gambling
den, but mobile apps and advertising
convey betting (and social games such
as Candy Crush) into many lives. A 2019
survey found that 47 per cent of UK
adults had gambled recently.
It is not surprising, since technology
blurs the line between home and casino.
Anyone can trade anything from clothes
to concert tickets (before the pan-
demic) and sports betting has followed
sports in becoming continuous. Both
the activities on which we can bet and
the mechanisms have multiplied.
Most people — the vast majority — can
handle the financial and psychological
risks. Problems such as chasing losses
and needing to bet more to get the same
thrill are in the Diagnostic and Statist-
ical Manual of Mental Disorders, but
only 0.5 per cent of adults in England
are classified as problem gamblers.
Online sports betting
is a harmless pleasure
for most fans but it is
easy to get addicted
Still, even 0.5 per cent is a lot when
betting has spread through most of
the population. It is about the same pro-
portion of people with Covid-19 who
currently die, and we worry about that.
The phone makes it more likely that
gambling becomes, as one study titled
“Blackjack in the Kitchen” put it, “a per-
nicious, insidiously integrated compo-
nent of a consumer’s life”.
European countries were early to lib-
eralise online sports and casino gam-
bling and they are now pulling back as
the US expands. GVC Holdings, owner of
Ladbrokes Coral and Bwin, warned on
Thursday that new German regulations,
including restrictions on advertising
and deposit limits on online poker, will
hit its profits next year. That is a small
price to pay for keeping online betting
under control.
It still leaves room for innocent pleas-
ure. “So intense was the love of the
Roman for games of hazard that, wher-
ever I have excavated the pavement of a
portico . . . I have always found gaming
tables engraved or scratched on the
marble,” wrote an archaeologist in 1892.
Oh, for a mobile phone.
john.gapper@ft.com
3 French president’s rapprochement with
Putin is not worth it
Macron’s ‘trust-building’ with Russia has
failed, writes Anne-Sylvaine Chassany
10
Valley disruption Fury over Coinbase boss
Armstrong’s no-politics stance — THE TOP LINE, PAGE 11
Petrol station
duo and TDR
Capital take
control at Asda
3 Walmart’s European foray ends
3 Deal values UK grocer at £6.8bn
Jonathan Eley, Kaye Wiggins
and Robert Smith — London
Andy Bounds — Huddersfield
The owners of a petrol station operator
and private equity group TDR Capital
have taken control of Asda from Wal-
mart, ending the US retailer’s 20-year
foray into Europe that fell short of
expectations.
The transaction values the UK grocer
at £6.8bn, only slightly more than the
£6.7bn Walmart paid for Asda in 1999.
Brothers Mohsin and Zuber Issa and
TDR, who jointly own British petrol sta-
tion operator EG Group, will hold equal
stakes in the UK’s third-largest super-
market, with Walmart retaining a
minority shareholding.
Exact details of the size of the buyers’
stakes and how much they paid for
them were not disclosed.
Asda’s management team, led by
chief executive Roger Burnley, will
remain in place.
The Issa brothers said they were “very
proud to be investing in Asda”, describ-
Compared with the US
group’s China and India
ventures, the unit looked
increasingly peripheral
ing it as “an iconic British business that
we have admired for many years”.
They pledged to invest more than
£1bn in the business over the next three
years and increase the share of UK-pro-
duced food it sells.
The deal will be financed using a £4bn
debt package, which will comprise a
combination of high-yield bonds and
leveraged loans, led by Barclays.
Judith McKenna, chief executive of
Walmart International, said: “We
wanted to keep a stake in this because
we believe in the story to the upside, but
equally we recognise that this probably
is the right structure for Asda to be suc-
cessful for the long term.”
She noted that Walmart, which would
retain a seat on Asda’s board, already
had a range of ownership structures in
different overseas markets. “One size
doesn’t fit all,” she said.
The Issa brothers and TDR said Asda’s
headquarters would remain in Leeds
and its basic strategy of “everyday low
prices” would continue.
Blackburn-based EG has convenience
Solar and wind leader NextEra leaves ExxonMobil in the shade
Florida group’s market cap has
soared to $138bn while the
former world beater’s has slid
Gregory Meyer — New York
The world’s largest solar and wind
power generator has surpassed Exxon-
Mobil in stock market value, reflecting
investors’ bets on a changing energy sys-
tem and an uncertain outlook for oil
demand.
NextEra Energy, a Florida-based util-
ity and power producer, had a market
capitalisation of $138.6bn yesterday,
having gained more than two-thirds in
the past two years, according to S&P
Global Market Intelligence.
ExxonMobil, a byword for Big Oil that
was once the world’s biggest public com-
pany, has lost more than half its value
since the start of the year. The superma-
jor’s market capitalisation was
$137.9bn, down from a peak of more
than $500bn in 2007.
NextEra’s ascent and ExxonMobil’s
decline reflect a collapse in oil consump-
stores including Spar and Carrefour on
its forecourts but the brothers have no
experience of running large-format
supermarkets.
The Issa brothers said: “We believe
that our experience with EG Group,
including our expertise around conven-
ience and brand partnerships and our
successful partnership with TDR Capi-
tal, can help to accelerate and execute
[Asda’s] growth strategy.”
Observers projected that they would
form more partnerships with other
retailers to make better use of space in
Asda’s stores, pointing to a trial in which
DIY group B&Q will open four shops in
Asda supermarkets.
The entry of Walmart, the world’s big-
gest retailer, promised to shake up the
UK sector in 1999 and was welcomed by
the government at the time, which
hoped it would provide an antidote to
high prices and unexceptional service.
But strict UK planning laws made it
hard for Walmart to expand Asda in the
way it had in the US, while an attempt to
buy Safeway in 2003 was quashed by
competition regulators.
Over the past decade, it has faced
increasingly potent competition from
German-owned discounters Aldi and
Lidl, which target similar customers
with a focus on price and have opened
hundreds of new stores in Asda’s north-
ern heartlands.
Asda’s share of the UK grocery market
is about 14.5 per cent, down from a peak
of almost 18 per cent in 2013.
Even so, former Asda chief executive
Andy Bond said the company’s owner-
ship by Walmart “did change the face of
UK retail, more indirectly than
directly”, because it forced incumbents
to cut prices and innovate.
Walmart had been seeking an exit
from the UK for some time to focus on
its home market and faster-growing
overseas ventures. Asda, with about
£23bn in annual sales, looked increas-
ingly peripheral compared with its ven-
tures in China and India. Walmart
posted revenues of $500bn in 2018.
An attempt to sell Asda to rival
J Sainsbury was blocked by the UK’s
Competition and Markets Authority
last year. The CMA may scrutinise this
deal too, since Asda owns more than
300 petrol station forecourts and EG has
almost 400.
Additional reporting by Jim Pickard and
Alistair Gray
tion in the pandemic, the rise of renewa-
ble resources on the electric grid and
investors’ desire for steady returns at a
time of low interest rates.
“We’re seeing just enormous demand
for renewables right now,” Jim Robo,
NextEra’s chief executive, said on
Wednesday during an interview with a
Wolfe Research analyst.
The two companies function in differ-
ent segments of the energy system.
About 70 per cent of NextEra’s revenue
comes from electric utilities in Florida
whose returns are approved by regula-
tors. The remainder flows from a divi-
sion that sells power in competitive
wholesale markets and is the top gener-
ator of electricity from the wind and the
sun, according to the company.
ExxonMobil is an oil and gas producer
stung by the crash in the price of crude.
The Texas-based company lost $1.7bn in
the first half of the year and was recently
removed from the Dow Jones Industrial
Average, the blue-chip stock barometer.
Its shares fell 2 per cent yesterday as
Brent crude slipped beneath $40 a bar-
rel to a four-month low.
ExxonMobil, with roots in John D
★ FTWeekend
Finishing line Shadow cast over future of F1
as Honda pulls out to focus on electric cars
Honda is battling to stem two quarters of losses caused by the pandemic’s hit to car sales — Federico Basile/IPA/Shutterstock
Kana Inagaki — Tokyo
Samuel Agini — London
Honda has decided to pull out of For-
mula One at the end of the 2021 sea-
son, dealing a blow to the motor rac-
ing series as carmakers worldwide
grapple with the rising costs to
develop zero-emissions technology.
The decision casts a shadow over the
future of F1, which is owned by US bil-
lionaire John Malone’s Liberty Media
investment group, as it will be left
with just three engine suppliers in
Ferrari, Mercedes and Renault.
Japan’s third-largest carmaker,
which supplies engines to Red Bull
Racing and Scuderia AlphaTauri,
withdrew from F1 in 2008 in the wake
of the global financial crisis.
It returned in 2015 as a supplier to
McLaren but Honda’s exit this time
comes as the company is wrestling to
stem two straight quarters of losses
caused by a coronavirus dent to global
car sales.
At a news conference yesterday,
Takahiro Hachigo, its chief executive,
ruled out a return, saying it had to
shift resources and engineers to build-
ing electric and fuel-cell vehicles.
Honda also does not plan to partici-
pate in Formula E, the electric car rac-
ing series.
“This is not about short-term reve-
nue or coronavirus impact. It’s about
where we want to focus our engineers
for our long-term future,” Mr Hachigo
Energy. Renewables rise
Rockefeller’s Standard Oil, has a work-
force of 74,000 and activities on every
continent but Antarctica. NextEra,
founded during the 1920s Florida land
boom, has fewer than 15,000 employees
and operates in the US and Canada.
Investors have flocked to NextEra
mainly for its involvement in renewable
energy, said Paul Patterson, analyst at
Glenrock Associates. “People are
ExxonMobil has been hit by the
plunging price of crude oil
Bond blues Active ETFs in focus as investors
seek to mitigate low returns — THE LONG VIEW, PAGE 18
said. The exit comes four years after
Mr Hachigo set a target to generate
about two-thirds of Honda’s global
sales from electric vehicles, fuel-cell
vehicles, hybrids and plug-ins by
2030. The company will also aim to
achieve carbon neutrality by 2050.
Honda said that its F1 engineers
would be reallocated to developing
new energy technologies to meet
these targets.
The group does not disclose the
impact on earnings from its motor-
sport business, but the withdrawal
Honda said its F1
engineers would be
reallocated to developing
new energy technologies
will save some research and develop-
ment costs.
In addition to pulling out of F1,
Honda recently agreed to seek a
deeper tie-up in North America with
General Motors in an effort to save
costs for developing self-driving and
other future technologies.
“From an environmental, social
and governance perspective as well as
in terms of sustainability develop-
ment goals, participation in F1 does
not reflect well these days, so if these
pressures are behind Honda’s deci-
sion, there is probably no return in the
future,” said Koji Endo, head of equity
excited about renewables and the trans-
formation happening in the energy sec-
tor, and they feel that this is probably
one of the better-positioned companies
in the United States to exploit that
opportunity,” Mr Patterson said.
NextEra reported net profit of $1.7bn
in the first half and said that wholesale
customers had queued for 14.4 giga-
watts’ worth of renewable capacity,
Renewables leader eclipses
largest oil major
Market capitalisation ($bn)
ExxonMobil
NextEra Energy
2011 14 16 18
Source: S&P Global Market Intelligence
research at SBI Securities.
Last year, F1 said it planned to be
net-zero carbon neutral by 2030, as
the racing series targets sustainabil-
ity. It already uses hybrid engines
designed to reduce fuel use.
Christian Horner, who leads the
Red Bull team, said Honda’s move
posed “obvious challenges”. The rac-
ing outfit “will evaluate and find the
most competitive power unit solu-
tion”, he added.
AlphaTauri team principal Franz
Tost, who oversaw a rare victory for a
team outside of Mercedes, Ferrari and
Red Bull at this year’s Italian Grand
Prix, said the decision was “unfortu-
nate”.
Zak Brown, chief executive of
McLaren Racing, a UK-based team,
added: “I don’t think many people
should be totally surprised, given
that Honda was not prepared to
commit beyond 2021 last year, but
their departure will be a loss for F1.
They are a great company and com-
petitor.”
F1 is gearing up for a change of man-
agement in January, when Stefano
Domenicali, who heads Lamborghini,
will succeed Chase Carey as chief
executive of the racing series.
Mr Carey, who replaced long-serv-
ing F1 boss Bernie Ecclestone after
Liberty Media’s $8bn takeover, is
fresh from renegotiating the crucial
deal that commits teams to the sport
until at least 2025.
almost triple the amount of two years
ago. It increased earnings guidance and
announced a four-for-one stock split in
September.
The company’s utility subsidies are
more dependent on fossil fuels for
power: Florida Power & Light generated
74 per cent of its electricity from natural
gas. Producers such as ExxonMobil have
unearthed a glut of gas from shale for-
mations, cutting fuel prices for electric-
ity generators such as NextEra.
Federal tax credits for wind and solar
projects have also increased NextEra’s
bottom line, as the company has been
500 able to offset income from both the util-
ity business and the wholesale power
400 business, said Michael Weinstein, ana-
lyst at Credit Suisse.
300 In an investor presentation NextEra
pointed to a tougher future for gas:
200 including the cost of batteries for elec-
tricity storage, solar power was set to
100 match the cost of gas-fired generation at
$30-$40 a megawatt-hour, while wind
0 plus storage was to cost $20-$30 a MWh
20 by the middle of the decade.
NextEra has also announced a pilot
programme to use solar electricity to
3 October/4 October 2020
Peltz’s Trian
takes stakes in
Invesco and
Henderson
Attracta Mooney and
Siobhan Riding — London
Ortenca Aliaj — New York
The hedge fund run by Nelson Peltz has
taken an almost 10 per cent stake in
Invesco and Janus Henderson, signal-
ling it will push the struggling asset
managers to consider deals as the
industry faces intense pressure on fees.
New York-based Trian said it had met
Invesco chief executive Martin Flana-
gan and requested that Mr Peltz and
Trian chief investment officer Ed Gar-
den be given seats on the board of the US
asset manager, which manages $1.2tn.
It discussed “certain strategic combi-
nations” with Invesco and intended to
do the same with Janus Henderson,
which oversees $336.7bn and was itself
born of a merger just three years ago.
Shares in Janus Henderson, which is
listed in both the US and Australia, shot
up 17 per cent in New York as traders
speculated that Mr Peltz would push for
a merger of the two companies to create
a new $1.6tn player better able to com-
pete with BlackRock and Vanguard.
Invesco’s stock was up almost 7 per cent
after the Trian stakes were disclosed in
filings to the Securities and Exchange
Commission yesterday.
For the past decade, profits at stock-
pickers have been hammered by the
relentless flight of investor capital into
much cheaper index-tracking funds.
The cut-throat environment for tradi-
tional active asset managers has led to a
handful of large passive providers con-
trolling the lion’s share of the industry’s
assets, squeezing midsized performers.
Mr Peltz has a record of targeting mid-
tier asset managers. As an investor in
Legg Mason, Trian helped steer the US
investment house towards a deal with
rival Franklin Templeton — a transac-
tion that created a $1.5tn fund giant.
Trian, which Mr Peltz co-founded
with Mr Garden and Peter May, has built
stakes in Invesco and Janus Henderson
using money from a dedicated long-
term fund aimed at spurring consolida-
tion in asset management, according to
a person familiar with the matter. It has
not yet sought a seat on the board of
Janus Henderson, which said it only
heard from Trian on Thursday that it
had taken a stake. Janus Henderson said
it was “committed to delivering mean-
ingful value for shareholders”.
Invesco said it welcomed “high-
quality investors in our firm”, adding
that it regularly engaged with share-
holders to strengthen its business.
Both asset managers have turned to
deals in recent years to achieve greater
scale. Invesco bought Oppenheimer-
Funds for $5.7bn last year, while Janus
Henderson was forged in a merger of
Anglo-Australian asset manager Hend-
erson with US-based Janus. Since the
start of 2018, investors have pulled a net
$106.7bn from Invesco and $65.9bn
from Janus Henderson.
Additional reporting by Chris Flood
produce hydrogen. “It is a replacement
fuel for diesel,” Mr Robo said.
Asked whether big oil companies
were potential competitors or acquirers
in the renewables industry, Mr Robo
said European majors’ fitful invest-
ments had resulted in “some of the
worst projects that I’ve seen in the
renewables sector”.
“I don’t worry about the oil majors at
all,” Mr Robo said. “The US majors, for
them to get into the renewables busi-
ness, I think you need some kind of tec-
tonic shift in their thinking. I can’t imag-
ine it, honestly. I think time would stand
still for the US oil majors to get into the
renewable business.”
According to a person with direct
knowledge of the matter, NextEra has
approached Duke Energy, a $65bn util-
ity based in North Carolina, with a
merger proposition. Duke has rejected
the offer but left the door open for fur-
ther discussions.
NextEra and ExxonMobil did not
respond to requests for comment, while
Duke declined to comment.
Additional reporting by James Fontanella-
Khan in New York
3 October/4 October 2020 ★ FTWeekend 11

COMPANIES. WEEK IN REVIEW

Tech bigwigs loudly

T
wo bold disruptive ideas important to “at least acknowledge and May where some Coinbase engineers ‘Capitalists distraction, and by creating internal
emerged this week from a connect the related societal issues your downed tools in protest at the division”, is a statement of fact.
Silicon Valley company: customers face daily”. company’s refusal to state its support who think Mr Armstrong takes pains to say that

condemn Coinbase businesses exist to make

money; employees are
there to work.
There are criticisms to be made of
Mr Armstrong’s manifesto. At 2,000
words, it is too long. It contains guff —
for Black Lives Matter. Mr Armstrong
did eventually write a personal tweet in
support of BLM. But he may also have
you can
separate
part of his ambition to assemble a great
team is to hire from a diverse pool and
fight unconscious bias. It doesn’t sound

political quietism The sentiments, expressed in a blog

post by Brian Armstrong, chief
executive of cryptocurrency company
Coinbase, have gone down in the tech
sector like a bucket of warm
kombucha.
The wildest response came from
former Twitter chief executive Dick
Costolo: “Me-first capitalists who think
you can separate society from business
are going to be the first people lined up
against the wall and shot in the
The Top Line revolution. I’ll happily provide video
commentary.”
“play as a championship team”. It
refers 31 times to Coinbase’s “mission”.
This is apparently so important that it
requires single-minded devotion, but is
disappointingly airy when revealed:
“Creating an open financial system for
the world.”
There is the irony that Mr
Armstrong’s public statement is itself a
political act that distracts from
Coinbase’s mission.
Although written to “help others”, it
seems as if it might have been
prompted by an incident at Coinbase.
resolved to rid his workplace of
dissenters. After the blog post,
Coinbase invited any employees who
disagreed to take a severance package.
Without that context, the statement
would be anodyne. It should not be
crazy to say: “We don’t engage [on
‘broader societal issues’] when issues
are unrelated to our core mission,
because we believe impact only comes
with focus.”
Noting that “it has become common
for Silicon Valley companies to engage
in a wide variety of social activism,
society from
business will
like he’s trying to create one of those
libertarian clans that happen to be
filled with white men.
be the first You might wonder why the Twitter
executives are so exercised. Perhaps it
to be lined is that the social media site has created
up against a very different sort of company, one
built on whipping up political outrage
the wall and one that in the five years that Mr
and shot’ Costolo ran it made no profits.
It is, above all, a very specific spat.
Dick Costolo, Normal companies are not fortunate
former
Twitter chief
enough to have time to take political
stands or to speak out against taking

Tom His successor at Twitter, Jack Dorsey,

weighed in, insisting that since
As Mr Armstrong acknowledges, his
company has “had its own challenges
even those unrelated to what the
company does”, and that this has “the
political stands. They are trying to keep
the lights on.

Braithwaite cryptocurrency was a response to an

“exclusionary financial system”, it was
here, including employee walkouts”.
That appears to refer to an episode in
potential to destroy a lot of value at
most companies, both by being a tom. braithwaite@ft.com

BEST OF
Asana’s would-be altruist weighs how to disburse his riches BUSINESS
Asana boss Dustin Moskovitz, who
Corporate
person in
the news
co-founded Facebook, and his wife
committed $20m to groups backing Rolls-Royce doubts grow
Hillary Clinton at the 2016 poll
Miguel A Lopes/EPA

Dustin Moskovitz 3 The leading advisers on Rolls-Royce’s deeply dis-

Chief executive, Asana
When Dustin Moskovitz exited
Facebook at the age of 24 to work on
a start-up, he had not yet reached
billionaire status. Less than a dozen
years on, his stake in the social media
network has catapulted his net worth
to $16bn, placing the Facebook co-
founder in a rarefied slice of wealth
even for Silicon Valley.
This week Mr Moskovitz’s start-up,
Asana, became a multibillion-dollar
public company, tapping surging
demand for business software groups.
But the listing promises to magnify
one of the dilemmas of his life: how to
distribute his wealth. “When we talk,
we talk a lot about Asana and his
philanthropy,” Sam Altman, an
investor in the group, said.
Mr Moskovitz, 36, has been known
to drive a VW hatchback and fly in
economy, and he extols Burning
Man, the festival emphasising
“radical self-reliance” and “radical
inclusion”. He is a proponent of
effective altruism, which urges
followers to direct their resources to
causes that help others the most,
often with the aid of hard data.
As a Harvard roommate of Mark
Zuckerberg, Mr Moskovitz gained a
reputation for bleary-eyed efforts to
expand the website beyond
Cambridge, Massachusetts, earning
the nickname “the ox”.
When Mr Zuckerberg dropped out
and moved Facebook to Palo Alto, Mr
Moskovitz followed him, becoming
the company’s first tech chief.
Asana evolved from an internal
project Mr Moskovitz developed with
Justin Rosenstein, credited with
The Valley inventing Facebook’s “Like” button.
They billed the start-up a solution to
magnate constant work distractions, naming it
has been after a yoga concept meant to convey
alignment. The online application,
endorsed which counts Google and Nasa as
by his clients, aims to provide a single portal
for managing work tasks.
muse, the With the public listing, Mr
Australian Moskovitz has accomplished the feat
of repeat Valley success. At the end of
author of Asana’s first day of trading on
‘The Life Wednesday, it had a market
capitalisation of $4.6bn, triple its most
You Can recent valuation in private markets.
Save’ Mr Moskovitz “could have done
anything he wanted after Facebook”,
Mr Altman said. “It is a grind to be a
CEO of any company, especially one
that has done as well as Asana has.”
Effective altruists are watching how
Mr Moskovitz and his wife Cari Tuna
plan to disburse their wealth. Inspired
by The Life You Can Save, Australian
philosopher Peter Singer’s book, the
couple established Good Ventures in
2011 to oversee donations and
investments. Open Philanthropy,
which helps advise the group, has a
spreadsheet ranking US policy issues
where it thinks capital can have the
greatest impact. Criminal justice
reform and macroeconomic
stabilisation top the list.
Effective altruism has faced
criticism in the non-profit world from
those who question its cold logic. The
framework can also accommodate a
spectrum of activities, including start-
ups, drawing a murky line between
profit and philanthropy.
In the months leading up to Asana’s
direct listing, Mr Moskovitz supplied
the bulk of the group’s capital,
investing $450m through two
convertible notes. He will earn interest
of 3.5 per cent annually from the notes
until they convert to shares in 2025.
He viewed the convertible notes as a
financial investment rather than an
extension of his philanthropy. “For me,
it’s an investment opportunity,” he
said. “For the company, it was just an
extremely competitive offer.”
Mr Moskovitz and Ms Tuna have
been drawn to political advocacy. At
the 2016 election, they committed
$20m to organisations backing Hillary
Clinton, becoming the third-largest
public donors of the cycle.
Some members of the effective
altruism community have said Mr
Moskovitz and Ms Tuna advocate a
reasoned approach that avoids the
pitfalls of hyper-rationality.
“There are a lot of times Dustin
pushed back and said, ‘Well, what
about great opportunities that don’t
have the same evidence already but
could be really impactful?’” said Elie
Hassenfeld, chief executive of
GiveWell, a charity assessor that works
closely with Good Ventures.
Mr Hassenfeld credited Mr
Moskovitz with advocating a
contribution to Give Directly, a non-
profit that makes direct cash transfers
to impoverished families.
The organisation recently used part
of a $25m grant from Good Ventures to
fund independent research on the
effectiveness of its approach compared
with typical government aid
programmes, Mr Hassenfeld said. “It
was a good example of a way that
philanthropy could go to harder-to-
measure activities and still end up
doing a lot of good,” he said.
Mr Moskovitz and Ms Tuna have
won the endorsement of their muse.
“Apart from Bill and Melinda Gates,”
Mr Singer wrote, “I don’t know of
anyone with comparable resources
who has done as much careful thinking
and research into how they can use
their resources to do the most good.”
Miles Kruppa
counted £2bn rights issue announced this week radi-
cally scaled back their underwriting commitments
to the aero-engine
maker’s cash call on
concerns about the
virus and market vol-
atility in the run-up to
the US election.
Goldman Sachs and
Morgan Stanley, two
of the top banks
advising the board on
the £5bn debt and
equity fundraising,
cut their exposure by up to half late last week. The
timing of the rights issue was “not ideal”, said a per-
son close to the situation.
3 Royal Dutch Shell plans to cut up to 9,000 jobs as
the pandemic accelerates a restructuring at the oil
and gas producer while it shifts to cleaner fuels.
Ben van Beurden, chief executive, said that mak-
ing Shell, which had 83,000 employees at the end of
last year, a simpler organisation was expected to
reduce annual costs by as much as $2.5bn by 2022.
3 HSBC shares rose more than 10 per cent on Mon-
day after its largest shareholder, Ping An Asset Man-
agement, increased its stake, delivering a vote of con-
fidence in the lender despite rising Sino-US tensions.
3 The EU is preparing to force Big Tech to share
troves of customer data with smaller rivals, accord-
ing to a draft of its Digital Services Act, which is
expected by the end of this year.
Its boss says making Shell, which
had 83,000 employees at the end
of last year, a simpler organisation
is expected to reduce annual costs
by as much as $2.5bn by 2022

Under the hood UK consumers snap up second-hand cars at record pace Brussels is hoping to set global standards for the
digital economy and to tackle the entrenched advan-
Many are wary of using trains and buses and opt for an additional motor, while the young rush to book places at driving school tages enjoyed by the likes of Google and Amazon.

3 Uber won a court battle to continue operating in

As the shutters rolled up at UK Prices of older used cars climb ... London, following a lengthy spat between the ride-
showrooms in June, buyers flocked Year-on-year change by car age, UK (%) hailing company and the city regulator Transport for
to forecourts or logged on to car London over concerns about its safety practices.
Used car prices
comparison websites. Then
something surprising happened. Up to 1 year 1–3 years 3–5 years 5–10 years 10–15 years 3 Shares in Palantir closed at $9.73 after their Wall St
15 15
They skipped the rows of shiny new debut on Wednesday, giving the US data analysis
models and headed to areas with company a market value of $15.8bn.
used vehicles. Dealers who sold two 10 10
or three used cars for every new 3 The US Food and Drug Administration widened its
one saw it rise to seven or eight. probe into an adverse event involving a patient on a
Four months on, the trend shows 5 5 trial for the coronavirus vaccine that AstraZeneca is
little sign of easing. Data show that developing with the University of Oxford.
used car prices rose 7.6 per cent in 0 0
September compared with a year 3 Volkswagen and its China partners — SAIC Motor,
earlier, the highest monthly FAW Group and JAC Motors — are to pour €15bn into
Jan Apr Jul Jan Apr Jul Jan Apr Jul Jan Apr Jul Jan Apr Jul
increase on record and the fifth 2020 design and build electric vehicles in the country over
consecutive month of rising prices.
The abiding reason for this is Supply and demand*
wariness about using trains and 40 40
buses. But there are other factors. Demand 10% €15bn
Often, when consumers buy a used 20 20 Increase in HSBC Scale of China
car, they trade in an older model share price after electric vehicle
which is passed on to an auction Ping An AM push by VW and
0 0 lifted its stake its partners
house by the dealer. But many used
car buyers are not replacing
existing models; they are adding a -20 -20
cheaper second or third model. Supply
Younger people, who used to -40 -40 the next four years as competition intensifies to sell
shun cars in cities because of ride- Jan Apr Jul Jan Apr Jul Jan Apr Jul Jan Apr Jul Jan Apr Jul low-carbon cars in the largest car market.
hailing apps, have begun booking 2020
driving tests at a much higher rate.
... with petrol and diesel models rising the most 3 Trafigura, one of the biggest independent oil trad-
Red, the driving school, has seen ers, is to make a push into renewable energy with
online inquiries double. Course Year-on-year change in used car prices by fuel type, UK (%) plans to build or buy 2 gigawatts of solar, wind and
bookings over the past four weeks Petrol Diesel Plug-in hybrid Hybrid Electric 8 power storage projects over the next few years.
are 40 per cent up on a year earlier. 6 6
Even vehicles that have been on 4 4 3 Goldman Sachs named Stephanie Cohen as co-
the road for a decade are seeing a 2 2 head of its consumer and wealth management busi-
resurgence. The scrappage scheme 0 0 ness, making her the first woman to lead a large divi-
of 2009 meant many earlier models -2 -2 sion at the Wall Street bank in several years.
were taken off the roads; older cars
-4 -4
are not only cheap but scarce.
Jan Apr Jul Jan Apr Jul Jan Apr Jul Jan Apr Jul Jan Apr Jul
3 Crispin Odey, 61, founder of Mayfair-based Odey
The figures also suggest buyers 2020 Asset Management and one of the UK’s best-known
are shunning more expensive hedge fund managers, pleaded not guilty to a charge
*Online listings and searches Source: Auto Trader
battery cars. Peter Campbell of indecent assault involving a female employee of an
investment bank.
12 ★ FTWeekend 3 October/4 October 2020

COMPANIES & MARKETS

Wirecard India probe returns to haunt EY

Auditors continued to sign off German payment group’s accounts even after investigating whistleblower allegations
Dan McCrum — London
Olaf Storbeck — Frankfurt
In early March 2017, long before they
became two of the world’s most-wanted
white collar fugitives, Wirecard’s chief
operating officer Jan Marsalek and a
young colleague in the payments com-
pany’s finance team, Edo Kurniawan,
were worried about India.
Wirecard’s auditor EY had launched
an investigation, codenamed Project
Ring, focused on businesses the com-
pany had bought in the city of Chennai.
Although EY had overseen Wirecard’s
books for several years without inci-
dent, Project Ring was in the hands of a
new team, acting on a tip that senior
managers at the German group may
have committed fraud and that one had
attempted to bribe an auditor.
Exchanging messages with Mr Kurni-
awan, Mr Marsalek passed on a warning
from someone at EY. “A junior staff told
our staff ‘off the record’ that they have
doubts about our software billings and
may withhold the audit confirmation,”
according to a copy of chats Mr Kurnia-
wan shared with a friend, which have
been seen by the Financial Times.
Mr Marsalek instructed Mr Kurnia-
wan, who led Wirecard’s Asian finance
team, to speak to the person in charge of
the India audit: “We should treat it as if
we believe it was a misunderstanding or
some India weirdness,” Mr Marsalek
advised his subordinate.
The deflection effort did not work.
Having endured three months of delay
and prevarication, EY’s fraud team
demanded documents and data by the
end of that week, according to corre-
spondence reviewed by the FT.
It prompted Mr Marsalek to follow up
by email: “Hi Edo, do you have this
under control? This seems quite worry-
ing. Cheers, Jan.”
Yet if Project Ring was a chance to
expose accounting fraud inside one of
Germany’s most-lauded technology
companies, it was missed. Internal doc-
uments, correspondence and a review of
Project Ring by rival Big Four firm
KPMG, all seen by the FT, paint a picture
of the determined efforts of Wirecard
executives to kill off the investigation
and ensure EY continued to give the
payments group a clean bill of health.
It would be another three years
before the scale of deception at
Wirecard was uncovered, during which
time the company raised billions of
euros in fresh capital. EY now faces an
investigation by Germany’s auditor
oversight body Apas, lawsuits from
Wirecard investors and the departure of
clients such as Deutsche Bank’s asset
management arm DWS and Germany’s
Commerzbank.
According to the KPMG review of
Project Ring, written this year as part of
a special audit of Wirecard prior to the
group’s collapse in June but not made
public, EY’s forensic investigation in
India was terminated prematurely and
left key questions unanswered.
“KPMG sees evidence that argued
against a termination of the Project Ring
special audit and that should have been
investigated conclusively,” the report
said. The review added that EY should
have mandated a third party to investi-
gate given the alleged attempt to bribe a
member of its staff.
The allegations investigated by the EY
fraud team centred on a takeover Wire-
card announced in October 2015. It paid
€340m to an opaque Mauritius entity
named Emerging Markets Investment
Fund 1A for three Indian payments
companies Hermes i Tickets, GI Tech-
Wirecard’s nology and Star Global. The role of the
German offices Mauritius fund — which had purchased
before its the Indian businesses for around €50m
bankruptcy. only weeks earlier and so reaped huge
Below, Edo profits from the sale — was not disclosed
Kurniawan, who by Wirecard at the time.
led Wirecard’s Someone inside EY smelt a rat. In May
Asian finance 2016, an unnamed EY whistleblower
team and was filed a letter to the firm’s German head-
last sighted in quarters in Stuttgart asserting that
Dubai 18 months “Wirecard Germany senior manage-
ago — Christian Ender/ ment” directly or indirectly held stakes
Getty Images
in EMIF 1A.
The whistleblower also accused sen-
ior Wirecard managers of artificially
inflating the operating profit of the pur-
chased businesses, whose price tag was
linked to their profitability.
According to the KPMG report,
Stephan von Erffa, Wirecard’s deputy
chief financial officer, was the only man-
ager in Germany named by the EY
whistleblower. He was not interviewed
by the fraud team and Wirecard refused
them access to his email account. He has
denied any wrongdoing.
On March 23 2017, Mr von Erffa
responded to Project Ring requests for
information by attempting to shut down
further inquiries. “If we start now again
with totally new audit fields, we will
never get to an end. Therefore I man-
date my team to concentrate on the
local EY India audit and not to work on
those new tasks,” Mr von Erffa wrote in
an email seen by the FT.
A lawyer for Mr von Erffa did not
respond to a request for comment.
Among the recipients of the email was
Andreas Loetscher, the lead EY partner
on Wirecard’s audit, who is now Deut-
sche Bank’s head of accounting. The
next month, Wirecard received its usual
unqualified audit opinion from EY.
That December, Mr Loetscher flew
into Chennai for a two-day site visit at
Hermes, one of the businesses Wirecard
acquired in 2015. Afterwards he wrote
to Mr Kurniawan to thank him for the
“preparation, discussions, explanations
and entertainment”.
But as EY’s group audit of Wirecard
was under way in January 2018, the
undisclosed role of the Mauritius fund,
EMIF 1A in the Indian deal and the
much lower price it paid for the assets
was revealed by a non-profit group now
called the Foundation for Financial
Journalism. Denying that shareholders
were “robbed”, Wirecard responded by
pointing to the oversight of EY as reas-
surance.
But EY’s fraud team still had suspi-
cions. It shared a status update with
Wirecard’s top management in March
2018: “Some of the observations could
potentially sustain some indicators of
the allegation that selected revenues
had a significant impact on ebitda, trig-
gering higher earn-out payments to the
seller of Hermes.”
Less than a month later, Wirecard’s
management brought Project Ring to
an end.
Explaining the decision in an email to
EY’s fraud team on April 3, copied to Mr
Loetscher, Mr Marsalek asserted that
“we take note that the investigation and
analysis of the allegations in the
‘whistleblower letter’ from May 2016
did not uncover evidence supporting
the accusations”. He added that an
internal probe by Wirecard also con-
cluded that there was no evidence for
misconduct by an employee at the pay-
ments group.
“Hence we rate the allegations as
baseless and won’t conduct any further
investigation,” the email continued,
with the COO thanking EY for its
“always transparent and highly profes-
sional analysis and the corresponding
reporting”.
A week later, the heads of EY’s fraud
team replied to Mr Marsalek’s
mischaracterisation of their work. They
pointed out that the analysis did iden-
tify “business transactions and links”
which might support the allegations
raised in the whistleblower letter, but
did not explicitly challenge their client’s
assessment.
A day later, on April 11 2018, Mr Loet-
scher and his colleague Andreas Dah-
men signed off the audits for Wirecard’s
2017 results.
Mr Loetscher declined to comment.
The whistleblower’s accusations and
Project Ring received only a brief men-
tion in the 42-page audit report EY pro-
vided to Wirecard’s supervisory board
for the 2017 results. The report, seen by
the FT, stated that the forensic investi-
gation had been “concluded” without
delivering “any evidence indicative of
flawed accounting or other violations of
law”. The same was stated in EY’s audit
report for the 2018 results.
For Hansrudi Lenz, an accounting
professor at Würzburg University, that
qualifies as misrepresentation by EY’s
auditors. “If the events happened as
described, in my view, [EY’s] descrip-
tion of the ‘Whistleblower India’ topic in
the audit reports for 2017 and 2018 is
inadequate,” Mr Lenz told the Financial
Times.
The ultimate beneficial owners of
EMIF 1A remained a mystery. When
faced with questions about the fund,
Wirecard always pointed to the reputa-
ble external advisors involved in the
deal, such as Linklaters, the UK magic
circle law firm.
This carried weight even after Wire-
card imploded this year. In July a UK
high court judge threw out a civil fraud
claim against the company, writing:
“Crucially, in my view, EMIF was [sic]
been advised by Linklaters. As a reputa-
ble law firm they would have investi-
gated EMIF’s position and been satisfied
as to matters such as EMIF’s beneficial
ownership, compliance with money-
laundering and terrorist financing laws,
and the absence of tax and other fraud.”
However, the KPMG report showed
that when considering wider allegations
of accounting irregularities in 2019, EY’s
fraud team had identified one person
who might have links to the Mauritius
fund: Mr Marsalek.
’We rate the allegations as
baseless and won’t conduct
any further investigation’
Jan Marsalek
‘Hi Edo, do There was no hard evidence, however,
and Mr Marsalek denied any ties when
you have interviewed by lawyers for Wirecard’s
this under supervisory board. Unsatisfied, the
supervisory board demanded a confir-
control? mation from his tax adviser, certifying
This seems that Mr Marsalek had never received
income from Mauritius, according to
quite several people with direct knowledge of
worrying. the matter. The chief operating officer
ignored the request over many months,
Cheers, Jan’ those people said.
Today, Mr Marsalek’s face is on post-
ers plastered across Germany as part of
an Interpol manhunt. Mr Kurniawan,
who told lawyers for Wirecard he
always acted on the instructions of
Wirecard’s COO, was last sighted in
Dubai 18 months ago. Mr von Erffa is in
police custody accused of accounting
fraud, embezzlement and market
manipulation.
EY told the Financial Times this week
that “issues relating to potential fraud
and bribery concerns in India” were
raised by an employee who was follow-
ing “established protocols”.
The firm stressed that the allegations
“were investigated by the company as
well as the EY Germany audit and foren-
sics teams” and that their observations
were reported to Wirecard. “Based on
the information available to us, we
believe that personnel from EY India
and elsewhere performed their proce-
dures professionally and in good faith,”
said EY.
It said that standard industry practice
was for auditors “to be onsite, engaging
and challenging local management.
These meetings have clear audit proce-
dure agendas.” EY added that Wire-
card’s India transaction “was the subject
of extensive due diligence by law firms
and international accounting firms”.
3 October/4 October 2020 ★ FTWeekend 13

COMPANIES & MARKETS

Cross asset. Misconduct penalties Equities

Japan to order
US regulators step up spoofing full report on
Tokyo stock
battle with warning for banks exchange
shutdown
Leo Lewis — Tokyo

Japan’s financial regulator will demand

Heavy fine for JPMorgan is a
sign of watchdog frustration at
activities of financial groups
Philip Stafford, Kadhim Shubber,
Eric Platt, Colby Smith
and Laura Noonan
Regulators have delivered a blunt
warning to banks to clamp down on
high-speed financial market manipula-
tion or risk blockbuster fines and
criminal convictions for staff.
US authorities this week levied a
$920m fine on JPMorgan Chase for eight
years of giving a false impression of
market demand in precious metals
and US government bonds by rapidly
entering and cancelling orders — a
practice known as spoofing.
The penalty far outstrips previous
punishments for such misconduct.
The size of the fine reflects regulators’
dissatisfaction with JPMorgan, one of
the world’s largest financial institutions.
But the settlement has also sent a
message that spoofing is as serious a
liability to banks as rate-rigging, cor-
ruption or money-laundering scandals.
“There aren’t that many cases in the
white-collar world that would warrant
total penalties in these amounts,” said
James McDonald, enforcement director
at US regulator the Commodity Futures
Trading Commission. The size of the
fine “reflects the scope and breadth of
the conduct that’s at issue”, he said.
Regulators outlawed spoofing 10
years ago and have long sought to
punish underhand trading tactics in
an era when the anonymity and
digitisation of modern markets has
provided fertile ground for misconduct.
The highest-profile criminal capture
was the independent trader Navinder
Singh Sarao, the “Hound of Hounslow”,
Spoofing fines
$m
Navinder Deutsche Bank 30.0
Michael Singh
Coscia 2.8 Sarao 38.6 Citigroup 25.0
2013 14 15 16
Heet Khara and
Nasim Salim 2.7
Source: CFTC
who admitted to spoofing the US futures
markets for years, including the day of
the 2010 market “flash crash”.
Even so, watchdogs have been
frustrated they could not do more to
clamp down on financial institutions,
which they felt were not taking the law
seriously.
In 2013, the CFTC closed an investiga-
tion into possible manipulation of the
silver markets involving JPMorgan,
saying it did not have enough evidence
to bring a case.
This week’s settlement revealed that
the bank’s traders continued to spoof
precious metals and Treasury markets
until 2016, even while the bank paid
multimillion-dollar penalties to settle
charges of manipulating California
electricity markets and currencies.
Tyler Gellasch, executive director of
Healthy Markets, a lobby group and a
former regulator, said the size of the fine
reflected JPMorgan’s status.
But he added that poor behaviour in
the US Treasuries market, where more
than $500bn of debt trades every day,
proved to be a wake-up call for authori-
ties. This is one of the world’s most
important markets, providing the
JPMorgan 920.2
Bank of Nova
Scotia 48.6
UBS 15.0
17 18 19 20
Merrill Lynch
Commodities 25.0
Tower Research Capital 67.5
benchmark for pricing other securities
while also serving as a haven in times of
stress.
“They realised: ‘If people can manipu-
late the Treasuries market, people can
manipulate anything’,” Mr Gellasch
said.
The landscape shifted dramatically in
the past week as regulators closed in. A
Chicago court found two former
Deutsche Bank traders guilty of
multiple counts of spoofing, between
2008 and 2013.
The traders face a maximum of 30
years in jail, though sentences for white-
collar defendants are typically signifi-
cantly lower. Both men are set to appeal
against their convictions.
In Tuesday’s settlement, US authori-
ties criticised JPMorgan for failing to
fully co-operate at the outset of their
inquiries.
The Department of Justice noted that
the bank began suspending suspected
traders on its metals desk only after a
second person had pleaded guilty.
Two former JPMorgan traders were
last year accused of lying to the CFTC
in the 2013 investigation as part of a
racketeering indictment centred on
US authorities spoofing conduct that includes a third
have levied a former trader and a former JPMorgan
$920m fine on salesperson. They have denied the
JPMorgan for charges and are awaiting trial.
eight years of Mr McDonald said the CFTC had
spoofing become more skilled in bringing spoof-
FT montage
ing cases over time, using more data
analytics and working closely with the
DoJ, which has authority to conduct
criminal investigations.
Collectively, the punishments should
be a warning, said David Hesketh, co-
founder of TradingHub, a UK software
company that sells regulatory compli-
ance products to financial institutions.
“This scale of fine should be terrifying at
board level,” he said.
JPMorgan said it has spent more than
$430m recruiting hundreds of new
compliance officers and increasing its
internal audit budget following its fine
for manipulating currencies markets in
2015.
It has also upgraded its surveillance of
trading and communication technology.
Huge fines are only partial deterrents.
JPMorgan remains critical to the world’s
financial system, keeping the money
flowing for lending and trading.
Shiva Rajgopal, an accounting and
audit professor at Columbia Business
School, said: “Is it going to do anything
to the CEO’s or bank’s reputation? No.
Are the counterparties going to stop
working with you? I’m not sure . . . The
‘If people can classic idea that, if I don’t like Chipotle
I’ll eat somewhere else, doesn’t work in
manipulate the banking world. The expertise isn’t
the easy to find.”
But the potential reputational dam-
Treasuries age may be enough.
market, “I don’t think that most people at this
point think that spoofing is to be taken
people can lightly,” said Aitan Goelman, a former
manipulate CFTC enforcement director. “If they
believe that, they haven’t been paying
anything’ close attention.”
a full report into the technical problems
that paralysed the Tokyo Stock
Exchange and plunged the third-largest
exchange into an unprecedented full-
day shutdown.
Japan’s finance minister, Taro Aso,
said yesterday that the Financial
Services Agency would order a “swift”
explanation from the TSE, which
suffered its worst outage in more than
20 years on Thursday, and take
measures to ensure there was no repeat.
“The TSE must investigate the cause
and prevent recurrence and the FSA
must carry out a thorough verification,”
Mr Aso told reporters after a cabinet
meeting and following a resumption of
trading on the TSE.
Calls to the TSE yesterday morning
went unanswered. The FSA declined to
comment on any current or future
orders regarding the TSE.
Traders reported that activity on the
exchange yesterday appeared broadly
normal, though volumes were lower
than many had expected.
At the end of the morning session,
turnover was a below average ¥1.2tn
($11.4bn), though dealers also pointed
to holidays in mainland China, Hong
‘It looks like investors are
giving the benefit of the
doubt that the outage was
indeed a one-off event’
Kong and South Korea as causes of
subdued activity.
After all orders placed on Thursday
were declared invalid, the benchmark
Topix began trading yesterday based on
Wednesday’s closing prices.
In the first few minutes of the session,
it rose as much as 0.8 per cent but
turned negative after it was confirmed
that President Donald Trump had
tested positive for Covid-19. The Nikkei
225, the preferred index of Japanese
retail investors, was 0.3 per cent higher.
In a press conference on Thursday,
the TSE said that the day’s outage was
caused by a hardware issue in its under-
lying “Arrowhead” system, which was
designed in partnership with Fujitsu.
The company’s stock jumped shortly
after the market opened but later
traded 1.6 per cent lower.
“It looks like investors are giving the
market the benefit of the doubt that
yesterday's outage was indeed a one-off
event,” said Takeo Kamai, head of exe-
cutions services in Tokyo at brokerage
CLSA.
Traders at Japanese brokerages in
Tokyo said they expected higher than
usual volumes yesterday, given the
FastFT previous day would traditionally have
Our global marked the start of the second half of
team gives you Japan’s financial year and included the
market-moving release of the central bank’s Tankan sur-
news and views, vey of business sentiment.
24 hours a day Ahead of the bourse opening, the TSE
ft.com/fastft in a statement repeated its “sincerest
apologies” for Thursday’s outage.

Commodities Fixed income

Crude retreats below $40 a barrel as
‘bearish cocktail’ threatens industry
David Sheppard — Energy Editor
Oil prices slipped below $40 a barrel to
hit the lowest level since June as traders
bet the recovery in a market ham-
mered by the coronavirus pandemic
has run out of steam.
Record-breaking supply cuts by Opec
and its allies had helped stabilise Brent
crude near $40-$45 a barrel for the last
four months, after the demand-sapping
lockdowns of March and April.
But with coronavirus cases rising and
demand still struggling, oil industry
executives are increasingly arguing the
recovery back to pre-pandemic levels
above $60 a barrel will take longer than
first anticipated.
“I’m not upbeat about this market in
the coming couple of months, I think
we’ve got some real problems,” said Ben
Luckock, co-head of oil trading at
Trafigura, at an FT conference this
week.
Brent crude hit a four-month low of
$38.79 a barrel yesterday, taking losses
over the last two sessions to 7 per cent.
West Texas Intermediate fell as much as
5 per cent to $36.63.
Opec is due to slowly increase produc-
tion in the coming months but it may
need to delay those plans to support
crude prices that tumbled below $20 a
barrel in April.
Libya’s National Oil Corporation,
whose exports have been shut off for
much of 2020, has been raising produc-
tion after the end of a blockade by forces
led by renegade General Khalifa Haftar.
Yesterday, traders pointed to nerves
over US President Donald Trump’s posi-
tive test for coronavirus as one reason
for the market move lower.
There are doubts over Opec plans to
slowly increase oil production
Analysts at oil brokerage PVM said “a
tepid demand outlook, rising global oil
supply and US political uncertainty”
were creating “a potent bearish cock-
tail”. But the industry is split over
whether a Trump victory in November
would be good for oil prices.
Ann-Louise Hittle, a senior analyst at
Wood Mackenzie, argued this week that
a Joe Biden victory may prove more sup-
portive for crude if he restricts the abil-
ity of drillers to operate on federal lands
and helps stabilise the economy.
“Demand is key,” Ms Hittle told the
FT conference. “If Biden introduces an
economic recovery programme that is
very organised and he works hard to get
Covid under control it would be sup-
portive.”
Mr Trump has, however, fostered a
close relationship with Opec’s de facto
leader Saudi Arabia and in April leaned
heavily on Riyadh to arrange the global
supply deal to help support prices.
While demand has risen since March
and April, when it was estimated to be
down by more than a quarter or about
25m barrels a day, it is still about 5m-8m
b/d below pre-crisis levels.
Biden victory see On Wall Street
Foreign buyers rush into China’s
policy-bank bonds at record pace
Thomas Hale — Hong Kong
Foreign investors have piled into debt
issued by China’s policy banks at a
record pace this year, lured by the lib-
eralisation of the country’s bond mar-
kets and its faster economic recovery
from coronavirus.
Net inflows into policy-bank bonds
totalled Rmb300bn ($44bn) in the first
eight months of the year, data from
bank Natixis show, or more than the
total between 2016 and 2019. The flows
also exceeded those into Chinese gov-
ernment debt.
The rush of buying comes as foreign
investors take a record share of China’s
overall bond market. Relatively higher
yields have enticed global funds after
the emergence of Covid-19 prompted
central banks in the west to cut interest
rates to historical lows.
But surging demand for policy-bank
bonds, sold by three government-
controlled institutions heavily involved
in lending to official projects, also shows
that foreign inflows are supporting a
sector critical to China’s state-driven
response to the crisis.
Alicia Garcia-Herrero, chief econo-
mist for Asia Pacific at Natixis, said the
policy banks were “instrumental” in
China’s economic recovery, which has
been swifter than that in the US and
Europe. The bonds have attracted
demand from foreign investors that
“tend not to touch commercial banks
onshore”, she said.
China Development Bank, the Agri-
cultural Development Bank of China
Foreign inflows are
supporting a sector critical
to China’s state-driven
response to the crisis
and the Export-Import Bank of China
make up the country’s trio of policy
banks. Established in 1994, they are dis-
tinct from the country’s listed, state-
owned commercial lenders.
CDB plays a prominent role in the
infrastructure sector, which has been
central to China’s rapid industrial recov-
ery, and funding government projects.
Last month, China’s Ministry of Indus-
try and Information Technology said it
would direct funding to manufacturing
and technology projects across the
country, with CDB lending Rmb125.5bn.
The bank plays a central role in
China’s onshore bond market, of which
foreigners own less than 3 per cent. It
said this summer it had raised Rmb20tn
in bonds since 1994 and expected to
“deepen the reform and opening up of
the bond market” in future.
Edmund Goh, Asia fixed income
investment director at Aberdeen Stand-
ard Investments, said the flows into pol-
icy-bank bonds showed foreign funds
were “getting comfortable” with
onshore credit.
Investors have also been drawn to the
higher yields on the debt — these banks’
10-year bonds are offering 0.5 percent-
age points more than Chinese govern-
ment bonds of a similar duration.
“The policy banks are fully backed by
the government, so people think they
are almost equivalent to the central gov-
ernment bond,” said Chaoping Zhu,
Shanghai-based global market strate-
gist at JPMorgan Asset management.
But some parts of policy banks’ activi-
ties are opaque. Natixis’s Ms Herrero
said detailed data on their lending had
become more inaccessible since 2015.
14 ★ FTWeekend 3 October/4 October 2020

COMPANIES & MARKETS

Crude has yet to The day in the markets

price in prospect
of Biden victory What you need to know
3 Market volatility climbs after Trump
Uptick in volatility after Trump tests positive for coronavirus
tests positive for coronavirus
3 Yield on 10-year Italian bonds nears Cboe Vix index

Derek Brower all-time low

3 Brent crude under $40 on concerns
over waning global demand
30

On Wall Street Reports that the US president and the

first lady had tested positive for
29

coronavirus stoked volatility and soured

appetite for stocks. 28

W
all Street oil investors gest oil and gas producer officially the cartel increase supply and lower oil Wall Street’s S&P 500 index was down
spend a fortune trying joined the global energy transition. prices. The producer group was there- 1.2 per cent at lunchtime in New York
to figure out how to The efforts of the Trump administra- fore delighted this year when he called after Donald Trump made the
trade risks, from Opec tion to shore up fossil fuels — scrapping for the opposite, effectively asking Opec announcement on Twitter. 27
meetings to Libyan rules on pollution and emissions while to prop up falling crude prices to save The news, just a month ahead of
militia movements or even pandemics. appointing climate sceptics and indus- the American oil patch. presidential elections, “rattled financial
But a doozy is staring them in the face try lobbyists to positions of power — But Mr Biden would probably just markets”, said Trevor Greetham of Royal 26
right now — and oil markets, even after a would be reversed. Renewable energy, ignore Opec. Except for Iran. Mr Biden London Asset Management, “adding an
brisk sell-off this week, have been already progressing in the US despite plans to rejoin the international nuclear extra layer of uncertainty to an already
largely a snoozefest, trading in a narrow President Trump, would accelerate. pact with Tehran that President Trump uncertain situation”. 25
range around $40 a barrel for months. Consider a plausible geopolitical ditched in 2018 — provided the country The Cboe’s Vix index of equity market
That risk for the oil industry is Joe impact of a Biden administration that complies again with its terms. In theory, volatility, often referred to as Wall Street’s Mon Tue Wed Thu Fri
Biden. Donald Trump’s positive test for would have an almost immediate effect US sanctions on Iran’s oil exports could fear gauge, was up more than 3 points Source: Refinitiv
coronavirus has thrown up new uncer- on oil: the possible end of the Opec-plus be lifted within days of Mr Biden enter- yesterday to 29.9, above its long-run
tainty over the US election but if recent deal that restored crude prices this year. ing the Oval Office. average of about 20, before sliding back
polling is right, Mr Biden will win the That deal, struck in April, came after The consequences would be far- to 28 later in the session. “A drawn-out closed up 0.3 per cent, taking the region- blame for the slide, said analysts. Brent
presidency on November 3. His Demo- reaching. The caveats are important, period of rancour and instability would be wide benchmark rise for the week to 2 per crude, the international benchmark, fell
crat party may even take the Senate, including Tehran’s insistence that the bad news for markets,” said Mr Greetham. cent. Elsewhere in Europe, the yield on more than 3 per cent to $39.64 a barrel
giving it control of Congress. A deal with Opec to rescue US return to the deal and lift sanctions Signs that the pace of US jobs growth Italy’s 10-year bond fell 3 basis points to while WTI, US marker, sank 3.3 per cent to
Some crisis fatigue may be partly to oil prices — at the behest of before it starts complying again. Kevin was slowing also knocked equities. In July 0.799 per cent, near a record low, after $37.46 a barrel.
blame for the oil market’s muted reac- Book, head of research at Clearview and August, the US economy created on the eurozone recorded its second Giovanni Stauvono, oil analyst at UBS,
tion to this prospect. After a Saudi-Rus- Texas — would not have Energy Partners, a US consultancy, said average 1.6m jobs per month, compared consecutive month of deflation in said “risk aversion [had] set in” due to
sian supply war, the virus-induced col- topped his priority list Mr Biden’s Iran policy may “seem more with the 661,000 in September, according September, heaping pressure on the uncertainty around the presidential
lapse of crude demand, sub-zero prices, accommodating than it really is”. Still, to the Bureau of Labor Statistics. region’s policymakers to roll out more election after Mr Trump’s test results.
dozens of corporate bankruptcies and the ball would be in Iran’s court. A deal “If jobs continue to be clawed back at monetary stimulus. But extra oil output from Libya at a
mass job losses, traders were due a President Trump and senators from oil- would see its oil production soar, inun- September’s rate, it would take another Oil prices fell sharply for the second time of growing concerns about a fall off
breather. As coronavirus cases surge producing states threatened to suspend dating an oversupplied market. 16 months for the 11m workers displaced consecutive day. An uptick in risk in global demand left “supply-demand
again in some western countries, they military support to Saudi Arabia if it Without US pressure to keep with the since February to return,” said Neil aversion and the return of Libyan balances . . . on a fine line”, said Oswald
have other new threats to consider too. didn’t quickly cut crude production to cuts, it is hard to imagine Saudi Arabia Williams at Federated Hermes. supplies after the lifting of an eight- Clint, an analyst at AllianceBernstein.
Some hedge fund executives say the prop up the market. Riyadh swallowed holding back its crude while Iran, its Across the Atlantic, Stoxx Europe 600 month oilfield blockade were to Ray Douglas
polling can’t be trusted and complain its pride and obeyed. Prices climbed off geopolitical foe, recaptured a chunk of
that Mr Biden’s energy policy is not yet the floor. Mr Trump revelled in the deal- the oil market. Russia, the United Arab
clear or might change after he is elected making and continues to take credit for Emirates, Iraq and others all itch to Markets update
— and so it can’t easily be traded. But Mr rescuing the shale patch. expand oil supply again and would fol-
Biden’s election would be big moment What would Mr Biden have done? A low. The global oil oversupply would
for the oil market and its industry. Two deal with a cartel to rescue oil prices — at grow anew.
potential impacts stand out. the behest of Texas — would not have These plausible Biden outcomes are US Eurozone Japan UK China Brazil
The first is plain: Mr Biden pledges to topped his priority list. And keeping the not priced in to the market. Maybe Stocks S&P 500 Eurofirst 300 Nikkei 225 FTSE100 Shanghai Comp Bovespa
rejoin the Paris climate deal, spend $2tn Opec cuts intact would not be a priority investors know more than the polls. But Level 3338.28 1405.35 23029.90 5902.12 3218.05 94836.97
on clean energy, decarbonise American for an administration focused instead trading the oil industry’s twilight years % change on day -1.26 0.22 -0.67 0.39 -0.20 -0.67
electricity and electrify swaths of the on a clean-energy revolution. may require new ways to quantify and Currency $ index (DXY) $ per € Yen per $ $ per £ Rmb per $ Real per $
country’s transport sector. Opec has grown used to President hedge risk. Level 93.739 1.172 105.355 1.293 6.811 5.639
In effect, Mr Biden’s election could Trump and his Twitter tongue-lashings % change on day 0.030 -0.170 -0.270 0.466 0.000 0.029
mark the moment when the world’s big- — especially his frequent demands that derek.brower@ft.com Govt. bonds 10-year Treasury 10-year Bund 10-year JGB 10-year Gilt 10-year bond 10-year bond
Yield 0.693 -0.539 0.016 0.245 3.148 7.388
Basis point change on day 0.990 -0.100 0.590 1.100 0.000 6.500
World index, Commods FTSE All-World Oil - Brent Oil - WTI Gold Silver Metals (LMEX)
Level 372.64 39.74 37.58 1902.00 23.62 2873.10

Supreme Court’s rightward tilt means % change on day -0.44 -2.76 -2.82 0.80
Yesterday's close apart from: Currencies = 16:00 GMT; S&P, Bovespa, All World, Oil = 17:00 GMT; Gold, Silver = London pm fix. Bond data supplied by Tullett Prebon.
-0.44 -3.19

climate activists must focus on Congress Main equity markets

S&P 500 index Eurofirst 300 index FTSE 100 index
3680 1480 6400
prosecutors in the Southern District of formally enshrined in treaties, such as
New York. As Mr Trump would say, the custom of rescuing mariners at sea
those are all “his”. or the climate commitments in the 3520 1440
But many of the “textualists” and Paris accords. Ms Barrett has explicitly 6080
“originalists” among the conservative questioned the relevance for the US of
3360 1400
judicial activists are privately horrified customary international law, as
by Mr Barr’s aggressive interpretation distinct from Senate confirmed
| | | | | | | | |
of the executive branch’s authority. As treaties. 3200 || | | | | | | | | | | | | | | | | | | 1360 || | | | | | | | | | | | | | | | | | | 5760 | | | | | | | | | | |

they will point out, the president may This does not mean a Biden Aug 2020 Oct Aug 2020 Oct Aug 2020 Oct

D
onald Trump, in his July 23 have Article II, but Congress’s authority administration could not use existing Biggest movers
2019 address to the comes under Article I. laws, in particular the Clean Air Act, to
% US Eurozone UK
Turning Point youth Both judicial conservatives and enforce dramatic cuts in greenhouse
Devon Energy 5.88 Acs Const. 25.85 Standard Life Aberdeen 2.96
conference, said: “I have an progressive activists now tend to agree gas emissions by regulations issued
Invesco Ltd 5.07 Edf 5.75 Evraz 2.79
Article II where I have the that a president’s use of his executive through the EPA under existing law.
Ups

right to do whatever I want as war powers, and the latitude given to For example, the Obama Lyondellbasell Industries Nv 5.02 Vi 4.41 Sse 2.59
President.” regulatory agencies such as the EPA, administration’s now-withdrawn Clean Diamondback Energy 3.78 Oci 3.96 British Land 2.59
Next week’s act in the tawdry show have to be curtailed and initiative Power Plan would have put gradually Alliance Data Systems 3.51 Saipem 3.66 Rightmove 2.54
of US national politics will be led by the returned to Congress itself. increasing burdens on coal-fired power %
beginning of senatorial debate over the Leftwing and rightwing fantasies plants. But Mr Trump cancelled it. Dexcom -7.87 Thyssenkrupp -5.62 Melrose Industries -2.95
nomination of Amy Coney Barrett to of a “deep state” with the power to A Biden administration could yte -5.12 Lufthansa -3.40 Rolls-royce Holdings -2.74
Downs

succeed Ruth Bader Ginsburg as an control a president’s behaviour are simply declare coal ash a hazardous Vertex Pharmaceuticals -4.17 Bayer -3.03 Avast -2.55
associate justice of the US Supreme substance under the EPA’s existing Ansys -4.04 A.p. Moller - Maersk B -2.72 Int Consolidated Airlines S.a. -2.49
Court. Both Democrats and authority, with a fairly short Take-two Interactive Software -4.03 Wartsila -2.66 B&m Eur Value Retail S.a. -2.19
Republicans will claim the
Ginsburg was a voice for compliance period. Even the yet-more- Prices taken at 17:00 GMT Based on the constituents of the FTSE Eurofirst 300 Eurozone
All data provided by Morningstar unless otherwise noted.
appointment’s confirmation will respecting international conservative Supreme Court would
change the court for decades. probably agree that was within the
Not really. The more dramatic swing
understandings that are EPA’s existing authority.
of court control to the organised not enshrined in treaties The Biden EPA could also impose
rightwing of the legal profession tighter regulation of methane Wall Street Eurozone London
already happened back in 2018, when much less tenable after the Trump emissions under existing law. That
Brett Kavanaugh replaced the “swing administration. would tend to raise the cost of drilling,
vote” of Anthony Kennedy. Assuming, as the gaming odds do, and, therefore, the gas and oil prices at Invesco and Janus Henderson Group Industrial groups, airlines and oil majors Gold miner Centamin plummeted after
Having “won”, the conservative legal that Mr Trump loses the election, Mr which new drilling would take place. surged yesterday with Trian Fund were some of the region’s heaviest fallers deferring output and downgrading
movement is on the verge of a Barr’s unitary executive faction will That would tend to increase the Management taking a nearly 10 per cent as President Donald Trump’s positive production forecasts at its Sukari mine in
momentous split, one with serious lose their ability to hand out jobs to the profitability of incumbent producers. stake in each of the asset management coronavirus test and stalling US stimulus Egypt for safety reasons.
implications for environmental, energy minority of conservative lawyers they And now the political economy of the companies. negotiations added to uncertainty over The move by the FTSE 250 group,
and financial regulatory policy. represent. energy industry has changed. Coal Trian, the hedge fund run by activist the recovery in the world’s largest which was subject to a takeover approach
The faction represented by attorney- Still, a textualist Supreme Court will producers are, as a group, already investor Nelson Peltz, also said it had economy. by Endeavour Mining at the end of last
general William Barr, which asserts the be in place for more than a decade. broke. Two oil majors, Royal Dutch discussed “certain strategic Thyssenkrupp, Lufthansa, Bayer, year, came after it detected movement in
notion of the “unitary executive”, That means that when a Biden Shell and BP, are seen by the fossil fuel combinations” with Invesco and Janus Wartsila, MTU Aero Engines and BP were waste material in a wall of its open-pit
reached its apogee under the Trump administration rejoins the Paris bar to have thrown their lot into Henderson. among those to drop. mine.
administration. The quote above climate agreement, there will be less becoming regulated utilities. Activision Blizzard fell on news the Spanish engineering construction It estimated that production would fall
summed up this philosophy neatly. willingness by the court to accept Non-US financial companies would video game maker was delaying the group ACS soared to the top of the Stoxx from 120,000 ounces of gold in the third
The unitary executive faction arguments that excessive carbon like to have some relief against what release of the next update in its popular Europe 600 risers after French rival Vinci quarter to 70,000 ounces in the final
believed that there could be no emissions violate “customary have been relentless extraterritorial World of Warcraft franchise. made an offer to buy its industrial three months of the year. Tyler Broda,
allowance for independent judgment international law”. financial sanctions that reached their World of Warcraft: Shadowlands, which services unit for €5.2bn. analyst at RBC, said the announcement
on the part of agencies such as the Ginsburg was a voice on the court for peak under the Trump administration. was scheduled to land on October 27, will Healthcare technology supplier “complicates the investment case and
Environmental Protection Agency, or respecting international agreements It is possible that international now be released later this year after the Siemens Healthineers dropped after Citi drives a material reduction in earnings”.
sections of departments such as the and understandings that are not financial sanctions imposed by company faced challenges from the shift analysts launched a 30-day negative Rolls-Royce woes deepened after
bureaucratic processes hidden in the to working from home. catalyst watch ahead of its fourth-quarter Goldman Sachs and Morgan Stanley
US Treasury might be challengeable in Shake Shack rallied after Loop Capital results. scaled back their underwriting
a Supreme Court that has become began coverage of the stock with a “buy” Citi’s Kate Kalashnikova said she commitments to a deeply discounted
Businesses For Sale more hostile to arbitrary actions by
administrative agencies.
rating amid optimism over digital sales
growth.
expected earnings for its diagnostic
division to fall short of consensus partly
£2bn rights issue.
Investors questioned the timing of the
So no, a Supreme Court firmly The stock has gained nearly 13 per cent due to an unfavourable geographic and cash call as the crisis for aviation
cemented on the right does not mean on the year. Rival burger chains Wendy’s product mix. worsened and the US election drew
the end of hope for climate policy or and McDonald’s also advanced. Other healthcare and pharmaceutical closer. Buyout group Melrose Industries
for a liberal international order. Tesla dropped even as the electric companies such as MorphoSys, Ipsen, followed the engine maker lower.
It does mean that activists must put carmaker reported a higher number of and UDG Healthcare also fell. Cineworld fell after Moody’s
Business for Sale, Business Opportunities, Business Services,
Business Wanted, Franchises less faith in arcane regulatory tweaks third-quarter deliveries than analysts had EDF strengthened on reports that the downgraded the cinema chain’s rating to
Runs Daily and more effort into passing laws forecast. French energy group expected speedy Caa3 from B3, reflecting the prolonged
......................................................................................................................................................................................................................................................................... through Congress. “We believe China was a major source reforms to regulations that covered its crisis for the entertainment sector due to
Classified Business Advertising
of strength this quarter,” said Wedbush nuclear plants located in the eurozone’s the second wave of coronavirus.
UK: +44 20 7873 4000 | Email: acs.emea@ft.com
john.dizard@ft.com analyst Daniel Ives. Matthew Rocco second-largest economy. Harry Dempsey Harry Dempsey
3 October/4 October 2020 ★ FTWeekend 15

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 $

-1.26% -2.11% -1.00% -0.67% -0.44% -0.170% -0.270% -0.658% -3.52%

0.39% 0.22% 0.79% 0.466% 0.80%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Sep 03 - - Index All World Sep 03 - Oct 02 Index All World Sep 03 - Oct 02 Index All World Sep 03 - Oct 02 Index All World Sep 03 - Oct 02 Index All World Sep 03 - Oct 02 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
3,580.84 16,697.97
13,057.77 23,138.07 23,029.90
16,182.74 5,902.12 2,395.90
5,850.86 12,689.04 2,327.89
3,338.31

Day -1.26% Month -6.75% Year 15.64% Day -0.01% Month -3.06% Year -0.76% Day 0.39% Month -0.87% Year -17.32% Day -0.33% Month 1.76% Year NaN% Day -0.67% Month -0.47% Year 5.23% Day 0.86% Month -1.10% Year 13.56%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
12,056.44 2,531.79
1,419.12 7,006.00 25,007.60
38,707.24 1,405.35 2,496.11
11,087.93 6,754.50
36,598.09 23,459.05
Day -2.11% Month -7.99% Year 42.48% Day -0.08% Month -1.21% Year -13.31% Day 0.22% Month -2.51% Year -5.46% Day 0.35% Month -3.46% Year -24.21% Day 0.79% Month -7.53% Year -9.43% Day -0.19% Month -1.81% Year -20.77%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
29,100.50 101,911.13 39,086.03
5,009.52 19,551.48 3,410.61 38,697.05
27,539.00 19,064.31
94,836.97 4,824.88 3,218.05
Day -1.00% Month -5.34% Year 5.63% Day -0.67% Month -6.92% Year -6.11% Day 0.02% Month -4.11% Year -11.03% Day 0.01% Month -4.19% Year -10.67% Day -0.20% Month -5.46% Year 9.75% Day 1.65% Month -1.95% Year 0.08%

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 42865.31 42916.19 Cyprus CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 20902.74 20903.95 Philippines Manila Comp 5999.40 5944.87 Taiwan Weighted Pr 12515.61 12467.73 Cross-Border DJ Global Titans ($) 394.64 401.58
Australia All Ordinaries 5983.20 6069.40 Czech Republic
PX 857.72 859.11 FTSE Italia Mid Cap 34056.05 34097.78 Poland Wig 49066.26 49035.41 Thailand Bangkok SET 1237.54 1247.59 Euro Stoxx 50 (Eur) 3190.93 3194.09
S&P/ASX 200 5791.50 5872.90 Denmark OMXC Copenahgen 20 1365.53 1373.22 FTSE MIB 19064.31 19061.50 Portugal PSI 20 4086.96 4106.16 Turkey BIST 100 1145.03 1143.51 Euronext 100 ID 965.36 964.00
S&P/ASX 200 Res 4274.10 4384.10 Egypt EGX 30 11051.30 10989.27 Japan 2nd Section 6157.67 6216.86 PSI General 3084.02 3091.67 UAE Abu Dhabi General Index 4492.02 4518.06 FTSE 4Good Global ($) 8373.63 8443.59
Austria ATX 2100.79 2090.27 Estonia OMX Tallinn 1163.44 1159.89 Nikkei 225 23029.90 23184.93 Romania BET Index 8879.96 9000.43 UK FT 30 2133.20 2112.70 FTSE All World ($) 372.64 374.28
Belgium BEL 20 3248.23 3236.79 Finland OMX Helsinki General 10080.16 10091.47 S&P Topix 150 1332.14 1344.81 Russia Micex Index 2854.76 2889.80 FTSE 100 5902.12 5879.45 FTSE E300 1405.35 1402.27
BEL Mid 7778.73 7785.60 France CAC 40 4824.88 4824.04 Topix 1609.22 1625.49 RTX 1145.93 1174.49 FTSE 4Good UK 5510.53 5487.04 FTSE Eurotop 100 2631.49 2625.37
Brazil IBovespa 94836.97 95478.52 SBF 120 3825.38 3825.88 Jordan Amman SE 1585.08 1587.75 Saudi-Arabia TADAWUL All Share Index 8295.05 8299.08 FTSE All Share 3301.34 3290.91 FTSE Global 100 ($) 2216.44 2242.12
Canada S&P/TSX 60 970.54 969.49 Germany M-DAX 27249.15 27348.27 Kenya NSE 20 1852.29 1844.99 Singapore FTSE Straits Times 2496.11 2500.74 FTSE techMARK 100 5666.93 5659.09 FTSE Gold Min ($) 2636.87 2619.00
S&P/TSX Comp 16182.74 16184.54 TecDAX 3078.82 3114.14 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 358.06 355.39 USA DJ Composite 9169.05 9211.11 FTSE Latibex Top (Eur) 4440.00 4432.20
S&P/TSX Div Met & Min 551.87 547.73 XETRA Dax 12689.04 12730.77 Latvia OMX Riga 1110.41 1122.87 Slovenia SBI TOP 873.85 - DJ Industrial 27539.00 27816.90 FTSE Multinationals ($) 2391.09 2378.59
Chile S&P/CLX IGPA Gen 18619.05 18460.35 Greece Athens Gen 625.67 631.51 Lithuania OMX Vilnius 780.66 778.37 South Africa FTSE/JSE All Share 54219.24 54446.78 DJ Transport 11241.43 11211.11 FTSE World ($) 661.63 664.56
China FTSE A200 12037.52 12043.32 FTSE/ASE 20 1486.76 1504.45 Luxembourg LuxX 1037.21 1028.78 FTSE/JSE Res 20 52634.17 53032.08 DJ Utilities 827.28 824.27 FTSEurofirst 100 (Eur) 3531.14 3520.11
FTSE B35 9000.71 8988.96 Hong Kong Hang Seng 23459.05 23275.53 Malaysia FTSE Bursa KLCI 1500.30 1496.77 FTSE/JSE Top 40 49896.68 50159.14 Nasdaq 100 11288.07 11583.20 FTSEurofirst 80 (Eur) 4359.83 4361.77
Shanghai A 3372.60 3379.22 HS China Enterprise 9397.37 9281.52 Mexico IPC 36598.09 36626.11 South Korea Kospi 2327.89 2308.08 Nasdaq Cmp 11087.93 11326.51 MSCI ACWI Fr ($) 568.00 565.15
Shanghai B 248.10 248.39 HSCC Red Chip 3589.83 3533.93 Morocco MASI 9987.83 9987.06 Kospi 200 309.44 307.03 NYSE Comp 12676.38 12726.84 MSCI All World ($) 2380.02 2367.27
Shanghai Comp 3218.05 3224.36 Hungary Bux 33449.84 33657.71 Netherlands AEX 553.12 550.54 Spain IBEX 35 6754.50 6730.70 S&P 500 3338.28 3380.80 MSCI Europe (Eur) 1471.75 1467.41
Shenzhen A 2249.63 2248.50 India BSE Sensex 38697.05 38067.93 AEX All Share 795.88 793.63 Sri Lanka CSE All Share 6050.17 5984.84 Wilshire 5000 34359.22 34767.66 MSCI Pacific ($) 2666.99 2661.98
Shenzhen B 935.19 934.27 Nifty 500 9461.70 9341.75 New Zealand NZX 50 11822.84 11812.73 Sweden OMX Stockholm 30 1813.69 1830.04 Venezuela IBC 542611.62 538853.88 S&P Euro (Eur) 1469.11 1469.07
Colombia COLCAP 1162.36 1171.92 Indonesia Jakarta Comp 4926.73 4970.09 Nigeria SE All Share 26831.76 26611.96 OMX Stockholm AS 725.75 730.33 Vietnam VNI 909.91 914.09 S&P Europe 350 (Eur) 1439.36 1435.96
Croatia CROBEX 2013.05 2011.29 Ireland ISEQ Overall 6386.07 6398.88 Norway Oslo All Share 925.37 925.15 Switzerland SMI Index 10252.40 10238.12 S&P Global 1200 ($) 2600.78 2625.53
Israel Tel Aviv 125 1345.44 1331.27 Pakistan KSE 100 40070.83 40676.92 Stoxx 50 (Eur) 2911.13 2902.76
(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 Oct 02 %Chg %Chg Oct 02 %Chg %Chg Oct 02 %Chg %Chg Oct 02 %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
Amazon.com 78.7 3141.26 -80.00 Astrazeneca 132.6 8431.00 -48.00 Bayer Ag Na O.n. 520.0 44.94 -1.41 Softbank . 1414.8 6523.00 54.00 Standard Life Aberdeen 240.10 14.9 -28.5 888 Holdings 264.00 27.2 59.6 Xaar 123.00 43.7 134.7 Forestry & Paper 19334.75 10.3 -3.1
Apple 75.2 113.31 -3.48 Bp 131.7 214.40 -3.80 Asml Holding 222.7 319.90 -1.50 Ntt Docomo,. 1207.5 3878.00 -7.00 Smith (ds) 307.60 10.6 -20.4 Investec 149.95 17.6 -57.5 Halfords 237.00 28.4 39.2 Banks 1907.98 8.3 -
Nvidia 32.7 528.48 -16.11 Unilever 97.6 4842.00 37.00 Total 216.7 28.21 -0.28 Sony 714.7 7753.00 -336.00 Mondi 1717.50 10.3 -2.9 Liontrust Asset Management 1395.00 17.2 24.6 Lamprell 27.00 27.4 -32.5 Electricity 7504.54 7.3 -
Microsoft 26.4 206.85 -5.61 Royal Dutch Shell 93.6 904.00 -3.30 Royal Dutch Shella 214.1 10.46 0.11 Nippon Telegraph And Telephone 471.5 2185.00 35.00 Natwest 109.85 10.3 -55.0 Workspace 562.00 16.5 -53.1 888 Holdings 264.00 27.2 59.6 Gas Water & Multiutilities 5048.00 6.0 -6.5
Advanced Micro Devices 21.0 82.36 -2.50 Glaxosmithkline 87.7 1444.60 0.80 Linde Eo 0,001 193.6 199.65 -1.75 Fast Retailing Co., 419.8 66500.00 310.00 Lloyds Banking 27.20 10.0 -57.3 Babcock Int 258.00 14.5 -59.1 Helical 311.00 26.4 -32.4 General Industrials 5767.73 5.4 -
Boeing 18.1 163.55 -4.31 Rio Tinto 84.9 4694.00 45.50 Sap Se O.n. 188.1 132.76 -0.98 Toyota Motor 337.3 6891.00 -79.00 Legal & General 195.80 10.0 -37.0 Dunelm 1503.00 13.9 29.7 Alfa Fin Software Holdings 136.20 24.0 13.9 Beverages 21014.18 5.4 -
Facebook 17.3 260.88 -5.75 Hsbc Holdings 83.9 308.20 3.60 Volkswagen Ag Vzo O.n. 175.5 132.00 -2.30 Takeda Pharmaceutical 309.0 3621.00 -123.00 3i 1040.00 9.6 -6.9 National Express 155.60 12.5 -67.1 Renewi 22.80 20.0 -36.0 General Financial 11146.21 4.8 -
Netflix 14.6 510.75 -16.76 Royal Dutch Shell 71.8 933.10 5.10 Allianz Se Na O.n. 170.4 162.80 0.62 Kddi 306.2 2677.00 21.00 Land Securities 537.30 9.6 -45.9 Great Portland Estates 620.20 12.3 -27.9 Sig 26.18 18.4 -78.3 Industrial Metals 3482.90 4.7 -8.0
Alphabet 7.7 1455.75 -32.15 Bhp 70.5 1654.60 9.00 Siemens Ag Na O.n. 166.1 105.88 -0.78 Yahoo Japan 298.6 707.00 8.00 Hsbc Holdings 308.20 8.8 -48.2 Derwent London 2644.00 11.5 -33.9 Reach 76.00 17.8 -45.0 Index - Technology Hardware & Equipment 2247.85 4.2 13.1
Alphabet 7.3 1459.18 -30.91 Prudential 64.0 1128.00 20.50 Unilever 160.4 52.40 0.68 Mitsubishi Ufj Fin,. 292.9 419.90 3.80 British Land 349.20 8.4 -44.4 Itv 69.92 11.3 -53.7 Liontrust Asset Management 1395.00 17.2 24.6 Electronic & Electrical Equip. 9288.57 3.8 6.9
National Grid 926.60 8.4 -2.5 Premier Foods 98.80 11.0 159.7 Allied Minds 39.65 17.1 -21.6 Chemicals 12705.78 3.8 -4.9
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
Smurfit Kappa 3134.00 8.1 6.5 Close Brothers 1048.00 10.7 -35.9 Funding Circle Holdings 81.90 17.0 -15.2 Household Goods 17445.14 3.8 -3.2
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Devon Energy 9.63 0.53 5.88 Liontrust Asset Management 1395.00 75.00 5.68 Acs Const. 23.42 4.81 25.85 Isetan Mitsukoshi Holdings 579.00 27.00 4.89 Rolls-royce Holdings 113.60 -26.6 -83.3 Centamin 156.55 -21.4 23.6 Kkv Secured Loan Fund 14.65 -22.5 -82.2 Oil & Gas Producers 3439.78 -7.3 -57.4
Invesco Ltd 11.82 0.57 5.07 Dunelm 1503.00 62.00 4.30 Edf 9.70 0.53 5.75 Takashimaya , 860.00 30.00 3.61 Dcc 5522.00 -9.4 -16.4 Tp Icap 217.20 -19.7 -48.0 Kkv Secured Loan Fund 34.50 -18.0 -59.5 Food & Drug Retailers 4155.44 -3.4 -1.1
Lyondellbasell Industries Nv 71.56 3.42 5.02 Investec 149.95 6.00 4.17 Vi 73.34 3.10 4.41 Olympus 2254.00 72.00 3.30 Bp 214.40 -8.1 -55.4 Network Int Holdings 253.40 -12.6 -60.1 Amigo Holdings 9.99 -13.7 -85.9 Tobacco 28558.81 -2.6 -
Diamondback Energy 30.19 1.10 3.78 Sirius Real Estate Ld 75.70 2.40 3.27 Oci 11.54 0.44 3.96 Daiwa House Industry Co., 2777.00 79.50 2.95 Royal Dutch Shell 933.10 -7.1 -58.6 William Hill 278.00 -11.0 42.3 Paypoint 538.00 -11.5 -47.5 Pharmaceuticals & Biotech. 17464.64 -2.1 -2.4
Alliance Data Systems 44.97 1.53 3.51 Greggs 1262.00 40.00 3.27 Saipem 1.47 0.05 3.66 Okuma 5050.00 135.00 2.75 Royal Dutch Shell 904.00 -7.0 -60.0 Vectura 100.80 -10.0 10.2 Norcros 140.00 -10.7 -49.6 Aerospace & Defense 2968.21 -1.6 -
Ocado 2659.00 -5.7 111.1 Cineworld 39.47 -8.2 -82.1 Trifast 103.00 -10.4 -43.1 Mining 17940.83 -1.4 -5.8
Downs Downs Downs Downs
Avast 516.50 -5.7 8.8 Indivior 112.10 -8.1 183.8 Riverstone Energy 278.50 -10.0 -35.4 Mobile Telecommunications 2354.60 -1.1 -
Dexcom 381.27 -32.57 -7.87 Centamin 156.55 -44.55 -22.15 Thyssenkrupp Ag O.n. 3.88 -0.23 -5.62 Mitsubishi Materials 1954.00 -116.00 -5.60
Antofagasta 1001.50 -3.9 6.0 4imprint 1744.00 -7.7 -49.0 Vectura 100.80 -10.0 10.2 Software & Computer Services 2002.27 -1.0 -9.1
yte 87.70 -4.74 -5.12 Udg Healthcare 740.50 -29.00 -3.77 Lufthansa Ag Vna O.n. 7.05 -0.25 -3.40 Daiichi Sankyo , 3064.00 -165.00 -5.11
Flutter Entertainment 12245.00 -3.4 31.7 Sdl 650.00 -7.4 13.2 Metro Bank 60.76 -9.7 -71.0 Travel & Leisure 6439.19 -0.9 -
Vertex Pharmaceuticals 262.09 -11.42 -4.17 Aggreko 366.20 -13.60 -3.58 Bayer Ag Na O.n. 44.94 -1.41 -3.03 Mitsui Mining And Smelting , 2424.00 -121.00 -4.75
Glencore 161.76 -3.4 -32.9 Energean 561.90 -5.2 -39.5 Card Factory 34.00 -9.0 -76.5 Nonlife Insurance 2748.51 -0.3 -
Ansys 321.27 -13.53 -4.04 Melrose Industries 116.65 -3.55 -2.95 A.p. M__ller - M__rsk B A/s 1337.45 -37.36 -2.72 Konica Minolta Holdings, . 287.00 -14.00 -4.65
Int Consolidated Airlines S.a. 91.48 -3.3 -64.3 Helios Towers 151.40 -4.8 1.4 Tullow Oil 14.30 -8.7 -76.0 Fixed Line Telecommunication 1228.54 -0.1 -
Take-two Interactive Software 159.41 -6.70 -4.03 Network Int Holdings 253.40 -7.60 -2.91 W__rtsil__ 6.52 -0.18 -2.66 Inpex 546.20 -23.80 -4.18
Homeserve 1223.00 -3.2 -4.6 Kainos 974.00 -4.5 23.9 Enquest 10.10 -8.2 -54.2 Construction & Materials 6153.16 0.1 -
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
Oct 2 Currency Mid Change Mid Change Mid Change Oct 2 Currency Mid Change Mid Change Mid Change Oct 2 Currency Mid Change Mid Change Mid Change Oct 2 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 76.9441 0.6995 90.1365 0.6601 99.5228 1.4187 Indonesia Indonesian Rupiah 14860.0000 25.0000 17407.8342 -1.6971 19220.6045 132.3365 Poland Polish Zloty 3.8398 0.0260 4.4981 0.0225 4.9666 0.0593 ..Three Month 0.7732 -0.0041 0.9055 -0.0064 - -
Australia Australian Dollar 1.3962 0.0039 1.6355 0.0016 1.8059 0.0144 Israel Israeli Shekel 3.4308 0.0040 4.0190 -0.0025 4.4375 0.0283 Romania Romanian Leu 4.1555 0.0025 4.8680 -0.0057 5.3749 0.0312 ..One Year 0.7734 -0.0041 0.9051 -0.0064 - -
Bahrain Bahrainin Dinar 0.3772 - 0.4418 -0.0008 0.4878 0.0025 Japan Japanese Yen 105.3550 -0.2850 123.4185 -0.5546 136.2707 0.3434 Russia Russian Ruble 78.4844 1.0069 91.9409 1.0176 101.5151 1.8246 United States United States Dollar - - 1.1715 -0.0021 1.2934 0.0067
Bolivia Bolivian Boliviano 6.9100 - 8.0947 -0.0144 8.9377 0.0466 ..One Month 105.3550 -0.2851 123.4186 -0.5545 136.2707 0.3434 Saudi Arabia Saudi Riyal 3.7510 0.0002 4.3941 -0.0076 4.8517 0.0255 ..One Month - - 1.1714 -0.1152 1.2935 0.0067
Brazil Brazilian Real 5.6386 0.0017 6.6054 -0.0098 7.2932 0.0401 ..Three Month 105.3549 -0.2853 123.4186 -0.5544 136.2706 0.3432 Singapore Singapore Dollar 1.3634 -0.0008 1.5971 -0.0038 1.7634 0.0081 ..Three Month - - 1.1712 -0.1152 1.2935 0.0067
Canada Canadian Dollar 1.3320 0.0020 1.5604 -0.0004 1.7229 0.0116 ..One Year 105.3544 -0.2861 123.4189 -0.5539 136.2707 0.3429 South Africa South African Rand 16.4625 -0.1900 19.2851 -0.2574 21.2933 -0.1335 ..One Year - - 1.1705 -0.1152 1.2937 0.0067
Chile Chilean Peso 789.4950 2.9250 924.8571 1.7829 1021.1673 9.0850 Kenya Kenyan Shilling 108.5000 0.0500 127.1028 -0.1680 140.3386 0.7957 South Korea South Korean Won 1169.5000 - 1370.0156 -2.4438 1512.6824 7.8830 Venezuela Venezuelan Bolivar Fuerte - - - - - -
China Chinese Yuan 6.8106 - 7.9783 -0.0142 8.8091 0.0459 Kuwait Kuwaiti Dinar 0.3062 -0.0001 0.3587 -0.0008 0.3961 0.0019 Sweden Swedish Krona 8.9067 -0.0283 10.4338 -0.0519 11.5203 0.0236 Vietnam Vietnamese Dong 23192.0000 3.0000 27168.3760 -44.9520 29997.6002 160.2139
Colombia Colombian Peso 3882.8500 29.5100 4548.5807 26.5175 5022.2486 64.1421 Malaysia Malaysian Ringgit 4.1640 0.0145 4.8779 0.0083 5.3859 0.0467 Switzerland Swiss Franc 0.9200 0.0004 1.0777 -0.0015 1.1899 0.0067 European Union Euro 0.8536 0.0015 - - 1.1041 0.0077
Costa Rica Costa Rican Colon 602.4800 -2.3400 705.7776 -4.0051 779.2739 1.0500 Mexico Mexican Peso 21.7330 -0.2227 25.4592 -0.3068 28.1104 -0.1401 Taiwan New Taiwan Dollar 28.9620 - 33.9277 -0.0605 37.4607 0.1952 ..One Month 0.8536 0.0015 - - 1.1041 0.0077
Czech Republic Czech Koruna 23.1325 0.2391 27.0986 0.2323 29.9205 0.4636 New Zealand New Zealand Dollar 1.5080 0.0028 1.7665 0.0002 1.9504 0.0138 Thailand Thai Baht 31.5950 0.0100 37.0121 -0.0543 40.8663 0.2258 ..Three Month 0.8534 0.0015 - - 1.1040 0.0077
Denmark Danish Krone 6.3520 0.0099 7.4410 -0.0017 8.2159 0.0556 Nigeria Nigerian Naira 385.5000 - 451.5955 -0.8055 498.6225 2.5984 Tunisia Tunisian Dinar 2.7672 0.0048 3.2416 -0.0001 3.5792 0.0248 ..One Year 0.8527 0.0015 - - 1.1036 0.0077
Egypt Egyptian Pound 15.7462 0.0254 18.4459 -0.0031 20.3668 0.1388 Norway Norwegian Krone 9.2994 -0.0149 10.8938 -0.0369 12.0282 0.0435 Turkey Turkish Lira 7.7698 0.0325 9.1019 0.0219 10.0497 0.0942
Hong Kong Hong Kong Dollar 7.7503 0.0001 9.0791 -0.0161 10.0245 0.0523 Pakistan Pakistani Rupee 164.5000 -0.6500 192.7042 -1.1065 212.7715 0.2724 United Arab Emirates UAE Dirham 3.6732 - 4.3029 -0.0077 4.7510 0.0248
Hungary Hungarian Forint 305.7451 -0.2709 358.1663 -0.9568 395.4640 1.7123 Peru Peruvian Nuevo Sol 3.6149 0.0117 4.2347 0.0062 4.6757 0.0394 United Kingdom Pound Sterling 0.7731 -0.0041 0.9057 -0.0064 - -
India Indian Rupee 73.1482 - 85.6897 -0.1529 94.6130 0.4930 Philippines Philippine Peso 48.4850 0.0425 56.7979 -0.0514 62.7126 0.3815 ..One Month 0.7731 -0.0041 0.9056 -0.0064 - -
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 Oct 01 Sep 30 Sep 29 Sep 28 Sep 25 Yr Ago High Low Year to date percentage changes Closing Day's Closing Day's
£ Strlg Day's Euro £ Strlg £ Strlg Year Div P/E X/D Total FT 30 2133.20 2112.70 2107.10 2130.40 2071.70 0.00 3314.70 1337.80 Leisure Goods 56.61 General Retailers -7.07 FTSE 100 Index -21.75 FTSE 100 Price Change FTSE 100 Price Change
Oct 02 chge% Index Oct 01 Sep 30 ago yield% Cover ratio adj Return FT 30 Div Yield - - - - - 0.00 3.93 2.74 Tech Hardware & Eq 27.94 Utilities -7.46 Media -22.19 3I Group PLC 1040 13.00 Kingfisher PLC 294.60 -1.20
FTSE 100 (100) 5902.12 0.39 5081.18 5879.45 5866.10 7077.64 4.50 1.15 19.25 172.60 5608.92 P/E Ratio net - - - - - 0.00 19.44 14.26 Electronic & Elec Eq 7.17 Industrial Metals & -7.83 Consumer Services -22.37 Admiral Group PLC 2673 31.00 Land Securities Group PLC 537.30 12.30
FTSE 250 (250) 17395.81 0.07 14976.19 17383.46 17315.30 19348.16 3.53 1.31 21.61 268.71 13751.68 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 18/02/1900Base Date: 1/7/35 Personal Goods 4.31 Software & Comp Serv -9.22 Health Care Eq & Srv -23.16 Anglo American PLC 1870 -9.80 Legal & General Group PLC 195.80 4.00
FTSE 250 ex Inv Co (182) 17557.22 0.11 15115.14 17537.71 17460.90 20347.43 3.87 1.42 18.27 241.47 14163.97 FT 30 hourly changes Equity Invest Instr -0.39 Consumer Goods -9.77 Real Est Invest & Se -23.87 Antofagasta PLC 1001.5 -4.00 Lloyds Banking Group PLC 27.20 0.67
FTSE 350 (350) 3334.40 0.33 2870.61 3323.43 3314.92 3947.21 4.33 1.18 19.63 89.46 6316.79 8 9 10 11 12 13 14 15 16 High Low Food & Drug Retailer -1.02 Electricity -10.74 Life Insurance -25.90 Ashtead Group PLC 2835 8.00 London Stock Exchange Group PLC 9198 90.00
FTSE 350 ex Investment Trusts (281) 3249.82 0.35 2797.80 3238.40 3230.13 3898.59 4.45 1.17 19.16 88.86 3177.03 2112.7 2129.8 2114.1 2081.1 2399.1 2395.8 2394.3 2414 2426.7 2439.2 2366.1 Pharmace & Biotech -1.66 Industrials -11.10 Financials -27.03 Associated British Foods PLC 1914 11.50 M&G PLC 160.90 1.50
FTSE 350 Higher Yield (146) 2462.31 0.53 2119.82 2449.31 2453.40 3426.37 6.88 1.02 14.21 97.55 5112.01 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Chemicals -2.46 Financial Services -13.47 Real Est Invest & Tr -27.03 Astrazeneca PLC 8431 -48.00 Melrose Industries PLC 116.65 -3.55
FTSE 350 Lower Yield (204) 4093.40 0.15 3524.04 4087.37 4061.14 4150.03 2.00 1.66 30.17 66.77 4833.96 Support Services -3.08 Construct & Material -13.93 Mobile Telecomms -29.49 Auto Trader Group PLC 575.00 4.00 Mondi PLC 1717.5 25.50
FTSE SmallCap (261) 5059.80 -0.07 4356.02 5063.30 5039.65 5359.98 4.52 -0.92 -23.96 98.44 7995.44 Forestry & Paper -3.10 FTSE SmallCap Index -14.97 Telecommunications -34.71
FTSE SmallCap ex Inv Co (143) 3779.99 0.07 3254.22 3777.28 3750.14 4307.76 5.63 -0.57 -31.04 56.67 6254.96 FX: EFFECTIVE INDICES Household Goods & Ho -3.36 Nonlife Insurance -15.14 Travel & Leisure -37.88
Avast PLC 516.50 -13.50 Morrison (Wm) Supermarkets PLC 170.90 -0.65
Aveva Group PLC 4797 -22.00 National Grid PLC 926.60 16.60
FTSE All-Share (611) 3301.34 0.32 2842.15 3290.91 3282.25 3893.78 4.34 1.10 20.87 87.72 6317.67 Health Care -4.10 Beverages -16.99 Aerospace & Defense -40.13
Oct 01 Sep 30 Mnth Ago Oct 02 Oct 01 Mnth Ago Aviva PLC 287.60 1.80 Natwest Group PLC 109.85 2.35
FTSE All-Share ex Inv Co (424) 3185.93 0.35 2742.79 3174.89 3166.53 3818.27 4.47 1.13 19.71 86.39 3163.34 Basic Materials -5.13 Tobacco -17.19 Fixed Line Telecomms -46.12 B&M European Value Retail S.A. 492.40 -11.00 Next PLC 6142 32.00
FTSE All-Share ex Multinationals (542) 1024.59 0.35 731.08 1021.02 1014.35 1134.29 3.68 0.86 31.75 18.86 2041.62 Australia - - - Sweden - - - Mining -5.53 Food Producers -18.55 Banks -49.63 Bae Systems PLC 493.20 6.80 Ocado Group PLC 2659 -59.00
FTSE Fledgling (92) 8792.23 0.11 7569.30 8782.36 8718.60 9227.23 3.24 0.89 34.82 172.17 18004.89 Canada - - - Switzerland - - - Gas Water & Multi -6.47 NON FINANCIALS Index -19.22 Automobiles & Parts -54.00 Barclays PLC 97.71 -0.29 Pearson PLC 558.40 10.40
FTSE Fledgling ex Inv Co (43) 10400.59 0.75 8953.94 10323.44 10207.34 10802.55 3.89 3.73 6.89 142.59 20830.81 Denmark - - - UK 76.96 77.36 78.95 Industrial Eng -6.52 Industrial Transport -19.73 Oil Equipment & Serv -56.32 Barratt Developments PLC 491.10 1.60 Pennon Group PLC 1071 9.00
FTSE All-Small (353) 3514.86 -0.06 3025.97 3516.94 3500.02 3721.96 4.45 -0.85 -26.39 68.46 7126.04 Japan - - - USA - - - Technology -6.69 FTSE 250 Index -20.51 Oil & Gas -57.33 Berkeley Group Holdings (The) PLC 4356 30.00 Persimmon PLC 2536 26.00
FTSE All-Small ex Inv Co (186) 2833.46 0.10 2439.35 2830.67 2809.87 3215.40 5.56 -0.45 -39.83 42.30 5939.37 New Zealand - - - Euro - - - FTSE All{HY-}Share Index -21.33 Oil & Gas Producers -57.34 Bhp Group PLC 1654.6 9.00 Phoenix Group Holdings PLC 699.80 5.60
FTSE AIM All-Share (719) 964.79 0.02 830.59 964.60 959.73 858.28 1.13 0.78 114.21 5.09 1105.27 Norway - - -
BP PLC 214.40 -3.80 Polymetal International PLC 1696 -
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British American Tobacco PLC 2752.5 16.00 Prudential PLC 1128 20.50
Oil & Gas (12) 3564.39 -0.58 3068.61 3585.28 3709.47 8583.28 10.85 1.29 7.13 257.00 3958.66 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk British Land Company PLC 349.20 8.80 Reckitt Benckiser Group PLC 7672 -34.00
Oil & Gas Producers (9) 3453.14 -0.59 2972.83 3473.79 3594.77 8330.78 10.95 1.29 7.06 252.79 3975.86 Bt Group PLC 98.70 -0.18 Relx PLC 1747 24.50
Oil Equipment Services & Distribution (3) 3787.98 0.19 3261.10 3780.96 3867.04 8056.55 4.46 1.15 19.59 11.22 3265.47 FTSE GLOBAL EQUITY INDEX SERIES Bunzl PLC 2523 17.00 Rentokil Initial PLC 543.80 5.40
Basic Materials (22) 6022.25 0.38 5184.60 5999.31 5998.06 5719.47 5.23 2.20 8.68 249.29 7232.43 Burberry Group PLC 1562.5 -30.00 Rightmove PLC 655.00 16.20
Chemicals (7) 13841.98 0.76 11916.67 13737.52 13587.76 12694.32 2.15 2.76 16.88 182.22 13268.46 Oct 2 No of US $ Day Mth YTD Total
YTD Gr Div Oct 2 No of US $ Day Mth YTD Total YTD Gr Div Coca-Cola Hbc AG 1952 -14.50 Rio Tinto PLC 4694 45.50
Forestry & Paper (1) 21097.77 1.51 18163.23 20784.53 20139.62 18561.12 2.56 3.27 11.96 540.55 25701.00 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Compass Group PLC 1160.5 -7.50 Rolls-Royce Holdings PLC 113.60 -3.20
Industrial Metals & Mining (2) 3751.64 2.34 3229.82 3665.90 3718.81 4204.92 11.94 1.60 5.23 453.68 5047.11 FTSE Global All Cap 9044 634.73 0.6 -3.3 -0.3
1.5 974.98
2.1 Oil Equipment & Services 24 161.76 -1.3 -1.3 -39.6 270.13 -37.0 6.6 Crh PLC 2800 10.00 Royal Dutch Shell PLC 904.00 -3.30
Mining (12) 17173.53 0.24 14784.82 17132.34 17175.61 16400.63 5.62 2.17 8.19 759.08 10893.63 FTSE Global All Cap 8862 644.62 1.1 5.3 1.3
2.8 987.78
2.1 Basic Materials 355 511.23 -0.1 -0.1 -0.5 866.02 2.3 3.1 Croda International PLC 6322 -2.00 Royal Dutch Shell PLC 933.10 5.10
FTSE Global Large Cap 1740 576.08 0.5 -3.6 1.5
3.4 911.32
2.1 Chemicals 163 750.63 -0.5 -0.5 0.1 1259.11 2.6 2.7 Dcc PLC 5522 -88.00 Rsa Insurance Group PLC 454.70 -0.60
Industrials (101) 5328.89 0.29 4587.69 5313.54 5278.95 5378.76 2.32 0.70 61.39 53.53 5897.87
Construction & Materials (14) 6357.75 0.49 5473.43 6326.70 6335.23 6153.92 2.54 0.10 394.03 128.12 7341.21 FTSE Global Mid Cap 2236 782.85 0.5 -2.5 -5.6
-4.1 1131.15
2.2 Forestry & Paper 21 260.07 0.7 0.7 -6.5 493.03 -3.8 2.8 Diageo PLC 2683 12.50 Sage Group PLC 720.80 -1.80
Aerospace & Defense (9) 3121.89 0.67 2687.66 3101.05 3100.81 5014.55 4.09 -1.87 -13.05 60.64 3599.56 FTSE Global Small Cap 5068 822.25 1.2 -2.2 -4.9
-3.6 1142.99
1.9 Industrial Metals & Mining 93 326.86 0.1 0.1 -13.6 557.98 -11.0 4.0 Evraz PLC 350.00 9.50 Sainsbury (J) PLC 191.60 1.30
General Industrials (8) 4641.17 -0.26 3995.62 4653.16 4554.27 4424.75 3.26 0.55 55.54 25.50 5749.37 FTSE All-World 3976 374.28 0.5 -3.4 0.3
2.1 608.40
2.1 Mining 78 773.90 0.4 0.4 6.2 1341.14 9.8 3.5 Experian PLC 2951 13.00 Schroders PLC 2777 35.00
Electronic & Electrical Equipment (10)10964.63 -0.58 9439.53 11029.10 10862.24 8887.31 1.28 1.86 42.18 59.60 10496.69 FTSE World 2568 664.56 0.5 -3.4 0.0
1.8 1449.82
2.1 Industrials 746 447.82 0.0 0.0 -0.2 688.21 1.3 1.8 Ferguson PLC 7990 52.00 Scottish Mortgage Investment Trust PLC 992.50 -1.50
Industrial Engineering (12) 13782.70 0.56 11865.63 13706.50 13667.93 12579.20 2.36 1.56 27.09 142.33 17976.67 FTSE Global All Cap ex UNITED KINGDOM In 8753 672.11 0.6 -3.3 1.0
2.8 1013.89
2.0 Construction & Materials 147 536.96 0.0 0.0 -3.2 866.82 -1.4 2.0 Flutter Entertainment PLC 12245 -60.00 Segro PLC 956.00 1.40
Industrial Transportation (6) 3157.41 0.32 2718.23 3147.38 3086.54 3608.61 6.60 0.61 24.69 9.26 3204.13 FTSE Global All Cap ex USA 7288 483.85 0.3 -2.5 -6.7
-4.6 811.44
2.7 Aerospace & Defense 36 607.78 0.4 0.4 -32.1 918.72 -31.3 2.4 Fresnillo PLC 1248 18.50 Severn Trent PLC 2526 30.00
Support Services (42) 8837.77 0.39 7608.50 8803.82 8763.74 8315.02 1.54 2.25 29.00 64.17 9782.31 FTSE Global All Cap ex JAPAN 7641 654.93 0.6 -3.6 -0.1
1.6 1015.25
2.1 General Industrials 71 205.09 -0.4 -0.4 -10.0 345.23 -8.1 2.7 Glaxosmithkline PLC 1444.6 0.80 Smith & Nephew PLC 1524.5 -12.00
FTSE Global All Cap ex Eurozone 8400 669.50 0.6 -3.3 0.6
2.3 1007.07
2.1 Electronic & Electrical Equipment 140 538.64 0.2 0.2 5.8 751.87 7.4 1.6 Glencore PLC 161.76 2.38 Smith (Ds) PLC 307.60 2.60
Consumer Goods (42) 18169.78 0.34 15642.50 18107.98 18009.06 19164.76 4.50 1.58 14.10 558.19 15325.81
FTSE Developed 2139 610.35 0.5 -3.4 0.8
2.5 945.13
2.1 Industrial Engineering 148 875.73 -0.4 -0.4 5.6 1339.06 7.4 1.7 Gvc Holdings PLC 995.00 -8.00 Smiths Group PLC 1404 -2.50
Automobiles & Parts (2) 2528.82 0.32 2177.08 2520.85 2525.96 4223.69 0.88 2.98 38.15 0.00 2587.53
FTSE Developed All Cap 5646 634.72 0.6 -3.3 0.1
1.8 969.08
2.1 Industrial Transportation 122 837.58 0.0 0.0 10.6 1295.03 12.3 1.8 Halma PLC 2375 -22.00 Smurfit Kappa Group PLC 3134 6.00
Beverages (6) 21078.09 0.47 18146.29 20978.49 20850.85 25992.26 2.70 1.63 22.67 528.83 16183.46
FTSE Developed Large Cap 835 575.85 0.5 -3.6 2.1
4.0 907.49
2.1 Support Services 82 566.71 0.3 0.3 12.3 821.81 13.6 1.2 Hargreaves Lansdown PLC 1617.5 23.00 Spirax-Sarco Engineering PLC 11050 5.00
Food Producers (10) 6577.04 0.59 5662.23 6538.59 6452.57 7080.74 2.72 2.09 17.60 73.60 6091.68
FTSE Developed Europe Large Cap 225 343.73 0.2 -2.9 -10.5
-8.2 640.99
3.0 Consumer Goods 532 530.15 0.7 0.7 3.9 853.08 5.9 2.3 Hikma Pharmaceuticals PLC 2629 24.00 Sse PLC 1286.5 32.50
Household Goods & Home Construction (14)14549.35 -0.03 12525.64 14553.19 14286.27 13444.95 3.73 1.66 16.18 272.34 11682.19
FTSE Developed Europe Mid Cap 345 587.79 0.4 -2.3 -7.0
-5.5 958.10
2.5 Automobiles & Parts 128 450.60 1.6 1.6 18.3 707.88 20.6 1.9 Homeserve PLC 1223 -16.00 St. James's Place PLC 953.00 5.40
Leisure Goods (2) 26045.55 0.31 22422.82 25964.02 25702.56 13056.05 2.09 0.99 48.34 303.75 27222.23
FTSE Dev Europe Small Cap 697 798.57 0.4 -2.4 -11.1
-9.7 1254.37
2.4 Beverages 67 641.18 0.3 0.3 -9.5 1039.91 -7.8 2.6 HSBC Holdings PLC 308.20 3.60 Standard Chartered PLC 359.90 3.30
Personal Goods (6) 34554.62 0.50 29748.33 34382.86 34105.83 35304.41 3.00 2.85 11.71 679.19 25691.89
FTSE North America Large Cap 224 751.18 0.7 -4.2 7.8
9.4 1092.25
1.7 Food Producers 132 692.62 0.4 0.4 1.6 1137.81 3.7 2.4 Imperial Brands PLC 1365 -4.00 Standard Life Aberdeen PLC 240.10 6.90
Tobacco (2) 28558.86 0.43 24586.54 28435.28 28783.06 30577.30 8.60 1.15 10.13 1765.51 22957.84
FTSE North America Mid Cap 412 906.59 0.6 -3.3 -4.2
-2.9 1216.01
2.0 Household Goods & Home Construction 62 562.59 0.6 0.6 11.1 898.74 13.1 2.2 Informa PLC 387.10 5.70 Taylor Wimpey PLC 109.30 0.25
Health Care (15) 12344.85 -0.38 10627.78 12391.43 12389.20 12012.45 3.41 1.22 23.98 363.07 10696.97
FTSE North America Small Cap 1301 913.77 1.6 -2.6 -4.3
-3.2 1183.37
1.6 Leisure Goods 43 281.29 0.5 0.5 16.1 387.45 17.4 1.1 Intercontinental Hotels Group PLC 4002 22.00 Tesco PLC 210.00 -0.70
Health Care Equipment & Services (6) 6494.12 -1.00 5590.83 6560.03 6508.65 8349.06 2.08 1.00 48.20 120.44 5983.98
FTSE North America 636 484.34 0.7 -4.1 5.5
7.1 719.66
1.7 Personal Goods 87 930.50 1.0 1.0 3.3 1382.95 4.5 1.5 Intermediate Capital Group PLC 1215 15.00 Unilever PLC 4842 37.00
Pharmaceuticals & Biotechnology (9) 17402.84 -0.31 14982.23 17457.38 17467.71 16389.68 3.55 1.24 22.83 530.70 13543.12
FTSE Developed ex North America 1503 251.15 0.2 -2.0 -7.7
-5.5 453.79
2.8 Tobacco 13 829.22 -0.7 -0.7 -16.8 2069.37 -12.2 7.4 International Consolidated Airlines Group S.A. 91.48 -2.34 United Utilities Group PLC 896.20 13.60
Consumer Services (82) 4410.64 0.15 3797.15 4404.08 4392.39 5188.21 3.17 1.38 22.93 56.89 4500.50 FTSE Japan Large Cap 181 390.71 -0.1 0.1 -1.5
0.8 547.98
2.3 Health Care 306 640.29 -0.3 -0.3 4.8 983.89 6.5 1.8
Food & Drug Retailers (5) 4316.68 -0.74 3716.27 4348.76 4373.07 4051.60 3.04 1.01 32.67 83.13 5430.74 Intertek Group PLC 6440 72.00 Vodafone Group PLC 102.82 1.12
FTSE Japan Mid Cap 335 590.39 -0.1 2.2 -6.0
-4.1 785.18
2.2 Health Care Equipment & Services 111 1248.26 -0.1 -0.1 6.5 1502.25 7.2 0.8 Jd Sports Fashion PLC 798.00 -9.80 Whitbread PLC 2170 17.00
General Retailers (27) 2237.95 -0.01 1926.67 2238.25 2217.45 2007.90 2.40 1.33 31.30 8.19 2796.29
FTSE Global wi JAPAN Small Cap 887 662.67 -0.1 5.0 -4.8
-2.8 912.74
2.2 Pharmaceuticals & Biotechnology 195 425.07 -0.5 -0.5 3.6 693.79 5.8 2.4 Johnson Matthey PLC 2425 35.00 Wpp PLC 625.60 12.40
Media (15) 7225.59 1.52 6220.56 7117.62 7090.21 8639.05 3.21 1.71 18.21 113.07 4861.21
FTSE Japan 516 163.10 -0.1 0.5 -2.4
-0.2 256.05
2.3 Consumer Services 441 635.35 1.0 1.0 13.9 888.70 14.9 1.1 Just Eat Takeaway.Com N.V. 8758 8.00
Travel & Leisure (35) 6284.88 -0.45 5410.70 6313.10 6301.88 9353.52 3.69 1.31 20.77 82.37 6449.64
FTSE Asia Pacific Large Cap ex Japan 934 737.51 0.4 -2.9 1.5
3.7 1273.66
2.5 Food & Drug Retailers 69 272.09 -0.2 -0.2 -7.7 410.99 -5.7 2.7
Telecommunications (6) 1484.07 0.76 1277.65 1472.93 1482.15 2283.48 9.11 -0.44 -25.17 43.50 2006.89 FTSE Asia Pacific Mid Cap ex Japan 900 852.76 0.7 -2.7 -1.5
0.5 1412.39
3.1 General Retailers 145 1226.05 1.2 1.2 35.5 1648.89 36.2 0.6
Fixed Line Telecommunications (3) 1273.61 -0.06 1096.46 1274.38 1268.98 2130.50 13.96 1.27 5.66 3.51 1395.61
Mobile Telecommunications (3) 2351.04 1.04 2024.02 2326.81 2349.89 3498.64 7.44 -1.54 -8.74 90.67 2866.51
FTSE Asia Pacific Small Cap ex Japan
FTSE Asia Pacific Ex Japan
1890
1834
556.70
575.22
0.6
0.5
-3.3
-2.9
2.5
4.7
1.2
3.4
902.08
2.6 Media
1055.20
2.5 Travel & Leisure
87 393.91
140 426.31
1.4
0.5
1.4 2.5 554.51
0.5 -17.7 609.77 -16.7
3.4 1.3
2.0
UK STOCK MARKET TRADING DATA
Utilities (8) 7145.78 1.79 6151.85 7020.25 6842.43 6683.54 5.90 0.90 18.80 275.61 9868.16 FTSE Emerging All Cap 3398 760.90 0.4 -3.5 -3.7
-1.5 1248.65
2.5 Telecommunication 98 142.22 0.0 0.0 -11.3 307.23 -8.2 4.8 Oct 02 Oct 01 Sep 30 Sep 29 Sep 28 Yr Ago
Electricity (3) 7487.50 2.42 6446.05 7310.94 7064.61 7136.07 6.21 0.81 19.96 462.14 13730.40 FTSE Emerging Large Cap 905 735.95 0.3 -3.6 -2.9
-0.6 1215.48
2.4 Fixed Line Telecommuniations 43 111.29 -0.1 -0.1 -17.8 269.10 -14.6 5.9 - - - - - -
Gas Water & Multiutilities (5) 6671.44 1.61 5743.50 6565.78 6415.12 6205.52 5.81 0.93 18.49 212.92 9082.02 FTSE Emerging Mid Cap 932 873.55 0.7 -2.8 -10.3
-8.0 1431.67
3.3 Mobile Telecommunications 55 163.30 0.1 0.1 -2.1 309.66 0.8 3.5 Order Book Turnover (m) 47.76 26.64 545.16 817.63 41.63 41.63
Financials (308) 3754.93 0.71 3232.64 3728.36 3697.89 4634.99 3.78 0.42 62.64 73.71 3904.82 FTSE Emerging Small Cap 1561 728.50 0.6 -3.3 -3.6
-1.3 1146.96
2.9 Utilities 191 295.33 1.1 1.1 -7.1 644.49 -4.4 3.5 Order Book Bargains 869409.00 858180.00 810168.00 798530.00 882358.00 882358.00
Banks (11) 1881.87 1.22 1620.12 1859.18 1844.43 3453.69 5.07 -0.28 -71.61 0.02 1549.93 FTSE Emerging Europe 76 297.78 0.0 -7.8 -32.3
-30.0 553.69
5.9 Electricity 131 330.90 0.9 0.9 -7.1 711.91 -4.4 3.6 Order Book Shares Traded (m) 1351.00 1619.00 1391.00 1659.00 1445.00 1445.00
Nonlife Insurance (8) 3146.20 0.70 2708.59 3124.35 3107.50 3542.43 4.15 1.57 15.37 95.57 6219.76 FTSE Latin America All Cap 240 615.29 0.2 -9.0 -37.5
-36.3 1047.70
3.2 Gas Water & Multiutilities 60 298.24 1.4 1.4 -7.1 671.67 -4.6 3.4 Total Equity Turnover (£m) 4171.38 4662.57 4409.89 4007.65 4051.38 4051.38
Life Insurance/Assurance (7) 6086.04 1.50 5239.52 5996.18 5967.78 6822.99 3.95 2.15 11.81 229.31 6891.34 FTSE Middle East and Africa All Cap 322 575.73 0.5 -0.8 -16.5
-14.2 992.91
3.5 Financials 867 212.48 0.6 0.6 -19.7 384.08 -17.7 3.2 Total Mkt Bargains 1082617.00 1067194.00 1009531.00 1017351.00 1083113.00 1083113.00
Real Estate Investment & Services (17) 2235.86 -0.16 1924.87 2239.33 2221.96 2466.47 2.31 2.09 20.68 25.47 6408.69 FTSE Global wi UNITED KINGDOM All Cap In 291 268.62 -0.2 -4.2 -24.9
-23.0 510.48
4.5 Banks 272 144.24 0.4 0.4 -32.5 285.88 -30.5 4.5 Total Shares Traded (m) 10645.00 10589.00 12269.00 7502.00 6637.00 6637.00
Real Estate Investment Trusts (39) 2200.25 0.47 1894.21 2189.85 2159.47 2654.58 4.33 -0.97 -23.88 51.35 3113.09 FTSE Global wi USA All Cap 1756 829.30 0.7 -3.9 5.1
6.5 1164.16
1.7 Nonlife Insurance 74 260.16 -0.3 -0.3 -15.7 407.92 -13.8 2.3 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (39) 9431.19 0.90 8119.38 9346.88 9187.41 9708.59 3.52 0.93 30.41 285.99 12166.23 FTSE Europe All Cap 1418 406.62 0.3 -2.9 -10.6
-8.5 728.62
2.9 Life Insurance 54 189.89 0.2 0.2 -21.3 339.21 -18.6 3.8 (c) Market closed.
Equity Investment Instruments (187) 11199.60 -0.09 9641.82 11209.92 11180.88 10340.57 2.54 0.39 100.62 214.83 6667.72 FTSE Eurozone All Cap 644 395.82 0.4 -3.4 -9.0
-7.1 707.34
2.4 Financial Services 210 358.02 0.9 0.9 -3.3 524.75 -1.8 2.0
Non Financials (303) 4025.07 0.19 3465.21 4017.62 4014.45 4672.45 4.53 1.29 17.07 116.26 6767.11 FTSE EDHEC-Risk Efficient All-World 3976 410.02 0.6 -2.0 -5.2
-3.6 615.44
2.4 Technology 312 461.36 1.1 1.1 28.3 590.71 29.4 0.9
Technology (15) 2111.79 -0.27 1818.06 2117.58 2126.14 1887.04 3.25 0.11 277.65 30.39 2942.76 FTSE EDHEC-Risk Efficient Developed Europe 570 319.24 0.5 -1.9 -5.5
-3.9 530.88
2.5 Software & Computer Services 164 776.53 1.2 1.2 27.8 928.55 28.3 0.5 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (13) 2249.61 -0.50 1936.71 2260.91 2267.23 2070.79 3.45 -0.01-3827.25 32.71 3316.19 Oil & Gas 128 205.14 -1.7 -13.0 -43.6
-41.3 379.60
6.6 Technology Hardware & Equipment 148 359.55 0.9 0.9 29.3 490.97 31.1 1.5 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) 5566.65 2.06 4792.37 5454.37 5546.58 3499.14 1.25 3.38 23.61 69.78 6910.10 Oil & Gas Producers 93 190.54 -1.9 -14.2 -46.0
-43.8 360.42
6.9 Alternative Energy 11 189.63 1.3 1.3 49.8 269.51 52.0 0.8 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Real Estate Investment & Services 159 326.54 0.8 0.8 -11.6 600.21 -9.0 2.9 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 Real Estate Investment Trusts 98 431.54 1.6 1.6 -13.0 942.96 -10.6 3.9 For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE 100 5810.10 5837.77 5843.84 5824.97 5843.05 5826.45 5824.91 5857.07 5866.18 5902.12 5810.10 FTSE Global Large Cap 1770 585.76 1.1 1.1 3.2 924.45 4.9 2.2
FTSE 250 17250.65 17233.79 17278.31 17235.96 17259.36 17244.20 17231.93 17269.87 17303.80 17395.81 17205.72 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 5062.21 5050.71 5053.78 5050.24 5048.48 5050.01 5049.91 5052.28 5053.13 5062.21 5045.49
FTSE All-Share 3255.67 3267.22 3271.43 3261.58 3270.36 3262.50 3261.41 3277.03 3282.20 3301.34 3255.67 (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:15:35:30 Day's Low07:03:00 FTSE 100 2010/11 High: 7674.56(17/01/2020) Low: 4993.89(23/03/2020) 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:15:46:02 Day's Low07:03:00 FTSE 100 2010/11 High: 4257.93(17/01/2020) Low: 2727.86(23/03/2020) 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 Cenkos Securities Int 12.905 10.625 0.753 0.196L 1.100 0.600L 0.00000 2.00000 - 0.995 4.500 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- Henderson EuroTrust Pre 28.217 17.377 130.200 77.800 17.00000 23.00000 Nov 25 25.000 31.000 09/29 5.00 CRTM Critical Metals PLC 5.50 0.00 5.90 5.00 166.7
There are currently no rights offers by any companies listed on the LSE. Stranger Holdings Pre 0.000 0.000 0.505L 0.816L 0.350L 0.560L 0.00000 0.00000 - 0.000 0.000 09/25 73.00 AIM VARE Various Eateries PLC 68.00 -3.00 74.00 65.10 6052.6
09/16 500.00 THG THG Holdings PLC 598.00 -5.00 658.30 565.30 580446.6
09/02 200.00 AIM KOO Kooth PLC 235.00 -4.00 247.00 227.00 7768.1

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.
16 ★ FTWeekend 3 October/4 October 2020

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m
Australia (A$) Finland (€) Japan (¥) Sweden (SKr) AT&T 28.53 0.04 39.70 26.08 7.60 16.62 203240.63 Lockheed 378.31 -2.58 442.53 266.11 2.60 15.84 105753.8
ANZ 17.08 -0.31 28.28 14.10 8.35 12.34 34696.52 Nokia 3.27 -0.02 4.84 2.08 1.54 29.97 21631.6 AstellasPh 1513.5 -46.50 1987 1406 2.70 14.78 26745.91 AtlasCpcoB 364.40 -8.70 388.30 223.20 1.83 28.21 15965.04 AutomData 137.57 -0.13 182.32 103.11 2.68 23.06 59150.34 Lowes 165.30 -1.87 171.72 60.00 1.31 22.22 124923.17
BHPBilltn 35.12 -1.17 41.47 24.05 5.14 13.84 74102.04 SampoA 34.40 0.21 42.46 21.34 4.38 23.16 22331.22 Bridgestne 3316 -1.00 4734 2861.5 4.01 13.56 22463.32 Ericsson♦ 94.98 -1.16 105.10 59.54 0.79 112.99 32763.66 Avago Tech 357.70 -10.90 378.96 155.67 3.38 62.63 144690.13 Lyondell 71.56 3.42 98.91 33.71 6.14 11.26 23889.54
CmwBkAu 63.72 -0.32 91.05 53.44 6.81 15.64 80792.79 France (€) Canon 1698.5 -52.50 3117 1676 7.22 24.40 21502.51 H&M 161.80 -2.35 214.35 98.13 2.97 54.15 26534.71 BakerHu 22.08 0.09 31.26 20.09 3.39 -1.35 11412.93 Marathon Ptl 27.72 0.01 69.65 15.26 8.38 -2.23 18037.28
CSL 284.67 -3.11 342.75 227.26 0.89 46.98 92755.09 Airbus Grpe 64.62 -0.28 139.40 48.12 - -11.22 59353.2 CntJpRwy 14700 -415.00 23455 12380 1.04 14.55 28742.82 Investor 573.60 -5.40 591.40 370.10 2.27 6.07 29333.62 BankAm 23.98 -0.12 35.72 17.95 3.14 11.07 207801.45 Marsh&M 114.34 0.11 120.97 74.34 1.67 27.58 57916.56
NatAusBk 17.49 -0.34 29.23 13.20 8.46 17.56 41215.64 AirLiquide 135.15 0.10 143.90 94.86 2.01 28.23 74972.86 Denso 4671 17.00 5174 3021 3.06 -44.75 34934.19 Nordea Bk 68.89 -0.28 86.73 48.00 - 23.49 31324.88 Baxter 78.69 -1.03 95.19 69.10 1.20 42.00 39835.37 MasterCard 338.50 -4.87 367.25 199.99 0.45 44.79 335973.36
Telstra 2.77 -0.03 3.94 2.76 3.46 16.71 23596.42 AXA 15.66 -0.04 25.62 11.84 4.68 13.47 44358.89 EastJpRwy 6318 -247.00 10555 5888 2.67 -48.38 22664.11 SEB 80.16 0.42 104.90 59.80 - 10.58 19530.11 BB & T 54.24 0.75 55.66 40.68 3.52 16.82 41564.3 McDonald's 220.83 1.24 226.72 124.23 2.33 33.43 164320.16
Wesfarmers 44.58 0.02 49.67 29.75 3.83 26.49 36204.02 BNP Parib 30.49 -0.17 54.22 24.51 - 5.47 44639.84 Fanuc 20290 -5.00 22030 12020 1.15 64.33 38887.56 SvnskaHn 74.98 -0.52 113.80 71.80 - 9.35 16371.87 BectonDick 231.86 1.01 286.72 197.75 1.42 78.26 67207.47 McKesson 146.49 -0.47 172.18 112.60 1.17 25.72 23759.18
Westpc 16.57 -0.35 29.39 13.47 9.36 13.96 42864.45 ChristianDior 350.80 -2.20 484.60 252.40 1.37 34.61 74178.85 FastRetail 66500 310.00 70180 39910 0.74 70.30 66953.62 Swedbank 142.90 0.04 162.70 99.14 - 13.09 18162.01 BerkshHat 316630.26-1969.74 347400 239440 - 22.40 208312.95 Medtronic♦ 101.88 -0.42 122.15 72.13 2.17 28.07 136854.59
Woolworths 36.49 0.03 43.96 32.12 2.84 39.33 33012.21 Cred Agr 7.25 -0.09 13.80 5.70 - 5.31 24506.53 Fuji Hvy Ind 2036.5 4.50 3167 1671.5 5.02 19.48 14868.08 Telia Co 36.13 -0.18 44.90 30.29 5.76 50.14 16589.59 Biogen 277.29 -8.28 374.99 219.70 - 7.78 43898.74 Merck♦ 80.80 -0.84 92.64 65.25 3.08 18.78 204362.68
Belgium (€) Danone 55.06 -0.20 80.80 50.26 3.30 19.95 44287.79 Hitachi 3508 -82.00 4693 2524 2.43 17.83 32227.63 Volvo 172.95 -1.85 176.50 95.00 - 18.97 30724.01 BkNYMeln 34.33 0.16 51.60 26.40 3.78 7.10 30411.63 Metlife 37.22 -0.04 53.28 22.85 5.01 4.60 33783.2
AnBshInBv 45.81 0.01 85.94 29.03 2.82 -93.21 90866.67 EDF 9.70 0.53 13.61 5.98 1.55 18.24 35281.31 HondaMtr 2497 -10.00 3259 2120 3.89 21.17 42932.34 BlackRock 570.32 2.41 609.69 323.98 2.54 19.18 86964.42 Microsoft 206.85 -5.61 232.86 132.52 1.01 34.311565369.01
Switzerland (SFr)
KBC Grp 42.73 0.13 73.56 33.44 2.35 12.06 20843.15 Engie SA 11.46 0.04 16.80 8.63 - -25.37 32693.36 JapanTob 1937 7.00 2555 1796.5 8.13 11.42 36770.92 Boeing 163.55 -4.31 378.70 89.00 3.95 -31.06 92314.52 Mnstr Bvrg 79.23 -2.25 87.05 50.06 - 35.70 41785.62
ABB 23.63 0.01 24.69 14.11 3.40 36.62 55691.45
EssilorLuxottica 118.50 3.25 145.00 86.76 1.61 51.91 60744.31 KDDI 2677 21.00 3451 2604 4.39 9.17 58547.66 Booking Holdings 1691.06 -51.92 2094 1107.29 - 27.58 69246.59 MondelezInt♦ 56.69 -1.22 59.96 41.19 2.11 23.24 80972.5
Brazil (R$) CredSuisse 9.26 0.10 13.80 6.18 1.52 5.52 24638.44
Hermes Intl 746.40 -2.40 788.20 516.00 0.61 70.42 92307.07 Keyence 47380-1600.00 50200 28905 0.32 59.74 109374.78 BrisMySq 59.10 -0.73 68.34 45.76 3.12-194.67 133713.65 Monsanto 127.95 0.02 127.97 114.19 1.64 23.62 56462.29
Ambev 12.62 -0.08 19.58 10.36 4.18 20.90 35217.4 Nestle 110.34 0.20 112.62 83.37 2.49 23.25 345550.89
LOreal 281.20 -1.50 297.20 196.00 1.37 48.47 184273.86 MitsbCp 2503.5 -56.50 2960.5 2094.5 5.39 9.04 35304.53 CapOne 74.23 1.30 107.59 38.00 2.26-191.65 33896.07 MorganStly 47.78 0.52 57.57 27.20 3.07 8.25 75337.64
Bradesco 18.23 0.18 32.45 14.05 1.37 5.88 14339.01 Novartis 80.39 -0.01 96.38 65.09 3.65 26.59 215584.56
LVMH 407.65 -2.05 439.05 278.70 1.18 46.21 241043.45 MitsubEst 1598 -16.00 2283 1291 2.11 14.03 21103.35 CardinalHlth♦ 45.84 -0.25 60.69 39.05 4.41 -3.47 13404.17 MylanNV 14.83 0.03 23.11 12.75 - 26.73 7665.39
Cielo 3.93 -0.04 9.07 3.23 2.12 14.22 1893.57 Richemont 60.56 -1.60 81.66 44.64 3.21 34.94 34363.08
Orange 8.84 0.16 15.38 8.63 5.68 8.99 27546.62 MitsubishiEle 1416 -3.00 1658 1096.5 2.89 15.09 28858.97 Carnival 14.73 -0.30 51.94 7.80 10.65 -3.39 10311.42 Netflix 510.75 -16.76 575.37 257.01 - 82.42 225250.27
ItauHldFin 21.55 0.08 32.79 19.46 4.04 10.33 18949.94 Roche 317.90 2.70 357.85 265.75 2.88 20.92 242779.15
PernodRic 134.70 -0.90 174.40 112.25 2.17 26.08 41322.77 MitsuiFud 1851 24.50 3035 1538 2.43 10.74 17207.02 Caterpillar 148.67 1.96 156.25 87.50 2.90 18.96 80505.78 NextEraE 283.95 1.19 299.30 174.80 1.95 37.47 139035.48
Petrobras♦ 19.51 -0.44 33.65 10.50 2.88 - 25751.49 Swiss Re 68.90 0.60 117.05 52.68 8.47 -15.39 23779.08
Renault 21.19 0.02 56.07 12.77 - -0.68 7340.75 MitUFJFin 419.90 3.80 603.00 380.00 6.06 17.57 54131.99 Celgene 108.24 0.11 110.70 58.59 - 12.71 77035.98 Nike 124.95 -1.69 130.38 60.00 0.80 74.64 155546.67
Vale 59.34 0.48 63.88 32.45 3.50 40.21 55613.23 Swisscom 494.90 3.60 577.80 446.70 4.52 15.49 27867.58
Safran 84.40 0.22 152.30 51.10 - 53.91 42241.12 Mizuho Fin 1315 4.50 1731 1084 0.58 296.37 316939.27 CharlesSch 37.86 0.13 51.65 28.00 1.94 15.13 48781.54 NorfolkS 213.82 1.97 224.99 112.62 1.84 25.41 58892.45
Canada (C$) Syngent 453.40 0.90 471.20 402.50 - 28.99 43035.76
Sanofi 86.08 0.78 95.82 67.65 3.67 9.69 126949.64 Murata Mfg 6750 29.00 6950 4602 1.47 24.03 43297.31 Charter Comms 621.20 -13.91 640.00 345.67 - 56.90 127283.37 Northrop 309.52 -2.29 385.01 263.31 1.83 20.72 51601.34
BCE♦ 55.24 0.05 65.45 46.03 6.02 19.84 37503.8 UBS 10.37 0.10 13.28 7.00 3.36 8.75 43479.67
Sant Gbn 36.21 0.03 39.57 16.41 3.44 15.00 23104.58 NipponTT 2185 35.00 2908 2127 4.44 9.25 80900.02 Chevron Corp 70.81 0.39 122.94 51.60 7.33 -14.58 132211.9 NXP♦ 128.56 -2.43 139.59 58.41 1.22-2046.82 35897.06
BkMontrl 77.40 0.32 104.75 55.76 5.31 10.51 37363.93 Zurich Fin 324.90 3.20 439.90 248.70 6.17 15.39 53138.22
Schneider 106.70 0.35 108.90 61.72 2.40 26.91 70880.25 Nissan Mt 372.50 0.70 714.80 311.20 2.74 -1.48 14923.06 Chubb♦ 115.27 -0.61 167.74 87.35 2.75 22.99 52028.95 Occid Pet 9.63 -0.05 47.58 9.00 25.87 -0.71 8957.27
BkNvaS 55.96 0.57 76.75 46.38 6.30 10.16 50894.07 Nomura 474.90 -3.70 586.40 367.40 4.31 4.87 15747.65 Taiwan (NT$) Cigna 166.08 -1.30 224.64 118.50 0.03 11.28 60984.68 Oracle 59.03 -0.65 62.60 39.71 1.70 18.32 177732.72
SFR Group 34.50 - 34.56 21.87 - -23.02 17905.81
Brookfield 44.93 0.12 60.48 31.35 1.41-326.60 53084.25 Nppn Stl 983.30 -17.20 1786.5 798.10 5.20 5.02 8869.55 Chunghwa Telecom 107.00 -1.50 123.50 103.00 8.36 24.63 28659.89 Cisco 38.10 -0.70 50.28 32.40 3.79 14.69 161293.5 Pepsico 137.00 -3.80 147.20 101.42 2.97 26.71 189694.7
SocGen 11.04 -0.01 32.23 10.77 - -12.36 11034.53
CanadPcR♦ 401.66 0.56 410.64 252.00 0.85 23.20 40867.98 NTTDCMo 3878 -7.00 3895 2678 3.16 20.77 118842.23 Formosa PetChem 80.00 -1.00 107.00 66.10 3.72 865.03 26312.99 Citigroup 42.86 -0.58 83.11 32.00 4.98 7.06 89228.73 Perrigo 44.84 -0.44 63.86 40.01 2.03 24.48 6119.74
Total 28.21 -0.28 50.93 21.12 9.43 -24.66 87677.05
CanImp♦ 99.53 0.29 115.96 67.52 5.67 11.12 33289.08 Panasonic 869.50 -19.30 1264 691.70 3.53 11.95 20249.38 HonHaiPrc 77.40 -0.60 101.50 65.70 5.31 10.20 37048.43 CME Grp 168.13 -2.12 225.36 131.80 1.99 24.23 60295.41 Pfizer 36.13 -0.24 40.97 27.88 4.29 13.64 200770.07
UnibailR 190.00 0.35 236.45 177.35 2.94 -7.05 22215.04
CanNatRs♦ 20.88 0.27 42.57 9.80 7.84 679.72 18513.58 Seven & I 3274 24.00 4485 2937.5 3.08 15.70 27546.97 MediaTek 607.00 -8.00 763.00 273.00 3.30 35.78 33318.46 Coca-Cola 48.87 -0.31 60.13 36.27 3.47 22.02 209918.1 Phillips66 51.01 0.73 119.92 40.04 7.39 -17.53 22273.71
Vinci 73.34 3.10 107.35 54.76 2.79 25.55 52614.47
CanNatRy 142.65 1.27 143.71 92.01 1.60 27.59 76195.25 ShnEtsuCh 13490 -195.00 14305 8751 1.67 18.34 53350.87 TaiwanSem 433.00 2.50 466.50 235.50 2.25 23.58 387675.27 Cognizant 68.59 -0.74 71.81 40.01 1.28 22.14 37192.29 PhilMorris 74.01 -0.13 90.17 56.01 6.62 15.14 115254.84
Vivendi 23.98 0.22 26.42 16.60 2.51 15.74 33303.15
Enbridge 38.60 0.01 57.32 33.06 8.21 40.11 58688.06 Softbank 6523 54.00 7077 2609.5 0.69 -8.19 129389.77 Thailand (THB) ColgtPlm 77.05 -0.01 80.10 58.49 2.35 24.62 66062.68 PNCFin 110.63 1.20 161.79 79.41 4.35 16.44 46963.09
GtWesLif 26.44 0.43 35.60 18.88 6.59 9.81 18414.41 Germany (€)
Sony 7753 -336.00 8920 5297 0.59 14.34 92800.42 PTT Explor 32.25 -0.75 47.75 23.60 6.64 18.26 29155.11 Comcast 45.34 -1.10 47.74 31.71 2.03 17.39 206689.47 PPG Inds 122.28 0.50 134.36 69.77 1.75 27.68 28855.31
ImpOil 15.54 0.23 35.80 10.27 5.80-379.46 8564.23 Allianz 162.80 0.62 232.60 117.10 5.92 10.13 79560.17
SumitomoF 2941.5 24.00 4145 2507.5 6.58 18.72 38363.05 United Arab Emirates (Dhs) ConocPhil 32.83 0.40 67.13 20.84 4.99 15.28 35202.36 Praxair 164.50 -0.99 169.75 140.00 2.34 37.33 47306.22
Manulife 18.83 0.33 27.78 12.58 5.76 9.38 27422.16 BASF 52.03 0.66 72.17 37.36 6.37 45.18 55981.97
Takeda Ph 3621 -123.00 4562 2894.5 5.08 46.33 54179.68 Emirtestele 16.62 -0.04 16.98 11.04 6.58 15.65 39350.46 Corning 32.60 0.07 33.86 17.44 2.70 222.45 24833.91 ProctGmbl 137.11 -2.14 141.70 94.34 2.31 26.41 341339.54
Nutrien♦ 51.46 0.87 67.37 34.80 4.88 25.28 21988.17 Bayer 44.94 -1.41 78.34 43.87 6.25 -6.03 51714.11
TokioMarine 4587 -13.00 6317 4167 4.23 12.75 30564.03 United Kingdom (p) Costco 353.55 -4.91 363.67 271.28 0.78 40.42 156100.71 Prudntl 62.82 -0.69 97.24 38.62 7.00 -96.79 24812.99
RylBkC 94.07 0.51 109.68 72.00 4.44 12.34 100522.49 BMW 62.36 -0.30 77.06 36.60 5.48 8.56 43976.87
Toyota 6891 -79.00 8026 5771 3.25 9.28 213424.28 CrownCstl 166.71 -1.30 180.00 114.18 2.97 91.53 69962.9 PublStor 226.66 0.40 249.03 155.37 3.69 30.93 39620.8
Suncor En 15.68 0.18 45.12 14.02 9.89 -4.35 17948.01 Continental 96.26 0.96 133.10 51.45 - -7.02 22553.51 AscBrFd 1914 11.50 2730 1554 2.42 21.41 19599.09
Mexico (Mex$) CSX 77.28 0.42 81.40 46.81 1.35 19.85 59123.26 Qualcomm 116.41 -3.12 123.93 58.00 2.26 46.92 131335.79
ThmReut 106.30 -0.65 109.99 75.91 1.94 24.36 39627.5 Daimler 46.75 0.01 54.50 21.02 - -166.36 58590.15 AstraZen 8431 -48.00 10120 5871 2.64 63.52 138106.52
AmerMvl 13.30 -0.02 16.82 12.33 2.59 33.06 27741.89 CVS 57.74 -0.10 77.03 52.04 3.63 8.77 75565.85 Raytheon 116.96 -5.47 233.48 103.00 2.98 10.60 32566.46
TntoDom 62.53 0.74 77.72 49.01 4.73 11.16 84679.1 Deut Bank 7.20 0.10 10.37 4.45 - -5.65 17422.44 Aviva 287.60 1.80 439.40 205.70 3.30 5.24 14929.01
FEMSA UBD 120.60 -0.96 185.00 114.17 1.18 74.57 11992.72 Danaher 211.63 -3.05 218.68 119.60 0.35 51.05 150128.65 Regen Pharm 558.89 -9.25 664.64 272.26 - 20.69 58428.27
TrnCan♦ 55.61 0.32 76.58 47.05 5.37 12.95 39240.77 Deut Tlkm 14.51 0.04 16.75 10.41 4.15 18.54 80934.32 Barclays 97.71 -0.29 192.99 73.04 3.07 14.78 21565.53
WalMrtMex 52.07 -0.72 62.71 47.76 1.57 28.74 41835.77 Deere♦ 222.30 3.26 226.06 106.14 1.40 24.61 69664.03 S&P Global 359.85 -3.88 379.87 186.06 0.72 32.40 86723.85
ValeantPh 30.80 -1.06 36.02 14.01 - -3.78 8158.48 DeutsPost 39.23 -0.04 40.12 19.11 - 21.84 56825.08 BP 214.40 -3.80 521.50 210.80 15.52 -2.44 55270.5
Delphi 17.02 0.31 18.51 5.39 - -7.46 1469.67 Salesforce 248.60 -4.86 284.50 115.29 - -969.71 223984.1
E.ON 9.69 0.17 11.56 7.60 4.76 31.16 29995.03 Netherlands (€) BrAmTob 2752.5 16.00 3507 2362.5 5.60 9.94 66378.22
China (HK$) Delta 30.46 -0.65 62.48 17.51 4.15 -5.00 19425.93 Schlmbrg♦ 15.41 0.40 41.14 11.87 11.04 -0.93 21383.71
Fresenius Med 70.62 -0.62 81.10 53.50 - 16.06 25185.48 Altice 4.11 -0.03 6.86 2.26 - -3.70 5085.47 BSkyB 1727.5 1.50 1740 893.50 0.76 36.60 38843.72
AgricBkCh 2.42 0.02 3.50 2.40 8.21 3.54 9598.5 Devon Energy 9.63 0.53 26.98 4.70 4.13 -1.54 3688.2 Sempra Energy 119.25 0.12 161.87 88.00 3.53 15.69 34494.22
Fresenius SE 38.10 -0.57 51.54 24.25 - 11.57 20177.91 ASML Hld 319.90 -1.50 355.50 177.52 0.75 46.19 159515.18 BT 98.70 -0.18 212.25 1.02 15.60 4.53 12666.6
Bk China 2.40 0.01 3.39 2.38 8.80 3.45 25896.15 DiscFinServ 58.87 -0.04 87.43 23.25 3.13 17.74 18039.01 Shrwin-Will 689.64 -1.16 725.91 325.43 0.75 34.55 62791.49
HenkelKgaA 80.60 -0.15 90.30 54.65 2.28 19.73 24529.72 Heineken 76.04 0.44 105.00 68.82 2.22 47.06 51308.79 Compass 1160.5 -7.50 2085.52 865.80 3.45 17.88 24685.97
BkofComm 3.72 0.06 5.68 3.66 9.20 3.37 16805.69 Disney 122.51 -0.80 153.41 79.07 0.75-134.52 221383.33 SimonProp 65.69 -0.84 158.40 42.25 10.04 11.03 20092.32
Linde 199.65 -1.75 221.70 130.45 1.65 53.20 122871.62 ING 6.15 0.11 11.26 4.23 3.92 8.63 28088.14 Diageo♦ 2683 12.50 3369.5 2050.6 2.60 44.79 87363.13
BOE Tech 0.65 - 0.80 0.47 - -4.50 16.69 DominRes 79.58 0.99 90.89 57.79 4.89 116.96 66858.01 SouthCpr 45.30 0.81 49.19 23.43 3.24 28.66 35020.22
MuenchRkv 216.20 0.60 284.20 141.10 4.55 16.00 35482.63 Unilever 52.40 0.68 55.56 38.42 3.14 23.31 89664.8 GlaxoSmh♦ 1444.6 0.80 1857 1328.19 5.54 10.87 91890.58
Ch Coms Cons 4.05 0.03 6.63 3.99 6.67 3.39 2313.72 DowDupont 30.52 -0.65 48.38 30.06 4.01 -8.62 68559.76 Starbucks 85.98 -0.76 94.13 50.02 1.94 73.33 100510.62
SAP 132.76 -0.98 143.32 82.13 1.19 34.63 191059.72 Norway (Kr) Glencore 161.76 2.38 264.12 109.76 4.94 -7.99 30180.45
Ch Evrbrght 2.44 -0.01 3.97 2.44 7.52 3.45 3991.77 DukeEner 89.84 -0.21 103.79 62.13 4.40 30.43 66071.22 StateSt 58.80 0.05 85.89 42.10 3.70 8.99 20720.14
Siemens 105.88 -0.78 110.88 53.02 3.70 18.64 105428.52 DNB 128.60 0.20 178.10 94.26 - 10.13 21713.11 HSBC 308.20 3.60 621.90 281.50 5.21-190.36 79927.65
Ch Rail Cons 5.33 -0.02 9.99 5.26 4.49 3.73 1427.95 Eaton 102.20 1.61 106.07 56.42 2.95 26.24 40890.22 Stryker♦ 206.88 -1.80 226.30 124.54 1.14 46.94 77542.58
Volkswgn♦ 143.50 -0.60 185.00 99.16 - 13.66 49605.68 Equinor 129.25 -0.25 187.20 95.20 7.88 -18.97 45278.02 Imperial Brands 1365 -4.00 2072 1218 15.13 15.12 16838.7
Ch Rail Gp 3.64 -0.01 5.05 3.45 4.01 3.43 1976.13 eBay 51.47 -0.91 61.06 26.02 1.22 17.94 36022.88 Sychrony Fin 27.01 0.36 38.18 12.15 3.41 7.89 15767.22
Hong Kong (HK$) Telenor 157.30 1.55 185.90 130.75 4.93 44.23 23672.06 LlydsBkg 27.20 0.67 73.66 23.59 4.12 67.99 25350.69
ChConstBk 5.02 0.01 6.85 4.97 6.98 4.16 155727.91 Ecolab♦ 198.03 0.95 231.36 124.60 0.99 39.83 56514.75 T-MobileUS 113.49 -2.24 119.20 63.50 - 42.02 140478.94
AIA 75.90 -0.25 87.80 60.05 1.50 18.22 118438.15 Natl Grid 926.60 16.60 1073.8 8.90 5.16 25.32 40228.64
China Vanke 23.65 0.20 34.75 21.65 5.05 5.97 5778.33 Qatar (QR) Emerson 65.29 0.66 78.38 37.75 3.19 19.49 39018.63 Target 158.07 -0.53 160.89 90.17 1.70 28.71 79038.7
BOC Hold 20.40 0.10 28.90 20.05 6.98 6.90 27830.31 Natwest Group 109.85 2.35 122.05 90.54 1.82 33.29 17001.88
ChinaCitic 2.99 0.02 4.79 2.97 9.22 3.18 5741.69 QatarNtBk 18.00 -0.20 21.25 15.71 3.47 12.80 45662.13 EOG Res 34.52 -0.34 89.54 27.00 3.75 54.96 20098.47 TE Connect 97.92 -0.63 103.20 48.62 1.99-275.12 32317.37
Ch OSLnd&Inv♦ 19.40 0.26 31.00 19.02 4.75 4.70 27424.35 Prudential 1128 20.50 1509 682.80 3.29 27.76 37748.58
ChinaLife 17.34 0.04 22.90 11.64 4.84 8.40 16649.03 Russia (RUB) EquityResTP 53.52 0.08 89.55 49.62 4.58 16.93 19920.69 Tesla Mtrs 426.38 -21.78 502.49 44.86 - 983.85 395192.66
ChngKng 37.75 0.10 57.20 33.40 5.82 6.55 17990.45 ReckittB 7672 -34.00 8191.3 5130 2.28 -19.84 69880.36
ChinaMBank 36.55 0.80 43.40 29.80 2.94 8.62 21651.29 Gzprm neft 185.71 -3.02 272.68 158.17 8.49 8.05 58976.64 Exelon 35.78 -0.06 50.54 29.28 4.36 12.61 34862.88 TexasInstr 141.42 -3.49 148.37 93.09 2.57 25.35 129532.77
Citic Ltd♦ 5.69 0.08 10.74 5.57 7.51 3.17 21357.78 RELX 1747 24.50 2109 1382.86 2.62 26.63 43653.1
ChinaMob 49.45 0.50 70.00 45.20 6.91 8.36 130646.89 Lukoil 4745.5 -157.00 6810 3663 7.64 12.47 44107.51 ExpScripts 92.33 -3.47 101.73 66.93 - 11.10 52061.19 TheTrvelers 107.91 0.10 145.21 76.99 3.21 14.66 27321.86
Citic Secs 17.22 0.12 21.45 12.60 3.33 12.73 5062.31 RioTinto 4694 45.50 5175 2954 6.51 13.16 81430.99
ChinaPcIns 21.90 -0.05 32.50 17.90 6.34 6.73 7842.47 MmcNrlskNckl 20150 -66.00 23656 13352 11.57 14.96 42774.79 ExxonMb 32.90 -0.23 73.12 30.11 11.07 18.71 139099.15 ThrmoFshr♦ 434.39 -3.81 452.69 250.21 0.20 44.91 171840.08
CK Hutchison 46.60 0.10 76.00 45.05 7.12 4.98 23187.19 RollsRoyce 113.60 -3.20 792.00 1.57 4.05 -0.38 2732.76
ChMinsheng 4.06 -0.07 6.06 4.05 9.73 2.87 4358.75 Novatek 973.20 -3.20 1382.2 682.80 3.47 6.59 39639.58 Facebook 260.88 -5.75 304.67 137.10 - 30.47 627228.88 TimeWrnr 98.77 0.82 103.89 85.88 1.54 15.09 77269.69
CNOOC♦ 7.45 -0.04 14.04 6.24 11.00 7.06 42919.15 RylDShlA 933.10 5.10 2375 905.70 13.42 -7.79 55483.39
ChMrchSecs 21.61 -0.27 26.04 13.10 1.01 28.29 23550.02 Rosneft 324.00 -11.00 489.90 229.80 10.77 12.36 46063.6 Fedex 255.53 1.45 259.95 88.69 1.06 49.84 67100.13 TJX Cos 56.91 -0.17 64.95 32.72 1.53 21.72 68171.19
HangSeng 114.10 1.20 173.80 110.00 7.24 10.46 28147.26 Shire# 4690 111.00 4780 2944 0.58 11.63 56567.13
Chna Utd Coms 4.85 -0.01 6.25 4.82 1.25 27.99 15310.73 Sberbank♦ 188.91 -2.03 270.80 172.15 - 5.33 54705 FordMtr 6.78 0.03 9.58 3.96 6.95 -11.99 26473.56 UnionPac 196.60 2.37 205.78 105.08 2.07 23.33 133459.71
HK Exc&Clr 361.80 2.80 397.80 206.00 1.82 49.90 59187.54 StandCh 359.90 3.30 740.80 334.25 1.57 10.02 15346.85
ChShenEgy 13.90 -0.02 16.88 11.94 7.44 6.00 6095.53 Surgutneftegas 35.13 -0.76 54.89 24.06 1.93 2.10 16833.73 Franklin 20.23 0.24 29.27 14.91 4.14 9.42 10018.59 UPS B 166.08 -1.57 171.98 82.00 2.48 31.54 117432.05
MTR♦ 38.25 -0.15 47.80 36.20 3.05 20.31 30492.14 Tesco 210.00 -0.70 332.67 203.70 3.21 22.01 22239.72
ChShpbldng 4.34 -0.01 5.66 3.98 0.21-154.03 11651.24 GenDyn 138.70 0.48 190.08 100.55 3.20 11.77 39796.09 USBancorp 36.17 0.17 61.11 28.36 4.86 10.87 54485.13
SandsCh 29.85 -0.15 45.45 25.15 3.46 119.12 31157.8 Saudi Arabia (SR) Vodafone 102.82 1.12 169.46 92.76 7.45 -37.12 35474.03
ChStConEng 5.08 0.03 6.20 4.76 3.67 5.20 30771.06 GenElectric 6.26 0.02 13.26 5.48 0.67 15.73 54766.7 UtdHlthcre 311.34 -1.73 324.57 187.72 1.51 16.72 295877.54
SHK Props 98.80 1.55 124.00 87.60 4.86 7.40 36942.03 AlRajhiBnk 65.90 0.20 68.90 51.00 4.74 16.02 43923.98 WPP 625.60 12.40 1085.5 5.62 3.63 -3.36 10245.09
ChUncHK 5.05 - 8.76 3.84 2.94 12.57 19938.04 GenMills 62.21 -0.37 66.14 46.59 3.30 16.70 38002.15 UtdTech 86.01 -5.36 158.44 69.02 3.12 60.04 74498.84
Tencent 511.50 6.00 564.00 314.60 0.25 41.62 632460.38 Natnlcombnk 37.25 0.10 50.70 30.50 6.43 10.25 29793.63 United States of America ($)
CNNC Intl 4.39 -0.03 5.42 4.02 2.75 14.06 10033.18 GenMotors 30.24 -0.14 38.96 14.33 3.95 27.51 43276.36 ValeroEngy 39.88 -0.40 101.99 31.00 9.87 14.88 16261.36
SaudiBasic 88.50 0.10 95.00 61.90 5.18 -83.32 70784.91 21stC Fox A 27.64 -0.38 39.74 19.81 1.74 16.30 9499.29
CSR 3.08 -0.01 6.10 3.03 5.57 7.51 1737.15 India (Rs) GileadSci 62.46 -0.86 85.97 60.89 4.39-284.12 78307.62 Verizon 59.23 -0.22 62.22 48.84 4.35 12.25 245096.93
SaudiTelec 100.80 0.40 109.40 72.30 4.13 18.09 53748.54 3M 159.39 0.60 182.55 114.04 3.82 17.28 91811.74
Daqin 6.37 -0.01 8.26 6.32 7.59 8.32 13905.06 Bhartiartl 432.35 11.40 612.00 325.50 - -4.96 32245.67 GoldmSchs 197.35 -1.20 250.46 130.85 2.65 14.31 67903.43 VertexPharm 262.09 -11.42 306.08 165.23 - 31.65 68266.4
Gree Elec Apl 0.10 0.00 0.37 0.01 - -0.03 4.49 HDFC Bk 1106.95 28.35 1305.5 738.75 - 22.13 83278.77 Singapore (S$) AbbottLb 106.45 -2.19 114.20 61.61 1.34 59.12 188472.92 Halliburton 11.20 0.03 25.47 4.25 5.47 -2.32 9842.21 VF Cp 70.97 -0.61 100.25 45.07 2.76 96.85 27653.36
GuosenSec 13.45 -0.20 16.14 10.38 1.50 22.25 16193.85 Hind Unilevr 2095 26.75 2614.3 1757.3 1.20 66.97 67292.49 DBS♦ 20.37 -0.03 26.80 16.65 6.33 11.06 37936.58 Abbvie 86.41 -0.73 101.28 62.55 5.45 18.06 152499.24 HCA Hold 124.75 0.19 151.97 58.38 1.03 12.30 42169.65 ViacomCBS 27.83 0.15 43.04 10.10 3.39 12.25 15686.94
HaitongSecs 6.56 -0.01 9.58 5.79 2.61 8.23 2886.03 HsngDevFin 1790.65 50.60 2499.9 1473.45 0.99 14.07 43917.73 JardnMt US$♦ 39.91 0.10 59.68 37.37 4.51 -73.32 29042.51 Accenture 222.59 -2.60 247.82 137.15 1.13 27.85 147730.73 Hew-Pack♦ 18.93 -0.08 23.93 12.54 3.65 9.05 25993.43 Visa Inc 200.77 -2.58 217.35 133.93 0.60 36.46 338499.66
Hngzh HikVDT 38.11 0.90 40.50 27.00 1.85 27.18 45299.3 ICICI Bk 369.20 14.45 552.20 268.30 0.27 23.64 34804.52 JardnStr US$♦ 20.15 0.15 33.50 17.81 1.84 -24.37 22332.4 Adobe 482.13 -17.38 536.88 255.13 - 60.80 231261 HiltonWwde 85.96 -1.26 115.48 44.30 0.55 631.67 23837.51 Walgreen 35.44 -0.43 64.50 33.88 5.40 39.85 30709.97
Hunng Pwr 2.99 0.08 4.24 2.24 5.28 23.72 1813.45 Infosys 1017.65 9.40 1037 509.25 1.78 24.29 59257.47 OCBC♦ 8.58 - 11.23 7.80 6.32 9.64 27722.55 AEP 84.02 2.29 104.97 65.14 3.45 20.96 41684.5 HomeDep 276.79 -0.83 292.95 140.63 2.04 25.70 297948.68 WalMartSto 140.31 -2.77 151.33 102.00 1.95 26.01 397603.87
IM Baotou Stl 1.15 - 1.50 1.04 0.61-256.10 5348.7 ITC 170.85 -0.85 266.30 134.60 5.99 14.39 28739.79 SingTel 2.16 0.01 3.48 2.08 8.09 32.96 25870.01 Aetna - - - - - - - Honywell 164.34 0.66 184.06 101.08 2.24 19.31 115331.05 WellsFargo 23.65 0.09 54.75 22.00 9.03 25.10 97439.11
In&CmBkCh 4.02 0.03 6.11 3.96 7.11 4.06 45020.94 L&T 902.80 1.20 1491.95 661.00 3.13 16.06 17327.44 UOB♦ 19.41 0.03 27.02 17.28 5.80 10.84 23767.81 Aflac 36.40 0.01 55.07 23.07 3.16 8.69 25950.01 HumanaInc♦ 406.52 -8.84 431.12 208.25 0.61 14.76 53779.85 Williams Cos 18.99 0.21 24.17 8.41 8.60 164.86 23039.41
IndstrlBk 16.13 0.23 20.42 14.93 4.28 5.10 46456.17 OilNatGas 69.15 -0.10 149.65 50.00 10.08 4.08 11892.64 South Africa (R) AirProd♦ 295.55 0.88 310.74 167.43 1.77 32.75 65285.33 IBM 120.17 -0.92 158.75 90.56 5.65 13.02 107020.85 Yum!Brnds 93.14 1.32 115.17 54.95 2.00 26.72 28072.36
Kweichow 1668.5 16.20 1828 960.10 1.03 47.45 307750.62 RelianceIn 2225.25 -9.10 2369.35 867.40 0.59 33.12 205708.89 Firstrand 41.78 0.39 69.90 31.13 8.01 7.16 14236.26 Alexion 111.14 -4.49 121.50 72.67 - 28.31 24358.89 IllinoisTool♦ 191.26 0.36 203.18 115.94 2.34 26.87 60469.38 Venezuela (VEF)
Midea 0.68 0.01 1.17 0.58 - -2.35 18.87 SBI NewA 190.30 4.90 351.00 149.45 - 7.80 23218 MTN Grp 54.39 0.44 101.11 26.25 10.03 6.01 6225.38 Allergan 193.02 0.03 202.22 114.27 1.54 -25.19 63659.11 Illumina 306.00 -3.61 404.20 196.78 - 62.59 44676 Bco de Vnzla 15000 - 16799.99 700.00 612.09 - 125.32
New Ch Life Ins 28.85 - 37.30 20.45 3.07 6.42 3849.55 SunPhrmInds 506.90 6.45 564.75 312.00 1.14 166.38 16626.84 Naspers N 3000 -11.54 3367.26 1843.8 0.27 24.99 79364.2 Allstate 93.20 0.94 125.92 64.13 2.34 6.70 29107.87 Intcntl Exch 100.71 -0.72 106.99 63.51 1.20 24.86 54674.17 Bco Provncl 775000 10500 787000 69000 - 38.49 191.44
PetroChina 2.27 - 4.23 2.20 6.70 18.97 6179.87 Tata Cons 2523.45 31.15 2555 1506.05 1.32 30.06 129449.02 Alphabet 1455.75 -32.15 1726.1 1008.87 - 30.60 437410.89 Intel 51.26 -0.98 69.29 43.63 2.63 9.03 218008.78
South Korea (KRW) Mrcntl Srvcs 809500 -500.00 815000 70000 0.02 13.04 112.90
PingAnIns 79.50 0.05 101.00 69.00 2.99 10.24 76397.69 Altria♦ 38.70 -0.22 51.78 30.95 9.09 -77.02 71919.97 Intuit 322.01 -10.33 360.00 187.68 0.61 53.10 83970.98
Indonesia (Rp) HyundMobis 230000 5000 268500 126000 1.74 10.04 18693.95
PngAnBnk 15.17 0.37 17.60 11.91 - 11.32 43224.57 Amazon 3141.26 -80.00 3552.25 1626.03 - 115.331573422.82 John&John 146.46 -0.86 157.00 109.16 2.76 24.59 385603.33
Bk Cent Asia 22300 200.00 24700 16800 - - 38879.26 KoreaElePwr 20400 200.00 29500 15550 - -8.51 11198 Closing prices and highs & lows are in traded currency (with variations for that
Pwr Cons Corp 3.77 -0.05 4.88 3.40 3.68 8.24 6168.98 AmerAir 12.28 -0.31 31.67 8.25 2.56 -1.44 6242.59 JohnsonCn 41.07 0.39 44.41 22.78 2.65 40.44 30554.53
Israel (ILS) SK Hynix 84000 1500 106000 65800 1.19 36.80 52289.18 country indicated by stock), market capitalisation is in USD. Highs & lows are
SaicMtr 19.13 - 25.39 16.90 6.59 12.09 32817.21 AmerExpr 100.96 -0.37 138.13 67.00 1.78 19.97 81289.07 JPMrgnCh 97.03 0.06 141.10 76.91 3.88 12.48 295709.06
TevaPha 31.00 0.48 46.45 23.05 - 866.59 9931.6 SmsungEl 58200 - 62800 42300 2.44 18.53 297085.39 based on intraday trading over a rolling 52 week period.
ShenwanHong 0.04 0.00 0.13 0.03 - -0.15 44.06 AmerIntGrp 27.77 0.05 56.42 16.07 4.83 -4.90 23922.02 Kimb-Clark 146.09 -1.55 160.16 110.66 3.01 18.73 49821.87
Italy (€) Spain (€) AmerTower 240.87 -1.29 272.20 174.32 1.80 53.39 106839.97 ♦ ex-dividend
ShgPdgBk 9.39 -0.04 13.33 9.35 3.73 4.91 38747.56 KinderM 12.26 0.02 22.58 9.42 8.64 167.38 27760.91 ■ ex-capital redistribution
Enel 7.47 - 8.61 5.15 4.03 41.34 88942.39 BBVA 2.38 0.00 5.34 2.13 10.97 -33.85 18574.87 Amgen 245.21 -10.18 264.97 177.05 2.60 19.12 143617.97
Sinopec Corp 3.11 -0.01 4.85 3.08 14.23 14.07 10238.29 Kraft Heinz 30.12 -0.25 36.37 19.99 5.56-179.83 36824.07 # price at time of suspension
ENI 6.50 0.04 14.42 6.26 12.63 -6.16 27659.57 BcoSantdr 1.58 0.00 4.04 1.50 6.36 -3.22 30731.21 Anadarko 72.77 0.56 76.23 40.40 1.50 -63.37 36563.54
Sinopec Oil 1.81 -0.01 2.59 1.67 - 48.60 3200.46 Kroger 33.86 -0.16 37.22 23.71 1.88 12.65 26340.57
Generali 11.94 0.07 19.63 10.20 4.20 10.25 22035.26 CaixaBnk 1.72 -0.02 2.94 1.50 4.08 9.17 12069.53 Anthem 272.91 2.74 309.10 171.03 1.34 11.32 68638.63
Denmark (kr) Iberdrola 10.72 0.02 11.52 7.76 1.57 18.80 79706.79 L Brands 32.81 -0.42 33.46 8.00 3.75 -12.55 9071.68
IntSPaolo 1.59 0.01 2.63 1.31 - 8.37 35935.56 Aon Cp 205.69 -0.49 238.19 143.93 0.90 26.13 47648.16 LasVegasSd 45.73 -0.49 74.29 33.30 5.33 99.28 34928.73
DanskeBk 84.84 -0.16 123.60 68.04 - 8.00 11515.79 Inditex 24.10 -0.20 32.28 18.51 0.88 31.38 87989.44
Unicred 6.95 -0.01 14.44 6.01 - -7.41 18180.65 Apple 113.31 -3.48 137.98 53.15 2.84 8.49 1964494 LibertyGbl 19.92 -0.62 26.40 15.24 - -34.60 3630.85
MollerMrsk 9952 -278.00 10555 4976 1.48 28.78 14778.56 Repsol 5.52 0.01 15.67 5.37 16.66 -1.15 10513.04 ArcherDan 46.43 -0.17 48.56 28.92 3.20 14.13 25798.69 Lilly (E) 143.87 -0.42 170.75 101.36 2.02 22.42 137607.39
NovoB 436.50 -3.65 456.30 331.70 1.92 24.79 124557.68 Telefonica 2.90 0.01 7.26 2.85 13.61-144.37 18089.35

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
Mizuho Fin 1315.00 1310.50 4.50 0.34 1177.70 857.8 -8.22 RollsRoyce 113.60 116.80 -3.20 -2.74 -41.15 -26.6 -99.49 Oct 02 date Coupon S* M* F* price yield yield yield US Oct 02 date Coupon S* M* F* price yield yield yield US
NTTDCMo 3878.00 3885.00 -7.00 -0.18 1156.00 42.5 34.11 Midea 0.68 0.67 0.01 1.49 -0.14 -17.1 -1.45 High Yield US$ US$
EDF 9.70 9.18 0.53 5.75 1.10 12.8 8.06 Bayer 44.94 46.34 -1.41 -3.03 -8.54 -16.0 -15.96 HCA Inc. 04/24 8.36 BB- Ba2 BB 113.75 4.24 0.00 0.12 - FleetBoston Financial Corp. 01/28 6.88 BBB+ Baa1 A- 129.00 2.54 -0.01 -0.05 -
Natwest Group 109.85 107.50 2.35 2.19 10.23 10.3 -98.98 Halliburton 11.20 11.17 0.03 0.30 -1.17 -9.4 -30.93 High Yield Euro The Goldman Sachs Group, Inc. 02/28 5.00 BBB+ A3 A 117.21 2.47 0.00 0.32 -
LlydsBkg 27.20 26.53 0.67 2.51 2.48 10.0 -98.99 ValeroEngy 39.88 40.28 -0.40 -0.99 -4.04 -9.2 -24.57 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- 127.69 2.72 -0.01 0.06 -
ICICI Bk 369.20 354.75 14.45 4.07 33.50 10.0 -9.89 CntJpRwy 14700.00 15115.00 -415.00 -2.75 -1465.00 -9.1 -6.09 GTE LLC 04/28 6.94 BBB+ Baa2 A- 128.27 2.80 0.00 -0.11 -
H&M 161.80 164.15 -2.35 -1.43 14.60 9.9 18.62 EastJpRwy 6318.00 6565.00 -247.00 -3.76 -589.00 -8.5 -7.39 Emerging US$ United Utilities PLC 08/28 6.88 BBB Baa1 A- 130.43 2.62 -0.07 -0.22 -
HsngDevFin 1790.65 1740.05 50.60 2.91 153.80 9.4 -4.92 Takeda Ph 3621.00 3744.00 -123.00 -3.29 -329.00 -8.3 -8.05 Peru 03/19 7.13 BBB+ A3 BBB+ 104.40 2.60 - - 0.34 Barclays Bank plc 01/29 4.50 A A1 A+ 96.46 5.02 0.00 0.02 -
EssilorLuxottica 118.50 115.25 3.25 2.82 10.15 9.4 4.82 BP 214.40 218.20 -3.80 -1.74 -18.90 -8.1 -99.18 Colombia 01/26 4.50 - Baa2 BBB- 110.63 2.27 0.02 0.02 2.03
Brazil 04/26 6.00 - Ba2 BB- 116.85 2.69 -0.02 -0.02 2.45 Euro
Devon Energy 9.63 9.10 0.53 5.88 0.81 9.2 -9.57 EOG Res 34.52 34.86 -0.34 -0.98 -2.93 -7.8 -21.01 Electricite de France (EDF) 04/30 4.63 A- A3 A- 137.45 0.82 -0.01 0.10 -
DukeEner 89.84 90.05 -0.21 -0.23 7.37 8.9 10.20 RylDShlA 933.10 928.00 5.10 0.55 -71.70 -7.1 -99.05 Poland 04/26 3.25 - A2 A- 112.77 0.87 0.00 0.00 0.63
Mexico 05/26 11.50 - Baa1 BBB- 146.50 2.55 -0.09 -0.09 2.31 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 124.42 0.68 0.00 -0.11 -
HSBC 308.20 304.60 3.60 1.18 24.85 8.8 -99.05 CaixaBnk 1.72 1.74 -0.02 -1.01 -0.13 -7.1 -3.01 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 121.70 0.93 0.00 0.02 -
DiscFinServ 58.87 58.91 -0.04 -0.07 4.74 8.8 9.82 TrnCan 55.61 55.29 0.32 0.58 -4.10 -6.9 -8.99 Turkey 10/26 4.88 - B2 BB- 92.21 6.46 -0.17 -0.17 6.22
Turkey 03/27 6.00 - Ba2 BB+ 101.26 5.82 0.00 0.17 3.07 Finland 04/31 0.75 AA+ Aa1 AA+ 111.08 -0.27 0.00 -0.05 -0.87
Natl Grid 926.60 910.00 16.60 1.82 72.00 8.4 -98.93 AstellasPh 1513.50 1560.00 -46.50 -2.98 -109.00 -6.7 -9.06
Peru 08/27 4.13 BBB+ A3 BBB+ 103.50 3.66 0.01 -0.02 0.80 Yen
CharlesSch 37.86 37.73 0.13 0.33 2.92 8.3 5.34 Equinor 129.25 129.50 -0.25 -0.19 -9.30 -6.7 -7.97
Russia 06/28 12.75 - Ba1 BBB 172.23 2.43 -0.01 -0.01 - Mexico 06/26 1.09 - Baa1 BBB- 95.96 1.84 0.00 0.00 1.60
Continental 96.26 95.30 0.96 1.01 7.38 8.3 8.30 PetroChina 2.27 2.27 0.00 0.00 -0.14 -5.8 -14.61
Tata Cons 2523.45 2492.30 31.15 1.25 191.20 8.2 12.73 ViacomCBS 27.83 27.68 0.15 0.52 -1.71 -5.8 -1.66 Brazil 02/47 5.63 - Ba2 BB- 108.40 5.05 0.02 0.02 - £ Sterling
L Brands 32.81 33.22 -0.42 -1.25 2.48 8.2 5.02 Occid Pet 9.63 9.68 -0.05 -0.52 -0.59 -5.8 -22.18 Emerging Euro innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 128.68 3.20 0.00 -0.01 0.40
SBI NewA 190.30 185.40 4.90 2.64 13.95 7.9 -15.37 Suncor En 15.68 15.50 0.18 1.13 -0.96 -5.7 -24.43 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 -
Airbus Grpe 64.62 64.90 -0.28 -0.43 4.60 7.7 -10.35 Petrobras 19.51 19.95 -0.44 -2.21 -1.17 -5.7 -16.18 Mexico 04/23 2.75 BBB+ A3 BBB+ 107.76 0.76 0.00 -0.07 -1.56 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 - Baa1 BBB- 105.48 0.58 -0.02 -0.02 0.44 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
Oct 02 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Oct 02 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 0.00-0.25 15-03-2020 1.00-1.25 1.50-1.75 1.25-1.50 Index change change change 1 month 1 year VIX 28.49 1.79 26.70 85.42 11.42 Oct 02 Price £ Yield Day Week Month Year High Low £m
US Prime 4.75 30-10-2019 5.25 5.25 4.25 Markit IBoxx VXD 28.53 1.35 27.18 71.05 2.47 - - - - - - - - -
US Discount 2.65 30-09-2019 2.75 2.75 1.75 ABF Pan-Asia unhedged 216.18 0.18 0.18 4.14 0.10 7.50 VXN 36.66 1.67 34.99 84.67 13.58 - - - - - - - - -
Euro Repo 0.00 16-03-2016 0.00 0.00 0.00 Corporates( £) 393.03 -0.06 -0.06 4.43 0.26 4.05 VDAX 28.26 0.56 27.70 93.30 - - - - - - - - - -
UK Repo 0.10 19-03-2020 0.25 0.75 0.25 Corporates($) 331.93 -0.16 -0.23 6.53 -0.23 6.53 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. - - - - - - - - -
Japan O'night Call 0.00-0.10 01-02-2016 0.00 0.00--0.10 0.00--0.10 Corporates(€) 239.70 0.11 0.11 0.85 0.36 0.27 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 1.5pc '21 100.46 0.00 -100.00 -100.00 -100.00 -100.00 101.38 100.46 32.84
Switzerland Libor Target -1.25-0.25 15-01-2015 -0.75--0.25 -1.25--0.25 -1.25--0.25 Eurozone Sov(€) 260.65 0.11 0.11 3.87 1.39 0.91 Tr 4pc '22 105.79 -0.04 100.00 -20.00 -20.00 -116.00 109.08 105.77 38.77
Gilts( £) 376.04 -0.36 -0.36 7.92 1.14 2.95 BONDS: BENCHMARK GOVERNMENT Tr 5pc '25 122.64 -0.10 11.11 -9.09 233.33 -143.48 125.74 121.74 35.84
INTEREST RATES: MARKET Global Inflation-Lkd 300.63 -0.26 -1.16 7.54 -0.82 7.72 Red Bid Bid Day chg Wk chg Month Year Tr 1.25pc '27 108.31 0.03 0.00 50.00 -70.00 -90.00 109.23 103.96 36.34
Over Change One Three Six One Markit iBoxx £ Non-Gilts 382.67 -0.08 -0.08 4.45 0.40 3.57 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '32 144.58 0.35 2.94 6.06 -20.45 -39.66 148.26 137.84 38.71
Oct 02 (Libor: Oct 01) night Day Week Month month month month year Overall ($) 282.98 -0.21 0.04 8.00 0.04 8.00 Australia 11/22 2.25 104.37 0.19 0.02 0.02 0.02 -0.47 Tr 4.25pc '36 154.64 0.55 3.77 5.77 -15.38 -27.63 160.46 145.12 30.41
US$ Libor 0.08175 0.004 0.001 -0.009 0.13950 0.23400 0.25050 0.35988 Overall( £) 373.98 -0.28 -0.28 6.69 0.93 3.02 05/32 1.25 102.82 0.99 0.07 0.05 0.07 - Tr 4.5pc '42 176.84 0.74 4.23 5.71 -10.84 -18.68 186.37 162.55 27.21
Euro Libor -0.58829 -0.003 -0.006 -0.003 -0.57114 -0.52529 -0.49600 -0.43729 Overall(€) 251.09 0.10 0.10 2.90 1.03 0.63 Austria - - - - - - - Tr 3.75pc '52 184.23 0.76 2.70 4.11 -12.64 -16.48 198.36 164.59 24.10
£ Libor 0.05388 0.007 0.001 0.000 0.04500 0.06050 0.08813 0.14950 Treasuries ($) 264.85 -0.26 0.24 9.36 0.24 9.36 02/47 1.50 136.27 0.11 -0.01 -0.03 -0.01 -0.16 Tr 4pc '60 211.41 0.73 4.29 5.80 -13.10 -13.10 231.12 186.33 24.12
Swiss Fr Libor 0.002 -0.80300 -0.77860 -0.72780 -0.59900 FTSE Belgium 09/22 1.00 103.11 -0.61 0.00 0.00 0.00 0.04 Gilts benchmarks & non-rump undated stocks. Closing mid-price in pounds per £100 nominal of stock.
Yen Libor 0.000 -0.08450 -0.10433 -0.05633 0.04533 Sterling Corporate (£) - - - - - - Canada 11/22 2.00 103.76 0.21 0.00 0.01 0.00 -1.35
Euro Euribor
Sterling CDs
0.003
-
-0.52600
-
-0.49800
-
-0.48100
-
-0.44200 Euro Corporate (€) 104.47 -0.05 - - 0.54 -1.73 06/30 1.25 106.65 0.54 -0.01 0.00 -0.01 -0.84 GILTS: UK FTSE ACTUARIES INDICES
Euro Emerging Mkts (€) 586.97 0.90 - - -2.01 23.88 Denmark 11/22 0.25 101.79 -0.59 0.01 0.01 0.01 0.21
US$ CDs - - - - Eurozone Govt Bond 110.04 -0.19 - - -0.34 -0.64 11/29 0.50 108.55 -0.42 -0.01 -0.01 -0.01 0.11 Price Indices Day's Total Return Return
Euro CDs - - - - Fixed Coupon Oct 02 chg % Return 1 month 1 year Yield
CREDIT INDICES Day's Week's Month's Series Series Finland 04/23 1.50 105.56 -0.67 -0.01 0.00 -0.01 0.02
04/31 0.75 111.51 -0.32 -0.01 -0.01 -0.01 -0.11 1 Up to 5 Years 89.71 0.02 2490.88 0.03 0.94 -0.08
Short 7 Days One Three Six One Index change change change high low 2 5 - 10 Years 188.08 -0.01 3826.11 0.48 2.04 0.07
Oct 02 term notice month month month year Markit iTraxx France 10/22 2.25 106.02 -0.65 -0.01 0.00 -0.01 0.06
3 10 - 15 Years 227.38 -0.13 4914.25 0.85 2.91 0.36
Euro -0.74 -0.44 -0.70 -0.40 -0.68 -0.38 -0.64 -0.34 -0.62 -0.32 -0.62 -0.32 Crossover 5Y 340.57 -2.26 -22.24 - 370.75 312.34 05/26 0.50 106.10 -0.56 -0.01 -0.02 -0.01 -0.07
4 5 - 15 Years 196.87 -0.06 4092.07 0.63 2.27 0.22
Sterling 0.45 0.55 0.70 0.80 0.78 0.88 0.82 0.97 0.89 1.04 Europe 5Y 58.08 -0.98 -3.60 - 62.86 56.31 Germany - - - - - - -
5 Over 15 Years 399.55 -0.53 6540.24 2.13 4.02 0.73
Swiss Franc - - - - - - - - - - - - Japan 5Y 68.28 0.74 -0.40 - 70.25 66.90 02/23 1.50 105.34 -0.73 -0.01 0.00 -0.01 0.08
7 All stocks 194.08 -0.25 4141.14 1.15 2.77 0.60
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 76.34 -1.16 -5.57 - 82.84 75.28 02/26 0.50 106.75 -0.73 -0.01 -0.02 -0.01 0.03
US Dollar 0.07 0.37 0.00 0.30 0.02 0.32 0.09 0.39 0.12 0.42 0.21 0.51 08/50 0.00 103.15 -0.10 -0.01 -0.03 -0.01 -0.04 Day's Month Year's Total Return Return
Markit CDX Greece 02/26 3.65 117.14 0.97 -0.03 -0.03 -0.03 -0.51
Japanese Yen -0.20 0.00 -0.35 -0.15 -0.20 0.10 -0.20 0.10 -0.25 0.05 -0.20 0.10 Index Linked Oct 02 chg % chg % chg % Return 1 month 1 year
Emerging Markets 5Y 224.54 -6.38 -17.96 - 245.71 224.54
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: Ireland 10/22 0.00 101.13 -0.55 -0.01 0.00 -0.01 -0.01 1 Up to 5 Years 305.73 -0.02 -0.15 -2.90 2518.13 -0.14 -1.19
Nth Amer High Yld 5Y 403.03 -6.22 - - 412.45 403.03
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. 05/30 2.40 125.34 -0.21 -0.01 -0.02 -0.01 -0.25 2 Over 5 years 839.81 0.50 2.22 0.35 6344.46 2.26 0.72
Nth Amer Inv Grade 5Y 58.43 -0.87 0.12 - 60.42 52.55
05/30 2.40 125.34 -0.21 -0.01 -0.02 -0.01 -0.25 3 5-15 years 522.61 0.16 0.37 -1.71 4157.39 0.41 -1.00
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names.
Italy 08/22 0.90 102.07 -0.23 -0.02 -0.01 -0.02 -0.14 4 Over 15 years 1106.15 0.63 2.95 1.18 8138.07 2.98 1.42
02/25 0.35 100.92 0.14 -0.03 -0.02 -0.03 -0.18 5 All stocks 746.24 0.46 2.01 0.14 5740.34 2.05 0.67
05/30 0.40 100.38 0.36 -0.03 -0.03 -0.03 -
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED 03/48 3.45 139.02 1.67 -0.03 -0.04 -0.03 -0.20 Yield Indices Oct 02 Oct 01 Yr ago Oct 02 Oct 01 Yr ago
Japan 04/23 0.05 99.98 0.06 0.00 0.01 0.00 - 5 Yrs -0.10 -0.09 0.14 20 Yrs 0.77 0.74 0.93
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
04/25 0.05 100.01 0.05 0.00 0.01 0.00 - 10 Yrs 0.28 0.27 0.45 45 Yrs 0.71 0.68 0.83
Crude Oil† Oct 37.31 -1.36 Corn♦ Dec 378.25 -4.00 Oct 01 Oct 01 Prev return stock Market stocks
12/29 0.10 101.00 -0.01 0.00 0.00 0.00 - 15 Yrs 0.60 0.58 0.78
Brent Crude Oil‡ 39.74 -1.13 Wheat♦ Dec 565.25 -4.50 Can 4.25%' 21 105.08 -0.114 -0.204 -0.11 8.41 96617.60 8
12/49 0.40 94.76 0.60 0.01 0.01 0.01 -
RBOB Gasoline† Oct 1.11 -0.04 Soybeans♦ Nov 1013.25 -11.00 Fr 0.10%' 21 103.77 -0.738 -0.731 0.03 11.35 241584.17 15
Netherlands 07/22 2.25 105.22 -0.66 -0.01 -0.01 -0.01 0.14 inflation 0% inflation 5%
Heating Oil† - - Soybeans Meal♦ Oct 341.10 -4.10 Swe 0.25%' 22 110.20 -0.717 -0.711 0.00 26.51 198142.01 7
07/26 0.50 106.66 -0.63 -0.01 -0.02 -0.01 -0.02 Real yield Oct 02 Dur yrs Previous Yr ago Oct 02 Dur yrs Previous Yr ago
Natural Gas† Oct 2.43 -0.06 Cocoa (ICE Liffe)X Dec 1728.00 -45.00 UK 1.875%' 22 110.57 -2.881 -2.905 -0.07 15.74 799190.43 28
Ethanol♦ - - Cocoa (ICE US)♥ Dec 2448.00 -49.00 New Zealand 04/25 2.75 112.24 0.04 0.02 0.08 0.02 -0.86 Up to 5 yrs -2.81 3.04 -2.81 -2.65 -3.19 3.04 -3.20 -3.14
UK 2.5%' 24 361.18 -2.991 -2.839 0.01 6.82 799190.43 28
Uranium† Jul 33.80 - Coffee(Robusta)X Nov 1302.00 18.00 05/31 1.50 110.00 0.53 0.02 0.06 0.02 -0.72 Over 5 yrs -2.30 24.31 -2.28 -2.20 -2.32 24.36 -2.30 -2.22
UK 2%' 35 305.59 -2.746 -2.686 0.24 9.08 799190.43 28
Carbon Emissions‡ - - Coffee (Arabica)♥ Dec 106.55 0.05 05/31 1.50 110.00 0.53 0.02 0.06 0.02 -0.72 5-15 yrs -2.87 9.69 -2.86 -2.81 -2.97 9.69 -2.95 -2.87
US 0.625%' 21 - - - - - - -
White SugarX 373.90 -1.00 Norway 08/30 1.38 107.18 0.62 0.00 -0.01 0.00 - Over 15 yrs -2.23 29.41 -2.21 -2.14 -2.25 29.42 -2.22 -2.15
Diesel† - - US 3.625%' 28 136.98 -1.073 -1.091 -0.12 16.78 1604902.64 42
Sugar 11♥ 13.32 -0.27 08/30 1.38 107.18 0.62 0.00 -0.01 0.00 - All stocks -2.31 22.47 -2.29 -2.21 -2.33 22.55 -2.31 -2.23
Base Metals (♠ LME 3 Months) Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Aluminium 1762.00 23.50 Cotton♥ Dec 65.12 -0.79 Portugal 10/22 2.20 105.63 -0.54 0.01 0.03 0.01 -0.09 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 1550.00 -50.00 Orange Juice♥ Nov 112.75 -1.15 02/26 3.30 118.67 -0.15 0.00 -0.01 0.00 -0.11 ©2018 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE
amount.
Copper 6565.00 222.50 Palm Oil♣ - - Spain 10/22 0.45 101.95 -0.48 0.00 -0.01 0.00 -0.07 Gilt Closing Prices information contained herein is proprietary to
Lead 1772.50 -22.50 Live Cattle♣ Oct 108.65 0.20 BONDS: TEN YEAR GOVT SPREADS 10/29 0.60 104.24 0.13 -0.01 -0.01 -0.01 -0.03 Tradeweb; may not be copied or re-distributed; is not warranted to be
Nickel 14355.00 55.00 Feeder Cattle♣ Oct 134.88 - Sweden 06/22 0.25 110.20 -0.73 -0.02 0.00 -0.02 1.23 accurate, complete or timely; and does not constitute investment advice.
Tin 17800.00 305.00 Lean Hogs♣ Oct 74.10 1.10 Spread Spread Spread Spread 06/26 0.13 116.44 -1.27 -0.03 -0.06 -0.03 0.76 Tradeweb is not responsible for any loss or damage that might result from the use of this information.
Zinc 2320.00 0.00 Bid vs vs Bid vs vs 06/30 0.13 116.62 -1.43 -0.03 -0.07 -0.03 -
% Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds Switzerland 05/22 2.00 104.68 -0.82 -0.01 -0.01 -0.01 0.07 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Precious Metals (PM London Fix)
Gold 1902.00 15.10 Oct 01 Month Year 05/30 0.50 109.94 -0.50 -0.01 -0.04 -0.01 0.18 at the time of publication. No offer is made by Morningstar, its suppliers, or the FT. Neither the FT, nor
Australia 0.99 - 0.36 Netherlands -0.63 - -
Silver (US cents) 2362.00 -10.50 S&P GSCI Spt 338.73 -4.22 -14.70 United Kingdom - - - - - - - Morningstar’s suppliers, warrant or guarantee that the information is reliable or complete. Neither the FT nor
Austria - - - New Zealand 0.53 - -0.10
Platinum 898.00 14.00 DJ UBS Spot 69.94 -3.92 -9.73 Canada 0.54 - -0.09 Norway 0.62 - -0.01 07/22 0.50 100.99 -0.05 -0.02 0.00 -0.02 -0.32 Morningstar’s suppliers accept responsibility and will not be liable for any loss arising from the reliance on the
Palladium 2334.00 -1.00 TR/CC CRB TR 153.28 -4.70 -15.91 Denmark -0.42 - -1.05 Portugal -0.15 - - 07/26 1.50 108.97 -0.04 0.00 0.01 0.00 -0.29 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 Finland -0.32 - -0.95 Spain 0.13 - -0.50 07/47 1.50 117.06 0.79 0.02 0.04 0.02 -0.17
Iron Ore 123.15 0.00 UBS Bberg CMCI TR 13.20 4.85 -4.74 Germany - - - Sweden -1.43 - -2.06 United States 03/22 0.38 100.34 0.14 0.01 -0.01 0.01 - Data provided by Morningstar | www.morningstar.co.uk
GlobalCOAL RB Index 61.75 2.25 LEBA EUA Carbon 26.24 -0.04 6.75 Ireland -0.21 - -0.84 Switzerland -0.50 - -1.13 03/25 0.50 101.16 0.24 0.00 0.00 0.00 -
Baltic Dry Index 2020.00 151.00 LEBA CER Carbon 0.29 1350.00 38.10 Italy 0.36 - -0.27 United Kingdom - - - 02/30 1.50 107.91 0.63 0.00 0.02 0.00 -
LEBA UK Power 2395.00 -19.77 116.74 Japan -0.01 - -0.64 United States 0.63 - 0.00 02/50 0.25 118.12 - - - - -
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.
3 October/4 October 2020 ★ FTWeekend 17

FINANCIAL TIMES SHARE SERVICE

Main Market
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence DBAG € 31.75 -1.60 42.50 22.20 4.71 55.89 29.6 TaylorWm 109.30 0.25 237.70 98.12 3.51 8.96 9564.4 Pearson 558.40 10.40 743.20 412.08 3.49 16.33 2550.8 LandSecs 537.30 12.30 1019.5 399.80 6.49 -4.78 1812.9 Hays 111.80 -1.20 186.00 85.25 3.55 11.48 2259.2
Avon Rubber 4375 -15.00 4465 1606 0.48 105.15 104.4 Hargr Lans♦■ 1617.5 23.00 2186 1147 2.08 29.30 704.3 TedBaker 111.90 -2.80 782.92 59.57 35.29 -0.87 463.2 RELX PLCX 1747 24.50 2109 1382.86 2.62 26.63 3503.4 LondonMtrc♦ 224.20 -0.40 245.40 132.90 3.79 -320.291514.9 Homesve 1223 -16.00 1371 755.81 1.80 38.83 899.2
BAE Sys 493.20 6.80 672.80 428.60 1.91 13.05 5008.0 Indvardn SKr 236.30 -3.80 255.00 167.70 - 40.38 298.5 Vistry Grou 581.50 8.50 1491.8 503.50 10.06 5.73 582.6 Rightmove P 655.00 16.20 710.60 373.10 0.43 42.53 2627.7 McKaySec 190.00 - 286.00 136.00 5.37 22.17 19.1 HowdenJny 605.00 9.40 736.80 394.00 0.64 26.54 1275.7
Chemring 236.00 -2.00 288.00 145.80 1.53 18.73 223.1 ICG 1215 15.00 1896 452.00 4.12 31.81 603.3 STV Grp 260.00 12.50 455.00 210.00 7.81 6.37 1633.9 Palace Cap 186.50 4.50 347.34 158.37 7.64 -15.81 39.4 Intertek♦ 6440 72.00 6480 3786 1.64 39.48 258.6
Investec 149.95 6.00 367.09 122.55 16.34 8.67 2198.5
Industrial Engineering ThmReut C$X 106.54 -0.41 109.99 75.91 1.92 24.58 11.3 PrimyHth 149.20 -0.40 167.60 120.40 4.84 20.16 1759.4 Kin and Car 65.50 0.50 112.00 46.00 2.98 -38.30 37.9
Meggitt 262.60 -2.50 701.80 196.15 6.44 9.28 2982.7
Jupiter 229.60 1.00 437.80 161.65 7.45 12.48 1859.7 Bodycote 599.50 7.50 975.00 378.40 1.00 25.84 173.8 WPPX 625.60 12.40 1085.5 5.62 3.63 -3.36 3320.8 RDI REIT 90.40 0.80 143.22 41.55 11.06 -3.85 128.7 MearsGp 110.00 1.00 323.00 74.25 3.32 100.00 186.1
RollsRoyceX 113.60 -3.20 792.00 1.57 4.05 -0.38 30103.3
Liontrust 1395 75.00 1495 678.45 2.08 58.44 71.0 Castings 338.00 2.00 443.76 274.00 4.40 14.65 0.3 SEGRO 956.00 1.40 996.60 641.80 2.17 15.57 1847.7 MenziesJ 110.40 -5.60 489.50 66.90 18.57 10.22 307.3
Automobiles & Parts LSE Gp 9198 90.00 9198 5300 0.76 81.83 626.2 Goodwin♦ 2975 - 3668.8 1730 3.23 20.38 1.1 Mining Shaftbry 503.00 - 992.50 420.00 3.52 -5.15 368.3 Mitie 31.60 -0.90 85.97 29.35 6.53 5.62 408.9
FordMtr $X 6.78 0.03 9.58 3.96 6.92 -12.05 27434.9 M&G Plc 160.90 1.50 252.56 86.40 7.41 3.82 5560.8 Hill&Sm 1182 2.00 1534 844.00 0.90 25.26 49.8 AngloAmer 1870 -9.80 2266 1018.2 4.73 13.75 3124.2 Town Ctr 86.25 -1.25 235.94 85.50 13.62 -11.50 15.1 Renewi 22.80 -0.40 45.90 17.66 4.21 -3.35 1880.0
Man 114.85 -0.10 172.85 84.72 6.90 9.34 2494.3 IMI 1089 31.00 1214.5 619.80 1.37 19.27 561.1 AngloPacif 112.00 -4.00 215.00 98.00 8.15 -16.12 705.8 TritaxBBOX 157.00 0.30 162.40 79.00 4.27 15.23 2347.7 Rentokil 543.80 5.40 578.00 247.70 0.28 41.73 2958.9
Banks MelroseInd 116.65 -3.55 309.40 72.00 4.07 129.61 11096.3 AnGoldA R 430.91 -5.70 637.35 209.79 0.37 16.90 1427.9
Paragon 332.00 2.00 555.50 217.00 6.39 7.63 720.8 Wkspace 562.00 10.00 1317 420.88 6.04 14.16 214.9 Ricardo 345.00 -8.00 846.00 286.93 6.17 10.12 31.6
ANZ A$X 17.08 -0.31 28.28 14.10 8.28 12.44 5535.9 Renold 10.95 -0.45 22.50 4.00 - 7.30 151.6 Antofagasta 1001.5 -4.00 1148.5 575.00 1.43 36.50 2618.7
Providnt 195.90 -0.10 492.70 126.87 4.59 13.70 1096.6 Real Estate Inv & Services RbrtWlts 371.00 -7.00 614.00 214.00 1.21 12.93 4.9
BcoSant 140.46 -5.34 348.40 137.80 6.47 -3.16 1125.4 RHIM 2500 -18.00 3989.85 1419 1.82 18.21 93.7 BHP Group 1654.6 9.00 1932 939.80 4.11 11.78 4262.1
RathbnBr♦ 1548 -2.00 2470 1194 4.52 26.51 19.8 Cap&Count 114.10 0.10 275.00 103.80 1.31 -1.98 2258.0 RPS 46.50 0.50 185.60 29.86 21.25 4.52 200.2
BnkGeorgia 890.00 4.00 1845 690.00 - 5.26 19.4 Rotork 282.40 0.80 344.70 177.05 0.81 26.64 925.9 BisichMg 52.50 2.50 128.00 40.00 5.71 5.45 7.1
Record 42.30 0.05 44.61 25.00 5.44 12.98 71.9 CLS 206.50 -6.00 322.50 153.00 3.58 9.52 306.9 SIG 26.18 0.60 134.32 14.38 13.79 -1.29 2307.9
BankIre Grp € 1.62 -0.03 5.51 1.28 - -3.08 214.9 Severfd 56.60 0.60 96.00 51.20 5.12 8.52 150.8 EVRAZ 350.00 9.50 456.20 200.60 17.23 12.01 4530.6
S&U 1675 5.00 2500 1420 7.16 7.00 13.3 Grainger 295.20 -3.80 341.80 189.76 1.76 17.16 645.7 Vp 640.00 -5.00 1040 499.00 4.76 13.86 688.2
BkNvaS C$X 55.14 -0.25 76.75 46.38 6.36 10.08 196.8 Tex# 73.00 - - - - -2.15 - Fresnillo 1248 18.50 1379.5 456.51 0.95 57.11 1817.5
Schroder 2777 35.00 3465 1711 4.11 17.10 204.1 Harworth Gr 88.00 -2.80 160.22 83.66 1.06 11.14 69.2
BarclaysX 97.71 -0.29 192.99 73.04 3.07 14.78 35625.7
..N/V 1904 -4.00 2645 1424 5.99 11.72 16.7 Trifast 103.00 0.50 200.00 89.00 4.13 -542.11 9.8 GlencoreX 161.76 2.38 264.12 109.76 4.94 -7.99 25493.4 Tech - Hardware
CanImp C$X♦ 98.51 -0.74 115.96 67.52 5.69 11.08 81.3 Vitec 758.00 8.00 1335 485.98 1.62 -252.67 16.3 Harmony R 89.09 -0.77 126.76 31.06 - -29.22 3836.6 Helical 311.00 7.00 540.00 200.43 3.28 9.81 122.3 SpirentCM 285.00 4.50 311.09 146.81 1.50 23.21 630.7
Shires Inco 210.00 - 299.46 157.85 6.29 -4.62 24.9 HK Land $♦ 3.72 -0.02 5.90 3.46 6.16 -4.09 934.8
HSBCX 308.20 3.60 621.90 281.50 5.21 -190.36 27221.2 Weir 1280 8.00 1578.3 608.60 1.29 -8.61 440.7 KAZ Mineral♦ 512.40 1.00 600.00 256.20 1.85 5.76 786.1
Strd Life A 240.10 6.90 338.25 170.30 9.00 -5.99 9039.3 Lon&Assc 12.00 - 22.87 10.00 1.50 -1.58 0.1 Tech - Software & Services
LlydsBkgX 27.20 0.67 73.66 23.59 4.12 67.99 153950.4
TP ICAP♦ 217.20 -4.80 425.00 160.25 7.76 22.16 1007.6 Petropvlsk 33.30 -0.45 41.60 9.32 - 44.11 7677.0
NWGX 109.85 2.35 122.05 90.54 1.82 33.29 16195.7 Industrial General PolymtIntl 1696 - 2085 990.20 2.99 14.18 1202.8 MacauPrp 70.00 - 133.00 51.00 - -2.01 5.1 Computcnt 2316 -12.00 2416 900.00 1.37 26.02 151.0
WlkrCrip 26.50 - 30.00 18.00 3.51 15.68 50.0 Calisen 166.60 1.25 253.95 95.00 - -0.02 99.7 Mntview 10650 - 12850 8600 3.76 14.68 0.1 MicroFoc 241.30 0.20 1200.05 233.50 18.68 -1.03 1314.1
PermTSB € 0.51 0.03 1.28 0.40 - -4.16 100.9 Rio TintoX 4694 45.50 5175 2954 6.51 13.16 1809.2
RylBkC C$X 93.22 -0.34 109.68 72.00 4.45 12.31 143.5 Food & Beverages Coats Group 55.00 -0.50 80.90 35.90 0.81 25.94 842.8 Troy Res A$ 0.09 0.00 0.14 0.06 - -1.27 211.0 Raven Prope 28.40 -0.70 51.80 25.80 - 3.79 757.9 NCC Grp 176.00 1.60 236.00 125.40 2.64 37.45 80.1
Secure Trus 634.00 2.00 1730 524.93 3.15 5.82 1509.4 AngloEst 503.00 -2.00 680.00 336.00 0.08 8.79 0.9 JardnMt $X♦ 39.91 0.10 59.68 37.37 4.49 -73.70 149.2 RavenR CNV 85.50 - 110.00 63.00 - - 1.6 RM 173.00 -2.75 310.00 110.00 1.16 10.42 1.3
StandChX 359.90 3.30 740.80 334.25 1.57 10.02 4090.9 AscBrFdX 1914 11.50 2730 1554 2.42 21.41 826.5 Jard Str $X♦ 20.15 0.15 33.50 17.81 1.83 -24.49 142.5 Oil & Gas RavenR Prf 122.00 - 137.00 75.00 - 136.62 39.0 Sage 720.80 -1.80 794.60 7.32 2.35 23.56 1277.2
..7.375%Pf 115.25 1.50 129.00 93.50 6.40 - 36.0 Barr(AG) 465.50 -5.50 641.00 369.00 3.60 17.57 89.9 Macfrlne♦ 84.30 0.20 116.50 61.00 0.82 14.07 18.1 BPX 214.40 -3.80 521.50 210.80 15.52 -2.44 61386.7 Safestre 794.50 0.50 886.89 501.00 2.20 8.97 159.6 SDL 650.00 - 870.00 367.00 - 27.66 197.3
..8.25%Pf 128.15 5.25 138.95 105.00 6.44 - 0.2 Britvic 794.00 24.00 1079 536.00 3.78 24.97 673.1 Smith DS 307.60 2.60 397.80 244.80 3.58 14.65 3092.2 CairnEng 148.50 1.90 210.00 57.35 - 9.71 956.7 Savills 798.00 4.50 1268 620.00 0.62 15.93 152.9 TriadGp 26.50 - 46.70 24.00 11.32 -883.33 1.0
TntoDom C$X 61.56 -0.23 77.72 49.01 4.78 11.06 176.0 CarrsGroup 103.00 1.25 165.00 83.53 4.61 7.46 130.4 Smiths 1404 -2.50 2246.4 790.00 3.27 56.84 634.9 ExxonMb $X 32.90 -0.23 73.12 30.11 11.02 18.80 14657.9 SiriusRE 75.70 2.40 93.50 44.35 4.01 9.06 978.4
SmurfKap 3134 6.00 3166 1831 0.81 19.52 266.5 Gazprom PJS $ 4.28 -0.01 8.50 2.55 9.95 6.62 7436.8 Smart(J) 112.50 - 126.00 107.50 2.84 8.09 0.5 Telecommunications
Westpc A$X 16.57 -0.35 29.39 13.47 9.29 14.07 7983.5 Coca-Cola H 1952 -14.50 2933 1393.1 2.89 18.84 389.2
Vesuvius 390.00 -8.40 514.50 284.00 1.59 20.97 124.4 GeoPark $ 7.37 -0.04 22.53 5.44 1.16 -4.18 13.9 StModwen 320.50 7.50 539.00 294.46 1.12 -6.64 218.0 BTX 98.70 -0.18 212.25 1.02 15.60 4.53 18802.1
Cranswk 3610 46.00 4126 2688 1.57 22.76 55.9
Basic Resource (Ex Mining) GulfKeyst 73.10 -0.10 235.00 47.30 22.17 5.27 473.6 U+I 51.60 -3.60 189.00 51.20 11.43 -1.16 244.4 TalkTalk 83.15 1.25 125.50 67.20 3.01 6.30 1783.0
Devro 184.60 1.80 200.00 116.76 1.46 -7.47 203.1 Industrial Transportation TelePlus 1318 2.00 1585 907.00 4.10 28.84 55.9
Ferrexpo 173.50 1.00 212.40 94.88 7.70 3.30 1013.5 HellenPet € 4.66 0.01 8.83 4.40 10.69 -4.82 163.7 Unite Gp 869.50 2.00 1351 577.00 1.18 -8.27 401.4
DiageoX♦ 2683 12.50 3369.5 2050.6 2.60 44.79 2097.6 Braemar 168.00 3.00 241.84 92.00 8.93 11.81 167.0 Vodafone GpX 102.82 1.12 169.46 92.76 7.45 -37.12 44009.8
Mondi 1717.5 25.50 1794 1156.5 1.44 13.14 1511.0
Grncore 101.80 1.70 282.20 83.40 6.09 7.83 865.5 Hunting♦ 122.00 -1.90 455.20 120.10 5.31 -1.26 717.1 Urban&C 205.00 -0.50 375.00 183.00 1.90 6.68 300.3
Clarkson 2300 -50.00 3135 1936 1.09 -60.53 4.7 ImpOil C$X 15.14 -0.17 35.80 10.27 5.91 -372.19 86.0
Chemicals HiltonFd 1204 4.00 1352 711.00 1.81 30.02 104.8 Eurotunnl € 11.70 - 17.04 8.62 - 234.79 731.6 Retailers Tobacco
Kerry € 109.90 0.60 126.50 57.62 0.71 36.18 113.2 Pharos Ener 11.00 -0.90 64.80 10.00 - -0.19 58.2 BrAmTobX 2752.5 16.00 3507 2362.5 5.60 9.94 2016.8
Carclo 22.90 -0.10 26.50 3.05 - -0.85 14.3 Fisher J♦ 1180 36.00 2190 1098 0.96 24.08 31.7 AA 30.55 0.75 62.01 13.32 6.55 2.23 2059.9
PremFds 98.80 -0.80 101.20 17.86 - 18.30 2970.5 PJSC Lukoil $ 55.69 -1.64 108.45 46.86 8.28 6.42 1.7 Imperial BrX 1365 -4.00 2072 1218 15.13 15.12 1487.4
Croda 6322 -2.00 6334 3814 1.42 39.24 218.6 OceanWil 620.00 - 1040 509.90 3.96 273.61 10.5 AO World 219.00 -0.50 223.50 46.67 - 591.89 885.5
REA 59.25 0.75 186.00 25.00 - -1.82 19.0 PremOil 15.07 -0.63 120.70 10.02 - -0.25 12565.4
Elemntis 77.20 2.00 185.70 18.07 2.85 -12.39 352.8 RoyalMail 243.80 -1.20 258.60 118.86 10.05 15.14 2111.5 Caffyns 270.00 - 450.00 200.00 8.33 -28.72 0.4 Travel & Leisure
StckSpirit 218.00 3.00 258.06 119.80 3.63 13.29 628.9 RylDShlAX 933.10 5.10 2375 905.70 13.42 -7.79 7692.8
Johnsn Mtth 2425 35.00 3294 1614 3.58 18.36 865.8 Signature A 242.50 2.30 401.50 129.40 5.52 80.32 851.3 Dairy Fm $♦ 3.91 0.01 6.50 3.48 5.59 19.46 802.2
Tate&Lyl 676.40 1.60 811.40 493.83 4.38 12.98 609.8 ..B 904.00 -3.30 2381.5 884.05 13.85 -7.55 10352.2 888 Hldg 264.00 6.50 273.00 68.40 2.60 30.95 2149.3
Victrex 1932 50.00 2574 1645 3.08 18.74 155.2 Dignity 436.50 6.00 648.00 210.50 - -9.53 62.8
Unilever 4842 37.00 4923.5 3583.5 3.05 23.67 2016.6 Insurance Seplat 58.00 0.60 130.00 37.30 17.67 11.94 1.7 Carnival 953.00 -16.80 3732 581.00 12.79 -2.84 1278.4
Dunelm 1503 62.00 1558.63 596.50 1.86 27.03 354.7
Construction & Materials ..NV € 53.40 -0.20 55.40 45.30 3.12 23.46 7.9 Admiral 2673 31.00 2846 1858.5 3.67 15.92 433.0 TrnCan C$X♦ 55.20 -0.09 76.58 47.05 5.38 12.94 95.9
Halfords 237.00 -1.50 245.00 49.42 7.84 27.24 1796.4
CompassX 1160.5 -7.50 2085.52 865.80 3.45 17.88 4136.7
Alumasc 79.00 - 133.45 56.54 9.30 14.91 8.0 AvivaX 287.60 1.80 439.40 205.70 3.30 5.24 7559.9 Tullow Oil 14.30 -0.23 221.03 7.17 37.84 -0.16 14613.1 Dalata Hote 218.25 -7.50 502.00 147.37 4.08 6.13 5.6
Health Care Equip & Services Wood Group 208.30 0.60 426.40 2.14 4.43 40.85 1625.4 Inchcape 453.60 2.60 725.00 400.20 1.96 181.44 370.7 easyJet 489.70 -11.50 1570 410.00 8.96 8.07 2850.9
Boot(H)♦ 252.00 5.00 351.00 180.00 1.98 13.92 6.0 Beazley 318.60 -0.40 627.00 294.20 3.94 24.92 1308.0 JDSportsF 798.00 -9.80 890.00 274.70 0.22 31.55 1060.2
CRH 2800 10.00 3119 1500 2.65 16.64 606.8 ConvaTec♦ 175.60 -2.00 225.80 142.40 2.55 145.00 3348.8 Chesnar 285.50 3.00 350.50 200.00 7.32 5.44 90.7 FirstGrp 39.72 0.12 135.90 25.00 - -1.47 1671.0
GNStre kr 485.30 -8.40 493.70 217.40 0.30 63.83 176.3 Pharmaceuticals & Biotech Kingfisher 294.60 -1.20 301.40 101.00 3.67 736.50 8511.1 Flutter Ent 12245 -60.00 12910 4921.54 0.54 121.00 180.6
GalfrdT 79.80 2.32 887.00 74.50 72.68 0.74 394.0 Direct Line 274.80 4.00 355.00 225.40 2.62 9.85 2986.8 Marks&Sp 98.70 -0.82 236.50 73.90 11.14 82.25 6658.5
Mediclinic 288.60 3.00 419.40 232.40 2.74 -6.65 280.2 AstraZenecaX 8431 -48.00 10120 5871 2.64 63.52 1547.7 Fuller A 600.00 50.00 1120 486.00 3.36 -331.49 187.3
KierGp 49.60 - 154.60 45.42 9.88 -0.35 380.1 Eccles prf 151.00 -0.50 167.00 111.00 5.71 - 38.2 Morrison (W 170.90 -0.65 210.00 157.55 3.91 11.84 4993.1
Smith & Nep♦ 1524.5 -12.00 2023 1055.01 1.98 42.23 1417.4 CathayIn 1.28 0.13 3.15 0.26 - -0.60 17.3 Go-Ahead 575.00 -16.50 2308.91 390.20 17.75 4.10 101.1
Kingsp € 76.10 -1.35 107.30 37.30 0.17 40.44 262.7 Hansard 35.60 0.70 48.00 22.05 12.50 11.87 35.0 Next 6142 32.00 7358 3311 2.73 13.10 331.9
UDGHlthC 740.50 -29.00 846.00 423.40 1.83 25.73 1053.9 Dechra 3206 - 3414 388.00 0.99 115.41 86.5 IntCon Htel 4002 22.00 5297 2161 0.79 -68.21 512.5
MorgSdl 1180 30.00 1980 990.01 1.78 10.19 38.0 Hiscox 879.60 7.60 1650 635.40 1.26 -12.91 748.4 Ocado 2659 -59.00 2914 994.01 - -155.04 1638.3
Genus 3834 -52.00 4056 2464.6 0.70 322.18 41.7 Intl Cons A 91.48 -2.34 275.54 62.48 14.41 -0.69 33472.1
Norcros 140.00 -4.00 305.00 119.00 6.21 10.37 50.2 House, Leisure & Pers Goods Lancashire 696.00 6.00 852.50 481.00 1.73 33.08 598.3 Saga 11.30 -1.44 54.64 11.04 20.35 -0.41 20959.9
GlaxoSmhX♦ 1444.6 0.80 1857 1328.19 5.54 10.87 6070.3 MandarO $ 1.80 - 1.87 1.06 0.87 -13.00 114.6
Tyman 227.00 2.00 292.00 133.00 1.70 19.98 628.0 Leg&Gen 195.80 4.00 324.70 138.00 8.97 9.56 18811.0 Sainsbury ( 191.60 1.30 236.70 171.19 5.85 33.03 4797.0
BarrttDev 491.10 1.60 889.20 349.40 5.93 6.70 3274.2 HikmaPhm 2629 24.00 2698 1596 1.45 15.39 528.5 Marstons 41.22 -1.54 133.80 18.40 18.20 -4.39 3058.1
Old Mut 50.50 2.69 110.20 42.76 12.45 4.61 2172.3 Studio Reta 246.00 -3.50 265.00 140.00 - 16.44 22.2
Electronic & Electrical Equip Bellway 2409 21.00 4336 1735.5 6.24 5.69 162.1 Oxfd Bio 825.00 5.00 899.00 356.73 - -37.33 70.7 Natl Exp 155.60 1.20 485.00 66.30 3.32 -53.66 2402.5
Berkeley 4356 30.00 5562 3041 2.74 13.90 359.7 PhoenixGrp 699.80 5.60 806.00 439.60 6.69 9.53 1652.4 RichterG $ 21.60 -0.20 24.80 15.60 0.98 17.84 0.0 TescoX 210.00 -0.70 332.67 203.70 3.21 22.01 16133.4
Dialight 294.00 -12.50 350.00 157.50 - -5.98 5.2 PPHE Htl 972.00 4.00 2160 700.00 3.60 15.19 15.4
Burberry Gp 1562.5 -30.00 2340 1017 2.74 52.43 746.1 PrudntlX 1128 20.50 1509 682.80 3.29 27.76 5674.4 VecturGp 100.80 -0.20 121.00 59.10 - -29.65 634.5
Discoverie 610.00 6.00 650.00 330.29 1.59 36.97 35.8 Support Services Restaurt 52.80 0.80 167.70 20.26 6.76 -6.42 592.6
Cairn Homes € 0.84 0.02 1.35 0.60 2.75 13.96 170.3 RSA Ins 454.70 -0.60 736.84 321.20 1.65 14.81 1848.5
Halma 2375 -22.00 2413 1660 0.68 48.81 442.8
SagicFin 117.50 - 135.00 87.00 1.72 241.77 0.0 Real Estate Aggreko 366.20 -13.60 881.00 285.90 2.56 -16.36 417.0 Ryanair Hol 259.80 3.80 459.13 206.80 2.42 49.02 232.2
Morgan Ad 232.50 -1.00 339.40 168.80 1.72 83.04 83.7 CtrySide 344.80 0.60 544.00 248.80 4.73 10.58 1156.1 TUI 285.40 -5.80 1090 218.00 16.74 -14.66 1126.0
Crest Nicho 197.60 -0.40 524.00 159.85 5.67 -50.67 610.9 StJmsPl 953.00 5.40 1777.5 614.00 4.04 18.33 1193.9 REITs AshtdGp 2835 8.00 2969 1010 1.43 17.55 1033.8
OxfordIn 1586 -8.00 1690 724.00 0.67 28.68 45.4 Bunzl 2523 17.00 2534 1242 0.61 22.19 738.1 Whitbrd 2170 17.00 4462.28 1551.15 3.95 17.42 919.6
Renishaw 5820 25.00 5860 2234.51 1.03 88.99 71.4 GamesWk 10330 40.00 10470 3564 1.40 47.43 49.0 LEISURE Assura 77.60 0.20 88.00 46.80 3.56 23.52 2349.5 Willim H 278.00 -2.50 313.00 28.63 0.96 16.26 10474.1
Gleeson 606.00 6.00 1010 512.00 5.69 12.93 4.3 BigYellw 1035 -19.00 1245.3 630.00 3.25 18.62 170.2 Capita 29.41 0.29 185.25 19.84 - -5.70 5790.6
Spectris 2415 -36.00 3072 2058 0.91 12.98 201.4 PhotoMe Int 51.05 -0.85 99.90 32.50 16.53 5.75 176.8 DCC 5522 -88.00 8558.3 3463 2.59 22.16 263.0
TT Elect 203.00 1.00 285.00 135.75 1.03 81.20 269.5 Headlam 262.00 -11.00 560.00 208.50 9.54 7.75 21.4 BritLand 349.20 8.80 649.40 309.40 6.79 -3.17 2624.9 Utilities
McBride 60.40 -0.60 88.00 53.30 - 17.26 127.3 Media Cap&Reg 35.00 -1.50 302.50 35.00 45.71 -0.22 55.5 DeLaRue 141.00 7.20 214.97 36.86 10.83 4.67 333.1 Centrica 40.73 0.54 95.32 29.10 3.68 -3.54 15203.6
XP Power♦ 4520 120.00 4650 2062.05 0.84 48.39 7.5 Diploma 2218 18.00 2310 1165.21 1.31 39.82 97.4
McCarthy&S 74.00 -0.20 160.20 36.51 7.30 9.74 1278.2 4imprint 1744 -16.00 3540 1067.31 1.16 22.14 74.7 Civitas SH 104.40 -0.80 115.40 74.20 5.08 17.23 3714.7 Drax 270.00 1.60 364.60 118.90 5.89 -18.12 472.0
Financial General Persimn 2536 26.00 3328 1367.5 - 11.98 554.8 Auto Trader 575.00 4.00 747.00 308.60 1.22 26.04 2054.2 Countrywd 187.60 2.60 399.50 42.63 - -1.64 83.1 DWF Group P 68.30 - 143.00 45.00 1.46 20.06 252.3 Natl GridX 926.60 16.60 1073.8 8.90 5.16 25.32 5909.4
3i 1040 13.00 1186 529.80 3.61 47.06 2725.0 Philips € 40.03 -0.34 46.38 26.92 - 36.75 1496.2 DlyMailA 693.00 -7.00 960.00 538.00 3.45 12.22 496.1 DrwntLdn♦ 2644 46.00 4362 2334 2.74 20.85 218.1 Elctrcmp 718.00 0.50 743.50 397.30 2.14 20.75 659.8 Pennon 1071 9.00 1589.5 800.20 3.91 38.80 824.5
BrewDlph 239.50 6.50 377.20 130.00 6.85 15.35 255.6 PZCusns 238.00 3.50 290.70 115.23 3.48 26.77 2790.9 Hyve Group 65.00 -0.70 3178.79 58.00 29.68 -5.00 258.8 Great Portl 620.20 3.80 971.80 518.60 2.03 31.01 473.0 Essentra PL 259.80 3.80 459.13 206.80 2.42 49.02 232.2 Severn Tren 2526 30.00 2716 1994.5 3.80 38.10 494.9
CtyLonInv 429.00 4.00 479.52 264.00 6.29 11.41 12.5 ReckittBX 7672 -34.00 8191.3 5130 2.28 -19.84 631.5 Informa 387.10 5.70 875.40 326.70 5.79 21.51 2582.2 Green Reit € 1.84 -0.05 1.93 1.30 3.12 13.44 1922.5 Experian 2951 13.00 3153.61 1823.5 1.30 49.18 1136.5 SSE 1286.5 32.50 1703 1057.5 7.17 31.69 2506.9
CloseBrs 1048 20.00 1663 849.00 6.30 8.21 434.1 Redrow 412.80 5.60 850.76 293.00 7.51 4.71 833.4 ITV 69.92 1.18 165.90 50.06 3.72 9.32 24396.0 Hammersn 16.32 0.02 148.53 14.05158.70 -0.22 8510.2 Ferguson 7990 52.00 8012 3700 1.97 24.49 334.5 UtdUtils 896.20 13.60 1104 625.00 4.66 57.45 1770.3
Superdry Pl 158.30 1.90 529.00 60.10 7.26 -1.04 414.9 Hibernia € 0.99 - 1.48 0.75 3.67 11.60 2797.4 G4S 204.00 2.10 223.50 69.92 1.76 185.45 11048.8

AIM
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence Zytronic 125.00 12.50 258.50 70.00 18.24 10.50 130.7 House, Leisure & Pers Goods Mining Mereo Bio 41.00 -0.50 69.00 13.00 - -1.05 28.2 Renew 475.00 11.00 570.00 304.00 2.42 16.20 41.9
Cohort 613.00 - 738.00 416.85 1.54 26.38 24.2 Airea 27.00 - 46.99 18.11 2.96 16.88 10.0 AMC 1.90 - 3.92 0.85 - -7.85 15056.5 Reneuron 97.00 3.00 297.50 71.00 - -2.70 45.6 Restore 345.00 3.50 560.00 295.00 0.70 230.00 156.2
Financial General Sareum 0.81 0.01 1.10 0.03 - -20.13 6220.1 Smart Meter 640.00 - 742.00 396.00 0.98 181.30 47.3
Velocity Co 15.50 - 44.96 12.00 - -6.20 0.6 Churchll 1035 - 2060 605.00 1.00 21.61 1.1 Arkle Resou 0.88 - 1.70 0.10 - -4.31 1455.8
Appreciate 26.30 0.30 66.46 24.00 12.17 5.39 124.9
Frontier De 2630 -30.00 2775 952.00 - 186.52 35.2 BotswanaD 0.65 - 1.44 0.40 - -5.00 443.0 Real Estate Tech - Hardware
Banks Arbuthnot 742.50 -2.50 1400 600.00 2.15 29.12 2.1
Portmern 402.00 -13.00 928.36 229.59 9.31 7.38 16.0 CentAsiaM 158.80 2.40 233.00 100.20 8.72 7.37 267.7
Caribbean I 54.50 - 64.45 13.12 - 4.20 14.0 BP Marsh 225.00 - 276.02 133.00 2.12 6.45 16.3 InlandHms 50.00 -0.50 94.40 32.00 4.40 6.76 200.5 AminoTech 123.50 -0.50 155.00 100.00 1.34 79.12 10.4
WalkerGb 57.00 -1.50 91.75 22.00 5.39 10.96 817.7 HighldGld 299.00 - 314.00 150.00 3.99 8.13 1263.2
Burford Cap 635.20 -36.60 987.68 250.43 1.54 8.71 2242.2 Lok'nStor 555.00 10.00 740.00 335.00 2.16 53.11 5.2 IQE 52.50 0.15 76.30 18.86 - -11.64 1251.9
Basic Resource (Ex Mining) Gresham Hou 757.50 -2.50 767.00 450.00 0.40 -221.62 41.1 Industrial Engineering Oil & Gas PnthrSec 245.00 - 400.00 180.00 4.90 -10.61 0.2 Telit Commu 137.00 -0.20 180.66 64.76 - 22.27 94.4
CropperJ 860.00 - 1480 580.00 1.57 17.00 0.4 Leeds 13.50 -2.00 20.00 7.50 - -1.31 3.9 600 Grp 8.50 - 19.20 6.75 8.87 2.81 5.5 BorSthnPet 0.68 0.01 2.63 0.10 - -3.20 4276.4 SIR 263.00 -0.50 476.00 180.00 6.18 5.56 184.5
MattioliWds 670.00 - 865.00 291.00 2.99 21.07 4.5
Tech - Software & Services
Chemicals MS Intl 115.00 - 216.00 102.00 7.17 -7.62 3.6 ClontarfEn 0.38 -0.02 1.98 0.09 - -9.38 827.9 Retailers
Numis 300.00 - 324.00 165.00 4.00 34.88 361.2 BoBlue Pris 1283 -7.00 1890 774.25 - -12.03 192.3
Directa Plu 73.00 -1.00 92.00 46.25 - -12.31 5.5 Pres Tech 62.00 - 147.00 53.00 - -6.46 8.4 Egdon Res 2.00 -0.05 6.95 1.50 - -1.40 9.9
PolarCap 500.00 21.00 614.92 282.00 6.60 12.11 40.9 ASOS 5264 -2.00 5468 975.20 - 98.76 119.2 Eckoh 69.00 - 72.00 40.00 0.88 57.50 20.3
Scapa 117.20 -2.20 295.00 82.50 2.47 -3.67 280.0 Hurricane E 3.31 -0.18 46.88 2.42 - 2.58 20316.5
Premier Mit 92.00 - 192.00 65.00 11.30 8.81 8.0 IT PetrelRes 4.30 - 27.00 3.01 - -3.38 51.0
Boohoo Grou 355.80 -2.90 433.50 133.10 - 66.50 10404.0 IDE Group H 1.40 0.03 5.80 1.22 - -0.66 511.0
Versarien P 38.23 -0.80 114.40 21.20 - -15.86 608.3 Keywords St 2166 -14.00 2314 1069 0.07 173.54 116.2 CVS Group P 1195 -5.00 1300 648.00 0.46 68.68 126.0 Ingenta 80.25 - 96.00 40.00 1.87 -10.06 19.9
STM Group 37.00 -0.50 45.00 18.00 5.54 6.56 123.0 Phoenix Glo 7.60 0.53 23.00 5.88 - -2.52 49.1
Learning Te 128.90 -0.30 174.40 97.00 0.47 81.38 1124.4 Iomart 352.00 7.50 409.00 219.50 2.16 28.85 64.6
Construction & Materials Food & Beverages Rockhop 4.88 -0.17 22.45 4.00 - -1.42 1806.6 Support Services Oxford Metr 84.50 2.00 127.40 70.00 2.13 35.81 46.2
Abbey 1475 - 1575.28 1060 0.65 13.52 0.8 LEISURE Sound Energ 1.23 -0.08 8.34 0.74 - -0.80 4276.2 Begbies 88.00 - 117.00 57.33 3.07 125.71 175.0
Camellia 6825 - 9900 6250 2.11 22.71 0.3 WANdisco 455.00 -1.00 834.00 330.00 - -9.57 28.2
AccsysTch 89.50 -1.50 106.62 59.80 - 50.56 11.7 Codemasters 363.00 -8.00 420.00 202.00 - 45.38 221.8 UnJackOil 0.17 0.00 0.32 0.08 - -8.65 352598.3 Christie 75.00 - 132.00 54.00 4.00 9.10 5.1
Fevertree D 2300 - 2895 888.40 0.67 45.76 128.5
Aukett 1.60 - 3.16 1.30 - 3.48 79.5
FinsbryFd 55.90 -0.10 105.00 50.00 6.26 7.45 91.8 Sumo Group 230.00 - 244.00 121.54 - 45.36 502.3 United O&G 2.73 -0.10 4.19 1.00 - -5.82 2160.5 Empres 42.00 - 64.00 28.00 - -7.24 2.2 Travel & Leisure
Gattaca 54.00 - 135.05 29.40 - -7.50 7.0 Celtic 110.50 - 166.65 85.00 - 11.30 1.6
Electronic & Electrical Equip Nichols 1245 -2.50 1760 858.00 1.00 26.08 31.1
Media Pharmaceuticals & Biotech
Impellam 225.00 - 397.00 220.00 - -4.00 1.4 ..6%CvPf 127.50 - 170.00 120.00 - - 0.1
CeresPow 652.00 62.00 674.00 206.00 - -213.071712.5 Health Care Equip & Services Mission Gro 63.00 2.50 110.00 33.25 3.44 8.82 119.3 Abcam 1222 -29.00 1584 943.00 0.99 58.19 255.1
JhnsnSrv 94.40 -0.60 226.00 76.50 3.44 11.37 454.7 ..Cv Pf 245.00 - 339.50 220.00 - - 0.4
Checkit 46.50 - 65.00 22.00 - -4.74 3.6 YouGov 900.00 30.00 1020 300.00 0.44 63.83 219.9 AllcePharm 74.50 1.30 88.90 52.17 2.03 15.78 237.5
AVO 32.50 2.00 43.00 20.00 - -3.31 68.3 LonSec 2150 50.00 2400 1800 3.72 15.83 0.0 gamingrealm 22.20 0.60 25.36 4.40 - -13.88 845.6
LPA 72.00 - 117.00 56.00 1.53 25.90 3.0 Clinigen Gr 694.50 12.00 1000.00 350.40 0.96 68.09 225.8
CareTech 426.00 -1.00 502.00 285.00 2.75 19.34 13.7 NWF 180.00 - 218.00 113.00 3.67 9.94 7.1 Jet2 696.00 -6.50 839.25 620.00 1.49 9.30 304.0
ThorpeFW 286.00 -7.00 363.32 225.00 1.93 22.43 3.9 e-Thera 16.45 0.20 23.00 1.25 - -18.91 115.9
Tristel 483.00 -2.00 534.00 271.00 1.15 47.77 57.4 Petards 6.50 -0.25 16.40 3.75 - -19.12 160.6 MinoanGp 1.23 - 2.50 0.68 - -3.06 500.0

Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-) BMO UK HIT 312.00 - 406.00 224.00 - 342.5 -8.9 IPST UK Eq 142.00 1.00 190.25 104.00 4.65 147.7 -3.9 PolarHealth 233.00 1.00 258.00 163.00 0.90 270.0 -13.7 Conventional - Property ICs 52 Week Dis(-)
Price +/-Chg High Low Yld NAV or Pm Brunner 747.00 -4.00 926.00 550.00 2.67 904.7 -17.4 IP UKSmall 380.50 -5.50 640.00 285.17 4.94 470.7 -19.2 PolarFins 103.75 -0.75 154.50 77.20 4.24 116.9 -11.2 Price +/-Chg High Low Yld NAV or Pm
3i Infra 289.00 0.50 317.79 184.96 3.09 249.9 15.6 Caledonia I 2445 -10.00 3195 1920 2.45 3316.2 -26.3 JPM Amer 512.00 -1.00 536.00 328.50 1.27 550.4 -7.0 PolarTech 2055 -10.00 2314.7 1041.5 - 2218.3 -7.4 Direct Property For queries about the London Share Service pages e-mail
AbnAsianIn 189.75 -0.25 223.00 140.59 4.87 216.8 -12.5 CanGen C$ 26.69 0.16 28.50 16.22 3.12 42.1 -36.6 JPM Asia 427.00 -3.00 432.00 272.00 3.77 424.0 0.7 RIT Cap♦ 1858 4.00 2185 1176 1.86 1981.5 -6.2
AEW UK REIT 75.10 -0.20 102.10 53.00 10.65 91.4 -17.8 ft.reader.enquiries@morningstar.com.
Abrdn Div I 90.80 -0.40 116.00 66.20 5.93 110.4 -17.8 City Merch 175.50 -1.50 199.50 118.00 5.70 182.5 -3.8 JPM Brazil 61.50 -0.25 80.75 35.00 1.30 65.7 -6.4 Ruffer Inv 238.00 -2.00 250.00 202.00 0.76 247.7 -3.9
BMO ComPrp 64.40 -1.00 123.00 43.50 9.32 120.2 -46.4 All data is as of close of the previous business day. Company classifications
AbnEmgMkts 572.50 2.50 638.00 420.05 3.71 693.3 -17.4 City Lon 319.00 2.00 448.50 269.00 5.89 321.9 -0.9 JPM China 351.50 17.50 381.16 252.00 0.71 567.6 -38.1 Schroder To 432.00 3.00 433.25 244.00 1.44 427.0 1.2
BMORealE 53.00 -0.20 89.80 38.72 9.43 96.0 -44.8 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
AbnJapInv 645.00 -10.00 659.80 456.00 1.77 774.0 -16.7 CQSNatRs 91.50 -0.70 96.88 49.00 6.12 110.7 -17.3 JPMElct MC 102.50 - 106.00 99.00 0.39 103.5 -1.0 SchdrAsiaP 510.00 - 519.40 345.00 1.90 571.1 -10.7
CustdnREIT 88.60 0.70 118.00 76.00 7.48 94.8 -6.5 100 constituent stocks are shown in bold.
AbnLatAmIn 47.35 0.50 75.00 38.00 7.39 56.4 -16.0 Dun Inc 247.00 -1.50 307.00 180.12 5.04 273.8 -9.8 ..MG 797.50 -5.00 929.85 565.20 2.12 844.7 -5.6 SchdrEurReE 70.00 - 120.87 56.60 9.40 121.7 -42.5
GCP Student 122.00 0.60 212.50 90.00 5.07 170.3 -28.4
AbnNewDn 268.00 1.00 280.00 179.59 1.60 305.2 -12.2 EcofinGloba 160.00 -0.50 188.00 102.63 4.00 164.5 -2.7 ..MI 81.00 -1.00 114.00 64.00 5.74 85.3 -5.0 Schdr Inc 240.00 0.50 320.00 171.17 5.21 251.5 -4.6 Closing prices are shown in pence unless otherwise indicated. Highs & lows
Longbow 74.25 -0.50 99.50 64.19 8.08 96.8 -23.3
AbnNewIndia 442.00 7.00 494.00 296.00 - 530.6 -16.7 Edin Inv 446.00 2.00 644.00 335.50 6.35 516.8 -13.7 JPM Emrg 1108 -2.00 1277.55 706.00 1.26 1206.6 -8.2 SchdrJap 173.00 -1.00 203.00 126.09 2.72 211.3 -18.1 are based on intra-day trading over a rolling 52 week period. Price/earnings
SLIPropInc 46.75 -0.15 99.30 43.51 10.18 78.9 -40.7
AbnNewThai 418.00 -1.00 606.25 322.00 4.55 468.0 -10.7 Edin WWd 292.00 -1.00 379.60 124.60 - 289.4 0.9 JPM EurGth 268.00 -3.00 305.00 170.89 3.30 321.6 -16.7 SchdrOrient 233.00 1.00 267.00 151.50 4.38 244.1 -4.5 ratios (PER) are based on latest annual reports and accounts and are updated
TR Prop 349.00 1.50 497.83 197.00 3.95 402.9 -13.4
AbnSmlInCo 259.00 - 350.00 175.00 3.19 313.9 -17.5 EP Global 257.00 -3.00 392.00 214.00 2.33 284.3 -9.6 JPM EurInc 115.00 -2.25 166.00 78.80 5.83 135.7 -15.3 SchdrRealEs 32.35 0.20 58.10 27.65 8.41 57.3 -43.5 with interim figures. PER is calculated using the company’s diluted earnings
Tritax Euro € 1.00 - 1.13 0.67 - 1.2 -16.7
AbnStdAsia 1030 -10.00 1125 696.00 1.36 1206.8 -14.7 EuroAsset 104.00 -0.25 112.00 62.40 6.57 118.7 -12.4 JPM EuSm 410.00 3.00 422.00 209.00 1.63 484.0 -15.3 SchdrUKMd 464.00 3.50 700.00 271.93 3.99 568.9 -18.4 from continuing operations. Yields are based on closing price and on dividends
Tritax Euro 91.00 -1.00 102.00 65.20 - - -
AStd Eqt In 250.00 -3.50 427.84 194.36 8.32 289.3 -13.6 F&C Inv Tru 685.00 -1.00 789.02 463.00 1.27 772.1 -11.3 JPM Clavr 539.00 - 798.00 446.00 5.43 576.8 -6.6 SchdrUKPubP 27.95 -0.05 40.92 18.89 - 45.4 -38.4 paid in the last financial year and updated with interim figures. Yields are
UKComPrp 67.40 0.30 91.70 47.35 5.46 83.4 -19.2
Abf Sml 836.00 -1.00 1547.68 608.25 3.83 961.5 -13.1 FidAsian 346.50 -1.50 424.00 243.00 2.54 388.6 -10.8 JPMGblCoreR 105.00 -0.50 112.50 70.00 0.71 91.0 15.4 ScotAmer 440.00 8.00 450.00 243.80 2.72 422.7 4.1 shown in net terms; dividends on UK companies are net of 10% tax, non-UK
Abf Spl Inc 39.55 -0.95 96.35 34.50 10.67 48.7 -18.8 FidChiSpS 336.00 -1.50 342.80 180.20 1.15 354.7 -5.3 JPM GEI 114.00 -0.50 141.50 82.00 4.47 126.9 -10.2 Scottish In 701.00 6.00 847.00 550.00 3.31 792.8 -11.6 VCTs 52 Week Dis(-) companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
Alliance 816.00 -4.00 880.00 536.00 1.72 871.7 -6.4 Fid Euro♦ 260.50 -1.50 277.00 177.40 2.48 285.6 -8.8 JPM Gl Gr&I 350.00 3.00 365.00 218.00 3.65 338.5 3.4 ScottMort 992.50 -1.50 1005 449.50 0.32 1003.5 -1.1 Price +/-Chg High Low Yld NAV or Pm capital changes where appropriate.
AllianzTech 2545 15.00 2670 1176 - 2563.7 -0.7 Fid Jap 199.75 -3.25 205.00 104.25 - 220.4 -9.4 JPM Ind 580.00 - 766.00 398.00 - 699.7 -17.1 ScottOrtll 854.00 -10.00 1040 600.00 1.35 1033.0 -17.3 ArtemisVCT 15.00 - 51.79 14.25 26.67 19.5 -23.1 Trading volumes are end of day aggregated totals, rounded to the nearest
Art Alpha♦ 271.00 - 352.00 205.00 1.88 344.6 -21.4 Fid Spec 176.20 -0.80 280.50 128.16 3.26 197.8 -10.9 JPM JpSm 517.00 -7.00 524.56 275.00 3.48 555.0 -6.8 Seneca I&G 142.25 -0.25 181.89 107.50 4.72 144.6 -1.6 Baronsmead 69.50 - 79.50 40.00 9.35 73.2 -5.1 1,000 shares.
Asia Dragon 426.00 - 438.00 302.50 1.12 488.7 -12.8 FinsG&I 846.00 -2.00 933.10 595.00 1.96 853.7 -0.9 JPM Jap 619.00 -2.00 622.00 323.00 0.81 669.6 -7.6 Smithson 1516 -24.00 1558 890.00 - 1509.7 0.4 BSC VCT♦ 60.50 - 73.67 54.00 6.61 63.6 -4.9 Net asset value per share (NAV) and split analytics are provided only as a
Aurora Inv 150.75 -0.75 242.00 130.00 2.65 163.6 -7.9 FstPacfic H HK$ 2.10 0.11 3.10 1.10 5.52 - - JPM Mid 889.00 -9.00 1430 598.00 3.32 1075.4 -17.3 StrategicEq 193.50 -2.50 259.00 112.28 0.78 239.0 -19.0 ..VCT2 44.60 - 53.00 40.00 7.85 46.9 -4.9 guide. Discounts and premiums are calculated using the latest cum fair net
AVI Global 735.00 - 802.00 493.00 2.24 823.6 -10.8 GenEmer 760.00 -6.00 820.00 540.00 1.89 870.3 -12.7 JPM Mlti-As 84.00 -0.50 107.00 63.00 4.76 92.9 -9.6 Temp Bar 652.00 7.00 1495.6 558.00 8.20 759.1 -14.1 Inc&GthVCT 59.50 - 72.00 52.00 10.08 65.5 -9.2 asset value estimate and closing price. Discounts, premiums, gross redemption
AVI JapOpp 105.50 -2.00 120.63 73.40 - 108.4 -2.7 GRIT# 2.75 - 5.50 0.65 - 1.4 96.4 JPMRussian 576.00 -8.00 804.00 404.00 6.08 657.7 -12.4 TempEmerg 830.00 -5.00 876.99 526.00 1.93 939.8 -11.7 Nthn 2 VCT 51.05 - 61.90 42.00 7.84 53.5 -4.6 yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
Axiom 81.00 - 95.00 68.00 7.41 90.0 -10.0 GoldenPros 58.00 0.70 75.00 20.00 - 70.9 -18.2 JPM Smlr 248.50 0.50 325.92 126.00 2.21 297.2 -16.4 Tetragon $ 8.60 -0.10 12.60 6.78 7.96 24.0 -64.2 Nthn 3 VCT 75.50 - 91.00 63.00 5.30 79.2 -4.7 are displayed as a percentage, NAV and terminal asset value per share (TAV)
BG Euro 1225 -5.00 1235 594.00 2.53 1270.1 -3.6 Gulf Invest $ 1.35 0.08 1.36 0.85 2.16 1.4 -3.6 JPM US Sml 294.00 0.50 372.18 191.31 0.85 324.6 -9.4 TRIG 137.20 0.60 140.49 95.79 4.86 111.3 23.3 NthnVent 56.50 - 67.00 46.00 7.08 59.2 -4.6 in pence.
BG Japan 889.00 -1.00 919.00 514.00 0.39 926.9 -4.1 HAN 164.50 0.50 202.00 123.77 2.43 261.9 -37.2 KeystoneInv 253.00 - 364.00 161.00 5.38 308.3 -17.9 TREurGth 977.00 -7.00 1012 530.00 2.25 1158.4 -15.7 ProVenGI 50.80 - 61.50 44.00 6.89 54.4 -6.6
BG Shin 240.00 -1.50 242.50 105.06 - 229.1 4.8 HANA 168.50 -1.00 200.00 125.00 2.37 261.9 -35.7 Law Deb 508.00 8.00 656.00 366.00 6.40 531.3 -4.4 TroyInc&G 71.80 0.30 87.00 58.69 3.86 73.1 -1.8 ProVenVCT 63.00 - 75.00 55.00 7.14 66.0 -4.5 X FT Global 500 company
Baillie Gif 179.50 -1.00 206.34 111.00 1.64 196.3 -8.6 Hend Alt♦ 287.00 3.00 309.00 170.00 0.87 311.3 -7.8 LinTrain £ 1150 35.00 1640.88 400.00 2.42 1116.0 3.0 Utilico Eme 172.00 -2.00 252.00 135.00 4.33 201.5 -14.6 UnicornAIM 142.50 - 152.00 104.00 4.56 167.8 -15.1 ♦ trading ex-dividend
Bankers 1010 2.00 1058 689.00 2.09 1017.5 -0.7 Hen Div Inc 86.60 0.30 96.00 55.47 5.08 89.8 -3.6 Lowland 904.00 -8.00 1489.65 696.00 6.64 999.2 -9.5 UIL Inv 157.50 -2.50 263.00 109.75 4.76 295.6 -46.7 ■ trading ex-capital distribution
Zero Dividend Preference Shares 52 Week HR
BB Healthca 165.50 - 173.00 98.68 2.93 165.7 -0.1 HenEuroF 1260 - 1350 860.72 2.48 1458.8 -13.6 Majedie 176.00 -4.50 268.00 134.00 6.48 242.5 -27.4 VEIL 454.00 -3.00 507.00 288.00 - 525.4 -13.6 # price at time of suspension from trading
HenEuro 1265 -15.00 1334.9 804.00 2.45 1447.9 -12.6 Man&Lon 629.00 -3.00 704.00 420.00 2.23 640.2 -1.7 Witan 187.60 0.20 235.50 130.00 2.94 205.1 -8.5 Price +/-Chg High Low SP WO TAV 0%
BH Global 1850 -27.50 1950 1460 - 1847.0 0.2
HenFarEs 310.00 7.00 374.00 236.30 7.29 302.7 2.4 Marwyn Val 115.50 -1.50 126.47 71.00 - 156.3 -26.1 WwideHlth 3510 -40.00 3950 2159.52 0.75 3529.4 -0.5 Abf Spl Inc 107.00 - 111.00 97.50 -22.5 -60.8 127.3
..USD $ 20.00 - 21.00 15.20 - 19.0 5.3 The prices listed are indicative and believed accurate at the time of publication.
HenHigh♦ 127.00 1.25 195.00 100.03 7.72 143.3 -11.4 MercantIT 179.00 - 279.10 116.68 3.69 205.3 -12.8 UIL ZDP 202 90.75 - 110.90 80.00 -26.0 -30.1 151.5
BH Macro 3600 20.00 3729.09 2530 - 3200.0 12.5 Conventional - Private Equity 52 Week Dis(-) No offer is made by Morningstar or the FT. The FT does not warrant nor
HenInt Inc 142.00 -1.25 178.00 99.30 4.08 151.7 -6.4 MrchTst 344.50 -0.50 569.00 293.00 7.81 352.4 -2.2 UIL Limited 102.00 0.50 119.94 73.00 -34.6 -41.3 138.4
..USD $ 37.60 -0.30 42.17 25.40 - 33.3 12.9 Price +/-Chg High Low Yld NAV or Pm guarantee that the information is reliable or complete. The FT does not accept
Hen Opp 869.00 -9.00 1130 499.93 2.99 1046.7 -17.0 Mid Wynd 650.00 -2.00 682.00 420.00 0.90 646.0 0.6 UILFn20 154.00 - 153.80 132.00-100.0 -100.0 154.9
BiotechGth 1348 -12.00 1397.44 648.00 - 1369.4 -1.6 responsibility and will not be liable for any loss arising from the reliance on
HenSmlr♦ 757.00 - 1104 470.00 3.10 879.8 -14.0 Miton Globa 245.00 -0.50 284.00 180.00 - 261.4 -6.3 BGUSGROWTH 267.00 3.00 269.23 111.00 - 253.0 5.5 UIL Finance 126.50 -4.00 134.50 92.00 -48.9 -64.8 147.0
BlckRCom 60.00 -1.70 74.00 36.20 6.67 69.4 -13.5 or use of the information.
Herald 1660 20.00 1740 877.00 - 1971.9 -15.8 Monks 1132 - 1172 618.00 0.16 1126.9 0.5 BMO PvtEq♦ 274.00 4.00 415.36 219.00 4.23 376.5 -27.2
BlckRFrnt
BlckRGtEur
93.00 -0.20 136.00 77.44 6.72
449.50 -4.50 469.00 271.14 1.30
99.6
480.1
-6.6
-6.4 HICL Infra 167.40 1.20 183.00 107.80 4.90 148.2 13.0 MontanSm 1410 - 1460 645.00 0.66 1451.0 -2.8 Electra 182.75 -1.00 427.00 121.81 - 372.5 -50.9 Investment Companies - AIM The London Share Service is a paid-for-print listing service and may not be
Highbridge 211.00 - 211.00 154.00 - 239.9 -12.0 Mur Inc 731.00 7.00 945.34 552.00 4.69 797.1 -8.3 HVPE 1666 -2.00 1919 857.00 - 2128.0 -21.7 fully representative of all LSE-listed companies. This service is available to all
BlckR I&G 183.00 -4.00 214.00 117.00 3.93 171.6 6.6 52 Week Dis(-)
Impax Env. 359.00 1.50 364.00 226.00 0.84 351.1 2.3 Mur Int♦ 936.00 - 1288 658.00 5.72 984.7 -4.9 HgCapital 293.00 7.50 293.00 148.40 1.64 282.2 3.8 listed companies, subject to the Editor’s discretion. For new sales enquiries
BlckRckLat 311.50 -2.50 509.20 250.00 8.22 337.0 -7.6 Price +/-Chg High Low Yld NAV or Pm
Ind IT 447.50 3.50 600.00 264.00 2.91 493.5 -9.3 NewCityHY 45.75 -1.20 61.80 22.90 9.73 46.4 -1.4 ICG Ent Tr 790.00 4.00 1015 460.00 2.15 1087.0 -27.3 please email stella.sorrentino@ft.com or call 020 7873 4012.
BlckRckNrAm 149.50 -1.50 196.50 106.53 5.35 162.1 -7.8 BB Biotech SFr 60.80 -1.30 67.30 39.55 4.6 - -
IGC 71.40 0.60 77.80 32.20 - 87.5 -18.4 New Star IT 112.00 - 121.25 88.00 1.25 162.9 -31.2 Pantheon In 2055 -5.00 2620 1268.53 - 2846.2 -27.8
BlckRSmlr 1252 4.00 1806 770.00 2.56 1380.8 -9.3 CrysAmber 79.00 - 190.00 50.87 6.3 117.9 -33.0
IntBiotech 800.00 4.00 816.00 451.00 3.30 792.2 1.0 NorthAmer 217.50 -2.50 315.00 187.50 4.05 248.6 -12.5 PrincssPE € 10.30 - 12.25 6.64 4.21 12.5 -17.6
BlckRThrmt 596.00 16.00 724.00 315.60 1.71 609.4 -2.2
BlckRWld 407.50 -0.50 428.50 208.50 5.40 460.6 -11.5 Intl PP 161.60 -0.40 171.80 122.80 4.39 145.5 11.1 NthAtSml 2775 -5.00 3570.6 2190 1.08 4248.5 -34.7 StdLfPv 316.00 6.00 402.00 186.00 4.08 456.6 -30.8 Gresham Hou 982.50 -
Infra India 1.88 -0.18
1355 830.00 2.2 1203.4
4.43 0.60 - 22.0
-18.4
-91.5
Data provided by Morningstar
BMO Cp&I 249.00 -0.50 358.00 181.50 4.62 251.7 -1.1 Inv AsiaTr 300.00 2.00 310.50 198.00 3.30 340.6 -11.9 Oryx Int 1020 - 1072 550.00 - 1266.0 -19.4 Discretionary Unit Fund Mngrs 52 Week Dis(-)
BMOGblSmlr 121.80 -1.60 150.00 76.65 1.40 135.8 -10.3 Inv IncGro 222.00 -1.00 308.00 180.59 5.29 259.8 -14.5 PacAsset 269.00 -1.00 302.67 198.09 1.12 309.4 -13.1 (1000)F
BMOMgdT 224.00 - 230.00 150.05 - 228.4 -1.9 IP EnInc 66.00 -0.30 78.00 38.50 7.58 71.0 -7.0 PacHorzn 590.00 -2.00 594.00 232.50 - 551.9 6.9 Price +/-Chg High Low Yld NAV or Pm
BMOMgdT 115.50 -1.00 146.00 85.00 5.28 118.3 -2.4 IPST BalR 139.00 0.50 147.60 124.00 - 143.5 -3.1 PerpInc&Gr 222.00 0.50 346.75 157.20 6.73 245.4 -9.5 Right &ISS 1842.5 2.50 2341 1251 1.75 1900.0 -3.0
BMO UK HIT 78.25 - 103.00 57.00 5.01 85.7 -8.7 IPST Gbl Eq 183.50 - 218.00 140.00 3.84 187.3 -2.0 PerAsset♦ 45250 -350.00 47000 37650 1.24 44794. 1.0
BMO UK HIT 77.50 -1.50 103.00 56.00 5.06 85.9 -9.8 IPST Mngd 101.50 - 104.00 96.00 1.58 105.3 -3.6 3 Guide to FT Share Service
www.morningstar.co.uk
18 ★ FTWeekend 3 October/4 October 2020

MANAGED FUNDS SERVICE

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

Algebris Financial Credit Rd EUR € 105.57 - 1.20 4.97 Property Inc 108.53 112.17 0.13 5.55 Multi Asset Open Defen W-ACC-GBP £ 1.32 - 0.00 0.00

Local Authorities Property Fd (LAMIT) (UK)

Algebris Financial Income I EUR € 129.63 - 0.66 0.00 Multi Asset Open Growth Fund W-ACC-GBP £ 1.41 - -0.01 0.00
Property 279.04 302.56 0.82 4.81
Algebris Financial Income R EUR € 120.30 - 0.62 0.00 Multi Asset Open Strategic Fund W-ACC-GBP £ 1.39 - 0.01 0.00

Algebris Financial Income Rd EUR € 80.21 - 0.41 4.58 Open World Fund W-ACC-GBP £ 1.79 - -0.01 0.00

Algebris Financial Equity B EUR € 81.63 - 0.58 0.00 Strategic Bond Fund Y-ACC-GBP £ 1.35 - 0.00 1.88

Algebris IG Financial Credit B EUR € 105.96 - -0.03 - UK Opportunities Fund W-ACC-GBP 213.40 - -1.60 1.26

Aberdeen Standard Capital (JER) Algebris IG Financial Credit R EUR € 105.31 - -0.04 - Atlantas Sicav (LUX) Ennismore Smaller Cos Plc (IRL) UK Smaller Companies W-ACC-GBP £ 2.22 - -0.01 2.33
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130 Regulated 5 Kensington Church St, London W8 4LD 020 7368 4220
FCA Recognised FCA Recognised Institutional OEIC Funds
Algebris Global Credit Opportunities I EUR € 122.40 - 0.36 0.00 American Dynamic $ 5580.62 5580.62 117.23 0.00
Aberdeen Standard Capital Offshore Strategy Fund Limited
Ennismore European Smlr Cos NAV £ 121.93 - 0.26 0.00 America £ 6.90 - -0.15 0.34
Bridge Fund £ 2.1129 - -0.0076 1.78 Algebris Global Credit Opportunities R EUR € 120.39 - 0.36 0.00 American One $ 5683.30 5683.30 129.73 0.00
CG Asset Management Limited (IRL)
Ennismore European Smlr Cos NAV € 134.42 - 1.24 0.00 Emerging Markets £ 5.46 - -0.10 0.44
25 Moorgate, London, EC2R 6AY
Global Equity Fund £ 2.9852 - -0.0120 1.10 Algebris Global Credit Opportunities Rd EUR € 120.39 - 0.36 0.00 Bond Global € 1510.42 1510.42 2.42 0.00
Dealing: Tel. +353 1434 5098 Fax. +353 1542 2859
Europe (ex-UK) Fund ACC-GBP £ 6.57 - -0.09 -
FCA Recognised
Global Fixed Interest Fund £ 0.9501 - 0.0011 4.23 Algebris Core Italy I EUR € 106.19 - 0.24 0.00 Eurocroissance € 1179.53 1179.53 19.72 0.00 CG Portfolio Fund Plc
Fidelity Pre-Retirement Bond Fund £ 165.20 - -0.20 1.71
Income Fund £ 0.6037 - -0.0036 2.60 Algebris Core Italy R EUR € 99.45 - 0.22 0.00 Far East $ 1088.97 - -0.15 0.00 Absolute Return Cls M Inc £ 129.75 129.75 -0.35 1.43
Global Focus £ 5.56 - -0.09 0.38
Sterling Fixed Interest Fund £ 0.8955 - -0.0001 3.00 Algebris Allocation I EUR € 95.41 - -0.25 0.00 Capital Gearing Portfolio GBP P £ 35124.92 35124.92 -124.23 0.52
Index Linked Bond Gross £ 4.74 - 0.01 0.10
UK Equity Fund £ 1.7362 - -0.0130 3.15 Capital Gearing Portfolio GBP V £ 170.83 170.83 -0.60 0.20 DWS (LUX) Fundsmith LLP (1200)F (UK)
Tel: +44 (0) 20 7541 8999 www.dws.com Japan £ 3.72 - -0.05 0.44 PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815
Dollar Fund Cls D Inc £ 177.46 177.46 -1.66 1.78 FCA Recognised www.fundsmith.co.uk, enquiries@fundsmith.co.uk
Long Bond Gross £ 1.26 - -0.01 1.49 Authorised Inv Funds
DWS Invest Top Dividend £ 131.83 131.83 -0.29 3.11
Dollar Hedged GBP Inc £ 107.33 107.33 -0.28 1.77
Fundsmith Equity T Acc 528.83 - -3.02 0.36
Ennismore European Smlr Cos Hedge Fd Pacific (Ex Japan) £ 4.97 - -0.10 2.44
DWS Invest Top Euroland £ 145.77 145.77 -0.08 1.46 Other International Funds
Real Return Cls A Inc £ 215.11 215.11 -1.77 2.05
Asset Management
Fundsmith Equity T Inc 483.84 - -2.75 0.36
NAV € 475.70 - -9.58 0.00 Select Emerging Markets Equities £ 2.11 - -0.04 0.51
DWS Invest Multi Opportunities £ 100.99 100.99 -0.06 0.00

Select Global Equities £ 5.09 - -0.10 0.76

DWS Invest Global Bonds £ 102.24 102.24 0.03 0.00
Barclays Investment Funds (CI) Ltd (JER)
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800 South East Asia £ 6.57 - -0.13 1.26
The Antares European Fund Limited FCA Recognised
Other International Bond Funds
Sterling Core Plus Bond Gr Accum £ 3.12 - 0.00 2.11
AEF Ltd Usd $ 588.85 - 6.50 0.00 Sterling Bond F £ 0.50 - 0.00 2.18
UK £ 3.87 - -0.03 2.94
AEF Ltd Eur (Est) € 557.55 - 6.24 0.00
UK Aggreg Bond Gr Accum £ 2.43 - 0.00 1.73

Sterling Corporate Bond - Gross £ 3.00 - 0.01 2.31

GAM
Equinox Fund Mgmt (Guernsey) Limited (GSY) UK Gilt Gross £ 2.66 - 0.00 1.23 funds@gam.com, www.funds.gam.com
Regulated Regulated
Equinox Russian Opportunities Fund Limited $ 179.78 - 1.60 0.00 Sterling Long Corp Bond - Gross £ 3.63 - 0.00 2.74
LAPIS GBL TOP 50 DIV.YLD-Na-D £ 95.65 - 0.13 4.82

LAPIS GBL F OWD 50 DIV.YLD-Na-D £ 94.98 - -0.74 -

Aegon Asset Management UK ICVC (UK)

3 Lochside Crescent, Edinburgh, EH12 9SA
0800 358 3009 www.aegonam.com Arisaig Partners
Authorised Funds Other International Funds

Diversified Monthly Inc B Acc 139.75 - 0.05 4.83 Arisaig Asia Consumer Fund Class A (Ex-Alcohol) shares $ 116.58 - 0.65 0.00

Diversified Monthly Inc B Inc 99.86 - 0.04 4.97 Arisaig Asia Consumer Fund Limited $ 115.52 - 0.72 0.00 Candriam Investors Group (LUX)
FCA Recognised
Diversified Growth B Acc £ 1.74 - 0.01 2.58 Arisaig Global Emerging Markets Consumer Fund $ 14.48 - 0.14 0.00 Candriam Eqts L Australia Cap A$ 1293.60 - -20.00 0.00
Euronova Asset Management UK LLP (CYM) Findlay Park Funds Plc (IRL)
Dodge & Cox Worldwide Funds (IRL) Regulated 30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900
Ethical Cautious Managed B Acc £ 1.38 - -0.01 1.59 Arisaig Global Emerging Markets Consumer UCITS € 12.85 - -0.01 - Candriam Qt-Eqts Europe Cap € 2463.87 - 7.11 0.00 6 Duke Street,St.James,London SW1Y 6BN FCA Recognised
www.dodgeandcox.worldwide.com 020 3713 7664 Smaller Cos Cls One Shares € 49.81 - -0.89 0.00 Genesis Investment Management LLP
Ethical Cautious Managed B Inc £ 1.20 - 0.00 1.60 Arisaig Global Emerging Markets Consumer UCITS STG £ 14.50 - -0.10 - American EUR Unhedged Class € 124.27 - 0.67 - Other International Funds
Candriam Qt-Eqts USA Cap $ 3627.41 - 16.64 0.00 FCA Recognised
Dodge & Cox Worldwide Funds plc - Global Bond Fund Smaller Cos Cls Two Shares € 32.90 - -0.53 0.00 Emerging Mkts NAV £ 7.21 - -0.16 0.00
Ethical Corporate Bond B Acc £ 2.12 - 0.00 2.69 Arisaig Latin America Consumer Fund $ 22.17 - 0.39 0.00 Brown Advisory Funds plc (IRL) American Fund USD Class $ 145.83 - 0.90 0.00
EUR Accumulating Class € 14.72 - 0.00 0.00
http://www.brownadvisory.com Tel: 020 3301 8130 Smaller Cos Cls Three Shares € 16.57 - -0.26 0.00
Ethical Corporate Bond B Inc £ 1.08 - 0.00 2.69 FCA Recognised American Fund GBP Hedged £ 73.59 - 0.45 0.00
EUR Accumulating Class (H) € 11.12 - 0.02 0.00
Global Leaders Sustainable Fund USD C $ 11.07 - 0.12 - Smaller Cos Cls Four Shares € 21.29 - -0.34 0.00
Ethical Equity B Acc £ 2.23 - -0.01 1.53 American Fund GBP Unhedged £ 113.32 - 1.22 0.00
EUR Distributing Class € 11.56 - 0.00 3.83
US Equity Growth Fund USD B $ 51.81 - 0.39 0.00
Global Equity GBP B Acc £ 2.72 - -0.01 0.00
EUR Distributing Class (H) € 8.70 - 0.02 3.93
American Fund USD B $ 26.98 - 0.22 0.15
High Yield Bond B Acc £ 2.94 - 0.00 5.06
GBP Distributing Class £ 12.86 - 0.05 3.89
US Smaller Companies Fund USD B $ 32.22 - 0.37 0.00
High Yield Bond B Inc £ 0.92 - 0.00 5.06
GBP Distributing Class (H) £ 9.15 - 0.02 4.26
US Small Cap Blend Fund USD B $ 17.40 - 0.20 0.00
Investment Grade Bond B Acc 197.51 - 0.11 1.51 Candriam Investors Group
USD Accumulating Class $ 12.48 - 0.03 0.00
US Flexible Equity Fund USD B $ 20.17 - 0.15 0.00
Other International Funds HPB Assurance Ltd
Investment Grade Bond B Inc £ 1.31 - 0.00 2.26 Dodge & Cox Worldwide Funds plc-Global Stock Fund Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
Candriam Eqts L Emerging Mkts Cap € 915.14 - -0.10 0.00
International Insurances
Global Leaders Fund USD C $ 18.18 - 0.17 0.00 USD Accumulating Share Class $ 20.14 - 0.01 0.00
Sterling Corporate Bond B Acc £ 0.94 - 0.00 2.74 Candriam Bonds Credit Opportunities € 200.66 - 0.34 0.00 Holiday Property Bond Ser 1 £ 0.49 - -0.01 0.00
Latin American Fund USD B $ 9.29 - 0.04 1.19 GBP Accumulating Share Class £ 25.71 - 0.05 0.00 First State Investments (UK) (1200)F (UK)
Sterling Corporate Bond B Inc £ 0.35 - 0.00 2.74 Candriam Bds Euro High Yield Cap € 1203.81 - 4.02 0.00 23 St Andrew Square, Edinburgh, EH2 1BB Holiday Property Bond Ser 2 £ 0.62 - -0.01 0.00
US Sustainable Growth Fund USD C $ 21.50 - 0.19 0.00 GBP Distributing Share class £ 17.75 - 0.03 1.41 enquiries@firststate.co.uk
Strategic Bond B Acc £ 1.45 - 0.00 3.54 Candriam Bds Euro Sh.Term Cap € 2078.37 - 0.56 0.00 Client Services: 0800 587 4141 Dealing Line: 0800 587 3388
US Mid-Cap Growth Fund USD C $ 17.56 - 0.20 0.00 Authorised Funds
EUR Accumulating Share Class € 25.75 - -0.03 0.00
Strategic Bond B Inc £ 1.36 - 0.00 3.54
Asia-All Cap Acc GBP £ 1.65 - 0.02 1.06
GBP Distributing Class (H) £ 9.83 - 0.01 1.16
UK Equity B Acc £ 2.90 - -0.03 2.34
Asia Focus Acc GBP £ 2.10 - 0.03 1.17
Dodge & Cox Worldwide Funds plc-U.S. Stock Fund
UK Equity Absolute Return B Acc £ 1.23 - 0.00 0.00 USD Accumulating Share Class $ 25.74 - 0.05 0.00 Diversified Growth B Acc £ 1.18 - 0.00 1.25

UK Equity Income B Acc £ 2.23 - -0.01 4.34 Artemis Fund Managers Ltd (1200)F (UK) GBP Accumulating Share Class £ 31.06 - 0.08 0.00 Emerging Markets Bond A Accumulation £ 1.38 - 0.01 4.90
57 St. James's Street, London SW1A 1LD 0800 092 2051
UK Equity Income B Inc £ 1.40 - -0.01 4.47 Authorised Inv Funds
GBP Distributing Share Class £ 18.96 - 0.05 1.07 Emerging Markets Bond A Income £ 0.94 - 0.01 5.08
Artemis Capital I Acc £ 14.10 - -0.17 4.13 FIL Investment Services (UK) Limited (1200)F (UK)
UK Opportunities B Acc £ 2.16 - -0.02 1.11 130, Tonbridge Rd, Tonbridge TN11 9DZ Hermes Property Unit Trust (UK)
EUR Accumulating Share Class € 28.41 - -0.01 0.00 Global Listed Infrastructure Acc 268.07 - -1.93 2.96
Callfree: Private Clients 0800 414161 Property & Other UK Unit Trusts
Artemis Corporate Bond I Acc £ 1.09 - -0.01 -
UK Smaller Companies B Acc £ 3.78 - -0.03 0.87 Chartered Asset Management Pte Ltd Broker Dealings: 0800 414 181
GBP Distributing Class (H) £ 10.69 - 0.02 1.12 Global Listed Infrastructure Inc 179.74 - -1.30 3.03 Property £ 6.38 6.84 -0.02 2.46
Other International Funds OEIC Funds
Artemis European Growth I Acc £ 3.05 - -0.05 3.09
CAM-GTF Limited $ 289001.21 289001.21 -7598.38 0.00 Allocator World Fund Y-ACC-GBP £ 2.13 - -0.04 1.42 Global Property Securities A Accumulation 222.39 - 1.78 2.32
Artemis European Opps I Acc £ 1.14 - -0.01 1.65
CAM GTi Limited $ 889.21 - 24.41 - American Special Sits W-ACC-GBP £ 14.45 - -0.39 0.86 Global Property Securities A Income 154.59 - 1.20 2.34
Artemis Global Emerging Mkts I Acc 131.88 - 2.75 -
Raffles-Asia Investment Company $ 1.50 1.50 0.06 1.99 Asia Pacific Ops W-Acc £ 2.43 - -0.05 1.25 Greater China Growth A Shares 1086.57 - 12.74 0.66
Artemis Global Growth I Acc £ 2.82 - -0.06 2.50
Asian Dividend Fund W-ACC-GBP £ 1.87 - -0.04 3.31 Japan Focus Acc GBP £ 2.54 - -0.05 0.00
Artemis Global Income I Inc £ 0.84 - -0.02 3.65
China Consumer Fund W-ACC-GBP £ 3.76 - -0.06 0.44
Artemis Global Select I Acc £ 1.43 - -0.03 0.61
Emerging Asia Fund W-ACC-GBP £ 1.83 - -0.04 0.94
Artemis High Income I Q Inc £ 0.76 - 0.00 4.91
Aegon Asset Management UK Investment Portfolios ICVC (UK) Intrinsic Value Investors (IVI) LLP (IRL)
Enhanced Income Fund W-INC-GBP £ 0.74 - -0.01 8.45
3 Lochside Crescent, Edinburgh, EH12 9SA 1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210
0800 358 3009 www.aegonam.com Artemis Income I Inc £ 2.05 - -0.01 4.67 CCLA Investment Management Ltd (UK)
FCA Recognised
Authorised Funds Senator House 85 Queen Victoria Street London EC4V 4ET European Fund W-ACC-GBP £ 19.05 - -0.30 1.60
Artemis Monthly Dist I Inc £ 0.66 - -0.01 3.75 Authorised Inv Funds IVI European Fund EUR € 22.02 - 0.07 -
Property Income B Acc 117.60 117.60 -0.01 4.31
Extra Income Fund Y-ACC-GBP £ 1.38 - 0.01 3.41
Diversified Income 1 Units GBP Inc £ 1.52 1.52 0.00 0.03
Artemis Strategic Assets I Acc £ 0.73 - -0.01 0.09 IVI European Fund GBP £ 26.74 - 0.11 -
Property Income B Inc 87.74 87.74 0.00 4.41 Consistent Unit Tst Mgt Co Ltd (1200)F (UK) FID INST - Emerging Markets Fund W-ACC-GBP £ 1.81 - -0.03 0.57
Diversified Income 2 Units GBP Inc £ 1.46 1.46 0.00 0.03
Stuart House, St John's Street, Peterborough, PE1 5DD
Artemis Strategic Bond I Q Acc £ 1.09 - 0.00 2.53
Dealing & Client Services 0345 850 8818
Fidelity American Fund W-ACC-GBP £ 50.63 - -0.79 0.33
Diversified Income 3 Units GBP Inc £ 1.47 1.47 0.00 0.03 Authorised Inv Funds
Artemis Target Return Bond I Acc £ 1.04 - 0.00 -
The Public Sector Deposit Fund Consistent UT Inc 44.84 46.41 -0.41 1.52 Fidelity Asia Fund W-ACC-GBP £ 16.66 - -0.30 0.94
Artemis UK Select Fund Class I Acc £ 5.22 - 0.00 3.46 The Public Sector Deposit Fund-share class 1 ♦ F * 100.00 - 0.00 0.17
Consistent UT Acc 119.50 123.70 -1.10 1.52 Fidelity Cash Fund Y-ACC-GBP £ 1.02 - 0.00 0.66
Artemis UK Smaller Cos I Acc £ 13.65 - -0.08 3.15 The Public Sector Deposit Fund-share class 4 ♦ F * 100.00 - 0.00 0.11
Practical Investment Inc 203.80 219.10 2.20 3.79 Dragon Capital Group FID Emerg Europe, Middle East and Africa Fund W-ACC-GBP £ 2.00 - -0.03 -
Artemis UK Special Sits I Acc £ 5.61 - -0.05 2.69 1501 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam
Practical Investment Acc 1188.00 1278.00 13.00 3.79 Fund information, dealing and administration: funds@dragoncapital.com Fidelity European Opportunities W Acc £ 4.94 - -0.09 1.10
Artemis US Abs Return I Hdg Acc 112.60 - -0.05 0.39 Other International Funds
Fidelity Global Enhanced Income Fund W-ACC-GBP £ 1.94 - -0.03 3.82
Vietnam Equity (UCITS) Fund A USD $ 21.25 - 0.22 0.00 Janus Henderson Investors (UK)
Aegon Asset Management Investment Company (Ireland) (IRL) Artemis US Extended Alpha I Acc 268.62 - 4.36 0.00
PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
1 North Wall Quay Dublin 1, Ireland +35 3162 24493 Fidelity Global Focus Fund W-ACC-GBP £ 29.85 - -0.48 0.22
www.janushenderson.com
FCA Recognised Artemis US Select I Acc 263.43 - 3.99 0.18 Authorised Inv Funds
Fidelity Global High Yield Fund Y-ACC-GBP £ 14.69 - 0.00 3.83
Absolute Return Bond B GBP Acc 1142.73 - 0.06 1.61 Foord Asset Management
Artemis US Smlr Cos I Acc 275.60 - 3.68 0.02 Janus Henderson Asia Pacific Capital Growth Fund A Acc 1297.00 - -9.00 0.55
Website: www.foord.com - Email: info@foord.com
Fidelity Japan Fund W-ACC-GBP £ 4.57 - -0.06 0.61 FCA Recognised - Luxembourg UCITS
High Yield Global Bond A GBP Inc 486.51 - 1.63 4.49 Janus Henderson Asian Dividend Income Unit Trust Inc 87.94 - -0.95 8.67
Fidelity Japan Smaller Companies Fund W-ACC-GBP £ 3.95 - -0.05 0.37 Foord International Fund | R $ 42.20 - -0.19 -
High Yield Global Bond B GBP Inc 1040.07 - 3.48 5.23 Janus Henderson Cautious Managed Fund A Acc 250.40 - -1.00 3.14
CCLA Investment Management Ltd (UK)
Senator House 85 Queen Victoria Street London EC4V 4ET Fidelity Multi Asset Income Fund W Acc £ 1.06 - 0.00 2.65 Foord Global Equity Fund (Lux) | R $ 15.20 - -0.02 -
Global Equity Income B GBP Acc 1936.17 - 11.21 0.00 Property & Other UK Unit Trusts Janus Henderson Cautious Managed Fund A Inc 132.40 - -0.50 3.20
Regulated
CBF Church of England Funds Fidelity Select 50 Balanced Fund PI-ACC-GBP £ 1.10 - 0.01 0.75
Global Equity Income B GBP Inc 1455.44 - -8.32 3.19 Foord Global Equity Fund (Sing) | B $ 18.58 - 0.01 0.00 Janus Henderson China Opportunities Fund A Acc 1739.00 - -47.00 0.20
Investment Inc 1955.41 1964.35 -21.21 2.93
Fidelity Special Situations Fund W-ACC-GBP £ 28.56 - -0.20 3.95
lobal Equity Market Neutral Fund - B Acc GBP £ 11.87 - -0.01 0.00 Foord International Trust (Gsy) $ 41.98 - -0.19 0.00 Janus Henderson Emerging Markets Opportunities Fund A Acc 211.20 - -1.30 0.26
Investment Acc 4711.54 4733.08 -15.62 0.00
Short Dated Corporate Bond Fund Y ACC GBP £ 10.92 - 0.00 3.91
Global Sustainable Equity B Acc GBP £ 24.13 - 0.23 0.00 Janus Henderson European Growth Fund A Acc 245.20 - -4.00 0.47
Global Equity Inc 250.33 250.76 -2.71 2.85
Fidelity Sustainable Water & Waste W Acc £ 1.02 - -0.02 -
Global Sustainable Equity C Acc GBP £ 24.45 - 0.23 0.00 Janus Henderson European Selected Opportunities Fund A Acc 1846.00 - -27.00 0.18
Global Equity Acc 440.64 441.39 -1.53 0.00
Fidelity UK Growth Fund W-ACC-GBP £ 3.34 - -0.05 -
Inv Grd Gbl Bond A Inc GBH 614.61 - -0.81 1.81 Janus Henderson Fixed Interest Monthly Income Fund Inc 22.38 - 0.02 4.09
UK Equity Inc 179.07 179.67 -2.44 3.44
Fidelity UK Select Fund W-ACC-GBP £ 2.94 - 0.00 2.50
Short Dated High Yld Bd B Acc GBP £ 10.61 - 0.03 0.00 Janus Henderson Global Equity Fund Acc 4046.00 - 9.00 0.00
UK Equity Acc 318.23 319.29 -1.54 0.00
Global Dividend Fund W-ACC-GBP £ 2.46 - -0.05 2.70
Short Dated High Yld Bd C Acc GBP (Hdg) £ 10.70 - 0.02 0.00 Janus Henderson Global Equity Income Fund A Inc 56.06 - -0.58 3.53
Fixed Interest Inc 167.64 168.66 -1.53 3.31
CP Global Asset Management Pte. Ltd. Global Property Fund W-ACC-GBP £ 1.85 - -0.01 2.01
Strategic Global Bond A GBP Inc 1262.40 - -0.23 2.70 Janus Henderson Global Sustainable Equity Fund A Inc 421.40 - 0.70 0.01
Fixed Interest Acc 617.85 621.60 -0.84 0.00 www.cpglobal.com.sg, Tel: +65 6466 6990
International Mutual Funds Global Special Sits W-ACC-GBP £ 45.06 - -0.78 0.75
Strategic Global Bond B GBP Inc 716.89 - -0.11 3.45 EdenTree Investment Management Ltd (UK) Franklin Templeton International Services Sarl (IRL)
Property Fund Inc 125.74 129.95 -1.35 5.19 Janus Henderson Global Technology Fund A Acc 2750.00 - 21.00 0.00
CP Multi-Strategy Fund $ 239.02 - 3.06 - PO Box 3733, Swindon, SN4 4BG, 0800 358 3010 JPMorgan House - International Financial Services Centre,Dublin 1, Ireland
Index Emerging Markets P-Acc £ 1.66 - -0.03 2.25 Other International Funds
Authorised Inv Funds
Franklin Emerging Market Debt Opportunities Fund Plc Janus Henderson Instl UK Idx Opps A Acc £ 0.84 - -0.01 -
Amity UK Cls A Inc 214.90 - -1.10 1.38 Index Europe ex UK P-Acc £ 1.54 - -0.03 2.61
Franklin Emg Mkts Debt Opp CHFSFr 13.92 - 0.03 10.87
Janus Henderson Multi-Asset Absolute Return Fund A Acc 144.20 - -0.60 0.78
Ashmore Investment Management Limited (LUX)
2 rue Albert Borschette L-1246 Luxembourg Amity UK Cls B Inc 214.60 - -1.10 2.48 Index Japan P-Acc £ 1.76 - -0.03 2.03
Franklin Emg Mkts Debt Opp GBP £ 9.11 - 0.03 7.72
FCA Recognised Janus Henderson Multi-Manager Active Fund A Acc 233.00 - 0.90 0.07
Higher Income Cls A Inc 109.60 - -0.90 5.32 Index Pacific ex Japan P-Acc £ 1.53 - -0.03 3.51
Ashmore SICAV Emerging Market Debt Fund $ 87.83 - 0.23 5.35 Franklin Emg Mkts Debt Opp SGD S$ 19.95 - 0.06 5.37
Janus Henderson Multi-Manager Distribution Fund A Inc 128.80 - 0.20 3.07
Higher Income Cls B Inc 115.70 - -1.00 5.44 Index UK P-Acc £ 1.16 - -0.01 4.64
Ashmore SICAV Emerging Market Frontier Equity Fund $ 146.13 - 0.28 1.61 Franklin Emg Mkts Debt Opp USD $ 15.77 - 0.05 7.45
Janus Henderson Multi-Manager Diversified Fund A Acc 90.24 - 0.32 2.88
UK Equity Growth Cls A Inc 257.20 - -1.60 1.67 Index US P-Acc £ 2.61 - -0.06 1.45
Ashmore SICAV Emerging Market Total Return Fund $ 76.35 - 0.39 4.62 Janus Henderson Multi-Manager Global Select Fund Acc 265.30 - -0.30 0.00
UK Equity Growth Cls B Inc 262.90 - -1.60 2.86 Index World P-Acc £ 2.11 - -0.04 1.84
Ashmore SICAV Global Small Cap Equity Fund $ 174.63 - 0.23 0.03
CCLA Fund Managers Ltd (UK) CP Capital Asset Management Limited Janus Henderson Multi-Manager Income & Growth Fund A Acc 181.00 - 0.60 2.57
Senator House 85 Queen Victoria Street London EC4V 4ET www.cpgbl.com, email: fundservices@cpgbl.com Amity Balanced For Charities A Inc 94.43 - -0.41 4.81 MoneyBuilder Balanced Y-ACC-GBP £ 0.55 - 0.00 3.84
EM Active Equity Fund Acc USD $ 134.69 - 0.54 0.00 Property & Other UK Unit Trusts Janus Henderson Multi-Manager Income & Growth Fund A Inc 148.60 - 0.50 2.61
International Mutual Funds
COIF Charity Funds (UK) Amity European Fund Cls A Inc 245.90 - -4.30 - MoneyBuilder Dividend Y-INC-GBP £ 1.04 - -0.01 5.86
EM Equity Fund Acc USD $ 121.48 - 0.83 0.00 CPS Master Private Fund $ 324.79 - 1.08 -
Investment Inc 1717.57 1725.42 1.73 3.02 Janus Henderson Multi-Manager Managed Fund A Acc 287.10 - 1.30 0.44
Amity European Fund Cls B Inc 248.50 - -4.30 1.95 MoneyBuilder Income Fund Y-ACC-GBP £ 14.39 - 0.00 2.96
EM Mkts Corp.Debt USD F $ 86.03 - -0.31 6.36 CP Global Alpha Fund $ 268.21 - 2.25 -
Investment Acc 19560.61 19650.01 165.97 0.00 Janus Henderson Multi-Manager Managed Fund A Inc 277.90 - 1.20 -
Amity Global Equity Inc for Charities A Inc 135.10 - -1.30 2.46 Multi Asset Allocator Adventurous Fund Y-ACC-GBP £ 1.83 - -0.02 1.30
EM Mkts Loc.Ccy Bd USD F $ 72.72 - 0.06 5.09 Janus Henderson Sterling Bond Unit Trust Acc 249.50 - -0.10 1.47
Ethical Invest Inc 265.19 266.41 0.22 3.10
Amity International Cls A Inc 287.20 - -1.80 0.49 Multi Asset Allocator Defensive Fund Y-ACC-GBP £ 1.41 - 0.00 1.21
EM Short Duration Fund Acc USD $ 114.71 - 0.82 0.00 Janus Henderson Sterling Bond Unit Trust Inc 70.40 - -0.01 1.49
Ethical Invest Acc 405.96 407.82 3.50 0.00
Amity International Cls B Inc 289.90 - -1.80 1.23 Multi Asset Allocator Growth Fund Y-ACC-GBP £ 1.71 - -0.01 1.20
Global Equity Inc 233.00 233.40 1.33 2.84 Janus Henderson Strategic Bond Fund A Inc 130.10 - 0.10 2.91
Amity Sterling Bond Fund A Inc 104.20 - 0.00 3.85 Multi Asset Income Fund W-INC-GBP £ 1.04 - 0.00 4.19
Algebris Investments (IRL) Global Equity Acc 414.49 415.20 5.35 0.00 Janus Henderson UK & Irish Smaller Companies Fund A Acc 562.80 - -4.40 0.26
Regulated Amity Sterling Bond Fund B Inc 116.00 - 0.00 3.85 Multi Asset Allocator Strategic Fund Y-ACC-GBP £ 1.58 - -0.01 1.12
Algebris Financial Credit I EUR € 177.89 - 2.05 0.00 Fixed Interest Inc 140.66 141.51 -1.06 3.16 Janus Henderson UK Absolute Return Fund A Acc 161.50 - 0.00 0.00
Multi Asset Open Advent W-ACC-GBP £ 1.47 - 0.00 0.00
Algebris Financial Credit R EUR € 154.99 - 1.78 0.00 Fixed Interest Acc 956.25 962.04 0.30 0.00 Janus Henderson UK Alpha Fund A Acc 122.00 - -1.30 0.36
3 October/4 October 2020 ★ FTWeekend 19

MANAGED FUNDS SERVICE

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

Janus Henderson UK Equity Income & Growth Fund A Inc 396.40 - -1.50 4.34 Diversified Absolute Return Stlg Cell AF2 £ 1524.28 - 43.83 0.00
Data Provided by

Janus Henderson UK Property PAIF A Acc £ 2.29 2.41 0.00 3.19 Global Equity Fund A Lead Series £ 1494.62 1499.51 48.24 -

Janus Henderson UK Property PAIF A Inc £ 0.95 1.00 0.00 3.25

Janus Henderson US Growth Fund A Acc 1577.00 - -11.00 -

www.morningstar.co.uk
Data as shown is for information purposes only. No
offer is made by Morningstar or this publication.
Purisima Investment Fds (UK) (1200)F (UK)
65 Gresham Street, London, EC2V 7NQ
Order Desk and Enquiries: 0345 922 0044
Authorised Inv Funds
Authorised Corporate Director - Link Fund Solutions
Marlborough Fd Managers Ltd (1200)F (UK)
Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500 Global Total Fd PCG A 331.49 - 2.83 0.54
www.marlboroughfunds.com
Authorised Inv Funds
Guide to Data
Global Total Fd PCG B 328.46 - 2.81 0.34
Kleinwort Hambros Bank Limited (UK) Balanced 208.49 208.49 0.63 0.42
5TH Floor, 8 St James's Square, London, SW1Y 4JU The fund prices quoted on these pages are supplied by
Global Total Fd PCG INT 324.15 - 2.76 0.14 the operator of the relevant fund. Details of funds
Dealing and enquiries: 033 0024 0785
Bond Income 51.84 51.84 -0.05 3.27 published on these pages, including prices, are for the
Authorised Inv Funds purpose of information only and should only be used
Unit Trust Manager/ACD - Host Capital as a guide. The Financial Times Limited makes no
Cautious Inc 84.95 84.95 0.14 2.26
representation as to their accuracy or completeness
HC Kleinwort Hambros Growth A Acc 224.00 - 1.10 1.36 and they should not be relied upon when making an
Emerging Markets 306.49 306.49 1.81 1.02 investment decision.
Mirabaud Asset Management (LUX) Orbis Investments (U.K.) Limited (GBR) RobecoSAM (LUX)
HC Kleinwort Hambros Growth A Inc 203.22 - 0.99 1.38 www.mirabaud.com, marketing@mirabaud-am.com 28 Dorset Square, London, NW1 6QG Tel. +41 44 653 10 10 http://www.robecosam.com/
The sale of interests in the funds listed on these pages
ETF Commodity A 71.80 71.80 0.72 0.00 Conviction based investment vehicles details available here www.mirabaud-am.com www.orbis.com 0800 358 2030 Regulated may, in certain jurisdictions, be restricted by law and
HC Kleinwort Hambros Equity Income A Inc 83.56 - -0.15 3.06 Regulated Regulated the funds will not necessarily be available to persons
European Multi-Cap 544.94 544.94 8.66 0.00
RobecoSAM Sm.Energy/A £ 24.32 - 0.64 1.27 Toscafund Asset Management LLP (UK) in all jurisdictions in which the publication circulates.
Mir. - Glb Strat. Bd I USD $ 118.24 - 0.16 0.00 Orbis OEIC Global Cautious Standard £ 9.92 - 0.01 0.03 www.toscafund.com Persons in any doubt should take appropriate
HC Kleinwort Hambros Equity Income A Acc 152.27 - -0.26 4.50
RobecoSAM Sm.Energy/N € 22.25 - 0.47 0.00 Authorised Funds professional advice. Data collated by Morningstar. For
Extra Income 82.07 82.07 0.84 3.49 other queries contact reader.enquiries@ft.com +44
Mir. - DiscEur D Cap GBP £ 152.99 - 0.93 0.00 Orbis OEIC Global Balanced Standard £ 14.00 - 0.03 0.00
HC Kleinwort Hambros Multi Asset Balanced A Acc 170.89 - 0.44 0.81 Aptus Global Financials B Acc £ 3.23 - 0.01 5.01 (0)207 873 4211.
RobecoSAM Sm.Materials/A £ 200.71 - 2.05 1.55
Far East Growth A Inc 235.17 235.17 1.62 0.93
Mirabaud - UK Equity High Alpha £ 123.23 - 0.89 0.00 Orbis OEIC Global Equity Standard £ 17.39 - 0.12 0.00 Purisima Investment Fds (CI) Ltd (JER) The fund prices published in this edition along with
HC Kleinwort Hambros Multi Asset Balanced A Inc 161.52 - 0.42 0.81 Aptus Global Financials B Inc £ 2.26 - 0.01 6.42
Regulated RobecoSAM Sm.Materials/N € 208.22 - 0.99 0.00 additional information are also available on the
Global 269.07 269.07 1.33 0.12 Financial Times website, www.ft.com/funds. The
Orbis OEIC UK Equity Standard £ 6.47 - 0.05 0.00
HC Kleinwort Hambros Fixed Income A Acc 135.86 - -0.05 3.44 PCG B X 264.35 - -0.12 0.00 funds published on these pages are grouped together
RobecoSAM Sm.Materials/Na € 135.79 - 0.65 1.55 by fund management company.
Global Bond Inc 160.99 160.99 0.51 2.34
HC Kleinwort Hambros Fixed Income A Inc 108.36 - -0.04 3.44 PCG C X 258.38 - -0.12 0.00
RobecoSAM S.HealthyLiv/B € 231.84 - 1.29 0.00 Prices are in pence unless otherwise indicated. The
High Yield Fixed Interest 68.37 68.37 -0.55 4.00 change, if shown, is the change on the previously
quoted figure (not all funds update prices daily). Those
RobecoSAM S.HealthyLiv/N € 223.94 - 1.24 0.00 designated $ with no prefix refer to US dollars. Yield
Multi Cap Income A Inc 122.23 122.23 1.22 4.85
percentage figures (in Tuesday to Saturday papers)
RobecoSAM S.HealthyLiv/Na £ 168.98 - 1.86 1.39 allow for buying expenses. Prices of certain older
Nano-Cap Growth A Acc 176.47 176.47 0.41 0.00 insurance linked plans might be subject to capital
gains tax on sales.
RobecoSAM S.Water/A £ 295.94 - 2.17 1.44
Special Situations A Acc 1716.04 1716.04 9.71 0.00
Guide to pricing of Authorised Investment Funds:
(compiled with the assistance of the IMA. The
RobecoSAM S.Water/N € 257.01 - 0.48 0.00
UK Multi-Cap Growth A Inc 367.89 367.89 5.80 0.00 Investment Management Association, 65 Kingsway,
Toscafund Asset Management LLP London WC2B 6TD.
www.toscafund.com Tel: +44 (0)20 7831 0898.)
UK Micro Cap Growth A 781.28 781.28 18.70 0.00
Tosca A USD $ 321.86 - 44.14 - OEIC: Open-Ended Investment Company. Similar to a
US Multi-Cap Income 644.42 644.42 3.17 1.30 unit trust but using a company rather than a trust
Tosca Mid Cap GBP £ 144.18 - 26.67 - structure.
MFM - Third Party Funds
Different share classes are issued to reflect a different
Junior Oils 35.61 35.61 0.21 0.00 Tosca Opportunity B USD $ 217.40 - 39.74 - currency, charging structure or type of holder.

Junior Gold C Acc 52.45 52.45 -0.14 0.00 Pegasus Fund Ltd A-1 GBP £ 34.40 - 6.40 0.00 Selling price: Also called bid price. The price at which
units in a unit trust are sold by investors.

MFM Bowland 298.01 298.01 3.79 0.68 Buying price: Also called offer price. The price at
which units in a unit trust are bought by investors.
Includes manager’s initial charge.
MFM Hathaway Inc 146.77 146.77 1.59 1.38
Single price: Based on a mid-market valuation of the
MFM Techinvest Special Situations Acc 206.33 206.33 5.57 0.00 New Capital UCITS Fund PLC (IRL) underlying investments. The buying and selling price
Leconfield House, Curzon Street, London, W1J 5JB for shares of an OEIC and units of a single priced unit
www.newcapitalfunds.com Platinum Capital Management Ltd trust are the same.
MFM Techinvest Technology Acc 714.39 714.39 11.13 0.00
FCA Recognised Other International Funds
New Capital UCITS Funds Treatment of manager’s periodic capital charge:
Lazard Fund Managers Ltd (1200)F MFM UK Primary Opportunities A Inc 363.12 363.12 3.68 1.75 Platinum All Star Fund - A $ 136.11 - - - The letter C denotes that the trust deducts all or part
(UK) Ram Active Investments SA
New Capital China Equity Fund $ 236.89 - 3.38 0.00 of the manager’s/operator’s periodic charge from
P.O. Box 364, Darlington, DL1 9RD www.ram-ai.com
capital, contact the manager/operator for full details
Dealing: 0870 6066408, Info: 0870 6066459 Platinum Global Growth UCITS Fund $ 12.50 - 0.02 0.00 Other International Funds of the effect of this course of action.
Authorised Inv Funds New Capital Dynamic European Equity Fund € 124.17 - 0.11 0.00
Lazard Investment Funds (OEIC) B Share Class RAM Systematic Emerg Markets Eq $ 184.85 184.85 1.97 -
Platinum Essential Resources UCITS Fund SICAV USD Class E $ 6.86 - 0.06 0.00 Exit Charges: The letter E denotes that an exit charge
New Capital Dynamic UK Equity Fund £ 108.73 - 0.69 0.00 may be made when you sell units, contact the
Developing Markets Acc 128.28 - -2.20 0.24 RAM Systematic European Eq € 438.45 438.45 1.43 - manager/operator for full details.
Platinum Global Dividend UCITS Fund $ 52.56 - -0.60 0.00
New Capital Global Alpha Fund £ 112.96 - 0.23 0.00 Time: Some funds give information about the timing of
Developing Markets Inc 126.36 - -2.16 0.19 RAM Systematic Funds Global Sustainable Income Eq $ 115.46 115.46 0.16 0.00 price quotes. The time shown alongside the fund
New Capital Global Equity Conviction Fund $ 180.42 - 1.21 0.00 Rubrics Global UCITS Funds Plc (IRL) manager’s/operator’s name is the valuation point for
Emerging Markets Acc 291.90 - -4.82 2.29 RAM Systematic Long/Short Emerg Markets Eq $ 105.67 105.67 0.23 - their unit trusts/OEICs, unless another time is
www.rubricsam.com
indicated by the symbol alongside the individual unit
New Capital Global Value Credit Fund $ 156.45 - -0.09 0.00 Regulated
trust/OEIC name.
Emg Mkts Inc 237.38 - -3.92 2.33 RAM Systematic Long/Short European Eq € 141.82 141.82 0.44 -
Rubrics Emerging Markets Fixed Income UCITS Fund $ 136.34 - 0.31 0.00
New Capital Japan Equity Fund ¥ 1460.69 - -22.19 0.00 The symbols are as follows: ✠ 0001 to 1100 hours; ♦
European Alpha Acc 895.26 - -13.52 1.20 RAM Systematic North American Eq $ 327.31 327.31 2.63 - 1101 to 1400 hours; ▲1401 to 1700 hours; # 1701 to
Marwyn Asset Management Limited (CYM) Rubrics Global Credit UCITS Fund $ 17.39 - 0.01 0.00 midnight. Daily dealing prices are set on the basis of
Regulated New Capital US Growth Fund $ 400.43 - 5.23 0.00 the valuation point, a short period of time may elapse
European Alpha Inc 782.20 - -11.81 1.22 RAM Tactical Global Bond Total Return € 154.31 154.31 0.16 -
Rubrics Global Fixed Income UCITS Fund $ 182.76 - -0.24 0.00
before prices become available. Historic pricing: The
Marwyn Value Investors £ 340.40 - -14.66 0.00
New Capital US Small Cap Growth Fund $ 176.03 - 3.31 0.00 letter H denotes that the managers/operators will
European Smaller Cos Acc 616.32 - -5.97 0.70 RAM Tactical II Asia Bond Total Return $ 153.43 153.43 -0.04 - normally deal on the price set at the most recent
valuation. The prices shown are the latest available
New Capital Wealthy Nations Bond Fund $ 152.03 - 0.09 0.00 before publication and may not be the current dealing
Global Equity Income Acc 169.04 - -3.71 3.53
levels because of an intervening portfolio revaluation
or a switch to a forward pricing basis. The
Global Equity Income Inc 91.10 - -2.00 3.62 managers/operators must deal at a forward price on
Troy Asset Mgt (1200) (UK)
request, and may move to forward pricing at any time.
65 Gresham Street, London, EC2V 7NQ
Forward pricing: The letter F denotes that that
Managed Bal Inc 170.45 - -1.89 1.74 Order Desk and Enquiries: 0345 608 0950 managers/operators deal at the price to be set at the
Authorised Inv Funds next valuation.
UK Income Acc 1172.92 - -12.46 4.54 Authorised Corporate Director - Link Fund Solutions
Trojan Investment Funds Investors can be given no definite price in advance of
the purchase or sale being carried out. The prices
UK Income Inc 462.72 - -4.92 4.66 appearing in the newspaper are the most recent
Spectrum Fund O Acc 246.23 - 0.18 0.24
provided by the managers/operators. Scheme
UK Omega Acc 208.96 - -1.86 2.86 particulars, prospectus, key features and reports: The
McInroy & Wood Portfolios Limited (UK) Scottish Friendly Asset Managers Ltd (UK) Spectrum Fund O Inc 233.91 - 0.16 0.24 most recent particulars and documents may be
Easter Alderston, Haddington, EH41 3SF 01620 825867 Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000 obtained free of charge from fund
UK Omega Inc 179.43 - -1.60 2.92
Authorised Inv Funds
RLUM Ltd (UK)
Authorised Inv Funds managers/operators. * Indicates funds which do not
Trojan Ethical O Acc 118.68 - 0.47 0.10
5th Floor, Churchgate House, 56 Oxford Street, Manchester M1 6EU 03456 057777 price on Fridays.
UK Smaller Cos Inc 1754.45 - -21.95 1.39 Balanced Fund Personal Class Units 5454.10xd - -47.60 1.39 Authorised Inv Funds Managed Growth ♦ 288.00 - -1.90 0.00
Trojan Ethical O Inc 118.45 - 0.47 0.09 Charges for this advertising service are based on the
Polar Capital Funds Plc (IRL) Royal London Sustainable Diversified A Inc £ 2.38 - -0.01 0.58 number of lines published and the classification of the
Income Fund Personal Class Units 2594.80xd - -24.90 2.72 Regulated UK Growth ♦ 325.00 - -1.50 0.00
fund. Please contact data@ft.com or
Trojan Ethical Income O Acc 133.47 - 0.94 2.55
Royal London Sustainable World A Inc 335.50 - -1.50 0.10
call +44 (0)20 7873 3132 for further information.
Automation & Artificial Intelligence CL I USD Acc $ 15.23 15.23 0.03 0.00
Emerging Markets Fund Personal Class Units 2126.30xd - -18.10 1.72
Trojan Ethical Income O Inc 117.08 - 0.83 2.47
Asian Financials I USD $ 378.97 378.97 4.44 0.00 Royal London Corporate Bond Mth Income 93.48 - -0.03 3.41
Smaller Companies Fund Personal Class Units 6065.90xd - -49.80 1.20
Trojan Fund O Acc 352.95 - 1.51 0.35
Biotechnology I USD $ 34.76 34.76 -0.02 0.00 Royal London European Growth Trust 170.70 - -3.20 0.22
Trojan Fund O Inc 285.82 - 1.22 0.35
Emerging Market Stars I USD Acc $ 13.02 - 0.04 0.00 Royal London Sustainable Leaders A Inc 679.20 - -2.90 0.67
Trojan Global Equity O Acc 422.80 - 3.77 0.24
European Ex UK Inc EUR Acc € 10.54 10.54 -0.01 0.00 Royal London UK Growth Trust 517.30 - -4.00 1.36

Slater
Trojan Global Equity O Inc 348.87 - 3.12 0.24
Financial Opps I USD $ 10.88 - 0.08 2.45 Royal London UK Income With Growth Trust 177.90 - -0.80 5.12
Lloyds Investment Fund Managers Limited (1000)F (JER) Oasis Crescent Management Company Ltd

Investments
PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555 Other International Funds Trojan Global Income O Acc 133.90 - 0.97 2.98
Other International Funds GEM Income I USD $ 11.04 - 0.07 0.00 Royal London US Growth Trust 278.00 - -6.60 0.01
Oasis Crescent Equity Fund R 10.73 - 0.03 0.74
Lloyds Investment Funds Limited Additional Funds Available Trojan Global Income O Inc 119.53 - 0.86 3.04
Global Convertible I USD $ 14.80 14.80 0.07 0.00 Please see www.royallondon.com for details
Euro High Income € 1.5320xd - -0.0090 2.33
Trojan Income O Acc 328.31 - 2.39 3.52
Milltrust International Managed Investments ICAV (IRL) Global Insurance I GBP £ 6.59 - 0.03 0.00
High Income £ 0.8701xd - -0.0046 3.77
mimi@milltrust.com, +44(0)20 8123 8369 www.milltrust.com Trojan Income O Inc 171.31 - 1.25 3.55
Regulated Global Technology I USD $ 77.42 - 1.05 0.00
Sterling Bond £ 1.5950xd - -0.0130 2.13
British Innovation Fund £ 123.94 - 23.92 0.00
Lloyds Multi Strategy Fund Limited Healthcare Blue Chip Fund I USD Acc $ 15.22 15.22 0.06 0.00

Conservative Strategy £ 1.2830 - -0.0010 0.00 MAI - Buy & Lease (Australia) A$ 123.94 - 21.42 0.00
Healthcare Opps I USD $ 56.55 - 0.65 0.00

Growth Strategy £ 1.7840 - -0.0040 0.00 MAI - Buy & Lease (New Zealand)NZ$ 98.28 - 0.99 0.00
Income Opportunities B2 I GBP Acc £ 2.04 2.04 -0.01 -

Aggressive Strategy £ 2.4180 - -0.0070 0.00 Milltrust Global Emerging Markets Fund - Class A $ 99.99 - 0.39 0.00
Japan Value I JPY ¥ 104.19 104.19 -0.01 0.00
Oasis Global Mgmt Co (Ireland) Ltd (IRL) Slater Investments Ltd (UK)
Global USD Growth Strategy $ 1.7170 - 0.0020 0.00 The Climate Impact Asia Fund (Class A) $ 101.81 - 0.21 - Regulated www.slaterinvestments.com; Tel: 0207 220 9460
Oasis Crescent Global Investment Fund (Ireland) plc North American I USD $ 26.40 26.40 0.28 0.00
FCA Recognised
Dealing Daily
Oasis Crescent Global Short Term Income Fund I - Class A Dist $ 0.99 - 0.00 2.16 UK Val Opp I GBP Acc £ 9.95 9.95 0.03 0.00 Slater Growth 583.02 583.02 -2.97 0.00
Unicorn Asset Management Ltd (UK)
Oasis Crescent Global Equity Fund $ 31.70 - -0.04 0.50 Slater Income A Inc 110.55 110.55 -0.68 5.22 PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287
Authorised Inv Funds
Oasis Crescent Variable Balanced Fund £ 8.89 - 0.02 0.00 Slater Recovery 270.25 270.25 -1.09 0.00 UK Growth A Inc 561.06 - -4.43 1.16

OasisCresGl Income Class A $ 10.96 - 0.00 2.70 Slater Artorius 237.63 237.63 1.19 0.42 Mastertrust A Inc X F 493.42 - -1.57 0.30

OasisCresGl LowBal D ($) Dist $ 11.91 - 0.03 1.05

UK Growth B Inc 561.72 - -4.43 1.92

OasisCresGl Med Eq Bal A ($) Dist $ 12.83 - 0.02 0.37

Mastertrust B Inc X F 442.18 - -1.40 1.06
Milltrust International Managed Investments SPC
Oasis Crescent Gbl Property Eqty $ 7.39 - 0.10 1.55 Ruffer LLP (1000)F (UK)
Lothbury Property Trust (UK) em@milltrust.com, +44(0)20 8123 8369, www.milltrust.com Outstanding British Cos A Acc X F 277.83 - -1.10 0.68
155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900 Regulated 65 Gresham Street, London, EC2V 7NQ
Property & Other UK Unit Trusts Polar Capital LLP (CYM) Order Desk and Enquiries: 0345 601 9610
Outstanding British Cos B Acc X F 300.73 - -1.18 1.48
Milltrust Alaska Brazil SP A $ 61.80 - 0.74 - Regulated Authorised Inv Funds
Lothbury Property Trust GBP £ 1857.96 - -6.54 3.23 Authorised Corporate Director - Link Fund Solutions
European Forager A EUR € 172.79 - -2.41 0.00 UK Smaller Cos A Inc X F 518.14 - -1.85 1.84
Milltrust Laurium Africa SP A $ 78.67 - 0.74 -
LF Ruffer European C Acc 676.40 - -6.13 0.06

Milltrust Singular ASEAN SP Founders $ 124.12 - -1.28 - UK Smaller Cos B Inc X F 505.37 - -1.79 2.59
LF Ruffer European C Inc 123.43 - -1.12 0.10

Milltrust SPARX Korea Equity SP A $ 136.90 - 0.47 - UK Income A Acc X F 266.65 - -0.93 3.65
LF Ruffer European O Acc 660.04 - -6.03 0.00

Milltrust Xingtai China SP A $ 135.26 - 1.42 - UK Income A Inc X F 194.85 - -0.68 3.07
LF Ruffer Equity & General C Acc 441.85 - -3.59 0.20
UK Income B Acc X F 293.66 - -1.02 3.50
LF Ruffer Equity & General C Inc 404.10 - -3.28 0.20
Omnia Fund Ltd
Other International Funds UK Income B Inc X F 214.70 - -0.75 3.42
LF Ruffer Equity & General O Acc 431.20 - -3.53 0.00
Estimated NAV $ 595.25 - 11.14 0.00

M & G Securities (1200)F (UK) LF Ruffer Equity & General O Inc 399.22 - -3.27 0.00
PO Box 9038, Chelmsford, CM99 2XF Private Fund Mgrs (Guernsey) Ltd (GSY)
www.mandg.co.uk/charities Enq./Dealing: 0800 917 4472 Regulated LF Ruffer Gold C Acc 332.75 - -8.19 0.00
Authorised Inv Funds Monument Growth 29/09/2020 £ 481.64 486.21 5.04 1.59
LF Ruffer Gold C Inc 201.39 - -4.96 0.00
Charifund Inc 1213.01 - 9.28 6.66
Stonehage Fleming Investment Management Ltd (IRL)
LF Ruffer Gold O Acc 324.61 - -8.01 0.00 www.stonehagefleming.com/gbi
Charifund Acc 21222.50 - 162.42 6.43
enquiries@stonehagefleming.com
Ministry of Justice Common Investment Funds (UK)
LF Ruffer Japanese C Inc 153.08 - -0.97 0.09 Regulated
M&G Charibond Charities Fixed Interest Fund (Charibond) Inc £ 1.25 - 0.00 - Property & Other UK Unit Trusts
SF Global Best Ideas Eq B USD ACC $ 225.53 - 1.18 0.00
The Equity Idx Tracker Fd Inc 1608.00 1608.00 6.00 3.17
LF Ruffer Japanese C Acc 328.95 - -2.08 0.09
M&G Charibond Charities Fixed Interest Fund (Charibond) Acc £ 42.55 - 0.00 -
Distribution Units SF Global Best Ideas Eq D GBP INC £ 265.92 - 2.64 0.10
LF Ruffer Japanese O Acc X 320.59 - -2.04 0.00
M&G Charity Multi Asset Fund Inc £ 0.76 - 0.00 -

LF Ruffer Pacific & Emerging Markets C Acc 359.15 - -2.87 0.87 WA Fixed Income Fund Plc (IRL)
M&G Charity Multi Asset Fund Acc £ 82.93 - 0.53 -
Regulated
Oryx International Growth Fund Ltd LF Ruffer Pacific & Emerging Markets C Inc 97.88 - -0.78 0.88
European Multi-Sector € 122.71 - 0.21 3.26
Other International Funds Prusik Investment Management LLP (IRL)
Enquiries - 0207 493 1331 LF Ruffer Pacific & Emerging Markets O Acc 350.16 - -2.82 0.55
NAV (Fully Diluted) £ 9.10 - -0.52 0.00
Regulated

Prusik Asian Equity Income B Dist $ 155.07 - 1.26 4.98 LF Ruffer Total Return C Acc 482.72 - -1.27 0.87

Prusik Asia Emerging Opportunities Fund A Acc $ 158.75 - 1.94 0.00 LF Ruffer Total Return C Inc 312.39 - -0.82 0.88

Prusik Asia Fund U Dist. £ 207.61 - 0.63 0.00 LF Ruffer Total Return O Acc 471.04 - -1.26 0.87
Thesis Unit Trust Management Limited (UK)
LF Ruffer Total Return O Inc 304.66 - -0.82 0.88 Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP
Authorised Funds

MMIP Investment Management Limited (GSY) TM New Court Fund A 2011 Inc £ 16.83 - 0.00 0.03
Regulated
Multi-Manager Investment Programmes PCC Limited TM New Court Fund - A 2014 Acc £ 16.97 - 0.00 0.03 Zadig Gestion (Memnon Fund) (LUX)
UK Equity Fd Cl A Series 01 £ 2198.02 2234.80 185.86 0.00 FCA Recognised
TM New Court Equity Growth Fund - Inc £ 18.02 - 0.00 0.07
Memnon European Fund - Class U2 GBP £ 189.78 - 1.66 0.00
Diversified Absolute Rtn Fd USD Cl AF2 $ 1618.37 - 50.85 0.00
20 ★ 3 October/4 October 2020

Twitter: @FTLex

Hunt for an answer

to the bond blues
US stocks:
turns to active ETFs
Laundry apps: come clean
presidential ailments US laundromats per US laundromats Self-reported laundry methods (%)
million people (’000) Washing machine/dryer
American presidential campaigns are
so gruelling that the winner, almost by
definition, is healthy enough for the
80 25 Laundrette
Hand wash/clothes line
Someone else does my washing
Michael Mackenzie
physical rigours of governing. As such,
examples are limited of serious illness
befalling the commander-in-chief. One
60
20
Asia-Pacific The Long View
more data point can now be added to 15 Europe

the set. US President Donald Trump
announced early yesterday that he had
tested positive for coronavirus.
In the few incidents of a surprise
ailment, only a couple sent the S&P
500 sharply down. And three months
later, the stock market was generally at
higher levels, underlining the resilience
and stability of the American system.
This time may be different, however.
Mr Trump has been infected by the
pathogen behind a pandemic he has
consciously played down, all the while
in the middle of a hotly contested
election that will also determine
control of the US Congress. Still,
yesterday morning major US stock
indices were off just 1 per cent.
When President Eisenhower had a
heart attack in September 1955, the
S&P 500 fell nearly 7 per cent. On the
news of the Kennedy assassination in
1963, shares dropped 3 per cent. The
most recent scares occurred during the
tenure of Ronald Reagan. He survived
an assassination attempt and several
surgeries. Three big operations barely
moved the markets on the given day.
Among 10 health incidents between
1923 (death of President Harding) and
1987 (Reagan’s surgery), in only one
instance was the stock market down
more than 1 per cent three months
later. That was President Truman’s
hospitalisation in 1952.
As well as fit presidents, the US has
been able to rely on the resilience of a
broader set of institutions. Many
believe that robustness is also a ballot
proposition in this election. Amid a
pandemic where monetary stimulus is
unprecedented and asset prices soar,
the forces that drive markets are
equally worthy of debate. Particularly
when they shrug off the health issues of
the most powerful person in the world.
Cumbrian coal mine:
blackout
Unlike the many striking British coal
miners in 1984, those at the Haig
Colliery in Cumbria chose pickaxes
over pickets. If the West Cumbria
Mining project goes ahead, 500 coal
miners will again get their chance. But,
though the local council did approve it
yesterday, UK housing secretary
Robert Jenrick can still veto the plan.
WCM’s Woodhouse Colliery coking
coal mine is set to begin production in
mid-2021. Environmental campaigners
against the carbon-heavy fuel are
furious. Locals will welcome the
employment. In the end, what will
matter is how efficient this project is
versus foreign rivals.
Green activists have successfully
delayed this £160m (so far) coal
project for several years, despite the
local council approving the planning
application twice. So far activists have
beaten back the threat from dirty coal.
The last coal mine in England stopped
operating this year.
WCM’s project does not produce
thermal coal for power plants which
has substitutes from renewable sources
40
20
0 0
2010 12 14 16 18
FT graphic Sources: IBISWorld, UN
“Uber for laundry” is a catchy slogan.
But picking up dirty clothes and
returning clean ones to customers is a
low-margin business with high set-up
costs. Scaling is expensive and mix-
ups cause havoc. No wonder apps
offering to outsource chores hit a snag
with clothes washing, despite the
initial enthusiasm of venture
capitalists. A lost pizza delivery is
merely irritating. Losing half your
clothes is a reason to never outsource
the service again.
On-demand laundry service
Washio folded in 2016 after raising
more than $16m. FlyCleaners laid off
more than 100 employees last year. In
Europe two of the largest laundry
start-ups — Laundrapp and Zipjet —
have also merged.
Closed offices mean less demand
for dry cleaning. Grand View
and instead will mine coking coal for
steelmaking. WCM says its 3.1m tonnes
annual output will replace imported
coal. That has generated carbon
emissions coming by sea from US
miners such as Warrior Met Coal, with
cash costs (not including investment)
about $90 per tonne. Premium coking
coal trades around $110 a tonne,
depending on region, down by half
since 2017. WCM expects prices of
more than $130 in the year or so ahead.
This suggests mining coking coal is
not a get-rich-quick scheme. WCM
plans to mine under the Cumbrian
coast, sending the coal first by a 2.2km
conveyor belt to a rail site then on to a
port or to UK industrial customers.
Documents filed in planning pointed to
a five-year full cost recovery, but
frankly that looks optimistic unless
coking coal prices rise significantly.
Some want to stop this project for
environmental reasons, economics
might do the trick instead.
European bank M&A:
sufferin’ southerners
The pandemic is proving less of an
obstacle to bank marriages than
weddings between people. Unloved
Spanish lenders CaixaBank and Bankia
agreed to tie the knot in September.
Italy’s Intesa Sanpaolo successfully
wooed rival UBI Banca with the
promise of cost-effective cohabitation.
French giant Crédit Agricole may pair
up with Banco BPM, another Italian. As
economies and bank earnings contract,
such marriages of necessity will
become more frequent.
Weight reduction for the special day
10 Africa/Middle East
Latin America
5 and crowns a four-decade
North America
20 0 20 40 60 80
Source: Nielsen
Research estimates the global dry-
cleaning and laundry services market
will decline from $106bn last year to
$104bn in 2020, before recovering to
reach $118bn by 2023.
In the UK, 93 per cent of homes
have washing machines, according to
Statista. In the US only 80 per cent of
homes have one. Launderettes
remain popular, but their prevalence
is shrinking. Ten years ago there were
74 for every million Americans —
now there are 62. With no national
brand of laundromats to spoil their
fun, online laundry apps have the
best chance of success in the US.
The pandemic is accelerating
the division between well-paid
professionals and insecure gig
workers. But it could also spur
demand for apps to relieve time-
consuming chores such as laundry.
remains crucial. Southern European
banks hoping to wed prioritise non-
performing loans in low-single digits.
Bankia and CaixaBank, when
combined, will have an NPL exposure
of 4 per cent. Italy’s Banca Monte dei
Paschi di Siena, already having shed
tens of billions, will move to a similar
level of NPLs after a debt sale to state
fund AMCO. Banco BPM is partaking in
its own NPL-reducing exercises.
Italian banks have shed about
€130bn of the worst-performing loans
or sofferenze since 2015. These
defaulted loans represent about half of
remaining Italian NPLs of €110bn.
“Unable to pay” loans, or UTPs, make
up the remainder. These are typically
distressed borrowers that remain
clients of lenders; more valuable but
costlier to deal with. Most disposals to
date have been of sofferenze. Secondary
market participants such as Credito
Fondiario, owned by US hedge fund
Elliott, are highly active. They may buy
a €1bn UTP portfolio from Banco BPM.
A European moratorium has
postponed an increase in distressed
debts until next year. UTPs were under
control thanks to better lending
practices and a growing Italian
economy. The pandemic has reversed
that trend. UTPs already represent the
bulk of BPM’s gross NPL exposure of 9
per cent.
Italian banks are badly exposed as a
result of their penchant for corporate
lending. Provisions for loan losses are
rising. At Banco BPM these increased
by just over a third in the first half of
this year. At UniCredit they almost
doubled. Rising UTPs will begin to
threaten merger-friendly NPL ratios
next year. Expect distressed debt funds
to take full advantage of that, as banks
put more UTP assets on the market.
T
he crushing of global
interest rates to historically
low levels has delivered big
gains for bond investors
run of solid returns. From here, the pic-
ture looks tougher and that may mean
investors need to take a more active
100 approach to managing their portfolios.
A universe where bonds provide little
to no interest fails in providing a fixed
income beyond the current rate of infla-
tion. It also limits the prospect of capital
appreciation for portfolios. And that’s
the good news.
Far more daunting is the likelihood
that investment in government and
other high-quality bonds over time reg-
isters negative returns once the global
economy negotiates the pandemic.
Sure, central banks will try to limit a
sharp rise in yields on bonds but a
potentially more inflationary future
explains why many current investment
strategists favour a greater shift towards
owning equities, commodities and alter-
native assets such as infrastructure.
Plenty think bond returns are set for a
repeat of their modest run returns in the
decades before 1981. Returns fell in real
terms during the postwar period, hurt
by a combination of yields being low and
rising inflation.
That does not mean investors can, or
will, turn their backs on fixed income,
which in the US constitutes a $45tn
market of outstanding debt, and
continues growing.
Investment mandates in bonds are
well established, and more importantly,
there are ways to mitigate the pain of
low yields given the diverse and broad
scope of fixed income instruments.
While a company trades under one
equity market listing, bonds are a more
diverse story. Debt is sold with different
maturities and yields and across a
variety of sectors. These range from sov-
ereign borrowers and corporations to
the bundling of mortgages, car loans
and credit cards among others.
That provides a savvy bond investor
with a broad menu and that can help
them navigate swings in market interest
rates and the economy.
Into this mix is the rise of an unlikely
product — exchange traded funds for
bonds, a low-cost way to invest in a
basket of assets by tracking an index.
This could have a big impact.
At the recent Morningstar Investment
Conference, BlackRock’s Larry Fink
said: “We’re seeing more and more
active investors using ETFs for active
management. They go in and out of
passive exposures through ETFs and the
biggest transformation of that is in fixed
‘We’re seeing more
and more active
investors using ETFs for
active management’
income. The fixed income market will
be substantially more of an ETF market
in the future.”
In recent years, more money has been
flowing into ETFs that track various
baskets of US bonds than equities. The
process of buying and selling an ETF is
smoother and faster than transacting in
cash bonds and that has transformed
fixed income trading in recent years.
Currently, actively managed bond
ETFs represent nearly a tenth of the
$1tn market, according to ETF.com.
Among net inflows this year of $152bn
into fixed income ETFs, 13.4 per cent or
$20.4bn have been garnered by the
actively managed bond sector.
When markets hit turmoil in March
as Covid-19 started to spread, corporate
credit ETFs were quicker to reflect the
downward pressure on prices compared
with cash bonds. As part of its measures
to steady financial markets, the US Fed-
eral Reserve announced that it would
buy investment grade credit ETFs.
The backing of the central bank and
better market conditions has spurred
record inflows into bond ETFs for the
year to date and robust returns. But now
that the juice has been squeezed from
bonds and driven yields lower, the case
for looking at actively managed fixed
income ETFs has renewed impetus.
“The near zero yield environment has
awakened investors,” said Jerome Sch-
neider, head of short-term portfolio
management and funding at Pimco.
Among the benefits of active ETFs is the
“ability to maintain diversification and
a freedom to pick sectors such as struc-
tured products and mortgages”. He
added: “You are trading a bit more and
relying less on a buy and hold approach.”
An unappreciated aspect of a bond
index is that hefty levels of debt belong-
ing to one sector or company have a
heavier weighting in the benchmark.
Mark Dowding, chief investment
officer at BlueBay Asset Management,
said: “Passively tracking a flawed
benchmark offering ultra-low yields is
just less attractive than it once was.”
At Wisdom Tree, the fixed income
ETF, the AGGY largely tracks the lead-
ing broad US bond index, which is domi-
nated by government bonds.
However, it boosts the weighting of
smaller sectors beyond Treasuries in
order to generate higher returns.
Expect a growing menu of actively
managed ETFs in a yield-constrained
world as more investors toggle in and
out of bonds. And while advocates of a
more active approach in fixed income
are talking a good game and make a rea-
soned case, they need to demonstrate
their prowess in the coming years.
When rates are so low, investors are
counting on finding strategies that beat
simply sticking with an index.
michael.mackenzie@ft.com

Seven in 10 species facing unprecedented temperatures before 2100*

Geographic ranges of 30,652 species of birds, mammals, reptiles, amphibians, fish and other animals were cross-refererenced with
climate model data from 1850 to 2005. Climate model projections** were used to predict when species will be exposed to
temperatures that are consistently higher than the organism has previously experienced across its geographic range, for a period
of at least five years. *Across more than half of
their geographic range
% of species exposed **RCP8.5 ‘business
>0 as usual’ scenario

1
5
10
20
40
60
80
100

For the FT’s latest

climate change stories Cartography: Steven Bernard
ft.com/climate Source: Trisos C H, Merow C and Pigot A L, The Projected Timing of Abrupt Ecological Disruption from Climate Change
Saturday 3 October / Sunday 4 October 2020

Artemisia Gentileschi The female painter who seized the story — PAGE 10
Follow us on Instagram @ft_weekend

very slowly. It continued west, in the
direction of Bekker’s house, but after 22
minutes came to a halt on a back street.
At about 9pm, a resident noticed the
white Audi but thought nothing of it —
until, half an hour or so later, he heard
explosions. He ran outside. The car was
engulfed in flames. Once the blaze had
been extinguished, those who dared to
approach made out a charred human
form within, the skull resting against
the door. It took an examination of den-
tal records to confirm that the corpse
was Bekker.
A few days after Bekker’s death, his
employer, an American mining investor
called Preston Haskell, hired a private
detective. Clement Jackson was a leath-
ery Afrikaner, a former police colonel.
Jackson, the records of his investigation
show, soon discovered that the hope-
If Bekker knew about
any manipulation of
geological data, he
‘could have been a target
for a hit to silence him’
Clement Jackson,
private detective
lessly overstretched police were
unlikely to solve Bekker’s murder. A
murder it clearly was, so far as Jackson
was concerned: Bekker’s body had been
found on the back seat of the car and
Jackson established that it would have
been almost impossible to commit sui-
cide by igniting the vehicle from there.
Johannesburg was plagued by violent
robbery. But what kind of thief boosts a
vehicle then immediately torches it on a
suburban road with its owner, his lap-
top, his phone and even his expensive
watch still inside? As for his family, they
all had alibis.
An attendant at a garage told Jackson
that at precisely the time Bekker’s car
was parked two blocks away, two white
men had approached him and asked to
borrow a canister to buy five litres of
fuel. They promised to return it but
never did. If they were the killers, that
could explain the intense heat of the
fire, which had scorched away any trace
of DNA evidence. It might also explain
why the vehicle’s tracking system sug-
gested the key fob had left the car for a
few minutes before it was set alight. But
Illustration by Mark Watkins
the attendant could give only vague
descriptions and the CCTV footage had
not been stored.
Then, Jackson’s reports show, his con-
tacts in the local crime gangs claimed to
have a source who said a contract on
Bekker’s life had been paid out. Even if
that was true, and not just some gang-
land chancer’s attempt to secure a
reward, there was not enough to iden-
tify any hitmen or whoever might have
instructed them.
A few weeks into his inquiries, Jack-
son went to see a sensitive source in
Johannesburg’s business district. That
was when he heard of ENRC. The multi-
national mining corporation had been
founded by three businessmen from
Central Asia, who had secured rich
mines in Kazakhstan during the post-
Soviet shotgun privatisations. In 2007,
the UK market regulator had allowed
them to sell some of their shares on the
London Stock Exchange, even though
they were under investigation in Bel-
gium — later settled without any admis-
sion of wrongdoing — for suspected
money laundering. The company
swiftly entered the FTSE 100, valued at
£20bn. The billionaire founders — Alex-
ander Machkevitch, Patokh Chodiev
and Alijan Ibragimov, known as the Trio
— were soon at odds with the non-exec-
utive directors of ENRC plc. One called
the oligarchs’ approach “more Soviet
than City”.
When an anonymous whistleblower
at one of the Kazakh mines alleged
in 2010 that bosses there were on the
take, ENRC’s management in London
hired a City lawyer called Neil Gerrard
to conduct an internal investigation.
Gerrard would later state in a court fil-
ing that he discovered that there were
potentially still more troubling prob-
lems in the African mines ENRC had
bought after listing in London. He
unearthed what he believed was evi-
dence of bribery overseen by certain
ENRC executives close to the Trio in the
acquisition of its African assets. Gerrard
was due to hand his findings over to the
UK’s Serious Fraud Office in the hope
that ENRC could achieve a settlement
when, in early 2013, the company’s
executives fired him.
It was at this point that the SFO’s
investigators announced their own
criminal investigation into ENRC
“focused on allegations of fraud, bribery
Continued on page 16

Silent witnesses
clear answers: if malaria did not kill the
two men, what did? And are their deaths
linked in any way to those of others who
operated in the same murky world?
That world encompasses some of the
most dangerous places to do business,
both in Africa and the former Soviet
Union. Multinationals that operate
there are among the riskiest companies
to work for.
Deaths of potential witnesses have alarmed investigators looking into ENRC, Those who know those places well say
that, when the pursuit of profit turns
the mining house that operates in a dangerous world. Tom Burgis investigates violent, it can be hard to know from
which direction the menace comes.
Some of those who have died in recent
years appear to have been silenced;

A
t lunchtime on Saturday
May 9 2015, the staff at La
Quinta Inn in Springfield,
Missouri, decided they had
better see why the bikers in
rooms 216 and 218 had not checked out.
The two men had arrived three days
earlier, pausing as they rode their Har-
leys along Route 66 from Chicago to Los
Angeles. Their accents were unusual:
the clipped vowels of white South Afri-
cans. One of them had passed through
the lobby the previous evening. But
there had been no sign of them since.
At 1.06pm, the police took a call from
the motel. In room 216, the staff had
found one guest lying naked on his bed.
In room 218, the other was on the floor
of the bathroom in his underwear. Both
were dead but there was nothing to
show what had killed them. When they
arrived, the emergency responders
jumped to a terrifying conclusion. They
took one look at the diarrhoea, learnt
the men’s origins and thought of the
deadly African virus that was in the
news: was this Ebola?
The local medical examiner turned to
the Centers for Disease Control and Pre-
vention, the federal agency that handles
such cases. No, this wasn’t Ebola. But it
was another disease endemic in Africa.
Six weeks later, Springfield police
announced that the cause of death had
been identified as malaria.
Among those who were alarmed by
news of the deaths were investigators at
the Serious Fraud Office in London who
were working on a high-stakes corrup-
tion case. Their target was a multibil-
lion-dollar mining house founded by
three ex-Soviet oligarchs that had once
ranked high in the FTSE 100 list of Brit-
ain’s most valuable companies: Eura-
sian Natural Resources Corporation, or
ENRC. The men in rooms 216 and 218 —
Gerrit Strydom and James Bethel — had
held senior positions in ENRC’s African
arm, the unit at the centre of the sus-
pected corruption. Both Bethel and
Strydom were potential witnesses, and
the SFO investigators had made contact
with at least one of them to arrange an
interview. Now their mouths had per-
manently closed.
From left: James Bethel; Gerrit Strydom
Five years on, a Financial Times
investigation has found that the malaria
diagnosis is now open to serious ques-
tion, so much so that one leading inde-
pendent expert believes it cannot have
been the cause of death. Medical records
and other case documents, as well as
interviews with those involved, raise
major doubts about the diagnosis. The
fact that the Springfield police force has
quietly kept its investigation open may
suggest even they have an open mind
about the causes of the men’s deaths.
And then, during the past year, the FBI
took over.
Like their British counterparts, the US
investigators are left with questions to
which there are not, and may never be,
others may have been taken out by
their bosses’ rivals, perhaps to send
a message, or by those with direct or
indirect interests in the businesses in
which they operated. Whether the men
whose deaths the FT has investigated
were killed may never be clearly estab-
lished, and if they were, the nature of
the world they lived in is such that the
identity of those responsible, and even
the range of potential suspects, may
remain forever unknown.
There was nothing untoward in
André Bekker’s manner as he and his
colleagues shared a bottle of wine after
work at their office in Johannesburg on
Friday October 28 2016. Another spring
evening under the dazzling skies of the
Highveld was beginning. Bekker was his
usual convivial self. He was getting
divorced but had met someone new.
Portly as he approached 60, he was what
they called a “stone man” — a geologist.
One of the best around, in fact. Bekker
could tell you if that stretch of scrubland
on which you had staked your investors’
money really did contain the treasure
you hoped for. And he was known for
telling it straight, never massaging the
data.
At around 8pm, Bekker headed down
to the car park. A colleague, driving
away, saw him putting his laptop in the
boot of his vehicle. It was his pride and
joy, an Audi Quattro A4, glimmering
white. At 8.16pm, the car pulled out
2 ★ FTWeekend 3 October/4 October 2020

Life
Why Europeans
I
n Franz Kafka’s first all her wondrous qualities, The obvious retort to all this is that
novel, Amerika (1927), a I’m sure I was also the people living in our old Palo Alto
teenage boy from transferring my love of her house (now valued at $5.4m) are rich
no longer dream central Europe is sent to
the US in disgrace,
country on to her. Every
time we visited, her
beyond my imagining and work for
companies that shape my existence. It’s

of America having “seduced” the family

maid. (It later emerges that
she — a giant, terrifying,
Kafkaesque ogre — did the
seducing.) In New York
harbour, the boy is
welcomed by a wealthy
stranger: his uncle, who
turns out to be a US senator.
The ship’s captain offers
congratulations: “A shining
career awaits you now.”
Kafka was poking fun at
the European dream of
America, which had infected
his own family. His cousin
Otto, who had emigrated to
the US speaking no English,
ended up founding the
brilliantly named Kafka
Export Company. Like
countless Europeans, I also
grew up dreaming of America. The
slow death of that dream has altered
the European imagination.
When I was 10, in 1980, my father, an
academic, took a sabbatical at
Stanford, so we moved to Palo Alto,
California, for a year. Palo Alto in those
pre-tech-billionaire days was a
delightful university town where an
academic salary got us a big clapboard
house on a tree-lined avenue.
One sunny morning soon after we
arrived, we watched an old house being
moved on a flatbed truck to a better
location. This, I thought, was America:
if anything in your life was imperfect,
Simon Kuper you fixed it.
Even many anti-Americans wanted a
part of this. The writer PJ O’Rourke
Opening shot recounts being held up at gunpoint in
Lebanon in 1984 “by this Hezbollah
Illustration: Harry Haysom
kid . . . at one of those checkpoints,
screaming at me about America, Great
Satan, etc” When the kid was done
screaming, he told O’Rourke his
ambition: to study dentistry in
Dearborn, Michigan.
In 1993, I returned to the US for a
glorious year at university. One night
at a party I ran into a Briton with
a working-class London accent who
had found happiness in Boston, a
city where nobody cared to locate
him on the class ladder. The US was
a place where Europeans could
reinvent themselves.
I began applying for jobs there but
my plans were derailed when the FT
made me an offer. I decided to give
it a go, thinking the US would still be
there later.
In 2004, I married an American. For
grandfather greeted me
with “Welcome to America!”
as if he was personally
bestowing the country’s
bounty upon me.
At first, my wife and I
assumed we’d end up in the
US. Occasionally she’d
badger me to apply for a
green card. Gradually we
stopped having that
conversation. American life
was losing appeal.
In 2009, I met a
Palestinian in the Gulf,
who — flying in the face of
history — was sending
money to a relative in
California bankrupted by
the financial crisis.
Today, average US hourly
earnings are about the same
as when I moved to Palo Alto. I see
American friends spend their lives
worrying about paying for their
healthcare, their college debts, their
children’s university education and
their own hoped-for retirements. They
remind me of the character in Amerika
who works as an errand-boy by day
and studies at night. Asked when he
sleeps, he replies: “I will sleep when I’m
done with my studies. For now I drink
black coffee.”
European attitudes to Americans
are shifting from envy to compassion.
This spring, Irish donors raised
millions of dollars for the Native
American Choctaw people devastated
by coronavirus. The gift was a thank-
you: in 1847, the Choctaw had sent
money to Irish people devastated by
the Potato Famine.
Like many
true — though there’s more chance of
becoming a billionaire, if that’s your
thing, in Scandinavia than in the US.
Europeans, I grew Famously, too, northern European
social mobility is now higher. Then
up dreaming of there are the catastrophic California
America. The slow wildfires that lit Palo Alto’s skies
orange this summer.
death of that dream The US today reminds me of
has altered the Argentina. When I was in Buenos Aires
in 2002, interviewing descendants of
European Italians, Spaniards, Britons and Poles
imagination during yet another financial crisis, I
thought: their grandparents went to
the wrong country. They should have
emigrated to the US instead.
An Argentine historian set me
right: early last century, those people
were making the correct decision.
They couldn’t have known that the
most valuable thing they would
leave behind would be their
European birth certificates. By 2002,
their grandchildren were queueing
for passports at the Spanish and
Italian consulates.
Similarly, the poor Scandinavian
farmers who populated the American
Midwest made a sensible choice.
But their relatives who stayed home
have ended up living better. Donald
Trump wants fewer immigrants from
“shithole countries” and more “from
places like Norway”.
The question is why Norwegians
would want to come to America today,
except as aid workers. On the contrary,
I suspect many Scandinavian-,
German- and Irish-Americans are
now rootling in the attic for grandpa’s
birth certificate.
@KuperSimon; simon.kuper@ft.com

I walk down the middle of front of the choir. No microphone, just

Note from the Niezaleznasci Avenue in Minsk and cry

FTW editor
Still reeling in the aftermath of
Tuesday’s dyspeptic debate, I
received an uplifting clipping
from a longtime FTW reader in
Canada. It was an ad from The
Globe and Mail in the 1980s.
“How often,” it began, “do you
search, seek, explore, examine,
look up, look down, look for,
about and around, go for, cast
about, fish for, ferret out . . . ?”
It continued in that vein for
another 70 words or so but you
get the drift. If we were all back
in the office, I’d print it out on
A3 sheets and paste it all over
the walls — alongside copies of
the cover of this week’s Life &
Arts, with Tom Burgis’s
investigation into a series of
shadowy deaths and a high-
profile corruption case.
Debating may be going out of
fashion but epic long-form most
certainly is not — though spare a
thought for the investigative
journalist in 2020; if editing can
be, well, complex in a state of
semi-lockdown, deep reporting
is fiendishly hard.
I have been focused this week
on the lot of Gen Z and the
cohort below them. We have
two sons bound for university
in the next week. When last did
students in the UK face such a
constrained existence? The last
war? The Protectorate?
Students’ DNA is such that
many — most, hopefully — will
find a way to thrive this term,
but in the long run the saga of
the past year will only
compound a growing sense of
intergenerational inequity.
On a happier note, the FTW
has plans later this year to
celebrate the young successes
of 2020 — inspirational defiers
of the odds. More on this
soon. Thank you as ever for
reading us. I hope you are all
keeping well.
Alec Russell
as loud as I can: “U-ha-di!” (“Go
away!”). My husband is by my side, as
are thousands of men and women of all
ages and professions. Flags and slogans,
hands raised up, voices roaring and
vigorous. “We believe, we can, we will
win!” we shout, and “Lukashenko to
the prison van!” and “The city is ours!”
We walk together, one large, diverse
body waving its white-red-white wings,
fluidly moving from one street to
another, avoiding the military cordons.
I feel safe inside the body of the
crowd because I trust the people
around me. I’ve never heard of any
cases of pickpocketing at these
demonstrations, or any kind of
violence among the crowd. People
bring bottles of water for the protesters
when the day is hot and dispense food.
You can easily be caught by police or
militiamen on your way to a rally or
after it, when the protest body is weak.
But if the crowd is big enough, the
masked men won’t touch us.
Back in August, in the first days after
the election, people walked freely in
the streets with flags on their shoulders
or held high over their heads. Then the
government decided to get rid of the
surplus of democracy.
Every Sunday starts with the news
that dozens of military trucks full of
riot police, water cannons and special
assault barrage complexes are heading
for the city from the suburbs. Soviet
monuments and main squares are
defended by soldiers and encircled
with barbed wire. Central shopping
malls and metro stations (13 out of 29
last Sunday) are closed for “security
reasons”, streets are cordoned off,
public transport stopped. Mobile
internet is switched off. The city centre
is paralysed.
When a young Czech acquaintance
heard about the situation, he asked:
“What about the economy?” Actually, I
told him, the government doesn’t give a
damn about that. Its only aim is to
prevent us from speaking and
gathering freely.
When we leave the house, we go
prepared. First, I dress carefully, in case
I end up spending a night or two in the
detention centre. Second, I intensively
water dozens of my plants. Third, we
leave our cat enough food for a few
days. (One of my friends says that her
cat has become fat with all these
Sunday rallies.) Fourth, we take
passports and a bottle of water. It’s
important, too, to clear the history of
your mobile phone, as these are often
checked in the detention centres.
Now ready, our small family brigade
goes out into the street, into the
unknown.
When Alexander Lukashenko came
to power in 1994, I was 12 years old,
living with my family in a village in the
south-east of Belarus. My parents were
among those who voted for him then;
most of the village-dwellers did,
because in those times he seemed to be
one of them.
I should confess that as a child I was
fascinated by Lukashenko’s charisma —
on television, speaking to ministers and
other officials, he always seemed so
sure of himself. But as I got older I
began to suspect that something was
not right with his behaviour. I went to
Hymns for a revolution
MINSK
DIARY
JULIA
CIMAFIEJEVA
Above: law enforcement
officers detain women
during a rally in Minsk on
September 19 — Getty Images
my first opposition demonstration in
2000, not long after I had started living
as a student in Minsk.
Some days prior to this August’s
elections, I felt scared about the
unpredictability of the events to come.
I wanted to compose a poem, but I
couldn’t find the words in Belarusian.
So I wrote my first poem in English,
“My European Poem”. I tried to express
my fear, and to find in a foreign
language the hope I lacked in my own.
Part of it goes:
Shall I get used to the thought
That I could be taken to prison
By the men wearing black,
By the men in plain clothes,
By the men with four fat letters
On their fat black backs?
Otherwise, my country
Won’t gain any freedom.
And it could not work anyways,
As usual.
When I wrote that poem, I was afraid
at the thought that I might be detained
by the riot police.
Now, with the daily detention of my
friends — journalists, photographers,
poets, dancers, scholars, teachers,
doctors, historians, artists, many of the
smartest people I know — I have got
used to the idea.
Sometimes I even feel a bit ashamed
that I’ve never been in a prison van. My
only experience has been running away
from the balaclava-wearing police
when my husband and I arrived too
early at a meeting spot. We ran like
children through the inner yards of the
old buildings and managed to escape
into a huge stream of people.
When they take away your vote, use
your voice. This is the main instrument
of our protest. It’s not only about
chanting at the demonstrations. A
poem read aloud and a song sung in the
public space become the weapons of
the revolution.
A friend of mine, the poet and
musician Uladzimir Liankevich, was
detained in September, during a
protest over the arrest of opposition
leader Maria Kolesnikova. There is a
famous photo taken some minutes
before his arrest: he and other men are
being shielded by rows of women, both
frightened and fierce, as a militiaman
watches on. Together, they sang the
mournful folk song “Kupalinka”.
At his court hearing three days later,
Uladzimir was asked about the purpose
of his singing. He answered: “Because
when you sing, you are not afraid.” He
was sentenced to six days in jail.
Just after the elections, a choir — who
later named themselves the Free Choir
— came out on to the steps of the
Belarusian State Philharmonic Society
in Minsk and sang folk songs and old
patriotic tunes to show their opposition
to the government violence. About 100
people came to listen to them in the
open air and sing together.
On one of those days, I was invited to
read my poem “The Stone of Fear” in
my voice addressed to the people.
I managed to finish the reading, but
during the song that came after —
“Mighty God”, an unofficial Belarusian
anthem — the militia stepped in to
disperse the crowd. The singers started
slowly leaving the steps of the
Philharmonic Hall but did not stop
singing the hymn until the end.
When it became too unsafe to gather
by the hall, the choir started singing in
different public spaces: in shopping
malls, the railway station, the subway.
The gathering place is not revealed in
advance. Two songs and then they are
gone. “Be like water” — that is another
slogan of our protests, the same as the
one used by Hong Kong protesters,
whose tactics could also be of use to us.
Students are the most active
protesters and singing is their weapon
as well. The authorities respond with
beatings and detentions. A song is a
dangerous weapon against those who
hate culture and arts. There is no
culture or arts without freedom of
thinking and speech.
Just six months ago, my foreign
friends were shocked when I said I felt
no hope for Belarus. The stability
Lukashenko was so proud of was
suffocating; it gave no room for
One protesting musician
said, ‘When you sing, you
are not afraid.’ He was
sentenced to six days in jail
anything new, creative or interesting.
Now I feel sure we are on the right
path. Change seems possible. The
authorities try to threaten us with
their military vehicles and their
brutality. But we see that it is they who
are most afraid.
They are afraid of the flags in the
windows of the apartment blocks, of
the red and white ribbons and graffiti.
Militiamen are sent to take them down.
They are afraid of the songs, they are
afraid of the smiles. When citizens
gather and throw parties with their
neighbours, riot police are sent to
disperse them. They are afraid of the
theatre. The Janka Kupala National
Theatre, the oldest in Belarus, was
closed and its director fired when he
condemned the violence committed by
the state. Most of the actors resigned in
solidarity with him. At the Hrodna
Drama Theatre, some actors were fired
and all performances cancelled when,
on a Sunday, actors stopped playing
because colleagues taking part in the
rally were being detained.
In the face of arrests, beatings,
kidnappings and torture, things
unthinkable in democratic countries,
we sometimes wonder whether all this
struggle is worth it. But when we try to
imagine what awaits us if we give up, it
becomes clear that there is no way
back. The crimes committed by the
state cannot be pardoned. If we step
away, there will be more of them. In
the months since the election, we have
won over our indifference towards the
future — and ourselves.
Julia Cimafiejeva is a poet and translator.
Her third book, ‘ROT’, was published two
days before Belarus’s presidential election
3 October/4 October 2020
Lunch with the FTAlex Younger
‘The Russians did not create
the things that divide us —
we did that’
After three decades in intelligence,
the head of MI6 is stepping down.
Over scones and sandwiches, the
man known as ‘C’ tells Roula Khalaf
about the new global threats,
‘garage shed’ spycraft — and why
he keeps a pot of jam by his desk
E
very little detail in Sir Alex
Younger’s office in the mod-
ern-day ziggurat building on
the south bank of the Thames
evokes intrigue. The 57-year-
old spy chief has for the past six years
run MI6, Britain’s secret intelligence
service, from a designer office that
belongs more in a museum of modern
art than a government building; it is an
aesthetic designed to defy expectations
and, perhaps, to put visitors off guard.
Meetings are held around a Scandina-
vian oak dining table; the desk is suspi-
ciously free of paper or a computer and
has only two landline phones. From his
seat behind the desk, you can see the
river, although it’s all but hidden by the
vertical blinds that are almost fully
drawn. The Swiss Mondaine clock on
the wall is set five minutes fast, a
tactic to get people out of meet-
ings on time. Sometimes, says
Younger, you want to play to spy
chief central casting, but at other
times, “it’s good to present in a differ-
ent way”.
This week Britain’s spymaster is
stepping down — his tenure as
head of SIS extended from the
usual five years to six to maintain
stability after Brexit. Clad in navy
suit trousers, a white shirt and
a trendy knitted blue tie with
white stripes, he points to a dark,
shadowy painting by a window. It
depicts John Thurloe, who was head of
intelligence for Oliver Cromwell and
employed a mathematician to work
on codebreaking.
Rather modern for a 17th-century
spymaster, but, as Younger says, Thur-
loe was also a Puritan, “so that’s where
the similarity ends”. I am intrigued by
the wall tapestry by Scottish artist Eliza-
beth Blackadder. Younger is proud of his
Scottish roots. After graduating from
the University of St Andrews he started
his career as an officer in the Scots
Guards. But there is another reason why
he likes the tapestry: “I often look at it in
meetings. However well you know it,
you can always find new patterns.”
That strikes me as a metaphor for his
30-year-long intelligence career, in
which he studied patterns, peeled back
layers, hid and uncovered secrets. His
predecessor, John Sawers, who was
given the reins of an agency tarnished
by the intelligence disasters of the 2003
Iraq war, had spent much of his career in
the diplomatic service. Younger, how-
ever, is a spy through and through.
It was during the first Gulf war, soon
after he had left active military service,
that he decided to join the intelligence
service — after being courted for several
years. “I’m basically a romantic. I
believe in human agency. I love the fact
that individuals can make a difference;
in however small a way, I wanted to be
one of those people.”
He spent most of his career in the
field, including in Afghanistan and vari-
ous parts of the Middle East. He rose
to become the director of counter-
terrorism in 2009. When he took over
from Sawers in 2014, he was a popular
choice at Vauxhall Cross, and his
appointment was seen as a recognition
that MI6’s reputation had been restored.
Over the next years, however, he had to
cope with a changing landscape of
threats that went well beyond his exper-
tise in counter-terrorism.
W
e take our seats in a cor-
ner of the spacious
room, on high-backed
chairs whose design, I
am told, denotes status
for Younger’s visitors from the Middle
East. On a small round table between us
are two plates arrayed with finger sand-
wiches of cucumber and smoked
salmon, half a scone with jam and a
thick dollop of clotted cream, a choco-
late chip cookie and a piece of sponge
studded with blueberries. The plates
are covered with cling film, as per
coronavirus response guidance in the
M I 6 H e a d q ua rt e r s
85 Albert Embankment
Vauxhall, London SE1 7TP
Finger sandwiches of
cucumber and smoked
salmon
Scone with jam and clotted
cream
Chocolate chip cookie
Sponge cake with
blueberries
★ FTWeekend
building. An aide comes in with two
mugs of tea. Younger’s says “C” on it —
the code name of SIS chiefs ever since
Sir Mansfield George Smith-Cumming,
the first head of the SIS, adopted the let-
ter as his signature.
I ask if the staff address him as C.
Absolutely, he says, and that goes for the
prime minister too. Mugs for guests at
MI6 say either “courage”, “creativity” or
“respect”, apparently references to
qualities of a successful spy (I get “crea-
tivity” for the occasion).
Younger wants to talk about a particu-
lar food item: the jar of homemade
blackberry jam placed in the middle of a
coffee table on my left. When he was the
MI6 chief in Afghanistan — a country
that seems close to his heart, judging by
the Afghan cushions decorating his
office sofas — part of his job was to brief
then President Hamid Karzai on “stuff”.
But he had trouble competing with the
CIA for the president’s time, which I sus-
pect is every British station chief’s frus-
tration. Younger, however, cracked the
Karzai code when he heard that the pres-
ident liked putting jam in his tea to ward
off colds. “I employed my mother-in-
law’s jam and afforded him a ready sup-
ply which I think, at a casual estimate,
would have compensated for some bil-
lions of dollars of security assistance.”
Younger tells me of the evolution of
the service that he has seen — and in
some cases helped to engineer — over
three decades. Back then, the very exist-
ence of SIS was officially a secret; today
it is more clearly part of the machinery
of government, even if it remains less
open to public view than its sister agen-
cies, GCHQ and the domestic-focused
MI5. As evidence of the greater trans-
parency, he reminds me that I am sitting
in the “most famous secret building in
the world”.
More radically changed over time has
been the nature of the security threat.
“There was a difference, call it prosaic,
between peace and war; there was a dif-
ference between domestic and interna-
tional; there was a difference between
cyber and real, largely because cyber
didn’t exist,” he explains. “That’s all
blurred now and we’ve got hybrid and
ambiguity and conflict across the spec-
trum.” Ambiguity is a fascinating con-
cept for a chief spy, he admits with an
edgy laugh, because it is both a threat
and an opportunity: “We are charged
with dispelling ambiguity, but we also
use ambiguity.”
Part of Younger’s mission has been to
ensure that MI6 emerges a winner in the
intelligence tech race. The Q character
(in real life a whole department) who
made magnet watches and pen gre-
nades in the James Bond films no longer
has a monopoly on tech expertise.
Under Younger, in 2018 the service
backed an £85m venture capital fund to
encourage American-style collabora-
tion between the intelligence commu-
nity and the private sector. The status of
Q officers, who were in the past support
staff to “fighter pilots”, the human intel-
ligence officers, also has been elevated, a
levelling of staff that he welcomes. Yet,
even if he likes to be described as a ven-
ture capitalist (his face lights up when I
mention it), it’s hard to miss Younger’s
enduring commitment to the slightly
boy scout, ingenuity-in-adversity ethic
of traditional spycraft. “I don’t want to
lose the garage shed ethic. This really
matters to me.”
N
o amount of data or tech,
however, prepared Britain
or its allies for the onslaught
of a coronavirus pandemic
that has upended every-
thing from geopolitics to business and
intelligence gathering. Younger laments
the disruption of his plans to visit SIS
stations around the world before his
October 1 departure. The pandemic-
induced paralysis across countries
makes for a safer world, in some ways,
but it also dangerously disrupts sensi-
tive, human-to-human communication.
Younger tells me that while a pan-
demic was considered a potential
threat, no one had calculated its impli-
cations in the security sphere. It has
already intensified geopolitical rivalry
and put unwelcome emphasis on eco-
nomic sovereignty. “It seems to me,
regrettably, in the response to the pan-
demic, we’ve seen essentially a nation-
based response characterised by oppor-
tunism and protectionism. As an intelli-
gence officer, I’ve got to deal with the
consequences of that.”
In a public move unimaginable when
he started in MI6, three years ago
Younger wrote a letter to The Economist
to complain about an article that
depicted spies as mavericks who break
the law. “Despite bridling at the implica-
tion of a moral equivalence between us
and our opponents that runs through
John le Carré’s novels,” he wrote, “I’ll
take the quiet courage and integrity of
[le Carré’s character] George Smiley
over the brash antics of 007, any day.”
Younger may be ambivalent about
Bond, but he does acknowledge that the
films have “made us more famous than
Pepsi”. The thing about the life of a spy,
he says, is that the job is done in such
ordinary environments. On a Middle
East mission, he recalls, his team was
working on penetrating a programme
aimed at exporting nuclear technology
to a hostile state. Suddenly when plan-
ning the surveillance operation for a cru-
cial meeting in a mall he realised the
venue was familiar. “I’d been there with
my kids that weekend and I was going
from talking about Pingu in a café to talk-
ing about nuclear proliferation.”
For much of his career, Younger
claimed to be a diplomat, a job descrip-
tion his close friends “frankly regarded
as improbable”. I ask him whether
secrecy made it an exceedingly lonely
existence. “It is isolating. You have highs
and lows in this business.” Younger’s ten-
ure as MI6 chief also has had its highs and
lows. In 2017, Britain suffered five terror-
ist attacks, including the Islamist suicide
bombing of the Manchester arena, which
killed 22 people. A year later, Russian
agents poisoned Sergei Skripal, a former
Russian military officer, and his daugh-
ter Yulia, in provincial Salisbury, an
attack that shocked the nation. Did SIS
focus too much on counter-terrorism
and not enough on the Russian or Chi-
nese threats? A recent report on Russia
by the Intelligence and Security Commit-
tee of Parliament noted that SIS’s “opera-
tional effort” against Russia had declined
between 2001 and 2007.
Younger suggests terrorism is a more
existential threat: “It is such an assault
on our social fabric that I’m entirely
unsurprised and indeed support the
very low tolerance that the government
has for insecurity generated by terror-
ism.” For him, the recent high in the
counter-terrorism effort was the
destruction of the self-proclaimed
caliphate of Islamic State (Isis), even if
the terrorism threat remains lethal, and
attacks are autonomously generated
and more spontaneous.
Relations with Russia he likens to a
“boiling frog”, with Britain and its
allies only gradually dis-
covering how far the
Kremlin is willing to
provoke mischief.
His own analysis is
that Vladimir Putin’s govern-
ment is threatened by the
quality of western democratic
institutions and alliances and sets
out to disrupt them as a matter of policy.
Yet he seems unimpressed with the
result. “I think it’s really important that
we avoid two mistakes here: the first is
to do Russia’s job for them by bigging it
up; I haven’t seen in the UK any occa-
sion where this stuff has made a strate-
gic difference. Secondly, and related, I
think we should keep this in proportion.
The Russians did not create the things
that divide us — we did that. They are
adept, albeit in a rather crass manner, at
exacerbating those things and I believe
that we should prevent that.”
If the threat from Russia should be kept
in perspective, the rising ideological
challenge from China will occupy intelli-
gence agencies for many years to come.
3
Life
Younger says, with some regret, that the
notion, widely held in the west in the
past two decades, that economic
progress would bring democratisation to
China was a misunderstanding of the
Communist party. “The idea that as they
matured and became richer they were
going to become more like us is for the
birds,” he says. “I think you’re seeing a
steady but definite ideological diver-
gence taking place; there will be at least
two dominant value systems on one
planet into the medium term and that’s
just a fact and it’s where we’re going.”
How does a medium-sized power
such as Britain position itself in this
steady, and unsettling decoupling? The
golden era in Sino-British relations pro-
moted by ex-chancellor George
Osborne is long gone, but it’s far from
clear the current Johnson government
has a coherent strategy in place.
Younger insists that government policy
is clear, and on the right track. Britain,
he says, must call out the Chinese over
malicious cyber attacks and ensure that
critical infrastructure is not overly
dependent on Beijing, but it has to coex-
ist with China. Eschewing the cold war
framing of the western rivalry with
China, he says Britain can both “stick up
for what we believe in” and ensure a bal-
anced relationship through engagement
and dialogue. “I am not a Manichean, I
don’t think it’s black or white, and that’s
why I reject this cold war idea.”
Two things will help manage Britain’s
‘There will be at least two
dominant value systems on
one planet into the medium
term and that’s just a fact
and it’s where we’re going’
relationship with Beijing, he says. The
first is technological innovation, the sec-
ond is alliances. The security relation-
ship with the US is as special as ever but,
more surprisingly, he tells me that he’s
also never been on better terms with his
European counterparts, Brexit notwith-
standing. Indeed, Younger is not overly
worried yet that an agreement on data
sharing has not been reached. It is, after
all, “significantly beneficial” to Europe
to have an agreement, he notes.
The impact of Brexit will be left for his
successor to manage. Richard Moore,
the ex-political director of the Foreign
Office, stepped into the chief role this
week. Younger will not be drawn on
what he will do next but his experience
will be in high demand. Predecessors
have gone on to advise governments and
businesses around the world.
Before I leave, Younger shows me
another painting, this one placed on the
meeting table, rather than hung on a
wall. It is the work of James Hart Dyke,
an artist who was invited to spend a year
with MI6 to commemorate the SIS cente-
nary in 2009. “Waiting in the Hotel
Room” shows a man in a suit, his back
turned, looking out the window. It radi-
ates the anxious energy of a spy awaiting
the arrival of an agent. It is, I suspect, the
image of his career that will endure in his
mind long after he has left the service.
Roula Khalaf is the editor of the FT
4 ★ † FTWeekend 3 October/4 October 2020

Style
shutters down, most of Hearst’s peers
fled upstate. Many haven’t returned.

‘I don’t believe in logos’

Spending her days in situ, Hearst often
found herself drawing shapes relating
to the Golden Ratio and then colouring
them in. “I began to realise that we all
have certain colours that define our
lives,” she says. “You have greys and
Interview | Ahead of her first blacks and charcoals and things that
make you sad, but they work as com-
panion colours, and you need them to
Paris show, Gabriela Hearst create others.”
Her bright-orange handknits for
autumn are joyful indeed, and all the
talks to Mark C O’Flaherty more so for being made by artisans from
the non-profit Manos del Uruguay,
about branding, Biden which has been supporting female
workers in the country for more than
15 years.
shirts and the joy of recycling Fashion has become obsessed with all
things vertical, in which a single com-
pany designs, manufactures and retails,
selling as fast and as much as possible.

M
any of us have had wild or
lucid dreams this year. No
matter how we navigate
the day, our subconscious
has a mind of its own.
When Gabriela Hearst was hunkering
down in her West Village townhouse in
March, while half her family — includ-
ing her husband and one of their
three children — were bedridden with
Covid-19, she enjoyed regular visits
from her late grandmother in her sleep.
“I dreamt I was knotting a dress
across her back,” the 43-year-old
designer says over a videoconference
call from her studio near the High Line.
“Those knots are what you’re going to
see at our first Paris show — one of the
most complex collections we have done.
I see it as an expression of the world’s
collective insanity.”
This weekend’s debut Paris presenta-
tion — one of about 20 shows that will
take place in front of a live audience at
Fashion Week — sees Hearst developing
some of the craft-heavy macramé tech-
niques she explored last season.
The Uruguayan-born designer has
consistently focused on luxury that
relies on time and complexity, and uses
mostly recycled textiles. It is part of a
distinctive aesthetic of svelte turtle-
necks, trenches and refreshed ’70s tai-
loring that appeals to modern-day
Annie Halls of both genders.
Her technique and fabrication are fas-
cinating, but the decision to show in
Paris rather than her base in New York
this year is equally significant. That, and
the fact that there’s any kind of collec-
tion to show at all. “I hope we come back
to New York next year,” she says. “But I
needed a new goal and challenge. And
Paris made things seamless.”
Logistics aside, Hearst says she has
always seen Paris as a dream destination
for her brand. And at a time when busi-
nesses need to head for high ground to
survive, Paris equals haute. The city’s
gain was a major loss for New York in a
season already missing Marc Jacobs,
Oscar de la Renta and Ralph Lauren.
Like the soft power-dressing of classic
Jil Sander or Hermès — or indeed Hal-
ston at the peak of his powers in 1970s
New York — Hearst hones low-key
styling, comfort and luxury, season
after season, for a loyal customer base.
This season’s suede knee boots and
blazers, fringed silk dresses and £2,000
wide-leg cashmere-corduroy trousers
Above: Gabriela Hearst in her New York studio, photographed by Nicholas Calcott for the FT. Below: from her AW20 collection — Jason Lloyd-Evans
demonstrate how her Uruguayan herit-
age and equestrian obsessions bring
gaucho panache to the mix. It is sophis-
ticated, clever and authentic.
When we saw the Prada logo on a pro-
saic pair of white Adidas Superstar
trainers for £400 this summer, the most
generous interpretation was that it was
a nod to Duchamp. But it was also an
undistilled expression of fashion as
product. Hearst sees herself as the
antithesis. “The only time we put my
name on a T-shirt was for Joe Biden’s
campaign,” she says. “I believe in brand-
ing by quality, by stitching. I don’t
believe in trends or logos.”
Hearst’s medium-sized company —
revenue was close to $24m in 2019 — has
been nimble in a year that’s broken the
back of many. “We expected sales of the
recent resort collection to be down 50
per cent this year,” she says. “It actually
performed at the same level as last year.
As did wholesale overall.” That said, she
expects to see a hit of about 8 per cent in
revenue for 2020. But in a year when
luxury sales are forecast to plummet by
a third, and private equity groups are
hoovering up the ashes of Barneys and
Brooks Brothers, that’s pretty good.
It’s not just agility that has helped
Hearst do more than survive. In January
2019, LVMH took a minority stake in
her brand. The sum remains undis-
closed, but LVMH Luxury Ventures says
it typically invests between €2m and
€15m per deal, and seeks shareholdings
of between 5 and 25 per cent.
Born Gabriela Perezutti, now a Hearst
by marriage, the designer is one of the
most dynamic names embedded in New
York fashion. She isn’t trading on a
weathered idea of a downtown counter-
culture that has long gone; there are no
Keith Haring graphics or shops that
repurpose venues in which Patti Smith
once played.
She is contemporary to the core.
LVMH knows it. The exclusivity and
allure of Hearst’s bags — including edi-
tions of the “Nina”, named in tribute to
Nina Simone — elevated her quickly
into the same luxury category as houses
with over a century of provenance.
“We are still growing organically,” she
says. “It’s not about selling out or blow-
ing up the business. It’s about knowhow.
When we opened [a store] in London,
we didn’t have an HR department.
LVMH helped us. They have all the con-
tacts. One of my missions during the
pandemic has been to learn about
China, and they have access to the infor-
mation we need.”
When New York entered melancholic
stasis in spring, with its lights out and
But “circular” is quickly becoming the
more desirable model. There are ware-
houses full of unwanted clothing in the
world right now, so simply making more
stuff makes no sense.
The narrative is now around sustaina-
bility and impact reduction, which has
been Hearst’s mission since day one. She
‘I think that’s the silver
lining of Covid. Fear is
going to change our
behaviour really fast’
was the first to make her fashion shows
carbon-neutral, with lower light levels
than the norm; donations are made to
energy-reduction projects to offset the
carbon her shows do use. Hearst cur-
rently uses 30 per cent recycled cash-
mere and has mapped as much of her
supply chain as she can to date.
Many of the fabrics featured heavily
in each collection are from deadstock
supplies. They don’t require any lead-in
time from a mill, which buys an extra 12
weeks for production. “That means we
can send stock by boat, not air,” she
explains. The brand aims to use zero vir-
gin materials by 2022.
The latest innovation comes in the
form of the “retrofit” label on certain
pieces in her autumn collection. These
are new designs made from last season’s
unsold stock. This, like cutting back on
the electrics at the défilé, is something
more designers will look at in the future.
“I’ve always wanted to do this,” she
says. “Sometimes I look at our inventory
and wonder why we have a lot of some-
thing. So I’ve taken a coat with a waist
that I thought was too tight and
reworked it. We have dip-dyed some
pieces. Embroidered others. It’s
unleashed a new kind of creativity.
“I think that’s the silver lining of
Covid,” she continues. “Fear is going to
change our behaviour really fast. We
were already in a time of crisis. The UN
just launched the Sustain Change plat-
form, which allows you to create a com-
pany profile, state your goals — lowering
your carbon footprint or saving water or
whatever — and they match you with
people who want to do the same thing.
What it took me five years to research
and do now takes five minutes. That’s
the future.”

Out of office: will workwear survive the new rules?

Trend | Heels or hoodies? just announced it was closing the air
bridge, so I had to get out ASAP.”
Office workers tell On her first day back in July, with a cli-
Carola Long how their ent meeting in the diary, Rachael took a
Sandro knit dress out of its dry-cleaning
wardrobes are changing plastic and paired it with a smart cardi-
gan blazer and ballet flats. “It actually
an occasion. Even if they were coming in
to work just one or two days a week, the
psychological shift was palpable.
But then Boris Johnson decided it
would be better for us to return to work-
ing from home again, where possible.
Where does that leave our workwear?
you scream, let alone admire your cuf-
flinks?
A civil servant friend who swapped
black trousers for black jeans when she
(temporarily) returned to Whitehall
pointed out that formality’s fourth wall
has now been breached. For many, the
technology manager at Bain & Com-
pany, isn’t letting standards slide just
because he’s been out of office.
On our call he looked pretty dapper in
purple braces, a purple tie and a purple-
and-white striped shirt by Collarbone
London, the customisable shirt brand
the professional wardrobe. With Collar-
bone, he has noticed, “there’s a lot more
traction in the last few months. Shirts
have become the new formal item and
not just traditional white, blue and pink.
People are getting bolder with their
choices.”

W
hen I returned to the
office in the summer, I
went straight back to
my old Givenchy hand-
bag,” says Rachael, 31, a
London-based management consultant
at one of the Big Four. “I hadn’t used it in
so long that inside I found the boarding
pass from the flight I took home from
my last project. It was crazy; the US had
felt really nice to get dressed up again,”
she says. “For me, clothes are how I feel
more confident and powerful.”
Rachael was one of several lawyers,
bankers, civil servants and consultants I
spoke to a fortnight ago about dressing
to go back to the office. For many, redis-
covering forgotten shirts, trousers and
even ties, with all their promise of the
outside world, had become a relief and
Will brogues go back in their boxes? Will
ties be tossed in the trash? A friend who
had returned to her desk near St Paul’s
for just one day since lockdown had
immediately succumbed to that time-
honoured ritual: the emergency LK
Bennett lunch-hour shoe purchase.
“That’s £250 for some heels I won’t wear
again in 2020,” she grumbles.
Workwear was already in flux before
lockdowns began. Suits were becoming
less popular (since 2016, suit sales in the
UK have fallen by more than 24 per cent
to £397m at the start of 2020, according
to Kantar), and attitudes at big banks
and City law firms had relaxed even
before “waist-up dressing” took hold,
with Goldman Sachs announcing a
“firm-wide flexible dress code” in 2019.
Lately, there has also been a discon-
nect between what luxury retailers are
promoting as the “new workwear” and
what we will really put on in the morn-
ings. As lovely as Net-a-Porter’s sugges-
tion of a Bottega Veneta knitted dress
with Khaite red satin mules might be, is
anyone really going to wear them for a
day Zooming from home?
And for every person who can’t wait
to inhale the crisp, chemical tang of a
dry-cleaned dress, there is another who
has relished the decreased formality
ushered in by lockdown.
As offices partially reopened this
summer, many kept it casual unless
they had meetings; I even heard tell of
hoodies and bare arms. Why wear a suit
if you’re enclosed in a cubicle, in a near-
deserted space where no one can hear
professional persona projected by heels
and tailoring has been replaced by more
rounded, domestic impressions of col-
leagues via glimpses of kids, cats and
questionable interior-design choices.
“It’s a cliché but the lockdown has
accelerated existing trends,” says one
male thirtysomething lawyer at a City
law firm. “Even five years ago it would
be odd for a male associate to walk
around with an open collar if away from
his desk. Now it looks more unusual if
they are wearing a tie.” He adds, how-
ever, that while there was a fleeting
“semi-proper” return to office working,
most people were at least wearing chi-
nos and a button-up shirt.
At home, not everyone has surren-
dered to sweatpants. Gerald Onuorah, a
The way we were: dressed for success, 1950s-style, in ‘Mad Men’ — LMK
he set up in 2018. “At home in lockdown
Attitudes at big banks and
City law firms had relaxed
even before ‘waist-up
dressing’ took hold
I would dress up just to say, ‘This is work
time.’ I do wear a shirt, braces and a tie
every day.”
He says that with no immediate
return to the office in sight, he will “con-
tinue wearing a shirt, braces and tie, but
no suit because it can be quite uncom-
fortable”. He thinks the shirt will
increasingly become the focal point of
Laura Vandendorpe, a consultant at
Bain in her twenties, thinks that, long
term, “office workers, especially
women, won’t be used to formal or
uncomfortable clothing any more. I
think the biggest impact in our industry,
where business-casual will continue to
be the norm due to client meetings,
might be the shoe etiquette for women. I
think it will become perfectly accepta-
ble for women to wear flat shoes or even
sneakers to the office.”
Others echo this reluctance to suffer
the discomfort of heels.
When Vandendorpe briefly returned
to her near-empty offices on the Strand
in central London this summer, she rel-
ished the opportunity to wear hoodies
and less make-up, and match her
clothes to the weather rather than the
dress code.
She expects to see more variety in
how people express themselves: “Some
will be more casual but others will want
to find their own style of formal.” As we
have more flexible working, so too more
flexible wardrobes.
Rachael’s Givenchy handbag might be
going back in its dust-bag, but she won’t
give in to waist-up dressing just yet. It
turns out that many of us have more
affection for our workwear than we
thought.
“I have had a lot of virtual workshops
and even though they can only see half
of my body, I am wearing a dress, I’ve got
a headband on,” she says. “It still
changes the way you act and gets you in
the mindset.”
3 October/4 October 2020
Italy | October is ideal for
hiking on the volcanic island
of Salina, writes Will Hide
T
he new normal looks much
like the old one when
viewed through the glint of
ice cubes chilling a negroni
spagliato on a warm Sicilian
evening. Masks are put aside and plump
olives and bruschetta are being nibbled
on a terrace overlooking the Tyrrhenian
Sea. The volcano on Stromboli, some
40km away from where I’m perched on
the Aeolian island of Salina, even puts
on a show with random hiccups of fire
illuminating the approaching night.
I am here on the inaugural trip of
“Bellini Strolls”, a collaboration
between Italy specialist Bellini Travel
and Maremma Safari Club, a company
offering guided walking holidays in less
well-known parts of the country. The
first outing was supposed to take place
in May. Then June. Then early Septem-
ber. And now, at last, our group of
British walkers has gathered in Sicily
with October knocking on the door.
Leading us is a Tuscan-based guide,
Rudston Steward, and Emily Fitzroy,
founder of Bellini Travel. We get to
know each other on the first night, din-
ing on the terrace of the 16th-century
Villa Tasca, owned by winemaker
Giussepe Tasca, set in a 20-acre garden
on the outskirts of Palermo. It’s a popu-
lar venue for weddings and this year
Tasca has opened up the grounds for
alfresco food fairs with artisan craft
stalls. Tonight it hums quietly with local
families chatting, devouring arancini
and drinking Sicilian beer and wine.
The following day we transfer along
the coast to the port of Milazzo and then
on a hydrofoil to Lipari and onwards to
Salina, our base for the next five days.
Salina is the second-largest island in the
Aeolian archipelago, approximately
5km by 7km, and there are well-
maintained paths stretching around its
two extinct volcanoes, 860-metre high
Monte dei Porri and 962-metre Monte
Fosse delle Felci. A few small towns cling
to the coast, with whitewashed build-
ings and cafés serving breakfasts of
watermelon and prickly pear granita
topped with whipped cream alongside
brioche and espresso. It’s easy to see the
charms that lured filmmakers here to
shoot the movie Il Postino (1994).
We set off from the village of Leni and
soon begin our ascent of Monte dei Porri.
Each day’s walk covers around 11km
so it’s not terribly hard going but there’s
a lot of “up”. The volcanic terrain is
sometimes friable and requires
concentration while many parts offer
little shade. The actual “stroll” part of
the trip appears to be towards well-
earned cocktails each evening.
Steward, 46, is evidently a fan of the
islands, having first arrived on
neighbouring Filicudi for a week in
2005 and ending up staying four
months. He describes the flora and
fauna in detail when we stop for water
and to take photos. “For Italy, the
Aeolian Islands are quite exotic,” he tells
me during one pause. “They’re a good
reminder for Europeans that you don’t
have to go half way around the world to
★ FTWeekend
From top: a pause to take in the view
on Salina; the village of Rinella
Rudston Steward; Alamy
access off-the-beaten-track places.”
Not all the islands of the archipelago
have their own water supply, but Salina
does and in places the steep hillsides
have been terraced for farming. Along
the path we pass artemisia, sea squill,
olive trees and cacti with prickly pears.
A pair of Eleanora’s falcons fly above us,
swooping out over the cliffs before their
long migration to Madagascar. At lunch-
time, we wolf panini stuffed with Sicil-
ian cheese and capers, and juicy
peaches, before picking our way down
zigzag paths accompanied by the gentle
click-click of hiking poles.
Last of the
summer strolls
The start of the walk each day is rela-
tively early to give enough time to rest
and relax in the afternoon. In the town
of Pollara, after our hike, we wander
down to the sea, stopping to pick up ice-
cold beers from a bar. We dive off the
rocks looking for octopus, with the
small craggy island of Scoglio Faraglione
a few hundred yards away.
The reward for hiking under a hot
Mediterranean sun comes when we all
gather around the dinner table to swap
stories under the stars, either at that
night’s hotel or a local restaurant.
Menus are generally dispensed with and
plates of pasta followed by swordfish or
pork are just put in front of us and
quickly mopped up, helped down by
Sicilian wine, grappa and fennel liqueur.
My favourite evening meal is at the
Principe di Salina hotel in Malfa where
the owner’s mother, Silvana, who until
two years ago was a gastroenterological
surgeon, emerges from the kitchen with
a huge metal pot offering seconds of her
wonderful pasta. No one says no.
Another night, thanks to Fitzroy’s fit-
to-burst contacts book, we are invited to
the home of Giuseppe Mascoli, who set
up the London private members’ club
Blacks and pizza chain Franco Manca
and now spends most of his time at his
home on Salina. He’s a bon viveur and
gracious host, treating us to pasta, slices
of roasted pumpkin and sausages made
from black pigs that roam in the
Nebrodi mountains. He’s also evangeli-
cal about natural wines, making his own
in amphora stored in the ground at his
villa. He pours them for us liberally, the
younger ones through a sieve.
Over the next days we continue to cir-
cumnavigate the island. We explore dif-
ferent sides of the volcanoes, chatting as
we go, enjoying swims, picnics and post-
hike massages, and relishing, above all,
the chance to be out in the sun and fresh
air ahead of what could be a long winter.
Will Hide was a guest of Bellini Travel
(bellinitravel.com) and Maremma Safari
Club (maremmasafari.com); a similar
five-night trip costs from £1,695.
Entry to Italy is currently allowed from EU
and some other countries but check the
latest details at esteri.it
5
Travel
More walking in the Med
Corfu Most visitors don’t get far
beyond Corfu’s beaches but the
island also offers great walking
through hilly landscapes covered in
cedar, willow and juniper forests.
There’s even a 220km-long
waymarked route, the Corfu Trail,
established in 2001. Walks
Worldwide can arrange self-guided
trips staying in a mix of hotels,
pensions and tavernas and with
luggage transferred each day. A
week’s trip, averaging 16km per day,
costs from £519 per person.
walksworldwide.com
Cyprus In the Troodos mountains
in central Cyprus, the Marathasa
Valley is perfect for hiking. In 2019
a network of circular routes was set
up, from 4km to 12km, looping out
from the village of Kalopanayiotis,
or you can strike out for the slopes
of nearby Mount Olympus. Stay at
Casale Panayiotis, a boutique hotel
set across seven traditional houses
in the village. Doubles from €106;
casalepanayiotis.com;
marathasatrails.com
Northern Greece Wild Frontiers is
launching walking trips to northern
Greece this month (and has plans
in the pipeline for Spain and Italy
too). Its 10-day guided group trip
will take in Thessaloniki and the
Unesco World Heritage site of
Meteora as well as a day bear
tracking. The next available hike
departs on October 18 and costs
£2,545 including most meals;
wildfrontiers.com
Liguria This month might be a
good time to explore the celebrated
Cinque Terre (a Unesco heritage
site and popular tourist draw)
without the crowds. Inntravel can
organise self-guided walks along
the coast, with luggage transferred
between hotels. The fishing villages
and sandy bays that dot the
coastline sit beneath precipitous
mountain slopes, so be prepared
for steep terrain and long flights of
ancient stone steps (thankfully the
views give frequent excuses for
breaks). From £945 for a week;
inntravel.com
6 ★
Travel
A
beaten-up, canary-yellow
Cinquecento parks up on
the kerb outside Asmara’s
Bar Tre Stelle, one of the
older cafés in the Horn of
Africa, and the driver toots until a wait-
ress emerges. She brings out a macchi-
ato in a glass tumbler and a custard cor-
netto (Italian croissant), placing them
on the dashboard. The café, with its
dusty interiors, pockmarked mirrors
and chrome art deco fixtures untouched
since the 1920s, feels like a time-warp.
Asmara was conceived as Mussolini’s
“Piccola Roma” and the Italians left
their mark not just in the modernist
architecture but also in the café culture
that sets the city’s slow pace and conviv-
ial rhythm. I had heard that Tre Stelle’s
pre-dawn opening hours and the
strength of its dense espresso made it a
favourite haunt of Eritrea’s authoritar-
ian leader, Isaias Afwerki, who has ruled
the country as a one-party state since
independence from Ethiopia in 1993.
However, he is nowhere to be seen
among the all-male clientele, immacu-
late in their three-piece suits and
Borsalino hats. A pensioner courteously
heaves himself out of his chair to make
space for us, then goes back to patiently
stirring his cup, adding more sugar,
measuring out his life in coffee spoons.
After the collapse of the Italian colony
and the ensuing 30 years of war against
Ethiopia, then decades of standoff and
border disputes, for Asmaris it can feel
like a country-in-waiting. The promised
freedoms, recognition, employment
and investment that were dreamt of
post-independence never arrived. The
clock, metaphorically, seems to have
stopped circa 1950. The once shiny,
futurist landmarks — such as the
50 km
E R I T R E A Florence
Villa San
Obellet Michele
Wekiro
Livorno Dahlak
Massawa San Archipelago
Gimignano
Castellodi Casole
Siena
Red Sea
Embatcala
Asmara
Montemassi Roccastrada
Mendefera Adi Keyh
Matara
©Mapcreator.io/©HERE
©Mapcreator.io/©HERE
famous cantilevered Fiat service station
designed by engineer Giuseppe Petrazzi
that imitates the sleek lines of an aero-
plane — now shed paint and plaster just
like our friendly pensioner’s cornetto
crumbs. When I circumnavigate the
“keep out” fence around the Fiat station
and step out on the “wings”, I can see
that they double as a kind of parasol and
shelter for hay bales and goats below.
Those once glamorous movie posters
advertising the latest Sophia Loren film
hang tattered outside the art deco por-
tico of the Cinema Impero and, like the
rusted Kodak camera signs above every
hardware store, they serve to sharpen
the whiff of nostalgia and impression of
a lost era that has settled on Asmara’s
tree-lined streets.
There are small concessions to the
modern world, at Tre Stelle at least: a
TV screen is suspended over a vintage
pool table in an adjacent room, and a
newsflash of Boris Johnson suddenly
pops up. It reminds us of the existence of
the outside world and the landmark
date on which the UK officially divorces
itself from the EU. The old boys of Tre
Stelle seem to know who Johnson is and
nod with approval. “You are now inde-
pendent from Europe,” one leans in to
comment. “Now you are on your own,
like us, like Eritrea.”
That Eritrea has a history of being
overlooked had been highlighted for me
by the blank stare I received from the
assistant in the travel section of a main
London branch of Waterstones. “Where
exactly?” she responded, when I asked
for a recent and, as it turns out, non-ex-
istent guide book on the country.
But, with UN sanctions lifted and
Unesco World Heritage status bestowed
on Asmara, followed by a peace accord
between the Ethiopian and Eritrean
premiers in 2018 and a subsequent
Nobel Prize for the former, there has
been a renewed sense of hope. Three
new daily flights from Addis Ababa
brought an easing of access for foreign-
ers and a trickle of much-needed tourist
dollars. The pandemic stopped all that,
of course. We were travelling before the
country’s borders closed in late March,
since when they have remained shut.
According to official figures there have
been no Covid-related deaths.
Our journey would take us from
Asmara, at 2,325m above sea level, down
to the coast, where we would travel
north alongside the Rashaida tribe,
before setting sail for the Dahlak archi-
pelago. While currently off-limits, it is
the kind of super-remote, off-grid itiner-
ary, with a deep immersion in local cul-
ture and community, that some see as a
model for low-volume, high-value post-
pandemic adventure tourism. “Rather
than horizons contracting and wings
being clipped post-Covid, we think we
might see a growing demand for genu-
inely off-the-beaten track exploratory
travel,” says Will Jones, the founder of
Journeys by Design, the tour operator
that organised our trip. “Of course, the
FTWeekend
A journey
off the map
Eritrea | Catherine Fairweather takes a remote, off-grid trip that could offer
a model for post-pandemic adventure travel. Photographs by Don McCullin
could be forgiven for thinking is defined
by war. Our erudite guides spend days
showing us some of the more moving
cemeteries; the stunning art deco crypts
for the Italians, the immaculately main-
tained walled monument to fallen Brit-
ish soldiers, and finally the so-called
Tank Graveyard on the outskirts of
town. The latter, a towering wall con-
structed from a stockpile of CCCP tanks,
amphibious vehicles and US 4x4s,
winds around the five-acre plot. It has
the compelling if sinister power of an art
installation at the Venice Biennale.
Amid the wreckage of a Russian
armoured personnel carrier, someone
has created a home. Cactus flowers
sprout from the twisted metal carcass
Main picture: and a pyramid of teff sits ready to make
herding injera (flatbread), the dietary staple.
livestock near There is a rudimentary bedroom
Emberemi arranged behind the gearbox and a little
library of books on the dashboard — a
Clockwise from human touch that poignantly undercuts
above: the steam the symbolic brutality of the place. The
train to homeowner, the proud caretaker of the
Embatcala; ponies cantering across the wasteland
Fiat’s art deco beyond, says he hopes we will return
service station next year, when he will be in better
in Asmara; a shape to offer us coffee.
hotel in the city
Such generous-spirited, self-reliant
resourcefulness is a striking Eritrean
characteristic that we experience,
memorably, on the country’s old steam
train, which takes us out of the city on,
numbers of people travelling will be cabernet. It tastes of communion wine. surely, one of the great train journeys of
reduced, but the scope for them contrib- Don, who was last in Eritrea in the the world. We leave on a chilly morning,
uting to remote communities could be 1970s covering the struggles of the ELF huffing slowly down through groves of
even greater.” freedom fighters in the desert on a fruit- eucalyptus, rattling around mist-filled
Jones is planning to cut the number of less magazine mission with the journal- gorges and across lofty viaducts. A girl
departures his company runs each year ist Charles Glass, is not discouraged by roasts coffee beans over embers in the
to a third of previous levels but with a his altercation at the food stalls. On the carriage on her recycled olive-oil-drum-
focus on experiences not found in any contrary, he is surprised by the city’s turned-stove. Children wave from the
brochure or website, and with each laid-back vibe, charmed by its warmth, terraced escarpment, where they coax a
group making a significant financial con- its crowd-free, litter-free streets. harvest of sorghum out of the rubble in
tribution to support conservation and Over coffee, we agree we can put up green swatches. Built by the Italians in
community projects. He says he is with the lack of hot water and the non- the 1920s, the train has been recently
already mainly working on departures functioning lightbulbs at our hotel,
scheduled for 2021 and 2022. “We are Albergo Italia, for the pleasure of the If Wekiro is remote, then
finding that clients are planning further blowsy, baroque decor of the 1890s din-
ahead to confidently leapfrog the Covid ing room and the hotel’s archive of the Dahlak islands, where
period, then wanting to spend more time cloth-bound newspapers giving the lat- we are bound next, are
on the ground to understand the desti- est updates on Rommel’s second world
nation in a more considered fashion.” war desert campaign. literally off the charts
We stock up for our expedition in the Sitting in the gentle sun of the spring
city’s vibrant markets, buying Keren afternoon, above the palm-studded Lib-
oranges and acacia honey, and frankin- erty Avenue conceived for military resurrected by former rail workers
cense to scent the bonfires. Before parades and the greater glory of the fas- coming out of retirement for free. They
government security men can succeed cist state, we can instead enjoy the spec- repurposed the tracks that were used to
in separating my photographer tacle of the passeggiata, which has the strengthen bunkers and trenches dur-
husband Don McCullin from his young and beautiful dressing up in their ing the war.
camera at the lentil market, I haul him wedding finery and posing for formal At Embatcala, where the track cur-
off to the terrace of the best Italian in photographs on the steps of the opulent rently ends, we disembark to find our
town, The Spaghetti House, for penne 1930s Asmara Theatre opposite. car, and also the British ambassador, out
all’arrabbiata and a bottle of Ethiopian This is the flip side of a nation that you on his weekend constitutional, waving
us off cheerily as he hikes back to the
capital in the wake of the train.
Ensconced now in the air-conditioned
4x4, eardrums popping, we drop down
off the Asmara escarpment through the
acacia-studded “green belt”, dotted with
beehives, into a different climate and
landscape altogether. The tarmac runs
out and the hot breath of the Red Sea
sends ripples over the desert dunes and
rivulets of sweat down our necks.
If Asmara feels like a hybrid of Africa
and Europe, Massawa, the ancient trad-
ing hub and main deep-sea port of the
Red Sea coast, is the imagined treasure
trove of Arabia. We catch the waft of
spices, frankincense and myrrh, com-
The ‘Tank Graveyard’, a tower of old army vehicles outside Asmara — modities traded on the sagging decks of
the dhows and houris as they have been
since the time of the Queen of Sheba and
the Axumite empire.
It was always a melting pot of people:
traders, slaves and slavers, fishermen
and invaders from successive Persian,
Roman, Turk, Egyptian and Italian
incursions. They stamped their individ-
ual styles on the pediments, arcades,
staircases and porticoes of the once-
grand palaces, bazaar and warehouses.
After paying a visit to the covered
market for supplies, we leave the city in
the direction of Wekiro, travelling north
along the coast towards the Red Sea
Hills of Sudan. We are driving off the
map, bumping over gravel and sand, fol-
lowing the slow-swaying caravan of
camels driven by the turbaned Rasha-
ida. One of the nine tribes of Eritrea,
they migrated here from Saudi Arabia
150 years ago and move up and down
the coast with their herds of goats and
camels, following the rains. We spend
the next few days with them, at the oasis
where they herd their flocks and in their
makeshift camps along the dunes.
At the first encampment, we follow
willingly as the Rashaida beckon us
inside. Cardamom coffee is being
brewed in an open-sided shelter made
of woven goat hair, strung between
poles over a pile of carpets that are laid
out between the salt flats and a metallic
sea. Nearby, our camp cook Michele
works his magic on a two-ring stove,
transforming a goat that we bartered
long and hard for into supper.
We share the slow-baked, spice-
scented knuckles with Ahmed, the
Rashaida head honcho, his four wives
and his 23 children. The babies, who
have never eaten meat before, clutch
the juicy chunks between their fists like
rattles, unsure of what to do.
Then, in honour of the feast, our hosts
spontaneously perform a traditional
dance with swords and sticks on the
beach, which shimmers, mirage-like,
into the distance as far as Sudan, 250km
away. Egrets and herons stalk the shal-
lows, where stingrays try to bury them-
selves in the sand. An airborne pelican
patrols the shoreline like a comedy-
sketch policeman skimming over a tide-
line electrified with hermit crabs on the
move. A horizon so wide and empty you
can trace the curvature of the Earth can
make you lose your bearings. Only the
sound of the muezzin from distant
Wekiro tethers us to the place.
But if Wekiro is remote, then the
Dahlaks, where we are bound next, are
literally off the charts — about half of the
200 islands, some no larger than sands-
pits, are nameless, unmarked on Google
Maps; only a handful are inhabited. We
board a large, robust skiff to carry us
across the jade-coloured sea, empty but
for a lone battered dhow with a ban-
dana-clad crew, whom we spot on their
deck praying in the direction of Mecca.
When they draw up alongside to
exchange a couple of groupers for cans
of Coke, I suggest they look like pirates.
i / d e ta i l s
Catherine Fairweather and Don McCullin
were guests of Journeys by Design
(journeysbydesign.com). It offers a two-week
private trip from $9,750 per person, with an
additional $5,000 contribution per group to Wild
Philanthropy (wildphilanthropy.com) to fund
conservation and community projects. The
itinerary includes a private mobile camp with the
Rashaida and on the Dahlak Islands and is
privately guided throughout by Will Jones,
founder of Journeys by Design
Eritrea’s borders currently remain closed. The UK
Foreign Office also advises against travel within
25km of the country’s land borders
3 October/4 October 2020
Our captain bats such glib observations
sternly aside. “At sea,” he proclaims, “we
are one, we share life.” So we share our
food and anchorage with them on the
white cuff of coral reef encircling an
deserted island called Dorghulla.
Deserted, it turns out, but for huge
colonies of breeding seabirds. Searching
the hinterland for kindling, I stumble on
a nest of osprey chicks balanced on top
of a stumpy shrub. Snorkelling later, I
breaststroke along the low-lying coral
cliff, where brown booby chicks poke
their heads from the nooks. The adults
divebomb as I float on my back, warning
me away from the nests.
The creatures below, conversely,
seem keen to come near, the butterfly
fish, angelfish and the odd turtle, tame
as puppies, clustering around me on the
pristine coral heads. A marine environ-
ment this untouched by tourism and
commercial fishing, with better snor-
kelling than I have experienced any-
where (and that includes the Indian
A traditional Rashaida dance; a
dhow in the Dahlaks —
Ocean, Pacific, Caribbean or Arabian
Gulf) is a rare Eden indeed.
Days pass, our contentment undimin-
ished by the lack of “things”. There are
no showers — we bird-bath out of tin
cups — and no bedrooms. We sleep
under the flimsiest of mosquito nets. No
lamps either; we eat by the light of the
stars, all of us at table together — the
cook, his sidekick, the captain and the
guide, taking turns to collect and chop
our firewood and catch our own fish
suppers with a line and hook.
After such days of splendid and sim-
ple isolation, Massawa, celebrating
Independence Day on our return, feels
like a near-metropolis. We find Sallam’s
Restaurant amid a piazza colonised by
cats. It doesn’t look much from the out-
side and looks even less inside, but the
Muslim owner allows us to order beer
from the Coptic Christian store across
the square and cooks up kingfish, Yeme-
ni-style, in a tandoor with roti and chilli
sauce. This is a menu with no choices,
only the option of ordering your fish
medium or large.
Don proclaims it the best he has eaten
all week, “maybe the best meal of my
whole life; the fish, this table, this
moment, in this square”. I catch the
emotion; it is evening and the celebra-
tory fairy lights are flickering on. A syn-
copated drumbeat emerges from the
makeshift bars in the souk and echoes
through the crumbling Ottoman arches.
Warm breezes carry the hint of roasting
coffee, the scent of burning embers and
frankincense, the promise of the open
sea. “And the promise of a rosy future
perhaps?” quips Filippo Gezatchew, our
guide, in response to my romantic mus-
ings. “Well, here’s to hoping.”
3 October/4 October 2020 ★ FTWeekend 7

Essay | The pandemic once again has us questioning the wisdom of urban living. Yet, there is a lot
of life left in the city and a slew of good reasons we went there in the first place, writes John Gapper

Enduring attraction

‘The Rhinebeck Panorama’ of London, c1810 — Bridgeman Images

C
ities are hardened to death
and disease. Six per cent of
Chicago’s inhabitants died in
the cholera pandemic of
1854; an outbreak in Ham-
burg in 1892 killed 8,600; the Great
Plague claimed the lives of 100,000 Lon-
doners — almost a quarter of the popu-
lation — in 1665-66.
The metropolis was traditionally
dingy. The gleaming hubs of modern cit-
ies, now emptied by Covid-19 lock-
downs and the fear of infection, are his-
torical anomalies. “The river is almost
black, and is covered with black barges;
above the black housetops . . . rises a
dusky wilderness of masts,” Henry
James wrote of Greenwich in south-east
London in 1887.
Those who evaded bacteria and
viruses had to take their chance on the
streets — London knife crime is not new:
it accounted for 56 per cent of murders
in the medieval city. Then there were
fires, including the 14 that burnt most of
wooden-built Oslo by 1624, and bombs,
which destroyed two-thirds of Coven-
try’s city centre in 1940.
Yet for centuries, it has been hard to
stop country-dwellers leaving their
bucolic calm and rushing to become citi-
zens. The equivalent of eight cities the
size of New York were being formed
annually around the world before Covid
emerged. Wuhan, the virus-originating
city, which many would not have heard
before the pandemic, is home to 11m.
Are we now witnessing a reversal of
the centripetal momentum that has
drawn people and businesses into urban
clusters? Clustering has become a high-
risk activity since the outbreak of
Covid-19, and Zooming from home has
replaced commuting for many, if not the
workers who must keep public services
going. City dwellers browse listings cov-
etously for country cottages.
Books take so long to research and
write that the peril of being overtaken
by events always hovers. It has swooped
on this collection on the triumph of
urbanism. In Metropolis, a “history of
humankind’s greatest invention”, Ben
Wilson notes that early 20th-century
cities were places of “pessimism not
hope”, and we have received a sharp
reminder the metropolis is vulnerable.
“To stand in a stairwell on the 27th
floor of a tower block, next to a commu-
nal garbage chute, beneath a fluorescent
light, and look out through thick glass at
the skyline of a British city is to be
reminded of the suddenness and com-
pleteness of historical change,” writes
Sam Wetherell, a University of York pro-
fessor with a soft spot for postwar urban
planning, in Foundations.
These works chart the city’s rise from
different perspectives — Wilson’s global
historical; Wetherell’s academic mod-
ernist; Ged Pope’s literary suburban;
and Mark Ovenden’s graphical statisti-
cal. Their collective moral is that cities
are innovative and sturdy. They can be
bombed, infected and pummelled into
retreat over centuries, yet they shift
shape and survive.
Urban growth has been so rapid in
developing economies that many prefer
Metropolis: A History of
Humankind’s Greatest Invention
by Ben Wilson
Jonathan Cape £25, 448 pages
Foundations: How the Built
Environment Made
Twentieth-Century Britain
by Sam Wetherell
Princeton $35/ £30, 272 pages
All the Tiny Moments Blazing: A
Literary Guide to Suburban London
by Ged Pope
Reaktion Books £25, 560 pages
Underground Cities: Mapping the
Tunnels, Transits and Networks
Underneath Our Feet
by Mark Ovenden
Frances Lincoln £30, 224 pages
to live in slums and shanty towns rather
than stay in the village — 55 per cent of
Mumbai’s population is estimated to
live in informal settlements. Cities have
expanded across regions, spawning sub-
urbs, edge cities and exurbs; Phoenix
sprawls on the Arizona desert.
Infrastructure is needed when cram-
ming millions together. In Underground
Cities, a fascinating dive into the monu-
ments beneath our feet, Ovenden
records extraordinary subterranean
feats in many cities, from the Moscow
subway to Helsinki’s 400 Cold War
underground shelters. Much of Chicago
had to be physically lifted in 1858, block
by city block, to make room for sewers.
Master planning is not a 20th-century
innovation — witness Haussmann’s
remodelling of Paris under Napoleon III
(“Cruel demolisher, what have you done
with my past? I search in vain for Paris,”
wrote the poet Charles Valette) and
Dinocrates’ ancient Alexandria. Impe-
rial Rome was carefully ordered — Lewis
Mumford recorded its six obelisks, eight
bridges and 11 public baths in The City in
History (1961).
Donald Gibson, the official who
rebuilt Coventry after its warren of
streets was flattened in 1940, watched
the Nazi intervention with mixed emo-
tions, hoping that “like a forest fire the
present evil might bring forth greater
riches and beauty.” But the visions of
planners such as Gibson and Robert
Moses of New York, read oddly now that
we know the concrete reality of express-
ways and housing projects.
The power of the city has often arisen
spontaneously, as Moses’ arch critic
Jane Jacobs argued in The Death and Life
of Great American Cities (1961).
Wetherell regards post-Thatcherite
neoliberalism, in the form of shopping
malls and private housing estates, with
suspicion but individualism lends cities
much of their charm.
Wilson sets out to match Mumford’s
sweep in Metropolis, and he brilliantly
synthesises the forces that make cities
hum. Many of the most powerful flour-
ished as the hubs of trade empires, from
Lübeck in Germany, capital of the medi-
eval Hanseatic League, to Amsterdam.
“If I were King of Lisbon, I would soon
rule over the whole world,” said Charles
V of Portugal’s 16th-century capital.
Global magnetism can only be exerted
by a few cities at a time: Lisbon’s rise
coincided with Venice’s fall. “The city
represented a giant social network, a
place where ideas and practices spread
through the system in the most efficient
way, igniting change,” Wilson writes of
17th-century Amsterdam. The Dutch
city did not just attract traders; it
spawned consumers, as Shanghai has
done in the early 21st century.
A promenade in the Vauxhall Pleas-
ure Gardens was among the delights of
Georgian London, and all classes fre-
quented the theatre, a “place where it
felt like the city of a million people came
together,” Wilson writes. Those who
flock to cities must feel “an increase in
humanity, from the very habit of con-
versing together, and contributing to
each other’s pleasure and entertain-
ment,” wrote the 18th-century philoso-
pher David Hume.
London had puppet shows, rope danc-
ers, jugglers, strolling players, waxwork
museums, fairgrounds and Punch and
Judy shows. Commercial mass sporting
events started in the 1730s with 10,000
spectators being drawn to the Artillery
Ground to watch cricket. Sex was also on
offer: William Hogarth’s A Harlot’s
Progress records the descent of a naive
country girl, tempted by fine new
clothes, into a courtesan.
Clustering enabled education as well
as entertainment, including visits made
by Robert Hooke of the Royal Society to
London coffee houses in the 1670s to
gain a wider audience for his science lec-
tures. “Here, civilisation makes its mir-
acles, and civilised man is turned back
almost into a savage,” judged Alexis de
Tocqueville of Manchester, but cities
can also elevate. Financial trading and
insurance sprung out of coffee houses.
Liberated from pestilence and
attracted by the restoration of human-
scale districts, job opportunities, and a
fall in crime, it is no wonder that profes-
sionals moved eagerly to the core of cit-
ies from the 1980s onwards. What Wil-
son calls “the intoxicating metropolis”
gains power from human proximity.
“I choose not the suffocating anaes-
thetic of the suburbs, but the violent jolt
of the capital . . If it is a choice between
Richmond and death, I choose death,”
declares Virginia Woolf in David Hare’s
film adaptation of Michael Cunning-
ham’s 1998 novel The Hours (The town
also got a harsh review in TS Eliot’s
poem The Wasteland: “Highbury bore
The future of the city
is more likely to
be made by ambition,
artistry and emotion
than by planning
me. Richmond and Kew/Undid me.”).
Urban magnetism is now under threat
but Ged Pope’s charming circuit of Lon-
don’s suburbs and the figures who fre-
quented them in All the Tiny Moments
Blazing is a reminder that cities have
coped with worse. Even urban smog has
its benefits: “Monet worked in the park
whilst I, living at Lower Norwood, at
that time a charming suburb, studied
the effects of fog, snow and springtime,”
Camille Pissarro wrote of 1870.
Cities have always attracted artists
and musicians. “I know I come from
Woking/And you say I’m a fraud/But
my heart is in the city/Where it
belongs,” sang Paul Weller of The Jam in
1977. Wilson writes that hip-hop was
conceived in 1973 at 1520 Sedgwick Ave-
nue in the Bronx, at a party in an apart-
ment block wedged between Interstate
87 and the Cross Bronx Expressway.
But others have settled for Richmond,
or other suburbs, as Pope records.
Arthur Conan Doyle lived in Tennison
Road, Norwood, setting for one of the
first Sherlock Holmes stories. In Coming
Up For Air (1939), George Orwell
lamented streets that “fester all over the
inner-outer suburbs” with “the stucco
front, the creosoted gate, the privet
hedge, the green front door.”
Migration from the declining inner
city to the new suburbs was common in
the mid-20th century, and not just in
London. Businesses also moved: the
Taiwanese-American computer indus-
try emerged in the San Gabriel Valley,
near Los Angeles; the mythical Silicon
Valley sprung up between San Francisco
and San Jose in northern California,
rooted by Stanford University.
“Cities are not only resilient, they are
also adaptive systems,” Wilson writes. If
Covid-19 makes some question the
inner city and think of moving out, it
will not be for the first time. Nor is it
likely to overturn the fundamentals of
humankind’s choice: “We decamped to
the city for good reasons 5,000 years ago
— for the proximity, opportunities,
sociability and sensual pleasures it
offered.”
Modernisers have spotted an oppor-
tunity in Covid-19 and economic
upheaval. “The future now feels radi-
cally open in ways that were unimagina-
ble just six years earlier,” concludes
Wetherell with relish. But the future of
the city is more likely to be made by
ambition, artistry, emotion and imagi-
nation than by planning.
“The fields from Islington to Maryle-
bone/To Primrose Hill and St John’s
Wood/Were builded over with pillars of
gold/And there Jerusalem’s pillars
stood,” wrote William Blake, the vision-
ary artist who was born in London’s
Soho. He started the poem in a Sussex
village, but his heart was in the city and
he returned.
John Gapper is the FT Weekend’s business
columnist

The deadly serious matter of Nazi conspiracy theories

The myth of Hitler’s escape to
South America is explored in
a book that asks why such
beliefs persist. By Tony Barber
more book-length arguments for the
survival of Hitler in Argentina have
appeared in the 21st century than in the
whole of the 55 previous years,” writes
Richard J Evans, a renowned historian of
modern Germany.
The problem goes beyond books,
The Hitler postwar life in South America. back” myth, Evans says it was largely an the actual perpetrator, to take the rap.
Conspiracies: There can be no more authoritative obsession of fringe rightwing national- Like various theories about Hess, it was
The Third Reich guide to these conspiracy theories than ists during the 1919-1933 Weimar all based on totally unreliable testimony
and the Evans, a former Regius professor of his- Republic. Nonetheless the allegation and unsubstantiated guesswork.
Paranoid tory at the University of Cambridge and that socialists and Jews had brought Hannah Arendt argued in her classic
Imagination author of numerous works on Germany, about Germany’s defeat was dangerous, The Origins of Totalitarianism (1951) that
by Richard J Evans including a three-volume history of the because it associated the new, fragile it is important not simply to disprove

M
odern societies are awash
in conspiracy theories.
This year a tidal wave of
pseudoscientific and par-
anoid nonsense about the
coronavirus pandemic has swept the
world. Some of it has merged with the
disturbingly bizarre QAnon fantasy,
according to which President Donald
Trump is fighting a secret war against a
caste of devil-worshipping paedophiles.
For more than 70 years, various tena-
cious myths have swirled around the
Third Reich — in particular, the ground-
less theory that Adolf Hitler did not
commit suicide in Berlin in 1945 but
made his way to South America.
“Despite all the evidence to the contrary,
Evans reminds us. From 2015 to 2018
the History Channel broadcast a three-
season television series, Hunting Hitler,
based on speculation about the dicta-
tor’s survival. Shamefully, the series
made no effort to address the hard evi-
dence of Hitler’s death compiled by
investigators in 1945, expanded upon
and established as fact by a West Ger-
man court in the 1950s and eventually
available to historians. Instead, the
series was full of “innuendo, suggestion
and invention”. It is a comment on our
times that each episode attracted on
average 3m viewers.
In The Hitler Conspiracies, Evans
recounts the history of five theories,
demolishes their credibility and
Allen Lane £20
288 pages
assesses their lasting importance. They
include the Protocols of the Elders of
Zion, an early-20th-century forgery
alleging a worldwide Jewish conspiracy;
the “stab in the back” legend, which
blames Germany’s defeat in the first
world war on domestic traitors;
the myth that the Nazis caused the
1933 Reichstag fire; Rudolf Hess’s
flight to Scotland in 1941, falsely
depicted as a genuine Nazi peace bid
or a plot concocted by British intelli-
gence; and, lastly, Hitler’s supposed
Third Reich. Still, the uncompromising
common sense that typifies Evans was
on display more than 80 years ago in
Portraits of Mean Men, a short, sharp
book on the Protocols by John Gwyer, a
now mostly forgotten British historian.
“It saves so much thinking to think like
this, to survey the world and know that
all its disorders are due to the malignity
of a single group of mysterious plotters,”
Gwyer wrote, in words that ring today as
true as ever.
The Protocols played only a small part
in Nazi anti-Semitism, Evans shows.
The forgery was “rambling, chaotic and
unstructured” and lacked the fanatical
biological racism that drove the Nazis
towards genocide. As for the “stab in the
democracy with national humiliation.
‘The puzzling complexities
of politics and society are
reduced to a simple formula
everyone can understand’
The legend about the Reichstag fire
was communist in origin. Ignoring evi-
dence that the fire took Hitler and his
inner circle by surprise, it contended
that Nazi stormtroopers had entered
the Reichstag through a secret tunnel,
set the building ablaze and left Marinus
van der Lubbe, the Dutchman who was
conspiracy theories but to ask why peo-
ple fall for them. For Evans, some indi-
viduals cannot accept the role of chance
in major world events. “The puzzling
complexities of politics and society are
reduced to a simple formula that every-
one can understand,” he adds. In the
internet age, “anyone can put out their
views into the public sphere, no matter
how bizarre they might be”.
It is becoming a deadly serious mat-
ter. The more conspiracy theories
spread, the harder it is to organise soci-
ety on a rational basis and to protect our
freedoms.
Tony Barber is the FT’s Europe
commentator
8 ★ †
Books
Playwright Tom Stoppard at home with his first wife Jose in 1967 — Erich Auerbach/Getty Images
The real thing
Hermione Lee’s authorised biography of Tom Stoppard is a flattering but
essential portrait of one of the great playwrights of our age. By Kate Maltby
T
he first thing he remem-
bers, he thinks, comes from
the winter of 1940 or 1941,
when he was three or four.”
Hermione Lee’s new biogra-
phy of Tom Stoppard introduces us to
the playwright as if intruding on a half-
glimpsed memory. He is Czech, perhaps
Jewish, likely already in exile in Singa-
pore. “He was Tomáš, or Tomik, Sträus-
sler.” He was to become Sir Tom Stopp-
ard, OM CBE FRSL. His medic father,
Eugen Sträussler, would die fleeing the
Fall of Singapore. Eugen’s wife Marta
had gone ahead to India with their two
boys, where she would later meet and
marry Major Kenneth Stoppard.
Lee is no real intruder. For seven years
she has shadowed Stoppard’s life, and
the result is a scrupulously authorised
biography. It suffers from the usual
drawbacks that come with such access:
Lee minimises Stoppard’s flaws, raves
over his literary work and obsesses
about his “gorgeous-looking” youthful
appearance. In return she gets to reveal
a cornucopia of personal notebooks, lit-
erary letters, and even early love poems,
shedding unprecedented light on one of
the great names of a generation.
We watch Stoppard emerge as the
playwright of “wit and dazzle” — his
favourite subjects are poets and scien-
tists, especially if they can crack wise
about philosophy — but eventually gain
equal recognition for his “depth and
humanity”. Tom Stoppard: A Life will be
on the Christmas list of every serious
theatre-goer. It leaves Ira Nadel’s 2001
biography Double Act, which Stoppard
scorned, in the dust.
The perils of life in Beijing’s backyard
Two enlightening new books
describe the long shadow
China casts over its southern
neighbours, writes John Reed
C
hina exerts an outsize, at
times overbearing influence
in south-east Asia — as surely
as the US looms over Latin
America and Russia treats
ex-Soviet states as its “near abroad”.
China is the top trading partner for
most countries in the region, a bank-
roller of showcase rail and road projects
under its Belt and Road infrastructure
initiative, and the leading source of
tourists who — at least until Covid-19 —
were packing Thailand’s beaches and
Singapore’s malls.
Like America and Russia, Beijing can
also be a neighbourhood bully. Over the
past decade, China has remade reefs and
islets on the South China Sea into mili-
tary installations to bolster its interna-
tionally unrecognised “Nine Dash Line”
maritime claim on nearly the whole sea.
Chinese vessels have rammed and sunk
Vietnamese and Filipino fishing boats,
and harassed oil and gas operations off
Malaysia, Vietnam and the Philippines.
Chinese companies have built 11 hydro-
power dams along the headlands of the
Mekong river, altering the flow of water,
Tom Stoppard:
A Life
by Hermione Lee
Faber £30, 992 pages
Stoppard’s suppressed Jewish herit-
age has been the subject of recent atten-
tion, after the opening in January of a
new play, Leopoldstadt, which told of an
assimilated Jewish family, their roots in
the Austro-Hungarian Empire, much
like his own. Lee repeats — without
interrogating — an old anecdote that
has entered Stoppard lore. The anti-
Semitic Ken Stoppard is said to have
reprimanded a nine-year-old Tom:
“Don’t you realise I made you British?”
Stoppard Senior became the boys’ legal
guardian and gave them his name,
although after their mother’s death in
1996, Lee reveals, he asked Tom to stop
using it.
But if Ken Stoppard made the Sträus-
slers British, their time spent in Darjeel-
ing before his arrival on the scene seems
equally significant. This was the British
Raj in its last throes. The boys went to a
Methodist school, with daily religious
assembly. They learnt English and
enough Latin to crib the school motto.
Anglicised and transplanted, the
young Stoppard is sent to Pocklington, a
minor public school in Yorkshire, which
fails to interest him in drama. Instead,
sediment, and fish stocks on which mil-
lions of farmers and fishermen in five
countries downriver rely.
Two enlightening new books describe
the long shadow China casts over its
southern neighbours. They come at a
time when the Trump administration is
heating up trade pressure and belliger-
ent rhetoric towards Beijing. This
makes Washington, traditionally the
region’s other big-power ally, a more
volatile player and puts south-east Asia
in the middle of the world’s pre-eminent
geopolitical conflict. This is where the
current cold war could escalate, so these
books come not a moment too soon.
Murray Hiebert, a senior associate
with the US-based Center for Strategic
and International Studies and former
reporter in south-east Asia, lays out the
parameters of China’s large regional
footprint. “In achieving its goals, China
has important assets in dealing with
south-east Asia, including its physical
proximity, its mountains of cash, and
the fact that it does not hector countries
on democracy and human rights,” he
writes in Under Beijing’s Shadow.
While Japan remains the biggest
source of foreign direct investment,
China is emerging as a leading supplier
of technology to the region — from 5G
telephony to facial recognition and data
analytics tools. Some of this is going to
places with poor human rights records.
But while it is all too easy to stereo-
FTWeekend
he gets the bug while working in Bristol
as a journalist, where he frequents the
Bristol Old Vic, befriends Peter O’Toole
and falls for a colleague, Isabel Dunjohn,
who offers him only profound friend-
ship in return. (Lee maintains Dunjohn
was never, contra Nadel, his girlfriend.)
Men are collaborators or competitors
(O’Toole, Anthony Smith, Derek Mar-
lowe, Piers Paul Read); women are
muses (Dunjohn on her pedestal, land-
lady Val Lorraine as surrogate mother.)
He smokes and writes. Moving to Lon-
don, Stoppard cuts the sandpaper off a
matchbox and glues it to his desk, to
save time when striking a light in mid-
flow. Success follows.
Pining for Isabel, by 1965 he allows
himself to drift into marriage with Jose
Ingle, a housemate who adores him. He
cheats on her with her best friend
Miriam Stern and in 1972 takes custody
of their two boys as Miriam becomes
Wife Number Two. (He would also have
two sons with her.) Lee, ever the admir-
ing biographer, acquits him, blaming
Ingle’s mental instability and alcohol-
ism — although she admits that Ingle’s
drinking develops during her unhappy
marriage, not before. After his 20-year
marriage to Miriam also comes to an
end — Lee is evasive as to why — Stopp-
ard has major relationships with Felicity
Kendal, Sinéad Cusack and Sabrina
Guinness, whom he married in 2014.
Lee’s acknowledgment of the relation-
ship with Cusack has generated head-
lines but was always known in theatre-
land — as was the “open” arrangement
of her ongoing marriage to Jeremy Irons.
There is little scandalous here.
In the Dragon’s Shadow: Southeast
Asia in the Chinese Century
by Sebastian Strangio
Yale $30, 360 pages
Under Beijing’s Shadow:
Southeast Asia’s China Challenge
by Murray Hiebert
Rowman & Littlefield Publishers
$40/ £31, 608 pages
type China and its companies as panto-
mime villains, Hiebert is skilled at teas-
ing out the nuances and ambiguities,
including local elites who have wel-
comed Chinese money, sometimes
under corrupt circumstances. For
south-east Asian countries, Beijing has
proved a more predictable partner than
the US, continuing business as usual
with Myanmar when it faced isolation
under its former military dictatorship,
then more recently when it faced inter-
national condemnation for the military
crackdown on the Rohingya. Beijing
continued military sales to Thailand
after the most recent coup in 2014.
But the welcome is not unconditional:
Vietnam, which fought a border war
with China in 1979, and Thailand in par-
ticular are scrupulous about balancing
China by courting Japan, the US and
other countries.
Beijing can be a tin-eared and med-
dlesome partner too. Sebastian Stran-
As literary history, Lee’s biography
never disappoints. We learn that it suits
Stoppard “to be given the germ of an
idea . . . and turn it into something sur-
prising and original”. His agent Kenneth
Ewing suggests a premise that becomes
his first hit, Rosencrantz and Guildenstern
are Dead — but Stoppard makes it a work
of genius. Unlike his friend Harold Pin-
ter, he is a generous and flexible collabo-
rator in the rehearsal room, even after
50 years of validation.
As literary criticism, it is frustrat-
ing. We’re told what Stoppard was read-
ing as he wrote the great plays — Arcadia,
Jumpers, The Invention of Love. But given
how interested in form Stoppard is him-
self, how committed to art for art’s sake,
there is little formal criticism. Lee gives
her own interpretations, but barely
acknowledges the vast body of work by
other scholars. She has scant time for
professional theatre critics and rarely
references any by name, unless those
names are Tynan or Billington.
Working as a critic himself, Stoppard
“clung to the idea that a play . . . had an
innate score (out of 10, say)” and that
his task “was to deduce it and assign it”.
It helps that Stoppard
knows almost everybody in
British letters and Lee has
interviewed them all
One wishes Lee could do the same. She
finds it impossible to admit that his
ambitious 2002 trilogy, The Coast of Uto-
pia, is simply not as successful a work of
art as his 2006 play Rock ’N’ Roll, let
alone ask why. But she rightly empha-
sises the importance of Stoppard’s
friendship with Václav Havel, the Czech
playwright and dissident who became
the country’s first post-communist
president, and his dedicated opposition
to Soviet totalitarianism, in the face of
the British arts world’s hard-left apolo-
gism. Stoppard is radicalised by reading
the freedom of expression magazine
Index on Censorship, featuring testi-
mony by Viktor Fainberg, a dissident
imprisoned in a Leningrad mental hos-
pital. This, and his courageous trips to
succour writers behind the Iron Curtain,
inspire the plays Professional Foul and
Every Good Boy Deserves Favour.
It is this sensitivity to political and his-
torical context that elevates Lee’s biog-
raphy above any lapses. We watch Stop-
pard develop his disgust for closed-shop
unions during the 1970s; he falls in step
with Rupert Murdoch in the 1980s, then
out of step during the Leveson inquiry.
It helps that Stoppard knows almost
everybody in British letters and Lee has
interviewed them all: Antonia Fraser,
David Hare, Richard Eyre, the late
Diana Rigg. To name a few.
Lee avoids taking stands. She high-
lights potentially racist or sexist jokes,
then shrugs at each as “of its time”. Stop-
pard’s philandering friends make a
“careless husband” or have “a roving
eye”. Of The Invention of Love, she sug-
gests, “perhaps” some might criticise
Stoppard today “for appropriating a gay
love story”. Or perhaps they might not.
Yet her research is encyclopedic, her
hero charismatic, her scope expan-
sive. She captures the essential morality
of Stoppard, a man who puts his faith
not in heartless theory, but in his belief
that “all political acts have a moral basis
to them and are meaningless without
it.” Hers is an essential contribution to
theatre history.
Kate Maltby is chair of the Critics
Circle (Drama Section) and deputy
chair of Index on Censorship
gio, in his book In the Dragon’s Shadow,
quotes the strategist and historian
Edward Luttwak’s phrase “great-state
autism” — the difficulty big powers face
in breaking free of entrenched ways of
thinking and acting. This tendency is
most glaring, he writes, on the question
of south-east Asia’s large ethnic
diaspora communities, who have been
hit with accusations of “dual loyalty”
and been the targets of past violence in
Myanmar, Malaysia and Indonesia.
While China in the past recognised
the delicacy of the issue, President Xi
Jinping has cast off this restraint, hailing
overseas Chinese as “members of the
Chinese family”. This and similar state-
ments by Beijing officials have allowed
nationalist and religious demagogues in
A joint Cambodia-China drill in
Kampot on March 15 — Getty Images
Left, and left again
Owen Jones’s critique of Corbynism seeks to maintain
the manifesto without the man. By Robert Shrimsley
T
he harsh fact about
the Corbyn project is
that the only one of
Labour’s hard-left
MPs able to win the
party leadership was the person
least suited to lead.
While others in his faction —
most notably John McDonnell —
made enemies and were feared,
Jeremy Corbyn was sufficiently
liked that even people who disa-
greed with him signed the nomina-
tion to get him on the ballot. With
hindsight, this lack of enemies
should have been a clue.
For the inescapable conclusion
of a new and sympathetic look at
the period is that Corbyn was
probably the worst prime ministe-
rial candidate put before the vot-
ers in modern times. Leaving aside
his political positions, he was tem-
peramentally incapable of doing
the job. For Owen Jones, the Cor-
byn project’s most important
media cheerleader and semi-in-
sider, the drama of those years is
almost Shakespearean. Jones’ own
doubts about Corbyn appeared
early but his enthusiasm for the
wider project is undimmed.
As one would expect, it is an
easy read. Jones is a fluent, if occa-
sionally breathless, writer. There
are rather too many “seismic”
events and at one point he
describes a little-noticed trade
union campaign as the biggest
since the general strike of 1926. He
also makes little effort to under-
stand opponents, who are always
driven by base motives.
But these are quibbles. The fun-
damental issue lies with its intent.
While Left Out by Gabriel Pogrund
and Patrick Maguire is a sympa-
thetic but devastating reportage of
the Corbyn project, Jones has a
more political purpose. This is his
attempt to maintain the manifesto
without the man and, as with many
on the left, the search is for reasons
Where Jones is
strongest is when he
turns his analytical gaze
on his own side
why the agenda still stands despite
its comprehensive rejection at the
2019 election. In part, this means
showing the failures not only of the
man and his close aides but also
antagonistic party staff.
Jones still views politics through
a class construct. Yet while he is
shrewd enough to see the problem
in this approach for Labour, he
struggles to get past it. He knows
that Brexit cut across the class
divide; he knows that many tradi-
tional Labour voters are socially
conservative. Class defines his pol-
itics but it is not true of all his tar-
get voters.
Like many on the left, Jones’
true target is the “centrists”, the
moderate left who stand in the
path of a more socialist option. For
Jones it is essential we accept that
Indonesia and Malaysia to stoke fears of
ethnic Chinese for political gain. They
have also put Singapore, where about
three-quarters of the population claim
Chinese descent, in a tight spot.
China’s presence is its most vividly
seedy, and baldly exploitative, in the
region’s poorer countries, notably Cam-
bodia, the Philippines and Laos, which
have seen booms in Chinese offshore
gambling (which is illegal in China) and
a concomitant influx of undocumented
immigrants and organised crime. Some
of China’s infrastructure projects have
appeared self-serving or of questionable
economic value, notably a high-speed
rail line that will cut through Laos, one
of Asia’s poorest countries, but stops at
richer Thailand’s border as Thais have
proved more ambivalent about continu-
ing building on a proposed line down to
Singapore. Myanmar recently scaled
back a Chinese deepwater port project
because of concerns it could saddle it
with too much debt and give Beijing
future leverage over its financial affairs.
Chinese influence, writes Strangio, is
starkest on the Mekong river, which
flows from the Tibetan plateau through
five other countries, reaching the sea in
southern Vietnam. The river “reflects
the region’s geopolitical hierarchy: a
powerful China at the top and smaller,
less developed nations below”. Its
stretch of the Mekong is narrow, deep
and thinly populated, making it suitable
3 October/4 October 2020
the centre cannot hold. But this
may be a counsel of despair. For
one thing it misreads the voters,
since the evidence is that con-
fronted by hardline Labour and
hardline Tories, they are more
likely to tack right. Furthermore,
the centre can move. It shifted
from austerity politics but the ben-
eficiary was Boris Johnson.
Where Jones is strongest, and
impressively so, is when he turns
his analytical gaze on his own side.
His dissection of the anti-
Semitism issue is heartfelt and
intelligent. His account of the
infighting and weakness of the
leader’s team rings true, though
this is a manifestation of Corbyn’s
own failures. He correctly
This Land:
The Story of
a Movement
by Owen Jones
Allen Lane £20
352 pages
observes that Brexit left Labour on
a hook, torn between its largely
Remainer membership and the
angry Leave voters in its most vul-
nerable northern seats.
We cannot know that the party’s
split could have been overcome,
but we can know that Corbyn did
not try. He never sought to lead. He
was uninterested in Brexit, so the
leader of the opposition had noth-
ing to say about the biggest issue of
the day. Others fought over the
direction, Corbyn disappeared.
And this was not just true of
Brexit. At almost any moment of
conflict, he fled. He would —
according to Jones — just absent
himself. What is clear is that those
around Corbyn knew he was
nowhere close to prime ministerial
material. But while they saw him
as a titular figurehead for the
greater project, voters simply saw
a weak leader.
Having lost heavily, the left’s
fight is to maintain the case for its
ideas. But remaining relevant
must mean reaching a truce with
the current Labour leader Keir
Starmer. Jones sees this. It is not
clear his allies yet do. Jones, like
others, wonders what might have
been had the more impressive and
ruthless McDonnell (former
shadow chancellor, and a longtime
friend of Corbyn’s) been leader.
The best guess is Labour would
probably still have lost but possi-
bly not in a way which cost the left
control of the party.
But this is for the counterfact­-
uals. The Corbynites lacked the
political dexterity to compromise
with the electorate. Any dilution
of their beliefs was seen as treach-
ery. Dissatisfied with half a loaf,
they opted for none at all.
Robert Shrimsley is the FT’s UK
chief political commentator
for dam-building. “This has allowed
China to reap the benefits of hydro-
power generation, while exporting most
of the environmental costs down-
stream.”
Strangio, the author of a book on
Cambodia’s authoritarian leader Hun
Sen, China’s most loyal regional client,
provides an expert and lucid synthesis
of the historical context and recent
developments of south-east Asia’s rich
and complex relations with Beijing. Hie-
bert brings a deep and long knowledge
of the topic to his account. Both books
run on long and yet feel diffuse, perhaps
because of a perceived need to tour 10
Asean countries (nine in the case of
Strangio, who left out Brunei). Both
could have benefited from tighter edit-
ing or a thematic structure. In places,
both lapse into hackneyed “journalese”.
Of the two, Hiebert’s book is more
conclusive, arguing that the countries in
Beijing’s backyard need to find common
cause and be better masters of their fate.
“South-east Asia may sometimes feel
that it bears the full brunt of Beijing’s
assertiveness and ambition, but it does
have considerable agency and could do
more if the countries were less competi-
tive and more co-operative with each
other,” he writes. It is an issue of impor-
tance that reaches beyond the region.
John Reed is the FT’s south-east Asia
correspondent
3 October/4 October 2020 ★ FTWeekend 9

Books

T Sisters in arms Mirror, mirror

he oldest stories ever told
are the myths about crea-
tion itself, and how the first
humans came to be. For the
past three years, the 82-
year-old Kenyan writer Ngugi wa
Thiong’o, who is among the world’s
greatest living storytellers, has been at
work on one of the most beguiling of ori-
gin myths.
The story of Gikuyu and Mumbi is as
famous in Kenya as the Epic of Gilgamesh
is across the Middle East, or the Mahab-
harata in India. The Gikuyu, a Bantu eth-
nic group inhabiting south-central
Kenya, have for centuries told the story
of Ngai, the creator of the world, and
how he gave the rich lands around
Mount Kenya to the first man, Gikuyu,
and the first woman, Mumbi. Gikuyu is
also the first language of 20 per cent of
Kenya’s population today.
John Lanchester’s chilling short stories play on our obsession
A Kenyan creation legend becomes a feminist saga of fearless heroines with technology and with ourselves, writes Catherine Taylor
in a reworking by one of the world’s great storytellers, says Nilanjana Roy Reality and fluctuating and contradictory emo-
Other Stories tional response throughout the story,
by John Lanchester much as Gerald does to his daughter-in-
Faber £12.99 law, even after death.
240 pages In the incrementally horrifying
“Charity”, a selfie stick of obscure origin,
left at a charity shop by a widow clearing
out her late husband’s collection of odd-
ities, possesses obscene powers of reve-
lation for whoever uses it.
The ensuing allegory is as much a
comment on the whited sepulchre of

Mumbi and Gikuyu have nine daugh-
ters: Wanjiru, Wambui, Wanjiku, Wan-
gui, Waithira, Waceera, Mwithaga,
Wairimu and Wangari. To that number,
they add one more: Warigia, a child born
with crippled legs who is an excellent
hunter, “good with arrows”, whose teeth
are so white that “they lit a path in the
darkness”. The 10 clans of the Gikuyu
people are named after the 10 daugh-
ters, or “the perfect nine”.
In this rousing new version, the story
becomes a powerfully feminist tale: 99
suitors show up seeking the hand of
these skilled and talented women, but
as the hopeful men scale mountains and
perform feats of strength and bravery,
the women are right alongside them.
“The daughters, having grown up
Ngugi’s 99 suitors must
accept that the women
they desire are warriors
in their own right
without brothers, had to depend on
themselves. They had to acquire all the
skills of survival,” Ngugi writes in his
notes to the book. “The Perfect Nine
would seem to be the original feminists.”
For many years, Ngugi’s legion of
readers around the world have hoped
for another great work from the author,
and for the Swedish Academy to finally
recognise his genius by awarding him
the Nobel Prize for literature. His last
published novel was 2004’s Wizard of the
Crow, a mighty and bruising satire about
an imaginary African dictatorship.
Ngugi’s body of work is formidable.
His seven previous novels include Devil
on the Cross (1980), the first major novel
to be written in Gikuyu. He has also pub-
lished four memoirs — including Wres-
tling with the Devil (2018), about his time
as a political prisoner in Kenya in 1978,
and Birth of a Dream Weaver (2016),
which charts his life as a writer — as well
as plays and essay collections, such as
the influential Decolonising
the Mind (1986). His work on language
and colonialism is newly urgent in
these times, but he is also one of the
great literary explorers of the human
condition.
In 2017, Ngugi said in an interview:
“Every culture should be taught with
a nod to other cultures . . . Greek
A forest on the slopes of Mount Kenya — Getty Images
mythology should be taught compara-
tively with African, Norse, Scandina-
vian, Icelandic and Asian mythologies.
They are all very exciting, and it is
not necessary to put them in a hierarchi-
cal relationship to each other. Let them
network.”
By choosing to rewrite the story of the
Perfect Nine in Homeric verse and then
retranslating his original Gikuyu ver-
sion into English, Ngugi gently chal-
The Perfect Nine: The lenges the dominance of one kind of
Epic of Gikuyu and Mumbi myth over another. Any reader who
by Ngugi wa Thiong’o grew up in a former colony and learnt
Harvill Secker £17.99, 240 pages English understands this imbalance
intimately. You know Shakespeare and
Beowulf and the Odyssey, but the flow of
curiosity is not equal, and the rest of the
world is unlikely to know the Ramayana
as well as they know Norse myths, or the
story of Mumbi and Gikuyu as closely as
they know Adam and Eve.
Every epic is an invitation to writers
to take the core story and make it their
own. Here, Ngugi creates a thoroughly
modern version by introducing 99 suit-
ors, a throng compared with the original
10 of the epic, who — unlike those who
besieged Penelope in Homer’s Odyssey —
must accept that the women they desire
are warriors in their own right. While
one by one the suitors are swallowed up
by crocodiles or by darkness, are
I
trapped in an ogre’s sack or fall prey to
their own cowardice, the women resem-
ble Indian and Asian goddesses in their
martial abilities.
Ngugi adds layers to this ancient story.
One part is told by the teller, another by
the suitors, who swing between desire
and suspicion. The most moving story is
Warigia’s tale of finding and losing love,
and Ngugi makes you feel both her cour-
age and the depth of her loss. The Perfect
Nine uses a deceptively simple language
that lays bare deep truths. The suitors
who survive the perils of their quest
declare: “We faced many trials in our
journey/Which turned out to be a test of
heart and body./You cannot be without
trying to be.”
Girish Karnad, another literary giant
whose works, like Ngugi’s, return time
and again to myth and folklore, died in
2019. In one of his lectures, he articu-
lated the Indian folklore belief that a
story lives inside the teller — literally,
physically — and that it is their duty to
pass it on; a story chooses its teller, not
the other way around. Ngugi is most cel-
ebrated for his novels and plays, but
perhaps this electric myth, with its free
and fearless heroines and its vast narra-
tive arc, chose the perfect teller.
Nilanjana Roy is an FT columnist
f 2020 has sometimes felt like living
in an alternate universe, in which
its exhausted inhabitants have
grown inured to shocks and sur-
prises, then it is a relief — of sorts —
to turn to John Lanchester’s uncanny
tales and find plenty there to disquiet.
Reality and Other Stories is the first
short fiction collection from Lanchester,
a sequence of very clever, very modern
“entertainments” that play on our 21st-
century obsession with technology, with
time, and with ourselves.
Masters of suspense such as MR
James, Isak Dinesen and Robert Aick-
man are all influences here, as is the
comedic horror of Roald Dahl’s Tales of
the Unexpected. There is also a delicious
hint of Henry James’s The Turn of the
Screw in the collection’s opener “Signal”,
in which the frazzled parents of two
small children leap at the chance for
their family to spend new year at the
recently acquired Yorkshire estate of a
former college friend who is “seriously
and unambiguously loaded”.
Michael has made his money in tech,
and has all the diffidence and loneliness
of the very rich, represented by his
vagueness about the ill-assorted group
of revellers he has invited to stay. The
house, a vast mansion with every sort of
gadget and convenience, “like a kids’
hotel”, is sumptuous and alienating,
though lack of broadband has cut the
party off from the outside world.
Mia and Toby, aged seven and nine,
are left, with some unease, to entertain
themselves while their parents sample
luxurious dinners and pheasant shoot-
ing. That is until Toby chatters alarm-
ingly about the strange, tall man the
family had glimpsed jabbing away at his
mobile phone on their arrival but who
has reappeared, in sinister loco parentis,
to show the children around the house
in the absence of the other adults.
This first story rivals two others for
the category of most chilling in the
book. All three are concerned with con-
science — either the surfeit or the lack of
it. In “Signal”, Mia and Toby’s parents
blame themselves for being too eager to
offload their kids, inadvertently putting
them in danger.
In “Cold Call” the burden is Gerald,
the spiteful father-in-law of a harassed
barrister, who is also the mother of
young twins with a director husband on
a seemingly endless film shoot in South
Africa. Lanchester manipulates the
colonialist atrocities and attendant
lack of remorse, as it is on social media’s
influence and fixation on the “perfect”
self-image.
There are glimpses throughout of past
fictions: the sensuousness of Lanches-
ter’s debut novel The Debt to Pleasure in
precise descriptions of opulent repasts,
and his recent climate change dystopia
The Wall in “Which of These Would You
Like” where a prisoner, held for reasons
of which he is not informed, is forced to
select the instruments of his execution
from a glossy brochure.
Two stories work less well. The
denouement of “The Kit”, in which a
single-parent father, a farmer with four
sons, wakes one morning to find that his
main labour-saving household appli-
ance is irretrievably broken, is obvi-
ously signposted from early on.
The title story, with a group of un­-
feasibly attractive young people gath-
ered at a Mediterranean villa for a Big
Brother-type television show, seems
awkwardly written, perhaps because it
is a subject that has been overly exam-
ined and satirised.
Its central tenet is, however, one of the
most powerful in the collection: “when
you spent time there you came to think
that everything about the villa was the
opposite of what it seemed to
be: that good feelings were full of hate,
that friends were enemies, that laughter
was violence, that there was no such
thing as love.”
The most unsettling piece, “We
Happy Few”, moves away from classic
horror towards pure speculative fiction.
A group of four young philosophy lec-
turers meet in their favourite café.
Intellectually rigorous, mockingly
superior and dismissive of the ordinary
and therefore gullible, their conversa-
tion turns to conspiracy theories and a
thought experiment through which
they articulate their desire for a world
in which “all the stupid people have
vanished” and “only the intelligent
people are left behind”, producing a
“world in which there is only us and
those like us”.
If what is believable can happen too,
then the “trolling on a cosmic scale’’ to
which the group is subjected is a forceful
reminder from Lanchester of a world
that relies on difference to function.
And it’s also a reminder of a world in
which someone, somewhere, is always
having the last laugh.

Swimming with the fishes Unquiet spirits and spirited quests

In his follow-up to ‘The Piranhas’, Roberto Saviano returns to the brutal streets

W
hen the possibil- of Leila, a Muslim woman who filled with jovial gay “uncles”, but
of modern-day Naples for a trashy mafia thriller. By Ludovic Hunter-Tilney ity of overseas two centuries ago linked the two the idyll can’t last. Ahmadi’s
trips seems to French greats and Lord Byron. novel (“my most personal book”,
diminish by the Leila is imprisoned in the Pasha’s he says in an afterword) has its

R
oberto Saviano is an
Italian blend of Sal-
man Rushdie and
James Ellroy. Like
Rushdie after the Ira-
nian fatwa, he lives under police
protection, the result of death
threats issued against him follow-
ing the publication of his debut
book Gomorrah in 2006. They
came from the Neapolitan mafia,
aka the Camorra, enraged by
Saviano’s exposure of their crimi-
nality. A fusion of memoir and
reportage, Gomorrah sold more
than 10m copies globally and was
adapted into a feature film and
television series.
Raised in Naples, Saviano
became a literary cause célèbre,
and he is justly feted as a coura-
geous truth-teller. Yet there is a
lurid side to his literary character,
too. Like Ellroy, the US’s pre-emi-
nent modern crime writer, Savi-
ano depicts a brutally patriarchal
society in which sadistic gunmen
exert their will over others
according to a macho code of vio-
lence. Again like Ellroy, who
obsessively revisits his mother’s
murder in his fiction, there is a
compulsive quality to Saviano’s
fascination for violence. In
Gomorrah, he buzzes remorse-
lessly around Naples on his
scooter, hunting for murder
scenes, as much voyeur as
reporter.
Savage Kiss emerges from the
pulp-fiction part of Saviano’s
imagination. It is the sequel to his
Savage Kiss:
A Novel
by Roberto
Saviano,
translated
by Antony
Shugaar
Picador £14.99
378 pages
2016 novel The Piranhas, a crime
thriller inspired by the real-life
emergence of an ultraviolent gen-
eration of teenage hoodlums in
Naples. The first novel, also trans-
lated by Antony Shugaar, opened
with a crudely attention-grabbing
mise en scène in which a gang
leader defecates on a rival. Savage
Kiss begins in a similar fashion,
with the same character, Nicolas
Fiorillo, leading an attempted hit
on the newborn baby of a differ-
ent rival. Aged 18, he commands a
crew of youthful drug dealers who
operate from Forcella, the warren
of apartment blocks and passage-
ways in Naples’ historic centre,
where gangs like theirs are known
as “paranze”, or fishing trawlers.
Nicolas’s paranza sells drugs in
the city’s piazzas. Its leader has
grander ambitions, however, and
his dream is “to call himself Don
Nicolas Maraja” — the last name
from the Sanskrit word for “great
king”. Much bloodshed and bru-
tality ensue, told episodically in
brief chapters. Nicolas and his
henchmen, or boys, co-ordinate
ambushes on WhatsApp and hide
handguns in Pokémon card fold-
ers. Taunts are delivered to
Camorrista elders. Sixteen-year-
old girlfriends with Justin Bieber
posters on their bedroom walls go
on designer shopping sprees and
have babies.
Generational conflict is a recur-
ring theme. But the novel’s por-
trait of Neapolitan teen culture is
unconvincing. Nicolas and his
tyro gangsters are obsessed by The
Godfather and Scarface, strangely
old-fashioned reference points.
Similarly, Saviano’s imagery
belongs to an outmoded world of
dime novels. A deadly woman
carries a “compact revolver”, the
ladylike weapon of 1940s femmes
fatales, while a young man is
described approvingly as “fight-
ing like a bull”.
The “savage kiss” of the book’s
title represents the ravenous
appetite for status that overtakes
the increasingly psychopathic
Nicolas, an anti-hero who proves
considerably less charismatic
than Saviano seems to intend.
Baggy plotting, threadbare char-
acterisation and a translation that
turns Neapolitan dialect and Ital-
ian slang into boilerplate Ameri-
canese (“He stuck his cell phone
in his pocket, his gat down his
pants”) compound the clumsi-
ness. The result is a trashy mafia
thriller without the thrills.
Ludovic Hunter-Tilney is the FT’s
pop music critic
day, at least in
fiction we can move around in
space and time, and even slip our
own skin entirely to try, just for
a spell, what it is like to be some-
one else.
Singapore is the destination in
The Hungry Ghost by HS Norup
(Pushkin, £7.99). When her
mother falls ill, 12-year-old Freja
is sent to live with her father, and
is suddenly transplanted from a
monocultural Danish village to a
place of exhilarating and some-
times disconcerting difference.
Her new school friends are breez-
ily cosmopolitan: one is Dutch via
Sri Lanka; another claims to be
“half French and half Irish and
half Swiss and a little bit German”.
Even Freja’s new stepmother
Clementine is half English and
half Hong Kong Chinese. It’s a lot
to take in.
Freja arrives at the time of the
Hungry Ghost festival, when the
ancestors return for a brief period
to the Earth and must be placated
with offerings, “hell money” and
theatrical spectacles. One night,
she sees a spectrally thin girl in a
white dress in the garden and fol-
lows her to an excitingly over-
grown graveyard.
Freja, who knows Morse code
and keeps a compass and Swiss
army knife on her person at all
times, is not the sort of girl to be
put off by a new friend whose
neck is twice as long as normal.
Her quest to solve the mystery of
this unquiet spirit takes the pair
GENRE ROUND-UP
Young adult
By Suzi Feay
into the thrilling territory of Chi-
nese folklore and feng shui.
Khayyam, the central charac-
ter in Samira Ahmed’s Mad, Bad
& Dangerous to Know (Atom,
£7.99) is holidaying in Paris,
though she has left her heart
behind in Chicago with fickle boy-
friend Zaid. Pastries and other
culinary treats are some recom-
pense; Paris, she opines, has the
best couscous outside the Magh-
reb, “because, well, colonialism”.
That phrase would have made a
better title, for self-righteous
Khayyam loves to make points
and issue judgments.
An art history fan, she’s
researching Delacroix when she
meets Alexandre Dumas, a dishy
descendant of the novelist. The
duo gradually uncover the story
Freja is not the sort to
be put off by a new
friend whose neck is
twice as long as normal
harem. “Today I am called to
serve Pasha . . . I must first finish
my ablutions and ready myself,
as he prefers” — because, well,
orientalism.
Despite being sequestered
from the world, Leila greets the
pre-fame poet with curious
assurance: “Is it true what they
say about you? You are mad, bad
and dangerous to know?” Lady
Caroline Lamb hadn’t even
coined the phrase yet. Because,
well, anachronism.
Ahmed’s previous novel,
Internment, brilliantly drama-
tised the danger of having an
Islamophobe in the White House.
Sadly, the follow-up largely sub-
stitutes pontification for drama,
and the historical passages fail to
convince.
Amir is stuck in a US airport
being grilled by a border official in
the opening pages of How it All
Blew Up (Hot Key, £7.99). He’s
trying to explain why he and his
family caused a huge ruckus on
the plane back from Italy. It’s a
long story, and the officer seems
remarkably empathetic. But then
author Arvin Ahmadi is keen to
upend stereotypes of all kinds.
Threatened with public humilia-
tion at his high-school graduation
by bullies who spotted him kiss-
ing another boy, Amir fled to
Rome, fearing that his Iranian
Muslim family would never
accept his homosexuality.
The Rome he discovers is a pas-
ta-and-prosecco-fuelled paradise
fairytale aspects but feels fresh
and original.
All these protagonists could be
said to be privileged, and the
same holds for Ashley Bennett in
The Black Kids by Christina
Hammonds Reed (Simon and
Schuster, £7.99), set in LA.
Ashley’s upscale family back-
ground means that her friends are
all wealthy and white. She has
learnt to brush off their insensi-
tive remarks about skin colour —
for example, that it will make it
easier for her to get into college.
Even the upcoming trial (it’s
1992) of the white police officers
accused of beating Rodney King
doesn’t unduly bother her. But
the ensuing race riots, together
with her buried feelings for
impoverished sports star
LaShawn, force Ashley to reframe
her whole outlook and challenge
her values.
Nuanced and thoughtful,
Reed’s novel brilliantly explores
the many layers that make up
an identity.
Online library
For additional titles
and to browse past
reviews, visit our
books page at
ft.com/books
10 ★ FTWeekend 3 October/4 October 2020

rupture in Rome with her controlling

Portraits
painter father Orazio; a move to Flor-
ence with a factotum of a husband, soon
dispatched, and a dizzying ascent into
Medici circles; an aristocratic lover, sexy
but unreliable; then years as a resource-
ful, ambitious single mother, restlessly,
successfully, questing fame in Rome,

of women
Venice, London, Naples.
All this is in the glorious self-portraits.
In the youthful ones, Artemisia’s dis-
tinctive chunky form, forceful features
and heavy-lidded eyes are playfully
adapted, Photoshop-mode, pose barely
changing from the accusatory “Self-

on top
Portrait as a Female Martyr” to the sen-
sual “Self-Portrait as a Lute Player” to
the soulful “Self-Portrait as Saint Cathe-
rine of Alexandria”. The later “Self-
Portrait as the Allegory of Painting” is a
masterpiece: she is splendid in green
silk, eyes looking into the light, impasto
highlights on her forehead signifying
inspiration — an image of assurance,
determination, commitment.
In truth, all her heroines display those
Artemisia Gentileschi | The first UK retrospective characteristics. All are self-portraits,
and their narratives turn on courage
of a Baroque woman painter shatters the all-male and ingenuity conquering adversity.

Old Master bastion, Jackie Wullschläger writes

T
he stakes are very high.
London’s first major exhibi-
tion launch since lockdown.
The UK’s first retrospective
for Artemisia Gentileschi.
Its first retrospective of any Renaissance
or Baroque woman painter.
A quarter of the works — the swagger-
ing, bejewelled-on-black “Lady Holding
a Fan”; nude, dead “Cleopatra”, lips
turning blue, eyes rolled back;
“Madonna and Child”, an unidealised,
weary mother offering a nipple to a
wriggling infant — are reattributions of
recent decades, as women’s position in
art history has been urgently renegoti-
ated. The artist’s passionate, arrogant,
manipulative letters, discovered in
2011, are here, plus — publicly displayed
for the first time — the transcript of
her 1612 rape trial. A rare, authentic
female voice is breaking through the all-
male Old Master bastion. Artemisia can-
not disappoint.
“I will show your Illustrious Lordship
what a woman can do,” the artist wrote
to a patron. “With me Your Lordship
will . . . find the spirit of Caesar in the
soul of a woman.” He did, we do.
Moments in, it is clear this show resem-
bles no other the National Gallery has
staged, for no male artist could have cre-
ated such potent paintings of female
fury, fear, ecstasy, pride, bewilderment
and cunning.
Susanna, the nude bather spied by a
pair of lechers and threatened with
death for adultery if she refuses them,
opens the show. In a precocious version,
painted when the artist was 17, the
blushing heroine recoils in horror from
the looming, whispering men; she
throws up her arms in defence; her legs
turn one way, her torso twists the other
— she doesn’t know where to run.
Aged 29, Artemisia, now a virtuoso
storyteller, reimagined the scene:
Susanna, in the affecting pose of the Hel-
lenistic “Crouching Venus”, tries to con-
ceal her nakedness with her chemise,
and lifts her eyes to heaven, desolate.
Trapped against a stone wall as the fat,
corrupt elders in violet and crimson lean
over it — invading her pictorial space as
they try to invade her body — she freezes
in terror. Her stillness contrasts with the
water flowing, rippling, in the fountain.
It is night in the final rendering.
Artemisia, aged 59, depicts Susanna
edging awkwardly away along a classical
balustrade as the men, faces inflamed,
approach — a grandiloquent tenebrist
scene whose theatricality amplifies the
girl’s vulnerability and slim delicacy.
The three pictures are a microcosm of
Artemisia’s development. First a human
encounter is depicted with raw, affect-
ing realism, derived from Caravaggio’s
naturalism. Then the mature Artemisia
balances that high emotional tenor with
classical elements. Finally the late mon-
umentality, not quite as persuasive. But
similarities between the trio matter
more: unlike any other depiction of the
popular story, treated by artists includ-
ing Rubens, Tintoretto, Tiepolo, Jor-
daens, Allori and even Rembrandt,
Artemisia paints not an enticing nude
whose beauty we are invited to ogle —
almost in complicity — but what it feels
like, at a visceral physical level, to be
helpless and overwhelmed.
No male artist could
have created such potent
paintings of female fury,
fear, ecstasy, pride, cunning
Much has been written of the power
and unconscious bias of the male gaze;
Artemisia’s Susannas prove the point
afresh. It’s impossible to stand before
them without wondering: if art history
had been different, if more female art-
ists had painted and had depicted
women, could women’s position in his-
tory itself have been different? Artemi-
sia’s paintings force consideration of
how male artists controlled — distorted
— representation of women. Her décol-
leté “Mary Magdalene in Ecstasy” cele-
brates sexual rapture — no repentance:
Clockwise from above: Four “Judiths” are sometimes perceived
‘Judith Beheading as revenge for the violence she suffered
Holofernes’, c1613-14; in life. If so, it is in the painterly virtuos-
‘Self-Portrait as the ity of the frenzied tangles of bodies,
Allegory of Painting’, knives, sumptuous fabrics.
c1638-39; ‘Cleopatra’, In the two compositions entitled
c1633-35 “Judith Beheading Holofernes”, Artemi-
sia emphasises the sheer brute force
Below, right to left: exerted by Judith and her maid in over-
‘Susanna and the Elders’, powering the bulky Assyrian general.
1610, 1652 and 1622 She eroticises the violence: in the pic-
Kunstsammlungen Graf von Schönborn;
Pinacoteca Nazionale Bologna; Burghley
ture borrowed from Naples, the heroine
House Collection; Royal Collection Trust; is almost astride him; in the Uffizi ver-
Gallerie degli Uffizi sion, the arcing eruption of blood from
his severed neck splatters her breasts.
Two sequels, alert with suspense, nar-
rate the women’s escape. In “Judith and
Her Maidservant”, the pair turn as if
about to be discovered, Judith holding
this is a free woman. Her “Lucretia”, father’s friend, subsequently her lover, the general’s sword dangerously close to
about to commit suicide, is a rape victim was found guilty of “deflowering” her her own neck. In the nocturne “Judith
made hideous and ungainly by grief; an but escaped sentence; she, not he, suf- and the Maidservant with the Head of
ugly painting about an ugly subject. fered the torture of having her Holofernes”, on loan from the Detroit
Are Artemisia’s Susannas and Lucre- fingers crushed — a painter’s fingers — Institute of Arts, anxiety and subterfuge
tias charged with her own trauma of to extract evidence. The story is shock- are conveyed through dramas of light
rape and injustice? Her assailant, her ing, and perhaps was life-shaping: the and shadows, every detail — blood drip-
ping off the sword, discarded steel
gauntlet — reinforcing her triumph.
This is among the outstanding pictures
of all the Italian Baroque.
A quarter of a century ago, feminist
critic Camille Paglia dismissed Artemi-
sia as “simply a polished, competent
painter in a Baroque style created by
men”. This exhibition, despite the con-
straints of its claustrophobic basement
space, the Sainsbury wing now less
satisfactory than ever, is the triumphant
refutation. Yes, the language is Cara­-
vaggio’s, but Artemisia stunningly
enlarged it to convey, through riveting
psychological storytelling, the experi-
ences of that half of society which
had never before been given interior
emotional expression in paint.
To January 24, nationalgallery.org.uk

of meaning and enlightenment, Aaron Copland’s Fanfare for the In 1974, the piece was subjected to a Billy Cobham on drums, Stanley Clarke
THE LIFE spending 10 years up a mountain, Common Man, which uses the same rather more eccentric treatment. on electric bass and Ray Barretto on
urging humanity to progress to become triad of notes. There are echoes, too, in Formed in 1970 as an art school project congas, in 1973 he recorded a version
OF A SONG an “Übermensch” (superman). (It was the film music of John Williams, by lecturer and composer Gavin Bryars that seethes and broods, its horns
the first work in which Nietzsche especially — and appropriately — his in response to classical music’s “tuxedo syncopated, electric piano vamping.
ALSO SPRACH declared that “God is dead.”) Superman fanfare. Nazis”, the Portsmouth Sinfonia was Many ham-fisted attempts have been
Strauss’s work is not an attempt to When Kubrick was making 2001, made up of players who either couldn’t made to fuse classical and popular
ZARATHUSTRA trace the narrative of Nietzsche’s he initially planned to use play their instruments very well, or music, but Deodato’s is a triumph. And
work, rather to reflect its specially composed music by Alex could barely play at all (its founders a few years later it was used to
competing forces — nature, North, who had worked on have denied the suggestion that total extraordinary effect in Hal Ashby’s

I
t is of course not actually a song.
And the bit that everyone knows —
the opening section — is only a
small part of a half-hour tone
poem by German composer
Richard Strauss. But, thanks in
particular to its use in Stanley
Kubrick’s film 2001: A Space Odyssey,
the fanfare from Also sprach Zarathustra
has become a self-contained piece of
music, in Kubrick’s film heralding The
Dawn of Man, and widely used in
popular culture as a signifier of
impending glories.
Strauss wrote Also sprach Zarathustra
(Thus Spake Zarathustra) in 1896, a
musical response to the philosophical
treatise of the same title by Friedrich
Nietzsche, which was in turn a response
to a crisis in European thought — the
rise of science, the demise of religion.
In Nietzsche’s work, Zarathustra — a
fictionalised version of the Persian
prophet Zoroaster — journeys in search
mankind, chaos, life, joy. Kubrick’s Spartacus and wrote a musical inability was an essential film Being There, in the sequence
In the opening fanfare, low- “sunrise” sequence for 2001 that qualification. They just weren’t where Peter Sellers’s Chance ventures
humming organ pedal, cellos and was suitably epic. But Kubrick, interested in perfection). outside his house for the first time in
double basses create a sense of being Kubrick, scrapped the score They tackled popular classics, decades and marvels at the scenes that
potentiality, before the trumpets (without telling North, who only including Rossini’s William Tell Overture greet him: deprivation, squalor,
sound out those first octave-spanning discovered what had happened at the (with Brian Eno on clarinet) and, most destruction — and life. The music
three notes (sometimes called the premiere), sent a studio employee out famously (or infamously), Also sprach reflects his astonishment; this is the
“nature” motif, repeated through-out to scour the record shops for classical Zarathustra. Their version isn’t just dawn of a man.
the piece), then joined by the music, and eventually settled on pre- imperfect: it is gloriously, uninhibitedly Popular culture has seized on Also
rest of the orchestra in a burst of written music by Johann Strauss, and liberatingly ragged, the trumpets sprach Zarathustra as an instantly
ecstasy. Conductor Marin Alsop Gyorgy Ligeti and Richard straining and failing to reach the high recognisable theme and meme. Elvis
(in an essay cleverly titled “Alsop Strauss, with Also sprach notes, coughing and lurching, the Presley used it as the intro music for
Sprach Zarathustra”) points to Zarathustra appearing at crucial whole thing collapsing in a triumph of his shows. It’s been used many times in
Strauss’s use of the key of C moments of the film’s chaos. A cult classic was born. Would The Simpsons: it plays when Homer
major: “the universal key”. It’s a (and mankind’s) progress. 2001 Nietzsche have liked it? Possibly. After drifts through space as an adult version
“song” in the key of everything, uses a recording by the Vienna all, he did write: “One must still have of Kubrick’s “star child”, and when
employing a musical form — Philharmonic Orchestra, chaos in oneself to be able to give birth Homer, dreaming that he is one of
the fanfare — that has been conducted by Herbert von to a dancing star.” Kubrick’s apes, uses the 2001
traced back to the 14th Karajan. Strauss’s piece — or at Around the same time, the piece was monolith as a back-scratcher while
century, when it was used to least the first two minutes of it — given a radical but more technically apes around him discover tools and
signal the start of a hunt. entered popular consciousness. adept treatment by Brazilian jazz-funk fire. As Nietzsche might have written:
The piece was hugely keyboardist and producer Eumir “Ecce Homer.”
influential: Alsop points to An ape from Stanley Kubrick’s Deodato. With a top-notch band of David Cheal
similarities with later works such as ‘2001: A Space Odyssey’ — Getty international players that included More in the series at ft.com/life-of-a-song
3 October/4 October 2020
Danh Vo | The Danish-Vietnamese
artist’s show, timed to end on US
election day, celebrates a rural
idyll, as he tells Anny Shaw
I
can’t remember being happier in
my life!” Danh Vo beams over
Zoom. The Danish-Vietnamese art-
ist is speaking of being locked down
at his rural farmhouse in Gulden-
hof, 50km north of Berlin, where he has
been gardening, splitting logs and
savouring the changing seasons for the
first time in 10 years.
“I have this place in the countryside
where there are more than 50 different
kinds of birds and thousands of plants
and I only know the names of one per
cent of them. It’s so fucked up — I have
lived in cities for too long. Now I’ve dis-
covered so many things outside the
art world, maybe I won’t do any more
exhibitions!”
Vo has brought a good dose of his new-
found pastoral life to his latest exhibi-
tion at London’s White Cube Bermond-
sey. There is an apple tree propped up in
one gallery, nasturtiums twined around
fragments of ancient statuary and great
plumes of salvia, sage and grasses grow-
ing in felt tubs.
Already a rewilding is afoot. Spiders
have spun webs from the low-hanging
lights keeping everything alive, aphids
chomp on the nasturtiums and a cab-
bage white butterfly flits between plant-
ers. I suggest the gallery might be over-
run with insects by the time the show
closes. “I hope so,” Vo grins.
Adding to the Arcadian ambience, Vo
has ditched the usual harsh artificial
lighting. Cardboard boxes have been
taped to the glass doors at the entrance,
allowing a soft crepuscular light to seep
through the cracks, while the warm
glow of firelight emanates from one of
American pastoral
several wood-burning stoves. Visitors
speak in hushed tones, as if they have
just stepped inside a chapel.
“Since cave paintings, since churches,
artists have made the best out of light.
Now we sit there imprisoned by gallery
light. Why should we put up with that
pollution?” Vo asks pointedly.
Whether by association or by mate-
rial form, everything in the exhibition is
linked. The logs fuelling the stoves are
taken from a floor-to-ceiling installa-
tion of the Stars and Stripes, which will
gradually diminish through the course
of the show. By the time it closes in early
November, the 13 steel stars embedded
in the wood will have tumbled to the
floor. The end of an era, perhaps?
Logs have also provided a focal point
for Vo over the past few months — his
farmhouse is heated by wood. “I’ve
spent a lot of time splitting logs,” he says.
“That’s the beautiful thing about life, if
★ FTWeekend
you just do something for long enough,
you begin to see the beauty in it.”
However, the potential for cataclysm
rumbles just below the surface, as the
title of the show — Chicxulub — reminds
us. Chicxulub is the Mexican town that
gave its name to the crater formed when
an asteroid crashed into the Earth 66m
Clockwise from Man-made cycles of upheaval pale in
main: Danh Vo; comparison with mass extinction, Vo
‘Chicxulub’; seems to suggest.
religious America is the latest world empire to
imagery is on come under threat, and the pervasive-
display in ness of US consumer culture is
‘Untitled’ expressed here in crates that once trans-
(2020); ported Coca-Cola, Carnation evapo-
nasturtiums rated milk and Johnnie Walker whisky
twine around all over the world. A framed reproduc-
ancient statuary tion print by Vo of a 16th-century paint-
in ‘Untitled’ ing of the Madonna and Child has the
(2020) — Theo words “take my breath away” etched on
Christelis; Ollie Hammick
the glass — a reference to the 1986 movie
Top Gun, which was partly subsidised by
years ago, wiping out the dinosaurs. the US government.
Vo also provides a downloadable Much of Vo’s exhibition is also con-
timeline detailing the fall of 22 empires, nected to his personal history. Born in
beginning in 330BC with Alexander the 1975, just three months after the end of
Great’s sacking of Persepolis and ending the war, Vo’s family fled Vietnam when
with the dropping of atomic bombs on the artist was four. Vo’s father collected
Hiroshima and Nagasaki in 1945, mark- enough money to buy a wooden boat
ing the end of the Japanese empire. and set sail with more than 100 others in
11
Arts
search of a better life in the US.
The boat was spotted between Viet-
nam and Singapore by a Danish Maersk
tanker, that took the passengers to a ref-
ugee camp in Singapore. The exhibition
includes a photograph of Vo and his sib-
lings in the camp at Christmas, shortly
before they were flown to Denmark
where his family settled.
Vo’s father, Phung Vo, appears in the
show in the form of a letter written by a
French missionary, who was about to be
beheaded by the Mandarin authorities,
to his own father in 1861. Since 2009,
Vo’s father has transcribed the letter
1,700 times, sending it to collectors in
exchange for €300 (the money is split
between Vo, his father and Vo’s gallery).
Vo believes the work is his greatest con-
tribution to life. “It breaks all the rules,”
he points out. “Is it an edition, is it one
work? It blows up any kind of economy,
it’s the same price as it was in 2009. And
it breaks with my own greediness for
money, it keeps me grounded.”
Phung Vo has been a devout Catholic
since the Vietnam war, when he secretly
converted in silent protest over the
assassination of the South Vietnamese
president Ngo Dinh Diem.
“That’s the reason I was forced to go to
church every fucking Sunday. This is
my relationship to religion, it’s totally
fucking perverse,” Vo vents, before
lightening: “I try to see the positive side,
and now I thank God I was not raised
Protestant. At least I got some beautiful
imagery on the way.”
Vo is less upbeat about the possibility
of Donald Trump being removed from
office. It is no coincidence the exhibition
ends on November 2, the eve of the US
election, when Vo is planning some sort
of happening. He refuses to be drawn on
details, except to say: “It’s going to be
one of the most anxious days of my life. I
want to make a finissage that’s going to
be so horrible to experience.”
And if Trump wins? Vo believes we
have to expand our horizons and look
beyond recent human history, to geolog-
ical time. “I find comfort in that. Either
that, or I am going to turn to religion, or
join the Chinese Army as a spy.”
To November 2, whitecube.com
12 ★ FTWeekend 3 October/4 October 2020

Arts
digitally, so do less fanfared pleasures
London Film Festival | for which tickets were still available at
the time of writing. Pleasures, admit-
tedly, is an elastic term. Escapism is in
Big movies are mothballed short supply. Witness the troubling New
Order, set in Mexico City an inch into the
future, crisis already in train as we join a
and stars are staying put, but society engagement party. The bride-
to-be wears red while insurgents hurl
green paint outside, as if the Mexican
Steve McQueen and others flag were dissolving. Power is changing
hands. Into whose is an interesting ques-
still shine, says Danny Leigh tion. What follows has traces of Parasite
and 2019 LFF favourite Monos, but with
a harder, rawer edge than either.
Director Michel Franco works on the

W
ere the situation less border of arthouse and grindhouse, his
grave, it might seem like jolting tableaux quite something,
a joke. Take London — towers of black smoke framing a Louis
a city made a ghost of Vuitton megastore.
itself by the pandemic — Sweeter, if heavy with melancholy, is
and throw a party. And so, amid the British director Ben Sharrock’s Limbo, a
mournful branches of Pret A Manger deadpan slice of life set on a last-stop-
and people talking about moving to Nor- before-the-sea Hebridean island that
folk, the 64th London Film Festival might once have backdropped an Ealing
begins. Red carpets remain in storage. comedy. Now, the focus is a little beige
One of the darker games of chance in house on the shoreline, host to a band of
2020 has been learning which corners of refugees, exiled from Nigeria, Afghani-
what industries are knocked furthest stan and Syria. The gulf between home-
sideways by the virus. It turns out the lands and the chapped north Atlantic is
international film festival — reliant on a gentle, humanist punchline.

Roll up the red carpet

bodies in cinemas, the buzz of parties
and air travel — is as vulnerable as it
gets. There have been different
responses. Cannes, after early bullish-
ness, cancelled. Venice proceeded with
strict precautions. Toronto converted
much of its programme into streamed
screenings and drive-ins. London,
cursed by traffic, has removed cars from
the equation, leaving the BFI Southbank
cinema and a supporting online menu.
For the LFF’s director Tricia Tuttle,
coronavirus marks the most dramatic
turn in an already eventful tenure. Last
October, the festival took place with
divisions over Brexit at public melting
point. As stars smiled in Leicester
Square, protests raged a short walk
away outside Parliament. Now, the
problem is the quiet. To have drawn a
line through the year would have been
understandable. But Venice going ahead
set a politically awkward precedent.
The festival is operated by the British
Film Institute — government funding
brings pressure to keep up appearances.
Still, in one respect this year simply
picks up where 2019 left off. Then the
festival closed with a gala screening of
Martin Scorsese’s The Irishman, courtesy
of backer Netflix. Now, opening night
goes to another maestro screening work
that will soon be seen on TVs and lap-
tops — Steve McQueen’s Mangrove, one
of the five films in his “Small Axe” series
about a West Indian community in Lon-
don, screening on BBC television in the
UK later this year. (Another, Lovers
Rock, plays at the end of the festival.)
The film tells the true story of the
Mangrove Nine, a group of black activ-
ists charged with incitement to riot in
1970. While The Irishman unfolded in
Philadelphia, Mangrove is bound up with
the city of the festival. The result is a
London film to the bones, as much as,
say, Performance, with which it shares a
setting in the last days of the 1960s. A
geography too. Both films are rooted in
Notting Hill, home of the Mangrove Res-
taurant, a local hub of ska, dice games
and brutal, metronomic police raids.
The timing is uncanny. In a year
shaped by race and policing in the US,
Mangrove reckons with a fraught, over-
looked chapter in British history. The
cast excel — Shaun Parkes playing Man-
grove owner Frank Crichlow, Letitia
Wright as physician and Black Panther
Altheia Jones-LeCointe. But McQueen is
the draw, a virtuoso whatever size the
screen. Everything in Mangrove is in
motion — camera, crowds, England —
but the film knows exactly when to
stop: a still, silent face and the tip of a
cigarette left burnt into the mind.
From top: Steve
McQueen’s ‘Mangrove’;
Elizabeth Lo’s ‘Stray’ and
Willem Dafoe in Abel
Ferrara’s ‘Siberia’
Such may be the function of the 21st-
century film festival, offering boutique
presentations of the new Scorsese or
McQueen on the big screen even — or
especially — when they will rarely be
seen that way again. “Platform neutral”
is the phrase, the reality, the defining
story of modern movies — the collapse
of the hierarchy of screens, the transfer
of power to streaming.
All of which goes double in the time of
Covid-19. Unofficially, the LFF always
serves as a greatest hits of the festival
season, sponsors and journalists
delighting in the glitz. This year, the
stars are staying put, and as distributors
mothball their biggest titles, only a
handful of headliners remain. McQueen
aside, London’s hottest ticket has been
Nomadland, the well-regarded Midwest-
ern odyssey from director Chloé Zhao,
with Frances McDormand vanishing
off-grid. Ammonite, British film-maker
Francis Lee’s tale of 19th-century class
and sexuality, is scheduled for closing
night should we get that far.
You take silver linings where you find
them in 2020. A spotlight on films that
might usually have been jostled to the
sidelines is welcome. But London is also
maintaining tradition. Hierarchies die
hard. While streamed screenings are
available for some of the programme,
you would have to brave a physical
venue to catch the films discussed so far.
(Tickets have now sold out.) And while
organisers have talked about the virus
allowing experiments in democracy,
these come with caveats. If film-lovers
in Skegness or Aberdeen can now attend
virtual LFF screenings, distributors
needing to limit eyes on future releases
means caps on numbers there too.
Still, if “sold out” signs remain, even
But the festival’s most uplifting film
might be Stray, a documentary set
among the unclaimed dogs of Istanbul.
Director Elizabeth Lo picks out three
stars from that ensemble as if making a
live-action answer to Wes Anderson’s
Isle of Dogs, her subjects wrapped up in
survival but sometimes just observing
the city, a canine Greek chorus. The
effect is oddly beautiful, a social-realist
nature movie with a note of the mythic.
Mythic, too, is a director whose very
presence might pass for comforting this
year — Abel Ferrara, veteran portrait
artist of the psyche at its gnarliest. His
new movie Siberia finds Ferrara work-
ing, as he has five times before, with
Willem Dafoe. The actor takes the film
in his stride, his wilderness bar owner
setting out across the tundra with a
team of huskies, the journey trans-
formed into the Allegory Express. There
are apparitions of dead parents, quotes
from Nietzsche, nudity in a hundred fla-
vours. Mush!
Siberia is so defiantly loopy it briefly
does the impossible, making you forget
the migraine of 2020. Still, once the
credits roll, you are back in the bigger
picture. Some version of the LFF will
take place next week, which is no mean
feat. Beyond that, all is uncertainty. Is
the way things were ever coming back?
In that, festivalgoers and ordinary Lon-
doners are asking the same question.
October 7-18, bfi.org.uk

CHESS LEONARD BARDEN
Government restrictions
on competitive activity
have hit chess hard.
There are currently no
significant over-the-board
tournaments, congresses, or
leagues in the UK, and only a
handful of functioning clubs.
In contrast, online chess is
booming as never before.
Tens of thousands of eager
players of all ages and
strengths are launching
their pawns forward on
websites. As long as you are
prepared to play at speed,
with three to five minutes
for all your moves plus an
optional few seconds per
move increment, you can
find a suitable opponent.
It is even more a golden
age for watching the great
masters, not least Norway’s
world champion Magnus
Carlsen, in action. Every
move is explained by
computer engines and
expert commentators. Thus
in a painless way you can
absorb valuable lessons and
improve your own game.
Diversions
BRIDGE PAUL MENDELSON
8 - Dealer: East N/S Game
For watching Carlsen In the final of a teams event, Q 10 8 interpret, but any bid of
7 and the other stars, go to you can expect your KQJ 8 5 4 3 North East South West your opponents’ suit at the
AK7 — 1S NB NB
6 chess24.com, where on opponents to obstruct you, N 3D NB 3S NB 4-level or higher is usually
Tuesday the champion even right at the start of the Q 864 AK J 5 2 4S NB 6D played as a cue-bid, showing
5
beat America’s Wesley So auction. Have you the J 7 5 3 W E 9 2 did not believe that a slam ace or void, and slam
9 7 2 6
4
5.5-3.5 in another final. partnership understandings 3 2 Q96 5 4 was possible and only game interest. South’s two aces
S
3 2377 to overcome their attempts? was reached. To bid the and connected king should
10 9 7 3
2
White (to move) looked in At the first table, East AK64 slam, South should make an be sufficient to bid 6D.
dire straits in this 1985 passed, South opened a A 10 Unassuming Cue-bid in In competitive bridge,
1
Russian game. Black has weak no-trump, North J 10 8 response to partner’s light openings, pre-empts
A B C D E F G H
sacrificed his queen to made a slam invitational the slam very difficult. protective bid, which and barrages are common-
The most user-friendly create the crushing threat of response and they cue-bid In the protective seat, all indicates an opening hand place. It is productive to
playing site is lichess where mate in two by Rh5+ Qh3 their way to 6D. At the jump-overcalls are played as with good tolerance or spend five minutes with
you just click on Create a Rxh3 mate. How did White second table, East started strong (you almost never support for partner’s suit. your partner to discuss what
Game, choose your time turn the tables and win? with an obstructive opening make a weak bid over a North might now bid 4S. arrangements you have to
limit, and you are away. Solution, back page of 1S and this made finding weak bid) but, sadly, South This seems difficult to counter such tactics.

POLYMATH 1,094 SET BY SLEUTH CROSSWORD 16,598 SET BY ARTEXLEN

Jotter pad

Crossword competitions suspended

Dear readers — we have suspended the Crossword and
Polymath competitions while our editors work from home.
We hope you continue to enjoy completing them until
normal newsroom services resume.
3 October/4 October 2020
The Art Market | Royal
Opera House sells Hockney;
Art Basel’s Hong Kong
mini-fair; Italian galleries
join forces. By Melanie Gerlis
London’s Royal Opera House is selling a
David Hockney portrait of its former
manager to raise a potential £18m as
the prestigious venue begins to address
the severe financial impact of the
Covid-19 crisis. “Portrait of Sir David
Webster” was painted in 1971, the year
Webster died, and recalls Hockney’s
prized double-portrait style (in this
case with a large vase of tulips sharing
the canvas).
The painting is Hockney’s only
commissioned portrait, says Alex
Beard, chief executive of the ROH and
previously deputy director of Tate: “It
is of course with a heavy heart that we
are doing this. But this pandemic is by
a distance the biggest crisis we have
had to navigate since we opened in
1732. And just as we are having to cut
costs, we are also looking at our assets.”
Webster, he adds, “would have wanted
his beloved opera house and artists to
recover and thrive.”
The ROH had to close its doors on
March 17 and begins a gradual return
to paid-for performances this season,
at 40 per cent capacity, Beard says. He
is not putting a figure on the amount
that is needed by the ROH — which
houses the Royal Ballet and Orchestra
of the Royal Opera House, as well as
the Royal Opera — but notes that box
office turnover alone was at £60m per
year before coronavirus struck.
The Hockney will be offered by
Christie’s on October 22 for between
£11m and £18m and has a third-party
guarantee to sell (this is normally for
around the low estimate level).
★ FTWeekend
In and out of virtual-land
Art Basel Hong Kong has bagged a spot
for about 20 of its galleries within the
existing Fine Art Asia fair, which runs
between November 27 and 30. This
“Hong Kong Spotlight”, offered to
galleries in the region, will be in the
Convention and Exhibition Centre,
where the Art Basel fair is normally
held. “I am so pleased we are able to
provide our Hong Kong galleries with a
physical platform. We hope this
partnership brings support to all
involved in what has been a
tumultuous time,” says Adeline Ooi,
Art Basel’s Asia director.
Fine Art Asia, a mixed-category fair
that started in 2006, was postponed
from this month because of the
pandemic, which also shut down Art
Basel’s usual fair in March. The later
timing means that the fairs will
coincide with Christie’s series of live
auctions in the same venue. Separately,
Art Central — a satellite fair to Art
Basel Hong Kong — now plans to move
from its tent on the harbourfront to
join the bigger fair in March 2021,
assuming that both can go ahead.
Last year, the Masterpiece fair, which
is majority owned by Art Basel’s parent
company MCH Group, had a reciprocal
gallery arrangement with Fine Art Asia
but the current travel restrictions
Clockwise from main: mean that their collaboration can’t
‘Portrait of Sir David happen this time around.
Webster’ by David
Hockney (1971); ‘Aura’ by Meanwhile back in virtual-land, last
Erika Verzutti (2020); week Art Basel’s new Online Viewing
the artist Paula Rego Room for art made this year
Alison Jacques Gallery; Nick Willing
(OVR:2020) took place. Reported sales
included six paintings by Katherine
Bernhardt (Xavier Hufkens gallery
$60,000-$90,000). Gallerists note that
the stakes are higher now that virtual
fairs have begun to charge their
exhibitors (fees started at $5,500 for
Art Basel). Sales for the London dealer
Alison Jacques included bronze-based
works by the Brazilian artist Erika
Verzutti ($30,000-$50,000). “It
worked well as a way to do outreach
and promote the [Verzutti] show in the
gallery [October 7-November 14],”
Jacques says.
Tim Neuger, whose gallery
Neugerriemschneider live-streamed its
artist Rirkrit Tiravanija making
participatory works on the platform,
says that while the project may have
been a bit too conceptual to be a
commercial hit, “This was not why we
did it.” Neuger says he had initially
struggled with the fact that the art
world had gone digital (his gallery
resists even having a website) but that
he liked the focused nature of
OVR:2020 and was glad to have found
an artist who could make it work. “We
need conversation, engagement and
dialogue and in this way we achieved
it,” Neuger says.
More than 60 ancient-to-contemporary
art galleries in Italy have joined forces
for a digital platform dedicated to their
country’s cultural heritage and
13
Collecting
production. Pepi Marchetti Franchi,
founder of Gagosian in Rome, says
lockdown was the catalyst for the
project: “We went overnight from
being one of the most desirable
countries to being off-limits.” So she
began to develop “Italics Art and
Landscape” with Lorenzo Fiaschi, co-
founder of Galleria Continua.
The project — tagged “Explore Italy
through the gallerist’s eyes” — is not
presented as a selling platform, more
to provide content on the country’s
finer things and places. The platform is
due to launch in Italian, English and
Chinese on October 5 at Italics.art and
through @italics.art on Instagram.
Victoria Miro gallery now represents
the radical 85-year-old artist Paula
Rego and plans a major show in
London at the end of next year,
aligning with the artist’s retrospective
at Tate Britain (June 16-October 24).
Unlike many older female artists, Rego
has long been a success: her first solo
exhibition in the UK was at London’s
Serpentine Gallery in 1988.
“She is fearless. She approaches
tough subjects, such as abortion or
sexual abuse, and goes for it,” Miro
says. Rego’s series of Abortion paintings
(1998-99) were prompted by an
unsuccessful referendum in her native
Portugal to legalise the procedure and
are believed to have helped swing this
law’s reversal in 2007.
The gallery brings Rego’s works on
paper to Frieze London Viewing Room
(October 9-16). These are priced
between £80,000 and £300,000; her
paintings have sold at auction for up to
£1.1m. The artist was previously
represented by Marlborough Gallery,
which is winding down its operations.
London’s Cristea Roberts represents
Rego’s prints and plans a show for
autumn 2021.
Our Frieze Week Collecting
supplement: hybrid art fairs,
Old Masters going digital,
plus dealers, curators, artists
ft.com/FriezeLondon2020
14 ★ FTWeekend 3 October/4 October 2020

R
obert Jeffress, a megachurch
pastor from Texas, likes to
recount the story of how he
first met Donald Trump, star
of US reality TV.
It was mid-2015, not long into the
Republican primary race. More than a
handful of candidates with big follow-
ings among America’s Christian right
were still in the running. Then there was
Trump, a twice-divorced, New York
real-estate scion famous for a flashy life-
style and lewd interviews with radio
“shock jock” Howard Stern.
Other evangelical leaders were ques-
tioning Trump’s motives. Jeffress, a
diminutive but sharp-tongued 64-year-
old, who is pastor at the 14,000-mem-
ber First Baptist Dallas church,
appeared on Fox News and praised
Trump — a candidate who shared his
own derision for the Obama administra-
tion and was not trying to move the
Republican party to the ideological cen-
tre. Soon after, Jeffress received an invi-
tation to meet him at Trump Tower.
“We were friends instantly,” Jeffress
recalls. Trump, he says, told him: “Rob-
ert, I may not read my Bible as much as I
should, but I’m a great leader.”
“And it’s true,” Jeffress adds. “Donald
Trump has never been one to falsely
portray himself as a pious individual but
he is an extremely strong leader.” For
evangelicals, “outward policies” should
matter more than “personal piety”.
Since Trump won the presidency in
2016, Jeffress’s support has been unwa-
vering. He spoke up for the administra-
tion’s family-separation policy at the
US-Mexico border; when Trump sug-
gested that “both sides” were responsi-
ble for violence at white nationalist

‘Trump doesn’t always

display the fruits of the
spirit. But the scripture
taught us to judge a person
by their actions as well’

How Trump converted

protests in Charlottesville; after it In January, White came under fire
emerged that Trump had paid off a again after calling for “all satanic preg-
porn star over allegations of an extra- nancies to miscarry right now”. She has
marital affair, and throughout the pres- said the language was taken out of con-
ident’s most controversial tweets and text and that she was referring to a spe-
one-liners, including his remark that cific passage in the Bible. The Trump
the US would no longer accept refugees campaign declined to make the pastor

from “shithole countries”.
When I ask Jeffress about Trump’s
decision to stand in front of a Washing-
ton DC church, Bible in hand, after a fire
broke out during protests following the
police killing of George Floyd, he is une-
quivocal that the president did the right
thing. Some other evangelical support-
ers have expressed concern that Trump
had used the Bible as a prop. “He was
standing in front of a church that almost
24 hours earlier was nearly burned to
the ground . . . For him to stand in front
of that church was highly appropriate,”
Jeffress says.
It is perhaps then no shock that Jef-
fress, who gave the sermon at Trump’s
inauguration and the opening prayer at
the dedication of the new US embassy in
Jerusalem, is standing by his man ahead
of next month’s presidential election.
What is striking is how many evangeli-
cals who were sceptical about Trump
four years ago have joined him.
Indeed, while a Pew Research Center
poll in June found that Trump’s support
among white evangelicals had dipped
from 67 per cent to 59 per cent between
April and June, that same survey found
that at least 82 per cent of white evangel-
icals were still preparing to vote for him
in November. Overall, there were more
than 60 million evangelical adults in the
US in 2018-19, according to Pew. A 2014
Pew poll found 76 per cent were white,
11 per cent Latino and 6 per cent black.
Samuel Rodriguez, a pastor and presi-
dent of the National Hispanic Christian
Leadership Conference, who has been
campaigning for Trump, says internal
campaign figures suggest that the presi-
dent is on track to win as much as 85 per
cent of the evangelical vote, thanks to
growing support among non-white
evangelicals. These include Latinos who
are staunchly pro-life and, given that
many emigrated to the US from socialist
countries, more likely to be turned off
by the positive rhetoric about socialism
coming from some ­corners of the Demo-
cratic party.
Over the course of the summer and
autumn, I spoke to a number of evangel-
ical leaders who in 2016 had voted for
Trump reluctantly or not at all. Among
them was a theological seminary leader
in Kentucky; a Southern Baptist radio
host in South Carolina; a black pastor in
Florida; and a white pastor in Virginia.
Some had been prepared to abandon the
president during low points in the
administration such as his equivocation
over the violence in Charlottesville. Yet
with Trump an even more polarising fig-
ure than he was four years ago, all are
planning to cast ballots for him in 2020.
What made up their minds?
To understand how the evangelical
community rallied behind Trump, it’s
important to go back to the movement’s
roots as a kingmaker in US politics.
the evangelicals
There are more than 60 million evangelicals in the US and recent polls suggest that 80 per cent of
them will either back Donald Trump again next month — or endorse him for the first time. So how
has this most polarising of presidents locked down the religious vote? Courtney Weaver reports
Above: Donald Mid-last century, Billy Graham, a South-
Trump praying ern Baptist minister so beloved he was
in the Oval known as “America’s Preacher”, advised
Office alongside presidents of both parties including
the evangelical Dwight D Eisenhower and Lyndon B
pastor Andrew Johnson, bringing evangelical Christian-
Brunson ity into the mainstream.
(kneeling) in The movement became a political
2018, following powerhouse at the end of the 1970s,
Brunson’s when fundamentalist preachers, most
release from a notably the televangelist Jerry Falwell,
Turkish jail galvanised Christian conservatives to
come to the polls. The landmark 1973
Below: a service Roe vs Wade Supreme Court decision,
at the New which legalised abortion, had grown
Season Christian into one of the main motives. In 1980,
Worship Center that voting bloc propelled Ronald Rea-
in California, led gan, a divorced Hollywood film star, to
by the pastor the White House over Jimmy Carter, a
Samuel born-again Christian, who had never-
Rodriguez, a theless disappointed evangelicals with
staunch Trump some of his policies. “With the 1980
supporter , election, we began to see a coalition
Getty Images/eyevine
between the religious right and the far-
right precincts of the Republican party
and that coalition has become a fusion,”
says Randall Balmer, a professor of reli-
gion at Dartmouth College and author of
Evangelicalism in America.
Thanks to the mobilisation and
organising efforts of Falwell and others,
evangelical voters have continued to
play a critical role in GOP politics, to the
point that no Republican presidential
nominee could win the party’s primary
without support from white evangeli-
cals or social conservatives. Candidates
such as George H W Bush and George W
Bush actively courted the community’s
vote. But the arrival in 2015 of the
unconventional Trump threatened to
disrupt this relationship.
It was Falwell’s son, Jerry Falwell Jr,
then president of the evangelical Lib-
erty University, who became one of the
few evangelical leaders to support
Trump early in the 2015 Republican pri-
mary — not long after he had asked
Trump’s then lawyer, Michael Cohen, to
prevent the release of provocative pho-
tos. (It was the start of a scandal that
would eventually lead to Falwell Jr’s res-
ignation from the university.)
Another early supporter of Trump
was Paula White, one of the few female
televangelists in the US, who has known
him for nearly two decades and served
as his ­spiritual adviser.
According to Gregory Alan Thorn-
bury, former president of The King’s
College, a Christian liberal arts college in
New York, the 54-year-old Florida pas-
tor was once derided by other evangeli-
cal leaders as a heretic for saying God
believes Christians should be rewarded
with material wealth. But since last year,
White has been working in a formal role
for the administration as an adviser on
faith issues. And now those same lead-
ers are appearing with her and Presi-
dent Trump at the White House.
White’s rise has been a significant fac-
tor in shaping the president’s relation-
ship with evangelical leaders. “The gen-
ius — the evil genius of the Trump
administration — is that, unlike every
other single Republican administration
t h a t c o u r t e d t h e ev a n g e l i -
cals . . . Trump brought them right into
the Oval Office,” Thornbury says.
Today, some evangelicals have incor-
porated scripture into their narrative
about the president, likening Trump to
Cyrus, the historical Persian king who
liberated Jews from captivity in Babylo-
nia despite being a non-Jew himself, or
describing him as a “baby Christian” in
the process of discovering his faith.
Yet even some evangelicals who plan
to support Trump in November’s elec-
tion think such analogies are dangerous
and misguided. “I just see that as an
inappropriate appropriation of the
scripture,” says Tony Beam, a Southern
Baptist pastor and the host of the radio
show Christian Worldview. He said he
remained uncomfortable with White’s
teachings. “I just don’t think you can
read the scripture and say God’s favour
is demonstrated by people who are
made wealthy.”
available for an interview.
White’s presence at the White House
has also been instrumental in the arrival
of a more diverse set of evangelical lead-
ers in Washington. In 2017, Kelvin Coba-
ris, the lead pastor and founder of
Orlando’s Impact Church, got in touch
with White after being disturbed by vio-
lence in Charlottesville and alarmed by
the president’s remarks. After a long
conversation and tears on both sides,
according to Cobaris, White invited him
to travel to the White House and meet
evangelical leaders to discuss a path for-
ward. During the session, Cobaris and
the other leaders were called into the
Oval Office to meet the president.
“He wanted us to come up and pray
but it also gave us an opportunity to con-
verse about things we had concerns
about . . . That really opened the
door . . . when I got the opportunity to
meet with him and converse with him
myself and have some candid conversa-
tions with him about some things I felt,
and to see he listened to me.”
With Trump, Cobaris says, he and
other evangelical leaders have a voice:
“President Trump is surrounding him-
self with the voices of faith, not just his
counsellors and other fellow Republican
party politicians, but with people who
speak the word of the Lord Jesus
Christ.” Not that everyone in the black
community sees it that way: “I get a lot
of pushback — some of it from people in
my community saying they think I’m a
sellout.”
Among the broader evangelical popu-
lation, there is a small but vocal minor-
ity who say they no longer feel they have
a home in the Republican party or the
evangelical movement. Yet even though
Trump’s presidency has caused irrepa-
rable divisions in some parts of the
church community, overall support for
him has not fallen.
Matthew Wilson, a professor at
Southern Methodist University in Dal-
las, who specialises in the politics and
voting behaviour of religious voters,
says that while this minority is signifi-
cant, it represents a fraction of the over-
all evangelical voting bloc. Even among
Latino and black evangelicals, support
for Trump is rising, albeit slightly.
“Latino evangelicals [and] evangeli-
cal churches have been an important
part of keeping Trump competitive
among Latinos . . . especially male,
evangelical protestant Latinos,” says
Wilson. He notes that Trump’s support
among that group has remained consist-
ently at about 30 per cent, despite
inflammatory rhetoric about the border
and Mexican and Central American
immigrants.
A similar phenomenon has played out
among African Americans, where black
Continued on page 15
3 October/4 October 2020 ★ FTWeekend 15

Spectrum
Illustration: Claire Merchlinsky

Heaven knows
A
confession: I’ve been
feeling rather down of late.
I am well aware that I’m
I’m miserable not the only one. It is 2020,
after all. This is a year that
lives, with highs for the young and the American generation. while he is the challenger
old, and lows for those of us in middle Those born in 1970 are rather than an incumbent.
age, is controversial. Part of the more likely to suffer from But exactly how we
problem is that, as economist and
happiness scholar Justin Wolfers puts
pain at the age of (say)
40 than those born in
should respond to this
phenomenon is unclear.

soon is finally delivering on the dystopian

promises of late-20th-century science
fiction. And I should be clear that by
“rather down” I mean exactly that. I
am basically fine, and at a time when
most people have it worse, I can — and
do — count my blessings. I note all this
not to beg for your sympathy, although
I have found FT readers to be very
sympathetic people. It is context for
what follows. A few days ago, up
popped a reminder that I had written
myself back in January: “Blanchflower:
Misery peaks at age 47.2.”
For years David Blanchflower, an
economist, has been investigating the
determinants of “subjective wellbeing”
— by which social scientists mean
things such as anxiety, pain and
satisfaction with life. Along with
colleagues such as Carol Graham and
Andrew Oswald, Blanchflower has
focused on the way wellbeing seems to
change over the course of each person’s
life. And with some of this work
catching the headlines in January, I
made a note to circle back to the topic.
Reader, I just turned 47. Peak misery
awaits me at the end of November,
when I will turn 47.2. And the idea
Tim Harford doesn’t seem nearly as funny to me
now as it did during the happy, heady
days of January.
Undercover economist The idea that happiness varies
systematically over the course of our
it: “People tend to be incredibly
unclear what they’re trying to measure,
or why.”
Should we, for example, try to
measure “raw” wellbeing or adjust for
other variables? People with jobs,
income, spouses and good health tend
to be happier than people without,
other things being equal — and people
of my age are reasonably likely to have
all of those things.
So it is one thing to say that people
are miserable in their late forties. It is
quite different to say, though, that all
things considered they are more
miserable than one might expect. The
evidence for the latter statement is a
lot stronger. There is also the question
of whether the data is showing us a
problem that afflicts any group of
people as they hit middle age, or
something more specific to Generation
X (born 1965-80). A new study by
Anne Case, Nobel laureate Angus
Deaton and Arthur Stone finds that “in
America today, the elderly report less
pain than those in midlife”.
Fiftysomethings are most likely to
report living in pain.
But Case and her colleagues conclude
that the fiftysomethings have been
caught in the crossfire of two offsetting
effects. People are more likely to suffer
from painful ill health as they age, yet
pain has worsened for each successive
1960, who in turn suffer
more than those born in
1950. What Case, Deaton
and Stone are finding is
not a midlife problem but
a swelling wave of
suffering rolling through
the generations.
Blanchflower, Graham
and Oswald are confident that their
findings stack up, though: midlife
misery, they believe, is a robust reality.
What is more, it’s a substantial effect,
“comparable to major life events like
losing a spouse, losing a job or getting
cancer”, write Blanchflower and
Graham. Perhaps. If so, then what?
Unhappiness matters, to be sure. Case
and Deaton have shown that it is killing
people in the US through suicide,
alcoholism and drug overdoses. And
you don’t have to be a Benthamite
utilitarian to recognise that pain,
anxiety and depression are important
problems in their own right.
Misery has other ramifications, too.
A new study, “(Un)Happiness and
voting in US Presidential elections”,
finds that the best predictor of voting
for Donald Trump in 2016 was being
unhappy or dissatisfied with your lot.
That makes sense: if establishment
politicians have failed to protect you
from misery, it seems less crazy to roll
the dice on a reality TV star, at least
Oswald and colleagues have
found evidence of a midlife
crisis in orangutans and
chimpanzees in zoos.
(I know you’re curious:
they asked the zookeepers
to assess the psychological
wellbeing of the great apes
in question.) This suggests
there may be something fundamental
happening. It also suggests there may
be little we can do about it.
Oswald thinks that it is worth simply
acknowledging that the midlife crisis is
a robust statistical phenomenon rather
than the set-up for a punchline about
motorbikes. And he argues that we
need “a midlife policy of some kind”.
Perhaps. Generation X tends to fly
under the radar in the culture war
between boomers and millennials but
we are the ones running the world.
Most of the British cabinet, for
example, are Gen-X-ers like me. So
you’d think that taking care of 47-year-
olds was something they’d have sorted
out, almost by default.
Then again, you’d think they’d have
sorted out a coronavirus strategy and
Peak misery awaits Brexit, too, but life is full of
me at the end of
disappointments — particularly if you
are about to hit 47.2.
November, when
I will turn 47.2
Tim Harford’s new book is “How to Make
the World Add Up”

Continued from page 14 The feeling of being an outcast is one

evangelical churches have provided
Trump with an entry into the black
community and help explain why he
has performed similarly to George W
Bush among black voters, and better
than Mitt Romney or John McCain. In
2016, Trump got 8 per cent of the black
vote. This year, national polls show that
it may rise slightly to 10 per cent.
“There is no doubt that evangelicals
still have consternation that [Trump]
doesn’t always display the fruits of the
spirit — gentleness, kindness,” says Bob
Vander Plaats, a social conservative
activist who has known the president
for more than a decade. “[But] in the
scripture it is also taught very clearly to
judge a person by their actions as well.”
In this, he and other evangelical lead-
ers say Trump has delivered: moving
the US embassy from Tel Aviv to the
holy city of Jerusalem; issuing orders
limiting government funding for groups
that provide abortions; securing the
release of Andrew Brunson, a US pastor
detained in Turkey; and appointing a
roster of conservative judges to both the
lower courts and the Supreme Court,
where the president has already filled
two vacancies and is now aiming to fill a
third following the death last month of
liberal justice Ruth Bader Ginsburg.
“You can argue that the Trump
administration is the first administra-
tion in American history to do the bid-
ding of the religious right,” says Balmer,
noting that many evangelical leaders
were disappointed by previous Republi-
can presidents such as Ronald Reagan,
George HW Bush and George W Bush,
who largely kept faith leaders at arm’s
length during their administrations
and, in some leaders’ view, did not do
enough to push back against the pro-
choice or gay rights movements.
For some, the emergence of Trump
also represented a kind of catharsis —
‘I think a lot of women
of faith made it to the
voting booth . . . and
hoped they were making
the better choice’
not just for the policies he was proposing
but in the manner he was proposing
them, says Jerushah Duford. An evan-
gelical author and the granddaughter of
Billy Graham, she now describes herself
as politically homeless but understands
why some Christian conservatives were
attracted to the president. “I think peo-
ple of faith have felt for so long that they
have to be politically correct . . . And
here was this guy . . . he was going to
kind of shake things up in a good way,
not be politically correct.”
When a handful of evangelical leaders
chose to speak out against Donald
Trump in 2016, Albert Mohler’s voice
was one of the loudest. In a 2016 op-ed
for The Washington Post, published on
the eve of the election, Mohler, presi-
dent of Louisville’s Southern Baptist
Theological Seminary and one of the
key leaders of the largest protestant
denomination in the US, denounced
Trump for his “racial signalling”, “crude
nationalism” and “sexual predation”
and warned that conservative Chris-
tians should “not allow a national dis-
grace to become the Great Evangelical
Embarrassment”.
Four years later, Mohler has had a
change of heart. In April, his seminary
released a video in which he announced
he would be voting for Trump’s re-elec-
tion after voting for neither Trump nor
Clinton in 2016. When I talked to him on
the phone in July, I tried to understand
what had changed his mind. According
to Mohler, 2016 was “an aberration”. “I
found myself in the position of not
believing that Donald Trump could win
the general election, and not wanting
evangelicals to crash our evangelical
reputation on Trumpism.”
Four years on it is clear that Trump-
ism has prevailed. “I cannot imagine the
idea of supporting the Democratic party
given its current direction in control of
both the legislature and the executive
branch of government.”
He says he wrote the 2016 op-ed as “a
cry of the heart. I wasn’t a Never
Trumper. I was a non-Trump.” I say I’m
not sure I understand the distinction. “I
didn’t think the president was going to
be elected,” he explains.
Thornbury, who studied under Moh-
ler, says he’s not surprised by the
change. “The Trump endorsement
doesn’t occur in a vacuum,” he says, not-
ing that Mohler’s comes as he and the
Southern Baptist Theological Seminary
face criticism from some Christian con-
servatives about its 2018 report, which
denounced the seminary’s legacy on
slavery, Jim Crow segregation, racism
and white racial supremacy. “It just
shows you how scared these institutions
are of their own constituency,” says
Thornbury. “Not everyone in [the evan-
gelical community] endorsed Trump,
but it’s like crickets out there . . . If you
poked your head up above the parapet,
you got your head blown off.”
For other evangelical leaders, the con-
version to Trump appears to have hap-
Above: pastor pened gradually. Gary Hamrick, pastor
Kelvin Cobaris of Cornerstone Chapel in Leesburg, Vir-
of Orlando’s ginia, was among those sceptical in
Impact Church; 2016. “He was an unknown . . . There
Trump in 2017 [was] no history, no track record. I’ll be
greeting pastor honest with you . . . even if he may not
Robert Jeffress be friendly to our values as Christians,
of First Baptist the potential for Supreme Court justices
Dallas church was a big factor for myself and others.”
In August this year, Hamrick found
From below himself in the grounds of the White
left: Jerushah House for Trump’s acceptance speech at
Duford; the Republican National Convention, a
pastor and scenario he could not have imagined
televangelist four years earlier. There he was seated
Paula White alongside some of the biggest names in
Sofia Valiente; Lynsey
Weatherspoon
the evangelical community, all throwing
their weight behind the president. Fran-
klin Graham, son of Billy, was among
them. At one point, Hamrick saw
Trump’s spiritual adviser Paula White.
He went to introduce himself, trying to
keep socially distanced, but White
embraced him.
Hamrick says that, at first, he felt a lit-
tle nervous to be around so many people
not wearing masks in the middle of a
pandemic. But, also, “it felt good”. “The
talk there just as we were waiting for the
president to speak — the talk among us
— was very enthusiastic. We feel our
congregations are enthusiastic.”
For Tony Beam, the Southern Baptist
pastor who did not vote for Trump four
years ago but plans to this time, part of
his change of heart followed the 2018
confirmation hearings of Brett
Kavanaugh, the president’s second con-
servative appointee to the Supreme
Court. Kavanaugh had faced accusa-
tions of sexual assault from a former
high-school classmate, sparking a bitter
partisan fight before his eventual
appointment.
“I think probably most presidents
would have withdrawn his name,” says
Beam. “I think they would have with-
ered under that kind of pressure.”
Trump didn’t. “That was a moment
when Trump’s street-fighter instincts
and stubbornness were warranted.”
While Beam and Hamrick have come
around to the idea of Trump, others
such as Daniel Akin, president of the
Southeastern Baptist Theological Semi-
nary in Wake Forest, North Carolina,
remain unconvinced and troubled by
the strength of evangelical support for
him. In the last presidential election,
Akin wrote in the name of Marco Rubio
— one of Trump’s Republican primary
rivals — on his ballot. This time around,
he faces a similar conundrum.
“There is no way I would ever vote for
Joe Biden under any circumstances,” he
says, mainly because of the abortion
issue. While Biden identifies as a Catho-
lic, he has shifted to the left on abortion
issues, announcing last year that he
would no longer support a measure that
bans federal funding for most abortions.
At the same time, Akin is “doubtful” he
will vote Republican: “I feel like I am
without a political party at this particu-
lar moment. I feel like an exile.”
Mark Galli, the former editor of Christi-
anity Today, has also experienced. Last
December, in the midst of impeachment
proceedings against the president, he
wrote an editorial in the flagship evan-
gelical periodical, founded in 1956 by
Billy Graham, calling on Trump to be
removed from office. Galli says he chose
to comment as the publication had
weighed in on the Nixon and Clinton
impeachments.
The article went viral and the back-
lash was swift. Some members of the
publication’s board were supportive;
others were “deeply angry”, including
some of Christianity Today’s big donors
who were Trump supporters. “Slowly
but surely it became clear I had become
a problem,” Galli says. He had planned
to retire as editor in January, but stay on
the staff. Within two months, the board
was asking for him to be removed from
the masthead.
Galli’s one regret about the piece was
that he did not make clear that he was
addressing his criticism at evangelicals
who had “drunk the Kool-Aid” and
would defend Trump against any criti-
cism — not those who voted for him
reluctantly in 2016, many of whom are
Galli’s friends. Some, he says, are
“deeply troubled” by Trump. “They’ve
said things like, ‘I don’t think I’m going
to vote for him again the next time.’ But
that abortion issue is just huge for them.
It’s hard for them to fathom any other
issue being in the same league.”
Unlike many other evangelicals,
Jerushah Duford says that she does not
consider herself a single-issue voter. “I
wish Democrats would value life in the
womb more than they do. I wish Repub-
licans would value life outside the womb
more than they do. For me, pro-life is an
issue from the womb to the tomb. That’s
really the way I look at it.”
Just like Galli, however, she decided to
go public about her opposition to
Trump. In August, Duford, who identi-
fies as an independent, described her-
self in an article for USA Today as “a
homeless evangelical” who felt she no
longer belonged in her community. The
piece had been “stirring” in her for a
while, she says. “I don’t want to sow divi-
sions among families, among my fam-
ily” — her uncle Franklin Graham is a
high-profile Trump supporter. “But I
also feel a responsibility to the God I
serve and to the Jesus I read about in
the scripture.”
After her piece was published, Duford
says she heard from “thousands” of
other evangelical women, many of
whom said they had been feeling the
same way, or hadn’t been able to iden-
tify what it was they were feeling until
she articulated it. “I think a lot of people
— especially women of faith — I think
they made it to the voting booth in the
last election and kind of held their
breath and crossed their fingers and
hoped that they were making the better
choice. I don’t believe they went in con-
fidently. I think they went in thinking he
was the better of two difficult options.”
Whatever the outcome of the 2020
election, Duford is pessimistic that
splits over Trump in the evangelical
community will heal quickly. “I hon-
estly think it could be decades before it’s
reconciled,” she says. “I think the divi-
sion that has been created largely . . . by
our president has hurt the church so
much . . . We were warned about this in
scripture. We were warned about the
division that would be sowed . . . I don’t
think this is something that’s going to
get fixed in January by any stretch of the
imagination. I think we have a long road
ahead of us.”
Courtney Weaver is the FT’s US political
correspondent
16
Spectrum
Continued from page 1
and corruption around the acquisition
of substantial mineral assets”. That
investigation is still going. ENRC has
sued both the SFO and Gerrard, accus-
ing them of conspiring to cook up a
scandal, in response to which Gerrard
filed a defence that revealed his account
of the internal investigation.
According to that filing, before he was
fired Gerrard had spotted something
strange in one of ENRC’s African acqui-
sitions. It proved to be a pattern that is
borne out by the company’s corporate
filings, reviewed by the FT. ENRC would
spend hundreds of millions of dollars at
a time to buy a prospect, mine or
smelter that turned out to be worth far
less. The transactions transferred huge
sums from the London-listed public
company ENRC to the owners of the
assets being acquired. In some cases,
these owners were the Trio themselves.
In others, the owners were hidden
behind anonymously held offshore
companies.
One such deal had taken place in
December 2011. According to a state-
ment to the London Stock Exchange,
ENRC had agreed to pay $295m to buy
from a company registered in Mauritius
a company registered in the British Vir-
gin Islands, which in turn owned the
Kongoni manganese prospect in the
South African stretch of the Kalahari
Desert. Within two years, ENRC had
written down the prospect’s value by
$64m more than it had paid for it. The
company’s annual report blamed
“downward pressure on prices”. But a
geologist who had made an assessment
of Kongoni believed that the data had
never supported the huge price ENRC
had paid. He had been telling people in
the industry as much, according to
two of those he spoke with — a claim
that suggested the deal had been
deliberately inflated. His name was
André Bekker.
After piecing together details of the
Kongoni transaction, Clement Jackson
recorded in one of his investigation
reports, shown to the FT, that if Bekker
knew about any manipulation of geolog-
ical data to facilitate a business deal, he
“could have been a target for a hit to
silence him”. But Jackson knew he
would be unable to investigate that
possibility alone. In April 2019, he
flew to London and made his way to the
SFO headquarters off Trafalgar Square.
He spent two days talking the investiga-
tors on the ENRC case through what he
had learnt.
He told them about the host of busi-
nessmen, fixers and middlemen
involved in the Kongoni deal. They
included Mike Nunn, a mining entre-
Witnesses who dare
to come forward face
‘creeping, enduring,
never-ending fear’
A person with knowledge of the
SFO’s investigation
preneur who was the founder and exec-
utive chairman of the mining company,
Amari, which had sold the Kongoni
prospect to the anonymously owned
company in Mauritius which then sold it
on to ENRC. The deal had left others
who stood to profit angry. A fixer who
said he had made introductions claimed
that Nunn had calculated the fixer’s per-
centage based on a sale price of about
$150m, half what ENRC had paid. Nunn
disputes that. Other shareholders also
had concerns about the transaction,
including how much was actually paid
and to whom. Nunn told the FT: “The
transaction was concluded to the appro-
priate international standards of gov-
ernance, supported by leading firms of
lawyers, accountants and industry con-
sultants and the valuation was agreed
based upon independent assessments
in-line with best practice M&A in
the sector.”
Clement Jackson left London with the
impression that the SFO had been look-
ing into the Kongoni transaction before
he got in touch. From the way the inves-
tigators talked about Bekker, it even
seemed to Jackson that they might have
been in contact with him — meaning
that he would have been an active wit-
ness in the corruption investigation at
the time of his death. Jackson’s own
source — the one who had first alerted
him to the ENRC case — had told him
that several witnesses to the alleged cor-
ruption were in fear of their lives and
others were dead.
The SFO declined to answer the FT’s
questions about the ENRC case but a
person with knowledge of it confirmed
that at least one potential witness was
too afraid to talk to the investigators.
And then there were the witnesses who
would never speak again.
When, after listing their Kazakh
mining company in London, the Trio
decided to expand into Africa, they had
given the job to a hefty American called
Victor Hanna. They trusted him. In
time, he would leave his wife and chil-
dren and marry one of their daughters.
And he could cut deals. But he needed
someone to oversee the technical busi-
ness of extracting metal from the
ground. For that, he found Jim Gorman,
a likeable Scot who had spent a lifetime
in the industry, much of it in the vast
expanse of poverty, war and immense
natural riches where Hanna was secur-
ing mining rights for ENRC: the Demo-
cratic Republic of Congo.
Gorman, like his colleagues, found his
boss’s past a closed book. Some believed
that Hanna had served in the US mili-
tary. Gorman, who got on well with him,
once remarked that he thought he had
been in the CIA. He was certainly able to
forge relationships with the gatekeepers
to Africa’s bounty of minerals. Among
them, according to Neil Gerrard’s court
filing and interviews with former ENRC
staff, was an Israeli businessman called
Dan Gertler. Gertler, according to a US
Treasury statement when it later
imposed sanctions on him, was making
a fortune by acting “for or on behalf of”
Congo’s president Joseph Kabila in
“opaque and corrupt” mining deals
between 2010 and 2012.
According to his court filing, Neil Ger-
rard uncovered questionable payments
running to tens of millions of dollars
that Hanna had authorised to compa-
nies connected to Gertler. Gorman
might have been concentrating on dig-
ging ores from the great seams of copper
and cobalt that lay beneath Congo’s red
soils but he knew plenty about the
money side too. Indeed, as the scandal
around ENRC worsened in the City in
2012, Gorman was privy to a plan to spin
off the African business Victor Hanna
had built into a separate listed company.
If the SFO’s investigators had wanted
to speak to Jim Gorman when they
launched their criminal case the follow-
ing year, they were too late.
In May 2012, Gorman and some of
his colleagues had flown down to Johan-
nesburg for a meeting. They checked
into the Southern Sun hotel in the busi-
ness district and went for dinner at a
nearby steakhouse. One member of
Gorman’s circle recalled that in the pre-
ceding weeks he had looked “skittish
and almost fearful, which was very
unlike him”. He seemed “extremely
tired and stressed” and “had become
completely secretive”.
Gorman could put away wine by the
bottle. He was fond of a Cuban cigar too,
despite the orders of the doctors who
had diagnosed circulatory problems, for
which he had had a stent inserted.
After a merry evening, he retired to
bed. The next morning, the others gath-
ered for breakfast. There was no sign
of Gorman. Eventually they asked
the hotel management to check his
room. Gorman had died in the night.
Following an autopsy that found his
arteries were clogged with clots, he was
cremated. The small group of people
who could have shed light on the shad-
owy pursuit of African riches had grown
still smaller.
Jim Gorman’s successor as Victor
Hanna’s number two in ENRC’s Africa
operation was a South African called
James Bethel. Six foot and well built,
Bethel had previously looked after some
of ENRC’s most lucrative — and contro-
versial — Congolese ventures. An ENRC
corporate filing described him as a “key
contributor to the business” who
“played a significant role in new busi-
ness development and expansion”. The
promotion meant he was in possession
of the kind of information the Serious
Fraud Office team had begun to seek. “If
you’re the head of copper-cobalt in the
Congo, you know things, you have to,”
said a colleague.
Shortly after the Serious Fraud
Office’s criminal investigation began in
April 2013, the Trio took ENRC private
again. With the help of the Kazakh state,
they bought back the shares they had
★ FTWeekend
sold on the London Stock Exchange and
shifted their company to Luxembourg.
But the SFO investigators kept digging.
James Bethel was a potentially impor-
tant witness, according to a person with
knowledge of the investigation. He dealt
with Congolese ventures connected to
Dan Gertler, the middleman close to
President Kabila. And he had overseen a
subsidiary that Neil Gerrard suspected,
according to his defence filing, of being a
channel to breach international sanc-
tions by sending money to a crony of
Robert Mugabe, then president of Zim-
babwe, where ENRC had acquired a
platinum prospect.
By 2015, the SFO’s investigators had
decided they needed to interview
Bethel. They had mentioned him during
their inquiries — so much so, said one
person with knowledge of the investiga-
tion, that the Trio and their lieutenants
would have been aware of the SFO’s
interest. The investigators had made
contact with him, according to two peo-
ple with knowledge of their communi-
cations, to arrange a meeting. They were
also interested in the next man down in
the ENRC Africa hierarchy, Gerrit Stry-
dom. An Afrikaner with a thick accent,
Strydom was based in Zambia, where
Neil Gerrard had, according to his
defence, gathered first-hand evidence
that Victor Hanna ordered bribe
payments to top politicians. Strydom
had taken over from Bethel as head of
the subsidiary where, according to
Gerrard’s defence, suspected sanctions
violations occurred. But he was a
mining engineer, not a money man, a
long-serving ENRC employee who had
been at dinner with Jim Gorman the
night of his death in 2012. Strydom
struck one of those involved in investi-
gating the alleged corruption at ENRC as
a friendly family man, “straight as
straight can be”.
When Bethel and Strydom decided to
leave ENRC in 2015, their colleagues set-
tled on various explanations. One
thought the new management the Trio
had appointed after delisting ENRC
wanted to bring in their own people.
Another thought the two were cooking
up some new venture with Victor
Hanna, who had left in 2014 but
remained close to the Trio.
First, though, the pair needed a holi-
day. They did what many a middle-aged
motorcycle enthusiast had done before
them: flew to the US, hired Harley-Dav-
idsons and hit Route 66. They both felt a
little off colour during the flights to Chi-
cago — achy, nauseous and feverish —
but put it down to jet lag. By Wednesday
May 6 they had reached Springfield,
Missouri, and checked in to La Quinta
Inn. They were still feeling unwell but
seemed perfectly compos mentis on the
phone and in emails. On the Friday
evening, having arranged to stay
another night, Bethel was seen buying
bottled water in the lobby. By the follow-
ing lunchtime, they were dead.
The billionaire founders of ENRC, from left: Alijan Ibragimov; Patokh Chodiev; Alexander Machkevitch
Clockwise from top left:
André Bekker beside his
Audi; the burnt-out car
after his death; Dan
Gertler, middleman
close to the Democratic
Republic of Congo’s
former president Joseph
Kabila; former ENRC
Africa boss Victor
Hanna(centre); private
detective Clement
Jackson — Bloomberg; Ronaldo Silva/
Agecom; Valery Levitin/Polaris/eyevine
When the SFO investigators in Lon-
don heard what had happened, accord-
ing to a person familiar with the matter,
they hoped that the Springfield police
would make sure any evidence that
might be useful in their corruption case
was secured. But they were not on the
scene. A representative of ENRC was —
and was liaising with Brian A Smith, the
Springfield violent crimes detective on
the case. Shawn McCormick was a
former US intelligence official at the
White House. He had done a stint at an
oil company in Moscow before taking a
contract to work with Victor Hanna on
ENRC’s African operations. Among his
tasks was to debrief ENRC employees
after they had spoken to Neil Gerrard,
according to one of them. Arriving
in Springfield, police emails released
under freedom of information rules
show, McCormick made himself the
go-between the police and the dead
men’s families.
McCormick was not the only emissary
from ENRC to arrive in Springfield after
the deaths. Victor Hanna travelled there
too. So did Michael Baden, a celebrity
coroner periodically hired to work on
sensational cases. Baden flew in at the
company’s request and joined the inves-
tigation that Jeff Harkey, the local medi-
cal examiner, had begun. They could
make out abnormalities in certain cells,
but Harkey had run out of the oil
required to examine microscopic slides
in more detail. He was “at the mercy
of a cumbersome bureaucracy”, he
recalled, and had been unable to get
fresh supplies. Harkey also had a low
opinion of the laboratory that had the
contract for toxicology testing. Sure
enough, when he sent off samples from
Bethel’s and Strydom’s bodies, results
for only two of the four tests he had
requested came back.
Lawrence Kobilinsky, a leading foren-
sic scientist at the John Jay College of
Criminal Justice in New York, said that
regardless of whether the men had
malaria, “you can’t rule out foul play
without a toxicology report”. Yet,
according to a spokesperson for Spring-
field police, a toxicology report was
never added to the case file.
Both the pathologists, Harkey and
Baden, told the FT they were unable to
identify the cause of death — and
recorded as much in their reports
at the time — so they called in the
CDC. Neither doctor had clear recollec-
tions of what, if any, chain of
custody procedure was maintained to
safeguard evidence. The CDC did
not reply to questions about how it
ensures that samples it tests are reliable,
an area the SFO investigators in
$6.8bn
The estimated collective wealth
of the Trio according to Forbes
London came to be concerned about.
The CDC’s specialists tested the sam-
ples they received. They found malaria
parasites but did not, according to inter-
nal emails, conclude that malaria was
the cause of death. Nonetheless, on June
22, Springfield police issued a statement
that cerebral malaria had killed the
men. It has made no further announce-
ment on the matter since. And yet the
case remains an active investigation.
When the FT asked about its status in
May 2020, a spokesperson for Spring-
field police referred enquiries to the FBI,
“as they have taken over the investiga-
tion of this case”. The CDC also referred
questions to the FBI. An FBI spokesper-
son said the agency had no comment,
“in keeping with our standard practice
of neither confirming nor denying the
existence of our investigations”.
There is at least one reason why the
investigation might have remained
open: a contradiction in the scientific
evidence that appears to rule out
malaria as the cause of death. From the
Regardless of whether the
men had malaria, ‘you can’t
rule out foul play without
a toxicology report’
Lawrence Kobilinsky,
forensic scientist
outset, Bethel and Strydom’s former col-
leagues found it implausible that they
would have died of malaria within hours
of each other. True, they had been on a
fishing trip to Zambia two weeks earlier.
Say they had been bitten then: that
would have allowed about the usual
length of time for malaria parasites to
multiply to lethal levels. But, says Sam
Wassmer, associate professor in malaria
pathogenesis at the London School of
Hygiene & Tropical Medicine, a multi-
tude of factors affect the speed at which
malaria develops over many days, as
well as its severity. The only remote pos-
sibility of the disease progressing at a
matching pace in two hosts would be if
they had been bitten by the same mos-
quito. Just maybe, that was what had
happened to Bethel and Strydom on
their fishing trip.
After their initial tests showed
malaria parasites, the CDC’s scientists
delved deeper. In the emails they
exchanged, obtained under freedom of
information rules, they discussed fur-
ther findings. “An analysis with 7 micro-
satellite markers indicated the parasites
were of different genotypes and in fact
one patient had multiple genotypes,”
wrote one CDC scientist to his colleagues
a couple of days after Springfield police
announced the cause of death. In other
words: different mosquitoes injected
different parasites into different bodies,
and yet there was an apparently near-
identical progression of disease over
3 October/4 October 2020
hundreds of hours to the point that the
hosts died within hours of one another.
Wassmer, who reviewed the CDC mate-
rial, rated the chances of that having
happened as “almost certainly nil”.
ENRC, the Trio and Victor Hanna
vigorously challenge any suggestion
that there are grounds to suspect them
of any kind of wrongdoing in relation to
either the alleged corruption or the
deaths. Regarding Bethel and Strydom,
they point to US authorities having
stated that malaria was the cause of
death. They did not answer the FT’s
questions about whether they have
sought to investigate the deaths of their
former employees.
The Trio’s company still mines rich
seams in Kazakhstan and Africa. Forbes
puts their collective wealth at $6.8bn.
They have fought back hard against the
Serious Fraud Office’s investigation into
their affairs. First, their lawyers per-
suaded an English court that the SFO
should be denied access to the records of
Neil Gerrard’s investigation on the
grounds that he had been ENRC’s law-
yer and it was therefore legally privi-
leged information. Then, in a series of
lawsuits, ENRC claimed that Gerrard,
his law firm Dechert and an expanding
cast of private eyes and reporters
conspired with the top brass of the SFO
to cook up the corruption allegations
and leak them to the press in order to
secure more fees for Gerrard and a win
for the SFO. When Gerrard and Dechert
filed their defence alleging that their
investigation had uncovered corruption
connected to the company’s African
acquisitions, ENRC responded that
their filing “relies heavily on hindsight
and speculation” and lacks “any, or
any proper, particulars” in support of
the serious allegations it contains about
the company.
ENRC’s version of events is due to be
tested in court in 2021. Meanwhile, the
SFO’s investigation is now in its eighth
year. A series of case controllers have
come and gone. Jon Mack led the inves-
tigation from September 2018 to Sep-
tember 2019. On his watch, the SFO
went to court to try to force Alexander
Machkevitch’s daughter Anna to hand
over some documents. On the morning
of the first hearing, according to two
people with knowledge of the matter,
Mack collapsed and was taken to hospi-
tal. He was familiar with the Springfield
deaths and knew of suggestions that
Bethel and Strydom might have
been poisoned. Mack feared that he had
been too. Although his doctors never
confirmed as much, he was so shaken he
wanted nothing more to do with the
ENRC case and moved to a different job
at the SFO.
Lisa Osofsky, who took over as head of
the SFO two years ago, now faces a big
decision on whether to bring charges,
seek a settlement or drop the case. A
person with knowledge of the SFO’s
investigation says that witnesses who
dare to come forward face “creeping,
enduring, never-ending fear”. That fear
is multiplied by not knowing who to be
afraid of: those who wish to keep ENRC’s
affairs secret, any rivals who might wish
to harm the company and its oligarch
owners, or figures from the perilous
regions where it does business.
Like many others working in this
world, the Trio have, in the course of
amassing their fortunes, forged alli-
ances with forces which have shown
themselves risky to cross. Patokh
Chodiev once told a journalist that the
trading house where he and
Machkevitch started out in capitalism
around the end of the Soviet Union
“stank of the KGB”. Machkevitch,
according to a former ENRC director
and two well-sourced experts in Russian
organised crime, has maintained con-
tact with Semion Mogilevich, a senior
Moscow gangster who once appeared on
the FBI’s top 10 most-wanted list. The
Trio grew rich during the reign of Nur-
sultan Nazarbayev, the strongman who
ruled Kazakhstan from Soviet days until
2019. It was a violent time. At least two
of Nazarbayev’s political challengers
were murdered, another claims to have
been the target of an abortive assassina-
tion attempt and two members of his
own family have turned up dead after
revealing details of his illicit fortune.
The Trio also have enemies within the
Kazakh ruling class, among them spies,
politicians and rival oligarchs, one of
whom has been convicted of ordering
the murder of a business partner.
The second source of ENRC’s billions
— central Africa — is no safer than the
Kazakh steppe. Decades of venal dicta-
torship after independence from rapa-
cious Belgians were followed by two
wars, fuelled by pillaged mineral
wealth, during which millions died.
President Kabila’s predecessor — his
father — was assassinated. Augustin
Katumba Mwanke, Kabila’s chief aide
and architect of Dan Gertler’s murky
mining deals, perished in a plane crash
after telling a close associate that he
feared for his life.
Those who knew James Bethel, Gerrit
Strydom and André Bekker know they
moved in this precarious world. They
want to discover whether that cost them
their lives.
Tom Burgis is an FT investigations
correspondent. His new book “Kleptopia:
How Dirty Money Is Conquering the World”
(HarperCollins) is available now
3 October/4 October 2020 ★ FTWeekend 17

Food & Drink

Why Riesling
The big is the greatest
white wine grape

freeze Jancis Robinson

Wine

W
ill 2019 be the
breakthrough
vintage for
German wine?
Can it persuade
Riesling-phobes to abandon
their prejudices?
Kindly indulge me while I
remind you why Germany’s
signature grape, Riesling
(pronounced reece-ling), is the
greatest white wine grape in the
world. The wines it produces
express precisely where they were
grown (like Pinot Noir). They last
and continue to evolve
interestingly forever
(at least as long as
Food photography by Patricia Niven
qualify as warm, whereas there
were 90 in 2018.
In 2019, he lost up to half his
potential crop to a frost on May 5,
so this is a particularly small
vintage for him — although he still
made at least 11 different 2019
Rieslings from his family’s 34
hectares of vineyards, some of
which have now been planted with
fashionable Pinot Noir. I recently
tasted his Pinot Noir from the
quantitatively generous 2018
vintage and it had a positively
Napa-esque alcohol level of 15.5
per cent. If you’d told a 20th-
refreshing September rain. He
reckons the lower yields, thicker
skins and resulting extra
concentration have also helped
elevate it above 2018.
High acidity is a quality much
treasured by German wine purists
and some vintages have been so
tart when young as to be almost
undrinkable (2010 comes to
mind) but they tend to bloom
eventually and last for decades.
The characteristic of the 2019s is
that, despite their appetising acid
levels, so many of them are
already a delight to drink. In the
olden days, the wines
of JJ Prüm were

Cabernet Sauvignon). released late

They are extremely and connoisseurs knew
refreshing and to give them years in
relatively low in bottle before broaching
alcohol. And they go them, but the 2019s
superbly with food, are already gorgeous.
generally better than For Dorothee
white burgundy and Zilliken, also taking
other Chardonnays. over from her father, in
Nowadays most the Saar tributary in
to the WiFi. Good housekeeping is key. Riesling is dry, not this case, “the 2019s
Cookery | A winter lockdown means it’s time for In normal life, we preach that fresh is
always best. Cook, eat, repeat. But the
sweet, and German
dry Riesling is one of
are filigree and elegant
but still intense. Open
past six months have brought chal- the wine world’s and accessible now,
Sarit Packer and Itamar Srulovich to fill the freezer lenges: illness and anxiety and missing undervalued they will last up to 40
friends and family have meant that we treasures. years, especially for
don’t always fancy the whole palaver of Still not convinced? the Auslesen and

E
verybody watched Game of
Thrones, and everyone says
it’s great. We know we will
love it too — and we know it’ll
take over our lives. So we filed
it under things to do in retirement along
with tai chi, a whale-watching cruise,
the Lake District and ayahuasca.
This resolve might not survive a sec-
ond lockdown. We have pretty much
Recipe: Honey & Co’s classic chicken soup
A big pot of chicken soup — Jewish
penicillin — is a good thing to have
when there’s a bug going around.
Makes about 2.5 litres.
Ingredients
1-2 onions (about 300g),
peeled and halved
2-3 carrots, peeled and
halved lengthways
3 sticks of celery,
cut into long segments
1 bunch of parsley (stems and all)
1 large chicken (about 1.5kg)
Water to cover
(about 2.5l-5l to make enough broth)
1 tsp salt
½ tsp black pepper
2 bay leaves
Method
1) Place all the vegetables in a large pot
and top with the chicken, breast-side
down. Cover with cold water and place
on the stove on full heat.
2) As soon as the water starts boiling,
reduce the heat to medium, skim off
any foam that comes to the top and
repeat a couple of times as it simmers
for five minutes.
3) Reduce the heat to minimum, add
the salt, pepper and bay leaves. Semi-
finished Netflix and Amazon and large
chunks of BBC iPlayer. We have watched
Schitt’s Creek twice. In a row. But, in gen-
eral, we feel confident about how to han-
dle the coming months.
We have learnt a few lessons from the
first lockdown. There is no need, for
example, to stock up on toilet paper, but
bulk-buying flour (and shares in Zoom)
will come in handy, as will an upgrade
cover the pot and simmer for 30
minutes — there should be a tiny little
simmer going on. With a large spoon,
carefully flip the chicken in the broth.
Return the semi-cover and cook for
a further 30 minutes. Remove the
chicken from the broth so you can
shred it later for a chicken pie.
4) You can freeze the broth in small
tubs or freezer bags (ready to boil
whenever you feel a little low). You can
also use it to make risotto or soup. Add
some grated ginger, chopped spring
onion, noodles and a splash of soy
sauce and get a great meal in minutes.
masking up and heading to the shops or Then give the 2019s a
even preparing dinner from scratch. whirl. They are
And we are yet to find a takeaway that exceptionally good,
isn’t disappointing. especially, but not
So on those days when we feel posi- only, in the Mosel
tive and energetic, we compensate by and Nahe.
stocking up our freezer. When that’s Hotter summers mean that
done, we just need to figure out what to German vintners no longer have to
watch on TV while we curl up on the disguise underripe grapes with
sofa. Winter is coming . . . added sugar. But even here there
are signs that global warming has
gone too far already. Indeed, vines
that used to struggle to ripen now
More freezer tips bask in such unremitting sunshine
that sunburned grapes have
One of the first things we did before become a serious problem in some
lockdown in March was to upgrade our vineyards. At an online
ice trays to ones that produce giant presentation of the 2019 vintage
cubes. This has sent our Negroni game organised by Justerini & Brooks,
through the roof. The old trays haven’t Oliver Haag, who makes Fritz
gone to waste, though. Haag wines, said: “I would be
They are filled with condiments happier if we could push the stop
made from our excess herbs. Chopped button [on climate change].”
coriander with chillies, garlic, Haag’s brother Thomas, who
cardamom, oil and a little tomato owns and runs Schloss Lieser,
makes Yemeni zhug, for example. Or confirmed that sunburned grapes
chopped parsley with lemon zest, are now routine. And no wonder.
capers, a splash of red wine vinegar Temperatures of 40C were
and oil makes a great salsa verde, ideal recorded in July 2019. In the past,
with blanched broccoli and green beans Mosel wine producers used to
and excellent with roast meat. boast of their slate soils, how they
We also like to keep spice mixes in stored daytime heat and
the freezer to prevent them from going reradiated it at night, hastening
stale. We’ve got into the habit of grape ripening. In typical 21st-
keeping our flour in there too. And century summers that is no
even if you do have a bubbling jar of longer an advantage. Yet,
sourdough starter stinking out the magically, the best 2019s do not
kitchen, we strongly advise you to do taste heat-affected.
as we do and keep a good supply of Maximin von Schubert — who is
yeast in the freezer as well. Go to a taking over the Maximin
good bakery and ask for a block of Grünhaus on the Ruwer, a Mosel
fresh yeast. Break it into 30g chunks tributary — was asked how 2019
and freeze in little bags or ice cube tray. compared with 2018, whose
30g is a good amount for a single loaf opulent wines, some slightly low in
of bread. When you want to bake, pull refreshing acidity, clearly signal
out a bag, add it to warm water and that they are the product of a hot
you are ready to go. summer. According to von
Schubert, in 2019 there were only
50 summer days that would
As imagined by Leon Edler
century German wine fan that the
Ruwer would be producing a red
wine this potent, they would not
have believed you. “You feel the
warmth in the 2018s,” he
admitted, “but the 2019s are
lighter and classier.”
While trying hard not to criticise dry, feather-light style known as
their 2018s, most German vintners Kabinett. Besides, noble rot was
are clearly thrilled with their
2019s, which have higher acidity
and are distinctly more refreshing. Willi Schaefer, across the river
According to Katharina Prüm,
who has been taking over the JJ
Prüm estate in Wehlen from her
father Manfred, “2019 is really a
Hotter summers mean
that German vintners
no longer have to
disguise underripe
grapes with added sugar Schaefer reported.
great vintage. We have no
complaints in any respect.”
She might not have said that in
the middle of harvest. Oliver Haag
outlined why the 2019 harvest was under way, has of course featured
so much more stressful than in
2018, when dry autumn weather
meant it was particularly relaxed.
“The September rain in 2019 may
have added depth and minerality
to the wines and the cool nights
helped to retain acidity but it was
tricky to manage.”
Thomas Haag agreed that
picking dates had to be chosen
very carefully, dodging the
elements but, for him too, 2019 is
a great vintage, assisted by the
Spätlesen.” There was
a time — pre-climate
change — when the
most revered German
wines were these fruity
styles, which owed their sweetness
to natural ripening and/or the
concentrating fungus known as
noble rot.
But today many of the country’s
finest Rieslings are bone-dry
(labelled trocken) or the medium-
not particularly prevalent in 2019,
although Christoph Schaefer of
from JJ Prüm, took the risk of
leaving some of his grapes on the
vine until the sunny weather of
mid-October and was rewarded
with an array of Auslesen, some
from raisined rather than nobly
rotten grapes, and an even riper,
sweeter Beerenauslese. In these
warmer, drier growing seasons
noble rot, which needs moisture to
develop, is becoming rarer,
It could be that German wine
has reached its apogee with the
2019 vintage and that future
growing seasons may simply be
too hot and dry.
The 2020 vintage, currently
logistical difficulties, thanks to the
pandemic — and sunburn.
Tasting notes on Purple Pages of
JancisRobinson.com;
@JancisRobinson
For Jancis’s selection of
2019 German Rieslings,
find this article online at
ft.com/jancis-robinson

Fantasy dinner party

There’s a Victorian feel as
FT Weekend business
columnist John Gapper talks
tech, science and art with
an eclectic array of guests
upon a time in east London — the Wap-
ping Project. It opened early this cen-
tury in the former Wapping Hydraulic
Power Station, with the New Zealand
chef Cameron Emirali. My wife Rosie
Dastgir and I were living in a Victorian
weavers’ house in Whitechapel, watch-
ing the East End gentrify. When lime-
return to a stifling marriage with a des- To avoid boredom, I have invited Ste- Hill Gimblett Gravels Chardonnay 2017. draw in my final guest, who has so far
iccated art collector in Italy? We may ven Johnson, the US science journalist I want to discuss the other urban phe- held back — Rosalind Franklin, the sci-
discover, since she has dropped in for and author whose book The Ghost Map nomenon of the early 21st century con- entist who took the crucial image of
dinner on her way out of the country. (2006) told how John Snow conquered tained in the Wapping Project — con- DNA’s double helix in 1952.
She is welcomed with a flute of Eng- cholera after the 1854 London outbreak temporary art. I have asked Lynette She never got enough credit, and the
land’s Nyetimber Classic Cuvée 2010, by showing how it spread in dirty water. Yiadom-Boakye, the British artist who Nobel Prize went to three men, four
the kind of sparkling wine that was only Johnson is intellectually voracious and a paints compelling portraits of fictitious years after her death in 1958. She is por-
made in France before climate change. black figures. Having met her, I know trayed as brilliant but fierce in Brenda
We discuss the transition

I
n my experience, there are two
types of dinner party: the Manhat-
tan salon and the London supper.
At the first, while the food and
drink are fine, the point is to gather
important people who will declaim on
topics of the day after the host taps a
glass. At the second, friends arrive to
eat, drink and gossip.
This dinner threatens to be more like
the first, which worries me since it could
be stiff. Still, nothing ventured. If we
must be serious, I shall invite enough
guests I know can be fun as well as
thoughtful. I shall also fantasise to the
full by gathering them at a restaurant
that has closed but was significant once
yellow chairs were placed next to mod-
ern art and a tiled building by our
daughters’ school was filled with lifting
gear, something was up.
What better place, on the cusp of old
and new, to talk about technology, sci-
ence and art? It is before the 2008 finan-
cial crisis, though the menu is from
Emirali’s current restaurant, 10 Greek
Street in Soho. A second age of globalisa-
tion has followed the Victorian one,
when Britain was an engineering power
and American heiresses toured the old
world for culture.
There is a mystery at the end of Henry
James’s The Portrait of a Lady (1881): why
does beautiful, tragic Isabel Archer
While Archer composes herself, I she is also an entertaining guest with Maddox’s biography, and she weighs in
prompt Sir Joseph Bazalgette, the 19th- trenchant views on art and commerce. eloquently on the importance of science
century engineer who built the monu- from the Victorian era The transition from the Victorian era for social advance.
mental London sewers and saved its citi- of science to London’s of science and engineering to London’s When pudding comes, with a tawny
zens from cholera and dysentery. Per- creative economy lies at the heart of our glass of Chambers Rosewood Ruther-
haps he could tell us about the disused creative economy discussion. Have we, I wonder, swapped glen Muscat from Australia, Bazalgette
Victorian station we stand in, originally the weighty and substantial for the recalls his time as a railway engineer.
steam-driven, which pumped water at natural raconteur, so I count on him to superficial and ephemeral? Johnson Yiadom-Boakye and Archer are deep in
high pressure across London? Bazal- keep the topic of sanitation lively. reassures me, quoting from his book conversation. Is Archer confiding how
gette has much to impart about the Archer’s curiosity helps to warm up Wonderland (2016) on how “play made she will handle Gilbert Osmond, her
city’s evolution and his decision to build Bazalgette and conversation flows by the modern world”. creepy husband? I wish I could hear. It is
bigger sewers than then needed because the time we sit for starters of garlic and We are on the main courses — scallops a calm evening and, since we’re near the
“we’re only going to do this once and chilli bread with smoked Jerusalem arti- with celeriac, guanciale and salsa verde Thames, I propose a walk to see the
there’s always the unforeseen”. He was choke, cod roe and aubergine. The new for Archer and Yiadom-Boakye, Dexter bend of the river and Canary Wharf.
admirably far-sighted compared with world is well represented among the short rib for the rest of us — and drink- London looks quite different from Vic-
many policymakers today. But I fret guests so I am trusting Emirali’s native ing a 2014 Tupari Pinot Noir from New torian times but pausing in the moon-
that he will get bogged down in detail. vineyards by serving glasses of Trinity Zealand’s Awatere Valley. It is time to light, we can see the resemblance.
18 ★ 3 October/4 October 2020

Winners and losers

SNAPSHOT
in a half-open world
‘041 (Seafoam)’ (2019) by Andreas Gefeller
There isn’t so much a story
around Andreas Gefeller’s
photos as a science. The
Janan Ganesh
German photographer
observes the natural world
as though preparing an
experiment, seeking out
Citizen of nowhere
patterns and capturing
images that reflect

S
otherwise intangible o this is how it felt when
phenomena — a burst of civilisation thawed after
sparks might be a neural the Middle Ages, I reflect,
network, or an inky dabbing a moist eye. My hotel
explosion of seafoam the of choice in Los Angeles gets
spread of a virus. in touch to confirm that it is reopening
These are pictures that at last. Its modishly naked walls will
are heightened, rather envelop me soon enough. Its minibar
than surprised, by the coconut water will slake me.
events of 2020. Under The ground floor of the National
normal circumstances, Gallery in Washington has also now
Mapping Perception might opened. The dating world is recording
simply have seemed a V-shaped bounceback after a
strikingly enigmatic. Yet recessionary second quarter. Were I in
with the world in thrall to France or Germany, I could even attend
an invisible threat and a football match. Restaurants, gyms,
many seeking solace in travel: some of the frictionlessness of
nature, the exhibition
offers a unique perspective
life as I knew it is returning.
But then “I” is the telling word.
on the new and For an unencumbered individual, out
increasingly normal.
Chris Allnutt
and about with a maximum of one
other person at a time, normality is
approaching, if in fits and starts, if
‘Mapping Perception’ is at more in the US than in Britain. For
the Atlas Gallery, London, to families, however, even this mild
December 5 renaissance can seem distant. “The
hassle factor is just quadrupled
everywhere you go,” said a father
I know whose brood did without a
foreign holiday this summer.
Another talks me through the
prohibitive logistics of life now. Group
bookings in hotels and other venues
nuisance (or, according to taste, a
delight) but a potential vector of
contagion.
Very few activities are impossible,
he stresses, but most are awkward.
The hassle-to-enjoyment ratio of going
out has turned in a way that is hard for
me to even picture. And none of this
reckons with the psychic inhibitors: the
guilt and paranoia that kick in when the
wellbeing of one’s children is at hand.
The spring lockdown opened a rift
between those with and without
families. Parents of school-age children
became their round-the-clock carers,
while the childless took on no precisely
The hassle-to-enjoyment
ratio of going out has
changed more for families
than the childless
equivalent burden. The reopening of
schools — just a news story to me —
was indispensable to the mental
wellbeing of some people I know.
The mistake was to bank on this
divide closing as the restrictions
started to ease. More likely, it is just
taking a new form. For the foreseeable
worth. The thing to be in the new
dispensation is flexible and small in
number. For those who are neither,
there is a gumming-up of the world.
It took me a while to register, but
one feature unites all the restaurants,
airline cabins and hotels I have
tentatively braved in recent months:
the eerie absence of children. Even
parts of Washington, a family-minded
place, could pass for a sci-fi film in
which our species’ reproductive knack
has been unaccountably mislaid.
For all its harshness on parents,
the absolute lockdown was at least
transient. And, I wager, a one-off.
The half-open world, in contrast,
might endure into 2022 and even
become a lasting settlement. Any
in-groups and out-groups it throws up
are here for a while.
The pandemic has already marbled
society with lots of cross-cutting
faultlines. Old versus young. Public
sector (where, for now, there is relative
job security) versus private (where
fear reigns). Sticklers for the rules
versus the bloody-minded. As much
as any of these polarities, though,
parents and non-parents are likely to
lead ever more distinct lives. The
mooted death of cities and foreign
travel, for instance, is fanciful. But a

The elementary appeal are trickier to accommodate under

distancing rules. Keeping masks on
restless children is high-stakes work,
of Sherlock Holmes performed before judgmental
audiences. A household’s day out is
hostage to one member’s temperature,
sometimes not picked up until the
threshold of a café or museum by
Jo Ellison thermometer gun. A child who roams
an airport lounge is no longer just a
future, we are all going to live in a half-
world. Things will be open, sort of.
Protocols and conventions will govern
almost all public life. But their effective
burden will fall so unevenly as to create
parallel tribes.
For individuals and couples, the new
rules are manageable nuisances. For
families, they can make life outside the
domestic realm more trouble than it is
change in the composition of those
who partake of these things seems
plausible. The advantage is with those
who can move lightly through the
world. Before the virus, parents often
questioned the family-friendliness of
the modern age. Some now look back
at it as a kind of Eden.
janan.ganesh@ft.com

Trending

I
t is said that fan fiction was first
invented around 1893, when the
author Arthur Conan Doyle, tired
of his famous sleuth and his
insatiable mob of readers, shoved
Sherlock Holmes off the Reichenbach
Falls in the story “The Final Problem”.
Sadly, his attempt at murder was
ineffectual, and Conan Doyle was
contractually obliged, a few years later,
to resurrect him. The detective
continued to solve cases until 1927. But
for the duration of his absence there
arose a new genre of fiction written in
his honour.
And a legion of admirers have
continued to conjure fresh adventures
for Sherlock ever since. Rare are the
figures who have been projected upon
so many alternative cultural
landscapes as the Baker Street
detective with the deerstalker and pipe.
Conan Doyle only managed to drum
up some 60 Sherlock cases, yet he
bequeathed us a hero for the ages who
can withstand all sorts of mad
manipulations — the shortage of
original material has only encouraged
other writers to rush in to fill the gaps.
By 1910, Sherlock had already
appeared on screen, in Arsène Lupin
contra Sherlock Holmes, a German
drama by Viggo Larsen that imagined
Sherlock in a story now considered the
first cinema crossover of its kind. And
the spin-offs and adaptations now
number by the score.
He’s gone global — in 2012, he was
transferred to Manhattan, to assist the
NYPD alongside his surgeon sidekick
Dr Joan Watson in the drama mystery
Elementary. And in 2018, Miss Sherlock
found him transposed to modern
Tokyo and, for the first time in a major
series, transformed into a girl.
Many say that Jeremy Brett’s
41-episode TV run throughout the
1980s has never been improved on.
But I have a particular affection
for the 1986 Disney movie The Great
Mouse Detective, which found a
sleuthing rodent, Basil, cracking
cases from the cellar of Sherlock’s
London home.
I daren’t describe myself as any
Sherlock scholar but I’ve been drawn
to every iteration, and find it
fascinating to see how Sherlock’s
personality adapts to fit each decade’s
point of view. In the lad-obsessed
Noughties, Guy Ritchie’s Hollywood
adaptation turned up the machismo
and turned our gentleman detective
into a bare-knuckle-fighting thug.
Millennial Sherlock, aka Benedict
Cumberbatch, behaved like a human
Google and was locked in a mawkish
bromance with his Dr Watson.
Last month saw the debut of one of
the most irreverent but interesting new
dramas on the subject, in the shape of
Enola Holmes, a non-Conan Doyle
character imagined by the writer
Nancy Springer, which introduces the
idea of a dazzling detective younger
‘Be interested in the
minutiae’ is not the sexiest
of mantras. But somehow
Sherlock makes it cool
sister who is Sherlock’s sometime
ward. Starring Stranger Things’ Millie
Bobby Brown and currently among the
most watched offerings on Netflix, the
drama has a youthful, feminist,
egalitarian focus that makes it the
perfect vehicle to woo potential
Sherlockians among Generation Z.
More than 100 years after he first
swept through the fusty, class-bound
echelons of late-Victorian society, one
wonders what is it about the strange
impersonal detective that still holds us
in his thrall? He’s moody, drug-
addicted, self-obsessed and possibly a
racist: Conan Doyle’s prose was fraught
with language that would incense
modern sensibilities — the president of
the Sherlock Holmes Society of London
recently admitted that it was
“lamentable” that Sherlock used so
many racial slurs.
So how is it that the detective can
still shape-shift so successfully into
different epochs and moods?
Perhaps it is precisely this perceived
lack of human qualities that is the key
to his longevity. In one of his sourer
moments, Conan Doyle described his
most famous creation as being as
“inhuman as a Babbage’s calculating
machine”.
But the writer’s decision to divest his
detective of any normal emotional
attachments has inoculated him, to
some extent, against the problems
associated with becoming aged. He
isn’t hampered by romantic
relationships or dependants that might
date him. Free of all incumbents, he
can pop into almost any setting and
withstand huge societal change.
The reason why I think the BBC’s
adaptation was the weakest was in its
persistent effort to make Sherlock seem
more cuddly, human and well-rounded.
In doing so, it destroyed him. Sherlock
works best when he remains a solitary
figure. Yes, he’s a selfish bastard, but
he’s an outlier. And, in drama, outliers
tend to be a force for good.
But while I love Sherlock for his cold,
calculated reason and emotional
detachment (and hey, what girl could
resist those charms?), I love him too
for his rather more unmanly habit — of
paying close attention. Sherlock
actually listens. And he keeps an eye
on everything.
He also gives truth to the argument
that the solution to every problem is
generally before us: if only we would
pay attention to what we find under
our nose. I have always found this
idea to be tremendously empowering,
that even casual observation can be
a superhero skill. “Be interested in
the minutiae” is not the sexiest of
mantras. But somehow Sherlock makes
it cool.
Sadly, I lack the detective’s internal
encyclopedia — nor do I have his gift
for botany, geography and language.
But I do have WiFi. And given the right
situation, I like to think I’d have the
wherewithal to find the clues.
jo.ellison@ft.com

You saw the FTW Festival live — or you missed it — now for the box set
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Chess solution 2387 1 e6! Bxe6 (if Rh5+ 2 Qh3 Rxh3+ 3 Kxh3 wins a rook ahead) 2 Rxc5! bxc5 3 Rxc5 and mate is stopped so White
wins easily on material
Saturday 3 October / Sunday 4 October 2020
The 3D graces The latest advances in printed homeware — DESIGN PAGES 12 & 13
The home of prime property: propertylistings.ft.com
L
The pandemic has caused
many people living abroad to
rethink their long-term plans.
Liz Rowlinson reports on the
challenges of repatriation
‘Now I just want to go home’
ast month Tara and her fam-
ily moved into a new home in
rural Dorset after 12 years as
expats in Singapore. Her
banker husband had got a job
back in the UK and within six weeks she
“moved mountains” to extricate them-
selves from one life and create another
— most urgently, a home to rent and
school places for their three children.
The lure of the dream expat life had
faded, says Tara, 38, who did not want to
give her real name. “Trapped on an
island by the draconian quarantine
rules meant that ease of travel — one of
the main reasons for being there — no
longer existed,” she says, referring to the
14-day period that inbound travellers
are required to stay in a government-
assigned hotel, at a cost equivalent to
£1,127 a person.
“The rise in anti-foreigner sentiment
was another factor,” she says, which she
blames on increased competition for
jobs caused by the economic downturn.
She is not the only economic migrant
— someone who moves abroad to take
up a job opportunity and is commonly
referred to as an “expat” — opting to
Illustrations by return home due to the fallout from the
Bill Butcher coronavirus pandemic. Workers from
Ireland, New Zealand, the US and Ger-
many have been rethinking their living
arrangements. But whether it is elective
or unwanted, repatriation can be a
tough experience.
In a recent survey of its global cus-
tomer base, estate agent Knight Frank
found that nearly two-thirds of expats
(64 per cent) said that lockdown had
influenced their decision to buy a
property in their home country. Of
those, about 29 per cent said they
were moving back full time, with 57
per cent seeking a home that they can
use in the future, perhaps during a
second wave of the virus.
The importance of family
“Time spent in lockdown has under-
lined the importance of family for many
and focused their minds on the type of
lifestyle they want to lead,” says Victoria
Garrett, Knight Frank’s head of residen-
tial in Asia Pacific. “For expats with
older parents back home or young chil-
dren heading to boarding school abroad
— and the prospect of a potential eight
Follow us on Instagram @ft_houseandhome
Follow us on Twitter @FTProperty
or 12-hour flight to reach them — the
pandemic has meant many are rethink-
ing their long-term plans.”
For Nina Hobson, 38, a British-born
expat who has lived in 13 countries, the
“chaos” of the pandemic might force her
home. She’s in the middle of relocating
‘We did not want to be stuck
halfway across the world,
away from elderly parents
and with uncertain travel’
from Santiago in Chile to Quito in Ecua-
dor. “Our relocation agent got Covid so
we have struggled to get accommoda-
tion, the schools are closed until 2021,
and we are quarantining,” says the
mother of three whose Spanish husband
works in finance. “I love living abroad
but now I just want to go home.”
The pandemic has also brought an
end to expat life for Chara Richterberg
from Lafayette, Louisiana, who has
moved across four continents through
her husband’s job in oil and gas. Until
March this year they had been living in
Aberdeen, Scotland. “The older we get,
the more important it becomes to be
closer to home, and we did not want to
be stuck halfway across the world, away
from elderly parents and with such
uncertainty about air travel,” says the
43-year-old. “Moving to Houston
[Texas] for his job has been lonely for
me, but wherever I am, I eventually find
my own people.”
According to the Knight Frank sur-
vey, the four main drivers for expatri-
ates looking to return home were: being
close to family, a new job offer, a better
healthcare system and education.
The German healthcare system has
been a key factor for Sabine (who pre-
fers not to give her full name) and her
Parisian husband Patrick, to change
plans because of the pandemic. Sabine,
a former engineer from Hamburg,
made a life in France 31 years ago with
Patrick running bed and breakfast
properties in Avignon, in south-east-
ern France. They are now selling up to
move to Germany.
Continued on page 2
2 ★ † FTWeekend 3 October/4 October 2020

House Home
How to make I bought a diffuser by
a well-known brand
at the beginning of
sense of scents lockdown that had
a strong smell of
cloves. Now the mere
thought of it makes
me nauseated.
Candles, diffusers,
plug-ins — can you
recommend any that
have interesting and
subtle fragrances?
Scented candles are
one of those topics that
people have strong
opinions about. Some people are
loyal to a particular make or fragrance
and will spend hundreds of pounds
a month on their addiction, burning
their way through their spoils at an
alarming rate. Others cannot stand
the sight or smell of them, full stop.
Personally, I love a scented room.
Like music, colour and light, scent can
enhance a room’s atmosphere. We all
know that fragrance has a strange,
mystical power and that memories are
easily conjured at the merest whiff of
a familiar scent.
For me, nothing quite beats the good
smells of nature — woodsmoke, salty
sea air, freshly cut grass. Brands try to
bottle this magic for our homes and,
Luke Edward Hall if done properly, I’m all for it. I enjoy
changing it depending on the season,
the same way you might with personal
Readers’ questions fragrance. On an autumn evening, the
smell of a crackling fire will always be
welcoming and comforting,
and surely similar to
having a pot of soup
on the go in the kitchen
or the sound of rain
battering windowpanes.
Cloves in March,
though . . .? A bold
choice! Even at
Christmas, the smell
of cloves can be
overpowering.
These days, the
market is saturated:
candles in various sizes,
scent diffusers, incense
sticks. I enjoy candles
most of all, because I like to see
flickering flames in a room, and I can
recycle the containers. However, there
are questions about the safety of
scented candles — they contain
paraffin wax which, when burnt,
releases toxins into the air, including
carcinogens. It is better to choose
candles that contain natural waxes:
beeswax, vegetable, soy, coconut.
The scented candles made by
Fornasetti, decorated with the Italian
design house’s classic drawings, are
beguiling: their lidded ceramic vessels
make the best pen pots once your
candle is used up. My favourite,
Casa Con Colonne, is wrapped in a
monochrome illustration of Palladian
architecture. The fragrance itself,
Otto, combines thyme, lavender,
cedarwood and birch.
I like a fragrance with a bit of
storytelling and history attached. This
is something the French company
Cire Trudon excels at — no wonder,
considering this candlemaker is the
oldest wax-producing factory in the
world. Founded in 1643, it provided
candles to the court of Louis XIV, as
well as to the great churches of France.
Cire Trudon’s candles are made from
vegetable wax and come in handblown
green glass containers. Each scent has
its own elaborate, vivid back-story.
Spiritus Sancti is my favourite: inspired
by the “heady and holy perfume” of
cathedral altars, it blends lily of the
valley with benzoin resin and
labdanum. It’s my go-to for the run-up
to Christmas because it is very potent
and lighting it feels like the beginning
of an extravagant ceremony. The rich
scent is perfect for freezing winter
days. I like many of their other
fragrances, too: Balmoral smells like
misty meadows, Carmelite like ancient
mossy stone walls.
I tend not to like diffusers because
they look fussy, but Cire Trudon’s — an
unglazed white ceramic egg sitting on
a black wooden stand — is more
interesting than most. The elegant
design was inspired by cabinets of
curiosities and great exploration routes.
Loewe, the Spanish fashion house,
has just launched a range of scented
candles that highlight nature’s “most
natural and pure scents”. They are
made from pure vegetable wax.
Fragrances focus on one particular
scent (pleasingly simple) and include
coriander, liquorice, honeysuckle and
beetroot. Their colourful ribbed
terracotta containers are very
beautiful, too; I like how they are
embossed with a small logo rather
than being splattered with a giant one.
Loewe has also made candlestick-
shaped candles in scented wax — these
My partner cannot are exquisite and would look fantastic
on a mantelpiece.
stand incense — it I am a huge fan of the French brand
gives him an instant Astier de Villatte’s white ceramic
incense holders, which come in
stabbing headache fabulous shapes, from cats and shells
— but I am all for to urns and lions. Its fragrances are
available as incense as well as candles,
its heady aromas and are based on cities, streets and
places as varied as Delhi, Hollywood,
Jerusalem and Rue Saint-Honoré. Villa
Medicis is a favourite for summer:
I love its Mediterranean feeling — all
lemon leaves, oregano and lavender.
My partner cannot stand incense —
he finds that it gives him an instant
stabbing headache, but I am all for its
heady aromas. When we met, I was
very . . . Glastonbury: tie-dye T-shirts
with wolves on, bleached hair, a
constant supply of nag champa.
I binned the bleach years ago, but
I am afraid I cannot quite give up the
incense: I will light up whenever his
back is turned.
For more images and links to Luke’s
recommendations find his column on
ft.com/house-home
Luke answers readers’ questions on design
and stylish living every week. Email him at
Scented candle lukeedward.hall@ft.com and follow him
by Fornasetti on Instagram @lukeedwardhall

Inside ‘I just want

to go home’
Continued from page 1

“Eighteen months ago we had

planned to move to Australia with one
of our three daughters, but we decided
Sydney scenarios it was too risky because of the struc-
How the city’s property market is ture of their healthcare system and
coping with the pandemic ongoing air travel restrictions,” says
Pages 3 & 4 Sabine, 54. “The possibility of another
wave of coronavirus means we will
stay in Europe now.”
In New Zealand, emigrants have been
returning for some time. July 2020 was
the 12th consecutive month that had a
net gain of New Zealand citizens,
according to official statistics. This is a
reversal of the historical trend, which
tends to see more New Zealand citizens
depart than arrive.
Italy’s Med cred Ireland is another country whose citi-
Properties for sale on the Ligurian zens are returning. The latest
coast, known as the Italian Riviera figures from the Central Statistics Office
Page 6 show that 28,900 Irish nationals went
back to live and work in the year to April
2020 — the highest number in 13 years.
The Department of Foreign Affairs
fielded about 8,000 inquiries from Irish
people abroad seeking to return
between March and September.
“Ten per cent of our new-build
home sales in Dublin have been to
By Georgian ‘It’s a reverse culture shock.
How a Scottish manor house
Everything is perhaps too
became a space for creatives
Pages 8 & 9 familiar. There’s nothing
to surprise’
[returning] expats,” says Ray Palmer-
Smith of Knight Frank’s Irish office.
“Most are cash buyers, but there
are specific ‘home to return to’ mort-
gages available for Irish expats [who
buy] before making the move.”
Breathing lessons EBS bank is one such lender offering
Air-filtration technology to these products.
counter indoor pollution
Page 10 Nothing’s changed — but you
Being prepared mentally as well as
financially makes the whole repatria-
tion process easier, says Carole Hallett
Mobbs, 55, who found returning to the
UK harder than any of the many other
moves she made as the wife of a diplo-
mat. “When we left Tokyo after the
earthquake in 2011, not being able to get
the closure from properly saying good-
bye to everyone made it harder to men-
tally move on.”
She says that even in normal cir-
Making waves cumstances, moving back home can
Designers use 3D printing to be tough for expats, even when it is
produce lamps, bowls and vases voluntary. “It’s a reverse culture
Pages 12 & 13 shock. When you move to a new place
you are getting a constant adrenaline
rush from new experiences or cultural
differences every day. Everything is
fresh and exciting. But when you go
home everything is perhaps too famil-
iar. There’s nothing to surprise.”
Her words echo those of Benjamin
Button, the main character in F Scott
Fitzgerald’s novella: “It’s a funny thing
coming home. Nothing changes. Every-
thing looks the same, feels the same,
even smells the same. You realise what’s
changed is you.”
She struggled to adjust to life back
in Northampton two years ago and
now advises other families about
schooling options through her web-
site, ExpatChild.com.
Less recruiting from abroad
“Many multinational companies are
questioning whether they need to
recruit from abroad now — and pay the
hefty expat relocation packages for
whole families — when they could
instead use local people,” she says.
Oxford Economics estimates that
10 per cent of residents in the UAE could
leave if jobs are cut, while in Singapore,
increasing unemployment has led the
government to encourage local hiring,
including increasing the minimum
monthly salary to be eligible for a for-
eigner employment pass to SGD 3,900
(£2,215) from SDG 3,600 (£2,045).
Televised comments by the minis-
ter of foreign affairs, Vivian
Balakrishnan, will have made some
expats question their welcome: “The
only reason we have foreigners here is
to give an extra wind in our sails when
the opportunity is there,” he said in
July. “Now we are in a storm, and we
need to shed ballast.”
28,900
The number of Irish
nationals who returned
home in the year to
April 2020
64%
Proportion of expats in
a recent survey who
said lockdown had
influenced their
decision to buy a
property in their
home country
In 2016, Hong Kong had about
690,000 expats — roughly 9.5 per cent of
its population — according to census
data. But after rising political tensions
between the US and China, and the
social unrest caused by the controver-
sial extradition bill and new security
law, the economic fallout from Covid-19
has been the “final gut punch” for
expats thinking of leaving, says Simon
Smith, senior director at Savills Asia &
Pacific Research.
“Many expats are involved in the
financial services sector, which has
been hit hard,” he says. “Hong Kong is
a very expensive place to live if you
haven’t got work.”
While there are no official numbers
available yet, he points to the decision
last month to lower the minimum
quota of non-Hong Kong students at
the territory’s international schools
from 70 to 50 per cent — most likely
because many have not been able to
meet that quota — as a key indicator of
the number of expats leaving.
Smith predicts that luxury residen-
tial rental rates will mirror the fall in
office rental rates, which in the Cen-
tral district have fallen 10.8 per cent
so far this year. Landlords are more
willing to offer longer rent-free peri-
ods and early handovers as incentives,
he says. “Short lease terms of one year
are also becoming more common.”
Falling back in love with home
The pull of better employment opportu-
nities has been a factor in Jane’s return
to the UK after 15 years in the Dordogne,
south-west France, in August. She has
started a new teaching job in Hampshire
and has found returning there reward-
ing — so far.
“Viewing it with fresh eyes, I have
fallen back in love with the UK, despite
it being a very different place to the one
we left,” says Jane, 51, who did not want
to give her real name. “We have
returned with an alternative perspec-
tive about healthcare and education sys-
tems but luckily our 12-year-old daugh-
ter (who grew up in France) is also
excited about her new home.”
The main difficulties she has faced
have been practical: setting up a new
home without being able to open a bank
account (Hallett Mobbs advises depart-
ing expats to keep an account in their
home country), lacking a credit history
and having no proof of address to apply
for services.
Returning during the pandemic
meant logistics were doubly tricky for
Tim and Lynda Wheatley, who came
back to the UK as it locked down in
March, after 21 years in Cyprus and,
before that, 13 years in Germany.
“When you have been away that long
you are not returning to a life, but the
hardest thing of all was to forge new
social ties when we couldn’t meet peo-
ple properly,” says Tim, 76, a former
RAF officer.
Hallett Mobbs agrees. “When you
move abroad you are welcomed into an
expat bubble, through social groups or
the international school, but when you
arrive back home you feel as if you’ve
been dropped like a hot potato.”
Tara doesn’t feel quite so alienated. “I
can’t wait to go to Waitrose,” she says.
“I’ve found out a few other people from
Singapore have moved to the area too.”

The home in 50 objects #12: artichoke custard pot

The DNA of daisies
Robin Lane Fox on why botanists
change the names of plants
Page 14
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Go to ft.com/newsletters
There’s nothing like proper custard.
Whether poured on a pie, a crumble or,
as Matt Smith’s Dr Who did, on frozen
fish fingers, the unctuous mixture of
egg, milk and sugar thickened by heat
is the quintessential English comfort
food. Little wonder the French call it
“crème anglaise”.
Like the doctor, diners in the 18th
century routinely ate sweet custards
with savoury dishes. James
Woodforde, a clergyman, wrote that
with his dinner of fried eels, a pig’s
face, chicken and roast lamb, he had
“green Apricot Tarts and Custards”,
acknowledging, “I eat very hearty”.
It is possible they were served in
a pot like this, part of a set made
in Staffordshire of an inexpensive
substitute for porcelain known
as pearlware, popular among the
middle classes.
Why the artichoke shape? This
edible thistle, with its delicate purple
flower, has fascinated through the
ages as a symbol of prosperity and
hope. As an ornament or stone finial,
it has embellished gardens, paintings,
teapots and curtain rods. It is vitamin
rich, low in fat and — when dipped in
vinaigrette, hollandaise, butter or
lemon juice — a classic delicacy.
Greek myth put its creation down to
an irate Zeus turning a recalcitrant
lover, Cynara, into the first-ever
artichoke; hence its scientific name
— Cynara cardunculus. The
Roman author Pliny the
Elder said the artichoke
was one of the earth’s
monstrosities, but
admitted it cured
baldness, freshened the
breath and promoted the
conception of boys.
Perhaps the real allure lay in its
aphrodisiac qualities. European women
were thus forbidden to eat artichokes
and, when Catherine de’ Medici dared
to dine on them in public and fainted
after overindulging, the court of Henry
II was scandalised. In his Book of
Nature (1576), Bartolomeo
Boldo furthered the randy
reputation: “It has the virtue
of provoking Venus . . . for
women making them more
desirable, and helping men
who are in these matters
rather tardy.” And in 1947,
a young starlet, none other than
Marilyn Monroe, was crowned
California's first Artichoke Queen,
perpetuating the plant’s titillation value.
But it’s not all about the sex. The
artichoke excites other passions.
The painter Caravaggio hurled a plate
of them at a rude waiter. A Mafia
monopoly on the trade precipitated
New York’s “artichoke wars” in the
1930s. And, in the 1950s, the Chilean
poet Pablo Neruda wrote his “Ode to
the Artichoke”:
“ . . . Scale by scale we undress/ this
delight/we munch/the peaceful paste/
of its green heart.”
Clearly a fan: I wonder if he ever
tried it with custard?
Rosalind Sykes
museumofthehome.org
3 October/4 October 2020 ★ FTWeekend 3

House Home

Down under the cosh

Property | Although Sydney’s
ultra-luxe homes have seen
growth, the wider market is
suffering the effects of the
pandemic. By Hugo Cox

W
orking from home is
particularly tricky if
you are an Olympic ath-
lete. For Lea Yanitsas, a
31-year-old Sydney resi-
dent and member of Australia’s
women’s water polo team, the city’s
coronavirus lockdown in March meant
much more than closing the local swim-
ming baths. With the Olympics post-
poned and a packed foreign touring
schedule scrapped, she found herself
crammed into a small house in the
southern suburb of Pagewood with her
husband Andrew and two-year-old son.
“When the pandemic hit we had time
to think about the future,” says Andrew,
head of physical education at a local pri-
vate school. “It was clear that the home
wasn’t big enough.”
In May, they found a four-bedroom
house in Malabar, a nearby coastal
suburb. Mindful of competition from
other buyers, they agreed a price of
A$2.875m with the seller, three days
before the auction — a popular sales ‘The strongest growth in
method in Sydney.
Crowded homeworking situations sales is in trophy properties
and the prospect of further lockdowns valued above A$7m in
are adding urgency to proposed home
moves. While most of the market is still Sydney’s exclusive suburbs’
reeling from the effects of the pandemic,
sales of the city’s most expensive homes
have grown sharply. whole. The city’s top 25 per cent of
In the three months to June, there homes by value — with an average
were 359 sales above A$3m, according price of roughly A$1.9m — have fallen
to Knight Frank, 42 per cent more than 3 per cent in the past three months,
in the same period in 2019. according to CoreLogic, the financial
“The strongest growth [in sales] is in services company. Across all price
properties valued above A$7m, most brackets, there were 5,883 property
being trophy properties in Sydney’s 26, a home in Vaucluse, in the city’s pop- (From top) sales recorded in August, 22 per cent
exclusive suburbs,” says Michelle ular eastern suburbs, sold for A$24.6m, Sydney; six- fewer than in August 2019.
Ciesielski, head of residential research A$10.6m higher than its reserve price. bedroom Estate agents blame the withdrawal
for Knight Frank in Sydney. Between This made it Australia’s most expensive waterfront of mortgage credit by lenders wary
July 1 and September 28, 28 sales home ever sold at auction. home, A$55m, of a looming downturn. In May,
exchanged above A$10m, up from 16 in Such gains are in sharp contrast Christie’s;
the same period last year. On September with Sydney’s prime market as a Sydney opera Continued on page 4
Alamy; Getty Images
4 ★
House Home
Continued from page 3
Westpac, Australia’s second-biggest
bank, dropped its maximum loan to
value ratio for most self-employed
customers from 95 per cent to 80 per
cent. In tourism-dependent locations,
including many across Queensland, it
capped the ratio at 70 per cent. The
same month, Commonwealth Bank,
Australia’s biggest mortgage lender,
forecast a 10 per cent slide in national
house prices, since revised to 6 per
cent. “Meeting the lending criteria to
obtain finance is generally becoming a
hurdle,” says Ciesielski.
Buyers at the market’s top end, the
majority of whom have small mortgages
or buy entirely in cash, are untouched
by such disadvantages.
One area wealthy buyers have been
looking at is Mosman, perhaps the most
desirable of Sydney’s north-shore neigh-
bourhoods, which occupy the coastal
areas just north of the city’s famed har-
bour and bridge.
Many of the finest waterfront proper-
ties, priced between A$15m and A$30m,
cluster around the Spit — home to the
Middle Harbour Yacht Club — and
Beauty Point, a bulb of land sticking out
FTWeekend
Sydney’s tradition of open
house is beloved of those
keen to snoop around
homes they cannot afford
north-west into the bay. Nearby, the area
between Hopetoun Avenue, Burran Ave-
nue and Awaba Street has long been pop-
ular with buyers in China, where it is
marketed by enthusiastic estate agents
as Sydney’s “Golden Triangle”.
Smaller budgets will favour Balmoral
Beach, which includes a popular prome-
nade scattered with cafés and restau-
(From top) Five- rants, and Balmoral Slopes, a steep east-
bedroom house, facing hill. The latter connects the sea to
Mosman, Mosman village, the area’s commercial
A$12m, through hub, containing smaller Federation-era
Knight Frank; homes (dating from the turn of the 20th
Bondi Beach century), bars, restaurants and the
Getty Images
Allan Border Oval cricket ground.
3 October/4 October 2020
The Spit
BEAUTY
PROPERTIES
POINT Middle Harbour FOR SALE
Allan Yacht Club
Border Balmoral Beach
Oval Mosman
SYDNEY
VAUCLUSE
Sydney
Harbour Sydney Opera House
Bridge
Bondi Beach
SYDNEY
©Mapcreator.io/©HERE 2 km
Nationwide restrictions introduced in
March to fight the spread of Covid-19 —
B Waterfront home, Vaucluse, A$55m
the closure of Australia’s borders to non-
residents, social-distancing rules and A grand six-bedroom home with
the shutdown of “non-essential serv- a private jetty and deep-water mooring.
ices” such as coffee shops and pubs — It includes a billiards room with cocktail
also meant strict conditions for the bar, a rumpus room, a wine cellar and
housing market. Aside from the hand a gym. The property is close to Nielsen
Park. Available through Christie’s
sanitiser and rubber gloves, agents had
International Real Estate.
to organise appointment-only viewings,
replacing Sydney’s tradition of open-
house events — beloved of those keen to
snoop around homes they would never
be able to afford.
Some sellers, wary of leaving their
homes languishing unsold on prop-
erty websites, started asking estate
agents to advertise their homes “off-
market”. It was a good time for buying
agents, who could deliver lists of com-
mitted buyers.
“Suddenly sales agents are calling us B Apartment, Mosman, A$1m (guide)
all the time,” says Kath Pearson, a buy-
A two-bedroom, two-bathroom
ing agent specialising in Mosman homes
apartment measuring 97 sq m, with a lift
above A$8m. “It was my busiest April
and May on record.” Since April, she has
and a terrace connected by bi-folding
doors to the main internal living space.
sold twice the number of homes that she The home is very close to “Mosman
did in the same period last year, and has Village”. Available through Century 21.
taken on three new staff members to
help cope with the surge.
Andrew Yanitsas thinks his family
managed to pick up their new home
for about 5 per cent cheaper than it
would have been a year ago. Moving in
the middle of a pandemic, however,
has had its challenges.
Having first bought their new home,
they negotiated a 16-week settlement
period to give them time to sell the old
one. In fact, it sold in a few weeks and B Family house, Mosman, A$12m
the family had to decamp quickly to a
A five-bedroom, 670 sq m house
friend’s flat in nearby Hillsdale. When
arranged over four floors with a pool, an
they finally got the keys to their house outdoor kitchen and large garden. The
last Monday, the family had been living home has views over Middle Harbour to
three-to-a-room for six weeks. North Sydney and Chatswood skylines.
“It keeps you grounded,” Yanitsas Available through Knight Frank.
says, philosophically.
3 October/4 October 2020 ★ FTWeekend 5
6 ★ FTWeekend 3 October/4 October 2020

House Home

Hot property
Liguria K Eco-friendly house, Rapallo,
Italy, €2.2m
Where Rapallo, a town on the
Ligurian coast, about 25km from
By Nathan Brooker the centre of Genoa.
What A 330 sq m house designed
in 2017. The four-bedroom
property, which has solar panels,
triple-glazing, heat recovery and
rainwater harvesting, is free of
running costs for hot water and
electricity. It has a large garden, a
swimming pool and a one-bedroom
guest apartment.
Who Savills

I Villa, Portofino, Italy, €3.5m

Where Overlooking the piazzetta

at Portofino, a fishing village in
Liguria that has become a holiday
resort and a harbour for super
yachts. The property is about 50
minutes’ drive from Genoa airport.
What A 277 sq m villa built in the
late 19th century. It has two
bedrooms, two full bathrooms, a
roof terrace and a garden. Views
from the property stretch down
over pastel-coloured houses to
the harbour beyond.
Who Lionard Luxury Real Estate

B Villa, Camogli, Italy, €4.3m villa built in 1912. The six-bedroom

Where In Camogli, a village on the
Ligurian coast in north-west Italy.
The property is about 7km from
the town of Santa Margherita
Ligure and 12km from Portofino.
The nearest airport is in Genoa,
about 35 minutes’ drive away.
What A 600 sq m, Liberty-style
house, fully renovated in 2015, has
original marble floors, mosaics and
frescoed ceilings, and comes with
an 800 sq m garden. Views from
the house stretch over the village
to the sea below.
Who Christie’s International
Real Estate

K Villa, Bonassola, Italy €3.9m K Villa, Santa Margherita Ligure,

Italy, €3.8m
Where Overlooking the village of
Bonassola on the Ligurian coast, Where In the heart of Santa
an hour’s drive from La Spezia and Margherita Ligure, a picturesque
an hour and a half from Genoa. town on the Ligurian coast. The
What A six-bedroom, six-bathroom property is about 45 minutes’ drive
villa measuring 330 sq m. The from Genoa airport.
property has two reception rooms, What A six-bedroom villa restored
wonderful sea views, a large in the 1970s. The property has four
garden and an outdoor pool. bathrooms, three reception rooms,
Who Knight Frank a roof terrace and charming
sea views.
Who Knight Frank
3 October/4 October 2020 ★ FTWeekend 7
8 ★
House Home
Interiors | A Palladian
mansion in Scotland has
been given new life as
workshops for artists and
craftsmen. By Beatrice Aidin
H
ugo Burge has big plans for
Marchmont House and its
estate. The Palladian man-
sion was built on the Scot-
tish Borders in 1750 by the
third earl of Marchmont. It contains
some of the finest Georgian and Arts
and Crafts interiors in Scotland, the lat-
ter designed by Sir Robert Lorimer, the
acclaimed proponent of the movement
in the country.
The digital entrepreneur — who
bought Marchmont with his father back
in 2007 — is a self-described Arts and
Crafts “geek” and a prodigious collector
of the movement, as well as of contem-
porary art. The estate is surveyed from
the roof by “Another Time”, a sculpture
by Antony Gormley.
Burge has not only restored the Geor-
gian house — winning the Historic
Houses Sotheby’s Restoration Award in
2018 — he is now investing £1m in Crea-
tive Spaces, eight affordable work and
community spaces for artists and craft-
Grand ambitions
makers, to encourage innovation and
entrepreneurship.
“What I want to create with Creative
Spaces and in the house is a sort of eco-
system,” he says. “I want to be inspired
by the people who come here and I want
Marchmont to inspire, excite and ener-
FTWeekend 3 October/4 October 2020
‘I want to create a sort
of ecosystem. I want
Marchmont to inspire,
excite and energise’
gise them.” The 48-year-old is the
founder of cheapflights.com and former
chief executive of digital travel com-
pany Momondo Group, which sold for
$550m in 2017. “One of my greatest
learnings was that I didn’t really enjoy
doing business for the sake of business,”
he says. “With Marchmont I’ve really
tried to put a sense of purpose at the
core of what we’re doing.”
(Clockwise from top) The first crafts business to take up one
Marchmont House has of the Creative Spaces slots is called the
fine Georgian and Arts Marchmont Workshop and is dedicated
and Crafts interiors; to the production of rush-seated chairs
‘Another Time’ by Antony — of which Burge has a collection of
Gormley; collector and more than 140. Two twenty-something
entrepreneur Hugo Burge craftsmen, Sam Cooper and Richard
— Colin Hattersley
3 October/4 October 2020
Platt, have learnt the trade from a legend
in the field, Lawrence Neal, in order for
the traditional technique to continue.
Neal, who has a workshop in
Warwickshire, has been making chairs
for 50 years. When Burge — who first
bought a set of Neal’s chairs after leaving
★ FTWeekend
(Left) Muralist
Julia Alexandra
Mee mixes
paints in her
studio at
Marchmont;
(right) a detail
from one of her
works— Colin Hattersley
university — heard Neal was retiring, he
convinced him to take on apprentices.
“But then I was faced with a dilemma of
how on earth do I find trainees who are
willing to live in Warwickshire for two
years to train and then move to Ber-
wickshire — which isn’t exactly the
(Main image)
Chairmakers
Richard Platt,
left, and Sam
Cooper in their
studio workshop
at Marchmont;
(above) Charlie
Poulsen with
his sculpture
‘Skyboat’,
suspended in
the air on
the estate
Colin Hattersley
‘Marchmont has to stand
up commercially. But I have
to pinch myself. I can’t quite
believe it’s come together’
heart of the universe.” The answer was
an invitation for applications on the
Heritage Crafts Association Facebook
page. Two years on, Cooper and Platt —
the “dynamic duo”, as Burge calls them
— harvest the rush themselves, most
recently from the River Avon, and
source wood local to the estate. Orders
for the completed chairs have been
coming in from Edinburgh, London and
as far away as the Bahamas, with prices
starting from about £300.
In another of the Creative Spaces is
Julia Alexandra Mee, an Italian-trained
affrescista, or fresco painter. For the past
two years, she has been creating murals
for Marchmont House, but will soon
9
House Home
take up residence in one of the new stu-
dios, which rent from £300 a month. As
well as working on new commissions,
she will also be teaching mural and
fresco painting to visitors, once she can
do so in a Covid-safe way.
The most recently announced crafts
people to be joining the programme are
stone carver Michelle de Bruin and art-
ist Jo Crossland.
Joining the residents on a part-time
basis, due to his other commitments,
will be chef and author Valentine
Warner, known for his What to Eat Now
TV show and book series. He is also an
accomplished artist and has been
appointed artist-in-residence for Crea-
tive Spaces. But he has a side hustle too
— designing the menu at Marchmont
for live events (which have been put on
hold by the pandemic).
“The idea is to look back at references
from the house, specifically the Arts and
Crafts movement, and research any
aspects of food that have been attached
to it as inspiration,” Warner says. “So the
cooking makes sense with the art.”
Continuing the creative collective,
local sculptor Charlie Poulsen’s two
huge outdoor sculptures, “Skyboat” and
“Dancing Tree”, have recently been
unveiled. Both are “growing” sculptures
with completion dates measured in the
time a tree takes to mature.
It may be a passion-led project, but
Burge is clear Creative Spaces has to
“wipe its face”, as he says. “I’m an entre-
preneur and a business person first so I
believe Marchmont has to stand up
commercially,” he adds. “But I do have
to pinch myself. I can’t quite believe it’s
all come together, and the jigsaw puzzle
has kicked into place.”
10
House Home
Indoor air pollution can be
as harmful as the air outside.
Now Covid-19 adds to the
risks. But technology is on
the case. By Chris Allnutt
S
tay home, protect the NHS,
save lives,” Boris Johnson
urged the British public in
March, as governments
around the world ushered
their populations indoors. Cooped up
and attempting to shield ourselves from
one illness, however, we may well be
opening ourselves up to countless oth-
ers within our own four walls.
With pollution reaching often illegal
levels in urban areas, according to the
EU’s Air Quality Standards, innovations
in interior design increasingly necessi-
tate an active contribution to improving
air quality. Nearly 100,000 deaths in
Europe each year are attributed to
indoor air pollution, according to the
Royal College of Physicians. Meanwhile,
a 2019 study by the environmental
charity Global Action Plan found that
levels of ultrafine particles caused by
cooking, smoking and vehicle exhaust
were on average 3.5 times higher inside
than they were outside. The impact is an
estimated 204,000 life hours lost each
year, resulting from cardiovascular dis-
eases, lung cancer and asthma.
In February this year, with remarka-
ble prescience, Ikea released a range of
curtains that break down odours and
common indoor pollutants such as for-
maldehyde. Now, in the wake of the
pandemic, property developers and
hotel owners are looking to integrated
air filtration technologies that protect
the health of their residents.
At the Bryanston, a luxury develop-
ment set to open later this year near
London’s Hyde Park, apartments are
being fitted with dedicated air-handling
units that, in addition to regulating tem-
perature and humidity, also remove
particulates, carbon monoxide and pol-
len through concealed ducts and vents.
“High levels of pollution is a growing
concern for our clients,” says Alexandra
Nord, creative director at Millier, the
interior design firm behind its interiors.
Property Gallery
The Netherlands
USA
★ FTWeekend
Air pollution:
the inside story
‘Pollution is a concern for
our clients. Air filtration is
becoming an expectation of
all high-end developments’
Air filtration is “becoming an expecta-
tion of all high-end developments”.
The Bryanston is the first property to
sign up for the AirRated certification — a
new industry benchmark for indoor air
quality measuring levels of particulates,
carbon dioxide and volatile organic
compounds (VOCs) such as solvents.
Olga Turner Baker is co-founder of
Ekkist, the company behind the ratings.
She hopes it will encourage developers
to think about air quality from the out-
set, not as an afterthought. “Before you
couldn’t really measure it very easily,”
she says. “You had to have a laboratory-
style survey done which would cost in
the tens of thousands of pounds. With
standards like [AirRated] you can
measure air quality cost-effectively.”
Whether in personal protection
equipment, portable air cleaners or
large-scale HVAC (heating, ventilation,
and air conditioning) systems, the prin-
ciple of filtration is the same: remove
potentially harmful chemicals by trap-
ping them in a filter while circulating
(From top)
London’s
Bryanston
development
has an air-
filtration
system; as does
this Signature
luxury care
home; Ikea
curtains that
break down
pollutants — Ben
Pipe Photography
the air to prevent particle build-up. Pre-
venting the spread of Sars-Cov-2 — the
virus that causes Covid-19 — is now top
of the list of priorities for developers of
air-filtration technologies.
OKTOair is an AI-led filtration system
that its creators claim removes the
virus within 45 minutes, based on US
military technology originally designed
to counter chemical attacks. “Never
before has the public need been more
focused on feeling safe and protected in
the home or work environment,” says
Philip Dowds, managing director at
OKTO Technologies.
“We fast-tracked the launch of this
system as a result of Covid-19 because
we feel it will have a positive impact as
UK Office: +44 20 7873 4907 | US Office: +1 212 641 6500 | ASIA Office: +852 2905 5579
Channel Islands
hotels and businesses reopen their
doors,” he adds.
Adequate ventilation systems are
critical to reducing exposure to airborne
contaminants, says Sanjay Rajagopalan,
Cardiovascular Research Institute
director at Case Western Reserve Uni-
versity, Ohio. “People should pay atten-
tion to the ventilation systems,” he says.
“I look at this whenever I visit restau-
rants: am I sitting next to a window? Is
there a good airflow? When I don’t see
those things, I don’t go to those places.”
The same goes for shops, hotels and
care homes. With over-70s accounting
for nearly 90 per cent of Covid-19 deaths
in England, care provider Signature
Senior Lifestyle has installed air-filtra-
tion systems at all of its care homes
across London and the home counties.
“Extraction and filtration of contami-
nated air is vital,” says sales and brand
director Simon Dickinson, “particularly
for vulnerable residents affected by
weakened immune systems and respi-
ratory conditions.”
But do these energy-devouring
devices not risk contributing to the
problem they are trying to solve? The
environmental cost of the technology is
hard to ignore: air conditioning already
accounts for about a fifth of electricity
use in buildings, and 10 per cent of glo-
bal consumption overall.
www.ft.com/house&home
3 October/4 October 2020
“The units have a relatively low
energy consumption,” Dowds says of
OKTOair. A portable cleaner uses just
under 50W on its highest setting, while
the three-phase commercial system
clocks in at 1672W — less than that of the
average kettle.
The sustainable alternative, of course,
is to open a window, if safe. The World
Health Organization and the Environ-
mental Protection Agency cite natural
ventilation as the first step in preventing
the indoor spread of contaminants in
light of the coronavirus pandemic.
For Nord, the measures at the Bryan-
ston, where one-bedroom apartments
start at £2.6m, are not intended as a sub-
stitute for fresh air. “We see the air-fil-
tration systems as complementing and
enhancing our experience of the natural
world,” she says. Earthy tones, good nat-
ural light and access to terraces are all
aimed at ensuring apartments don’t
become too much of an artificial bubble.
With further lockdowns looming, we
may once again have time to reflect
closely on our indoor environments.
Only by looking at every fitting and item
of furniture can we understand the
extent of indoor air pollution. Says
Turner of Ekkist: “You buy a sandwich
for £3 and you know every single thing in
it. You buy a house for £500,000 . . .
and you don’t know what’s inside.”
Saturday 3 October 2020 ★ † FINANCIAL TIMES 11
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Property Gallery www.ft.com/house&home
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12 ★ FTWeekend 3 October/4 October 2020

House Home

Into the next

dimension
UAE in the next six months, with no
Design | 3D printing is moving from industry to the need to ship heavy raw materials inter-
nationally. “We take a local resource
and make it printable,” Kuhn says.
domestic front — it could even provide a new iteration Previous XtreeE projects include
Cirratus, a 62cm-tall reinterpretation
of Alvar Aalto’s Savoy vase by Patrik
of yourAlvar Aalto vase. By Louis Wustemann Schumacher, who heads London-
based Zaha Hadid Architects. Schu-
macher’s cement version exaggerated
the biomorphic curves of the late
Though many of his contemporar-
ies relish the chance that 3D printing
— also known as additive manufactur-
ing — offers to model complex folds
and curves, US designer Joe Doucet
took the opposite approach. In 2015
he launched a collection of 3D-printed
objects in ceramic and steel commis-
sioned from other designers. His brief
was for pieces that looked as simple as
possible while still taking advantage
Rather than building up soft beads of
composite material, products in the col-
lection, such as a bowl and candlestick
by Hackney-based Canadian Philippe
Malouin, were made with binder jet
printing, in which a printer head injects
a liquid binder layer by layer into a con-
tainer of powdered steel. The amalgam
of metal and glue is then superheated
and “infiltrated” by molten bronze
replacing the binder, and creating a fin-

T
hough it was once hailed as
the technology that would
put a tabletop factory in
every home — freeing us
from the need to buy mass-
produced consumer goods — 3D print-
ing has to date had more impact in
industry than on the domestic front. But
designers and engineers are tweaking
machines meant for
niche uses, such
as creating pro-
totypes or ana-
tomical models,
to experiment with
furniture and home-
ware that it would be
impossible, or prohibitively
costly, to make with traditional manu-
facturing methods.
XtreeE, a French start-up founded in
2015 by a group of academics and engi-
neers, works with designers and con-
struction firms to make furniture and
structural elements that would be hard
to cast in cement. Co-founder and gen-
eral manager Jean-Daniel Kuhn says
that though others are printing in mor-
tar, using robot arms to pipe layer upon
layer — like icing a cake over and over
— XtreeE has developed a patented sys-
tem that frees users from having to use
specially formulated raw
material supplied only
by the printer
manufacturer.
Instead, its
technicians can
vary the print-
ing additives
that control the
viscosity and
hardening time remotely to cope with
locally available construction cement
powder anywhere in the world. This
adaptability will allow the company to
add printing facilities in Japan and the
US to its existing ones in France and the
Finnish designer’s 1930s glass origi-
nal, emphasising the ease with which
complex flowing forms can be ren-
dered by 3D layering.
Kuhn and his colleagues have just fin-
ished work on a dining table, Corail, for
French furniture retailer Roche Bobois,
due to be launched in Europe in January
2021 and in the UK in March. The design
by the Fritsch-Durisotti studio in Paris
perches a glass top on a tapered undu-
lating cement column intended to evoke
sea coral. Kuhn believes the table is
unique in that customers in Roche
Bobois showrooms will be able to
manipulate the size, shape and colour of
the base on screen — within aesthetic
and technical limits set by the designers
— before it is printed by XtreeE. “The
designer is saying, ‘You can play with
the design within these limits, and by
doing that we have created something
together,’” Kuhn says. “It’s a new way to
approach products.”
of the 3D tech. ished product that resembles cast steel.
(Above) ‘We designed in ways that
XtreeE’s Corail
table, designed we would have been told
by Fritsch- not to do in design school,
Durisotti for
Roche Bobois; focusing on shape’
(right) XtreeE’s
3D-printing
system in So, why not just cast the objects? “Not
action; (left) all the parts could have been cast,”
Philippe explains Malouin, “or you would have
Malouin bowl had to join them and there would have
always been a dollop of weld. This tech-
nique allowed us to have transitions that
were completely invisible,” he adds,
pointing to a curl of steel seemingly bal-
anced precariously on the rim of the
candleholder but, in fact, firmly
attached as a thumb rest. “We designed
in ways that we would have been told
not to do in design school, focusing on
shape above everything else.”
3 October/4 October 2020 ★ FTWeekend 13

House Home

(Left) Unream a company that otherwise repackages it
lamp created by as pet litter. The machine will print col-
(below left) ours and textures on to the finished
Jiani Zeng and product so, Jeffery says, they can imitate
Honghao Deng; any wood finish and grain. “If you want
(right) Philippe walnut we can do that. We just take the
Malouin walnut image and apply it and make
candlestick every section look different.”
The wood composite is lightweight
and strong and the raw material is low
cost — “they practically pay you to take
it away,” says Jeffery. This allows Forust
to make complex shapes that other-
wise only a skilled carver could do.
Armed with a 3D scan, it could
reproduce a drawing-roomful of
18th-century panelling, Rococo
flourishes and all. Currently, Jeffery
is looking at printing a modern twist
on the intricately carved beams
found in traditional Maori houses in
New Zealand. He is also experi-
menting with perforated wall pan-
els. “We can design them to
improve airflow and, post-
Covid, we think there’s
potential for looking at that
in more detail to prevent
people getting sick.”
As 3D printers become
more sophisticated, creatives
are quick to exploit their potential.
Take, for example, Massachusetts-
based industrial designer Jiani Zeng and
architect and computational designer
Honghao Deng. They recently launched
the 3D-printing method Illusory Mate-
rial — a collection of printed polymer
objects using Voxel printing, a facility in
some of the new-generation machines
designed to produce realistic anatomi-
cal models for surgeons to practice on.
Voxel printing allows pigment to be
applied not just to the surface of an
object but to all layers. Building up base
strata of varying colours and opacities,
then overprinting a transparent wrap-
per of varying thickness, Zeng and Deng
obtain a lenticular effect, where the see-
through upper layers act as lenses,
changing the perception of the pattern
and colour underneath. At its simplest,
the effect is like an old-fashioned
ridged “magic” postcard in which a
picture seems to move when tilted.
The pair see subtle possibilities for
a technology described by Zeng as
bringing digital world effects into the
physical one. A prototype lamp
known as Unream has multiple layers
of blue and red, overlaid with
vertical transparent ridges,
varying in width and depth
up and down its 30cm height.
Illuminated from inside, the
colours shimmer and change
as the viewer moves round
the lamp. Such interactive
homeware is only the start, says
Deng: “You can make millions of varia-
tions. This is just an example to inspire
designers to do more.”
3D-printed objects may, so far, have
been slow to reach our homes. But when
they do, they are very likely to add an
intriguing dimension to them.

Andrew Jeffery, founder of Califor-

nia start-up Forust, is also a fan of
binder jet printing. “I got interested
because of its potential for using any
material that you could get in a pow-
der,” he says. After almost 30 years
working in 3D printing, Jeffery
decided to see if there was commercial
potential in printing with powdered
wood. With design academics Virginia
San Fratello and Ronald Rael, who
were also enthused by experiments in
wood printing, he launched Forust in
the San Francisco Bay area just a few
months before coronavirus prompted
a statewide lockdown. The company’s
owners have spent the past few
months sending samples of their
sculpted panels and tiles to architects
and furniture companies.
They create the base material for their
printer from fine sawdust — a blend of
maple and oak — waste material from
furniture manufacturers, sourced from

3D-printed objects you can buy now

While most 3D-print designs for

homeware exist only as files for
hobbyists to download and print on
their home machines, some designers
are making items for sale online.

Ribbon shade by Bold Design £199

(Right) Printed using recycled plastic
bottles, this ridged shade is intended
to resemble stiff textile. Its double
layers protect the 15cm-diameter
LED Plumen bulb.
batch.works

Bud vase set by MeshCloud £122

Available in white, grey or black
polymer, this set of three diminutive
vases mixes geometric and
natural forms.
etsy.com

Saturno’s Rhea lamp by

Thomas Galvan £83
(Top) Rhea is one of Saturn’s moons this bowl takes advantage of 3D
and this 1980s-style lamp allows the printers’ ease in realising complex
bulb to sit at different angles to folded forms. etsy.com
the base.
Hola.studio Broken Lampshade by Malinko
Design £243.73
Wavy Bowl by 3DPlasticJewels Australian studio Malinko says the
£28.99 jumbled form of this nylon shade was
(Right) In multiple sizes and caused by a designer’s accidental
colours, and compostable mouse click when
polyactic acid refining a
(PLA), a more staid
type of rectilinear
plastic, shape.
14
House Home
Tyranny of
the taxonomists
The world of autumn-flowering plants offers some
fine choices but their nomenclature has taken on
a confusing complexity. Should we be protesting?
T
he English autumn has
already given gardeners
some exquisitely serene
days. They have been every
bit as fine as that
remarkable springtime in lockdown.
Well-planned gardens have had the
best of them, from dahlias to daisies,
late clematis to salvias. If you are on
the lookout for improvements to your
garden, if you are contemplating a
flight from city to country or if you are
starting out as a horticultural virgin,
how best do you navigate autumn’s
flowery possibilities?
They used to be quite easy to
describe. Michaelmas daisies were
asters. Flat-headed, fleshy-leaved
plants with heads of rose pink or rose-
red flowers were sedums, beloved of
autumn butterflies. Tough plants with
red, white or rose-pink short spikes of
flower were polygonums, harmless
relations of the dreaded Japanese
knotweed. Lovely Kaffir lilies with
pink, white and red flowers used to
light up gardens in late autumn for
very little trouble: they were to be
found under the name of schizostylis.
Wide-spreading later-flowering
shrubs with rose-pink flowers were
lespedezas, one of my signature plants
until they spread too widely for the
sites I gave them. They had to move,
but they resent disturbance and so they
died. Never mind: surely replacements
would still be available?
All these autumn-flowering plants
are fine choices, worth tracking down.
To find them, however, gardeners need
a device, yet to be marketed, that I
hereby name “hortnav”. Conscientious
suppliers have changed the names of
every one of the plants I have just
mentioned, following what the
botanists tell them. Flowery autumn
shopping has been turned upside
down. Lespedezas have become
desmodiums, but these shrubs have
never been widespread in the market:
they look dingy during the main
shopping season, a bunch of apparently
dead sticks, before they race away very
prettily in July. Polygonums have
become persicarias, but newcomers to
gardening may find that name easier
to pronounce. “Schizostylis” always
seemed a mouthful, so you may not
mind switching to the euphonious
name of hesperantha, the botanists’
latest decision. Sedums are more of a
pain. Many of them have become
hylotelephiums, but some of their
growers and garden centres have not
yet made the change.
Asters are now a particular
nightmare. A few of them are still
asters, including some easy favourites
such as frikartii, but others are now
eurybias and many other essential ones
have become symphyotrichums,
including the good old Michaelmas
daisies of New York (novae-belgii,
which was itself an odd echo of “new
Belgium”) and novae-angliae (the
healthier ones from New England).
I have been happily growing the
narrow-leaved, lavender-blue Aster
sedifolius and recommending it from
August onwards but it has just become
Galatella sedifolia. In dry difficult
places I succeed with what used to be
Aster umbellatus, up to 4ft tall, with
flat heads of eminently pickable
★ FTWeekend
(Above) Be pleased to have more off-white flowers. Grand borders,
genuine diversity in the autumn including those I recently admired at
garden; (below) Michaelmas daisies, Newby Hall in Yorkshire, are making
beloved of autumn butterflies — GAP much more use of this good plant, a
Photos/Nicola Stocken; Alamy
late-summer foil for the middle to back
row, which needs no staking and is
very difficult to kill. If you want to
find it now, you need to know it has
become Doellingeria umbellata.
Heaven help you, unless your weekend
mind is a card-index.
Even if it is, it needs more entries in
order to be fully up to date. Now,
oreostemma, bellidastrum, trinitaria
and tripolium are names apportioned
to what were formerly asters. So is
Kalimeris, oddly spelt with only one
“l”, though botanists may soon collapse
it back into aster where I still keep
mine, the excellent low-growing Aster
mongolicus with daisy flowers of starry
blue. Why has all this complexity
happened? Should we be protesting?
It is the very opposite of what I learnt
from the biologist Richard Dawkins
during a lunch in my Oxford college.
Pointing to the biodiverse brainpower
who were eating at the same table, he
told me that we shared a common
ancestor and were all related as kin.
Robin Lane Fox It was such a shock that I refused to
believe him, at least this side of
prehistoric time. Unlike professors,
On gardens plants are being split apart: hence our
autumn perplexities as gardeners.
The facile reaction is to deplore it.
Previously a family such as “aster”
had been very loosely constructed.
Almost any herbaceous plant with a
woody rootstock and blue starry
flowers was shunted into it without
more analysis. Closer study of
chromosomes then raised serious
questions of identity. DNA study
followed, compounding the doubts.
The asters of the 1960s included
daisy-flowered beauties from Europe
and Asia and others from North
America, quintessential asters in
gardeners’ minds. DNA study then
showed they were unrelated and that
they had evolved quite differently.
For years, unlikes had been grouped
together as likes. Whereas I share
a common ancestor with a professor
of group sociology quite recently
in cosmic time, a New England
aster is not close kin at all to an
3 October/4 October 2020
aster from, say, Armenia. In the
interests of truth they have to be split
apart and renamed.
Botanists who class and categorise
plants are taxonomists, but botanical
scientists no longer rank taxonomy in
the vanguard of their research. The
number of fully trained taxonomists is
declining, just when “biodiversity” is a
word to which everyone pays homage.
One result of expert taxonomy is to
increase diversity: we now have many
more eurybias, but fewer asters, on our
planet. Another is to identify all the
finds that continue to pour in from
study out in the wild. We still know
only a fraction of the world’s flora. If
we do not know what plants are when
we find them in nature, how can we
make sense of them, let alone of their
evolution through time? Gardeners
should be glad that truth is making
progress, even if it obliges them to
learn new names.
Do we have to follow where
chromosomes point? I see a
complication looming, the conventional
classing of you or me as male or female.
Here too chromosomatic study can call
in question the labels we have
previously assigned to individuals.
President Putin likes to present an
image of pure masculinity, stripped to
the waist, but imagine if he turns out
chromosomatically to be on the female
side of the divide. I bet he will not
transfer himself there in the interests of
taxonomic accuracy. Why, then, for
chromosomatic reasons, should we
transfer almost every North American
aster into other families and leave only
little Aster alpinus as a true American
aster? Thirty years ago we assumed that
we had hundreds.
Under protest even the botanists have
sometimes given in. In 1993, their
pronouncement that chrysanthemums
were to be named dendranthemums
was met with an outcry from gardeners
and growers. In 1999, it was collectively
reversed. The change, however, was a
simpler one. It involved a single name
for a family that was still mostly kept
intact. Asters and sedums are different.
They are not one family at all.
Accept the changes with interest,
not, as I once did, with disdain. Be
pleased to have more genuine diversity
in the autumn garden. If you have just
joined gardening, take taxonomy
seriously. Soon, I predict, we will need
its expertise. You have joined the
pursuit when the true diversity of
plants is increasing. Hello
hylotelephium, my new friend . . .
300OCTOBER
MONTH
2020

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 CONTENTS

22

3 OCTOBER 2020

REGULARS THE FIX

13 EDITOR’S LETTER
Jo Ellison on fashion, art
and undercrackers
19 STAR POWER
Louis Vuitton is entering
the space race, says
50
Vivienne Becker
15 THE AESTHETE
Fashion designer 20 LUNAR ORBIT
Bella Freud talks taste Rosanna Dodds on the
return of the moonstone
31 THE FIND
Wax candlesticks that 22 PAISLEY DAZE
just make scents Pack a pattern punch this
season. By Clara Baldock
35 DOUBLE ACT and Raphaëlle Helmore
What does it take to make
a classic car roar? By 24 TRADING FACES
Jonathan Manning In a difficult year for watch
sales, some brands are
37 THE CAUSE still clocking great results.
Why a Soho bookshop is Nick Foulkes reports
putting women on the shelf.
By Kate Finnigan 25 LIBERTY BELLES
What happens when Gucci
57 TRAVELISTA and Liberty florals collide?
The call of Capri and other Rosanna Dodds finds out
travel news from Maria
Shollenbarger 29 SMALLS CHANGE
Is made-to-measure
59 TECHNOPOLIS underwear the ultimate
Jonathan Margolis rounds indulgence, asks Alex Bilmes
up the latest tech
32 SAATCHI 2.0
61 DRINK Phoebe Saatchi Yates and
How digital auctions are Arthur Yates on their plans
transforming the drink to create a new art sensation
landscape. By Alice Lascelles

61 FOOD All travel, exhibitions and

The west-African events are being disrupted
by the spread of coronavirus.
restaurant that’s the talk
Information published in the
of the town. Ajesh Patalay magazine may be
gets the first taste susceptible to change.

62 HOW I SPEND IT
War reporter Clarissa Ward
on her frontline face cream

20
3 OCTOBER
2020

FEATURES
PHOTOGRAPHS: ANNA CUBA. MICHAEL TUREK

MGC
MMXX
The ROMAN vision at the heart of DIOR 38 ROMAN CONQUEST 48 MALLE THE MAVERICK
PLUS TEN NIGHTS IN NICAR AGUA , BELL A FREUD TALKS TASTE, ROARING CL ASSIC CARS
Dior creative director Maria Grazia Kathleen Baird-Murray reflects on
Chiuri invites us into her Italian Frédéric Malle’s fragrant legacy
ON THE COVER: home. By Maria Shollenbarger
Photography by BRIGITTE
50 KNIT PARADE

42
NIEDERMAIR
Make-up by LAURA STUCCHI 42 LATIN CURRENCY This season’s hit menswear takes
Novelist Bella Pollen spends 10 on the classic fishermen’s cable.
Maria Grazia Chiuri, creative
director of Dior, at her home nights in Nicaragua, the lesser- Styled by Honey Elias. Photography
in Rome known jewel of Latin America by Ana Cuba. Model Sonny Elias

All products in the magazine are available to buy from each brand’s website or store, unless otherwise stated FT.COM/HTSI 9
 EDITOR’S LETTER

HTSI

I
EDITOR
Jo Ellison ( jo.ellison@ft.com)

DEPUTY EDITOR
Beatrice Hodgkin (beatrice.hodgkin@ft.com)

CREATIVE DIRECTOR
Rasha Kahil (rasha.kahil@ft.com) t seems a bit daft that, in 2020, the presence
STYLE DIRECTOR
of a female designer at a major label should
Isabelle Kountoure (isabelle.kountoure@ft.com) still be seen as something exceptional. But
a look at the current fashion landscape finds
FEATURES
comparatively few female creatives at the top.
EXECUTIVE EDITOR
Tim Auld (tim.auld@ft.com) Even Mrs Prada – for so long a torchbearer for
ASSISTANT EDITOR the feminists in fashion – has nominated a male designer,
Jackie Daly ( jackie.daly@ft.com)
Raf Simons, to work alongside her at the brand.
FASHION FEATURES EDITOR
Jessica Beresford ( jessica.beresford@ft.com)
When Maria Grazia Chiuri was appointed creative
COMMISSIONING EDITOR director of Dior womenswear in 2016, she became the first
Lauren Hadden (lauren.hadden@ft.com) woman to lead the house in its near 70 years. Immediately,
ACTING COMMISSIONING EDITOR
Victoria Woodcock (victoria.woodcock@ft.com)
she stamped her agenda onto the fabric of her vision
EDITORIAL RESEARCHER – her first look for the house featured a T-shirt that
Marianna Giusti (marianna.giusti@ft.com) read “We should all be feminists”. But it is for another
EDITORIAL COORDINATOR
point of view that we have featured her this week.
Clara Baldock (clara.baldock@ft.com)
EDITORIAL ASSISTANTS
Despite the fact that she works for one of France’s
Rosanna Dodds (rosanna.dodds@ft.com) most prestigious fashion houses, with its refined
Baya Simons (baya.simons@ft.com) Gallic sensibilities and Parisian élan, I have
FASHION enjoyed watching Chiuri usher in a new spirit at
JUNIOR FASHION EDITOR Dior drawing on her Italian DNA. Chiuri was born in Rome
Raphaëlle Helmore (raphaelle.helmore@ft.com) and her personality, aesthetic and energy remain aligned
FASHION ASSISTANT
with the city she grew up in, where she still keeps her tentatively opened up its borders but,
Honey Elias (honey.elias@ft.com)
family home. It is manifest in her passion for the ateliers,
CHIURI HAS as with so many countries whose
ART her attention to craftsmanship, and a working practice USHERED IN A cultural riches are a product of its
ART DIRECTOR
Carlo Apostoli (carlo.apostoli@ft.com)
that is thoroughly hands-on. For “Roman Conquest” NEW SPIRIT AT complex socio-economic past,
DEPUTY ART DIRECTOR
(page 38), Chiuri invited our travel editor Maria DIOR WITH HER Nicaragua’s future as a travel
Shollenbarger to her home to discuss her heritage, her destination is still fragile. On her
Darren Heatley (darren.heatley@ft.com)
DESIGNER relationship with the city and the dolce vita vigour she has
ITALIAN DNA multi-stop itinerary to explore
Morwenna Smith (morwenna.smith@ft.com)
brought to the dove-grey corridors of Avenue Montaigne. its many diverse features, Bella
PICTURES Elsewhere, novelist Bella Pollen’s account of her captures brilliantly the sense of a country on the cusp.
PICTURE EDITOR trip to Nicaragua (“Latin Currency”, page 42) takes us In London, and to Cork Street, where the imminent
Katie Webb (katie.webb@ft.com)
to a country on the brink of massive change. Rich in raw opening of a gallery has set the art scene abuzz (“Saatchi
PICTURE RESEARCHER
Paula Baker (paula.baker@ft.com)
materials, and still feeling the tremors of long periods 2.0”, page 32). Phoebe Saatchi Yates and her husband,
of political instability, Nicaragua was slowly establishing Arthur Yates, must lack no chutzpah in their decision to
SUBEDITORS
itself as an alternative tourist destination in Latin open a new space in Mayfair in the midst of a pandemic,
CHIEF SUBEDITOR
America when the pandemic struck. It has since but perhaps it’s only natural that the 26-year-old daughter
Kate Chapple (kate.chapple@ft.com)
SUBEDITORS
of the former advertising svengali and collector Charles
Helen Bain (helen.bain@ft.com) Saatchi might be predisposed to taking risks. In their first
Robert Cook (robert.cook@ft.com) interview since announcing their ambitions to be this
Alexander Tyndall (alexander.tyndall@ft.com)
century’s Leo Castelli, she and Arthur tell Francesca Gavin
CONTRIBUTING EDITORS about their vision for the future, and why they’re planning
Vivienne Becker, Simon de Burton, Delphine Danhier, to create a sensation of their own.
Aimee Farrell, Kate Finnigan, Maria Fitzpatrick, And lastly, I would be neglectful if I failed to mention
Nick Foulkes, Chloe Fox, Alexander Fury, Julian Ganio,
Francesca Gavin, Fiona Golfar, Alice Lascelles,
undercrackers. Or boxer shorts, in fact. When I was
Giovanni Dario Laudicina, Jonathan Margolis, approached by the luxury loungewear-maker Hamilton and
Nicola Moulton, Michelle Ogundehin, Ajesh Patalay, Hare to see if an HTSI contributor might trial a service in
Charlene Prempeh, Tamara Rothstein, Fergus Scholes
made-to-measure boxers, I immediately knew the right man
ASSOCIATE EDITOR
Lucia van der Post (lucia.vanderpost@ft.com) for the job. In “Smalls Change” (page 29), Alex Bilmes, the
TRAVEL EDITOR editor-in-chief of UK Esquire magazine, gets sized up for a
Maria Shollenbarger (maria.shollenbarger@ft.com)
year’s worth of undergarments in a range of fabrications
US CORRESPONDENT
Christina Ohly Evans (christina.ohlyevans@ft.com)
tailored to his “individual body shape”. It’s the kind of
indulgence that tends to infuriate our less sympathetic
PHOTOGRAPHS: BRIGITTE NIEDERMAIR. MARILI ANDRE. MICHAEL TUREK. PIXELATE

PUBLISHING
readers. But Alex’s description of being fitted – in a record
GLOBAL DIRECTOR, LUXURY & WEEKEND ADVERTISING
heatwave, by a tailor in a face-protecting
Dorota Gwilliam (dorota.gwilliam@ft.com)
PUBLISHING MANAGER
visor – is so outlandishly ridiculous,
Jo Thompson ( jo.thompson@ft.com) it made me laugh and laugh. Made-to-
ADVERTISING COORDINATOR measure boxer shorts are not likely
Natasha Simpson (natasha.simpson@ft.com)
PRODUCTION
to lead one to enlightenment. But I
Denise Macklin will always have the highest admiration
ADVERTISING PRODUCTION for a gentleman who takes some pride
Daniel Macklin
in his pants.
@jellison22
WWW.FT.COM/HTSI
TWITTER.COM/HTSI
INSTAGRAM.COM/FT_HOWTOSPENDIT

Above: Hotel Plaza Colón

EDITORIAL ENQUIRIES 020-7873 3203 in Granada, Nicaragua.
ADVERTISING ENQUIRIES 020-7873 4208 Right: Dior’s Maria Grazia
How To Spend It magazine is printed by Walstead Group for, Chiuri, photographed at
and published by, The Financial Times Ltd,
Bracken House, 1 Friday Street, London EC4M 9BT home in Rome. Top right:
ORIGINATION BY Dexter Premedia Hamilton and Hare boxers

FT.COM/HTSI 13
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 THE AESTHETE
Right: Bella
Freud at
home in
London.
Bottom left:
her favourite
recent read

Bella Freud
The designer loves Hellmann’s mayonnaise, ironing Garnett, and it was the most marvellous
atmosphere – the people and the music
and her father Lucian’s old Huntsman suits
were amazing. I spent a lot of time at the
INTERVIEW BY JESSICA BERESFORD Marché Sandaga, and the way people
PHOTOGRAPHY BY LAURENCE ELLIS
dressed was another level of coolness – some
in traditional printed clothes with turbans,
and then some people were wearing

M
Y PERSONAL STYLE
SIGNIFIER is stripy socks.
My feet are always cold,
so I often wear them
with sandals – such as
slides – or high heels.
We used to wear stripy socks at school, and
it’s one of those habits that has stayed. I’m
always on the lookout for cheap pairs – I
used to buy fantastic packets at Portobello
Market, or I once found some great ones by
Sonia Rykiel, although they were £60 a pair.
THE LAST THING I BOUGHT AND LOVED was
a This is Shit poster from Scott King Studio.
I saw it on Jeremy Deller’s Instagram, and
I bought one immediately. I am interested in
people who make protest prints and posters.
It was in the middle of lockdown, and it just
seemed so appropriate. It’s red with black
writing, and cost only £50. It’s wonderful.
AN UNFORGETTABLE PLACE I WOULD LOVE
TO GO BACK TO is Senegal. About two years
ago I went to Dakar with Oxfam and Bay
sportswear. There was just so much style.
When I was there, I found these almost
fluorescent, bubblegum-pink sheets and
pillowcases. I use them all the time. My
bedroom is a golden-yellow colour, and
these pink sheets look brilliant in it.
THE BEST BOOK I’VE READ IN THE PAST YEAR
is Ocean Vuong’s On Earth We’re Briefly
Gorgeous. He’s only 31 and he’s already
won the TS Eliot prize for his poetry. This
is his memoir about his upbringing with
his mother and grandmother, and it’s
completely spellbinding and devastating,
written in a detached way that is also
extremely compassionate. It’s one of the
best things I’ve ever read. I rationed it so
that I could have his voice in my head for
as long as possible. £8.99, penguin.co.uk
A RECENT “FIND” is an art dealer called
Richard Saltoun in Mayfair. They have lots
of artists from the ’60s, such as Colin Self,
whom I’m a real fan of. His work is really
odd and mesmerising. One of my friends,
who is an artist, was saying that he was much
A T-SHIRT
FROM FREUD’S
COLLABORATION
WITH KARLA
WELCH
admired by other artists – Francis Bacon,
David Hockney and my dad [Lucian Freud].
THE LAST MEAL THAT TRULY IMPRESSED ME
was one I made in an online cookery class,
by a charity called Migrateful that supports
refugees and migrants. I’m not an
adventurous cook – I eat a lot of bread and
cheese, put it that way. But I made this Sri
Lankan curry, with turmeric, cinnamon and
star anise, and it felt like a real breakthrough.
THE PODCAST I’M LISTENING TO is The
Ballad of Billy Balls by Crimetown. It’s
narrated by iO Tillett Wright, who’s a trans
writer and artist. The story is about a couple

FT.COM/HTSI 15
THE AESTHETE
Right: Drawings by Alasthair Thain (left)
and Lucian Freud. Second below: Freud at
home in London
SUSIE CAVE,
FREUD’S
STYLE ICON
SOMETIMES MY SON WILL
SEND ME A PHOTOGRAPH OF
THE EMPTY FRIDGE SAYING,
“WHERE’S THE FOOD?”
Above left: one of Bella’s father
Lucian’s jackets. Above: Debbie
Harry photographed by Andy
Warhol. Left: her photograph by
Hunter S Thompson of his wife in
Big Sur. Below: her This is Shit
poster by Scott King Studio. Above
far right: Bella Freud Signature
perfume, £85 for 50ml EDP
16 FT.COM/HTSI
in New York in the ’70s; the man gets
murdered, and it’s an unravelling of how
the whole thing happened. There’s a plot
twist that gave me goosebumps.
MY STYLE ICON is Susie Cave – we’ve been
friends since the ’80s. She is an intensely
feminine, private person who dresses quite
covered-up, but she draws everyone’s eyes
to her. She’s got an amazing figure and it’s
clad in these beautiful dresses that she now
designs. Every time I see her, I am bewitched
by her style and beauty – it never seems to
stop evolving. thevampireswife.com
THE LAST MUSIC I DOWNLOADED was a
Little Simz EP called Drop 6. Listening to
it is like being in outer space. I love music
that has good words, and this felt like a
message. I was really in the mood for it
and the rhythm was easy to absorb. It was
like someone got my DNA and found
something to match it.
THE BEST GIFT I’VE RECEIVED RECENTLY is a
care package from one of my
closest friends, Karma Nabulsi.
In it there was a bag of runestones
and a little box with Palestinian
embroidery on the top – we have
a charity together, called Hoping
Foundation, for Palestinian
refugee children. Inside that was a
tile with papier d’Arménie that you
burn to scent the room. There was
also a book called My Life by Giuseppe
Garibaldi. The bag was full of heavenly
things that meant so much to me.
hopingfoundation.org
I HAVE A COLLECTION OF photographs and
pictures. I don’t like the idea of collecting
anything, but I like the way these are all
together. I have some precious art that has
come my way via my father, and I’ve also
got some photographs. The first I ever
bought was by Hunter S Thompson –
it’s of his wife, naked, sitting on the edge
of a mountain in Big Sur, and you just see
the side of her body and she’s all golden.
There’s a dog sitting next to her, guarding
her. It’s like some sort of Greek myth.
IN MY FRIDGE YOU’LL ALWAYS FIND
Hellmann’s Mayonnaise. I’m really bad –
sometimes my son will send me a
photograph of the fridge with nothing in it
saying, “Where’s the food?” But we are both
obsessed with Hellmann’s. When I am
stressed, my appetite shrinks, but if I put
mayonnaise on something it opens it up.
I like to have it with everything.
THE GADGET I COULDN’T DO WITHOUT is my
iron. There’s something incredibly soothing
and calming about ironing. I read an
interview with John Galliano when he got
the design job at Givenchy,
and he was talking about this
machinist called Monsieur
Edmont, and he said, “He
might be a better machinist
than me, but I’m better at
ironing.” I thought, “Yes, I
knew this was an art form.”
THE LAST ITEM OF CLOTHING
I ADDED TO MY WARDROBE
is a swimsuit from Yasmine
Eslami. I met her at Vivienne Westwood;
she was just coming in as I was leaving.
She had the most amazing legs and wore
tiny miniskirts. She was like a French film
star – she didn’t say anything, but you
couldn’t take your eyes off her. She now
has a shop in Paris selling the most
marvellous underwear and swimsuits.
AN INDULGENCE I WOULD NEVER
FORGO is black coffee. But it doesn’t
feel like an indulgence; it feels like a
necessity and a right.
THE CLOTHING I’LL KEEP TO PASS ON are
my father’s old suits. He used to have his
things made at Huntsman, and some
of them are covered in paint. But they’re
really beautifully crafted. My son Jimmy
now wears them.
THE BEAUTY STAPLE I’M NEVER WITHOUT
is a perfume I made, called Signature.
It has an amber base. I put it on before I go
to bed, and it just softens me and goes
straight to my heart.
MY FAVOURITE ROOM IN MY HOUSE
is my bathroom. It’s got this striped
marble cut into huge tiles, and
these art-deco mirrors alongside
the bath instead of a splashback.
And then there are these ’70s
chrome consoles with a mirror that
I found in a shop called Gallery 25
in Belgravia. Maria Speake, the interior
designer whom I work with a lot, turned
them into a huge double table. It gives
me so much pleasure every time I see it.
MY BEAUTY GURU is Joanne Evans, who
I’ve been going to for 15 years. She’s the
most genius facialist and now has her
own place on Portland Road called Skin
Matters. I fall asleep half the time, and
when I wake up it’s as if she’s waved a
magic wand. There are other specialists
who work there as well, such as Nubia
Dantes, who gives an amazing Brazilian
massage that is anti-cellulite, and they
do vitamin infusions as well.
MY FAVOURITE WEBSITE is the Interference
PHOTOGRAPH: © 2020 THE ANDY WARHOL FOUNDATION FOR THE VISUAL ARTS, INC./LICENSED BY DACS, LONDON
Archive. It’s a little museum in Brooklyn
that has an archive of protest literature,
pamphlets, posters and papers from
everywhere from Palestine and Cuba to
punk, gay rights and the anarchist
movement. I’ve been to the actual place
a few times, but I go on the website often,
just to have a look.
THE ONE ARTIST WHOSE WORK I WOULD
COLLECT IF I COULD is Manet. I particularly
love the ones of the bullfights – I find
them so affecting. When I was trying to
find out what paintings I liked as a
teenager, it was like they came and got
me. There is something about real life
and romance in them, and things being
unlike anything else.
WITH TIME ON MY HANDS , I have been
learning Arabic. When I was a child, I lived
in Morocco and used to speak it fluently.
My son is learning Arabic at the moment,
and one day he asked me to help him with
his homework, and I couldn’t, so I thought
I would start learning again.
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 THE FIX

J E W E LLERY

STAR
POWER
Louis Vuitton is entering the space race with
a high-jewellery expedition to the planets,
writes Vivienne Becker
PHOTOGRAPHY BY BENJAMIN BOUCHET
STYLING BY EMMANUELLE R AMOS
MODEL K ATHARINA DIEDRICH

I
t’s as old as civilisation: the connection
of jewels to the heavens, and the belief
that planetary forces can govern our
fate. While the folklore of the moon’s
influence has long been ingrained in
popular culture, compelling evidence now
exists to show that the lunar cycles do indeed
affect our sleep patterns and mental health.
It’s this forever interest in celestial
themes that Louis Vuitton is tapping into
with its new high-jewellery collection called
Stellar Times. Conceived and created by
Francesca Amfitheatrof, the house’s artistic
director for jewellery and watches, the pieces
link stories of the ancient past to the more
recent space race, and the results are a starry
expedition to the planets – and beyond.
Amfitheatrof says
“HOLDING she came up with the
GEMS IS THE idea last year while
CLOSEST YOU watching the 50th-
CAN BE TO THE anniversary celebrations
BIG BANG” of the first moon landing,
and realising that while
exploration had been frozen for a long
time, a new spate of private space travel
companies – including Elon Musk’s SpaceX
– had made it feel “very much of the now”.
The whole concept, she felt, was close to
the spirit of Louis Vuitton – its sense of
exploration, discovery and adventure. Above: Louis Vuitton Stellar Times sapphire, emerald, diamond, platinum
“I also realised that the first person to step and white-gold Planète Bleue necklace, POA. Top left: Louis Vuitton Stellar
Times emerald, sapphire, diamond, black opal and white-gold Céleste
onto Mars could be a woman,” she says, ring, POA. Right: Louis Vuitton Stellar Times oval-cut spessartite garnet,
adding: “Women make the best astronauts.” diamond, platinum and yellow-gold Cocktail ring, POA

FT.COM/HTSI 19
THE FIX

emerald for Planète Bleue, Earth; heavenly
light-green-blue indicolite tourmaline for
Apogée; or a hazy, melting watercolour-
toned constellation of coloured spinels for
Interstellaire. Amfitheatrof says it was
about “painting with gemstones”, adding
that she was fascinated by their geological
origins, and how they act as Earth’s building
blocks. “Holding diamonds and opals is the
closest you can be to the Big Bang,” she says.
These colours were then transformed
into sculptural jewels – 90 pieces in total
– which are graphic, sleek and contemporary
yet infused with the majesty of the planets.
Sapphires, representing Lune Bleue, the
blue moon, are cradled in diamond-set
crescent motifs for earrings; otherworldly
black opals, representing Céleste, are
enhanced with emeralds and sapphires in
a ring; while radiant yellow sapphires and
burnt-orange spessartite garnets, capturing
the sun for Soleils, are tiled with diamonds
into a towering cocktail ring.
Amfitheatrof has also incorporated Left: Louis Vuitton
Stellar Times
the exclusive LV diamonds, custom-cut in indicolite
the shape of the maison’s flower and star tourmaline,
monograms: a little scintillating star perched tanzanite, diamond
and white-gold
on the edge of Planète Bleue emerald Apogée ring, POA.
earrings. This Vuitton jewellery signature, Louis Vuitton wool
jumper, POA.
and the whole collection, points to the
Below: Louis
company’s big push onto the upper echelons Vuitton Stellar
of high jewellery – the innermost sanctum Times indicolite
tourmaline,
of the diamond world – highlighted by the tanzanite,
house’s high-profile acquisition this year of aquamarine,
the 1758 carat Sewelô diamond, the second- diamond and
white-gold Apogée
largest rough-gem diamond in the world. earrings, POA.
Amfitheatrof thrives on the balance Louis Vuitton
cashmere
between taking jewellery and gems seriously
rollneck, POA
yet simultaneously debunking the po-
facedness of high-jewellery itself. “This is an
exciting moment for Louis Vuitton jewellery,”
she says. “There’s a lot of energy coming
from the house, a different rhythm. We can
push tradition out of the way because the
brand has a cheekiness that gives us freedom
to be bolder, more graphic, ensure jewellery

Gender politics notwithstanding, Stellar
Times fuses art and science, the rational and
instinctive, the physical and metaphysical.
Amfitheatrof wanted the collection to explore
the mysteries of the universe, to conjure a
feeling of wonder and awe
“MY AIM WAS – as if felt by a child
MOVEMENT, stargazing for the first
FLUIDITY time. “The effect it has
– TO CREATE on you, when you try to
MAGIC” comprehend the vastness
of the cosmos and our
place in it – it’s impossible to grasp.” In her
characteristic method-acting-type process,
Amfitheatrof studied the solar system, the
colours of gases and how the Milky Way
acts as a nursery for newborn stars. She
also researched how sailors once navigated
by starlight and how precious metals were
born from galactic explosions. She also
Louis Vuitton Stellar
listened, entranced, to Brian Cox for hours.
Times emerald, Colour and light are the guiding stars of
sapphire, black the collection, with different gemstones used
opal, platinum and
white-gold Céleste to represent seven different themes: ruby for
earrings, POA Astre Rouge, the red planet; sapphire and
T
has a connection to fashion and femininity.
o create the effect of cosmic We’re very keen for jewellery to progress; it’s
luminosity, the collection plays no longer about status. We want jewellery
with cuts of diamonds, making and high jewellery to be worn, enjoyed,
extensive use of baguettes to to reach out and speak to women.” As
generate the impression of with the Stellar Times collection, she wants
dynamic movement. The Lune Bleue her pieces to reach for the stars.
collar, for example, balances a streamlined
silhouette with curvaceous volume,
achieved by layers of baguettes stacked
around a central sapphire, like a sunlit
cloud drifting around the neck. The
diamond-set structures of sumptuously
bombé-shaped rings, topped with single
stones of arresting colour, are traced in
fine geometric lines that also cunningly
incorporate the LV initials. The necklaces,
in particular, demonstrate a modernity
and fluidity that departs dramatically from
the usual stiff formality of high-jewellery
centrepieces; the Planète Bleu necklace
is a strikingly simple band of baguette
diamonds centred on a single emerald, from
which streams a tapered, cosmic trail of
baguettes ending in a drop-shaped sapphire
to nestle in the décolleté. The design, says
Amfitheatrof, is intended to capture the
equilibrium on Earth between water and
vegetation, while the elongated baguettes
shimmer like moonlight on water.
Amfitheatrof worked closely with the house’s
atelier to ensure the pieces retained some
movement. “My aim was to lighten the
jewellery, so that it becomes part of the body,
with movement, fluidity. To create magic.”

AC C ESSORIES
PIPPA SMALL

Lunar orbit
NINA RUNSDORF moonstone and yellow-
ELIZABETH
moonstone and gold First Frost torque
GAGE blue
white-gold necklace, £6,500
moonstone,
Clair De Lune
diamond and
earrings, Moonstone jewels to swoon over. By Rosanna Dodds gold earrings,
£12,750
£12,000
The Romans believed that moonstone, with its
BOODLES
moonstone, curious glimmer, was made up of frozen moonlight.
diamond and Known by gemologists as adularescence, the stone’s
white-gold BUCHERER FINE JEWELLERY
OLE LYNGGAARD unearthly gleam led others to deem it sacred – a
Seascape orange moonstone and
COPENHAGEN physical embodiment of the Mother Goddess herself.
earrings, yellow-gold Lacrima
blush moonstone BROOKE
£16,000 Such romanticism has been debunked in recent ring, £890
and yellow-gold GREGSON
Dew Drops years, but moonstones are still finding relevance moonstone
earrings, in contemporary designs. The striking stone – which and gold
£1,750 comes in grey, peach, brown, white and blue – has Ellipse Halo BOGHOSSIAN
been immortalised in myriad ways, from diamond- ring, £2,400 sugarloaf
CASSANDRA moonstone,
GOAD moonstone studded cuffs to punky hoop earrings. Even emerald
and yellow-gold sceptics might find something to take home. and diamond
Severine ring, £5,495 bangle, POA

20 FT.COM/HTSI
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DEST
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h ruin of the old.

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THE FIX

OKA Pahlavi CHLOÉ dress,

cushion, £55 £2,365

GIORGIO ARMANI
backpack, £1,400

GIANVITO ROSSI
Poppy sandals, £620,
matchesfashion.com
SIMON CARTER
cufflinks, £50

THE UPSIDE Bandana

Dance sports bra, $79

ETRO trousers,
£1,150

S HO P P I N G

PAISLEY
DIOR shirt,
£1,000
AGENT PROVOCATEUR
Mirabelle lingerie, bra £125,
briefs £85 (available to buy

DAZE
from 16 October)

This season’s hot print packs

a punch. Raphaëlle Helmore
HERMÈS and Clara Baldock
Les Cles
140cm
bandana, JW ANDERSON
£880 scarf, £145

CABANA
MAGAZINE
Batik napkin, GUCCI
£65 (set of four) kaftan,
£1,350
THE RUG
COMPANY X
PAUL SMITH
rug, from
£2,456

LOUIS
VUITTON
Matador
jacket,
POA

MARCOLIANI
socks, £20,
mrporter.com SALVATORE
FERRAGAMO
tie, £140,
selfridges.com
FENDI PIERRE HARDY
FF Baguette Ollie sneakers,
bag, £2,190 €475

22 FT.COM/HTSI
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THE FIX THE FIX
an ultra-slim wristwatch connected to the
Kingsman franchise, inspired by its 1907 Far left: Gucci
Liberty a/w
“Couteau” pocket watch. In the Paris of
’20. Left: tie,
Proust, Boni de Castellane and Robert de £160. Below:
Montesquiou, these knife watches – so shirt, £800
svelte they almost vanished into thin air
when viewed edge-on – were a dandy’s
delight. As the next instalment of Kingsman
is a prequel, set in the early 20th century,
watch-obsessive Matthew Vaughn has
seen a chance to revive the model for
the wrist with a “bow” and winding
PARMIGIANI crown at 12 o’clock in recognition of its
FLEURIER steel pocket-watch origins.
Tongadraph GT,
As consumers become more informed
Left, clockwise from €19,500
WATC H ES
and event-led marketing goes on hold,
top: a vintage Rolex
steel Cosmograph watches created with enthusiasts and sold

TRADING
Daytona. AUDEMARS online (the JLC Kingsman watch was first
PIGUET rose-gold Royal
Oak, £37,600. OMEGA
launched on Mr Porter) have taken on
Seamaster Diver 300M increased significance, particularly as

FACES
007 edition, £7,930. specialist editorial outlets work with
TAG HEUER steel C O L L A B O R AT I O N
Carrera Elegant manufacturers to create limited editions.
Watch magazine website and retailer
Liberty belles
Chronograph, £4,395
Revolution recently collaborated with
In a year of major volatility some or the new minute repeater Ref 5303 Hanhart watches and The Rake to create a
watch brands still saw big arriving in stores this autumn. timepiece inspired by the Hanhart Ref 417 Gucci has created a collection brimming
Brands with authentic watches have Steve McQueen wore during the 1964 ISDT with British quirk and Italian maximalism,
successes. Nick Foulkes suffered less during Covid-19. Demand off-road motorcycling trials, which it writes Rosanna Dodds
looks at the market leaders remains high in primary and secondary bundled with a historically correct Belstaff

L
markets for the Gérald Genta-designed Trialmaster jacket. iberty started out as an outfitter for the avant-

T
here are clearly human desires
so profound that it takes more
than a global pandemic and the
wholesale changing of our way
of life to derail them. For some
of us it would seem that the need, the
overpowering instinctual need, to buy
watches was more potent than other more
basic instincts. I read, write, talk, think and
daydream rather a lot about watches, but
even I was impressed when I heard from
Danny Pizzigoni, founder of the vintage and
secondary-market dealer Watch Club, that
at the height of lockdown he was getting
calls from customers desperate to buy
and even conducting socially distanced
deals in their back gardens.
Manufacturers closed, shops shuttered,
travel at a standstill, global lockdowns in
place, the thundering hooves of the four
horsemen of the Apocalypse clearly audible…
and people still wanted to buy watches.
In mid-August the watch industry
received some welcome news when shares
in the Watches of Switzerland group jumped
by 24 per cent. As well as its flagship
multibrand retailer Watches of Switzerland,
the group comprises Goldsmiths, Mayors
and Mappin & Webb, and has expanded
to the end of July, sales had dropped
by 28 per cent. It is a mark of the
strangeness of the times we are
living through that a drop in sales is
rewarded, almost point for point, by a
corresponding percentage rise in the
value of the company – but under the
current circumstances keeping the sales
dip below 30 per cent was little short of
heroic, a labour of Herculean scale. The
Royal Oak by Audemars Piguet. Even
though the octagonal masterpiece is now
heading for its 50th birthday, it continues
PATEK PHILIPPE
to define the Le Brassus-based brand and rose-gold Ref
offers a highly recognisable showcase for
5303R-001, POA
its expertise in high watchmaking.
TODAY, MORE THAN EVER , the market is
characterised by certain hot models.
Omega’s Speedmaster shows no sign of
slowing down. I have lost count of the
number of special and limited editions of
the Speedy, but its popularity continues
to grow, as does its credibility, due in
great part to CEO Raynald Aeschlimann,
who has done much to enhance the
quality of the product with the demanding
and independently administered METAS
certification. “People want legitimacy and a
watch that has an intrinsic value for them,
THE FOUR authorised dealers of their messaging, the consistency of whether financial or emotional,” says
HORSEMEN are prohibited from their business approach and, more Aeschlimann. “People are less able to go
OF THE selling online, the importantly, the consistency of their out and show off their watches, so they are
APOCALYPSE company was taking support for their business partners over looking for more than just the latest thing
WERE CLEARLY orders on Rolexes the decades have led to the desire of their to wear on the wrist: something with a ROLEX white-gold
AUDIBLE… and steel Datejust
throughout lockdown partners to ensure they succeed.” deeper value, such as the 321 Speedmaster, 41, £7,750
AND PEOPLE
for collection in store Tay’s observations bear out what which we began to deliver in July.”
STILL WANTED TO
once shops reopened. Philippe Stern, the paterfamilias of Omega is also benefiting from
BUY WATCHES
As a result, the Patek Philippe, told me earlier this year: having taken a collaborative and proactive
existing waiting lists trade and customers alike appreciate position in the development of its Bond
“PEOPLE ARE “Great watches don’t
LOOKING FOR have to come at high
MORE THAN prices,” says Revolution
JUST THE founder Wei Koh.
LATEST THING Watches on the
TO WEAR ON
market were conceived
THE WRIST”
before Covid struck, but
the ones that capture the
attention are those that offer authentic
watchmaking that is appropriately priced.
In my opinion, Jaeger-LeCoultre hit a
bullseye when it offered the classic
chrono-calendar-moonphase combo in
steel. Similarly interesting was Parmigiani
Fleurier’s foray into the bracelet sports-
watch market with its Tondagraph GT
Chronograph annual calendar. For years
Parmigiani has been known for high quality
and high prices, and now it offers a sensibly
priced, complicated steel sports watch with
haute horlogerie credentials. “I could not
have expected such a response, let alone
during Covid,” says CEO Davide Traxler. “I
wanted the most popular complication, the
chronograph, and the most practical one,
the annual calendar, in the most readable
fashion with the big date.” A gold version
with an integrated chronograph movement
and bigger date appeared in September, and
Traxler said he has received calls from
garde – “the chosen resort of the artistic
shopper”, as Oscar Wilde once described it.
Nearly 150 years later, the department store is a
London landmark, and its famed prints – of which there
are some 45,000 – represent Britishness the world over.
These vast fabric archives were an inspiration for
Gucci creative director Alessandro Michele, who
collaborated with Liberty this season on a capsule
collection that debuted with the house’s menswear
show in January. Michele selected little-used prints
and transformed them into pieces that melded grunge,
whimsy and kink: smocked mini dresses with contrast
collars; patchwork shirts with self-fabric bows; an
oversized, sporty puffer jacket; and an ensemble suit
with matching tie. Naturally the collaboration isn’t short
of hit accessories, including caps and bucket hats
printed with an art nouveau-style Gucci Liberty logo, as
well as sneakers and Gucci’s 1955 Horsebit bags. Had
Arthur Lasenby Liberty and Michele met in 1875, this
would surely have been the resulting collaboration.
What is it that makes Liberty, particularly its floral
designs, so perennially popular? Sonnet Stanfill,
senior curator at the V&A, puts it down to its
“association with romanticised notions of
Englishness”. Indeed, Michele’s selection
– “designed by artists between the 1910s and
the 1930s”, according to Liberty archivist Anna
Buruma – epitomises British eccentricity,
melded with his own brand of Italian
maximalism. His intention was to convey
the sense of recalling a memory from the
past – as with much of his work, Michele

ILLUSRATIONS: CARLO APOSTOLI. WILLIAM LUZ (2). PHOTOGRAPHS: EYE-STOCK/ALAMY

across the Atlantic with key sites in Las group actually rallied to a 7.4 per cent
Vegas and New York’s Hudson Yards. year-on-year increase in July and CEO
The reason for the dramatic surge in its Brian Duffy expects to be five per cent
share price was that, for the three months up at the end of the fiscal year.
The Watches of Switzerland results
bear a little unpacking. With stores closed,
trading hours slashed and footfall down
dramatically, especially at key duty-free
airport sites, online sales soared – during
lockdown, ecommerce sales almost
doubled. Indeed, retailers across the
industry became increasingly creative
using Zoom (inevitably) and hosting
virtual client presentations from swiftly
prepared in-store studios.
HANHART x
REVOLUTION Particularly telling in the case of
AND THE Watches of Switzerland is that more than
RAKE BRONZE
417, $1,900 half of the retailer’s turnover is generated
by a single brand: Rolex. Although Rolex’s
for trophy models have been expanded to
include once-readily available watches,
even the Datejust. The frenzy once
attached to such pieces as the 2018
steel GMT with Jubilee bracelet and the
Cosmograph Daytona now surrounds the
brand in general, marking the acceleration
of an underlying trend that Singapore-
based Michael Tay, group managing
director of the leading Asia-Pacific watch
retailer The Hour Glass, describes as
the flight to quality.
“What was very clear going into this
was that the strong brands were going to
withstand the shock of Covid,” Tay
explains. “Brands such as Rolex and Patek
Philippe have gained tremendous ground
during this period and it’s really at the
expense of everybody else. The consistency
consistency and quality. watch. Instead of simply placing a product
Neither Rolex nor Patek Philippe is on 007’s wrist, it designed an entirely new
precipitous in its actions. It is significant piece. When introducing this watch in
that these twin pillars of the upper end of these pages earlier this year, I observed
the market do not sell via ecommerce – that it was the sort of thing that did not
although in a bid to help its dealers, need a Bond film to sell it, little thinking
Patek did relax its rules for a few weeks at at the time that this assertion would
peak lockdown by permitting authorised soon be tested as the spring release of
dealers to sell online (but not to No Time To Die became another Covid
promote online sales). casualty. “We have back orders in the
Nor does either brand have to keep thousands, even though the film is
stock markets happy, so they can six months late: the release date is now
concentrate on keeping their clients 12 November,” says Aeschlimann. “They
happy instead. There is demand right don’t wait to see the movie; they want the
across the board for Patek’s carefully watch now. Demand has been constant.”
conceived watches, whether the time-and- A similar sort of intelligent and JAEGER-
date steel Calatrava Ref 6007A released at authentic watchmaker-filmmaker LECOULTRE gold
Master Ultra Thin
the beginning of the summer to mark the collaboration has taken place at Jaeger- Kingsman Knife,
completion of its new production facility, LeCoultre, where the house is presenting £26,900
looks forward by looking back.
distributors who have never worked with
Parmigiani Fleurier before as a result.
Far left: a look
Demand is also high for TAG Heuer’s from Gucci
new smartwatch, launched days before the a/w ’20. Left:
UK lockdown by the brand’s new CEO Gucci Liberty
cap, £260
Frédéric Arnault, whose appointment in
the middle of a global crisis is welcome
indication that the Arnault family is serious
Right: the
about its involvement in the watch industry. art-nouveau
His launch this autumn of a new Carrera is logo on a
wallet, £575
likely to focus further attention on the brand.
If this all sounds Panglossian in its
optimism, do not be deceived. These are far
from easy times for the watch industry, Left: Gucci Liberty
even for those brands with strong backers, trainers, £500
strong stories, strong retail support and
a strong value proposition. But, if the past
few months prove anything, it’s that
collectors remain passionate.

24 FT.COM/HTSI FT.COM/HTSI 25

ST YLE
SMALLS
CHANGE
Will owning a year’s supply of made-to-
measure underwear put Alex Bilmes
on the path to the palace of wisdom?
HAMILTON AND
HARE BOXER
Or is it just a load of pants?
PHOTOGRAPHS: PIXELATE
SHORTS (SET OF 20),
FROM £1,650
T
he road of excess, felt William
Blake, leads to the palace of
wisdom. It’s a line long quoted by
hedonists to justify their chronic
overindulgence. Shopaholics too.
Blake continued, sounding as much like
a chastened lottery winner as a visionary
Romantic: “You never know what is enough
until you know what is more than enough.”
How about monogrammed made-to-
measure underpants in a cashmere blend,
I wondered to myself on the hottest day
of the decade as I stood, trouserless, on
the shopfloor of a Marylebone menswear
boutique, having my bum tape-measured
by a charming man named Nic who was
wearing a protective face visor, and frankly
who could blame him? Are monogrammed
made-to-measure underpants in a cashmere
blend more than enough? Only one way, pace
London’s great hallucinator, to find out.
Navigated by Uber, my road of excess
on this occasion led not to a grand palace
of wisdom but rather a modest temple to
luxury. Hamilton and Hare is a small but
airy shop – blond wood and white-brick
walls – on Chiltern Street, the second most
important address in London for men’s
style snobs after the obvious one that
everyone has heard of, even those who
have never had anything made-to-measure,
let alone their smalls. (I know these people
exist; I used to be one myself.)
Confession of chronic overindulgence:
I am a man not unaccustomed to being
fitted for his clothes. Not that I’ve had
much cause to wear them lately, but
I own multiple bespoke suits, bespoke
blazers, bespoke shirts, bespoke shoes,
bespoke spectacles. Even so, until I heard
of Hamilton and Hare’s new service
– 20 pairs of made-to-measure boxer
shorts, from £1,650 – I had not
considered consulting a tailor about my
unmentionables. Not once in my life had
it ever occurred to me to commission
my kecks. With what I now can see was
quite a stunning lack of imagination
I have, for as far back as I can remember,
bought my pants from Calvin Klein in
packs of three. Not that you really need to
know this but I favour a boxer brief, and
I’ve always found they do the job tolerably
well, being neither too snug nor too roomy,
too balmy nor too breezy. They might not
look like much – but then, who’s looking?
HAMILTON AND HARE WAS FOUNDED in
2012 by Olivia Francis, a former account
director at M&C Saatchi, the advertising
agency, who spotted a gap in the market
for premium men’s underwear. “I really
do think underwear is important,” she
told me over coffee, once I’d put my
trousers back on. “And it just seemed to
have been so overlooked. For women
there are beautiful brands and stores,
and the process of buying underwear is
pleasurable. That just didn’t exist for men.
So I sat on that for a while,” she continued,
no pun intended, “and eventually I was
like, ‘I’m going to do it.’”
She started with boxer shorts. “It’s
something that literally hadn’t been
touched since the 1920s,” she said. “No
one had thought about it.” Boxers, she
learned from male friends, were often
uncomfortable to wear. And they didn’t
work with slimmer trousers. With the help
of a tailor she came up with a better boxer.
“We obsessed over every detail until we
got it where we wanted it, but the basic
idea was to have a back seam, so it’s
constructed more like a trouser rather
than the old nappy shape.”
I don’t think I’ve worn boxer shorts
since I was a preteen, trying – tragically
– to mimic sexy Nick Kamen in the
famous Levi’s laundrette commercial.
(Google it, kids.) Why would I wear them
now? “Because if you’re wearing a suit,
the boxer short has a tailored cut that
follows the line of your trousers,” Francis
said. “It’s less revealing. And it’s cooler
and airier. But a lot of that is fit.”
THE FIX
Hamilton and Hare now also offers
boxer briefs – “particularly good under
jeans because jeans are quite heavy and
boxers tend to get a bit crumpled” – as well
as briefs, trunks, sports trunks, pyjamas
and “loungewear”. But only the boxers are
available made-to-measure.
To put it bluntly, unless one were
in some way misshapen, or really quite
spectacularly blessed/cursed, why on earth
would a man need made-to-measure
underpants? “Why do you need made-to-
measure anything?” Francis asked me. “It
delivers a better product. My initial brief
was ‘How do we make the best boxer short?’
The answer is: you should tailor it to each
individual body shape. There are people out
there who do have slightly odd body shapes
where this is very relevant. So yes, it’s
catering for those people.
“WITH A QUITE But, also, if you have
STUNNING made-to-measure suits
LACK OF or made-to-measure
IMAGINATION, shoes – or made-to-
I’VE ALWAYS measure anything
BOUGHT PANTS – but your underwear
IN PACKS doesn’t fit properly,
OF THREE” what’s the point?”
The process is
straightforward: I was fitted in a standard
pair of H and H boxers (size medium, thanks
very much for asking). Nic judged that we
should take a little from the seat and shorten
the leg just a touch. These changes were
noted down by his elegant colleague, Harlee,
who was sipping iced coffee through a
straw – and, again, who could blame her?
I stroked swatches, weighing textures
and patterns. I went for a combination:
15 pairs of midweight cotton boxers,
five each in pale pink, a thin blue stripe,
and a bolder blue stripe. Then two sky-blue
pairs in a silk-cotton blend for very hot
days. Two navy pairs in a super-soft
cashmere blend, for winter. And most
spoiling of all: a piqué-textured pair in
white, for wearing with black tie. If that’s
not the definition of lucky pants I don’t
know what would be. For buttons: corozo
nut, rather than mother-of-pearl. And,
yes, my initials to be stitched into one
pair of each style, because the editor
of this magazine insisted. (Infra dig,
I’m afraid. But she’s a bit like that.)
I went back a fortnight later and Nic
made further adjustments to a prototype
pair he’d had made for me, even though, to
my mind, he had achieved perfection at his
first attempt. The pants fit like a dream.
Some weeks later a large box arrived with
my name on it. Too much? More than
enough? Or just right?
William Blake, to wrap up this pants
story with a pretty bow, was born a short
walk from Hamilton and Hare, in the flat
above his family’s hosiery shop in Soho.
The Blakes sold “wool-knit stockings,
caps, vests, wainscots and undergarments
for both men and women”: loungewear,
avant le lettre. So there’s every chance Blake
really did have his pants made-to-measure.
I like to think so, anyway. It’s what all we
Romantic visionaries do.
Alex Bilmes is editor-in-chief of Esquire
FT.COM/HTSI 29
 THE FIND
S M ART I N V ESTM EN T

Wax candlesticks that

make scents
EDITED BY CLAR A BALDOCK
PHOTOGRAPH BY ANDY PRICE

Loewe wax
candlesticks in
fragrances from
tomato leaves to
juniper berry, £68
each, loewe.com

FT.COM/HTSI 31
THE FIX
A RTS
SAATCHI 2.0
A new Cork Street gallery is putting one
of the art world’s most famous names
back in its axis. Phoebe Saatchi Yates and
Arthur Yates explain their plans to create
a new sensation. By Francesca Gavin
PHOTOGRAPHY BY GABBY LAURENT
T
he Renaissance might
never have happened
without the Medici, the
dynasty of Italian princes,
merchants and bankers
who embedded the
15th-century concept of
patronage in society, and commissioned
artworks that illustrated their intellectual,
humanist and poetic interests.
Six centuries later, Phoebe Saatchi
Yates could claim the same pedigree. Her
father, Charles Saatchi, is one of the biggest
art patrons of the late 20th century. His
patronage of the Young British Artists in the
1990s thrust British art onto a global stage,
and transformed the advertising executive
and his artists – among them Damien Hirst
and Tracey Emin – into the most influential
cultural figures of their day. This autumn,
however, Saatchi Yates and her husband,
Arthur Yates, are taking things in a slightly
different direction. Instead of amassing art,
they are selling it – opening a contemporary
art gallery in the heart of Mayfair.
Work and pleasure have often overlapped
for the couple, who met eight years ago
through mutual friends and were married
last summer in Lake Como, Italy. “We’re
very co-dependent,” says Yates, 29. “We work
together a lot. We live together. I’m sure
there’s some kind of disorder that we’ve got
going on.” But, he counters, “it really works.”
This is not their first entrepreneurial
venture. In 2008, while at King’s College
London, Yates started a fashion business,
supplying clothing to high-street retailers.
Right: Saatchi Seven years later, he launched the high-end
Yates and Yates
outside their new
embroidered shirt brand Bruta, for which
Cork Street space. Saatchi Yates was company director. Loved
Below: Saatchi by both the fashion and the art crowd,
Yates with her
father, Charles Bruta was stocked in Dover Street Market
Saatchi, in 1999 and Liberty. But the couple stopped
working on the project two
years ago to focus on art.
Saatchi Yates studied
at film school, but,
unsurprisingly, she has long
felt art a better fit. “I didn’t
just want to go into it
automatically,” she says of
following her father’s giant
footsteps. “I wanted to come
to it on my own.” Even so,
work experience wasn’t hard
GUTTER CREDIT
to come by. Since 2017, the
pair have been working at
the Saatchi Gallery, managing
32 FT.COM/HTSI
the collection across all its departments and
increasingly playing the role of art adviser
to Charles. “Phoebe has been in training for
25 years,” says Yates, of his wife’s prodigious
art-world knowledge. In the past five years,
he adds, “We’ve met some of the world’s
best collectors and institutions.” It’s been
invaluable in building connections so that
they could set out on their own.
The couple are not lacking in ambition.
Their gallery, Saatchi Yates, is opening
on Cork Street, a road that has been
associated with art dealers since the
early 20th century, and where galleries such
as The Mayor Gallery, Waddington Custot
and Robert Fraser have staged boundary-
breaking, game-changing art shows. Peggy
Guggenheim opened her Guggenheim
Jeune art gallery at number 30 in 1938,
with the inheritance she received after
her mother’s death. She went on to host
shows by Jean Cocteau and Kandinsky.
Guggenheim is an obvious role model
for Saatchi Yates: a collector who was also
equally involved in promoting and selling
works of art. But the pair name-check the
New York dealer Leo Castelli, who died 21
years ago, as their most powerful influence.
Castelli, arguably the most important
gallerist of the past century, created
shows in the 1960s and ’70s with abstract
expressionist and pop masters including
Robert Rauschenberg, Jasper Johns and
Andy Warhol, among others, before
having a second wave of influence with
Julian Schnabel and David Salle a decade on.
“He sounds like the perfect art dealer.
He didn’t screw anyone over, was loved
by everyone, had a great time, and was
very good at his job,” says Saatchi Yates.
“He really maintained the whole charm
of the art world, yet the innocence of the art
world,” Yates agrees. “That’s something we
really want to replicate: Castelli elegance.”
The gallery, 10,000sq ft situated
opposite the new Richard Rogers-designed
residential development and the gallery
THE FIX
arcade linking Cork Street and “ THE DAYS to major ones. Their
Old Burlington Street, will be OF GOING focus initially will be
one of the largest in the West TO EAST on painting, which is
End, outsized in scale only by AND SOUTH a medium that most
the likes of Hauser & Wirth, LONDON TO appeals to their clients,
with its 15,000sq ft double- DISCOVER and a rich seam for
exhibition corner space
NEW ARTISTS
emerging art.
ARE OVER”
on Savile Row. Rather than When it comes to
mimic the clean, modern the secondary-market
exteriors of other galleries, element of the business, Charles Saatchi has
however, Yates is pleased that their been an adviser, but Saatchi Yates is adamant
gallery looks “romantic” from the that they won’t be working directly with his
street with its historic façade. collection in their space. As well as hosting
The gallery aims to create presentations of major works by leading
a new focus on emerging artists postwar and contemporary artists, including
in the heart of London. “We’re Yayoi Kusama, Robert Motherwell, Anselm
looking to make the difference,” Kiefer and Christopher Wool, private sales
explains Saatchi Yates. “We want to will be consigned from other collectors they
show cutting-edge, breakthrough have relationships with. “We work with
work in the centre of art land.” The established collectors around the world. But,
main ground-floor space will show in the same way we are trying to champion
contemporary, previously unseen new artists, we are equally interested in
work, while the lower ground will cultivating a new generation of art collectors.
focus on secondary-market sales The two need each other to flourish.”
garnered from private collections. While early signs are that the London
“We wanted to build gallery scene is proving more robust in
something very alien to Mayfair,” a post-Covid world than other commercial
Yates continues, as the art capitals – such as New York City,
conversation ping-pongs between their which has seen several gallery closures
points. “The days of going to east – opening a commercial arts venture during
London and south London to discover a pandemic is a bold move. “[People say]
new artists are kind of over.” are you completely mad?” Yates laughs. The
C
duo’s space is the first big London gallery
entral London is certainly to launch since the lockdown, even though
re-emerging as a centre for they have been working on the project for
gallerists who want to show three years. The pair see it as an opportunity
work by emerging artists. to break the rules and do things in a new
Stuart Shave Modern Art way. As Saatchi Yates observes – inverting Above left: Arthur
Yates and Phoebe
recently closed his east the motto of her father’s one-time ad Saatchi Yates on
London arts hub on Vyner Street (though agency rival, BBH – “Why don’t we zig Cork Street. Below:
he is keeping his second Clerkenwell when they zag”? ■ HTSI Play2, 2018, by
Pascal Sender,
gallery), and has opened a gallery on Bury Saatchi Yates opens on 15 October at 6 Cork one of the gallery’s
Street in SW1 with Martha Jungwirth. In Street, London W1. saatchiyates.com first artists
the West End, there’s Josh Lilley; and Pilar
Corrias is in Bloomsbury. But Mayfair itself
has always been more associated with
blue-chip artists and galleries. Lisson
Gallery opened a third London space on
Cork Street just a week ago. But Saatchi
Yates wants to create a new landscape. Says
Yates: “We want to have a platform for
young artists and radical new art.”
The gallery’s first exhibition is by Swiss-
born artist Pascal Sender, who studied
under Peter Doig in Dusseldorf. Sender’s
work (from £50,000) is a futuristic, digitally
infused take on painting. Think Duchamp’s
Nude Descending a Staircase No. 1, spilling
out into three-dimensional planes. The duo
discovered him in “a small, random corner
of the internet”, live-streaming his work to
a devoted digital community. “We just
thought this was just so strange, so bizarre,
that it’s got to be good because it’s so
original,” Yates explains.
While they won’t reveal other artists
in their roster just yet – aside from
saying their second exhibition will be a
four-person show by French artists, titled
Allez La France – they do say that they
have discovered most by chance, through
friends, and via social media. “Looking
in the wrong places”, as Yates puts it, as
opposed to graduate shows or smaller
galleries which traditionally “feed” artists
FT.COM/HTSI 33
CHRONOMAT

Let’s
torque
A City lawyer and a Kent engineer
have fettled 10 classic cars since 2012,
and they’re roaring for more.
By Jonathan Manning
PHOTOGRAPHY BY HARRY MITCHELL
F
or James Anderson, converting the posters
on his childhood walls into wheels on his
driveway has become a consuming passion.
A partner at international-law firm Skadden,
Anderson has spent the past eight years
assembling a dreamy fleet of vintage and
pedigree cars from makers such as Aston
Martin, Ferrari, Bentley, Jaguar and Maserati. All were
manufactured between the 1960s and the early Noughties –
the era before computers gained supremacy over mechanical that the restorations often cost £50,000 and up. “I drive
engineering, when cars were panel-beaten into existence.
“Each one has to satisfy three criteria,” says Anderson.
“It has to be physically beautiful, it’s got to be a driver’s
car and it needs to be unusual – to have that X factor.”
His 1979 Aston Martin V8 Vantage certainly has star
quality: when the four-seater rolled off the production
line in 1977, it was arguably the world’s first supercar,
capable of a Lamborghini-beating 170mph. Anderson
purchased his model in 2016 from Buckinghamshire
specialist Desmond J Smail, but it was brought back up
to speed by mechanic and classics specialist Jonathan
Rose, who runs a car-storage facility near Tunbridge Wells
on the Sussex-Kent border.
“I was introduced to Jonathan by a fellow partner at
Skadden back in 2012, and I was bowled over by his
ILLUSTRATIONS: WILLIAM LUZ
enthusiasm,” says Anderson. “It was immediately clear
that he wasn’t just a car-storage guy, but an engineer who
knew more about classics than anyone I had ever met.”
Rose honed his talent for fettling and fine-tuning stylish unobtainable ones themselves. “The more we got into the
cars at his first garage in Cheshire, which he opened with
his brother in the late 1970s. He soon developed a special
DOUBLE ACT
affinity for Jaguars and Aston Martins – so restoring the
roar of Anderson’s V8 Vantage was a dream commission.
The pair have since worked together on 10 cars. Each is a
second site in Ashford. “Me and my guys did everything we
could to return it to the condition it would have been in
when it left Koenig’s workshop.”
serious investment in both money and time. And, while Thankfully, a 1,000-mile tour of the Highlands in the
Anderson is too coy to reveal how much he has paid for blisteringly fast Ferrari left Anderson with a smile from ear
each model, he devotes several hundred hours, over a to ear. “Every element has an aerodynamic or engineering
period of 12 to 24 months, researching a car’s design and function,” he says. “Jonathan’s mechanical magic has
engineering pedigree before each buy. And that’s before restored the power output to 425bhp, over double that of a
he scours dealer sites for specific acquisitions. standard Ferrari 308. No one in Finland had the engineering
“James is very knowledgeable and knows exactly what expertise to fix or tune this Koenig, and gradually Jonathan
he wants. He just relies on me for the mechanical stuff,” and I realised just what a gem it is.”
says Rose, who inspects the cars prior to purchase. Not all Their next project is a Maserati Mistral, a glamorous
get his seal of approval. Some are mechanically unsound. 1960s sports GT with driving thrills and X factor in
Others simply aren’t big enough: Anderson would be abundance. The coupe boasts the same six-cylinder engine
unable to origami his 6ft 5in frame into the tiny cockpit of as the Maserati 250F, which powered Argentine racing
a car like the Jaguar XK120 Roadster, for example, no driver Juan Manuel Fangio to grand-prix glory in the 1950s.
matter how much he wanted one. “If you want a wire-wheeled, classically beautiful 1960s
Just about every classic car needs work, even those with Italian sports car, you want a Mistral,” says Anderson.
the shiniest paintwork. The question is: how much? “They’re “It’s one of the best-looking cars ever made.”
all bottomless pits,” laughs Anderson, who will only admit jarcarstorage.uk
Below: James Anderson (left) and Jonathan Rose with (from left) a Ferrari
these cars, I don’t buy them just for investment, so it takes 308 Koenig-Specials, Ferrari 308 GTSi QV and Ferrari 355. Top: Anderson’s
time and money to get a car resolved to my satisfaction. Aston Martin V8 Vantage (right) and Maserati Mistral
It’s not about tweaks, it’s about safety and
“IT NEEDS performance issues. Jonathan makes the
TO BE car 100 per cent reliable. But I wouldn’t
necessarily get the money back at resale –
UNUSUAL in the short term, anyway.”
– TO HAVE Selling is not on Anderson’s mind
THAT X at the moment, though, especially when
FACTOR” it comes to a 1983 Ferrari 308 Koenig-
Specials he tracked down in Helsinki
in 2015. Rose flew out to inspect the car, which had been
dramatically enhanced – with a turbocharger and
redesigned bodywork – by the German tuning legends
Koenig-Specials. Restoring such a vehicle was a project
fraught with risk. “There’s no Koenig workshop manual,
given all the modifications,” says Rose, whose team
sourced parts from Ferrari suppliers and fabricated
car, the more we appreciated its engineering,” adds Rose,
who recently expanded his JAR storage offering with a
FT.COM/HTSI 35
5 WEST HALKIN STREET, LONDON SW1X 8JA
+44 (0)20 7823 0100 • ELIZABETH – GAGE .COM
 THE CAUSE
A FIRST EDITION
OF DODIE SMITH’S
I CAPTURE THE
CASTLE, £1,200

Second is
BEST
Allison Devers is determined to put rare
and undiscovered books by female writers
back on the shelf, says Kate Finnigan
PHOTOGRAPHY BY SAR AH K MARR

W
hen American arts journalist Allison
Devers began writing about rare-
book fairs, and the dealers who
bought and sold antiquarian tomes
and pristine first editions, she
discovered a male-dominated
industry mostly interested in books written by men.
“I loved the books and was captivated by the trade, but
sometimes I’d read a beautiful auction catalogue and
there wouldn’t be a single book by or about a woman,” she
recalls. “It was a continuation of the sexism and inequality
in publishing. So I had this whimsical idea that if I were a
rare-book dealer, I would sell books by women.”
Devers’ whimsy became a bricks-and-mortar
reality in 2018 after she moved to London and
opened The Second Shelf, a tiny bookshop in a Soho
courtyard. Named after an essay by Meg Wolitzer
about the belittling of women’s literature, the shop
sells rare and undiscovered books by female writers
and artists, from big-hitters such as JK Rowling, None of Stein’s books reach that value,” says Devers. “Her
Hilary Mantel and Toni Morrison and Jane Austen, first editions are less than £1,000. I have a first edition
to unknown talents who were never published or of Tender Buttons. It’s a beautiful, groundbreaking book of
who wrote for their own pleasure. This year, during a poetry and it doesn’t cost £10k. It should.”
pop-up at Hauser & Wirth, she sold her highest- Devers also points out that if women authors are
ticket piece so far: the proof copy of the only book overlooked by many book collectors, it is exponentially
that surrealist photographer Francesca Woodman harder for women of colour, and she makes it a priority to
published in her lifetime, listed at £27,000. have a diverse stock, including first editions by Gwendolyn
Devers’ aim is to inspire both women and men to Brooks, Lucille Cilfton, Nikki Giovanni, Maya Angelou,
collect books by women. “It’s really important to balance Mari Evans and, of course, Toni Morrison. “I sell their
our bookshelves,” she says. “It’s about making sure that work almost as fast as I can acquire the books,” she says.
in our homes and our offices, schools and libraries, and Condition does matter, but The Second Shelf doesn’t
archives at universities, books by women are put on the emphasise it as much as some. “Pristine has become too
shelves, considered in the space, so we are represented.” important,” says Devers. “It’s gone into this
Women have always existed in the rare-book world realm of wanting all the James Bonds
Top right: but, as in many fields, their history has not been
“I FIND perfect, and expensive, like they’re rare
Allison Devers recorded. Devers says that until the 1920s or ’30s, this PRISTINE cars. I find that incredibly boring. Broadly
at The Second
Shelf. Above: world was made up of the libraries of great estates, EDITIONS speaking, women tend not to mind things
stock includes
first editions
collected by men to be passed on to posterity. “Women VERY like dedications, such as if a mother has
had collections too, but their libraries were dispersed,” given a book to a daughter. To me, those
by modernist
pioneer she continues. “A college library might take a woman’s
BORING” inscriptions speak of love.” Past highlights Above: an image from
Some Disordered
Gertrude Stein books, but she wouldn’t get a bust in the room.” have included Vanessa Bell’s copy of The Interior Geometries,
and Agatha the only book
Christie, £850 In terms of contemporary literature, the most sought- Voyage Out by her sister, Virginia Woolf, and Jane Austen’s
published by the late
and £1,200. after first editions are almost entirely those by male best friend’s copy of Sense & Sensibility. (“Her name was cult photographer
Below: the
PHOTOGRAPHS: THE SECOND SHELF. © GEORGE AND BETTY WOODMAN

writers, “with the exception of JK Rowling, Hilary Mantel,
shop’s interior
Agatha Christie, Patricia Highsmith and Sylvia Plath. There
just aren’t that many names compared to the breadth and
depth of male authors collected.” And that’s reflected in an
inequality of value. Gertrude Stein is an example. “She was
one of the founders of the modernist movement and yet
books by James Joyce, who she encouraged,
are hugely expensive – Ulysses is £80,000.
Martha Lloyd and she made Austen’s ink.”) Francesca Woodman
during her lifetime
Unlike some rarefied book stores, The Second Shelf
welcomes collectors of all budgets. “I encourage collecting
in lots of different ways, from first printings of Penguin
paperbacks, or vintage Viragos for under £10, up to
editions costing tens of thousands. The key is to invest in
what you love, and that is where the value comes in.”
Starry modern first editions now up for grabs include
those by Daphne du Maurier and Sylvia Plath (as well as
the poet’s own tartan skirt), and a rare edition of Emily
Above and right: Devers
Dickinson’s first book of poetry for £13,500. Bundles of says she sells books by
Viragos and Penguins are available for less than £25. authors of colour such
as Maya Angelou and
“Maybe someone’s not going to be a big collector,” says Toni Morrison (£35 and
Devers, “but even one or two first editions of favourites £90) “almost as fast as
can make a big difference on the shelf.” I can acquire them”.
Left: the copy of Sense
14 Smiths Court, London W1 (thesecondshelf.com; and Sensibility owned by
@secondshelfbooks). Jane Austen’s best friend

FT.COM/HTSI 37
 ROMAN
CONQUEST
As creative director at Dior, she’s at the helm of one of France’s most venerable
houses. But Maria Grazia Chiuri is Roman to the core. Maria Shollenbarger meets
her in the centro storico to talk about bringing “a bit of play” to life in Paris
Portraits by Brigitte Niedermair
F
rom the terrace of Maria Grazia
Chiuri’s penthouse in the centre
of Rome, the view southwest
is an object lesson in the
power of time to make the
magnificent prosaic. On the left
is the Theatre of Marcellus;
inaugurated by Augustus in
12BC, it passed from use
as a quarry to abandonment
to, 1,500 years later, the seat
of the noble Orsini family,
whose Renaissance residences
were built directly into it. To the right rises the vault of
Rome’s Great Synagogue, soaring alabaster in the sun
above the site of one of the oldest Jewish ghettos in the
38 FT.COM/HTSI
world. And those smudges of deep green, just visible
beyond them both: the lush Isola Tiberina, in the middle
of the Tiber River, whose history stretches back into
pre-Roman lore – and which these days, in summer, is
conscripted for use as an outdoor cinema.
Standing atop Chiuri’s small, elegant, 15th-century
apartment building, you get it: this city has been here a
long, long time. A palimpsest of splendours, timeless and
immutable, yet so living – and lived with – that it all feels
somehow, improbably… “Normal”. Chiuri pronounces the
word with the barest elevation of one shoulder – a very
Roman shrug. It is a shimmeringly hot morning in July,
and we are midway through a breakfast of fresh cornetti,
slivers of ripe melon and bowls of wild strawberries.
Beyond the shaded trellis and cool tiles of her wide
terrace, the sun sluices off domes and brightens the walls
of the interior courtyard to which her palazzetto is
attached. Bells in the nearby Piazza di Campitelli sound
once, twice; the rumble of traffic from down on the Via di
Teatro Marcello is just audible. She smiles. “In Rome, we
look around and see all this history, everything we have,
and it is all just a little bit… normal.”
The creative director at Dior since 2016, Chiuri is
these days a resident of Paris, and a celebrated one at that.
The first woman to be appointed to lead the house,
she was inducted into the Légion d’Honneur in 2019,
her award presented by France’s minister of gender
equality for Chiuri’s work in putting feminism at the fore
of Dior’s design. But she is Roman through and through: MAKE-UP: LAURA STUCCHI. PHOTOGRAPHS: MAURIZIO CAMAGNA
by birth, by disposition, and – with stellar tenures at
two quintessentially Roman fashion houses totalling
nearly 30 years – at least partly by profession. After
graduating from the city’s Istituto Europeo di Design in
the ’80s, she joined Fendi in the accessories department,
where among other contributions she helped to launch
the Baguette – small, sleek, prolifically iterated, it was
named the first It bag – before decamping with long-time
collaborator Pierpaolo Piccioli for Valentino, where she
worked for 17 years. Valentino Garavani himself recruited
the duo. She spent the past eight years as co-creative
director with Piccioli, who stayed on as sole creative
director when she was brought in to Dior.
Chiuri has spoken often and thoughtfully about the
effect, both on her world view and her work, of having
This page: Maria Grazia
Chiuri, photographed at
her home in Rome.
Opposite: Rome’s centro
storico near the Roscioli
delicatessen

FT.COM/HTSI 39

Chiuri’s Rome, clockwise from left: Villa
Pamphili in the city’s largest park; a view of
Isola Tiberina; a table at the delicatessen
Roscioli. Opposite, top: the Teatro di Marcello
40 FT.COM/HTSI
grown up surrounded by 20-odd centuries’ worth of
artistic and architectural heritage. In Rome, she once
noted, a Renaissance door might be set in a medieval wall,
with pre-Christian mosaics on the floor. “Look at the
Teatro Marcello.” She gestures across the terrace. “I love
it here because the people who live here have been around
for generations. The furniture restorers, the restaurants;
most of them have been in Rome, and this part of Rome, for
a long, long time. Rome is history layered over and over.”
Being an international commuter (usually she spends
the week in Paris, returning to Rome and her husband,
Paolo Regini, and their children Niccolò and Rachele
most weekends) has altered Chiuri’s relationship to
her city. And recent months have only deepened her
attachment. “Now I often feel totally on holiday when
I am in Rome. It’s strange, but that’s very much the mood,”
she says. The apartment itself, which Chiuri enlisted
India Mahdavi to help design, reflects her contentment.
Like the city surrounding it, it is a narrative of layers – a
not-too-studied mix of the old and new, authentically and
happily inhabited. Perhaps unexpectedly, for a woman
given to appearing in public almost exclusively in armour-
like ensembles of sombre, structured navy or black, the
house contains profusions of colour in the form of
important, provocative artworks by the likes of fellow
“I HAVE BROUGHT A
BIT OF INFORMALITY
TO A VERY FORMAL
ENVIRONMENT”
Roman Pietro Ruffo (a sometime creative collaborator,
whose talents Chiuri has enlisted for both set design and
a recent capsule collection titled Around The World), and
in furniture clad in silks and velvets in vivid shades of
burnt orange and lime. The floors throughout are natural
walnut, waxed rather than polished, chic but not patrician.
There are tall potted ficus plants in the sitting room, where
multihued throw rugs are scattered across the floor; and
books and bibelots fill the floor-to-ceiling shelves of a wall
off the entrance hall. In the vast kitchen, sun spills down
from skylights onto a central island hewn – benchtop,
fitted cupboard doors and all – from delicate veined Carrara
marble. Chiuri herself pads about, shoeless and make-up-
free, making sure I have enough coffee and occasionally
conferring affectionately with 23-year-old Rachele, who
drifts out every so often to sit on the terrace stoop.
“The thing about being in Rome is that I have a very
simple style of life here,” Chiuri tells me. “I’ll take my
breakfast and go sit in a little square close by. We go for
long walks. I go to the cinema in Piazza Campo and to the
farmers’ market near the Circus Maximus.” Art is central
to her life in both cities but especially woven into existence
here. She’s full of praise and affection for GNAM, the
Galleria Nazionale d’Arte Moderna: “It’s a place of my
PHOTOGRAPHS: GETTY IMAGES (3). INES MANAI. LAURA SCIACOVELLI. TERESA CIOCIA
heart – I’ve spent so much time there. The former director
was an unbelievable woman, Palma Bucarelli. She joined
during fascism, a time when they didn’t understand
contemporary art; she was so brave. And now it’s an
incredible collection. Cristiana Collu, who is the current
director, recently acquired the entire archive of Carla
Lonzi” – the 20th-century writer-activist-art critic who
inspired Dior’s autumn/winter 2020 ready-to-wear
collection – “which is so important, because now it’s
accessible to us all.”
Chiuri also loves the tiny, obscure Il Museo del
Louvre, a bricks-and-mortar paean to imagery of the
early and mid-20th century, replete with photographic
archives of Rome. At the city’s favourite salumeria,
Roscioli, she’s a regular, having known the now-famous
Roscioli brothers, Alessandro and Pierluigi, and their
sister, Maria Elena (“I watched her grow up”), for years.
“We also go to Pierluigi a lot,” she says, citing one of
the city’s social nexuses, all white-linen elegance and

unassailable seafood on the picturesque Piazza de’ Ricci.
“If it’s good weather I call Lorenzo [Lisi, the restaurant’s
owner], and we have a nice dinner sitting outside.”
Equally, she’s partial to the small shops and
mom-and-pop restaurants in Monti, Rome’s answer to
Shoreditch. “And I love Monteverde too,” she says of
the leafy residential neighbourhood just behind
Trastevere. “It’s still Rome, it’s 10 or 15 minutes’ walk
from here, but it has all the elements of a real place. I lived
there for a long time; it’s another place of my heart, and
now my son has an apartment there. And it’s got the Villa
Pamphili” – the sprawling public park and gardens that
extends south and west of the Janiculum Hill – “right
there, which is fantastic. All the runners meet there
P
Saturday and Sunday mornings, the people with dogs go
there. I know the Villa Borghese is beautiful, but the Villa
Pamphili is a real park.”
erhaps inevitably, Chiuri’s
tenure in France – as custodian
of a brand considered a
national treasure in a country
that is predisposed to
institutionalising its own
excellence – has lent fresh
nuance to how she sees her
métier at home. “In France
there’s a huge attention to
culture, a recognition that is
quite formal,” she notes, “and
fashion is seen in the same
way. It’s as important to them as their museums. In Rome,
we sometimes forget a little bit that what we have merits
the same attention. Like we live with this” – she lifts her
hand again toward the view – “almost as if nothing will
ever change, because of course it has been here for 2,000
years so perhaps we are inclined to think it will be here
for the next generations too, without us having to do
anything to maintain it. We don’t really protect, or even
always respect, it the way the French do [their patrimony].”
Like feminism, artisanship – both the rigour of its
traditions and the beauty of the material result – has
emerged as something of an agenda for Chiuri. It is one
that her commercial counterparts at Dior support fully,
given how sales, particularly of ready-to-wear, have
grown steadily year on year since she came on board
(they were up by 15 per cent in 2019). “Her insatiable
curiosity and passion for world cultures give rise to
unique collections that have meaning, and offer naturally
and instinctively desirable products across all
merchandising categories,” says Dior chairman and CEO
Pietro Beccari. “She’s proud of her Italian origins, and she
explores her own identity through strong storytelling.”
“To me, it’s a missed opportunity for us [Italians],”
Chiuri says. “In France, as in Japan, hand-craftsmanship
is a high art. In Italy, the idea of working with your hands
has for a long time been kind of a second-rate option” –
a shame, she says, because “we have such enormous
artistic, and artisanal, capacity in Italy.” It’s thus not
entirely surprising that last July saw her 2021 resort
“ITALIANS ARE
PRAGMATIC: HOW
YOU’RE GOING TO DO IT
IS ALSO PART OF THE
CREATIVE PROCESS”
collection presented not in Paris but Lecce, the baroque
city in Puglia, the tip of the heel of Italy’s boot. Covid-19
meant that the usual phalanx of VIPs and editors was
absent; but in the shadow of the city’s 17th-century
duomo, amid extravagant displays of luminarie (the
traditional festival light designs of Puglia) and
performances by folk dancers and musicians, Chiuri
showed some 90 designs that were the fruit of months of
collaboration with a small group of local artisans.
“It was a big opportunity for me, to have Dior support
this wish,” she says. “The house’s first show in Italy. The
question was, where?” Lecce wasn’t entirely out of left
field: Chiuri’s father is from Tricase, a town in Puglia’s
Salento region; she herself has a house there. “It made
sense for me, not just to create within a framework of
reference I knew, but also to support an Italian city that
in my view is magnificent but much less well-known.”
The logistics were daunting, and the show’s original date
of 9 May was aborted when it became clear lockdown
wouldn’t be lifted in time for it to cohere. But Chiuri’s
commitment to the Puglian makers she originally enlisted
in the spring of 2019 – in particular, a women’s foundation
called Costantine, whose artisans specialise in local
looming traditions – was steadfast.
“These women had had no experience of the industry,
the culture of fashion. I literally had to explain to them
what fashion is: what I do, who I work for. But I also told
them how happy I was to be working with them. What
was important for me in this collection was for there to
be a dialogue with this community. In fashion, everyone
talks about inclusion, but the only way to really be
inclusive is to have these exchanges… [We] have these
traditions but if no one looks at them with a different sort
of attention, they cannot be leveraged. With Dior, which
is so huge, we can give a lot to these communities; we
can help create a different future way of working. I come
and show you my point of view; you have your skill [to
contribute]. It’s an exchange.”
Are there other ways Chiuri’s Romanism has
influenced the Dior paradigm? “There’s this idea in
France of what a creative person is, full of thoughts and
ideas…” She waves her hands about briefly, in parody of
mercurial creative genius. “To me, it’s quite stereotypical,
a real type.” In Rome, she says, creatives are also
progettisti – they know exactly how stuff gets made. “The
Italian approach is: ‘I have this idea, and I will execute it
in this way because I have thought it out.’ We’re more
pragmatic; how you’re going to actually do it is also part
of the creative process.”
Does she chalk this up to having been exposed to
the atelier – in her case, her mother’s – from a formative
age? “It came from everybody [in Italy]. I talk all the
time about the Fendis, about Valentino. It was very
aspirational, a real education. You can have the very
best academics, but to have a real mentor, to watch the
way someone works, is something else. I used to take the
train to Florence with Anna Fendi, to visit the leather
producers, the textiles factories. I actually had an office in
the factory at Fendi; for me, it was easy to speak to the
foreman. In Italy, the idea of the company is very strong.”
This, she says, is the ethos she has brought to Dior.
She recalls that when she joined the house it took a full
week for her to be introduced to every department; some
of them, she says, had never encountered a Dior creative
director before. “For them it was a big surprise. I didn’t
realise that my approach was quite different to the French
one; I only understood it after.”
“Maria Grazia has extraordinary creative energy,”
Beccari says. “Her convictions and commitment to
inclusiveness and empowerment stimulate us every day.”
For her part, Chiuri thinks her way of working might,
over time, have encouraged others “to play just a bit more.
We have to remain gracious with each other, of course.
But I talk to everybody. I answer emails by picking up
the phone. I think I have brought a little bit of informality
to a very formal environment.” Extraordinary in the
ateliers of Paris, perhaps – but Chiuri knows that
underneath all pomp and grandeur is just business as
usual. Normal, really. As she would surely say.
Above and far
left: Christian
Dior Resort 2021,
shown in Lecce,
Italy, July 2020.
Left: Chiuri, with
her children, is
awarded the
Légion d’Honneur,
Paris, July 2019
FT.COM/HTSI 41

I
t’s hot. A boat floats on a lake blooming with
algae and lily pads. Under the mangrove a
fisherman teaches his son how to cast a net,
dislodging an egret which takes flight on soft
rippled wings. The scene is so peaceful, I might
have woken in some Buddhist retreat rather
than deep in the Nicaraguan jungle. But here
we are in Central America – that mysterious
isthmus between continents and customs, a
region imprinted by murky US interference,
guerrilla wars and a charismatic succession of dictators.
I’m poring over a map on the raised deck of a house on
stilts – one of the nine sturdy wooden casitas of Jicaro
Island Lodge, a beautiful eco-hotel built into an islet off
the shores of Lake Cocibolca. Nicaragua is a mosaic of
culture, geography and landscape. To the east is Creole
Caribbean and the magical Corn Islands. West are the
chalky sands and surf of the Pacific. But rising out of the
lake, dominating my view, is the smouldering shadow of
the Mombacho volcano, threaded by mist and heavy with
atmosphere. Nicaragua, first “settled” by the Spanish in
1522, only fully gained independence in 1838 and has been
troubled by seismic political unrest ever since. Nowhere
is this turbulence more vividly reflected than in its
topography: Mombacho is part of a belt of 40 volcanoes,
19 of which are active, and one notch along from it lies the
Masaya, an open crater with a fiery lava lake spitting and
roiling 600m below its rim. Perhaps for a glimpse into the
spirit and soul of this country, here is where to begin.
Masaya – the “mouth of hell” – was once believed to
be the entrance to the underworld. It terrified the
conquistadors but was popular with indigenous peoples
for human sacrifice and later too, allegedly, for the disposal
of political prisoners in the last gasp of the Somoza
dictatorship. The Masaya Volcano National Park is a neo-
apocalyptic landscape of strangled trees where pineapples
42 FT.COM/HTSI
Latin
currency
Nicaragua has been a no-no on the travel advisory
list since the devastating political unrest of 2018.
It shouldn’t be, says Bella Pollen
Photography by Michael Turek
are stimulated by sulphuric gases; wild-growing dragon
fruit hug the crater; and owls, holed up in nearby cliffs, litter
the black soil beneath them with the alabaster skulls of
mice. Trekking me through this delightful weirdness is
Edgar Castañeda, an ecologist and crater-diver who absorbs
world history the way most of us absorb sunlight. In one
memorable afternoon he flits from Thomas Belt, author of
The Naturalist in Nicaragua, through Britain’s unwritten
constitution, to 21-year-old Nelson’s fibs to the crown over
his disastrous attempt to capture Granada in 1780.
Granada, the one-time capital, is an hour’s drive from
Masaya. Founded in 1524, repeatedly coveted, ransacked,
burnt and rebuilt, it remains an architectural showstopper.
High on the rooftop of the Iglesia la Merced, students kiss
at sunset, their great colonial city spread out below them
It’s an intriguing
escape from our
Covid-induced
claustrophobia
in a shimmer of canary yellow, tangerine and blue. From
my palatial balcony at Hotel Plaza Colón, I watch a trio of
nuns tearing through yucca and vigorón (pork crackling)
with their fingers. At night, outdoor boxing matches in the
main square draw crowds of cheering locals. “Oh, Granada
is a real town alright,” says the chef at Pichelin, an expat
from Martha’s Vineyard who brings us ceviche and fresh
snapper. “After all, there’s still horseshit on the streets.”
Unrest had been bubbling in the country for
years when, in 2018, demonstrations against Ortega’s
social-security reforms broke out across Granada,
Managua and León. The state repression that followed
was swift and pitiless. The “troubles”, as locals call them,
decimated industry. Businesses closed; development
stopped. The economy, never quite recovered from the
1972 earthquake or the decade-long contra war of the
’80s, took a further, deeper dive.
“But now the troubles are over and people need to
return,” says Róger Gurdián Vigil, the mayor of León.
Gurdián Vigil, an unpretentious 70-year-old, greets us,
somewhat improbably, in blue jeans and baseball cap –
“the colours of the Sandinista”, he jokes. Much to his
bewilderment, his beloved country has remained a no-go
on the travel advisory list. It shouldn’t be so. Nicaragua,
he argues, has the same sea, the same exquisite beaches
as neighbouring Costa Rica. This is a country with
history, philosophy, literature, humanity. When I mention
I’m writing for a magazine called How to Spend It, he
chuckles. “Easy; spend it here.”
Reflecting on these words months later, it feels like
sage advice. With the country’s national tourism back in
business, standard health protocols in place and
international flights due to resume well in time for
Christmas, Nicaragua would seem to offer an intriguing
escape from our Covid-induced claustrophobia. Certainly
there is much to see. The country is blessed with natural
resources: gold, tobacco, coffee, cacao. During my stay, I
reluctantly traded birdsong from the interior courtyard of
Hotel El Convento, a 16th-century former convent, for the
clank of a pick-up truck. It’s a five-hour drive east to the
isolated Chontales – a farming region enriched, so it is
said, by rivers of milk and mountains of gold. Nicaragua
has long been in the sights of acquisitive foreign mining
interests, but in La Libertad, President Ortega’s hometown,
the pursuit of gold is also an artisanal family business.
Sergio, 25, son of the local mine owner, presides over a
This image: a horse
passes at a fiesta
patronal celebration
in Acoyapa, Chontales.
Top left: the author
waking up at La
Esperanza farm

FT.COM/HTSI 43
 Above: Laguna de Apoyo, near the city of Granada. Above: colonial-style buildings in León.
Below: Victoria, the granddaughter of La Esperanza’s owner Below: cowboys at the festival in Acoyapa

44 FT.COM/HTSI
 Above: musicians in Acoyapa. Above: the swimming pool at Hotel Plaza Colón, Granada.
Below: the mountains and pastures surrounding Finca Santa Rosa in Chontales Below: a performer in Acoyapa

FT.COM/HTSI 45
46 FT.COM/HTSI

band of half-naked young men, plastered in wet clay, who
shovel slurry into sacks in a scene reminiscent of a Sebastião
Salgado photograph. Rocks are dragged here from poorly
ventilated mines, then pounded by concrete blocks,
crushed and reduced to stones, then pebbles. Finally,
Sergio squishes a residue of sand in his bowl, and suddenly:
a flash. This tiny gold extraction and all it represents – not
Ortega’s revolution – is how La Libertad got its name.
Strangely, there is no statue of the president here. No
one can pinpoint the house where he grew up, but then,
it’s a muggy afternoon. A stray horse, roaming the verge,
drops to a kneel, before collapsing into a doze. Men are
playing billiards in the cool of smoky halls. By chance, we
learn of a fiesta patronal, a patron-saint festival, in the
neighbouring town of Acoyapa. It turns out to be a
raucous affair. As we approach, the road begins to clog
with horse trailers. Campesinos, ranch matriarchs, child
rodeo stars are brushing moustaches, manes and hooves
with gusto. Soon everyone is up in ornate saddles,
twitching decorative whippery and prancing towards the
town centre in an exuberant display of cowboy pride. By
early evening, the whole town is dancing. The old, the
thin, the stiff, the fat, the nobodies and the somebodies.
Every door is thrown open to us. Take my shade, drink
my water, meet my family. It’s hard to imagine a greater
incongruity between the edgy notoriety of a country and
the reality of such spontaneous hospitality.
The following day, in much the same spirit, we are
invited for lunch with the outrageously macho Fernándo
Rodriguez, a 70-year-old who works the Santa Rosa, a
small finca, with his wife Marlene. In a low wooden house
Far left: sunset
at Hotel El
Convento. Near
left: Don Agapito
and Victoria
(centre) at La
Esperanza
The edgy notoriety
of the country
contrasts with
its spontaneous
hospitality
with a dirt floor, Fernándo’s sister Flora stirs a cauldron
of soup on the open fire, beset by chicks, piglets and a
clutch of small boys. Flora sieves maize balls, sweet
pepper, yucca and wild corn onto a plate with rice and hot
pickle, bringing the broth to table in separate bowls. The
boys crowd round their father, Jose Adán, who fought for
the contras in the mountains. The family give me a
snapshot of their lives – how Jose Adán took a bullet in
the leg at 18; how in winter the flooding river cuts them
off from the town; how they are fattening a pig for a family
celebration, and would we like to come? It’s as happy an
afternoon as I’ve whiled away anywhere, but we are due
at another farm before nightfall.
The Chontales region is the largest producer of dairy
in Central America. On every table sits a jug of thick
cream and cuajada, a salty, whey-like cheese. La
Esperanza is a 1,000-hectare dairy farm, set into high
pastureland of dripping bromeliads and termite nests. I’d
been expecting an ancient hacienda, but we round the
corner to a modern arsenic-green villa with swirling
pillars like icing on a wedding cake. There is a whiff of
García Márquez’s One Hundred Years of Solitude to its
patriarch: Don Agapito stands on the verandah, flanked
by his son Antonio, who is deaf-mute, and grandson
Derling, suave in his dazzling Wrangler shirt. Derling’s
12-year-old sister Victoria perches at his feet, stroking a
weary pit bull. It’s too late to help the campesinos herd
cattle, and with scant electricity from a generator, no
WiFi or plumbing, I have high hopes for early bed. Derling
shows us into a cavernous hall decorated with cattle
trophies but devoid of beds or indeed furniture, save a
fizzing television on which daytime soaps are playing:
this is to be our dormitory for the following two nights. In
a bid to escape communal snoring, I find refuge in a small
antechamber. At dawn I wake to a couple of dairy hands
snickering at me through the window; a chicken is asleep
T
on my head, and under my armpit is a freshly laid egg.
imes have changed so little here over the
past century. What future for Victoria, I
wonder, striking her beauty-queen poses,
a camellia in her hair? The return of
tourism will cause the usual paradox –
money and the influx of people bringing
opportunity, but perhaps also forever
destroying something of this life.
Four hours’ drive further north is Matagalpa – coffee
country, where fields of workers in bright daubs of
raingear hand-pick coffee cherries into baskets. French-
Nicaraguan-owned La Cumplida is one of the largest
coffee plantations in Nicaragua, with an impressive
scientific arm (Nica) and an equally impressive
community programme. In a hut bordering the plantation,
Petrona, a grandmother of 48, delivers via translator what
should be a Ted Talk on the radical power of a rudimentary
education. Born into poverty, she comes from a family of
macheteers, people whose job it is to clear trees for
landowners. After the war, the Sandinista government
confiscated and redistributed landowners’ property.
Petrona’s family returned to the only business it knew –
the destruction of its own environment. When local
ecology began to suffer, La Cumplida stepped in and
taught her the coffee trade. Today, Petrona pays back the
cost of the seeds, fertilisers and labour from the profits of
her crop. This in turn sponsors the education of other
families. “I had no idea cutting down trees was bad,” she
told me. “Now I understand.”
A different sort of community project lights up the
road to the airport in Managua, the country’s capital: a
form of “electrical reforestation”, designed and built by
Rosario Murillo, the wife of President Ortega. Standing
5m high, painted in a series of primary colours, these
metal trees were inspired, it is said, by Klimt. What you
feel about them will depend on both your appreciation of
contemporary land art and your political leanings. “Our
history has been bloody and brutal,” Mayor Gurdián Vigil
had told us back in León. “But if people want change, they
must do it the right and democratic way.”
The forthcoming elections may offer the country a
moment of new potential. Either way, change is coming:
visitors can already hunker down in any number of luxury
beach resorts, private islands and eco-lodges. Soon they
will be able to chopper straight from these to coffee and
cacao plantations, buy $600 gold chains in the mountains
and return in time for an evening surf and a rum cocktail.
Chontales will be dotted with tented safari camps. Volcanic
health spas will flourish. Right now, though, travelling in
Nicaragua still means the joy of not quite knowing where
you will lay your head at night. Over the course of my 10-
day visit, I uncovered only a fraction of what’s there; but
what an extraordinary insight into the social landscapes
that form around the basics of our lives. It will be tough to
take any of them for granted again.
Bella Pollen travelled as a guest of Plan South America
(020-7993 6930; plansouthamerica.com); a 10-night
Nicaragua itinerary with dedicated local host, full-board
accommodation, all transfers and excursions on a private
basis starts from £6,305 per person, excluding flights.
FT.COM/HTSI 47
Malle the Maverick
The French perfume “editor” is celebrating 20 years
of business. Kathleen Baird-Murray has an exclusive
interview with with one of the world’s great noses
Photography by Stefan Ruiz
F
or Frédéric Malle, the possibility of losing
his sense of smell to Covid-19 is one of
the most alarming things about the
pandemic. “Holy shit, if we ever get that
we are in trouble!” says the founder of
Editions de Parfums Frédéric Malle, on
the phone from outside his family home
in Biarritz. “The only way to go on
without a sense of smell would be to have someone very
good at speaking our language and smelling for us, as if
explaining what they see to a blind person.”
Of course, that’s exactly what Malle is to his adoring
fans and customers – an olfactory interlocutor, if you will.
Twenty years ago he set up a fragrance house and invited
some of the world’s best noses to create scents alongside
him. He launched with six fragrances – a niche edit of
beautiful yet unusual perfumes. The collection has since
grown to 32 and includes some of the most sophisticated
scents in the business: Le Parfum de Thérèse by the
legendary nose Edmond Roudnitska was created in the
1950s, but was entrusted to Malle to produce commercially
by Roudnitska’s widow (Thérèse). There were later
collaborations with Alber Elbaz and Dries Van Noten.
Everything from the Malle stable feels unexpected, while
his shops, designed by the likes of Andrée Putman,
Jacques Grange or Jakob+MacFarlane, with their
immersive “smelling columns”, have brought a rare sense
of excitement to the perfume-retail space.
Malle founded the brand almost by chance. Until he
came along, the fragrance business was choking in a
cloud of cloyingly sweet concoctions – Estée Lauder
Pleasures, Britney Spears’ Curious or Jennifer Lopez’s
Glow were the big hitters of the 1990s and
early 2000s. Even today, the creation of a
scent is a somewhat generic corporate
experience where a fashion brand, usually
under licence to a beauty giant, will go to
one of the five or so big global fragrance
laboratories and ask them to submit
ideas for a new perfume based on a
consulted brief. The process is about as
romantic as launching a new washing
powder. And it was a process Malle was
determined to disrupt.
“Perfumers were getting angrier and
angrier because they weren’t working with
people they respected,” he explains. “They
were working with brands where those who knew the
business really well had been replaced by those who had
been selling cat food and knew nothing about perfumery.
Then, there were friends of mine in publishing, in the art
world, in cinema, in Paris who weren’t wearing perfume
any more, because it meant choosing between smelling
like their grandparents and their wonderful Guerlain
fragrances,” he chuckles, “or smelling awful.”
Malle helped usher in a new commercial landscape, a
house dedicated to fragrances that filled a gap in the
market for more unusual scents: Bigarade Concentrée by
Jean-Claude Ellena, with its bitter-orange cleanliness, or
Vetiver Extraordinaire by Dominique Ropion, a masculine
48 FT.COM/HTSI
whisper of sandalwood and oak moss. Moreover, he set
perfumers at the centre of the creative business – putting
the name of the noses on a bottle was unheard of before.
His influence has been significant. In the years since, other
artisan perfumeries, such as Byredo and Maison Francis
Kurkdjian, have flourished. And, without Malle, it’s
unlikely many of the bigger houses would have created
their own “edited” lines – Chanel’s Les Exclusifs, Maison
Christian Dior and Armani’s Privé to name but three. The
Estée Lauder group snapped Malle up in 2014, adding him
to its growing stable of boutique fragrance houses, which
includes Jo Malone, Le Labo and By Kilian.
PRIOR TO LAUNCHING HIS OWN LABEL , Malle
was an industry insider. He started his career at
the prestigious perfume laboratory Roure
Bertrand Dupont in 1988, as the assistant to
Jean Amic, the perfumer behind the 1977
classic Opium by YSL. He was driven to
start his own brand when, while working as
a consultant for Christian Lacroix, he got
into an argument with the photographer
Irving Penn. “Penn didn’t like the idea I’d
come up with for Lacroix and wanted
something that felt more modern, more
Bauhaus,” recalls Malle. “I saw him making
the exact shape with his fingers of the
bottle I was toying with in my mind for
my own project. That reassured me. I’d grown up loving
his images, and finally there he was in front of me, talking
about what I loved.”
After this lightbulb moment, Malle approached the
“angry” perfumers, drawing up a short-list based on
conversations with the technicians and creatives at Roure.
“Voltaire used to say brilliant people talk about ideas;
average ones talk about things; and silly ones talk about
people. We were generally a mix of average and silly. We
loved Pierre Bourdon for his modernity (and the creation
of Davidoff’s Cool Water, which 30 years later is still
probably the most imitated men’s fragrance ever); Jean-
Claude Ellena was seen as the continuation of Edmond
Roudnitska, praised for his minimal work and bringing a
sense of transparency to perfumery; Maurice Roucel was
bold and generous and big and super-sensuous; and there
was Edouard Fléchier, who was one of the best. I didn’t
need to think about the list for more than 10 seconds.”
“The project was really nice,” recalls Ropion, the nose
behind commercial blockbusters such as Lancôme’s La Vie
Est Belle and Thierry Mugler’s Alien. Malle likens his
olfactory style to that of “a daredevil perfumer who could
jump off a cliff but land well”, someone he saw as “hope” for
the industry. Ropion was persuaded by Malle’s dedication
to the art. “There were no price limits,” says Ropion, whose
big successes with Malle have included Carnal Flower,
with its lustful tuberose, and Portrait of a Lady, which has
400 rose flowers per 100ml, combined with patchouli and
cassis. “There were no marketing people. It was just
between the artist and the artistic director, Frédéric, who
was a very good aesthete. We had all seen L’Artisan
Parfumeur, and Annick Goutal, but this felt completely
new. Even so, I never expected it would have such success
internationally. We just make the best perfumes we can.”
Malle is the first to point out this wasn’t actually a
new way of working. “Just to be modest for a second, all I
did was go back to the beginning of the system, when
perfumers like Guerlain, Piaget and Caron sold perfumes
that smell different; specific perfumes that would not
please everybody, that would have zero image, with the
same bottle for every single scent, so that the mind is
focused on the juice itself rather than the bottle, and sold
in stores with extraordinary service.”
MALLE’S RETURN TO MORE traditional methodology came
at the right moment. “The idea of the perfumer of years ago
is highly appreciated by a small segment of
the population that values the craft,” says
Theo Spilka, global vice-president at the
international fragrance laboratory of
Firmenich. “I don’t know how disruptive
it is, but it certainly addresses a recognised
white space in our industry.”
Malle was always predestined for a
life if not in perfumery, then in the arts,
with a childhood steeped in outlier
credentials. His father produced the films
of his uncle Louis Malle (“We could walk
into most cinemas in Paris and flash a
card and get in free!”); his grandfather
Serge Heftler-Louiche founded Parfums
Christian Dior, while his mother Marie-Christine Heftler-
Louiche presided over that department as art director.
“We didn’t have much by way of the sandpit-and-park
experience because my mother found those boring – she
preferred to roll the buggy in the Louvre instead.”
What of the next 20 years? With such an innovator,
the expectations are high. Spilka thinks one of Malle’s
biggest achievements was to bring back the concept of the
“MALLE CREATED A
UNIQUE APPROACH TO
SELLING PERFUME IN
AN ARTISTIC WAY”
perfumer working as shopkeeper, “someone who created
a unique approach to selling perfume in an artistic way,
which we hadn’t really seen since the olden days of Floris,
Guerlain and Penhaligon’s. Malle’s shops made customers
feel like they could learn everything about the product,
developing a passion for the perfume that spoke to them.”
And even while Malle was the first to launch fragrance as
e-commerce, Spilka senses that, in this area, he still has
room to grow. “His move to Estée Lauder group has not
been especially successful in that respect, not a great deal
has been invested in his ‘storefront’, direct-to-consumer
footprint. I’d like to see Frédéric get much more involved.”
As for Malle himself, he has work to do. “I’m proud to
have participated in the revival of this industry,” he says,
“and I’m longing to see surprises, as it’s the young
perfumers coming from different countries who will now
ultimately redefine our business. There’s a
whole generation of perfumers in their 40s
who are not very good because they were
constantly asked to make flankers [sequels]
for the bestsellers, whereas the previous-
generation perfumers were great at
making them from scratch. The new
generation in their 20s grew up looking
at the classics, the smaller brands and Les
Frédéric Malle at his home in the Exclusifs by Chanel and so on. They are
Hamptons. Far left: Portrait of a
Lady, £240 for 100ml. Above left:
ambitious, and they are very good
Sale Gosse, £155 for 100ml. Top technically,” says Malle. “Time will tell if
right: 20-Year Anniversary they are artists or not.”
Carnal Flower, £245 for 100ml,
coming soon. Right: Dries Van That and whether we see their names
Noten, £200 for 100ml on one of his bottles.
FT.COM/HTSI 49
 Left: LORO PIANA cashmere
coarsehair Fillmore sweater, £1,815,
and wool/cashmere flannel Coulisse
trousers, £700. ERMENEGILDO
ZEGNA XXX suede sneakers, £545.
Right: DIOR cashmere jumper,
£3,328, and mohair, wool and silk
pants, £970. Below: SAINT LAURENT
BY ANTHONY VACCARELLO
cotton jumper, £660

THIS SEASON’S HIT SWEATER IS A SUPER-CHUNKY

TAKE ON THE CLASSIC FISHERMAN’S CABLE
Photography by Ana Cuba
Styling by Honey Elias
Model Sonny Elias

Knit parade
50 FT.COM/HTSI FT.COM/HTSI 51
 Left: ISABEL MARANT wool jumper,
£875. Below: CANALI cashmere
turtleneck, £1,760, and cotton
gabardine/cashmere trousers, £330.
Far left: DOLCE & GABBANA
virgin-wool jacket £2,050, and
matching trousers, £1,400

Photographer’s assistant, Georgia

Coleman. Stylist’s assistant, Rosa Weait

52 FT.COM/HTSI FT.COM/HTSI 53
savoirbeds.com

E L I Z A B E T H H A R R O D & S T E V E N M C R A E , S O L O I S T & P R I N C I PA L , T H E R OYA L B A L L E T

 T H E A L E X A N D R I T E A F FA I R

I N LO V E W I T H G E M S TO N E S
SINCE 1980

Exclusively at 46 Conduit Street, Mayfair. +44 (0)20 7499 6814 hirshlondon.com


T R AVE L N E W S
Capri and easy
Escape the main strip –
or the beaten track
WORDS BY MARIA SHOLLENBARGER
A
villa on Capri: in itself, not
a difficult sell. It’s one of
the Mediterranean’s most
beautiful islands when it’s not
PHOTOGRAPHS: ANTON CRONE. CHI-THIEN NGUYEN (2). MANUEL ZUBLENA (2)
mortally oversubscribed with
day-trippers. The key is in finding the right
villa – private, with access to beach clubs
and trails but at a remove from the fray.
Cédric Reversade is the man with
the jewel in the Capri crown: Casa
Mare, a five-bedroom quiet stunner
Top: Casa Mare on Capri.
set all on its own just below Via Krupp.
Above: Marataba Conservation Low-slung, spilling down several levels
Camps sit within the Marakele directly to the sea, it has a vibe that’s
National Park in South Africa.
Below: a leopard and her cub in more Pantellerian dammuso than Villa
the Suján conservation project Lysis; the owner, who deals in design art,
has filled it with an extraordinary mix of
contemporary pictures and sculpture and
collectable 20th-century furnishings.
The low-fi charms (and excellent food)
of Torre Saracena beach club are a 100m
stroll to the west; La Fontelina is an easy
boat ride in the other direction. But Casa
Mare’s secret weapon – besides its eminent
privacy – is its chef. Maria has worked for
the villa’s owner since time out of mind,
tends its private vegetable gardens and has
the best fishmongers on speed dial; her
handmade ravioli capresi are the stuff of
international obsession. Price on request;
uniquepropertiesandevents.com
CONSERVATIONIST’S CHOICE
Immersive conservation is a phenomenon
on the rise, from Brazil’s Pantanal to
Tanzania’s sprawling private reserves.
September saw the debut in South Africa
of a safari concept created entirely around
the idea. Marataba Conservation Camps, in
the privately managed park of the same
name within Marakele National Park,
flips the conventional bush-experience
model on its head in more than one way
– starting with the booking process.
Instead of being accommodation-
led, it matches guests with the right
conservation guide, who is the architect
of their Marataba experience. Founders’
Camp, with four suites, can be booked
for exclusive use; Explorer’s Camp, with
six tents and two teams of guides, allows
for semi-exclusive bookings. Here, the
standard drive-and-sundowners agenda
gives way to tracking and tagging wildlife;
assembling camera traps and monitoring
the footage they capture; compiling ID
kits of the charismatic megafauna; and,
if your stay corresponds with a full moon,
the thrill of shadowing
THE R AVIOLI rhino as part of
ARE THE Marataba’s regular
STUFF OF nocturnal census.
INTERNATIONAL Not that it’s all
OBSESSION a grind – far from it:
waterfall swims, a night
of fly-camping and comfortable tented
lodgings are par for the course. From $1,500
per night; classic-portfolio.com
PALM BEACH WITH A NANTUCKET TWIST
The Bradley Park Hotel was one of the first
to open on Palm Beach’s Main Street in
the 1920s (known back in the day as the
Palm Beach Plaza Hotel). The four-storey
Spanish-colonial building on Sunset
Avenue evinced all the charms of this
gilded beach town, but the interiors were
in need of a reboot. Next month, the
property – fresh from the ministrations
of its new New England-based owners,
who also own Nantucket’s glorious White
Elephant Hotel – will reopen with a fresh
and extremely chic new face, as the White
Elephant Palm Beach.
Courtesy of Boston-based Elkus
Manfredi Architects, the new look takes
the listed building back to its elegant bones
and readorns it in the shades and textures
of the seaside – seagrass rope, rattan,
mother-of-pearl – with bold hits of tropical
TRAVELISTA
candy colours. There are 32 rooms, a small Above: the pool
but chic pool, an interesting art collection and terrace at
Casa Mare, Capri.
favouring big American names (Robert Below: outside the
Rauschenberg, Joel Shapiro), and a White Elephant
Palm Beach.
courtyard bar bowered in palms to round
out the appealing picture. From $650,
Bottom: the
Gallery at the
whiteelephantpalmbeach.com White Elephant,
with paintings by
Bernhard Buhmann
A REBOOT IN R AJASTHAN
The 20th anniversary of Suján, whose
sigh-worthy properties across Rajasthan
have helped define both luxury and
conservation in India, wasn’t quite what
its founders, Jaisal and Anjali Singh,
were expecting. Instead of welcoming
guests to their camps in Ranthambore,
Jawai and Jaisalmer, and inducting
them into the joys of communing with
tigers and leopards in their natural
habitats, lockdown saw the Singhs
working overtime to bring healthcare to
the communities whose participation in
Suján’s wilderness-and wildlife-protection
schemes is crucial to their success.
Now Suján is revamping all of the
suites and tents, and introducing new
wilderness and wildlife experiences,
including a pioneering one at Jawai
built around the rapport between
humans and horses – a passion of the
Singhs’, and long part of the fabric of
Rajasthani culture. Expect an early
2021 Suján reboot, and watch this
space for more. thesujanlife.com ■ HTSI
@mariashollenbarger
FT.COM/HTSI 57
Nouveaux Classiques Collection
 TECHNOPOLIS

ALWAYS BE ON THE DOT

I have fallen slightly in love with the latest
Amazon Echo. Which isn’t to say I’m mad about
Alexa – even after six years of living with “her”, she
is, to me, mostly a glorified (but incomparable)
kitchen timer, who occasionally gets asked about
tomorrow’s weather. I haven’t downloaded a
single Echo “skill” – Amazon’s term for app. I am
confident I will never be asking her to turn on the
lights or any of that smart-house malarkey.
What I love is the clock Amazon has built into
this Dot version. Yes, I know – people were building
clocks into radios and all sorts 60 years ago. And
with its utilitarian name – Echo Dot with Clock –
you might think Amazon was a bit half-hearted
about even bringing this to market. But as an
addition to a nightstand, it just works brilliantly.
You can see the time in cool white digits without
having to ask Alexa and wake up your partner up.
The other secret sauce is the industrial
design. It’s a beautiful-looking product with a
flawless finish. There are other brands that could
price this at £100 and not raise an eyebrow.
I should add that the sound for a fat disc with
a 9.9cm diameter is surprisingly good too.
Amazon Echo Dot with Clock, £35, amazon.co.uk

A COMPACT CAMER A TO LEICA

After about a minute of careful
consideration, I decided
this Leica was by so
far the best compact
camera I’ve seen that
I bought one. But I am
a Leica fanatic. With this,
I now have four – although
two are 1930s models. And I still have a space
in my cupboard for the equally new M10-R
with the 35mm Summilux lens, but that costs
£11,450, so maybe not yet.
The D-Lux 7 has its own Vario-Summilux
zoom lens and will fit into a reasonable-size coat
pocket. But it’s the ergonomics of the D-Lux 7
that make me swoon. The clicky, manual, rotary GAD GETS
controls are exactly where you want them to
be and perform the precise functions you need.
Closest to your right thumb, for example, where Whoop it up
you want it, is the rotary knob you can spin
around to add or subtract between half an A fitness tracker you can up normally by a full ECG. HRV, said to
exposure stop and three stops – meaning
you can properly “bracket” your exposures
really count on – and more be an important measure of fitness,
to take home a variety of exposure options. performance and recovery, has only
The only decision you need to take is WORDS BY JONATHAN MARGOLIS recently come to prominence.
whether to go for the silver or the black. I chose Whoop was soon adopted by a number
black. But the silver is also very beautiful. of US sportspeople, notably LeBron James,
Leica D-Lux 7, £1,075, uk.leica-camera.com the NBA player, and Justin Thomas, the
golfer. In its third incarnation, the Whoop

THE WFH KEYBOARD YOU’VE BEEN
LOOKING FOR
Jonathan’s reviews,
One of the essentials of the year of WFH has
visit ft.com/htsi
been a really good standalone keyboard to go
@thefuturecritic
with the MacBook you had to scuttle home with
in March. One option is, of course, the standard
Apple Magic Keyboard, but, for me, it’s always
felt too insubstantial to hammer at all day.
Logitech specialises in computer accessories
that are better, albeit uglier, than Apple’s own
peripherals. I have written previously about its
fantastic MX Master mice. But now it also has
the rather magnificent Logitech MX Keys for
Mac keyboard – and it’s been a revelation.
There is an Apple equivalent, the £129 Magic
Keyboard with Numeric Keypad, but I vastly
prefer this. For one thing, it’s more than twice
as heavy – which for key-hammering purposes
is an extremely good thing. For another, its
keys have a deep indent on the surface, like
ILLUSTRATIONS: WILLIAM LUZ
T
For more of he first mechanical
pedometer was made in
Switzerland in 1780. For
the next 229 years nothing
much happened in the field
of what we now call “the
quantified self”. But 11 years ago, Apple
included an electronic pedometer in the
iPod Nano, then Fitbit, Jawbone and others
appeared with fitness bands.
Today most smartphones and watches
track physical activity. But there hasn’t been
a fitness band as sophisticated as the Whoop
Strap 3.0, which comes from a Boston
company founded by a former captain of the
Harvard squash team. Its first band was
launched in 2015 to help elite athletes track
their progress, predict future performance
is targeting slightly less elite sportspeople
like you and me. It has no display, GPS or
vibrating alarms. It’s recharged in-situ with
a click-on battery pack, a sort of mid-air
refuelling. The extra power it has at its
disposal from the lack of display means it
can measure your vitals hundreds of times
a second, unlike a normal band, which
checks you out intermittently. If you want
an instant snapshot of your heart rate, it
will oblige, but HRV is the key metric for
the Whoop Strap 3.0.
What I found most useful was the advice
on sleep and recovery. Whereas an Apple
Watch or Fitbit will simply tell you to be in
bed by a certain time, by studying the
relationship between your past bedtimes
and physical performance, you can effectively
bargain with Whoop – if I stay up until

old-school typewriter
keys, which suit my
and, unusually, advise them when not to 3am, when can I get back to my normal
chimpanzee typing train to avoid overdoing it. exercise level and not feel terrible? Really
style far better. It is worn all the time, monitoring useful and interesting technology. ■ HTSI
Logitech MX Keys principally heart-rate variability (HRV), Whoop, from €25 per month. The Whoop
for Mac, £100, a measure of the variation in time Strap 3.0 is supplied as part of membership,
logitech.com between each heartbeat, only picked whoop.com

FT.COM/HTSI 59
FRANCIS HAMEL
painting the yellow mountain
Landscapes from China and Hong Kong 5 – 23 October

John Martin Gallery

38 Albemarle Street T +44 (0)20 7499 1314 catalogue on request Huangshan Pine on the Yellow Mountain
London, W1S 4 JG www.jmlondon.com info@jmlondon.com oil on linen laid on board, 44 x 68 ins, 112 x 173 cms

D R INK IN G
Digital thirst
Online auctions are transforming the
drink-buying landscape. By Alice Lascelles
Many of us have had to embrace online
shopping this year – not just for essentials,
but also to get our kicks – and that’s all
been to the good for auction houses.
On 18 March, Sotheby’s sold £3,654,893
of collectable wine and spirits in less than six
hours. Top lots included a case of Château
Cheval Blanc 1947 (£242,000) and a collection
of Macallan whisky housed in Lalique bottles
(£423,500). The same month, Bonhams sold a
single bottle of Black Bowmore 1964 (3, below)
for £13,420, while a case of Pétrus 1990 (1) went
at Christie’s New York for $40,000.
“Before Covid we had 21 live auctions
and seven online auctions planned for 2020,
a total similar to last year,” says Sotheby’s
worldwide head of wine Jamie Ritchie. “We
now have 15 live auctions and 25 online.”
A greater number of online sales, plus a
more tailored digital-marketing strategy,
have also helped houses reach an untapped
audience: between 20 and 50 per cent of
clients at Sotheby’s drinks sales in the first half
of this year were new buyers. It’s a similar
picture at Christie’s: “Our sales have attracted
international interest with
registrants from 87 countries
“WHAT MIGHT
from April to July, and 35 per
HAVE TAKEN
cent of all buyers new to
THREE YEARS
Christie’s,” says head of wine
HAS TAKEN
THREE
Noah May. “What might have
taken three years has taken
MONTHS”
three months.” Digitisation
may also be playing a part
in the fact that Sotheby’s customer base
is getting younger: at its March spirits sale,
54 per cent of bidders were under 40.
The wines of Burgundy remain the most
sought after, but “people are also exploring
new regions: Italy, Rhône, Germany,” says
Ritchie. Big bottles are also back in fashion.
“People are buying large formats for rarity,”
he adds. At the Sotheby’s Pristine Burgundy
Collection sale on 19 June, three six-litre
methuselahs of Domaine de la Romanée-
Conti sold for a record-breaking $731,600.
Big-name Japanese malts including
Karuizawa, Hanyu and Yamazaki continue
to break records. But Bonhams Hong Kong
has also seen growing demand for younger
distilleries such as Chichibu (founded in
2008) and Komagatake (reopened in 2011).
Rum is showing glimmers of promise, says
Sotheby’s spirits-specialist Jonny Fowle. At a
sale on 28 May, a single decanter of Havana
Club Máximo Ron Extra Añejo (2) sold for
£1,391, almost double its estimate, while a
charity cask of 1980 Dictador went for £38,720.
“People are now comfortable to bid on
high-value items they may not have physically
seen,” says Bonhams’ Marc Sands. With clients
increasingly counting on auction houses to be
their eyes, ears and palate, trust, it seems, may
prove the most valuable commodity of all.
@alicelascelles
1 2 3 last ingredient, often likened to miso, had been
ILLUSTRATIONS: WILLIAM LUZ (2)
FOOD & DRINK
Right: BBQ
quail yassa.
Below right:
head chef
William Chilila.
Bottom:
Akoko’s take on
Nigerian boli
EATI N G
West Africa
A
calling
fter a year of delays
and forced
postponement, the
launch of Akoko in
London’s Fitzrovia
next Thursday is At London’s Akoko, the flavours
of Nigeria, Senegal and Ghana are
long overdue. But its opening feels
overdue for other reasons too. Apart celebrated in fine dining. About time
from Michelin-starred Ikoyi in St
James, Akoko is the only other fine-
too, says Ajesh Patalay
dining restaurant in London (and one
of the few anywhere) that focuses on west-African cuisine. 10 dishes and a lunchtime menu of
There may be casual options such as Teranga in New York four). The meal kicked off with a
and Eko Kitchen in San Francisco, not to mention supper fluffy croquette filled with steamed
clubs like Zoe’s Ghana Kitchen and Lerato in the UK, but yam (isu) and topped with mushroom
gourmet options remain almost non-existent. purée and truffles. Next was boli,
The menu at Akoko is rooted in Nigerian, Ghanaian and typically a Nigerian street food of
Senegalese dishes, which most westerners won’t be familiar roasted plantain with nuts. This
with. So the team has opted for tasting menus instead of à version looked like the most beautiful
la carte. The hope is to do away with these once people peanut-butter-and-banana tartine
are more clued up about west-African food (a couple of I’d ever seen. It tasted extraordinary. Chilila had soaked the
years, hopes its owner and recipe-developer Aji Akokomi). ripe plantain in cashew milk, grilled it over charcoal for
For the present, a tasting menu suits me fine, particularly “36 seconds”, sprinkled it with lightly toasted nuts coated
in the hands of the talented and playful head chef William in salt, sugar and citrus, and dusted it with onion, garlic and
Chilila. This is a man who wears SpongeBob SquarePants ginger powders that he’d made from leftover skins – part of
socks and has tattoos on his arms of his favourite the restaurant’s effort to use every part of every ingredient.
vegetables, including a beetroot, turnip and carrot. The highlight for me was the smoked goat with jollof
Formerly of The Orrery in Marylebone, though probably rice and coleslaw. The meat was rich and moist, the rice
best-known as a semi-finalist on Masterchef: The hickory-scented from having been smoked, and the
Professionals, Chilila is Zambian with South African citrus-dressed kohlrabi slaw sharp and crunchy. On its
and Ghanaian roots. Drawing on his heritage as well as heels was a BBQ quail yassa, based on the Senegalese dish
the extensive first-hand knowledge of Nigerian-born where poultry is marinated in Dijon mustard, sliced onions
Akokomi, he has come up with some truly satisfying and lemons. Reconfiguring those ingredients, Chilila had
iterations of classic west-African dishes. marinated the quail in orange and lemon juice before
At a special preview at Akokomi’s house in smoking it, then served it juicy and pink on slow-
Blackheath, I was treated to the short tasting CHILILA HAS cooked Lyonnaise onions with yellow and black
menu of six dishes (there is also a long menu of TATTOOS ON mustard seeds. Delicious.
HIS ARMS Dessert was a hard-to-beat goat-milk ice
OF HIS cream with crumbly Ghanaian cocoa butter,
FAVOURITE burnt uda cream (infused with a spice similar to
VEGETABLES vanilla) and iru (fermented locust bean). This
powdered, added to a blend of grapeseed oil, lemongrass,
parsley and thyme stalks, cooked for six hours, rapidly
chilled and then drizzled over the ice cream like a syrupy
vinaigrette. It worked a treat, bringing something thrillingly
herby and unexpected to the sweetness.
Can Akoko break through and make west-African food
not only more familiar but desirable too? With Chilila at
the helm, you’ve got to hope so.
Akoko, 21 Berners St, London W1 (akoko.co.uk)
@ajesh34
FT.COM/HTSI 61
 HOW I SPEND IT
A
fter more than 15 years of covering conflict
around the world, most recently as chief
international correspondent for CNN, I
have cultivated a uniform that I take with
me on my travels. A good pair of jeans,
loose-fitting cargo pants, a long billowing
top that covers my bottom, a few scarves to cover my head
or provide some colour, and a Zara blazer that doesn’t
crease, in case I need to interview an official. This uniform
is unremarkable: functional rather than fashionable;
resilient and replaceable.
But dig into my toiletry bag and you will find my
secret indulgence. Nestled under the Simple face wash
and Sensodyne toothpaste is a tub of QMS ACE Vitamin
day and night cream that comes everywhere with me.
At more than £100 a pot, I concede that it is an
extravagance. The sales assistant at Liberty department
store explained that it was developed by a German trauma
surgeon who wanted to create a moisturiser so delicate
that even the most sensitive skin would drink it up. I like
that it has no strong smell – a pet peeve of mine. More
importantly, it has mastered that elusive balance of
being rich but not greasy.
62 FT.COM/HTSI
an element of normalcy and routine into spaces that are
usually chaotic and unpredictable.
Last year, I travelled to northern Afghanistan for an
incredibly rare opportunity to spend a couple of days with
the Taliban. The militant Islamist group almost never
allows western journalists into its territory and it took
months of hard work to secure an invitation.
One of the conditions of our visit was that we respect
the deeply conservative rules about gender segregation.
This meant that my producer, Salma, and I were to sleep in
the main house with the women and
children, while the male Afghan
THE WORD filmmaker who we were working with
INDULGENCE was to sleep in another building with
TAKES ON A two of our Taliban escorts.
DIFFERENT Once we were safely ensconced in
our sleeping quarters, Salma and I
MEANING IN pulled off the long black abayas and
WAR ZONES niqabs that covered our bodies and
faces from view. The room was
buzzing with women and girls who clustered around and
fussed over us, offering us food and making sure the small
heater was pointed towards us, while peppering us with
questions in Dari that we couldn’t understand, then
giggling when we would shrug apologetically.
When it was time for bed, the women pulled out
mattresses for everyone to sleep on, and I rinsed my
face and fished my moisturiser out of my backpack.
A young girl with bright green eyes watched with
fascination from across the room as I applied the cream.
I looked at her and smiled before gesturing for her to come
and take some. She remained frozen, unsure of how to
respond, so I took a dollop on my finger and approached
CLARISSA WARD
her slowly, then rubbed it gently into her cheeks. She
ON broke into a broad smile.
NIGHT CREAM
By now, all of the women were watching with curiosity
and excitement. I opened the pot again and began applying
the moisturiser to all of their faces. It was strangely
intimate, kneeling before them, one by one, rubbing the
cream into their skin, smiling into their eyes silently,
ILLUSTRATION BY EMILIE SETO
unable to communicate verbally. Most of them looked
away shyly, then stroked their cheeks appreciatively,
while sharing what I assumed were reviews of the cream
The word indulgence takes on a different meaning with each other in Dari.
in war zones. Pleasures that are perfunctory at home It was a lovely moment that I will hold in my heart for
suddenly become tantalisingly rare delights. Rinsing your a long time, one of the many occasions where I have
hair at the end of a fraught, sweaty day on the frontlines. been reminded that people are people, that there is a
Sourcing an avocado in Baghdad. Passing around a bottle shared human experience, no matter how different our
of warm whisky with colleagues, sitting on the floor of a societies, that connects us. Occasional indulgences,
musty hotel room as bombs continue to fall outside. whether it’s an expensive moisturiser, or just a cold ice
No matter how long or frightening or ugly my day has cream on a hot day, can provide a moment of escape or
been, I find an almost meditative tranquillity in the ritual some much needed self-care.
of washing my face and applying my special cream. It Or perhaps that’s just what I tell myself to justify
doesn’t wipe the slate clean, per se, but it acts as a bridge spending silly amounts of money on a face cream. ■ HTSI
between my life at home and my life in the field, injecting On All Fronts by Clarissa Ward (Penguin) is out now.