THURSDAY 3 JUNE 2021 WORLD BUSINESS NEWSPAPER EUROPE

Moving targets Football fantasy Number crunching

Central bank consensus on inflation European soccer’s misguided faith New Delhi’s data dissembling is
is breaking down — FT SERIES, PAGE 3 in the Asian fan — BIG READ, PAGE 15 harming India — NOTEBOOK, PAGE 16

Breaking point Briefing

Oil spill fears i G7 pumps $190bn into fossil fuel aid
for Sri Lanka The world’s top economies have allocated more than
$189bn of pandemic recovery funds in support of
fossil fuels, despite government pledges to “build
back greener” and cut carbon emissions.— PAGE 2
The fire-stricken container ship
MV X-Press Pearl founders off Sri Lanka i US watchdog damps bitcoin ETF hopes
as salvage teams attempt to tow it to Managers keen to tap into the cryptocurrency’s
deeper water, raising fears of an envi- trading are braced for protracted scrutiny after
ronmental disaster for the island’s comments from SEC chair Gary Gensler damped
beaches and marine life. hopes of a swift approval of bitcoin ETFs. — PAGE 8
The vessel caught fire on May 20
while anchored outside the port of Col- i Twitter censures Nigeria’s president
ombo. The Sri Lankan navy has blamed Twitter has removed a post by
the blaze on the chemicals, including Muhammadu Buhari that
nitric acid, making up the ship’s cargo, threatened a violent crackdown
much of which has been destroyed. on regional unrest by referring
Concern is now focused on the poten- to the 1960s civil war that killed
tial environmental impact of the hun- more than 1m people.— PAGE 4
dreds of tonnes of fuel oil in the ship’s
tanks. The attempt to drag the vessel i Biden to suspend Arctic drilling rights
out to sea failed, with the aft running Joe Biden is to suspend the Arctic oil drilling rights
aground in 21 metres of water. sold in the last days of Donald Trump’s presidency,
Report page 3 a U-turn in the previous White House’s signature
Ishara S Kodikara/AFP via Getty Images
policy and a victory for environmentalists.— PAGE 4

i Deal nears on climate risk disclosure

Trafigura warned Credit Suisse over

A standard framework on disclosing the risks that
companies face from climate change could be agreed
at November’s COP26 conference in Glasgow, says
France’s central bank chief.— PAGE 2; LEX, PAGE 18

suspicious Greensill Gupta invoice

i Indian stocks hit highs on Covid hopes
Investors are betting that the worst of India’s second
Covid-19 wave has passed. The Nifty 50 index, which
tracks India’s largest 50 groups, is up 9 per cent from
its low in April when infections were surging.— PAGE 8

i SEC shuns Trump proxy adviser rules

3 Commodities trader raised alarm 3 Bank’s $10bn funds collapsed 3 Due diligence under fire
ROBERT SMITH AND NEIL HUME
LONDON
Commodities trader Trafigura warned
Credit Suisse last year that the bank’s
supply-chain finance funds appeared to
contain a suspicious invoice from indus-
trialist Sanjeev Gupta’s business empire,
according to three people with knowl-
edge of the discussions.
The collapse of the $10bn suite of
Credit Suisse funds, which packaged up
invoices linked to the failed supply-
chain finance specialist Greensill Capi-
tal, has enraged clients of the Swiss bank
who poured billions into them.
Credit Suisse has warned that $1.2bn
of debt linked to metals magnate Gupta,
one of Greensill’s largest former clients,
may prove hard to recover. Greensill,
once one of the UK’s most highly valued
financial start-ups, counting ex-prime
minister David Cameron as an adviser,
filed for administration in March.
Trafigura raised the alarm with Credit
Suisse in July 2020 over a so-called
receivable listed in one of the supply-
chain finance funds’ annual accounts,
say the three people. The receivable
indicated that Trafigura owed money to
Gupta’s Liberty Commodities, his main
metals trading unit founded nearly 30
years ago and part of his GFG Alliance.
Before its implosion in March, Green-
sill would lend money to clients, includ-
ing Liberty, and take invoices from their
suppliers or customers as collateral. The
loans were then bundled into invest-
ments and sold on to funds, chiefly
those run by Credit Suisse. The fund
accounts in question indicated that Lib-
The US financial regulator has said it will not enforce
Trump-era rules for shareholder advisory firms — a
blow to groups such as ExxonMobil that have argued
erty had raised financing from Greensill Capital and Gupta’s GFG all declined to proxy advisers wield too much power.— PAGE 6
against a $30m invoice to Trafigura. comment.
This meant that investors in the Credit The revelation of Trafigura’s inter-
Suisse funds should have earned a vention comes as the level of due dili- Datawatch
return when Trafigura paid the invoice. gence that Credit Suisse performed on
However, Trafigura executives told the funds draws mounting scrutiny.
bankers at Credit Suisse that they did The Swiss bank Multiple class-action lawsuits bringing Uneven spread Fertiliser is used
not believe this invoice to be genuine, has warned that together dozens of wealthy investors in Fertiliser use per hectare of intensively in
according to people familiar with the $1.2bn of debt the funds are gathering pace. cropland (2017) countries such
China as China and
discussions. The warning came as Credit linked to British The Financial Times reported in April Bangladesh Brazil. But
Suisse was in the middle of an internal industrialist that loans to Liberty from Greensill Brazil some developing
review of the funds. Sanjeev Gupta were based on suspect invoices. The UK
India countries with
Credit Suisse executives then appr- will be difficult UK’s Serious Fraud Office said last EU large populations,
oached Lex Greensill, the founder of the to recover month it had launched an investigation US such as Nigeria,
eponymous finance firm, who exp- into suspected fraud and money laun- World have little to
Kenya
lained that he believed there had been a dering at GFG, including its “financing Nigeria apply to arable
misunderstanding on what the fund fil- arrangements” with Greensill. GFG has Ghana land to improve
ings represented, said two people denied wrongdoing and pledged to co- 0 100 200 300 on crop yields
Sources: Our World in Data, FAO and food supplies.
briefed on the matter. operate fully with the SFO probe.
Credit Suisse, Trafigura, Greensill Credit Suisse to sue SoftBank page 5

Etsy buys British vintage fashion app

Depop for $1.6bn in drive to fit Gen Z
TIM BRADSHAW — LONDON more ethical and sustainable produc- Amazon. “We provide a community and
tion practices. a brand to help the Davids to compete
Etsy is buying Depop, the second-hand
“The resale market in general is a on more of a level playing field with the
fashion app, for $1.6bn in the latest
massive market that we think is well Goliaths out there,” he said.
example of a US group swooping on a
positioned for growth well into the Revenues at Depop, founded in 2011,
smaller UK tech rival.
Cyber criminals hold future,” said Josh Silverman, Etsy chief more than doubled last year to $70m,
insurers to ransom The US craft marketplace believes that executive. “We think Gen Z is the most mainly from sales commissions.
Depop will help expand its appeal to exciting community within resale.” The site has struck partnerships with
Analysis i PAGE 7; JBS attack i PAGE 5 younger consumers. The takeover of the British company brands including Adidas, Benetton and
More than 90 per cent of Depop’s mil- comes at a time when Nvidia’s proposed Ralph Lauren, as fashion retailers try to
lions of active users are under 26, an age $40bn acquisition of chip designer Arm boost their sustainability credentials.
Austria €3.90 Malta €3.70 group known as “Generation Z”, giving has reopened the debate over British Depop, which will retain its offices
Bahrain Din1.8 Morocco Dh50
Belgium €3.90 Netherlands €3.90 Etsy access to a younger demographic and European tech companies falling and management team, had raised
Bulgaria
Croatia
Lev7.50
Kn29
Norway
Oman
NKr40
OR1.60
than its base, which is typically millen- prey to larger US rivals. The UK’s Com- about $100m from venture-capital
Cyprus €3.70 Pakistan Rupee350 nials or older, with sellers’ median age at petition and Markets Authority has backers including General Atlantic, Bal-
Czech Rep Kc105 Poland Zl 20
Denmark DKr38 Portugal €3.70 about 39. stepped up its scrutiny of tech dealmak- derton Capital, Creandum, and Octopus
Egypt
Finland
E£59
€4.70
Qatar
Romania
QR15
Ron17
The trend for trading vintage or recy- ing in the past year. Ventures. According to its latest annual
France €3.90 Russia €5.00 cled clothing, which Depop helped pio- Silverman said that Etsy was “really report on the UK’s Companies House
Germany
Gibraltar
€3.90
£2.90
Serbia
Slovak Rep
NewD420
€3.70 neer a decade ago, has spawned several aligned with where all the regulatory registry, its revenues rose 55 per cent
Greece
Hungary
€3.70
Ft1200
Slovenia
Spain
€3.70
€3.70
multibillion-dollar ecommerce compa- authorities want to go” because its tech- year on year to £21.4m in 2019 but pre-
India Rup220 Sweden SKr39 nies, as traditional fashion retailers nology helps individuals and smaller tax losses tripled to £15.5m.
Italy
Lithuania
€3.70
€4.30
Switzerland
Tunisia
SFr6.20
Din7.50 grapple with consumer demand for businesses compete with the likes of Lex page 18
Luxembourg €3.90 Turkey TL23
North Macedonia Den220 UAE Dh20.00

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2 ★
Rules for business
Global deal nears on climate risk disclosure
French central bank chief
believes framework can be
agreed at COP26 event
MARTIN ARNOLD — FRANKFURT
PATRICK TEMPLE-WEST — NEW YORK
A global agreement is within reach that
would require all listed companies to
disclose the risks they face from climate
change in a standardised way, the gover-
nor of France’s central bank has said.
François Villeroy de Galhau said talks
between government and central bank
officials on new climate risk disclosure
rules had progressed faster than
expected and that a framework could be
agreed at November’s UN COP26 cli-
mate conference in Glasgow.
German Greens start to wilt in election heat
Series of fumbles raises stakes
for party with ambition
to fill Merkel’s shoes
ERIKA SOLOMON — BERLIN
In her latest television appearance,
Annalena Baerbock, the Greens’ candi-
date for German chancellor, was con-
fronted by a raw steak on the inter-
viewer’s desk. Would she eat it, he
asked, and would Germans be allowed
to grill under a Green chancellor?
“Everyone can eat what they want in
this country,” Baerbock told the Bild Live
programme with a laugh. “I actually like
grilling . . . though I’m not sure that
steak would fit on my grill.”
The exchange reflects an image prob-
lem for the Greens, who have had high
opinion poll ratings since Baerbock’s
candidacy was announced in April for
the 2021 parliamentary elections.
But a string of gaffes and disputes has
put them on the defensive, trying to
shake off the stereotype that they are
Verbotspartei, which roughly translates
as the party that loves to ban things.
The steak question was an awkward
reminder of one of the party’s blunders
from the 2013 parliamentary elections,
when the Greens proposed a Veggie Day
at office canteens, sparking outrage
among meat-loving Germans. They got
9 per cent of the vote.
The Greens aim to do things differ-
ently in the September elections that
will mark the end of Angela Merkel’s 16
years as chancellor.
They have touted themselves as driv-
ers of change, which surveys suggest
voters want, particularly stronger cli-
mate policy. Baerbock has positioned
the Greens as moderate enough to
attract votes from Merkel’s centre-right
Christian Democrats and the centre-left
Social Democrats, long the dominant
forces in German politics.
In the weeks after her nomination,
the Greens overtook the CDU in the
polls, reaching highs of 28 per cent but
slipping back as Baerbock began to wob-
ble while trying to balance between
change and continuity.
A series of missteps over the past two
weeks started with news that Baerbock
failed to report to the Bundestag presi-
dent some of her income from the party
leadership until this March.
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FRIDAY 31 MARCH 2017
Trump vs the Valley
Tech titans need to minimise
political risk — GILLIAN TETT, PAGE 13
HMRC warns
customs risks
being swamped
by Brexit surge
3 Confidence in IT plans ‘has collapsed’
3 Fivefold rise in declarations expected
JAMES BLITZ — WHITEHALL EDITOR
A computer system acquired to collect
duties and clear imports into the UK
may not be able to handle the huge
surge in workload expected once Britain
leaves the EU, customs authorities have
admitted to MPs.
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“Proper disclosure should become
mandatory, I would expect this as a first
step,” Villeroy told the Financial Times.
“Nobody expected six months ago for us
to go as quickly as we did and to say per-
haps we could have a positive conclu-
sion on mandatory disclosure at the
COP26.”
French banks and insurers have had
to disclose their exposure to climate
change for several years, the UK plans to
make it mandatory for all its listed com-
panies from 2025 and the EU is review-
ing its rules on non-financial disclosure.
US president Joe Biden issued an exec-
utive order last month instructing
Treasury secretary Janet Yellen to work
with regulators on devising a plan to
“reduce risks to financial stability” from
climate change. John Kerry, Biden’s cli-
Party platform:
Annalena
Baerbock
addresses a rally
in Magdeburg
in May
Ronny Hartmann /AFP/Getty
WORLD BUSINESS NEWSPAPER UK £2.70 Channel Islands £3.00; Republic of Ireland €3.00
A Five Star plan? Dear Don...
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
Lloyd’s of Brussels Insurance market
UK £3.80; Channel Islands £3.80; Republic of Ireland €3.80
Briefing
to tap new talent pool with EU base
THE END
i US bargain-hunters fuel Europe M&A
Europe has become the big target for cross-border
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
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
AMERICAN WAY OF LIFE
non-urgent operations and for A&E treatment while
some surgical procedures will be scrapped.— PAGE 4
i Emerging nations in record debt sales
FT WEEKEND MAGAZINE
Developing countries have sold record levels of
government debt in the first quarter of this year,
taking advantage of a surge in optimism toward
emerging markets as trade booms.— PAGE 15
Credit Suisse
Art of persuasion Mystery deepens
i London tower plans break records
A survey has revealed that a
record 455 tall buildings are
planned or under construction over disputed painting of Jane Austen
engulfed in
adjust its negotiation position with the in London. Work began on
EU, a Whitehall official said. “If running almost one tower a week
our own customs system is proving during 2016.— PAGE 4
much harder than we anticipated, that
ought to have an impact on how we i Tillerson fails to ease Turkey tensions
fresh tax probe
press for certain options in Brussels.” The US secretary of state has failed to reconcile
In a letter to Andrew Tyrie, chairman
of the Commons treasury select com-
tensions after talks in Ankara with President Recep
Tayyip Erdogan on issues including Syria and the
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FINANCIAL TIMES
INTERNATIONAL
mate envoy, said recently the US would Green Swan Conference on the financial
probably “join with Europe” to require risks of climate change. “We should
climate risk disclosure by companies. start with mandatory, but standardised
Separately, Yi Gang, governor of the would be the following step.”
People’s Bank of China, recently sig-
nalled support for the EU’s “green tax
Speakers at the three-day event —
organised by the Bank for International
Settlements, Banque de France, IMF
and 90 central banks and supervisors of
‘Nobody expected six the Network for Greening the Financial
months ago for us to go System — reflect the gravity of the issue.
The event will feature the first joint
as quickly as we did’ appearance by China’s Yi, Jay Powell at
François Villeroy de Galhau the US Federal Reserve and Christine
Lagarde of the European Central Bank.
economy” and is expected to support Villeroy said more non-financial com-
other disclosure measures this week. panies were reporting on climate risks
“We should make progress on these but this was “not yet harmonised”.
two legs, mandatory and standardised Investors would force them to disclose
[disclosure] rules,” said Villeroy, who more in a standardised way, he added.
was yesterday due to open the virtual Global regulators launched the Task
Europe. Parliamentary contest
Baerbock apologised and said her The strategy now is to keep calm, said
“stupid mistake” involved about Arne Jungjohann, an analyst with the
€25,000, little when compared with a Green-affiliated Heinrich Böll Founda-
CDU mask procurement scandal. For tion. “Baerbock has to show that she can
Germans, though, it was not about the take the heat.”
money. “As they have put morals first in Only a month ago, a smiling Baerbock
politics, now they are being measured appeared, hands on hips, on the cover of
by this standard,” said Peter Matuschek, Der Spiegel with the headline: “The
head analyst of polling institute Forsa. woman for all seasons.” Last week, the
Days later, Robert Habeck, the party’s news magazine’s cover had a cartoon of
co-head, visited Ukraine and said it Baerbock and Habeck holding a sun-
needed “defensive weapons”, upsetting flower, the Greens’ logo, battered by the
the Greens’ pacifist base and contradict- wind. “Welcome to reality,” it said.
ing German arms policy. He later argued Uwe Jun, a political scientist at Trier
he meant kit such as night goggles. University, said the Greens’ position,
Baerbock went on to tell Bild, the 4 per cent behind the CDU at 21.5 per ‘As they
mass circulation newspaper, there cent in the latest Insa poll, is not as bad
should be no more short-haul flights. as portrayed. The drop was expected have put
She meant domestic flights should be after an initial Baerbock surge. “I don’t morals first
replaced by train travel. But among Ger- think their opportunity to govern in the
mans obsessed with quick flights to next coalition is in trouble,” he said. in politics,
Spain’s beaches, the damage was done. Nonetheless, the Greens will face now they
Marco Buschmann of the pro-busi- growing scrutiny from a public curious
ness Free Democrats said the call was a whether they can govern, said Ursula are being
“classic example of the Greens’ ban fet- Münch, director of the Academy for measured
ish”. Armin Laschet, leader of the CDU Political Education in Tutzing, Bavaria.
and her main electoral rival, said: “With More aggressive attacks will emerge on by this
everything where they want to have a points harder to counter than insisting standard’
populist effect, they call for bans.” barbecues will be allowed.
Avoidance crackdown
EU seals pact on forcing multinationals to report profit and tax
MEHREEN KHAN — BRUSSELS Under the EU’s country-by-country
rules, a company with global revenues
EU negotiators have agreed rules to
of at least €750m for two consecutive
force large multinational companies to
SATURDAY 1 APRIL / SUNDAY 2 APRIL 2017
years must publicly disclose how much
disclose publicly where they book prof-
tax it pays in each of the bloc’s 27 mem-
Censors and sensitivity
Warning: this article may be
FEBRUARY 4 2017
upsetting — LIFE & ARTS
its and pay tax in the bloc as part of
ber states as well as an additional 19
How To Spend It
Europe’s drive to clamp down on cor-
jurisdictions deemed by the EU to be
Chic new lodgings
porate tax avoidance.
“non-co-operative” tax authorities.
After years of stalled talks, EU govern- Those include “blacklisted” jurisdic-
ments and members of the European tions such as Guam and the US Virgin
Parliament sealed a deal on country-by- Islands, as well as “grey list” tax havens
country tax reporting for large compa- including Panama, Fiji and Samoa.
nies operating in the single market and Large companies are already obliged
non-EU jurisdictions named on Brus- to disclose their profits to national tax
sels’ tax haven blacklist. authorities inside the EU but the infor-
The step has been hailed as a break- mation has not been made publicly
through for tax transparency and comes available.
as international policymakers are step- Politicians and tax activists cele-
ping up demands to revamp rules on brated the agreement as a first step in
corporate taxation. G7 countries are measuring the scale of corporate tax
expected to conclude a political agree- avoidance inside the EU. Brussels esti-
ment later this week on raising the mates that EU governments lose an esti-
effective minimum corporate tax rate to mated €50bn-€70bn a year from corpo-
15 per cent. rate tax avoidance.
“I’m sure that this deal on public The agreement concludes a long-
country-by-country reporting is just the standing battle over rules first proposed
beginning for more tax justice and by Brussels in 2013 but stymied by
financial transparency in Europe,” said resistance from EU governments. The
Evelyn Regner, a centre-left MEP who rules for large multinationals will mir-
led talks for the European Parliament. ror EU disclosure requirements for
Force on Climate-related Financial Dis-
closures (TCFD) in 2017, specifying the
annual emissions data and climate risk
analysis to be included in annual
reports. Last year, the TCFD said more
than 1,500 organisations had expressed
support for its standards.
Villeroy called the push “the most
dramatic change I have seen in my
career”. The French central bank this
year published results of its debut stress
test of climate risks at the country’s larg-
est banks and insurers, measuring how
they would fare under scenarios over
the next 30 years. The development of
such tests would be a “game changer” in
ensuring the financial system was pre-
pared for global warming, he added.
Additional reporting by Gillian Tett
See Lex
Münch expects the Greens to struggle
against critiques of their ambitious
€500bn spending plan to increase jobs
and protect the climate.
The Greens want to fund it by remov-
ing Germany’s debt brake, but that law
is enshrined in the constitution and
requires two-thirds of the parliament
and Senate to amend it — nearly impos-
sible given a likely election outcome in
which no party wins a majority.
“They will have to admit that they
actually don’t know how to finance it. So
I think in that respect the problems have
only just begun,” she said.
Regardless of whether the party can
stay ahead, the idea of a Green chancel-
lor candidate has become, in effect, a
central factor in the German elections,
whether voters are for Baerbock or
against her.
“There will be those on one hand say-
ing, ‘we want and need policy change,
we want the Green chancellor’, and oth-
ers who say, ‘we want to avoid at all costs
a Green, inexperienced chancellor’,”
Münch said. “This is an interesting posi-
tion for the Greens,” she added. “They
can say: ‘it all hinges on us’.”
banks that were agreed in the aftermath
of the financial crisis.
But the details of the deal have met
with criticism from tax justice activists
and leftwing MEPs for limiting the scope
of the disclosures to the EU and not
beyond. “This agreement leaves out
more than 80 per cent of the states in the
world, including notorious tax havens
such as the Bahamas, Switzerland or the
€750 m >80 % providing a complete picture.
Revenue level at States in the
which a company world omitted
must disclose from the deal,
tax paid in EU27 claims MEP
Cayman Islands, for which companies
will not have to publish any informa-
tion,” said Manon Aubry, MEP and co-
leader of the European Left group in the
European Parliament.
Tove Ryding, from the European Net-
work on Debt and Development, said
the deal was a “missed opportunity” to
force large companies to disclose all the
countries where they have taxable
activities.
“We need disaggregated data for
Thursday 3 June 2021
Carbon emissions
G7 criticised
for giving
bailout funds
to fossil fuel
activities
CAMILLA HODGSON — LONDON
The world’s leading economies have
allocated more than $189bn of pan-
demic recovery funds in support of fos-
sil fuels, despite government pledges to
“build back greener” and cut carbon
emissions.
More than half of $372bn given by
G7 countries to energy-producing and
consuming activities from January 2020
until March this year was for coal, oil
and gas, according to research by Tear-
fund, a development charity, backed by
two independent think-tanks.
Most of the money was handed
over “no strings attached” without any
demands on the companies receiving
help to reduce their carbon footprint.
“The economic recovery post-Covid is
a huge opportunity to accelerate the
transition to a green economy,” said
Rich Gower, a senior associate at Tear-
fund. “At the moment, the G7 are not
taking that opportunity.”
Pandemic lifelines highlighted in the
report included the German govern-
ment’s €9bn bailout of airline Lufthansa
and $10bn in US government support
for airports.
About $147bn went towards clean
energy projects, such as a tax incentive
in Italy to encourage people to make
their homes more energy efficient.
G7 countries represent about a quar-
ter of global carbon emissions, though
only account for about 10 per cent of the
world’s population.
Governments have raised their green
commitments this year ahead of the
UN’s Cop26 climate change conference
in November. More ambitious emis-
sions reduction plans have come along-
side promises to inject money into
developing green jobs and industries.
Last month, G7 countries vowed to
stop all new financing for overseas coal
projects by the end of this year, and to
make “accelerated efforts” to limit glo-
bal warming to 1.5C relative to pre-in-
dustrial times. But the Tearfund
research found that much of the recov-
ery spending was at odds with plans to
adopt cleaner sources of energy.
In a separate report published yester-
day, the International Energy Agency
said there was an increase in approvals
for coal-fired power plants last year,
driven by projects in China and other
Asian countries.
“Governments need to go beyond
making pledges to cut emissions and
take concrete steps to accelerate invest-
ments in market-ready clean energy
solutions and promote innovation in
early-stage technologies,” said Fatih
Birol, the IEA’s executive director.
According to the Tearfund report,
Australia, India, Korea and South Africa
— the G7 summit guests — have all sup-
ported the expansion of coal production
either financially or with policy meas-
ures since January 2020.
The researchers recommended the
G7 adopt a “do no harm” principle for all
spending, which should include attach-
ing “green strings” to any support for
fossil fuel intensive sectors, and putting
an end to public money for the produc-
tion of coal, oil and gas.
The G7 should also use their influence
to urge development banks to align
their activities with limiting global
warming to 1.5C, the report said.
every country where a multinational
company is present, otherwise compa-
nies can hide their profits in jurisdic-
tions where there are no transparency
rules,” said Ryding.
Sven Giegold, a German Green MEP,
said that while he would have preferred
to have global disclosure rules, Tues-
day’s agreement was still a “big step
today towards full transparency”. He
argued that more and more countries
could adopt similar laws, ultimately
Under the final agreement, compa-
nies can avoid disclosing information
deemed as “sensitive” for up to five
years. Negotiators also decided to
review the rules every four years after
demands from member states.
Gabriel Zucman, an economist and
head of a new EU-backed European Tax
Observatory, which will monitor corpo-
rate tax avoidance, said the deal “was a
major step towards more transparency
in the EU and globally”.
The agreement is still subject to a final
vote by a majority of MEPs and EU gov-
ernments expected after the summer.
Additional reporting from Sam Fleming in
Brussels
Thursday 3 June 2021 ★ FINANCIAL TIMES 3

INTERNATIONAL

Central bankers split on best way

Pandemic fallout

to tackle post-pandemic inflation
FT series Leading monetary authorities, including the Fed, ECB and BoJ, are pursuing different strategies
CHRIS GILES — LONDON
JAMES POLITI — WASHINGTON
MARTIN ARNOLD — FRANKFURT
ROBIN HARDING — TOKYO
Once, central bankers knew what they
needed to do to handle inflation. As they
grapple with the economic conse-
quences of the pandemic, the consensus
on how best to foster low and stable
price growth has broken down.
After years of setting interest rates on
the basis of inflation forecasts and seek-
ing to hit a target of about 2 per cent, the
leading monetary authorities world-
wide are pursuing different strategies.
The OECD warned this week that
“vigilance is needed”, but any attempt
to raise interest rates should be “state-
dependent and guided by sustained
improvements in labour markets, signs
of durable inflation pressures and
changes in the fiscal policy stance”, so
vague that every major central bank can
say its policy meets the criteria.
The US Federal Reserve has shifted its
stance to give more leeway to inflation
and greater priority to employment; the
European Central Bank is embroiled in
a row over whether to be more tolerant
of any inflation overshoot, and the Bank
of Japan is vainly battling to revive con-
sumers’ price growth expectations.
The US shift in strategy has been the
most radical; Fed chair Jay Powell last
year announced a new monetary frame-
work. The Fed’s creed seeks to move
from decades of pre-emptive interest
rate increases to stave off potential
inflationary pressures while more dog-
gedly pursuing full employment, a strat-
egy that it argues will benefit more
Americans, including low-wage workers
and minority groups.
It will allow inflation to overshoot its
2 per cent target for some time after a
prolonged undershoot, in an attempt to
ensure companies and businesses
expect interest rates to remain low for a
long time and therefore spend rather
than save. One of the Fed’s motivations
is to avoid repeating its stance after the
financial crisis, when policy tightening
slowed the recovery.
“I am attentive to the risks on both
sides of this expected path,” said Lael
Brainard, a Fed governor, on Tuesday.
She would “carefully monitor” inflation
data to make sure it did not develop in
“unwelcome ways” but also “be atten-
tive to the risks of pulling back too
soon”, she said, warning that pre-pan-
demic trends of “low equilibrium inter-
est rates [and] low underlying trend
inflation” were “likely to reassert”
themselves.
But critics worry the Fed’s strategy
was designed for a world of cautious fis-
cal policy, not the pandemic era of mas-
sive borrowing and spending, and that
this could leave it behind the curve if
price pressures build. Friday’s 3.1 per
cent annual rise in the core personal
consumption expenditure index rein-
forced some of those fears.
The BoJ has been pursuing an infla-
tion-overshoot commitment for the
past five years, but has not even got
close to its 2 per cent target. Strikingly
little has changed after the pandemic:
inflation is nowhere on the horizon and
spending growth is sluggish.
Japan’s households and companies
ILO warns of
longer-term
damage
to global
labour market
VALENTINA ROMEI — LONDON
The global labour market faces a
patchy and uneven recovery from the
pandemic, according to research by the
International Labour Organization,
which warned that the pace of job crea-
tion is unlikely to make up for lost
employment until 2023.
About 100m jobs would be created
worldwide this year as businesses reo-
pen after lockdowns, the ILO projected.
But that would leave 75m missing jobs
this year compared with pre-pandemic
levels, falling to 23m in 2022, in addition
to the jobs that would have been created
in the absence of the pandemic, the UN
agency pointed out.
Guy Ryder, ILO director-general,
said: “While signs of economic recovery
are appearing as vaccine campaigns are
ramped up, the recovery is likely to be
uneven and fragile.”
That will leave global employment
growth “too weak” to provide sufficient
opportunities for younger people enter-
ing the labour market, reducing their
longer-term employment chances,
wages and prospects for on-the-job
skills development, the ILO warned.
Despite the unprecedented measures
that many governments implemented
to preserve jobs, all countries had suf-
fered a sharp deterioration in employ-
ment, which had aggravated existing
inequalities and risked inflicting longer-
term “scarring” effects on workers and
enterprises, the ILO said.
There will be 205m unemployed glo-
bally in 2022 according to the ILO, well
above the pre-pandemic level of 187m in
2019 and corresponding to a rate of 5.7
per cent, the highest since 2013 other
than during the pandemic last year.
The unemployment rate in high-in-
Lack of unity: are convinced inflation will remain near sense to accept a certain period of [infla- ‘I am not tral bankers lack effective tools to do come countries will shrink to 5 per cent
ECB’s Christine zero, making it all but impossible for the tion] overshooting, while taking into more. in 2022 “thanks to unprecedented pol-
Lagarde, Jay BoJ to achieve its goal. account the history of undershooting.” worried Richard Barwell, head of macro icy support and privileged access to vac-
Powell of the “The formation of inflation expecta- But Isabel Schnabel, an ECB executive about a research at BNP Paribas Asset Manage- cines”, the ILO said. That would leave it
Fed, and the tions in Japan is deeply affected by not director, warned that would be risky. ment, said the ECB was almost “out of just above the 4.8 per cent it hit before
BoJ’s Haruhiko only the observed inflation rate at the Schnabel said last month that although return to ammunition” and while eurozone infla- the crisis but below 2020’s 6.8 per cent.
Kuroda. The time, but also past experiences and the the central bank should not overreact if the 1970s’ tion in May rose just above its target of In contrast, lower-income countries’
central bank norms developed in the process,” BoJ inflation overshot after sluggishness, near but below 2 per cent, it would jobless rate is expected to stay largely
chiefs are governor Haruhiko Kuroda said in a she was “sceptical” of formally targeting Randal Quarles, take ambitious fiscal policy or simply unchanged from its 2020 level at 5.2 per
approaching the recent speech. average inflation over a set period. Fed vice-chair luck to do so for a sustained period. cent by 2022, limited by their greater
challenge from Meanwhile, eurozone policymakers “How long should the period be over “Unless there is some massive Biden- constraints on fiscal stimulus. Many
different angles are embroiled in an argument as the which the average is calculated? How style fiscal stimulus coming down the emerging and developing countries
FT montage; Getty/
Shutterstock
ECB conducts its own policy review; the much of that should be communi- road in Europe or the disinflationary have high debt and deficits, while slower
results will be announced in September. cated?” she asked. “I personally don’t headwinds suddenly dissipate, the access to vaccines is expected to delay
Olli Rehn, who sits on the council as think we should follow such a strategy.” amount of monetary stimulus needed to their economies reopening.
governor of Finland’s central bank, For some economists, these disagree- get inflation above 2 per cent is . . . well “This unequal recovery risks accentu-
recently said: “From the point of view of ments are beside the point: monetary beyond what they can do,” he said. ating still further inequalities in the
economic and social welfare it makes policy has become so extended that cen- That leaves the Fed alone with a diffi- world of work between countries and
cult choice in the months ahead. US within countries,” Ryder said. “Because
inflation is overshooting its target, of the unequal fiscal firepower and the
Central banks grapple with price Interest rates in advanced economies demand is rampant and it needs to unequal access to vaccines, it is higher-
pressures have dropped to zero decide whether to apply the brakes income countries that are going to pull
Annual inflation rate (%) Central bank policy rates (%) gently. out from the crisis more quickly.”
US
Policymakers are poised to open a North America would experience the
6 20 debate on winding down some support, strongest labour market recovery
Eurozone Inflation.
Japan US but they have shown no sign of wavering thanks to rapid vaccination campaigns
A New Era?
Japan 15 This is the from their new policy framework, and generous fiscal stimulus packages,
4 Eurozone*
second in a insisting the recent inflation rise is likely the ILO said. In contrast, in Latin Amer-
10 series on to be transitory, not sustained. ica and the Caribbean the jobs recovery
2 whether inflation Fed vice-chair Randal Quarles last is expected to be “sluggish” because of
5 is back to stay. week said the framework was designed the disappearance of many companies
Tomorrow, the
0 canary in the
for the current world with “slow work- and the limited creation of others. Lack
0
coal mine for force growth, lower potential growth, of opportunities would result in rising
-2 -5 US inflation: lower underlying inflation and, there- poverty and inequality, the ILO warned.
used cars fore, lower interest rates”. He said: “I am That trend is already under way in
2019 20 21 1980 90 2000 10 21 not worried about a return to the 1970s.” Africa, where the crisis has reversed
Source: Refinitiv * Germany before 2000 ft.com/inflation
Negative rates see Markets some of the continent’s progress.

Moscow-west relations. Annual convention Oil spill threat

Russia’s elite gathers with hope of better foreign ties
St Petersburg hosts forum this
week but many delegates have
eyes on Putin-Biden summit
HENRY FOY — ST PETERSBURG
When Russia’s political and business
elite congregates in St Petersburg this
week for an event often billed as the
country’s answer to Davos, a dearth of
western delegates and more attendees
from Asia and the Middle East will illus-
trate how much geopolitics has changed
Russia’s global standing.
While many Russian delegates will
attend the St Petersburg International
Economic Forum in good spirits, thanks
to a less damaging than expected pan-
demic, many are looking ahead more to
this month’s summit between US presi-
dent Joe Biden and Vladimir Putin, his
Russian counterpart, to arrest the un-
ravelling of western ties with Moscow.
“Of course the summit is welcome.
Russia and the US have a substantial list
of important issues to discuss. Russian
business and myself wish the best of
success to the presidents,” Andrei Kos-
tin, chief executive of VTB Bank, told
the Financial Times. “Having said that,
we are realistic. What we want are pre-
dictable, sustainable and respectful
relations between our nations.
“I think we have lost a lot of good deals
over the past years due to mutual bias
and various restrictions. Maybe it is
high time for the negative trend to be
reversed.”
The annual gathering, which officially
opens today and was once a regular date
for US and European executives, offi-
cials and heads of state, has lately
become a barometer of Russia’s soured
relations with the west, as the list of
high-profile foreign attendees shrinks.
Andrei Guriev, chief executive of ferti-
liser producer Phosagro, said that the
new Biden presidency “has given us a
feeling that there can be some move
towards reconciliation”.
Biden and Putin will meet in Geneva
on June 16, in their first face-to-face
talks as leaders, at a summit pitched at
“normalising” relations between them.
Ties have steadily eroded over the
past seven years because of allegations
of Russian election meddling, tit-for-tat
sanctions and diplomatic expulsions,
the conflict in Ukraine and, last month,
Moscow’s support for its ally Belarus
after it forced a passenger plane to land
and arrested a dissident on board.
Putin has stood by Alexander Lukash-
enko, Belarus’s autocrat president, host-
ing him for talks last weekend and
agreeing to loan $500m to Minsk, in
response to sanctions imposed by the
EU and US in response to the incident.
“[Belarus] will be another bullet item
on Biden’s agenda,” said Philip Worman,
‘The more business ties
between us, the more
mutual understanding we
can achieve in other areas’
managing director of GPW, a risk con-
sultancy. “There has to be some dia-
logue in this first meeting, against a
backdrop of appallingly bad state-state
relations. Certainly the atmosphere is
going to be difficult with little common
ground. Foreigners will stay away from
[the forum] as they have done since
sanctions began, but capital markets
business will continue to flow, although
clearly big mergers and acquisitions or
investment in Russia have stalled.”
Alongside the ongoing Covid-19 pan-
demic, which will probably affect visitor
numbers, this year’s forum will have
only a few top-level foreign guests,
including Total chief executive Patrick
Pouyanne and Edouard Ngirente,
Rwanda’s prime minister.
Austrian leader Sebastian Kurz will
speak via video link on the event’s show-
piece panel with Putin, which in the past
two iterations featured China’s Xi Jin-
ping, India’s Narendra Modi and
France’s Emmanuel Macron.
“As a businessman it is not my job to
comment on the prospects of easing ten-
sions with the west, but I believe that the
more business ties between us, the more
mutual understanding we can achieve
in other areas,” said Dmitry Konov, chief
executive of Sibur, Russia’s biggest pet-
rochemical producer. “Geopolitics are
never kind to Russian business but this
has taught us to stay competitive even in
challenging environments, and to
always have a Plan B.”
A further geopolitical sticking point is
that western countries have roundly
condemned the jailing of Russian oppo-
sition campaigner Alexei Navalny, after
he survived an assassination attempt
blamed on the Kremlin.
Inside Business see Companies
Sri Lanka fears environmental
disaster if chemical ship sinks
HARRY DEMPSEY
A chemical-laden container ship that
has been on fire for almost two weeks
has started to sink off the coast of Sri
Lanka, sparking fears of a serious envi-
ronmental disaster.
Efforts to move feeder vessel MV
X-Press Pearl into deeper water failed
yesterday, prompting the Singaporean
operator to shift its focus to mitigating
environmental damage as the risk of a
potential oil spill heightened.
The ship has already caused one of the
worst marine environmental disasters
in Sri Lanka’s history, with chemicals
from incinerated containers entering
surrounding waters and plastic pellets
washing ashore on sandy beaches near
Negombo.
X-Press Feeders, the operator, told the
Financial Times that it had called in
Itopf, a non-governmental organisation
that responds to oil and chemical spills,
and Oil Spill Response, a British group
specialising in managing oil spills, as the
fallout from the vessel’s plight threatens
to escalate.
Associated Press reported Sri Lanka
Navy spokesperson Indika de Silva say-
ing the ship could cause severe pollution
if it sank at its current location.
The ship had about 350 tonnes of bun-
ker fuel onboard but it is still unclear
how much was burnt off during the fire
and whether a certain volume could be
pumped out of its tanks.
“The ship’s aft portion is now touch-
ing bottom at a depth of 21 metres,” said
X-Press Feeders, while the bow is likely
to gradually sink down with smoke ris-
ing out of two cargo holds.
Sri Lanka’s Marine Environment Pro-
tection Authority has drawn up a plan in
case there is an oil spill, according to
Kanchana Wijesekera, the country’s
fisheries minister. Physical barriers
would be deployed to slow the spread
and skimmer ships would be used to
help disperse any oil slick.
The fire began on May 20 when the
ship, which was carrying 1,486 contain-
ers, was anchored off Colombo waiting
to enter the port.
Sri Lankan officials believe the confla-
gration was caused by chemicals the
newly built vessel was carrying, includ-
ing 25 tonnes of nitric acid.
4 ★
West Africa
Twitter removes post by Nigeria’s president
Social media group acts
after Buhari threatens
violent response to unrest
NEIL MUNSHI — LAGOS
Twitter has removed a post by Nigeria
president Muhammadu Buhari that
threatened a violent crackdown on
unrest in the country’s south-east, refer-
encing the civil war of the late 1960s that
left more than 1m people dead in the
region.
“Many of those misbehaving today
are too young to be aware of the destruc-
tion and loss of lives that occurred dur-
Israel drama
Coalition push
on Netanyahu
Israel was last night gripped by
political drama as an eclectic mix of
opposition parties sought to oust
veteran prime minister Benjamin
Netanyahu, pictured yesterday
attending a special session of the
Knesset, the parliament.
The opposition had until midnight
yesterday to form the first such
coalition in Israeli history, from the
far left to the ultranationalist right,
united in only one goal, the end of
Netanyahu’s political career.
Naftali Bennett, a millionaire who
controls only six seats in the 120-
strong Knesset, was set to become
premier. He would step down in two
years for Yair Lapid, a former TV
presenter who heads a centrist party
with 17 seats. Even if the parties hit
the deadline, it will take a week for
the minority government to be sworn
in. Mehul Srivastava in Tel Aviv
David Gardner see Opinion
Students divided over US colleges’ mandatory jabs
Many institutions demand full
inoculation, a policy backed by
some but also stirring protests
NIKOU ASGARI — NEW YORK
Every year, millions of students worry
about whether their grades will be good
enough to win a place at their dream
university, and if they can afford to pay
for a college education.
This September, many will have to
meet a new requirement: proof of full
vaccination against Covid-19.
Hundreds of US universities and col-
leges have made full vaccination man-
datory for students who want to live and
study on campus in the autumn, arguing
that it will create a safer environment
for in-person teaching.
“I’m glad about it,” said Alex, a busi-
ness student at New York University,
who declined to give his surname. “It’s
reassuring to know that we’ll be with
people who are definitely vaccinated.”
While some students feel more com-
Recovery
Australia bounces back from Covid recession China boom causes industrial power outages
JAMIE SMYTH — SYDNEY
Australia’s economy has recovered
fully from its Covid-19 recession, grow-
ing 1.8 per cent in the first three
months of 2021 compared with the pre-
vious quarter thanks to a rebound in
business investment and surging iron
ore exports.
The better-than-expected growth
means the economy is 0.8 per cent
larger than it was before coronavirus
was first detected in China in December
2019, elevating Australia into a select
group of nations that have grown over
the past 15 months.
But economists warned the slow pace
of the vaccine rollout and an outbreak
in Melbourne, which has forced a lock-
down in the state of Victoria, posed a
risk to the recovery and would damp
growth.
“Australia is in rare company here,”
said Kristian Kolding, an economist at
Deloitte Access Economics. “Only five
other countries can boast an economy
that’s larger now than before the pan-
demic. And we achieved that goal while
ing the Nigerian civil war,” Buhari
wrote on Tuesday in the now-removed
post. “Those of us in the fields for 30
months, who went through the war,
will treat them in the language they
understand.”
Twitter said the statement had vio-
lated its abusive behaviour policy,
which prohibits “content that wishes,
hopes, promotes, incites or expresses a
desire for death, serious bodily harm or
serious disease against an individual or
a group of people”.
The post quoted comments that
Buhari made during a meeting at which
the head of the country’s electoral com-
mission testified about a rise in attacks
fortable attending lectures and playing
sports with vaccinated peers, the poli-
cies have angered others who argue
compulsory jabs are unethical, high-
lighting the issues that mandating vacci-
nation can create.
“I think it’s horrendous and harmful,”
said Chaida Bango Bango, an English
student at the University of Maryland,
who joined others last week to protest
against her university’s decision to
require vaccination. “I’m all about per-
sonal autonomy. If you want to get the
vaccine every day for the rest of the
year, go ahead.”
About 20m students enrolled at US
universities last year, a large swath of
the population which, if vaccinated,
would help to reduce infection levels
and the risk of new variants evolving.
Anyone over 18 can receive one of
three jabs in the US, where access to the
vaccine has been rapidly expanded.
Other nations, including the UK and
much of mainland Europe, have yet to
immunise young adults, so similar uni-
versity policies have not been intro-
duced. Rutgers University in New Jersey
keeping Covid numbers lower than
almost anywhere else.”
Australian authorities’ successful
suppression of Covid-19 and stimulus
measures bolstered business confi-
dence, prompting a 5.3 per cent rise in
private investment in the three months
to March.
Optimistic: a sign
in Melbourne was
overtaken by
events when the
local lockdown
was extended
Business investment was driven by a
11.6 per cent rise in machinery and
equipment, the strongest increase since
the quarter to December 2009. Housing
investment jumped 6.4 per cent com-
pared with the previous quarter.
On an annual basis, gross domestic
product increased by 1.1 per cent. The
economy grew 3.2 per cent in the quar-
ter to December compared with the pre-
vious quarter.
Australia’s recovery has been boosted
FINANCIAL TIMES
INTERNATIONAL
on electoral offices in south-east
Nigeria.
Violence has surged in the area in
recent months, with authorities blam-
ing the banned secessionist Indigenous
People of Biafra group for torching
police stations and sparking a prison
break in April in which 1,900 inmates
escaped.
The president warned that “whoever
wants the destruction of the system will
soon have the shock of their lives”.
Buhari is the latest head of state to
have his posts removed by Twitter.
Former US president Donald Trump
was banned from the site for spreading
disinformation about last year’s elec-
Higher education. Healthcare
was the first to announce its students
must be fully vaccinated before return-
ing in the autumn. Hundreds of institu-
tions have followed, including some of
the country’s most prestigious schools
such as Yale, Stanford and Harvard.
“The mandate is ethical and should be
done,” said Lynn Pasquerella, president
‘Students going to a
classroom or lab shouldn’t
have to be worried
they’re going to be at risk’
of the Association of American Colleges
and Universities. “Students going to a
classroom or lab shouldn’t have to be
worried they’re going to be at risk.”
The universities say students must be
fully vaccinated before returning,
meaning two weeks after their Johnson
& Johnson shot or the second dose of the
Moderna or BioNTech/Pfizer jabs.
Exemptions are given on religious or
medical grounds.
For international students, which top
by surging commodity prices, particu-
larly iron ore, with the terms of trade, a
measure of export prices relative to
import prices, rising 7.4 per cent in the
first quarter. This drove the current
account surplus to a record A$18.3bn
($14.2bn) high in the quarter.
Trade tensions with China, sparked
by Canberra’s call for an inquiry into the
origins of the outbreak in Wuhan, have
failed to damp exports, with Bei-
jing unable to source alternative sup-
plies of the steelmaking ingredient.
Only Australia, China, Chile, Roma-
nia, South Korea and Lithuania have
grown their economies since Covid-19
struck, according to Deloitte Access
Economics. On average, the economies
of OECD countries, a group of wealthy
nations, were 2.7 per cent smaller than
before the pandemic, it said.
The virus, however, remains a chal-
lenge. Yesterday, authorities extended a
seven-day lockdown of Melbourne to
contain a cluster while just 4.4m of the
estimated 40m jabs required to cover
the nation’s population of 25m have
been administered.
tion, which he lost, and inciting his
supporters to storm the US Capitol on
January 6.
Buhari, a former general who ruled as
a military dictator in the early 1980s, cut
his teeth in the 1967-1970 Biafran war, as
the civil war is also known, a brutal con-
flict that led to the starvation of more
than 1m people.
The resurgent separatist movement
and rising violence in the south-east,
including armed gangs killing police
officers, is just one of half a dozen secu-
rity crises affecting Africa’s most popu-
lous country.
It is also confronting the decade-old
jihadi Boko Haram insurgency in the
US institutions rely on for a steady
stream of income, vaccines will be avail-
able at pop-up sites on some campuses,
leaving no room for avoidance. Other-
wise, students are encouraged to get
vaccinated as soon as landing in the US.
Columbia and Harvard are among the
universities asking students to upload
proof of vaccination online while others
such as Yale are still fine-tuning the
details of how best to check.
Jeffrey Nolan, an education lawyer at
Holland & Knight, said as long as uni-
versities kept students’ data secure,
there was no legal issue asking for proof
of vaccination. “They’re saying you can
make your own choices, however if you
make the choice to come to our campus
you must take the vaccine,” he said.
Protests have sprung up across the US
in opposition to the policies. Hundreds
of Rutgers students took to the streets in
May objecting to the university’s deci-
sion while in Annapolis, students rallied
against the University System of Mary-
land’s vaccine requirement.
Some universities fear mandating
vaccines will put off communities of col-
Manufacturing
PRIMROSE RIORDAN — HONG KONG
CHRISTIAN SHEPHERD — BEIJING
China’s runaway economic recovery
has been so successful that it has
caused power shortages across dozens
of its manufacturing and industrial
hubs in the south of the country.
Factories across cities such as
Guangzhou, Foshan and Dongguan,
known for producing global consumer
and high-tech products, have been
ordered to use less power and even close
for between one to three days a week to
mitigate the shortfall.
Klaus Zenkel, chair of the EU Cham-
ber of Commerce in South China, said
that about 100 of the organisation’s
companies were affected and further
shortages risked having an adverse
impact on foreign investment in the
region.
“After the economic recovery post-
pandemic, companies are very busy and
have a lot of orders . . . Now some have
been asked to shut down three days a
week. It’s quite unreasonable,” Zenkel
said. “It’s an infrastructure issue
north-east, violent clashes between
nomadic herders and farmers, piracy in
the Gulf of Guinea and a kidnapping-for-
ransom crisis centred in the north-west
but prevalent in every corner of the
country.
As the security situation has deterio-
rated across Nigeria, Buhari has seen his
national security credentials, which he
ran on in 2015 and 2019, crumble. He
has promised that with fresh leadership
of the armed services and police, the sit-
uation will improve.
However, a main driver of the insecu-
rity is the slowing economy, which is
marked by soaring inflation, sluggish
growth and rampant unemployment.
Ronen Zvulun/AFP/Getty
our, who are more jab hesitant, from
attending university altogether.
Massachusetts Association of Com-
munity Colleges, which has 15 institu-
tions across the state, said it was crucial
to meet the needs of all its students, who
often faced “disproportionate access to
the Covid-19 vaccine” and that mandat-
ing vaccination could create “additional
barriers for our students”.
While private organisations are able
to implement their own rules, public
universities must follow state rules. This
has led to disputes between some uni-
versities and their lawmakers, particu-
larly in Republican states including
Florida, Texas and Arizona where gov-
ernors have issued orders banning uni-
versities from mandating vaccination or
asking for proof.
The trend in students’ opinions
regarding vaccination mirrors that of
the wider US. Almost a third of Republi-
can students say they would not get vac-
cinated compared with 4 per cent of
Democrats, according to figures from
research firm College Pulse.
Brooke Masters see Opinion
that needs to be handled immediately.”
As other economies struggle to return
to growth, record demand for power
from factories and industry has out-
stripped supply in Guangdong province,
where the cities are located. The prob-
lem has been exacerbated by high tem-
peratures as well as low rainfall in Yun-
‘Some [companies] have
been asked to shut down
three days a week. It’s
quite unreasonable’
nan, which Guangdong partly relies on
for hydropower.
Analysts said the central govern-
ment’s carbon emissions targets had
also made local governments reluctant
to expand their reliance on coal-fired
power, forcing officials to ration elec-
tricity instead. “With China’s carbon
plan . . . local governments are very
nervous about their use of coal and ther-
mal power,” Shan Guo, partner at Ple-
num China Research, said.
Thursday 3 June 2021
Environmental review
Biden freezes
Arctic drilling
rights sold
before Trump
left office
ANJLI RAVAL — LONDON
MYLES MCCORMICK — NEW YORK
The Biden administration has announ-
ced it will suspend the Arctic oil drilling
rights sold in the last days of Donald
Trump’s presidency, reversing a policy
of the previous White House and hand-
ing a victory to environmentalists.
In his first day as president, Joe Biden
directed the interior department to
review oil and gas activity in the Arctic
National Wildlife Refuge, one of the
largest areas of untouched wilderness in
the US. On Tuesday, the department
said the licences would be halted pend-
ing an environmental and legal review.
It said it had “identified defects in the
underlying record of decision support-
ing the leases, including a lack of analy-
sis of a reasonable range of alternatives”
required under the National Environ-
mental Policy Act, a decades-old law
that is a marker of green standards.
The decision prevents the develop-
ment of any of the leases until the
review, which could add additional con-
ditions or scrap them outright, can be
carried out. The department did not say
how long this would take.
Gina McCarthy, the White House nat-
ional climate adviser, called the move
“an important step forward” in fulfilling
Biden’s campaign pledge to protect the
refuge. “President Biden believes Amer-
ica’s national treasures are cultural and
economic cornerstones of our country
and he is grateful for the prompt action
by the department,” she said.
To redress four years of inaction on
climate change, Biden has unveiled a
series of measures to regain the US’s sta-
tus as a leader on environmental issues.
These include rejoining the Paris cli-
mate accord, scrapping a permit for the
Keystone XL oil pipeline, announcing
plans to halve greenhouse gas emissions
by 2030 and integrating climate-related
risk into the financial system.
The administration has also frozen
new oil and gas leasing on federal lands,
a departure from the Trump era when
environmental regulations on energy
producers were rolled back.
Oil companies and Republicans have
long sought to exploit the oil-rich Arctic
National Wildlife Refuge, a more than
19m-acre stretch of land that is home to
polar bears, caribou and other wildlife
and considered sacred by the indige-
nous Gwich’in communities.
Auctions of part of the refuge, about
1.5m acres along the coast, were man-
dated under a 2017 law. Trump sought
to rush leases through in his final days in
office as part of a plan to encourage
greater fossil fuel output in the US.
But the sale, held in January, gener-
ated little industry interest, with just
three bidders, including an Alaska state
agency, putting forward offers.
Local officials have opposed Biden’s
move, saying it deals a blow to the
regional economy and an industry on
which Alaska is hugely dependent.
“Our leases for oil and gas are valid
and cannot be taken away by the federal
government,” said Republican governor
Mike Dunleavy. “I oppose this assault
on Alaska’s economy and will use every
means necessary to undo this egregious
federal over-reach.”
Tuesday’s decision marked a victory
for environmentalists, a pillar of Biden’s
support in last year’s election, who have
questioned some of his climate actions.
Lara Dong, from data provider IHS
Markit, said limits on coal imports and
domestic production were also a factor
contributing to the shortages.
Factories are worried that they will be
unable to fulfil their orders in time after
the China Southern Power Grid Com-
pany said on Saturday that 21 cities and
regions across Guangdong would be
included in the rationing or restrictions
on usage. Companies have to limit the
power supply or their electricity will be
cut off.
Mike Wang, the manager of an elec-
tronics factory in Dongguan hit by the
shortages, said staff were “sweating pro-
fusely” through 36C days as they could
not turn on the air conditioners and fans
without breaching power usage limits.
“I am really worried now. I don’t know
how to explain to clients [that their
orders would be late],” he told the
Financial Times.
He said that power shortages had hob-
bled his factory’s efficiency by 20 to 30
per cent.
Additional reporting Qianer Liu in Shen-
zhen and Emma Zhou in Beijing
Thursday 3 June 2021 ★ FINANCIAL TIMES 5

Winning move It is lucrative to invest in losing companies, as long as you know which ones to choose y MARKETS INSIGHT, PAGE 9

Credit Suisse Showtime AMC stock soars as cinema chain

promises free popcorn to retail investors
White House
pins JBS cyber
prepares to attack on
Russian group
sue SoftBank BY FT REPORTERS

A criminal organisation probably

over Greensill
3 Bid to placate clients facing big losses
3 Case centres on US builder Katerra
ARASH MASSOUDI AND
OWEN WALKER — LONDON
TABBY KINDER — HONG KONG
KANA INAGAKI — TOKYO
Credit Suisse is preparing for litigation
against SoftBank after the collapse of
Greensill Capital soured the relation-
ship between the Swiss bank and one of
the world’s largest tech investors, say
people briefed on the plans.
The move comes as the lender scram-
bles to appease clients who stand to lose
as much as $3bn following the failure of
Greensill, in which SoftBank’s Vision
Fund was the largest investor.
The dispute centres on $440m in
funds the bank’s wealthy customers are
owed by Katerra, a struggling US const-
ruction group that was a Greensill client
‘The question is, what did
SoftBank know? [The
dispute] could potentially
end up in the courts’
and was also backed by the Vision Fund.
Katerra was included in Credit
Suisse’s dedicated suite of Greensill sup-
ply chain finance funds, which pack-
aged up invoices into investments and
marketed them as low risk. The funds
ballooned to $10bn before the bank sus-
pended them in March, helping precipi-
tate Greensill’s collapse.
The Financial Times revealed that
when SoftBank agreed to provide an
emergency cash injection into Greensill
in November 2020 to cover debts at Kat-
erra, the money did not reach the Credit
Suisse funds as intended.
The bank is investigating the failure of
its Greensill funds, looking into what
information was shared by the finance
firm and SoftBank, including on Kat-
erra, with the Credit Suisse managers
running the funds.
“The question is, what did SoftBank
know?” said a person with knowledge of
the Swiss bank’s plans. “[The dispute]
could potentially end up in the courts.”
The Vision Fund has instructed
Quinn Emanuel, the law firm, to defend
it against any claims linked to Greensill,
said a person familiar with the matter.
Souring ties between the lender and
SoftBank have led to an informal ban on
Credit Suisse bankers dealing with the
Japanese group over the past six weeks,
say two people familiar with the matter.
The ban was reported by Bloomberg.
The dispute may be resolved before
both sides take to litigation, said people
briefed on the matter.
Credit Suisse clients are pressing the
bank to compensate them for losses
from the funds, which were launched in
2017. Several class action lawsuits bring-
ing together dozens of wealthy investors
in the funds are gathering pace.
The bank has so far returned $4.8bn
and plans a further repayment in the
coming days. However, it has flagged
that $2.3bn of fund assets will be hard to
recover, including $440m from Katerra,
$1.2bn from Sanjeev Gupta, the UK
industrialist, and $690m from Blue-
stone Resources, a US coal miner owned
by Jim Justice, West Virginia governor.
Justice confirmed on Tuesday he had
personally guaranteed nearly $700m in
loans that his coal companies took from
Greensill, which he is suing in a federal
court in Manhattan.
The bank’s clients have also raised
questions over Credit Suisse’s relation-
ship with SoftBank, say people familiar
with the discussions, since the FT
revealed last summer that the Japanese
company was involved in a circular
financing arrangement involving the
Greensill funds. Credit Suisse and Soft-
Bank declined to comment.
Additional reporting by Aime Williams
in Washington
The AMC Empire 25 theatre in Times Square was one of many forced to close during the pandemic — Noam Galai/Getty
MADISON DARBYSHIRE
Trading in AMC shares was briefly
halted yesterday after the company’s
stock price surged on the back of a
promise to dish out free popcorn to
investors, in the latest example of
how the “meme trading” frenzy is
rippling across Wall Street.
The shares rose as much as 93 per cent
to $61.82 per share before falling
back, causing trading to be halted
twice on the New York Stock
Exchange.
The shares have risen more than
450 per cent in the past month.
Other “meme stocks” such as Bed
Bath & Beyond and BlackBerry also
posted large gains yesterday.
AMC was the most actively traded
stock on US exchanges yesterday,
according to Bloomberg data tracking
companies with market values
greater than $500m, while Black-
Berry was the third.
AMC’s Investor Connect pro-
gramme, which will also offer perks
such as invitations to “special screen-
ings”, underscores how the rising
power of individual traders is attract-
ing the attention of publicly listed
companies and professional Wall
Street investors.
Meme stocks were thrust into the
spotlight when trading by retail trad-
ers soared to a record at the start of
this year, fuelled by messaging boards
on social media platform Reddit such
as r/WallStreetBets.
Retail investors have joined the
market in record numbers since the
pandemic struck, with retail trading
volumes doubling between 2019 and
2021, from less than 10 per cent to
more than 20 per cent, according to
data from Piper Sandler.
AMC has been one of a clutch of
beneficiaries.
Amateur traders make up a key
cohort of AMC’s shareholder base,
owning 80 per cent of the company.
More than 3.2m new individual inves-
tors owned stakes in the company by
March 2021, AMC said yesterday.
based in Russia was behind a ran-
somware attack that has disrupted ani-
mal slaughtering at JBS, the White
House said based on information from
the world’s largest meat processor.
São Paulo-headquartered JBS has for
the past few days suffered from a cyber
attack on its North American and Aus-
tralian systems that halted work for
thousands of employees.
The company has stood down up to
7,000 workers in Australian abattoirs
that rely on casual staff, while shifts for
at least 3,000 workers have been can-
celled across Canada and the US.
The incident, discovered on Sunday,
is the latest in a string of cyber attacks
on companies with important roles in
the economy, including a ransomware
incident last month that stopped flows
on the Colonial pipeline, a fuel artery for
the populous east coast of the US.
The White House was “engaging
directly with the Russian government
on this matter and delivering the mes-
sage that responsible states do not har-
bour ransomware criminals”, said
spokeswoman Karine Jean-Pierre.
Jean-Pierre added that the FBI was
investigating the attack and that US
president Joe Biden had directed the
administration to look at ways to miti-
gate supply disruptions.
Big investors have ridden the wave. The Kremlin yesterday responded to
On Tuesday, AMC said that it the allegations by saying that it had no
had sold 8.5m new shares to hedge information about who might be behind
fund Mudrick Capital Management the attack but would respond to any
at about $27 each, a big premium official request for assistance promptly.
to AMC’s $2 share price at the end of “I do not know anything about this,”
last year. said Dmitry Peskov, president Vladimir
Hours later, Mudrick sold the Putin’s spokesman. “Certain contacts
shares after news of the fundraising are being maintained through diplo-
sent them as high as $33.53. matic channels . . . if the Americans
Other listed US companies bring any accusations, clearly, they will
are pondering how to best engage be processed in a rather rapid manner.”
with the generation of retail share- Cyber crime is likely to be a topic on
holders and their growing power in the agenda of the summit between Putin
the market. and Biden in Geneva this month, Peskov
General meeting operator Lumi said, adding that it was premature to
said it had noticed a rise in engage- talk about potential US-Russia co-
ment from retail shareholders. operation on combating cyber attacks.
“Companies are telling us the Dalmo Veras, chief of 313X, a Brazil-
demographic of people attending ian cyber security group, said: “These
meetings is different. It’s not the tea- types of attacks are more normal than
and-biscuit crowd,” said Richard Tay- we think and the worst ones are those
lor, the chief executive of Lumi. “Once that we don’t even know about.”
you take away the barriers of who can Reporting by Bryan Harris in São Paulo,
get there, the demographic of who can James Politi in Washington, Jamie Smyth in
attend and ask questions is changing.” Sydney and Henry Foy in Moscow
See Lex Analysis page 7

Belarus incident threatens aviation’s culture of safety

Contracts & Tenders

civil aviation to exist. Yet it is also the
INSIDE BUSINESS greatest weakness in ensuring the integ-
rity of global aviation, as the incident
EUROPE with Ryanair showed.
Jim Bell, co-head of aviation at law
Peggy firm Watson Farley & Williams, says: “If
the state decides there is good cause to
Hollinger ask an aircraft to land, it can do so with
impunity.”
Belarus’s actions contradict the
spirit of the convention, and the
time the pilot decided to land, instead of
Minsk, 183km distant. At the very least,
the young dissident and his partner
would still be free.
Yet after decades of trying, the EU
struggles to get member states to imple-
ment measures that fall short of that
independent ideal.
The Single European Sky initiative
was launched about two decades ago to
reduce fragmentation of European air-

T
he diversion of Ryanair
flight 4978 by Belarusian
air traffic control on
the apparently spurious
grounds of a bomb threat
last week prompted an unusually
rapid response from the international
community.
Airlines have been advised not to fly
over Belarus, the national carrier has
been banned from EU airspace, and
sanctions on the Belarusian elite are
being drawn up.
Belarus is believed to have fabricated
a bomb threat in order to arrest a politi-
cal dissident. This may not be the first
time a state has forced the landing of a
jet for political purposes, but it is the
first time that many in the industry can
recall of civil air traffic control being
weaponised — used by a state to pass a
false message to a commercial airliner
to force it to land.
Now that the way has been shown,
others may follow.
It might be assumed that Belarus has
broken international aviation law. But
the first article of the Convention on
International Civil Aviation, which sets
the framework for safe and effective
civil flight, says “every State has com-
plete and exclusive sovereignty over the
airspace above its territory”.
That opening clause is the sine qua non
that enables an international system of
precedent could have serious repercus-
sions for the aviation industry. These go
well beyond the need to avoid flying
over Belarus, which will add cost in fuel
and emissions.
Pilots have to be able to trust what
they are being told by controllers. If they
have to second-guess the motives
behind what they are being asked to do
— and in particular, in a situation such
as a bomb threat —
it adds to already Flight restrictions
complex proce-
dures and will jeop- and possible sanctions
ardise safety.
The Interna-
may not be enough to
tional Federation stop others from following
of Air Line Pilots’ the path of Minsk
Associations says:
“This unprecedented act of unlawful
interference will potentially upend all
the assumptions about the safest
response to bomb threats on flight and
interceptions.”
There is no obvious remedy. The ideal
solution would be to create an inde-
pendently managed international sys-
tem for air navigation service provision.
That might not have stopped Belarus
from falsifying a bomb threat and pass-
ing it on to flight 4978. But normal pro-
cedure in the event of a bomb threat is to
land at the nearest airport.
An independent air navigation serv-
ice provider would have directed the
aircraft to Vilnius, 72km away by the
space and improve performance of air
traffic management. A few weeks ago,
Willie Walsh, head of the aviation indus-
try trade body, Iata, warned that the ini-
tiative was on the brink of collapse due
to “the intransigence and selfishness of
key EU states and their air navigation
service providers”.
Most countries are not willing to cede
their sovereign right to manage their
airspace, even with caveats to ensure
the military’s freedom of action in cases
of threat or conflict.
The EU acted with alacrity in cracking
down on Belarus’s actions. But flight
restrictions and possible sanctions may
not be enough to stop others from fol-
lowing suit. It would be far better if the
system were designed to make such
actions more difficult.
Brussels has been developing an
external aviation policy, replacing
member states’ bilateral agreements
with third countries. These EU
Businesses For Sale
agreements deal with safety, security
and competition. Perhaps they could
also be used as leverage in an attempt to
reform the way air navigation services
are operated.
But first the EU will have to get its own
hangar in order. As long as member Business for Sale, Business Opportunities, Business Services,
states procrastinate over the Single Business Wanted, Franchises
European Sky, it will be difficult to argue Runs Daily
.........................................................................................................................................................................................................................................................................
that others should go even further.
Classified Business Advertising
UK: +44 20 7873 4000 | Email: acs.emea@ft.com
peggy.hollinger@ft.com
6 ★ FINANCIAL TIMES Thursday 3 June 2021

COMPANIES & MARKETS

Financials Industrial goods

SEC revisits Trump-era proxy advice rules Heidelberg

Commission announces
it ‘will not recommend
enforcement action’
PATRICK TEMPLE-WEST — NEW YORK
The US Securities and Exchange Com-
mission has said that it will not enforce
Trump-era rules for shareholder advi-
sory firms, dealing a blow to companies
such as ExxonMobil that have argued
that proxy advisers wield too much
power.
Commission chair Gary Gensler said
he had asked staff to revisit restrictions
for proxy advisers that the commission
adopted in July 2020.
The staff should also reconsider
guidance aimed at defanging proxy
advisers that the agency published in
2019, he said.
The SEC said that it “will not recom-
mend enforcement action” based on the
agency’s 2019 guidance for proxy advis-
ers and the 2020 rules, now that the
commission “is considering further reg-
ulatory action in this area”.
Gensler’s decision marks a win for
Institutional Shareholder Services and
Glass Lewis, the two largest proxy
adviser firms. Public companies repre-
sented by the Business Roundtable and
US Chamber of Commerce had lobbied
the SEC to impose regulations on the
proxy advisers.
Financials. Harassment allegations
Investors — who use proxy adviser
recommendations to vote on corporate
boardroom matters — cheered the
SEC’s action.
“It’s Christmas in June for investors,”
said Amy Borrus, executive director of
the Council of Institutional Investors.
“Gensler’s decision today for the
agency to consider revisiting its contro-
versial actions on proxy advice is a big
win for investors and the proxy advisory
firms that would have been shackled by
the regulatory regime the commission
approved.”
ISS sued the SEC to stop its guidance
and the 2020 rules, and that case is
pending in court. The SEC’s proxy
adviser rules are expected to saddle ISS
and Glass Lewis with new legal costs.
“We welcome the SEC’s announced
decision to consider revisiting its proxy
adviser rulemaking,” ISS said.
ISS and Glass Lewis provide investors
with advice on how to vote on issues
ranging from climate change disclo-
sures to the election of board members,
and their recommendations can be
influential.
Chair Gensler’s decision
represents a win for
Institutional Shareholder
Services and Glass Lewis
ISS and Glass Lewis respectively
endorsed three and two nominees
to the ExxonMobil board put forward
by activist hedge fund Engine No 1
Last week.
At least two of the nominees were
confirmed to have won seats.
In a 2020 letter to the SEC, Exxon said
it supported the agency’s regulations for
proxy advisers.
Dennis Kelleher, president of Better
Markets, said: “The actions by Trump’s
SEC were wrong and likely illegal. Given
that the SEC exists to protect investors,
not incumbent management, today’s
actions properly begin the process to
restore investors’ rights and re-
empower investors.”
plans Swedish
carbon-neutral
cement plant
HARRY DEMPSEY
HeidelbergCement plans to build the
first carbon-neutral cement plant in
Sweden by 2030 in a move to reduce
the polluting cement sector’s high level
of emissions.
The fourth-largest cement producer is
aiming to capture 1.8m tonnes of carbon
dioxide annually produced at its Swed-
ish plant in Slite, which would become
its second large-scale carbon capture
and storage facility.
The 1.8m figure is more than four
times the volume the German company
intends to store underground from its
first big carbon capture plant in Brevik
in Norway, which gained final govern-

Model brings lawsuit accusing Black of rape
Former Apollo chief dismisses
claims as ‘riddled with lies’
and ‘wholesale fiction’
MARK VANDEVELDE — NEW YORK
Leon Black, the former chief executive
of Apollo Global Management, has been
hit with a lawsuit claiming that he raped
and harassed a young Russian model
before manipulating her with promises
of money and sham job interviews at
Goldman Sachs.
The claims, which come weeks after
he stepped down from Apollo following
scrutiny of his ties to the late paedophile
Jeffrey Epstein, contradict Black’s
account of what he has characterised as
a “consensual affair” with a woman who
he claims later extorted him.
Guzel Ganieva was in her early 20s
when she says Black picked her out of a
crowd at a New York event marking
International Women’s Day, and invited
her to discuss her future over dinner at
the upmarket restaurant La Grenouille.
She alleges that soon after that 2008
encounter, the Apollo Global Manage-
ment founder took her to a bare studio
apartment where, on a mattress on the
floor, he subjected her to “forced sadis-
tic sexual acts”.
Black “derived pleasure from humili-
ating and debasing” Ganieva and inten-
tionally caused her physical pain,
according to a civil complaint filed in
New York state supreme court on Tues-
day.
But when Ganieva indicated she was
cutting off contact, she said Black
turned conciliatory — offering to
finance a movie that she could produce,
and to use his contacts to facilitate an
application at Harvard Business School.
“This frivolous lawsuit is riddled with
lies, and is nothing more than a whole-
sale fiction,” a spokesperson for Black
said on Tuesday, adding that Ganieva
“had a wholly consensual relationship
with [Black] for six years” and that her
allegations of “harassment and other
inappropriate behaviour” were “cate-
gorically untrue”.
Black resigned from Apollo in March,
citing “relentless public attention and
media scrutiny” of his professional ties
to Epstein, to whom he paid $158m for
tax advice and art transaction services.
An investigation by Dechert, the inter-
national law firm, found no evidence
that Black had done anything wrong.
Ganieva’s lawsuit claims that Black
harmed her reputation by making false
and malicious statements in response to
news reports detailing some of her alle-
gations of sexual harassment.
“The truth is that I have been extorted
by Ms Ganieva for many years,” Black
The claims, said in an April statement that Ganieva’s
come weeks lawyers said was “false and defama-
after Leon tory”.
Black, above, “I made substantial monetary pay-
stepped down ments to her, based on her threats to go
from Apollo public concerning our relationship, in
following an attempt to spare my family from
scrutiny of his public embarrassment,” the statement
ties to the late added.
paedophile Ganieva’s lawsuit offers a different
Jeffrey Epstein version of events surrounding the
Patrick T. Fallon/Bloomberg
money she received from Black, begin-
ning with a $480,000 loan that she says
he offered in June 2011 to help her
resume her college studies.
A photograph of a one-page “loan
agreement” attached to the lawsuit
appears to bear Black’s flowing signa-
ture alongside Ganieva’s, and arranges
for her to receive $60,000 every three
months for the subsequent two years.
“The principal loan will be repaid in
full on June 1 2016 and will carry a sim-
ple interest rate of 5 per cent per
annum,” the document states, without
calculating the amount to be repaid.
Ganieva says she signed another, nearly
identical “loan agreement” in 2013.
With her mathematics degree fin-
ished, Ganieva began looking for work,
and she says Black offered help, arrang-
ing for her to meet top executives at
Goldman Sachs. Among them was Ali-
son Mass, who now chairs the invest-
ment banking division.
A person familiar with the 2014 meet-
ings said the bank had not interviewed
Ganieva for any specific position, and
that it was not uncommon to enter into
open-ended conversations about poten-
tial job openings at the request of a cli-
ent. Goldman declined to comment.
In the end, no job materialised.
“Given the macro environment, there
are no open jobs at Goldman Sachs right
now that work for/are a fit for you,” a
Goldman banker wrote to Ganieva in an
email, adding that a colleague “would
keep his eyes open” for job openings
with clients in Moscow.
“In hindsight Ms Ganieva knows that
none of these arranged interviews were
meant to be legitimate,” her lawyers
wrote in a court filing.
A photo of a A year after the meetings at Goldman
Sachs, Ganieva said she asked Black “to
one-page leave her and her child alone, for good”.
‘loan At a meeting at New York’s Four Sea-
sons hotel, she said Black agreed to for-
agreement’ give her loans, and ordered her to sign
attached to two documents without allowing her to
keep a copy. She said she now under-
the lawsuit stood she had signed a non-disclosure
appears to agreement. Afterwards, Ganieva said
she began receiving regular payments
bear Black’s from Black, but that the money stopped
flowing arriving in April. Weeks earlier Ganieva
posted on Twitter that Black was a
signature “predator” who had “sexually harassed
alongside and abused” her for many years.
Through a spokesperson, Black has
Ganieva’s acknowledged making payments to
Ganieva and said he had “advised the
criminal authorities” of her activities.
In Tuesday’s legal filing, Ganieva’s
lawyers contended that Black was mak-
ing a “pre-emptive claim of extortion”
to make it harder for her to pursue legal
action. They wrote: “He said many
times to her, ‘If you do not take the
money, I will put you in prison.’”
ment approval late last year.
Carbon capture is being promoted as a
solution to reduce pollution in indus-
tries such as cement, which releases
8 per cent of global CO2 emissions.
It is also difficult to decarbonise pro-
duction of cement because about two-
thirds of its emissions come from the
calcination of limestone during manu-
facturing, which cannot be reduced
using traditional means such as fuel
substitution.
Cement companies have many
pilot carbon capture projects, but the
two Scandinavian schemes are the
industry’s first large-scale ones to be
announced.
However, HeidelbergCement and the
Swedish government have to reach
agreement on financing before the Slite
project can become reality.
Sweden’s minister for enterprise,
Ibrahim Baylan, said that the cost of the
The business must reach a
financing agreement with
Stockholm before the Slite
project can become reality
site would be three or four times
that of Brevik, estimated to reach
NKr3.3bn ($397m) for carbon capture,
which is part of a broader NKr25bn
investment that also covers transport
and storage.
Baylan said government support
was “not in the vicinity” of the two-
thirds of the financing offered by Nor-
way for the carbon capture and storage
project related to Brevik, set to come
online by 2024.
“We’re initially supporting the com-
pany with some funds,” he said. “In the
long run, we expect industry to make
these investments for themselves.”
Dominik von Achten, chair of the
managing board of HeidelbergCement,
said it was the right time to signal its
willingness to ramp up its ambitions on
carbon capture.
“We have the confidence now that we
can pull it off from a project manage-
ment perspective and get the right bal-
ance in terms of financing from the gov-
ernment.”
The Slite cement plant on the island of
Gotland is Sweden’s largest and pumps
out about 4 per cent of the country’s car-
bon emissions, so the project would be a
significant step towards reaching its
2045 net zero target.
The carbon dioxide will initially be
stored underground in oil and gasfields,
but the company has its sights set on
potentially creating a new revenue
stream by selling captured carbon to
industries that need the gas to produce
fertilisers or synthetic fuels.
Baylan warned that industrial compa-
nies and nations would lose market
share and jobs if they were slow to invest
heavily in infrastructure to decarbonise
energy-intensive manufacturing.

Airlines Media

Investors back AirAsia X restructuring plan
STEFANIA PALMA — SINGAPORE
Shares in AirAsia’s long-haul unit
jumped after the Malaysian carrier said
investors had approved a restructuring
plan that could pave the way for
resumption of commercial operations
when borders reopen.
AirAsia X’s stock closed 6.7 per cent
higher in Kuala Lumpur yesterday, a
day after the airline said shareholders
had approved resolutions regarding the
restructuring with a margin of at least
99.8 per cent.
The carrier called the development
a “milestone in the corporate restruc-
turing process”.
With RM63.5bn ($15.4bn) of debt,
AirAsia X in October unveiled the
restructuring plan as a last-ditch effort
to save its business and cope with
“severe liquidity constraints”. But the
plan could still hit snags with creditors.
AirAsia X and its parent have been
pummelled by closure of borders and
restrictions on travel.
AirAsia X deputy chair Lim Kian Onn
said in October the airline had run out of
money and was liquidating its Indonesia
business as well as writing down its 49
per cent stake in Thai AirAsia X.
In the same month, the carrier
warned of “an imminent default of con-
tractual commitments [that] will pre-
cipitate a potential liquidation of the air-
line” barring restructuring.
AirAsia X’s shares had been little
changed this year after falling by about
half in 2020.
Proposals authorised by shareholders
on Tuesday include shrinking AirAsia
X’s issued share capital by 99.9 per cent,
a rights issue of up to RM300m, and an
issuance of new shares of up to
RM200m via a special purpose vehicle.
Paul Yong, an equity analyst at DBS,
said investors did not “have much of a
choice” as the carrier was struggling to
continue. “It’s really what the creditors
decide that will determine the fate of the
company.”
AirAsia X has hit resistance as it tries
to secure creditors’ support for its debt
restructuring. One AirAsia X creditor,
who did not wish to be identified, said it
objected to the restructuring scheme.
The carrier said on Tuesday it was set
to hold meetings with creditors and air-
craft lessors in late July or August.
Reuters reported in December that
Airbus was among a dozen creditors
challenging AirAsia X’s scheme, telling
the Kuala Lumpur High Court it could
lose more than $5bn in orders if the plan
went ahead. BOC Aviation, a lessor,
asked the court to dismiss the plan.
Airbus and BOC Aviation declined to
comment on the airline’s restructur-
ing plan.
UK approves eBay’s $9.2bn Adevinta deal
KATE BEIOLEY — LONDON
The UK competition regulator has
approved eBay’s tie-up with Adevinta
after the companies agreed to sell UK
second-hand sales sites Gumtree UK
and Shpock, smoothing the path for
the $9.2bn classified advertisements
deal.
The deal between Silicon Valley-based
eBay and Norway’s Adevinta will create
the world’s largest online classified
advertising group.
Yesterday, the Competition and Mar-
kets Authority said it had accepted the
remedies put forward by the parties in
March in order to avoid an in-depth
merger investigation.
Ebay agreed to combine with
Adevinta in July last year after activists
pressured eBay to slim down its busi-
ness. The eBay classified ads business
included Gumtree and Canada’s Kijiji,
along with vehicle marketplace sites in
Denmark, Germany, Italy and the UK.
The CMA raised concerns about the
deal in February, claiming that it could
lead to a “loss of competition” because
of the level of influence that eBay would
be able to exert over the combined
group.
The regulator said Gumtree
would also no longer be an “independ-
ent competitor to eBay’s marketplace”
after the deal, leaving Facebook’s Mar-
ketplace as the only remaining signifi-
cant rival.
Adevinta will now sell Shpock, while
eBay will sell its UK Gumtree business,
which includes its Motors.co.uk used-
car site.
The UK businesses would together
have represented less than 5 per cent of
the combined group if the deal had gone
ahead as planned.
In an update, the CMA said it “consid-
ers that the undertakings given . . . by
Adevinta and eBay are appropriate to
remedy, mitigate or prevent the sub-
stantial lessening of competition, or any
adverse effect which may be expected to
result from the transaction.”
In a statement Adevinta said that it
hoped to complete its “acquisition of
eBay Classifieds Group” in the second
quarter of the year, subject to regulatory
approval in Austria.
The CMA said Liechtenstein-based
investment group and online market-
place operator RussMedia Equity Part-
ners had agreed to buy Shpock upfront.
It is still waiting to agree a buyer for
Gumtree UK.
Adevinta’s deal with eBay involves the
US ecommerce group taking a 44 per
cent equity stake in the Norwegian com-
pany, including a third of the voting
rights and two board seats. Ebay will
also receive $2.5bn in cash.
Thursday 3 June 2021 ★ FINANCIAL TIMES 7

COMPANIES & MARKETS

Cyber premiums jump in face of acute threats

Surge in attacks prompts vigilant insurers to question clients closely about culture, attitude to security and training
IAN SMITH — LONDON
The Great Fire of London helped forge
the property insurance market, as resi-
dents feared a repeat of the destruction
of 1666.
In the absence of a state-backed fire
service, some insurers employed their
own brigades, betting that limiting the
damage to a property would be cheaper
than rebuilding it, while also helping
stricken owners.
Graeme Newman, chief innovation
officer at London-based insurance pro-
vider CFC, draws a parallel with today’s
rapidly evolving market for cyber cov-
erage, where insurers provide emer-
gency support services as well as finan-
cial compensation.
“The insurers own the digital fire
trucks,” he said.
Cyber attacks began to climb last year,
but a wave of ransomware assaults over
the past two months has convulsed the
insurance market.
Ireland’s healthcare system, a US fuel
pipeline, and, this week, Brazilian meat
supplier JBS, are among the targets to
have been briefly shut following attacks.
Western officials have pointed the fin-
ger at criminal groups likely to be based
in Russia.
In a typical ransomware incident,
hackers lock up a target’s network or
hold its data until a ransom has been
paid. For the businesses that buy cyber
insurance (in the US, about half of those
who purchase insurance), ransomware
is covered under their general policies.
These offer a mixture of financial com-
pensation, for losses including business
interruption and ransom repayments,
and services such as data recovery.
As the severity and frequency of
attacks increases, the cost of cyber
insurance is surging.
From the start of April to mid-May,
premiums rose 27 per cent from
last year’s levels, according to the
latest like-for-like data from insurance
broker Aon.
Nor are insurers simply jacking up
prices. They are also becoming more
vigilant about controls at the companies
to which they sell cover.
If the control level is not
met, ‘we will have to reduce
our limit with respect to
ransomware by half ’
For US insurer AIG, the tougher
underwriting approach put in place
in January starts with an additional
25 detailed questions on clients’ security
measures.
If clients “have very, very low con-
trols, then we may not write coverage at
all”, Tracie Grella, AIG’s global head of
cyber insurance, said.
“But mostly what we’re doing is
reducing the cover that we’re offering,
so if clients do not meet the control level
that we are looking for, then we will have
to reduce our limit with respect to ran-
somware by half.”
For those customers, AIG is putting in
place so-called coinsurance, where cli-
ents essentially share the losses under
the policy.
The ransomware threat was rammed
home to the industry last month after
Axa, one of Europe’s largest insurers,
fell victim.
nesses such as not having multi-factor
authentication on email or on remote
access to networks.
Newman said: “Everyone has to rec-
ognise that the claims environment and
the cyber threat environment is signifi-
cantly worse than it was two years ago,
and therefore you can’t exist in this mar-
ket without what I consider the most
basic controls.
“Yet we are seeing large corporates
come to market without the basic con-
trols in place.”
A report last month from the US Gov-
ernment Accountability Office found
that insurers were also reducing cover-
age for some specific sectors such as
healthcare and education.
Lloyd’s of London insurer Beazley,
another cyber underwriter, is asking cli-
ents more questions and urging them to
improve their defences.
Paul Bantick, the company’s global
head of cyber & technology, said: “We
are underwriting differently to the dif-
ferent threats. We are doing a lot more
[questioning] around what’s the culture
of the firm.
“What’s your attitude towards
cyber security? How much training do
you do?”
As the cost of cyber insurance leaps,
some companies that need protection
are considering radical options.
According to industry experts,
some businesses are examining
‘We have seen the
complexity, frequency
and the severity of
incidents skyrocket’
Cyber insurance costs Insurers pull back on cyber whether to abandon buying cyber poli-
cies and set up their own captive insur-
Change in US premiums (quarter on quarter, %) Intermediaries reporting a fall in underwriting capacity (%) ance companies.
20 Commercial property Umbrella D&O Commercial auto Cyber A captive is an entity established and
100 100 capitalised in a group to provide insur-
ance cover to the rest, in return for a
15
80 80 premium. It can then either purchase
reinsurance or hold on to the risk. The
10 set-up can protect companies from
60 60
swings in pricing.
5 40
Stephens said just a handful of clients
40
had moved this year to buying cyber
insurance through captives, but “a lot of
0
20 20
clients have asked us to take a look at it”.
If some companies balk at the spiral-
-5 0 0 ling cost of cover, there is a growing
2017 18 19 20
Source: Council of Insurance Agents & Brokers
21 Q1
2020
Q1
2021
Q1
2020
Q1
2021
Q1
2020
Q1
2021
Q1
2020
Q1
2021
Q1
2020
Q1
2021
expectation that governments might
ultimately intervene to try to kill off
ransomware attacks.
27% Axa was left scrambling to establish client’s excess, conditions are growing noting that third-party services A wave of cyber Last month, the US opened a debate
Rise in premiums, the extent of the damage after hackers tougher, participants say. included support hotlines and websites assaults over the over the merits of ransom payments,
start of April to claimed they had made off with three Newman said: “One of the things we for publicising attacks. past two months which are opposed by the FBI. Some
mid-May, from terabytes of data, including personal are seeing with the large corporate cli- Evidence of insurers’ concern is has convulsed insurance experts fear banning them
last year’s levels and medical records. ents is that the market for primary multiplying. the insurance will push payments underground, mak-
The Paris-based insurer has not insurance is really drying up.” A survey by The Council of Insurance market, with ing them and attackers harder to trace.
25 commented on whether a ransom has The size of ransoms paid and other Agents and Brokers, a US industry Ireland’s Whether or not governments outlaw
Detailed questions been paid. costs make it more likely that the first body, found that 73 per cent of its mem- healthcare ransom payments, the volume of
added in January The assault on Axa emerged after the policy will pay out in full. bers — those that find coverage on system, a US fuel attacks has led some in the industry to
under AIG’s tougher company said its French business would “There are very few insurers that are behalf of companies — reported a pipeline, and conclude that companies and insurers
underwriting suspend the writing of insurance poli- looking to attach at that level.” decrease in underwriters’ capacity to Brazilian meat risk being overwhelmed. Governments
cies that refunded the cost of ransom The proliferation of different types of take on cyber risks in the first quarter of supplier JBS may have to provide more security serv-
payments made to cyber cartels, a ransomware, alongside the growth of a the year. That compares with a 10 per among targets ices and even a financial backstop, on
stance taken at the urging of officials. cottage industry supporting those cent drop a year earlier. Dreamstime/FT montage
this view.
A person familiar with the matter said launching attacks, has contributed to Insurers are using a mixture of finan- “There is a need to find a way to cover
that the cyber attack began before the the surge in attacks, according to Sarah cial incentives, policy and pricing the risk, which is too large for the insur-
insurer made that decision on ransom Stephens, head of cyber for the interna- changes, and cajoling in a bid to per- ance industry itself,” said Isabelle Sante-
payments. tional division at Marsh, the biggest suade companies to strengthen their nac, global insurance leader at consul-
Cyber insurance is normally struc- insurance broker. controls. tancy EY. “There will be a need to find
tured as a tower, where each portion of “As ransomware-as-a-service really Plenty of ransomware attacks some public-private partnerships to
the risk might be underwritten by a dif- took off, we have seen the complexity, were not targeted at all, experts said. ensure that the risk is covered [and]
ferent insurer. For the primary layer, the the frequency and the severity of ran- They were scattergun efforts that also to work on how to limit the risk and
one that takes the initial hit above the somware incidents skyrocket,” she said, searched for businesses with weak- prevent the risk.”

Financials. Multilateral lenders

Beijing-based development bank leaves door open on lending to Myanmar
AIIB says it takes no view on
‘form of government’ but
applies broader checklist
EDWARD WHITE — SEOUL
JOHN REED — BANGKOK
The Beijing-based Asian Infrastructure
Investment Bank has left open the door
to funding projects in Myanmar even if
the south-east Asian nation does not
return to democracy.
Joachim von Amsberg, AIIB vice-
president, told the Financial Times that
while the bank did not have any new
projects under consideration for Myan-
mar, it did have a framework for dealing
with “de facto governments”.
He added: “We would not take a view
on the form of government, we would go
through our checklist.”
The statement comes as governments
and companies with interests in Myan-
mar are under increasing pressure to
sever links with the country’s military
junta after it overthrew Aung San Suu
Kyi’s administration and cracked down
on protesters.
In response to activists’ concerns,
western energy groups Total and Chev-
ron last week suspended cash dividends
to Myanmar’s state-owned oil and gas
company.
Japan’s beer group Kirin and South
Korean steelmaker Posco have also
announced plans to exit joint ventures
with military-controlled conglomerates
in Myanmar.
The AIIB’s checklist includes assess-
ments of whether a de facto government
has effective control of the territory, the
state’s recognition of other financial
obligations and the position taken by
neighbouring countries, as well as the
potential financial risk.
“I don’t think that can be answered
hypothetically. It has to be based at a
specific point in time, based on a specific
project proposal,” von Amsberg said.
When the AIIB was launched in
2016 by Xi Jinping, it was broadly
viewed as a component of the Chinese
president’s ambitious Belt and Road
infrastructure plan. Since then, the AIIB
has approved more than $24bn in
financing across 119 projects.
While the bank has been viewed by
some critics as part of Beijing’s efforts to
expand influence through diplomacy disengaged from Myanmar and insti- which is also a member, was in 2016
and international economic govern- tuted sanctions against the coup lead- when it funded $20m for a private-sec-
ance, its membership has almost dou- ers, she expected Chinese investors and tor gas power plant.
bled to 103 countries, including Aus- companies ultimately to step in and fill The World Bank and the Asian Devel-
tralia, Canada, the UK, France and Ger- the void. opment Bank, which are lenders to
many. The crisis in Myanmar, however, “If western companies decide to with- Myanmar and have operations there,
has raised questions over what relation- draw, it will become inevitable for China suspended disbursements and new con-
ship Beijing, long the country’s eco- to increase its footprint and also its tracts temporarily following the coup.
nomic lifeline, will form with the junta. share of the Burmese market, which The National Unity government,
Yun Sun, an expert on Myanmar- also raises the question: ‘Is isolation and formed by supporters of the ousted
China relations at the Stimson Center, a sanctions the best strategy?’ ” leader Aung San Suu Kyi, has warned
think-tank, said that as western groups The AIIB’s sole project with Myanmar, foreign lenders that it will not honour
debts taken on by the military regime.
While the AIIB was a relatively young
institution, multilateral lenders in gen-
eral had decades of experience working
in complex situations and could play a
role in reducing tensions, said von
Amsberg, a veteran of the World Bank.
“The beauty of the multilateral devel-
opment banks is that they are a forum
where you have a governance mecha-
nism that includes countries that have
difficult and sometimes conflicting or
even worrying relationships,” he said.
Since the February 1 coup in Myan-
mar, more than 800 people have been
killed and 4,000 imprisoned, while the
country’s health, education and bank-
Demonstrators opposing the military rulers protest in Yangon — STR/AFP/Getty ing systems are struggling to function,
prompting fears Myanmar might
become a failed state.
As the political crisis deepens,
another crucial consideration for the
international community is the wellbe-
ing of the country’s 54m people. The UN
has warned that the dual hit from the
coronavirus pandemic and the coup
could leave almost half the population
living below Myanmar’s official poverty
line of about $1 a day by next year.
Von Amsberg said the AIIB would
always “seek to prioritise” financing
requests from members with “particu-
larly severe financing and developmen-
tal needs”.
He added: “Clearly, when we get
financing proposals from countries that
have, let’s say, large gaps in infrastruc-
ture or large unmet needs of the popula-
tion — for energy, for transport, for
water and services like that — we would
pay heightened attention to those
requests.
“That does not over-rule our policies
or our concerns with sound banking but
we do prioritise projects when the devel-
opmental case is particularly strong.”
Additional reporting by Sherry Fei Ju in
Beijing
8 ★ FINANCIAL TIMES Thursday 3 June 2021

COMPANIES & MARKETS

Fixed income. Sub-zero pain Equities

Russia’s
Negative rates put $4tn savings Nordgold
industry under heavy strain prepares for
London IPO
HENRY SANDERSON

Russian gold miner Nordgold plans to

list in London as it looks to take
advantage of a rebound in the gold price.
The company intends to sell a 25 per
cent stake to investors, including via a
secondary listing in Moscow, according
to people familiar with the company. It
is set to file a registration document this
week.
The miner is the latest to come to the
UK to capitalise on interest in gold after
prices surged last year following the
onset of the pandemic.
Canada’s Yamana Gold listed in
London last year while Endeavour Min-
ing is set to join the market this month.
Gold prices have risen 10 per cent
since the beginning of March to $1,906
an ounce as investors buy the metal to
hedge against the prospect of rising
inflation driven by higher raw material
prices and a recovery in global demand.
The NYSE Arca Gold Bugs index,
which tracks shares of gold miners, has
risen 29 per cent over the same period.
Nordgold hopes to attract investors
by paying higher dividends than its
peers in North America. It is developing
two new gold mines in the far east
of Russia, which will help it boost
production by an expected 20 per cent
over the next five years.
In contrast, production at the world’s

Pressure on money market
funds raises the stakes for Fed
intervention to increase yields
COLBY SMITH — NEW YORK
JOE RENNISON — LONDON
A sector of the US finance industry
that looks after $4tn of savings for
individuals and businesses has come
under severe strain as US markets flirt
with negative interest rates.
Money market funds investing in
short-term government debt have taken
in hundreds of billions of dollars of new
money from savers in recent months.
But there is stiff competition to tap a
dwindling supply of low-risk assets that
generate positive returns.
The result has been a squeeze that has
driven the yields on some debt below
zero, rendering swaths of the industry
unprofitable and setting up a challenge
for the US Federal Reserve, which
analysts say may have to weigh in to
keep US interest rates positive.
If government money market funds
have to keep investing at zero per cent,
the economics of the industry “breaks
down”, said Christopher Tufts, global
head of portfolio management for
JPMorgan Asset Management’s money
market business. “I wouldn’t be
surprised if funds start to limit investor
subscriptions or close outright to new
[money].”
Deborah Cunningham, chief invest-
ment officer of global liquidity markets
at Federated Hermes, said: “It’s
definitely not a pleasant place to operate
at this red-hot moment in time. There’s
really not much value anywhere.”
The downward drift in short-term
interest rates has grown more acute in
Wall of cash overwhelms
money market funds
Assets held by government money
market funds ($tn)
2011 15
Sources: Investment Company Institute; Federal Reserve; Bloomberg
recent weeks as more cash has flowed
into the financial system.
A steady drip has come from the Fed,
which is buying $120bn of Treasuries
and agency mortgage-backed securities
each month.
The Treasury department has
compounded the situation by doling
out funds associated with the Biden
administration’s stimulus package
passed in March.
At the same time, the Treasury has
also been shrinking the stock of short-
term bills in circulation as part of its
efforts to lengthen the maturity of the
government’s outstanding debt.
In some cases, investors have effec-
tively had to pay for the privilege of
lending to the US government, since
Treasury bills maturing within one
month recently yielded below zero.
The rate at which investors swap
Treasuries and other high-quality
collateral for cash in the repo market,
another staple source of income for
money market funds, has also turned
negative at times.
Peter Crane, publisher of Crane Data,
Money market funds turn
to ‘crucial’ facility
Money parked at the Federal Reserve’s
reverse repo facility ($bn)
4 600
3 Federal Reserve
400
2
200
1 we will go to the Fed and consider it to be
0 0
21 2014 21
estimated that the average seven-day
yield for top-tier government money
market funds hovers around 0.02 per
cent, well below the 1.39 per cent level
seen at the end of 2019.
Most money market funds have
waived fees for investors, given that
they would eat up the yield on offer.
Despite the meagre returns, govern-
ment money market fund assets swelled
above $4tn for the first time in the week
ending May 26, according to data from
the Investment Company Institute.
Some of these inflows stem from the
banks which have been urging large
corporate clients to direct cash into
money market funds rather than
deposit it in their accounts.
US bank executives said they were
struggling to use the cash piling up in
deposit accounts, which triggers strin-
gent capital requirements they would
rather avoid.
Money market fund managers with
few good investment options have
increasingly been turning to the Fed,
which offers select banks and
investment groups a place to stash cash
Fed up: overnight through its reverse repo
investors in programme (RRP) facility at an interest
money market rate of zero per cent.
A record $485.3bn was steered there
funds are
anxiously last week, earning nothing, and accord-
awaiting some ing to Doug Spratley, head of the cash
relief from US management team at T Rowe Price, it
has become “crucial” for the industry.
policymakers “If we need collateral for the day, and
Stefani Reynolds/Bloomberg
we are getting negative rates from the
street or zero rates even from the street,
the right trade for the day,” said
Cunningham. “When others get to the
more expensive pricing, the Fed at zero
has value.”
The Fed itself faces pressure to
intervene in short-term markets. Its
benchmark rate, the federal funds rate,
has fallen along with other short-term
rates and now sits well below the middle
of the zero per cent to 0.25 per cent
target range.
It recently slipped by 0.01 percentage
point to 0.05 per cent, according to the
New York branch of the central bank, a
level many rates strategists believe
could compel the Fed to act.
Richard Mejzak, head of global
portfolio management for BlackRock’s
cash management group, expected an
increase in both the RRP rate and the
interest that the Fed pays banks on
‘It’s not a reserves they hold at the central bank —
perhaps as soon as the next monetary
pleasant policy meeting this month.
place to Without some relief, the “longevity”
of the money fund industry could be at
operate risk, warned Mark Cabana, a rates
at this strategist at Bank of America.
“Money funds have already waived
red-hot fees and they are earning virtually zero,”
moment he said. “There are questions about how
long money funds can remain viable as
in time’ lossmaking entities.”
Gold has risen 10 per cent
since March as investors
buy the metal to hedge
against rising inflation
largest gold miner, Newmont, is set to
remain roughly flat until 2025.
Nordgold will sell existing shares and
will not raise any capital in the listing.
The company said it hoped for a pre-
mium listing allowing it to be eligible for
the FTSE indices, entry to which would
draw investment from tracker funds.
The company said it would pay a
minimum dividend of $400m to inves-
tors this year, in two instalments. After
that it intends to pay out 50 per cent of
its free cash flow, subject to its net debt
remaining less than 1.5 times its earn-
ings before interest, tax, depreciation
and amortisation.
Nordgold has nine mines — four in
Russia, three in Burkina Faso and one
each in Guinea and Kazakhstan. It
produces more than 1m ounces of gold a
year and reported ebitda in excess of
$1bn last year.
Polymetal, the largest Russian miner
in London with an £8bn market
capitalisation, produced 1.4m ounces of
gold in 2020. Endeavour is set to
produce up to 1.5m ounces this year.
Nordgold is developing the Gross and
Tokko mines in Russia’s far east, which
it expects to produce more than
350,000 ounces of gold a year.
Our global The company is led by Nikolai Zelen-
team gives you ski, a Surrey-based former McKinsey
market-moving consultant with a PhD in molecular
news and views, genetics from the University of Texas.
24 hours a day Bacchus Capital Advisers is financial
ft.com/markets adviser to Nordgold while Citi is the lead
sponsor of the offering.

Crypto Equities

Bitcoin ETF applications gather dust
as SEC chair Gensler points to ‘gaps’
AZIZA KASUMOV, MICHAEL MACKENZIE
AND MADISON DARBYSHIRE — NEW YORK
Exchange traded fund managers eager
to cash in on cryptocurrencies are
bracing themselves for longer than
expected regulatory scrutiny after
comments from Securities and
Exchange Commission chair Gary
Gensler damped hopes of a swift
approval of bitcoin ETFs this year.
In testimony before the House of Repre-
sentative’s subcommittee on financial
services last week, Gensler said “there
are many challenges and gaps for inves-
tor protection in [crypto] markets”.
He added that “none of the exchanges
trading crypto tokens has registered yet
as an exchange with the SEC”.
It was not the first time the SEC chair
has highlighted his concerns about lax
oversight and his stance indicates to
industry insiders that the agency wants
to try to pull cryptocurrencies more
heavily under its regulatory authority
before approving a list of some dozen
bitcoin ETF applications from Fidelity,
WisdomTree, Wilshire Phoenix,
VanEck and First Trust SkyBridge.
Joining the waiting game are a small
but growing amount of ethereum ETFs,
following filings for SEC approval by
VanEck and WisdomTree in May.
The SEC rejected some earlier bitcoin
ETF applications and recently delayed a
decision on another: its ruling on
VanEck’s filing will now come in June at
the earliest.
“I expect that [delay] to happen with
all of our filings, to be honest,” said
Laura Morrison, global head of listings
at Cboe, which many of the crypto ETFs
have chosen as the exchange to list on.
Gary Gensler says there are many
challenges for investor protection
Crypto enthusiasts originally were
encouraged by Gensler’s appointment,
given he had taught classes on block-
chain technology at Massachusetts
Institute of Technology but he recently
called for “greater investor protection”
in bitcoin specifically.
The division of investment manage-
ment at the SEC also issued a warning to
investors about crypto market risks.
Both actions cooled optimism in the
largely unregulated $2tn asset class.
While the Commodity Futures
Trading Commission regulates crypto-
currency futures, spot exchanges
such as Coinbase or Kraken have less
oversight.
“[Gensler] wants to see regulation
there and, if that happens, it seems like
that would be what the SEC needs in
order to approve a bitcoin ETF,” said
Craig Salm, vice-president of legal at
Grayscale, which runs a bitcoin trust
trading in over-the-counter markets.
Gensler’s caution is shared on Capitol
Hill, where senior lawmakers, such as
the Democratic senators Sherrod Brown
and Elizabeth Warren, have said the
SEC should take care before approving
cryptocurrency ETFs.
Indian shares hit record high as investors
bet second pandemic wave has peaked
BENJAMIN PARKIN — NEW DELHI
HUDSON LOCKETT — HONG KONG
Investors are betting that the worst of
India’s catastrophic second coronavi-
rus wave has passed, helping to push
the country’s stocks to record highs.
The Nifty 50 index, which tracks India’s
largest 50 companies, peaked this week
and is up 9 per cent from its low in late
April when infections were surging.
The enthusiasm has spread to other
Indian assets with the rupee up 4 per
cent against the dollar in the period.
The demand for Indian stocks
highlights relief among investors that
the second wave appears to have
peaked. But it also underscores how
traders see little to upset bumper profits
for India’s largest companies, despite
the country still reporting more than
100,000 Covid-19 cases per day.
“To value India from the equity
investment perspective, investors will
look beyond the current human
catastrophe,” said Brijesh Ved, an
equities portfolio manager at BNP
Paribas Asset Management India.
Ved added that the country would
probably emerge from the pandemic as
the fastest growing economy in the
world and that “long-term fundamental
investors like ourselves continue to look
at India as a growth market”.
Some Indian companies have thrived
during the pandemic, in part thanks to
cost cuts including lay-offs. Profit
margins as of the end of 2020 were at an
eight-year high, according to Edelweiss
Financial Services, a brokerage.
‘To value India from the
investment perspective,
investors will look beyond
the human catastrophe’
“The pie may have shrunk but the
allocation of profitability has shifted
very sharply to . . . top-end businesses,
which is what is reflected in the market
indices,” said Aditya Narain, head of
research at Edelweiss.
India’s second wave overwhelmed
health systems and hit the economy. But
infections are falling in much of the
country, including in the capital New
Delhi and financial hub Mumbai.
Authorities reported 133,000 new
infections yesterday and 3,200 deaths
for the previous day, down from daily
highs in May of more than 400,000 and
4,500, respectively. Official figures are
believed to be vast undercounts.
Vikash Kumar Jain, investment
analyst at brokerage CLSA, said foreign
inflows began to pick up in recent days
after big outflows in April and May.
He added that investors could rush to
increase exposure to India’s economy,
which may have recovered from the
second wave by the end of the year.
First-quarter earnings did not reflect
the worst of the latest wave, which
picked up in April. However, investors
suspect any earnings hit will be brief.
“You get a sense that it’ll be a one or
two month impact and there’ll be
normalcy, then earnings growth is going
to bounce back very sharply,” said
Hemang Jani, an equity strategist at bro-
kerage Motilal Oswal Financial Services.
Yet Narain cautioned that the second
wave could have a more lasting impact
than the first, especially in areas such as
consumer demand. There “could be a
little bit of a reality check for the mar-
kets”, he said, adding that “there isn’t a
family that has been left unimpacted”.
Thursday 3 June 2021 ★ FINANCIAL TIMES 9

COMPANIES & MARKETS

The day in the markets Apparent losers

What you need to know
can become the
3 Meme stocks frenzy returns with AMC,
biggest winners
BlackBerry and GameStop higher
European shares rally to record highs
3 European equity markets hold on to Indices rebased
record gains
3 Oil builds on multi-month highs
following the close of Opec+ meeting
250
Baruch Lev
Germany Xetra Dax
Meme stocks favoured by retail investors
in online forums soared yesterday while
200 Markets Insight
European shares built on record highs hit

A
a day earlier.
Companies targeted by retail investors colleague opens his MBA key to competition, long-term. In the don’t realise this. To identify the fic-
rallied with cinema chain AMC soaring 150 finance class by asking the US, the aggregate investment in intangi- tional, accounting-driven losers, I car-
alongside rallies for software group students: “Who would bles surpassed in the mid-1990s the ried out a study “All Losses Aren’t Alike”
BlackBerry and retailer GameStop. invest in a company which investment in tangible or physical with Feng Gu and Chenqi Zhu on all loss-
Wall Street stocks were up marginally reported 10 consecutive assets, and the gap is constantly grow- reporting US companies in the past 25
yesterday with the blue-chip S&P 500 100 years of losses?” ing. Enter accounting. years. We added back to their earnings
climbing 0.2 per cent at lunchtime in New Some of the students wonder whether Up to the 1980s the accounting dis- (losses) the intangible investments they
York while the technology-heavy Nasdaq they are in the right class, and no hands tinction between an expense, such as expensed minus amortisation.
Composite edged 0.1 per cent higher. France CAC 40 are raised. The instructor continues: salary and interest payment, and invest- Thus, we undid accountants’ folly by
The region-wide Stoxx Europe 600, “Too bad, if you had invested in such a ment, such as buildings and equipment, capitalising and amortising the R&D, IT
which reached an all-time high on 50 company, say Amazon or Tesla, you was clear. Expenses are payments for and brand enhancement. The result: a
Tuesday, gained 0.3 per cent yesterday, 2011 13 14 15 16 17 18 19 20 21 would have been a billionaire by now.” past services and therefore charged full 40 per cent of loss reporters would
boosted by energy stocks. Source: Refinitiv The instructor’s case isn’t an aberra- against revenues in the earnings have been profitable without the expens-
Paris’s CAC 40 and the Xetra Dax in tion. In fact, investing in losing compa- (income) calculation. Investments gen- ing of intangibles. We term those com-
Frankfurt both held on to this week’s nies, as long as you know which ones to erated future benefits and are therefore panies “accounting losers”, in contrast
peak to close up 0.5 per cent and 0.2 per came in at 2 per cent this week for the pushing the Federal Reserve to tighten choose, is very lucrative. reported among assets on the balance with “real losers”. We examined care-
cent, respectively. Across the Channel, first time since 2018, pushing at the its monetary policy. But first, how frequent are corporate fully the two groups and found they
London’s FTSE 100 was up 0.4 per cent. edges of the European Central Bank’s “It seems to me that the inflation risk is losses? In the US, during the booming were starkly different in terms of great
Rupert Thompson, chief investment target range. very much concentrated in the US and decade prior to Covid, almost 50 per A full 40 per cent of loss importance to investors.
officer at Kingswood, said the resilience Despite this, most analysts expect the [is] going to get worse before it gets cent of public companies reported reporters would have been Accounting losers, investing heavily
of equity markets was surprising given ECB to maintain its €80bn monthly bond better,” said Thompson. annual losses. Among high tech and sci- in new products and services, file for
the lack of significant good news to push purchase programme when it meets next Oil prices, which this week have neared ence-based (pharma, biotech) enter- profitable without the many more patents and are granted
them higher. “We’re now in June, typically week. “We expect the ECB to look their highest level since the pandemic prises, the loss frequency was a stagger- expensing of intangibles substantially more valuable (block-
the weakest month of the year,” he said. through the May print and [second half of began, maintained their gains following a ing 70 per cent. buster) patents than real losers. Sur-
“In a way, they’re overdue a pause.” 2021] hump in inflation . . . and focus on meeting by Opec+ in which members European companies display a simi- prisingly, accounting losers generate
Investors continued to weigh up the medium-term outlook for inflation,” stuck to their plan to gradually release lar trend, though the frequency of loss is sheet. This distinction has been blurred even more valuable patents than profit-
whether recent upticks in inflation would analysts from Morgan Stanley wrote. more barrels into the market. a bit lower: 35-40 per cent. Booming since the 1980s. able companies.
prove transitory, as central bankers have In the US, where the recovery is more Brent crude, the global benchmark, economies, while roughly half of public Intangibles are clearly investments, Employees of accounting losers are
argued, or structural. advanced, some investors fear the risk of rose 1.5 per cent to $71. 30 a barrel. companies are in the red? Welcome to expected to generate future benefits, more productive and turn over less than
Eurozone flash core inflation readings overheating is more serious, potentially Siddharth Venkataramakrishnan the bizarre world of accounting. but accountants treat them as regular those of real losers. Consequently,
The loss frequency in both the US and expenses reducing earnings. accounting losers reverse much more
Europe accelerated in the 1980s. This is Pfizer’s $9.4bn R&D in 2020 is quickly their losses to reported profits
Markets update not a coincidence. The 1980s were char- recorded the same as salaries and sales- than real losers. Thus, accounting los-
acterised by a surge in corporate intan- person commissions (the international ers, by and large, are very successful.
gible investments in areas such as accounting standards allow the treat- The icing on the cake is that invest-
research and development, information ment as an asset of a part of R&D — a ment in the stocks of accounting losers
US Eurozone Japan UK China Brazil technology and brands. small step in the right direction). is very lucrative. The reason: investors,
Stocks S&P 500 Eurofirst 300 Nikkei 225 FTSE100 Shanghai Comp Bovespa Whole industries, essentially intangi- The absurd result: the more innova- by and large, treat accounting losers as
Level 4213.82 1737.63 28946.14 7108.00 3597.14 129272.72 ble (without heavy physical assets), tive the enterprise, the higher its account- real losers, only to be surprised by later
% change on day 0.28 0.34 0.46 0.39 -0.76 0.78 emerged in the 1980s and accelerated ing losses. This accounting treatment of performance. Outdated accounting
Currency $ index (DXY) $ per € Yen per $ $ per £ Rmb per $ Real per $ thereafter: software, biotech, internet intangibles explains much of the sharp rules obviously fail investors.
Level 90.050 1.221 109.615 1.417 6.387 5.093 service providers, to name a few. Moreo- rise of corporate losses. Obviously,
% change on day 0.244 -0.327 0.197 0.000 0.157 -1.190 ver, enhanced investment in intangibles many of the presumed “losers” are in Baruch Lev is a professor of accounting
Govt. bonds 10-year Treasury 10-year Bund 10-year JGB 10-year Gilt 10-year bond 10-year bond characterised practically all industries, fact successful growth drivers, but most and finance at New York University Stern
Yield 1.589 -0.200 0.074 0.797 3.094 8.719 as managers realised innovation was the investors, fixated on reported earnings, School of Business
Basis point change on day -3.320 -2.200 -0.060 -2.900 2.400 -16.000
World index, Commods FTSE All-World Oil - Brent Oil - WTI Gold Silver Metals (LMEX)
Level 471.55 71.15 68.64 1899.35 28.21 4343.50
% change on day 0.13 0.84 1.03 -0.03 2.10 -0.14
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.

Main equity markets

S&P 500 index Eurofirst 300 index FTSE 100 index
4240 1760 7200

4160 1720 7040

4080 1680 6880

| | | | | | | | |
4000 | | | | | | | | | | | | | | | | | | | |
1640 | | | | | | | | | | | | | | | | | | | | 6720 | | | | | | | | | | |

Apr 2021 Jun Apr 2021 Jun Apr 2021 Jun

Biggest movers
% US Eurozone UK
Technipfmc 8.03 Volkswagen 3.75 Burberry 3.51
Schlumberger 4.92 Beiersdorf 2.81 Rolls-royce Holdings 3.08
Ups

Dxc Technology 4.74 Lufthansa 2.64 Royal Dutch Shell 2.56

Invesco Ltd 4.69 Omv 2.55 British Land 2.34
Halliburton 4.26 Raiffeisen Bank Internat 2.31 Bp 2.22
%
Nucor -4.32 Edp -2.71 Kingfisher -2.10
Tapestry -4.31 Galp Energia -2.69 Melrose Industries -1.84
Downs

L Brands -4.03 Merck -1.87 Johnson Matthey -1.79

Pvh -3.58 Grifols -1.72 Weir -1.63
News -2.81 Thyssenkrupp -1.68 Sse -1.57
Prices taken at 17:00 GMT Based on the constituents of the FTSE Eurofirst 300 Eurozone
All data provided by Morningstar unless otherwise noted.

Wall Street Europe London

Biopharma group Constellation Interpump gushed higher on news that Biotech group Destiny Pharma climbed
Pharmaceuticals soared on news that it the manufacturer of pressure plungers on news that it had made positive
was being bought by peer MorphoSys for was buying the White Drive Motors & progress with its lead clinical programme
$34 a share, a 68 per cent premium on Steering business unit from Denmark’s for NTCD-M3, a treatment for a type of
Tuesday’s closing price. Danfoss Group. gut infection that leads to 500,000 cases
The deal, which values Constellation at The €230m deal, which is expected to each year in the US.
$1.7bn, will give MorphoSys access to close in the fourth quarter, also included a The Brighton company is planning a
pelabresib, an experimental bone marrow variable payment, estimated to be about phase 3 clinical study before seeking
cancer drug, and CPI-0209, which aims to €40m, based on earnings. marketing authorisation applications in
treat some blood diseases and solid Fulvio Montipò, chair of the Italian the US and Europe.
tumours. MorphoSys sank following the group, said the acquisition was Harry Potter publisher Bloomsbury
announcement. Interpump’s “most significant” ever. rallied after announcing a 14 per cent rise
Pot companies climbed after online An outlook upgrade boosted in annual revenues to £185.1m and
retailer Amazon came out in support of Denmark’s Bang & Olufsen, which proposing a special dividend of 9.78p a
legalising cannabis. forecast that full-year revenue would be share on top of a 10 per cent rise in its
Dave Clark, chief executive of the between DKr2.625bn ($431m) to final payout.
worldwide consumer division, said the DKr2.675bn, up from DKr2.3bn-DKr2.5bn, Bloomsbury still had “plenty of money
group would be supporting a proposal while earnings before interest and taxes in the bank”, said AJ Bell, which raised the
that would legalise marijuana at the excluding special items would range from question “over the prospect of
federal level and would remove cannabis DKr25m to DKr50m against an earlier acquisitions to boost its footprint and
from its drug screening programme “for guidance of minus DKr50m to DKr25m. take advantage of a buoyant market”.
any positions not regulated by the Recent revenue at the high-end Low-cost airline Wizz Air edged
Department of Transportation”. audiovisual group has been hit by supply lower on announcing an underlying net
The news sent Canadian pot groups constraints linked to component scarcity loss of €482.4m for the 12 months ending
Tilray and Sundial Growers rallying. owing to the pandemic. March 31.
A day after theatre chain AMC A discounted share placement sent Susannah Streeter, senior investment
Entertainment leapt more than 20 per Auto1 lower. analyst at Hargreaves Lansdown, said the
cent on news that it had raised $230.5m The German used-car group placed lighter travel restrictions of the eastern
from an equity sale to Mudrick Capital, it 9.7m shares, representing about 4.6 per European countries that the airline flew
surged again despite reports that the cent of its share capital, at €41 per stock to placed “it in a slightly more resilient
hedge fund had swiftly sold its shares. — 8 per cent lower than Tuesday’s position”. Its cash balance of €1.6bn
Other companies popular with day closing price. should provide a cushion, she said, “but it
traders, such as BlackBerry and Its shares are down more than a fifth will need a sharp recovery in bookings to
GameStop, were also higher. Ray Douglas since it floated in February. Ray Douglas reduce its cash burn”. Ray Douglas
10 ★ FINANCIAL TIMES Thursday 3 June 2021

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 € $ pe r £ ¥ per $ £ pe r € Oil Brent $ Sep Gold $

-0.58% -0.327% -0.231% -0.03%

No change
0.28% 0.23% 0.20% 0.39% 0.34% 0.46% 0.13% 0.197% 0.49%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
May 03 - - Index All World May 03 - Jun 02 Index All World May 03 - Jun 02 Index All World May 03 - Jun 02 Index All World May 03 - Jun 02 Index All World May 03 - Jun 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
19,973.99 15,602.71
4,213.82 7,108.00 29,053.97 28,946.14 3,224.23
4,164.66 19,213.16 6,969.81 15,236.47
3,147.37

Day 0.28% Month 0.78% Year 36.77% Day -0.01% Month 4.53% Year 29.75% Day 0.39% Month 1.92% Year 14.20% Day 0.23% Month 0.98% Year NaN% Day 0.46% Month 0.45% Year 31.18% Day 0.07% Month 2.43% Year 56.13%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
50,880.82 1,737.63 9,180.70
13,895.12 13,767.87 29,297.62 3,218.27
28,557.14 3,161.04
48,328.20 1,668.58 8,830.40

Day 0.23% Month -1.39% Year 43.30% Day 0.31% Month 6.02% Year 35.88% Day 0.34% Month 3.23% Year 24.07% Day -0.10% Month 4.15% Year 23.93% Day -0.58% Month 1.81% Year 23.23% Day -0.82% Month -1.88% Year 23.80%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
34,645.32 129,272.72 6,521.52 25,379.69 51,849.48
3,597.14
34,113.23
117,712.00 6,251.75 23,977.53 3,474.90 48,718.52
Day 0.20% Month 2.30% Year 34.61% Day 0.78% Month 8.69% Year 41.93% Day 0.49% Month 4.02% Year 34.22% Day 0.23% Month 5.02% Year 33.64% Day -0.76% Month 4.36% Year 23.38% Day -0.16% Month 6.29% Year 55.69%

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 62053.47 61095.96 Cyprus
CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 27806.29 27779.35 Philippines Manila Comp 6841.69 6627.43 Taiwan Weighted Pr 17165.04 17162.38 Cross-Border DJ Global Titans ($) 478.76 476.68
Australia All Ordinaries 7468.90 7392.10 Czech Republic
PX 1173.82 1173.71 FTSE Italia Mid Cap 47846.99 47835.24 Poland Wig 66622.98 66278.91 Thailand Bangkok SET 1617.55 1618.59 Euro Stoxx 50 (Eur) 4085.29 4071.75
S&P/ASX 200 7217.80 7142.60 Denmark
OMXC Copenahgen 20 1570.09 1586.23 FTSE MIB 25379.69 25321.82 Portugal PSI 20 5160.31 5216.79 Turkey BIST 100 1430.73 1432.04 Euronext 100 ID 1263.62 1258.58
S&P/ASX 200 Res 5617.30 5488.50 Egypt
EGX 30 10240.21 10309.06 Japan 2nd Section 7510.47 7477.75 PSI General 3794.17 3868.14 UAE Abu Dhabi General Index 6613.37 6558.71 FTSE 4Good Global ($) 10271.97 10245.09
Austria ATX 3506.33 3490.04 Estonia
OMX Tallinn 1625.40 1631.54 Nikkei 225 28946.14 28814.34 Romania BET Index 11582.46 11431.12 UK FT 30 2833.40 2821.80 FTSE All World ($) 471.55 470.93
Belgium BEL 20 4091.82 4098.62 Finland
OMX Helsinki General 12333.84 12225.82 S&P Topix 150 1655.59 1640.75 Russia Micex Index 3800.49 3764.59 FTSE 100 7108.00 7080.46 FTSE E300 1737.63 1731.68
BEL Mid 9712.31 9636.85 France
CAC 40 6521.52 6489.40 Topix 1942.33 1926.18 RTX 1634.40 1614.21 FTSE 4Good UK 6685.78 6663.38 FTSE Eurotop 100 3267.60 3253.34
Brazil IBovespa 129272.72 128267.05 SBF 120 5101.79 5080.35 Jordan Amman SE 2048.26 2052.89 Saudi-Arabia TADAWUL All Share Index 10597.42 10551.23 FTSE All Share 4063.52 4049.03 FTSE Global 100 ($) 2696.33 2689.06
Canada S&P/TSX 60 1195.64 1196.46
Germany M-DAX 33480.31 33559.15 Kenya NSE 20 1871.55 1862.15 Singapore FTSE Straits Times 3161.04 3187.23 FTSE techMARK 100 6748.22 6739.52 FTSE Gold Min ($) 2540.96 2523.16
S&P/TSX Comp 19973.99 19976.01 TecDAX 3363.35 3412.14 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 370.76 370.76 USA DJ Composite 11626.27 11626.73 FTSE Latibex Top (Eur) 4440.00 4432.20
S&P/TSX Div Met & Min 908.81 870.84 XETRA Dax 15602.71 15567.36 Latvia OMX Riga 1189.78 1178.17 Slovenia SBI TOP - - DJ Industrial 34645.32 34575.31 FTSE Multinationals ($) 2977.78 2973.53
Chile S&P/CLX IGPA Gen 22027.97 22121.30
Greece Athens Gen 900.49 894.13 Lithuania OMX Vilnius 936.34 938.24 South Africa FTSE/JSE All Share 69049.04 68922.86 DJ Transport 15660.60 15767.24 FTSE World ($) 840.54 839.21
China FTSE A200 14306.54 14452.42 FTSE/ASE 20 2183.52 2166.02 Luxembourg LuxX 1618.67 1624.11 FTSE/JSE Res 20 68211.36 68669.44 DJ Utilities 898.51 893.53 FTSEurofirst 100 (Eur) 4523.04 4497.98
FTSE B35 9000.71 8988.96
Hong Kong Hang Seng 29297.62 29468.00 Malaysia FTSE Bursa KLCI 1597.94 1585.90 FTSE/JSE Top 40 62786.67 62698.90 Nasdaq 100 13699.64 13654.59 FTSEurofirst 80 (Eur) 5620.97 5597.59
Shanghai A 3770.49 3799.47 HS China Enterprise 10951.84 10990.75 Mexico IPC 50880.82 50722.35 South Korea Kospi 3224.23 3221.87 Nasdaq Cmp 13767.87 13736.48 MSCI ACWI Fr ($) 713.76 711.45
Shanghai B 253.23 251.87 HSCC Red Chip 4105.45 4113.16 Morocco MASI 12114.46 12162.51 Kospi 200 430.15 430.32 NYSE Comp 16683.62 16643.32 MSCI All World ($) 2982.02 2975.70
Shanghai Comp 3597.14 3624.71
Hungary Bux 46736.89 46699.74 Netherlands AEX 718.93 715.94 Spain IBEX 35 9180.70 9189.70 S&P 500 4213.82 4202.04 MSCI Europe (Eur) 1807.16 1792.94
Shenzhen A 2512.27 2542.34
India BSE Sensex 51849.48 51934.88 AEX All Share 1033.43 1028.30 Sri Lanka CSE All Share 7436.55 7449.12 Wilshire 5000 44119.92 44015.47 MSCI Pacific ($) 3217.00 3210.52
Shenzhen B 1163.60 1160.22 Nifty 500 13274.25 13210.40 New Zealand NZX 50 12440.05 12462.47 Sweden OMX Stockholm 30 2268.80 2264.53 Venezuela IBC 5185.49 5262.08 S&P Euro (Eur) 1886.90 1881.24
Colombia COLCAP 1190.78 1203.80
Indonesia Jakarta Comp 6031.58 5947.46 Nigeria SE All Share 38437.88 38256.95 OMX Stockholm AS 921.37 921.95 Vietnam VNI 1340.78 1337.78 S&P Europe 350 (Eur) 1795.27 1789.07
Croatia CROBEX 2013.05 2011.29
Ireland ISEQ Overall 8307.79 8285.67 Norway Oslo All Share 1017.37 1006.88 Switzerland SMI Index 11470.35 11434.88 S&P Global 1200 ($) 3314.74 3305.52
Israel Tel Aviv 125 1772.19 1782.14 Pakistan KSE 100 48126.90 48191.26 Stoxx 50 (Eur) 3473.81 3458.14
(c) Closed. (u) Unavaliable. † Correction. ♥ Subject to official recalculation. For more index coverage please see www.ft.com/worldindices. A fuller version of this table is available on the ft.com research data archive.

STOCK MARKET: BIGGEST MOVERS UK MARKET WINNERS AND LOSERS

AMERICA LONDON EURO MARKETS TOKYO Jun 02 %Chg %Chg Jun 02 %Chg %Chg Jun 02 %Chg %Chg Jun 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
Nvidia 60.2 676.00 25.42 Royal Dutch Shell 163.6 1340.20 33.40 Volkswagen Ag Vzo O.n. 378.0 240.45 5.05 Softbank . 1111.6 8109.00 -53.00 Rolls-royce Holdings 112.30 9.0 - Tullow Oil 57.22 12.0 - Senior 155.00 31.0 - Industrial Metals 6766.26 6.6 36.6
Apple 34.1 124.99 0.71 Astrazeneca 134.6 7932.00 -25.00 Asml Holding 348.9 555.10 4.00 Toyota Motor 1109.8 9628.00 205.00 Glencore 333.55 8.5 - Hammerson 40.95 10.7 - Newriver Reit 105.00 12.4 - Automobiles & Parts 5216.64 6.1 12.9
Amazon.com 25.5 3231.44 12.79 Bp 117.2 321.75 7.00 Royal Dutch Shella 257.4 16.46 0.37 Fast Retailing Co., 485.7 88770.00 -130.00 Anglo American 3295.50 7.4 - Helios Towers 178.00 9.9 - Bloomsbury Publishing 344.00 12.1 10.4 Aerospace & Defense 3838.53 3.4 6.0
Microsoft 19.8 248.12 0.72 Ferguson 99.6 9660.00 28.00 Total 257.1 39.69 0.87 Takeda Pharmaceutical 381.2 3600.00 -57.00 Rio Tinto 6305.00 6.6 - Gcp Student Living 176.40 8.6 23.7 Enquest 19.30 11.8 -79.9 Personal Goods 37035.84 3.0 -0.6
Advanced Micro Devices 16.8 81.99 1.18 Rio Tinto 81.1 6305.00 0.00 Telefonica 254.6 3.84 -0.03 Mitsubishi Ufj Fin,. 379.0 633.70 8.40 Antofagasta 1602.50 6.5 - 4imprint 3115.00 7.6 - Zotefoams 494.00 11.8 31.4 Industrial Transportation 4244.40 2.9 48.1
Facebook 16.6 330.58 1.45 Unilever 81.0 4250.00 10.00 Intesa Sanpaolo 204.1 2.47 0.03 Tokyo Electron 375.0 48340.00 -340.00 M&g 248.00 5.6 - Trainline 292.40 7.0 - U And I 97.80 10.9 55.7 Real Estate Investment Trusts 3070.72 2.9 11.9
Boeing 15.9 257.00 2.27 National Grid 80.6 960.60 10.50 Lvmh 195.5 661.00 3.90 Sony 336.7 10805.00 -25.00 Melrose Industries 173.00 5.6 - Hochschild Mining 200.40 6.8 - Fuller, Smith & Turner 900.00 9.8 31.2 Household Goods 19048.68 2.4 8.3
Alphabet 8.9 2426.03 -3.78 Glencore 75.4 333.55 2.55 Santander 193.4 3.48 0.00 Central Japan Railway 270.3 17200.00 900.00 Bhp 2193.00 5.4 - Carnival 1845.20 6.7 - Hunting 273.50 9.4 - Gas Water & Multiutilities 4805.15 2.4 0.7
Alphabet 8.7 2375.25 -5.93 Hsbc Holdings 71.3 451.70 5.40 Enel 190.8 7.98 -0.08 Shin-etsu Chemical Co., 246.0 19440.00 500.00 Intermediate Capital 2185.00 5.0 - Aston Martin Lagonda Global Holdings 2143.00 6.5 - Norcros 309.00 8.4 56.1 Oil & Gas Producers 5125.41 2.3 13.0
Paypal Holdings 8.6 264.07 4.80 Royal Dutch Shell 71.1 1401.80 27.20 Sap Se O.n. 185.0 114.12 0.20 East Japan Railway 240.4 8142.00 463.00 British Land 524.80 4.8 - Sanne 775.00 6.3 - Alfa Fin Software Holdings 131.50 8.2 0.4 Banks 3093.27 2.2 23.7
Ashtead 5246.00 4.3 - Synthomer 552.00 6.2 - Rm 227.50 7.6 6.3 Industrial Engineering 16941.47 2.1 13.0
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
St. James's Place 1427.50 4.0 - Workspace 912.50 6.1 - Funding Circle Holdings 171.00 7.5 - Construction & Materials 8275.69 2.0 20.1
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Technipfmc 9.69 0.72 8.03 Helios Towers 178.00 7.00 4.09 Volkswagen Ag St O.n. 310.20 11.20 3.75 Kyowa Hakko Kirin Co., 3560.00 265.00 8.04 Ocado 1847.00 -4.3 - Vectura 139.00 -14.8 10.3 Batm Advanced Communications Ld 82.00 -6.8 -11.6 Tobacco 29263.39 -2.3 1.4
Schlumberger 34.55 1.62 4.92 Hammerson 40.95 1.59 4.04 Volvo, Ab Ser. B 22.65 0.76 3.46 West Japan Railway 6715.00 478.00 7.66 Intertek 5436.00 -3.8 - C&c 249.60 -7.6 - Dialight 321.00 -5.4 21.1 Food & Drug Retailers 4388.16 -1.5 1.7
Dxc Technology 39.92 1.81 4.74 C&c 249.60 8.60 3.57 Beiersdorf Ag O.n. 99.54 2.72 2.81 Thb Japan Steel Works, 3020.00 185.00 6.53 Kingfisher 353.80 -3.7 - Integrafin Holdings 517.00 -6.5 - Esken 32.65 -5.1 28.0 Food Producers 7595.01 -1.4 8.0
Invesco Ltd 28.47 1.28 4.69 Burberry 2182.00 74.00 3.51 Lufthansa Ag Vna O.n. 11.18 0.29 2.64 Tokyo Electric Power ,orporated 360.00 22.00 6.51 B&m Eur Value Retail S.a. 561.20 -3.7 - Softcat 1817.00 -5.8 - Lindsell Train Investment Trust 1385.00 -4.5 -4.8 Pharmaceuticals & Biotech. 16637.64 -1.1 5.4
Halliburton 24.34 1.00 4.26 Sanne 775.00 25.00 3.33 Omv Ag 49.53 1.23 2.55 Sumitomo Dainippon Pharma Co Ltd 2200.00 130.00 6.28 Imperial Brands 1616.50 -3.4 - Ncc 290.00 -5.7 - Galliford Try Holdings 126.00 -3.2 - Software & Computer Services 2060.30 -1.1 7.5
Flutter Entertainment 13080.00 -2.9 - Greencore 137.20 -5.3 - Kier 114.80 -3.2 - General Retailers 2828.60 -0.3 11.9
Downs Downs Downs Downs
Just Eat Takeaway.com N.v. 6284.00 -2.9 - Diploma 2872.00 -5.0 - M&g Credit ome Investment Trust 96.40 -2.6 6.2 Electricity 9193.89 -0.2 3.6
Nucor 105.96 -4.79 -4.32 Greencore 137.20 -6.10 -4.26 Kinnevik Ab Ser. B 30.01 -0.90 -2.92 Olympus 2298.00 -68.00 -2.87
Hikma Pharmaceuticals 2423.00 -2.8 - Premier Foods 104.40 -4.9 - Go-ahead 1227.00 -2.6 - Support Services 10954.40 -0.2 10.4
Tapestry 43.03 -1.94 -4.31 Trainline 292.40 -10.40 -3.43 Edp 4.53 -0.13 -2.71 Pacific Metals Co., 1846.00 -52.00 -2.74
Sage 655.00 -2.7 - Volution 444.00 -4.7 - De La Rue 188.00 -2.6 - General Financial 12223.77 -0.1 1.0
L Brands 67.94 -2.85 -4.03 Capita 39.24 -1.23 -3.04 Galp Energia-nom 10.12 -0.28 -2.69 Oji Holdings 635.00 -15.00 -2.31
Reckitt Benckiser 6361.00 -2.5 - Plus500 Ltd 1499.50 -4.7 - Vitec (the) 1330.00 -2.6 47.5 Media 8628.06 0.0 8.1
Pvh 110.03 -4.08 -3.58 Syncona 210.50 -6.50 -3.00 Merck Kgaa O.n. 144.00 -2.75 -1.87 Daikin Industries, 21300.00 -400.00 -1.84
Johnson Matthey 3072.00 -2.5 - Marshalls 730.00 -4.7 - Superdry 387.00 -2.5 - Travel & Leisure 8729.09 0.2 7.5
News 25.77 -0.75 -2.81 Moneysupermarket.com 270.20 -6.60 -2.38 Grifols 22.27 -0.39 -1.72 Mitsui Mining And Smelting , 3170.00 -55.00 -1.71
Smith & Nephew 1527.50 -2.1 - Tate & Lyle 777.20 -4.6 - Blackrock North American ome Trust 186.00 -2.5 11.5 Beverages 26818.82 0.4 18.2
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
Jun 2 Currency Mid Change Mid Change Mid Change Jun 2 Currency Mid Change Mid Change Mid Change Jun 2 Currency Mid Change Mid Change Mid Change Jun 2 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 94.7750 0.0416 115.6865 -0.3145 134.2441 -0.0076 Indonesia Indonesian Rupiah 14280.0000 - 17430.8041 -55.0761 20226.9463 -10.0286 Poland Polish Zloty 3.6509 0.0063 4.4564 -0.0064 5.1712 0.0063 ..Three Month 0.7060 0.0004 0.8616 -0.0023 - -
Australia Australian Dollar 1.2902 0.0018 1.5749 -0.0027 1.8276 0.0017 Israel Israeli Shekel 3.2498 0.0080 3.9668 -0.0027 4.6032 0.0091 Romania Romanian Leu 4.0318 0.0135 4.9213 0.0010 5.7108 0.0163 ..One Year 0.7060 0.0004 0.8611 -0.0023 - -
Bahrain Bahrainin Dinar 0.3770 - 0.4602 -0.0015 0.5340 -0.0003 Japan Japanese Yen 109.6150 0.2150 133.8008 -0.1594 155.2642 0.2277 Russia Russian Ruble 73.2525 -0.2525 89.4152 -0.5917 103.7586 -0.4093 United States United States Dollar - - 1.2206 -0.0039 1.4165 -0.0007
Bolivia Bolivian Boliviano 6.9100 - 8.4346 -0.0266 9.7877 -0.0049 ..One Month 109.6150 0.2149 133.8009 -0.1593 155.2642 0.2276 Saudi Arabia Saudi Riyal 3.7503 -0.0001 4.5778 -0.0146 5.3121 -0.0028 ..One Month - - 1.2206 -0.1965 1.4165 -0.0007
Brazil Brazilian Real 5.0931 -0.0614 6.2169 -0.0948 7.2142 -0.0905 ..Three Month 109.6149 0.2148 133.8010 -0.1591 155.2641 0.2275 Singapore Singapore Dollar 1.3225 0.0014 1.6142 -0.0034 1.8732 0.0010 ..Three Month - - 1.2204 -0.1965 1.4165 -0.0007
Canada Canadian Dollar 1.2062 0.0042 1.4723 0.0006 1.7085 0.0052 ..One Year 109.6146 0.2142 133.8014 -0.1584 155.2642 0.2271 South Africa South African Rand 13.6538 -0.1031 16.6664 -0.1790 19.3399 -0.1558 ..One Year - - 1.2197 -0.1965 1.4165 -0.0007
Chile Chilean Peso 720.9700 0.7150 880.0474 -1.9047 1021.2185 0.5067 Kenya Kenyan Shilling 107.7000 - 131.4633 -0.4153 152.5517 -0.0757 South Korea South Korean Won 1113.3500 7.4000 1359.0036 4.7680 1577.0055 9.7047 Vietnam Vietnamese Dong 23041.5000 -4.0000 28125.5186 -93.7337 32637.1822 -21.8509
China Chinese Yuan 6.3865 0.0100 7.7956 -0.0124 9.0462 0.0097 Kuwait Kuwaiti Dinar 0.3009 0.0001 0.3672 -0.0010 0.4261 -0.0001 Sweden Swedish Krona 8.2694 0.0169 10.0941 -0.0112 11.7133 0.0181 European Union Euro 0.8192 0.0026 - - 1.1604 0.0031
Colombia Colombian Peso 3639.9100 -24.2600 4443.0345 -43.7412 5155.7554 -36.9350 Malaysia Malaysian Ringgit 4.1250 -0.0020 5.0352 -0.0184 5.8429 -0.0057 Switzerland Swiss Franc 0.8985 0.0032 1.0968 0.0005 1.2728 0.0039 ..One Month 0.8192 0.0026 - - 1.1604 0.0031
Costa Rica Costa Rican Colon 618.3450 1.1350 754.7788 -0.9947 875.8552 1.1740 Mexico Mexican Peso 19.9255 0.0568 24.3219 -0.0073 28.2235 0.0664 Taiwan New Taiwan Dollar 27.7120 0.0745 33.8265 -0.0156 39.2527 0.0861 ..Three Month 0.8190 0.0026 - - 1.1603 0.0031
Czech Republic Czech Koruna 20.8512 0.0958 25.4519 0.0369 29.5347 0.1211 New Zealand New Zealand Dollar 1.3803 0.0022 1.6848 -0.0026 1.9551 0.0021 Thailand Thai Baht 31.1550 0.0125 38.0291 -0.1048 44.1295 -0.0042 ..One Year 0.8183 0.0026 - - 1.1598 0.0031
Denmark Danish Krone 6.0923 0.0192 7.4365 0.0000 8.6294 0.0229 Nigeria Nigerian Naira 410.5000 - 501.0742 -1.5830 581.4530 -0.2884 Tunisia Tunisian Dinar 2.7247 0.0080 3.3258 -0.0007 3.8593 0.0094
Egypt Egyptian Pound 15.6892 0.0407 19.1509 -0.0107 22.2230 0.0467 Norway Norwegian Krone 8.3101 0.0161 10.1437 -0.0123 11.7709 0.0170 Turkey Turkish Lira 8.5930 0.0746 10.4890 0.0582 12.1716 0.0997
Hong Kong Hong Kong Dollar 7.7592 0.0005 9.4712 -0.0293 10.9905 -0.0047 Pakistan Pakistani Rupee 154.6000 0.3000 188.7115 -0.2288 218.9833 0.3165 United Arab Emirates UAE Dirham 3.6731 0.0000 4.4835 -0.0142 5.2028 -0.0027
Hungary Hungarian Forint 283.3737 0.2703 345.8982 -0.7617 401.3848 0.1840 Peru Peruvian Nuevo Sol 3.8811 0.0638 4.7374 0.0632 5.4974 0.0877 United Kingdom Pound Sterling 0.7060 0.0004 0.8618 -0.0023 - -
India Indian Rupee 73.0875 0.1862 89.2138 -0.0538 103.5248 0.2126 Philippines Philippine Peso 47.8250 0.0600 58.3773 -0.1110 67.7418 0.0514 ..One Month 0.7060 0.0004 0.8617 -0.0023 - -
Rates are derived from WM Reuters Spot Rates and MorningStar (latest rates at time of production). Some values are rounded. Currency redenominated by 1000. The exchange rates printed in this table are also available at www.FT.com/marketsdata
UK SERIES
FTSE ACTUARIES SHARE INDICES www.ft.com/equities FT 30 INDEX FTSE SECTORS: LEADERS & LAGGARDS FTSE 100 SUMMARY
Produced in conjunction with the Institute and Faculty of Actuaries Jun 02 Jun 01 May 31 May 28 May 27 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 2833.40 2821.80 2803.40 2800.20 2806.30 0.00 3314.70 1337.80 Industrial Metals & 41.06 Industrials 12.84 Leisure Goods 7.85 FTSE 100 Price Change FTSE 100 Price Change
Jun 02 chge% Index Jun 01 May 28 ago yield% Cover ratio adj Return FT 30 Div Yield - - - - - 0.00 3.93 2.74 Industrial Transport 35.73 Travel & Leisure 12.57 Real Est Invest & Se 7.07 3I Group PLC 1255.5 -5.50 Land Securities Group PLC 723.80 11.20
FTSE 100 (101) 7108.00 0.39 6431.43 7080.46 7022.61 6220.14 2.97 1.70 19.78 109.01 6903.57 P/E Ratio net - - - - - 0.00 19.44 14.26 Fixed Line Telecomms 32.50 Real Est Invest & Tr 12.02 Aerospace & Defense 7.00 Admiral Group PLC 3010 -8.00 Legal & General Group PLC 284.40 0.10
FTSE 250 (250) 22933.29 0.25 20750.42 22874.99 22683.95 17436.31 1.84 1.83 29.73 187.19 18360.67 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 18/02/1900Base Date: 1/7/35 Banks 23.61 FTSE 250 Index 11.93 Health Care 5.92 Anglo American PLC 3295.5 34.00 Lloyds Banking Group PLC 50.00 0.22
FTSE 250 ex Inv Co (183) 24013.35 0.33 21727.69 23935.38 23716.28 82.76 1.74 0.73 78.43 144.30 19605.71 FT 30 hourly changes Construct & Material 22.10 Software & Comp Serv 11.54 Mobile Telecomms 5.91 Antofagasta PLC 1602.5 -4.00 London Stock Exchange Group PLC 7498 16.00
FTSE 350 (351) 4081.16 0.36 3692.71 4066.34 4032.98 3484.08 2.76 1.72 21.06 57.19 7888.61 8 9 10 11 12 13 14 15 16 High Low Basic Materials 21.78 Gas Water & Multi 11.34 Household Goods & Ho 5.72 Ashtead Group PLC 5246 - M&G PLC 248.00 -0.60
FTSE 350 ex Investment Trusts (282) 3984.76 0.38 3605.48 3969.55 3936.47 84.64 2.81 1.44 24.78 27.72 3976.34 2821.8 2834.7 2830.6 2760.2 2399.1 2395.8 2394.3 2414 2426.7 2439.2 2366.1 Mining 21.72 Financials 10.89 Pharmace & Biotech 5.47 Associated British Foods PLC 2342 -2.00 Melrose Industries PLC 173.00 -3.25
FTSE 350 Higher Yield (140) 3298.94 0.58 2984.94 3279.96 3237.87 2767.83 3.84 1.44 18.06 61.06 7045.95 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Beverages 18.00 NON FINANCIALS Index 10.67 Consumer Goods 5.31 Astrazeneca PLC 7932 -25.00 Mondi PLC 1942 18.50
FTSE 350 Lower Yield (211) 4587.63 0.16 4150.97 4580.52 4563.64 3982.10 1.71 2.33 25.15 43.56 5482.74 FTSE SmallCap Index 17.77 FTSE All{HY-}Share Index 10.61 Equity Invest Instr 4.36 Auto Trader Group PLC 559.00 -2.60 National Grid PLC 960.60 10.50
FTSE SmallCap (250) 7320.04 0.16 6623.29 7308.36 7265.54 4962.93 2.10 0.79 59.90 63.08 11749.12
FTSE SmallCap ex Inv Co (132) 6239.11 0.34 5645.26 6218.25 6167.31 85.27 1.44 -2.56 -27.11 26.45 10447.26 FX: EFFECTIVE INDICES Chemicals
Industrial Eng
16.04
13.89
Technology
FTSE 100 Index
10.40
10.02
Electricity
Financial Services
3.78
3.14
Avast PLC 466.90 0.90 Natwest Group PLC 209.60 0.90
Aveva Group PLC 3497 1.00 Next PLC 8194 -32.00
FTSE All-Share (601) 4063.52 0.36 3676.74 4049.03 4016.13 3442.46 2.74 1.70 21.52 56.19 7933.05
Jun 01 May 28 Mnth Ago Jun 02 Jun 01 Mnth Ago Support Services 13.89 Health Care Eq & Srv 9.84 Tobacco 1.67 Aviva PLC 412.80 -0.20 Ocado Group PLC 1847 -28.50
FTSE All-Share ex Inv Co (414) 3928.05 0.38 3554.16 3913.08 3880.49 84.66 2.79 1.40 25.68 27.13 3980.48 Life Insurance 13.72 Media 9.72 Tech Hardware & Eq 0.49 B&M European Value Retail S.A. 561.20 -8.60 Pearson PLC 830.60 -12.40
FTSE All-Share ex Multinationals (533) 1327.85 0.10 996.38 1326.54 1315.99 1035.18 2.22 2.09 21.61 13.11 2688.75 UK 81.97 82.28 81.06 Oil & Gas Producers 13.59 Utilities 9.35 Personal Goods -1.15 Bae Systems PLC 531.00 2.60 Pershing Square Holdings LTD 2645 15.00
FTSE Fledgling (85) 12984.04 -0.15 11748.18 13003.36 12880.84 8019.80 1.86 3.83 14.00 93.89 26947.13 Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. Oil & Gas 13.16 General Retailers 9.35 Food & Drug Retailer -3.18 Barclays PLC 186.44 0.86 Persimmon PLC 3228 -10.00
FTSE Fledgling ex Inv Co (39) 17731.31 -0.15 16043.59 17757.97 17437.11 84.92 1.37 1.55 47.11 82.97 35909.76 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk Automobiles & Parts 13.15 Consumer Services 8.87 Nonlife Insurance -4.19 Barratt Developments PLC 773.00 -1.00 Phoenix Group Holdings PLC 744.00 3.40
FTSE All-Small (335) 5091.13 0.14 4606.54 5083.90 5053.08 3434.35 2.09 0.95 50.53 43.47 10482.97 Telecommunications 12.93 Food Producers 8.83 Oil Equipment & Serv -10.73 Berkeley Group Holdings (The) PLC 4719 20.00 Polymetal International PLC 1729 21.00
FTSE All-Small ex Inv Co (171) 4683.22 0.32 4237.45 4668.50 4628.33 85.28 1.44 -2.39 -29.02 20.02 9933.44 Electronic & Elec Eq 8.22 Oil & Gas Producers -40.36 Bhp Group PLC 2193 -6.00 Prudential PLC 1513 17.00
FTSE AIM All-Share (723) 1256.27 -0.20 1136.70 1258.74 1256.07 891.36 0.73 0.26 520.24 4.06 1447.56
BP PLC 321.75 7.00 Reckitt Benckiser Group PLC 6361 -45.00
FTSE All-Share Technology (20) 2213.57 -0.30 2162.04 2220.13 2218.31 98.33 1.07 1.06 88.34 9.31 3126.71
FTSE All-Share Telecommunications (7) 2025.74 -0.07 1978.59 2027.19 2009.72 65.32 4.16 0.73 33.05 0.02 2801.98 FTSE GLOBAL EQUITY INDEX SERIES British American Tobacco PLC
British Land Company PLC
2730.5
524.80
15.50
12.00
Relx PLC
Renishaw PLC
1850
5470
3.00
-50.00
FTSE All-Share Health Care (15) 11955.06 -0.11 11676.77 11967.94 12058.75 136.79 3.49 0.79 36.08 73.43 10637.04 Jun 2 No of US $ Day Mth YTD Total
YTD Gr Div Jun 2 No of US $ Day Mth YTD Total YTD Gr Div Bt Group PLC 180.40 0.60 Rentokil Initial PLC 482.70 3.70
FTSE All-Share Financials (250) 4909.43 0.34 4795.15 4892.62 4892.65 70.07 2.33 3.75 11.46 37.80 5201.89 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Bunzl PLC 2311 31.00 Rightmove PLC 603.60 -2.00
FTSE All-Share Real Estate (56) 1100.27 1.03 1124.22 1089.04 1083.83 950.46 2.21 -1.51 -30.00 5.71 1105.56
FTSE Global All Cap 9209 807.25 0.4 1.7 10.9
11.9 1254.85
1.7 Oil Equipment & Services 26 241.26 2.2 2.2 27.5 417.79 30.1 4.8 Burberry Group PLC 2182 74.00 Rio Tinto PLC 6305 -
FTSE All-Share Consumer Discretionary (89) 5582.00 -0.05 5452.06 5584.74 5518.95 76.54 0.96 0.40 262.03 22.87 5735.14
FTSE Global All Cap 9209 804.27 0.0 1.3 10.5
11.4 1250.15
1.7 Basic Materials 364 718.13 1.3 1.3 17.7 1239.45 19.6 2.6 Coca-Cola Hbc AG 2617 48.00 Rolls-Royce Holdings PLC 112.30 3.36
FTSE All-Share Consumer Staples (27)19133.37 0.24 18687.99 19086.70 19035.97 86.83 3.84 1.38 18.91 188.10 16538.98
FTSE Global Large Cap 1731 714.79 0.2 1.5 9.7
10.7 1144.87
1.7 Chemicals 171 973.29 1.1 1.1 11.8 1655.86 13.1 2.1 Compass Group PLC 1621 -19.00 Royal Dutch Shell PLC 1340.2 33.40
FTSE All-Share Industrials (89) 6750.15 0.35 6593.02 6726.42 6662.93 93.72 1.77 1.05 54.03 44.97 7581.74
FTSE Global Mid Cap 2308 1047.61 0.7 2.6 14.3
15.2 1531.45
1.7 Forestry & Paper 21 337.77 1.1 1.1 6.8 654.25 8.7 2.4 Crh PLC 3731 6.00 Royal Dutch Shell PLC 1401.8 27.20
FTSE All-Share Basic Materials (24) 8732.68 0.26 8529.40 8709.97 8427.42 104.58 3.64 2.35 11.70 41.90 10761.65
FTSE Global Small Cap 5170 1143.50 0.8 1.6 13.6
14.3 1604.19
1.4 Industrial Metals & Mining 94 629.85 1.2 1.2 34.4 1102.32 37.0 2.9 Croda International PLC 7014 2.00 Royal Mail PLC 595.00 1.20
FTSE All-Share Energy (14) 5321.10 2.18 5197.23 5207.77 5086.50 53.14 3.79 0.73 36.29 50.22 6100.38
FTSE All-World 4039 470.93 0.3 1.7 10.6
11.5 774.95
1.7 Mining 78 1056.40 1.7 1.7 20.0 1872.18 22.5 3.3 Dcc PLC 6108 20.00 Sage Group PLC 655.00 0.80
FTSE All-Share Utilities (10) 7789.48 0.08 7608.16 7782.97 7678.63 97.49 4.55 1.83 11.98 21.20 10962.10
FTSE World 2620 839.21 0.3 1.6 10.9
11.9 1854.02
1.7 Industrials 761 593.27 0.6 0.6 13.3 921.48 14.2 1.4 Diageo PLC 3419.5 12.50 Sainsbury (J) PLC 267.90 -
FTSE All-Share Software and Computer Services (18) 2383.64 -0.26 2328.15 2389.79 2389.25 97.42 1.07 1.05 88.24 9.79 3562.54
FTSE Global All Cap ex UNITED KINGDOM In 8922 852.63 0.4 1.6 10.8
11.7 1301.15
1.6 Construction & Materials 148 714.21 0.7 0.7 15.9 1167.63 17.2 1.7 Entain PLC 1686 13.50 Schroders PLC 3576 4.00
FTSE All-Share Technology Hardware and Equipment (2) 5664.77 -1.71 5532.91 5763.14 5632.20 112.27 0.98 1.11 92.38 41.06 7133.81
FTSE Global All Cap ex USA 7446 620.96 0.8 3.6 10.1
11.5 1057.32
2.2 Aerospace & Defense 38 854.24 1.0 1.0 16.5 1305.61 17.3 1.3 Evraz PLC 658.20 -0.40 Scottish Mortgage Investment Trust PLC 1203.5 -1.50
FTSE All-Share Telecommunications Equipment (2) 599.37 0.62 585.42 595.70 597.14 246.44 1.49 2.75 24.50 2.36 834.66
FTSE Global All Cap ex JAPAN 7819 839.06 0.4 1.7 11.7
12.6 1316.33
1.7 General Industrials 72 290.25 0.7 0.7 14.7 496.47 16.1 2.0 Experian PLC 2731 28.00 Segro PLC 1057.5 7.00
FTSE All-Share Telecommunications Service Providers (5) 3142.22 -0.09 3069.08 3145.20 3116.92 63.72 4.25 0.70 33.45 0.00 3950.07
FTSE Global All Cap ex Eurozone 8555 847.59 0.3 1.5 10.6
11.5 1289.62
1.7 Electronic & Electrical Equipment 145 726.36 0.6 0.6 8.6 1020.83 9.2 1.2 Ferguson PLC 9660 28.00 Severn Trent PLC 2482 -
FTSE All-Share Health Care Providers (4) 8013.32 -0.36 7826.79 8042.54 7965.33 38.95 0.69 6.32 22.84 0.27 7391.92
FTSE Developed 2176 767.11 0.2 1.5 10.8
11.8 1202.89
1.7 Industrial Engineering 147 1188.62 1.2 1.2 16.0 1839.98 17.0 1.5 Flutter Entertainment PLC 13080 -55.00 Smith & Nephew PLC 1527.5 -4.50
FTSE All-Share Medical Equipment and Services (2) 7137.22 -0.10 6971.08 7144.27 7181.16 120.10 1.81 1.42 39.08 79.79 6668.01
FTSE Developed All Cap 5699 807.01 0.3 1.5 11.2
12.1 1247.23
1.6 Industrial Transportation 124 1086.02 0.5 0.5 18.4 1698.31 19.4 1.5 Fresnillo PLC 910.00 -5.00 Smith (Ds) PLC 432.10 8.20
FTSE All-Share Pharmaceuticals and Biotechnology (9)16578.76 -0.10 16192.84 16595.65 16732.71 143.48 3.72 0.74 36.37 95.98 13271.12
FTSE Developed Large Cap 861 713.22 0.1 1.3 10.0
11.0 1138.48
1.7 Support Services 87 692.32 -0.1 -0.1 7.7 1011.13 8.2 1.0 Glaxosmithkline PLC 1339.8 2.00 Smiths Group PLC 1556 -7.00
FTSE All-Share Banks (11) 3050.84 0.81 2979.83 3026.41 3051.31 49.94 1.65 3.76 16.18 9.94 2559.03
FTSE Developed Europe Large Cap 232 442.35 0.9 4.7 12.6
14.7 842.29
2.4 Consumer Goods 533 652.23 0.4 0.4 6.7 1063.29 7.7 1.9 Glencore PLC 333.55 2.55 Smurfit Kappa Group PLC 3799 44.00
FTSE All-Share Finance and Credit Services (9)10423.81 0.15 10181.17 10407.92 10483.29 48.74 1.19 1.12 75.48 81.09 13685.98
FTSE Developed Europe Mid Cap 345 795.58 1.1 4.8 13.9
15.3 1317.46
2.0 Automobiles & Parts 129 663.05 1.6 1.6 8.3 1049.10 8.9 1.1 Halma PLC 2613 -21.00 Spirax-Sarco Engineering PLC 12785 60.00
FTSE All-Share Investment Banking and Brokerage Services (31)10698.19 -0.13 10449.16 10712.11 10607.91 99.47 3.65 1.97 13.90 102.44 14075.77
FTSE Dev Europe Small Cap 713 1130.46 0.9 5.0 17.3
18.6 1802.11
1.7 Beverages 67 786.84 0.1 0.1 6.5 1291.47 7.2 2.1 Hargreaves Lansdown PLC 1654 -16.50 Sse PLC 1539.5 -24.50
FTSE All-Share Closed End Investments (187)13466.15 0.01 13152.69 13464.61 13393.65 103.53 2.09 7.28 6.58 58.78 8132.03
FTSE North America Large Cap 238 918.00 -0.1 0.2 10.5
11.2 1348.66
1.4 Food Producers 133 759.90 0.3 0.3 5.9 1271.00 7.5 2.2 Hikma Pharmaceuticals PLC 2423 -12.00 St. James's Place PLC 1427.5 3.50
FTSE All-Share Life Insurance (6) 8331.45 0.57 8137.51 8284.27 8290.04 66.09 3.16 2.21 14.31 176.53 9671.41
FTSE North America Mid Cap 421 1229.33 0.6 2.1 15.9
16.6 1665.38
1.5 Household Goods & Home Construction 60 603.85 -0.4 -0.4 4.8 980.94 6.1 2.3 HSBC Holdings PLC 451.70 5.40 Standard Chartered PLC 505.00 2.60
FTSE All-Share Nonlife Insurance (6) 3588.56 -0.29 3505.03 3598.92 3542.25 76.68 4.71 1.14 18.59 54.25 7223.38
FTSE North America Small Cap 1282 1309.96 0.9 1.0 14.5
15.0 1709.00
1.2 Leisure Goods 44 333.79 -0.1 -0.1 1.1 463.34 1.7 1.1 Imperial Brands PLC 1616.5 19.50 Standard Life Aberdeen PLC 274.00 0.70
FTSE All-Share Real Estate Investment and Services (16) 2674.37 0.57 2612.12 2659.25 2642.44 82.63 1.44 1.82 38.34 18.46 7770.24
FTSE North America 659 604.23 0.0 0.6 11.6
12.3 1.4 Personal Goods
907.05 86 1136.98 0.0 0.0 7.9 1708.00 8.6 1.4 Informa PLC 545.40 -0.60 Taylor Wimpey PLC 174.90 -1.15
FTSE All-Share Real Estate Investment Trusts (40) 2752.28 1.14 2688.21 2721.20 2709.18 82.36 2.40 -1.98 -21.08 11.96 3969.77
FTSE Developed ex North America 1517 320.37 0.7 3.5 9.3
10.9 588.90
2.2 Tobacco 14 1011.08 0.1 0.1 11.3 2613.31 13.1 6.1 Intercontinental Hotels Group PLC 5046 -2.00 Tesco PLC 225.50 0.55
FTSE All-Share Automobiles and Parts (2) 5243.37 2.39 5121.31 5120.91 5133.19 33.11 0.63 -12.57 -12.71 0.32 5403.94
FTSE Japan Large Cap 174 457.02 0.2 2.1 0.8
1.8 2.0 Health Care
648.19 324 715.27 -1.1 -1.1 4.2 1113.14 5.3 1.7 Intermediate Capital Group PLC 2185 17.00 Unilever PLC 4250 10.00
FTSE All-Share Consumer Services (4) 2679.88 -0.97 2617.50 2706.07 2656.80 82.80 0.21 -2.69 -173.89 0.01 3354.04
FTSE Japan Mid Cap 333 664.10 0.1 -0.1 3.0
4.1 893.59
2.1 Health Care Equipment & Services 123 1470.51 -1.7 -1.7 5.7 1779.11 6.1 0.9 International Consolidated Airlines Group S.A. 209.40 2.40 United Utilities Group PLC 1007.5 -0.50
FTSE All-Share Household Goods and Home Construction (11)15999.12 -0.11 15626.70 16016.37 15697.98 80.63 2.92 1.64 20.84 116.68 13059.48
FTSE Global wi JAPAN Small Cap 883 708.82 0.4 -0.3 -0.6
0.5 988.66
2.1 Pharmaceuticals & Biotechnology 201 458.80 -0.6 -0.6 3.2 762.18 4.6 2.4 Intertek Group PLC 5436 -8.00 Vodafone Group PLC 127.72 -0.54
FTSE All-Share Leisure Goods (2) 30325.49 -1.45 29619.59 30770.30 30311.38 88.46 1.64 1.63 37.45 230.87 32150.62
FTSE Japan 507 189.31 0.2 1.6 1.2
2.2 300.57
2.0 Consumer Services 445 720.54 0.4 0.4 4.4 1013.27 4.8 0.8 Jd Sports Fashion PLC 949.00 0.20 Weir Group PLC 1955.5 -32.50
FTSE All-Share Personal Goods (5) 32387.94 2.86 31634.03 31486.05 31652.88 80.84 0.00 0.00 76.02 0.00 24479.54
FTSE Asia Pacific Large Cap ex Japan 908 938.74 0.8 2.1 7.3
8.1 1.9 Food & Drug Retailers
1636.91 71 328.46 0.2 0.2 9.9 504.63 11.3 2.3 Johnson Matthey PLC 3072 -56.00 Whitbread PLC 3243 -17.00
FTSE All-Share Media (10) 8851.83 -0.08 8645.78 8858.90 8733.91 84.03 1.70 1.44 40.95 96.00 6031.09
FTSE Asia Pacific Mid Cap ex Japan 947 1161.08 0.4 2.4 13.1
13.9 1946.31
2.2 General Retailers 146 1297.73 0.7 0.7 2.5 1752.03 2.7 0.6 Just Eat Takeaway.Com N.V. 6284 -94.00 Wpp PLC 1008 -2.50
FTSE All-Share Retailers (22) 2699.34 -0.37 2636.51 2709.27 2702.33 75.86 0.40 8.48 29.51 3.30 3382.51
FTSE Asia Pacific Small Cap ex Japan 2007 723.02 0.6 1.1 11.2
11.9 2.0 Media
1182.40 84 485.82 -0.1 -0.1 3.5 687.26 3.9 0.7 Kingfisher PLC 353.80 -7.60
FTSE All-Share Travel and Leisure (33) 8662.30 0.12 8460.66 8651.83 8551.15 64.99 0.14 -33.59 -20.60 8.31 8898.36
FTSE Asia Pacific Ex Japan 1855 737.03 0.8 2.1 7.9
8.6 1.9 Travel & Leisure
1365.46 144 547.27 0.3 0.3 9.9 787.15 10.3 0.8
FTSE All-Share Beverages (6) 26893.16 0.52 26267.15 26752.86 26715.32 101.29 2.06 0.74 65.05 7.69 20848.19
FTSE Emerging All Cap 3510 969.92 1.0 3.2 9.0
9.8 2.0 Telecommunication
1607.53 89 162.07 0.0 0.0 5.3 359.52 7.1 4.0
FTSE All-Share Food Producers (10) 7753.94 0.35 7573.44 7726.84 7702.86 77.48 1.25 3.57 22.43 3.08 7215.04
FTSE All-Share Tobacco (2) 29263.44 0.70 28582.26 29060.62 29054.06 60.30 7.91 1.55 8.16 539.40 24617.54
FTSE Emerging Large Cap 870 924.74 1.1 3.3 7.8
8.6 1.9 Fixed Line Telecommuniations
1541.93 37 122.36 0.3 0.3 5.2 306.57 7.8 5.3 UK STOCK MARKET TRADING DATA
FTSE Emerging Mid Cap 993 1192.73 0.5 4.0 13.9
15.1 2.4 Mobile Telecommunications
1982.10 52 195.04 -0.1 -0.1 5.9 376.32 7.1 3.2
FTSE All-Share Construction and Materials (16) 8833.54 0.25 8627.92 8811.18 8732.23 88.20 1.82 0.00-17936.3 11.13 10368.34 Jun 02 Jun 01 May 28 May 27 May 26 Yr Ago
FTSE Emerging Small Cap 1647 972.64 0.7 1.7 14.1
14.9 2.1 Utilities
1544.66 197 325.98 -0.1 -0.1 1.6 726.91 3.2 3.3
1 Order Book Turnover (m) 224.98 151.06 50.68 50.68 50.68 57.52
FTSE Emerging Europe 84 416.01 1.1 7.9 12.3
14.4 4.7 Electricity
803.70 137 363.67 -0.3 -0.3 0.7 799.37 2.3 3.3
FTSE All-Share Aerospace and Defense (9) 4083.29 1.13 3988.24 4037.74 4021.63 71.27 2.40 0.15 285.71 55.09 4835.77 Order Book Bargains 757626.00 862720.00 862504.00 862504.00 862504.00 988885.00
FTSE Latin America All Cap 245 886.34 2.3 10.0 7.8
9.7 2.8 Gas Water & Multiutilities
1545.91 60 332.89 0.2 0.2 3.8 766.52 5.6 3.4
FTSE All-Share Electronic and Electrical Equipment (11)12878.17 -0.04 12578.40 12882.68 12693.66 102.85 1.47 1.70 40.06 81.75 12460.19 Order Book Shares Traded (m) 1260.00 1637.00 1444.00 1444.00 1444.00 2601.00
FTSE Middle East and Africa All Cap 326 772.82 0.4 4.4 18.3
20.1 2.0 Financials
1356.12 865 299.60 0.6 0.6 18.7 551.28 20.2 2.3
FTSE All-Share General Industrials (9) 5598.91 0.47 5468.58 5572.62 5527.07 88.45 2.96 0.76 44.66 74.82 7109.75 Total Equity Turnover (£m) 4167.22 5332.25 4668.65 4668.65 4668.65 6080.25
FTSE Global wi UNITED KINGDOM All Cap In 287 362.94 0.5 4.2 14.5
16.2 2.8 Banks
704.06 267 232.91 0.7 0.7 26.3 471.23 28.1 2.6
FTSE All-Share Industrial Engineering (4)18432.37 -0.28 18003.31 18483.52 18232.13 103.32 0.77 2.69 48.22 106.96 24246.12 Total Mkt Bargains 1005433.00 1137785.00 1129405.00 1129405.00 1129405.00 1252699.00
FTSE Global wi USA All Cap 1763 1047.54 0.0 0.3 11.5
12.2 1.3 Nonlife Insurance
1484.51 71 338.65 0.6 0.6 13.2 543.99 15.7 3.0
FTSE All-Share Industrial Support Services (31)10548.07 0.35 10302.53 10511.67 10433.77 108.39 1.52 1.32 50.17 59.16 11812.18 Total Shares Traded (m) 5871.00 5812.00 6588.00 6588.00 6588.00 7804.00
FTSE Europe All Cap 1445 533.41 0.9 4.8 13.2
15.1 2.3 Life Insurance
974.93 53 266.90 0.6 0.6 14.8 487.26 16.8 3.1
FTSE All-Share Industrial Transportation (9) 6422.75 0.09 6273.24 6417.29 6299.79 86.17 0.74 5.72 23.62 2.61 6529.49 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
FTSE Eurozone All Cap 654 529.00 1.0 4.5 14.1
15.9 2.0 Financial Services
961.77 213 484.42 0.3 0.3 15.3 718.46 16.2 1.3
FTSE All-Share Industrial Materials (1)24704.61 2.92 916.68 24004.48 23354.36 17030.65 1.28 2.37 33.14 213.54 30416.28 (c) Market closed.
FTSE EDHEC-Risk Efficient All-World 4039 534.17 0.5 2.7 13.2
14.2 1.9 Technology
812.33 331 570.97 0.0 0.0 9.7 735.12 10.1 0.8
FTSE All-Share Industrial Metals and Mining (11) 7288.46 0.26 7118.80 7269.30 7013.07 109.67 3.84 2.40 10.84 28.74 10020.54
FTSE EDHEC-Risk Efficient Developed Europe 577 423.28 1.0 5.1 13.4
14.8 1.9 Software & Computer Services
715.56 177 943.88 0.0 0.0 12.3 1133.16 12.6 0.5
FTSE All-Share Precious Metals and Mining (5)24176.37 1.08 23613.60 23917.30 23564.95 120.20 4.34 1.79 12.88 659.31 16162.03
Oil & Gas 130 317.93 2.6 7.3 23.2
25.5 3.9 Technology Hardware & Equipment
605.35 154 454.84 -0.1 -0.1 6.7 625.72 7.1 1.2
FTSE All-Share Chemicals (7) 17469.43 -0.18 17062.79 17500.16 17239.31 84.44 1.46 1.86 36.92 55.04 16881.20 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Oil & Gas Producers 89 302.99 2.9 8.0 25.4
27.8 3.9 Alternative Energy
589.60 15 215.46 -0.2 -0.2 -19.8 307.28 -19.5 0.5
FTSE All-Share Oil. Gas and Coal (14) 5164.07 2.18 5043.86 5054.08 4936.40 53.14 3.79 0.73 36.29 48.75 6139.88 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Real Estate Investment & Services 162 380.69 0.5 0.5 6.1 709.72 7.2 2.5
FTSE Sector Indices Real Estate Investment Trusts 99 527.63 1.3 1.3 16.0 1175.43 17.2 3.0 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Non Financials (351) 4849.67 0.36 4388.07 4832.18 4781.12 87.33 2.86 1.19 29.24 31.07 8322.02 FTSE Global Large Cap 1731 713.07 0.0 0.0 9.5 1142.07 10.5 1.7 liable for any loss arising from the reliance on or use of the listed information.
The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/ For all queries e-mail ft.reader.enquiries@morningstar.com
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day mid cap) - please see https://research.ftserussell.com/Products/indices/Home/indexfiltergeis?indexName=GEISAC&currency=USD&rtn=CAP&segment=global-developed–emerging. The trade names Fundamental Index®
FTSE 100 7097.58 7104.47 7090.02 7095.58 7098.35 7092.83 7086.66 7087.07 7103.51 7122.54 7074.19 and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Data provided by Morningstar | www.morningstar.co.uk
FTSE 250 22949.92 22907.52 22884.11 22891.41 22866.97 22851.16 22882.69 22893.65 22920.22 22970.84 22848.58 Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2, WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark
FTSE SmallCap 7318.47 7310.25 7311.89 7318.64 7317.80 7314.44 7319.39 7321.24 7323.81 7323.93 7309.36 of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see www.ftse.com/icb. For constituent changes and other information about FTSE,
FTSE All-Share 4059.29 4060.94 4053.71 4056.57 4057.05 4054.00 4052.28 4052.84 4061.15 4071.13 4045.86 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.
Time of FTSE 100 Day's high:07:09:00 Day's Low10:23:30 FTSE 100 2010/11 High: 7129.71(07/05/2021) Low: 6407.46(29/01/2021)
Time of FTSE All-Share Day's high:07:09:00 Day's Low10:23:00 FTSE 100 2010/11 High: 4066.18(07/05/2021) Low: 3641.93(29/01/2021)
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 Alpha Growth Int 0.090 0.000 0.224L 0.306L 0.100L 0.200L 0.00000 0.00000 - 0.000 0.000 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- BlackRock Frontiers Investment Trust Int 116.096 135.555L 0.501 0.564L 2.75000 2.68900 Jun 25 6.800 7.100 06/01 3.50 AFP African Pioneer PLC 3.25 -0.33 3.50 3.42 0.0
There are currently no rights offers by any companies listed on the LSE. Blencowe Resources Int 0.000 0.000 0.330L 0.482L 0.010L 1.520L 0.00000 0.00000 - 0.000 0.000 06/01 3.50 ASP African Pioneer PLC 3.25 -0.33 3.50 3.42 0.0
Block Energy Pre 1.255 0.314 5.512L 6.130L 0.013L 0.020L 0.00000 0.00000 - 0.000 0.000 05/28 45.00 AIM BELL Belluscura PLC 54.50 -1.00 59.00 45.00 6171.6
Bloomsbury Publishing Pre 185.136 162.772 17.349 13.229 16.940 13.580 0.00000 0.00000 - 1.280 1.241 05/28 40.00 AIM TRLS Trellus Health PLC 68.50 1.09 6000.00 40.00 11061.0
Caffyns Pre 165.085 195.787 1.424 0.103 52.400 9.400L 0.00000 0.00000 - 0.000 7.500 05/24 273.00 AIM DNM Dianomi PLC 331.50 -1.00 335.00 285.00 9954.3
Kanabo Group Pre 0.000 0.000 0.131L 0.363L 0.440L 1.200L 0.00000 0.00000 - 0.000 0.000 05/24 150.00 AIM KITW Kitwave Group PLC 157.00 -4.25 164.50 143.90 10990.0
Maintel Holdings Pre 106.430 122.932 2.232L 1.764 12.100L 22.400 0.00000 0.00000 - 0.000 15.100 05/21 5.00 OCTP Oxford Cannabinoid Technologies Holdings 4.04 -0.06 8.00 3.80 3880.1
Savannah Resources Pre 0.000 0.000 2.925L 3.574L 0.620L 0.360L 0.00000 0.00000 - 0.000 0.000 PLC
Shires Income Pre 21.037 13.835L 55.820 58.420L 0.00000 4.20000 - 3.000 7.200 05/14 10.00 CIZ Bould Opportunities PLC 6.75 -0.25 13.00 5.50 1710.8
05/13 410.00 AWE Alphawave IP Group PLC 290.00 3.00 410.00 285.50 192840.1
05/11 102.00 AIM GLAN Glantus Holdings PLC 97.00 0.80 107.00 90.00 3518.7
05/04 5.00 EST East Star Resources PLC 5.03 -0.59 9.44 4.00 349.4
04/22 193.00 AIM MMAG MusicMagpie PLC 191.00 -1.00 202.50 189.75 20584.5

Figures in £m. Earnings shown basic. Figures in light text are for corresponding period year earlier. §Placing price. *Intoduction. ‡When issued. Annual report/prospectus available at www.ft.com/ir
For more information on dividend payments visit www.ft.com/marketsdata For a full explanation of all the other symbols please refer to London Share Service notes.
Thursday 3 June 2021 ★ FINANCIAL TIMES 11

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price 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 (€) CntJpRwy 17200 900.00 19165 0.00 0.90 -30.18 32324.04 Nordea Bk 91.48 0.74 91.95 63.54 0.76 14.55 44802.19 BlackRock 884.36 7.45 889.99 515.72 1.70 26.80 134888.25 MondelezInt 63.44 0.11 64.02 49.92 1.99 23.41 89114.88
ANZ 28.35 0.04 29.55 16.40 2.14 16.98 62524.12 Nokia 4.44 0.19 4.95 2.70 - -9.50 30759.07 Denso 7736 51.00 7787 0.00 1.99-218.44 55608.65 SEB 108.45 0.95 111.60 75.56 3.68 12.50 28458.8 Boeing 257.00 2.27 278.57 141.58 - -12.10 150295.78 Monsanto 9.71 -0.01 10.00 9.51 - - 242.75
BHPBilltn 49.39 1.48 51.82 33.73 3.25 26.87 112766.31 SampoA 38.68 0.17 41.40 29.22 4.03 531.97 26164 EastJpRwy 8142 463.00 8881 0.00 1.79 -8.04 28072.12 SvnskaHn 94.52 0.30 101.20 71.70 4.22 12.00 22228.84 Booking Holdings 2342.47 14.19 2516 1532.83 - 1569.85 96164.78 MorganStly 92.89 0.78 93.31 44.44 1.56 13.86 172830.1
CmwBkAu 100.33 0.87 101.50 62.64 3.06 26.46 137955.03 France (€) Fanuc♦ 25995 -265.00 29700 0.00 0.81 62.79 47882.45 Swedbank 153.00 1.98 165.90 116.26 4.62 9.00 20944.19 BrisMySq 65.00 -0.11 67.96 54.07 2.93 -15.72 145123.68 Netflix 501.03 1.95 593.29 404.25 - 59.08 222155.86
CSL 286.96 -1.03 320.42 242.00 1.06 34.91 101222.61 Airbus Grpe 110.70 1.94 110.96 57.87 - -294.71 106211.25 FastRetail 88770 -130.00 110500 0.00 0.56 90.97 85902.1 Telia Co 36.58 0.28 39.16 31.45 2.40 -6.69 18088.07 CapOne 165.93 -0.32 167.40 57.30 0.62 30.85 74915.63 NextEraE 72.96 0.84 87.69 58.44 2.02 33.68 143107.03
NatAusBk 26.88 0.15 27.84 16.56 2.25 17.47 68721.97 AirLiquide 140.62 1.00 144.45 119.35 1.99 26.34 81318.7 Fuji Hvy Ind 2189.5 30.00 2683.5 1898.5 2.81 13.26 15363.87 Volvo 228.60 7.65 240.80 131.70 2.56 20.32 43911.38 CardinalHlth 56.14 0.58 62.96 44.65 3.58 11.65 16288.9 Nike 134.40 -0.12 147.95 93.44 0.78 62.28 171347.69
Telstra 3.49 0.01 3.58 2.66 2.96 22.70 32170.42 AXA 22.85 0.06 24.16 13.34 3.32 17.60 67471.7 Hitachi 5860 8.00 5901 0.00 1.88 15.08 51742.99 Switzerland (SFr) Carnival 31.19 1.04 31.23 12.11 - -2.22 30364.73 NorfolkS 279.79 -1.65 295.14 166.00 1.39 34.44 70014.93
Wesfarmers 56.28 0.89 56.44 40.80 2.79 32.76 49457.87 BNP Parib 57.00 0.29 57.92 28.79 - 10.33 86956.83 HondaMtr 3518 153.00 3524 0.00 2.63 13.26 58136.26 ABB 31.30 0.25 31.32 19.23 2.50 135.72 75525.06 Caterpillar 243.71 0.95 245.78 118.01 1.75 43.08 133501.21 Northrop 367.08 1.46 378.61 282.88 1.60 18.62 59085.64
Westpc 26.22 0.02 26.55 16.00 3.09 40.62 74552.39 ChristianDior 670.50 7.50 677.00 335.00 0.71 60.33 147734.84 JapanTob 2164.5 -2.50 2234 0.00 7.83 11.26 39492.78 CredSuisse 9.92 -0.01 13.50 8.50 2.74 23.01 27028.59 CharlesSch 74.88 0.24 75.49 31.63 1.00 34.09 135312.1 NXP 208.21 0.30 216.43 99.27 0.83 134.31 57412.59
Woolworths 42.30 0.54 42.57 35.37 2.29 36.58 41559.43 Cred Agr♦ 12.38 -0.07 13.49 6.51 - 13.54 44075.74 KDDI 3635 -28.00 3767 2604 3.63 11.54 76410.1 Nestle 111.52 0.74 112.72 95.00 2.55 24.68 357563.99 Charter Comms 683.88 -5.01 712.41 498.08 - 42.86 129025.01 Occid Pet 29.35 0.88 32.52 8.52 2.90 -1.81 27391.17
Belgium (€) Danone 58.36 0.14 65.68 46.03 3.74 18.79 48985.25 Keyence 53700 -210.00 59310 41780 0.41 64.80 119146.58 Novartis 80.05 0.75 87.06 70.42 3.82 24.94 219785.47 Chevron Corp 108.00 1.35 113.11 65.16 4.95 -35.21 208230.39 Oracle 80.64 1.07 80.93 50.91 1.21 19.09 232528.26
AnBshInBv 63.37 0.99 63.57 42.19 0.75-226.21 130975.97 EDF♦ 11.38 -0.14 13.58 7.67 - 109.56 43060.79 MitsbCp 3070 85.50 3298 0.00 4.84 12.60 41610.83 Richemont 114.45 1.90 114.50 56.08 0.93 251.62 66488.12 Chubb 171.59 0.10 179.01 111.93 1.87 21.26 77162.41 Pepsico 147.99 0.36 148.85 126.53 2.84 26.69 204467.61
KBC Grp 68.42 0.50 68.98 40.88 - 14.76 34800.84 Engie SA 12.34 0.06 13.87 10.10 - -16.73 36676.12 MitsubEst 1835.5 63.50 2047.5 0.00 1.80 14.92 23300.27 Roche 312.45 -0.15 345.55 290.55 3.03 17.96 244299.94 Cigna 256.77 -0.91 272.81 158.84 0.02 10.79 88109.48 Perrigo 47.57 0.92 58.83 38.20 1.96 -38.58 6352.93
EssilorLuxottica♦ 143.66 1.70 143.66 103.05 0.83 727.94 76987.52 MitsubishiEle 1742 51.50 1785.5 0.00 2.27 19.99 34123.31 Swiss Re 86.56 -0.46 94.96 62.22 6.52 -30.58 30585.46 Cisco 52.88 0.26 54.14 35.28 2.81 21.45 222845.46 Pfizer♦ 38.82 0.32 43.08 29.95 4.06 30.21 217274.49
Brazil (R$)
Hermes Intl 1155 5.00 1162.5 679.00 0.41 84.18 148836.33 MitsuiFud 2702.5 134.50 2704 1645.5 1.79 13.20 23798.51 Swisscom 512.00 3.40 523.20 456.30 4.53 16.45 29517.11 Citigroup 79.86 0.10 80.29 40.49 2.65 16.29 165064.08 Phillips66 88.58 1.73 90.59 43.27 4.21 -9.44 38786.26
Ambev 19.18 0.41 19.45 12.04 2.19 26.32 59271.47
LOreal 371.60 1.60 372.60 255.10 1.08 56.43 254313.31 MitUFJFin 633.70 8.40 660.30 392.80 4.49 15.38 78519.42 UBS 14.76 -0.04 15.24 9.65 4.54 8.74 63369.16 CME Grp 215.55 2.40 221.82 146.89 1.63 35.44 77402.72 PhilMorris 96.95 0.17 98.62 68.37 5.05 17.05 151100.16
Bradesco 23.77 0.50 23.80 16.11 2.25 15.05 22731.24
LVMH 661.00 3.90 661.90 363.75 0.72 68.28 407261.12 Mizuho Fin 1706.5 18.50 1732.5 1256 2.66 39.09 39531.35 Zurich Fin 376.80 -1.70 411.30 297.80 5.15 15.83 63094.31 Coca-Cola 55.51 0.23 55.71 43.51 3.05 32.38 239341.39 PNCFin 195.91 0.09 203.88 97.09 2.43 29.73 83231.87
Cielo 4.36 -0.02 5.93 3.15 1.51 23.79 2325.73
Orange 10.56 0.11 11.61 8.63 5.90 5.95 34288.13 Murata Mfg 8562 113.00 10835 0.00 1.35 32.44 52785.85 Cognizant 71.40 0.21 82.73 52.50 1.28 26.81 37657.21 PPG Inds♦ 179.87 -0.88 182.95 98.41 1.22 35.04 42645.59
ItauHldFin 27.98 0.66 29.38 21.10 2.96 14.95 27239.11 Taiwan (NT$)
PernodRic 180.65 -0.40 182.10 131.65 1.53 165.25 57746.2 Nippon T&T 2858 -17.00 3018 2127 3.75 10.78 101705.54 ColgtPlm 83.04 0.56 86.41 70.29 2.18 25.52 70249.25 ProctGmbl 133.05 0.17 146.92 113.76 2.44 23.82 325725.13
Petrobras 28.07 0.84 32.34 17.74 0.87 59.10 41017.75 Chunghwa Telecom 114.00 0.50 117.00 106.50 3.70 26.22 31912.12
Renault 34.58 0.56 41.42 19.67 - -1.13 12482.39 NipponTT 2858 -17.00 3018 2127 3.75 10.78 101705.54 Comcast 56.69 -0.26 59.11 37.77 1.68 23.99 259914.85 Prudntl 108.22 -0.30 109.17 57.11 4.21-104.43 42636.71
Vale 115.53 2.33 120.45 51.98 1.95 23.04 119869.91 Formosa PetChem 106.00 2.00 109.00 78.00 2.80 132.96 36437.37
Safran 125.68 1.24 127.45 80.64 - 151.25 65542.73 Nissan Mt 553.90 9.40 664.50 359.70 - -1.83 21327.86 ConocPhil 59.05 0.78 61.14 27.53 2.97 -22.70 79676.41 PublStor 288.08 2.52 288.29 183.22 2.85 41.88 50407.7
Canada (C$) HonHaiPrc 112.00 -3.00 134.50 74.10 3.83 15.05 56028.25
Sanofi 85.51 -0.35 95.82 74.92 3.83 8.42 131594.8 Nomura 605.60 9.10 721.00 457.60 4.54 6.20 17864.75 Corning 43.09 -0.04 46.82 22.89 2.12 77.00 36680.71 Qualcomm♦ 133.87 -0.07 167.94 79.91 1.99 18.71 151005.36
Bausch Hlth 38.54 -0.17 43.97 19.88 - -19.52 11451.78 MediaTek 959.00 -22.00 1185 473.00 1.12 36.31 55035.09
Sant Gbn 55.38 -0.43 56.88 28.70 - 62.73 36009.77 Nppn Stl 2007.5 21.50 2354.5 0.00 - -8.49 17404.28 Costco 381.12 2.89 393.15 293.84 0.74 38.46 168656.26 Raytheon♦ 88.72 -0.27 89.93 51.92 2.20 -37.74 134418.77
BCE 60.50 0.09 60.78 52.52 5.40 24.57 45375.99 TaiwanSem 595.00 -5.00 679.00 298.00 1.68 29.00 556747.05
Schneider 131.50 1.06 140.62 87.78 2.01 33.20 91022.79 Panasonic 1260 8.50 1520 856.60 2.18 15.05 28203.17 CrownCstl 193.18 1.66 193.33 146.15 2.64 79.33 83490.4 Regen Pharm 502.02 -1.21 664.64 441.00 - 15.87 52558.9
BkMontrl 127.50 -0.48 128.82 69.58 3.24 15.95 68418.83 Seven & I 4852 169.00 4945 2937.5 2.26 21.43 39237.48 Thailand (THB) CSX 99.85 -0.45 104.87 65.37 1.09 27.55 75626.41 S&P Global 378.92 5.46 398.55 303.50 0.73 37.85 91276.68
SocGen 26.62 0.09 26.83 10.77 - -25.13 27729.05
BkNvaS 81.52 0.64 81.93 53.54 4.30 15.73 82011.61 ShnEtsuCh♦ 19440 500.00 20060 11830 1.25 26.20 73894.31 PTT Explor 41.50 - 45.00 30.50 3.32 29.18 38047.34 CVS 86.11 0.24 90.61 55.36 2.41 15.19 113369.66 Salesforce 236.24 0.04 284.50 167.00 - 52.29 217868.26
Total 39.69 0.87 42.19 24.51 6.63 -16.12 127408.73
Brookfield 60.12 -0.44 61.15 38.77 1.00-400.84 78630.68 Softbank 8109 -53.00 10695 4896 0.60 18.25 127459.12 United Arab Emirates (Dhs) Danaher 243.75 -1.47 261.43 164.31 0.32 37.27 173858.16 Schlmbrg♦ 34.55 1.62 34.58 13.70 2.62 -4.40 48312.39
UnibailR 72.55 0.31 76.20 29.08 7.73 -1.34 12266.85
CanadPcR 98.64 -0.68 100.00 66.43 3.54 5.60 54514.32 Sony 10805 -25.00 12545 0.00 0.51 11.38 124305.44 Emirtestele 21.88 0.22 22.16 16.28 3.79 20.29 51804.3 Deere 359.80 -4.81 400.34 148.12 0.87 31.91 112236.76 Sempra Energy 135.75 -0.18 140.46 112.16 3.19 19.91 41099.77
Vinci 93.87 -0.09 96.00 64.86 1.38 41.08 67777.46
CanImp 143.95 0.17 144.88 89.42 3.95 16.17 53549.66 SumitomoF 4022 46.00 4354 2800 5.33 196.77 50416.36 Delta 47.89 0.19 52.28 24.38 - -2.28 30632.82 Shrwin-Will♦ 283.49 0.65 293.05 178.66 0.65 37.17 75394.05
Vivendi 29.21 -0.40 32.35 20.83 2.13 22.32 42311.81 United Kingdom (p)
CanNatRs 44.97 1.04 45.17 19.77 3.71-123.88 44209.51 Takeda Ph 3600 -57.00 4365 3239 5.50 28.51 51820.1 Devon Energy 31.07 0.87 31.39 7.73 1.40 -4.42 21030.4 SimonProp 134.05 -0.14 134.59 59.03 4.64 36.03 44039.63
Germany (€) AscBrFd 2342 -2.00 2528 1618 - 46.28 26262.42
CanNatRy 134.94 -0.46 149.44 115.63 1.71 27.67 79316.58 TokioMarine 5253 32.00 5746 4436 4.08 22.84 33425.78 DiscFinServ♦ 121.52 0.64 122.82 45.40 1.50 32.57 37048.41 SouthCpr 71.84 0.17 83.29 35.45 2.16 34.15 55537.58
Allianz 217.15 0.15 221.50 148.60 4.59 12.81 109283.55 AstraZen 7932 -25.00 10120 6499.8 2.59 44.44 142289.16
Enbridge 46.85 0.21 49.13 35.80 6.78 32.27 78678.65 Toyota 9628 205.00 9638 0.00 2.51 13.52 286604.37 Disney 178.02 -0.82 203.02 108.02 - -63.16 323450.24 Starbucks 113.13 -0.21 118.98 71.06 1.56 129.64 133187.95
BASF 68.13 0.18 72.88 45.92 5.03 -41.51 76382.93 Aviva 412.80 -0.20 420.70 247.40 3.15 8.64 23465.86
GtWesLif 36.39 -0.48 37.86 22.48 4.72 11.69 28011.08 DominRes 76.39 0.84 87.34 67.85 4.68 40.51 61610.39 StateSt 87.35 -0.63 89.28 56.63 2.44 14.02 30377.56
Bayer 52.04 0.57 73.63 39.91 5.59 -3.16 62405.83 Mexico (Mex$) Barclays 186.44 0.86 210.45 88.90 - 13.82 45062.5
ImpOil 41.19 -0.25 42.30 14.86 2.10 -16.60 25068.71 DukeEner 100.80 0.72 108.00 77.58 3.93 56.88 77533.42 Stryker 252.01 -3.78 268.04 171.75 0.98 66.52 94944.23
BMW 90.30 1.29 90.68 53.85 2.88 15.17 66354.38 AmerMvl 15.24 - 15.93 12.71 2.34 14.43 34557.65 BP 321.75 7.00 376.54 188.52 5.88 -7.94 90832.57
Manulife 25.19 -0.22 27.68 17.32 4.36 8.76 40557.65 DuPont♦ 84.79 -0.65 87.27 49.01 1.47 -20.71 45117.69 Sychrony Fin 49.13 0.16 50.07 21.04 1.86 20.88 28571.04
Continental 127.02 1.68 130.85 79.04 2.45 -25.42 31010.16 FEMSA UBD 167.00 1.06 170.16 112.72 1.70-119.30 18113.31 BrAmTob 2730.5 15.50 3270.5 207.50 7.71 9.79 72109.84
Nutrien 75.42 -1.24 77.38 41.50 2.98 74.49 35652.48 Eaton 146.31 0.02 149.38 82.44 2.07 40.46 58304.54 T-MobileUS 140.73 -0.98 143.09 98.51 - 57.30 175464.06
Daimler 78.73 0.61 78.83 34.30 2.83 10.90 102812.73 WalMrtMex 65.15 0.10 70.40 49.81 0.83 36.00 57093.2 BT 180.40 0.60 180.95 94.68 2.56 11.87 25353.23
RylBkC 125.54 -0.31 126.90 89.11 3.35 15.95 148285.44 eBay 62.44 1.07 65.11 45.14 1.06 17.02 42534.57 Target♦ 228.80 1.53 228.89 114.81 1.21 25.67 113192.81
Deut Bank 12.45 0.00 12.51 6.75 - 19.99 31413.81 Netherlands (€) Compass 1621 -19.00 1721.63 1024.5 1.66 202.63 37760.88
Suncor En 30.48 0.93 30.55 14.28 3.52 -10.98 38049.29 Ecolab 215.90 0.79 231.36 181.25 0.91 61.83 61733.88 TE Connect 138.25 0.73 138.99 75.70 1.43 42.89 45653.55
Deut Tlkm 17.25 0.07 17.37 12.59 3.61 18.87 100234.51 ASML Hld 555.10 4.00 562.40 289.20 0.45 52.24 284242.78 Diageo 3419.5 12.50 3451 2253 2.04 70.51 121933.8
ThmReut 119.02 0.70 122.03 90.06 1.60 41.40 48910.01 Emerson 97.24 0.14 97.58 58.67 2.14 27.20 58314.83 Tesla Mtrs 605.61 -18.29 900.40 171.69 - 913.18 583398.89
DeutsPost 55.91 0.14 56.52 28.72 2.14 22.81 84561.07 Heineken 98.26 0.38 100.40 74.26 1.80 57.86 69086 GlaxoSmh♦ 1339.8 2.00 1693.6 1190.8 5.97 12.86 93329.15
TntoDom 87.51 -0.15 89.12 57.44 3.52 13.63 132074.29 EOG Res 85.06 0.47 86.60 31.22 1.72 -78.93 49641.45 TexasInstr 190.34 1.34 197.58 117.84 2.03 30.77 175783.47
E.ON 9.93 -0.03 10.81 8.27 4.81 23.32 32025.07 ING 11.61 -0.03 11.67 5.65 - 19.28 55345.66 Glencore 333.55 2.55 339.40 150.59 - -32.57 68150.7
TrnCan 62.42 0.31 66.14 50.61 5.09 13.42 50649.17 EquityResTP 79.78 0.56 79.88 45.43 3.10 46.23 29838.15 TheTrvelers 160.55 -0.34 162.71 105.67 2.17 14.14 40372.75
Fresenius Med 65.76 0.40 79.96 55.18 1.90 15.99 23509.06 Unilever 49.31 0.26 53.66 43.00 0.75 25.99 182990.77 HSBC 451.70 5.40 466.54 281.50 2.38 21.49 128282.95
China (HK$) Imperial Brands 1616.5 19.50 1686 1142 11.49 10.22 21837.64 Exelon♦ 45.38 0.24 46.37 33.97 3.49 21.79 44339.33 ThrmoFshr 451.14 4.13 532.57 330.57 0.20 27.28 177310.6
Fresenius SE 43.93 -0.02 46.53 31.03 1.99 13.82 24251.06 Norway (Kr)
AgricBkCh 3.15 0.03 3.30 2.38 7.11 4.34 12479.04 LlydsBkg 50.00 0.22 59.94 23.59 - 20.00 51042.28 ExxonMb♦ 61.13 0.67 64.02 31.11 5.90 -11.24 258792.42 TJX Cos♦ 67.00 -0.20 74.65 48.73 0.35 927.77 80828.61
HenkelKgaA 81.45 0.20 86.50 70.15 2.33 24.28 25829.27 DNB 188.00 1.90 188.95 125.30 - 15.72 35073.81
Bk China♦ 2.89 -0.02 3.19 2.33 8.15 3.85 31145.95 Natl Grid 960.60 10.50 998.80 805.40 5.06 22.66 45670.91 Facebook 330.58 1.45 333.78 207.11 - 31.62 792073.28 Truist Financial Corp 61.23 -0.28 62.69 33.47 3.05 19.18 82338.15
Linde 246.40 -0.50 250.65 173.30 1.33 61.76 156407.55 Equinor 188.64 0.34 190.94 116.30 3.27 -12.96 73697.26
BkofComm 5.23 0.01 5.26 3.66 7.42 4.30 23599.4 Natwest Group 209.60 0.90 214.20 90.54 - -33.81 35525.59 Fedex 307.56 -3.29 319.90 127.29 0.86 26.91 81609.27 UnionPac 224.86 -0.18 231.26 161.41 1.77 28.33 149371.74
MuenchRkv 236.70 -0.85 269.30 194.10 4.30 26.41 40478.27 Telenor 144.45 -0.40 161.45 138.25 6.06 13.18 24325.88
BOE Tech 0.80 - 1.10 0.51 - -7.96 20.51 Prudential 1513 17.00 1598.5 861.00 1.52 25.35 55447.82 FordMtr 14.84 0.03 15.05 5.74 1.05 -44.75 58179.07 UPS B 211.79 -1.50 219.59 98.98 1.98 132.72 153191.35
SAP 114.12 0.20 143.32 89.93 1.37 25.37 171130.44
Ch Coms Cons 3.83 -0.01 5.24 3.21 7.39 3.09 2181 Qatar (QR) ReckittB♦ 6361 -45.00 8020 5782 2.74 39.93 63449.17 Franklin 34.71 0.20 35.54 17.97 3.25 21.47 17505.04 USBancorp 61.00 0.01 62.47 34.01 2.85 19.24 90870.35
Siemens 136.38 1.34 145.96 85.54 2.97 25.40 141500.66
Ch Evrbrght 3.27 - 3.97 2.40 8.02 4.36 5343.33 QatarNtBk 17.74 0.04 19.00 16.35 2.61 14.89 45002.56 RELX♦ 1850 3.00 1973.5 1484.9 2.47 29.27 50657.41 GenDyn 190.39 0.85 197.51 129.17 2.37 16.78 53803.79 UtdHlthcre 404.85 -1.87 425.98 273.71 1.24 24.37 382057.8
Volkswgn 310.20 11.20 357.40 131.80 1.61 17.99 111733.88
Ch Rail Cons 5.03 0.02 7.60 4.07 5.08 2.84 1345.98 Russia (RUB) RioTinto 6305 - 6876.26 4226.5 4.46 14.37 119780.37 GenElectric 14.10 -0.06 14.42 5.93 0.29-127.45 123734.94 ValeroEngy♦ 84.11 1.93 84.39 35.44 4.83 -23.19 34380.82
Ch Rail Gp 4.12 0.05 4.85 3.33 4.94 3.17 2234.04 Hong Kong (HK$) GenMills 63.22 0.56 66.14 53.96 3.21 15.15 38562.38 Verizon 56.71 0.33 61.95 52.85 4.52 12.09 234782.82
Gzprm neft 269.53 7.37 13230.22 2.25 - - 87105.98 RollsRoyce 112.30 3.36 159.43 34.59 - -2.12 2958.39
ChConstBk 6.32 -0.04 6.74 4.93 6.22 4.85 195824.72 AIA♦ 99.15 -1.25 109.30 68.85 1.34 25.69 154573.23 GenMotors 59.82 0.17 - - 0.66 13.33 86771.88 VertexPharm 209.42 -0.26 306.08 202.57 - 19.64 54210.35
Lukoil 6000 -177.43 6759.59 3718.45 - - 56751.57 RylDShlA 1401.8 27.20 1718.36 878.10 4.96 -6.89 91279.86
China Vanke 26.70 -0.05 35.00 22.95 4.60 6.07 6515.81 BOC Hold♦ 28.65 0.45 29.55 20.05 5.21 11.03 39038.83 GileadSci 65.73 0.41 79.31 56.56 4.29 634.29 82437.01 VF Cp 79.42 -0.44 90.79 56.70 2.52-166.62 31116.13
MmcNrlskNckl♦ 25160-1518.26 28011.97 1902.39 - - 54352.5 StandCh 505.00 2.60 533.20 334.25 1.29 25.24 23582.14
ChinaCitic 4.21 - 4.29 2.93 7.03 3.98 8074.76 Ch OSLnd&Inv 18.52 - 27.05 14.92 6.09 3.78 26123.52 GoldmSchs♦ 381.90 -0.54 384.39 185.52 1.36 14.90 129755.18 ViacomCBS 42.52 -0.08 101.97 21.36 2.34 11.00 25749.53
Novatek 1496.19 3.91 13307.81 953.54 - - 62016.91 Tesco♦ 225.50 0.55 317.55 217.10 5.14 16.83 26152.39
ChinaLife 16.12 -0.08 21.90 15.26 5.71 7.12 15459.26 ChngKng♦ 50.90 1.00 53.05 35.65 3.91 11.11 26415.17 Halliburton 24.34 1.00 24.74 10.60 0.76 -11.91 21651.31 Visa Inc 231.41 4.78 237.50 179.23 0.55 46.05 391500.86
Rosneft 541.98 0.69 39143.78 345.00 - - 78414.33 Vodafone 127.72 -0.54 142.74 100.54 6.39 16.47 48255.31
ChinaMBank 70.80 0.15 72.45 35.05 2.06 14.71 41890.36 Citic Ltd 8.86 -0.03 9.19 5.20 4.51 4.38 33217.3 HCA Hold 213.61 -2.27 217.36 91.21 0.21 18.86 70629.67 Walgreen♦ 52.86 0.02 57.05 33.36 3.57 -73.38 45687.57
Sberbank 311.41 -0.53 568.52 2.82 - - 91771.3 WPP 1008 -2.50 1024.46 558.00 2.25 -5.37 18077.31
ChinaMob 48.50 -0.25 60.40 39.00 7.46 7.49 127984.87 Citic Secs 20.70 -0.35 21.95 14.34 2.97 14.51 6078.12 Hew-Pack 30.01 0.15 36.00 15.01 2.48 12.28 37415.4 WalMartSto 141.39 -0.27 153.66 117.01 1.58 28.86 397936.57
Surgutneftegas 36.65 - 43.50 30.34 - - 17874.43 United States of America ($)
ChinaPcIns♦■ 26.95 -0.50 42.75 20.20 5.53 8.33 9639.45 CK Hutchison♦ 61.05 0.65 65.80 45.80 4.95 7.79 30339.64 HiltonWwde 125.56 -1.05 132.69 69.83 0.12 -46.97 34972.69 WellsFargo 46.98 -0.28 48.13 20.76 2.69 110.58 194195.19
CNOOC 8.78 0.07 10.60 6.50 8.29 12.75 50521.28 Saudi Arabia (SR) 21stC Fox A 36.63 -0.69 44.80 23.93 1.30 13.86 11975.75
ChMinsheng 4.17 - 5.59 3.85 10.92 4.78 4471.58 HomeDep 314.97 0.31 345.69 234.31 1.96 25.57 334889.19 Williams Cos 27.25 0.36 27.26 17.48 6.09 154.66 33096.2
HangSeng♦ 162.30 -0.30 166.70 110.00 4.28 18.72 39990.21 AlRajhiBnk 104.00 0.80 104.40 56.50 1.49 23.67 69325.95 3M 203.47 0.27 208.95 148.80 2.97 20.29 117946.47
ChMrchSecs 19.91 -0.20 28.18 13.77 1.68 17.46 23138.17 Honywell♦ 231.61 -1.34 234.02 137.53 1.62 34.50 160866.02 Yum!Brnds 119.48 -0.42 122.73 84.17 1.63 39.22 35593.23
HK Exc&Clr 484.40 -3.40 587.00 286.20 1.43 51.39 79149.95 Natnlcombnk 53.20 0.10 59.50 35.60 2.34 13.99 42555.45 AbbottLb 106.86 1.07 128.54 86.16 1.40 41.42 189871
Chna Utd Coms 4.33 -0.01 5.72 4.01 1.40 23.02 20852.02 HumanaInc 428.98 -2.28 475.44 365.06 0.60 16.36 55343.96 Venezuela (VEF)
MTR♦ 43.25 0.05 49.00 37.65 2.95 -53.47 34460.43 SaudiBasic 124.00 -0.20 128.20 85.90 3.095982.22 99189.42 Abbvie 111.63 -0.58 118.28 79.11 4.38 39.61 197163.4
ChShenEgy 17.48 - 18.32 11.94 8.84 6.98 7608.83 IBM♦ 145.56 1.37 148.74 105.92 4.60 24.11 130061.18 Bco de Vnzla 380000-20000.00 500000 6500 189.73 - 445.35
SandsCh 35.00 -0.30 40.55 26.50 2.93 -23.13 36505.92 SaudiTelec 128.80 4.20 129.80 94.00 3.22 22.60 68686 Accenture 282.30 1.42 294.50 194.83 1.21 33.01 187761.89
ChShpbldng 4.11 -0.05 5.44 3.94 - -105.17 11766.43 IllinoisTool 233.87 0.64 242.07 160.34 1.96 34.04 73875.49 Bco Provncl 5500000 - 6900000 450000 - -16.78 190.58
SHK Props 120.50 0.20 126.00 90.50 4.26 15.52 45002.38 Singapore (S$) Adobe 499.17 3.26 536.88 382.00 - 42.92 238603.26
ChStConEng 4.90 -0.01 5.70 4.68 3.78 4.22 31184.15 Illumina 412.71 5.26 555.77 260.42 - 89.50 60255.66 Mrcntl Srvcs 5900000 - 6600000 497000 0.02 2.65 115.43
Tencent♦ 628.50 0.50 775.50 426.20 0.22 30.94 777208.24 DBS 29.92 -0.43 30.60 19.45 3.53 15.94 57835.5 AEP♦ 85.53 0.43 94.21 74.80 3.46 18.23 42741.15
ChUncHK♦ 4.17 - 6.70 3.95 4.35 7.94 16444.35 Intcntl Exch 111.14 1.33 121.97 90.01 1.12 28.45 62545.79
JardnMt US$ 64.09 -0.15 68.88 37.37 2.78 -57.80 46249.47 Aetna - - - - - - -
CNNC Intl 5.16 -0.01 5.77 4.03 2.36 12.93 12576.12 India (Rs) Intel 57.57 0.68 68.49 43.61 2.38 12.60 232484.62 Closing prices and highs & lows are in traded currency (with variations for that
OCBC♦ 12.37 -0.19 12.77 8.36 3.68 14.91 41813.44 Aflac 57.03 -0.19 57.54 33.37 2.04 8.25 38758.02
CSR 3.34 - 4.22 2.53 5.52 7.15 1881.57 Bhartiartl 529.50 -3.40 623.00 394.00 0.39 -9.39 39788.31 Intuit 446.14 7.48 446.95 274.19 0.52 65.53 121911.89 country indicated by stock), market capitalisation is in USD. Highs & lows are
SingTel 2.40 -0.03 2.69 2.00 5.42 22.19 29969.7 AirProd 305.70 3.16 327.89 229.17 1.82 34.59 67655.77
Daqin 6.85 0.02 7.19 6.32 7.20 9.39 15945.68 HDFC Bk 1504 -7.70 1641 928.00 - 27.23 113550.7 John&John♦ 166.28 0.75 173.65 133.65 2.48 29.12 437867.92 based on intraday trading over a rolling 52 week period.
UOB♦ 26.13 -0.18 26.84 18.85 3.73 15.00 33093.65 Alexion 175.87 0.01 179.12 99.91 - 62.40 38870.65
GuosenSec 10.94 -0.11 16.14 10.42 1.83 15.19 15120.77 Hind Unilevr 2358.8 0.50 2505.9 2000.05 1.65 71.66 75829.78 JohnsonCn 66.74 -0.29 68.33 32.00 1.61 59.64 47834.28 ♦ ex-dividend
Allstate 137.80 -0.22 140.00 84.97 1.62 7.68 41249.62
HaitongSecs 7.27 -0.05 9.42 5.97 4.72 6.57 3194.6 HsngDevFin 2562.15 -18.60 2896 1623 0.85 24.92 63293.49 South Africa (R) JPMrgnCh 166.40 0.35 167.44 90.78 2.24 18.08 503714.12
Alphabet 2375.25 -5.93 2431.38 1351.65 - 30.84 714348.94 ■ ex-capital redistribution
Hngzh HikVDT 61.62 -1.86 70.48 27.94 1.14 40.69 78752.71 ICICI Bk 648.35 -1.75 679.40 324.10 - 28.69 61394.3 Firstrand 57.13 0.37 59.82 35.52 2.46 23.47 23471.22 Kimb-Clark 130.66 0.65 160.16 128.02 3.42 19.08 44088.81
Altria 49.67 0.31 52.59 35.83 7.09 19.97 91911.93 # price at time of suspension
Hunng Pwr 2.81 0.04 4.12 2.44 6.03 57.20 1702.24 Infosys♦ 1378.65 -8.55 1477.55 675.50 1.57 30.85 80377.81 MTN Grp 104.28 1.81 104.28 49.71 3.28 11.57 14391.03 KinderM 18.66 0.15 - - 5.78 22.44 42257.11
Amazon 3231.44 12.79 3554 2437.13 - 74.551629689.37
IM Baotou Stl 1.60 -0.02 2.24 1.06 - -149.89 7936.09 ITC 209.00 -6.25 239.20 163.35 5.03 18.69 35198.25 Naspers N 3100 22.77 3888 2799.68 - 30.47 98880.11 Kraft Heinz 44.03 0.18 44.95 28.56 3.77 146.51 53850.41
AmerAir 25.16 0.49 26.09 10.63 - -1.63 16137.2
In&CmBkCh 5.05 -0.03 5.75 3.96 6.40 4.78 56489.04 L&T 1471.05 -3.60 1593 843.00 1.27 66.66 28268.8 South Korea (KRW) Kroger 37.37 0.09 42.99 30.35 1.88 11.08 28289.07
AmerExpr 164.28 0.52 165.69 89.11 1.07 26.23 131966.59
IndstrlBk 22.36 -0.24 28.07 15.50 3.45 7.17 68675.74 OilNatGas 117.75 0.15 122.35 64.10 4.40 157.75 20267.84 HyundMobis 280000 -500.00 405000 183500 1.52 16.09 23839.82 L Brands 67.94 -2.85 71.99 13.18 0.46 21.96 18948.32
AmerIntGrp 53.21 -0.34 54.08 25.57 2.49 -7.46 45661.66
Kweichow 2222 -18.95 2627.88 1381 0.77 58.68 437058.17 RelianceIn 2201.25 32.35 2369.35 1497 0.31 32.94 203660.09 KoreaElePwr 25650 -450.00 30050 18700 - 170.78 14789.94 LasVegasSd 59.20 - 66.77 42.58 - -23.63 45226.71
AmerTower 260.76 2.19 272.20 197.50 1.80 66.40 115985.03
Midea 0.62 - 0.85 0.52 - -3.80 24.06 SBI NewA 437.25 4.70 437.95 169.25 - 16.23 53392.02 SK Hynix 126000-2500.00 150500 71300 0.99 17.07 82389.45 LibertyGbl 26.67 0.34 29.07 18.73 - -9.53 4810.13
Amgen♦ 234.92 1.34 276.69 210.28 2.87 18.96 134971.35
New Ch Life Ins 28.70 -0.15 37.30 25.15 5.98 5.10 3824.99 SunPhrmInds 677.45 6.40 721.85 452.25 0.61 65.04 22239.51 SmsungEl 80800 200.00 96800 49900 3.94 19.81 433249.57 Lilly (E) 199.39 0.97 218.00 129.21 1.54 28.34 191220.08
Anthem 391.75 -2.47 406.00 244.10 1.04 20.35 95916.33
PetroChina 3.36 0.11 3.37 2.16 4.78 26.65 9136.46 Tata Cons 3129.45 -23.55 3354.35 2000.95 0.95 35.17 158385.46 Spain (€) Linde♦ 300.45 -0.75 305.71 197.26 1.33 61.69 156242.92
Aon Cp 253.20 -0.04 260.97 177.21 0.73 28.92 57133.88
PingAnIns 83.40 -0.40 103.60 77.10 3.06 8.46 80050.5 Israel (ILS) BBVA 5.25 0.02 5.28 2.13 3.17 12.63 42722.22 Lockheed♦ 382.74 0.82 417.62 319.81 2.68 14.92 106376.45
Apple 124.99 0.71 145.09 79.73 0.67 32.512085703.56
PngAnBnk 23.89 -0.03 25.31 12.52 - 16.82 72591.11 TevaPha 34.40 0.01 46.23 28.79 - -2.83 11614.31 BcoSantdr 3.48 0.00 3.49 1.44 - -7.51 73554.49 Lowes 192.18 0.33 215.22 123.09 1.23 24.04 135850.15
Aptiv 154.57 -0.34 160.14 71.80 0.15 22.40 41805.43
Pwr Cons Corp 3.94 0.04 4.88 3.40 1.01 7.74 6875.32 CaixaBnk 2.87 0.02 2.90 1.52 2.41 2.92 28248.3 Lyondell 116.40 -0.47 117.13 60.04 3.74 26.43 38918.8
Italy (€) ArcherDan 67.88 -0.04 68.68 37.54 2.19 17.97 37924.7
SaicMtr 20.40 0.06 28.80 16.90 4.37 11.51 37319.78 Iberdrola 10.78 -0.15 12.57 9.40 3.86 27.50 84414.35 Marathon Ptl♦ 62.99 0.49 63.05 26.56 3.82 -3.58 41107.15
Enel 7.98 -0.08 9.05 6.73 4.25 31.05 99043.39 AT&T 29.48 0.16 33.88 26.35 7.31 -37.93 210451.5
ShenwanHong 0.07 0.00 0.10 0.03 - -7.62 81.28 Inditex 31.79 0.02 32.65 20.86 1.13 87.22 120939.37 Marsh&M 138.88 0.07 139.43 101.51 1.37 30.96 70624.91
ENI 10.37 0.08 10.66 5.73 5.51 -4.13 45639.87 AutomData 199.36 2.65 199.53 127.31 1.90 33.71 84831.33
ShgPdgBk 10.22 0.03 12.69 9.22 5.94 5.84 46970.77 Repsol 11.31 0.07 11.41 5.04 7.16 -5.11 21645.48 MasterCard 368.72 8.93 401.50 281.20 0.57 55.86 362416.75
Generali 16.95 0.02 17.92 11.18 3.06 13.49 32712.18 Avago Tech 474.97 6.66 495.14 290.09 2.90 53.23 193931.36
Sinopec Corp 4.26 0.04 4.69 2.95 5.46 6.02 14007.64 Telefonica 3.84 -0.03 5.01 2.71 10.48 15.39 25883.65 McDonald's 233.69 0.45 238.18 178.88 2.23 35.74 174369.74
IntSPaolo 2.47 0.03 2.48 1.38 - 19.44 58641.92 BakerHu 26.11 0.59 26.57 12.13 2.83 79.46 20201.19
Sinopec Oil 1.99 -0.02 2.37 1.67 - 83.01 4228.08 McKesson 192.19 0.36 204.66 139.77 0.90 -6.95 30401.82
Unicred 10.54 -0.04 10.76 6.09 - -7.64 28783.67 Sweden (SKr) BankAm 43.02 0.10 43.28 22.39 1.73 22.20 368609.2
Denmark (kr) Medtronic 124.49 -0.30 132.30 87.68 1.89 56.66 167821.59
Japan (¥) AtlasCpcoB 437.20 -1.80 482.40 316.50 1.56 36.29 20630.61 Baxter 81.81 -0.34 91.58 74.79 1.21 37.06 41135.81
DanskeBk 114.85 0.60 125.60 80.28 1.72 11.00 16253.62 Merck 75.60 0.42 87.80 71.72 3.40 26.24 191423.61
AstellasPh 1850 56.50 1949.5 0.00 2.44 22.51 31421.85 Ericsson 108.66 -0.28 121.80 81.48 1.57 20.03 40371.07 BectonDick 238.69 0.22 284.97 219.50 1.39 41.59 69415.47
MollerMrsk 17560 250.00 17630 6956 0.80 19.18 27187.68 Metlife♦ 66.27 -0.24 67.68 34.82 2.85 11.26 58013.75
Bridgestne 4921 79.00 4924 3078 2.46-135.18 32040.4 H&M 213.70 1.30 229.50 132.25 - -202.13 37746.85 BerkshHat 435326.02 22.21 445000 262700 - 15.75 277733.65
NovoB 481.20 -0.35 497.85 400.20 1.85 25.75 140005.88 Microsoft♦ 248.12 0.72 263.19 181.35 0.89 32.931868734.28
Canon 2552 3.00 2742 0.00 3.45 29.23 31052 Investor 192.50 0.05 194.30 117.70 4.55 0.81 42411.86 Biogen 269.57 2.42 363.92 223.25 - 13.53 40585.04
Mnstr Bvrg 95.17 1.58 99.24 66.62 - 34.79 50303.27
BkNYMeln 51.99 -0.32 52.90 32.65 2.47 13.10 45511.87

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
Devon Energy 31.07 30.20 0.87 2.88 4.66 17.6 33.04 ChinaPcIns 26.95 27.45 -0.50 -1.82 -3.20 -10.6 -4.27 Jun 02 date Coupon S* M* F* price yield yield yield US Jun 02 date Coupon S* M* F* price yield yield yield US
Occid Pet 29.35 28.47 0.88 3.07 4.06 16.0 15.77 AbbottLb 106.86 105.79 1.07 1.01 -9.89 -8.5 -11.00 High Yield US$ US$
Airbus Grpe 110.70 108.76 1.94 1.78 13.03 13.3 10.77 Bk China 2.89 2.91 -0.02 -0.69 -0.26 -8.3 -6.47 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 -
RelianceIn 2201.25 2168.90 32.35 1.49 238.10 12.1 10.37 Telefonica 3.84 3.87 -0.03 -0.74 -0.30 -7.3 -0.43 High Yield Euro The Goldman Sachs Group, Inc. 02/28 5.00 BBB+ A3 A 117.21 2.47 0.00 0.32 -
AstellasPh 1850.00 1793.50 56.50 3.15 188.50 11.3 12.56 Hew-Pack 30.01 29.86 0.15 0.52 -2.16 -6.7 -12.01 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 -
Volkswgn 310.20 299.00 11.20 3.75 29.80 10.6 10.63 Nppn Stl 2007.50 1986.00 21.50 1.08 -138.50 -6.5 5.30 GTE LLC 04/28 6.94 BBB+ Baa2 A- 128.27 2.80 0.00 -0.11 -
Petrobras 28.07 27.23 0.84 3.08 2.62 10.3 21.47 Hngzh HikVDT 61.62 63.48 -1.86 -2.93 -3.69 -5.6 -1.85 Emerging US$ United Utilities PLC 08/28 6.88 BBB Baa1 A- 130.43 2.62 -0.07 -0.22 -
CanNatRs 44.97 43.93 1.04 2.36 4.08 10.0 20.53 MmcNrlskNckl 25160.00 26678.26 -1518.26 -5.69 -1495.05 -5.6 -2.25 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 -
Ambev 19.18 18.77 0.41 2.18 1.71 9.8 28.45 Iberdrola 10.78 10.92 -0.15 -1.33 -0.64 -5.6 -4.09 Colombia 01/26 4.50 - Baa2 BBB- 109.50 2.33 0.16 0.52 1.28
Brazil 04/26 6.00 - Ba2 BB- 115.15 2.78 -0.01 0.65 1.73 Euro
Schlmbrg 34.55 32.93 1.62 4.92 3.00 9.5 27.71 Citic Secs 20.70 21.05 -0.35 -1.66 -1.20 -5.5 9.93 Electricite de France (EDF) 04/30 4.63 A- A3 A- 137.45 0.82 -0.01 0.10 -
Halliburton 24.34 23.34 1.00 4.26 2.06 9.2 24.44 Bayer 52.04 51.47 0.57 1.11 -2.93 -5.3 -5.33 Poland 04/26 3.25 - A2 A- 111.22 0.98 0.03 0.16 -0.07
Mexico 05/26 11.50 - Baa1 BBB- 149.00 1.61 0.00 -0.12 0.56 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 121.70 0.93 0.00 0.02 -
RollsRoyce 112.30 108.94 3.36 3.08 9.26 9.0 -98.93 New Ch Life Ins 28.70 28.85 -0.15 -0.52 -1.15 -3.9 -4.01 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 124.42 0.68 0.00 -0.11 -
Suncor En 30.48 29.55 0.93 3.15 2.50 8.9 15.90 Takeda Ph 3600.00 3657.00 -57.00 -1.56 -143.00 -3.8 -0.88 Turkey 03/27 6.00 - Ba2 BB+ 101.26 5.82 0.00 0.17 3.07
Turkey 03/27 6.00 - B2 BB- 102.88 5.43 0.14 0.83 4.38 Finland 04/31 0.75 AA+ Aa1 AA+ 111.08 -0.27 0.00 -0.05 -0.87
Glencore 333.55 331.00 2.55 0.77 26.05 8.5 -98.87 ProctGmbl 133.05 132.88 0.17 0.12 -5.08 -3.7 -0.28
Peru 08/27 4.13 BBB+ A3 BBB+ 103.50 3.66 0.01 -0.02 0.80 Yen
Toyota 9628.00 9423.00 205.00 2.18 751.00 8.5 18.30 Sanofi 85.51 85.86 -0.35 -0.41 -3.15 -3.6 -2.02
Russia 06/28 12.75 - Baa3 BBB 168.12 2.48 0.07 0.05 - Mexico 06/26 1.09 - Baa1 BBB- 98.73 1.34 -0.02 -0.14 0.27
Richemont 114.45 112.55 1.90 1.69 8.80 8.3 22.22 Telenor 144.45 144.85 -0.40 -0.28 -5.25 -3.5 -2.69
EastJpRwy 8142.00 7679.00 463.00 6.03 616.00 8.2 8.60 Imperial Brands 1616.50 1597.00 19.50 1.22 -57.50 -3.4 -98.93 Brazil 02/47 5.63 - Ba2 BB- 101.48 5.52 0.08 0.80 - £ Sterling
Nokia 4.44 4.25 0.19 4.41 0.33 8.1 12.62 IndstrlBk 22.36 22.60 -0.24 -1.06 -0.78 -3.4 2.85 Emerging Euro innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 137.45 2.19 -0.03 0.02 -
BakerHu 26.11 25.52 0.59 2.29 1.94 8.0 29.98 ChinaMob 48.50 48.75 -0.25 -0.51 -1.60 -3.2 -6.83 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- 128.68 3.20 0.00 -0.01 0.40
Aptiv 154.57 154.91 -0.34 -0.22 11.19 7.8 7.41 Danaher 243.75 245.21 -1.47 -0.60 -8.03 -3.2 -4.04 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- 106.48 -0.26 - - -0.36 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
Jun 02 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Jun 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 16.92 -0.98 17.90 44.44 15.38 Jun 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 20.39 2.44 17.95 51.68 7.84 Tr 8pc '21 100.09 -0.19 -235.71 -733.33 -733.33 -733.33 102.75 100.09 24.59
US Discount 2.65 30-09-2019 2.75 2.75 1.75 ABF Pan-Asia unhedged 223.16 0.15 0.15 -1.85 1.22 6.80 VXN 21.72 -0.96 22.68 47.63 20.21 Tr 4pc '22 103.04 0.00 -100.00 -100.00 -100.00 -100.00 107.04 103.04 38.77
Euro Repo 0.00 16-03-2016 0.00 0.00 0.00 Corporates( £) 394.03 -0.25 -0.25 -3.62 -0.03 3.64 VDAX 18.91 -0.63 19.54 93.30 - Tr 0.125pc '23 100.12 0.06 -14.29 200.00 -14.29 200.00 100.60 100.00 33.82
UK Repo 0.10 19-03-2020 0.25 0.75 0.25 Corporates($) 333.30 0.02 0.78 -2.41 0.78 -2.41 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 0.125pc '24 99.94 0.15 -11.76 25.00 -21.05 -850.00 104.35 99.72 34.12
Japan O'night Call 0.00-0.10 01-02-2016 0.00 0.00--0.10 0.00--0.10 Corporates(€) 242.01 0.03 0.03 -0.88 -0.14 4.58 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 5pc '25 118.00 0.19 -13.64 18.75 -20.83 850.00 123.76 117.92 35.84
Switzerland Libor Target -1.25-0.25 15-01-2015 -0.75--0.25 -1.25--0.25 -1.25--0.25 Eurozone Sov(€) 254.50 0.04 0.04 -3.41 -0.04 0.66 Tr 0.125pc '26 99.02 0.34 -5.56 13.33 -10.53 3300.00 101.14 98.61 33.89
Gilts( £) 352.94 -0.55 -0.55 -6.93 -0.04 -7.69 BONDS: BENCHMARK GOVERNMENT Tr 1.25pc '27 104.64 0.48 -5.88 9.09 -9.43 700.00 109.23 104.13 39.34
INTEREST RATES: MARKET Global Inflation-Lkd 316.97 0.16 2.91 0.78 2.91 10.63 Red Bid Bid Day chg Wk chg Month Year Tr 0.875pc '29 101.16 0.73 -3.95 7.35 -6.41 356.25 107.70 100.42 41.87
Over Change One Three Six One Markit iBoxx £ Non-Gilts 381.31 -0.25 -0.25 -3.45 0.02 2.20 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '32 134.68 0.93 -3.13 5.68 -4.12 181.82 147.41 133.57 38.71
Jun 02 (Libor: Jun 01) night Day Week Month month month month year Overall ($) 276.37 0.02 0.52 -2.91 0.52 -2.91 Australia 11/22 2.25 103.24 0.04 0.00 0.00 -0.04 -0.22 Tr 4.25pc '36 142.53 1.12 -1.75 4.67 -1.75 133.33 158.28 140.76 30.41
US$ Libor 0.05425 -0.007 -0.005 0.003 0.08875 0.12850 0.17488 0.24688 Overall( £) 356.82 -0.47 -0.47 -5.99 -0.02 -5.03 05/32 1.25 95.16 1.74 -0.02 0.00 -0.05 0.73 Tr 4.5pc '42 160.41 1.28 -1.54 3.23 -1.54 106.45 183.17 157.72 27.21
Euro Libor -0.58214 -0.007 -0.007 0.000 -0.57486 -0.54429 -0.52314 -0.49043 Overall(€) 247.12 0.03 0.03 -2.69 -0.09 1.23 Austria 05/34 2.40 127.83 0.22 0.00 -0.02 0.03 0.11 Tr 3.75pc '52 162.30 1.31 -1.50 3.97 -0.76 118.33 194.87 158.62 24.10
£ Libor 0.03975 -0.002 -0.001 -0.001 0.05038 0.07950 0.10600 0.16413 Treasuries ($) 253.32 0.01 0.35 -3.44 0.35 -3.44 02/47 1.50 120.89 0.62 0.01 -0.01 0.04 0.25 Tr 4pc '60 184.12 1.25 -1.57 5.04 0.81 131.48 227.33 179.62 24.12
Swiss Fr Libor -0.001 -0.80000 -0.74460 -0.70340 -0.59040 FTSE Belgium 10/23 0.20 102.03 -0.64 0.00 -0.01 -0.02 -0.17 Gilts benchmarks & non-rump undated stocks. Closing mid-price in pounds per £100 nominal of stock.
Yen Libor 0.002 -0.07467 -0.09383 -0.05583 0.05350 Sterling Corporate (£) - - - - - - Canada 11/22 2.00 102.68 0.15 0.00 -0.04 -0.01 -0.21
Euro Euribor
Sterling CDs
0.003
0.000
-0.56000
0.50000
-0.54500
0.63000
-0.51700
0.78500
-0.48700 Euro Corporate (€) 104.47 -0.05 - - 0.54 -1.73 06/30 1.25 98.34 1.45 0.02 0.05 -0.05 0.92 GILTS: UK FTSE ACTUARIES INDICES
Euro Emerging Mkts (€) 659.75 8.20 - - 4.84 9.53 Denmark 11/22 0.25 101.13 -0.52 0.01 -0.01 0.00 -0.04
US$ CDs 0.000 0.13000 0.18000 0.21000 Eurozone Govt Bond 110.04 -0.19 - - -0.34 -0.64 11/30 0.10 114.16 -1.30 0.00 -0.02 0.07 -0.38 Price Indices Day's Total Return Return
Euro CDs -0.010 -0.53000 -0.49000 -0.52000 Fixed Coupon Jun 02 chg % Return 1 month 1 year Yield
CREDIT INDICES Day's Week's Month's Series Series Finland 04/23 1.50 104.04 -0.65 0.00 0.00 0.02 -0.13
04/31 0.75 107.25 0.01 0.00 -0.02 0.01 0.05 1 Up to 5 Years 88.00 0.05 2475.54 0.01 -0.43 0.17
Short 7 Days One Three Six One Index change change change high low 2 5 - 10 Years 179.11 0.19 3697.50 0.03 -3.11 0.64
Jun 02 term notice month month month year Markit iTraxx France 05/23 1.75 104.77 -0.64 0.00 -0.01 0.00 -0.11
3 10 - 15 Years 210.49 0.30 4642.30 -0.15 -5.69 1.05
Euro -0.74 -0.44 -0.70 -0.40 -0.68 -0.38 -0.64 -0.34 -0.67 -0.37 -0.66 -0.36 Crossover 5Y 243.02 -1.40 -8.98 -6.08 273.86 240.90 05/27 1.00 107.80 -0.29 0.00 -0.02 0.02 -0.08
4 5 - 15 Years 185.95 0.22 3928.50 -0.03 -3.89 0.83
Sterling 0.45 0.55 0.58 0.68 0.71 0.86 0.90 1.05 Europe 5Y 49.17 -0.05 -1.93 -0.81 55.28 48.85 Germany - - - - - - -
5 Over 15 Years 354.61 0.44 5892.60 -0.97 -12.62 1.27
US Dollar 0.09 0.29 0.00 0.20 0.03 0.23 0.08 0.28 0.11 0.31 0.17 0.37 Japan 5Y 46.30 -0.18 -0.20 -2.14 49.50 45.04 08/23 2.00 105.99 -0.69 0.00 0.00 0.01 -0.04
7 All stocks 180.16 0.26 3902.08 -0.41 -7.04 1.12
Japanese Yen -0.15 -0.05 -0.15 -0.05 -0.10 0.10 -0.10 0.10 -0.15 0.15 -0.15 0.15 Senior Financials 5Y 57.27 -0.07 -2.20 -1.22 64.29 56.81 02/27 0.25 104.44 -0.51 0.00 -0.01 0.01 0.04
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: 08/50 0.00 89.44 0.38 0.01 -0.02 0.02 0.29 Day's Month Year's Total Return Return
Markit CDX Greece 02/27 4.30 121.28 0.52 0.00 -0.06 -0.13 -1.30
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. Index Linked Jun 02 chg % chg % chg % Return 1 month 1 year
Emerging Markets 5Y 158.00 -2.16 -4.16 -13.13 191.34 157.08
Ireland - - - - - - - 1 Up to 5 Years 305.79 0.25 1.06 -0.13 2542.05 1.30 1.18
Nth Amer High Yld 5Y 285.22 -2.09 -7.62 -3.01 316.77 284.19
- - - - - - - 2 Over 5 years 822.45 1.31 2.52 -3.13 6230.12 2.61 -2.78
Nth Amer Inv Grade 5Y 50.03 -0.67 -1.96 -0.76 58.09 50.03
10/22 0.00 100.80 -0.58 0.00 -0.02 -0.01 -0.24 3 5-15 years 508.38 0.64 1.26 -2.32 4064.98 1.41 -1.59
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names.
Italy 08/22 0.90 101.54 -0.42 -0.02 -0.03 -0.06 -0.75 4 Over 15 years 1085.08 1.54 2.96 -3.50 7997.23 3.04 -3.29
11/25 2.50 110.86 0.06 -0.02 -0.07 -0.04 -0.94 5 All stocks 731.67 1.19 2.36 -2.93 5647.03 2.47 -2.50
05/31 6.00 149.07 0.83 -0.02 -0.07 -0.02 -0.77
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED 03/48 3.45 134.65 1.81 0.00 -0.05 -0.02 -0.56 Yield Indices Jun 02 Jun 01 Yr ago Jun 02 Jun 01 Yr ago
Japan 04/23 0.05 99.95 0.08 0.01 0.00 0.01 0.03 5 Yrs 0.37 0.39 -0.06 20 Yrs 1.32 1.34 0.65
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
06/27 0.10 100.99 -0.06 0.01 0.01 0.00 0.04 10 Yrs 0.89 0.92 0.24 45 Yrs 1.20 1.22 0.50
Crude Oil† Jun 68.24 0.33 Corn♦ Jul 686.75 -0.50 Jun 01 Jun 01 Prev return stock Market stocks
06/34 1.50 116.68 0.20 0.00 0.01 -0.02 0.00 15 Yrs 1.19 1.21 0.52
Brent Crude Oil‡ 71.15 0.59 Wheat♦ Jul 697.50 5.75 Can 4.25%' 26 130.76 -1.157 -1.157 -0.08 5.00 75881.17 7
12/49 0.40 93.29 0.66 0.00 0.00 0.02 0.15
RBOB Gasoline† Jun 2.19 0.01 Soybeans♦ Jul 1552.50 4.25 Fr 1.10%' 22 104.24 -2.500 -2.500 -0.03 19.85 266659.34 17
Netherlands 07/23 1.75 105.22 -0.69 0.00 -0.01 0.00 -0.12 inflation 0% inflation 5%
Heating Oil† - - Soybeans Meal♦ Jul 397.40 -0.90 Swe 0.25%' 22 110.24 -0.805 -0.805 0.00 22.50 216848.75 7
07/26 0.50 105.15 -0.49 0.00 -0.01 0.00 -0.06 Real yield Jun 02 Dur yrs Previous Yr ago Jun 02 Dur yrs Previous Yr ago
Natural Gas† Jun 3.08 -0.02 Cocoa (ICE Liffe)X Jul 1608.00 -9.00 UK 1.875%' 22 109.24 -4.154 -4.154 0.10 15.74 798865.97 31
Ethanol♦ - - Cocoa (ICE US)♥ Jul 2422.00 -14.00 New Zealand 04/27 4.50 118.88 1.16 -0.05 -0.02 0.14 0.63 Up to 5 yrs -2.89 2.89 -2.80 -2.54 -3.23 2.89 -3.15 -2.88
UK 2.50%' 24 358.08 -2.961 -2.961 0.06 6.82 798865.97 31
Uranium† - - Coffee(Robusta)X Jul 1598.00 7.00 05/31 1.50 97.73 1.75 -0.06 -0.06 0.09 0.92 Over 5 yrs -2.17 23.85 -2.12 -2.32 -2.20 23.90 -2.14 -2.34
UK 2.00%' 35 291.22 -2.361 -2.361 -0.37 9.08 798865.97 31
Carbon Emissions‡ - - Coffee (Arabica)♥ Jul 164.45 2.65 05/31 1.50 97.73 1.75 -0.06 -0.06 0.09 0.92 5-15 yrs -2.53 9.46 -2.47 -2.73 -2.63 9.46 -2.57 -2.83
US 0.625%' 23 106.47 -2.728 -2.728 0.07 47.03 1674740.22 44
White SugarX 465.40 -0.20 Norway 08/30 1.38 99.21 1.47 0.01 0.01 0.03 0.88 Over 15 yrs -2.13 28.55 -2.08 -2.27 -2.15 28.56 -2.09 -2.28
Diesel† - - US 3.625%' 28 136.09 -1.368 -1.368 0.10 16.78 1674740.22 44
Sugar 11♥ 17.73 -0.01 08/30 1.38 99.21 1.47 0.01 0.01 0.03 0.88 All stocks -2.18 21.61 -2.13 -2.32 -2.21 21.69 -2.16 -2.35
Base Metals (♠ LME 3 Months) Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Aluminium 2441.00 -41.00 Cotton♥ Jul 83.78 -0.28 Portugal 10/22 2.20 103.91 -0.62 0.01 0.04 -0.02 -0.23 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 1900.00 -309.50 Orange Juice♥ Jul 119.00 -0.30 04/27 4.13 125.29 -0.16 -0.01 -0.04 -0.05 -0.35 ©2018 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE
amount.
Copper 10113.50 -125.50 Palm Oil♣ - - Spain 10/22 0.45 101.42 -0.55 -0.01 0.00 -0.01 -0.23 Gilt Closing Prices information contained herein is proprietary to
Lead 2215.50 7.00 Live Cattle♣ Jun 113.38 -2.58 BONDS: TEN YEAR GOVT SPREADS 11/30 1.00 120.66 -1.06 0.00 -0.01 -0.05 -0.91 Tradeweb; may not be copied or re-distributed; is not warranted to be
Nickel 18200.00 105.00 Feeder Cattle♣ May 134.88 - Sweden 11/23 1.50 104.35 -0.27 0.00 0.00 0.01 -0.01 accurate, complete or timely; and does not constitute investment advice.
Tin 30925.00 135.00 Lean Hogs♣ Jun 118.73 1.48 Spread Spread Spread Spread 06/26 0.13 118.33 -1.65 0.00 0.04 0.08 -0.54 Tradeweb is not responsible for any loss or damage that might result from the use of this information.
Zinc 3068.50 4.00 Bid vs vs Bid vs vs 06/30 0.13 116.68 -1.48 -0.01 0.04 0.05 -0.26
% Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds Switzerland - - - - - - - All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Precious Metals (PM London Fix)
Gold 1899.35 -0.60 Jun 01 Month Year 02/23 4.00 108.12 -0.76 0.01 0.03 -0.01 -0.08 at the time of publication. No offer is made by Morningstar, its suppliers, or the FT. Neither the FT, nor
Australia 1.74 - - Netherlands -0.49 - -
Silver (US cents) 2821.00 58.00 S&P GSCI Spt 529.63 4.71 69.40 United Kingdom - - - - - - - Morningstar’s suppliers, warrant or guarantee that the information is reliable or complete. Neither the FT nor
Austria 0.22 - - New Zealand 1.75 - -
Platinum 1185.00 15.00 DJ UBS Spot 94.21 4.23 47.67 Canada 1.45 - - Norway 1.47 - - 07/23 0.75 101.44 0.08 0.01 0.04 -0.01 0.06 Morningstar’s suppliers accept responsibility and will not be liable for any loss arising from the reliance on the
Palladium 2826.00 9.00 TR/CC CRB TR 221.86 4.54 55.83 Denmark -1.30 - - Portugal -0.16 - - 07/26 1.50 105.59 0.40 0.02 0.04 -0.02 0.37 use of the listed information. For all queries e-mail ft.reader.enquiries@morningstar.com
Bulk Commodities LEBA EUA Carbon 54.14 10.11 89.23 Finland 0.01 - - Spain -1.06 - - 07/47 1.50 103.33 1.35 0.04 0.02 0.01 0.72
Iron Ore 209.45 0.35 LEBA UK Power 1901.00 53.93 52.08 Germany - - - Sweden -1.48 - - United States 03/23 0.50 100.65 0.13 0.00 -0.01 -0.03 -0.06 Data provided by Morningstar | www.morningstar.co.uk
GlobalCOAL RB Index 113.00 -4.50 Ireland - - - Switzerland - - - 03/27 0.63 97.79 1.02 0.01 0.04 -0.07 0.53
Baltic Dry Index 2530.00 -38.00 Italy 0.83 - - United Kingdom - - - 04/32 3.38 148.01 - - - - -
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Japan 0.20 - - United States - - - 02/50 0.25 108.79 - - - - -
unless otherwise stated. Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. Interactive Data Pricing and Reference Data LLC, an ICE Data Services company.
12 ★ FINANCIAL TIMES Thursday 3 June 2021

MANAGED FUNDS SERVICE

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

European Ex UK Inc EUR Acc € 12.91 12.91 0.00 0.00 Slater Recovery 379.88 379.88 -0.75 0.00 Data Provided by
Financial Opps I USD $ 16.62 - 0.11 1.41 Slater Artorius 340.79 340.79 1.42 -
GEM Income I USD $ 14.81 - 0.15 -
Global Convertible I USD $ 17.08 17.08 0.07 0.00
Global Insurance I GBP £ 7.61 - 0.01 0.00
Global Technology I USD $ 88.59 - 0.21 0.00
Healthcare Blue Chip Fund I USD Acc $ 17.34 17.34 -0.16 0.00
Aberdeen Standard Capital (JER) Genesis Investment Management LLP Healthcare Opps I USD $ 66.14 - -0.44 0.00
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130 Other International Funds Income Opportunities B2 I GBP Acc £ 2.64 2.64 0.01 -
FCA Recognised Emerging Mkts NAV £ 7.21 - -0.16 1.31 Japan Value I JPY ¥ 129.99 129.99 2.39 - www.morningstar.co.uk
Aberdeen Standard Capital Offshore Strategy Fund Limited
North American I USD $ 36.28 36.28 0.06 0.00 Data as shown is for information purposes only. No offer
Bridge Fund £ 2.3020 - -0.0036 1.39 UK Val Opp I GBP Acc £ 13.90 13.90 -0.03 0.00 is made by Morningstar or this publication.
Global Equity Fund £ 3.3095 - -0.0040 0.86
Global Fixed Interest Fund £ 0.9711 - 0.0008 4.24
Income Fund £ 0.6655 - -0.0011 2.42
Sterling Fixed Interest Fund £ 0.8886 - -0.0007 2.90

Guide to Data
UK Equity Fund £ 2.1834 - 0.0012 1.99
Ashmore Investment Management Limited (LUX) Dragon Capital HPB Assurance Ltd New Capital UCITS Fund PLC (IRL)
2 rue Albert Borschette L-1246 Luxembourg www.dragoncapital.com Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490 Leconfield House, Curzon Street, London, W1J 5JB
FCA Recognised Fund information:info@dragoncapital.com International Insurances www.newcapitalfunds.com Polar Capital LLP (CYM) Stonehage Fleming Investment Management Ltd (IRL)
Ashmore SICAV Emerging Market Debt Fund $ 91.62 - -0.32 4.27 Other International Funds FCA Recognised The fund prices quoted on these pages are
Holiday Property Bond Ser 1 £ 0.49 - 0.01 0.00 Regulated www.stonehagefleming.com/gbi
Ashmore SICAV Emerging Market Frontier Equity Fund $ 191.22 - 1.65 0.44 New Capital UCITS Funds
supplied by the operator of the relevant fund.
Vietnam Equity (UCITS) Fund A USD $ 35.12 - 0.25 0.00 Holiday Property Bond Ser 2 £ 0.63 - 0.01 0.00 European Forager A EUR € 207.40 - 6.47 0.00 enquiries@stonehagefleming.com
New Capital China Equity Fund $ 319.28 - 3.81 - Regulated
Details of funds published on these pages,
Ashmore SICAV Emerging Market Total Return Fund $ 81.19 - -0.11 3.79
SF Global Best Ideas Eq B USD ACC $ 261.65 - -1.35 0.00
including prices, are for the purpose of
Ashmore SICAV Global Small Cap Equity Fund $ 239.73 - 1.58 0.00 New Capital Dynamic European Equity Fund € 143.67 - -0.05 0.00
information only and should only be used as a
Aegon Asset Management UK ICVC (UK) EM Active Equity Fund Acc USD $ 175.59 - 3.27 - New Capital Dynamic UK Equity Fund £ 123.92 - 1.17 0.00 SF Global Best Ideas Eq D GBP INC £ 280.11 - -0.59 0.00
3 Lochside Crescent, Edinburgh, EH12 9SA
guide. The Financial Times Limited makes no
EM Equity Fund Acc USD $ 167.17 - 2.39 - New Capital Global Alpha Fund £ 120.50 - 0.20 0.00
0800 358 3009 www.aegonam.com
representation as to their accuracy or
EM Mkts Corp.Debt USD F $ 91.94 - -0.29 - New Capital Global Equity Conviction Fund $ 227.07 - -0.16 -
Authorised Funds completeness and they should not be relied
EM Mkts Loc.Ccy Bd USD F $ 76.94 - 0.26 - New Capital Global Value Credit Fund $ 162.76 - 0.00 -
Global Equity GBP B Acc £ 3.17 - -0.01 0.00 upon when making an investment decision.
EM Short Duration Fund Acc USD $ 122.67 - -0.09 - New Capital Japan Equity Fund ¥ 1761.63 - 6.07 -
Ennismore Smaller Cos Plc (IRL) Janus Henderson Investors (UK) New Capital US Growth Fund $ 471.54 - -1.13 0.00 Private Fund Mgrs (Guernsey) Ltd (GSY) The sale of interests in the funds listed on
5 Kensington Church St, London W8 4LD 020 7368 4220 PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832 New Capital US Small Cap Growth Fund $ 242.30 - -0.09 0.00 Regulated
these pages may, in certain jurisdictions, be
FCA Recognised www.janushenderson.com New Capital Wealthy Nations Bond Fund $ 152.11 - -0.11 0.00 Monument Growth 01/06/2021 £ 536.74 542.48 2.64 0.82
restricted by law and the funds will not
Ennismore European Smlr Cos NAV £ 149.18 - 1.53 - Authorised Inv Funds
necessarily be available to persons in all
Ennismore European Smlr Cos NAV € 172.65 - 0.80 - Janus Henderson Instl UK Idx Opps A Acc £ 1.07 - 0.00 1.86
jurisdictions in which the publication
circulates. Persons in any doubt should take
appropriate professional advice. Data collated
Atlantas Sicav (LUX) by Morningstar. For other queries contact
Regulated reader.enquiries@ft.com +44 (0)207 873
American Dynamic $ 7458.91 7458.91 65.14 0.00 4211.
American One $ 7139.39 7139.39 33.95 0.00 Prusik Investment Management LLP (IRL)
Bond Global € 1494.31 1494.31 1.31 - Enquiries - 0207 493 1331 The fund prices published in this edition along
Eurocroissance € 1385.74 1385.74 10.95 0.00 Ennismore European Smlr Cos Hedge Fd M & G Securities (1200)F (UK) Regulated
with additional information are also available
Other International Funds PO Box 9038, Chelmsford, CM99 2XF Prusik Asian Equity Income B Dist $ 198.12 - 0.41 -
Far East $ 1363.02 - 24.03 - Toscafund Asset Management LLP (UK) on the Financial Times website, www.ft.com/
www.mandg.co.uk/charities Enq./Dealing: 0800 917 4472 Prusik Asia Emerging Opportunities Fund A Acc $ 203.34 - 1.41 -
NAV € 617.06 - 10.56 -
Authorised Inv Funds
www.toscafund.com funds. The funds published on these pages
Prusik Asia Fund U Dist. £ 242.51 - 0.24 0.00 Authorised Funds are grouped together by fund management
M&G Charibond Charities Fixed Interest Fund (Charibond) Inc £ 1.23 - 0.00 2.27
Aptus Global Financials B Acc £ 4.75 - 0.06 3.43 company.
M&G Charibond Charities Fixed Interest Fund (Charibond) Acc £ 42.66 - 0.00 1.94
Aegon Asset Management Investment Company (Ireland) (IRL) Aptus Global Financials B Inc £ 3.26 - 0.04 4.47
1 North Wall Quay Dublin 1, Ireland +35 3162 24493 M&G Charity Multi Asset Fund Inc £ 0.89 - 0.00 -
Prices are in pence unless otherwise
FCA Recognised M&G Charity Multi Asset Fund Acc £ 100.27 - 0.22 -
indicated. The change, if shown, is the change
Absolute Return Bond B GBP Acc 1166.97 - 0.50 1.61
Oasis Crescent Management Company Ltd on the previously quoted figure (not all funds
High Yield Global Bond A GBP Inc 516.62 - 0.60 4.49 update prices daily). Those designated $ with
Other International Funds
High Yield Global Bond B GBP Inc 1109.95 - 1.30 5.23 no prefix refer to US dollars. Yield percentage
Euronova Asset Management UK LLP (CYM)
Oasis Crescent Equity Fund R 11.99 - -0.03 0.02
Global Equity Income B GBP Acc 2244.62 - 3.16 0.00 Regulated Purisima Investment Fds (CI) Ltd (JER) figures (in Tuesday to Saturday papers) allow
Global Equity Income B GBP Inc 1455.44 - -8.32 3.19 Smaller Cos Cls One Shares € 59.06 - 1.31 0.00 Regulated for buying expenses. Prices of certain older
lobal Equity Market Neutral Fund - B Acc GBP £ 12.44 - -0.02 0.00 Smaller Cos Cls Two Shares € 38.21 - 0.76 0.00 PCG B 322.86 - 1.47 0.00 Toscafund Asset Management LLP insurance linked plans might be subject to
Global Sustainable Equity B Acc GBP £ 28.03 - -0.14 - Smaller Cos Cls Three Shares € 19.25 - 0.38 0.00 PCG C 315.12 - 1.43 0.00 www.toscafund.com capital gains tax on sales.
Global Sustainable Equity C Acc GBP £ 28.48 - -0.14 - Smaller Cos Cls Four Shares € 24.80 - 0.51 0.00 MMIP Investment Management Limited (GSY) Tosca A USD $ 401.75 - 15.24 0.00
Regulated
Inv Grd Gbl Bond A Inc GBH 611.31 - 0.74 1.81 Tosca Mid Cap GBP £ 290.67 - 25.01 0.00 Guide to pricing of Authorised
Short Dated High Yld Bd B Acc GBP £ 11.30 - 0.01 - Multi-Manager Investment Programmes PCC Limited Investment Funds: (compiled with the
Tosca Opportunity B USD $ 443.01 - 37.84 0.00
Short Dated High Yld Bd C Acc GBP (Hdg) £ 11.42 - 0.01 - UK Equity Fd Cl A Series 01 £ 3138.69 3172.54 123.88 - Pegasus Fund Ltd A-1 GBP £ 68.92 - 5.93 0.00 assistance of the IMA. The Investment
Strategic Global Bond A GBP Inc 1320.56 - 1.02 2.70 Diversified Absolute Rtn Fd USD Cl AF2 $ 1800.26 - 41.98 - OGM Oasis Crescent Global Investment Funds (UK) ICVC (UK) Association, Camomile Court 23 Camomile
Brooks Macdonald International Fund Managers Limited (JER) Regulated
Strategic Global Bond B GBP Inc 749.06 - 0.60 3.45 5 Anley Street, St Helier, Jersey, JE2 3QE
Diversified Absolute Return Stlg Cell AF2 £ 1685.01 - 38.97 - Street, London EC3A 7LL. Tel: +44 (0)20 7831
OGM Oasis Crescent Global Short Term Income Fund USD Class A Shares (Dist) $ 0.99 - 0.00 1.67
+44 (0) 1534 700 104 (Int.) +44 (0) 800 735 8000 (UK)
Global Equity Fund A Lead Series £ 1830.80 1836.92 79.08 - 0898.)
OGM Oasis Crescent Global Equity Fund USD Class A Shares (Dist) $ 39.19 - 0.08 0.11
Brooks Macdonald International Investment Funds Limited OGM Oasis Crescent Variable Fund GBP Class A Shares (Dist) £ 10.34 - 0.06 0.01
FIL Investment Services (UK) Limited (1200)F (UK) OEIC: Open-Ended Investment Company.
Euro High Income € 1.5176 - 0.0009 2.50 OGM Oasis Crescent Global Income Fund USD Class A Shares (Dist) $ 11.11 - -0.02 2.44
Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, KT20 6RP Similar to a unit trust but using a company
High Income £ 0.8418 - -0.0007 3.77 OGM Oasis Crescent Global Low Equity Fund USD Class D Shares (Dist) $ 13.51 - 0.05 0.52
Callfree: Private Clients 0800 414161 rather than a trust structure.
Sterling Bond £ 1.5651 - -0.0016 2.06 OGM Oasis Crescent Global Medium Equity Fund USD Class A Shares (Dist) $ 14.97 - 0.04 0.17
Broker Dealings: 0800 414 181 Troy Asset Mgt (1200) (UK)
Brooks Macdonald International Multi Strategy Fund Limited OGM Oasis Crescent Global Property Equity Fund USD Class A Shares (Dist) $ 9.47 - 0.12 -
OEIC Funds 65 Gresham Street, London, EC2V 7NQ Different share classes are issued to reflect a
Cautious Balanced Strategy £ 1.3767 - 0.0021 0.00 different currency, charging structure or type
Fidelity American Fund W-ACC-GBP £ 55.41 - -0.05 0.00 Order Desk and Enquiries: 0345 608 0950
Growth Strategy £ 2.0522 - 0.0093 0.00 of holder.
Fidelity Cash Fund Y-ACC-GBP £ 1.02 - 0.00 0.09 Marwyn Asset Management Limited (CYM) Authorised Inv Funds
High Growth Strategy £ 2.8725 - 0.0148 0.00 Regulated Authorised Corporate Director - Link Fund Solutions
FID Emerg Europe, Middle East and Africa Fund W-ACC-GBP £ 2.88 - 0.01 1.67
US$ Growth Strategy $ 2.0679 - 0.0049 0.00
Fidelity Global Enhanced Income Fund W-ACC-GBP £ 2.12 - 0.00 3.69 Marwyn Value Investors £ 329.72 - -6.14 0.00 Trojan Investment Funds Selling price: Also called bid price. The price
Dealing Daily. Initial charge up to 2% at which units in a unit trust are sold by
Fidelity Global Focus Fund W-ACC-GBP £ 35.45 - 0.13 - Ram Active Investments SA Trojan Ethical O Acc 122.75 - 0.12 0.07
Fidelity Global High Yield Fund Y-ACC-GBP £ 16.04 - 0.02 - www.ram-ai.com investors.
Trojan Ethical O Inc 122.51 - 0.12 0.06
Fidelity Japan Fund W-ACC-GBP £ 5.38 - 0.08 - Other International Funds
Fidelity Japan Smaller Companies Fund W-ACC-GBP £ 4.04 - 0.04 -
Omnia Fund Ltd RAM Systematic Emerg Markets Eq $ 252.28 252.28 1.32 - Buying price: Also called offer price. The
Other International Funds RAM Systematic European Eq € 563.61 563.61 6.05 - price at which units in a unit trust are bought
Fidelity Select 50 Balanced Fund PI-ACC-GBP £ 1.20 - 0.00 0.86
Estimated NAV $ 639.73 - 21.37 0.00 RAM Systematic Funds Global Sustainable Income Eq $ 157.29 157.29 1.12 - by investors. Includes manager’s initial
Fidelity Special Situations Fund W-ACC-GBP £ 41.30 - 0.02 -
RAM Systematic Global Eq Sustainable Alpha $ 111.09 111.09 -0.17 -
charge.
Algebris Investments (IRL) Short Dated Corporate Bond Fund Y ACC GBP £ 11.17 - 0.01 4.02
Regulated Fidelity Sustainable Water & Waste W Acc £ 1.21 - 0.00 0.57 RAM Systematic Long/Short European Eq € 146.81 146.81 0.79 -
CG Asset Management Limited (IRL)
RAM Systematic US Sustainable Eq $ 404.32 404.32 -0.54 -
Single price: Based on a mid-market
Algebris Financial Credit I EUR € 192.49 - 0.05 0.00 Fidelity Sustainable Water & Waste W Inc £ 1.20 - 0.00 0.58
25 Moorgate, London, EC2R 6AY valuation of the underlying investments. The
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Algebris Financial Credit Rd EUR € 110.07 - 0.04 4.61 FCA Recognised Fidelity UK Select Fund W-ACC-GBP £ 3.58 - 0.00 0.78 RAM Tactical II Asia Bond Total Return $ 156.65 156.65 0.02 - Regulated
and units of a single priced unit trust are the
Algebris Financial Income I EUR € 180.08 - 0.54 - CG Portfolio Fund Plc Institutional OEIC Funds European Multi-Sector € 119.99 - -0.02 2.94
same.
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Oryx International Growth Fund Ltd
Algebris Financial Income Rd EUR € 108.02 - 0.32 - Capital Gearing Portfolio GBP P £ 37537.49 37537.49 98.44 0.81 Treatment of manager’s periodic capital
Other International Funds
Algebris Financial Equity B EUR € 142.90 - 0.59 0.00 Capital Gearing Portfolio GBP V £ 182.56 182.56 0.48 0.81
NAV (Fully Diluted) £ 9.10 - -0.52 0.00
charge: The letter C denotes that the trust
Algebris Financial Equity R EUR € 122.28 - 0.46 0.00 Dollar Fund Cls D Inc £ 161.37 161.37 0.38 1.51 deducts all or part of the manager’s/
Algebris IG Financial Credit I EUR € 110.90 - 0.09 0.00 Dollar Hedged GBP Inc £ 107.19 107.19 0.20 1.30 operator’s periodic charge from capital,
Milltrust International Managed Investments ICAV (IRL)
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mimi@milltrust.com, +44(0)20 8123 8316 www.milltrust.com Ruffer LLP (1000)F (UK)
Algebris Global Credit Opportunities I EUR € 131.65 - 0.00 0.00
Regulated
of the effect of this course of action.
65 Gresham Street, London, EC2V 7NQ Zadig Gestion (Memnon Fund) (LUX)
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Algebris Core Italy I EUR € 149.43 - 0.92 0.00 30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900 exit charge may be made when you sell units,
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American EUR Unhedged Class € 144.12 - -1.32 -
Milltrust Global Emerging Markets Fund - Class A $ 129.73 - -0.70 0.00 Orbis Investments (U.K.) Limited (GBR) LF Ruffer European C Acc 962.60 - 2.39 0.04
The Climate Impact Asia Fund (Class A) $ 141.00 - 2.59 0.00 28 Dorset Square, London, NW1 6QG LF Ruffer European C Inc 175.66 - 0.43 -
American Fund USD Class $ 176.47 - -0.70 0.00
www.orbis.com 0800 358 2030
Time: Some funds give information about the
LF Ruffer European O Acc 937.45 - 2.29 0.00
Chartered Asset Management Pte Ltd American Fund GBP Hedged £ 88.75 - -0.36 0.00
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CAM-GTF Limited $ 338337.53 338337.53 7584.32 - Orbis OEIC Global Balanced Standard £ 17.01 - 0.16 -
LF Ruffer Equity & General O Acc 560.20 - 6.16 0.00 trusts/OEICs, unless another time is indicated
CAM GTi VCC $ 780.49 - -32.39 - Orbis OEIC Global Equity Standard £ 21.53 - 0.20 1.90
RAIC VCC $ 1.64 1.64 0.03 2.06
LF Ruffer Equity & General O Inc 518.65 - 5.70 0.00 by the symbol alongside the individual unit
Orbis OEIC UK Equity Standard £ 10.26 - 0.09 2.38
The Antares European Fund Limited
LF Ruffer Gold C Acc 301.70 - 4.91 0.00 trust/OEIC name.
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Other International
Milltrust International Managed Investments SPC
The symbols are as follows: ✠ 0001 to
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LF Ruffer Japanese C Inc 172.21 - -0.50 -
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Foord Asset Management
Regulated
LF Ruffer Japanese C Acc 370.06 - -1.07 0.06 1100 hours; ♦ 1101 to 1400 hours; ▲ 1401
Milltrust Alaska Brazil SP A $ 84.13 - 0.65 0.00
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Milltrust Laurium Africa SP A $ 114.16 - 0.66 0.00
FCA Recognised - Luxembourg UCITS LF Ruffer Pacific & Emerging Markets C Inc 112.28 - 1.52 0.83 dealing prices are set on the basis of the
Milltrust Marcellus India Fund $ 132.44 - -0.57 - valuation point, a short period of time may
Foord International Fund | R $ 50.63 - 0.29 - LF Ruffer Pacific & Emerging Markets O Acc 401.13 - 5.42 0.48
Dodge & Cox Worldwide Funds (IRL) Milltrust Singular ASEAN SP Founders $ 164.08 - 1.29 0.00 elapse before prices become available.
Foord Global Equity Fund (Lux) | R $ 19.48 - 0.16 - LF Ruffer Total Return C Acc 557.41 - 3.35 0.60
48-49 Pall Mall, London SW1Y 5JG. Milltrust SPARX Korea Equity SP A $ 172.38 - 0.85 0.00
LF Ruffer Total Return C Inc 359.61 - 2.15 0.60 Historic pricing: The letter H denotes that the
www.dodgeandcox.worldwide.com 020 3713 7664 Regulated
Milltrust VTB Russia Fund SP $ 140.60 - -0.25 - managers/operators will normally deal on the
FCA Recognised Foord Global Equity Fund (Sing) | B $ 23.95 - 0.19 0.00 LF Ruffer Total Return O Acc 542.83 - 3.24 0.60
Milltrust Xingtai China SP A $ 153.60 - -0.21 -
LF Ruffer Total Return O Inc 350.01 - 2.09 0.60
price set at the most recent valuation. The
Arisaig Partners Dodge & Cox Worldwide Funds plc - Global Bond Fund Foord International Trust (Gsy) $ 50.47 - 0.10 -
The Climate Impact Asia Fund SP (Class A) $ 98.42 - 0.21 - prices shown are the latest available before
Other International Funds EUR Accumulating Class € 14.93 - -0.02 0.00
The Climate Impact Asia Fund (Class B) $ 98.38 - 0.21 - publication and may not be the current
EUR Accumulating Class (H) € 11.65 - 0.01 -
Arisaig Asia Consumer Fund Class A (Ex-Alcohol) shares $ 125.95 - 1.07 0.00 dealing levels because of an intervening
EUR Distributing Class € 11.55 - -0.01 3.37
Arisaig Asia Consumer Fund Limited $ 124.62 - 1.13 0.00 portfolio revaluation or a switch to a forward
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Dodge & Cox Worldwide Funds plc-Global Stock Fund Platinum All Star Fund - A $ 153.10 - - - managers/operators deal at the price to be
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USD Accumulating Share Class $ 30.52 - 0.29 0.00 Mirabaud Asset Management (LUX) Platinum Global Growth UCITS Fund $ 13.85 - -0.01 0.00 Regulated
set at the next valuation.
Other International Funds
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Investors can be given no definite price in
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EUR Accumulating Share Class € 37.51 - 0.29 0.00
Franklin Emg Mkts Debt Opp GBP £ 9.45 - 0.02 5.37 Rubrics Global Fixed Income UCITS Fund $ 180.39 - 0.01 0.00
GBP Distributing Class (H) £ 14.75 - 0.14 0.50 Mir. - Glb Strat. Bd I USD $ 123.60 - 0.07 0.00 out. The prices appearing in the newspaper
Franklin Emg Mkts Debt Opp SGD S$ 20.82 - 0.03 4.33 Mir. - DiscEur D Cap GBP £ 210.35 - 2.14 - are the most recent provided by the managers/
Dodge & Cox Worldwide Funds plc-U.S. Stock Fund
Artemis Fund Managers Ltd (1200)F (UK) USD Accumulating Share Class $ 39.34 - 0.38 0.00
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57 St. James's Street, London SW1A 1LD 0800 092 2051 GBP Accumulating Share Class £ 43.24 - 0.53 0.00
key features and reports: The most recent
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particulars and documents may be obtained
Artemis Corporate Bond I Acc 112.88 - 0.12 2.16 free of charge from fund managers/operators.
EUR Accumulating Share Class € 41.75 - 0.31 0.00
Artemis Positive Future Fund
Artemis Target Return Bond I Acc
£ 0.97
108.55
-
-
0.01
0.05 2.05
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Polar Capital Funds Plc (IRL)

Regulated Slater Investments Ltd (UK)
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Thursday 3 June 2021 ★ 13
14
Nerve-shredding world of creaks and whispers
This week’s new film releases
reviewed by Raphael
Abraham and Danny Leigh
T
here’s always someone
worse off than yourself — at
least in horror movies.
Those venturing back into
cinemas must weigh the
potential perils but can take a queasy
kind of solace in not being a resident of
A Quiet Place Part II. While the crinkle
of a crisp packet or ill-timed rustle of
popcorn might win you scolding looks at
the Odeon, they are unlikely to cost you
your life. In QP2, the merest cough will
summon flailing homicidal beasts with
arachnid legs, giant fangs and gaping
ears — all the better to hear you with.
Veterans of the first film hardly need
telling this. They know the rules of the
deadly game and will delight in this
thrill-ride of a sequel that jolts us both
forward and back in time, like The God-
father Part II, only with less Italian finery
and more face-gnashing nasties.
We begin at the beginning, a year
before the events of QP1. Evelyn (Emily
Blunt) and Lee (John Krasinski) and
their two kids blissfully attend a little-
league game, untroubled except for
some alarming news footage flashing up
on the convenience store TV. But that’s
happening on the other side of the
world! Here the contemporary reso-
nances scream out at you: a mortal
threat emanating from China and
quickly spreading to local shores, the
plague leaving streets deserted, the
pause button hit on normal life. And all
this before the opening credits.
Meanwhile, in the post-apocalyptic
present, a bedraggled but defiant Blunt
and her offspring walk barefoot on pro-
verbial eggshells through New York
State to find a heavily bearded Cillian
Murphy, who has taken refuge in the
bowels of a disused steelworks, pro-
viding semi-soundproof shelter but
proving a poor substitute for Dad.
Much like the first time, silence is the
film’s foremost asset. Writer-director
Krasinski and his audio team mould the
Above: Emily Blunt and
Noah Jupe in ‘A Quiet Place
Part II’. Right: Gunda, star
of a remarkable new
documentary
★ FINANCIAL TIMES
ARTS
soundscape into a nerve-shredding
minimalist symphony of creaks, groans
and whispers that anticipates the next
mis-step and onslaught of monster may-
hem. There are more loud-quiet-loud
passages here than in a Pixies song, and
many end up just as twisted and bloody.
What is different is the amount of
screen time given to the monsters,
whose agent must have had a serious
word after QP1. Alien might be too-
flattering a comparison (even if the
films’ dentally over-endowed extra-
terrestrials could be second cousins),
but, as with Aliens, this is a sequel where
the creature peekaboo of the first chap-
ter is exchanged for greater emphasis on
all-out action and breathless chasing.
Mostly this is assigned to Murphy and
deaf actress Millicent Simmonds, whose
near-wordless performance is the most
eloquent, while Blunt is relegated to
stay-at-home Mom alongside nervy
Noah Jupe and a remarkably quiet new-
born who spends most of his time in an
oxygen chamber. Luckily, it turns out,
heroism is hereditary.
Inevitably, the second time round the
scares are easier to see coming and while
there are some inventive new twists, the
story ends up almost as ragged as your
nerves. But for the sound and thrills
alone, this is a movie that rewards a trip
back to the big screen. If you haven’t
been unsettled enough in the past year,
A Quiet Place Part II is just the thing. RA
In UK cinemas from June 3
Recent discussions of why film-goers
should hasten back to cinemas have
emphasised the same basic selling
points: the big screen, the excited hum
of the audience. But something more
vital than either is — on a good night —
also easier to achieve far from your own
living room. A film comes alive when
you give it the whole of your attention.
Hold your focus at the exact point you
might usually check Twitter and that is
when the movie is likely to overwhelm
you. Eventually, a chewy question might
present itself too: what am I really
watching here?
With the astounding new film Gunda,
what you are watching is a pig. Not lack-
ing in star quality, the animal is the sow
the movie is named after, a documen-
tary shot in hyper-verité black and
white by director Viktor Kossakovsky.
The location is a free-range farm outside
Oslo, Norway. Nothing unusual takes
place. Quite the opposite. But the film is
so patient as it holds up natural
moments to the light, the result is that
you end up really watching something
else too — a minimalist epic, loaded with
food for thought for all.
The tone is set from the start, piglets
thronging their mother to be fed. A dif-
ferent film would elicit gooey sentiment
and move on. Kossakovsky keeps the
camera at Gunda’s level for seven min-
utes. The longer the scene plays —
chance, panic and willpower each have a
role — the more mesmeric and mean-
ingful it gets, the Darwinian jostle of life
laid bare. Some lessons transcend spe-
cies. Many of us will be parents. Every-
one has been a child.
It helps that the movie looks this
good, classically cinematic, subtly
inventive. In keeping with his film’s
sense of honesty, Kossakovsky has since
revealed trade secrets. You would never
know it but the sty is a set, an artful rep-
lica of Gunda’s own, tweaked to accom-
modate film-making. The light was
enhanced by a discoball. The effect is
stunning. Modern black and white
draws the eye most to inky, deep-space
blacks. With Gunda, it is the whites that
dazzle. Piglets glow. You might even see
them as angelic, although the truth at
the heart of the film is both simpler and
more complex than that.
There is sweetness, of course. (At one
point pigs gulp falling raindrops.) But
survival can be a blunt business. The
stars are not cutely anthropomor-
phised, stand-ins for our better selves.
Instead, they are animals. Self-
evident as it sounds, it is a concept mov-
ies have always struggled with, Disney
animations just the most obvious exam-
ple. Not so with Gunda. Later other live-
stock enter, allowed to be themselves to
the point of unfamiliarity. Cows charge
and buck from a pen. Chickens fan
hawklike across woodland, as if charac-
ters in a war movie. Finally they reach a
strange intervention — fence wire.
Wherever you are, people are never
far away. Landmarks such as the fence
aside, humanity is like Kossakovsky’s
discoball — key to the world but unseen.
Still, inevitable questions loom. Watch-
ing Gunda, you ask yourself, are we
really watching meat? If so, how that
makes you feel will be your affair. How
might Gunda feel about it? Well, another
commonplace about movies is their gift
for taking us inside the psyche of the
characters. Empathy machines, the late
critic Roger Ebert called them. But in
Gunda, that much can still never be
knowable — just one more unique sell-
ing point of this magical film. DL
In UK cinemas from June 4
Thursday 3 June 2021
A Quiet Place Part II
John Krasinski
AAAEE
Gunda
Viktor Kossakovsky
AAAAA
Dream Horse
Euros Lyn
AAAEE
Breaking Boundaries
Jon Clay
AAAEE
Fate can fancy itself a scriptwriter. The
sturdy feel-good comic drama Dream
Horse is stuffed with the highs and lows
of a thousand underdog sports movies,
and every one comes straight from real
life. The true story of Dream Alliance, a
no-chance scrapper of a racehorse, has
been told already in the 2015 documen-
tary Dark Horse.
Given the rousing course of events,
Hollywood was never going to leave it at
that. So here with a light studio gloss is
the tale of the would-be champion bred
by south Wales supermarket worker
Jan Vokes, owned by a syndicate of
friends and neighbours, chipping in
monthly tenners for upkeep. The first
training ground is an allotment. Later
comes Cheltenham and Aintree. And
then — well, no. To say more would
be unsporting.
The plot points come pre-packed, a
dusting of star charisma the most visible
addition. Toni Collette is a believable
Vokes, onetime breeder of pigeons,
driven by bulletproof self-belief; Dam-
ian Lewis plays local accountant
Howard Davies, his boredom with tax
compliance frameworks persuading
him to join the project. Poetic licence
nudges forward backstories of marital
strife, but the film’s touch is deft. Like-
wise, the comedy of small-town eccen-
trics, rowdily played without tipping
into snobbery. Credit for that to director
Euros Lyn. Kudos to the facts as well. DL
In UK cinemas from June 4
After he has been a symbol of the BBC
for so many years, it takes a moment to
adjust to the presence of David Atten-
borough on Netflix. But a changed world
is already here, that much the subject of
his elegiac 2020 film for the streamer A
Life on Our Planet. So too the follow-up
Breaking Boundaries. Where a 20th-
century Attenborough could hymn a
brimming ecosystem, crises of climate
and biodiversity now engulf all.
The new film feels like beginner’s
guide and final warning, humanity’s last
chance framed as the avoidance of mul-
tiple tipping points (the boundaries of
the title). To punctuate Attenborough’s
pieces to camera, we have Johan Rock-
ström, a phlegmatic Swedish professor
of environmental science. “There is rea-
son for deep concern,” he says with the
kind of calm that only ever prefaces
very bad news.
The film can seem a tragic inverse of
Attenborough’s much-loved television
series Life on Earth. In one part of the
world, cod stocks collapse in the Baltic
Sea; in another is the awful fate of the
glossy black cockatoo, trapped in the
Australian bushfires of 2020. Amid the
litany of disaster, hope just about
endures. But the central metaphor is a
strange one. Man has always seen
boundaries as there to be broken. If we
make it to a sequel, a psychologist
should surely come too. DL
On Netflix from June 4
Left: David
Attenborough
presents the
new Netflix
documentary,
‘Breaking
Boundaries’.
Below: Toni
Collette and
Owen Teale in
‘Dream Horse’
Thursday 3 June 2021
The business plan for the European Super League was partly built on ambitious, but unproven, income
streams from Asia. The collapse of the project is forcing clubs to rethink their approach to the region.
Football’s flawed pursuit of the ‘Asian fan’
M
oments after Leicester
City beat Chelsea to win
the FA Cup on May 15,
millions watching around
the world were treated to
a flourish of sporting theatre. The club’s
35-year-old Thai owner, Aiyawatt Sri-
vaddhanaprabha — inheritor of an air-
port duty-free monopoly and one of
Asia’s youngest billionaires — was
yanked on to the pitch by the players,
bear-hugged by each in turn and
allowed to lift the trophy as one of the
team. Club owners in Manchester, Liv-
erpool, Madrid, Paris and beyond,
remarked one TV pundit, would be
burning with jealousy.
Few would question the Leicester City
owner’s status among Asia’s most
devoted fans of the English game. But
elsewhere the attitudes and feelings of
fans of European football in Asia are
much harder to pin down.
The “Asian fan”, as a concept, was
prominent in the business plan for the
attempted breakaway European Super
League. Its giddying projections about
the potential audience for the sport in
the world’s most populous continent
was seen as a driver of the initiative.
The breakaway proposal — made by a
handful of leading European clubs —
was shortlived, collapsing after fan pro-
tests. But even without the anger it gen-
erated, the plan was misjudged, and
failed to understand both the Asian
market and the power of stadium-going
local fans, say advisers to clubs that
would have been involved in the ESL. Its
‘The problem for clubs is
that they really don’t
know who the [Asian
fans] are . . . it’s that
interaction they crave’
failure, says the head of one Asia-based
broadcaster, should force European
clubs, owners and leagues to more effec-
tively define Asian audiences.
The Asian market has long been
attractive to football club commercial
directors — many of whom claim their
teams have millions of supporters
across the continent of 4.5bn people —
but just how big is the market for the
sport in Asia?
For many years, say broadcasters,
investors, rights owners and academics,
Asian fans of European football have
had an almost mythical status in the glo-
balisation of the sport. Often compla-
cently viewed as a single block, their
potential has often been overestimated.
Efforts by clubs to convert new gener-
ations of Asian fans have evolved, often
unevenly, from occasional tours and
local deals to more targeted marketing.
The French club Paris Saint-Germain
sells exclusive Asia-only merchandise
through boutiques in Tokyo and Seoul,
while Manchester United has commer-
cial deals with the likes of ecommerce
giant Alibaba and games company Kon-
ami. You then have longer-term invest-
ment tie-ups of the sort made between
the City Football Group, which owns
Manchester City, the English champi-
ons, and Yokohama Marinos in Japan.
Some fans in Asia are already fiercely
devoted to one club, like their counter-
parts in Europe, while others are far
more promiscuous, supporting teams
across different leagues; some view the
sport purely through the lens of gam-
bling, others through branding; some
follow particular superstars such as
Cristiano Ronaldo and will change club
loyalties as their heroes roam.
“People’s loyalties in Europe are
established very young and people don’t
switch” says Simon Chadwick, a profes-
sor of Eurasian sport at EMLyon Busi-
ness School, adding that while many
Asian fans are “diehard”, the sport can
be seen as a “consumer product laden
with status”.
“[Clubs are] selling a kind of lifestyle,
they’re selling a vision of Europe or Lon-
don or Madrid or Milan,” he adds, “not
just a kickaround between 22 players.”
Spanish giant Barcelona claims 165m
Asians are “very interested” in the club
based on Nielsen SportsDNA data. But
researchers urge caution, and say these
numbers should only ever be seen as
rough guides. For all their commercial
potential, say broadcasters, only a tiny
fraction of these Asian fan bases are
financially valuable.
Losses due to the pandemic have
forced clubs to boost their digital pro-
files on Weibo and Douyin, the Chinese
social media platforms, as they look to
attract more commercial partners.
★ FINANCIAL TIMES
FT BIG READ. SPORTS BUSINESS
By Leo Lewis, Samuel Agini, Thomas Hale and Stefania Palma
Liverpool fans
cheer during
their team’s tour
Between 2018 and 2020, European
teams increased their followings on
Weibo from 60m to 93.3m and from
match against 2.5m to 19.2m on Douyin, according to
Leicester City in Mailman, the sports digital agency. In
Hong Kong in commercial terms, says a senior adviser
2017. Below: to one Japanese J-League club, Asian
Aiyawatt fans are a “giant opportunity, with the
Srivaddhan-
aprabha, owner
of Leicester City,
world’s longest tail”.
Yet the clubs’ understanding of Asian
fans is still only slowly improving from
lifts the FA Cup the amateurish, halfhearted version of a
after the club’s decade ago, says Jonathan Sullivan, a
victory over director of the Asia Research Institute at
Chelsea in May the University of Nottingham.
AFP/Getty Images For fans who are interested in specta-
cle, celebrity players and the “experi-
ence” of football, the current approach
probably doesn’t make that much dif-
ference, he says. “But if clubs want to
convert this kind of fan into a long-term
supporter, and [also] keep the other
kind engaged, they still have a lot of
work to do to demonstrate that they
respect and value them as supporters,
not as an abstract source of revenue.”
Television dictates
The battle for a permanent place in the
hearts and wallets of Asian football fans,
say industry analysts, lays bare the com-
placencies and flaws of European foot-
ball. Before its collapse, the super league
proposal by 12 of Europe’s top clubs —
including Chelsea, Barcelona, Real
Madrid, Liverpool, Juventus and AC
Milan — detonated a time bomb that has
ticked quietly beneath the game for dec-
ades. The question is where will the next
generation of football fans come from?
Real Madrid president Florentino
Perez, who led the super league breaka-
way, has explicitly cited the opportuni-
ties in Asia. “Television pays: we, the big
clubs, have fans in Singapore and China,
everywhere. You see it in social net-
works . . . This is what generates
money,” he said in April when defending
the super league idea. “I got into the
world of football in 2000. It has to
evolve, as life and businesses evolve
. . . it has to change, to adapt . . . What
we want to do is save football, so that at
least for the next 20 years it can live
peacefully.”
The world has globalised and with
that has come commodification and
fundamental economic change that has
left western Europe less powerful, says
Chadwick. The super league proposal,
he says, painfully stabbed at the idea
that the identity of traditional stadium-
going fans was being eroded and that
they were being left behind by great eco-
nomic forces. “It was the moment where
football found itself on the global front
lines of an ideological debate that you
found behind Brexit and the rise of
Trump,” he adds.
The super league debate, he says,
crystallised a series of questions about
the future growth of the game now that
domestic markets are saturated. Clubs
will have to make compromises, he says,
with their traditional fan bases if they
are serious about building new ones in
‘[The clubs are] selling a
kind of lifestyle, they’re
selling a vision of Europe
. . . not just a kickaround
between 22 players’
China, Indonesia, Thailand and
elsewhere in the region.
That process has, in some cases,
begun: Spain’s La Liga has altered kick-
off times to better suit Asian time zones
and clubs such as Barcelona have
opened academies in Asia, including
four in Japan, where its shirt sponsor
Rakuten is based, and two in China.
Clubs talk enthusiastically about big
data and the granularity of the informa-
tion they have managed to capture
through social media engagement, says
Timothy Bridge, the director of
Deloitte’s sports business practice. But
most are some distance behind the
curve just at the point where sophisti-
cated tech groups such as Amazon are
entering sport with infinitely more pow-
erful tools of engagement.
The typical Asian football fan may be
someone whose only financial outlay on
the game is through their TV or stream-
ing subscription and who doesn’t nor-
mally interact with an individual club. If
they do, they will most likely do so on
social media platforms not controlled
by the club.
“The problem for clubs is that they
really don’t know who those people are.
They don’t know their habits. They
don’t know their attitudes. They don’t
[even] know their favourite players,”
says Bridge. “It’s that direct interaction
that they crave.”
Gambling on the fans
Wang Ruizheng, from Shanxi province,
is an example of the rapid rise of Chinese
football fans. Now 30, Wang became
enraptured with the sport two decades
ago, when China first qualified for the
World Cup finals in 2002.
Soon after, he discovered the big
leagues in Europe, eventually becoming
a fan of Real Madrid, the record 34-time
Spanish champions, and a convert to the
drama of the European game.
He points to the victory of the Portu-
guese club Porto, in the 2004 Champi-
ons League, Greece’s triumph at the
European championship in the same
year, and Leicester winning the 2016
premier league as examples of the
sport’s charm. “Any miracle can hap-
pen,” he says.
Wang, who watches about two live
broadcasts a week, is just one of millions
of Chinese to fall in love with the game
over the past few decades. But his pas-
sion should not be taken for granted,
says Donna Wong, an associate profes-
sor at the graduate school of sport sci-
ences at Waseda University in Tokyo.
There is a sometimes confusing dual-
ity in Asian consumption of European
football — many fans do not necessarily
care too much about the individual
leagues and the week-to-week rivalries
between clubs so long as there is a good
show and, crucially in one of the world’s
largest betting markets, a good game to
gamble on, she says. Clubs are slowly
realising that they have to do more, says
Wong, given that Asian fans are now let-
ting it be known that they will no longer
be treated simply as cash cows.
The success story most often cited as
the exemplar of how to win and keep the
support of Asian fans is the American
National Basketball Association —
which has imprinted itself on multiple
generations of followers without
appearing to be solely out to exploit the
fans as customers.
It did this, in part, by offering to build
courts in every Chinese city, playing key
games of the main season in China — not
just exhibition matches — regular tours
and, through investment, nurturing
players that have gone on to play in
the NBA.
Yet the differences between the NBA
and European football are critical. The
NBA was able to act as a single negotia-
tor and business unit and dictate the
behaviour of the individual teams. In
contrast, the European leagues have
only loose control over their clubs. And
many of those clubs are deeply suspi-
cious of one another and in open conflict
over finances and player transfers.
15
165m
Asian fans are said
It means, says a large investor in Asian
clubs, that long-term investments in
programmes that might create Asian
to be ‘very football academies and deliver Euro-
interested’ in the pean clubs with a stream of young play-
Spanish club ers are often sidelined in favour of short-
Barcelona
term demands for ever bigger transfer
budgets.
12
Members of the now
Competing for consumers
As streaming companies such as Ama-
collapsed breakaway zon Prime make inroads into sport,
super league that
had pinned its hopes football executives and broadcasters are
on the Asian market faced with the reality of changing audi-
ence habits. Fans in Asia are already
93.3m
more likely to watch games on their
phones than European counterparts.
Gao Da also first started watching
Followers on the football with his father during the 2002
Chinese social media
platform Weibo for World Cup — the only time the finals
European football have been held in Asia. The resident of
clubs in 2020, up Sichuan began to follow AC Milan,
from 60m in 2018 which he says was then the most popu-
lar team in China. The Italian club’s first
office outside of its home country
opened in Beijing in 2017. This year, the
club added a second, in Shanghai.
“There is no magic formula when it
comes to fan engagement — you have to
do a lot of things right consistently — but
at AC Milan we believe it is all about
local engagement and prioritising atten-
tion towards important markets like
China,” says Casper Stylsvig, chief reve-
nue officer at AC Milan.
Gao began to pay more attention to
the English Premier League in the mid-
2000s. After flirting with Arsenal, he
switched allegiance to Liverpool. But he
also follows Germany’s Bayern Munich.
The idea that Gao’s consumption of the
sport is typical in Asia will have pro-
pelled the thinking behind the super
league, says Deloitte’s Bridge.
Although top-level European clubs
may broadly see Asia as the greatest
long-term opportunity for growth, the
window for securing and monetising
that may be smaller than many realise.
Interest in European football in Japan
has always been comparatively low
because of the strength of the domestic
J-League. That points to a moment of
maturity, say academics, at which Asian
fans might ultimately favour a success-
ful domestic league over European ones.
It has never been more urgent for
clubs to make the compromises with
their traditional fan bases that they
have been avoiding, says the Asian head
of one global broadcaster.
“They are facing this kind of crisis just
as the gravy train is coming to an end,”
he adds. “The younger generation eve-
rywhere is not as interested in football —
or at least, not as interested in consum-
ing it the way their parents did.”
Additional reporting by Wang Xueqiao in
Shanghai
16
THURSDAY 3 JUNE 2021
Food companies cannot
have it both ways
Promoting healthy options while selling junk food smacks of hypocrisy
It should come as no surprise that
many of the product lines of a company
that makes three meat croissant-crust
pizzas, chocolate milk and ice creams
cannot ever be made healthy. Still, the
scale of the challenge at Nestlé should
provide a wake-up call to the company
and its investors. Sweets, treats and
snacks have helped Nestlé grow to
become the world’s largest food com-
pany, but you only stay on top by being
alive to risks and, in the company’s
words, “regulatory pressure and con-
sumer demands are skyrocketing”.
An internal presentation for top
executives, seen by the Financial
Times, revealed that only 37 per cent
of its products would merit a widely
recognised standard of healthy food
while many of the remaining lines
cannot be “renovated” to meet such
standards. The Switzerland-based food
manufacturer is unlikely to be alone;
similar audits at its biggest competitors
would surely show how profitable it has
been to provide consumers with sugar,
fat and salt at low prices.
There is nothing wrong with indul-
gence. The trouble for Nestlé and its
competitors is the scale at which they
operate. Smaller Swiss chocolate mak-
ers, ones that sell premium boxes at a
high mark-up, do not have to worry so
much about a more abstemious world.
If it is to satisfy shareholders, Nestlé
cannot stop producing treats in indus-
trial quantities, making it more
exposed to changing regulation as
well as customer tastes.
At the moment, there seems little
risk to profits. Nestlé’s share price rise
has been unharmed by the report,
reflecting that as much as they say they
want to eat healthily, shoppers still
have an appetite for junk food. Sugar
and fat may be the bane of nutritionists
but for the stressed and busy they
provide much-needed comfort. That
has helped make Nestlé an incredibly
Britain needs better
protections for investors
The FCA must ask searching questions — about itself
Two years after Neil Woodford’s flag-
ship fund was suspended more than
300,000 investors who stand to lose an
estimated £1bn from its liquidation are
still awaiting answers from the UK’s
financial regulator.
The Financial Conduct Authority
launched an enforcement investigation
in June 2019 after the £3.7bn Woodford
Equity Income Fund was suspended,
yet admitted to MPs last week that this
was unlikely to conclude until the end
of this year, with no “precise timeline”
for its outcome.
Protracted investigations into con-
sumer scandals have sadly become the
FCA’s hallmark. Two years after the
collapse of LCF, where over 11,000
investors in unregulated mini-bonds
lost £237m, taxpayers are funding a
compensation scheme. Such long
delays are unacceptable, compounding
the original problems.
It would be wrong to prejudge the
outcomes of the FCA’s probe into the
Woodford fund, but investors have had
to wait an unacceptably long time for
answers. Woodford is eager to move on.
Surely it would be inappropriate for the
fund manager to seek any form of regu-
latory authorisation for his new invest-
ment business until the FCA’s formal
process has concluded, regardless of
his pledge to work only with profes-
sional investors in future.
The FCA needs to ask searching
questions of itself. Financial regulators
tend to be reactive rather than proac-
tive, preoccupied with dealing with the
last crisis rather than looking for the
next one. The FCA was never set up
with consumer protection at its heart.
A change in its mandate is long over-
due, particularly after the “pension
freedoms” brought in by the govern-
ment in 2015 gave unadvised investors
the ability to access life-changing sums
in their retirement funds, increasing
the potential for harm.
successful company, at least in finan-
cial terms — its shares are currently
trading close to their all-time high.
Still, the risk is that sugar is next
in governments’ sights after oil and,
before that, tobacco. Countries with
higher rates of obesity have suffered
worse death rates during the pandemic
and health ministries should look to
shift spending from cure to prevention.
Sugar taxes could be on the horizon.
Selling treats to kids, too, sits uneasily
with an era of increased emphasis on
environmental, social and governance
issues. Nestlé has pushed into plant-
based foods, alongside its rival Uni-
lever, as well as medical nutrition.
Pivoting too soon faces its own risks.
Earlier this year, investors forced out
the chief executive of Danone, saying
that a focus on social responsibility
eclipsed the drive for profits. All the
way back in 2011, investors urged
PepsiCo to focus on its more profitable
indulgent lines rather than trying to
promote healthier options, though the
group has since pushed to make its
portfolio healthier.
From a branding point of view, this
can also lead to the charge of hypocrisy
— promoting healthiness in one breath
and selling sugary drinks with the next
could tarnish both. Unilever, while it
has removed the word “normal” from
its beauty products and tried to reduce
digitally altering images of models,
still sells controversial “skin lightening
creams” in India. Plenty of food com-
panies say their products are fun in
moderation yet still rely on selling
them on an industrial scale.
Spinning off the more unhealthy
products into a separate business is
one strategy — Nestlé has already sold
its stake in a charcuterie business.
Investors would then have a choice on
whether to enjoy the dividends from
indulgence or not. Like the rest of us,
Nestlé cannot have its cake and eat it.
The regulator must also keep abreast
of how digital innovation is moving
ahead of financial regulation, consider-
ing the wave of retail investors who
have started trading shares, contracts
for difference and cryptocurrencies
online under lockdown. A common
critique of its current approach is that
it is too rules-based, rather than
outcomes-focused.
Recent problems in the UK’s retail
investment market have stemmed
from FCA-regulated firms selling
unregulated investment products — a
confusing distinction for consumers
who have been falsely reassured about
the level of risk they are taking.
The regulator’s own communica-
tions with consumers and whistleblow-
ers have also been found lacking. In
February, former FCA chief Andrew
Bailey admitted to MPs that when he
took over, “there was no system” for
extracting information or “red flags”
from the 200,000 calls a year the
watchdog’s contact centre receives.
With financial fraud soaring during
the pandemic, the FCA’s “warning list”
of known investment scams has never
been more needed, yet surveys suggest
few consumers have even heard of it.
There is some evidence the regulator
recognises these failings. Nikhil Rathi,
its new chief executive, is presiding
over an internal “transformation pro-
gramme”. He is consulting on new pow-
ers, including a “consumer principle”
that would set higher expectations for
the duty of care financial institutions
have for their customers.
The FCA says it wants to see firms
“putting themselves in their custom-
ers’ shoes”, asking: “Would I be happy
to be treated in the way my firm treats
its customers?” As hundreds of thou-
sands of out-of-pocket retail investors
await its ruling on the Woodford deba-
cle, it would do well to ask the same
questions of itself.
★ FINANCIAL TIMES
Letters
Shipowners urge more countries to back move to ‘green’ fleets
In his opinion piece “We know net zero
is the destination — now let’s get
moving” (Special Report, FT.com, May
27), Nigel Topping argues that there
needs to be an “ambition loop”
between business and policymakers in
ensuring decarbonisation occurs as
quickly as possible.
The shipping industry could not
agree more. But to get there we need
regulatory support from more UN
International Maritime Organization
member states for effective global
change.
The IMO has set a goal for the
international shipping industry to
reduce its greenhouse gas emissions by
China’s population is a
topic that will not go away
Your article “China allows couples to
have three children” (Report, June 1)
covers the immensely important,
globally relevant topic of China’s falling
population growth rates. This is a
similar situation to several other
countries, with many common, often
culturally-based, reasons for such
declines proposed. However, there are
also institutional reasons and one more
unique to China is the fundamental
barrier inherent in its hukou system.
Without this formal household
registration, people face challenges and
hurdles in their lives and in how to pay
for medical care, as well as significant
barriers to registering children and
gaining access to education.
This has demographic impacts as it
influences the decisions on “starting a
family” for the multitude of migrant
workers — 236m, according to the FT
(“China’s migrant workers spurn
cherished ‘hukou’”, June 21, 2020),
who may remain unregistered.
Given the link between China’s
population growth and both its
economic and political power and
prowess as well as its self-image, in the
emerging era of possible Pax Sinica this
is a topic that will not go away.
Professor Chris Rowley
Kellogg College, University of Oxford,
Oxford, UK
Exile is awkward choice
for young Belarusians
Regretfully, Martin Sandbu’s analysis
overstates the EU’s strengths just as it
underestimates Alexander
Lukashenko’s strengths (“EU sanctions
against Belarus can work for five good
reasons”, Free Lunch, June 1).
Sandbu’s fifth proposal is particularly
problematic. To be sure, “granting 1m
long-term work permits to
Belarusians” would strengthen their
westward orientation, but it would also
significantly weaken domestic
opposition.
As the economist Albert O
Hirschman argued more than half a
century ago, the ease of exit weakens
voice and loyalty. Instead of continuing
in what appears like a losing battle
against Lukashenko’s regime, bright
young Belarusians might be wise to
choose exile. This would greatly
improve their individual prospects, but
less so the prospects for a democratic
Belarus.
Stefan Auer
Associate Professor in European Studies,
Jean Monnet Chair
The University of Hong Kong, Hong Kong
Modi’s fraught
relationship
with pandemic
data has
harmed India
New Delhi
Notebook
by Amy Kazmin
at least 50 per cent by 2050 and then to
move to zero GHG emissions. Others
have proposed more ambitious goals,
including many of the groups we lead.
Because ships have a commercial
lifespan of 20-30 years, we need to
start putting low-carbon and
no-carbon ships on the water as soon
as possible to reach the IMO goals.
Today, however, there is no
zero-emission solution to propelling
merchant ships across the oceans.
There are several potential solutions,
such as green ammonia or e-fuels
produced from renewable energy, but
the technologies to use these fuels do
not yet exist on a scale or in a form that
Extend the sanctions
against Lukashenko
Belarus’s record of brutal repression
fully justifies fears for the lives of a
young opposition blogger and his
girlfriend, seized when a European
plane carrying 126 passengers was
forcibly grounded on Alexander
Lukashenko’s orders (FT View, May
25). The demand for their release must
remain loud, but it also needs to be
backed by actions.
The decisions by the UK and EU to
declare Belarus a no-fly zone and to
ban the Belarusian airline Belavia from
European airports is largely symbolic
and hits harder at the country’s
population than the regime. It should
be matched by economic sanctions.
There is a precedent. In 2012, the
EU-imposed sanctions helped secure
the release of two prominent
Belarusian opposition figures. But the
2012 sanctions were tougher, listing
202 individuals and 29 companies. The
current sanctions cover only 88
individuals and seven legal entities.
More extensive sanctions that are
crippling to the state economy can
make the regime a liability for the
Kremlin. The inclusion of a much
broader group of state officials is more
likely to drain the regime’s support
base than sanctions against
Lukashenko’s closest associates with a
strong personal interest in his survival.
The air piracy incident offers Europe
an opportunity to support Belarusians
in their struggle and signal to
Lukashenko that he can no longer act
with impunity. It must not be wasted.
Natalya Chernyshova
British Academy Mid-Career Fellow
Senior Lecturer in Modern History
University of Winchester, Hampshire, UK
As India’s devastating Covid-19 second
wave peaked last month, its daily
death toll hit a record of more than
4,500. That day, Prime Minister
Narendra Modi’s government hailed a
“landmark achievement”, trumpeting
that more than 400,000 Indians
recovered from Covid in a single day.
The bizarre claim of success —
which only emphasised the vast
numbers stricken by the virus —
reflects New Delhi’s creative use of
data to bolster its image. Rather than
using numbers as a critical tool to
inform policymaking, Modi and his
ruling Bharatiya Janata party treat
data as an important input for a
political narrative about Modi leading
India to its rightful place in the
pantheon of world powers.
Inconvenient figures that may
undermine these claims are either
twisted, or buried.
“The BJP understands that [the]
common man in general doesn’t really
understand data,” says political
consultant Shivam Shankar Singh,
author of How to Win an Indian
Election. “They decide what the
dominant narrative should be; they
try to find data that would support it,
and they try to suppress data that
would counter it.”
Modi’s government had fraught
relations with data even before the
pandemic. Before India’s last general
elections, New Delhi stopped the
release of unemployment data that
showed Modi’s failure to deliver on
promised job creation, prompting the
head of the National Statistics
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
can be applied to large transoceanic
ships.
Recognising this, the industry has
proposed a new, industry-funded
research and development effort. The
International Maritime Research and
Development Board (IMRB) is a $5bn
programme, governed by the IMO, to
co-ordinate and fund applied R&D to
catalyse the introduction of zero-
carbon fuels and technologies. Studies
show that this dramatic increase in
funding would enable the development
of commercially viable low-carbon/
no-carbon ships by the early 2030s.
Ten IMO member states are
currently co-sponsors and we appeal to
Drug-resistant infections
must be added to G7 plan
Sir Patrick Vallance’s recommendation
to the G7 for ramping up pandemic
preparedness efforts (“How the world
should prepare for the next pandemic”,
Opinion, May 31) is a good starting
point. But the G7 should ensure its
strategy includes preparing and
responding to another silent pandemic
— that of drug-resistant infections.
Currently, an estimated 700,000
people die from drug-resistant
infections and the number is expected
to multiply. Sustained investment in
research and development over the
upcoming decades, and equitable
access to medical countermeasures, are
required to keep pace with the
emergence of resistance.
Unlike Covid-19, the “starting blocks”
for tackling antimicrobial resistance
(AMR) were in place but are now
disappearing as both governments and
industry are not investing enough.
We welcome a recommendation for
technology transfer and more research
capacity in low and middle-income
countries, which should also apply to
addressing AMR. We must all act with
urgency, as many individuals,
especially newborns, are already
paying the ultimate price.
Dr Manica Balasegaram
Executive Director, Global Antibiotic
Research and Development Partnership
Geneva, Switzerland
Opting out is one solution
to NHS records concerns
Your leader (FT View, May 28) draws
attention to the confidentiality issue
around patient data that arises if and
when such data, drawn from GPs, is
merged under the auspices of the NHS.
However, the current lack of
comprehensive digital patient records
leads to worse care outcomes and
massively bloated costs. Even now,
what is being proposed has to do with
data collected by GPs and will not
necessarily include data generated at
other NHS sites, particularly within
hospitals. Truly comprehensive digital
patient records are rarely available.
Yet the technology to make such data
available — and end our reliance on
paper records — has been around for
over 30 years. See Bill Gates’ 1995 book
Business @ the Speed of Thought.
Although there are issues concerning
the confidentiality of such records,
“opting out” has become the accepted
way to deal with this issue in other
countries.
Peter Ford
London SW20, UK
Commission to resign. Estimates of
gross domestic product growth under
the BJP were also revised sharply
upwards, leading top economists to
warn that the statistical machinery
was “controlled by political
considerations”.
But Covid-19 has brought political
number management to the fore.
“You have had a focus on whatever
metric or measure of the pandemic
appears to create the most optimistic
narrative,” says mathematician Murad
Banaji, of Middlesex University
London. India’s acknowledged
335,000 Covid-19 deaths, including
170,000 in the last two months, have
been portrayed as statistically
insignificant — little consolation for
families that have lost loved ones.
State governments have been
discouraged from accurate reporting
by New Delhi’s tendency to shame
states with high reported Covid-19
deaths, especially if they are led by
parties other than the BJP. “Being
open with data is politically risky,”
Banaji says. “If you report fatalities as
accurately as you possibly can, you
risk being tarred with some kind of
label as an underperforming state.”
India’s all-cause mortality data,
useful for assessing the pandemic’s
true toll which is agreed to be
multiples higher than the official
count, remains closely guarded.
Meanwhile, New Delhi hails its
sluggish vaccination drive,
constrained by an acute jab shortage,
by touting the total jabs, and
downplaying the low percentage of
Thursday 3 June 2021
Email: letters.editor@ft.com
Include daytime telephone number and full address
Corrections: corrections@ft.com
all governments to support this
innovation drive. The IMRB is a win for
the climate and for society. It provides
a global solution to a global problem.
Soren Skou
Chief Executive, AP Moller-Maersk
Kenny Ye
Executive Vice-President, COSCO Shipping
Holding and Chief Operating Officer, OOCL
Tim Hartnoll
Executive Chairman, X-Press Feeders
Rodolphe Saadé
Chairman and Chief Executive, CMA CGM
Jae-Hoon Bae
President and Chief Executive, Hyundai
Merchant Marine
For a full list of signatories go to FT.com
Playing to Scots identity
disarms a D-Day piper
As we approach the D-Day
commemorations against a backdrop
of the drive by the Scottish National
party for another independence
referendum, the events of June 6 1944
seem to have taken on a special
resonance.
An extraordinary and inspirational
story that brings a lump to my throat
every anniversary — I can’t thank them
enough, what wonderful men! Simply,
the bravery of men who waded ashore
to win our freedom nearly 77 years ago
is a timeless reminder that the UK is
stronger together.
I think of Piper Bill Millin. He was
personal piper to Lord Lovat, the
Scottish clan chieftain who
commanded the newly formed 1st
Special Service Brigade. In defiance of
army rules, on the first day of the
Normandy landings, Lovat ordered
Millin to strike up the tune “The Road
to the Isles” as he and his soldiers went
ashore under a hail of fire.
A footnote to the story is that Millin
at first demurred, pointing to an army
regulation. Lovat is said to have
replied: “Ah, but that’s the English War
Office. You and I are both Scottish, and
that doesn’t apply.”
For the story of Scotland is simply
the story of Britain, as D-Day
demonstrated. Together, we are Great
Britain.
In 2013, the people of Colleville-
Montgomery, Normandy — the village
named after Monty, the British
commander — saw fit to erect a statue
of Piper Millin. It is on my bucket list to
visit as soon as Covid restrictions are
lifted.
Sam Harris
Stafford, Staffordshire, UK
Catching up with Swiss
news but at a glacial pace
“The slow-motion Swexit” is finally the
subject of an FT editorial (FT View,
June 1). The reaction was in slow-
motion too. And the FT once more
underlines that it prefers weak
currencies to strong ones.
Erich Heini
Lucerne, Switzerland
Correction
c The Whitehaven coal project in New
South Wales is expected to produce
enough coal over 26 years to generate
roughly 370m tonnes of CO2, not 100m
tonnes as wrongly stated in an article on
May 28.
people vaccinated. With 210m jabs
given so far, just 3 per cent of Indians
are fully vaccinated, while another 12
per cent have received a single dose.
Experts say India has also paid a
high price for New Delhi’s refusal to
grant open access to official data
troves that could have helped
scientists detect early warnings. The
government’s handpicked pandemic
modellers had downplayed the
prospects of a second wave as recently
as late February, and New Delhi had
little interest in other views.
Gautam Menon, professor of
physics and biology at Ashoka
University, says New Delhi is also
sitting on vast data sets with useful
information on vaccine effectiveness,
and the prevalence of reinfections.
However, he says, the data is
“completely unavailable to anyone
outside the government system”,
though the expertise to analyse it lies
largely in academic settings.
Rather than lead to more
transparency, the Covid-19 surge is
likely to reinforce New Delhi’s
penchant for secrecy and spin.
Ministers now claim all Indians will be
vaccinated by December, though they
have not offered any credible road
map “They have never been
transparent with data and
information and after this their
natural instinct is going to be to
control it even more,” predicts Singh.
“They just tell you how amazing the
future is going to be.”
amy.kazmin@ft.com
Thursday 3 June 2021
BUSINESS
Brooke
Masters
C
ovid-19 has opened the eyes
of the healthcare world to
the promise of artificial
intelligence. Two years ago,
AI applications were largely
seen as demonstration projects and
start-up dreams. There were “nice to
have” experiments in triaging mammo-
grams, scheduling operating rooms and
monitoring diabetes patients remotely.
The pandemic forced national and
commercial health systems to rely on
remote medicine and use real-time
dashboards to spot looming needs.
While neither focused on AI per se, both
could be enhanced with its strategic use.
Suddenly top executives understood the
technology’s potential and bumped it up
their list of priorities.
We are now seeing a mad rush to gain
Starmer should
swerve calls for
electoral pacts
BRITAIN
Robert
Shrimsley
W
hen Tony Blair offers a
view on how to win elec-
tions it is worth paying
attention. In recent
weeks, the former UK
premier has been one of a number of
left-leaning figures seeking to resurrect
the dream of an electoral pact with
other parties, a so-called progressive
alliance, to defeat the Conservatives.
Writing last month, Blair, who has
long blamed the historic split between
Labour and the Liberal Democrats for
decades of near Conservative hegem-
ony, called for a new dialogue. “Other-
wise, we will be in the dreary business of
fighting with a cause which is unclear,
our hands tied behind our back, on a
ground we didn’t choose in a battle we
can’t win.”
This view was echoed by former
Green leader Caroline Lucas, Labour’s
Clive Lewis and the Lib Dems’ Layla
Moran as they backed a three-party
non-compete pact to end the “self-de-
feating tribalism” splitting the left vote.
(Labour opposition to separatism pre-
cludes Welsh and Scottish nationalists.)
A report for the campaign group Com-
pass identified 48 Conservative seats
where the combined progressive vote
Wolfgang
Schäuble
I
n the long run we are all dead,”
wrote John Maynard Keynes 98
years ago. He believed short-term
economic intervention was neces-
sary in times of crisis to stabilise the
economy. New stimulus programmes,
including the EU’s post-pandemic
recovery fund, are in line with this tradi-
tion. I was in favour from the outset — to
the surprise of some people.
During my time as German finance
minister, I had a reputation for frugality
as a matter of principle. Yet then, as
now, my goal was sustainability: bor-
rowing in times of crisis to stabilise the
economy makes sense, as long as the
question of repayment is not forgotten.
The need to pay back the debt later is
often overlooked. Many governments
focus on the “easy” bit of Keynesianism
— borrowing — and then postpone
repayment of their debts. This leads
AI prompts a rush for healthcare data
access to patient and hospital data and
turn AI loose upon it. Last week’s deal
that will see Google store HCA’s data
and help the US hospital chain develop
healthcare algorithms is one example.
The UK NHS’s plan to consolidate 55m
patient primary care records into a single
database is another. Global fundraising
for AI health start-ups has risen steadily
since the end of 2019 and hit a new
record of $2.5bn in the first quarter, says
CB Insights.
In some ways, healthcare is following
financial services. The 2008 financial
crisis forced bankers to invest in better
data collection and analysis to improve
risk monitoring. The sector then started
finding other ways to exploit it.
Healthcare has been slow to the data
party, in part because so much of it is col-
lected in ways that are hard to consoli-
date: in conversations, in different loca-
tions and using non-standard measure-
ments and formats. Just having an elec-
tronic healthcare record system isn’t
enough: it needs to be comprehensive
and searchable. “In a world where data is
flowing in constantly [we need] some-
thing non-human to manage it,” says
exceeded the Tory total, enough to rob
the government of its majority.
Such talk is seductive, especially to
those who prefer to focus on the unfair-
ness of the first-past-the-post system
rather than any intrinsic lack of elec-
toral appeal. But it is true that since
1979, Labour has won just three of the
last 11 elections (all under Blair). The
scale of the defeat in 2019 means victory
at the next election is already unlikely.
But even allowing for the added credi-
bility of the support of Labour’s one liv-
ing election winner, and setting aside
internal obstacles, there are four rea-
sons why a progressive alliance is, for
now at least, a dead-end for Labour.
First, parties do not own voters. If
they pull out of a seat, a sizeable chunk
of supporters will not simply do as they
are told. Voters object to stitch-ups or
being taken for granted. While activists
may think in such terms as “progres-
sive”, most citizens do not define them-
selves in this way. Those who do, already
understand tactical voting.
The recent mayoral elections illus-
trate the point. These contests offer a
proxy for a progressive alliance since
voters have a first and second choice,
with votes transferred should their first
preference be eliminated. In the West of
England contest, fewer than half the
reallocated Lib Dem and Green trans-
fers — 41,000 out of 96,000 — went to
Labour. Around 12,000 went to the Con-
servatives and the rest went to neither.
It was a similar story in Cambridgeshire
and Peterborough. In both cases it was
enough for Labour to win, but it also
Europe’s social peace requires a return to fiscal discipline
to continually expanding sovereign
debt. Sooner or later, inflation looms.
Keynes saw this as a major threat, citing
its potential for “overturning the exist-
ing basis of society”.
Currency values are under pressure in
many regions of the world, including the
EU. Here, more than elsewhere, debt-
financed fiscal policy is flanked by mon-
etary measures. Monetary supply in the
eurozone has been massively increased,
without being adequately matched by
an increase in the volume of goods and
services. This boosts the inflationary
expectations of firms and private house-
holds. In this way, the eurozone risks a
currency devaluation that could take on
a virtually unstoppable dynamic.
Already the consumer price index
exceeds the European Central Bank’s
benchmark of “below but close to 2 per
cent”. Central bankers are not alone in
their alarm. Keynesian economic
experts like Larry Summers or Olivier
Blanchard lament the crossing of red
lines on public debt and point to the
increased likelihood of runaway infla-
tion. In real estate, shares and art works,
the danger is already acute. The asset
★ FINANCIAL TIMES
Opinion
Robert Wachter, professor of medicine
at the University of California, San Fran-
cisco, and author of The Digital Doctor.
Big cloud services providers such as
Microsoft and Google are competing
for this valuable business by offering
healthcare users a growing range of
services. Microsoft recently bought
Nuance, a clinical intelligence service
that translates doctor-patient visits into
The pandemic forced
national and commercial
systems to rely
on remote medicine
usable data. In studies, it let cardiol-
ogists see 24 per cent more patients a
day by cutting administrative tasks.
Google has found potential in predic-
tion: last year, it worked with HCA to
build an online portal that combined
data on Covid tests, hospital admissions
and ventilator use from facilities across
the US and used AI to track pandemic
hotspots, anticipate surges and warn
shows that voters cannot be assumed to
belong to a “progressive” side.
If one takes these results as anywhere
near indicative, then there are seats
where a general election alliance would
help defeat the Tories, but there are
probably fewer than progressives imag-
ine. Of the 48 seats cited by Compass, in
23 the combined progressive vote lead is
less than 1,500, meaning they would
need unrealistic levels of voter compli-
ance for the pact to deliver.
Second, the parties must agree a
platform. While big issues like Brexit
can create a common cause, it is not
enough just to be anti-Tory. A further
risk is that the parties turn inward and
that their shared platform is fixed by the
enthusiasms of activists rather than the
priorities of voters.
Talk of a progressive
alliance distracts from the
steps Labour must take to
make itself electable
price index rose last year by 6.3 per cent.
Indeed, quarterly growth rates even
reached double digits. A significant por-
tion of the monetary overhang created
by the ECB is evidently being invested
on capital or property markets and is
feeding speculative bubbles.
This is no mere economic problem. It
also creates risks for the social fabric.
Most lenders to states are wealthy indi-
viduals and entities. Public borrowing
A promising approach
for Brussels to take
would be a eurozone
debt redemption pact
increases their wealth, widening the gulf
between rich and poor. Keynes once
warned that profiteers would become
the object of hatred. Now the gap
between “haves” and “have-nots” poses
a huge threat to social cohesion.
We must therefore return to mone-
tary and fiscal normality. The burden
of public debt must be reduced. Other-
local officials. The new data deal could
take such efforts beyond Covid.
Medical researchers think that AI
mining of primary care records could
revolutionise work on slow-moving dis-
eases like dementia, Parkinson’s and
heart failure. Previously, the need for
repeated interviews made large, long-
term studies prohibitively expensive
and participants dropped out. “The
public benefits are indisputable,” says
Cathie Sudlow, who directs the British
Heart Foundation’s data science centre.
“It is impractical to conduct this kind of
research without this kind of access.”
Still, medical records include some
of the most sensitive personal data, and
it should not be shared too easily. A 2019
collaboration between Google’s health
arm and Ascension, another US health-
care system, sparked outrage from
advocates who feared the tech group
would misuse the information. More
recently, some efforts to use smart-
phones to track coronavirus exposures
foundered on privacy concerns.
Google says it is simply providing
storage and tools to HCA and will not get
direct access to the data. The NHS says
Third, Labour would be accountable
for every quirky view of the other par-
ties. The Tories would soon find Green
and Lib Dem policies with which to
alarm voters. The pact could also cost
Labour votes in some traditional seats
like Normanton, Pontefract and Castle-
ford, or Hull West and Hessle where the
Tories are already making inroads.
The fourth problem is the largest and
simplest. However solid the alliance, it
is an agreement to put a Labour leader
in power. This means it cannot succeed
until Labour looks like a party the coun-
try is ready to elect. This is also a
Catch-22. An alliance cannot work until
Labour looks electable. But once it is,
members are less open to pacts.
Labour did not lose in 2019 for want of
a progressive alliance but because it lost
more than 2.5m voters and 60 seats. A
number of those losses, notably in
northern seats, would not have been
averted by such a pact. In Bishop Auck-
land, Darlington and Blair’s old seat of
Sedgefield, the Tories secured 53, 48
and 47 per cent of the vote and their
majority was greater than the combined
wise, there is a danger that the Covid-19
pandemic will be followed by a “debt
pandemic”, with dire economic conse-
quences for Europe. With their ageing
populations, EU countries will struggle
to match the US and China in productiv-
ity and competitiveness if they allow
excessive debt to jeopardise their finan-
cial flexibility. Thus, all eurozone mem-
bers must engage in efforts to return to
stricter budgetary discipline.
Experience shows that balanced
budgets in countries with high levels of
debt are almost unattainable without
external pressure. Left to their own
devices, members of a confederation of
states are likely to succumb to the temp-
tation of incurring debt at the expense
of the community. I have discussed this
“moral hazard” with Mario Draghi on
many occasions. We have always agreed
that, given the structure of European
monetary union, competitiveness and
sustainable financial policies are the
responsibility of member states.
I am sure that he intends to uphold
this principle as Italian prime minister.
It is important for Italy and the EU as
a whole. Otherwise we will need a Euro-
that identifying details will be stripped
out and it will audit users to make sure
data is not misused. But privacy groups
remain concerned.
Opening access without jeopardising
privacy is key. Many imaginative
researchers have smart ideas for health-
care algorithms. But they have little
value until they are trained using real-
world data, and the more of it the better.
“I am a big believer that data saves
lives,” says Microsoft’s Elena Bonfiglioli.
AI may provide a partial solution:
synthetic data sets that mimic real ones
with slight changes. A 44-year-old with
a fatal blood clot might become 43 and
live nearby. Syntegra and Vanderbilt
University are building just such a dia-
betes patient database to share with
commercial researchers.
The current scramble for healthcare
data is cause for concern. Big players
have already amassed outsized posi-
tions in social media data. Healthcare
must be different. If we end up with a
few gated kingdoms, we will all be the
poorer — and sicker — for it.
brooke.masters@ft.com
Ellie Foreman-Peck
Lib Dem and Green votes. Talk of an alli-
ance is therefore a displacement activity
and a distraction from the hard steps
Labour must take to make itself electa-
ble. It is a magic-bullet alternative to the
more difficult task of reconnecting with
its lost voters and finding a policy plat-
form that speaks to their concerns.
Some argue that building an alliance
would enhance the standing of Keir
Starmer, the Labour leader, and show
the new changed post-Corbyn party. But
at the moment it would look more like
desperation than boldness. While there
is some interest among some senior fig-
ures in dialogue to develop ideas on
electoral or constitutional reform, the
leadership is wary of pacts.
The caution is wise. There may come
a time, nearer the election, when some
kind of arrangement is worth examin-
ing. But Labour’s core task is to get itself
in order and start looking like a party its
lost voters are prepared to see in power.
Electoral pacts are no substitute for
electability.
robert.shrimsley@ft.com
pean institution with powers to enforce
compliance with jointly agreed rules.
This would require treaty amendments.
Yet, even without such amendments,
the European Commission is assuming
more importance in this area.
A promising approach for Brussels to
take would be a eurozone debt redemp-
tion pact, similar to the sinking funds
devised by Robert Walpole and Alexan-
der Hamilton. As the first Treasury sec-
retary, Hamilton obliged the new US
states in 1792 to deposit good collateral,
practise budgetary discipline and
reduce their debts. That was the crux of
the oft-cited “Hamilton moment”, not
the mutualisation of debts sometimes
recommended for the EU.
The debt redemption plan worked
and could work again today. It provides
a mixed strategy of “carrots and sticks”
like that pursued by the IMF — another
legacy of Keynes. I am confident that
Europe will be wise enough to also fol-
low the British economist in this aspect
of his doctrine.
The writer is president of the Bundestag
and a former German finance minister
17
Netanyahu’s
reign over
Israel is on
the edge
MIDDLE EAST
David
Gardner
N
o sooner had Israel emerged
from last month’s conflict
with Hamas, the Islamist
rulers of Gaza, and faced
down mass protests by Pal-
estinians inside Israel and across the
occupied Palestinian territories, than its
citizens have been hurled back into the
gridlock of domestic politics.
While everything seems urgent, noth-
ing appears to change.
Yet there is a sense that things might
be shifting now that a motley collection
of parties has banded together to oust
Benjamin Netanyahu, the five-term
prime minister whose latest run has
lasted 12 years.
There have been four inconclusive
elections in the past two years. In the
last of these, in March, Netanyahu and
his rightwing Likud party came first,
even though the prime minister is on
trial for three charges of corruption,
which he denies. But he failed to cobble
together a majority in the 120-seat
Knesset, and the task fell to Yair Lapid, a
former TV anchor and finance minister
under Netanyahu, whose centrist Yesh
Atid group came second.
Lapid, the liberal voice of Israel’s sec-
ular middle class, is proposing a govern-
ment stretching from the left to the
ultranationalist right. This hydra-
headed coalition would be voted in by a
simple majority of the Knesset, with an
Islamist party backed by Israeli Arabs
abstaining.
Israel is now looking at a minority
government composed of parties united
There is a sense of change
as a motley collection of
parties bands together
to oust the prime minister
only by their shared loathing of Netan-
yahu. Lapid, moreover, has proposed
that Naftali Bennett, a far-right nation-
alist and former defence minister, take
first turn as prime minister in a rotating
premiership — despite the fact that Ben-
nett’s party won only seven seats in
March. Netanyahu is painting Bennett
as a sellout to the left, and Likud sup-
porters are circulating images of him in
an Arab keffiyeh headdress.
For the moment, neither specious
arguments nor seductive job offers have
tempted Netanyahu’s aggrieved former
partners back into the fold. But Israeli
politics could yet spring a surprise: Ben-
nett’s far-right grouplet has already suf-
fered one defection; one more and the
Lapid-Bennett combination will not
have the numbers.
The Likud and their rightwing allies
have taken to picketing and protest-
ing outside their opponents’ houses, tar-
geting as traitors Bennett and Ayelet
Shaked, his right-hand woman and con-
troversial former justice minister. Ben-
nett, Lapid, Shaked and several journal-
ists and legal officials in the Netanyahu
court case have been given police pro-
tection, in what the domestic intelli-
gence service described as an “atmos-
phere of incitement” — which some
compare to the smearing of former war-
rior-statesman Yitzhak Rabin, assassi-
nated in 1995 by a religious extremist.
If — and it is still a big if — Netanyahu
goes, he will be replaced by what looks
like a caretaker government. He could
bounce back, unless the Knesset dis-
qualifies him by barring any indicted
member from the premiership. His sup-
porters credit him with US recognition
of Jerusalem as Israel’s capital under
Donald Trump and a green light to for-
malise the annexation of about a third of
the occupied West Bank.
They also celebrate that, despite this,
he “normalised” diplomatic relations
with four Arab states, especially
through alliances in the Gulf against
Iran.
Longer term, it may be that Netan-
yahu has “normalised” Arab poli-
tics inside Israel. Mansour Abbas of the
Islamist Ra’am party is ready to do busi-
ness with anyone, including him, in
exchange for schools and clinics, roads
and police. Netanyahu’s legacy may also
be not only to have united his former
Israeli allies against him, but to
have brought together Palestinians, sec-
ond-class citizens inside Israel, and
their brethren in the occupied territo-
ries who are, at best, third-class citizens.
david.gardner@ft.com
18 ★ FINANCIAL TIMES Thursday 3 June 2021

Stablecoins/bitcoin: unTethered to reality

Bitcoin’s fall in price from nearly $65,000 to less than $33,000 in a matter of weeks has reminded investors
how volatile the cryptocurrency can be. Stablecoins, which are mostly from the US and China, look attractive
by comparison. But stablecoin operator Tether’s reserves are not all held in risk-free assets.

Twitter: @FTLex
Corporate emissions:
the heat is on
World leaders find it hard enough to
agree on the existential threat of
climate change. More heat will be
generated by a push for listed
companies to disclose the financial
risks better. France’s central bank
governor, François Villeroy de Galhau,
says governments are close to agreeing
a plan even so.
High time. Companies report their
emissions in ways that defeat
comparisons. Few quantify financial
risks from climate change at all. The
rapid rise of ESG means investors need
better data. Inflows to ESG funds ran at
$2bn a day in the first quarter.
Many companies now report their
carbon dioxide and other emissions.
Some even disclose internal
assumptions on carbon pricing. Under
the EU’s Emission Trading System, the
December 2021 price already exceeds
€50 per tonne, up 62 per cent this year.
BP has assumed €100 internally for
2030. Few forecast this far ahead.
They do not have to. Most financial
directors prepare accounts as the law
and the whims of the board dictate.
Two bodies should give direction to
governments and company number
crunchers. Outside the US, that falls to
the International Financial Reporting
Standards Foundation. It has just set
up a sustainability standards board.
In the US, the Securities and
Exchange Commission oversees
disclosure. Disappointingly, given the
US’s leadership role in world financial
markets, the SEC has moved slowly on
carbon and other ESG issues.
What should standards look like?
Companies should disclose both their
expected emissions and an assumed
long-term carbon price within the
scope of international averages. From
that, the present cost of pollution
should be calculated and stated.
The European Commission has plans
for tariffs that would eliminate the
price advantage cheap imports owed to
low or absent carbon taxes. This is a
sign that a global carbon price is in the
offing. Lex research points to a realistic
current world price of €100 per tonne.
Alarmingly for high-carbon sectors
such as steel and cement, the cost of
annual CO2 emissions at this price is
equivalent to a typical year’s ebitda.
Eco warriors and climate change
sceptics alike quibble that different
assumptions produce varying risks and
mitigation costs. Governments and
standards bodies should nail down
central cases for both. Most businesses
would swiftly follow their lead.
Bloomsbury:
book value
“Exceeds Expectations” is one of three
pass marks teachers at Hogwarts
School of Witchcraft and Wizardry can
award. Bloomsbury, the Harry Potter
series publisher, achieved the same
grade in annual results yesterday.
Revenues of £185m and pre-tax profits
of £19.2m in the year to February both
beat predictions. Lockdowns boosted
demand for everything from the
fantasy escapism of Sarah J. Maas to
insights on racism by Reni Eddo-Lodge.
A renaissance in reading means that
sales of physical books have risen by a
tenth in the past year worldwide. That
has stoked demand for shares in the
UK-based publisher.
These are back to levels last seen in
2006, before Amazon’s Kindle was
released and ebooks became popular.
Children’s books remain a staple for
Bloomsbury. Sales rose 26 per cent last
year to make up two-fifths of total
revenues. Even sales of Harry Potter
books rose 7 per cent, more than two
decades after the first edition. Profit
growth at the consumer division was
even more impressive, up 61 per cent.
A solid performance from books
directed at consumers more than offset
weakness in academic publishing.
Bloomsbury is still adapting to the
reality of students buying fewer books.
Revenues increased just 3 per cent in
that subdivision last year. Taking up
some of that slack is Bloomsbury
Digital Resources, which sells digital
access to academic institutions. Sales
here rose 49 per cent as the pandemic
accelerated the shift to online learning.
Surveys taken during lockdown
suggest new reading habits will persist
even as restrictions ease. A quarter of
young people said reading had become
more enjoyable, according to the
National Literacy Trust.
Some of this enthusiasm may
evaporate as hanging out with friends
becomes easier. Bloomsbury shares
trade at a multiple of 19 times forward
earnings, richer than any time in more
Bitcoin’s fall spurs Tether’s rise
Market cap ($bn)
1200
1000
800
Bitcoin
600
400
200
Tether
Jun 2020 2021
FT graphic Source: Coinmarketcap
The Great Bitcoin Crash of 2021 has
emboldened stablecoin issuers to
declare themselves the future of
digital currencies. Rapidly rising and
collapsing values prevent bitcoin’s
adoption as a payment mechanism.
Tokens pegged to real world assets
are less volatile. That may not make
them the next big thing.
Stablecoins are fine in theory. They
combine the supposed efficiency of
digital asset transfer with the privacy
of decentralised finance and the
security of traditional asset values.
Values are linked to fiat money, like
the dollar, or an asset such as gold.
They look appealing when other
cryptocurrency prices drop. Demand
for Tether, which is pegged to the US
dollar, has jumped since the start of
than a decade. Unless new habits are as
permanent as Harry’s lightning bolt
scar, this is a high sticker price.
AMC/Jason Mudrick:
Hedgezilla vs Meme Kong
Jason Mudrick stayed a shareholder in
AMC for about as long as it takes to
screen Titanic. And for the group, that
may have been an acceptable outcome.
Mudrick Capital acquired a $230m
stake in the theatre chain, a transaction
announced early on Tuesday. By
midday, Mudrick was out again. He
may have netted a 10 per cent to 20 per
cent gain, judging from intraday prices.
He bought the shares from AMC
itself. This announced it would go on
Most of Tether’s reserves
are not in cash
Breakdown of Tether’s reserves* (%)
Commercial paper Cash
49.6 equivalents
& other
short-term
deposits
23.31
Secured loans Corporate Cash
(none to affiliated bonds, funds 2.94
entities) & precious
12.55 metals 9.96
0 Cayman Islands
Other Investments
(including digital tokens) 1.64
* Breakdown at March 31 2021 Source: Tether
the year. Its market value is now close
to $62bn, according to CoinMarketCap.
Tether’s market worth is still less
than a tenth of bitcoin’s. Mass adoption
is not a near-term prospect. Instead of
making payments in the real world,
Tether often bridges the gap between
other digital assets traded on
exchanges. Anonymity is a selling
point. This is why the inter-
governmental Financial Action Task
Force says stablecoins have the same
potential for illicit use as any other
cryptocurrency.
There are plenty more reasons to be
wary. The US dominates issuance and
ownership of stablecoins. But no US
regulation provides specific deposit
protection yet.
Stablecoins are only as stable as their
“offense”, using the capital to buy
cinemas crushed by the pandemic. The
stock has nearly tripled in recent
weeks on the meme-driven frenzy. The
group has no material news. And no
objection to topping up its capital.
Large shareholders such as Silver
Lake and Dalian Wanda — and, of
course, Mudrick — have sold out. In
their place are 3m retail investors
pushing equity value to its highest level
for four years.
For a time, it seemed AMC would be
bankrupted by heavy debts and
shuttered theatres. But more than 20
financings have brought in $4bn of
liquidity. The US has quickly reopened
after a mostly successful jab rollout.
Studios are releasing blockbusters such
as Godzilla vs. Kong.
Results that match 2019 are unlikely
US and China dominate
stablecoins
Legal headquarters of 54
stablecoin initiatives
Tokenised currency
Stablecoins with other stability
mechanisms
0 2 4 6 8 10
US
China
N/A*
EU 27
UK
Virgin Islands
Canada
South Korea
Singapore
Hong Kong
Africa
Panama
*Not applicable Source: ECB
reserves. Tether does not have $62bn
sitting in low-risk cash or US
Treasuries. Following a settlement
with the New York District Attorney’s
office, Tether has clarified that its
reserves include less than 3 per cent
in cash. Most is in commercial paper,
though it is not clear who the issuers
are. Close to 2 per cent is in “other
investments”, such as digital tokens.
Given the risks, stablecoins issued
by a central developer with a
regulated transfer system will win
widest adoption. Central banks may
see no reason to cede such a set-up to
the private sector. Most have plans
for their own digital currencies.
Security worries, and the rivalry of
fiat money, will impose constraints
on growth in stablecoins.
in 2021. The company’s $5bn debt load
is higher than two years ago. A flurry of
equity offerings has quadrupled its
share count. Yet a compelling narrative
can overcome such plot holes as the
towering implied valuation multiples
AMC now trades at. Even after
Mudrick sold shares, AMC’s price
hardly dropped.
The trade raises ticklish questions
over the impact of corporate
announcements on the price of stocks
which become the subject of big block
trades. The bigger issue for meme
traders — small and large — is how long
exuberance will last as inflation
expectations rise.
A few film franchises are evergreen.
Most flop when the juice has been
squeezed from them. That can apply to
investment gambits too.
Etsy/Depop:
threads for Gen Zeds
Buying second-hand clothes may be
good for the planet but it is not always
cheap. Etsy, the US homemade goods
marketplace, is paying $1.6bn to buy
Depop, the fashion resale app popular
with Generation Z. While the market
for “preloved” garments is growing
fast, the valuation of this mostly cash
deal looks overdressed.
Privately held Depop generated
$70m in revenue in 2020, more than
double that reported in 2019. Still, this
means Etsy is acquiring Depop at a
price to revenue ratio of 23 times. Etsy
itself only trades at about 12 times.
Rival second-hand clothing platforms
Poshmark and ThredUp are on 13
times and 11.5 times, respectively.
It helps that Depop stands out as the
cool kid of used clothing resale
platforms. Part-Instagram and part-
eBay, the app’s ease of use and clever
emphasis on social connections has
made it a hit. Ninety per cent of its
30m users are under 26. Depop is also
the 10th most visited shopping site
among Gen Z consumers in the US.
Buying Depop would give Etsy,
whose users tend to be older
millennials, an opportunity to tap into
a younger demographic plus a bigger
chunk of the used clothing market.
A report from ThredUp reckons the
total market for second-hand clothes
could hit $64bn by 2024 compared with
$32bn in 2020. Younger consumers are
adopting second-hand fashion faster
than any other group. The problem is
that young people can also be a fickle
bunch. A hit app today may be deleted
tomorrow. There is also the question of
whether the deluge of closet cleaning
and online shopping prompted by the
pandemic will continue, now people
are no longer forced to stay at home.
Etsy’s willingness to shell out top
dollar underscores its optimism that
gaining access to Depop’s young blood
is worth the potential challenges.
Despite 10 years in the business,
Depop remains lossmaking. No
garment on the website needs
upcycling quite as badly as its
distressed-look P&L.
Lex on the web
For notes on today’s stories
go to www.ft.com/lex

CROSSWORD
No 16,802 Set by NEO
• ‘  ‰ …  } y ACROSS
1, 5 One tucks into corn and butter,
cooked and then some? (5,2,1,6)
9 Where one can relax over many
u •¸ pints? (8)
10 Humble churchman shows me inside
(6)
11 Help to save flier crashing here? (8)
•• •‘
12 Suit passed that needs repair (6)
•
14 Good man breaking record with
cycle dropped back (4,6)
•‰
18 Tribal leader let sin enter via wine
(10)
•… • •} 22 Dad taking drink makes an
appearance (4,2)
•y 23 Singer to hold back one note (8)
24 Polish initially respected in The Sun?
•u ‘¸ ‘• (6)
25 Chart-topper having other
‘‘ ‘ arrangement previously (8)
26 Be charitable when prospective
partner holds forth (6)
27 King died confining presumably
‘‰ ‘… large garden invader (8)
DOWN
1 Missile launcher first of eight? (6)
2 Finish work and hit the hay (6)
‘ ‘}
3 Vegetable container shown in list (6)
4 Failed to notice deliveries made by
butcher’s boy (10)
6 Amateur still enthralling lover once
on piano (8)
JOTTER PAD 7 Horrible daughter almost satisfied
after study (8)
8 Bats residing in place offering clear
view (8)
13 Desperate need to put a Bible in the
post (10)
15 Detested duke seen strangling son
Solution 16,801 (8)
16 Taking up dubious point made by a
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17 Unfriendly words are not about to
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