TUESDAY 30 NOVEMBER 2021 INTERNATIONAL NEWSPAPER OF THE YEAR EUROPE

Mississippi blues Danger money Trading on thin ice

The abortion clinic at centre of case to China’s rich are vulnerable to disgrace Investors are ignoring the fragility of
overturn Roe vs Wade — BIG READ, PAGE 15 or worse — GIDEON RACHMAN, PAGE 17 markets — ROBIN WIGGLESWORTH, PAGE 10

Unposted Briefing
Dorsey quits as i Brussels seeks its own ‘Belt and Road’
Twitter chief The EU is planning to pursue up to €300bn of
infrastructure and other projects worldwide for a
Global Gateway initiative as a response to China’s
Belt and Road.— PAGE 2
Jack Dorsey, co-founder of Twitter, has
stepped down as chief executive of the i Honduras set to elect female president
social network, nearly two years after an Leftwing candidate Xiomara Castro is set to become
activist investor tried to remove him for Latin America’s only female leader after taking a big
being distracted by other interests. lead in Honduras’s presidential election on a pledge
Elliott Management, which has a to fight corruption and inequality.— PAGE 4
4 per cent stake in Twitter, had
expressed concern over Dorsey’s other i Gazprom profits from energy crunch
role as head of payments group Square The global energy crunch has led to soaring profits
as well as his leadership style. and a record dividend at Russia’s state-owned gas
It was Dorsey’s second stint as Twitter producer Gazprom, as much of Europe has struggled
chief. He led the group until 2008, when with high prices.— PAGE 6
the board reportedly cited his habit of
leaving early for yoga classes as a reason i Sweden picks first woman PM — again
for the move. Dorsey returned as chief Magdalena Andersson has
executive in 2015. Parag Agrawal, chief become Sweden’s first female
technology officer, replaces him. prime minister for the second
Report page 7 time in a week after her first
Lex page 18 government lasted just seven
Joe Raedle/Getty Images
hours.— PAGE 2

i Scientist calls for halt on AI weapons

Pressure grows for ECB tightening

A leading computer scientist is warning that the
development of autonomous weapons that use AI to
target and kill people threatens the future of
humanity.— PAGE 2

as German inflation surges to 6%

i Disney in Tiananmen censorship spat
Walt Disney’s streaming arm has been accused of
censorship on its new Hong Kong service after it
dropped an episode of The Simpsons that refers to the
1989 Tiananmen Square massacre in Beijing.— PAGE 4

i Nissan launches $18bn electric car push

3 Highest in 3 decades 3 US and eurozone prices rising sharply 3 Bank says causes will fade
MARTIN ARNOLD — FRANKFURT
Inflation in Germany has surged to its
highest level since 1992, increasing pres-
sure on the European Central Bank to
justify its stance not to tighten its ultra-
loose monetary policy.
German inflation rose 6 per cent in
November from a year earlier, exceeding
most economists’ expectations. It has
not been as high since shortly after Ger-
many’s reunification three decades ago.
Spiralling prices are a sensitive subject
in a country where people’s approach to
money is still haunted by the hyperinfla-
tion of the 1920s and 1940s that wiped
out most people’s savings.
However, the ECB has tried to calm
anxiety over rising prices by saying
many one-off causes of inflation such as
soaring energy prices and supply chain
bottlenecks will fade next year.
Isabel Schnabel, an ECB executive
board member, said yesterday that
November would “prove to be the peak”
for inflation in the country. She said
German inflation had averaged 2 per
cent over the past two years, having
fallen sharply when the pandemic hit in
2020, before a sharp rise in 2021. “There
is no evidence to suggest that inflation is
spiralling out of control,” she added.
Eurozone data today is expected to
show inflation at 4.4 per cent this month,
the biggest rise in 13 years and more
than double the 2 per cent ECB target.
Several factors indicate that German
inflation will fade next year. One is that
the rebound in prices from last year’s
temporary cut in sales tax will drop out
Nissan is planning a ¥2tn ($17.7bn) push into electric
vehicles in a bid to take back the initiative from
traditional rivals and newer competitors such as
of the inflation data by January. Restric- inflation. Spanish consumer prices also Tesla.— PAGE 7
tions announced this month to contain a rose at their fastest pace since 1992 to 5.6
surge in coronavirus cases could also per cent this month, according to data
cool consumer spending. released yesterday. Prices in Belgium Datawatch
“There is little doubt that inflation also increased 5.6 per cent this month.
will fall next year: the only debate is how Inflation is rising even faster in the
far and how fast,” said Andrew Kenning- Isabel Schnabel US, where it increased 6.3 per cent in Love match A pre-pandemic
% of UK workers who met their survey by Total
ham, economist at Capital Economics. of the ECB: October from a year ago. The Federal partner through... 0 5 10 15 20
The main drivers of German inflation ‘There is no Reserve has responded by starting to Jobs found one in
Work five UK workers
were energy prices, which increased 22 evidence to wind down its bond-buying programme Friends met their partner
per cent. That helped push overall suggest that in a move widely seen as a precursor to A night out/ doing their day
goods prices up 5.2 per cent. Food rose inflation is the US raising interest rates next year. social event job. Whether a
4.5 per cent, services were 2.8 per cent spiralling out However the ECB has pushed back Online dating sustained rise in
higher and rents rose 1.4 per cent. of control’ against investors’ bets on a rates rise in School or university remote working
Part of the increase to the harmonised 2022. Christine Lagarde, ECB president, Family will lead to a
index of consumer prices came from said last week it would be “wrong” to A shared hobby long-term fall in
changes to the weighting of items in the tighten monetary policy in response to A holiday
the number of
basket, which reflected unusual spend- surging inflation, predicting that price Source: Totaljobs survey
workplace couples
ing patterns during the pandemic. pressures would fade by the time such of 5,795 UK workers in February 2018 remains to be seen
Germany is not alone in facing soaring measures took effect 18 months later.

Nations rush to limit ‘very high’ global

risks posed by Omicron virus variant
FT REPORTERS said the severity of illness from Omicron Kishida, prime minister. The ban, which
was still unclear, adding there was “sub- reversed a three-week-old relaxation of
The global risk from the new Omicron
stantial uncertainty” over the variant’s the rules, covers foreign students, train-
coronavirus variant is “very high”, the
ability to transmit, the severity of dis- ees, workers and business travellers.
World Health Organization warned, as
ease it causes and the effectiveness of The Japanese policy change followed
Japan moved to ban foreign visitors in
Long road ahead for KKR’s an attempt to limit the spread of the
vaccines. Scientists say it will take at a rush among countries to contain the
Telecom Italia takeover heavily mutated strain.
least two weeks to produce reliable data spread of the variant. Israel and
on immune responses to Omicron. Morocco have previously announced
Ringing the changes i PAGE 8 The new strain, first detected in south- Tedros Adhanom Ghebreyesus, WHO they would close their borders to foreign
ern Africa, has sparked alarm around director-general, said Omicron high- travellers, and a number of countries
the world. The WHO warned of its lighted “how perilous and precarious including the US and UK, as well as the
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scientists raced to understand the address to the World Health Assembly. quarantine measures for arrivals.
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Czech Rep Kc105 Poland Zl 20 severity of disease and on natural and be thanked for detecting, sequencing stock markets, with equities and oil fall-
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vaccine-induced immunity. and reporting this variant, not penal- ing the most in a year last week.
Finland €4.70 Romania Ron17 President Joe Biden said Omicron was ised,” he said, calling for “a new accord Donato Paolo Mancini and Naomi Rovnick
France €3.90 Russia €5.00
Germany €3.90 Serbia NewD420 “a cause for concern, not a cause for on pandemics”. in London, Robin Harding and Leo Lewis in
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panic” as he ruled out a fresh round of Japan’s ban on foreign visitors will Tokyo and William Langley in Hong Kong,
Hungary Ft1200 Spain €3.70 lockdowns. Instead, the US president take effect from midnight tonight. Kiran Stacey in Washington
India Rup220 Sweden SKr39
Italy €3.70 Switzerland SFr6.20 said it would be tackled with vaccina- “We’re handling the Omicron variant Reports page 3
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tions, boosters and testing. The WHO with a strong sense of crisis,” said Fumio Lex page 18
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2 ★
Brussels initiative
EU plans €300bn global infrastructure push
Bloc attempts to counter
China’s BRI by investing
in developing nations
SAM FLEMING — BRUSSELS
The EU wants to mobilise up to €300bn
of spending on infrastructure and other
projects for a Global Gateway plan to
respond to China’s influential Belt and
Road Initiative.
The European Commission’s draft
proposals, seen by the Financial Times,
suggest that the EU’s ambitions will rely
heavily on leveraging private sector
spending as well as public investment,
while co-opting spending from EU
member states.
The €300bn, to be invested by 2027,
Maxwell trial to shed light on Epstein misdeeds
Defence expected to attack
credibility of women the
socialite allegedly recruited
JOSHUA CHAFFIN — NEW YORK
The trial began in New York yesterday
of Ghislaine Maxwell, the British social-
ite, on charges she oversaw a network
that recruited dozens of vulnerable girls
for Jeffrey Epstein to abuse.
Epstein, the enigmatic financier who
rubbed shoulders with two US presi-
dents and some of the world’s wealthiest
men, hanged himself in a Manhattan
prison cell in August 2019, a month after
he was arrested on charges of trafficking
underage girls for sexual abuse.
Maxwell, 59, who appeared in court
wearing a white face mask amid the
Covid-19 pandemic, faces a long spell in
prison if convicted on all counts.
She has pleaded not guilty to eight
charges of sex trafficking and other
crimes, including two counts of perjury
that will be tried at a later date.
Twelve jurors and six alternates were
selected yesterday to hear the case,
which is expected to last six weeks.
Opening statements were expected to
be heard after the jurors were sworn in.
Maxwell was Epstein’s girlfriend and
then the manager of his far-flung prop-
erties — a Caribbean island, a New Mex-
ico ranch and Manhattan’s largest town-
house, among others.
She was arrested last year at a
secluded New Hampshire home, and
has repeatedly denied the charges. “I
have not committed any crime,” she
told a judge earlier this month during a
court appearance that marked a rare
outing from her prison cell.
In pre-trial motions, her lawyers have
suggested they will attempt to attack
the credibility of the women Maxwell
allegedly recruited while also claiming
that prosecutors are determined to pun-
ish her to make up for their own embar-
rassment in the Epstein case.
In 2007, with local police and the FBI
preparing charges against Epstein after
complaints from victims, a federal pros-
ecutor agreed to a secretive plea deal
that was unusually lenient. It allowed
Epstein to serve just 13 months in a jail
near his Palm Beach mansion.
“This is not quite a put-up job, but
nonetheless has been cobbled together
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Trump vs the Valley
Tech titans need to minimise
political risk — GILLIAN TETT, PAGE 13
HMRC warns
customs risks
being swamped
by Brexit surge
3 Confidence in IT plans ‘has collapsed’
3 Fivefold rise in declarations expected
JAMES BLITZ — WHITEHALL EDITOR
A computer system acquired to collect
duties and clear imports into the UK
may not be able to handle the huge
surge in workload expected once Britain
leaves the EU, customs authorities have
admitted to MPs.
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would include resources from the EU,
member states, European financial
institutions and national development
banks.
It would also “seek to mobilise private
sector finance and expertise and sup-
port access to sustainable finance”,
according to the document.
The commission will set out the plans
tomorrow.
Western nations are seeking to bolster
their involvement in projects in devel-
oping countries and counter the BRI,
under which Beijing has extended its
reach and influence globally.
The Global Gateway project is not
explicitly pitched as an alternative to
China’s projects, but the draft stresses it
will provide a “values-based” option
and an “ethical approach”.
Hearing begins:
a courtroom
sketch shows
Ghislaine
Maxwell, left,
sitting with her
defence lawyers
yesterday in
New York
Jane Rosenberg/Reuters
WORLD BUSINESS NEWSPAPER UK £2.70 Channel Islands £3.00; Republic of Ireland €3.00
A Five Star plan? Dear Don...
Italy’s populists are trying to woo
the poor — BIG READ, PAGE 11
May’s first stab at the break-up
letter — ROBERT SHRIMSLEY, PAGE 12
Lloyd’s of Brussels Insurance market
UK £3.80; Channel Islands £3.80; Republic of Ireland €3.80
Briefing
to tap new talent pool with EU base
THE END
i US bargain-hunters fuel Europe M&A
Europe has become the big target for cross-border
dealmaking, as US companies ride a Trump-fuelled
equity market rally to hunt for bargains across the
HOW DRIVERLESS
OF THE TECHNOLOGY IS
Atlantic.— PAGE 15; CHINA CURBS HIT DEALS, PAGE 17
i Report outlines longer NHS waiting times
A report on how the health service can survive CHANGING AN
ROAD
more austerity has said patients will wait longer for
AMERICAN WAY OF LIFE
non-urgent operations and for A&E treatment while
some surgical procedures will be scrapped.— PAGE 4
i Emerging nations in record debt sales
FT WEEKEND MAGAZINE
Developing countries have sold record levels of
government debt in the first quarter of this year,
taking advantage of a surge in optimism toward
emerging markets as trade booms.— PAGE 15
Credit Suisse
Art of persuasion Mystery deepens
i London tower plans break records
A survey has revealed that a
record 455 tall buildings are
planned or under construction over disputed painting of Jane Austen
engulfed in
adjust its negotiation position with the in London. Work began on
EU, a Whitehall official said. “If running almost one tower a week
our own customs system is proving during 2016.— PAGE 4
much harder than we anticipated, that
ought to have an impact on how we i Tillerson fails to ease Turkey tensions
fresh tax probe
press for certain options in Brussels.” The US secretary of state has failed to reconcile
In a letter to Andrew Tyrie, chairman
of the Commons treasury select com-
tensions after talks in Ankara with President Recep
Tayyip Erdogan on issues including Syria and the
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FINANCIAL TIMES
INTERNATIONAL
“By offering a positive choice for glo- China-backed projects such as railways,
bal infrastructure development, Global bridges and ports.
Gateway will invest in international sta- This and similar initiatives have
bility and co-operation and demon- raised concerns in European capitals
strate how democratic values offer cer-
tainty and fairness, sustainability for
that the EU is far behind when it comes
to developing nation infrastructure.
However, some BRI recipient coun-
tries have complained that the initia-
The EU programme would tive’s debt terms are onerous and some
prioritise investment in projects have deficient environmental
or building standards.
digitalisation, health, The EU programme would prioritise
climate, energy, transport investment in digitalisation, health, cli-
mate, energy and transport as well as
partners, and long-term benefits for education and research.
people around the world,” the draft doc- The draft says the EU plans to boost
ument says. its budget spending on infrastructure
The BRI has become an important outside the bloc, but the plans also hinge
strategic tool for Beijing since its launch on the use of “innovative financial
in 2013, as dozens of countries sign up to instruments to crowd-in private capi-
New York. Sex abuse case
so that Ghislaine is made to face the these and other powerful men and clar- ‘This has
charges that Epstein never faced,” her ify some of the mysteries that clung to
brother, Ian Maxwell, told the Associ- him in life and now in death. been
ated Press. It remains unclear, for example, just cobbled
Even after his death, Epstein contin- how Epstein, a university dropout,
ues to wreak havoc in the upper eche- amassed his fortune. There is also ram- together
lons of finance, academia, politics and pant speculation that Epstein was a spy so that
technology. Jes Staley was this month — or at least worked with intelligence
forced to step down as chief executive of agencies — and an international money- Ghislaine is
Barclays after British regulators con- launderer. Meanwhile victims have made to
cluded he had not been forthcoming claimed Epstein’s homes were studded
about the extent of his relationship with with secret cameras to watch his guests. face the
Epstein while running the private bank- Maxwell’s own background has charges that
ing group at JPMorgan. encouraged such theories. She is the
Entanglements with Epstein precipi- daughter of the late British press baron Epstein
tated Leon Black’s exit earlier this year and embezzler, Robert Maxwell, found never faced’
from his own firm, Apollo Global Man- dead in 1991 off the Canary Islands near
agement, while tarnishing Bill Gates’ his yacht, Lady Ghislaine. Maxwell, a Ian Maxwell
reputation. They have also derailed the Holocaust survivor, was also widely sus-
career of Britain’s Prince Andrew, who pected of being a spy.
was sued in New York earlier this year Still, those expecting bombshell reve-
by one of Epstein’s victims, Virginia lations at his daughter’s trial may be dis-
Roberts Giuffre, for alleged sexual abuse appointed. The government case is nar-
while she was still a minor. The prince rowly focused on her alleged role in pro-
has denied the claim. curing four particular underage victims
The suspense hanging over the Max- for Epstein in the 1990s, one as young as
well trial is whether it will further illu- 14. They are expected to testify.
minate Epstein’s relationships with According to the indictment, those
BBC lectures
Leading scientist issues fresh warning on use of AI weapons
MADHUMITA MURGIA — LONDON isation of life and death decision-mak-
ing by autonomous weapons systems
Computer scientist Stuart Russell met
must be outlawed worldwide.”
officials from the UK’s Ministry of
SATURDAY 1 APRIL / SUNDAY 2 APRIL 2017
Russell, who regularly meets govern-
Defence in October to deliver a stark
ments internationally, said the US, Rus-
Censors and sensitivity
Warning: this article may be
FEBRUARY 4 2017
upsetting — LIFE & ARTS
warning: building artificial intelligence
sia, the UK, Israel and Australia were
How To Spend It
into weapons could wipe out humanity.
still against a ban. “There is still a com-
Chic new lodgings
But the pioneering artificial intelligence munication failure, a lot of governments
researcher, who has spent the past dec- and militaries are not understanding
ade trying to ban AI from being used to what the objection is,” Russell said in an
locate and kill human targets, was not interview with the Financial Times.
able to extract any promises from those “Put very simply, we don’t sell nuclear
present at the meeting. weapons in Tesco — and with these
Russell, a British professor at the Uni- weapons it will be exactly like that.”
versity of California in Berkeley who co- AI lethal weapons were “small, cheap
wrote one of the seminal textbooks on and easily manufactured”. With no
AI more than 25 years ago, will this week checks, they could soon be as ubiquitous
use BBC radio’s annual Reith Lectures to as automatic rifles, more than 100m of
press his case further. which are in private hands.
His calls for an international morato- In the second of his four Reith lectures
rium on autonomous lethal weapons on “Living with Artificial Intelligence”,
have been echoed across the academic to be broadcast on BBC radio from
community. Last week, more than 400 tomorrow, Russell warns AI weapons
German AI researchers published an are no longer science fiction but are
open letter to the German government developing apace, completely unregu-
asking it to stop the development of lated. “You can buy them today. They
these systems by its armed forces. are advertised on the web.”
“The killing of humans should never In November 2017, a Turkish arms
be automated based on algorithmic for- manufacturer called STM announced
mulas,” the letter said. “Such dehuman- the Kargu, a fully autonomous killer
tal”, including guarantees to cut the
risks of private sector investments.
About €135bn of investments will be
enabled by guarantees from the EU’s
new European Fund for Sustainable
Development Plus programme. The
Luxembourg-based European Invest-
ment Bank would also be involved.
Grant financing of up to €18bn will
come from other EU programmes.
Half of the targeted spending of up to
€300bn will come from European
financial and development finance
institutions, according to the draft.
The EU plan is designed to dovetail
with work endorsed by the G7 summit
held in the UK this year, including
US president Joe Biden’s Build Back Bet-
ter World.
Brics have disappointed see Opinion
women were among the dozens that
Maxwell helped Epstein to “recruit,
groom and ultimately abuse” over the
years, taking them shopping and to the
movies, among other inducements.
The network expanded, according to
prosecutors, as Maxwell then encour-
aged the girls to recruit their friends
with a simple proposition: give a “mas-
sage” to a wealthy Palm Beach man for a
few hundred dollars. Sometimes,
according to prosecutors, Maxwell not
only groomed the girls but participated
in their sexual abuse.
The Maxwell who appears in court
will be very different from the figure
whose upper-class manners and social
grace helped to ease Epstein into high
society in the 1990s. She has been con-
fined in a 6ft by 9ft Manhattan cell since
her arrest — conditions her brother said
were “inhumane”.
It remains unclear whether she will
take the stand to testify, something
defendants rarely do. If Maxwell does,
say close observers of the case, then
Epstein may have the capacity to shock
and surprise once again.
drone the size of a rugby ball, which
could perform targeted hits based on
image and face recognition. The drone
was used in Libyan conflicts in 2020 to
selectively home in on targets, despite
an arms embargo on weapon sales to
Libya, according to the UN.
“STM is a relatively small manufac-
turer in a country that isn’t a leader in
technology. So you have to assume that
there are programmes going on in many
countries to develop these weapons,”
Russell said. He described the Israeli
government’s Harpy, a 12ft-long fixed-
wing aircraft that carries a 50-pound
Stuart Russell: ‘The killing of
humans should never be automated’
Tuesday 30 November 2021
Scandinavia
Andersson
becomes
Sweden’s first
female PM
once more
RICHARD MILNE
NORDIC AND BALTIC CORRESPONDENT
Magdalena Andersson has become
Sweden’s prime minister for the second
time in a week.
Her previous stint ended after just seven
hours but in another vote in parliament
yesterday she mustered enough support
to claim the premiership once again.
Andersson, leader of the centre-left
Social Democrats, is Sweden’s first
female prime minister.
The 54-year-old is set to run Sweden
for the next 10 months before elections
that will be fiercely contested by the
centre-right and nationalist parties who
argue that the Social Democrat-led gov-
ernments of the past seven years have
done little to stop the country turning
into a hotspot for gang crime, including
shootings and grenade attacks.
Andersson’s first attempt to become
prime minister ended in chaos. Just
after being named premier on Wednes-
day she lost a parliamentary vote on the
budget she wrote as finance minister,
her coalition government collapsed, and
she resigned — all in the course of seven
‘Somebody must be prime
minister in this country,
and there does not seem
to be an alternative’
frenetic hours. She will lead a minority,
one-party government.
Yesterday, Andersson told a press
conference: “Somebody must be prime
minister in this country, and there does
not seem to be an alternative.”
She conceded that the events of the
past week were seen by many as “odd”,
but said it felt “very good” to be elected
as Sweden’s first female prime minister.
She said her government would try to
move Sweden forward in three main
areas: welfare, climate change and the
fight against gang crime and segrega-
tion.
Stefan Lofven stepped down as prime
minister and Social Democrat leader
earlier this month after becoming the
first Swedish head of government to lose
a vote of no confidence. Far-left and far-
right parties had joined forces to oust
him.
Sweden’s politics have been in
upheaval for the past decade because of
the emergence of the nationalist Swe-
den Democrats, which gained 17.5 per
cent of the vote in the 2018 elections and
have occasionally topped opinion polls.
Initially ostracised by all the other
parties because of its roots in the neo-
Nazi movement, the Sweden Democrats
are now embraced by most of the main-
stream centre-right.
The Sweden Democrats’ budget —
written together with the main opposi-
tion party, the Moderates, as well as
the Christian Democrats — was adopted
by parliament last week, meaning
Andersson will be forced to govern with
their spending plans. She will have the
chance in the spring to try to revise
those plans.
Sweden, known for its focus on gen-
der equality and feminism, becomes the
last Nordic country to have a female
prime minister, 40 years after Norway
— and fully six decades after Sri Lanka.
explosive payload, and its descendent,
the Harop. The planes can be flown
remotely or run autonomously after a
target is specified by a human.
The Harop may have been sold to
India and also Azerbaijan, where it was
spotted in a video produced by the
army. A press release from Israel Aero-
space Industries said “hundreds” of
these had been sold.
Russell warned that the proliferation
of AI weapons posed an imminent and
existential threat. “A lethal AI-powered
quadcopter could be as small as a tin of
shoe polish . . . about three grammes of
explosive are enough to kill a person at
close range.
“A regular container could hold a mil-
lion lethal weapons, and . . . they can all
be sent to do their work at once,” he says
in his lecture. “So the inevitable end-
point is that autonomous weapons
become cheap, selective weapons of
mass destruction.”
He believes the only way to convince
governments still resisting a ban is to
appeal to their sense of self-preserva-
tion. He said: “If the technical issues are
too complicated, your children can
probably explain them.”
Tuesday 30 November 2021 ★ FINANCIAL TIMES 3

OMICRON

Large number
Border controls

Japan to
of mutations bar foreign
visitors in
puts scientists regulations
about-turn
on high alert ROBIN HARDING AND LEO LEWIS
TOKYO

Japan will ban foreign visitors following

Strain could be more transmissible
and have higher resistance to vaccines
CLIVE COOKSON AND OLIVER BARNES
LONDON
The Omicron coronavirus variant that
emerged in southern Africa has caused
global alarm due to its unprecedented
set of genetic mutations.
Its 50 mutations include more than 30
on the spike protein, the exposed part of
the virus that binds with human cells.
These could make it more transmissible
than the dominant Delta variant and
more likely to evade the immune pro-
tection conferred by vaccines or prior
infection.
Why is Omicron causing concern?
The first reason is epidemiological and
relates to the speed with which the vari-
ant first detected this month is spread-
ing in South Africa.
Omicron’s distinctive mutation pat-
tern means conventional PCR tests can
distinguish it from Delta and other vari-
ants, without the need for full genome
sequencing. Testing has showed it is
responsible for more than 90 per cent of
infections in Gauteng province.
At the same time, analysis of waste-
water in Pretoria for traces of the Sars-
Cov-2 virus — an indicator of outbreak
size — suggested infections had surged
close to levels last seen during the Delta
wave six months ago.
The other cause for concern is Omi-
cron’s unusual genetic profile. Jeffrey
Barrett, director of the Covid-19
Genomics Initiative at the Wellcome
Sanger Institute, described the strain as
“an unprecedented sampling” of muta-
tions from four earlier variants: Alpha,
Beta, Gamma and Delta.
Worryingly, said Jacob Glanville, a
computational immunologist and
founder of US therapeutics company
Centivax, 15 of the mutations were on
the “receptor binding domain” that acts
like a “grappling hook” for the Sars-
Cov-2 virus to enter human cells.
These mutations help the virus cir-
cumvent the body’s immune defences.
Jonathan Van-Tam, England’s deputy
chief medical officer, said yesterday it
was “likely” there would be an impact
on the effectiveness of vaccines.
Where did Omicron come from?
Is it more dangerous than Delta?
As Sars-Cov-2 replicates, errors in the
copying process occasionally change
some of the 30,000 biochemical letters
in its genetic code, typically at a rate of
two mutations per month. Though Omi-
cron was first detected in samples from
Botswana and South Africa, no one
knows where it originated and how it
accumulated so many changes. But sci-
entists believe it is likely to have evolved
in a single individual whose immune
system was compromised through med-
ical treatment or disease.
Slawomir Kubik, a genomics research
expert at Geneva-based biotech Sophia
Genetics, said many of Omicron’s muta-
tions had not been observed before.
Therefore, scientists “have very little
visibility on what these new mutations
are doing to how the virus works”.
Some of the mutations indicate
increased transmissibility, while
changes in the genetic code make it
harder for the immune system, trained
by existing vaccinations or prior infec-
tion, to tackle a new strain. But it will
take researchers weeks or months to
work out the interactions between them
and their cumulative impact.
Even if Omicron proves to be the most
infectious variant so far, there is no clear
evidence yet about whether it will turn
out to cause worse symptoms. “It could
go either way,” said Glanville. “The
mutations could make it worse, or the
mutations could make it more benign.”
Is there evidence it produces less
severe disease than other variants?
Several doctors in South Africa have
remarked that people infected with
Omicron seem to show milder symp-
toms than those with Delta. Many are
asymptomatic. No deaths have been
attributed to the variant yet.
“I think it will be a mild disease, hope-
fully,” said Angelique Coetzee, chair of
the South African Medical Association.
“We’re confident we can handle it.”
But many experts warn against reach-
ing such conclusions when the variant
has not been properly researched.
Michael Mina, an epidemiologist at
Harvard Medical School, said the
number of reported cases in the Pretoria
region was relatively small compared
with the high viral load detected in
wastewater. And while that could mean
most infections were so mild that they
were going undetected, it was more
likely that wastewater was a leading
indicator and that case numbers would
catch up. “There isn’t much in this virus
[genetic] sequence suggesting it should
be very mild,” he said.
Even if Omicron caused milder symp-
toms, on average, deaths would be
greater if it is much more infectious and
better at escaping immune protection.
The key mutations that shape Omicron
Omicron has 10 times more mutations on the spike protein than the Delta variant, raising fears about transmissibility,
symptoms and whether it can evade vaccines more easily
Side-on view of the spike protein
Mutation The combination of four
Insertion/deletion particular mutations helps
Omicron evade antibodies,
say scientists
Two genetic deletions mean the
variant can be detected by some
PCR tests without the need for
full genomic sequencing
A group of four new mutations
may create additional obstacles
for certain antibodies
Three mutations near the furin
cleavage site, where a key
biochemical reaction takes place,
may be associated with making
the variant more transmissible
FT graphic: John Burn-Murdoch and Paul McCallum Sources: Ulrich Elling; Björn Meyer; Kevin McCarthy; covariants.org
Detection:
a scientist How well placed is the world to face
specialising in the threat?
Covid-19 studies Many scientists supported the response
samples in of banning travel from countries where
Trutnov, Czech Omicron is spreading fast. “The objec-
Republic, after tive of the border closures and travel
the country restrictions that have been announced
reported its first is to limit the global spread,” said Fran-
Omicron case cois Balloux, director of the UCL Genet-
Taneèek David/CTK/dpa
ics Institute in London. “If [Omicron]
were more transmissible than Delta,
this strategy is most unlikely to succeed
in the long term but might allow gaining
some time to further increase vaccina-
tion rates, and deploy promising drugs
currently in the pipeline.”
There are 15 mutations in
the receptor binding domain, the
part of the spike that mediates
how easily the virus attaches
itself to cells
Three deletions in a protein
that is not part of the spike
may help to evade vaccines
‘I think it Despite the many uncertainties, most
scientists are more confident than they
will be a were when the Alpha and Delta waves
mild arrived. The new variant is “most
unlikely to fully escape immunisation
disease. provided by vaccination and prior infec-
We’re tion”, said Balloux. “With high vaccina-
tion rates and promising drugs on the
confident horizon, a possible [Omicron] B.1.1.529
we can wave should be far less painful to
weather than the Alpha and Delta ones.”
handle it’ Another positive is that, because of
the efforts of South African scientists,
Angelique countries have been warned about the
Coetzee, South
African Medical risks posed by Omicron far sooner than
Association they were about Delta.
See Lex
the emergence of the Omicron variant,
in one of the strongest responses to the
new coronavirus strain from a large
country.
Fumio Kishida, Japan’s prime minister,
said yesterday that the decision would
take effect at midnight today, reversing
a three-week-old relaxation of rules.
“We’re handling the Omicron variant
with a strong sense of crisis,” Kishida
told reporters. “It appears to be spread-
ing around the world so we continue to
look at further strengthening our bor-
der control measures.”
The ban covers foreign students,
trainees and workers moving to Japan
and business travellers on short trips.
Under the previous measures, vacci-
nated business travellers could visit
Japan after undergoing quarantine for
as few as three days.
Japanese nationals and foreign resi-
dents returning from South Africa,
neighbouring countries and other
nations with Omicron cases would have
to quarantine at government-controlled
facilities, Kishida added.
Returning travellers from southern
Africa would have to spend 10 days in a
government hotel; those from Israel, the
UK, Holland and Italy would have to
spend six days; and those from Ger-
many, Hong Kong and a number of
other countries would have to spend
three days in a government facility. In
all cases, travellers would then have to
quarantine at home to reach a total of
two weeks.
The Japanese policy change followed
a scramble among countries to contain
the spread of the variant, which was first
identified in southern Africa.
Israel and Morocco have previously
announced that they would close their
borders to foreign travellers, and a
number of countries including the US
and UK as well as the EU have intro-
duced travel controls and quarantine
measures for arrivals.
Cyril Ramaphosa, South Africa’s pres-
ident, has said the travels bans were
“completely unjustified”, adding that
there was no scientific rationale for the
restrictions.
The measures “discriminate”, he
added, arguing that the variant should
instead highlight that rich countries
must improve access to vaccinations in
Africa.
The Omicron variant has caused
alarm among health experts because of
the speed with which it spreads and its
genetic profile, which helps the virus
evade a body’s immune system.
The World Health Organization has
labelled Omicron a “variant of concern”
but it also called for a balanced
response, urging that countries that
report the strain not be penalised.

Forecasts Asia

Economists optimistic on impact of variant HK tough quarantine rules prompt backlash

CHRIS GILES — LONDON
Experts generally expect the world
economy to weather any wave of coro-
navirus infections caused by the Omi-
cron variant relatively easily, even if
the latest outbreak has also clouded the
economic outlook.
A central reason for their relatively opti-
mistic initial assessment is the growing
ability of economies to adapt to past
Covid-19 restrictions, alongside the roll-
out of vaccine programmes.
Any new wave of the virus was there-
fore also unlikely to curb the rise in
inflation, the economists said, although
it would raise doubts among central
bankers about the wisdom of tightening
monetary policy early.
Among the large range of analysts
who published notes and forecasts yes-
terday — be they from investment
banks or consultancies — all stressed the
uncertainty generated by the Omicron
variant’s ability to evade existing vac-
cines, cause severe disease and spread
faster than the Delta variant.
At the same time, though, few
thought there was a need to rip up their
current economic projections.
Paul Donovan, chief economist of UBS
Global Wealth Management, said that
travel and tourism might be hard hit in
some places, but this was generally quite
a small part of overall economic activity.
The Omicron variant was “unlikely to
change the broader economic narrative
at this stage”, he said.
Holger Schmieding, chief economist
of Berenberg Bank, said: “From wave to
wave, the economic damage has less-
ened.” He pointed to the contrast slowdown in economic activity was also
between the first and second European unlikely to curb the recent surge in infla-
waves of Covid: while the first knocked tion, particularly in goods where
15 per cent off eurozone economic activ- demand has outstripped global supplies,
ity in the second quarter of 2020, gen- which have been riven by disruptions.
eral adaptation to living with the virus Neil Shearing, chief economist of Cap-
led to only a 0.7 per cent drop in GDP in ital Economics, said: “A virus-related
the more severe second wave in early surge in goods spending, or port clo-
2021. Furthermore, even if the Omicron sures, would exacerbate existing supply
variant has greater resistance to current strains and add upward pressure to
vaccines, the prevailing view was that goods inflation.”
inoculation against it would help to “It’s not clear it’s [the Omicron vari-
reduce the economic impact. ant] disinflationary,” said Jordan
Daniele Antonucci, chief economist at Rochester, a foreign exchange strategist
Quintet Private Bank, said: “The devel- at Nomura in London.
oped world can now count on high vac- While accepting there is huge uncer-
cination rates, has ramped up its capac- tainty, Goldman Sachs economists pro-
ity to develop and produce vaccines, duced four possible scenarios for any
and has shown it can adjust working coming Omicron wave, including one
patterns fairly flexibly and adapt more which is a false alarm and the new vari-
generally.” ant proves no more infectious than the
Most economists believed that any Delta variant.
Its main downside scenario suggested
Lockdowns have become there would be only a small economic
hit from the virus in 2022 because the
less severe with each wave impact of each subsequent lockdown in
of coronavirus the past has been weaker. These restric-
Goldman Sachs global effective tions would lower global growth signifi-
lockdown index , seven-day moving
average cantly in the first quarter, until new vac-
60 cines arrived and brought with them a
50 robust recovery.
Alpha spreads Delta spreads The uncertainty is likely to encourage
40
central banks to stay their hand and
30 wait a little longer before deciding
20 whether to tighten monetary policy.
10 In a note on Friday, Citi’s European
Delta spreads outside India economists wrote that the new uncer-
0 tainty would be “a major alert” for cen-
Jan Apr Jul Oct Jan Apr Jul Oct
2020 2021 tral banks and that “the recovery path
Purchasing power parity weighted may not be as straightforward as origi-
Source: Goldman Sachs Global Investment Research nally thought”.
TABBY KINDER, CHAN HO-HIM AND
PRIMROSE RIORDAN — HONG KONG
Katrina* was a few days into quaran-
tine in a hotel room in Hong Kong when
she received a phone call saying her
infant child had tested positive for
coronavirus at the airport.
The pair were plunged into the labyrin-
thine bureaucracy of the territory’s
“zero-Covid” policy, which bounced
them from hospital to hotel to govern-
ment facility. They were told they would
not be released from isolation until late
December, more than seven weeks after
returning to Hong Kong.
“It is hard, especially with a young
kid. You feel like a prisoner,” she said,
speaking by phone from quarantine.
Sofia* and her five-year-old daughter
will have spent 44 days in quarantine by
the time they are let out. Complicated
discharge criteria meant they were
detained in hospital for more than a
month after the child tested positive,
then sent to a hotel to spend two more
weeks in quarantine.
“We were going crazy,” she said, also
speaking from quarantine. “I had no
idea how long I would be there.”
Hundreds of adults and children have
been caught up in extreme pandemic
control measures introduced in recent
months that extended the time people
who test positive for the virus — or those
close to them — must spend in isolation
in hospital or quarantine.
Hong Kong had already toughened
criteria for discharging Covid patients
from isolation in August. Anyone who
tests positive must spend at least 10
days in hospital, display almost no
symptoms and pass two PCR tests to be
released. Then, in October, the city
imposed an additional two-week quar-
antine for recovered Covid patients. The
move was branded unethical and
unnecessary by some health experts.
Those who have been near a person
with the virus, so-called “close con-
tacts”, face quarantine in a government
facility for up to 21 days.
It has compounded travel restric-
tions, which require a 14 or 21-day hotel
quarantine for anyone entering the ter-
‘What most worries me
is that we are really
distancing ourselves
from the rest of the world’
ritory, depending on their point of ori-
gin. The outcome of these measures has
created one of the strictest and longest
quarantine regimes in the world.
This month, 54 people in a quarantine
hotel had 14 days added to their stay —
resulting in 35 days of isolation for some
— after one guest was found to be carry-
ing the Delta variant. “I felt angry and
extremely sad. I was like, no, I can’t do
this again,” said one of the people
affected, who did not want to be named.
In another case, 120 kindergarten and
primary pupils from a school in Discov-
ery Bay were taken to a government
facility for three days after a father — a
pilot — contracted coronavirus abroad.
Like China, Hong Kong’s aim since the
start of the pandemic has been to elimi-
nate the virus from within its borders. It
has maintained this strategy even as
other parts of Asia, including rival busi-
ness hubs such as Singapore and Tokyo,
had started to open up before the dis-
covery of the Omicron variant.
The policy has meant Hong Kong has
avoided a nationwide lockdown and
recorded just 213 deaths in a population
of 7.5m. But it is now trapped between
risking its status as a centre for global
business that relies on free travel or
relaxing measures and risking an out-
break, which could be disastrous due to
low vaccine rates among the elderly.
Residents and healthcare experts are
divided over whether the measures
should be relaxed.
Business groups have increased lob-
bying efforts, claiming workers are leav-
ing the territory owing to the restric-
tions. Several senior executives told the
Financial Times that their families had
not returned to the city after going
abroad this summer because they
feared being trapped in long quaran-
tines.
“What most worries me is that we are
really distancing ourselves from the rest
of the world,” said Arisina Ma, former
president of the Hong Kong Public Doc-
tors’ Association. “Hong Kong is sup-
posed to be an international place.”
Yet others insist the policies are justi-
fied because they have prevented large
numbers of deaths and allowed daily life
to continue mostly as normal.
Carrie Lam, the city’s chief executive,
said she “won’t sacrifice the safety of the
people just to rush reopening borders”.
*Names have been changed
4 ★
Latin America
Castro heads for big win in Honduras poll
Leftist female candidate
on course for presidency
after vowing to fight graft
CHRISTINE MURRAY — CANCUN
A leftwing candidate is set to become
Latin America’s only female leader after
taking a substantial lead over the ruling
party in Honduras’s presidential elec-
tion with promises to tackle corruption
and inequality.
With more than half the ballots
counted, Xiomara Castro, 62, had won
53.6 per cent of the vote. The ruling
party’s candidate, Nasry Asfura, who is
the mayor of the country’s capital
Star sign
Basilica tower
nears finish
Operators use a tower crane to install
a giant star on top of the Mare de Deu
(Virgin Mary tower) of the Sagrada
Familia Basilica in Barcelona
yesterday.
The 12-pointed star, weighing five
and a half tons, was lifted into
position on top of the 138m tower,
which will be the basilica’s second
tallest tower when it is finished on
December 8.
That will mark the completion of
75 per cent of the Antoni Gaudí
masterpiece, designed in 1882 but
still unfinished, with work recently
halted due to the pandemic.
Once completed, the Sagrada
Familia will have three facades and
be crowned by a 172.5m tower
dedicated to Jesus. AFP and Reuters,
Barcelona
Hardliner leads Iran delegation as nuclear talks resume
West will be gauging whether
top negotiator and Tehran are
serious about striking a deal
NAJMEH BOZORGMEHR — TEHRAN
ANDREW ENGLAND — LONDON
The hardline Iranian diplomat in
Vienna this week for talks on the
resumption of the nuclear accord with
world powers once described that same
deal as a “complete loss” and chastised
his country’s negotiators for their
“weakness”.
Ali Bagheri Kani is leading the Iranian
delegation in indirect negotiations with
the US intended to revive the moribund
accord. Given the new hardline admin-
istration in Iran, Bagheri’s western
counterparts will be seeking to gauge
whether Iran’s top nuclear negotiator
and his political masters in Tehran are
serious about striking an agreement.
The talks resumed yesterday after a
five-month hiatus following the election
of hardline president Ebrahim Raisi,
amid western concern over Iran’s
Emissions
No ‘silver bullets’ to make shipping greener
RICHARD MILNE
NORDIC AND BALTIC CORRESPONDENT
There is no silver bullet for decarbonis-
ing the shipping industry and it would
be dangerous for governments to bet
on simple solutions for one of the
world’s most polluting sectors, accord-
ing to one of the largest manufacturers
of marine engines.
Hakan Agnevall, chief executive of
Finnish group Wartsila, said that fossil
fuels would for some time remain in the
industry, despite a push by liners such
as Maersk to speed up the use of carbon-
neutral fuels.
“The danger here is to try to find silver
bullets and simple solutions that we try
to prescribe to everyone,” said Agnevall.
“We are going into an era where there
will be multiple solutions. So it’s a com-
plex future,” he added.
Given the Finnish group is one of the
largest makers of engines for the mari-
time industry, which accounts for about
3 per cent of global emissions, the analy-
sis from him is likely to carry weight.
Shipping, which was not part of the
2015 Paris Agreement on climate
Tegucigalpa, had 33.9 per cent, the
country’s electoral authority said yes-
terday.
Castro, the wife of a former president
deposed in a coup, calls herself a demo-
cratic socialist and heads an alliance of
opposition groups that sought to unseat
the rightwing National Party in the Cen-
tral American nation of almost 10m
people.
“Today the people have done justice,
we turned back authoritarianism,” Cas-
tro told jubilant supporters on Sunday
night.
Honduran politics is dogged by cor-
ruption and links to drug trafficking.
Incumbent president, Juan Orlando
Hernández, was named as an alleged co-
Vienna negotiations. End of hiatus
expanding nuclear programme and
tougher rhetoric on the negotiations.
Iran is adamant that for the talks to
succeed it first needs to see all US sanc-
tions lifted and receive guarantees from
Washington that no American president
will be able to abandon the agreement,
as Donald Trump did in 2018. Unusu-
ally, Bagheri will be accompanied by an
economics team, including central bank
and other officials, to emphasise the
importance of removing sanctions.
While Bagheri has in recent weeks
separately met officials from the Euro-
pean signatories to the deal, a move seen
as positive, western officials fear Tehran
will seek to roll back the progress made
at previous rounds of talks.
“There’s a deep and very legitimate
concern that the Iranians are going to
posture and want to start from scratch
or go back to their lecturing, and the
Americans and Europeans are not up
for that,” said Sanam Vakil, an Iran
expert at Chatham House.
“They see any of that as a delaying
strategy where Iran would continue to
accelerate its programme in tandem
with the farce of negotiations which
change, is viewed as one of the hardest
sectors to decarbonise, as most of the
world’s container ships travel huge dis-
tances between ports, meaning electric
batteries are not a realistic solution.
Vessels also have a lifespan of about 20
years, so it can take a long time for new
technology to be put into practice.
Instead, different shipping companies
have pushed a variety of fuels from liq-
uefied natural gas (LNG) to hydrogen
and methanol, preferably all produced
using renewable energy.
Agnevall said he was not concerned
Maersk and France’s MSC, which looks
set to overtake the Danish group as the
world’s largest container shipping line
soon, were taking different approaches.
“We are going to need to leverage
every solution we can. The danger is
post COP26 [climate summit] we go
back and think: ‘OK, we’re on the right
path.’ We’re not. We need to accelerate,”
he said, adding different fuels will prob-
ably be used in different parts of the
world depending on availability.
Maersk and MSC have both set goals
of becoming net zero by 2050, and the
Danish group has said it needs carbon-
FINANCIAL TIMES
INTERNATIONAL
conspirator in a US drug trafficking case
in which his brother was jailed for life
this year.
Asfura was last year accused of cor-
ruption by Honduran prosecutors over
some $1m in public money allegedly
diverted from public coffers. Running
third in the presidential race is Yani
Rosenthal, who recently served a three-
year US prison sentence for money
laundering.
Asfura, who has not yet conceded the
election, and Hernández have both
denied the accusations.
Castro’s Libre party was founded in
the wake of protests in 2009 after the
military ousted and exiled her husband,
Manuel Zelaya, who was an ally of Vene-
are not really going to go anywhere.”
Iran and the other signatories — the
UK, France, Germany, Russia and China
— remained committed to the agree-
ment after the US quit the deal and
reimposed sanctions. But over the past
two years, Tehran has significantly
expanded its nuclear development and
it is increasingly accused of hindering
the work of the International Atomic
Energy Agency, the UN watchdog moni-
toring the accord’s implementation.
In the first half of this year there were
six rounds of talks, brokered by the EU,
with the Biden administration indi-
Ali Bagheri Kani arrives at the Palais
Coburg, Vienna, yesterday for talks
neutral vessels in operation by 2030 to
reach it. But it ordered eight large ships
this year, for delivery in 2024, capable of
running on both fossil fuels and “green”
methanol. France’s CMA CGM, number
three in the industry, has several LNG-
powered ships.
Agnevall said such dual-use engines
would be increasingly important as the
industry does not know which solution
will prove most effective. He underlined
the difficulties in replacing the bunker
fuel currently used, which is optimal
because of its high energy density.
LNG would require fuelling tanks
double the size of bunker fuel; ammonia
would need tanks four times larger;
hydrogen, eight times; and electric bat-
teries, 40 times.
As shipping companies respond to
record-high freight rates as a result of
the surge in demand, Agnevall said they
must remember the green shift for them
is “less than one vessel lifetime away”.
Much of the pressure to decarbonise
shipping is coming from manufacturers
and retailers such as Ikea, Amazon and
Unilever, which are demanding to use
only zero-emission vessels by 2040.
zuelan president Hugo Chávez. Her sup-
porters have dismissed suggestions she
wants to set up a hard-left administra-
tion.
Honduras has the highest poverty
rate in Central America, according to
the World Bank, and one of the highest
homicide rates in the world. That has
resulted in mass emigration, mostly to
the US.
During this fiscal year, almost
320,000 Hondurans had contact with
US law enforcement at the southern
border, equivalent to more than 3 per
cent of the country’s population.
The campaign and run-up to Sunday’s
vote had been tense, with memories still
fresh of the disputed 2017 election,
rectly talking to the government of
Raisi’s predecessor, Hassan Rouhani.
But those talks were with Iranian offi-
cials supportive of the nuclear deal and
desperate to prevent its total collapse.
Ayatollah Ali Khamenei, Iran’s
supreme leader, ultimately has the final
word on all top foreign policy decisions.
The election of Raisi, a conservative
cleric, shifted the political dynamics in
the republic as it put hardliners — many
of whom were critical of the original
deal and wary of engaging with the west
— in control of all arms of the state for
the first time in almost a decade.
Bagheri gave an insight into his views
in a 30-page introduction he wrote for a
Persian translation of the book Not for
the Faint of Heart, written by Wendy
Sherman, a US diplomat involved in the
talks with Iran that led to the nuclear
deal, and published three years ago.
The Iranian diplomat, who was Iran’s
deputy nuclear negotiator from 2008-
2013, described the 2015 nuclear agree-
ment as a “complete loss” through
which Iran’s red lines “were trampled
upon”. He blamed Iran’s previous nego-
tiators, who worked under the Rouhani
Myanmar atrocities
Argentina to open Rohingya genocide case
JOHN REED
SOUTH-EAST ASIA CORRESPONDENT
Argentina’s judiciary has agreed to
open a genocide case brought by
Rohingya victims of atrocities commit-
ted by Myanmar’s military, in a move
hailed by victims and their advocates
as a historic step toward bringing the
country’s ruling generals to justice.
The case was brought in Buenos Aires by
a UK-based Rohingya group and six
female survivors of the military’s 2017
crackdown in Myanmar’s Rakhine
state, where security forces killed thou-
sands, committed rapes and drove
about 750,000 members of the long-
persecuted minority into Bangladesh.
“We will be looking for concrete
results in terms of accountability and
punishment for those who participated
directly and indirectly in the genocide,”
Tomás Ojea Quintana, the plaintiffs’
lawyer, told the Financial Times. “We
want to identify with names the perpe-
trators and try to get these people
brought to justice in Argentina.”
Quintana said that the victims “really
want physical testimony” from the mili-
which prompted widespread allegations
of fraud and protests that were violently
repressed by security forces. At least 29
people were killed in election-related
violence this year.
The US government urged Honduran
candidates and parties to encourage
peace and patience from supporters.
Castro’s proposed policies include a
greater role for the government in the
economy, and legalising abortion in
cases of rape, risk to the mother’s life
and foetal malformations.
She has also vowed to bring in the
United Nations to help with the anti-
corruption fight. On Sunday, she
stressed she did not have enemies and
wanted dialogue with her opponents.
Pau Barrena/AFP/Getty
government, for their “weakness” and
falling into US diplomats’ trap of estab-
lishing personal relations with their Ira-
nian peers. This, he wrote, paved the
way for the US to influence Iranian dip-
lomats, citing a top Iranian negotiator
sending Christmas greetings to “a Jewish
diplomat of the enemy”.
Bagheri believes “the US’s goal of
overthrowing the Islamic republic has
never vanished from its foreign policy”.
But Brett McGurk, the US National
Security Council’s co-ordinator for the
Middle East and north Africa, said this
month the administration was hopeful a
diplomatic solution could be reached.
“But if it cannot find a way, we are pre-
pared to use other options . . . we are
not going to allow Iran to get a nuclear
weapon, period,” he told delegates at a
Middle East conference.
Iranian hardliners are dismissive of
what they perceive to be US threats and
pressure, while hope among reformists
of securing a deal is fragile. Hossein
Marashi, a reformist politician, said
“developing nuclear technology seems
more important than the economy for
the political system”.
tary’s senior leadership, including Min
Aung Hlaing, the military chief who
oversaw the 2017 crackdown in Rakhine
and who overthrew Aung San Suu Kyi’s
government in a coup in February.
The court case, though set to be heard
across the world from Myanmar, was
brought under universal jurisdiction,
‘Justice for decades of
killings of Rohingya
within Myanmar is now
within reach’
the principle under which exceptionally
grave crimes can be tried anywhere.
“We applaud the Argentinian judici-
ary for showing the courage and moral
leadership to take up this case,” Tun
Khin, president of the Burmese
Rohingya Organisation UK, the group
that brought the case, said in an emailed
statement. “Justice for decades of dehu-
manising and killings of Rohingya
within Myanmar is now within reach.”
The case, for which pre-trial hearings
began in 2019, is part of an international
Tuesday 30 November 2021
Censorship claim
Disney pulls
‘Simpsons’
Tiananmen
episode for
HK launch
CHAN HO-HIM AND PRIMROSE RIORDAN
HONG KONG
Walt Disney’s streaming service has
been accused of censorship after it
dropped an episode of The Simpsons
that refers to the 1989 Tiananmen
Square massacre when the US com-
pany launched the platform in Hong
Kong this month.
The missing episode called Goo Goo Gai
Pan features the American cartoon fam-
ily flying to China to adopt a baby, with a
visit to Beijing’s Tiananmen Square
showing a large sign standing in the
square saying: “On this site, in 1989,
nothing happened.”
First aired in 2005, the episode guest-
starred Lucy Liu and also showed
Homer Simpson saying former Chinese
Communist party chair Mao Zedong
was a “little angel” who killed millions.
Disney’s dropping of the episode came
just one month after Hong Kong passed
an amendment to its film censorship
law that in effect banned offerings that
were deemed “contrary” to the city’s
Beijing-imposed national security law.
Kenny Ng, an associate professor at
the Academy of Film at Hong Kong Bap-
tist University who specialises in cen-
sorship, said other global streaming
platforms might follow Disney’s exam-
ple as “a new ground for negotiations
between freedom of expression and
censorship” emerges.
The sweeping security law, which car-
ries a maximum penalty of life impris-
onment, came into effect last year in the
wake of the city’s 2019 pro-democracy
protests and has already led to many
pro-democracy politicians and activists
being arrested or jailed.
Hong Kong authorities banned the
city’s annual candlelight vigil commem-
orating the Tiananmen massacre in
June for a second consecutive year citing
pandemic concerns. The event’s main
organisers were detained in September
under the security legislation.
Disney’s streaming service, which was
launched two years ago and has more
than 118m subscribers globally, rolled
out its Hong Kong platform on Novem-
ber 16. A check by the Financial Times
on Saturday found that all the episodes
of season 16 of The Simpsons were availa-
ble on Disney Hong Kong except for epi-
sode 12, which contained the scenes in
question.
Disney did not respond to multiple
requests for comment on why the epi-
sode was not available and whether the
Hong Kong government had made any
requests to the company.
The Hong Kong government said the
amended film censorship bill “only reg-
ulates [the] exhibition of films and does
not apply to streaming services”.
Baptist university’s Ng said he
believed Disney’s omission of the epi-
sode was “largely to do with the business
interest of US streaming companies”.
“It is in their best interest not to
offend the Chinese government, or sim-
ply create complications . . . they have
no strong motivation to put on offend-
ing materials at this sensitive moment,”
he said. “Hong Kong is still different
from the mainland in many aspects [in
terms] of freedom of expression,” Ng
added. “But in certain cases when it
touches upon very thorny political
issues . . . there seems little room for
companies to manoeuvre.”
push by human rights groups and the
UN to gather evidence and begin seek-
ing justice for the military’s crimes,
including the 2017 crackdown in
Rakhine and its killing, imprisonment
and torture of thousands of people since
February’s coup. The court heard pre-
trial video testimony from female vic-
tims in Bangladesh but Tun Khin said
part of the process would be to ensure
victims could testify in Argentina.
He also wants the court to request
information from social media compa-
nies, particularly Facebook, regarding
the spread of “hate speech”.
The International Court of Justice in
The Hague is already hearing a genocide
case brought by the Gambia against
Myanmar in 2019, in which Aung San
Suu Kyi testified.
Kingsley Abbott of the International
Commission of Jurists said: “It is exactly
how universal jurisdiction is supposed
to work when crimes of concern to all
mankind are committed around the
world, so Argentina should be com-
mended for taking this important step.”
However, he said that Argentina
would need “huge amounts of support”.
Tuesday 30 November 2021 ★ FINANCIAL TIMES 5
6 ★ FINANCIAL TIMES Tuesday 30 November 2021

Ringing the changes Telecom Italia revamps its board amid buyer interest from US private equity group KKR y SEE ANALYSIS

Surging gas Loss of appetite Plant-based meat producers

struggle to digest steep decline in US sales
Reliance says
Indian report
prices propel of bid for BT
is ‘baseless’
Gazprom to CHLOE CORNISH — MUMBAI
NIC FILDES — LONDON

record profits
Reliance Industries has denied it wants
to make an offer for BT after an Indian
newspaper reported it was interested
in the UK telecoms group.
Reliance called Monday’s article in the
Economic Times “speculative and base-

3 Russian giant to pay big dividend less”, after shares in BT jumped as much
as 9 per cent on word of a potential bid.

3 Result means windfall for Kremlin
NASTASSIA ASTRASHEUSKAYA
MOSCOW
NEIL HUME — LONDON
Gazprom is emerging as one of the big
winners from the global energy crunch
with surging profits paving the way for a
record 2021 dividend and a forecast of
even more impressive results to come.
Russia’s state-owned gas producer
posted record profits for the first nine
months on the back of soaring gas prices
that are expected to boost profits fur-
ther in the final quarter.
Famil Sadygov, deputy chair, said
earnings of Rbs1.55tn ($20bn) in the
nine months to the end of September
were “already higher than in any full
calendar year in the company’s history”.
He added: “Given the current dynam-
‘Next year’s average
weighted price will
in no way be lower
than . . . this year’
ics, we expect even more impressive
results in the fourth quarter.” The
company’s gas export prices have
already set a historical record in rou-
bles, and in the fourth quarter will set a
record in dollars, said Alexander Ivan-
nikov, head of Gazprom’s economic
department. “High gas prices are not a
temporary phenomenon,” he said.
Given the record high free cash flow of
$9bn for the first nine months and the
50 per cent payout ratio, Gazprom said
it will pay an annual dividend of
Rbs29.71 a share, up from Rbs12.55 last
year. That will deliver a huge windfall to
the Kremlin, which holds 38 per cent in
Gazprom with an additional 12 per cent
owned by two other state companies.
Gazprom, which holds a monopoly on
Russia’s pipeline gas exports, has bene-
fited from a surge in gas prices in
Europe, its main export market. While
it has been fulfilling its contracted obli-
gations it has added no additional sales
in the spot market, helping sustain high
prices caused by demand from Asia.
Prices have risen for six consecutive
quarters and third-quarter prices
nearly tripled year on year to $304 per
1,000 cubic metres, said Gazprom.
Revenues from overall gas sales in the
first nine months rose 77 per cent from
the same period in 2020 to Rbs3.5tn.
Sales to Europe and Turkey rose 117 per
cent to Rbs2.5tn. Prices have surged
since then, holding out the prospect of
further earnings growth.
“The market environment tells us
that in any case, based on our expecta-
tions and our calculations, next year’s
average weighted price will in no way be
lower than . . . this year,” said Andrey
Zotov, head of the Gazprom Export
department.
Relatively low volumes of gas in Euro-
pean underground storage, including
Gazprom’s facilities in Germany and
Austria, have also been supporting high
prices. Gazprom said it did not consider
keeping the gas in European storage
commercially attractive given the stor-
age prices, and held off boosting the vol-
umes until earlier this month.
Shares in Gazprom were up 4 per cent
at Rbs336 yesterday.
Meanwhile, a report released yester-
day by Global Witness, the human
rights group, showed the world’s biggest
gas companies, most of which also pro-
duce oil, reported $65bn profits in the
third quarter of 2021, up 24 per cent
from the same period in 2019.
“These eye-watering profits made by
already extremely wealthy gas compa-
nies show that, whilst not of our mak-
ing, it is citizens who are being forced to
pay for the energy crisis,” said Jonathan
Gant, senior gas campaigner at Global
Witness.
Plant-based protein tends to be 30%-40% more expensive than equivalent meat products — Deb Lindsey/Washington Post/Getty
EMIKO TERAZONO — LONDON
Plant-based meat is losing its sizzle,
with falling US sales casting a shadow
over expectations that the nascent
category would take a chunk out of
the animal meat market.
In the four weeks to October 3, sales of
plant-based alternatives fell 1.8 per
cent on the year before, taking 2021
declines to 0.6 per cent, according to
SPINS, a US retail data group.
A surge in sales at the start of the
pandemic in 2020 set a high hurdle
for growth this year, but demand was
also affected by people eating at home
less as curbs were lifted, while supply
chain problems made some products
unavailable in stores, said SPINS.
Elsewhere, a wave of new products
overwhelmed consumers, it said.
The US is the largest market for
“new” plant-based meats that simu-
late real meat in taste and texture.
The sales decline follows weak reve-
nue figures in recent weeks from
Beyond Meat and Maple Leaf Foods,
the Canadian owner of Green Leaf, the
plant-based protein specialist.
“In the past six months, unexpect-
edly, there has been a rapid decelera-
tion in the category growth rates of
plant-based protein,” Michael
McCain, Maple Leaf’s chief executive,
told analysts this month.
McCain attributed a 6.6 per cent fall
in the company’s plant-based protein
sales to declines across the category,
from refrigerated food to retail and
food service. The group was reviewing
the causes, he said, to try to under-
stand the shifts in the market.
Maple Leaf beat revenue expecta-
tions with a 13.4 per cent rise in its real
meat division. Analysts at BMO said it
expected the review of the plant-
based protein market to lead to a
reduction in capital and marketing
spending, which should improve
results next year.
Beyond Meat’s shares have plum-
meted since it reported $106m in
third-quarter sales, after down-
grading its earlier guidance of
$120m-$140m last month.
Ethan Brown, chief executive, said
people were making fewer shopping
trips and were less open to new prod-
ucts and healthy options. The spread
of the Delta variant also reduced
opportunities for sampling products.
The sales downturn comes as more
start-ups and food companies offer
plant-based meat products. The latest
entrants are offering realistic “cuts”
using techniques such as 3D printing.
Bahige El-Rayes at Bain, the consul-
tancy, said that with plant-based
products 30 to 40 per cent more exp-
ensive than meat, and improvements
in taste and texture required, an
increase in production capacity to cut
costs and more research and develop-
ment were essential to growth.
Concerns over the environmental
impact of livestock, animal cruelty
and health have spurred investments
in alternative proteins in recent years.
In 2020 alternative protein start-
ups raised a record $3.1bn in capital,
of which plant-based meat, dairy and
eggs took in $2.1bn. Investors seem
bullish on the category as ever, with
Impossible Foods saying this month
that it had closed a $500m funding
round, raising almost $2bn since it
was founded in 2011.
“We categorically deny any intent to
bid,” said Reliance, controlled by
Mukesh Ambani, Asia’s richest man.
The Indian conglomerate includes Jio,
the telecoms company that used aggres-
sively low pricing to win more than
420m users and has overseas ambitions.
This year, Reliance bid for a control-
ling stake in T-Mobile, the Netherlands’
biggest telecoms company, but Deut-
sche Telekom sold it to funds advised by
Apax Partners and Warburg Pincus, the
private equity firms, in a €5.1bn deal.
Reliance’s move alarmed some execu-
tives in the European telecoms sector
wary of an aggressive and ambitious
new entrant in their markets, said peo-
ple familiar with the matter.
Private equity interest in European
telecoms has been stoked by low valua-
tions and poor growth outlooks. Deals to
date have been small but KKR, the US
buyout fund, this month made an offer
for Telecom Italia, the struggling Italian
operator, that valued the company at
€33bn including debt. That has
highlighted the potential value of other
companies including BT and Spain’s
Telefónica.
BT has been exploring options under
Philip Jansen, who took over as chief
executive in 2019 after running private
equity-owned companies, as it looks to
end decades of underperformance.
The group is investing in upgrading
the UK’s telecoms networks to fibre at a
cost of up to £15bn but the weakness of
its share price has attracted private
equity interest over the past year.
BT shares remained 6 per cent higher
at 163.5p despite Reliance’s denial, but
have lost more than half their value over
five years. BT declined to comment.
The emergence of Patrick Drahi as its
largest shareholder has highlighted BT’s
vulnerability. Restrictions on the
French billionaire behind the Altice tel-
ecoms business in France, Portugal and
Israel bidding or raising his stake in BT
are lifted on December 10.
Shares in Reliance closed up a little
more than 1 per cent yesterday.

Contracts & Tenders

Opacity of private equity fees leaves investors asking for their jets
are a further 10 broad categories of
INSIDE BUSINESS charges for limited partners, either
directly or levied on investee busi-
FINANCE nesses, according to StepStone, a private
markets business. These include deal
Jonathan costs and, more vaguely, “monitoring”.
“Private equity fees are like snow-
Guthrie flakes: abundant, unique and lacking in
transparency,” StepStone drily writes.
Buyout groups sometimes discount
annual management fees in proportion
manager’s duty to act in all clients’
financial interests.
Tax creates further disparities. A tax-
exempt pension fund reaps a special
financial gain when the buyout group
charges it lower management fees while
loading costs on to the investee com-
pany. That business, which they both
own, thereby benefits from a tax deduc-
tion, points out Ludovic Phalippou of
Oxford’s Saïd Business School. Big pen-

A
client reputedly asked Wall
Street legend John Pierpont
Morgan “Where are the
customers’ yachts?” during
a stroll round a harbour full
of bankers’ leisure craft.
Buyout bosses face similar questions
from their own investors. Private jet
flights are among the expenses some
private equity executives have charged
to customers alongside standard fees.
Gary Gensler, head of the US Securi-
ties Exchange Commission, has prom-
ised to let hygienic sunshine in on this
tangled mess. Some external investors
known as “limited partners” are dis-
gruntled with the practices of buyout
groups and their bosses — “general part-
ners” in the jargon.
Gensler should be able to deal with
one element of the row — transparency
— relatively easily. He would struggle to
do much about the quantum of fees
charged by private equity groups. This
is a function of their market power,
which is cyclically high in line with asset
markets.
Notice to Advertisers First, we need to recollect how buyout
Calls to the Financial Times Advertising Department may be monitored. groups, such as KKR, Blackstone and
Acceptance of any advertisement for publication will be subject to the then current terms and conditions of insertion
Carlyle, bill for their services. Investors
of advertisements in FT publications. typically pay an annual management
fee of 1 to 2 per cent. They are also sub-
A copy of the terms and conditions of insertion of advertisements in FT publications can be obtained from
+44 (0)20 7873 3000, or viewed at www.FT.com/advertising
ject to a performance fee of 15 to 20 per
cent, on a sliding scale once a hurdle rate
of 8 per cent has been exceeded. There
to one-off charges. Their investors have
greater grounds for complaint when
costs are simply lumped on top.
The negotiating position of buyout
groups is bolstered by the eagerness of
limited partners to invest. By the end of
the third quarter, private equity had
raised more than $500bn worldwide,
putting the industry on course for a
record year. Clients have been
undaunted by
independent esti- Clients have been
mates suggesting
that returns net of undaunted by estimates
fees are no better suggesting that returns
than the stock
market. net of fees are no better
The tone for fee than the stock market
negotiations was
set in 2016 when Advent International
dispensed with the traditional 8 per cent
hurdle rate on a $20bn fund. The US
group replaced this with a softer so-
called “value test” on net assets.
That at least appeared to apply to all
investors. But private equity investors
may also be subject to different charges
from the same manager without know-
ing it. Buyout bosses may even talk
them into waiving fiduciary duty rights.
This would make perfect sense to a
Wall Street lawyer. Simple folk like me
find it harder to understand exceptions
to the general client relations rule: “do
the right thing”. Gensler needs to assert
the overriding character of an asset
sion funds such as the California Public
Employees’ Retirement System often
negotiate fees far lower than smaller
investors.
Private equity bosses bridle at one-
size-fits-all fees. Discounts for bulk,
they say, are a feature of transactions as
disparate as floating businesses on the
stock market or buying canned drinks
in a store. It is harder for them to argue
against schedules of fees that are clearly
disclosed to investors up front. This is
the tack Gensler should pursue.
Transparency encourages standardi-
sation and drives down prices. Sheer
cyclicality is likely to have the same
result. Anticipated interest rate rises
have increased the chances of a correc-
tion in asset prices. Buyout groups
would then have to mark down portfo-
lios, absorb losses on exuberant bets
and rein in their demands.
But the industry would settle at a far
higher level than after its last setback in
the wake of the financial crisis. Some
pundits demonise private equity as
exploitative. A dispassionate view is
that it is the product of public market
failure, combined with the privileged
tax status of debt over equity and of cap-
ital gains over income. It will persist
while those conditions do. Maturity
brings responsibilities, on jet flights, dis-
closure and much else besides.
jonathan.guthrie@ft.com
Tuesday 30 November 2021 ★ FINANCIAL TIMES 7

COMPANIES & MARKETS

Twitter co-founder Dorsey steps

Automobiles

Nissan unveils

down again as chief executive $18bn electric

Stanford graduate Parag Agrawal, social network’s chief technology officer, revealed as successor
CRISTINA CRIDDLE — LONDON
JAMES FONTANELLA-KHAN AND
ANTOINE GARA — NEW YORK
HANNAH MURPHY — SAN FRANCISCO
Jack Dorsey, the co-founder of Twitter,
stepped down as chief executive yester-
day, as the social network appointed
chief technology officer Parag Agrawal
as his successor.
Dorsey, 45, gave no explanation for
his resignation but said the company
was “ready to move on from its found-
ers”. In an email to staff, he said he had a
“bone deep” trust in Agrawal, who
joined Twitter 10 years ago as a software
engineer and worked his way up.
The succession had been planned for
more than a year, said one person famil-
iar with the process, as part of a truce
between Twitter and the activist inves-
tor Elliott Management, which had
pushed for Dorsey’s removal.
“This has been in the works for a
while. It was part of a long-held plan,”
the person said. In a regulatory filing
from November 2020, Twitter noted
that it had “updated the CEO succession
plan in line with best practices”.
Twitter’s share price was flat in mid-
day trading in New York. It had jumped
as much as 10 per cent in pre-market
trading after the news broke on CNBC.
While Agrawal will immediately
become chief executive, Dorsey said he
would remain on the board until his
term expires in the middle of next year
to help with the transition.
Bret Taylor, president and chief oper-
ating officer of Salesforce, a customer
relationship management platform, will
become the new chair of the board.
Elliott opened fire on Dorsey nearly
two years ago, arguing that he had
become distracted by his other job as
the chief executive of payments com-
pany Square, and by his other interests,
including bitcoin.
The hedge fund, which built a 4 per
cent stake in Twitter, tried to remove
Dorsey after he said he planned to spend
at least half his year in Africa exploring
opportunities in cryptocurrencies, a trip
that was later cancelled.
“I have enough flexibility in my
schedule to focus on the most important
things and I have a good sense of what is
critical in both companies,” Dorsey said
in his defence, at the Morgan Stanley
conference in San Francisco in March.
Square said yesterday that Dorsey
would continue to be its chief executive.
It was eventually agreed by a commit-
tee of stakeholders that Dorsey could
Twitter’s stock performance under Dorsey
Share price since listing ($)
2014 15 16 17 18 19
Source: Refinitiv
Jack Dorsey stay in place if he met challenging per-
waits to see formance targets, while Elliott contin-
Twitter’s ued to push to have Dorsey replaced
opening market through a more formal succession proc-
price at the New ess behind the scenes, according to a
York Stock person familiar with the situation.
Exchange on Dorsey, who co-founded Twitter in
November 7, 2006, was fired before as chief executive
2013 in 2008, when prominent board mem-
Andrew Burton/Getty
ber Fred Wilson declared him unfit to
lead the company.
The board reportedly cited habits
from Dorsey — an eccentric leader who
has been dubbed Silicon Valley’s answer
to Gwyneth Paltrow, actor and founder
of lifestyle company Goop — of leaving
early to attend yoga classes as one of the
reasons for the move.
Dorsey stayed on as chair but
returned to Twitter as chief executive in
2015, after his predecessor Dick Costolo
resigned. For Dorsey, his return to Twit-
ter was akin to Steve Jobs’ return to
Apple in 1997, with the added mission of
having to turn around a company that
lacked a clear vision on how to deal with
80 an increasingly competitive social
media world as rivals Snapchat and Tik-
Tok grew in popularity.
60 During his second spell in charge, he
faced multiple grillings by US regulators
over his approach to free speech, partic-
40 ular after he oversaw the banning of
former president Donald Trump from
20
the platform in the wake of the US Capi-
tol riots on January 6 this year.
One shareholder expressed concerns
0 that Twitter would withdraw its prior
earnings guidance with a new chief
20 21
executive, but the company said there
would be “no changes” to its full-year
Timeline From setting up
to standing down
3 2006 Jack Dorsey creates Twitter with
Biz Stone, Evan Williams and Noah Glass.
His first tweet: “just setting up my twttr”
3 2008 Dorsey quits as CEO after board
member Fred Wilson declares him unfit to
lead the company. He stays on as chair
and Williams takes over as CEO
3 2009 Square, a mobile payment
company, is founded by Dorsey, who
becomes CEO
3 2011 After Dick Costolo replaces
Williams as CEO in late 2010, Dorsey
becomes executive chair at Twitter
3 2015 Dorsey becomes CEO again after
Costolo steps down. Investors were
unhappy with slow user growth
3 2020 Activist Elliott Management takes
4 per cent stake and forces formation of a
“management structure committee” to
review performance. Dorsey stays on but
succession plan is updated. July hacking
of high-profile accounts to promote
bitcoin scam raises security worries
3 2021 Twitter bans Donald Trump for
breaking rules including inciting violence.
In July Dorsey says he hopes bitcoin will
bring about “world peace”. In November
Dorsey stands down and former CTO
Parag Agrawal is revealed as successor
‘This has outlook, or its 2023 goals. Another
investor said Dorsey was able to make
been in big strategic changes such as removing
the works sacred cows including Twitter’s chrono-
logical feed and its 140-character limit
for a while. for tweets. But as his wealth in Square
It was part soared and he considered a move to
Africa, his engagement waned.
of a long- Twitter’s advertising revenues grew
held plan’ 14 per cent last year to $2.99bn, a slow-
down from the 24 per cent growth of the
previous year. Dorsey owns a 13 per cent
stake in Square, compared with his 2 per
cent stake in Twitter.
“It is a bit like football club managers:
very few people will sing their names
once they have left the club. Jack Dorsey
will leave like a bit of an Alex Ferguson
[formerly at Manchester United] figure
because he has probably underachieved
but is still thought of very fondly by
staff,” said Bruce Daisley, former Euro-
pean vice-president of Twitter.
He added that Agrawal, a PhD gradu-
ate in computer science from Stanford
University was a “formidably intelligent
egoless presence”. But he said Agrawal
was not the “silver-tongued Silicon Val-
ley-type” or a graceful communicator.
Another former senior Twitter
employee agreed Parag was not a “hard-
nosed”, commercially-driven leader,
adding that he was instead likely to con-
tinue Dorsey’s efforts to embrace digital
assets and other decentralised products
to the platform. “He’s very heady and
cerebral: he’s not going to be a bombas-
tic Amazon CEO,” the person said. “I see
it as a validation of Jack’s approach to
leadership inside the company.”
See Lex
car investment
to establish
industry lead
LEO LEWIS — TOKYO
Nissan has announced a ¥2tn ($17.7bn)
vehicle electrification plan in a bid to
“democratise” battery-powered cars
and assert its dominance over incum-
bent global carmakers and newcomers
such as Tesla.
Delivering a long-term strategy it called
Nissan Ambition 2030, the Japanese
carmaker stopped short of predicting an
end to its production of internal com-
bustion engine vehicles, an announce-
ment some analysts had speculated
could be imminent. But the company
set an electric vehicle sales target of 75
per cent of in Europe by fiscal year 2026
and 40 per cent in the US by 2030.
Nissan’s plan includes the proposed
introduction of 23 “electrified” models
by 2030, 15 of them fully electric. The
remainder would be hybrids or would
fall under Nissan’s “e-power” designa-
tion of vehicles that are driven by a bat-
tery but recharged via a petrol engine.
Previously announced elements of
the strategy included a $1.4bn invest-
ment in the UK that will help convert
Nissan’s Sunderland operations into a
hub for electric vehicle production.
Makoto Uchida, Nissan chief execu-
tive, said the plan arose from an end to
the company’s woes of recent years, a
renewed sense of profit stability and
fundamental changes in the market. He
said: “Nissan has emerged from crisis
and is ready to make a new start.”
Nissan shares fell 4.5 per cent yester-
day, making it the day’s worst per-
former among Japan’s top three car-
makers. It is also recovering from a
scandal involving Carlos Ghosn, the
company’s former boss.
The carmaker’s ambitions also
involve a bet on the success of its all-
solid-state battery technology. ASSBs
deliver greater range and power density,
a measure of the amount of energy that
can be discharged. Vehicle makers and
investors approve of their lower costs,
higher performance and greater safety,
but ASSBs cannot yet be reliably deliv-
ered in a mass-market format.
Other carmakers including Toyota,
Nissan’s powerful domestic rival, are
engaged in a hotly contested race for a
fully solid-state battery, a potentially
transformational technology.
In the meantime, said Uchida, Nissan
would continue to chip away at existing
lithium-ion battery costs, which he fore-
cast could be reduced by 65 per cent
within the next eight years.
Nissan’s ambitions for electric vehi-
cles have consistently outpaced those of
its Japanese competitors. Under Ghosn,
Nissan pushed into mass-market elec-
tric vehicles a decade ago with its first-
generation Leaf model. US and Euro-
pean competitors including Volkswa-
gen, Ford and General Motors have
since developed electric vehicles with
an eye on growing demand.
But not all have translated those
ambitions into clear climate commit-
ments. At the UN COP26 summit in
Glasgow this month, only 11 carmakers
signed a declaration committing to end
fossil-fuelled vehicles by 2040. Nissan,
along with Toyota, Honda and BMW
were not signatories.

Financials Retail Transport

Reliance Capital board
replaced as it nears collapse
CHLOE CORNISH — MUMBAI
BENJAMIN PARKIN — NEW DELHI
India’s central bank has replaced the
board of Anil Ambani’s Reliance Capi-
tal and will push the lender into bank-
ruptcy proceedings, the latest com-
pany in his business empire to collapse.
The Reserve Bank of India announced
yesterday it had ousted Reliance Capi-
tal’s board because it had failed “in
meeting the various payment obliga-
tions to its creditors” and to deal with
“serious governance concerns”.
Reliance Capital had claimed assets of
nearly $13bn in early 2019. But its
auditor, PwC, resigned over concerns
with its accounts, and Reliance Capital
has disclosed problems with making
debt repayments.
Anil Ambani was once one of the
world’s richest people, with businesses
spanning telecoms to entertainment to
defence. But he and his brother
Mukesh’s business interests diverged
after they fell out and divided their
father’s Reliance conglomerate in 2005.
While Mukesh has become Asia’s
wealthiest man with a fortune exceed-
ing $90bn, Anil in 2020 told a British
court that his net worth had fallen to
zero after a series of business failures.
The declaration of poverty was made
as Anil Ambani’s debt-laden telecoms
company Reliance Communications
was dragged through legal proceedings
by its Chinese creditors, including the
Industrial and Commercial Bank of
China. Anil Ambani was instructed last
year by the High Court in London to
repay $717m in loans to the Chinese
banks, who are still pursuing the sums.
Anil faced three months in jail in 2019
after India’s Supreme Court found him
guilty of contempt of court for delaying
a $77m payment to RCom creditor Eric-
sson, the Swedish telecoms group.
But he avoided prison as the payment
was eventually made by his elder
brother Mukesh.
The RBI’s intervention at Reliance
Capital comes as the central bank tries
to clean up a mountain of soured debt
that has for years burdened India’s
financial sector. The central bank said it
would appoint a retired official from a
state-run bank as Reliance Capital’s
administrator and begin insolvency
proceedings. Reliance Capital said it
“welcomes” the RBI’s move.
Dutch union accuses H&M
of breaching labour laws
HARRY DEMPSEY
A Dutch trade union has accused fash-
ion retailer H&M and its logistics part-
ner of cutting break times for ware-
house staff and refusing to engage with
workers in an alleged violation of local
labour laws and its own policies.
Migrant workers at its Tilburg ware-
house in the Netherlands, run by US-
listed GXO Logistics on behalf of the
world’s second-largest fashion retailer,
said that security protocols designed to
prevent product theft were eating into
their break times. The accusations come
as retailers race to meet demand during
the peak holiday season at a time of con-
stricted labour supply.
The Federation of Dutch Trade
Unions (FNV) said GXO had refused to
open dialogue about requiring staff to
work six days a week, leading 700 work-
ers to petition the company over work-
ing conditions. Warehouse manage-
ment refused to accept the petition, the
union said. GXO told H&M it would
accept the petition but not while being
filmed as the FNV had demanded.
H&M said it strives to act ethically,
transparently and responsibly and
expects the same of its partners.
“We are confident that as the directly
involved parties, GXO and FNV will use
their best efforts to be fair, respectful
and constructive in their dialogue and
set the right actions for next steps,” the
retailer said.
GXO said it supports free assembly
and addresses staff concerns in works
councils, internal employee representa-
tive bodies.
The FNV argues works councils are
vulnerable to the influence of manage-
ment, and are not in line with H&M’s
own guidelines on migrant workers,
which allow for freedom of association.
A Slovakian working at the ware-
house said he had only 35 minutes to
rest during his physically demanding
eight-hour shifts instead of 45 minutes.
“We tried to hand out the petition and
go to the office. They blocked the doors
with security. They wouldn’t let workers
go out or in of the warehouse as if we are
some kind of criminals,” he said.
The accusations come as conditions
within multinationals are under greater
scrutiny. Some governments are seek-
ing to make multinationals responsible
for labour issues in their supply chain.
Berlin to question Deutsche
Bahn over fraud allegations
GUY CHAZAN — BERLIN
OLAF STORBECK — FRANKFURT
The German government is to quiz
Deutsche Bahn’s executive board over
allegations of fraud made by two
whistleblowers regarding the €8.2bn
construction of a station in Stuttgart.
The state-owned railway operator in
2016 received repeated warnings that
cost inflation at Germany’s largest infra-
structure project was caused by glaring
mismanagement and suspected corrup-
tion, the Financial Times reported last
week.
The transport ministry said yesterday
the federal government was “actively
working towards raising and critically
challenging the reported events”.
Deutsche Bahn declined to comment
on the transport ministry’s statement.
Last week, the company promised
“maximum transparency” and said it
would disclose the results of an internal
probe to “authorised parties”.
The €40bn company said it had inves-
tigated “all available allegations regard-
ing the issue thoroughly based on its
internal standards and the law”, and
that no violation of law was found.
One of the whistleblowers, a Deutsche
Bahn veteran with more than two dec-
ades of experience in cost allocation of
large investment projects, estimated in
2016 the financial damage from
observed misconduct stood at €600m,
according to a document seen by the FT.
The second whistleblower was fired
just weeks after a final meeting with
investigators that took place in Novem-
ber 2016, documents seen by the FT
show. Deutsche Bahn says that the dis-
missal was unrelated to the whistle-
blower complaint, a view that was
upheld by a Stuttgart court in July.
Criminal prosecutors in Stuttgart said
last week they had previously been una-
ware of the whistleblower complaints
and were reviewing the matter.
Winfried Hermann, the Green trans-
port minister for the state of Baden-
Württemberg last week criticised Deut-
sche Bahn for failing to brief the state on
the allegations and its investigation.
“The state is providing significant
funding [for the Stuttgart station] and is
entitled to receive comprehensive infor-
mation,” said Herrmann, adding that
his ministry would formally ask the rail-
way operator for an explanation.
8 ★ FINANCIAL TIMES
COMPANIES & MARKETS
Telecom Italia
‘The offer is
good news
for the
aims to ring
country
because it
means
foreign
investors’
mood has
shifted in a changes with
board revamp
positive
way’
KKR faces political hurdles and potential
rivals in its €33bn takeover pursuit
NIC FILDES, SILVIA SCIORILLI BORRELLI,
KAYE WIGGINS AND SARAH WHITE
The future for Luigi Gubitosi pledged to make Telecom
Telecom Italia Italia a “normal company” that was
remains unclear capable of executing a recovery plan
after the when in 2018 he became its fifth chief
resignation of executive in six years.
Luigi Gubitosi, Instead, his three-year anniversary in
above — Federico the post was marked by his resignation,
Bernini/Bloomberg
having failed to deliver on this simple
ambition and following a week of drama
after the Italian telecoms group
received a €33bn takeover offer from US
private equity firm KKR.
In a letter to the board ahead of an
extraordinary meeting last Friday after-
noon, Gubitosi offered to quit to facili-
tate talks with the US buyout fund.
By the end of the day he had been
replaced by Pietro Labriola, head of Tel-
ecom Italia’s Brazilian division,
although his successor was given the
title of director-general and Gubitosi
will remain on the board. “I am very sat-
isfied [with] Labriola’s appointment,”
said chair Salvatore Rossi.
But with the management overhaul
representing neither continuity nor a
total break, the future for Telecom Italia
remains unclear just as dealmaking in
Europe’s telecoms sector heats up.
24 % €167 m ing views within his government on the
Vivendi’s stake Telecom Italia’s
makes it Telecom pre-tax profit in
Italia’s largest first nine months
shareholder of the year
KKR’s offer earlier this month sent
shockwaves through the industry and
Italian politics. If successful, the takeo-
ver would be the biggest private equity
buyout in European history and repre-
sent the boldest attempt by the industry
to break up one of the continent’s
former telecoms monopolies.
The US group had already signalled its
interest in telecoms when it made a sur-
prise bid for Dutch incumbent KPN ear-
lier this year that was rejected.
Telecom Italia is a much bigger prize.
But the hurdles for a deal are sizeable:
among them uncertainty over whether
the Italian government, which has a
near-10 per cent stake held by state
investor Cassa Depositi e Prestiti, will
approve, the sheer size of the group and
its sluggish performance, and potential
rival bids from other PE groups.
The role of Vivendi, Telecom Italia’s
largest shareholder with a 24 per cent
stake, is also critical. It has already
deemed that the price offered by KKR,
about half the average it paid to build its
stake in 2016, according to analysts, is
too low.
The French conglomerate had
planned to push a no-confidence vote in
Gubitosi at the Friday board meeting,
according to several people with knowl-
edge of the talks, owing to dissatisfac-
tion with Telecom Italia’s poor perform-
ance. Several other board members had
also requested the meeting to discuss
Gubitosi’s future, the people said.
Vivendi and KKR declined to com-
ment.
The bid from KKR follows a bruising
year for Telecom Italia. The group
issued two profit warnings in succes-
sion, a complex merger plan with rival
Open Fiber appears to have run aground
and a football broadcasting deal with
UK-based platform DAZN, pushed by
Gubitosi, was not as profitable as share-
holders had hoped. Telecom Italia’s
stock had fallen almost 40 per cent in
the period since Gubitosi took charge
and prior to the KKR offer.
KKR’s offer of €0.505 a share in cash
was pitched at a 44 per cent premium to
the company’s previous closing price,
Telecom Italia shares have slumped
Share price (€)
2017 18 19
Source: Refinitiv
Tuesday 30 November 2021
giving it an equity value of €10.7bn. The
telecoms group has roughly €22.5bn of
net debt.
Its proposal involves breaking up Tel-
ecom Italia and operating the network
through a company controlled by Cassa
Depositi e Prestiti, which also owns a
stake in Open Fiber.
Mario Draghi, Italy’s prime minister,
told a press conference in Rome last
week that the government’s priority
would be protecting Italian jobs, tech-
nology and the network. He has estab-
lished a working group made up of key
ministers to consider Telecom Italia’s
options.
“The offer is good news for the coun-
try because it means foreign investors’
mood has shifted in a positive way,” said
one government official. “But nothing
has been decided as there is nothing
substantial on the table for us to evalu-
ate right now.”
The government has a “golden
power” to block the takeover should it
be deemed not in the national interest.
KKR faces stiff opposition from some
quarters of the parliament, including
populist leader Matteo Salvini, and
security services concerned about the
potential sale of a national asset.
So far, Draghi has refused to get
directly involved and there are contrast-
best way forward, according to three
members of the cabinet. By coinci-
dence, it includes one of European tele-
coms’ greatest dealmakers — Vittorio
Colao, minister for innovation and dig-
ital transition and one of Rome’s main
interlocutors with Brussels.
The former chief executive of Voda-
fone negotiated the $135bn sale of the
UK company’s stake in Verizon Wireless
as well as the €19bn takeover of Liberty
Global’s central European assets. He
declined to comment on the KKR
approach.
KKR’s involvement has already
drawn out the interest of rival private
equity groups, some of which have also
spent a long time weighing how the
behemoth could be carved up and taken
private.
Luxembourg buyout group CVC Capi-
tal Partners and US group Advent Inter-
national are “open” to discussions, CVC
has said, although KKR’s stake in Fiber-
Cop, Telecom Italia’s “last-mile” net-
work, could complicate matters.
Vivendi has denied being in talks with
the funds and reiterated it wants to be a
“long-term investor in Telecom Italia”.
Olivetti, Deutsche Telekom, AT&T,
Telefónica and Vivendi are among the
companies that have tried to buy or take
control of Telecom Italia over the past
two decades.
One Italian telecoms executive called
the offer a “wake-up call” for a sector
that has struggled to deliver growth.
Telecom Italia’s market capitalisation
had plummeted to €7.5bn before KKR’s
offer. That reflects a deteriorating finan-
cial performance for an incumbent that
faces ferocious competition in its home
market from Vodafone, CK Hutchison’s
Wind Tre and Iliad, controlled by
French billionaire Xavier Niel.
Revenue in the first nine months of
the year fell 2 per cent to €11.4bn but
pre-tax profit dropped 85 per cent to
€167m. Standard & Poor’s cut its rating
on Telecom Italia’s debt to below invest-
ment grade last week.
Maurice Patrick, Barclays analyst,
said it was difficult to judge whether
KKR’s plans had a better chance of suc-
cess without more detail on its strategy.
“A simple takeover of the current equity
would only add debt to the structure,
which is not a constraint that TI needs,”
he added.
1.0
0.8
0.6
0.4
0.2
20 21
Tuesday 30 November 2021 ★ FINANCIAL TIMES 9

COMPANIES & MARKETS

Equities. Competitive heat Equities

Macau casino
Dubai faces up to exchange stocks tumble
rivals with IPO offerings after arrest
of executive
CHAN HO-HIM AND PRIMROSE RIORDAN
HONG KONG

Shares in Macau’s biggest listed casino

City has come under pressure
from regional powerhouses
Abu Dhabi and Saudi Arabia
SIMEON KERR — DUBAI
Competition is heating up in the capital
markets of the United Arab Emirates as
Dubai seeks to revive its ailing stock
exchange with a flurry of initial public
offerings.
The government of the UAE’s
commercial hub plans to privatise 10
state-backed companies, listing some of
their shares on Dubai’s domestic bourse
in a bid to rival the success of
neighbouring emirate Abu Dhabi and
regional powerhouse Saudi Arabia.
Officials also hope to root more
regulatory oversight within Dubai
rather than keeping it at a federal level.
Those moves come after several
lacklustre years for Dubai equities,
which have failed to revisit the dizzy
heights reached during the mid-2000s.
Dubai’s government launched its
stock exchange with a Dh50m ($14m)
bank loan in 2000. Within half a decade,
the fledgling bourse had soared to a total
market capitalisation of $120bn, three
times the size of Dubai’s gross domestic
product at the time.
But the region’s property-fuelled
market subsequently collapsed under
the weight of the 2007-09 global
financial crisis and has remained sub-
dued since oil prices slumped in 2014.
An index tracking the city state’s
stocks, priced in dirhams, fell about
two-thirds in the 16 years between its
record high in November 2005 and the
end of last month.
In contrast, a gauge tracking Abu
Dhabi stocks, once a quieter, sleepier
market, climbed roughly two-fifths over
the same timeframe. Abu Dhabi’s stock
market also boasts 10 times the liquidity
of Dubai’s in terms of average daily
trading value.
Abu Dhabi’s market growth has been
facilitated by several high-profile IPOs.
Its national oil company has spun off
and floated subsidiaries this year,
including its drilling arm.
An inexplicable bull run in the shares
of IHC, a company linked to Abu Dhabi’s
ruling family, has also supported a
market capitalisation for the capital’s
bourse that is four times the size of
Dubai’s. In 2021 alone, IHC’s market
value has expanded by 263 per cent.
Meanwhile, the size of Saudi Arabia’s
roughly $2.5tn stock market far eclipses
its UAE rivals and, with intensifying
competition in the region, the kingdom
this month outlined plans to list its
Tadawul stock exchange publicly,
looking to raise up to $1bn.
Longstanding plans to merge the
bourses of Dubai and Abu Dhabi remain
stuck.
Dubai has a long way to climb. As
surrounding markets have grown, the
city state has recently faced a spate of
delistings from government-linked
companies such as DP World and Emaar
Malls with approvals granted for
privately held real estate group Damac
to follow suit.
But the news of Dubai’s plans to
privatise companies in a bid to double
its market capitalisation to about
$820bn has been well received.
Since those ambitions were first
announced in early November, the
Dubai index has climbed by about a
tenth, adding to already improving
sentiment over its rebounding economy
in the wake of coronavirus-induced
restrictions.
“For those of us looking to invest in
the post-pandemic world, we just look
at Dubai, which played a blinder and has
become the perfect haven for the
wealthy, and want to buy in as much as
possible,” said one fund manager.
Surging migration and Dubai’s
hosting of the delayed Expo 2020 world
fair, which will end in April, have helped
to underpin a step-up in GDP.
In September, the government
announced that Dubai was expected to
record 3.1 per cent economic growth in
2021, followed by 3.4 per cent in 2022.
The city’s revival encouraged the
decision to revamp Dubai’s capital
markets.
“The stock market is supposed to
reflect the health of the economy,” said
one person briefed on Dubai’s strategy.
“At the moment, our economy is doing
well, so we are acting to address issues.”
Part-privatisations of state companies
will also help Dubai’s bourse to better
reflect the city’s diverse economy, the
person added.
The full schedule of IPOs will depend
on the market’s capacity and hunger for
such listings, which will be drawn from
various sectors to bring balance to a
market that has traditionally been
dominated by real estate and financial
services.
For now, Dubai is ploughing ahead
with the flotation of the Dubai
Electricity and Water Authority
(Dewa), seeking a potential valuation of
Dh100bn or more, as well as setting up a
Dh2bn market-maker fund.
Officials say the aim is to leave some
value for investors to ensure successful
future listings and build public
confidence in the market.
“Listing Dewa is a huge step forward
in a much-needed campaign to revive
the domestic capital markets,” said
Tarek Fadlallah, chief executive of
Nomura Asset Management in the
Middle East. “It will set the tone for how
Attraction: further listings may be perceived,
Dubai’s particularly by wary investors.”
hosting of the Tecom, a business parks unit of
Expo 2020 Dubai Holding, which is owned by the
world fair has ruler Sheikh Mohammed bin Rashid
al-Maktoum, is also set for a listing,
helped to
underpin bankers said. The government has also
economic announced plans for the part-privatisa-
growth tion of Salik, the road toll system.
Jon Gambrell/AP
Emirates, the government’s world-
renowned airline, could also be on the
block, its chair said at this month’s air
show in Dubai.
But officials point to Emirates’ subsid-
iaries and other aviation sector holdings
as more immediate IPO targets.
These include the airline’s cargo busi-
ness, ground services arm dnata and its
loyalty programme, Skywards. Dubai
airport’s Duty Free is also often
mentioned as a potential flotation.
DP World, the government-owned
ports and logistics operator, is another
well-known global brand with 137 legal
entities, spanning container terminals
to business parks and marine services.
The new capital markets strategy is
being implemented by a committee
headed by a son of Sheikh Maktoum bin
Mohammed al-Maktoum, Dubai’s
deputy ruler and finance minister of the
UAE.
Sheikh Maktoum is set to foster
“transparency” as part of his remit to
revive the domestic economy, said
‘The people briefed on the matter.
“The seriousness of the government
stock in this matter has restored confidence to
market the market,” said an official.
Yet some investors remain sceptical.
is supposed “Regulatory improvements are a step in
to reflect the right direction but Dubai still has a
negative reputation,” said one fund
the health manager, who said a poor record in
of the regulation and concerns over money
laundering were hampering inflows of
economy’ foreign capital.
groups fell sharply yesterday and the
Chinese gambling hub’s biggest junket
operator suspended trading after the
arrest of its chief executive.
Alvin Chau, chair of Suncity Group,
was arrested in Macau on Saturday
along with 10 other suspects over
alleged cross-border gambling offences.
Chau is the highest profile executive
targeted by authorities in Macau since
Beijing banned the promotion of gam-
bling inside mainland China in March
and the territory proposed tougher
regulations on casinos in September.
The news came as President Xi
Jinping embarks on a crackdown on
inequality and perceived social ills,
which has hit some of the country’s big-
gest technology and gaming companies.
The Hong Kong-listed shares of MGM
China fell 11 per cent yesterday while
Wynn Macau lost 9 per cent, Galaxy
Entertainment Group dropped 8.8 per
cent and Sands China shed 6.5 per cent.
Trading of shares of Hong Kong-listed
Suncity was suspended “pending the
release of an announcement in relation
to news coverage” regarding Chau.
The shares of Summit Ascent, a
developer of a Russian casino resort
linked to Chau, were also halted. “We
‘We will not be surprised
if investor sentiment
towards Macau turns
negative on the arrest’
will not be surprised if investor senti-
ment towards Macau turns negative
again [on Chau’s arrest] . . . However,
such share price correction could be
shortlived,” Citigroup analysts wrote in
a note. The arrest will “have very
limited impact on Macau casino
operators’ profitability”, they added.
Chau was detained after authorities in
Wenzhou in eastern China issued an
arrest warrant that accused him of
“severely damaging the social order of
the country” and operating a cross-
border gambling syndicate.
Gambling is legal in Macau but not in
the rest of China. Suncity did not reply
to a request for comment.
Although the junket system, where
middlemen extend credit to lure high-
rolling gamblers from the mainland, has
been a mainstay of Macau gambling, it
has raised concerns about corruption.
The number of registered junkets in
Macau this year was 85, down from
more than 200 in 2013. A proposed revi-
sion of the territory’s gaming laws would
increase regulatory scrutiny of junkets.
News of the proposed legal changes in
September wiped $20bn off the market
values of Macau’s biggest listed casinos.
Kwok Chi-chung, chair of the General
Our global Association of Administrators and Pro-
team gives you moters for the Macau Gaming Industry,
market-moving which represents junket operators, said
news and views, Chau’s arrest would have a “significant
24 hours a day impact . . . on junket operators’ image.”
ft.com/markets Additional reporting by Tabby Kinder in
Hong Kong

Crypto Crypto

Novogratz’s Galaxy Digital seeks to
raise $500m with convertible bond
EVA SZALAY
Galaxy Digital, the crypto financial
services company founded by Mike
Novogratz, is seeking to raise $500m in
the debt market as digital asset
companies race to tap investor
enthusiasm surrounding the rapidly
growing industry.
The Cayman Islands-domiciled group is
one of the largest players in crypto-
currency markets with operations
including asset management, trading,
investment banking and mining of new
tokens.
The planned fundraising comes after
crypto trading platform Coinbase issued
a $1.5bn bond in September.
Galaxy is planning to raise the funds
through a five-year convertible bond in
which holders can exchange the debt for
stock.
Novogratz, a former Fortress
Investment Group executive, has said
Galaxy has ambitions to become the
Goldman Sachs of crypto.
The company is growing quickly with
net income rising in the third quarter to
$517m, from $41.5m in the same three
months last year.
The increase was driven by gains in
digital asset prices and by the group’s
trading business, where net income rose
by about 36 times to $361m.
The price of bitcoin, the most popular
cryptocurrency, has increased more
than 200 per cent during the past 12
months to about $57,000.
Galaxy is planning to use the proceeds
of the fundraising to develop its asset
management business with the launch
of a new fund as well as expanding its
mining operations and financing its rap-
Mike Novogratz says Galaxy wants to
be the Goldman Sachs of crypto
idly rising headcount, according to a
source close to the deal.
The group expects to employ 850
people by the end of the year, up sharply
from 222 in December 2020.
Some of the new funds raised will also
go towards growing Galaxy’s trading
and markets business, where it is plan-
ning to expand its derivatives
operations.
Galaxy serves only professional inves-
tors and it has no plans to break into
retail markets, according to the person
familiar with its plans.
The company has also applied to
the US Securities and Exchange
Commission to become a US-domiciled
business with headquarters in New
York at a time when US regulators
and lawmakers are still laying the
groundwork for what rules will apply to
the crypto industry.
Galaxy expects the corporate restruc-
turing to close by the end of the first
quarter. The convertible bond deal,
which is being done through a private
placement, is expected to close in
December this year, pending approval
from the Toronto Stock Exchange,
where Galaxy’s shares are listed.
Cheaper North American ETFs pile the
pressure on $32bn Grayscale Bitcoin Trust
STEVE JOHNSON
The North American rollout of bitcoin
exchange traded funds appears to have
tipped the world’s largest crypto fund
into a seemingly permanent discount
to its net asset value.
The $32bn Grayscale Bitcoin Trust
(GBTC), which owns 3.5 per cent of the
world’s bitcoin, trades 15 per cent below
the value of its underlying assets.
It had traded at a substantial pre-
mium to NAV for much of its existence
but stumbled to a sharp discount after
the emergence of the first North Ameri-
can bitcoin ETF in Canada in February.
The flip from premium to discount
has hit investors in the pocket.
While GBTC’s share price rose 42 per
cent in the first 10 months of this year,
its NAV jumped 92 per cent and the
price of bitcoin 95 per cent, according to
Morningstar.
In the 12 months to the end of
October, while bitcoin surged 340 per
cent, GBTC’s share price was up 220 per
cent, Morningstar found.
Some 47 funds, including the $5.5bn
Ark Next Generation Internet ETF,
separately managed accounts and
model portfolios, held GBTC as of
September, said Bobby Blue, senior
manager research analyst at Morning-
star, making it the most widely held
crypto-related product.
“I think it’s a problem [for GBTC],”
said Blue. “Competing products, some
with better fee structures, some with
better ways of tracking bitcoin, have
come to the market and that will pose a
‘Competing products have
come to the market and
pose a challenge to them
to narrow the discount’
challenge to them to narrow the
discount.”
GBTC is a closed-end fund, which
means it cannot easily add or remove
shares to deal with inflows and outflows.
As a result, its share price is
determined by supply and demand,
rather than being tied to the underlying
value of its assets, as would be the case
with an ETF, where new shares are
created and redeemed seamlessly.
Between early 2020 and February
2021, Grayscale filed 35 reports with the
Securities and Exchange Commission
indicating it had created and sold
additional shares to accredited (largely
institutional) investors in private
placements, according to Morningstar.
Demand was buoyed by the premium
to NAV that GBTC traded at during this
period, which facilitated an arbitrage
trade that saw hedge funds buy new
shares at NAV then, after the expiration
of a lock-up period, sell them at market
price. This helped fuel demand that saw
GBTC’s assets soar from about $3bn at
the start of 2020.
Blue said that dynamic “flipped” in
February 2021 when the Purpose
Bitcoin ETF, the first Canadian spot bit-
coin ETF, launched, amassing more
than $1bn in assets within a month. “Its
management fee of 1 per cent is half that
of Grayscale Bitcoin Trust, and its struc-
ture as an ETF allows it to track bitcoin
more closely, making it more appealing
than Grayscale’s offering,” he argued.
What happens next is unclear.
Existing investors face either selling at a
discount or sitting tight and hoping for
the best, while paying a 2 per cent
annual fee.
10
Trading conditions
reveal more fragility
than investors think
Robin Wigglesworth
Markets Insight
I
nvestors have been blithely skating
into the Christmas period, basking
in another remarkable rally across
financial markets. But the ice
underneath may be thinner and
brittler than many realise as Friday’s
violent sell-off showed.
The past decade has been character-
ised by unusually calm, strong and long
stock market bounces that have
occasionally been punctuated by brief
but exceptionally ferocious nosedives.
This is not a new observation. But
there is rising acknowledgment of the
phenomenon, mounting research into it
and growing understanding of the
drivers — even if no one seems to agree
on the primary cause.
The latest exploration of this market
regime came from US investment group
Wellington this summer when it pub-
lished a report titled “Why fragility is
the new reality for the stock market”.
It makes for compelling reading for
anyone feeling nervous about the fact
that the global stock market has
returned more than 14 per cent this year
and had gone six weeks without moving
more than 1 per cent in either direction
until fears over a new coronavirus
variant triggered mayhem on Friday.
In fact, the suddenness and severity of
the turbulence is another case in point
for the “fragile markets” hypothesis.
The central problem identified by
Wellington is a mismatch between
demand and supply of liquidity, which
becomes particularly acute at times of
market turmoil. Essentially, both the
imperative to sell and the ability of
markets to handle a flurry of sales has
become more procyclical, leading to
an increasingly painful mismatch
whenever markets are in turmoil.
When markets are calm, trading
Legal Notices
★ FINANCIAL TIMES Tuesday 30 November 2021
COMPANIES & MARKETS
The day in the markets
What you need to know
3 Rotation into tech helps Wall Street
European stocks recoup some Omicron-triggered losses
partially bounce back from stock sell-off
3 Measure of expected volatility on the Indices rebased
S&P 500 index remains elevated
3 Global oil benchmark rallies following
largest fall since April 2020
102
101
US and European stocks recouped some
of Friday’s losses triggered by news of a 100
new variant of Covid-19 as investors
adjusted for a prolonged period of
conditions are largely fine. But when the ity as the dominant proxy for risk and uncertainty over the pandemic. 99
quiet shatters, many investment funds how embedding into the fabric of the Wall Street’s S&P 500 was up 1.5 per
are either compelled by nervous investment industry might make sense cent by lunchtime in New York after the 98
risk managers or automatically by for funds individually but collectively broad US gauge fell 2.3 per cent on Friday London FTSE 100
algorithmic rules to sell. makes the entire system more fragile. — its worst one-day fall since February. Paris CAC 40
Market-making is now virtually Hoffstein also highlights how central Tech stocks topped the S&P 500 97
Milan FTSE MIB
exclusively a game for high-frequency bank backstops have encouraged more leaderboard, a shift that helped push the Frankfurt Xetra Dax
trading funds. When volatility rises, risk-taking but argues that it is the tech-heavy Nasdaq Composite up 1.8 per 96
HFTs guard themselves by swiftly collective interaction of all these factors cent year yesterday, having slid 2.2 per
widening the prices at which they will that can cause “cascades that send cent in the previous session.
95
transact and ratcheting back the size of markets spiralling out of control”. The rotation into tech reflected the
orders that they are willing to handle. However, Bowler, global head of appeal of companies that have benefited Tue Wed Thu Fri Mon
“An imbalance has developed equity derivatives research at BofA, from more people staying at home and Source: Refinitiv
between the supply of and demand for thinks that many of the more technical businesses using remote working.
liquidity and, as a result, we’ve seen a aspects mostly exacerbate a singular Across the Atlantic, the continent-wide
significant increase in the potential for fundamental, underlying driver. “A lot Stoxx Europe 600 climbed 0.7 per cent sidelines to buy the dip,” said Paul Leech, matter are how quickly does this spread
of these other factors are icing on the after its worst day since June last year. co-head of global equities at Barclays. compared to other variants and is it any
cake. The cake itself is monetary policy.” London’s FTSE 100 gained 0.9 per cent “But markets over the next week or two good at escaping immunity. Until we
‘We’ve seen a significant Bowler was one of the first to begin to and the CAC 40 in Paris rose 0.5 per cent. are going to continue to be volatile and know, we will be living with a high degree
increase in the potential dissect the phenomenon back in 2015. Analysts warned that markets would trade on headlines around vaccine of speculation.”
His view is that the alacrity of central remain volatile, however, as investors efficacy and symptoms relating to the Brent crude, the global oil benchmark,
to jump from a state of bank intervention whenever markets awaited more information on how the new [coronavirus] variant,” he added. rose 3 per cent to $74.98 a barrel, having
calm to one of chaos’ swoon suppresses market volatility, new Covid strain, called Omicron, could The Vix, a measure of expected lost more than 10 per cent on Friday in its
leads to periods of rampant risk-taking alter the path of economic growth. volatility on the S&P 500, remained largest fall since April 2020.
and investor crowding which, in turn, Both the S&P 500 and Stoxx 600 had elevated at a reading of about 25, above The yield on the US benchmark 10-year
the public equity market to jump from makes reversals rarer but dispropor- hit record highs this month. its long-term average of 20. Treasury note gained 4 basis points to
a state of calm to one of chaos,” tionately violent. “Over the course of this year, we’ve had “The step change we are waiting for is 1.53 per cent after falling the most since
Wellington argued in the report. Knowing that central banks are ready an impressive equity rally with constant what vaccine manufacturers say,” said March 2020 on Friday as traders backed
“Consequently, we tend to distrust situ- to act encourages investors to quickly new highs printed so, when we have had Sunil Krishnan, head of multi-asset funds out of the “haven” asset. Naomi Rovnick
ations where stability has become the buy the dips. “They’ve been condi- pullbacks, there’s been money on the at Aviva Investors. “The two things that and William Langley
consensus, as we believe any change in tioned like Pavlov’s dogs,” says Bowler.
the narrative is apt to bring surprisingly Luckily, some investors are increas-
drastic changes in the equilibrium.” ingly aware of the ice’s brittleness and Markets update
This echoes work done by the likes of are adapting to the new environment.
Corey Hoffstein at Newfound Research, Cautiousness may be wise.
Michael Green of Simplify Asset Man- Bowler points out that, if inflation
agement, Christopher Cole of Artemis continues to run hot, it may tie the US Eurozone Japan UK China Brazil
Capital Management and Benjamin hands of central banks in future market Stocks S&P 500 Eurofirst 300 Nikkei 225 FTSE100 Shanghai Comp Bovespa
Bowler of Bank of America — even nosedives, short-circuiting the “buy- Level 4652.44 1809.35 28283.92 7109.95 3562.70 103382.48
though they often emphasise different the-dip” mentality that has dominated % change on day 1.26 0.74 -1.63 0.94 -0.04 1.13
causes and aspects. the past decade. Currency $ index (DXY) $ per € Yen per $ $ per £ Rmb per $ Real per $
Green reckons that the rising tide of “Inflation is the kryptonite for the Level 96.273 1.127 113.635 1.330 6.382 5.626
passive investing is severely exacerbat- low-volatility regime,” he warns. % change on day 0.191 -0.442 0.429 -0.300 -0.138 0.705
ing the market’s fragility. Cole has Govt. bonds 10-year Treasury 10-year Bund 10-year JGB 10-year Gilt 10-year bond 10-year bond
focused on the problems of using volatil- robin.wigglesworth@ft.com Yield 1.514 -0.319 0.069 0.766 2.856 11.293
Basis point change on day 1.120 2.000 -0.280 3.900 0.100 -2.700
World index, Commods FTSE All-World Oil - Brent Oil - WTI Gold Silver Metals (LMEX)
Businesses For Sale Level 485.90 74.24 70.97 1800.80 23.63 4329.20
% change on day 0.70 1.85 3.61 0.71 -0.25 -3.30
Yesterday's close apart from: Currencies = 16:00 GMT; S&P, Bovespa, All World, Oil = 17:00 GMT; Gold, Silver = London pm fix. Bond data supplied by Tullett Prebon.
Main equity markets
S&P 500 index Eurofirst 300 index FTSE 100 index
4800 1920 7520
4640 7360
1840
4480 7200
1760 7040
4320
| | | | | | | | |
4160 || | | | | | | | | | | | | | | | || | 1680 || | | | | | | | | | | | | | | | || | 6880 | | | | | | | | | | |
Sep 2021 Nov Sep 2021 Nov Sep 2021 Nov
Biggest movers
% US Eurozone UK
Tesla 4.91 Asml Holding 2.80 Bt 6.10
Seagate Technology Holdings 4.56 Kering 2.75 Compass 4.71
Ups
Microchip Technology 4.56 Royal Dutch Shell 2.68 Jd Sports Fashion 3.58
Msci 4.47 Rwe 2.67 Johnson Matthey 3.24
Nvidia 4.33 Stmicroelectronics 2.60 Bp 3.16
%
Merck & Co -4.51 Continental -4.22 Hargreaves Lansdown -5.63
Wynn Resorts -3.61 Philips -3.29 Polymetal Int -2.26
Downs
Best Buy -3.14 Grifols -2.53 Hikma Pharmaceuticals -2.11
Businesses Bristol-myers Squibb Co
Discovery
-2.74
-2.69
Prices taken at 17:00 GMT
Heidelbergcement
Vopak
Based on the constituents of the FTSE Eurofirst 300 Eurozone
-2.29
-2.18
Darktrace
Sainsbury (j)
-1.91
-1.33
For Sale All data provided by Morningstar unless otherwise noted.
Wall Street Europe London
Vaccine maker Moderna, which leapt more A cut in its full-year outlook pushed Guarantor loans provider Amigo
Business for Sale, Business Opportunities, than a fifth last Friday, extended its rally. France’s Faurecia sharply lower. plummeted after revealing in its half-year
Business Services,
Business Wanted, Franchises
It announced the start of work on a The automotive equipment supplier report that the court process for its new
Runs Daily booster jab specifically targeting forecast revenue of between €15bn and rescue scheme would “take at least four
............................................................................................................................. Omicron, the new strain of Covid-19. €15.5bn against “sales of around €15.5bn” months”.
Classified Business Advertising Thermo Fisher, the medical equipment previously stated in September. The group warned: “The sanctioning of
UK: +44 20 7873 4000
maker, climbed after saying its Covid test The downgrade was a response to an a new scheme is increasingly urgent.
Email: advertising@ft.com
could detect the new strain. IHS Markit survey for European vehicle Without an approved scheme, Amigo
Trading in social media site Twitter production, which pointed to a reduction expects to have to file for administration
paused following rumours that Jack of 1m units for the second half of this year. or other insolvency process.”
Dorsey, its co-founder, would be stepping Citi said Faurecia’s revision was Marshall Motor jumped to a record
down. “unexpected and . . . a reminder that the high on announcing that digital used-car
Its shares surged more than 10 per cent global production environment remains marketplace Constellation Automotive
before the halt. volatile”. would be buying the vehicle retailer for
It was later confirmed that Parag Biotech group Bone Therapeutics £4 per share, a 46 per cent premium on
Agrawal, Twitter’s chief technology jumped more than 10 per cent on news Friday’s closing price.
officer since 2017, would be Dorsey’s that it had signed a term sheet with The bid valued Marshall at about
successor. China’s Link Health for the global rights £322.9m.
Car rental group Hertz climbed after for its allogeneic bone cell therapy. Telecoms operator BT rallied following
announcing that it would be returning The Belgian company said it would speculation that it could be the target of
money to shareholders. receive commercial milestone payments a takeover.
Its board authorised a buyback of up to €60m and tiered royalties on net The jump was sparked by a headline in
programme of up to $2bn, which would sales that were capped at 25 per cent. The Economic Times: “Reliance Industries
be rolled out immediately. Serie A’s Juventus tumbled after weighs bid for UK telecom major BT.” But
“The repurchase programme allows for acknowledging that public prosecutors in the Indian conglomerate later poured
ongoing and profitable investment in the Turin had started investigating the Italian cold water on the idea. “We categorically
business while utilising moderate balance football club concerning “revenues from deny any intent to bid for the UK
sheet leverage,” said Hertz. players’ registration rights” from 2019 to telecoms group, BT,” it said.
The news represented quite a 2021. Rumours around another Indian group,
turnround for Hertz, which filed for The scope of the probe relates to Tata Chemicals, lifted Johnson Matthey.
bankruptcy in May last year as the offences under Article 2622 of the Italian The catalytic converters supplier was
adverse effects of the pandemic weighed civil code, which spans “false accounting reportedly in talks with Tata about selling
on demand for business and leisure reporting by listed companies”, said the its battery business, according to Live
travel. Ray Douglas club. Ray Douglas Mint. Ray Douglas
Tuesday 30 November 2021 ★ FINANCIAL TIMES 11

MARKET DATA

WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA

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

-1.63% -0.95% -0.442% -0.300% -0.118%

1.26% 1.70% 0.60% 0.94% 0.74% 0.70% 0.429% 5.24% 0.71%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Oct 30 - - Index All World Oct 30 - Nov 29 Index All World Oct 30 - Nov 29 Index All World Oct 30 - Nov 29 Index All World Oct 30 - Nov 29 Index All World Oct 30 - Nov 29 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
4,652.44 2,970.68
4,605.38 21,186.28 7,237.57 15,688.77 29,098.24
21,037.07 15,280.86 2,909.32
7,109.95 28,283.92
Day 1.26% Month 1.01% Year 27.86% Day 0.29% Month 0.72% Year 21.80% Day 0.94% Month -1.64% Year 11.79% Day 0.16% Month -5.44% Year NaN% Day -1.63% Month -1.94% Year 6.07% Day -0.92% Month -3.33% Year 10.48%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
9,057.70 25,377.24
15,754.28 51,714.60 1,840.52 3,203.82
15,448.12 49,574.95 1,809.35
8,455.20 23,852.24 3,120.58
Day 1.70% Month 1.65% Year 29.08% Day 0.17% Month -3.37% Year 18.97% Day 0.74% Month -1.62% Year 19.27% Day 0.62% Month -6.32% Year 3.23% Day -0.95% Month -6.64% Year -11.29% Day -1.44% Month -2.62% Year 9.25%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai

106,363.10 61,143.33
35,730.48 6,830.34 26,875.96 3,547.34 3,562.70
103,382.48 6,776.25
35,107.97 26,041.55 57,260.58
Day 0.60% Month -2.03% Year 17.33% Day 1.13% Month -0.07% Year -6.47% Day 0.54% Month -0.41% Year 21.04% Day 0.73% Month -3.06% Year 16.62% Day -0.04% Month 1.26% Year 4.53% Day 0.27% Month -4.60% Year 29.62%

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 78984.04 80369.01 Cyprus CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 28543.26 28321.48 Philippines Manila Comp 7200.88 7278.44 Taiwan Weighted Pr 17328.09 17369.39 Cross-Border DJ Global Titans ($) 537.90 530.61
Australia All Ordinaries 7562.50 7599.90 Czech Republic
PX 1362.99 1351.84 FTSE Italia Mid Cap 48031.44 47487.61 Poland Wig 66696.21 66440.82 Thailand Bangkok SET 1589.69 1610.61 Euro Stoxx 50 (Eur) 4110.42 4089.58
S&P/ASX 200 7239.80 7279.30 Denmark OMXC Copenahgen 20 1801.27 1806.59 FTSE MIB 26041.55 25852.99 Portugal PSI 20 5463.39 5425.07 Turkey BIST 100 1808.79 1776.41 Euronext 100 ID 1312.45 1303.92
S&P/ASX 200 Res 4903.60 4878.70 Egypt EGX 30 11212.30 11431.24 Japan 2nd Section 7366.70 7514.29 PSI General 4158.82 4140.56 UAE Abu Dhabi General Index 8478.59 8453.95 FTSE 4Good Global ($) 11408.17 11269.97
Austria ATX 3656.60 3630.85 Estonia OMX Tallinn 2017.18 2025.03 Nikkei 225 28283.92 28751.62 Romania BET Index 12195.61 12607.30 UK FT 30 2699.20 2666.10 FTSE All World ($) 485.90 482.54
Belgium BEL 20 4139.68 4126.73 Finland OMX Helsinki General 12400.97 12238.47 S&P Topix 150 1674.07 1705.11 Russia Micex Index 3879.54 3810.98 FTSE 100 7109.95 7044.03 FTSE E300 1809.35 1796.11
BEL Mid 10197.41 10176.38 France CAC 40 6776.25 6739.73 Topix 1948.48 1984.98 RTX 1638.72 1589.38 FTSE 4Good UK 6624.99 6569.19 FTSE Eurotop 100 3403.37 3379.59
Brazil IBovespa 103382.48 102224.26 SBF 120 5275.86 5251.30 Jordan Amman SE 2065.20 2083.60 Saudi-Arabia TADAWUL All Share Index 10810.60 11299.45 FTSE All Share 4057.63 4020.38 FTSE Global 100 ($) 3044.17 3000.68
Canada S&P/TSX 60 1280.50 1277.41 Germany M-DAX 34052.04 33849.95 Kenya NSE 20 1886.35 1871.93 Singapore FTSE Straits Times 3120.58 3166.27 FTSE techMARK 100 6670.40 6662.60 FTSE Gold Min ($) 2004.86 2015.74
S&P/TSX Comp 21186.28 21125.90 TecDAX 3842.93 3821.83 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 395.72 395.72 USA DJ Composite 11898.51 11803.29 FTSE Latibex Top (Eur) 4440.00 4432.20
S&P/TSX Div Met & Min 978.78 1011.22 XETRA Dax 15280.86 15257.04 Latvia OMX Riga 1254.69 1272.16 Slovenia SBI TOP - - DJ Industrial 35107.97 34899.34 FTSE Multinationals ($) 3195.40 3268.76
Chile S&P/CLX IGPA Gen 22466.81 23039.47 Greece Athens Gen 871.00 858.93 Lithuania OMX Vilnius 959.22 953.78 South Africa FTSE/JSE All Share 70008.54 68614.98 DJ Transport 16394.56 16215.65 FTSE World ($) 876.04 869.21
China FTSE A200 12983.31 12990.50 FTSE/ASE 20 2088.37 2058.55 Luxembourg LuxX 1536.37 1534.82 FTSE/JSE Res 20 65580.89 64073.59 DJ Utilities 916.88 906.95 FTSEurofirst 100 (Eur) 4580.27 4543.47
FTSE B35 9000.71 8988.96 Hong Kong Hang Seng 23852.24 24080.52 Malaysia FTSE Bursa KLCI 1510.57 1512.22 FTSE/JSE Top 40 63600.61 62410.83 Nasdaq 100 16354.75 16025.58 FTSEurofirst 80 (Eur) 5721.37 5689.58
Shanghai A 3733.96 3735.32 HS China Enterprise 8498.26 8576.07 Mexico IPC 49574.95 49492.52 South Korea Kospi 2909.32 2936.44 Nasdaq Cmp 15754.28 15491.66 MSCI ACWI Fr ($) 733.53 750.30
Shanghai B 280.50 281.01 HSCC Red Chip 3822.60 3812.69 Morocco MASI 13221.08 13324.53 Kospi 200 381.63 385.07 NYSE Comp 16673.92 16624.87 MSCI All World ($) 3131.98 3202.44
Shanghai Comp 3562.70 3564.09 Hungary Bux 51579.66 50961.25 Netherlands AEX 787.01 781.63 Spain IBEX 35 8455.20 8402.70 S&P 500 4652.44 4594.62 MSCI Europe (Eur) 1846.10 1913.15
Shenzhen A 2633.85 2623.58 India BSE Sensex 57260.58 57107.15 AEX All Share 1087.76 1080.05 Sri Lanka CSE All Share 11202.09 11197.68 Wilshire 5000 47845.23 47377.65 MSCI Pacific ($) 3125.61 3152.16
Shenzhen B 1168.39 1174.61 Nifty 500 14656.45 14707.20 New Zealand NZX 50 12531.66 12628.89 Sweden OMX Stockholm 30 2272.27 2242.18 Venezuela IBC 6319.87 6164.01 S&P Euro (Eur) 1920.45 1910.34
Colombia COLCAP 1261.61 1260.21 Indonesia Jakarta Comp 6608.29 6561.55 Nigeria SE All Share 43308.29 43108.77 OMX Stockholm AS 992.35 978.54 Vietnam VNI 1484.84 1493.03 S&P Europe 350 (Eur) 1860.65 1847.88
Croatia CROBEX 2013.05 2011.29 Ireland ISEQ Overall 7889.29 7834.61 Norway Oslo All Share 1017.37 1006.88 Switzerland SMI Index 12220.74 12199.21 S&P Global 1200 ($) 3448.12 3424.97
Israel Tel Aviv 125 1987.15 1975.79 Pakistan KSE 100 45330.05 44114.16 Stoxx 50 (Eur) 3629.78 3606.58
(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 Nov 29 %Chg %Chg Nov 29 %Chg %Chg Nov 29 %Chg %Chg Nov 29 %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
Tesla 114.9 1135.01 53.09 Bp 203.1 327.70 10.05 Asml Holding 721.3 704.80 19.20 Softbank . 1121.7 6208.00 -128.00 Intertek 5480.00 5.7 -5.5 Vivo Energy 131.80 19.8 51.3 Newriver Reit 88.40 21.3 7.8 Industrial Transportation 4697.34 34.5 24.7
Nvidia 67.5 328.67 13.64 Rio Tinto 202.0 4621.50 79.00 Totalenergies 397.0 41.20 0.67 Tokyo Electron 836.6 60600.00 -240.00 Severn Trent 2907.00 3.9 25.6 Telecom Plus 1460.00 12.7 0.7 Record 82.00 15.5 67.3 Real Estate & Investment Servic 3064.14 25.1 20.0
Apple 64.0 160.36 3.55 Astrazeneca 193.8 8367.00 -44.00 Lvmh 394.0 697.20 5.20 Toyota Motor 562.9 2012.00 -62.50 Bhp 2019.00 3.9 3.0 Hochschild Mining 130.40 8.8 -37.7 River And Mercantile 320.00 12.3 86.0 Beverages 29465.81 24.7 16.3
Amazon.com 53.8 3576.18 71.62 Bhp 179.5 2019.00 57.00 Nestle N 371.4 115.20 -0.38 Sony 534.6 13750.00 -235.00 Compass 1522.00 3.4 9.4 Big Yellow 1620.00 3.6 47.3 Barr (a.g.) 529.00 11.8 1.1 Health Care Equip.& Services 7576.98 23.0 17.8
Advanced Micro Devices 46.0 158.93 4.12 Unilever 177.1 3921.00 -30.50 Airbus 322.9 99.69 0.33 Fast Retailing Co., 497.7 70500.00 -1130.00 London Stock Exchange 6870.00 2.8 - Safestore Holdings 1340.00 2.9 70.9 Fuller, Smith & Turner 700.00 6.1 1.4 Real Estate Investment Trusts 3394.29 22.5 16.7
Microsoft 40.9 337.97 8.29 Reckitt Benckiser 162.5 6164.00 -22.00 Daimler Ag Na O.n. 318.6 82.80 -0.36 Nippon Yusen Kabushiki Kaisha 497.5 7550.00 180.00 United Utilities 1088.50 2.5 19.7 Helios Towers 168.00 2.7 12.0 Headlam 447.00 5.4 23.5 Gas Water & Multiutilities index 5717.97 21.5 19.1
Meta Platforms 22.9 337.51 4.39 Glaxosmithkline 152.7 1525.00 14.20 Sap Se O.n. 313.3 116.80 1.58 Mitsubishi Ufj Fin,. 412.5 610.10 -12.90 B&m Eur Value Retail S.a. 625.00 2.3 20.0 Britvic 906.50 2.7 10.5 Porvair 700.00 5.4 31.3 Support Services 12311.98 21.3 13.0
Alphabet 21.2 2901.50 57.84 Glencore 152.4 357.15 5.15 Ing Groep N.v. 306.2 12.16 0.06 Sumitomo Mitsui Fin,. 376.8 3781.00 -97.00 Rio Tinto 4621.50 1.8 - Greencoat Uk Wind 137.00 2.2 2.0 Anglo-eastern Plantations 720.00 5.1 23.5 Pharmaceuticals & Biotech. 18027.62 20.7 11.1
Twitter 20.0 46.76 -0.32 Diageo 131.5 3823.50 64.00 Roche Gs 300.9 342.92 -1.06 Recruit Hldgs Co Ltd 334.4 6940.00 -71.00 National Grid 1001.20 1.6 15.1 Games Workshop 9500.00 1.9 - Bmo Real Estate Investments 88.40 4.5 49.8 Electronic & Electrical Equip. 11611.76 18.0 9.9
Pfizer 18.8 53.83 -0.17 Lloyds Banking 119.4 46.80 0.80 Novartis N 279.0 71.21 -0.46 Ana Holdings 321.8 2264.50 -96.50 Unilever 3921.00 1.6 - Ig Holdings 780.00 1.8 - Lindsell Train Investment Trust 1290.00 4.5 -12.0 Industrial Engineering 18236.83 17.4 12.4
Avast 604.80 1.5 14.1 Plus500 Ltd 1285.50 1.7 - Lsl Property Services 415.00 3.8 46.6 Chemicals 16657.47 16.6 9.4
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
Croda Int 10065.00 1.2 54.0 Mitie 65.80 1.7 54.8 Xaar 150.00 3.4 - Electricity 9526.88 16.0 9.3
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Tesla 1135.01 53.09 4.91 Bt 163.40 9.40 6.10 Richemont N 133.24 5.23 4.08 M3,. 6300.00 189.00 3.09 Int Consolidated Airlines S.a. 131.00 -11.6 - Ao World 104.90 -15.4 - De La Rue 140.60 -16.4 - Travel & Leisure 7134.85 -24.2 -
Seagate Technology Holdings 103.12 4.50 4.56 Wh Smith 1383.50 72.50 5.53 Investor Ab Ser. B 20.70 0.64 3.17 Kawasaki Kisen Kaisha, 4945.00 135.00 2.81 Prudential 1294.50 -9.9 -5.5 Cineworld 49.32 -15.1 -22.9 Up Global Sourcing Holdings 175.50 -15.2 46.3 Automobiles & Parts 3658.34 -23.5 -
Microchip Technology 83.72 3.65 4.56 Wizz Air Holdings 3933.00 204.00 5.47 Siemens Health.ag Na O.n. 64.72 1.82 2.89 Nippon Yusen Kabushiki Kaisha 7550.00 180.00 2.44 Hargreaves Lansdown 1341.50 -9.8 - Reach 261.00 -13.6 85.0 Hyve 89.30 -14.8 - Mining 20347.88 -16.8 -
Msci 648.77 27.73 4.47 Restaurant 81.50 3.90 5.03 Asml Holding 704.80 19.20 2.80 Mitsui O.s.k.lines, 6640.00 150.00 2.31 Rolls-royce Holdings 122.50 -9.8 9.3 Renishaw 4562.00 -12.8 - On The Beach 209.50 -13.4 - Food Producers 6426.70 -14.7 -
Nvidia 328.67 13.64 4.33 Ferrexpo 285.00 13.00 4.78 Infineon Tech.ag Na O.n. 40.34 1.08 2.75 Yamato Holdings Co., 2584.00 23.00 0.90 Darktrace 462.00 -9.2 - Carnival 1216.40 -12.3 - Superdry 262.00 -13.0 2.4 Life Insurance 7488.78 -8.6 -6.2
Flutter Entertainment 10325.00 -9.2 - Ssp 220.60 -12.2 - Kin And Carta 297.00 -12.4 - Mobile Telecommunications 2803.06 -7.3 -8.9
Downs Downs Downs Downs
Entain 1746.00 -9.1 21.4 Hill & Smith Holdings 1666.00 -10.2 17.3 Luceco 333.50 -11.2 31.8 Household Goods 16604.12 -5.9 -
Merck & Co 75.59 -3.57 -4.51 Hargreaves Lansdown 1341.50 -80.00 -5.63 Philips Kon 31.75 -1.08 -3.29 Keisei Electric Railway Co., 3095.00 -255.00 -7.61
Standard Chartered 414.20 -9.0 - Network Int Holdings 277.70 -9.7 - Electra Private Equity 65.00 -11.0 - General Financial 11315.17 -4.7 -8.4
Wynn Resorts 82.60 -3.09 -3.61 Ao World 104.90 -5.10 -4.64 Orsted A/s Dk 10 15.19 -0.40 -2.59 Tokyu 1537.00 -118.00 -7.13
Melrose Industries 146.05 -8.9 - Convatec 194.65 -9.0 -4.8 Esken 12.00 -9.8 - Nonlife Insurance 3129.07 -1.3 -2.2
Best Buy 111.17 -3.60 -3.14 Firstgroup 98.45 -4.45 -4.32 Umg 25.01 -0.49 -1.92 Mazda Motor 953.00 -69.00 -6.75
Abrdn 235.80 -7.8 - Ti Fluid Systems 222.50 -9.0 -7.8 Tt Electronics 231.00 -9.4 11.6 Tobacco 27570.23 -0.5 -4.5
Bristol-myers Squibb Co 54.98 -1.55 -2.74 Micro Focus Int 376.40 -12.50 -3.21 Holcim N 43.63 -0.76 -1.71 Mitsubishi Motors 383.00 -25.00 -6.13
Anglo American 2683.50 -6.7 10.3 Xp Power 4835.00 -8.8 4.7 Raven Property 31.60 -9.2 15.8 Industrial Metals 5933.19 -0.1 -7.3
Discovery 24.06 -0.67 -2.69 Xp Power 4835.00 -145.00 -2.91 Vonovia Se Na O.n. 49.00 -0.85 -1.71 Hino Motors, 968.00 -59.00 -5.74
Burberry 1795.00 -6.4 -0.9 Wh Smith 1383.50 -8.7 - Kier 112.20 -8.6 68.6 Banks 2883.47 0.7 2.2
Based on the constituents of the S&P500 Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index
Based on last week's performance. †Price at suspension.

CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
Nov 29 Currency Mid Change Mid Change Mid Change Nov 29 Currency Mid Change Mid Change Mid Change Nov 29 Currency Mid Change Mid Change Mid Change Nov 29 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 100.9241 0.1396 113.7263 -0.3169 134.1880 -0.2236 Indonesia Indonesian Rupiah 14322.5000 20.0000 16139.3146 -44.7697 19043.1212 -31.4929 Poland Polish Zloty 4.1600 -0.0076 4.6876 -0.0282 5.5310 -0.0270 ..Three Month 0.7522 0.0023 0.8473 -0.0009 - -
Australia Australian Dollar 1.4053 0.0021 1.5835 -0.0043 1.8685 -0.0029 Israel Israeli Shekel 3.1675 -0.0162 3.5693 -0.0332 4.2115 -0.0345 Romania Romanian Leu 4.3926 0.0178 4.9497 -0.0006 5.8403 0.0058 ..One Year 0.7518 0.0023 0.8465 -0.0009 - -
Bahrain Bahrainin Dinar 0.3771 - 0.4249 -0.0018 0.5013 -0.0015 Japan Japanese Yen 113.6350 0.4850 128.0495 0.0141 151.0883 0.1854 Russia Russian Ruble 74.6600 -0.9013 84.1306 -1.3711 99.2674 -1.5051 United States United States Dollar - - 1.1268 -0.0047 1.3296 -0.0041
Bolivia Bolivian Boliviano 6.9100 - 7.7865 -0.0325 9.1875 -0.0281 ..One Month 113.6349 0.4849 128.0496 0.0143 151.0883 0.1854 Saudi Arabia Saudi Riyal 3.7514 - 4.2273 -0.0177 4.9878 -0.0152 ..One Month - - 1.1267 -0.2069 1.3297 -0.0040
Brazil Brazilian Real 5.6260 0.0394 6.3397 0.0181 7.4803 0.0297 ..Three Month 113.6349 0.4847 128.0497 0.0145 151.0882 0.1852 Singapore Singapore Dollar 1.3705 -0.0011 1.5443 -0.0077 1.8221 -0.0070 ..Three Month - - 1.1266 -0.2068 1.3297 -0.0041
Canada Canadian Dollar 1.2793 0.0003 1.4415 -0.0057 1.7009 -0.0049 ..One Year 113.6343 0.4836 128.0500 0.0151 151.0883 0.1841 South Africa South African Rand 16.2250 -0.0050 18.2831 -0.0820 21.5726 -0.0726 ..One Year - - 1.1257 -0.2068 1.3293 -0.0040
Chile Chilean Peso 838.3500 8.7500 944.6943 5.9566 1114.6642 8.2652 Kenya Kenyan Shilling 112.5500 - 126.8269 -0.5296 149.6457 -0.4570 South Korea South Korean Won 1192.9500 -0.3000 1344.2752 -5.9524 1586.1379 -5.2442 Vietnam Vietnamese Dong 22690.0000 11.0000 25568.2545 -94.2882 30168.4607 -77.4690
China Chinese Yuan 6.3825 -0.0089 7.1921 -0.0400 8.4861 -0.0377 Kuwait Kuwaiti Dinar 0.3026 -0.0004 0.3410 -0.0019 0.4023 -0.0018 Sweden Swedish Krona 9.0820 -0.0189 10.2341 -0.0641 12.0754 -0.0621 European Union Euro 0.8874 0.0037 - - 1.1799 0.0013
Colombia Colombian Peso 4013.4000 -3.6000 4522.4988 -22.9579 5336.1878 -21.1004 Malaysia Malaysian Ringgit 4.2385 -0.0005 4.7762 -0.0205 5.6355 -0.0179 Switzerland Swiss Franc 0.9252 0.0026 1.0425 -0.0014 1.2301 -0.0003 ..One Month 0.8873 0.0036 - - 1.1799 0.0013
Costa Rica Costa Rican Colon 629.3800 -1.8700 709.2165 -5.0773 836.8191 -5.0497 Mexico Mexican Peso 21.7508 -0.0655 24.5098 -0.1765 28.9196 -0.1757 Taiwan New Taiwan Dollar 27.7925 -0.0325 31.3180 -0.1675 36.9527 -0.1562 ..Three Month 0.8871 0.0037 - - 1.1798 0.0013
Czech Republic Czech Koruna 22.7360 0.0291 25.6200 -0.0741 30.2296 -0.0536 New Zealand New Zealand Dollar 1.4720 0.0067 1.6587 0.0006 1.9572 0.0029 Thailand Thai Baht 33.6613 0.0713 37.9312 -0.0778 44.7558 -0.0417 ..One Year 0.8863 0.0037 - - 1.1789 0.0013
Denmark Danish Krone 6.5998 0.0281 7.4370 0.0007 8.7750 0.0107 Nigeria Nigerian Naira 413.7500 - 466.2340 -1.9467 550.1190 -1.6801 Tunisia Tunisian Dinar 2.8998 0.0175 3.2676 0.0061 3.8556 0.0115
Egypt Egyptian Pound 15.7206 -0.0142 17.7147 -0.0900 20.9020 -0.0827 Norway Norwegian Krone 9.0466 -0.0447 10.1942 -0.0931 12.0284 -0.0963 Turkey Turkish Lira 12.8698 0.4848 14.5023 0.4880 17.1115 0.5942
Hong Kong Hong Kong Dollar 7.7996 0.0005 8.7890 -0.0361 10.3703 -0.0310 Pakistan Pakistani Rupee 176.1000 0.2250 198.4382 -0.5740 234.1413 -0.4150 United Arab Emirates UAE Dirham 3.6731 - 4.1390 -0.0173 4.8837 -0.0149
Hungary Hungarian Forint 326.6984 0.5263 368.1399 -0.9417 434.3758 -0.6248 Peru Peruvian Nuevo Sol 4.0552 0.0200 4.5695 0.0036 5.3917 0.0103 United Kingdom Pound Sterling 0.7521 0.0023 0.8475 -0.0009 - -
India Indian Rupee 75.0950 0.2225 84.6208 -0.1016 99.8458 -0.0082 Philippines Philippine Peso 50.3850 -0.0400 56.7763 -0.2823 66.9915 -0.2579 ..One Month 0.7522 0.0024 0.8475 -0.0010 - -
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 Nov 29 Nov 26 Nov 25 Nov 24 Nov 23 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 2699.20 2666.10 2790.70 2780.40 2778.10 0.00
Beverages2870.10 2450.90
29.79 Food & Drug Retailer 15.92 Electricity 7.54 FTSE 100 Price Change FTSE 100 Price Change
Nov 29 chge% Index Nov 26 Nov 25 ago yield% Cover ratio adj Return FT 30 Div Yield - - - - - 0.00 3.93
Support Services 2.74
28.47 Banks 15.41 Mining 6.31 3I Group PLC 1388 25.50 Johnson Matthey PLC 2133 67.00
FTSE 100 (101) 7109.95 0.94 6543.47 7044.03 7310.37 6367.58 3.47 2.10 13.75 238.85 7031.64 P/E Ratio net - - - - - 0.00 19.44
Oil & Gas Producers 14.26
25.53 Aerospace & Defense 14.96 Life Insurance 3.94 Abrdn PLC 235.80 -2.30 Kingfisher PLC 326.00 1.00
FTSE 250 (250) 22756.33 0.97 20943.26 22537.89 23279.96 19462.71 1.92 3.48 14.97 411.00 18395.49 FT 30 hourly changes Oil & Gas 24.46 Software & Comp Serv 14.77 Consumer Goods 1.05 Admiral Group PLC 3013 50.00 Land Securities Group PLC 751.00 9.20
FTSE 250 ex Inv Co (183) 23482.55 0.90 21611.62 23272.88 24088.33 19854.97 1.87 1.04 51.32 367.04 19349.19 8 9 10 11 12 13 14 15 16 High Low Real Est Invest & Tr 22.81 Technology 14.43 Telecommunications 0.59 Anglo American PLC 2683.5 48.50 Legal & General Group PLC 284.90 2.20
FTSE 350 (351) 4076.21 0.94 3751.45 4038.19 4187.39 3620.72 3.19 2.25 13.95 125.58 8010.75 2666.1 2703.1 2694.8 2707.9 2711.2 2715 2719.1 2716.6 2705.5 2724.3 2666.1 Chemicals 22.69 Pharmace & Biotech 14.28 Beverages 31.66 Antofagasta PLC 1398 13.50 Lloyds Banking Group PLC 46.80 0.80
FTSE 350 ex Investment Trusts (282) 3964.19 0.93 3648.35 3927.80 4076.10 3528.06 3.28 1.91 15.94 95.98 4023.54 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Fixed Line Telecomms 22.11 Industrial Transport 13.62 Financial Services -1.05 Ashtead Group PLC 6130 46.00 London Stock Exchange Group PLC 6870 20.00
FTSE 350 Higher Yield (113) 3201.90 0.79 2946.79 3176.71 3277.35 2840.17 4.80 1.59 13.14 141.34 7010.13 Media 21.69 Health Care 12.26 Household Goods & Ho -2.92 Associated British Foods PLC 1907 22.00 M&G PLC 190.35 2.40
FTSE 350 Lower Yield (238) 4718.98 1.10 4343.01 4667.63 4866.33 4192.19 1.48 4.52 14.93 81.51 5684.81
FTSE SmallCap (253) 7261.96 0.48 6683.37 7226.97 7405.60 5912.50 2.54 4.51 8.73 163.04 11813.95 FX: EFFECTIVE INDICES Industrial Eng
Gas Water & Multi
20.09
20.03
NON FINANCIALS Index
Tech Hardware & Eq
11.34
11.23
Tobacco
Nonlife Insurance
-4.21
-4.38
Astrazeneca PLC 8367 -44.00 Meggitt PLC 739.80 -0.20
Auto Trader Group PLC 732.40 2.60 Melrose Industries PLC 146.05 1.75
FTSE SmallCap ex Inv Co (133) 6009.89 0.54 5531.06 5977.78 6157.62 4633.10 2.09 1.06 44.89 101.58 10183.73
Nov 26 Nov 25 Mnth Ago Nov 29 Nov 26 Mnth Ago Industrials 19.54 FTSE 250 Index 11.07 Travel & Leisure -5.11 Avast PLC 604.80 3.00 Mondi PLC 1748 1.50
FTSE All-Share (604) 4057.63 0.93 3734.35 4020.38 4167.28 3593.68 3.17 2.31 13.68 123.86 8053.13 Real Est Invest & Se 19.49 Equity Invest Instr 10.51 Mobile Telecomms -6.85 Aveva Group PLC 3220 18.00 National Grid PLC 1001.2 -1.00
FTSE All-Share ex Inv Co (415) 3905.35 0.92 3594.20 3869.77 4015.34 3466.39 3.26 1.90 16.13 94.06 4024.85 UK 81.62 81.88 82.51 Industrial Metals & 18.47 FTSE All{HY-}Share Index 10.45 Food Producers -7.11 Aviva PLC 378.20 7.30 Natwest Group PLC 210.40 2.20
FTSE All-Share ex Multinationals (533) 1308.74 0.90 998.56 1297.11 1340.96 1141.97 2.56 3.49 11.20 31.70 2687.38 Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. Construct & Material 17.67 FTSE 100 Index 10.05 Health Care Eq & Srv -8.34 B&M European Value Retail S.A. 625.00 -3.00 Next PLC 7962 114.00
FTSE Fledgling (84) 13199.91 0.22 12148.23 13170.73 13483.44 9892.09 2.16 7.13 6.51 245.26 27709.86 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk Electronic & Elec Eq 17.25 Financials 9.65 Personal Goods -8.68 Bae Systems PLC 549.80 - Ocado Group PLC 1834 5.00
FTSE Fledgling ex Inv Co (35) 17502.50 0.09 16108.02 17486.61 18074.37 108.17 1.69 -3.47 -17.03 253.67 35780.99 FTSE SmallCap Index 16.84 General Retailers 9.58 Leisure Goods -14.16 Barclays PLC 183.28 1.62 Pearson PLC 614.60 4.40
FTSE All-Small (337) 5057.72 0.47 4654.75 5034.08 5158.23 4098.91 2.52 4.63 8.57 112.44 10554.19 Utilities 16.72 Basic Materials 8.37 Automobiles & Parts -20.65 Barratt Developments PLC 692.80 5.40 Pershing Square Holdings LTD 3005 -
FTSE All-Small ex Inv Co (168) 4515.65 0.52 4155.87 4492.28 4628.02 104.14 2.08 0.92 52.05 76.00 9691.63 Consumer Services 7.90 Oil Equipment & Serv -33.68 Berkeley Group Holdings (The) PLC 4325 32.00 Persimmon PLC 2759 29.00
FTSE AIM All-Share (745) 1190.51 0.75 1095.66 1181.62 1203.96 1039.01 0.92 1.45 75.13 10.14 1378.50
Bhp Group PLC 2019 57.00 Phoenix Group Holdings PLC 644.00 7.20
FTSE All-Share Technology (22) 2314.90 0.62 2121.63 2300.60 2336.16 2059.35 1.48 0.86 78.92 21.12 3286.27
FTSE All-Share Telecommunications (7) 1813.75 2.02 1662.32 1777.91 1849.92 1808.44 4.59 0.31 69.30 80.79 2613.04 FTSE GLOBAL EQUITY INDEX SERIES BP PLC
British American Tobacco PLC
327.70
2556
10.05
15.00
Polymetal International PLC
Prudential PLC
1341.5
1294.5
-31.00
-9.00
FTSE All-Share Health Care (13) 12671.54 0.05 11613.63 12665.14 12864.69 11703.59 3.18 0.48 64.91 237.40 11419.32 Nov 29 No of US $ Day Mth YTD Total
YTD Gr Div Nov 29 No of US $ Day Mth YTD Total YTD Gr Div British Land Company PLC 521.40 6.40 Reckitt Benckiser Group PLC 6164 -22.00
FTSE All-Share Financials (253) 4780.01 0.86 4380.94 4739.06 4968.17 4291.46 2.74 5.51 6.62 96.95 5126.73 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Bt Group PLC 163.40 9.40 Relx PLC 2343 34.00
FTSE All-Share Real Estate (56) 1210.36 0.60 1160.47 1203.12 1225.31 955.42 2.45 1.83 22.32 20.95 1232.25
FTSE Global All Cap 9371 823.54 -2.3 -1.9 13.2
15.1 1291.00
1.7 Oil Equipment & Services 26 235.35 -2.9 -2.9 24.3 417.43 30.0 4.7 Bunzl PLC 2867 32.00 Rentokil Initial PLC 618.60 2.60
FTSE All-Share Consumer Discretionary (91) 5240.20 1.36 4802.71 5169.73 5442.92 4762.61 1.52 -0.01-6698.50 65.22 5425.84
FTSE Global All Cap 9371 823.54 -2.3 -1.9 13.2
15.1 1291.00
1.7 Basic Materials 370 640.26 -2.3 -2.3 4.9 1127.72 8.8 3.9 Burberry Group PLC 1795 12.50 Rightmove PLC 740.00 8.80
FTSE All-Share Consumer Staples (25)19094.20 0.34 17500.07 19028.80 19388.12 18691.64 3.90 1.23 20.91 564.81 16834.25
FTSE Global Large Cap 1798 736.75 -2.2 -1.6 13.1
15.1 1190.23
1.8 Chemicals 172 941.68 -1.8 -1.8 8.2 1615.74 10.4 2.1 Coca-Cola Hbc AG 2353 10.00 Rio Tinto PLC 4621.5 79.00
FTSE All-Share Industrials (88) 7148.42 0.61 6551.62 7105.40 7316.78 5677.36 1.65 2.77 21.83 100.03 8091.90
FTSE Global Mid Cap 2301 1045.77 -2.4 -2.5 14.1
15.9 1541.85
1.8 Forestry & Paper 21 292.78 -1.6 -1.6 -7.4 571.61 -5.0 2.8 Compass Group PLC 1522 68.50 Rolls-Royce Holdings PLC 122.50 0.94
FTSE All-Share Basic Materials (25) 7779.59 1.71 7130.09 7648.60 7947.21 6554.12 6.70 2.41 6.18 365.27 9960.15
FTSE Global Small Cap 5272 1124.30 -2.7 -3.2 11.7
13.2 1588.52
1.5 Industrial Metals & Mining 97 518.52 -3.0 -3.0 10.7 939.34 16.7 5.9 Crh PLC 3679 -30.00 Royal Dutch Shell PLC 1594 37.60
FTSE All-Share Energy (14) 5852.48 2.66 5363.87 5701.06 6090.63 4838.93 3.81 1.66 15.81 174.61 6855.08
FTSE All-World 4099 482.54 -2.2 -1.7 13.3
15.3 800.90
1.8 Mining 80 858.84 -2.9 -2.9 -2.5 1574.96 3.1 6.1 Croda International PLC 10065 163.00 Royal Dutch Shell PLC 1594.8 38.60
FTSE All-Share Utilities (10) 8335.89 -0.14 7639.95 8347.73 8432.15 7015.07 4.29 1.67 13.94 238.06 12064.68
FTSE World 2661 869.21 -2.2 -1.4 14.9
16.9 1936.27
1.8 Industrials 757 577.86 -2.3 -2.3 10.3 903.14 11.9 1.5 Darktrace PLC 462.00 -9.00 Royal Mail PLC 500.20 -5.40
FTSE All-Share Software and Computer Services (20) 2489.70 0.53 2281.84 2476.54 2513.05 2224.06 1.47 0.85 79.90 22.29 3739.48
FTSE Global All Cap ex UNITED KINGDOM In 9078 873.16 -2.2 -1.7 13.4
15.3 1343.27
1.7 Construction & Materials 145 701.02 -2.1 -2.1 13.8 1154.48 15.8 1.8 Dcc PLC 5634 12.00 Sage Group PLC 777.00 3.40
FTSE All-Share Technology Hardware and Equipment (2) 6423.63 3.38 5887.34 6213.43 6445.02 4712.67 1.60 1.08 57.83 88.39 8147.41
FTSE Global All Cap ex USA 7544 584.23 -2.3 -4.3 3.6
6.1 1006.28
2.5 Aerospace & Defense 35 762.61 -4.9 -4.9 4.0 1172.02 5.3 1.5 Diageo PLC 3823.5 64.00 Sainsbury (J) PLC 289.70 -3.90
FTSE All-Share Telecommunications Equipment (2) 624.48 0.62 572.35 620.66 630.29 613.34 1.44 2.69 25.80 5.80 874.05
FTSE Global All Cap ex JAPAN 7979 857.37 -2.4 -2.0 14.1
16.0 1356.27
1.7 General Industrials 72 272.33 -2.4 -2.4 7.6 469.42 9.8 2.1 Entain PLC 1746 22.00 Schroders PLC 3517 64.00
FTSE All-Share Telecommunications Service Providers (5) 2798.81 2.07 2565.15 2741.97 2855.85 2790.82 4.72 0.29 74.39 128.98 3669.29
FTSE Global All Cap ex Eurozone 8711 871.39 -2.2 -1.6 13.7
15.6 1337.19
1.7 Electronic & Electrical Equipment 143 775.60 -1.7 -1.7 15.9 1097.07 17.3 1.2 Evraz PLC 572.00 7.20 Scottish Mortgage Investment Trust PLC 1511.5 24.00
FTSE All-Share Health Care Providers (3) 7883.57 1.33 7225.39 7780.46 8309.65 6130.10 0.13 53.19 14.31 6.62 7278.09
FTSE Developed 2209 799.31 -2.2 -1.3 15.5
17.4 1263.08
1.7 Industrial Engineering 147 1122.88 -2.6 -2.6 9.6 1749.02 11.2 1.6 Experian PLC 3383 60.00 Segro PLC 1417.5 19.50
FTSE All-Share Medical Equipment and Services (2) 5802.99 0.33 5318.51 5783.80 5980.90 6653.06 2.19 1.07 42.62 126.98 5462.45
FTSE Developed All Cap 5828 835.78 -2.2 -1.5 15.1
17.0 1301.48
1.7 Industrial Transportation 126 1051.11 -2.2 -2.2 14.6 1654.61 16.4 1.6 Ferguson PLC 11555 70.00 Severn Trent PLC 2907 8.00
FTSE All-Share Pharmaceuticals and Biotechnology (8)17963.82 0.02 16464.07 17959.94 18213.84 16393.56 3.27 0.44 69.40 335.72 14571.48
FTSE Developed Large Cap 886 749.88 -2.1 -1.1 15.7
17.6 1206.20
1.7 Support Services 89 686.09 -1.5 -1.5 6.7 1006.75 7.7 1.0 Flutter Entertainment PLC 10325 25.00 Smith & Nephew PLC 1240 5.00
FTSE All-Share Banks (11) 2848.47 0.95 2610.66 2821.63 3035.78 2533.36 2.77 5.96 6.05 45.06 2419.20
FTSE Developed Europe Large Cap 237 424.54 -2.8 -4.8 8.1
11.0 815.36
2.6 Consumer Goods 540 670.51 -1.9 -1.9 9.7 1102.31 11.6 1.9 Fresnillo PLC 914.40 7.60 Smith (Ds) PLC 367.70 -0.90
FTSE All-Share Finance and Credit Services (7) 9819.68 0.45 8999.86 9775.48 9799.77 11556.79 1.46 1.58 43.33 128.18 12947.27
FTSE Developed Europe Mid Cap 351 736.36 -2.7 -5.4 5.5
7.8 1230.98
2.3 Automobiles & Parts 128 783.55 -2.7 -2.7 27.9 1246.26 29.3 1.0 Glaxosmithkline PLC 1525 14.20 Smiths Group PLC 1456 6.50
FTSE All-Share Investment Banking and Brokerage Services (33)10331.87 0.96 9469.29 10233.41 10713.90 8871.71 3.78 2.80 9.45 287.89 13828.35
FTSE Dev Europe Small Cap 721 1050.36 -2.6 -7.0 9.0
11.0 1686.43
1.9 Beverages 68 755.59 -2.3 -2.3 2.2 1253.70 4.0 2.2 Glencore PLC 357.15 5.15 Smurfit Kappa Group PLC 3882 11.00
FTSE All-Share Closed End Investments (189)14260.95 1.02 13070.34 14117.37 14434.71 12268.98 2.01 10.79 4.60 210.41 8706.41
FTSE North America Large Cap 256 1009.53 -2.2 0.2 21.6
23.1 1492.87
1.3 Food Producers 132 744.15 -0.8 -0.8 3.7 1253.54 6.0 2.3 Halma PLC 3029 57.00 Spirax-Sarco Engineering PLC 15840 130.00
FTSE All-Share Life Insurance (6) 7614.39 0.30 6978.69 7591.70 8139.91 6884.50 3.52 2.27 12.51 267.54 8937.90
FTSE North America Mid Cap 414 1276.17 -2.5 -1.2 20.4
21.9 1741.00
1.4 Household Goods & Home Construction 61 609.51 -1.1 -1.1 5.8 1000.88 8.3 2.4 Hargreaves Lansdown PLC 1341.5 -80.00 Sse PLC 1558 -6.00
FTSE All-Share Nonlife Insurance (7) 3556.82 1.08 3259.87 3518.96 3558.62 3716.89 4.01 1.60 15.60 125.32 7288.69
FTSE North America Small Cap 1336 1305.96 -3.1 -2.7 14.1
15.3 1713.09
1.2 Leisure Goods 47 315.51 -0.5 -0.5 -4.4 440.14 -3.4 1.2 Hikma Pharmaceuticals PLC 2230 -48.00 St. James's Place PLC 1562.5 25.00
FTSE All-Share Real Estate Investment and Services (15) 2984.59 0.17 2735.42 2979.61 3041.24 2439.59 1.64 2.73 22.43 34.45 8719.84
FTSE North America 670 656.87 -2.2 -0.1 21.3
22.9 1.3 Personal Goods
992.63 89 1133.99 -2.5 -2.5 7.6 1713.57 9.0 1.4 HSBC Holdings PLC 416.45 2.40 Standard Chartered PLC 414.20 2.60
FTSE All-Share Real Estate Investment Trusts (41) 3017.30 0.70 2765.40 2996.29 3050.00 2359.73 2.64 1.70 22.30 55.05 4417.44
FTSE Developed ex North America 1539 304.94 -2.1 -4.0 4.1
6.6 566.18
2.5 Tobacco 15 911.34 -1.5 -1.5 0.3 2426.05 5.0 6.6 Imperial Brands PLC 1563 14.00 Taylor Wimpey PLC 155.50 1.30
FTSE All-Share Automobiles and Parts (2) 3677.09 3.36 3370.10 3557.47 3754.87 3847.30 1.29 -8.37 -9.28 10.66 3797.62
FTSE Japan Large Cap 172 461.52 -0.1 0.3 1.8
3.8 2.1 Health Care
660.99 338 752.96 -0.4 -0.4 9.7 1179.39 11.5 1.6 Informa PLC 474.00 8.10 Tesco PLC 279.00 -0.15
FTSE All-Share Consumer Services (3) 2526.26 4.61 2315.35 2415.02 2627.88 2403.02 0.01 110.73 65.80 0.13 3161.93
FTSE Japan Mid Cap 338 627.41 -0.1 -3.2 -2.7
-0.7 852.65
2.3 Health Care Equipment & Services 129 1570.36 -1.1 -1.1 12.9 1907.14 13.7 0.8 Intercontinental Hotels Group PLC 4600 20.00 Unilever PLC 3921 -30.50
FTSE All-Share Household Goods and Home Construction (13)13942.69 0.99 12778.65 13806.46 14438.52 13302.41 5.22 1.67 11.49 421.30 11627.08
FTSE Global wi JAPAN Small Cap 882 701.91 0.3 -2.6 -1.6
0.5 988.51
2.4 Pharmaceuticals & Biotechnology 209 477.71 0.2 0.2 7.4 800.34 9.9 2.2 Intermediate Capital Group PLC 2150 41.00 United Utilities Group PLC 1088.5 -7.00
FTSE All-Share Leisure Goods (2) 24136.45 2.52 22121.36 23542.09 22899.04 24347.40 1.51 2.76 23.98 473.92 25827.20
FTSE Japan 510 188.63 -0.1 -0.4 0.8
2.8 302.45
2.1 Consumer Services 453 709.19 -2.3 -2.3 2.8 1001.27 3.6 0.8 International Consolidated Airlines Group S.A. 131.00 -0.40 Vodafone Group PLC 110.12 0.50
FTSE All-Share Personal Goods (5) 30375.10 1.13 27839.16 30036.89 31367.54 24825.93 1.34 2.05 36.40 419.78 23276.36
FTSE Asia Pacific Large Cap ex Japan 956 828.82 -2.4 -5.1 -5.2
-3.3 2.3 Food & Drug Retailers
1465.40 69 330.19 -1.1 -1.1 10.5 513.07 13.2 2.3 Intertek Group PLC 5480 28.00 Whitbread PLC 2875 38.00
FTSE All-Share Media (11) 9658.60 1.29 8852.23 9535.93 9890.06 7727.88 1.78 1.04 53.98 177.13 6638.36
FTSE Asia Pacific Mid Cap ex Japan 919 1108.55 -2.4 -3.8 7.9
10.3 1884.75
2.6 General Retailers 157 1310.68 -2.2 -2.2 3.5 1774.88 4.1 0.6 Itv PLC 111.20 2.60 Wpp PLC 1060.5 7.00
FTSE All-Share Retailers (22) 2764.72 0.81 2533.90 2742.54 2804.42 2159.66 1.28 4.05 19.29 34.22 3504.50
FTSE Asia Pacific Small Cap ex Japan 2041 706.11 -1.9 -2.0 8.6
10.8 2.1 Media
1170.43 84 477.47 -1.1 -1.1 1.8 678.39 2.5 0.8 Jd Sports Fashion PLC 1141.5 39.50
FTSE All-Share Travel and Leisure (33) 7035.95 0.81 6448.54 6979.52 7589.04 7601.35 0.12 -97.46 -8.83 11.71 7230.63
FTSE Asia Pacific Ex Japan 1875 656.09 -2.4 -5.0 -4.0
-2.0 2.3 Travel & Leisure
1232.50 143 491.76 -4.2 -4.2 -1.3 709.60 -0.6 0.9
FTSE All-Share Beverages (5) 29579.51 1.69 27109.99 29087.66 30306.36 23028.41 1.92 1.52 34.26 353.51 23220.71
FTSE Emerging All Cap 3543 872.37 -2.6 -4.9 -2.0
0.3 2.5 Telecommunication
1468.82 88 148.01 -1.3 -1.3 -3.9 335.29 -0.1 4.3
FTSE All-Share Food Producers (10) 6618.36 0.81 6065.81 6565.22 6726.96 6763.03 1.78 2.97 18.91 110.25 6249.49
FTSE All-Share Tobacco (2) 27570.28 0.65 25268.51 27391.32 28158.49 28079.24 8.48 1.46 8.05 1715.05 24151.45
FTSE Emerging Large Cap 912 819.32 -2.6 -5.6 -4.5
-2.3 2.4 Fixed Line Telecommuniations
1387.42 35 110.86 -1.3 -1.3 -4.7 285.71 0.4 6.0 UK STOCK MARKET TRADING DATA
FTSE Emerging Mid Cap 978 1117.48 -2.9 -4.2 6.7
9.7 3.1 Mobile Telecommunications
1889.25 53 178.93 -1.4 -1.4 -2.8 351.09 0.0 3.3
FTSE All-Share Construction and Materials (15) 8513.45 -0.30 7802.69 8539.19 8819.06 7058.63 2.20 0.56 80.72 73.42 10063.65 Nov 29 Nov 26 Nov 25 Nov 24 Nov 23 Yr Ago
FTSE Emerging Small Cap 1653 942.73 -2.0 -0.4 10.6
13.2 2.3 Utilities
1521.99 198 322.93 -1.6 -1.6 0.7 731.53 3.9 3.3
FTSE All-Share Aerospace and Defense (9) 4387.21 0.20 4020.94 4378.34 4587.76 3847.63 2.17 8.40 5.49 94.62 5239.49 Order Book Turnover (m) 88.71 85.09 85.09 150.06 146.18 80.89
FTSE Emerging Europe 87 402.43 -4.4 -16.3 8.7
14.0 5.0 Electricity
800.76 142 363.19 -1.7 -1.7 0.6 811.12 3.8 3.3
FTSE All-Share Electronic and Electrical Equipment (10)13722.43 1.03 12576.78 13582.05 13763.44 10627.19 1.26 2.13 37.34 154.90 13348.38 Order Book Bargains 1131921.00 1478402.00 1478402.00 593992.00 893408.00 897275.00
FTSE Latin America All Cap 251 679.09 -3.5 -6.5 -17.4
-13.4 5.6 Gas Water & Multiutilities
1219.33 56 323.74 -1.4 -1.4 1.0 756.94 4.2 3.4
FTSE All-Share General Industrials (9) 5433.10 0.50 4979.50 5405.94 5593.48 4988.00 2.38 1.16 36.07 127.94 6965.41 Order Book Shares Traded (m) 1615.00 2389.00 2389.00 940.00 1154.00 1166.00
FTSE Middle East and Africa All Cap 332 768.41 -1.9 -4.1 17.7
20.9 2.6 Financials
1364.28 870 291.17 -3.1 -3.1 15.4 542.69 18.4 2.7
FTSE All-Share Industrial Engineering (5)19798.95 0.38 18145.98 19724.49 20120.88 15594.20 0.97 2.51 41.21 192.50 26160.78 Total Equity Turnover (£m) 5282.09 6736.49 6736.49 4082.79 4017.38 5829.25
FTSE Global wi UNITED KINGDOM All Cap In 293 337.59 -3.5 -6.5 6.5
10.0 3.3 Banks
666.15 268 222.57 -3.5 -3.5 20.7 458.47 24.7 3.3
FTSE All-Share Industrial Support Services (32)11800.81 1.05 10815.59 11678.14 11976.59 9298.98 1.39 1.96 36.66 146.30 13317.66 Total Mkt Bargains 1411959.00 1809753.00 1809753.00 775715.00 1136788.00 1181095.00
FTSE Global wi USA All Cap 1827 1132.07 -2.3 -0.2 20.5
22.0 1.3 Nonlife Insurance
1614.33 72 334.99 -2.7 -2.7 11.9 542.30 15.3 3.0
FTSE All-Share Industrial Transportation (8) 6976.85 0.53 6394.37 6939.97 7152.66 3870.10 1.03 3.58 27.08 61.48 7156.28 Total Shares Traded (m) 4718.00 6031.00 6031.00 3627.00 3939.00 4825.00
FTSE Europe All Cap 1474 507.31 -2.8 -5.4 7.7
10.5 2.6 Life Insurance
935.75 54 238.44 -3.5 -3.5 2.6 441.86 5.9 3.4
FTSE All-Share Industrial Materials (1)21203.96 0.95 738.29 21003.92 21954.10 18989.50 1.50 2.64 25.25 318.56 26238.42 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
FTSE Eurozone All Cap 660 495.04 -3.1 -5.2 6.8
9.3 2.2 Financial Services
906.63 215 481.00 -3.0 -3.0 14.5 717.86 16.1 1.6
FTSE All-Share Industrial Metals and Mining (11) 6391.86 1.88 5858.22 6273.69 6557.40 5333.11 7.50 2.43 5.49 326.35 9168.70 (c) Market closed.
FTSE EDHEC-Risk Efficient All-World 4099 530.77 -2.2 -2.8 12.4
14.5 2.1 Technology
815.08 349 657.68 -2.3 -2.3 26.4 849.98 27.3 0.7
FTSE All-Share Precious Metals and Mining (6)19481.21 -0.54 17854.77 19587.52 19738.31 23921.72 4.19 1.82 13.15 1039.94 13270.86
FTSE EDHEC-Risk Efficient Developed Europe 588 394.76 -2.5 -5.6 5.7
8.1 2.3 Software & Computer Services
673.83 188 1072.49 -2.0 -2.0 27.6 1289.99 28.2 0.4
FTSE All-Share Chemicals (7) 18506.69 1.53 16961.61 18228.37 18343.84 13771.64 1.74 2.57 22.35 261.18 18091.51
Oil & Gas 136 323.20 -4.1 -8.5 25.2
30.5 4.0 Technology Hardware & Equipment
629.80 161 533.25 -2.7 -2.7 25.0 738.22 26.4 1.1
FTSE All-Share Oil. Gas and Coal (14) 5679.77 2.66 5205.58 5532.82 5910.89 4696.13 3.81 1.66 15.81 169.47 6899.48 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Oil & Gas Producers 95 308.22 -4.5 -9.2 27.6
33.2 4.1 Alternative Energy
614.70 15 243.51 -1.9 -1.9 -9.4 347.98 -8.9 0.5
accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
FTSE Sector Indices Real Estate Investment & Services 160 332.65 -2.6 -2.6 -7.3 629.98 -4.8 2.9
Non Financials (351) 4879.40 0.94 4490.64 4833.73 4993.64 89.11 3.30 1.53 19.87 118.57 8522.95 Real Estate Investment Trusts 101 558.06 -2.2 -2.2 22.7 1261.64 25.8 2.9 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
FTSE Global Large Cap 1798 736.75 -2.2 -2.2 13.1 1190.23 15.1 1.8 liable for any loss arising from the reliance on or use of the listed information.
The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/ For all queries e-mail ft.reader.enquiries@morningstar.com
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day
FTSE 100 7116.73 7095.67 7087.94 7117.26 7123.85 7136.98 7150.86 7144.51 7122.29 7161.48 7085.07 mid cap) - please see https://research.ftserussell.com/Products/indices/Home/indexfiltergeis?indexName=GEISAC&currency=USD&rtn=CAP&segment=global-developed–emerging. The trade names Fundamental Index®
FTSE 250 22760.04 22865.03 22820.07 22846.94 22824.01 22834.28 22860.48 22849.93 22764.68 22932.56 22746.11 and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Data provided by Morningstar | www.morningstar.co.uk
FTSE SmallCap 7237.44 7248.95 7254.55 7261.42 7264.05 7268.30 7269.79 7261.11 7248.42 7272.29 7237.44 Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2, WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark
FTSE All-Share 4060.37 4054.22 4049.44 4063.71 4066.05 4072.41 4079.55 4076.17 4063.24 4085.12 4049.22 of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see www.ftse.com/icb. For constituent changes and other information about FTSE,
please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence.
Time of FTSE 100 Day's high:14:15:45 Day's Low08:58:30 FTSE 100 2010/11 High: 7384.18(11/11/2021) Low: 6407.46(29/01/2021)
Time of FTSE All-Share Day's high:14:18:00 Day's Low09:38:00 FTSE 100 2010/11 High: 4212.39(11/11/2021) Low: 3641.93(29/01/2021)
Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative.

UK RIGHTS OFFERS UK COMPANY RESULTS UK RECENT EQUITY ISSUES

Amount Latest Company Turnover Pre-tax EPS(p) Div(p) Pay day Total Issue Issue Stock Close Mkt
Issue paid renun. closing Amigo Holdings Int 0.100 0.000 2.100 62.600L 0.700 14.300L 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- Aquila Services Group Int 4.855 3.509 0.304 0.202 0.620 0.450 0.20000 0.15000 Dec 20 0.600 0.150 11/22 277.00 AIM ETP Eneraqua Technologies PLC 285.00 -5.00 289.60 277.50 9468.3
There are currently no rights offers by any companies listed on the LSE. Benchmark Holdings Pre 125.062 105.565 9.179L 22.571L 1.930L 5.260L 0.00000 0.00000 - 0.000 0.000 11/19 10.00 REDC Red Capital PLC 29.50 0.50 29.64 21.95 295.0
Beowulf Mining 3rd 0.000 0.000 1.221L 0.706L 0.140L 0.100L 0.00000 0.00000 - 0.000 0.000 11/17 2.25 TM1 Technology Minerals PLC 3.10 -0.40 4.25 2.80 3758.2
Coral Products Int 7.103 4.531 0.510 0.286 0.590 0.350 0.00000 0.50000 - 0.500 0.500 11/12 13.00 AIM FRG Firering Strategic Minerals PLC 13.35 -0.05 15.28 12.42 1159.9
International Personal Finance 3rd 360.500 476.800 59.800 41.700L 14.200 29.800L 0.00000 0.00000 - 4.400 3.347 11/05 1.10 AIM MRK Marks Electrical Group PLC 116.00 -1.50 128.00 110.00 12174.1
Molten Ventures Int 247.400 53.600 148.000 45.000 0.00000 0.00000 - 0.000 0.000 10/27 7.50 SFTL Softline Holding PLC 6.50 0.10 8.20 6.00 1194.0
Ventus 2 VCT Int 0.888 0.161 1.420 1.030 0.00000 2.50000 - 0.000 2.500 10/25 6.25 AIM AXL Arrow Exploration Corp 8.00 0.30 8.40 6.50 1677.0
Ventus VCT Int 0.940 0.195L 2.540 0.620L 0.00000 4.00000 - 0.000 4.000 10/19 10.00 AIM BEN Bens Creek Group PLC 33.00 1.76 33.90 9.50 11556.6

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.
12 ★ FINANCIAL TIMES Tuesday 30 November 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 (€) CntJpRwy 15680 -645.00 18455 13290 0.82 -19.89 28425.05 Nordea Bk 107.24 1.66 114.64 65.76 7.65 11.88 47821.47 BlackRock 916.61 14.97 973.16 670.28 1.63 26.79 139248.82 MondelezInt 60.32 0.07 65.60 52.91 2.01 20.75 84144.72
ANZ 26.62 -0.45 29.64 22.38 2.32 15.59 53400.72 Nokia 5.02 0.10 5.38 3.07 - -15.96 32098.48 Denso 8502 -155.00 9053 4929 1.62 21.96 58952.86 SEB 131.50 2.65 141.85 81.80 3.19 11.50 31419.95 Boeing 196.57 -2.65 278.57 191.85 - -13.19 115521.1 Monsanto 9.78 -0.03 10.00 9.51 - - 244.50
BHPBilltn 38.57 0.54 54.55 35.56 5.49 12.79 80974.05 SampoA 43.06 0.29 47.33 33.07 4.00 40.11 26888.63 EastJpRwy 6853 -278.00 8626 6440 1.44 -5.25 22792.01 SvnskaHn 96.34 1.16 108.15 80.06 4.35 11.12 20629.69 Booking Holdings 2152.16 -3.41 2687.29 1860.73 - 221.61 88374.98 MorganStly 96.46 -1.47 105.95 61.59 1.40 13.28 173088.98
CmwBkAu 93.78 -1.03 110.19 78.79 2.69 19.63 113874.39 France (€) Fanuc♦ 22805 -230.00 29700 21720 1.27 35.45 40520.47 Swedbank 183.56 0.06 196.70 140.70 4.04 9.81 22879.31 BrisMySq 54.98 -1.55 69.75 54.74 3.52 -23.43 122036.08 Netflix 661.88 -3.76 700.99 478.54 - 71.26 293181.2
CSL 307.00 -5.00 319.78 242.00 0.92 43.57 99546.81 Airbus Grpe 99.69 0.33 121.00 81.84 - 18.44 88305.2 FastRetail 70500-1130.00 110500 69230 0.66 49.13 65808.89 Telia Co 35.38 - 39.97 33.45 5.49 -10.88 15929.32 CapOne 147.02 -2.14 177.95 85.16 0.65 6.07 62574.95 NextEraE♦ 88.05 1.96 88.83 68.33 1.61 57.17 172756.36
NatAusBk 27.20 -0.45 30.30 22.25 2.28 17.29 63337.88 AirLiquide 147.36 -1.18 154.36 124.25 1.89 26.60 78684.33 Fuji Hvy Ind 2215 -72.00 2413 1943 2.49 16.78 14992.95 Volvo 198.32 -0.42 240.80 182.00 3.10 11.59 34686.47 CardinalHlth 47.55 -0.05 62.96 47.14 3.94 23.75 13399.02 Nike 170.20 2.18 179.10 125.44 0.62 46.73 217482.66
Telstra 4.00 -0.05 4.09 2.98 2.54 25.25 33853.2 AXA 24.24 0.01 26.35 18.21 5.98 10.31 66079.73 Hitachi 6970 -117.00 7460 3897 1.48 17.07 59388.37 Switzerland (SFr) Carnival 17.72 -0.24 31.52 17.20 - -2.21 17251.3 NorfolkS 272.14 2.49 296.06 226.09 1.45 23.75 66223.77
Wesfarmers♦ 58.21 -0.37 67.20 49.01 2.88 27.27 46966.33 BNP Parib 55.38 0.09 62.55 39.71 2.03 8.85 77993.58 HondaMtr 3124 -123.00 3677 2743 3.75 5.70 49798.94 ABB 31.94 0.44 34.79 23.66 2.43 34.66 70883.16 Caterpillar 195.91 -2.82 246.69 172.28 2.02 25.57 105975.98 Northrop 357.35 3.37 408.03 282.88 1.67 12.70 56653.43
Westpc♦ 20.92 -0.16 27.12 19.23 1.53 17.35 54613.26 ChristianDior 683.50 8.50 731.50 420.60 0.89 31.30 139027.18 JapanTob 2271.5 -3.00 2387.5 1898 6.28 10.26 39978.88 CredSuisse 8.87 -0.01 13.50 8.68 2.59 114.48 24444.61 CharlesSch 79.49 0.34 84.49 48.51 0.87 34.85 143980.73 NXP 221.17 8.72 228.72 152.93 0.82 62.28 58816.46
Woolworths 40.10 -0.21 42.66 31.24 2.56 32.36 34584 Cred Agr 12.13 0.07 13.49 9.23 6.68 8.78 42270.81 KDDI 3350 -70.00 3899 2919.5 3.53 11.78 67928.02 Nestle 120.10 -0.40 124.16 95.00 2.21 28.60 365434.26 Charter Comms 665.42 -7.46 825.62 585.45 - 30.91 119302.97 Occid Pet 29.98 0.28 35.75 14.77 0.13 -5.63 28000.75
Belgium (€) Danone 54.33 - 65.30 50.88 7.53 17.47 42101.11 Keyence 70720 -220.00 76210 47150 0.28 76.22 151358.71 Novartis 74.24 -0.48 86.92 73.95 3.97 21.11 195353.64 Chevron Corp♦ 115.87 1.36 118.08 83.53 4.33 64.38 223360.97 Oracle 93.56 1.23 98.95 57.15 1.16 20.65 256184.03
AnBshInBv 50.84 -0.35 65.86 46.66 1.02 20.89 99517.68 EDF 12.35 0.18 13.58 9.63 1.72 7.67 43928.48 MitsbCp 3432 -83.00 3758 2422 3.85 15.94 44871.76 Richemont 138.90 5.45 143.55 73.22 0.70 57.73 78371.94 Chubb 185.03 0.48 197.92 144.00 1.68 9.54 79700.06 Pepsico 163.76 2.62 166.80 128.32 2.53 28.29 226423.25
KBC Grp 72.58 0.80 86.50 55.08 0.61 11.77 34080.09 Engie SA 12.89 0.10 13.87 10.98 4.16 63.65 35383.72 MitsubEst 1593.5 -26.00 2047.5 1585.5 1.55 15.34 19512.66 Roche 357.50 -1.10 378.95 293.05 2.45 22.84 271486.96 Cigna 200.32 -1.71 272.81 190.88 0.96 9.20 66391.61 Perrigo 36.86 -0.93 50.90 36.76 2.43 -15.20 4930.24
EssilorLuxottica 180.38 1.50 195.00 116.40 1.25 58.20 89893.4 MitsubishiEle♦ 1453 -20.50 1817 1424 2.44 13.34 27455.3 Swiss Re 86.66 0.40 94.96 77.26 6.67 22.37 29740.39 Cisco 55.71 1.04 60.27 42.41 2.51 23.30 234962.86 Pfizer♦ 53.83 -0.17 55.70 33.36 2.75 25.66 302140.61
Brazil (R$)
Hermes Intl 1640 36.00 1675.5 815.80 0.28 76.37 195095.77 MitsuiFud 2377 -56.50 2816.5 2014.5 1.82 15.48 20195.81 Swisscom 513.40 -4.60 562.40 456.30 4.19 14.34 28746.82 Citigroup 64.90 -0.61 80.29 55.00 3.03 6.92 131528.22 Phillips66♦ 69.41 0.16 94.34 60.30 4.99 -18.54 30408.54
Ambev 16.49 -0.20 19.86 13.35 3.21 16.64 46138.68
LOreal 401.80 -0.50 430.45 290.10 1.01 54.34 252496.26 MitUFJFin 610.10 -12.90 688.90 441.10 4.06 10.22 72920.92 UBS 15.76 0.14 17.04 11.96 4.15 8.63 63051.04 CME Grp 224.35 2.19 230.90 172.95 1.50 43.57 80630.53 PhilMorris 87.06 -1.63 106.51 75.42 5.49 15.38 135529.63
Bradesco 17.60 0.06 24.57 16.45 3.16 10.75 15236.78
LVMH 697.20 5.20 741.60 482.90 0.87 36.67 396557.27 Mizuho Fin 1425 -20.50 1732.5 1287 2.87 6.27 31842.57 Zurich Fin 381.80 -0.90 415.10 352.80 5.13 13.28 62093.38 Coca-Cola 54.44 0.71 57.56 48.11 3.02 27.20 235149.24 PNCFin 201.01 0.91 217.60 137.77 2.20 15.85 84955.03
Cielo 2.11 0.03 4.45 2.05 4.76 6.49 1018.91
Orange 9.60 -0.06 10.87 9.17 7.38 28.73 28787.82 Murata Mfg 8435 -139.00 10835 7994 1.34 19.94 50163.2 Cognizant 79.36 0.96 82.84 66.19 1.17 22.67 41683.98 PPG Inds♦ 157.62 2.02 182.97 132.10 1.32 25.67 37419.12
ItauHldFin 20.50 0.14 30.15 19.74 3.69 6.69 18067.02 Taiwan (NT$)
PernodRic 206.60 -0.30 214.50 150.90 1.96 40.87 60966.72 Nippon T&T 3168 7.00 3313 2453 3.11 11.97 100977.11 ColgtPlm 77.76 0.70 86.38 74.01 2.26 25.11 65539.91 ProctGmbl 149.02 1.55 149.72 121.54 2.20 27.58 360620.62
Petrobras 30.09 0.92 32.34 20.60 8.46 2.75 39805.07 Chunghwa Telecom 112.50 - 118.50 108.00 - 26.51 31400.98
Renault 29.15 -0.47 41.42 27.48 - -21.96 9712.12 NipponTT 3168 7.00 3313 2453 3.11 11.97 100977.11 Comcast 50.84 -0.26 61.80 48.15 1.90 16.58 231803.9 Prudntl 104.47 -0.63 115.52 74.58 4.15 5.97 39488.68
Vale 69.80 1.16 120.45 61.85 12.72 3.93 63676.77 Formosa PetChem 97.20 1.30 117.50 88.40 - 16.74 33315.62
Safran 101.60 0.50 127.74 99.17 0.43 32.05 48913.77 Nissan Mt 593.50 -35.40 664.50 491.00 - -48.53 22044.2 ConocPhil♦ 72.64 1.16 77.98 38.77 2.27 66.94 95808.3 PublStor 332.52 5.50 340.95 212.22 2.32 47.52 58308.9
Canada (C$) HonHaiPrc 103.50 0.50 134.50 81.90 3.90 11.20 51626.19
Sanofi 85.61 0.60 91.14 74.92 3.79 18.36 121891.55 Nomura♦ 477.60 -13.70 721.00 475.10 4.84-214.16 13590.44 Corning♦ 38.39 0.43 46.82 34.81 2.41 38.55 32762.35 Qualcomm 183.04 7.30 188.77 122.17 1.38 23.77 204999.2
Bausch Hlth 32.09 0.29 43.97 23.96 - -7.24 8990.36 MediaTek 1030 31.00 1185 689.00 3.45 21.00 59253.66
Sant Gbn 57.24 0.15 64.93 36.22 2.35 13.82 34350.59 Nppn Stl 1747.5 -59.00 2381 1185 0.56 9.51 14614.21 Costco 558.00 11.87 559.00 307.00 0.52 51.25 246537.69 Raytheon♦ 82.71 -0.29 92.32 65.02 2.35 36.15 123798.49
BCE 64.93 0.37 67.08 54.18 5.23 21.91 46125.16 TaiwanSem 593.00 -1.00 679.00 480.50 1.62 29.27 553268.49
Schneider 151.24 -0.34 163.44 112.25 1.74 28.70 96977.36 Panasonic♦ 1273 -43.00 1541 1101 1.55 11.99 27489.51 CrownCstl 185.21 1.71 204.62 146.15 2.70 74.01 80046.2 Regen Pharm 648.03 4.68 686.62 441.00 - 12.12 68509.56
BkMontrl 137.58 -0.35 141.00 93.33 2.99 17.28 69698.81 Seven & I 4626 -157.00 5340 3299 2.14 19.17 36086.42 Thailand (THB) CSX♦ 36.09 0.52 36.57 27.70 1.00 23.02 80035.93 S&P Global♦ 463.23 8.70 476.17 303.50 0.63 40.50 111637.23
SocGen 27.49 0.22 30.84 15.18 2.03 7.71 26430.16
BkNvaS 81.41 -0.10 83.99 63.20 4.33 11.62 77342.68 ShnEtsuCh 19030 -230.00 21480 16860 1.29 25.09 69776.86 PTT Explor 36.00 -1.00 45.00 34.00 2.81 12.03 30547.55 CVS 92.01 0.49 96.57 67.06 2.09 17.51 121458.6 Salesforce 295.66 11.45 311.75 201.51 - 124.67 289451.14
Total 41.20 0.67 45.16 24.51 6.66 11.60 122585.1
Brookfield 74.34 0.75 77.51 48.34 0.83 34.11 95323.58 Softbank 6208 -128.00 10695 5888 0.70 2.86 94126.79 United Arab Emirates (Dhs) Danaher 328.40 4.44 333.96 211.22 0.24 42.86 234667.04 Schlmbrg 29.82 0.12 36.87 20.78 1.65 25.84 41819.49
UnibailR 60.00 1.54 85.65 53.86 - -2.00 9370.5
CanadPcR 91.95 0.13 100.00 82.12 0.82 19.88 47940.95 Sony♦ 13750 -235.00 14625 9562 0.39 14.67 152592.72 Emirtestele 31.00 0.70 31.00 17.02 1.71 30.39 73398.34 Deere 350.59 -8.71 400.34 250.54 0.91 21.25 108704.45 Sempra Energy 124.72 3.04 144.93 114.66 3.31 18.75 39826.63
Vinci 84.16 0.14 96.95 75.38 2.46 21.20 56746.08
CanImp 146.29 -0.27 152.87 107.44 3.91 11.43 51555.64 SumitomoF 3781 -97.00 4354 3014 4.95 8.35 45729.43 Delta 36.19 -0.19 52.28 34.60 - -305.83 23161.78 Shrwin-Will♦ 333.01 9.71 340.45 218.06 0.58 43.36 87313.96
Vivendi 11.20 0.03 11.75 5.04 5.43 10.53 13990.83 United Kingdom (p)
CanNatRs 53.52 1.06 55.44 28.67 3.33 15.65 49247.12 Takeda Ph 3075 -61.00 4365 3069 5.77 11.40 42816.26 Devon Energy 43.85 1.15 45.56 13.78 0.97 216.96 29686.45 SimonProp 158.65 -1.83 171.12 82.02 4.00 36.07 52134.16
Germany (€) AscBrFd 1907 22.00 2528 1719 - 37.69 20073.16
CanNatRy 164.60 2.75 168.66 125.00 1.46 24.93 90969.29 TokioMarine 5844 -128.00 6218 4907 3.37 18.53 35870.9 DiscFinServ♦ 112.88 -1.70 135.69 76.00 1.50 7.50 33080.93 SouthCpr 58.99 1.28 83.29 54.92 3.59 16.98 45600.2
Allianz 192.08 0.64 223.50 182.52 5.06 9.12 88408.76 AstraZen 8367 -44.00 9523 6499.8 2.46 40.27 140888.67
Enbridge 48.82 -0.97 54.00 40.36 6.70 16.37 77316.79 Toyota 2012 -62.50 2188 1396 2.30 9.64 288870.07 Disney 144.92 -3.19 203.02 144.25 - 242.86 263418.52 Starbucks 110.94 0.28 126.32 95.92 1.53 48.03 130154.81
BASF 57.98 0.07 72.88 57.63 5.77 9.77 60008.56 Aviva 378.20 7.30 429.60 247.40 7.14 12.61 20180.66
GtWesLif 37.45 0.09 39.73 28.79 4.65 10.83 27239.92 DominRes 74.16 0.49 81.11 67.85 3.67 26.66 59957.42 StateSt 93.21 -0.14 100.69 68.80 2.25 13.92 32017.93
Bayer 45.32 -0.22 57.73 44.47 4.47 -5.81 50171.24 Mexico (Mex$) Barclays 183.28 1.62 217.63 111.83 0.55 5.92 41582.34
ImpOil 43.13 1.34 45.49 22.48 2.14 -83.42 23356.61 DukeEner♦ 99.83 0.55 108.38 85.56 3.72 27.22 76799.13 Stryker 243.94 0.46 281.16 220.90 1.02 49.77 91986.98
BMW 85.78 0.27 96.39 68.21 2.24 5.06 58189.55 AmerMvl 18.34 -0.27 19.90 13.25 2.18 11.42 38040.27 BP 327.70 10.05 366.40 3.20 4.61 10.59 86839.46
Manulife 24.12 -0.03 27.68 21.72 4.62 6.66 36624.96 DuPont♦ 76.49 -0.18 87.27 63.02 1.51 40.14 40005.99 Sychrony Fin 47.30 -0.39 52.49 30.44 1.83 6.78 25882.62
Continental 93.25 -4.11 132.68 89.73 3.26 368.25 21016.37 FEMSA UBD 155.92 1.16 180.66 136.21 3.47 54.32 15492.38 BrAmTob 2556 15.00 2961.5 207.50 8.28 9.47 63362.21
Nutrien 87.97 1.27 91.15 59.45 2.55 42.28 39251.16 Eaton♦ 166.98 -0.53 175.72 113.79 1.72 36.99 66558.23 T-MobileUS 110.53 -3.00 150.20 110.33 - 36.00 138057.89
Daimler 82.80 -0.36 91.63 54.82 1.65 7.55 99819.18 WalMrtMex 70.10 -1.47 76.95 52.23 0.90 27.95 56276.01 BT 163.40 9.40 206.70 116.65 - 11.19 21555.83
RylBkC 130.37 -0.33 134.23 102.74 3.25 12.54 145242.67 eBay 70.73 -1.74 81.19 48.67 0.98 25.08 45978.45 Target♦ 250.69 4.12 268.98 166.83 1.04 20.89 120109.18
Deut Bank 10.68 -0.02 12.56 8.37 - 16.86 24868.45 Netherlands (€) Compass 1522 68.50 1721.63 18.06 - -65.89 33280.58
SHOP 1989.15 -14.80 2228.73 1248.55 - 58.75 176651.96 Ecolab 226.61 0.38 238.93 201.15 0.84 58.62 64939.02 TE Connect 158.68 2.68 166.44 113.01 1.18 32.52 51779.4
Deut Tlkm 16.04 -0.11 18.92 14.53 3.79 14.14 90128.59 ASML Hld 704.80 19.20 777.50 358.25 0.40 52.65 328267.49 Diageo 3823.5 64.00 4364.1 2805.28 1.84 33.72 127979.32
Suncor En 32.05 0.23 34.35 20.29 2.61 20.12 36461.16 Emerson 91.24 0.93 105.99 74.50 2.13 24.25 54278.68 Tesla Mtrs 1135.01 53.09 1243.49 539.49 - 373.711139850.65
DeutsPost 53.58 -0.36 61.38 38.64 4.73 14.45 74810.18 Heineken 93.44 0.44 103.80 80.84 0.76 47.07 60648.93 GlaxoSmh♦ 1525 14.20 1604.4 1190.8 5.25 17.59 99715.87
ThmReut 155.88 1.59 156.46 99.11 1.24 9.09 59359.21 EOG Res 89.44 2.02 98.20 46.31 1.65 28.77 52330.45 TexasInstr 193.43 5.17 202.26 157.72 1.97 28.03 178637.64
E.ON 10.99 0.19 11.43 8.27 4.33 8.35 32716.25 ING 12.16 0.06 13.74 7.15 1.00 9.38 53486.63 Glencore 357.15 5.15 420.03 3.40 1.22 30.84 68497.9
TntoDom 94.23 -0.34 96.39 69.28 3.29 11.33 134351.52 EquityResTP 85.84 1.57 88.09 56.08 2.77 31.86 32191.39 TheTrvelers 152.98 -0.69 163.29 129.57 2.23 10.87 37633.18
Fresenius Med 53.52 0.18 71.44 52.62 4.81 15.50 17663.09 Unilever 46.61 -0.25 51.89 43.00 2.34 26.35 159207.98 HSBC 416.45 2.40 462.55 329.55 2.58 12.78 111019.39
TrnCan 61.10 0.20 68.20 51.26 5.47 29.69 46771.74 Exelon 53.92 0.49 54.86 38.36 2.73 56.59 52724.74 ThrmoFshr 652.80 14.06 666.65 433.52 0.14 31.42 257234.59
Fresenius SE 33.78 -0.27 47.60 32.94 5.16 10.69 17214.96 Imperial Brands 1563 14.00 1686 1142 8.81 5.33 19820.11
China (HK$) Norway (Kr) ExxonMb♦ 61.69 0.44 66.38 37.97 5.43 -20.61 261168.74 TJX Cos♦ 70.63 1.27 76.94 61.15 0.70 35.68 84929.33
HenkelKgaA 66.80 -0.50 86.50 66.60 2.77 18.22 19555.76 LlydsBkg 46.80 0.80 51.58 0.59 1.22 7.20 44845.68
AgricBkCh 2.60 -0.02 3.30 2.54 8.56 3.41 10246.79 DNB 201.80 0.30 217.90 126.05 4.25 14.89 34583.37 Facebook 337.51 4.39 384.33 244.61 - 26.01 798630.61 Truist Financial Corp♦ 60.84 0.76 65.42 45.44 2.85 16.50 81214.8
Linde 283.50 1.35 297.20 199.35 1.28 47.71 163741.67 Natl Grid 1001.2 -1.00 1016.2 805.40 4.89 21.62 44682.23
Bk China 2.73 -0.01 3.17 2.54 8.50 3.37 29269.47 Equinor 227.15 7.25 238.75 116.30 1.57-108.70 81796.43 Fedex 239.59 1.44 319.90 216.34 1.13 13.18 63645.77 UnionPac 242.05 2.26 247.76 193.14 1.66 26.28 155608.06
MuenchRkv 239.10 3.00 269.30 215.25 4.15 15.68 37746.81 Natwest Group 210.40 2.20 235.07 145.40 1.43 13.93 33474.38
BkofComm 4.65 -0.03 5.26 4.00 8.11 3.43 20873.37 Telenor 137.90 0.50 159.95 131.80 9.86 12.01 21332.23 FordMtr 19.74 -0.01 20.79 8.43 - 28.60 77487.19 UPS B 204.37 -0.93 220.24 154.76 1.91 30.73 149018.06
SAP 116.80 1.58 129.74 98.69 1.60 23.25 161690.83 Prudential 1294.5 -9.00 1598.5 1158 0.90 17.99 44531.24
BOE Tech 0.80 - 1.21 0.55 - -68.88 20.41 Qatar (QR) ReckittB 6164 -22.00 7192 4905.16 2.83 -26.67 57713.89 Franklin 33.56 0.42 38.27 21.89 3.96 14.41 16875.79 USBancorp 57.38 -0.12 63.01 42.47 2.82 12.79 85082.93
Siemens 144.56 -0.68 156.98 111.10 2.45 22.91 138462.76
Ch Coms Cons 4.14 0.02 4.73 3.21 5.13 2.87 2345.33 QatarNtBk 19.50 -1.10 21.05 16.35 2.28 15.57 49453.04 RELX 2343 34.00 2634.82 1484.9 2.01 33.86 60268.04 GenDyn 194.79 1.42 210.21 144.50 2.92 16.97 54389.82 UtdHlthcre 447.89 7.98 466.00 320.35 1.12 30.72 421845.76
Volkswgn 255.40 -3.20 357.40 152.60 1.91 7.09 84926.07
Ch Evrbrght 2.71 -0.03 3.54 2.63 9.22 3.50 4405.23 Russia (RUB) RioTinto 4621.5 79.00 6876.26 4354 7.28 5.54 82413.95 GenElectric 97.57 -0.27 116.17 79.68 0.32 74.96 107145.24 ValeroEngy♦ 68.48 0.47 84.95 51.90 5.64 -64.30 27997.06
Ch Rail Cons 4.80 -0.11 5.99 4.07 5.70 2.46 1277.79 Hong Kong (HK$) GenMills 63.17 0.41 64.65 53.96 3.12 17.34 38258.56 Verizon 51.46 -0.35 61.95 50.65 4.83 9.81 213032.13
Gzprm neft 337.73 13.22 3649 74.00 - - 107089.74 RollsRoyce 122.50 0.94 150.48 86.69 - 2.67 3029.22
Ch Rail Gp 3.74 -0.06 4.70 3.33 5.74 3.13 2017.49 AIA 83.90 -0.70 109.30 81.20 1.56 19.61 130123.75 GenMotors 60.07 -0.11 65.18 40.04 - 8.14 87205.99 VertexPharm 190.16 6.57 242.99 176.36 - 26.07 48348.55
Lukoil 6635.17 199.34 7554.91 7.45 - - 61576.27 RylDShlA 1594.8 38.60 1795.2 16.51 3.03 31.03 97479.28
ChConstBk 5.07 -0.03 6.74 5.07 7.64 3.64 156278.47 BOC Hold 24.00 - 29.55 22.20 5.00 11.00 32533.29 GileadSci 71.11 0.84 73.34 56.56 3.76 18.02 89195.57 VF Cp 73.92 -0.06 90.79 65.34 2.54 38.21 29034.47
MmcNrlskNckl 21489.7 -179.83 28011.97 343.80 - - 45548.46 StandCh 414.20 2.60 533.20 406.88 1.57 14.79 18155.94
China Vanke 18.16 -0.34 35.00 16.84 6.47 4.52 4426.57 Ch OSLnd&Inv 18.30 -0.22 21.95 14.92 6.38 3.92 25679.49 GoldmSchs 385.03 -4.36 426.16 230.36 1.25 7.31 128905.34 ViacomCBS 31.75 -0.86 101.97 31.55 2.91 6.46 19262.93
Novatek 1631.47 40.38 13307.81 1160.85 - - 66349.48 Tesco 279.00 -0.15 317.55 2.74 3.59 21.30 30372.83
ChinaCitic 3.39 -0.02 4.29 3.15 8.93 3.03 6468.38 ChngKng 45.30 -1.20 56.05 38.25 3.84 9.47 21161.9 Halliburton 22.22 0.57 26.75 16.56 0.80 50.06 19782.44 Visa Inc♦ 197.53 -0.12 252.67 192.55 0.61 41.46 329821.92
Rosneft 572.74 11.75 39143.78 116.00 - - 81301.27 Vodafone 110.12 0.50 157.52 1.56 6.96 339.88 39054.45
ChinaLife 13.08 -0.12 18.86 12.22 5.68 5.24 12478.92 Citic Ltd 7.16 - 10.24 5.20 6.59 2.92 26704.86 HCA Hold 233.58 2.58 263.92 148.92 0.40 16.63 72648.71 Walgreen♦ 46.00 0.10 57.05 37.89 3.95 20.70 39813.84
Sberbank 316.84 12.62 568.52 213.80 - - 91609.18 WPP 1060.5 7.00 1121 11.00 2.26 26.94 17852.58
ChinaMBank 60.95 -0.80 72.45 45.95 2.45 11.67 35875.6 Citic Secs 18.24 -0.16 22.00 15.22 2.61 10.02 5328.05 Hew-Pack 35.66 1.08 36.21 21.80 2.03 11.58 41093.06 WalMartSto 143.51 -1.39 153.66 126.28 1.45 42.15 400177.32
Surgutneftegas 39.00 -2.01 49.50 29.80 - - 18662.19 United States of America ($)
ChinaMob 46.85 -0.05 59.20 39.00 7.00 7.41 122990.49 CK Hutchison 50.50 -1.05 65.80 50.30 4.43 5.84 24836.37 HiltonWwde 138.56 2.35 154.40 98.57 - 1080.93 38619.68 WellsFargo♦ 48.60 0.17 52.57 27.28 0.79 13.47 199571.55
CNOOC 7.75 -0.03 10.60 6.50 5.73 6.18 44363.5 Saudi Arabia (SR) 21stC Fox A 36.92 -0.70 44.80 27.12 1.20 10.63 11827.2
ChinaPcIns 23.15 -0.40 42.75 20.85 6.12 6.78 8237.37 HomeDep 408.92 6.22 416.56 246.59 1.47 30.09 427005.27 Williams Cos 28.27 0.03 29.89 19.85 5.52 30.92 34348.89
HangSeng 140.90 -2.10 166.70 130.50 3.77 17.86 34537.5 AlRajhiBnk 135.00 -6.40 151.00 71.40 1.75 24.71 89966.43 3M 175.95 0.43 208.95 163.38 3.31 17.65 101811.17
ChMinsheng 3.03 - 5.01 2.56 8.27 3.95 3232.27 Honywell♦ 208.12 -0.09 236.86 194.55 1.76 27.16 143274.59 Yum!Brnds 125.59 1.39 135.77 101.18 1.49 30.00 36814.59
HK Exc&Clr 445.00 -3.60 587.00 378.00 1.77 45.31 72335.44 Natnlcombnk 60.60 -3.70 70.00 42.00 2.36 18.45 48461.91 AbbottLb 128.19 2.31 131.61 105.32 1.22 37.52 226676.71
ChMrchSecs 17.06 -0.27 28.18 16.01 4.41 15.36 19838.5 HumanaInc 426.92 -1.57 475.44 370.22 0.60 23.42 54873.86 Venezuela (VEF)
MTR 42.00 -0.20 49.00 41.10 2.83-144.85 33351.12 SaudiBasic 111.20 -8.20 136.60 95.70 2.60 21.88 88926.81 Abbvie 117.51 1.00 121.53 101.55 4.06 33.00 207660.8
Chna Utd Coms 3.87 -0.04 5.03 3.85 1.68 19.01 18648.68 IBM♦ 119.00 3.19 152.84 114.56 5.28 21.24 106662.09 Bco de Vnzla 0.46 - 594.00 0.04 218.48 - 363.95
SandsCh 18.68 -1.04 40.55 14.64 - -16.95 19383.11 SaudiTelec 111.00 -2.00 139.80 104.80 3.55 19.92 59177.9 Accenture 367.31 13.71 374.92 241.73 0.93 41.51 241226.98
ChShenEgy 16.54 -0.02 19.36 13.64 12.93 5.95 7162.36 IllinoisTool 237.17 2.42 244.45 192.89 1.93 27.97 74443.09 Bco Provncl 2.04 0.01 798000 2.00 - -4.46 47.72
SHK Props 96.75 0.05 126.00 94.00 4.95 10.87 35945.45 Singapore (S$) Adobe 685.09 22.99 699.54 420.78 - 58.70 326377.83
ChShpbldng 4.11 -0.03 5.08 3.78 - -270.57 14220.86 Illumina 369.99 0.20 555.77 304.01 - 73.64 57829.44 Mrcntl Srvcs 7.45 - 601.00 1.00 0.02 2.96 98.39
Tencent 462.40 -1.00 775.50 412.20 0.33 20.53 568848.5 DBS 30.79 -0.78 32.70 24.71 2.29 13.57 57702.5 AEP♦ 83.07 0.52 91.49 74.80 3.51 17.70 41838.34
ChStConEng 4.64 -0.03 5.61 4.38 4.51 3.81 29548.21 Intcntl Exch 131.43 1.75 139.79 103.95 0.97 24.59 74048.23
JardnMt US$ 58.37 -0.13 68.88 49.13 2.84 90.52 41997.22 Aetna - - - - - - -
ChUncHK 3.96 -0.01 5.50 3.90 4.32 7.99 15535.28 India (Rs) Intel♦ 49.40 0.62 68.49 45.24 2.74 9.73 200889.47 Closing prices and highs & lows are in traded currency (with variations for that
OCBC 11.34 -0.21 12.77 9.88 2.75 10.80 37217.65 Aflac 55.55 -0.02 57.95 42.73 2.11 6.98 36747.89
CNNC Intl 6.85 0.16 8.31 4.59 1.69 17.53 18319.32 Bhartiartl 739.35 0.60 781.80 452.01 0.26 -44.02 57934.2 Intuit 691.40 24.49 716.86 348.13 0.33 95.63 195780.89 country indicated by stock), market capitalisation is in USD. Highs & lows are
SingTel 2.41 -0.03 2.63 2.21 4.30 72.55 29036.55 AirProd 293.12 -0.52 316.39 245.75 1.87 34.61 64914.29
CSR 3.59 -0.09 4.22 2.53 5.87 7.92 2011.91 HDFC Bk 1501.25 11.35 1725 1342 0.42 25.43 110771.23 John&John♦ 159.65 0.45 179.92 143.06 2.47 24.94 420294.11 based on intraday trading over a rolling 52 week period.
UOB 26.53 -0.58 28.17 22.24 2.88 13.89 32405.06 Alexion 182.50 3.05 187.45 99.91 - 59.43 40336.01
Daqin 6.09 -0.03 7.11 5.80 7.68 8.93 14185.55 Hind Unilevr 2329.4 -5.70 2859.3 2120 1.33 65.33 72882.86 JohnsonCn 78.47 1.05 81.15 44.91 1.30 35.29 55268.96 ♦ ex-dividend
Allstate 113.21 -1.10 140.00 102.15 2.30 4.93 32454.59
GuosenSec 10.97 -0.16 14.57 10.32 1.99 13.74 15171.7 HsngDevFin 2713.8 -27.90 3021.1 2217.65 1.58 25.02 65390.42 South Africa (R) JPMrgnCh 160.93 -1.00 172.96 117.77 2.15 11.15 475590.97
Alphabet 2901.5 57.84 3019.33 1694 - 28.36 872799.27 ■ ex-capital redistribution
HaitongSecs 6.57 -0.06 7.93 6.36 9.63 5.11 2872.05 ICICI Bk 718.40 -3.80 867.00 472.20 - 25.66 66389.8 Firstrand 55.25 1.40 65.24 45.16 2.18 10.59 19101.65 Kimb-Clark 135.69 0.42 143.37 125.27 3.14 24.02 45689.09
Altria 43.46 -0.29 52.59 39.60 7.62 18.43 79826.35 # price at time of suspension
Hngzh HikVDT 47.57 -0.23 70.48 43.38 1.64 28.51 60690.72 Infosys 1696.35 4.70 1848 1105.05 1.57 36.11 95000.56 MTN Grp 159.41 2.38 174.99 58.69 - 35.46 18512.88 KinderM 16.19 -0.07 19.29 13.47 6.49 21.32 36709.62
Amazon 3576.18 71.62 3773.08 2881 - 64.701813652.65
Hunng Pwr 3.45 0.09 4.91 2.44 6.03 -42.43 2079.12 ITC 221.50 -2.50 265.30 192.40 4.84 19.14 36346.09 Naspers N 2461.49 -51.66 3888 1262.66 0.24 13.08 66071.26 Kraft Heinz♦ 34.39 -0.45 44.95 31.60 4.59 18.65 42088.7
AmerAir 17.57 -0.18 26.09 13.85 - -1.79 11376.51
IM Baotou Stl 2.97 -0.07 4.14 1.12 - 34.82 14740.36 L&T 1767.25 -10.90 1981.75 1104.1 1.02 28.72 33058.45 South Korea (KRW) Kroger♦ 42.87 -0.27 47.99 30.35 1.61 29.69 31879.78
AmerExpr 156.77 -0.05 189.03 112.10 1.35 16.60 124543.27
In&CmBkCh 4.16 -0.03 5.75 4.15 7.62 3.84 46292.47 OilNatGas 144.10 -3.00 172.75 77.05 1.18 8.43 24140.3 HyundMobis 227000-6000.00 405000 225500 2.25 9.32 18037.67 L Brands 79.92 -0.15 - - - - -
AmerIntGrp 55.46 -0.59 62.54 36.77 2.22 12.11 46048.31
IndstrlBk 18.07 -0.13 28.07 17.08 4.32 5.07 55534.31 RelianceIn 2441.5 28.90 2751.35 1830 0.29 30.82 219980.88 KoreaElePwr 21550 -500.00 30050 21400 5.73 6.63 11596.73 LasVegasSd 37.37 -0.50 66.77 35.59 - -20.82 28550.3
AmerTower 266.98 4.11 303.72 197.50 1.86 49.23 121586.35
Kweichow 1985 43.99 2627.88 1525.5 0.95 51.07 390685.94 SBI NewA 465.10 -5.40 542.30 244.10 0.84 17.06 55274.49 SK Hynix 116000 500.00 150500 90500 1.03 13.37 70789.45 LibertyGbl 27.62 -0.45 30.58 22.15 - 1.57 4885.44
Amgen♦ 203.70 2.61 276.69 200.47 3.18 21.51 114737.26
Midea 0.52 - 0.85 0.50 - 48.68 20.07 SunPhrmInds 751.05 -16.25 851.00 512.65 0.84 30.90 23996.55 SmsungEl 72300 - 96800 66700 4.24 14.94 361805 Lilly (E)♦ 259.00 -1.38 275.87 143.13 1.25 40.10 247752.65
Anthem 416.27 0.75 439.90 286.04 1.03 18.91 101034.84
New Ch Life Ins 21.30 -0.15 35.35 20.55 7.76 3.69 2824.05 Tata Cons 3502 55.15 3989.9 2624.45 1.14 35.65 172502.52 Spain (€) Linde 320.60 0.03 340.16 240.80 1.27 47.88 164325.05
Aon Cp 294.73 0.62 326.25 200.65 0.61 33.61 64938.57
PetroChina 3.41 - 4.20 2.32 5.95 5.30 9224.44 Israel (ILS) BBVA 4.80 -0.04 6.29 3.74 1.24 9.48 36084.54 Lockheed 341.99 -0.73 396.99 319.81 3.00 15.98 94316.2
Apple 160.36 3.55 165.70 116.21 0.50 32.542630929.82
PingAnIns 55.55 0.15 103.60 48.80 4.87 6.82 53042.84 TevaPha 27.84 0.31 43.90 27.15 - -2.56 9714.71 BcoSantdr 2.78 0.00 3.51 2.38 - -5.92 54390.48 Lowes 250.72 3.03 256.39 149.31 0.99 27.00 168918.53
Aptiv 165.01 1.60 180.81 118.22 - 48.02 44637.54
PngAnBnk 17.51 -0.07 25.31 17.01 1.00 10.64 53238.52 CaixaBnk 2.29 0.00 2.90 1.93 1.19 2.94 20773.09 Lyondell 89.64 0.20 118.02 84.06 4.80 5.30 29830.75
Italy (€) ArcherDan 64.69 0.29 69.30 48.57 2.17 16.39 36190.26
Pwr Cons Corp 6.73 0.45 9.96 3.57 1.34 13.77 11751.21 Iberdrola 9.92 -0.03 12.57 8.59 4.09 19.58 71133.65 Marathon Ptl♦ 61.68 0.33 68.78 38.30 3.62 -28.36 37969.45
Enel 6.79 -0.03 9.05 6.55 5.12 27.93 77776.93 AT&T 23.86 -0.36 33.88 23.86 8.39 -79.97 170360.4
SaicMtr 20.09 -0.07 27.32 18.03 3.01 9.90 36775.68 Inditex 29.67 0.43 32.85 24.34 1.93 35.74 104200.96 Marsh&M 167.50 1.09 171.13 106.95 1.07 35.88 84569.97
ENI 11.80 0.27 12.83 8.06 4.92 -4.62 47942.95 AutomData 235.60 5.98 241.18 159.31 1.51 40.33 99276.39
ShenwanHong 0.07 0.00 0.11 0.05 - -12.38 76.38 Repsol 9.91 0.20 11.78 7.50 6.01 37.64 17059.99 MasterCard 322.05 -2.12 401.50 312.38 0.50 46.47 313905.07
Generali 17.80 0.14 19.35 13.74 5.75 11.19 31712.96 Avago Tech 564.47 17.88 577.21 392.74 2.38 43.72 232345.05
ShgPdgBk 8.59 0.03 11.24 8.44 5.44 5.41 39504.2 Telefonica 3.96 0.05 4.32 3.12 10.02 2.40 25168.33 McDonald's 250.99 0.98 257.79 202.73 1.96 28.38 187551.13
IntSPaolo 2.14 -0.01 2.59 1.78 1.69 11.04 46921.46 BakerHu 23.62 0.56 27.66 18.70 3.01 37.42 20544.3
Sinopec Corp 3.52 -0.04 4.69 3.32 6.24 5.27 11514.47 McKesson 223.72 2.11 229.13 169.09 0.72 -8.33 34158.05
Unicred 10.57 0.08 12.16 7.30 1.15 18.28 26647.58 Sweden (SKr) BankAm 45.39 -0.37 48.69 28.10 1.53 15.72 371460.02
Sinopec Oil 2.03 -0.04 2.90 1.79 - 306.68 4315.88 Medtronic 110.52 -0.53 135.89 110.06 2.05 40.41 148528.29
Japan (¥) AtlasCpcoB 475.30 8.40 518.00 364.40 1.54 32.49 20421.72 Baxter 76.34 0.05 88.32 73.12 1.36 32.53 38222.94
Denmark (kr) Merck 75.59 -3.57 91.40 68.38 3.26 32.05 190926.76
AstellasPh 1836.5 -56.00 2025 1470 2.25 34.30 30089.07 Ericsson 93.82 1.06 121.80 91.00 1.91 15.48 31738.68 BectonDick 244.05 -1.04 267.37 226.15 1.29 40.06 69315.93
DanskeBk 109.70 -0.30 125.60 95.52 1.85 9.09 14330.99 Metlife♦ 59.72 -0.38 67.68 44.62 3.00 12.48 50234.09
Bridgestne 4605 -147.00 5467 3307 3.10 25.25 28922.26 H&M 162.62 3.26 229.50 157.90 - 29.87 26154.28 BerkshHat 425938.71-1894.04 445000 333150 - 6.58 264055.59
MollerMrsk 19660 450.00 21360 11885 1.68 6.92 26535.25 Microsoft♦ 337.97 8.29 349.67 209.11 0.62 43.622537472.15
Canon 2484 -107.00 2938 1851.5 3.37 15.01 29155.35 Investor 211.85 6.50 221.95 143.45 1.21 2.60 42498.92 Biogen 237.52 -5.38 468.55 237.17 - 19.18 34889.96
NovoB 715.70 3.20 760.90 412.65 1.29 36.91 192221.59 Mnstr Bvrg 87.09 0.04 99.89 82.96 - 31.42 46082.73
BkNYMeln 56.96 0.21 60.52 38.94 2.10 15.29 47038.77

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
IM Baotou Stl 2.97 3.04 -0.07 -2.30 0.45 17.9 7.22 ShenwanHong 0.07 0.07 0.00 -1.45 -0.01 -13.9 -27.17 Nov 29 date Coupon S* M* F* price yield yield yield US Nov 29 date Coupon S* M* F* price yield yield yield US
Hew-Pack 35.66 34.58 1.08 3.11 3.73 11.7 17.52 Continental 93.25 97.36 -4.11 -4.22 -14.19 -13.2 -11.90 High Yield US$ US$
Petrobras 30.09 29.17 0.92 3.15 2.65 9.7 8.71 Carnival 17.72 17.95 -0.24 -1.31 -2.62 -12.9 -20.04 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 1985.00 1941.01 43.99 2.27 156.59 8.6 8.74 Renault 29.15 29.61 -0.47 -1.57 -4.05 -12.2 -5.74 High Yield Euro The Goldman Sachs Group, Inc. 02/28 5.00 BBB+ A3 A 117.21 2.47 0.00 0.32 -
Devon Energy 43.85 42.70 1.15 2.69 2.71 6.6 9.15 BBVA 4.80 4.85 -0.04 -0.90 -0.62 -11.5 -14.86 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 -
BHPBilltn 38.57 38.03 0.54 1.42 2.12 5.8 4.19 BOE Tech 0.80 0.80 0.00 0.00 -0.10 -11.1 -12.22 GTE LLC 04/28 6.94 BBB+ Baa2 A- 128.27 2.80 0.00 -0.11 -
CNNC Intl 6.85 6.69 0.16 2.39 0.34 5.2 -2.28 AmerAir 17.57 17.75 -0.18 -1.02 -2.06 -10.5 -8.57 Emerging US$ United Utilities PLC 08/28 6.88 BBB Baa1 A- 130.43 2.62 -0.07 -0.22 -
Pfizer 53.83 54.00 -0.17 -0.31 2.63 5.1 22.93 BcoSantdr 2.78 2.78 0.00 0.02 -0.32 -10.3 -15.15 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 -
VertexPharm 190.16 183.59 6.57 3.58 8.66 4.8 2.78 Prudential 1294.50 1303.50 -9.00 -0.69 -141.50 -9.9 -13.38 Colombia 01/26 4.50 - Baa2 BBB- 109.50 2.33 0.16 0.52 1.28
Brazil 04/26 6.00 - Ba2 BB- 115.15 2.78 -0.01 0.65 1.73 Euro
Danaher 328.40 323.96 4.44 1.37 14.67 4.7 5.30 RollsRoyce 122.50 121.56 0.94 0.77 -13.32 -9.8 -7.11 Electricite de France (EDF) 04/30 4.63 A- A3 A- 137.45 0.82 -0.01 0.10 -
Intuit 691.40 666.91 24.49 3.67 29.77 4.5 10.44 Surgutneftegas 39.00 41.01 -2.01 -4.89 -4.22 -9.8 11.48 Poland 04/26 3.25 - A2 A- 111.22 0.98 0.03 0.16 -0.07
Mexico 05/26 11.50 - Baa1 BBB- 149.00 1.61 0.00 -0.12 0.56 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 124.42 0.68 0.00 -0.11 -
BakerHu 23.62 23.06 0.56 2.41 0.97 4.3 -5.80 BMW 85.78 85.51 0.27 0.32 -9.00 -9.5 -7.96 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 121.70 0.93 0.00 0.02 -
SK Hynix 116000.00 115500.00 500.00 0.43 4500.00 4.0 8.92 Softbank 6208.00 6336.00 -128.00 -2.02 -648.00 -9.5 1.52 Turkey 03/27 6.00 - Ba2 BB+ 101.26 5.82 0.00 0.17 3.07
Turkey 03/27 6.00 - B2 BB- 102.88 5.43 0.14 0.83 4.38 Finland 04/31 0.75 AA+ Aa1 AA+ 111.08 -0.27 0.00 -0.05 -0.87
AmerTower 266.98 262.87 4.11 1.56 9.35 3.6 -5.43 Delta 36.19 36.38 -0.19 -0.52 -3.58 -9.0 -7.56
Peru 08/27 4.13 BBB+ A3 BBB+ 103.50 3.66 0.01 -0.02 0.80 Yen
Hunng Pwr 3.45 3.36 0.09 2.68 0.12 3.6 -14.57 Daimler 82.80 83.16 -0.36 -0.43 -8.17 -9.0 -7.78
Russia 06/28 12.75 - Baa3 BBB 168.12 2.48 0.07 0.05 - Mexico 06/26 1.09 - Baa1 BBB- 98.73 1.34 -0.02 -0.14 0.27
Bhartiartl 739.35 738.75 0.60 0.08 25.00 3.5 7.19 StandCh 414.20 411.60 2.60 0.63 -40.80 -9.0 -16.31
Costco 558.00 546.13 11.87 2.17 18.35 3.4 13.49 Safran 101.60 101.10 0.50 0.49 -10.00 -9.0 -10.94 Brazil 02/47 5.63 - Ba2 BB- 101.48 5.52 0.08 0.80 - £ Sterling
CanNatRs 53.52 52.46 1.06 2.02 1.76 3.4 1.88 Airbus Grpe 99.69 99.36 0.33 0.33 -9.09 -8.4 -10.99 Emerging Euro innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 137.45 2.19 -0.03 0.02 -
Compass 1522.00 1453.50 68.50 4.71 49.50 3.4 -1.74 AmerExpr 156.77 156.82 -0.05 -0.03 -14.13 -8.3 -9.89 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
Vale 69.80 68.64 1.16 1.69 2.21 3.3 -2.54 LasVegasSd 37.37 37.87 -0.50 -1.32 -3.26 -8.0 -3.81 Mexico 04/23 2.75 BBB+ A3 BBB+ 107.76 0.76 0.00 -0.07 -1.56 Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all other London
Mexico 04/23 2.75 - Baa1 BBB- 106.48 -0.26 - - -0.36 close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.
Based on the FT Global 500 companies in local currency Based on the FT Global 500 companies in local currency
Bulgaria 03/28 3.00 BBB- Baa2 BBB 117.04 1.00 0.02 -0.15 -1.42
Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all
other London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.

INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
Nov 29 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Nov 29 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 23.24 -5.38 28.62 37.51 14.10 Nov 29 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 23.71 -0.78 24.49 45.68 2.67 - - - - - - - - -
US Discount 2.65 30-09-2019 2.75 2.75 1.75 ABF Pan-Asia unhedged 218.03 0.45 0.05 -4.11 -1.54 0.07 VXN 25.26 -3.19 28.45 40.53 18.01 Tr 1.75pc '22 101.19 0.19 18.75 -13.64 -52.50 -575.00 105.09 101.06 29.68
Euro Repo 0.00 16-03-2016 0.00 0.00 0.00 Corporates( £) 393.84 0.27 -0.15 -3.67 -2.48 -0.38 VDAX 26.89 -2.19 29.08 93.30 - Tr 0.75pc '23 100.62 0.37 12.12 -13.95 -32.73 3600.00 101.08 99.96 33.73
UK Repo 0.10 19-03-2020 0.25 0.75 0.25 Corporates($) 337.72 0.30 -0.12 -1.12 -0.12 -1.12 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 0.125pc '24 99.23 0.48 9.09 -7.69 -22.58 4700.00 100.37 98.67 34.12
Japan O'night Call 0.00-0.10 01-02-2016 0.00 0.00--0.10 0.00--0.10 Corporates(€) 242.53 0.22 -0.27 -0.67 -0.79 0.52 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 2pc '25 105.49 0.53 10.42 -1.85 -15.87 -1866.67 121.39 99.56 38.33
Switzerland Libor Target -1.25-0.25 15-01-2015 -0.75--0.25 -1.25--0.25 -1.25--0.25 Eurozone Sov(€) 256.19 0.37 0.17 -2.77 -0.98 -2.45 Tr 0.125pc '26 98.30 0.54 8.00 -6.90 -18.18 800.00 100.31 97.21 33.89
Gilts( £) 353.31 0.25 0.75 -6.83 -3.27 -6.36 BONDS: BENCHMARK GOVERNMENT Tr 1.25pc '27 103.68 0.59 7.27 -7.81 -18.06 490.00 107.47 102.14 39.34
INTEREST RATES: MARKET Global Inflation-Lkd 321.80 0.95 1.88 2.32 -2.02 6.61 Red Bid Bid Day chg Wk chg Month Year Tr 0.875pc '29 101.23 0.71 5.97 -10.13 -17.44 184.00 105.35 98.61 41.87
Over Change One Three Six One Markit iBoxx £ Non-Gilts 381.09 0.24 -0.08 -3.50 -2.29 -0.88 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '32 133.96 0.87 4.82 -8.42 -13.00 112.20 143.03 130.03 38.71
Nov 29 (Libor: Nov 26) night Day Week Month month month month year Overall ($) 278.94 0.26 -0.08 -2.01 -0.08 -2.01 Australia 11/22 2.25 102.00 0.20 0.00 -0.02 0.08 0.11 Tr 4.25pc '36 143.59 0.97 3.19 -9.35 -7.62 61.67 152.93 137.65 30.41
US$ Libor 0.07413 0.001 -0.851 -0.003 0.09038 0.17538 0.24600 0.41038 Overall( £) 357.04 0.25 0.52 -5.93 -3.01 -4.89 05/32 1.25 93.81 1.90 0.01 0.07 0.08 0.86 Tr 4.5pc '42 165.97 1.01 3.06 -9.82 -9.82 29.49 174.66 154.49 27.21
Euro Libor -0.58371 0.003 -0.158 0.000 -0.57914 -0.58643 -0.55200 -0.49971 Overall(€) 248.14 0.33 0.02 -2.29 -0.94 -1.81 Austria 05/34 2.40 127.67 0.16 -0.04 0.06 -0.09 0.41 Tr 3.75pc '52 174.85 0.94 2.17 -12.15 -12.96 16.05 181.25 155.15 24.10
£ Libor 0.03775 -0.001 -0.186 -0.009 0.06225 0.10238 0.27325 0.63400 Treasuries ($) 255.43 0.24 -0.01 -2.64 -0.01 -2.64 02/47 1.50 124.16 0.48 -0.04 0.08 -0.08 0.45 Tr 4pc '60 204.67 0.81 1.25 -16.49 -16.49 5.19 207.84 175.55 24.12
Swiss Fr Libor -0.002 -0.79860 -0.78280 -0.73300 -0.58420 FTSE Belgium 10/23 0.20 101.80 -0.74 0.02 0.05 -0.07 -0.04 Gilts benchmarks & non-rump undated stocks. Closing mid-price in pounds per £100 nominal of stock.
Yen Libor 0.010 -0.06800 -0.08417 -0.05117 0.05133 Sterling Corporate (£) - - - - - - Canada - - - - - - -
Euro Euribor
Sterling CDs
0.001
0.000
-0.56700
0.50000
-0.57200
0.63000
-0.53700
0.78500
-0.49400 Euro Corporate (€) 104.47 -0.05 - - 0.54 -1.73 03/24 2.25 102.47 1.14 -0.01 0.05 0.23 0.82 GILTS: UK FTSE ACTUARIES INDICES
Euro Emerging Mkts (€) 788.90 -9.52 - - 0.88 23.43 Denmark 11/22 0.25 100.89 -0.66 0.00 -0.01 -0.07 -0.02
US$ CDs 0.000 0.17000 0.23000 0.28000 Eurozone Govt Bond 110.04 -0.19 - - -0.34 -0.64 11/30 0.10 119.40 -1.87 -0.06 0.09 -0.04 -0.50 Price Indices Day's Total Return Return
Euro CDs -0.010 -0.55000 -0.59000 -0.53000 Fixed Coupon Nov 29 chg % Return 1 month 1 year Yield
CREDIT INDICES Day's Week's Month's Series Series Finland 04/23 1.50 103.22 -0.82 0.01 0.04 -0.11 -0.08
04/31 0.75 107.53 -0.05 -0.03 0.03 -0.10 0.34 1 Up to 5 Years 86.83 -0.10 2461.87 0.60 -0.97 0.49
Short 7 Days One Three Six One Index change change change high low 2 5 - 10 Years 177.68 -0.28 3703.34 1.61 -2.66 0.71
Nov 29 term notice month month month year Markit iTraxx France 05/23 1.75 103.75 -0.75 0.01 0.00 -0.10 -0.04
3 10 - 15 Years 211.18 -0.39 4718.49 1.84 -3.39 0.95
Euro -0.70 -0.40 -0.70 -0.40 -0.70 -0.40 -0.74 -0.44 -0.68 -0.38 -0.66 -0.36 Crossover 5Y 262.27 2.71 12.66 1.94 274.80 239.25 05/27 1.00 107.52 -0.36 -0.02 0.04 -0.10 0.21
4 5 - 15 Years 185.30 -0.32 3956.83 1.69 -2.74 0.82
Sterling 0.45 0.55 0.58 0.68 0.71 0.86 0.90 1.05 Europe 5Y 52.11 0.65 2.79 1.95 54.10 47.48 Germany - - - - - - -
5 Over 15 Years 381.41 -0.36 6400.20 3.94 -1.03 0.91
US Dollar 0.11 0.31 0.04 0.24 0.07 0.27 0.13 0.33 0.18 0.38 0.22 0.42 Japan 5Y 46.71 0.29 0.08 -1.80 52.84 46.14 08/23 2.00 104.90 -0.83 0.00 -0.01 -0.10 -0.04
7 All stocks 185.00 -0.27 4045.10 2.36 -1.61 0.87
Japanese Yen -0.10 0.00 -0.10 0.00 -0.10 0.10 -0.10 0.10 -0.15 0.15 -0.15 0.15 Senior Financials 5Y 60.92 0.73 3.20 4.41 61.62 54.31 08/27 0.50 106.00 -0.53 -0.02 0.01 -0.12 0.19
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: 08/50 0.00 98.38 0.06 -0.03 0.04 -0.18 0.22 Day's Month Year's Total Return Return
Markit CDX Greece 02/27 4.30 117.58 0.85 -0.02 0.12 0.24 0.14
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. Index Linked Nov 29 chg % chg % chg % Return 1 month 1 year
Emerging Markets 5Y 199.07 6.01 17.44 19.33 199.07 168.20
Ireland - - - - - - - 1 Up to 5 Years 316.66 -0.03 1.17 4.24 2647.14 1.42 5.48
Nth Amer High Yld 5Y 305.75 -0.17 12.42 7.27 314.83 287.43
- - - - - - - 2 Over 5 years 926.96 -0.26 5.63 10.10 7033.64 5.72 10.49
Nth Amer Inv Grade 5Y 52.92 0.33 2.41 1.91 54.95 49.43
03/24 3.40 109.43 -0.66 -0.01 0.01 -0.08 -0.04 3 5-15 years 547.94 -0.16 3.53 6.16 4398.11 3.67 6.98
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names.
Italy 05/24 1.85 105.08 -0.21 0.00 0.07 -0.03 0.02 4 Over 15 years 1241.55 -0.31 6.35 11.34 9159.25 6.42 11.56
11/25 2.50 109.61 0.07 0.00 0.09 0.02 0.09 5 All stocks 817.38 -0.24 5.17 9.34 6321.77 5.27 9.82
05/31 6.00 145.99 0.90 -0.02 0.12 0.07 0.28
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED 03/48 3.45 133.63 1.83 -0.03 0.12 0.09 0.41 Yield Indices Nov 29 Nov 26 Yr ago Nov 29 Nov 26 Yr ago
Japan 04/23 0.05 99.98 0.06 0.00 -0.01 -0.02 0.02 5 Yrs 0.55 0.51 0.00 20 Yrs 1.05 1.02 0.82
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
09/27 0.10 100.98 -0.07 0.01 0.01 -0.01 0.03 10 Yrs 0.85 0.82 0.36 45 Yrs 0.69 0.69 0.76
Crude Oil† Dec 71.74 3.57 Corn♦ Dec 584.75 -1.50 Nov 16 Nov 16 Prev return stock Market stocks
09/34 1.40 114.91 0.22 0.00 0.00 0.00 0.04 15 Yrs 1.02 0.99 0.67
Brent Crude Oil‡ 74.24 1.35 Wheat♦ Dec 829.50 -0.75 Can 4.25%' 26 126.56 -0.896 -0.841 1.15 5.25 - -
12/49 0.40 93.06 0.67 0.00 0.00 -0.01 0.04
RBOB Gasoline† Dec 2.09 0.06 Soybeans♦ Jan 1260.75 7.25 Fr 2.10%' 23 107.44 -2.181 -2.082 0.34 18.05 - -
Netherlands 07/23 1.75 104.23 -0.82 0.01 0.02 -0.11 -0.08 inflation 0% inflation 5%
Heating Oil† - - Soybeans Meal♦ Dec 360.40 4.80 Swe 1.00%' 25 121.78 -1.952 -1.942 0.76 35.63 - -
07/27 0.75 106.84 -0.45 -0.02 0.03 -0.11 0.18 Real yield Nov 29 Dur yrs Previous Yr ago Nov 29 Dur yrs Previous Yr ago
Natural Gas† Dec 4.98 -0.51 Cocoa (ICE Liffe)X Dec 1616.00 -11.00 UK 1.875%' 22 107.52 -5.291 -5.369 0.06 15.74 - -
Ethanol♦ - - Cocoa (ICE US)♥ Dec 2469.00 0.00 New Zealand 04/27 4.50 110.97 2.32 0.01 -0.07 0.20 1.74 Up to 5 yrs -3.68 2.42 -3.69 -2.74 -4.10 2.43 -4.11 -3.15
UK 2.50%' 24 366.15 -3.718 -3.882 0.56 6.82 - -
Uranium† - - Coffee(Robusta)X Jan 2253.00 -60.00 05/31 1.50 91.43 2.52 0.01 -0.07 0.09 1.55 Over 5 yrs -2.58 24.14 -2.59 -2.32 -2.60 24.19 -2.61 -2.34
UK 2.00%' 35 312.87 -2.869 -2.961 1.74 9.08 - -
Carbon Emissions‡ - - Coffee (Arabica)♥ Dec 246.45 1.00 05/31 1.50 91.43 2.52 0.01 -0.07 0.09 1.55 5-15 yrs -3.10 9.75 -3.12 -2.77 -3.19 9.76 -3.21 -2.87
US 0.625%' 23 105.94 -3.451 -2.873 0.92 47.03 - -
White SugarX 498.10 -4.60 Norway - - - - - - - Over 15 yrs -2.51 29.24 -2.52 -2.26 -2.53 29.25 -2.54 -2.28
Diesel† - - US 3.625%' 28 135.22 -1.576 -1.508 1.25 16.78 - -
Sugar 11♥ 19.47 0.07 - - - - - - - All stocks -2.59 22.04 -2.60 -2.32 -2.61 22.12 -2.63 -2.35
Base Metals (♠ LME 3 Months) Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Aluminium 2637.00 45.00 Cotton♥ Dec 118.20 3.23 Portugal 10/23 4.95 111.00 -0.76 -0.01 -0.02 -0.08 -0.18 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 2500.00 80.00 Orange Juice♥ Jan 126.25 2.05 04/27 4.13 123.48 -0.22 -0.01 0.05 0.01 0.10 ©2018 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE
amount.
Copper 9569.50 124.50 Palm Oil♣ - - Spain 10/23 4.40 109.77 -0.64 0.00 0.01 -0.09 -0.09 Gilt Closing Prices information contained herein is proprietary to
Lead 2281.00 5.00 Live Cattle♣ Dec 137.90 0.00 BONDS: TEN YEAR GOVT SPREADS 11/30 1.00 122.23 -1.31 -0.05 0.19 0.23 -0.45 Tradeweb; may not be copied or re-distributed; is not warranted to be
Nickel 20175.00 210.00 Feeder Cattle♣ May 134.88 - Sweden 11/23 1.50 103.44 -0.25 -0.04 -0.08 -0.03 0.12 accurate, complete or timely; and does not constitute investment advice.
Tin 39160.00 410.00 Lean Hogs♣ Dec 73.53 0.00 Spread Spread Spread Spread 06/26 0.13 120.76 -1.90 -0.05 0.02 0.01 -0.50 Tradeweb is not responsible for any loss or damage that might result from the use of this information.
Zinc 3201.00 18.00 Bid vs vs Bid vs vs 06/30 0.13 121.32 -1.82 -0.08 0.02 -0.10 -0.38
% Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds Switzerland - - - - - - - All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Precious Metals (PM London Fix)
Gold 1800.80 12.65 Nov 26 Month Year 02/23 4.00 105.78 -0.77 0.00 -0.04 -0.04 0.00 at the time of publication. No offer is made by Morningstar, its suppliers, or the FT. Neither the FT, nor
Australia 1.90 - - Netherlands -0.45 - -
Silver (US cents) 2363.00 -6.00 S&P GSCI Spt 546.56 -7.03 40.91 United Kingdom - - - - - - - Morningstar’s suppliers, warrant or guarantee that the information is reliable or complete. Neither the FT nor
Austria 0.16 - - New Zealand 2.52 - -
Platinum 978.00 -10.00 DJ UBS Spot 99.17 -4.04 32.57 Canada - - - Norway - - - 07/23 0.75 100.45 0.48 -0.02 0.03 -0.09 0.51 Morningstar’s suppliers accept responsibility and will not be liable for any loss arising from the reliance on the
Palladium 1798.00 -58.00 TR/CC CRB TR 241.01 -5.99 41.43 Denmark -1.87 - - Portugal -0.22 - - 07/27 1.25 103.05 0.70 -0.02 0.05 -0.12 0.58 use of the listed information. For all queries e-mail ft.reader.enquiries@morningstar.com
Bulk Commodities LEBA EUA Carbon 58.91 -1.98 129.94 Finland -0.05 - - Spain -1.31 - - 07/47 1.50 108.65 1.11 -0.04 -0.02 -0.28 0.24
Iron Ore 128.50 -8.45 LEBA UK Power 1048.00 -37.43 -39.60 Germany - - - Sweden -1.82 - - United States 03/23 0.50 100.14 0.39 - - - - Data provided by Morningstar | www.morningstar.co.uk
GlobalCOAL RB Index 232.50 6.00 Ireland - - - Switzerland - - - 03/27 0.63 96.17 1.37 - - - -
Baltic Dry Index 2881.00 114.00 Italy 0.90 - - United Kingdom - - - 04/32 3.38 147.42 - - - - -
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Japan 0.22 - - United States - - - 02/50 0.25 118.28 - - - - -
unless otherwise stated. Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. Interactive Data Pricing and Reference Data LLC, an ICE Data Services company.
Tuesday 30 November 2021 ★ FINANCIAL TIMES 13

MANAGED FUNDS SERVICE

Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Data Provided by
USD Accumulating Class $ 12.95 - -0.02 - Foord Global Equity Fund (Lux) | R $ 18.48 - -0.49 0.00
Dodge & Cox Worldwide Funds plc-Global Stock Fund Regulated
USD Accumulating Share Class $ 29.09 - -0.95 - Foord Global Equity Fund (Sing) | B $ 22.04 - -0.60 0.00
GBP Accumulating Share Class £ 35.89 - -1.19 0.00 Foord International Trust (Gsy) $ 46.58 - -0.47 0.00
GBP Distributing Share class £ 24.54 - -0.81 -
EUR Accumulating Share Class € 38.65 - -1.62 -
GBP Distributing Class (H) £ 13.97 - -0.46 0.66
abrdn Capital (CI) Limited
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130
(JER) Dodge & Cox Worldwide Funds plc-U.S. Stock Fund Mirabaud Asset Management
www.mirabaud.com, marketing@mirabaud-am.com
(LUX) Rubrics Global UCITS Funds Plc
www.rubricsam.com
(IRL)
www.morningstar.co.uk
USD Accumulating Share Class $ 39.34 - -1.15 0.00
FCA Recognised Conviction based investment vehicles details available here www.mirabaud-am.com Regulated Data as shown is for information purposes only. No offer
GBP Accumulating Share Class £ 45.89 - -1.36 0.00
Aberdeen Standard Capital Offshore Strategy Fund Limited Regulated Rubrics Emerging Markets Fixed Income UCITS Fund $ 137.56 - -0.12 0.00 is made by Morningstar or this publication.
GBP Distributing Share Class £ 27.75 - -0.83 0.82 Mir. - Glb Strat. Bd I USD $ 123.58 - -0.46 -
Bridge Fund £ 2.4725 - -0.0190 1.29 Rubrics Global Credit UCITS Fund $ 18.06 - -0.02 0.00
EUR Accumulating Share Class € 45.13 - -1.73 0.00 Franklin Templeton International Services Sarl (IRL)
Global Equity Fund £ 3.6820 - -0.0439 0.76 Mir. - DiscEur D Cap GBP £ 212.99 - -4.91 0.00 Rubrics Global Fixed Income UCITS Fund $ 179.58 - 0.06 0.00
JPMorgan House - International Financial Services Centre,Dublin 1, Ireland
GBP Distributing Class (H) £ 16.08 - -0.47 0.60 Mirabaud - UK Equity High Alpha £ 161.28 - -5.98 0.00
Global Fixed Interest Fund £ 0.9336 - -0.0029 4.70 Other International Funds
Income Fund £ 0.6936 - -0.0029 2.64 Franklin Emerging Market Debt Opportunities Fund Plc
Sterling Fixed Interest Fund
UK Equity Fund
£ 0.8860
£ 2.1316
-
-
-0.0016 2.77
0.0038 2.48
Franklin Emg Mkts Debt Opp CHFSFr 14.16
Franklin Emg Mkts Debt Opp GBP £ 9.25
-
-
-0.14 2.92
-0.07 2.83 Guide to Data
Ashmore Investment Management Limited (LUX) Franklin Emg Mkts Debt Opp USD $ 16.16 - -0.11 2.89 Polar Capital Funds Plc (IRL)
The fund prices quoted on these pages are
2 rue Albert Borschette L-1246 Luxembourg
FCA Recognised
Ashmore SICAV Emerging Market Debt Fund $ 81.71 - -0.83 5.31
Regulated
Automation & Artificial Intelligence CL I USD Acc $ 20.43 20.43 -0.40 0.00 Slater supplied by the operator of the relevant fund.
Details of funds published on these pages,
Ashmore SICAV Emerging Market Frontier Equity Fund $ 209.17
Ashmore SICAV Emerging Market Total Return Fund $ 71.14
-
-
-2.05 0.40
-0.64 4.61
Asian Starts I USD Acc $
Biotechnology I USD
China Stars I USD Acc $
$ 18.91 - -0.42 0.00
$ 40.14 40.14 -0.30 0.00
$ 14.27 14.27 -0.25 0.00
Investments including prices, are for the purpose of
information only and should only be used as a
Ashmore SICAV Global Small Cap Equity Fund $ 232.47 - -7.63 0.00 Emerging Market Stars I USD Acc $ 15.18 - -0.38 0.00 guide. The Financial Times Limited makes no
Aegon Asset Management UK ICVC (UK) EM Active Equity Fund Acc USD $ 151.75 - -5.04 0.00 European Ex UK Inc EUR Acc € 13.08 13.08 -0.41 0.00 representation as to their accuracy or
3 Lochside Crescent, Edinburgh, EH12 9SA EM Equity Fund Acc USD $ 157.36 - -4.97 0.00 GAM Financial Opps I USD $ 16.07 - -0.60 1.42 completeness and they should not be relied
0800 358 3009 www.aegonam.com EM Mkts Corp.Debt USD F $ 84.01 - -0.57 5.49 funds@gam.com, www.funds.gam.com Global Convertible I USD $ 16.17 16.17 -0.09 0.00 upon when making an investment decision.
Authorised Funds Regulated
EM Mkts Loc.Ccy Bd USD F $ 68.57 - -0.37 4.62 Global Insurance I GBP £ 8.03 - -0.25 0.00
Global Equity GBP B Acc £ 3.56 - -0.03 0.00 LAPIS GBL TOP 50 DIV.YLD-Na-D £ 111.70 - -1.95 2.86 The sale of interests in the funds listed on
EM Short Duration Fund Acc USD $ 105.31 - -0.40 0.00 Global Technology I USD $ 97.06 - -1.80 0.00
LAPIS GBL F OWD 50 DIV.YLD-Na-D £ 112.35 - -2.32 0.90 Healthcare Blue Chip Fund I USD Acc $ 18.33 18.33 -0.26 0.00
these pages may, in certain jurisdictions, be
Healthcare Dis I Acc USD $ $ 14.74 - -0.31 0.00 Slater Investments Ltd (UK) restricted by law and the funds will not
Dragon Capital New Capital UCITS Fund PLC (IRL) www.slaterinvestments.com; Tel: 0207 220 9460 necessarily be available to persons in all
www.dragoncapital.com Healthcare Opps I USD $ 66.01 - -1.66 0.00
Leconfield House, Curzon Street, London, W1J 5JB FCA Recognised jurisdictions in which the publication
Fund information:info@dragoncapital.com Income Opportunities B2 I GBP Acc £ 2.80 2.80 -0.06 0.00
www.newcapitalfunds.com Slater Growth A Acc 818.89 818.89 -0.96 0.00 circulates. Persons in any doubt should take
Other International Funds Japan Value I JPY ¥ 126.15 126.15 -2.98 0.00
FCA Recognised Slater Income A Inc 149.37 149.37 0.56 5.22 appropriate professional advice. Data collated
Vietnam Equity (UCITS) Fund A USD $ 39.94 - -0.36 0.00 North American I USD $ 37.70 37.70 -1.12 0.00
New Capital UCITS Funds Slater Recovery A Acc 392.57 392.57 0.27 0.00 by Morningstar. For other queries contact
Smart Energy I USD Acc $ $ 10.74 10.74 -0.23 -
Atlantas Sicav (LUX)
New Capital China Equity Fund $ 270.85 - -5.87 0.00 Slater Artorius 377.47 377.47 -10.71 - reader.enquiries@ft.com +44 (0)207 873
Smart Mobility I USD Acc $ $ 10.88 10.88 -0.27 -
Regulated Genesis Investment Management LLP New Capital Dynamic European Equity Fund € 152.79 - -6.12 - 4211.
UK Val Opp I GBP Acc £ 14.05 14.05 0.03 0.00
American Dynamic $ 8035.77 8035.77 -77.52 0.00 Other International Funds New Capital Dynamic UK Equity Fund £ 127.28 - -4.02 0.00
American One $ 7995.29 7995.29 6.17 0.00 Emerging Mkts NAV £ 7.21 - -0.16 1.40 New Capital Global Alpha Fund £ 121.99 - -0.93 0.00 The fund prices published in this edition along
Bond Global € 1573.55 1573.55 9.05 - New Capital Global Equity Conviction Fund $ 240.43 - -4.99 - with additional information are also available
Eurocroissance € 1612.84 - 7.18 0.00 New Capital Global Value Credit Fund $ 161.23 - -0.31 0.00 on the Financial Times website, www.ft.com/
Far East $ 1314.13 - -9.95 0.00 New Capital Japan Equity Fund ¥ 1812.44 - -40.56 0.00 funds. The funds published on these pages
New Capital US Growth Fund $ 547.95 - -13.91 0.00 are grouped together by fund management
New Capital US Small Cap Growth Fund $ 242.61 - -7.93 0.00 company.
New Capital Wealthy Nations Bond Fund $ 153.69 - -0.35 0.00
Polar Capital LLP (CYM) Prices are in pence unless otherwise
Aegon Asset Management Investment Company (Ireland) (IRL) Regulated
1 North Wall Quay Dublin 1, Ireland +35 3162 24493 indicated. The change, if shown, is the change
HPB Assurance Ltd European Forager A EUR € 225.53 - 4.17 0.00
FCA Recognised Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
on the previously quoted figure (not all funds
Absolute Return Bond B GBP Acc 1161.87 - -0.44 1.61 update prices daily). Those designated $ with
International Insurances
High Yield Global Bond A GBP Inc 503.07 - -1.27 4.49 no prefix refer to US dollars. Yield percentage
Holiday Property Bond Ser 1 £ 0.47 - 0.00 0.00
High Yield Global Bond B GBP Inc 1084.89 - -2.67 5.23 figures (in Tuesday to Saturday papers) allow
Holiday Property Bond Ser 2 £ 0.63 - 0.01 0.00
Global Equity Income B GBP Acc 2448.48 - -33.86 0.00 for buying expenses. Prices of certain older
Global Equity Income B GBP Inc 1455.44 - -8.32 3.19 EdenTree Investment Management Ltd (UK) insurance linked plans might be subject to
lobal Equity Market Neutral Fund - B Acc GBP £ 13.15 - -0.01 0.00 PO Box 3733, Swindon, SN4 4BG, 0800 358 3010 capital gains tax on sales.
Stonehage Fleming Investment Management Ltd (IRL)
Global Sustainable Equity B Acc GBP £ 31.49 - -0.29 0.00 Authorised Inv Funds
www.stonehagefleming.com/gbi
Global Sustainable Equity C Acc GBP £ 32.05 - -0.29 - EdenTree Short Dated Bond Cls B 99.24 - -0.08 0.86 Private Fund Mgrs (Guernsey) Ltd (GSY) Guide to pricing of Authorised
enquiries@stonehagefleming.com
Regulated
Regulated
Investment Funds: (compiled with the
Inv Grd Gbl Bond A Inc GBH 608.45 - -1.52 1.81
Monument Growth 16/11/2021 £ 564.11 569.95 -7.12 0.78
SF Global Best Ideas Eq B USD ACC $ 284.33 - -6.72 -
assistance of the IMA. The Investment
Short Dated High Yld Bd B Acc GBP £ 11.33 - -0.01 0.00
Association, Camomile Court 23 Camomile
Short Dated High Yld Bd C Acc GBP (Hdg) £ 11.46 - -0.01 0.00 SF Global Best Ideas Eq D GBP INC £ 323.46 - -8.05 -
Janus Henderson Investors (UK) Street, London EC3A 7LL. Tel: +44 (0)20 7831
Strategic Global Bond A GBP Inc 1327.15 - -0.07 2.70 PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
Blue Whale Investment Funds ICAV (IRE) 0898.)
Strategic Global Bond B GBP Inc 752.56 - 0.00 3.45 www.bluewhale.co.uk, info@bluewhale.co.uk www.janushenderson.com
Authorised Inv Funds
FCA Recognised - Ireland UCITS OEIC: Open-Ended Investment Company.
Janus Henderson Instl UK Idx Opps A Acc £ 1.08 - 0.00 2.42
Blue Whale Growth USD T $ 12.95 - -0.21 0.00 Oasis Crescent Global Investment Funds (UK) ICVC (UK) Similar to a unit trust but using a company
Ennismore Smaller Cos Plc (IRL)
Regulated rather than a trust structure.
5 Kensington Church St, London W8 4LD 020 7368 4220
Oasis Crescent Global Equity Fund USD A (Dist) $ 38.06 - -0.60 0.22 Prusik Investment Management LLP (IRL)
FCA Recognised
Ennismore European Smlr Cos NAV £ 152.87 - -0.75 0.00 Oasis Crescent Global Income Fund USD A (Dist) $ 11.00 - 0.00 2.50 Enquiries - 0207 493 1331 Different share classes are issued to reflect a
Oasis Crescent Global Low Equity Fund USD D (Dist) $ 13.50 - -0.11 0.29 Regulated Superfund Asset Management GmbH different currency, charging structure or type
Ennismore European Smlr Cos NAV € 180.17 - -2.36 0.00
www.superfund.com, +43 (1) 247 00
Oasis Crescent Global Medium Equity Fund USD A (Dist) $ 14.78 - -0.19 0.05 Prusik Asian Equity Income B Dist $ 185.78 - -3.25 4.41 of holder.
Prusik Asia Emerging Opportunities Fund A Acc $ 232.37 - 1.17 0.00 Other International Funds
Oasis Crescent Global Property Equity Fund USD A (Dist) $ 10.16 - -0.28 0.41
Oasis Crescent Global Short Term Income Fund USD A (Dist) $ 0.98 - 0.00 1.64 Prusik Asia Fund U Dist. £ 266.40 - -5.11 0.00 Superfund Green Gold $ 1450.52 - -70.01 - Selling price: Also called bid price. The price
M & G Securities (1200)F (UK) Oasis Crescent Variable Fund GBP A (Dist) £ 10.22 - -0.22 0.01 Superfund Green Silver $ 1319.71 - -89.06 0.00 at which units in a unit trust are sold by
PO Box 9038, Chelmsford, CM99 2XF Regulated investors.
www.mandg.co.uk/charities Enq./Dealing: 0800 917 4472
Superfund Green US$ $ 1119.58 - -54.69 -
Authorised Inv Funds
Buying price: Also called offer price. The
M&G Charibond Charities Fixed Interest Fund (Charibond) Inc £ 1.22 - 0.00 2.18
Ennismore European Smlr Cos Hedge Fd
price at which units in a unit trust are bought
M&G Charibond Charities Fixed Interest Fund (Charibond) Acc £ 42.48 - -0.03 1.74
Other International Funds
by investors. Includes manager’s initial
M&G Charity Multi Asset Fund Inc £ 0.89 - 0.00 3.87
charge.
NAV € 655.22 - 5.06 0.00 M&G Charity Multi Asset Fund Acc £ 102.01 - -0.25 3.22
Purisima Investment Fds (CI) Ltd (JER)
Algebris Investments (IRL) Omnia Fund Ltd Regulated Single price: Based on a mid-market
Regulated Other International Funds PCG B 360.29 - -6.27 0.00 valuation of the underlying investments. The
Algebris Financial Credit I EUR € 190.66 - -0.11 0.00 Estimated NAV $ 713.40 - 47.58 0.00 PCG C 351.28 - -6.12 0.00 buying and selling price for shares of an OEIC
Brooks Macdonald International Fund Managers Limited (JER) and units of a single priced unit trust are the
Algebris Financial Credit R EUR € 165.18 - -0.11 0.00
5 Anley Street, St Helier, Jersey, JE2 3QE
Algebris Financial Credit Rd EUR € 106.61 - -0.06 4.36 same.
+44 (0) 1534 700 104 (Int.) +44 (0) 800 735 8000 (UK)
Algebris Financial Income I EUR € 179.03 - -4.60 0.00 Brooks Macdonald International Investment Funds Limited
Algebris Financial Income R EUR € 164.42 - -4.22 0.00 Treatment of manager’s periodic capital
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14
Fragments drawn from a traumatic childhood
Kosovan artist Petrit Halilaj
is processing his experiences
of war and a refugee camp in
a new show at Tate St Ives.
He talks to Jane Ure-Smith
W
hen Petrit Halilaj
received confirmation
of his inclusion in the
2020 Belgrade Bien-
nale, he was surprised
to find a blank space next to his name
where his place of birth should be. The
artist is from Kosovo, a country recog-
nised by half of the UN’s member states
— but not by Serbia, from which it
declared independence in 2008, after a
long-running conflict that erupted into
war in the late 1990s when Halilaj was in
his early teens. This conflict drove his
family into a refugee camp for more
than a year.
The omission shocked him, under-
mining at a stroke his belief that, as an
established artist living and working
between Germany, Italy and Kosovo, he
was “over it”. Delving into the literature
on trauma, he discovered that it is typi-
cal for 20 years to pass before a person
can revisit nightmares. “You tell your-
self the main thing is that you survived,”
he says on the phone from Berlin.
Halilaj, now 35, pulled out of the bien-
nale, but the effect of the letter was pro-
found. Suddenly he found the courage
to re-examine drawings he had made as
a 13-year-old in the Kukës II refugee
camp in Albania during the war. He had
left the drawings with Giacomo Poli, an
Italian psychologist and now a close
friend, who had visited the camp in 1999
and encouraged the children to draw
and talk about what they had seen.
“Always as a kid I had been more com-
fortable to draw rather than to talk,”
Halilaj says. “And, at 13, I was becoming
even more introverted.”
The Belgrade moment coincided with
an invitation to make an exhibition for
Tate St Ives. Like earlier work, the show
was to reference Halilaj’s home town,
Above: installation
view of ‘Very volcanic
over this green feather’.
Above right: Petrit Halilaj
Matt Greenwood
‘Always as a kid I
had been more
comfortable to
draw rather than
to talk’
★ FINANCIAL TIMES
ARTS
Runik, exploring the fact that it is built
on neolithic ruins and investigating
contemporary attitudes to that history.
But by the time the ideas were nailed
down, the pandemic had put paid to
the travel and movement of artefacts
that the exhibition required. A show
based on the drawings Halilaj made in
the refugee camp began to take shape as
an alternative.
“Petrit said, ‘I’m not sure I am ready,
but if I could be, the thing I would most
like to do is revisit the drawings,’” recalls
Tate St Ives director Anne Barlow.
“Over time, that became more and more
what he felt compelled to do.”
The result is Very volcanic over this
green feather — the title alluding to the
emotional turmoil concealed by the
bright fairytale landscape the artist
initially appears to offer us. The room-
filling installation makes brilliant use
of the extra space Tate St Ives acquired
in a 2017 extension. And on the way
there you have a chance to survey the
newly rehung permanent collection,
which cleverly places the story of St Ives
and modernism in a thematic, more
global context.
Inside the temporary exhibition space
Halilaj invites us to explore a dense for-
est of fragments from his teenage draw-
ings, blown up, printed on felt and sus-
pended from the ceiling. Viewed from
the entrance, it’s a lush and exotic land-
scape, alive with animals and birds —
a dove, some parrots and a peacock.
Follow the path through the middle of
this fantasy, however, and turn back. As
you retrace your steps, the darkness of
war takes hold — on layer after layer of
the fragments, houses burn, bombs
explode, Serbian militiamen wield
knives and guns and mass graves pile
up. It’s not a purely eyewitness account,
Halilaj explains: the drawings combine
images from the media, his imaginings
and what he actually saw.
At the centre, slightly off to one side,
Halilaj has included himself, a cut-out of
a small boy that comes not from the 38
drawings he made with Angelo, but one
he made to show the then UN secretary-
general Kofi Annan, who had seen the
young artist on television and asked
to meet him when he visited the camp.
The figure is double-sided, the only
element of the installation that touches
the ground and faces in both directions.
Singing that is close to perfection
OPERA
Sleepless
Staatsoper Unter den Linden, Berlin
aaaee
Shirley Apthorp
Asle has some problems. His underage
girlfriend is heavily pregnant. They
have nowhere to live, and no money.
And he has an unfortunate habit of mur-
dering everyone who annoys him.
For his new opera Sleepless, composer
Peter Eötvös has set Norwegian writer
Jon Fosse’s trance-like Trilogy stories to
music. The work, co-commissioned by
Geneva’s Grand Théâtre, received its
world premiere at Berlin’s Staatsoper
Unter den Linden on Sunday.
The composer’s wife, Mari Mezei, has
created a dense, wordy libretto that
closely follows Fosse’s original. She
leaves out the dream sequences,
presumably assuming that Eötvös’s
bent for the hallucinogenic will prove
sufficiently removed from reality. It
does not.
Sleepless tells the story of lost lovers in
a hostile coastal village. Though paral-
lels with Peter Grimes and Wozzeck are
inevitable, Eötvös avoids direct musical
quotations. Asle is hanged for his
crimes, which sits oddly with Kornél
Mundruczó’s modern production. Per-
haps the powers-that-be thought that
Mundruczó’s gritty realism would be a
foil for what, in the end, is a ballad verg-
ing dangerously on kitsch.
Monika Pormale’s ingenious set con-
sists of a gigantic salmon on a revolving
stage — all shiny scales and glowing eye
on the outside, raw flesh and bones cre-
ating various rooms on the inside.
Drunk fisherman in dirty oilskins lurch
around with bottles or crates of beer,
Halilaj and his family returned to
Runik just days after Nato peacekeepers
arrived in Kosovo in June 1999, Nato’s
air campaign having forced Serbia to
accept a peace agreement. Their house
had been destroyed, so they camped in a
tent in the garden. “There were mines,
but we didn’t care,” he says. “We were so
happy to go back, to see that landscape
without the fear of death.”
The body of work he has built up since
he went to Italy in 2004 to study at Brera
Academy of Fine Arts, Milan, has been
rooted in his biography, with Runik and
his lost family home playing important
roles. For the sixth Berlin Biennale in
2010, he recreated the skeleton of the
house, with live chickens scratching
around, the absence of walls high-
lighting the impossibility of feeling
safe there.
Memories of his childhood and his
experience of exodus and displacement
threatening and judging their way
through the story; an angelic chorus of
offstage women provide an inner voice
for the pregnant, passive Alida.
The women in this tale are all hags,
whores or mothers; Alida is referred to
as “little slut” with monotonous regu-
larity. She has no agency — yet another
opera that fails the Bechdel test. Is this
really 2021?
Eötvös is undoubtedly the master of
his craft. Sleepless is beguilingly beauti-
ful, deftly orchestrated, full of conso-
nant octaves and scales and spiced with
judiciously placed dissonances, vividly
pictorial throughout. The vocal writing
is skilful and slick. Eötvös also con-
ducts, and the outcome is both precise
and sumptuous.
The score is helped along by a superla-
tive cast. As the ill-fated young lovers,
Linard Vrielink and Victoria Randem
are exquisite — Vrielink all youthful lyr-
icism with an undertone of seething vio-
lence, Randem with an ethereal beauty
and meltingly lovely top notes.
Monika Pormale’s ingenious set consists of a huge salmon — Gianmarco Bresadola
Tuesday 30 November 2021
re-emerged in 2013, when he repre-
sented Kosovo in the Venice Biennale.
Subsequent installations have drawn on
graffiti on the desks in his school, which
was about to be demolished, and a play
he mounted in the ruins of Runik’s cul-
tural centre, the latter winning him the
Mario Merz prize in 2017.
Birds, particularly migratory birds —
which cover huge distances, knowing
where to pause and how to come back —
fascinate the artist. They occur through-
out his work, as a metaphor either for
people on the move or for the imagina-
tion. At times, he says, he has dressed as
a bird to avoid having to talk about his
work. “Birds have come in different
shapes, and somehow I feel they always
came to save me!”
At St Ives, Halilaj pursues his desire to
understand both the world and his own
identity without the straitjackets of
nationality and nationalism. “This is so
much my drive for what I do,” he says.
But he hopes the exhibition goes beyond
his own story.
The fragments at Tate are not just
about loss, memory and the past: they
are about the choices we make as we
construct the future. “We are always
able to deny the parts of a story we don’t
want to see,” he says.
Yet he is eager to play a part in the
reconstruction of Kosovo and was
recently in the capital, Pristina, helping
to campaign for a section on LGBT+
rights to be included in the new consti-
tution. His optimism is palpable. “I have
no intention of giving up the dream of a
better future.”
To January 16 2022, tate.org
‘Paesaggio
Fantastico’
(‘Fantasy
Landscape’)
(1999) by
Petrit Halilaj
Courtesy the artist and
Giacomo Poli
Katharina Kammerloher is a chame-
leon as both drunken mother and
judgmental midwife; Hanna Schwarz
makes a formidable Old Woman; Siya-
bonga Maqungo brings an edgy, creepy
tone to his burnished tenor voice as
Jeweler. The entire cast, including the
offstage women, deliver vocal perform-
ances as close to perfection as anyone
could wish.
The work loses steam after Asle’s
death, not helped by the jarring pres-
ence of something presumably intended
to be a luminous white cloud that looks
disturbingly like a giant cauliflower.
Even a cauliflower deity might balk at
the saccharine ending, as the aged Alida
admires a gold bracelet left to her by
Asle while drowning herself in the fjord
in a blaze of transcendence. Think Suor
Angelica on the beach.
Sleepless is beautiful music for an irre-
deemable libretto, in a solid production
which fails to find relevance.
To December 16, staatsoper-berlin.de
Tuesday 30 November 2021
A case involving the last clinic in Mississippi to provide terminations is being heard in America’s
highest court. It threatens to overturn Roe v Wade and is a key test of the new conservative justices.
Abortion returns to the Supreme Court
S
hannon Brewer finds it hard
to sit still at her desk. As she
fills out forms, her eyes dart
every couple of seconds to a
large screen with a dozen live
feeds from cameras dotted across the
abortion clinic she directs. For over a
decade, it has been the only clinic in
Mississippi, a state of 3m people.
“I don’t know how to not look at that,”
she says. The clinic’s cameras and gener-
ator have been vandalised in the past
and anti-abortion protesters at one
point entered the premises in Jackson.
“They would not stop coming on
to the property and I had to get a hose
and hose them down,” says 49-year-old
Brewer. The altercation led her to be
convicted of misdemeanour assault and
given a fine that was later dropped. The
local police, she says, do not provide suf-
ficient protection for the clinic. “It’s like
we’re out here and all these ordinances
that they have in place they won’t
enforce them here.”
Brewer has worked for two decades at
the pink-walled Jackson Women’s
Health Organization, which has become
the focal point of the biggest abortion
legal battle in the US in recent times.
The clinic is the respondent in a case
involving a 2018 Mississippi law that
bans abortions after 15 weeks and which
will come before the Supreme Court this
week.
Roe v Wade, the 1973 landmark deci-
sion that legalised abortion across the
US, said states could not ban abortions
before a foetus is “viable”, or able to sur-
vive outside the womb. This viability
line is typically deemed to be between
24 and 28 weeks. In defending the 2018
law, Mississippi is asking the court to
reject the viability rule, which it says is
“baseless”.
The case has become a defining
moment in America’s decades-long
political battle over abortion rights
‘It’s not very common for
courts to take away a
fundamental right, much
less [one] that’s been
there for 50 years’
because its implications could be even
broader. In its submission, Mississippi
has explicitly asked the Supreme Court
to over-rule Roe v Wade, insisting that
abortion is a matter for states and not
the federal courts to decide.
“In Roe v Wade, the [Supreme] Court
wrongfully took abortion policymaking
out of the hands of the people and hid it
behind the bench of unelected judges,”
said Lynn Fitch, Mississippi attorney-
general. She argued that as a right to
abortion is not explicitly mentioned in
the constitution, it is “reserved for the
people to debate and decide how best to
protect legitimate interests, like life and
women’s health”.
The Mississippi case is also a pivotal
moment for the Supreme Court, which
now has a 6-3 conservative majority
after Donald Trump, in one of his last
acts as president before the election in
November 2020, secured the appoint-
ment to the court of Amy Coney Barrett,
a former legal scholar with strongly con-
servative views.
Conservative activists have worked
for decades to nominate Supreme Court
justices who they believe will overturn
Roe — and many of them hope that Bar-
rett and Brett Kavanaugh, another jus-
tice appointed by Trump, will do just
that. The court will hear oral arguments
on Wednesday and a ruling is expected
by June 2022.
If the Supreme Court sides with Mis-
sissippi, nearly half of US states would
be poised to outlaw abortion thanks to
statutes that include so-called “trigger”
laws which automatically come into
force if Roe is overturned, according to
the Center for Reproductive Rights,
which filed the Supreme Court case on
behalf of the Jackson clinic. More than
one hundred abortion restrictions were
passed in the US this year alone, mostly
at state level, and four cases reached the
Supreme Court in the past six years,
according to the CRR.
“Mississippi is an indicator of where
the country can head,” says Vara Lyons,
policy counsel at the American Civil
Liberties Union of Mississippi. “If Roe is
overturned, more states will follow.”
The Mississippi case highlights the
deepening rift over abortion in a coun-
try also grappling with wrenching
debates over race and criminal justice.
Conservative legislatures have been
emboldened by the recent appoint-
★ FINANCIAL TIMES
FT BIG READ. US SOCIETY
By Stefania Palma
Shannon Brewer
is director of the
ments to the Supreme Court. In Septem-
ber, Republican-led Texas passed one of
clinic at the the most restrictive abortion laws in the
centre of the country, banning most procedures after
biggest abortion six weeks, before many women realise
legal battle in
the US in
they are pregnant, and with no excep-
tion for rape or incest. There is a pend-
decades — also ing Supreme Court ruling on whether to
the site of daily
anti-abortion
uphold a Texas district court decision to
suspend the law.
protests, below “It’s not very common for courts to
right. Vara take away a fundamental right, much
Lyons, policy less a fundamental right that’s been
counsel at the
American Civil
there for 50 years,” says Mary Ziegler, a
law professor at Florida State University
Liberties Union and an expert on Roe vs Wade.
of Mississippi,
below, believes An ‘abortion desert’
if Roe is
overturned,
Laws like the one in Texas have pushed
some women to travel across state bor-
‘more states will ders in search of abortion services. The
follow’ number of patients at the Jackson clinic
Suzi Altman/FT has jumped from between 150 and 200 a
month to more than 300 since the Texas
law came into force. The facility has
begun to see patients five days a week,
rather than three.
On a recent visit, five patients — all
women of colour under the age of 26 and
three of them from other states — were
waiting for their procedures in silence as
the mostly white protesters outside
blasted anti-abortion preachings on
large speakers.
A 22-year-old had driven alone for
seven hours from Houston, Texas. “I’m
young, not ready [for a child],” she says.
Under the new Texas law, her preg-
nancy was too advanced to get an abor-
tion closer to home. She thinks the law is
“stupid”: “You never know what some-
one’s circumstances [are] or how it hap-
pened. Someone could have been raped
or abused emotionally.”
A second patient, a 24-year-old
teacher, drove from Louisiana with her
mother. “It was extremely early in my
relationship and I’m not ready, I’m not
ready at all,” she says.
The youngest patient, aged 19, also
travelled from Louisiana. Eliminating
the “second chance” granted by abor-
tions results in “children raising chil-
dren”, she says. “A lot of our parents had
children young . . . I would hate to go
through the same thing my mom had to
go through,” she adds, as others nod in
agreement. “I’m not proud to be here
and it wasn’t an easy decision. But when
you’re not ready, you’re not ready. And
nobody else can make that decision
for you.”
Mississippi law requires patients to
visit the clinic twice with a gap of at least
24 hours, exacerbating costs for those
who travel from other states. Women
spend up to $2,000 in total and often
have to take time off work and in some
cases arrange childcare, says Brewer.
In the first visit, the clinic must give
patients information on abortion risks
including a connection to breast cancer
that doctors at the facility and other
medical experts deem inaccurate. The
abortion is performed on the second
trip. “The 24-hour waiting period is
basically saying that you as a woman
cannot make a decision without going
and thinking about it some more,” says
Brewer.
The clinic — which receives virtually
no external funding — charges $600 for
the so-called abortion pill that it admin-
isters until 11 weeks. Surgery prices for
later-term abortions range between
$650 up to 12 weeks and $800 at 16
weeks, a limit set by the clinic as later
procedures face additional state restric-
tions. Over the decades, Mississippi has
introduced strict regulations for abor-
tion clinics including a minimum width
of doors and hallways. Facilities must be
at least 1,500 feet from any church,
school or kindergarten.
While the lawmakers who have
backed such measures argue they
further women’s health, pro-choice
advocates say the rules are crafted to
burden abortion providers to the point
of closure.
“It made it difficult for the clinics to
survive year after year after year
because these laws have just been roll-
ing out like a series of boulders falling off
of a building, bam bam bam!” says Rob
McDuff, attorney with the Mississippi
Centre for Justice and the Jackson facil-
ity’s local counsel on the Supreme Court
case. “All of that has contributed to the
fact that there’s only one clinic in the
state.”
Finding doctors is another challenge
for the Jackson clinic. Its physicians
come from outside Mississippi. “We
have local doctors who actually support
us. They can’t deal with the antis [anti-
abortion activists],” says Brewer. The
activists would complain to the local
doctors’ other employers, knock on
their neighbours’ doors or leave things
in their mailboxes, she says. “They
harass them.”
Mississippi is the poorest state in the
US, with nearly 20 per cent of its 3m
population living in poverty. At 51.9
deaths per 100,000 live births, black
women’s pregnancy-linked mortality
ratio between 2013 and 2016 was nearly
three times white women’s, according to
the state health department.
Mississippi has become an “abortion
desert”, says Michelle Colón, executive
director of Sisters Helping Every
Woman Rise and Organize (SHERo),
which focuses on reproductive justice
for black and brown women. Abortion
bans, she says, fall hardest on “any mar-
ginalised group that is having difficulty
making ends meet”, including people of
colour or people in rural areas.
15
Directly outside Jackson’s clinic, the
fight over abortion rights plays out on a
daily basis. On one side are the
Pinkhouse Defenders clad in rainbow-
coloured vests, who shield the clinic’s
patients from the opposite camp, pro-
life protesters trying to dissuade women
from getting abortions. Both sides wear
cameras on their chests for security and
legal reasons.
The protesters who spoke to the FT
wanted the facility shut down and abor-
tion outlawed with no exceptions.
Some of the more aggressive pro-
lifers shout at the clinic’s patients and
put up large posters with images of dead
foetuses and slogans such as “ABOR-
TION IS MURDER”. Some believe mur-
der laws should be applied to abortion.
“I think that the man who kills his three-
year-old child should be held just as
accountable as the one who kills their
preborn child in the womb,” says
Gabriel Olivier, 29.
Less combative protesters include
young ballerinas from Ballet Magnificat,
a Christian dance company, who pray
and play Christian music on a speaker.
Others try giving patients anti-abortion
literature while calling out “there are
life-affirming alternatives”.
Laura Knight, president of Pro-Life
Mississippi, a Christian anti-abortion
outreach group, says that winning the
Supreme Court case would allow the
state to once again “protect our own citi-
zens and protect the women from the
abortion industry”.
Anja Baker, Mississippi spokesperson
for the Susan B Anthony List, an organi-
sation whose mission is to end abortion
by having pro-life officials elected, co-
ordinates support services for pregnant
parents. “We believe in not just being
pro-birth but being pro-continuum of
life, and so making sure women are
aware of what’s available to them and
finding what isn’t and making it so.”
But a 26-year-old clinic patient with a
three-year-old child says that having to
rely on welfare payments from the state
was not an appealing option. “You want
us to be dependent on the government
all our lives?” she asks “No. I got dreams,
I got ambitions, I’m starting a [transpor-
tation] business . . . I’m trying to break
the cycle.”
Derenda Hancock, leader of the Pink-
‘In Roe v house Defenders, arrives at the clinic at
6.30am on every operational day. Han-
Wade, the cock and her team of volunteers take
shifts to guide patients past pro-life
[Supreme] activists, some of whom are armed, she
Court says. In Mississippi, carrying a firearm
without a permit is allowed.
wrongfully Hancock believes the anti-abortion
took protest is about “power and control
[over] people with a uterus”. The pend-
abortion ing Supreme Court case is the “end
game”, she says.
policy-
A pivotal case
making Both opponents and supporters of abor-
out of the tion believe the case involving the Jack-
son clinic will have much wider reper-
hands of cussions. Ziegler says that if Roe is over-
the people’ turned, some states might start chip-
ping away at other rights enshrined “on
similar ideas of self-determination”,
such as same-sex marriage.
Some groups opposed to abortion
have made a similar argument. “These
‘rights’, like the right to abortion from
Roe, are judicial concoctions,” the anti-
abortion group Texas Right to Life wrote
in a Supreme Court brief in support of
Mississippi’s petition.
Speaking on Sunday, Tate Reeves,
governor of Mississippi, said that if the
Supreme Court were to overturn Roe,
the state would consider further restric-
tions on abortion. “I would like to do
everything we can to protect unborn
children,” he told NBC. “I believe very
strongly that if you read the constitu-
tion, there is nowhere that prohibits
individual states like Mississippi to limit
access to abortions,” he added. “And so I
think Roe was wrongly decided.”
If Roe is undone there would be no
“serious avenue for challenge in the
courts”, says McDuff, adding a genera-
tional change in the composition of the
Supreme Court would be required for
the pendulum to swing back.
Brewer says she would be “dis-
traught” if the clinic lost the case
because of the implications for her chil-
dren and grandchildren. “That’s what
b o t h e r s m e m o re t h a n a n y -
thing . . . [that] they had something
taken away from them.”
But no matter the outcome, the clinic
has no intention of closing. She hopes
the facility could still offer services such
as ultrasounds, lab work or patient vis-
its. “I don’t see us just shutting the
doors,” she says.
16
TUESDAY 30 NOVEMBER 2021
The gap between US
spending and confidence
Holiday sales have started strongly, but Omicron raises new questions
Like the rest of the world, Americans
woke up the day after Thanksgiving to
news of the troubling new Omicron
variant. That did not stop them shop-
ping with gusto, in-store and online, on
Black Friday, by tradition retailers’
break-even moment for the year. Initial
figures suggest consumers were out in
shops in greater force than last year, if
not yet in pre-pandemic numbers.
Online sales, after last year’s step-up,
were flattish. Yet with strong sales in
November being fuelled by a release of
cashpiles amassed in the pandemic, a
reckoning was always set to follow.
Omicron has now raised new questions
over the sustainability of spending.
RetailNext, which tracks shopper
numbers in stores, said Black Friday
traffic rose 61 per cent over last year,
though it was still down 27 per cent
from 2019. Adobe estimated online
sales slipped from $9.0bn in 2020 to
$8.9bn this time — the first such fall
since it began collecting figures in 2012.
Adobe forecast consumers would
spend between $10.2bn and $11.3bn
online yesterday on “Cyber Monday”,
which is now the biggest online shop-
ping day, against $10.8bn last year.
But relatively flat numbers for the
holiday weekend reflect the fact con-
sumers brought forward purchases this
year to avoid shortages caused by sup-
ply chain problems. Adobe estimates
online sales in November 1-28 rose 13.6
per cent over last year to $99.1bn.
Overall, the picture of retail sales this
year offers two great contrasts. First is
the divergence between booming con-
sumer spending and falling consumer
confidence. The explanation for the
former is surely the trillions of dollars
the US government has inserted into
consumers’ pockets through stimulus
cheques. Savings built up through
reduced travel and spending on enter-
tainment and services during lock-
downs have also helped to build up
LV’s mishandled defence
of its private equity sale
Mutual board’s failings have allowed private equity to be cast as villain
Has LV’s management team done a
poor job of defending a private equity-
backed takeover? Yes — and many poli-
cyholders and politicians agree. In a
last-ditch attempt to convince mem-
bers of the 178-year-old mutual insurer
to back a controversial £530m takeo-
ver by Bain Capital, LV last week finally
published details of a strategic review
that convinced management to hoist
the “for sale” sign last year.
Far from silencing critics of the deal,
its publication has raised more ques-
tions than it answers. As one of the UK’s
few remaining mutuals, with just over
1m members, any sale was bound to be
challenged by politicians and the press.
However, LV’s board appears to have
drastically underestimated the level of
public scrutiny, making it all too easy
for its critics to cast its US private
equity suitor as the villain.
LV was slow to defend its decision to
pick Bain ahead of rival bidder Royal
London, which would have preserved
its mutual ethos. Royal London has dis-
rupted the deal by positioning itself as
the antithesis of predatory private
equity, yet could come back with a
lower offer if policyholders vote down
the deal on December 10.
Bain has promised £160m of invest-
ment, stressing its long-term commit-
ment and intention to ringfence the
with-profits fund, throwing in a tiny
uplift for the 271,000 policyholders
who legally own the business.
LV argues it would be unfair for this
level of investment to fall upon their
shoulders, stressing the risks of fund-
ing a business with an uncertain future.
Yet for all the reports it has published,
none has convincingly explained why
Bain thinks it can make money from
LV’s business while the policyholders
cannot.
Last week, MPs on the Treasury
select committee raised questions over
LV’s handling of the deal, and whether
household balance sheets. Much of the
release is now going into goods sales.
Consumers tell pollsters they worry
about inflationary pressures, but that
has not stopped them spending;
indeed, some may be shopping now in
anticipation of price rises later. The
stimulus — and the availability of
cheap credit for debt refinancing and
buyout groups — means the retail wipe-
out predicted early in the pandemic, as
sales fled online, turned out less severe
than feared. Bricks and mortar chains
including JCPenney, Neiman Marcus, J
Crew, Brooks Brothers and Canada-
based Aldo filed for bankruptcy pro-
tection last year, but several later exited
or were bought out of Chapter 11.
The second disparity is between big-
box retailers that have been able to
keep control of supply chains — by
chartering container ships and even
airfreighting goods, swallowing the hit
to margins — and smaller retailers that
lack the same financial clout. Walmart,
Target and Costco reported robust
quarterly earnings, but shares of Gap
and Nordstrom fell last week when
they warned of inventory problems.
Even so, the rising tide of consumer
spending in recent months has lifted
most retail boats. As savings are drawn
down the tide will recede, and some
boats will be beached. The groups left
struggling will be the same ones doing
so pre-pandemic — those lacking a
compelling proposition, the number
two and three groups in each subsector,
and malls in poor locations.
Lower operating costs and effective
tax rates will shield even weaker US
retailers from the carnage seen else-
where, such as in the UK. But the gap
between spending and confidence
already reflected underlying vulnera-
bility. If Omicron turns out as danger-
ous as feared, the retail reckoning may
be sooner, and harder, than it seemed
before Thanksgiving.
it was appropriate for chief executive
Mark Hartigan to lead the takeover
negotiations if he stood to be employed
by Bain following the deal.
In the voting pack, the LV board say
no bonuses will be paid if this deal is
successful, but policyholders fear this
does not rule out private equity-sized
pay packets in future. For the sake of
about £100 per member — a tiny sum
compared to the thousands paid out in
previous demutualisations — they may
well be tempted to give the manage-
ment a bloody nose.
Although UK regulators have given
the vote a green light, it is right to ques-
tion whether private equity companies
are the right kind of owners for busi-
nesses whose long-term liabilities
stretch well beyond their usual horizon
of ownership. Yet the target of politi-
cians’ ire should be poor leadership at
LV rather than private equity bidders.
However protective politicians may
feel about the mutual ownership
model, it is no guarantee of good stew-
ardship. From the near-collapse of
Equitable Life in 2000 to the scandal at
the Co-operative Bank in 2013, mutual,
co-op and employee-ownership mod-
els are vulnerable to mismanagement
like their listed (and, indeed, private
equity-owned) peers. While the
mutual structure, conservatively led,
may smooth out the troughs that other
businesses experience, it also places
obstacles in the way of expansion.
Economic systems suffer when they
verge towards a monoculture of owner-
ship model. The UK should therefore
continue to protect and encourage a
wide variety of business structures,
from mutuals to private equity.
But if this deal is voted down, it
should be seen as a vote of no confi-
dence in LV’s management team,
rather than a heroic defence of a
mutual structure menaced by private
equity assailants.
★ FINANCIAL TIMES
Letters
Britain has to defy its populists to solve the migration issue
Your observation that “France has a
moral responsibility to people on its
soil not to let them be exploited and
board unsafe boats that may carry
them to their death” (FT View,
November 26) is perhaps — no doubt
inadvertently — too flattering to the
UK’s position on the migrant issue.
At what stage in the migrant crossing
process should the UK’s moral
responsibility first be engaged? You
don’t seem to think that it is while the
migrants are in France. Other options
might be the international maritime
boundary, the seaward limit of the
territorial sea, the inshore traffic zone,
Debate around social care
is too focused on funding
Regarding your article “Keir Starmer
dubs Boris Johnson’s social care plan ‘a
working-class dementia tax’” (Report,
FT.com, November 24) the current
debate around social care has focused
on funding. The needs of the carers
who provide it, whether paid or
unpaid, has had far less attention.
The social care workforce,
comparable in size to the healthcare
workforce (1.5m), has only been
promised £500m for workplace
training.
This will do little to reduce the
prevalence of low pay, zero-hours
contracts and insecure employment.
Seven out of 10 social care workers are
paid less than £10 an hour, with little
pay or career progression. Without
investing in standards comparable with
healthcare workers, integration of
health and social care services will not
be possible.
The over-50s accounted for 73 per
cent of UK employment growth in the
past 20 years and by 2018 their
employment rate had reached 72 per
cent. However, three-fifths of the
“economically inactive” — those willing
to work but not looking for it — were
sick, injured or disabled. One in six
were looking after home or family.
This is not surprising because
starting in 2010, women’s pension age
has risen from 60 to 66 years. This is
hitting women living in the poorer
areas the hardest. Overall, one in four
women and one in seven men become
carers between their 50s and 60s.
Together with the “dementia tax”
this is a continuation of austerity and is
“levelling down” with a vengeance.
Hilary Land
Emerita Professor of Family Policy
University of Bristol, Bristol, UK
It’s time owner-occupied
homes were seen as assets
The heart of the problem with the new
approach to funding care (“PM
indicates social care plans risk
undermining manifestos”, Report,
November 24) is that the key
objectives in practice include
protecting the inheritance of the
children of those needing care.
But selling your home to fund your
care is just what you should do. During
our working lives we save money,
investing some in a pension, some in a
house. When we stop working we draw
on our assets. All our assets.
The most expensive care is provided
in care homes, so the user does not
need their home. There are already
financial mechanisms for realising the
We cannot
expect police
to manage
mental health
crises
US
Notebook
by Patti Waldmeir
the 10 fathom contour, or when they
are washed ashore perhaps? The
jurisdiction of a nation state’s moral
responsibility is no easy matter. Boris
Johnson, the UK prime minister, and
Priti Patel, his home secretary, might
need help with this.
There is a precedent of course to
guide them. In 2015 Angela Merkel
clearly decided that Germany had a
moral responsibility to Syrian refugees
while they were still in Hungary. Given
the large mismatch in the numbers
involved then and now I imagine her
unhesitating solution to the present
crisis would be to send some ferries
value of a property while enabling a
partner to continue to live there. A
house is just another asset — even if
you live in it. Of course selling a home
would for many be an upsetting
decision. But unless we explicitly wish
to perpetuate the unfairness of large
inheritances we have to stop the
anomaly, in inheritance tax as well as
care funding, of treating owner-
occupied homes as something other
than an asset.
Michael Romberg
London W1, UK
Boost jab cover by waiving
drug firm indemnity
The call by Dale Squires (Letters,
November 26) to use economic
incentives to induce the unvaccinated
to get the jab is unworkable as the data
on the actual cost effectiveness of the
MRNA vaccines is unknown and will
remain so for many years, until their
long-term effects and effectiveness are
more certain.
To maintain that waiting is
unnecessary is to deny the rapid
trajectory of alleged benefits of the
shots, which has been one of constant
shrinkage: from a single jab with full
protection to multiple, possibly
indefinite, boosters which prevent
neither infection, transmission,
disease, hospitalisation or death,
against variants both known and yet to
emerge.
Perhaps as an alternative “carrot”
the vaccine makers could immediately
and unilaterally waive their indemnity
clauses against liability? This would be
a huge confidence builder and
incentive for the resisters to join the
majority freely.
Antony Manthos
Founex, Switzerland
For decades, American cities have
cherished the notion that armed cops
are the obvious first responders for a
mental health crisis. Faced with
someone parading naked through the
streets in the throes of a mental
breakdown, emergency 911 dispatchers
send the police — because they have
no one else. Ditto for those on drugs,
or living rough, or panhandling, or
even sometimes just plain poor. Many
end up in jail or a hospital emergency
room — and nearly one-quarter of
those killed by US police in recent
years had mental illness, according to
a Washington Post database.
The issue came to a head last year
after a black man in mental crisis died
following an encounter with police.
Now, cops across the country are
experimenting with ways to get
officers off the front lines of trying to
solve America’s post-pandemic mental
health crisis so they can tackle that
other crisis — the rise in violent crime.
Several cities have responded to
pressure to “defund the police” by
diverting public funds so that social
workers can respond to calls that cops
should not be handling in the first
place.
St Louis, the Midwest city where
police in the suburb of Ferguson killed
Michael Brown, a black teenager, in
2014, is pairing up cops with clinicians
to handle mental health-related calls.
St Louis officials say no police officers
lost their jobs to pay for the “purple
shirts”, the mental health workers
who partner with an armed police
officer on calls where mental health
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
over to France to pick them up. That
will not be happening though. That
solution, as risky, real and raw as the
Channel itself, would not pass muster
with the populists now-a-bed in
England and those who crave their
votes. It would, of course, be the
ultimate “safe, legal channel” for
people to claim asylum. Its fatal flaw is
that it would require genuine courage
and genuine leadership.
Instead, having torn up a few
treaties, the UK asks for a few of the
more convenient rights therein to be
restored. That would be as politically
digestible in Europe as ferry loads of
Why Boric is seen as the Family offices play to their
extremist in Chile’s election entrepreneurial strengths
Professor Stephany Griffith-Jones
stated in her letter (November 25) that
Gabriel Boric, the leftwing candidate
running for the presidency in Chile,
was far from the extreme. Well, he is
running in an alliance with the
Communist party, a political party
which has recently supported the cruel
dictatorship now being established in
Nicaragua, which has been for decades
in place in Cuba, and which has a long
history of crimes throughout Latin
America that it has never owned up to.
Boric himself supported the
Venezuelan leader Hugo Chávez until
his death and also supported the
government of Nicolás Maduro, at least
until 2016. He could have been blind
for all those years, but the constant
human rights violations by those
governments were plain to see.
Boric’s ideas on civil society, freedom
of the press and individual liberty are
clear in his record as a congressman
and in his proposed programme for
government
Moreover, he indeed supports the
use of violence in politics rhetorically
and in reality: he has been supporting a
bill, which if it became law would
pardon the delinquents that have burnt
churches and used Molotov cocktails
against innocent people, museums,
small businesses and policemen.
I do not know how this could be
characterised as not extreme.
Fernando Claro-Valdés
Santiago, Chile
China’s AI clout will force
a rethink at the Pentagon
Nicolas Chaillan outlines very clearly
the need for the Pentagon to develop a
new artificial intelligence (“To catch up
with China, the Pentagon needs a new
AI strategy”, Opinion, November 23).
AI is considered the defining
technology for both commercial and
military dominance in the 21st century.
For the US to finance new military
technology will require breaking the
links with the 20th century, reviewing
spending on overseas bases and aircraft
carriers.
China has provided a wake-up call
with its developing missile capabilities
and its growing AI expertise. China is a
more potent and serious threat to the
US than the Soviet Union, given the
growth of its global economic power
which provides the funding for its
military expansion. The US has to
recalibrate its military strategies, to
bring them into the 21st century.
Ed Houlihan
Ridgewood, NJ, US
could be a factor. The programme is
budgeted at $1.2m this year but St
Louis has allocated a further $5m in
pandemic relief funds for future years,
which will be used to fund cops and
clinicians.
“The police are not the fix-all for
everything, we have to get out of that
mindset”, says police lieutenant
Leonard Day Jr, a 27-year veteran. Day
is the African-American commander
of the St Louis Crisis Response Unit,
which runs two shifts of cops and
clinicians teams each day. Armed cops
are still first on the scene in St Louis —
but they clear out as soon as it’s safe
for a “purple shirt” to take over.
On an unseasonably warm Midwest
morning earlier this month, Day took
me on one such call, after the 911
dispatcher reported a “disturbance”
between neighbours. One resident was
making it a daily habit to call 911: the
cops felt they couldn’t resolve this
alone.
Regular police turned up first, but
within five minutes they left the stage
to Randall, an African-American
mental health clinician, his purple
shirt stretched over a bulletproof vest.
He settled himself on a wrought-iron
garden chair to listen to the many and
varied grievances of the 57-year-old
white complainant — for an hour. It
became clear that pandemic isolation,
past domestic abuse and mental
illness were all part of the story. When
we left, Randall was still patiently
explaining how to get connected to
therapists and other resources.
“People want to be heard, and the
Tuesday 30 November 2021
Email: letters.editor@ft.com
Include daytime telephone number and full address
Corrections: corrections@ft.com
migrants arriving in Dover would be at
a meeting of the Conservative 1922
Committee.
This is a complex issue. Slogans and
soundbites won’t fix it. Diplomacy and
tact are required, courage and
leadership. Perhaps, heaven forbid,
something that irks the populists will
have to be contemplated. Like
accepting that this is not a moral
problem only for a political union of
certain European countries but a moral
problem for a Europe that includes
the UK.
Jim Cashman
Tonbridge, Kent, UK
Regarding Stephen Foley’s article
“Family offices become serious rivals
to VC firms for funding start-ups” (FT
Wealth, FT.com, November 24)
families have indeed been stepping up
their participation in private equity.
But so-called “patient capital” is not
the main driver of this trend.
Private equity is already an asset
class with investors accustomed to
lockups and long cycles. The two key
drivers of the surge in family offices’
investment into PE assets are
characteristics of family businesses and
family dynamics. Number one is the
ability to invest in sectors that are
connected to the family’s business.
Family offices manage their exposure
to risks in sectors that they are not
familiar with. Unlike PE funds, families
select their PE assets according to their
own entrepreneurial strengths. Hence
there is a frequent mismatch with the
hotchpotch of PE fund assets. Families
buy their PE assets rather than being
sold random ones.
Second is the appetite of “NextGen”
family members, especially in Asia, to
invest in — and be personally involved
with — new ventures, for which PE
funds are ill-adapted.
Next generation drives new ventures
in family-owned groups. There are
many positive consequences of this for
the family: motivation of the NextGen,
new skills, new opportunities for the
family members and the business.
PE funds could not offer the same
value to families.
Geoffroy Dedieu
Head of Family Office, Europe
InvestHK, Brussels, Belgium
Consumer choice and the
paradox of Buridan’s ass
Andrew Hill (Work & Careers,
November 22) is spot on — too much
choice cannot only be confusing, it
might even be lethal. Buridan’s ass was
reputed to have starved to death when
tethered between a bale of hay and a
pale of water, because it could not
make up its mind which one to
consume. Choices! Choices!
Khalid Ikram
Potomac, MD, US
WORK & CAREERS ON FT.COM
What can business schools teach a family
firm?
As these companies scale up there is a
need to professionalise the management
and governance, so more courses are
focusing on weaknesses and strengths,
writes Seb Murray
www.ft.com/work-careers
police officer often doesn’t have the
time to listen,” says Captain Latricia
Allen, commander of St Louis North
patrol division district 6. She says she
hopes the programme will help
improve the poor image of the police
force.
Other cities are trying different
models: my home town of Chicago is
piloting the deployment of mental
health and paramedic teams, some
with police officers. Another route is
to send “peer specialists” who have
personal experience of mental illness
or substance abuse, along with a
paramedic. None of these units travel
in police cars or wear standard police
uniforms.
Tiffany Lacy Clark, chief operating
officer of Behavioural Health
Response, which provides the
clinicians for St Louis’ crisis response
teams, says 98 per cent of those
helped by the programme since it
started in February have been
“diverted” from going to jail and 85
per cent have avoided a fruitless trip
to hospital.
“We need to come to them with a
heart that is open and able to listen,
and to leave them with some hope
that tomorrow will be better than
today,” she says. That’s a far cry from
what police normally do. But now —
thanks in part to money from federal
pandemic relief funds — those who
need treatment are being offered help
outside the police and justice system.
The writer is a contributing columnist,
based in Chicago
Tuesday 30 November 2021
AI is making applying for work even more miserable
EMPLOYMENT
Sarah
O’Connor
J
ob interviews are rarely fun,
especially when you are young.
I will never forget the opening
question in my first interview
for the Financial Times gradu-
ate trainee scheme: “So, apart from the
week before your interview, do you ever
actually read the FT?”
Young people today face a different
but no less daunting challenge. They
find themselves smiling anxiously into
their laptop webcams, answering ques-
tions as a timer ticks down with no
human to interact with at all.
Large employers are using these
“asynchronous video interviews” to
whittle down job applicants to a smaller
pool they can meet in person. Platforms
such as HireVue and Modern Hire
record applicants answering pre-deter-
Why China’s
elite tread a
perilous path
GLOBAL AFFAIRS
Gideon
Rachman
R
ui Chenggang made a strong
impression on me. He was a
young Chinese television
anchor, whose tailoring was
as impeccable as his English.
We met in Davos in 2014, at a press con-
ference with Shinzo Abe. Rui asked the
then Japanese prime minister a tough
question — while also pointing out that,
when in Tokyo, he used the same gym as
Abe. In short, he was very pleased with
himself.
We chatted after the press conference
and Rui told me I must look him up,
next time I was in Beijing. I never got the
chance. Rui was arrested for alleged cor-
ruption that summer and has not been
seen in public again. The following year
in Davos, I asked one of his Chinese col-
leagues what had become of Rui. She
pulled a face and ran to the other side of
the room.
The story of Rui Chenggang serves as
my personal reminder of how quickly
the rich and powerful can fall from grace
in China. The most famous current
example is the tennis player Peng Shuai.
Peng disappeared for several weeks
after making an accusation of sexual
assault against a senior Chinese leader,
before reappearing in a series of staged
Jim
O’Neill
I
t is 20 years since I published a
paper which formally grouped
together the emerging economies of
Brazil, Russia, India and China and
coined the term “Bric” to describe
them. I argued that since these coun-
tries were likely to continue their strik-
ing gross domestic product growth over
the next decade, we urgently needed
them to play a bigger role in global gov-
ernance. With France, Germany and
Italy in permanent economic and mone-
tary union, I suggested their individual
places in the G7 and corresponding rep-
resentation at the IMF and World Bank
could be consolidated into a single Euro-
pean seat, making way for the Bric
countries to join a slightly expanded G7.
It was not until 2003, when my team
published a further piece entitled
“Dreaming with Brics”, that we hypoth-
esised these four nations could collec-
mined questions, usually with a time
limit for each answer. In some cases, the
recordings will be watched by the
employer’s hiring managers. In others,
the platform’s algorithms will assess the
candidate based on what they said or
even their facial expressions.
AVIs are increasingly common. Of
those employers using video interviews
in the UK in 2019/20, 46 per cent were
doing them with an interviewer, 30 per
cent were using automated video inter-
views and 24 per cent were using a mix
of both, according to the Institute of Stu-
dent Employers.
These interviews can be done cheaply
and at scale: one grocery chain in the US
was gathering as many as 15,000 per day
during the pandemic, according to Hire-
Vue. The platforms say the process is
fairer and less biased than human
recruiters, leading to better and more
diverse candidates making the cut.
Of course, there is fierce debate about
whether algorithms could in fact rein-
force human biases rather than elimi-
nate them. Others argue some AI prod-
ucts are merely digital snake oil lapped
up by credulous HR departments.
photo and video appearances. Her
future remains uncertain.
In China, the rich, famous and power-
ful are all vulnerable to disgrace, disap-
pearance or worse. The phenomenon
was highlighted by the headline of an
article in Forbes magazine in 2011:
“Friends don’t let friends become Chi-
nese billionaires.”
Citing statistics from the Chinese
press, the article pointed out that 72 of
the country’s billionaires had died pre-
mature deaths in the previous eight
years. The original piece in China Daily,
which is published by the Communist
party, provided the details: “Among the
72 billionaires, 15 were murdered, 17
committed suicide, seven died from
accidents, 14 were executed according
to the law and 19 died from diseases.”
Anyone who thinks that things have
become less perilous for the rich and
powerful in China in the intervening
decade would do well to read Desmond
Shum’s recently published book, Red
Roulette. Shum and his wife, Whitney
Duan, rose from poverty to become bil-
lionaire property developers. They
drove a Rolls-Royce around Beijing and
travelled the world in private jets. The
couple thought nothing of spending
$100,000 on wine at a single meal in
Paris. Whitney thrived on her connec-
tions to China’s political elite — until she
was arrested in 2017 and disappeared.
As Red Roulette makes clear, this kind
of sudden fall from grace is not uncom-
mon. Shum and Duan’s redevelopment
of Beijing airport hit a problem when
one of their key contacts, Li Peiying,
Twenty years on, the Brics have disappointed
tively become bigger economies than
those of the G6 (excluding Canada). Our
timing was fortuitous, coinciding with a
globalisation boom which meant many
international companies doing more
business in Bric countries.
A few years on, the financial crisis
finally galvanised changes in global gov-
ernance which were long overdue. My
recommendation of consolidating the
big continental economies into one rep-
resentative never happened. But in
response to the market turmoil, then US
president George W Bush convened the
G20 in 2008 — a grouping which
included the four Bric countries. When
Gordon Brown, then UK prime minister,
hosted the expanded group in London a
year later, this consolidated its central
role in global economic and finance
affairs.
The introduction of the Financial Sta-
bility Forum — which subsequently
became the Financial Stability Board in
2009 — and a rebalancing of the voting
rights and ownership shares at the IMF
and World Bank also seemed signifi-
cant. These both struck me as impor-
tant developments towards a greater
★ FINANCIAL TIMES
Opinion
But in addition to interrogating
whether the technology works as
intended, employers need to pay more
attention to how the process affects pro-
spective employees.
Researchers at the University of Sussex
Business School, in association with the
Institute for Employment Studies,
have warnedthat young jobseekers feel
confused, dehumanised and exhaus-
Young jobseekers feel
dehumanised and
exhausted by automated
recruitment systems
ted by automated recruitment systems.
Jimeet Romen Shah, who is in his final
year at the University of Sussex, has done
seven or so AVIs in the past two years. He
tries to “make eye contact” with the cam-
era but finds it hard not to watch his own
face on the screen. “It doesn’t feel natural
at all. Especially because when I’m in an
interview face-to-face I can smile when
I’m talking, but when I’m in a video and
who was the airport’s general manager,
disappeared without explanation. He
was later charged with corruption and
executed.
A key political contact, cultivated by
Duan, was Sun Zhengcai, a fast-rising
official tipped as a potential successor to
President Xi Jinping. Sun was expelled
from the Communist party and sen-
tenced to life in prison for corruption in
2018. Shum argues that Sun was actu-
ally the victim of a “political hit job”.
Duan’s connections to Sun may, in
turn, have led to her arrest. Or it could
be that she was too close to the wife of
former premier Wen Jiabao, whose fam-
ily had become fabulously wealthy.
Despite once being the second most
powerful man in China, Wen is now
The rich, famous
and powerful are all
vulnerable to disgrace,
disappearance or worse
shared prosperity, and a more repre-
sentative form of global governance for
the future.
How disappointing then, another dec-
ade on in November 2021, that abso-
lutely nothing has progressed. The man-
dated five-year review of the special
drawing rights — which would probably
boost the objective representation of
How these countries
transition towards a higher
income status remains an
unsolved challenge
key emerging currencies to reflect their
growing strength — has been delayed.
Due to US-China rivalry, the G20 itself
now seems divided. Very little seems to
get done.
This is especially concerning because
while the IMF predicts that developed
economies will not suffer significant
damage in the wake of the pandemic,
emerging markets, with the exception
of China, are expected to have far slower
trying to smile it doesn’t look right.”
He worries that if he glances down or
up it will look like he is reading notes. “It
does feel robotic,” he says. In most cases,
he wasn’t able to review the videos and
wasn’t told if a human or a machine
would judge him. He has never received
detailed feedback after a rejection.
While it’s hard to communicate natu-
rally in such an unnatural situation, the
platforms simultaneously urge jobseek-
ers to “be authentic” to have the best
chance of success. “Get excited and
share your energy with the camera, let-
ting your personality shine,” HireVue
advises. On discussion forum Reddit,
job applicants share tips to cope, such as
to stick a smiley face next to the camera.
Some platforms are making improve-
ments. HireVue told me it was best prac-
tice to have “anxiety-reducing features”
such as the ability for applicants to prac-
tice questions and re-record their
answers. It always tells candidates if AI
will evaluate the responses.
Dr Zahira Jaser, an assistant professor
at the University of Sussex business
school, says students are led to believe
the technology is flawless even as they
reduced to communicating in code. A
memoir about his mother that he pub-
lished in an obscure newspaper this year
was read as a veiled criticism of Xi and
was swiftly scrubbed from the internet.
Some believe that Peng Shuai may
also be communicating in code. One of
the photos released to prove that she is
still alive showed her standing next to a
photo of Winnie the Pooh. Xi is often
derisively compared to the portly bear.
International renown offers no pro-
tection from arbitrary power. Jack Ma,
Alibaba founder and China’s most
famous businessman, dared to criticise
Chinese regulators in October 2020. He
has barely been seen in public since.
Meng Hongwei was the first ever Chi-
nese president of Interpol, but he was
arrested on a trip home in 2018, charged
with corruption and sentenced to more
than 13 years in prison.
Sympathy for billionaires or party
functionaries, brought down by the sys-
tem that once elevated them, might be
limited. But the powers of the Chinese
state are used with even more ferocity
growth than projected before coronavi-
rus struck.
Not only has the G20 been unable to
agree an equitable plan for Covid-19
vaccine distribution, but some mem-
bers have also opposed the formation of
a new Global Finance and Health Board,
which would boost global resilience to
future health challenges. The combined
failure to show leadership on the 1.5C
climate change target, the central fea-
ture of this month’s COP26 summit, is
most worrying.
Of course, the Bric leaders also
formed their own economic and politi-
cal club in 2009, with the addition of
South Africa making it “Brics” — a
development which boosted the popu-
larity of the acronym. But other than
forming another development bank,
they have done very little policy co-or-
dination to foster their own collective
economic effort. Neither have they con-
tributed constructively within the G20
for the global common good. This is sim-
ilarly disappointing.
China is the only Bric country to have
surpassed its growth projections, and
India is not too far off from meeting its
struggle with it. She knows students for
whom English is their second language
who find the video interviews particu-
larly stressful. “This is a recipe for disas-
ter for the students’ self esteem,” she
says. “I’m now looking at myself in the
mirror in the crucial stage of my life, try-
ing to enter the job market . . . and then
I’m told all the mistakes are mine
because this is perfect technology.”
Employers stand to lose too. AVIs
select for people who can talk into a
void, not people who can interact well
with others, though the latter is more
important in most jobs. What’s more, an
interview is a company’s first real inter-
action with prospective employees,
some of whom it will want to hire. It
should be a chance for both sides to
learn about each other.
It’s easy to get excited about new tech-
nology but employers should listen to
the voices of the supposed “digital
natives” now subject to it. “If I’m ever on
the other side of the table,” Shah told
me, “I’m always going to do a telephone
call at the least.”
sarah.oconnor@ft.com
against dissenting lawyers, journalists
and academics. As a recent report for
Human Rights Watch illustrates, the
authorities also often go after the fami-
lies of dissidents.
The nature of the Chinese system
means that steering clear of politics is no
protection. The business world is
opaque and runs on connections, so eve-
ryone is operating in what Shum calls
the “grey zone”, and is therefore vulner-
able to a charge of corruption. All insti-
tutions are under the sway of the Com-
munist party. A smart lawyer or diligent
journalist will be no help if you are
arrested. The courts have a conviction
rate of 99.9 per cent.
At the top of the system sits President
Xi, a leader who has defended not only
Mao Zedong but also Lenin and Stalin. It
was Stalin’s secret police chief, Lavrenti
Beria, who once explained the absolute
vulnerability of any individual in a
police state, when he said: “Show me the
man, and I will find the crime.”
gideon.rachman@ft.com
estimates. But due to dismal second dec-
ades, neither Brazil nor Russia have
seen their nominal US dollar shares of
GDP grow any bigger than they were
back in 2001. The great challenge of how
these countries successfully transition
towards a higher income status for the
whole of society remains unsolved.
South Korea continues to be the sole
shining example for those nations
which genuinely aspire to that goal. In
my professional lifetime, it is the only
country which has evolved its economy
to a level where its citizens are as
wealthy as those in southern Europe. No
other nation of more than 45m people
has yet got close.
Countries such as Brazil, Russia, Indo-
nesia, Nigeria and Vietnam should seek
to emulate Seoul’s economic success for
their own societies. That will end up
making their people wealthier and
probably happier, while also promoting
greater equality around the world.
The writer is a former chief economist
at Goldman Sachs and served as a UK
Treasury minister in David Cameron’s
government
17
The economic
lure of
alternative
worlds
Mary
O’Sullivan
L
ast week, Boris Johnson star-
tled his audience at the CBI
when he spoke in glowing
terms of a family visit to
Peppa Pig World. It was his
“kind of place”, the British prime minis-
ter said, an alluring alternative to a real
world of unsafe streets, unruly schools
and creaking mass transit systems.
It seems unlikely that the UK’s eco-
nomic elite will heed Johnson’s advice
and visit Peppa Pig World themselves.
Yet in recent years some of the sober
men and women who run rich coun-
tries’ central banks have succumbed to
the lure of a fantasy world of their own.
In a celebrated book published in
1963, Milton Friedman and Anna
Schwartz constructed a counterfactual
history in which the Depression did not
have to take place in the United States in
the 1930s. They imagined an alternative
world in which there was no collapse in
production, no spiralling deflation, no
mass unemployment and no poverty. It
was a world, they claimed, in which an
ordinary recession might have occurred
but not a depression. And one that could
have been part of our history if only
America’s central bankers had flooded
liquidity into the financial system to
avert its collapse.
When important people speak aloud
about their fantasy worlds, it makes
sense to look beyond the details. John-
son invoked a porcine world to vaunt
the potential of “UK creativity” which,
combined with the City of London’s cap-
ital, would usher in a green industrial
revolution.
Friedman had a similar taste for pan-
tomime. Lamenting increased “govern-
QE is built on a fantasy in
which the world was saved
from the Depression by
increased money supply
ment intervention in economic affairs”
after the Depression, he attributed it to
the widespread belief that a capitalist
system was prone to crisis. But that was
wrong, he protested, since the Depres-
sion was “produced by government mis-
management rather than by any inher-
ent instability of the private economy”.
Friedman’s work with Schwartz
proved decisive in sustaining the claim
that in the 1930s the US Federal Reserve
had exercised its monetary responsibil-
ity “so ineptly as to convert what other-
wise would have been a moderate con-
traction into a major catastrophe”.
The alternative world that Friedman
and Schwartz imagined proved so allur-
ing that their interpretation had
become the orthodoxy of the Depres-
sion in the US by the end of the 20th cen-
tury. Economists and historians have
begun to ask themselves how that hap-
pened, as well we should. But central
bankers ought to wonder too why they
succumbed to its lure and convinced
themselves of the merits of monetary
policy that was once deemed unconven-
tional, even disreputable, but is now the
“new normal”.
In 2002, Ben Bernanke offered a trib-
ute to Friedman and Schwartz: “I would
like to say to Milton and Anna: regard-
ing the Great Depression. You’re right,
we did it. We’re very sorry. But thanks to
you, we won’t do it again.”
The rest is history. The flood of liquid-
ity that followed the financial crisis was
remarkable when considered in histori-
cal perspective. And that was before
central banks responded to the corona-
virus crisis with even more spectacular
injections of liquidity.
The justification for quantitative eas-
ing is built on a historical fantasy in
which the world was saved from the
Depression by a giant expansion of the
money supply. Its extraordinary appeal
for central bankers has meant that the
illusion of money’s sanctity has been
shattered.
Schadenfreude is tempting when
monetarist ideology is hoisted with its
own petard. Indeed, amid rising asset
prices, there was a suggestion that QE
could be used to fund green policies. But
now talk of old-fashioned inflation is
back and a dystopia is emerging as an
alternative world, one in which falling
production and rising unemployment
appear as inevitable possibilities in a
capitalist economy.
The writer, a professor of economic history
at the University of Geneva, will be deliver-
ing the Penrose Lectures this week
18 ★ FINANCIAL TIMES Tuesday 30 November 2021

Toyota/Omicron: travel ban blues

The Omicron variant poses further risks to the Japanese carmaker’s already stretched supply lines.
Shortages of chips and other essential parts have come at the same time as high steel prices, while domestic
production is hindered by Japan’s shrinking workforce.

Japan’s shrinking labour force Toyota sales and production

Twitter: @FTLex
Omicron vaccines:
boosters boosted
So much for the turkey. Staff at US
vaccine maker Moderna spent
Thanksgiving studying the Omicron
coronavirus variant. Moderna’s shares
have since risen a third with those of
German peer BioNTech not far behind.
That is a measure of the hopes
pinned on mRNA pioneers in the face
of the latest threat. A big advantage of
this technology is its adaptability.
Unlike traditional vaccines, which
involve growing cells in a vat, mRNA
jabs are genetic code wrapped in tiny
bubbles of fat. If Omicron evades
existing vaccines, new versions could
be ready in as little as 100 days.
It is possible that the new variant will
diminish, not demolish, the
effectiveness of vaccines. If so, tweaks
to their design may be superfluous.
A third dose of the existing vaccines
might be enough just to top up
immunity. Omicron is no reason to
panic but a great reason to get boosted,
the boss of the National Institutes of
Health said on Sunday.
The expansion of booster
programmes will consolidate the
position of the two top vaccine makers.
Pfizer, with its German partner
BioNTech, dominates. Moderna, which
has suffered manufacturing glitches, is
the runner-up. Pfizer has repeatedly
increased this year’s forecast vaccine
sales, most recently to $36bn. It expects
to rake in four-fifths of that next year.
It could bring in nearly as much from
its antiviral pill, Paxlovid. This slashes
hospitalisation risk to a greater degree
than a similar drug from Merck.
Analysts expect both companies to
price their drugs at about $700 for a
course of treatment. A phenomenal
response to Covid-19 will almost
double Pfizer’s revenue this year. It
could even top $100bn in 2022, a
record for the pharma industry, some
analysts suggest.
This is more than a flash in the pan.
The antiviral pills, which are unlikely
to be affected by mutations, will be an
invaluable second line of defence to
vaccines. Governments will want a
stockpile. Given capacity constraints, it
would take several years for Pfizer to
satisfy that demand.
The long-term need for Covid-19
vaccines is uncertain. For many
diseases, several doses confer life-long
immunity. But fast-changing viruses
require regular updates. Combating
coronavirus could end up resembling a
game of whack-a-mole. That would
support a multibillion-dollar a year
market, just as flu jabs do.
Meta/Giphy:
too slow, CMA
UK regulators hoping to square up to
Big Tech have picked a strange target
for hardline intervention. The $315m
purchase of US-based animated image
provider Giphy by Meta (as Facebook’s
owner now calls itself) is unlikely to be
transformative. Gifs, shorthand for
graphical interchange format, are
looped animations used for jokey
online communication. Giphy is
estimated to be the largest platform
with more searches than rival Tenor.
The latter was purchased by Google in
2018 without regulatory pushback.
Since the start of 2019, 69 per cent of
deals in the UK that reach the
Competition and Markets Authority’s
detailed Phase 2 investigation have led
to unwinding and abandonment,
according to law firm Linklaters.
The antitrust watchdog can look at
any deal in which the UK turnover of
the acquired company is more than
£70m or the two companies account
for 25 per cent of a market. The CMA
says Facebook controls up to 50 per
cent of the UK display ad market.
Yet the CMA’s three arguments for
unwinding the deal are unconvincing.
It says Meta’s purchase could limit gifs
on other social media platforms,
discouraging users. Second, it claims
Meta might demand data to access gifs
from rivals. Third, it believes Giphy’s
interest in extending advertising
partnerships to the UK means
Facebook has choked a potential rival.
But gifs are not so compelling that
users will delete accounts without them.
Nor has Facebook demanded data from
rivals. Giphy’s reported financial woes
suggest that it was not poised to expand
into a new digital ad market either.
The CMA is acting tough over Giphy
in the hope of atoning for perceived
failures in the past. Facebook’s $1bn
purchase of photo sharing app
Instagram in 2012 helped it to morph
into a digital advertising duopoly with
2.91bn monthly active users. Gifs will
not have the same effect. The CMA is
Millions of people by scenario
Observed Constant entry/exit rates
Delayed retirement Delayed retirement and closing the gender gap
1970 1980 1990 2000 2010
FT graphic Source: OECD
Japan has closed its borders to foreign
visitors in hopes of keeping out
travellers harbouring the Omicron
variant. The move comes at a bad
time for Toyota. Its output of cars fell
by more than a quarter in October
compared with the previous year.
Production fell for the third straight
month and sales declined by a fifth.
Toyota previously held up better than
some rival carmakers thanks to its
microprocessor stockpiles and strong
local supply chain. But the group —
and its Japanese suppliers — are
exposed to south-east Asia for other
parts and for production.
The emergence of the new variant
may result in closures of factories in
Thailand and Malaysia that also shut
temporarily earlier this year. Japan’s
engaged in the time-hallowed
regulatory practice of closing the stable
door after the horse has bolted.
AJ Bell/Dodl:
cheap share affair
Britain’s investment industry learned
from the pandemic that the right
circumstances prompt ordinary savers
to invest. Encouraged by a US retail
trading boom led by Robinhood,
AJ Bell plans to launch Dodl, a cheap
mobile-only service.
The platform group is betting that
cheap and simple will entice new
customers. It hopes to win over
Europe’s growing army of investors
trading free on rival services. Dodl will
Million units
Closing the gender gap
70
Forecast
65
2017
Source: company
Steel prices
60
China hot rolled coil (Rmb per tonne)
55
50
2020 2030 2040 2050 2015 16
Source: Refinitiv
border closure meanwhile chokes off
temporary labour to bolster Toyota’s
depleted homeland headcount.
Japan’s workforce is in structural
decline. Temporary workers became
crucial for handling supply and
demand mismatches after the
country’s working-age population
peaked in 1998. Toyota surveys just
before the pandemic found that
Vietnamese labourers were common
throughout the supply chain.
Japanese manufacturers have
doubled sign-on bonuses and boosted
salaries by a tenth. But this has not
helped to resolve the labour shortage.
The country is expected to announce
strict restrictions on foreign arrivals
starting today, including new foreign
workers and students.
offer commission-free trading on UK
stocks, with customers paying annual
management fees of just 0.15 per cent.
The move will rekindle fears of a price
war among UK brokers.
AJ Bell is already ahead of rivals on
costs, though experience shows British
savers have been more concerned with
quality of service in the past.
Do not expect the UK to be gripped
by the meme stock phenomenon that
took off in the US. Encouraging large
volumes of free retail trades is not in
the interest of UK brokers. Unlike US
counterparts, they are not permitted to
make money from routing order flows
to market makers. Freetrade operates
in the same space. While targeting a
£650m valuation at an ongoing funding
round, it expects operating losses to
grow to an expected £188m by 2023.
Sales Production
12
10
8
6
4
2 Jack Dorsey’s simultaneous leadership
0 of $38bn social media company Twitter
2018 2019 2020 2021
to date
6000
5000
4000
3000
2000
1000
0 Company and SpaceX. But Twitter
17 18 19 20 21
Shortages of labour and parts are
not the only threat to margins.
Toyota is spending heavily to catch
up on battery-powered electric cars
after fuel cell vehicles proved to be a
dead-end for personal road
transport. Negotiations in August
with local supplier Nippon Steel are
reported to have in resulted in big
price hikes for the carmaker.
Shares that are up 44 per cent in
the past year mean a pricey valuation
of 9 times forward earnings. That
represents a two-thirds premium to
Volkswagen, another traditional
carmaker big enough to weather the
transition to electric vehicles.
This premium is unmerited given
Toyota’s dependence on south-east
Asian components and contract staff.
Competition in the UK is still heating
up. Abrdn is hoping to buy retail
platform Interactive Investor to gain a
slice of the market. Spread betting
group CMC Markets plans to split off its
brokerage and investments division.
Scale and breadth of offering still
remain more important to retaining
customers than rock-bottom fees.
Investors in platform companies
want to see customers channelled into
lucrative in-house funds. These now
represent just over 3 per cent of
AJ Bell’s retail client assets, up from
less than 1 per cent in 2018. Dodl may
help to speed up those flows. AJ Bell
should avoid pushing too hard, though.
Rival Hargreaves Lansdown showed
how not to do it with heavy promotion
of discounted funds from imploding
investment star Neil Woodford.
Twitter:
Dorsey takes flight
and $98bn fintech Square was always a
stretch. Less than two years after
adversarial activist investor Elliott
Management called for Twitter to find
a new boss, Dorsey is stepping down. It
is the right move.
Running multiple tech businesses
side by side is not unheard of — see
Elon Musk’s roles at Tesla, The Boring
needs more than a part-time chief
executive. Dorsey’s interest in crypto
and blockchain suggests his mind may
have focused more on Square.
Twitter, once called Twttr, was
launched in 2006 as a sort of group text
messaging service. Over the years, the
platform became better known as a
way to broadcast thoughts to strangers.
Yet while Twitter has become
sleeker, integrating photos and videos
and expanding the character count, it
has failed to keep pace with other
social media innovations. TikTok’s
rolling short videos and Instagram’s
filters attract more users. The result is
a share price that trades around 80 per
cent higher than the 2013 listing price.
Meta, by contrast, has risen 788 per
cent since listing in 2012. Twitter’s US
user growth has also flatlined.
Like Meta, Twitter has grappled with
balancing content moderation and free
speech. Unlike its rival, Twitter has
struggled to accelerate its advertising
business. Note that Apple’s new policy
of demanding apps ask permission
before tracking user data did not
damage Twitter’s advertising revenue.
This change led Meta to miss
revenue expectations in the last
quarter. But Twitter’s data collection
and advertising products are nowhere
near as comprehensive as Meta’s.
Replacement CEO Parag Agrawal,
the company’s chief technology officer,
will be under pressure to find new
products that can boost user numbers
while also setting aggressive financial
targets. Without a smash hit new
feature, the chances of scaling Twitter’s
business up quickly look limited.
Lex on the web
For notes on today’s stories
go to www.ft.com/lex

CROSSWORD
No 16,956 Set by SLEUTH
• ‘  ‰ …  } y ACROSS
1 Credit Penny with an improvement in pay
(6)
4 Reprimand Dave’s partner heading site in a
mess (8)
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9 Extensive quarry for a large raptor (6)
10 Diet now prepared to entertain Frenchman
•• in a temporary pause from work? (8)
12 Two US actresses have period of great
•‘ • success? (5,3)
13 Military supremo put on poster with a
•‰ chirpy type (6)
15 Some obscure element in a lively dance (4)
•… • •} 16 Head of publicity hated role devised for a
car enthusiast (10)
19 Request to a magician, perhaps, gets to be
•y
effective (2,3,5)
20 Delight taken by director in financial
•u ‘¸ ‘• resources (4)
23 Two small rooms around island for a cult
‘‘ member (6)
25 Life for an Italian in a French town has
‘ ‘‰ ‘… importance (8)
27 Good musician from the East End gets
‘
protected place (8)
28 Retired English lecturer with a complaint
that’s weak (6)
‘} ‘y 29 Bring back low money in price for one
sharing digs (8)
30 Hidden policy supplied by insurers close to
fraudulent (6)
‘u ¸ DOWN
1 Put forward attempt to support a voting
system (7)
2 Spare tent requiring repair currently (2,7)
JOTTER PAD 3 Quick person of intelligence carrying letter
from the south (6)
5 Hard over before acceptable shot by a
cricketer (4)
6 Eccentric mostly being less realistic (8)
7 Independent local trade area in holiday
destination (5)
8 Precious item from exotic realm hoarded
by newspaper worker (7)
11 European in a free morning turned up for
wine (7)
Solution 16,955 14 Contrive to obtain no amateur remedy (7)
17 Men essentially left drink around front of
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8 ‚ 7 Ô Ý N 㠂 ~ B K B Ú ×
< Ú } æ Ý × × 19 Please put down a bet for a titled female
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N } ‚ × 8 21 Germany is prepared to defend new aspect
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‚ 㠂 ~ E N E B ã Ú × N Ý Ú 24 Load put on board vehicle getting to leave
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