Europe edition

SATURDAY 2 JANUARY / SUNDAY 3 JANUARY 2021

Trump and the Republicans

Can the party break free?
What to see, BIG READ

read and how to

live this year
LIFE & ARTS AND
HOUSE & HOME

Europe drops Pandemic winners Companies that

made an opportunity out of a crisis
How viruses shaped the world
Science special
LIFE & ARTS

behind in mass
vaccinations
3 France accused of being too slow
3 BioNTech warns of supply hurdles
Guy Chazan — Berlin
Sarah Neville — London
Leila Abboud — Calais
EU leaders have rushed to calm criti-
cism over the slow pace of national vac-
cination campaigns, promising inocula-
tions for everyone who wants them.
The founder of BioNTech, the Ger-
man company that pioneered the first
vaccine to be approved in Europe, has
condemned the EU for being too slow to
secure stocks of the jab and warned of
possible bottlenecks with supplies amid
surging global demand.
France has been under the most pres-
sure to accelerate its campaign, with
only a few hundred doses administered,
compared with tens of thousands in
Germany and nearly 1m in the UK. It
takes two shots of the BioNTech/Pfizer
vaccine to become fully protected.
Doctors and opposition politicians
have accused the French government of
being too cautious, partly to accommo-
date vaccine sceptics, and being ill-
prepared for the logistical challenges of
the rollout. President Emmanuel
Macron addressed the concerns in his
televised New Year’s address, saying he
would “not let an unjustified slowness
take hold, because of bad reasons”, add-
ing: “Every French person who wants to
must be able to get vaccinated.”
After initially deciding to concentrate
The muse of Bridgerton
on old people in care homes, France
Shonda Rhimes
announced that medical staff aged 50 PERSON IN
and over would receive shots from Mon- THE NEWS
day. “Rest assured, the vaccination cam-
paign will soon pick up speed,” Olivier
Véran, health minister, said.
In Germany, too, officials have come
under pressure over the slow pace of the
vaccination campaign. Jens Spahn,
health minister, urged people to be
patient, saying supplies of the vaccine
were “tight, throughout the world”.
Ugur Sahin, chief executive of BioN-
Tech, the German vaccine-maker, criti-
cised the EU’s strategy on procuring
vaccines, saying it had been too hesi-
tant. “The process in Europe certainly
wasn’t as fast and straightforward as in Exiled Belarus opposition
other countries,” he told Der Spiegel.
He also warned of pressure on sup-
leader has Lunch with the FT
plies of the BioNTech/Pfizer vaccine. “It LIFE & ARTS
doesn’t look so rosy right now: a gap has
emerged, because there’s a lack of other
vaccines that have received approval
and we have to fill this gap with our vac-
cine,” he said. The US has ordered 200m
doses of the BioNTech/Pfizer vaccine,
while the EU has secured 300m.
Although the US got off to a quicker
start than France or Germany, it fell far
short of its target of vaccinating 20m
people by the end of December, with
only 2.8m receiving the jab last month. The speed with which Covid-19 swept the world was catastrophic for many but, for others, it
Portugal prioritises rollout page 2 was a chance to shine. We look at the businesses that flourished in 2020. Pages 9 & 10 — FT montage

US retailers braced for $115bn flood of

returns, but couriers are celebrating
Alistair Gray — NEW YORK during the pandemic has led the returns thanks to online shopping, said in
phenomenon to spread to a wider range December that it expected “record high”
US consumers are forecast to send back of products this year. levels of returned packages to “continue
a record $115bn worth of unwanted With US retailers streamlining the over the next several months”.
goods purchased over the holiday sea- returns process, consumers are more Returns are costly for retailers, not
Courts to decide fate of son, handing yet more business to willing to buy goods in a range of catego- least because the resources deployed to
painting looted by Nazis delivery companies but hitting retailer ries — including homewares and elec- sell the product are squandered. Dealing
profit margins and intensifying con- tronics — knowing they can return them with returned items is complex, and
Report i PAGE 3 cerns about the environmental impact. with minimal hassle, said Tobin Moore, merchandise that would otherwise be
chief executive of Optoro, a retail tech- available for purchase is taken out of cir-
Austria €5.00 Morocco Dh55 Retailers are preparing to process mil- nology company. culation, requiring extra inventory.
Bahrain Din2.20 Netherlands €5.00
Belgium €5.00 N Macedonia Den240 lions of extra items as a result of a surge “People are taking more risks with the But while half of all returned goods
Bulgaria
Croatia
Lev8.75
Kn31
Norway
Oman
NKr49
OR2.20
in ecommerce orders, which consult- goods they’re buying online,” he said. have little or no salvage value, retailers
Cyprus €4.50 Pakistan Rupee450 ants said were about three times more Optoro expects a 15 per cent year-on- risk losing out if they try to make it more
Czech Rep
Denmark
Kc140
DKr50
Poland
Portugal
Zl 25
€4.50 likely to be returned than purchases in year increase in the value of goods difficult for customers to send back pur-
Egypt
Finland
E£72
€5.90
Qatar
Romania
QR20
Ron19
bricks and mortar stores. bought in store and online that are chases, according to Sucharita Kodali, a
France €5.00 Russia €5.00 Clothes bought online are more likely returned between Thanksgiving in late retail analyst with Forrester.
Germany
Gibraltar
€5.00
£4.00
Serbia
Slovak Rep
RSD520
€4.50 to be sent back, since shoppers who can- November and the end of January. In the past year in the US, Optoro esti-
Greece
Hungary
€4.50
Ft1590
Slovenia
South Africa
€4.50
R130
not try them on often order multiple However, one beneficiary of the rise in mates, almost 2.7bn kg of returned
India Rup260 Spain €4.50 sizes or colours. Gifts also have higher two-way traffic is logistics companies. goods — equivalent to about 6,700 fully
Italy
Lithuania
€4.50
€5.00
Sweden
Switzerland
SKr55
SFr7.50 than average return rates. FedEx, which posted its strongest sales loaded Boeing 747 jets — could have
Luxembourg
Malta
€5.00
€4.50
Tunisia
Turkey
Din9.00
TL25
The relentless rise of online shopping on record in its most recent quarter gone to landfill.
UAE Dh25.00

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2 ★ FTWeekend 2 January/3 January 2021

international

Bloc presidency

WORLD|
Portugal prioritises EU vaccine rollout
WEEK IN REVIEW| Lisbon will also focus on EU’s €750bn coronavirus recovery fund that we are a liberal democracy that is ‘[Showing] sition projects in the wake of the pan-
turns into productive investment, along- also socially advanced,” he said. “That is demic, and to see the 2050 climate law,
productive investment of side other programmes in the bloc’s the best antidote against populism.” we are a the cornerstone of the EU’s Green Deal,

Argentina’s Senate legalises

coronavirus recovery fund €1.8tn seven-year spending plan, both One of the most difficult challenges liberal approved by the European Parliament.
of which were approved in the past two facing the Portuguese presidency will be Legal efforts by the Hungarian and
abortion on demand Peter Wise — Lisbon months under Germany’s presidency. advancing stalled negotiations on democracy Polish governments to overturn new EU
“We believe the last six months were a reforming the EU migration system. He that is also rules that make access to EU funds con-
Argentina legalised abortion on demand, a signifi- Rolling out the EU’s mass vaccination period of big strategic decisions in the describes the pact on asylum and migra- ditional on respect for the rule of law is
cant moment in Latin America which is renowned programme will be one of Portugal’s top EU. Our responsibility is to put those tion, a European Commission plan socially likely to be another thorny issue.
for some of the most restrictive abortion laws in the priorities after it took over the six- decisions into practice and produce announced in September, as “perhaps advanced is “We have to be alert,” said Mr Santos
world. The Senate backed a bill authorising the ter- month rotating EU presidency yester- results,” Mr Santos Silva said in an inter- the most divisive subject in the EU”. Silva. “It is not only Hungary and Poland
mination of pregnancies during the first 14 weeks, as day as a new, more infectious strain of view with the Financial Times. Some member states wanted to close the best that create difficulties. Forces that call
well as in rape cases and risk to the mother’s health. coronavirus spreads across Europe. Portugal, whose economy has been Europe to migration completely or only antidote into question our values are growing in
Feminist activism has been pushing for abortion Augusto Santos Silva, foreign minis- battered by the European debt crisis accept migrants of certain nationalities, influence in countries like Portugal,
reform in Argentina for five years, finding support ter, said Lisbon’s socialist govern- and the pandemic, plans to promote religions or cultures, said Mr Santos against France, Spain, Germany, the Nether-
from President Alberto Fernández, who promised ment would prioritise “the full develop- stronger European solidarity at a “social Silva. “Other member states, like Portu- populism’ lands and elsewhere.”
his backing during the 2019 election campaign. Vice- ment of the EU’s strategy of free, univer- summit” to discuss social rights and gal, say none of these criteria are accept- Mr Santos Silva believed Portugal had
president Cristina Fernández de Kirchner opposed sal vaccination”. Persuading EU citizens protections to be held in Porto in May. able.” The German presidency had been a reputation as an “honest broker”.
the bill as president but changed tack in 2018. that masks and other restrictive meas- “It is important to show that part of unable to move the issue forward, he “The other 26 countries know that we’re
“Today Argentina is a fairer place,” said Elizabeth ures will remain essential for many the democratic identity of Europe is not added, but “let’s see if we can”. not going to bring a national agenda to
Gómez Alcorta, minister for women, genders and more months will be another challenge. only having a market economy, but one Mr Santos Silva also wants to boost our presidency.”
diversity. Portugal will also seek to ensure the that also has a strong social dimension, the momentum of the bloc’s digital tran- John Gapper see Opinion

China rescinds bail and sends

Hong Kong media chief back to jail Senate elections. Georgia

Trump factor boosts Democratic hopes

Hong Kong media tycoon Jimmy Lai was sent back to
jail after the territory’s top court rescinded his bail.
Mr Lai, one of Hong Kong’s most outspoken critics
of China’s ruling Communist party, had been
released on HK$10m ($1.3m) bail last week. But the
Court of Final Appeal said he must be detained while average of recent polls by opinion poll
the prosecutors’ appeal was being considered. White House push for bigger Elbow-bumping: website FiveThirtyEight shows Mr
He was arrested last month and faces fraud Democrats Jon Ossoff leading Mr Perdue by 1 percent-
charges of misusing a business premises lease. He stimulus cheques leads to Ossoff, left, and age point, and Mr Warnock leading Ms
was previously arrested in August and charged Raphael Warnock Loeffler by 2 points — both within the
under Beijing’s national security law for allegedly division among Republicans at a rally last margin of error.
colluding with foreign powers. He denies the allega- month. Below, Mr Ossoff and Mr Warnock, who are
tions. Elsewhere, 10 Hong Kong protesters were Lauren Fedor — Washington Republican running co-ordinated campaigns, have
jailed for between seven months and three years for Democrats’ hopes of winning two US Kelly Loeffler made economic relief a core message,
violating border restrictions trying to flee to Taiwan. Senate run-off races in Georgia and Jessica McGowan/Getty
first calling for $1,200 stimulus cheques
regaining control of the upper chamber to be included in the package that
of Congress have been boosted by Mr Trump approved on Sunday. The
clashes between Donald Trump and Democrats upped their demands this
US unemployment claims fall Republicans over stimulus payments. month after Mr Trump called for
to lowest level since November The January 5 polls pit Republican $2,000 payments.
incumbents David Perdue and Kelly Mr Perdue and Ms Loeffler initially
Initial US jobless claims, millions Loeffler against Democratic challengers stayed quiet on the stimulus cheques,
Jon Ossoff and Raphael Warnock. The and Mr McConnell reportedly only
6 run-offs were required under state law signed up to the $600 direct payments
because no candidate in either race amid growing concerns about the
5 received 50 per cent of the vote in the Georgia races.
4 November 3 election. The New York Times first reported
3 Control of the Senate hangs in the two weeks ago that Mr McConnell said
2 balance, and with it the prospects for in a private phone call the Republicans
1 president-elect Joe Biden to push his were “getting hammered” for lawmak-
agenda through Congress, where the ers’ failure to agree on another round of
0 Democratic party controls the House of economic relief.
Jan Apr Jul Oct Dec
Representatives. If Democrats win both After a deal on Capitol Hill shortly
Seasonally adjusted
Source: Federal Reserve Bank of St Louis Georgia races, the Senate would be split before Christmas, Mr Perdue and Ms
50:50, giving Kamala Harris, as vice- Loeffler championed the relief bill —
Another 787,000 Americans applied for unemployment president, the tiebreaking vote. before changing tune this week to
benefits last week, down 19,000 from the week before Mr Trump has cast a shadow over the remain in lockstep with the president.
and the lowest figure since November. Georgia races by breaking with his party In separate Fox News channel appear-
That is the second consecutive fall in the number of and pushing for $2,000 stimulus pay- ances on Tuesday, both Republicans
initial jobless claims after they hit a three-month high ments to most adults — even after sign- said they had decided to endorse the
last month. ing into law a $900bn stimulus bill that $2,000 payments. Mr Perdue said it
included means-tested $600 payments. was “the right thing to do for people
While the House this week approved in Georgia”.
the $2,000 payments, Mitch McConnell, day, despite Mr Purdue’s absence from Georgia have voted early in the two Sen- Mr Ossoff accused his Republican
At least 20 killed in Aden airport Republican Senate majority leader, said the campaign trail. Mr Purdue and his ate run-offs, either in person or by mail, opponent of caring “about himself, not
attack as new ministers land on Wednesday the proposal had “no wife have both so far tested negative. according to the University of Florida’s the people of Georgia”. Mr Warnock
realistic path to quickly pass” in the A survey of likely Georgia voters con- US Elections Project. Hundreds of thou- struck a similar tone, saying Georgia
Republican-majority upper chamber. ducted last month by Data for Progress, sands more are expected to cast their voters could not “trust Kelly Loeffler to
At least 20 people were killed in an attack on Aden’s National opinion polls show the a progressive pollster, found 63 per cent ballots in person on Tuesday, setting a look out for anyone but herself”.
airport moments after an aircraft carrying Yemen’s majority of Americans support the big- saying they would be more likely to vote state record for voter turnout in a run- Republican strategist Doug Heye said
new government landed in the southern city. ger payouts — and in Georgia, political for a candidate who supported an addi- off. Run-offs tend to attract fewer voters the party’s senators had made a calcu-
Maeen Abdulmalik Saeed, Yemen’s prime minis- operatives are warning that Democrats tional coronavirus relief cheque — 10 than general elections. lated decision to curry favour with Mr
ter, who was on the plane, called the incident “part of have been effective at placing the blame per cent said they would be less likely. Almost 5m people voted in the Trump, who continued to enjoy support
the war that is being waged against the Yemeni state for Washington’s stalemate on congres- “It is being played pretty heavily here November 3 election in Georgia, which from his rightwing base. “[Mr Perdue
and its great people”. sional Republicans. that Republicans don’t care about you resulted in Mr Biden becoming the first and Ms Loeffler] feel that they have to
The attack threatens to escalate the fighting in The final few days of the tight and don’t want you to have assistance Democratic presidential candidate to be exactly where Donald Trump is,” Mr
Yemen’s near six-year civil conflict. Video footage campaign were further compli- during this crippling pandemic, and win the southern state in almost three Heye said.
showed the government delegation leaving a plane cated after Mr Purdue’s team Democrats do,” said Bill Crane, vet- decades. He defeated Mr Trump in “It is very easy to see how he could
when the first blast was heard. Gunfire then erupted announced on New Year’s Eve eran political analyst in Atlanta Georgia by fewer than 12,000 votes, lash out at one of those two, or both of
as smoke billowed out of airport buildings. No group he would quarantine after who has worked for candidates in leading the president to make claims the them, and that could cost them the
claimed responsibility, but officials in the Saudi- coming into contact with both parties. “Those are the mes- result was rigged against him. race . . . In a run-off, the one thing that
backed administration blamed Houthi rebels. someone who tested positive sages that are getting a lot more Democrats and Republicans agree they cannot afford is to have Donald
for Covid-19. Mr Trump was airtime, a lot more pick-up.” that the two run-offs are also likely Trump criticise them.”
due to visit Georgia on Mon- More than 2.5m people in to be decided by narrow margins. An See FT Big Read

Performing arts
MAKE A SMART INVESTMENT
Subscribe to the FT today at FT.com/subscription Audience applauds Vienna’s new year concert from home
FRIDAY 31 MARCH 2017 WORLD BUSINESS NEWSPAPER UK £2.70 Channel Islands £3.00; Republic of Ireland €3.00
Valerie Hopkins — Vienna Performances such as yesterday’s with the mindset that we know so many certs streamed in real time where view-
Trump vs the Valley A Five Star plan? Dear Don...
concert have been able to continue in cannot.” ers could pay what they liked. Often the
Tech titans need to minimise
political risk — GILLIAN TETT, PAGE 13
Italy’s populists are trying to woo
the poor — BIG READ, PAGE 11
May’s first stab at the break-up
letter — ROBERT SHRIMSLEY, PAGE 12
The Vienna Philharmonic finished its
HMRC warns Lloyd’s of Brussels Insurance market part owing to generous emergency sup- Austria has held several large cultural shows drew a much larger audience
New Year’s Day concert with no one in
UK £3.80; Channel Islands £3.80; Republic of Ireland €3.80 SATURDAY 1 APRIL / SUNDAY 2 APRIL 2017
Briefing
to tap new talent pool with EU base
customs risks THE END
i US bargain-hunters fuel Europe M&A
Europe has become the big target for cross-border

port for the arts. The federal govern- events in 2020, including the 100th than the club’s seating capacity.
dealmaking, as US companies ride a Trump-fuelled
equity market rally to hunt for bargains across the
HOW DRIVERLESS
OF THE TECHNOLOGY IS
Atlantic.— PAGE 15; CHINA CURBS HIT DEALS, PAGE 17

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

ment provided €220m plus its regular Salzburger Festspiele, a month-long “We want to send a signal that we
i Emerging nations in record debt sales Warning: this article may be
FT WEEKEND MAGAZINE
FEBRUARY 4 2017

Developing countries have sold record levels of

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

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

3 Confidence in IT plans ‘has collapsed’

3 Fivefold rise in declarations expected
JAMES BLITZ — WHITEHALL EDITOR
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
Credit Suisse Art of persuasion Mystery deepens
i London tower plans break records
How To Spend It
budget of €466m to support artists and annual theatre, music and opera festival don’t give up because of the virus,” said
A survey has revealed that a
adjust its negotiation position with the
record 455 tall buildings are
planned or under construction
in London. Work began on
over disputed painting of Jane Austen
engulfed in
EU, a Whitehall official said. “If running almost one tower a week
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
press for certain options in Brussels.” The US secretary of state has failed to reconcile

fresh tax probe

leaves the EU, customs authorities have
admitted to MPs.
HM Revenue & Customs told a parlia-
mentary inquiry that the new system
needed urgent action to be ready by
March 2019, when Brexit is due to be
completed, and the chair of the probe
said confidence it would be operational
in time “has collapsed”.
Normally, some 50,000 apply for tickets cultural bodies. The government also which took place with socially distanced artistic director Christoph Huber, not-
In a letter to Andrew Tyrie, chairman tensions after talks in Ankara with President Recep
of the Commons treasury select com-
mittee, HMRC said the timetable for
Tayyip Erdogan on issues including Syria and the
extradition of cleric Fethullah Gulen.— PAGE 9
Chic new lodgings
delivering CDS was “challenging but
achievable”. But, it added, CDS was “a i Toshiba investors doubt revival plan
in Scotland
complex programme” that needed to be In a stormy three-hour meeting, investors accused MAGAZINE
linked to dozens of other computer sys- managers ofhaving an entrenched secrecy culture
tems to work properly. In November, 3 UK, France and Netherlands swoop
and cast doubt on a revival plan after Westinghouse
HMRC assigned a “green traffic light” to filed for Chapter 11 bankruptcy protection.— PAGE 16
3 Blow for bid to clean up Swiss image

Setting up a digital customs system
has been at the heart of Whitehall’s
Brexit planning because of the fivefold
increase in declarations expected at
British ports when the UK leaves the EU.
to the annual tradition. But this year, the cut value added taxes for the sector and seating and regular testing for perform- ing that his club’s ability to host concerts
CDS, indicating it would be delivered on
time. But last month, it wrote to the i HSBC woos transgender customers
committee saying the programme had The bank has unveiled a range of gender-neutral
RALPH ATKINS — ZURICH it followed “a strategy offull client tax
been relegated to “amber/red,” which DUNCAN
titles such asROBINSON — BRUSSELS
“Mx”, in addition to Mr, Mrs, Misscompliance”
or but was still trying to
means there are “major risks or issues Ms, in a move to embrace diversity and cater togather the information about the probes.

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

28821, Coslada, Madrid. Legal Deposit Number

Theresa May announced in January that
Brexit would include departure from
both trading blocs. HMRC handles 60m
declarations a year but, once outside the
customs union, the number is expected
to hit 300m.
seats in the frescoed great hall of the offered access to the Kurzarbeit furlough ers. It sold 76,000 tickets and organisers and continue paying musicians via state
international trade once the UK leaves its image as a tax haven. and certain ofits employees”. The UK
the EU . . . Internal ratings are designed The Swiss bank said yesterday it was tax authority added: “The international
to make sure that each project gets the
focus and resource it requires for suc-
Terror attacks inwith
co-operating western Europe after
authorities
offices in London, Paris and Amsterdam
Recent reach
itsattacks
notably the message
2011
— of this investigation sends a clear
that there is no hiding place for
The lure of the exotic
cessful delivery.” were contacted
Highlighted attack byOthers massacre bythose seeking to evade tax.”
local officials Robin Lane Fox on the flair
“concerning client tax matters”. Anders BreivikDutch in prosecutors, who initiated the
HMRC’s letters to the select commit- of foreign flora — HOUSE & HOME

Bracken House, 1 Friday Street, London EC4M 9BT.

The revelations about the system,
called Customs Declaration Service, are
likely to throw a sharper spotlight on
tee, which will be published today, pro-
vide no explanation for the rating
change, but some MPs believe it was
Lloyd’s of London chose Brus-
sels over “five or six” other
insurers to follow. Most of the
business written in Brussels
EU, with Dublin and Luxem-
bourg thought to be more likely
AFP
parts in Germany wereBrussels
while Australia’s revenue department
Norway
said it was investigating a Swiss
(Deposito Legal) M-32596-1995;
Norway, the
Dutch authorities said their counter- action, said they seized jewellery, paint-
attacks in Paris
also involved,
and Nice, and
ings and gold ingots as part of their
Brussels suicide
Nice bank.
the while French officials said their
probe;
investigation had revealed “several

whether Whitehall can implement a
host of regulatory regimes — in areas
ranging from customs and immigration
to agriculture and fisheries — by the
time Britain leaves the EU.
Problems with CDS and other projects
essential to Brexit could force London to
caused by Mrs May’s unexpected deci-
sion to leave the EU customs union.
Timetable & Great Repeal Bill page 2
Scheme to import EU laws page 3
Editorial Comment & Notebook page 12
Philip Stephens & Chris Giles page 13
JPMorgan eye options page 18
cities in its decision to set up an
EU base to help deal with the
expected loss of passporting
rights after Brexit.
John Nelson, chairman of the
centuries-old insurance mar-
ket, said he expected other
will be reinsured back to the
syndicates at its City of London
headquarters, pictured above.
The Belgian capital had not
been seen as the first choice for
London’s specialist insurance
groups after the UK leaves the
Musikverein were empty for the first support scheme, film-making subsidies, said no infections could be traced to it. and audience support was rare. Mr Fro-
homes for the industry. But Paris bombings — have
Mr Nelson said the city won on The inquiries threaten to undermine thousand” bank accounts opened in
bucked the trend
efforts by the country’s banking sector Switzerland and not declared to French
its transport links, talent pool
and “extremely good regula-
tory reputation”.
Lex page 14
Insurers set to follow page 18
to overhaul business models and ensure
customers meet international tax
requirements following a US-led clamp- Publishing Director, Roula Khalaf;
of generally low

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

Publishing Company, The Financial Times Limited,

The probes risk sparking an interna- demanded a written explanation from

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

City watchdog sends a clear message as

time since the event started in 1939. vouchers for cancelled events and Other Austrian venues have also tried schauer said Europe’s cultural workers
general’s office expressed “astonish- In 2014, Credit Suisse pleaded guilty
ment” that it had been left out of the in the US to an “extensive and wide-
actions co-ordinated by Eurojust, the ranging conspiracy” to help clients THE RISE
Escape OF
the taper ECO-GLAM
trap
EU’s judicial liaison body. evade tax. It agreed to fines of $2.6bn.

banker loses job over WhatsApp boast How high earners can evade

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Credit Suisse, whose shares fell 1.2 per

subject ofinvestigations in the Nether-

lands, France and the UK. The bank said in Paris registered office as above. Local Representative office;
Additional reporting by Laura Noonan in
cent yesterday, identified itself as the Dublin, Caroline Binham and Vanessa
Houlder in London, and Michael Stothard
Austen’s descendants insist the Rice portrait depicts her as a girl — see magazine Bridgeman Art Library
a pension headache — FT MONEY

The orchestra has found an audience replacement for sales lost in lockdown. to keep doors open, at least to perform- were lucky in comparison to the “horror
LAURA NOONAN — DUBLIN Berrys after discussions with regulators. media at work, but banks are unable to
JENNIFER THOMPSON — LONDON

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Shutdown risk as border
A boastful WhatsApp message has cost
a London investment banker his job
and a £37,000 fine in the first case of
Christopher Niehaus, a former Jeffer-
ies banker, passed confidential client
information to a “personal acquaint-
ance and a friend” using WhatsApp,
according to the FCA. The regulator said
ban people from installing apps on their
private phones.
Andrew Bodnar, a barrister at Matrix
Chambers, said the case set “a precedent
in that it shows the FCA sees these mes-
C/ Infanta
Brussels Maria
takes tough Teresa 4, bajo 2, 28016, Madrid. ISSN
stance on Brexit
with Spain handed veto over Gibraltar
regulators cracking down on commu- 390_Cover_PRESS.indd 1 19/01/2017 13:57

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

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Congressional Republicans seeking to
avert a US government shutdown after
April 28 have resisted Donald Trump’s
attempt to tack funds to pay for a wall
on the US-Mexico border on to
chat app.
The fine by the Financial Conduct
Authority highlights the increasing
problem new media pose for companies
that need to monitor and archive their
to his employer voluntarily.
The FCA said Mr Niehaus had shared
confidential information on the messag-
ing system “on a number of occasions”
last year to “impress” people.
Several banks have banned the use of
else”.
Information shared by Mr Niehaus
1135-8262.
remotely, however. Seven thousand Many of the greatest classical musi- ers. Jazz club Porgy and Bess, in central scenario” in America.
included the identity and details of a
client and information about a rival of ALEX BARKER — BRUSSELS ambitious trade and airline access deals. mise. If Britain wants to prolong its
Jefferies. In one instance the banker GEORGE PARKER — LONDON Gibraltar yesterday hit back at the status within the single market after
boasted how he might be able to pay off STEFAN WAGSTYL — BERLIN clause, saying the territory had “shame- Brexit, the guidelines state it would

Advertising
stopgap spending plans. They fear
that his planned $33bn increase in
defence and border spending could
force a federal shutdown for the first
time since 2013, as Democrats refuse
staff’s communication.
Several large investment banks have
banned employees from sending client
information over messaging services
including WhatsApp, which uses an
new media from work-issued devices,
but the situation has become trickier as
banks move towards a “bring your own
device” policy. Goldman Sachs has
clamped down on its staff’s phone bills
his mortgage if a deal was successful.
Mr Niehaus was suspended from Jef-
feries and resigned before the comple-
tion of a disciplinary process.
Jefferies declined to comment while
Living wage rise to pile
pressure on care services
UAE: Masar Printing & Publishing, P.O. Box 485100,
The EU yesterday took a tough opening
stance in Brexit negotiations, rejecting
Britain’s plea for early trade talks and
explicitly giving Spain a veto over any
arrangements that apply to Gibraltar.
fully been singled out for unfavourable
treatment by the council at the behest of
Spain”. Madrid defended the draft
clause, pointing out that it only reflected
“the traditional Spanish position”.
require “existing regulatory, budgetary,
supervisory and enforcement instru-
ments and structures to apply”.
Mr Tusk wants talks on future trade
to begin only once “sufficient progress”

Dubai. Editor in Chief: Roula Khalaf. from up to 90 countries registered to cians, from Wolfgang Amadeus Mozart Vienna’s first district, converted most of The US had record deaths from Cov-
to accept the proposals. encryption system that cannot be as iPhone-loving staff spurn their work- Facebook did not respond to a request Senior EU diplomats noted that has been made on Britain’s exit bill and

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

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

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lot more. Some 43 per cent of care
staff — amounting to 341,000 people
aged 25 and over — earn less than the
France: Publishing Director, Jonathan Slade, 46 Rue La
“phased approach” to the divorce proc-
ess that prioritises progress on with-
drawal terms.
was “within the parameters of what we
were expecting, perhaps more on the
upside”.
Nato summit in Brussels that Mrs May
had not intended to “threaten” the EU
when she linked security co-operation

broadcast applause from their home. to Gustav Mahler, worked in Vienna, so its winter programme into online con- id-19 in December and has no robust
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“We need to have hope,” said Italian the genre is important to Austria. Early social safety net for artists. More than
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erein for the first time without music on conditions for performances, said Mr ployed, according to the US National
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2 January/3 January 2021
Fate of Pissarro painting revives Nazi loot row
Retail heiress fights two court battles over work of art, one of about 100,000 pieces stolen from Jews during German occupation of France
Victor Mallet — Paris
Léone Meyer vividly remembers the
first time she saw her father’s cherished
painting — Bergère rentrant des moutons
(‘Shepherdess Bringing in Sheep’) by
the Impressionist painter Camille Pis-
sarro — in the basement of the Musée
d’Orsay in Paris.
It was four years ago, and the paint-
ing, which had been looted by the Nazis
during the second world war from her
Jewish adoptive parents, had finally
been returned to France by a museum
in Oklahoma.
“The tears came into my eyes,” said
Ms Meyer, now 81. “I almost saw the sil-
houette of my parents before me.”
Nearly 80 years after her biological
mother, brother, aunt and grandmother
were deported and murdered at Ausch-
witz, the Nazi concentration camp in
Poland, Ms Meyer has found herself
embroiled in the continuing struggle to
locate and return looted works of art
traded around the world after the war.
Two court battles are now under way
over the fate of her Pissarro. The court
cases in France and the US centre on an
unusual agreement struck in 2016
between Ms Meyer and the University of
Oklahoma, which previously had the
painting on display at its Fred Jones Jr
Museum of Art.
In Paris, Ms Meyer is challenging the
validity of the deal, which accepted her
as the rightful owner but required a
rotation of the painting every three
years from 2021 between France and
‘Why don’t they just give
it to her? She’s in her 80s
and a Holocaust survivor’
Ron Soffer, lawyer
Oklahoma in perpetuity. The court’s
reasoning was that the Fred Jones
museum had been gifted the painting by
an owner who bought it in good faith
from a New York gallery without know-
ing it was Nazi war spoil.
Ms Meyer wanted to give the painting
to the Musée d’Orsay, but it refused the
bequest because it is not allowed to take
on perpetual obligations to pay for regu-
lar transport overseas. The risk now is
that by failing to donate the work of art
to an institution in France under the
terms of the deal, she will be obliged to
hand it to the US state department for its
Art in Embassies programme.
“Why don’t they just give it to her?
She’s in her 80s and a Holocaust survi-
vor,” said her lawyer, Ron Soffer. “Many
museums in the world would say, ‘Here,
you can have it’. For her it’s a matter of
principle.”
Ms Meyer worked as a paediatrician
but is also a retail heiress rich enough to
be able to buy Impressionist paintings.
The painting belonged to Ms Meyer’s
adoptive father, Raoul Meyer, a busi-
nessman who joined the French resist-
ance and ran the Galeries Lafayette
shopping empire after the war. He was
also a musician and art lover who was
“very attached” to his small collection
of paintings, she said.
UK
Johnson hails EU exit but
faces threat of British split
George Parker — London
UK prime minister Boris Johnson
described the new year’s severing of
ties with the EU as “an amazing
moment” for Britain, but he faced
warnings that Brexit could hasten the
disintegration of his own country.
Nicola Sturgeon, Scotland’s first minis-
ter, intends to put Brexit at the centre of
her campaign in May’s parliamentary
elections, at which the Scottish National
party will campaign for a second inde-
pendence referendum.
Ms Sturgeon, who wants to lead an
independent Scotland back into the
EU, wrote on Twitter: “Scotland will be
back soon, Europe. Keep the light on.”
Scotland voted 62:38 to stay in the EU in
the 2016 Brexit referendum.
The first minister claimed an inde-
pendent Scotland would be “a bridge to
aid understanding between the EU and
UK”, as she kicked off a year that could
have a profound impact on the future of
the union.
Mr Johnson has vowed to block a sec-
ond Scottish independence referendum
— which would have to be approved by
Westminster — arguing that the 55:45
vote in 2014 for Scotland to stay in the
UK was meant to settle the issue for a
generation.
Mr Johnson’s claim that Brexit had
put “freedom in our hands” and that the
UK would be able to do things “differ-
ently and better” outside the EU
★ FTWeekend 3
international
ing it. It was only after the so-called
Washington Conference in 1998 called
for art looted by the Nazis to be identi-
fied and ownership resolved that the art
world began to look more closely at the
issue, said Mr Soffer.
“If they [the museum in Oklahoma]
had done due diligence they would have
been alerted to the fact that the painting
is on the French government list of art
looted by the Nazis.”
Michel Jeannoutot, president of the
CIVS, a French commission to indem-
nify victims of anti-Semitic looting dur-
ing the occupation of France, said there
was “a general movement in Europe and
Flock watching: in the US as well to have ‘clean’ muse-
‘Shepherdess ums, in which works of art are exhibited
Bringing in that have clear provenance”.
Sheep’ by the As she awaits the judgment of the two
Impressionist courts, Ms Meyer said her wish was to
painter Pissarro give the painting in full to the Musée
on display at the d’Orsay, which has similar rural images
Fred Jones Jr by Pissarro in its collection.
Museum of Art “This painting has been wandering
at the University around the world for nearly a century,”
of Oklahoma she said. “It should stop. It’s very impor-
Sue Ogrocki/AP tant that this painting returns here.”
The Meyers had hidden their works of
art in a safe at a bank in south-western
France in 1940, but the Nazis seized the
collection and sent it to Switzerland
after the Allied landings in 1944. The
painting was one of about 100,000
works of art looted from Jews in France
during the German occupation.
It holds particular significance to Ms
Meyer because of the painting’s impor-
tance to her adoptive parents, a couple
who brought her into their family at the
age of seven from a Jewish orphanage
outside Paris in 1946. “It’s about
respecting the memory of my parents, a
desire for justice, and the idea that this
period allowed the killing of millions of
people in the camps, including my bio-
logical family,” she said.
A court in Oklahoma, meanwhile, has
ordered Ms Meyer to abide by the 2016
deal, which was validated by US and
French courts, and to abandon the legal
proceedings in France or be held in con-
tempt of court in the US.
“At the end of the day what the [Okla-
homa] museum wants is to have the
painting on the wall,” said Olivier de
Baecque, the university’s lawyer in
Paris. “Mrs Meyer should respect the
decisions of the justice system . . . The
essence of a settlement is for the parties
to make concessions.
“When you do a deal like that you
need to compromise and if you don’t
respect such compromises then there
will be no deals in looted art cases.”
Pissarro’s representation of the shep-
herdess opening a farmyard gate to her
sheep, painted in 1886, has had a typi-
cally roundabout postwar journey back
to France since the war.
Raoul Meyer located it in Switzerland
but lost a court case there in 1953 when
he tried to reclaim it. It was later
acquired by New York art dealer David
Findlay, who sold it to a family that
gifted it to the Fred Jones museum 20
years ago. Ms Meyer located it there in
2012 and began the process of reclaim-
is not widely shared in Scotland.
“This is an amazing moment for this
country,” Mr Johnson said in his new
year message, released to coincide with
the end of the Brexit transition period
and the end of Britain’s 47-year legal and
institutional ties to the EU.
The prime minister has downplayed
the “non-tariff barriers” to trade with
the EU thrown up by Brexit — including
an estimated £7bn in bureaucracy for
business — and their potential impact
on the integrity of the UK.
Aside from inflaming nationalist sen-
timents in Scotland, Brexit has also
placed new obstacles to trade between
Great Britain and Northern Ireland. The
region, which also voted against Brexit,
remains part of the EU’s customs code.
The prime minister insists his trade
deal with the EU had been achieved
while extricating Britain from the EU’s
legal structures.
But critics have long warned that such
an agreement would inevitably lead to
friction at the border, as companies
faced new checks, controls and paper-
work to trade.
Mr Johnson hinted at the “state activ-
ism” he intends to pursue to rebuild the
economy after the coronavirus crisis.
He said it was “thanks to government
scientists” that Oxford university had
partnered with AstraZeneca to develop
its Covid vaccine and “thanks to govern-
ment cash that the vaccine was devel-
oped”.
4 ★ FTWeekend 2 January/3 January 2021

international

Congressional discord

Pence breaks with president’s allies over ‘rigged poll’

Trump’s deputy rejects
legal attempt to make
him overturn vote results
Lauren Fedor — Washington
Mike Pence has asked a federal judge to
throw out a lawsuit brought against him
by Republican lawmakers who want the
US vice-president to overturn the
results of the November 3 election, in a
blow to Donald Trump and his allies
who continue to falsely insist that the
poll was rigged.
In a 14-page filing made on behalf of
the vice-president, justice department
lawyers on Thursday called the lawsuit
a “walking legal contradiction” and
argued Mr Pence was not the proper
person to sue in the matter. The federal
judge overseeing the case has yet to set a
date for a hearing.
The suit brought by Louie Gohmert, a
Republican US representative from
Texas, and several Republicans from
Arizona seeks to scrap the rules on how
Congress certifies presidential elections,
in an effort to give Mr Pence the ability
to throw out the results next week.
Electors gathered in state capitals and
the District of Columbia in December to
formally select Joe Biden as US presi-
dent-elect, and their ballots are set to be
counted and certified by both houses of
Congress on Wednesday.
The Democratic-controlled House of
Representatives filed an amicus brief on
Thursday also calling for the lawsuit to
be thrown out.
“The Gohmert lawsuit has zero legal
merit and is yet another sabotage of our
democracy,” said Nancy Pelosi, the
Democratic Speaker of the House.
Lawyers for Mr Gohmert and the 11
Arizona Republicans submitted a fur-
ther reply yesterday, rejecting such
arguments in a bid to press the court to
heed their case. They claimed Congress
was “set for a showdown” on Wednes-
day, saying more than 140 House mem-
bers were pledging to object to Mr
Biden’s victory.
The lawyers further argued Mr Pence
could conduct Wednesday’s joint ses-
sion of Congress “as he sees fit”, reject-
ing what they said was a legal interpre-
tation that cast the vice-president in a
‘We have a bunch of
ambitious politicians
[keen] to tap into the
president’s populist base’
purely ceremonial role as a “glorified
envelope-opener in chief”.
The office of the vice-president did
not immediately reply to a request for
comment yesterday but Mr Pence’s ear-
lier legal response had claimed he was
the “wrong defendant” in the case.
Mr Trump yesterday retweeted a
message from pro-Trump group “Stop
the Steal”, which is planning a rally in
Washington on Wednesday to protest
against the election results. “The cal-
vary [sic] is coming, Mr President!”
tweeted Kylie Jane Kremmer, group
founder, promising a “big protest”.
Josh Hawley, a Republican senator
from Missouri, has already said he
would object to Wednesday’s Electoral
College certification process. Mr Haw-
ley’s objection will lead to a vote in both
chambers of Congress on whether to the
accept the results. Many in Washington
view Mr Hawley’s support for Mr
Trump’s claims of voter fraud as an
effort to curry favour with the presi-
dent’s rightwing base of supporters for a
potential 2024 presidential bid.
Ben Sasse, a Republican senator from
Nebraska, attacked such efforts to over-
turn the election result, saying late on
Wednesday: “The president and his
allies are playing with fire.”
While Mr Sasse did not name Mr
Hawley, he referenced “arsonist mem-
bers of Congress who will object to the
Electoral College vote”. He added: “Let’s
be clear what is happening here: we
have a bunch of ambitious politicians
who think there’s a quick way to tap into
the president’s populist base without
doing any real, long-term damage.”
Additional reporting by Katrina Manson

Geopolitics. Brussels accord Career choices

Xi’s trade deal with EU rings alarm bells in US
White House ‘perplexed and
stunned’ while Biden team
registers concern about pact
Tom Mitchell — Singapore
Katrina Manson — Washington
When the EU and China began discus-
sions on an investment agreement
seven years ago, Beijing hoped it would
help counter the Trans-Pacific Partner-
ship trade pact championed by Barack
Obama, the former US president.
The TPP was a far more ambitious
project than the China-EU Comprehen-
sive Agreement on Investment and a
potential geopolitical coup for Washing-
ton, as it excluded Beijing. But Donald
Trump, Mr Obama’s successor, aban-
doned the TPP on his first day in office.
In the end it was China president Xi
Jinping who would steal a march on his
US rival by signing both the CAI and the
Regional Comprehensive Economic
Partnership, a separate regional deal
with many of America’s closest Asia-Pa-
cific allies, in the waning days of Mr
Trump’s administration.
Mr Xi and Ursula von der Leyen,
European Commission president,
signed off on the CAI on Wednesday,
although it will take at least another
year to formally conclude. Valdis Dom-
brovskis, EU trade commissioner,
hailed the pact as “the most ambitious
[trade deal] that China has ever agreed
with a third country”.
Beijing views the agreement as a stra-
tegic breakthrough, especially after Joe
Biden’s incoming administration has
registered concern over the pact.
Jake Sullivan, Mr Biden’s national
security adviser, said last week the new
administration would “welcome early
consultations with our European part-
ners on our common concerns about
China’s economic practices”. The lan-
guage was diplomatic but a former
Obama official said the message to the
EU was to “slow things down”.
Matt Pottinger, Mr Trump’s outgoing
deputy national security adviser, also
weighed in after the CAI was concluded.
“Leaders in both US political parties and
across the US government are perplexed
and stunned that the EU is moving
towards a new investment treaty right
on the eve of a new US administration,”
he told the Inter-Parliamentary Alli-
ance on China, an international group-
ing of parliamentarians that seeks a
tougher approach to Beijing.
All smiles: “What the US wants is not necessarily
Xi Jinping talks in the EU’s interests,” said Cui Hongjian,
to European a European specialist at the China Insti-
leaders during tute of International Studies, a state-af-
a video filiated think-tank in Beijing. “The EU
conference should have learned that over the past
from Beijing four years,” he added, referring to Brus-
on Wednesday sels’ many trade disputes with the
Li Xueren/Xinhua/AP
Trump administration.
The EU argues the CAI “will not affect
our commitment to transatlantic co-op-
eration, which will be essential for
addressing a number of the challenges
created by China”. But in private, EU
officials have expressed frustration with
the Biden team’s last-minute sniping at
the CAI. “They believe they can tell their
allies what to do instead of being a little
bit humble and trying to solve bilateral
[US-EU] problems first,” said one per-
son close to the talks.
The EU also argues that the CAI repre-
sents a “major breakthrough” in efforts
by western countries to get Beijing to
sign up to International Labour Organi-
zation conventions banning the use of
forced labour and the protection of
workers’ rights of association.
The former emerged as a critical area
of divergence in the final weeks of nego-
tiation, largely because of the contro-
versy over the Chinese government’s
incarceration of millions of Uighurs in
the north-western region of Xinjiang.
Franck Riester, France’s junior trade
minister, said last week Paris would
block the deal if the CAI did not force
Beijing to abolish forced labour. How-
ever, China merely agreed to make “con-
tinued and sustained efforts” to ratify
the relevant ILO conventions.
“On labour it’s impossible for China to
agree,” said Shi Yinhong, an interna-
tional relations professor at Renmin
University in Beijing and an adviser to
the State Council, China’s cabinet. “Can
you imagine China with independent
labour unions?”
Mr Pottinger condemned what he
called the EU’s “haste to partner with
Beijing despite its grotesque human
rights abuses”.
“We can no longer kid ourselves that
Beijing is on the verge of honouring
labour rights while it continues to build
millions of square feet of factories for
forced labour in Xinjiang,” he added.
Most large European multinationals
support the agreement, which they feel
will help them catch up with “market
access” concessions Mr Trump secured
for US companies in the January “phase
1” trade deal with China.
But one senior European executive
complains that the CAI, like Mr Trump’s
agreement, does little to address “struc-
tural issues” in the Chinese economy
that create informal barriers for foreign
investment.
‘What the “We need mechanisms for enforce-
ment,” the executive said. “If my Chi-
US wants nese competitors are receiving central
is not or local government subsidies, who
exactly do I talk to and what do I do? On
necessarily the other hand, in Europe, Chinese com-
in the EU’s panies can freely litigate against us.”
Additional reporting by Xinning Liu in
interests’ Beijing
Fight against
coronavirus
boosts
interest in
science
Clive Cookson — London
The fight against coronavirus has argu-
ably given science more prominence in
the public imagination in 2020 than
any year in living memory, with the
possible exception of 1969 when man
first landed on the moon.
Although the circumstances are very
different, scientists are hoping their role
in the battle against Covid-19 will boost
their image, increasing research fund-
ing and drawing more young people into
scientific careers, as Nasa’s Apollo pro-
gramme did half a century ago.
“There is no question that the Covid
response has enhanced the reputation
of science,” said Sir Venki Ramak­-
rishnan, molecular biologist and Nobel
laureate, who has just completed a five-
year term as president of the Royal Soci-
ety, the senior UK scientific body.
“If I was a young person looking at the
way so many disparate areas of science
have come together in such a collabora-
tive way, I would say: ‘This is fantastic’,”
he added.
In the same way as the 1960s space
race boosted science beyond the fields
most involved, such as physics and engi-
neering, the pandemic respon­se should
be felt just as widely, said Rachel Young-
man, deputy chief executive of the UK
Institute of Physics.
“Covid-19 has popularised the idea of
‘following the science’; enhanced the
profile of science generally,” she said.
“There’s an understandable focus on the
life sciences during a pandemic, so there
is a need to ensure that physics is prop-
erly understood for the role it plays in
healthcare. For example, biomedical
tech­nology and imaging enable diagno-
sis and treatment breakthroughs.”
The crisis has shone a spotlight on sta-
tistics and mathematical modelling. As
sports presenter and former England
footballer Gary Lineker tweeted: “The
only positive I can think of during this
entire pandemic nightmare is that some
of us may have learnt to read a graph.”
“Media demand for scientists to talk
about Covid has been huge,” said Tracey
Brown, director of Sense about Science,
a charity. “This has been particularly
noticeable with statistics. Statisticians
suddenly found themselves with lots of
followers on social media.”
In 2019, the group’s campaign about

Ancient Egypt Pharaonic burial site promises to yield further spectacular treasures
Heba Saleh — Cairo
A vast site on the southern outskirts of
Cairo, the Saqqara necropolis is one of
the richest pharaonic sites in Egypt,
boasting spectacular monuments such
as the earliest known pyramid in Egyp-
tian history as well as the tombs of
kings, high officials and sacred animals.
After a series of finds last year, Egyp-
tologists say the 5,000-year-old desert
site has yet to yield all its treasures and
much remains to be discovered.
Large caches of sealed ancient coffins
painted with brightly coloured scenes,
still intact and holding well-preserved
mummies, were discovered in October,
untouched since burial millennia ago.
“What we see above ground is no
more than 40 per cent of what exists
below ground,” said Mostafa Waziri,
head of the Supreme Council for Antiq-
uities who led the Egyptian teams that
made the latest discoveries.
“Saqqara is very rich, and there is still
more to find. I think we can work on it
for another hundred years.”
Not far from the pyramids of Giza and
adjacent to the ancient capital city of
Memphis, Saqqara was used as a burial
ground for millennia. King Zoser, who
ruled more than 4,600 years ago, built
his step pyramid there and it remains a
landmark rising above the site. It is the
earliest pyramid and first stone building
known in Egyptian history.
“Once Zoser was buried there,
Saqqara became even more important
because there was a greater reason for
people to choose to be buried there to
benefit from the blessings of the king,”
said Salima Ikram, professor of Egyptol-
ogy at the American University in Cairo.
“It remained a cemetery way into the
eighth century AD.”
Mr Waziri points to remarkable
archaeological discoveries in Saqqara in
the past two years, among them the dec-
orated tomb of Wahte, a priest who lived
in the 25th century BC, caches of gilded
statues and unusual finds such as a
mummified scarab and an embalmed
lion cub.
The recently discovered coffins date
back to what is termed the Late Period
from about 664BC to 332BC. and some
are from the subsequent Ptolemaic
dynasty which ruled until the death of
Cleopatra, its last queen, in 30BC.
The decorations on some of the cof-
fins, said Mr Waziri, especially those
from a trove of about 100 announced in
November, suggest they belonged to
high officials and senior figures.
In a year in which the pandemic has
decimated Egypt’s tourism industry,
officials have celebrated the new discov-
eries with big events, inviting diplomats
and media to highlight the country’s
riches.
The coffins will be exhibited at a
series of new museums, including one in
the Red Sea resort of Sharm el-Sheikh
and in the huge Grand Egyptian
Museum in Cairo which is due to open
this year. Tourist arrivals in Egypt in
2020 dropped to 3m, less than a quarter
of the record 13m who visited the year
before, according to official figures.
A television broadcast in recent days
showed Mr Waziri being lowered into
another burial shaft from which the cof-
fins have not been removed. They
appear stacked in layers around him
covered in millennia-old dust, which he
flicks away with a brush to reveal col-
ourful decorations.
Zahi Hawass, a renowned Egyptian
Wooden
wonders:
sarcophagi form
part of the
ancient treasure
trove discovered
at Saqqara
necropolis
south of Cairo
Ahmed Hasan/AFP/Getty
archeologist who is working on another
excavation in Saqqara, expects to
announce new finds early this year.
These too are coffins but this time from
the New Kingdom — and therefore of an
even older era than the artefacts
unearthed in recent months. “Saqqara
was a stomping ground of kings,” he
said. “Tutankhamun lived and died
near here.”
The burial shafts were found in a part
of Saqqara called the Bubasteion, which
once included a temple complex dedi-
cated to Bastet, a goddess of love, beauty
and motherhood depicted in the form of
a cat. The coffin caches could contribute
enormously to our understanding of the
ancient Egyptians, said Ms Ikram.
“If we look at the contents of each
shaft in its entirety and compare the
texts on the coffins, we could tell if the
people inside are related because of
bloodlines, trade and priestly associa-
tion,” she said.
“We can also learn about coffin manu-
facture, the beliefs shared and if they
were related to the cult of Bastet. It
would be excellent if qualified scholars
have a chance to examine the material
and, most importantly, to publish it.”
data science and algorithms “was very
difficult to talk to the public about”, she
said. “Now people know what we mean
when we talk about ‘models’.”
Fiona Fox, chief executive of the Sci-
ence Media Centre in London, praised
the way the busiest scientists working
on Covid-19 devoted time and effort to
public communications. “The quality of
the scientists appearing in the media on
a daily basis has been fantastic. Some of
them are turning out to be much better
communicators than the politicians,”
she said. “The case we’ve been making
for the last two decades about the
importance of scientists engaging with
the media is now made.”
Schools and universities can look for-
ward to more students choosing science
subjects as a result of the crisis, said Sir
John Holman, professor of chemistry at
the University of York and president of
the Association for Science Education.
But educators should not take the
surge in interest for granted, he added.
“There may be more glamour around
science now but there are several factors
at work when young people decide.
Number one is your teacher and num­-
ber two is job prospects in that career.”
Yet already a surge is taking place: the
American Association of Medical Col-
leges said “applicants for 2021 are sky-
rocketing, with the number already up
18 per cent compared to last year”.
2 January/3 January 2021
The president still claims the election was stolen, setting up a loyalty test for other senior figures in the
Republican party. The 2024 field is already crowded with contenders who hope to inherit his mantle.
Will Trumpism outlast Trump?
S
hortly after Josh Hawley said
he would contest Joe Biden’s
victory at the electoral college
certification in Congress next
Wednesday, the Republican
senator had a bizarre exchange with
Walmart.
A rogue employee at the giant retailer
retorted on the company’s Twitter han-
dle that Mr Hawley — and, by implica-
tion, Donald Trump — was a “sore
loser”. The Missouri senator, whose
planned stunt at most will delay Mr
Biden’s certification by a few hours,
replied: “Thanks @Walmart for your
insulting condescension. Now that
you’ve insulted 75 million Americans,
will you at least apologise for using slave
labour?”
Even a year ago it would have been
hard to imagine any senior Republican
other than Mr Trump talking so scath-
ingly about one of America’s biggest
employers — still less a global brand
name owned by an avowedly conserva-
tive family. Now such declarations are
almost routine.
Shortly after the presidential election
in November, Mr Hawley said, “We are a
working class party now. That’s the
future.” Next week he will try to lay
claim to being Mr Trump’s heir by
impugning an election that federal offi-
cials have deemed the most free and fair
in America’s history.
It is unclear how many of Mr Hawley’s
colleagues will join him in this extrava-
gant gesture. The normally formal certi-
fication will pose a dilemma for other
presidential hopefuls, such as Tom Cot-
ton of Arkansas, Florida’s Marco Rubio,
and Ted Cruz of Texas. Mike Pence, the
vice-president, who harbours 2024
ambitions as well, will also be torn. As
the president of the Senate, it is his con-
stitutional duty to certify Mr Biden’s vic-
tory — a role, as it happens, that then
vice-president Biden carried out four
years ago.
Mr Trump, who insists that he was
cheated of victory this time by a vast
global conspiracy, has made it plain that
anyone who deviates from the Biden
#NotMyPresident line will be regarded
as a traitor.
The question is whether Trumpism
can outlast Mr Trump once he leaves the
White House and is no longer the centre
of attention. “Agreeing with the ‘stolen
election’ narrative will probably be a lit-
mus test for ambitious Republicans for
the foreseeable future,” says Mike Gal-
lagher, a Republican congressman from
Wisconsin. “But as events move on it
could start to fade.”
Keeping his powder dry
A lot will depend on what Mr Trump
chooses to do after Mr Biden is sworn in
on January 20. Shortly after the US Sen-
ate voted to exonerate him last Febru-
ary following his impeachment by the
House of Representatives, Mr Trump
tweeted: “Trump 2024!” He looks set to
be the first outgoing president in more
than a century to refuse to attend the
inauguration of his successor. There are
even hints that he will announce his
candidacy at a duelling event that day at
his Mar-a-Lago club in Florida.
The majority of his party would like
him to stay in politics. In a Morning Con-
sult/Politico poll last month, 53 per cent
of Republican voters said they would
choose Mr Trump as their nominee. The
next highest was Mr Pence with 12 per
cent. Donald Trump Junior, the presi-
dent’s oldest child, came third. “If
Trump announces for 2024 then he
would be the presumptive favourite
straightaway,” says Mr Gallagher.
The odds are that Mr Trump will
choose to keep his powder dry. “One of
Trump’s most reliable traits is that he
loves to keep people guessing,” says
James Pinkerton, a former Republican
operative who now writes a column for
Breitbart, a far-right website. “I don’t
have a clue what Trump will do after
Biden is sworn in. He probably doesn’t
either. Keeping people in suspense
would maximise his leverage.”
It is unlikely Mr Trump will simply
★ FTWeekend
FT BIG READ. US POLITICS
By Edward Luce
‘I don’t have bow out from politics. Staying in the
game would give him plenty of collateral
a clue what advantages, even if he does not run
Trump will again. Since November, Mr Trump has
raised more than $200m for his sup-
do after posed “election defense fund”. The
Biden is small print shows that the money raised
can be used to pay for unrelated
sworn in. He expenses, such as Mr Trump’s legal fees,
probably salaries for consultants, including fam-
doesn’t ily members, and on costs for his politi-
cal operation. He could also ensure that
either’ Ronna McDaniel, his ultra-loyal ally,
stays on as chair of the Republican
National Committee.
“Trump is sitting on more money
than the party,” says William Kristol,
who founded Republican Voters Against
Trump, a group of “Never Trumpers”
that supported Mr Biden. “He can still
call the shots.”
Mr Trump also faces an onslaught of
legal challenges mostly in New York that
could involve criminal and civil liability
on taxes, bank fraud and sexual harass-
ment. Even if he chooses pre-emptively
to issue pardons for himself and his fam-
ily in his remaining twenty days, they
would only cover federal crimes. Letitia
James, New York state’s attorney-gen-
eral, and Cy Vance Jnr, the Manhattan
district attorney, would both still be able
to file charges against Mr Trump. All of
this will cost him mounting bills in law-
yer’s fees. Mr Trump also has more than
$300m in debts coming due over the
next four years, according to a New York
Times investigation of his finances.
Even if Mr Trump plans to sell some of
his golf courses — a questionable
assumption given his love of their status
value — most of them are loss-making.
The pandemic economy is not an ideal
climate to put up real estate for sale. The
Trump Organisation has so far been
unable to find a buyer for the Trump
International Hotel in Washington DC,
which it put on the market last year.
There is also talk of Mr Trump hosting
a television show, or even launching a
news channel, to rival Fox News, which
Mr Trump has put in the traitor column
— alongside Mitt Romney, the Utah sen-
ator, Chris Christie, the former governor
of New Jersey, and others who recog-
nised Mr Biden’s victory. All of which
points to him remaining in politics.
“The best way for Trump to make
money is to stay in politics — that’s his
business now,” says John Pitney, profes-
sor of politics at Claremont McKenna
College, and a veteran of Republican
campaigns. “He could also charge
money for people to attend his rallies,
which will give him the cash and psy-
chological relief that he craves.”
As Trumpian as they can be
But is there a non-Trumpian Republi-
can Party struggling to break free? Evi-
dence for its existence is sketchy. One or
two governors, such as Larry Hogan of
Maryland, and Charlie Baker of Massa-
chusetts, are trying to stake out a claim
for a more traditional conservatism that
strikes bipartisan deals and honours
civility in politics. But both come from
normally Democratic states and have
little resonance beyond.
The majority of Republican 2024
hopefuls are trying to sound as Trum-
pian as they can. As a relentlessly ambi-
tious hopeful, Marco Rubio is a good
bellwether of the party’s direction. In
2016 he ran as a “reformicon” — a con-
servative who championed new eco-
nomic ideas. He was also a neoconserva-
tive. Mr Trump shredded Mr Rubio in
the 2016 election. Since then he has
often sought to imitate the president.
Last week he attacked Anthony Fauci,
the leading US infectious disease expert,
for recommending that Americans wear
masks. “Fauci lied about masks in
March,” Mr Rubio tweeted — a reference
to Mr Fauci’s then concerns about
distributing scarce hospital-grade
masks to the public. “Many in elite bub-
bles believe the American public
doesn’t know ‘what’s good for them’,
so they need to be tricked into ‘doing
the right thing’.”
Other contenders, including Mr Haw-
ley, Mr Cotton, and Mike Pompeo, the
outgoing secretary of state, are striving
to out-Trump each other in their rheto-
ric. A key tell is their recurrent use of the
word “elite”. The fact that Mr Hawley
attended Stanford and Yale Law School
— after being educated at prep school
and having taught at St Paul’s private
school in London — is no obstacle. Mr
Pompeo attended Harvard Law School,
as did Mr Cotton and Mr Cruz, who was
an undergraduate at Princeton. Ron
DeSantis, Florida’s governor, and
another 2024 aspirant, also went on to
Harvard Law School having graduated
from Yale. And so on.
The 2024 field is already crowded
with people hoping to inherit Mr
Trump’s mantle. But it is not clear how
appealing Trumpism will be without the
main act.
“These attempts to graft an intellec-
tual veneer on to Trumpism are a
little over-wrought in my view,” says
Mr Gallagher. “For people in my
district, Trumpism is Trump — a middle
finger to the status quo. I’m not sure
you can separate that from the man.”
Yet by changing its name to national-
ist-populism, or working class conserv-
atism, you can trace the roots of Trump-
ism to long before Trump. In 1992 and
1996, Pat Buchanan, a former speech
writer to Richard Nixon, caught alight
with the so-called “pitchfork” Republi-
cans in the presidential primaries.
Although Buchanan lost, he was tapping
into the future. In 2008, Sarah Palin, the
vice-presidential nominee to John
McCain, championed the growing white
working class element of the base,
which had largely voted for Bill Clinton
the previous decade. Mr Trump then
took it further. More than half Republi-
can voters are now non-college edu-
cated whites. In November, Mr Trump
won 2,547 counties. But the 509 that Mr
Biden won account for 71 per cent of
America’s gross domestic product.
“I think it’s fair to say that this trend
didn’t begin with Trump and it probably
won’t end with him,” says Russ
Schriefer, a Republican consultant who
worked for Mr Romney’s 2012 presiden-
tial campaign and for both George Bush
senior and junior. “The Republican
Party is unlikely to snap back to where it
was a generation ago.”
5
Josh Hawley, It follows therefore that any Republi-
Ted Cruz, Marco can who wants to transcend Mr Trump
Rubio and Mike will have to act with subtlety and even
Pence have deception. Much as Charles de Gaulle
followed the pretended he was on the side of the
Trumpist line. French colonials as he was planning to
The Republican pull out of Algeria, a post-Trump
National Republican will have to pose as Trum-
Committee’s pian to keep the base onside. One or two
Ronna figures, such as Nikki Haley, the former
McDaniel, left;
Senate majority
governor of South Carolina and Mr
Trump’s ambassador to the United
leader Mitch Nations, and Chris Christie, have
McConnell, dropped hints they will try to thread
below; Letitia that needle. But they would need great
James, New York dexterity to stay on the right side of Mr
state’s attorney- Trump. Between 70 per cent and 80 per
general, below cent of Republican voters believe that
left — FT montage; Getty the election was stolen, according to a
welter of polls. It would be political sui-
cide for any 2024 hopeful to contradict
Mr Trump’s story of betrayal.
“If you look at how many names are
jostling — at my count there are 15
already — the field is looking pretty
yeasty,” says Mr Pinkerton. “But almost
none of them will openly declare their
candidacy if Mr Trump is still in the
frame.”
All eyes on Georgia
All of which augurs badly for Mr Biden’s
hopes of re-creating a bipartisan atmos-
phere in Washington. Next Tuesday, Mr
Biden will find out whether Democrats
‘These can regain control of the Senate, when
Georgia holds run-offs for its two seats.
attempts to Ordinarily, the Republicans would
graft an expect to hold both seats. But having
won the state by a slim margin — the
intellectual first Democrat to do so since 1992 — Mr
veneer on to Biden can hold out some hope of a dou-
ble upset.
Trumpism Both the Republican candidates,
are a little David Purdue and Kelly Loeffler, are
over- echoing Mr Trump’s line of a stolen
presidential election. Their stance risks
wrought in confusing Republican voters. If the
my view’ system is corrupt, why bother voting?
If it is not, then did Mr Trump in fact
lose fair and square? It is a measure
of Mr Trump’s grip on the party that
both candidates are sticking loyally
to a line that could jeopardise their
chances. Yet the alternative — to disa-
gree with Mr Trump and provoke his
ire — would be fatal.
Whatever drama awaits Georgia next
Tuesday, or in Congress next Wednes-
day, Mr Trump will have to leave office
on January 20. But it is unlikely to be the
day he retires from politics. Mar-a-Lago
could become his would-be presidency
in exile.
6 ★
SATURDAY 2 JANUARY 2021
Reasons for hope in
2021 after a trying year
Vaccines, Biden and broader shifts give some grounds for optimism
For many, 2020 will always be synony-
mous with misery; the pandemic will
be remembered for isolation, anxiety
and — in too many cases — loss. Yet
beneath the surface there have been
trends and shifts that give us, if not rea-
sons to be cheerful for the coming year
then, at least, more grounds for hope
for the future.
The most positive prospect for 2021
is the rollout of coronavirus vaccines.
These hold the promise of returning
some sense of normality; if govern-
ments can ensure enough of their pop-
ulations are vaccinated then social,
family and working lives can start to be
restored. The biggest challenge is
ensuring this happens not just in
the rich world, but across lower- and
middle-income countries.
The defeat of President Donald
Trump opens up the potential for a
rejuvenation of multilateralism. Amer-
ican scepticism over international
trade is likely to last. There is, however,
a world of difference between a US that
acts constructively and one that wishes
to dismantle a rules-based system of
international relations.
The EU response to coronavirus also
showed the power of international co-
operation. True, at first member states
succumbed to nationalist instincts.
But in stark contrast to the eurozone
crisis a decade ago, they then managed
to pull together and enhance the insti-
tutions of the trade bloc to become
more responsive to shocks. What has
been dubbed the Next Generation EU
may, so far, be a branding exercise for
the pandemic response fund but it also
demonstrates the bloc’s potential to
renew itself. European regulators have
led what is becoming an international
effort to rein in excessive power on the
part of the tech giants, without under-
mining the benefits to society they
have provided during the pandemic. In
the US, so far, that seems to mean using
‘Hybrid’ working calls for
patience and ingenuity
Employers must develop staff skills fit for the shifting future of work
“Human beings were not meant to sit
in little cubicles staring at computer
screens all day,” complains Peter, a
character in the cult workplace com-
edy Office Space. That film came out in
1999. By the beginning of 2020, most
real-life equivalents of Peter’s imagi-
nary employer Initech were still asking
workers to perform their tasks in a sim-
ilar way in the same sorts of places.
The pandemic and subsequent lock-
downs shook the status quo. One poss-
ible vision of the future of work sud-
denly seemed much closer after staff
were ordered to quit the office and
work remotely. Surveys suggest most
of them would prefer to continue to
work at least part of the week from
home. Some organisations, including
technology companies, banks and
professional services firms, have taken
steps to accommodate more remote
working even after the crisis lifts.
According to the McKinsey Global
Institute, though, even in the UK only
33 per cent of tasks could be handled
outside the workplace without some
loss of productivity, a figure that falls to
12 per cent in India. The crisis has also
challenged assumptions about what
sort of labour is deemed essential —
including many tasks, from delivery
courier to nurse, that could not easily
be carried out from a cubicle — and
how to value and organise it.
“Hybrid” will be the word of the year
in 2021, then, as managers struggle to
find a balance between remote workers
and those who, by choice or necessity,
cannot work from home. Ensuring
these groups can co-ordinate and
communicate efficiently will be hard
enough. A spontaneous brainstorm
loses its spark if the space in which
to host it has to be booked weeks
in advance. Videoconferences falter
when some participants are in the
same room and others are on screen.
The bigger challenge, requiring
existing antitrust powers — in Decem-
ber the Federal Trade Commission and
a group of 48 attorneys-general sued
Facebook, alleging it had abused its
market power. In the UK and EU, new
proposals for reforming competition
law would attempt to shift how “digital
gatekeepers” behave in the first place.
If these attempts work they could help
to make the internet closer to the free
and open vision of its founders.
A critical mass has been building
behind fighting climate change, too.
China, the biggest polluter, committed
in September to reducing carbon emis-
sions to net zero by 2060. The People’s
Republic is just the latest among many
to set such a target. These pledges on
their own will not do much to stop glo-
bal warming. But they show the world is
taking the problem more seriously and
that advances in technology — renew-
able energy sources and batteries alike
— are convincing governments a transi-
tion is less costly than once feared.
Progress will probably be slow in
fighting racial and gender inequality,
but the protests following killings of
black Americans by police officers has
led businesses and individuals to reflect
on current and historic injustices. The
determination to create a fairer future
will not disappear. Incoming US presi-
dent Joe Biden’s cabinet is already set to
be the most diverse in US history.
Moving forward on all these fronts
may be difficult in economies devas-
tated by the pandemic; public appetite
for reform may be exhausted. Unem-
ployed and destitute workers might
turn against anything that suggests fur-
ther self-sacrifice. Yet there are eco-
nomic opportunities that can be seized,
new forms of working emerging, and
politicians across the world have
pledged to “build back better”. If there
is one reason above all for hope for the
future it is that the past year has dem-
onstrated, firmly, our ability to adapt.
patience and experimentation, will be
shaping fulfilling roles and arranging
projects so they can be performed effi-
ciently by a widely distributed work-
force. Employers have realised far
more work can be done at a distance
than they previously believed, but that
imposes its own strains.
Most white-collar workers still spend
their days staring at computer moni-
tors, whether at home or in the office.
Unilever is testing a four-day week for
its New Zealand staff, which may be
just as productive but less stressful
than the traditional five-day stretch.
Companies such as Facebook have
advertised for a “director of remote
work” to handle the coming change.
Some employers will simply out-
source remote work to eager contrac-
tors in a lower cost location or hand it
to uncomplaining machines. The accel-
eration of workplace automation is
already putting jobs in hard-hit sectors
of the UK such as retail and hospitality
in jeopardy, according to a recent
report by the trade union Community
and the Fabian Society, a think-tank.
Workers cannot, though, easily shift to
areas of greater demand, such as social
care or cyber security. A concerted
effort is needed to train them in new
skills and to design the jobs of the
future so they are not just better paid,
but more fulfilling.
Companies are still bound to expen-
sive real estate and to the less visible,
but no less rigid hierarchies of pre-pan-
demic jobs. The crisis should have
taught them, though, that work can be
done in more fluid and flexible ways
than they imagined, with more respon-
sibility delegated to frontline teams.
There is no need to burn down the
office, as one cubicle-dweller does
at the end of Office Space. But this
is not the moment, either, for employ-
ers to put all staff, always, back into
their boxes.
FTWeekend
Letters
How a hackneyed word came to define the Covid-19 experience
2020 has yielded so many examples of
“Year in a word” on your op-ed pages
(FT Weekend, December 19), but
despite the cornucopia you have
provided in the run-up to 2021, the one
you have missed is “tough”.
Indeed, pretty much everything has
been judged “tough” since the middle
of March and the lack of divergence
from this adjective belies just how
worn-down everybody is. Even the
most august of writers, speakers and
Rubik talks permutations
not combinations
Not so long ago in an FT Weekend
feature Bobby Seagull shared his
frustration when people used
“combination”, as in a bicycle lock,
when what they were referring to was a
“permutation”. I was certain he was
writing about me and have felt
chastised ever since, buying only
bicycle locks with a real key.
I am sure Valerie Hopkins (“Erno
Rubik: ‘The Cube has his own voice’”,
Lunch with the FT, Life & Arts, FT
Weekend, December 12) must have
missed Mr Seagull’s excellent feature or
she would have said there were 43
quintillion permutations for a Rubik’s
cube. And this raises the question as to
whether these are US quintillions, with
their 30 zeros, or European quintillions
with a mere 18 zeros. Much better to
use the exponential notation of 4.3E19
which will flatter readers who
recognise the representation and
remind those who have forgotten it.
Gregory King
Aberdeen, Aberdeenshire, UK
Runners and riders in
first lady fashion stakes
After reading Harriet Agnew’s article
on Melania Trump’s fashion style
(“Legacy of a first lady”, Report,
December 24) it struck me that if the
Want to know
what makes
people tick? Ask
them over Zoom
Notebook
by Gillian Tett
commentators have problems finding
anything to compete with the sinewy
and turgid “tough” to describe “a year
like no other” (another contender, but
a phrase rather than a word).
Yup, it all has been tough. But can we
not find some means of differentiating
the truly tragic loss of loved ones from
not being able to have a cheek-by-jowl
knees-up with mates? The latter is not
“tough”; it’s just disappointing (and
yes, we know it adds to mental stress —
term “trophy wife” had existed in the
60s, Jackie Kennedy undoubtedly
would have qualified.
She certainly didn’t shrink from
wearing French couturiers like
Givenchy when in Paris. And who can
forget the Chanel lookalike Chez Ninon
raspberry pink suit she wore when
President Kennedy was assassinated.
But I do find the accolades of
diversity, creativity and
entrepreneurship for Michelle Obama’s
cardigan sweaters a bit of a stretch. If
Jill Biden’s boots, emblazoned on the
side with the word “vote”, are any
indication, jogging suits and sweat
pants will be de rigueur for the White
House. So why not simply admit that
Melania Trump has raised the bar
regarding the fashion image of the first
lady, and will be a hard act to follow?
Belle von der Goltz
Needham, MA, US
Middle age banishes
the bad weather blues
Reading Orla Ryan’s reflections on age
(“Lie about my age? I’m too old for
that”, Spectrum, FT Weekend,
December 19), it reminded me of that
definition of middle age. When one
reached middle age and it started
raining, the general comment was that
at least it was good for the garden.
Roger Ashby
Cannes, France
Stuart Henshall studies human
behaviour for a living. Until March,
the “user research” analyst was based
in a “UX [user experience]
laboratory”, or special conference
suite, in an Indian city where he was
carrying out research face-to-face,
interviewing predominantly low-
income individuals to help companies
understand what makes them tick.
Convo, the consultancy he co-
founded in Mumbai and San
Francisco, sells its services with the
idea that real-world “conversations
matter”, and in-person interviews
seemed the most obvious tool to use
for Indians who did manual jobs, such
as dhobis (washermen or women) or
rickshaw drivers.
But when the Covid-19 lockdowns
started, Henshall had to leap online.
And after conducting thousands of
hours of video calls, he has discovered
that although doing his research
virtually presents some difficulties,
there are also advantages.
At his UX lab, the encounters tend
to be formal; dhobis would sometimes
put on their customers’ clothes for
interviews because they saw the lab as
a place of staged meetings.
On a video chat, Henshall sees his
interviewees in their natural habitat,
wearing regular clothes. “Participants
are simply more comfortable at home
in their environment. [They] tend to
feel more in control . . . They may feel
freer and safer to share their point of
view,” he explains in an article for
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
which is very real — and does make a
difference, but still . . .).
Tough is now the currency of all
Covid speakers in all “settings”
(another Covid etymological winner).
Whether we ascribe weight and impact
to their words depends on our political
persuasion although my personal
favourite for “toughness” legitimacy is
Professor Jonathan Van-Tam, the UK’s
deputy chief medical officer who
cannily applies it to ground his words
Manchester’s mayor finds
his sartorial sweet spot
Far from another yawn-inducing piece
on trendy workwear for men, Grace
Cook served us fashion-with-a-twist by
making Andy Burnham, the UK’s
mayor of Greater Manchester, the
subject of her recent article (FT.com,
December 26).
Surely not the same guy who was
laughed out of London for his
professional-northerner schtick? Mr
Burnham must be buzzing to find
himself a bona-fide working class hero
— with the wardrobe, a drawl and pop-
star good looks to match.
A provincial professor was even on
hand to deconstruct the clobber worn
by the chicest guy on the cobbles. This
lent gravitas to the opinion that the
former Labour secretary of state for
health under prime minister Tony Blair
had hit a sartorial sweet spot,
somewhere along the M62 motorway
between Liverpool and Manchester.
Looking hard at the photo for further
“inspo”, equal attention could have
been given to his black shirt, a staple in
every middle-aged northern man’s
wardrobe. Scousers like him are known
to get misty-eyed for the original “man
in black” Johnny Cash, committing
many a fashion faux pas in his name.
Similarly, for Mancunians of his age,
there can only be one serious style icon
— the “Mayor of Madchester”, the pop
Epic, a website that promotes the use
of ethnography in business. “A driver
decided his idle [auto rickshaw] was
the best place [to chat]. Even the
bathroom is used for an interview on
occasion for privacy!” All of this has
helped him enormously.
Of course, researchers also face
downsides online: it is harder, for
example, to “read” body language on a
video call. But Henshall is finding this
new form of his work so valuable that
he will almost certainly continue to
use it even when face-to-face
interviews become possible again.
Henshall’s experience is echoed by
other people-watchers. Lama
Nachman, director of Intel’s
Anticipatory Computing Lab, which
works on how humans interact with
computers, tells me that Intel’s
researchers have been using virtual
tools to study how parents, teachers
and students use online education.
While the company has rarely carried
out this type of virtual-only research
before, doing so gives it a much wider
geographic reach.
Chloe Evans does UX research into
consumer behaviour for the music
platform Spotify. Like Henshall, she
initially assumed it would be hard to
study consumers online, having
always seen their reactions to music in
person. But, as she too writes on Epic’s
website, she realised there were
“unexpected benefits as well as some
challenges” to being online: for
example, her interviewees feel more
2 January/3 January 2021
Email: letters.editor@ft.com
Include daytime telephone number and full address
Corrections: corrections@ft.com
in reality rather than theatre.
But irrespective of the mouth from
which it springs or its context, we can
all hope tough’s antonyms replace it in
2021.
And so, from the website
www.powerthesaurus.org, what do we
find? Kind, easy, acceptable, effortless,
comfortable. There are others, but
those would be enough.
Laurel Powers-Freeling
Cambridge, Cambridgeshire, UK
impresario Tony Wilson. For this group
of men, slipping on a smart black shirt
is an act that summons Wilson’s
studied Comme des Garçons cool.
Ms Cook’s article certainly did its bit
for the “levelling up” agenda. Having
said that, if we are to believe Mr
Burnham represents the northern
powerhouse of fashion influencers,
hers is an ambitious provocation, and a
long way from realisation.
Rich F’row
London SE3, UK
Finding cheer among
the horrors of 2020
I enjoyed your examples of reasons for
cheer as we move into the new year
(FT View, December 24).
For me, there have been many
blessings to come out of the horrors of
this year. I enjoyed creating a wild
flower area in my garden; playing
every record in my vinyl LP collection.
Working from home has made me
happier, healthier and more productive
in my job; not having to take a front
door key when I leave the house as
there is always someone at home so I
can leave the back door unlocked.
FT Weekend has been an oasis of
inspiration and enabled my mind to
travel to many places while my body
has been locked down.
Alistair Elliott
Brighton, UK
empowered when they talk to her.
Evans is also finding a way to
minimise the downside of digital
platforms, namely that it can be
(even) harder to decide if people are
telling the truth. Conducting video
interviews with groups (or just two
other people) can make the
conversation livelier, and provide
appropriate checks and balances.
Daniel Beunza Ibanez, a sociologist
at London’s Cass Business School who
studies financial traders in London
and New York, has come to similar
conclusions. After talking to financiers
during lockdown, he saw they used a
more intimate communication style
on video chat.
Some jobs suffer when they move
online. But these lessons do imply it is
time for us to shift the debate about
the future of work. From pondering
whether digital is better than analogue
— or vice versa — to how they can be
combined to enrich us all. It is not a
zero-sum game.
When we do finally emerge from
Covid-19 lockdowns, our ways of
working will not simply revert to
where we were before the pandemic
hit. Our attitude to digital tools has
shifted permanently. This is scary, but
it is also producing unexpected silver
linings. And if we can find an effective
way to embrace the best of this new
on-and-offline world, therein lies a
reason for cheer.
gillian.tett@ft.com
2 January/3 January 2021
Now Brexit is ‘done’, Britain must rebuild trust with Europe
politics
Camilla
Cavendish
A
fter four years of wrangling,
passionate debate and soul-
searching, the UK has left
the EU. But we have not left
Europe. In a sombre speech
announcing the EU-UK deal, the Euro-
pean Commission president Ursula von
der Leyen quoted William Shakespeare,
The Beatles and the poet TS Eliot. Not
only is Britain “geologically” attached to
the continent, as the UK prime minister
also noted; Europe is in our culture and
our souls.
US friends can feel puzzled when Brits
say they are “going to Europe” on holi-
day. As a proud island nation, we love to
emphasise our differences. But for
many of us, it would have been harder to
Hit producer makes
her mark in the
streaming age with
Netflix romp, writes
Andrew Edgecliffe-Johnson
T
his holiday’s biggest block-
buster was not a film.
Wonder Woman 1984, the
superhero sequel which
might have dominated box
offices in any other year, made less
than $17m in US cinemas over its open-
ing weekend — half what last year’s
Star Wars film made in its first day.
Instead, as Covid-wary audiences
chose couches over cinemas, the buzz
was stolen by a carnal costume drama
released to the nearly 200m Netflix sub-
scribers whose binge-watching during
the pandemic has lifted the streaming
service’s market value to $240bn.
In Bridgerton, a Regency romp based
on Julia Quinn’s novels, corseted debu-
tantes circle eligible bachelors. Rakes
smoulder, gossips meddle and bosoms
heave. It is a genre as hoary as the hosp-
ital drama, and it was propelled to
the top of Netflix’s most-watched list
by Shonda Rhimes, the executive pro-
ducer who made the medical soap Grey’s
Anatomy the biggest hit on Disney’s ABC
network.
Yet she and showrunner Chris van
Dusen, her one-time assistant, have
turned a period drama into a contempo-
rary conversation piece: Bridgerton is a
modern-scored, feminist reimagining of
19th-century England and several of its
stars are black. The contrast with the
pale-faced casts of previous romance
adaptations turns a piece of froth into
something more subversive.
The series is the first Rhimes produc-
tion to appear since she signed a
reported $150m deal with Netflix in
2017, and lands at a pivotal moment in
her career. At 50, she has become one of
television’s most bankable talents, and
with each hit series — Private Practice,
Scandal, How To Get Away with Murder —
the qualifiers have fallen away. She is no
longer just one of her industry’s most
successful women or African-American
producers: she is, as she defiantly
declared in 2018, “the highest paid
showrunner in television”.
Estimates of Ms Rhimes’ wealth con-
gregate around $140m, though Shonda-
land, her production company, dis-
closes no figures and she says the details
of her Netflix contract were misre-
ported. Tellingly, though, she made her
boast after Netflix struck a reported
$300m deal with Ryan Murphy, who
made Glee for Fox.
The defections of two of television’s
most prolific producers sent shudders
through the networks, as they showed
how aggressively streaming services
were competing for content. Ms Rhimes
had been chafing over creative freedom
at ABC, and the last straw was when a
Disney executive baulked at giving one
of her sisters a pass to one of its theme
parks, reportedly asking her, “Don’t you
have enough?”
Ted Sarandos, co-CEO and chief con-
tent officer of Netflix, had good reason
for offering her a freer rein as televi-
sion’s streaming wars are becoming
more intense — and expensive. The likes
of Disney+, HBO Max and Peacock now
challenge Netflix, Amazon Prime and
Apple TV+, and the money being
poured into production has rocketed.
get through lockdown without Mozart,
Bordeaux or cappuccinos.
A recent conversation with the editor
of the Greek edition of my book, who
is marvellously called Plato, reminded
me of the scene in Monty Python’s Life
of Brian. What have the Romans ever
done for us? asks Reg, leader of the
People’s Liberation Front of Judea, as he
urges his group to turn against the
oppressors. “Apart from” — he is forced
to concede — “sanitation, the medicine,
education, wine, public order, irriga-
tion, roads, a fresh water system and
public health”. As Europeans, we are
bound together by a history that long
predates a 47-year-old trade agreement.
We can even — occasionally — share a
sense of humour.
In the new year, it would be a pro-
found mistake for government min-
isters to continue their tone of macho
English exceptionalism. No one should
be in the cabinet who can make the
kind of claim, as Gavin Williamson,
the education secretary, did recently,
that the UK was first to roll out Covid
Person in the News | Shonda Rhimes
The impresario who is
rewriting TV’s script
Only the biggest shows stand much
chance of cutting through, making relia-
ble hitmakers increasingly valuable.
While promoting Bridgerton, Ms Rhimes
is completing Inventing Anna, the story
she adapted of a fake heiress swindling
her way through New York’s elites, and
working on an adaptation of Recursion,
Blake Crouch’s sci-fi thriller.
The Netflix relationship is just one
aspect of Ms Rhimes’ quest for scale. She
is producing podcasts with iHeartMedia
and writing lessons with MasterClass;
she has launched partnerships with
Dove, Microsoft and Peloton. Her web-
site brims with empowering blog
posts. (“If you don't like your story,
rewrite it.”)
The self-described introvert who had
been “horrified” to hear that she would
be sitting with Barack and Michelle
Obama at an event in 2013, admitted
to Oprah Winfrey three years ago
that her characters lived much more
exciting lives than hers. But she is now
creating a multimedia empire that
★ FTWeekend
Opinion
vaccinations in Europe because “we’re
a much better country”. On the con-
trary, with Brexit “done”, Britons
must begin the process of rebuilding
the amicability and respect that
have been lost.
The Channel between France and
England is a scant 20 miles across at its
narrowest point. Yet not since Charles
de Gaulle vetoed British membership of
the Common Market in 1967 have we
felt so far apart. All negotiations are bru-
tal. But under former prime minister
Theresa May, the British side squan-
dered the goodwill initially felt in many
European capitals after the shock result
of the 2016 referendum. Boris Johnson’s
team then deepened distrust by
demanding negotiating sessions with-
out having anything new to offer, and
threatening to break international law.
It is not just the terms of the deal that
many business people worry about;
those can be worked with. It is the
worldwide loss of respect for a country
once envied for its brilliant diplomats
and robust parliament but now —
the older entrepreneur would recognise.
Ms Rhimes started rewriting her story
in 2014 when, stung by a sibling’s obser-
vation that she was constantly turning
down invitations, she resolved to spend
a year saying “yes” to “the stuff that ter-
rifies me”, from public speaking engage-
The contrast with previous
pale-faced casts turns
froth into something
more subversive
ments to shelving work to play with
her three adopted children. By the end
of her “year of yes”, the Democratic
donor had befriended the Obamas and
given a barnstorming graduation
speech at Dartmouth, her alma mater.
Commencement speakers usually
advise graduates to follow their dreams,
she told her audience, but “I think
that’s crap”. Dreams do not come true
whatever you think of Brexit — has
looked a shambles. Many of our allies
have been staggered by Britain’s self-ab-
sorption over the past four years. This
helped Brussels to cast Brexit as a
uniquely British issue rather than an
existential moment, and to avoid think-
ing strategically enough about what
the new relationship should look like
It would be a grave mistake
for UK ministers to
continue with the macho
English exceptionalist tone
between such important democracies.
UK-EU tensions are nothing new. In
the popular 1980s TV series Yes Minister,
the minister tells civil servant Sir Hum-
phrey that “I’m pro-Europe, I’m just
anti-Brussels”. There is a deep irony in
the fact that the British Foreign Office,
with its philosophy of “wider not
deeper”, drove the enlargement of the
on their own, she said: “It’s hard work
that creates change.”
Since holding colour-blind casting
calls for Grey’s Anatomy, Ms Rhimes has
been working to change television by
making it look more like the diverse
world she knew growing up as the sixth
child of two academics in a middle-class
Chicago suburb. Speaking in 2018, she
said her “sweat and tears” meant that
she “no longer needed to battle men to
get to the top of a mountain” but she still
needed to set an example.
Shondaland’s landmark deal will be
up for renewal this year. Netflix needs
hitmakers like Ms Rhimes, but its his-
tory of ending shows abruptly if the
numbers are not working suggests that
nothing is guaranteed. So a lot is riding
on the escapist fluff of Bridgerton. The
market for the kind of talent that can
offer an advantage in the streaming
wars is every bit as unpredictable as the
marriage market in Regency England.
andrew.edgecliffe-johnson@ft.com
union from a relatively coherent 12
member states in 1993 to an unwieldy
28 by 2013. But the current exasper-
ation seems to be of a different order.
There is a feeling in many European
capitals that the UK has decided to
make itself irrelevant.
Outside the bloc, the future will be a
rolling series of negotiations. But they
need not be fractious. Modern Britain is
wholly European in its desire to combat
climate change, Islamist extremism,
Russian meddling and Chinese incur-
sions into human rights. As the world
moves into a new era of great power
competition, the UK can only project
its soft power and liberal democratic
values in partnership with other
like-minded countries.
For many people, one of the tangible
benefits of EU membership were the
schemes that promoted understanding
and collaboration. Half of all British stu-
dents who study abroad do so under the
EU’s Erasmus programme, which has
sadly been jettisoned under the new
agreement. In its desire to pivot to the
The pleasure of the crowd
will survive the pandemic
T
he year is ending with many
people isolated by renewed
states of emergency and
lockdowns. Not being able
to see family and friends at
Christmas because of the fear of setting
off rapid transmission of coronavirus is
making ordinary life agonisingly tough.
But the pleasure I look forward to,
perhaps not as much as being able to
socialise freely with friends, but still
greatly, is being swallowed up once
more in a vast, anonymous crowd.
Going to a baseball or a football stadium,
or just milling around at a music festi-
val, is a peculiar joy.
The human desire for physical prox-
imity extends beyond one-on-one con-
tact or intimacy with another individ-
ual. There is also the comfort of stran-
gers — a feeling of being connected and
influenced by a crowd of people, all
experiencing the same thing.
“The man who loves to lose himself in
a crowd enjoys feverish delights that the
egoist locked up in himself, as in a
box . . . will be eternally deprived of. He
adopts as his own all the occupations, all
the joys and all the sorrows that chance
offers,” wrote the 19th-century French
poet Charles Baudelaire of “this univer-
sal communion”.
In business terms, the appeal of being
surrounded by a crowd is one of the few
things to have resisted the inroads of
online commerce in the past decade.
Live events and membership of clubs
that let people mill around with others
have grown in popularity as physical
stores have closed.
It is not surprising — live events offer
enjoyment and emotional release that
the digital realm cannot. The closest
online equivalents have done well in
lockdown: multiplayer video games,
esports tournaments, and Peloton
cycling classes for fitness enthusiasts to
exercise to pumping music.
Paul McCartney, the former Beatle,
expects the Glastonbury Festival sched-
uled for June to be cancelled as a poten-
tial “superspreader” event. That might
be necessary, given the struggle the UK
has had with the virus, but it would
be sad. Not a national tragedy, but a
profound let down.
There is financial logic behind the
expansion of festivals. As the economist
Bruno Frey observed, rising income and
education have stimulated demand for
cultural events. Mounting one-off occa-
sions instead of keeping venues open all
year can also be more efficient; Glaston-
bury’s site doubles as a dairy farm.
But there is more to their strength
than that. Baudelaire saluted “the love
of masks and masquerading, the hate of
home and the passion for roaming” in
19th-century Paris. The urban throng
was intoxicating, he wrote: “What men
Top reads at FT.com/opinion
3 Pandemic is an opportunity to fix the
structure of the economic system
The Covid-19 crisis exposes capitalism’s
flaws, writes Mariana Mazzucato
7
rest of the world, the UK government
should not lose opportunities to deepen
ties with countries which, after all, are
nearby and cheap to reach.
Perhaps we should try to regain some
of the spirit of 1967, when The Beatles
released “All You Need Is Love” with the
opening bars of the French national
anthem. Boris Johnson has a chance to
do so, and reset the tone, when Britain
chairs the G7 next year and hosts the UN
COP26 climate summit in November.
The world will want to see a grown-
up Britain that is intelligent and co-
operative, not jingoistic.
With a treaty that is over 1,200 pages
long, and many issues still to be final-
ised, it will take time to see how the deal
will work in practice. But the machismo
and bravura can now be left at the door,
and the rapprochement can begin. Even
our language, after all, owes so much
to the interplay of forces and ideas
that is Europe.
The writer, a former head of the Downing
Street policy unit, is a Harvard senior fellow
call love is a very small, restricted
feeble thing compared with this
ineffable orgy.”
Music festivals are a chance for
friends to gather and listen to bands, but
they can also be transcendent experi-
ences. One study of festival-goers in
Poland noted that “people who listen to
the same type of music seem to become
more connected to each other”.
Half of the fun of leaving home and
camping at a festival is what the study
described as “the fusion of personal and
group identities”. Those who went
agreed with ideas such as “I feel one with
other festival participants”; they experi-
enced it as an emotional bubble.
The wish to be entertained in a crowd
goes back a long way. Gustave Le Bon,
the French writer, cited the appeal of
Roman gladiatorial contests in his book
The Crowd: A Study of the Popular Mind
(1895): “Bread and spectacular shows
constituted for the plebeians of ancient
Rome the ideal of happiness.”
Le Bon posited the “psychological law
of the mental unity of crowds” in cities
such as Paris and compared it to a form
of hypnotism: “The conscious personal-
ity has entirely vanished; will and dis-
cernment are lost.” That can unleash a
mob, but also create innocent pleasure.
The instinct to gather is hard to
subdue, even in a pandemic. The emer-
gence of London coffee houses in the
1660s coincided with the Great Plague of
1665, but Samuel Pepys, the diarist,
wrote of a visit to one the following
year, “Very full, and company it seems
The instinct to gather is
hard to subdue. London
coffee houses emerged
around the 1655 plague
hath been there all the plague time.”
Perhaps, as has been widely sug-
gested, the end of this emergency will be
followed by a 21st-century equivalent of
the Roaring Twenties that came after
the 1918 Spanish flu pandemic and the
first world war. We might see another
Jazz Age and an eruption of exuberance
among bright young things.
The ingredients are there: a long
period of distress, technological change
and repressed spending: household sav-
ings have increased during this pan-
demic. As Daniel Defoe wrote in A Jour-
nal of the Plague Year (1722), “Everybody
began to think of their graves, not of
mirth and diversions.”
But we do not need a new epoch
merely to resume some of the consum-
ing habits that had formed before 2020.
It is safe to say that we will want to rejoin
the throng because we did before, from
festivals to raves, to sporting and cul-
tural events.
Stay at home; do not travel; keep two
metres apart: all sensible safeguards for
the pandemic but not natural for
humanity. One day, the danger will
diminish and the crowd will return.
john.gapper@ft.com
3 What are the big questions facing
Big Tech in 2021?
Regulation and retention will determine the
fate of the sector, writes John Thornhill
8 ★
On a roll Display makers cash in on demand
for flexible phones, PCs and televisions — LEX
Cash-rich buyers undaunted
in their pursuit of acquisitions
3 Dealmaking rebounds in second half 3 Value of global transactions hits $3.6tn
Marc Benioff used Salesforce shares to finance half of its $28bn Slack takeover — David Paul Morris/Bloomberg
Ortenca Aliaj and the second half of the year thanks to the
James Fontanella-Khan — New York
promise of vaccines to battle corona­-
Arash Massoudi — London
virus and political certainty following
A flurry of big deals in the past few the US election of Joe Biden.
weeks drove global mergers and acqui- Anu Aiyengar, co-head of global M&A
sitions to $3.6tn in 2020, representing at JPMorgan Chase, said: “Outside
an extraordinary rebound of takeover Covid, this is a good environment for
activity in the second half of the year. dealmaking. The equity markets are
The 2020 total value of deals is down high, interest rates are low and equity
5 per cent from 2019, according to data investors are happy to pay for growth.”
from Refinitiv, but constitutes a dra- Fees earned from global dealmaking
matic recovery from the first half when fell 5 per cent to $30.4bn, according to
the spread of Covid-19 brought deal- estimates from Refinitiv.
making to a halt. Some of the biggest deals in the final
Companies struck more than $2.3tn three months of the year included S&P
worth of deals since the start of July, an Global’s $44bn deal to buy analytics
increase of 88 per cent from the first group IHS Markit, AMD’s $35bn acquisi-
half, according to Refinitiv. Activity in tion of rival US chipmaker Xilinx and
each of the third and fourth quarters of UK pharmaceutical group Astra-
this year surpassed $1tn, marking only Zeneca’s $39bn takeover of US biotech
the second time since 2008 where deal- group Alexion.
making exceeded that level in consecu- In each of these deals, the acquirer
tive quarters. used its own stock as the main currency,
Having earlier said he did not “really taking advantage of soaring stock
see an M&A environment”, Marc Ben- prices. S&P Global and AMD are paying
ioff, Salesforce chief executive, this for their deals fully with their own
month agreed to buy workplace chat shares. AstraZeneca is paying for about
app Slack in a $27.7bn takeover. two-thirds of its deal with its shares and
Dealmakers said activity improved in Salesforce is paying for just over half
Private equity defies pandemic to dash into business of sport
lishment of specialised funds seeking to
Despite risks, investors see invest in leagues and teams, private
long-term opportunities from money is shaping sport business in new
ways. Private equity groups are scram-
short-term disruptions bling to get a stake in media rights for
European football, while US sport
leagues are loosening their bylaws to
Sara Germano and
James Fontanella-Khan — New York allow for new forms of investment.
Arash Massoudi — London Underpinning the changes is the fact
The most prominent sports transaction that valuations for both broadcast rights
of 2020 — the $2.4bn sale of baseball’s and individual franchises remain on an
New York Mets to hedge fund manager upward trajectory.
Steve Cohen — was both a record sum “Sports assets have shown a low cor-
for a North American franchise and, relation relative to the broader market,
according to money managers and sport with teams selling for record values
industry executives, perhaps the begin- through the 2008 financial crisis and
ning of the end for the era of wealthy Covid-19,” said Michael Kenworthy,
individual ownership. head of sports investment banking at
“There are very few Steve Cohens out Goldman Sachs. In some cases, he said,
there in the world who can afford to sim- valuations had outperformed other tra-
ply write a cheque” for a big franchise, ditional investment benchmarks, such
said one investor in the sector. as the S&P 500.
The pandemic devastated global “If you’re thinking about what’s the
sports last year, cancelling or postpon- best way to construct a portfolio and
ing events and virtually eliminating you want to diversify, there could be,
match-day attendance at remaining fix- potentially, merit having sports assets in
tures. But as leagues and franchises that portfolio.”
struggle, the tumult of 2020 has acceler- Thirty-five years ago it was possible to
ated a nascent trend in the business of become a majority owner of a National
sport: the influx of institutional capital. Basketball Association team in the US
With a flurry of new special purpose with a few million dollars on hand, as
acquisition companies and the estab- Larry and Gail Miller did with $24m to
of its Slack deal in its own shares.
Despite an increase in the overall
number of US transactions, the total
value of dealmaking in the region fell 21
per cent to $1.4tn for the full year. In
contrast, activity climbed 34 per cent to
$989bn in Europe and 15 per cent to
$872bn in Asia. “There are very big,
Tech and finance dominate
M&A activity by sector (%)
0 5 10 15
Technology
Financials
Energy and power
Industrials
Healthcare
Real estate
Consumer staples
Materials
Telecoms
Consumer products and services
Media and entertainment
Retail
Source: Refinitiv
Institutional capital. Acquisition trends
buy the Utah Jazz in 1985-86. This
autumn, the family sold its majority
stake to an ownership group led by
Qualtrics entrepreneur Ryan Smith for
$1.6bn, more than 66 times their origi-
nal investment.
“The universe of people [to buy in] is
only so big,” said Mr Kenworthy. “There
needs to be other mechanisms to help
make them affordable and make it a bit
easier for them to buy these assets.”
That thinking led to a decision by the
NBA in May to amend its ownership rule
book and select Dyal Capital, a unit of
US asset manager Neuberger Berman,
Fenway, which owns Liverpool FC, could be publicly listed — Clive Brunskill /AFP/Getty
FTWeekend
Hunger pains Soaring prices pose societal
threat to developing nations — MARKETS
cash-rich companies . . . that are either
looking for bolt-ons or for target compa-
nies that have been damaged by the cri-
sis,” said Matthieu Pigasse, a Paris-
based partner at Centerview Partners.
Advisers said they expected dealmak-
ing in Europe to remain at elevated lev-
els during the first few months of next
year, partly because of a weaker
rebound in stocks in the region.
Bankers said they expected to see big
20 groups, such as Dutch conglomerate
Philips and Anglo-Dutch consumer
goods group Unilever, pursuing carve-
outs of parts of their business in the first
half of 2021 that will add to activity. But
they added that if public markets con-
tinue to bid up the value of certain assets
it will become harder for bidders to
compete with equity market investors.
“There is a perception that public
markets are willing to pay inordinately
high multiples, particularly for growth
assets,” said Alison Harding-Jones, head
of M&A for Europe, the Middle East and
Africa at Citigroup. “Prices are definitely
inflated and there is so much cash being
pumped into the markets that there is a
feeling this is going to continue.”
to buy stakes in more than one team,
said three people familiar with the
transaction. Dyal was close to raising
about $2bn in a fund that would focus
on buying minority stakes in NBA fran-
chises from owners, many of whom
acquired their portions when valuations
were much lower, two of the people said.
The NBA move followed a decision by
Major League Baseball in 2019 to allow
institutional investment in multiple
clubs at once. While taken before the
pandemic, the amendment to MLB’s
rules “couldn’t have been more well-
timed”, said one person involved.
Ma conspicuously absent
from his own talent show
Ryan McMorrow — Beijing
David Pilling — London
Jack Ma has disappeared as the public
face of an African talent show he cre-
ated, in a hint of the difficulties he is
facing after a fall from grace in China.
Mr Ma was replaced as a judge in the
final of Africa’s Business Heroes, a televi-
sion contest for budding entrepreneurs,
his photograph was removed from the
judging webpage and he was conspicu-
ously left out of a promotional video.
The final took place in November,
shortly after the Chinese tech billionaire
made a candid speech criticising China’s
regulators and its state-owned banks. In
the wake of the speech, Mr Ma was
dressed down by officials in Beijing and
the $37bn initial public offering of his
company, Ant Group, was suspended.
He has not been seen in public since.
Alibaba, which was founded by Mr
Ma, said: “Due to a schedule conflict Mr
Ma could no longer be part of the finale
judge panel of Africa’s Business Heroes
earlier this year.”
One contestant in the competition
said she had been star-struck when she
pitched her business to Mr Ma in an ear-
lier round. “You can’t imagine,” she
said. But by the time of the final, Mr Ma
had been replaced by Lucy Peng, an
executive at Alibaba. “There was some-
Support services
US law firms end pandemic
year with bonus bonanza
Kate Beioley — LONDON
Many of the world’s top law firms have
capped a tumultuous year with big
bonuses for junior lawyers and an end
to austerity measures imposed during
the height of the global pandemic.
US law firms have in recent weeks
announced bonuses of up to $100,000
for junior staff, matching levels set last
year. Those sums come on top of a spate
of “special bonuses” that top-tier Amer-
ican firms announced in the autumn to
recognise associates’ work during the
Covid-19 crisis, taking total bonus pack-
ages up to $140,000 for some.
Bonus season arrives at the end of the
calendar year for most US firms, many
of which have performed better than
expected during the pandemic, allowing
them to bring to an end an initial period
of relative austerity.
“Financially, 2020 has turned out to
be a splendid year for revenue and prof-
its after a heart-stopping spring,” said
Bruce MacEwen, president of law firm
consultancy Adam Smith Esquire.
Cravath, Swaine & Moore, whose
bonus scale sets the benchmark for Wall
Changing league views on who, or
what, can own franchises is also fuelling
a rise in sport-related Spacs; listed
investment vehicles sitting on a pot of
cash with which to buy a business.
The highest-profile of these is the veh­-
icle created by former Goldman Sachs
partner Gerry Cardinale and Moneyball
legend Billy Beane, who have been eye-
ing a reverse merger with Fenway
Sports Group, holding company for two
of the most valuable clubs either side of
the Atlantic. If successful, the RedBall
Spac would result in a public listing for
the company behind Liverpool FC and
the Boston Red Sox baseball team.
“The RedBall Spac acquisition is the
next step in an ongoing transition in the
sports ecosystem,” said one executive
raising funds to invest in clubs. “These
assets and this asset class have appreci-
ated in scale and value to the place
where they are institutional. So there’s a
movement to institutional investment,
and public currency is part of it.”
Of course, investing in sport is hardly
without risk for institutional investors,
who face questions over whether the
upward trajectory on valuations will be
sustained, and whether sports invest-
ments will be liquid and whom they
might sell to in the future.
2 January/3 January 2021
thing going on in China with Jack Ma or
something, so [Lucy] also came in as
well,” the contestant said.
While the final took place in Novem-
ber, the television broadcast of the show
has been delayed until spring, according
to two contestants.
Mr Ma is one of China’s wealthiest
men. In recent years, his work for the
UN and global charity activities has
brought a softer edge to China’s global
image. As the coronavirus pandemic
Jack Ma’s absence
from his African
talent show is just
the latest sign of
his fall from grace
with Beijing
deepened this spring, he donated tens of
millions of face masks globally. He
paired up with his longtime right-hand
man Joe Tsai to donate 2,000 ventilators
to New York as hospitals there forecast
dire shortfalls.
In August, Mr Ma tweeted his con-
gratulations to the 20 entrepreneurs
pitching their way through his founda-
tion’s months-long contest to crown a
second annual batch of African “Busi-
ness Heroes”.
“I can’t wait to meet them!” he said. It
was one of his last tweets.
Street’s legal elite, said in November it
was making year-end payouts ranging
from $15,000 for first-year lawyers up to
$100,000 for those who joined in 2013.
In November and December, UK
“magic circle” firms including Allen &
Overy, Linklaters and Clifford Chance
said they would pay bonuses at the same
level to their US-based lawyers. All four
magic circle firms reported muted reve-
nue rises this year but have been drawn
into an increasingly fraught bidding war
for junior legal talent in the US.
Earlier this year, competition intensi-
fied when California-based firm Cooley
said it would hand out “appreciation
bonuses” of $2,500-$7,500, depending
on experience, for all non-partner staff.
The bar was quickly raised by Davis
Polk, which set a maximum special
bonus of $40,000.
Freddie Lawson, director at legal
recruiter Fox Rodney, said: “These US
law firms have had stronger years than
they expected and have recognised that
staff have had a particularly tough time.
Law firms rely on cultures of cohesive-
ness and these bonuses are a good way
to rewarding the loyalty.”
There are plenty of risks to the indus-
try, too. In November, CVC Capital Part-
ners and Advent International sought to
add a “breakaway” clause to their
€1.6bn deal to buy a stake in media
rights for Italy’s Serie A, after some of
Europe’s top football clubs discussed
setting up a separate, continent-wide
super league. The uncertainty could be
a factor in other nascent football bids,
including a move by some 20 private
equity groups seeking to invest in media
rights for Germany’s Bundesliga.
In the US, institutional investors will
find themselves subject to the whims of
league governance, as the leagues de­-
cide who is acceptable as a club owner.
The executive raising money to invest
in clubs said the potential RedBall Spac
deal would set a tone. “The real question
with Fenway is whether MLB will
approve. It’s a real risk in this circum-
stance. Approval changes everything.”
Talks between RedBall and Fenway
are continuing but there is no guarantee
of a deal during the pandemic. For the
2020 season, the Red Sox are projected
to lose $338m in ticket sales alone,
according to Team Marketing Report.
Even so, the push to lure more private
capital is only expected to continue into
2021.
2 January/3 January 2021
Prospering in
the pandemic:
2020’s most
successful
businesses
While markets plunged and a
crippling lockdown took a toll on
sales, a number of groups enjoyed
record growth. Here we rank the
best of the top 100 corporate
winners in a devastating year
E
ven at the moment of maxi-
mum uncertainty in March,
some companies were pros-
pering. As stock markets
plunged, the likes of Mod-
erna, Zoom Video and Peloton rode a
wave of enthusiasm for businesses that
might help us cope with, or exit, the
pandemic.
Those remain the winners of 2020.
But a rebound in investor appetite
means a broader range of stocks also
ended the year higher, in spite of crip-
pling lockdowns and huge death tolls.
Back in June, we ranked companies
based on dollars of equity value added.
That method gives outsized importance
to companies that were already huge. A
ranking based on percentage gains in
market value, on the other hand, gives
too much weight to smaller companies
that had big share price rises. So we have
adopted a hybrid for our end-of-year
rankings: a percentage gain with a floor
of $10bn market value at the start of
2020, using data from S&P Global.
Geographically, China outperforms
the US with 36 companies in the list to
30. Sectorally, it is technology-heavy but
with plenty of variety, from Argentine
ecommerce group MercadoLibre to
Swedish private equity firm EQT. Many
of the winners are beneficiaries of the
pandemic; others look like bubble
stocks. Some will turn out to be both.
Tom Braithwaite
1. Tesla
Sector: Automotive
HQ: Palo Alto, US
Some thought Tesla’s $75bn valuation at
the start of 2020 was looking bubbly. By
the time it entered the S&P 500 in
December, it was almost nine times
higher — more than the next seven car-
makers combined. Tesla is expected to
have produced about 500,000 cars over
the year — half the amount Elon Musk
projected in 2016. But the industry shift
to electric vehicles is unquestioned and
investors believe its technology is years
ahead of the competition. Patrick McGee
in San Francisco
2. Sea Group
Sector: Home entertainment
HQ: Singapore
South-east Asia’s most valuable com-
pany showed Covid resistance in all its
core businesses: gaming, ecommerce
and digital payments. Its Free Fire
mobile game won millions of new play-
ers while its Shopee platform has
become the region’s most downloaded
ecommerce app. But the company is still
struggling to become profitable with net
losses widening in the third quarter.
Mercedes Ruehl in Singapore
3. Zoom Video
Sector: video conferencing
HQ: San Jose, US
★ FTWeekend
companies & markets
Zoom became almost synonymous with
communication during the pandemic.
In the space of a year, the number of cus-
tomers with at least 10 employees using
the service jumped nearly fivefold. It
will be a tough act to follow. Big compa-
nies such as Google, Microsoft and Cisco
have Zoom in their sights.
Richard Waters in San Francisco
4. Pinduoduo
Sector: Ecommerce
HQ: Shanghai, China
The ecommerce group’s rise was turbo-
charged by the pandemic as hundreds of
millions of Chinese shoppers turned to
their smartphones rather than malls.
The economic downturn raised demand
for Pinduoduo’s ultra-cheap goods with
revenues up 70 per cent in the first nine
months of the year. It also swung closer
to profitability as it reined in discounts
— and an antitrust investigation into its
chief rival Alibaba also helped.
Ryan McMorrow in Beijing
5. BYD
Sector: Automobiles
HQ: Shenzhen, China
Chinese electric carmaker BYD, backed
by Warren Buffett, recovered rapidly
from a coronavirus-induced slump in
sales after the July release of its sporty
Han sedan, a competitor to Tesla’s pop-
ular Model 3. It is the first BYD model to
use the company’s recently developed
“blade” battery, a smaller and more
energy-dense power pack.
Christian Shepherd in Beijing
6. CrowdStrike
Sector: Cyber security
HQ: Sunnyvale, US
Demand for CrowdStrike’s cyber secu-
rity software has boomed as companies
set up remote workforces and acceler-
ated plans to move data to the cloud.
The company, which floated in June
2019, made its name after uncovering
Russian hackers inside the servers of the
US Democratic National Committee
around the 2016 election.
Hannah Murphy in San Francisco
7. Shanxi Xinghuacun Fen Wine
Factory Co
Sector: Beverages
HQ: Shanxi, China
A Chinese spirits maker known for its
broad product line, Xinghuacun Fen
benefited from China’s post-coronavi-
rus recovery. In Shanghai, one of the
Mobile money:
Square’s Cash nation’s most competitive liquor mar-
kets, Xinghuacun Fen reported a more
App generated
$2.1bn in than 50 per cent jump in revenue in
2020. Sun Yu in Beijing
revenue in the
third quarter
8. LONGi Green Energy
last year, which Technology
was 70 per cent
Sector: Energy
of the group’s
$3bn total HQ: Xi’an, China
Bloomberg The world’s largest producer of silicon
solar wafers had a strong 2020 on
expectations that China will rapidly
increase the amount of solar energy
installations to meet its climate change
commitments. Henry Sanderson in London
9. Pinterest
Sector: Social media
HQ: San Francisco, US
The online pinboard service’s popular-
ity has soared during lockdown as
entertainment-starved people turned to
its platform, drawing advertisers as
brands took advantage of the ecom-
merce boom. Monthly average users
were up nearly 40 per cent year on year
in the company’s latest quarter; reve-
nues almost 60 per cent. The world’s
most wholesome social media network
also managed to steer clear of contro-
versies around hate speech that have
plagued rivals such as Facebook and
Twitter. Hannah Murphy
10. Twilio
Sector: Technology
HQ: San Francisco, US
Twilio’s rapid growth has drawn little
public fanfare. The San Francisco-based
company’s application programming
interfaces, or APIs, plug into the compu-
ter code behind popular apps such as
Instacart and Uber, allowing them to
communicate with customers through
text and voice. Demand has risen during
the pandemic, leading to 51 per cent rev-
enue growth in the first nine months of
2020 compared with the previous year.
Miles Kruppa in San Francisco
11. CATL
Sector: Auto parts
HQ: Ningde, China
A rebound in sales of electric cars in
2020 helped propel Chinese battery
maker Contemporary Amperex Tech-
nology into the country’s Nasdaq-style
ChiNext exchange. CATL supplies lithi-
um-ion batteries to some of the largest
car companies in the world, including
Daimler and BMW, and has about half of
the Chinese battery market.
Henry Sanderson
12. Square
Sector: Digital payments
HQ: San Francisco, US
Square’s side hustle, Cash App, is
becoming the main event. Like PayPal’s
Venmo, the app allows for instantane-
ous transfer of cash between people and
businesses. But its additional features —
for banking, trading and crypto — have
meant that, while it has only half the
users of Venmo, analysts estimate Cash
App makes a lot more money from each
of them. In the third quarter, Cash App
generated $2.1bn in revenue, a fivefold
increase on the same period in the pre-
vious year and 70 per cent of Square’s
$3bn total. Dave Lee in San Francisco
13. China Tourism Group Duty Free
Sector: Consumer discretionary
HQ: Beijing, China
China’s largest operator of duty-free
shops has reported a sharp rebound in
business since the pandemic was
brought under control. It more than
doubled net income in the third quarter
following a loss in the first. Sun Yu
14. Wuxi Biologics
Sector: Healthcare
HQ: Wuxi, China
The pharmaceuticals contract research
and manufacturing group has benefited
from coronavirus-induced shutdowns
of rivals outside China and expanded its
Boom time: overseas presence during the pandemic,
Elon Musk’s including leases to operate at least four
Tesla is among drug development, testing and manu-
the companies facturing facilities in Germany and the
that enjoyed a US. Christian Shepherd in Beijing and
stellar 2020 Wang Xueqiao in Shanghai
FT montage/Bloomberg
15. Xiaomi Corporation
Sector: Technology
HQ: Beijing, China
Huawei’s horrible year has been a wind-
fall for China’s other big smartphone
maker. With Washington’s Huawei
sanctions spurring Android users to
turn to Xiaomi’s devices, it has risen
above Apple to take third place in global
smartphone market share. Its stock was
added to Hong Kong’s Hang Seng index
and it crossed the $100bn market cap
mark last month. Ryan McMorrow
16. Snap
Sector: Social media
HQ: Santa Monica, US
Snap was hit by a freeze in the digital
advertising market when the pandemic
first took hold but the social media
group has since recovered to post record
revenues as users flocked to the service
during lockdowns and marketers
returned. Hannah Murphy
17. Chewy
Sector: Ecommerce
HQ: Florida, US
Surging pet ownership means hungry
dogs and cats: more than 70 per cent of
Chewy’s sales now come from custom-
ers enrolled in automatic replenish-
ment of food and other essentials. Inves-
tors see greater opportunity still in the
online retailer pushing into the wider
pet economy, including through its tele-
health offering, Connect With A Vet,
launched in October. Dave Lee
18. The Trade Desk
Sector: Technology
HQ: Ventura, US
A year ago, The Trade Desk was a prom-
ising adtech business that was smaller
than the large advertising groups it
serves. By the end of 2020, its market
capitalisation exceeded those of WPP,
Omnicom and Publicis combined. The
company provides software that acts as
a brokerage platform for buyers of dig-
ital advertising, taking a cut from trans-
actions and earning fees from data.
Alex Barker in London
19. Chongqing Zhifei Biological
Products
Sector: Pharmaceuticals
Growth story:
The Trade HQ: Jiangbei, China
In early December, Chongqing Zhifei
Desk’s market
capitalisation Biological Products became China’s
fourth pharmaceutical group to start
exceeds those of
WPP, Omnicom final-stage safety trials for a Covid-19
vaccine. Early-stage trial results not yet
and Publicis
combined peer reviewed found no or mild adverse
Bloomberg reactions in most of the 950 participants
and antiviral antibodies in more than 95
per cent. Christian Shepherd
20. DocuSign
Sector: Information technology
HQ: San Francisco, US
The e-signature company, which ena-
bles users to automate contract manage-
ment, expanded its products. Its artifi-
cial intelligence tools sift through docu-
ments to flag risks and the company will
soon offer the ability to notarise transac-
tions over video. Patrick McGee
21. M3
Sector: Technology
HQ: Tokyo, Japan
9
Sony-backed M3 operates an online
portal for medical professionals and is
now the 15th most valuable company in
Japan with a $62bn market capitalisa-
tion on just $1.3bn in annual revenue.
Kana Inagaki in Tokyo
22. Shopify
Sector: Ecommerce
HQ: Ottawa, Canada
Amazon’s stock may be up by almost
two-thirds in 2020 but its fast-growing
Canadian rival has almost tripled in
value to nearly $150bn. More than 1m
merchants, from corner shops to Heinz,
use Shopify’s technology for online
storefronts, checkout systems and con-
nections to Instagram and TikTok.
Tim Bradshaw in London
23. Meituan
Sector: Ecommerce
HQ: Beijing, China
China’s “everything app” was hit hard
by lockdown, as authorities closed res-
taurants and consumers shied away
from food delivery. But Meituan
bounced back in the second half of 2020
with growth at its food delivery business
making up for sluggish travel sales.
Investors are betting better days lie
ahead — it now boasts 477m annual
users. Ryan McMorrow
24. MercadoLibre
Sector: Ecommerce
HQ: Buenos Aires, Argentina
Thanks to the burst in online shopping
since the outbreak of Covid-19, Merca-
doLibre (or “free market” in Spanish),
has become the biggest company in
Latin America. The region’s answer to
China’s Alibaba is now worth $83bn on
Nasdaq, having more than doubled its
value over the past year.
Benedict Mander in Buenos Aires
25. Adyen
Sector: Payments
HQ: Amsterdam, Netherlands
It would be easy to put Adyen’s 2020
success down to rival Wirecard’s
demise. But that would ignore the
€55bn Dutch payment processor’s con-
tinued rise in one of capitalism’s most
hotly contested spaces. Its technology,
which allows customers such as Nike to
use one payment platform across all
their global storefronts, has led to rapid
top-line growth and 60 per cent ebitda
margins. Jamie Powell in London
26. Alibaba Health Information
Technology
Sector: Healthcare
HQ: Hong Kong, China
Selling pills online has increased Ali
Health’s annual shopper count to 65m
and brought year-on-year sales growth
of more than 70 per cent for several
quarters. In the six months to Septem-
ber 30, revenue grew 74 per cent to
Rmb7.1bn. Ryan McMorrow
27. Samsung SDI
Sector: Electronics
HQ: Yongin, South Korea
Booming demand for TVs, tablets and
other mobile devices has boosted this
specialist maker of electronics for semi-
conductors and display panels.
Song Jung-a in Seoul
28. Kakao
Sector: Technology
HQ: Jeju, South Korea
As South Korea’s most popular chat app,
Kakao has done well from surging
continued on page 10
10
continued from page 9
demand for mobile shopping, games
and online entertainment during the
pandemic. Operating profits at the
group rose nearly 50 per cent in the Jan-
uary-September period from a year ear-
lier. Song Jung-a
29. Luzhou Laojiao
Sector: Consumer staples
HQ: Luzhou, China
Among China’s biggest makers of pre-
mium liquor, the nation’s post-pan-
demic economic recovery helped
deliver a 14.5 per cent rise in revenue in
the third quarter. Sun Yu
30. LG Chem
Sector: Chemicals
HQ: Seoul, South Korea
LG Chem controls about a quarter of the
electric vehicle battery market, up from
10 per cent in 2019. Its stock is trading
near a record high, up about 250 per
cent from a three-year low in March.
Song Jung-a
31. East Money Information
Sector: Financial services
HQ: Shanghai, China
A surge in online trading following
China’s post-pandemic market boom
gave a lift to the nation’s leading digital
investment platform. East Money Infor-
mation more than doubled its revenue
and tripled its net income in the third
quarter from a year before. Sun Yu
32. Aier Eye Hospital Group
Sector: Healthcare
HQ: Changsha, China
Aier Eye Hospital, China’s largest net-
work of private ophthalmic clinics, has
tapped into growing demand for eye
surgery due to an ageing population and
a government campaign to reduce
short-sightedness in children. Christian
Shepherd in Beijing and Wang Xueqiao in
Shanghai
33. Datadog
Sector: Technology
HQ: New York, US
Software company Datadog, which
offers monitoring and analytics tools for
the cloud, emerged from relative obscu-
rity to become one of the top-perform-
ing IPOs of 2019. Miles Kruppa
34. Kingsoft
Sector: Technology
HQ: Beijing, China
While Microsoft and Google have been
fighting for share in the overseas office
software market, China has strived to
create homegrown champions. Kingsoft
has become the default provider for
government offices, state-owned enter-
prises and banks. Yuan Yang in Beijing
35. Roku
Sector: Technology
HQ: San Jose, US
This maker of video dongles and con-
nected TV software was already having
a good year as people found themselves
looking for entertainment at home. But
even as Netflix’s growth waned in the
third quarter, Roku accelerated, logging
14.8bn streaming hours, up 54 per cent
year on year. Tim Bradshaw
36. JD.com
Sector: Ecommerce
HQ: Beijing, China
When China’s lockdown hit, JD.com was
the only ecommerce group reliably
delivering packages, bringing hordes of
new shoppers to its platform. It has
since built on that lead. Ryan McMorrow
37. SF Holding
Sector: Delivery logistics
HQ: Shenzhen, China
China’s second-largest courier company
was among the biggest beneficiaries of
an online pandemic shopping boom. In
November, when the “Singles Day”
online shopping festival takes place,
SF Express delivered more than 900m
packages — up almost 60 per cent on the
year before. Yuan Yang
38. Rongsheng Petrochemical
Sector: Industrials
HQ: Hangzhou, China
Rongsheng is the listed arm of Zhejiang
Rongsheng Holding Group, one of the
biggest players in China’s petrochemical
industry. In 2019, Saudi Aramco signed
an agreement to acquire a stake in the
company. The shares of Rongsheng are
up 101 per cent in 2020.
Thomas Hale in Hong Kong
39. Shenzhen Mindray Bio-Medical
Electronics
Sector: Healthcare
HQ: Shenzhen, China
The medical monitors, ventilators and
virus reagents that Mindray produces
have been in high demand during the
pandemic, prompting a steep rise in
profit. Qianer Liu in Shenzhen and Nian
Liu and Yuan Yang in Beijing
40. T-Mobile US
Sector: Telecoms
HQ: Bellevue, US
Despite a turbulent year in which chief
executive John Legere left after sealing a
$59bn merger with rival Sprint, critics’
predictions that T-Mobile would lose
market share were confounded. Third-
quarter results revealed it had pushed
its customer base above 100m and
that it was about a year ahead of sched-
ule in integrating Sprint. Nic Fildes in
London
★ FTWeekend 2 January/3 January 2021
companies & markets
Delivery Hero into the blue-chip Dax
index in 2020. Founded just nine years
ago, the start-up now operates in almost
50 countries. Joe Miller in Frankfurt
72. Sartorius AG
Sector: Pharmaceuticals
HQ: Gottingen, Germany
The German company that makes
equipment for biopharma and pharma-
ceutical companies enjoyed a bumper
year thanks to demand related to Cov-
id-19 tests, therapeutics and vaccines.
Donato Paolo Mancini in Rome
74. ServiceNow
Sector: Cloud software
HQ: Santa Clara, US
Wall Street’s love affair with cloud soft-
ware companies in 2020 has made Serv-
iceNow — a platform for automating
backroom processes inside large organi-
sations — a clear winner. Richard Waters
75. LG Electronics
Sector: Consumer discretionary
HQ: Seoul, South Korea
For much of 2020, LG Electronics bene-
Pandemic winners and losers* fited from booming consumer and busi-
ness demand for its appliances and
Information technology Consumer discretionary Industrials Materials Real estate devices. The tech powerhouse was
Financials Energy Consumer staples Utilities Healthcare buoyed further by a decision to spin off
By market cap added ($tn) Percentage change in market value (min $1bn) part of its electric vehicle components
Top 15 Bottom 15 0 500 1,000 1,500 -100 -50 0 business and set up a $1bn joint venture
-5.0 0 0.5 1.0 -5.0 0 0.5 1.0 Nio Galliford Try with Canadian group Magna Interna-
Apple CNOOC Delta Electronics Wang On Properties
Amazon PetroChina Tesla PT Pelayaran tional. Edward White in Seoul
Tesla Citigroup Sunrun 9F
Microsoft JPMorgan Chase Sungrow Power Supply Apartment Inv and Mngt Co 77. Orsted
Alphabet HSBC Farfetch Imperial Pacific Int
Tencent Bank of America Enphase Energy Hertz Global Sector: Renewable energy
TSMC China Mobile International Holdings China Metal RU
Facebook BP Celltrion Pharm HQ: Fredericia, Denmark
NVIDIA Intel XT Energy
Samsung Electronics Boeing Sinch Appliqate Renewables had a record-breaking year
Pinduoduo Chevron Moderna RMB Holdings and the world’s largest developer of off-
Kweichow Moutai AT&T TG Therapeutics Chesapeake Energy
Meituan Royal Dutch Shell Denali Therapeutics Valaris shore wind farms was a standout per-
PayPal Wells Fargo Adani Green Energy Telidyne
Visa ExxonMobil CanSino Biologics Wirecard
former, with steady growth in operating
* Based on 7730 companies profit. Leslie Hook
Source: Capital IQ
78. Freeport-McMoRan
Sector: Mining
HQ: Phoenix, US
The China-driven consumption frenzy
lennials prefer texting but RingCentral ery maker reported a 57 per cent jump Driving ahead: boosted demand for copper and put a
41. Vestas Wind Systems shows that businesses still need tele- in profits in the third quarter following a UK online rocket under Freeport’s share price.
Sector: Energy phones — even if only in the cloud. 33 per cent slump in the first. Sun Yu grocer Ocado, Production volumes are set to expand
HQ: Aarhus, Denmark Though it remains unprofitable, its left, has been next year and the company looks well
Clean energy had a great year in 2020 shares have doubled this past year 59. Viatris turning placed to benefit from surging demand
and Vestas, the largest maker of wind thanks to a $1bn-a-year subscription Sector: Pharmaceuticals customers away for the copper required to build out the
turbines, has seen the Danish manufac- business that is growing at nearly 30 per HQ: Pittsburgh, US because it does green economy. Neil Hume
turer’s revenues grow 50 per cent over cent a year. Tim Bradshaw The drugmaker is a new kid on the not have enough
the past two years. Leslie Hook in London block, formed in November from a com- warehouse 80. Veeva Systems
49. BeiGene bination of Mylan and Pfizer’s Upjohn capacity. Sector: Cloud software
42. Fortescue Metals Group Sector: Pharmaceuticals unit, creating a large company focused Swedish audio HQ: Pleasanton, US
Sector: Mining HQ: Beijing, China on selling generics, particularly outside streaming group As one of the first specialised cloud com-
HQ: Perth, Australia The cancer treatment specialist is likely the US. Hannah Kuchler in New York Spotify added panies to sell to a single industry — in its
One of the year’s biggest beneficiaries of to become the first Chinese pharmaceu- 20m subscribers case, pharmaceuticals and life sciences
the soaring iron ore price, which hit a tical company with three listings — in 60. PayPal from the start of — Veeva has become the most visible
nine-year high in December, Chinese New York, Hong Kong and soon, if Sector: Online payments 2020 to the end exponent of one of the software indus-
demand for the steelmaking ingredient approved, Shanghai. Yuan Yang HQ: San Jose, California of September, try’s most promising new trends.
has turbocharged profits at the Austral- At risk of being outflanked by Square, reaching 144m Richard Waters
ian miner, allowing it to pay $3.7bn in 50. Siemens Gamesa PayPal announced in November that it paying users
dividends. Neil Hume in London Sector: Renewable energy too would allow users to buy, sell and globally — Bloomberg 81. Slack Technologies
HQ: Bilbao, Spain manage bitcoin on its service. The move Sector: Enterprise software
43. Foshan Haitian Flavouring and The world-leading wind turbine manu- sent PayPal’s stock to an all-time high. HQ: San Francisco, US
Food facturer enjoyed a steady climb during Dave Lee The messaging system was at risk of
Sector: Consumer staples the pandemic, benefiting from govern- missing the stock market’s work-from-
HQ: Foshan, China ments’ plans to focus economic recov- 61. Sartorius Stedim Biotech home boom in 2020. Much of the soar-
China’s largest soy sauce maker profited ery plans on renewable energy. Sector: Pharmaceuticals ing demand for video conferencing and
from a post-lockdown recovery with net Daniel Dombey in Madrid HQ: Aubagne, France other communication services passed it
income up more than 20 per cent from The French company had a bumper by, putting Slack’s more complex set of
the year before in both the second and 51. Nexon year in 2020 as customers stockpiled collaboration tools in the shade. But a
third quarters of 2020. Sun Yu Sector: Technology the lab equipment it makes. $27.7bn cash-and-stock takeover offer
HQ: Tokyo, Japan Donato Paolo Mancini in Rome from Salesforce late in the year turned
44. EDP Renewables The South Korean gaming group 2020 into a landmark year for Slack
Sector: Energy founded by billionaire Kim Jung-ju has 62. Yonyou investors after all. Richard Waters
HQ: Madrid, Spain benefited from global lockdowns and Sector: Technology
As one of the world’s leading renewable school closures. Downloads of Kar- HQ: Beijing, China 83. Ocado Group
energy companies, EDPR is primed to tRider Rush+, the mobile version of its China’s answer to Salesforce and SAP is Sector: Retail
benefit from both US president-elect Joe hit racing game, have topped 20m since booming thanks to business demand for HQ: Hatfield, UK
Biden’s $2tn climate plan and the EU’s its mid-May launch. Kana Inagaki software during the homeworking era. UK online grocer Ocado has been turn-
Green Deal. Peter Wise in Lisbon Yuan Yang ing customers away because it will not
53. Zalando have enough warehouse capacity to
45. Okta Sector: Ecommerce 65. Changchun High & New serve them until well into 2021. Its
Sector: Technology HQ: Berlin, Germany Technology Industry investors are unperturbed; bigger order
HQ: San Francisco, US From locked-down fashion mavens to Sector: Healthcare sizes have boosted the efficiency and
The maker of cloud-based security and shoppers avoiding crowds, pandemic- HQ: Changchun, China profitability of its existing operation,
identity management technology has era retail was such a boon for Zalando, This state-owned drugmaker has run as a joint venture with Marks and
more than doubled its share price in Europe’s largest online fashion retailer, recorded steady profit margin growth, Spencer. Jonathan Eley in London
2020 and beaten Wall Street forecasts that it raised its profit forecast twice in in large part because of the popularity of
for three quarters in a row since the pan- 2020. Erika Solomon in Berlin its growth hormones that help children 85. Align Technology
demic began. Tim Bradshaw gain extra inches. Christian Shepherd Sector: Medical devices
54. Nvidia HQ: San Jose, US
46. StoneCo Sector: Technology 66. Advanced Micro Devices The company behind the Invisalign
Sector: Payments HQ: Santa Clara, US Sector: Tech manufacturing teeth-straightening brand is planning
HQ: São Paulo, Brazil Nvidia capped a banner year, rising to HQ: Santa Clara, US global expansion, targeting countries
As Wirecard collapsed, payments become the world’s most valuable chip- The revival of chipmaker AMD is proof including Brazil, Russia, Turkey, and
upstart StoneCo — focused on small and maker by market value, by agreeing the that fallen tech stars sometimes have India. Hannah Kuchler
medium-sized retailers in Brazil — was takeover of Arm Holdings, the indus- impressive second acts. AMD’s latest
flying as it shrugged off the Covid-19 tur- try’s biggest-ever. Richard Waters generation of personal computer and 89. Geely Automobile
moil to almost double its market capi- server chips have given it a clear lead Sector: Automotive
talisation in 2020 to $26bn. 55. Spotify over longtime rival Intel. Richard Waters HQ: Hong Kong, China
On message: Michael Pooler in São Paulo Sector: Media China has been the sole bright spot on a
HQ: Stockholm, Sweden 68. Worldline bleak auto map with premium sales far-
South Korea’s 47. Wuliangye Yibin
most popular Instrumental meditation, Michelle Sector: Payments ing particularly strongly and a sharp rise
chat app, Kakao, Sector: Consumer staples Obama and a buzzy year-end marketing HQ: Paris, France in electric car demand. Geely, whose
benefited from HQ: Yibin, China campaign. This was the recipe for Spot- Worldline’s jump in value since the start parent company owns Volvo, has ridden
surging demand This Chinese liquor maker managed to ify’s rip-roaring year on the stock mar- of the pandemic could be a little deceiv- both waves. Peter Campbell in London
maintain double-digit revenue growth ket. The company added 20m subscrib- ing since the payment services business
for mobile 94. Polyus
shopping, games throughout the pandemic. Sun Yu ers from the start of the year to the end bought its rival Ingenico in a €7.8bn
and online of September, reaching 144m paying deal. But it has still prospered in its own Sector: Mining
48. RingCentral customers globally. It also unveiled right as customers eschewed cash, turn- HQ: Moscow, Russia
entertainment
during the Sector: Technology exclusive podcast deals with stars ing to online purchases and contactless As Russia’s biggest gold miner, it is not
pandemic HQ: Belmont, US including Joe Rogan and Mrs Obama, payments. David Keohane in Paris difficult to increase your value when
Bloomberg Zoom became a verb in 2020 and mil- fuelling optimism. Anna Nicolaou in New prices surge on investor fears. But a
York 69. Neste sharp rise in the share price in 2020 is
Sector: Energy also thanks to a flow of positive news
56. EQT HQ: Espoo, Finland from its upcoming mega mine, which
Sector: Financial services Finnish group Neste was long known as the company said will be the world’s
HQ: Stockholm, Sweden an oil refiner but in recent years has piv- largest. Henry Foy in Moscow
The private equity group spent 2020 oted decisively to renewable fuel. The
snapping up businesses while many company, in which the Finnish state still 100. Amazon
rivals remained cautious. Kaye Wiggins has a 36 per cent stake, is now the Sector: Ecommerce
in London world’s largest producer of renewable HQ: Seattle, US
diesel. Richard Milne in Oslo By pushing its Prime Day sales event
57. Sany Heavy Industry back, from July to October, Amazon was
Sector: Industrials 71. Delivery Hero More on ft.com able to lengthen the holiday shopping
HQ: Changsha, China Sector: Food delivery For the full period, reducing the strain on its deliv-
China’s infrastructure boom, a product HQ: Berlin, Germany article on all 100 ery network and providing an added
companies, go to
of Beijing’s pandemic relief stimulus, Despite never having made a profit, a sales boost. As a result, revenues may
has enriched Sany Heavy Industry. The surge in takeaway food orders during ft.com/ exceed $100bn for the first time in the
companies
nation’s leading construction machin- the pandemic propelled Berlin-based company’s history. Dave Lee
2 January/3 January 2021
Commodities. Developing economies
Food price rally stokes
fears of social unrest
Pressure mounts on poorer
nations amid stockpiling, dry
weather and supply problems
Emiko Terazono
A sharp rebound in food prices is stir-
ring concerns over inflation and poten-
tial unrest in some developing coun-
tries.
Stockpiling, logistical bottlenecks and
dry weather have pushed wheat, soya-
beans, rice and corn markets higher.
The Bloomberg Agricultural sub-in-
dex has jumped more than a third since
its low point in June to a two-and-a-half-
year high, while the UN Food and Agri-
culture Organization’s food price index
hit a six-year high in November.
Soyabeans, a key ingredient for live-
stock feed and an important source of
vegetable oil, are trading at just under
$13 a bushel, with traders anticipating
“beans in the teens” for the first time in
six years.
In 2007-08, severe droughts drove up
prices, triggering food riots in some
African countries. A wheat export ban
by Russia in 2010 also led to a surge in
food prices in the Middle East, contrib-
uting to the Arab uprising. Some are
now concerned about a “Covid shock”
hitting some of the more vulnerable
countries.
“The real impact is the access to food.
People have lost their income. There are
a lot of unhappy people and this is a rec-
ipe for social unrest,” said Abdolreza
Abbassian, senior economist at the FAO.
The issue is not a food shortage at this
point — grains and oilseeds have had
bumper crops over the past few years,
leading to higher inventories. But ana-
lysts worry that higher prices at a time
of economic stress bode badly, espe-
cially for poorer countries, particularly
while an economic rebound in Asia is
bumping up demand for grains and soy-
abeans. “Food inflation is the last thing
governments need right now,” said Car-
los Mera, analyst at Rabobank.
Fitch Solutions expects higher agri-
cultural commodities as travel and
spending “edge closer to normal, as the
hospitality and restaurant sector re-
opens and consumer confidence rises”.
Various governments shoring up their
food reserves have also pushed markets
higher.
China has been a particularly big
UK still in pain as US and China rebound
The UK’s FTSE 100 index of stocks has
completed its worst annual performance
since 2008 while stocks in the US, China
and elsewhere streak ahead, highlighting
the uneven global recovery from the
markets shock of the spring.
The UK benchmark stood 14 per cent
weaker at the end of the year, edging
beyond 2018’s fall to make 2020 the
worst year since the financial crisis of
2008 — when the index fell by more than
30 per cent.
Meanwhile, New York’s S&P 500 rose
more than 16 per cent in 2020, shrugging
off its steep drop in March, while the
technology-focused Nasdaq Composite
gained more than 40 per cent. China’s CSI
300 rounded off the year with a 27 per
cent advance as the country’s economy
emerged first from the pandemic shock
while Frankfurt’s Xetra Dax eked out
gains for the year in December.
Much of the UK’s underperformance is
down to the FTSE’s heavy weighting
Agricultural commodities
stage sharp rebound
Bloomberg agricultural index
120
110
100
90
80
70
2017 18 19 20
Source: Refinitiv
buyer of everything from corn to rice.
The country’s authorities used their
reserves to damp down price increases
during the pandemic and are replenish-
ing their strategic stockpiles.
A recovery in the hog herd after the
devastation caused by African swine
fever has also meant a rebound in grains
used for livestock feed.
In the corn market, for example, the
US Department of Agriculture’s Beijing
bureau recently more than tripled esti-
mates for China’s imports in the 2020-21
crop year from 7m tonnes to 22m.
Because of the low level of state
reserves, “substantial corn imports will
be necessary to meet demand while also
controlling further price increases and
maintain stocks throughout 2021”,
it said.
Wheat purchases by North African
countries have kept pace, and food com-
panies are also making sure they do not
end up with shortages. Wheat itself was
plentiful, but inventories were piling up
Analysts
worry that
higher
prices at a
time of
economic
stress
bode badly
towards oil and resources stocks — a
sector that has suffered badly through
coronavirus. Some analysts and investors
remain wary, particularly with the long
impact of Brexit lying ahead. Others are
more optimistic.
“The UK is one of our favoured global
equity markets, particularly from an
unhedged perspective as we suspect a
large proportion of the return for
international investors will come from the
strengthening currency,” said Nick
Nelson, head of European equity strategy
at UBS. The bank expects sterling to
reach $1.44 against the dollar by the end
of 2021, from around $1.36 now.
Using MSCI stock gauges to smooth
out some of the differences between
various national benchmarks, the total
return on US stocks reached 20.5 per cent
in 2020 in local currency terms while
MSCI’s China Index rose 28 per cent.
European shares, excluding the UK,
rose 3 per cent while UK shares fell 12 per
★ FTWeekend 11
COMPANIES & MARKETS
GE’s accounting
tactics laid bare
in SEC settlement
Sujeet Indap
On Wall Street
L
arry Fink, the BlackRock in order to boost immediate results. and analyst concerns that its cash col-
founder and chief executive, Damningly, the SEC described how Wall lections were not keeping pace with rev-
released a public letter in Street pressure and undue attention to enue and that its unbilled revenue was
2015, pressing fellow CEOs the company’s stock price appeared to growing in its industrial business,”
to eschew making business drive the company’s actions. wrote the SEC. In one 2016 presentation
decisions based on short-term consider- In 2015, GE announced that its once to GE senior management, the SEC said,
ations. high-flying but controversial GE Capital one executive posited that GE’s stock
“It is critical, however, to understand unit would shrink by $200bn worth of price could reach $40 if operating
that corporate leaders’ duty of care and assets. While highly profitable at times, cash flow performance improved. It
loyalty is not to every investor or trader the banklike entity was volatile and its averaged about $30 during that year.
who owns their company’s shares at any heavy losses during the 2008 financial At the same time, the pieces of GE
moment in time but to the company and crisis nearly sank the entire company. Capital that the parent company had
its long-term owners,” he wrote. Mr Immelt wanted to reposition GE as retained would prove to be another
One company in which BlackRock an industrial powerhouse with aviation, time-bomb. GE kept an interest in long-
was a major shareholder at the time was healthcare, energy and oil and gas units term healthcare insurance policies that
General Electric, with a stake of nearly 6 that were supposed to help the develop- had been sold decades earlier.
per cent. Around then, Jeffrey Immelt, ing world become urbanised. Those policies proved to be more
the chief executive of GE, appears to In late 2015, the group would close its expensive than had been anticipated, a
have been overseeing just the kind of reality that became clear in 2015. In
market gratification management effort 2016, as it became evident that higher
that Mr Fink was condemning.
Immelt appears to have losses were going to need to be realised,
The industrial group “misled inves- been overseeing the kind one executive called the situation in the
tors” and “violated antifraud, reporting insurance business a “train wreck”.
[and] disclosure controls”, according to
of market gratification It seems GE only came clean with
a recent US Securities and Exchange that Fink was condemning investors about its accounting practices
Commission order. In early December, in the power division in 2017 while also
GE agreed with the regulator to pay eventually taking a $22bn impairment
$200m to settle charges that it had $15bn acquisition of France’s Alstom to to goodwill related to the Alstom buy-
Dumped: ears of misled investors about its financial boost its power plant business. out. And it finally took a $9.5bn charge
corn lie on the condition in between 2015 and 2017. The power division, according to the related to insurance liabilities in 2018
ground in Muse, In a statement, the company noted SEC, would become the home of and committed to plug another $15bn of
Myanmar, last that no financial statements required accounting mischief. Maintenance capital into shoring up the GE financial
year — AFP/Getty correction and that it had neither contracts with customers that ran services unit.
admitted nor denied guilt as a part of the several years required estimates of costs A spokesperson for Mr Immelt said:
in importing countries, said Mr Mera. SEC settlement. and the reduction of such inputs “GE sought to comply with all standards
“It’s a transition from ‘just in time’ to Five years after Mr Fink’s letter, allowed GE to boost its book profits. for financial accounting. To achieve this
‘just in case’,” he added. there has been a continued rise in Separate alleged manoeuvres goal, it put in place strong processes
Supply worries are also fuelling the “stakeholder capitalism” and investing included selling receivables to GE with multiple checks and balances.”
grain bulls. Dry weather has affected for better environmental, social and Capital, allowing for commensurate BlackRock continues to hold a stake
crops around the world, especially in corporate governance standards. But gains in cash flow. of about 6 per cent in GE shares, which
South America, where weather pattern this coda to the GE saga in the 2010s is The company had announced in 2015 currently hover around $10. A recovery
La Niña is causing hot and dry condi- an ugly reminder of the world these new that it would seek to hit $2 per share of to the peak of nearly $33 seen in 2016
tions in southern Brazil and Argentina. principles are attempting to replace. earnings in 2018. It appears that precise will undoubtedly require a very long-
Farmers there are struggling with the The SEC’s order alleged GE pulled for- and ambitious figure effectively became term orientation.
lack of rain, with many having to dig up ward future profits and cash flow and, the central organising principle of the
fields of shrivelled-up crops. separately, delayed reporting big losses company. “GE was aware of investor sujeet.indap@ft.com
Corn has rushed to a six-year high,
and although wheat is off 2020’s peak, it
is still trading at more than $6 a bushel,
levels last seen in 2014, due to dryness in
Russia, the world’s leading exporter of
wheat, and worries about grain export
restrictions by Moscow.
Rice prices, which jumped after
south-east Asian producers threatened
to limit overseas sales at the start of the
pandemic, have remained elevated over
logistics bottlenecks and buying by
China. Port congestion and a lack of con-
tainers had caused shipping durations
to double in some cases, leading to jit-
ters in the market, said Frank Gou-
verne, at Rice Exchange, a digital plat-
form for rice trading.
“Freight prices have doubled. People
are also waiting three to four months for
their orders, adding further pressure on
the market,” he said.
Hedge funds and other speculators
have also bought food commodities in
the second half of 2020, further adding
to the rally. At the end of October, specu-
lators held record net “long” positions
in agricultural commodity futures and
options after an unprecedented 22 con-
secutive weeks. While some have taken
profits, bullish positions remain at mul-
tiyear highs.
Although prices on the international
markets are lower than levels seen in
2009 and 2010-12, food is expected to
remain a pressure point, especially for
less developed countries. “If [people]
will realise the vaccine won’t solve the
problems in the near term and they
don’t have food, then things could get
out of control,” warned the FAO’s Mr
Abbassian. “Although I still doubt we
will hit those [previous] peaks, we will
see volatility in the coming year.”
cent by this measure. Most investors
believe 2021 will be brighter for global
stocks, particularly with bond yields
rooted at low levels.
The pledge by the US Federal Reserve
to keep interest rates low to help
generate an economic recovery pushed
the dollar almost 7 per cent lower against
other major currencies last year, its
biggest drop since 2017.
The pound gained about 3 per cent,
carving out its highest point of the year
on the final day of 2020. Other currencies
gained more strongly — Sweden’s krona
rose 14.5 per cent, its biggest gain against
the dollar since 2006, while the euro
climbed 9.5 per cent and the yen gained
5.3 per cent, the most in nine years.
The oil sector suffered heavily during
the initial spread of Covid-19. Following
lows of $16 in April, Brent crude ended
2020 at around $51 per barrel. Prices are
down by over a fifth from the end of 2019.
Leke Oso Alabi
12 ★ FTWeekend 2 January/3 January 2021
2 January/3 January 2021 ★ FTWeekend 13

MARKET DATA

WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA

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

-1.45% -0.34% -0.45%

No change No change No change No change
0.64% 0.14% 0.65% 0.31% 0.15% 0.29% 0.71%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Dec 02 - - Index All World Dec 02 - Dec 31 Index All World Dec 02 - Dec 31 Index All World Dec 02 - Dec 30 Index All World Dec 02 - Dec 30 Index All World Dec 02 - Jan 01 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
2,873.47
3,756.07 13,718.78 27,444.17
6,460.52
17,433.36 13,335.68 26,787.54
3,669.01 6,266.19 2,696.22
17,296.93
Day 0.64% Month 3.05% Year 15.86% Day -0.64% Month 2.07% Year 2.62% Day -1.45% Month 3.10% Year -14.85% Day -0.31% Month 3.22% Year 3.55% Day -0.45% Month 3.00% Year 15.13% Day 1.88% Month 9.11% Year 30.36%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
12,888.28 27,231.13
44,066.88
1,536.53 8,140.80 8,073.70 26,728.50
1,513.57 2,843.81
42,895.63
12,355.11 2,814.12
Day 0.14% Month 5.50% Year 43.86% Day -1.40% Month 6.98% Year 2.37% Day -0.34% Month 2.18% Year -5.46% Day -0.99% Month 0.24% Year -15.77% Day 0.31% Month 3.38% Year -3.84% Day -0.89% Month 1.69% Year -11.45%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
119,017.24 47,868.98
30,606.48 3,473.07
5,581.64 5,551.41 22,352.46 22,232.90 3,449.38
111,878.53 44,618.04
29,823.92
Day 0.65% Month 2.60% Year 6.84% Day -0.33% Month 9.30% Year 2.92% Day -0.86% Month 0.60% Year -7.20% Day -0.12% Month 0.86% Year -5.34% Day 1.72% Month 2.40% Year 14.24% Day 0.25% Month 8.16% Year 14.90%

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 51226.49 51320.14 Cyprus CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 24202.73 24238.06 Philippines Manila Comp 7139.71 7204.38 Taiwan Weighted Pr 14732.53 14687.70 Cross-Border DJ Global Titans ($) 441.83 440.49
Australia All Ordinaries 6850.60 6942.90 Czech Republic
PX 1027.14 1030.62 FTSE Italia Mid Cap 38091.63 38249.73 Poland Wig 57025.84 57701.40 Thailand Bangkok SET 1449.35 1461.95 Euro Stoxx 50 (Eur) 3552.64 3571.59
S&P/ASX 200 6587.10 6682.40 DenmarkOMXC Copenahgen 20 1465.17 1475.07 FTSE MIB 22232.90 22259.35 Portugal PSI 20 4898.36 4921.78 Turkey BIST 100 1476.72 1479.91 Euronext 100 ID 1103.54 1112.44
S&P/ASX 200 Res 5109.90 5165.60 Egypt EGX 30 10845.26 10867.76 Japan 2nd Section 6570.91 6588.17 PSI General 3799.70 3822.19 UAE Abu Dhabi General Index 5045.31 5088.09 FTSE 4Good Global ($) 9299.16 9280.20
Austria ATX 2780.44 2778.23 EstoniaOMX Tallinn 1343.72 1333.21 Nikkei 225 27444.17 27568.15 Romania BET Index 9805.60 9738.51 UK FT 30 2522.40 2560.80 FTSE All World ($) 425.89 425.24
Belgium BEL 20 3621.28 3663.06 FinlandOMX Helsinki General 10872.05 10949.62 S&P Topix 150 1528.35 1541.18 Russia Micex Index 3289.02 3274.67 FTSE 100 6460.52 6555.82 FTSE E300 1536.53 1541.76
BEL Mid 8320.43 8336.04 France CAC 40 5551.41 5599.41 Topix 1804.68 1819.18 RTX 1387.46 1398.48 FTSE 4Good UK 6065.03 6154.40 FTSE Eurotop 100 2882.47 2893.22
Brazil IBovespa 119017.24 119409.15 SBF 120 4394.69 4431.75 Jordan Amman SE 1657.22 1654.28 Saudi-Arabia TADAWUL All Share Index 8689.53 8760.08 FTSE All Share 3673.63 3723.98 FTSE Global 100 ($) 2484.81 2480.65
Canada S&P/TSX 60 1034.76 Germany
1041.69 M-DAX 30796.26 30912.39 Kenya NSE 20 1868.39 1853.06 Singapore FTSE Straits Times 2843.81 2869.22 FTSE techMARK 100 6280.61 6364.55 FTSE Gold Min ($) 2365.60 2395.63
S&P/TSX Comp 17433.36 17545.81 TecDAX 3212.77 3217.97 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 345.13 345.13 USA DJ Composite 10108.71 10036.39 FTSE Latibex Top (Eur) 4440.00 4432.20
S&P/TSX Div Met & Min 683.95 697.28 XETRA Dax 13718.78 13761.38 Latvia OMX Riga 1136.34 1139.52 Slovenia SBI TOP - - DJ Industrial 30606.48 30409.56 FTSE Multinationals ($) 2711.09 2709.06
Chile S&P/CLX IGPA Gen 21007.46 Greece
21067.56 Athens Gen 808.99 809.08 Lithuania OMX Vilnius 816.64 804.08 South Africa FTSE/JSE All Share 59408.68 59634.93 DJ Transport 12506.93 12459.23 FTSE World ($) 756.48 755.48
China FTSE A200 13794.99 13543.05 FTSE/ASE 20 1934.64 1936.38 Luxembourg LuxX 1345.60 1356.53 FTSE/JSE Res 20 57575.52 57761.55 DJ Utilities 864.64 850.59 FTSEurofirst 100 (Eur) 3911.64 3934.01
FTSE B35 9000.71 Hong Kong
8988.96 Hang Seng 27231.13 27147.11 Malaysia FTSE Bursa KLCI 1627.21 1644.41 FTSE/JSE Top 40 54379.58 54615.33 Nasdaq 100 12888.28 12845.36 FTSEurofirst 80 (Eur) 4860.02 4884.43
Shanghai A 3640.46 3578.98 HS China Enterprise 10738.40 10662.93 Mexico IPC 44066.88 44693.96 South Korea Kospi 2873.47 2820.51 Nasdaq Cmp 12888.28 12870.00 MSCI ACWI Fr ($) 646.27 645.29
Shanghai B 243.47 241.07 HSCC Red Chip 3799.56 3763.85 Morocco MASI 11287.38 11211.08 Kospi 200 389.29 381.27 NYSE Comp 14524.80 14382.50 MSCI All World ($) 2690.04 2686.06
Shanghai Comp 3473.07 3414.45
Hungary Bux 42107.57 41733.11 Netherlands AEX 624.61 628.06 Spain IBEX 35 8073.70 8154.40 S&P 500 3756.07 3732.04 MSCI Europe (Eur) 1613.34 1623.08
Shenzhen A 2437.58 2394.84
India BSE Sensex 47868.98 47751.33 AEX All Share 904.85 908.52 Sri Lanka CSE All Share 6774.22 6748.01 Wilshire 5000 39456.66 39301.24 MSCI Pacific ($) 3100.48 3110.45
Shenzhen B 1086.72 1076.45 Nifty 500 11574.85 11518.30 New Zealand NZX 50 13091.64 13217.14 Sweden OMX Stockholm 30 1874.74 1893.06 Venezuela IBC 1332059.90 1252254.50 S&P Euro (Eur) 1650.19 1659.14
Colombia COLCAP 1368.49 1383.59
Indonesia Jakarta Comp 5979.07 6036.17 Nigeria SE All Share 40270.72 39512.31 OMX Stockholm AS 768.38 774.15 Vietnam VNI 1103.87 1097.54 S&P Europe 350 (Eur) 1585.57 1591.41
Croatia CROBEX 2013.05 Ireland
2011.29 ISEQ Overall 7376.33 7531.53 Norway Oslo All Share 1017.37 1006.88 Switzerland SMI Index 10703.51 10682.04 S&P Global 1200 ($) 2972.72 2966.57
Israel Tel Aviv 125 1568.09 1567.46 Pakistan KSE 100 44434.80 43755.38 Stoxx 50 (Eur) 3108.30 3118.32
(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 Dec 31 %Chg %Chg Dec 31 %Chg %Chg Dec 31 %Chg %Chg Dec 31 %Chg %Chg
ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's FTSE 100 price(p) week ytd FTSE 250 price(p) week ytd FTSE SmallCap price(p) week ytd Industry Sectors price(p) week ytd
traded m's price change traded m's price change traded m's price change traded m's price change Winners Winners Winners Winners
Apple 131.5 132.69 -1.03 Unilever 97.8 4392.00 -89.00 Sap Se O.n. 163.7 107.22 0.42 Softbank . 1248.1 8058.00 3.00 Pershing Square Holdings Ltd 2565.00 5.6 76.2 Aston Martin Lagonda Global Holdings 2009.00 9.6 - S&U 2260.00 13.0 6.6 Automobiles & Parts 4610.57 7.1 -
Amazon.com 96.3 3256.93 -28.92 Astrazeneca 83.2 7324.00 -77.00 Unilever 133.2 55.37 -0.22 Fast Retailing Co., 842.5 92470.00 1660.00 Croda Int 6596.00 2.9 28.3 Fdm (holdings) 1124.00 7.5 6.8 Schroder Uk Public Private Trust 31.00 12.1 - Personal Goods 37240.52 1.9 -2.3
Microsoft 46.6 222.42 0.74 Glaxosmithkline 50.6 1342.00 -16.00 Enel 117.2 8.28 0.00 Toyota Motor 373.3 7957.00 -57.00 Scottish Mortgage Investment Trust 1214.00 2.7 - Network Int Holdings 326.60 7.4 - Studio Retail 291.50 11.0 22.6 Equity Investment Instruments 12822.18 1.4 16.9
Facebook 35.2 273.16 1.29 Bp 48.5 254.80 -4.60 Allianz Se Na O.n. 105.6 200.70 -1.25 M3,. 333.9 9743.00 -131.00 Just Eat Takeaway.com N.v. 8260.00 2.6 - Puretech Health 400.00 7.2 27.4 Chrysalis Investments 188.00 8.7 - Pharmaceuticals & Biotech. 15774.82 1.1 -
Netflix 29.2 540.73 16.14 Diageo 47.3 2878.00 -113.00 Novo Nordisk B A/s 96.4 57.35 -0.34 Sony 333.7 10285.00 -105.00 Next 7086.00 2.3 -0.5 Xp Power 4690.00 6.8 50.8 Foxtons 55.00 7.8 - Gas Water & Multiutilities 4763.88 0.9 -
Nvidia 25.1 522.20 -3.63 Royal Dutch Shell 45.1 1259.40 -12.80 Siemens Ag Na O.n. 93.6 117.52 0.12 Tokyo Electron 292.5 38400.00 -260.00 Halma 2449.00 2.1 14.3 Indivior 108.80 5.9 - Rdi Reit P.l.c. 95.00 7.3 - Chemicals 13603.42 0.7 2.1
Advanced Micro Devices 22.9 91.71 -0.58 Rio Tinto 43.2 5470.00 -72.00 Volkswagen Ag Vzo O.n. 88.2 152.42 0.52 Shin-etsu Chemical Co., 182.9 18040.00 -305.00 Auto Trader 596.00 2.1 -1.3 Herald Investment Trust 2245.00 5.9 50.7 Hunting 223.00 7.1 -47.3 Nonlife Insurance 3272.11 0.3 1.0
Boeing 22.4 214.06 -2.61 Hsbc Holdings 39.6 378.85 -4.15 Ferrovial 86.8 22.60 -0.13 Mitsubishi Ufj Fin,. 169.5 456.10 -3.90 Unilever 4392.00 1.9 - C&c 227.50 5.3 - Baillie Gifford China Growth Trust 528.00 7.1 52.5 Electronic & Electrical Equip. 9980.71 0.3 15.4
Alphabet 18.5 1752.64 16.39 British American Tobacco 38.8 2708.00 -65.50 Intesa Sanpaolo 85.6 1.91 -0.01 Takeda Pharmaceutical 162.2 3755.00 -44.00 Kingfisher 270.40 1.9 - Fidelity China Special Situations 381.50 5.2 64.8 Sme Credit Realisation Fund 63.50 7.1 -25.4 General Retailers 2528.63 0.2 0.8
Alphabet 17.7 1751.88 12.36 Lloyds Banking 38.1 36.44 -0.37 Eni 77.6 8.55 -0.01 Fanuc 159.9 25360.00 -355.00 Burberry 1789.50 1.7 - Pantheon Int 2505.00 5.0 -2.5 Treatt 820.00 6.9 76.3 General Industrials 6628.28 0.1 3.3
Ocado 2287.00 1.6 79.7 Diploma 2192.00 4.8 7.5 Jpmorgan Japan Small Cap Growth & ome 600.00 6.8 37.9 Food & Drug Retailers 4313.48 0.0 2.8
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
London Stock Exchange 9008.00 1.5 16.7 Ip 98.90 4.8 39.5 Stobart Ld 26.05 6.3 - Software & Computer Services 1916.06 -0.1 -
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Western Digital 55.39 5.86 11.83 Petropavlovsk 32.50 1.90 6.21 Thyssenkrupp Ag O.n. 8.12 0.14 1.78 Kawasaki Kisen Kaisha, 2112.00 42.00 2.03 Lloyds Banking 36.44 -5.6 - Hammerson 24.85 -8.0 -80.4 Superdry 246.60 -7.8 - Oil Equipment & Services 5593.23 -4.1 -
Dxc Technology 25.75 1.41 5.79 Indivior 108.80 5.00 4.82 Adp 106.10 1.70 1.63 Fast Retailing Co., 92470.00 1660.00 1.83 Barclays 146.68 -5.1 - Cmc Markets 391.00 -6.6 - Rps 70.00 -7.5 - Fixed Line Telecommunication 1609.35 -4.0 -
Micron Technology 75.18 3.26 4.53 Sabre Insurance 276.50 6.00 2.22 Saipem 2.21 0.03 1.57 Mitsubishi Motors 217.00 3.00 1.40 Bt 132.25 -4.4 - Dixons Carphone 115.80 -6.1 - Carr's 129.50 -7.5 - Banks 2500.51 -3.0 -
Apartment Investment And Management 5.28 0.20 3.94 Just 69.90 1.50 2.19 Merck Kgaa O.n. 140.35 2.10 1.52 Ana Holdings 2277.00 27.00 1.20 Rolls-royce Holdings 111.25 -3.9 - Aj Bell 433.50 -6.1 0.5 Int Personal Finance 81.50 -6.2 -49.7 Aerospace & Defense 3612.25 -2.5 -
Mosaic (the) 23.01 0.85 3.84 Helios Towers 153.00 3.00 2.00 Kering 594.40 6.40 1.09 Thb Japan Steel Works, 3075.00 35.00 1.15 Persimmon 2767.00 -3.8 2.9 Tp Icap 238.20 -6.0 - Photo-me Int 48.80 -6.2 - Oil & Gas Producers 4525.21 -2.4 -
Whitbread 3100.00 -3.5 - Savills 954.50 -5.2 - Senior 89.25 -6.0 - Construction & Materials 6883.43 -2.0 -2.6
Downs Downs Downs Downs
M&g 197.95 -3.2 - Ferrexpo 282.60 -4.8 79.0 Artemis Alpha Trust 394.00 -4.7 15.9 Mobile Telecommunications 2765.07 -1.7 -
Occidental Petroleum 17.31 -0.60 -3.35 Aj Bell 433.50 -29.00 -6.27 Kerry 118.50 -3.40 -2.79 Seiko Epson 1531.00 -62.00 -3.89
Bp 254.80 -3.1 - Investec 187.30 -4.6 - Mitie 41.00 -4.7 - Mining 21698.50 -1.3 13.9
United Airlines Holdings 43.25 -1.40 -3.14 Hammerson 24.85 -1.58 -5.98 Safran 115.95 -3.05 -2.56 Mitsui Eng & Shipbuilding Co., 350.00 -13.00 -3.58
Dcc 5178.00 -3.0 - Wh Smith 1510.00 -4.6 -42.5 Restaurant 64.20 -4.5 - Health Care Equip.& Services 6538.77 -1.2 -
Apache 14.19 -0.38 -2.61 Playtech 401.30 -23.00 -5.42 Porsche Autom.hldg Vzo 56.40 -1.30 -2.25 Sapporo Holdings 1991.00 -67.00 -3.26
Bae Systems 488.80 -3.0 - Essentra 306.20 -4.5 - Stagecoach 74.05 -4.5 - Electricity 8859.08 -1.1 5.4
Lam Research 472.27 -12.18 -2.51 Petrofac 138.10 -7.00 -4.82 Edenred 46.41 -1.06 -2.23 Jfe Holdings,. 988.00 -33.00 -3.23
Schroders 3337.00 -3.0 -0.5 Travis Perkins 1347.00 -4.4 - Motorpoint 286.50 -4.5 -1.4 Index - Technology Hardware & Equipment 2082.22 -1.1 5.0
American Airlines 15.77 -0.38 -2.35 Domino's Pizza 316.00 -15.40 -4.65 Schneider Electric 118.30 -2.55 -2.11 Yokogawa Electric 2054.00 -66.00 -3.11
British Land 489.00 -3.0 - Close Brothers 1382.00 -4.4 - Dfs Furniture 220.00 -4.3 - Food Producers 7042.78 -1.1 -
Based on the constituents of the S&P500 Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index
Based on last week's performance. †Price at suspension.

CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
Jan 1 Currency Mid Change Mid Change Mid Change Jan 1 Currency Mid Change Mid Change Mid Change Jan 1 Currency Mid Change Mid Change Mid Change Jan 1 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 84.0702 - 102.8646 - 114.9191 - Indonesia Indonesian Rupiah 14050.0000 - 17190.9624 - 19205.5435 - Poland Polish Zloty 3.7260 - 4.5590 - 5.0932 - ..Three Month 0.7316 0.0000 0.8950 0.0000 - -
Australia Australian Dollar 1.2959 - 1.5856 - 1.7714 - Israel Israeli Shekel 3.2108 - 3.9286 - 4.3890 - Romania Romanian Leu 3.9781 - 4.8675 - 5.4379 - ..One Year 0.7319 0.0000 0.8946 0.0000 - -
Bahrain Bahrainin Dinar 0.3770 - 0.4613 - 0.5153 - Japan Japanese Yen 103.2450 - 126.3260 - 141.1299 - Russia Russian Ruble 73.9644 - 90.4996 - 101.1050 - United States United States Dollar - - 1.2236 - 1.3669 -
Bolivia Bolivian Boliviano 6.9100 - 8.4548 - 9.4456 - ..One Month 103.2450 -0.0001 126.3261 0.0001 141.1299 0.0000 Saudi Arabia Saudi Riyal 3.7516 - 4.5903 - 5.1282 - ..One Month - - 1.2235 -0.1434 1.3670 -
Brazil Brazilian Real 5.1942 - 6.3554 - 7.1002 - ..Three Month 103.2449 -0.0002 126.3262 0.0002 141.1298 -0.0001 Singapore Singapore Dollar 1.3217 - 1.6171 - 1.8066 - ..Three Month - - 1.2233 -0.1434 1.3670 0.0000
Canada Canadian Dollar 1.2740 - 1.5588 - 1.7415 - ..One Year 103.2445 -0.0010 126.3264 0.0008 141.1299 -0.0004 South Africa South African Rand 14.6888 - 17.9725 - 20.0787 - ..One Year - - 1.2225 -0.1434 1.3672 0.0000
Chile Chilean Peso 710.5000 - 869.3365 - 971.2123 - Kenya Kenyan Shilling 109.2000 - 133.6123 - 149.2701 - South Korea South Korean Won 1086.3000 - 1329.1488 - 1484.9091 - Venezuela Venezuelan Bolivar Fuerte - - - - - -
China Chinese Yuan 6.5398 - 8.0018 - 8.9395 - Kuwait Kuwaiti Dinar 0.3042 - 0.3722 - 0.4158 - Sweden Swedish Krona 8.2126 - 10.0485 - 11.2261 - Vietnam Vietnamese Dong 23082.5000 - 28242.7635 - 31552.5097 -
Colombia Colombian Peso 3420.5000 - 4185.1739 - 4675.6261 - Malaysia Malaysian Ringgit 4.0225 - 4.9218 - 5.4985 - Switzerland Swiss Franc 0.8840 - 1.0816 - 1.2083 - European Union Euro 0.8173 - - - 1.1172 -
Costa Rica Costa Rican Colon 613.9150 - 751.1593 - 839.1862 - Mexico Mexican Peso 19.9255 - 24.3800 - 27.2370 - Taiwan New Taiwan Dollar 28.0980 - 34.3795 - 38.4083 - ..One Month 0.8172 0.0000 - - 1.1171 0.0000
Czech Republic Czech Koruna 21.4638 - 26.2621 - 29.3397 - New Zealand New Zealand Dollar 1.3889 - 1.6994 - 1.8985 - Thailand Thai Baht 29.9600 - 36.6577 - 40.9536 - ..Three Month 0.8170 0.0000 - - 1.1171 0.0000
Denmark Danish Krone 6.0835 - 7.4435 - 8.3158 - Nigeria Nigerian Naira 394.7500 - 482.9987 - 539.6003 - Tunisia Tunisian Dinar 2.6887 - 3.2898 - 3.6753 - ..One Year 0.8163 0.0000 - - 1.1166 0.0000
Egypt Egyptian Pound 15.8445 0.1268 19.3866 0.1551 21.6585 0.1733 Norway Norwegian Krone 8.5619 - 10.4760 - 11.7037 - Turkey Turkish Lira 7.4325 - 9.0941 - 10.1598 -
Hong Kong Hong Kong Dollar 7.7538 - 9.4873 - 10.5991 - Pakistan Pakistani Rupee 159.8000 - 195.5242 - 218.4373 - United Arab Emirates UAE Dirham 3.6732 - 4.4943 - 5.0210 -
Hungary Hungarian Forint 296.4203 - 362.6868 - 405.1893 - Peru Peruvian Nuevo Sol 3.6173 - 4.4260 - 4.9446 - United Kingdom Pound Sterling 0.7316 - 0.8951 - - -
India Indian Rupee 73.0675 - 89.4022 - 99.8790 - Philippines Philippine Peso 48.0235 - 58.7594 - 65.6453 - ..One Month 0.7316 - 0.8951 0.0000 - -
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 Dec 31 Dec 30 Dec 29 Dec 28 Dec 25 Yr Ago High Low Year to date percentage changes Closing Day's Closing Day's
£ Strlg Day's Euro £ Strlg £ Strlg Year Div P/E X/D Total FT 30 2522.40 2560.80 2582.90 2554.10 2535.00 0.00 3314.70 1337.80 Leisure Goods 70.45 General Retailers -1.10 Financials -12.95 FTSE 100 Price Change FTSE 100 Price Change
Jan 01 chge% Index Dec 30 Dec 29 ago yield% Cover ratio adj Return FT 30 Div Yield - - - - - 0.00 3.93 2.74 Industrial Metals & 32.28 Household Goods & Ho -1.58 Health Care -13.06 3I Group PLC 1158 -10.00 Land Securities Group PLC 673.80 -15.90
FTSE 100 (100) 6460.52 -1.45 5604.76 6555.82 6602.65 7542.44 3.70 1.54 17.53 208.54 6174.77 P/E Ratio net - - - - - 0.00 19.44 14.26 Tech Hardware & Eq 17.31 Personal Goods -4.44 FTSE 100 Index -13.79 Admiral Group PLC 2906 -66.00 Legal & General Group PLC 266.20 -2.70
FTSE 250 (250) 20488.30 -1.09 17774.42 20715.11 20897.59 21883.42 2.32 1.33 32.39 346.84 16262.86 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 18/02/1900Base Date: 1/7/35 Mining 15.76 Financial Services -4.91 Real Est Invest & Se -15.10 Anglo American PLC 2424.5 -18.00 Lloyds Banking Group PLC 36.44 -0.37
FTSE 250 ex Inv Co (183) 20969.04 -1.36 18191.49 21257.47 21453.35 23300.15 2.31 1.23 35.16 311.38 16977.22 FT 30 hourly changes Electronic & Elec Eq 14.68 FTSE 250 Index -6.11 Mobile Telecomms -15.77 Antofagasta PLC 1440.5 -12.00 London Stock Exchange Group PLC 9008 -90.00
FTSE 350 (350) 3697.70 -1.39 3207.90 3749.79 3777.70 4249.57 3.45 1.52 19.11 108.84 7043.16 8 9 10 11 12 13 14 15 16 High Low Basic Materials 14.22 Utilities -8.09 Tobacco -15.90 Ashtead Group PLC 3438 -51.00 M&G PLC 197.95 -1.80
FTSE 350 ex Investment Trusts (281) 3596.87 -1.46 3120.43 3650.13 3677.57 4195.06 3.54 1.40 20.26 107.86 3535.54 2560.8 2517.3 2520.6 2493.1 2399.1 2395.8 2394.3 2414 2426.7 2439.2 2366.1 Equity Invest Instr 13.07 Consumer Goods -8.99 Real Est Invest & Tr -18.14 Associated British Foods PLC 2264 -36.00 Melrose Industries PLC 178.05 -0.95
FTSE 350 Higher Yield (145) 2893.08 -1.37 2509.87 2933.22 2955.65 3653.20 5.02 1.43 13.95 122.33 6060.30 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Industrial Transport 10.46 Beverages -9.33 Telecommunications -19.17 Astrazeneca PLC 7324 -77.00 Mondi PLC 1719.5 -21.50
FTSE 350 Lower Yield (205) 4291.83 -1.41 3723.33 4353.16 4384.71 4512.45 1.95 1.73 29.53 75.09 5078.46 Industrial Eng 10.01 Technology -9.77 Health Care Eq & Srv -20.25 Auto Trader Group PLC 596.00 -5.40 Morrison (Wm) Supermarkets PLC 177.35 -1.80
FTSE SmallCap (256) 6215.49 -0.28 5392.19 6232.74 6240.02 5950.49 2.99 -0.71 -46.93 133.33 9883.56 Electricity 6.58 Life Insurance -10.29 Travel & Leisure -20.59
FTSE SmallCap ex Inv Co (140) 4877.80 -0.32 4231.69 4893.23 4910.49 4889.86 2.95 -0.46 -74.21 76.94 8108.86 FX: EFFECTIVE INDICES Chemicals 5.23 Consumer Services -10.79 Automobiles & Parts -21.31
Avast PLC 537.50 7.50 National Grid PLC 865.00 -6.80
Aveva Group PLC 3202 -23.00 Natwest Group PLC 167.65 2.10
FTSE All-Share (606) 3673.63 -1.35 3187.02 3723.98 3750.91 4196.47 3.44 1.45 20.07 107.03 7068.59 Support Services 4.24 Food Producers -10.84 Aerospace & Defense -24.88
Dec 30 Dec 29 Mnth Ago Dec 31 Dec 30 Mnth Ago Aviva PLC 325.20 -2.80 Next PLC 7086 -78.00
FTSE All-Share ex Inv Co (421) 3536.08 -1.44 3067.69 3587.68 3614.39 4113.02 3.53 1.37 20.75 104.99 3530.17 FTSE SmallCap Index 3.32 NON FINANCIALS Index -11.64 Fixed Line Telecomms -26.50 B&M European Value Retail S.A. 516.20 -4.80 Ocado Group PLC 2287 -19.00
FTSE All-Share ex Multinationals (537) 1193.22 -1.00 857.96 1205.26 1212.35 1282.47 2.76 1.40 25.90 25.41 2391.41 Australia - - - Sweden - - - Food & Drug Retailer 2.76 Software & Comp Serv -11.75 Banks -31.87 Bae Systems PLC 488.80 -4.20 Pearson PLC 680.40 -7.40
FTSE Fledgling (90) 10635.61 0.66 9226.82 10565.66 10517.82 9839.33 2.46 0.60 67.31 224.45 21899.16 Canada - - - Switzerland - - - Nonlife Insurance 0.69 FTSE All{HY-}Share Index -12.00 Oil Equipment & Serv -33.35 Barclays PLC 146.68 -2.20 Pennon Group PLC 950.00 0.80
FTSE Fledgling ex Inv Co (43) 13016.62 1.83 11292.44 12783.09 12751.50 11797.26 2.46 4.36 9.30 186.93 26171.13 Denmark - - - UK 78.51 78.09 78.53 Industrials 0.46 Media -12.01 Oil & Gas -42.31 Barratt Developments PLC 670.00 -10.20 Pershing Square Holdings LTD 2565 30.00
FTSE All-Small (346) 4314.27 -0.23 3742.80 4324.02 4327.73 4122.83 2.96 -0.65 -51.77 92.52 8801.51 Japan - - - USA - - - Construct & Material -0.15 Pharmace & Biotech -12.14 Oil & Gas Producers -42.44 Berkeley Group Holdings (The) PLC 4742 -100.00 Persimmon PLC 2767 -64.00
FTSE All-Small ex Inv Co (183) 3652.24 -0.23 3168.46 3660.59 3672.61 3645.59 2.93 -0.29 -118.30 57.37 7690.81 New Zealand - - - Euro - - - Gas Water & Multi -12.50 Oil & Gas Producers -40.36 Bhp Group PLC 1925 -34.60 Phoenix Group Holdings PLC 700.60 -12.20
FTSE AIM All-Share (723) 1157.04 0.33 1003.78 1153.26 1149.92 958.26 0.81 0.31 397.82 7.57 1328.77 Norway - - -
BP PLC 254.80 -4.60 Polymetal International PLC 1684.5 -19.00
FTSE 100 (101) 6460.52 -1.45 5604.76 6555.82 6602.65 7542.44 3.70 1.54 17.53 208.54 6174.77 Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British American Tobacco PLC 2708 -65.50 Prudential PLC 1347 -22.50
FTSE Sector Indices Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk British Land Company PLC 489.00 -12.20 Reckitt Benckiser Group PLC 6542 -90.00
Oil & Gas (12) 4702.21 -1.43 4079.36 4770.35 4809.54 8352.72 6.58 1.19 12.74 308.86 5289.83 Bt Group PLC 132.25 -3.05 Relx PLC 1792.5 -22.00
Oil & Gas Producers (9) 4546.65 -1.42 3944.40 4611.97 4651.09 8094.95 6.69 1.19 12.61 303.82 5303.69 FTSE GLOBAL EQUITY INDEX SERIES Bunzl PLC 2443 -43.00 Rentokil Initial PLC 509.60 -8.60
Oil Equipment Services & Distribution (3) 5608.41 -2.10 4865.52 5728.85 5690.55 8671.17 0.20 17.16 29.00 11.22 4834.79 Burberry Group PLC 1789.5 -22.00 Rightmove PLC 650.80 -4.00
Jan 1 No of US $ Day Mth YTD Total
YTD Gr Div Jan 1 No of US $ Day Mth YTD Total YTD Gr Div Coca-Cola Hbc AG 2377 -22.00 Rio Tinto PLC 5470 -72.00
Basic Materials (23) 7171.66 -1.17 6221.71 7256.48 7333.28 6347.83 3.51 2.68 10.61 251.27 8615.44
Chemicals (8) 15058.46 -0.66 13063.82 15158.23 15351.70 14190.91 1.53 2.03 32.25 222.25 14476.56 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Compass Group PLC 1363 -29.00 Rolls-Royce Holdings PLC 111.25 -0.80
Industrial Metals & Mining (4) 5335.23 -0.24 4628.53 5347.98 5370.60 4070.21 5.43 2.19 8.41 453.68 7177.52 FTSE Global All Cap 8966 727.81 0.1 4.8 14.3
16.8 1121.85
1.9 Oil Equipment & Services 25 189.29 -0.1 -0.1 -29.3 321.15 -25.1 5.8 Crh PLC 3058 -88.00 Royal Dutch Shell PLC 1259.4 -12.80
Mining (11) 20769.68 -1.26 18018.53 21034.86 21257.32 18179.18 3.67 2.74 9.95 759.99 13175.36 FTSE Global All Cap 8968 724.13 0.3 3.3 13.8
16.2 1115.97
1.9 Basic Materials 353 610.08 -0.4 -0.4 18.7 1036.58 22.4 2.6 Croda International PLC 6596 60.00 Royal Dutch Shell PLC 1297.8 -19.60
FTSE Global Large Cap 1731 651.35 0.2 4.5 14.8
17.3 1033.96
1.9 Chemicals 163 870.31 -0.1 -0.1 16.0 1464.13 19.3 2.3 Dcc PLC 5178 -182.00 Rsa Insurance Group PLC 677.40 -0.40
Industrials (97) 5983.98 -1.51 5191.35 6075.77 6129.41 5994.10 1.73 0.83 69.24 82.77 6657.51
Construction & Materials (16) 7242.73 -2.28 6283.36 7411.79 7416.94 7386.41 1.90 0.13 394.05 131.95 8367.56 FTSE Global Mid Cap 2230 916.77 0.1 4.7 10.6
12.7 1329.89
1.9 Forestry & Paper 20 316.20 -0.3 -0.3 13.7 601.72 17.4 2.5 Diageo PLC 2878 -113.00 Sage Group PLC 582.00 -7.80
Aerospace & Defense (9) 3816.25 -1.15 3310.75 3860.49 3911.36 5214.43 3.03 -2.01 -16.40 99.51 4453.38 FTSE Global Small Cap 5005 1006.38 -0.1 7.2 16.4
18.4 1403.16
1.6 Industrial Metals & Mining 92 468.60 -0.5 -0.5 23.9 804.66 28.4 2.9 Entain PLC 1133.5 -18.00 Sainsbury (J) PLC 225.50 -4.90
General Industrials (9) 5329.89 -1.30 4623.89 5400.36 5460.27 5166.27 1.99 1.32 38.30 79.14 6676.53 FTSE All-World 3961 425.89 0.2 4.5 14.1
16.6 694.74
1.9 Mining 78 880.52 -0.8 -0.8 20.8 1528.17 25.1 3.0 Evraz PLC 471.60 -3.30 Schroders PLC 3337 -66.00
Electronic & Electrical Equipment (8) 11773.63 -2.18 10214.09 12036.16 12166.25 10231.42 0.98 2.21 45.86 100.60 11311.25 FTSE World 2567 756.48 0.1 4.6 13.9
16.3 1656.40
1.9 Industrials 737 523.84 0.2 0.2 16.7 807.21 18.8 1.6 Experian PLC 2777 -43.00 Scottish Mortgage Investment Trust PLC 1214 2.00
Industrial Engineering (9) 16222.05 -2.14 14073.28 16576.37 16676.68 14744.30 1.19 2.58 32.51 178.00 21209.43 FTSE Global All Cap ex UNITED KINGDOM In 8675 769.77 0.2 4.8 15.7
18.1 1165.17
1.8 Construction & Materials 142 616.03 -0.3 -0.3 11.1 996.65 13.4 1.8 Ferguson PLC 8884 -6.00 Segro PLC 947.60 -6.40
Industrial Transportation (7) 4342.43 -0.79 3767.23 4377.01 4372.93 3933.68 3.33 0.49 61.76 12.73 4411.10 FTSE Global All Cap ex USA 7213 563.75 -0.4 5.4 8.7
11.5 948.46
2.4 Aerospace & Defense 36 733.33 -0.5 -0.5 -18.1 1112.66 -16.8 2.0 Flutter Entertainment PLC 15110 -190.00 Severn Trent PLC 2289 -26.00
Support Services (39) 9474.99 -1.31 8219.93 9600.41 9695.15 9118.25 1.32 2.34 32.54 103.84 10532.52 FTSE Global All Cap ex JAPAN 7573 751.26 0.1 4.9 14.6
17.0 1168.85
1.9 General Industrials 71 253.08 0.2 0.2 11.0 427.67 13.9 2.2 Fresnillo PLC 1129.5 -6.00 Smith & Nephew PLC 1510 -39.50
FTSE Global All Cap ex Eurozone 8327 766.20 0.2 4.8 15.1
17.5 1156.74
1.8 Electronic & Electrical Equipment 139 669.02 0.0 0.0 31.4 935.07 33.6 1.3 Glaxosmithkline PLC 1342 -16.00 Smith (Ds) PLC 374.60 -4.90
Consumer Goods (42) 18347.21 -2.14 15916.94 18748.56 18852.27 20136.59 3.95 1.48 17.04 694.04 15591.92
FTSE Developed 2136 692.08 0.1 4.3 14.3
16.7 1075.62
1.9 Industrial Engineering 145 1024.99 0.3 0.3 23.6 1572.21 26.1 1.5 Glencore PLC 233.00 -3.60 Smiths Group PLC 1504.5 -37.00
Automobiles & Parts (2) 4634.19 0.68 4020.35 4602.89 4550.23 5497.51 0.36 -7.08 -39.04 0.00 4741.78
FTSE Developed All Cap 5618 726.01 0.1 4.7 14.5
16.9 1112.47
1.8 Industrial Transportation 122 916.92 0.4 0.4 21.0 1422.06 23.3 1.7 Halma PLC 2449 -52.00 Smurfit Kappa Group PLC 3436 -36.00
Beverages (6) 22790.33 -3.46 19771.53 23606.49 24009.84 25390.87 2.47 1.62 24.91 546.42 17511.31
FTSE Developed Large Cap 831 648.32 0.2 4.3 15.0
17.5 1025.37
1.9 Support Services 82 643.05 0.5 0.5 27.4 934.57 29.1 1.1 Hargreaves Lansdown PLC 1525 -17.50 Spirax-Sarco Engineering PLC 11295 -165.00
Food Producers (10) 7124.77 -1.40 6181.02 7226.09 7268.12 8074.59 2.57 1.79 21.72 102.21 6626.93
FTSE Developed Europe Large Cap 225 392.81 -0.8 4.5 2.3
5.1 734.37
2.6 Consumer Goods 533 611.12 0.1 0.1 19.8 987.47 22.6 2.0 Hikma Pharmaceuticals PLC 2518 -18.00 Sse PLC 1500 -28.00
Household Goods & Home Construction (14)14757.18 -1.42 12802.45 14970.40 15034.42 15055.72 2.76 1.99 18.19 324.68 11892.00
FTSE Developed Europe Mid Cap 344 698.30 -0.8 6.2 10.4
12.7 1142.31
2.1 Automobiles & Parts 130 612.47 0.6 0.6 60.8 963.67 64.1 1.4 HSBC Holdings PLC 378.85 -4.15 St. James's Place PLC 1133.5 -2.50
Leisure Goods (2) 28118.33 -1.22 24393.78 28465.61 29005.79 16630.51 1.60 1.20 52.19 449.56 29554.50
FTSE Dev Europe Small Cap 690 963.97 -0.6 7.8 7.3
9.4 1518.89
1.9 Beverages 67 739.05 -0.1 -0.1 4.3 1204.94 6.9 2.3 Imperial Brands PLC 1535.5 -21.00 Standard Chartered PLC 465.90 -6.10
Personal Goods (6) 32239.39 -1.93 27968.97 32873.98 32742.00 33127.68 3.22 1.38 22.46 917.13 24148.53
FTSE North America Large Cap 224 830.48 0.6 3.8 19.1
21.4 1212.34
1.6 Food Producers 132 717.76 0.0 0.0 5.3 1182.43 7.8 2.4 Informa PLC 549.00 -8.00 Standard Life Aberdeen PLC 281.30 -5.20
Tobacco (2) 28781.71 -2.17 24969.29 29420.49 29718.05 34485.35 8.29 1.32 9.13 2389.17 23631.68
FTSE North America Mid Cap 413 1060.33 0.4 4.0 12.1
14.0 1428.23
1.7 Household Goods & Home Construction 61 576.11 0.1 0.1 13.7 924.39 16.3 2.1 Intercontinental Hotels Group PLC 4690 -67.00 Taylor Wimpey PLC 165.80 0.10
Health Care (15) 11287.28 -1.20 9792.17 11424.79 11519.47 12872.44 3.73 1.12 23.92 419.30 9823.93
FTSE North America Small Cap 1297 1144.15 -0.1 7.5 19.9
21.6 1486.24
1.3 Leisure Goods 44 330.06 0.2 0.2 36.3 455.52 38.1 1.0 Intermediate Capital Group PLC 1726 -19.00 Tesco PLC 231.40 -3.90
Health Care Equipment & Services (6) 6656.78 -2.34 5775.02 6816.24 6963.88 8451.04 2.03 0.96 51.47 120.44 6133.87
FTSE North America 637 541.35 0.5 3.9 18.0
20.2 807.59
1.6 Personal Goods 85 1054.09 -0.3 -0.3 17.0 1572.60 18.8 1.4 International Consolidated Airlines Group S.A. 159.80 -7.55 Unilever PLC 4392 -89.00
Pharmaceuticals & Biotechnology (9) 15719.00 -1.07 13636.86 15889.43 15996.60 17696.35 3.93 1.13 22.54 617.91 12292.49
FTSE Developed ex North America 1499 293.02 -0.6 5.3 7.7
10.5 531.03
2.4 Tobacco 14 908.26 0.1 0.1 -8.9 2309.66 -2.1 6.8 Intertek Group PLC 5648 -152.00 United Utilities Group PLC 895.00 -14.20
Consumer Services (79) 5051.37 -1.50 4382.26 5128.54 5162.70 5681.77 2.12 1.23 38.33 69.53 5168.39 FTSE Japan Large Cap 178 453.41 0.0 4.3 14.3
17.1 636.88
2.1 Health Care 309 686.19 0.5 0.5 12.3 1057.60 14.5 1.7
Food & Drug Retailers (5) 4480.86 -1.46 3887.32 4547.33 4530.29 4361.33 2.94 1.33 25.46 133.29 5703.00 Jd Sports Fashion PLC 860.00 4.00 Vodafone Group PLC 120.94 -1.50
FTSE Japan Mid Cap 335 644.52 0.0 3.0 2.6
4.8 858.26
2.1 Health Care Equipment & Services 113 1391.38 0.8 0.8 18.7 1677.50 19.7 0.7 Johnson Matthey PLC 2425 -84.00 Whitbread PLC 3100 -59.00
General Retailers (26) 2385.95 -1.34 2069.91 2418.38 2438.65 2408.23 1.58 1.47 42.88 11.48 2985.38
FTSE Global wi JAPAN Small Cap 880 713.35 0.0 4.2 2.5
4.8 983.98
2.1 Pharmaceuticals & Biotechnology 196 444.65 0.4 0.4 8.3 728.50 11.1 2.4 Just Eat Takeaway.Com N.V. 8260 -12.00 Wpp PLC 800.00 -7.20
Media (13) 8150.60 -1.22 7070.97 8250.89 8373.38 9285.93 1.70 2.94 20.03 125.77 5493.27
FTSE Japan 513 187.08 0.0 4.0 11.9
14.6 294.14
2.1 Consumer Services 440 689.89 -0.1 -0.1 23.7 966.57 25.0 1.0 Kingfisher PLC 270.40 -1.40
Travel & Leisure (35) 7966.72 -1.82 6911.45 8114.36 8149.92 10117.42 2.38 0.21 197.17 82.90 8176.23
FTSE Asia Pacific Large Cap ex Japan 928 874.57 0.0 6.5 20.3
23.3 1514.87
2.1 Food & Drug Retailers 69 298.77 -0.1 -0.1 1.3 453.34 4.0 2.5
Telecommunications (6) 1794.38 -1.35 1556.70 1818.90 1831.76 2273.16 7.62 0.57 22.90 86.13 2481.97 FTSE Asia Pacific Mid Cap ex Japan 893 1026.99 0.2 6.6 18.6
21.6 1708.38
2.5 General Retailers 148 1266.29 -0.6 -0.6 39.9 1705.20 40.9 0.6
Fixed Line Telecommunications (3) 1668.39 -2.00 1447.40 1702.51 1710.35 2363.86 10.66 1.04 9.03 5.68 1830.70
Mobile Telecommunications (3) 2760.88 -1.09 2395.18 2791.43 2813.83 3334.38 6.46 0.28 55.76 180.11 3470.69
FTSE Asia Pacific Small Cap ex Japan
FTSE Asia Pacific Ex Japan
1843
1821
649.99
683.11
0.2
0.0
5.8
6.5
19.7
22.6
20.2
23.2
1056.73
2.3 Media
1257.02
2.1 Travel & Leisure
84 469.24
139 498.08
0.8
0.3
0.8
0.3
22.1 661.60
-3.8 713.62
23.3
-2.5
1.0
1.7
UK STOCK MARKET TRADING DATA
Utilities (8) 7121.09 -0.97 6177.84 7190.76 7298.44 7721.54 5.07 1.15 17.16 361.49 9952.83 FTSE Emerging All Cap 3348 889.75 0.2 6.0 12.6
15.5 1463.81
2.2 Telecommunication 95 153.97 0.1 0.1 -4.0 335.65 0.3 4.6 Dec 31 Dec 30 Dec 29 Dec 24 Dec 23 Yr Ago
Electricity (3) 8838.96 -1.68 7668.16 8989.76 9144.57 8388.05 5.26 1.04 18.30 464.92 16214.27 FTSE Emerging Large Cap 900 857.84 0.2 5.8 13.2
16.1 1420.29
2.1 Fixed Line Telecommuniations 41 116.29 0.4 0.4 -14.1 284.52 -9.7 5.8 - - - - - -
Gas Water & Multiutilities (5) 6295.96 -0.71 5461.99 6341.08 6430.87 7132.82 5.01 1.19 16.78 315.42 8707.11 FTSE Emerging Mid Cap 925 1047.12 0.1 7.9 7.6
10.7 1722.33
2.9 Mobile Telecommunications 54 184.12 -0.2 -0.2 10.4 351.25 14.4 3.3 Order Book Turnover (m) 14.43 163.19 50.22 16.45 16.30 16.30
Financials (307) 4449.24 -0.84 3859.89 4487.00 4508.65 5145.66 3.10 1.74 18.57 89.11 4643.89 FTSE Emerging Small Cap 1523 852.33 0.4 5.5 12.7
15.7 1344.60
2.4 Utilities 190 320.73 0.5 0.5 0.9 704.09 4.4 3.2 Order Book Bargains 421456.00 708895.00 1088857.00 362445.00 362445.00 362445.00
Banks (11) 2468.16 -1.06 2141.23 2494.57 2495.24 3735.87 3.80 2.22 11.87 1.57 2034.33 FTSE Emerging Europe 76 370.39 0.2 12.0 -15.8
-11.2 702.51
4.9 Electricity 130 361.05 0.6 0.6 1.4 781.55 5.0 3.3 Order Book Shares Traded (m) 637.00 961.00 1578.00 870.00 870.00 870.00
Nonlife Insurance (7) 3745.57 -1.07 3249.44 3786.15 3789.31 3707.60 2.94 1.86 18.27 107.44 7428.76 FTSE Latin America All Cap 244 821.91 -0.5 11.6 -16.6
-14.3 1408.62
2.6 Gas Water & Multiutilities 60 320.65 0.1 0.1 -0.2 726.20 3.2 3.1 Total Equity Turnover (£m) 2023.96 2904.64 3532.79 2672.19 2650.55 2650.55
Life Insurance/Assurance (6) 7326.07 -1.30 6355.66 7422.46 7450.52 8213.34 3.67 1.98 13.78 257.34 8328.46 FTSE Middle East and Africa All Cap 321 653.09 -0.6 4.7 -5.3
-2.5 3.2 Financials
1128.76 866 252.34 0.4 0.4 -4.6 458.50 -1.7 2.7 Total Mkt Bargains 537706.00 904566.00 1350179.00 495082.00 495230.00 495230.00
Real Estate Investment & Services (18) 2497.81 -0.65 2166.95 2514.18 2545.68 2936.88 1.05 3.07 31.00 38.46 7196.92 FTSE Global wi UNITED KINGDOM All Cap In 291 316.99 -1.0 6.0 -11.3
-8.6 3.5 Banks
605.71 271 184.43 0.1 0.1 -13.7 367.75 -10.6 3.4 Total Shares Traded (m) 3995.00 6634.00 8904.00 4691.00 4700.00 4700.00
Real Estate Investment Trusts (40) 2456.94 -0.91 2131.50 2479.41 2504.08 3015.36 3.12 -2.23 -14.37 65.40 3496.87 FTSE Global wi USA All Cap 1753 939.44 0.5 4.3 19.0
21.1 1.5 Nonlife Insurance
1323.68 74 299.23 0.6 0.6 -3.1 470.21 -0.7 2.1 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (40) 10291.60 -1.11 8928.38 10407.43 10516.18 10898.71 3.23 1.10 28.20 322.73 13326.01 FTSE Europe All Cap 1410 471.15 -0.8 5.3 3.6
6.3 2.5 Life Insurance
846.93 53 232.49 0.0 0.0 -3.7 417.30 0.1 3.3 (c) Market closed.
Equity Investment Instruments (185) 12903.42 -0.19 11194.23 12927.41 12983.99 11243.85 2.23 3.21 13.95 281.89 7725.44 FTSE Eurozone All Cap 639 463.47 -1.0 4.5 6.6
9.0 2.1 Financial Services
829.67 209 419.98 0.7 0.7 13.4 618.46 15.7 1.7
Non Financials (299) 4382.29 -1.53 3801.81 4450.39 4486.34 4982.87 3.56 1.36 20.66 142.14 7412.61 FTSE EDHEC-Risk Efficient All-World 3961 472.04 0.2 4.7 9.1
11.5 2.1 Technology
711.63 310 520.36 0.1 0.1 44.7 667.58 46.2 0.9
Technology (17) 2039.92 -0.68 1769.71 2053.81 2084.57 2263.29 1.85 0.09 596.58 33.33 2846.71 FTSE EDHEC-Risk Efficient Developed Europe 569 373.42 -0.8 5.7 10.5
12.8 2.2 Software & Computer Services
623.09 166 840.33 0.3 0.3 38.3 1006.16 39.0 0.5 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (14) 2185.51 -0.71 1896.01 2201.03 2232.43 2477.98 1.93 -0.15 -354.60 36.15 3226.82 Oil & Gas 128 258.06 -0.6 5.0 -29.1
-25.4 482.48
5.1 Technology Hardware & Equipment 144 426.44 0.0 0.0 53.4 583.97 56.0 1.3 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Technology Hardware & Equipment (3) 5075.98 -0.42 4403.61 5097.62 5205.16 4350.88 1.16 3.47 24.81 69.78 6301.00 Oil & Gas Producers 92 241.62 -0.7 5.2 -31.6
-28.0 461.51
5.2 Alternative Energy 11 268.65 -0.2 -0.2 112.3 381.83 115.4 0.6 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Real Estate Investment & Services 162 358.71 0.3 0.3 -2.9 661.75 0.4 2.7 liable for any loss arising from the reliance on or use of the listed information.
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day Real Estate Investment Trusts 97 454.70 0.6 0.6 -8.3 1002.57 -4.9 3.7 For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE 100 6474.54 6448.60 6454.55 6487.89 6484.59 6460.52 0.00 0.00 0.00 6507.50 6439.65 FTSE Global Large Cap 1731 648.25 0.4 0.4 14.2 1028.92 16.8 1.9
FTSE 250 20601.81 20504.39 20512.39 20564.06 20536.81 20488.30 0.00 0.00 0.00 20601.81 20488.30 The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/
mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index® and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC
Data provided by Morningstar | www.morningstar.co.uk
FTSE SmallCap 6236.74 6218.24 6216.72 6211.38 6216.77 6215.49 0.00 0.00 0.00 6236.74 6210.75
FTSE All-Share 3683.92 3668.83 3671.73 3688.24 3686.01 3673.63 0.00 0.00 0.00 3697.14 3665.53 (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2,
Time of FTSE 100 Day's high:11:48:00 Day's Low09:15:30 FTSE 100 2010/11 High: 7674.56(17/01/2020) Low: 4993.89(23/03/2020) WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see
Time of FTSE All-Share Day's high:11:48:00 Day's Low09:15:00 FTSE 100 2010/11 High: 4257.93(17/01/2020) Low: 2727.86(23/03/2020) www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange
Group companies and is used by FTSE International Limited under licence.
Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative.

UK RIGHTS OFFERS UK COMPANY RESULTS UK RECENT EQUITY ISSUES

Amount Latest Company Turnover Pre-tax EPS(p) Div(p) Pay day Total Issue Issue Stock Close Mkt
Issue paid renun. closing Red Rock Resources Pre 0.000 0.000 5.156 1.724L 0.760 0.290L 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- 12/30 0.10 WCAT Wildcat Petroleum PLC 0.00 - 0.00 0.00 0.0
There are currently no rights offers by any companies listed on the LSE. 12/29 38.00 AIM VCAP Vector Capital PLC 39.50 0.00 41.95 38.50 1661.1
12/24 3.00 PNPL Pineapple Power Corp PLC 4.88 0.87 5.00 3.35 279.7
12/23 10.00 OHG One Heritage Group PLC 11.75 0.00 12.00 11.43 352.5
12/22 1.00 RNEW Ecofin US Renewables Infrastructure Trust PLC 1.02 0.00 1.03 1.00 126.9
12/22 100.00 SBSI Schroder BSC Social Impact Trust PLC 102.50 0.00 104.00 100.00 7687.5
12/15 96.00 AIM ABDX Abingdon Health PLC 94.50 0.50 109.93 91.00 9043.6
12/14 20.00 AIM IIG Intuitive Investments Group PLC 22.25 0.00 23.70 21.70 899.3
12/04 2.84 AIM HE1 Helium One Global Ltd 7.25 -0.03 8.90 3.75 3602.5
12/01 100.00 SBO Schroder British Opportunities Trust PLC 101.30 0.00 103.00 97.50 7597.5
11/25 100.00 AIM KIST Kistos PLC 163.50 9.50 170.00 100.00 6580.9

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.
14 ★ FTWeekend 2 January/3 January 2021

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m
Australia (A$) Finland (€) Japan (¥) Sweden (SKr) AT&T 28.76 0.27 39.55 26.08 7.65 18.01 204943.76 Lowes 160.51 -0.05 180.67 60.00 1.48 21.38 117609.35
ANZ 22.70 -0.37 27.29 14.10 4.54 19.07 49843.96 Nokia 3.15 -0.06 4.35 2.08 - 23.70 21913.67 AstellasPh 1594 -12.00 1987 0.00 2.65 20.59 28744.13 AtlasCpcoB 368.30 -7.60 393.30 223.20 1.74 31.23 17557.7 AutomData 176.20 2.39 182.32 103.11 2.18 28.93 75557.03 Lyondell 91.66 0.59 95.47 33.71 4.84 24.42 30607.02
BHPBilltn 42.43 -0.71 43.66 24.05 4.77 18.85 96450.77 SampoA 34.57 -0.22 42.46 21.34 4.35 15.87 23563.96 Bridgestne 3384 -46.00 4082 2861.5 3.96 29.47 23392.47 Ericsson 97.64 -0.98 110.15 59.54 1.48 23.37 36649.01 Avago Tech 437.85 3.02 438.00 155.67 2.95 78.68 178079.34 Marathon Ptl 41.36 -0.21 61.92 15.26 5.80 -2.55 26910.91
CmwBkAu 82.11 -1.48 91.05 53.44 5.18 20.54 112407.44 France (€) Canon 1978 -44.00 3099 0.00 6.25 32.53 25552.65 H&M 172.00 -2.05 214.35 98.13 2.72 99.61 30692.94 BakerHu 22.08 0.09 31.26 20.09 3.24 -1.40 11412.93 Marsh&M 117.00 1.99 120.97 74.34 1.65 27.80 59341.3
CSL 283.18 -4.61 342.75 242.67 1.02 42.66 99419.44 Airbus Grpe 89.78 -1.47 139.40 48.12 - -11.09 86139.46 CntJpRwy 14590 15.00 22570 0.00 0.99 103.64 29110.76 Investor 599.20 -2.20 604.60 370.10 2.09 6.04 33342.84 BankAm 30.31 0.33 35.67 17.95 2.51 14.19 262205.44 MasterCard 356.94 1.39 367.25 199.99 0.45 50.69 352824.64
NatAusBk 22.60 -0.43 27.49 13.20 4.91 20.85 57499.78 AirLiquide 134.25 -1.05 144.45 94.86 2.04 27.71 77796.14 Denso 6134 -35.00 6219 0.00 2.35 -43.03 46813.45 Nordea Bk 67.22 -0.40 86.73 48.00 - 11.88 33258.73 Baxter♦ 80.24 1.04 95.19 69.10 1.23 42.87 40988.07 McDonald's 214.58 3.02 231.91 124.23 2.46 30.98 159885.92
Telstra 2.98 -0.02 3.94 2.66 3.31 19.73 27348.88 AXA 19.51 -0.16 25.62 11.84 3.80 16.59 57726.57 EastJpRwy 6885 -44.00 10040 0.00 1.98 -9.92 25202.82 SEB 84.50 -0.90 104.90 59.80 - 11.61 22401.54 BectonDick 250.22 3.54 286.72 197.75 1.34 87.32 72776.89 McKesson♦ 173.92 0.50 187.67 112.60 1.00 12.78 27925.36
Wesfarmers 50.40 -0.97 51.91 29.75 3.00 35.63 44096.51 BNP Parib 43.11 -0.20 54.22 24.51 - 7.65 65916.1 Fanuc 25360 -355.00 26505 0.00 0.78 77.06 49597.99 SvnskaHn 82.60 -0.62 113.80 71.70 - 10.89 19624.9 BerkshHat 347815 2720 352500 239440 - 14.92 225795.93 Medtronic 117.14 1.50 122.15 72.13 1.96 34.50 157672.78
Westpc 19.37 -0.29 25.96 13.47 4.06 30.96 54834.11 ChristianDior 454.60 3.40 479.80 252.40 1.07 44.32 100403.43 FastRetail 92470 1660 93030 0.00 0.51 105.75 95003.45 Swedbank 144.12 -0.96 162.70 99.14 - 13.08 19931.05 Biogen 244.86 1.28 374.99 223.25 - 7.64 37679.45 Merck♦ 81.80 1.21 92.14 65.25 3.15 17.08 206956.82
Woolworths 39.31 -0.58 43.96 32.12 2.59 43.19 38383.09 Cred Agr 10.32 -0.05 13.80 5.70 - 7.46 36829.32 Fuji Hvy Ind 2062.5 -1.50 2945 1671.5 2.80 14.22 15365.63 Telia Co 33.96 -0.22 42.41 30.29 5.90 47.03 16967.19 BkNYMeln 42.44 0.75 51.60 26.40 3.09 8.84 37607.6 Metlife 46.95 0.55 53.28 22.85 4.05 7.23 42252.58
Belgium (€) Danone 53.76 -0.48 75.16 46.03 - 18.19 45165.38 Hitachi 4065 5.00 4693 0.00 2.53 25.33 38107.94 Volvo 193.80 -2.90 207.90 95.00 - 24.40 37524.05 BlackRock 721.54 12.60 721.82 323.98 2.08 22.67 110042.58 Microsoft 222.42 0.74 232.86 132.52 0.97 33.931681605.51
AnBshInBv 57.01 -1.03 75.26 29.03 2.29-114.64 118111.97 EDF 12.90 0.05 13.61 5.98 1.18 23.96 48909.82 HondaMtr 2877.5 -52.00 3167 0.00 3.08 19.51 50485.6 Boeing 214.06 -2.61 349.95 89.00 2.03 -25.69 120843.22 Mnstr Bvrg 92.48 1.02 91.68 50.06 - 39.40 48821.74
Switzerland (SFr)
KBC Grp 57.28 -1.20 73.56 33.44 1.77 15.13 29183.14 Engie SA 12.52 -0.18 16.80 8.63 - -27.40 37305.94 JapanTob 2102 12.00 2437.5 0.00 7.55 12.49 40718.68 Booking Holdings 2227.27 22.01 2214.01 1107.29 - 63.45 91217.65 MondelezInt 58.47 0.47 59.96 41.19 2.12 26.08 83621.62
ABB 24.71 -0.08 25.50 14.11 3.13 115.59 60680.64
EssilorLuxottica 127.55 -1.30 145.00 86.76 - -4186.67 68512.44 KDDI 3066 -39.00 3451 2604 4.03 10.31 68425.72 BrisMySq 62.03 0.60 68.34 45.76 3.07-195.56 140354.65 Monsanto - - - - - - -
Brazil (R$) CredSuisse 11.40 -0.01 13.80 6.18 1.23 7.37 31605.29
Hermes Intl 879.60 -4.40 890.20 516.00 0.53 82.02 113618 Keyence 58000 -880.00 59090 28905 0.36 74.29 136626.91 CapOne 98.85 0.97 107.59 38.00 1.39 45.38 45213.7 MorganStly 68.53 0.69 68.97 27.20 2.16 10.95 123984.36
Ambev 15.65 -0.30 19.58 10.36 3.05 29.34 47409.6 Nestle 104.26 -0.34 112.62 83.37 2.66 21.75 340211.87
LOreal 310.80 -2.40 321.40 196.00 1.26 52.95 212904.82 MitsbCp 2541 -20.50 2948 0.00 5.47 9.81 36565.67 CardinalHlth♦ 53.56 0.56 60.69 39.05 3.82 15.93 15715.61 MylanNV 15.86 0.31 23.11 12.75 - 29.73 8586.21
Bradesco♦ 24.20 -0.48 32.45 14.05 1.01 8.02 20663.34 Novartis 83.65 1.17 96.38 65.09 3.38 29.13 233740.68
LVMH 510.90 -2.20 517.20 278.70 0.95 57.23 315531.24 MitsubEst 1657 -20.00 2283 0.00 1.86 14.39 22329.71 Carnival 21.66 -0.13 51.94 7.80 4.71 -2.04 15607.51 Netflix 540.73 16.14 575.37 290.25 - 82.62 238891.81
Cielo 4.00 0.17 8.57 3.23 0.73 25.01 2092.19 Richemont 80.08 -0.42 81.66 44.64 1.26 186.48 47345.97
Orange 9.73 -0.07 13.55 8.63 5.22 9.78 31681.51 MitsubishiEle 1557 -30.00 1658 0.00 2.38 18.14 32381.15 Caterpillar 182.02 1.98 183.81 87.50 2.39 28.50 98883.87 NextEraE 77.15 1.24 83.34 43.70 1.87 36.85 37785.64
ItauHldFin 27.93 -0.39 32.79 19.46 3.03 13.76 26661.47 Roche 309.00 2.05 357.85 265.75 2.99 20.14 245885.01
PernodRic 156.80 -3.30 171.10 112.25 2.02 122.54 50241.95 MitsuiFud 2158.5 -25.50 3035 1538 2.10 16.15 20180.74 Celgene 108.24 0.11 110.70 58.59 - 12.71 77035.98 Nike 141.47 -0.11 147.95 60.00 0.71 82.00 177517.87
Petrobras 28.85 0.18 33.23 10.50 1.78 -8.21 41337.4 Swiss Re 83.34 0.08 117.05 52.68 7.07 -18.43 29969.68
Renault 35.76 -0.19 43.37 12.77 - -1.14 12939.14 MitUFJFin 456.10 -3.90 586.20 380.00 5.75 18.51 60000.5 CharlesSch 53.04 0.63 53.33 28.00 1.42 23.22 95324.14 NorfolkS 237.61 1.63 247.98 112.62 1.67 28.96 65177.88
Vale 87.45 0.38 88.58 32.45 4.89 31.85 88969.89 Swisscom 477.10 -1.90 577.80 446.70 4.66 14.73 27992.65
Safran 115.95 -3.05 152.30 51.10 - 73.19 60612.52 Mizuho Fin 1307.5 -7.50 1691 1084 3.25 41.27 32157.19 Charter Comms 661.55 8.06 681.71 345.67 - 49.78 132227.39 Northrop 304.72 2.11 385.01 263.31 1.92 19.65 50801.69
Canada (C$) Syngent 453.40 0.90 471.20 402.50 - 28.99 43035.76
Sanofi 78.70 -0.16 95.82 67.65 4.06 8.75 121230.56 Murata Mfg 9320 -59.00 9412 0.00 1.16 30.13 61004.12 Chevron Corp 84.45 -0.88 122.72 51.60 6.34 -13.01 157695.47 NXP 159.01 -0.38 167.27 58.41 1.00-289.20 44482.98
BCE♦ 54.43 -0.17 65.28 46.03 6.10 21.42 38638.23 UBS 12.47 -0.06 13.50 7.00 2.69 8.83 54504.95
Sant Gbn 37.50 -0.53 40.80 16.41 3.36 15.35 24441.31 NipponTT 2645.5 -30.50 2908 2127 3.80 11.09 99951.94 Chubb♦ 153.92 1.99 167.74 87.35 2.10 28.88 69474.95 Occid Pet♦ 17.31 -0.60 47.58 8.52 9.77 -1.03 16119.24
BkMontrl 96.78 0.17 104.75 55.76 4.31 14.04 49114.2 Zurich Fin 373.50 0.10 439.90 248.70 5.42 17.52 63650.33
Schneider 118.30 -2.55 121.80 61.72 2.19 29.49 82081.28 Nissan Mt 560.00 -9.10 646.20 311.20 - -1.99 22893.12 Cigna 208.18 4.13 224.96 118.50 0.02 13.80 75208.62 Oracle 64.69 0.29 66.20 39.71 1.52 19.99 190449.56
BkNvaS 68.80 0.02 74.92 46.38 5.18 12.36 65422.64 Nomura 545.00 2.40 586.40 367.40 4.72 7.00 17069.04 Taiwan (NT$) Cisco 44.75 0.27 50.28 32.40 3.38 17.14 189091.77 Pepsico♦ 148.30 0.99 148.77 101.42 2.82 27.77 204944.15
SFR Group 34.50 - 34.56 21.87 - -23.02 17905.81
Brookfield 52.62 -0.10 60.48 31.35 1.19-1065.43 65052.37 Nppn Stl 1328 -27.50 1747.5 0.00 6.06 4.31 12223.61 Chunghwa Telecom 109.00 -1.00 120.00 103.00 3.98 24.94 30093.31 Citigroup 61.66 0.80 83.11 32.00 3.50 11.39 128373.63 Perrigo 44.72 0.24 63.86 40.01 2.09-845.80 6103.89
SocGen 17.02 0.04 32.23 10.77 - -20.48 17773.48
CanadPcR♦ 441.53 -4.01 446.55 252.00 0.79 25.97 46548.35 NTTDCMo 3880 - 3928 2678 3.25 19.99 120882.79 Formosa PetChem 99.80 0.30 104.50 66.10 2.98 216.71 33834.78 CME Grp 182.05 4.05 225.36 131.80 1.92 28.70 65353.67 Pfizer 36.81 0.07 43.08 26.41 4.31 22.46 204604.58
Total 35.30 -0.29 50.93 21.12 7.41 -18.16 114592.46
CanImp 108.72 -0.29 112.43 67.52 5.28 12.76 38140.56 Panasonic 1190.5 -7.50 1264 691.70 2.16 15.54 28291.6 HonHaiPrc 92.00 0.50 101.50 65.70 4.68 12.10 45390.9 Coca-Cola 54.84 0.40 60.13 36.27 3.14 26.87 235671.31 Phillips66 69.94 -0.66 113.18 40.04 5.44 -10.69 30549.8
UnibailR 190.00 0.35 236.45 177.35 2.94 -7.05 22215.04
CanNatRs 30.59 -0.46 42.57 9.80 5.44 -61.90 28358.38 Seven & I 3659 -51.00 4419 2937.5 2.66 18.13 31415.48 MediaTek 747.00 - 763.00 273.00 1.44 35.49 42273.64 Cognizant 81.95 0.88 82.73 40.01 1.11 28.71 43813.83 PhilMorris 82.79 1.31 90.17 56.01 6.02 15.85 128930.19
Vinci 81.36 -1.66 107.35 54.76 2.55 28.01 61074.92
CanNatRy 139.94 0.30 149.11 92.01 1.63 29.09 78160.16 ShnEtsuCh 18040 -305.00 18385 8751 1.26 25.18 72803.49 TaiwanSem 530.00 4.00 530.00 235.50 1.94 26.80 489113.11 ColgtPlm 85.51 0.78 86.41 58.49 2.15 25.84 73296.51 PNCFin 149.00 2.11 161.25 79.41 3.26 19.12 63131.46
Vivendi 26.38 -0.02 26.85 16.60 2.31 17.11 38279.01
Enbridge 40.71 -0.11 57.32 33.06 7.85 42.05 64714.8 Softbank 8058 3.00 8900 2609.5 0.56 -56.81 163104.49 Thailand (THB) Comcast 52.40 1.19 52.49 31.71 1.82 22.22 239252.05 PPG Inds 144.22 1.00 149.88 69.77 1.52 30.04 34065.4
GtWesLif 30.35 0.43 35.60 18.88 5.74 10.97 22100.87 Germany (€)
Sony 10285 -105.00 10560 0.00 0.50 13.34 125623.41 PTT Explor 42.50 - 47.75 23.60 5.11 29.44 40518.32 ConocPhil 39.99 -0.02 67.13 20.84 4.44 -34.07 42898.94 Praxair 164.50 -0.99 169.75 140.00 2.29 39.25 47306.22
ImpOil 24.16 -0.46 35.80 10.27 3.67 -39.93 13920.95 Allianz 200.70 -1.25 232.60 117.10 4.81 12.46 101782.61
SumitomoF 3188 -23.00 4056 2507.5 6.26 19.67 42427.62 United Arab Emirates (Dhs) Corning 36.00 0.03 38.44 17.44 2.53 130.95 27504.36 ProctGmbl 139.14 1.37 146.92 94.34 2.34 25.16 345012.36
Manulife 22.65 0.13 27.78 12.58 4.85 8.48 34487.54 BASF 64.72 -0.35 68.49 37.36 5.12 -29.99 73118.57
Takeda Ph 3755 -44.00 4526 2894.5 4.94 102.67 57332.91 Emirtestele 16.90 -0.16 17.44 11.04 5.01 15.52 40013.42 Costco 376.78 2.33 393.15 271.28 0.73 40.92 166896.67 Prudntl 78.07 0.62 97.24 38.62 5.82-246.12 30915.72
Nutrien 61.24 1.04 64.98 34.80 3.96 267.42 27358.32 Bayer 48.16 -0.39 78.34 39.91 5.84 -2.95 58191.63
TokioMarine 5308 -67.00 6317 4167 3.77 14.30 36091.01 United Kingdom (p) CrownCstl 159.19 2.80 180.00 114.18 3.19 94.10 68658.3 PublStor 230.93 2.00 240.75 155.37 3.66 33.65 40371.68
RylBkC 104.59 -0.23 109.42 72.00 4.03 13.57 116892.97 BMW 72.23 -0.93 77.31 36.60 3.47 13.58 53484.85
Toyota 7957 -57.00 8045 0.00 2.85 14.05 251476.31 CSX 90.75 0.42 93.71 46.81 1.19 23.84 69403.33 Qualcomm 152.34 2.39 161.07 58.00 1.76 31.88 172296.54
Suncor En 21.35 -0.41 45.12 14.02 6.16 -5.04 25558.84 Continental 121.25 -1.50 126.50 51.45 2.48 -16.46 29829.42 AscBrFd 2264 -36.00 2730 1554 1.52 39.31 24500.38
Mexico (Mex$) CVS 68.30 0.55 76.44 52.04 3.10 10.68 89398.79 Raytheon 116.96 -5.47 233.48 103.00 2.98 10.60 32566.46
ThmReut 104.18 -0.42 115.66 75.91 1.94 20.62 40641.95 Daimler 57.79 -0.40 59.93 21.02 1.561919.56 76048.5 AstraZen 7324 -77.00 10120 5871 2.96 49.83 126790.3
AmerMvl 14.49 -0.25 16.82 12.33 2.37 14.21 33287.53 Danaher 222.14 1.46 248.32 119.60 0.34 49.09 157803.25 Regen Pharm 483.11 4.81 664.64 328.13 - 16.75 50657.61
TntoDom 71.92 -0.10 76.10 49.01 4.21 14.07 102527.03 Deut Bank 8.95 0.01 10.37 4.45 - -12.05 22750.32 Aviva 325.20 -2.80 427.30 205.70 2.92 5.92 17840.02
FEMSA UBD 150.34 -1.15 185.00 112.72 1.90 306.31 16306.32 Deere 269.05 2.90 273.56 106.14 1.18 30.11 84309.86 S&P Global 328.73 5.10 379.87 186.06 0.83 31.15 79092.44
TrnCan♦ 51.75 0.47 76.58 47.05 6.20 10.85 38185.49 Deut Tlkm 14.96 -0.15 16.75 10.41 4.03 22.58 87588.41 Barclays 146.68 -2.20 186.20 73.04 - 12.76 34213.36
WalMrtMex 55.98 -1.46 62.71 47.76 0.94 32.05 49057.29 Delphi 17.02 0.31 18.51 5.39 - -7.42 1469.67 Salesforce 222.53 0.13 284.50 115.29 - 85.47 203614.95
ValeantPh 30.80 -1.06 36.02 14.01 - -4.20 8158.48 DeutsPost 40.50 -0.23 43.50 19.11 2.85 20.08 61598.71 BP 254.80 -4.60 508.70 188.52 11.04 -3.08 69417.88
Delta 40.21 -0.35 62.48 17.51 2.12 -2.29 25643.3 Schlmbrg♦ 21.83 -0.05 41.14 11.87 6.05 -2.72 30388.02
E.ON 9.06 -0.05 11.56 7.60 5.09 19.63 29448.35 Netherlands (€) BrAmTob 2708 -65.50 3507 2362.5 5.69 9.78 69015.97
China (HK$) Devon Energy 15.81 -0.33 26.98 4.70 2.68 -2.28 6047.77 Sempra Energy♦ 127.41 1.59 161.87 88.00 3.40 18.57 36753.99
Fresenius Med 68.20 -0.36 81.10 53.50 1.77 15.13 25538.87 Altice 5.33 0.00 6.86 2.26 - -4.08 6986.73 BSkyB 1727.5 1.50 1740 893.50 0.76 36.60 38843.72
AgricBkCh 2.84 -0.03 3.50 2.38 7.72 4.45 11258.71 DiscFinServ 90.53 1.23 90.08 23.25 2.06 26.26 27747.11 Shrwin-Will 734.91 7.78 758.00 325.43 0.74 33.79 66747.84
Fresenius SE 37.84 -0.49 51.54 24.25 2.23 11.60 21042.5 ASML Hld 397.55 -0.95 401.80 177.52 0.61 49.35 204053.92 BT 132.25 -3.05 198.62 94.68 3.49 8.70 17936.61
Bk China 2.65 - 3.39 2.33 8.70 4.00 28579.59 Disney 181.18 0.01 183.40 79.07 0.51-109.14 328023.68 SimonProp 85.28 1.31 149.89 42.25 6.82 18.33 27982.74
HenkelKgaA 78.85 -0.40 87.75 54.65 2.33 19.26 25197.31 Heineken 91.22 - 105.00 68.82 1.87 55.79 64289.25 Compass 1363 -29.00 1995.5 865.80 2.93 21.00 30641.04
BkofComm 4.10 -0.02 5.68 3.66 9.27 3.87 18513.22 DominRes 75.20 1.14 90.89 57.79 5.26 26.64 61349.6 SouthCpr 65.12 -0.70 65.88 23.43 2.27 37.10 50342.53
Linde 213.00 -0.20 226.40 130.45 1.51 59.54 137511.96 ING 7.64 -0.07 11.26 4.23 - 16.76 36468.09 Diageo 2878 -113.00 3297 2050.6 2.43 48.05 99037.79
BOE Tech 0.62 -0.01 0.80 0.47 - -4.06 15.91 DowDupont 30.52 -0.65 48.38 30.06 3.83 -7.69 68559.76 Starbucks 106.98 1.01 106.62 50.02 1.62 128.07 125059.62
MuenchRkv 242.80 -1.00 284.20 141.10 4.05 27.74 41841.15 Unilever 49.57 -0.20 55.39 38.42 - 24.23 178137.76 GlaxoSmh♦ 1342 -16.00 1857 1284 5.96 10.62 90214.92
Ch Coms Cons 3.35 -0.03 6.63 3.31 8.37 2.93 1908.96 DukeEner 91.56 1.00 103.79 62.13 4.39 31.60 67384.37 StateSt 72.78 0.88 85.89 42.10 3.02 10.96 25676.62
SAP 107.22 0.42 143.32 82.13 1.48 26.12 162021.48 Norway (Kr) Glencore 233.00 -3.60 258.30 109.76 3.43 -11.52 45942.37
Ch Evrbrght 2.95 - 3.97 2.40 8.71 4.23 4823.75 Eaton 120.14 0.84 123.67 56.42 2.55 33.42 47887.8 Stryker 245.04 2.98 242.82 124.54 0.99 50.27 92083.74
Siemens 117.52 0.12 119.74 53.02 3.34 20.64 122871.41 DNB 163.55 1.05 178.10 94.26 - 13.60 28732.42 HSBC 378.85 -4.15 602.03 281.50 2.05 -44.52 103832.82
Ch Rail Cons 4.24 -0.04 9.99 4.22 5.91 2.69 1135.38 eBay 50.25 -0.30 61.06 26.02 1.30 14.27 34639.26 Sychrony Fin 34.71 0.42 36.43 12.15 2.68 14.92 20263.43
Volkswgn 170.10 -0.60 183.80 99.16 2.83 20.98 61741.71 Equinor 146.85 3.10 187.20 95.20 5.47 -15.96 54024.17 Imperial Brands 1535.5 -21.00 2072 1142 13.45 17.00 20018.36
Ch Rail Gp 3.42 0.02 5.05 3.33 5.89 2.77 1855.75 Ecolab 216.36 1.12 231.36 124.60 0.92 49.91 61758.92 T-MobileUS 134.85 1.57 134.76 63.50 - 48.13 167374.04
Hong Kong (HK$) Telenor 153.40 1.55 171.90 130.75 5.33 20.23 24326.12 LlydsBkg 36.44 -0.37 63.84 23.59 - 21.44 35898.89
ChConstBk 5.89 -0.04 6.85 4.93 6.54 5.04 182625.8 Emerson 80.37 0.55 83.14 37.75 2.63 23.46 48028.46 Target 176.53 2.65 181.17 90.17 1.59 22.15 88401.48
AIA 95.00 -1.30 97.80 60.05 1.47 24.57 148180.94 Natl Grid♦ 865.00 -6.80 1073.8 789.13 5.62 20.40 39688.23
China Vanke 26.75 0.35 34.75 21.65 4.55 6.21 6532.51 Qatar (QR) EOG Res 49.87 -0.69 89.54 27.00 2.81 -88.99 29093.08 TE Connect 121.07 1.31 121.18 48.62 1.64-146.80 40043
BOC Hold 23.50 -0.40 28.90 20.05 7.24 7.45 32043.45 Natwest Group 167.65 2.10 243.10 90.54 - 26.20 27422.22
ChinaCitic 3.29 - 4.78 2.93 8.80 3.37 6314.65 QatarNtBk 17.83 -0.27 21.25 15.71 3.56 13.28 45230.88 EquityResTP 59.28 0.92 87.53 45.43 4.24 21.99 22067.17 Tesla Mtrs 705.67 10.89 696.60 70.10 - 1268.81 668905.11
Ch OSLnd&Inv 16.86 0.42 31.00 16.36 6.69 3.74 23820.74 Prudential 1347 -22.50 1509 682.80 2.75 33.15 47638.91
ChinaLife 17.10 0.04 22.90 11.64 5.19 7.83 16410.47 Russia (RUB) Exelon 42.22 0.29 50.54 29.28 3.78 16.43 41188.67 TexasInstr 164.13 1.43 167.24 93.09 2.32 29.34 150661.84
ChngKng 39.80 0.10 57.20 33.40 5.84 6.53 18957.97 ReckittB 6542 -90.00 8191.3 5130 2.67 -16.92 62973.76
ChinaMBank 49.00 0.15 53.25 29.80 2.95 11.34 29011.92 Gzprm neft 185.71 -3.02 272.68 158.17 - -71.33 58976.64 ExpScripts 92.33 -3.47 101.73 66.93 - 11.10 52061.19 TheTrvelers 140.37 1.29 141.87 76.99 2.52 15.19 35556.95
Citic Ltd 5.49 0.05 10.54 5.20 9.38 3.04 20597.07 RELX 1792.5 -22.00 2109 1382.86 2.55 27.32 47341.31
ChinaMob 44.20 0.35 70.00 43.70 8.17 7.06 116718.24 Lukoil 4745.5 -157.00 6810 3663 10.47 32.79 44107.51 ExxonMb 41.22 -0.38 71.37 30.11 8.93 49.98 174287.81 ThrmoFshr♦ 465.78 4.05 532.57 250.21 0.19 36.11 184605.01
Citic Secs 17.48 0.60 21.45 12.60 3.45 12.85 5136.17 RioTinto 5470 -72.00 5771 2954 5.59 15.34 100285.12
ChinaPcIns 30.35 0.45 32.50 17.90 4.80 9.51 10863.02 MmcNrlskNckl♦ 20150 -66.00 23656 13352 11.57 14.96 42774.79 Facebook 273.16 1.29 304.67 137.10 - 29.42 656668.16 TimeWrnr 98.77 0.82 103.89 85.88 1.54 15.09 77269.69
CK Hutchison 54.10 -0.85 76.00 45.05 6.49 5.46 26905.69 RollsRoyce 111.25 -0.80 243.99 34.59 1.42 -1.08 2828.3
ChMinsheng 4.42 0.03 6.06 3.85 10.09 3.79 4742.9 Novatek 973.20 -3.20 1382.2 682.80 3.05 46.54 39639.58 Fedex 259.62 -0.36 305.66 88.69 1.11 47.92 68817.63 TJX Cos 68.29 -0.01 68.89 32.72 1.05 117.09 81991.1
CNOOC 7.18 -0.03 14.04 6.24 12.07 6.44 41343.1 RylDShlA 1297.8 -19.60 2338.59 878.10 7.43 -7.80 81553.98
ChMrchSecs 23.34 2.12 26.04 13.10 - 20.81 26488.54 Rosneft 324.00 -11.00 489.90 229.80 9.45-126.68 46063.6 FordMtr 8.79 -0.07 9.50 3.96 3.61-207.83 34347.59 Truist Financial Corp 47.93 0.56 56.68 24.01 3.97 15.69 64615.31
HangSeng 133.70 -0.90 173.80 110.00 6.54 11.58 32966 Shire# 4690 111.00 4780 2944 0.58 11.63 56567.13
Chna Utd Coms 4.46 0.01 6.24 4.43 1.37 24.96 20825.8 Sberbank 188.91 -2.03 270.80 172.15 9.07 5.92 54705 Franklin 24.99 0.21 27.60 14.91 4.57 14.86 12642.39 UnionPac 208.22 2.24 211.14 105.08 1.97 25.09 140312.98
HK Exc&Clr 425.00 -0.20 432.00 206.00 1.75 51.47 69492.02 StandCh 465.90 -6.10 724.00 334.25 - 23.26 20995.82
ChShenEgy 14.60 -0.04 16.88 11.94 10.48 6.08 6399.33 Surgutneftegas 35.13 -0.76 54.89 24.06 1.93 2.10 16833.73 GenDyn 148.82 0.52 190.08 100.55 3.01 12.76 42707.2 UPS B 168.40 2.17 178.01 82.00 2.51 30.22 120442.46
MTR 43.35 -0.45 47.80 36.20 3.14 39.56 34554.04 Tesco 231.40 -3.90 260.00 202.00 3.95 21.87 25898.57
ChShpbldng 4.19 0.11 5.60 3.98 - -108.50 11714.32 GenElectric 10.80 0.09 13.26 5.48 0.39 26.19 94606.63 USBancorp 46.59 0.44 59.48 28.36 3.81 14.59 70184.96
SandsCh 34.05 -0.15 45.45 25.15 3.21 128.45 35525.7 Saudi Arabia (SR) Vodafone 120.94 -1.50 158.50 92.76 6.75 15.60 44096.6
ChStConEng 4.97 0.03 6.20 4.76 3.78 4.85 31351.09 GenMills 58.80 0.24 66.14 46.59 3.40 15.40 35952.47 UtdHlthcre 350.68 5.69 367.95 187.72 1.41 19.05 332732.45
SHK Props 100.00 0.65 124.00 87.60 5.48 11.13 37372.15 AlRajhiBnk 73.60 -0.50 75.60 51.00 2.16 17.80 49045.75 WPP 800.00 -7.20 1085.5 450.00 2.84 -4.30 13845.61
ChUncHK 4.45 -0.06 7.37 3.84 4.04 9.18 17560.57 GenMotors 41.64 -0.20 46.71 14.33 1.93 17.66 59599.65 UtdTech 86.01 -5.36 158.44 69.02 2.69 144.88 74498.84
Tencent 564.00 4.50 633.00 325.20 0.24 43.38 697679.25 Natnlcombnk 43.35 -0.65 49.40 30.50 2.93 11.14 34665.21 United States of America ($)
CNNC Intl 4.92 0.06 5.17 4.02 2.52 14.42 11710.21 GileadSci 58.26 1.61 85.97 56.56 4.85 56.22 73030.55 ValeroEngy 56.57 -0.15 98.03 31.00 7.18-891.71 23068.64
SaudiBasic 101.40 -0.60 103.40 61.90 3.86-105.37 81085.41 21stC Fox A 29.12 0.03 39.74 19.81 1.67 10.39 9865.42
CSR 2.67 -0.01 6.10 2.63 6.77 6.52 1505.18 India (Rs) GoldmSchs 263.71 4.26 262.66 130.85 2.00 14.37 90734.12 Verizon 58.75 0.61 61.95 48.84 4.45 12.57 243113.04
SaudiTelec 106.00 -0.80 109.40 72.30 3.99 18.70 56509.22 3M 174.79 0.68 182.55 114.04 3.54 19.38 100822.7
Daqin 6.46 0.05 8.25 6.32 7.54 8.96 14685.42 Bhartiartl 515.15 5.45 612.00 361.75 0.41 -12.00 38463.48 Halliburton 18.90 -0.22 25.47 4.25 2.52 -3.60 16707.74 VertexPharm 236.34 3.66 306.08 197.47 - 21.89 61457.36
Gree Elec Apl 0.11 - 0.21 0.07 - -0.04 4.66 HDFC Bk 1425.05 -11.25 1464.4 738.75 - 26.49 107416.93 Singapore (S$) AbbottLb 109.49 1.05 115.14 61.61 1.35 55.08 194055.87 HCA Hold 164.46 2.11 166.87 58.38 0.53 15.74 55649.1 VF Cp 85.41 -0.74 100.25 45.07 2.38-336.58 33310.26
GuosenSec 13.64 0.39 16.14 10.38 1.49 18.15 17102.66 Hind Unilevr 2387.55 -7.85 2614.3 1757.3 1.12 71.92 76773.98 DBS 25.04 -0.19 26.47 16.65 4.66 13.29 48147.97 Abbvie 107.15 1.88 109.15 62.55 4.55 21.84 189170.53 Hew-Pack♦ 24.59 0.27 24.69 12.54 2.92 13.26 31712.16 ViacomCBS♦ 37.26 0.36 42.37 10.10 2.72 16.39 21051.14
HaitongSecs 6.93 0.20 9.58 5.79 - 6.26 3047.3 HsngDevFin 2568.75 10.10 2575 1473.45 0.86 26.55 63287.44 JardnMt US$ 56.00 -0.09 58.95 37.37 3.40 -97.34 40535.42 Accenture 261.21 3.67 271.18 137.15 1.25 32.43 172695.11 HiltonWwde 111.26 1.08 116.73 44.30 0.29 -91.50 30868.68 Visa Inc 218.73 0.37 220.39 133.93 0.58 42.30 370895.38
Hngzh HikVDT 48.51 1.56 50.07 27.00 1.47 34.32 60048.87 ICICI Bk 527.50 -7.55 550.70 268.30 - 23.98 49837.27 JardnStr US$ 25.71 - 33.50 17.81 1.53 -29.42 28497.18 Adobe 500.12 2.67 536.88 255.13 - 61.70 239917.06 HomeDep 265.62 0.36 292.95 140.63 2.33 21.72 285966.7 Walgreen 39.88 0.54 59.78 33.36 4.71 75.12 34452.4
Hunng Pwr 2.83 0.01 4.15 2.24 5.91 21.22 1715.55 Infosys 1260.45 4.65 1258.85 509.25 1.46 28.13 73479.98 OCBC 10.21 - 11.23 7.80 4.40 14.25 34556.62 AEP 83.27 1.76 104.97 65.14 3.56 20.40 41334.17 Honywell 212.70 1.75 216.70 101.08 1.79 28.86 149248.56 WalMartSto♦ 144.15 -0.03 153.66 102.00 1.55 22.07 407841.57
IM Baotou Stl 1.17 - 1.39 1.04 - -110.92 5667.05 ITC 213.85 4.85 243.90 134.60 4.97 18.30 36013.99 SingTel♦ 2.31 -0.01 3.42 2.00 5.43 22.14 28540.43 Aetna - - - - - - - HumanaInc♦ 410.27 4.16 474.70 208.25 0.62 12.42 54295.73 WellsFargo 30.18 0.43 54.04 20.76 5.71 73.19 124778.9
In&CmBkCh 5.03 0.10 6.11 3.96 6.29 5.29 56304.16 L&T 1297 9.40 1383.7 661.00 1.45 60.16 24924.73 UOB 22.59 -0.16 27.00 17.28 5.10 10.06 28592.2 Aflac 44.47 0.46 53.46 23.07 2.64 6.60 31237.74 IBM 125.88 1.54 158.75 90.56 5.46 13.48 112166.27 Williams Cos 20.05 0.11 24.17 8.41 8.33 99.80 24332.39
IndstrlBk 20.87 -0.03 22.07 14.93 3.71 7.09 62596.78 OilNatGas 93.20 0.15 133.40 50.00 5.62 34.50 16046.52 South Africa (R) AirProd♦ 273.22 3.46 327.89 167.43 2.00 30.22 60395.02 IllinoisTool♦ 203.88 1.71 224.69 115.94 2.26 29.26 64532.15 Yum!Brnds 108.56 -0.95 110.66 54.95 1.78 29.93 32749.09
Kweichow 1998 65.00 1998.98 960.10 0.87 55.45 383785.99 RelianceIn 1987.5 2.20 2369.35 867.40 0.34 30.19 183934.19 Firstrand 51.04 -0.83 64.24 31.13 5.46 17.98 19491.68 Alexion 156.24 0.01 160.03 72.67 - 34.52 34192.41 Illumina 370.00 5.91 404.20 196.78 - 81.19 54020 Venezuela (VEF)
Midea 0.83 0.02 1.06 0.52 - -2.09 23.02 SBI NewA 279.40 4.45 339.85 149.45 - 10.15 34126.47 MTN Grp 60.19 -0.93 89.78 26.25 8.55 7.06 7721.15 Allergan 193.02 0.03 202.22 114.27 1.54 -25.19 63659.11 Intcntl Exch 115.29 2.14 114.29 63.51 1.08 30.04 64710.41 Bco de Vnzla 55000-4500.00 59990 1300 440.08 - 184.44
New Ch Life Ins 30.25 0.40 37.30 20.45 5.56 6.19 4034.35 SunPhrmInds 596.25 3.90 599.45 312.00 0.70 92.74 19579.2 Naspers N 3019.35 14.21 3499.45 1843.8 - 28.59 89521.59 Allstate♦ 109.93 1.78 125.92 64.13 2.04 7.33 33426.2 Intel 49.82 1.07 69.29 43.61 2.77 9.26 204162.36 Bco Provncl 1577000-1000.00 1595000 127000 - -14.33 156.33
PetroChina 2.40 -0.01 4.23 2.16 6.46 19.74 6530.53 Tata Cons 2928.25 65.50 2952 1506.05 1.18 34.23 150380.42 Alphabet 1752.64 16.39 1843.83 1008.87 - 32.06 526920.4 Intuit 379.85 4.30 387.94 187.68 0.61 48.23 99804
South Korea (KRW) Mrcntl Srvcs 1993190 332190 2000000 120000 0.02 -3.29 111.56
PingAnIns 95.00 0.95 101.00 69.00 2.66 11.42 91247.56 Altria 41.00 0.26 51.78 30.95 8.72 99.43 76195.19 John&John 157.38 1.33 157.00 109.16 2.63 23.40 414309.57
Indonesia (Rp) HyundMobis 255500 4500 263000 126000 1.17 13.76 22357.06
PngAnBnk 19.34 0.14 20.88 11.91 - 15.36 57388.25 Amazon 3256.93 -28.92 3552.25 1626.03 - 90.071634168.48 JohnsonCn 46.59 0.17 47.58 22.78 2.36 52.46 33726.86
Bk Cent Asia 22300 200.00 24700 16800 - - 38879.26 KoreaElePwr 27400 1000.00 30050 15550 - -19.11 16192.41 Closing prices and highs & lows are in traded currency (with variations for that
Pwr Cons Corp 3.88 0.06 4.88 3.40 1.04 8.29 6611.86 AmerAir 15.77 -0.38 30.78 8.25 1.34 -1.08 9540.83 JPMrgnCh 127.07 1.71 141.10 76.91 3.00 15.69 387335.16
Israel (ILS) SK Hynix 118500 2500 121000 65800 0.84 35.50 79414.79 country indicated by stock), market capitalisation is in USD. Highs & lows are
SaicMtr 24.44 0.03 28.80 16.90 3.66 13.10 43662.5 AmerExpr 120.91 1.48 138.13 67.00 1.13 28.31 97356.97 Kimb-Clark♦ 134.83 1.70 160.16 110.66 3.33 18.51 45860.63
TevaPha 30.55 -0.57 46.45 24.30 - -2.45 10427.91 SmsungEl 81000 2700 81300 42300 1.72 22.52 445137.07 based on intraday trading over a rolling 52 week period.
ShenwanHong 0.07 0.00 0.10 0.03 - -0.22 73.40 AmerIntGrp 37.86 0.34 56.42 16.07 3.57 -6.15 32617.36 KinderM 13.67 0.10 22.58 9.42 7.93 258.54 30946.06
Italy (€) Spain (€) AmerTower 224.46 4.12 272.20 174.32 2.04 50.19 99708.13 ♦ ex-dividend
ShgPdgBk 9.68 0.18 12.69 9.22 6.29 5.85 43446.15 Kraft Heinz 34.66 -0.01 36.37 19.99 4.88 -81.95 42376.2 ■ ex-capital redistribution
Enel 8.28 - 8.61 5.15 3.98 19.63 103495.07 BBVA 4.04 -0.04 5.34 2.13 6.53 -44.24 32919.69 Amgen 229.92 2.75 264.97 177.05 2.87 17.52 133852.21
Sinopec Corp 3.47 -0.05 4.85 2.95 6.64 9.09 11417.77 Kroger 31.76 0.21 37.22 26.72 2.10 9.30 24180.38 # price at time of suspension
ENI 8.55 -0.01 14.42 5.73 6.46 -3.13 37910.67 BcoSantdr 2.54 -0.04 3.96 1.50 3.83 -6.39 51605.56 Anadarko 72.77 0.56 76.23 40.40 1.50 -63.37 36563.54
Sinopec Oil 1.96 0.01 2.59 1.67 - 87.70 3609.19 L Brands 37.19 -0.84 42.17 8.00 2.52 -12.49 10342.86
Generali 14.26 -0.06 18.89 10.20 3.53 12.22 27644.6 CaixaBnk 2.10 -0.03 2.94 1.50 3.38 12.22 15376.42 Anthem 321.09 7.04 338.20 171.03 1.20 15.66 79856.47
Denmark (kr) Iberdrola 11.70 -0.04 11.83 7.76 3.46 20.89 90904.93 LasVegasSd 59.60 0.86 74.29 33.30 2.77 -56.94 45524.16
IntSPaolo 1.91 -0.01 2.63 1.31 - 5.54 45711.72 Aon Cp 211.27 4.56 238.19 143.93 0.88 25.75 48299.78 LibertyGbl 24.22 -0.26 25.76 15.24 - -7.74 4391.39
DanskeBk 100.65 -0.95 123.60 68.04 - 10.56 14349.19 Inditex 26.04 -0.35 32.28 18.51 0.85 44.25 99300.9
Unicred 7.65 -0.05 14.44 6.01 - -6.74 21046.75 Apple 132.69 -1.03 138.79 53.15 0.63 38.262255969.11 Lilly (E) 168.84 1.83 173.90 117.06 1.79 26.18 161509.24
MollerMrsk 13595 -155.00 14115 4976 1.04 28.10 21204.18 Repsol 8.25 -0.04 14.48 5.04 11.25 -1.60 15418.06 ArcherDan 50.41 0.50 52.05 28.92 3.00 16.91 28047.57 Lockheed 354.98 0.82 442.53 266.11 2.86 14.34 99317.63
NovoB 426.65 -2.50 467.90 331.70 2.02 24.03 127872.87 Telefonica 3.25 -0.03 6.57 2.71 12.27 64.05 21156.24

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
Cielo 4.00 3.83 0.17 4.44 0.47 13.3 12.68 LlydsBkg 36.44 36.81 -0.37 -1.01 -2.17 -5.6 2.30 Dec 31 date Coupon S* M* F* price yield yield yield US Dec 31 date Coupon S* M* F* price yield yield yield US
In&CmBkCh 5.03 4.93 0.10 2.03 0.49 10.8 1.22 Barclays 146.68 148.88 -2.20 -1.48 -7.92 -5.1 9.01 High Yield US$ US$
FastRetail 92470.00 90810.00 1660.00 1.83 8150.00 9.7 9.83 BcoSantdr 2.54 2.58 -0.04 -1.44 -0.13 -4.9 4.98 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 -
Kweichow 1998.00 1933.00 65.00 3.36 167.66 9.2 16.58 CSR 2.67 2.68 -0.01 -0.37 -0.13 -4.6 -13.83 High Yield Euro The Goldman Sachs Group, Inc. 02/28 5.00 BBB+ A3 A 117.21 2.47 0.00 0.32 -
ChMrchSecs 23.34 21.22 2.12 9.99 1.53 7.0 6.09 L Brands 37.19 38.03 -0.84 -2.21 -1.77 -4.5 -2.01 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 -
CntJpRwy 14590.00 14575.00 15.00 0.10 945.00 6.9 4.58 ShenwanHong 0.07 0.07 0.00 -1.52 0.00 -4.4 10.00 GTE LLC 04/28 6.94 BBB+ Baa2 A- 128.27 2.80 0.00 -0.11 -
Booking Holdings 2227.27 2205.26 22.01 1.00 138.92 6.7 8.72 BT 132.25 135.30 -3.05 -2.25 -6.10 -4.4 13.59 Emerging US$ United Utilities PLC 08/28 6.88 BBB Baa1 A- 130.43 2.62 -0.07 -0.22 -
Tesla Mtrs 705.67 694.78 10.89 1.57 43.90 6.6 23.83 RollsRoyce 111.25 112.05 -0.80 -0.71 -4.50 -3.9 5.25 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 -
Novartis 83.65 82.48 1.17 1.42 5.08 6.5 1.68 ING 7.64 7.71 -0.07 -0.95 -0.28 -3.5 -6.53 Colombia 01/26 4.50 - Baa2 BBB- 113.25 1.63 0.00 -0.35 1.35
Brazil 04/26 6.00 - Ba2 BB- 120.15 1.95 -0.03 -0.32 1.67 Euro
MasterCard 356.94 355.55 1.39 0.39 20.94 6.2 5.79 Fedex 259.62 259.98 -0.36 -0.14 -9.20 -3.4 -9.27 Electricite de France (EDF) 04/30 4.63 A- A3 A- 137.45 0.82 -0.01 0.10 -
Murata Mfg 9320.00 9379.00 -59.00 -0.63 540.00 6.2 3.10 Ch Rail Cons 4.24 4.28 -0.04 -0.93 -0.15 -3.4 -17.19 Poland 04/26 3.25 - A2 A- 112.77 0.76 -0.02 -0.04 0.48
Mexico 05/26 11.50 - Baa1 BBB- 148.00 2.01 0.00 -0.12 1.73 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 124.42 0.68 0.00 -0.11 -
PngAnBnk 19.34 19.20 0.14 0.73 1.08 5.9 -2.03 Williams Cos 20.05 19.94 0.11 0.55 -0.69 -3.3 -4.96 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 121.70 0.93 0.00 0.02 -
Intel 49.82 48.75 1.07 2.19 2.75 5.8 0.64 Ch Coms Cons 3.35 3.38 -0.03 -0.89 -0.11 -3.2 -16.67 Turkey 10/26 4.88 - B2 BB- 101.04 4.67 -0.01 -0.69 4.39
Turkey 03/27 6.00 - Ba2 BB+ 101.26 5.82 0.00 0.17 3.07 Finland 04/31 0.75 AA+ Aa1 AA+ 111.08 -0.27 0.00 -0.05 -0.87
Formosa PetChem 99.80 99.50 0.30 0.30 5.30 5.6 10.28 BP 254.80 259.40 -4.60 -1.77 -8.20 -3.1 2.89
Peru 08/27 4.13 BBB+ A3 BBB+ 103.50 3.66 0.01 -0.02 0.80 Yen
PTT Explor 42.50 42.50 0.00 0.00 2.25 5.6 1.80 JapanTob 2102.00 2090.00 12.00 0.57 -61.50 -2.8 -3.35
Russia 06/28 12.75 - Baa3 BBB 171.00 2.33 0.00 -0.07 - Mexico 06/26 1.09 - Baa1 BBB- 97.61 1.55 0.01 -0.15 1.28
Denso 6134.00 6169.00 -35.00 -0.57 324.00 5.6 18.99 Telefonica 3.25 3.27 -0.03 -0.79 -0.09 -2.8 -11.27
EastJpRwy 6885.00 6929.00 -44.00 -0.64 356.00 5.5 2.71 Bradesco 24.20 24.68 -0.48 -1.94 -0.65 -2.6 11.78 Brazil 02/47 5.63 - Ba2 BB- 119.30 4.38 -0.02 -0.08 - £ Sterling
GuosenSec 13.64 13.25 0.39 2.94 0.70 5.4 -0.73 Ch OSLnd&Inv 16.86 16.44 0.42 2.55 -0.44 -2.5 -10.39 Emerging Euro innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 137.45 2.19 -0.03 0.02 -
Netflix 540.73 524.59 16.14 3.08 26.76 5.2 6.79 Suncor En 21.35 21.76 -0.41 -1.88 -0.54 -2.5 4.77 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
Keyence 58000.00 58880.00 -880.00 -1.49 2760.00 5.0 8.70 Airbus Grpe 89.78 91.25 -1.47 -1.61 -2.26 -2.5 2.34 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- 106.10 0.08 0.00 -0.14 -0.04 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
Dec 31 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Jan 01 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 22.75 -0.02 22.77 85.42 11.75 Dec 31 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 20.53 -0.18 20.71 71.05 2.47 - - - - - - - - -
US Discount 2.65 30-09-2019 2.75 2.75 1.75 ABF Pan-Asia unhedged 227.09 0.23 1.58 9.40 1.58 9.69 VXN 26.93 0.64 26.29 84.67 14.70 - - - - - - - - -
Euro Repo 0.00 16-03-2016 0.00 0.00 0.00 Corporates( £) 407.99 0.03 1.47 8.40 1.47 8.67 VDAX 24.73 -0.08 24.82 93.30 - - - - - - - - - -
UK Repo 0.10 19-03-2020 0.25 0.75 0.25 Corporates($) 340.59 0.07 0.19 9.31 0.19 9.31 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. - - - - - - - - -
Japan O'night Call 0.00-0.10 01-02-2016 0.00 0.00--0.10 0.00--0.10 Corporates(€) 244.15 -0.02 0.15 2.73 0.15 2.73 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 1.5pc '21 100.21 -0.04 -20.00 -20.00 33.33 -105.97 101.22 100.21 32.84
Switzerland Libor Target -1.25-0.25 15-01-2015 -0.75--0.25 -1.25--0.25 -1.25--0.25 Eurozone Sov(€) 263.49 -0.04 0.13 5.00 0.13 5.01 Tr 4pc '22 105.06 0.00 -100.00 -100.00 -100.00 -100.00 107.91 105.06 38.77
Gilts( £) 378.18 -0.01 1.27 8.53 1.27 8.99 BONDS: BENCHMARK GOVERNMENT Tr 5pc '25 121.22 0.02 -300.00 -300.00 -128.57 -96.00 124.55 121.22 35.84
INTEREST RATES: MARKET Global Inflation-Lkd 312.40 0.43 1.41 11.75 1.65 11.78 Red Bid Bid Day chg Wk chg Month Year Tr 1.25pc '27 107.17 0.16 33.33 23.08 166.67 -70.37 109.23 103.96 39.34
Over Change One Three Six One Markit iBoxx £ Non-Gilts 394.19 0.02 1.32 7.60 1.32 7.86 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '32 142.32 0.47 11.90 6.82 27.03 -43.37 148.26 137.84 38.71
Dec 31 (Libor: Dec 30) night Day Week Month month month month year Overall ($) 284.15 0.01 -0.15 8.45 -0.15 8.45 Australia 11/22 2.25 104.08 0.07 0.00 -0.01 -0.03 -0.84 Tr 4.25pc '36 151.90 0.67 9.84 4.69 17.54 -33.66 160.46 145.12 30.41
US$ Libor 0.07763 -0.008 -0.008 0.000 0.14388 0.23838 0.25763 0.34188 Overall( £) 378.61 0.00 1.28 8.01 1.28 8.40 05/32 1.25 101.75 1.09 -0.01 -0.02 0.07 - Tr 4.5pc '42 173.01 0.85 6.25 2.41 11.84 -26.72 186.37 162.55 27.21
Euro Libor -0.60043 -0.014 -0.015 0.001 -0.58586 -0.56629 -0.53300 -0.48986 Overall(€) 253.95 -0.02 0.13 4.07 0.13 4.07 Austria - - - - - - - Tr 3.75pc '52 178.71 0.89 7.23 2.30 12.66 -22.61 198.36 164.59 24.10
£ Libor 0.03150 -0.010 -0.010 -0.002 0.01913 0.02550 0.02988 0.08425 Treasuries ($) 262.00 -0.03 -0.44 8.18 -0.44 8.18 02/47 1.50 138.15 0.03 0.00 -0.02 0.01 -0.60 Tr 4pc '60 204.17 0.86 8.86 3.61 14.67 -21.82 231.12 186.33 24.12
Swiss Fr Libor 0.003 -0.81340 -0.76380 -0.72460 -0.61040 FTSE Belgium 09/22 1.00 102.76 -0.65 -0.02 -0.02 -0.01 -0.10 Gilts benchmarks & non-rump undated stocks. Closing mid-price in pounds per £100 nominal of stock.
Yen Libor 0.003 -0.07067 -0.08250 -0.05800 0.05467 Sterling Corporate (£) - - - - - - Canada 11/22 2.00 103.45 0.15 -0.01 -0.05 -0.07 -1.52
Euro Euribor
Sterling CDs
0.008
-
-0.55400
-
-0.54500
-
-0.52600
-
-0.49900 Euro Corporate (€) 104.47 -0.05 - - 0.54 -1.73 06/30 1.25 105.26 0.67 -0.03 -0.05 -0.02 -1.05 GILTS: UK FTSE ACTUARIES INDICES
Euro Emerging Mkts (€) 648.13 -0.67 - - 2.03 23.05 Denmark 11/22 0.25 101.62 -0.62 0.00 -0.02 0.01 -0.03
US$ CDs - - - - Eurozone Govt Bond 110.04 -0.19 - - -0.34 -0.64 11/30 0.10 115.72 -1.38 0.02 -0.02 0.00 0.01 Price Indices Day's Total Return Return
Euro CDs - - - - Fixed Coupon Jan 01 chg % Return 1 month 1 year Yield
CREDIT INDICES Day's Week's Month's Series Series Finland 04/23 1.50 105.10 -0.72 -0.01 0.00 0.01 -0.21
04/31 0.75 112.26 -0.42 0.00 -0.05 -0.04 -0.56 1 Up to 5 Years 89.55 0.04 2492.65 0.27 1.52 -0.12
Short 7 Days One Three Six One Index change change change high low 2 5 - 10 Years 187.64 0.16 3838.06 0.88 4.71 0.09
Dec 31 term notice month month month year Markit iTraxx France 05/23 1.75 105.93 -0.71 -0.01 -0.04 -0.01 -0.19
3 10 - 15 Years 227.08 0.30 4957.04 1.49 7.64 0.37
Euro -0.74 -0.44 -0.78 -0.48 -0.71 -0.41 -0.65 -0.35 -0.67 -0.37 -0.67 -0.37 Crossover 5Y 242.75 0.00 -1.10 -8.12 377.90 233.22 11/26 0.25 105.11 -0.60 0.00 -0.03 -0.02 -0.45
4 5 - 15 Years 196.37 0.20 4110.22 1.03 5.64 0.18
Sterling 0.45 0.55 0.70 0.80 0.78 0.88 0.82 0.97 0.89 1.04 Europe 5Y 47.95 0.00 -0.50 1.20 66.97 45.31 Germany - - - - - - -
5 Over 15 Years 404.36 0.68 6648.14 2.80 13.88 0.67
Swiss Franc - - - - - - - - - - - - Japan 5Y 51.33 0.00 -0.08 -3.70 70.43 50.90 05/23 1.50 105.39 -0.76 -0.01 -0.01 0.01 -0.19
7 All stocks 194.90 0.38 4177.92 1.62 8.27 0.54
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 59.06 0.00 0.81 0.51 86.20 54.75 02/26 0.50 106.50 -0.74 0.00 -0.02 0.01 -0.33
US Dollar 0.19 0.49 -0.02 0.28 0.01 0.31 0.10 0.40 0.13 0.43 0.19 0.49 08/50 0.00 104.92 -0.16 0.00 -0.01 0.01 -0.51 Day's Month Year's Total Return Return
Markit CDX Greece 02/26 3.65 118.35 0.64 -0.02 -0.02 0.09 -0.73
Japanese Yen -0.70 -0.20 -0.30 0.00 -0.60 -0.10 -0.30 0.00 -0.25 0.05 -0.20 0.10 Index Linked Jan 01 chg % chg % chg % Return 1 month 1 year
Emerging Markets 5Y 150.45 -1.18 -6.67 -9.86 245.71 150.45
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: Ireland 10/22 0.00 101.23 -0.69 -0.01 -0.04 -0.04 -0.28 1 Up to 5 Years 302.81 0.04 -0.32 -1.00 2501.59 -0.32 0.57
Nth Amer High Yld 5Y 293.23 -3.00 -4.63 -6.75 421.26 290.61
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. 05/30 2.40 126.25 -0.35 -0.01 -0.04 -0.05 -0.55 2 Over 5 years 846.46 0.75 0.54 11.98 6400.18 0.54 12.38
Nth Amer Inv Grade 5Y 49.98 -1.15 -3.58 0.35 65.62 49.63
05/30 2.40 126.25 -0.35 -0.01 -0.04 -0.05 -0.55 3 5-15 years 517.07 0.27 0.18 3.86 4118.71 0.18 4.58
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names.
Italy 08/22 0.90 102.13 -0.44 -0.01 -0.01 -0.01 -0.58 4 Over 15 years 1122.69 0.93 0.68 14.95 8265.39 0.68 15.23
02/25 0.35 102.19 -0.19 0.00 -0.04 -0.06 -0.87 5 All stocks 751.02 0.69 0.46 10.47 5783.21 0.46 11.01
05/30 0.40 106.06 -0.24 0.00 -0.05 -0.12 -0.85
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED 03/48 3.45 147.16 1.37 0.00 -0.03 -0.06 -1.03 Yield Indices Jan 01 Dec 30 Yr ago Jan 01 Dec 30 Yr ago
Japan 04/23 0.05 99.94 0.08 0.01 0.01 0.01 - 5 Yrs -0.10 -0.09 0.49 20 Yrs 0.70 0.73 1.30
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
04/25 0.05 99.94 0.06 0.00 0.01 0.01 - 10 Yrs 0.24 0.27 0.84 45 Yrs 0.62 0.65 1.21
Crude Oil† Jan 48.42 0.14 Corn♦ Mar 485.75 11.75 - - Prev return stock Market stocks
12/33 1.60 118.45 0.16 0.00 0.02 -0.01 0.05 15 Yrs 0.54 0.57 1.16
Brent Crude Oil‡ 51.72 0.20 Wheat♦ Mar 641.75 2.25 Can 4.25%' 21 - - - - - - -
12/49 0.40 93.93 0.63 0.00 0.02 0.00 -
RBOB Gasoline† Jan 1.41 0.01 Soybeans♦ Jan 1314.25 13.25 Fr 0.10%' 21 105.31 -1.138 -1.135 0.42 11.35 250694.95 15
Netherlands 07/23 1.75 106.33 -0.73 0.00 -0.01 0.00 -0.19 inflation 0% inflation 5%
Heating Oil† - - Soybeans Meal♦ Jan 434.30 3.30 Swe 0.25%' 22 - - - - - - -
07/26 0.50 106.60 -0.67 0.00 -0.03 0.00 -0.39 Real yield Jan 01 Dur yrs Previous Yr ago Jan 01 Dur yrs Previous Yr ago
Natural Gas† Jan 2.55 0.12 Cocoa (ICE Liffe)X Mar 1738.00 4.00 UK 1.875%' 22 109.51 -2.980 -2.972 -0.29 15.74 811347.50 28
Ethanol♦ - - Cocoa (ICE US)♥ Mar 2597.00 1.00 New Zealand 04/25 2.75 109.96 0.40 0.00 0.01 0.10 -0.96 Up to 5 yrs -2.81 2.79 -2.78 -2.08 -3.21 2.79 -3.21 -2.60
UK 2.5%' 24 - - - - - - -
Uranium† - - Coffee(Robusta)X Jan 1372.00 3.00 05/31 1.50 104.90 1.00 0.00 0.03 0.14 -0.82 Over 5 yrs -2.36 24.08 -2.33 -1.83 -2.38 24.13 -2.35 -1.85
UK 2%' 35 - - - - - - -
Carbon Emissions‡ - - Coffee (Arabica)♥ Mar 127.30 1.10 05/31 1.50 104.90 1.00 0.00 0.03 0.14 -0.82 5-15 yrs -2.85 9.44 -2.82 -2.26 -2.94 9.44 -2.91 -2.33
US 0.625%' 21 - - - - - - -
White SugarX 421.00 2.30 Norway 08/30 1.38 103.85 0.95 0.00 -0.02 0.12 - Over 15 yrs -2.30 29.18 -2.27 -1.78 -2.32 29.20 -2.29 -1.80
Diesel† - - US 3.625%' 28 - - - - - - -
Sugar 11♥ 15.50 0.21 08/30 1.38 103.85 0.95 0.00 -0.02 0.12 - All stocks -2.37 22.28 -2.33 -1.83 -2.39 22.35 -2.36 -1.86
Base Metals (♠ LME 3 Months) Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Aluminium 1980.50 -14.50 Cotton♥ Mar 78.21 0.38 Portugal 10/22 2.20 105.23 -0.71 0.00 0.00 -0.05 -0.37 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 1860.00 0.00 Orange Juice♥ Mar 121.80 -3.00 02/26 3.30 118.99 -0.35 0.00 -0.02 0.01 -0.53 ©2018 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE
amount.
Copper 7753.50 -65.50 Palm Oil♣ - - Spain 10/22 0.45 101.88 -0.58 0.00 -0.01 0.01 -0.26 Gilt Closing Prices information contained herein is proprietary to
Lead 1988.50 -2.50 Live Cattle♣ Feb 115.13 0.73 BONDS: TEN YEAR GOVT SPREADS 11/30 1.00 120.01 -0.92 -0.01 -0.04 -0.05 -0.33 Tradeweb; may not be copied or re-distributed; is not warranted to be
Nickel 16570.00 -190.00 Feeder Cattle♣ Jan 134.88 - Sweden 06/22 0.25 110.15 -0.98 -0.39 0.01 -0.49 - accurate, complete or timely; and does not constitute investment advice.
Tin 20350.00 100.00 Lean Hogs♣ Feb 70.35 2.68 Spread Spread Spread Spread 06/26 0.13 117.52 -1.54 -0.09 0.02 -0.21 - Tradeweb is not responsible for any loss or damage that might result from the use of this information.
Zinc 2749.00 -24.00 Bid vs vs Bid vs vs 06/30 0.13 116.86 -1.51 0.00 0.02 -0.06 -
% Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds Switzerland 05/22 2.00 103.93 -0.81 -0.01 0.00 -0.03 -0.08 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Precious Metals (PM London Fix)
Gold 1887.60 13.30 Dec 30 Month Year 05/30 0.50 110.14 -0.55 0.00 -0.04 -0.03 -0.13 at the time of publication. No offer is made by Morningstar, its suppliers, or the FT. Neither the FT, nor
Australia 1.09 - 0.25 Netherlands -0.67 - -
Silver (US cents) 2648.50 18.00 S&P GSCI Spt 409.46 5.36 -7.58 United Kingdom - - - - - - - Morningstar’s suppliers, warrant or guarantee that the information is reliable or complete. Neither the FT nor
Austria - - - New Zealand 1.00 - 0.16
Platinum 1068.00 29.00 DJ UBS Spot 78.05 4.55 -4.49 Canada 0.67 - -0.17 Norway 0.95 - 0.11 07/23 0.75 102.22 -0.12 -0.01 -0.04 -0.09 -0.71 Morningstar’s suppliers accept responsibility and will not be liable for any loss arising from the reliance on the
Palladium 2342.00 17.00 TR/CC CRB TR 178.29 3.64 -10.37 Denmark -1.38 - -2.22 Portugal -0.35 - - 07/26 1.50 108.66 -0.06 -0.02 -0.04 -0.10 -0.69 use of the listed information. For all queries e-mail ft.reader.enquiries@morningstar.com
Bulk Commodities M Lynch MLCX Ex. Rtn 231.14 -9.84 -33.05 Finland -0.42 - -1.26 Spain -0.92 - -1.76 07/47 1.50 118.31 0.74 -0.03 -0.08 -0.11 -0.60
Iron Ore 159.20 0.30 UBS Bberg CMCI TR 13.20 4.85 -4.74 Germany - - - Sweden -1.51 - -2.35 United States 03/22 0.38 100.32 0.12 0.01 -0.01 -0.01 - Data provided by Morningstar | www.morningstar.co.uk
GlobalCOAL RB Index 90.50 -2.50 LEBA EUA Carbon 31.34 14.17 19.12 Ireland -0.35 - -1.19 Switzerland -0.55 - -1.39 03/25 0.50 100.92 0.28 -0.01 -0.02 -0.02 -
Baltic Dry Index 1366.00 4.00 LEBA CER Carbon 0.29 0.00 52.63 Italy -0.24 - -1.08 United Kingdom - - - 02/30 1.50 105.79 0.84 -0.02 -0.03 0.06 -
LEBA UK Power 560.00 -66.16 -88.38 Japan 0.16 - -0.68 United States 0.84 - 0.00 02/50 0.25 119.13 - - - - -
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. Interactive Data Pricing and Reference Data LLC, an ICE Data Services company.
unless otherwise stated.
2 January/3 January 2021 ★ FTWeekend 15

FINANCIAL TIMES SHARE SERVICE

Main Market
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence DBAG € 33.10 -0.95 42.50 22.20 4.56 57.74 11.0 TaylorWm 165.80 0.10 237.70 98.12 2.32 13.59 5615.2 Pearson 680.40 -7.40 707.18 412.08 2.87 19.89 680.9 LondonMtrc♦ 229.00 -5.40 245.20 132.90 3.67 22.63 384.1 Hays 143.00 -1.20 183.50 85.25 2.00 46.13 556.2
Avon Rubber 3165 -5.00 4650 1788.1 0.66 76.07 34.4 Hargr Lans 1525 -17.50 2008 1147 2.27 23.14 265.2 TedBaker 116.10 -0.10 359.51 59.57 34.02 -0.90 391.9 RELX PLCX 1792.5 -22.00 2109 1382.86 2.55 27.32 1005.5 McKaySec♦ 201.75 1.75 286.00 136.00 3.57 -11.10 42.0 Homesve♦ 1025 -29.00 1371 755.81 2.30 35.96 361.3
BAE Sys 488.80 -4.20 672.80 395.90 1.92 12.93 2550.9 Indvardn SKr 265.50 -1.70 270.50 167.70 - 10.51 306.5 Vistry Grou 939.50 -9.00 1491.8 503.50 2.12 17.37 174.6 Rightmove P 650.80 -4.00 710.60 373.10 0.43 42.26 837.4 Palace Cap 201.25 1.25 347.34 158.37 4.84 -6.12 2.3 HowdenJny 689.60 -20.20 736.80 394.00 0.57 30.25 606.8
Chemring 285.50 -2.50 319.50 145.80 1.26 22.66 122.1 ICG♦ 1726 -19.00 1896 452.00 2.94 31.85 201.0 STV Grp 303.00 5.00 450.33 207.84 2.08 24.24 1.5 PrimyHth 152.80 - 167.60 114.70 4.73 20.65 795.6 Intertek 5648 -152.00 6492 3786 1.87 34.63 146.0
Investec♦ 187.30 -4.50 354.03 122.55 5.87 20.67 521.2
Industrial Engineering ThmReut C$X 104.18 -0.42 115.66 75.91 1.94 20.62 294.3 RDI REIT 95.00 4.00 137.60 41.55 10.53 -4.04 292.1 Kin and Car 142.00 2.00 142.00 46.00 0.92 -7.35 60.1
Meggitt 466.50 -11.10 701.80 196.15 1.19 -20.11 1215.4
Jupiter 282.40 -7.40 437.80 161.65 6.06 15.35 143.2 Bodycote 745.50 -9.50 966.00 378.40 0.80 32.13 131.4 WPPX 800.00 -7.20 1085.5 450.00 2.84 -4.30 1009.9 SEGRO 947.60 -6.40 996.60 641.80 2.18 15.43 821.4 MearsGp 154.00 - 323.00 74.25 2.37 140.00 129.4
RollsRoyceX 111.25 -0.80 243.99 34.59 1.42 -1.08 15415.5
Liontrust♦ 1300 -5.00 1495 678.45 2.54 70.81 35.3 Castings♦ 370.00 -10.00 443.76 274.00 4.02 44.74 2.0 Shaftbry 569.00 2.50 934.76 407.00 3.04 -5.95 374.0 MenziesJ 262.50 6.50 482.00 66.90 2.29 -2.98 110.4
Automobiles & Parts LSE Gp 9008 -90.00 9287.87 5300 0.78 80.14 168.9 Goodwin 3050 25.00 3650 1730 3.15 29.52 0.3 Mining Town Ctr♦ 113.50 3.00 234.00 80.50 10.35 -2.49 15.0 Mitie 41.00 -1.50 76.90 26.60 1.67 10.46 675.9
FordMtr $X 8.79 -0.07 9.50 3.96 3.61 -207.83 40176.5 M&G Plc 197.95 -1.80 252.56 86.40 6.02 4.70 2197.3 Hill&Sm♦ 1410 -10.00 1504 844.00 0.75 30.13 14.2 AngloAmer 2424.5 -18.00 2564.5 1018.2 3.65 17.83 1107.3 TritaxBBOX 167.90 -0.20 171.60 79.00 3.99 16.29 1795.8 Renewi 41.35 0.65 45.90 17.66 1.16 -9.50 382.1
Paragon 488.60 -5.00 555.50 217.00 4.34 11.23 152.3 IMI 1165 -51.00 1234 619.80 1.28 20.62 174.4 AngloPacif 127.80 -0.60 194.00 97.10 7.14 -18.39 216.4 Wkspace 769.00 -8.50 1317 420.88 4.70 -10.12 54.4 Rentokil 509.60 -8.60 578.60 289.20 0.30 39.11 1119.7
Banks MelroseInd 178.05 -0.95 309.40 72.00 0.95 -22.83 2912.6 AnGoldA R 342.52 -1.83 887.51 209.79 0.44 14.34 506.0
Providnt 307.00 -6.80 492.70 126.87 2.93 21.47 549.7 Real Estate Inv & Services Ricardo 345.00 -3.00 846.00 286.93 6.24 -28.28 157.2
ANZ A$X 22.70 -0.37 27.29 14.10 4.54 19.07 2213.5 Renold 12.65 0.30 18.40 4.00 - 9.04 51.8 Antofagasta 1440.5 -12.00 1476.5 575.00 0.99 52.50 335.8
RathbnBr 1540 - 2165 1194 4.55 26.37 114.9 Cap&Count 145.00 -1.20 267.30 97.05 1.03 -2.52 683.7 RbrtWlts 473.00 1.00 614.00 214.00 0.95 16.48 5.7
BcoSant 238.10 2.10 335.50 137.80 3.65 -6.70 992.5 RHIM 3506 -106.00 3894 1419 1.30 25.54 22.2 BHP Group 1925 -34.60 2028 939.80 4.29 15.15 1560.5
Record 48.20 -0.80 50.98 25.00 4.77 15.70 109.1 CLS 224.50 2.50 310.18 153.00 3.30 10.35 51.7 RPS 70.00 -2.60 185.60 29.86 3.46 -3.66 84.7
BnkGeorgia 1220 -38.00 1845 690.00 - 7.49 23.3 Rotork 318.00 -7.40 339.30 177.05 0.72 30.00 345.2 BisichMg 60.00 - 128.00 40.00 1.67 -2.17 1.6
S&U 2260 30.00 2500 1420 5.31 13.70 7.1 Grainger♦ 283.60 -3.80 341.80 189.76 1.87 19.97 641.3 SIG 31.48 -0.76 121.42 14.38 3.82 -0.76 1039.0
BankIre Grp € 3.29 -0.02 5.15 1.28 - -6.15 170.8 Severfd♦ 69.80 - 96.00 51.20 4.15 11.50 59.1 EVRAZ 471.60 -3.30 489.60 200.60 12.78 16.19 464.4
Schroder 3337 -66.00 3511 1711 3.42 20.55 126.2 Harworth Gr 105.00 -3.00 160.22 83.66 0.29 65.63 28.1 Vp 790.00 30.00 1040 499.00 3.85 17.11 0.3
BkNvaS C$X 68.80 0.02 74.92 46.38 5.18 12.36 6459.2 Trifast 153.00 2.00 193.00 89.00 0.78 -42.15 12.7 Fresnillo 1129.5 -6.00 1379.5 456.51 1.04 51.69 230.1
..N/V 2285 -40.00 2635 1424 4.99 14.07 25.8 Helical 373.50 -7.50 540.00 200.43 2.33 33.35 94.2
BarclaysX 146.68 -2.20 186.20 73.04 - 12.76 16230.2
Shires Inco 243.00 -4.00 296.17 157.85 5.43 -8.18 20.3 Vitec 917.00 15.00 1120 485.98 1.34 -305.67 3.2 GlencoreX 233.00 -3.60 258.30 109.76 3.43 -11.52 10314.7 Tech - Hardware
CanImp C$X 108.72 -0.29 112.43 67.52 5.28 12.76 1281.1 Weir 1989.5 -68.50 2069 608.60 0.83 -13.39 298.2 Harmony R 71.60 0.86 126.76 31.06 - -46.12 494.3 HK Land $ 4.13 -0.04 5.90 3.46 5.89 -4.27 1308.1 SpirentCM 264.00 -1.00 311.09 146.81 1.62 21.50 163.9
Strd Life A 281.30 -5.20 336.90 170.30 7.68 -7.01 1644.7 Lon&Assc 8.00 -0.50 22.87 6.50 2.25 -1.13 35.7
HSBCX 378.85 -4.15 602.03 281.50 2.05 -44.52 10439.6 KAZ Mineral 660.00 8.40 665.80 256.20 1.44 7.41 357.5
TP ICAP 238.20 0.40 419.90 160.25 7.07 24.31 343.5 Industrial General MacauPrp 69.25 1.25 120.00 51.00 - -1.68 24.1 Tech - Software & Services
LlydsBkgX 36.44 -0.37 63.84 23.59 - 21.44 104467.8
WlkrCrip 26.50 - 30.00 18.00 2.26 -75.71 15.0 Petropvlsk 32.50 1.90 41.60 11.51 - -285.09 8970.3
NWGX 167.65 2.10 243.10 90.54 - 26.20 7305.1 Calisen 258.10 -1.90 275.00 95.00 - -0.03 59.8 PolymtIntl 1684.5 -19.00 2085 990.20 3.01 14.09 381.7 Mntview 12650 850.00 12850 8600 3.16 19.61 0.2 Computcnt 2448 -24.00 2594 900.00 0.41 24.21 37.3
PermTSB € 0.86 -0.01 1.13 0.40 - -6.90 10.6 Food & Beverages Coats Group 67.30 -0.90 80.90 35.90 0.66 31.75 416.0 Rio TintoX 5470 -72.00 5771 2954 5.59 15.34 789.3 Raven Prope 27.90 0.70 51.80 23.50 - -9.36 147.1 MicroFoc 424.10 -6.10 1148 205.80 10.63 -1.82 405.5
RylBkC C$X 104.59 -0.23 109.42 72.00 4.03 13.57 1630.8 AngloEst 583.00 - 710.00 336.00 0.07 10.19 2.8 JardnMt $X 56.00 -0.09 58.95 37.37 3.40 -97.34 160.1 Troy Res A$ 0.10 0.01 0.20 0.06 - -1.39 1812.6 RavenR CNV 85.50 - 110.00 63.00 - - 1.6 NCC Grp 252.00 -10.00 275.00 125.40 1.85 60.00 98.0
Secure Trus 875.00 21.00 1700 524.93 2.29 8.03 7.9 AscBrFdX 2264 -36.00 2730 1554 1.52 39.31 355.1 Jard Str $X 25.71 - 33.50 17.81 1.53 -29.42 147.7 RavenR Prf 110.00 - 137.00 75.00 - 123.18 41.3 RM 219.50 7.50 296.00 110.00 0.91 13.22 2.5
StandChX 465.90 -6.10 724.00 334.25 - 23.26 2103.9 Barr(AG) 519.00 -4.00 641.00 369.00 0.77 27.84 32.8 Macfrlne 87.50 0.90 116.50 61.00 0.79 14.61 7.0 Oil & Gas Safestre 780.00 -5.00 886.89 501.00 2.24 8.80 81.3 Sage 582.00 -7.80 794.60 515.60 2.91 19.03 809.8
..7.375%Pf 123.00 0.55 129.00 93.50 6.00 - 20.8 Britvic♦ 812.00 -8.00 959.00 536.00 3.69 25.53 163.3 Smith DS 374.60 -4.90 396.70 244.80 2.94 17.84 884.7 BPX 254.80 -4.60 508.70 188.52 11.04 -3.08 19037.9 Savills 954.50 -24.50 1268 620.00 0.52 19.05 70.9 TriadGp 50.00 1.00 52.00 22.60 2.00 -24.88 30.8
..8.25%Pf 138.10 10.90 138.95 105.00 5.97 - 200.0 CarrsGroup♦ 129.50 -0.50 164.94 83.53 3.67 9.38 16.0 Smiths 1504.5 -37.00 1778.5 790.00 2.11 92.30 299.7 CairnEng 209.60 -0.20 240.00 57.35 - -6.31 1047.3 SiriusRE 93.40 -0.20 98.90 44.35 3.46 12.82 247.8
SmurfKap 3436 -36.00 3570.05 1831 0.74 21.40 91.2 ExxonMb $X 41.22 -0.38 71.37 30.11 8.93 49.98 22786.5 Smart(J) 111.50 - 126.00 107.50 2.86 8.02 5.5 Telecommunications
TntoDom C$X 71.92 -0.10 76.10 49.01 4.21 14.07 4697.0 Coca-Cola H 2377 -22.00 2933 1393.1 2.37 22.94 293.9
Vesuvius 536.50 4.50 545.00 284.00 1.16 28.84 114.6 Gazprom PJS $ 5.59 -0.07 8.47 2.55 7.38 -72.28 1432.1 StModwen 400.00 1.00 539.00 294.46 0.90 -8.28 75.8 BTX 132.25 -3.05 198.62 94.68 3.49 8.70 10971.5
Westpc A$X 19.37 -0.29 25.96 13.47 4.06 30.96 3684.3 Cranswk♦ 3520 -74.00 4126 2688 1.72 21.07 19.7
GeoPark $ 12.99 0.25 22.40 5.44 0.67 -6.49 30.2 U+I 61.70 -1.10 189.00 50.97 9.56 -1.39 63.8 TalkTalk 98.00 0.30 124.84 67.20 2.55 7.42 763.2
Devro♦ 153.60 -4.40 195.40 116.76 1.76 -6.22 156.9 Industrial Transportation
Basic Resource (Ex Mining) HellenPet € 5.40 -0.12 8.80 4.07 9.38 -4.23 61.0 Unite Gp 1045 -4.00 1351 577.00 0.98 -9.93 140.0 TelePlus 1434 -6.00 1585 907.00 3.97 30.45 50.5
DiageoX 2878 -113.00 3297 2050.6 2.43 48.05 1643.6 Braemar 155.00 - 230.00 92.00 3.23 6.10 12.6 Vodafone GpX 120.94 -1.50 158.50 92.76 6.75 15.60 18463.6
Ferrexpo 282.60 1.00 298.80 94.88 4.73 5.37 450.8 Hunting 223.00 7.20 426.00 120.10 2.91 -2.30 252.1 Urban&C 344.00 -1.00 375.00 183.00 1.13 11.20 77.9
Grncore 116.50 -1.50 269.60 83.40 3.22 -44.81 543.8 Clarkson 2700 -20.00 3135 1936 0.93 -71.05 16.5
Mondi 1719.5 -21.50 1830 1156.5 1.44 13.15 400.9
HiltonFd 1114 - 1352 711.00 1.92 24.76 6.6 ImpOil C$X 24.16 -0.46 35.80 10.27 3.67 -39.93 767.3 Tobacco
Eurotunnl € 14.18 -0.22 17.04 8.62 - 279.26 434.3 Pharos Ener 18.50 0.50 58.80 10.00 - -0.31 63.9
Retailers
Chemicals Kerry € 118.40 -3.50 126.50 88.55 0.67 38.25 8.5 Fisher J 947.00 15.00 2120 735.00 1.19 19.33 19.1 AA 33.70 -0.05 62.01 13.32 1.78 2.91 260.8 BrAmTobX 2708 -65.50 3507 2362.5 5.69 9.78 1433.4
PremFds 100.20 -1.80 109.80 17.86 - 11.13 668.2 PJSC Lukoil $ 69.39 -0.20 5065 46.86 3.77 32.26 4.1 Imperial BrX 1535.5 -21.00 2072 1142 13.45 17.00 1235.5
Carclo 16.33 -0.08 26.50 3.05 - -6.28 72.1 OceanWil 845.00 2.50 1040 509.90 2.90 372.90 15.0 AO World 411.00 -2.50 439.50 46.67 - 1110.81 163.8
REA 58.25 0.25 186.00 25.00 - -5.25 20.4 PremOil 19.64 -0.28 120.70 10.02 - -0.33 3871.8
Croda 6596 60.00 6884 3814 1.36 40.94 159.2 RoyalMail 337.70 -2.70 354.00 118.86 2.22 153.50 817.4 Caffyns 385.00 - 445.10 200.00 1.95 9.19 0.2 Travel & Leisure
StckSpirit 268.00 1.50 280.00 119.80 2.95 16.34 962.6 RylDShlAX 1297.8 -19.60 2338.59 878.10 7.43 -7.80 2696.4
Elemntis 115.00 -3.40 185.70 18.07 1.91 -18.45 1111.2 Signature A 387.00 -6.00 407.10 129.40 1.10 -115.94 1734.5 Dairy Fm $ 4.17 -0.01 5.81 3.48 5.57 19.54 294.1
Tate&Lyl♦ 674.40 -6.00 811.40 493.83 4.39 12.80 489.3 ..B 1259.4 -12.80 2342.5 845.10 7.65 -7.57 3580.6 888 Hldg 285.50 -5.00 308.00 68.40 1.71 19.49 123.6
Johnsn Mtth♦ 2425 -84.00 3052 1614 2.29 45.93 254.2 Dignity 635.00 -2.00 759.00 210.50 - -13.86 75.4
Unilever 4392 -89.00 4944 3583.5 3.36 21.47 2227.5 Insurance Seplat 65.00 1.00 130.00 37.30 15.07 -28.01 556.5 Carnival 1367 -22.00 3728 581.00 5.47 -1.76 251.6
Victrex 2346 -14.00 2574 1645 2.54 22.75 22.0 Dunelm 1213 -26.00 1601.48 596.50 1.69 28.28 58.0
..NV € 53.40 -0.20 55.40 45.30 3.12 23.46 7.9 Admiral 2906 -66.00 3036 1858.5 3.38 17.31 181.6 TrnCan C$X♦ 51.75 0.47 76.58 47.05 6.20 10.85 6896.6 CompassX 1363 -29.00 1995.5 865.80 2.93 21.00 982.8
Halfords 267.00 -7.50 286.00 49.42 2.31 13.35 301.6
Construction & Materials AvivaX 325.20 -2.80 427.30 205.70 2.92 5.92 2722.7 Tullow Oil 29.58 -0.20 63.55 7.17 6.29 -0.16 5165.9
Inchcape 643.50 -10.00 725.00 383.85 1.38 257.40 222.8
Dalata Hote 336.25 -8.75 471.50 147.37 0.95 -38.53 6.7
Alumasc 114.00 - 133.45 56.54 3.86 21.11 2.3 Health Care Equip & Services Beazley 364.60 -5.00 611.50 287.60 3.44 28.51 254.8 Wood Group 310.20 -7.60 426.40 100.90 2.98 60.84 492.0 easyJet 830.00 -21.80 1570 410.00 5.29 -3.13 1050.0
ConvaTec 199.20 -5.20 225.80 142.40 2.25 164.49 1888.9 JDSportsF 860.00 4.00 890.00 274.70 0.03 44.17 467.7 FirstGrp 74.00 - 134.20 25.00 - -2.74 1331.5
Boot(H) 255.00 -7.00 351.00 180.00 1.96 14.09 2.6 Chesnar 298.00 3.00 350.50 200.00 7.15 24.92 18.7 Pharmaceuticals & Biotech Kingfisher 270.40 -1.40 326.20 101.00 1.23 37.04 3244.9
CRH 3058 -88.00 3183 1500 2.42 18.17 493.3 GNStre kr 487.20 -7.50 525.00 217.40 0.30 49.52 203.6 Direct Line 319.00 -4.20 355.00 225.40 2.26 11.43 1833.5 Flutter Ent 15110 -190.00 15800 4921.54 0.44 149.31 206.1
Mediclinic 282.00 -1.80 418.40 232.40 1.13 -5.02 149.2 AstraZenecaX 7324 -77.00 10120 5871 2.96 49.83 1135.4 Marks&Sp 136.30 -1.90 224.00 73.90 2.86 -15.67 1355.4 Fuller A 700.00 10.00 1005 486.00 2.88 -386.74 6.2
GalfrdT 123.52 -0.26 887.00 70.00 28.34 -4.20 169.3 Eccles prf 160.50 - 167.00 111.00 5.37 - 9.5 Morrison (W 177.35 -1.80 210.00 157.55 3.82 16.30 2655.4
Smith & Nep 1510 -39.50 2023 1055.01 1.99 41.83 604.7 Dechra 3450 -94.00 3624 2030 0.94 105.31 67.0 Go-Ahead 984.50 -16.50 2242 390.20 7.30 -14.80 38.9
KierGp 78.00 0.20 154.60 42.06 - -0.73 209.7 Hansard 44.60 0.60 48.00 23.40 9.98 13.94 36.7 Next 7086 -78.00 7322 3311 0.81 27.63 246.6
UDGHlthC 780.00 -16.00 836.50 423.40 1.74 27.11 141.5 Genus 4196 -38.00 4506 2464.6 0.67 67.79 17.9 IntCon Htel 4690 -67.00 5268 2161 0.67 -79.93 130.9
Kingsp € 57.70 -2.70 107.30 37.30 0.23 30.09 19.0 Hiscox 994.00 -13.00 1449 305.80 1.12 -14.59 299.5 Ocado 2287 -19.00 2914 994.01 - -133.35 409.4
GlaxoSmhX♦ 1342 -16.00 1857 1284 5.96 10.62 3770.2 Intl Cons A 159.80 -7.55 275.54 0.94 8.23 -0.61 16274.2
MorgSdl 1532 -22.00 1980 990.01 1.37 13.23 22.7 House, Leisure & Pers Goods Lancashire 723.50 -6.50 852.50 481.00 1.66 34.38 136.6 Saga 253.00 -3.80 2400 118.50 7.02 -0.50 171.0
HikmaPhm 2518 -18.00 2768 1596 1.51 14.74 89.9 MandarO $ 1.70 -0.01 1.99 1.06 0.98 -11.55 33.0
Norcros 201.75 3.75 305.00 119.00 1.54 50.44 12.5 Leg&Gen 266.20 -2.70 320.50 138.00 6.60 13.00 4542.8 Sainsbury ( 225.50 -4.90 234.60 171.19 1.46 -751.67 2618.1
BarrttDev 670.00 -10.20 889.20 349.40 2.91 17.22 1071.5 Oxfd Bio 1030 20.00 1090.13 356.73 - -64.54 94.5 Marstons 75.60 -1.40 129.90 18.40 9.92 -8.04 2031.0
Tyman 350.50 -4.50 362.00 133.00 1.10 30.85 21.9 Old Mut 59.66 -0.10 108.75 42.76 10.01 -26.41 401.5 Studio Reta 291.50 10.50 299.13 140.00 - 35.90 30.0
Bellway♦ 2955 -85.00 4336 1735.5 3.38 18.93 120.7 RichterG $ 25.00 0.20 26.00 16.50 0.88 19.90 0.0 Natl Exp 237.40 -4.40 485.00 66.30 2.17 -81.86 574.6
Berkeley PhoenixGrp 700.60 -12.20 824.40 459.05 6.68 9.54 436.3 TescoX 231.40 -3.90 260.00 202.00 3.95 21.87 7098.3
Electronic & Electrical Equip 4742 -100.00 5709.54 3041 2.52 15.13 164.7 VecturGp 124.60 -1.20 128.40 59.10 - -113.27 509.3 PPHE Htl 1380 10.00 2160 700.00 1.23 -172.50 16.0
Burberry Gp 1789.5 -22.00 2340 1017 0.63 331.39 239.8 PrudntlX 1347 -22.50 1509 682.80 2.75 33.15 1332.2
Dialight 259.50 -5.50 340.00 157.50 - -5.27 3.6 Real Estate Support Services Restaurt 64.20 -2.45 167.70 20.26 3.27 -2.07 519.6
Cairn Homes € 0.96 -0.04 1.35 0.60 2.64 22.08 497.3 RSA Ins 677.40 -0.40 736.84 321.20 1.11 22.07 568.2
Discoverie ♦ 674.00 -6.00 698.00 330.29 0.44 51.06 10.5 Aggreko 626.00 -9.50 881.00 285.90 1.50 -27.97 88.9 Ryanair Hol 306.20 -4.00 450.33 206.80 2.06 57.77 56.6
CtrySide 467.40 -4.80 544.00 248.80 3.49 14.34 195.3 SagicFin 117.50 - 135.00 87.00 1.72 241.77 0.0 REITs
Halma♦ 2449 -52.00 2609 1660 0.67 52.52 280.3 AshtdGp 3438 -51.00 3529 1010 1.18 23.79 373.3 TUI 458.40 -3.40 991.20 218.00 10.71 -1.88 478.0
Crest Nicho 325.80 -1.60 524.00 159.85 3.44 -83.54 213.7 StJmsPl 1133.5 -2.50 1206 614.00 3.40 21.80 315.0 Assura 76.80 - 88.00 46.80 3.66 21.94 971.6
Morgan Ad 311.00 2.50 325.80 168.80 1.29 111.07 57.4 Bunzl♦ 2443 -43.00 2710 1242 0.63 21.49 297.4 Whitbrd 3100 -59.00 4232.04 1551.15 0.91 -9.06 237.1
OxfordIn 1992 -38.00 2175 724.00 - 35.01 12.1 GamesWk 11200 -130.00 12159.5 3564 1.29 51.42 43.7 LEISURE BigYellw♦ 1097 -3.00 1245.3 630.00 3.08 33.75 67.7 Willim H 270.10 0.80 313.00 28.63 0.98 15.80 462.1
Gleeson 781.00 5.00 1010 512.00 2.94 91.35 3.1 BritLand 489.00 -12.20 641.98 309.40 1.63 -3.35 1055.6 Capita 39.21 -0.57 176.55 19.84 - -7.60 4156.6
Renishaw 5760 -275.00 6255 2234.51 0.80 14400.00 32.6 PhotoMe Int 48.80 -1.70 99.90 32.50 17.30 5.50 111.6 DCC 5178 -182.00 7204 3463 2.81 17.82 122.0
Spectris 2818 -86.00 3072 2058 0.78 15.14 117.5 Headlam 360.00 -2.00 560.00 235.00 2.10 -32.43 6.9 Cap&Reg 70.20 -3.80 264.48 32.30 29.91 -0.36 18.8 Utilities
McBride 82.00 1.00 88.50 55.10 - 22.16 15.2 Media Civitas SH 104.80 -0.80 115.40 74.20 5.08 17.27 193.5 DeLaRue 169.00 0.60 187.00 36.86 - 4.12 188.2 Centrica 46.60 0.78 94.09 29.10 3.22 -4.05 10306.6
TT Elect 205.00 -2.00 285.00 135.75 1.02 82.00 45.2 Diploma♦ 2192 -18.00 2442 1191 1.32 39.35 77.4
XP Power♦ 4690 70.00 4926 2062.05 0.81 50.21 6.8 McCarthy&S 119.80 -0.20 160.20 36.51 4.51 15.76 2007.0 4imprint 2565 -85.00 3540 1067.31 0.79 32.56 3.1 Countrywd 390.60 44.20 395.00 35.74 - -3.43 2058.2 Drax 375.00 -2.60 386.60 118.90 4.24 -25.17 226.9
Persimn 2767 -64.00 3328 1367.5 - 13.07 322.9 Auto Trader 596.00 -5.40 747.00 308.60 0.40 36.01 813.3 DrwntLdn 3096 -20.00 4362 2334 2.34 24.41 82.6 DWF Group P 81.50 -3.50 143.00 45.00 4.29 15.38 15.8 Natl GridX♦ 865.00 -6.80 1073.8 789.13 5.62 20.40 2555.8
Financial General Philips € 43.78 -0.58 46.38 26.92 - 39.45 429.5 DlyMailA♦ 745.00 -19.00 960.00 538.00 3.21 13.14 56.1 Great Portl♦ 668.00 -7.40 971.80 518.60 1.89 -11.54 121.0 Elctrcmp 870.50 -11.50 900.00 397.30 0.68 30.12 498.0 Pennon 950.00 0.80 1210.5 912.79 4.61 50.00 297.4
3i♦ 1158 -10.00 1198.5 529.80 3.02 15.69 731.1 PZCusns 230.00 -5.00 265.24 149.00 3.60 41.14 107.6 Hyve Group 113.10 0.10 317.88 33.58 22.10 -0.52 409.5 Green Reit € 1.84 -0.05 1.93 1.30 3.12 13.44 1922.5 Essentra PL 306.20 -4.00 450.33 206.80 2.06 57.77 56.6 Severn Tren♦ 2289 -26.00 2716 1994.5 4.37 48.39 230.9
BrewDlph 305.00 -1.50 377.20 130.00 5.38 19.55 350.2 ReckittBX 6542 -90.00 8191.3 5130 2.67 -16.92 284.7 Informa 549.00 -8.00 870.80 326.70 1.38 -10.28 1322.8 Hammersn 24.85 -1.58 129.94 14.05 20.39 -0.31 11219.8 Experian 2777 -43.00 3192 1823.5 1.30 49.73 533.4 SSE 1500 -28.00 1703 1057.5 5.33 14.71 1122.7
CtyLonInv 438.00 -10.00 479.52 264.00 6.39 14.85 7.3 Redrow 571.50 -7.50 850.76 293.00 3.59 17.42 352.2 ITV 106.80 -1.75 153.80 50.06 2.43 14.24 3724.4 Hibernia € 1.15 -0.02 1.43 0.75 4.17 1135.11 373.4 Ferguson 8884 -6.00 9098 3700 1.24 27.74 225.7 UtdUtils♦ 895.00 -14.20 1104 625.00 4.76 55.59 686.3
CloseBrs 1382 -30.00 1647 849.00 3.18 19.06 92.9 Superdry Pl 246.60 -9.20 515.00 60.10 1.70 -1.41 859.9 LandSecs 673.80 -15.90 1001 474.75 1.72 -3.28 643.4 G4S 253.80 -0.20 258.13 69.92 1.41 230.73 2250.3

AIM
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence Zytronic 140.00 - 258.50 70.00 16.29 11.76 9.2 House, Leisure & Pers Goods Mining Reneuron 82.50 - 174.29 69.13 - -1.85 72.0 Restore 413.00 15.00 560.00 280.00 0.58 275.33 30.8
Cohort 632.00 -9.00 738.00 416.85 1.50 27.19 5.6 Airea 32.00 - 46.99 18.11 2.50 20.00 16.0 AMC 1.60 -0.08 3.50 0.85 - -6.58 6955.3 Sareum 2.43 -0.10 3.09 0.22 - -80.83 7197.0 Smart Meter 711.00 1.00 742.00 436.60 0.97 4.07 72.3
Financial General
Velocity Co 21.00 - 44.96 12.00 - -8.40 19.6 Churchll 1337.5 -2.50 2060 605.00 0.77 27.92 0.8 Arkle Resou 1.18 -0.05 1.65 0.40 - -5.39 4246.1 Real Estate Tech - Hardware
Appreciate 31.70 1.20 66.46 24.00 - 39.14 30.6
Frontier De 3080 -55.00 3200 952.00 - 78.17 8.0 BotswanaD 0.85 - 1.17 0.40 - -6.54 339.3
Banks Arbuthnot 777.50 -5.00 1400 600.00 2.06 30.49 1.0
Portmern 500.00 -5.00 858.48 229.59 1.60 15.84 5.3 CentAsiaM 240.00 -1.50 257.50 100.20 2.69 12.55 132.0
InlandHms 62.50 -1.00 94.40 32.00 3.52 8.45 136.0 AminoTech 120.00 -0.50 155.00 105.00 1.38 76.87 112.3
Caribbean I 39.75 -1.00 64.45 24.00 14.34 5.48 32.3 BP Marsh 262.00 -6.00 278.00 133.00 0.85 7.01 17.9 Lok'nStor♦ 675.00 - 740.00 335.00 1.83 66.96 0.5 IQE 73.45 0.75 74.95 18.86 - -19.38 379.7
Sanderson D 89.00 2.50 91.75 22.00 0.58 211.90 9.6
Burford Cap 711.00 1.50 800.79 250.43 0.47 13.51 52.5 Oil & Gas PnthrSec 175.00 - 390.00 145.00 6.86 -2.41 21.1 Telit Commu 196.00 -2.00 210.00 64.76 - 31.86 96.4
Basic Resource (Ex Mining) Gresham Hou 787.50 - 795.00 450.00 0.57 -93.24 11.2 Industrial Engineering BorSthnPet 0.78 0.05 2.63 0.10 - -3.69 1023.7 SIR 300.00 -7.50 476.00 104.20 5.60 -26.55 46.0
CropperJ 1030 - 1390 580.00 0.24 30.84 0.3 Leeds 18.50 - 20.00 7.50 - -2.50 2.7
Tech - Software & Services
600 Grp 9.38 -0.13 15.90 6.75 8.04 3.10 11.0 ClontarfEn 0.55 0.10 1.23 0.28 - -13.63 47785.2 Retailers
MattioliWds 760.00 5.00 865.00 520.00 2.76 20.29 7.9 BoBlue Pris 1720 -32.00 1890 795.00 - -16.13 70.4
Chemicals MS Intl 120.00 - 200.00 95.00 6.88 -7.95 2.6 Egdon Res 1.65 0.03 6.95 1.31 - -1.15 1028.2
Numis 338.50 18.50 359.50 165.00 3.55 39.36 90.3 ASOS 4783 -47.00 5548 975.20 - 38.08 35.1 Eckoh 64.50 - 72.00 40.00 - 54.20 32.8
Directa Plu 81.00 - 95.00 46.25 - -11.14 32.5 Pres Tech 110.00 -1.00 147.00 50.10 - -11.46 114.5 Hurricane E 2.50 -0.10 33.90 2.15 - -0.24 10754.3
PolarCap♦ 696.00 2.00 770.00 282.00 4.74 15.89 29.1 Boohoo Grou 343.00 -1.60 433.50 133.10 - 52.45 1526.9 IDE Group H 0.78 - 4.70 0.60 - -0.34 20.0
Scapa 186.00 2.40 295.00 82.50 - -5.90 91.2 PetrelRes 3.15 0.05 17.90 2.80 - -2.24 2737.7
Premier Mit 147.50 - 192.00 65.00 7.05 14.13 33.4 IT Phoenix Glo 4.95 -0.01 23.00 4.50 - -1.22 13.6
CVS Group P 1502 13.00 1517 670.00 0.37 185.43 55.2 Ingenta 86.00 - 89.00 40.00 - -21.04 5.1
Versarien P 42.10 1.00 87.60 21.20 - -15.65 738.1 Keywords St 2860 -66.00 2958 1159.28 0.02 162.68 51.9 Iomart 320.00 - 409.00 219.50 2.04 31.37 33.4
STM Group 30.00 - 42.00 18.00 5.00 18.51 20.3 Rockhop 6.20 0.05 22.45 4.00 - -0.15 839.6 Support Services
Learning Te 182.00 -1.50 186.20 106.20 0.14 141.74 350.9 Oxford Metr 94.50 - 127.40 70.00 1.90 40.04 3.3
Construction & Materials Food & Beverages Sound Energ 1.43 0.03 4.72 0.74 - -2.92 3321.4 Begbies 93.00 1.00 117.00 57.33 2.90 132.86 182.1 WANdisco 464.50 -2.50 834.00 360.00 - -10.63 26.4
Abbey 1550 - 1650 1060 0.62 14.21 1.0 LEISURE UnJackOil 0.16 - 0.32 0.08 - -8.00 33843.6 Christie 90.50 -1.00 132.00 54.00 1.38 -14.25 5.7
Camellia 7200 125.00 9000 6250 0.58 -34.88 0.0
AccsysTch 140.00 - 149.00 59.80 - 38.59 99.3
Fevertree D 2527 -9.00 2587 888.40 0.60 61.71 45.7 Codemasters 654.00 - 670.00 204.50 - 47.05 60.1 United O&G 2.98 -0.03 4.10 1.00 - -52.19 2911.6 Empres 46.00 - 62.90 28.00 - -7.93 4.6 Travel & Leisure
Aukett 1.60 0.10 3.16 0.75 - 3.48 146.0 Sumo Group 335.00 - 364.00 121.54 - 50.68 61.6 Gattaca 79.50 4.50 129.85 29.40 - 44.17 39.8 Celtic 101.00 - 165.00 85.00 - -258.97 1.1
FinsbryFd 79.50 5.50 105.00 50.00 2.94 -132.50 162.9 Pharmaceuticals & Biotech
Impellam 234.00 3.00 369.00 210.00 - -4.16 7.7 ..6%CvPf 122.00 - 158.00 118.00 - - 0.1
Electronic & Electrical Equip Nichols 1350 -17.50 1600 858.00 0.92 28.28 3.0
Media Abcam 1550 33.00 1597.43 943.00 0.78 258.33 420.9
JhnsnSrv 140.00 -5.00 226.00 76.50 0.82 175.00 614.5 ..Cv Pf 220.00 - 319.50 210.00 - - 0.4
CeresPow 1320 16.00 1524 231.00 - -286.96 186.4 Health Care Equip & Services Mission Gro 60.00 - 110.00 33.25 3.62 18.69 29.1 AllcePharm♦ 87.60 0.10 88.90 52.17 0.61 41.91 58.5
LonSec 2320 - 2400 1800 2.59 19.69 0.0 gamingrealm 21.80 -0.10 26.20 4.40 - -21.58 111.9
Checkit 51.00 - 55.00 22.00 - -4.51 14.5 YouGov 1045 15.00 1060 393.00 0.38 122.94 8.6 Clinigen Gr 675.00 -6.50 1000.00 350.40 1.02 66.18 128.4
AVO 36.00 - 42.00 20.00 - -4.39 64.9 NWF 195.00 - 218.00 113.00 3.38 10.77 26.7 Jet2 1430 -55.00 1950 182.50 0.21 -8.54 101.9
LPA 84.50 - 117.00 56.00 1.30 30.40 7.5 e-Thera 17.50 0.25 23.00 3.00 - -18.42 1935.8
CareTech 522.00 2.00 522.00 285.00 2.24 23.69 221.5 Petards 13.00 - 14.70 3.75 - -10.24 22.0 MinoanGp 1.25 - 2.25 0.68 - -3.13 100.0
ThorpeFW 345.00 -2.00 363.32 225.00 1.61 30.26 11.2 Mereo Bio 26.50 -0.50 60.00 13.00 - -0.22 49.3
Tristel 527.00 -8.00 798.00 271.00 1.11 48.44 59.4 Renew 560.00 22.00 570.00 304.00 2.05 19.09 27.2

Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-) BMO UK HIT 91.00 - 102.58 56.00 4.31 99.6 -8.6 IPST UK Eq 162.00 3.00 190.25 104.00
166.3 4.07 -2.6 PolarFins 142.00 1.50 152.00 77.20 3.10 140.1 1.4 Conventional - Property ICs 52 Week Dis(-)
Price +/-Chg High Low Yld NAV or Pm BMO UK HIT 358.00 - 406.00 224.00 - 399.7 -10.4 IP UKSmall 512.00 -6.00 640.00 285.17
560.8 3.63 -8.7 PolarTech 2305 -10.00 2553 1134.3 - 2391.4 -3.6 Price +/-Chg High Low Yld NAV or Pm
3i Infra♦ 308.00 -3.00 320.00 184.96 2.99 254.5 21.0 Brunner 861.00 1.00 926.00 550.00 2.32 995.7 -13.5 JPM Amer 577.00 -3.00 592.00 328.50
604.5 1.13 -4.5 RIT Cap 2065 10.00 2144 1252 1.67 2159.0 -4.4 Direct Property For queries about the London Share Service pages e-mail
AbnAsianIn 228.50 -1.50 232.00 140.59 4.05 245.5 -6.9 Caledonia I♦ 2880 -50.00 3181.75 1920 2.12 3552.6 -18.9 JPM Asia 486.50 3.50 488.00 272.00
475.3 3.31 2.4 Ruffer Inv 263.00 2.00 263.35 202.00 0.70 259.7 1.3
AEW UK REIT 77.70 -0.70 102.10 53.00 10.30 90.7 -14.3 ft.reader.enquiries@morningstar.com.
Abrdn Div I 100.00 0.70 116.00 66.20 5.38 113.8 -12.1 CanGen C$ 34.81 0.56 34.86 16.22 2.44 50.0 -30.4 JPM China 686.00 10.00 694.00 284.50
665.6 0.36 3.1 Schroder To 489.00 4.00 492.00 244.00 1.33 477.8 2.3
BMO ComPrp 80.00 0.30 117.45 43.50 5.00 116.1 -31.1 All data is as of close of the previous business day. Company classifications
AbnEmgMkts 702.50 7.50 710.00 420.05 3.02 777.1 -9.6 City Merch 189.75 0.25 199.50 118.00 5.27 194.3 -2.3 JPMElct MC 102.50 - 105.00 99.00
103.6 0.39 -1.1 SchdrAsiaP 614.00 -5.00 619.00 345.00 1.58 642.7 -4.5
BMORealE 61.00 2.00 89.80 38.72 7.17 94.0 -35.1 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
AbnJapInv 780.00 -2.50 790.00 456.00 1.92 850.8 -8.3 City Lon 370.50 -3.00 448.50 269.00 5.13 351.4 5.4 ..MG 942.50 -2.50 949.50 565.20
977.3 1.77 -3.6 SchdrEurReE 100.75 -1.25 118.00 56.60 6.53 134.7 -25.2
CustdnREIT 87.80 0.40 116.55 76.00 6.76 94.2 -6.8 100 constituent stocks are shown in bold.
AbnLatAmIn 62.60 0.30 75.00 38.00 5.59 67.7 -7.5 CQSNatRs 124.00 -1.00 126.00 49.00 4.52 141.0 -12.1 ..MI 93.00 -2.00 114.00 64.00
95.6 5.05 -2.7 Schdr Inc 277.00 -5.00 320.00 171.17 4.58 277.1 0.0
GCP Student 143.20 0.60 212.50 90.00 4.39 171.5 -16.5
AbnNewDn 324.00 4.00 325.98 179.59 1.33 357.6 -9.4 Dun Inc 290.50 -0.50 315.00 180.12 4.37 303.0 -4.1 JPM Emrg 131.00 0.60 131.69 72.68
- 1.08 - SchdrJap 198.50 -2.00 203.00 126.09 2.37 226.8 -12.5 Closing prices are shown in pence unless otherwise indicated. Highs & lows
Longbow 86.50 -1.50 99.50 64.19 6.94 93.8 -7.8
AbnNewIndia 534.00 3.00 540.00 296.00 0.19 608.3 -12.2 EcofinGloba 187.50 -0.50 189.00 102.63 3.41 188.4 -0.5 JPM EurGth 301.00 -4.00 307.00 170.89
348.6 1.74 -13.7 SchdrOrient 261.50 -2.50 268.32 151.50 3.94 272.7 -4.1 are based on intra-day trading over a rolling 52 week period. Price/earnings
SLIPropInc 60.00 - 99.30 43.51 7.93 78.1 -23.2
AbnNewThai 476.00 1.00 557.50 322.00 3.99 515.6 -7.7 Edin Inv 546.00 -7.00 636.00 335.50 5.25 591.9 -7.8 JPM EurInc♦ 134.75 0.75 166.00 78.80
148.5 4.97 -9.3 SchdrRealEs 39.00 0.30 57.20 27.65 4.63 57.4 -32.1 ratios (PER) are based on latest annual reports and accounts and are updated
TR Prop♦ 413.00 -2.00 497.83 217.50 3.39 438.4 -5.8
AbnSmlInCo 313.00 - 350.00 175.00 2.71 346.2 -9.6 Edin WWd 370.00 0.50 383.50 124.60 - 354.2 4.5 JPM EuSm 481.00 1.00 486.00 209.00
535.0 1.39 -10.1 SchdrUKMd 645.00 2.00 694.00 271.93 2.87 657.7 -1.9 with interim figures. PER is calculated using the company’s diluted earnings
Tritax Euro € 1.09 0.01 1.18 0.67 - 1.3 -16.2
AbnStdAsia 1167.5 7.50 1175 696.00 1.20 1296.1 -9.9 EP Global 284.00 3.00 314.00 214.00 2.11 308.5 -7.9 JPM Clavr 649.00 -3.00 798.00 446.00
656.5 4.51 -1.1 SchdrUKPubP 31.00 0.68 38.90 18.89 - 43.8 -29.2 from continuing operations. Yields are based on closing price and on dividends
Tritax Euro 98.80 - 107.50 65.20 - - -
AStd Eqt In 309.50 -2.50 418.92 194.36 6.72 339.7 -8.9 EuroAsset 120.25 0.75 121.00 62.40 5.68 132.7 -9.4 JPMGblCoreR 98.80 0.60 112.50 70.00
91.4 0.76 8.1 ScotAmer 464.00 -1.00 474.00 243.80 2.58 445.5 4.2 paid in the last financial year and updated with interim figures. Yields are
UKComPrp 69.00 -0.50 89.65 47.35 4.67 83.5 -17.4
Abf Sml 1248 -2.00 1540 608.25 2.56 1290.9 -3.3 F&C Inv Tru 787.00 -2.00 808.00 463.00 1.11 826.8 -4.8 JPM GEI 146.25 -0.50 147.30 82.00
149.8 3.49 -2.4 Scottish In 698.00 3.00 842.00 550.00 3.32 775.6 -10.0 shown in net terms; dividends on UK companies are net of 10% tax, non-UK
Abf Spl Inc 67.40 -1.80 94.50 34.50 6.26 70.4 -4.3 FidAsian 415.00 3.00 428.00 243.00 2.12 436.3 -4.9 JPM Gl Gr&I♦ 386.50 -1.50 403.00 218.00
373.3 3.37 3.5 ScottMort 1214 2.00 1222 451.80 0.27 1162.6 4.4 VCTs 52 Week Dis(-) companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
Alliance 901.00 -5.00 922.00 536.00 1.56 931.6 -3.3 FidChiSpS 381.50 6.50 394.50 180.20 1.01 384.2 -0.7 JPM Ind 692.00 -5.00 766.00 398.00
804.3 - -14.0 ScottOrtll♦ 976.00 3.00 1025 600.00 1.18 1123.7 -13.1 Price +/-Chg High Low Yld NAV or Pm capital changes where appropriate.
AllianzTech 2970 10.00 3045 1176 - 2906.5 2.2 Fid Euro 286.00 -2.50 290.50 177.40 2.26 295.8 -3.3 JPM JpCapSm 600.00 2.00 601.99 275.00
589.3 3.00 1.8 Seneca I&G 164.75 -0.25 181.89 107.50 4.08 169.7 -2.9 ArtemisVCT 15.00 - 51.79 14.25 26.67 - - Trading volumes are end of day aggregated totals, rounded to the nearest
Art Alpha 394.00 11.00 428.00 205.00 1.29 438.5 -10.1 Fid Jap 220.50 1.00 227.42 104.25 - 236.0 -6.6 JPM Jap 731.00 -2.00 736.67 323.00
730.7 0.68 0.0 Smithson 1710 -18.00 1778 890.00 - 1643.3 4.1 Baronsmead 73.00 - 97.00 40.00 8.90 76.6 -4.7 1,000 shares.
Asia Dragon 528.00 2.00 572.71 302.50 0.90 574.7 -8.1 Fid Spec♦ 243.50 -1.50 280.50 128.16 2.36 238.1 2.3 JPM Mid 1142.5 -7.50 1430 598.00
1239.4 2.58 -7.8 StrategicEq 232.00 - 259.00 112.28 0.65 280.8 -17.4 BSC VCT 65.00 - 73.67 54.00 6.15 70.3 -7.5 Net asset value per share (NAV) and split analytics are provided only as a
Aurora Inv 207.00 -1.00 242.00 130.00 2.17 214.1 -3.3 FinsG&I 875.00 -15.00 927.00 595.00 1.90 866.4 1.0 JPM Mlti-As 89.30 - 107.00 63.00
101.5 4.48 -12.0 Temp Bar 955.00 -27.00 1490 563.00 5.38 1007.3 -5.2 ..VCT2 48.20 - 52.50 40.00 7.26 50.6 -4.7 guide. Discounts and premiums are calculated using the latest cum fair net
AVI Global ♦ 882.00 2.00 893.92 493.00 2.32 950.4 -7.2 FstPacfic H HK$ 2.47 -0.07 2.84 1.10 6.02 - - JPMRussian 642.00 -1.00 804.00 404.00
722.7 5.45 -11.2 TempEmerg♦■ 950.00 8.00 955.44 570.00 2.00 1046.0 -9.2 Inc&GthVCT 66.50 -0.50 72.00 52.00 9.02 70.1 -5.1 asset value estimate and closing price. Discounts, premiums, gross redemption
AVI JapOpp 111.25 -0.50 120.63 73.40 - 108.7 2.3 GenEmer 890.00 -4.00 894.00 540.00 1.73 968.4 -8.1 JPM Smlr 362.50 -2.50 376.00 126.00
349.6 1.52 3.7 Tetragon $ 9.52 0.02 12.35 6.78 7.64 23.7 -59.8 Nthn 2 VCT 61.50 - 62.50 42.00 6.50 64.3 -4.4 yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
Axiom 88.00 - 95.00 68.00 6.82 94.8 -7.2 GRIT# 2.75 - 5.50 0.65 - 1.4 96.4 JPM US Sml 403.00 3.00 419.00 191.31
394.8 0.62 2.1 TRIG 127.80 0.20 167.00 95.79 5.22 109.6 16.6 Nthn 3 VCT 88.50 - 91.00 63.00 4.52 93.6 -5.4 are displayed as a percentage, NAV and terminal asset value per share (TAV)
BG Euro 1430 -15.00 1457 594.00 2.17 1371.0 4.3 GoldenPros 53.50 - 75.00 20.00 - 65.9 -18.8 KeystoneInv 337.00 -5.00 364.00 161.00
345.3 4.04 -2.4 TREurGth 1285 5.00 1285 530.00 1.74 1414.0 -9.1 NthnVent 65.00 - 68.90 46.00 6.15 68.2 -4.7 in pence.
BG Japan 1104 -2.00 1120 514.00 0.32 1002.4 10.1 Gulf Invest $ 1.34 - 1.44 0.85 2.48 1.5 -10.7 Law Deb 690.00 -4.00 719.00 366.00
654.4 4.71 5.4 TroyInc&G 73.30 -0.70 86.67 58.69 3.79 72.9 0.5 ProVenGI 51.00 - 58.00 44.00 6.37 53.8 -5.2
BG Shin 267.00 0.50 274.50 105.06 - 243.7 9.6 HAN 205.00 -1.00 216.00 123.77 1.95 300.9 -31.9 LinTrain £ 1450 -12.50 1509.05 400.00
1183.8 2.85 22.5 Utilico Eme 194.75 0.50 252.00 135.00 3.95 224.8 -13.4 ProVenVCT 62.00 -0.50 70.00 55.00 6.45 65.8 -5.8 X FT Global 500 company
Baillie Gif 226.00 -1.50 231.00 111.00 1.37 220.7 2.4 HANA 205.00 - 212.00 125.00 1.95 300.9 -31.9 Lowland 1197.5 -7.50 1489.65 696.00
1220.1 5.01 -1.9 UIL Inv 191.50 - 254.00 109.75 4.05 337.8 -43.3 UnicornAIM 163.00 - 165.00 104.00 3.99 202.3 -19.4 ♦ trading ex-dividend
Bankers 1104 -4.00 1134 689.00 1.92 1079.2 2.3 Hen Div Inc 92.10 -0.10 96.00 55.47 4.78 93.2 -1.2 Majedie 226.00 4.00 262.20 134.00
272.1 5.04 -16.9 VEIL 545.00 -11.00 564.00 288.00 - 603.9 -9.8 ■ trading ex-capital distribution
Zero Dividend Preference Shares 52 Week HR
BB Healthca 177.50 0.50 183.50 98.68 2.73 176.1 0.8 HenEuroF 1450 -22.50 1481 860.72 2.16 1565.2 -7.4 Man&Lon 633.00 -9.00 704.00 420.00
628.6 2.37 0.7 Witan 230.50 0.50 235.50 130.00 2.39 235.6 -2.2 # price at time of suspension from trading
HenEuro 1492.5 -17.50 1520 804.00 2.08 1563.8 -4.6 Marwyn Val 107.50 1.00 119.75 71.00
155.9 - -31.0 WwideHlth♦ 3725 -40.00 3815 2159.52 0.67 3657.4 1.8 Price +/-Chg High Low SP WO TAV 0%
BH Global 1925 -35.00 2030 1490 - 1943.0 -0.9
HenFarEs 326.50 -2.50 374.00 236.30 7.01 318.1 2.6 MercantIT 247.50 -4.00 279.10 116.68
246.7 2.67 0.3 Abf Spl Inc 108.00 - 111.00 97.50 -28.8 -63.8 127.3
..USD $ 20.15 -0.35 21.00 15.30 - 20.0 0.8 Conventional - Private Equity 52 Week Dis(-) The prices listed are indicative and believed accurate at the time of publication.
HenHigh♦ 147.00 -3.25 195.00 100.03 6.73 158.1 -7.0 MrchTst 447.00 -11.50 569.00 293.00
443.7 6.09 0.7 UIL ZDP 202 105.00 - 110.90 80.00 -25.7 -30.6 151.5
BH Macro 3520 -20.00 3729.09 2550 - 3311.0 6.3 Price +/-Chg High Low Yld NAV or Pm No offer is made by Morningstar or the FT. The FT does not warrant nor
HenInt Inc 152.25 -1.25 178.00 99.30 3.94 160.9 -5.4 Mid Wynd 716.00 -3.00 726.00 420.00
697.8 0.96 2.6 UIL Limited 116.00 - 119.94 73.00 -34.7 -42.6 138.4
..USD $ 36.00 0.40 42.17 25.40 - 34.5 4.3 guarantee that the information is reliable or complete. The FT does not accept
Hen Opp 1245 15.00 1290 499.93 2.09 1388.5 -10.3 Miton Globa 298.00 3.00 300.00 180.00
305.7 - -2.5 BGUSGROWTH 328.00 - 335.00 111.00 - 295.9 10.8 UIL Finance 135.00 - 136.00 92.00 -51.3 -68.7 147.0
BiotechGth 1576 -14.00 1658 648.00 - 1540.7 2.3 responsibility and will not be liable for any loss arising from the reliance on
HenSmlr 1056 -32.00 1142.68 470.00 2.23 1109.7 -4.8 Monks 1360 2.00 1380 618.00
1287.2 0.18 5.7 BMO PvtEq 307.50 -2.50 415.36 219.00 5.13 384.7 -20.1
BlckRCom
BlckRFrnt
78.40 - 84.80 36.20
118.50 -3.25 134.38 77.44
5.10
5.27
85.7
123.3
-8.5
-3.9 Herald 2245 -20.00 2307.77 877.00 - 2284.5 -1.7 MontanSm♦ 1652.5 2.50 1690 645.00
1599.4 0.56 3.3 Electra 281.00 1.50 399.90 121.81 - 353.4 -20.5 Investment Companies - AIM or use of the information.

HICL Infra 174.00 0.60 183.00 133.80 4.74 149.8 16.2 Mur Inc 832.00 -12.00 945.34 552.00
859.7 4.18 -3.2 HVPE 1946 14.00 2030 857.00 - 2346.0 -17.1 The London Share Service is a paid-for-print listing service and may not be
BlckRGtEur 530.00 -2.00 536.00 271.14 1.10 513.9 3.1 52 Week Dis(-)
Highbridge 237.00 1.50 238.00 154.00 - 252.5 -6.1 Mur Int 1130 -14.00 1270 760.08
1133.6 4.73 -0.3 HgCapital 305.00 - 312.00 148.40 1.57 299.5 1.8 fully representative of all LSE-listed companies. This service is available to all
BlckR I&G 171.50 - 214.00 117.00 4.20 190.4 -9.9 Price +/-Chg High Low Yld NAV or Pm
Impax Env. 422.50 -1.00 435.50 226.00 0.71 411.8 2.6 NewCityHY 52.00 - 61.80 22.90
48.9 8.56 6.3 ICG Ent Tr 958.00 2.00 1015 460.00 2.40 1117.0 -14.2 listed companies, subject to the Editor’s discretion. For new sales enquiries
BlckRckLat 404.50 -0.50 509.20 250.00 6.20 437.0 -7.4 BB Biotech SFr 68.50 0.20 69.10 39.55 4.2 - -
Ind IT 519.00 -3.00 600.00 264.00 2.50 590.3 -12.1 New Star IT 122.00 - 125.00 88.00
168.9 1.15 -27.8 Pantheon In 2505 25.00 2620 1268.53 - 3010.9 -16.8 please email stella.sorrentino@ft.com or call 020 7873 4012.
BlckRckNrAm♦ 165.75 -0.25 196.50 106.53 4.83 175.1 -5.3 CrysAmber 101.50 1.00 136.00 50.87 4.9 134.0 -24.3
IGC 83.90 1.30 86.00 32.20 - 98.1 -14.5 NorthAmer 244.50 -1.00 315.00 187.50
267.7 3.93 -8.7 PrincssPE €♦ 11.75 0.05 12.25 6.64 3.76 13.0 -9.6
BlckRSmlr 1740 10.00 1806 770.00 1.87 1715.2 1.4 Gresham Hou♦ 1375 -5.00 1386 830.00 1.7 1394.8 -1.4
IntBiotech 817.00 -8.00 860.00 451.00 3.04 801.6 1.9 NthAtSml 3735 -30.00 3840 2190
4399.6 0.80 -15.1 StdLfPv♦ 398.00 5.00 405.00 186.00 3.24 487.3 -18.3
BlckRThrmt 765.00 -5.00 790.00 315.60 1.33 745.1 2.7
BlckRWld 522.00 - 528.00 208.50 4.21 533.8 -2.2 Intl PP 170.20 0.60 176.80 122.80 4.22 145.5 17.0 Oryx Int 1320 40.00 1320 550.00
1384.0 - -4.6 Discretionary Unit Fund Mngrs 52 Week Dis(-)
Infra India 1.75 -0.05 4.43 0.60 - 18.2 -90.4
Data provided by Morningstar
BMO Cp&I 292.00 -5.00 358.00 181.50 3.94 295.9 -1.3 Inv AsiaTr 355.50 6.00 362.00 198.00 2.78 388.0 -8.4 PacAsset 320.50 - 326.00 198.09
341.1 0.94 -6.0 (1000)F
BMOGblSmlr 145.00 1.60 150.00 76.65 1.17 156.8 -7.5 Inv IncGro 268.00 -1.50 308.00 180.59 4.38 287.6 -6.8 PacHorzn 754.00 - 798.00 232.50
663.8 - 13.6 Price +/-Chg High Low Yld NAV or Pm
BMOMgdT 263.00 - 264.86 150.05 - 266.0 -1.1 IP EnInc 72.10 0.50 78.00 38.50 6.93 76.2 -5.4 PerpInc&Gr 244.50 1.50 342.00 157.20
- 6.11 - Right &ISS 2105 -75.00 2341 1251 1.53 2260.8 -6.9
BMOMgdT 129.50 - 146.00 85.00 4.71 132.2 -2.0 IPST BalR 152.50 3.00 150.00 124.00 - 159.5 -4.4 PerAsset♦ 45350 -250.00 47000 37650
44688. 1.23 1.5
BMO UK HIT 89.50 - 103.00 57.00 4.38 99.9 -10.4 IPST Gbl Eq 207.00 - 218.00 140.00 3.41 213.9 -3.2 0 Guide to FT Share Service
IPST Mngd 102.00 - 103.60 100.50 1.57 105.5 -3.3 PolarHealth 243.00 -1.00 258.00 163.00 0.86 269.5 -9.8
www.morningstar.co.uk
16 ★ FTWeekend 2 January/3 January 2021

MANAGED FUNDS SERVICE

SUMMARY FT.COM/FUNDS

Winners - EAA Fund Asia ex-Japan Equity Losers - EAA Fund Asia ex-Japan Equity Morningstar Star Ratings Global Broad Category Group - Equity

1yr Return 3yr Return 5yr Return 3yr 3yr 1yr Return 3yr Return 5yr Return 3yr 3yr Morningstar Morningstar Morningstar Total Ret 1Yr Total Ret 3Yr Total Ret 5Yr
Fund Name Fund Name Fund Name Base Currency Morningstar Category Base Currency
GBP GBP GBP Sharpe Ratio Std Dev GBP GBP GBP Sharpe Ratio Std Dev Rating 3 Yr Rating 5 Yr Rating 10 Yr GBP GBP GBP

Baillie Gifford Pacific Fund 60.38 20.45 24.18 0.90 22.00 VT Halo Global Asian Consumer Fund -12.09 -4.40 2.37 -0.44 14.98 Asia Pacific Leaders A Shares Pound Sterling QQQQ QQQ QQQQ Sector Equity Alternative Energy US Dollar 84.42 28.94 17.80
Morgan Stanley Investment Funds - Asia Opportunity Fund 37.90 16.40 - 1.01 20.76 Hamon Asian Market Leaders Fund 11.80 -1.96 2.57 -0.10 20.70 Europe (ex-UK) Fund ACC-GBP Pound Sterling QQQQ QQQQ QQQQ Sweden Small/Mid-Cap Equity Swedish Krona 36.92 24.77 19.22
Allianz Total Return Asian Equity Fund 47.84 14.05 17.32 0.67 21.20 Asia Pacific Performance 7.15 -1.11 1.74 -0.02 22.05 MFM Techinvest Technology Acc Pound Sterling QQQ QQ QQ BRIC Equity Mexican Peso -13.60 24.38 -
JPM Asia Growth Fund 30.66 13.95 21.31 0.68 20.56 S.E.A. Asian Equity Discovery Fund 8.80 -0.72 3.58 -0.04 18.31 Charifund Inc Pound Sterling QQQ QQQQ QQQQ Sector Equity Technology US Dollar 47.60 22.17 22.71
Mirae Asset Global Discovery Fund - Asia Growth Equity Fund 49.46 13.93 13.94 0.83 22.11 Wealth Invest SK Invest Far East Equities 0.16 -0.36 -0.14 -0.06 21.99 Global Pound Sterling Q Q Q US Large-Cap Growth Equity US Dollar 40.90 21.09 18.37

Advertising Feature Performance Weightings - As of 30/09/2020 Top 10 Holdings - As of 30/09/2020

Sector Weighting Cat Avg. Holding Sector Weighting
Basic Materials 13.18% 7.20%
Jan 2018 - Jan 2021 Alibaba Group Holding Ltd Ordinary Shares Consumer Cyclical 6.95%
Prusik Asia Fund U Dist. Communication Services 12.62% 7.42%
Consumer Cyclical 26.85% 10.98%
Ping An Insurance (Group) Co. of China Ltd Financial Services 5.01%
Consumer Defensive - 5.67%
Energy 2.53% 3.24%
Samsung Electronics Co Ltd Technology 4.30%
Financial Services 8.03% 20.44%
Healthcare 2.01% 3.79%
NAVER Corp Communication Services 3.35%
Industrials 12.63% 8.16%
Real Estate 2.42% 5.72%
Poya International Co Ltd Consumer Cyclical 3.14%
Technology 10.15% 17.61%
Utilities - 1.95%
Rio Tinto Ltd Basic Materials 2.97%
Please remember that past performance is not necessarily a guide to future performance Cash & Equivalents 9.58% 7.19%
Firm Name Corporate - 0.46%
Tencent Holdings Ltd Communication Services 2.86%
Prusik Investment Management LLP Derivative - 0.07%
Fund Name Government - 0.08%
AIA Group Ltd Financial Services 2.85%
Prusik Asia Fund U Dist. Municipal - -
Morningstar Category Securitized - 0.01%
Suofeiya Home Collection Co Ltd Consumer Cyclical 2.79%
Asia-Pacific ex-Japan Equity
Max Annual Charge
China Conch Venture Holdings Ltd Industrials 2.73%
10.00 Risk Measures - As of 31/12/2020
3Yr Rating 1Yr 1Yr Cat Ave 3Yr 3Yr Cat Ave 5Yr 5Yr Cat Ave
QQQ Alpha 11.05 -1.30 1.34 -1.10 1.22 -0.94
Morningstar Sustainability Rating Beta 1.07 1.00 1.03 0.99 0.99 0.98
Fund Category Information Ratio 1.25 -0.41 0.15 -0.45 0.12 -0.42
Bid Price - KIID Ongoing Charge 1.60 R Squared 83.72% 90.96% 83.99% 91.34% 81.32% 91.09%
Offer Price - Day-End One Year Return 32.94 Day -0.16% Month 5.48% Year 32.94% Sharpe Ratio 1.23 0.54 0.44 0.38 0.74 0.54
+/- -0.39 Total Ret 3Yr 8.76 Std Dev 28.89 23.25 21.20 19.88 18.30 18.82
Information reproduced courtesy of Morningstar. While the Financial Times takes every care to ensure that the information is faithfully reproduced, the information is not verified by the Financial Times and therefore it accepts no liability for any loss which may arise relating to the Morningstar information.
© 2021 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

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

Artemis US Select I Acc 270.44 - 0.50 0.17 US Equity Growth Fund USD B $ 55.07 - 0.08 0.00 Higher Income Cls A Inc 122.80 - -0.80 4.77 Fidelity Select 50 Balanced Fund PI-ACC-GBP £ 1.16 - 0.00 0.88

Artemis US Smlr Cos I Acc 312.15 - 1.50 0.02 American Fund USD B $ 30.27 - 0.12 0.00 Higher Income Cls B Inc 129.80 - -0.80 4.88 Fidelity Special Situations Fund W-ACC-GBP £ 34.51 - -0.41 3.27

US Smaller Companies Fund USD B $ 38.80 - 0.31 0.00 UK Equity Growth Cls A Inc 296.50 - -3.80 1.43 Short Dated Corporate Bond Fund Y ACC GBP £ 11.09 - 0.01 3.85

US Small Cap Blend Fund USD B $ 20.79 - 0.17 0.00 UK Equity Growth Cls B Inc 303.50 - -3.90 2.46 Fidelity Sustainable Water & Waste W Acc £ 1.10 - 0.01 0.05

US Flexible Equity Fund USD B $ 22.16 - 0.06 0.00 Amity Balanced For Charities A Inc 106.50 - -1.00 4.01 Fidelity UK Growth Fund W-ACC-GBP £ 3.34 - -0.05 1.14

Aberdeen Standard Capital (JER) Global Leaders Fund USD C $ 20.72 - 0.13 0.00 Amity European Fund Cls A Inc 274.20 - -2.20 0.99 Fidelity UK Select Fund W-ACC-GBP £ 3.22 - -0.05 2.26
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130
FCA Recognised Latin American Fund USD B $ 11.07 - 0.30 0.50 Amity European Fund Cls B Inc 277.40 - -2.30 1.76 Global Dividend Fund W-ACC-GBP £ 2.62 - -0.01 2.56
Aberdeen Standard Capital Offshore Strategy Fund Limited
US Sustainable Growth Fund USD C $ 23.84 - 0.11 0.00 Amity Global Equity Inc for Charities A Inc 148.40 - -0.50 2.25 Global Property Fund W-ACC-GBP £ 1.87 - 0.00 1.97
Bridge Fund £ 2.2344 - -0.0036 1.69

US Mid-Cap Growth Fund USD C $ 20.69 - 0.12 0.00 Amity International Cls A Inc 317.00 - -1.00 0.44 Global Special Sits W-ACC-GBP £ 50.42 - -0.15 0.67
Global Equity Fund £ 3.1810 - -0.0011 1.03

Amity International Cls B Inc 320.40 - -0.90 1.11 Index Emerging Markets P-Acc £ 1.88 - 0.01 1.98
Global Fixed Interest Fund £ 0.9996 - 0.0013 4.12

Amity Sterling Bond Fund A Inc 107.80 - 0.30 3.72 Index Europe ex UK P-Acc £ 1.70 - -0.01 2.38
Income Fund £ 0.6460 - -0.0029 2.41

Amity Sterling Bond Fund B Inc 120.20 - 0.30 3.71 Index Japan P-Acc £ 1.93 - -0.01 1.86
Sterling Fixed Interest Fund £ 0.9333 - 0.0038 2.82
Algebris Investments (IRL) Candriam Investors Group (LUX) DWS (LUX)
Index Pacific ex Japan P-Acc £ 1.74 - -0.02 3.09
UK Equity Fund £ 1.9990 - -0.0342 2.74 Regulated FCA Recognised Tel: +44 (0) 20 7541 8999 www.dws.com
FCA Recognised
Algebris Financial Credit I EUR € 187.45 - 0.34 0.00 Candriam Eqts L Australia Cap A$ 1526.57 - -19.24 0.00 Index UK P-Acc £ 1.31 - -0.02 4.11
DWS Invest Top Dividend £ 136.59 136.59 -0.72 3.01
Ashmore Investment Management Limited (LUX)
Algebris Financial Credit R EUR € 163.08 - 0.27 0.00 Candriam Qt-Eqts Europe Cap € 2718.05 - -9.88 0.00 Index US P-Acc £ 2.78 - 0.00 1.36
2 rue Albert Borschette L-1246 Luxembourg
DWS Invest Top Euroland £ 159.69 159.69 -0.69 1.33
FCA Recognised
Algebris Financial Credit Rd EUR € 109.78 - 0.19 4.71 Candriam Qt-Eqts USA Cap $ 3982.06 - 1.30 0.00 Index World P-Acc £ 2.29 - 0.00 1.70
Ashmore SICAV Emerging Market Debt Fund $ 94.01 - 0.11 4.59 DWS Invest Multi Opportunities £ 104.96 104.96 0.12 0.00
Algebris Financial Income I EUR € 153.29 - -0.68 0.00 MoneyBuilder Balanced Y-ACC-GBP £ 0.58 - 0.00 3.66
Ashmore SICAV Emerging Market Frontier Equity Fund $ 166.74 - 0.70 1.41 DWS Invest Global Bonds £ 103.21 103.21 0.00 0.00
Algebris Financial Income R EUR € 141.93 - -0.66 0.00 Ennismore Smaller Cos Plc (IRL) MoneyBuilder Dividend Y-INC-GBP £ 1.11 - -0.02 5.33
Ashmore SICAV Emerging Market Total Return Fund $ 83.37 - 0.14 3.91 5 Kensington Church St, London W8 4LD 020 7368 4220
Algebris Financial Income Rd EUR € 93.77 - -0.42 3.57 FCA Recognised MoneyBuilder Income Fund Y-ACC-GBP £ 14.97 - 0.06 2.86
Ashmore SICAV Global Small Cap Equity Fund $ 213.11 - 2.53 0.02
Ennismore European Smlr Cos NAV £ 135.73 - 1.18 0.00
Algebris Financial Equity B EUR € 110.81 - 1.88 0.00 Multi Asset Allocator Adventurous Fund Y-ACC-GBP £ 1.97 - -0.01 1.24
EM Active Equity Fund Acc USD $ 162.79 - 3.34 0.00
Ennismore European Smlr Cos NAV € 150.18 - 0.69 0.00
Algebris IG Financial Credit B EUR € 111.25 - 0.33 0.00 Multi Asset Allocator Defensive Fund Y-ACC-GBP £ 1.44 - 0.00 1.46
EM Equity Fund Acc USD $ 149.89 - 2.99 0.00
CCLA Investment Management Ltd (UK)
Candriam Investors Group
Algebris IG Financial Credit R EUR € 110.41 - 0.33 0.00 Multi Asset Allocator Growth Fund Y-ACC-GBP £ 1.81 - -0.01 1.31
Senator House 85 Queen Victoria Street London EC4V 4ET Other International Funds
EM Mkts Corp.Debt USD F $ 92.75 - 0.07 5.36
Authorised Inv Funds
Algebris Global Credit Opportunities I EUR € 129.65 - 0.10 0.00 Candriam Eqts L Emerging Mkts Cap € 1074.10 - 20.89 0.00 Multi Asset Income Fund W-INC-GBP £ 1.08 - 0.00 4.19
EM Mkts Loc.Ccy Bd USD F $ 80.71 - 0.20 4.38 Diversified Income 1 Units GBP Inc £ 1.55 1.55 -0.02 0.03
Algebris Global Credit Opportunities R EUR € 127.64 - 0.09 0.00 Candriam Bonds Credit Opportunities € 202.50 - 0.04 0.00 Multi Asset Allocator Strategic Fund Y-ACC-GBP £ 1.65 - 0.00 1.24
EM Short Duration Fund Acc USD $ 120.65 - -0.08 0.00 Diversified Income 2 Units GBP Inc £ 1.49 1.49 -0.02 0.03
Algebris Global Credit Opportunities Rd EUR € 127.64 - 0.09 0.00 Candriam Bds Euro High Yield Cap € 1255.37 - 0.31 0.00 Multi Asset Open Advent W-ACC-GBP £ 1.60 - 0.00 1.01
Diversified Income 3 Units GBP Inc £ 1.50 1.50 -0.02 0.03
Aegon Asset Management UK ICVC (UK) Algebris Core Italy I EUR € 122.38 - 0.55 0.00 Candriam Bds Euro Sh.Term Cap € 2081.82 - -0.40 0.00 Multi Asset Open Defen W-ACC-GBP £ 1.39 - 0.00 0.25
3 Lochside Crescent, Edinburgh, EH12 9SA The Public Sector Deposit Fund
Ennismore European Smlr Cos Hedge Fd
0800 358 3009 www.aegonam.com Algebris Core Italy R EUR € 114.40 - 0.51 0.00 The Public Sector Deposit Fund-share class 1 ♦ F * 100.00 - 0.00 0.12 Other International Funds Multi Asset Open Growth Fund W-ACC-GBP £ 1.54 - 0.00 1.15
Authorised Funds
Algebris Allocation I EUR € 104.02 - 0.22 0.00 The Public Sector Deposit Fund-share class 4 ♦ F * 100.00 - 0.00 0.05 NAV € 535.71 - 7.61 0.00 Multi Asset Open Strategic Fund W-ACC-GBP £ 1.48 - 0.00 0.67
Diversified Monthly Inc B Acc 151.48 - -0.12 4.83

Open World Fund W-ACC-GBP £ 1.96 - 0.00 1.05

Diversified Monthly Inc B Inc 107.60 - -0.09 4.97

Strategic Bond Fund Y-ACC-GBP £ 1.39 - 0.00 1.82

Diversified Growth B Acc £ 1.88 - 0.00 2.58 Atlantas Sicav (LUX) Dodge & Cox Worldwide Funds (IRL)
48-49 Pall Mall, London SW1Y 5JG.
Regulated UK Opportunities Fund W-ACC-GBP 257.50 - -3.00 1.26
Ethical Cautious Managed B Acc £ 1.49 - -0.01 1.59 www.dodgeandcox.worldwide.com 020 3713 7664
American Dynamic $ 6770.92 6770.92 93.09 0.00 FCA Recognised
Ethical Cautious Managed B Inc £ 1.29 - -0.01 1.60
Chartered Asset Management Pte Ltd UK Smaller Companies W-ACC-GBP £ 2.85 - -0.02 1.81
Dodge & Cox Worldwide Funds plc - Global Bond Fund
American One $ 6401.47 6401.47 36.26 0.00 Other International Funds
Institutional OEIC Funds
EUR Accumulating Class € 14.90 - -0.06 0.00
Ethical Corporate Bond B Acc £ 2.20 - 0.01 2.69 CAM-GTF Limited $ 320238.08 320238.08 -4382.36 0.00
Bond Global € 1491.74 1491.74 -1.59 0.00 America £ 7.40 - 0.00 0.32
The Antares European Fund Limited CCLA Investment Management Ltd (UK) Equinox Fund Mgmt (Guernsey) Limited (GSY)
EUR Accumulating Class (H) € 11.74 - 0.05 0.00
Ethical Corporate Bond B Inc £ 1.11 - 0.00 2.69 Other International CAM GTi Limited $ 788.22 - -58.29 0.00 Regulated
Senator House 85 Queen Victoria Street London EC4V 4ET Emerging Markets £ 6.40 - 0.04 0.38
Eurocroissance € 1229.90 1229.90 20.55 0.00
Property & Other UK Unit Trusts EUR Distributing Class € 11.60 - -0.05 2.60 Equinox Russian Opportunities Fund Limited $ 190.42 - 5.57 0.00
Ethical Equity B Acc £ 2.51 - -0.04 1.53 AEF Ltd Usd (Est) $ 554.59 - -2.32 0.00 Raffles-Asia Investment Company $ 1.53 1.53 0.08 1.96
Far East $ 1253.44 - 36.46 0.00 CBF Church of England Funds Europe (ex-UK) Fund ACC-GBP £ 7.27 - -0.02 0.53
AEF Ltd Eur (Est) € 518.82 - -2.21 0.00 EUR Distributing Class (H) € 9.09 - 0.03 2.50
Global Equity GBP B Acc £ 3.20 - 0.02 0.00 Investment Inc 2039.87 2047.97 -14.08 2.86
Fidelity Pre-Retirement Bond Fund £ 169.50 - 1.10 1.68
GBP Distributing Class £ 12.79 - -0.01 2.63
High Yield Bond B Acc £ 3.17 - 0.00 5.06 Investment Acc 4915.06 4934.56 -33.92 0.00
Global Focus £ 6.16 - 0.00 0.35
GBP Distributing Class (H) £ 9.59 - 0.04 2.54
High Yield Bond B Inc £ 0.98 - 0.00 5.06 Global Equity Inc 262.94 263.42 -2.95 2.77
Index Linked Bond Gross £ 4.78 - 0.05 0.10
USD Accumulating Class $ 13.21 - 0.06 0.00
Investment Grade Bond B Acc 204.26 - 0.63 1.51 Global Equity Acc 462.84 463.68 -5.19 0.00
Japan £ 4.16 - -0.01 0.39
Dodge & Cox Worldwide Funds plc-Global Stock Fund
Investment Grade Bond B Inc £ 1.35 - 0.01 2.26 UK Equity Inc 189.47 190.05 2.92 3.37
USD Accumulating Share Class $ 24.95 - 0.23 0.00 Long Bond Gross £ 1.29 - 0.02 1.44
Euronova Asset Management UK LLP (CYM)
Sterling Corporate Bond B Acc £ 0.97 - 0.00 2.74 UK Equity Acc 336.71 337.75 5.18 0.00 Consistent Unit Tst Mgt Co Ltd (1200)F (UK)
Regulated
Barclays Investment Funds (CI) Ltd (JER) Stuart House, St John's Street, Peterborough, PE1 5DD GBP Accumulating Share Class £ 30.15 - 0.11 0.00 Pacific (Ex Japan) £ 5.42 - -0.03 2.25
Sterling Corporate Bond B Inc £ 0.36 - 0.00 2.74 Arisaig Partners 39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800
Fixed Interest Inc 169.43 170.37 -0.75 3.30 Dealing & Client Services 0345 850 8818 Smaller Cos Cls One Shares € 53.64 - 1.02 0.00
Other International Funds FCA Recognised GBP Distributing Share class £ 20.76 - 0.08 0.68 Select Emerging Markets Equities £ 2.45 - 0.02 0.44
Authorised Inv Funds
Strategic Bond B Acc £ 1.54 - 0.00 3.54 Bond Funds Fixed Interest Acc 624.45 627.92 -2.76 0.00 Smaller Cos Cls Two Shares € 35.33 - 0.81 0.00
Arisaig Asia Consumer Fund Class A (Ex-Alcohol) shares $ 127.93 - 1.81 0.00
Consistent UT Inc 57.39 59.48 -0.29 1.12 EUR Accumulating Share Class € 30.48 - 0.01 0.00 Select Global Equities £ 5.04 - 0.07 0.78
Sterling Bond F £ 0.50 - 0.00 2.17
Strategic Bond B Inc £ 1.43 - 0.00 3.54 Arisaig Asia Consumer Fund Limited $ 127.53 - 1.95 0.00 Property Fund Inc 128.74 133.05 1.86 5.15 Smaller Cos Cls Three Shares € 18.05 - 0.66 0.00
Consistent UT Acc 152.90 158.60 -0.80 1.12 GBP Distributing Class (H) £ 12.11 - 0.10 0.31 South East Asia £ 7.12 - 0.01 1.17
UK Equity B Acc £ 3.24 - -0.05 2.34 Arisaig Global Emerging Markets Consumer Fund $ 17.16 - 0.27 0.00 Dodge & Cox Worldwide Funds plc-U.S. Stock Fund Smaller Cos Cls Four Shares € 23.40 - 1.04 0.00
Practical Investment Inc 237.90 256.00 -2.60 3.24 Sterling Core Plus Bond Gr Accum £ 3.28 - 0.03 2.03
UK Equity Absolute Return B Acc £ 1.26 - 0.00 0.00 USD Accumulating Share Class $ 30.67 - 0.16 0.00
Arisaig Global Emerging Markets Consumer UCITS € 12.85 - -0.01 -
Practical Investment Acc 1387.00 1493.00 -15.00 3.24 UK £ 4.31 - -0.06 2.63
UK Equity Income B Acc £ 2.52 - -0.04 4.34 GBP Accumulating Share Class £ 35.04 - -0.01 0.00
Arisaig Global Emerging Markets Consumer UCITS STG £ 14.50 - -0.10 -
UK Aggreg Bond Gr Accum £ 2.50 - 0.02 1.69
UK Equity Income B Inc £ 1.55 - -0.03 4.47 GBP Distributing Share Class £ 21.29 - 0.00 0.71
Arisaig Latin America Consumer Fund $ 26.56 - 0.06 0.00
Sterling Corporate Bond - Gross £ 3.10 - 0.01 2.22
UK Opportunities B Acc £ 2.43 - -0.04 1.11 EUR Accumulating Share Class € 32.35 - -0.11 0.00
UK Gilt Gross £ 2.70 - 0.02 1.22
UK Smaller Companies B Acc £ 4.51 - -0.04 0.87 CCLA Fund Managers Ltd (UK) GBP Distributing Class (H) £ 12.66 - 0.05 0.71
Senator House 85 Queen Victoria Street London EC4V 4ET Sterling Long Corp Bond - Gross £ 3.85 - 0.03 2.59
Property & Other UK Unit Trusts
COIF Charity Funds (UK)

Investment Inc 1821.56 1828.79 29.30 2.94

Investment Acc 20744.94 20827.25 333.63 0.00

Ethical Invest Inc 278.76 279.86 4.30 3.03

Ethical Invest Acc 426.73 428.42 6.58 0.00

Aegon Asset Management UK Investment Portfolios ICVC (UK)
3 Lochside Crescent, Edinburgh, EH12 9SA Brooks Macdonald International Fund Managers Limited (JER) Global Equity Inc 250.12 250.58 4.24 2.74 Findlay Park Funds Plc (IRL)
5 Anley Street, St Helier, Jersey, JE2 3QE 30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900
0800 358 3009 www.aegonam.com
+44 (0) 1534 700 104 (Int.) +44 (0) 800 735 8000 (UK) Global Equity Acc 444.95 445.76 7.55 0.00 FCA Recognised
Authorised Funds
FIL Investment Services (UK) Limited (1200)F (UK)
Brooks Macdonald International Investment Funds Limited American EUR Unhedged Class € 128.31 - -0.68 -
Property Income B Acc 114.09 114.09 -1.35 4.25 Fixed Interest Inc 142.63 143.42 1.12 3.15 130, Tonbridge Rd, Tonbridge TN11 9DZ
Euro High Income € 1.5643 - 0.0011 2.50 Callfree: Private Clients 0800 414161
Property Income B Inc 84.59 84.59 -1.00 4.35
CP Global Asset Management Pte. Ltd. Broker Dealings: 0800 414 181
American Fund USD Class $ 157.82 - -0.08 0.00
Fixed Interest Acc 969.60 974.99 7.56 0.00
High Income £ 0.8913 - 0.0035 3.77 www.cpglobal.com.sg, Tel: +65 6466 6990
OEIC Funds
International Mutual Funds American Fund GBP Hedged £ 79.49 - -0.06 0.00
Property Inc 110.14 113.83 0.08 5.17
Sterling Bond £ 1.6535 - 0.0081 2.06 Allocator World Fund Y-ACC-GBP £ 2.33 - -0.01 1.35
Artemis Fund Managers Ltd (1200)F (UK)
Local Authorities Property Fd (LAMIT) (UK)
CP Multi-Strategy Fund $ 239.14 - -0.86 -
American Fund GBP Unhedged £ 115.95 - -1.07 0.00
57 St. James's Street, London SW1A 1LD 0800 092 2051 Brooks Macdonald International Multi Strategy Fund Limited American Special Sits W-ACC-GBP £ 16.23 - 0.04 0.77
Authorised Inv Funds Property 279.54 303.11 0.71 4.81
Cautious Balanced Strategy £ 1.3541 - -0.0026 0.00
Artemis Capital I Acc £ 17.05 - -0.27 3.44 Dragon Capital Asia Pacific Ops W-Acc £ 2.79 - 0.01 1.09
Growth Strategy £ 1.9695 - -0.0102 0.00 www.dragoncapital.com
Artemis Corporate Bond I Acc £ 1.15 - 0.01 2.06 Fund information:info@dragoncapital.com Asian Dividend Fund W-ACC-GBP £ 2.08 - 0.00 2.98
High Growth Strategy £ 2.7069 - -0.0140 0.00 Other International Funds
Artemis European Growth I Acc £ 3.50 - -0.03 2.71 China Consumer Fund W-ACC-GBP £ 4.08 - 0.06 0.40
Vietnam Equity (UCITS) Fund A USD $ 25.85 - 0.29 0.00
Aegon Asset Management Investment Company (Ireland) (IRL) US$ Growth Strategy $ 1.9191 - 0.0053 0.00
1 North Wall Quay Dublin 1, Ireland +35 3162 24493 Artemis European Opps I Acc £ 1.20 - -0.01 1.56 Emerging Asia Fund W-ACC-GBP £ 2.10 - 0.01 0.83
FCA Recognised Dealing Daily. Initial charge up to 2%
Artemis Global Emerging Mkts I Acc 146.77 - 0.24 - Enhanced Income Fund W-INC-GBP £ 0.78 - -0.01 7.89
Absolute Return Bond B GBP Acc 1155.85 - 0.03 1.61
CP Capital Asset Management Limited First State Investments (UK) (1200)F (UK)
www.cpgbl.com, email: fundservices@cpgbl.com
European Fund W-ACC-GBP £ 20.10 - -0.09 1.53 23 St Andrew Square, Edinburgh, EH2 1BB
Artemis Global Growth I Acc £ 3.15 - 0.00 2.24 CG Asset Management Limited (IRL) International Mutual Funds
High Yield Global Bond A GBP Inc 513.57 - 0.02 4.49 enquiries@firststate.co.uk
25 Moorgate, London, EC2R 6AY
Artemis Global Income I Inc £ 0.95 - 0.00 3.22 CPS Master Private Fund $ 332.67 - -0.01 - Extra Income Fund Y-ACC-GBP £ 1.45 - 0.01 3.25 Client Services: 0800 587 4141 Dealing Line: 0800 587 3388
Dealing: Tel. +353 1434 5098 Fax. +353 1542 2859
High Yield Global Bond B GBP Inc 1099.86 - 0.07 5.23 Authorised Funds
FCA Recognised
Artemis Global Select I Acc £ 1.54 - 0.00 0.57 CP Global Alpha Fund $ 272.42 - -0.24 - FID INST - Emerging Markets Fund W-ACC-GBP £ 2.12 - 0.01 0.49
Global Equity Income B GBP Acc 2088.96 - -0.78 0.00 CG Portfolio Fund Plc Asia-All Cap Acc GBP £ 1.86 - 0.00 0.93

Artemis High Income I Q Inc £ 0.79 - 0.00 4.56 Absolute Return Cls M Inc £ 132.28 132.28 0.75 1.33 Fidelity American Fund W-ACC-GBP £ 53.44 - -0.04 0.31
Global Equity Income B GBP Inc 1455.44 - -8.32 3.19 Asia Focus Acc GBP £ 2.34 - -0.01 1.03

Artemis Income I Inc £ 2.28 - -0.05 3.60 Capital Gearing Portfolio GBP P £ 36297.11 36297.11 219.57 0.84 Fidelity Asia Fund W-ACC-GBP £ 18.66 - 0.10 0.84
lobal Equity Market Neutral Fund - B Acc GBP £ 12.45 - 0.06 0.00 Diversified Growth B Acc £ 1.20 - -0.01 1.22

Artemis Monthly Dist I Inc £ 0.71 - 0.00 3.40 Capital Gearing Portfolio GBP V £ 176.53 176.53 1.07 0.84 Fidelity Cash Fund Y-ACC-GBP £ 1.02 - 0.00 0.66
Global Sustainable Equity B Acc GBP £ 28.14 - 0.20 0.00 Emerging Markets Bond A Accumulation £ 1.44 - 0.00 4.65

Artemis Strategic Assets I Acc £ 0.83 - -0.02 0.08 Dollar Fund Cls D Inc £ 167.90 167.90 -0.88 1.45 FID Emerg Europe, Middle East and Africa Fund W-ACC-GBP £ 2.36 - 0.00 3.96
Global Sustainable Equity C Acc GBP £ 28.55 - 0.20 0.00 Emerging Markets Bond A Income £ 0.98 - 0.00 4.83

Artemis Strategic Bond I Q Acc £ 1.12 - 0.01 2.34 Dollar Hedged GBP Inc £ 106.96 106.96 -0.03 1.30 Fidelity European Opportunities W Acc £ 5.30 - -0.03 1.04
Inv Grd Gbl Bond A Inc GBH 630.63 - 1.21 1.81 Global Listed Infrastructure Acc 275.55 - -0.65 2.89

Artemis Target Return Bond I Acc £ 1.06 - 0.00 1.98 Real Return Cls A Inc £ 205.99 205.99 -0.68 1.62 Fidelity Global Enhanced Income Fund W-ACC-GBP £ 2.05 - -0.01 3.64
Short Dated High Yld Bd B Acc GBP £ 11.04 - 0.00 0.00 Global Listed Infrastructure Inc 184.69 - -0.43 2.96

Artemis UK Select Fund Class I Acc £ 6.70 - -0.11 2.67 Fidelity Global Focus Fund W-ACC-GBP £ 34.04 - 0.08 0.19
Short Dated High Yld Bd C Acc GBP (Hdg) £ 11.15 - 0.00 0.00 Global Property Securities A Accumulation 226.59 - -0.16 2.24

Artemis UK Smaller Cos I Acc £ 17.09 - -0.14 2.51 EdenTree Investment Management Ltd (UK) Fidelity Global High Yield Fund Y-ACC-GBP £ 15.62 - 0.01 3.59
Strategic Global Bond A GBP Inc 1326.99 - 2.89 2.70 Global Property Securities A Income 157.49 - -0.12 2.26
PO Box 3733, Swindon, SN4 4BG, 0800 358 3010
Artemis UK Special Sits I Acc £ 7.07 - -0.14 2.13 Brown Advisory Funds plc (IRL)
Authorised Inv Funds Fidelity Japan Fund W-ACC-GBP £ 5.06 - -0.01 0.56
Strategic Global Bond B GBP Inc 753.44 - 1.66 3.45 Greater China Growth A Shares 1195.59 - 4.63 0.60
http://www.brownadvisory.com Tel: 020 3301 8130
Artemis US Abs Return I Hdg Acc 114.28 - 0.09 0.38 FCA Recognised Amity UK Cls A Inc 238.30 - -3.80 1.23 Fidelity Japan Smaller Companies Fund W-ACC-GBP £ 4.31 - -0.01 0.34
Japan Focus Acc GBP £ 2.88 - -0.03 0.00
Global Leaders Sustainable Fund USD C $ 12.57 - 0.10 0.00 Amity UK Cls B Inc 238.30 - -3.70 2.22
Artemis US Extended Alpha I Acc 280.38 - -0.49 0.00 Fidelity Multi Asset Income Fund W Acc £ 1.11 - 0.00 3.53
 2 January/3 January 2021 ★ FTWeekend 17

MANAGED FUNDS SERVICE

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

Janus Henderson Multi-Manager Income & Growth Fund A Inc 155.60 - 0.00 2.33
Janus Henderson Multi-Manager Managed Fund A Acc 305.30 - -1.20 0.41
Janus Henderson Multi-Manager Managed Fund A Inc 295.60 - -1.10 0.42
Janus Henderson Sterling Bond Unit Trust Acc 257.80 - 1.00 1.30
Janus Henderson Sterling Bond Unit Trust Inc 72.56 - 0.29 1.30
US Multi-Cap Income 628.17 628.17 -0.90 1.33 LF Ruffer Total Return O Acc 493.75 - -0.72 0.83 Data Provided by
MFM - Third Party Funds
LF Ruffer Total Return O Inc 319.34 - -0.47 0.84
Junior Oils 35.61 35.61 0.21 0.00
Junior Gold C Acc 55.09 55.09 0.61 0.00
MFM Bowland 311.11 311.11 -0.57 0.65

Janus Henderson Strategic Bond Fund A Inc 134.40 - 0.10 3.03

MFM Hathaway Inc 158.89 158.89 2.30 0.71
Polar Capital LLP (CYM) www.morningstar.co.uk
MFM Techinvest Special Situations Acc 210.31 210.31 3.98 0.00 Regulated
Data as shown is for information purposes only. No
Janus Henderson UK & Irish Smaller Companies Fund A Acc 706.80 - -3.70 0.00 European Forager A EUR € 185.24 - 17.13 0.00 offer is made by Morningstar or this publication.
MFM Techinvest Technology Acc 911.97 911.97 2.34 0.00
Janus Henderson UK Absolute Return Fund A Acc 162.00 - -0.20 0.00
MFM UK Primary Opportunities A Inc 427.63 427.63 -3.67 1.48
Janus Henderson UK Alpha Fund A Acc 150.30 - -2.20 0.29

Janus Henderson UK Equity Income & Growth Fund A Inc 477.20 - -5.40 3.19

Janus Henderson UK Property PAIF A Acc £ 2.30 2.41 0.00 2.98

Guide to Data
Janus Henderson UK Property PAIF A Inc £ 0.95 1.00 0.00 3.04
Foord Asset Management Oasis Crescent Management Company Ltd Toscafund Asset Management LLP (UK) The fund prices quoted on these pages are supplied by
Website: www.foord.com - Email: info@foord.com
Janus Henderson US Growth Fund A Acc 1666.00 - -6.00 0.00
Other International Funds Private Fund Mgrs (Guernsey) Ltd (GSY) www.toscafund.com the operator of the relevant fund. Details of funds
FCA Recognised - Luxembourg UCITS Regulated Authorised Funds published on these pages, including prices, are for the
Oasis Crescent Equity Fund R 10.91 - 0.01 0.21 purpose of information only and should only be used
Foord International Fund | R $ 46.19 - 0.37 - Marwyn Asset Management Limited (CYM) Monument Growth 22/12/2020 £ 530.70 535.88 14.50 0.00 Aptus Global Financials B Acc £ 3.85 - -0.02 4.19
Rubrics Global UCITS Funds Plc (IRL) as a guide. The Financial Times Limited makes no
Regulated representation as to their accuracy or completeness
www.rubricsam.com
Foord Global Equity Fund (Lux) | R $ 17.56 - 0.32 - Aptus Global Financials B Inc £ 2.68 - -0.02 5.37 and they should not be relied upon when making an
Marwyn Value Investors £ 340.40 - -14.66 0.00 Regulated
investment decision.
Regulated
Rubrics Emerging Markets Fixed Income UCITS Fund $ 142.44 - 0.06 0.00
The sale of interests in the funds listed on these pages
Foord Global Equity Fund (Sing) | B $ 21.47 - 0.32 0.00
may, in certain jurisdictions, be restricted by law and
Rubrics Global Credit UCITS Fund $ 17.80 - 0.00 0.00
the funds will not necessarily be available to persons
Foord International Trust (Gsy) $ 45.99 - 0.37 0.00 in all jurisdictions in which the publication circulates.
Rubrics Global Fixed Income UCITS Fund $ 182.15 - 0.07 0.00 Persons in any doubt should take appropriate
Kleinwort Hambros Bank Limited (UK)
professional advice. Data collated by Morningstar. For
5TH Floor, 8 St James's Square, London, SW1Y 4JU other queries contact reader.enquiries@ft.com +44
Dealing and enquiries: 033 0024 0785 OGM Oasis Crescent Global Investment Funds (UK) ICVC (UK) (0)207 873 4211.
Authorised Inv Funds Regulated Prusik Investment Management LLP (IRL)
Enquiries - 0207 493 1331 The fund prices published in this edition along with
Unit Trust Manager/ACD - Host Capital OGM Oasis Crescent Global Short Term Income Fund USD Class A Shares (Dist) $ 0.99 - 0.00 1.95 Regulated Toscafund Asset Management LLP additional information are also available on the
HC Kleinwort Hambros Growth A Acc 236.89 - 0.45 1.36 McInroy & Wood Portfolios Limited (UK)
Financial Times website, www.ft.com/funds. The
Prusik Asian Equity Income B Dist $ 180.13 - -0.50 4.25 www.toscafund.com
Easter Alderston, Haddington, EH41 3SF 01620 825867 OGM Oasis Crescent Global Equity Fund USD Class A Shares (Dist) $ 35.12 - 0.03 0.24 funds published on these pages are grouped together
HC Kleinwort Hambros Growth A Inc 214.93 - 0.42 1.38 Authorised Inv Funds Tosca A USD $ 340.23 - 33.46 - by fund management company.
OGM Oasis Crescent Variable Fund GBP Class A Shares (Dist) £ 9.51 - -0.05 0.00 Prusik Asia Emerging Opportunities Fund A Acc $ 189.97 - 1.74 0.00
Balanced Fund Personal Class Units 5696.20xd - -12.90 1.33
HC Kleinwort Hambros Equity Income A Inc 94.69 - -0.45 3.06 Tosca Mid Cap GBP £ 180.86 - 27.47 - Prices are in pence unless otherwise indicated. The
Franklin Templeton International Services Sarl (IRL) OGM Oasis Crescent Global Income Fund USD Class A Shares (Dist) $ 11.13 - 0.01 2.59 Prusik Asia Fund U Dist. £ 237.17 - -0.39 0.00 change, if shown, is the change on the previously
JPMorgan House - International Financial Services Centre,Dublin 1, Ireland Income Fund Personal Class Units 2725.00xd - -12.30 2.52 Scottish Friendly Asset Managers Ltd (UK) quoted figure (not all funds update prices daily). Those
HC Kleinwort Hambros Equity Income A Acc 173.90 - -0.83 4.50 Tosca Opportunity B USD $ 274.77 - 41.76 -
Other International Funds Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000 designated $ with no prefix refer to US dollars. Yield
OGM Oasis Crescent Global Low Equity Fund USD Class D Shares (Dist) $ 12.61 - 0.01 0.80
Franklin Emerging Market Debt Opportunities Fund Plc Emerging Markets Fund Personal Class Units 2337.40xd - 1.40 1.57 Authorised Inv Funds percentage figures (in Tuesday to Saturday papers)
HC Kleinwort Hambros Multi Asset Balanced A Acc 178.07 - 0.31 0.81 Pegasus Fund Ltd A-1 GBP £ 43.14 - 6.53 0.00
allow for buying expenses. Prices of certain older
Franklin Emg Mkts Debt Opp CHFSFr 14.42 - 0.03 9.09 OGM Oasis Crescent Global Medium Equity Fund USD Class A Shares (Dist) $ 13.78 - 0.01 0.32 Managed Growth ♦ 310.30 - -1.10 0.00 insurance linked plans might be subject to capital
Smaller Companies Fund Personal Class Units 7064.30xd - -10.40 1.03
HC Kleinwort Hambros Multi Asset Balanced A Inc 168.30 - 0.29 0.81 gains tax on sales.
Franklin Emg Mkts Debt Opp GBP £ 9.44 - 0.03 6.01 OGM Oasis Crescent Global Property Equity Fund USD Class A Shares (Dist) $ 8.11 - 0.00 1.10 UK Growth ♦ 369.40 - -1.50 0.00
HC Kleinwort Hambros Fixed Income A Acc 139.24 - 0.05 3.44 Guide to pricing of Authorised Investment Funds:
Franklin Emg Mkts Debt Opp SGD S$ 20.77 - 0.10 4.34 (compiled with the assistance of the IMA. The
HC Kleinwort Hambros Fixed Income A Inc 110.48 - 0.04 3.44 Investment Management Association, 65 Kingsway,
London WC2B 6TD.
Franklin Emg Mkts Debt Opp USD $ 16.58 - 0.11 6.17
Tel: +44 (0)20 7831 0898.)
Purisima Investment Fds (UK) (1200)F (UK)
65 Gresham Street, London, EC2V 7NQ OEIC: Open-Ended Investment Company. Similar to a
Order Desk and Enquiries: 0345 922 0044 unit trust but using a company rather than a trust
structure.
Authorised Inv Funds

Milltrust International Managed Investments ICAV (IRL)

Authorised Corporate Director - Link Fund Solutions
Slater Different share classes are issued to reflect a different
currency, charging structure or type of holder.

Investments
mimi@milltrust.com, +44(0)20 8123 8316 www.milltrust.com Global Total Fd PCG A 347.04 - -0.10 0.52
Omnia Fund Ltd
Regulated
Other International Funds Selling price: Also called bid price. The price at which
Global Total Fd PCG B 343.65 - -0.10 0.33
British Innovation Fund £ 121.92 - 2.89 0.00 units in a unit trust are sold by investors.
Estimated NAV $ 621.90 - 60.56 0.00
Global Total Fd PCG INT 338.94 - -0.10 0.13 Buying price: Also called offer price. The price at
MAI - Buy & Lease (Australia) A$ 102.95 - -0.80 0.00
which units in a unit trust are bought by investors.
Includes manager’s initial charge.
MAI - Buy & Lease (New Zealand)NZ$ 97.26 - -0.02 0.00
Single price: Based on a mid-market valuation of the
Milltrust Global Emerging Markets Fund - Class A $ 114.49 - 0.44 0.00 underlying investments. The buying and selling price
for shares of an OEIC and units of a single priced unit
The Climate Impact Asia Fund (Class A) $ 112.68 - 5.26 - trust are the same.

Treatment of manager’s periodic capital charge:

The letter C denotes that the trust deducts all or part
Slater Investments Ltd (UK) of the manager’s/operator’s periodic charge from
www.slaterinvestments.com; Tel: 0207 220 9460 Troy Asset Mgt (1200) (UK) capital, contact the manager/operator for full details
Purisima Investment Fds (CI) Ltd (JER) 65 Gresham Street, London, EC2V 7NQ of the effect of this course of action.
FCA Recognised
Regulated Order Desk and Enquiries: 0345 608 0950
Lazard Fund Managers Ltd (1200)F (UK)
Slater Growth 675.35 675.35 1.14 0.00 Exit Charges: The letter E denotes that an exit charge
Fundsmith LLP (1200)F (UK) P.O. Box 364, Darlington, DL1 9RD PCG B X 292.93 - -0.61 0.00 Authorised Inv Funds
Oryx International Growth Fund Ltd Authorised Corporate Director - Link Fund Solutions
may be made when you sell units, contact the
PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815 Dealing: 0870 6066408, Info: 0870 6066459 Other International Funds manager/operator for full details.
Slater Income A Inc 130.28 130.28 0.15 5.22
www.fundsmith.co.uk, enquiries@fundsmith.co.uk Authorised Inv Funds PCG C X 286.16 - -0.60 0.00 Trojan Investment Funds
Authorised Inv Funds Lazard Investment Funds (OEIC) B Share Class NAV (Fully Diluted) £ 9.10 - -0.52 0.00 Time: Some funds give information about the timing of
Slater Recovery 317.61 317.61 2.27 0.00 Spectrum Fund O Acc 257.54 - 0.07 0.23
Milltrust International Managed Investments SPC price quotes. The time shown alongside the fund
Fundsmith Equity T Acc 549.31 - -3.21 0.24 Developing Markets Acc 148.29 - 0.30 0.00 manager’s/operator’s name is the valuation point for
em@milltrust.com, +44(0)20 8123 8316, www.milltrust.com
Slater Artorius 285.90 285.90 14.36 0.00 Spectrum Fund O Inc 244.66 - 0.07 0.23 their unit trusts/OEICs, unless another time is
Regulated
Fundsmith Equity T Inc 502.58 - -2.93 0.24 Developing Markets Inc 146.04 - 0.29 0.00 indicated by the symbol alongside the individual unit
Milltrust Alaska Brazil SP A $ 74.26 - 0.12 - Trojan Ethical O Acc 118.89 - -0.07 0.10 trust/OEIC name.
Emerging Markets Acc 344.07 - -0.32 1.46
Milltrust Laurium Africa SP A $ 97.14 - 1.35 - Trojan Ethical O Inc 118.65 - -0.08 0.09 The symbols are as follows: ✠ 0001 to 1100 hours; ♦
Emg Mkts Inc 279.82 - -0.26 1.48 Asset Management 1101 to 1400 hours; ▲1401 to 1700 hours; # 1701 to

set Management Milltrust Marcellus India Fund $ 122.78 - 0.83 - Trojan Ethical Income O Acc 134.66 - -1.61 2.51
midnight. Daily dealing prices are set on the basis of
European Alpha Acc
Asset Management 984.57 - -4.62 0.06
Milltrust Singular ASEAN SP Founders $ 154.87 - 2.39 -
Asset Management Trojan Ethical Income O Inc 118.12 - -1.41 2.43
the valuation point, a short period of time may elapse
before prices become available. Historic pricing: The
letter H denotes that the managers/operators will
European Alpha Inc 860.24 - -4.03 0.11 normally deal on the price set at the most recent
Milltrust SPARX Korea Equity SP A $ 171.92 - 4.85 - Trojan Fund O Acc 352.44 - -0.87 0.35 valuation. The prices shown are the latest available
European Smaller Cos Acc 722.14 - -5.69 0.00 before publication and may not be the current dealing
Milltrust VTB Russia Fund SP $ 122.44 - -0.20 - Trojan Fund O Inc 285.41 - -0.70 0.35 levels because of an intervening portfolio revaluation
GAM Global Equity Income Acc 192.74 - -0.01 2.87 or a switch to a forward pricing basis. The
funds@gam.com, www.funds.gam.com Milltrust Xingtai China SP A $ 143.95 - 2.58 - Trojan Global Equity O Acc 434.79 - -1.12 0.23 managers/operators must deal at a forward price on
Regulated request, and may move to forward pricing at any time.
Global Equity Income Inc 103.87 - 0.00 2.92
Forward pricing: The letter F denotes that that
Trojan Global Equity O Inc 358.76 - -0.93 0.23
LAPIS GBL TOP 50 DIV.YLD-Na-D £ 98.93 - -0.66 3.23 managers/operators deal at the price to be set at the
Managed Bal Inc 186.31 - -1.32 1.19 next valuation.
Trojan Global Income O Acc 133.92 - -1.26 2.98
LAPIS GBL F OWD 50 DIV.YLD-Na-D £ 100.81 - -0.64 0.69
UK Income Acc 1371.78 - -22.61 3.41 Investors can be given no definite price in advance of
Trojan Global Income O Inc 118.58 - -1.11 3.04 the purchase or sale being carried out. The prices
UK Income Inc 541.17 - -8.92 3.49 appearing in the newspaper are the most recent
Ram Active Investments SA Trojan Income O Acc 330.97 - -5.32 3.49 provided by the managers/operators. Scheme
UK Omega Acc 244.84 - -4.56 1.19 Orbis Investments (U.K.) Limited (GBR) www.ram-ai.com particulars, prospectus, key features and reports: The
28 Dorset Square, London, NW1 6QG Other International Funds Trojan Income O Inc 172.70 - -2.78 3.52 most recent particulars and documents may be
www.orbis.com 0800 358 2030 obtained free of charge from fund
UK Omega Inc 210.24 - -3.92 1.20 RAM Systematic Emerg Markets Eq $ 214.87 214.87 2.36 - Stewart Investors (UK)
Ministry of Justice Common Investment Funds (UK) Regulated managers/operators. * Indicates funds which do not
23 St Andrew Square, Edinburgh, EH2 1BB price on Fridays.
UK Smaller Cos Inc 2188.51 - -13.10 0.05 Property & Other UK Unit Trusts
Orbis OEIC Global Cautious Standard £ 10.41 - -0.01 0.00 RAM Systematic European Eq € 473.37 473.37 -2.44 - enquiries@stewartinvestors.com
The Equity Idx Tracker Fd Inc 1771.00 - -21.00 2.87 Client Services: 0800 587 4141 Charges for this advertising service are based on the
Orbis OEIC Global Balanced Standard £ 15.53 - -0.03 0.00 RAM Systematic Funds Global Sustainable Income Eq $ 132.05 132.05 0.13 0.00 Dealing Line: 0800 587 3388 number of lines published and the classification of the
Genesis Investment Management LLP Distribution Units fund. Please contact data@ft.com or
Authorised Funds
Other International Funds call +44 (0)20 7873 3132 for further information.
Orbis OEIC Global Equity Standard £ 19.54 - -0.06 0.00 RAM Systematic Global Eq Sustainable Alpha $ 101.00 101.00 0.10 -
SI Asia Pacific A Acc 1501.46 - 0.10 0.82
Emerging Mkts NAV £ 7.21 - -0.16 0.00
Orbis OEIC UK Equity Standard £ 8.32 - -0.08 0.00 RAM Systematic Long/Short European Eq € 130.65 130.65 -0.44 -
SI Asia Pacific A Inc £ 2.66 - 0.00 0.82
RAM Systematic US Sustainable Eq $ 352.89 352.89 0.75 -
SI Asia Pacific Leaders A Acc 860.08 - 0.26 0.16 Unicorn Asset Management Ltd (UK)
PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287
RAM Tactical Global Bond Total Return € 156.58 156.58 0.05 -
SI Asia Pacific Leaders A Inc £ 2.92 - 0.00 0.09 Authorised Inv Funds
Lothbury Property Trust (UK) RAM Tactical II Asia Bond Total Return $ 156.81 156.81 0.01 - UK Growth A Inc 657.60 - -3.61 0.00
155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900 SI Asia Sustainability A Acc 677.64 - 0.03 0.00
Property & Other UK Unit Trusts
Mastertrust A Inc X F 599.35 - -5.79 0.46
SI Global Emerging Mkts A Acc 751.12 - -1.35 1.74
Lothbury Property Trust GBP £ 1847.86 1990.72 34.09 1.62
UK Growth B Inc 662.54 - -3.62 0.28
SI Global Emerging Mkts Leaders A Acc 533.59 - -1.80 0.56
HPB Assurance Ltd
Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490 Mastertrust B Inc X F 538.00 - -5.18 1.08
SI Global Emerging Mkts Sus A Acc 389.63 - -0.44 0.14
International Insurances
Outstanding British Cos A Acc X F 292.76 - -1.62 0.15
Holiday Property Bond Ser 1 £ 0.48 - -0.01 0.00 SI Indian Sub-Cont A Acc 570.73 - 0.40 0.09
Outstanding British Cos B Acc X F 317.45 - -1.75 0.90
Holiday Property Bond Ser 2 £ 0.62 - 0.00 0.00 SI Latin America A Acc £ 2.30 - 0.01 0.61
RLUM Ltd (UK) UK Smaller Cos A Inc X F 615.30 - -4.13 0.11
5th Floor, Churchgate House, 56 Oxford Street, Manchester M1 6EU 03456 057777 SI Worldwide Equity A Acc £ 2.28 - -0.01 0.00
Authorised Inv Funds UK Smaller Cos B Inc X F 601.15 - -4.01 0.81
M & G Securities (1200)F (UK) SI Worldwide Equity A Inc £ 2.31 - -0.01 0.00
PO Box 9038, Chelmsford, CM99 2XF
Mirabaud Asset Management (LUX) Royal London Sustainable Diversified A Inc £ 2.47 - -0.01 0.46
UK Income A Acc X F 309.27 - -3.46 2.88
www.mirabaud.com, marketing@mirabaud-am.com SI Worldwide Leaders A Acc 536.99 - -2.07 0.00
www.mandg.co.uk/charities Enq./Dealing: 0800 917 4472
Conviction based investment vehicles details available here www.mirabaud-am.com Royal London Sustainable World A Inc 344.20 - -1.40 0.00
Authorised Inv Funds UK Income A Inc X F 226.00 - -2.52 2.50
Regulated SI Worldwide Sus A Acc £ 2.63 - -0.01 0.00
Charifund Inc 1372.57 - -16.71 4.87 Platinum Capital Management Ltd Royal London Corporate Bond Mth Income 96.32 - 0.34 3.29
Mir. - Glb Strat. Bd I USD $ 122.21 - 0.06 0.00 UK Income B Acc X F 341.23 - -3.81 2.87
Other International Funds SI Worldwide Sus A Inc £ 2.54 - -0.01 0.00
Charifund Acc 24363.08 - -296.53 4.70 Royal London European Growth Trust 185.10 - -1.00 0.10
Mir. - DiscEur D Cap GBP £ 181.68 - -0.11 0.00 Platinum All Star Fund - A $ 139.89 - - - UK Income B Inc X F 249.48 - -2.79 2.54
Hermes Property Unit Trust (UK)
Property & Other UK Unit Trusts M&G Charibond Charities Fixed Interest Fund (Charibond) Inc £ 1.25 - 0.00 2.23 Royal London Sustainable Leaders A Inc 706.50 - -10.60 0.32
Mirabaud - UK Equity High Alpha £ 147.87 - -1.03 0.00 Platinum Global Growth UCITS Fund $ 13.49 - -0.02 0.00
Property £ 6.36 6.80 0.01 3.61 M&G Charibond Charities Fixed Interest Fund (Charibond) Acc £ 42.95 - 0.03 2.20 Royal London UK Growth Trust 572.10 - -10.70 1.22
Platinum Essential Resources UCITS Fund SICAV USD Class E $ 8.08 - 0.12 0.00

M&G Charity Multi Asset Fund Inc £ 0.84 - 0.00 4.19 Royal London UK Income With Growth Trust 203.20 - -2.20 4.16
Platinum Global Dividend UCITS Fund $ 56.11 - 0.18 0.00

M&G Charity Multi Asset Fund Acc £ 92.52 - -0.54 4.02 Royal London US Growth Trust 298.90 - -0.90 0.01

Additional Funds Available

Please see www.royallondon.com for details

Intrinsic Value Investors (IVI) LLP (IRL)

1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210 WA Fixed Income Fund Plc (IRL)
FCA Recognised Regulated

IVI European Fund EUR € 24.19 - 0.10 0.00 European Multi-Sector € 127.44 - 0.20 3.13
MMIP Investment Management Limited (GSY)
IVI European Fund GBP £ 29.10 - 0.23 0.00 Regulated
Multi-Manager Investment Programmes PCC Limited

UK Equity Fd Cl A Series 01 £ 2617.54 2659.42 495.99 0.00

Stonehage Fleming Investment Management Ltd (IRL)
Diversified Absolute Rtn Fd USD Cl AF2 $ 1668.32 - 107.37 0.00 www.stonehagefleming.com/gbi
enquiries@stonehagefleming.com
Diversified Absolute Return Stlg Cell AF2 £ 1568.83 - 97.48 0.00 Regulated
New Capital UCITS Fund PLC (IRL)
Leconfield House, Curzon Street, London, W1J 5JB SF Global Best Ideas Eq B USD ACC $ 246.23 - 3.13 0.00
Global Equity Fund A Lead Series £ 1620.07 1625.45 135.16 0.00
www.newcapitalfunds.com
Zadig Gestion (Memnon Fund) (LUX)
FCA Recognised SF Global Best Ideas Eq D GBP INC £ 274.49 - 2.03 0.10 FCA Recognised
New Capital UCITS Funds Polar Capital Funds Plc (IRL)
Janus Henderson Investors (UK) Regulated Memnon European Fund - Class U2 GBP £ 199.71 - -2.16 0.00
PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832 New Capital China Equity Fund $ 294.43 - 12.61 0.00
Automation & Artificial Intelligence CL I USD Acc $ 17.82 17.82 0.24 0.00
www.janushenderson.com
New Capital Dynamic European Equity Fund € 132.17 - 1.84 0.00 Ruffer LLP (1000)F (UK)
Authorised Inv Funds
Asian Financials I USD $ 456.12 456.12 0.59 0.00 65 Gresham Street, London, EC2V 7NQ
Janus Henderson Asia Pacific Capital Growth Fund A Acc 1456.00 - 8.00 0.00 New Capital Dynamic UK Equity Fund £ 117.72 - 1.67 0.00 Order Desk and Enquiries: 0345 601 9610
Biotechnology I USD $ 39.41 39.41 -0.62 0.00 Authorised Inv Funds
Janus Henderson Asian Dividend Income Unit Trust Inc 94.33 - 0.16 8.68 New Capital Global Alpha Fund £ 118.11 - 0.62 0.00 Authorised Corporate Director - Link Fund Solutions
Emerging Market Stars I USD Acc $ 15.12 - 0.45 0.00
Marlborough Fd Managers Ltd (1200)F (UK) LF Ruffer European C Acc 835.66 - 0.49 0.05
Janus Henderson Cautious Managed Fund A Acc 277.00 - -2.50 3.33 New Capital Global Equity Conviction Fund $ 208.12 - 3.98 0.00
Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500 European Ex UK Inc EUR Acc € 11.55 11.55 0.13 0.00
www.marlboroughfunds.com LF Ruffer European C Inc 152.50 - 0.09 0.08 Thesis Unit Trust Management Limited (UK)
Janus Henderson Cautious Managed Fund A Inc 145.40 - -1.30 3.39 New Capital Global Value Credit Fund $ 161.81 - 0.31 0.00
Authorised Inv Funds Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP
Financial Opps I USD $ 13.75 - 0.17 1.93
LF Ruffer European O Acc 814.85 - 0.47 0.00 Authorised Funds
Janus Henderson China Opportunities Fund A Acc 1846.00 - 26.00 0.13 New Capital Japan Equity Fund ¥ 1672.43 - 43.26 0.00
Balanced 220.04 220.04 -0.94 0.40
GEM Income I USD $ 13.31 - 0.28 0.00 TM New Court Fund A 2011 Inc £ 18.00 - -0.06 0.03
LF Ruffer Equity & General C Acc 493.08 - -1.95 0.18
Janus Henderson Emerging Markets Opportunities Fund A Acc 238.30 - 1.00 0.03 New Capital US Growth Fund $ 442.22 - 3.17 0.00
Bond Income 53.14 53.14 0.32 3.26
Global Convertible I USD $ 17.43 17.43 0.07 0.00 TM New Court Fund - A 2014 Acc £ 18.16 - -0.05 0.03
LF Ruffer Equity & General C Inc 450.95 - -1.78 0.18
Janus Henderson European Growth Fund A Acc 258.90 - -1.60 0.45 New Capital US Small Cap Growth Fund $ 228.99 - -4.53 0.00
Cautious Inc 88.34 88.34 -0.16 2.12
Global Insurance I GBP £ 7.10 - 0.04 0.00 TM New Court Equity Growth Fund - Inc £ 19.51 - -0.07 0.07
LF Ruffer Equity & General O Acc 480.83 - -1.91 0.00
Janus Henderson European Selected Opportunities Fund A Acc 1993.00 - -8.00 0.16 New Capital Wealthy Nations Bond Fund $ 157.08 - 0.23 0.00
Emerging Markets 335.11 335.11 0.37 0.93
Global Technology I USD $ 87.62 - 0.32 0.00
LF Ruffer Equity & General O Inc 445.17 - -1.76 0.00
Janus Henderson Fixed Interest Monthly Income Fund Inc 23.11 - 0.03 4.04
ETF Commodity A 73.07 73.07 0.00 0.00
Healthcare Blue Chip Fund I USD Acc $ 15.95 15.95 0.15 0.00
LF Ruffer Gold C Acc 304.96 - 4.64 0.00
Janus Henderson Global Equity Fund Acc 4166.00 - -23.00 0.00
European Multi-Cap 636.70 636.70 -0.47 0.00
Healthcare Opps I USD $ 64.24 - 0.32 0.00
LF Ruffer Gold C Inc 184.57 - 2.81 0.00
Janus Henderson Global Equity Income Fund A Inc 60.38 - -0.20 3.12
Extra Income 86.35 86.35 -0.87 3.06
Income Opportunities B2 I GBP Acc £ 2.34 2.34 0.01 0.00
LF Ruffer Gold O Acc 297.28 - 4.52 0.00
Janus Henderson Global Sustainable Equity Fund A Inc 461.10 - 0.40 0.00
Far East Growth A Inc 252.93 252.93 0.77 0.87
Japan Value I JPY ¥ 112.12 112.12 2.14 0.00
LF Ruffer Japanese C Inc 171.63 - -0.20 0.08
Janus Henderson Global Technology Fund A Acc 2978.00 - -6.00 0.00
Global 289.65 289.65 -0.49 0.12
North American I USD $ 31.24 31.24 0.36 0.00
LF Ruffer Japanese C Acc 368.81 - -0.42 0.08
Janus Henderson Instl UK Idx Opps A Acc £ 0.95 - -0.02 1.84
Global Bond Inc 160.65 160.65 0.09 2.16
UK Val Opp I GBP Acc £ 12.19 12.19 -0.14 0.00
LF Ruffer Japanese O Acc X 359.17 - -0.42 0.00
Janus Henderson Multi-Asset Absolute Return Fund A Acc 149.20 - -0.10 1.76
High Yield Fixed Interest 72.90 72.90 0.03 3.87
LF Ruffer Pacific & Emerging Markets C Acc 400.15 - -0.04 0.78
Janus Henderson Multi-Manager Active Fund A Acc 248.20 - -0.70 0.07
Multi Cap Income A Inc 136.40 136.40 -1.95 4.35
LF Ruffer Pacific & Emerging Markets C Inc 109.05 - -0.01 0.79
Janus Henderson Multi-Manager Distribution Fund A Inc 134.80 - -0.10 2.77
Nano-Cap Growth A Acc 225.35 225.35 2.28 0.00
LF Ruffer Pacific & Emerging Markets O Acc 389.84 - -0.04 0.50
Janus Henderson Multi-Manager Diversified Fund A Acc 93.37 - 0.04 2.72
Special Situations A Acc 2044.51 2044.51 -22.67 0.00
LF Ruffer Total Return C Acc 506.38 - -0.73 0.83
Janus Henderson Multi-Manager Global Select Fund Acc 284.00 - -0.30 0.00
UK Multi-Cap Growth A Inc 393.14 393.14 -4.73 0.00
LF Ruffer Total Return C Inc 327.70 - -0.47 0.84
Janus Henderson Multi-Manager Income & Growth Fund A Acc 190.50 - 0.00 2.30
UK Micro Cap Growth A 946.91 946.91 1.81 0.00
18 ★ 2 January/3 January 2021

Twitter: @FTLex

Rational bubble puts

markets on high
Picks for 2021
start point for 2021
and beyond Display tech: the rolling phones
Foldable and rollable phones sales Samsung operating margin (%)
forecast ($bn) 20
Cyber security:
held to ransomware
2019 1
2020 5.5
Michael Mackenzie
2021 22.2 15
A nightmarish scenario came true in
2020 when cyber hackers attacked a 2022 37
The Long View
hospital in Germany, closing the 10

accident and emergency department.
lThe resulting chaos was implicated in
the death of a patient.
The Düsseldorf hospital cyber crime
was part of a record wave of online
attacks in 2020. Stolen employee
credentials at Twitter allowed hackers
to promote a bitcoin scam; hospitals in
Vermont, New York and Oregon were
hit with a ransomware attack; and
distributed denial-of-service attacks on
New Zealand’s stock exchange halted
securities trades.
As more of the world moves online,
cyber criminals spy more
opportunities to interfere. Hackers
tend to target large, high-profile
organisations with big data sets,
particularly in the public sector, retail
and finance. When the pandemic sent
millions of workers from the office to
home, it paved the way for more
phishing attacks as employees logged
into public WiFi and used personal
devices. In 2019, the US Internet Crime
Complaint Center received more than
467,000 complaints costing victims
more than $3.5bn. The tally in the first
five months of 2020 exceeded
320,000. In 2021 the number is likely
to rise again.
The attacks have unleashed more
investment in cyber security, a boon
for cloud cyber security companies
such as specialist Palo Alto Networks
and recently listed Cloudflare and
CrowdStrike. CrowdStrike’s third-
quarter subscription sales grew
87 per cent year on year, handing the
company its third quarter of
profitability. Cloudflare expects full-
year sales to rise 41 per cent in 2021. In
the last quarter, Palo Alto Networks’
sales jumped 23 per cent on 2019.
Corporate budgets dedicated to
online security totalled $113bn in 2018,
according to Gartner. It expects the
figure to rise to $146bn by 2021.
Cyber security may look like a
crowded field. But so is cyber crime.
Oil/renewables:
power play
Big Oil received a lump of coal for
Christmas to round off its worst year
ever. Political turmoil and a pandemic
collapsed crude prices and shattered
dividend records. But ExxonMobil
managed to lift its payout and keep its
37-year unbroken record. Its reward
from the Church of England was
chastisement. The CoE’s investment
wing joined other shareholders in
calling for action on energy transition.
Unlike other oil majors, ExxonMobil
is sticking to its roots by making plans
to expand oil production. Rivals such
as Shell, Total and BP have belatedly
presented pathways to transition away
from fossil fuels. ExxonMobil’s stance
is out of step with the growing demand
for environmental, social and
governance investments.
The involvement of the Church
highlights the view that oil has joined
dirty coal in the sin bin.
Clean energy, by contrast, is proving
a win-win for investors. In a year when
2023 62.7
2024 88.8
2025 105.3
Q2
2019
FT graphic Sources: DSCC; S&P Capital IQ
Foldable phones are so last year. Soon
you will be able to roll yours up. The
rollable display is the next step in the
evolution of screens for phones to
televisions. An exciting year for
display makers lies ahead.
Folding phones were seen as a
marketing gimmick with little chance
of adding to the bottom line not so
long ago. Samsung has proved them
wrong, selling about 3m at more than
$2,000 this year, six times more than
its own and analysts’ estimates. They
have boosted average sales prices for
its phones and group margins.
Rollables could accelerate growth
in the flexible displays market,
predicted to reach $32bn in five
years. Rollables have more than just a
cool factor. Unlike foldable displays,
which were mostly limited to phones,
they can be used for PCs, TVs and
oil and gas investments lost about a
quarter of value, the S&P Clean Energy
index has more than doubled.
The resulting valuation gap has
grown to startling proportions.
ExxonMobil is currently valued at
about $175 per barrel of oil equivalent
from upstream production over the
past nine months. French nuclear
generator EDF is valued at $280 per
barrel of oil equivalent produced over
the same period. Spain’s Iberdrola,
with its high renewables output, trades
at $1,200 per barrel of oil equivalent
produced. On a per unit of energy
produced basis Iberdrola is seven times
pricier than ExxonMobil.
A premium for renewables is
justified given its growth potential. But
the gap between “good” and “bad”
energy looks excessive. Sinful status
may be contributing to the oil and gas
sector’s record underperformance. It
could also be a value opportunity for
those with less pious concerns.
Sustainable clothing:
green shoots
Think of emerging trends, such as
sustainable fashion, like epidemics.
Malcolm Gladwell, in his book The
Tipping Point, described the way ideas
and behaviours spread as virus-like.
Debate over the sustainability in the
fashion industry has run for a decade
or more. Today, both customers and
investors have made executives
recognise the effect on revenues. That
suggests a longer-term investment
opportunity.
The addressable market looks big.
Within a fashion industry worth about
Q3 Q4 Q1 Q2
2020
more. Fat margins on flexible display
phones soothe concerns that they
may cannibalise Samsung tablet
sales, which nearly doubled to 9m in
the third quarter.
Even without the added boost of
these high-margin devices, display
makers have been one of the biggest
beneficiaries of the pandemic.
Remote working and learning have
boosted demand. Even LCD displays
have recorded a consistent increase in
panel prices.
Shares of LG Display have more
than doubled from a March low, as
shipments increased by a quarter in
the third quarter. Those of Samsung,
which has its own display unit, are up
around 90 per cent.
Getting rollables right may take
time, but buyers interested in shares
of display makers should act early.
$2tn, up to $30bn is required to make it
sustainable over the coming decade,
think consultants BCG. Improving the
supply chain can mean funding
environmentally friendlier raw
materials through to greener transport,
then recyclable packaging and even
reselling the goods.
UK-listed luxury wear maker
Burberry, which has had missteps in
the past, has made greater efforts to
focus on improving the biodiversity of
its raw materials and rethinking its
packaging. For now, the most
concentrated retail efforts on
sustainability will come from smaller,
private businesses such as Dai, a maker
of ethical womenswear, and BAM,
purveyor of sportswear made from
cotton-substitute bamboo.
Later, fashion miles may well matter
more. Inditex in Spain has kept its
suppliers close to its manufacturing,
mainly for flexibility in catching the
latest hot trend. Perhaps with more
capital investment, Britain post-Brexit
could offer similarly low-cost
sustainable clothing production for
retailers. Replacing labour with capital
should mean avoiding Boohoo’s local
subcontractor scandals.
Finally, better sustainability
screening by Asos, Boohoo and all
other fashion retailers is on the rise. As
consumer demand for sustainable
fashion increases, investor funding will
follow. Expect more equity offerings
from currently private groups to come
in the medium term.
Lex on the web
For notes on today’s stories
go to www.ft.com/lex
A
fter navigating a global
pandemic, markets begin
5 2021 with a case of déjà vu.
Just like 12 months ago,
bonds and equities kick off
0 January at expensive starting levels.
The human and economic toll of Cov-
Q3
id-19 has left deep scars that will take a
long time to heal. However, for markets,
2020 ended up being a remarkably
strong year after the initial fright in
March when the virus started to spread.
For those investors who stayed the
course from the beginning of the year,
there were double-digit gains from US
and global equities and solid returns
from bond markets. The US benchmark
S&P 500 index saw an annual gain of
about 16 per cent while the MSCI World
index was up around 14 per cent. The
Bloomberg Barclays Global Bond index
showed total returns for the year of
about 9 per cent.
“What was seen as being extreme a
year ago has only become more so,” says
David Kelly, chief global strategist at
JPMorgan Asset Management. “Valua-
tions for stocks and bonds are higher
from a year ago. Investors should also
recognise that, after a surprisingly good
year for portfolio returns, asset prices
look stretched.”
The market trend is in some ways a
rational bubble given expectations that
sustained low interest rates will compel
investors to own more equities and
higher-yielding corporate bonds of
lower credit quality.
“About four-fifths of the world’s
investment grade debt yields 1 per cent
or less,” note Citi Private Bank strate-
gists. “Investing in productive assets will
be necessary to earn real returns. That is
especially good for equities.”
Buoyant equity prices and valuations
reflect a bullish outlook for profits and
economic growth in 2021 on the back of
a vaccine-powered rebound. Support
from governments and central banks
also should extend over much of 2021,
with the aim of bridging the gap until
consumers and companies eventually
spend their lockdown savings.
“The fog of uncertainty from the pan-
demic is clearing and from enormous
pent-up demand, there will be a simul-
taneous global recovery in the second
half of 2021,” reckoned Mr Kelly.
Strategists say this means investors
should look beyond richly valued large
US companies towards emerging mar-
kets, cyclical industries such as banking
and energy, and small and mid-cap
companies.
That shift has already started, with
equity market leadership broadening
‘Investors should recognise
that after a surprisingly good
year for portfolio returns,
asset prices look stretched’
out from the so-called pandemic win-
ners. Since November, there has been a
rush into the laggard areas of equities
and bonds for companies that typically
benefit from a reflationary economy.
But rebounding economic activity
should warrant higher longer-term
interest rates and at the very least, spur
market uncertainty about just how long
central banks will stick with their bond
buying policies. This will become an
increasingly hot topic should the global
economy not only meet, but exceed cur-
rent IMF expectations of 5.2 per cent
growth in 2021.
The crushing of interest rates by cen-
tral banks has significantly reduced risk
premiums across the financial system.
That is best illustrated by a “real” US 10-
year Treasury bond yield sitting near
minus 1 per cent after taking into
account inflation. This yield was flirting
with breaking below zero a year ago. It is
therefore reasonable to envisage a rise
back to that level in the coming year — a
prospect that could knock highly valued
shares.
“Global equities in particular are at
high valuations, and now extremely
sensitive to rising yields,” wrote analysts
at TS Lombard. But in what is a widely
held view, they “suspect central banks
would act swiftly to try to correct any
major tightening in financial condi-
tions”.
This expectation of further support
from central banks has kept asset prices
climbing for now. Market sentiment
ended 2020 full of ebullience, demon-
strated by the crowding of investor
money into popular assets such as Tesla
and Bitcoin.
This is where one lesson from recent
market history becomes pertinent
heading into 2021. During the past five
years, volatility measures for equities
and bonds show a pattern of generally
tranquil conditions for much of the
time. Then the music suddenly stops
and volatility spikes.
This time last year, Alberto Gallo,
portfolio manager of the Algebris global
credit opportunities fund, raised his
cash weighting in his portfolio. He is
repeating the action as markets move
into what he says is a “euphoric phase”.
One-third of the Algebris fund has been
put into cash and hedges on assets.
Investor Bill Ackman also hedged his
equity exposure in November by pro-
viding insurance against corporate
defaults.
Another strong year for equity mar-
kets will penalise such investors for
holding high cash levels or hedging
exposures. But given the overwhelm-
ingly bullish investor consensus and
crowding into popular areas of markets,
it would be surprising if asset prices
avoid a serious wobble at some point in
the next 12 months.
michael.mackenzie@ft.com

US carbon dioxide emissions grow the least in 30 years after 2020 lockdowns
Energy-related CO2 (billion tonnes) Down 11% on last year
6

4
Petroleum
3

2
Natural gas

1
Coal
0
1990 1995 2000 2005 2010 2015 2020
Sharp declines in emissions related to power as well as transport, the single biggest source of
greenhouse gases in the US, had a significant short-term effect on the carbon footprint of the
For the FT’s latest
world's second biggest emitter. climate change stories
Source: Energy Information Administration ft.com/climate
Saturday 2 January / Sunday 3 January 2021

Lunch with the FT Svetlana Tikhanovskaya, Belarus’s exiled opposition leader — PAGE 3
Follow us on Instagram @ft_weekend

Science
on trial
Moonshots, medicine and the limits
of research. By Thiago Carvalho

S
ome years ago, on New Year’s Day, my
wife and I noticed that our son, not yet
two months old, was struggling to
breathe — a belaboured, wheezing effort
was all he could manage — and we
decided to face the holiday emergency room crush.
After assessing his blood oxygen levels, the pedia-
trician said: “Pack a bag, you will be here all week.
He will get worse. Then he will get better.”
Our son had contracted something called respi-
ratory syncytial virus, and it was replicating in his
lungs. In a scenario similar to Covid-19, most
healthy adults infected with RSV will experience a
mild cold, or no symptoms at all. However, some
unfortunate infants who contract RSV may suffer a
devastating pulmonary infection. For those kids,
there are no drugs available that can reliably stop,
or even slow down RSV’s relentless replication in
the lungs.
Instead, according to Mustafa Khokha, a pediat-
ric critical care professor at Yale University, doc-
tors first give oxygen and then if the child does not
improve, there follows a series of progressively
more aggressive procedures. “That’s all supportive
therapy for the body to recover, as opposed to treat-
ment against the virus itself,” says Khokha. Out-
standing supportive care was what our son

Tiny sculptors
are, therefore, implicated in the making Main: rock formations received, and the week unfolded exactly as his
of the chalk. made out of chalk, pediatrician predicted. (It was still the worst week
Stalking viruses into deep time is composed mostly of of my life.)
tricky; their direct fossil record is scant coccoliths. When For all the progress we have seen in 2020, a
and enigmatic. After all, you’re not magnified, calcium patient brought to the emergency room with severe
hunting for T-Rex skeletons; you’re try- carbonate plates of the Covid-19 will essentially receive the same kind of
ing to find specks that are, at their most kind shown in the supportive care our son did — treatment to help the

of life and earth

to an end. Infected algae split apart,
As 2020 has shown, viruses can be terrifyingly their cells ruptured, their lives
gigantic, around one thousandth of a
millimetre in diameter. Experiments
show that viruses can fossilise; in some
circumstances, minerals precipitate
directly on top of virus particles, thus
generating ultra tiny stone struc-
tures. But detecting such things in old
rocks takes a fancy microscope. And
even if you find some, it’s hard to be cer-
tain what you’re looking at. Nanofossils
are notoriously difficult to interpret,
background are revealed body endure a viral assault, but not effectively tar-
geting the virus itself. The main difference will be
Below: Dutch the uncertain outcome — there will be no comfort-
microbiologist Martinus ing, near-certain “he will get better” from the
Beijerinck; and the attending physician.
tobacco mosaic virus, Contrast that story with a different one. On a
which resembles a Tuesday morning in early December, in the English
‘cigarette shaped’ rod city of Coventry, Margaret Keenan, just a few days
when viewed under an shy of her 91st birthday, became the first person in
electron microscope the world to receive the BioNTech/Pfizer Covid-19
Getty Images; Alamy

over. Their tiny stone scales drift down
to the seafloor, where they accumu-
destructive. But they are also an integral part of late. And accumulate.
The world’s largest accumulations of
coccoliths are plain to see. The white
the wonder of the world, writes Olivia Judson cliffs of Dover, of the German island of
Rügen, of the Normandy coast of
France, of the Smoky Hill River of Kan-
sas in the US — these are all built of
and at least to my untutored eye, images Continued on page 2
of putative fossil viruses from ancient
rocks amount to a kind of inkblot test.
But while the fossil evidence is uncer-
tain, genetic evidence supports the view
that viruses are old. Indeed, viruses of
some sort are thought to be ancient, to
have evolved in tandem with, or soon
after, the first lifeforms, sometime

I
want to tell you a story about a
virus. This one does not infect
humans, but a humble alga that
lives in the surface waters of the
oceans, where it feasts on sunlight.
This particular alga is called Emiliania
huxleyi — Ehux to its friends — and it is a
beautiful little being.
Less than one hundredth of a millime-
tre in diameter, this lifeform fabricates
dozens of tiny, ornate scales, which it
uses as an outer covering, as an alterna-
tive to a shell. The scales are made of
the mineral calcite, a form of limestone,
and they are called coccoliths, from
the Greek for “stone grains”. The
group of lifeforms that it belongs to are
known as coccolithophores — “bearers
of coccoliths”.
When times are good, these algae can
reach staggeringly large numbers. In the
north Atlantic in 1998, an Ehux bloom
extended over almost 1m square kilo-
metres — that’s an area four times larger
than the UK — and blooms covering
thousands of square kilometres are
common. When this happens, the seas
turn milky, forming patches that are
easily visible from space.
Not bad when you consider that to see
any single individual of this species, you
would need a microscope.
Ehux has viruses, known as EhVs. As
viruses go, these are huge — each one
may have a diameter of around one ten-
thousandth of a millimetre, which is
tiny from a human perspective, but far
more massive than most of their
kind. Scanned with an electron micro-
scope, they look like 20-sided dice.
When Ehux blooms, outbreaks of
these viruses help to bring those blooms
chalk, and chalk is composed mostly of
coccoliths that accumulated ages ago, in
ancient seas, when what is now land was
beneath the waves.
Perhaps few geological formations
give such a dizzying sense of the vast-
ness of time. The bulk of the planet’s
chalk formations were deposited more
than 65m years ago, during the late Cre-
taceous — creta is Latin for chalk — and
took many million years to build
up. Back then, Earth was a different
world: dinosaurs were stomping about,
flowering plants had only recently
evolved into bloom, and the lofty peaks
of the Himalayas had not yet been
upheaved. And as I behold these cliffs, I
find myself wondering whether viruses
were the chief cause of death for the coc-
colithophores of the Cretaceous seas, as
they are today — and whether viruses
around 4bn years ago. EhVs themselves
belong to a group that seems to have
evolved on to the scene more than 1.5bn
years ago — far earlier than coccolitho-
Stalking viruses into
deep time is tricky;
their direct fossil record is
scant and enigmatic
phores, which only began to leave traces
in rocks around 225m years
ago. Besides, today, all lifeforms have
viruses that infect them, and there is no
reason to suppose that this has been dif-
ferent in the past.
Which would mean that it was not
simply millions of years of coccolitho-
phore blooms and milky seas, but also
millions of years of viral infections
bringing those blooms to a close. Per-
haps it’s not the white cliffs of Dover so
much as the white cliffs of Doom. Yet I
find it wondrous to consider that,
together, such small entities, the coccol-
ithophores and their viral companions,
could have altered the fabric of the
planet, leaving behind a tangible legacy
of such magnitude.

I want to tell you another story about

a virus. This one infects tobacco plants,
causing the leaves to become blotchy
and deformed, and stunting the plants’
growth. Known as the tobacco mosaic
virus, it is something of a celebrity: a
decade ago, plant pathologists voted it
the most important plant virus. Its pop-
ularity does not arise from the disease it
causes, but from the central role it has
played in the accumulation of knowl-
edge over the past 120 years.
continued on page 2
2 ★ FTWeekend 2 January/3 January 2021

Life

Note from the Science limited claims of the US study (Gilead

has challenged the study’s design), and
the WHO currently advises against giv-

FTW editor on trial ing remdesivir to Covid-19 patients.

On one of those sullen post-
Christmas London afternoons,
I walked along a stretch of the
Thames with an old friend. It
was close to zero. Normally at
this time of year we would have
been all but alone. Instead we
were among thousands drifting
down the river, seemingly
united by a common ennui.
At the end of such a dispiriting
year, you will sense why I was
all the more grateful when Joy
Lo Dico’s back-page column
pinged into my inbox with its
confident revisiting of the
Roaring Twenties and nudge
that we all need a good party. It
reminded me of what we can
and should do in 2021.
In this New Year issue we
confidently look ahead. Turn to
page 7 for a preview of this
year’s inspiring books, and to
page 11 for the exhibitions you
must see. As for the workplace,
we reimagine the office via a
series of photo essays on pages
14-16. Yes, a hybrid existence is
the future — but we will return
to the office and celebrate the
spark of shared ideas and more.
This will be a year of a fresh
force in the Oval Office. On
reading two books on Rome,
reviewed on page 8, I was
reminded that great powers
can suffer huge strain and then
come back renewed. The same
can be true of the US and the
post-Covid world. That is what
I hope we will chart this year —
and in the questing spirit of our
two science pieces here.
Thank you for reading us.
Alec Russell
Continued from page 1
vaccine outside of a clinical trial. The
pace of progress was astonishing. It was
less than a year since, in the closing
moments of 2019, Chinese health
authorities alerted the World Health
Organization to an outbreak of a pneu-
monia of unknown cause in Hubei prov-
ince.
The Covid-19 pandemic has given us
an accelerated tutorial on the promise
and the limits of science. With vaccines,
testing, epidemiological surveillance,
we know where we are going, and we
have a good idea how to get there.
These are essentially challenges of
technological development, reliant now
on adequate resources and personnel
and tweaking of regulatory frameworks.
For other scientific challenges, though,
there may be no gas pedal to step on —
these include the prickly problems of
arresting acute viral infection, or under-
standing how the virus and the host
interact to produce disease. Science, as
Nobel Prize-winning immunologist
Peter Medawar put it, is the art of
the soluble.
In March, when, incredibly, the first
human vaccine trials for Covid-19 were
kicking off in Seattle, the WHO
launched an ambitious clinical trial to
try to identify existing pharmaceuticals
that could show some benefit against
Sars-Cov-2. In October, the WHO
declared that all four arms of its Solidar-
ity trial had essentially failed. The
search for effective antiviral drugs has
not lacked resources or researchers, but
in contrast to the vaccine victories, it
has yet to produce a single clear success
story. The concentrated efforts of many
of the world’s most capable scientists,
relying on ample public support and pri-
vate investment, are sometimes not
enough to crack a problem.
Perhaps nothing exemplifies this
more clearly than what followed Rich-
ard Nixon’s signing of the National Can-
cer Act on December 23 1971. The act
was cautiously phrased, but January’s
State of the Union address declared an
all-out war on cancer: “The time has
come in America when the same kind of
concentrated effort that split the atom
and took man to the moon should be
turned toward conquering this dread
disease.” The war on cancer would fun-
nel almost $1.6bn to cancer labs over the
next three years, and fuel expectations
that a cure for the disease would be
found before the end of the decade. Cur-
ing cancer remains, of course, an elusive
target. In 2016, then vice-president Joe
Biden presented the report of his own
Cancer Moonshot task force.
The success of the Apollo program
planted the Moonshot analogy in the
science policy lexicon. Some grand chal-
lenges in biology could properly be con-
sidered “moonshots”. The Human
Genome Project was one example. Like
the race to the Moon, it had a clear finish
line: to produce a draft with the precise
sequence of genetic letters in the 23
pairs of human chromosomes. This was,
From main: like the propulsion problems solved by
medical staff in Nasa en route to the Moon, a matter of
protective suits developing and perfecting technology —
at a temporary technology that later would allow us to
Covid-19 testing have a genetic portrait of the cause of
site in Samseong Covid-19 in under two weeks.
station, Seoul, The cancer context was rather differ-
last week. South ent. In the countdown to the war on can-
Korea has had cer, Sol Spiegelman, the director of
879 deaths, Columbia University’s Institute of Can-
while Spain has cer Research, quipped that “an all-out
reported more effort at this time [to find a cure for can-
than 50,000; cer] would be like trying to land a man
Richard Nixon on the Moon without knowing Newton’s
signs the laws of gravity.” And so it proved.
National Cancer We now know quite a lot about how
Act in the White the body resists viral infections, cer-
House on tainly much more than we knew about
December 23 the biology of cancer in 1971. Over 60
1971 — Getty Images; years ago, at London’s National Institute
Alamy
for Medical Research, Alick Isaacs and
Jean Lindemann exposed fragments of
chicken egg membranes to heat-inacti-
vated influenza A virus. In a matter of
hours, the liquid from these cultures
acquired the capacity to interfere with
the growth of not only influenza A, but
other, unrelated viruses, as well. Isaacs
and Lindemann named their factor
interferon. Interferons are fleet-footed
messengers produced and released by
cells almost immediately upon viral
infection. These molecules warn other
host cells to ready themselves to resist a
viral onslaught.
Viruses rely on hijacking the normal
cellular machinery to make more copies
of themselves and interferons interfere
with almost all stages of the process:
from making it more difficult for the
virus to enter cells, to slowing the cellu-
lar protein factories required to make
the viral capsule, to reducing the export
of newly made viral particles. Interfer-
ons are now part of our
pharmaceutical armoury
for diseases as diverse as
multiple sclerosis, cancer,
hepatitis C and other
chronic viral infections.
Multiple interferon-
based strategies have
been tried in the pan-
demic, from intravenous
administration to neb-
ulising the molecule so
that the patient inhales an
antiviral mist directly
into the lungs. The results have been
inconclusive. “A lot of it has to do with
the timing,” says Yale immunologist
Akiko Iwasaki, “the only stage that
recombinant interferon might be effec-
tive is pre-exposure or early post-expo-
sure, and it’s really hard to catch it for
this virus, because everyone is pretty
much asymptomatic at that time.”
This year’s scramble for effective anti-
viral drugs led to a revival of other failed
approaches. In 2016, a team of research-
ers from the United States Army Medi-
cal Research Institute of Infectious Dis-
eases in Frederick, Maryland, and the
biotech company Gilead Sciences
reported that the molecule GS-5734
protected Rhesus monkeys from being
infected with the Ebola virus. GS-5734,
or as it is more familiarly known now,
remdesivir unfortunately failed in clini-
cal trials. This was a bona fide antiviral,
backed up by demonstrations that the
drug efficiently blocked an enzyme used
by viruses to copy their genome. Ebola
was already remdesivir’s third dead-
Covid-19 has pushed
science to its limits and,
in some cases, sharply
outlined its borders
end: Gilead had previously tested GS-
5734 against hepatitis C and RSV, and
the results were disappointing.
In late April, National Institute of
Allergy and Infectious Diseases director
Anthony Fauci, a member of the White
House coronavirus task force, pro-
claimed that the US remdesivir trials
had established “a new standard of
care” for Covid-19 patients. As has hap-
pened repeatedly during the Covid-19
crisis, the data backing this claim not
been made public, nor had it, at the
time, been peer-reviewed.
Fauci explained that the drug had no
significant effect on mortality, but
claimed that remdesivir reduced hospi-
talisation times by about 30 per cent. It
was the first piece of good news in a
spring marked by global lockdowns.
Unfortunately, results from a large-
scale trial run by the WHO released in
the autumn failed to support even the
For those who do not naturally con-
trol Sars-Cov-2 infection, or who have
not been vaccinated, the failure to
repurpose or create effective antiviral
agents leaves supportive care. We are
only beginning to understand the inter-
play of this new virus and human hosts.
It is also a protean affliction, as sex, age,
and pre-existing conditions all affect
outcomes. The single clearest way to
reduce mortality remains the dexame-
thasone treatment for patients requir-
ing supplemental oxygen initially
reported in the UK Recovery trial. It is
not a direct attack on the virus, but a
way to ameliorate the effects of infec-
tion and the immune response to it on
the human body. Dexamethasone is, in a
very real sense, supportive care.
So what have we learned about the
limits of science? First, we were
reminded that spectacular successes are
built on a foundation of decades of basic
research. Even the novel, first-in-class
vaccines are at the end of a long road. It
was slow-going to get to warp speed. We
learned that there are no shortcuts to
deciphering how a new virus makes us
sick (and kills us) and that there is no
ignoring the importance of human
diversity for cracking this code. Diabe-
tes, obesity, hypertension — we are still
finding our way through a comorbidity
labyrinth. Most of all, we have learned
an old lesson again: science is the art of
the soluble. No amount of resources and
personnel, no Manhattan Project, can
ensure that science will solve a problem
in the absence of a well-stocked toolbox
and a solid, painstakingly built theoreti-
cal framework.
South Korea recorded its first Cov-
id-19 case on January 20. Eleven days
later, Spain confirmed its first infection:
a German tourist in the Canary Islands.
Spain and South Korea have similar
populations of about 50m people. As of
publication of this piece, South Korea
has had 879 deaths, while Spain reports
over 50,000. The west missed its
moment. Efficient testing, tracing and
containment of Covid-19 was a soluble
technological and organisational prob-
lem. Here too, we can hear echoes of the
war on cancer. The biggest single reduc-
tion in cancer mortality did not come
from a miracle drug. It was the drop in
lung cancer deaths, due to what we
could call the war on tobacco. Perhaps
Dr Spiegelman might concede that even
if we don’t have a law of gravity, we do
have a first law of medicine: always start
with prevention.
Covid-19 has pushed science to its lim-
its and, in some cases, sharply outlined
its borders. This century’s first pan-
demic finds humanity, with its trans-
port hubs and supply chains, more vul-
nerable to a new pathogen. But virology,
immunology, critical care medicine and
epidemiology, to name a few, have pro-
gressed immeasurably since 1918.
Unfortunately, in a public health emer-
gency, the best science must be used to
inform the best policies. In the seasonal
spirit of charity, let us say that that has
not always been the case in our pan-
demic year.
The writer is an immunologist at the
Champalimaud Foundation, Lisbon

Tiny sculptors l
continued from page 1
Looking back from today, there is no
moment in the history of science when
viruses were discovered. Instead, their
existence and strange nature emerged
slowly from the shadows in a process
that took several decades. By the end of
the 19th century, it was clear that the
mosaic disease of tobacco was caused by
an infectious entity so small that it
passed through filters that strained out
all known bacteria.
In 1898, a Dutch microbiologist, Mar-
tinus Beijerinck, suggested that this
invisible entity was not a minute organ-
ism, but something else, something fun-
damentally different in character. At
the time, his ideas did not take hold. But
back then, the available technology
severely restricted the means by which
these entities could be probed.
By the end of the 1920s, the situation
had begun to change. The new tools of
molecular biology revealed tobacco
mosaic virus to be a biological particle of
some sort, although exactly what sort
remained unclear. Then, for the first
time, a team of German scientists ren-
dered the invisible visible.
In 1939, they deployed the newly
invented electron microscope, or
“Übermikroskop”, to examine two plant
viruses, one of which was tobacco
mosaic. They discovered that it resem-
bled a tiny stick, or as one researcher
later described it, a “cigarette-shaped”
rod. (The other, a virus that infects
potatoes, looked like a small piece of
string.) Subsequent workers would find
As time went on, it gradually became
clear that viruses are a distinct class of
biological entity. They lack the struc-
tures of living cells, and they have no
metabolism. In other words, viruses
neither eat nor excrete. They do not
breathe. They do not grow. Instead, all
virus particles consist of a small packet
that contains genetic material. The
packet is made of proteins (in some
cases, it may then be enclosed in a fatty
envelope). The genetic material is either
DNA, or its sister molecule RNA,
depending on the virus.
Out in the world on their own, virus
particles are inert. They only become
troublesome when they bump into a
suitable lifeform, and the genetic mate-
rial from the virus enters the host
cell. What happens next depends on
both the virus and the host; but at some
point, the infected cell may begin to use
the genetic material from the virus to
make new virus particles, a process that
is often lethal to the host.
In the early years, viruses were seen
simply as bad news. And certainly, Cov-
id-19 is just the latest addition to a long
and gloomy list of human maladies
caused by viruses. Smallpox, chicken-
pox, measles, mumps, rubella, polio,
influenza, rabies, yellow fever, dengue,
Ebola, Aids, West Nile fever, Zika fever,
even most forms of cervical cancer — I
could go on.
But as the ability to peer inside cells
has grown, it has become clear that,
as a group, viruses are far more than
agents of sickness and death. They are
against one virus or another will tend to
leave more descendants than less fortu-
nate beings.
Viruses have, therefore, led lifeforms
to evolve an impressive array of antivi-
rus defences. These run from the mun-
dane to the exotic. Among the mun-
dane: some bacteria have evolved
mechanical protections that reduce
the odds of getting infected in the
Viruses are far more than
agents of death. They are
one of the most creative
forces in the history of life
first place — the microbial equivalent
of mask-wearing. Some researchers
have suggested a similar role for
coccoliths, though the idea has not yet
been confirmed.
More exotic defences include molecu-
lar scissors that chop up offending viral
genes, as well as the complex immune
systems of mammals and birds. (Molec-
ular scissors, by the way, are now an
essential tool in biomedical research,
and their discovery has led to Nobel
prizes.) Viruses may, in turn, evolve
to evade these defences, generating
an ongoing evolutionary dance — and,
over time, molecular interactions of
fantastic complexity.
But the deeper creativity of viruses
comes from something altogether more
strange. Viral genetic material can be
incorporated into the genetic material
of the host. Sometimes it stays there,
and the viral genes become a perma-
nent part of the host’s genetic endow-
ment. By some estimates, as much as 8
per cent of the human genome has been
accumulated this way (most of the
incorporations took place deep in the
evolutionary past).
Over time, most of these viral genes
decay, becoming ghosts harmlessly
haunting the genomes of their hosts. But
from time to time, some of these once-
viral-genes become repurposed, evolv-
ing new functions within the lifeform
that they are now part of. Indeed, the
development of the human placenta
depends, in part, on a gene that was
once part of a virus.
Viruses can also acquire genes from
their hosts — as an infected cell begins to
make new virus particles, some of its
own genetic material may be added to
that of the virus. If the virus goes on to
infect another cell, these “extra” genes
are transmitted too, potentially bestow-
ing new genetic powers upon the recipi-
ent. It’s a kind of inheritance, but not the
normal, parent-to-child sort.
And here’s the thing. The language of
genes is universal: all lifeforms interpret
genetic material in essentially the same
way. A virus that can infect lifeforms
that are only distantly related may
sometimes, therefore, move genes
across the tree of life. Such happenings
accelerate evolution: lifeforms acquire
new traits wholesale, rather than having
to wait for them to come about.
To give an example: some of the
genes that allow organisms to convert
the energy in sunlight into chemical
energy appear to have moved around
the tree of life in this way. But perhaps
this is less surprising than it seems:
The chalk
cliffs of Seine-
Maritime along
the northern
coast of France;
and the algal
lifeforms
known as
coccolithophores
whose fossilised
coverings are
a large
component of
these limestone
rocks
Jean Gaumy/Magnum Photos
because viruses are so numerous, and
Earth history so long, events of this kind
are bound to have happened from time
to time.
Today, viruses are the planet’s most
abundant biological entities. A droplet
of seawater may contain more than
100m of them; a gram of soil, around
1bn. You can find viruses in sediments
at the bottom of the ocean, in hot
springs, and high in the air.
Although only a few thousand have
been formally described, there are
thought to be millions of different
kinds. Happily, the great bulk of these
do not infect humans, but bacteria —
which are themselves extremely
numerous and diverse.
Ever since Beijerinck proposed that
the mosaic disease of tobacco was
caused by a new kind of entity, people
have argued about whether viruses are
alive. I have argued about it myself. I
used to put them on the “life” side of the
ledger. But now I would say it this way:
viruses are of life, and they interact with
life, but they are not alive.
For one thing, all lifeforms can trace
their origins back, across 4bn years, to a
single common ancestor. Viruses can-
not: they appear to have arisen several
times independently.
Coronaviruses and EhVs, for exam-
ple, belong to groups that do not share
an origin. When and how, and how
often, new viral groups originate from
scratch is, however, unknown.
In the midst of a global pandemic,
such reflections are, perhaps, cold
comfort. But I think it is fair to say
that, had viruses never existed, we
humans would not be here either. For
better and for worse, they have helped
to make our world.

viruses shaped like tiny moon landers, also one of the most creative forces in Olivia Judson is the author of ‘Dr Tatiana’s
bottles, even lemons — not to mention the history of life. Part of this derives Sex Advice to All Creation’ (Vintage).
the spiky spheres of coronaviruses or directly from the harm they cause: any She is presently writing a history of life
the 20-sided dice of the EhVs. lifeforms that can defend themselves and Earth
2 January/3 January 2021
Lunch with the FT Svetlana Tikhanovskaya
‘They were sure
I was a nobody’
She has become the face of
Belarusians’ democratic aspirations.
Over black cod and chicken wraps,
the exiled opposition leader tells
James Shotter about a year of protest,
her Chernobyl-shadowed childhood
— and why she believes Lukashenko’s
days in power are numbered
L
ast year upended the plans of
most of humanity. But few
saw expectation and reality
diverge quite so sharply, and
with such far-reaching conse-
quences, as Svetlana Tikhanovskaya.
The former language teacher from
southern Belarus began 2020 with the
modest aim of returning to work after a
decade at home caring for her children,
and waiting for her husband Sergei, a
YouTube activist and critic of Belarus’s
despotic leader Alexander Lukashenko,
to be freed from prison.
She ended it in exile in Lithuania,
after a tumultuous eight months in
which she ran for president in her hus-
band’s stead; won huge numbers of sup-
porters; and was then forced from her
homeland by the security services after
challenging Lukashenko’s implausible
claims of a landslide victory.
Along the way, the 38-year-old with no
previous political experience has
become the face of the most serious chal-
lenge Lukashenko has encountered in
his oppressive 26-year rule, inspiring
protests that, at their peak, brought
hundreds of thousands of people on to
the streets of one of Europe’s most
tightly controlled societies.
“I was sure that in September I would
start work as a teacher, because I
already had a trial period in one com-
pany,” she recalls. “I knew that Sergei
was going to be involved in [politics]
and I was ready to support him. I knew
what it is in our country to be in a politi-
cal position, and I had prepared myself
that maybe he would be jailed for 15
days, 10 days periodically . . . But we
have what we have.”
We are meeting on a cold December
day in the glass-and-steel office block in
Vilnius that became Tikhanovskaya’s
base after she was forced abroad in
August. Outside, slabs of ice are gliding
slowly round a bend in the Neris, which
separates us from the spires and cupolas
of Vilnius’s old town. Inside, a gaggle of
mostly young Belarusian aides are por-
ing over laptops while an inquisitive
micro-dog makes enthusiastic lengths
of the office.
Coronavirus has closed the restau-
rants that dot the Lithuanian capital.
Gaspar’s, an eatery run by an Indian-
Belarusian couple, has — for free, as a
token of support for Tikhanovskaya —
rustled up a meal. As I walk into the
glass-fronted meeting room where our
lunch is to take place, the starter and
dessert are already waiting. So is
Tikhanovskaya, sporting a black wide-
sleeved dress and matching boots, and
looking remarkably fresh-faced for
someone who has spent the last eight
months at the sharp end of the struggle
against Lukashenko’s regime.
She greets me with a slight smile and,
before I realise, has poured us both
glasses of water and issued me my
starter: smoked chicken and potatoes in
a thin wrap, topped with pickled rad-
ishes, bathed in a mildly spicy sauce.
Tikhanovskaya declares herself an
omnivore and tucks in. I follow suit, and
turn the conversation to her decision to
run against Lukashenko, who has ruled
Belarus for all but three of the 29 years
since it declared independence from the
Soviet Union in 1991.
Tikhanovskaya says that growing up
she was “never” interested in politics.
Born in the twilight of the USSR, the
daughter of a cook and a lorry driver,
she spent her early years in Mikashevi-
chy — one of the parts of Belarus
affected by the 1986 Chernobyl nuclear
disaster. She remembers little of the
event, but, like other children from the
areas affected by the fallout, took part in
a programme that took them to Ireland
for recuperation. “Maybe it is because it
was the first country I visited . . . but
Ireland is still my first love,” she says.
At school, she was a good student,
graduating with a gold medal before
studying English in Mazyr. Was that
★ FTWeekend
where she met Sergei? “At a disco”, she
Ga spa r ' s confirms with a smile. They married in
2004, and Tikhanovskaya began teach-
Pylimo g. 23-3, ing English. But after their first child,
Vilnius, Lithuania Korney, was born with hearing prob-
lems, she put her work on hold to devote
Starter: Smoked chicken herself to his care.
with pickled radish x 2
Sergei’s activities, meanwhile, were
Main: Asian style grilled gaining more attention. In 2019, he
black cod with seasonal launched a YouTube channel docu-
vegetables x 2 menting the difficulties of ordinary
Dessert: White chocolate Belarusians under Lukashenko. By
and raspberry mousse x 2 May last year it had nearly 140,000 sub-
Cappuccino x 2 scribers. Tikhanovskaya says she wor-
ried as the authorities became more
“repressive” towards him, tailing him as
he drove around the country. But she
never had any intention of getting
involved herself.
That changed after Sergei was
detained again in May — just as he
announced his intention to run for presi-
dent — and it became clear that he would
not be allowed to take part in the elec-
tion. Without discussing the idea with
anyone, Tikhanovskaya put her name
forward to the country’s electoral com-
mision. “I thought: I have to support
him. I have to do something just for him
to know in jail that everything that he is
doing is important for me as well,” she
recalls, as I polish off my chicken wrap.
“I was 100 per cent sure they would
reject me, because they know I’m
his wife . . . If I had known they
would accept me, maybe I would have
thought again.” So why did the regime
let her run? “To laugh at me,” she replies
without missing a beat. “They were sure
I was a nobody, that I would be the weak-
est candidate.”
I
f the regime was laughing, it soon
stopped. Amid widespread anger at
Lukashenko’s botched response to
the pandemic, support for several
opposition candidates, including
Tikhanovskaya, former banker Viktor
Babariko and former diplomat Valery
Tsepkalo, was growing.
Shortly before Tikhanovskaya fin-
ished collecting the 100,000 signatures
she needed to confirm her participation
in the election, she got a call from an
unknown number. If she continued, a
voice warned, she would be jailed. Her
two children, aged five and 10, would be
put in an orphanage.
Tikhanovskaya considered with-
drawing, and began making plans to
evacuate her children. But friends
and family persuaded her to fight on.
“Every morning, I woke up so
exhausted with all this fear inside me,
with all this responsibility,” she says.
“But I had to remember: so many people
are scared . . . I don’t have the right to
step away.”
Babariko and Tsepkalo were barred
from running. In an effort to unite the
opposition vote, their campaigns
endorsed Tikhanovskaya. Tsepkalo’s
wife Veronika, and Babariko’s campaign
manager, Maria Kolesnikova, cam-
paigned with Tikhanovskaya, and the
three young women’s platform of releas-
ing political prisoners and holding fresh,
free elections struck a chord. Thou-
sands, and then tens of thousands, of
Belarusians flocked to support them.
A country that had known only one
leader for a quarter of a century was
imagining a future in which he was
finally replaced.
Lukashenko was not. Despite the evi-
dent support for Tikhanovskaya, he
claimed 80 per cent of the vote.
When Tikhanovskaya’s supporters took
to the streets to protest, he launched a
savage crackdown. And when
Tikhanovskaya went to the electoral
commission to file an official complaint,
she was detained for three hours by the
security services who gave her a grim
choice: issue a statement urging her
supporters to recognise Lukashenko’s
claim of victory, and then join her chil-
dren in exile; or go to jail.
I ask what those three hours were like
but Tikhanovskaya, for the only time in
our lunch, is reluctant to give much
detail. “Of course, I made the decision to
go to my children, because everything
was so shocking for me. I was under
such pressure at that moment,” she
says, with a spasm of emotion. “They
are really good psychologists, these peo-
ple. They know how to influence you
. . . I don’t want to tell you all the peculi-
arities of all this, because my husband is
still in jail.”
Tikhanosvskaya arrived in Lithuania
tormented by her decision. “I was so
stressed. I couldn’t find a place for
myself,” she says. Fearing that her com-
patriots would feel she had “betrayed”
them, she made a video explaining that
she had gone to be with her children.
But rather than criticism, the video elic-
ited a torrent of messages of support. “I
was ready to step away, but after I had
read all those messages, I realised: You
can’t stop now.”
One of Tikhanovskaya’s aides walks
in with the main course: black cod, sur-
rounded by a cheesy sauce with grilled
vegetables. Tikhanovskaya is still only
halfway through her starter. So she can
catch up, I embark on a story about try-
ing pigs’ ears in Minsk. Tikhanovskaya
listens politely, but my culinary adven-
tures do not entirely seem to have cap-
tured her imagination, and so I retreat
to the topic of this year’s protests.
Lukashenko’s model combined a
Soviet-style command economy, which
delivered relative stability and rising
wages, with a political system in which
he was unchallenged. In the 1990s, as
neighbouring Russia and Ukraine were
engulfed by a whirlwind transition to
capitalism, stability had a certain
appeal. But over time the flaws in the
model became glaringly clear: Belarus’s
economy was stagnating, and Lukash-
enko’s authoritarianism was increas-
ingly rampant. He had faced protests
before, notably in 2006 and 2010,
but not on this scale. So what made
2020 different?
Tikhanovskaya reels off a list of fac-
tors. One, she says with pride, was her
husband’s YouTube programmes.
Lukashenko had also lost contact with
the concerns of ordinary Belarusians,
and didn’t understand the mobilising
power of the internet: “He lived some-
where in the 90s,” she says.
Lukashenko compounded this with
an erratic response to the pandemic. As
other countries locked down, he dis-
missed the virus as a “psychosis”, sug-
gested drinking vodka as an antidote,
and blamed victims for poor diets.
Finally, there was generational
change. “Our parents are people of the
Soviet Union. They got used to being
ruled, to being told what to do or what
not,” she concludes. “[But the younger
generation] have the opportunity to
watch YouTube or to travel on their own
in Europe. They can see how other peo-
ple live.”
For a brief moment in August, it
looked as if Lukashenko’s days might be
numbered. But as winter sets in, he has
managed to cling on. One reason is a
brutal crackdown, during which his
security services have used stun-gre-
nades, water cannons, beatings and tens
of thousands of detentions. Another was
support from Russian president
Vladimir Putin. Tikhanovskaya adds a
third: Belarusian society also has to
learn to demand its rights. “It will take
time for people,” she says. “Our people
don’t realise their strength.”
It feels like Tikhanovskaya is going
through a similar process. When I ask
how the year has changed her, she says,
matter of factly, that “the main fact
about me that has changed in my mind
is that I’m much stronger than I
thought”. She insists that she would not
run herself if Belarus did hold free elec-
tions: first, because she has promised
not to; second, because she thinks that
given the problems facing Belarus
someone with an economic background
would be better-placed. “I want to study
for a while . . . I think something about
human rights,” she responds when I ask
what she plans to do once her time lead-
ing Belarus’s democratic forces is over.
“I’m sure I can be useful in this.”
For now though, she remains very
much involved. Since arriving in Viln-
ius, she has criss-crossed Europe and
met leaders such as Angela Merkel and
Emmanuel Macron. So what should the
EU be doing?
Tikhanovskaya says replacing
Lukashenko is Belarusians’ responsibil-
ity. But she is clearly frustrated with the
glacial nature of the EU’s response. The
bloc has imposed sanctions, but
Tikhanovskaya argues they need to be
much broader: not just on top officials,
but on the rank and file facilitating
3
Life
Lukashenko’s vicious crackdown; and
also on the state-owned companies
propping up his regime. “There is so
much evidence of atrocities. So much
evidence of torture in Belarus. That’s
why you have to take a stand, to be
vocal,” she insists, becoming animated.
“You declare yourself to be democratic
countries. You promise to stand for
human rights. So do this!”
A
nd what about Russia?
Putin’s offer in late August
to send support if protests
against Lukashenko turned
violent played a key part in
shoring up his wobbling regime. But
since then, the signals from the Kremlin
have been mixed. Tikhanovskaya picks
up her phone and dials a number. For a
second I wonder if she is calling some-
one to join the discussion, but instead an
aide emerges bearing dessert spoons,
and takes our orders for cappuccinos. “I
think Russia supports Lukashenko out
of habit,” she resumes, as I take a
mouthful of the pudding, a delicious
white chocolate mousse.
No one from the Kremlin has met
Tikhanovskaya. But she stresses that
she wants good relations with Belarus’s
biggest neighbour. “We have a very
strong trade relationship, and we want
this relationship to stay the same or
maybe even tighten,” she says. “But it’s
up to the Belarusian people to decide.
It’s not up to Lukashenko or up to one
‘I thought: I have to
support Sergei. I have to
do something just for
him to know in jail that
everything that he is doing
is important for me as well’
person.” The Kremlin’s support for
Lukashenko’s regime, she continues,
underscoring her point, is souring Bela-
rusians’ view of Moscow. “It’s very
uncomfortable for Putin to deal with a
bankrupt politician,” she says. “[Russia
should] stop supporting him financially
. . . Without financial help, Lukashenko
will not last long.”
Dusk has fallen, and Tikhanovskaya’s
aides are beginning to hover. “You know
where I am going now?” she asks, semi-
rhetorically. “To collect my children
from kindergarten and school.” I take
the hint and drain the last of my coffee.
As we prepare to go, I return to Belarus’s
future. Has Lukashenko ridden out the
storm? Or will the processes set in train
this year finally bring him down?
Tikhanovskaya is emphatic. This year
has changed Belarus “absolutely”.
“Look, [Lukashenko] can call himself
president. He can think he’s in power for
a while, because it’s a really tough fight
[to get rid of him],” she says. “But he’s
nobody for people . . . It’s impossible
[for us] to wake up and think: ‘OK . . . so
many people are in jail, so many people
have been raped and tortured and pun-
ished. I’m going to live the same way
that I lived before.’ No.”
James Shotter is the FT’s central
Europe correspondent
4 ★ FTWeekend 2 January/3 January 2021

Travel

Where and how we holiday will

be very different this year.
Tom Robbins looks at some of the
key travel trends for the year ahead

Keys to the city

After years of concern over mounting
“overtourism”, 2020 was the year that
Mediterranean honeypots such as Ven-
ice, Dubrovnik, Athens and Barcelona
found themselves suddenly and unex-
pectedly deserted. In 2021, those visi-
tors who do return could find they have
the run of the piazzas, parks and prom-
enades, unencumbered by tourist
hordes — as well as finding hoteliers
and restaurateurs eager to welcome
them back. And, given that many
national coronavirus vaccination pro-
grams are prioritising older people
first, it seems possible that a lucky
group of elderly travellers could find
themselves in the vanguard, with a
unique opportunity in 2021.
“We have definitely seen an uptick in
Clockwise from interest from our more ‘experienced’
main: walking in clientele, who show a real ambition to
the Italian visit their favourite cities without the
Apennines with madding crowd, as soon as they are able
Wild Frontiers; to have the vaccination,” says Ted Wake,

How we’ll travel in 2021

a deserted joint managing director of Kirker Holi-
Venice in 2020; days (kirkerholidays.com). He recalls a
the Altair, an letter from an octogenarian client who
Adriatic gulet visited Venice in August and found it
available via “more sublime than I can ever remem-
Red Savannah; ber . . . it reminded me of my first visit in
a Wildnis base the mid-1950s”. She is now planning to
camp — eyevine return, post-vaccination, in March.

US operator Under Canvas (undercan- Island hideaways

vas.com), which runs safari-style camps For obvious reasons, retreating to the
in seven wilderness locations across seclusion of an island has seemed
America, reported a surge in demand in increasingly attractive in recent months.
2020 and already has “strong” bookings “The Maldives and the Caribbean are the
for 2021. Its tents come complete with main areas where we are seeing a signifi-
king-size beds, wood-burning stoves and cant rise in demand,” says Sarah-Leigh
daily housekeeping; there’s also a range Shenton, director of marketing at tour
of adventurous experiences on offer in operator Red Savannah (redsavan-
the national parks and monuments close nah.com).
to the camps. This spring it will launch The Maldives has made great efforts
two new locations: the first, in April, on a to restart tourism, on which two-thirds
plateau overlooking a canyon on the of its GDP depends. A branding cam-
edge of Grand Staircase-Escalante paign has positioned it as “a safe haven
National Monument in Utah, to be fol- for travellers”, and it continues to wel-
lowed in May by a camp on the coast of come visitors from all nations. Tourists
Maine, ideal for exploring Acadia must have a negative PCR test with 96
Adventure at home National Park. Two more are also hours of arrival and some resorts have
Travel disruption As borders closed in 2020, many coun- planned for Yosemite and Joshua Tree Epic experiences spur to book. Already availability on introduced their own testing regimes —
continues tries experienced a boom in domestic national parks, though opening dates While the majority are likely to return yachts capable of sailing the region dur- Soneva Fushi and Soneva Jani give visi-
The outlook for travel. This led to a summer crush at have yet to be announced. to international travel with baby steps, ing the austral summer is becoming tors a second PCR test on arrival, con-
travelling remains
uncertain, with
popular beaches and resorts, but it also tour operators report soaring demand scarce. “Normally not that many yachts fining them to their rooms until a nega-
entry and created demand for more upmarket and for full-on “once-in-a-lifetime” adven- go down but next season lots are going tive result is received (usually within 24
quarantine rules adventurous domestic trips — itinerar- tures. Partly, it seems to be the result of and they are all getting booked up,” says hours), while also testing staff every five
as well as local ies that would provide both an escape pent-up demand; partly, a sense of Mackay-Lewis. days. The inherently isolated nature of
lockdown from the crowds and a proxy for the needing to take life by the horns before Another option is to fly to Union Gla- the Maldives resorts also lends itself to a
restrictions excitement of a far-flung jaunt. Wildnis it’s too late. “I’ve just got off the phone cier, the remote camp in the Ellsworth controlled, Covid-safe environment.
changing rapidly. (wildnis.co.uk), for example, was set up with someone who wants to organise a Mountains from where most polar ath- Mediterranean islands are in demand
Those planning
international trips in October and will be launched fully to 50th birthday party, which was meant letes set out. Antarctic Logistics & too, especially for holidays in private vil-
should check with guests this spring, offering luxury to take place last year, but now they Expeditions (antarctic-logistics.com), las. Red Savannah says numbers of peo-
the destination guided expeditions in the Scottish High- want to do it with twice as many guests which runs the camp, says it has had to ple seeking trips to Menorca and Ibiza
country’s website lands. Founded by former members of and do it in Africa,” says Geordie increase capacity for its eclipse trips, on its website are up 14 per cent and 77
and their local the British army, it uses a mobile base Mackay-Lewis, co-founder of Pelorus after vaccine approvals “calmed per cent respectively from the same
embassy, while camp where chefs prepare dinners on (pelorusx.com). “There was already a nerves” of prospective travellers. A 12- period a year ago, with the Greek Islands
also ensuring any open fires and barbecues, and a fleet of move towards increasingly adventurous day trip to see the eclipse at Union Gla- up 52 per cent. The Thinking Traveller
bookings are
refundable Land Rover Defenders to take guests trips, but the pandemic seems to have cier costs $39,800 — or there is also the (thethinkingtraveller.com), which rents
between activities including pack-raft- really accelerated that trend.” option of watching it from a field camp villas in Sicily, Corsica, Mallorca and the
ing, scrambling and sea kayaking. One key destination for 2021 is Ant- at the Gould Bay emperor penguin col- Greek Islands, says availability in its
Prices start at £3,000 per person for a arctica, where a complete solar eclipse ony on the coast of the Weddell Sea, most sought-after properties is already
four-night trip. on December 4 is providing another from $58,500 per person. limited for the summer 2021.

Where to stay: the year’s most anticipated hotel openings

From a sleepy surf oasis in Baja California to a contemporary ryokan on the Japanese island of Ikuchijima, Claire Wrathall rounds up the key launches of 2021
Paradero Todos Santos, Baja
California, Mexico
Paradero is a new Mexican hospitality
brand that puts sustainability and
engagement with local communities at
the forefront of its operations. Its first
project, Paradero Todos Santos, which
describes itself as “less of a hotel than a
high-design landscaping project with 35
suites”, opens 70km north of Cabo San
Lucas in Baja California, on January 15.
Located 12km from the sleepy surf
resort after which it is named, a historic
settlement of about 7,000 and one of
Mexico’s 100 or so culturally rich pueb-
los magicos or “magic towns”, it occupies
a two-hectare site within a biosphere
reserve, surrounded by farmland, cac-
tus desert, an oasis of 5,000 palms and
the foothills of the Sierra de la Laguna
mountains. There are three wild
beaches nearby, two with world-class
surf breaks. The suites are furnished
with bespoke cedar joinery and textiles
from Guadalajara and Oaxaca but this
place is really all about the experiences
— activities from surf lessons and
The Paradero opens this month
guided hiking to tours of local taco
shacks are included in the rate.
Double rooms from $550 a night;
paraderohotels.com
NoMad, London
When, in 2017, the Sydell Group opened
the darkly plush and atmospheric
NoMad New York, just north of Madison
Square Park, its founder Andrew
Zobler’s intention was to bring a Euro-
pean sensibility to Manhattan. (Its
designer was the Parisian Jacques Gar-
cia; its kitchens originally overseen by
the Swiss chef Daniel Humm.) In devel-
oping a sister property in London,
which will open as soon as the restric-
tions on hospitality allow, the idea has
been to create a US ambience in London.
Transformed from what was Bow
Street Magistrates Court by Roman &
Williams (the studio behind the Stand-
ard, High Line), hung with a lot of
American art and with three restau-
rants overseen by chef Ian Coogan, for-
merly of Jean Georges Vongerichten’s
culinary empire, the 91-room hotel is
directly opposite the Royal Opera
House. Just as The Ned, for which Sydell
partnered with Soho House, established
itself as the go-to place for socialising in
the City, the NoMad stands to become
popular not just with guests, but locals,
theatre goers, even visitors to the forth-
coming Bow Street Police Museum,
which will occupy part of what was the
adjacent police station and which Sydell
will initially fund.
Doubles from £455; thenomadhotel.com
Azumi Setoda, Ikuchijima, Japan
The founder and former CEO of Aman
Resorts, Adrian Zecha, was working as
Time magazine’s Asia correspondent in
the 1950s when he first stayed in a
ryokan or traditional Japanese inn, an
experience that profoundly influenced
his subsequent career as a hotelier. Now
87, he is using those original memories
as the inspiration for a new brand,
Azumi, of what he calls “contemporary
ryokans”.
The first, Azumi Setoda, opens in
March on the island of Ikuchijima in the
Seto Inland Sea, in the 19th-century
former home of a powerful shipping and
salt-farming family. This has been con-
verted to accommodate 18 suites and
four duplexes, each with its own garden
NoMad: a US ambience in London
or balcony, by Kyoto-based Shiro Miura,
an expert in sukiya, a style of architec-
ture dating back to the 16th century that
strives to balance the elements. “My
previous projects have frequently been
considered as ‘luxury’ due to the
impression created by our clientele,”
says Zecha. Here, he has returned to his
“original intent [which] was always to
shed light on local culture, community,
arts and food”. Hence the neighbouring
yabune, or public bathhouse, intended
for locals as much as guests.
Doubles from about £560 a night; azumi.co
King’s Mansion, Goa, India
Aiming to establish “a new standard of
luxury wellness” in south India, King’s
Mansion is an elegant colonial-style
at Rocco Forte
Hotels (and sis-
ter of Forte him-
self) launched the
Polizzi Collection
of country hotels
together with her
two daughters
(one of them,
Alex, the pre-
senter of Channel
5’s long-running
series The Hotel
Iniala Harbour House in Valleta, Malta Inspector). Due to
open in March,
medical spa surrounded by tropical gar- their third hotel, The Star at Alfriston,
dens in the small seaside town of Can- has been converted from a 15th-century
dolim in northern Goa. It belongs to the half-timbered inn in a still substantially
Bollywood star-turned-entrepreneur medieval Sussex village close to both the
Sachiin Joshi and has been designed by South Downs National Park and
Gauri Khan, film producer, interior Glyndebourne, the historic rural estate
designer and wife of the superstar actor that is home to an opera house. In keep-
Shah Rukh Khan. ing with Polizzi’s distinctive style, the
With just 17 suites, it is positioning Star’s 30 rooms will fuse a traditional
itself as a sort of lavishly appointed English country-house aesthetic (cus-
Mayr clinic of the tropics, and when it tomised wallpapers and textiles by
opens in March it will offer six pro- Richard Smith, cabinetry crafted in the
grammes of seven to 21 days that com- next village) with more contemporary
bine Ayurvedic treatments with more bespoke furniture by Julian Chichester.
scientifically orthodox evidence-based Doubles from £190;
therapies, complemented by daily yoga, thepolizzicollection.com
meditation, lectures and “workshops to
help build the foundations of a new, bal- Iniala Harbour House, Malta
anced lifestyle”. Having lost his fiancée in the 2002 Bali
From £8,000 per person for seven days, all bombings, former derivatives trader
inclusive; kingsmansiongoa.com Mark Weingard set up a foundation in
her memory that now supports educa-
The Star at Alfriston, Sussex, UK tion, health and rehabilitation in India,
Last year, Olga Polizzi, director of design Indonesia, Thailand and Malta. Two
2 January/3 January 2021
Remote retreats
A post-lockdown yearning for open
space has brought remote, empty desti-
nations to the top of many wishlists for
2021. Namibia, the world’s third-most
sparsely populated country after Green-
land and Mongolia, is tipped by tour
operators including Steppes Travel
(steppestravel.com), Black Tomato
(blacktomato.com) and Original Travel
(originaltravel.co.uk). “Physical dis-
tancing has been a way of life in Namibia
for millennia, and the wide-open spaces
of the Namib Rand and Etosha [national
parks] are the perfect antidote to the
current situation,” says Jarrod Kyte,
product and sales director at Steppes.
Even Namibia has tourist hotspots
though, so he recommends a self-drive
trip staying at the newly opened Natural
Selection camp at Kwessi Dunes, which
offers an authentic desert experience
away from the celebrated dunes of Sos-
susvlei, and then Safarihoek Lodge, on a
private reserve beside Etosha National
Park. A 12-day trip with Steppes would
cost from £3,495 per person.
A survey for Original Travel found 48
per cent of its clients wanted their first
post-lockdown trip to be “somewhere
outdoorsy to enjoy some wide-open
spaces”. As well as Namibia, and for
something very different, it tips Nova
Scotia and Canada’s Atlantic provinces
for their “intriguing maritime past,
time-stood-still fishing villages and
staggeringly beautiful and untouched
landscapes that are begging to be
hiked”. It offers an 11-day self-drive
tour, including time on Cape Breton and
Fogo islands, from £4,300 per person.
Slow travel
An industry buzzword for years, “slow
travel” could finally gain mainstream
traction in 2021. The idea is simply that
you take fewer but longer holidays,
reducing carbon emissions relative to
your contribution to the local economy,
while also giving yourself time to prop-
erly immerse in a different culture. Less
time in airports and more time to relax,
unwind and explore seem obvious goals
post-pandemic. Wild Frontiers Travel
(wildfrontierstravel.com) says that
from September to November its top-
selling trip was a 48-day odyssey along
the Silk Road, taking in six countries
and 15 world heritage sites (£11,395 per
person). Also in demand is a 21-day trip-
through the Karakorum from Kashgar
in China to Kashmir. “These trips are
particularly popular with semi-retired
or recently retired people looking for
that true trip of a lifetime, and Covid has
given them the time to plan for it,” says
Jonny Bealby, the company’s founder.
Data from eDreams Odigeo
(edreams­odigeo.com), Europe’s largest
online travel group, seems to confirm
the trend. In the summers of 2020 and
2019, the most common trip duration
was seven to 13 days. Its forward book-
ings for 2021 show trips of that duration
(32 per cent) are now outstripped by
those of 14 days or longer (35 per cent).
The “slow travel” idea also relates to
the style of trip, and walking holidays —
perhaps the best way to become
absorbed in a destination — also seem
poised for greater popularity. Wild Fron-
tiers has developed a range of new
guided European walking tours in
response to demand, often with a focus
on local produce and wine, and including
less-visited destinations such as Albania,
Macedonia, Slovenia and Poland. Its
“walking and wine” trip in the Italian
The Star at Alfriston, converted from a 15th-century inn in the Sussex village
years later, his beach house in Thailand
was damaged by the Boxing Day tsu-
nami. He and his guests survived, and
having restored it, he turned it into a
hotel, Iniala Beach House, revenue from
which supports the foundation.
Now resident in Malta, he’s created a
second hotel with philanthropic ambi-
tions, Iniala Harbour House, which is
due to open fully in April. Comprising
four historic townhouses on Valletta’s St
Barbara Bastion, it’s a five-minute walk
from St John’s Co-Cathedral, famed for
its Caravaggios. Not that there’s any-
thing hairshirted about the way Iniala’s
23 rooms, suites and residences have
been furnished; the grandest even have
plunge pools. The conversion has
skimped on neither money nor time —
the hotel was originally due to open in
December 2017.
Doubles from €350 a night;
inialamalta.com
The Woodward, Geneva
Located in a belle époque former bank
Apennines, for example, explores the
hills around the historic towns of Urbino
and Gubbio, including a night in the tiny
hamlet of Bacciardi, perched on a ridge
and surrounded by forested slopes
(eight days from £1,995).
For those who prefer to walk alone,
Inntravel (inntravel.co.uk) has a range
of self-guided trips, including new itin-
erary in Slovenia’s Logar Valley, “one of
Europe’s most beautiful”, according to
the company. Guests stay at the family-
run Hotel Plesnik, the only hotel in this
on the Quai Wilson, what was the
Woodrow Hotel has been comprehen-
sively remodelled by the Oetker Collec-
tion, owners of the Hotel du Cap-Eden-
Roc in Antibes and Le Bristol in Paris.
It’s also been renamed The Woodward
in the wake of Princeton’s decision to
remove the name of the 28th president
of the United States from its public pol-
icy institute because of his racist views.
Due to open in the spring, it will have
just 26 expansive suites, 21 of them with
views across the lake towards Mont
Blanc, designed by Pierre-Yves Rochon,
whose scheme for the Four Seasons
Hotel des Bergues, 800 metres south
along the same waterfront, are for the
moment probably the loveliest hotel
rooms in Geneva. Certainly, no expense
would seem to have been spared. The
spa is by Guerlain and runs to a 21-metre
indoor pool, the longest in any hotel in
the city. One of its restaurants will bear
the name of the late Joël Robuchon,
while the other, Le Jardinier, will be run
by Robuchon protégé Alain Verzeroli
★ FTWeekend
Taking to the skies
While much of the aviation industry has spent
the past nine months struggling for survival,
two new start-up airlines are hoping to buck
the trend and begin their first flights in 2021.
In November, Flypop announced it had
received “significant investment” from the UK
government’s Future Fund. Flypop plans to
launch low-cost long-haul flights between the
UK and Indian cities such as Amritsar and
Ahmedabad in the second half of 2021, using
Airbus A330 aircraft, although it has yet to
obtain the necessary Air Operator Certificate.
In the US, David Neeleman, the entrepreneur
who founded WestJet and JetBlue, is currently
recruiting for a new airline called Breeze,
headquartered in Salt Lake City. It plans to
start operations this year, serving second tier
US cities that do not have air links. As well as
Main picture: offering low-cost direct flights, Neeleman says
camping on the the focus will be on customer service and that
ice in Antarctica Breeze will be “the world’s nicest airline”.
Pelorus
Above: the Sveti
Duh church in
Slovenia’s Logar
Valley
Above right: an
Iberian lynx in
Andalucía — Alamy
and will emphasise vegetables and permitting, it will also be possible to
vegan dishes over butter and foie gras. sleep under the stars on a platform by
Doubles from SFr1,500 (about £1,250), the Zibadiania lagoon.
oetkercollection.com Prices yet to be announced; wilderness-
safaris.com
Little DumaTau, Linyanti, Botswana
Though much of the safari world’s Six Senses Shaharut, Arava, Israel
attention will be focused on the launch On an 18-hectare estate in the Arava
of Xigera in the Okavango Delta (on Valley, just south of the Negev desert,
which $35m has been reportedly been Six Senses Shaharut is a 60-suite spa
spent, not least on art), it shouldn’t resort with organic vegetable gardens
eclipse Wilderness Safaris’ newest, and a working camel farm: a first for
entirely solar-powered camp, Little Israel, possibly for the world. It is due to
DumaTau. Expected to open in April open on June 1. Most fans of the brand
about 100km north-east of Xigera in the are likely to be drawn by its extensive
Linyanti Reserve, it has just four spa- spa, but there’s terrific potential for
cious tented suites, beautifully designed exploring the desert too, not least the
and each with its own plunge pool and Timna Park, site of King Solomon’s cop-
views across the Osprey Lagoon where, per mine and home to extraordinary
elephants, in particular, come to drink. geological formations. And it’s worth
The camp will share a spa and lap pool noting that Petra, in neighbouring Jor-
with DumaTau, a long-established dan (180km away, about three hours by
eight-tent camp that will also have been road), will be offered as a day trip.
completely renovated. And weather- Prices yet to be announced; sixsenses.com
Casa Cook hotels reborn as Oku, here in Ibiza, and another on Kos
protected area, and take daily walks
through the mountains (a week costs
from £885). Slovenia’s cuisine will also
be in the spotlight this year — the coun-
try has been named European Region of
Gastronomy for 2021.
Working holidays
The explosion in remote working has led
many to realise they could just as easily
dial-in from a beachside villa or ski cha-
let as from a workstation in their spare
bedroom. Accommodation providers
say this is driving a trend for longer rent-
als and hotels hope to extend their sea-
sons by attracting remote workers. The
Quinta do Lago resort (quinta-
dolago.com) in Portugal’s Algarve is
offering “work and stay” packages, from
£2,135 per month, where guests stay in
wooden cottages with two bedrooms,
one of them converted into an office — or
a more luxurious “Reserva” apartment,
complete with private pool, from
£8,000 per month.
Some countries are making a targeted
bid to attract digital nomads in 2021,
offering the chance to stay for longer
than a tourist could and also waiving
any need to pay income tax locally. Bar-
bados has already attracted more than
3,000 applicants for its “Welcome
Stamp”, which allows visitors to stay for
up to a year, and a new residence permit
Six Senses Shaharut, in Israel
Rosewood, São Paulo
The French architect Jean Nouvel’s dis-
tinctive 93-metre plant-covered tower,
Torre Rosewood, is already a landmark,
rising above Cidade Matarazzo, a three-
hectare complex of heritage buildings
that has been developed into apart-
ments, restaurants, retail and offices, in
the upscale Bela Vista neighbourhood.
In June, the Hong-Kong based Rosewood
group will open a hotel here, partly in an
imposing former maternity hospital,
partly in the tower, with interiors — 265
rooms and suites, six bars and restau-
rants — designed by Philippe Starck.
The bathrooms, all swirling marble
from Paraná and Bahia, are stupendous;
and its rooftop pool will surely come to
rival the one at the fabled Fasano in Rio
as the most photogenic in Brazil.
Prices yet to be announced;
rosewoodhotels.com
Four Seasons Napa Valley, California
“No other wine-country resort inte-
grates the grape-to-glass experience so
thoroughly” boasts the forthcoming
Four Seasons Napa Valley, which opens
this spring on the north-east edge of
Calistoga overlooking three hectares of
organic Cabernet Sauvignon vineyards
and the Palisades mountains beyond.
Run in partnership with the celebrated
winemaker Thomas Rivers Brown, the
5
Travel
for remote workers in Croatia is
expected to come into law this month.
Boats
It seems likely that widespread vaccina-
tion, rather than simply testing, will be
required to kickstart demand for big
cruise ships — but conversely holidays
on small private boats are already prov-
ing more popular than ever. The Adriatic
seems especially in demand: Red Savan-
nah says the best gulets along Croatia’s
Dalmatian coast are showing strong
bookings for summer; the Allure, which
sleeps up to 14 and costs from £15,173
per week, has only two weeks left availa-
ble in July and August.
Sail Dalmatia (saildalmatia.com)
reports that 80 per cent of their new cli-
ents in 2020 were chartering a yacht for
the first time. “The safe and secure envi-
ronment of a yacht clearly appealed to
many clients,” says Dora Vulic, the com-
pany founder. An uptick in 2021 inquir-
ies suggests that trend might continue.
And in July, Sunsail (sunsail.co.uk)
will launch “flotilla” holidays on the
Croatian island of Brac. Guests sail their
own yacht by day (taking the helm
themselves, or with a skipper) then ren-
dezvous with others for evening activi-
ties. There are daily briefings, a tailored
itinerary and a lead boat with mechanic,
skipper and host on board for support.
A week costs from £1,052 per person,
based on a group of four.
Regenerative travel
Aside from the pandemic, the salient
trend in travel has been growing con-
cern about the environment and the
effect of tourism on destinations. An
annual survey by Abta, a trade body for
UK travel agents and tour operators,
found that in 2020 half of consumers
deemed sustainability to be an impor-
tant or essential consideration when
choosing a holiday — up from only a
fifth in 2011.
Trips that don’t involve flying are sim-
ilarly on the rise: Inntravel says it has
had to triple the number of rail special-
ists it employs to keep up with demand,
while Byway (byway.travel), a new Brit-
ish operator offering only no-fly holi-
days, was launched in defiance of the
pandemic in November.
The latest mantra is “regenerative
travel”: trips that actively help rather
than simply mitigating their negative
impacts, often involving some charita-
ble work or contributions to fund posi-
tive projects. Steppes Travel, for exam-
ple, has formed a partnership with the
European Nature Trust to offer a range
of trips in which guests accompany
wildlife researchers and with donations
to support their work included in the
cost of the holiday. A week in Spain
tracking the endangered Iberian lynx
costs from £2,995
resort has 85 rooms and suites, and in
time there will be “farmhouse villas” to
rent too. There’s a spa, two pools, a res-
taurant overseen by Erik Anderson,
whose main kitchen, Coi in San Fran-
cisco, has two Michelin stars. And if you
tire of viniculture, there’s a complimen-
tary house car to take you into town.
Prices yet to be announced; foursea-
sons.com/napavalley
Oku Ibiza and Kos
In 2016 Thomas Cook launched a style-
focused, adults-only sub-brand, Casa
Cook, as an attempt to update the tradi-
tional package holiday for a new genera-
tion. It didn’t come soon enough to save
the group — Thomas Cook went into liq-
uidation in 2019 — but this year two
Casa Cooks, in Ibiza and the Greek
island of Kos, will be reborn under the
ownership of Swiss group LMEY Invest-
ments as the first Oku hotels, their
name a Japanese word that tends to be
translated as “inner space”.
The 189-room property on Ibiza
(originally launched as a Casa Cook in
summer 2019) is scheduled to open in
May, a short walk from Cala Gració in
the south-west of the island. It will join
the 100-room hotel on Kos, which had a
short soft-opening season last summer
and is due to open fully in April. Both are
intended as an “alternative to the ‘naff’
brands and small boutiques” one
tends to find on such islands, says a
spokesperson. They will be “well
designed, chic and laid-back, with good
solid five-star service”, spas and, on
Ibiza, two restaurants overseen by Mark
Vaessen, formerly of Sushisamba.
LMEY has plans to expand the brand
around the Mediterranean, so the Oku
name and the concept of a design-savvy
seaside resort hotel, could become
increasingly familiar.
Doubles from €360, okuhotels.com
6 ★
Style
B
ack in early March, when
parts of Europe went into
lockdown, and designers
began to panic as collections
got stuck in warehouses or
were refused by the department stores
that had ordered them, analysts warned
of an “unprecedented crisis” for the
£2.2tn fashion and luxury industries.
Eight months later, that “unprece-
dented crisis” looks more like a blip —
especially at the higher end of the price
spectrum. While luxury goods sales
shrunk by about a fifth last year, accord-
ing to Citi and Bain estimates, a strong
third quarter and the rapid deployment
of a vaccine has led some analysts and
executives to predict a near-full return
to 2019 revenues in 2021.
Such optimism is shared by investors:
for the fifth consecutive year, the luxury
sector has outperformed the wider
equity market — this year by about 10
per cent — notes Thomas Chauvet, head
of luxury goods equity research at Citi.
It helped that Japan and China, the
second- and third-largest luxury mar-
kets by sales, recovered quickly from
the virus, and the rise of “revenge buy-
ing” (shopping sprees driven by pent-up
demand during lockdown) and “reun-
ion dressing” in China buoyed pur-
chases in the spring. Where stores were
closed, many shoppers turned to ecom-
merce for the first time — and brands
say they’ll keep shopping there.
The US luxury consumer also proved
surprisingly resilient. With stock indi-
ces reaching record highs and fewer
opportunities to spend on travel, restau-
rants, concerts and spas, the wealthy
snapped up luxury handbags, fine jew-
ellery and cashmere tracksuits.
Luxury executives also responded
quickly and ably during the first wave of
infections, says Chauvet: slashing mar-
keting and events budgets, renegotiat-
ing rents and, for the publicly listed
ones, reducing the dividends they had
planned to pay to investors.
But while sales might return to 2019
levels, in other ways, the industry will
look rather different in 2021.
That will be evident on your next trip
to a department store. Prior to the pan-
demic, tailoring was enjoying a come-
back, steadily replacing hoodies, track
bottoms and other streetwear-inflected
designs on catwalks and on garment
rails. A year of mostly working from
home has changed all of that.
“We won’t go back to the way we were
— clothes will remain more casual for
the best part, because our lives have
become more of a blend,” says Natalie
Kingham, chief fashion officer of Match-
esFashion.com. In lieu of a head-to-toe
suit, she thinks customers will pair a
blazer with a T-shirt and jeans when
they return to the office; they’ll also be
seeking out more “versatile” pieces.
Lydia King, fashion buying director at
Harrods, says she saw “a seismic shift
away from workwear and party-wear”
in 2020. While she sees a “big bounce
back” in events and wedding attire in
2021, “it’s hard to imagine emerging
from the house in a power suit”.
Instead, King has been stocking up on
Six young designers to watch
Trend | Emerging talents are introducing collections that fuse craft with technology and blur traditional gender lines. The FT Style team highlights some of the rising stars
Joyce NG
Priya Ahluwalia
2020 was a breakthrough year for
menswear designer Priya Ahluwalia.
The 28-year-old Londoner was one of
the winners of last year’s LVMH Prize,
and showed a short film as part of
Gucci’s online fashion week, GucciFest.
She tells the FT that 2020 has “been a
rollercoaster . . . but ultimately, the
business has had a really successful
year”. Ahluwalia uses vintage and
deadstock textiles to create her
vibrant, often patchworked,
sportswear-inflected designs. She
describes her aesthetic as “future-
facing with hints of nostalgia, graphic,
detail-orientated and worldly”.
Ahluwalia plans to build her direct-
to-consumer business in 2021. “It’s
important that as a business we can be
independent and not rely too heavily
on external stakeholders,” she says.
How
luxury is
changing
Report | Demand for high-end goods
proved remarkably resilient in 2020,
writes Lauren Indvik, but Covid-19 is
altering the industry in lasting ways
“soft tailoring” such as cardigans and
drawstring trousers, which can be worn
on Zoom and at the office; timeless sta-
ples, such as cashmere camel coats and
“investment bags that will hold their
resale value”; and “joyful, exuberant”
party clothes for all of those reunions we
plan to have in 2021. Comfort, which
was “never the top factor when we
looked at our buy” in past seasons, is
now paramount for customers, she says.
One thing that won’t go away this
Maximilian Davis
Following his London Fashion Week
debut in September, 25-year-old
Maximilian Davis’s Spring/Summer
2021 collection was immediately
picked up by retailers including Dover
Street Market, Net-a-Porter and
Ssense.
Described in his show notes as a
“reclamation of black elegance”, the
collection’s gently oversized tuxedo
tailoring, lean and sensuous evening
dresses, bold colours and feathered and
horned headwear (made by designer
Nasir Mazhar) drew on his Trinidadian
heritage and the aesthetics of
contemporary black artists such as the
rapper Lil’ Kim.
“For a long time, black people
haven’t been in charge of their own
narrative, and I wanted to see them in
a different, regal light,” he says.
FTWeekend
year? Logos. “In previous crises, logos
were a no-no, it was inappropriate,”
observes Erwan Rambourg, a luxury
analyst and author of Future Luxe:
What’s Ahead for the Business of Luxury.
“Right now, even with high unemploy-
ment, it is the iconic, recognisable prod-
ucts that are outperforming versus pre-
Covid. There is no guilt factor — it’s
more of a ‘I’ve survived this, it’s ok to
reward myself, I’m worth it’.”
Fashion weeks will also look different
Maisie Schloss
Chicago-born, Los Angeles-based
Maisie Schloss, the designer behind
one-and-a-half-year-old womenswear
label Maisie Wilen, has a knack for
creating designs that resonate on
Instagram. Her ’90s-inspired party
dresses and body-con knits have found
fans among Kanye West, the
Kardashians, and stockists including
Net-a-Porter and Selfridges.
West is one of Schloss’s backers; the
pair met shortly after she graduated
from Parsons in 2013 and she began
working at his label, Yeezy.
Schloss is a fan of digital design,
creating all of her colour palettes and
prints in Photoshop. She describes her
aesthetic as “playful and print-driven”,
and says she’s focused on expanding
her offering and collaborating with
more artists in 2021.
From main, left
to right: Bottega
Veneta Spring/
Summer 2021;
Max Mara SS21;
Prada Men’s
SS21
Nicholas Daley
Craftsmanship is central to Nicholas
Daley’s modern and global menswear
designs, and for every collection he
works with artisans to create custom
textiles and details. His Spring/
Summer 2021 collection examines the
interplay of reggae culture and martial
arts in the 1970s. The clothes have a
loose, utilitarian feel with high-waisted
trousers and karate Gi jackets in
custom Japanese sashiko material.
Daley launched his eponymous label
in 2015, and in 2020 he was one of
eight winners of the LVMH Prize. He
has collaborated with British brands
Fred Perry and Lavenham. The
exhibition Return to Slygo, at the Now
Gallery in Greenwich from February,
will explore the designer’s Jamaican-
Scottish roots and love of reggae
music.
this year. While some brands, including
Fendi and Dolce & Gabbana, plan to go
ahead with live catwalk shows at men’s
fashion week in Milan in January, many
others will continue to focus on digital
and audience-less presentations — at
least in the first half of the year.
Others will move their shows to
China. Cartier released its latest Pasha
watch in China in July, two months
before the rest of the world, and Mon-
cler plans to move its Genius show from
Milan Fashion Week to Shanghai later
this year. Already luxury’s fastest-grow-
ing market prior to the pandemic, main-
land China will become even more
important in 2021 as Chinese luxury
shoppers take fewer trips abroad and
buy more goods at home.
Other pre-pandemic trends are also
set to accelerate this year. The major,
conglomerate-backed luxury brands,
which were already gobbling up market
share from smaller players, are poised
to capture yet more market share in
2021, analysts say. That will make
things tougher for independent, family-
owned houses — some of which are
likely to be put up for sale.
“The big brands are going to outper-
form when rebounding from this crisis,
Asia-Pacific’s luxury market expected to bounce back in 2021*
Market size ($bn) Apparel and footwear
Asia-Pacific** Western Europe
1000
800
600
400
200
0 0
2006 12 15 18 21
Middle East and Africa Eastern Europe
1000
800
600
400
200
0 0
2006 12 15 18 21
Source: Euromonitor International * 2021 are forecasts
Harris Reed
When Harry Styles made headlines in
November by becoming the first solo
male cover star in American Vogue
history, he also turned heads for the
gender-nonconforming outfits chosen
by stylist Camilla Nickerson in the
accompanying photo spread. That
included a sharp-shouldered black
evening suit worn under a dashing
hoopskirt of crinoline and hot-pink
satin designed by 24-year-old Harris
Reed, who graduated from Central
Saint Martins last summer.
Reed first connected wtih Styles in
2017, when Styles’ stylist Harry
Lambert discovered the designer’s
work via Instagram. He has been
creating ruffled blouses and balloon
trousers for Styles’ world tours ever
since. This year, Reed plans to create a
demi-couture collection.
2 January/3 January 2021
and probably the small independent
guys will realise they need to sell or
merge,” Rambourg predicts. M&A activ-
ity is already picking up: in the past two
months, VF Corp agreed to acquire
streetwear brand Supreme for $2bn and
puffer jacket maker Moncler took a
majority stake in rival Stone Island.
Collections will also continue to be
smaller, and more designers will opt for
certified-sustainable fabrics in response
to climate concerns. Even before Cov-
id-19, collections were shrinking as
brands moved away from trendy, sea-
sonal products towards more dependa-
ble “evergreen” items.
In the world of venture capital, profit-
ability has become a much bigger prior-
ity for start-ups, says Nicole Quinn, a
general partner at Lightspeed Ventures,
whose investments include Gwyneth
Paltrow’s Goop and Lady Gaga’s Haus
Laboratories, both of which became
profitable this year.
She is keeping an eye out for opportu-
nities in beauty, skincare, fitness and
live-video shopping next year, all of
which were given a boost by the pan-
demic, she says. Quinn also predicts a
“huge influx” of companies staging IPOs
in the US in 2021 following the strong
performance of tech players such as Air-
bnb and DoorDash. (Just this week, the
parent company of Munich-based lux-
ury etailer MyTheresa, a competitor of
Net-a-Porter and MatchesFashion, has
filed for a IPO in the US.)
Not everyone is confident of a recov-
ery in 2021: researchers at Bain say lux-
ury goods sales will not fully rebound
until mid-2022 or 2023, given uncer-
tainties about the global economy.
In some ways, luxury brands will
emerge stronger from the trials of 2020.
During the pandemic, stores in Europe
and other tourist-driven markets began
reconnecting with local customers,
gathering a wealth of data and connec-
tions — advantages that will continue
even as international travel resumes.
“Before, these brands didn’t know
who they were selling to, they were rely-
ing on tourism,” says Rambourg. “That’s
one of the silver linings to this crisis.”
Luxury goods
North America
1000
800
600
400
200
2006 12 15 18 21
Latin America
1000
800
600
400
200
2006 12 15 18 21
** does not include Australia or New Zealand
Charles de Vilmorin
It was during France’s first national
lockdown that Charles de Vilmorin
decided to launch his namesake label
via Instagram. His punch-bright and
psychedelic bomber jackets and coats
— painted, printed and moulded with
hearts, eyes and flowers inspired by the
French sculptor Niki de Saint Phalle —
caught the attention of the Fédération
de la Haute Couture et de la Mode,
which invited de Vilmorin to unveil his
next collection during the couture
shows this January. Aged 24, he will be
one of the youngest designers ever to
show during couture week.
While de Vilmorin’s business is in its
infancy, he has displayed a promising
commercial streak: in late September,
he unveiled a six-look capsule
collection of safari-style jackets, shirts,
trousers and shorts priced from €300.
2 January/3 January 2021
Bottom row, from left:
a flock of migrating storks;
a giant portrait of Stalin
in Berlin, in June 1945;
a Banksy mural in the
English Channel port of
Dover depicts a workman
chipping away at one of
the stars of the EU flag
Anadolu/Getty; Imperial War Museum/Getty;
Xinhua/Eyevine
C
oronavirus did much to
shape the book world in
2020 — and will continue to
do so in the new year,
whether in the form of titles
postponed by the pandemic or as the
subject of new ones. January brings the
first of a number of dispatches from the
frontline of the crisis — Breathtaking by
Rachel Clarke (Little Brown) and Inten-
sive Care by Gavin Francis
(Profile), which detail the
heartbreaking realities of a
healthcare system under
extreme pressure.
For others, Covid-19 is a
departure point for bigger
investigations of flawed poli-
tics and economics, and the
spur to outline a better
future. In Doom (Allen Lane,
May), historian Niall Fergu-
son asks why humanity is so
bad at preparing for disasters. For econ-
omist Mariana Mazzucato, the crisis has
provided an opportunity to remake cap-
italism, a case she argues in Mission
Economyy (Allen Lane, January). Others
spotting opportunity in a crisis include
former UK prime minister Gordon
Brown with Seven Ways to Change the
Worldd (Simon & Schuster, June). On a
more ambivalent note, economist and
habitual gloomster James Rickards tal-
lies up the winners and losers of a post-
pandemic world in The New Great
Depression (Portfolio, January).
As 2020 came to a close, coronavirus
collided with that other dom-
inating issue in Britain —
Brexit — as the recent tail-
back of trucks at Dover
appeared to offer a taste of
chaos to come. How we got
here and where we might
now go are the subject of
numerous new books. In Jan-
uary, in This Sovereign Isle
(Allen Lane), Robert Tombs,
professor of history at Cam-
bridge and prominent Brex-
iter, argues that Britain has always been
different from the rest of Europe; mean-
while FT columnist Philip Stephens
charts Britain’s post-imperial geopoliti-
cal path from Suez to Brexit in Britain
Alonee (Faber).
Veteran diplomat Peter Ricketts con-
siders the options facing post-EU Britain
in a fast-changing world in Hard Choices
(Atlantic, May); in How Britain Ends
(Head of Zeus, February), journalist
Gavin Esler asks whether the nationalist
sentiments that informed Brexit could
result in the break-up of the United
Kingdom. An earlier fractur-
ing of the UK is addressed in
Charles Townshend’s The
Partition (Allen Lane, April)
which looks at the events
leading up to Ireland’s inde-
pendence and division 100
years ago. With his account
of the crushing defeat of
Jacobite forces, Paul
O’Keeffe’s Culloden (Bodley
Head, January) promises
poignant reading in a year
when, in the wake of Brexit and d fforth-
h note iinclude
coming Scottish Parliament elections,
the issue of Scottish independence is set
to loom large on the UK political agenda.
The importance of constitutions is the
subject of The Gun, the Ship and the Pen
(Profile, March) by Linda Colley, the
acclaimed historian of British nation-
hood and imperialism. The legacy of
empire, often cited as one of the driving
★ FTWeekend 7
Top row, from left:
staff in protective gear in a
ward converted to handle
Covid-19 cases at a
hospital near Modena,
Italy; a student wears a
Black Lives Matter face
mask at a school protest in
California in August;
novelist Kazuo Ishiguro
Francesco Cocco/Contrasto/Eyevine;
Los Angeles Times/Getty Images; Bridgeman
forces behind Brexit, is the subject of a deeper dive. Helen Gordon brings month, Francis Spufford, best known
Sathnam Sanghera’s new book Empire- things down to earth in Notes from Deep for his award-winning 2016 novel
A look to
landd (Viking, January), which looks at Time (Profile, February) where she Golden Hill, returns with Light Perpetual
how imperialism has shaped modern invites us to read the story of our planet (Faber, February) and Viet Thanh
Britain. The realities of Muslim Britain in its landscape. Nguyen publishes The Committedd (Cor-
and the associated tensions, ignorance In the coming year, a number of books sair). Stephen King’s new novel Later
and hostilities are the subject of Among map out how to change tack. In Reset (Hard Case Crime, March) looks set to
the Mosques (Bloomsbury, June) by (House of Anansi, January) Ronald be one of the highlights of the spring sea-
former Islamist activist Ed Husain. Deibert sketches out a plan son for many readers.
In The Aristocracy of Talent (Allen to reclaim the internet for This early part of the year
the future
Lane, June), Adrian civil society, while Tara Daw- iis a fertile time for several
Wooldridge takes aim at
W son McGuinness and Hana millennial writers who have
m
meritocracy, exploring how
m Schank make the case for aalready established them-
iit shaped the modern world public internet technology in sselves as names to watch.
aand has now come to blight Power to the Public (Prince- Olivia Sudjic’s new novel
O
iit. The sense of a nation not ton, April). As anyone who Asylum Roadd (Bloomsbury,
A
aat ease with itself is amplified has watched that revelatory JJanuary) follows her success
iin Alwyn Turner’s All In It YouTube video of Russian with 2017’s Sympathy,
w y while
Togetherr (Profile, June), a
T opposition leader Alexei Fiona Mozley, whose debut
F
wide-ranging portrayal of
w Navalny and a secret service Elmet was shortlisted for the
E
tthe UK today; while Selina agent, Bellingcat is a highly 22017 Man Booker, returns
Todd turns a critical eye to
T effective investigative journalism
li web- b with
ihH Hot Stew
S w (John Murray, March).
tthe “myth” of social mobility site. The group’s founder Eliot Higgins There is also considerable excitement
iin SSnakes
k and Ladders (Chatto & Windus, Books in 2021 | From life post-Covid to the love life tells the bigger story in We Are Bellingcat ahead of Yaa Gyasi’s new book Tran-
February). (Bloomsbury, February). scendent Kingdom (Viking, March).
February also sees the launch of Black Technology also features prominently Meanwhile, Jeet Thayil’s retelling of
Britain (Hamish Hamilton), a series of of robots, Frederick Studemann and Laura Battle on among the business books of 2021. The the New Testament from the female
“lost or hard-to-find” books by black mega-tech investment phenomenon point of view — Names of the Women
authors. Curated by Booker prize win-
ner Bernardine Evaristo, the series —
some of the new year’s most eagerly awaited titles that is SoftBank is the subject of Aiming
High (Hodder & Stoughton, June),
(Jonathan Cape, March) — is one of sev-
eral high profile feminist novels due to
which will kick off with six titles, rang- Atsuo Inoue’s biography of the group’s be published in the early summer; Lisa
ing from thrillers to historical fiction — founder Masayoshi Son. The Founderss by Taddeo, whose debut, an account of
is part of a broader initiative to correct a Jimmy Soni (Atlantic, May) tells the female desire titled Three Women, was a
historic bias within British publishing. story of Elon Musk, Peter Thiel and the bestseller in 2019, is back with a novel:
Museums are another national insti- Another big topic on the global edited by Simon Heffer. One of the group of disrupters who “made” the Animall (Bloomsbury, June); and Rachel
tution facing questions about their pur- agenda will be US-China relations and many titles postponed from 2020 due to modern internet. In Fulfilmentt (Farrar, Cusk offers a “study of female fate and
pose — and the provenance of their col- how they are reset by President Joe Covid-19, the diaries of the American- Straus and Giroux, March), Alec male privilege” with her new novel Sec-
lections. Expect the debate to continue Biden. In The World Turned Upside Down born British MP and socialite promise to MacGillis brings the latest oond Placee (Faber, May).
iin 2021 with the likes of (Yale, January), Clyde Prestowitz, be a treat. Channon’s career may have investigation into Amazon Wole Soyinka’s Chronicles
Barnaby Phillip’s Loot (One-
B leader of the first US trade mission to been unremarkable; his social life was and its impact on small town, ffrom the Land of the Happiest
world, March), an account of
w Beijing, calls for a more sophisticated anything but. John Sutherland’s Monica Main Street America. Another People on Earth — a story set
P
tthe story of the Benin strategy towards China rather than the Jones, Philip Larkin and Mee (Weidenfeld corporate controversy is iin contemporary Nigeria,
bronzes of the British
b narrow trade scraps of recent years. & Nicolson), a biography of the poet’s explored in Patrick Radden aand the Nobel laureate’s first
Museum. Meanwhile in The
M Confusingly — or perhaps tellingly? — lover and muse, has generated keen Keefe’s “secret history” of the novel in 47 years — will be
n
Art Museum in Modern Times
A the title is one shared with Yang Jish- interest ahead of publication in April. Sackler family, Empire of Pain oone of the clear highlights of
((Thames & Hudson, March) eng’s latest book, though the subject is A more sinister chord is struck by (Picador, May). Other nota- llate summer (Bloomsbury).
Charles Saumarez Smith,
C very different: a history of Michela Wrong’s Do Not Dis- ble business reads include Poetry may not have suf-
fformer director of London’s the cultural revolution. In his tturb (4th Estate, April), The World for Sale (Random ffered the same raft of delays
National Gallery, looks at the
N The World Turned Upside which examines the contro-
w House Business, February) aas fiction, but 2021 looks like
eevolution of the modern Down (Farrar Straus and Gir- vversial life of Paul Kagame in which Javier Blas and Jack a bumper year. In January,
museum and asks whether it
m oux, January) the acclaimed aand the legacy of the Rwan- Farchy probe the hard-knuckle and US poet Rowan Ricardo Phillips releases
has a future. Moving to the contents of journalist offers a highly dan genocide. On a more per-
d secretive world of commodity trading. his first UK book, Living Weapon
museums, Jennifer Higgie brings an detailed account of one of the ssonal note, May brings the Some of the breathtaking and far- (Faber), while Picador opens the year
overdue focus to self-portraits by most terrifying moments in ffinal instalment of Deborah reaching developments coming out of with Annie Freud’s Hiddensee. Granta’s
women artists in The Mirror and the Pal- recent Chinese history. Yet Levy’s “living autobiogra-
L the laboratory are detailed in The Code poetry series continues with Comic Tim-
ettee (Weidenfeld & Nicolson, March). for Roger Garside, today’s phy” Real Estate (Hamish
p Breakerr (Simon & Schuster, March), ing, the debut from Forward prize win-
The history of London would have rulers in Beijing are less Hamilton), in which the
H Walter Isaacson’s account of Jennifer ner Holly Pester (February); another
been very different without Mary Dav- secure than they may writer turns her attention to
w Doudna and her pioneering work on promising debut is Bird of Winterr by
ies, heiress to a slice of land that would appear. In China Coup (Uni- tthe subject of home. And fol- gene editing, for which she won a Nobel Alice Hiller, who handles difficult sub-
become some of the most valuable real versity of California Press, May), ) he
h llowing
i theh success of Another Planet, her Prize. The implications of scientific jects to stunning effect (Pavilion, April).
estate in the world and the cornerstone ponders the end of one-party rule. 2019 memoir of suburban ennui, Tracey innovation for humanity also capture Fans of Michael Symmons Roberts will
of the fortunes of the dukes of Westmin- The new year brings a number of Thorn turns to her later home in My the imagination of some of literature’s have Ransom in March (Jonathan Cape),
ster. Yet her story — one of wealth, mad- notable biographies. In Francis Bacon Rock ‘n’ Roll Friendd (Canongate, April), biggest names: Kazuo Ishiguro’s novel while Kayo Chingonyi’s A Blood Condi-
ness and unhappiness — has been (William Collins, January), Mark Ste- where she explores the women and Klara and the Sun (Faber, March) imag- tion is based on themes of inheritance
largely forgotten, something Leo Hollis vens and Annalyn Swan claim the first female friendship in music. ines the everyday realities of artificial (Chatto & Windus, April). Rachael
hopes to correct in Inherit- “fully comprehensive” — it’s certainly a Turning inwards, Veronica O’Keane intelligence. AI featured Boast’s formal prowess
aancee (Oneworld, May). April hefty tome — biography of the cele- looks at memories — how we make heavily in Jeanette Winter- aalways merits attention: her
brings another historical
b brated artist. Similarly, Philip them and how they shape us son’s 2019 Frankissstein, a Hotel Raphael is out in May
H
insight with Sean Roth (Jonathan Cape, April) — in The Rag and Bone Shop reimagining of Mary Shel- ((Picador), the same month
McMeekin’s Stalin’s War
M by Blake Bailey is the first ((Allen Lane, February). Our ley’s gothic classic; in 2021 aas Andrew McMillan’s Pande-
((Allen Lane), which revisits major portrayal of the novel- mental health is the subject
m she returns to the subject in a monium (Cape).
m
tthe story of the second world ist, who granted the author oof several new books — start- series of essays 12 Bytes Debut novels dominated
war from a less-familiar per-
w full access and independence iing in January with two per- ( Jonathan Cape, June). 22020’s Booker Prize short-
sspective, that of the Soviets. before his death in 2018. The ssonal accounts, Mending the Meanwhile, Edward St llist, and there are several
Back in the present day, 200th anniversary of the Mindd by Oliver Kamm (Wei-
M Aubyn, well known for his ttitles that are worth watch-
tthe challenge of climate death of Keats in marked by denfeld & Nicolson) and The
d Patrick Melrose novels, iing out for in the coming
cchange unsurprisingly also Lucasta Miller in Keats Limits of My Language by
L explores new ground with yyear. These include Megha
ffigures prominently. Ones to (Jonathan Cape, February), Dutch writer Eva Meijer
D Double Blindd (Harvill Secker, Majumdar’s A Burning
M
l d February titles from Bill a “brief life in nine poems ((Pushkin Press). March), which will touch on the h fields
fi ld off (Scribner
(S ib JJanuary), a story of three
Gates with his solution-based offering and one epitaph”. In 2020 many of us were “ecology, genetics, neuroscience and intertwined lives set against the volatile
How to Avoid a Climate Disasterr (Allen A more recent fount of ideas, Edward
Ed d reminded
i d d of the joys and wonders of the psychoanalysis”. backdrop of contemporary India, and
Lane) and Under a White Skyy (Bodley Said, is the subject of Places of Mind, natural world — if only because we were With fiction schedules still playing Peace Adzo Medie’s His Only Wife (One-
Head) by New Yorker writer Elizabeth (Farrar, Straus and Giroux, March) a denied them for much of the year. For catch-up after the disruption of last world, March) — both of which have
Kolbert. Among novelists drawn to the biography by Tim Brennan, who anyone who came away from Colum year, 2021 gets off to a busy start. Kate already received rave reviews in the US.
subject is Richard Flanagan, whose The explores the influences on his friend and McCann’s 2020 Booker-longlisted novel Mosse fans will be eagerly awaiting The
Living Sea of Waking Dreams (Chatto & former teacher. Also much-anticipated Apeirogon astonished at the tales of City of Tears (Mantle), the next book in Frederick Studemann is the FT’s literary
Windus, January) explores the climate are the first volume of The Diaries of migratory birds, Scott Weidensaul’s A The Burning Chambers series, which is editor; Laura Battle is deputy books editor.
emergency through a familial crisis. Chips Channon (Hutchinson, March), World on a Wing (Picador, March) offers published in January. The following Poetry selections by Maria Crawford
8 ★
Books
Twins marrying twins: twin sisters Joy and Gloria Marerum and twin brothers George and William Smith Jr at their wedding in New Jersey — Bettmann Archive
Weird roots of the modern world
Harvard academic Joseph Henrich’s account of why Europeans and Americans
prospered rests on a bold claim — not marrying cousins, writes James Crabtree
W for Rome. When he left
hy did Europeans and
North Americans come
to dominate the mod-
ern world, overtaking
peoples in places like
China and India? The German sociolo-
gist Max Weber put it down to Protes-
tant ethics and asceticism. Harvard aca-
demic Joseph Henrich has a different big
idea: not marrying your cousins.
Beginning around 600AD the Roman
church kicked off a millennia-long cam-
paign to promote good Christian mar-
riages, banning unions not merely
between first cousins but distant rela-
tives too. The result transformed the
organisation and psychology of once-
tribal European societies, giving birth in
Henrich’s telling to the “weirdest people
in the world” — where “WEIRD” stands
for “Western, educated, industrialised,
rich and democratic”.
WEIRD people, a group that includes
most readers of the Financial Times, are
indeed an odd bunch. They see them-
selves as autonomous individuals,
rather than in relation to kin or caste.
They are more trusting, patient, con-
trolling and nonconformist than other
humans. And they almost never marry
relatives, which still account for a quar-
ter of modern weddings in the Middle
East and Africa. “Taken separately, each
trait is uncommon,” as Henrich puts it
in The Weirdest People in the World. “But
in combination this package is
extremely rare — WEIRD.”
Henrich is an eclectic academic, hav-
ing held professorships in both econom-
ics and psychology while also working
on human evolutionary biology. But by
background he is an anthropologist who
did fieldwork on distant Fijian islands
and with Chilean tribal people. Unusu-
ally for his own tribe, however, he has a
facility with numbers. This anthropolo-
gy-meets-big-data approach is not
merely innovative, but underpins a fas-
Captured memories of beauty and fashion
The V&A curator’s memoir is
a deeply nostalgic collection
of essays on objects and their
meanings. By Lauren Indvik
I
n the rarefied world of museum
curators, few are as well known or
celebrated as Claire Wilcox. The
senior curator of fashion at Lon-
don’s Victoria and Albert Museum
since 2004, she is the wizard behind the
curtain of some of the most visited,
acclaimed and emotionally moving
fashion exhibitions of the past two
decades, including Alexander McQueen:
Savage Beautyy (2015) and Frida Kahlo:
Making Her Self Up (2018).
Wilcox’s shows are concrete, organ-
ised, deeply researched things; full of
facts, materials, dates. Her new memoir,
Patch Work, is nothing like them. Effer-
vescent, poetic, puzzle-like, it is not a
tangible account of how the daughter of
a junk-shop owner developed her career
and curatorial style, but rather a gor-
T Weirdest
The
People in the
P dom of Kent to win King Aethelberht
World: How the
W round to the church’s strict matrimonial
West Became
W edicts. Rome adopted these in part as a
Psychologically
P form of competitive differentiation,
Peculiar and
P marking out its teachings from the more
Particularly
P permissive family rules held by the vari-
Prosperous
P ous cults, tribal deities and Roman reli-
b Joseph Henrich
by
Allen Lane £20,
A time in much of Europe.
6680 pages
cinating and creative book, brimming
with provocative ideas.
This diverse intellectual background
first led Henrich to notice how many
academic studies in disciplines such as
behavioural economics drew seemingly
universal conclusions from experi-
ments run on Americans, and more spe-
cifically US college students. Repeat
these in China or South Korea and the
results were often strikingly different.
“They don’t actually tell us about
human psychology, but merely reflect
WEIRD cultural psychology,” Henrich
argues. The result is a deep structural
bias stretching from western research-
ers to novelists, who view their own
mindsets as a model for the human con-
dition, rather than an exception to it.
Henrich is a bold scholar. His last
book, The Secret of Our Success, picked a
fight with Darwin, arguing that cultural
evolution, rather than natural selection,
best explained why some societies pros-
pered over others. Social groups com-
pete with one another, learning as they
go. Those with better “collective intelli-
gence” — meaning norms, habits, and
ideas — tend to grow more quickly.
Along the way humans learn useful evo-
lutionary cultural tricks, such as cook-
ing with spices in hot climates, which
protects against pathogens.
A similar story emerges through Hen-
rich’s focus on cousin marriage. In
597AD, Pope Gregory the Great sent
P
Patch Work:
A Life Amongst
Clothes
C 2010 suicide, “invested a little more
C
Claire Wilcox
Bloomsbury £16.99
B — her marriage, a miscarriage, the seri-
2288 pages
geously written, deeply nostalgic collec-
tion of essays on objects (“Hair”,
“Kimono”, “Red Shoes”, “Counter-
pane”) and the histories and memories
they contain.
Reading Wilcox’s memoir is a bit like
an archaeological dig for fragments
from which to piece together a history.
There are entire chapters about design-
ers who are never named.
Only by stringing together clues — a
quote, the mention of a wispy jungle-
print dress or a “placing dried baby
crocodile heads on to the shoulders of a
jacket”— can we conclude that she is
writing about Vivienne Westwood,
FTWeekend
missionaries to the Anglo-Saxon King-
gious leftovers that held sway at the
The resulting campaign, which lasted
hundreds of years, also pushed back
against arranged marriages, polygamy,
and incest. This “extreme package of
prohibitions” was not easy to follow,
given it forced people to seek partners
far outside kin groups. But by about
1,000AD the Anglo-Saxons had been
persuaded. By 1,500AD, monogamous
nuclear families had replaced tribal loy-
alty across much of Europe.
All this proved advantageous to the
church, which surpassed other reli-
‘WEIRD’ stands for
‘Western, educated,
industrialised, rich
and democratic’
gions. More importantly, Henrich
argues, it helped western Europeans
prosper. He shows how WEIRD peoples
evolved to become more co-operative,
helping them to live as individuals in
free towns and trade with strangers in
markets. They also grew less violent,
partly because men show lower testo-
sterone levels when they form the kind
of exclusive monogamous relationships
Pope Gregory had in mind. “From the
ruins of traditional social structures,
people began to form new voluntary
associations based on shared interests
or beliefs rather than on kinship or
tribal affiliations,” Henrich writes.
Gianni Versace or Alexander McQueen
(who, she writes in an allusion to his
than most designers”). Major life events
ous illness of a child — are alluded to
rather than described.
If there is an overlap between cura-
torial and literary style, it’s in Wilcox’s
ability to pick at the heartstrings. A
room of Frida Kahlo’s painful, spine-
contorting corsets and braces at the
V&A two years ago moved me to tears;
so did a brief chapter on Wilcox’s
ageing dog.
Bit by bit, we learn that she was born
in a council flat in Pimlico, central Lon-
don; that she studied English at the Uni-
versity of Exeter and worked for a brief
time, in 1977 — year of the Queen’s Silver
Jubilee and the arrival of punk — at a sex
shop selling panties that were “sheer
and crotchless and trimmed with a satin
bow” and “arousal cream [that] burnt
like hell” before being sacked.
It emerges that she spent four years
on short-term contracts with the V&A
(where she was not deemed “keeper
And so the modern world was born.
This theory is far from uncontrover-
sial, and in making it Henrich is now
picking a second fight, this time with
other sweeping social theories that seek
to explain why societies rise and fall. He
shares similarities with the political sci-
entist Francis Fukuyama, for instance,
who also examines how modern impar-
tial states replaced kin-based “patrimo-
nial” governance — a transition Fuku-
yama argues is much trickier than mov-
ing from dictatorship to democracy.
Henrich’s view echoes another big-
idea book of the past year, The Narrow
Corridorr by economists Daron Acemoglu
and James Robinson. This also located
the origins of western success in tribal
5th-century Europe, although for quite
different reasons, focusing instead on a
back-and-forth relationship between
the state and civil society, and making
no mention of cousins or marriage at all.
Perhaps the more useful question is
what we in the west might now learn.
Henrich notes overconfidence as
another trait of WEIRD societies. Such
bullishness seemed apt when the world
appeared to be conforming to western
models, an idea associated with Fuku-
yama’s “end of history”. Yet Henrich
shows that WEIRD institutions have
often simply been grafted on to other
societies, as when China introduced
western marriage norms by diktat in the
1950s. Underneath, differences in cul-
ture and values remain profound. It
should perhaps not be surprising that
western-style liberal democratic norms
often struggle to take root elsewhere.
This in turn raises questions about the
extent to which WEIRDness still confers
social and economic advantages. Here
the experience of Covid-19 should at
least give pause, given the way so many
western societies struggled when com-
pared to eastern nations like China and
Japan. More generally, as we westerners
come to terms with our own gradually
declining power and influence, we
might benefit from a more modest con-
ception of our own abilities too. Weird
certainly, but not necessarily better.
James Crabtree is the author of
‘The Billionaire Raj’
material”) before leaving to study art
at Camberwell, eventually returning to
the V&A in a full-time role.
We watch as Wilcox becomes the
interesting woman she yearns to be in
her youth: “to have interesting
things, to be well travelled, to live in a
shadowy house full of books and
V&A senior
fashion curator
Claire Wilcox
Suki Dhanda
Latin lessons
for Team Biden
Two books on ancient Rome offer a timely reminder of
how to obtain, retain and renew power. By Alec Russell
C
assius Parmensis is not
a name likely to fea-
ture in discussions
among Donald
Trump’s advisers as
they consider how to deploy the
outgoing president’s war chest and
fan base in order to resurrect his
fortunes. By the same token, one
can assume that the rather more
famous Roman, Scipio Africanus,
is not being cited by Joe Biden’s
staffers as they seek a revival of
America’s fortunes. Yet I found
myself reflecting on the dilemmas
facing both sets of aides as I read of
Parmensis and Scipio in the two
latest histories to address aspects
of ancient Rome.
Poet, playwright, and admiral,
Parmensis is one of the lesser
known of the idealists, ideologues
and rivals who killed Julius Caesar.
The Last Assassin is a novella of a
history of his 14 years on the run
after that fateful Ides of March.
He was the last of the assassins
to evade the vengeance of Caesar’s
adopted heir, Octavian. His story
is not just a gripping sideways take
on the tumultuous last chapter of
the Roman Republic. It is also
implicitly a timely reminder how
to obtain and retain power, which
seems all the more relevant as a
successor world hegemon pre-
Scipio took over after a
catastrophic few years
office Rome had never
been more powerful
pares for change at the top.
As you would expect from a dis-
tinguished former journalist,
Peter Stothard, knows how to
deploy the telling diamond stud of
a detail — whether in Senate
debates, sea battles or describing
the fusion of poetry and propa-
ganda. This was a time when poli-
ticians vied to enlist top poets for
their PR campaigns. Parmensis’
“scabrous satire” about Octavian’s
past finds an echo in Trump’s
snarling taunting of his rivals —
Lyin’ Ted, Sleepy Joe, et al. But the
Latin poet’s jibes, we learn, lacked
the “subtlety” to thrive in a nas-
cent age of autocracy.
The narrative also reminds us
that there was nothing inevitable
about Octavian’s accretion of
total power — or the conspirators’
losing of it. Just as it is now easy to
see that if Trump had pursued a
different coronavirus strategy he
might have won a second term,
so Parmensis and his fellow assas-
sins threw away a number of
golden opportunities.
Stothard has woven a taut
thriller from scant historical
threads. But most of all this is a
story of principles and the fight
against tyranny, and all the better
for focusing on one of history’s for-
gotten players. The backdrop is a
power struggle that would define
the future of much of Europe,
north Africa and the Near East.
This is also the terrain of Gladius,
an account of the single greatest
factor behind the remarkable lon-
papers and all sorts of old things”.
Patch Work can be at times frustrat-
ingly elusive. I wished for more about
how Wilcox puts together her exhibi-
tions, for longer glimpses of her vast res-
ervoir of knowledge about history and
clothes. She mentions her cotton house
kimono, and how kimonos are “cut
2 January/3 January 2021
The Last Assassin: The Hunt
for the Killers of Julius Caesar
by Peter Stothard
Weidenfeld & Nicolson, £20, 274 pages
Gladius: Living, Fighting and
Dying in the Roman Army
by Guy de la Bédoyère
Little, Brown, £25 University of Chicago
Press $30, 352 pages
gevity of Roman power: the army.
The author, Guy de la Bédoyère,
has been writing on the Roman
world for three decades. Here he
expertly keeps himself in the
shadows aware that the details and
story need little authorial inter-
vention. We hear of now long-for-
gotten emperors, such as Probus,
who disliking indolence pushed
his soldiers too far and ended up
being chased up a tower and killed
by them. We read of stratagems
such as Roman soldiers sowing
turnips to trick Carthaginians into
thinking they had the wherewithal
to withstand a long siege. We learn
of their centuries-long perfection
of planning and logistics. Readers
in HR departments looking for his-
torical buttressing of their brief,
will be heartened to know that at
one stage the army had individual
career reviews of every soldier.
(When seeking to root out trouble-
makers, Mark Antony supposedly
consulted them.)
But it is the welter of individuals’
stories that makes Gladius such a
triumph. There is Chrauttius, a
legionary posted in a camp at
northern Britain at the end of the
1st century AD, who wrote to a
friend based in London hoping he
could send him some shears. We
also learn of the lives of trailing
spouses at the same camp, Vindo-
landa, as well as tantalising
glimpses of the lives of children of
peripatetic military families. All
these are via the same source: the
hundreds of wooden leaf tablets
that were preserved in Vindo-
landa’s waterlogged soil for nearly
two millennia. Their discovery,
starting in 1973, has transformed
our understanding of the lives,
appetites and careers of ordinary
legionaries, and highlighted the
potential fluidity of a career in
what has traditionally and under-
standably been depicted as the
ultimate disciplinarian’s machine.
Implicit in the narrative, which
carries you through 800 years of
history, is that if you stick to fun-
damentals, however calamitous
the defeats, however flawed indi-
vidual leaders, the mission can
endure. That is why I would com-
mend it to Biden’s team. They
should think of Scipio. He took
over as consul after a catastrophic
few years for Rome that had seen it
close to being toppled from its ped-
estal — and when he finally left
public office Rome had never been
more powerful.
Biden is not Scipio. But if there is
a common theme to these two
riveting histories it is that great
global superpowers can easily sur-
mount the odd bout of turbulence
at the top.
Alec Russell is FT Weekend editor
square, so that they lie flat . . . [and] can
be folded up easily, unlike western
clothes that are tailored to fit the body”
and that “the sound of the fabric was
important too . . . the rustles and whis-
perings of the layers were seductive to
the senses”. We learn that if an exhibi-
tion is poorly titled, people won’t come.
Reading this work is a bit
like an archaeological dig
for fragments from which
to piece together a history
More of that would have been welcome,
and relished.
For those who prefer their memoirs in
the traditional style, this book might not
make enjoyable reading. But with a little
patience — to linger over arresting
images, to be immersed in Wilcox’s
memories — Patch Work makes the
effort well worthwhile.
Lauren Indvik is the FT’s fashion editor
2 January/3 January 2021 ★ FTWeekend 9

Books

P
art intro to Russian litera-
ture, part musings on craft, A
Swim in a Pond in the Rain is all
pleasure. Best known for his
surrealist short stories and
A distressed mind
Booker Prize-winning novel Lincoln in A powerful stream-of-consciousness that maps the
the Bardo (2017), George Saunders here protagonist’s every thought in a single day. By Zoë Apostolides
puts on his professorial cap.
Based on a class he has taught for 20
years to MFA students at Syracuse Uni- llittle scratch the office, and while this microcosmic
versity, this book amiably analyses R
Rebecca Watson world of logging on and showing up
seven 19th-century Russian stories by FFaber & Faber £12.99 was contemporary at the time of
Chekhov, Tolstoy, Gogol and Turgenev, 2202 pages writing, it feels somewhat dated after
selected out of about 30 used for the the unusual year that was 2020.
course. It’s rich pickings: as Nabokov The narrator steels herself against the
noted, the 19th-century was “sufficient entrance, “past lifts, down into the
for a country with practically no liter- dreaded corridor / through dreaded
ary tradition of its own to create a litera- swing doors, past dreaded toilet,
ture which in artistic worth, in wide- kitchen on dreaded left, dreaded desk,
spread influence, in everything except dreaded desk” while the right-hand col-
bulk, equals the glorious output of Eng- umn descends, one word at a time: “why

T
land or France”. he average person experi-
Because his students are aspiring ences more than 6,000 indi-
writers, rather than academics, Saun- vidual thoughts per day:
ders’ focus is more on the “physics of the exhausting to consider, let
alone write about. Fiction
A work of art ‘has to surprise can distil these moments, organise the
messiness of the human mind, evoke
its audience, which it can do empathy. And yet empathy — or at least
only if it has legitimately pity — is what the unnamed narrator of
this astonishing debut fears, as she
surprised its creator’ wrestles with a hidden trauma and how
Anton Chekhov (left) with Leo Tolstoy in 1902 — Alamy to disclose it — not only to those around
her but more importantly to herself.
/ am / I / here”.
Except to the reader, she is largely
silent, staring at a poster discouraging
workplace bullying while senior col-
leagues provide a braying soundtrack,
“ha ha they say ha ha”.
The protagonist’s boyfriend, and to a
lesser extent her mother, appear cameo-
like from time to time, but their oblivi-
ousness to her trauma render them
superficial, deliberately so it seems: “I
love him, but what I love more, right
now, is a duvet over my head”, she

Writing with Chekhov

form” than on critical analysis. What is
it that makes a short story work, and
how can we reverse-engineer greatness
to write one ourselves? Why did the
authors make the choices they did?
When is a story “done”? For Saunders,
who favours an iterative, instinctive
writing process, structure emerges from
paying attention at the line level rather
than planning in advance. A work of art
“has to surprise its audience,” he writes,
“which it can do only if it has legiti-
mately surprised its creator”.
Chekhov, considered the father of the
form, has three short stories in the sur-
vey. Saunders uses “In the Cart”, about a
lonely schoolteacher, to show the key to
any effective writing: making a reader
want to keep reading. “The Darling”,
featuring a serial monogamist, illus-
trates how Chekhov plays with our
expectations of patterns. “Gooseber-
ries” — which contains the swim from
which this book’s title is taken — dem-
onstrates the value of digression.
The Russians regarded fiction “as a
vital moral-ethical tool,” writes Saun-
ders — asking the “big questions” such
as “How are we supposed to be living
down here?” Some authors are more
forthcoming with answers than others:
Chekhov believed that it wasn’t an art-
ist’s job to solve problems but rather to
formulate them correctly. As Janet Mal-
colm notes in Reading Chekhovv (2001),
“unlike Tolstoy, Chekhov leaves the
question of what it all means unan-
swered. He raises it, but then — as if
remembering that he is a man of science
and a rationalist — seems to shrug and
walk out of the room”.
Tolstoy, in turn, is represented with
two stories. One of which, “Alyosha the
What makes a short story work? In a sparkling study of the Russian greats,
George Saunders articulates the mysteries of the muse, writes Mia Levitin
Pot
of a simple servant, is included for its
capacity to move the reader; as is Turge-
nev’s “The Singers”, which — in a sort of
metanarrative — features a singing con-
test in which emotional response
trumps technical ability.
Saunders uses Gogol’s iconic story
“The Nose”, in which a civil servant
wakes up with his nose missing and later
sees it strolling down St Petersburg’s
A Swim
S i iin a PPondd Nevsky Prospekt, to discuss unreliable
in the Rain: In Which narration. In the Russian narrative tra-
Four Russians Give a dition called skaz, “an unbalanced nar-
Master Class on Writing, rator describes, in an unbalanced voice,
Reading, and Life the doings of a cast of unbalanced char-
by George Saunders acters,” he explains. “In other words,
Bloomsbury £16.99, 432 pages like life.” It’s not that Gogol was an
absurdist, trying to communicate that
we live in a world without meaning,
Saunders argues. Rather, he created new
realities to relay how things really are.
The challenging of his choices of sto-
ries and translations (Saunders is not a
Russian speaker) is something the
author expects and encourages. He con-
cedes that the seven stories selected
aren’t necessarily the best stories writ-
ten by these authors but ones he has
found “eminently teachable”. Saunders
mentions other Chekhov favourites in
passing — “The Lady with the Pet Dog”,
“In the Ravine”, “Enemies”, “About
Love” and “The Bishop”. No sooner were
review copies out than a good-natured
debate sprung up among critics about
the list: what of masterpieces like “The
Student” (Chekhov’s favourite), “The
Wife” (Edna O’Brien’s), “Gusev” or
“Ward No 6”? One gets the feeling that
for Saunders, it’s all part of the fun (to
tussle, he says, is to connect).
Saunders’ commentary on the stories
reads like the coffee-stained notes of a
professor fond of the subject — and his
students. Where the text sparkles in
particular is in his attempts at articulat-
ing the mystery of the muse. Saunders
likens his creative process to a flow
state: it’s only when a writer steps aside
and surrenders to what Milan Kundera
has called “suprapersonal wisdom” that
the work can surpass the intelligence of
its author. And, as anyone who wrangles
words will relate, what keeps Saunders
at his desk is the “pleasure it was, to
have been, on the page, briefly less of a
dope than usual.”
Rebecca Watson’s little scratch began
life as an entry for The White Review’s
short story competition in 2018. Since
then, Watson (who is the FT’s assistant
arts editor) has expanded the material,
building it into a novel that feels voyeur-
istically close, as the narrator shares
WhatsApp messages, images, questions,
fantasies and flashbacks that chart
morning turning to night across
a single day.
The “stream” in stream-of-conscious-
ness suggests small rivulets of percep-
tions and impressions in real time.
Inherent to this approach is the diffi-
culty of ensuring readers take as much
notice of the significant thoughts as the
transitory or less important ones, at
least in terms of plot.
In little scratch, the events unfold in
fragments mirrored in the typography
of each page, which is mostly split into
two or three columns. It sounds like a
tiring read, but the rhythm is engaging
and the voice instantly recognisable.
The little scratches of the title are
both literal — the secret of the narrator’s
trauma made manifest through com-
pulsive scratching of her skin — but
figurative too. She wakes up hungover,
pushing unwanted memories firmly
away, “no more thinking about that
now”. She scrambles into clothes, on to
the Overground, through the office’s
swing doors; she contemplates soup in
the canteen, performs mundane tasks,
cycles to meet her boyfriend, has a pint.
It’s a constant cycle of “awake! remem-
bering, sleep, wake!”
Her pain, though, is private: “look
at me”, she observes, “being an
ordinary person”.
A large part of the story takes place in
thinks, “pretending for ease”. There is
little they can do to help, and this sense
of isolation reinforces the vicious, pris-
on-like circle of her groundhog days.
Ancillary figures, like a man selling
caramel nuts, intrude “to show his
presence when I was finally for a
moment not present anywhere . . .
needing me to notice, to be interrupted,
to give the attention I was so set on giv-
ing elsewhere”.
These instances provide wider,
though nuanced, context, on the toll
that such interactions — the smiles,
nods, unsolicited comments — take on
daily life, particularly that of a woman,
and how hard this can be to articulate to
someone who hasn’t experienced them.
Many books dealing with a subject as
serious as Watson’s hold their readers
firmly within an atmosphere of pain,
but here, the instances of playful rage,
frustration and knowing cynicism
neatly reveal that horror and humour
need not be mutually exclusive.
There is power in the narrator’s vul-
nerability, in her multitudes colliding,
in the casual digressions, in the joy she
finds through simple things — mint tea,
cycling home in the dark, chips dipped
in gravy, having sex.
Much like Michaela Coel’s TV drama I
May Destroy You, this novel’s climax
comes through the narrator’s own
acknowledgment of her terrible trauma
and what it means, rather than through
neat divulgence or justice-seeking.
It was rare until recently to find
female characters who recognise their
suffering without letting it define them.
The unsayable becomes sayable — and
for this book, this narrator, that may for
now be enough.

The Poem
The First Last Light in the Sky Creepy Christmas reading
By Rowan Ricardo Philips

T
he season of goodwill has
That on the silent horizon, something long been associated with
Not a sunrise rose, half itself and half ghosts and ghoulishness
The horizon, dragging its bulk, its lights too. Jerome K Jerome noted
And salts, from under shifting sheets of sea, this dichotomyy in the intro-
Leveling the sky into shallow moats duction to Told After Supper,
r his 1891 col-
Of sounds, flecks of birds, beginning again lection of light-hearted spooky tales:
To believe all brief and sideways dreaming “Nothing satisfies us on Christmas Eve
To be, as previous was the complaint, but to hear each other tell authentic
Lint on time’s black coat, blanketing the west, anecdotes about spectres. It is a genial,
Becoming the unfathomable death mask festive season, and we love to muse
Freckled with stars, rendering itself
As its other, as though to mirror la,
upon graves, and dead bodies, and
murders, and blood.” Fairy lights cast
But not mirroring it, and therefore now deep shadows, it seems, and there are
Mirroring it, all sumptuous unscripted certain shivers even a blazing hearth fire
La, la mirroring la like the pricked prong can’t banish.
Of a tuning fork that, for all its song, And so we turn to Andrew Shaffer’s
Between sensation and sensation is Secret Santa (Quirk, $15.99), a love letter
Still nothing but air, a titan’s dying not just to the tradition of yuletide
Air, a titan’s dying air now again frights but also to the horror fiction
A titan’s surging flame, an ancient flinch boom of the 1980s, when spine-tinglers
In an ancient sun mirrored and made by the likes of Stephen King, Peter
Into la, the void in the voice, the voice Straub and Anne Rice routinely topped
In the void, lala: aiai, song and pain, the bestseller charts.
Song and pain, song and pain, and there it is. Set in the middle of that decade, the
novel follows book editor Lussi Meyerr as
From ‘Living Weapon’, to be published by Faber on January 21 (£10.99) she joins prestigious but stuffy publish-
and in the US by Farrar, Straus and Giroux on February 18 ($24) ing house Blackwood-Patterson one
freezing December. She aims to revive
the company’s fortunes by adding
crowd-pleasing horror titles to its list
but is immediately beset by a series of
mishaps that at first seem like pranks
gone wrong before they take a more
sinister and violent cast. The blame
clearly lies with a “Percht”, a hideous,
evil doll with its roots in German folk-
lore, which has been given to Lussi as a
Secret Santa gift.
Shaffer writes with a keen eye for the
The Hug by Curtis Sittenfeld tropes of the genre but also a sharply
ironic sense of humour, as one might
‘Are you acting like this because of jealousy or germs?’ says expect from an author who has penned
Daphne to her husband Rob. Daphne’s long-ago ex-boyfriend, a mystery series featuring Barack
Theo, is due to pass through St Louis where they live and Daphne wants to Obama and Joe Biden as hard-bitten
give him a hug when they meet. Theo has really struggled with the lack of
crime-fighters.
human contact during the pandemic, she explains. Rob would rather she
didn’t. But is his objection borne out of health concerns or relationship For instance, an intern is injured
insecurity? And will Daphne go through with it? when a teetering slush pile of manu-
scripts falls on him, while a copy editor
To read ‘The Hug’, a short story written exclusively for the FT by American becomes the victim, literally, of his
author Curtis Sittenfeld visit FT.com/books own pencil.
Secret Santa provides chuckles and
knows his way around a catchy title. He here, embodied by Zoey herself. For all
is also responsible for books named John her sarcasm and her flip attitude she’s
Dies at the Endd (2007), This Book is Full of an earthy character with real heart, giv-
Spiders (2012) and Futuristic Violence ing the book’s social commentary a
and Fancy Suitss (2015). moral anchor.
The new novel is a sequel to the If Wong wants to leave you with a
last of these and reintroduces smile on your face, Adam Roberts would
protagonist Zoey Ashe, who has inher- like you to die laughing.
ited a criminal empire from the father His It’s The End of the World (Elliott
GENRE ROUND-UP she barely knew. Now she runs the and Thompson, £14.99) is a fascinating
city he founded, Tabula Ra$a, a survey of the apocalypse in popular cul-
SCI-FI lawless high-tech desert town where
everyone is watching everyone online
ture, from the Book of Revelation
through Mary Shelley’s The Last Man to
and cybernetic enhancements that The Walking Dead.
By James Lovegrove grant the user superpowers are readily His erudition is thorough and his
available. There’s also a malcontent breadth of reading considerable, as one
underclass intent on overthrowing would expect of a literary scholar and
chills in equal measure and does not ask Zoey through a campaign of harass- laurelled SF novelist, but he brings a
to be taken too seriously. ment, starting with accusations of wittily jaundiced eye to the material,
By contrast, Jonathan Sims’s haunted murder and cannibalism. too. Fear of global extinction is really,
house tale Thirteen Storeys (Gollancz, Wong pokes fun at incels and white Roberts argues, fear of one’s own death,
£16.99) is as sombre as they come. supremacists, and witty lines abound, and the sensible approach to this is to
The dwelling in question is Banyan but beneath the froth there’s substance joke about it.
Court, a development in Tower Hamlets
built by rapacious billionaire Tobias
Fell, who now lives as a recluse in its
penthouse apartment.
One by one we meet a varied selection
of residents, each of them experiencing
menacing apparitions. Their individual
stories all end the same way, with a din-
ner invitation from Fell, and the final
chapter details events of that meal as
the guests assemble for a blood-soaked
denouement.
Sims has a good grasp for how to gen-
erate unease — the sense of things going
unaccountably awry, or happening at
the periphery of one’s understanding, or
being just plain wrong — and builds up
the oppressive atmosphere within Ban-
yan Court skilfully.
The novel’s climax, if a little exposi-
tion-heavy, nonetheless draws together
the threads of the preceding chapters
with aplomb and delivers a cathartic
pay-off after the long, slow accumula-
tion of dread.
Back to lighter fare: David Wong’s
Zoey Punches the Future in the Dick
(Titan, £8.99). If nothing else, Wong — a
pseudonym for humorist Jason Pargin —
10
What does 2021 hold for
museums and galleries that
are facing a perfect storm
of pandemic losses and
increasingly critical public
opinion? By Rachel Spence
T
he pandemic has devas-
tated the culture sector as
brutally as every other
aspect of society. Covid-19
is hitting museums and
galleries in the public sphere even
harder than those in the commercial
sector, which at least have the
opportunity of online trading. Visitors
to museums have dropped about 80 per
cent this year, partly because of
enforced closures, partly because of
the public’s reluctance to travel or visit
public places.
Tate recently announced that it
expects to welcome one million visitors
instead of eight million by the end of
April. Its statement said: “For every £10
we were expecting to make this year, we
are only receiving £4, and we expect to
lose £56m in self-generated income.”
In the US, the Metropolitan Museum
of Art in New York has warned of a
shortfall of at least $150m for the
2020-21 financial year. Visitor numbers
are not expected to recover fully for at
least two to three years.
Financial losses from Covid-19 are
not the only challenges museums face.
Well before the pandemic, environmen-
tal and social activists were holding
western institutions vigorously to
account. Museums were already strug-
gling ­with issues of diversity — both in
staffing and, more importantly, in rep-
resentation in their collections — the
status of objects in those collections and
calls for restitution.
The situation is further complicated
by criticism of many traditional sources
of philanthropic funding and ongoing
concern for the environment.
‘Some have expressed
disappointment the heads
are no longer on display,
most have been positive’
The Black Lives Matter movement
and other world events put a renewed
spotlight on racism, illuminating the
“white gaze” of western institutions.
Even as museums scrambled to promise
that change was afoot, they found them-
selves ensnared in further criti-
cism. “Did our lives matter when you
STOLE ALL OUR THINGS?” retorted
writer Stephanie Yeboah when Hartwig
Fischer, director of the British Museum,
tweeted solidarity for Black Lives Mat-
ter. Yeboah thus yoked racism into the
charged question of restitution.
In Germany, the virtual opening of the
mighty Humboldt Forum in Berlin, 10
years and €600m in the making, has
fanned the flames of controversy about
artefacts from the country’s Ethnologi-
cal Museum, many of which will be dis-
played in the grand new museum.
The issue of who holds and curates
African heritage pieces came to the fore
when Nigeria’s ambassador to Germany
wrote last month to Chancellor Angela
Merkel demanding the return of pre-
cious bronzes looted from Benin.
Despite its ambition and splendour, it is
hard not to feel that the Humboldt
Forum is designed on a museum model
already out of date.
Other countries are working to coun-
teract the historic effects of that tradi-
tional model. In the Netherlands, new
legislation is being drawn up to effect
“unconditional returns” of objects to
their countries of origin. Meanwhile, in
France last month the National Assem-
bly voted to return 26 colonial objects to
Benin and one to Senegal.
Such initiatives signal that calls for
★ FTWeekend
Cultural institutions in crisis
restitution are being taken more seri-
ously than ever before.
These moves throw into relief the
reluctance of other institutions to follow
suit. The British Museum is yet to return
a single bronze to Benin — it has about
800 of them — but has created a new
strand entitled “Collecting and Empire”
to illuminate and acknowledge the
sometimes nefarious back stories to
many of the institution’s eight million
artefacts. But by omitting the Parthe-
non marbles and the Benin bronzes,
critics say it is little more than window
dressing. “It’s still fundamentally con-
servative,” says Alice Proctor, author of
The Whole Picture: The Colonial Story of
the Art in our Museums and Why We Need
to Talk About It.
In the UK, that conservatism reflects
the fact that museums have been “dealt
a really bad hand”, as Hammad Nasar,
curator of the British Art Show 2021,
puts it. Now government pressure is
added to the mix. During this summer’s
electric debate about art and objects
rooted in Britain’s colonial past,
national museums received a letter
from Oliver Dowden, UK secretary of
state for culture, media and sport, warn-
ing them that “the government does not
support the removal of statues or other
similar objects” and suggesting that
funding could be cut if his warning was
not heeded. The threat signals the gov-
ernment’s refusal to uphold the “arm’s
length” principle that has historically
protected cultural institutions from the
ideology of their public purse-holders.
It also seems to run contrary to much
public opinion. At a parliamentary dig-
ital, culture, media and sport commit-
tee meeting, Sonia Solicari, director of
the Museum of the Home, said that
Dowden’s letter left her feeling
“extremely compromised” as she felt
obliged to retain the statue of Sir Robert
Geffrye, a slaver and founder of the
museum’s premises, despite a public
consultation in which voters had over-
whelmingly asked for its removal.
So what is the way forward? With
regards to restitution, Proctor believes
that fortune favours the bold. “Given
how precarious and conditional their
funding is right now, museums have lit-
tle to lose by being braver,” she says. “[In
the UK] we have one of the most con-
servative nationalist governments that
we have had for a long time, and that is
something to which museums can
respond. They can . . . reflect the good
and bad of British history in a brave and
critical way . . . and still be doing their
responsibility as a public institution.”
Some institutions are rising to the
challenge. This autumn Oxford univer-
sity’s Pitt Rivers Museum, previously a
target of fierce protests about the colo-
nial origins of its 500,000 ethnological
artefacts, announced an overhaul of its
display. The changes that garnered
headlines were the removal of tsantsas,
shrunken human heads made by the
Shuar and Achuar peoples of South
America. But a more significant trans-
formation saw objects relabelled to
acknowledge their troubled histories, a
process that continues. Restitutions
have also begun. Ten ancestral remains
were returned to New Zealand in 2017
and ongoing consultations with Austral-
ian government officials should result in
further repatriations.
The revamp, three years in the plan-
ning, has received an enthusiastic
response. “It has largely been very posi-
tive,” says Laura Van Broekhoven, Pitt
Rivers director. “We were finalists in the
Museum of the Year award [in 2019]
and, although some visitors have
expressed disappointment that the
heads are no longer on display, most
have been explicitly positive.”
After several decades in which muse-
ums could not be too ambitious, the
pandemic has exposed the structural
weaknesses of vast international muse-
ums in an age of capitalism. In April, in a
podcast hosted by The Art Newspaper, a
group of museum directors, including
Tristram Hunt of London’s Victoria and
Albert Museum and Sally Tallant of
Queens Museum in New York, dis-
cussed the challenges ahead of them.
Hunt, trying to steer a ship whose
£18m annual turnover requires at
least 50 per cent of its revenue to be
generated through tickets, café and
retail sales, corporate events and
memberships, spoke of the “incredible
envy” he felt for European museums
where there was a stronger tradition of
state support.
British museums, he said, had
become so successful at “commercial
application” that the Covid-induced clo-
sures hit them particularly hard.
Indeed, the staff cuts that have aroused
angry protests this year, though a
2 January/3 January 2021
Clockwise from response to losses caused by the pan-
main: Tate demic, were set in motion over the past
Modern’s decade when museums began to out-
Bruce Nauman source certain roles to commercial sub-
exhibition; sidiaries, thus depriving many of their
demonstrators job security.
protest against Tallant, meanwhile, at the helm
Tate Modern job of a museum with $5.2m turnover,
losses; British said she felt “really lucky to be in a
Museum’s smaller organisation where I can be a lit-
Parthenon tle more nimble”.
marbles; statue What can the flagship institutions do
of Sir Robert in the face of such arduous headwinds?
Geffrye at the As Tate announced a further 120 job
Museum of the cuts this December, director Maria
Home; the Balshaw was asked if the museum
Metropolitan needed to slim down its ambitions. She
Museum of Art replied that the expansions at St Ives
in New York and Tate Modern — whose £260m new
Getty Images; New York
Times/Redux/eyevine
wing was named after one of its main
donors, Russian oil billionaire Leonid
Blavatnik — were “absolutely vital steps
to ensure those museums are fit for
purpose long-term”.
Balshaw admits that “we don’t always
handle things perfectly but we are learn-
ing”, and is one of the many institutional
directors who know it is time for a fun-
damental reassessment. A recent BBC
radio programme, Exploding the Canon,
centred on decolonisation and diversity
and included dissident voices such as
that of social and environmental cam-
paigner Suzanne Dhaliwal, who ques-
tioned the right of a museum to survive
if it could not respect both a diversity
of artists and visitors and labour
rights. The question, said Dhaliwal, is:
“How does the gallery serve the human
in its time?”
One answer is to stand up to political
forces that want to reduce art to the sta-
tus of a commodity or luxury. “The
[British] government found £16bn for
defence but just £1.57bn for all culture,”
says Nasar. “That tells me that there are
people championing the causes of
defence but I don’t see anybody at a sen-
ior level championing the idea of culture
as a basic need. What is needed is cul-
tural leadership.”
Bold, progressive steps are going
to be essential as the culture sector
navigates 2021.
2 January/3 January 2021 ★ FTWeekend 11

Arts
than enthralling, as he used his medium

Exhibitions
to experiment with space and move-
ment. MoMA was his first home, and
holds a trove of commissioned pieces.
Across the world, important galleries
are in suspension, waiting like caged
creatures to be released from their vari-

in prospect
ous lockdowns. In some cities, such as
Hong Kong, commercial galleries man-
age to stay open despite everything and
their shows are always worth seeing.
Some artistic centres have fared better:
Lagos, for instance, an exciting and fast-
growing scene, recently held one of
2020’s few in-real-life art fairs with Art
X Lagos, and its galleries remain open.
For 2021, the magnificent Zeitz
Visual arts | 2021 will be a challenging year across Museum of Contemporary Art Africaa in
Cape Town is planning a large-scale
exhibition of Tracey Rose, entitled
the world, but hopeful plans are in place. Jan Dalley Shooting Down Babylon. The dyna-
mite South African uses the body and
picks a few of the shows we can look forward to performance, as well as film and pho-
tography, sculpture painting and print,
to explore her explosive themes of post-
colonialism and identity.

What will 2021 bring, in

F
or much of the past year, exhi-
bitions in museums and gal-
leries have been like magnifi-
cent mirages: they gleam
alluringly in the distance, but
as soon as we approach . . .
The closures and cancellations have
been frustrating. For us as viewers,
though, they have proved one thing
beyond question — that despite all the
valiant efforts of online programmes,
our appetite for seeing works of art in
the flesh is undiminished. Those of us
lucky enough to catch some of the great
exhibitions that did manage to open in
2020 often found ourselves half-over-
whelmed by the experience. It was as if
we had been re-sensitised by temporary
deprivation. And the crowd control
imposed by Covid has proved, perhaps
ironically, to be an added pleasure.
So what will 2021 bring, in terms of
great exhibitions, in the shining, post-
vaccinated future now on the horizon?
Some of last year’s events were delayed
— the Venice Biennale of Architecture,
for instance, plans to stage its cancelled
2020 edition this coming year, which
will mean the next biennale of art will be
in 2022. There have also been predic-
tions that Covid will spell the end of the
blockbuster show, those mighty assem-
blages of work from all over the world
that — although spectacular — are
extremely heavy on resources and only
work financially with big crowds and
international tourism.
Yet because such shows are usually
several years in the planning, we are still
seeing hopeful programmes devised in
happier times. They might or might not
happen as planned but will probably
happen in some form, at some point. No
one knows exactly what the year will
bring and since this writer’s crystal ball
is in the shop for repairs, all we can
report are the best intentions of some of
the world’s great institutions.
In London, where museums and gal-
leries are currently closed, the Royal
Academy plans Francis Bacon: Man
and Beast, a spectacular showing of
canvases that reveal the great painter’s
obsession with our animal nature.
Bacon investigated humanity by por-
traying it stretched to its primal limits:
look forward to a parade of apes, dogs,
bulls, contorted birds of prey — and, of
course, biped mammals too. (See Jackie
Wullschläger’s review, page 12.)
The RA also hosts David Hockney:
The Arrival of Spring, Normandy,
2020, which was shown in Paris last
year. During lockdown at his home in
Normandy, Hockney documented the
new season with 116 iPad images
printed on to paper that must surely
count as one of the most joyous out-
comes of the Covid year.
At Tate Britain, meanwhile, 2021
should bring a diverse programme, of
which two stand out. Paula Rego, still
with us at 85, is a classic in her own life-
time. A Portuguese artist who adopted
Britain as her home, her fierce portray-
als of life — often women’s lives — draw
on her native roots or delve into quasi-
mythologised yet psychologically acute
illuminations of the human condition.
This is supposedly the largest and most
comprehensive showing of this artist:
a treat in store.
And The Making of Rodin, a collabo-
ration with the Musée Rodin in Paris,
focuses on the humbler side of the great
sculptor’s practice: the thousands of
plaster pieces created sometimes as
maquettes for the more magisterial
stone or bronze works, but sometimes
for themselves. Their display of the art-
ist’s speed and skill, the conjuring of
likeness in a few rough plaster slabs, is
thrilling.
New York’s Metropolitan Museum of
Art is now open, with limited access by
timed ticket, and ongoing shows include
work from across the world. Notably,
two chef d’oeuvre exhibitions: Art of
Native America: The Charles and
Valerie Diker Collection, and In Praise
of Painting: Dutch Masterpieces at the
Met. There is a rich hoard planned for
2021, including a first Met appearance
for the American painter Alice Neel,
who died in 1984, and whose haunting,
enigmatic works are now hotly in
demand. Next year also brings, with the
Met’s usual sweep across time and
genre, Goya’s Graphic Imagination
and New Woman Behind the Camera,
a celebration of dozens of sometimes
overlooked or little-known female pho-
tographers.
At New York’s Museum of Modern
Art, too, photography is due for a fasci-
nating showing this year with Fotoclu-
bismo, assembling the startling work of
a group of amateur Brazilian photogra-
phers, who from 1946 to 1964 created a
vivid insight into the country’s postwar
flowering. Just as brilliantly enjoyable
will be Alexander Calder: Modern
from the Start. Nothing the great
American sculptor did was ever less
Clockwise from main: one of David
Hockney’s visions of spring;
Shanghai women make dolls in an
image by Chinese photojournalist
Niu Weiyu, from ‘New Woman
Behind the Camera’ at the Met; the
François Pinault-funded
transformation of the Bourse de
Commerce, Paris; Alexander
Calder’s 1927 tribute in wire to
Josephine Baker at MoMA
David Hockney; Niu Weiyu; Marc Domage; MoMA
terms of great exhibitions,
in the post-vaccinated
future now on the horizon?
Finally, a beacon of real hope for the
coming year. Paris is about to witness
the opening of a grand-scale project,
many years in the making: the historic
Bourse de Commerce, a circular Belle
Époque building in full Parisian high
style in the heart of Les Halles, has been
remade by luxury goods billionaire and
art collector François Pinaultt — with the
genius of Japanese architect Tadao
Ando — into an enormous contempo-
rary art venue. With a towering glass
domed roof at its centre, it is a remarka-
ble feat of outward renovation and
internal modernisation.
Pinault adds this to an impressive
portfolio of private museums: Venice’s
Punto della Doganaa and Palazzo Grassi
already focus on the display of his col-
lections. His grand new venture makes
the French capital unique in the scale
and ambition of its private contempo-
rary art palaces, joining the (Jean Nouv-
el-designed) Fondation Cartierr and the
(Frank Gehry-designed) Fondation
Louis Vuitton, among others. The open-
ing is January 23, undeterred (at the
time of writing) by a mere pandemic.

solo that was worthy of Spinal Tap.
THE LIFE OF The song was left off Europe’s first
A SONG two albums for being too “unusual”,
but by their third LP (their first on a
major label, Epic) they knew it was
THE FINAL time to crank up the gears. The album
COUNTDOWN opened with the song; it was also
named after it. Released as a single in
1986, “The Final Countdown” reached
number one in 25 countries, including
the UK. In a year notable for the
American guitarist Connor Engstrom
gave it the swing treatment, which got
it 1m views on YouTube, while the
London Symphony Orchestra slathered
it with strings.
Since it was released, the song has
been used as shorthand to amplify
drama in ridiculous ways. The band
played it in a popular US advert for
Geico insurance in 2015: as a man
watched a microwave clock counting

A
s the final deadline for the
end of the Brexit transition
period loomed closer at
the end of December, news
broadcasters kept rallying
around one particular song. The name
of the band playing it was pertinent. Its
opening lyrics felt diplomatic (“We’re
leaving together/but still it’s farewell”), ),
but its stadium-sized intro also
crackled with ominous dread. The song s
was Europe’s “The Final Countdown n”.
Europe began life in 1979 as Forcee,
a Swedish heavy metal band fronted d camp paigns. Hillary Clinton’s team
by Joakim Larsson, who changed hiis
name to Joey Tempest after seeing
the title of the Shakespeare play in
the school library; Force changed
their name to Europe in 1982 to
enter a TV talent contest.
Tempest had borrowed a brand-
new Korg Polysix synthesiser from
a friend at college, and wrote a riff
on it that he liked. As he told Metal
Hammer magazine in 2016: “I alwaays
knew it had something. I just couldn n’t
write a song around it.”
Europe’s guitarist, John Norum,
wasn’t as convinced (he later left th he
band because of the new synth
direction they were taking). “When
I first heard that synth intro, my
reaction was, no, this is nuts. We
just can’t use this. Thank God they
didn’t listen to me.”
A one-minute version had its
first outing at a nightclub opposite
the band manager’s office — he
thought it would make a good
accompaniment to the club’s laser
light show. Tempest then added
lyrics about leaving Earth and
heading for Venus, inspired by
one of the first singles he had
bought, David Bowie’s “Space
Oddity”. Then came a galloping
drum machine beat, and a guitar
Chernobyl and Challenger disasters
and rising cold war tensions, its lyrics
about escaping the world seemed to
strike a chord.
Cover versions have been fittingly
outrageous. Slovenian industrial band
Laibach turned it into a piece of sped-
up, Wendy Carlos-like techno in 1994.
The band Europe, pictured
in 1987 — Redferns
down the seconds to his burrito being
ready, Europe were belting it out in the
corner of the staff kitchen.
US comedy show Arrested
Developmentt used it as a cue for one
of its most ridiculous characters, Gob
Bluth (Will Arnett), the son of a
wealthy family trying to make his way
in the world as a David Blaine-style
illusion nist. Every time the song played,
someth hing in his magic show would
quicklyy go horribly wrong.
It haas also featured in political
used d it to accompany spliced-
toggether news clips of Donald
Trrump during the 2016 US
ellection drive (they changed the
lyyrics to “the final meltdown”, to
reeflect Trump’s reported mental
sttate). In the UK, the Conservative
paarty HQ reportedly played it to
stafff in the course of the 2019
geneeral election campaign as a
motivaational tool.
Joey Tempest wasn’t impressed. Late
in 20199, he issued a press statement
saying he didn’t condone “The Final
Countdown” “being used in
C
aany political context”. He did
teell The Big Issue magazine in
22016 that if he had a vote in the
EU referendum, he’d be a
E
remainer. However, he added:
re
““I’ve paid [British] taxes for
many, many years . . . and I’m in
m
thhe music business. Music is a
free place and therefore we don’t
fr
want to fence anybody in.”
w
He also revealed that the song
had originally been called “The
h
Final Breakdown”, a title that
F
might still have pleased news
m
media today.
m
Jude Rogers
For more in the series go to
F
ft.com/life-of-a-song
f
12 ★ FTWeekend 2 January/3 January 2021

Arts

Baying Left: ‘Study for

Bullfight No. 1’
(1969); below
top: ‘Portrait of
George Dyer

for blood
Crouching’
(1966); ‘Second
Version of
Triptych’ (1944)
The Estate of Francis Bacon

with Bacon
Visual arts | One of 2021’s most anticipated shows
explores Francis Bacon’s studies of the bestial
condition of humankind. By Jackie Wullschläger

T
itian’s quivering dogs, bay-
ing for blood; Velázquez’s
regal horses; the sly black
cat at the end of the bed in
Manet’s “Olympia”: what
nuances of sensibility are revealed in a
musée imaginaire of great artists painting
animals. And then there is Francis
Bacon, whose theme and subject is the
bestial condition of humankind —
instinctual, rapacious, stalked, caged. It
goes without saying that Francis Bacon:
Man and Beast, opening at the Royal
Academy in London when government
guidance allows and certainly among
2021’s most eagerly awaited shows, is an
exhibition for now: Bacon’s enduring
motif is man alone in a room, fearful and
furious. But isolation, in art as in life, is
beginning to pall, and the anticipated
joy of this show is a new inflection to the
modern master of gloom. With his ani-
mals, Bacon’s grand guignol menace is
varied, inventive, sometimes even
touched with comedy.
The perched ape in “Study for Chim-
panzee”, depicted sketchily against bril-
liant cerise, is enjoying posing; he was
based on performing monkeys in the
1950 adventure film “The Elusive Pim-
pernel”. “Study of a Baboon”, playfully
interwoven with a tree, as if the animal
is both imprisoned by its branches and
incongruously sprouting horns, is softly
delineated, almost tender. A pair of
shadowy forms, darker than the night,
sit hunched on a bright lapis lazuli
ground in “Owls” — sinister yet touch-
ing. “Chicken”, its trussed feet a parody
of a crown, is sourced from a Terence
and Caroline Conran cookbook illustra-
tion, a smudge of blood added.
Bacon, son of a brutal racehorse
trainer, grew up with animals, including
the family’s red setters, but they trig-
gered his severe asthma; life-long he
was frightened yet fascinated by dogs.
Set bizarrely in the benign landscape of
Monte Carlo’s coastal palm-fringed
road, a snarling canine spinning in a
green circle — flowerbed? roulette
wheel? — derives from Eadweard Muy-
bridge’s photographs of a mastiff called
Dread. In a magnificent grisaille fol-
low-up, “Man with Dog”, the pair on a
pavement by a drain cover, Bacon
blended Muybridge’s source with
Giacomo Balla’s futurist “Dynamism of
a Dog on a Leash”. The man becomes a
mysterious spectre, the dog a predator
of the sewers, and even the smeared,
out-of-focus pavement seems to move
in Bacon’s dystopian urban version.
Bacon’s animals are not all about fore-
boding. The most serene painting he
ever made is the broadly brushed “Ele-
phant Fording a River”, expressing his
pleasure, visiting South Africa, in
watching big game. Bacon subsequently
destroyed “Rhinoceros”, from the same
time — 1952 — as too literal. But the feel
Bottom right: of leathery skin is already visceral in
‘Fragment of a “Head I” with which the Royal Academy
Crucifixion’ show begins: a monkey with bared ani-
(1950); below: mal teeth dovetailed with Velázquez’s
‘Second Version “Portrait of Pope Innocent X”. A papal
of Triptych’ tassel brushes the ear of this weird
(1944) cross-species.
The Estate of Francis Bacon
Bacon said he wanted to paint like
Velázquez, but with the texture of hip-
popotamus skin. “Heads” 1-VI
(1948-49) evolve from the animal-like
to the first iconic, caged, screaming pur-
ple-robed Pope, face reduced to an open
mouth, above which swings again the
mocking phallic tassel. Also on display
will be the sumptuous but unresolved,
Bacon said he wanted to
paint like Velázquez, but
with the texture of
hippopotamus skin
rarely shown “Pope and Chimpanzee”
(1960), where a frenzied, overscaled
ape attempts to upstage the pontiff
imprisoned in a glaring pink block.
Animal-man combat excited Bacon:
he thought bullfighting “a marvellous
aperitif to sex”. An RA coup is to reunite
1969’s three “Study for Bullfight” paint-
ings: the brown-mauve figures of the
bull and toreador are fused, deformed,
seeping ejaculatory white impasto in a
dance of death eroding lines between
flesh and meat, eroticism and vio-
lence. Another first is the inaugural UK
display of “Study of a Bull” (1991),
Bacon’s final completed painting. The
bull, symbol of the life-force for Bacon
as for Picasso, bows out: vaporous and
ghostly, backed into a corner between a
white mirror and a black void in a mon-
ochrome canvas — self-portrait as a
declining, threatened beast.
Man uninhibited, out of control, in a
meaningless universe: there is an argu-
ment that Bacon always portrayed
human experience as animal extremes
of suffering or ecstasy. The suspended
figure in “Fragment of a Crucifixion” is
derived from a photograph of a barn owl
carrying its prey. In “Two Figures in the
Grass”, which provoked complaints to
the police when shown at the ICA in
1955, coupling men resemble fighting
animals. Bacon recorded his love affairs
in imagery of hunter and hunted. “Man
Kneeling in the Grass”, a bulky nude,
buttocks prominent, crawling through
grasslands evoked in long flicked
strokes, was modelled on Peter Lacy,
Bacon’s sadistic lover who thrilled the
masochist artist by suggesting he chain
him up in his stable. In another portrait,
Lacy has the ringed, piercing eyes of a
bird of prey.
In “Portrait of George Dyer Crouch-
ing” (1966), Lacy’s successor squats,
naked, on a gang plank, like an animal
about to jump; he stares down into an
abyss. Dyer committed suicide two days
before Bacon’s major Paris retrospective
in 1971, but continued to appear in the
paintings. In “Portrait with Bird in
Flight” (1980), he is a caged, beautiful
Ganymede, about to be abducted by
Jupiter in the form of an eagle. As Jupiter
gave Ganymede eternal life among the
gods, Dyer acquires immortality
through Bacon’s images.
Hybrid animal-human forms of clas-
sical myth launched Bacon’s oeuvre:
“Three Studies for Figures at the Base of
a Crucifixion” (1944) features bony,
animal-toothed, long-necked quadru-
peds with human hair and ears — Bacon
identified them as the Greek Furies,
goddesses of vengeance.
Forty years on they still permeate the
triptychs, of which two outstanding late
examples come to the RA. In the bull-
fight “Triptych” (1987), a swooping bio-
morph Fury, derived from a photograph
of a diving brown pelican, flies low
towards the bull, a fading, drooping fig-
ure, as if to pierce it with its sharp
beak. A similar pelican/Fury, a coagu-
lated knot of blood in its ear, opens, on
the left panel, “Triptych Inspired by the
Oresteia of Aeschylus”, and presides
over the blood seeping under the door, a
thick impasto trail, signifying murder.
Bacon gave the inner voices of fear
and guilt, despair and entrapment, for
which the Furies are ancient metaphors,
grandiloquent modern expression.
“Consciousness of mortality sharpens
one’s sense of existing,” he said; his gen-
ius was to find a heightened pictorial
language of animal sensation to evoke
also that imagination and interiority
which distinguish man from beast.
royalacademy.org.uk

Post-pandemic opera has the chance for a rethink

Music | As the art form faces an existential crisis, it is important to ensure prejudice is not given a veneer of artistic integrity, writes Richard Fairman

I
t can come as a shock to look back at
opera performances half a century
ago. The acting is often rudimen-
tary, to put it politely, and the
productions clearly come from
another era when there was a quaint
assumption that operas should actually
look as the composers might have imag-
ined them — but it is something else that
is most telling.
This was a period when there was far
less emphasis on how a singer looked. A
sylphlike soprano or a matinée-idol
tenor might have been regarded as a
bonus, but as long as they had a good
voice, singers of all kinds knew they had
a fair chance of a career.
The flood of online operas during the
past year has put a very different picture
in front of us. Audiences have been
treated to productions performed by
handpicked casts of singers, the vast
majority of them white, slim, and at
least tolerably beautiful.
Is this the future? At a time when
the opera world is in an existential crisis,
its financial model holed below the
water line by long months of shutdown,
there is an opportunity to look at every-
thing afresh.
To get one’s bearings, think back to
the sopranos of a generation ago (they
are still familiar today thanks to their
recordings). The top names included
Montserrat Caballé, Rita Hunter, Mar-
garet Price, and later Jane Eaglen, Sha-
ron Sweet, Alessandra Marc. All of them
individuals, in physical shape as in per-
sonality and voice. Would they all have
had the careers they did if they were
singing today? It seems unlikely.
Consider, too, how many black singers
there were, and not minor artists, but
A-list celebrities — Leontyne Price, Mar-
tina Arroyo, Reri Grist, Grace Bumbry,
Shirley Verrett, George Shirley, Simon
Estes, Jessye Norman, Kathleen Battle,
Barbara Hendricks, Roberta Alexander,
Leona Mitchell. Those who assume that
opera is a fusty old art form with a long-
standing history of racial prejudice will
get a surprise to learn that things have
been getting worse, not better.
Today, it is possible to survey the sea-
son programmes of some of the busiest
opera companies, such as the Vienna
State Opera or Bavarian State Opera,
and count the number of non-
white singers in principal roles on the
fingers of one hand (though it is good
to see a few young artists such as
African-American soprano Michelle
Bradley and Samoan tenor Pene Pati
being given encouragement by Euro-
pean companies).
On the other side of the Atlantic the
casting looks rather different. Statisti-
cally, Americans generally have bigger
waistlines, and a greater acceptance of
larger bodies. And it is probably true
that African-American singers are more
likely to make their careers in the US
At some houses, you can
count the number of
non-white singers in
principal roles on one hand
(though that was not the case in the
postwar, segregationist years, when any
inspiring black singer had to make a
name for themselves in Europe first).
Even so, voice is paramount here and
both large-bodied and black singers
have a reasonable presence.
It is an irony that some Europeans
look down on a company such as the
Metropolitan Opera in New York as a
dinosaur because of its reluctance to
adopt cutting-edge productions (the
kind that conservative Americans dis-
parage as “Eurotrash”). Maybe it is
actually in the US that opera is more
modern, at least in terms of its equality
and diversity, if not in the wild artistic
frontier lands of Europe.
How did it come to this? The problem
goes back to the emergence of a new
style of opera production emanating
in the latter part of the 20th century
Kathleen Battle at the Met, 1991 — Getty
from Germany, which put the director’s
concept first.
This promised a more cogent presen-
tation of the drama and better acting,
but at the expense of giving precedence
to singers who looked like the charac-
ters they portrayed. A black singer in
period costume or a large soprano as
consumptive little Mimì in La bohème
was out.
A striking sign of what was going
wrong came in 2004 when “fattism” in
opera hit the headlines worldwide.
American soprano Deborah Voigt had
been booked to sing the title role in
Strauss’s Ariadne auf Naxos at Covent
Garden but was dropped because she
did not fit into the production’s “little
black dress”.
A spokesman for the Royal Opera
confirmed that it was a “question of the
whole style and look of the production”.
The dress went on as planned, but the
singer took the plane home.
Equivalent public showdowns with
black singers are rare, despite many
issues and concerns behind the scenes.
Instead, a gradual reduction in engage-
ments has reached the point where
opera often looks whiter than white.
As technology advances, the pressure
on casting only looks set to continue.
The start of live cinema relays from the
opera house, pioneered by the Metro-
politan Opera in 2006, put singers on
the big screen, where those who look
good in close-up automatically get pref-
erence. The success of online opera this
year probably heralds the final triumph
of looks over vocal ability.
The great shame is that a movement
which promised greater realism in
opera should have ended up shutting
out so many wonderful artists. Surely it
cannot be right that directors claiming
to take opera forward have created an
unequal playing field, in which certain
categories of singers find themselves
blocked from advancement and, at
worst, racial prejudice is given a veneer
of artistic integrity?
It does not have to be like this. As we
look forward to the end of the pandemic
there has been a lot of talk about refash-
ioning opera for the future. What better
way could there be of bringing the art
form into the 21st century than making
sure its singers are representative of
society, big and small, black and white?
If there are equal opportunities, and the
best voices rise to the top, artists and
audiences alike will be winners.
2 January/3 January 2021 ★ FTWeekend 13

Collecting
expect many more auctions to be con-
The Art Market | Can the ducted online and via the new lives-
tream technology than in 2019 — not
least because management has invested
mass move to online selling considerably in some high-tech solu-
tions. But where possible, and certainly
for the higher-value items, the auction
sustain the market this year? houses will try to bring back the in-per-
son excitement. “We don’t want a future
where everything in the art market goes
And when will we see signs online,” says Guillaume Cerutti, chief
executive of Christie’s.
of recovery? By Melanie Gerlis Activity-wise, optimists say supply
will return, partly because discretionary
sellers have been sitting on their hands
for the best part of a year already —
though pessimists are concerned that

I
f 2020 has taught us anything, it is there will be more forced sellers, push-
that there is no such thing as a pre- ing values down and undermining mar-
dictable year. But as we all try to ket confidence.
make sense of a changed world here Some decent consignments are
is a stab at how the art market’s already in the bag, mind — Christie’s
slowdown in sales, drought of fairs and has three major surrealist paintings to
mass move online will play out over the offer in March with a combined esti-
next 12 months. mate of £32m.
Art market sales in 2020 look to have Plus, if we put the thorny issue of
fallen by at least a third across the indus- Brexit and its many unknowns to one
try, with galleries bearing the brunt. The side, global political uncertainties that
key to 2021 will be whether art fairs impact the art market are generally
bounce back. In 2019 these high-octane, reduced in 2021, now that the divisive
temporary events accounted for an US election has almost concluded.
average 45 per cent of gallery sales. Cerutti notes that the forced move
Come 2020, they were decimated. online has brought in a new generation

What’s in store for 2021

Predicting when these global gather-
ings will come back is a Sisyphean task
— they seem permanently to be about
six months away. Some, such as Art
Dubai, are sticking to their knitting and
plan to open in their usual March slot.
The more popular timing for a return
comes a bit later in the spring, with the
postponed Art Basel Hong Kong and
Tefaf Maastricht kicking off the calen-
dar in May.
Both fair organisers offered digital
alternatives in 2020 with online viewing
rooms, but it seems telling that this isn’t
the preferred route going into the new
year. While these vastly improved web-
sites will continue to support such
events and were better than nothing in
2020, they have run their course in their
current forms.
The question is whether springtime
is too soon for a full-scale art fair
— and my prediction is that it is. How
and when vaccines are rolled out is still
unclear and it seems unlikely to me that
we will all be jumping on planes once a
week again by then, if ever. There’s a
valid view that fairs simply won’t come
back the way they were, having already
proved too time-consuming and costly
for many even before the pandemic. As
in other industries, most of the art mar-
ket has been working from home, or at
least from our home towns, and we’ve
found alternative ways of doing busi-
ness. Collectors say that the time not From top: Art mally held in Brussels but this year has
rushing around has helped them Basel Hong its 126 exhibitors show individually in
deepen their knowledge of art and Kong, 2019; a 37 cities (previews from January 27). Its
appreciate it more when they do see Corinthian website will be a back-up resource with
works in-person, while gallerists have helmet, c550BC- all the works on offer in one place.
had the headspace to think more strate- 500BC on Frieze Los Angeles plans a similar
gically about their businesses and the display at Tefaf approach in July when it will spread gal-
shows they want to put on. And we’ve all Maastricht, in leries through architecturally signifi-
helped the planet to boot. the Netherlands cant buildings — though the logistics of
But dealers need to sell art and living Tefaf
getting around LA in high summer
artists in particular need them to do so might make this a harder sell.
too. Fair organisers who have realised On the local level, it will become diffi-
that there is an area between the two cult to differentiate between such
poles of a large-scale event and a web- events and the existing gallery week-
site are on to something. ends or art weeks, but boundaries have
In 2020, fairs such as Copenhagen’s been blurring for some time across all
Chart and Nada Miami experimented areas of the art market and it will be a
with a multi-venue approach, under the case of survival of the fittest.
umbrella of their brands. These are still The fairs will just have to prove that
temporary shows, so can generate their brands, networks and organisa-
excitement and the possibility of tional strengths are additive — which at
affiliated events, but are hosted through this stage seems plausible.
the individual galleries in their respec- Auction houses seemed to adapt more
tive cities. readily to virtual business in 2020, but
Fairs that are already committed to their management also acknowledge
this format in 2021 include the Brafa fair that it is the real-life, event-based sales
for pre-contemporary art, which is nor- that really bring in the goods. I would
of buyers. At time of writing, Christie’s
reported that 40 per cent of its buyers
had come on stream since March 2020,
of which 32 per cent were millennials.
Buyers in Asia have proved particularly
active and here, too, it’s about a younger
generation, buying between $50,000
and $500,000.
Most of these have come to the art
market via luxury goods, says Ben Clark
of the art adviser Gurr Johns, another
area that will continue to expand into
the fine art world. To my mind, the
stumbling block in Asia remains China’s
increasing crackdown on freedoms,
including now in Hong Kong, though on
this front I would expect the art market
to continue to turn a blind eye in the
short term.
There has been considerable noise
about art market disruption forced by
the pandemic. Hopefully, some of the
more inventive collaborations will con-
tinue. Initiatives such as augmented and
virtual realities will keep testing appe-
tites, while existing non-industry plat-
forms such as Instagram will keep dis-
covery alive.
There are some good ideas on the slate
— including a fair-plus-auction event
through a new platform called South
South — but it will be a while before any
feelgood factor really takes hold. This
will prove more a year of rehabilitation
than rip-roaring recovery.

CHESS LEONARD BARDEN
Magnus Carlsen is playing
from an undisclosed
tropical location this
week as the 30-year-old
world champion was in
contention for another
online success in the
Airthings Masters and its
$60,000 first prize. The
tournament, sponsored by a
company selling and
monitoring indoor air
quality, has most of the elite
as participants, with the
notable exceptions of No2
Fabiano Caruana of the US,
and No3, China’s Ding Liren.
Carlsen was assuredly the
best human player of 2020,
even though his fame was
eclipsed by the fictional
Beth Harmon of The Queen’s
Gambit. Yet the crowd
favourite among the tens of
thousands of spectators who
now watch online events
and their free grandmaster
commentaries was Daniil
Dubov. The Muscovite, 24,
excels in creative play, and
his imaginative sacrificial
attack against Sergey
Diversions
8
the Airthings quarter-final
7
on Tuesday and Wednesday
6 of this week. The online
British Championship
5 J 9
finishes this weekend, and
4
the England No1 Michael
3 Adams appears set for
2
victory after defeating the
surprise of the tournament,
1 AQ3
A B C D E F G H
22-year-old Simon Finn.
2400
Karjakin in the Russian Rook and two pawns each is
Championship has been normally a draw, but not
widely acclaimed as Game of here. Can you find White’s
the Year. Carlsen v Dubov only winning move?
was the highlight match in Solution, back page
BRIDGE PAUL MENDELSON
Traditionally, festive season
bridge games are not high
quality. The bidding here
confirmed this, but
declarer’s play was an
impressive start to 2021 . . .
East opened a Weak 2H,
doubled and raised to 3H.
North ambitiously jumped
to game. This encouraged
South — who perhaps
should have overcalled 3NT
originally — to venture a
small slam. West led 7♥ and
South considered what he
knew. East has six hearts,
AQ8 3 2 Dealer: East N/S Game are winners; if he pitches a
86
J 10 8 5 North East South West heart, his side can no longer
J 6 — 2H Dbl 3H cash a trick there. If he
N 4S NB 6NT throws another diamond, he
6 5 74
10 7 2 W E AQ J 9 5 4 diamond finesse could still bares his king.
K6 4 97 2 be right, but also aware that Eventually, West threw his
9 5 2 87 West could come under last heart. Having a count of
S
K 10 pressure, declarer played off the hand meant that, when
K3 six rounds of clubs, throwing declarer cashed ♠AKQ and
A K Q 10 4 3 a heart and three diamonds knew West held J♠, he could
from dummy. West followed play a fourth spade and West
probably headed by ♥AQJ. suit three times, then threw would win. Having nothing
West is likely to hold K♦ and 10♥ and 4♦ but, on the sixth but diamonds, he would have
spade length. At trick 1, East club, found himself to lead one around South’s
played J♥ and South won squeezed. If he throws a ♦AQ, providing him with his
with K♥. Deciding that a spade, all dummy’s spades 12th trick whoever held K♦.

POLYMATH 1,107 SET BY FALCON CROSSWORD 16,673 SET BY MUDD

Jotter pad

Crossword competitions suspended

Dear readers — we have suspended the Crossword and
Polymath competitions while our editors work from home.
We hope you continue to enjoy completing them until
normal newsroom services resume.
14 ★ FTWeekend 2 January/3 January 2021

So many of us have now been out of the office for such a long time that it’s easy to forget how we felt in one.
The photographers and columnists in this Spectrum special remind us, reinterpreting our workplace lives: from
pressure and conformity to fellowship and freedom. And if you don’t miss yours at all, we celebrate that too

The office A photography special

seemed to have given up hope. My
Three years in the office were friends in other offices, still not quite 30,
had already begun nattering about their
pensions. I told a colleague who actually
enough to push Simon Kuper covered pensions of my ambition to
retire at 30. “Not a chance, mate,” he
said. One day, I saw a man in his sixties
into working from home limping through the City with his brief-
case and thought, with horror: that
could be me.
more than two decades ago In summer 1998 I went to tell the FT’s
editor that I was resigning. He did his
— and he’s glad so many of best to conceal his delight. I said I was
going to freelance, writing a column for
The Observer newspaper. “That’s a
us are now joining him leaky ship,” he frowned. The Observer
was founded in 1791, but life-long office-
workers tend to be risk-averse. Leaving
the building, I felt as if I was handing in
my junior membership card of the

T
his week 26 years ago, I
started office life. Wearing a
cheap suit and awkwardly
knotted tie, I clicked
through the security gate at
One Southwark Bridge, London, the
FT’s office from 1989 to 2019 — and a
sick building if ever I saw one.
At about 5pm that first day, the full
horror of the office-worker’s existence
dawned on me. School had done its job
of preparing me for the regimented
daily tedium. But at least school gener-
ally ended mid-afternoon. In the office,
long after the January night had fallen,
my new colleagues kept bashing away at
their computers in a room where the
windows didn’t even open. Careers
spent seated under fluorescent lights
had denatured their bodies and skins.
One day, I realised, I would be them. I’m
not big on Wordsworth, but I remem-
bered the lines that John Mortimer’s fic-
tional barrister Rumpole was always
quoting:
Shades of the prison-house begin
to close
Upon the growing Boy
I made my escape from the office early,
and have worked from home for 22
years now. I only hope the pandemic
permanently liberates others from
these inhuman places.
Leaf through these pages and you’ll
see some of the things that office-work-
ers leave behind each morning. The
family snaps on the edges of Endia Beal’s
portraits are vestiges of what Orwell
satirically called “ownlife”: the suspect
private sphere. Jessica Bernard’s pic-
tures of absurd “team-building” games
stand for the lost world of play. Hiroshi
Okamoto captures the monkey suits
that drain office-workers’ individuality.
Saskia Groneberg’s sad office pot plants
are faint signals from distant nature.
All offices are versions of each other,
whether they produce invoices, archi-
tectural drawings or newspaper articles.
I recognise most of the horrors in these
pictures, and remember others. Proper
food — scarce anyway in mid-1990s
London — didn’t exist at Southwark
Bridge. The canteen specialised in Brit-
ish-East German fusion cuisine.
Some people spent lunchtimes at
their desks eating plastic bags, which on
closer inspection turned out to be sand-
wiches. In a tiny act of rebellion, a few
like-minded souls and I would go out to
a local coffee shop that was known as
“Toilet Harpers” because it occupied a
converted former public toilet.
My colleagues were mostly good com-
pany. Say what you will about journal-
ists, but because the nature of the job is
getting information from other people,
they tend to be sociable types and
‘When I realised I could
write my column
from anywhere, I bought
a flat in Paris. I suspect
the FT didn’t even notice
I’d moved’
good listeners. The profession also has a
decent male-female balance, except at
the top.
But I came to realise that my older col-
leagues had been institutionalised by
office life, sometimes over the course of
40 years. They no longer even expected
to see natural light on workdays half the
year, except on their morning walk from
home to Tube. Like lifers in jail, they
couldn’t quite cope in the outside world
any more. Some only saw their children
briefly at night, if that. They had lost
contact with old friends because, even
on weekends, commute plus work
left them too drained to leave their
neighbourhoods.
Instead, they had shifted their emo-
tional existence to the office. As in any
workplace, people who had worked
together for decades took care of each
other. One colleague told me she’d gone
to confide in the workaholic managing
editor about a personal disaster that
required her to take time off. “You won’t
tell anyone, will you?” she asked him.
He said, “If you only knew half the
things people tell me in this room.”
The FT’s editorials in those days were
pretty Thatcherite, but the workplace
was soft-hearted. A burnt-out case who
could no longer write was given a job fer-
rying messages between desks. When a
team of expensive consultants per-
formed a time-and-motion study of our
work processes and recommended
sacking him, the staff rebelled.
The flipside of closeness was excessive
socialising. People felt they had to be
there till 7pm anyway, so in those pre-
online days (Southwark Bridge only got
internet in about 1998) they might as
well pass the time chatting.
The challenge was to slack off without
the bosses noticing. I hit on a trick that
Establishment.
But it turned out that even in 1998, all
the technology for homeworking
already existed: the internet, the tele-
phone and the Tube for those occasional
visits to offices. I no longer wasted hours
a day commuting or chatting. I’d made
sure to leave the FT on good terms, so I
continued to sell it the odd article. I soon
realised that it wasn’t the work that had
got me down; it was the workplace.
Popping into Southwark Bridge
months after resigning, I passed a
former colleague on the stairs. She
glanced at me with half-recognition,
stopped, scrutinised me and said: “You
look healthier.” That’s because on sunny
days I worked from a deckchair in
Regent’s Park.
I discovered over time that my three
years at Southwark Bridge paid off.
Because I’d spent endless hours with
people at the FT and knew the corporate
culture, a quick email was usually
enough to ascertain whether they’d take
From top: an article. Later the FT gave me a col-
Büro/Office, umn. When I realised I could write it
1995 from almost anywhere, I bought a flat in
Paris. I suspect the FT didn’t even notice
Detail XI, 2007 I’d moved until years later. After I
acquired a family, that flat became my
Photographs workplace. It’s where I wrote this article.
by Thomas Quite accidentally, I had anticipated a
Demand sequence that may now become com-
VG Bild-Kunst, Bonn/
DACS, London
mon: spend your first couple of working
years in the office getting acculturated,
then gradually detach until finally
you’re living more comfortably and
cheaply 300 miles away. Then the big
city becomes an occasional meeting-
place and playground, instead of an
overburdened human supply chain for
1980s offices.
My commute is now a 12-minute bike
ride. I no longer wear suits. In fact, I’ve
spent much of this longest winter sitting
at my desk in a woolly hat. When I want
to talk to someone, I decide who it is, so I
no longer have to listen to Joe from
Graphics talk me through last night’s
worked best for white men: leave a suit Chelsea game while my will to live
jacket draped permanently over my fades. When I do have to dress up or
empty chair, so that whenever a boss see colleagues, it feels like a thrilling
walked by, generally a fellow white man adventure.
of similar educational background, he’d Early in the pandemic, about 80 per
think, “Ah, Kuper, good chap, working cent of employees reported that they
all hours.” liked working from home, according to
Meanwhile, I worried that I would research by McKinsey. I hope they can
never escape. Most of my colleagues keep doing it forever. ­

Key workers
back to health, or just because they
have lived with them for years. Studies
have found our brains relax when we
look at plants and that sick people heal
quicker when they have a tree outside
their hospital window. So office plants
might indeed have a healthy side to

Saskia Groneberg’s photos

B ‘The office plant is allowed

üropflanze (Office Plant) is a
study of German office flora.
highlight how even the The bits and pieces of nature
workplace can’t keep out brought to the workplace,
almost unconsciously, seem
the spark of life to reveal a lot about the basic needs of
human beings when placed into an
inorganic, standardised environment,
where everything present is supposed
to be functional.
Even when provided by a company
as decor, the office plant is allowed to
thrive and blossom without opposition:
a tiny bit of anarchy amid the rigid
clockwork, something amorphous
among the geometric forms, a spark of
life within the mechanisms of control.
In contrast to holiday postcards,
family photographs or other attempts
to personalise impersonal office
architecture, plants change and grow —
sometimes utterly unnoticed,
sometimes under close observation
and loving care — up to the ceiling,
around a heater or encroaching
through blinds. Plants can only be
controlled to a certain extent, yet
they are utterly dependent: they must
be watered and cared for to survive in
an arid and artificial habitat.
From the mailroom to the chief
executive’s office, you will find
the same robust species transferred
from subtropical regions, adapted to
life at room temperature, to dry spells
and flooding. The close relationship
between humans and plants can last
for many years — sometimes the
duration of an entire career.
Some people are emotional about
their plants — maybe because they
were a present from a former colleague
or saved from the trash and nursed
to thrive without opposition:
a spark of life within the
mechanisms of control’
them. Still, for many they are really no
more than a room decoration — and
architects often strongly dislike
them in their buildings precisely
because of that.
I don’t have any plants in my studio
but I own several houseplants now,
which I didn’t have when I started the
project; it makes me comfortable,
having plants at home. That said, I
should probably get a studio plant soon.
‘Büropflanze’ (Office Plant) is published
by Edition Taube, €32
2 January/3 January 2021
I had the opportunity to intern in a corporate environment. My space had no
windows and it was always cold. I worked in a cubicle and I had to dress up
every day. It just wasn’t for me. I prefer to be in an open space with sunlight
and the flexibility to wear my own style — Sakeya, 21
I Similar to me
remember it like it was yesterday.
My white, female supervisor and I
met in her cubicle. She explained
my deadlines for the week, then
mentioned a conversation she’d
had with her own boss. “I was talking to
Paul the other day and he loves your
hair. He wants to know what it feels
like,” she laughed.
Paul and I barely spoke. Yet here he
was, at work, talking about me. Not
about my skills or my performance on
the job. He was talking about touching
me. About my hair, and his desire to
touch it.
At that time, I was studying photogra-
phy as a graduate student at the Yale
School of Art and, like most students, I
needed a job to make extra money. After
searching online, I found a student posi-
tion in IT. Although I had limited experi-
ence (if any) working with code or web-
sites, I was confident I could learn.
In preparing myself as a candidate for
the position, I knew my cultural identity
would be questioned based on white
standards of professionalism. I had
learnt from experience that if I did not
mask or downplay certain aspects of my
culture, I would not be hired. An
employer’s bias is often evident as soon
as I walk in. It is a case of the “similar-
to-me” effect. In other words, they stare
at my afro and say to themselves: “She is
not similar to me.” I am considered mili-
tant or angry before I even speak and am
asked insulting questions about my
education and experience, as if there is
no way I could have this résumé.
And so I followed the guidelines of
professionalism that I had been taught
by my parents. My mother and father
endured racism and prejudice in the
workplace and, like many parents, they
wanted to protect and prevent their
child from experiencing the same
degree of discrimination. For the inter-
view, I straightened my hair, wore
cream-coloured dress pants, a white
button-down shirt with a pointed collar
and low heels. My make-up was mini-
mal, my earrings were small, my nail
colour was neutral.
Out of office
Emma Jacobs
After a year of workplace experiment and occasional
embarrassment, we must choose our new new normal
Last year was all
about the new
normal. This year,
thanks to
vaccines, we’ll
have to retire the
new normal and
get used to a new
new normal.
Which, confusingly, will bear some
similarities to the old normal. Now we
need to determine which parts of the
new normal we will incorporate into
the new new normal so it has the best
of both normals. Keep up!
The great work-from-home
experiment was a chance to
re-examine white-collar life, although
the pandemic distorts the results.
The home-office laboratory has been
Using photographic narratives and video testimonials, artist Endia Beal explores the intersection of
race and gender and the unwritten script that must be followed to succeed in corporate America
When I walked off the elevator to go to
my interview, I felt as muted as the sea
of cubicles that greeted me. However, I
was tired of getting rejected and this
method of presentation always worked
— it was necessary to get the job.
The conversation was brief and I started
work the following week.
The faces I encountered in the office
were predominantly white and male.
Most of the men ignored me: they did
not look in my direction. I realised there
were only a few Black people on my
floor. No matter how much I tried to fit
‘Beth’, 2012; ‘Christina’, 2013; ‘Lynn’, 2012; and ‘Ellen’, 2012 from the art series ‘Can I Touch It?’
far from pristine. It has been
cluttered with children in need of
home-schooling or flatmates who
cannot flee their bedroom-office to
take refuge with their laptops at a café.
Those living alone have found it hard
to offset the solitude with trips to the
pub or a friend’s home.
By my estimate, there have been
three stages of WFHIAP (working from
home in a pandemic). In the first,
fuelled by adrenaline, everything was
novel and we were lulled by the idea
that this was a communal experience.
Back then, Zoom-bombing cats and
toddlers were charming and we
soldiered on 24/7 because we believed
this would be over soon. How naive.
After those adrenalised highs came
the amorphous blob when days
★ FTWeekend
I feel nervous about entering the corporate environment, but I will not let
that change my attitude toward success as a Black woman — Melanie, 21
‘I wanted to have
conversations with my
colleagues about diversity
and inclusion in our
workplace. I needed them
to understand what it felt
like to be objectified’
became an unending blur of work and
home life. I realised that I had entered
this malaise when I approached the
manager of an after-school club and
asked to see my son, as if I’d arrived at
the reception of a glistening skyscraper
to meet a CEO. The manager looked
baffled. “Don’t you want to take him
home?”
Then, as 2020 wound to a close,
came the I’m-knackered-I-just-want-it-
to-end phase.
So, based on the topsy-turvy
WFHIAP months, having spoken to
hundreds of people and written
in, I was othered. So most of the time,
after receiving my assignments from
my supervisor, I would leave and work
from home.
Then, one day, I made a decision and
wore my natural afro to work. Although
it was a small gesture, it was liberating —
I was breaking an antiquated tradition.
The Black security guard did a double-
take and smiled when I walked into the
building. My heart raced in the elevator.
I knew my new look would be scruti-
nised and I was right. The stares from
my white colleagues were unwavering.
countless pieces on last year’s new
work normal, here is what I’d like for
the new new normal in 2021.
Telephone calls. I never used to
appreciate the phone. Between calling
people for interviews as part of my job,
I opted for WhatsApp or email. That
was until I became overwhelmed by
Zoomageddon. This audiovisual
overload came with the added horror
of trying to pretend you were not
watching yourself while also grappling
with the horror of watching yourself.
Then there were the embarrassed
Illustration by Sonny Ross
Corporate America is already geared toward the success of men in the
business. So as a woman — a woman of colour at that — I always have to be
better than the best even to be considered for the same opportunities. The
way I wear my hair, my posture, and my outfit do not define who I am or what
I know. They externalise my confidence — Taylor, 21
No one said a word. They just looked,
transfixed, with wide eyes. Naturally,
although I was finally seen, I felt uncom-
fortable.
As the weeks progressed, I grew com-
fortable in my discomfort and was
determined not to be alone in that feel-
ing. Instead of perpetuating awkward
silence, I wanted to have difficult con-
versations with my colleagues about
diversity and inclusion in our work-
place. I needed them to understand
what it felt like to be objectified.
For the first time in my seven years of
waves while everyone sought their
“end meeting” buttons. Zoom forced
me to reappraise the simple phone,
which cuts through the endless email
chains and WhatsApp pinging. I’m
calling it now: telephone calls are in.
Walks with colleagues. I was always
suspicious of walking meetings,
believing their only purpose was to
have difficult conversations while
avoiding your interlocutor’s gaze. Or
making sure that any meltdowns were
away from watchful co-workers.
But social distancing rules demanded
some creativity about meeting in
person. Being out in a park or winding
through hidden streets proved more
energising than coffee and a
companionable way to talk about
ideas, problems and gossip.
The office kitchen. In recent years,
employers have spent a lot of money
on spaces where employees could come
together to collaborate. I don’t know
how many serendipitous ideas I get
while stewing a tea bag but I enjoy
bumping into colleagues.
An end to presenteeism. In truth, I’ve
been lucky not to have managers who
raised an eyebrow if I was late or
needed to leave early. Yet I’d
15
Spectrum
making photographs, I decided to turn
the camera on myself and be the subject
of my work. I would use my own uncom-
fortable experiences to expose a corpo-
rate system — one I’d encountered more
than once — that was never designed for
women who look like me. What began
then resulted nearly 10 years later in
these photographs.
The art we made, including other
series — “Am I What You’re Looking
For?”, “Office Scene” and “Can I Touch
It?” — created a psychological safe place
to have honest conversations about the
experiences I had had. From the white
women with traditional Black hairstyles
in “Can I Touch It?” to the young Black
women entering corporate America in
“Am I What You’re Looking For?”, the
portraits address barriers women of col-
our endure in the corporate sector. It
also pushed the othering, the awkward-
ness and the judgments stemming from
racial and gender biases into the open.
My white colleagues were often uncom-
fortable while being photographed, yet
they began to empathise.
All of this work comes together in my
first book, Performance Review. On the
surface, these reviews evaluate a per-
son’s skill set, acknowledge accomplish-
ments and, in theory, provide insight
leading to new goals for the employee.
However, they also judge our ability to
follow an unwritten script about how to
look, talk and behave. We are constantly
being watched. And we can be penalised
for our very existence, depending on
who is watching.
We are all at different stages in our
diversity maturity. A commitment to
diversity, equity and inclusion training
throughout the corporate sector is one
important effort; how we talk around
the proverbial water cooler is another.
My work aims to foster conversation
and realisations in both environments.
We are more similar to each other than
we may appear to be at first glance.
‘Performance Review’ ($50) is published
by Minor Matters Books, minor
mattersbooks.com
internalised the idea that
homeworking meant I was slacking off
— even though I would work harder at
the kitchen table. I won’t feel guilty
about it in the future and I hope this
experience has taught managers to
trust their workers.
Lipstick. I know some women have
been wearing a full face of make-up for
Zoom calls; some men even put on a
jacket. However, I am not one of them.
A recent nadir was appearing on video
conference straight from a run looking
bedraggled. I felt ashamed. I need the
gentle pressure of part-time office work
to remind me of grooming standards.
I’m incapable of upholding
them myself.
Weekends. I want them back. I’ve
always done bits of work out of hours
but there is nothing like the physical
office for creating boundaries between
work and home. A small part of me will
always inwardly punch the air like
a tinpot David Brent from The Office
when I leave the office at the end of
the week. In short, I need the office —
at least some of the time — so I can
walk away.
Emma Jacobs is the FT’s work and
careers columnist
16 ★ FTWeekend 2 January/3 January 2021

Spectrum
What can we
I
n February 2014, the Similarly, a renowned planning, organising, and so on —
London Underground study into remote working tends to be fuzzy and disorganised

learn from the

was partially shut down by Nicholas Bloom and compared to the structured processes
by a strike that forced colleagues analysed a of, say, industrial manufacturing.”
many commuters to randomised experiment at Newport’s view is that this is a

great WFH find alternative ways to get

to work. The disruption
Ctrip, a large Chinese travel
agency, in which some staff
Sitting in an open-
solvable problem, but most offices
simply haven’t got their act together.

experiment?
lasted just 48 hours — but
when three economists
(Shaun Larcom, Ferdinand
Rauch and Tim Willems)
studied data from the city’s
transport network, they
discovered something
interesting.
Tens of thousands of
commuters did not return
to their original routes, having found
faster or more pleasant ways to reach
the office. A few hours of disruption
were enough to make them realise that
they had been doing commuting wrong
their entire adult lives.
I mention this because we are at a
turning point in the pandemic. Many
people, myself included, have largely
been working from home. For months
it has been hard to shake the feeling
that this will last for ever. Now we are
contemplating a vaccine-fuelled return
to normality — maybe not today,
maybe not tomorrow, but soon.
What the 2014 Tube strike teaches
us is that temporary disruptions can
have permanent effects. Sometimes
there are scars that do not heal;
sometimes a crisis teaches us lessons
that we can use when it has passed.
So what have we learnt from the
remote-working experiment? And to
Tim Harford what extent will it continue after the
virus has retreated? One obvious point
is that like a strike-delayed commuter
Undercover economist who’s invested in a bike, both workers
and employers have sunk considerable
Illustration by Claire Merchlinsky
time and effort into acquiring the
equipment and skills necessary to
support the change. Such investments
will make working from home cheaper
and more tempting in future.
I suspect, however, that the crucial
step is not investment but information. these studies were moving from taking
What we have learnt about working
from home is that it is more productive home. In Bloom’s research, the home
than we had guessed.
Emma Harrington and Natalia
Emanuel, two young economists at
Harvard University, found that before
the pandemic, remote workers at
one large company had been less
productive than office-based workers.
Yet when everyone switched to remote
work, overall productivity increased.
The explanation for this apparent
contradiction is that working from
home is intrinsically more productive
— but this truth was obscured by the
fact that fewer productive workers
were attracted to working from home.
Now that employers have discovered
the apparent productivity penalty is
illusory, perhaps remote work will be
far more popular in future.
were assigned to work from
home. The expectation was
that productivity would fall
but the costs of providing
office space would fall too.
Instead, Bloom and
colleagues found that
workers became sharply
more productive at home.
All this suggests that the
pandemic, like the Tube strike, will be
the jolt that pushes us into doing the
remote working we should have been
doing all along. But I am not so sure.
One point that is easily overlooked is
that the workers in question in both
calls in a call centre to taking calls at
workers and office workers used the
same equipment and order-flow
software, did the same tasks and were
rewarded with the same bonuses.
This should also be a warning not to
draw conclusions that are too broad. In
a well-run call centre, the protocols for
assigning, monitoring and closing out
tasks are well established. They do not
require a chain of group emails to
figure out what is happening or to
schedule a Zoom call. The same is not
true of much knowledge work.
As Cal Newport, author of the
forthcoming A World Without Email,
pointed out in The New Yorker last
May: “The knowledge work pursued
in many modern offices — thinking,
investigating, synthesising, writing,
Sitting in an open-plan office allows
plan office allows a team to muddle through without
a team to muddle realising quite how much time they
waste on busywork and co-ordination.
through without A few knowledge jobs, such as IT
realising how support, are systematised to allow
focused work without endless ad hoc
much time they emails. Newport believes others will
waste on busywork follow once we all wise up. Or we may
find that certain kinds of knowledge
work are too unruly to systematise.
Improvisation will remain the only
mode of working — and, for that, face-
to-face contact seems essential.
A recent survey by Bloom, with Jose
Maria Barrero and Steven Davis,
estimates that remote work in the US
will become more than four times as
common post-pandemic, increasing
from 5 per cent to 22 per cent of work
days. That would be a big swing back
towards normality — the researchers
estimate that in May 2020 more than
60 per cent of paid staff in the US were
working from home. But it still means
a seismic fall in demand for commuting
and city-centre office space.
I hope that the crisis teaches us how
to do productive and fulfilling work
from home. But it seems that most of
us, most of the time, are destined to
return to the office in due course. If so,
I hope the crisis teaches us how to do
productive and fulfilling work
wherever we may be.
Tim Harford’s new book is
‘How to Make the World Add Up’

Glimpse in
to the future
Photographs by Lee Friedlander
My working project was named “Changing
Technology”: in 1985-86, I chose to photograph
people working at computers as these
ubiquitous machines seemed to be the vehicle
for that change. The pictures were made in the
environs of Route 128, a loop road around
Boston, which at the time was considered a
north-eastern Silicon Valley.

Waiting in line: Students queue for a graduate job fair in Tokyo. Many job-seekers apply to dozens of companies and rejection by them all can be crushing — Hiroshi Okamoto

Under pressure
In Japan’s spring job-hunting season, half a million
compete for places. Tokyo-based photographer
Hiroshi Okamoto chronicled his friend’s struggles

I
want to die.” In February 2013, Yo
Toshino, my best friend at univer-
sity, who was job-hunting at the
time, sent me that email.
Every year in Japan, more than
half a million students participate in the
springtime job-hunting season, hoping
to be hired by newspapers, ad agen-
cies, banks, trading houses, tech compa-
nies and, for those who want a more sta-
ble life, the civil service. There is as
much anxiety as excitement.
The recruitment process — known as
shūkatsu — has a series of steps. First,
you go to job fairs and seminars held by
employers; this is not officially part of
the process, though many companies
want to see candidates demon-
strate their interest at this early stage.
Then, after making your applications,
you have online tests: mathematics
and essay-writing. Finally, you have
several rounds of interviews — either
individually or as a group.
I think most people believe this sys-
tem is too rigid, but we can’t change it
wholesale — the employees who run it
today benefited from (or at least sur-
vived) the process at the start of their
career, and many members of society
also got their jobs through it.
Shūkatsu is so important because
these are jobs for life. According to a
popular saying in Japan, your first job
hunt should be your final one. This
means that if you fail, your life seems
already over. Many students apply to 50,
60 or even 100 companies, and some
who do not get a job at all feel it must be
because they are worthless. Families,
friends, universities, partners and soci-
ety as a whole pile on this pressure.
Despite an official decision by
the business lobby Keidanren, which
Clockwise from above: Yo Toshino’s
email message; Toshino’s CV photos;
Toshino, right, and flatmate prepare
for a recruitment fair — Hiroshi Okamoto
created shūkatsu, to abolish its schedule
and guidelines, I don’t believe we
will see immediate changes — Japanese
companies’ recruitment policies will
remain as strict. And so many students
who take part in the system seem
in their own way, ultimately, to be
satisfied with it.
‘At Work’, Boston, Massachusetts, 1985-86
Lee Friedlander courtesy Fraenkel Gallery, San Francisco
hiroshi-okamoto.com and Luhring Augustine, New York
2 January/3 January 2021
Team spirit
These photographs by Jessica Bernard capture how the zones of grey conformity
we find in offices are transformed into absurd arenas for team-building activities
M
y father was bullied in his
office job. He later deve­-
loped schizophrenia and
never went back to work.
As part of his illness, he
suffered delusions, and he lived the
later part of his working life in a con-
fused reality. He was assigned an
employee number beginning “007”
and believed himself to be James Bond,
working in the office undercover.
When he was sectioned in the 1980s,
he thought he was Kenny Everett, the
British comedian popular at the time.
He believed that he was being escorted
to the psychiatric hospital simply to put
on a show — that is, until he was held
down and sedated.
In 2013, I started documenting team-
building activities. Within the corpo-
rate workspace, ubiquitous grey con-
ference rooms became arenas for
play. Obstacle courses and oversized
Out of office
James Rebanks
The author and farmer on the joys of getting back to the
land and how nature is his office, come rain or shine
My office has no
walls. This is a
great design
feature because
we have amazing
views. I see the
snow showers
sweep down the
valley and the sun
rise and fall. Red squirrels, badgers,
foxes and deer take a shortcut through
my office, and in summer the swallows
swoop around me as I work. I feel the
wind through my hair and the rain on
my cheeks and, yes, on good days it
makes me “feel alive”.
My office is the valley of Matterdale
in the Lake District, or more accurately
the fields of our 185-acre farm on the
south-facing side of the valley.
I am a farmer. Having no walls to
your office is a less great design feature
when it is lashing sleet sideways down
the valley. There is no roof to my office
either, except sometimes clouds, and
that’s a mixed blessing too. I just got
Fun and games? The absurdity of
team play in the workplace - Jessica Bernard
frozen planting trees with my friend
Danny and am thawing out as I write
this. When you work outside, life is
very seasonal and weather matters
in a visceral way. My hands swell like
an old man’s in winter from the
constant cold and wet. But there is an
upside, of course.
A few times a year, when the sun is
shining and the ground is dry, I lie
down and just stare up at the sky, at the
passing clouds or the swifts screaming
as they chase each other over the
fellsides, or at a peregrine falcon or
buzzard swirling around on the
thermals, high, high above in the
patches of blue.
I worked in a proper office once. It
was the most miserable time of my life.
I’d peer out of the window longingly,
feeling sick, and I filled my time by
working as hard as I could to take my
mind off it, or flirting with Gemma who
sat at the reception desk, or swapping
notes on music with Mike at the water
cooler. I have never been so tired and
★ FTWeekend
board games were installed in office
blocks. Pillars were dressed in colourful
bunting.
Over time I have drawn the link
between these photographs and my
father’s experiences. In these images, I
see a physical manifestation of his diso-
rientation. People are stretched,
changed and forced to encounter multi-
ple versions of themselves.
The workplace thrusts them into an
absurd, artificial new world. They sud-
denly leave a state of greyness and con-
formity, of rules and procedures, in
which they are presentable ambassa-
dors of their organisations. They have
to be a different person altogether. To
lose their inhibitions, to be expressive
and physical, to paint, to dance.
Suited for work, they play bongo
drums. They battle to build the tallest
spaghetti tower. They wait patiently in
Monopoly jail.
jaded in my life as doing 10-plus hours
a day in an air-conditioned glass box,
bookended by sweaty commutes.
Working in that office years ago
made me bitter. I started resenting my
wife because she seemed to love being
at home with our young children, and I
felt like I was being sent to a life of
dullness to pay the bills, instead of
doing the stuff I dreamt of doing (try
telling your mortgage adviser you want
to be a writer if you want to see eyes
What’s really
in your glass?
Jancis Robinson
Wine
I
t has always seemed strange
that while labels tell us every
little detail of what goes into
processed food, we are told
next to nothing about what
goes into wine.
I raised this with a UK wine trade
official back in the 1980s and got a
frosty reception, as though I was
letting the side down by raising
such a consumerist issue. I was
given the party line that it would
be impossible because of the
difficulty of distinguishing between
ingredients and processing agents
such as finings which — in theory
but not always in practice —
don’t remain in the wine.
Others have argued that
winemaking techniques vary
from vintage to vintage and
that it would be impossibly
expensive to create different
back labels every year. Some
producers have made the
slightly alarming argument
that consumers would be put
off by the information and,
besides, there wouldn’t be
room to list everything.
Others have claimed that
there would be too little
interest in the precise
composition of wines to
justify all the effort.
One has to admire the
combined forces of the world’s
wine trade for having dodged the
niggling demands of ingredient
labelling for so long. But we live in
a world of allergies, intolerances
and sensitivities, and today’s
consumers expect transparency.
Warning labels about the harmful
effects of alcohol on unborn babies
became mandatory in the US in
1989. In 2005 came the now-
ubiquitous “contains sulphites”, an
acknowledgment that the sulphur
compounds naturally present in
wine — and also widely added to
keep wine and all sorts of other
fruit products stable and fresh —
can adversely affect asthmatics. UK
supermarket Waitrose apparently
receives four or five queries about
sulphites each week.
But generally those who produce
wine are out of sync with those
who buy it. Younger consumers, in
particular, are seeking out much
more information about a product
that has historically provided so
few clues as to its contents.
Last July, film star Cameron Diaz
got up wine producers’ noses when
she launched what was described
as “clean wine”. Avaline organic
wine is distinguished mainly by
its marketing. According to its
website, it was created as a reaction
to the fact that “there’s no
obligation . . . to name any of the
more than 70 additives that are
roll). I couldn’t wait to get back to
where I felt I belonged (and where my
mood improved). Somehow,
eventually, I did, but it took years.
seasons are always changing. Maybe
that’s the nicest thing about traditional
outside work: you feel part of a flow of
human effort that dwarfs you.
These days I work from home,
something that means lockdown hasn’t
really affected what I do. There was no
exhausting commute in the first place:
I pull on my boots, exit the front door
The other great thing about working
here is that we are surrounded by
beauty and nature; this valley never
looks the same twice. The light shifts,
or a skein of geese passes over, or the
and I’m at work. wind lifts the beech leaves and scatters
Work on the farm often changes by them like giant copper sequins around
the hour because the weather and me. There wasn’t much beauty when I
used in the winemaking process to
alter the taste, color and mouthfeel
of what is in your glass”.
Responding to this in August,
Master of Wine Richard Bampfield,
who has 40 years’ experience in
the wine trade, wrote on
sustainablewine.co.uk that the term
“clean wine” had “raised hackles
amongst the wine fraternity who,
understandably, resent the
accompanying claim that most
other wines must, by definition, be
dirty . . . I too would defend the
wine industry against claims that it
is dirty but I also believe that much
Illustration by Leon Edler
of what goes on is, at best, grubby.”
I presume Bampfield is referring
to how some commercial brands
add colouring, flavouring and
sweetening to disguise a wine’s
shortcomings. Yet even certain
expensive wines contain added
tannin and acid, and sugar was
routinely added to most of France’s
finest wines, to be fermented into
alcohol, before the climate could be
relied upon to deliver fully ripe
The world’s wine
trade has dodged the
niggling demands of
ingredient labelling
grapes. Today there is no shortage
of commercial additives specifically Which means they tend to be
designed to make processes easier
or to rescue wine from various
afflictions and harmful bacteria.
Nicole Sierra Rolet is another
realist. During a recent online
debate about wine labelling, the
well-known producer of Chêne
Bleu wines in south-east France
noted: “I continue to believe the
wine world is very vulnerable to
a scandal about the bad stuff that
some people have been doing to
their wines that will get many
more headlines and take us all
down with them. This is an
Illustration by Sonny Ross
17
Spectrum
accident waiting to happen and we
have to act fast.”
Fortunately, the EU has a plan
— and since Europe is by far the
dominant wine-producing and
wine-consuming continent, the
plan is likely to be enacted globally.
Since 2017 the Brussels-based
CEEV association of European wine
producers has been considering the
question of wine labelling and has
now convinced both its members
and EU officials that ingredient
listing and nutritional labelling
(calories, for example) should
be mandatory.
These welcome new
labelling provisions are part
of the new — don’t groan —
Common Agricultural Policy,
with the new rules likely to
come into force in 2023. For
the first time for a food or
drink product, the
ingredients are to be
presented digitally rather
than spelt out on the label.
CEEV is developing a digital
platform open to wine
producers both in and out of
the EU (so even English ones
. . . ) that will oversee e-labels
for wines to ensure they
follow the same protocols
wherever they come from.
This all seems pretty
sensible to me. Those of us
obsessed by the minutiae of how
various wines are made and what
was used to make them can study
these QR codes and the like to our
hearts’ content while other
drinkers won’t find their labels
too cluttered.
Nutritional information will be
spelt out for calorie counters and
diabetics apparently. But those with
specific allergies will need to get
their smartphones out to read the
details of what each wine contains.
I have long thought that the wine
trade was far too dilatory about the
many people who find that certain
wines — or sometimes all reds or all
whites — disagree with them. The
problem is that people who work
in wine tend to drink any sort of
wine. With unbridled enthusiasm.
unsympathetic towards what they
see as faddiness. As a result, there
has been too little research into
allergies and intolerances.
Of course by far the most
potentially harmful ingredient
in wine — all wine, whether
“natural”, “clean”, organic or
whatever — is alcohol, but pointing
that out here might be seen as
letting the side down.
More columns at ft.com/
jancis-robinson
For stockists, see wine-searcher.com
worked in a real office: my desk faced a
wall, and the only window I could see
faced the air-conditioning units on the
building opposite.
Often working outside is lonelier
than working in an office, but even in
our remote valley there is a kind of
fellowship of the fields. We have a
water-cooler equivalent in our roadside
chats — it is not unusual for our road to
be jammed with Land Rovers or pick-
ups as we farmers swap grumbles on
the weather or the price of sheep or
gossip about who is sleeping with who
in the local village.
Some things are similar: it takes a lot
of paperwork and bureaucracy to run a
modern farm business. And yes, this is
really boring — all jobs have their dull
bits. But the best bit, and it has always
been the best bit for me, is that I am
my own boss.
My working life can be painted as
mindless rural drudgery or as romantic
idyll in a pastoral landscape, but the
truth is it is a whole range of good,
bad and mediocre experiences, just
like yours.
My experiences in 2020 have taught
me to see the upside of my office, but
also how precarious it is because we are
connected to the rest of Britain, to how
people shop, cook, eat and, yes, vote —
we live or die depending on whether
society values what we do. Now I must
get back to my office because the cows
need some hay.
James Rebanks is the author of the
bestselling memoir ‘English Pastoral’
18 ★ 2 January/3 January 2021

The new Asians

on screen

Janan Ganesh
Citizen of nowhere

When Kenneth Grahame’s mole sits
SNAPSHOT for the first time by the river in The
Wind and the Willows, what he hears is
“a babbling procession of the best
‘Coracle Mission, stories in the world, sent from the
heart of the earth to be told at last to
Lechlade’ (2013) the insatiable sea”.
For British photographer Chloe
by Chloe Dewe Dewe Mathews, the tales told by the
Thames are just as enchanting. In a
Mathews new exhibition, she traces its course
from source to sea, uncovering the
people and practices on its waters
that otherwise might slip by
unnoticed: mudlarks picking through
the banks for treasure; the annual
royal census of its swans; even a druid
in a homemade coracle, delighting
like Grahame’s water rat in simply
messing about in boats.
Chris Allnutt
‘Thames Log’ is showing at Martin Parr
Foundation from January 14 to April 4
I
t seems harsh to fault Industry, the
mostly good HBO series about
London banking, for its little
infelicities. But hedgies tend to
steer away from greasy-spoon
cafés as their favoured meeting spots.
No man would risk mocking another’s
suit while sporting a belt instead of
side-adjusters. And unless things have
improved in my absence, not everyone
in the city, or the City, is sky-high on
ketamine.
Then we have the problem with
finance dramas since Wall Street: how
to craft narrative twists that do not
involve the implausibly lurid (here, the
death of a graduate trainee) or the
outright criminal? The “industry” is
meant to be compelling enough
without recourse to the exotic.
If I stick with the show, it is for the
odd glimpse of Rishi, a British Asian
who executes trades for the rookie
sales staff. He is an intermittent
presence and yet I can fill in the blanks.
He will have grown up in the
pebbledash terraces of Zone 4, between
film-set London and true suburbia.
(The actor is indeed from Kenton.) His
parents were academically demanding
(he read economics at, say, York) but
otherwise tolerant. His romantic
partner is white. He is weirdly at ease
amid lad culture. His vote is up for
grabs, if Labour sorts itself out.
Above all, he has spent
approximately two seconds of his life
diaspora is going to test writers and
screenwriters in the coming years.
They are an increasingly prominent
force in US life: by one measure,
Indian-Americans are now the highest-
earning ethnic group. Kamala Harris’s
mother was a Tamil Brahmin. As for
the UK, we are into the third and
fourth generations now. The progeny of
immigrants can be found atop
companies and (to cite another Rishi)
G8-sized economies. Their spread into
the arts is almost as visible.
Plainly, Apu from The Simpsons will
no longer cut it. But then the cringing
Asian is not the stereotype that has
recurred in my lifetime. It is more
The stereotype is of the
neurotic misfit, caught
between ancestral culture
and western temptation
often the neurotic misfit, caught
between the ancestral culture and
western temptation. This character
crops up in soap operas, films (Blinded
by the Light) and literature as recent as
the Booker-longlisted In Our Mad and
Furious City. And so one version of the
immigrant experience is captured
faithfully enough, often enough.
It is just that another one screams to
be told. Rishi is a rare stab at it. Albeit a
talk for a sales team), in their love of a
pound note, these characters are
hardly victims. They do not set aside
time for the contemplation of their
identity. They are not obviously
burdened by guilt or parental diktat. If
they vary their speech between family
and friends, that fact is not interesting
enough to show. Few of us, the
producers realise, are all of a piece, all
of the time. And no one I know code-
switches like high-earners from white
working-class homes. Hear that glottis
open and close to order.
The un-conflicted Asian was long
overdue on screen. There was a glint of
it in the adaptation of Hanif Kureishi’s
The Buddha of Suburbia a generation
ago. I remember the shiver of
recognition well. But even the young
hedonist in that story seemed trapped
between worlds at times. In a sense,
then, Rishi is a more radical character
than any in Industry, including the
grandiosely striving protagonist. As a
corrective to tropes about the
subcontinental diaspora, the principal
flaw is that it was so long in coming.
And that it is still so minor. At this
juncture, I should urge the producers
to flesh out this peripheral figure in the
second series. There is a well-watched
YouTube video called “Industry but it’s
just Rishi” that suggests a latent
demand out there. But I have seen how
these things tend to go. The temptation
will be to mire him in existential angst,

After the plague we need wondering “who he is”. I have known

lots of Rishis. I have seldom seen them
dramatised. The novelty is welcome.
grotesque, Chabuddy G of BBC Three
comedy People Just Do Nothing is
another. In their profane confidence
the puppet of his elders, as east and
west vie for possession of his soul.

a damned good party The portrayal of the South Asian (“Don’t act the c**t”, is quite the pep janan.ganesh@ft.com

Joy Lo Dico
Trending

O
ver fame, riches and
happiness, who now
would not choose a
drunken night out with a
gang of friends? I’d go
anywhere for a good dinner party, even
south of the river, and oh for just one
pompous gallery launch where the
wine is even worse than the art.
How can one think of parties at a
time like this, as the ambulances queue
up and businesses wince at their
balance sheets? How can one not? The
mind springs to what has been denied:
the piety of lockdown makes us pray
for the opposite.
Indulgent as it sounds now, a good
shot of partying may eventually also be
part of the cure. Not of Covid itself —
leave that to the scientists — but
dressing up in fine clothes and going
out to flirt with the city again. To move
on from this dark winter, we are going
to need to forget it. And some strong
cocktails might help.
Had we, humanity, already gone
through this communal forgetting
once before? It occurred to me in
mid-December when reading a tweet
that had gone viral: “It has become
very clear to me, why the 1918
pandemic was followed by the roaring
20s & why people were dressing up to
go just about anywhere,” wrote
@JenniDigital. From where we are
standing now, this rings true. And the
idea that there might be a post-
pandemic boom out of sheer relief has
kicked around all year.
Had the historians of the 1920s
missed something? Book after book
will ascribe that hedonistic decade to
the influx of cheap credit after the war,
the arrival of the car and radio stations,
the illicit thrill of Prohibition
moonshine and the un-girdling of
women. London went wild for the
Bright Young Things and the Gargoyle
Club; Berlin partied like it knew what
was coming next.
But not often will you find a mention
of their pandemic as the trigger for
the decadence that followed. The
Spanish flu, which made its way
through a third of the world’s
population, killed more than five
times as many US citizens as the Great
War and in 1918 outpaced the artillery
in its destructive power.
Was it too difficult to gauge the scale
then? The stats weren’t up to much, the
press was censored, there was no World
Health Organization. Or the flu was too
abstract an enemy? Unlike a war effort,
influenza had no propaganda machine
to tell of its victories. It just went from
town to town.
It may have just been too mundane
to write about. As Virginia Woolf would
We will need some haze to
forget a year not just of the
disease, but the bitterness
created by its inequities
note in her 1926 essay “On Being Ill”:
“Practically speaking, the public would
say that a novel devoted to influenza
lacked plot.”
What went down in legend instead
was the aftermath: the jazz clubs, the
moonshine and high times on Wall
Street.
In a cruel irony of timing, as
midnight of the 2021 New Year struck,
there were no fireworks, but F. Scott
Fitzgerald’s The Great Gatsby did come
out of copyright.
The mansion doors of his West Egg
mansion were flung open to the public,
invited to one of the great fictional
parties with yellow cocktail music and
lines of cordials and the swell of
laughing and flirtatious voices, which
we can now read for free from the
confines of our Tier 4 sofa.
In our current state of suspension
between disease and vaccine, the
question is: what next?
Politicians on both sides of the
Atlantic have visions for the economic
recovery, in their hope for a surge of
post-pandemic spending.
There will also be the pent-up energy
of boredom and loneliness that rips
through the bars — the alcoholic
recovery. They might want to factor
that in, even encourage it in
moderation.
For we will need some haze to forget
a year not just of the disease, but the
bitterness created by its inequities on
money, jobs and our freedoms.
For nearly a year, life has been
defined by grim-faced officials reading
out the death stats. We’ve been made
to think about our every move, of
everything and everyone we touch.
Real living is not that conscious
space preached by yoga teachers and
mindfulness apps. Who now needs any
more time to think? As lockdown has
shown us, what we yearn for is not
inner peace, but to live
unselfconsciously and in company. If
the journey back to that is through the
semi-consciousness of a libertine era,
so be it.
Nicholas Christakis, sociologist at
Yale, has recently published a book on
Covid and its effects on society, called
Apollo’s Arrow. It is quite telling how
one tabloid interpreted his learned
work. The New York Post ran a story
on his book under the headline:
“Sex-crazed ‘roaring ’20s’ awaits
post-pandemic: Yale prof.”
Was it to shock its readers? No. It was
a message of hope.
Follow Joy on Twitter @joy_lo_dico

Shantell Martin on how to draw a line

For our Culture Call season finale, we are
joined by the artist Shantell Martin.
We discuss how to teach art to the
next generation, what it means to ‘sell
out’ in the art world, British versus
American racism, and an urgent question
for this time: who are you? Our co-host
Griselda Murray Brown stops in during
maternity leave to discuss how literature
has helped her understand motherhood.
Go to ft.com/culturecall or subscribe
on Apple, Spotify, or wherever you listen

Chess solution 2400 1 Kg1! threatens 2 b7 and queens. If Rf4 2 Rb5! cxb5 3 b7. If Rh6 2 Re8! Kxe8 3 b7. If c5 2 Rf5! Rxf5 3 b7. If Rd6 2
Re1! c5 3 Rb1 and b7. Most other white first moves fail to Rh6-h8 or Rf1-b1 stopping the b pawn. (by Pal Benko, 1990).
Saturday 2 January / Sunday 3 January 2021
Tokyo rocks The eccentric magic of Yoyogi Park — PAGES 6 & 7
H Six trends for tomorrow
ome is like the water a fish
swims through: so familiar
that it often goes unno-
ticed. Light switches are
flicked without looking,
and furniture edges navigated with
blind precision.
Lockdown challenged this passivity.
As the great expanse of life was concerti-
naed between four walls, those trapped
inside felt less like fish in water than sar-
dines in a tin. Around the world, homes
that had previously been justt fit for pur-
pose were suddenly unfit, and neigh-
bourhoods once deemed “convenient”
were found lacking.
We enter 2021 with a vaccine, and a
vision of normality is creeping over the
horizon. But many people’s homes will
emerge from the pandemic trans-
formed. In the UK, there has been a
whirlwind of activity in the property
market since the first and strictest lock-
down was lifted in May. On July 8, the
day Rishi Sunak, the chancellor,
announced a stamp-duty holiday, prop-
erty portal Rightmove reported its busi-
est day ever for site traffic.
“A lot of people want to make
changes,” says Mark Parkinson, a buying
agent for Middleton Advisors, who says
that all areas of his business are up 20-30
per cent year-on-year. “This last year,
we’ve taken on more clients than ever,
we’ve bought more houses than we’ve
ever bought in the country,” he says.
“We’ve had a record year.”
Coronavirus has changed the way we define home. Architects, estate agents and homeowners
explore the forces shaping how we will live in 2021 and beyond. Harriet Fitch Little reports
I am part of the upheaval. In March,
I will be moving to a rural rental in
North Oxfordshire with an allotment
twice the size of my current (garden-
less) flat in south London.
While the response to the pandemic
was to focus on how social distancing
and hygiene requirements might change
the design of our homes, this seems like
shutting the door after the horse has
bolted. Instead, Covid-19 will change our
homes because it has changed the way
we live, and the way we want to live.
“The definition of home is changing,”
says architect Tara Gbolade, co-founder
of Gbolade Design Studio. “It’s beyond
our individual homes and rear gardens
— [it’s] the streets in front of us, the
communities and the neighbours that
we’ve spent years living next to but
never spoken to.”
In this story, we hear from design-
ers, estate agents, buyers — and a
homesteader in rural Nova Scotia —
about the six shifts that will shape our
homes in 2021 and beyond.
The rise in
multigenerational living
As of September this year, at least 12 per
cent of the UK population were adults
who had moved back in with parents as
a result of the pandemic, according to a
survey by the personal-finance website
finder.com. More than two-thirds had
no move-out date in sight.
This year, there may be more univer-
sity students choosing to live at home
too, according to Hillary Gyebi-Ababio,
vice-president of Higher Education at
the National Union of Students, with
many dissatisfied with the treatment
Follow us on Instagram @ft_houseandhome
Illustrations by they have received on campuses around
Bill Butcher the country. “Given ongoing uncertainty
—
about how their courses will be deliv-
ered next term, many will understanda-
bly not want to risk going through all
that again and may prefer to remain in
their family home,” writes Gyebi-
Ababio in an email.
The sharp rise in multigenerational
households may help to diminish the
social stigma that persists, in some west-
ern cultures at least, around young
adults living with their parents. As Mad-
ison Darbyshire wrote in the FT in
August, it is now seen as “frugal-chic” to
live at home during times of economic
uncertainty. The turning tides were con-
firmed in December, when Stella Bug-
bee, New York Magazine editor-at-large
and cultural bellwether, revealed she
had been living with her parents for the
past 16 years, a fact she had kept secret
until the pandemic put several col-
leagues in the same position.
Jago Poole, a 28-year-old who works
in short-term property rentals, tells
me he moved back home in Decem-
ber, when the lease on his shared flat
in London was up and his company
had ended its lease on the office he
worked in. “The reason you move to
London is the social aspects, and
being able to go out and see people
Continued on page 2
2 ★ FTWeekend 2 January/3 January 2021

House Home

New year, I am rather depressed

that it is time to
get rid of all
new zing the Christmas
decorations.
I also feel like my
home needs a bit of a refresh
and this seems like a good time
to do it. How can I go about
this without turning the house
upside down?
January is, naturally, an ideal time for
an interior refresh. As we sweep
away the Christmas tree needles,
shove the holly and the ivy on the
compost heap and pack away the
baubles for another year, our homes
are left much barer than they’ve
been for weeks.
This does not have to be
depressing — you’re able now
to see everything in much
better focus, so think of the
annual decluttering as an
opportunity to re-evaluate your
rooms. In the cold, harsh light of
January, it is time to take a long
hard look at our homes, to flush
out the festive hodgepodge, to get
things in order.
Luke Edward Hall But it is also time to have a bit of fun.
January is bleak. I hate refusing myself
things in January: no drinking, no
Questions of taste bread: no joy! Gosh, at this time of the
year we need to take excitement from
wherever we can. And
where could be better,
more comforting and
remedying than our
own homes?
So, where
to start? My
suggestion is to start small. A side
or console table to replace the
Christmas tree, perhaps? Duncan
and I both share a real addiction to,
wait for it, diminutive and decorative
tables and unnecessary chairs. At the
moment, we have a fantastical
Venetian-grotto-style silver gilt table
hanging around our sitting room like
a guest who has stayed much too
long, and at least three hall chairs in
our garage awaiting instruction.
In terms of style, the options are
endless. Arcadia Antiques is selling
a console that I’ve had stuck in
my mind recently: it is an
early 19th-century English
faded gilt table, and it is
incredibly elegant.
An extra side table and therefore
an extra surface is never a bad thing
to have. Surfaces get filled easily: in
our house this means books and
certainly a lamp, because more soft
light from table lamps is always
welcome, plus a lot of accessories,
from candlesticks and odd bits of
pottery to framed photographs and
vases of flowers.
Talking of accessories, I suggest
bringing in new pieces to add a bit
of New Year zing. I work with The
Lacquer Company, but I love
everything this company makes.
Its latest collaboration with the
New York-based decorator
Miles Redd is a winner.
See the stacking trays (in
fabulous primary shades) and
wastebaskets and tissue boxes.
I really believe in upgrading the
small things we use every day. This
allows us to take maximum pleasure
from them.
Colour, to fight the winter gloom,
really is key at this time of year.
Case in point: handmade ruffled
and patchwork cushions from
In Casa By Paboy. (For the moment
you need to email or message on
Instagram to order.) A pair of
these would give any sofa an instant
zingy update.
Or, why not take something old and
loved (but perhaps a little tired) and
give it a refresh? I’ve been thinking
about reupholstering an armchair
at home with a new fabric. Some
recent favourites of mine include those
made by Soane Britain’s Lulu Lytle in
collaboration with the fashion designer
Duro Olowu. The pair’s graphic
fabrics appeal to me, and I enjoy their
peppy colour combinations. Take
Timbuktu in green and charcoal, for
January is bleak: no
drinking, no bread,
no joy! At this time
of the year we need
to take excitement
wherever we can
example — which would look fantastic
on a chair.
Try moving existing things around,
too. Swap lamps in and out of rooms,
and change their shades. This is a
favourite trick of mine — a small and
easy thing to do, but one that really
makes a difference to a room. I often
turn to Rosi de Ruig for lampshades
made from patterned papers
(pictured), or I buy old scraps of silk
and have them made up into shades.
Another tip, unrelated but important
as we are looking forward: if you have a
garden, remember to get on with plans
for the springtime. Sketch out your
borders. Order bulbs.
And last, why not consider collecting
something new? It’s a good time of year
for making new intentions, and I much
prefer the idea of dedicating myself to
collecting a new type of old thing
rather than, I don’t know, a spin class
or not eating cheese. It could be
anything. Fossils? Cameos? I’ll leave
this with you.
I do realise that I’m attempting to
give tips on how to refresh your home
while also telling you to add more
things to it, but, well, it’s January: time
to take extra pleasure from one’s objets.
If you have a question for Luke about
design and stylish living email him at
lukeedward.hall@ft.com. Follow him at
Instagram @lukeedwardhall

Trends for pandemic, from about 3m a month to

10m. He sees it as a coping mechanism
that stuck. Nine months on, “There is

tomorrow still a noticeable boost in people getting

into growing food at home and continu-
ing due to the pandemic.”

The energy-efficient home

Continued from page 1
and do things,” he says. With those
opportunities shut off due to corona-
virus restrictions, “it was a bit of a no
brainer [to move back] really”.
Although it is bittersweet to cele-
brate any change born of economic
necessity, there are benefits to living
in larger families: in the US, 82 per
cent of multigenerational households
report that living together has
enhanced their bond.
The rise of the extended home
Working from home — at least for part
of the time — looks like it is here to stay.
Companies including Google, Twitter,
Zillow and Microsoft have all
announced plans to allow for total or
partial remote-working post-pandemic,
and a June 2020 poll by 451 Research
reported that 67 per cent of US IT deci-
sion-makers expected that work-from-
home policies would be either perma-
nent or long term.
At the same time, the popularity of
home schooling has risen sharply —
some UK private schools are even creat-
ing “remote-first” cohorts, who will be
taught over video call with the excep-
tion of hands-on classes. As a result, our
homes will have to adapt.
There are two solutions for the
newly space-pressed home: expand or
divide. This year, orders at loft con-
version specialists Simply Loft
increased by 54 per cent compared
with 2019 — a daunting prospect given
the noise pollution in big cities.
Meanwhile, residential architecture
firm Resi reports that searches on
its website were up by 95 per cent in
2020 compared with last year, and
“home extensions” was their most
popular category.
New companies are offering futuris-
tic design solutions. Modulr, a British
company launched mid-pandemic,
makes sleek, freestanding workspaces
that businesses can install in the
gardens of remote workers. Starting
at £17,500 plus VAT, they will proba-
bly be a perk for very senior members
of staff.
“People feel that they can go to work
— even if it means five steps outside
the back door,” says co-founder Jo Van
Riemsdijk. Meanwhile, the Australian
architects Woods Bagot have created
a set of moveable walls and screens
that can be adjusted to divide open-
plan living spaces into offices during
the daytime, and pushed back again
at night.
Other solutions for subdividing space
will remain more makeshift: around the
world, Google searches for “room
divider” hit record highs in August.
The city exodus
The need for space, combined with the
flexibility offered by homeworking, is
driving people out of cities. In June,
views of homes in rural zip codes across
the US increased 34 per cent year-on-
year, according to Realtor.com.
Savills’ Crispin Holborow, who spe-
cialises in selling high-value property
in the UK countryside, says there has
been a huge leap in sales of country
estates priced above £15m, with 22
sold or agreed deals in 2020, com-
pared with just one in 2019. “This is
the strongest market we’ve seen since
2006/7,” he says.
‘Cottagecore’ conjures an
idealised country life —
shabby chic meets Greta
Gerwig’s ‘Little Women’
Last year, Parkinson of Middleton
Advisors saw a new demographic of
rural and market town buyers, either
people who “would have never imagined
they might move out of town” or young
couples “leapfrogging” the suburban
semi. “Some people are just panicked,
[saying] ‘I’ve got to get out,’” he says.
Whether on the moors or in Moor-
gate, the aesthetics of rural life will be
hard to escape in 2021 given the
unstoppable ascent of “cottagecore”.
The all-encompassing design trend
conjures an idealised version of Brit-
ish country life — think shabby chic
meets Greta Gerwig’s Little Women —
and became globally popular in
nature-starved urban households
during the pandemic.
“I think cottagecore was inadvert-
ently invoked for many people — this
romantic idea of homesteading, of being
totally self-sufficient, was in a way a
coping mechanism for the horrifying
reality,” says Katie Calautti, a New Jer-
sey-based writer whose Instagram is
animated by florals, flowing dresses and
livestock. Some of her favourite cot-
tagecore bloggers are in China and
Japan. “Everything during Covid is
about seeking comfort, self-care, escap-
ism. That’s pure cottagecore.”
The rise of self-reliant living
Back in April, when the first lockdowns
occurred in Europe, the UK and the US,
Google searches for “how to grow vege-
tables” hit record highs. The grow-
your-own mentality has stuck. Last
month, when the UK government
announced the joint winners of its
Home of 2030 competition — a design
competition centred on affordable,
efficient and healthy homes — both
had community gardens or allotments
at the heart of their schemes.
Chris Brown of Igloo Regeneration,
who led one of the winning teams, tells
me that the inclusion of allotments in
the design was inspired by “the incred-
ible outbreak of mutual aid across the
country and our experience of this turn-
ing into communal gardening projects”.
Around the world, more ambitious
growing projects are taking root. From
Kitchener, Ontario, Brent Fewster, who
has until now worked in food logistics,
tells me about how Covid-19 precipi-
tated his family’s impending move to a
remote homestead 2,000km away in
Nova Scotia. Working at home “gener-
ated the desire to see if there was a way
that I could actually be there while my
kids are growing up,” says Fewster.
Over email, Mark Valencia, who runs
the YouTube channel Self Sufficient Me,
tells me the numbers viewing his videos
— which include everything from quail
breeding to using a fish head as plant fer-
tiliser in his garden in Queensland, Aus-
tralia — tripled in the first month of the
The reality of running a home 24/7 has
made energy efficiency a budgetary
issue as well as an environmental one.
“It’s hitting people’s chequebooks,” says
Vanessa Hale, who heads Strutt &
Parker’s annual Housing Futures sur-
vey. In 2020 they saw a leap in buyers
coveting dull but useful features such as
double glazing and smart thermostats,
and a sharp rise in the numbers wanting
to move into new-builds as a result of
their perceived eco-features.
Gbolade of Gbolade Design Studio
explains why the pandemic precipitated
such a shift in thinking. “In many
homes, one part of it is freezing, and the
other side is boiling hot,” she says. This
minor irritant became an obstacle dur-
ing lockdown, as many households
needed to deploy every room available.
The community home
Gbolade, who specialises in “place-
making” architecture, is modifying
forthcoming developments to contain
more business units to provide local
amenities, and to include wider pave-
ments and communal areas. The big-
gest change will be to accommodate
the remote office: she is working on a
residential development in west Lon-
don that will integrate a co-working
space on its ground floor. It is an
approach that stands in contrast to the
car-centric ethos of traditional subur-
ban planning. “It comes back to this
holistic view that residential spaces
will no longer just be residential,” she
says. If this shift can be implemented,
it has the potential to benefit people
who live in all types of housing — not
just those wealthy enough to be able to
escape to the country, or put a work
pod in the garden.
Ultimately, the big question when it
comes to post-Covid housing is this: how
can we adapt so that we are better pre-
pared for the dreaded “next time”?
It seems the answer is not to be found
in measures that react to the details of
this pandemic. “Designing very specifi-
cally for Covid misses the point of resil-
ience because tomorrow’s Covid might
not be Covid at all,” says Jonny Anstead,
founding director of Town architects.
He believes we need to design homes —
and communities — in such a way that
they are resilient to all threats: a differ-
ent pandemic, climate change or some-
thing as yet utterly unknown. “[What
matters is] building a general resilience
to the unknown challenges of the
future,” he says. “I think a really danger-
ous alternative exists where, out of fear,
we retreat into our homes and cars.”
It’s a bold vision of how homes might
change in 2021, and perhaps a poetic
one: after a year spent stuck at home,
the door to the outside world is opening.

The home in 50 objects #24: gramophone (HMV, about 1930)

The invention of the gramophone in
1887 — following that of Thomas
Edison’s phonograph a decade earlier
— revolutionised the enjoyment of
music. People had more opportunity
to listen to recorded versions of it in
their own homes.
To anyone fortunate enough to
have such devices, the musical world
became more accessible. Previously
you’d have to go out more to
experience what it had to offer, by way
of live concert performances or the
opera, perhaps, or the local music hall.
HMV gramophone models of the
late 1920s/early 1930s type pictured
here added a further dimension to
musical appreciation. In its half times the weekly wage of to a wind-up gramophone. Berliner’s popularity with the upright piano. Not Millions now choose to stream it from
own compact suitcase — the day — a little under £2 — innovations led to the mass all families had one, though many had such providers as Spotify.
with space for record for those lucky enough to distribution of recorded sound someone who could knock out a tune But thanks to DJs finding ways to
storage in the lid — have a job, as the 1930s technology. Design features included at a knees-up. use turntables to produce new sounds,
it was portable and depression set in. the turntable — replacing the Many prewar gramophones lingered and audiophiles returning to the
relatively easy to shift The German-born American phonograph’s unwieldy cylinders — on into the 1950s. Increasing wealth, not-quite perfect sound of vinyl for
around the home, or to Emile Berliner had invented the and the flat-disc recordings to be rock ’n’ roll music and hi-fi sound, the music they want, both forms have
other locations. As gramophone, which came to be played on it. Initially these might be however, were among factors leading bounced back.
such, it was an early considered the basis of the modern made from such as rubber or glass, to the success of the automatic HMV has undergone the revolving
form of recorded record player. and later vinyl. turntable in the 1960s. fortunes of the years. With the
music on the move. His company HMV’s early 1930s model reached With the growth in use of cassettes pandemic taking its toll on vinyl sales
Then again, not adopted the the market just as record players in the 1970s and CDs in the 1980s, and the high street, much depends on
many people could His Master’s were having to compete with radio, a vinyl and the turntable went into whether the company’s present owner,
afford it. This Voice — HMV — rising source of musical entertainment retreat. Technological advances from Canadian businessman Doug Putman,
model’s cost of trademark, since the 1920s. Through the second the Sony Walkman to MP3 players can scratch out a path to survival.
about £7 (£350 in today’s featuring Nipper world war and beyond, the later gave people near complete Peter Chapman
money) amounted to three and a the dog listening gramophone also had to vie for mobility as they listened to music. museumofthehome.org.uk
2 January/3 January 2021
US property | After Covid-19
caused an exodus out of
New York City, the prospect
of a vaccine is now slowing
the boom, writes Hugo Cox
★ FTWeekend
‘The suburban dream on steroids’
W
hen Amit Bansal moved
from Manhattan to the
New York suburbs in
July last year, he knew
he would love the larger
home, the roomy garden and — when
the time came for children — the excel-
lent local schools. What he was not pre-
pared for was the peace and quiet.
“Here, the only person I interact with
in person all day is my wife. It’s challeng-
ing for me,” says the 36-year-old ven-
ture capitalist, who works from his new
home in Larchmont, a village in Westch-
ester County, a 40-minute train ride
from New York’s Grand Central Station.
“The energy of [Manhattan], the ran-
domness you get from nearly two mil-
lion people: on every block unexpected
interactions, different people from dif-
ferent walks of life. I thrive off that kind
of energy. I very much miss that.”
In search of more space, greenery, a
lower infection risk and a school system
less vulnerable to Covid-triggered clo-
sures, New Yorkers like Bansal have
been moving to the suburbs in droves
since coronavirus struck the city in
March 2020. But as growing demand for
suburban living pushes up property
prices and new arrivals confront its
drawbacks — from isolation and higher
property taxes to threatened commuter
rail services — the boom in suburban
home sales shows signs of slowing.
And with New York’s vaccine pro-
gramme offering the prospect of a
return to normal life in America’s most
populous city, has demand peaked for
New York’s suburbs?
Data from the US postal service shows
how rapid the exodus from the city was
after Covid-19 hit. Between March and
3
House Home
(Above) July it received 108,969 temporary
Westchester County, change of address requests, according to
New York State, MyMove, which the postal service
where New Yorkers employs to help with changes of address
fled in search of — more than six times the number
green spaces and received in the same period in 2019.
lower infection A boom in suburban home sales sug-
rates; (clockwise gests many made a permanent move: in
from left) Fifth June and July, 4,422 homes sold in the
Avenue, Grand
Central Station,
adjacent counties of Westchester and
Fairfield (which is in Connecticut), up
Times Square 65 per cent on the same months in 2019,
Getty Images/iStockphoto; NurPhoto
via Getty Images Bloomberg
according to Serhant.
In Westchester County, the neigh-
bourhoods of Pelham, New Rochelle
and Larchmont offer the classic trap-
pings of affluent suburban life: tennis
and country clubs, golf courses and pop-
ular beaches and marinas on the Long
Island Sound. Along Long Island’s north
shore, popular neighbourhoods within
an 45-minute train ride of Penn Station
include Port Washington and Manhas-
set; further east Roslyn and Oyster Bay
are attracting buyers.
Home sales have been busiest in the
$600,000 to $900,000 price bracket,
Continued on page 4
4 ★
House Home
Continued from page 3
says Owen Berkowitz, an agent with
Douglas Elliman, based in Westches-
ter. City exiles typically seek a four-
bedroom home on a quarter-acre plot.
“Their own fenced property and
plenty of space. [Coronavirus] has put
the traditional American suburban
dream on steroids.”
Helped by the new demand, median
prices gained 7 per cent in November on
the year before across Westchester and
Fairfield counties, according to Serhant.
Finding New Yorkers the right home
is getting harder, say agents. Sam
Chandan, chair of the Schack Institute
of Real Estate, part of New York Uni-
versity, points to sluggish construc-
tion since 2008 and the many homes
standing empty in January that are
now occupied. “There simply aren’t
that many homes to buy.” Since sales
peaked in the summer, growth com-
pared to last year is still high, but has
slowed: the 1,164 homes sold across
Westchester and Fairfield counties in
November was 17 per cent up year-on-
year, according to Serhant.
High suburban property taxes are
another disincentive. At $33,554, the
annual property tax for a typical $1.25m
detached home in Rye, near Larchmont,
is more than three times the $11,064 for
a typical Manhattan condo of the same
price, according to Garrett Derderian,
head of research at Serhant.
Meanwhile, Covid-19 has placed in
jeopardy the suburbs’ easy access to
the city, a pillar of their appeal. Joe
Germani, 32, who bought a home in
New Rochelle, near Larchmont, in
October, still drives back with his wife
to his old Manhattan neighbourhood
in 30 minutes and will make the com-
mute by car when his office opens
again. He says living this close is “a
good way to dip our toe [in the sub-
urbs] without fully committing”.
How close it will feel next year is
uncertain. The MTA, which operates
the Metro-North Railroad, the main
commuter rail line supplying Westch-
ester and Fairfield, warns that with-
out $12bn in new federal aid com-
muter services will be cut by up to 50
per cent next year.
When staff return to offices the effect
will be severe crowding, especially at
peak times, and longer and less predict-
FTWeekend
able journey times, according to an
October report by Rudin Centre for
Transportation at NYU and Appleseed,
a consultancy . The popular routes from
affluent suburban areas will become
more expensive, says the centre’s Mitch-
ell L Moss. “For Long Island Rail Road
and Metro-North Railroad there will be
fare increases.” City dwellers moving to
the suburbs either have not considered
this or are unrealistically hopeful for a
massive federal bailout of the MTA by
the incoming Biden administration,
says Chandan. “They are discounting
the worst-case scenarios.”
New Yorkers relying on private sub-
urban schools may also end up disap-
pointed. Greens Farms Academy, a
private school of 750 pupils near South-
port in Fairfield County, has seen a
boom in admissions from New York
arrivals since May. Students enrolled in
New York City schools comprised 15 per
cent of inquiries and applications
between September and November,
says head of school Bob Whelan. “Typi-
cally the proportion is between 1 per
cent and 3 per cent”.
Parents report anxiety at school clo-
sures in the city and smaller cam-
puses, which may increase the risk of
infection; applications from students
at local public schools are increasing
for similar reasons.
Following the 9/11 attacks — when
many New Yorkers moved to their
(Left) Manhasset, on Long Island’s
north shore; (above left) Larchmont;
(below) New Rochelle
New York Times/Redux/eyevine; Getty Images/iStockphoto
2 January/3 January 2021
PROPERTIES
FOR SALE
SUBURBS
B New Rochelle, Westchester County,
NY, $999,000
This five-bedroom family home is in New
Rochelle’s Beechmont neighbourhood,
about 15 miles from Midtown Manhattan.
The property was built in 1922 and has
3,800 sq ft of living space. Available
through Compass.
second homes and enrolled children
in local private schools — not every-
one was pleased with the results, says
Whelan, who worked elsewhere at the
time. “After the glow of the transition
had worn off, in some cases their
expectations weren’t fully met,” he
says, adding that many compromised,
staying put to avoid the disruption of
another school move. B Town house, Manhasset, Nassau
For now, Germani sees few compro- County, NY, $1.248m
mises in his new suburban life. But
A two-bedroom, three-bathroom home in
when Manhattan’s key benefits — the Manhasset, about 15 miles from Midtown
opera, concerts, and proximity to the Manhattan. The property has 2,016 sq ft
office — are available again, this may of interior space, and was built in 1979.
change. “We may get bored of living in There is a home office, and a recreation
the ‘burbs, in which case we’ll move room with a bar on the lower ground
back to Manhattan. We’re in the honey- level. Through Douglas Elliman.
moon phase so it’s hard to say exactly
what would draw us back — probably
what drew us out: the feeling that there
is a better lifestyle.”
Once the vaccine sees New York func-
tioning again, many recent converts to
suburban life will move back to the city,
predicts Kenneth T Jackson, a history
professor at Columbia University, who
owns homes in both Westchester
and Manhattan. B Waterfront home, Larchmont,
“Sure, the suburbs have it — space, Westchester County, NY, $2.7m
greenery and great public schools — it’s
In Larchmont Village on the banks of
just that in recent decades people don’t Long Island Sound. The property, which
want it,” he says. “When the city gets was built in 1889, has 3,168 sq ft of
back on its feet, and things open — the interior living space. It has five bedrooms
opera, Lincoln Center, Carnegie Hall, and four bathrooms. Available through
the museums, theatres, cinemas — peo- Douglas Elliman.
ple will return.”
2 January/3 January 2021 ★ FTWeekend 5
UK Office: +44 20 7873 4907 | US Office: +1 212 641 6500 | ASIA Office: +852 2905 5579
Property Gallery www.ft.com/house&home
Switzerland

England

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6 ★
House Home
Escape
to Yoyogi
Portrait of a park | This singular Tokyo green
space is a sanctuary for capoeiristas, canoodlers,
aesthetes and eccentrics, writes Leo Lewis
A
t the foot of a hillock in the
south-western corner of
Yoyogi Park — disguised at
this time of year under a
crinkly duvet of fallen
ginkgo leaves — is a concrete-encased
steel grate that reassures the passer-by
that they are not, in fact, wandering in
the countryside.
Every three minutes or so, a plume of
leaves suddenly erupts, gusted sky-
wards by a distinctive cocktail of axle
lubricant, dust and other mystery ingre-
dients of underground railway air.
About 30 seconds later, a Chiyoda-
line train rumbles through the tunnel
just a few metres below your feet, redou-
bling the reminder that, in a city of
exquisite confections, Yoyogi Park is
arguably Tokyo’s most brilliant.
It is a preening, pastoral playground
right amid the world’s biggest city.
Today, as it happens, the grate is occu-
pied by a woman arranging two plush
mascots (one a pork cutlet, the other a
battered prawn) in front of the leaf-
spume so that her boyfriend can take the
mascots’ portrait on a $1,100 camera.
Various Hogwarts-style enchant-
ments ensure Yoyogi’s strange sense of
both insulation from the real world and
mild disorientation once inside its
(lockable but never locked) gates.
There are the old oak, pine and cherry
trees on the perimeter that conceal
almost all views of the Tokyo skyline.
There are the sudden moments of gradi-
ent and change of footpath direction
that create dozens of distinctive, dis-
creet pockets and zones.
FTWeekend 2 January/3 January 2021
There is the juxtaposition of foliage
and man-made features that form a
patchwork of places to disappear into
and places to meet up at. All this with-
out being especially big. The runners
endlessly circulating its various paths
give Yoyogi a permanent bloodstream of
Lycra and exertion, but its longest
perimeter route is only 2.5km and the
whole thing is just 134 acres.
Yoyogi, which sits adjacent to the
great shrine to the emperor Meiji, is a
comparatively recent addition to Tokyo,
and feels younger for that. The more
austere Ueno Park, on the other side of
the city, was established in 1873: Yoyogi
There is something in
the spirit and history of
the park that gives Yoyogi
its otherly magic
opened to the public a century later
once the 1964 Olympic Village, which
once stood on it, was demolished. In You
Only Live Twice (1967), when James
Bond is driven past Kenzo Tange’s
National Gymnasium by a Japanese
secret agent, you catch a glimpse of Yoy- (Clockwise from from when the area was commandeered
ogi in its infancy. top) A group as the Olympic Village in 1964; between
Above all, there is something in the dedicated to the two is an imposing statue of the
spirit and history of the park that gives Alice in feathered serpent god Quetzalcoatl, pre-
Yoyogi its otherly magic. Not far from Wonderland/ sented as a gift from the Mexican govern-
the ginkgo-gusting grate is an eagle- Dickensian chic; ment to Japan. The pioneering, the
shaped monument to Japan’s first pow- film students; embracing and the outré in one place.
ered flight in 1910; on the opposite, east- athletes of all Tokyo’s parks all have a different
ern edge is the sole remaining lodging kinds — Yasuyuki Takagi atmosphere, but few generate such a
2 January/3 January 2021
powerful appeal or accessible environ-
ment for eccentricity — whether prac-
tised alone or in groups. It is an atmos-
phere that gives equal welcome to the
defiantly isolationist pogo-stick aficio-
nado or opera diva using it for escape,
and the synchronised-skipping group,
board-game society or “Songs of Abba”
glee club using it to assemble. There are
acrobatic performers who long to be
seen, and those who come for privacy
unavailable at home or work. For one
particular group I chatted with on a
recent Sunday — men and women
devoted to the designer Kaneko Isao,
who combines Alice in Wonderland and
Dickensian clothing styles — Yoyogi is
really the only valid spot in Tokyo for a
fin-de-siècle-themed tea party.
A few of the activities are formalised.
It is a park that has long tolerated a small
colony of homeless people in one out-of-
the-way corner — an unusual sight for
this part of town. In another corner,
under large cedar trees, is a municipal
bicycle rental office that has provided
★ FTWeekend
the bikes on which thousands of chil-
dren, steadied by the hand of a jogging,
sweating parent, have learnt to ride. Not
far away are the various dog runs, organ-
ised by size of hound and, it sometimes
seems, the ebullience of their owners.
Dogs are everywhere in Yoyogi, partici-
pating unwittingly in a fashion parade
and photo-shoot where a pair of Italian
greyhounds in matching tracksuits can,
a few paces later, be comprehensively
outdone by a pair of Italian greyhounds
in matching designer dungarees.
Some animals — piglets and otters,
tortoises and iguanas — are taken for
walks by proud owners. Others —
snakes (harmless, infrequent and usu-
ally in the forested part that abuts Meiji
Shrine), raccoons (at night and gener-
ally when there are picnic scraps) and
the ubiquitous black crows (mesmeris-
ingly evil-looking) — roam free as the
park’s true owners.
But beyond all the spice, Yoyogi sup-
plies the usual sustenance of urban
parks anywhere in the world: a green
(From top) Rival space for office workers, families, teen-
rockabilly dance squads agers and those simply in search of
(The Fairladies, The somewhere to stretch the legs or lie on
Strangers, etc); dogs are the grass and read a book. It is a park
everywhere in Yoyogi Park whose green bronchioles fill and empty
Yasuyuki Takagi
with the rhythm of the day or the sea-
son: the speed walkers and dog walkers
in the early mornings, the leisured al
fresco yoga classes shortly after, the
A giant Spiderman supports acrobatic feats — Yasuyuki Takagi
sandwich lunches of fledgling office
romances and the young mothers a few
hours later with children out of school.
At weekends — most gorgeously in
cherry blossom season — the grass is
covered in picnic mats and blue tarpau-
lins, creating small encampments for
each grouping. Shoes, as with any Japa-
nese dwelling, are removed before step-
ping on to the mat. Booze, in its many
glorious guises, receives a warm, year-
round Yoyogi welcome — even more so
since the pandemic raised the premium
on outdoor gathering spots.
All of this, by necessity, takes place at
relatively close quarters. Capoeiristas,
athletes, canoodlers and aesthetes must
jostle for space and etiquette is to ignore
them completely unless they clearly
There are rules but the only
real crime is infringement of
someone’s right to disappear
into their own world
crave attention. The park has its stated
rules, but it often feels the only real
crime is infringement of someone else’s
right to disappear into their own world.
Yoyogi’s most consistent spectacle is to
be found at the main south-eastern gate,
near the exit of Harajuku station, the
mouth of the Omotesando shopping
street and the delta of boutiques that
exist as guardians of Japan’s claim to
cool. Here, in a concrete clearing, dance
the rival squads (The Fairladies, The
Strangers, etc) of rockabillies: their
clothes a just-so assemblage of denim,
leather and chains, their hair a pom-
7
House Home
made-slathered homage to 1950s Amer-
ica, their boots encased in a protective
wrapping of gaffer tape. The hits blare
from battered stereos. Weather permit-
ting, they are there every Sunday, always
with a rigid disdain for other gangs doing
the same thing just a metre away.
These ageing hip-wagglers are, in
their eyes-screwed-shut concentration
on their passion, a kind of overture for a
park that feels defined by different
theme tunes as you stroll through. Many
people come here for solo practice of
musical instruments (piccolo to bas-
soon, ukulele to double bass) that would
be too noisy for their apartments. Oth-
ers — bongo-drummers, a group koto
class, an occasional Jew’s-harp ensem-
ble — meet by arrangement or, as one
tenor saxophonist tells me, “because
you just come to Yoyogi and you might
find someone who has the same hobby”.
But there is also a musicality to the
other groups that the park nurtures:
duets of blind runners and their guides,
trios of flamenco dancers, quartets of
duck photographers, a quintet of
women who enjoy doing handstands on
the shoulders of a giant dressed as Spi-
derman, and a gently panting wind sec-
tion of elderly joggers.
The strictures of Japan still hold a
powerful sway, of course. Politeness,
tidiness and consideration for others
reign. But Yoyogi feels like a place
where at least some of society’s more
burdensome hang-ups may be sus-
pended for those seeking temporary
asylum in its borders.
Leo Lewis it the FT’s Asia business editor.
This article is part of a guide to Tokyo from
FT Globetrotter
8 ★
House Home
A Broxit
spectacular
The badgers stage their annual meeting on our
columnist’s lawn — and invite him to join them
I
have taken three weeks to prepare,
but it is not as awful as I feared.
I have not been getting ready to
crash out with no deal. I have been
worried about not leaving at all.
My garden is beset with badgers, those
apostles of the hardest Broxit. Every
New Year, they meet on my lawn to
terrorise any mice and loveable water
rats who have been having second
thoughts. If they do not get their way,
they dig in protest. One slip in
negotiations with Brussels, and they
would have turned my lawn into the
very opposite of a level playing field.
Since October there has been no
second brockdown. Footprints have
been disfiguring my flower beds,
preparing for Freedom at Midnight.
I had planned to lock myself indoors,
but the badgers showed some
generosity. Under my door they pushed
a pawmarked invite to their Broxit
Spectacular. “Spinderella”, it said, “and
Singalong. Hedgehog will be served.”
Under the stars I joined them, as
hundreds of them padded through
the grass, badgers from Sunderland,
the first to declare to leave, veteran
badgers from the Somerset cull, brave
survivors of last year’s marksmen in
Gloucestershire, limping along on
sticks and crutches. In my spinney the
badger band had already struck up
that stripy favourite, “The Grand Old
Duke of York”. At the entrance, ferrets
were patch-testing new arrivals to
check if they were virus-free. Ferret-
to-ferret transmission of Covid is now
scientifically attested, but what about
F-2-H, ferret-to-human? Next year’s
virus may mutate again from animals
to humans.
When I tested negative, a sleek
badgerette guided me to the front row
of seats in an improvised cinema under
the trees. On to the stage clambered
Alfred, senior badger of the evening.
He declared the meeting open.
It could hardly have begun more
scarily. Up on the screen, footage
appeared of lorries jammed four
abreast on the motorway lanes out of
Dover. “Operation BROCK”, roared
the audience gleefully, baying the name
that an unwary bureaucrat assigned
to the pre-Brexit testing of Kent’s
highways in case of Brexit blockage.
“The camions packed in four by four,”
the badgers bellowed, “hurrah hurrah”,
to the tune we know as “When Johnny
Comes Marching Home”.
Next up were two foreign delegates.
Pango-lin, a Chinese red badger, took
the stage to offer the first post-Broxit
trade deal, one with Wuhan’s markets
and all those juicy animals that badgers
could consume. When he requested
unregulated access to Britain’s
hedgehogs in return, he was driven
away. Badgers will not let trade
partners anywhere near the stock that
they have already caused to dwindle.
Next up was Knud, a stowed-away
badger from Denmark. His grim
reporting of the Danish mink cull
reduced the audience to a stunned
hush. “16m planned, 2m already
exterminated”: Denmark’s prime
minister Mette Frederiksen was
promptly voted Swine of the Year.
The conveyor belts that carried farmed
mink off to their deaths were horribly
mechanical, but when she appeared
on TV in tears in a farmer’s courtyard,
I warmed to her. Not so the badgers.
FTWeekend
She was crying for the mink farmers,
not the mink.
After two minutes’ silence, we were
plunged into Spinderella. Down in
a dingy Brussels cellar, labelled
“La Cave”, a squirrel with dyed blonde
fur was compiling PR handouts for the
EU-compatible apples strewn mouldily
over the floor. Two “Ugly Sisters”,
Angela and Ursula, were keeping her
to the task. Those EU-standardised
apples have driven Britain’s old fruits
off the market. “Carrie”, they berated
her, “get on with it: we, not you, are off
to Bozzie’s Ball.”
At once I got the plot. During her
early years in PR, Carrie Symonds
enjoyed the nickname “Apples”, at least
until the women in Downing Street
renamed her Princess Nut Nuts,
because, they say, she looks like a
squirrel and is not as good for the
Robin Lane Fox environment as she thinks she is.
Political staff are a malicious lot. In
rags, she returned to her labours, until
On gardens a shower of sparks brought her fairy
dog-father into the cellar, Dilyn the
Illustration by James Albon
stray fox terrier. With a wag of his tail,
he transformed her. A silver carriage,
pulled by badgers, awaited them. She
fluffed out her spotted dress and tied
an elegant scarf round her hair. Off to
Bozzie, the badgers chanted, and soon
she was inside Number 10.
She recognised our PM, whom she
knew as Bozzie Bear, because of two
hefty minders beside him, Grant and
Gavin. Nobody would speak to the
Ugly Euro-Sisters but in the corner
stood a mink whom I took to be
Buttons, though his buttons were
pinned on a hoodie and he was holding
an open computer in one hand. When
Carrie approached, he warned her that
he needed to test his eyesight, but
before she could sympathise, he began
to berate her for her flaky degree in
Theatre Studies. When the band struck
up “The White Cliffs of Dover”, she was
saved by the PM himself. She, not he,
danced beautifully and even dared to
tell him that Buttons should be culled.
As the clock struck midnight, it was
back to rags in dreary La Cave. Only
2 January/3 January 2021
the next day did Bozzie come down,
looking for the owner of the stray
little terrier that had been left in his
hall. With a flick of its tail it morphed
her into Princess Nut Nuts, fit to
return to Downing Street with a baby
in her arms.
Badgers love Carrie Symonds,
as they believe she stopped the
Derbyshire cull in 2019. They also love
Boris, the hero who will get Broxit
done. As Spinderella faded, an elderly
badger appeared with a copy of Byron’s
Don Juan. During a bloody siege-battle,
Canto 8 contains the only English
poetry in praise of Johnson, a veteran
campaigner: “by Jove!, he was a noble
fellow, Johnson, / And though his name
than Ajax or Achilles / Sounds less
harmonious, underneath the sun soon
/ We shall not see his likeness.”
Badgers know it by heart, though
they leave out an earlier verse about
how Johnson “never ran away, except
when running / Was nothing but a
valorous kind of cunning”.
As a postscript, up on the screen
came the words, “There are no
Badgers love Carrie
Symonds, as they believe
she stopped the Derbyshire
cull in 2019
badgers in the House of Lords”, with
a “ . . . yet . . . ” added by pawmark.
I got that one too. They are famous
words of the late Lord Arran, the
badgers’ best friend. Tirelessly he
campaigned in the 1970s for two
causes, as viewers of that BBC
triumph, A Very English Scandal, will
recall. One was the decriminalisation
of homosexuality and the other
was legal protection for badgers.
When he was asked why the former,
but not the latter, passed successfully
through parliament, he replied,
“There are no badgers in the
House of Lords.”
That may soon change. Twice-yearly
honours now go to Broxit’s supporters.
None has been more ardent than our
British badgers, 100 of whom, when
ennobled, will Broxitise the Lords. As
they trotted from my spinney, I had
one final thought. After the mink cull,
there will have to be a stoat cull, and
then a skinning of their white winter
finery. Only then will we have sufficient
ermine for 100 new lordly robes.